EX-4.4



 EXHIBIT 4.4 
 SILVERCREST ASSET MANAGEMENT GROUP INC. 
 2012 EQUITY INCENTIVE PLAN








 TABLE OF CONTENTS 

 

							
	1.	  	Purpose	  	 	1	  
			
	2.	  	Definitions	  	 	1	  
			
	3.	  	Term of the Plan	  	 	5	  
			
	4.	  	Stock and Class B Units Subject to the Plan	  	 	5	  
			
	5.	  	Administration	  	 	6	  
			
	6.	  	Authorization of Grants	  	 	6	  
			
	7.	  	Specific Terms of Awards	  	 	8	  
			
	8.	  	Adjustment Provisions	  	 	14	  
			
	9.	  	Change of Control	  	 	17	  
			
	10.	  	Settlement of Awards	  	 	18	  
			
	11.	  	Reservation of Stock and Class B Units	  	 	21	  
			
	12.	  	Limitation of Rights in Stock and Class B Units; No Special Service Rights	  	 	21	  
			
	13.	  	Unfunded Status of Plan	  	 	21	  
			
	14.	  	Nonexclusivity of the Plan	  	 	21	  
			
	15.	  	No Guarantee of Tax Consequences; Section 409A of the Code	  	 	22	  
			
	16.	  	Termination and Amendment of the Plan	  	 	22	  
			
	17.	  	Notices and Other Communications	  	 	23	  
			
	18.	  	Administrative Provisions	  	 	23	  
			
	19.	  	Governing Law	  	 	23	  








 SILVERCREST ASSET MANAGEMENT GROUP INC. 

2012 EQUITY INCENTIVE PLAN 
  

	1.	Purpose 

 This Plan is
intended to encourage ownership of equity in Silvercrest Asset Management Group Inc., a corporation organized under the laws of the State of Delaware (the “Company”) and in its subsidiary, Silvercrest L.P., a limited partnership
organized under the laws of the State of Delaware (the “Partnership”), by employees, consultants and directors of the Company and the Partnership and their Affiliates, to align the long-term financial interests of those individuals
with those of the Company’s stockholders, to attract and retain those individuals by providing compensation opportunities that are consistent with the Company’s compensation philosophy and to provide incentives to those individuals who
contribute significantly to the long-term performance and growth of the Company and its Affiliates through the grant of Awards of or pertaining to shares of the Company’s Stock or Class B Units in the Partnership. The Plan is intended to be an
incentive stock option plan within the meaning of Section 422 of the Code, but not all Awards are required to be Incentive Options. 
  

	2.	Definitions 

 As used in
the Plan, the following terms shall have the respective meanings set out below, unless the context clearly requires otherwise: 

2.1. Accelerate, Accelerated, and Acceleration, means: (a) when used with respect to a Stock Right, that as of
the time of reference the Stock Right will become exercisable with respect to some or all of the shares of Stock or Class B Units for which it was not then otherwise exercisable by its terms; (b) when used with respect to Restricted Stock or
Restricted Stock Units, that the Risk of Forfeiture otherwise applicable to the Stock or Class B Units or Restricted Stock Units shall expire with respect to some or all of the Restricted Stock or Restricted Stock Units then still otherwise subject
to the Risk of Forfeiture; and (c) when used with respect to Qualified Performance-Based Awards, that the applicable Performance Goals or other business objectives shall be deemed to have been met as to some or all of the Qualified
Performance-Based Awards. 
 2.2. Affiliate means any corporation, partnership, limited liability company, business
trust, or other entity controlling, controlled by or under common control with the Company. 
 2.3. Award means any grant
or sale pursuant to the Plan of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Stock Grants, or LTIP Awards. 
 2.4. Award Agreement means an agreement between the Company and the recipient of an Award, or other notice of grant of an Award, setting forth the terms and conditions of the Award.

 2.5. Board means the Company’s Board of Directors. 

2.6. Change of Control means the occurrence of any of the following after the date of the approval of the Plan by
the Board: 
 (a) a Transaction, unless securities possessing more than 50% of the total combined voting power of the
survivor’s or acquiror’s outstanding securities (or the securities of any parent thereof) are held by a person or persons who held securities possessing more than 50% of the total combined voting power of the Company’s outstanding
securities immediately prior to that transaction, or 







 (b) any person or group of persons (within the meaning of Section 13(d)(3) of the
Securities Exchange Act of 1934, as amended and in effect from time to time) directly or indirectly acquires, including but not limited to by means of a merger or consolidation, beneficial ownership (determined pursuant to Securities and Exchange
Commission Rule 13d-3 promulgated under the said Exchange Act) of securities possessing more than 50% of the total combined voting power of the Company’s outstanding securities unless pursuant to a tender or exchange offer made directly to
the Company’s stockholders that the Board recommends such stockholders accept, other than (i) the Company or an Affiliate, (ii) an employee benefit plan of the Company or any of its Affiliates, (iii) a trustee or other fiduciary
holding securities under an employee benefit plan of the Company or any of its Affiliates, or (iv) an underwriter temporarily holding securities pursuant to an offering of such securities, or 

(c) over a period of twelve (12) consecutive months or less there is a change in the composition of the Board such that a majority
of the Board members (rounded up to the next whole number, if a fraction) ceases, by reason of one or more proxy contests for the election of Board members, to be composed of individuals who either (i) have been Board members continuously since
the beginning of that period, or (ii) have been elected or nominated for election as Board members during such period by at least a majority of the Board members described in the preceding clause (i) who were still in office at the time
that election or nomination was approved by the Board; or 
 (d) a liquidation or dissolution of the Company; or 

(e) any sale, transfer or other disposition of all or substantially all of the Company’s assets to one or more other persons in a
single transaction or series of related transactions; or 
 (f) the Company ceases to be the general partner of the Partnership.

 Notwithstanding the foregoing, no Transaction or other event described in (a), (b), (c) or (d) above shall
constitute a “Change of Control” for purposes of any Award which is subject to Section 409A of the Code and under which a “Change of Control” is a payment event, unless either such Transaction or event is also a “change
in control event,” within the meaning of Treas. Reg. § 1.409A-3(i)(5), or the Committee determines such a change in control event is not required to assure the Award’s continued compliance with Section 409A of the Code.

 2.7. Class B Unit means (1) a “Class B Unit” in the Partnership, as defined in the Partnership
Agreement, together with (2) the accompanying share of Class B common stock of the Company, and such other units or securities as may be substituted for such Class B Units and shares of Class B common stock pursuant to Section 8.

 2.8. Code means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto, and
any regulations issued from time to time thereunder. 
 2.9. Committee means the Compensation Committee of the Board,
which in general is responsible for the administration of the Plan, as provided in Section 5 of this Plan. For any period during which no such committee is in existence, “Committee” shall mean the Board, and all authority and
responsibility assigned to the Committee under the Plan shall be exercised, if at all, by the Board. 

  
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 2.10. Company means Silvercrest Asset Management Group Inc., a corporation organized
under the laws of the State of Delaware. 
 2.11. Dividend Equivalent means a dividend equivalent right where the
Participant may receive an amount, payable in cash or Stock or a combination of both, equal to the dividend actually paid with respect to a share of Stock. 
 2.12. Effective Date means the earlier of the date the Plan is approved by the Board or the date the Plan is approved by the stockholders of the Company. 

2.13. Grant Date means the date as of which an Option is granted, as determined under Section 7.1(a). 

2.14. Incentive Option means an Option to purchase Stock which by its terms is to be treated as an “incentive stock
option” within the meaning of Section 422 of the Code. No Option with respect to a Class B Unit shall be an Incentive Option. 
 2.15. LTIP Award means an Award that may, upon the occurrence of certain events or the Participant’s achievement of certain performance goals, convert into Class B Units of the
Partnership, and which may, to the extent provided in the Award Agreement, entitle the Participant to receive, currently or on a deferred or contingent basis, distributions or distribution equivalent payments with respect to the number of Class B
Units of the Partnership corresponding to the number of units issued under the LTIP Award. 
 2.16. Market Value
with respect to a share of Stock means the value of a share of Stock on a particular date determined by such methods or procedures as may be established by the Committee. Unless otherwise determined by the Committee, the Market Value of a share of
Stock as of any date is the closing price for the Stock as reported on the NASDAQ Global Market (or on any other national securities exchange on which the Stock is then listed) for that date or, if no closing price is reported for that date, the
closing price on the next preceding date for which a closing price was reported. For purposes of Awards effective as of the effective date of the Company’s initial public offering, Market Value of Stock shall be the price at which the
Company’s Stock is offered to the public in its initial public offering. Market Value with respect to a Class B Unit means the fair market value of a Class B Unit on a particular date as determined by the Committee. 

