Document:

Exhibit
10.1

 

February 24,
2017

 

Mr. John Enlow

5 Noyant Court

Little Rock,
AR 72223

 

Offer
Letter

 

Dear John:

 

On behalf
of Deltic Timber Corporation (the “Company”), I am pleased to extend an offer of employment to you for the
position of Chief Executive Officer, reporting to the Board of Directors of the Company (the “Board”). The
terms of our offer are set forth in this offer letter (this “Offer Letter”). Terms not defined in the body
of this Offer Letter will have the meaning set forth in Appendix A to the Offer Letter.

 

1.       Employment
Term. Your employment will be on an “at-will” basis, pursuant to the terms and conditions of this Offer Letter.
Your employment with the Company will begin on March 8, 2017 (the “Effective Date”) and will continue until
such time as it is terminated.

 

2.       Title
and Nature of Duties.  You will be employed as Chief Executive Officer of the Company, reporting to the Board. You will have
such duties and obligations as are customary for such position and will perform such other duties as may be assigned from time
to time by the Board.

 

3.       Compensation
and Benefits.

 

a.       Base
Salary. You will be paid an annual base salary of $500,000, payable in accordance with the Company’s normal payroll
procedures and subject to annual Board review for any increases as determined by the Board.

 

    

    

    

 

b.       Annual
Cash Incentive. You will be eligible to participate in the Company’s annual cash incentive plan (the “Annual
Cash Incentive Plan”), with a target annual bonus of 85% of annual base salary. Should you accept this offer of employment,
you will be credited with a full year of participation under the Annual Cash Incentive Plan for 2017.

 

c.       Long
Term Incentive. You will be eligible to receive the following awards under the Company’s long term incentive plan upon
commencement of employment, subject to annual Board review for any increases as determined by the Board:

 

		·	Stock
                                         Options: $162,500, which shall vest ratably in equal annual installments over
                                         four years from the date of grant and bear a 10-year term, subject to your continued
                                         employment (except as provided in paragraph 4 below).

 

		·	Time-Based
                                         Restricted Stock: $162,500, which shall vest four years following the date of
                                         grant, subject to your continued employment (except as provided in paragraph 4 below).

 

		·	Performance-Based
                                         Restricted Stock: $325,000, which shall vest four years following the date of
                                         grant, subject to your continued employment (except as provided in paragraph 4 below),
                                         and be eligible for payment at between 0% and 200%, based upon the satisfaction of pre-determined
                                         performance criteria.

 

Each of
the above awards will be subject to terms of a written award agreement in a form approved by the Board.

 

d.       Benefits.
You will be entitled to participate in all employee benefit plans and programs which are generally made available to other
Company employees, subject to the terms of each plan. You will also be entitled to participate in the Company’s executive
life insurance plan, subject to the terms of the plan.

 

e.       Retirement
Plans. You will be eligible to participate in the Company’s qualified defined contribution savings plan (the “Thrift
Plan”). The Company currently makes contributions of 4% of base salary to the Thrift Plan, vesting over three years,
plus a matching contribution up to 5% of base salary which is fully vested when made. You will also be eligible to participate
in the Company’s elective deferral supplemental retirement plan (the “SERP”), under which you may defer
up to 50% of your base salary.

 

f.       Vacation.
You will be entitled to four weeks of paid time off, along with standard paid holidays in accordance with the Company’s
vacation policies and procedures.

 

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4.       Sign-On
Bonus: You will receive a cash sign-on bonus of $75,000, payable within 10 days of the start of your employment with the Company.
Should you leave the Company voluntarily prior to the completion of one year of service, you will repay the Company a pro rata
portion of the sign-on bonus based on the time between termination and one-year of service.

 

5.       Termination
Benefits. You will be eligible to receive the following payments and benefits should you or the Board terminate your employment
as provided below:

 

a.       Termination
For Cause or Without Good Reason. If the Board terminates your employment for cause, or if you terminate your employment without
good reason, you will be entitled to receive any accrued but unpaid installments of base salary through the date of termination
and any benefits to which you are entitled under the Company’s broad-based benefit plans, and the Company will have no other
obligations to you from and after the date of termination.

 

b.       Termination
Without Cause or For Good Reason Not in Connection with a Change in Control. If the Board terminates your employment without
Cause, or if you terminate your employment for Good Reason, you will be entitled to receive the following payments and benefits:

 

		·	A
                                         payment of one times current base salary plus target bonus.

 

		·	Accrued
                                         but unpaid installments of base salary.

 

		·	Pro-rated
                                         vesting of stock options and time-based restricted stock, based on the portion of the
                                         vesting period for which service has been completed.

 

		·	Pro-rated
                                         vesting of performance-based restricted stock based on actual performance through the
                                         date of termination and the portion of the performance period for which service has been
                                         completed.

 

		·	Company-paid
                                         continuation of medical benefits for one year following the date of termination.

 

c.       Termination
Without Cause or For Good Reason Following a Change in Control. If the Board terminates your employment without Cause, or
if you terminate your employment for Good Reason within the two year period following a Change in Control, you will be entitled
to receive the following payments and benefits:

 

		·	A
                                         severance payment of two times the sum of your base salary plus your target bonus paid
                                         in a lump sum upon your termination.

 

		·	A
                                         pro-rated bonus for the year of termination based on your target annual bonus for such
                                         year and paid upon your termination.

 

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		·	Accrued
                                         but unpaid installments of base salary.

 

		·	Full
                                         accelerated vesting of any unvested portion of the stock options and time-based restricted
                                         stock. Full accelerated vesting of any unvested portion of the performance-based restricted
                                         stock based on actual performance through the date of Change in Control.

 

		·	If
                                         the CIC occurs within one year of the Start Date, company-paid continuation of medical
                                         benefits for two years following the date of termination.

 

		·	Company-paid
                                         continuation of medical benefits for two years following the date of termination.

 

		·	Outplacement
                                         services for up to a two year period following termination with a maximum cost of $20,000.

 

Your entitlement
to the termination payments and benefits under this paragraph 4 is contingent upon your execution and non-revocation of a customary
release of claims against Company, its affiliates and their respective officers and board members which shall be provided to you
by the Company within three days of your termination of employment.

 

6.       Stock
Ownership Guidelines. As Chief Executive Officer of the Company, you will be expected to acquire ownership of five times your
base salary in shares of Deltic stock within five years of the Effective Date. Shares that count toward the ownership guidelines
are: those acquired through independent purchase; shares acquired and held in Deltic’s Thrift Plan and SERP; those acquired
through Deltic’s long term incentive plan, including unvested time-based restricted stock. Progress towards the ownership
guidelines will be assessed annually by the Executive Compensation Committee.

 

The payments
and benefits under this Offer Letter are subject to the added provisions set forth in Appendix A to this Offer Letter.

 

We hope that
you find the prospect of working for the Company to be an exciting opportunity, as we do. You may accept this offer of employment
by signing and dating the enclosed duplicate original of this letter and returning it to us c/o R. Madison Murphy, Deltic Timber
Corporation, 210 East Elm Street, El Dorado, AR 71730. We look forward to having you join us.

 

    4

    

    

 

	 	Very truly yours,
	 	 
	 	 
	 	By: 	/s/ R.
Madison Murphy
	 	 	R.
Madison Murphy
Compensation
Committee Chair

  

 

I have read and accepted
this offer of employment.

	/s/  John Enlow	 
	John Enlow	 
	2/24/17	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Appendix
A to John Enlow Offer Letter

 

“Cause”
means (i) your willful and continued failure substantially to perform your duties hereunder (other than as a result of total or
partial incapacity due to physical or mental illness), (ii) dishonesty in the performance of your duties hereunder, (iii) an act
or acts on your part constituting a felony under the laws of the United States or any state thereof or (iv) any other act or omission
by you in relation to your services with the Company which involves gross negligence or bad faith and is materially injurious
to the financial condition or business reputation of the Company or any of its affiliates or (v) the material violation of any
Company policy by you, or the commission by you of an act involving moral turpitude, in each case, that adversely and substantially
affects the reputation or business of the Company or any affiliate.

