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TEREX CORPORATION DEFERRED COMPENSATION PLAN
THIS TEREX CORPORATION DEFERRED COMPENSATION PLAN, dated as of March 3, 2022, established by TEREX CORPORATION (the “Plan”), a Delaware corporation authorized to do business in the State of Connecticut, 45 Glover Avenue, Norwalk, CT 06850 (hereinafter referred to as the “Corporation”).
WITNESSETH THAT:
WHEREAS, the Corporation established the Terex Deferred Compensation Plan effective January 1, 1997 as amended as of February 1, 1997 (the “Original Plan”), and the Original Plan provided that the Corporation may amend the Original Plan at any time;
WHEREAS, the Corporation amended and restated the Original Plan as of December 1, 1997, January 1, 2002, January 1, 2004 and March 11, 2004 (the Original Plan as amended and restated shall be referred to as the “Former Plan”);
WHEREAS, the Corporation amended the Former Plan on October 14, 2008, effective December 31, 2004, to freeze participation and future contributions under the Plan;
WHEREAS, the Corporation established this Plan, effective January 1, 2005; to comply with Section 409A of the Internal Revenue Code of 1986, as amended and amended this Plan on February 28, 2013;
WHEREAS, the Corporation recognizes the valuable services heretofore performed for it by the Participants (as defined below);
WHEREAS, the Corporation has established this Plan to provide retirement and death benefits, and benefits in the event of any other termination of employment or service as an outside director, as provided herein to a select group of management or highly compensated employees and the outside directors;
WHEREAS, each Participant desires to receive such benefits and to defer a portion of his or her compensation;
WHEREAS, the Corporation desires to extend the date that Terex Matching Contributions (as defined below) may be granted until March 2, 2032 (the “Amended Terms”);
WHEREAS, the Corporation has established a trust dated as of January 1, 1997 (the “Trust”) to assist in providing the benefits under the Former Plan and the Trust has been amended effective as of January 1, 2005 to assist in providing benefits under this Plan; and
WHEREAS, the Corporation desires to provide the terms and conditions upon which the Corporation shall pay such additional compensation through the Trust to the Participants.
NOW, THEREFORE, in consideration of these premises, the Corporation adopts the Plan as follows:
1.Establishment and Purposes.
a.Establishment.  The Corporation established the Plan as of January 1, 2005.  The Amended Terms shall become effective upon stockholder approval.
b.Name.  The Plan shall be known as the “Terex Corporation Deferred Compensation Plan.”
c.Purpose.  The purpose of the Plan is to defer the payment of a portion of the compensation of the Participants, including the portion deferred by each Participant in accordance with an 
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annual Deferral Election, so that such amount may be paid to the Participants (or their beneficiaries) upon retirement or death or other termination of employment as specified herein.
2.Definitions.
Except as otherwise provided herein, the following terms shall have the definitions hereinafter indicated wherever used in this Plan with initial capital letters:
a.Beneficiary:  Any person, entity, or any combination thereof designated by the Participant, on a Beneficiary Designation Form acceptable to the Corporation, to receive benefits under this Plan in the event of the Participant’s death, or in the absence of any such designation, his or her estate.
b.Beneficiary Designation Form: The designation by the Participant of his or her Beneficiary or Beneficiaries, as amended from time to time, and in a form acceptable to the Corporation.
c.Code:  The Internal Revenue Code of 1986, as amended.
d.Compensation:  All wages, salaries, bonuses and director fees  to be paid to a Participant for services rendered to the Corporation, other than stock options issued to a Participant pursuant to a qualified stock option plan (not including any amounts deferred by the Corporation under the provisions of this Plan).  
e.Deferral Election:  The form or other method of deferral acceptable to the Corporation that provides for the Participant to elect to defer a portion of his or her Compensation or other amounts or items.  A Participant must complete and submit to the Corporation a new Deferral Election for each such Plan Year with respect to which a Participant elects to defer a portion of his or her Compensation and indicate the form and time at which amounts deferred during such Plan Year are to be distributed; provided that a separate Deferral Election is required to defer any bonus payable in such Plan Year.  Deferral Elections with respect to Compensation that meets the requirements of “performance-based compensation” under Section 409A may be made no later than the date that is six months before the end of the performance period. Except as provided in the preceding 2 sentences and Section 3a, Deferral Elections must be made within the time prescribed by the Corporation but in no event later than December 31 of the Plan Year preceding the Plan Year to which the Deferral Election relates.  The Subsequent Election Limitations apply independently to each Deferral Election.
f.Deferred Compensation Account:  Shall have the meaning set forth in Section 4 of this Plan.
g.Earnings:  The amount credited to each Participant’s Deferred Compensation Account as earnings, as provided in Section 4 hereof.
h.Effective Date of the Plan:  January 1, 2005.
i.Employee Participant:  An employee of the Corporation who is selected by the Corporation to participate in this Plan, and who elects to participate in this Plan by executing and delivering to the Corporation a Deferral Election which is satisfactory to the Corporation.
j.Investment Designation:  The provisions of the Deferral Election providing for the investment designation by the Participant as described in Section 4 of this Plan, as amended from time to time, and as acceptable to the Corporation.
k.Key Employee: An Employee treated as a “specified employee” under Section 409A(a)(2)(B)(i) of the Code, i.e., a key employee of the Corporation (as defined in Section 416(i) of the Code without regard to paragraph (5) thereof). The Corporation shall determine which Employees shall be deemed Key Employees using December 31 as an identification date.  
l.Key Employee Limitation: The following limitation is intended to comply with Section 409A. Notwithstanding any Deferral Election, Retirement Plus Election, or provision of this Plan to the 
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contrary, distribution of the Deferred Compensation Account or Retirement Plus Account payable by reason of a Participant’s Termination of Employment or Retirement to a Participant who is a Key Employee, shall not be made before six months after such separation from service or the Participant’s death, if earlier.  At the end of such six-month period, amounts that would have been payable but for the Key Employee Limitation shall be paid in a lump sum, without interest, on the first day of the seventh month following the Participant’s Termination of Employment or Retirement, as applicable, and remaining payments shall commence as indicated on the relevant Deferral Elections, Retirement Plus Elections, or the Plan, as applicable.  
m.Normal Retirement Age:  Fifty-five (55) years of age.
n.Outside Director Participants: the outside directors of the Corporation who are participating in this Plan.
o.Participants: the Employee Participants and the Outside Director Participants.
p.Plan:  This Terex Corporation Deferred Compensation Plan.
q.Plan Year:  January 1 through December 31.
r.Retirement:  The termination of a Participant’s employment with the Corporation after attaining Normal Retirement Age.
s.Retirement Plus Account:   An account shall be established on behalf of each Retirement Plus Participant under Section 4.g.
t.Retirement Plus Election:   The form or other method of deferral acceptable to the Corporation that provides for a Retirement Plus Participant to elect the time and form amounts credited to his or her Retirement Plus Account will be distributed. A Retirement Plus Election must be completed by the Retirement Plus Participant and submitted to the Corporation within 30 days after being selected to participate in the Plan.
u.Retirement Plus Participant:  An employee of the Corporation who is a senior officer or other key employee who has been selected by the Compensation and Human Capital Committee of the Board of Directors of the Corporation (the “Committee”) to receive a benefit described in Section 4.g on or after November 1, 2008.  Depending on the context, references herein to Participant shall sometimes include Retirement Plus Participant.
v.Section 409A:  Section 409A of the Code and the regulations issued thereunder, as the same may be amended from time to time and any successor statute to such section of the Code.  
w.Subsequent Election Limitations:  Refers to the following limitations applicable to any Participant’s subsequent election to delay payment of the Deferred Compensation Account or the Retirement Plus Account, as applicable, or to change the form of such payment: (i) such election may not take effect until at least 12 months after the date on which the election is made; (ii) with respect to an election related to payment of the Deferred Compensation Account or the Retirement Plus Account, as applicable, for reasons other than death or Unforeseeable Emergency, no payments specified in a subsequent election may be made during the five-year period commencing on the date distribution of benefits would have commenced but for such subsequent election; and (iii) with respect to a subsequent election related to payment of the Deferred Compensation Account or the Retirement Plus Account, as applicable, pursuant to a fixed schedule or payable at a specified time, such election may not be made less than 12 months prior to the date of the first scheduled payment.  For purposes hereof, installment payments shall be treated as a single payment.
