EX-10.4



 Exhibit 10.4 

ASV HOLDINGS, INC. 
 2017
EQUITY INCENTIVE PLAN 
 1. Establishment and Purpose. This Plan is adopted for the purpose of attracting and retaining non-employee directors, executive officers and other key employees and service providers, including officers, employees and service providers of Affiliates, and to stimulate their efforts toward the Company’s
and its Affiliates’ continued success, long-term growth and profitability. The Plan provides for the grant of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Shares, or any Other Award. The Plan also
permits the issuance of Awards in a partial or full substitution for certain awards relating to shares of the common stock of Terex Corporation and Manitex International Inc. immediately prior to the IPO. 

2. Definitions. The capitalized terms used in this Plan have the meanings set forth below. 

(a) “Affiliate” means any corporation that is a Subsidiary of the Company. 

(b) “Award” means a grant made under this Plan in the form of Options, Stock Appreciation Rights, Restricted Stock,
Restricted Stock Units, Performance Shares or any Other Award, whether singly, in combination or in tandem. 
 (c) “Award
Agreement” means a written agreement, contract, certificate or other instrument or document evidencing the terms and conditions of an Award which may, in the discretion of the Company, be transmitted electronically to any Participant. Each
Award Agreement shall be subject to the terms and conditions of the Plan. 
 (d) “Board” means the Board of Directors of
the Company. 
 (e) “Cause” means (x) if the Participant is a party to an employment or service agreement with the
Company or its Affiliates and such agreement provides for a definition of Cause, the definition contained therein; or (y) if no such agreement exists, or if such agreement does not define Cause: (i) a Participant’s willful failure
substantially to perform his or her duties and responsibilities to the Company or an Affiliate or deliberate material violation of a significant Company or Affiliate policy; (ii) Participant’s commission of any act of fraud, embezzlement,
dishonesty or any other willful misconduct that has caused or is reasonably expected to result in material injury to the Company or an Affiliate; (iii) unauthorized use or disclosure by Participant of any proprietary information or trade
secrets of the Company or any other party to whom the Participant owes an obligation of nondisclosure as a result of his or her relationship with the Company; or (iv) Participant’s willful breach of any of his or her material obligations
under any written agreement or covenant with the Company or an Affiliate. The determination as to whether a Participant is being terminated for Cause shall be made in good faith by the Company and shall be final and binding on the Participant. The
foregoing definition does not in any way limit the Company’s ability to terminate a Participant’s employment or consulting relationship at any time, and the term “Company” will be interpreted to include any Affiliate, as
appropriate. 







 (f) “Change in Control” shall mean, except as otherwise provided in an Award
Agreement, any of the following: (i) the purchase or other acquisition (other than from the Company), in a single transaction or series of related transactions, by any person, entity or group of persons, within the meaning of Section 13(d)
or 14(d) of the Exchange Act (excluding, for this purpose, the Company or its subsidiaries or any employee benefit plan of the Company or its subsidiaries), of beneficial ownership (within the meaning of Rule
13d-3 promulgated under the Act) of 50% or more of either the then-outstanding shares of Stock or the combined voting power of the Company’s then-outstanding voting securities entitled to vote generally
in the election of directors; (ii) the consummation of a reorganization, merger or consolidation involving the Company, in each case with respect to which persons who were the stockholders of the Company immediately prior to such
reorganization, merger or consolidation do not, immediately thereafter, own more than 50% of, respectively, the Stock and the combined voting power entitled to vote generally in the election of directors of the reorganized, merged or consolidated
corporation’s then-outstanding voting securities; (iii) a liquidation or dissolution of the Company, or the sale of all or substantially all of the assets of the Company; or (iv) a majority of the members of the Board are replaced
during any twelve-month period by directors whose appointment or election is not endorsed by a majority of the Board before the date of appointment or election. Notwithstanding anything herein to the contrary, an event described above shall be
considered a Change in Control hereunder only if it also constitutes a “change in control event” under Section 409A of the Code, to the extent necessary to avoid the adverse tax consequences thereunder with respect to any payment
subject to Section 409A of the Code. For avoidance of doubt, a “Change in Control” shall not be deemed to have occurred by virtue of the IPO and the transactions related thereto. 

(g) “Code” means the Internal Revenue Code of 1986, as amended and in effect from time to time, or any successor thereto. Any
reference to a section of the Code shall be deemed to include a reference to any regulations promulgated thereunder. 
 (h)
“Committee” means the committee of directors appointed by the Board to administer this Plan. In the absence of a specific appointment, “Committee” shall mean the Compensation Committee of the Board. 

(i) “Company” means ASV Holdings, Inc., or any successor thereto. 

(j) “Consultant” means any person, including an advisor or independent contractor, engaged by the Company or an Affiliate to
render service to such entity. 
 (k) “Director” means a member of the Board. 

(l) “Disability” means, except as otherwise provided in an Award Agreement, that the Participant is unable to engage in any
substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result 

  
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in death or which has lasted or can be expected to last for a continuous period of not less than 12 months, provided, however, for purposes of determining the term of an Incentive Stock Option,
the term Disability shall have the meaning ascribed to it under Section 22(e)(3) of the Code. The determination of whether an individual has a Disability shall be determined under procedures established by the Committee. Except in situations
where the Committee is determining Disability for purposes of the term of an Incentive Stock Option within the meaning of Section 22(e) (3) of the Code, the Committee may rely on any determination that a Participant is disabled for
purposes of benefits under any long-term disability plan maintained by the Company or any Affiliate in which a Participant participates, provided that the definition of disability applied under such disability plan meets the requirements of a
Disability in the first sentence hereof. 
 (m) “Effective Date” means May 11, 2017. 

(n) “Employee” means any person employed by the Company or an Affiliate. Neither service as a Director nor payment of a
director’s fee by the Company will be sufficient to constitute “employment” by the Company. 
 (o) “Exchange
Act” means the Securities Exchange Act of 1934, as amended; “Exchange Act Rule 16b-3” means Rule 16b-3 promulgated by the Securities and Exchange
Commission under the Exchange Act or any successor regulation. 
 (p) “Fair Market Value” means, on a given date,
(i) if the Common Stock is listed on a national securities exchange, the closing sales price of the Common Stock reported on the primary exchange on which the Common Stock is listed and traded on such date, or, if there are no such sales on
that date, then on the last preceding date on which such sales were reported; (ii) if the Common Stock is not listed on any national securities exchange but is quoted in an inter-dealer quotation system on a last sale basis, the average between
the closing bid price and ask price reported on such date, or, if there is no such sale on that date, then on the last preceding date on which a sale was reported; or (iii) if the Common Stock is not listed on a national securities exchange or
quoted in an inter-dealer quotation system on a last sale basis, the amount determined by the Committee in good faith to be the fair market value of the Common Stock, which shall be conclusive and binding on all persons; provided, however, as to any
Awards granted on the date of the IPO, “Fair Market Value” shall be equal to the per share price the Common Stock is offered to the public in connection with the IPO. 

