EX-10.3



 Exhibit 10.3 

CROGHAN BANCSHARES, INC. 
 2012 EQUITY INCENTIVE PLAN 
 The purposes of the Plan are to promote and
advance the interests of the Company and its shareholders by enabling the Company to attract, retain and reward directors, managerial and other employees of the Company and its Affiliates and to strengthen the mutuality of interests between such
directors and employees and the Company’s shareholders by providing such persons with a proprietary interest in pursuing the long-term growth, profitability and financial success of the Company. 

ARTICLE I 

DEFINITIONS 
 When used in the Plan, the following capitalized words, terms and phrases shall have the meanings set forth in this Article I. For purposes of the Plan, the form of any word, term or phrase shall include
any and all of its other forms. 
 1.1 “Act” shall mean the Securities Exchange Act of 1934, as amended from
time to time, or any successor thereto. 
 1.2 “Affiliate” shall mean any entity with whom the Company would be
considered a single employer under Section 414(b) or (c) of the Code, but modified as permitted under Treasury Regulations promulgated under any Code section relevant to the purpose for which the definition is applied. 

1.3 “Award” shall mean any Nonqualified Stock Option, Incentive Stock Option, Stock Appreciation Right, Restricted Stock
or Other Stock-Based Award granted pursuant to the Plan. 
 1.4 “Award Agreement” shall mean any written or
electronic agreement between the Company and a Participant that describes the terms and conditions of an Award. If there is a conflict between the terms of the Plan and the terms of an Award Agreement, the terms of the Plan shall govern. 

1.5 “Board” shall mean the Board of Directors of the Company. 

1.6 “Cause” shall mean, unless otherwise provided in the related Award Agreement or in any employment agreement between
the Participant and the Company or any Affiliate (but only within the context of the events contemplated by the employment agreement), a Participant’s: (a) willful and continued failure to substantially perform assigned duties for a period
of ten (10) days following written notice from the Company of such failure; (b) gross misconduct; (c) material breach of any term of any agreement with the Company or any Affiliate, including the Plan and any Award Agreement, which is
not cured within ten (10) days following written notice from the Company of such breach; (d) conviction of (or plea of no contest or nolo contendere to) (i) a felony or a misdemeanor that originally was charged as a felony but which
was subsequently reduced to a misdemeanor through negotiation with the charging entity or (ii) a crime other than a felony, which involves a breach of trust or fiduciary duty owed to the Company or any Affiliate; or (e) violation of the
Company’s code of conduct or any other material policy of the Company or any Affiliate that applies to the Participant which is not cured within ten (10) days following written notice from the Company of the violation. Notwithstanding the
foregoing, Cause will not arise solely because the Participant is absent from active employment during periods of vacation, consistent with the Company’s applicable vacation policy, or other period of absence approved by the Company.

 1.7 “Change in Control” shall mean: (a) the execution of an agreement for the sale of all, or a
material portion of, the assets of the Company; (b) the execution of an agreement for a merger or recapitalization of the Company or any merger or recapitalization whereby the Company is not the surviving entity; (c) a change of control of
the Company, as defined or determined by the Board of Governors of the Federal Reserve System or the Federal Deposit Insurance Corporation; (d) the acquisition, directly or indirectly, of the beneficial ownership (within the meaning of the term
“beneficial ownership” as defined under Section 13(d) of the Act and the rules promulgated thereunder) of twenty-five percent (25%) or more of the outstanding voting securities of the Company by any person, trust, entity or
group; or (e) any offer or announcement, oral or written, by any person or any persons acting as a group, to acquire control of the Company as to which an application or notice has been filed with the Board of








 
Governors of the Federal Reserve System or the Federal Deposit Insurance Corporation and such application has been approved or such notice has not been disapproved. A Change in Control may also
include any of the foregoing transactions involving an Affiliate, but only with respect to a Participant who is employed by such Affiliate. 
 Notwithstanding the foregoing, with respect to the payment, exercise or settlement of any Award that is subject to Section 409A of the Code (and for which no exception applies), a Change in Control
shall be deemed not to have occurred unless the events or circumstances constituting a Change in Control also constitute a “change in control event” within the meaning of Section 409A of the Code. 