x.Termination of Employment: Means the severing of employment with or services as an outside director to the Corporation and affiliates, voluntarily or involuntarily, for any reason other than Retirement, death or an authorized leave of absence.
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y.Unforeseeable Emergency:  A severe financial hardship to a Participant resulting from an illness or accident of the Participant, the Participant’s spouse,  the Participant's dependent (within the meaning of Section 152(a) of the Code), or the Participant's Beneficiary, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, or such other circumstances or events, if any, that are included within the meaning of “unforeseeable emergency” under Section 409A.
z.Vesting Date:  The earliest to occur of the date on which the Retirement Plus Participant (i) completes ten Years of Participation, (ii) terminates employment with the Corporation and its affiliates after attaining age 65, or (iii) terminates employment with the Corporation and its affiliates either by the Corporation without “Cause” (as defined in Section 5.b.(7) below) or by such Participant for “Good Reason” (as defined in the Terex Corporation Supplemental Executive Retirement Plan (the “SERP”)).
aa.Year of Participation: A Plan Year during which an Employee is employed on a full-time basis with the Corporation or an outside director serves on the Corporation’s Board of Directors.  An Employee who is employed on a full-time basis for any portion of a Plan Year and an outside director who sits on the Corporation’s Board of Directors for any portion of a Plan Year shall be credited with a Year of Participation for that Plan Year.  
3.Participant’s Deferrals.  
a.Enrollment. As a condition to participating in this Plan, a Participant shall execute and file with the Corporation an irrevocable Deferral Election before the end of the Plan Year immediately preceding the Plan Year for which the election is made.  However, if an employee or director becomes a participant after the beginning of a Plan Year and does not already participate in a nonqualified deferred compensation plan that is required to be aggregated with this Plan under Section 409A, the Participant may execute and file with the Corporation a Deferral Election for such Plan Year within 30 days after being selected to participate in the Plan. The Corporation shall establish from time to time such other enrollment requirements as it determines are necessary, convenient or appropriate to carry out any of the purposes or intent of the Plan or to better assure the Plan’s compliance with Section 409A.  Participation shall commence as soon as practicable following timely receipt of all required enrollment materials.   
b.Deferral Elections. The Deferral Election shall designate the portion of the Participant’s Compensation that shall be deferred hereunder; provided, however, that (i) the Participant may not defer more than a certain percentage of his or her regular salary as designated by the Corporation from time to time (the initial maximum percentage shall be twenty percent (20%)), and (ii) no amount shall be deferred from any amount that was payable to the Participant before the end of the Plan Year in which the Participant executed the Deferral Election.  A Participant may separately elect to defer up to one hundred percent (100%) of his or her bonus or director fees.  All deferrals of salary, director fees or bonuses shall be in increments of one percent (1%) or, if acceptable to the Corporation, a specific dollar amount (or a Participant may elect to receive a specified dollar amount of his or her bonus and defer the remainder).  
4.Deferred Compensation Account, Earnings, Corporation Matching and Retirement Plus Contributions.  
a.Deferred Compensation Account.  Any Compensation or other amounts or items deferred by a Participant shall be credited to a deferred compensation bookkeeping account maintained by the Plan recordkeeper for the Participant.  The Plan recordkeeper shall update the Participant’s Deferred Compensation Account (including Earnings) on a daily basis.
b.Earnings.  Earnings with respect to each deferral shall be credited to the Participant’s Deferred Compensation Account as measured by the applicable Investment Designation.  The two available options for the Investment Designation shall be (i) an equity offering, currently Terex stock (the “Equity Option”), and (ii) a bond offering, currently Baird Core Plus Bond Fund; Institutional (the “Bond Index”).  If at any time the Equity Option is no longer available, the then existing Equity Option will be replaced with an S&P 500 index fund.  If at any time the then existing Bond Index is not available the Bond Index will be replaced with a bond fund that is substantially similar to the prior Bond Index.  The Corporation may change the options available from time to time.  All designations of a particular Investment Designation must constitute at least ten percent (10%) of the deferral. The Earnings credited to the Deferred Compensation Account shall be an amount equal to the amount which would have been 
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earned if the Participant’s Deferred Compensation Account had been applied or invested in accordance with the Investment Designation.  Earnings shall also include any dividends paid on Terex stock credited to the Participant’s Deferred Compensation Account.  In the event of any losses based on an Investment Designation, the Participant’s Deferred Compensation Account shall be reduced accordingly, and the Corporation shall have no obligation or responsibility with respect to any such losses.
c.Corporation’s Matching Contributions.  
(1)In addition, the Corporation shall match twenty-five percent (25%) of the Participant’s deferrals for which the Employee Participant’s Investment Designation is Terex stock (herein the “Terex Matching Contributions”).  This is the only matching contribution the Corporation shall make.  . 
(2)Terex Matching Contributions will cease to be made after March 2, 2032.
d.Change of Control.  In the event of a “Change of Control” as such term is defined in Section 13(d) of the Trust, the Corporation shall make contributions to the Trust in connection with such Change of Control so that the Trust will have sufficient funds to pay all benefits earned or accrued as of such date and all benefits reasonably expected to be earned or accrued thereafter as calculated by the Corporation based on reasonable assumptions.
e.No Rights in Specific Assets.  The Corporation, in its sole and absolute discretion, may (or may not) acquire any item indicated in the Participant’s Investment Designation, and any investment product or other item so acquired for the convenience of the Corporation shall be the sole and exclusive property of the Corporation (or a trust established by the Corporation) with the Corporation (or a trust established by the Corporation) named as owner and beneficiary thereof.  To the extent that a Participant or his or her Beneficiary acquires a right to receive payments from the Corporation under the provisions hereof, such right shall be no greater than the right of any unsecured general creditor of the Corporation.
f.Change in Investment Designations.  A Participant may not change his or her Investment Designation with respect to any portion of the Participant’s Deferred Compensation Account.  A Participant may however make an Investment Designation change with respect to future deferrals that have not yet been posted to the account. 
g.Retirement Plus Contributions.  For each Plan Year in which the Retirement Plus Participant was employed by the Company for at least six months, the Retirement Plus Account of each Retirement Plus Participant shall be credited, for bookkeeping purposes, with an amount equal to ten percent of the base salary and annual bonus paid pursuant to the Company’s annual incentive compensation plan then in existence to each such Participant for such Plan Year (“Retirement Plus Contributions”).  Retirement Plus Contributions for annual bonuses shall be credited to the Retirement Plus Accounts within 180 days following the date on which the annual bonus is paid and Retirement Plus Contributions for salary shall be credited to the Retirement Plus Accounts within 180 days following the end of the year in which the salary is earned; provided that in the event of the Participant’s Retirement, death, Disability (as defined in Section 5.b.(4)), or Termination of Employment prior to the date such amounts are credited to his or her Retirement Plus Account, the Company will credit the appropriate amounts to such Account prior to distribution.  Amounts credited to Retirement Plus Accounts shall be credited with earnings and losses as measured by the Bond Index selected by the Corporation from time to time.
5.Benefit Payments.  
a.Deferred Compensation Account. At such time as a pre-retirement or accelerated distribution is due, or upon a Participant’s Retirement, death, or other Termination of Employment or service as an outside director, the Corporation shall pay benefits as follows:
(1)Retirement or Termination of Employment After Five Years of Participation.  Subject to the Key Employee Limitation, if the Participant retires, dies or has a Termination of Employment or terminates service as an outside director after he or she attains Normal Retirement Age or after he or she has attained five Years of Participation, such Participant shall receive payments:
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(i)as designated in his or her Deferral Elections, as applicable and as may be amended subject to the Subsequent Election Limitations; or
(ii)if such Participant has failed to make any such designation for any amount, with respect to such amount, such Participant shall receive the amount of his or her Deferred Compensation Account balance, payable in a lump sum in the Plan Year following such retirement, death, Termination of Employment or termination of service as an outside director.  