In the case of an Incentive Stock Option, if such determination of Fair Market Value is not consistent with the then current regulations of
the Secretary of the Treasury, Fair Market Value shall be determined in accordance with said regulations. The determination of Fair Market Value shall be subject to adjustment as provided in Section 13(f) hereof. 

(q) “Fundamental Change” means a dissolution or liquidation of the Company, a sale of substantially all of the assets of the
Company (in one or a series of transactions), the consummation of a merger or consolidation of the Company with or into any other corporation, regardless of whether the Company is the surviving corporation, or a statutory share exchange involving
capital stock of the Company. 

  
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 (r) “Good Reason” means: (x) if the Participant is a party to an employment
or service agreement with the Company or its Affiliates and such agreement provides for a definition of Good Reason, the definition contained therein; or (y) if no such agreement exists or if such agreement does not define Good Reason, the
occurrence of one or more of the following without the Participant’s express written consent, which circumstances are not remedied by the Company within sixty (60) days of its receipt of a written notice from the Participant describing the
applicable circumstances (which notice must be provided by the Participant within thirty (30) days of the applicable circumstances): (i) any material, adverse change in the Participant’s duties, responsibilities, authority, title, status
or reporting structure; (ii) a material reduction in the Participant’s base salary or bonus opportunity; or (iii) a geographical relocation of the Participant’s principal office location by more than fifty (50) miles. If the
Participant does not terminate his or her employment or service for Good Reason within ninety (90) days after the first occurrence of the applicable grounds, then the Participant will be deemed to have waived his or her right to terminate for
Good Reason with respect to such grounds. 
 (s) “Incentive Stock Option” means any Option designated as such and granted
in accordance with the requirements of Section 422 of the Code or any successor to such section. 
 (t) “IPO” means
the underwritten initial public offering of the Company’s Stock pursuant to a registration statement that is declared effective by the Securities and Exchange Commission. 

(u) “Non-Employee Director” means a member of the Board who is a “non-employee director” within the meaning of Exchange Act Rule 16b-3. 

(v) “Non-Qualified Stock Option” means an Option other than an Incentive Stock
Option. 
 (w) “Option” means a right to purchase Stock (or, if the Committee so provides in an applicable Agreement,
Restricted Stock), including both Non-Qualified Stock Options and Incentive Stock Options. 

(x) “Other Award” means a cash-based Award, an Award of Stock, or an Award based on Stock other than Options, Stock
Appreciation Rights, Restricted Stock, Restricted Stock Units or Performance Shares. 
 (y) “Outside Director” means a
member of the Board who is an “outside director” within the meaning of Section 162(m) of the Code. 

  
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 (z) “Participant” means an Employee, Consultant or Director to whom an Award is
granted pursuant to the Plan or, if applicable, such other person who validly holds an outstanding Award. 
 (aa) “Performance
Criteria” means performance goals relating to certain criteria as further described in Section 12 hereof. 

(bb) “Performance Period” means one or more periods of time in duration, as the Committee may select, over which the
attainment of one or more performance goals will be measured for the purpose of determining which Awards, if any, are to vest or be earned. 

(cc) “Performance Shares” means a contingent award of a specified number of Shares or Units, with each Performance Share
equivalent to one or more Shares or a fractional Share or a Unit expressed in terms of one or more Shares or a fractional Share, as specified in the applicable Award Agreement, a variable percentage of which may vest or be earned depending upon the
extent of achievement of specified performance objectives during the applicable Performance Period. 
 (dd) “Plan” means
this ASV Holdings, Inc. 2017 Equity Incentive Plan, as amended and in effect from time to time. 
 (ee) “Restricted Stock”
means Stock granted under Section 10 hereof so long as such Stock remains subject to one or more restrictions. 

(ff) “Restricted Stock Units” means Units of Stock granted under Section 10 hereof. 

(gg) “Share” means a share of Stock. 

(hh) “Stock” means the Company’s common stock, $0.001 par value per share, or any securities issued in respect thereof
by the Company or any successor to the Company as a result of an event described in Section 13(f). 
 (ii) “Stock
Appreciation Right” means a right pursuant to an Award granted under Section 8. 
 (jj)
“Subsidiary” means a “subsidiary corporation,” as that term is defined in Section 424(f) of the Code, or any successor provision. 

(kk) “Term” means the period during which an Option or Stock Appreciation Right may be exercised or the period during which
the restrictions placed on Restricted Stock, Restricted Stock Units, or any other Award are in effect. 
 (ll) “Unit” means
a bookkeeping entry that may be used by the Company to record and account for the grant of Stock, Units of Stock, Stock Appreciation Rights, Performance Shares, and any other Award expressed in terms of Units of Stock until such time


  
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as the Award is paid, canceled, forfeited or terminated. In the event an Award is granted as a Unit, no Shares shall be issued at the time of grant, and the Company will not be required to set
aside a fund for the payment of any such Award. 
 Except when otherwise indicated by the context, reference to the masculine gender shall
include, when used, the feminine gender and any term used in the singular shall also include the plural. 
 3. Administration.

 (a) Authority of Committee. The Committee shall administer this Plan or delegate its authority to do so as provided in
Section 3(d) hereof or, in the Board’s sole discretion or in the absence of the Committee, the Board shall administer this Plan; provided that, in all cases, the Board shall establish the terms for the grant of an Award to Non-Employee Directors. Subject to the terms of the Plan, the Committee’s charter and applicable laws, and in addition to other express powers and authorization conferred by the Plan, the Committee shall have
plenary authority, in its discretion, to determine the individuals to whom, and the time or times at which, Awards shall be granted and the number of Shares, if applicable, to be subject to each Award. Subject to the express provisions of the Plan,
the Committee shall also have plenary discretionary authority to interpret the Plan, to prescribe, amend and rescind rules and regulations relating to it, to determine the terms and provisions of the respective Award Agreements (which need not be
identical) and to make all other determinations necessary or advisable for the administration of the Plan. The Committee’s determinations on the matters referred to in this Section 4 shall be conclusive. In addition,
the Committee may: 
 (i) authorize any person to execute, on behalf of the Company, any instrument required to carry out the
purposes of the Plan; 
 (ii) delegate its authority to one or more officers of the Company with respect to Awards that do not
involve “covered employees” (within the meaning of Section 162(m) of the Code) or “directors” or “officers” within the meaning of Section 16 of the Exchange Act, to the extent permitted by Delaware law and the
applicable rules and regulations of any national securities exchange on which the Common Stock is listed; provided that, in delegating such authority, the Committee shall specify the maximum number of Shares that may be awarded to any single person
and shall otherwise comply with applicable law; 
 (iii) amend any outstanding Awards, including for the purpose of modifying the
time or manner of vesting, or the term of any outstanding Award; provided, however, that if any such amendment impairs a Participant’s rights or increases a Participant’s obligations under his or her Award or creates or increases a
Participant’s federal income tax liability with respect to an Award, such amendment shall also be subject to the Participant’s consent; 

(iv) make decisions with respect to outstanding Awards that may become necessary upon a Change in Control or an event that triggers
anti-dilution adjustments; 

  
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 (v) interpret, administer, or reconcile any inconsistency in, correct any defect in
and/or supply any omission in the Plan and any instrument or agreement relating to, or Award granted under, the Plan; and 
 (vi)
exercise discretion to make any and all other determinations which it determines to be necessary or advisable for the administration of the Plan. 

