Form 8-K
8-K — LiveRamp Holdings, Inc.
Accession: 0001104659-26-097907
Filed: 2026-08-17
Period: 2026-08-17
CIK: 0000733269
SIC: 7374 (SERVICES-COMPUTER PROCESSING & DATA PREPARATION)
Item: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
Item: Submission of Matters to a Vote of Security Holders
Item: Financial Statements and Exhibits
Documents
8-K — tm2623310d1_8k.htm (Primary)
EX-10.1 — EXHIBIT 10.1 (tm2623310d1_ex10-1.htm)
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8-K — FORM 8-K
8-K (Primary)
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2026-08-17
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13
or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 17, 2026
LIVERAMP
HOLDINGS, INC.
(Exact
name of registrant as specified in its charter)
Delaware
001-38669
83-1269307
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
225
Bush Street, Seventeenth
Floor
San
Francisco, CA
94104
(Address of principal executive offices) (Zip
Code)
(888)
987-6764
(Registrant’s telephone number, including
area code)
(Former name or former
address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
¨ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title
of each class
Trading
Symbol
Name
of each exchange on which registered
Common
Stock, $.10 par value
RAMP
New
York Stock Exchange
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405
of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
As noted in Item 5.07
below, at the 2026 Special Meeting of Stockholders (the “Special Meeting”) of LiveRamp Holdings, Inc. (the “Company”),
held in lieu of an annual meeting, the Company’s stockholders approved the amendment and restatement of the Company’s Amended
and Restated 2005 Equity Compensation Plan (as amended and restated, the “2005 Plan”) to increase the number of shares available
under the 2005 Plan by 2,500,000. A summary of the material terms of the 2005 Plan, as amended and restated, is set forth on pages 97
through 107 of the Company’s Definitive Proxy Statement on Schedule 14A for the Special Meeting, which was filed with the Securities
and Exchange Commission (the “SEC”) on July 6, 2026 (the “Proxy Statement”). The summary and the foregoing
description of the 2005 Plan are qualified in their entirety by reference to the text of the 2005 Plan, a copy of which is attached hereto
as Exhibit 10.1 and incorporated herein by reference.
Item 5.07 Submission of Matters to a Vote of Security Holders.
On August 17, 2026,
the Company held the Special Meeting to, among other things, consider and vote upon certain proposals related to the Agreement and Plan
of Merger (the “Merger Agreement”), dated as of May 16, 2026, by and among the Company, MMS USA Holdings, Inc.,
a Delaware corporation (“Parent”), Covey Merger Sub, Inc., a Delaware corporation and wholly owned direct subsidiary
of Parent (“Merger Sub”), and solely for the purposes of Section 10.14 of the Merger Agreement, Publicis Groupe, S.A.,
a French société anonyme, pursuant to which, among other things, Merger Sub will be merged with and into the Company, with
the Company surviving the Merger as a wholly owned direct subsidiary of Parent (the “Merger”). As of the close of business
on June 18, 2026, the record date for the Special Meeting, there were a total of 60,786,315 shares of common stock, par value $0.10
per share, of the Company (“Common Stock”) issued and outstanding, each of which was entitled to one vote for each proposal
at the Special Meeting. At the Special Meeting, a total of 56,066,697 shares of Common Stock, or approximately 92.23% of the Common Stock
issued and outstanding as of the record date, were represented in person or by proxy, which constituted a quorum for the Special Meeting.
The Company’s stockholders voted on the following proposals, and the final voting results for each of the proposals are described
below.
1. Merger
Agreement Proposal. The stockholders adopted the Merger Agreement by the following votes:
Votes
For
Votes
Against
Votes
Abstained
Broker
Non-Votes
51,578,202
60,073
53,553
4,374,869
2. Adjournment
Proposal. In connection with the Special Meeting, the Company also solicited proxies with respect to a proposal to adjourn the Special
Meeting, and any adjourned session of the Special Meeting, if necessary or appropriate, to solicit additional proxies if there were insufficient
votes to adopt the Merger Agreement (the “Adjournment Proposal”). Because there were sufficient votes to approve the Merger
Agreement, the Adjournment Proposal was unnecessary and such proposal was not submitted to the stockholders for approval at the Special
Meeting.
3. Director
Election Proposal. Timothy R. Cadogan, Vivian Chow and Scott E. Howe were elected to the Board of Directors for three-year terms
expiring at the 2029 Annual Meeting of Stockholders by the following votes:
Name
Votes
For
Votes
Against
Votes
Abstained
Broker
Non-Votes
Timothy R. Cadogan
43,597,228
7,997,335
97,265
4,374,869
Vivian Chow
50,109,482
1,486,477
95,869
4,374,869
Scott E. Howe
50,162,023
1,449,250
80,555
4,374,869
4. Share
Increase Proposal. The stockholders approved an increase of 2,500,000 shares in the number of shares available for issuance under
the 2005 Plan by the following votes:
Votes For
Votes Against
Votes Abstained
Broker Non-Votes
49,911,265
1,678,073
102,490
4,374,869
5. Say-on-Pay
Proposal. The stockholders approved, on an advisory (non-binding) basis, the compensation of the Company’s named executive officers
by the following votes:
Votes For
Votes Against
Votes Abstained
Broker Non-Votes
50,803,383
796,626
91,819
4,374,869
6. Auditor
Ratification Proposal. The stockholders ratified the selection of KPMG LLP as the Company’s independent registered public accountant
for fiscal year 2027 by the following votes:
Votes For
Votes Against
Votes Abstained
55,355,493
640,261
70,943
7. Merger
Compensation Proposal. The stockholders, on an advisory (non-binding) basis, did not approve the merger-related compensation of the
Company’s named executive officers by the following votes:
Votes For
Votes Against
Votes Abstained
Broker Non-Votes
7,304,002
44,262,875
124,951
4,374,869
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
No.
Description
10.1
Amended and Restated 2005 Equity Compensation Plan of LiveRamp Holdings, Inc.
104
Cover Page Interactive Data File
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
LIVERAMP HOLDINGS, INC.
By:
/s/ Jerry C. Jones
Jerry C. Jones
EVP, Chief Ethics and Legal Officer and Secretary
Date: August 17, 2026
EX-10.1 — EXHIBIT 10.1
EX-10.1
Filename: tm2623310d1_ex10-1.htm · Sequence: 2
EXHIBIT 10.1
AMENDED
AND RESTATED
2005
EQUITY COMPENSATION PLAN
OF
LIVERAMP
HOLDINGS, INC.
1. Establishment
and Purpose.
This
Amended and Restated 2005 Equity Compensation Plan of LiveRamp Holdings, Inc. (the “Plan”) was originally established
under the name of the 2000 Associate Stock Option Plan of Acxiom Corporation, the predecessor of LiveRamp Holdings, Inc. (“Company”).
The Plan has been amended from time to time and hereby is amended and restated as set forth herein, effective May 13, 2026, for
awards issued on or after that date. The purpose of the Plan is to further the growth and development of the Company and any of its present
or future Subsidiaries and Affiliated Companies (as defined below) by allowing certain Associates (as defined below) to acquire or increase
equity ownership in the Company, thereby offering such Associates a proprietary interest in the Company’s business and a more direct
stake in its continuing welfare, and aligning their interests with those of the Company’s shareholders. The Plan is also intended
to assist the Company in attracting and retaining talented Associates, who are vital to the continued development and success of the
Company.
2. Definitions.
The
following capitalized terms, when used in the Plan, have the following meanings:
(a) “Act”
means the Securities Exchange Act of 1934, as amended and in effect from time to time.
(b) “Affiliated
Company” means any corporation, limited liability company, partnership, limited liability partnership, joint venture or other entity
in which the Company or any of its Subsidiaries has an ownership interest.
(c) “Associate”
means any employee, officer (whether or not also a director), director, affiliate, independent contractor or consultant of the Company,
a Subsidiary or an Affiliated Company who renders those types of services which tend to contribute to the success of the Company, its
Subsidiaries or its Affiliated Companies, or which may reasonably be anticipated to contribute to the future success of the Company,
its Subsidiaries or its Affiliated Companies.
(d) “Award”
means the grant, pursuant to the Plan, of any Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award,
Performance Awards, Performance Share, Performance Unit, Qualified Performance-Based Award, or Other Stock Unit Award. The terms and
conditions applicable to an Award shall be set forth in applicable Grant Documents.
(e) “Award
Agreement” means any written or electronic agreement, contract, or other document or instrument evidencing any Award granted by
the Committee or the Board hereunder, which may, but need not, be executed or acknowledged by both the Company and the Participant.
(f) “Board”
means the Board of Directors of the Company.
(g) “Code”
means the Internal Revenue Code of 1986, as amended and in effect from time to time.
(h) “Common
Stock” means the common stock, par value $.10 per share, of the Company or any security into which such common stock may be changed
by reason of any transaction or event of the type described in Section 16 of the Plan.