1.8 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto. Any
reference to the Code shall include a reference to its associated Treasury Regulations. 
 1.9 “Committee”
shall mean a committee of the Board, which will be comprised of at least two (2) directors, each of whom is a “non-employee” director within the meaning of Rule 16b-3 under the Act, and an “independent director” under
the rules of the exchange on which the Shares are listed. The mere fact that a member of the Committee shall fail to satisfy any of the foregoing requirements shall not invalidate any Award made by the Committee that is otherwise validly made under
the Plan. 
 1.10 “Company” shall mean Croghan Bancshares, Inc, an Ohio corporation, and any successor thereto.

 1.11 “Director” shall mean a person who is a member of the Board, excluding any member who is an Employee.

 1.12 “Disability” shall mean: 
 (a) With respect to an Award, other than an Award that is (or becomes subject to Section 409A of the Code) or an Incentive Stock Option, “disability” for purposes of the Company or an
Affiliate’s long-term disability plan; 
 (b) With respect to the payment, exercise or settlement of any Award that is (or
becomes) subject to Section 409A of the Code (and for which no exception applies), “disability” as defined in Section 409A of the Code; and 
 (c) With respect to an Incentive Stock Option, “disability” as defined in Section 22(e)(3) of the Code. 
 1.13 “Effective Date” shall mean the date on which the Company’s shareholders approve the Plan, as set forth in Article XV. 

1.14 “Employee” shall mean any person who is a common law employee of the Company or any Affiliate. A person who is
classified as other than a common-law employee but who is subsequently reclassified as a common law employee of the Company or any Affiliate for any reason and on any basis shall be treated as a common law employee only from the date that
reclassification occurs and shall not retroactively be reclassified as an Employee for any purpose under the Plan. 
 1.15
“Fair Market Value” shall mean the value of one Share on any relevant date, determined under the following rules: 
 (a) If the Shares are traded on an exchange, the reported “closing price” on the relevant date if it is a trading day, otherwise on the next trading day; 

(b) If the Shares are traded over-the-counter the average reported closing price of a Share for the thirty (30) day period preceding
the date of grant; or 
 (c) If neither (a) nor (b) applies: (i) with respect to Options, Stock Appreciation
Rights and any Award that is subject to Section 409A of the Code, the value as determined by the Committee through the 

  
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reasonable application of a reasonable valuation method, taking into account all information material to the value of the Company, within the meaning of Section 409A of the Code and the
Treasury Regulations promulgated thereunder; and (ii) with respect to all other Awards, the fair market value as determined by the Committee in good faith. 
 1.16 “Incentive Stock Option” shall mean an Option that is intended to meet the requirements of Section 422 of the Code. 

1.17 “Nonqualified Stock Option” shall mean an Option that is not intended to be an Incentive Stock Option. 

1.18 “Option” shall mean an option to purchase Shares which is granted pursuant to Article V of the Plan. An Option may
be either an Incentive Stock Option or a Nonqualified Stock Option. 
 1.19 “Other Stock-Based Award” shall
mean an Award granted pursuant to Article VIII of the Plan. 
 1.20 “Participant” shall mean an Employee or
Director who is granted an Award under the Plan. 
 1.21 “Performance-Based Award” shall mean an Award
described in Article IX of the Plan. 
 1.22 “Performance Criteria” shall mean: (a) revenue;
(b) income (including, but not limited to, net earnings, net income, before or after taxes, interest income, non-interest income and fee income); (c) earnings per share; (d) loan, deposit, new market or asset growth; (e) return
measures (including return on assets and equity); (f) tangible equity; (g) economic profit added; (h) earnings before or after taxes, interest, depreciation and/or amortization; (i) interest spread; (j) productivity ratios;
(k) share price (including, but not limited to, growth measures and total shareholder return); (l) expense targets; (m) credit quality; (n) efficiency ratio; (o) market share; (p) customer satisfaction; (q) asset
quality measures (including, but not limited to, non-performing assets, net charge-offs, classified assets, Texas Ratio, ALLL etc.; (r) capitalization (including, but not limited to, Tier 1 capital, CAMELS rating); (s) net income after
cost of capital (NIACC); (t) strategic objectives (including, branding, mergers and acquisitions, succession management, dynamic market response, new product build out, expense reduction initiatives, risk management and regulatory compliance);
or (u) such other measures as the Committee may select from time to time. 
 Different Performance Criteria may be applied
to individual Participants or to groups of Participants and, as specified by the Committee, may relate to the individual Participant, the Company, one or more Affiliates, or one or more of their respective divisions or business units, or any
combination of the foregoing, and may be applied on an absolute basis and/or be relative to one or more peer group companies or indices, or any combination thereof, in each case, as determined by the Committee in its sole discretion. 

