Document:

EX-10.20

 Exhibit 10.20 

ZUMIEZ INC. 
 2014 EQUITY
INCENTIVE PLAN 
 Zumiez Inc., a Washington corporation (the “Company”), sets forth herein the terms of its 2014 Equity
Incentive Plan (the “Plan”), as follows: 
  

	1.	PURPOSE 

 The Plan is intended to enhance the Company’s and its Affiliates’ (as
defined herein) ability to attract and retain highly qualified officers, non-employee members of the Board, key employees, consultants and advisors, and to motivate such officers, non-employee members of the Board, key employees, consultants and
advisors to serve the Company and its Affiliates and to expend maximum effort to improve the business results and earnings of the Company, by providing to such persons an opportunity to acquire or increase a direct proprietary interest in the
operations and future success of the Company. To this end, the Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock, other stock-based awards and cash awards. Any of
these awards may, but need not, be made as performance incentives to reward attainment of performance goals in accordance with the terms hereof. Stock options granted under the Plan may be non-qualified stock options or incentive stock options, as
provided herein. 
  

	2.	DEFINITIONS 

 For purposes of interpreting the Plan and related documents (including
Award Agreements), the following definitions shall apply: 
 2.1. “Affiliate” means any company or other trade or business
that “controls,” is “controlled by” or is “under common control” with the Company within the meaning of Rule 405 of Regulation C under the Securities Act, including, without limitation, any Subsidiary. 

2.2. “Annual Incentive Award” means a cash-based Performance Award with a performance period that is the Company’s fiscal
year or other 12-month performance period as specified under the terms of the Award as approved by the Committee. 
 2.3.
“Award” means a grant of an Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Other Stock-based Award or cash award under the Plan. 

2.4. “Award Agreement” means a written agreement between the Company and a Grantee, or notice from the Company or an Affiliate
to a Grantee that evidences and sets out the terms and conditions of an Award. 
 2.5. “Board” means the Board of Directors
of the Company. 
 2.6. “Change in Control” shall have the meaning set forth in Section 15.3.2. 

2.7. “Code” means the Internal Revenue Code of 1986, as now in effect or as hereafter amended. References to the Code shall
include the valid and binding governmental regulations, court decisions and other regulatory and judicial authority issued or rendered thereunder. 

2.8. “Committee” means the Compensation Committee of the Board. The Board will cause the Committee to satisfy the applicable
requirements of any stock exchange on which the Common Stock may then be listed. For purposes of Awards to Covered Employees intended to constitute Performance Awards, to the extent required by Code Section 162(m), Committee means all of the
members of the Committee who are “outside directors” within the meaning of Section 162(m) of the Code. For purposes of Awards to Grantees who are subject to Section 16 of the Exchange Act, Committee means all of the members of
the Committee who are “non-employee directors” within the meaning of Rule 16b-3 adopted under the Exchange Act. All references in the Plan to the Board shall mean such Committee or the Board. 

 2.9. “Company” means Zumiez Inc., a Washington corporation, or any successor
corporation. 
 2.10. “Common Stock” or “Stock” means a share of common stock of the Company, no par value
per share. 
 2.11. “Covered Employee” means a Grantee who is a “covered employee” within the meaning of
Section 162(m)(3) of the Code as qualified by Section 12.4 herein. 
 2.12. “Disability” means total and
permanent disability as defined in Section 22(e)(3) of the Code. Notwithstanding the foregoing, for any Awards that constitute nonqualified deferred compensation within the meaning of Section 409A and provide for an accelerated payment in
connection with any Disability, Disability shall have the same meaning as defined under Section 409A. 
 2.13. “Effective
Date” means May 21, 2014, the date the Plan was approved by the Company’s shareholders. 
 2.14. “Exchange
Act” means the Securities Exchange Act of 1934, as now in effect or as hereafter amended. 
 2.15. “Fair Market
Value” of a share of Common Stock as of a particular date shall mean (i) if the Common Stock is listed on a national securities exchange, the closing or last price of the Common Stock on the composite tape or other comparable reporting
system for the applicable date, or if the applicable date is not a trading day, the trading day immediately preceding the applicable date, or (ii) if the shares of Common Stock are not then listed on a national securities exchange, the closing
or last price of the Common Stock quoted by an established quotation service for over-the-counter securities, or (iii) if the shares of Common Stock are not then listed on a national securities exchange or quoted by an established quotation
service for over-the-counter securities, or the value of such shares is not otherwise determinable, such value as determined by the Board in good faith in its sole discretion. 

2.16. “Family Member” means a person who is a spouse, former spouse, child, stepchild, grandchild, parent, stepparent,
grandparent, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother, sister, brother-in-law, or sister-in-law, including adoptive relationships, of the applicable individual, any person sharing the applicable
individual’s household (other than a tenant or employee), a trust in which any one or more of these persons have more than fifty percent of the beneficial interest, a foundation in which any one or more of these persons (or the applicable
individual) control the management of assets, and any other entity in which one or more of these persons (or the applicable individual) own more than fifty percent of the voting interests. 

2.17. “Grant Date” means, as determined by the Board, the latest to occur of (i) the date as of which the Board approves
an Award, (ii) the date on which the recipient of an Award first becomes eligible to receive an Award under Section 6 hereof, or (iii) such other date as may be specified by the Board in the Award Agreement. 

2.18. “Grantee” means a person who receives or holds an Award under the Plan. 

2.19. “Incentive Stock Option” means an “incentive stock option” within the meaning of Section 422 of the Code,
or the corresponding provision of any subsequently enacted tax statute, as amended from time to time. 
 2.20. “Non-qualified Stock
Option” means an Option that is not an Incentive Stock Option. 
 2.21. “Option” means an option to purchase one or
more shares of Stock pursuant to the Plan. 

  
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 2.22. “Option Price” means the exercise price for each share of Stock subject to
an Option. 
 2.23. “Other Stock-based Awards” means Awards consisting of Stock units, or other Awards, valued in whole or
in part by reference to, or otherwise based on, Common Stock. 
 2.24. “Performance Award” means an Award made subject to
the attainment of performance goals (as described in Section 12) over a performance period of at least one (1) year, and includes an Annual Incentive Award. 

2.25. “Plan” means this Zumiez 2014 Equity Incentive Plan, as amended from time to time. 

