Exhibit 4.4
Piper Sandler Companies
2024 Employment Inducement Award Plan
Section 1. Purpose
The purpose of the Plan is to promote the interests of the Company and its stockholders by giving the Company a competitive advantage in attracting personnel capable of assuring the future success of the Company and to provide such personnel with an appropriate and material inducement to become employees of the Company (including in connection with a corporate transaction).
Section 2. Definitions
As used in the Plan, the following terms shall have the meanings set forth below. To the extent any such term is defined in an applicable Award Agreement, the definition in such Award Agreement shall control.
(a) “Affiliate” means any entity directly or indirectly controlling, controlled by or under common control with the Company.
(b) “Award” means any Restricted Share Award or Restricted Mutual Fund Share Award granted under the Plan.
(c) “Award Agreement” means any written (including electronic) agreement, contract or other instrument or document evidencing any Award granted under the Plan.
(d) “Board” means the Board of Directors of the Company.
(e) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any regulations promulgated thereunder.
(f) “Change in Control” has the meaning set forth in the Piper Sandler Companies Amended and Restated 2003 Annual and Long-Term Incentive Plan, as in effect on the date hereof.
(g) “Committee” means a committee of Directors designated by the Board to administer the Plan, which initially shall be the Compensation Committee of the Board. The Committee shall be comprised of not less than such number of Directors as shall be required to permit Awards granted under the Plan to qualify under Rule 16b-3, and each member of the Committee shall be an Outside Director.
(h) “Company” means Piper Sandler Companies, a Delaware corporation.
(i) “Corporate Transaction” has the meaning set forth in the Piper Sandler Companies Amended and Restated 2003 Annual and Long-Term Incentive Plan, as in effect on the date hereof.
(j) “Director” means a member of the Board, including any Outside Director.
(k) “Effective Date” means August 23, 2024.
(l) “Eligible Individual” means any employee (including any officer) or prospective employee of the Company or any Affiliate who is eligible to receive an employment inducement award within the meaning of Section 303A.08, or any successor provision, of the New York Stock Exchange Listed Company Manual.
(m) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.
(n) “Mutual Fund Share” means a share of selected mutual funds.
(o) “Outside Director” means any Director who qualifies as a “non-employee director” within the meaning of Rule 16b-3 and as an “independent director” pursuant to the requirements of the New York Stock Exchange.
(p) “Participant” means an Eligible Individual designated to be granted an Award under the Plan.
(q) “Plan” means this Piper Sandler Companies 2024 Employment Inducement Award Plan, as set forth herein and as hereinafter amended from time to time.
(r) “Restricted Share” means any Share granted under Section 6 of the Plan.
(s) “Restricted Share Award” means an Award of Restricted Shares granted under Section 6 of the Plan. All Restricted Share Awards are intended to qualify as employment inducement awards within the meaning of Section 303A.08, or any successor provision, of the New York Stock Exchange Listed Company Manual.
(t) “Restricted Mutual Fund Share” means any Mutual Fund Share granted under Section 7 of the Plan.
(u) “Restricted Mutual Fund Share Award” means an Award of Restricted Mutual Fund Shares granted under Section 7 of the Plan.
(v) “Rule 16b-3” means Rule 16b-3, as promulgated by the Securities and Exchange Commission under Section 16(b) of the Exchange Act, as amended from time to time.
(w) “Share” or “Shares” means a share or shares of common stock, par value $0.01 per share, of the Company.
Section 3. Administration
(a) Power and Authority of the Committee. The Plan shall be administered by the Committee. Subject to the terms of the Plan and to applicable law, the Committee shall have full power and authority to:
(i) designate Participants;
(ii) determine whether and to what extent any type (or types) of Award is to be granted hereunder;
(iii) determine the number of Shares or Mutual Fund Shares to be covered by (or the method by which payments or other rights are to be determined in connection with) each Award;
(iv) determine the terms and conditions of any Award or Award Agreement;
(v) subject to Section 11 hereof, amend the terms and conditions of any Award or Award Agreement and accelerate the vesting or waive any restrictions relating to any Award;
(vi) determine whether, to what extent and under what circumstances cash, Shares, Mutual Fund Shares, other securities, other Awards, other property and other amounts payable with respect to an Award under the Plan shall be deferred either automatically or at the election of the holder thereof or the Committee;
(vii) interpret and administer the Plan and any instrument or agreement, including an Award Agreement, relating to the Plan;
(viii) adopt, alter, suspend, waive or repeal such rules, guidelines and practices and appoint such agents as it shall deem advisable or appropriate for the proper administration of the Plan; and
(ix) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan.
Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations and other decisions under or with respect to the Plan or any Award or Award Agreement shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon all persons, including without limitation, the Company, its Affiliates, shareholders, Eligible Individuals and any holder or beneficiary of any Award.
(b) Action by the Committee; Delegation. Except to the extent prohibited by applicable law or the applicable rules of a stock exchange, the Committee may delegate all or any part of its duties and powers under the Plan to one or more persons, including Directors or a committee of Directors, subject to such terms, conditions and limitations as the Committee may establish in its sole discretion; provided, however, that the Committee shall not delegate its powers and duties under the Plan with regard to officers or directors of the Company or any Affiliate who are subject to Section 16 of the Exchange Act and provided, further, that any such delegation may be revoked by the Committee at any time.
(c) Power and Authority of the Board. Notwithstanding anything to the contrary contained herein, except to the extent that the grant or exercise of such authority would cause any Award or transaction to become subject to (or lose an exemption under) the short-swing profit recovery provisions of Section 16 of the Exchange Act, the Board may, at any time and from time to time, without any further action of the Committee, exercise the powers and duties of the Committee under the Plan. To the extent that any permitted action taken by the Board conflicts with action taken by the Committee, the Board action shall control.
Section 4. Shares Available for Awards
(a) Shares Available. Subject to adjustment as provided in Section 4(c) of the Plan, the aggregate number of Shares that may be the subject of outstanding Restricted Share Awards and issued under the Plan shall be 50,000. Shares issuable under the Plan may be authorized but unissued Shares or Shares re-acquired and held in treasury.
(b) Accounting for Restricted Share Awards. For purposes of this Section 4, if a Restricted Share Award entitles the holder thereof to receive or purchase Shares, the number of Shares covered by such Restricted Share Award or to which such Restricted Share Award relates shall be counted on the date of grant of such Restricted Share Award against the aggregate number of Shares available for granting Restricted Share Awards under the Plan. Any Shares that are used by a Participant as full or partial payment to the Company of the purchase price relating to a Restricted Share Award, or to satisfy applicable tax obligations relating to a Restricted Share Award, shall again be available for granting Restricted Share Awards under the Plan. In addition, if any Shares covered by a Restricted Share Award or to which a Restricted Share Award relates are not purchased or are forfeited, or if a Restricted Share Award otherwise terminates without delivery of any Shares, then the number of Shares counted against the aggregate number of Shares available under the Plan with respect to such Restricted Share Award, to the extent of any such failure to purchase, forfeiture or termination, shall again be available for granting Restricted Share Awards under the Plan.
(c) Adjustments. In the event of any change in corporate capitalization (including, but not limited to, a change in the number of Shares outstanding), such as a stock split or a corporate transaction, such as any merger, consolidation, separation, including a spin-off, or other distribution of stock or property of the Company (including any extraordinary cash or stock dividend), any reorganization (whether or not such reorganization comes within the definition of such term in Section 368 of the Code) or any partial or complete liquidation of the Company, the Committee or Board shall make such substitution or adjustments in the aggregate number and kind of shares reserved for issuance under the Plan, in the maximum limitation upon Restricted Share Awards to be granted to any Participant, in the number and kind of shares subject to outstanding Restricted Share Awards granted under the Plan and/or such other equitable substitutions or adjustments as it may determine to be appropriate in its sole discretion (including, without limitation, the provision of an amount in cash in consideration for any such Restricted Share Awards to the extent cash is being provided to the holders of Shares generally); provided, however, that the number of shares subject to any Restricted Share Award shall always be a whole number. Without limiting the generality of the foregoing, in connection with any Disaffiliation of a subsidiary of the Company, the Committee shall have the authority to arrange for the assumption or replacement of Restricted Share Awards with new awards based on shares of the affected subsidiary or by an affiliate of an entity that controls the subsidiary following the Disaffiliation. For purposes hereof, “Disaffiliation” of a subsidiary shall mean the subsidiary’s ceasing to be a subsidiary of the Company for any reason (including, without limitation, as a result of a public offering, spin-off, sale or other distribution or transfer by the Company of the stock of the subsidiary). Notwithstanding the foregoing, to the extent that any Restricted Share Award is otherwise considered to be deferred compensation under Section 409A of the Code, any adjustment to such Restricted Share Award will comply with Section 409A of the Code (including current and future guidance issued by the Department of Treasury and/or the Internal Revenue Service).