2.17. Nonstatutory Option means any Option that is not an Incentive Option. 

2.18. Option means an option to purchase shares of Stock or Class B Units. 

2.19. Optionee means an eligible individual to whom an Option shall have been granted under the Plan. 

2.20. Participant means any holder of an outstanding Award under the Plan. 

  
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 2.21. Partnership Agreement means the Second Amended and Restated Limited Partnership
Agreement of the Partnership dated as of November 13, 2012, as amended from time to time. 
 2.22. Performance
Criteria and Performance Goals have the meanings given such terms in Section 7.6(f). 
 2.23.
Performance Period means the one or more periods of time, which may be of varying and overlapping durations, selected by the Committee, over which the attainment of one or more Performance Goals or other business objectives will be
measured for purposes of determining a Participant’s right to, and the payment of, a Qualified Performance-Based Award. 

2.24. Plan means this 2012 Equity Incentive Plan of the Company, as amended from time to time, and including any attachments or
addenda hereto. 
 2.25. Qualified Performance-Based Awards means Awards to persons who are or become
covered employees within the meaning of Section 162(m) of the Code and which are intended to or at grant would qualify as “performance-based compensation” under Section 162(m) of the Code. 

2.26. Restricted Stock means a grant or sale of shares of Stock or Class B Units to a Participant subject to a Risk of
Forfeiture. 
 2.27. Restricted Stock Units means rights to receive shares of Stock or Class B Units at the
close of a Restriction Period, subject to a Risk of Forfeiture. 
 2.28. Restriction Period means the period of
time, established by the Committee in connection with an Award of Restricted Stock or Restricted Stock Units, during which the shares of Restricted Stock or Restricted Stock Units are subject to a Risk of Forfeiture described in the applicable Award
Agreement. 
 2.29. Risk of Forfeiture means a limitation on the right of
the Participant to retain Restricted Stock or Restricted Stock Units, including a right of the Company to reacquire shares of Restricted Stock at less than its then Market Value, arising because of the occurrence or non-occurrence of specified
events or conditions. 
 2.30. Stock means the Class A common stock, par value $0.01 per share, of the
Company, and such other securities as may be substituted for Stock pursuant to Section 8. 
 2.31. Stock
Appreciation Right means a right to receive any excess in the Market Value of shares of Stock or Class B Units (except as otherwise provided in Section 7.2(c)) over a specified exercise price. 

2.32. Stock Grant means the grant of shares of Stock or Class B Units not subject to restrictions or other forfeiture
conditions. 
 2.33. Stock Right means an Award in the form of an Option or a
Stock Appreciation Right. 
 2.34. Stockholders’ Agreement means any agreement by and among the holders of at
least a majority of the outstanding voting securities of the Company and setting forth, among other provisions, restrictions upon the transfer of shares of Stock or on the exercise of rights appurtenant thereto (including but not limited to voting
rights). 

  
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 2.35. Ten Percent Owner means a person who owns, or is deemed within
the meaning of Section 422(b)(6) of the Code to own, stock possessing more than 10% of the total combined voting power of all classes of stock of the Company (or any parent or subsidiary corporations of the Company, as defined in
Sections 424(e) and (f), respectively, of the Code). Whether a person is a Ten Percent Owner shall be determined with respect to an Option based on the facts existing immediately prior to the Grant Date of the Option. 

2.36. Transaction means (1) any merger or consolidation of the Company with or into another entity as a result of which the
Stock of the Company is converted into or exchanged for the right to receive cash, securities or other property or is cancelled, (2) any sale or exchange of all of the Stock of the Company for cash, securities or other property, (3) any
sale, transfer, or other disposition of all or substantially all of the Company’s assets to one or more other persons in a single transaction or series of related transactions or (4) any liquidation or dissolution of the Company.

  

	3.	Term of the Plan 

 Unless
the Plan shall have been earlier terminated by the Board, Awards may be granted under this Plan at any time in the period commencing on the date of approval of the Plan by the Board and ending on the issuance of all of the shares of Stock subject to
the Plan. Awards granted pursuant to the Plan within that period shall not expire solely by reason of the termination of the Plan. Awards of Incentive Options may only be granted through and prior to the tenth anniversary of the Effective Date. Any
Awards granted prior to stockholder approval of the Plan are hereby expressly conditioned upon such approval. 
  

	4.	Stock and Class B Units Subject to the Plan 

 At no time shall the number of shares of Stock and Class B Units issued pursuant to or subject to outstanding Awards granted under the Plan, nor the number of shares of Stock issued pursuant to or subject
to outstanding Incentive Options, exceed 1,687,500 shares of Stock or Class B Units subject, however, to the provisions of Section 8 of the Plan. For the avoidance of doubt, any Award with respect to either a share of Stock or with
respect to a Class B Unit will reduce the overall limit with respect to the number of shares of Stock and Class B Units that may be granted under Awards on a one-for-one basis. 

For purposes of applying the foregoing limitation, settlement of any Award shall not count against the foregoing limitations except to
the extent settled in the form of Stock or Class B Units and, without limiting the generality of the foregoing: 
 (a) if any
Option or Stock-settled Stock Appreciation Right expires, terminates, or is cancelled for any reason without having been exercised in full, or if any other Award is forfeited by the recipient or repurchased at less than its Market Value as a means
of effecting a forfeiture, the shares of Stock or Class B Units not purchased by the Optionee or which are forfeited by the recipient or repurchased shall again be available for Awards to be granted under the Plan; 

  
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 (b) if any Option is exercised by delivering previously owned shares of Stock or Class B
Units in payment of the exercise price therefor, only the net number of shares or units, that is, the number of shares of Stock or Class B Units issued minus the number received by the Company in payment of the exercise price, shall be considered to
have been issued pursuant to an Award granted under the Plan; and 
 (c) any shares of Stock or Class B Units either tendered or
withheld in satisfaction of tax withholding obligations of the Company or an Affiliate shall again be available for issuance under the Plan. 
 None of the foregoing provisions of this Section 4, including the adjustment provisions of Section 8, shall apply in determining the maximum number of shares of Stock issued pursuant to or
subject to outstanding Incentive Options unless consistent with the provisions of Section 422 of the Code, however. Shares of Stock issued pursuant to the Plan may be either authorized but unissued shares or shares held by the Company in its
treasury. 
  

	5.	Administration 

 The Plan
shall be administered by the Committee; provided, however, that at any time and on any one or more occasions the Board may itself exercise any of the powers and responsibilities assigned the Committee under the Plan and when so acting shall
have the benefit of all of the provisions of the Plan pertaining to the Committee’s exercise of its authorities hereunder; and provided further, however, that the Committee may delegate to an executive officer or officers the authority
to grant Awards hereunder to employees who are not officers, and to consultants, in accordance with such guidelines as the Committee shall set forth at any time or from time to time. Subject to the provisions of the Plan, the Committee shall have
complete authority, in its discretion, to make or to select the manner of making all determinations with respect to each Award to be granted by the Company under the Plan including the employee, consultant or director to receive the Award and the
form of Award. In making such determinations, the Committee may take into account the nature of the services rendered by the respective employees, consultants, and directors, their present and potential contributions to the success of the Company
and its Affiliates, and such other factors as the Committee in its discretion shall deem relevant. Subject to the provisions of the Plan, the Committee shall also have complete authority to interpret the Plan, to prescribe, amend and rescind rules,
regulations, procedures and guidelines relating to it and to Awards, 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 made in good faith on matters referred to in the Plan shall be final, binding and conclusive on all persons having or claiming any interest under the Plan or an Award made pursuant
hereto. The Committee may cancel, with the consent of the affected Participants, any or all of the outstanding Options or Stock Appreciation Rights with respect to shares of Stock in exchange for (i) new Options or Stock Appreciation Rights covering
the same or a different number of shares of Stock, but with an exercise price or base amount per share of Stock not less than the Market Value per share of Stock on the new Grant Date; or (ii) cash or share of Stock, whether vested or unvested,
equal in value to the value of the cancelled Options or Stock Appreciation Rights. 
  

