Document:

Q1 2015 Exhibit 10.5

PartnerRe Ltd. 
Non-Employee Director Restricted Share Unit Award Agreement

Jean-Paul Montupet
January 26, 2015

This Award Agreement (the “Award Agreement”) is made effective as of January 26, 2015, by and between PartnerRe Ltd. (the “Company”), and Jean-Paul Montupet (the “Participant”), an Outside Director of the Company. 

In connection with the mutual covenants hereinafter set forth and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree as follows:

1.Definitions; Conflicts.  Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to them in the PartnerRe Ltd. Amended and Restated Non-Employee Directors Share Plan (the “Plan”), terms and provisions of which are incorporated herein by reference. In the event of a conflict or inconsistency between the terms and provisions of the Plan and the terms and provisions of this Award Agreement or a prospectus, the terms and provisions of the Plan shall govern and control. In the event of a conflict or inconsistency between the terms and provisions of this Award Agreement and a prospectus, the terms and provisions of this Award Agreement shall govern and control.

2.Purpose of Award Agreement. The purpose of this Award Agreement is to grant Restricted Share Units (“RSUs”) to the Participant.  Each RSU represents the right to future delivery of one Share, subject to the terms of the Plan. This Award Agreement is entered into pursuant to the terms of the Plan, and by receipt of this Award Agreement, the Participant acknowledges receipt of a copy of the Plan and further agrees to be bound thereby and by the actions of the Committee and/or the Board pursuant to the Plan.

3.Grant of RSUs.  The Participant is granted an award of RSUs in the amount and on the date (the “Grant Date”) as specified in the Notice of RSU.

4.Vesting and Settlement.  Except as provided otherwise in this Award Agreement or the Plan, 100% of the RSUs will vest on the earliest of (i) the date of the closing of the announced transaction between the Company and AXIS Capital Holdings Limited (the “Transaction Closing Date”), (ii) the date on which the Agreement and Plan of Amalgamation between the Company and AXIS Capital Holdings Limited (as may be amended from time to time in accordance with its terms) is terminated (the “Transaction Agreement Termination Date”) or (iii) December 31, 2016 (the “Vesting Date”), with 

    

delivery occurring as soon as administratively practicable thereafter (such date of delivery, the “Settlement Date”).

5.Dividend Equivalents. If a dividend is paid on Shares prior to the Settlement Date, each RSU will provide the Participant with the right to receive an amount equal to the amount of the dividend that the Participant would have received had the Share underlying such RSU been held by the Participant as of the record date for which such dividend is paid. Such amount will accrue at the same time and at the same rate as actual dividends on Shares and will be payable annually on June 15 (or the immediately next business day thereafter), with no interest on the return.

6.Termination.  All unvested RSUs will be forfeited upon termination of the Participant’s service prior to the Vesting Date; provided however, that if the termination is due to the Participant’s death, permanent disability, mandatory retirement, voluntary termination due to the acceptance of a public service position that would either preclude continued Board service or make such service impractical, or failure to be re-elected to the Board by shareholders (each, a “Permissible Termination”), all unvested RSUs will fully vest upon termination, with delivery occurring as soon as administratively practicable thereafter;  provided further, that if a Permissible Termination occurs in the same calendar year as the Grant Date, instead of vesting in full, the unvested RSUs will vest upon termination on a pro rata basis in an amount equal to (i) the total number of RSUs subject to this Award, multiplied by (ii) a fraction, the numerator of which is the number of completed full months of service by the Participant in such calendar year and the denominator of which is 12, with delivery occurring as soon as administratively practicable thereafter and the remaining unvested amount forfeited upon termination.

7.Entire Agreement.  The Plan and this Award Agreement (including the Notice of RSU attached hereto) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Participant with respect to the subject matter hereof.  Any modification of this Award Agreement must be in writing signed by the Company.  Decisions of the Committee and/or Board with respect to the administration and interpretation of the Plan and this Award Agreement will be final, conclusive and binding on all persons.

	
			
	 
	 
	 

1 In no event will the Settlement Date be later than March 15th of the year following the year in which the Vesting Date occurs.