1.23 “Plan” shall mean the Croghan Bancshares, Inc. 2012 Equity Incentive Plan, as set forth herein and as may be
amended from time to time. 
 1.24 “Prior Plan” shall mean the Croghan Bancshares, Inc. Amended and Restated
2002 Stock Option and Incentive Plan. Upon approval of the Plan by the Company’s shareholders, no further awards will be issued under the Prior Plan, although the Prior Plan will remain in effect after the Company’s shareholders approve
the Plan for purposes of determining any grantee’s right to awards issued under the Prior Plan before that date 
 1.25
“Restricted Stock” shall mean an Award granted pursuant to Article VII of the Plan under which a Participant is issued Shares which are subject to specified restrictions on vesting and transferability. 

1.26 “Retirement” means, with respect to a Participant who is an Employee, the Participant’s voluntary retirement
from the Company or an Affiliate at or after attaining age 60. 
 1.27 “Shares” shall mean the common shares,
par value $12.50 per share, of the Company or any security of the Company issued in substitution, exchange or in place of these shares. 

  
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 1.28 “Stock Appreciation Right” shall mean an Award granted pursuant to
Article VI of the Plan under which a Participant is given the right to receive the difference between the Fair Market Value of a Share on the date of grant and the Fair Market Value of a Share on the date of exercise of the Award. 

ARTICLE II 

SHARES SUBJECT TO THE PLAN 
 2.1 Number of Shares Available for Awards. Subject to this Article II, the aggregate number of Shares with respect to which Awards may be granted under the Plan shall be the number of Shares that,
on the date the Plan is approved by the Company’s shareholders, are available to be granted under the Prior Plan but which are not then subject to outstanding awards under the Prior Plan, all of which may be granted with respect to
Incentive Stock Options. The Shares may consist, in whole or in part, of treasury Shares, authorized but unissued Shares not reserved for any other purpose or Shares purchased by the Company or an independent agent in either a private transaction or
in the open market. 
 2.2 Share Usage. Upon a grant of an Award, the number of Shares available for issuance under the
Plan shall be reduced by an amount equal to the number of Shares subject to such Award, and the following Shares underlying such an Award shall be added back to the Plan: (a) Shares covered by an Award that, expires or is settled, forfeited,
canceled, surrendered or otherwise terminated without the issuance of such Shares; (b) Shares covered by an Award that is settled only in cash; (c) any Shares subject to outstanding awards under the Prior Plan as of the Effective Date that
on or after the Effective Date cease for any reason to be subject to such awards other than by reason of exercise or settlement of the awards to the extent they are exercised for or settled in vested and non-forfeitable Shares; and (d) any
Shares from Awards exercised for or settled in vested and nonforfeitable Shares that are later returned to the Company pursuant to any compensation recoupment policy, provision or agreement. 

2.3 Adjustments. In the event of any Share dividend, Share split, recapitalization (including payment of an extraordinary
dividend), merger, reorganization, consolidation, combination, spin-off, distribution of assets to stockholders, exchange of Shares or any other change affecting the Shares, the Committee shall make such substitutions and adjustments, if any, as it
deems equitable and appropriate to: (a) the aggregate number of Shares that may be issued under the Plan; and (b) the exercise price, number of Shares and other terms or limitations applicable to outstanding Awards. Notwithstanding the
foregoing, an adjustment pursuant to this Section 2.3 shall be made only to the extent such adjustment complies, to the extent applicable, with Section 409A of the Code. 

ARTICLE III 

ADMINISTRATION 
 3.1 In General. The Plan shall be administered by the Committee. The Committee shall have full power and authority to: (a) interpret the Plan and any Award Agreement; (b) establish, amend
and rescind any rules and regulations relating to the Plan; (c) select Participants; (d) establish the terms and conditions of any Award consistent with the terms and conditions of the Plan, including the dates on which Awards may vest and
be exercised, the acceleration of any such dates and the expiration date of any Award; and (e) make any other determinations that it deems necessary or desirable for the administration of the Plan. The Committee may correct any defect, supply
any omission or reconcile any inconsistency in the Plan or in any Award Agreement in the manner and to the extent the Committee deems necessary or desirable. Any decision of the Committee in the interpretation and administration of the Plan shall be
made in the Committee’s sole and absolute discretion and shall be final, conclusive and binding on all persons. 
 3.2
Delegation of Duties. In its sole discretion, the Committee may delegate any ministerial duties associated with the Plan to any person (including Employees) it deems appropriate; provided, however, that the Committee may not delegate
(a) any duties that it is required to discharge pursuant to any applicable law; (b) its authority to grant Awards to any Participant who is subject to Section 16 of the Act; and (c) its authority under any equity award granting
policy of the Company that may be in effect from time to time. 

