Document:

EX-10.55

 Exhibit 10.55 

AXALTA COATING SYSTEMS BERMUDA CO., LTD. 

2013 EQUITY INCENTIVE PLAN 

STOCK OPTION AGREEMENT 

GRANT NOTICE 
 Unless otherwise defined
herein, the terms defined in the Axalta Coating Systems Bermuda Co., Ltd. 2013 Equity Incentive Plan (the “Plan”) shall have the same defined meanings in this Stock Option Agreement, which includes the terms in this Grant Notice
(the “Grant Notice”) and Appendix A attached hereto (collectively, the “Agreement”). 
 You have been granted an
Option to purchase Common Stock of the Company, subject to the terms and conditions of the Plan and this Agreement, as follows: 
  

	 Name of Optionee: 
	[                    ] 

  

	 Total Number of Shares 
	[                    ] 

Subject to the Option: 
  

	 Exercise Price per Share: 
	The Exercise Price per Share shall be as set forth below: 

  

	 	[                    ] Shares subject to the Option will have a per share exercise price equal to $10 per
Share (the “Ten Dollar Options”) 

  

	 	[                    ] Shares subject to the Option will have a per share exercise price equal to $15 per
Share (the “Fifteen Dollar Options”) 

  

	 	[                    ] Shares subject to the Option will have a per share exercise price equal to $20
(the “Twenty Dollar Options”) 

  

	 Total Exercise Price on Grant Date: 
	$[                    ] 

  

	 Grant Date: 
	[                    ] 

  

	 Type of Option: 
	Non-Qualified Stock Option 

  

	 Final Expiration Date: 
	[                    ] 

  

	 Vesting Schedule: 
	This Option will vest and become exercisable in accordance with the vesting schedule set forth in Appendix A. 

[signature page to follow] 

 Your signature below indicates your agreement and understanding that this Option is
subject to all of the terms and conditions contained in the Agreement (including this Grant Notice and Appendix A to the Agreement) and the Plan. ACCORDINGLY, PLEASE BE SURE TO READ ALL OF APPENDIX A, WHICH CONTAINS THE SPECIFIC TERMS
AND CONDITIONS OF THIS OPTION. 
  

							
	AXALTA COATING SYSTEMS BERMUDA CO., LTD.	  	OPTIONEE
				
	By	  	  
	  		  	  

		  	Name:	  		  	[                    ]
		  	Title:	  		  	

 APPENDIX A TO STOCK OPTION AGREEMENT 

ARTICLE I. 
 GRANT OF
OPTION 
 Section 1.1 Grant of Option. The Company hereby grants to the Optionee the Option to purchase any part or all of an aggregate
of the Shares set forth in the Grant Notice to which this Appendix A is attached, upon the terms and conditions set forth in the Plan and this Agreement (including the Grant Notice and this Appendix A). The Optionee hereby agrees that except as
required by law, he or she will not disclose to any Person other than the Optionee’s spouse and/or tax or financial advisor (if any) the grant of the Option or any of the terms or provisions hereof without the prior approval of the
Administrator, and the Optionee agrees that, in the discretion of the Administrator, the Option shall terminate and any unexercised portion of such Option (whether or not then exercisable) shall be forfeited if the Optionee violates the
non-disclosure provisions of this Section 1.1. 
 Section 1.2 Option Subject to Plan. The Option granted hereunder is subject to the terms
and provisions of the Plan. 
 Section 1.3 Exercise Price. The Exercise Price of a Share covered by the Option shall be the Exercise Price per
Share as set forth in the Grant Notice (without commission or other charge). 
 ARTICLE II. 

VESTING SCHEDULE; EXERCISABILITY 

Section 2.1 Vesting and Exercisability of Options. 

(a) Vesting. Except as provided below, the Options shall become vested and exercisable, so long as the Optionee remains continuously a
Service Provider from the date hereof through each applicable date set forth below, as follows: 
 (i) 20% of each of the Ten
Dollar Options, the Fifteen Dollar Options and the Twenty Dollar Options shall become vested and exercisable on the First Vesting Date; 

(ii) 20% of each of the Ten Dollar Options, the Fifteen Dollar Options and the Twenty Dollar Options shall become vested and
exercisable on the first anniversary of the First Vesting Date; 
 (iii) 20% of each of the Ten Dollar Options, the Fifteen
Dollar Options and the Twenty Dollar Options shall become vested and exercisable on the second anniversary of the First Vesting Date; 

(iv) 20% of each of the Ten Dollar Options, the Fifteen Dollar Options and the Twenty Dollar Options shall become vested and
exercisable on the third anniversary of the First Vesting Date; and 
 (v) 20% of each of the Ten Dollar Options, the Fifteen
Dollar Options and the Twenty Dollar Options shall become vested and exercisable on the fourth anniversary of the First Vesting Date. 