	6.	Authorization of Grants 


6.1. Eligibility. The Committee may grant from time to time and at any time prior to the termination of the Plan one or more
Awards, either alone or in combination with any other Awards, to any employee of or consultant to one or more of the Company, the Partnership and their Affiliates or to any non-employee member of the Board or of any board of directors (or similar
governing authority) of any Affiliate. However, only employees of the Company, and of any parent or subsidiary corporations of the Company, as defined in Sections 424(e) and (f), respectively, of the Code, shall be eligible for the grant of an
Incentive Option. 

  
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 6.2. General Terms of Awards. Each grant of an Award shall be
subject to all applicable terms and conditions of the Plan (including but not limited to any specific terms and conditions applicable to that type of Award set out in the following Section), and such other terms and conditions, not inconsistent with
the terms of the Plan, as the Committee may prescribe. No prospective Participant shall have any rights with respect to an Award, unless and until such Participant shall have complied with the applicable terms and conditions of such Award (including
if applicable delivering a fully executed copy of any agreement evidencing an Award to the Company). 
 6.3. Effect
of Termination of Employment, Etc. Unless the Committee shall provide otherwise with respect to any Award, if the Participant’s employment or other association with the Company and its Affiliates ends for any
reason, including because of an Affiliate ceasing to be an Affiliate, (a) any outstanding Stock Right of the Participant shall cease to be exercisable in any respect not later than 90 days following that event and, for the period it remains
exercisable following that event, shall be exercisable only to the extent exercisable at the date of that event, and (b) any other outstanding Award of the Participant shall be forfeited or otherwise subject to return to or repurchase by the
Company on the terms specified in the applicable Award Agreement. Cessation of the performance of services in one capacity, for example, as an employee, shall not result in termination of an Award while the Participant continues to perform services
in another capacity, for example as a director. Military or sick leave or other bona fide leave shall not be deemed a termination of employment or other association, provided that it does not exceed the longer of ninety (90) days or the
period during which the absent Participant’s reemployment rights, if any, are guaranteed by statute or by contract. To the extent consistent with applicable law, the Committee may provide that Awards continue to vest for some or all of the
period of any such leave, or that their vesting shall be tolled during any such leave and only recommence upon the Participant’s return from leave, if ever. 
 6.4. Non-Transferability of Awards. Except as otherwise provided in this Section 6.4, Awards shall not be transferable, and no Award or interest therein may be sold, transferred,
pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. All of a Participant’s rights in any Award may be exercised during the life of the Participant only by the Participant or
the Participant’s legal representative. However, the Committee may, at or after the grant of an Award of a Nonstatutory Option, or shares of Restricted Stock, provide that such Award may be transferred by the recipient to a family member;
provided, however, that any such transfer is without payment of any consideration whatsoever and that no transfer shall be valid unless first approved by the Committee, acting in its sole discretion. For this purpose, “family
member” means any child, stepchild, grandchild, parent, grandparent, stepparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive
relationships, any person sharing the employee’s household (other than a tenant or employee), a trust in which the foregoing persons have more than fifty (50) percent of the beneficial interests, a foundation in which the foregoing persons
(or the Participant) control the management of assets, and any other entity in which these persons (or the Participant) own more than fifty (50) percent of the voting interests. 

6.5. Aggregate Annual Awards. The aggregate number of shares of Stock and/or Class B Units that are subject to Awards
granted to any single individual during a calendar year may not exceed [                    ]. 

  
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 6.6. Code Limits on Grants of Qualified
Performance-Based Awards. In no event shall the number of shares of Stock or Class B Units covered or referenced by either Options or Stock Appreciation Rights, or other Awards which are granted as Qualified Performance-Based Awards,
to any one person in any one calendar year exceed              shares of Stock or Class B Units. These limitations shall not apply prior to the date required to apply under the regulations
of the U.S. Department of Treasury promulgated under Section 162(m) of the Code, however. Solely for purposes of applying the limitations of this Section 6.5, if in effect, any shares of Stock or Class B Units subject to Options or Stock
Appreciation Rights which are canceled (or deemed canceled, as a result of repricing described in applicable regulations of the U.S. Department of Treasury promulgated under Section 162(m) of the Code) shall nevertheless continue to be counted
even after such cancellation (or deemed cancellation). 
  

	7.	Specific Terms of Awards 


7.1. Options. 
 (a) Date of Grant. The granting of an Option shall take place at the time specified in the Award Agreement. Only if expressly so provided in the applicable Award Agreement shall the
Grant Date be the date on which the Award Agreement shall have been duly executed and delivered by the Company and the Optionee. 
 (b) Exercise Price. The price at which shares of Stock may be acquired under each Incentive Option shall be not less than 100% of the Market Value of Stock on the Grant Date, or not less
than 110% of the Market Value of Stock on the Grant Date if the Optionee is a Ten Percent Owner. The price at which shares of Stock or Class B Units may be acquired under each Nonstatutory Option shall be equal to at least 100% of the Market Value
on the Grant Date. 
 (c) Option Period. No Incentive Option may be exercised on or after the tenth anniversary of
the Grant Date, or on or after the fifth anniversary of the Grant Date if the Optionee is a Ten Percent Owner. The Option period under each Nonstatutory Option shall not exceed ten years from the Grant Date. 

(d) Exercisability. An Option may be immediately exercisable or become exercisable in such installments, cumulative or
non-cumulative, as the Committee may determine. In the case of an Option not otherwise immediately exercisable in full, the Committee may Accelerate such Option in whole or in part at any time; provided, however, that in the case of an
Incentive Option, any such Acceleration of the Option would not cause the Option to fail to comply with the provisions of Section 422 of the Code or the Optionee consents to the Acceleration. 

  
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 (e) Method of Exercise. An Option may be exercised by the Optionee
giving written notice, in the manner provided in Section 17, specifying the number of shares of Stock or Class B Units with respect to which the Option is then being exercised. The notice shall be accompanied by payment in the form of cash or
check payable to the order of the Company in an amount equal to the exercise price of the shares of Stock or Class B Units to be purchased or, subject in each instance to the Committee’s approval, acting in its sole discretion, and to such
conditions, if any, as the Committee may deem necessary to avoid adverse accounting effects to the Company, 

(i) by delivery to the Company of shares of Stock or Class B Units having a Market Value equal to the exercise price of
the shares to be purchased, or 
 (ii) by surrender of the Option as to all or part of the shares of Stock or
Class B Units for which the Option is then exercisable in exchange for shares of Stock or Class B Units having an aggregate Market Value equal to the difference between (1) the aggregate Market Value of the surrendered portion of the
Option, and (2) the aggregate exercise price under the Option for the surrendered portion of the Option, or 
 (iii) unless prohibited by applicable law, by delivery to the Company of the Optionee’s executed promissory note in the principal amount equal to the exercise price of the shares of Stock or Class B
Units to be purchased and otherwise in such form as the Committee shall have approved, or 
 (iv) by delivery of
any other lawful means of consideration which the Committee may approve. 
 If the Stock is traded on an established market,
payment of any exercise price may also be made through and under the terms and conditions of any formal cashless exercise program authorized by the Company entailing the sale of the Stock subject to an Option in a brokered transaction (other than to
the Company). Receipt by the Company of such notice and payment in any authorized or combination of authorized means shall constitute the exercise of the Option. Within thirty (30) days thereafter but subject to the remaining provisions of the
Plan, the Company shall deliver or cause to be delivered to the Optionee or his agent a certificate or certificates for the number of shares then being purchased. Such shares of Stock shall be fully paid and nonassessable. 