(i) “Committee”
means the Talent and Compensation Committee of the Board (as well as any successor to the Talent and Compensation Committee and any Company
officers to whom authority has been lawfully delegated by the Talent and Compensation Committee). All of the members of the Committee,
which may not be less than two, are intended at all times to qualify as “outside directors” within the meaning of Section 162(m) of
the Code and “Non-Employee Directors” within the meaning of Rule 16b-3, and each of whom is “independent”
as set forth in the applicable rules and regulations of the Securities and Exchange Commission and/or Nasdaq or any stock exchange
upon which the Shares may be listed in the future; provided, however, that the failure of a member of such Committee to so qualify shall
not be deemed to invalidate any Award granted by such Committee.
(j) “Covered
Associate” shall mean a “covered employee” within the meaning of Section 162(m)(3) of the Code, or any successor
provision thereto.
(k) “Date
of Grant” means the date specified by the Committee or the Board, as applicable, on which a grant of an Award will become effective.
(l) “Exercise
Period” means the period during which an Option shall vest and become exercisable by a Participant (or his or her representatives
or transferees) as specified in Section 6(c) below.
(m) “Exercise
Price” means the purchase price per share payable upon exercise of an Option.
(n) “Fair
Market Value” means, as of any applicable determination date or for any applicable determination period, the closing price of the
Company’s Common Stock as reported by Nasdaq (or any other stock exchange upon which the Common Stock may be listed for trading).
(o) “Grant
Documents” means any written or electronic Award Agreement, memorandum, notice, and/or other document or instrument evidencing
the terms and conditions of the grant of an Award by the Committee or the Board under the Plan, which may, but need not, be executed
or acknowledged by both the Company and the Participant.
(p) “Incentive
Stock Option” means an Option intended to be and designated as an “Incentive Stock Option” within the meaning of Section 422
of the Code.
(q) “Legal
Requirements” means any laws, or any rules or regulations issued or promulgated by the Internal Revenue Service (including
Section 422 of the Code), the Securities and Exchange Commission, the National Association of Securities Dealers, Inc., Nasdaq
(or any other stock exchange upon which the Common Stock may be listed for trading), or any other governmental or quasi-governmental
agency having jurisdiction over the Company, the Common Stock or the Plan.
(r) “Non-Qualified
Stock Option” means any Option that is not an Incentive Stock Option.
(s) “Option”
means an option granted to a Participant pursuant to the Plan to acquire a certain number of Shares at such price(s) and during
such period(s) and under such other terms and conditions as the Committee or Board shall determine from time to time.
(t) “Other
Stock Unit Award” means any right granted to a Participant by the Committee or Board pursuant to Section 10 hereof.
(u) “Participant”
means an Associate who is selected by the Committee or the Board to receive an Award under the Plan.
(v) “Performance
Award” means any Award of Performance Shares or Performance Units pursuant to Section 9 hereof.
(w) “Performance
Goals” means the pre-established objective performance goals established by the Committee for each Performance Period. The Performance
Goals may be based upon the performance of the Company (or a division, organization or other business unit thereof), a Subsidiary, an
Affiliated Company, or of an individual Participant, using one or more of the Performance Measures selected by the Committee in its discretion.
Performance Goals may be set at a specific level, or may be expressed as a relative percentage to the comparable measure at comparison
companies or a defined index. Performance Goals shall, to the extent applicable, be based upon generally accepted accounting principles,
but shall be adjusted by the Committee to take into account the effect of the following: changes in accounting standards that may be
required by the Financial Accounting Standards Board after the Performance Goal is established; realized investment gains and losses;
extraordinary, unusual, non-recurring, or infrequent items; “non-GAAP financial measures” that have been included in the
Company’s quarterly earnings releases and disclosed to investors in accordance with SEC regulations; and other items as the Committee
determines to be required so that the operating results of the Company (or a division, organization or other business unit thereof),
a Subsidiary or an Affiliated Company shall be computed on a comparative basis from Performance Period to Performance Period. Determinations
made by the Committee shall be based on relevant objective information and/or financial data, and shall be final and conclusive with
respect to all affected parties.
(x) “Performance
Measures” means one or more of the following criteria, on which Performance Goals may be based: (a) earnings (either in the
aggregate or on a per-Share basis, reflecting dilution of Shares as the Committee deems appropriate and, if the Committee so determines,
net of or including dividends) before or after interest and taxes (“EBIT”) or before or after interest, taxes, depreciation,
and amortization (“EBITDA”); (b) gross or net revenue or changes in annual revenues; (c) cash flow(s) (including
operating, free or net cash flows); (d) financial return ratios; (e) total shareholder return, shareholder return based on
growth measures or the attainment by the Shares of a specified value for a specified period of time, (f) Share price, or Share price
appreciation; (g) earnings growth or growth in earnings per Share; (h) return measures, including return or net return on assets,
net assets, equity, capital, investment, or gross sales; (i) adjusted pre-tax margin; (j) pre-tax profits; (k) operating
margins;
(l) operating
profits; (m) operating expenses; (n) dividends; (o) net income or net operating income; (p) growth in operating earnings
or growth in earnings per Share; (q) value of assets; (r) market share or market penetration with respect to specific designated
products or product groups and/or specific geographic areas; (s) aggregate product price and other product measures; (t) expense
or cost levels, in each case, where applicable, determined either on a company-wide basis or in respect of any one or more specified
divisions; (u) reduction of losses, loss ratios or expense ratios; (v) reduction in fixed costs; (w) operating cost management;
(x) cost of capital; (y) debt reduction; (z) productivity improvements; (aa) satisfaction of specified business expansion
goals or goals relating to acquisitions or divestitures; (bb) customer satisfaction based on specified objective goals or a Company-sponsored
customer survey; or (cc) Associate diversity goals.
Performance
Measures may be applied on a pre-tax or post-tax basis, and may be based upon the performance of the Company (or a division, organization
or other business unit thereof), a Subsidiary, an Affiliated Company, or of an individual Participant. The Committee may, at time of
grant, in the case of an Award intended to be a Qualified Performance-Based Award, and in the case of other grants, at any time, provide
that the Performance Goals for such Award may include or exclude items to measure specific objectives, such as losses from discontinued
operations, extraordinary gains or losses, the cumulative effect of accounting changes, acquisitions or divestitures, foreign exchange
impacts, and any unusual nonrecurring gain or loss.
(y) “Performance
Period” means that period established by the Committee or the Board at the time any Award is granted or at any time thereafter
during which any performance goals specified by the Committee or the Board with respect to such Award are to be measured.
(z) “Performance
Share” means any grant pursuant to Section 9 hereof of a right to receive the value of a Share, or a portion or multiple thereof,
which value may be paid to the Participant by delivery of such property as the Committee or Board shall determine, including, without
limitation, cash, Shares, or any combination thereof, upon achievement of such performance goals during the Performance Period as the
Committee or the Board shall establish at the time of such grant or thereafter.
(aa)
“Performance Unit” means any grant pursuant to Section 9 hereof of a right to receive the value of property other than
a Share, or a portion or multiple thereof, which value may be paid to the Participant by delivery of such property as the Committee or
Board shall determine, including, without limitation, cash, Shares, or any combination thereof, upon achievement of such Performance
Goals during the Performance Period as the Committee or the Board shall establish at the time of such grant or thereafter.
(bb)
“Qualified Performance-Based Award” means an Award to a Covered Associate who is a salaried employee of the Company or to
an Associate that the Committee determines may be a Covered Associate at the time the Company would be entitled to a deduction for such
Award, which Award is intended to provide “qualified performance-based compensation” within the meaning of Code Section 162(m).
(cc)
“Restricted Stock” means any Share issued with the restriction that the holder may not sell, transfer, pledge, or assign
such Share and with such other restrictions as the Committee or the Board, in their sole discretion, may impose (including, without limitation,
any forfeiture condition or any restriction on the right to vote such Share, and the right to receive any cash dividends on unvested
shares), which restrictions may lapse separately or in combination at such time or times, in installments or otherwise, as the Committee
or the Board may deem appropriate.
(dd)
“Restricted Stock Award” means an award of Restricted Stock or Restricted Stock Units under Section 8 hereof.
(ee)
“Restricted Stock Unit” means a right awarded to a Participant that, subject to Section 8(c), may result in the Participant’s
ownership of Shares upon, but not before, the lapse of restrictions related thereto.
(ff)
“Restriction Period” means the period of time specified by the Committee or Board pursuant to Sections 8 and 10 below.
(gg)
“Rule 16b-3” means Rule 16b-3 under Section 16 of the Act, as such Rule may be in effect from time to
time.
(hh)
“Shares” means the shares of Common Stock of the Company, $.10 par value, as may be adjusted in accordance with Section 16
of the Plan.