To the extent the Committee determines that the restrictions imposed by this Plan preclude the achievement of material purposes of the Awards
in jurisdictions outside of the United States, the Committee has the authority and discretion to modify those restrictions as the Committee determines to be necessary or appropriate to conform to applicable requirements or practices of jurisdictions
outside of the United States. 
 (b) Repricing. The Committee also may modify the purchase price or the exercise price of any
outstanding Award, provided that if the modification effects a “repricing” within the meaning of the rules of any national securities exchange on which the Company’s common stock is then listed, shareholder approval shall be required
before the repricing is effective. 
 (c) Committee Decisions Final. All decisions made by the Committee pursuant to the
provisions of the Plan shall be final and binding on the Company and the Participants, unless such decisions are determined by a court having jurisdiction to be arbitrary and capricious. 

(d) Delegation. The Committee, or if no Committee has been appointed, the Board, may delegate administration of the Plan to a
committee or committees of one or more members of the Board, and the term “Committee” shall apply to any person or persons to whom such authority has been delegated. The Committee shall have the power to delegate to a subcommittee any of
the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board or the Committee shall thereafter be to the committee or subcommittee), subject, however, to such resolutions, not inconsistent with the
provisions of the Plan, as may be adopted from time to time by the Board. The Board may abolish, suspend or supersede the Committee at any time and revest in the Board the administration of the Plan. The members of the Committee shall be appointed
by and serve at the pleasure of the Board. From time to time, the Board may increase or decrease the size of the Committee, add additional members to, remove members (with or without cause) from, appoint new members in substitution therefor, and
fill vacancies, however, caused, in the Committee. The Committee shall act pursuant to a vote of the majority of its members or, in the case of a Committee comprised of only two members, the unanimous consent of its members, whether present or not,
or by the written consent of the majority of its members and minutes shall be kept of all of its meetings and copies thereof shall be provided to the Board. Subject to the limitations prescribed by the Plan and the Board, the Committee may establish
and follow such rules and regulations for the conduct of its business as it may determine to be advisable. 

  
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 (e) Board Authority. Any authority granted to the Committee may also be exercised
by the Board or another committee of the Board, except to the extent that the grant or exercise of such authority would cause any Award intended to qualify for favorable treatment under Section 162(m) of the Code to cease to qualify for the
favorable treatment under Section 162(m) of the Code. To the extent that any permitted action taken by the Board conflicts with action taken by the Committee, the Board action shall control. Without limiting the generality of the foregoing, to
the extent the Board has delegated any authority under this Plan to another committee of the Board, such authority shall not be exercised by the Committee unless expressly permitted by the Board in connection with such delegation. 

(f) Committee Composition. The Board shall have discretion to determine whether or not it intends to comply with the exemption
requirements of Rule 16b-3 and/or Section 162(m) of the Code. Nothing herein shall create an inference that an Award is not validly granted under the Plan in the event Awards are granted under the Plan by
a compensation committee of the Board that does not at all times consist solely of two or more Non-Employee Directors who are also Outside Directors. 

4. Shares Available; Maximum Payouts. 

(a) Shares Available. Subject to adjustment in accordance with Section 13(f), the number of Shares reserved and
available for the grant and issuance of Awards under the Plan is 1,250,000 (“Share Reserve”). If a Participant tenders previously owned Shares or has the Company withhold Shares in satisfaction of any tax withholding requirement or payment
of the purchase price of an Option, such Shares tendered or withheld will not be available again for an Award under the Plan. Shares purchased by the Company with proceeds from Option exercises will not be available for an Award under the Plan.
Shares with respect to and any Awards that are granted under this Plan in substitution for awards relating to shares of common stock of Terex Corporation and Manitex International Inc. and outstanding immediately prior to the IPO, shall reduce the
maximum number of Shares with respect to which Awards may be granted under the Plan. 
 (b) Shares Not Applied to Limitations.
The following will not be applied to the Share limitations of subsection 4(a) above: (i) dividends or dividend equivalents paid in cash in connection with outstanding Awards, (ii) any Shares subject to an Award under the Plan which
Award is forfeited, cancelled, terminated, expires or lapses for any reason, and (iii) Shares and any Awards that are granted through the settlement, assumption, or substitution of outstanding awards previously granted, or through obligations
to grant future awards, as a result of a merger, consolidation, or acquisition of the employing company with or by the Company. If an Award is to be settled in cash, the number of Shares on which the Award is based that are not issued shall not
count toward the Share limitations of subsection 4(a). 
 (c) Award Limitations. During any time that the transition
period under Section 162(m) of the Code has expired or does not apply, in any calendar year, no Participant shall be granted (i) Options to purchase Shares and Stock Appreciation Rights with respect to more than 250,000 Shares in the aggregate,
(ii) any other Awards that are denominated in 

  
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Shares with respect to more than 250,000 Shares in the aggregate, or (iii) any cash Award with a value that exceeds $1,000,000 in the aggregate (such share limits being subject to adjustment
under Section 13(f) hereof). No more than 1,250,000 Shares shall be issued pursuant to the exercise of Incentive Stock Options under this Plan. Notwithstanding the foregoing, no Participant who is a
Non-Employee Director shall be granted any Awards in any calendar year having a value that exceeds $250,000 in the aggregate. 

(d) No Fractional Shares. No fractional Shares may be issued under this Plan; fractional Shares will be rounded down to the
nearest whole Share. 
 5. Eligibility. Incentive Stock Options may be granted only to Employees. All other Awards may be
granted under this Plan to any Employee, Director or Consultant at the discretion of the Committee and those individuals whom the Committee determines are reasonably expected to become Employees, Directors or Consultants following the grant date.

 6. General Terms of Awards. 

(a) Types of Awards. Awards under this Plan may consist of Options (either Incentive Stock Options or Non-Qualified Stock Options), Stock Appreciation Rights, Performance Shares, Restricted Stock, Restricted Stock Units, or Other Awards. The Committee may grant dividend equivalents in connection with the grant of
any Award other than Options and Stock Appreciation Rights. Dividend equivalents may be paid currently or may be deemed to be reinvested in additional Shares, which may thereafter accrue additional equivalents, and may be payable in cash, Shares or
a combination of the two. The Committee will determine the terms of any dividend equivalents in its sole and absolute discretion, as set forth in an Award Agreement. 

