Document:

firstwatchofferletter-ho

    WEIL:\96647809\2\11623.0394  Exhibit 10.7        July 12, 2018       Mel Hope  [***]  [***]  [***]  [***]    Dear Mel,     It is my pleasure to extend the following offer of employment to you to join First Watch Restaurants, Inc. (the  “Company”), subject to the terms and conditions set forth in this letter agreement (this “Letter Agreement”).    1. EMPLOYMENT: Your employment with the Company will be “at-will” at all times and you or the Company  may terminate your employment at any time and for any reason. Except as otherwise provided herein,  upon and after such termination, all obligations of the Company under this Letter Agreement will cease.  2. TITLE: Your official title will be Chief Financial Officer.  In this role – which is based at our corporate office  in University Park, FL -- you will report directly to Chris Tomasso, President and CEO.    3. BASE SALARY: Your base salary will be paid in bi-weekly installments equal to a $301,600.00 annual salary  less withholdings required by law, and will be paid in installments consistent with company payroll  procedures/policies.   4. BONUS: Your bonus target will be 70% of your earned base salary, which will be prorated based upon your  start date. The amount of your bonus shall be determined by the Board of Directors of the Company (the  “Board”) in its sole discretion and paid at the same time bonuses are paid to Company executives;  provided, that you shall only be eligible to receive the bonus if you are actively employed by the Company  through the completion of the full bonus period. The details of our bonus plan will be determined by the  Board in its sole discretion and shared in a separate document.  5. EQUITY INCENTIVE PROGRAM: You will be entitled to participate in the Company’s equity incentive  program.  The Company will grant you the right and option to purchase, on the terms and conditions set  forth in a separate plan and award agreement, 18,000 Shares (the “Option”), subject to adjustment as set  forth in the plan, with an exercise price equal to the fair market value of a share of the Company’s common  stock on the date of grant, as determined by the Company in good faith. Furthermore, on your first  anniversary, you will have the opportunity to be granted the right and option to purchase 7,000 additional  Shares for a total of 25,000 Shares.  Full details of the plan will be provided under separate cover in your  Nonqualified Stock Option Award Agreement, which shall be controlling in all respects in the event of any  inconsistency between such agreement and this Letter Agreement.   6. RELOCATION BONUS: You will receive a Relocation Bonus of $125,000 (the “Relocation Bonus”) to  facilitate your transition and ultimate relocation from Atlanta to Sarasota. $25,000 will be paid upon your  

 

    WEIL:\96647809\2\11623.0394  start with the Company to cover first year temporary housing costs, $50,000 will be paid at the onset of  your move from Atlanta to Sarasota and the remaining $50,000 will be paid upon completion of your  relocation.  This bonus is provided to cover move-related expenses such as temporary housing, realtor  commissions, closing costs, moving company fees and other transition related expenses.  If you terminate  your employment with the Company within two years following your start date, you will be required to  return to the Company a pro rata portion of the Relocation Bonus determined by multiplying the total  amount of the Relocation Bonus by a fraction, the numerator of which is the number of days remaining  between the date of your termination and the end of such two year period and the denominator of which  is 730.   7. START DATE: Your official start date is TBD but is anticipated to be July 23, 2018.   As a condition of  employment, you will be required to sign a non-compete and confidentiality agreement prior to your start  date. If you do not commence employment with the Company prior to July 31, 2018, this Letter Agreement  will automatically terminate and be null and void ab initio.   8. HEALTH CARE COVERAGE:  You will be eligible for health care coverage beginning the 1st of the month  after 60 days of employment, inclusive of dental insurance.  First Watch will cover the cost of the premiums  applicable to the plan that you select upon completion of your first 60 days of employment.  In the interim,  First Watch will cover COBRA payments for the first two months gap until First Watch coverage begins.    9. ADDITIONAL HEALTH CARE: You will be included in the executive health program that includes a concierge  doctor. You will be able to add family members at your own expense. The cost of the concierge coverage  is paid by the Company but is considered taxable income to the employee.  10. SHORT TERM DISABILITY: Short Term Disability insurance will be provided as a Company-sponsored  benefit to you at no cost and Long Term Disability will be provided as offered by the Company. Please see  our attached 2018 Employee Benefits Guide.   11. LIFE INSURANCE BENEFIT: You will be eligible to participate in the Company’s Life Insurance Plan as a  member of the leadership team, with a total benefit of up to $500,000.   12. PAID TIME OFF (PTO): The Company will provide to you paid time off in the form of personal time off /  PTO in the amount of 15 days annually.   13. 401K – You will be eligible to participate in our 401k program after one year of service; this program  includes a Company match, the details of which are outlined in the 401k Summary Plan Document.   14. MISC:   (a) Cell phone reimbursement of lesser of actual cost or $150.00 per month  (b) You are eligible for complimentary meals at any First Watch restaurant  (c) $35/month Fitness Reimbursement  (d) Reimbursement for documented regular and customary professional licensing fees and  expenses  15. SEVERANCE: Upon a termination of your employment by (i) the Company without Cause, or (ii) by you for  Good Reason, subject to your execution and non-revocation of a general release of claims within 60 days  following the date of such termination, you will be entitled to continued payment of your base salary for  a period of 12 months, payable consistent with Company payroll procedures/policies (the “Severance  Payments”). If such 60-day period spans two of your taxable years, the Severance Payments shall not  commence until the second taxable year, with the first payment including any payments that would have  been made had the 60-day delay period provided herein not applied. For purposes of this Letter  Agreement, “Cause” means the occurrence of any of the following: (a) your indictment for any crime  involving moral turpitude, fraud or misrepresentation or your pleading guilty or nolo contendere to, any  felony or crime involving moral turpitude that is damaging to the reputation of the Company; (b) your  

 

    WEIL:\96647809\2\11623.0394  commission of any act which is a felony; (c) your gross misconduct or fraud involving the operations of the  Company; (d) your misappropriation or embezzlement of funds or property of the Company; (e) your willful  conduct which is materially injurious to the reputation, business or business relationships of the Company;  (f) your violation of any of the provisions of this Letter Agreement or any material Company policy or work  rule (including, for example, the Company’s sexual harassment policy, drug policy, etc.); or (g) your failure  to follow the reasonable directions or instructions issued to you by the Board, or the your refusal or failure  to substantially perform your duties and responsibilities under this Letter Agreement to the reasonable  satisfaction of the Board; provided however, that prior to any termination for Cause, the Company must  give written notice to you stating the reasons triggering such termination and you shall thereafter have  the right to remedy the condition, if such condition can be remedied in the good faith determination of  the Board, within 30 days of the date your receiving such written notice. If you do not remedy the condition  within the 30-day cure period to the reasonable satisfaction of the Board, then the Board may deliver a  notice of termination for Cause at any time within 30 days following the expiration of such cure period, in  which case termination will be effective upon delivery of such notice. For purposes of this Letter  Agreement, the term “Good Reason” shall be defined as set forth in the Nonqualified Stock Option Award  Agreement between AI Fresh Super Holdco, Inc. and you (the “Stock Option Agreement”).  16. WITHHOLDING:  The Company will be entitled to withhold from any amounts payable under this Letter  Agreement, including any perquisites to the extent required by law, any federal, state, local or foreign  withholding or other taxes or charges which it is from time to time required to withhold.  17. SECTION 409A:  This Letter Agreement is intended to be exempt from or comply with the requirements of  Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the Treasury  Regulations promulgated thereunder (the “Section 409A”), and shall be interpreted and construed  consistently with such intent; provided, that in no event shall the Company be responsible to you for any  taxes or penalties under Section 409A. You understand and agree that you bear the entire risk of any  adverse federal, state or local tax consequences and penalty taxes which may result from payment on a  basis contrary to the provisions of Section 409A or comparable provisions of any applicable state or local  income tax laws.    A termination of employment shall not be deemed to have occurred for purposes of any provision of this  Letter Agreement providing for the payment of any amounts or benefits subject to Section 409A upon or  following a termination of employment unless such termination is also a “separation from service” as  defined in Section 409A, and for purposes of any such provision of this Letter Agreement, references to a  “resignation,” “termination,” “terminate,” “termination of employment” or like terms shall mean  “separation from service.  If you are deemed on the date of termination to be a “specified employee”  within the meaning of that term under Section 409A(a)(2)(B), then with regard to any payment or the  provision of any benefit that is considered nonqualified deferred compensation under Section 409A  payable on account of a “separation from service,” such payment or benefit shall be made or provided at  the date which is the earlier of (i) the expiration of the six (6)-month period measured from the date of  such “separation from service”, and (ii) the date of your death (the “Delay Period”).  Upon the expiration  of the Delay Period, all payments and benefits delayed pursuant to this Section 17 (whether they would  have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid  or reimbursed on the first business day following the expiration of the Delay Period to you in a lump sum  with interest during the Delay Period at the prime rate, and any remaining payments and benefits due  under this Letter Agreement shall be paid or provided in accordance with the normal payment dates  specified for them herein.   For purposes of Section 409A, your right to receive any installment payments pursuant to this Letter  Agreement shall be treated as a right to receive a series of separate and distinct payments. With regard to  any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as  permitted by Code Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to  

 

