Document:

EX-10.1

 Exhibit 10.1 

 
  
 Notice of Grant of Option 
 and 

Terms and Conditions of Option 
  

 
  

							
	 Grantee:
	  	[Name]	  	Option Number:	  	[_________]
		  	[Address]	  	Plan:	  	2013
		  	[Address]	  	ID:	  	[_________]

  
  

Effective [            ] (the “Award Date”), you
(the “Grantee”) have been granted a nonqualified option (the “Option”) to buy [            ] Ordinary Shares1 of Norwegian Cruise Line Holdings Ltd. (the “Company”) at a
price of $[            ] per share1 (the “Exercise Price”). 
 The aggregate Exercise Price of the
shares subject to the Option is
$[            ].1 
 The Option will expire on
[            ], 2020 (the “Expiration Date”).1,2 
 Vesting
Schedule: 
 Time-Based Options: [Fifty percent (50%)] of the total number of Ordinary Shares subject to the
Option (the “Time-Based Options”) will be or become vested as follows:2 
  

			
	 Number of Ordinary Shares

Subject to the Option
	  	 Time-Based Vesting Schedule

	 [_____]
	  	This number of Time-Based Options will be fully vested on the Award
Date.
	 [_____]
	  	This number of Time-Based Options will vest in substantially equal annual installments
on each of [Insert Vesting Dates]
	 [_____]
	  	This number of Time-Based Options will vest in substantially equal annual installments
on each of [Insert Vesting Dates]
	 [_____]
	  	This number of Time-Based Options will vest in substantially equal annual installments
on each of [Insert Vesting Dates]

  
 Performance-Based
Options: [Fifty percent (50%)] of the total number of Ordinary Shares subject to the Option (the “Performance-Based Options”) will vest upon the occurrence of a Realization Event (as defined below) based on the amount of Realized Cash
(as defined below) received by the Investor (as defined below) in that Realization Event as follows:2 
  

			
	 If the Realized Cash Exceeds
the
 Following Multiple of Invested Capital
	 	 Then the Following Number of Performance-
 Based Options will
Vest

	 1x
	 	[_____]
	 2x
	 	[_____]
	 [2.25x]
	 	[_____]

 The Investor’s receipt of Realized Cash in any prior Realization Event(s) shall be aggregated with any Realized Cash
received in any subsequent Realization Event when determining whether the multiples of Invested Capital listed in the table above have been achieved upon any Realization Event (e.g., to the extent any Performance-Based Options have not vested upon
the occurrence of a Realization Event, such Performance-Based Options shall (subject to Section 5 of the Terms (as defined below) and Section 7.2 of the Plan) continue 

 

	1 	Subject to adjustment under Section 7.1 of the Plan. 

	2 	 Subject to early termination under Section 5 of the Terms and Section 7.2 of the Plan.

 
to be eligible to vest upon a subsequent Realization Event as long as the Investor still holds Investments). The Administrator shall determine whether the multiples of Invested Capital listed in
the table above have been achieved upon any Realization Event. In no event shall more than the number of Performance-Based Options set forth in the table above vest based on the Realized Cash received by the Investor in any and all Realization
Events. Any Performance-Based Options that are unvested following a Realization Event where the Investor sells or otherwise transfers 100% of the Investments then held by the Investor shall automatically terminate and be forfeited as of the date of
such Realization Event. 
 Upon a Sale of the Company (as such term is defined in the Amended and Restated Shareholders’ Agreement of the
Company dated as of January [__], 2013, as amended), (a) all of your then-outstanding Time-Based Options will be treated as provided for in Section 7.2 of the Plan; and (b) with respect to any of your then-outstanding
and unvested Performance-Based Options, the vesting of such Performance-Based Options will be determined based on the achievement of the Investor’s multiples of Invested Capital as of the date of the Sale of the Company in accordance with the
provisions of this Notice of Grant, and any such Performance-Based Options that are unvested after giving effect to such determination will automatically terminate and be forfeited as of such date. Any Performance-Based Options that are vested as of
the date of the Sale of the Company after giving effect to the determination in the preceding sentence will be treated as provided for in Section 7.2 of the Plan. 
 For purposes of this Notice of Grant, the following definitions shall apply: 
 “Realization
Event” means any receipt of cash dividends, distributions or sale proceeds by the Investor with respect to its Investments (other than as a result of a sale or other transfer to another Person that is also an Investor). For purposes of clarity,
Realization Events shall include, without limitation, any sale or other transfer of an Investment by the Investor in exchange for cash to a Person that is not an Investor, any ordinary or extraordinary cash dividends received by the Investor with
respect to an Investment and any other cash distributions received by the Investor with respect to an Investment. 
 “Realized Cash”
means the amount of cash dividends, distributions or sale proceeds received by the Investor on a Realization Event. 
 “Investor”
means (i) AAA Guarantor Co-Invest VI (B), L.P., AIF VI NCL (AIV), L.P., AIF VI NCL (AIV II), L.P., AIF VI NCL (AIV III), L.P., AIF VI NCL (AIV IV), L.P., Apollo Overseas Partners (Delaware) VI, L.P., Apollo Overseas Partners (Delaware 892) VI,
L.P., Apollo Overseas Partners VI, L.P., and Apollo Overseas Partners (Germany) VI, L.P., together with (ii) each of their respective affiliates, and together with (iii) any other investment fund or vehicle managed by Apollo Global
Management, LLC or any of its affiliates. Investor shall not include Star NCLC Holdings Ltd., TPG Viking L.P., TPG Viking AIV I, L.P., TPG Viking AIV II, L.P., TPG Viking AIV III, L.P. and any successor investment fund or vehicle to any of these
entities. 
 “Investment” means any investment by the Investor in the equity of the Company, its subsidiaries or any of their
respective successor entities, whether in the form of ordinary shares of the Company or otherwise (including, for purposes of clarity, any Investments that may be made after the Award Date). If any Investment is exchanged for or converted into a
different type of security (other than cash), such different security shall also be considered an Investment. Notwithstanding the foregoing, the ordinary shares of NCL Corporation Ltd. originally purchased by the Investor that were subsequently
purchased by investment funds or vehicles affiliated with TPG shall not be considered Investments for purposes of this Notice of Grant. 