Section 5. Eligibility
Any Eligible Individual shall be eligible to be designated a Participant. In determining which Eligible Individuals shall receive an Award and the terms of any Award, the Committee may take into account the nature of the services to be rendered by the respective Eligible Individuals, their potential contributions to the success of the Company or such other factors as the Committee, in its discretion, shall deem relevant. Awards will only be granted to an Eligible Individual as a material inducement to such Eligible Individual to become an employee of the Company or one of its Affiliates (including in connection with a corporate transaction) or to be rehired by the Company or one of its Affiliates following a bona fide interruption of employment. Any grant of an Award shall not become effective unless and until the Eligible Individual actually becomes an employee of the Company or one of its Affiliates.
Section 6. Restricted Share Awards
The Committee is hereby authorized to grant Restricted Shares to Eligible Individuals with the following terms and conditions and with such additional terms and conditions not inconsistent with the provisions of the Plan as the Committee shall determine or as otherwise set forth in the Award Agreement:
(a) Restrictions. Restricted Shares shall be subject to such restrictions as the Committee may impose (including, without limitation, limitations on transfer, forfeiture conditions, limitations on the right to vote a Restricted Share or the right to receive any dividend or other right or property with respect thereto), which restrictions may lapse separately or in combination at such time or times, in such installments or otherwise as the Committee may deem appropriate.
(b) Stock Certificates; Delivery of Shares. Any Restricted Shares granted under the Plan shall be evidenced in such manner as the Committee may deem appropriate, including book-entry registration or issuance of one or more stock certificates. Any certificate issued in respect of Restricted Shares shall be registered in the name of such Participant and shall bear an appropriate legend referring to the applicable Award Agreement and possible forfeiture of such Restricted Shares. The Committee may require that the certificates evidencing such Shares be held in custody by the Company until the restrictions thereon shall have lapsed and that, as a condition of any Award of Restricted Shares, the Participant shall have delivered a stock power, endorsed in blank, relating to the Shares covered by such Restricted Share Award.
(c) Forfeiture. Except as otherwise determined by the Committee or provided in an Award Agreement, upon a Participant’s termination of employment (as determined under criteria established by the Committee) during the applicable restriction period, all applicable Restricted Shares at such time subject to restriction shall be forfeited and reacquired by the Company; provided, however, that the Committee may, when it finds that a waiver would be in the best interest of the Company, waive in whole or in part any or all remaining restrictions with respect to Restricted Shares.
(d) Restrictions. All Shares or other securities delivered under the Plan pursuant to any Restricted Share Award shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan, applicable federal or state securities laws and regulatory requirements, and the Committee may direct appropriate stop transfer orders and cause other legends to be placed on the certificates for such Shares or other securities to reflect such restrictions.
Section 7. Restricted Mutual Fund Share Awards
The Committee is hereby authorized to grant Restricted Mutual Fund Shares to Eligible Individuals with the following terms and conditions and with such additional terms and conditions not inconsistent with the provisions of the Plan as the Committee shall determine or as otherwise set forth in the Award Agreement:
(a) Restrictions. Shares of Restricted Mutual Funds shall be subject to such restrictions as the Committee may impose (including, without limitation, limitations on transfer, forfeiture conditions), which restrictions may lapse separately or in combination at such time or times, in such installments or otherwise as the Committee may deem appropriate.