    WEIL:\96647809\2\11623.0394  liquidation or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement, or in- kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement,  or in-kind benefits, to be provided in any other taxable year, provided, that, this clause (ii) shall not be  violated with regard to expenses reimbursed under any arrangement covered by Internal Revenue Code  Section 105(b) solely because such expenses are subject to a limit related to the period the arrangement  is in effect and (iii) such payments shall be made on or before the last day of Executive’s taxable year  following the taxable year in which the expense occurred.  18. COMPLETE AGREEMENT: This Letter Agreement, the AI Fresh Super Holdco, Inc. 2017 Omnibus Equity  Incentive Plan, your Stock Option Agreement thereunder and your Confidentiality and Non-Competition  Agreement constitute the entire and complete understanding and agreement between the parties with  respect to the subject matter hereof, and supersedes all prior and contemporaneous oral and written  agreements, representations and understandings between you and the Company, or its subsidiaries and  affiliates, relating to the subject matter herein. Other than expressly set forth herein, you and the Company  acknowledge and represent that there are no other promises, terms, conditions or representations (oral  or written) regarding any matter relevant hereto.   19. GOVERNING LAW: This Letter Agreement and the rights and obligations hereunder shall be governed by  and construed in accordance with the laws of the State of Florida without reference to principles of  conflicts of law of Florida or any other jurisdiction, and, where applicable, the laws of the United States.  This Letter Agreement may be executed in separate counterparts, any one of which need not contain signatures  of more than one party, but all of which taken together will constitute one and the same agreement.  This Letter Agreement and your employment with First Watch are conditional upon satisfactory results from a  number of pre-employment inquiries which can include, but may not be limited to, a leadership assessment, a  criminal background check, credit check, social security check, references and at minimum a phone interview or  in-person interview with at least one board member.     Once you review this offer, if you have any questions, please do not hesitate to contact me, Ken or our Chief  People Officer, Laura Sorensen at 941-907-9800, ext. 210.     On behalf of the entire First Watch team, congratulations Mel! We are excited to have someone with your talents  join the team.       Sincerely,     Chris    Chris Tomasso  President and CEO  First Watch Restaurants     *Employment at First Watch is “at will” and nothing in this offer letter should be construed to guarantee or contract employment for any length of time.  Employment at First Watch may be terminated at any time by the Company with or without notice, and with or without cause. Also, this offer letter may  be revoked at any time. In accordance with the at-will philosophy, compensation plans, rates of pay, bonus and commission programs, benefits, benefit  features, employer contributions, policies, and all other terms and conditions of employment are subject to change at any time, or may be discontinued  at any time, with or without notice, as deemed appropriate by, and at the sole discretion of the President and CEO or Chairman. The benefit information  in this letter is meant as a source of general information and is not all-inclusive. Please review the policies and plan documents for more details. In the  event of a conflict between the summaries noted in this letter and benefit plan documents, official plan documents will prevail.  

 

    WEIL:\96647809\2\11623.0394  Agreed and Accepted:    /s/ Mel Hope  Name: Mel Hope  Date: 7/12/2018exhibit109firstwatch-202

Exhibit 10.9    FIRST WATCH RESTAURANT GROUP, INC.    2021 EQUITY INCENTIVE PLAN    1. Purpose. The purpose of the First Watch Restaurant Group, Inc., 2021 Equity  Incentive Plan is to further align the interests of eligible participants with those of the  Company’s stockholders by providing incentive compensation opportunities tied to the  performance of the Company and its Common Stock. The Plan is intended to advance the  interests of the Company and increase stockholder value by attracting, retaining and motivating  key personnel upon whose judgment, initiative and effort the successful conduct of the  Company’s business is largely dependent.    2. Definitions. Capitalized terms used and not otherwise defined herein shall have  the meanings set forth below:    “Affiliate” means, with respect to a Person, any other Person directly or indirectly  controlling, controlled by, or under common control with such first Person.    “Award” means a Stock Option, Stock Appreciation Right, Restricted Stock  Award, Restricted Stock Unit, or Stock-Based Award granted under the Plan.    “Award Agreement” means a notice or an agreement entered into between the  Company and a Participant or provided by the Company to a Participant setting forth the terms  and conditions of an Award granted to a Participant as provided in Section 14.2 hereof.    “Board” means the Board of Directors of the Company.  “Cause” has the meaning set forth in Section 12.2 hereof.  “Change in Control” has the meaning set forth in Section 11.3 hereof.  “Code” means the Internal Revenue Code of 1986, as amended.  “Committee” means (i) the Compensation Committee of the Board, (ii) such other  committee of no fewer than two members of the Board who are appointed by the Board to  administer the Plan or (iii) the Board, as determined by the Board.    “Common Stock” means the common shares of the Company, par value $0.001  per share (and any shares or other securities into which such Common Stock may be converted  or into which it may be exchanged.    “Company” means First Watch Restaurant Group, Inc., a corporation organized  and existing under the laws of the State of Delaware, or any successor thereto.    “Date of Grant” means the date on which an Award under the Plan is granted by  the Committee or such later date as the Committee may specify to be the effective date of an  Award.  

 

2  Exhibit 10.9      “Disability” means, unless otherwise defined in an Award Agreement, a disability  described in Treasury Regulations Section 1.409A-3(i)(4)(i)(A). A Disability shall be deemed to  occur at the time of the determination by the Committee of the Disability.    “Effective Date” means the day immediately prior to the date on which the  Company’s registration statement on Form S-1 in connection with its initial public offering of  Common Stock is declared effective by the Securities and Exchange Commission under the  Securities Act, subject to approval of the Plan by the stockholders of the Company.    “Eligible Person” means any Person who is an officer, employee, Non-Employee  Director, or any natural person who is a consultant or other personal service provider of the  Company or any of its Subsidiaries.    “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the  rules and regulations promulgated thereunder, as the same may be amended from time to time.    “Fair Market Value” means, as applied to a specific date, the price of a share of  Common Stock that is based on the opening, closing, actual, high, low or average selling prices  of a share of Common Stock reported on any established stock exchange or national market  system including without limitation the National Association of Securities Dealers, Inc.  Automated Quotation System (“NASDAQ”), the New York Stock Exchange and the National  Market System on the applicable date, the preceding trading day, the next succeeding trading  day, or an average of trading days, as determined by the Committee in its discretion. Unless the  Committee determines otherwise or unless otherwise specified in an Award Agreement, Fair  Market Value shall be deemed to be equal to the closing price of a share of Common Stock on  the date as of which Fair Market Value is to be determined, or if shares of Common Stock are  not publicly traded on such date, as of the most recent date on which shares of Common Stock  were publicly traded. Notwithstanding the foregoing, if the Common Stock is not traded on any  established stock exchange or national market system, the Fair Market Value means the price of  a share of Common Stock as established by the Committee.    “Incentive Stock Option” means a Stock Option granted under Section 6 hereof  that is intended to meet the requirements of Section 422 of the Code and the regulations  thereunder.    “Non-Employee Director” means a member of the Board who is not an employee  of the Company or any of its Subsidiaries.    “Nonqualified Stock Option” means a Stock Option granted under Section 6  hereof that is not an Incentive Stock Option.    “Participant” means any Eligible Person who holds an outstanding Award under  the Plan.    “Person” means an individual, corporation, partnership, association, trust,  unincorporated organization, limited liability company or other legal entity. All references to  

 

3  Exhibit 10.9      Person shall include an individual Person or a group (as defined in Rule 13d-5 under the  Exchange Act) of Persons.    “Plan” means the First Watch Restaurant Group, Inc. 2021 Equity Incentive Plan  as set forth herein, effective as of the Effective Date and as may be amended from time to time,  as provided herein, and includes any sub-plan or appendix that may be created and approved by  the Board to allow Eligible Persons of Subsidiaries to participate in the Plan.    “Restricted Stock Award” means a grant of shares of Common Stock to an  Eligible Person under Section 8 hereof that are issued subject to such vesting and transfer  restrictions as the Committee shall determine, and such other conditions, as are set forth in the  Plan and the applicable Award Agreement.    “Restricted Stock Unit” means a contractual right granted to an Eligible Person  under Section 9 hereof representing notional unit interests equal in value to a share of Common  Stock to be paid or distributed at such times, and subject to such conditions, as set forth in the  Plan and the applicable Award Agreement.    “Securities Act” means the Securities Act of 1933, as amended, and the rules and  regulations promulgated thereunder, as the same may be amended from time to time.    “Service” means a Participant’s employment with the Company or any Subsidiary  or a Participant’s service as a Non-Employee Director, consultant or other service provider with  the Company or any Subsidiary, as applicable.    “Stock Appreciation Right” means a contractual right granted to an Eligible  Person under Section 7 hereof entitling such Eligible Person to receive a payment, representing  the excess of the Fair Market Value of a share of Common Stock over the base price per share of  the right, at such time, and subject to such conditions, as are set forth in the Plan and the  applicable Award Agreement.    “Stock-Based Award” means a grant of shares of Common Stock or any award  that is valued by reference to shares of Common Stock to an Eligible Person under Section 10  hereof.    “Stock Option” means a contractual right granted to an Eligible Person under  Section 6 hereof to purchase shares of Common Stock at such time and price, and subject to such  conditions, as are set forth in the Plan and the applicable Award Agreement.    “Subsidiary” means an entity (whether or not a corporation) that is wholly or  majority owned or controlled, directly or indirectly, by the Company or any other Affiliate of the  Company that is so designated, from time to time, by the Committee, during the period of such  Affiliated status; provided, however, that with respect to Incentive Stock Options, the term  “Subsidiary” shall include only an entity that qualifies under Section 424(f) of the Code as a  “subsidiary corporation” with respect to the Company.  

