Document:

Exhibit 10.4

 

Exhibit 10.4

CONFORMED COPY

ASSUMPTION AGREEMENT

     ASSUMPTION AGREEMENT, dated as of March 18, 2005, made by THE SCOTTS MIRACLE-GRO COMPANY, an
Ohio corporation, (the “Additional Grantor”), in favor of JPMorgan Chase Bank, N.A.
(formerly known as JPMorgan Chase Bank), as administrative agent (in such capacity, the
“Administrative Agent”) for the banks and other financial institutions (the
“Lenders”) parties to the Credit Agreement referred to below. Capitalized terms used but
not defined herein shall have the meanings given such terms in the Credit Agreement.

W I T N E S S E T H:

     WHEREAS, in connection with the Second Amended and Restated Credit Agreement, dated
as of October 22, 2003 (as amended by the First Amendment, dated as of August 13, 2004, and the
Second Amendment, dated as of November 5, 2004, the “Credit Agreement”) by and among The
Scotts Company (“Scotts”), certain subsidiaries of Scotts party thereto, the Lenders, and
Administrative Agent, Scotts and certain of its Affiliates (other than the Additional Grantor) have
entered into the Borrower and Domestic Subsidiary Guarantee and Collateral Agreement, dated as of
December 4, 1998 (as amended, supplemented or otherwise modified from time to time, the
“Guarantee and Collateral Agreement”) in favor of the Administrative Agent for the benefit
of the Lenders;

     WHEREAS, the Credit Agreement requires the Additional Grantor to become a party to the
Guarantee and Collateral Agreement; and

     WHEREAS, the Additional Grantor has agreed to execute and deliver this Assumption Agreement in
order to become a party to the Guarantee and Collateral Agreement;

     NOW, THEREFORE, IT IS AGREED:

     1. Guarantee and Collateral Agreement. By executing and delivering this Assumption
Agreement, the Additional Grantor, as provided in subsection 7.3(d) of the Credit Agreement, hereby
becomes a party to the Guarantee and Collateral Agreement as a Grantor thereunder with the same
force and effect as if originally named therein as a Grantor and, without limiting the generality
of the foregoing, hereby expressly assumes all obligations and liabilities of a Grantor thereunder.
The information set forth in Annex 1-A hereto is hereby added to the information set forth in the
Schedules to the Guarantee and Collateral Agreement. The Additional Grantor hereby represents and
warrants that each of the representations and warranties contained in Section 5 of the Guarantee
and Collateral Agreement is true and correct on and as the date hereof (after giving effect to this
Assumption Agreement) as if made on and as of such date.

     2. Governing Law. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

 

     IN WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to be duly executed
and delivered as of the date first above written.

	 	 	 	 	 
	 	THE SCOTTS MIRACLE-GRO COMPANY

 	 
	 	By:  	/s/  James Hagedorn
 	 
	 	 	Name:  	James Hagedorn 	 
	 	 	Title:  	Chairman, President and Chief Executive OfficerExhibit 10.5

 

Exhibit 10.5

THE SCOTTS MIRACLE-GRO COMPANY

DISCOUNTED STOCK PURCHASE PLAN

1.00 PURPOSE

     This Plan is intended to foster and promote the Company’s long-term financial success and to
increase shareholder value by [1] providing Participants an opportunity to acquire an ownership
interest in the Company and [2] enabling the Company to attract and retain the services of
outstanding individuals upon whose judgment, interest and dedication the successful conduct of the
Company’s business is largely dependent.

2.00 DEFINITIONS

     When used in this Plan, the following terms will have the meanings given to them in this
section unless another meaning is expressly provided elsewhere in this document or clearly required
by the context. When applying these definitions, the form of any term or word will include any of
its other forms.

     Act. The Securities Exchange Act of 1934, as amended.

     Beneficiary. The person who has the right to receive (or exercise) any Plan benefits (or
rights) that are unpaid (or unexercised) when the Participant dies.

     Board. The Company’s Board of Directors.