  
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 ARTICLE IV 
 ELIGIBILITY 
 Any Employee or Director selected by the Committee shall be
eligible to be a Participant in the Plan; provided, however, that Incentive Stock Options shall only be granted to Employees who are employed by the Company or an Affiliate that is a “subsidiary” corporation, as defined in Section 424
of the Code. 
 ARTICLE V 
 OPTIONS 
 5.1 Grant of Options. Subject to the terms and conditions
of the Plan, Options may be granted to Participants in such number, and upon such terms and conditions, as shall be determined by the Committee in its sole discretion. 
 5.2 Award Agreement. Each Option shall be evidenced by an Award Agreement that shall specify the exercise price, the term of the Option, the number of Shares covered by the Option, the conditions
upon which the Option shall become vested and exercisable and such other terms and conditions, including covenants with respect to non-competition, non-solicitation or otherwise, as the Committee shall determine and which are not inconsistent with
the terms and conditions of the Plan. The Award Agreement also shall specify whether the Option is intended to be an Incentive Stock Option or a Nonqualified Stock Option. 
 5.3 Exercise Price. The exercise price per Share of an Option shall be determined by the Committee at the time the Option is granted; provided, however, that in no event shall the exercise price
per Share of any Option be less than one hundred percent (100%) of the Fair Market Value of a Share on the date of grant. 

5.4 Term. The term of an Option shall be determined by the Committee; provided, however, that in no event shall the term of any
Option exceed ten (10) years from its date of grant. 
 5.5 Exercisability. Options shall become exercisable at such
times and upon such terms and conditions as shall be determined by the Committee. Such terms and conditions may include, without limitation, the satisfaction of (a) performance goals based on one (1) or more Performance Criteria, and/or
(b) time-based vesting requirements. 
 5.6 Exercise of Options. Except as otherwise provided in the Plan or in a
related Award Agreement, an Option may be exercised for all or any portion of the Shares for which it is then exercisable. An Option shall be exercised by the delivery of a notice of exercise to the Company or its designee in a form specified by the
Committee which sets forth the number of Shares with respect to which the Option is to be exercised and full payment of the exercise price for such Shares. The exercise price of an Option may be paid: (a) in cash or its equivalent; (b) by
tendering (either by actual delivery or attestation) previously acquired Shares having an aggregate Fair Market Value at the time of exercise equal to the aggregate exercise price; provided that such Shares had been held for at least six
(6) months or such other period required to obtain favorable accounting treatment and to comply with the requirements of Section 16 of the Act; (c) by a cashless exercise (including by withholding Shares deliverable upon exercise and
through a broker-assisted arrangement to the extent permitted by applicable law); (d) by a combination of the methods described in clauses (a), (b) and/or (c); or (e) though any other method approved by the Committee in its sole
discretion. As soon as practicable after receipt of the notification of exercise and full payment of the exercise price, the Company shall cause the appropriate number of Shares to be issued to the Participant. 

5.7 Special Rules Applicable to Incentive Stock Options. Notwithstanding any other provision in the Plan to the contrary:

 (a) The terms and conditions of Incentive Stock Options shall be subject to and comply with the requirements of
Section 422 of the Code. 
 (b) The aggregate Fair Market Value of the Shares (determined as of the date of grant) with
respect to which Incentive Stock Options are exercisable for the first time by any Participant during any calendar year (under all plans of the Company and its Subsidiaries) may not be greater than $100,000 (or such other amount specified in
Section 422 of the Code), as calculated under Section 422 of the Code. 