 

“Change
in Control” shall have the meaning given to the term “Change in Control”, “Change of Control”
or such similar term set forth in the Company’s principal stock incentive plan.

 

“Good
Reason” means: (i) a material diminution in your title, role, authority or responsibilities (including your reporting
responsibility) from the position described in paragraph 2 of the Offer Letter, (ii) a reduction in your base salary or target
annual bonus or a failure by the Company to pay any agreed amounts vested and due to you under your terms of employment or (iii)
the movement of your principal office more than 50 miles from its original location or any subsequent location otherwise agreed
by you. Good Reason shall not be deemed to exist solely as a result of (A) the Company’s appointment of an interim Chief
Executive Officer, with all related authorities and duties, to fill your role and exercise such authorities and duties during
the period of any absence by you from your role, other than vacation and (B) the Board placing you on garden leave for a period
not longer than 30 days, without any change to your compensation and benefit entitlements, to the extent that the Board deems
such leave necessary in good faith to enable the Company to investigate and assess any facts or circumstances that might constitute
grounds for the termination of your employment for Cause. Notwithstanding the foregoing, no event of “Good Reason”
shall be deemed to have occurred unless you provide written notice, within ninety (90) days of the initial occurrence of such
event, to the Board specifying in reasonable detail the facts or circumstances that you believe constitute Good Reason, such facts
or circumstances are not corrected or otherwise cured by the Company within thirty (30) days after the Board’s receipt of
such notice, and you actually terminate your employment within sixty (60) days after the end of the foregoing 30-day period.

 

Internal Revenue Code Section
409A Provisions Applicable to the

Payments and Benefits Provided Under the Offer Letter

 

To the fullest
extent possible, amounts and other benefits payable under the Offer Letter are intended to be exempt from the definition of “nonqualified
deferred compensation” under Internal Revenue Code Section 409A (“Section 409A”) in accordance with one or more
exemptions available under Section 409A. To the extent that any such amount or benefit is or becomes subject to Section 409A,
this Offer Letter

 

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is
intended to comply with the applicable requirements of Section 409A with respect to those amounts or benefits so as to avoid the
imposition of taxes and penalties. This Offer Letter will be interpreted and administered to the extent possible in a manner consistent
with the foregoing statement of intent. If any payment or benefit to be provided under the Offer Letter constitute “nonqualified
deferred compensation” under Section 409A at a time when you are a “specified employees” within the meaning
of Section 409A, notwithstanding any other provision of the Offer Letter, such payment or benefit shall be delayed until the first
day of the seventh month following our separation from service and any such delayed payment shall at that time be paid in a lump
sum (or, in the case of a non-cash benefit, shall be provided in a manner that is consistent with Section 409A). For purposes
of Section 409A each installment of any payment or benefit due under the Offer Letter shall be regarded as a separate payment.
In no event whatsoever will the Company or any of its affiliates be liable for any additional tax, interest or penalties that
may be imposed on you by Section 409A or any damages for failing to comply with Section 409A.

 

    7EX-4.36

 Exhibit 4.36 

SPECTRA ENERGY CORP 

2007 LONG-TERM INCENTIVE PLAN 

(as amended and restated) 
 1. PURPOSE
OF THE PLAN 
 The purpose of the amended and restated Spectra Energy Corp 2007 Long-Term Incentive Plan is to promote the interests of the Corporation
and its shareholders by strengthening the Corporation’s ability to attract, motivate and retain key employees and directors of the Corporation upon whose judgment, initiative and efforts the financial success and growth of the business of the
Corporation largely depend, and to provide an additional incentive for key employees and directors through stock ownership and other rights that promote and recognize the financial success and growth of the Corporation. The Plan was initially
adopted and became effective immediately before the consummation of the separation transaction pursuant to which the Corporation became a separate publicly-held corporation for the first time, and was subsequently amended effective January 1, 2008,
December 31, 2008, January 1, 2009, April 19, 2011 and June 20, 2014. 
 2. DEFINITIONS 

Wherever the following capitalized terms are used in this Plan they shall have the meanings specified below: 

(a) “Award” means an award of an Option, Restricted Stock, Stock Appreciation Right, Performance Award, Phantom Stock, Stock Bonus,
Other Stock-Based Award, or Dividend Equivalent granted under the Plan. 
 (b) “Award Agreement” means an agreement entered into
between the Corporation and a Participant setting forth the terms and conditions of an Award granted to a Participant. 
 (c)
“Board” means the Board of Directors of the Corporation. 
 (d) “Change in Control” shall have the meaning specified in
Section 13 hereof. 
 (e) “Code” means the Internal Revenue Code of 1986, as amended. 

(f) “Committee” means the Compensation Committee of the Board, or such other committee or subcommittee of the Board or group of
individuals appointed by the Board to administer the Plan from time to time. 
 (g) “Common Stock” means the common stock of the
Corporation, or any security into which such Common Stock may be changed by reason of any transaction or event of the type described in Section 3.2. 

(h) “Corporation” means Spectra Energy Corp, a Delaware corporation. 

(i) “Deferred Compensation Plan” means any plan, agreement or arrangement maintained by the Corporation or a Subsidiary of the
Corporation from time to time that provides opportunities for deferral of compensation. 
 (j) “Date of Grant” means the date on
which an Award under the Plan is made by the Committee (which date shall not be earlier than the date on which the Committee takes action with respect thereto), or such later date as the Committee may specify that the Award becomes effective. 

(k) “Dividend Equivalent” means an Award under Section 12 hereof entitling the Participant to receive payments with respect to
dividends declared on the Common Stock. 
 (l) “Effective Date” means the Effective Date of this amended and restated Plan, as
defined in Section 16.1 hereof. 
 (m) “Eligible Person” means any person who is an Employee, an Independent Contractor or an
Independent Director. 

 (n) “Employee” means any person who is a key employee of the Corporation or any
Subsidiary or who has agreed to serve in such capacity within 90 days after the Date of Grant; provided, however, that with respect to Incentive Stock Options, “Employee” means any person who is considered an employee of the Corporation or
any Subsidiary for purposes of Treasury Regulation Section 1.421-1(h). 
 (o) “Exchange Act” means the Securities Exchange Act of
1934, as amended. 
 (p) “Fair Market Value” of a share of Common Stock as of a given date means the closing sales price of the
Common Stock on the New York Stock Exchange as reflected on the composite index on the date as of which Fair Market Value is to be determined or, in the absence of any reported sales of Common Stock on such date, on the first preceding date on which
any such sale shall have been reported. If Common Stock is not listed on the New York Stock Exchange on the date as of which Fair Market Value is to be determined, the Committee shall determine in good faith the Fair Market Value in whatever manner
it considers appropriate (but in any event such amount shall not be less than fair market value within the meaning of section 409A of the Code, if applicable). 

(q) “Incentive Stock Option” means an option to purchase Common Stock that is intended to qualify as an incentive stock option under
section 422 of the Code and the Treasury Regulations thereunder. 
 (r) “Independent Contractor” means a person who provides
services to the Corporation or any Subsidiary, other than as an Employee or Independent Director. 
 (s) “Independent Director”
means a member of the Board who is not an employee of the Corporation or any Subsidiary. 
 (t) “Nonqualified Stock Option” means
an option to purchase Common Stock that is not an Incentive Stock Option. 
 (u) “Option” means an Incentive Stock Option or a
Nonqualified Stock Option granted under Section 6 hereof. 
 (v) “Other Stock-Based Award” means an Award granted to a Participant
under Section 11. 
 (w) “Participant” means any Eligible Person who holds an outstanding Award under the Plan. 