 

4  Exhibit 10.9      “Treasury Regulations” means regulations promulgated by the United States  Treasury Department.    3. Administration.    3.1 Committee Members. The Plan shall be administered by the Committee. To the  extent deemed necessary by the Board, each Committee member shall satisfy the requirements  for (i) an “independent director” under rules adopted by the NASDAQ or other principal  exchange on which the Common Stock is then listed and (ii) a “non-employee director” within  the meaning of Rule 16b-3 under the Exchange Act. Notwithstanding the foregoing, the mere  fact that a Committee member shall fail to qualify under any of the foregoing requirements shall  not invalidate any Award made by the Committee which Award is otherwise validly made under  the Plan. The Board may exercise all powers of the Committee hereunder and may directly  administer the Plan. Neither the Company nor any member of the Board or Committee shall be  liable for any action or determination made in good faith by the Board or Committee with respect  to the Plan or any Award thereunder.    3.2 Committee Authority. The Committee shall have all powers and discretion  necessary or appropriate to administer the Plan and to control its operation, including, but not  limited to, the power to (i) determine the Eligible Persons to whom Awards shall be granted  under the Plan, (ii) prescribe the restrictions, terms and conditions of all Awards, (iii) interpret  the Plan and terms of the Awards, (iv) adopt rules for the administration, interpretation and  application of the Plan as are consistent therewith, and interpret, amend or revoke any such rules,  (v) make all determinations with respect to a Participant’s Service and the termination of such  Service for purposes of any Award, (vi) correct any defect(s) or omission(s) or reconcile any  ambiguity(ies) or inconsistency(ies) in the Plan or any Award thereunder, (vii) make all  determinations it deems advisable for the administration of the Plan, (viii) decide all disputes  arising in connection with the Plan and to otherwise supervise the administration of the Plan, (ix)  subject to the terms of the Plan, amend the terms of an Award in any manner that is not  inconsistent with the Plan, (x) accelerate the vesting or, to the extent applicable, exercisability of  any Award at any time (including, but not limited to, upon a Change in Control or upon  termination of Service of a Participant under certain circumstances (including, without  limitation, upon retirement)) and (xi) adopt such procedures, modifications or subplans as are  necessary or appropriate to permit participation in the Plan by Eligible Persons who are foreign  nationals or provide services outside of the United States. The Committee’s determinations  under the Plan need not be uniform and may be made by the Committee selectively among  Participants and Eligible Persons, whether or not such Persons are similarly situated. The  Committee shall, in its discretion, consider such factors as it deems relevant in making its  interpretations, determinations and actions under the Plan including, without limitation, the  recommendations or advice of any officer or employee of the Company or board of directors of a  Subsidiary or such attorneys, consultants, accountants or other advisors as it may select. All  interpretations, determinations, and actions by the Committee shall be final, conclusive, and  binding upon all parties.    3.3 Delegation of Authority. The Committee shall have the right, from time to time,  to delegate in writing to one or more officers of the Company the authority of the Committee to  

 

5  Exhibit 10.9      grant and determine the terms and conditions of Awards granted under the Plan, subject to the  requirements of Section 157(c) of the Delaware General Corporation Law (or any successor  provision) or such other limitations as the Committee shall determine. In no event shall any such  delegation of authority be permitted with respect to Awards granted to any member of the Board  or to any Eligible Person who is subject to Rule 16b-3 under the Exchange Act. The Committee  shall also be permitted to delegate, to any appropriate officer or employee of the Company,  responsibility for performing certain ministerial functions under the Plan. In the event that the  Committee’s authority is delegated to officers or employees in accordance with the foregoing, all  provisions of the Plan relating to the Committee shall be interpreted in a manner consistent with  the foregoing by treating any such reference as a reference to such officer or employee for such  purpose. Any action undertaken in accordance with the Committee’s delegation of authority  hereunder shall have the same force and effect as if such action was undertaken directly by the  Committee and shall be deemed for all purposes of the Plan to have been taken by the  Committee.    4. Shares Subject to the Plan.    4.1 Number of Shares Reserved. Subject to adjustment as provided in Section 4.3 and  Section 4.5 hereof, the total number of shares of Common Stock that are available for issuance  under the Plan (the “Share Reserve”) shall equal 4,034,072. Within the Share Reserve, the total  number of shares of Common Stock available for issuance as Incentive Stock Options shall  equal the maximum number of shares available for issuance under the Plan. Each share of  Common Stock subject to an Award shall reduce the Share Reserve by one share. Any shares of  Common Stock delivered under the Plan shall consist of authorized and unissued shares or  treasury shares.    4.2 Annual Increase in Shares Reserved. On the first day of each fiscal year of the  Company during the term of the Plan, commencing on December 26, 2022 and ending on (and  including) December 30, 2030, the aggregate number of shares of Common Stock that may be  issued under the Plan shall automatically increase by a number equal to the least of (i) two  percent (2%) of the total number of shares of Common Stock actually issued and outstanding on  the last day of the preceding fiscal year, (ii) a number of shares of Common Stock determined by  the Board; and (iii) 4,034,072 shares of Common Stock.    4.3 Share Replenishment. Following the Effective Date, to the extent that an Award  granted under this Plan is canceled, expired, forfeited or surrendered without consideration or  otherwise terminated without delivery of the shares of Common Stock to the Participant under  the Plan, the shares of Common Stock retained by or returned to the Company will (i) not be  deemed to have been delivered under the Plan, (ii) be available for future Awards under the Plan,  and (iii) increase the Share Reserve by one share for each share that is retained by or returned to  the Company. Notwithstanding the foregoing, shares of Common Stock that are (x) withheld  from any Award granted under this Plan in payment of the exercise, base or purchase price or  taxes relating to such an Award, (y) not issued or delivered as a result of the net settlement of  any Award, or (z) repurchased by the Company on the open market with the proceeds of a Stock  Option, will be deemed to have been delivered under the Plan and will not be available for future  

 

6  Exhibit 10.9      Awards under the Plan. The payment of dividend equivalents in cash in conjunction with any  outstanding Award shall not count against the Share Reserve.    4.4 Awards Granted to Non-Employee Directors. No Non-Employee Director may  be granted, during any calendar year, Awards having a fair value (determined on the date of  grant) that, when added to all cash compensation paid to the Non-Employee Director in respect  of the Non-Employee Director’s service as a member of the Board for such calendar year,  exceeds (i) $1,000,000 in the year that such Non-Employee Director is first elected to serve as a  director on the Board; and (ii) $750,000 in each subsequent year.    4.5 Adjustments. If there shall occur any change with respect to the outstanding  shares of Common Stock by reason of any recapitalization, reclassification, stock dividend,  extraordinary cash dividend, stock split, reverse stock split or other distribution with respect to  the shares of Common Stock or any merger, reorganization, consolidation, combination, spin-off  or other corporate event or transaction or any other change affecting the Common Stock (other  than regular cash dividends to stockholders of the Company), the Committee shall, in the manner  and to the extent it considers appropriate and equitable to the Participants and consistent with the  terms of the Plan, cause an adjustment to be made to (i) the maximum number and kind of shares  of Common Stock or other securities provided in Sections 4.1 hereof and 4.2 hereof, (ii) the  number and kind of shares of Common Stock, units or other securities or rights subject to then  outstanding Awards, (iii) the exercise, base or purchase price for each share or unit or other  security or right subject to then outstanding Awards, (iv) other value determinations applicable to  the Plan and/or outstanding Awards, and/or (v) any other terms of an Award that are affected by  the event. Notwithstanding the foregoing, (a) any such adjustments shall, to the extent necessary  to avoid additional taxes, be made in a manner consistent with the requirements of Section 409A  of the Code and (b) in the case of Incentive Stock Options, any such adjustments shall, to the  extent practicable, be made in a manner consistent with the requirements of Section 424(a) of the  Code, unless otherwise determined by the Committee.    5. Eligibility and Awards.    5.1 Designation of Participants. Any Eligible Person may be selected by the  Committee to receive an Award and become a Participant. The Committee has the authority, in  its discretion, to determine and designate from time to time those Eligible Persons who are to be  granted Awards, the types of Awards to be granted, the number of shares of Common Stock or  units subject to Awards to be granted and the terms and conditions of such Awards consistent  with the terms of the Plan. In selecting Eligible Persons to be Participants, and in determining  the type and amount of Awards to be granted under the Plan, the Committee shall consider any  and all factors that it deems relevant or appropriate. Designation of a Participant in any year  shall not require the Committee to designate such Person to receive an Award in any other year  or, once designated, to receive the same type or amount of Award as granted to such Participant  in any other year.    5.2 Determination of Awards. The Committee shall determine the terms and  conditions of all Awards granted to Participants in accordance with its authority under Section  

 

