EXPONENT INC
FORM OF RESTRICTED STOCK UNIT DIRECTOR GRANT AGREEMENT
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<TYPE>EX-10.33
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<FILENAME>dex1033.htm
<DESCRIPTION>FORM OF RESTRICTED STOCK UNIT DIRECTOR GRANT AGREEMENT
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<TITLE>Form of Restricted Stock Unit Director Grant Agreement</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10.33 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>EXPONENT, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>2008 Equity Incentive Plan </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Restricted Stock Unit Director Grant Agreement </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">This Restricted Stock Unit Director Grant Agreement (the &#147;Agreement&#148;) is entered into between Exponent, Inc., a Delaware corporation (the &#147;Company&#148;), and
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (the &#147;Director&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Pursuant to the terms of the
2008 Equity Incentive Plan (the &#147;Plan&#148;) the Company hereby awards to Director restricted stock units (&#147;Restricted Stock Units&#148;) on the terms and conditions as set forth in this Agreement and the Plan. The grant date for this
award is <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> <U>&nbsp;&nbsp;&nbsp;&nbsp;</U>, 200<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> (the &#147;Grant Date&#148;). Capitalized terms used but not defined in this Agreement shall
have the meaning specified in the Plan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In consideration of the mutual promises set forth below, the parties hereto agree as follows:
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1. <U>Award of Restricted Stock Units</U>. Subject to the terms and conditions of this Agreement and the Plan (the terms of which are
incorporated herein by reference) and effective as of the Grant Date, the Company hereby grants to the Director <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Restricted Stock Units. The Restricted Stock Units relate
on a one-for-one basis to shares of the Company&#146;s Common Stock (each such share, adjusted in accordance with Section&nbsp;14 of the Plan, a &#147;Share&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">2. <U>Vesting</U>. Restricted Stock Units vest (meaning that the Director&#146;s right to the Restricted Stock Units become nonforfeitable and no longer subject to any service requirement) in three equal installments
on the day prior to each of the Company&#146;s three annual stockholder meetings next following the Grant Date (each such date, a &#147;Vesting Date&#148;), provided that with respect to each Vesting Date the Director remains in continuous service
on the Company&#146;s Board of Directors (the &#147;Board&#148;) from the Grant Date through the Vesting Date. The period between the Grant Date and the earlier of (a)&nbsp;the third Vesting Date referred to in the preceding sentence (b)&nbsp;the
Termination Date (defined in Section&nbsp;3 below), and (c)&nbsp;the date of any accelerated vesting pursuant to Section&nbsp;5 below (such date, the &#147;Change in Control Date&#148;) is referred to as the &#147;Restricted Period.&#148;
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3. <U>Effect of Termination of Service; Forfeiture</U>. If the Director&#146;s service as a member of the Board terminates for any reason
or under any circumstances (including death or disability), the Director will vest in a pro rata portion of the Restricted Stock Units through the date of such service termination that qualifies as a &#147;separation from service&#148; with respect
to Board service under Code Section&nbsp;409A (the &#147;Termination Date&#148;) so that he or she will be treated as vested in that number of Restricted Stock Units that vested on each Vesting Date occurring prior to the Termination Date plus that
additional number of Restricted Stock Units as he or she would have been vested in as of the Termination Date if the award had been subject to daily vesting for the 365-day period beginning on the last preceding Vesting Date and ending on the
Termination </FONT>
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<FONT FACE="Times New Roman" SIZE="2">Date and the remainder of the Restricted Stock Units shall be forfeited. Upon forfeiture of Restricted Stock Units, the portion of the award so forfeited
shall terminate and the Company shall have no obligation to issue any Shares in settlement of that portion of the award. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4.
