Amended and Restated 2003 Stock Plan



 Exhibit 10.4 
 GLOBUS MEDICAL, INC. 
 AMENDED AND RESTATED 2003 STOCK PLAN

 1. Purpose. This Amended and Restated 2003 Stock Plan (the “Plan”) is intended to provide incentives:

 (a) to employees of Globus Medical, Inc. (the “Company”), or its parent (if any) or any of its present or future
subsidiaries (collectively, “Related Corporations”), by providing them with opportunities to purchase Class A Common Stock (as defined below) or Class B Common Stock (as defined below) of the Company pursuant to options granted
hereunder that qualify as “incentive stock options” (“ISOs”) under Section 422 of the Internal Revenue Code of 1986, as amended, or any successor statute (the “Code”); 

(b) to directors, employees and consultants of the Company and Related Corporations by providing them with opportunities to purchase
Class A Common Stock or Class B Common Stock of the Company pursuant to options granted hereunder that do not qualify as ISOs (Nonstatutory Stock Options, or “NSOs”); 

(c) to employees and consultants of the Company and Related Corporations by providing them with bonus awards of Class A Common Stock
or Class B Common Stock of the Company (“Stock Bonuses”); and 
 (d) to employees and consultants of the Company and
Related Corporations by providing them with opportunities to make direct purchases of Class A Common Stock or Class B Common Stock of the Company (“Purchase Rights”). 

Both ISOs and NSOs are referred to hereafter individually as “Options”, and Options, Stock Bonuses and Purchase Rights are
referred to hereafter collectively as “Stock Rights”. As used herein, the terms “parent” and “subsidiary” mean “parent corporation” and “subsidiary corporation”, respectively, as those terms are
defined in Section 424 of the Code. 
 2. Administration of the Plan. 

(a) The Plan shall be administered by (i) the Board of Directors of the Company (the “Board”) or (ii) a committee
consisting of directors or other persons appointed by the Board (the “Committee”). The appointment of the members of, and the delegation of powers to, the Committee by the Board shall be consistent with applicable laws and regulations
(including, without limitation, the Code, Rule 16b-3 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or any successor rule thereto (“Rule 16b-3”), and any applicable state law
(collectively, the “Applicable Laws”). Once appointed, such Committee shall continue to serve in its designated capacity until otherwise directed by the Board. From time to time, the Board may increase the size of the Committee and appoint
additional members thereof, remove members (with or without cause) and appoint new members in substitution therefor, fill vacancies, however caused, and remove all members of the Committee and








 
thereafter directly administer the Plan, all to the extent permitted by the Applicable Laws. If the Board has not appointed a Committee to administer the Plan or at any time when such Committee
is not in existence, references to the Committee contained herein shall mean the Board. 
 (b) Subject to ratification of the
grant or authorization of each Stock Right by the Board (if so required by an Applicable Law), and subject to the terms of the Plan, the Committee, if so appointed, shall have the authority, in its discretion, to: 

(i) determine the employees of the Company and Related Corporations (from among the class of employees eligible under Section 3 to
receive ISOs) to whom ISOs may be granted, and to determine (from among the classes of individuals and entities eligible under Section 3 to receive NSOs, Stock Bonuses and Purchase Rights) to whom NSOs, Stock Bonuses and Purchase Rights may be
granted; 
 (ii) determine the time or times at which Options, Stock Bonuses or Purchase Rights may be granted (which may be
based on performance criteria); 
 (iii) determine the number of shares of Class A Common Stock or Class B Common Stock
subject to any Stock Right granted by the Committee; 
 (iv) determine the option price of shares subject to each Option, which
price shall not be less than the minimum price specified in Section 6 hereof, as appropriate, and the purchase price of shares subject to each Purchase Right and to determine the form of consideration to be paid to the Company for exercise of
such Option or purchase of shares with respect to a Purchase Right; 
 (v) determine whether each Option granted shall be an
ISO or NSO; 
 (vi) determine (subject to Section 7) the time or times when each Option shall become exercisable and the
duration of the exercise period; 
 (vii) determine whether restrictions such as repurchase options are to be imposed on shares
subject to Options, Stock Bonuses and Purchase Rights and the nature of such restrictions, if any; 
 (viii) approve forms of
agreement for use under the Plan; 
 (ix) determine the fair market value of a Stock Right or the Class A Common Stock or
Class B Common Stock underlying a Stock Right; 
 (x) accelerate vesting on any Stock Right or to waive any forfeiture
restrictions, or to waive any other limitation or restriction with respect to a Stock Right; 