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8.No Additional Rights or Entitlements.  The Participant hereby acknowledges and agrees that the Participant shall not have any claim or right to be granted an Award under the Plan nor, having been selected for the grant of an Award under this Award Agreement, to be selected for a grant of any other Award. Neither the Plan, nor this Award Agreement nor any action taken hereunder shall be construed as giving the Participant any right to be retained in the service of, or to continue to provide services to, the PartnerRe Group.  The receipt of any Award under the Plan and this Award Agreement is not intended to confer any rights on the receiving Participant except as set forth herein.

9.Retention of Awards.  The Participant acknowledges that it is the intention of the Company that the Participant retain at least a portion of the Shares acquired pursuant to this Award and agrees to comply with any Share retention requirements that the Company may impose in connection with this Award.

10.Notices. All notices, requests and other communications under this Award Agreement shall be (i) if in writing, delivered in person (by courier or otherwise), mailed by certified or registered mail, or (ii) by email transmission, in each case return receipt requested, as follows: 

if to the Company, to: 

PartnerRe Ltd.
90 Pitts Bay Road
Pembroke HM 08
Bermuda
Attn: Philip Martin
Email: philip.martin@partnerre.com

if to the Participant, to the address that the Participant most recently provided to the Company, 

or to such other address or email as such party may hereafter specify for the purpose by notice to the other parties hereto.  All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. on a business day in the place of receipt.  Otherwise, any such notice, request or communication shall be deemed received on the next succeeding business day in the place of receipt.

11.No Assignment or Transfer.  Unless otherwise permitted by such Committee, as has been delegated by the Board, the Participant’s rights and interest under the Plan or under this Award Agreement, including amounts payable, may not be sold, assigned, donated, or transferred or otherwise disposed of, mortgaged, pledged or encumbered except, in the event of the Participant’s death, to a designated Beneficiary to the extent permitted by the 

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Committee, or in the absence of such designation, by will or the laws of descent and distribution.

12.Successors and Assigns; No Third Party Beneficiaries.  This Award Agreement shall inure to the benefit of and be binding upon the Company and the Participant and their respective heirs, successors, legal representatives and permitted assigns.  Nothing in this Award Agreement, expressed or implied, is intended to confer on anyone other than the Company and the Participant, and their respective heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Award Agreement. 

13.Counterparts.  This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

14.Governing Law.  This Award Agreement shall be governed by and construed in accordance with the laws of Bermuda without reference to the principles of conflicts of law thereof.

15.Headings.  Headings are for the convenience of the parties and are not deemed to be part of this Award Agreement.

     
IN WITNESS WHEREOF, the parties hereto have executed this Award Agreement as of the date and year first written above.
                                            
PARTNERRE  LTD.

By:     ______________________________

Name:     Philip Martin
Title:       SVP, Head of HR Group Services  
        

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Notice of Restricted Share Units

Jean-Paul Montupet

Effective January 26, 2015 you have been granted an award of 866 Restricted Share Units (RSUs).  These units are restricted until the vest date shown below, at which time you will receive shares of PartnerRe Ltd. (the Company) common stock. 
 

	
			
	RSU's
	 
	Vesting Date

	 
	 
	 

	866
	 
	100% vests on the earliest of the Transaction Closing Date, the Transaction Agreement Termination Date or December 31, 2016

By your on-line acceptance and the Company's signature below, you and the Company agree that these Restricted Share Units are granted under and are governed by the terms and conditions of the Company's Non-Employee Directors Share Plan and the Restricted Share Unit Award Agreement.

	
			
	 
	 
	 

PartnerRe Ltd.

5EX-10.1

 Exhibit 10.1 

THE GEO GROUP, INC. 

SENIOR MANAGEMENT PERFORMANCE AWARD PLAN 

AS AMENDED AND RESTATED ON APRIL 29, 2015 
  

	1.	PURPOSE 

 The purpose of this Plan is to attract, retain, and motivate designated key employees
of the Company by providing performance-based cash awards. The Company believes such awards create a strong incentive for the key employees participating in the Plan to expend maximum effort for the growth and success of the Company. This Plan is
effective for fiscal years of the Company commencing on or after January 1, 2016. 
  