(ii) “Stock
Appreciation Right” means the right pursuant to an Award granted under Section 7 of the Plan, to surrender to the Company
all (or a portion) of such right and, if applicable, a related Option, and receive cash or shares of Common Stock in accordance with
the provisions of Section 7.
(jj)
“Strike Price” shall have the meaning set forth for such term in Section 7(b) of the Plan.
(kk)
“Subsidiary” means any corporation, limited liability company, partnership, limited liability partnership, joint venture
or other entity in which the Company owns or controls, directly or indirectly, not less than 50% of the total combined voting power or
equity interests represented by all classes of stock, membership or other interests issued by such corporation, limited liability company,
partnership, limited liability partnership, joint venture or other entity.
(ll)
“Substitute Awards” shall mean Awards granted or Shares issued by the Company in assumption of, or in substitution or exchange
for, awards previously granted, or the right or obligation to make future awards, by a company acquired by the Company or with which
the Company combines.
(mm)
“UK Addendum” means the addendum set forth on Schedule A.
3. Administration.
The
Plan shall be administered by the Committee and the Board. Except as otherwise provided herein, each of the Committee or the Board has
the full authority and discretion to administer the Plan, and to take any action that is necessary or advisable in connection with the
administration of the Plan, including, without limitation, the authority and discretion to:
(a) select
the Associates eligible to become Participants under the Plan;
(b) determine
whether and to what extent Awards are to be granted;
(c) determine
the number of Shares to be covered by each grant;
(d) determine
the terms and conditions, not inconsistent with the terms of the Plan, of any grant hereunder (including, but not limited to, the term
of the Award, the Exercise Price or Strike Price and any restriction, limitation, procedure, or deferral related thereto, provisions
relating to the effect upon the Award of a Participant’s cessation of employment, acceleration of vesting, forfeiture provisions
regarding an Award and/or the profits received by any Participant from receiving an Award of exercising an Option or Stock Appreciation
Right, and any other terms and conditions regarding any Award, based in each case upon such guidelines and factors as the Committee or
Board shall determine from time to time in their sole discretion);
(e) determine
whether, to what extent and under what circumstances grants under the Plan are to be made and operate, whether on a tandem basis or otherwise,
with other grants or awards (whether equity or cash based) made by the Company under or outside of the Plan; and
(f) delegate
to one or more officers of the Company the right to grant Awards under the Plan, provided that such delegation is made in accordance
with the provisions of applicable state and federal laws.
Each
of the Committee and the Board shall have the authority to adopt, alter and repeal such rules, guidelines and practices governing the
Plan as it shall from time to time deem advisable; to interpret the terms and provisions of the Plan and any Award granted thereunder
(and any Grant Documents relating thereto); and to otherwise supervise the administration of the Plan.
Each
of the Committee and the Board shall also have the authority to provide, in their discretion, for the rescission, forfeiture, cancellation
or other restriction of any Award granted under the Plan, or for the forfeiture, rescission or repayment to the Company by a Participant
or former Participant of any profits or gains related to any Award granted hereunder, or other limitations, upon the occurrence of such
prescribed events and under such circumstances as the Committee or the Board shall deem necessary and reasonable for the benefit of the
Company; provided, however, that this provision shall have no application after a Change in Control Event (as defined below in Section 11)
has occurred.
All
decisions made by the Committee and the Board pursuant to the provisions of the Plan shall be made in the Committee’s or Board’s
sole discretion and shall be final and binding on all persons including the Company and any Participant. No member of the Committee or
Board will be liable for any such action taken or omitted to be taken or determination made in good faith.
Notwithstanding
any provision of the Plan to the contrary, the Committee shall have the exclusive authority and discretion to award, administer or otherwise
take any action required or permitted to be taken with respect to Qualified Performance-Based Awards or under any provisions of the Plan
with respect to Awards that are intended to comply with the requirements of Section 162(m) of the Code.
4. Shares
Subject to the Plan.
(a) The
total number of Shares (“Total Shares”) which may be issued pursuant to the Plan shall not exceed 51,375,000 Shares; provided,
that the Total Shares shall be increased to 53,875,000 Shares, subject to the approval of the Company’s shareholders within one
year of May 13, 2026. Such Shares may consist, in whole or in part, of authorized and unissued shares or treasury shares, as determined
in the discretion of the Committee or the Board. Notwithstanding anything to the contrary in this Section 4, in no event will more
than the Total Shares be cumulatively available for Awards of Incentive Stock Options under the Plan.
(b) If
any Award made under the Plan is forfeited, any Option (and the related Stock Appreciation Right, if any), or any Stock Appreciation
Right not related to an Option terminates, expires or lapses without being exercised, or any Stock Appreciation Right is exercised for
cash, the Shares subject to such Awards that are, as a result, not delivered to the Participant shall again be available for delivery
in connection with Awards. If a Stock Appreciation Right is exercised, the total number of Shares against which the Stock Appreciation
Right was measured, not merely the number of Shares issued, will be deemed delivered for purposes of determining the maximum number of
Shares available for delivery under the Plan. If the Exercise Price of any Option is satisfied by delivering Shares to the Company (by
either actual delivery or by attestation), the total number of Shares exercised, not merely the number of Shares delivered or attested
to, shall be deemed delivered for purposes of determining the maximum number of Shares available for delivery pursuant to Awards under
the Plan. To the extent any Shares subject to an Award are not delivered to a Participant because such Shares are used to satisfy an
applicable tax withholding obligation, such Shares that are not delivered shall be deemed delivered and shall not thereafter be available
for delivery in connection with Awards.
(c) Shares
available for issuance or reissuance under the Plan will be subject to adjustment as provided in Section 16 below.
5. Eligible
Participants.
All
Associates shall be eligible to receive Awards and thereby become Participants in the Plan, regardless of such Associate’s prior
participation in the Plan or any other benefit plan of the Company, provided that (1) only Associates who are employees of the Company
or a Subsidiary may receive Incentive Stock Options; and (2) for any Performance Period for which Awards are intended to be Qualified
Performance-Based Awards to eligible classes of Associates as set forth in Section 14, the Committee shall designate the Associates
eligible to be granted Awards no later than the 90th day after the start of the fiscal year (or in the case of a Performance Period based
upon a time period other than a fiscal year, no later than the date on which 25% of the Performance Period has elapsed). No executive
officer named in the Summary Compensation Table of the Company’s then current Proxy Statement shall be eligible to receive in excess
of 400,000 Options or Stock Appreciation Rights in any one-year period.
6. Options.
(a) Grant
of Options. The Committee, the Board or their authorized designees may from time to time authorize grants of Options to any Participant
upon such terms and conditions as the Committee or Board may determine in accordance with the provisions set forth in the Plan. Each
grant will specify, among other things, the number of Shares to which it pertains; the Exercise Price; the form of payment to be made
by the Participant for the Shares purchased upon exercise of any Option; the required period or periods (if any) of continuous service
by the Participant with the Company, a Subsidiary or an Affiliated Company and/or any other conditions to be satisfied before the Options
or installments thereof will vest and become exercisable. Options granted under the Plan may be either Non-Qualified Options or Incentive
Stock Options.
Notwithstanding
any provision of the Plan to the contrary, the aggregate Fair Market Value (as determined on the Date of Grant) of the Common Stock with
respect to which Incentive Stock Options granted are exercisable for the first time by any Participant during any calendar year (under
all plans of the Company and its Subsidiaries) shall not exceed the maximum amount specified by Section 422 of the Code, as amended
from time to time (currently $100,000).
Each
Option granted under this Plan will be evidenced by Grant Documents delivered to the Participant containing such further terms and provisions,
not inconsistent with the Plan, as the Committee or Board may approve in their discretion.
(b) Exercise
Price.
(i) The
Exercise Price for each share of Common Stock purchasable under any Option shall be not less than 100% of the Fair Market Value per share
on the Date of Grant as the Committee or Board shall specify. All such Exercise Prices shall be subject to adjustment as provided for
in Section 16 hereof.
(ii) If
any Participant to whom an Incentive Stock Option is to be granted under the Plan is on the Date of Grant the owner of stock (as determined
under Section 425(d) of the Code) possessing more than 10% of the total combined voting power of all classes of stock of the
Company or any one of its Subsidiaries or Affiliated Companies, then the Exercise Price per share of Common Stock subject to such Incentive
Stock Option shall not be less than 110% of the Fair Market Value of one Share on the Date of Grant.
(c) Exercise
Period. Subject to Section 11 hereof, the period during which an Option shall vest and become exercisable by a Participant (or
his or her representative(s) or transferee(s)) whether during or after employment or following death, retirement or disability (the
“Exercise Period”) shall be such period of time as may be designated by the Committee or the Board as set forth in the Committee’s
or Board’s applicable rules, guidelines and practices governing the Plan and/or in the Grant Documents executed in connection with
such Option. If the Committee or Board provides, in their sole discretion, that any Option is exercisable only in installments, the Committee
or Board may waive or accelerate such installment exercise provisions at any time at or after grant in whole or in part, based upon such
factors as the Committee or Board shall determine, in their sole discretion.