“Invested Capital” means the aggregate U.S. dollar value of all Investments made by the Investor. The U.S. dollar value of each Investment
shall be measured at the time any such Investment was originally made by the Investor. 
 “Person” shall be construed broadly and
shall include, without limitation, an individual, a partnership, a corporation, an association, a joint stock company, a limited liability company, a trust, a joint venture, an unincorporated organization, and a governmental entity or any
department, agency or political subdivision thereof. 
  
  

 By your signature and the Company’s signature below, you and the Company agree that the Option is
granted under and governed by the terms and conditions of the Company’s 2013 Performance Incentive Plan (the “Plan”) and the Terms and Conditions of Nonqualified Option (the “Terms”), which are attached and incorporated
herein by this reference. This Notice of Grant of Option, together with the Terms, will be referred to as your Option Agreement. The Option has been granted to you in addition to, and not in lieu of, any other form of compensation otherwise payable
or to be paid to you. Capitalized terms are defined in the Plan if not defined herein or in the Terms. You acknowledge receipt of a copy of the Terms, the Plan and the Prospectus for the Plan. 

 
  
  

					
		  		  	
		  		  	
	 Norwegian Cruise Line Holdings Ltd.
	  		  	Date
		  		  	
		  		  	
		  		  	
	 [Grantee Name]
	  		  	Date

 NORWEGIAN CRUISE LINE HOLDINGS LTD. 

2013 PERFORMANCE INCENTIVE PLAN 
 TERMS AND CONDITIONS OF NONQUALIFIED OPTION 
  

	1.	General. 

 These
Terms and Conditions of Nonqualified Option (these “Terms”) apply to a particular option (the “Option”) if incorporated by reference in the Notice of Grant of Option (the “Grant Notice”)
corresponding to that particular grant. The recipient of the Option identified in the Grant Notice is referred to as the “Grantee.” The per share exercise price of the Option as set forth in the Grant Notice is referred to as the
“Exercise Price.” The effective date of grant of the Option as set forth in the Grant Notice is referred to as the “Award Date.” The exercise price and the number of shares covered by the Option are subject to
adjustment under Section 7.1 of the Plan. 
 The Option was granted under and subject to the Norwegian Cruise Line Holdings
Ltd. 2013 Performance Incentive Plan (the “Plan”). Capitalized terms are defined in the Plan if not defined herein. The Option has been granted to the Grantee in addition to, and not in lieu of, any other form of compensation
otherwise payable or to be paid to the Grantee. The Grant Notice and these Terms are collectively referred to as the “Option Agreement” applicable to the Option. 

 

	2.	Vesting; Limits on Exercise; Incentive Stock Option Status. 

 The Option shall vest and become exercisable in percentage installments of the aggregate number of shares subject to the Option as set forth on the Grant Notice. The Option may be exercised only to the
extent the Option is vested and exercisable. 
  

	 	•	Cumulative Exercisability. To the extent that the Option is vested and exercisable, the Grantee has the right to exercise the Option (to the extent not
previously exercised), and such right shall continue, until the expiration or earlier termination of the Option. 

  

	 	•	No Fractional Shares. Fractional share interests shall be disregarded, but may be cumulated. 

 

	 	•	Minimum Exercise. No fewer than 100 Ordinary Shares (subject to adjustment under Section 7.1 of the Plan) may be purchased at any one time, unless the
number purchased is the total number at the time exercisable under the Option. 

  

	 	•	Nonqualified Option. The Option is a nonqualified option and is not, and shall not be, an incentive stock option within the meaning of Section 422 of the
Code. 