2.26. “Predecessor Plan” means the Zumiez Inc. 2005 Equity Incentive Plan. 

2.27. “Purchase Price” means the purchase price for each share of Stock pursuant to a grant of Restricted Stock. 

2.28. “Restricted Stock” means shares of Stock, awarded to a Grantee pursuant to Section 10 hereof. 

2.29. “Restricted Stock Unit” means a bookkeeping entry representing the equivalent of shares of Stock, awarded to a Grantee
pursuant to Section 10 hereof. 
 2.30. “SAR Exercise Price” means the per share exercise price of a SAR granted
to a Grantee under Section 9 hereof. 
 2.31. “SEC” means the United States Securities and Exchange Commission.

 2.32. “Section 409A” means Section 409A of the Code. 

2.33. “Securities Act” means the Securities Act of 1933, as now in effect or as hereafter amended. 

2.34. “Separation from Service” means a termination of Service by a Service Provider, as determined by the Board, which
determination shall be final, binding and conclusive; provided if any Award governed by Section 409A is to be distributed on a Separation from Service, then the definition of Separation from Service for such purposes shall comply with the
definition provided in Section 409A. 
 2.35. “Service” means service as a Service Provider to the Company or an
Affiliate. Unless otherwise stated in the applicable Award Agreement, a Grantee’s change in position or duties shall not result in interrupted or terminated Service, so long as such Grantee continues to be a Service Provider to the Company or
an Affiliate. 
 2.36. “Service Provider” means an employee, officer, non-employee member of the Board, consultant or
advisor of the Company or an Affiliate. 
 2.37. “Stock Appreciation Right” or “SAR” means a right granted
to a Grantee under Section 9 hereof. 
 2.38. “Subsidiary” means any “subsidiary corporation” of the
Company within the meaning of Section 424(f) of the Code. 
 2.39. “Substitute Award” means any Award granted in
assumption of or in substitution for an award of a company or business acquired by the Company or a Subsidiary or with which the Company or an Affiliate combines. 

2.40. “Ten Percent Shareholder” means an individual who owns more than ten percent (10%) of the total combined voting
power of all classes of outstanding stock of the Company, its parent or any of its Subsidiaries. In determining stock ownership, the attribution rules of Section 424(d) of the Code shall be applied. 

  
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 2.41. “Termination Date” means the date that is ten
(10) years after the Effective Date, unless the Plan is earlier terminated by the Board under Section 5.2 hereof. 

2.42. “Transaction” shall have the meaning set forth in Section 15.2. 

 

	3.	ADMINISTRATION OF THE PLAN 

 3.1. General. The Board shall have such powers and
authorities related to the administration of the Plan as are consistent with the Company’s articles of incorporation and bylaws and applicable law. The Board shall have the power and authority to delegate its responsibilities hereunder to the
Committee, which shall have full authority to act in accordance with its charter, and with respect to the authority of the Board to act hereunder, all references to the Board shall be deemed to include a reference to the Committee, to the extent
such power or responsibilities have been delegated. Except as specifically provided in Section 14 or as otherwise may be required by applicable law, regulatory requirement or the articles of incorporation or the bylaws of the Company,
the Board shall have full power and authority to take all actions and to make all determinations required or provided for under the Plan, any Award or any Award Agreement, and shall have full power and authority to take all such other actions and
make all such other determinations not inconsistent with the specific terms and provisions of the Plan that the Board deems to be necessary or appropriate to the administration of the Plan. The Committee shall administer the Plan; provided that, the
Board shall retain the right to exercise the authority of the Committee to the extent consistent with applicable law and the applicable requirements of any securities exchange on which the Common Stock may then be listed. The interpretation and
construction by the Board of any provision of the Plan, any Award or any Award Agreement shall be final, binding and conclusive. Without limitation, the Board shall have full and final authority, subject to the other terms and conditions of the
Plan, to: 
 (i) designate Grantees; 

(ii) determine the type or types of Awards to be made to a Grantee; 

(iii) determine the number of shares of Stock to be subject to an Award; 

(iv) establish the terms and conditions of each Award (including, but not limited to, the Option Price of any Option, the nature and duration
of any restriction or condition (or provision for lapse thereof) relating to the vesting, exercise, transfer, or forfeiture of an Award or the shares of Stock subject thereto, and any terms or conditions that may be necessary to qualify Options as
Incentive Stock Options); 
 (v) prescribe the form of each Award Agreement; 

(vi) adopt such modifications, procedures, and subplans as may be necessary or desirable to comply with provisions of the laws of foreign
countries in which the Company or its Subsidiaries may operate to assure the viability of the benefits from Awards granted to Grantees performing services in such countries and to meet the objectives of the Plan; and 

(vii) amend, modify, or supplement the terms of any outstanding Award including the authority, in order to effectuate the purposes of the
Plan, to modify Awards to foreign nationals or individuals who are employed outside the United States to recognize differences in local law, tax policy, or custom. 

To the extent permitted by applicable law, the Board may delegate its authority as identified herein to any individual or committee of
individuals (who need not be directors), including without limitation the authority to make Awards to Grantees who are not subject to Section 16 of the Exchange Act or who are not Covered Employees. To the extent that the Board delegates its
authority to make Awards as provided by this Section, all references in the Plan to the Board’s authority to make Awards and determinations with respect thereto shall be deemed to include the Board’s delegate. Any such delegate shall serve
at the pleasure of, and may be removed at any time by the Board. 

  
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	 	3.2.	Restrictions; No Repricing. 

 Notwithstanding the foregoing, no amendment or modification
may be made to an outstanding Option or SAR that causes the Option or SAR to become subject to Section 409A, without the Grantee’s written prior approval. Notwithstanding any provision herein to the contrary, the repricing of Options or
SARs is prohibited without prior approval of the Company’s shareholders. For this purpose, a “repricing” means any of the following (or any other action that has the same effect as any of the following): (i) changing the terms of
an Option or SAR to lower its Option Price or SAR Exercise Price; (ii) any other action that is treated as a “repricing” under generally accepted accounting principles; and (iii) repurchasing for cash or canceling an Option or
SAR at a time when its Option Price or SAR Exercise Price is greater than the Fair Market Value of the underlying shares in exchange for another Award, unless the cancellation and exchange occurs in connection with a change in capitalization or
similar change under Section 15. A cancellation and exchange under clause (iii) would be considered a “repricing” regardless of whether it is treated as a “repricing” under generally accepted accounting
principles and regardless of whether it is voluntary on the part of the Grantee. 
  