	2.	DEFINITIONS 

 Unless the context otherwise requires, for purposes of this Plan, the terms below
shall have the following meanings: 
  

	 	(a)	“Board” shall mean the Board of Directors of the Company. 

  

	 	(b)	“Code” shall mean the Internal Revenue Code of 1986, as amended and any successor thereto. 

  

	 	(c)	“Code Section 162(m) Exception” shall mean the exception for performance-based compensation under Section 162(m) of the Code or any
successor section and the Treasury regulations promulgated thereunder. 

  

	 	(d)	“Code Section 409A” shall mean Section 409A of the Code, and its implementing regulations and guidance. 

 

	 	(e)	“Company” shall mean The GEO Group, Inc. and any successor by merger, consolidation or otherwise. 

 

	 	(f)	“Committee” shall mean the Compensation Committee of the Board or such other Committee of the Board that is appointed by the Board to administer this Plan; it is intended that all
of the members of any such Committee shall satisfy the requirements to be outside directors, as defined under Code Section 162(m). 

  

	 	(g)	“Discretionary Adjustment” shall have the meaning set forth in Section 5.3. 

  

	 	(h)	“Net-Income-After-Tax” means net income of the Company, after all federal, state and local taxes. For purposes of determining Net-Income-After-Tax, extraordinary items and changes in accounting
principles, as defined by United States generally accepted accounting principles, shall be disregarded. Extraordinary items shall include, but are not limited to, items of unusual and infrequent nature (i.e., loss incurred in the early
extinguishment of debt). Changes in accounting principles shall include, but are not limited to, those that occur as a result of new pronouncements or requirements issued by accounting authorities including, but not limited to, the Securities
Exchange Commission and the Financial Accounting Standards Board. To the extent compliant with the Code Section 162(m) Exception, non-recurring and unusual items not included or planned for in the Company’s annual budget may be excluded
from Net-Income-After-Tax in the sole and absolute discretion of the Committee. 

  
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	 	(i)	“Participant” shall mean an executive employee of the Company eligible to receive a Performance Award in accordance with this Plan. The executive employees of the Company eligible
to participate in the Plan are listed in Section 4 hereof. 

  

	 	(j)	“Performance Award” shall mean the amount paid or payable under Section 5.2 hereof. 

  

	 	(k)	“Performance Goals” shall mean the objective performance goals, formulas and standards described in Section 5.1 hereof. 

 

	 	(l)	“Plan” shall mean this Senior Management Performance Award Plan of the Company. 

  

	 	(m)	“Plan Year” shall mean a fiscal year of the Company. 

  

	 	(n)	“Pro Rata” shall mean a portion of a Performance Award based on the number of days worked during a Plan Year as compared to the total number of days in the Plan Year.

  

	 	(o)	“Revenue” shall mean gross revenues of the Company. 

  

	 	(p)	“Salary” shall mean the Participant’s base salary in effect on the earlier of (i) the last day of the Plan Year or
(ii) December 31st of such Plan Year, not taking into account any deferrals of base salary that such Participant may make to a 401(k) plan, a Section 125 plan or any other deferred
compensation plan; provided, however, that the term “Salary” shall not, in any event, with respect to any Participant, exceed $2,000.000. 

  

	 	(q)	“Target Performance Award” shall mean the targeted Performance Award, expressed as a percentage of Salary as set forth in Section 4 hereof. 

 

	3.	GOVERNANCE 

 The Plan shall be governed by the Committee. The Committee shall have the exclusive
authority and responsibility to: (a) interpret the Plan; (b) determine amounts to be paid out under the Plan and the conditions for payment thereof; (c) certify attainment of Performance Goals and other material terms; (d) adjust
Performance Awards as provided herein; (e) authorize the payment of all benefits and expenses of the Plan as they become payable under the Plan; (f) adopt, amend and rescind rules and regulations relating to the Plan; and (g) make all
other determinations and take all other actions necessary or desirable for the Plan’s administration, including, without limitation, correcting any defect, supplying any omission or reconciling any inconsistency in this Plan in the manner and
to the extent it shall deem necessary to carry this Plan into effect. Notwithstanding anything to the contrary, the Plan shall be administered on a day-to-day basis by the Chief Executive Officer and the Senior Vice President of Human Resources of
the Company. 
 Decisions of the Committee shall be made by a majority of its members. All decisions of the Committee on any question
concerning the interpretation and administration of the Plan shall be final, conclusive, and binding upon all parties. The Committee may rely on information and consider recommendations provided by the Board or the executive officers of the Company.

