Document:

Capella Education Company Incentive Bonus Plan, as amended

 Exhibit 10.29 
 CAPELLA EDUCATION COMPANY 
 INCENTIVE BONUS PLAN 

Effective as of February 23, 2011 
 Amended as of December 8, 2011 
 1. Purpose. The purpose of the
Capella Education Company Incentive Bonus Plan (the “Plan”) is to provide incentives to eligible management employees of Capella Education Company (the “Company”) and any subsidiary to produce a superior return to the
shareholders of the Company and to encourage such eligible management employees to remain in the employ of the Company or any subsidiary. 
 2. Definitions. The terms defined in this section are used (and capitalized) elsewhere in the Plan. 
 “Award” means an award payable to a Participant pursuant to Section 4 hereof. 
 “Board” means the Board of Directors of the Company. 

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

“Committee” means the Compensation Committee of the Board or such other Board committee as may be designated by
the Board to administer the Plan, provided that for any Award made to the Company’s Chief Executive Officer, the Executive Committee of the Board shall serve as the Committee. 

“Covered Employee” includes all Participants whose compensation in the Performance Period for which the Award
is calculated is or, in the Compensation Committee’s discretion, may be subject to the compensation expense deduction limitations set forth in Section 162(m) of the Code. 

“Disability” means any physical or mental incapacitation whereby a Participant is unable for a period of twelve
consecutive months or for an aggregate of twelve months in any twenty-four consecutive month period to perform his or her duties for the Company or any subsidiary. 

“Eligible Employee” means an individual who is regular status, works a minimum of half time (average of 40
hours per two-week pay period) and is considered a management level employee (functional leader or above) of the Company or a subsidiary thereof. 
 “Learner Satisfaction” refers to the specific determination of learner satisfaction as measured by a learner satisfaction survey conducted by the Company. 

“Participant” means an Eligible Employee designated by the Committee to participate in the Plan for a
designated Performance Period. 
 “Performance-Based Compensation” means an Award to a Covered
Employee that is intended to constitute “performance-based compensation” within the meaning of Section 162(m)(4)(C) of the Code and the regulations promulgated thereunder. 

“Performance Period” means the Company’s fiscal year or such other period as determined by the Committee.

 “Retirement” means, unless otherwise specified in a Participant’s Award, retirement at age 65.

 3. Administration.  

3.1 Authority of Committee. The Committee shall administer this Plan. The Committee shall have exclusive power,
subject to the limitations contained in this Plan, to make Awards and to determine when and to whom Awards will be granted, and the form, amount and other terms and conditions of each Award, subject to the provisions of this Plan. The Committee
shall have the authority to interpret this Plan and any Award made under this Plan, to establish, amend, waive and rescind any rules and regulations relating to the administration of this Plan, and to make all other determinations necessary or
advisable for the administration of this Plan. The Committee may correct any defect, supply any omission or reconcile any inconsistency in this Plan or in any Award in the manner and to the extent it shall deem desirable. The determinations of the
Committee in the administration of this Plan, as described herein, shall be final, binding and conclusive, subject to the provisions of this Plan. A majority of the members of the Committee shall constitute a quorum for any meeting of the Committee.

 3.2 Delegation. The Committee may delegate to the Chief Executive Officer and the Vice President of
Human Resources the authority, with respect to Eligible Employees who are not executive officers of the Company, to (i) determine which such Eligible Employees will be granted Awards under the Plan, (ii) the amount and terms of Awards
under the Plan for such Participants and (iii) take all other actions of the Committee, including administration and interpretation, of such Awards. Awards granted pursuant to such delegated authority shall be made consistent with the criteria
established by the Committee and shall be subject to any other restrictions placed on the delegation by the Committee. 
 3.3 Indemnification. To the full extent permitted by law, (i) no member or former member of the Committee shall be liable for any action or determination taken or made in good faith with
respect to the Plan or any Award made under the Plan, and (ii) the members or former members of the Committee shall be entitled to indemnification by the Company against and from any loss incurred by such members by reason of any such actions
and determinations. 
 4. Awards.  