  
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 (xi) reduce the exercise price of any Stock Right if the fair market value of the
Class A Common Stock or Class B Common Stock covered by such Stock Right shall have declined since the date the Stock Right was granted; 
 (xii) institute a program whereby outstanding Options can be surrendered in exchange for Options with a lower exercise price; 
 (xiii) modify or amend each Stock Right (subject to Section 8(d) of the Plan) including the discretionary authority to extend the post-termination exercisability period of Stock Rights longer than is
otherwise provided for by terms of the Plan or the Stock Right; 
 (xv) construe and interpret the Plan and Stock Rights
granted hereunder and prescribe and rescind rules and regulations relating to the Plan; and 
 (xvi) make all other
determinations necessary or advisable for the administration of the Plan. 
 If the Committee determines to issue a NSO, it
shall take whatever actions it deems necessary, under Section 422 of the Code and the regulations promulgated thereunder, to ensure that such Option is not treated as an ISO. The interpretation and construction by the Committee of any
provisions of the Plan or of any Stock Right granted under it shall be final unless otherwise determined by the Board. The Committee may from time to time adopt such rules and regulations for carrying out the Plan as it may deem best. No member of
the Board or the Committee shall be liable for any action or determination made in good faith with respect to the Plan or any Stock Right granted under it. 
 (c) The Committee may select one of its members as its chairman, and shall hold meetings at such times and places as it may determine. Acts by a majority of the Committee, approved in person at a meeting
or in writing, shall be the valid acts of the Committee. All references in this Plan to the Committee shall mean the Board if no Committee has been appointed. From time to time the Board may increase the size of the Committee and appoint additional
members thereof, remove members (with or without cause) and appoint new members in substitution therefor, fill vacancies however caused, or remove all members thereof and thereafter directly administer the Plan. 

(d) Those provisions of the Plan that make express reference to Rule 16b-3 shall apply to the Company only at such time as the
Company’s Class A Common Stock or Class B Common Stock is registered under the Exchange Act, and then only to such persons as are required to file reports under Section 16(a) of the Exchange Act (a “Reporting Person”).

 (e) To the extent that Stock Rights are to be qualified as “performance-based” compensation within the meaning of
Section 162(m) of the Code, the Plan shall be administered by a committee consisting of two or more “outside directors” as determined under Section 162(m) of the Code. 

  
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 3. Eligible Employees and Others. 

(a) Eligibility. ISOs may be granted to any employee of the Company or any Related Corporation. Those officers of the Company who
are not employees may not be granted ISOs under the Plan. NSOs, Stock Bonuses and Purchase Rights may be granted to any director, employee or consultant of the Company or any Related Corporation. Granting of any Stock Right to any individual or
entity shall neither entitle that individual or entity to, nor disqualify him or her from, participation in any other grant of Stock Rights. 
 (b) Special Rule for Grant of Stock Rights to Reporting Persons. The selection of a director or an officer who is a Reporting Person (as the terms “director” and “officer” are
defined for purposes of Rule 16b-3) as a recipient of a Stock Right, the timing of the Stock Right grant, the exercise price, if any, of the Stock Right and the number of shares subject to the Stock Right shall be determined either (i) by the
Board, or (ii) by a committee of the Board that is composed solely of two or more Non-Employee Directors having full authority to act in the matter. For the purposes of the Plan, a director shall be deemed to be a “Non-Employee
Director” only if such person is defined as such under Rule 16b-3(b)(3), as interpreted from time to time. 
 (c) Annual
Limitation for Employees. To the extent the Company is subject to Section 162(m) of the Code, no employee shall be eligible to be granted Stock Rights covering more than Five Million (5,000,000) shares of Class A Common Stock or
more than Two Million Five Hundred Thousand (2,500,000) Class B Common Stock during any calendar year 
 4. Stock.
The stock subject to Stock Rights shall be either (a) authorized but unissued shares of Class A Common Stock of the Company, par value 0.001 per share, or such shares of the Company’s capital stock into which such class of shares
may be converted pursuant to any reorganization, recapitalization, merger, consolidation or the like (the “Class A Common Stock”), (b) authorized but unissued shares of Class B Common Stock of the Company, par value 0.001 per
share, or such shares of the Company’s capital stock into which such class of shares may be converted pursuant to any reorganization, recapitalization, merger, consolidation or the like (the “Class B Common Stock”), or (c) shares
of Class A Common Stock or Class B Common Stock reacquired by the Company in any manner. Subject to adjustment as provided herein, (i) the aggregate number of shares of Class A Common Stock that may be issued pursuant to the Plan is
Five Million (5,000,000), and (ii) the aggregate number of shares of Class B Common Stock that may be issued pursuant to the Plan is Seventeen Million Five Hundred Thousand (17,500,000), in each case subject to adjustment as provided herein.
Any such shares may be issued as ISOs, NSOs or Stock Bonuses, or to persons or entities making purchases pursuant to Purchase Rights, so long as the number of shares so issued does not exceed such aggregate number, as adjusted. If any Option granted
under the Plan shall expire or terminate for any reason without having been exercised in full or shall cease for any reason to be exercisable in whole or in part, or if the Company shall reacquire any shares issued pursuant to Stock Rights, the
unpurchased shares subject to such Options and any shares so reacquired by the Company shall again be available for grants of Stock Rights under the Plan. 