The
maximum duration of any Incentive Stock Option granted under the Plan shall be ten (10) years from the Date of Grant (and no such
Incentive Stock Option shall be exercisable after the expiration of such (10) year period), unless the Incentive Stock Option is
granted to a Participant who, at the time of the grant, owns stock representing more than 10% of the voting power of all classes of stock
of the Company, in which case the term may not exceed five (5) years from the Date of Grant. The duration of Non-Qualified Stock
Options shall be for such period as determined by the Committee or Board in its sole discretion, not to exceed ten years.
(d) Exercise
of Option. Subject to Section 11 hereof, an Option may be exercised by a Participant at any time and from time to time during
the Exercise Period by giving written notice of such exercise to the Company specifying the number of shares of Common Stock to be purchased
by the Participant. Such notice shall be accompanied by payment of the Exercise Price in accordance with subsection (e) below.
(e) Payment
for Shares. Full payment of the Exercise Price for the Shares purchased upon exercise of an Option, together with the amount of any
tax or excise due in respect of the sale and issue thereof, may be made in one of the following forms of payment:
(i) Cash,
by check or electronic funds transfer;
(ii) Pursuant
to procedures approved by the Company, through the sale (or margin) of Shares acquired upon exercise of the Option through a broker-dealer
to whom the Participant has submitted an irrevocable notice of exercise and irrevocable instructions to deliver promptly to the Company
the amount of sale (or if applicable margin loan) proceeds sufficient to pay for the Exercise Price, together with, if requested by the
Company, the amount of federal, state, local or foreign withholding taxes payable by reason of such exercise;
(iii) By
delivering previously-owned shares of Common Stock owned by the Participant for a period of at least six months having a Fair Market
Value on the date upon which the Participant exercises his or her Option equal to the Exercise Price, or by delivering a combination
of cash and shares of Common Stock equal to the aggregate Exercise Price;
(iv) By
authorizing the Company to withhold a number of shares of Common Stock otherwise issuable to the Participant upon exercise of an Option
having an aggregate Fair Market Value on the date upon which the Participant exercises his or her Option equal to the aggregate Exercise
Price; or
(v) By
any combination of the foregoing.
Provided,
however, that the payment methods described in clause (iv) immediately above shall not be available to a Participant without the
prior consent of either the Committee or its authorized designee(s), or if at any time the Company is prohibited from purchasing or acquiring
Shares under applicable Legal Requirements. The Committee or the Board may permit a Participant to exercise an Option and defer the issuance
of any Shares, subject to such rules and procedures as the Committee or Board may establish.
The
Company will issue no certificates for Shares until full payment of the Exercise Price has been made, and a Participant shall have none
of the rights of a shareholder until certificates for the Shares purchased are issued; provided however, that for purposes of this Section 6,
full payment shall be deemed to have been received by the Company upon evidence of delivery to a broker-dealer of the irrevocable instructions
contemplated by clause (ii) immediately above.
No
dividends, dividend equivalents or other similar payments shall be payable in respect of an unvested Option.
(f) Withholding
Taxes. The Company may require a Participant exercising a Non-Qualified Stock Option or Stock Appreciation Right granted hereunder
to reimburse the Company (or the entity which employs the Participant) for taxes required by any government to be withheld or otherwise
deducted and paid by such corporation in respect of the issuance of the Shares. Such withholding requirements may be satisfied by any
one of the following methods:
(i) A
Participant may deliver cash in an amount which would satisfy the withholding requirement;
(ii) A
Participant may deliver previously-owned Shares (based upon the Fair Market Value of the Common Stock on the date of exercise) in an
amount which would satisfy the withholding requirement; or
(iii) With
the prior consent of either the Committee or the Board, or its authorized designees, a Participant may request that the Company (or the
entity which employs the Participant) withhold from the number of Shares otherwise issuable to the Participant upon exercise of an Option
such number of Shares (based upon the Fair Market Value of the Common Stock on the date of exercise) as is necessary to satisfy the withholding
requirement.
(g) Conditions
to Exercise of Options. The Committee or the Board may, in their discretion, require as conditions to the exercise of Options or
Stock Appreciation Rights and the issuance of shares thereunder either (a) that a registration statement under the Securities Act
of 1933, as amended, with respect to the Options or Stock Appreciation Rights and the shares to be issued upon the exercise thereof,
containing such current information as is required by the Rules and Regulations under said Act, shall have become, and continue
to be, effective; or (b) that the Participant or his or her transferee(s) (i) shall have represented, warranted and agreed,
in form and substance satisfactory to the Company, both that he or she is acquiring the Option or Stock Appreciation Right and, at the
time of exercising the Option or Stock Appreciation Right, that he or she is acquiring the shares for his/her own account, for investment
and not with a view to or in connection with any distribution; (ii) shall have agreed to restrictions on transfer, in form and substance
satisfactory to the Company; and (iii) shall have agreed to an endorsement which makes appropriate reference to such representations,
warranties, agreements and restrictions both on the option and on the certificate representing the shares.
(h) Use
of Proceeds. Proceeds realized from the sale of Common Stock pursuant to Options granted hereunder shall constitute general funds
of the Company.
(i) Minimum
Vesting Period. The minimum vesting period applicable to any Option shall be one (1) year from the date of grant.
7. Stock
Appreciation Rights.
(a) When
granted, Stock Appreciation Rights may, but need not be, identified with a specific Option (including any Option granted on or before
the Date of Grant of the Stock Appreciation Rights) in a number equal to or different from the number of Stock Appreciation Rights so
granted. If Stock Appreciation Rights are identified with Shares subject to an Option, then, unless otherwise provided in the applicable
Grant Documents, the Participant’s associated Stock Appreciation Rights shall terminate upon the expiration, termination, forfeiture
or cancellation of such Option or the exercise of such Option.
(b) The
Strike Price of any Stock Appreciation Right shall (i) for any Stock Appreciation Right that is identified with an Option, equal
the Exercise Price of such Option, or (ii) for any other Stock Appreciation Right, be not less than 100% of the Fair Market Value
of a Share of Common Stock on the Date of Grant as the Committee or Board shall specify. The duration of any Stock Appreciation Right
shall be for such period as determined by the Committee or Board in its sole discretion, not to exceed ten years.
(c) Subject
to Section 11 hereof, (i) each Stock Appreciation Right which is identified with any Option grant shall vest and become exercisable
by a Participant as and to the extent, including the minimum vesting period provided in Section 6(i), that the related Option with
respect to which such Stock Appreciation Right is identified may be exercised; and (ii) each other Stock Appreciation Right shall
vest and become exercisable by a Participant, whether during or after employment or following death, retirement or disability, at such
time or times as may be designated by the Committee or Board as set forth in the applicable rules, guidelines and practices governing
the Plan and/or the Grant Documents executed in connection with such Stock Appreciation Right; provided, however, that the minimum vesting
period applicable to any such other Stock Appreciation Right shall be one (1) year from the date of grant.
(d) Subject
to Section 11 hereof, Stock Appreciation Rights may be exercised by a Participant by delivery to the Company of written notice of
intent to exercise a specific number of Stock Appreciation Rights. Unless otherwise provided in the applicable Grant Documents, the exercise
of Stock Appreciation Rights which are identified with Shares of Common Stock subject to an Option shall result in the cancellation or
forfeiture of such Option to the extent of the exercise of such Stock Appreciation Right.
(e) The
benefit to the Participant for each Stock Appreciation Right exercised shall be equal to (i) the Fair Market Value of a Share of
Common Stock on the date of exercise, minus (ii) the Strike Price of such Stock Appreciation Right. Such benefit shall be payable
in cash, except that the Committee or Board may provide in the applicable rules, guidelines and practices governing the Plan and/or the
Grant Documents that benefits may be paid wholly or partly in Shares of Common Stock. No dividends, dividend equivalents or other similar
payments shall be payable in respect of an unvested Stock Appreciation Right.
8. Restricted
Stock Awards.
(a) Issuance.
A Restricted Stock Award shall be subject to restrictions imposed by the Committee or the Board during a period of time specified by
the Committee or Board (the “Restriction Period”). Restricted Stock Awards may be issued hereunder to Participants for no
cash consideration or for such minimum consideration as may be required by applicable law, either alone or in addition to other Awards
granted under the Plan. The provisions of Restricted Stock Awards need not be the same with respect to each Participant.
(b) Restricted
Stock.
(i) The
Company may grant Restricted Stock to those Associates the Committee or the Board may select in their sole discretion. Each Award of
Restricted Stock shall have those terms and conditions that are expressly set forth in or are required by the Plan and the Grant Documents
as the Committee or the Board may determine in their discretion.