7  Exhibit 10.9      3.2 hereof. An Award may consist of one type of right or benefit hereunder or of two or more  such rights or benefits granted in tandem.    5.3 Award Agreements. Each Award granted to an Eligible Person shall be  represented by an Award Agreement. The terms of the Award, as determined by the Committee,  will be set forth in the applicable Award Agreements as described in Section 14.2 hereof.    6. Stock Options.    6.1 Grant of Stock Options. A Stock Option may be granted to any Eligible Person  selected by the Committee, except that an Incentive Stock Option may be granted only to an  Eligible Person satisfying the conditions of Section 6.7(a) hereof. Each Stock Option shall be  designated on the Date of Grant, in the discretion of the Committee, as an Incentive Stock Option  or as a Nonqualified Stock Option. All Stock Options granted under the Plan are intended to  comply with or be exempt from the requirements of Section 409A of the Code, to the extent  applicable.    6.2 Exercise Price. Unless otherwise determined by the Committee, the exercise price  per share of a Stock Option (other than a Stock Option substituted or assumed under Section  14.10) shall not be less than one hundred percent (100%) of the Fair Market Value of a share of  Common Stock on the Date of Grant. The Committee may in its discretion specify an exercise  price per share that is higher than the Fair Market Value of a share of Common Stock on the  Date of Grant.    6.3 Vesting of Stock Options. The Committee shall, in its discretion, prescribe in an  award agreement the time or times at which or the conditions upon which, a Stock Option or  portion thereof shall become vested and/or exercisable. The requirements for vesting and  exercisability of a Stock Option may be based on the continued Service of the Participant with  the Company or a Subsidiary for a specified time period (or periods), on the attainment of a  specified performance goal(s) and/or on such other terms and conditions as approved by the  Committee in its discretion. If the vesting requirements of a Stock Option are not satisfied, the  Award shall be forfeited.    6.4 Term of Stock Options. The Committee shall in its discretion prescribe in an  Award Agreement the period during which a vested Stock Option may be exercised; provided,  however, that the maximum term of a Stock Option shall be ten (10) years from the Date of  Grant. The Committee may provide that a Stock Option will cease to be exercisable upon or at  the end of a specified time period following a termination of Service for any reason as set forth  in the Award Agreement or otherwise. A Stock Option may be earlier terminated as specified by  the Committee and set forth in an Award Agreement upon or following the termination of a  Participant’s Service with the Company or any Subsidiary, including by reason of voluntary  resignation, death, Disability, termination for Cause or any other reason. Subject to compliance  with Section 409A of the Code, as applicable, and the provisions of this Section 6, the  Committee may extend at any time the period in which a Stock Option may be exercised, but not  beyond ten (10) years from the Date of Grant.  

 

8  Exhibit 10.9      6.5 Stock Option Exercise; Tax Withholding. Subject to such terms and conditions as  specified in an Award Agreement (including applicable vesting requirements), a Stock Option  may be exercised in whole or in part at any time during the term thereof by notice in the form  required by the Company, together with payment of the aggregate exercise price and applicable  withholding tax. Payment of the exercise price may be made: (i) in cash or by cash equivalent  acceptable to the Committee, or, (ii) to the extent permitted by the Committee in its sole  discretion in an Award Agreement or otherwise (A) in shares of Common Stock valued at the  Fair Market Value of such shares on the date of exercise, (B) through an open-market, broker-  assisted sales transaction pursuant to which the Company is promptly delivered the amount of  proceeds necessary to satisfy the exercise price, (C) by reducing the number of shares of  Common Stock otherwise deliverable upon the exercise of the Stock Option by the number of  shares of Common Stock having a Fair Market Value on the date of exercise equal to the  exercise price, (D) by a combination of the methods described above or (E) by such other  method as may be approved by the Committee. In accordance with Section 14.11 hereof, and in  addition to and at the time of payment of the exercise price, the Participant shall pay to the  Company the full amount of any and all applicable income tax, employment tax and other  amounts required to be withheld in connection with such exercise, payable under such of the  methods described above for the payment of the exercise price as may be approved by the  Committee and set forth in the Award Agreement.    6.6 Limited Transferability of Nonqualified Stock Options. All Stock Options shall be  nontransferable except (i) upon the Participant’s death, in accordance with Section 14.3 hereof or  (ii) in the case of Nonqualified Stock Options only, for the transfer of all or part of the Stock  Option to a Participant’s “family member” (as defined for purposes of the Form S-8 registration  statement under the Securities Act), or as otherwise permitted by the Committee to the extent  also permitted by the general instructions of the Form S-8 registration statement, as may be  amended from time to time, in each case as may be approved by the Committee in its discretion  at the time of proposed transfer; provided, in each case, that any permitted transfer shall be for  no consideration. The transfer of a Nonqualified Stock Option may be subject to such terms and  conditions as the Committee may in its discretion impose from time to time. Subsequent  transfers of a Nonqualified Stock Option shall be prohibited other than in accordance with  Section 14.3 hereof.    6.7 Additional Rules for Incentive Stock Options.    (a) Eligibility. An Incentive Stock Option may be granted only to an Eligible  Person who is considered an employee for purposes of Treasury Regulation Section 1.421-1(h)  with respect to the Company or any Subsidiary that qualifies as a “subsidiary corporation” with  respect to the Company for purposes of Section 424(f) of the Code.    (b) Annual Limits. No Incentive Stock Option shall be granted to a  Participant as a result of which the aggregate Fair Market Value (determined as of the Date of  Grant) of the Common Stock with respect to which incentive stock options under Section 422 of  the Code are exercisable for the first time in any calendar year under the Plan and any other stock  option plans of the Company or any Subsidiary or parent corporation, would exceed $100,000,  determined in accordance with Section 422(d) of the Code. This limitation shall be applied by  

 

9  Exhibit 10.9      taking Stock Options into account in the order in which granted. Any Stock Option grant that  exceeds such limit shall be treated as a Nonqualified Stock Option.    (c) Additional Limitations. In the case of any Incentive Stock Option granted  to an Eligible Person who owns, either directly or indirectly (taking into account the attribution  rules contained in Section 424(d) of the Code), stock possessing more than ten percent (10%) of  the total combined voting power of all classes of stock of the Company or any Subsidiary, the  exercise price shall not be less than one hundred ten percent (110%) of the Fair Market Value of  a share of Common Stock on the Date of Grant and the maximum term shall be five (5) years.    (d) Termination of Service. An Award of an Incentive Stock Option may  provide that such Stock Option may be exercised not later than (i) three (3) months following  termination of Service of the Participant with the Company and all Subsidiaries (other than as set  forth in clause (ii) of this Section 6.7(d)) or (ii) one year following termination of Service of the  Participant with the Company and all Subsidiaries due to death or permanent and total disability  within the meaning of Section 22(e)(3) of the Code, in each case as and to the extent determined  by the Committee to comply with the requirements of Section 422 of the Code.    (e) Other Terms and Conditions; Nontransferability. Any Incentive Stock  Option granted hereunder shall contain such additional terms and conditions, not inconsistent  with the terms of the Plan, as are deemed necessary or desirable by the Committee, which terms,  together with the terms of the Plan, shall be intended and interpreted to cause such Incentive  Stock Option to qualify as an “incentive stock option” under Section 422 of the Code. A Stock  Option that is granted as an Incentive Stock Option shall, to the extent it fails to qualify as an  “incentive stock option” under the Code, be treated as a Nonqualified Stock Option. An  Incentive Stock Option shall by its terms be nontransferable other than by will or by the laws of  descent and distribution, and shall be exercisable during the lifetime of a Participant only by such  Participant.    (f) Disqualifying Dispositions. If shares of Common Stock acquired by  exercise of an Incentive Stock Option are disposed of within two years following the Date of  Grant or one year following the transfer of such shares to the Participant upon exercise, the  Participant shall, promptly following such disposition, notify the Company in writing of the date  and terms of such disposition and provide such other information regarding the disposition as the  Company may reasonably require.    6.8 Repricing Prohibited. Subject to the adjustment provisions contained in  Section 4.5 hereof and other than in connection with a Change in Control, without the prior  approval of the Company’s stockholders, neither the Committee nor the Board shall cancel a  Stock Option when the exercise price per share exceeds the Fair Market Value of one share of  Common Stock in exchange for cash or another Award or cause the cancellation, substitution or  amendment of a Stock Option that would have the effect of reducing the exercise price of such a  Stock Option previously granted under the Plan or otherwise approve any modification to such a  Stock Option, that would be treated as a “repricing” under the then applicable rules, regulations  or listing requirements adopted by the NASDAQ or other principal exchange on which the  Common Stock is then listed.  

