Document:

2006 Omnibus Securities and Incentive Plan

 Exhibit 10.11 

METHANOTECH, INC. 

2006 OMNIBUS SECURITIES AND INCENTIVE PLAN 

 TABLE OF CONTENTS 

 

					
	 	  	 Page

	 ARTICLE I PURPOSE
	  	i
		
	 ARTICLE II DEFINITIONS
	  	i
		
	 ARTICLE III EFFECTIVE DATE OF PLAN
	  	iv
		
	 ARTICLE IV ADMINISTRATION
	  	v
			
	 Section 4.1
	  	 Composition of Committee.
	  	v
			
	 Section 4.2
	  	 Powers.
	  	v
			
	 Section 4.3
	  	 Additional Powers.
	  	v
			
	 Section 4.4
	  	 Committee Action.
	  	vi
		
	 ARTICLE V STOCK SUBJECT TO PLAN AND LIMITATIONS THEREON
	  	vi
			
	 Section 5.1
	  	 Stock Grant and Award Limits.
	  	vi
			
	 Section 5.2
	  	 Stock Offered.
	  	vi
		
	 ARTICLE VI ELIGIBILITY FOR AWARDS; TERMINATION OF EMPLOYMENT, DIRECTOR STATUS OR CONSULTANT
STATUS
	  	vii
			
	 Section 6.1
	  	 Eligibility.
	  	vii
			
	 Section 6.2
	  	 Termination of Employment or Director Status.
	  	vii
			
	 Section 6.3
	  	 Termination of Consultant Status.
	  	viii
			
	 Section 6.4
	  	 Special Termination Rule.
	  	ix
		
	 ARTICLE VII OPTIONS
	  	ix
			
	 Section 7.1
	  	 Option Period.
	  	ix
			
	 Section 7.2
	  	 Limitations on Exercise of Option.
	  	x
			
	 Section 7.3
	  	 Special Limitations on Incentive Stock Options.
	  	x
			
	 Section 7.4
	  	 Option Agreement.
	  	x
			
	 Section 7.5
	  	 Option Price and Payment.
	  	xi
			
	 Section 7.6
	  	 Shareholder Rights and Privileges.
	  	xi
			
	 Section 7.7
	  	 Options and Rights in Substitution for Stock Options Granted by Other Corporations.
	  	xi
		
	 ARTICLE VIII RESTRICTED STOCK AWARDS
	  	xiii
			
	 Section 8.1
	  	 Restriction period to be Established by Committee
	  	xiii
			
	 Section 8.2
	  	 Other Terms and Conditions.
	  	xiii
			
	 Section 8.3
	  	 Payment for Restricted Stock.
	  	xiv
			
	 Section 8.4
	  	 Restricted Stock Award Agreements.
	  	xiv
		
	 ARTICLE IX UNRESTRICTED STOCK AWARDS
	  	xiv

 TABLE OF CONTENTS 

(continued) 

					
	 	  	Page
	 ARTICLE X PERFORMANCE UNIT AWARDS
	  	xiv
			
	 Section 10.1
	  	 Terms and Conditions.
	  	xiv
			
	 Section 10.2
	  	 Payments.
	  	xiv
		
	 ARTICLE XI PERFORMANCE SHARE AWARDS
	  	xv
			
	 Section 11.1
	  	 Terms and Conditions.
	  	xv
			
	 Section 11.2
	  	 Shareholder Rights and Privileges.
	  	xv
		
	 ARTICLE XII DISTRIBUTION EQUIVALENT RIGHTS
	  	xv
			
	 Section 12.1
	  	 Terms and Conditions.
	  	xv

			
	 Section 12.2
	  	 Interest Equivalents.
	  	xv

		
	 ARTICLE XIII STOCK APPRECIATION RIGHTS
	  	xv
			
	 Section 13.1
	  	 Terms and Conditions.
	  	xv

			
	 Section 13.2
	  	 Tandem Stock Appreciation Rights.
	  	xvi
		
	 ARTICLE XIV RECAPITALIZATION OR REORGANIZATION
	  	xvii
			
	 Section 14.1
	  	 Adjustments to Common Stock.
	  	xvii
			
	 Section 14.2
	  	 Recapitalization.
	  	xvii
			
	 Section 14.3
	  	 Other Events.
	  	xvii
			
	 Section 14.4
	  	 Powers Not Affected.
	  	xviii
			
	 Section 14.5
	  	 No Adjustment for Certain Awards.
	  	xviii
		
	 ARTICLE XV AMENDMENT AND TERMINATION OF PLAN
	  	xviii
		
	 ARTICLE XVI MISCELLANEOUS
	  	xviii
			
	 Section 16.1
	  	 No Right to Award.
	  	xix
			
	 Section 16.2
	  	 No Rights Conferred.
	  	xix
			
	 Section 16.3
	  	 Other Laws; Withholding.
	  	xix
			
	 Section 16.4
	  	 No Restriction on Corporate Action.
	  	xix
			
	 Section 16.5
	  	 Restrictions on Transfer.
	  	xx
			
	 Section 16.6
	  	 Beneficiary Designations.
	  	xx
			
	 Section 16.7
	  	 Rule 16b-3.
	  	xx
			
	 Section 16.8
	  	 Section 162(m).
	  	xx
			
	 Section 16.9
	  	 Other Plans.
	  	xxi

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	 	  	Page
	 Section 16.10
	  	 Limits of Liability.
	  	xxi
			
	 Section 16.11
	  		  	xxi
			
	 Section 16.12
	  	 Governing Law
	  	xxi
			
	 Section 16.13
	  	 Severability of Provisions.
	  	xxi
			
	 Section 16.14
	  	 No Funding
	  	xxi
			
	 Section 16.15
	  	 Headings
	  	xxii
			
	 Section 16.16
	  	 California Information Requirements
	  	xxii

 ARTICLE I 

PURPOSE 

The purpose of this Gevo, Inc. 2006 Omnibus Securities and Incentive Plan (the “Plan”) is to benefit the shareholders of Gevo,
Inc. (formerly Methanotech, Inc.), a Delaware corporation (the “Company”), by assisting the Company to attract, retain and provide incentives to key management employees and nonemployee directors of, and non-employee consultants to, the
Company and its Affiliates, and to align the interests of such employees, nonemployee directors and nonemployee consultants with those of the Company’s shareholders. Accordingly, the Plan provides for the granting of Deferred Stock Awards,
Distribution Equivalent Rights, Incentive Stock Options, Non-Qualified Stock Options, Performance Share Awards, Restricted Stock Awards, Stock Appreciation Rights, Tandem Stock Appreciation Rights, Unrestricted Stock Awards or any combination of the
foregoing, as may be best suited to the circumstances of the particular Employee, Director or Consultant as provided herein. 

ARTICLE II 

DEFINITIONS 

The following definitions shall be applicable throughout the Plan unless the context otherwise requires: 

“Affiliate” shall mean any “subsidiary” (as defined in Section 424(f) of the Code) or “parent” (as
defined in Section 424(e) of the Code) of the Company. 
 “Award” shall mean, individually or collectively, any
Deferred Stock Award, Distribution Equivalent Right, Option, Performance Share Award, Performance Unit Award, Restricted Stock Award, Stock Appreciation Right, Tandem Stock Appreciation Right or Unrestricted Stock Award. 

“Award Agreement” shall mean a written agreement between the Company and the Holder with respect to an Award, each of which
shall constitute a part of the Plan. 
 “Board” shall mean the Board of Directors of the Company. 

“Code” shall mean the Internal Revenue Code of 1986, as amended. Reference in the Plan to any section of the Code shall be
deemed to include any amendments or successor provisions to any section and any regulation under such section. 

“Committee” shall mean a committee designated by the Board, which Committee shall administer the Plan as set forth in
Section 4.1; provided, however, that if no such committee shall be so designated, the Board shall serve as the Committee. 

“Common Stock” shall mean the Common Stock, par value $0.01 per share, of the Company. 