(b) Election. A Participant may elect to receive a portion of the Award that would otherwise have been made to the Participant in the form of Restricted Shares instead in the form of Restricted Mutual Fund Shares.
(c) Form of the Election. Any such election shall be made at such time, on such form and in accordance with such rules as may be prescribed for this purpose by the Company. While a Participant is not required to elect to receive any portion of an award in Restricted Mutual Fund Shares, an election to receive a portion of an award in Restricted Mutual Fund Shares must relate to not more than fifty percent (50%) of the Participant’s award under the Plan.
(d) No Reallocation. Unless otherwise determined by the Company, no reallocation in the selected mutual funds shall be permitted after the Participant has completed and submitted the election form and the deadline for the submitting election forms, if any, has passed. Such election by the Participant shall also be irrevocable.
(e) Mutual Funds Distributed as Restricted Mutual Fund Shares. The Company shall select the mutual funds in which Restricted Mutual Fund Shares will be issued, and may add to, remove or substitute funds at the sole discretion of the Company.
(f) Forfeiture. Except as otherwise determined by the Committee or provided in an Award Agreement, upon a Participant’s termination of employment (as determined under criteria established by the Committee) during the applicable restriction period, all applicable Mutual Fund Shares at such time subject to restriction shall be forfeited and reacquired by the Company; provided, however, that the Committee may, when it finds that a waiver would be in the best interest of the Company, waive in whole or in part any or all remaining restrictions with respect to Mutual Fund Shares.
Section 8. General Award Provisions
(a) Consideration for Awards. Awards may be granted for no cash consideration or for any cash or other consideration as determined by the Committee and required by applicable law.
(b) Awards May Be Granted Separately or Together. Awards may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with or in substitution for any other Award or any award granted under any plan of the Company or any Affiliate. Awards granted in addition to or in tandem with other Awards or in addition to or in tandem with awards granted under any such other plan of the Company or any Affiliate may be granted either at the same time as or at a different time from the grant of such other Awards or awards.
(c) Limits on Transfer of Awards. No Award and no right under any such Award shall be transferable by a Participant otherwise than by will or by the laws of descent and distribution and the Company shall not be required to recognize any attempted assignment of such rights by any Participant; provided, however, that, if so determined by the Committee, a Participant may, in the manner established by the Committee, designate a beneficiary or beneficiaries to exercise the rights of the Participant and receive any property distributable with respect to any Award upon the death of the Participant. Except as otherwise determined by the Committee, only the Participant shall have any rights with respect to any Award during the Participant’s lifetime or, if permissible under applicable law, by the Participant’s guardian or legal representative. Except as otherwise determined by the Committee, no Award or right under any such Award may be pledged, alienated, attached or otherwise encumbered, and any purported pledge, alienation, attachment or other encumbrance thereof shall be void and unenforceable against the Company or any Affiliate.
Section 9. Change in Control
(a) Impact of Event. Notwithstanding any other provision of the Plan to the contrary, unless otherwise provided by the Committee in any Award Agreement, in the event of a Change in Control, the following provisions shall apply:
(i) Continuation, Assumption or Replacement of Awards. In the event of a Change in Control that is a Corporate Transaction, if the corporation resulting from the Corporate Transaction (referred to as the “Surviving Entity”) agrees to continue, assume or replace Awards outstanding as of the date of the Corporate Transaction (with such adjustments as may be required by Section 4(c) above), then such Awards or replacements therefor shall remain outstanding and be governed by their respective terms, subject to Section 9(a)(iv) below. The Surviving Entity may elect to continue, assume or replace only some Awards or portions of Awards. For purposes of this Section 9(a)(i), an Award shall be considered assumed or replaced if, in connection with the Corporate Transaction and in a manner consistent with Code Section 409A, either (A) the contractual obligations represented by the Award are expressly assumed by the Surviving Entity with appropriate adjustments to the number and type of securities subject to the Award, or (B) the Participant has received a comparable equity-based award that preserves the intrinsic value of the Award existing at the time of the Corporate Transaction and is subject to substantially similar terms and conditions as the Award, in the case of each of clauses (A) and (B), with each such assumed or replaced (x) Restricted Share Award continuing to be in respect of publicly traded common stock and (y) Restricted Mutual Fund Share Award continuing to be in respect of substantially similar mutual funds and exchange-traded funds.
