EX-10.3





 Exhibit 10.3 

2014 STOCK OPTION PLAN OF 

HOTSHINE HOLDINGS, INC. 

Hotshine Holdings, Inc., a Delaware corporation (the “Company”), hereby adopts this 2014 Stock Option Plan of Hotshine
Holdings, Inc. (the “Plan”). The purposes of the Plan are as follows: 
 (1) To further the growth, development and
financial success of the Company and its Subsidiaries (as defined herein) by providing additional incentives to Employees, Consultants and Independent Directors (as such terms are defined below) of the Company and its Subsidiaries who have been or
will be given responsibility for the management or administration of the Company’s or one of its Subsidiaries’ business affairs, by assisting them to become owners of Common Stock (as defined herein), thereby enabling them to benefit
directly from the growth, development and financial success of the Company and its Subsidiaries. 
 (2) To enable the Company and its
Subsidiaries to obtain and retain the services of the type of professional, technical and managerial Employees, Consultants and Independent Directors considered essential to the long-range success of the Company and its Subsidiaries by providing and
offering them an opportunity to become owners of Common Stock through the exercise of Options (as defined herein), including, in the case of certain Employees, Options that are intended to qualify as “incentive stock options” under
Section 422 of the Code (as defined herein). 
 ARTICLE I. 

DEFINITIONS 
 Whenever the
following terms are used in this Plan, they shall have the meaning specified below unless the context clearly indicates to the contrary. The singular pronoun shall include the plural where the context so indicates. 

Section 1.1 “Affiliate” shall mean, with respect to any Person, any other Person directly or
indirectly controlling, controlled by, or under common control with, such Person where “control” shall have the meaning given such term under Rule 405 of the Securities Act. 

Section 1.2 “Board” shall mean the Board of Directors of the Company. 

Section 1.3 “Closing” shall mean the consummation of the transactions contemplated by that certain
Agreement and Plan of Merger by and among Hotshine Holdings, Inc., Hotshine MergerCo, Inc., Mister Car Wash Holdings, Inc., ONCAP Investment Partners II Inc., dated as of July 14, 2014. 

Section 1.4 “Code” shall mean the Internal Revenue Code of 1986, as amended.
Section 1.5 “Committee” shall mean the Committee appointed as provided in Section 6.1. 

Section 1.6 “Common Stock” shall mean the common stock, par value $0.01 per share, of the Company.


  
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 Section 1.7 “Company” shall mean Hotshine
Holdings, Inc., a Delaware corporation.    In addition, “Company” shall mean any corporation assuming, or issuing new employee stock options in substitution for, Incentive Stock Options outstanding under the Plan in a
transaction to which Section 424(a) of the Code applies. 
 Section 1.8 “Consultant” shall
mean any consultant or adviser if: (a) the consultant or adviser renders bona fide services to the Company or a Subsidiary thereof; (b) the services rendered by the consultant or adviser are not in connection with the offer or sale
of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Company’s securities; and (c) the consultant or adviser is a natural person. 

Section 1.9 “Corporate Event” shall mean, as determined by the Committee (or by the Board in the
case of Options granted to Independent Directors) in its reasonable discretion, any transaction or event described in Section 7.1(a) or any unusual or nonrecurring transaction or event affecting the Company, any Affiliate of the Company, or the
financial statements of the Company or any Affiliate of the Company, or any change in applicable laws, regulations, or accounting principles. 

Section 1.10 “Director” shall mean a member of the Board. 

Section 1.11 “Eligible Representative” for an Optionee shall mean such Optionee’s personal
representative or such other person as is empowered under a deceased Optionee’s will or the then-applicable laws of descent and distribution to represent the Optionee hereunder. 

Section 1.12 “Employee” shall mean, with respect to any entity, any employee of such entity (as
defined in accordance with the regulations and revenue rulings then applicable under Section 3401(c) of the Code). 

Section 1.13 “Equity Restructuring” shall mean a
non-reciprocal transaction between the Company and its stockholders, such as a stock dividend, stock split, spin-off, rights offering or recapitalization through a
large, nonrecurring cash dividend, that affects the shares of Common Stock (or other securities of the Company) or the share price of the Common Stock (or other securities of the Company) and causes a change in the per share value of the Common
Stock underlying outstanding Options. 
 Section 1.14 “Exchange Act” shall mean the Securities
Exchange Act of 1934, as amended. 
 Section 1.15 “Fair Market Value”
of a share of Common Stock as of a given date shall be: 
 (a) The closing price of a share of Common Stock on the New York Stock Exchange,
Nasdaq or such other principal exchange on which such shares are then trading, if any (or as reported on any composite index which includes the New York Stock Exchange, Nasdaq or such other principal exchange), on the most recent trading day prior
to such determination date on which a sale occurred; or 

  
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 (b) If Common Stock is not traded on an exchange but is quoted on a quotation system, the
mean between the closing representative bid and asked prices for a share of Common Stock on the most recent trading day prior to such determination date on which sales prices or bid and asked prices, as applicable, are reported by such quotation
system; or 
 (c) If Common Stock is not publicly traded on an exchange and not quoted on a quotation system, the fair market value of a
share of Common Stock as determined by the Board in its reasonable discretion. 
 Section 1.16 “Incentive
Stock Option” shall mean an Option that conforms to the applicable provisions of Sections 422 and 424 of the Code and that is designated as an Incentive Stock Option by the Committee. 