 

 i 

 “Company” shall mean Gevo, Inc., a Delaware corporation, and any successor
thereto. 
 “Consultant” shall mean any non-Employee consultant or advisor to the Company or an Affiliate who has
contracted directly with the Company or an Affiliate to render bona fide perform consulting or advisory services thereto. 

“Director” shall mean any individual who is a member of the Board or a member of the board of directors of an Affiliate, in
either case, who is not an Employee. 
 “Distribution Equivalent Right” shall mean an Award granted under Article XII
of the Plan which entitles the Holder to receive bookkeeping credits, cash payments and/or Common Stock distributions equal in amount to the distributions that would have been made to the Holder had the Holder held a specified number of shares of
Common Stock during the period the Holder held the Distribution Equivalent Right. 
 “Distribution Equivalent Right Award
Agreement” shall mean a written agreement between the Company and a Holder with respect to a Distribution Equivalent Right Award. 

“Effective Date” shall mean January 1, 2006. 

“Employee” shall mean any person employed by the Company or an Affiliate. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Fair Market Value” shall mean, as of any specified date, the mean of the reported high and low sales prices of the Common
Stock on the stock exchange composite tape on that date, or if no prices are reported on that date, on the last preceding date on which such prices of the Common Stock are so reported. If the Common Stock is traded over-the-counter at the time a
determination of its Fair Market Value is required to be made hereunder, its Fair Market Value shall be deemed to be equal to the average between the reported high and low or closing bid and asked prices of the Common Stock on the most recent date
on which the Common Stock was listed on a national securities exchange or quoted on NASDAQ. In the event the Common Stock is not listed on a national securities exchange or quoted on NASDAQ at the time a determination of its Fair Market Value is
required to be made hereunder, the determination of its Fair Market Value shall be made by the Committee in such manner as it deems appropriate. 

“Family Member” shall mean any child, stepchild, grandchild, parent, spouse, former spouse, sibling, niece, nephew,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive relationships, any person sharing the Holder’s household (other than a tenant of the Holder), a trust in which such persons have more
than fifty percent (50%) of the beneficial interest, a foundation in which such persons (or the Holder) control the management of assets, and any other entity in which such persons (or the Holder) own more than fifty percent (50%) of the
voting interests. 
  

 ii 

 “Holder” shall mean an Employee, Director or Consultant who has been granted an
Award or any such individual’s beneficiary, estate or representative, to the extent applicable. 
 “Incentive Stock
Option” shall mean an Option which is an “incentive stock option” within the meaning of Section 422 of the Code. 

“Non-Qualified Stock Option” shall mean an Option which is not an Incentive Stock Option. 

“Option” shall mean an Award granted under Article VII of the Plan of an option to purchase shares of Common Stock and includes
both Incentive Stock Options and Non-Qualified Stock Options. 
 “Option Agreement” shall mean a written agreement
between the Company and a Holder with respect to an Option. 
 “Performance Share Award” shall mean an Award granted
under Article XI of the Plan under which, upon the satisfaction of predetermined individual and/or Company performance goals and/or objectives, shares of Common Stock are paid to the Holder. 

“Performance Share Award Agreement” shall mean a written agreement between the Company and a Holder with respect to a
Performance Share Award. 
 “Performance Unit” shall mean a Unit awarded to a Holder pursuant to a Performance Unit
Award. 
 “Performance Unit Award” shall mean an Award granted under Article X of the Plan under which, upon the
satisfaction of predetermined individual and/or Company performance goals and/or objectives, a cash payment shall be made to the Holder, based on the number of Units awarded to the Holder. 

“Performance Unit Award Agreement” shall mean a written agreement between the Company and a Holder with respect to a
Performance Unit Award. 
 “Plan” shall mean this Gevo, Inc. 2006 Omnibus Securities and Incentive Plan, as amended
from time to time, together with each of the Award Agreements utilized hereunder. 
 “Restricted Stock Award” shall
mean an Award granted under Article VIII of the Plan of shares of Common Stock, the transferability of which by the Holder shall be subject to Transfer Restrictions. 

“Restricted Stock Award Agreement” shall mean a written agreement between the Company and a Holder with respect to a Restricted
Stock Award. 
  

 iii 

 “Restriction Period” shall mean the period of time for which shares of Common
Stock subject to a Restricted Stock Award shall be subject to Transfer Restrictions, as set forth in the applicable Restricted Stock Award Agreement. 

“Rule 16b-3” shall mean Rule 16b-3 promulgated by the Securities and Exchange Commission under the Exchange Act, as such may be
amended from time to time, and any successor rule, regulation or statute fulfilling the same or a substantially similar function. 

“Stock Appreciation Right” shall mean an Award granted under Article XIII of the Plan of a right, granted alone or in
connection with a related Option, to receive a payment on the date of exercise. 
 “Stock Appreciation Right Award
Agreement” shall mean a written agreement between the Company and a Holder with respect to a Stock Appreciation Right. 

“Tandem Stock Appreciation Right” shall mean a Stock Appreciation Right granted in connection with a related Option, the
exercise of which shall result in forfeiture of the otherwise entitlement to purchase some or all of the shares of Common Stock under the related Option. 

“Ten Percent Shareholder” shall mean an Employee who, on the date on which an Option is granted to him or her, owns more than
ten percent (10%) of the total combined voting power of all classes of stock of the Company or of any parent corporation or subsidiary corporation thereof (both as defined in Section 424 of the Code), within the meaning of
Section 422(b)(6) of the Code. 
 “Total and Permanent Disability” shall mean the inability to engage in any
substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve
(12) months, all as described in Section 22(e)(3) of the Code. 
 “Transfer Restrictions” shall mean
restrictions on the transferability of shares of Common Stock awarded to an Employee, Director or Consultant under the Plan pursuant to a Restricted Stock Award Agreement. 

“Units” shall mean bookkeeping units, each of which represents such monetary amount as shall be designated by the Committee in
each Performance Unit Award Agreement. 
 “Unrestricted Stock Award” shall mean an Award granted under Article IX of
the Plan of shares of Common Stock which are not subject to Transfer Restrictions. 
 “Unrestricted Stock Award
Agreement” shall mean a written agreement between the Company and a Holder with respect to an Unrestricted Stock Award. 

ARTICLE III 

EFFECTIVE DATE OF PLAN 
  

 iv 

 The Plan shall be effective as of the Effective Date, provided that the Plan is approved by
a majority of the outstanding securities of the Company entitled to vote within twelve (12) months of such date. 

ARTICLE IV 

ADMINISTRATION 

Section 4.1 Composition of Committee. 

The Plan shall be administered by the Committee, which shall be appointed by the Board. Notwithstanding the foregoing, however, at any
time that the Common Stock is listed on a national securities exchange or quoted on NASDAQ, the Committee shall consist solely of two (2) or more Directors who are each (i) “outside directors” within the meaning of
Section 162(m) of the Code (“Outside Directors”), and (ii) “non-employee directors” within the meaning of Rule 16b-3 (“Non-Employee Directors”); provided, however, that the Board or the Committee
may delegate to a committee of one or more members of the Board who are not (x) Outside Directors, the authority to grant Awards to eligible persons who are not (A) then “covered employees” within the meaning of
Section 162(m) of the Code and are not expected to be “covered employees” at the time of recognition of income resulting from such Award, or (B) persons with respect to whom the Company wishes to comply with the requirements of
Section 162(m) of the Code, and/or (y) Non-Employee Directors, the authority to grant Awards to eligible persons who are not then subject to the requirements of Section 16 of the Exchange Act. If a member of the Committee shall be
eligible to receive an Award under the Plan, such Committee member shall have no authority hereunder with respect to his or her own Award. 

Section 4.2 Powers. 

Subject to the provisions of the Plan, the Committee shall have the sole authority, in its discretion, to determine which individuals
shall receive an Award, the time or times when such Award shall be made, what type of Award shall be granted and the number of shares of Common Stock which may be issued under such Award, as applicable. In making such determinations the Committee
may take into account the nature of the services rendered by the respective individuals, their present and potential contribution to the Company’s (or the Affiliate’s) success and such other factors as the Committee in its discretion shall
deem relevant. 
 Section 4.3 Additional Powers. 