(b) Award Agreements. Each Award under this Plan shall be evidenced by an Award Agreement setting forth the number of Shares of
Restricted Stock, Stock, Restricted Stock Units, or Performance Shares, or the amount of cash, subject to such Agreement, or the number of Shares to which the Option applies or with respect to which payment upon the exercise of the Stock
Appreciation Right is to be determined, as the case may be, together with such other terms and conditions applicable to the Award (not inconsistent with this Plan) as determined by the Committee or Board, as applicable, in its sole discretion. 

(c) Term. Each Award Agreement, other than those relating solely to Awards of Stock without restrictions, shall set forth the
Term of the Award and any applicable Performance Period, as the case may be, but in no event shall the Term of an Award or the Performance Period be longer than ten years after the date of grant; provided, however, that the Committee may, in its
discretion, grant Awards with a longer term to Participants who are located outside the United States. An Award Agreement with a Participant may permit acceleration of vesting requirements and of the expiration of the applicable Term upon such terms
and conditions as shall be set forth in the Award Agreement, which may, but, unless otherwise specifically provided in this Plan, need not, include, without limitation, acceleration resulting from the occurrence of the Participant’s death or
Disability. Acceleration of the Performance Period and other performance-based Awards shall be subject to Section 9(b) or Section 12 hereof, as applicable. 

  
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 (d) Transferability. Except as otherwise permitted by the Committee, during the
lifetime of a Participant to whom an Award is granted, only such Participant (or such Participant’s legal representative) may exercise an Option or Stock Appreciation Right or receive payment with respect to any other Award. Except as otherwise
permitted by the Committee, no Award of Restricted Stock (prior to the expiration of the restrictions), Restricted Stock Units, Options, Stock Appreciation Rights, Performance Shares or Other Award (other than an award of Stock without restrictions)
may be sold, assigned, transferred, exchanged, or otherwise encumbered, and any attempt to do so (including pursuant to a decree of divorce or any judicial declaration of property division) shall be of no effect. Notwithstanding the immediately
preceding sentence, an Award Agreement may provide that an Award shall be transferable to a successor in the event of a Participant’s death. 

(e) Termination of Service Generally. Each Award Agreement shall set forth the extent to which the Participant shall have the
right to exercise and/or retain an Award following termination of the Participant’s employment with the Company or its Affiliates, including, without limitation, upon death or a Disability, or other termination of service. Such provisions shall
be determined in the sole discretion of the Committee, shall be included in the Award Agreement, need not be uniform among Award Agreements issued pursuant to this Plan, and may reflect distinctions based on the reasons for termination. 

(f) Change in Control. The Committee may, in its discretion, include provisions in an Award Agreement to address treatment of an
Award in the event of a Change in Control, which may include, by way of example, 100% vesting, lapse of restrictions or deemed achievement of performance goals. In addition, in the event of a Change in Control, the Committee may determine in its
discretion, to the extent determined by the Committee to be permitted under Section 409A of the Code, whether (i) the successor corporation may assume or substitute for each outstanding Award in a manner that will substantially preserve
the otherwise applicable terms of any affected Awards previously granted under the Plan, (ii) the vesting of such Awards held by current service providers may be accelerated in full, and/or (iii) all outstanding Awards are to be cancelled
as of the effective date of the consummation of the Change in Control in exchange for the payment of a cash amount that would have been attained upon exercise or vesting of such awards. In the case of any Option or Stock Appreciation Right with an
exercise price that equals or exceeds the price paid for a Share in connection with the Change in Control, the Committee may cancel the Option or Stock Appreciation Right without the payment of consideration therefor. In the case of Performance
Shares and other Awards subject to Performance Criteria, the Committee shall determine what adjustments, accelerations or amendments, if any, shall be applied to such awards, either at the time of grant or prior to the Change in Control. 

  
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 (g) Rights as Shareholder. Unless otherwise provided in this Plan or an Award
Agreement, a Participant shall have no right as a shareholder with respect to any Shares covered by an Award until the date such Shares have been issued to such Participant. 

(h) Performance Conditions. The Committee may require the satisfaction of certain performance goals as a condition to the grant,
vesting or payment of any Award provided under the Plan. 
 7. Stock Options. 

(a) Terms of All Options. 

(i) Grants. Each Option shall be granted pursuant to an Award Agreement as either an Incentive Stock Option or a Non-Qualified Stock Option. Only Non-Qualified Stock Options may be granted to Participants who are not employees of the Company or an Affiliate. The provisions of separate
Options need not be identical. In no event may Options known as reload options be granted hereunder. The Company shall have no liability to any Participant or any other person if an Option designated as an Incentive Stock Option fails to qualify as
such at any time. 
 (ii) Purchase Price. The purchase price of each Share subject to an Option shall be determined by the Committee
and set forth in the applicable Award Agreement, but shall not be less than 100% of the Fair Market Value of a Share as of the date the Option is granted (other than in connection with grants of substitute Awards described in Section 14). The
purchase price of the Shares with respect to which an Option is exercised shall be payable in full at the time of exercise, in cash or by certified or bank check. The purchase price may be paid, if the Committee so permits and upon such terms as the
Committee shall approve, through delivery or tender to the Company of Shares held, either actually or by attestation, by such Participant (in each case, such Shares having a Fair Market Value as of the date the Option is exercised equal to the
purchase price of the Shares being purchased pursuant to the Option) or through a net or cashless form of exercise as permitted by the Committee, or, if the Committee so permits, a combination thereof. Further, the Committee, in its discretion, may
approve other methods or forms of payment of the purchase price, and establish rules and procedures therefor. Unless otherwise specifically provided in the Agreement, the purchase price of the Shares acquired pursuant to an Option that is paid by
delivery (or attestation) to the Company of other Shares acquired, directly or indirectly from the Company, shall be paid only by Shares that have been held for more than six months (or such longer or shorter period of time required to avoid a
charge to earnings for financial accounting purposes). 
 (iii) Exercisability. Each Option shall vest and be exercisable in whole
or in part on the terms provided in the Award Agreement. In no event shall any Option be exercisable at any time after its Term. When an Option is no longer exercisable, it shall be deemed to have lapsed or terminated. No Option may be exercised for
a fraction of a Share. 

  
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 (iv) Termination of Service. Unless otherwise approved by the Committee and provided in
an Award Agreement or an amendment to an Award Agreement, in the event a Participant’s service terminates (other than upon the Participant’s death or Disability), the Participant may exercise his or her Option (to the extent that the
Participant was entitled to exercise such Option as of the date of termination) but only within such period of time ending on the earlier of (a) the date three months following the termination of the Participant’s service or (b) the
expiration of the Term of the Option as set forth in the Award Agreement; provided that, if the termination of service is by the Company for Cause, all outstanding Options (whether or not vested) shall immediately terminate and cease to be
exercisable. If, after termination, the Participant does not exercise his or her Option within the time specified in this Plan or the Award Agreement, the Option shall terminate. Unless otherwise set forth in a written agreement between the Company
and a Participant, he or she shall be deemed to incur a termination of service (for purposes of this provision and continued vesting) in accordance with such rules and determinations made by the Committee. 