  

	4.	ELIGIBLE PARTICIPANTS; TARGET PERFORMANCE AWARD 

 The eligible Participants and the Target
Performance Awards for such Participants are as follows: 
  

					
	 Positions
	  	Target Performance
Awards (% of Salary)	 
	 Chief Executive Officer
	  	 	100	% 
	 Chief Financial Officer
	  	 	50	% 
	 Sr. Vice Presidents
	  	 	45	% 

  
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	5.	PERFORMANCE GOALS AND PERFORMANCE AWARDS 

  

	 	5.1	Performance Goals. The Performance Goals shall be the budgeted Revenue and Net-Income-After-Tax for the subject Plan Year, which shall be weighted as follows (collectively, the “Target Weighting of
Revenue and Net-Income-After-Tax”): 

  

					
	 Revenue
		 	35	% 
	 Net-Income-After-Tax
		 	65	% 

  

	 	5.2	Performance Awards. Subject to compliance with Section 5.4 herein, each Participant shall be eligible to receive a Performance Award based on the Company’s financial performance for Revenue and
Net-Income-After-Tax during the Plan Year. 

 Participants’ Annual Performance Awards will be calculated by applying the
following percentage adjustment methodology separately to the respective Target Weighting of Revenue and Net-Income-After-Tax results in accordance with the following chart: 
  

			
	 Percentage of Budgeted Fiscal

Year Targets Achieved for

Revenue and for

Net-Income-After-Tax
	  	 Percentage by which the Target Weighting of Revenue and
Net-Income-After-Tax is Reduced/Increased

	Less than 80%	  	No Performance Award
		
	80% - 100%	  	2.5 times the percentage (negative) difference between the actual achieved percentages of budgeted Revenue and Net-Income-After-Tax targets and 100% of the Revenue and Net-Income-After-Tax targets
		
	100%	  	No Adjustment to Target Weighting
		
	101% - 120%	  	 (Amounts over 120% shall not be considered for purposes of this calculation)

2.5 times the percentage (positive) difference between the actual achieved percentages of budgeted Revenue (up to 120%) and Net-Income-After-Tax
targets and 100% of the Revenue and Net-Income-After-Tax targets

 Example A — Budget Performance (100% Target Payout) 

 

																													
	 Performance Goals
	  	Budget	 	  	Actual	 	  	Percentage
Difference
between
Actual and
Budget	 	 	Factor	 	  	Percentage
Adjustment
to Target
Weighting	 	 	Target
Weighting	 	 	Actual
Weighting	 
	 Revenue
	  	$	100.00	  	  	$	100.00	  	  	 	0	% 	 	 	n/a	  	  	 	0	% 	 	 	35	% 	 	 	35	% 
	 Net Income
	  	$	10.00	  	  	$	10.00	  	  	 	0	% 	 	 	n/a	  	  	 	0	% 	 	 	65	% 	 	 	65	% 
		  				  				  				 				  				 				 	  
	  
	 
	 Total percentage applied to individual target performance awards
	   
		 	100	% 
		  				  				  				 				  				 				 	  
	  
	 

  
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 Example B — 105% Target Payout 

 

																													
	 Performance Goals
	  	Budget	 	  	Actual	 	  	Percentage
Difference
between
Actual and
Budget	 	 	Factor	 	  	Percentage
Adjustment
to Target
Weighting	 	 	Target
Weighting	 	 	Actual
Weighting	 
	 Revenue
	  	$	100.00	  	  	$	102.00	  	  	 	+2	% 	 	 	2.5	  	  	 	+5	% 	 	 	35	% 	 	 	36.75	% 
	 Net Income
	  	$	10.00	  	  	$	10.20	  	  	 	+2	% 	 	 	2.5	  	  	 	+5	% 	 	 	65	% 	 	 	68.25	% 
		  				  				  				 				  				 				 	  