The Committee shall have such additional powers as are delegated to it under the other provisions of the Plan. Subject to the express
provisions of the Plan, the Committee is authorized to construe the Plan and the respective Award Agreements executed hereunder, to prescribe such rules and regulations relating to the Plan as it may deem advisable to carry out the intent of the
Plan, and to determine the terms, restrictions and provisions of each Award, 
  

 v 

 
including such terms, restrictions and provisions as shall be requisite in the judgment of the Committee to cause designated Options to qualify as Incentive Stock Options, and to make all other
determinations necessary or advisable for administering the Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in any Award Agreement in the manner and to the extent it shall deem expedient to carry it
into effect. The determinations of the Committee on the matters referred to in this Article IV shall be conclusive. 

Section 4.4 Committee Action. 

In the absence of specific rules to the contrary, action by the Committee shall require the consent of a majority of the members of the
Committee, expressed either orally at a meeting of the Committee or in writing in the absence of a meeting. 
 ARTICLE V 

 STOCK SUBJECT TO PLAN AND LIMITATIONS THEREON 

Section 5.1 Stock Grant and Award Limits. 

The Committee may from time to time grant Awards to one or more Employees, Directors and/or Consultants determined by it to be eligible
for participation in the Plan in accordance with the provisions of Article VI. Subject to Article XIV, the aggregate number of shares of Common Stock that may be issued under the Plan shall not exceed One Million Fifty Thousand
(1,050,000) shares. Shares shall be deemed to have been issued under the Plan solely to the extent actually issued and delivered pursuant to an Award. To the extent that an Award lapses or the rights of its Holder terminate, any shares of
Common Stock subject to such Award shall again be available for the grant of a new Award. Notwithstanding any provision in the Plan to the contrary, the maximum number of shares of Common Stock that may be subject to Awards of Options under Article
VII and/or Stock Appreciation Rights under Article XIII, in either or both cases granted to any one Employee during any calendar year, shall be Five Hundred Twenty-Five Thousand (525,000) shares (subject to adjustment in the same manner as
provided in Article XIV with respect to shares of Common Stock subject to Awards then outstanding). The limitation set forth in the preceding sentence shall be applied in a manner which shall permit compensation generated in connection with the
exercise of Options to constitute “performance-based” compensation for purposes of Section 162(m) of the Code, including, but not limited to, counting against such maximum number of shares, to the extent required under
Section 162(m) of the Code, any shares subject to Options that are canceled or repriced. 
 Section 5.2 Stock
Offered. 
 The stock to be offered pursuant to the grant of an Award may be authorized but unissued Common Stock, Common
Stock purchased on the open market or Common Stock previously issued and outstanding and reacquired by the Company. 
  

 vi 

 ARTICLE VI 

ELIGIBILITY FOR AWARDS; TERMINATION OF 

EMPLOYMENT, DIRECTOR STATUS OR CONSULTANT STATUS 

Section 6.1 Eligibility. 

Awards made under the Plan may be granted solely to persons who, at the time of grant, are Employees, Directors or Consultants. An Award
may be granted on more than one occasion to the same Employee, Director or Consultant, and, subject to the limitations set forth in the Plan, such Award may include, a Non-Qualified Stock Option, a Restricted Stock Award, a Deferred Stock Award, an
Unrestricted Stock Award, a Distribution Equivalent Right Award, any combination thereof or, solely for Employees, an Incentive Stock Option. 

Section 6.2 Termination of Employment or Director Status. 

Except to the extent inconsistent with the terms of the applicable Award Agreement and/or the provisions of Section 6.4, the
following terms and conditions shall apply with respect to the termination of a Holder’s employment with, or status as a Director of, the Company or an Affiliate, as applicable, for any reason, including, without limitation, Total and Permanent
Disability or death: 
 (a) The Holder’s rights, if any, to exercise any then exercisable Non-Qualified
Stock Options shall terminate: 
 (1) If such termination is for a reason other than the Holder’s Total and
Permanent Disability or death, not more than sixty (60) days after the date of such termination of employment or after the date of such termination of Director status; 

(2) If such termination is on account of the Holder’s Total and Permanent Disability, six (6) months after the
date of such termination of employment or Director status; or 
 (3) If such termination is on account of the
Holder’s death, six (6) months after the date of the Holder’s death. 
 Upon such applicable date the Holder (and
such Holder’s estate, designated beneficiary or other legal representative) shall forfeit any rights or interests in or with respect to any such Non-Qualified Stock Options. 

(b) The Holder’s rights, if any, to exercise any then exercisable Incentive Stock Option shall terminate: 

 

 vii 

 (1) If such termination is for a reason other than the Holder’s Total
and Permanent Disability or death, not more than sixty (60) days after the date of such termination of employment; 

(2) If such termination is on account of the Holder’s Total and Permanent Disability, six (6) months after the
date of such termination of employment; or 
 (3) If such termination is on account of the Holder’s death,
six (6) months after the date of the Holder’s death. 
 Upon such applicable date the Holder (and such Holder’s estate,
designated beneficiary or other legal representative) shall forfeit any rights or interests in or with respect to any such Incentive Stock Options. 

(c) If a Holder’s employment with, or status as a Director of, the Company or an Affiliate, as applicable, terminates
for any reason prior to the actual or deemed satisfaction and/or lapse of the restrictions, terms and conditions applicable to an Award of Restricted Stock and/or Deferred Stock, such Restricted Stock and/or Deferred Stock shall immediately be
canceled, and the Holder (and such Holder’s estate, designated beneficiary or other legal representative) shall forfeit any rights or interests in and with respect to any such Restricted Stock and/or Deferred Stock. The immediately preceding
sentence to the contrary notwithstanding, the Committee, in its sole discretion, may determine, prior to or within thirty (30) days after the date of such termination of employment or Director status, that all or a portion of any such
Holder’s Restricted Stock and/or Deferred Stock shall not be so canceled and forfeited. 
 Section 6.3 Termination
of Consultant Status. 
 Except to the extent inconsistent with the terms of the applicable Award Agreement and/or the
provisions of Section 6.4, the following terms and conditions shall apply with respect to the termination of a Holder’s status as a Consultant, for any reason: 

(a) The Holder’s rights, if any, to exercise any then exercisable Non-Qualified Stock Options shall terminate:

 (1) If such termination is for a reason other than the Holder’s death, not more than sixty
(60) days after the date of such termination; or 
 (2) If such termination is on account of the
Holder’s death, six (6) months after the date of the Holder’s death. 
 (b) If the status of a
Holder as a Consultant terminates for any reason prior to the actual or deemed satisfaction and/or lapse of the restrictions, terms and 

 

 viii 

 
conditions applicable to an Award of Restricted Stock and/or Deferred Stock, such Restricted Stock and/or Deferred Stock shall immediately be canceled, and the Holder (and such Holder’s
estate, designated beneficiary or other legal representative) shall forfeit any rights or interests in and with respect to any such Restricted Stock and/or Deferred Stock. The immediately preceding sentence to the contrary notwithstanding, the
Committee, in its sole discretion, may determine, prior to or within thirty (30) days after the date of such termination of such a Holder’s status as a Consultant, that all or a portion of any such Holder’s Restricted Stock and/or
Deferred Stock shall not be so canceled and forfeited. 
 Section 6.4 Special Termination Rule. 