 

10  Exhibit 10.9      6.9 No Rights as Stockholder. The Participant shall not have any rights as a  stockholder with respect to the shares underlying a Stock Option until such time as shares or  Common Stock are delivered to the Participant pursuant to the terms of the Award Agreement.    7. Stock Appreciation Rights.    7.1 Grant of Stock Appreciation Rights. Stock Appreciation Rights may be granted to  any Eligible Person selected by the Committee. Stock Appreciation Rights may be granted on a  basis that allows for the exercise of the right by the Participant, or that provides for the automatic  exercise or payment of the right upon a specified date or event. Stock Appreciation Rights shall  be non-transferable, except as provided in Section 14.3 hereof. All Stock Appreciation Rights  granted under the Plan are intended to comply with or otherwise be exempt from the  requirements of Section 409A of the Code, to the extent applicable.    7.2 Terms of Stock Appreciation Rights. The Committee shall in its discretion  provide in an Award Agreement the time or times at which or the conditions upon which, a Stock  Appreciation Right or portion thereof shall become vested and/or exercisable. The requirements  for vesting and exercisability of a Stock Appreciation Right may be based on the continued  Service of a Participant with the Company or a Subsidiary for a specified time period (or  periods), on the attainment of a specified performance goal(s) and/or on such other terms and  conditions as approved by the Committee in its discretion. If the vesting requirements of a Stock  Appreciation Right are not satisfied, the Award shall be forfeited. A Stock Appreciation Right  will be exercisable or payable at such time or times as determined by the Committee; provided,  however, that the maximum term of a Stock Appreciation Right shall be ten (10) years from the  Date of Grant. Subject to compliance with Section 409A of the Code, as applicable, and the  provisions of this Section 7.2, the Committee may extend at any time the period in which a Stock  Appreciation Right may be exercised, but not beyond ten (10) years from the Date of Grant. The  Committee may provide that a Stock Appreciation Right will cease to be exercisable upon or at  the end of a period following a termination of Service for any reason. The base price of a Stock  Appreciation Right shall be determined by the Committee in its discretion; provided, however,  that the base price per share shall not be less than one hundred percent (100%) of the Fair Market  Value of a share of Common Stock on the Date of Grant (other than with respect to a Stock  Appreciation Right substituted or assumed under Section 14.10).    7.3 Payment of Stock Appreciation Rights. A Stock Appreciation Right will entitle  the holder, upon exercise or other payment of the Stock Appreciation Right, as applicable, to  receive an amount determined by multiplying: (i) the excess of the Fair Market Value of a share  of Common Stock on the date of exercise or payment of the Stock Appreciation Right over the  base price of such Stock Appreciation Right, by (ii) the number of shares as to which such Stock  Appreciation Right is exercised or paid. Payment of the amount determined under the foregoing  may be made, as approved by the Committee and set forth in the Award Agreement, in shares of  Common Stock valued at their Fair Market Value on the date of exercise or payment, in cash or  in a combination of shares of Common Stock and cash, subject to applicable tax withholding  requirements.  

 

11  Exhibit 10.9      7.4 Repricing Prohibited. Subject to the adjustment provisions contained in  Section 4.5 hereof and other than in connection with a Change in Control, without the prior  approval of the Company’s stockholders, neither the Committee nor the Board shall cancel a  Stock Appreciation Right when the base price per share exceeds the Fair Market Value of one  share of Common Stock in exchange for cash or another Award or cause the cancellation,  substitution or amendment of a Stock Appreciation Right that would have the effect of reducing  the base price of such a Stock Appreciation Right previously granted under the Plan or otherwise  approve any modification to such Stock Appreciation Right that would be treated as a  “repricing” under the then applicable rules, regulations or listing requirements adopted by the  NASDAQ or other principal exchange on which the Common Stock is then listed.    7.5 No Rights as Stockholder. The Participant shall not have any rights as a  stockholder with respect to the shares underlying a Stock Appreciation Right unless and until  such time as shares or Common Stock are delivered to the Participant pursuant to the terms of  the Award Agreement.    8. Restricted Stock Awards.    8.1 Grant of Restricted Stock Awards. A Restricted Stock Award may be granted to  any Eligible Person selected by the Committee. The Committee may require the payment by the  Participant of a specified purchase price in connection with any Restricted Stock Award.    8.2 Vesting Requirements. The restrictions imposed on shares granted under a  Restricted Stock Award shall lapse in accordance with the vesting requirements specified by the  Committee in the Award Agreement. The requirements for vesting of a Restricted Stock Award  may be based on the continued Service of the Participant with the Company or a Subsidiary for a  specified time period (or periods), on the attainment of a specified performance goal(s) and/or on  such other terms and conditions as approved by the Committee in its discretion. If the vesting  requirements of a Restricted Stock Award are not satisfied, the Award shall be forfeited and the  shares of Common Stock subject to the Award shall be returned to the Company.    8.3 Transfer Restrictions. Shares granted under any Restricted Stock Award may not  be transferred, assigned or subject to any encumbrance, pledge or charge until all applicable  restrictions are removed or have expired, except as provided in Section 14.3 hereof. Failure to  satisfy any applicable restrictions shall result in the subject shares of the Restricted Stock Award  being forfeited and returned to the Company. The Committee may require in an Award  Agreement that certificates (if any) representing the shares granted under a Restricted Stock  Award bear a legend making appropriate reference to the restrictions imposed, and that  certificates (if any) representing the shares granted or sold under a Restricted Stock Award will  remain in the physical custody of an escrow holder until all restrictions are removed or have  expired.    8.4 Rights as Stockholder. Subject to the foregoing provisions of this Section 8 and  the applicable Award Agreement, the Participant shall have all rights of a stockholder with  respect to the shares granted to the Participant under a Restricted Stock Award, including the  right to vote the shares and receive all dividends and other distributions paid or made with  

 

12  Exhibit 10.9      respect thereto, unless the Committee determines otherwise at the time the Restricted Stock  Award is granted. The Committee shall determine and set forth in a Participant’s Award  Agreement whether or not a Participant holding a Restricted Stock Award granted hereunder  shall have the right to exercise voting rights with respect to the period during which the  Restricted Stock Award is subject to forfeiture (the “Restriction Period”), and have the right to  receive dividends on the Restricted Stock Award during the Restriction Period (and, if so, on  what terms) provided that if a Participant has the right to receive dividends paid with respect to  the Restricted Stock Award, such dividends shall be subject to the same vesting terms as the  related Restricted Stock Award.    8.5 Section 83(b) Election. If a Participant makes an election pursuant to  Section 83(b) of the Code with respect to a Restricted Stock Award, the Participant shall file,  within thirty (30) days following the Date of Grant, a copy of such election with the Company  and with the Internal Revenue Service, in accordance with the regulations under Section 83 of  the Code. The Committee may provide in an Award Agreement that the Restricted Stock Award  is conditioned upon the Participant’s making or refraining from making an election with respect  to the Award under Section 83(b) of the Code.    9. Restricted Stock Units.    9.1 Grant of Restricted Stock Units. A Restricted Stock Unit may be granted to any  Eligible Person selected by the Committee. The value of each Restricted Stock Unit is equal to  the Fair Market Value of a share of Common Stock on the applicable date or time period of  determination, as specified by the Committee. Restricted Stock Units shall be subject to such  restrictions and conditions as the Committee shall determine. Restricted Stock Units shall be  non-transferable, except as provided in Section 14.3 hereof.    9.2 Vesting of Restricted Stock Units. The Committee shall, in its discretion,  determine any vesting requirements with respect to Restricted Stock Units, which shall be set  forth in the Award Agreement. The requirements for vesting of a Restricted Stock Unit may be  based on the continued Service of the Participant with the Company or a Subsidiary for a  specified time period (or periods), on the attainment of a specified performance goal(s) and/or on  such other terms and conditions as approved by the Committee in its discretion. If the vesting  requirements of a Restricted Stock Unit Award are not satisfied, the Award shall be forfeited.    9.3 Payment of Restricted Stock Units. Restricted Stock Units shall become payable  to a Participant at the time or times determined by the Committee and set forth in the Award  Agreement, which may be upon or following the vesting of the Award. Payment of a Restricted  Stock Unit may be made, as approved by the Committee and set forth in the Award Agreement,  in cash or in shares of Common Stock or in a combination thereof, subject to applicable tax  withholding requirements. Any cash payment of a Restricted Stock Unit shall be made based  upon the Fair Market Value of a share of Common Stock, determined on such date or over such  time period as determined by the Committee.    9.4 Dividend Equivalent Rights. Dividends shall not be paid with respect to  Restricted Stock Units. Dividend equivalent rights may be granted with respect to the Shares  

 

13  Exhibit 10.9      subject to Restricted Stock Units to the extent permitted by the Committee and set forth in the  applicable Award Agreement; provided that any dividend equivalent rights granted shall be  subject to the same vesting terms as the related Restricted Stock Units.    9.5 No Rights as Stockholder. The Participant shall not have any rights as a  stockholder with respect to the shares subject to a Restricted Stock Unit until such time as shares  of Common Stock are delivered to the Participant pursuant to the terms of the Award Agreement.    10. Stock-Based Awards.    10.1 Grant of Stock-Based Awards. A Stock-Based Award may be granted to any  Eligible Person selected by the Committee. A Stock-Based Award may be granted for past  Services, in lieu of bonus or other cash compensation, as directors’ compensation or for any  other valid purpose as determined by the Committee, and shall be based upon or calculated by  reference to the Common Stock. The Committee shall determine the terms and conditions of  such Awards, and such Awards may be made without vesting requirements. In addition, the  Committee may, in connection with any Stock-Based Award, require the payment of a specified  purchase price.    10.2 Rights as Stockholder. The Participant shall not have any rights as a stockholder  with respect to the shares of Common Stock, including the right to vote the shares and receive all  dividends and other distributions paid or made with respect thereto, until such time as shares of  Common Stock, if any, are issued to the Participant pursuant to the terms of the Award  Agreement. If a Participant has the right to receive dividends paid with respect to the Stock-  Based Award, such dividends shall be subject to the same vesting terms as the related Stock-  Based Award, if applicable.    11. Change in Control.    11.1 Effect on Awards. Upon the occurrence of a Change in Control, all outstanding  Awards shall either be (a) continued or assumed by the Company (if it is the surviving company  or corporation) or by the surviving company or corporation or its parent (with such continuation  or assumption including conversion into the right to receive securities, cash or a combination of  both), or (b) substituted by the surviving company or corporation or its parent for awards (with  such substitution including conversion into the right to receive securities, cash or a combination  of both), with substantially similar terms for outstanding Awards (with appropriate adjustments  to the type of consideration payable upon settlement of the Awards or other relevant factors, and  with any applicable performance conditions deemed achieved (i) for any completed performance  period, based on actual performance, or (ii) for any partial or future performance period, at the  greater of the target level or actual performance, in each case as determined by the Committee  (with the Award remaining subject only to time vesting), unless otherwise provided in an Award  Agreement).    11.2 Certain Adjustments. Notwithstanding Section 11.1, to the extent that outstanding  Awards are not continued, assumed or substituted pursuant to Section 11.1 upon the occurrence of  a Change in Control, the Committee is authorized (but not obligated) to make adjustments in the  

