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Exhibit
10.1
COMCAST
CORPORATION
2002 RESTRICTED STOCK
PLAN
(As Amended And Restated,
Effective May 22, 2007)
1. BACKGROUND AND
PURPOSE
(a) Amendment and
Restatement of Plan . COMCAST CORPORATION, a Pennsylvania
corporation, hereby amends and restates the Comcast Corporation
2002 Restricted Stock Plan (the “Plan”), effective
May 22, 2007. The purpose of the Plan is to promote the
ability of Comcast Corporation to recruit and retain employees and
enhance the growth and profitability of Comcast Corporation by
providing the incentive of long-term awards for continued
employment and the attainment of performance objectives.
(b) Purpose of the
Amendment; Credits Affected . The Plan has been amended and
restated, effective December 14, 2005, to revise the rules
relating to the delegation of authority by the Committee. The Plan
was previously amended and restated, effective January 1, 2005
in order (i) to preserve the favorable tax treatment available
to amounts deferred pursuant to the Plan before January 1,
2005 and the earnings credited in respect of such amounts (each a
“ Grandfathered Amount ”) in light of the
American Jobs Creation Act of 2004, IRS Notice 2005-1 , and
the regulations issued by the Department of the Treasury thereunder
(collectively, the “ AJCA ”), and (ii) with
respect to all other amounts eligible to be deferred under the
Plan, to comply with the requirements of the AJCA. Except as
provided in Paragraph 8(f)(iii) of the Plan, Grandfathered Amounts
will continue to be subject to the terms and conditions of the Plan
as in effect prior to the Amendment Date. All amounts eligible to
be deferred under the Plan other than Grandfathered Amounts will be
subject to the terms of this amendment and restatement of the Plan
and the AJCA.
(c) Reservation of Right
to Amend to Comply with AJCA . The Board and the Committee
reserve the right to amend the Plan, either retroactively or
prospectively, in whatever respect is required to achieve and
maintain compliance with the requirements of the AJCA.
(d) Deferral Provisions of
Plan Unfunded and Limited to Select Group of Management or Highly
Compensated Employees . Deferral Eligible Grantees and
Non-Employee Directors may elect to defer the receipt of Restricted
Stock and Restricted Stock Units as provided in Article VIII. The
deferral provisions of Article VIII and the other provisions of the
Plan relating to the deferral of Restricted Stock and Restricted
Stock Units are unfunded and maintained primarily for the purpose
of providing a select group of management or highly compensated
employees the opportunity to defer the receipt of compensation
otherwise payable to such eligible employees in accordance with the
terms of the Plan.
2.
DEFINITIONS
(a) “ Acceleration
Election ” means a written election on a form provided by
the Committee, pursuant to which a Deceased Grantee’s
Successor-in-Interest or a Disabled Grantee elects to accelerate
the distribution date of Shares issuable with respect to Restricted
Stock and/or Restricted Stock Units.
(b) “ Account
” means unfunded bookkeeping accounts established pursuant to
Paragraph 8(e) and maintained by the Committee in the names of the
respective Grantees (i) to which Deferred Stock Units are
deemed credited and (ii) to which an amount equal to the Fair
Market Value of Deferred Stock Units with respect to which a
Diversification Election has been made and interest thereon are
deemed credited, reduced by distributions in accordance with the
Plan.
(c) “ Active
Grantee ” means each Grantee who is actively employed by
a Participating Company.
(d) “ Affiliate
” means, with respect to any Person, any other person that,
directly or indirectly, is in control of, is controlled by, or is
under common control with, such Person. For purposes of this
definition, the term “control,” including its
correlative terms “controlled by” and “under
common control with,” mean, with respect to any Person, the
possession, directly or indirectly, of the power to direct or cause
the direction of the management and policies of such Person,
whether through the ownership of voting securities, by contract or
otherwise.
(e) “ AJCA
” means the American Jobs Creation Act of 2004, IRS Notice
2005-1 and announcements, notices, revenue rulings and
regulations issued under the American Jobs Creation Act of
2004.
(f) “ Annual Rate of
Pay ” means, as of any date, an employee’s
annualized base pay rate. An employee’s Annual Rate of Pay
shall not include sales commissions or other similar payments or
awards.
(g) “ Applicable
Interest Rate ” means:
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(i)
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Except as otherwise provided
in Paragraph 2(g)(ii), the Applicable Interest Rate means the
interest rate that, when compounded annually pursuant to rules
established by the Committee from time to time, is mathematically
equivalent to 8% per annum, compounded annually, or such other
interest rate established by the Committee from time to time. The
effective date of any reduction in the Applicable Interest Rate
shall not precede the later of: (A) the 30 th
day following
the date of the Committee’s action to establish a reduced
rate; or (B) the lapse of 24 full calendar months from the
date of the most recent adjustment of the Applicable Interest Rate
by the Committee.