Except to the extent inconsistent with the terms of the applicable Award Agreement, and notwithstanding anything to the contrary
contained in this Article VI, if a Holder’s employment with, or status as a Director of, the Company or an Affiliate shall terminate, if, within sixty (60) days of such termination, such Holder shall become a Consultant, such Holder’s
rights with respect to any Award or portion thereof granted thereto prior to the date of such termination may be preserved, if and to the extent determined by the Committee in its sole discretion, as if such Holder had been a Consultant for the
entire period during which such Award or portion thereof had been outstanding. Should the Committee effect such determination with respect to such Holder, for all purposes of the Plan, such Holder shall not be treated as if his or her employment or
Director status had terminated until such time as his or her Consultant status shall terminate, in which case his or her Award, as it may have been reduced in connection with the Holder’s becoming a Consultant, shall be treated pursuant to the
provisions of Section 6.3. Should a Holder’s status as a Consultant terminate, if, within sixty (60) days of such termination, such Holder shall become an Employee or a Director, such Holder’s rights with respect to any Award or
portion thereof granted thereto prior to the date of such termination may be preserved, if and to the extent determined by the Committee in its sole discretion, as if such Holder had been an Employee or a Director, as applicable, for the entire
period during which such Award or portion thereof had been outstanding, and, should the Committee effect such determination with respect to such Holder, for all purposes of the Plan, such Holder shall not be treated as if his or her Consultant
status had terminated until such time as his or her employment with the Company or an Affiliate, or his or her Director status, as applicable, shall terminate, in which case his or her Award shall be treated pursuant to the provisions of
Section 6.2. 
 ARTICLE VII 

OPTIONS 

Section 7.1 Option Period. 
  

 ix 

 The term of each Option shall be as specified in the Option Agreement, but in no event
shall exceed a ten (10) year period. 
 Section 7.2 Limitations on Exercise of Option. 

An Option shall be exercisable in whole or in such installments and at such times as specified in the Option Agreement. 

Section 7.3 Special Limitations on Incentive Stock Options. 

To the extent that the aggregate Fair Market Value (determined at the time the respective Incentive Stock Option is
granted) of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by an individual during any calendar year under all plans of the Company and any parent corporation or subsidiary corporation thereof (both as
defined in Section 424 of the Code) which provide for the grant of Incentive Stock Options exceeds One Hundred Thousand Dollars ($100,000)(or such other individual limit as may be in effect under the Code on the date of grant), such Incentive
Stock Options shall be treated as Non-Qualified Stock Options. The Committee shall determine, in accordance with applicable provisions of the Code, Treasury Regulations and other administrative pronouncements, which of a Holder’s Options, which
were intended by the Committee to be Incentive Stock Options when granted to the Holder, will not constitute Incentive Stock Options because of such limitation, and shall notify the Holder of such determination as soon as practicable after such
determination. No Incentive Stock Option shall be granted to an Employee if, at the time the Option is granted, such Employee is a Ten Percent Shareholder, unless (i) at the time such Incentive Stock Option is granted the Option price is at
least one hundred ten percent (110 %) of the Fair Market Value of the Common Stock subject to the Option on the date of grant, and (ii) such Incentive Stock Option by its terms is not exercisable after the expiration of five (5) years from
the date of grant. 
 Section 7.4 Option Agreement. 

Each Option shall be evidenced by an Option Agreement in such form and containing such provisions not inconsistent with the provisions of
the Plan as the Committee from time to time shall approve, including, but not limited to, provisions to qualify an Option as an Incentive Stock Option. An Option Agreement may provide for the payment of the Option price, in whole or in part, by the
delivery of a number of shares of Common Stock (plus cash if necessary) having a Fair Market Value equal to such Option price. Each Option Agreement shall, solely to the extent inconsistent with the provisions of Sections 6.2, 6.3 and 6.4, as
applicable, specify the effect of termination of employment, Director status or Consultant status on the exercisability of the Option. Moreover, an Option Agreement may provide for a “cashless exercise” of the Option by establishing
procedures whereby the Holder, by a properly-executed written notice, directs (i) an immediate market sale or margin loan respecting all or a part of the shares of 

 

 x 

 
Common Stock to which he is entitled upon exercise pursuant to an extension of credit by the Company to the Holder of the Option price, (ii) the delivery of the shares of Common Stock from
the Company directly to a brokerage firm and (iii) the delivery of the Option price from sale or margin loan proceeds from the brokerage firm directly to the Company. An Option Agreement may also include provisions relating to (i) subject
to the provisions hereof, accelerated vesting of Options, (ii) tax matters (including provisions covering any applicable Employee wage withholding requirements and requiring additional “gross-up” payments to Holders to meet any excise
taxes or other additional income tax liability imposed as a result of a payment upon a “change of control” of the Company resulting from the operation of the Plan or of such Option Agreement) and (iii) any other matters not
inconsistent with the terms and provisions of the Plan that the Committee shall in its sole discretion determine. The terms and conditions of the respective Option Agreements need not be identical. 

Section 7.5 Option Price and Payment. 

The price at which a share of Common Stock may be purchased upon exercise of an Option shall be determined by the Committee;
provided, however, that such Option price (i) shall not be less than the Fair Market Value of a share of Common Stock on the date on which such Option is granted, (ii) if at the time the Option is granted the grantee is a Ten
Percent Shareholder, shall be at least one hundred ten percent (110%) of the Fair Market Value of a share of Common Stock on the date on which such Option is granted and (iii) shall be subject to adjustment as provided in Article XIV. The
Option or portion thereof may be exercised by delivery of an irrevocable notice of exercise to the Company. The Option price for the Option or portion thereof shall be paid in full in the manner prescribed by the Committee. Separate stock
certificates (or, in the case of uncertificated shares, initial transaction statements or notices of issuance) shall be issued by the Company for those shares of Common Stock acquired pursuant to the exercise of an Incentive Stock Option and for
those shares of Common Stock acquired pursuant to the exercise of a Non-Qualified Stock Option. 
 Section 7.6
Shareholder Rights and Privileges. 
 The Holder of an Option shall be entitled to all the privileges and rights of a
shareholder of the Company solely with respect to such shares of Common Stock as have been purchased under the Option and for which certificates of stock have been registered in the Holder’s name (or, in the case of uncertificated shares, for
which an initial transaction statement or notice of issuance has been sent and registration of ownership made in the Holder’s name in the Company’s records). 

Section 7.7 Options and Rights in Substitution for Stock Options Granted by Other Corporations. 

 

 xi 

 Options may be granted under the Plan from time to time in substitution for stock options
held by individuals employed by entities who become Employees as a result of a merger or consolidation of the employing entity with the Company or any Affiliate, or the acquisition by the Company or an Affiliate of the assets of the employing
entity, or the acquisition by the Company or an Affiliate of stock of the employing entity with the result that such employing entity becomes an Affiliate. 
  

 xii 

 ARTICLE VIII 

RESTRICTED STOCK AWARDS 

Section 8.1 Restriction Period to be Established by Committee. 

At the time a Restricted Stock Award is made, the Committee shall establish the Restriction Period applicable to such Award. Each
Restricted Stock Award may have a different Restriction Period, in the discretion of the Committee. The Restriction Period applicable to a particular Restricted Stock Award shall not be changed except as permitted by Section 8.2. 

Section 8.2 Other Terms and Conditions. 

Common Stock awarded pursuant to a Restricted Stock Award shall be represented by a stock certificate registered in the name of the
Holder of such Restricted Stock Award, except that if the Company’s Common Stock generally is uncertificated, the Company may instead use such form of initial transaction statement or notice of issuance as it uses for other shares. If provided
for under the Restricted Stock Award Agreement, the Holder shall have the right to vote Common Stock subject thereto and to enjoy all other shareholder rights, except that (i) the Holder shall not be entitled to delivery of the stock
certificate (if any) until the Restriction Period shall have expired, (ii) the Company shall retain custody of the stock certificate (if any) during the Restriction Period, (iii) the Holder may not sell, transfer, pledge, exchange,
hypothecate or otherwise dispose of the Common Stock during the Restriction Period, (iv) the Holder shall be entitled to receive dividends on the Common Stock during the Restriction Period and (v) a breach of the terms and conditions
established by the Committee pursuant to the Restricted Stock Award Agreement shall cause a forfeiture of the Restricted Stock Award. At the time of such Award, the Committee may, in its sole discretion, prescribe additional terms and conditions or
restrictions relating to Restricted Stock Awards, including, but not limited to, rules pertaining to the effect of termination of employment, Director status or Consultant status prior to expiration of the Restriction Period. Such additional terms,
conditions or restrictions shall, to the extent inconsistent with the provisions of Sections 6.2, 6.3 and 6.4, as applicable, be set forth in a Restricted Stock Award Agreement made in conjunction with the Award. Such Restricted Stock Award
Agreement may also include provisions relating to (i) subject to the provisions hereof, accelerated vesting of Awards, including but not limited to accelerated vesting upon the occurrence of a “change of control” of the Company,
(ii) tax matters (including provisions covering any applicable Employee wage withholding requirements and requiring additional “gross-up” payments to Holders to meet any excise taxes or other additional income tax liability imposed as
a result of a payment made in connection with a “change of control” of the Company resulting from the operation of the Plan or of such Restricted Stock Award Agreement) and (iii) any other matters not inconsistent with the terms and
provisions of the Plan that the Committee 
  

 xiii 

 
shall in its sole discretion determine. The terms and conditions of the respective Restricted Stock Agreements need not be identical. 