  
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 5. Granting of Stock Rights. Stock Rights may be granted under the Plan at any time
after the Effective Date, as set forth in Section 16, and prior to 10 years thereafter. The date of grant of a Stock Right under the Plan will be the date specified by the Board or Committee at the time it grants the Stock Right; provided,
however, that such date shall not be prior to the date on which the Board or Committee acts. The Board or Committee shall have the right, with the consent of the optionee, to convert an ISO granted under the Plan to an NSO pursuant to
Section 17. 
 6. Minimum Price; ISO Limitations. 

(a) The price per share specified in the agreement relating to each NSO, Stock Bonus or Purchase Right granted under the Plan shall be
established by the Board or Committee, taking into account any noncash consideration to be received by the Company from the recipient of Stock Rights. 
 (b) The price per share specified in the agreement relating to each ISO granted under the Plan shall not be less than the fair market value per share of Class A Common Stock or Class B Common Stock,
as applicable, on the date of such grant. In the case of an ISO to be granted to an employee owning stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or any Related Corporation, the price per
share specified in the agreement relating to such ISO shall not be less than 110% of the fair market value per share of the Class A Common Stock or Class B Common Stock, as applicable, on the date of the grant. 

(c) To the extent that the aggregate fair market value (determined at the time an ISO is granted) of the Class A Common Stock or
Class B Common Stock, as applicable, for which ISOs granted to any employee are exercisable for the first time by such employee during any calendar year (under all stock option plans of the Company and any Related Corporation) exceeds $100,000; or
such higher value as permitted under Code Section 422 at the time of determination, such Options will be treated as NSOs, provided that this Section shall have no force or effect to the extent that its inclusion in the Plan is not necessary for
Options issued as ISOs to qualify as ISOs pursuant to Section 422 of the Code. The rule of this Section 6(c) shall be applied by taking Options in the order in which they were granted. 

(d) If, at the time a Stock Right is granted under the Plan, the Company’s Class A Common Stock or Class B Common Stock is
publicly traded, “fair market value” of a share of such class of Common Stock shall be determined as of the last business day for which the prices or quotes discussed in this sentence are available prior to the time such a Stock Right is
granted and shall mean: 
 (i) if the Class A Common Stock or Class B Common Stock is then traded on a national securities
exchange; or on the Nasdaq National Market (the “NASDAQ/NMS”) or the Nasdaq SmallCap Market, the closing sale price for such stock (or the closing bid, if no sales were reported as quoted on such exchange or market); or 

  
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 (ii) the closing bid price or average of bid prices last quoted on that date by an
established quotation service, if the Class A Common Stock or Class B Common Stock is not reported on National Securities Exchange, the NASDAQ/NMS or the Nasdaq SmallCap Market. 

However, if the Class A Common Stock or Class B Common Stock, as applicable, is not publicly traded at the time a Stock Right is
granted under the Plan, “fair market value” shall be deemed to be the fair value of the Class A Common Stock or Class B Common Stock, as applicable, as determined by the Board or Committee after taking into consideration all factors
that it deems appropriate. 
 7. Option Duration. Subject to earlier termination as provided in Sections 9 and 10, each
Option shall expire on the date specified by the Board or Committee, but not more than: 
 (a) 10 years from the date of grant
in the case of NSOs; 
 (b) 10 years from the date of grant in the case of ISOs generally; and 

(c) 5 years from the date of grant in the case of ISOs granted to an employee owning stock possessing more than 10% of the total combined
voting power of all classes of stock of the Company or any Related Corporation. 
 Subject to earlier termination as provided in
Sections 9 and 10, the term of each ISO shall be the term set forth in the original instrument granting such ISO, except with respect to any part of such ISO that is converted into an NSO pursuant to Section 17. 