(x) “Performance Award” means an Award made under Section 9 hereof entitling a Participant to a payment based on the Fair Market
Value of Common Stock (a “Performance Share”) or based on specified dollar units (a “Performance Unit”) at the end of a performance period if certain conditions established by the Committee are satisfied. 

(y) “Phantom Stock” means an Award under Section 10 hereof entitling a Participant to a payment at the end of a vesting period of a
unit value based on the Fair Market Value of a share of Common Stock. 
 (z) “Plan” means this 2007 Long-Term Incentive Plan as
amended and restated and set forth herein, and as it may be further amended from time to time. 
 (aa) “Restricted Stock” means an
Award under Section 8 hereof entitling a Participant to shares of Common Stock that are nontransferable and subject to forfeiture until specific conditions established by the Committee are satisfied. 

(bb) “Section 162(m)” means section 162(m) of the Code and the Treasury Regulations thereunder. 

(cc) “Section 162(m) Participant” means (1) except as otherwise determined by the Committee, each Participant who is an
“officer” within the meaning of Rule 16a-1(f) of the Exchange Act, and (2) any Participant who, in the sole judgment of the Committee, could be treated as a “covered employee” under Section 162(m) at the time income may be
recognized by such Participant in connection with an Award that is intended to qualify for exemption under Section 162(m). 
 (dd)
“Separation From Service” means a Participants’ separation from service within the meaning of section 409A of the Code. 

 (ee) “Specified Employee” means a Participant who is a “specified employee”
(as defined in Code Section 409A(2)(B)(i)) of the Corporation (or an entity which is considered to be a single employer with the Corporation under Code Section 414(b) or 414(c)), as determined under Code Section 409A at any time during the twelve
(12) month period ending on December 31, but only if the Corporation has any stock that is publicly traded on an established securities market or otherwise. Notwithstanding the foregoing, a Participant will be deemed to be a Specified Employee for
the period of April 1 through March 31 following such December 31, except as otherwise required under Code Section 409A. 
 (ff) “Stock
Appreciation Right” or “SAR” means an Award under Section 7 hereof entitling a Participant to receive an amount, representing the difference between the base price per share of the right and the Fair Market Value of a share of Common
Stock on the date of exercise. 
 (gg) “Stock Bonus” means an Award under Section 11 hereof entitling a Participant to receive an
unrestricted share of Common Stock. 
 (hh) “Subsidiary” means an entity that is wholly owned, directly or indirectly, by the
Corporation, or any other affiliate of the Corporation that is so designated, from time to time, by the Committee, provided, however, that with respect to Incentive Stock Options, the term “Subsidiary” shall not include any entity that
does not qualify within the meaning of section 424(f) of the Code as a “subsidiary corporation” with respect to the Corporation. 
 3. SHARES
OF COMMON STOCK SUBJECT TO THE PLAN 
 3.1. Number of Shares. Subject to the following provisions of this Section 3, the aggregate number of
shares of Common Stock that may be issued pursuant to all Awards under the Plan is 52,500,000 shares of Common Stock. Shares of Common Stock that are issued in connection with Awards granted on and after April 19, 2011 will be counted against the
52,500,000 share limit described above as one share of Common Stock for every one share of Common Stock that is issued in connection with all Awards. No more than 20,000,000 shares of Common Stock may be issued pursuant to Incentive Stock Options.
The shares of Common Stock to be delivered under the Plan will be made available from authorized but unissued shares of Common Stock or treasury stock. 

Shares covered by an Award shall only be counted as used to the extent they are actually issued. Any Shares related to Awards that terminate by expiration,
forfeiture, cancellation or otherwise without the issuance of such Shares, are settled in cash in lieu of Shares, or are exchanged with the Committee’s permission, prior to the issuance of Shares, for Awards not involving Shares, shall be
available again for grant under the Plan. With respect to Awards that are settled on or after April 19, 2011, including without limitation Awards that were granted prior to and remained outstanding as of such date, if the exercise price of an Option
or the tax withholding requirements with respect to any Award granted under the Plan are satisfied through the withholding by the Corporation of Shares otherwise then deliverable in respect of such Award or actual or constructive transfer to the
Corporation of Shares already owned, a number of Shares equal to such withheld or transferred Shares will again be available for issuance or transfer under the Plan, or if an SAR is exercised, only the number of Shares issued, net of the Shares
tendered, if any, will be deemed delivered for purposes of determining the maximum number of Shares available for delivery under the Plan. 
 To the extent
permitted by applicable law or any exchange rule, Shares issued in assumption of, or in substitution for, any outstanding awards of any entity acquired in any form of combination by the Corporation or any affiliate shall not be counted against
Shares available for grant pursuant to the Plan. 
 3.2. Adjustments. If there shall occur any merger, consolidation, liquidation, issuance of rights
or warrants to purchase securities, recapitalization, reclassification, stock dividend, spin-off, split-off, stock split, reverse stock split or other distribution with respect to the shares of Common Stock, or any similar corporate transaction or
event in respect of the Common Stock, then the Committee shall, in the manner and to the extent that it deems appropriate and equitable to the Participants and consistent with the terms of this Plan, cause a proportionate adjustment to be made in
(i) the maximum numbers and kind of shares provided in Section 3.1 hereof, (ii) the maximum numbers and kind of shares set forth in Sections 6.1, 7.1, 8.2 and 9.4 hereof, (iii) the number and kind of shares of Common Stock, share units, or

 
other rights subject to the then-outstanding Awards, (iv) the price for each share or unit or other right subject to then outstanding Awards without change in the aggregate purchase price or
value as to which such Awards remain exercisable or subject to restrictions, (v) the performance targets or goals appropriate to any outstanding Performance Awards (subject to such limitations as appropriate for Awards intended to qualify for
exemption under Section 162(m)) or (vi) any other terms of an Award that are affected by the event. Moreover, in the event of any such transaction or event, the Committee, in its discretion, may provide in substitution for any or all outstanding
awards under the Plan such alternative consideration (including cash) as it, in good faith, may determine to be equitable under the circumstances and may require in connection therewith the surrender of all awards so replaced. Notwithstanding the
foregoing, any such adjustments shall be made in a manner consistent with the requirements of section 409A of the Code. 
 4. ADMINISTRATION OF THE PLAN

 4.1. Committee Members. Except as provided in Section 4.4 hereof, the Plan will be administered by the Committee, which unless otherwise
determined by the Board will consist solely of two or more persons who satisfy the requirements for a “nonemployee director” under Rule 16b-3 promulgated under the Exchange Act and/or the requirements for an “outside director”
under Section 162(m). The Committee may exercise such powers and authority as may be necessary or appropriate for the Committee to carry out its functions as described in the Plan. No member of the Committee will be liable for any action, omission
or determination made by the Committee with respect to the Plan or any Award under it, and the Corporation shall indemnify and hold harmless each member of the Committee and each other director or employee of the Corporation or a Subsidiary to whom
any duty or power relating to the administration or interpretation of the Plan has been delegated, against any cost or expense (including counsel fees) or liability (including any sum paid in settlement of a claim with the approval of the Committee)
arising out of any action, omission or determination relating to the Plan or any Award under it unless, in either case, such action, omission or determination was taken or made by such member, director or employee in bad faith and without reasonable
belief that it was in the best interests of the Corporation. 
 4.2. Discretionary Authority. Subject to the express limitations of the Plan, the
Committee has authority in its discretion to determine the Eligible Persons to whom, and the time or times at which, Awards may be granted, the number of shares, units or other rights subject to each Award, the exercise, base or purchase price of an
Award (if any), the time or times at which an Award will become vested, exercisable or payable, the performance criteria, performance goals and other conditions of an Award, and the duration of the Award. The Committee also has discretionary
authority to interpret the Plan, to make all factual determinations under the Plan, and to determine the terms and provisions of the respective Award Agreements and to make all other determinations necessary or advisable for Plan administration. The
Committee has authority to prescribe, amend, and rescind rules and regulations relating to the Plan. All interpretations, determinations, and actions by the Committee will be final, conclusive, and binding upon all parties. 