 

14  Exhibit 10.9      terms and conditions of outstanding Awards, including without limitation the following (or any  combination thereof):    (a) acceleration of exercisability, vesting and/or payment of outstanding  Awards immediately prior to the occurrence of such event or upon or following such event;    (b) upon written notice, providing that any outstanding Stock Options and  Stock Appreciation Rights are exercisable during a period of time immediately prior to the  scheduled consummation of the event or such other period as determined by the Committee  (contingent upon the consummation of the event), and at the end of such period, such Stock  Options and Stock Appreciation Rights shall terminate to the extent not so exercised within the  relevant period; and    (c) cancellation of all or any portion of outstanding Awards for fair value (in  the form of cash, Common Shares, other property or any combination thereof) as determined in  the sole discretion of the Committee; provided, however, that, in the case of Stock Options and  Stock Appreciation Rights or similar Awards, the fair value may equal the excess, if any, of the  value or amount of the consideration to be paid in the Change in Control transaction to holders of  shares of Common Stock (or, if no such consideration is paid, Fair Market Value of the shares of  Common Stock) over the aggregate exercise or base price, as applicable, with respect to such  Awards or portion thereof being canceled, or if there is no such excess, zero; provided, further,  that if any payments or other consideration are deferred and/or contingent as a result of escrows,  earn outs, holdbacks or any other contingencies, payments under this provision may be made on  substantially the same terms and conditions applicable to, and only to the extent actually paid to,  the holders of Common Shares in connection with the Change in Control.    11.3 Definition of Change in Control. Unless otherwise defined in an Award  Agreement or other written agreement approved by the Committee, “Change in Control” means,  and shall occur, if:    (a) any Person (other than the Company, any trustee or other fiduciary  holding securities under any employee benefit plan of the Company, or any company owned,  directly or indirectly, by the stockholders of the Company in substantially the same proportions  as their ownership of shares of Common Stock) becomes the “beneficial owner” (as defined in  Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company  representing more than 50% of the combined voting power of the Company’s then outstanding  securities;    (b) during any period of two consecutive years (the “Board Measurement  Period”) individuals who at the beginning of such period constitute the Board and any new  director (other than a director designated by a Person who has entered into an agreement with the  Company to effect a transaction described in paragraph (a), (c), or (d) of this section, or a  director initially elected or nominated as a result of an actual or threatened election contest with  respect to directors or as a result of any other actual or threatened solicitation of proxies by or on  behalf of any Person other than the Board) whose election by the Board or nomination for  election by the Company’s stockholders was approved by a vote of at least two-thirds of the  

 

15  Exhibit 10.9      directors then still in office who either were directors at the beginning of the Board Measurement  Period or whose election or nomination for election was previously so approved, cease for any  reason to constitute at least a majority of the Board;    (c) a merger or consolidation of the Company with any other corporation,  other than a merger or consolidation which would result in the voting securities of the Company  outstanding immediately prior thereto continuing to represent (either by remaining outstanding  or by being converted into voting securities of the surviving entity) more than 50% of the  combined voting power of the voting securities of the Company or such surviving entity  outstanding immediately after such merger or consolidation; provided, however, that a merger or  consolidation effected to implement a recapitalization of the Company (or similar transaction) in  which no Person (other than those covered by the exceptions in (i) above) acquires more than  50% of the combined voting power of the Company’s then outstanding securities shall not  constitute a Change in Control of the Company; or    (d) the consummation of a sale or disposition by the Company of all or  substantially all of the Company’s assets other than (i) the sale or disposition of all or  substantially all of the assets of the Company to a Person or Persons who beneficially own,  directly or indirectly, more than 50% of the combined voting power of the outstanding voting  securities of the Company at the time of the sale or disposition or (ii) pursuant to a spinoff type  transaction, directly or indirectly, of such assets to the stockholders of the Company.    Notwithstanding the foregoing, to the extent necessary to comply with Section 409A of the Code  with respect to the payment of “nonqualified deferred compensation,” “Change in Control” shall  be limited to a “change in control event” as defined under Section 409A of the Code.    12. Forfeiture Events.    12.1 General. The Committee may specify in an Award Agreement that the  Participant’s rights, payments and benefits with respect to an Award are subject to reduction,  cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in  addition to any otherwise applicable vesting or performance conditions of an Award. Such  events may include, without limitation, termination of Service for Cause, violation of laws,  regulations or material Company policies, breach of noncompetition, non-solicitation,  confidentiality or other restrictive covenants that may apply to the Participant, application of a  Company clawback policy relating to financial restatement, or other conduct by the Participant  that is detrimental to the business or reputation of the Company.    12.2 Termination for Cause.    (a) Treatment of Awards. Unless otherwise provided by the Committee and  set forth in an Award Agreement, if (i) a Participant’s Service with the Company or any  Subsidiary shall be terminated for Cause or (ii) after termination of Service for any other reason,  the Committee determines in its discretion either that, (1) during the Participant’s period of  Service, the Participant engaged in an act or omission which would have warranted termination  of Service for Cause or (2) after termination, the Participant engages in conduct that violates any  

 

16  Exhibit 10.9      continuing obligation or duty of the Participant in respect of the Company or any Subsidiary,  such Participant’s rights, payments and benefits with respect to an Award shall be subject to  cancellation, forfeiture and/or recoupment, as provided in Section 12.3 below. The Company  shall have the power to determine whether the Participant has been terminated for Cause, the  date upon which such termination for Cause occurs, whether the Participant engaged in an act or  omission which would have warranted termination of Service for Cause or engaged in conduct  that violated any continuing obligation or duty of the Participant in respect of the Company or  any Subsidiary. Any such determination shall be final, conclusive and binding upon all Persons.  In addition, if the Company shall reasonably determine that a Participant has committed or may  have committed any act which could constitute the basis for a termination of such Participant’s  Service for Cause or violates any continuing obligation or duty of the Participant in respect of the  Company or any Subsidiary, the Company may suspend the Participant’s rights to exercise any  Stock Option or Stock Appreciation Right, receive any payment or vest in any right with respect  to any Award pending a determination by the Company of whether an act or omission could  constitute the basis for a termination for Cause as provided in this Section 12.2.    (b) Definition of Cause. “Cause” means with respect to a Participant’s  termination of Service, the following: (a) in the case where there is no employment agreement,  consulting agreement, change in control agreement or similar agreement in effect between the  Company or an Affiliate and the Participant (or where there is such an agreement but it does not  define “cause” (or words of like import, which shall include but not be limited to “gross  misconduct”)), termination due to a Participant’s (1) failure to substantially perform Participant’s  duties or obey lawful directives that continues after receipt of written notice from the Company  and a ten (10)-day opportunity to cure; (2) gross misconduct or gross negligence in the  performance of Participant’s duties; (3) fraud, embezzlement, theft, or any other act of material  dishonesty or misconduct; (4) conviction of, indictment for, or plea of guilty or nolo contendere  to, a felony or any crime involving moral turpitude; (5) (x) material breach or violation of any  agreement with the Company or its Affiliates, including any restrictive covenant agreement  applicable to Participant, or (y) significant violation of the code of conduct or similar written  policy, including, without limitation, any sexual harassment policy, of the Company or its  Affiliates; or (6) other conduct, acts or omissions that, in the good faith judgment of the  Company, are likely to significantly injure the reputation, business or a business relationship of  the Company or any of its Affiliates; or (b) in the case where there is an employment agreement,  consulting agreement, change in control agreement or similar agreement in effect between the  Company or an Affiliate and the Participant that defines “cause” (or words of like import, which  shall include but not be limited to “gross misconduct”), “cause” as defined under such  agreement. With respect to a termination of Service for a non-employee director, Cause means  an act or failure to act that constitutes cause for removal of a director under applicable Delaware  law. Any voluntary termination of Service by the Participant in anticipation of an involuntary  termination of the Participant’s Service for Cause shall be deemed to be a termination for Cause.    12.3 Right of Recapture.    (a) General. If at any time within one year (or such longer time specified in  an Award Agreement or other agreement with a Participant or policy applicable to the  Participant) after the date on which a Participant exercises a Stock Option or Stock Appreciation  

 