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(ii) |
Effective for the period extending from a Grantee’s
employment termination date to the date the Grantee’s Account
is distributed in full, the Committee, in its sole and absolute
discretion, may designate the term “Applicable Interest
Rate” for such Grantee’s Account to mean the lesser of:
(A) the rate in effect under Paragraph 2(g)(i) or (B) the
interest rate that, when compounded annually pursuant to rules
established by the Committee from time to time, is mathematically
equivalent to the Prime Rate plus one percent, compounded annually
as of the last day of the calendar year. Notwithstanding the
foregoing, the Committee may delegate its authority to determine
the Applicable Interest Rate under this Paragraph 2(g)(ii) to an
officer of the Company or committee of two or more officers of the
Company. |
(h) “ AT&T
Broadband Transaction ” means the acquisition of AT&T
Broadband Corp. (now known as Comcast Cable Communications
Holdings, Inc.) by the Company.
(i) “ Award
” means an award of Restricted Stock or Restricted Stock
Units granted under the Plan.
(j) “ Board
” means the Board of Directors of the Company.
(k) “ Change of
Control ” means:
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(i) |
For all purposes of the Plan other than Article VIII, any
transaction or series of transactions as a result of which any
Person who was a Third Party immediately before such transaction or
series of transactions owns then-outstanding securities of the
Company such that such Person has the ability to direct the
management of the Company, as determined by the Board in its
discretion. The Board may also determine that a Change of
Control shall occur upon the completion of one or more proposed
transactions. The Board’s determination shall be final
and binding. |
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(ii) |
For purposes of Article VIII, any transaction or series of
transactions that constitutes: |
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(1) |
a change in the ownership of the Company, within the meaning of
Q&A 12 of IRS Notice 2005-1 ; |
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(2) |
a change in effective control of the Company, within the
meaning of Q&A 13 of IRS Notice 2005-1 ; or |
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(3) |
a change in the ownership of a substantial portion of the
assets of the Company, within the meaning of Q&A 14 of IRS
Notice 2005-1 . |
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(l) “ Code
” means the Internal Revenue Code of 1986, as
amended.
(m) “ Comcast
Plan ” means any restricted stock, restricted stock unit,
stock bonus, stock option or other compensation plan, program or
arrangement established or maintained by the Company or an
Affiliate, including but not limited to this Plan, the Comcast
Corporation 2003 Stock Option Plan, the Comcast Corporation 2002
Stock Option Plan, the Comcast Corporation 1996 Stock Option Plan,
Comcast Corporation 1987 Stock Option Plan and the Comcast
Corporation 2002 Deferred Stock Option Plan.
(n) “ Committee
” means the Compensation Committee of the Board.
(o) “ Common
Stock ” means Class A Common Stock, par value $0.01,
of the Company.
(p) “ Company
” means Comcast Corporation, a Pennsylvania corporation, as
successor to Comcast Holdings Corporation (formerly known as
Comcast Corporation), including any successor thereto by merger,
consolidation, acquisition of all or substantially all the assets
thereof, or otherwise.
(q) “ Company Stock
Fund ” means a hypothetical investment fund pursuant to
which Deferred Stock Units are credited with respect to a portion
of an Award subject to an Election, and thereafter until
(i) the date of distribution or (ii) the effective date
of a Diversification Election, to the extent a Diversification
Election applies to such Deferred Stock Units, as applicable. The
portion of a Grantee’s Account deemed invested in the Company
Stock Fund shall be treated as if such portion of the Account were
invested in hypothetical shares of Common Stock or Special Common
Stock otherwise deliverable as Shares upon the Vesting Date
associated with Restricted Stock or Restricted Stock Units, and all
dividends and other distributions paid with respect to Common Stock
or Special Common Stock were held uninvested in cash and credited
with interest at the Applicable Interest Rate as of the next
succeeding December 31 (to the extent the Account continues to
be deemed credited in the form of Deferred Stock Units through such
December 31).
(r) “ Date of
Grant ” means the date on which an Award is
granted.