	  
	 
	 Total percentage applied to individual target performance awards
	   
		 	105	% 
		  				  				  				 				  				 				 	  
	  
	 

 Example C — 95% Target Payout 
  

																													
	 Performance Goals
	  	Budget	 	  	Actual	 	  	Percentage
Difference
between
Actual and
Budget	 	 	Factor	 	  	Percentage
Adjustment
to Target
Weighting	 	 	Target
Weighting	 	 	Actual
Weighting	 
	 Revenue
	  	$	100.00	  	  	$	98.00	  	  	 	-2	% 	 	 	2.5	  	  	 	-5	% 	 	 	35	% 	 	 	33.25	% 
	 Net Income
	  	$	10.00	  	  	$	9.80	  	  	 	-2	% 	 	 	2.5	  	  	 	-5	% 	 	 	65	% 	 	 	61.75	% 
		  				  				  				 				  				 				 	  
	  
	 
	 Total percentage applied to individual target performance awards
	   
		 	95	% 
		  				  				  				 				  				 				 	  
	  
	 

 Example D — 98.5% Target Payout 
  

																													
	 Performance Goals
	  	Budget	 	  	Actual	 	  	Percentage
Difference
between
Actual and
Budget	 	 	Factor	 	  	Percentage
Adjustment
to Target
Weighting	 	 	Target
Weighting	 	 	Actual
Weighting	 
	 Revenue
	  	$	100.00	  	  	$	102.00	  	  	 	+2	% 	 	 	2.5	  	  	 	+5	% 	 	 	35	% 	 	 	36.75	% 
	 Net Income
	  	$	10.00	  	  	$	9.80	  	  	 	-2	% 	 	 	2.5	  	  	 	-5	% 	 	 	65	% 	 	 	61.75	% 
		  				  				  				 				  				 				 	  
	  
	 
	 Total percentage applied to individual target performance awards
	   
		 	98.5	% 
		  				  				  				 				  				 				 	  
	  
	 

 Following final calculations of the Company’s financial performance during the relevant Plan Year, data
shall be presented to the Chief Executive Officer which shall set forth the Participants’ Performance Awards calculated in accordance with the Plan. The Chief Executive Officer shall review the data for all Participants, apply any Discretionary
Adjustments applicable pursuant to Section 5.3, and then prepare final recommendations for the Committee. 
  

	 	5.3	Discretionary Adjustment. For Participants other than the Chief Executive Officer, the Chief Executive Officer may recommend a discretionary increase (the “Discretionary Adjustment”) to a
Participant’s Performance Award of up to 50% of the Participant’s Target Performance Award calculated in accordance with the provisions of Sections 5.1 and 5.2, subject to review and approval by the Committee. The Chief Executive Officer
shall not be eligible to receive a discretionary Performance Award adjustment pursuant to this Section 5.3. 

  
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	 	5.4	Form and Timing of Payment; Committee Certification. The Performance Awards will be paid in cash to the Participants who are to receive such payments as soon as practicable after the award amounts are
approved and certified in writing by the Committee; provided, however, that the Performance Awards shall be paid no later than March 15th following the end of the Plan Year to which such
Performance Awards relate. 

  

	6.	CHANGE IN STATUS 

 In the event that a Participant remains employed with the Company but is no
longer eligible to receive a Performance Award during the Plan Year, whether due to a promotion, demotion or lateral move, the Participant shall be entitled to a Pro Rata portion of the Performance Award for which he/she was eligible under this
Plan, subject to the terms of Section 5.4, based upon the length of time the Participant served in the eligible position, in which case such Performance Award (a) shall be determined after the end of the Plan Year during which the change
in eligibility status occurs based solely on the actual results of the Company for such full Plan Year, and (b) shall not exceed a Pro Rata portion of the actual Performance Award which the Participant would otherwise have been eligible to
receive under this Plan with respect to the Plan Year in which the change in eligibility status occurs had the Participant remained eligible to receive a Performance Award for the full Plan Year. 

 

	7.	TERMINATION OF EMPLOYMENT. Notwithstanding anything herein to the contrary, subject to Sections 5.4 and 14 of this Plan, the provisions of this Section 7 shall apply in the event of the termination of employment of
a Participant. 