(v) Disability of Optionholder. Unless otherwise approved by the Committee and provided in an Award Agreement or an amendment to an
Award Agreement, in the event that a Participant’s service terminates as a result of the Participant’s Disability, the Participant may exercise his or her Option (to the extent that the Participant was entitled to exercise such Option as
of the date of termination), but only within such period of time ending on the earlier of (a) the date 12 months following such termination or (b) the expiration of the Term of the Option as set forth in the Award Agreement. If, after
termination, the Participant does not exercise his or her Option within the time specified in the Award Agreement, the Option shall terminate. 

(vi) Death of Optionholder. Unless otherwise approved by the Committee and provided in an Award Agreement or an amendment to an Award
Agreement, in the event a Participant’s service terminates as a result of the Participant’s death, then the Option may be exercised (to the extent the Participant was entitled to exercise such Option as of the date of death) by the
Participant’s estate, by a person who acquired the right to exercise the Option by bequest or inheritance or by a person designated to exercise the Option upon the Participant’s death, but only within the period ending on the earlier of
(a) the date 12 months following the date of death or (b) the expiration of the Term of such Option as set forth in the Award Agreement. If, after the Participant’s death, the Option is not exercised within the time specified in this
Plan or the Award Agreement, the Option shall terminate. 
 (b) Incentive Stock Options. In addition to the other terms and
conditions applicable to all Options: 
 (i) the aggregate Fair Market Value (determined as of the date the Option is granted) of
the Shares with respect to which Incentive Stock Options held by an individual first become exercisable in any calendar year (under this Plan and all other incentive stock options plans of the Company and its Affiliates) shall not exceed $100,000
(or such other limit as may be required by the Code), if such limitation is necessary to qualify the Option as an Incentive Stock Option, and to the extent an Option or Options granted to a Participant exceed such limit such Option or Options shall
be treated as Non-Qualified Stock Options; 

  
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 (ii) an Incentive Stock Option shall not be exercisable and the Term of the Award shall
not be more than ten years after the date of grant (or such other limit as may be required by the Code) if such limitation is necessary to qualify the Option as an Incentive Stock Option; 

(iii) the Award Agreement covering an Incentive Stock Option shall contain such other terms and provisions which the Committee
determines necessary to qualify such Option as an Incentive Stock Option; and 
 (iv) notwithstanding any other provision of this
Plan if, at the time an Incentive Stock Option is granted, the Participant owns (after application of the rules contained in Section 424(d) of the Code, or its successor provision) Shares possessing more than ten percent of the total combined
voting power of all classes of stock of the Company or its subsidiaries, (A) the option price for such Incentive Stock Option shall be at least 110% of the Fair Market Value of the Shares subject to such Incentive Stock Option on the date of
grant and (B) such Option shall not be exercisable after the date five years from the date such Incentive Stock Option is granted. 

8. Stock Appreciation Rights. 

(a) Grant. An Award of a Stock Appreciation Right shall entitle the Participant, subject to terms and conditions determined by
the Committee, to receive upon exercise of the Stock Appreciation Right all or a portion of the excess of (i) the Fair Market Value of a specified number of Shares as of the date of exercise of the Stock Appreciation Right over (ii) a
specified purchase price which shall not be less than 100% of the Fair Market Value of such Shares as of the date of grant of the Stock Appreciation Right. Each Stock Appreciation Right shall be subject to such terms as provided in the applicable
Award Agreement. Except as otherwise provided in the applicable Award Agreement, upon exercise of a Stock Appreciation Right, payment to the Participant (or to his or her successor) shall be made in the form of cash, Shares or a combination of cash
and Shares (as determined by the Committee if not otherwise specified in the Award Agreement) as promptly as practicable after such exercise. The Award Agreement may provide for a limitation upon the amount or percentage of the total appreciation on
which payment (whether in cash and/or Stock) may be made in the event of the exercise of a Stock Appreciation Right. 
 (b)
Exercisability. Each Stock Appreciation Right shall vest and be exercisable in whole or in part on the terms provided in the Award Agreement. In no event shall any Stock Appreciation Right be exercisable at any time after its Term. When a
Stock Appreciation Right is no longer exercisable, it shall be deemed to have lapsed or terminated. No Stock Appreciation Right may be exercised for a fraction of a Share. 

  
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 9. Performance Shares. 

(a) Initial Award. An Award of Performance Shares shall entitle a Participant to future payments based upon the achievement of
performance targets established in writing by the Committee. Payment shall be made in cash, Stock, Restricted Stock or any combination, as determined by the Committee. Such performance targets and other terms and conditions shall be determined by
the Committee in its sole discretion. The Award Agreement shall provide for the timing of such payment. 
 (b) Acceleration and
Adjustment. The applicable Award Agreement may permit an acceleration of the Performance Period and an adjustment of performance targets and payments with respect to some or all of the Performance Shares awarded to a Participant, upon such terms
and conditions as shall be set forth in the Award Agreement, upon the occurrence of certain events, which may, but need not, include without limitation, the Participant’s death or Disability, a change in accounting practices of the Company or
its Affiliates, a reclassification, stock dividend, stock split or stock combination, or other event as provided in Section 13(f) hereof. 

(c) Voting; Dividends. Participants holding Performance Shares shall have no voting rights with respect to such Awards and shall
have no dividend rights with respect to Shares subject to such Performances Shares other than as the Committee so provides, in its discretion, in an Award Agreement. 

10. Restricted Stock and Restricted Stock Unit Awards. 

(a) Grant. A Restricted Stock Award is an Award of actual Shares, and a Restricted Stock Unit Award is an unfunded and unsecured
promise to deliver shares of Common Stock, cash, other securities or other property, subject to certain conditions or restrictions. All or any part of any Restricted Stock or Restricted Stock Unit Award may be subject to such conditions and
restrictions as may be established by the Committee, and set forth in the applicable Award Agreement, which may include, but are not limited to, service requirements, a requirement that a Participant pay a purchase price for such Award, the
achievement of specific performance goals, and/or applicable securities laws restrictions. Subject to the restrictions set forth in the Award Agreement, during any period during which an Award of Restricted Stock or Restricted Stock Units is
restricted and subject to a substantial risk of forfeiture, if at all, (i) Participants holding Restricted Stock Awards may exercise full voting rights with respect to such Shares and shall be entitled to receive all dividends and other
distributions paid with respect to such Shares while they are so restricted and (ii) Participants holding Restricted Stock Units shall have no dividend rights with respect to Shares subject to such Restricted Stock Units other than as the
Committee so provides, in its discretion, in an Award Agreement, and shall have no voting rights with respect to such Awards. Any dividends or dividend equivalents may be paid currently or may be credited to a Participant’s account and may be
subject to such restrictions and conditions as the Committee may establish. If the Committee determines that Restricted Stock shall be held by the Company or in escrow rather than delivered to the Participant pending the release of the applicable
restrictions, the Committee may require the Participant to execute and deliver to the Company an escrow agreement satisfactory to the Committee, if applicable, and an appropriate blank stock power with respect to the Restricted Stock covered by such
agreement. 