 (b) Liquidity Event Vesting. Upon a Liquidity Event, the Options shall vest and
become exercisable in full immediately prior to such Liquidity Event, so long as Optionee remains continuously a Service Provider from the date hereof through the date of the Liquidity Event.  

(c) Change in Control Vesting. If a Change in Control occurs and the Options do not remain outstanding or are not assumed or an
equivalent award substituted by a successor entity, then immediately prior to the Change in Control the Options shall vest and become exercisable in full as of immediately prior to such Change in Control, so long as the Optionee remains continuously
a Service Provider from the date hereof through the date of the Change in Control. In addition, if a Change in Control occurs and the Options remain outstanding or are assumed or an equivalent award substituted by a successor entity, and the
Optionee is terminated as a Service Provider by the Company or one of its subsidiaries (or the successor entity) without Cause or the Optionee resigns as a Service Provider for Good Reason, in either case following the effective date of the Change
in Control transaction, then the Options shall vest and become exercisable in full as of immediately prior to the date of termination or resignation. 

(d) Vesting Upon an Exchange of Shares. If a transaction occurs in which the Company’s Shares are exchanged for securities
that are listed on a national securities exchange, other than in connection with an initial public offering of the Company’s or one of its Affiliate’s securities, the Options will vest and become exercisable in full on the earlier of:
(i) six (6) months from the effective date of such transaction; (ii) the date on which the Optionee is terminated as a Service Provider by the Company or its subsidiaries without Cause following such transaction; (iii) the date
on which the Optionee resigns as a Service Provider for Good Reason following such transaction; (iv) the date on which the Optionee is terminated as a Service Provider by the Company or its subsidiaries due to Disability following such
transaction; or (v) the date of the Optionee’s death following such transaction.  
 (e) Vesting In the Event of Certain
Terminations of Service. If the Optionee is terminated as a Service Provider by the Company or one of its subsidiaries without Cause or the Optionee resigns as a Service Provider for Good Reason and, in either case, a Liquidity Event or a Change
in Control occurs within six (6) months after the effective date of such termination or resignation, then the Options shall vest and become exercisable in full as of immediately prior to the date of such Change in Control or Liquidity Event, as
applicable. In the event the Options vest as a result of this Section 2.1(e), the period described in Section 2.5(a)(ii) shall not expire prior to the 40th day after the date of the
Change in Control or Liquidity Event, as applicable. 
 Section 2.2 Discretionary Vesting. The Administrator in its discretion may accelerate
the vesting of any portion of the Option that does not otherwise vest pursuant to Section 2.1. 
 Section 2.3 No Vesting of Options;
Forfeiture. Subject to the provisions of Section 2.1(e), but otherwise notwithstanding anything to the contrary in this Agreement, unless otherwise determined by the Administrator, any portion of the Option that has not become vested and
exercisable on or prior to the date of the Optionee’s Termination of Service shall be forfeited on the date of the Optionee’s Termination of Service and shall not thereafter become vested or exercisable. 

Section 2.4 Exercisability of the Option. The Optionee shall not have the right to exercise the Option until the date the applicable portion of
the Option becomes vested pursuant to Sections 2.1 or 2.2. The date that the applicable portion of the Option becomes exercisable is referred to herein as the “Exercise Commencement Date.” Subject to Section 8 of the Plan,
following the Exercise Commencement Date, the applicable portion of the Option shall be and shall remain exercisable until it becomes unexercisable under Section 2.5. Once the Option becomes unexercisable, it shall be forfeited immediately.

 Section 2.5 Expiration of Option. 

(a) The Option may not be exercised to any extent by anyone after the first to occur of the following events: 

(i) The Final Expiration Date; 

(ii) Except for such longer period of time as the Administrator may otherwise approve, six (6) months following the
Optionee’s Termination of Service for any reason other than Cause, death or Disability; 
 (iii) Except as the
Administrator may otherwise approve, the Optionee’s Termination of Service for Cause; or 
 (iv) Except for such longer
period of time as the Administrator may otherwise approve, twelve (12) months following the Optionee’s Termination of Service by reason of the Optionee’s death or Disability. 