	 	3.3.	Award Agreements; Clawbacks. 

 The grant of any Award may be contingent upon the Grantee
executing the appropriate Award Agreement. The Company may retain the right in an Award Agreement to cause a forfeiture of the gain realized by a Grantee on account of actions taken by the Grantee in violation or breach of or in conflict with any
employment agreement, non-competition agreement, any agreement prohibiting solicitation of employees or clients of the Company or any Affiliate thereof or any confidentiality obligation with respect to the Company or any Affiliate thereof or
otherwise in competition with the Company or any Affiliate thereof, to the extent specified in such Award Agreement applicable to the Grantee. Furthermore, the Company may annul an Award if the Grantee is terminated for “cause” as defined
in the applicable Award Agreement. 
 Awards shall be subject to the requirements of (i) Section 954 of the Dodd-Frank Wall Street
Reform and Consumer Protection Act (regarding recovery of erroneously awarded compensation) and any implementing rules and regulations thereunder, (ii) similar rules under the laws of any other jurisdiction, (iii) any compensation recovery
policies adopted by the Company to implement any such requirements, (iv) any other compensation recovery policies as may be adopted from time to time by the Company or (v) any insider trading policies that the Company may have in effect,
all to the extent determined by the Committee in its discretion to be applicable to a Grantee. 
  

	 	3.4.	Deferral Arrangement. 

 The Board may permit or require the deferral of any Award payment
into a deferred compensation arrangement, subject to such rules and procedures as it may establish and in accordance with Section 409A, which may include provisions for the payment or crediting of interest or dividend equivalents, including
converting such credits into deferred Stock units. 
  

	 	3.5.	No Liability. 

 No member of the Board or of the Committee shall be liable for any action
or determination made in good faith with respect to the Plan, any Award or Award Agreement. 
  

	 	3.6.	Book Entry. 

 Notwithstanding any other provision of this Plan to the contrary, the
Company may elect to satisfy any requirement under this Plan for the delivery of stock certificates through the use of book-entry. 

  
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	4.	STOCK SUBJECT TO THE PLAN 

  

	 	4.1.	Authorized Number of Shares. 

 Subject to adjustment under Section 15, the
aggregate number of shares of Common Stock that may be initially issued pursuant to the Plan is 3,400,000 shares. In addition, Shares of Common Stock underlying any outstanding stock option or other award granted under the Predecessor Plan that is
canceled, terminates, expires, or lapses for any reason without issuance of such shares shall be available for the grant of new Awards under this Plan. No new awards shall be granted under the Predecessor Plan following the Effective Date. Shares
issued under the Plan may consist in whole or in part of authorized but unissued shares. 
  

	 	4.2.	Share Counting. 

 If any Award is canceled, terminates, expires, or lapses for any
reason, any shares of Common Stock subject to such Award shall not count against the aggregate number of Shares available for grants under the Plan set forth in Section 4.1 above. In addition, the following items shall not count against
the aggregate number of shares of Common Stock available for grants under the Plan set forth in Section 4.1 above: (i) the payment in cash of dividends or dividend equivalents under any outstanding Award; (ii) any Award that is
settled in cash rather than by issuance of Shares; or (iii) Substitute Awards. The full number of shares of Common Stock with respect to which an Option or SAR is granted shall count against the aggregate number of shares available for grant
under the Plan. Accordingly, if in accordance with the terms of the Plan, a Participant pays the Option Price for an Option by either tendering previously owned shares or having the Company withhold shares, then such shares surrendered to pay the
Option Price shall continue to count against the aggregate number of shares available for grant under the Plan set forth in Section 4.1 above. In addition, if in accordance with the terms of the Plan, a Participant satisfies any tax
withholding requirement with respect to any taxable event arising as a result of this Plan by either tendering previously owned shares or having the Company withhold shares, then such shares surrendered to satisfy such tax withholding requirements
shall continue to count against the aggregate number of shares available for grant under the Plan set forth in Section 4.1 above. 
  

	 	4.3.	Award Limits. 

  

	 	4.3.1.	Incentive Stock Options. 

 Subject to adjustment under Section 15, all
3,400,000 of such shares of Common Stock available for issuance under the Plan shall be available for issuance under Incentive Stock Options. 
  

	 	4.3.2.	Individual Award Limits for Section 162(m) – Share-Based Awards. 

 Subject to
adjustment under Section 15, the maximum number of each type of Award (other than cash-based Performance Awards) intended to constitute “performance-based compensation” under Code Section 162(m) granted to any Grantee in
any calendar shall not exceed the following: (i) Options and SARs: 1,000,000 shares; and (ii) all share-based Performance Awards (including Restricted Stock, Restricted Stock Units and Other Stock-based Awards that are Performance Awards):
500,000 shares. 
  

	 	4.3.3.	Individual Award Limits for Section 162(m) – Cash-Based Awards. 

 The maximum
amount of cash-based Performance Awards intended to constitute “performance-based compensation” under Code Section 162(m) granted to any Grantee in any calendar year shall not exceed the following: (i) Annual Incentive Award:
$5,000,000; and (ii) all other cash-based Performance Awards: $5,000,000. 
  

	 	4.3.4.	Limits on Awards to Non-Employee Directors. 

 No more than $300,000 may be granted in
equity-based Awards under the Plan during any one year to a Grantee who is a non-employee member of the Board (based on the Fair Market Value of the shares of Common Stock underlying the Award as of the applicable Grant Date in the case of
Restricted Stock, Restricted Stock Units or Other Stock-based Awards, and based on the applicable grant date fair value for accounting purposes in the case of Options or SARs). 

  
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	5.	EFFECTIVE DATE, DURATION AND AMENDMENTS 

  

	 	5.1.	Term. 

 The Plan shall be effective as of the Effective Date, provided that it has been
approved by the Company’s shareholders. The Plan shall terminate automatically on the ten (10) year anniversary of the Effective Date and may be terminated on any earlier date as provided in Section 5.2. 