Section 1.17 “Independent Director” shall mean a member of the Board who is not (a) an
Employee of the Company or any of its Subsidiaries or (b) an employee, principal, partner or other Affiliate of any of the Principal Stockholders. 

Section 1.18 “Initial Public Offering” shall mean the first underwritten public offering of the
Common Stock pursuant to an effective registration statement filed by the Company with the United States Securities and Exchange Commission (other than on Forms S-4 or
S-8 or successors to such forms) under the Securities Act. 
 Section 1.19
“Non-Qualified Stock Option” shall mean an Option which is not an “incentive stock option” within the meaning of Section 422 of the Code. 

Section 1.20 “Officer” shall mean an officer of the Company, as defined in Rule 16a- l(f) under the Exchange Act, as such Rule may be amended from time to time. 

Section 1.21 “Option” shall mean an option granted under the Plan to purchase Common Stock. Subject
to Section 3.2, an Option shall, as determined by the Committee, be either an Incentive Stock Option or a Non-Qualified Stock Option. 

Section 1.22 “Optionee” shall mean an Employee, Consultant or Independent Director to whom an
Option is granted under the Plan. 
 Section 1.23 “Person” shall mean an individual, partnership,
corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture, governmental authority or other entity of whatever nature. 

Section 1.24 “Plan” shall mean this 2014 Stock Option Plan of Hotshine Holdings, Inc., as amended
from time to time. 
 Section 1.25 “Principal Stockholders” shall mean
(a) Green Equity Investors VI, L.P., (b) Green Equity Investors Side VI, L.P., (c) LGP Associates VI-A, LLC, (d) LGP Associates VI-B LLC, and (e) the
Affiliates of the Persons described in Sections 1.25(a) through (d); provided that in no event shall the Company or any of its Subsidiaries be considered a Principal Stockholder. 

  
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 Section 1.26 “Rule
16b-3” shall mean Rule 16b-3 promulgated under the Exchange Act, as such Rule may be amended from time to time. 

Section 1.27 “Securities Act” shall mean the Securities Act of 1933, as amended.
Section 1.28 “Stock Option Agreement” shall have the meaning set forth in Section 4.1. Section 1.29 “Stockholders Agreement” shall mean that certain Hotshine
Holdings, Inc. 
 Stockholders Agreement, entered into as of August 21, 2014, as it may be amended from time to time. 

Section 1.30 “Subsidiary” of any entity shall mean any entity in an unbroken chain of entities
beginning with such entity if each of the entities other than the last entity in the unbroken chain then owns stock or ownership interests possessing 50% or more of the total combined voting power of all classes of stock or ownership interests in
one of the other entities in such chain. 
 Section 1.31 “Termination of Consultancy” shall mean
the time when the engagement of an Optionee as a Consultant to the Company or a Subsidiary thereof is terminated for any reason, with or without cause, including, but not by way of limitation, by resignation, discharge, death or retirement, but
excluding a termination where there is a simultaneous commencement of employment with the Company or any Subsidiary thereof and/or the Consultant becomes (or remains) a Director. The Committee, in its sole discretion, shall determine the effect of
all matters and questions relating to Termination of Consultancy. 
 Section 1.32 “Termination of
Directorship” shall mean the time when an Optionee who is an Independent Director ceases to be a Director for any reason, including but not by way of limitation, a termination by resignation, failure to be elected or appointed, death or
retirement. The Board, in its sole discretion, shall determine the effect of all matters and questions relating to Termination of Directorship. 

Section 1.33 “Termination of Employment” shall mean the time when the employee- employer
relationship between an Optionee and the Company (and its Subsidiaries), is terminated for any reason, with or without cause, including, but not by way of limitation, a termination by resignation, discharge, death or retirement, but excluding a
termination where there is a simultaneous reemployment by the Company or one of its Subsidiaries of the Employee and/or the Employee becomes a Director. The Committee shall determine the effect of all matters and questions relating to Termination of
Employment for purposes of the Plan, including, but not by way of limitation, the question of whether a Termination of Employment resulted from a discharge for cause for purposes of the Plan, and all questions of whether a particular leave of
absence constitutes a Termination of Employment for purposes of the Plan; provided, however, that, with respect to Incentive Stock Options, a leave of absence shall constitute a Termination of Employment if, and to the extent that,
such leave of absence interrupts employment for the purposes of Section 422(a)(2) of the Code and the then-applicable regulations and revenue rulings under Section 422(a)(2) of the Code; provided, further, that any Incentive
Stock Option that remains outstanding following the time an Optionee ceases to be an Employee (even if the Optionee continues to serve as a Director) shall become a Non-Qualified Stock Option as of the
three-month anniversary of the date the Optionee ceases to be an Employee. 