  
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 (b) Restrictions. 

(i) Restricted Stock awarded to a Participant may be subject to the following restrictions until the expiration of the period during
which the Award is restricted, and to such other terms and conditions as may be set forth in the applicable Award Agreement: (A) if an escrow arrangement is used, the Participant shall not be entitled to delivery of the stock certificate;
(B) the Shares shall be subject to the restrictions on transferability, if any, set forth in the Award Agreement; (C) the Shares shall be subject to forfeiture for such period and subject to satisfaction of any applicable performance goals
during such period, to the extent provided in the applicable Award Agreement; and (D) to the extent such Shares are forfeited, the stock certificates, if any, shall be returned to the Company, and all rights of the Participant to such Shares
and as a shareholder with respect to such shares shall terminate without further obligation on the part of the Company. 
 (ii)
Restricted Stock Units awarded to any Participant may be subject to (A) forfeiture until the expiration of the period during which the Award is restricted, and the satisfaction of any applicable performance goals during such period, to the
extent provided in the applicable Award Agreement, and to the extent such Restricted Stock Units are forfeited, all rights of the Participant to such Restricted Stock Units shall terminate without further obligation on the part of the Company and
(B) such other terms and conditions as may be set forth in the applicable Award Agreement. 
 (iii) The Committee shall have
the authority to remove any or all of the restrictions on the Restricted Stock and Restricted Stock Units whenever it may determine that, by reason of changes in applicable laws or other changes in circumstances arising after the date the Restricted
Stock or Restricted Stock Units are granted, such action is appropriate. 
 (c) Restricted Period. Each certificate
representing Restricted Stock awarded under the Plan shall bear a legend in such form as the Company deems appropriate. 
 11.
Other Awards. The Committee may from time to time grant Other Awards under this Plan, including without limitation those Awards pursuant to which a cash bonus award may be made or pursuant to which Shares may be acquired in the future, such
as Awards denominated in Stock, Stock units, securities convertible into Stock and phantom securities. The Committee, in its sole discretion, shall determine, and provide in the applicable Award Agreement for, the terms and conditions of such Awards
provided that such Awards shall not be inconsistent with the terms and purposes of this Plan. The Committee may, in its sole discretion, direct the Company to issue Shares subject to restrictive legends and/or stop transfer instructions which are
consistent with the terms and conditions of the Award to which such Shares relate. In addition, the Committee may, in its sole discretion, issue such Other Awards subject to the performance criteria under Section 12 hereof.


  
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 12. Performance-Based Awards. 

(a) Application to Covered Employee. Notwithstanding any other provision of the Plan, if the Committee determines at the time
any Award is granted to a Participant that such Participant is, or is likely to be as of the end of the tax year in which the Company would claim a tax deduction in connection with such Award, a “covered employee” within the meaning of
Section 162(m)(3) of the Code, then the Committee may provide that this Section 12 is applicable to such Award. Notwithstanding the foregoing, the Committee may provide, in its discretion, that an Award granted to any
other Participant is subject to this Section 12, to the extent the Committee deems appropriate, whether or not Section 162(m) of the Code is or would be applicable with respect to such Participant. 

(b) Performance Goals. Awards under the Plan may be made subject to the achievement of Performance Criteria, which shall be
performance goals established by the Committee relating to one or more business criteria pursuant to Section 162(m) of the Code. Performance Criteria may be applied to the Company, an Affiliate, division, business unit, corporate group or
individual or any combination thereof and may be measured in absolute levels or relative to another company or companies, a peer group, an index or indices or Company performance in a previous period. Performance may be measured over such period of
time as determined by the Committee. Performance Criteria that may be used to establish performance goals are: (1) net earnings or net income; (2) operating earnings; (3) pretax earnings; (4) earnings per share of stock;
(5) stock price, including growth measures and total stockholder return; (6) earnings before interest and taxes; (7) earnings before interest, taxes, depreciation and/or amortization; (8) sales or revenue growth, whether in
general, by type of product or service, or by type of customer; (9) gross or operating margins; (10) return measures, including return on assets, capital, investment, equity, sales or revenue; (11) cash flow, including operating cash
flow, free cash flow, cash flow return on equity and cash flow return on investment; (12) productivity ratios; (13) expense targets; (14) market share; (15) financial ratios as provided in credit agreements of the Company;
(16) working capital targets; (17) completion of acquisitions of business or companies; (18) completion of divestitures and asset sales; (19) revenues under management; (20) funds from operations; (21) entering into
contractual arrangements; (22) meeting contractual requirements; (23) achieving contractual milestones; (24) entering into collaborations; (25) product development; (26) production volume levels; and (27) any
combination of the foregoing business criteria. The Committee may provide for exclusion of the impact of an event or occurrence which the Committee determines should appropriately be excluded, including (a) restructurings, discontinued
operations, extraordinary items, and other unusual or non-recurring charges, (b) an event either not directly related to the operations of the Company, Subsidiary, division, business segment or business
unit or not within the reasonable control of management, or (c) the cumulative effects of tax or accounting changes in accordance with U.S. generally accepted accounting principles. Such performance goals (and any exclusions) shall (i) be
set by the Committee prior to the earlier of (i) 90 days after the commencement of the applicable Performance Period and the expiration of 25% of the Performance Period, and (ii) otherwise comply with the requirements of,
Section 162(m) of the Code and the regulations 

  
 16 








 
thereunder. Unless otherwise specifically provided by the Committee when authorizing an Award, all performance-based criteria, including any adjustment described in the preceding sentence, shall
be determined by applying U.S. generally accepted accounting principles, as reflected in the Company’s audited financial statements. The performance goals for each Participant and the amount payable if those goals are met shall be established
in writing for each specified period of performance by the Committee no later than 90 days after the commencement of the period of service to which the performance goals relate and while the outcome of whether or not those goals will be achieved is
substantially uncertain. However, in no event will such goals be established after 25% of the period of service to which the goals relate has elapsed. The performance goals shall be objective. Such goals and the amount payable for each performance
period if the goals are achieved shall be set forth in the applicable Award Agreement. Following the conclusion of each Performance Period, the Committee shall determine the extent to which (i) Performance Criteria have been attained,
(ii) any other terms and conditions with respect to an Award relating to such Performance Period have been satisfied, and (iii) payment is due with respect to a performance-based Award. No amounts shall be payable to any Participant for
any Performance Period unless and until the Committee certifies that the Performance Criteria and any other material terms were in fact satisfied. 