  
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 (c) No Incentive Stock Option shall be granted to any Participant who, at the time the
Incentive Stock Option is granted, owns stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of any Subsidiary, unless (i) the exercise price of such Incentive Stock
Option is at least one hundred and ten percent (110%) of the Fair Market Value of a Share on the date the Incentive Stock Option is granted and (ii) the date on which such Incentive Stock Option will expire is not later than five
(5) years from the date the Incentive Stock Option is granted. 
 ARTICLE VI 

STOCK APPRECIATION RIGHTS 
 6.1 Grant of Stock Appreciation Rights. Subject to the terms and conditions of the Plan, Stock Appreciation Rights may be granted to Participants in such number, and upon such terms and conditions,
as shall be determined by the Committee in its sole discretion. 
 6.2 Award Agreement. Each Stock Appreciation Right
shall be evidenced by an Award Agreement that shall specify the exercise price, the term of the Stock Appreciation Right, the number of Shares covered by the Stock Appreciation Right, the conditions upon which the Stock Appreciation Right shall
become vested and exercisable and such other terms and conditions, including covenants with respect to non-competition, non-solicitation or otherwise, as the Committee shall determine and which are not inconsistent with the terms and conditions of
the Plan. 
 6.3 Exercise Price. The exercise price per Share of a Stock Appreciation Right shall be determined by the
Committee at the time the Stock Appreciation Right is granted; provided, however, that in no event shall the exercise price per Share of any Stock Appreciation Right be less than one hundred percent (100%) of the Fair Market Value of a Share on
the date of grant. 
 6.4 Term. The term of a Stock Appreciation Right shall be determined by the Committee; provided
however, that in no event shall the term of any Stock Appreciation Right exceed ten (10) years from its date of grant. 

6.5 Exercisability of Stock Appreciation Rights. A Stock Appreciation Right shall become exercisable at such times and upon such
terms and conditions as may be determined by the Committee. Such terms and conditions may include, without limitation, the satisfaction of (a) performance goals based on one (1) or more Performance Criteria, and/or (b) time-based
vesting requirements. 
 6.6 Exercise of Stock Appreciation Rights. Except as otherwise provided in the Plan or in a
related Award Agreement, a Stock Appreciation Right may be exercised for all or any portion of the Shares for which it is then exercisable. A Stock Appreciation Right shall be exercised by the delivery of a notice of exercise to the Company or its
designee in a form specified by the Committee which sets forth the number of Shares with respect to which the Stock Appreciation Right is to be exercised. Upon exercise, a Stock Appreciation Right shall entitle a Participant to an amount equal to
(a) the excess of (i) the Fair Market Value of a Share on the exercise date over (ii) the exercise price per Share, multiplied by (b) the number of Shares with respect to which the Stock Appreciation Right is exercised. A Stock
Appreciation Right may be settled in full Shares, cash or a combination thereof, as specified by the Committee in the related Award Agreement. 
 ARTICLE VII 
 RESTRICTED STOCK 

7.1 Grant of Restricted Stock. Subject to the terms and conditions of the Plan, Shares of Restricted Stock may be granted to
Participants in such number, and upon such terms and conditions, as shall be determined by the Committee in its sole discretion. 
 7.2 Award Agreement. Each Restricted Stock Award shall be evidenced by an Award Agreement that shall specify the number of Shares of Restricted Stock, the restricted period(s) applicable to the
Shares of Restricted 

  
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Stock, the conditions upon which the restrictions on the Shares of Restricted Stock will lapse and such other terms and conditions, including covenants with respect to non-competition,
non-solicitation or otherwise, as the Committee shall determine and which are not inconsistent with the terms and conditions of the Plan. 
 7.3 Terms, Conditions and Restrictions. 
 (a) The Committee shall impose
such other terms, conditions and/or restrictions on any Shares of Restricted Stock as it may deem advisable, including, without limitation, restrictions based on the achievement of specific performance goals (which may be based on one (1) or
more of the Performance Criteria), time-based restrictions or holding requirements or sale restrictions placed on the Shares by the Company upon vesting of such Restricted Stock. 

(b) Unless otherwise determined by the Committee, the Company shall retain the certificates representing Shares of Restricted Stock in
the Company’s possession until such time as all terms, conditions and/or restrictions applicable to such Shares have been satisfied or lapse. 
 (c) Unless otherwise provided in the related Award Agreement or required by applicable law, the restrictions imposed on Shares of Restricted Stock shall lapse upon the expiration or termination of the
applicable restricted period and the satisfaction of any other applicable terms and conditions. 
 7.4 Rights Associated with
Restricted Stock during Restricted Period. During any restricted period applicable to Shares of Restricted Stock: 
 (a)
Such Shares of Restricted Stock may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated. 
 (b)
Unless otherwise provided in the related Award Agreement, the Participant shall be entitled to all dividends and other distributions paid with respect to such Shares of Restricted Stock during the restricted period; provided, however, that
receipt of any such dividends or other distributions will be subject to the same terms and conditions as the Shares of Restricted Stock with respect to which they are paid. 
 ARTICLE VIII 
 OTHER STOCK-BASED AWARDS 