  
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 Section 1.34 “Termination of Services” shall mean
the time of any Termination of Employment, Termination of Consultancy or Termination of Directorship, as applicable, following which an Optionee no longer provides any services to the Company or any Subsidiary thereof as (a) an Employee,
(b) a Consultant, or (c) an Independent Director. 
 ARTICLE II. 

SHARES SUBJECT TO PLAN 

Section 2.1 Shares Subject to Plan. The shares of stock subject to Options shall be shares of Common Stock.
Subject to Section 7.1, the aggregate number of such shares which may be issued upon exercise of Options shall not exceed 386,979.00 shares of Common Stock. 

Section 2.2 Unexercised Options. If any Option (or portion thereof) expires or is canceled without having
been fully exercised, the number of shares of Common Stock subject to such Option (or portion thereof), but as to which such Option was not exercised prior to its expiration or cancellation, may again be optioned hereunder, subject to the
limitations of Section 2.1. 
 ARTICLE III. 

GRANTING OF OPTIONS 

Section 3.1 Eligibility. Subject to Section 3.2, any (a) Employee of the Company or one of its
Subsidiaries; (b) Consultant; or (c) Independent Director shall be eligible to be granted Options. 

Section 3.2 Qualification of Incentive Stock Options. Notwithstanding Section 3.1, no Incentive Stock
Option shall be granted to any person who is not an Employee of the Company or one of its corporate Subsidiaries. 

Section 3.3 Granting of Options to Employees and Consultants 

(a) The Committee shall from time to time: 

(i) Select from among the Employees and Consultants of the Company and any of its Subsidiaries (including those to whom Options have been
previously granted under the Plan) such of them as in its opinion should be granted Options; 
 (ii) Determine the number of shares of
Common Stock to be subject to such Options granted to such Employees and Consultants and, subject to Section 3.2, determine whether such Options are to be Incentive Stock Options or Non-Qualified Stock
Options; and 
 (iii) Determine the terms and conditions of such Options, consistent with the Plan. 

(b) Upon the selection of an Employee or Consultant of the Company or any 

  
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of its Subsidiaries to be granted an Option pursuant to Section 3.3(a), the Committee shall instruct the corporate secretary or another authorized Officer to issue such Option and may impose
such conditions on the grant of such Option as it deems appropriate. Without limiting the generality of the preceding sentence, the Committee may require as a condition to the grant of an Option to such Employee or Consultant that such Employee or
Consultant surrender for cancellation some or all of the unexercised Options which have been previously granted to him or her. An Option the grant of which is conditioned upon such surrender may have an Option price lower (or higher) than the Option
price of the surrendered Option, may cover the same (or a lesser or greater) number of shares as the surrendered Option, may contain such other terms as the Committee deems appropriate, and shall be exercisable in accordance with its terms, without
regard to the number of shares, price, period of exercisability or any other term or condition of the surrendered Option. 

Section 3.4 Granting of Options to Independent Directors 

(a) The Board may from time to time: 

(i) Select from among the Independent Directors (including those to whom Options have previously been granted under the Plan) such of them as
in its opinion should be granted Options; 
 (ii) Determine the number of shares of Common Stock to be subject to such Options granted to
such selected Independent Directors; and 
 (iii) Determine the terms and conditions of such Options, consistent with the Plan;
provided, however, that all Options granted to Independent Directors shall be Non- Qualified Stock Options. 

(b) Upon the selection of an Independent Director to be granted an Option pursuant to Section 3.4(a), the Board shall instruct the
corporate secretary or another authorized Officer to issue such Option and may impose such conditions on the grant of such Option as it deems appropriate. Without limiting the generality of the preceding sentence, the Board may require as a
condition to the grant of an Option to an Independent Director that the Independent Director surrender for cancellation some or all of the unexercised Options which have been previously granted to him or her. An Option the grant of which is
conditioned upon such surrender may have an Option price lower (or higher) than the Option price of the surrendered Option, may cover the same (or a lesser or greater) number of shares as the surrendered Option, may contain such other terms as the
Board deems appropriate, and shall be exercisable in accordance with its terms, without regard to the number of shares, price, period of exercisability or any other term or condition of the surrendered Option. 

ARTICLE IV. 
 TERMS OF
OPTIONS 
 Section 4.1 Stock Option Agreement. Each Option shall be evidenced by a written stock
option agreement (“Stock Option Agreement”), which shall be executed by the Optionee and an authorized Officer and which shall contain such terms and conditions as the Committee (or the Board in the case of Options granted to
Independent Directors) shall determine, consistent with the Plan. Stock Option Agreements evidencing Incentive Stock Options shall contain such terms and conditions as may be necessary to qualify such Options as “incentive stock options”
within the meaning of Section 422 of the Code. 