  

	 	7.1	Termination by the Company for Cause. In the event that a Participant’s employment is terminated by the Company for Cause (as such term is defined under such Participant’s employment agreement
with the Company), any Performance Award for the Plan Year in which the termination occurs will be automatically forfeited by the Participant. 

  

	 	7.2	Resignation or Voluntary Termination by the Participant Other Than for Good Reason. In the event that a Participant resigns or otherwise voluntarily terminates employment with the Company for any reason
(other than by reason of retirement from the Company in accordance with Company policy and/or any agreement between the Company and the Participant, which is addressed in paragraph 7.4 below, or as a result of the Chief Executive Officer or Chief
Financial Officer terminating his/her employment for Good Reason (as such term is defined in their employment agreements with the Company)), any Performance Award for the Plan Year in which the termination occurs will be automatically forfeited by
the Participant unless the Chief Executive Officer, in his sole and absolute discretion, decides to grant a Performance Award for such Plan Year to such Participant, in which case such Performance Award (a) shall be determined after the end of
the Plan Year during which the termination occurs based solely on the actual results of the Company for such full Plan Year, and (b) shall not exceed a Pro Rata portion of the actual Performance Award which the Participant would otherwise have
been eligible to receive under this Plan with respect to the Plan Year in which the termination occurs had the Participant remained employed with the Company for the full Plan Year. 

 

	 	7.3	 Termination by the Company without Cause, by the Participant for Good reason, or as a Result of the Death or Disability of the
Participant. In the event that a Participant’s employment is terminated (a) by the Company without Cause (as such term is defined 

  
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under such Participant’s employment agreement with the Company), (b) by the Participant, but only in the case of the Chief Executive Officer or Chief Financial Officer, for Good Reason
(as such term is defined in their employment agreements with the Company)), or (c) as a result of the death or disability (as such term is defined under such Participant’s employment agreement with the Company) of the Participant, then
such Participant (or such Participant’s estate, as applicable), shall be entitled to receive a Pro Rata portion of the actual Performance Award which the Participant would otherwise have been eligible to receive under this Plan with respect to
the Plan Year in which the termination occurs had the Participant remained employed with the Company for the full Plan Year; provided, however, that such Performance Award shall not be determined until after the end of the Plan Year during which the
termination occurs and shall be based solely on the actual results of the Company for such full Plan Year. 

  

	 	7.4	Termination as a Result of the Retirement of the Participant. In the event that a Participant’s employment is terminated as a result of the retirement of the Participant in accordance with Company
policy on a date following the 90th day of then current Company fiscal year, the Participant shall be entitled to receive a Pro Rata portion of the actual Performance Award which the Participant
would otherwise have been eligible to receive under this Plan with respect to the Plan Year in which the termination occurs had the Participant remained employed with the Company for the full Plan Year; provided, however, that such Performance Award
shall not be determined until after the end of the Plan Year during which the termination occurs and shall be based solely on the actual the results of the Company for such full Plan Year. No Performance Award or Pro Rata portion thereof shall be
due or payable to a Participant whose employment is terminated as a result of a retirement that is effective prior to the 90th day of the then current Company fiscal year. 

 

	8.	NON-ASSIGNABILITY 

 No Performance Award under this Plan or payment thereof, nor any right or
benefit under this Plan, shall be subject to anticipation, alienation, sale, assignment, pledge, encumbrance, garnishment, execution or levy of any kind or charge, and any attempt to anticipate, alienate, sell, assign, pledge, encumber and to the
extent permitted by applicable law, charge, garnish, execute upon or levy upon the same shall be void and shall not be recognized or given effect by the Company. 
  

	9.	NO RIGHT TO EMPLOYMENT 

 Nothing in the Plan or in any notice of award pursuant to the Plan
shall confer upon any person the right to continue in the employment of the Company or one of its subsidiaries or affiliates nor affect the right of the Company or any of its subsidiaries or affiliates to terminate the employment of any Participant.