(2)Termination of Employment Before Attaining Normal Retirement Age and Five Years of Participation.  Subject to the Key Employee Limitation, if the Participant dies or has a Termination of Employment or terminates service as an outside director before he or she attains Normal Retirement Age, and before he or she has attained five Years of Participation, the Corporation shall pay, in a lump sum to the Participant, the entire amount of his or her Deferred Compensation Account in the Plan Year after the Participant’s employment terminates.  The Corporation shall have no further liability hereunder to the Participant or his or her Beneficiary, assigns or other successors after making any lump sum payment under this Section 5a(2).
(3)Pre-Retirement.  A Participant may elect in a Deferral Election to receive payment of all or a portion of a deferral on a specified date before the Participant retires.  Except as provided in Sections 5c and 5d, all deferrals must remain in the Participant’s Deferred Compensation Account for at least portions of three Plan Years.  The Participant may make the election to receive a pre-retirement payment when the Participant completes the Deferral Election for the given Plan Year.  The pre-retirement payment may be paid in (i) a lump sum, based on the most recent valuation of the Participant’s Deferred Compensation Account, or (ii) in a four (4) year stream, which will be paid in the same manner as an installment payment payable under Section 5a(5).  
(4)Death.  In the event of the Participant’s death before he or she has received all amounts under his or her Deferred Compensation Account, upon the Participant’s death, the remaining balance in the Participant’s Deferred Compensation Account shall be paid to the Participant’s Beneficiary within sixty days following the Participant’s death in a lump sum.  Upon making such lump sum payment, the Corporation shall have no further obligations hereunder to the Participant or his or her Beneficiary, assigns or other successors.
(5)Form of Payment.  In each Deferral Election, a Participant may designate the following forms of payment of the Deferred Compensation Account:  (i) a lump sum, based on the value of the Participant’s Deferred Compensation Account on the first business  day of the year following  the Termination of Employment, Retirement or termination of services as a director occurs, payable in the Plan Year following his or her Termination of Employment, Retirement or termination of services as a director, as applicable, or (ii) in five (5), ten (10) or fifteen (15) substantially equal annual payments which payments shall commence in the Plan Year following his or her Termination of Employment, Retirement or termination of services as a director, as applicable.  Any installment payment hereunder shall equal the quotient determined by dividing the Participant’s remaining Deferred Compensation Account balance at the time of payment by the number of remaining installments (including the current installment). 
(6)Transition Elections.  Notwithstanding anything contained herein to the contrary:
(i)A Participant may, during the Plan Year ending on December 31, 2006, change existing distribution elections under the Plan, provided that any such election shall not accelerate the distribution of any amounts into 2006 or defer the distribution of amounts otherwise payable in 2006 to a subsequent year.
(ii)A Participant may, during the Plan Year ending on December 31, 2007, change existing distribution elections under the Plan, provided that any such election shall not accelerate the distribution of any amounts into 2007 or defer the distribution of amounts otherwise payable in 2007 to a subsequent year.  
(iii)A Participant may, during the Plan Year ending on December 31, 2008, change existing distribution elections under the Plan, provided that any such election shall not accelerate 
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the distribution of any amounts into 2008 or defer the distribution of amounts otherwise payable in 2008 to a subsequent year.
b.Retirement Plus Account.   Upon a Retirement Plus Participant’s Retirement, death, Disability or other Termination of Employment, the Corporation shall pay benefits as follows:
(1)Retirement or Termination of Employment After the Vesting Date.  Subject to the Key Employee Limitation, if a Retirement Plus Participant terminates employment by reason of Retirement (other than death or Disability) or Termination of Employment on or after his or her Vesting Date, such Participant shall receive the balance in his or her Retirement Plus Account in accordance with such Participant’s Retirement Plus Election; provided, however, that if no such Election is in effect, such balance shall be paid in a lump sum at the time provided in Section 5.b.(5)(i); provided, further, however, that if such Retirement or Termination of Employment occurs within two years following a “Change of Control” (as defined in the SERP), any such Election shall be disregarded and such balance shall be paid in a lump sum within 30 days following such Retirement or Termination of Employment.  
(2)Termination of Employment Before the Vesting Date.  If a Retirement Plus Participant dies or terminates employment by reason of Retirement or Termination of Employment before his or her Vesting Date, the Corporation shall have no obligation to pay his or her Retirement Plus Account and the Corporation shall have no liability hereunder to such Participant or his or her Beneficiary, assigns or other successors.  Notwithstanding the foregoing, the Committee may waive any vesting requirement for any such Participant; provided that such waiver may not affect the time the Retirement Plus Account is paid.
(3)Death.  If a Retirement Plus Participant dies after his or her Vesting Date, but before he or she has received all amounts (including if such Participant has not experienced a Termination of Employment or Retirement) under his or her Retirement Plus Account, the remaining balance in such Participant’s Retirement Plus Account shall be paid to his or her Beneficiary in a lump sum within 60 days after such Participant’s death.  Upon making such lump sum payment, the Corporation shall have no further obligations hereunder to the Participant or his or her Beneficiary, assigns or other successors.
(4)Disability.  If a Retirement Plus Participant becomes Disabled prior to his or her Retirement or Termination of Employment, notwithstanding any other provision of the Plan to the contrary, such Participant shall receive the balance in his or her Retirement Plus Account in a lump sum within 60 days after he or she becomes Disabled.  A Retirement Plus Participant will be considered to be “Disabled” or have a Disability” if he or she is unable to engage in any substantial gainful activity by reason of a medically determinable physical or mental impairment that can be expected to result in death or last for a continuous period of not less than 12 months.
(5)Form of Payment.  A Retirement Plus Participant may designate in a Retirement Plus Election the following forms of payment with respect to his or her Retirement Plus Account: (i) a lump sum, based on the value of such Retirement Plus Account on the first business day of the year following the  Participant’s Termination of Employment or Retirement (other than death or Disability) occurs, payable in the Plan Year following such Termination of Employment or Retirement, as applicable; or (ii) five (5), ten (10) or fifteen (15) substantially equal annual payments, which payments shall commence in the Plan Year following such Termination of Employment or Retirement, as applicable.  Any installment payment hereunder shall equal the quotient determined by dividing the Retirement Plus Participant’s remaining Retirement Plus Account balance at the time of payment by the number of remaining installments (including the current installment).
(6)SERP Transition Election.  Notwithstanding anything contained herein to the contrary, any person who is a participant in the SERP on December 31, 2008 may elect, no later than December 31, 2008, to be a Retirement Plus Participant, effective as of January 1, 2009 and to have the Actuarial Equivalent (as defined in the SERP) transferred to a Retirement Plus Account by completing a special Retirement Plus Election form that provides for (i) such transfer of the Actuarial Equivalent and (ii) the election of the form of payment of the Retirement Plus Account as provided in Section 5.b.(5).  The Retirement Plus Participant’s rights to receive a distribution from his or her Retirement Plus Account in connection with such transfer will be subject to the rules relating to time of distribution and vesting of the account, as provided in Sections 5.b.(1) and (2).  The Retirement Plus Participant shall simultaneously 
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therewith execute a Retirement Plus Election, in accordance with Section 2.r., relating to Retirement Plus Contributions with respect to the Plan Year commencing on January 1, 2009.”
(7)Cause.  For purposes of this Plan, "Cause" shall have the definition set forth in the Participant's employment agreement with the Corporation, or, absent an employment agreement defining Cause, Cause shall mean the Participant’s (i) continuing and material failure to fulfill his or her employment obligations or willful misconduct or gross neglect in the performance of his or her duties as an officer or employee of the Corporation, (ii) commission of fraud, misappropriation or embezzlement in the performance of his or her duties as an officer or employee of the Corporation or (iii) conviction of a felony, which, as determined in good faith by the Board, constitutes a crime that may result in material harm to the Corporation.   Notwithstanding the foregoing provisions of this Section 5.b. to the contrary, if a Retirement Plus Participant’s employment with the Corporation and all of its affiliates is terminated by the Corporation or any affiliate for one of the reasons specified in clauses (ii) or (iii) of the definition of Cause above or any similar provision in the Participant’s employment agreement (whether before or after his or her Vesting Date), all amounts in such Participant’s Retirement Plus Account shall be immediately forfeited.
c.Form of Distribution.  Any portion of a Participant’s Deferred Compensation Account that has an Investment Designation of Terex stock will be distributed in Terex shares, except for fractional shares, which will be distributed in cash.  Any portion of a Participant’s Deferred Compensation Account that has an Investment Designation of the Bond Index and each Retirement Plus Participant’s Retirement Plus Account (to the extent vested) shall be paid in cash.  
d.Hardship Withdrawals.  A Participant may request a distribution hereunder of all or a portion of the Participant’s Deferred Compensation Account in response to an Unforeseeable Emergency.  Any early withdrawal on account of an Unforeseeable Emergency shall be paid in the form described in Section 5b and limited to the amount reasonably necessary to meet such emergency, and the amount otherwise payable hereunder shall be reduced accordingly.  A request for a withdrawal due to an Unforeseeable Emergency must be reviewed and approved by the administrative committee represented by Corporate Human Resources, Legal and Finance departments of the Corporation, before a distribution shall be made hereunder.  Any determination that an Unforeseeable Emergency exists and the appropriate amount of a withdrawal shall be made in accordance with Section 409A.  A distribution due to an Unforeseeable Emergency shall be made within sixty days following the approval of the distribution by the administrative committee. 
e.Acceleration of Distributions.   In the absence of an Unforeseeable Emergency, the Corporation may, in its discretion, accelerate the payment of all or a portion of a Participant’s Deferred Compensation Account and the Retirement Plus Participant’s Retirement Plus Account to the extent permitted under any applicable exception to the prohibition on an acceleration of payments under Treasury Regulation Section 1.409A-3(j)(4)(ii) through (xiv) (for example, in accordance with a domestic relations order, for payments less than $15,500 (indexed), for the payment of certain employment, state, local or foreign taxes or taxes imposed under Section 409A of the Code, cancellation of deferrals due to an unforeseeable hardship or disability, plan termination and liquidation, to satisfy certain debts of a Participant to the Corporation, or in settlement of certain bona fide disputes).   
f.Payment Only from Corporation Assets.  Any payment of benefits to a Participant or his or her Beneficiary shall be made from assets which shall continue, for all purposes, to be a part of the general assets of the Corporation; no person shall have or acquire any interest in such assets by virtue of the provisions of this Plan.  To the extent that a Participant or his or her Beneficiary acquires a right to receive payments from the Corporation under the provisions hereof, such right shall be no greater than the right of any unsecured general creditor of the Corporation.  
g.Beneficiaries.  A Participant may designate his or her Beneficiary or Beneficiaries to receive the amounts as provided herein after his or her death in accordance with the Beneficiary Designation.  In the absence of such a designation, the Corporation shall pay any such amount to the Participant’s estate.
h.No Trust.  Nothing contained in this Plan, and no action taken pursuant to its provisions shall create, or be construed to create, a trust of any kind.
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6.Determination of Benefits, Claims Procedure and Administration.
a.Determinations and Claims Procedures.  The Corporation shall make all determinations as to rights to benefits under this Plan.
(1)Claims for Benefits.  If any person or the authorized representative of the person believes that the person is being denied benefits to which he or she is entitled hereunder, the person or his or her representative (the “Claimant”) may file a written claim for such benefits with the Corporation.  If such claim relates to the contents of a notice received by the Claimant, the claim must be made within 60 days after such notice was received by the Claimant.  All other claims must be made within 180 days of the date on which the event that caused the claim to arise occurred.  Such claims should be sent to the following address:
Terex Corporation
Human Resources Department
45 Glover Avenue
Norwalk, Connecticut  06850 