(s) “ Deceased
Grantee ” means:
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(i) |
A Grantee whose employment by a Participating Company is
terminated by death; or |
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(ii) |
A Grantee who dies following termination of employment by a
Participating Company. |
(t) “ Deferral
Eligible Employee ” means:
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(i) |
An Eligible Employee whose Annual Rate of Pay is $200,000 or
more as of both: (i) the date on which an Initial Election is
filed with the Committee; and (ii) the first day of the
calendar year in which such Initial Election filed. |
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(ii) |
An Eligible Employee whose Annual Rate of Pay is $125,000 as of
each of: (A) June 30, 2002; (B) the date on which an
Initial Election is filed with the Committee; and (C) the
first day of each calendar year beginning after December 31,
2002. |
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(iii) |
Each New Key Employee. |
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(iv) |
Each other employee of a Participating Company who is
designated by the Committee, in its sole and absolute discretion,
as a Deferral Eligible Employee. |
(u) “ Deferred Stock
Units ” means the number of hypothetical Shares subject
to an Election.
(v) “ Disability
” means:
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(i) |
An individual’s inability to engage in any substantial
gainful activity by reason of any medically determinable physical
or mental impairment which can be expected to result in death or
can be expected to last for a continuous period of not less than 12
months; or |
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(ii) |
Circumstances under which, by reason of any medically
determinable physical or mental impairment which can be expected to
result in death or can be expected to last for a continuous period
of not less than 12 months, an individual is receiving income
replacement benefits for a period of not less than three months
under an accident or health plan covering employees of the
individual’s employer. |
(w) “ Disabled
Grantee ” means:
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(i) |
A Grantee whose employment by a Participating Company is
terminated by reason of Disability; |
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(ii) |
The duly-appointed legal guardian of an individual described in
Paragraph 2(w)(i) acting on behalf of such individual. |
(x) “
Diversification Election ” means a Grantee’s
election to have a portion of the Grantee’s Account credited
in the form of Deferred Stock Units and attributable to any grant
of Restricted Stock or Restricted Stock Units deemed liquidated and
credited thereafter under the Income Fund, as provided in Paragraph
8(h).
(y) “ Election
” means, as applicable, an Initial Election, a Subsequent
Election, or an Acceleration Election.
(z) “ Eligible
Employee ” means an employee of a Participating Company,
as determined by the Committee.
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(aa) “ Fair Market
Value ” means:
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(i) |
If Shares are listed on a stock exchange, Fair Market Value
shall be determined based on the last reported sale price of a
Share on the principal exchange on which Shares are listed on the
date of determination, or if such date is not a trading day, the
next trading date. |
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(ii) |
If Shares are not so listed, but trades of Shares are reported
on the Nasdaq National Market, Fair Market Value shall be
determined based on the last quoted sale price of a Share on the
Nasdaq National Market on the date of determination, or if such
date is not a trading day, the next trading date. |
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(iii) |
If Shares are not so listed nor trades of Shares so reported,
Fair Market Value shall be determined by the Committee in good
faith. |
(bb) “ Grandfathered
Amount ” means Deferred Stock Units described in
Paragraph 1(b).
(cc) “ Grantee
” means an Eligible Employee or Non-Employee Director who is
granted an Award.
(dd) “ Hardship
” means a Grantee’s severe financial hardship due to an
unforeseeable emergency resulting from a sudden and unexpected
illness or accident of the Grantee, or, a sudden and unexpected
illness or accident of a dependent (as defined by section 152(a) of
the Code) of the Grantee, or loss of the Grantee’s property
due to casualty, or other similar and extraordinary unforeseeable
circumstances arising as a result of events beyond the control of
the Grantee. A need to send the Grantee’s child to college or
a desire to purchase a home is not an unforeseeable emergency. No
Hardship shall be deemed to exist to the extent that the financial
hardship is or may be relieved (a) through reimbursement or
compensation by insurance or otherwise, (b) by borrowing from
commercial sources on reasonable commercial terms to the extent
that this borrowing would not itself cause a severe financial
hardship, (c) by cessation of deferrals under the Plan, or
(d) by liquidation of the Grantee’s other assets
(including assets of the Grantee’s spouse and minor children
that are reasonably available to the Grantee) to the extent that
this liquidation would not itself cause severe financial hardship.
For the purposes of the preceding sentence, the Grantee’s
resources shall be deemed to include those assets of his spouse and
minor children that are reasonably available to the Grantee;
however, property held for the Grantee’s child under an
irrevocable trust or under a Uniform Gifts to Minors Act
custodianship or Uniform Transfers to Minors Act
custodianship shall not be treated as a resource of the Grantee.
The Committee shall determine whether the circumstances of the
Grantee constitute an unforeseeable emergency and thus a Hardship
within the meaning of this Paragraph 2(dd). Following a uniform
procedure, the Committee’s determination shall consider any
facts or conditions deemed necessary or advisable by the Committee,
and the Grantee shall be required to submit any evidence of the
Grantee’s circumstances that the Committee requires. The
determination as to whether the Grantee’s circumstances are a
case of Hardship shall be based on the facts of each case; provided
however, that all determinations as to Hardship shall be uniformly
and consistently made according to the provisions of this Paragraph
2(dd) for all Grantees in similar circumstances.