Section 8.3 Payment for Restricted Stock. 

The Committee shall determine the amount and form of any payment for Common Stock received pursuant to a Restricted Stock Award, provided
that in the absence of such a determination, a Holder shall not be required to make any payment for Common Stock received pursuant to a Restricted Stock Award, except to the extent otherwise required by law. 

Section 8.4 Restricted Stock Award Agreements. 

At the time any Award is made under this Article VIII, the Company and the Holder shall enter into a Restricted Stock Award Agreement
setting forth each of the matters contemplated hereby and such other matters as the Committee may determine to be appropriate. 

ARTICLE IX 

UNRESTRICTED STOCK AWARDS 

Pursuant to the terms of the applicable Unrestricted Stock Award Agreement, a Holder may be awarded (or sold at a discount) shares of
Common Stock which are not subject to Transfer Restrictions, in consideration for past services rendered thereby to the Company or an Affiliate or for other valid consideration. 

ARTICLE X 

PERFORMANCE UNIT AWARDS 

Section 10.1 Terms and Conditions. 

The Committee shall set forth in the applicable Performance Unit Award Agreement the performance goals and objectives (and the period of
time to which such goals and objectives shall apply) which the Holder and/or the Company would be required to satisfy before the Holder would become entitled to payment pursuant to Section 10.2, the number of Units awarded to the Holder and the
dollar value assigned to each such Unit. 
 Section 10.2 Payments. 

The Holder of a Performance Unit shall be entitled to receive a cash payment equal to the dollar value assigned to such Unit under the
applicable Performance Unit Award Agreement if the Holder and/or the Company satisfy (or partially satisfy, if applicable under the applicable Performance Unit Award Agreement) the performance goals and objectives set forth in such Performance Unit
Award Agreement. 
  

 xiv 

 ARTICLE XI 

PERFORMANCE SHARE AWARDS 

Section 11.1 Terms and Conditions. 

The Committee shall set forth in the applicable Performance Share Award Agreement the performance goals and objectives (and the period of
time to which such goals and objectives shall apply) which the Holder and/or the Company would be required to satisfy before the Holder would become entitled to the receipt of shares of Common Stock pursuant to such Holder’s Performance Share
Award and the number of shares of Common Stock subject to such Performance Share Award. 
 Section 11.2 Shareholder
Rights and Privileges. 
 The Holder of a Performance Share Award shall have no rights as a shareholder of the Company until
such time, if any, as the Holder actually receives shares of Common Stock pursuant to the Performance Share Award. 
 ARTICLE
XII 
 DISTRIBUTION EQUIVALENT RIGHTS 

Section 12.1 Terms and Conditions. 

The Committee shall set forth in the applicable Distribution Equivalent Rights Award Agreement the terms and conditions, if any,
including whether the Holder is to receive credits currently in cash, is to have such credits reinvested (at Fair Market Value determined as of the date of reinvestment) in additional shares of Common Stock or is to be entitled to choose among such
alternatives. Distribution Equivalent Rights Awards may be settled in cash or in shares of Common Stock, as set forth in the Applicable Distribution Equivalent Rights Award Agreement. A Distribution Equivalent Rights Award may, but need not be,
awarded as a component of another Award, where, if so awarded, such Distribution Equivalent Rights Award shall expire or be forfeited by the Holder under the same conditions as under such other Award. 

Section 12.2 Interest Equivalents. 

The Distribution Equivalent Rights Award Agreement for a Distribution Equivalent Rights Award may provide for the crediting of interest
on a Distribution Rights Award to be settled in cash at a future date, at a rate set forth in the applicable Distribution Equivalent Rights Award Agreement, on the amount of cash payable thereunder. 

ARTICLE XIII 

STOCK APPRECIATION RIGHTS 

Section 13.1 Terms and Conditions. 
  

 xv 

 The Committee shall set forth in the applicable Stock Appreciation Right Award Agreement the
terms and conditions of the Stock Appreciation Right, including (i) the base value (the “Base Value”) for the Stock Appreciation Right, which for purposes of a Stock Appreciation which is not a Tandem Stock Appreciation Right, shall
be equal to the Fair Market Value of a share of the Common Stock on the date of grant of the Stock Appreciation Right, (ii) the number of shares of Common Stock subject to the Stock Appreciation Right, (iii) the period during which the
Stock Appreciation Right may be exercised, and (iv) any other special rules and/or requirements which the Committee imposes upon the Stock Appreciation Right. Upon the exercise of some or all of the portion of a Stock Appreciation Right, the
Holder shall receive a payment from the Company, in cash or in the form of shares of Common Stock having an equivalent Fair Market Value or in a combination of both, as determined in the sole discretion of the Committee, equal to the product of:

 (a) The excess of (i) the Fair Market Value of a share of the Common Stock on the date of exercise, over
(ii) the Base Value, multiplied by; 
 (b) The number of shares of Common Stock with respect to which the
Stock Appreciation Right is exercised. 
 Section 13.2 Tandem Stock Appreciation Rights. 

If the Committee grants a Stock Appreciation Right which is intended to be a Tandem Stock Appreciation Right, the following special rules
shall apply: 
 (a) The Base Value shall be equal to the exercise price of the related Option; 

(b) The Tandem Stock Appreciation Right may be exercised for all or part of the shares of Common Stock which are subject
to the related Option, but solely upon the surrender by the Holder of the Holder’s right to exercise the equivalent portion of the related Option (and when a share of Common Stock is purchased under the related Option, an equivalent portion of
the related Tandem Stock Appreciation Right shall be cancelled); and 
 (c) If the related Option is an Incentive
Stock Option: 
 (1) The Tandem Stock Appreciation Right shall expire no later than the date of the expiration
of the related Incentive Stock Option; 
 (2) The value of the payment with respect to the Tandem Stock
Appreciation Right may be no more than one hundred percent (100%) of the difference between the exercise price under the related Incentive Stock Option and the Fair Market Value of the shares of Common Stock subject

  

 xvi 

 
to the related Incentive Stock Option at the time the Tandem Stock Appreciation Right is exercised; and 

(3) The Tandem Stock Appreciation Right may be exercised solely when the Fair Market Value of the shares of Common Stock
subject to the related Incentive Stock Option exceeds the exercise price under the related Incentive Stock Option. 
 ARTICLE
XIV 
 RECAPITALIZATION OR REORGANIZATION 

Section 14.1 Adjustments to Common Stock. 

The shares with respect to which Awards may be granted under the Plan are shares of Common Stock as presently constituted; provided,
however, that if, and whenever, prior to the expiration or distribution to the Holder of an Award theretofore granted, the Company shall effect a subdivision or consolidation of shares of Common Stock or the payment of a stock dividend on Common
Stock without receipt of consideration by the Company, the number of shares of Common Stock with respect to which such Award may thereafter be exercised or satisfied, as applicable, (i) in the event of an increase in the number of outstanding
shares, shall be proportionately increased, and the purchase price per share shall be proportionately reduced, and (ii) in the event of a reduction in the number of outstanding shares, shall be proportionately reduced, and the purchase price per
share shall be proportionately increased. Notwithstanding the foregoing, any such adjustment made with respect to an Award which is an Incentive Stock Option shall comply with the requirements of Section 424(a) of the Code, and in no event
shall any such adjustment be made which would render any Incentive Stock Option granted under the Plan to be other than an “incentive stock option” for purposes of Section 422 of the Code. 