     Change in Control. The occurrence of any of the following events:

     [1] Any “person,” including a “group” [as such terms are used in Act §§13(d) and 14(d)(2),
but excluding the Company, any of its Subsidiaries, any employee benefit plan of the Company or
any of its Subsidiaries or Hagedorn Partnership, L.P. or any party related to Hagedorn
Partnership, L.P. as determined by the Committee] is or becomes the “beneficial owner” (as
defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company
representing more than 30 percent of the combined voting power of the Company’s then outstanding
securities; or

     [2] The adoption or authorization by the shareholders of the Company of a definitive
agreement or a series of related agreements [a] for the merger or other business combination of
the Company with or into another entity in which the shareholders of the Company immediately
before the effective date of such merger or other business combination own less than 50 percent
of the voting power in such entity; or [b] for the sale or other disposition of all or
substantially all of the assets of the Company; or

     [3] The adoption by the shareholders of the Company of a plan relating to the liquidation
or dissolution of the Company; or

 

 

     [4] For any reason, Hagedorn Partnership, L. P. or any party related to Hagedorn
Partnership, L.P. as determined by the Committee becomes the “beneficial owner” (as defined in
Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing
more than 49 percent of the combined voting power of the Company’s then outstanding securities.

     Code. The Internal Revenue Code of 1986, as in effect on the Effective Date or as amended or
superseded after the Effective Date, and any regulations and applicable rulings issued under the
Code.

     Committee. The committee to which the Board delegates responsibility for administering the
Plan.

     Company. The Scotts Miracle-Gro Company, an Ohio corporation and any successor to it.

     Custodial Account. The account established for each Participant to which the Company
transfers shares of Stock acquired under the Plan.

     Effective Date. The date the Plan is adopted by the Board.

     Eligible Employee. As of any Entry Date, any US-based regular full-time or permanent
part-time Employee who [1] has reached age 18, [2] is not a seasonal employee (i.e., as determined
by the Committee), [3] has been an Employee for at least 15 days before the applicable Entry Date,
[4] is employed by a Subsidiary other than Smith & Hawken, Ltd. and [5] complies with Section 3.00
and other Plan provisions.

     Employee. Any person who, on an applicable Entry Date, is a common law employee of any
Employer. A worker who is classified as other than a common law employee but who is subsequently
reclassified as a common law employee of an Employer for any reason and on any basis will be
treated as a common law employee from the first Entry Date that begins after the date of that
determination and will not retroactively be reclassified as an Employee for any purpose of this
Plan.

     Employer. The Company and each Subsidiary employing an Eligible Employee.

     Entry Date. The first day of each Offering Period and the date that Purchase Rights are
granted under the Plan for the ensuing Offering Period.

     Fair Market Value. The value of one share of Stock on any relevant date, determined under the
following rules:

     [1] If the Stock is traded on an exchange, the reported “closing price” on the relevant
date, if it is a trading day, otherwise on the next trading day;

 

 

     [2] If the Stock is traded over-the-counter with no reported closing price, the mean
between the lowest bid and the highest asked prices on that quotation system on the relevant
date if it is a trading day, otherwise on the next trading day; or

     [3] If neither of the preceding apply, the fair market value as determined by the Committee
in good faith.

     Offering Period. The period during which payroll deductions will be accumulated in Plan
Accounts to fund the purchase of shares of Stock. Each Offering Period will consist of one calendar
month, unless a different period is established by the Committee and announced to Eligible
Employees before the beginning of the Offering Period.

     Participant. Any Eligible Employee who complies with the conditions described in Section 3.00
for the current Offering Period.

     Plan. The Scotts Miracle-Gro Company Discounted Stock Purchase Plan. This program is not
intended to comply with Code §§422 or 423.

     Plan Account. The individual account established by the Committee for each Participant and to
which all amounts described in Section 3.01[1][a] are credited until applied as described in
Section 6.00.

     Purchase Date. The last day of each Offering Period and the date on which shares of Stock are
purchased in exchange for the Purchase Price.

     Purchase Price. The price that each Participant must pay to purchase shares of Stock under
this Plan but which may never be less than 90 percent of the Fair Market Value of a share of Stock
on each Purchase Date (or the first trading day following the Purchase Date if the Purchase Date is
not a trading date).

     Purchase Right. The right to purchase shares of Stock subject to the terms of the Plan.

     Stock. A common share, without par value, issued by the Company.

     Subsidiary. Any corporation, partnership or other form of unincorporated entity of which the
Company owns, directly or indirectly, 50 percent or more of the total combined voting power of all
classes of stock, if the entity is a corporation; or of the capital or profits interest, if the
entity is a partnership or another form of unincorporated entity.