4.3. Changes to Awards. The Committee shall have the authority to effect, at any time and from time to time, with the consent of the affected
Participants, (i) the cancellation of any or all outstanding Awards and the grant in substitution therefor of new Awards covering the same or different numbers of shares of Common Stock and having an exercise or base price which may be the same as
or different than the exercise or base price of the canceled Awards or (ii) the amendment of the terms of any and all outstanding Awards; provided, however, that the Committee shall not have the authority to reduce the exercise or base price of an
Award by amendment or cancellation and substitution of an existing Award or to make a cash payment with respect to an outstanding Option or SAR that has an exercise or base price higher than the then Fair Market Value of a share of Common Stock
without the approval of the Corporation’s shareholders. The Committee may in its discretion accelerate the vesting or exercisability of an Award at any time or on the basis of any specified event. 

4.4. Delegation of Authority. The Committee shall have the right, from time to time, to delegate to one or more officers or directors of the
Corporation the authority of the Committee to grant and determine the terms and conditions of Awards under the Plan, subject to such limitations as the Committee shall determine; provided, however, that no such authority may be delegated with
respect to Awards made to any member of the Board or any Section 162(m) Participant or to the extent the exercise of any such authority would be inconsistent with the applicable provisions of the Delaware General Corporation Law. 

 4.5. Awards to Independent Directors. An Award to an Independent Director under the Plan shall be approved
by the Board. With respect to Awards to Independent Directors, all rights, powers and authorities vested in the Committee under the Plan shall instead be exercised by the Board, and all provisions of the Plan relating to the Committee shall be
interpreted in a manner consistent with the foregoing by treating any such reference as a reference to the Board for such purpose. 
 5. ELIGIBILITY AND
AWARDS 
 All Eligible Persons are eligible to be designated by the Committee to receive an Award under the Plan. The Committee has authority, in its
sole discretion, to determine and designate from time to time those Eligible Persons who are to be granted Awards, the types of Awards to be granted and the number of shares or units subject to the Awards that are granted under the Plan. Each Award
will be evidenced by an Award Agreement as described in Section 14 hereof between the Corporation and the Participant that shall include the terms and conditions consistent with the Plan as the Committee may determine. 

6. STOCK OPTIONS 
 6.1. Grant of Option. An Option
may be granted to any Eligible Person selected by the Committee; provided, however, that only Employees shall be eligible for Awards of Incentive Stock Options. Each Option shall be designated, at the discretion of the Committee, as an Incentive
Stock Option or a Nonqualified Stock Option. The maximum number of shares of Common Stock that may be granted under Options to any one Participant during any one calendar year shall be limited to 3,750,000 shares (subject to adjustment as provided
in Section 3.2 hereof). 
 6.2. Exercise Price. The exercise price of the Option shall be determined by the Committee; provided, however, that the
exercise price per share of an Option shall not be less than 100 percent of the Fair Market Value per share of the Common Stock on the Date of Grant. 

6.3. Vesting; Term of Option. The Committee, in its sole discretion, shall prescribe in the Award Agreement the time or times at which, or the
conditions upon which, an Option or portion thereof shall become vested and exercisable, and may accelerate the exercisability of any Option at any time. An Option may become vested and exercisable upon a Participant’s retirement, death,
disability, Change in Control or other event, to the extent provided in an Award Agreement. The period during which a vested Option may be exercised shall be ten years from the Date of Grant, unless a shorter exercise period is specified by the
Committee in an Award Agreement, and subject to such limitations as may apply under an Award Agreement relating to the termination of a Participant’s employment or other service with the Corporation or any Subsidiary. 

6.4. Option Exercise; Withholding. Subject to such terms and conditions as shall be specified in an Award Agreement, an Option may be exercised in
whole or in part at any time during the term thereof by notice to the Corporation together with payment of the aggregate exercise price therefor. Payment of the exercise price shall be made (i) in cash or by cash equivalent, (ii) at the discretion
of the Committee, in shares of Common Stock acceptable to the Committee, valued at the Fair Market Value of such shares on the date of exercise, (iii) at the discretion of the Committee, by a delivery of a notice that the Participant has placed a
market sell order (or similar instruction) with a broker with respect to shares of Common Stock then issuable upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the
Corporation in satisfaction of the Option exercise price (conditioned upon the payment of such net proceeds), (iv) at the discretion of the Committee, by withholding from delivery shares of Common Stock for which the Option is otherwise exercised,
(v) at the discretion of the Committee, by a combination of the methods described above or (vi) by such other method as may be approved by the Committee and set forth in the Award Agreement. In addition to and at the time of payment of the exercise
price, the Participant shall pay to the Corporation the full amount of any and all applicable income tax and employment tax amounts required to be withheld in connection with such exercise, payable under one or more of the methods described above
for the payment of the exercise price of the Options or as otherwise may be approved by the Committee. 

 6.5. Limited Transferability. Solely to the extent permitted by the Committee in an Award Agreement and
subject to such terms and conditions as the Committee shall specify, a Nonqualified Stock Option (but not an Incentive Stock Option) may be transferred to members of the Participant’s immediate family (as determined by the Committee) or to
trusts, partnerships or corporations whose beneficiaries, members or owners are members of the Participant’s immediate family, and/or to such other persons or entities as may be approved by the Committee in advance and set forth in an Award
Agreement, in each case subject to the condition that the Committee be satisfied that such transfer is being made for estate or tax planning purposes or for gratuitous or donative purposes, without consideration (other than nominal consideration)
being received therefor. Except to the extent permitted by the Committee in accordance with the foregoing, an Option shall be nontransferable otherwise than by will or by the laws of descent and distribution, and shall be exercisable during the
lifetime of a Participant only by such Participant. 
 6.6. Additional Rules for Incentive Stock Options. 

(a) Annual Limits. No Incentive Stock Option shall be granted to a Participant as a result of which the aggregate fair market value
(determined as of the Date of Grant) of the stock with respect to which Incentive Stock Options are exercisable for the first time in any calendar year under the Plan, and any other stock option plans of the Corporation, any Subsidiary or any parent
corporation, would exceed $100,000 (or such other amount provided under section 422(d) of the Code), determined in accordance with section 422(d) of the Code and Treasury Regulations thereunder. This limitation shall be applied by taking options
into account in the order in which granted. 
 (b) Termination of Employment. An Award Agreement for an Incentive Stock Option may
provide that such Option may be exercised not later than 3 months following termination of employment of the Participant with the Corporation and all Subsidiaries, subject to special rules relating to death and disability, as and to the extent
determined by the Committee to be appropriate with regard to the requirements of section 422 of the Code and Treasury Regulations thereunder. 

(c) Other Terms and Conditions; Nontransferability. Any Incentive Stock Option granted hereunder shall contain such additional terms and
conditions, not inconsistent with the terms of this Plan, as are deemed necessary or desirable by the Committee, which terms, together with the terms of this Plan, shall be intended and interpreted to cause such Incentive Stock Option to qualify as
an “incentive stock option” under section 422 of the Code and Treasury Regulations thereunder. Such terms shall include, if applicable, limitations on Incentive Stock Options granted to ten-percent owners of the Corporation. An Award
Agreement for an Incentive Stock Option may provide that such Option shall be treated as a Nonqualified Stock Option to the extent that certain requirements applicable to “incentive stock options” under the Code shall not be satisfied. An
Incentive Stock Option shall by its terms be nontransferable other than by will or by the laws of descent and distribution, and shall be exercisable during the lifetime of a Participant only by such Participant. 