Section 14.2 Recapitalization. 

If the Company recapitalizes or otherwise changes its capital structure, thereafter upon any exercise or satisfaction, as applicable, of
a previously granted Award, the Holder shall be entitled to receive (or entitled to purchase, if applicable) under such Award, in lieu of the number of shares of Common Stock then covered by such Award, the number and class of shares of stock and
securities to which the Holder would have been entitled pursuant to the terms of the recapitalization if, immediately prior to such recapitalization, the Holder had been the holder of record of the number of shares of Common Stock then covered by
such Award. 
 Section 14.3 Other Events. 

In the event of changes to the outstanding Common Stock by reason of recapitalization, reorganization, mergers, consolidations,
combinations, exchanges or other relevant changes in capitalization occurring after the date of the grant of any Award and not otherwise provided for 

 

 xvii 

 
under this Article XIV, any outstanding Awards and any Award Agreements evidencing such Awards shall be subject to adjustment by the Committee in its discretion as to the number and price of
shares of Common Stock or other consideration subject to such Awards. In the event of any such change to the outstanding Common Stock, the aggregate number of shares available under the Plan may be appropriately adjusted by the Committee, the
determination of which shall be conclusive. 
 Section 14.4 Powers Not Affected. 

The existence of the Plan and the Awards granted hereunder shall not affect in any way the right or power of the Board or of the
shareholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change of the Company’s capital structure or business, any merger or consolidation of the Company, any issue of debt or equity securities
ahead of or affecting Common Stock or the rights thereof, the dissolution or liquidation of the Company or any sale, lease, exchange or other disposition of all or any part of its assets or business or any other corporate act or proceeding.

 Section 14.5 No Adjustment for Certain Awards. 

Except as hereinabove expressly provided, the issuance by the Company of shares of stock of any class or securities convertible into
shares of stock of any class, for cash, property, labor or services, upon direct sale, upon the exercise of rights or warrants to subscribe therefor or upon conversion of shares or obligations of the Company convertible into such shares or other
securities, and in any case whether or not for fair value, shall not affect previously granted Awards, and no adjustment by reason thereof shall be made with respect to the number of shares of Common Stock subject to Awards theretofore granted or
the purchase price per share, if applicable. 
 ARTICLE XV 

AMENDMENT AND TERMINATION OF PLAN 

The Board in its discretion may terminate the Plan at any time with respect to any shares for which Awards have not theretofore been granted. The Board
shall have the right to alter or amend the Plan or any part hereof from time to time; provided, however, that no change in any Award theretofore granted may be made which would materially and adversely impair the rights of a Holder
without the consent of the Holder (unless such change is required in order to cause the benefits under the Plan to qualify as “performance-based” compensation within the meaning of Section 162(m) of the Code). 

ARTICLE XVI 

MISCELLANEOUS 
  

 xviii 

 Section 16.1 No Right to Award. 

Neither the adoption of the Plan by the Company nor any action of the Board or the Committee shall be deemed to give an Employee,
Director or Consultant any right to an Award except as may be evidenced by an Award Agreement duly executed on behalf of the Company, and then solely to the extent and on the terms and conditions expressly set forth therein. 

Section 16.2 No Rights Conferred. 

Nothing contained in the Plan shall (i) confer upon any Employee any right with respect to continuation of employment with the
Company or any Affiliate, (ii) interfere in any way with the right of the Company or any Affiliate to terminate the employment of an Employee at any time, (iii) confer upon any Director any right with respect to continuation of such
Director’s membership on the Board, (iv) interfere in any way with the right of the Company or an Affiliate to terminate a Director’s membership on the Board at any time, (v) confer upon any Consultant any right with respect to
continuation of his or her consulting engagement with the Company or any Affiliate, or (vi) interfere in any way with the right of the Company or an Affiliate to terminate a Consultant’s consulting engagement with the Company or an
Affiliate at any time. 
 Section 16.3 Other Laws; Withholding. 

The Company shall not be obligated to issue any Common Stock pursuant to any Award granted under the Plan at any time when the shares
covered by such Award have not been registered under the Securities Act of 1933 and under such other state and federal laws, rules or regulations as the Company or the Committee deems applicable and, in the opinion of legal counsel of the Company,
if there is no exemption from the registration requirements of such laws, rules or regulations available for the issuance and sale of such shares. No fractional shares of Common Stock shall be delivered, nor shall any cash in lieu of fractional
shares be paid. The Company shall have the right to deduct in cash (whether under this Plan or otherwise) in connection with all Awards any taxes required by law to be withheld and to require any payments required to enable it to satisfy its
withholding obligations. In the case of any Award satisfied in the form of shares of Common Stock, no shares shall be issued unless and until arrangements satisfactory to the Company shall have been made to satisfy any tax withholding obligations
applicable with respect to such Award. Subject to such terms and conditions as the Committee may impose, the Company shall have the right to retain, or the Committee may, subject to such terms and conditions as it may establish from time to time,
permit Holders to elect to tender, Common Stock (including Common Stock issuable in respect of an Award) to satisfy, in whole or in part, the amount required to be withheld. 

Section 16.4 No Restriction on Corporate Action. 

Nothing contained in the Plan shall be construed to prevent the Company or any Affiliate from taking any corporate action which is deemed
by the Company or such Affiliate to be 
  

 xix 

 
appropriate or in its best interest, whether or not such action would have an adverse effect on the Plan or any Award made under the Plan. No Employee, Director, Consultant, beneficiary or other
person shall have any claim against the Company or any Affiliate as a result of any such action. 
 Section 16.5
Restrictions on Transfer. 
 No Award under the Plan or any Award Agreement and no rights or interests herein or therein,
shall or may be assigned, transferred, sold, exchanged, encumbered, pledged or otherwise hypothecated or disposed of by a Holder except (i) by will or by the laws of descent and distribution, or (ii) except for an Incentive Stock Option,
by gift to any Family Member of the Holder, or pursuant to a divorce decree or domestic relations order. An Award may be exercisable during the lifetime of the Holder only by such Holder or by the Holder’s guardian or legal representative
unless it has been transferred (in whole or in part) by gift to a Family Member of the Holder or by divorce decree or domestic relations order, in which case it (or the transferred portion) shall be exercisable solely by such transferee.
Notwithstanding any such transfer, the Holder shall continue to be subject to the withholding requirements provided for under Section 16.3 hereof. 

Section 16.6 Beneficiary Designations. 

Each Holder may, from time to time, name a beneficiary or beneficiaries (who may be contingent or successive beneficiaries) for purposes
of receiving any amount which is payable in connection with an Award under the Plan upon or subsequent to the Holder’s death. Each such beneficiary designation shall serve to revoke all prior beneficiary designations, be in a form prescribed by
the Company and be effective solely when filed by the Holder in writing with the Company during the Holder’s lifetime. In the absence of any such written beneficiary designation, for purposes of the Plan, a Holder’s beneficiary shall be
the Holder’s estate. 
 Section 16.7 Rule 16b-3. 

It is intended that, at any time when the Common Stock is listed on a national securities exchange or quoted on NASDAQ, the Plan and any
Award made to a person subject to Section 16 of the Exchange Act shall meet all of the requirements of Rule 16b-3. If any provision of the Plan or of any such Award would disqualify the Plan or such Award under, or would otherwise not comply
with the requirements of, Rule 16b-3, such provision or Award shall be construed or deemed to have been amended as necessary to conform to the requirements of Rule 16b-3. 

Section 16.8 Section 162(m). 