     Termination. Cessation of the employee-employer relationship between a Participant and each
Employer for any reason. Also, a Participant will be treated as having Terminated on the date his
or her employer is no longer an Employer.

 

 

3.00 PARTICIPATION

     3.01 Enrollment.

     [1] Each Eligible Employee may become a Participant for any Offering Period beginning after
the date he or she complies with each of the following conditions:

     [a] Authorizes the Employer to withhold a portion of his or her taxable compensation. This
authorization will be made under rules developed by the Committee within the following limits:
each authorization [i] must be stated in whole dollars, [ii] may not authorize or result in
authorization of a deduction [A] less than the amount specified by the Committee (which may
never be less than $10.00 per pay period or [B] more than the amount specified by the Committee
(which may never be more than, in the aggregate, $24,000 for each Plan Year), [iii] must be
signed by the enrolling Eligible Employee and [iv]must be delivered to the Committee within the
period specified by the Committee.

     [b] Complies with any other rules established by the Committee.

     [2] By enrolling in the Plan, each Participant will be deemed to have [a]agreed to the
terms of the Plan and [b] authorized the Employer to withhold from his or her compensation [i]
the amounts authorized under Section 3.01[1][a] and [ii] any taxes and other amounts due in
connection with any transaction contemplated by the Plan.

     3.02 Duration of Election to Participate.

     Subject to the terms of the Plan:

     [1] Participants’ withholding elections will be implemented beginning with the first
payroll period with a paycheck date in the Offering Period for which it is filed and will remain
in effect until revoked or changed under the rules described in Section 3.02[2].

     [2] A Participant who elects to participate in the Plan for any Offering Period by
complying with the rules described in Section 3.01 may change or revoke that election for any
subsequent Offering Period but only by complying with the rules described in Section 3.01 as if
the changed or revoked election were a new election. Any change to or revocation of an earlier
election will be effective as of the first day of the first Offering Period beginning at least
15 calendar days after the revised election is delivered to the Committee and will remain in
effect until revoked or changed under the rules described in this section.

     3.03 No Interest Paid. No interest will be paid with respect to any amount credited to or
held in any Plan Account.

 

 

4.00 ADMINISTRATION

     4.01 Committee Duties.

     [1] The Committee is responsible for administering the Plan and has all powers appropriate
and necessary to that purpose. Consistent with the Plan’s objectives, the Committee may adopt,
amend and rescind rules and regulations relating to the Plan, to the extent appropriate to
protect the Company’s interests and has complete discretion to make all other decisions
necessary or advisable for the administration and interpretation of the Plan. Any action by the
Committee will be final, binding and conclusive for all purposes and upon all persons. The
Committee is granted all powers appropriate and necessary to administer the Plan.

     [2] Consistent with the terms of the Plan, the Committee:

     [a] May exercise all discretion retained to it under the Plan;

     [b] Will Establish the number of shares of Stock that may be acquired during each Offering
Period if the number available during any Offering Period is less than all remaining available shares determined under Section 5.02;

     [c] Develop and impose other terms and conditions it believes are appropriate and necessary
to implement the purposes of this Plan;

     [d] Establish and maintain a Plan Account for each Participant to which will be [i]
credited with amounts described in Section 3.01[1][a] and [ii] debited with all amounts applied
to purchase shares of Stock;

     [e] Establish a Custodial Account for each Participant which will be credited with shares
of Stock until distributed as provided in Section 7.00;

     [f] Administer procedures through which Eligible Employees may enroll in the Plan;

     [g] Disseminate information about the Plan to Eligible Employees; and

     [h] Apply all Plan rules and procedures.

     4.02 Delegation of Ministerial Duties. In its sole discretion, the Committee may delegate any
ministerial duties associated with the Plan to any person (including employees) that it deems
appropriate other than those duties described in Section 4.01[a], [b] and [c].

     4.03 General Limit on Committee. Consistent with applicable law and Plan terms, the Plan will
be administered in a manner that extends equal rights and privileges to all Participants.

 

 

5.00 OFFERING

     5.01 Right to Purchase. Subject to Sections 5.02, 5.03 and 6.00, the number of shares of
Stock that may be purchased during each Offering Period will be established by the Committee before
the beginning of each Offering Period.

     5.02 Number of Shares of Stock. Subject to Section 5.03, the aggregate number of shares of
Stock that may be purchased under the Plan is 150,000.