The written claim must state (i) the reason for making the claim, (ii) the facts supporting the claim, (iii) the amount claimed, and (iv) the Claimant’s name and address.

(2)Notice of Determination.  If a claim is wholly or partially denied, the Corporation will issue a determination in writing within a reasonable period of time, but no later than 90 days after receipt of the claim.  If special circumstances justify extending the period up to an additional 90 days, the Claimant will be given written notice of this extension within the initial 90-day period and the notice will explain the special circumstances and the date a decision is expected.  A notice of adverse determination will be written in a manner calculated to be understood by the Claimant and will contain (i) the specific reason or reasons for the adverse determination, (ii) reference to the specific Plan provisions on which the determination is based, (iii) a description of any additional material or information necessary for the Claimant to perfect the claim, along with an explanation of why this material or information is necessary, (iv) a description of the Plan’s review procedures and time limits applicable to these procedures, (v) and a statement of the Claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse benefit determination on review.  The following appeal procedures give the rules for appealing a denied claim.
(3)Appeal of Adverse Determination.  A Claimant may appeal an adverse determination to the committee designated by the board of directors of the Corporation to determine such appeals (the “Appeals Committee”), and receive a full and fair review of the claim and adverse determination.  The Claimant’s appeal must be written and filed within 60 days of the Claimant’s receipt of the notification of adverse determination.  The written request for appeal should contain (i) a statement of the ground on which the appeal is based, (ii) reference to the applicable provisions of the Plan, (iii) the reason or argument why the Claimant believes the claim should be granted and evidence supporting each reason or argument; and (iv) any other relevant documents or comments that the Claimant wishes to include.  The Appeals Committee will provide the Claimant the opportunity to submit written comments, documents, records and other information relating to the claim, and the Appeals Committee will take such information into account during the appeal without regard to whether such information was submitted or considered in the initial determination.  The Claimant will be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claim.
(4)Decision.  The Appeals Committee will deliver to the Claimant an electronic or written decision on the appeal within a reasonable period, but no later than 60 days after the receipt of the Claimant’s request for the review, unless special circumstances exist that justify extending this period up to an additional 60 days.  If the period is extended, the Claimant will be given written notice of this extension during the initial 60-day period, and the notice will set forth the special circumstances requiring an extension and the date a decision is expected.  A notice of adverse determination on appeal will be written in a manner calculated to be understood by the Claimant and will contain (i) the specific reason or reasons for the adverse determination, (ii) references to the specific Plan provisions on which the determination is based, (iii) a statement that the Claimant may receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the 
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Claimant’s claim for benefits, and (iv) a statement of the Claimant’s right to bring a civil action under ERISA Section 502(a).
(5)Standard of Review.  A claimant must pursue the claim and appeal rights described above before seeking any other legal recourse regarding claims for benefits.  Any further review, judicial or otherwise, of the Corporation’s decision on the claim will be limited to whether, in the particular instance, the Corporation abused its discretion.  In no event will any further review, judicial or otherwise, be on a de novo basis, because the Corporation has discretionary authority to determine eligibility for benefits under the Plan and to construe and interpret the terms of the Plan.
b.Interpretation.  Subject to the foregoing, (i) the Corporation shall have full power and authority to interpret, construe and administer this Plan; and (ii) the interpretation and construction of this Plan by the Corporation, and any action taken hereunder, shall be binding and conclusive upon all parties in interest.
c.Reports.  The Corporation shall have the Plan recordkeeper provide the Participant with a statement reflecting the amount of the Participant’s Deferred Compensation Account and the Retirement Plus Participant’s Retirement Plus Account on a quarterly basis.  
d.No Liability.  No employee, agent, officer, trustee or director of the Corporation shall incur any liability for the breach of any responsibility, obligation or duty in connection with any act done or omitted to be done in good faith in the interpretation, construction, administration or management of the Plan and shall be indemnified and held harmless by the Corporation from and against any such liability, including all expenses reasonably incurred in their defense if the Corporation fails to provide such defense.  
7.Non-Assignability of Benefits.   Neither any Participant nor any Beneficiary under this Plan shall have any power or right to transfer, assign, anticipate, hypothecate or otherwise encumber any part or all of the amounts payable hereunder.  Such amounts shall not be subject to seizure by any creditor of a Participant or any Beneficiary hereunder, by a proceeding at law or in equity, nor transferable by operation of law in the event of the bankruptcy or insolvency of any Participant or any Beneficiary hereunder.  Any such attempted assignment or transfer shall be void and shall terminate the Participant'’s participation in this Plan; the Corporation shall thereupon have no further liability hereunder with respect to such Participant and his or her Beneficiary.  Notwithstanding the foregoing, all or a portion of a Participant’s Deferred Compensation Account and a Retirement Plus Participant’s Retirement Plus Account (to the extent vested) may be paid to another person as specified in a domestic relations order that the Corporation determines is a “domestic relations order” as defined in Code section 414(p)(1)(B) without resulting in a termination of the Participant’s participation in the Plan.  Upon distributing amounts in accordance with the requirements of a domestic relations order, the Corporation shall have no further liability hereunder with respect to such amounts to either the Participant, his or her Beneficiary, or the subject of such domestic relations order.
8.Amendment.  This Plan may not be amended, altered, modified or terminated, except by a written instrument signed by the Corporation, subject to any requirement for stockholder approval imposed by applicable law or any rule of any stock exchange or quotation system on which Terex common stock is listed and quoted; provided that no such termination shall  (i) adversely affect a Participant’s or Retirement Plus Participant’s entitlement to benefits attributable to amounts credited to his or her Deferred Compensation Account or Retirement Plus Account, as applicable, prior to termination of this Plan or (ii) effect the timing or form of the distribution of a benefit hereunder in a manner that would violate Section 409A.  A Participant’s entire Account shall be distributed to the Participant (or Beneficiary) following termination of the Plan in such form and on the earliest date permitted under Section 409A.
9.Impact on Other Benefits.  Except as otherwise required by the Code or any other applicable law, this Plan and the benefits provided herein are in addition to all other benefits which may be provided by the Corporation to the Participants from time to time, and shall not reduce, replace or otherwise cause any reduction, in any manner, with regard to any of such other benefits.
10.Notices.  Any notice, consent or demand required or permitted to be given under the provisions of this Plan by the Corporation or any Participant or Beneficiary shall be in writing, and shall be signed by 
10