It is intended that, at any time when the Common Stock is listed on a national securities exchange or quoted on NASDAQ, the Plan shall
comply fully with and meet all the requirements of Section 162(m) of the Code so that Awards hereunder which are made to Holders who are 

 

 xx 

 
“covered employees” (as defined in Section 162(m) of the Code) shall constitute “performance-based” compensation within the meaning of Section 162(m) of the Code.
The performance criteria to be utilized under the Plan for such purposes shall consist of objective tests based on one or more of the following: [earnings or earnings per share, cash flow, customer satisfaction, revenues, financial return ratios
(such as return on equity and/or return on assets), market performance, shareholder return and/or value, operating profits, EBITDA, net profits, profit returns and margins, stock price, credit quality, sales growth, market share, comparisons to peer
companies (on a company-wide or divisional basis), working capital and/or individual or aggregate employee performance]. If any provision of the Plan would disqualify the Plan or would not otherwise permit the Plan to comply with Section 162(m)
as so intended, such provision shall be construed or deemed amended to conform to the requirements or provisions of Section 162(m); provided, however, that no such construction or amendment shall have an adverse effect on the
economic value to a Holder of any Award previously granted hereunder. 
 Section 16.9 Other Plans. 

No Award, payment or amount received hereunder shall be taken into account in computing an Employee’s salary or compensation for the
purposes of determining any benefits under any pension, retirement, life insurance or other benefit plan of the Company or any Affiliate, unless such other plan specifically provides for the inclusion of such Award, payment or amount received.

 Section 16.10 Limits of Liability. 

Section 16.11 

Any liability of the Company with respect to an Award shall be based solely upon the contractual obligations created under the Plan and
the Award Agreement. Neither the Company nor any member of the Committee shall have any liability to any party for any action taken or not taken, in good faith, in connection with or under the Plan. 

Section 16.12 Governing Law. 

Except as otherwise provided herein, the Plan shall be construed in accordance with the laws of the State of Delaware. 

Section 16.13 Severability of Provisions. 

If any provision of the Plan is held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provision
of the Plan, and the Plan shall be construed and enforced as if such invalid or unenforceable provision had not been included in the Plan. 

Section 16.14 No Funding. 
  

 xxi 

 The Plan shall be unfunded. The Company shall not be required to establish any special or
separate fund or to make any other segregation of funds or assets to ensure the payment of any Award. 
 Section 16.15
Headings. 
 Headings used throughout the Plan are for convenience only and shall not be given legal significance.

 Section 16.16 California Information Requirements. 

The Company shall comply with the information requirements applicable to the Plan pursuant to Section 260.140.46 of the California
Code of Regulations. 
  

 xxiiForm of Restricted Stock Award Agreement under the 2006 Omnibus Securities

 Exhibit 10.12 

GEVO, INC. 

2006 OMNIBUS SECURITIES AND INCENTIVE PLAN 

RESTRICTED STOCK AWARD AGREEMENT 

This Restricted Stock Award Agreement (this “Agreement”) is made by and between Gevo, Inc., a Delaware corporation (the
“Company”), and              (the “Awardee”). 

RECITALS 
 The
Company has adopted the Gevo, Inc. 2006 Omnibus Securities and Incentive Plan (the “Plan”) for the benefit of its employees, nonemployee directors and consultants and the employees, nonemployee directors and consultants of its affiliates,
and 
 The Committee has authorized the award to the Awardee of shares of Restricted Stock (“Restricted Shares”) under
the Plan, on the terms and conditions set forth in the Plan and as hereinafter provided. 
 AGREEMENT 

In consideration of the foregoing recitals, which are incorporated herein by this reference, and the mutual promises contained herein,
the Company and the Awardee hereby agree as follows: 
 1. Definitions. Terms used in this Agreement and not herein
defined shall have the meanings as set forth in the Plan. 
 2. Award of Restricted Shares. The Committee hereby awards
to the Awardee              Restricted Shares. All such Restricted Shares shall be subject to the transferability restrictions and forfeiture provisions contained in Sections 4, 5
and 6, such restrictions to become effective immediately upon execution of this Agreement by the parties hereto. 
 3.
Delivery of Stock Certificates. The Company will retain custody of any stock certificates representing the Restricted Shares until such Restricted Shares have vested. Within a reasonable time after the vesting of any portion of the Restricted
Shares, the Awardee may request, and the Company shall cause to be delivered to the Awardee, his or her legal representative or his or her beneficiary, a stock certificate for the vested portion of the Restricted Shares, or a Notice of Issuance if
the Company generally issues uncertificated securities (subject to the provisions of Section 4(b) below). 
 (a) If the
Company issues stock certificates, each stock certificate must bear the following legend: 
 “THE TRANSFERABILITY OF THIS
CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND OF A RESTRICTED STOCK AWARD AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND GEVO, INC., WHEREBY THE TRANSFER IN ANY MANNER OF SUCH SHARES OF STOCK OR ANY
INTEREST THEREIN IS RESTRICTED AND THE SHARES OF STOCK ARE SUBJECT 

 
TO FORFEITURE. COPIES OF SUCH AGREEMENT ARE ON FILE IN THE OFFICES OF THE SECRETARY, GEVO, INC.” 

(b) If the Company utilizes uncertificated securities, the transaction statement that reflects issuance of the shares will bear a
substantially equivalent notice. Upon vesting, the Company shall reissue certificates free of such legend. Certificates representing Restricted Shares may contain such further legends and transfer restrictions as the Company shall deem reasonably
necessary or desirable, including, without limitation, legends restricting transfer until there has been compliance with federal and state securities laws. 

4. Vesting. 

(a) The award shall initially be unvested. Except as otherwise provided in Section 10 below, the Restricted Shares shall vest in
forty-eight (48) equal monthly installments, on the first day of each month, pursuant to the terms of the Plan and subject to continuation of the Awardee’s consultant status with the Company (as determined under the Plan). 

(b) Upon vesting of the Award, Awardee shall execute and deliver to the Company a Stock Restriction Agreement in substantially the form
attached as Exhibit A (the “Stock Restriction Agreement”). Execution and delivery of the Stock Restriction Agreement shall be a condition precedent to the right to receive the vested Restricted Shares. 

5. Restriction on Transferability. Subject to Section 12 (Change of Control), any unvested portion of the Restricted
Shares (a) shall not be transferred, sold, pledged, exchanged, hypothecated, otherwise disposed of by the Awardee, except as permitted pursuant to Section 16.5 of the Plan; and (b) shall be forfeited by the Awardee upon termination of
the Awardee’s consultant status (as determined under the Plan) or any breach of the terms or conditions of this Agreement or the Plan by the Awardee (together, the “Transfer Restrictions”). Upon vesting, the Restricted Shares shall no
longer be subject to Transfer Restrictions but shall be subject to the provisions of the Stock Restriction Agreement and any application restrictions on transfer set forth therein. 

6. Voting and Dividend Rights. The Awardee shall have the voting and dividend rights of a shareholder of Common Stock with respect
to the Restricted Shares; provided, however, that dividends paid in shares of Common Stock shall be deposited with the Company, together (if requested by the Company) with a stock power endorsed in blank or other appropriate instrument
of transfer executed by Awardee, and shall be subject to the same Transfer Restrictions as the Restricted Shares. 
 7.
Regulation by the Committee. This Agreement and the Restricted Shares shall be subject to the administrative procedures and rules as the Committee shall adopt. All decisions of the Committee upon any question arising under the Plan or under
this Agreement, shall be conclusive and binding upon the Awardee. 
 8. Registration. The Restricted Shares have not been
registered under the Securities Act of 1933, as amended (the “Act”), and may be offered and sold solely if registered pursuant to the provisions of that Act or if an exemption from registration is available. The Awardee hereby acknowledges
that the Restricted Shares have not been so registered and agrees to offer or sell the Restricted Shares solely if they are registered pursuant to the provisions of the Act or if an exemption from registration is available. If the Restricted Shares
are not so registered at the expiration of the applicable Transfer Restrictions, the Awardee understands that the Company 
  

 2 

 
will place stop-transfer instructions with its transfer agents (if any) with respect to any Common Stock certificates replacing the Restricted Shares certificates and may cause all certificates
(if any) representing such Common Stock to be conspicuously legended to evidence the fact that the Common Stock has not been registered under the Act, and may be offered or sold solely if registered pursuant to the provisions of that Act or if an
exemption from registration is available. The Awardee hereby represents that the Awardee accepts the Restricted Shares for his or her own account for investment and not with a view to, or for sale in connection with, the distribution of any part
thereof and the Awardee acknowledges that the Awardee or the Awardee’s beneficiary may be required by the Committee to repeat this representation in writing upon the delivery of Common Stock under the Plan. The Awardee further represents that
the Awardee has knowledge and experience in financial and business matters, that he or she is capable of evaluating the merits and risks of owning the Restricted Shares and that the Awardee is able to bear the economic risk of such ownership.