 

	 	5.2.	Amendment and Termination of the Plan. 

 The Board may, at any time and from time to
time, amend, suspend, or terminate the Plan as to any Awards which have not been made. An amendment shall be contingent on approval of the Company’s shareholders to the extent stated by the Board, required by applicable law or required by
applicable stock exchange listing requirements. Notwithstanding the foregoing, any amendment to Section 3.2 shall be contingent upon the approval of the Company’s shareholders. No Awards shall be made after the Termination Date. The
applicable terms of the Plan, and any terms and conditions applicable to Awards granted prior to the Termination Date shall survive the termination of the Plan and continue to apply to such Awards. No amendment, suspension, or termination of the
Plan shall, without the consent of the Grantee, materially impair rights or obligations under any Award theretofore awarded. 
  

	6.	AWARD ELIGIBILITY AND LIMITATIONS 

  

	 	6.1.	Service Providers. 

 Subject to this Section, Awards may be made to any Service Provider,
including any Service Provider who is an officer, non-employee member of the Board, consultant or advisor of the Company or of any Affiliate, as the Board shall determine and designate from time to time in its discretion. 

 

	 	6.2.	Successive Awards. 

 An eligible person may receive more than one Award, subject to such
restrictions as are provided herein. 
  

	 	6.3.	Stand-Alone, Additional, Tandem, and Substitute Awards. 

 Awards may, in the discretion
of the Board, be granted either alone or in addition to, in tandem with, or in substitution or exchange for, any other Award or any award granted under another plan of the Company, any Affiliate, or any business entity to be acquired by the Company
or an Affiliate, or any other right of a Grantee to receive payment from the Company or any Affiliate. Such additional, tandem, and substitute or exchange Awards may be granted at any time. If an Award is granted in substitution or exchange for
another Award, the Board shall have the right to require the surrender of such other Award in consideration for the grant of the new Award. Subject to Section 3.2, the Board shall have the right, in its discretion, to make Awards in
substitution or exchange for any other award under another plan of the Company, any Affiliate, or any business entity to be acquired by the Company or an Affiliate. In addition, Awards may be granted in lieu of cash compensation, including in lieu
of cash amounts payable under other plans of the Company or any Affiliate, in which the value of Stock subject to the Award is equivalent in value to the cash compensation (for example, Restricted Stock Units or Restricted Stock). 

  
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	7.	AWARD AGREEMENT 

 Each Award shall be evidenced by an Award Agreement, in such form or
forms as the Board shall from time to time determine. Without limiting the foregoing, an Award Agreement may be provided in the form of a notice which provides that acceptance of the Award constitutes acceptance of all terms of the Plan and the
notice. Award Agreements granted from time to time or at the same time need not contain similar provisions but shall be consistent with the terms of the Plan. Each Award Agreement evidencing an Award of Options shall specify whether such Options are
intended to be Non-qualified Stock Options or Incentive Stock Options, and in the absence of such specification such options shall be deemed Non-qualified Stock Options. 
  

	8.	TERMS AND CONDITIONS OF OPTIONS 

  

	 	8.1.	Option Price. 

 The Option Price of each Option shall be fixed by the Board and stated in
the related Award Agreement. The Option Price of each Option (except those that constitute Substitute Awards) shall be at least the Fair Market Value on the Grant Date of a share of Stock; provided, however, that in the event that a Grantee is a Ten
Percent Shareholder as of the Grant Date, the Option Price of an Option granted to such Grantee that is intended to be an Incentive Stock Option shall be not less than 110 percent of the Fair Market Value of a share of Stock on the Grant Date. In no
case shall the Option Price of any Option be less than the par value of a share of Stock. 
  

	 	8.2.	Vesting. 

 Subject to Section 8.3 hereof, each Option shall become
exercisable at such times and under such conditions (including, without limitation, performance requirements) as shall be determined by the Board and stated in the Award Agreement. 

 

	 	8.3.	Term. 

 Each Option shall terminate, and all rights to purchase shares of Stock
thereunder shall cease, upon the expiration of ten (10) years from the Grant Date, or under such circumstances and on such date prior thereto as is set forth in the Plan or as may be fixed by the Board and stated in the related Award Agreement;
provided, however, that in the event that the Grantee is a Ten Percent Shareholder, an Option granted to such Grantee that is intended to be an Incentive Stock Option at the Grant Date shall not be exercisable after the expiration of five
(5) years from its Grant Date. 
  

	 	8.4.	Limitations on Exercise of Option. 

 Notwithstanding any other provision of the Plan, in
no event may any Option be exercised, in whole or in part, (i) prior to the date the Plan is approved by the shareholders of the Company as provided herein or (ii) after the occurrence of an event which results in termination of the
Option. 
  

	 	8.5.	Method of Exercise. 

 An Option that is exercisable may be exercised by the
Grantee’s delivery of a notice of exercise to the Company, setting forth the number of shares of Stock with respect to which the Option is to be exercised, accompanied by full payment for the shares. To be effective, notice of exercise must be
made in accordance with procedures established by the Company from time to time. 
  

	 	8.6.	Rights of Holders of Options. 

 Unless otherwise stated in the related Award Agreement,
an individual holding or exercising an Option shall have none of the rights of a shareholder (for example, the right to receive cash or dividend payments or distributions attributable to the subject shares of Stock or to direct the voting of the
subject shares of Stock) until the shares of Stock covered thereby are fully paid and issued to him. Except as provided in Section 15 hereof or the related Award Agreement, no adjustment shall be made for dividends, distributions or
other rights for which the record date is prior to the date of such issuance. 

  
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	 	8.7.	Delivery of Stock Certificates. 

 Promptly after the exercise of an Option by a Grantee
and the payment in full of the Option Price, such Grantee shall be entitled to the issuance of a stock certificate or certificates evidencing his or her ownership of the shares of Stock subject to the Option. 

 

	 	8.8.	Limitations on Incentive Stock Options. 

 An Option shall constitute an Incentive Stock
Option only (i) if the Grantee of such Option is an employee of the Company or any Subsidiary of the Company; (ii) to the extent specifically provided in the related Award Agreement; and (iii) to the extent that the aggregate Fair
Market Value (determined at the time the Option is granted) of the shares of Stock with respect to which all Incentive Stock Options held by such Grantee become exercisable for the first time during any calendar year (under the Plan and all other
plans of the Grantee’s employer and its Affiliates) does not exceed $100,000. This limitation shall be applied by taking Options into account in the order in which they were granted. 