(b) If the Company has a right to repurchase the Optionee’s Option and/or Shares, the Company may exercise such right regardless of
whether the Optionee continues to have a right to exercise the Option under this Section 2.5. 
 Section 2.6 Partial Exercise. Any
exercisable portion of the Option or the entire Option, if then wholly exercisable, may be exercised in whole or in part at any time prior to the time when the Option or portion thereof becomes unexercisable. 

Section 2.7 Exercise of Option. The exercise of the Option shall be governed by the terms of this Agreement and the terms of the Plan. 

Section 2.8 Manner of Exercise. 

(a) Unless determined otherwise by the Administrator, as a condition to the exercise of the Option, the Optionee shall
(i) notify the Company at least thirty (30) days prior to exercise and no earlier than ninety (90) days prior to exercise that the Optionee intends to exercise and (ii) concurrently with the exercise of the Option, execute the
Stockholders Agreement, unless the Optionee has already executed the Stockholders Agreement. This Section 2.8 shall not apply if the Shares underlying the Option are registered on Form S-8. 

(b) Notwithstanding any provision of this Agreement or the Plan to the contrary, but subject to applicable law or any
applicable listing rules, the exercise price for any vested and exercisable portion of the Option may be paid in the manner described in Section 5(f)(iii) of the Plan without the requirement that the Administrator consent to such manner of
exercise, unless such manner of exercise shall at such time be prohibited by any applicable financing agreement, indenture or other similar document to which the Company or any of its subsidiaries is bound. 

ARTICLE III. 
 OTHER
PROVISIONS 
 Section 3.1 Optionee Representation; Not a Contract of Service. The Optionee hereby represents that the Optionee’s
execution of this Agreement and participation in the Plan is voluntary and that the Optionee has in no way been induced to enter into this Agreement in exchange for or as a requirement of 

 
the expectation of service with the Company or any of its subsidiaries. Nothing in this Agreement or in the Plan shall confer upon the Optionee any right to continue as a Service Provider or
shall interfere with or restrict in any way the rights of the Company or its subsidiaries, which are hereby expressly reserved, to discharge the Optionee at any time for any reason whatsoever, with or without Cause except pursuant to an employment
or consulting agreement executed by and between the Company and the Optionee and approved by the Board. 
 Section 3.2 Shares Subject to Plan and
Stockholders Agreement. 
 (a) The Optionee acknowledges that this Option and any Shares acquired upon exercise of the Option are
subject to the terms of the Plan and the Stockholders Agreement. Except as provided in subsection (b) below, in the event of a conflict between the terms of this Agreement and the Plan or the Stockholders Agreement, the terms of the Plan or
Stockholders Agreement, as applicable, will control. 
 (b) In the event that (i) the Company exercises a Call Right with respect to
any Shares acquired upon exercise of the Options under Section 5 of the Stockholders Agreement or Section 10(j) of the Plan, (ii) within three (3) months of the date of such Share repurchase a Liquidity Event occurs, and
(iii) the per Share value in such Liquidity Event exceeds the per Share price paid to repurchase such Shares, then as soon as practicable thereafter, and in all events within 30 days of the Liquidity Event, the Company shall pay Optionee the
difference between the value of such Shares at the time of the Liquidity Event and the per Share price paid at the time of repurchase as additional consideration for the repurchase of such Shares. 

(c) The Stockholders Agreement as in effect on the Grant Date is attached hereto as Exhibit A. No amendment to the Stockholders Agreement made
after the Grant Date will be effective against the Optionee, except as permitted under Section 9(k) of the Stockholders Agreement. 

Section 3.3 Construction. This Agreement shall be administered, interpreted and enforced under the laws of the state of Delaware, disregarding
choice-of-law principles of the law of any state that would require the application of the laws of a jurisdiction other than such state. 

ARTICLE IV. 

DEFINITIONS 

Whenever the following terms are used in this Agreement (including the Grant Notice), they shall have the meaning specified below unless the
context clearly indicates to the contrary. Capitalized terms used in this Agreement and not defined below shall have the meaning given such terms in the Plan. The singular pronoun shall include the plural, where the context so indicates. 