(c) Adjustment of Payment. With respect to any Award that is subject to this Section 12, the Committee
may adjust downwards, but not upwards, the amount payable pursuant to such Award. The applicable Award Agreement may permit an acceleration of the Performance Period and an adjustment of performance targets and payments with respect to some or all
of the performance-based Award(s) awarded to a Participant, upon such terms and conditions as shall be set forth in the Agreement, upon the occurrence of certain events; provided, however, that any such acceleration or adjustment shall be made only
to the extent and in a manner consistent with Section 162(m) of the Code. 
 (d) Other Restrictions. The Committee shall
have the power to impose such other restrictions on Awards subject to this Section 12 as it may deem necessary or appropriate to ensure that such Awards satisfy all requirements for “performance-based
compensation” within the meaning of Section 162(m)(4)(C) of the Code, or any successor provision thereto. 
 13. General
Provisions. 
 (a) Effective Date of this Plan. This Plan shall become effective as of the Effective Date. 

(b) Duration of this Plan; Date of Grant. This Plan shall remain in effect for a term of ten years following the Effective Date
or until all Shares subject to the Plan shall have been purchased or acquired according to the Plan’s provisions, whichever occurs first, unless this Plan is sooner terminated pursuant to Section 13(e) hereof. No Awards shall be
granted pursuant to the Plan after such Plan termination or expiration, but outstanding Awards may extend beyond that date and the Plan will remain in effect with respect to such outstanding Awards until no Awards remain outstanding. The date and
time of approval by the Committee 

  
 17 








 
of the granting of an Award shall be considered the date and time at which such Award is made or granted, or such later effective date as determined by the Committee, notwithstanding the date of
any Award Agreement with respect to such Award; provided, however, that the Committee may grant Awards other than Incentive Stock Options to Participants or to persons who are about to become Participants, to be effective and deemed to be granted on
the occurrence of certain specified contingencies, provided that if the Award is granted to a non-Participant who is about to become a Participant, such specified contingencies shall include, without
limitation, that such person becomes a Participant. 
 (c) Right to Terminate Service. Nothing in this Plan or in any Award
Agreement shall confer upon any Participant the right to continue in the employment or other service of the Company or any Affiliate or affect any right which the Company or any Affiliate may have to terminate or modify the employment or other
service of the Participant with or without cause. 
 (d) Tax Withholding. The Company shall have the right to withhold from
any payment of cash or Stock to a Participant or other person an amount sufficient to cover any required withholding taxes, including the Participant’s social security and Medicare taxes (FICA) and federal, state,
back-up and local income tax with respect to income arising from the Award. The Company shall have the right to require the payment of any such taxes before issuing any Stock pursuant to the Award. In lieu of
all or any part of a cash payment from a person receiving Stock under this Plan, the Committee may, in the applicable Award Agreement or otherwise, permit a person to cover all or any part of the required withholdings, and to cover any additional
withholdings up to the amount needed to cover the person’s full FICA and federal, state and local income tax with respect to income arising from payment of the Award, through a reduction of the numbers of Shares delivered to such person or a
delivery or tender to the Company of Shares held by such person, in each case valued in the same manner as used in computing the withholding taxes under applicable laws. 

(e) Amendment, Modification and Termination of this Plan. Except as provided in this Section 13(e), the Board may
at any time amend, modify, terminate or suspend this Plan. Except as provided in this Section 13(e), the Committee may at any time alter or amend any or all Award Agreements under this Plan to the extent permitted by law, in which
event, the term “Award Agreement” shall mean the Award Agreement as so amended. Any such alterations or amendments may be made unilaterally by the Committee, subject to the provisions of this Section 13(e), unless such
amendments are deemed by the Committee to be materially adverse to the Participant and are not required as a matter of law. Amendments are subject to approval of the shareholders of the Company only as required by applicable law or regulation or
rules of the applicable stock exchange, or if the amendment increases the total number of shares available under this Plan, except as provided in Section 13(f). No termination, suspension or modification of this Plan may materially and
adversely affect any right acquired by any Participant under an Award granted before the date of termination, suspension or modification, unless otherwise provided in an Award Agreement or otherwise or required as a matter of law. It is conclusively
presumed that any adjustment for changes in capitalization 

  
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provided for in Sections 9(b), 12(c) or 13(f) hereof does not adversely affect any right of a Participant or other person under an Award. It is expressly contemplated that
the Board may amend the Plan in any respect the Board deems necessary or advisable to provide eligible Participants with the maximum benefits provided or to be provided under the provisions of the Code relating to Incentive Stock Options or to the
provisions of Section 409A of the Code and/or to bring the Plan and/or Awards granted under it into compliance therewith. 
 (f)
Adjustment for Changes in Capitalization. Appropriate adjustments in the aggregate number and type of securities that may be issued, represented, and available for Awards under this Plan, in the limitations on the number and type of
securities that may be issued to an individual Participant, in the number and type of securities and amount of cash subject to Awards then outstanding, in the Option purchase price as to any outstanding Options, in the purchase price as to any
outstanding Stock Appreciation Rights, and, subject to Sections 9(b) and 12(c) hereof, in outstanding Performance Shares and performance-based Awards and payments with respect to outstanding Performance Shares and
performance-based Awards, and comparable adjustments, if applicable, to any outstanding Other Award, automatically shall be made to give effect to adjustments made in the number or type of Shares through a Fundamental Change, divestiture,
distribution of assets to shareholders (other than ordinary cash dividends), reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split, stock combination or exchange, rights offering, spin-off or other relevant change, provided that fractional Shares shall be rounded down to the nearest whole Share. 

(g) Other Benefit and Compensation Programs. Payments and other benefits received by a participant under an Award shall not be
deemed a part of a Participant’s regular, recurring compensation for purposes of any termination, indemnity or severance pay laws and shall not be included in, nor have any effect on, the determination of benefits under any other employee
benefit plan, contract or similar arrangement provided by the Company or an Affiliate, unless expressly so provided by such other plan, contract or arrangement or the Committee determines that an Award or portion of an Award should be included to
reflect competitive compensation practices or to recognize that an Award has been made in lieu of a portion of competitive cash compensation. 

(h) Unfunded Plan. This Plan shall be unfunded and the Company shall not be required to segregate any assets that may at any
time be represented by Awards under this Plan. Neither the Company, its Affiliates, the Committee, nor the Board shall be deemed to be a trustee of any amounts to be paid under this Plan nor shall anything contained in this Plan or any action taken
pursuant to its provisions create or be construed to create a fiduciary relationship between the Company and/or its Affiliates, and a Participant or successor. To the extent any person acquires a right to receive an Award under this Plan, such right
shall be no greater than the right of an unsecured general creditor of the Company. 

  
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 (i) Limits of Liability. 