8.1 Grant of Other Stock-Based Awards. Subject to the terms and conditions of the Plan, Other Stock-Based Awards may be granted to
Participants in such number, and upon such terms and conditions, as shall be determined by the Committee in its sole discretion. Other Stock-Based Awards are Awards that are valued in whole or in part by reference to, or otherwise based on the Fair
Market Value of, the Shares, and shall be in such form as the Committee shall determine, including without limitation, (a) unrestricted Shares or (b) time-based or performance-based stock units that are settled in Shares and/or cash.

 8.2 Award Agreement. Each Other Stock-Based Award shall be evidenced by an Award Agreement that shall specify the
terms and conditions upon which the Other Stock-Based Award shall become vested, if applicable, the time and method of settlement, the form of settlement and such other terms and conditions, including covenants with respect to non-competition,
non-solicitation or otherwise, as the Committee shall determine and which are not inconsistent with the terms and conditions of the Plan. 
 8.3 Form of Settlement. An Other Stock-Based Award may be settled in full Shares, cash or a combination thereof, as specified by the Committee in the related Award Agreement. 

8.4 Dividend Equivalents. Awards of Other Stock-Based Awards may provide the Participant with dividend equivalents, as determined
by the Committee in its sole discretion and set forth in the related Award Agreement. 

  
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 ARTICLE IX 
 PERFORMANCE-BASED AWARDS 
 Subject to the terms and conditions of the Plan,
Performance-Based Awards may be granted to Participants in such amounts and upon such other terms and conditions, including covenants with respect to non-competition, non-solicitation or otherwise, as shall be determined by the Committee in its sole
discretion. Each Performance-Based Award shall be evidenced by an Award Agreement that shall specify the payment amount or payment range, the time and method of settlement and other terms and conditions, as applicable, of such Award including, that
the vesting and/or payment of the Award is subject to the attainment of one (1) or more Performance Criteria during a performance period established by the Committee. 
 ARTICLE X 
 TERMINATION OF EMPLOYMENT OR SERVICE 

10.1 Death; Disability; Retirement. Unless otherwise determined by the Committee at any time prior to or after such termination,
and included in the related Award Agreement or an amendment thereto, in the event of a Participant’s death, Disability or Retirement: (a) all Options or Stock Appreciation Rights (whether or not exercisable) may be exercised for a period
of one (1) year following the date of death, Disability or Retirement (provided that any Incentive Stock Option exercised more than three (3) months following a Participant’s Retirement shall be treated as a Nonqualified Stock
Option), but in no event beyond the original term of the Option or Stock Appreciation Right; and (b) all other unvested Awards shall become fully vested; provided, however, that the vesting of any unvested Award whose vesting is contingent upon
the satisfaction or attainment of Performance Criteria shall be determined by the Committee, in its sole discretion. 
 10.2
Other Termination. Unless otherwise determined by the Committee at any time prior to or after such termination, and included in the related Award Agreement or an amendment thereto, in the event of a Participant’s termination for any
reason, other than due to death, Disability, Retirement or for Cause: (a) all exercisable Options or Stock Appreciation Rights may be exercised for a period of three (3) months following the date of termination, but in no event beyond the
original term of the Option or Stock Appreciation Right; and (b) all unexercisable Options or Stock Appreciation Rights and all other unvested Awards shall be forfeited as of the date of termination. 