 9. Market Stand-Off Agreement. The Awardee shall not sell, dispose of, transfer, make any short sale of, grant any
option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any Common Stock of the Company held by the Awardee, including the Restricted Shares, for a period of time specified by the
managing underwriter (not to exceed one hundred eighty (180) days) following the effective date of a registration statement of the Company filed under the Act. The Awardee agrees to execute and deliver such other agreements as may be reasonably
requested by the Company or the managing underwriter which are consistent with the foregoing or which are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with
respect to the Restricted Shares until the end of such period. The underwriters of the Company’s stock are intended third party beneficiaries of this Section and shall have the right, power and authority to enforce the provisions hereof as
though they were a party hereto. 
 10. Adjustments to Common Stock. 

(a) If the Company shall effect a subdivision or consolidation of shares of Common Stock or the payment of a stock dividend on Common
Stock without receipt of consideration by the Company, the number of shares of Common Stock comprising the Restricted Shares, as applicable, (i) in the event of an increase in the number of outstanding shares, shall be proportionately
increased, and (ii) in the event of a reduction in the number of outstanding shares, shall be proportionately reduced. 

(b) If the Company recapitalizes or otherwise changes its capital structure, the Awardee shall be entitled to receive, in lieu of the
Restricted Shares, the number and class of shares of stock and securities to the Awardee would have been entitled pursuant to the terms of the recapitalization if, immediately prior to such recapitalization, the Awardee held an unrestricted number
of shares of Common Stock equal to the number of Restricted Shares. 
 (c) In the event of other changes to the outstanding
Common Stock by reason of capitalization, reorganization, merger, consolidation, combination, exchange, or other relevant change in capitalization occurring after the date of this Agreement and not otherwise provided for herein, the Restricted
Shares shall be subject to adjustment by the Committee in its discretion as to the number of shares of Common Stock or other consideration receivable thereon. 

11. Withholding. The Company shall have the right to deduct in cash (whether under the Plan or otherwise) any taxes required by
law to be withheld and to require any payments 
  

 3 

 
required to enable the Company to satisfy its withholding obligations. The Restricted Shares shall not be delivered to the Awardee unless and until arrangement satisfactory to the Company shall
have been made to satisfy any tax withholding obligations applicable to the Restricted Shares. Subject to such terms and conditions as the Committee may impose, the Company shall have the right to retain shares of Common Stock to satisfy, in whole
or in part, the amount required to be withheld. 
 12. Change of Control. Notwithstanding the vesting requirements
contained in Section 4, upon a Change of Control, in the sole discretion of the Committee, either (a) all unvested Restricted Shares shall automatically become fully vested (contingent upon execution and delivery of the Stock Restriction
Agreement by the Awardee) and no longer subject to the Transfer Restrictions, immediately prior to the date of such Change of Control, (b) all unvested Restricted Shares shall be cancelled, and the Company shall, within 45 days, make a cash
payment to the Awardee equal to the Fair Market Value of such Restricted Shares as of the time the Change of Control, or (c) the Change of Control shall have no effect on the vested status of or Transfer Restrictions applicable to the
Restricted Shares. 
 For purposes of this Agreement, the term “Change of Control” shall mean the earliest of the
following to occur: 
 (a) Any Person together with all “affiliates” and “associates” (within the meanings
of such terms under Rule 12b-2 of the Exchange Act) of such Person, becoming the beneficial owner of fifty percent (50%) or more of the Company’s voting stock then outstanding (with such determination to be made as if all convertible
preferred stock, convertible notes and other securities that are convertible into voting stock had been converted, and all options and warrants to purchase voting stock had been exercised, such basis being referred to below as
“as-converted”); provided, however, that if the Company then has a class of securities registered under the Securities Exchange Act of 1934, the applicable threshold shall be thirty percent (30%) instead of fifty percent (50%). The
term “Person” as used herein shall not include any Company Affiliates. “Company Affiliates” as used herein means the Company, any subsidiary of the Company, any employee benefit plan of the Company or of any subsidiary of the
Company, Vinod Khosla, Khosla Ventures, any venture capital fund or other entity that is under the control of Vinod Khosla, Frances H. Arnold, Ph.D., Matthew W. Peters, Ph.D. and Peter Meinhold, Ph.D. 

(b) The commencement of, or the first public announcement of, a tender or exchange offer the consummation of which would result in any
Person becoming the beneficial owner of the Company’s voting stock aggregating fifty percent (50%) or more of the Company’s then outstanding voting stock on an as-converted basis; provided, however, that if the Company then has a
class of securities registered under the Securities Exchange Act of 1934, the applicable threshold shall be thirty percent (30%) instead of fifty percent (50%); provided, further, that a Change of Control shall not occur solely as a result of
this clause (b) if the tender or exchange offer in question was approved in advance by the Board , nor if the Board determines that such offer or public announcement has no reasonable possibility of success; 

(c) The announcement of any transaction relating to the Company required to be described pursuant to the requirements of Item 6(e)
of Schedule 14A of Regulation 14A of the Securities and Exchange Commission under the Exchange Act; provided, further, that a Change of Control shall not occur solely as a result of this clause (c) if the transaction was approved in

  

 4 

 
advance by the Company’s Board of Directors; 
 (d) A proposed change
in the constituency of the Board such that, during any period of two (2) consecutive years, individuals who at the beginning of such period constitute the Board cease for any reason to constitute at least a majority thereof, unless the election
or nomination for election by the shareholders of the Company of each new director was approved by a vote of at least two-thirds (2/3) of the directors then still in office who were members of the Board at the beginning of the period;

 (e) The Company enters into an agreement of merger, consolidation, share exchange or similar transaction with any other
corporation other than a transaction which would result in the Company’s voting stock outstanding immediately prior to the consummation of such transaction continuing to represent (either by remaining outstanding or by being converted into
voting stock of the surviving entity) at least two-thirds (2/3) of the combined voting power of the Company’s or such surviving entity’s outstanding voting stock immediately after such transaction (unless the parties to that agreement
are all Company Affiliates (or their Affiliates), or the agreement subsequently expires without consummation of the transaction contemplated thereby); 

(f) The Board approves a plan of liquidation or dissolution of the Company or an agreement for the sale or disposition by the Company (in
one transaction or a series of transactions) of all or substantially all of the Company’s assets to a person or entity which is not an Affiliate of the Company; or 

(g) Any other event which shall be deemed by a majority of the members of the Board to constitute a “Change of Control.”

 13. Amendment. The Committee may amend this Agreement at any time and from time to time; provided, however, that no
amendment of this Agreement that would impair the Awardee’s rights or entitlements with respect to the Restricted Shares shall be effective without the prior written consent of the Awardee. 

14. Plan Terms. The terms of the Plan are hereby incorporated herein by reference. 

15. Effective Date of Award. The award of each Restricted Share shall be effective as of the date first written above. 

16. Governing Law. The parties hereby agree that this Agreement shall be construed in accordance with the laws of the State of
Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.

 17. Awardee Acknowledgment. By executing this Agreement, the Awardee hereby acknowledges that he or she has received
and read the Plan and this Agreement and that he or she agrees to be bound by all of the terms of both the Plan and this Agreement. 

[Signature Page Follows] 
  

 5 

 The parties have executed this Restricted Stock Award Agreement as of the first date above
written. 
  

			
	THE COMPANY:
	
	GEVO, INC.
		
	 By:
	 	  

	 Name:
	 	  

	 Its:
	 	  

	
	THE AWARDEE:

	
	
	  

 

 6

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