  

	10.	AMENDMENT OR TERMINATION 

 The Board reserves the right, in its sole discretion, to amend,
modify, suspend, discontinue, or terminate the Plan or to adopt a new plan in place of this Plan at any time; provided, however, that: 
  

	 	i.	no such amendment shall, without the prior approval of the stockholders of the Company in accordance with applicable law to the extent required under Code Section 162(m), 

 

	 	•	 	alter the Performance Goals as set forth in Section 5.1; 

  
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	 	•	 	increase the maximum amounts set forth in Section 5.2 and Section 5.3; 

  

	 	•	 	change the class of eligible employees or the Target Performance Awards (% of Salary) set forth in Section 4; or 

  

	 	•	 	implement any change to a provision of the Plan requiring stockholder approval in order for the Plan to continue to comply with the requirements of the Code Section 162(m) Exception; 

 

	 	ii.	no amendment, suspension, or termination shall, without the consent of the Participant, alter or impair a Participant’s right to receive payment of a Performance Award for a Plan Year otherwise payable hereunder;
and 

  

	 	iii.	in the event of any conflict between the terms of this Plan and the terms of any employment, compensation or similar agreement between the Company and a Participant, the terms of the employment, compensation or similar
agreement between the Company and the Participant shall prevail. 

  

	11.	SEVERABILITY 

 In the event that any one or more of the provisions contained in the Plan shall,
for any reason, be held to be invalid, illegal or unenforceable, in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of the Plan and the Plan shall be construed as if such invalid, illegal or
unenforceable provisions had never been contained therein. 
  

	12.	WITHHOLDING 

 The Company shall have the right to make such provisions as it deems necessary or
appropriate to satisfy any obligations it may have to withhold federal, state, or local income or other taxes incurred by reason of payments pursuant to the Plan. 
  

	13.	GOVERNING LAW 

 This Plan and any amendments thereto shall be construed, administered, and
governed in all respects in accordance with the laws of the State of Florida (regardless of the law that might otherwise govern under applicable principles of conflict of laws). 

 

	14.	REGULATORY PROVISIONS 

 This Plan is not intended to provide for deferral of compensation for
purposes of Code Section 409A, by means of complying with Section 1.409A-1(b)(4) of the final Treasury regulations issued under Code Section 409A. The provisions of this Plan shall be interpreted in a manner that satisfies the
requirements of Section 1.409A-1(b)(4) of the final Treasury regulations issued under Code Section 409A and the Plan shall be operated accordingly. If any provision of this Plan or any term or condition of any Performance Award would
otherwise frustrate or conflict with this intent, the provision, term or condition will be interpreted and deemed amended so as to avoid this conflict. 

In the event that following the application of the immediately preceding paragraph, any Performance Award is subject to Code Section 409A,
the provisions of Code Section 409A are hereby incorporated herein by reference to the extent necessary for any Performance Award that is subject to Code Section 409A to comply therewith. In such event, the provisions of this Plan shall be
interpreted in a manner that satisfies the requirements of Code Section 409A and the Plan shall be operated accordingly. If any provision of this Plan or any term or condition of any Performance Award would otherwise frustrate or conflict with
this intent, the provision, term or condition will be interpreted and deemed amended so as to avoid this conflict. 

  
 7 

 Notwithstanding any other provision of this Plan, if a Participant is not employed by the Company
on the last day of the Plan Year to which a Performance Award relates, the maximum Performance Award payable to such Participant shall not exceed the “Pro-Rata Performance Award.” For this purpose, the term “Pro-Rata Performance
Award” shall mean the Performance Award, if any, that would have been payable by the Company to such Participant for the Plan Year if and to the extent that the performance goals for such Plan Year have been met, if the Participant had been
employed by the Company throughout the entire Plan Year, multiplied by a fraction, the numerator of which shall be the number of days from the first day of the Plan Year through and including the date of termination of employment and the denominator
of which shall be the total number of days in the Plan Year. 
  

	15.	REGULATORY PROVISIONS 

 A Performance Award (or any part thereof) may be forfeited and the
Executive may be required to repay the Company such Performance Award (or any part thereof) upon such terms and conditions as may be determined by the Board in accordance with The GEO Group, Inc. Executive Adjustment and Recapture of Incentive
Compensation Policy, as may be amended from time to time, or any successor policy or otherwise. 

  
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