Section 4.1 Change in Control. “Change in Control” shall mean (i) the sale, in one transaction or series of related transactions
(including one or more stock sales, mergers, business combinations, recapitalizations, consolidations, reorganizations, restructurings or similar transactions), of all or substantially all of the consolidated assets of the Company and its
subsidiaries to any person (other than Carlyle Partners V Cayman, L.P., any affiliate of Carlyle Partners V Cayman, L.P. or any other private equity investment fund(s) managed by T.C. Group, LLC or any of its affiliates) or (ii) any transaction
or series of related transactions resulting in Carlyle Partners V Cayman, L.P., any affiliate of Carlyle Partners V Cayman, L.P. or any other private equity investment fund(s) managed by T.C. Group, LLC or any of its affiliates no longer holding at
least 50% of the aggregate voting power of all outstanding voting securities of the Company or its successor. 
 Section 4.2 Effective Date.
“Effective Date” shall mean February 1, 2013. 

 Section 4.3 Exercise Price. “Exercise Price” shall mean the exercise price per Share set
forth in the Grant Notice. 
 Section 4.4 Final Expiration Date. “Final Expiration Date” shall mean the final expiration date set
forth in the Grant Notice. 
 Section 4.5 First Vesting Date. “First Vesting Date” shall mean
[                    ]. 
 Section 4.6
Good Reason. “Good Reason” with respect to an Optionee, means “Good Reason” (or any term of similar effect) as defined in such Optionee’s employment agreement with the Company or one of its subsidiaries if such an
agreement exists and contains a definition of Good Reason (or term of similar effect), or, if no such agreement exists or such agreement does not contain a definition of Good Reason (or term of similar effect), then Good Reason shall mean the
occurrence of any of the following events, unless Optionee consents to the applicable event: (i) a decrease in Optionee’s annual base salary, other than a reduction in annual base salary of less than 10% that is implemented in connection
with a contemporaneous reduction in annual base salaries affecting other senior executives of the Company, (ii) a material decrease in Optionee’s authority or areas of responsibility as are commensurate with such Optionee’s title or
position (other than in connection with a corporate transaction where Optionee continues to hold his prior position with respect to the Company’s business, substantially as such business exists prior to the date of consummation of such
corporate transaction, but does not hold such position with respect to the successor corporation), or (iii) the relocation of Optionee’s primary office to a location more than 35 miles from the Company’s then current headquarters.
Notwithstanding the foregoing, no Good Reason will have occurred unless Optionee: (a) has provided the Company, within 60 days of Optionee’s knowledge of the occurrence of the facts and circumstances underlying the Good Reason event,
written-notice stating with specificity the applicable facts and circumstances underlying such finding of Good Reason; (b) provided the Company with an opportunity to cure the same within 30 days after the receipt of such notice; and
(c) actually resigned as a Service Provider within 90 days of Optionee’s knowledge of the occurrence of the facts and circumstances underlying the Good Reason event. 

Section 4.7 Grant Date. “Grant Date” shall be the grant date set forth in the Grant Notice. 

Section 4.8 Grant Notice. “Grant Notice” shall mean the Grant Notice referred to in Section 1.1 of this Agreement, which Grant
Notice is for all purposes a part of the Agreement. 
 Section 4.9 Liquidity Event. “Liquidity Event” shall mean either (a) the
consummation of the sale, transfer, conveyance or other disposition in one or a series of transactions, of the equity securities of the Company or its successor held, directly or indirectly, by all of the Principal Stockholders in exchange for cash,
or in the case of any transaction resulting in the exchange for consideration other than cash (“non-cash consideration”) the receipt of cash upon the disposition of such non-cash consideration, such that immediately following such
transaction or disposition (or series of transactions or dispositions), the total number of all equity securities held, directly or indirectly, by all of the Principal Stockholders and any Affiliate of any Principal Stockholders is, in the
aggregate, less than 50% of the total number of equity securities (as such securities may be adjusted for the occurrence of a corporate event) held, directly or indirectly, by all of the Principal Stockholders and any Affiliate of any Principal
Stockholders as of the Effective Date; or (b) the consummation of the sale, lease, transfer, conveyance or other disposition (other than by way of merger, equity purchase or consolidation), in one or a series of transactions, of all or
substantially all of the assets of the Company, or the Company and its subsidiaries taken as a whole, to any “person” (as such term is defined in Section 13(d)(3) of the Exchange Act) other than to any Principal Stockholders or an
Affiliate of any Principal Stockholders. 