8. Exercise of Options. Subject to the provisions of Section 9 through Section 12 of the Plan, each Option granted under
the Plan shall be exercisable as follows: 
 (a) the Option shall either be fully exercisable on the date of grant or shall
become exercisable thereafter in such installments as the Board or Committee may specify; 
 (b) once an installment becomes
exercisable it shall remain exercisable until expiration or termination of the Option, unless otherwise specified by the Board or Committee; 
 (c) each Option or installment may be exercised at any time or from time to time, in whole or in part, for up to the total number of shares with respect to which it is then exercisable; and 

(d) the Board or Committee shall have the right to accelerate the date of exercise of any installment of any Option, provided that the
Board or Committee shall not accelerate the exercise date of any installment of any ISO granted to any employee (and not previously converted into an NSO pursuant to Section 17) without the prior consent of such employee if such acceleration
would violate the annual vesting limitation contained in Section 422 of the Code, as described in Section 6(c). 

  
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 9. Termination of Employment. If a grantee ceases to be employed by the Company and
all Related Corporations other than by reason of death or disability as defined in Section 10, or by reason of a termination “For Cause” as defined in this Section 9, unless otherwise specified in the instrument granting such
Stock Right, the grantee shall have the continued right to exercise any Stock Right held by him or her, to the extent of the number of shares with respect to which he or she could have exercised it on the date of termination until the Stock
Right’s specified expiration date; provided, however, in the event the grantee exercises any ISO after the date that is three months following the date of termination of employment, such ISO will automatically be converted into an NSO subject
to the terms of the Plan. Employment shall be considered as continuing uninterrupted during any bona fide leave of absence (such as those attributable to illness, military obligations or governmental service) provided that the period of such leave
does not exceed 90 days or, if longer, any period during which such grantee’s right to reemployment with the Company is guaranteed by statute or by contract. ISOs granted under the Plan shall not be affected by any change of employment within
or among the Company and Related Corporations, so long as the optionee continues to be an employee of the Company or any Related Corporation. 
 For purposes of this Plan, a change in status from employee to a consultant, or from a consultant to employee, will not constitute a termination of employment, provided that a change in status from an
employee to consultant may cause an ISO to become an NSO under the Code. 
 In the event of a termination “For Cause,”
the right of a grantee to exercise a Stock Right shall terminate as of the date of termination. For purposes of this Plan, “For Cause” shall mean the termination of a grantee’s status as an employee, a director or consultant (as
applicable) for any of the following reasons, as determined by the Committee; provided, that, with respect to an employee that is party to an agreement with the Company where a termination for cause is defined in such agreement, the definition in
such agreement shall govern the determination under this Section 9: 
 (i) A grantee who is a consultant and who commits a
material breach of any consulting, noncompetition, confidentiality or similar agreement with the Company or a subsidiary, as determined under such agreement; 
 (ii) A grantee who is an employee or a consultant and who is convicted (including a trial, plea of guilty or plea of nolo contendere) for committing an act of fraud, embezzlement, theft, or other act
constituting a felony; 
 (iii) A grantee who is an employee or a consultant and who willfully engages in gross misconduct or
willfully violates a Company or a subsidiary policy which is materially and demonstrably injurious to the Company and/or a subsidiary after a written demand to cease such misconduct or violation has been delivered by the Committee to the grantee
that specifically identifies the manner in which the Committee believes that the grantee has violated this Paragraph (iii), and the grantee fails to cease such misconduct or violation and remedy any injury suffered by the Company or the subsidiary
as a result thereof within thirty (30) calendar days after receiving such notice, unless the Board determines that a shorter period of time is reasonable under the circumstances. However, no act or failure to act, on the grantee’s part
shall 

  
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be considered “willful” unless done, or omitted to be done, by the grantee not in good faith and without reasonable belief that the grantee’s action or omission was in the best
interest of the Company or the subsidiary; or 
 (iv) A grantee who is a Company employee and who commits a material breach of
any noncompetition, confidentiality or similar agreement with the Company or a subsidiary, as determined under such agreement. 

NOTHING IN THE PLAN SHALL BE DEEMED TO GIVE ANY GRANTEE OF ANY STOCK RIGHT THE RIGHT TO BE RETAINED IN EMPLOYMENT OR OTHER SERVICE BY THE
COMPANY OR ANY RELATED CORPORATION FOR ANY PERIOD OF TIME OR TO AFFECT THE AT-WILL NATURE OF ANY EMPLOYEE’S EMPLOYMENT. 