the person or entity giving or making the same.  If such notice, consent or demand is mailed, it shall be sent by United States certified mail, postage prepaid, addressed to the principal office of the Corporation, or if to a Participant or Beneficiary to such individual or entity'’s last known address as shown on the records of the Corporation.  The date of such mailing shall be deemed the date of notice, consent or demand.
11.Tax Withholding.  The Corporation shall have the right to deduct from all payments made under this Plan any federal, state or local taxes required by law to be withheld with respect to such payments.
12.Governing Law.  This Plan shall be governed by and construed in accordance with the laws of the State of Connecticut.
11Exhibit 4.1

 

CERTIFICATE OF SHARE DESIGNATION OF

CLASS EO COMMON SHARES OF

GREENBACKER RENEWABLE ENERGY COMPANY LLC

 

This Certificate of
Designation (this “Certificate of Designation”) is made as of May 19, 2022 by the board of directors (the “Board
of Directors”) of Greenbacker Renewable Energy Company, LLC, a Delaware limited liability company (the “Company”).

 

WHEREAS, pursuant to
Section 7.3 of the Fifth Amended and Restated Limited Liability Company Operating Agreement (as amended or amended and restated
from time to time, the “Operating Agreement”), dated as of May 19, 2022, the Board of Directors may, by resolution,
(a) designate a class or series of Shares and distinguish it from all other classes and series of Shares of the Company, (b) specify
the number of Shares to be included in the class or series, and (c) set or change the preferences, conversion or other rights,
voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms and conditions of redemption
for each class or series;

 

WHEREAS, in accordance
with Section 7.3 of the Operating Agreement, this Certificate of Designation will be annexed to, and constitute a part of, the
Operating Agreement; and

 

NOW, THEREFORE, in
consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged,
the Board of Directors resolves and agrees as follows:

 

Article
I

Definitions

 

Section 1.1        For purposes of this Certificate of Designation, the following terms will have the respective meanings indicated in this
Article I, and capitalized terms used but not otherwise defined herein will have the respective meanings ascribed thereto in the
Operating Agreement:

 

“Affiliate”
shall have the meaning set forth in the Operating Agreement; provided that, for the avoidance of doubt, the entities contributed
to the Company pursuant to the Internalization shall constitute Affiliates of the Company upon the closing of the Internalization.

 

“Benchmark
Targets” means, collectively, those certain quarterly targets related to benchmark annualized quarter-end Run Rate Revenue
objectives from new fundraising and set forth in Schedule A attached hereto, and comprised of the Tranche 1 Benchmark Target,
the Tranche 2 Benchmark Target, and the Tranche 3 Benchmark Target (each as defined in Schedule A attached hereto).

 

“Board of
Directors” has the meaning set forth in the recitals hereto.

 

“Certificate
of Designation” has the meaning set forth in the recitals hereto.

 

“Class EO
Common Shares” has the meaning set forth in Section 2.1.

 

“Company”
has the meaning set forth in the recitals hereto.

 

“Contribution
Agreement” means that certain Contribution Agreement, by and between the Company and Group LLC, dated as of May 19, 2022.

 

     

     

    

 

“Earnout Period”
means the period of time commencing on the closing date of the Internalization, and ending on December 31, 2025 – which will
be extended to December 31, 2026 if the Run Rate Revenue exceeds 50% of the Tranche 3 Benchmark Target (as set forth in Schedule
A attached hereto) on or before December 31, 2025.

 

“Earnout Shares”
means Class EO Common Shares, par value $0.001 per share, of the Company. The Earnout Shares will be divided into three separate
series to be designated as “Tranche 1 Earnout Shares,” “Tranche 2 Earnout Shares,” and “Tranche 3
Earnout Shares.”

 

“GREC Corp”
means Greenbacker Renewable Energy Corporation, a Maryland corporation.

 

“Group LLC”
means Greenbacker Group LLC, a Delaware limited liability company.

 

“Internalization”
means that certain internalization transaction contemplated by the Contribution Agreement.

 

“Liquidity
Event” means any transaction or series of related transactions the result of which is: (a) the acquisition by any person
or group (as defined under Section 13 of the Securities Exchange Act of 1934, as amended) of direct or indirect beneficial ownership
of securities representing 50% or more of the combined voting power of the then outstanding securities of, or economic interest
in, the Company or GREC Corp; (b) any merger, consolidation, business combination, recapitalization, reorganization, sale of assets
or other similar transaction, however effected, resulting in (i) any person or group (as defined under Section 13 of the Securities
Exchange Act of 1934, as amended) or (ii) or any person or persons who immediately prior to such transaction did not own securities
representing 50% or more of the combined voting power of then outstanding securities of, or economic interest in, the Company or
GREC Corp, acquiring (A) 50% or more of the combined voting power of the then outstanding securities the Company or GREC Corp,
or the surviving or successor entity immediately after such combination, or (B) 50% or more of the economic interest in the Company
or GREC Corp, or the surviving or successor entity immediately after such combination; (c) any direct or indirect sale or other
transfer, in one or a series of related transactions, of 50% or more of the assets of the Company or GREC Corp and their respective
subsidiaries, taken as a whole; or (d) a Liquidation (as such term is defined in the Operating Agreement) of the Company or a similar
transaction involving GREC Corp.

 

“Liquidity
Event Value” means the value determined by the Board of Directors acting in good faith per Class P-I Share that would
be achieved, result or follow from such Liquidity Event on a pro forma basis, assuming that, immediately prior to such Liquidity
Event, all Earnout Shares had achieved Participating Earnout Share status and were therefore entitled to their pro rata share of
such value per Class P-I Share that would be achieved, result or follow from, such Liquidity Event, in each case, with such value
achieved per Class P-I Share calculated net of any fees, expenses or other costs.

 

“Net Annualized
Management Fees” means the gross daily management fees calculated at the close of each quarter, less daily rebates,
as annualized.

 

“Non-Triggering
Event” has the meaning set forth in Section 3.2(c).

 

“Participating
Earnout Shares” means those Earnout Shares of a specific series for which Benchmark Targets have been met or have otherwise
achieved the status of Participating Earnout Shares upon the occurrence of certain Liquidity Events as described in Section 3.2
below.

 

“Operating
Agreement” has the meaning set forth in the recitals hereto.

 

     

     

    

 

“Qualified
Liquidity Event” has the meaning set forth in Section 3.2.

 

“Reference
Price” means $8.798 per Class P-I Share, subject to adjustment as provided in Article IV below.

 

“Representatives”
means, as applicable to any Person, any and all directors, officers, managers, employees, consultants, financial advisors, counsel,
accountants, and other agents of such Person, and in each case which is subject to a confidentiality agreement or confidentiality
obligations.

 

“Run Rate
Revenue” means that certain run rate revenue of the Company or GREC Corp from the sum of (a) third party management fees
calculated at the close of each quarter during the Earnout Period, in accordance with the following: (i) the Net Annualized Management
Fees for each of (1) Greenbacker Development Opportunities Fund I, L.P., Greenbacker Renewable Opportunity Zone Fund LLC, and Greenbacker
Renewable Energy Company II, LLC (in each case to the extent resulting from additional fundraising after December 31, 2021), and
(2) from any other funds formed or created after the date hereof for which the Company or its applicable subsidiaries are entitled
to receive management and incentive fees (each an “Eligible Fund”), plus (ii) the last 12 months net
incentive fees realized for each Eligible Fund’s actual incentive fees earned following the closing of the Internalization
and (b) an amount equal to the product of (i) additional capital raised following the Closing of the Internalization (excluding
proceeds from any initial public offering of GREC Corp (or its successor), but including additional net proceeds from equity capital
raised by GREC Corp (or its successor) following such initial public offering) and (ii) 1.5% per annum.