(ii) Acceleration. If and to the extent that outstanding Awards under the Plan are not continued, assumed or replaced in connection with a Corporate Transaction, then all forms of Awards then outstanding shall fully vest immediately prior to the effective time of the Corporate Transaction. If a Change in Control described in clause (iv) of such definition occurs, then unless the Committee provides otherwise at the time of the Change in Control, outstanding Awards shall be dealt with as provided in this paragraph, with the consummation of the dissolution or liquidation being deemed the “effective time of the Corporate Transaction” for these purposes.
(iii) Payment for Awards. If and to the extent that outstanding Awards under the Plan are not continued, assumed or replaced consistent with Section 9(a)(i) in connection with a Corporate Transaction, then the Committee may terminate some or all of such outstanding Awards, in whole or in part, at or immediately prior to the effective time of the Corporate Transaction in exchange for payments to the holders as provided in this Section 9(a)(iii). The Committee will not be required to treat all Awards similarly for purposes of this Section 9(a)(iii). The payment for any Award or portion thereof that is terminated shall be in an amount equal to the fair market value (as determined in good faith by the Committee) of such Award or portion thereof; provided that the payment in respect of any Restricted Share Award or portion thereof shall be in an amount equal to the fair market value (as determined in good faith by the Committee) of the consideration that would otherwise be received in the Corporate Transaction for the number of Shares, subject to the Restricted Share Award or portion thereof being terminated.
(iv) Termination After a Change in Control. If, within twenty-four (24) months after a Change in Control or a Corporate Transaction and in connection with which outstanding Awards are continued, assumed or replaced as described in Section 9(a)(i), a Participant experiences an involuntary termination of employment for reasons other than Cause (as defined in the applicable Award Agreement), then outstanding Awards issued to the Participant will become immediately fully vested and non-forfeitable. The protections on termination in this Section 9(a)(iv) shall be in addition to any termination protections set forth in the applicable Award Agreement, which shall continue to apply after a Change in Control.
Section 10. Income Tax Withholding
No later than the date as of which an amount first becomes includible in the gross income of a Participant for federal or foreign income tax purposes with respect to any Award under the Plan, the Participant shall pay to the Company, or make arrangements satisfactory to the Company regarding the payment of, any federal, state, local or foreign taxes of any kind required by law to be withheld with respect to such amount. The obligations of the Company under the Plan shall be conditional on such payment or arrangements, and the Company and its Affiliates shall, to the extent permitted by law, be entitled to take such action and establish such procedures as it deems appropriate to withhold or collect all applicable payroll, withholding, income or other taxes from such Participant, including without limitation withholding applicable tax from Participant’s cash compensation paid by the Company or an Affiliate. In order to assist a Participant in paying all or a portion of the federal, state, local and foreign taxes to be withheld or collected upon exercise or receipt of (or the lapse of restrictions relating to) an Award, the Committee, in its discretion and subject to such additional terms and conditions as it may adopt, may permit the Participant to satisfy such tax obligation by (i) electing to have the Company withhold a portion of the Shares, Mutual Fund Shares or other property otherwise to be delivered upon exercise or receipt of (or the lapse of restrictions relating to) such Award with a fair market value equal to the amount of such taxes or (ii) delivering to the Company Shares, Mutual Fund Shares or other property other than the foregoing issuable upon exercise or receipt of (or the lapse of restrictions relating to) such Award with a fair market value equal to the amount of such taxes. Any such election must be made on or before the date that the amount of tax to be withheld is determined.
Section 11. Amendment and Termination
(a) Amendments to the Plan. The Board may amend, alter, suspend, discontinue or terminate the Plan at any time; provided, however, that, notwithstanding any other provision of the Plan or any Award Agreement, without the approval of the stockholders of the Company, no amendment, alteration, suspension, discontinuation or termination shall be made that requires stockholder approval under the rules or regulations of the New York Stock Exchange, any other securities exchange or the Financial Industry Regulatory Authority, Inc. that are applicable to the Company.