(d) Disqualifying Dispositions. If shares of Common Stock acquired by exercise of an Incentive Stock Option are disposed of within two
years following the Date of Grant or one year following the transfer of such shares to the Participant upon exercise, the Participant shall, promptly following such disposition, notify the Corporation in writing of the date and terms of such
disposition and provide such other information regarding the disposition as the Committee may reasonably require. 
 7. STOCK APPRECIATION RIGHTS

 7.1. Grant of SARs. A Stock Appreciation Right granted to a Participant is an Award in the form of a right to receive, upon surrender of the
right, but without other payment, an amount based on appreciation in the Fair Market Value of the Common Stock over a base price established for the Award, exercisable at such time or times and upon conditions as may be approved by the Committee.
The maximum number of shares of Common Stock that may be subject to SARs granted to any one Participant during any one calendar year shall be limited to 3,750,000 shares (subject to adjustment as provided in Section 3.2 hereof). 

 7.2. Tandem SARs. A Stock Appreciation Right may be granted in connection with an Option, either at the
time of grant or at any time thereafter during the term of the Option. An SAR granted in connection with an Option will entitle the holder, upon exercise, to surrender such Option or any portion thereof to the extent unexercised, with respect to the
number of shares as to which such SAR is exercised, and to receive payment of an amount computed as described in Section 7.4 hereof. Such Option will, to the extent and when surrendered, cease to be exercisable. An SAR granted in connection with an
Option hereunder will have a base price per share equal to the per share exercise price of the Option, will be exercisable at such time or times, and only to the extent, that a related Option is exercisable, and will expire no later than the related
Option expires. 
 7.3. Freestanding SARs. A Stock Appreciation Right may be granted without relationship to an Option and, in such case, will be
exercisable as determined by the Committee, but in no event after 10 years from the Date of Grant. The base price of an SAR granted without relationship to an Option shall be determined by the Committee in its sole discretion; provided, however,
that the base price per share of a freestanding SAR shall not be less than 100 percent of the Fair Market Value of the Common Stock on the Date of Grant. 

7.4. Payment of SARs. An SAR will entitle the holder, upon exercise of the SAR, to receive payment of an amount determined by multiplying: (i) the
excess of the Fair Market Value of a share of Common Stock on the date of exercise of the SAR over the base price of such SAR, by (ii) the number of shares as to which such SAR will have been exercised. Payment of the amount determined under the
previous sentence may be made, in the discretion of the Committee as set forth in the Award Agreement, in a lump sum (i) in cash, (ii) in shares of Common Stock valued at their Fair Market Value on the date of exercise, or (iii) in a combination of
cash and shares of Common Stock, and paid not later than sixty (60) days following the date of exercise of the SAR. 
 8. RESTRICTED STOCK 

8.1. Grants of Restricted Stock. An Award of Restricted Stock to a Participant represents shares of Common Stock that are issued subject to such
restrictions on transfer and other incidents of ownership and such forfeiture conditions as the Committee may determine. The Committee may, in connection with an Award of Restricted Stock, require the payment of a specified purchase price. The
Committee may grant Awards of Restricted Stock that are intended to qualify for exemption under Section 162(m), as well as Awards of Restricted Stock that are not intended to so qualify. 

8.2. Vesting Requirements. The restrictions imposed on an Award of Restricted Stock shall lapse in accordance with the vesting requirements specified
by the Committee in the Award Agreement. Such vesting requirements may be based on the continued employment or service of the Participant with the Corporation or its Subsidiaries for a specified time period or periods, provided that any such
restriction shall not be scheduled to lapse in its entirety earlier than the first anniversary of the Date of Grant. Such vesting requirements may also be based on the attainment of specified business goals or measures established by the Committee
in its sole discretion. In the case of any Award of Restricted Stock that is intended to qualify for exemption under Section 162(m), the vesting requirements shall be limited to the performance criteria identified in Section 9.3 below, and the terms
of the Award shall otherwise comply with the Section 162(m) requirements described in Section 9.4 hereof. The maximum number of shares of Common Stock that may be subject to an Award of Restricted Stock granted to any one Participant during any one
calendar year shall be separately limited to 750,000 shares (subject to adjustment as provided in Section 3.2 hereof). 
 8.3. Restrictions. Shares
of Restricted Stock may not be transferred, assigned or subject to any encumbrance, pledge or charge until all applicable restrictions are removed or expire or unless otherwise allowed by the Committee. The Committee may require the Participant to
enter into an escrow agreement providing that the certificates representing Restricted Stock granted or sold pursuant to the Plan will remain in the physical custody of an escrow holder until all restrictions are removed or expire. Failure to
satisfy any applicable restrictions shall result in the subject shares of Restricted Stock being forfeited and returned to the Corporation, with any purchase price paid by the Participant to be refunded, unless otherwise provided by the Committee.
The Committee may require that certificates representing Restricted Stock granted under the Plan bear a legend making appropriate reference to the restrictions imposed. 

 8.4. Rights as Shareholder. Subject to the foregoing provisions of this Section 8 and the applicable Award
Agreement, the Participant will have all rights of a shareholder with respect to shares of Restricted Stock granted to him, including the right to vote the shares and receive all dividends and other distributions paid or made with respect thereto,
unless the Committee determines otherwise at the time the Restricted Stock is granted, as set forth in the Award Agreement. For the avoidance of doubt, the Committee may provide that any dividends or other distributions to be paid or made with
respect to outstanding, unvested shares of Restricted Stock will be subject to vesting or other restrictions as the Committee may determine from time to time. 

8.5. Section 83(b) Election. The Committee may provide in an Award Agreement that the Award of Restricted Stock is conditioned upon the Participant
refraining from making an election with respect to the Award under section 83(b) of the Code. Irrespective of whether an Award is so conditioned, if a Participant makes an election pursuant to section 83(b) of the Code with respect to an Award of
Restricted Stock, the Participant shall be required to promptly file a copy of such election with the Corporation. 
 9. PERFORMANCE AWARDS 

9.1. Grant of Performance Awards. The Committee may grant Performance Awards under the Plan, which shall be represented by units denominated on the Date
of Grant either in shares of Common Stock (Performance Shares) or in specified dollar amounts (Performance Units). The Committee may grant Performance Awards that are intended to qualify for exemption under Section 162(m), as well as Performance
Awards that are not intended to so qualify. At the time a Performance Award is granted, the Committee shall determine, in its sole discretion, one or more performance periods and performance goals to be achieved during the applicable performance
periods, as well as such other restrictions and conditions as the Committee deems appropriate. In the case of Performance Units, the Committee shall also determine a target unit value or a range of unit values for each Award. No performance period
shall exceed ten years from the Date of Grant. The performance goals applicable to a Performance Award grant may be subject to such later revisions as the Committee shall deem appropriate to reflect significant unforeseen events such as changes in
law, accounting practices or unusual or nonrecurring items or occurrences or to satisfy regulatory requirements. Any such adjustments shall be subject to such limitations as the Committee deems appropriate in the case of a Performance Award granted
to a Section 162(m) Participant that is intended to qualify for exemption under Section 162(m). 
 9.2. Payment of Performance Awards. At the end of
the performance period, the Committee shall determine the extent to which performance goals have been attained or a degree of achievement between minimum and maximum levels in order to establish the level of payment to be made, if any, and shall
determine if payment is to be made in the form of cash or shares of Common Stock (valued at their Fair Market Value at the time of payment) or a combination of cash and shares of Common Stock. Payment of Performance Awards shall be made not later
than sixty (60) days following the end of the performance period, unless the applicable Performance Award provides otherwise. 
 9.3. Performance
Criteria. The performance criteria upon which the payment or vesting of a Performance Award intended to qualify for exemption under Section 162(m) may be based shall be limited to the following business measures, which may be applied with
respect to the Corporation, any Subsidiary or any business unit, or, if applicable, any Participant, and which may be measured on an absolute or relative to a peer-group or other market measure basis: total shareholder return; stock price; stock
price increase; return on equity; return on capital; return on capital employed; earnings per share; debt/equity; interest coverage; coverage ratios; cash coverage ratio; distribution coverage ratio; dividend coverage ratio; EBIT (earnings before
interest and taxes); EBITDA (earnings before interest, taxes, depreciation and amortization); debt to EBITDA; debt to capital; ongoing earnings; cash flow (including distributable cash flow, operating cash flow, free cash flow, discounted cash flow
return on investment, and cash flow in excess of costs of capital); EVA (economic value added); economic profit (net operating profit after tax, less a cost of capital charge); SVA (shareholder value added); revenues; net income; operating income;
pre-tax profit margin; performance against business plan; customer service; corporate governance quotient or rating; market share; employee satisfaction; safety record; employee engagement; supplier diversity; workforce diversity; operating margins;
credit rating; dividend payments or other distributions; expenses; retained earnings; completion of acquisitions, divestitures 