 

“Target Capital
Account” has the meaning set forth in Section 3.1(d).

 

Article
II

CLASS EO COMMON SHARES

 

Section 2.1         Creation and Designation. A new class of Common Shares is hereby created, and designated as “Class EO Common
Shares.” An aggregate of 13,071,153 shares are designated as Class EO Common Shares and are referred to this Certificate
of Designation as “Earnout Shares.”

 

Section 2.2         Separate Class. The Class EO Common Shares are considered a separate class of Common Shares for purposes of the Operating
Agreement, entitling the holders thereof to the rights and obligations as specified in this Certificate of Designation and, upon
achieving Participating Earnout Share status, to the rights and obligations applicable to Class P-I Shares as specified in the
Operating Agreement, and as modified by this Certificate of Designation.

 

Section 2.3         Separate Series. The Earnout Shares will be divided into three separate series to be designated as “Tranche
1 Earnout Shares,” “Tranche 2 Earnout Shares,” and “Tranche 3 Earnout Shares.” Each separate series
of Earnout Shares shall share the same rights and obligations, except that each series of Earnout Shares will become Participating
Earnout Shares only upon the achievement of the Benchmark Targets applicable to such Series as set forth in Schedule A attached
hereto or have achieved the status of Participating Earnout Shares upon the occurrence of certain Liquidity Events as described
in Section 3.2 below.

 

     

     

    

 

Article
III 

ACHIEVEMENT OF PARTICIPATION STATUS

 

Section 3.1           How Earnout Shares Become Participating Earnout Shares. 

 

(a)          Benchmark Targets. Upon satisfaction of the Benchmark Targets applicable to a specific Series of Earnout Shares as
set forth in Schedule A attached hereto, the corresponding number of Earnout Shares from that Series will automatically
become Participating Earnout Shares.

 

(b)          Expiration of the Earnout Period. Earnout Shares that have not achieved Participating Earnout Share status by the
expiration of the Earnout Period in accordance with this Certificate of Designation will no longer be eligible to achieve such
status.

 

(c)          Rights of Participating Earnout Shares. Subject to achieving the Target Capital Account as set forth in Section 3.1(d),
all Earnout Shares that have achieved status as Participating Earnout Shares will have equivalent economic and other rights as
the Class P-I Shares, will vote together as a single class with the Class P-I Shares on all matters submitted to holders of Class
P-I Shares generally, will not have separate voting rights on any matters (other than amendments to the terms of the Participating
Earnout Shares that affect such Participating Earnout Shares adversely and in a manner that is different from the terms of the
Class P-I Shares), and will have the right to participate in all distributions payable by the Company, as if they were, and on
a pari passu basis with, the Class P-I Shares for all purposes set forth in the Operating Agreement. For the avoidance of
doubt, any Earnout Shares that have not achieved Participating Earnout Share status shall not be entitled to (i) vote with other
Shares on matters submitted to the holders of Shares generally or (ii) receive any distributions made to any other holders of Shares
(and shall not be entitled to any accrual of distributions prior to achieving Participating Earnout Share status). All Earnout
Shares, whether Participating Earnout Shares or otherwise, shall be subject to the same transfer restrictions as other Shares as
contemplated in Articles X and XI of the Operating Agreement.

 

(d)          Special Profit Allocation to Participating Earnout Shares. Notwithstanding Section 3.1(c), once any Earnout Shares
become Participating Earnout Shares, all allocations of Profit for the year in which such Earnout Shares become Participating Earnout
Shares (and, to the extent permitted by applicable law, for any prior year the U.S. federal income tax return in respect of which
has not yet been filed) will first be allocated to such Participating Earnout Shares until each such Participating Earnout Share
has a Capital Account equal to the average per share Capital Account of the Class I Shares immediately prior to the time of such
allocation (the “Target Capital Account”). For avoidance of doubt, the allocation of Profit pursuant to the
preceding sentence shall include the allocation of any Profit resulting from an adjustment of the Book Value of the Company Assets
from any prior Book Value. Until the Participating Earnout Shares have a Capital Account equal to the Target Capital Account, the
rights of the Participating Earnout Shares to distributions shall be limited to the positive Capital Account of each such Participating
Earnout Share. Following the date hereof, the Company shall adjust the Book Value of its assets to fair market value in accordance
with Treasury Regulation Section l.704-l(b)(2)(iv)(f), at any time that the Company's assets satisfy Treasury Regulation Section
1.704-1(b)(2)(iv)(f)(5)(v), on a monthly basis in connection with the computation of Company NAV, in addition to any time described
in Section 8.5 of the Operating Agreement and any other time permitted by applicable law.

 

Section 3.2            Liquidity Events.

 

(a)           If, during the Earnout Period, there is a Liquidity Event, the Company shall, prior to the closing of such Liquidity Event,
calculate the Liquidity Event Value. If such calculation of the Liquidity Event Value results in the value per Class P-I Share
being equal to or greater than the Reference Price, all outstanding Earnout Shares shall become Participating Earnout Shares (and
such Liquidity Event shall be referred to as a “Qualifying Liquidity Event”). If the foregoing calculation of
the Liquidity Event Value yields a result that is less than the Reference Price, then only the number of Earnout Shares that would
allow the value per Class P-I Share to be equal to or greater than the Reference Price shall become Participating Earnout Shares,
with the Earnout Shares to become Participating Earnout Shares in such circumstances to first come from the Tranche 1 Earnout Shares
(until all such series of shares become Participating Earnout Shares), next from the Tranche 2 Earnout Shares (until all such series
of shares become Participating Earnout Shares), and finally from the Tranche 3 Earnout Shares, with the shares in each Series (in
the case of only part of a Series becoming Participating Earnout Shares) to be selected on a pro rata basis based on the number
of shares in that series held by each holder.

 

     

     

    

 

(b)         If, in connection with a Liquidity Event, Earnout Shares are entitled pursuant to the calculation of the Liquidity Event
Value noted above to become Participating Earnout Shares, then immediately prior to the consummation of such Liquidity Event: (i)
all such entitled Earnout Shares will be eligible to participate in such Liquidity Event and (ii) the Company will use its reasonable
best efforts to take all actions necessary to ensure that such Earnout Shares will be eligible to share in such Liquidity Event
as if such Earnout Shares had become Participating Earnout Shares as of immediately prior to the record or other date used by the
Board of Directors for determining shareholders entitled to share in such Liquidity Event (but expressly conditioned on the closing
thereof), with a view toward ensuring that the holders of such Earnout Shares will be given the opportunity to participate in the
benefits of the Liquidity Event to the same extent as other holders of Class P-I Shares.

 

(c)         As a condition to consummating any Liquidity Event which does not result in all of the outstanding Earnout Shares becoming
Participating Earnout Shares (a “Non-Triggering Event”), the Company or GREC Corp, as the case may be, will
require the terms of such Liquidity Event to contain reasonably appropriate provisions such that the purchaser or surviving entity,
as applicable, with respect to such Liquidity Event will: (i) assume the Company’s remaining obligations with respect to
the remaining Earnout Shares under this Certificate of Designation (if not otherwise retained by the Company), and (ii) permit
the holders of Earnout Shares to achieve the benefits of their ownership of such shares, adjusted in a manner reasonably determined
by the Company in good faith to give effect to any applicable change in circumstances implemented in such Liquidity Event.

 

(d)         For the avoidance of doubt, following a Non-Triggering Event and during the remainder of the Earnout Period, the Company
and any subsequent owner or surviving entity of the Company, as applicable, shall remain subject to the obligations set forth in
this Section 3.2, Section 3.3, and Section 3.4 as if such Earnout Shares that did not become Participating Earnout Shares as a
result of the Liquidity Event underlying such Non-Triggering Event remained outstanding.