 

	9.	TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS 

  

	 	9.1.	Right to Payment. 

 A SAR shall confer on the Grantee a right to receive, upon exercise
thereof, the excess of (i) the Fair Market Value of one share of Stock on the date of exercise over (ii) the SAR Exercise Price, as determined by the Board. The Award Agreement for an SAR shall specify the SAR Exercise Price, which shall
be fixed on the Grant Date as not less than the Fair Market Value of a share of Stock on that date. SARs may be granted alone or in conjunction with all or part of an Option or at any subsequent time during the term of such Option or in conjunction
with all or part of any other Award. A SAR granted in tandem with an outstanding Option following the Grant Date of such Option shall have a grant price that is equal to the Option Price; provided, however, that the SAR’s grant price may not be
less than the Fair Market Value of a share of Stock on the Grant Date of the SAR to the extent required by Section 409A. 
  

	 	9.2.	Other Terms. 

 The Board shall determine at the Grant Date or thereafter, the time or
times at which and the circumstances under which a SAR may be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements), the time or times at which SARs shall cease to be or become
exercisable following Separation from Service or upon other conditions, the method of exercise, whether or not a SAR shall be in tandem or in combination with any other Award, and any other terms and conditions of any SAR. 

 

	 	9.3.	Term of SARs. 

 The term of a SAR granted under the Plan shall be determined by the
Board, in its sole discretion; provided, however, that such term shall not exceed ten (10) years. 
  

	 	9.4.	Payment of SAR Amount. 

 Upon exercise of a SAR, a Grantee shall be entitled to receive
payment from the Company (in cash or Stock, as determined by the Board) in an amount determined by multiplying: 
  

	 	(i)	the difference between the Fair Market Value of a share of Stock on the date of exercise over the SAR Exercise Price; by 

  

	 	(ii)	the number of shares of Stock with respect to which the SAR is exercised. 

  
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	10.	TERMS AND CONDITIONS OF RESTRICTED STOCK AND RESTRICTED STOCK UNITS 

  

	 	10.1.	Restrictions. 

 At the time of grant, the Board may, in its sole discretion, establish a
period of time (a “restricted period”) and any additional restrictions including the satisfaction of corporate or individual performance objectives applicable to an Award of Restricted Stock or Restricted Stock Units in accordance with
Section 12.1 and 12.2. Each Award of Restricted Stock or Restricted Stock Units may be subject to a different restricted period and additional restrictions. Neither Restricted Stock nor Restricted Stock Units may be sold,
transferred, assigned, pledged or otherwise encumbered or disposed of during the restricted period or prior to the satisfaction of any other applicable restrictions. 
  

	 	10.2.	Restricted Stock Certificates. 

 The Company shall issue stock, in the name of each
Grantee to whom Restricted Stock has been granted, stock certificates or other evidence of ownership representing the total number of shares of Restricted Stock granted to the Grantee, as soon as reasonably practicable after the Grant Date. The
Board may provide in an Award Agreement that either (i) the Secretary of the Company shall hold such certificates for the Grantee’s benefit until such time as the Restricted Stock is forfeited to the Company or the restrictions lapse, or
(ii) such certificates shall be delivered to the Grantee; provided, however, that such certificates shall bear a legend or legends that comply with the applicable securities laws and regulations and make appropriate reference to the
restrictions imposed under the Plan and the Award Agreement. 
  

	 	10.3.	Rights of Holders of Restricted Stock. 

 Unless the Board otherwise provides in an Award
Agreement, holders of Restricted Stock shall have rights as shareholders of the Company, including voting and dividend rights. 
  

	 	10.4.	Rights of Holders of Restricted Stock Units. 

  

	 	10.4.1.	Settlement of Restricted Stock Units. 

 Restricted Stock Units may be settled in cash or
Stock, as determined by the Board and set forth in the Award Agreement. The Award Agreement shall also set forth whether the Restricted Stock Units shall be settled (i) within the time period specified for “short term deferrals” under
Section 409A or (ii) otherwise within the requirements of Section 409A, in which case the Award Agreement shall specify upon which events such Restricted Stock Units shall be settled. 

 

	 	10.4.2.	Voting and Dividend Rights. 

 Unless otherwise stated in the applicable Award Agreement,
holders of Restricted Stock Units shall not have rights as shareholders of the Company, including no voting or dividend or dividend equivalents rights. 
  

	 	10.4.3.	Creditor’s Rights. 

 A holder of Restricted Stock Units shall have no rights other
than those of a general creditor of the Company. Restricted Stock Units represent an unfunded and unsecured obligation of the Company, subject to the terms and conditions of the applicable Award Agreement. 

 

	 	10.5.	Purchase of Restricted Stock. 

 The Grantee shall be required, to the extent required by
applicable law, to purchase the Restricted Stock from the Company at a Purchase Price equal to the greater of (i) the aggregate par value of the shares of Stock represented by such Restricted Stock or (ii) the Purchase Price, if any,
specified in the related Award Agreement. If specified in the Award Agreement, the Purchase Price may be deemed paid by Services already rendered. The Purchase Price shall be payable in a form described in Section 11 or, in the
discretion of the Board, in consideration for past Services rendered. 

  
 10 

	 	10.6.	Delivery of Stock. 

 Upon the expiration or termination of any restricted period and the
satisfaction of any other conditions prescribed by the Board, the restrictions applicable to shares of Restricted Stock or Restricted Stock Units settled in Stock shall lapse, and, unless otherwise provided in the Award Agreement, a stock
certificate for such shares shall be delivered, free of all such restrictions, to the Grantee or the Grantee’s beneficiary or estate, as the case may be. 
  

	11.	FORM OF PAYMENT FOR OPTIONS AND RESTRICTED STOCK 

  

	 	11.1.	General Rule. 

 Payment of the Option Price for the shares purchased pursuant to the
exercise of an Option or the Purchase Price for Restricted Stock shall be made in cash or in cash equivalents acceptable to the Company, except as provided in this Section 11. 