17  Exhibit 10.9      Right or on which a Stock-Based Award, Restricted Stock Award or Restricted Stock Unit vests,  is settled in shares or otherwise becomes payable, or on which income otherwise is realized or  property is received by a Participant in connection with an Award, (i) a Participant’s Service is  terminated for Cause, (ii) the Committee determines in its discretion that the Participant is  subject to any recoupment of benefits pursuant to the Company’s compensation recovery,  “clawback” or similar policy, as may be in effect from time to time, or (iii) after a Participant’s  Service terminates for any other reason, the Committee determines in its discretion either that,  (1) during the Participant’s period of Service, the Participant engaged in an act or omission  which would have warranted termination of the Participant’s Service for Cause or (2) after a  Participant’s termination of Service, the Participant engaged in conduct that violated any  continuing obligation or duty of the Participant in respect of the Company or any Subsidiary,  then, at the sole discretion of the Committee, any gain realized by the Participant from the  exercise, vesting, payment, settlement or other realization of income or receipt of property by the  Participant in connection with an Award, shall be repaid by the Participant to the Company upon  notice from the Company, subject to applicable law. Such gain shall be determined as of the  date or dates on which the gain is realized by the Participant, without regard to any subsequent  change in the Fair Market Value of a share of Common Stock. To the extent not otherwise  prohibited by law, the Company shall have the right to offset the amount of such repayment  obligation against any amounts otherwise owed to the Participant by the Company (whether as  wages, vacation pay or pursuant to any benefit plan or other compensatory arrangement).    (b) Accounting Restatement. If a Participant receives compensation pursuant  to an Award under the Plan based on financial statements that are subsequently restated in a way  that would decrease the value of such compensation, the Participant will, to the extent not  otherwise prohibited by law, upon the written request of the Company, forfeit and repay to the  Company the difference between what the Participant received and what the Participant should  have received based on the accounting restatement, in accordance with (i) any compensation  recovery, “clawback” or similar policy, as may be in effect from time to time to which such  Participant is subject and (ii) any compensation recovery, “clawback” or similar policy made  applicable by law including the provisions of Section 954 of the Dodd-Frank Wall Street Reform  and Consumer Protection Act and the rules, regulations and requirements adopted thereunder by  the Securities and Exchange Commission and/or any national securities exchange on which the  Company’s equity securities may be listed (the “Policy”). By accepting an Award hereunder, the  Participant acknowledges and agrees that the Policy, whenever adopted, shall apply to such  Award, and all incentive-based compensation payable pursuant to such Award shall be subject to  forfeiture and repayment pursuant to the terms of the Policy.    13. Transfer, Leave of Absence, Etc. For purposes of the Plan, except as otherwise  determined by the Committee, the following events shall not be deemed a termination of Service:  (a) a transfer to the service of the Company from a Subsidiary or from the Company to a  Subsidiary, or from one Subsidiary to another; or (b) an approved leave of absence for military  service or sickness, a leave of absence where the employee’s right to re-employment is protected  either by a statute or by contract or under the policy pursuant to which the leave of absence was  granted, a leave of absence for any other purpose approved by the Company or if the Committee  otherwise so provides in writing.  

 

18  Exhibit 10.9      14. General Provisions.    14.1 Status of Plan. The Committee may authorize the creation of trusts or other  arrangements to meet the Company’s obligations to deliver shares of Common Stock or make  payments with respect to Awards.    14.2 Award Agreement. An Award under the Plan shall be evidenced by an Award  Agreement in a written or electronic form approved by the Committee setting forth the number  of shares of Common Stock or other amounts or securities subject to the Award, the exercise  price, base price or purchase price of the Award, the time or times at which an Award will  become vested, exercisable or payable and the term of the Award. The Award Agreement also  may set forth the effect on an Award of a Change in Control and/or a termination of Service  under certain circumstances. The Award Agreement shall be subject to and incorporate, by  reference or otherwise, all of the applicable terms and conditions of the Plan, and also may set  forth other terms and conditions applicable to the Award as determined by the Committee  consistent with the limitations of the Plan. The grant of an Award under the Plan shall not confer  any rights upon the Participant holding such Award other than such terms, and subject to such  conditions, as are specified in the Plan as being applicable to such type of Award (or to all  Awards) or as are expressly set forth in the Award Agreement. The Committee need not require  the execution of an Award Agreement by a Participant, in which case, acceptance of the Award  by the Participant shall constitute agreement by the Participant to the terms, conditions,  restrictions and limitations set forth in the Plan and the Award Agreement as well as the  administrative guidelines of the Company in effect from time to time. In the event of any  conflict between the provisions of the Plan and any Award Agreement, the provisions of the Plan  shall prevail.    14.3 No Assignment or Transfer; Beneficiaries. Except as provided in Section 6.6  hereof or as otherwise provided by the Committee to the extent not prohibited under Section  A.1.(5) of the general instructions of Form S-8, as may be amended from time to time, Awards  under the Plan shall not be assignable or transferable by the Participant, and shall not be subject  in any manner to assignment, alienation, pledge, encumbrance or charge. Notwithstanding the  foregoing, in the event of the death of a Participant, except as otherwise provided by the  Committee, an outstanding Award may be exercised by or shall become payable to the  Participant’s beneficiary as determined under the Company 401(k) retirement plan or other  applicable retirement or pension plan. In lieu of such determination, a Participant may, from  time to time, name any beneficiary or beneficiaries to receive any benefit in case of the  Participant’s death before the Participant receives any or all of such benefit. Each such  designation shall revoke all prior designations by the same Participant and will be effective only  when filed by the Participant in writing (in such form or manner as may be prescribed by the  Committee) with the Company during the Participant’s lifetime. In the absence of a valid  designation as provided above, if no validly designated beneficiary survives the Participant or if  each surviving validly designated beneficiary is legally impaired or prohibited from receiving the  benefits under an Award, the Participant’s beneficiary shall be the legatee or legatees of such  Award designated under the Participant’s last will or by such Participant’s executors, personal  representatives or distributees of such Award in accordance with the Participant’s will or the  laws of descent and distribution.  The Committee may provide in the terms of an Award  

 

19  Exhibit 10.9      Agreement or in any other manner prescribed by the Committee that the Participant shall have  the right to designate a beneficiary or beneficiaries who shall be entitled to any rights, payments  or other benefits specified under an Award following the Participant’s death. Any transfer  permitted under this Section 14.3 shall be for no consideration.    14.4 No Right to Employment or Continued Service. Nothing in the Plan, in the grant  of any Award or in any Award Agreement shall confer upon any Eligible Person or any  Participant any right to continue in the Service of the Company or any of its Subsidiaries or  interfere in any way with the right of the Company or any of its Subsidiaries to terminate the  employment or other service relationship of an Eligible Person or a Participant for any reason or  no reason at any time.    14.5 Rights as Stockholder. A Participant shall have no rights as a holder of shares of  Common Stock with respect to any unissued securities covered by an Award until the date the  Participant becomes the holder of record of such securities. Except as provided in Section 4.5  hereof, no adjustment or other provision shall be made for dividends or other stockholder rights,  except to the extent that the Award Agreement provides for dividend payments or dividend  equivalent rights. The Committee may determine in its discretion the manner of delivery of  Common Stock to be issued under the Plan, which may be by delivery of stock certificates,  electronic account entry into new or existing accounts or any other means as the Committee, in  its discretion, deems appropriate. The Committee may require that the stock certificates (if any)  be held in escrow by the Company for any shares of Common Stock or cause the shares to be  legended in order to comply with the securities laws or other applicable restrictions. Should the  shares of Common Stock be represented by book or electronic account entry rather than a  certificate, the Committee may take such steps to restrict transfer of the shares of Common Stock  as the Committee considers necessary or advisable.    14.6 Trading Policy and Other Restrictions. Transactions involving Awards under the  Plan shall be subject to the Company’s insider trading policy and other restrictions, terms,  conditions and policies established by the Board or Committee from time to time or by  applicable law.    14.7 Section 409A Compliance. To the extent applicable, it is intended that the Plan  and all Awards hereunder comply with, or be exempt from, the requirements of Section 409A of  the Code and the Treasury Regulations and other guidance issued thereunder, and that the Plan  and all Award Agreements shall be interpreted and applied by the Committee in a manner  consistent with this intent in order to avoid the imposition of any additional tax under  Section 409A of the Code. In the event that any (i) provision of the Plan or an Award  Agreement, (ii) Award, payment, transaction or (iii) other action or arrangement contemplated  by the provisions of the Plan is determined by the Committee to not comply with the applicable  requirements of Section 409A of the Code and the Treasury Regulations and other guidance  issued thereunder, the Committee shall have the authority to take such actions and to make such  changes to the Plan or an Award Agreement as the Committee deems necessary to comply with  such requirements. No payment that constitutes deferred compensation under Section 409A of  the Code that would otherwise be made under the Plan or an Award Agreement upon a  termination of Service will be made or provided unless and until such termination is also a  

 