10.3 Termination for Cause. In the event of a Participant’s termination for Cause, all Awards, whether or not vested or
exercisable, shall be forfeited as of the date of termination. 
 ARTICLE XI 

CHANGE IN CONTROL 
 11.1 Vesting of Awards. Except as otherwise provided in the related Award Agreement, if a Participant is terminated, other than for Cause, within two (2) years following a Change in
Control: (a) all unexercisable Options and Stock Appreciation Rights shall become exercisable; and (b) all other unvested Awards shall become fully vested and, with respect to any unvested Award whose vesting was based on the satisfaction
or attainment of one (1) or more Performance Criteria, as though the performance criteria were satisfied or attained, including at the “target” level of performance, if performance was required to be satisfied or attained a specified
level of performance. 
 11.2 Rights in Event of Change in Control. Except as otherwise provided in the related Award
Agreement, in the event of a Change in Control, the Committee, in its sole discretion, may take such actions, if any, as it deems necessary or desirable with respect to any Award that is outstanding as of the date of the consummation of the Change
in Control. Such actions may include, without limitation: (a) the acceleration of the vesting, settlement and/or exercisability of an Award; (b) the payment of a cash amount in exchange for the cancellation of an Award, which shall be
based on the value of the consideration to be paid in the Change in Control to holders of the same number of Shares as the number of Shares underlying the Award being cancelled (or, if no consideration is paid in the Change in Control, the Fair
Market Value of the Shares underlying the Award being canceled); and/or (c) the issuance of substitute Awards that substantially preserve the value, rights and benefits of any affected Awards. Any action relating to an Award that is subject to
Section 409A of the Code shall be consistent with the requirements thereof. 

  
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 ARTICLE XII 
 AMENDMENT OR TERMINATION OF THE PLAN 
 12.1 In General. The Board or
the Committee may amend or terminate the Plan at any time; provided, however, that no amendment or termination shall be made without the approval of the Company’s stockholders to the extent that (a) the amendment materially increases the
benefits accruing to Participants under the Plan, (b) the amendment increases the aggregate number of Shares authorized for grant under the Plan (excluding an increase in the number of Shares that may be issued under the Plan as a result of
Section 2.3), (c) the amendment materially modifies the requirements as to eligibility for participation in the Plan, or (d) such approval is required by any law, regulation or stock exchange rule. 

12.2 Repricing. Except for adjustments made pursuant to Section 2.3 of the Plan, in no event may the Board or the Committee
amend the terms of an outstanding Award to reduce the exercise price of an outstanding Option or Stock Appreciation Right or cancel an outstanding Option or Stock Appreciation Right in exchange for cash, other Awards or Options or Stock Appreciation
Rights with an exercise price that is less than the exercise price of the original Option or Stock Appreciation Right without stockholder approval. 
 ARTICLE XIII 
 TRANSFERABILITY 

13.1 Except as described in Section 13.2 or as provided in a related Award Agreement, an Award may not be sold, transferred,
pledged, assigned or otherwise alienated or hypothecated, except by will or the laws of descent and distribution and, during a Participant’s lifetime, may be exercised only by the Participant or the Participant’s guardian or legal
representative. Notwithstanding any provision contained in this Article XIII, no Award may be transferred by a Participant for value or consideration. 
 13.2 Unless otherwise specifically designated by the Participant in writing, a Participant’s beneficiary under the Plan shall be the Participant’s spouse or, if no spouse survives the
Participant, the Participant’s estate. 
 ARTICLE XIV 

MISCELLANEOUS 
 14.1 No Right to Continued Service or to Awards. The granting of an Award under the Plan shall impose no obligation on the Company or any Affiliate to continue the employment or services of a
Participant or interfere with or limit the right of the Company or any Affiliate to terminate the services of any Employee or Director at any time. In addition, no Employee or Director shall have any right to be granted any Award, and there is no
obligation for uniformity of treatment of Participants. The terms and conditions of Awards and the Committee’s interpretations and determinations with respect thereto need not be the same with respect to each Participant. 

14.2 Tax Withholding. 
 (a) The Company or an Affiliate, as applicable, shall have the power and the right to deduct, withhold or collect any amount required by law or regulation to be withheld with respect to any taxable event
arising with respect to an Award granted under the Plan. This amount may, as determined by the Committee in its sole discretion, be (i) withheld from other amounts due to the Participant, (ii) withheld from the value of any Award being
settled or any Shares being transferred in connection with the exercise or settlement of an Award, (iii) withheld from the vested portion of any Award (including the Shares transferable thereunder), whether or not being exercised or settled at
the time the taxable event arises, or (iv) collected directly from the Participant. 
 (b) Subject to the approval of the
Committee, a Participant may elect to satisfy the withholding requirement, in whole or in part, by having the Company or an Affiliate, as applicable, withhold Shares having a Fair Market Value on the date the tax is to be determined equal to the
minimum statutory total tax that could be imposed on the transaction; provided that such Shares would otherwise be distributable to the Participant at the time of the withholding and if such Shares are not otherwise distributable at the time of the
withholding, provided that the Participant has a vested right to distribution of such Shares at such time. All such elections shall be irrevocable and made in writing and shall be subject to any terms and conditions that the Committee, in its sole
discretion, deems appropriate. 