<U>Distribution</U>. Subject to any limitations set forth in this Agreement (including Sections 8 and 17) and the Plan, and subject to any deferral election made pursuant to Section&nbsp;6 below, a number of Shares of Common Stock will be issued
(&#147;distributed&#148;) to the Director in settlement of this Restricted Stock Unit equal to the number of then-vested Restricted Stock Units on (or as soon as practicable after, but in no later event later than the date that is forty-five
(45)&nbsp;days after) the earlier of (a)&nbsp;the third anniversary of the Grant Date, (b)&nbsp;the Termination Date, or (c)&nbsp;the Change in Control Date (the earlier of such dates, and without regard to any deferral of such date pursuant to
Section&nbsp;6, the &#147;Distribution Date&#148;). Subject to any deferral election made pursuant to Section&nbsp;6 below, upon or as soon as practicable following the Distribution Date, stock certificates (including electronic representations of
the same, the &#147;Certificate&#148;) evidencing the Shares issued upon settlement of vested Restricted Stock Units shall be issued and registered in the Director&#146;s name and delivered to (or appropriate notice in the case of electronic
Certificate delivered to) the Director (or in the case of the Director&#146;s death, to the Director&#146;s beneficiary or estate). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5.
<U>Change in Control</U>. In the event of a Change in Control (as defined in the Plan and as modified by Section&nbsp;17 below), all awards shall be vested and the shares underlying the Restricted Stock Units will be distributed as set forth in
section 4 above. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">6. <U>Deferral Election</U>. Subject to any conditions deemed appropriate from time to time by the Committee (including
suspension of the right to elect deferrals or to make changes to any existing deferral election), the Director may elect to defer the Distribution Date set forth in Section&nbsp;4 above using the form attached as <U>Exhibit&nbsp;A</U> (or any
successor form approved by the Administrator). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">7. <U>Dividends</U>. Participants holding Restricted Stock Units shall be entitled to
receive credit for cash dividends, stock dividends and other distributions paid during the Restricted Period (or, with respect to an award as to which a further deferral election has been made under Section&nbsp;6 above, also during the period
following the Restricted Period prior to the date the Shares are to be distributed under the terms of such deferral election) with respect to the corresponding number of Shares of Common Stock underlying the Restricted Stock Units , <I>provided</I>
that the fair market value of any such dividends or distributions shall be converted into an additional number of Restricted Stock Units (based on the Fair Market Value of the Common Stock at the time of such payment or distribution), which
additional Restricted Stock Units shall be subject to the same forfeiture restrictions and restrictions on transferability as apply to, and shall be settled at the same time as, and subject to the same deferral elections as, the Restricted Stock
Units with respect to which they relate. Credit under this paragraph for any dividends paid during the Restricted Period (including any additional deferral period) shall be done as soon as practicable following the payment date for such dividend.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">8. <U>Tax Withholding Obligations</U>. In such rare circumstances in which withholding is applicable, to meet any such obligations of the
Company and Director that might arise with respect to any withholding taxes, FICA contributions, or the like under any federal, state, or local </FONT>
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<FONT FACE="Times New Roman" SIZE="2">statute, ordinance, rule, or regulation in or connection with the award grant, vesting, deferral, or settlement of the Restricted Stock Units, the Committee
can, in the limited circumstances where appropriate, require that the Company withhold a number of shares of Common Stock otherwise deliverable having a Fair Market Value sufficient to satisfy the statutory minimum (or such higher amount as is
allowable without adverse accounting consequences) of the Participant&#146;s estimated total federal, state, and local tax obligations associated with vesting or settlement of the Restricted Stock Units. In such rare circumstances, the Company may
also, in lieu of or in addition to the foregoing, at its sole discretion, either require the Director to deposit with the Company an amount of cash sufficient to meet the withholding requirements and/or withhold the required amounts from the
Director&#146;s pay during the pay periods next following the date on which any such applicable tax liability otherwise arises. The Company shall not deliver any of the Certificates until and unless the Director has made the deposit required herein
or proper provision for required withholding has been made. The Director hereby consents to any action reasonably taken by the Company to meet the withholding obligations. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">9. <U>Restriction on Transferability</U>. Until the Distribution Date, the Restricted Stock Units may not be sold, transferred, pledged, assigned, or
otherwise alienated at any time. Any attempt to do so contrary to the provisions hereof shall be null and void. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">10. <U>Rights as
Shareholder</U>. Subject to Section&nbsp;6 above with respect to dividend rights, the Director shall not have voting or any other rights as a stockholder of the Company with respect to the Restricted Stock Units prior to the Distribution Date. Upon
the Distribution Date, the Director will obtain full voting and other rights as a shareholder of the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">11. <U>Administration</U>.