 

Section 3.3          Conversion at the Option of the Holder of Participating Earnout Shares. Each holder of Participating Earnout Shares
that have achieved the Target Capital Account, may, at such holder’s option, elect to convert any or all of the Participating
Earnout Shares held by such holder into an equivalent number of Class P-I Shares, subject to adjustment as provided in Article
IV below. In order to convert Participating Earnout Shares into Class P-I Shares, the converting holder shall provide written notice
to the Company setting forth: (a) the full name of the holder, (b) a statement of the number of Participating Earnout Shares proposed
to be converted by such holder into Class P-I Shares, and (c) any additional information reasonably requested by the Company in
order to fulfill such request. The Participating Earnout Shares offered for conversion shall be converted into the applicable number
of Class P-I Shares, effective, unless the Company and such holder agree otherwise, as of the month end following the date the
conversion notice is received by the Company.

 

     

     

    

 

Section 3.4          Earnout Period Obligations.

 

(a)         During the Earnout Period, (i) the Company shall, and shall cause GREC Corp and its other Affiliates to: (A) provide Group
LLC and its Representatives, reasonable access to all books and records and personnel of the Company, its Affiliates, and its subsidiaries,
to audit the achievement of and progress toward any Benchmark Targets or otherwise relating to the annualized quarter-end Run Rate
Revenue and all reported earnings; (B) maintain adequate books and records in a manner that will allow for the calculation of the
Benchmark Targets; and (ii) neither the Company nor any of its Affiliates will discontinue or fail to provide reasonable funding
for the Company's third party management business or take any other actions, or omit to take any other actions, for the primary
purpose of or that would, without a good faith business reason unrelated to the results described in the following clauses, reasonably
be expected to result in (I) thwarting or inhibiting the achievement of the Benchmark Targets, (II) reducing the amount of the
Earnout Shares that become Participating Earnout Shares or (III) otherwise frustrating or avoiding the Company’s obligations
under this Agreement with respect to the Earnout Shares. In addition, the Company shall take all reasonably available steps to
cause any Participating Earnout Shares to achieve the Target Capital Account as soon as reasonably possible, including by causing
the Company to revalue its assets at reasonable intervals as determined by the Board of Directors as permitted under applicable
law if such revaluation would result in an allocation of Profits to any Participating Earnout Shares.

 

(b)         Each holder of Earnout Shares agrees that: (i) after the closing of the Internalization, except as provided in Section
3.4(a), the Company and its Affiliates have the right to operate the Company (and all components of its business) in the manner
they believe to be prudent and to make any and all decisions with respect to the Company (and all components of its business) that
the Board of Directors in its sole discretion believes are reasonable and in the best interests of the Company, including to change
the operations and policies of the Company from those conducted or in place prior to the closing of the Internalization; (ii) the
Company and its Affiliates are not obligated to operate the Company (or any component of its business) in order to achieve or maximize
the number of Earnout Shares that become Participating Earnout Shares; (iii) the receipt of Participating Earnout Shares is speculative,
there is no assurance that the holders of Earnout Shares will receive any Participating Earnout Shares and the Company has not
promised nor assured any receipt of Participating Earnout Shares; (iv) nothing in this Certificate of Designation, the Operating
Agreement, the Contribution Agreement, or otherwise will prohibit the Company and its Affiliates from engaging in any business
or opportunity or acquiring, entering into joint ventures, investing in or otherwise cooperating with other Persons; and (v) the
Company and the holders of Earnout Shares intend for the express provisions of this Section 3.4 to govern their contractual relationship
with respect to the subject matter of this Section 3.4 and for neither any other provision of this Certificate of Designation nor
any implied duty (fiduciary or otherwise) or obligation to apply to such relationship.

 

Article
IV 

 

ANTIDILUTION PROTECTION

 

Section 4.1          Share Dividends and Share Splits. If the Company, at any time any Earnout Shares remain outstanding and have achieved
or remain eligible to achieve Participating Earnout Share status: (a) pays a share dividend or otherwise makes a distribution or
distributions on Class P-I Shares or Earnout Shares, (b) subdivides outstanding Class P-I Shares or Earnout Shares into a larger
number of shares, (c) combines (including by way of reverse share split) outstanding Class P-I Shares or Earnout Shares into a
smaller number of shares, or (d) issues by reclassification of Class P-I Shares or Earnout Shares any membership interests or shares
in the Company, then the Reference Price used in Section 3.2, the number of Class P-I Shares that are issuable upon the conversion
of Participating Earnout Shares and the number of Earnout Shares used in the calculation on Schedule A hereto shall be equitably
adjusted as reasonably determined by the Company in good faith in a manner that prevents substantial dilution or enlargement of
the economic rights of the holders of Participating Earnout Shares in comparison to the holders of the Class P-I Shares. Any adjustment
made pursuant to this Section 4.1 shall become effective immediately after the record date for the determination of holders of
Class P-I Shares or Earnout Shares entitled to receive such dividend or distribution and shall become effective immediately after
the effective date in the case of a subdivision, combination, or re-classification.

 

     

     

    

 

Section 4.2           Class P-I Share Pro Rata Distributions. If the Company, at any time while any Earnout Shares remain outstanding and
have achieved or remain eligible to achieve Participating Earnout Share status, shall distribute to all holders of Class P-I Shares
(and not to the holders of the Earnout Shares) evidences of its indebtedness or assets (including shares or other securities in
GREC Corp) or rights or warrants to subscribe for or purchase any security, or pays a cash distribution to holders of Class P-I
Shares in excess of the regular quarterly distribution payable by the Company then in each such case the Reference Price used in
Section 3.2 and the number of Class P-I Shares that are issuable upon the conversion of Participating Earnout Shares shall be equitably
adjusted as reasonably determined by the Company in good faith in a manner that prevents substantial dilution or enlargement of
the economic rights of the holders of Participating Earnout Shares in comparison to the holders of the Class P-I Shares. In any
of the above cases, the adjustments shall be described in a statement delivered to the holders of the Earnout Shares describing
the portion of assets or evidences of indebtedness so distributed or such subscription rights applicable to one share of Class
P-I Shares. Such adjustments shall be made whenever any such distribution is made and shall become effective immediately after
the record date for such distribution.

 

Section 4.3           Other Adjustments.  In the case of other transactions not covered in Section 4.1 or Section 4.2 above, the Reference
Price used in Section 3.2 and the number of Class P-I Shares that are issuable upon the conversion of Participating Earnout Shares
shall also be adjusted in the manner reasonably determined by the Company in good faith to prevent substantial dilution or enlargement
of the economic rights of the holders of Participating Earnout Shares in comparison to the holders of the Class P-I Shares. 
In any such circumstance, the adjustment shall be described in a statement delivered to the holders of the Earnout Shares describing
the reason for the adjustment, and shall become effective on the record date for the transaction giving rise to the adjustment
or other appropriate date selected by the Company in the exercise of its reasonable discretion.

 

Section 4.4            Calculations. All calculations under this Article IV shall be made by the Company acting reasonably and in good faith
and shall be calculated to the nearest cent or the nearest 1/100th of a share. At the request of Group LLC or its Representatives,
the Company shall promptly provide to such holder, but in no event later than ten (10) Business Days after such request, a detailed
summary reasonably supporting the calculations made to adjusting the Reference Price used in Section 3.2 and the number of Class
P-I Shares that are issuable upon the conversion of Participating Earnout Shares.

 

Section 4.5           Notice to the Holders. Whenever an adjustment to the Reference Price used in Section 3.2 or the number of Class P-I
Shares that are issuable upon the conversion of Participating Earnout Shares is made, the Company shall promptly mail to each holder
of Earnout Shares a notice setting forth a brief statement of the facts requiring such adjustment, the amount and type of the adjustment,
and the method by which such adjustment was calculated.

 

Section 4.6           Reservation of Shares. The Company will, at all times, keep available for issuance a sufficient number of unissued
Class P-I Shares to permit the Company to issue Class P-I Shares upon conversion of Participating Earnout Shares, and the Company
will take all actions required to increase the authorized number of Class P-I Shares if at any time there will be insufficient
unissued Class P-I Shares to permit such issuance.

 

     

     

    

 

Article
V 

 

Miscellaneous

 

Section 5.1        Construction. This Certificate of Designation will be construed and enforced in accordance with and governed by the
laws of the State of Delaware, without regard to conflicts of law. If any provision of this Certificate of Designation is or becomes
invalid, illegal, or unenforceable in any respect, the validity, legality, and enforceability of the remaining provisions contained
herein will not be affected thereby. Each reference to “hereof,” “herein,” “hereunder,” and
“hereby” will, from and after the date hereof, refer to the Operating Agreement as amended by this Certificate of Designation.