(f) Limit on Incentive Option Characterization. An Incentive Option shall be considered to be an
Incentive Option only to the extent that the number of shares of Stock for which the Option first becomes exercisable in a calendar year do not have an aggregate Market Value (as of the date of the grant of the Option) in excess of the “current
limit”. The current limit for any Optionee for any calendar year shall be $100,000 minus the aggregate Market Value at the date of grant of the number of shares of Stock available for purchase for the first time in the same year under
each other Incentive Option previously granted to the Optionee under the Plan, and under each other incentive stock option previously granted to the Optionee under any other incentive stock option plan of the Company and its Affiliates. Any shares
of Stock which would cause the foregoing limit to be violated shall be deemed to have been granted under a separate Nonstatutory Option, otherwise identical in its terms to those of the Incentive Option. 

(g) Notification of Disposition. Each person exercising any Incentive Option granted under the Plan shall be deemed
to have covenanted with the Company to report to the Company any disposition of the shares of Stock issued upon such exercise prior to the expiration of the holding periods specified by Section 422(a)(1) of the Code and, if and to the extent
that the realization of income in such a disposition imposes upon the Company federal, state, local or other withholding tax requirements, or any such withholding is required to secure for the Company an otherwise available tax deduction, to remit
to the Company an amount in cash sufficient to satisfy those requirements. 

  
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 7.2. Stock Appreciation Rights. 

(a) Tandem or Stand-Alone. Stock Appreciation Rights may be granted in tandem with an Option (at or, in the case of
a Nonstatutory Option, after, the award of the Option), or alone and unrelated to an Option. Stock Appreciation Rights in tandem with an Option shall terminate to the extent that the related Option is exercised, and the related Option shall
terminate to the extent that the tandem Stock Appreciation Rights are exercised. 
 (b) Exercise Price. Stock
Appreciation Rights shall have an exercise price of not less than one hundred percent (100%) of the Market Value of the Stock or Class B Units on the date of award, or in the case of Stock Appreciation Rights in tandem with Options, the
exercise price of the related Option. 
 (c) Other Terms. Except as the Committee may deem inappropriate or
inapplicable in the circumstances, Stock Appreciation Rights shall be subject to terms and conditions substantially similar to those applicable to a Nonstatutory Option. In addition, a Stock Appreciation Right related to an Option which can only be
exercised during limited periods following a Change of Control may entitle the Participant to receive an amount based upon the highest price paid or offered for Stock in any transaction relating to the Change of Control or paid during the thirty
(30) day period immediately preceding the occurrence of the Change of Control in any transaction reported in the stock market in which the Stock is normally traded. 
 7.3. Restricted Stock. 
 (a) Purchase Price. Shares of
Restricted Stock shall be issued under the Plan for such consideration, in cash, other property or services, or any combination thereof, as is determined by the Committee. 
 (b) Issuance of Certificates. Each Participant receiving a Restricted Stock Award with respect to Stock, subject to subsection (c) below, shall be issued a stock certificate in
respect of such shares of Restricted Stock. Such certificate shall be registered in the name of such Participant, and, if applicable, shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Award
substantially in the following form: 
 The shares evidenced by this certificate are subject to the terms and conditions of
Silvercrest Asset Management Group Inc. 2012 Equity Incentive Plan, and an Award Agreement entered into by the registered owner and Silvercrest Asset Management Group Inc., copies of which will be furnished by the Company to the holder of the shares
evidenced by this certificate upon written request and without charge. 
 (c) Escrow of Shares. The
Committee may require that the stock certificates evidencing shares of Restricted Stock with respect to Stock be held in custody by a designated escrow agent (which may but need not be the Company) until the restrictions thereon shall have lapsed,
and that the Participant deliver a stock power, endorsed in blank, relating to the Stock covered by such Award. 
 (d)
Restrictions and Restriction Period. During the Restriction Period applicable to shares of Restricted Stock, such shares shall be subject to limitations on transferability and a Risk of Forfeiture arising on the basis of
such conditions related to the 

  
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performance of services, Company or Affiliate performance or otherwise as the Committee may determine and provide for in the applicable Award Agreement. Any such Risk of Forfeiture may be waived
or terminated, or the Restriction Period shortened, at any time by the Committee on such basis as it deems appropriate. 
 (e)
Rights Pending Lapse of Risk of Forfeiture or Forfeiture of Award. 
 (i) Stock. Except as otherwise provided in the Plan or the applicable Award Agreement, at all times prior to lapse of any Risk of Forfeiture applicable to, or forfeiture of, an Award of Restricted
Stock with respect to Stock, the Participant shall have all of the rights of a stockholder of the Company, including the right to vote, and the right to receive any dividends with respect to, the shares of Restricted Stock (but any dividends or
other distributions payable in shares of Stock or other securities of the Company shall constitute additional Restricted Stock, subject to the same Risk of Forfeiture as the shares of Restricted Stock in respect of which such shares of Stock or
other securities are paid). The Committee, as determined at the time of Award, may permit or require the payment of cash dividends to be deferred and, if the Committee so determines, reinvested in additional Restricted Stock to the extent shares of
Stock are available under Section 4. 
 (ii) Class B Units. Except as otherwise provided in the Plan
or the applicable Award Agreement, at all times prior to lapse of any Risk of Forfeiture applicable to, or forfeiture of, an Award of Restricted Stock with respect to Class B Units, the Participant shall have all of the rights of a holder of Class B
Units in the Partnership and a holder of the accompanying Class B shares in the Company, including the right to vote, and the right to receive any dividends and other distributions with respect to, the Restricted Stock (but any dividends or other
distributions payable in shares of Stock or other securities of the Company or in Class B Units shall constitute additional Restricted Stock, subject to the same Risk of Forfeiture as the Restricted Stock in respect of which such Class B Units or
other securities are paid). The Committee, as determined at the time of Award, may permit or require the payment of cash dividends and other distributions to be deferred and, if the Committee so determines, reinvested in additional Restricted Stock
to the extent available under Section 4. 
 (f) Lapse of Restrictions. If and when the Restriction
Period with respect to Stock expires without a prior forfeiture of the Restricted Stock, the certificates for such shares shall be delivered to the Participant promptly if not theretofore so delivered. 

7.4. Restricted Stock Units. 
 (a) Character. Each Restricted Stock Unit shall entitle the recipient to one or more shares of Stock or Class B Units at a close of such Restriction Period as the Committee may establish and
subject to a Risk of Forfeiture arising on the basis of such conditions relating to the performance of services, Company or Affiliate performance or otherwise as the Committee may determine and provide for in the applicable Award Agreement. Any such
Risk of Forfeiture may be waived or terminated, or the Restriction Period shortened, at any time by the Committee on such basis as it deems appropriate. 
 (b) Form and Timing of Payment. Payment of earned Restricted Stock Units shall be made in a single lump sum following the close of the applicable Restriction Period. At
the discretion of the Committee, Participants may be entitled to receive payments equivalent to any dividends declared with respect to Stock referenced in grants of Restricted Stock Units but only following the close of the applicable Restriction
Period and then only if the underlying Stock shall have been earned. 

  
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Unless the Committee shall provide otherwise, any such Dividend Equivalents shall be paid, if at all, without interest or other earnings. 

7.5. Stock Grants. Stock Grants shall be awarded solely in recognition of significant prior or expected contributions to
the success of the Company or its Affiliates, as an inducement to employment, in lieu of compensation otherwise already due and in such other limited circumstances as the Committee deems appropriate. Stock Grants shall be made without forfeiture
conditions of any kind. 
 7.6. Qualified Performance-Based Awards. 