 

	 	11.2.	Surrender of Stock. 

 To the extent the Award Agreement so provides, payment of the
Option Price for shares purchased pursuant to the exercise of an Option or the Purchase Price for Restricted Stock may be made all or in part through the tender to the Company of shares of Stock, which shares shall be valued, for purposes of
determining the extent to which the Option Price or Purchase Price for Restricted Stock has been paid thereby, at their Fair Market Value on the date of exercise or surrender. Notwithstanding the foregoing, in the case of an Incentive Stock Option,
the right to make payment in the form of already owned shares of Stock may be authorized only at the time of grant. 
  

	 	11.3.	Cashless Exercise. 

 With respect to an Option only (and not with respect to Restricted
Stock), to the extent permitted by law and to the extent the Award Agreement so provides, payment of the Option Price may be made all or in part by delivery (on a form acceptable to the Company) of an irrevocable direction to a licensed securities
broker acceptable to the Company to sell shares of Stock and to deliver all or part of the sales proceeds to the Company in payment of the Option Price and any withholding taxes described in Section 17.3. 

 

	 	11.4.	Other Forms of Payment. 

 To the extent the Award Agreement so provides, payment of the
Option Price or the Purchase Price for Restricted Stock may be made in any other form that is consistent with applicable laws, regulations and rules, including, but not limited to, the Company’s withholding of shares of Stock otherwise due to
the exercising Grantee. 
  

	12.	TERMS AND CONDITIONS OF PERFORMANCE AWARDS 

  

	 	12.1.	Performance Conditions. 

 The right of a Grantee to exercise or receive a grant or
settlement of any Award, and the timing thereof, may be subject to such performance conditions as may be specified by the Committee. The Committee may use such business criteria and other measures of performance as it may deem appropriate in
establishing any performance conditions. 
  

	 	12.2.	Performance Awards Granted to Designated Covered Employees. 

 If and to the extent that
the Committee determines that a Performance Award to be granted to a Grantee who is designated by the Committee as having the potential to be a Covered Employee should qualify as “performance-based compensation” for purposes of Code
Section 162(m), the grant, exercise and/or settlement of 

  
 11 

 
such Performance Award shall be contingent upon achievement of pre-established performance goals and other terms set forth in this Section 12.2. Notwithstanding anything herein to the
contrary, the Committee in its discretion may provide for Performance Awards to Covered Employees that are not intended qualify as “performance-based compensation” for purposes of Code Section 162(m). 

 

	 	12.2.1.	Performance Goals Generally. 

 The performance goals for such Performance Awards shall
consist of one or more business criteria and a targeted level or levels of performance with respect to each of such criteria, as specified by the Committee consistent with this Section 12.2. Performance goals shall be objective and shall
otherwise meet the requirements of Code Section 162(m) and regulations thereunder including the requirement that the level or levels of performance targeted by the Committee result in the achievement of performance goals being
“substantially uncertain.” The Committee may determine that such Performance Awards shall be granted, exercised and/or settled upon achievement of any one performance goal or that two or more of the performance goals must be achieved as a
condition to grant, exercise and/or settlement of such Performance Awards. Performance goals may, in the discretion of the Committee, be established on a Company-wide basis, or with respect to one or more business units, divisions, subsidiaries or
business segments, as applicable. Performance goals may be absolute or relative (to the performance of one or more comparable companies or indices). To the extent consistent with the requirements of Code Section 162(m), the Committee may
determine prospectively at the time that goals under this Section 12 are established, the extent to which measurement of performance goals may exclude the impact of charges for restructuring, discontinued operations, extraordinary items,
and other unusual non-recurring items, and the cumulative effects of tax or accounting changes (each as defined by generally accepted accounting principles and as identified in the Company’s financial statements or other SEC filings).
Performance goals may differ for Performance Awards granted to any one Grantee or to different Grantees. 
  

	 	12.2.2.	Business Criteria. 

 One or more of the following business criteria for the Company, on a
consolidated basis, and/or specified subsidiaries or business units of the Company (except with respect to the total shareholder return and earnings per share criteria), shall be used exclusively by the Committee in establishing performance goals
for such Performance Awards: (i) cash flow; (ii) earnings per share, as adjusted for any stock split, stock dividend or other recapitalization; (iii) earnings measures; (iv) return on equity; (v) total shareholder return;
(vi) share price performance, as adjusted for any stock split, stock dividend or other recapitalization; (vii) return on capital; (viii) revenue; (ix) income; (x) profit margin; (xi) return on operating revenue;
(xii) brand recognition/acceptance; (xiii) customer satisfaction; (xiv) productivity; (xv) expense targets; (xvi) market share; (xvii) cost control measures; (xviii) balance sheet metrics; (xix) strategic
initiatives; (xx) implementation, completion or attainment of measurable objectives with respect to recruitment or retention of personnel or employee satisfaction; (xxi) churn or other metrics related to subscriptions/subscribers, or
(xxii) and any other business criteria established by the Committee; provided, however, that such business criteria shall include any derivations of business criteria listed above (e.g., income shall include pre-tax income, net income,
operating income, etc.). 
  

	 	12.2.3.	Timing for Establishing Performance Goals. 

 Performance goals shall be established not
later than 90 days after the beginning of any performance period applicable to such Performance Awards, or at such other date as may be required or permitted for “performance-based compensation” under Code Section 162(m). 

 

	 	12.2.4.	Settlement of Performance Awards; Other Terms. 

 Settlement of Performance Awards shall
be in cash, Stock, other Awards or other property, in the discretion of the Committee. The Committee may, in its discretion, reduce the amount of a settlement otherwise to be made in connection with such Performance Awards. 

  
 12 

	 	12.3.	Written Determinations. 

 All determinations by the Committee as to the establishment of
performance goals, the amount of any Performance Award pool or potential individual Performance Awards and as to the achievement of performance goals relating to Performance Awards, shall be made in writing in the case of any Award intended to
qualify under Code Section 162(m) to the extent required by Code Section 162(m). To the extent permitted by Code Section 162(m), the Committee may delegate any responsibility relating to such Performance Awards. 