(ii) While
any restriction applies to any Participant’s Restricted Stock, (a) the Participant shall receive the proceeds of the Restricted
Stock in any stock split, reverse stock split, recapitalization, or other change in the capital structure of the Company, which proceeds
shall automatically and without need for any other action become Restricted Stock and be subject to all restrictions then existing as
to the Participant’s Restricted Stock; (b) the Participant shall be entitled to vote the Restricted Stock during the Restriction
Period; and (c) no dividends, dividend equivalents or other similar payments shall be payable in respect of such Restricted Stock.
(iii) The
Restricted Stock will be delivered to the Participant subject to the understanding that while any restriction applies to the Restricted
Stock, the Participant shall not have the right to sell, transfer, assign, convey, pledge, hypothecate, grant any security interest in
or mortgage on, or otherwise dispose of or encumber any shares of Restricted Stock or any interest therein. As a result of the retention
of rights in the Restricted Stock by the Company, except as required by any applicable law, neither any shares of the Restricted Stock
nor any interest therein shall be subject in any manner to any forced or involuntary sale, transfer, conveyance, pledge, hypothecation,
encumbrance, or other disposition or to any charge, liability, debt, or obligation of the Participant, whether as the direct or indirect
result of any action of the Participant or any action taken in any proceeding, including any proceeding under any bankruptcy or other
creditors’ rights law. Any action attempting to effect any transaction of that type shall be void.
(iv) Unless
other provisions are specified in the Grant Documents or Plan guidelines which may be adopted by the Committee or the Board from time
to time, any Restricted Stock held by the Participant at the time the Participant ceases to be an Associate for any reason shall be forfeited
by the Participant to the Company and automatically re-conveyed to the Company.
(v) The
Committee or the Board may withhold, in accordance with Section 17(f) hereof, any amounts necessary to collect any withholding
taxes upon any taxable event relating to Restricted Stock.
(vi) The
making of an Award of Restricted Stock and delivery of any Restricted Stock is subject to compliance by the Company with all applicable
Legal Requirements. The Company need not issue or transfer Restricted Stock pursuant to the Plan unless the Company’s legal counsel
has approved all legal matters in connection with the delivery of the Restricted Stock.
(vii) The
Restricted Stock will be book-entry Shares only unless the Committee or the Board decides to issue certificates to evidence any shares
of Restricted Stock. The Company may place stop-transfer instructions with respect to all Restricted Stock on its stock transfer records.
(viii) At
the time of grant of Restricted Stock (or at such earlier or later time as the Committee or the Board determines to be appropriate in
light of the provisions of Code Section 409A), the Committee or the Board may permit a Participant of an Award of Restricted Stock
to defer receipt of his or her Restricted Stock in accordance with rules and procedures established by the Committee or the Board.
Alternatively, the Committee or the Board may, in their discretion and at the times provided above, permit an individual who would have
been a Participant with respect to an Award of Restricted Stock, to elect instead to receive an equivalent Award of Restricted Stock
Units, and the Committee or the Board may permit the Participant to elect to defer receipt of Shares under the Restricted Stock Units
in accordance with Section 8(c)(viii).
(ix) The
minimum Restriction Period applicable to any Award of Restricted Stock that is not subject to performance conditions restricting the
grant size, the transfer of the shares, or the vesting of the award shall be two (2) years from the date of grant; provided, however,
that a Restriction Period of less than two (2) years may be approved under the Plan for such Awards with respect to up to a total
of 100,000 Shares.
(c) Restricted
Stock Units.
(i) The
Company may grant Restricted Stock Units to those Associates as the Committee or the Board may select in its sole discretion. Restricted
Stock Units represent the right to receive Shares in the future, at such times, and subject to such conditions as the Committee or the
Board shall determine. The restrictions imposed shall take into account potential tax treatment under Code Section 409A.
(ii) Until
the Restricted Stock Unit is released from restrictions and any Shares subject thereto are delivered to the Participant, the Participant
shall not have any beneficial ownership in any Shares subject to the Restricted Stock Unit, nor shall the Participant have the right
to sell, transfer, assign, convey, pledge, hypothecate, grant any security interest in or mortgage on, or otherwise dispose of or encumber
any Restricted Stock Unit or any interest therein. Except as required by any law, no Restricted Stock Unit nor any interest therein shall
be subject in any manner to any forced or involuntary sale, transfer, conveyance, pledge, hypothecation, encumbrance, or other disposition
or to any charge, liability, debt, or obligation of the Participant, whether as the direct or indirect result of any action of the Participant
or any action taken in any proceeding, including any proceeding under any bankruptcy or other creditors’ rights law. Any action
attempting to effect any transaction of that type shall be void.
(iii) Upon
the lapse of the restrictions, the Participant holder of Restricted Stock Units shall, except as noted below, be entitled to receive,
as soon as administratively practical, (a) that number of Shares subject to the Award that are no longer subject to restrictions,
(b) cash in an amount equal to the Fair Market Value of the number of Shares subject to the Award that are no longer subject to
restrictions, or (c) any combination of Shares and cash, as the Committee or the Board shall determine in their sole discretion,
or shall have specified at the time the Award was granted.
(iv) Restricted
Stock Units and the entitlement to Shares, cash, or any combination thereunder will be forfeited and all rights of a Participant to such
Restricted Stock Units and the Shares thereunder will terminate if the applicable restrictions are not satisfied.
(v) A
Participant holder of Restricted Stock Units is not entitled to any rights of a holder of the Shares (e.g., voting rights), prior to
the receipt of such Shares pursuant to the Plan. No dividends, dividend equivalents or other similar payments shall be payable in respect
of an outstanding Restricted Stock Unit.
(vi) The
Committee or the Board may withhold, in accordance with Section 17(f) hereof, any amounts necessary to collect any withholding
taxes upon any taxable event relating to any Restricted Stock Units.
(vii) The
granting of Restricted Stock Units and the delivery of any Shares is subject to compliance by the Company with all applicable Legal Requirements.
(viii) At
the time of grant of Restricted Stock Units (or at such earlier or later time as the Committee or the Board determines to be appropriate
in light of the provisions of Code Section 409A), the Committee or the Board may permit a Participant to elect to defer receipt
of the Shares or cash to be delivered upon lapse of the restrictions applicable to the Restricted Stock Units in accordance with rules and
procedures that may be established from time to time by the Committee or the Board. Such rules and procedures shall take into account
potential tax treatment under Code Section 409A, and may provide for payment in Shares or cash.
(ix) The
minimum Restriction Period applicable to any Award of Restricted Stock Units shall be one (1) year from the date of grant, provided,
however, that a Restriction Period of less than one (1) year may be approved under the Plan for such Awards with respect to up to
a total of 100,000 Shares.
9. Performance
Awards.
(a) Grant.
The Company may grant Performance Awards to Associates on any terms and conditions the Committee or the Board deem desirable. Each Award
of Performance Awards shall have those terms and conditions that are expressly set forth in, or are required by, the Plan and the Grant
Documents.
(b) Performance
Goals. The Committee or the Board may set Performance Goals which, depending on the extent to which they are met during a Performance
Period, will determine the number of Performance Shares or Performance Units that will be delivered to a Participant at the end of the
Performance Period. The Performance Goals may be set at threshold, target, and maximum performance levels, and the number of Performance
Share or Performance Units to be delivered may be tied to the degree of attainment of the various performance levels specified under
the various Performance Goals during the Performance Period, which may not be less than one year. No payment shall be made with respect
to a Performance Award if any specified threshold performance level is not attained.
(c) Beneficial
Ownership. A Participant receiving a Performance Award shall not have any beneficial ownership in any Shares subject to such Award
until Shares are delivered in satisfaction of the Award, nor shall the Participant have the right to sell, transfer, assign, convey,
pledge, hypothecate, grant any security interest in or mortgage on, or otherwise dispose of or encumber any Performance Award or any
interest therein. Except as required by any law, neither the Performance Award nor any interest therein shall be subject in any manner
to any forced or involuntary sale, transfer, conveyance, pledge, hypothecation, encumbrance, or other disposition or to any charge, liability,
debt, or obligation of the Participant, whether as the direct or indirect result of any action of the Participant or any action taken
in any proceeding, including any proceeding under any bankruptcy or other creditors’ rights law. Any action attempting to effect
any transaction of that type shall be void.
(d) Determination
of Achievement of Performance Awards. The Committee or the Board shall, promptly after the date on which the necessary financial,
individual or other information for a particular Performance Period becomes available, determine and certify the degree to which each
of the Performance Goals have been attained.
(e) Payment
of Performance Awards. After the applicable Performance Period has ended, a recipient of a Performance Award shall be entitled to
payment based on the performance level attained with respect to the Performance Goals applicable to the Performance Award. Performance
Awards shall be settled as soon as practicable after the Committee or Board determines and certifies the degree of attainment of Performance
Goals for the Performance Period. Subject to the terms and conditions of the Grant Documents, payment to a Participant with respect to
a Performance Award may be made (a) in Shares, (b) in cash, or (c) any combination of Shares and cash, as the Committee
or the Board may determine at any time in their sole discretion.