 
and corporate restructurings; operation and maintenance expense; environmental, health, safety and/or operational measures; and individual goals based on objective business criteria underlying
the goals listed above and which pertain to individual effort as to achievement of those goals or to one or more business criteria in the areas of litigation, human resources, information services, production, inventory, support services, site
development, plant development, building development, facility development, government relations, safety, product market share or management. At the time the Committee determines the terms of the performance target(s), the Committee may also specify
any exclusion(s) for charges related to any event(s) or occurrence(s) which the Committee determines should appropriately be excluded, as applicable, for purposes of measuring performance against the applicable performance targets provided that such
excluded items are objectively determinable by reference to the Corporation’s financial statements, notes to the Corporation’s financial statements and/or management’s discussion and analysis of financial condition and results of
operations, appearing in the Corporation’s Annual Report on Form 10-K for the applicable year. If the Committee determines that a change in the business, operations, corporate structure or capital structure of the Corporation, or the manner in
which it conducts its business, or other events or circumstances, render previously established performance targets unsuitable, the Committee may in its discretion modify such performance targets, in whole or in part, as the Committee deems
appropriate and equitable; provided that, unless the Committee determines otherwise, no such action shall be taken if and to the extent it would result in the loss of an otherwise available exemption of the Award under Section 162(m). In the case of
Performance Awards that are not intended to qualify for exemption under Section 162(m), the Committee shall designate performance criteria from among the foregoing or such other business criteria as it shall determine in its sole discretion. 

9.4. Section 162(m) Requirements. In the case of a Performance Award granted to a Section 162(m) Participant that is intended to comply with the
requirements for exemption under Section 162(m), the Committee shall make all determinations necessary to establish a Performance Award within 90 days of the beginning of the performance period (or such other time period required under Section
162(m)), including, without limitation, the designation of the Section 162(m) Participants to whom Performance Awards are made, the performance criteria or criterion applicable to the Award and the performance goals that relate to such criteria, and
the dollar amounts or number of shares of Common Stock payable upon achieving the applicable performance goals. As and to the extent required by Section 162(m), the terms of a Performance Award granted to a Section 162(m) Participant must state, in
terms of an objective formula or standard, the method of computing the amount of compensation payable to the Section 162(m) Participant, and must preclude discretion to increase the amount of compensation payable that would otherwise be due under
the terms of the Award, and, prior to the payment of such compensation, the Committee shall have certified in writing that the applicable performance goal has been satisfied. The maximum amount of compensation that may be payable under Performance
Units granted to any one Participant during any one calendar year shall not exceed $9,000,000. The maximum number of Common Stock units that may be subject to a Performance Share Award granted to any one Participant during any one calendar year
shall be 900,000 share units (subject to adjustment as provided in Section 3.2 hereof). 
 10. PHANTOM STOCK 

10.1. Grant of Phantom Stock. Phantom Stock is an Award to a Participant of a number of hypothetical share units with respect to shares of Common Stock,
with an initial value based on the Fair Market Value of the Common Stock on the Date of Grant. Phantom Stock shall be subject to such restrictions and conditions as the Committee shall determine. On the Date of Grant, the Committee shall determine,
in its sole discretion, the installment or other vesting period of the Phantom Stock and the maximum value of the Phantom Stock, if any. No vesting period shall exceed 10 years from the Date of Grant. 

10.2. Payment of Phantom Stock. Upon the vesting date or dates applicable to Phantom Stock granted to a Participant, an amount equal to the Fair Market
Value of one share of Common Stock upon such vesting dates (subject to any applicable maximum value) shall be paid with respect to such Phantom Stock unit granted to the Participant. Payment may be made, at the discretion of the Committee, in cash
or in shares of Common Stock valued at their Fair Market Value on the applicable vesting dates, or in a combination thereof. Payment of Phantom Stock shall be made not later than sixty (60) days following the vesting date, unless the applicable
Phantom Stock Award provides otherwise. 

 11. STOCK BONUS/OTHER STOCK-BASED AWARDS 

11.1. Grant of Stock Bonus. An Award of a Stock Bonus to a Participant represents a specified number of shares of Common Stock that are issued without
restrictions on transfer or forfeiture conditions. The Committee may, in connection with an Award of a Stock Bonus, require the payment of a specified purchase price. 

11.2. Payment of Stock Bonus. In the event that the Committee grants a Stock Bonus, a certificate for (or book entry representing) the shares of Common
Stock constituting such Stock Bonus shall be issued in the name of the Participant to whom such grant was made as soon as practicable after the date on which such Stock Bonus is payable, but not later than sixty (60) days following such date. 

11.3 Other Stock-Based Awards. The Committee may from time to time grant equity-based or equity-related awards not otherwise described herein in such
amounts and on such terms as it shall determine, subject to the terms and conditions set forth in the Plan. Without limiting the generality of the preceding sentence, each such Other Stock-Based Award may (a) involve the transfer of actual shares of
Common Stock to Participants, either at the time of grant, thereafter or on a deferred basis, or payment in cash or otherwise of amounts based on the value of shares of Common Stock, (b) but need not involve the payment of a specified purchase price
or provision of services by the Participant (including pursuant to another plan, program, policy, agreement or arrangement covering the Participant), (c) be subject to performance-based and/or service-based conditions, (d) be designed to comply with
applicable laws of a jurisdiction or jurisdictions other than the United States, and (e) be designed to qualify as “performance-based compensation” within the meaning of Section 162(m). 

12. DIVIDEND EQUIVALENTS 
 12.1. Grant of Dividend
Equivalents. A Dividend Equivalent granted to a Participant is an Award in the form of a right to receive cash payments determined by reference to dividends declared on the Common Stock from time to time during the term of the Award, which shall
not exceed 10 years from the Date of Grant. Dividend Equivalents may be granted on a stand-alone basis or in tandem with other Awards. Dividend Equivalents granted on a tandem basis shall expire at the time the underlying Award is exercised or
otherwise becomes payable to the Participant, or expires or is forfeited. 
 12.2. Payment of Dividend Equivalents. Dividend Equivalent Awards shall
be payable in cash or in shares of Common Stock, valued at their Fair Market Value on either the date the related dividends are declared or the Dividend Equivalents are paid to a Participant, as determined by the Committee. Dividend Equivalents
shall be payable to a Participant as soon as practicable following the date dividends are declared and paid with respect to Common Stock, but not later than sixty (60) days following such date, or at such later date as the Committee shall specify in
the Award Agreement. Dividend Equivalents granted with respect to Options shall be payable, in accordance with the terms and in compliance with section 409A of the Code, regardless of whether the Option is exercised. 