 Section 4.10 Option. “Option” shall mean the option to purchase Common Stock granted under
this Agreement. 
 Section 4.11 Optionee. “Optionee” shall be the Person designated as such in the Grant Notice. 

Section 4.12 Plan. “Plan” shall mean the Axalta Coating Systems Bermuda Co., Ltd. 2013 Equity Incentive Plan. 

Section 4.13 Share. “Share” shall mean a share of Common Stock. 

*        *        *EX-10.60

 Exhibit 10.60 
  

Axalta Coating Systems LLC 

RETIREMENT SAVINGS RESTORATION PLAN 

Effective June 1, 2013 

  
 1 

 RETIREMENT SAVINGS RESTORATION PLAN 

 

	I.	PURPOSE 

 The purpose of this Retirement Savings Restoration Plan (this
“Plan”) is to provide an eligible employee with the opportunity to defer, until termination of employment, receipt of Compensation that, because of limits imposed by law, is ineligible to be considered in calculating benefits within the
Axalta Coating Systems LLC Retirement Savings Plan and thereby recover benefits lost because of that restriction. The Plan is an “employee pension benefit plan” within the meaning of the Employee Retirement Income Security Act of 1974, as
amended (“ERISA”). However, the Plan is unfunded and maintained for a select group of management or highly compensated employees as those terms are set forth in ERISA and, therefore, it is intended that the Plan will be exempt from Parts
2, 3 and 4 of Title I of ERISA. The Plan is not intended to qualify under Section 401(a) of the Code. 
  

	II.	ADMINISTRATION 

 The administration of this Plan is vested in the Benefit
Plan Committee appointed by the Axalta Coating Systems LLC Board of Directors (the “Committee”). The Committee may adopt such rules as it may deem necessary for the proper administration of the Plan (including such rules as may relate to
the timing of crediting amounts to Participant Accounts), and may appoint such person(s) or group(s) as may be judged necessary to assist in the administration of the Plan. The Committee’s decision in all matters involving the interpretation
and application of this Plan shall be final. The Committee shall have the discretionary right to determine eligibility for benefits hereunder and to construe the terms and conditions of this Plan. 

 

	III.	ELIGIBILITY 

 Unless otherwise determined by the Company, any employee of
the Company who is eligible to participate in the Performance Coatings Retirement Savings Plan and who is Grade 13 or above, or an employee of a Company who is eligible to participate in the Performance Coatings Retirement Savings Plan and who is
eligible as listed on Exhibit A, shall be eligible to participate in this Plan (hereinafter “Participant”). As a condition for participation in the Plan, an eligible employee may be required by the Committee to provide such information as
the Committee may deem necessary to properly administer the Plan. 
 For purposes of this Plan, the term “Company”
means Axalta Coating Systems LLC, any wholly-owned subsidiary or part thereof and any joint venture, partnership, or other entity in which Axalta Coating Systems LLC has an ownership interest, provided that such entity (1) adopts this Plan with
the approval of Axalta Coating Systems LLC and (2) agrees to make the necessary financial commitment in respect of any of its employees who become Participants in this Plan. 

  
 2 

 Notwithstanding any other provision herein to the contrary, an eligible employee
who has become a Participant in the Plan shall cease to be a Participant hereunder upon action of the Committee. Any such Committee action shall be effective as of the first day of the Plan Year following such action or on such earlier date
specified by the Committee if such action is based upon an Unforeseeable Emergency. 
 If a Participant’s salary grade
falls below the minimum grade for participation in the Plan as set forth above, effective as of the first day of the calendar year following such reduction in salary grade, he or she will cease to be an eligible employee and will not be allowed to
defer additional amounts into the Plan (and will not receive Company Matching Contributions or Company Non-elective Contributions) until such time as his or her salary grade meets such minimum requirement and, with respect to Participant
Contributions and Company Matching Contributions, he or she makes a new deferral election in accordance with paragraph IV(A) below. Existing amounts in the Participant’s Account will be maintained according to the normal provisions of the Plan.