4.1 Eligibility Criteria. Within the lesser of the first ninety (90) days or the first twenty-five percent
(25%) of the Performance Period, the Committee may select such Eligible Employees as it deems appropriate to participate in the Plan. Criteria that the Committee will consider when selecting Eligible Employees for participation include scope
and level of responsibility, organizational impact, internal equity and external competitiveness. Awards for Eligible Employees who work less than full-time will be prorated accordingly. 

4.2 Allocation of Awards. Eligible Employees selected to participate will be entitled to receive an award of bonus
compensation based on the attainment of performance targets selected by the Committee and consisting of one or any combination of two or more of net revenue; stock price; market share; sales; earnings per share; return on equity; costs; operating
income; net income before interest, taxes, depreciation and/or amortization; net income before or after extraordinary items; return on operating assets or levels of cost savings; earnings before taxes; net earnings; asset turnover; total shareholder
return; pre-tax, pre-interest expense return on invested capital; return on incremental invested capital; free cash flow; cash flow from operations; customer satisfaction (i.e., learner satisfaction) or learner success, each as measured objectively.
As appropriate, any such targets may be expressed in absolute amounts, on a per share basis, as a change from preceding Performance Periods; or relative to a designated peer group or index of comparable companies. Subject to applicable regulatory
restrictions, such targets may also relate to one or any combination of two or more of corporate (including such direct and indirect subsidiaries of the Company as the Committee may determine or on such consolidated basis as the Committee may
determine), group, unit, division, affiliate or individual performance. In addition, with respect to an Award, or portion of an Award, that is not intended to qualify as Performance-Based Compensation, performance targets may include any other
measures determined by the Committee. 
 4.3 Maximum Amount of Awards. No Covered Employee shall be
entitled to receive Awards that exceed $8 million for any calendar year. 
 4.4 Adjustments. At any time
during the Performance Period, the Committee may amend the targets for a Performance Period to reflect material adjustments in or changes to the Company’s policies, to reflect material Company changes such as mergers or acquisitions, and to
reflect such other events having a material impact on the targets, provided that no such adjustment shall be made to an Award intended to qualify as 

  
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Performance-Based Compensation if the effect of such adjustment would be to cause the Award to fail to qualify as Performance-Based Compensation. The Committee is authorized at any time during or
after a Performance Period, in its sole and absolute discretion, to reduce or eliminate an Award payable to any Participant for any reason, including a Participant’s failure to perform his/her day-to-day job in a satisfactory manner after the
Company has provided reasonable notice of such failure, or changes in the position or duties of any Participant with the Company or any subsidiary of the Company during the Performance Period, whether due to any termination of employment (including
death, Disability, Retirement, or termination with or without cause) or otherwise. No reduction in an Award made to any Participant shall increase the amount of the Award to any other Participant. 

4.5 Payment of Awards. Following the completion of each Performance Period, the Committee shall certify in writing
the degree to which the performance targets were attained and the Awards payable to Participants. Each Participant shall receive payment in cash of the Award as soon as practicable following the determination in respect thereof made pursuant to this
Section 4.5, provided that payment shall be made no later than two and a half months after the Performance Period. 
 5.
Effective Date of the Plan. The Plan is effective on February 23, 2011, subject to approval and ratification by the affirmative vote of the holders of a majority of the outstanding shares of Common Stock of the Company present or
represented and entitled to vote in person or by proxy on this matter at the Company’s 2011 annual meeting of shareholders. The Plan shall remain in effect until it has been terminated pursuant to Section 9. 