(a) Purpose. The purpose of this Section 7.6 is to provide the Committee the ability to qualify Awards as
“performance-based compensation” under Section 162(m) of the Code. If the Committee, in its discretion, decides to grant an Award as a Qualified Performance-Based Award, the provisions of this Section 7.6 will control over any
contrary provision contained in the Plan. In the course of granting any Award, the Committee may specifically designate the Award as intended to qualify as a Qualified Performance-Based Award. However, no Award shall be considered to have failed to
qualify as a Qualified Performance-Based Award solely because the Award is not expressly designated as a Qualified Performance-Based Award, if the Award otherwise satisfies the provisions of this Section 7.6 and the requirements of
Section 162(m) of the Code applicable to “performance-based compensation.” 
 (b) Authority. All grants of
Awards intended to qualify as Qualified Performance-Based Awards and the determination of the terms applicable thereto shall be made by the Committee. If not all of the members thereof qualify as “outside directors” within the meaning of
Section 162(m) of the Code, however, all grants of Awards intended to qualify as Qualified Performance-Based Awards and the determination of the terms applicable thereto shall be made by a subcommittee of the Committee consisting of such of the
members of the Committee as do so qualify. Any reference in this Section 7.6 to the Committee shall mean any such subcommittee if required under the preceding sentence, and any action by such a subcommittee shall be considered the action of the
Committee for purposes of the Plan. 
 (c) Discretion of Committee with Respect to
Qualified Performance-Based Awards. Any form of Award permitted under the Plan, other than a Stock Grant, may be granted as a Qualified Performance-Based Award. Stock Rights may be granted as Qualified Performance-Based Awards
in accordance with Section 7.1 or Section 7.2, as appropriate, except that the exercise price of any Option or Stock Appreciation Right intended to qualify as a Qualified Performance-Based Award shall in no event be less that the Market
Value of the Stock on the date of grant, and may become exercisable based on continued service, on satisfaction of Performance Goals, or on a combination thereof. Each other Award intended to qualify as a Qualified Performance-Based Award, such as
Restricted Stock, Restricted Stock Units, or Performance Units, shall be subject to satisfaction of one or more Performance Goals except as otherwise provided in this Section 7.6. The Committee will have full discretion to select the length of
any applicable Restriction Period or Performance Period, the kind and/or level of the applicable Performance Goal, and whether the Performance Goal is to apply to the Company, a subsidiary of the Company or any division or business unit or to the
individual. Any Performance Goal or Goals applicable to Qualified Performance-Based Awards shall be objective, shall be established not later than ninety (90) days after the beginning of any applicable Performance Period (or at such other date
as may be required or permitted for “performance-based compensation” under Section 162(m) of the Code) and shall otherwise meet the requirements of Section 162(m) of the Code, including the requirement that the outcome of the
Performance Goal or Goals be substantially uncertain (as defined for purposes of Section 162(m) of the Code) at the time established. 

  
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 (d) Payment of Qualified Performance-Based Awards. A
Participant will be eligible to receive payment under a Qualified Performance-Based Award which is subject to achievement of a Performance Goal or Goals only if the applicable Performance Goal or Goals are achieved within the applicable Performance
Period, as determined by the Committee, provided, that a Qualified Performance-Based Award may be deemed earned as a result of death, becoming disabled, or in connection with a Change of Control if otherwise provided in the Plan or the
applicable Award Agreement even if the Award would not constitute “performance-based compensation” under Section 162(m) of the Code following the occurrence of such an event. In determining the actual size of an individual Qualified
Performance-Based Award, the Committee may reduce or eliminate the amount of the Qualified Performance-Based Award earned for the Performance Period, if in its sole and absolute discretion it deems such reduction or elimination is appropriate.

 (e) Limitation on Adjustments for Certain Events. No adjustment of any Qualified
Performance-Based Award pursuant to Section 8 shall be made except on such basis, if any, as will not cause such Award to provide other than “performance-based compensation” within the meaning of Section 162(m) of the Code.

 (f) Definitions. For purposes of the Plan 

(i) Performance Criteria means the criteria that the Committee selects for purposes of establishing the
Performance Goal or Performance Goals for a Participant for a Performance Period. The Performance Criteria used to establish Performance Goals are limited to: (i) cash flow (before or after dividends), (ii) earnings per share (including,
without limitation, earnings before interest, taxes, depreciation and amortization), (iii) stock price, (iv) return on equity, (v) stockholder return or total stockholder return, (vi) return on capital (including, without
limitation, return on total capital or return on invested capital), (vii) return on investment, (viii) return on assets or net assets, (ix) market capitalization, (x) economic value added, (xi) debt leverage (debt to
capital), (xii) revenue, (xiii) sales or net sales, (xiv) backlog, (xv) income, pre-tax income or net income, (xvi) operating income or pre-tax profit, (xvii) operating profit, net operating profit or economic profit,
(xviii) gross margin, operating margin or profit margin, (xix) return on operating revenue or return on operating assets, (xx) cash from operations, (xxi) operating ratio, (xxii) operating revenue, (xxiii) market share
improvement, (xxiv) general and administrative expenses and (xxv) customer service. 
 (ii)
Performance Goals means, for a Performance Period, the written goal or goals established by the Committee for the Performance Period based upon one or more of the Performance Criteria. The Performance Goals may be expressed in terms of
overall Company performance or the performance of a division, business unit, subsidiary, or an individual, either individually, alternatively or in any combination, applied to either the Company as a whole or to a business unit or Affiliate, either
individually, alternatively or in any combination, and measured either quarterly, annually or cumulatively over a period of years, on an absolute basis or relative to a pre-established target, to previous years’ results or to a designated
comparison group, in each case as specified by the Committee. 

  
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The Committee will objectively define the manner of calculating the Performance Goal or Goals it selects to use for such Performance Period for such Participant, including whether or to what
extent there shall not be taken into account any of the following events that occurs during a performance period: (i) asset write-downs, (ii) litigation, claims, judgments or settlements, (iii) the effect of changes in tax law,
accounting principles or other such laws or provisions affecting reported results, (iv) accruals for reorganization and restructuring programs and (v) any extraordinary, unusual, non-recurring or non-comparable items (A) as described
in Accounting Standard Codification Section 225-20, (B) as described in management’s discussion and analysis of financial condition and results of operations appearing in the Company’s Annual Report to stockholders for the
applicable year, or (C) publicly announced by the Company in a press release or conference call relating to the Company’s results of operations or financial condition for a completed quarterly or annual fiscal period. 

7.7. Awards to Participants Outside the United States. The Committee may modify the
terms of any Award under the Plan granted to a Participant who is, at the time of grant or during the term of the Award, resident or primarily employed outside of the United States in any manner deemed by the Committee to be necessary or appropriate
in order that the Award shall conform to laws, regulations, and customs of the country in which the Participant is then resident or primarily employed, or so that the value and other benefits of the Award to the Participant, as affected by foreign
tax laws and other restrictions applicable as a result of the Participant’s residence or employment abroad, shall be comparable to the value of such an Award to a Participant who is resident or primarily employed in the United States. The
Committee may establish supplements to, or amendments, restatements, or alternative versions of the Plan for the purpose of granting and administrating any such modified Award. No such modification, supplement, amendment, restatement or alternative
version may increase the share limit of Section 4. 
 7.8. LTIP Awards. LTIP Awards may be granted as
freestanding awards or in tandem with other Awards under the Plan. LTIP Awards shall be subject to such conditions and restrictions as the Committee, in its sole and absolute discretion, may determine, including, but not limited to, continued
employment or service by the Participant, computation of financial metrics and/or the achievement of pre-established performance goals and objectives. LTIP Awards shall convert into Class B Units pursuant to such conversion ratio as the Committee
may determine. 
  

	8.	Adjustment Provisions 


8.1. Adjustment for Corporate Actions. All of the share numbers set forth in the Plan reflect the capital
structure of the Company and the Partnership as of the Effective Date. If subsequent to the Effective Date the outstanding shares of Stock or Class B Units (or any other securities covered by the Plan by reason of the prior application of this
Section) are increased, decreased, or exchanged for a different number or kind of shares or other securities, or if additional shares or new or different shares or other securities are distributed with respect to shares of Stock or Class B Units, as
a result of a reorganization, recapitalization, reclassification, stock 