  
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 Section 4.2 Exercisability of Options 

(a) Each Option shall become exercisable according to the terms of the applicable Stock Option Agreement; provided, however, that
by a resolution adopted after an Option is granted the Committee (or the Board in the case of Options granted to Independent Directors) may, on such terms and conditions as it may determine to be appropriate, accelerate the time at which such Option
or any portion thereof may be exercised. 
 (b) Except as otherwise provided in the applicable Stock Option Agreement, no portion of an
Option which is unexercisable at Termination of Services shall thereafter become exercisable. 
 (c) To the extent that the aggregate Fair
Market Value of stock with respect to which “incentive stock options” (within the meaning of Section 422 of the Code, but without regard to Section 422(d) of the Code) are exercisable for the first time by an Optionee during any
calendar year (under the Plan and all other incentive stock option plans of the Company or any Subsidiary thereof) exceeds $100,000, such options shall be treated and taxable as Non-Qualified Stock Options.
The rule set forth in the preceding sentence shall be applied by taking options into account in the order in which they were granted, and any stock certificate issued upon exercise of options shall designate whether such stock was acquired upon
exercise of an Incentive Stock Option. For purposes of these rules, the Fair Market Value of stock shall be determined as of the date of grant of the Option granted with respect to such stock. 

Section 4.3 Option Price. The price of the shares subject to each Option shall be set by the Committee (or the
Board in the case of Options granted to Independent Directors); provided, however, that in the case of an Incentive Stock Option, the price per share shall be not less than 100% of the Fair Market Value of such shares on the date such
Option is granted; and provided, further, that in the case of an Incentive Stock Option granted to an individual then owning (within the meaning of Section 424(d) of the Code) more than 10% of the total combined voting power of
all classes of stock of the Company or any of its Subsidiaries, the price per share shall not be less than 110% of the Fair Market Value of such shares on the date such Incentive Stock Option is granted. 

Section 4.4 Expiration of Options. No Option may be exercised to any extent by anyone after the first to occur
of the following events (or such earlier date as may be set forth in any applicable Stock Option Agreement): 
 (a) With respect to a Non-Qualified Stock Option, the expiration of ten years from the date the Non-Qualified Stock Option was granted; or 

(b) With respect to an Incentive Stock Option in the case of an Optionee owning (within the meaning of Section 424(d) of the Code), at the
time the Incentive Stock Option was granted, 10% or less of the total combined voting power of all classes of stock of the Company or any Subsidiary thereof, the expiration of ten years from the date the Incentive Stock Option was granted; or 

  
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 (c) With respect to an Incentive Stock Option in the case of an Optionee owning (within the
meaning of Section 424(d) of the Code), at the time the Incentive Stock Option was granted, more than 10% of the total combined voting power of all classes of stock of the Company or any Subsidiary thereof, the expiration of five years from the
date the Incentive Stock Option was granted. 
 Section 4.5 At-Will
Services. Nothing in the Plan or in any Stock Option Agreement hereunder shall confer upon any Optionee any right to continue in the employ of, or service as a Consultant or Director to, the Company or any Subsidiary thereof, or shall interfere
with or restrict in any way the rights of the Company and any Subsidiary thereof, which are hereby expressly reserved, to discharge any Optionee at any time for any reason whatsoever, with or without cause, except to the extent expressly provided
otherwise in a written agreement between the Optionee and the Company or any Subsidiary thereof. 
 ARTICLE V. 

EXERCISE OF OPTIONS 

Section 5.1 Person Eligible to Exercise. During the lifetime of the Optionee, only he or she may exercise an
Option (or any portion thereof); provided, however, that the Optionee’s Eligible Representative may exercise such Optionee’s Option during the period of his or her disability, notwithstanding that an Option so exercised may
not qualify as an Incentive Stock Option. After the death of the Optionee, any exercisable portion of an Option may, prior to the time when such portion becomes unexercisable under the Plan or the applicable Stock Option Agreement, be exercised by
his or her Eligible Representative. 
 Section 5.2 Partial Exercise. At any time and from time to time prior
to the time when the Option becomes unexercisable under the Plan or the applicable Stock Option Agreement, the exercisable portion of an Option may be exercised in whole or in part; provided, however, that the Company shall not be
required to issue fractional shares and the Committee (or the Board in the case of Options granted to Independent Directors) may, by the terms of the Stock Option Agreement, require any partial exercise to exceed a specified minimum number of
shares. 
 Section 5.3 Manner of Exercise. An exercisable Option, or any exercisable portion thereof, may be
exercised solely by delivery to the corporate secretary of all of the following prior to the time when such Option or such portion becomes unexercisable under the Plan or the applicable Stock Option Agreement: 

(a) Notice in writing signed by the Optionee or his or her Eligible Representative stating that such Option or portion is exercised, and
specifically stating the number of shares with respect to which the Option is being exercised; 
 (b) A copy of the Stockholders Agreement
signed by the Optionee or Eligible Representative, as applicable; 
 (c) Full payment for the shares with respect to which such Option or
portion is thereby exercised: 

  
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 (i) In cash, by certified or bank cashier check, or by wire transfer; or 