     5.03 Adjustment in Capitalization. If, after the Effective Date, there is a Stock dividend or
Stock split, recapitalization (including payment of an extraordinary dividend), merger,
consolidation, combination, spin-off, distribution of assets to shareholders, exchange of shares,
or other similar corporate change affecting Stock, the Committee will appropriately adjust [1]the
number of Purchase Rights that may or will be issued, [2] the aggregate number of shares of Stock
available under Section 5.02 or subject to outstanding Purchase Rights (as well as any share-based
limits imposed under this Plan), [3] the respective Purchase Price, number of shares and other
limitations applicable to outstanding or subsequently issued Purchase Rights and [4] any other
factors, limits or terms affecting any outstanding or subsequently issued Purchase Rights.

     5.04 Source of Stock. Shares of Stock to be purchased under the Plan may, in the Committee’s
discretion, be newly issued shares or treasury shares previously acquired by the Company. Shares of
authorized but unissued shares of Stock may not be delivered under the Plan if the Purchase Price
is less than the par value of the Stock.

6.00 PURCHASE OF SHARES

     6.01 Purchase.

     [1] Throughout each Offering Period, the Employer will withhold from each Participant’s
regular payroll the amount the Participant has elected under Section 3.01[1][a]. These amounts
will be held in the Participant’s Plan Account until the Purchase Date.

     [2] As of each Purchase Date and subject to the Plan’s terms and limits, the value of each
Participant’s Plan Account will be divided by the Purchase Price established for that Offering
Period and each Participant will be deemed to have purchased the number of whole and fractional
shares of Stock produced by dividing the value of the Participant’s Plan Account as of the
Purchase Date by the Purchase Price. Simultaneously, the Participant’s Plan Account will be
charged for the amount of the purchase.

 

 

     6.02 Remaining Available Shares.

     [1] If application of the procedures described in Section 6.01 would result in the purchase
of a number of shares of Stock larger than the number of shares of Stock offered during that
Offering Period, the Committee will allocate available shares of Stock among Participants and
any cash remaining in Participants’ Plan Accounts will be credited to the next Offering Period
and, subject to the terms of the Plan, applied along with additional amounts credited to that
Offering Period to purchase shares of Stock during that Offering Period and at the Purchase
Price established for that Offering Period.

     [2] If application of the procedures described in Section 6.01 would result in the purchase
of a number of shares of Stock less than the number of shares of Stock made available for
purchase for any Offering Period, the excess shares of Stock will be available for purchase
during any subsequent Offering Period.

     6.03 Delivery of Shares; Participants’ Custodial Accounts.

     [1] At or as promptly as practicable after the end of each Offering Period, the Company
will deliver the shares of Stock purchased by a Participant during that Offering Period to the
custodian for deposit into that Participant’s Custodial Account.

     [2] Unless the Committee decides otherwise, cash dividends on any shares of Stock credited
to a Participant’s Custodial Account will be automatically reinvested in additional whole and
fractional shares of Stock unless the Participant has affirmatively elected to receive the
dividend in cash. All cash dividends credited to Participants’ Custodial Accounts will be paid
over by the Company to the custodian at the dividend payment date and all cash dividends to be
paid to a Participant in cash will be distributed at the dividend payment date. Purchases of
Stock for purposes of dividend reinvestment will be made as promptly as practicable (but not
more than 30 days) after a dividend payment date. The custodian will make these purchases, as
directed by the Committee, either [a] in transactions on any securities exchange upon which
shares of Stock are traded, otherwise in the over-the-counter market, or in negotiated
transactions, or [b]directly from the Company at 100 percent of the Fair Market Value of a share
of Stock on the dividend payment date. These shares will be distributed as provided in Section
7.00.

     [3] Each Participant’s Custodial Account will be credited with any shares of Stock
distributed as a dividend or distribution in respect of shares of Stock credited to that
Participant’s Custodial Account or in connection with a split of Stock credited to that
Participant’s Custodial Account

     [4] As soon as reasonably practicable after receipt, the custodian will sell any noncash
dividends (other than Stock) received with respect to any Stock held in a Participant’s
Custodial Account and apply the proceeds of that sale to purchase additional shares of Stock in
the manner described in Section 6.03[2]. After this

 

 

transaction is completed, the custodian will
credit the purchased shares of Stock to the Custodial Account to which was credited the Stock
with respect to which the noncash dividend was distributed.