  
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dividend, stock split, reverse stock split, or other similar distribution with respect to such shares of Stock or Class B Units, an appropriate and proportionate adjustment will be made in
(i) the maximum numbers and kinds of shares provided in Section 4, (ii) the numbers and kinds of shares, units or other securities subject to the then outstanding Awards, (iii) the exercise price for each share or other unit of
any other securities subject to then outstanding Stock Rights (without change in the aggregate exercise price as to which such Rights remain exercisable), and (iv) the repurchase price of each share of Restricted Stock then subject to a Risk of
Forfeiture in the form of a Company repurchase right. 
 8.2. Adjustment of Awards Upon the
Occurrence of Certain Unusual or Nonrecurring Events. In the event of any corporate action not specifically covered by the preceding Section, including but not limited to an extraordinary cash
distribution on Stock, a corporate separation or other reorganization or liquidation, the Committee shall make such adjustment of outstanding Awards and their terms, if any, as it, in its sole discretion, may deem equitable and appropriate in the
circumstances. The Committee shall make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events (including, without limitation, the events described in this Section) affecting
the Company or the financial statements of the Company or of changes in applicable laws, regulations, or accounting principles, whenever the Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of
the benefits or potential benefits intended to be made available under the Plan. 
 8.3. Related Matters. Any
adjustment in Awards made pursuant to Section 8.1 or 8.2 shall be determined and made, if at all, by the Committee, acting in its sole discretion, and shall include any correlative modification of terms, including of Stock Right exercise
prices, rates of vesting or exercisability, Risks of Forfeiture, applicable repurchase prices for Restricted Stock, and Performance Goals and other business objectives which the Committee may deem necessary or appropriate so as to ensure the rights
of the Participants in their respective Awards are not substantially diminished nor enlarged as a result of the adjustment and corporate action other than as expressly contemplated in this Section 8. The Committee, in its discretion, may
determine that no fraction of a share of Stock or Class B Unit shall be purchasable or deliverable upon exercise, and in that event if any adjustment hereunder of the number of shares of Stock covered by an Award would cause such number to include a
fraction of a share of Stock or Class B Unit, such number of shares of Stock shall be adjusted to the nearest smaller whole number of shares. No adjustment of an Option exercise price per share pursuant to Sections 8.1 or 8.2 shall result in an
exercise price which is less than the par value of the Stock. 
 8.4. Transactions. 

(a) Treatment of Stock Rights. In a Transaction, the Committee may take any one or more of the following
actions as to all or any (or any portion of) outstanding Stock Rights. 
 (1) Provide that such Stock Rights
shall be assumed, or substantially equivalent rights shall be provided in substitution therefore, by the acquiring or succeeding entity (or an affiliate thereof). 

(2) Upon written notice to the holders, provide that the holders’ unexercised Stock Rights will terminate immediately
prior to the consummation of such Transaction unless, in the case of Stock Rights then exercisable, such Rights are exercised within a specified period following the date of such notice. 

  
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 (3) Provide that outstanding Stock Rights shall become exercisable in whole
or in part prior to or upon the Transaction. 
 (4) Provide for cash payments, net of applicable tax
withholdings, to be made to holders equal to the excess, if any, of (A) the acquisition price times the number of shares of Stock or Class B Units subject to the Stock Right (to the extent the exercise price does not exceed the acquisition
price) over (B) the aggregate exercise price for all such shares of Stock or Class B Units subject to the Stock Right, in exchange for the termination of such Stock Right; provided, that if the acquisition price does not exceed the exercise
price of any such Stock Right, the Committee may cancel that Stock Right without the payment of any consideration therefor prior to or upon the Transaction. For this purpose, “acquisition price” means the amount of cash, and
market value of any other consideration, received in payment for a share of Stock or Class B Unit surrendered in a Transaction. 
 (5) Provide that, in connection with a liquidation or dissolution of the Company, Stock Rights shall convert into the right to receive liquidation proceeds net of the exercise price thereof and any
applicable tax withholdings. 
 (6) Any combination of the foregoing. 

For purposes of paragraph (1) above, a Stock Right shall be considered assumed, or a substantially equivalent right shall be
considered to have been provided in substitution therefore, if following consummation of the Transaction the Stock Right confers the right to purchase or receive the value (after the applicable exercise price) of the consideration received as a
result of the Transaction by holders of Stock or Class B Units for each share of Stock or Class B Unit held immediately prior to the consummation of the Transaction for each share of Stock or Class B Unit subject to the Right immediately prior to
the consummation of the Transaction; provided, however, that if holders were offered a choice of consideration, the relevant consideration shall be the type of consideration chosen by the holders of a majority of the outstanding shares of
Stock or Class B Units, as applicable; and provided, further, however, that if the consideration received as a result of the Transaction is not solely common stock (or its equivalent) of the acquiring or succeeding entity (or an affiliate
thereof), the Committee may provide for the consideration to be received upon the exercise of the Stock Right to consist of or be based on solely common stock (or its equivalent) of the acquiring or succeeding entity (or an affiliate thereof)
equivalent in value to the per share consideration received by holders of outstanding shares of Stock or Class B Units as a result of the Transaction. In all cases, including in determining any acquisition price under paragraph (4) above, the
consideration received in any Transaction need not take into account any contingent consideration except on such basis as the Committee may determine. 
 (b) Treatment of Other Awards. As to outstanding Awards other than Stock Rights, upon the occurrence of a Transaction other than a liquidation or dissolution of the Company
which is not part of another form of Transaction, the repurchase and other rights of the Company under each such Award shall inure to the benefit of the Company’s successor and shall, unless the Committee determines otherwise, apply to the
cash, securities or other property which the Stock or Class B Unit was converted into or exchanged for pursuant to such Transaction in the same manner and to the same extent as they applied to the Award. 

  
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 (c) Related Matters. In taking any of the actions permitted under this
Section 8.4, the Committee shall not be obligated to treat all Awards, all Awards held by a Participant, or all Awards of the same type, identically. Any determinations required to carry out the foregoing provisions of this Section 8.4,
including but not limited to the market value of other consideration received by holders of Stock or Class B Units in a Transaction and whether substantially equivalent Rights have been substituted, shall be made by the Committee acting in its sole
discretion. In connection with any action or actions taken by the Committee in respect of Awards and in connection with a Transaction, the Committee may require such acknowledgements of satisfaction and releases from Participants as it may
determine. 
  

	9.	Change of Control 

 Except
as otherwise provided below, upon the occurrence of a Change of Control, the Committee may take any one or more of the following actions as to all or any (or any portion of) outstanding Awards: 

(a) provide that any and all Options and Stock Appreciation Rights not already exercisable in full shall Accelerate with respect to all
or a portion of the shares for which such Options or Stock Appreciation Rights are not then exercisable; 
 (b) provide that any
Risk of Forfeiture applicable to Restricted Stock, Restricted Stock Units and other Awards which is not based on achievement of Performance Goals shall lapse with respect to all or a portion of the Restricted Stock and Restricted Stock Units or
other Awards still subject to such Risk of Forfeiture immediately prior to the Change of Control; and 
 (c) provide that all or
a portion of the outstanding Awards of Restricted Stock and Restricted Stock Units or other Awards conditioned on the achievement of Performance Goals or other business objectives and the target payout opportunities attainable under outstanding
Qualified Performance-Based Awards shall be deemed to have been satisfied as of the effective date of the Change of Control as to a pro rata number of shares of Stock or Class B Units based on the assumed achievement of all relevant Performance
Goals or objectives and the length of time within the Performance Period which has elapsed prior to the Change of Control. All such Awards shall be paid to the extent earned to Participants in accordance with their terms within thirty (30) days
following the effective date of the Change of Control. 
 None of the foregoing shall apply, however, (i) in the case of
any Award pursuant to an Award Agreement requiring other or additional terms upon a Change of Control (or similar event), or (ii) if specifically prohibited under applicable laws, or by the rules and regulations of any governing governmental
agencies or national securities exchanges. Nor shall the foregoing apply in the case of a Qualified Performance-Based Award except to the extent the foregoing would not interfere with the qualification of the Award under 162(m) of the Code at any
time prior to a Change of Control (so that, for example, if a Change of Control occurs but does not constitute a change of control within the meaning of Section 162(m) of the Code, there shall be no Acceleration of any Qualified
Performance-Based Award pursuant to this Section 9, but if the Change of Control does constitute a change of control within the meaning of Section 162(m) of the Code, then the Award shall Accelerate to the extent provided above regardless
of whether it thereafter ceases to qualify as a Qualified Performance-Based Award). 

  
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	10.	Settlement of Awards 


10.1. In General. Awards of Restricted Stock shall be settled in accordance with their terms. All other Awards may be
settled in cash or Stock or Class B Units, or a combination thereof, as determined by the Committee at or after grant and subject to any contrary Award Agreement. The Committee may not require settlement of any Award in Stock or Class B Units
pursuant to the immediately preceding sentence to the extent issuance of such Stock or Class B Units would be prohibited or unreasonably delayed by reason of any other provision of the Plan. 