The Committee shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation, and application of the Plan as are consistent therewith and to interpret or revoke any such rules. All
actions taken and all interpretations and determinations made by the Committee shall be final and binding upon the Director, the Company, and all other interested persons. No member of the Committee shall be personally liable for any action,
determination, or interpretation made in good faith with respect to the Plan or this Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">12. <U>Effect on Other Employee Benefit
Plans</U>. The value of the Restricted Stock Units granted pursuant to this Agreement shall not be included as compensation, earnings, salaries, or other similar terms used when calculating the Director&#146;s benefits under any director or other
benefit plan sponsored by the Company or any Subsidiary except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any of the Company&#146;s or any Subsidiary&#146;s employee benefit
plans. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">13. <U>Amendment</U>. This Agreement may be amended only by a writing executed by the Company and the Director which specifically
states that it is amending this Agreement. Notwithstanding the foregoing, this Agreement may be amended solely by the Committee by a writing which specifically states that it is amending this Agreement, so long as a copy of such amendment is
delivered to the Director, and provided that no such amendment adversely affects the rights of the Director (but limiting the foregoing, the Committee reserves the right to change, by written notice to the Director, the provisions of the Restricted
Stock Units or this Agreement in any way it may deem necessary or advisable to carry out the purpose of the grant as a result of </FONT>
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<FONT FACE="Times New Roman" SIZE="2">any change in applicable laws or regulations or any future law, regulation, ruling, or judicial decision, provided that any such change shall be applicable
only to Restricted Stock Units which are then subject to restrictions as provided herein). Notwithstanding anything else to the contrary in this Section&nbsp;13 or in the Plan, any amendment to this Agreement shall be subject to the requirements of
Section&nbsp;17 below. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">14. <U>Notices</U>. Any notice to be given under the terms of this Agreement to the Company shall be addressed to
the Company in care of its stock administrator. Any notice to be given to Director shall be addressed to Director at the address listed in the Company&#146;s records. By a notice given pursuant to this Section, either party may designate a different
address for notices. Any notice shall have been deemed given when actually delivered. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">15. <U>Severability</U>. If all or any part of this
Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid. Any Section of
this Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining
lawful and valid. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">16. <U>Construction</U>. The Restricted Stock Units are being issued pursuant to Section&nbsp;11 of the Plan and are
subject to the terms of the Plan. A copy of the Plan has been given to the Director, and additional copies of the Plan are available upon request during normal business hours at the principal executive offices of the Company. To the extent that any
provision of this Agreement violates or is inconsistent with an express provision of the Plan, the Plan provision shall govern and any inconsistent provision in this Agreement shall be of no force or effect. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">17. <U>Code Section&nbsp;409A Matters.</U> This Restricted Stock Unit award is a nonqualified deferred compensation arrangement subject to Code
Section&nbsp;409A. The Company has attempted in good faith to structure this Restricted Stock Unit award (including any deferral elections made in connection with such award) in a manner that conforms to the requirements of Code
Section&nbsp;409A(a)(2), (3)&nbsp;and (4)&nbsp;and any ambiguities herein will be interpreted to so conform with these requirements to the maximum extent permissible. To the extent the IRS challenges whether this award in fact conforms with Code
Section&nbsp;409A(a)(2), (3)&nbsp;and (4), the Director shall be fully responsible for any additional taxes, penalties and/or interest that might apply as a result of any adverse determination resulting from such challenge. To the extent this award
contemplates multiple Distribution Dates (including as a result of a deferral election), each amount to be paid (Shares to be distributed) hereunder on any particular Distribution Date is designated as a separate payment and such payments will not
collectively be treated as a single payment. Any subsequent deferral election shall comply with the subsequent deferral election rules of Section&nbsp;409A(a)(4)(C) (which, as relevant to this award, are set forth on the election form attached
hereto as <U>Exhibit A</U>). Notwithstanding anything else to the contrary in this Agreement or in the Plan, the Company may accelerate distribution of Shares under this Agreement only in accordance with Treas. Reg. &#167;1.409A-3(j)(4). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Notwithstanding anything to the contrary contained in the Plan or this Agreement, any acceleration of the Distribution Date that occurs pursuant to
Section&nbsp;5 above and/or Section&nbsp;14(c) of the Plan shall only occur on a Change in Control (as defined in the Plan) that qualifies as a </FONT>
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<FONT FACE="Times New Roman" SIZE="2">&#147;change in ownership or effective control,&#148; or a &#147;change in ownership of a substantial portion of the assets,&#148; of the Company, all as
defined under Code Section&nbsp;409A. In addition, for all purposes under this Agreement and to the extent permitted under Code Section&nbsp;409A, the Director shall have a &#147;separation from service&#148; as defined under Code Section&nbsp;409A