  
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 14.3 Requirements of Law. The grant of Awards and the issuance of Shares shall be
subject to all applicable laws, rules and regulations (including applicable federal and state securities laws) and to all required approvals of any governmental agencies or national securities exchange, market or other quotation system. Without
limiting the foregoing, the Company shall have no obligation to issue Shares under the Plan prior to (a) receipt of any approvals from any governmental agencies or national securities exchange, market or quotation system that the Committee
deems necessary and (b) completion of registration or other qualification of the Shares under any applicable federal or state law or ruling of any governmental agency that the Committee deems necessary. 

14.4 Legends. Certificates for Shares delivered under the Plan may be subject to such stock transfer orders and other restrictions
that the Committee deems advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange or other recognized market or quotation system upon which the Shares are then listed or traded, or
any other applicable federal or state securities law. The Committee may cause a legend or legends to be placed on any certificates issued under the Plan to make appropriate reference to restrictions within the scope of this Section 14.4.

 14.5 Uncertificated Shares. To the extent that the Plan provides for the issuance of certificates to reflect the
transfer of Shares, the transfer of Shares may be effected on a noncertificated basis, to the extent not prohibited by applicable law or the applicable rules of any stock exchange. 

14.6 Governing Law. The Plan and all Award Agreements shall be governed by and construed in accordance with the laws of (other
than laws governing conflicts of laws) the State of Ohio, except to the extent that the laws of the state in which the Company is incorporated are mandatorily applicable. 
 14.7 No Impact on Benefits. Awards are not compensation for purposes of calculating a Participant’s rights under any employee benefit plan that does not specifically require the inclusion of
Awards in calculating benefits. 
 14.8 Rights as a Shareholder. Except as otherwise provided in the Plan or in a related
Award Agreement, a Participant shall have none of the rights of a shareholder with respect to Shares covered by an Award unless and until the Participant becomes the record holder of such Shares. 

14.9 Successors and Assigns. The Plan shall be binding on all successors and assigns of the Company and each Participant,
including without limitation, the estate of such Participant and the executor, administrator or trustee of such estate, or any receiver or trustee in bankruptcy or representative of the Participant’s creditors. 

14.10 Section 409A of the Code. 
 (a) Awards granted pursuant to the Plan that are subject to Section 409A of the Code, or that are subject to Section 409A but for which an exception from Section 409A of the Code
applies, are intended to comply with or be exempt from Section 409A of the Code and the Treasury Regulations promulgated thereunder, and the Plan shall be interpreted, administered and operated accordingly. 

(b) If a Participant is determined to be a “specified employee” (within the meaning of
Section 409A of the Code and as determined under the Company’s policy for determining specified employees), the Participant shall not be entitled to payment or to distribution of any portion of an Award that is subject to Section 409A
of the Code (and for which no exception applies) and is payable or distributable on account of the Participant’s “separation from service” (within the meaning of Section 409A of the Code) until the expiration of six
(6) months from the date of such separation from service (or, if earlier, the Participant’s death). Such Award, or portion thereof, shall be paid or distributed on the first (1st) business day of the seventh (7th) month following such separation from service. 

(c) Nothing in the Plan shall be construed as an entitlement to or guarantee of any particular tax treatment to a Participant, and none
of the Company, its Affiliates, the Board or the Committee shall have any liability with respect to any failure to comply with the requirements of Section 409A of the Code. 

14.11 Savings Clause. In the event that any provision of the Plan shall be held illegal or invalid for any reason, the illegality
or invalidity shall not affect the remaining provisions of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 

  
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 ARTICLE XV 
 EFFECTIVE DATE AND TERM OF THE PLAN 
 The effective date of the Plan is the
date on which it is approved by the shareholders of the Company. No Incentive Stock Options shall be granted under the Plan after the tenth anniversary of the date on which the Plan was approved by the Board, if earlier than the effective date, and
no other Awards shall be granted under the Plan after the tenth anniversary of the effective date of the Plan or, if earlier, the date the Plan is terminated. Notwithstanding the foregoing, the termination of the Plan shall not preclude the Company
from complying with the terms of Awards outstanding on the date the Plan terminates. 

  
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