 

	 	12.4.	Status of Section 12.2 Awards under Code Section 162(m). 

 It is the intent of
the Company that Performance Awards under Section 12.2 hereof granted to persons who are designated by the Committee as having the potential to be Covered Employees within the meaning of Code Section 162(m) and regulations
thereunder shall, if so designated by the Committee, constitute “qualified performance-based compensation” within the meaning of Code Section 162(m) and regulations thereunder. Accordingly, the terms of Section 12.2,
including the definitions of Covered Employee and other terms used therein, shall be interpreted in a manner consistent with Code Section 162(m) and regulations thereunder. The foregoing notwithstanding, because the Committee cannot determine
with certainty whether a given Grantee will be a Covered Employee with respect to a fiscal year that has not yet been completed, the term Covered Employee as used herein shall mean only a person designated by the Committee, at the time of grant of
Performance Awards, as having the potential to be a Covered Employee with respect to that fiscal year or any subsequent fiscal year. If any provision of the Plan or any agreement relating to such Performance Awards does not comply or is inconsistent
with the requirements of Code Section 162(m) or regulations thereunder, such provision shall be construed or deemed amended to the extent necessary to conform to such requirements. 

 

	13.	OTHER STOCK-BASED AWARDS 

  

	 	13.1.	Grant of Other Stock-based Awards. 

 Other Stock-based Awards may be granted either alone
or in addition to or in conjunction with other Awards under the Plan. Other Stock-based Awards may be granted in lieu of other cash or other compensation to which a Service Provider is entitled from the Company or may be used in the settlement of
amounts payable in shares of Common Stock under any other compensation plan or arrangement of the Company. Subject to the provisions of the Plan, the Committee shall have the sole and complete authority to determine the persons to whom and the time
or times at which such Awards shall be made, the number of shares of Common Stock to be granted pursuant to such Awards, and all other conditions of such Awards. Unless the Committee determines otherwise, any such Award shall be confirmed by an
Award Agreement, which shall contain such provisions as the Committee determines to be necessary or appropriate to carry out the intent of this Plan with respect to such Award. 

 

	 	13.2.	Terms of Other Stock-based Awards. 

 Any Common Stock subject to Awards made under this
Section 13 may not be sold, assigned, transferred, pledged or otherwise encumbered prior to the date on which the shares are issued, or, if later, the date on which any applicable restriction, performance or deferral period lapses. 

 

	14.	REQUIREMENTS OF LAW 

  

	 	14.1.	General. 

 The Company shall not be required to sell or issue any shares of Stock under
any Award if the sale or issuance of such shares would constitute a violation by the Grantee, any other individual exercising an Option, or the Company of any provision of any law or regulation of any governmental authority, including without
limitation any federal or state securities laws or regulations. If at any time the Company shall determine, in its discretion, that the listing, registration or qualification of any shares subject to an Award upon any securities exchange or under
any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the issuance or purchase of shares hereunder, no shares of Stock may be issued or sold to the Grantee or any other individual

  
 13 

 
exercising an Option pursuant to such Award unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the
Company, and any delay caused thereby shall in no way affect the date of termination of the Award. Specifically, in connection with the Securities Act, upon the exercise of any Option or the delivery of any shares of Stock underlying an Award,
unless a registration statement under such Act is in effect with respect to the shares of Stock covered by such Award, the Company shall not be required to sell or issue such shares unless the Board has received evidence satisfactory to it that the
Grantee or any other individual exercising an Option may acquire such shares pursuant to an exemption from registration under the Securities Act. Any determination in this connection by the Board shall be final, binding, and conclusive. The Company
may, but shall in no event be obligated to, register any securities covered hereby pursuant to the Securities Act. The Company shall not be obligated to take any affirmative action in order to cause the exercise of an Option or the issuance of
shares of Stock pursuant to the Plan to comply with any law or regulation of any governmental authority. As to any jurisdiction that expressly imposes the requirement that an Option shall not be exercisable until the shares of Stock covered by such
Option are registered or are exempt from registration, the exercise of such Option (under circumstances in which the laws of such jurisdiction apply) shall be deemed conditioned upon the effectiveness of such registration or the availability of such
an exemption. 
  

	 	14.2.	Rule 16b-3. 

 During any time when the Company has a class of equity security registered
under Section 12 of the Exchange Act, it is the intent of the Company that Awards and the exercise of Options granted to officers and directors hereunder will qualify for the exemption provided by Rule 16b-3 under the Exchange Act. To the
extent that any provision of the Plan or action by the Board or Committee does not comply with the requirements of Rule 16b-3, it shall be deemed inoperative to the extent permitted by law and deemed advisable by the Board, and shall not affect the
validity of the Plan. In the event that Rule 16b-3 is revised or replaced, the Board may exercise its discretion to modify this Plan in any respect necessary to satisfy the requirements of, or to take advantage of any features of, the revised
exemption or its replacement. 
  

	15.	EFFECT OF CHANGES IN CAPITALIZATION 

  

	 	15.1.	Changes in Stock. 

 If (i) the number of outstanding shares of Stock is increased or
decreased or the shares of Stock are changed into or exchanged for a different number or kind of shares or other securities of the Company on account of any recapitalization, reclassification, stock split, reverse split, combination of shares,
exchange of shares, stock dividend or other distribution payable in capital stock, or other increase or decrease in such shares effected without receipt of consideration by the Company occurring after the Effective Date or (ii) there occurs any
spin-off, split-up, extraordinary cash dividend or other distribution of assets by the Company, the number and kinds of shares for which grants of Options and Other Stock-based Awards may be made under the Plan (including the per-Grantee maximums
set forth in Section 4) shall be equitably adjusted by the Company; provided that any such adjustment shall comply with Section 409A. In addition, in the event of any such increase or decease in the number of outstanding shares or
other transaction described in clause (ii) above, the number and kind of shares for which Awards are outstanding and the Option Price per share of outstanding Options and SAR Exercise Price per share of outstanding SARs shall be equitably
adjusted; provided that any such adjustment shall comply with Section 409A. 
  