10. Death; Disability. 
 (a) If a grantee ceases to be employed by the Company and all Related Corporations by reason of death, or if a grantee dies within three months of the date his or her employment or other affiliation with
the Company has been terminated, any Stock Right held by him or her may be exercised to the extent of the number of shares with respect to which he or she could have exercised said Stock Right on the date of death, by his or her estate, personal
representative or beneficiary who has acquired the Stock Right by will or by the laws of descent and distribution (the “Successor Grantee”), unless otherwise specified in the instrument granting such Stock Right, prior to the earlier of
(i) one year after the date of termination or (ii) the Stock Right’s specified expiration date; provided, however, that a Successor Grantee shall be entitled to ISO treatment under Section 421 of the Code only if the deceased
optionee would have been entitled to like treatment had he or she exercised such Option on the date of his or her death provided further in the event the Successor Grantee exercises an ISO after the date that is one year following the date of
termination by reason of death, such ISO will automatically be converted into a NSO subject to the terms of the Plan. 
 (b) If
a grantee ceases to be employed by the Company and all Related Corporations by reason of disability, he or she shall continue to have the right to exercise any Stock Right held by him or her on the date of termination until unless otherwise
specified in the instrument granting such Stock Right, the earlier of (i) one year after the date of termination or (ii) the Stock Right’s specified expiration date; provided, however, in the event the grantee exercises an ISO
after the date that is one year following the date of termination by reason of disability, such ISO will automatically be converted into a NSO subject to the terms of the Plan. For the purposes of the Plan, the term “disability” shall mean
“permanent and total disability” as defined in Section 22(e)(3) of the Code. 
 (c) The provisions of subsections
(a) and (b) of this Section 11 regarding the exercise period of a Stock Right may be waived, extended or further limited, in the discretion of the Board or Committee, in an instrument granting a Stock Right that is not an ISO.


  
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 11. Transferability and Assignability of Stock Rights. 

(a) No ISO granted under this Plan shall be assignable or otherwise 

transferable by the optionee except by will or by the laws of descent and distribution. An ISO may be exercised during the lifetime of the
optionee only by the optionee. 
 (b) Any NSO or Purchase Right may be transferable by the grantee by will or by the laws of
descent and distribution. For purposes of the Plan, a grantee’s “family members” shall be deemed to consist of his or her spouse, parents, children, grandparents, grandchildren and any trusts created for the benefit of such
individuals. A family member to whom any such Stock Right has been transferred pursuant to this Section 11(b) shall be hereinafter referred to as a “Permitted Transferee”. A Stock Right shall be transferred to a Permitted Transferee
in accordance with the foregoing provisions, and subject to all the provisions of the Stock Right Agreement and this Plan, by the execution by the grantee and the transferee of an assignment in writing in such form approved by the Board or the
Committee. The Company shall not be required to recognize the rights of a Permitted Transferee until such time as it receives a copy of the assignment from the grantee. 
 12. Terms and Conditions of Stock Rights. Stock Rights shall be evidenced by instruments (which need not be identical) in such forms as the Board or Committee may from time to time approve. Such
instruments shall conform to the terms and conditions set forth in Sections 6 through 11 hereof and may contain such other provisions as the Board or Committee deems advisable that are not inconsistent with the Plan, including restrictions (or other
conditions deemed by the Board or Committee to be in the best interests of the Company) applicable to the exercise of Options or to shares of Class A Common Stock or Class B Common Stock issuable upon exercise of Options. In granting any NSO,
the Board or Committee may specify that such NSO shall be subject to the restrictions set forth herein with respect to ISOs, or to such other termination and cancellation provisions as the Board or Committee may determine. The Board or Committee may
from time to time confer authority and responsibility on one or more of its own members and/or one or more officers of the Company to execute and deliver such instruments. The proper officers of the Company are authorized and directed to take any
and all action necessary or advisable from time to time to carry out the terms of such instruments. 
 13. Adjustments.
Upon the occurrence of any of the following events, the rights of a recipient of a Stock Right granted hereunder shall be adjusted as hereinafter provided, unless otherwise provided in the written agreement between the recipient and the Company
relating to such Stock Right. 
 (a) If the shares of Class A Common Stock or Class B Common Stock shall be subdivided or
combined into a greater or smaller number of shares or if the Company shall issue shares of Class A Common Stock or Class B Common Stock as a stock dividend on its outstanding Class A Common Stock or Class B Common Stock, the number of
shares of Class A Common Stock or Class B Common Stock, as applicable, deliverable upon the exercise of outstanding Stock Rights shall be appropriately increased or decreased proportionately, and appropriate adjustments shall be made in the
purchase price (if any) per share to reflect such subdivision, combination or stock dividend. 