(ii) With the consent of the Committee (or the Board in the case of Options granted to Independent Directors) (which shall be granted in its
reasonable discretion), (A) shares of Common Stock owned by the Optionee, duly endorsed for transfer to the Company with a Fair Market Value on the date of delivery equal to the aggregate exercise price of the Option or exercised portion thereof
(provided such shares of Common Stock have been held by the Optionee for at least six (6) months after the date on or after which the Optionee first acquired such Shares and such Shares became vested); (B) except with respect to Incentive Stock
Options, shares of Common Stock issuable to the Optionee upon exercise of the Option, with a Fair Market Value on the date of Option exercise equal to the aggregate exercise price of the Option or exercised portion thereof; (C) following an
Initial Public Offering and pursuant to any policies and procedures adopted by the Committee (or the Board in the case of Options granted to Independent Directors), delivery of a notice that the Optionee has placed a market sell order with a broker
with respect to shares of Common Stock then issuable upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the Option exercise price; or
(D) any combination of the consideration listed in this Section 5.3(c)(ii) or any other property of any kind which is deemed to constitute good and valuable consideration by the Committee (or the Board in the case of Options granted to
Independent Directors); 
 (d) The payment to the Company (in cash, by certified or bank cashier check, by wire transfer or by any other
means of payment approved by the Committee) of all amounts necessary to satisfy any and all federal, state and local tax withholding requirements arising in connection with the exercise of the Option; provided that the Committee may, in its
reasonable discretion, allow the Optionee to satisfy the withholding tax obligations arising in connection with the exercise of any Option under the Plan by electing to have the Company withhold from the Common Stock to be issued that number of
shares of Common Stock having a Fair Market Value equal to the amount required to be withheld (based on minimum applicable statutory withholding rates), determined on the date that the amount of tax to be withheld is determined; 

(e) Such representations and documents as the Committee (or the Board in the case of Options granted to Independent Directors) deems necessary
or advisable to effect compliance with all applicable provisions of the Securities Act, Exchange Act and any other federal or state securities laws or regulations. The Committee (or the Board in the case of Options granted to Independent Directors)
may, in its sole discretion, also take whatever additional actions it deems appropriate to effect such compliance including, without limitation, placing legends on share certificates and issuing stop-transfer orders to transfer agents and
registrars; and 
 (f) In the event that the Option or portion thereof shall be exercised pursuant to Section 5.1 by any person or
persons other than the Optionee, appropriate proof of the right of such person or persons to exercise the Option or portion thereof. 

Section 5.4 Conditions to Issuance of Shares. The shares of Common Stock issuable upon the exercise of an
Option, or any portion thereof, may be either previously authorized but unissued shares or issued shares which have then been reacquired by the Company. The Company shall not be required to record on the books of the Company any shares of Common
Stock purchased upon the exercise of any Option or portion thereof or issue or deliver any certificate or certificates for shares of Common Stock purchased upon the exercise of any Option or portion thereof prior to fulfillment of all of the
following conditions: 

  
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 (a) The admission of such shares to listing on any and all stock exchanges on which such
class of stock is then listed; 
 (b) The execution by the Optionee and delivery to the Company of the Stockholders Agreement; 

(c) The completion of any registration or other qualification of such shares under any state or federal law or under the rulings or regulations
of the Securities and Exchange Commission or any other governmental regulatory body, which the Committee (or the Board in the case of Options granted to Independent Directors) shall, in its sole discretion, deem necessary or advisable; 

(d) The obtaining of any approval or other clearance from any state or federal governmental agency which the Committee (or the Board in the
case of Options granted to Independent Directors) shall, in its sole discretion, determine to be reasonably necessary or advisable; and 

(e) The payment to the Company of all amounts which it is required to withhold under federal, state or local law in connection with the
exercise of the Option. 
 Section 5.5 Rights as Stockholders. The holder of an Option shall not be, nor
have any of the rights or privileges of, a stockholder of the Company in respect of any shares purchasable upon the exercise of any part of an Option unless and until such holder has signed the Stockholders Agreement and complied with the conditions
set forth in Section 5.4. 
 Section 5.6 Transfer Restrictions. Shares acquired upon exercise of an
Option shall be subject to the terms and conditions of the Stockholders Agreement. In addition, the Committee (or the Board in the case of Options granted to Independent Directors), in its sole discretion, may impose further restrictions on the
transferability of the shares purchasable upon the exercise of an Option as it deems appropriate. Any such restriction shall be set forth in the respective Stock Option Agreement and may be referred to on any certificates evidencing such shares. The
Committee may require an Employee to give the Company prompt notice of any disposition of shares of Common Stock acquired by exercise of an Incentive Stock Option within two years from the date of granting such Option or one year after the transfer
of such shares to such Employee. The Committee may direct that any certificates evidencing shares acquired by exercise of an Incentive Stock Option refer to such requirement. 

ARTICLE VI. 