10.2. Violation of Law. Notwithstanding any other provision of the Plan or the relevant Award Agreement, if, at any
time, in the reasonable opinion of the Company, the issuance of shares of Stock or Class B Units covered by an Award may constitute a violation of law, then the Company may delay such issuance and the delivery of a certificate for such shares or the
delivery of such Class B Units until (i) approval shall have been obtained from such governmental agencies, other than the Securities and Exchange Commission, as may be required under any applicable law, rule, or regulation and (ii) in the
case where such issuance would constitute a violation of a law administered by or a regulation of the Securities and Exchange Commission, one of the following conditions shall have been satisfied: 

(a) the shares of Stock or Class B Units are at the time of the issue of such shares effectively registered under the Securities Act of
1933, as amended; or 
 (b) the Company shall have determined, on such basis as it deems appropriate (including an opinion of
counsel in form and substance satisfactory to the Company) that the sale, transfer, assignment, pledge, encumbrance or other disposition of such shares does not require registration under the Securities Act of 1933, as amended or any applicable
State securities laws. 
 The Company shall make all reasonable efforts to bring about the occurrence of said events.

 10.3. Restrictions on Rights in Stock and Class B Units.

 (a) Any Stock to be issued pursuant to Awards granted under the Plan shall be subject to all restrictions upon the transfer
thereof which may be now or hereafter imposed by the charter, certificate or articles, and by-laws, of the Company. Whenever Stock is to be issued pursuant to an Award, if the Committee so directs at or after grant, the Company shall be under no
obligation to issue such shares until such time, if ever, as the recipient of the Award (and any person who exercises any Option, in whole or in part), shall have become a party to and bound by the Stockholders’ Agreement, if any. In the event
of any conflict between the provisions of this Plan and the provisions of the Stockholders’ Agreement, the provisions of the Stockholders’ Agreement shall control except as required to fulfill the intention that any Incentive Option
qualify as such, but insofar as possible the provisions of the Plan and the Stockholders’ Agreement shall be construed so as to give full force and effect to all such provisions. 

(b) Any Class B Units to be issued pursuant to Awards granted under the Plan shall be subject to all restrictions upon the transfer
thereof which may be now or hereafter imposed by the charter or by-laws of the Company and the Partnership Agreement of the Partnership. 

  
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Whenever Class B Units are to be issued pursuant to an Award, if the Committee so directs at or after grant, the Partnership shall be under no obligation to issue Class B Units in the
Partnership, and Company shall be under no obligation to issue accompanying Class B shares, until such time, if ever, as the recipient of the Award (and any person who exercises any Option, in whole or in part), shall have become a party to and
bound by the Partnership Agreement. In the event of any conflict between the provisions of this Plan and the provisions of the Partnership Agreement, the provisions of the Partnership Agreement shall control, but insofar as possible the provisions
of the Plan and the Partnership Agreement shall be construed so as to give full force and effect to all such provisions. 

10.4. Investment Representations. The Company shall be under no obligation to issue any shares of Stock or Class B Units
covered by any Award unless the shares to be issued pursuant to Awards granted under the Plan have been effectively registered under the Securities Act of 1933, as amended, or the Participant shall have made such written representations to the
Company (upon which the Company believes it may reasonably rely) as the Company may deem necessary or appropriate for purposes of confirming that the issuance of such shares or Class B Units will be exempt from the registration requirements of that
Act and any applicable state securities laws and otherwise in compliance with all applicable laws, rules and regulations, including but not limited to that the Participant is acquiring the shares for his or her own account for the purpose of
investment and not with a view to, or for sale in connection with, the distribution of any such shares. 
 10.5.
Registration. If the Company shall deem it necessary or desirable to register under the Securities Act of 1933, as amended, or other applicable statutes any shares of Stock or Class B Units issued or to be issued pursuant to Awards granted
under the Plan, or to qualify any such shares of Stock or Class B Units for exemption from the Securities Act of 1933, as amended or other applicable statutes, then the Company shall take such action at its own expense. The Company may require from
each recipient of an Award, or each holder of shares of Stock or Class B Units acquired pursuant to the Plan, such information in writing for use in any registration statement, prospectus, preliminary prospectus or offering circular as is reasonably
necessary for that purpose and may require reasonable indemnity to the Company and its officers and directors from that holder against all losses, claims, damage and liabilities arising from use of the information so furnished and caused by any
untrue statement of any material fact therein or caused by the omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made.
In addition, the Company may require of any such person that he or she agree that, without the prior written consent of the Company or the managing underwriter in any public offering of shares of Stock or Class B Units, he or she will not sell, make
any short sale of, loan, grant any option for the purchase of, pledge or otherwise encumber, or otherwise dispose of, any shares of Stock or Class B Units during the 180 day period commencing on the effective date of the registration statement
relating to the underwritten public offering of securities. Without limiting the generality of the foregoing provisions of this Section 10.5, if in connection with any underwritten public offering of securities of the Company the managing
underwriter of such offering requires that the Company’s directors and officers enter into a lock-up agreement containing provisions that are more restrictive than the provisions set forth in the preceding sentence, then (a) each holder of
shares of Stock or Class B Units acquired pursuant to the Plan (regardless of whether such person has complied or complies with the provisions of clause (b) below) shall be bound by, and shall be deemed to have agreed to, the same lock-up terms
as those to which the Company’s directors and officers are required to adhere; and (b) at the request of the Company or such managing underwriter, each such person shall execute and deliver a lock-up agreement in form and substance
equivalent to that which is required to be executed by the Company’s directors and officers. 

  
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 10.6. Placement of Legends; Stop Orders; etc. Each
share of Stock or Class B Unit to be issued pursuant to Awards granted under the Plan may bear a reference to the investment representations made in accordance with Section 10.4 in addition to any other applicable restrictions under the Plan,
the terms of the Award and, if applicable, under the Stockholders’ Agreement and the Partnership Agreement, and to the fact that no registration statement has been filed with the Securities and Exchange Commission in respect to such shares of
Stock or Class B Units. All certificates for shares of Stock or Class B Units or other securities delivered under the Plan shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the rules,
regulations, and other requirements of any stock exchange upon which the Stock or Class B Units is then listed, and any applicable federal or state securities law, and the Committee may cause a legend or legends to be placed on any such certificates
to make appropriate reference to such restrictions. 
 10.7. Tax Withholding. Whenever shares of Stock or Class B
Units are issued or to be issued pursuant to Awards granted under the Plan, the Company shall have the right to require the recipient to remit to the Company an amount sufficient to satisfy federal, state, local or other withholding tax requirements
if, when, and to the extent required by law (whether so required to secure for the Company an otherwise available tax deduction or otherwise) prior to the delivery of any certificate or certificates for such shares. The obligations of the Company
under the Plan shall be conditional on satisfaction of all such withholding obligations and the Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the recipient of an
Award. However, in such cases Participants may elect, subject to the approval of the Committee, acting in its sole discretion, to satisfy an applicable withholding requirement, in whole or in part, by having the Company withhold shares of Stock or
Class B Units to satisfy their tax obligations. Participants may only elect to have shares of Stock or Class B Units withheld having a Market Value on the date the tax is to be determined equal to the minimum statutory total tax which could be
imposed on the transaction. All elections shall be irrevocable, made in writing, signed by the Participant, and shall be subject to any restrictions or limitations that the Committee deems appropriate. 

10.8. Company Charter and By-Laws; Other Company Policies. This Plan and all Awards
granted hereunder are subject to the certificate of incorporation and by-laws of the Company, as they may be amended from time to time, and all other Company policies duly adopted by the Board, the Committee or any other committee of the Board as in
effect from time to time regarding the acquisition, ownership or sale of Stock by employees and other service providers, including, without limitation, policies intended to limit the potential for insider trading and to avoid or recover compensation
payable or paid on the basis of inaccurate financial results or statements, employee conduct, and other similar events. 
 10.9.
Partnership Agreement and Other Partnership Policies. This Plan and all Awards with respect to Class B Units granted hereunder are subject to the Partnership Agreement of the Partnership, and all other
Partnership policies duly adopted by the Partnership as in effect from time to time regarding the acquisition, ownership or sale of interests in the Partnership by employees and other service providers, including, without limitation, policies
intended to limit the potential for insider trading and to avoid or recover compensation payable or paid on the basis of inaccurate financial results or statements, employee conduct, and other similar events. 