  

	3.	Continuance of Employment/Service Required; No Employment/Service Commitment. 

The vesting schedule applicable to the Option requires continued employment or service through each applicable vesting date as a
condition to the vesting of the applicable installment of the Option and the rights and benefits under this Option Agreement. Employment or service for only a portion of the vesting period, even if a substantial portion, will not entitle the Grantee
to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a termination of employment or services as provided in Section 5 below or under the Plan. 

 Nothing contained in this Option Agreement or the Plan constitutes a continued employment or
service commitment by the Company or any of its Subsidiaries, affects the Grantee’s status, if he or she is an employee, as an employee at will who is subject to termination without cause, confers upon the Grantee any right to remain employed
by or in service to the Company or any Subsidiary, interferes in any way with the right of the Company or any Subsidiary at any time to terminate such employment or service, or affects the right of the Company or any Subsidiary to increase or
decrease the Grantee’s other compensation. Nothing in this Option Agreement, however, is intended to adversely affect any independent contractual right of the Grantee without his/her consent thereto. 

 

	4.	Method of Exercise of Option. 

 The Option shall be exercisable by the delivery to the Secretary of the Company (or such other person as the Administrator may require pursuant to such administrative exercise procedures as the
Administrator may implement from time to time) of: 
  

	 	•	a written notice stating the number of Ordinary Shares to be purchased pursuant to the Option or by the completion of such other administrative exercise procedures as
the Administrator may require from time to time; 

  

	 	•	payment in full for the Exercise Price of the shares to be purchased in cash, check or by electronic funds transfer to the Company; 

 

	 	•	any written statements or agreements required pursuant to Section 8.1 of the Plan; and 

 

	 	•	satisfaction of the tax withholding provisions of Section 8.5 of the Plan. 

 The Administrator also may, but is not required to, authorize a non-cash payment alternative by one or more of the following methods (subject in each case to compliance with all applicable laws, rules,
regulations and listing requirements and further subject to such rules as the Administrator may adopt as to any such payment method): 
  

	 	•	notice and third party payment in such manner as may be authorized by the Administrator; 

 

	 	•	in Ordinary Shares already owned by the Grantee, valued at their fair market value (as determined under the Plan) on the exercise date; 

 

	 	•	a reduction in the number of Ordinary Shares otherwise deliverable to the Grantee (valued at their fair market value on the exercise date, as determined under the Plan)
pursuant to the exercise of the Option; or 

  

	 	•	a “cashless exercise” with a third party who provides simultaneous financing for the purposes of (or who otherwise facilitates) the exercise of the Option.

  

	5.	Early Termination of Option. 

 5.1 Expiration Date. Subject to earlier termination as provided below in this Section 5, the Option will terminate on the “Expiration Date” set forth in the Grant Notice (the
“Expiration Date”). 
 5.2 Possible Termination of Option upon Certain Corporate Events. The Option is
subject to termination in connection with certain corporate events as provided in Section 7.2 of the Plan. 

 5.3 Termination of Option upon a Termination of Grantee’s Employment or
Services. Subject to earlier termination on the Expiration Date of the Option or pursuant to Section 5.2 above, if the Grantee ceases to be employed by or ceases to provide services to the Company or a Subsidiary, the following rules shall
apply (the last day that the Grantee is employed by or provides services to the Company or a Subsidiary is referred to as the Grantee’s “Severance Date”): 

 

	 	•	other than as expressly provided below in this Section 5.3, (a) the Grantee will have until the date that is 3 months after his or her Severance Date to
exercise the Option (or portion thereof) to the extent that it was vested on the Severance Date, (b) the Option, to the extent not vested on the Severance Date, shall terminate on the Severance Date, and (c) the Option, to the extent
exercisable for the 3-month period following the Severance Date and not exercised during such period, shall terminate at the close of business on the last day of the 3-month period; 

 

	 	•	if the termination of the Grantee’s employment or services is the result of the Grantee’s death or Total Disability (as defined below), (a) the Grantee
(or his beneficiary or personal representative, as the case may be) will have until the date that is 12 months after the Grantee’s Severance Date to exercise the Option (or portion thereof) to the extent that it was vested on the Severance
Date, (b) the Option, to the extent not vested on the Severance Date, shall terminate on the Severance Date, and (c) the Option, to the extent exercisable for the 12-month period following the Severance Date and not exercised during such
period, shall terminate at the close of business on the last day of the 12-month period. 

 For purposes of the
Option, “Total Disability” means a “permanent and total disability” (within the meaning of Section 22(e)(3) of the Code or as otherwise determined by the Administrator). 

In all events the Option is subject to earlier termination on the Expiration Date of the Option or as contemplated by Section 5.2.
The Administrator shall be the sole judge of whether the Grantee continues to render employment or services for purposes of this Option Agreement. 
  

	6.	Non-Transferability. 

 The Option and any other rights of the Grantee under this Option Agreement or the Plan are nontransferable and exercisable only by the Grantee, except as set forth in Section 5.6 of the Plan.