     [5] Each Participant will be entitled to vote the number of shares of Stock credited to his
or her Custodial Account (including any fractional shares) on any matter as to which the
approval of the Company’s shareholders is sought. If a Participant does not vote or grant a
valid proxy with respect to shares credited to his or her Custodial Account, those shares will
be voted by the custodian in accordance with any stock exchange or other rules governing the
custodian in the voting of shares held for customer accounts. Similar procedures will apply in
the case of any consent solicitation of Company shareholders.

7.00 TERMINATION/DISTRIBUTION OF CUSTODIAL ACCOUNTS

     7.01 Effect of Termination on Election to Participate.

     A Participant who Terminates will be deemed to have withdrawn from the Plan. Any cash amounts
credited to his or her Plan Account for the Offering Period during which the Termination occurs
will be used to purchase shares of Stock to be credited to his or her Plan Account. No shares of
Stock will be purchased for that Participant for any Offering Period after the Offering Period
during which he or she terminates.

     7.02 Distribution of Custodial Accounts.

     [1] Subject to Section 8.00, no later than the earlier of [a] 12 full calendar months
beginning after the end of each Offering Period or [b] the beginning of the Offering Period
following the date the Participant Terminates for any reason, all whole shares of Stock and cash
held in his or her Custodial Account will be distributed to the Participant or transferred as
the Participant elects and any fractional shares of Stock held in a Custodial Account will be
converted to cash equal to the Fair Market Value of the fractional share on the Termination
date.

     [2] Shares of Stock held in Custodial Accounts that are to be distributed to a former
Participant will be distributed in one or more certificates for whole shares issued in the name
of and delivered to the Participant.

     [3] Custodial Accounts that are to be transferred to a broker-dealer or financial
institution that maintains an account for the Participant will be transferred in one or more
certificates for whole shares, and cash in lieu of fractional shares will be paid directly to
the former Participant as determined under Section 7.02[1].

     [4] Any Participant that wants to withdraw or transfer shares of Stock must give
instructions to the custodian in a form and manner that complies with rules prescribed by the
Committee and the custodian.

 

 

8.00 MERGER, CONSOLIDATION OR SIMILAR EVENT

     If the Company undergoes a Change in Control, all shares of Stock and cash held in each
Participant’s Custodial Account will be made available under procedures developed by the Custodian
and the Committee.

9.00 AMENDMENT, MODIFICATION AND TERMINATION OF PLAN

     9.01 Amendment, Modification, Termination of Plan. The Plan will automatically terminate
after all available shares have been sold. Also, the Board may terminate, suspend or amend the Plan
at any time without shareholder approval except to the extent that shareholder approval is required
to satisfy applicable requirements imposed by [1] Rule 16b-3 under the Act, or any successor rule
or regulation, [2] applicable requirements of the Code or [3] any securities exchange, market or other quotation system on or through on which the Company’s securities are
listed or traded. Also, no Plan amendment may [4] result in the loss of a Committee member’s status
as a “non-employee director” as defined in Rule 16b-3 under the Act, or any successor rule or
regulation, with respect to any employee benefit plan of the Company, [5] cause the Plan to fail to
meet requirements imposed by Rule 16b-3 or [6] without the consent of the affected Member adversely
affect any Purchase Right issued before the amendment, modification or termination. However,
nothing in this section will restrict the Committee’s right to exercise the discretion retained in
Section 4.00.

     9.02 Effect of Plan Termination.

     [1] If the Plan is terminated effective on a day other than the last day of any Offering
Period, the Offering Period during which the Plan is terminated also will end on the same day.
Any cash balances held in Plan Accounts and Custodial Accounts when the Plan is terminated will
be repaid by check or cash to the Participant for whom the Plan Account was established, and no
additional shares of Stock will be sold through this Plan for that Offering Period. All shares
of Stock held in Custodial Accounts will be distributed following the procedures described in
Section 7.02.

     [2] If the plan is terminated as of the last day of any Offering Period, the Committee will
apply the terms of the Plan through the end of that Offering Period. However, no further shares
of Stock will be offered under this Plan for any subsequent Offering Period and all shares of
Stock the held in Custodial Accounts will be distributed following the procedures described in
Section 7.02.