6. Termination of Employment. Nothing in the Plan shall confer upon any Participant the right to continue in the employment of the
Company or any subsidiary or affect any right which the Company or any subsidiary may have to terminate the employment of a Participant with or without cause. In the event any Participant ceases to be an employee for any reason other than death,
Disability, Retirement or termination without Cause (as defined in the Company’s Senior Executive Severance Plan or Executive Severance Plan, as applicable and as in effect from time to time) during any Performance Period in which
he/she is participating in the Plan or prior to payment of an Award for a Performance Period, he/she will not be eligible to receive any payment under an Award for such Performance Period. Participants whose employment terminates due to Disability,
Retirement or termination without Cause during the Performance Period will be eligible to receive a prorated portion (based on the number of days during the Performance Period when the Participant was employed, divided by the total number of days in
the Performance Period) of any payment under the Award, if earned, when payments are made to other Participants under the Plan. Participants whose employment terminates due to death will receive a prorated portion (based on the number of days during
the Performance Period when the Participant was employed, divided by the total number of days in the Performance Period) of their targeted Award, paid out as soon as practicable but in any event no later than when payments are made to other
Participants under the Plan. 
 7. New Hires; Promotions. New hires must commence employment as an Eligible Employee no
later than seventy-five percent (75%) of the period covering the Performance Period to be eligible to be considered a Participant for that Performance Period, and individual Awards for the Performance Period will be prorated from the date of
hire. Employees must be promoted to being an Eligible Employee no later than seventy-five percent (75%) of the period covering Performance Period to be eligible to be considered a Participant in the Plan during that Performance Period, and
individual Awards for the Performance Period will be prorated from the date of promotion. Notwithstanding the foregoing, no Award that is intended to qualify as Performance-Based Compensation shall be made to any new hire or promoted Eligible
Employee unless expressly approved by the Committee in accordance with the requirements of Section 162(m) of the Code and the regulations promulgated thereunder. 
 8. Tax Withholding. The Company shall have the right to withhold from cash payments under the Plan to a Participant or other person an amount sufficient to cover any required withholding taxes.

 9. Amendment, Modification and Termination of the Plan. The Board may at any time terminate, suspend or modify the
Plan and the terms and provisions of any Award to any Participant which has not been paid. Amendments are subject to approval of the shareholders of the Company only if such approval is necessary to maintain the Plan in compliance with the
requirements of Section 162(m) of the Code, its successor provisions or any other applicable law or regulation. No Award may be granted during any suspension of the Plan or after its termination. 

  
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 10. Unfunded Plan. The Plan shall be unfunded, and the Company shall not be required
to segregate any assets that may at any time be represented by Awards under the Plan. No Participant shall, by virtue of this Plan, have any interest in any specific assets of the Company or any of its direct or indirect subsidiaries. 

11. Other Benefit and Compensation Programs. Neither the adoption of the Plan by the Board nor its submission to the shareholders
of the Company shall be construed as creating any limitation on the power of the Board to adopt such other incentive arrangements as it may deem appropriate. Payments received by a Participant under an Award made pursuant to the Plan shall not be
deemed a part of a Participant’s regular recurring compensation for purposes of the termination, indemnity or severance pay law of any state and shall not be included in, nor have any effect on, the determination of benefits under any other
employee benefit plan, contract or similar arrangement provided by the Company or any subsidiary unless expressly so provided by such other plan, contract or arrangement, or unless the Committee expressly determines otherwise. 

12. Governing Law. To the extent that Federal laws do not otherwise control, the Plan and all determinations made and actions
taken pursuant to the Plan shall be governed by the laws of the State of Minnesota and construed accordingly. 
 Approved by shareholders:
May 10, 2011 

  
 4Unassociated Document

 

Exhibit 10.9

Unofficial English Translation

Of

Voting Trust Agreement

This Trust Agreement (the “Agreement”) is entered into on Apr 25th, 2010 in the conference room of Walker Resources Recycling Co., Ltd. (the “Company”) by and between:

Party A: [Walker Resources Beneficial Owners] (Hereinafter referred to as “Trustors”);

Party B: [Walker Resources Shareholders] (Hereinafter referred to as “Trustees”);

In this Agreement, Trustor and Trustee hereinafter will be collectively called Parties and individually be called a Party.