upon the Termination Date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In addition, and notwithstanding any provision of this Agreement including Section&nbsp;4 above to the
contrary, if at the time of the Director&#146;s Termination Date he or she is a &#147;specified employee&#148; (as defined in Code Section&nbsp;409A), and if and only if the deferral of payment (distribution of Shares) as a result of the
Director&#146;s termination of service is necessary in order to prevent any accelerated income recognition or additional tax under Code Section&nbsp;409A(a)(1), then the Distribution Date shall be delayed until the earlier of (1)&nbsp;that date that
is six months following the date on which occurs the Director&#146;s separation from service or (2)&nbsp;the date of the Director&#146;s death following his or her separation from service. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">18. <U>Miscellaneous</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) The Board may
terminate, amend, or modify the Plan; provided, however, that no such termination, amendment, or modification of the Plan may in any way adversely affect the Participant&#146;s rights under this Agreement, without the Participant&#146;s written
approval. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) This Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental
agencies or national securities exchanges as may be required. The Company shall have no liability for failure to issue Shares pursuant to this Agreement unless it is able to do so in compliance with all Applicable Laws. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) All obligations of the Company under the Plan and this Agreement, with respect to the Restricted Stock Units, shall be binding on any successor to
the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(d) By signing this Agreement, the Director acknowledges that his or her personal employment or other service information regarding participation in the
Plan and information necessary to determine and pay, if applicable, benefits under the Plan must be shared with other entities, including companies related to the Company and persons responsible for certain acts in the administration of the Plan. By
signing this Agreement, the Director consents to such transmission of personal data, as the Company believes is appropriate to administer the Plan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman"
SIZE="2">(e) To the extent not preempted by federal law, this Agreement shall be governed by, and construed in accordance with, the laws of the State of California. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">IN WITNESS WHEREOF, the parties have executed and delivered this Agreement effective as of the day and
year first above written. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Director&#148;</B></FONT></TD>
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<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>&#147;Company&#148;</B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P
STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Exponent, Inc.</FONT></P></TD></TR>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Richard L. Schlenker, Jr.</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Chief Financial Officer and</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Corporate Secretary</FONT></TD></TR>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>EXPONENT, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>RESTRICTED STOCK UNIT </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>DEFERRAL ELECTION </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The following election constitutes an election by the undersigned (&#147;you&#148;) to defer payment of vested benefits and recognition of income
pursuant to the Restricted Stock Unit (&#147;RSU&#148;) Director Grant Agreement (&#147;Agreement&#148;) between you and Exponent, Inc. (&#147;Company&#148;) under the Company&#146;s 2008 Equity Incentive Plan. This Deferral Election may be entered
into prior to or, in limited circumstances (described below) following, the grant of your RSU. Capitalized terms used but not defined have the meanings set forth in the Company&#146;s standard form Agreement for Director RSU grants. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">You understand you are not obligated to make a deferral election in the manner offered on this election form. If you do not make a deferral election on
this form, the Distribution Date of the RSU (the date the Shares subject to <B><I>vested</I></B> RSUs will be issued to you) will be the <B><I>earlier</I></B> of: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">the third anniversary of the Grant Date of your RSU (the &#147;Third Anniversary&#148;), or </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">your Termination Date (see Sections 2, 3 and 4 of the Agreement), or </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">the Change in Control Date (see Sections 2, 4, 5 and 17 of the Agreement and Section&nbsp;14(c) of the Plan), </FONT></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">or as soon as practicable thereafter, but in no later event later than the date that is forty-five (45)&nbsp;days after the relevant date. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Even if you make a deferral election on this form, the Shares underlying your vested RSUs will be distributed to you (or your heirs or estate) earlier
than the date(s) you elect in the event of (1)&nbsp;your death prior the elected distribution date(s), or (2)&nbsp;a Change in Control of the Company in which your RSUs are terminating under Section&nbsp;5 of the Agreement. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">I. <B>Deferral Election Made Prior to Grant Date of RSU.</B> To defer the Distribution Date of the RSU beyond the date specified in the second paragraph
above, please select <U>one</U> of the following choices (A-E). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">You agree to defer the Distribution Date applicable to your RSU so that
the Shares underlying your vested RSU will be issued to you: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> In one installment on January&nbsp;15 , 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> (but not before the Third