(f) Limitation
on Rights/Withholding. A recipient of a Performance Award is not entitled to any rights of a holder of the Shares
(e.g. voting rights), prior to the receipt of such Shares pursuant to the Plan. No dividends, dividend equivalents or other similar payments
shall be payable in respect of an outstanding Performance Award. The Committee or the Board may withhold, in accordance with Section 17(f) hereof,
any amounts necessary to collect any withholding taxes upon any taxable event relating to Performance Awards.
10. Other
Stock Unit Awards.
Other
Awards of Shares and other Awards that are valued in whole or in part by reference to, or are otherwise based on, Shares or other property
(“Other Stock Unit Awards”) may be granted hereunder to Participants, either alone or in addition to other Awards granted
under the Plan. Other Stock Unit Awards may be paid in Shares, cash or any other form of property as the Committee or the Board may determine.
Subject to the provisions of the Plan, the Committee or the Board shall have sole and complete authority to determine the Associates
to whom such Awards shall be made, the times at which such Awards shall be made, the number of Shares to be granted pursuant to such
Awards, and all other terms and conditions of such Awards. The provisions of Other Stock Unit Awards need not be the same with respect
to each Participant. For any Award or Shares subject to any Award made under this Section 10, the vesting of which is conditioned
only on the passage of time, such Restriction Period shall be a minimum of two (2) years for full vesting. Shares (including securities
convertible into Shares) subject to Awards granted under this Section 10 may be issued for no cash consideration or for such minimum
consideration as may be required by applicable law. No dividends, dividend equivalents or other similar payments shall be payable in
respect of an outstanding Other Stock Unit Award.
11. Change
in Control.
Notwithstanding
any other provision of the Plan to the contrary, upon the occurrence of a transaction involving the consummation of a reorganization,
merger, consolidation or similar transaction involving the Company (other than a reorganization, merger, consolidation or similar transaction
in which the Company’s shareholders immediately prior to such transaction own more than 50% of the combined voting power entitled
to vote in the election of directors of the surviving corporation), a sale of all or substantially all of its assets, the liquidation
or dissolution of the Company, the acquisition of a significant percentage, which shall be no less than beneficial ownership (within
the meaning of Rule 13d-3 under the Act) of 20%, of the voting power of the Company, (each a “Change in Control Event”),
which shall not include preliminary transaction activities such as receipt of a letter of interest, receipt of a letter of intent or
an agreement in principle, each outstanding Award will be treated as the Committee or Board may determine (subject to the provisions
of the following paragraph), without a Participant’s consent, including, without limitation, that (A) Awards will be assumed,
or substantially equivalent Awards will be substituted, by the acquiring or succeeding corporation (or affiliate thereof), with appropriate
adjustments as to the number and kind of shares and prices; (B) upon written or electronic notice to a Participant, that the Participant’s
Awards will terminate upon or immediately prior to the consummation of such Change in Control Event; (C) that, to the extent the
Committee or Board may determine, in whole or in part prior to or upon consummation of such Change in Control Event, (i) Options
and Stock Appreciation Rights may become immediately exercisable; (ii) restrictions and deferral limitations applicable to any Restricted
Stock or Restricted Stock Unit Award may become free of all restrictions and limitations and become fully vested and transferable; (iii) all
Performance Awards may be considered to be prorated, and any deferral or other restriction may lapse and such Performance Awards may
be immediately settled or distributed (provided, for purposes of clarification, that any Performance Award converted into an Award that
provides for service-based vesting will be treated in accordance with clause (ii) of this subsection 11(C)); and (iv) the restrictions
and deferral limitations and other conditions applicable to any Other Stock Unit Awards or any other Awards granted under the Plan may
lapse and such Other Stock Unit Awards or such other Awards may become free of all restrictions, limitations or conditions and become
fully vested and transferable to the full extent of the Award not previously forfeited or vested; (D) the termination of an Award
in exchange for an amount equal to the excess of the fair market value of the Shares subject to the Award immediately prior to the occurrence
of such transaction (which shall be no less than the value being paid for such Shares pursuant to such transaction as determined by the
Committee or Board) over the Exercise Price or Strike Price, if applicable, of such Award, with such amount payable in cash, in one or
more of the kinds of property payable in such transaction, or in a combination thereof, as the Committee or Board in their discretion
shall determine, or (E) any combination of the foregoing. In taking any of the actions permitted by this Section 11, the Committee
or Board will not be obligated to treat all Awards, all Awards held by a Participant, or all Awards of the same type, similarly. Notwithstanding
the definition of Change in Control Event above in this Section 11, to the extent required to avoid the adverse tax consequences
under Section 409A of the Code, a Change in Control Event shall be deemed to occur only to the extent it also meets the requirements
for a change in control event for purposes of Section 409A of the Code.
In
the event that the successor corporation does not assume or substitute for the Award (or portion thereof), (i) Options and Stock
Appreciation Rights will vest and become immediately exercisable; (ii) restrictions and deferral limitations applicable to any Restricted
Stock or Restricted Stock Unit Award will become free of all restrictions and limitations and become fully vested and transferable; (iii) all
Performance Awards will be considered to be prorated, and any deferral or other restriction will lapse and such Performance Awards will
be immediately settled or distributed; and (iv) the restrictions and deferral limitations and other conditions applicable to any
Other Stock Unit Awards or any other Awards granted under the Plan will lapse and such Other Stock Unit Awards or such other Awards will
become free of all restrictions, limitations or conditions and become fully vested and transferable to the full extent of the Award not
previously forfeited or vested. In addition, if an Option or Stock Appreciation Right is not assumed or substituted in the event of a
Change in Control Event, the Committee or Board will notify the Participant in writing or electronically that the Option or Stock Appreciation
Right will be exercisable for a period of time determined by the Committee or Board in its sole discretion, and the Option or Stock Appreciation
Right will terminate upon the expiration of such period.
For
the purposes of this Section 11, an Award will be considered assumed if, following the Change in Control Event, the Award confers
the right to purchase or receive, for each Share subject to the Award immediately prior to the Change in Control Event, the consideration
(whether stock, cash, or other securities or property) received in the Change in Control Event by holders of Common Stock for each Share
held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen
by the holders of a majority of the outstanding Shares); provided, however, that if such consideration received in the Change in Control
Event is not solely common stock of the successor corporation or its parent entity, the Committee or Board may, with the consent of the
successor corporation, provide for the consideration to be received upon the exercise of an Option or Stock Appreciation Right or upon
the payout of any other Award, for each Share subject to such Award, to be solely common stock of the successor corporation or its parent
entity equal in fair market value to the per share consideration received by holders of Common Stock in the Change in Control Event.
Notwithstanding anything in this Section 11 to the contrary, an Award that vests, is earned or paid-out upon the satisfaction of
one or more Performance Goals will not be considered assumed if the Company or its successor modifies any of such Performance Goals without
the Participant’s consent; provided, however, a modification to such Performance Goals only to reflect the successor corporation’s
post-Change in Control Event corporate structure will not be deemed to invalidate an otherwise valid Award assumption.
12. Clawback.
All
Awards granted pursuant to this Plan are subject to the Company’s “clawback policy” as may be in effect at the time.
13. Transferability
of Awards.
(a) Incentive
Stock Options granted under the Plan shall not be transferred by a Participant, except by will or by the laws of descent and distribution.
(b) Other
Awards (subject to the limitations in paragraph (c) below) granted under the Plan may be transferred by a Participant to: (i) the
Participant’s family members (whether related by blood, marriage, or adoption and including a former spouse); (ii) trust(s) in
which the Participant’s family members have a greater than 50% beneficial interest; (iii) trusts, including but not limited
to charitable remainder trusts, or similar vehicles established for estate planning and/or charitable giving purposes; and (iv) family
partnerships and/or family limited liability companies which are controlled by the Participant or the Participant’s family members,
such transfers being permitted to occur by gift or pursuant to a domestic relation order, or, only in the case of transfers to the entities
described in clauses (i), (ii) and (iii) immediately above, for value. The Committee or Board, or their authorized designees
may, in their sole discretion, permit transfers of Awards to other persons or entities upon the request of a Participant; provided, however,
that such Awards may not be transferred to a third party financial institution for value, including as collateral. Subsequent transfers
of previously transferred Awards may only be made to one of the permitted transferees named above, unless the subsequent transfer has
been approved by the Committee or the Board, or their authorized designee(s). Otherwise, such transferred Awards may be transferred only
by will or the laws of descent and distribution.
(c) Notwithstanding
the foregoing, if at the time any Option is transferred as permitted under this Section 13, a corresponding Stock Appreciation Right
has been identified as being granted in tandem with such Option, then the transfer of such Option shall also constitute a transfer of
the corresponding Stock Appreciation Right, and such Stock Appreciation Right shall not be transferable other than as part of the transfer
of the Option to which it relates.