  

	7.	Notices. 

 Any
notice to be given under the terms of this Option Agreement shall be in writing and addressed to the Company at its principal office to the attention of the Secretary, and to the Grantee at the address last reflected on the Company’s payroll
records, or at such other address as either party may hereafter designate in writing to the other. Any such notice shall be delivered in person or shall be enclosed in a properly sealed envelope addressed as aforesaid, registered or certified, and
deposited (postage and registry or certification fee prepaid) in a post office or branch post office regularly maintained by the United States Government. Any such notice shall be given only when received, but if the Grantee is no longer employed by
the Company or a Subsidiary, shall be deemed to have been duly given five business days after the date mailed in accordance with the foregoing provisions of this Section 7. 

 

	8.	Plan. 

 The Option
and all rights of the Grantee under this Option Agreement are subject to the terms and conditions of the Plan, incorporated herein by this reference. The Grantee agrees to be bound by the terms of the Plan and this Option Agreement. The Grantee
acknowledges having read and understanding the Plan, the 

 
Prospectus for the Plan, and this Option Agreement. Unless otherwise expressly provided in other sections of this Option Agreement, provisions of the Plan that confer discretionary authority on
the Board or the Administrator do not and shall not be deemed to create any rights in the Grantee unless such rights are expressly set forth herein or are otherwise in the sole discretion of the Board or the Administrator so conferred by appropriate
action of the Board or the Administrator under the Plan after the date hereof. 
  

	9.	Entire Agreement. 

This Option Agreement and the Plan together constitute the entire agreement and supersede all prior understandings and agreements,
written or oral, of the parties hereto with respect to the subject matter hereof. The Plan and this Option Agreement may be amended pursuant to Section 8.6 of the Plan. Such amendment must be in writing and signed by the Company. The Company
may, however, unilaterally waive any provision hereof in writing to the extent such waiver does not adversely affect the interests of the Grantee hereunder, but no such waiver shall operate as or be construed to be a subsequent waiver of the same
provision or a waiver of any other provision hereof. 
  

	10.	Governing Law. 

This Option Agreement shall be governed by and construed and enforced in accordance with the laws of Bermuda without regard to conflict
of law principles thereunder. 
  

	11.	Effect of this Agreement. 

 Subject to the Company’s right to terminate the Option pursuant to Section 7.2 of the Plan, this Option Agreement shall be assumed by, be binding upon and inure to the benefit of any successor
or successors to the Company. 
  

	12.	Counterparts. 

This Option Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed an original but all of
which together shall constitute one and the same instrument. 
  

	13.	Section Headings. 

The section headings of this Option Agreement are for convenience of reference only and shall not be deemed to alter or affect any
provision hereof. 
  

	14.	Clawback Policy. 

The Option is subject to the terms of the Company’s recoupment, clawback or similar policy as it may be in effect from time to time,
as well as any similar provisions of applicable law, any of which could in certain circumstances require forfeiture of the Option and repayment or forfeiture of any Ordinary Shares or other cash or property received with respect to the Option
(including any value received from a disposition of the shares acquired upon exercise of the Option). 
  

	15.	Profits Units Award. 

 If the Grantee was previously awarded one or more awards of profits units (“Profits Units”) under the Profits Sharing Agreement for NCL Corporation Ltd., the Grantee’s acceptance of
the Option shall constitute the Grantee’s consent to the treatment of such Profits Units in connection with the Company’s 

 
initial public offering and to the adoption of the Amended and Restated United States Tax Agreement for NCL Corporation Ltd. and the Exchange Agreement for NCL Corporation Ltd. annexed thereto.

  

	16.	No Advice Regarding Grant. 

 The Grantee is hereby advised to consult with his or her own tax, legal and/or investment advisors with respect to any advice the Grantee may determine is needed or appropriate with respect to the Option
(including, without limitation, to determine the foreign, state, local, estate and/or gift tax consequences with respect to the Option and any shares that may be acquired upon exercise of the Option). Neither the Company nor any of its officers,
directors, affiliates or advisors makes any representation (except for the terms and conditions expressly set forth in this Option Agreement) or recommendation with respect to the Option. Except for the withholding rights contemplated by
Section 4 above and Section 8.5 of the Plan, the Grantee is solely responsible for any and all tax liability that may arise with respect to the Option and any shares that may be acquired upon exercise of the Option.EX-4.5

 Exhibit 4.5 
 DUCOMMUN INCORPORATED 
 2013 STOCK INCENTIVE PLAN 

Section 1. PURPOSE OF PLAN 
 The purpose of the 2013 Stock Incentive Plan (the “Plan”) of Ducommun Incorporated, a Delaware corporation (the “Corporation”), is to enable the Corporation and its subsidiaries to
attract, retain and motivate their employees and nonemployee directors by providing for or increasing the proprietary interests of such persons in the Corporation. 
 Section 2. PERSONS ELIGIBLE UNDER PLAN 
 Any person who is a
current or prospective employee or a nonemployee director of the Corporation or any of its subsidiaries (a “Participant”) shall be eligible to be considered for the grant of Awards (as hereinafter defined) hereunder. 