  

	IV.	PARTICIPANTS’ ACCOUNTS 

 (A) Participant Contributions. A Participant may
elect to defer receipt of a percentage of the Participant’s Compensation in excess of the amount prescribed in Internal Revenue Code Section 401(a)(17), and have the dollar equivalent of the deferral percentage credited to a notional
bookkeeping account under this Plan (“Participant Accounts”). The deferral percentage elected under this Plan shall not exceed six percent (6%). Except as provided below, any such deferral election must be made prior to the beginning of
the calendar year to which such deferral election relates and will be irrevocable for that calendar year once made. 
 For purposes of a
Participant’s first year of participation in this Plan, the compensation deferral election must be made within 30 days of the date the employee becomes eligible to participate in the Plan, and no later than 30 days prior to the first day of the
month for which Compensation is deferred and will be irrevocable for the remainder of that calendar year. 
 Amounts deferred by a
Participant under this subparagraph (A) are referred to herein as the “Participant Contribution.” 
 (B) Company Matching
Contributions. To the extent that a Participant makes a valid and timely deferral election under the terms of subparagraph (A) above, the Company will credit to that Participant’s Account in this Plan an amount equivalent to 100% of
the Participant Contribution. 

  
 3 

 (C) Company Non-elective Contributions. For each employee eligible to participate in this
Plan, whether or not he or she makes a deferral election under the terms of subparagraph (A) above, the Company will credit to that Participant’s Account in this Plan an amount equal to 3% of the Participant’s Compensation in excess
of the amount prescribed in Internal Revenue Code Section 401(a)(17). 
 (D) Earnings Equivalents. Credits for Participant
Contributions and Company Matching and Non-elective Contributions shall be treated as having been invested in one or more of the investment options available for the ongoing deposit of new employee contributions in the Axalta Coating Systems LLC
Retirement Savings Plan as designated by the Committee. Additional credit (or debit) amounts will be posted to the Participant’s Account in this Plan based on the performance of those investment options. 

The Participant shall have the right to: 
  

	 	(1)	designate which of the available investment options are to be used in valuing his/her Account under this Plan, subject to the rules governing investment direction in the Axalta Coating Systems LLC Retirement Savings
Plan; and/or 

  

	 	(2)	change the designated investment options used in valuing his/her Account under this Plan, subject to the rules governing investment direction and/or transfers among funds in the Axalta Coating Systems LLC Retirement
Savings Plan. 

 (E) Credits to Accounts. Participant Contributions, Company Matching and Non- elective Contributions
and Earnings Equivalents shall be credited (or debited) to the Participant’s Account under this Plan as unfunded book entries stated as cash balances, and will not be payable to Participants until such time as the Participant’s Account
becomes payable in accordance with paragraph VI below. The cash balances in Participant Accounts shall be unfunded general obligations of the Company, and no Participant shall have any claim to or security interest in any asset of the Company on
account thereof. 
 (F) Definition of Compensation. Compensation for purposes of this Plan shall mean “compensation” as
defined in the Axalta Coating Systems LLC Retirement Savings Plan. 
  

	V.	VESTING 

 Participant Contributions and Company Matching and Earnings
Equivalents attributable thereto shall be vested at the time such amounts are credited to the Participant’s Account. Company Non-elective Contributions and Earnings Equivalents 

  
 4 

 
thereto shall be vested after the employee completes 3 years of service, as defined in the as defined in the tax-qualified plan in which the Participant participates. 

Notwithstanding any provision of the Plan to the contrary, in the event a Participant’s employment with the Company is
terminated for Cause, the Participant shall be deemed to have forfeited all of the amounts in the Participant’s Account attributable to Company Matching Contributions and Company Non-elective Contributions and no such amounts shall thereafter
be paid to the Participant (or to his or her beneficiary or estate). For purposes of the Plan, “Cause” shall have the meaning set forth in any employment or other similar agreement entered into between the Company (or any of its
affiliates) and the Participant or if no such agreement exists or such agreement does not contain a definition of “Cause” or equivalent term, “Cause” shall mean (i) the Participant’s unauthorized use or disclosure of
confidential information or trade secrets of the Company or any material breach of a written agreement between the Participant and the Company, including without limitation a material breach of any employment, confidentiality, non-compete,
non-solicit or similar agreement; (ii) the Participant’s commission of, indictment for or the entry of a plea of guilty or nolo contendere by the Participant to, a felony under the laws of the United States or any state thereof or
any crime involving dishonesty or moral turpitude (or any similar crime in any jurisdiction outside the United States); (iii) the Participant’s negligence or willful misconduct in the performance of the Participant’s duties or the
Participant’s willful or repeated failure or refusal to substantially perform assigned duties; (iv) any act of fraud, embezzlement, material misappropriation or dishonesty committed by the Participant against the Company; or (v) any
acts, omissions or statements by a Participant which the Company determines to be materially detrimental or damaging to the reputation, operations, prospects or business relations of the Company. 