(d) Concurrently
with any transfer, the transferor shall give written notice to the Plan’s then-current Plan administrator of the name and address
of the transferee, the number of Shares being transferred, the Date of Grant of the Awards being transferred, and such other information
as may reasonably be required by the administrator. Following a transfer, any such Awards shall continue to be subject to the same terms
and conditions as were applicable immediately prior to transfer. The provisions of the Plan and applicable Grant Documents shall continue
to be applied with respect to the original Participant, and such Awards shall be exercisable by the transferee only to the extent that
they could have been exercised by the Participant under the terms of the original Grant Documents. The Company disclaims any obligation
to provide notice to a transferee of any termination or expiration of a transferred Award.
14. Code
Section 162(m) Provisions and Award Limitations.
(a) Notwithstanding
any other provision of the Plan, (i) to the extent Awards to salaried employees (each an “eligible employee” for purposes
of Code Section 162(m) and the Treasury Regulations thereunder with regard to shareholder approval of the material terms of
the Performance Goals) are intended to be Qualified Performance-Based Awards; or (ii) if the Committee determines at the time any
Award is granted to a salaried employee who is, or who may be as of the end of the tax year in which the Company would claim a tax deduction
in connection with such Award, a Covered Associate, then the Committee may provide that this Section 14 is applicable to such Award.
(b) If
an Award is subject to this Section 14, then the lapsing of restrictions thereon and the distribution of cash, Shares or other property
pursuant thereto, as applicable, shall be subject to the achievement or attainment of one or more objective Performance Goals as determined
by the Committee, using one or more Performance Measures also as determined by the Committee. Such Performance Goals shall be established
by the Committee no later than 90 days after the beginning of the Performance Period to which the Performance Goals pertain and
while the attainment of the Performance Goals is substantially uncertain, and in any event no later than the date on which 25% of the
Performance Period has elapsed.
(c) Notwithstanding
any provision of this Plan (other than Section 11 or 15), with respect to any Award that is subject to this Section 14, the
Committee may adjust downwards, but not upwards, the amount payable pursuant to such Award, and the Committee may not waive the achievement
of the applicable Performance Goals except in the case of the death or disability of the Participant.
(d) The
Committee shall have the power to impose such other restrictions on Awards subject to this Section 14 as it may deem necessary or
appropriate to ensure that such Awards satisfy all requirements for “performance-based compensation” within the meaning of
Section 162(m)(4)(C) of the Code, or any successor provision thereto. Whenever the Committee determines that it is advisable
to grant or pay Awards that do not qualify as Qualified Performance-Based Awards, the Committee may make grants or payments without satisfying
the requirements of Code Section 162(m).
(e) Notwithstanding
any provision of this Plan other than Section 16, commencing with calendar year 2005, (i) no Participant may be granted in
any twelve (12) month period an aggregate amount of Options and/or Stock Appreciation Rights with respect to more than 400,000 Shares,
and (ii) no Participant may be granted in any twelve (12) month period an aggregate amount of Restricted Stock Awards, Restricted
Stock Unit Awards, Performance Awards or Other Stock Unit Awards, with respect to more than 400,000 Shares (or cash amounts based on
the value of more than 400,000 Shares).
(f) Notwithstanding
any provision of this Plan other than Section 16, commencing with calendar year 2015, no non-employee director of the Company may
be granted in any twelve (12) month period an aggregate amount of equity having a value of more than $400,000 on the date of grant, under
this Plan or any other equity compensation plan sponsored by the Company.
15. Alteration,
Termination, Discontinuance, Suspension, and Amendment.
(a) The
Committee or the Board may amend, alter, suspend, discontinue or terminate the Plan or any portion thereof at any time; provided that
no such amendment, alteration, suspension, discontinuation or termination shall be made without (i) shareholder approval if such
approval is necessary to qualify for or comply with any tax or regulatory requirement for which or with which the Committee or Board
deems it necessary or desirable to qualify or comply; or (ii) the consent of the affected Participant, if such action would impair
the rights of such Participant under any outstanding Award. Notwithstanding anything to the contrary herein, the Committee or the Board
may make technical amendments to the Plan as may be necessary so as to have the Plan conform to any Legal Requirements in any jurisdiction
within or outside the United States, so long as shareholder approval of such technical amendments is not required.
(b) The
Committee or Board may amend the terms of any outstanding Award, prospectively or retroactively, except to the extent that such action
would cause an Award subject to Section 14 not to qualify for the exemption from the limitation on deductibility imposed by Section 162(m)(4)(c) of
the Code, and except that no such amendment shall impair the rights of any Participant without his or her consent. Subject to the requirements
of paragraph (c) below, the Committee or Board may, without the consent of the Participant, amend any Grant Documents evidencing
an Option or Stock Appreciation Right granted under the Plan, or otherwise take action, to accelerate the time or times at which an Option
or Stock Appreciation Right may be exercised; to waive any other condition or restriction applicable to an Award or to the exercise of
an Option or Stock Appreciation Right; to amend the definition of a change in control of the Company (if such a definition is contained
in such Grant Documents) to expand the events that would result in a change in control and to add a change in control provision to such
Grant Documents (if such provision is not contained in such Grant Documents); and may amend any such Grant Documents in any other respect
with the consent of the Participant.
(c) If
an amendment would (i) materially increase the benefits to participants under the Plan, (ii) increase the aggregate number
of Shares that may be issued under the Plan, or (iii) materially modify the requirements for participation in the Plan by materially
increasing the class or number of persons eligible to participate in the Plan, then such amendment shall be subject to shareholder approval.
(d) If
required by any Legal Requirement, any amendment to the Plan or any Award will also be submitted to and approved by the requisite vote
of the shareholders of the Company. If any Legal Requirement requires the Plan to be amended, or in the event any Legal Requirement is
amended or supplemented (e.g., by addition of alternative rules) to permit the Company to remove or lessen any restrictions on or with
respect to an Award, the Board and the Committee each reserve the right to amend the Plan or any Grant Documents evidencing an Award
to the extent of any such requirement, amendment or supplement, and all Awards then outstanding will be subject to such amendment.
(e) Notwithstanding
any provision of the Plan to the contrary, the Committee or the Board may not, without prior approval of the shareholders of the Company,
reprice any outstanding Option and/or Stock Appreciation Rights by either lowering the Exercise Price thereof or canceling such outstanding
Option and/or Stock Appreciation Rights in consideration of a grant having a lower Exercise Price or in exchange for awards or cash considerations.
This paragraph 15(e) is intended to prohibit the repricing of “underwater” Options without prior shareholder approval
and shall not be construed to prohibit the adjustments provided for in Section 16 hereof.
(f) The
Plan may be terminated at any time by action of the Board. The termination of the Plan will not adversely affect the terms of any outstanding
Award.
16. Adjustment
of Shares; Effect of Certain Transactions.
Notwithstanding
any other provision of the Plan to the contrary, in the event of any change affecting the Shares subject to the Plan or any Award (through
merger, consolidation, reorganization, recapitalization, dividend or other distribution (whether in the form of cash, Shares, other securities
or other property), stock split, split-up, split-off, spin-off, combination of shares, exchange of shares, issuance of rights to subscribe,
or other change in capital structure of the Company), appropriate adjustments or substitutions shall be made by the Committee or the
Board as to the (i) Total Shares subject to the Plan, (ii) maximum number of Shares for which Awards may be granted to any
one Associate, (iii) number of Shares and price per Share subject to outstanding Awards, and (iv) class of shares of stock
that may be delivered under the Plan and/or each outstanding Award, as shall be equitable to prevent dilution or enlargement of rights
under previously granted Awards. The determination of the Committee or Board as to these matters shall be conclusive; provided, however,
that (i) any such adjustment with respect to an Incentive Stock Option and any related Stock Appreciation Right shall comply with
the rules of Section 424(a) of the Code; and (ii) in no event shall any adjustment be made which would disqualify
any Incentive Stock Option granted hereunder as an Incentive Stock Option for purposes of Section 422 of the Code.
17. General
Provisions.
(a) No
Associate or Participant shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment
of Associates or Participants under the Plan.
(b) Except
to the extent that such action would cause an Award subject to Section 14 not to qualify for the exemption from the limitation on
deductibility imposed by Section 162(m)(4)(c) of the Code, the Committee or Board shall be authorized to make adjustments in
performance award criteria or in the terms and conditions of other Awards in recognition of unusual or nonrecurring events affecting
the Company or its financial statements or changes in applicable laws, regulations or accounting principles. The Committee or Board 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 it into effect. In the event the Company shall assume outstanding employee benefit awards or the right or obligation
to make future such awards in connection with the acquisition of or combination with another corporation or business entity, the Committee
or Board may, in their discretion, make such adjustments in the terms of Awards under the Plan as it shall deem appropriate.