Whereas:

1. Trustor made the contribution equivalent to the amount of RMB [] to the Company and is the beneficial owner of the corresponding []% of equity interests of the Company (the “Trusted Equity Interests”);

2. Trustor hereby intends to entrust the Trustee to hold the Trusted Equity Interests;

3. Trustees hereby agrees to be entrusted to hold the Trusted Equity Interests, among which [Trustee A] agrees to be entrusted to hold []% of the Trusted Equity Interests, and [Trustee B] agrees to be entrusted to hold []% of the Trusted Equity Interests.

Therefore, based on the principles of equality and mutual benefit and in accordance with the relative laws and regulations of the People’s Republic of China (the “PRC”), the Parties consent to enter into this Agreement through friendly negotiation.

Article 1 the Trust

1.1 The Trusted Equity Interests

The Trusted Equity Interests shall have the meaning of the contribution, the amount of which equals to RMB [], made by the Trustor, the corresponding []% of equity interests and all rights and obligations attached to the said equity interests. Trustor hereto hereby agrees to entrust the Trustee to hold the Trusted Equity Interests pursuant to the terms and conditions as stipulated in this Agreement. Trustee hereto hereby agrees to hold the Trusted Equity Interests in lieu of the Trustor under the same terms and conditions. The Parties further to confirm that the Trusted Equity Interests will be registered in the name of the Trustee and the Trustor will remain to be the actual investor. All shareholder’s rights, including but not limited to management, operation, profit distribution, etc. of the Company shall be enjoyed by the Trustor and the related obligations and operation risks shall be assumed by the Trustor.

 

  

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1.2 The Trust Period

The Trust period will start as of the date of the effectiveness of this Agreement to the earliest of the date on which: (1) the Parties agrees to transfer the Trusted Equity Interests to any third party, or (2) the Parties agree to terminate this Agreement, or (3) the Company is winding up.(the “Trust Period”)

1.3 Excise of the Shareholder’s Rights

Trustee shall positively cooperate with the Trustor or the Company under the circumstances that the Trustor or the Company requires the Trustee to execute relative documents for the purpose of the normal and legal operations of the Company. Therefore, Trustee shall issue a power of attorney to the Trustor, which shall authorize the Trustor with all shareholders’ rights attached in the Trusted Equity Interests. The power of attorney will be two exhibits of this Agreement constituting an integral part of this Agreement. All legal consequences arising from the exercise of the shareholder’s rights shall be burdened by the Trustor.

Article 2 Rights and Obligations of the Parties

2.1 Rights and obligations of the Trustor during the Trust Period shall contain as follows:

(1) Trustor has the right to know the operation details at any time and make any proposals;

(2) if the Company distribute dividends to its shareholders, allots shares and so on during the Trust Period, Trustor shall immediately be entitled to obtain such dividends, shares and any other benefits;

(3) in the event that the Trustee suffers any losses which are not caused by the Trustee as the nominal shareholder of the Company, Trustor shall compensate the losses of the Trustee;

(4) any other rights and obligations of the Trustor stipulated in this Agreement.

2.2 Rights and obligations of the Trustee during the Trust Period shall contain as follows:

(1) Trustee shall fully follow the instruction of the Trsutor to exercise the shareholder’s rights pursuant to Article 1.3 of the Agreement on his/her best efforts with due care and accept the supervision of the Trustor;

(2) Trustee shall not authorize other parties to exercise shareholder’s management rights without the written consent of the Trustor;

(3) Trustee shall report to the Trustor any significant matters, which the Trustee knows or should know, concerning operation of the Company;

(4) if the Company distribute dividends to its shareholders, allots shares and so on during the Trust Period, Trustee shall immediately pay dividends of the current period and inform the related items in respect of allocated shares to the Trustor and conduct any steps per the instruction of the Trustor;

(5) any other rights and obligations of the Trustee stipulated in this Agreement.