ADMINISTRATION 

Section 6.1 Committee. Prior to an Initial Public Offering, the Committee shall be the full Board;
provided that the Board may delegate its authority hereunder in accordance with Section 6.2. Following an Initial Public Offering, if any, the full Board shall administer the Plan unless and until there is appointed a Compensation
Committee (or another committee or a subcommittee of the Board assuming the functions of the Committee under the Plan) that, unless otherwise determined by the Board, shall consist solely of two or more Independent Directors appointed by and holding
office at the pleasure of the Board, each of whom is both a “non- employee director” as defined by Rule 16b-3 and an “outside director” for purposes
of Section 

  
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162(m) of the Code); provided that any action taken by the Committee shall be valid and effective, whether or not members of the Committee at the time of such action are later determined not
to have satisfied the requirements for membership set forth in this Section 6.1 or otherwise provided in the charter of the Committee. In its sole discretion, the Board may at any time and from time to time exercise any and all rights and
duties of the Committee under the Plan except with respect to matters which under Rule 16b-3 or Section 162(m) of the Code (in each case, to the extent applicable), or any regulations or rules issued
thereunder, are required to be determined in the sole discretion of the Committee. The governance of the Committee shall be subject to the charter of the Committee as approved by the Board. 

Section 6.2 Delegation of Authority. The Committee may, but need not, from time to time delegate some or all
of its authority to grant Options under the Plan to a committee or subcommittee consisting of one or more members of the Committee or of one or more Officers; provided, however, that the Committee may not delegate its authority to
grant Options to individuals (a) who are subject on the date of the grant to the reporting rules under Section 16(a) of the Exchange Act, (b) whose compensation the Committee determines is, or may become, subject to the deduction
limitations set forth in Section 162(m) of the Code or (c) who are Officers who are delegated authority by the Committee hereunder. Any delegation hereunder shall be subject to the restrictions and limits that the Committee specifies at
the time of such delegation, and the Committee may at any time rescind the authority so delegated or appoint a new delegatee. At all times, the delegatee appointed under this Section 6.2 shall serve in such capacity at the pleasure of the
Committee. 
 Section 6.3 Duties and Powers of the Committee. It shall be the duty of the Committee to
conduct the general administration of the Plan in accordance with its provisions. The Committee shall have the power to interpret the Plan and the Options and to adopt such rules for the administration, interpretation and application of the Plan as
are consistent therewith and to interpret, amend or revoke any such rules. Notwithstanding the foregoing, the full Board, acting by a majority of its members in office, shall conduct the general administration of the Plan with respect to Options
granted to Independent Directors. Any such interpretations and rules in regard to Incentive Stock Options shall be consistent with the terms and conditions applicable to “incentive stock options” within the meaning of Section 422 of
the Code. All determinations and decisions made by the Committee under any provision of the Plan or of any Option granted thereunder shall be final, conclusive and binding on all persons. 

Section 6.4 Compensation, Professional Assistance, Good Faith Actions. The members of the Committee shall
receive such compensation, if any, for their services hereunder as may be determined by the Board. All expenses and liabilities incurred by the members of the Committee or the Board in connection with the administration of the Plan shall be borne by
the Company. The Committee or the Board may employ attorneys, consultants, accountants, appraisers, brokers or other persons. The Committee, the Company and the Officers and Directors shall be entitled to rely upon the advice, opinions or valuations
of any such persons. All actions taken and all interpretations and determinations made by the Committee and the Board in good faith shall be final and binding upon all Optionees, the Company and all other interested persons. No member of the Board
shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or the Options, and all members of the Board shall be fully protected by the Company in respect to any such action, determination
or interpretation. 

  
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 ARTICLE VII. 

OTHER PROVISIONS 

Section 7.1 Changes in Common Stock; Disposition of Assets and Corporate Events 

(a) Subject to Section 7.1(e), in the event that the Committee (or the Board in the case of Options granted to Independent Directors)
determines in its reasonable discretion that any dividend or other distribution, recapitalization, reclassification, stock split, reverse stock split, reorganization, merger, consolidation, combination, repurchase, liquidation, dissolution, or sale,
transfer, exchange or other disposition of all or substantially all of the assets of the Company, or exchange of Common Stock or other securities of the Company, issuance of warrants or other rights to purchase Common Stock or other securities of
the Company, or other similar corporate transaction or event (other than an Equity Restructuring), affects the Common Stock such that an adjustment is determined by the Committee (or the Board in the case of Options granted to Independent Directors)
to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to an Option, then the Committee (or the Board in the case of Options granted to
Independent Directors) shall, in such manner as it may deem equitable, adjust any or all of: 
 (i) The number and kind of shares of Common
Stock (or other securities or property) with respect to which Options may be granted under the Plan (including, but not limited to, adjustments of the limitations in Section 2.1 on the maximum number and kind of shares which may be issued);

 (ii) The number and kind of shares of Common Stock (or other securities or property) subject to outstanding Options; 