Section 3. AWARDS 
 (a) The Board of Directors and/or the Committee (as hereinafter defined), on behalf of the Corporation, is authorized under this Plan to enter into any type of arrangement with a Participant that is not
inconsistent with the provisions of this Plan and that, by its terms, involves or might involve the issuance of (i) shares of common stock, par value $.01 per share, of the Corporation (“Common Shares”) or (ii) a Derivative
Security (as such term is defined in Rule 16a-1 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as such Rule may be amended from time to time) with an exercise or conversion privilege at a price
related to the Common Shares or with a value derived from the value of the Common Shares. The entering into of any such arrangement is referred to herein as the “grant” of an “Award.” 

(b) Awards are not restricted to any specified form or structure and may include, without limitation, sales or bonuses of stock,
restricted stock, restricted stock units, stock options, stock purchase warrants, other rights to acquire stock, securities convertible into or redeemable for stock, stock appreciation rights, phantom stock, dividend equivalents, performance units
or performance shares, and an Award may consist of one such security or benefit, or two or more of them in tandem or in the alternative. 
 (c) Common Shares may be issued pursuant to an Award for any lawful consideration as determined by the Board of Directors and/or the Committee, including, without limitation, services rendered by the
recipient of such Award. 
 (d) Subject to the provisions of this Plan, the Board of Directors and/or the Committee, in its sole
and absolute discretion, shall determine all of the terms and conditions of each Award granted under this Plan, which terms and conditions may include, among other things: 

(i) a provision permitting the recipient of such Award, including any recipient who is a director or officer of the
Corporation, to pay the purchase price of the Common Shares or other property issuable pursuant to such Award, or such recipient’s tax withholding obligation with respect to such issuance, in whole or in part, by any one or more of the
following: 
 (A) the delivery of previously owned shares of capital stock of the Corporation (including
“pyramiding”) or other property, provided that the Corporation is not then prohibited from purchasing or acquiring shares of its capital stock or such other property, 

(B) a reduction in the amount of Common Shares or other property otherwise issuable pursuant to such Award, or 

(C) the delivery of a promissory note, the terms and conditions of which shall be determined by the Committee. 

 (ii) a provision conditioning or accelerating the receipt of benefits
pursuant to such Award, either automatically or in the discretion of the Board of Directors and/or the Committee, upon the occurrence of specified events, including, without limitation, a change of control of the Corporation, an acquisition of a
specified percentage of the voting power of the Corporation, the dissolution or liquidation of the Corporation, a sale of substantially all of the property and assets of the Corporation or an event of the type described in Section 7 hereof; or

 (iii) a provision required in order for such Award to qualify as an incentive stock option (“Incentive
Stock Option”) under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”), provided that the recipient of such Award is eligible under the Code to receive an Incentive Stock Option. 

(e) Notwithstanding anything herein to the contrary, with respect to stock options and stock appreciation rights issued under the Plan,
the Board of Directors and/or the Committee, in its sole and absolute discretion, shall determine the exercise or base price per Common Share subject to such Awards, which, in no event will be less than the Fair Market Value (as defined below) of
the Common Shares on the date of grant; provided, however, that the exercise or base price per Common Share with respect to a stock option or stock appreciation right that is granted in connection with a merger or other acquisition as a substitute
or replacement award for options and/or stock appreciation rights held by employees or directors of the acquired entity may be less than 100% of the Fair Market Value of the Common Shares on the date such Award is granted if such exercise or base
price is based on an adjustment method or formula set forth in the terms of the awards held by such individuals or in the terms of the agreement providing for such merger or other acquisition. For purposes of the Plan, the term “Fair Market
Value” means, as of any given date, the closing sales price on such date (or, if there are no reported sales on such date, on the last date prior to such date on which there were sales) of the Common Shares on the New York Stock Exchange
Composite Tape. 
 (f) The Board of Directors and/or the Committee, in its sole and absolute discretion, shall determine the
term of each stock option and stock appreciation right awarded under the Plan, which in no case shall exceed a period of ten (10) years from the date of grant. 
 (g) Other than in connection with a change in the Corporation’s capitalization (as described in Section 7), at any time when the exercise or base price of a stock option or stock appreciation
right is above the Fair Market Value of a Common Share, the Corporation shall not, without shareholder approval (i) reduce the exercise or base price of such stock option or stock appreciation right, (ii) exchange such stock option or
stock appreciation right for cash, another Award, or a new stock option or stock appreciation right with a lower exercise or base price or (iii) otherwise reprice such stock option or stock appreciation right. 