  
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 (b) If the Company is to be consolidated with or acquired by another entity in a merger,
sale of all or substantially all of the Company’s assets or otherwise (an “Acquisition”), unless otherwise provided by the Board or Committee, in its sole discretion, the Board or Committee or the board of directors of any entity
assuming the obligations of the Company hereunder (the “Successor Board”) shall, as to outstanding Stock Rights, make appropriate provision for the continuation of such Stock Rights by either assumption of such Stock Rights or by
substitution of such Stock Rights with an equivalent award. For Stock Rights that are so assumed or substituted, in the event of a termination of grantee’s employment or consulting relationship by the Company or its successor other than For
Cause or by grantee for Good Reason (as defined below) within sixty (60) days prior to and one hundred and eighty (180) days after an Acquisition, all Stock Rights held by such grantee shall become vested and immediately and fully
exercisable and all forfeiture restrictions shall be waived. If the Board, the Committee, or the Successor Board does not make appropriate provisions for the continuation of such Stock Rights by either assumption or substitution, unless otherwise
provided by the Board or Committee in its sole discretion, Stock Rights shall become vested and fully and immediately exercisable and all forfeiture restrictions shall be waived and all Stock Rights not exercised at the time of the closing of such
Acquisition shall terminate notwithstanding anything to the contrary in Section 9 hereof. For purposes of this Plan, a termination for “Good Reason” shall mean the resignation of an employee within thirty (30) days after the
following actions: (i) without the express written consent of employee, the Company assigns duties which are materially inconsistent with employee’s position, duties and status; (ii) any action by the Company which results in a
material diminution in the position, duties or status of employee or any transfer or proposed transfer of employee for any extended period to a location more than thirty-five miles away from such employees’ principal place of employment, except
for a transfer or proposed transfer for strategic reallocations of the personnel reporting to employee; or (iii) the Company reduces the base annual salary of employee, as the same may hereafter be increased from time to time. 

(c) In the event of a transaction, including without limitation, a recapitalization or reorganization of the Company (other than a
transaction described in subsection (b) above) pursuant to which securities of the Company or of another corporation are issued with respect to the outstanding shares of Class A Common Stock or Class B Common Stock, an optionee or grantee
upon exercising a Stock Right shall be entitled to receive for the purchase price paid upon such exercise the securities he or she would have received if he or she had exercised the Stock Right immediately prior to such recapitalization or
reorganization. 
 (d) In the event of the proposed dissolution or liquidation of the Company, each Stock Right will terminate
immediately prior to the consummation of such proposed action or at such other time and subject to such other conditions as shall be determined by the Board or Committee. 
 (e) Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason
thereof shall be made with respect to, the number or price of shares subject to Stock Right. No adjustments shall be made for dividends paid in cash or in property other than Class A Common Stock or Class B Common Stock of the Company.


  
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 (f) No fractional shares shall be issued under the Plan and any optionee who would otherwise
be entitled to receive a fraction of a share upon exercise of a Stock Right shall receive from the Company cash in lieu of such fractional shares in an amount equal to the fair market value of such fractional shares, as determined in the sole
discretion of the Board or Committee. 
 (g) Upon the happening of any of the foregoing events described in subsections (a),
(b) or (c) above, the class and aggregate number of shares set forth in Section 4 hereof that are subject to Stock Rights that previously have been or subsequently may be granted under the Plan shall also be appropriately adjusted to
reflect the events described. The Board or Committee or the Successor Board shall determine the specific adjustments to be made under this Section 13 and, subject to Section 2, its determination shall be conclusive. 

14. Means of Exercising Stock Rights. Except as otherwise provided in this Plan or the instrument evidencing the Stock Right, a
Stock Right (or any part or installment thereof) shall be exercised by giving written notice to the Company at its principal office address to the attention of its President. Such notice shall identify the Stock Right being exercised and specify the
number of shares as to which such Stock Right is being exercised, accompanied by full payment of the exercise price therefor, if any, payable as follows (a) in United States dollars in cash or by check, (b) at the discretion of the Board
or Committee, through the delivery of already-owned shares of Class A Common Stock or Class B Common Stock having a fair market value equal as of the date of the exercise to the cash exercise price of the Stock Right and, in the case of such
already-owned shares of Class A Common Stock or Class B Common Stock, having been owned by the participant for more than six months from the date of surrender, or (c) at the discretion of the Board or Committee, by delivery of the
grantee’s personal recourse note bearing interest payable not less than annually at a market rate that is no less than 100% of the lowest applicable Federal rate, as defined in Section 1274(d) of the Code, (d) at the discretion of the
Board or Committee, through the surrender of shares of Class A Common Stock or Class B Common Stock then issuable upon exercise of the Stock Right having a fair market value on the date of exercise equal to the aggregate price of the Stock
Right, (e) at the discretion of the Board or Committee, delivery of a notice that the grantee has placed a market sell order with a broker with respect to shares of Class A Common Stock or Class B Common Stock then issuable upon exercise
of the Stock Right and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the Stock Right Exercise Price, provided that payment of such proceeds is then made to the Company
upon settlement of the sale or (f) at the discretion of the Board or Committee, by any combination of (a), (b), (c), (d) and (e) or such other consideration and method of payment for the issuance of shares to the extent permitted by
applicable law or the Plan. If the Board or Committee exercises its discretion to permit payment of the exercise price of an ISO by means of the methods set forth in clauses (b), (c), (d), (e) or (f) of the preceding sentence, such
discretion shall be exercised in writing at the time of the grant of the ISO in question and such exercise shall also be governed by any terms set forth in the written agreement evidencing the grant of the Stock Right. The holder of a Stock Right
shall not have the rights of a stockholder with respect to the shares covered by the Stock 