 

	VI.	PAYMENT OF BENEFITS 

 Amounts payable under this Plan shall be
distributed in one of the following forms and at a time as elected by the Participant: 
 (1) a lump sum at termination of
employment, or in any year up to five years after termination of employment; or 
 (2) annual installments for up to 15
years, beginning in the year of termination of employment or in any of the first five years following termination of employment. In the event the Participant elects installment distributions, the amount distributed with respect to each installment
shall be equal to the amount remaining in the Participant’s Account multiplied by a fraction, the numerator of which is one (1) and the denominator of which is the number of remaining installments (inclusive of the installment with respect
to which such determination is made). 

  
 5 

 If the Participant does not make a valid election as to form and time of
distribution, or upon the Participant’s death, amounts payable shall be delivered in a cash lump sum as soon as practical (but in no event more than 90 days) after separation from service or death. Any such election shall be made by the
Participant at the time the deferral election is made. All payments under this Plan shall be made by, and all expenses of administering this Plan shall be borne by, the Company. 

Benefits payable due to a Participant’s death shall be paid to the beneficiary designated on the most recent valid
beneficiary designation form received by the Committee, or, if no valid beneficiary designation is on file or the beneficiary cannot be determined by the Committee, to the Participant’s estate. If the Committee is unable to locate a Participant
or beneficiary to whom a benefit is payable, such benefit may be forfeited to the Company upon the Committee’s determination. 

A Participant may apply in writing to the Committee for, and the Committee may grant, a hardship withdrawal of all or any part
of a Participant’s Account if the Committee, in its sole discretion, determines that the Participant has incurred an Unforeseeable Emergency. The Committee shall determine whether an event qualifies as an Unforeseeable Emergency in its sole and
absolute discretion; provided, however, that severe financial hardship resulting from: (a) an illness or accident of the Participant, the Participant’s spouse or tax dependent; (b) loss of the Participant’s property due to
casualty; or (c) other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant will normally satisfy the requirement for an Unforeseeable Emergency. The request for distribution
pursuant to this paragraph shall be made in a time and manner determined by the Committee. The payment made from a Participant’s Account pursuant to the provisions of this Section 6.06 shall not be in excess of the amount necessary to meet
such Unforeseeable Emergency of the Participant, including amounts necessary to pay any federal, state or local income taxes with respect to the payment. For purposes of this Plan, “Unforeseeable Emergency” has the meaning set forth in
Treasury Regulation Section 1.409A-3(i)(3). 
  

	VII.	NON-ASSIGNMENT 

 No assignment or alienation of the rights and interests
of participants, beneficiaries and survivors under this Plan will be permitted or recognized under any circumstances. Plan benefits can be paid only to Participants or upon a Participant’s death to his or her duly designated beneficiaries or
his or her estate. 
  

	VIII.	RIGHT TO MODIFY 

 The Company reserves the right to change or discontinue
this Plan in its discretion by action of the Board of Directors, or its delegate, provided, however, that, except for 

  
 6 

 
amendments that are intended to cause the Plan to conform to the requirements of Section 409A of the code, no amendment may be made that would materially impair the rights of a Participant with
respect to amounts already allocated to his or her Account. In the event that the Plan is terminated as described in Treasury Regulation Section 1.409A- 3(j)(4)(ix), the balance in a Participant’s Account shall be paid to such Participant
or his or her beneficiary or estate in full satisfaction of all such Participant’s or Beneficiary’s benefits hereunder, pursuant to the applicable requirements of Treasury Regulation § 1.409A-3(j)(4)(ix). 

 