(i) Any liability of the Company to any Participant with respect to an Award shall be based solely upon contractual obligations
created by this Plan and the Award Agreement. 
 (ii) Except as may be required by law, neither the Company nor any member or former
member of the Board or the Committee, nor any other person participating (including participation pursuant to a delegation of authority under Section 3(c) hereof) in any determination of any question under this Plan, or in the interpretation,
administration or application of this Plan, shall have any liability to any party for any action taken, or not taken, in good faith under this Plan. 

(iii) To the full extent permitted by law, each member and former member of the Committee and each person to whom the Committee
delegates or has delegated authority under this Plan shall be entitled to indemnification by the Company against any loss, liability, judgment, damage, cost and reasonable expense incurred by such member, former member or other person by reason of
any action taken, failure to act or determination made in good faith under or with respect to this Plan. 
 (j) Compliance with
Applicable Legal Requirements. The Company shall not be required to issue or deliver a certificate for Shares distributable pursuant to this Plan unless the issuance of such certificate complies with all applicable legal requirements including,
without limitation, compliance with the provisions of applicable state securities laws, the Securities Act of 1933, as amended and in effect from time to time or any successor statute, the Exchange Act and the requirements of the exchanges, if any,
on which the Company’s Shares may, at the time, be listed. 
 (k) Deferrals and Settlements. The Committee may require or
permit Participants to elect to defer the issuance of Shares or the settlement of Awards in cash under such rules and procedures as it may establish under this Plan. It may also provide that deferred settlements include the payment or crediting of
interest on the deferral amounts. 
 (l) Acceleration. The Committee shall have the power to accelerate the time at which an
Award may first be exercised or the time during which an Award or any part thereof will vest in accordance with the Plan, notwithstanding the provisions in the Award stating the time at which it may first be exercised or the time during which it
will vest. 
 (m) Forfeiture. The Committee may specify in an Award Agreement that the Participant’s rights, payments and
benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain events, in addition to applicable vesting conditions of an Award. Such events may include, without limitation,
breach of non-competition, non-solicitation, confidentiality, or other restrictive covenants that are contained in the Award Agreement or otherwise applicable to the
Participant, a termination of the Participant’s service for Cause, or other conduct by the Participant that is detrimental to the business or reputation of the Company and/or its Affiliates. 

  
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 (n) Clawback and Noncompete. Notwithstanding any other provisions of this Plan, any
Award which is subject to recovery under any law, government regulation or stock exchange listing requirement, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock
exchange listing requirement, or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement. In addition and notwithstanding any other provisions of this Plan, any Award shall be subject
to such noncompete provisions under the terms of the Award Agreement or any other agreement or policy adopted by the Company, including, without limitation, any such terms providing for immediate termination and forfeiture of an Award if and when a
Participant becomes an employee, agent or principal of a competitor without the express written consent of the Company. 
 (o) Sub-plans. The Committee may from time to time establish sub-plans under the Plan for purposes of satisfying blue sky, securities, tax or other laws of various
jurisdictions in which the Company intends to grant Awards. Any sub-plans shall contain such limitations and other terms and conditions as the Committee determines are necessary or desirable. All sub-plans shall be deemed a part of the Plan, but each sub-plan shall apply only to the Participants in the jurisdiction for which the
sub-plan was designed. 
 (p) Plan Headings. The headings in the Plan are for purposes
of convenience only and are not intended to define or limit the construction of the provisions hereof. 
 (q) Non-Uniform Treatment. The Committee’s determinations under the Plan need not be uniform and may be made by it selectively among persons who are eligible to receive, or actually receive, Awards. Without
limiting the generality of the foregoing, the Committee shall be entitled to make non-uniform and selective determinations, amendments and adjustments and to enter into
non-uniform and selective Award Agreements. 
 14. Substitute Awards. Awards may be
granted under this Plan from time to time in substitution for Awards held by employees of other entities who are about to become Participants, or whose employer is about to become a Subsidiary of the Company, as the result of a merger or
consolidation of the Company or a Subsidiary of the Company with another entity, the acquisition by the Company or a Subsidiary of the Company of all or substantially all the assets of another entity or the acquisition by the Company or a Subsidiary
of the Company of at least 50% of the issued and outstanding stock of another entity. The terms and conditions of the substitute Awards so granted may vary from the terms and conditions set forth in this Plan to such extent as the Board at the time
of the grant may deem appropriate to conform, in whole or in part, to the provisions of the Awards in substitution for which they are granted, but with respect to Awards which are Incentive Stock Options, no such variation shall be permitted which
affects the status of any such substitute option as an Incentive Stock Option. 

  
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 Awards may be granted under this Plan in substitution for awards relating to shares of common
stock of Terex Corporation and Manitex International Inc. and outstanding immediately prior to the IPO. The terms and conditions of any substitute Awards so granted may vary from the terms and conditions set forth in this Plan to such extent the
Board or the Committee, as applicable, at the time of the grant may deem appropriate to conform, in whole or in part, to the provisions of the awards in substitution for which they are granted. Notwithstanding the foregoing, nothing herein shall
require such substitute Awards to be made under this Plan, the terms of any such substitute Awards may vary from Award to Award, and any such substitute Awards may be made with respect to one or more prior awards (in whole or in part) and
individuals and need not be made with respect to all prior awards or with respect to all such individuals. The Board or the Committee, as applicable, shall have discretion to select individuals to whom such substitute Awards are to be granted and
the applicable terms and number of shares applicable to such Awards. 
 15. Governing Law. To the extent that federal laws do
not otherwise control, this Plan and all determinations made and actions taken pursuant to this Plan shall be governed by the laws of Minnesota, without giving effect to principles of conflicts of laws, and construed accordingly, except for those
matters subject to the General Corporation Law of Delaware, which shall be governed by such law, without giving effect to principles of conflicts of laws, and construed accordingly. 

16. Severability. In the event any provision of this Plan shall be held illegal or invalid for any reason, the illegality or
invalidity shall not affect the remaining parts of this Plan, and this Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 

17. Section 409A. The Plan is intended to comply with Section 409A of the Code to the extent subject
thereto, and, accordingly, to the maximum extent permitted, the Plan shall be interpreted and administered to be in compliance therewith. Any payments that are due within the short-term deferral period as defined in Section 409A of the Code
shall not be treated as deferred compensation unless applicable laws require otherwise. Notwithstanding anything to the contrary in the Plan, to the extent required to avoid adverse tax consequences under Section 409A of the Code, amounts that
would otherwise be payable and benefits that would otherwise be provided pursuant to the Plan during the six-month period immediately following the Participant’s termination of service shall instead be
paid on the first payroll date after the six-month anniversary of the Participant’s separation from service (or the Participant’s death, if earlier). Notwithstanding the foregoing, neither the
Company nor the Committee shall have any obligation to take any action to prevent the assessment of any tax or penalty under Section 409A of the Code and neither the Company nor the Committee will have any liability to any Participant or
otherwise for such tax or penalty. 

  
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