(iii) The exercise price with respect to any Option; and 

(iv) The financial or other “targets” specified in each Stock Option Agreement for determining the exercisability of Options, if
applicable. 
 (b) Subject to Section 7.1(e) and the terms of outstanding Stock Option Agreements, upon the occurrence of a Corporate
Event or other transaction or event described in Section 7.1(a) or any unusual or nonrecurring transactions or events (other than an Equity Restructuring) affecting the Company, any Affiliate of the Company, or the financial statements of the
Company or any Affiliate, or of changes in applicable laws, regulations, or accounting principles, the Committee (or the Board in the case of options granted to Independent Directors), in its sole discretion, is hereby authorized to take any one or
more of the following actions whenever the Committee (or the Board in the case of Options granted to Independent Directors) determines that such action is appropriate in order to prevent dilution or enlargement of the benefits or potential benefits
intended to be made available under the Plan or with respect to any Option under this Plan, to facilitate such Corporate Event or transactions or events or to give effect to such changes in laws, regulations or principles: 

(i) In its sole discretion, and on such terms and conditions as it deems appropriate, the Committee (or the Board in the case of Options
granted to Independent Directors) may provide, either by the terms of the applicable Stock Option Agreement or by action taken prior to the occurrence of such Corporate Event and either automatically or upon the Optionee’s request, for either
(A) the purchase of any such Option for an amount of cash, 

  
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securities, or other property equal to the amount that could have been attained upon the exercise of the vested portion of such Option (and such additional portion of the Option as the Board or
Committee may determine) immediately prior to the occurrence of such transaction or event (and, for the avoidance of doubt, if as of the date of the occurrence of such transaction or event the Committee (or the Board in the case of Options granted
to Independent Directors) determines in good faith that no amount would have been obtained upon the exercise of such Option, then the Option may be terminated by the Company without payment), or (B) the replacement of such vested (and other)
portion of such Option with other rights, cash, securities or other property selected by the Committee (or the Board in the case of Options granted to Independent Directors) in its sole discretion; 

(ii) In its sole discretion, the Committee (or the Board in the case of Options granted to Independent Directors) may provide, either by the
terms of the applicable Stock Option Agreement or by action taken prior to the occurrence of such Corporate Event, that the Option (or any portion thereof) cannot be exercised after such event; 

(iii) In its sole discretion, and on such terms and conditions as it deems appropriate, the Committee (or the Board in the case of Options
granted to Independent Directors) may provide, either by the terms of the applicable Stock Option Agreement or by action taken prior to the occurrence of such Corporate Event, that for a specified period of time prior to such Corporate Event, such
Option shall be exercisable as to all shares covered thereby or a specified portion of such shares, notwithstanding anything to the contrary in this Plan or the applicable Stock Option Agreement; 

(iv) In its sole discretion, and on such terms and conditions as it deems appropriate, the Committee (or the Board in the case of Options
granted to Independent Directors) may provide, either by the terms of the applicable Stock Option Agreement or by action taken prior to the occurrence of such Corporate Event, that upon such event, such Option (or any portion thereof) shall be
assumed by the successor or survivor corporation, or a parent or Subsidiary thereof (including without limitation any common parent of the Company and any other company or companies), or shall be substituted for by similar options, rights or awards
covering the stock of the successor or survivor corporation, or a parent or Subsidiary thereof (including without limitation any common parent of the Company and any other company or companies), with appropriate adjustments as to the number and kind
of shares and prices; 
 (v) In its sole discretion, and on such terms and conditions as it deems appropriate, the Committee (or the Board
in the case of Options granted to Independent Directors) may make adjustments in the number and type of shares of Common Stock (or other securities or property) subject to outstanding Options (or any portion thereof) and/or in the terms and
conditions of (including the exercise price), and the criteria included in, outstanding Options and Options which may be granted in the future; and 

(vi) In its sole discretion, and on such terms and conditions as it deems appropriate, the Committee (or the Board, in the case of Options
granted to Independent Directors) may, for reasons of administrative convenience, provide that some or all Options may not be exercised during a specified period of not more than thirty (30) days prior to the consummation of a Corporate Event.

 (c) In connection with the occurrence of any Equity Restructuring: 

  
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 (i) The number and type of securities subject to each outstanding Option and the exercise
price thereof, if applicable, shall be equitably adjusted. The adjustments provided under this Section 7.1(c)(i) shall be nondiscretionary and shall be final and binding on the affected Optionee and the Company. 

(ii) The Committee (or the Board, in the case of Options granted to Independent Directors) shall make such equitable adjustments, if any, as
the Committee (or the Board, in the case of Options granted to Independent Directors) in its discretion may deem appropriate to reflect such Equity Restructuring with respect to the aggregate number and kind of shares of Common Stock (or other
securities or property) that may be issued under the Plan (including, but not limited to, adjustments of the limitation set forth in Section 2.1). 

(d) Subject to Section 7.1(e), the Committee (or the Board in the case of Options granted to Independent Directors) may, in its sole
discretion, include such further provisions and limitations in any Stock Option Agreement as it may deem equitable and in the best interests of the Company and its Affiliates. 