 

Section 5.2         Company Records. The Company will amend the Membership List to the Operating Agreement from time to time to the extent
necessary to reflect accurately the grant and any subsequent redemption or conversion of, or other event having an effect on the
ownership of, the Class EO Common Shares.

 

Section 5.3         Amendments. Any amendment to this Certificate of Designation or the Operating Agreement that affects the Participating
Earnout Shares in a manner that is different from the terms of the Class P-I Shares or would reasonably be expected to have the
purpose of avoiding or reducing the ability of the Earnout Shares to become Participating Earnout Shares, shall (i) require consent
of the Board of Directors, and (ii) be subject to the prior written consent or approval of the majority of the outstanding Class
EO Common Shares.

 

Section 5.4         No Impairment. The Company will not, by amendment of its Operating Agreement or this Certificate of Designation,
or through any reorganization, recapitalization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities,
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed
hereunder by the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Certificate
of Designation and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the holders
of the Class EO Common Shares against impairment.

 

Section 5.5         Survival. The provisions of this Certificate of Designation will survive any Liquidity Event to the extent any Earnout
Shares remain capable of becoming Participating Earnout Shares.

 

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SCHEDULE A

 

BENCHMARK TARGETS

 

Section
1.1.          Number
of Class EO Common Shares Per Tranche. The number of Class EO Common Shares allocable to each Tranche are as follows:

 

(a)          Tranche 1 Earnout Shares. The Tranche 1 Earnout Shares shall consist of an aggregate of 4,357,051 Class EO
Common Shares.

 

(b)          Tranche 2 Earnout Shares. The Tranche 2 Earnout Shares shall consist of an aggregate of 4,357,051 Class EO
Common Shares.

 

(c)          Tranche 3 Earnout Shares. The Tranche 3 Earnout Shares shall consist of 378,874 Class EO Common Shares (the
“Class A Tranche 3 Earnout Shares”), and 3,978,177 Class EO Common Shares (the “Class B Tranche 3 Earnout
Shares”), for an aggregate of 4,357,051 Class EO Common Shares, collectively.

 

Section
1.2.          Benchmark
Targets By Tranche.

 

(a)          Tranche 1.

 

(i)         During the Earnout Period, if in any calendar quarter, the Run Rate Revenues for the Company and its subsidiaries
equals or exceeds $12.5 million (the “Tranche 1 Benchmark Target”), 100% of the Tranche 1 Earnout Shares will
automatically achieve the status of Participating Earnout Shares, in accordance with the terms of this Certificate of Designation.

 

(ii)        If the Run Rate Revenue during any calendar quarter exceeds $8,333,333 but is less than $12.5 million, 2,904,410
of the Tranche 1 Earnout Shares will automatically achieve the status of Participating Earnout Shares, with the balance of such
Tranche 1 Earnout Shares becoming Participating Earnout Shares ratably up to $12.5 million of Run Rate Revenue, in accordance with
the terms of this Certificate of Designation.

 

(b)          Tranche 2.

 

(i)         During the Earnout Period, if in any calendar quarter, the Run Rate Revenues for the Company and its subsidiaries
equals or exceeds $25.0 million (the “Tranche 2 Benchmark Target”), 100% of the Tranche 2 Earnout Shares will
automatically achieve the status of Participating Earnout Shares, in accordance with the terms of this Certificate of Designation.

 

(ii)        If the Run Rate Revenue during any calendar quarter exceeds $16,666,667 but is less than $25.0 million, 2,904,410
of the Tranche 2 Earnout Shares will automatically achieve the status of Participating Earnout Shares, with the balance of such
Tranche 2 Earnout Shares becoming Participating Earnout Shares ratably up to $25.0 million of Run Rate Revenue, in accordance with
the terms of this Certificate of Designation.

 

(c)          Tranche 3.

 

(i)         During the Earnout Period, if in any calendar quarter, the Run Rate Revenues for the Company and its subsidiaries
equals or exceeds $37.5 million (the “Tranche 3 Benchmark Target”), 100% of the Tranche 3 Earnout Shares will
automatically achieve the status of Participating Earnout Shares, in accordance with the terms of this Certificate of Designation.

 

    Sch. A-1 

     

    

 

(ii)        If the Run Rate Revenue during any calendar quarter exceeds $25.0 million but is less than $37.5 million, the Class
A Tranche 3 Earnout Shares and 2,525,827 of the Class B Tranche 3 Earnout Shares will automatically achieve the status of Participating
Earnout Shares, with the balance of such Class B Tranche 3 Earnout Shares becoming Participating Earnout Shares ratably up to $37.5
million of Run Rate Revenue, in accordance with the terms of this Certificate of Designation.

 

(d)           The Benchmark Targets are illustrated in the following table:

 

	 	 	 	 	 	 	 
	Reference Price	 	 	8.798	 	 	 	 	 	 	 	 	 
	Number of Shares Per Tranche	 	 	4,357,051	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Tranche 1	 	 	Tranche 2	 	 	Tranche 3	 
	Benchmark Target	 	$	12,500,000	 	 	$	25,000,000	 	 	$	37,500,000	 
	Earn In	 	 	66.7	%	 	 	66.7	%	 	 	66.7	%
	Participation Starts at (GH)	 	$	8,333,333	 	 	$	16,666,667	 	 	$	25,000,000	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Shares earned at start	 	 	2,904,410	 	 	 	2,904,410	 	 	 	2,904,410	 

 

Section
1.3.          Earnout
Statement. As promptly as reasonably practicable following each end of quarter during the Earnout Period, the Company shall
deliver a written notice to Group LLC setting forth in reasonable detail: (a) evidence as to whether or not any Benchmark Targets
have been earned during such past quarter, (b) the relevant Run Rate Revenue calculations, along with reasonable supporting documentation,
and (c) the number and Tranche of Earnout Shares which will automatically become Participating Earnout Shares, if any, along with
the underlying calculations and reasonable supporting documentation (the “Earnout Statement”).

 

Section
1.4.          Dispute
Resolution. In the event of any disagreement(s) between the Company and Group LLC or its Representatives as to whether a Benchmark
Target has been achieved, the number of Earnout Shares implicated thereby, or the Earnout Statement, which cannot be resolved by
the parties within thirty (30) days of delivery of the Earnout Statement, the parties agree to submit to the Company’s principal
independent certified public accounting firm, or another independent accounting firm of national reputation selected by the Board
of Directors in good faith in the event that the Company’s principal independent accounting firm is unable or unwilling to
serve in such role (the selected accounting firm being referred to as the “Auditor”) to audit and resolve such
disagreement(s). The Auditor will deliver to the Company and Group LLC or the relevant holder(s) of Class EO Common Shares, as
the case may be, as promptly as practicable after their appointment, a written report setting forth the resolution of each such
disagreement, which will be final and binding. The fees and expenses of the Auditor incurred in connection with its determination
of the disputed items will be paid jointly, one-half by the Company and one-half by Group LLC or the relevant holder(s) of Class
EO Common Shares, as the case may be. Other than such fees and expenses of the Auditor, each of the Company and Group LLC or the
relevant holder(s) of Class EO Common Shares will be responsible for their own costs and expenses incurred in connection with any
actions taken pursuant to this Section 1.3.

 

    Sch. A-2 

     

    

 

Section
1.5.        Benchmark
Determination Date. The satisfaction of a Benchmark Target, as finally determined pursuant to Section 1.3 or Section 1.4, as
the case may be, shall be effective as of the achievement date of such Benchmark Target and is referred to as the “Benchmark
Target Determination Date.”

 

Section
1.6.       Achievement
of Participating Earnout Share Status. Upon satisfaction of each Benchmark Target as set forth herein, the corresponding number
of Earnout Shares shall automatically, without further action, become Participating Earnout Shares, pursuant to, and in accordance
with, this Certificate of Designation, and shall be reflected as such by the Company as promptly as practicable in the shareholder
register and books and records of the Company, effective as of the Benchmark Target Determination Date. Any subsequent declines
in Run Rate Revenue below the amount that was used to allow Earnout Shares to become Participating Earnout Shares will not result
in the reversal of such Participating Earnout Shares back into Earnout Share status.

 

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    Sch. A-3

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