13. CHANGE IN CONTROL 
 13.1. Effect of Change in
Control. The Committee may, in an Award Agreement or at any time thereafter, provide for the effect of a Change in Control on an Award. Such provisions may include any one or more of the following, which need not be uniform and may vary among
Participants and Awards: (i) the acceleration or extension of time periods for purposes of exercising, vesting in, or realizing gain from any Award, (ii) the waiver or modification of performance or other conditions related to the payment or other
rights under an Award; (iii) provision for the cash settlement of an Award for an equivalent cash value, as determined by the Committee, (iv) the assumption of any such Award by an acquirer or successor or (v) such other modification or adjustment
to an Award as the Committee deems appropriate to maintain and protect the rights and interests of Participants upon or following a Change in Control. 

 13.2. Definition of Change in Control. Except as otherwise provided by the Committee in an Award
Agreement, for purposes hereof, a “Change in Control” means: 
 (1) Any individual, entity or group (within the meaning of Section
13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either (A) the then-outstanding shares of common stock of the
Corporation (the “Outstanding Company Common Stock”) or (B) the combined voting power of the then-outstanding voting securities of the Corporation entitled to vote generally in the election of directors (the “Outstanding Company
Voting Securities”); provided, however, that, for purposes of this definition, the following acquisitions shall not constitute a Change in Control: (i) any acquisition directly from the Corporation, (ii) any acquisition by the Corporation,
(iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Corporation or any company controlled by, controlling or under common control with the Corporation or (iv) any acquisition pursuant to a transaction
that complies with Sections (3)(A), (3)(B) and (3)(C) of this definition; 
 (2) Individuals who, as of the date hereof, constitute the Board
(the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the
Corporation’s shareholders was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual was a member of the Incumbent Board, but excluding, for this purpose,
any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on
behalf of a Person other than the Board; 
 (3) Consummation of a reorganization, merger, statutory share exchange or consolidation or
similar transaction involving the Corporation or any of its subsidiaries, a sale or other disposition of all or substantially all of the assets of the Corporation, or the acquisition of assets or securities of another entity by the Corporation or
any of its subsidiaries (each, a “Business Combination”), in each case unless, following such Business Combination, (A) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company
Common Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock (or, for a non-corporate entity,
equivalent securities) and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors (or, for a non-corporate entity, equivalent governing body), as the case may be, of the entity
resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Corporation or all or substantially all of the Corporation’s assets either directly or through one or more
subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common Stock and the Outstanding Company Voting Securities, as the case may be, (B) no Person (excluding
any parent or other entity resulting from such Business Combination or any employee benefit plan (or related trust) of the Corporation or such entity resulting from such Business Combination) beneficially owns, directly or indirectly, 30% or more
of, respectively, the then-outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) of the entity resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of
such entity, except to the extent that such ownership existed prior to the Business Combination, and (C) at least a majority of the members of the board of directors (or, for a non-corporate entity, equivalent governing body) of the entity resulting
from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination; or 

(4) Approval by the shareholders of the Corporation of a complete liquidation or dissolution of the Corporation; 

Notwithstanding anything in the foregoing to the contrary, with respect to an Award (i) that is subject to Code Section 409A and (ii) for which a Change in
Control would accelerate the timing of payment thereunder, the term “Change in Control” shall mean a change in the ownership or effective control of the Corporation, or in the ownership of a substantial portion of the assets of the
Corporation, as defined in Code Section 409A and authoritative guidance thereunder, but only to the extent inconsistent with the above definition and as necessary to comply with Code Section 409A as determined by the Committee. 

 14. AWARD AGREEMENTS 

14.1. Form of Agreement. Each Award under this Plan shall be evidenced by an Award Agreement in a form approved by the Committee setting forth the
number of shares of Common Stock, units or other rights (as applicable) subject to the Award, the exercise, base or purchase price (if any) of the Award, the time or times at which an Award will become vested, exercisable or payable, the duration of
the Award and, in the case of Performance Awards, the applicable performance criteria and goals. The Award Agreement shall also set forth other material terms and conditions applicable to the Award as determined by the Committee consistent with the
limitations of this Plan. Award Agreements evidencing Awards intended to qualify for exemption under Section 162(m) shall contain such terms and conditions as may be necessary to meet the applicable requirements of Section 162(m). Award Agreements
evidencing Incentive Stock Options shall contain such terms and conditions as may be necessary to meet the applicable provisions of section 422 of the Code. 

14.2. Termination of Service. The Award Agreements may include provisions describing the treatment of an Award in the event of the retirement,
disability, death or Separation From Service, such as provisions relating to the vesting, exercisability, acceleration, forfeiture or cancellation of the Award in these circumstances, including any such provisions as may be appropriate for Incentive
Stock Options as described in Section 6.6(b) hereof. 
 14.3. Forfeiture Events. The Committee may specify in an Award Agreement that the
Participant’s rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or
performance conditions of an Award. Such events shall include, but shall not be limited to, Separation From Service for cause, violation of material Corporation or Subsidiary policies, breach of noncompetition, confidentiality or other restrictive
covenants that may apply to the Participant, or other conduct by the Participant that is detrimental to the business or reputation of the Corporation or any Subsidiary. 

14.4. Contract Rights; Amendment. Any obligation of the Corporation to any Participant with respect to an Award shall be based solely upon contractual
obligations created by an Award Agreement. No Award shall be enforceable until the Award Agreement has been signed on behalf of the Corporation (electronically or otherwise) by its authorized representative and acknowledged by the Participant
(electronically or otherwise) and returned to the Corporation. By executing the Award Agreement, a Participant shall be deemed to have accepted and consented to the terms of this Plan and any action taken in good faith under this Plan by and within
the discretion of the Committee, the Board or their delegates. Award Agreements covering outstanding Awards may be amended or modified by the Committee in any manner that may be permitted for the grant of Awards under the Plan, subject to the
consent of the Participant to the extent provided in the Award Agreement. In accordance with such procedures as the Corporation may prescribe, a Participant may sign or otherwise execute an Award Agreement and may consent to amendments of
modifications of Award Agreements covering outstanding Awards by electronic means. 
 15. GENERAL PROVISIONS 

15.1. No Assignment or Transfer; Beneficiaries. Except as provided in Section 6.5 hereof, Awards under the Plan shall not be assignable or transferable,
except by will or by the laws of descent and distribution, and during the lifetime of a Participant the Award shall be exercised only by such Participant or by his guardian or legal representative. Notwithstanding the foregoing, the Committee may
provide in the terms of an Award Agreement that the Participant shall have the right to designate a beneficiary or beneficiaries who shall be entitled to any rights, payments or other specified benefits under an Award following the
Participant’s death. 
 15.2. Deferrals of Payment. At the discretion of the Committee, a Participant may elect in writing to defer, under a
Deferred 
 Compensation Plan, the receipt of payment of cash or delivery of shares of Common Stock that would

 
otherwise be due to the Participant by virtue of the exercise of a right or the satisfaction of vesting or other conditions with respect to an Award; provided, however, that any such deferral
must be made in accordance with the terms of the applicable Deferred Compensation Plan, including any such terms relating to the timing of such deferral and payment of any amounts related thereto. This Section 15.2 shall not apply to an Option or a
Stock Appreciation Right issued under the Plan. 
 15.3. Rights as Shareholder. A Participant shall have no rights as a holder of Common Stock with
respect to any unissued securities covered by an Award until the date the Participant becomes the holder of record of those securities. Except as provided in Section 3.2 or Section 8.4 hereof, no adjustment or other provision shall be made for
dividends or other shareholder rights, except to the extent that the Award Agreement provides for Dividend Equivalents, dividend payments or similar economic benefits. 