  
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Right until the date of issuance of a stock certificate for such shares. Except as expressly provided above in Section 14 with respect to changes in capitalization and stock dividends, no
adjustment shall be made for dividends or similar rights for which the record date is before the date such stock certificate is issued. 
 15. Surrender of Stock Rights for Cash or Stock. The Board or Committee may, in its sole and absolute discretion and subject to such terms and conditions as it deems appropriate, accept the
surrender by an optionee or grantee of a Stock Right granted to him under the Plan and authorize payment in consideration therefor of an amount equal to the difference between the purchase price payable for the shares of Class A Common Stock or
Class B Common Stock under the instrument granting the Option and the fair market value of the shares subject to the Stock Right (determined as of the date of such surrender of the Stock Right). Such payment shall be made in shares of Class A
Common Stock or Class B Common Stock valued at fair market value on the date of such surrender, or in cash, or partly in such shares of Class A Common Stock or Class B Common Stock and partly in cash as the Board or Committee shall determine.
The surrender shall be permitted only if the Board or Committee determines that such surrender is consistent with the purpose set forth in Section 1, and only to the extent that the Stock Right is exercisable under Section 8 on the date of
surrender. In no event shall an optionee or grantee surrender his Stock Right under this Section if the fair market value of the shares on the date of such surrender is less than the purchase price payable for the shares of Class A Common Stock
or Class B Common Stock subject to the Stock Right. Any ISO surrendered pursuant to the provisions of this Section 15 shall be deemed to have been converted into a NSO immediately prior to such surrender. 

16. Term and Amendment of Plan. This Plan was adopted by the Board on September 25, 2003 (the “Effective Date”),
subject (with respect to the validation of ISOs granted under the Plan) to approval of the Plan by the stockholders of the Company. The Plan will be approved by the stockholders of the Company within one year of the Effective Date. The Plan shall
expire 10 years after the Effective Date (except as to Stock Rights outstanding on that date). Subject to the provisions of Section 5 above, Stock Rights may be granted under the Plan prior to the date of stockholder approval of the Plan. The
Board may terminate or amend the Plan in any respect at any time, except that without the approval of the stockholders obtained within 12 months before or after the Board adopts a resolution authorizing any of the following actions: 

(a) the total number of shares that may be issued under the Plan may not be increased (except by adjustment pursuant to Section 13);

 (b) the provisions of Section 3 regarding eligibility for grants of ISOs may not be modified; 

(c) the provisions of Section 7(b) regarding the exercise price at which shares may be offered pursuant to ISOs may not be modified
(except by adjustment pursuant to Section 13); and 
 (d) the expiration date of the Plan may not be extended. 

  
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 Except as provided in Section 13(b) and the fifth sentence of this Section 16, in
no event may action of the Board or stockholders adversely alter or impair the rights of a grantee, without his or her consent, under any Stock Right previously granted. 
 17. Conversion of ISOs into NSOs; Termination of ISOs. The Board or Committee, with the consent of any optionee, may in its discretion take such actions as may be necessary to convert an
optionee’s ISOs (or any installments or portions of installments thereof) that have not been exercised on the date of conversion into NSOs at any time prior to the expiration of such ISOs. These actions may include, but not be limited to,
accelerating the exercisability, extending the exercise period or reducing the exercise price of the appropriate installments of optionee’s Options. At the time of such conversion, the Board or Committee (with the consent of the optionee) may
impose these conditions on the exercise of the resulting NSOs as the Board or Committee in its discretion may determine, provided that the conditions shall not be inconsistent with the Plan. Nothing in the Plan shall be deemed to give any optionee
the right to have such optionee’s ISOs converted into NSOs, and no conversion shall occur until and unless the Board or Committee takes appropriate action. The Board or Committee, with the consent of the optionee, may also terminate any portion
of any ISO that has not been exercised at the time of termination. 
 18. Governmental Regulation. The Company’s
obligation to sell and deliver shares of the Class A Common Stock or Class B Common Stock under the Plan is subject to the approval of any governmental authority required in connection with the authorization, issuance or sale of such shares.