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(ee) “ Income
Fund ” means a hypothetical investment fund pursuant to
which an amount equal to the Fair Market Value of Deferred Stock
Units subject to a Diversification Election is credited as of the
effective date of such Diversification Election and as to which
interest is credited thereafter until the date of distribution at
the Applicable Interest Rate.
(ff) “ Initial
Election ” means a written election on a form provided by
the Committee, pursuant to which a Grantee: (i) elects, within
the time or times specified in Paragraph 8(a), to defer the
distribution date of Shares issuable with respect to Restricted
Stock or Restricted Stock Units; and (ii) designates the
distribution date of such Shares.
(gg) “ New Key
Employee ” means each employee of a Participating Company
who: (i) becomes an employee of a Participating Company and
has an Annual Rate of Pay of $200,000 or more as of his employment
commencement date; or (ii) has an Annual Rate of Pay that is
increased to $200,000 or more and who, immediately preceding such
increase, was not a Deferral Eligible Employee.
(hh) “ Non-Employee
Director ” means an individual who is a member of the
Board, and who is not an employee of the Company, including an
individual who is a member of the Board and who previously was an
employee of the Company.
(ii) “ Normal
Retirement ” means a Grantee’s termination of
employment that is treated by the Participating Company as a
retirement under its employment policies and practices as in effect
from time to time.
(jj) “ Other
Available Shares ” means, as of any date, the sum
of:
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(i) |
The total number of Shares owned by a Grantee that were not
acquired by such Grantee pursuant to a Comcast Plan or otherwise in
connection with the performance of services to the Company or an
Affiliate; plus |
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(ii) |
The excess, if any of: |
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(1) |
The total number of Shares owned by a Grantee other than the
Shares described in Paragraph 2(jj)(i); over |
(A) The number of such Shares
owned by such Grantee for less than six months; plus
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(B) The number of such Shares
owned by such Grantee that has, within the preceding six months,
been the subject of a withholding certification pursuant to
Paragraph 9(c)(ii) or any similar withholding certification under
any other Comcast Plan; plus
(C) The number of such Shares
owned by such Grantee that has, within the preceding six months,
been received in exchange for Shares surrendered as payment, in
full or in part, or as to which ownership was attested to as
payment, in full or in part, of the exercise price for an option to
purchase any securities of the Company or an Affiliate of the
Company, under any Comcast Plan, but only to the extent of the
number of Shares surrendered or attested to; plus
(D) The number of such Shares
owned by such Grantee as to which evidence of ownership has, within
the preceding six months, been provided to the Company in
connection with the crediting of “Deferred Stock Units”
to such Grantee’s Account under the Comcast Corporation 2002
Deferred Stock Option Plan (as in effect from time to
time).
For purposes of this Paragraph 2(jj), a
Share that is subject to an Election pursuant to Paragraph 8 or a
deferral election pursuant to another Comcast Plan shall not be
treated as owned by a Grantee until all conditions to the delivery
of such Share have lapsed. The number of Other Available Shares
shall be determined separately for Common Stock and Special Common
Stock. For purposes of determining the number of Other Available
Shares, the term “Shares” shall also include the
securities held by a Grantee immediately before the consummation of
the AT&T Broadband Transaction that became Shares as a result
of the AT&T Broadband Transaction.
(kk) “ Participating
Company ” means the Company and each of the Subsidiary
Companies.
(ll) “
Performance-Based Compensation ” means
“performance-based compensation” within the meaning of
Q&A 22 of IRS Notice 2005-1 , or such other guidance as
may be issued by the Department of the Treasury under section 409A
of the Code.
(mm) “ Performance
Period ” means a period of at least 12 months during
which a Grantee may earn Performance-Based Compensation.
(nn) “ Person
” means an individual, a corporation, a partnership, an
association, a trust or any other entity or
organization.
(oo) “ Plan
” means the Comcast Corporation 2002 Restricted Stock Plan,
as set forth herein, and as amended from time to time.
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(pp) “ Prime
Rate ” means, for any calendar year, the interest rate
that, when compounded daily pursuant to rules established by the
Committee from time to time, is mathematically equivalent to the
prime rate of interest (compounded annually) as published in the
Eastern Edition of The Wall Street Journal on the last
business day preceding the first day of such calendar year, and as
adjusted as of the last business day preceding the first day of
each calendar year beginning thereafter.