Anniversary); or </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">B.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> In <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (not to exceed
five) annual installments starting on January&nbsp;15, 20__ (but not before the Third Anniversary); or </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">C.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> In one installment on the date that is thirty (30)&nbsp;days following your Termination Date (the
date that your service on the Company&#146;s Board terminates other than as a result of your death) that occurs after the Third Anniversary; or </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">7 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">D.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> In one installment on the earlier of (1)&nbsp;January&nbsp;15, 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> (but
not before the Third Anniversary) or (2)&nbsp;the date that is thirty (30)&nbsp;days following your Termination Date that occurs after the Third Anniversary; or </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">E.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> In <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (not to exceed
five) annual installments starting on January&nbsp;15, 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> (but not before the Third Anniversary), unless your Termination Date occurs after the Third Anniversary but before distribution of the final installment under
this Section E, in which case any Shares related to vested RSUs that have not yet been distributed shall be distributed in a single installment on the date that is thirty (30)&nbsp;days following your Termination Date. </FONT></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Your election above shall become irrevocable as of the Grant Date and may be changed only in accordance with the requirements of Section II below. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B></B>II. <B>Deferral Election Made After the Date of Grant. </B>To defer the Distribution Date of the RSU beyond the date specified at the Grant Date
(including any Deferral Election you previously made with respect to the RSU under Section I above), the following rules will apply to your Deferral Election and, to the extent your election under this Section II does not conform with these rules,
your election will be void and the original Distribution Date or your prior election, as applicable, will continue to apply: <B> </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; padding-bottom:8px; margin-top:-2px" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"> <P STYLE="line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></P></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="line-height:95%; vertical-align:top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Your Deferral Election under this Section II will become irrevocable as of tenth (10</FONT><FONT FACE="Times New Roman"
SIZE="1"><SUP>th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2">)&nbsp;day after it is delivered to the Company, subject to the Company&#146;s review of the Deferral Election to ensure that it complies with all the requirements set forth herein,
in the Agreement and in the Plan. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Your Deferral Election under this Section II will not be given effect until twelve (12)&nbsp;months and one day after the date on which it becomes irrevocable.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">The date specified in your Deferral Election under this Section II must be after the date that is five (5)&nbsp;years after whichever of the following date(s) (the
&#147;Prior Distribution Date&#148;) would have applied in the absence of your election under this Section II: (a)&nbsp;the Third Anniversary, or (b)&nbsp;the last of the date(s) previously specified under a Deferral Election under Section I above.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">You agree to defer the Distribution Date applicable to your RSU so that the Shares underlying your vested RSU will be
issued to you: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> In one installment on January&nbsp;15, 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> (but not before the fifth
anniversary of the Prior Distribution Date); or </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">B.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> In <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (not to exceed
five) annual installments starting on January&nbsp;15, 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> (but not before the fifth anniversary of the Prior Distribution Date); or </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; padding-bottom:8px; margin-top:-2px" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"> <P STYLE="line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">C.</FONT></P></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="line-height:95%; vertical-align:top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> In one installment on the earlier of
(1)&nbsp;January&nbsp;15, 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> (but not before the Prior Distribution Date) or (2)&nbsp;the date that is thirty (30)&nbsp;days following the fifth (5</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>th</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2">)&nbsp;anniversary of your Termination Date (the date that your service on the Company&#146;s Board terminates other than as a result of your death). </FONT></P></TD></TR></TABLE> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">8 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company shall have sole discretion to revise the terms of this election form, or the procedures with
respect to making this election or any election change, to the extent the Company deems it helpful or appropriate to comply with applicable law. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">[Director Name]</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">[Date]</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">9 </FONT></P>

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