(h) Notwithstanding anything herein to the contrary, the grant, issuance, retention, vesting and/or settlement of restricted stock,
restricted stock unit, performance share, performance unit and other similar Awards will occur when and in such installments and/or pursuant to the achievement of such performance criteria, in each case, as the Board of Directors and/or the
Committee, in its sole and absolute discretion, shall determine. In addition, the performance criteria for any such Awards (or portions thereof) that is intended to satisfy the requirements for “performance-based compensation” under
Section 162(m) of the Code will be a measure based on one or more Qualifying Performance Criteria selected by the Committee and specified when such Award is granted. 
 (i) For purposes of the Plan, the term “Qualifying Performance Criteria” shall mean any one or more of the following performance criteria, either individually, alternatively or in any
combination, applied to either the Corporation as a whole or to a business unit or subsidiary, either individually, alternatively or in any combination, and measured either annually or cumulatively over a period of years, on an absolute basis or
relative to a pre-established target, to previous years’ results or to a designated comparison group, in each case as specified by the Committee: earnings per share (diluted and/or basic), revenue, net profit after tax, gross profit, operating
profit, earnings before interest, taxes, depreciation and amortization (EBITDA), earnings before interest and taxes (EBIT), cash flow, asset quality, stock price performance, unit volume, return on equity, change in working capital, change in
indebtedness or financial leverage, return on capital or shareholder return. To the extent provided for by the Committee at the time an Award is granted, the Committee shall appropriately adjust any evaluation of performance under a Qualifying
Performance Criteria to account for any of the following events that occurs during a performance period: (a) asset write downs; (b) litigation or claim judgments or settlements; (c) the effect of changes in tax law,

 
accounting principles or other such laws or provisions affecting reported results; (d) accruals for reorganization and restructuring programs; and (e) any extraordinary, non-recurring
or other unusual items, either as described in Accounting Principles Board Opinion No. 30 or in management’s discussion and analysis of financial condition and results of operations appearing in the Corporation’s annual report to
stockholders for the applicable year. 
 Section 4. STOCK SUBJECT TO PLAN 

(a) The aggregate number of Common Shares issued and issuable pursuant to all Awards granted under this Plan shall not exceed 240,000,
subject to adjustment as provided in Section 7 hereof. 
 (b) For purposes of Section 4(a) hereof, the aggregate
number of Common Shares issued under this Plan at any time shall equal only the number of Common Shares actually issued upon exercise or settlement of an Award. Notwithstanding the foregoing, Common Shares subject to an Award under the Plan may not
again be made available for issuance under the Plan if such Common Shares are: (i) Common Shares that were subject to a stock-settled stock appreciation right and were not issued upon the net settlement or net exercise of such stock
appreciation right, (ii) Common Shares used to pay the exercise or purchase price of a stock option or other Award, (iii) Common Shares delivered to or withheld by the Corporation to pay the withholding taxes related a stock option or
stock appreciation right, or (iv) Common Shares repurchased on the open market with the proceeds of a stock option exercise. Common Shares subject to Awards that have been canceled, expired, forfeited or otherwise not issued under an Award and
Common Shares subject to Awards settled in cash shall not count as Common Shares issued under this Plan. 
 (c) The aggregate
number of shares of Common Shares that may be issued pursuant to the exercise of Incentive Stock Options granted under this Plan shall not exceed 240,000, which number shall be calculated and adjusted pursuant to Section 7 only to the extent
that such calculation or adjustment will not affect the status of any option intended to qualify as an Incentive Stock Option under Section 422 of the Code. The aggregate number of Common Shares subject to Awards granted under this Plan during
any calendar year to any one Participant shall not exceed 240,000 (the “Annual Share Limit”), which number shall be calculated and adjusted pursuant to Section 7 only to the extent that such calculation or adjustment will not affect
the status of any Award intended to qualify as “performance-based compensation” under Section 162(m) of the Code but which number shall not count any tandem stock appreciation rights granted under the Plan. In addition, if, in
any calendar year, all or a portion of the Annual Share Limit is not awarded to a Participant, the unused portion of the Annual Share Limit for such Participant shall also be available for grant to that Participant in subsequent years. 

Section 5. DURATION OF PLAN 
 Awards shall not be granted under this Plan after March 20, 2023. Although Common Shares may be issued after March 20, 2023 pursuant to Awards granted prior to such date, no Common Shares shall
be issued under this Plan after March 20, 2033. 
 Section 6. ADMINISTRATION OF PLAN 