(qq) “ Restricted
Stock ” means Shares subject to restrictions as set forth
in an Award.
(rr) “ Restricted
Stock Unit ” means a unit that entitles the Grantee, upon
the Vesting Date set forth in an Award, to receive one
Share.
(ss) “ Retired
Grantee ” means a Grantee who has terminated employment
pursuant to a Normal Retirement.
(tt) “ Rule
16b-3 ” means Rule 16b-3 promulgated under the 1934 Act,
as in effect from time to time.
(uu) “ Section 16(b)
Officer ” means an officer of the Company who is subject
to the short-swing profit recapture rules of section 16(b) of the
1934 Act.
(vv) “ Share
” or “ Shares ” means:
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(i) |
except as provided in Paragraph 2(vv)(ii), a share or shares of
Common Stock. |
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(ii) |
with respect to Awards granted before the consummation of the
AT&T Broadband Transaction as to which a Vesting Date has not
occurred, and for purposes of Paragraphs 2(jj) and 9(c), the term
“Share” or “Shares” also means a share or
shares of Special Common Stock. |
(ww) “ Special
Common Stock ” means Class A Special Common Stock,
par value $0.01, of the Company.
(xx) “ Special
Diversification Election ” means, with respect to each
separate grant of Restricted Stock or Restricted Stock Units, a
Diversification Election by a Grantee other than a Non-Employee
Director to have more than 40 percent of the Deferred Stock Units
credited to such Grantee’s Account in the Company Stock Fund
liquidated and credited thereafter under the Income Fund, as
provided in Paragraph 8(h)(i), if (and to the extent that) it is
approved by the Committee in accordance with Paragraph
8(h)(ii).
(yy) “ Subsequent
Election ” means a written election on a form provided by
the Committee, filed with the Committee in accordance with
Paragraph 8(d), pursuant to which a Grantee: (i) elects,
within the time or times specified in Paragraph 8(d), to further
defer the distribution date of Shares issuable with respect to
Restricted Stock or Restricted Stock Units; and
(ii) designates the distribution date of such
Shares.
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(zz) “ Subsidiary
Companies ” means all business entities that, at the time
in question, are subsidiaries of the Company, within the meaning of
section 424(f) of the Code.
(aaa) “
Successor-in-Interest ” means the estate or
beneficiary to whom the right to payment under the Plan shall have
passed by will or the laws of descent and distribution.
(bbb) “ Terminating
Event ” means any of the following events:
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(i) |
the liquidation of the Company; or |
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(ii) |
a Change of Control. |
(ccc) “ Third
Party ” means any Person, together with such
Person’s Affiliates, provided that the term “Third
Party” shall not include the Company or an Affiliate of the
Company.
(ddd) “ Vesting
Date ” means, as applicable: (i) the date on which
the restrictions imposed on a Share of Restricted Stock lapse or
(ii) the date on which the Grantee vests in a Restricted Stock
Unit.
(eee) “ 1933 Act
” means the Securities Act of 1933, as amended.
(fff) “ 1934 Act
” means the Securities Exchange Act of 1934, as
amended.
3. RIGHTS TO BE
GRANTED
Rights that may be granted
under the Plan are:
(a) Rights to Restricted
Stock which gives the Grantee ownership rights in the Shares
subject to the Award, subject to a substantial risk of forfeiture,
as set forth in Paragraph 7, and to deferred payment, as set forth
in Paragraph 8; and
(b) Rights to Restricted
Stock Units which give the Grantee the right to receive Shares upon
a Vesting Date, as set forth in Paragraph 7, and to deferred
payment, as set forth in Paragraph 8. The maximum number of Shares
subject to Awards that may be granted to any single individual in
any calendar year, adjusted as provided in Paragraph 10, shall be
one million Shares.
4. SHARES SUBJECT TO THE
PLAN
(a) Not more than
15 million Shares in the aggregate may be issued under the
Plan pursuant to the grant of Awards, subject to adjustment in
accordance with Paragraph 10, provided that subject to the approval
of the Company’s shareholders at the
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Company’s Annual
Meeting of Shareholders to be held in 2006, the number of Shares in
the aggregate that may be issued under the Plan, pursuant to the
grant of Awards, subject to adjustment in accordance with Paragraph
10, shall be increased from 15 million to 35 million. The
Shares issued under the Plan may, at the Company’s option, be
either Shares held in treasury or Shares originally issued for such
purpose.
(b) If (i) Restricted
Stock or Restricted Stock Units are forfeited pursuant to the terms
of an Award or (ii) with respect to Restricted Stock Units,
the Company withholds Shares to satisfy its minimum tax withholding
requirements as provid
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