  
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	11.	Reservation of Stock and Class B Units 

 The Company and the Partnership shall at all times during the term of the Plan and any outstanding Awards granted hereunder reserve or otherwise keep available such number of shares of Stock and Class B
Units, respectively, as will be sufficient to satisfy the requirements of the Plan (if then in effect) and the Awards and shall pay all fees and expenses necessarily incurred by the Company or the Partnership in connection therewith. 

 

	12.	Limitation of Rights in Stock and Class B Units; No Special Service Rights 

 12.1. Limitation of Rights. A Participant shall not be deemed for any purpose to be a stockholder of the Company with respect to any of the shares of Stock subject to an Award, unless and until a
certificate shall have been issued therefor and delivered to the Participant or his agent. Any Stock to be issued pursuant to Awards granted under the Plan shall be subject to all restrictions upon the transfer thereof which may be now or hereafter
imposed by the certificate of incorporation and the by-laws of the Company. Any Class B Units to be issued pursuant to Awards granted under the Plan shall be subject to all restrictions upon the transfer thereof which may be now or hereafter imposed
by the Partnership Agreement. 
 12.2. No Special Service Rights. Nothing contained in the Plan or in any Award Agreement
shall confer upon any recipient of an Award any right with respect to the continuation of his or her employment or other association with the Company (or any Affiliate), or interfere in any way with the right of the Company (or any Affiliate),
subject to the terms of any separate employment or consulting agreement or provision of law or corporate certificate of incorporation or by-laws to the contrary, at any time to terminate such employment or consulting agreement or to increase or
decrease, or otherwise adjust, the other terms and conditions of the recipient’s employment or other association with the Company and its Affiliates. 
  

	13.	Unfunded Status of Plan 


The Plan is intended to constitute an “unfunded” plan for incentive compensation, and the Plan is not intended to constitute a
plan subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended. With respect to any payments not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any rights that
are greater than those of a general creditor of the Company. In its sole discretion, the Committee may authorize the creation of trusts or other arrangements to meet the obligations created under the Plan to deliver Stock or payments with respect to
Stock Rights and other Awards hereunder, provided, however, that the existence of such trusts or other arrangements is consistent with the unfunded status of the Plan. 

 

	14.	Nonexclusivity of the Plan 


Neither the adoption of the Plan by the Board nor any action taken in connection with the adoption or operation of the Plan shall be
construed as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including without limitation, the granting of stock options and restricted stock other than under the Plan, and such
arrangements may be either applicable generally or only in specific cases. 

  
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	15.	No Guarantee of Tax Consequences; Section 409A of the Code 

 Neither the Company nor any Affiliate, nor any director, officer, agent, representative or employee of either, guarantees to the Participant or any other person any particular tax consequences as a result
of the grant of, exercise of rights under, or payment in respect of an Award, including but not limited to that an Option granted as an Incentive Option has or will qualify as an “incentive stock option” within the meaning of
Section 422 of the Code. 
 Without limiting the generality of the foregoing, it is intended that all Awards shall be
granted and maintained on a basis which ensures they are exempt from, or otherwise compliant with, the requirements of Section 409A of the Code and the Plan shall be governed, interpreted and enforced consistent with such intent. Neither the
Committee nor the Company, nor any of its Affiliates or its or their officers, employees, agents, or representatives, shall have any liability or responsibility for any adverse federal, state or local tax consequences and penalty taxes which may
result the grant or settlement of any Award on a basis contrary to the provisions of Section 409A of the Code or comparable provisions of any applicable state or local income tax laws. 

 

	16.	Termination and Amendment of the Plan 

 16.1. Termination or Amendment of the Plan. Subject to the limitations contained in Section 16.3 below, including specifically the requirement of stockholder
approval if applicable, the Board may at any time terminate the Plan or make such modifications of the Plan as it shall deem advisable. Unless the Board otherwise expressly provides, no amendment of the Plan shall affect the terms of any Award
outstanding on the date of such amendment. 
 16.2. Termination or Amendment of Outstanding
Awards; Assumptions. Subject to the limitations contained in Section 16.3 below, including specifically the requirement of stockholder approval if applicable, the Committee may at any time: 

(a) amend the terms of any Award theretofore granted, prospectively or retroactively, provided that the Award as amended is consistent
with the terms of the Plan; 
 (b) accept the cancellation of outstanding Awards or of outstanding stock options or other
equity-based compensation awards granted by another issuer in return for the grant of new Awards for the same or a different number of shares of Stock or Class B Units and on the same or different terms and conditions (including but not limited to
the exercise price of any Option); and 
 (c) (i) offer to buy out for a payment in cash or cash equivalents, or in exchange for
another Award, any Award previously granted, or (ii) authorize the recipient of an Award to elect to cash out an Award previously granted, in either case at such time and based upon such terms and conditions as the Committee shall establish.

 16.3. Limitations on Amendments, Etc. 

Without the approval of the Company’s stockholders, no amendment or modification of the Plan by the Board may (i) increase the
number of shares of Stock which may be issued under the Plan, (ii) change the description of the persons eligible for Awards, or (iii) effect any other change for which stockholder approval is required by law or the rules of any relevant
stock exchange. Furthermore, except in connection with a corporate transaction involving the Company, the terms of outstanding Stock Rights with respect to Stock may not be amended to reduce their exercise price, nor may such outstanding Stock
Rights be cancelled in exchange for cash, Stock Rights with exercise prices that are less than the exercise prices of the original Stock Rights, or other Awards, without stockholder approval. 

  
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 No amendment or modification of the Plan by the Board, or of an outstanding Award by the
Committee, shall impair the rights of the recipient of any Award outstanding on the date of such amendment or modification or such Award, as the case may be, without the Participant’s consent; provided, however, that no such consent
shall be required if (i) the Board or Committee, as the case may be, determines in its sole discretion and prior to the date of any Change of Control that such amendment or alteration either is required or advisable in order for the Company,
the Plan or the Award to satisfy any law or regulation, including without limitation the provisions of Section 409A of the Code, or to meet the requirements of or avoid adverse financial accounting consequences under any accounting standard, or
(ii) the Board or Committee, as the case may be, determines in its sole discretion and prior to the date of any Change of Control that such amendment or alteration is not reasonably likely to significantly diminish the benefits provided under
the Award, or that any such diminution has been adequately compensated. 
  

	17.	Notices and Other Communications 

 Any notice, demand, request or other communication hereunder to any party shall be deemed to be sufficient if contained in a written instrument delivered in person or duly sent by first class registered,
certified or overnight mail, postage prepaid, or telecopied with a confirmation copy by regular, certified or overnight mail, addressed or telecopied, as the case may be, (i) if to the recipient of an Award, at his or her residence address last
filed with the Company and (ii) if to the Company, at its principal place of business, addressed to the attention of its Treasurer, or to such other address or telecopier number, as the case may be, as the addressee may have designated by
notice to the addressor. All such notices, requests, demands and other communications shall be deemed to have been received: (i) in the case of personal delivery, on the date of such delivery; (ii) in the case of mailing, when received by
the addressee; and (iii) in the case of facsimile transmission, when confirmed by facsimile machine report. 
  

	18.	Administrative Provisions 


Nothing contained in the Plan shall require the issuance or delivery of certificates for any period during which the Company has elected
to maintain or caused to be maintained the evidence of ownership of its shares of Stock, either generally or in the case of Stock acquired pursuant to Awards, by book entry, and all references herein to such actions or to certificates shall be
interpreted accordingly in light of the systems maintained for that purpose. Furthermore, any reference herein to actions to be taken or notices (including of grants of Awards) to be provided in writing or pursuant to specific procedures may be
satisfied by means of and pursuant to any electronic or automated voice response systems the Company may elect to establish for such purposes, either by itself or through the services of a third party, for the period such systems are in effect.

  

	19.	Governing Law 

 The Plan
and all Award Agreements and actions taken thereunder otherwise shall be governed, interpreted and enforced in accordance with the laws of State of Delaware, without regard to the conflict of laws principles thereof. 

  
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