 

  

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Article 3 Representations and Warranties

The Parties hereto hereby represent and warrant to each other as of the date of the execution of this Agreement that:

(1) the Parties have right to execute the Agreement and have the ability to perform the same;

(2) the Parties have conducted all necessary corporate actions in order to execute and perform this Agreement;

(3) the Parties have authorized their respective authorized representatives to execute this Agreement;

(4) either Party has no other reasons that will prevent this Agreement from becoming a binding and effective agreement between the Parties after the execution;

(5) the execution and the performance of the obligations under this Agreement will not:

	
  

	
(a) be against any provision of the business license, articles of association and other similar documents of the Company;

	
  

	
(b) be against laws and regulations of the PRC and any authorization or permit of Chinese government;

	
  

	
(c) be against or result in a breach of any contract or agreement to which either Party is a party or by which it is bound.

 

Article 4 Effectiveness

This Agreement shall take effect after it is duly executed by the authorized representatives of the Parties hereto.

 

Article 5 Liability for Breach of Agreement

During the term of this Agreement, any violation of any provisions herein by either Party constitutes a breach of contract and the breaching party shall compensate the non-breaching Party for the loss incurred as a result of this breach.

Article 6 Force Majeure

Either Party which fails to perform all or part of the obligations under the Agreement due to force majeure shall not be considered to breach the contract, but the said Party shall provide valid evidence of such force majeure to the other Party in a timely manner, and the failure of performance shall be settled through consultations between the Parties hereto.

 

Article 7 Governing Law

The conclusion, validity, interpretation, and performance of this Agreement and the settlement of any disputes arising out of this Agreement shall be governed by the laws and regulations of the People’s Republic of China.

 

  

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Article 8 Settlement of Dispute

Any disputes under the Agreement shall be settled at first through friendly consultation between the Parties hereto. In case no settlement can be reached through consultation, either Party shall have the right to submit such disputes to China International Economic and Trade Arbitration Commission in Beijing for arbitration. The place of arbitration is Beijing. The arbitration award shall be final and binding on both Parties.

 

Article 9 Confidentiality

9.1 The Parties hereto agree to cause relevant people who have access to and knowledge of the terms and conditions of this Agreement to keep strict confidentiality and not to disclose any of these terms and conditions to any third party unless it is explicitly stipulated by law or requested by judicial authorities or governmental departments or agreed by the other Party, otherwise such Party or personnel shall assume corresponding legal liabilities.

9.2           The Parties’ obligations of confidentiality shall survive after the termination of this Agreement.

Article 10 Severability

 

10.1           Any provision of this Agreement that is invalid or unenforceable due to the laws and regulations shall be ineffective without affecting in any way the remaining provisions hereof.

10.2 In the event of the foregoing paragraph, the Parties hereto shall prepare supplemental agreement in a timely manner to replace the invalid provision through friendly consultation.

 

Article 11 Non-waiver of Rights

11.1 Any failure or delay by any Party in exercising its rights under this Agreement shall not constitute a waiver of such right.

11.2 Any failure of any Party to demand the other Party to perform its obligations under this Agreement shall not be deemed as a waiver of its right to demand the other Party to perform such obligations in the future.

11.3 In the event that a Party exempts the other Party from liability when that Party has failed to perform any of its obligations under any provisions of this Agreement, it shall not be deemed as an exemption from liability for any future violation of such provisions or other provisions.

 

  

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Article 12 Non-transferability

Unless otherwise specified under this Agreement, no Party can assign or delegate any of the rights or obligations under this Agreement to any third party nor can it provide any guarantee to such third party or carry out other similar activities without the prior written consent from the other Party.

 

Article 13 Miscellaneous

13.1 Any amendment entered into by the Parties hereto after the effectiveness of this Agreement shall be an integral part of this Agreement and have the same legal effect as this Agreement. In case of any discrepancy between the amendment and this Agreement, the amendment shall prevail. In case of several amendments, the amendment with the latest date shall prevail.

13.2 This Agreement is executed in Chinese in triplicate. The Trustor shall hold one copy and the Trustees shall hold two copies.

13.3 In witness whereof, the Parties have executed this Agreement as of the date first written above.

Remainder of the Page Intentionally Left Blank

 

  

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Trustors:

(Signature) ________

(Signature)________

Date:

Trustees:

(Signature)________

 

(Signature)________

Date:

 

 

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