(c) All
certificates for Shares delivered under the Plan pursuant to any Award shall be subject to such stock transfer orders and other restrictions
as the Committee or Board may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission,
any stock exchange upon which the Shares are then listed, and any applicable state or Federal securities law, and the Committee or Board
may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.
(d) No
Award granted hereunder shall be construed as an offer to sell securities of the Company, and no such offer shall be outstanding, unless
and until the Committee or the Board in their sole discretion has determined that any such offer, if made, would be in compliance with
all applicable requirements of the U.S. Federal securities laws and any other Legal Requirements to which such offer, if made, would
be subject.
(e) The
Committee or the Board shall be authorized to establish procedures pursuant to which the payment of any Award may be deferred.
(f) The
Company shall be authorized to withhold from any Award granted or payment due under the Plan the amount of withholding taxes due in respect
of an Award or payment hereunder and to take such other action as may be necessary in the opinion of the Plan administrator to satisfy
all obligations for the payment of such taxes, not to exceed the statutory minimum withholding obligation. The Committee or Board shall
be authorized to establish procedures for election by Participants to satisfy such obligations for the payment of such taxes (i) by
delivery of or transfer of Shares to the Company, (ii) with the consent of the Committee or the Board, by directing the Company
to retain Shares otherwise deliverable in connection with the Award, (iii) by payment in cash of the amount to be withheld, or (iv) by
withholding from any cash compensation otherwise due to the Participant.
(g) Nothing
contained in this Plan shall prevent the Board from adopting other or additional compensation arrangements, subject to shareholder approval
if required, and such arrangements may be either generally applicable or applicable only in specific cases.
(h) The
validity, construction, and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance
with the laws of the state of Delaware and applicable Federal law.
(i) If
any provision of this Plan is or becomes or is deemed invalid, illegal or unenforceable in any jurisdiction, or would disqualify the
Plan or any Award under any law deemed applicable by the Committee or the Board, such provision shall be construed or deemed amended
to conform to applicable law, or if it cannot be construed or deemed amended without, in the determination of the Committee or the Board,
materially altering the intent of the Plan, it shall be stricken, and the remainder of the Plan shall remain in full force and effect.
(j) Awards
may be granted to Participants who are foreign nationals or employed outside the United States, or both, on such terms and conditions
different from those applicable to Awards to Employees employed in the United States as may, in the judgment of the Committee or the
Board, be necessary or desirable in order to recognize differences in local law or tax policy. The Committee or Board also may impose
conditions on the exercise or vesting of Awards in order to minimize the Company’s obligations with respect to tax equalization
for Associates on assignments outside their home country.
(k) No
Award shall be granted or exercised if the grant of the Award or the exercise and the issuance of shares or other consideration pursuant
thereto would be contrary to the Legal Requirements of any duly constituted authority having jurisdiction.
(l) The
Plan will not confer upon any Participant any right with respect to continuance of employment or other service with the Company or any
Subsidiary or Affiliated Company, nor will it interfere in any way with any right the Company or any Subsidiary or Affiliated Company
would otherwise have to terminate a Participant’s employment or other service at any time.
(m) Notwithstanding
any provision of the Plan to the contrary, in the event of a Participant’s retirement from the Company or any Subsidiary or Affiliated
Company on or after age 65 with at least five (5) years of service as an Associate, the Participant’s Awards shall continue
to vest in accordance with the schedule set forth in the applicable Grant Documents excluding any inconsistent provisions relating to
the effect upon the Award of the Participant’s cessation of employment.
(n) Employees
and directors of the Company and its Subsidiaries who are based in the United Kingdom may be granted Awards pursuant to the terms of
the UK Addendum. Grants made pursuant to the UK Addendum shall be subject to the terms and conditions of the Plan, unless otherwise provided
in the UK Addendum.
Schedule A
UK
Addendum
1. Purpose and eligibility
The
purpose of this addendum to the Plan (the “UK Addendum”) is to enable the Board to grant Awards to certain employees
and directors of LiveRamp Holdings, Inc. (the “Company”) and its Subsidiaries who are based in the United
Kingdom. Awards (which will be unapproved for UK tax purposes) may only be granted under the UK Addendum to employees and directors of
the Company and its Subsidiaries. Awards granted pursuant to the UK Addendum are granted pursuant to an “employees’
share scheme” for the purposes of the Financial Services and Markets Act 2000.
2. Definitions
Definitions
are as contained in Section 2 of the Plan, with the following additions, amendments or substitutions:
(a) The
definition of “Associate” shall be deleted and the word “Employee” shall be substituted
therefor throughout the Plan.
(b) “Control” (for
the purposes of the definition of “Subsidiary”, below) has the meaning contained in section 995 Income Tax
Act 2007.
(c) “Employee” shall
mean any employee or director of the Company or its Subsidiaries.
(d) “HMRC” means
the UK HM Revenue & Customs.
(e) “ITEPA” means
the Income Tax (Earnings and Pensions) Act 2003.
(f) “PAYE” means
the UK Pay-As-You-Earn income tax withholding system governed by the Income Tax (PAYE) Regulations 2003.
(g) “Service” means
service as an Employee, subject to such further limitations as may be set forth in the applicable Stock Option Agreement or Restricted
Share Agreement. Service shall be deemed to continue during a bona fide leave of absence approved by the Company in writing if and to
the extent that continued crediting of Service for purposes of the Plan is expressly required by the terms of such leave or by applicable
law, as determined by the Company. The Company determines which leaves count toward Service, and when Service terminates for all purposes
under the Plan.
(h) The
definition of “Subsidiary” shall be restated in its entirety as follows: “Subsidiary” shall
mean a company (wherever incorporated) which for the time being is under the Control of the Company.
3. Terms
Awards
granted pursuant to the UK Addendum shall be governed by the terms of the Plan, subject to any such amendments set out below and as are
necessary to give effect to Section 1 of the UK Addendum, and by the terms of the individual Award Agreement entered into between
the Company and the Participant.
4. Participation
For
the purpose of granting awards pursuant to the Plan to UK Employees only, the Plan shall be amended by the substitution of the word “Employee”
for the word “Associate” throughout.
5. Non-transferability of Awards
An
Award granted pursuant to the UK Addendum may not be transferred other than by the laws of intestacy on death of the Participant.
6. Withholding obligations
6.1 The
Participant shall be accountable for any income tax and, subject to the following provisions,
national insurance liability which is chargeable on any assessable income
deriving from the exercise of, or other dealing in, the Award. In respect of such assessable
income the Participant shall indemnify the Company and (at the direction of the Company)
any Subsidiary which is or may be treated as the employer of the Participant in respect of
the following (together, the “Tax Liabilities”):
(a) any income
tax liability which falls to be paid to HMRC by the Company (or the relevant employing Subsidiary)
under the PAYE system as it applies to income tax under ITEPA and the PAYE regulations referred
to in it; and
(b) any national
insurance liability which falls to be paid to HMRC by the Company (or the relevant employing
Subsidiary) under the PAYE system as it applies for national insurance purposes under the
Social Security Contributions and Benefits Act 1992 and regulations referred to in it, such
national insurance liability being the aggregate of:
(i) all the Employee’s primary
Class 1 national insurance contributions; and
(ii) all the employer’s secondary
Class 1 national insurance contributions.
6.2 Pursuant
to the indemnity referred to in clause 6.1, the Participant shall make such arrangements
as the Company requires to meet the cost of the Tax Liabilities, including at the direction
of the Company any of the following:
(a) making a cash payment of an appropriate
amount to the relevant company whether by cheque, banker’s draft or deduction from salary in time to enable the company to remit
such amount to HMRC before the 14th day following the end of the month in which the event giving rise to the Tax Liabilities occurred;
or
(b) appointing the Company as agent
and/or attorney for the sale of sufficient Shares acquired pursuant to the exercise of, or other dealing in, the Award to cover the Tax
Liabilities and authorizing the payment to the relevant company of the appropriate amount (including all reasonable fees, commissions
and expenses incurred by the relevant company in relation to such sale) out of the net proceeds of sale of the Shares;
(c) entering into an election whereby
the employer’s liability for secondary Class 1 national insurance contributions is transferred to the Participant on terms
set out in the election and approved by HMRC.
7. Section 431 Election
Where
the Shares to be acquired on the exercise of, or other dealing in, the Award are considered to be “restricted securities”
for the purposes of the UK tax legislation (such determination to be at the sole discretion of the Company), it is a condition of exercise
or acquisition of the Shares that the Participant if so directed by the Company enter into a joint election with the Company or, if different,
the relevant Subsidiary employing the Participant pursuant to section 431 ITEPA electing that the market value of the Shares to be acquired
on the exercise of, or other dealing in, the Award be calculated as if the Shares were not “restricted securities”.
Adopted by the Compensation Committee
on
February 14, 2012
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