	IX.	SECTION 409A 

 It is intended that this Plan shall be limited, construed
and interpreted in accordance with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code” or the “Internal Revenue Code”). It is also intended that to the extent that any payment or benefit described
hereunder is subject to Section 409A of the Code, it shall be paid in a manner that will comply with Section 409A of the Code, including guidance issued by the Secretary of the Treasury and the Internal Revenue Service with respect
thereto. Without limiting the foregoing, all references to the termination of a Participant’s employment in this Plan shall be deemed to refer to the Participant’s “separation from service” as such term is defined in Treasury
Regulation Section 1.409A- 1(h) or its successor. No provision in this Plan shall be interpreted or construed to directly or indirectly transfer any liability for a failure to comply with Section 409A of the Code from a Participant or
other individual to the Company, or any other individual or entity affiliated with the Company. 
 Notwithstanding any
provision of the Plan to the contrary, if at the time of the Participant’s separation from service, the Participant is a “specified employee” as defined in Section 409A the Code, as reasonably determined by the Company in
accordance with Section 409A of the Code, and the deferral of the commencement of any distributions that would otherwise be made hereunder as a result of such Separation from Service is necessary in order to prevent any accelerated or
additional tax under Section 409A of the Code, then the Company will defer the commencement of the distributions hereunder until the date that is at least six (6) months following the Participant’s Separation from Service (or the
earliest date permitted under Section 409A of the Code), whereupon the Company will make such distributions to the Participant that would have otherwise been previously made to the Participant under the Plan during the period in which such
distributions were deferred. Thereafter, distributions will resume in accordance with the Plan. 

  
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	X.	MISCELLANEOUS 

 Nothing contained in this Plan and no action taken
pursuant to its provisions by the Company or any person, shall create, nor be construed to create, a trust of any kind or a fiduciary relationship between the Company and the Participant, Beneficiary, or any other person. 

The payments to the Participant, beneficiary or any other distributee hereunder shall be made from assets which shall continue,
for all purposes, to be a part of the general, unrestricted assets of the Company. No person shall have nor acquire any interest in any such assets by virtue of the provisions of this Plan. The Company’s obligation hereunder shall be an
unfunded and unsecured promise to pay money in the future and may be assigned by the Company to any of its affiliates or to any successor. To the extent that the Participant, beneficiary or other distributee acquires a right to receive payments from
the Company under the provisions hereof, such right shall be no greater than the right of any unsecured general creditor of the Company. No such person shall have nor acquire any legal or equitable right, interest or claim in or to any property or
assets of the Company. Neither the Company, the Committee, nor any other person shall be deemed to be a trustee of any amounts to be paid under the Plan. Nothing contained in the Plan, and no action taken pursuant to its provisions, shall create or
be construed to create a trust of any kind, or a fiduciary relationship, between the Company and a Participant or any other person. 

A person who believes that they are being denied a benefit to which they are entitled to under the Plan (hereinafter referred
to as a “Claimant”) may file a written request for such benefit with the Committee, setting forth their claim. The request must be addressed to the Committee at the Company’s then principal place of business. Upon receipt of a claim,
the Committee shall advise the Claimant that a reply will be forthcoming within ninety (90) days and shall, in fact, deliver such reply within such period. The Committee may, however, extend the reply period for an additional ninety
(90) days for reasonable cause. If the claim is denied in whole or in part, the Committee shall adopt a written decision using language calculated to be understood by the Claimant, setting forth all of the following: (i) the specified
reason or reasons for such denial; (ii) the specific reference to pertinent provisions of the Plan on which such denial is based; (iii) a description of any additional material or information necessary for the Claimant to perfect his or
her claim and an explanation of why such material or such information is necessary; (iv) appropriate information as to the steps to be taken if the Claimant wishes to submit the claim for review; and (v) the time limits for requesting such
a review. Within 60 days after the receipt by the Claimant of the written decision described above, the Claimant may request in writing that the Committee review its original determination. Such request must be addressed to the Committee. The
Claimant or his duly authorized representative may, but need not, review the pertinent documents and submit issues and comments in writing for consideration by the Committee. If the Claimant does not request that the Committee review its original
determination within such 60 day period, the Claimant shall be barred and estopped from challenging the Committee’s determination. Within 60 days after the Committee’s receipt of a request 

  
 8 

 
for review, it will review the original determination. After considering all materials presented by the Claimant, the Committee will render a written opinion, written in a manner calculated to be
understood by the Claimant, setting forth the specific reasons for the decision and containing specific references to the pertinent provisions of this Plan on which the decision is based. If special circumstances require that 60 day time period be
extended, the Committee will so notify the Claimant and will render the decision as soon as possible, but no later than 120 days after receipt of the request for review. 

All provisions of the Plan shall be construed in accordance with the laws of the State of Delaware, except to the extent
preempted by federal law. 
 The Plan does not constitute a contract of employment. Neither the action of the Company in
establishing or maintaining the Plan, nor any action taken by the Committee, nor any provision of the Plan shall give a Participant any right to be retained as an employee or other service provider to the Company. 

*        *        * 

  
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