10.00 MISCELLANEOUS

     10.01 Restriction on Transfers. No right or benefit under the Plan may be transferred,
assigned, alienated, pledged or otherwise disposed of in any way by a Participant. All rights and
benefits under the Plan may be exercised during the Participant’s lifetime only by the Participant.

 

 

     10.02 Beneficiary. If a Participant dies, the deceased Participant’s Beneficiary will be his
or her surviving spouse or, if there is no surviving spouse, the deceased Participant’s estate.

     10.03 No Guarantee of Employment or Participation. Nothing in the Plan may be construed as:

     [1] Interfering with or limiting the right of any Employer to terminate any Participant’s
employment at any time; or

     [2] Conferring on any Participant or Employee any right to continue as an Employee.

     10.04 Tax Requirements and Notification. Each Participant is solely responsible for
satisfying local, state and federal tax requirements associated with any taxable amount received
from or associated with his or her participation in the Plan. The Employer will withhold required
taxes in the same manner and for the same taxing jurisdiction as it withholds taxes from
Participants’ other compensation.

     10.05 Indemnification. Each individual who is or was a member of the Committee or of the
Board will be indemnified and held harmless by the Company against and from any loss, cost,
liability or expense that may be imposed upon or reasonably incurred by him or her in connection
with or resulting from any claim, action, suit or proceeding to which he or she may be made a party
or in which he or she may be involved by reason of any action taken or failure to take action under
the Plan as a Committee member and against and from any and all amounts paid, with the Company’s
approval, by him or her in settlement of any matter related to or arising from the Plan as a
Committee member or paid by him or her in satisfaction of any judgment in any action, suit or
proceeding relating to or arising from the Plan against him or her as a Committee member, but only
if he or she gives the Company an opportunity, at its own expense, to handle and defend the matter
before he or she undertakes to handle and defend it in his or her own behalf. The right of
indemnification described in this section is not exclusive and is independent of any other rights
of indemnification to which the individual may be entitled under the Company’s organizational
documents, by contract, as a matter of law or otherwise. The foregoing right of indemnification is
not exclusive and is independent of any other rights of indemnification to which the person may be
entitled under the Company’s organizational documents, by contract, as a matter of law or
otherwise.

     10.06 No Limitation on Compensation. Nothing in the Plan is to be construed to limit the
right of the Company to establish other plans or to pay compensation to its employees or directors,
in cash or property, in a manner not expressly authorized under the Plan.

     10.07 Requirements of Law. The availability of Purchase Rights and the issuance of shares of
Stock will be subject to all applicable laws, rules and regulations and to all required approvals
of any governmental agencies or national securities exchange, market

 

 

or other quotation system.
Also, no shares of Stock will be sold under the Plan unless the Company is satisfied that the
issuance of those shares of Stock will comply with applicable federal and state securities laws.
Certificates for shares of Stock delivered under the Plan may be subject to any stock transfer
orders and other restrictions that the Committee believes to be advisable under the rules,
regulations and other requirements of the Securities and Exchange Commission, any stock exchange or
other recognized market or quotation system upon which the Stock is then listed or traded, or any
other applicable federal or state securities law. The Committee may cause a legend or legends to be
placed on any certificates issued under the Plan to make appropriate reference to restrictions
within the scope of this section.

     10.08 Use of Funds. All amounts credited to and held in Plan Accounts may be used by the
Company for any corporate purpose and the Company is not required to segregate Plan Accounts from
its general assets.

     10.09 Expenses. Except as otherwise provided in this section and the Plan, costs and expenses
incurred in the administration of the Plan and maintenance of Plan Accounts will be paid by the
Company, including the custodian’s annual fees and any brokerage fees and commissions arising in
connection with the purchase of shares of Stock upon reinvestment of
dividends and distributions. In no circumstance will the Company pay any brokerage fees and
commissions arising in connection with the sale of shares of Stock acquired under the Plan by any
Participant.

     10.10 Governing Law. The Plan and all related agreements will be construed in accordance with
and governed by the laws (other than laws governing conflicts of laws) of the United States and of
the State of Ohio.

     10.11 No Impact on Benefits. The right to purchase shares of Stock under this Plan is an
incentive designed to promote the objectives described in Section 1.00 and are not to be treated as
compensation for purposes of calculating a Participant’s rights under any employee benefit plan.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}]]