(e) With respect to Incentive Stock Options, no adjustment or action described in this Section 7.1 or in any other provision of the Plan
shall be authorized to the extent that such adjustment or action would cause the Plan to violate Section 422(b)(1) of the Code or any successor provisions thereto, unless the Committee determines that the Plan and/or the Options are not to
comply with Section 422(b)(1) of the Code. If any rounding of the number of shares of Common Stock subject to any Option is required in connection with any adjustment or action described in this Section 7.1, the number of shares of Common
Stock subject to such Option shall always be rounded down to the next higher whole number. 
 (f) Notwithstanding the foregoing provisions of
this Section 7.1, unless otherwise determined by the Committee (or the Board in the case of Options granted to Independent Directors), no adjustments described in this Section 7.1 shall be made in connection with (i) any equity
investment by the Company’s stockholders in the Company pursuant to a Corporate Event in connection with which the shares of Common Stock are sold at the then- current Fair Market Value or (ii) any equity investment by third parties which
results in a dilution of ownership of the Common Stock affecting all of the Company’s stockholders in the same manner. 

Section 7.2 Options Not Transferable. No Option or interest or right therein or part thereof shall be liable
for the debts, contracts or engagements of the Optionee or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be
voluntary or involuntary or by operation of law, by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect;
provided, however, that nothing in this Section 7.2 shall prevent transfers by will or by the applicable laws of descent and distribution. 

  
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 Section 7.3 Amendment, Suspension or Termination of the
Plan. The Plan may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Board or the Committee. However, without stockholder approval within twelve (12) months before or after
such action, no action of the Board or the Committee may, except as provided in Section 7.1, increase any limit imposed in Section 2.1 on the maximum number of shares which may be issued on exercise of Options, reduce the minimum Option
price requirements of Section 4.3, or extend the limit imposed in this Section 7.3 on the period during which Options may be granted. Except as provided by Section 7.1, neither the amendment, suspension nor termination of the Plan
shall, without the consent of the holder of the Option, impair any rights or obligations under any Option theretofore granted (other than in a de minimis manner). No Option may be granted during any period of suspension nor after termination of the
Plan, and in no event may any Option be granted under this Plan after the expiration of ten years from the date the Plan is adopted by the Board. 

Section 7.4 Effect of Plan Upon Other Option and Compensation Plans. The adoption of this Plan shall not
affect any other compensation or incentive plans in effect for the Company or any Affiliate. Nothing in this Plan shall be construed to limit the right of the Company or any Affiliate (a) to establish any other forms of incentives or
compensation for directors, employees or consultants of the Company or any Affiliate; or (b) to grant or assume options otherwise than under this Plan in connection with any proper corporate purpose, including, but not by way of limitation, the
grant or assumption of options in connection with the acquisition by purchase, lease, merger, consolidation or otherwise, of the business, stock or assets of any corporation, firm or association. 

Section 7.5 Approval of Plan by Stockholders. This Plan will be submitted for the approval of the
Company’s stockholders within twelve (12) months after the date of the Board’s initial adoption of this Plan. No Option may be exercised to any extent by anyone unless and until the Plan is so approved by the stockholders, and if such
approval has not been obtained by the end of said 12-month period, the Plan and all Options theretofore granted shall thereupon be canceled and become null and void. 

Section 7.6 Titles. Titles are provided herein for convenience only and are not to serve as a basis for
interpretation or construction of the Plan. 
 Section 7.7 Conformity to Securities Laws. The Plan is
intended to conform to the extent necessary with all provisions of (a) the Securities Act and the Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder and (b) any applicable
state and local securities laws and any and all regulations and rules promulgated by any applicable state or local regulatory authority thereunder, in each case to the extent the Company or any Optionee is subject to the provisions thereof.
Notwithstanding anything herein to the contrary, the Plan shall be administered, and Options shall be granted and may be exercised, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law,
the Plan and Options granted hereunder shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. 

Section 7.8 Governing Law. To the extent not preempted by federal law, the Plan shall be construed in
accordance with and governed by the internal laws of the State of Delaware, without regard to the principles of conflicts of law thereof, or principles of conflicts of law of any other jurisdiction which could cause the application of the laws of
any jurisdiction other than the State of Delaware. 
 Section 7.9 Severability. In the event any portion of
the Plan or any action taken pursuant thereto shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid
provisions had not been included, and the illegal or invalid action shall be null and void. 

  
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 Section 7.10 Section 409A. To the extent
applicable, the Plan and Stock Option Agreements shall be interpreted in accordance with Section 409A of the Code and the Department of Treasury regulations and other interpretive guidance issued thereunder. Notwithstanding any provision of the
Plan to the contrary, in the event that the Committee determines that any Option may be subject to Section 409A of the Code, the Committee may adopt such amendments to the Plan and the applicable Stock Option Agreement or adopt other policies
and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Committee determines are necessary or appropriate to (a) exempt the Option from Section 409A of the Code and/or
preserve the intended tax treatment of the benefits provided with respect to the Option, or (b) comply with the requirements of Section 409A of the Code and related Department of Treasury guidance and thereby avoid the application of
penalty taxes under such Section 409A. Notwithstanding anything herein to the contrary, no provision of the Plan shall be interpreted or construed to transfer any liability for failure to comply with the requirements of Section 409A of the
Code from any Optionee or other Person to the Company or any of its Affiliates, employees or agents. 
 * * * * * 

  
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