(b) Amendments to Awards. The Committee may waive any conditions of or rights of the Company under any outstanding Award, prospectively or retroactively. Except as otherwise provided herein or in an Award Agreement, the Committee may not amend, alter, suspend, discontinue or terminate any outstanding Award, prospectively or retroactively, if such action would adversely affect the rights of the holder of such Award, without the consent of the Participant or holder or beneficiary thereof.
(c) Correction of Defects, Omissions and Inconsistencies. The Committee may correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and to the extent it shall deem desirable to carry the Plan into effect.
Section 12. General Provisions
(a) No Rights to Awards. No Eligible Individual or other person shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment of Eligible Individuals or holders or beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with respect to any Participant or with respect to different Participants.
(b) Award Agreements. No Participant will have rights under an Award granted to such Participant unless and until an Award Agreement shall have been duly executed on behalf of the Company and, if requested by the Company, signed by the Participant. Unless otherwise provided in the Award Agreement, in the event that any provision of an Award Agreement conflicts with or is inconsistent in any respect with the terms of the Plan as set forth herein or subsequently amended, the terms of the Plan shall control.
(c) No Limit on Other Compensation Plans or Arrangements. Nothing contained in the Plan shall prevent the Company or any Affiliate from adopting or continuing in effect other or additional compensation arrangements, and such arrangements may be either generally applicable or applicable only in specific cases.
(d) No Right to Employment. The Plan shall not constitute a contract of employment, and adoption of the Plan or the grant of an Award shall not be construed as giving a Participant the right to be retained as an employee of the Company or an Affiliate, nor shall it affect in any way the right of the Company or an Affiliate to terminate such employment at any time, with or without cause. In addition, the Company or an Affiliate may at any time dismiss a Participant from employment free from any liability or any claim under the Plan or any Award, unless otherwise expressly provided in the Plan or in any Award Agreement.
(e) Governing Law. The Plan and all Awards granted and actions taken thereunder shall be governed by and construed in accordance with the laws of the State of Delaware, without reference to principles of conflict of laws thereof.
(f) Severability. If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the purpose or intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction or Award, and the remainder of the Plan or any such Award shall remain in full force and effect.
(g) No Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Affiliate and an Eligible Individual or any other person. To the extent that any person acquires a right to receive payments from the Company or any Affiliate pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company or any Affiliate.
(h) Other Benefits. No compensation or benefit awarded to or realized by any Participant under the Plan shall be included for the purpose of computing such Participant’s compensation under any compensation-based retirement, disability, or similar plan of the Company unless required by law or otherwise provided by such other plan.
(i) No Fractional Shares or Mutual Fund Shares. No fractional Shares or Mutual Fund Shares shall be issued or delivered pursuant to any Award granted under the Plan, and the Committee shall determine whether cash shall be paid in lieu of any fractional Shares or Mutual Fund Shares or whether such fractional Shares or Mutual Fund Shares or any rights thereto shall be canceled, terminated or otherwise eliminated.
(j) Headings. Headings are given to the Sections and subsections of the Plan solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof.
(k) Section 16 Compliance. The Plan is intended to comply in all respects with Rule 16b-3 or any successor provision, as in effect from time to time, and in all events the Plan shall be construed in accordance with the requirements of Rule 16b-3. If any Plan provision does not comply with Rule 16b-3 as hereafter amended or interpreted, the provision shall be deemed inoperative. The Board, in its absolute discretion, may bifurcate the Plan so as to restrict, limit or condition the use of any provision of the Plan with respect to persons who are officers or directors subject to Section 16 of the Exchange Act without so restricting, limiting or conditioning the Plan with respect to other Eligible Individuals.
Section 13. Term of the Plan
The Plan will become effective on the Effective Date, and will terminate on the tenth anniversary of the Effective Date or any earlier date of discontinuation or termination established pursuant to Section 11 of the Plan. However, unless otherwise expressly provided in the Plan or in an applicable Award Agreement, any Award theretofore granted may extend beyond such date, and the authority of the Committee provided for hereunder with respect to the Plan and any Awards, and the authority of the Board to amend the Plan, shall extend beyond the termination of the Plan.