(a) This Plan shall be administered by the Compensation Committee of the Board of Directors of the Corporation (the
“Committee”), or, in the absence of a Committee, the Board of Directors itself. Any power of the Committee may also be exercised by the Board of Directors, except to the extent that the grant or exercise of such authority would cause any
Award or transaction to become subject to (or lose an exemption under) the short-swing profit recovery provisions of Section 16 of the Securities Exchange Act of 1934 or cause an Award otherwise intended to qualify as performance-based
compensation under Section 162(m) of the Code not to qualify for such treatment. To the extent that any permitted action taken by the Board of Directors conflicts with action taken by the Committee, the Board of Directors action shall control.
The Committee may by resolution or written policy authorize one or more officers of the Corporation to perform any or all things that the Committee is authorized and empowered to do or perform under the Plan, and for all purposes under this Plan,
such officer or officers shall be treated as the Committee; provided, however, that the resolution or policy so authorizing such officer or officers shall specify that the total number of Awards (if any) such officer or officers may award pursuant
to such delegated authority shall not exceed the annual allotment of shares approved by the Committee, and any such Award shall be subject to the form of award agreement theretofore approved by the Committee. No such officer shall designate himself
or herself as a 

 
recipient of any Awards granted under authority delegated to such officer. In addition, the Committee may delegate any or all aspects of the day-to-day administration of the Plan to one or more
officers or employees of the Corporation or any subsidiary, and/or to one or more agents. 
 (b) Subject to the provisions of
this Plan, the Board of Directors and/or the Committee shall be authorized and empowered to do all things necessary or desirable in connection with the administration of this Plan, including, without limitation, the following: 

(i) adopt, amend and rescind rules and regulations relating to this Plan; 

(ii) determine which persons are Participants and to which of such Participants if any, Awards shall be granted hereunder;

 (iii) grant Awards to Participants and determine the terms and conditions thereof, including the number of
Common Shares issuable pursuant thereto; 
 (iv) determine the extent to which adjustments are required pursuant
to Section 7 hereof; 
 (v) interpret and construe this Plan and the terms and conditions of all Awards
granted hereunder; and 
 (vi) to make all other determinations deemed necessary or advisable for the
administration of this Plan. 
 Section 7. ADJUSTMENTS 
 If the outstanding securities of the class then subject to this Plan are increased, decreased or exchanged for or converted into cash, property or a different number or kind of securities, or if cash,
property or securities are distributed in respect of such outstanding securities, in either case as a result of a reorganization, merger, consolidation, recapitalization, restructuring, reclassification, dividend (other than a regular, quarterly
cash dividend) or other distribution, stock split, reverse stock split or the like, or if substantially all of the property and assets of the Corporation are sold, then, unless the terms of such transaction shall provide otherwise, the Board of
Directors and/or the Committee shall make appropriate and proportionate adjustments in (a) the number and type of, and exercise price for, shares or other securities or cash or other property that may be acquired pursuant to Incentive Stock
Options and other Awards theretofore granted under this Plan, (b) the maximum number and type of shares or other securities that may be issued pursuant to Incentive Stock Options and other Awards thereafter granted under this Plan, and
(c) the number and type of shares or other securities subject to the individual limits set forth in Section 4 of this Plan. 

Section 8. AMENDMENT AND TERMINATION OF PLAN 
 The Board of Directors may amend or terminate this Plan at any time and in any manner, provided, however, that no such amendment or termination shall deprive the recipient of any Award theretofore granted
under this Plan, without the consent of such recipient, of any of his or her rights thereunder or with respect thereto. In addition, the Committee may correct any defect, supply any omission, or reconcile any inconsistency in any award agreement in
the manner and to the extent it shall deem desirable to effectuate the purposes of the Plan and the related Award. Notwithstanding the foregoing, no such amendment shall, without the approval of the shareholders of the Corporation: 

 

	(a)	increase the maximum number of Common Shares for which Awards may be granted under this Plan; 

 

	(b)	reduce the price at which options may be granted below the price provided for in Section 3(e); 

 

	(c)	reprice outstanding options or stock appreciation rights; 

  

	(d)	extend the term of this Plan; 

  

	(e)	change the class of persons eligible to be Participants; 

  

	(f)	increase the individual maximum limits in Section 4(c); or 

  

	(g)	otherwise amend the Plan in any manner requiring shareholder approval by law or the rules of any stock exchange or market or quotation system on which the Common Shares
are traded, listed or quoted. 