15.4. Employment or Service. Nothing in the Plan, in the grant of any Award or in any Award Agreement shall confer upon any Eligible Person the right
to continue in the capacity in which he is employed by or otherwise serves the Corporation or any Subsidiary. 
 15.5. Securities Laws. No shares of
Common Stock will be issued or transferred pursuant to an Award unless and until all then applicable requirements imposed by federal and state securities and other laws, rules and regulations and by any regulatory agencies having jurisdiction, and
by any stock exchanges upon which the Common Stock may be listed, have been fully met. As a condition precedent to the issuance of shares pursuant to the grant or exercise of an Award, the Corporation may require the Participant to take any
reasonable action to meet such requirements. The Committee may impose such conditions on any shares of Common Stock issuable under the Plan as it may deem advisable, including, without limitation, restrictions under the Securities Act of 1933, as
amended, under the requirements of any stock exchange upon which such shares of the same class are then listed, and under any blue sky or other securities laws applicable to such shares. 

15.6. Tax Withholding. The Participant shall be responsible for payment of any taxes or similar charges required by law to be withheld from an Award or
an amount paid in satisfaction of an Award, which shall be paid by the Participant on or prior to the payment or other event that results in taxable income in respect of an Award. The Award Agreement shall specify the manner in which the withholding
obligation shall be satisfied with respect to the particular type of Award, provided that, if shares of Common Stock are withheld from delivery upon exercise of an Option or a Stock Appreciation Right, the Fair Market Value of the shares withheld
shall not exceed, as of the time the withholding occurs, the minimum amount of tax for which withholding is required. 
 15.7. Unfunded Plan. The
adoption of this Plan and any setting aside of cash amounts or shares of Common Stock by the Corporation with which to discharge its obligations hereunder shall not be deemed to create a trust or other funded arrangement. The benefits provided under
this Plan shall be a general, unsecured obligation of the Corporation payable solely from the general assets of the Corporation, and neither a Participant nor the Participant’s permitted transferees or estate shall have any interest in any
assets of the Corporation by virtue of this Plan, except as a general unsecured creditor of the Corporation. Notwithstanding the foregoing, the Corporation shall have the right to implement or set aside funds in a grantor trust subject to the claims
of the Corporation’s creditors to discharge its obligations under the Plan. 
 15.8. Other Compensation and Benefit Plans. The adoption of the
Plan shall not affect any other stock incentive or other compensation plans in effect for the Corporation or any Subsidiary, nor shall the Plan preclude the Corporation from establishing any other forms of stock incentive or other compensation for
employees of the Corporation or any Subsidiary. The amount of any compensation deemed to be received by a Participant pursuant to an Award shall not constitute compensation with respect to which any other employee benefits of such Participant are
determined, including, without limitation, benefits under any bonus, pension, profit sharing, life insurance or salary continuation plan, except as otherwise specifically provided by the terms of such plan. 

15.9. Plan Binding on Successors. The Plan shall be binding upon the Corporation, its successors and assigns, and the Participant, his executor,
administrator and permitted transferees and beneficiaries. 

 15.10. Construction and Interpretation. Whenever used herein, nouns in the singular shall include the
plural, and the masculine pronoun shall include the feminine gender. Headings of Articles and Sections hereof are inserted for convenience and reference and constitute no part of the Plan. 

15.11. Severability. If any provision of the Plan or any Award Agreement shall be determined to be illegal or unenforceable by any court of law in any
jurisdiction, the remaining provisions hereof and thereof shall be severable and enforceable in accordance with their terms, and all provisions shall remain enforceable in any other jurisdiction. 

15.12. Governing Law. The validity and construction of this Plan and of the Award Agreements shall be governed by the laws of the State of Delaware.

 15.13. Non-U.S. Employees. In order to facilitate the making of any grant or combination of grants under this Plan, the Committee may provide for
such special terms for awards to Participants who are foreign nationals, who are employed by the Corporation or any Subsidiary outside of the United States of America or who provide services to the Corporation under an agreement with a foreign
nation or agency, as the Committee may consider necessary or appropriate to accommodate differences in local law, tax policy or custom. Moreover, the Committee may approve such supplements to, or amendments, restatements or alternative versions of,
this Plan as it may consider necessary or appropriate for such purposes without thereby affecting the terms of this Plan as in effect for any other purpose, and the Secretary or other appropriate officer of the Corporation may certify any such
document as having been approved and adopted in the same manner as this Plan. No such special terms, supplements, amendments or restatements shall include any provisions that are inconsistent with the terms of this Plan as then in effect unless this
Plan could have been amended to eliminate such inconsistency without further approval by the shareholders of the Corporation. 
 15.14. Compliance with
Section 409A of the Code. This Plan is intended to comply and shall be administered in a manner that is intended to comply with section 409A of the Code and shall be construed and interpreted in accordance with such intent. To the extent that an
Award, issuance and/or payment is subject to section 409A of the Code, it shall be awarded and/or issued or paid in a manner that will comply with section 409A of the Code, including proposed, temporary or final regulations or any other guidance
issued by the Secretary of the Treasury and the Internal Revenue Service with respect thereto. To the extent any terms of the Plan or Award Agreements are ambiguous, such terms shall be interpreted as necessary to comply with section 409A of the
Code. 
 15.15. Six Month Delay. Notwithstanding any provision in this Plan to the contrary, if the payment of any benefit herein would be subject to
additional taxes and interest under Code Section 409A because the timing of such payment is not delayed as required under Section 409A for a Specified Employee, then any such payment that the Participant would otherwise be entitled to receive during
the first six months following the date of Participant’s Separation From Service shall be accumulated and paid within fifteen (15) business days after the date that is six months following the date of the Participant’s Separation From
Service, or such earlier date upon which such amount can be paid under Code Section 409A without being subject to such additional taxes and interest. 

15.16. Clawback. Notwithstanding anything in the Plan to the contrary, the Corporation will be entitled to the extent permitted or required by
applicable law or Company policy as in effect from time to time to recoup compensation of whatever kind paid by the Corporation or any of its affiliates at any time to a Participant under this Plan. 

16. EFFECTIVE DATE, TERMINATION AND AMENDMENT 
 16.1.
Effective Date. The Effective Date of the amended and restated Plan shall be the date of approval by the Corporation’s shareholders. 
 16.2.
Termination. The Plan shall terminate on the date immediately preceding the tenth anniversary of the Effective Date. The Board may, in its sole discretion and at any earlier date, terminate the Plan. Notwithstanding the foregoing, no
termination of the Plan shall in any manner affect any Award theretofore granted without the consent of the Participant or the permitted transferee of the Award. 

 16.3. Amendment. The Board may at any time and from time to time and in any respect, amend or modify the
Plan; provided, however, that no amendment or modification of the Plan shall be effective without the consent of the Corporation’s shareholders that would (i) change the class of Eligible Persons under the Plan, (ii) increase the number of
shares of Common Stock reserved for issuance under the Plan or for certain types of Awards under Section 3.1 hereof, or (iii) allow the grant of SARs or Options at an exercise price below Fair Market Value, or allow the repricing of SARs or Options
without shareholder approval. In addition, the Board may seek the approval of any amendment or modification by the Corporation’s shareholders to the extent it deems necessary or advisable in its sole discretion for purposes of compliance with
Section 162(m) or section 422 of the Code, the listing requirements of the New York Stock Exchange or for any other purpose. No amendment or modification of the Plan shall materially adversely affect any Award theretofore granted without the consent
of the Participant or the permitted transferee of the Award. 
 IN WITNESS OF its amendment and restatement by the Board on February 16, 2016, this Plan is
executed on behalf of the Corporation this 11th day of March, 2016. 
  

			
	SPECTRA ENERGY CORP
		
	By:	 	 /s/ Dorothy M. Ables

		 	Chief Administrative Officer

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