 19. Withholding of Additional Income Taxes. 
 (a) Upon the exercise of an NSO, or the grant of a Stock Bonus or Purchase Right for less than the fair market value of the Class A Common Stock or Class B Common Stock, the making of a Disqualifying
Disposition (as defined in Section 20), the vesting of restricted Class A Common Stock or Class B Common Stock acquired on the exercise of a Stock Right hereunder or the surrender of an Option pursuant to Section 15, the Company, in
accordance with Section 3402(a) of the Code and any applicable state statute or regulation, may require the optionee, Stock Bonus recipient or purchaser to pay to the Company additional withholding taxes in respect of the amount that is
considered compensation includable in such person’s gross income. With respect to (a) the exercise of an Option, (b) the grant of a Stock Bonus, (c) the grant of a Purchase Right of Class A Common Stock or Class B Common
Stock for less than its fair market value, (d) the vesting of restricted Class A Common Stock or Class B Common Stock acquired by exercising a Stock Right, or (e) the acceptance of a surrender of an Option, the Committee in its
discretion may condition such event on the payment by the optionee, Stock Bonus recipient or purchaser of any such additional withholding taxes. 
 (b) At the sole and absolute discretion of the Committee, the holder of Stock Rights may pay all or any part of the total estimated federal and state income tax liability arising out of the exercise or
receipt of such Stock Rights, the making of a Disqualifying Disposition, or the vesting of restricted Class A Common Stock or Class B Common Stock acquired on the 

  
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exercise of a Stock Right hereunder (each of the foregoing, a “Tax Event”) by tendering already-owned shares of Class A Common Stock or Class B Common Stock or (except in the case
of a Disqualifying Disposition) by directing the Company to withhold shares of Class A Common Stock or Class B Common Stock otherwise to be transferred to the holder of such Stock Rights as a result of the exercise or receipt thereof in an
amount equal to the estimated federal and state income tax liability arising out of such event, provided that no more shares may be withheld than are necessary to satisfy the holder’s actual minimum withholding obligation with respect to the
exercise of Stock Rights. In such event, the holder of Stock Rights must, however, notify the Committee of his or her desire to pay all or any part of the total estimated federal and state income tax liability arising out of a Tax Event by tendering
already-owned shares of Class A Common Stock or Class B Common Stock or having shares of Class A Common Stock or Class B Common Stock withheld prior to the date that the amount of federal or state income tax to be withheld is to be
determined. For purposes of this Section 20(b), shares of Class A Common Stock or Class B Common Stock shall be valued at their fair market value on the date that the amount of the tax withholdings is to be determined. 

20. Notice to Company of Disqualifying Disposition. Each employee who receives an ISO must agree to notify the Company in writing
immediately after the employee makes a Disqualifying Disposition (as defined below) of any Class A Common Stock or Class B Common Stock acquired pursuant to the exercise of an ISO. A “Disqualifying Disposition” is any disposition
(including any sale) of such Class A Common Stock or Class B Common Stock before either (a) two years after the date the employee was granted the ISO, or (b) one year after the date the employee acquired Class A Common Stock or
Class B Common Stock by exercising the ISO. If the employee has died before such stock is sold, these holding period requirements do not apply and no Disqualifying Disposition can occur thereafter. 

21. Governing Law; Construction. The validity and construction of the Plan and the instruments evidencing Stock Rights shall be
governed by the laws of the State of Delaware. In construing this Plan, the singular shall include the plural and the masculine gender shall include the feminine and neuter, unless the context otherwise requires. 

22. Lock-up Agreement. Each recipient of securities hereunder agrees, in connection with the first registration with the United
States Securities and Exchange Commission under the Securities Act of 1933, as amended, of the public sale of the Company’s Class A Common Stock or Class B Common Stock, not to sell, make any short sale of, loan, grant any option for the
purchase of or otherwise dispose of any securities of the Company (other than those included in the registration) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180
days) from the effective date of such registration as the Company or the underwriters, as the case may be, shall specify. Each such recipient agrees that the Company may instruct its transfer agent to place stop-transfer notations in its records to
enforce this Section 22. Each such recipient agrees to execute a form of agreement reflecting the foregoing restrictions as requested by the underwriters managing such offering. 

  
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