 Section 9. EFFECTIVE DATE OF PLAN 

This Plan shall be effective as of March 20, 2013 provided, however, that no Common Shares may be issued under this Plan until it has
been approved, directly or indirectly, by the affirmative votes of the holders of a majority of the securities of the Corporation present, or represented, and entitled to vote at a meeting duly held in accordance with the laws of the State of
Delaware. 
 Section 10. LEGAL REQUIREMENTS 
 (a) No Common Shares issuable pursuant to an Award shall be issued or delivered unless and until, in the opinion of counsel for the Corporation, all applicable requirements of federal, state and other
securities laws, and the regulations promulgated thereunder, and any applicable listing requirements of any stock exchange on which shares of the same class are then listed, shall have been fully complied with. The Corporation shall not be required
to register in a Participant’s name or deliver any Common Shares prior to the completion of any registration or qualification of such shares under any foreign, federal, state or local law or any ruling or regulation of any government body which
the Committee shall determine to be necessary or advisable. To the extent the Corporation is unable to or the Committee deems it infeasible to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the
Corporation’s counsel to be necessary to the lawful issuance and sale of any Common Shares hereunder, the Corporation and its subsidiaries shall be relieved of any liability with respect to the failure to issue or sell such Common Shares as to
which such requisite authority shall not have been obtained. No Award shall be exercisable and no Common Shares shall be issued and/or transferable under any other Award unless a registration statement with respect to the Common Shares underlying
such Award is effective and current or the Corporation has determined that such registration is unnecessary. 
 (b) It is the
Corporation’s intent that the Plan shall comply in all respects with Rule 16b-3 promulgated under the Exchange Act, as such Rule may be amended from time to time. If any provision of the Plan is found not to be in compliance with Rule 16b-3 of
the Exchange Act, such provision shall be null and void. 
 (c) The Committee may provide that the Common Shares issued upon
exercise of an Award or otherwise subject to or issued under an Award shall be subject to such further agreements, restrictions, conditions or limitations as the Committee in its discretion may specify prior to the exercise of such Award or the
grant, vesting or settlement of such Award, including without limitation, conditions on vesting or transferability, forfeiture or repurchase provisions and method of payment for the Common Shares issued upon exercise, vesting or settlement of such
Award (including the actual or constructive surrender of Common Shares already owned by the Participant) or payment of taxes arising in connection with an Award. Without limiting the foregoing, such restrictions may address the timing and manner of
any resales by the Participant or other subsequent transfers by the Participant of any Common Shares issued under an Award, including without limitation (i) restrictions under an insider trading policy or pursuant to applicable law,
(ii) restrictions designed to delay and/or coordinate the timing and manner of sales by Participant and holders of other Corporation equity compensation arrangements, (iii) restrictions as to the use of a specified brokerage firm for such
resales or other transfers and (iv) provisions requiring Shares to be sold on the open market or to the Corporation in order to satisfy tax withholding or other obligations. 
 Section 11. MISCELLANEOUS 
 (a) Neither the adoption of this Plan
by the Board nor the submission of this Plan to the shareholders of the Corporation for approval shall be construed as creating any limitations on the power of the Board or the Committee to adopt such other incentive arrangements as either may deem
desirable, including without limitation, the granting of retention shares or stock options otherwise than under this Plan or an arrangement not intended to qualify under Code Section 162(m), and such arrangements may be either generally
applicable or applicable only in specific cases. 
 (b) This Plan and any agreements or other documents hereunder shall be
interpreted and construed in accordance with the laws of the State of Delaware and applicable federal law. Any reference in this Plan or in the agreement or other document evidencing any Awards to a provision of law or to a rule or regulation shall
be deemed to include any successor law, rule or regulation of similar effect or applicability. 
 (c) Nothing in this Plan or an
Award agreement shall interfere with or limit in any way the right of the Corporation, its subsidiaries and/or its affiliates to terminate any Participant’s employment, service on the Board or service for the Corporation at any time or for any
reason not prohibited by law, nor shall this Plan or an Award itself confer upon any Participant any right to continue his or her employment or service for any specified period of time. 

 
Neither an Award nor any benefits arising under this Plan shall constitute an employment contract with the Corporation, any subsidiary and/or its affiliates. Subject to Sections 5, 8 and 9,
this Plan and the benefits hereunder may be terminated at any time in the sole and exclusive discretion of the Board without giving rise to any liability on the part of the Corporation, its subsidiaries and/or its affiliates. 

(d) Except as otherwise provided by the Committee in the Award agreement, Awards may be forfeited if the Participant terminates his or
her employment with the Corporation, a subsidiary or an affiliate for any reason. 
 (e) To the extent any payment under this
Plan is considered deferred compensation subject to the restrictions contained in Section 409A of the Code, such payment may not be made to a specified employee (as determined in accordance with a uniform policy adopted by the Corporation with
respect to all arrangements subject to Section 409A of the Code) upon “separation from service” (within the meaning of Section 409A of the Code) before the date that is six months after the specified employee’s separation
from service (or, if earlier, the specified employee’s death). Any payment that would otherwise be made during this period of delay shall be accumulated and paid on the sixth month plus one day following the specified employee’s separation
from service (or, if earlier, as soon as administratively practicable after the specified employee’s death). 
 (f) The
Plan is intended to be an unfunded plan. Participants are and shall at all times be general creditors of the Corporation with respect to their Awards. If the Committee or the Corporation chooses to set aside funds in a trust or otherwise for the
payment of Awards under the Plan, such funds shall at all times be subject to the claims of the creditors of the Corporation in the event of its bankruptcy or insolvency. 
 (g) All obligations of the Corporation under the Plan with respect to Awards granted hereunder shall be binding on any successor to the Corporation, whether the existence of such successor is the result
of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Corporation. 
 (h) Subject to the terms and conditions of the Plan, the Committee may provide that any Participant and/or any Award, including any Common Shares subject to an award, will be subject to any recovery,
recoupment, clawback and/or other forfeiture policy maintained by the Corporation from time to time.

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