20  Exhibit 10.9      “separation from service,” as determined in accordance with Section 409A of the Code.  Notwithstanding the foregoing or anything elsewhere in the Plan or an Award Agreement to the  contrary, if a Participant is a “specified employee” as defined in Section 409A of the Code at the  time of termination of Service with respect to an Award, then solely to the extent necessary to  avoid the imposition of any additional tax under Section 409A of the Code, the commencement  of any payments or benefits under the Award shall be deferred until the date that is six (6)  months plus one (1) day following the date of the Participant’s termination of Service or, if  earlier, the Participant’s death (or such other period as required to comply with Section 409A).  For purposes of Section 409A of the Code, a Participant’s right to receive any installment  payments pursuant to this Plan or any Award granted hereunder shall be treated as a right to  receive a series of separate and distinct payments. For the avoidance of doubt, each applicable  tranche of Common Shares subject to vesting under any Award shall be considered a right to  receive a series of separate and distinct payments. In no event whatsoever shall the Company be  liable for any additional tax, interest or penalties that may be imposed on a Participant by  Section 409A of the Code or any damages for failing to comply with Section 409A of the Code.    14.8 Section 457A Compliance. In the event any Award is subject to Section 457A of  the Code (“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 (i) exempt the Plan and/or any Award from the application of  Section 457A, (ii) preserve the intended tax treatment of any such Award, or (iii) 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. To the extent that an Award constitutes deferred compensation subject to Section 457A,  such Award will be subject to taxation in accordance with Section 457A. In no event whatsoever  shall the Company be liable for any additional tax, interest or penalties that may be imposed on a  Participant by Section 457A of the Code or any damages for failing to comply with  Section 457A of the Code.    14.9 Securities Law Compliance. No shares of Common Stock will be issued or  transferred pursuant to an Award unless and until all then applicable requirements imposed by  Federal and state securities and other laws, rules and regulations and by any regulatory agencies  having jurisdiction, and by any exchanges upon which the shares of Common Stock may be  listed, have been fully met. As a condition precedent to the issuance of shares of Common Stock  pursuant to the grant or exercise of an Award, the Company may require the Participant to take  any action that the Company determines is necessary or advisable to meet such requirements.  The Committee may impose such conditions on any shares of Common Stock issuable under the  Plan as it may deem advisable, including, without limitation, restrictions under the Securities  Act, under the requirements of any exchange upon which such shares of the same class are then  listed, and under any blue sky or other securities laws applicable to such shares. The Committee  may also require the Participant to represent and warrant at the time of issuance or transfer that  the shares of Common Stock are being acquired solely for investment purposes and without any  current intention to sell or distribute such shares.  

 

21  Exhibit 10.9      14.10 Substitution or Assumption of Awards in Corporate Transactions. The  Committee may grant Awards under the Plan in connection with the acquisition, whether by  purchase, merger, consolidation or other corporate transaction, of the business or assets of any  corporation or other entity, in substitution for awards previously granted by such corporation or  other entity or otherwise. The Committee may also assume any previously granted awards of a  former employee or a current employee, director, consultant or other service provider of another  corporation or entity that becomes an Eligible Person by reason of such corporation transaction.  The terms and conditions of the substituted or assumed awards may vary from the terms and  conditions that would otherwise be required by the Plan solely to the extent the Committee  deems necessary for such purpose. To the extent permitted by applicable law and the listing  requirements of the NASDAQ or other exchange or securities market on which the Common  Shares are listed, any such substituted or assumed awards shall not reduce the Share Reserve.    14.11 Tax Withholding. The Participant shall be responsible for payment of any taxes or  similar charges required by law to be paid or withheld from an Award or an amount paid in  satisfaction of an Award. Any required withholdings shall be paid by the Participant on or prior  to the payment or other event that results in taxable income in respect of an Award. The Award  Agreement may specify the manner in which the withholding obligation shall be satisfied with  respect to the particular type of Award, which may include permitting the Participant to elect to  satisfy the withholding obligation by tendering shares of Common Stock to the Company or  having the Company withhold a number of shares of Common Stock having a value in each case  up to the maximum statutory tax rates in the applicable jurisdiction or as the Committee may  approve in its discretion (provided that such withholding does not result in adverse tax or  accounting consequences to the Company), or similar charge required to be paid or withheld. In  addition, to the extent permitted by the Committee in its sole discretion in an Award Agreement  or otherwise, and subject to Section 16 of the Exchange Act, withholding may be satisfied  through an open-market, broker-assisted sales transaction pursuant to which the Company is  promptly delivered the amount of proceeds necessary to satisfy the withholding amount, which  shall be subject to any terms and conditions imposed by the Committee. The Company shall  have the power and the right to require a Participant to remit to the Company the amount  necessary to satisfy federal, state, provincial and local taxes, domestic or foreign, required by law  or regulation to be withheld, and to deduct or withhold from any shares of Common Stock  deliverable under an Award to satisfy such withholding obligation.    14.12 Unfunded Plan. The adoption of the Plan and any reservation of shares of  Common Stock or cash amounts by the Company to discharge its obligations hereunder shall not  be deemed to create a trust or other funded arrangement. Except upon the issuance of shares of  Common Stock pursuant to an Award, any rights of a Participant under the Plan shall be those of  a general unsecured creditor of the Company, and neither a Participant nor the Participant’s  permitted transferees or estate shall have any other interest in any assets of the Company by  virtue of the Plan. Notwithstanding the foregoing, the Company shall have the right to  implement or set aside funds in a grantor trust, subject to the claims of the Company’s creditors  or otherwise, to discharge its obligations under the Plan.    14.13 Other Compensation and Benefit Plans. The adoption of the Plan shall not affect  any other share incentive or other compensation plans in effect for the Company or any  

 

22  Exhibit 10.9      Subsidiary, nor shall the Plan preclude the Company from establishing any other forms of share  incentive or other compensation or benefit program for employees of the Company or any  Subsidiary. The amount of any compensation deemed to be received by a Participant pursuant to  an Award shall not constitute includable compensation for purposes of determining the amount  of benefits to which a Participant is entitled under any other compensation or benefit plan or  program of the Company or a Subsidiary, including, without limitation, under any pension or  severance benefits plan, except to the extent specifically provided by the terms of any such plan.    14.14 Plan Binding on Transferees. The Plan shall be binding upon the Company, its  transferees and assigns, and the Participant, the Participant’s executor, administrator and  permitted transferees and beneficiaries.    14.15 Severability. If any provision of the Plan or any Award Agreement shall be  determined to be illegal or unenforceable by any court of law in any jurisdiction, the remaining  provisions hereof and thereof shall be severable and enforceable in accordance with their terms,  and all provisions shall remain enforceable in any other jurisdiction.    14.16 Governing Law. The Plan, all Awards and all Award Agreements, and all claims  or causes of action (whether in contract, tort or statute) that may be based upon, arise out of or  relate to the Plan, any Award or Award Agreement, or the negotiation, execution or performance  of any such documents or matter related thereto (including any claim or cause of action based  upon, arising out of or related to any representation or warranty made in or in connection with  the Plan, any Award or Award Agreement, or as an inducement to enter into any Award  Agreement), shall be governed by, and enforced in accordance with, the internal laws of the State  of Delaware, including its statutes of limitations and repose, but without regard to any borrowing  statute that would result in the application of the statute of limitations or repose of any other  jurisdiction.    14.17 No Fractional Shares. No fractional shares of Common Stock shall be issued or  delivered pursuant to the Plan or any Award, and the Committee shall determine whether cash,  other securities or other property shall be paid or transferred in lieu of any fractional shares of  Common Stock or whether such fractional shares or any rights thereto shall be canceled,  terminated or otherwise eliminated.    14.18 No Guarantees Regarding Tax Treatment. Neither the Company nor the  Committee make any guarantees to any Person regarding the tax treatment of Awards or  payments made under the Plan. Neither the Company nor the Committee has any obligation to  take any action to prevent the assessment of any tax on any Person with respect to any Award  under Section 409A of the Code, Section 4999 of the Code or otherwise and neither the  Company nor the Committee shall have any liability to a Person with respect thereto.    14.19 Data Protection. By participating in the Plan, each Participant consents to the  collection, processing, transmission and storage by the Company, its Subsidiaries and any third  party administrators of any data of a professional or personal nature for the purposes of  administering the Plan and in connection with a Participant’s status as a stockholder of the  Company upon the issuance of any shares of Common Stock pursuant to an Award.  

 

23  Exhibit 10.9      14.20 Awards to Non-U.S. Participants. To comply with the laws in countries other  than the United States in which the Company or any of its Subsidiaries or Affiliates operates or  has employees, Non-Employee Directors or consultants, the Committee, in its sole discretion,  shall have the power and authority to (i) modify the terms and conditions of any Award granted  to Participants outside the United States to comply with applicable foreign laws, (ii) take any  action, before or after an Award is made, that it deems advisable to obtain approval or comply  with any necessary local government regulatory exemptions or approvals and (iii) establish  subplans and modify exercise procedures and other terms and procedures, to the extent such  actions may be necessary or advisable. Any subplans and modifications to Plan terms and  procedures established under this Section 14.20 by the Committee shall be attached to this Plan  document as appendices.    15. Term; Amendment and Termination; Stockholder Approval.    15.1 Term. The Plan shall be effective as of the Effective Date. Subject to  Section 15.2 hereof, the Plan shall terminate on the tenth anniversary of the Effective Date.    15.2 Amendment and Termination. The Board may from time to time and in any  respect, amend, modify, suspend or terminate the Plan; provided, however, that no amendment,  modification, suspension or termination of the Plan shall materially and adversely affect any  Award theretofore granted without the consent of the Participant or the permitted transferee of  the Award. The Board may seek the approval of any amendment, modification, suspension or  termination by the Company’s stockholders to the extent it deems necessary in its discretion for  purposes of compliance with Section 422 of the Code or for any other purpose, and shall seek  such approval to the extent it deems necessary in its discretion to comply with applicable law or  listing requirements of NASDAQ or other exchange or securities market. Notwithstanding the  foregoing, the Board shall have broad authority to amend the Plan or any Award under the Plan  without the consent of a Participant to the extent it deems necessary or desirable in its discretion  to comply with, take into account changes in, or interpretations of, applicable tax laws, securities  laws, employment laws, accounting rules and other applicable laws, rules and regulations.

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