	 	15.2.	Effect of Certain Transactions. 

 Except as otherwise provided in an Award Agreement and
subject to the provisions of Section 15.3, in the event of (a) the liquidation or dissolution of the Company or (b) a reorganization, merger, exchange or consolidation of the Company or involving the shares of Common Stock (a
“Transaction”), the Plan and the Awards issued hereunder shall continue in effect in accordance with their respective terms, except that following a Transaction either (i) each outstanding Award shall be treated as provided for in the
agreement entered into in connection with the Transaction or (ii) if not so provided in such agreement, each Grantee shall be entitled to receive in respect of each share of Common Stock subject to any outstanding Awards, upon exercise or
payment or transfer in respect of any Award, the same number and kind of stock, securities, cash, property or other consideration that each holder of a share of Common Stock was entitled to receive in the Transaction in respect of a share of Common
stock; provided, however, that, unless otherwise determined by the Committee, such stock, securities, cash, property or other 

  
 14 

 
consideration shall remain subject to all of the conditions, restrictions and performance criteria which were applicable to the Awards prior to such Transaction. Without limiting the generality
of the foregoing, the treatment of outstanding Options and SARs pursuant to this Section 15.2 in connection with a Transaction in which the consideration paid or distributed to the Company’s shareholders is not entirely shares of
common stock of the acquiring or resulting corporation may include the cancellation of outstanding Options and SARs upon consummation of the Transaction as long as, at the election of the Committee, (i) the holders of affected Options and SARs
have been given a period of at least fifteen (15) days prior to the date of the consummation of the Transaction to exercise the Options or SARs (to the extent otherwise exercisable) or (ii) the holders of the affected Options and SARs are
paid (in cash or cash equivalents) in respect of each Share covered by the Option or SAR being canceled an amount equal to the excess, if any, of the per share price paid or distributed to shareholders in the transaction (the value of any non-cash
consideration to be determined by the Committee in its sole discretion) over the Option Price or SAR Exercise Price, as applicable. For avoidance of doubt, (1) the cancellation of Options and SARs pursuant to clause (ii) of the preceding
sentence may be effected notwithstanding anything to the contrary contained in this Plan or any Award Agreement and (2) if the amount determined pursuant to clause (ii) of the preceding sentence is zero or less, the affected Option or SAR
may be cancelled without any payment therefore. The treatment of any Award as provided in this Section 15.2 shall be conclusively presumed to be appropriate for purposes of Section 15.1. 

 

	 	15.3.	Change in Control. 

  

	 	15.3.1.	Consequences of a Change in Control. 

 For Awards granted to non-employee members of the Board, upon a
Change in Control all outstanding Awards that may be exercised shall become fully exercisable, all restrictions with respect to outstanding Awards shall lapse and become vested and non-forfeitable, and any specified performance goals with respect to
outstanding Awards shall be deemed to be satisfied at the greater of (A) target or (B) the actual level of performance determined as if the applicable performance period had ended as of (y) the last trading day immediately preceding
the Change in Control or (z) if determined by the Compensation Committee to be necessary or appropriate based on the applicable performance goal, as of another specified date preceding the Change in Control (e.g., the Company’s preceding
fiscal quarter end). 
 For Awards granted to any other Service Providers, either of the following provisions shall apply, depending on
whether, and the extent to which, Awards are assumed, converted or replaced by the resulting entity in a Change in Control: 
  

	 	(i)	To the extent such Awards are not assumed, converted or replaced by the resulting entity in the Change in Control, then upon the Change in Control such outstanding Awards that may be exercised shall become fully
exercisable, all restrictions with respect to such outstanding Awards, other than for Performance Awards, shall lapse and become vested and non-forfeitable, and for any outstanding Performance Awards: 

 

	 	a.	any specified performance goals with respect to such outstanding Awards shall be deemed to be satisfied at the greater of (A) target or (B) the actual level of performance determined as if the applicable
performance period had ended as of (y) the last trading day immediately preceding the Change in Control or (z) if determined by the Compensation Committee to be necessary or appropriate based on the applicable performance goal, as of
another specified date preceding the Change in Control (e.g., the Company’s preceding fiscal quarter end); and 

  

	 	b.	the Award shall become vested pro rata based on the portion of the applicable performance period completed through the date of the Change in Control. 

 

	 	(ii)	 To the extent such Awards are assumed, converted or replaced by the resulting entity in the Change in Control, then the Awards shall become fully
exercisable, all restrictions with respect to such outstanding Awards shall lapse and become vested and non-forfeitable, and any specified performance goals with respect to such outstanding Awards shall be deemed to be satisfied at the greater of
(A) target or (B) the actual level of performance determined as if the applicable performance period had ended as of (y) the last trading day immediately preceding the Change in Control or (z) if determined by the Compensation
Committee to be necessary or appropriate based on the applicable performance goal, as of another specified date preceding the Change in Control 

  
 15 

	 	
(e.g., the Company’s preceding fiscal quarter end), if, within one year after the date of the Change in Control, the Service Provider has a Separation from Service either (1) by the
Company other than for “cause” or (2) by the Service Provider for “good reason” (each as defined in the applicable Award Agreement). 

  

	 	15.3.2.	Change in Control Defined. 

 “Change in Control” means: 

 

	 	(i)	Any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”), becomes the beneficial
owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of either (A) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (B) the combined
voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that, for purposes of this Section, the
following acquisitions shall not constitute a Change of Control: (i) any acquisition directly from the Company, (ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or
maintained by the Company or any Affiliate, or (iv) any acquisition pursuant to a transaction that complies with clauses (A), (B) or (C) in paragraph (3) of this definition; or 

 

	 	(ii)	Individuals who, as of the Effective Date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual
becoming a director subsequent to the Effective Date whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be
considered as though such individual was a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the
election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or 

  

	 	(iii)	Consummation of a reorganization, merger, statutory share exchange or consolidation or similar transaction involving the Company or any of its subsidiaries, a sale or other disposition of all or substantially all of the
assets of the Company, or the acquisition of assets or stock of another entity by the Company or any of its subsidiaries (each, a “Business Combination”), in each case unless, following such Business Combination, (A) all or
substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or
indirectly, more than 50% of the then-outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of
directors (or, for a non-corporate entity, equivalent governing body), as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Company or
all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common
Stock and the Outstanding Company Voting Securities, as the case may be, (B) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such corporation
resulting from such Business Combination) beneficially owns, directly or indirectly, 50% or more of, respectively, the then-outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power
of the then-outstanding voting securities of such corporation, except to the extent that such ownership existed prior to the Business Combination, and (C) at least a majority of the members of the board of directors (or, for a non-corporate
entity, equivalent governing body) of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board providing for such Business
Combination; or 

  
 16 

	 	(iv)	Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company. 

Notwithstanding the foregoing, if it is determined that an Award hereunder is subject to the requirements of Section 409A and the Change
in Control is a “payment event” under Section 409A for such Award, the Company will not be deemed to have undergone a Change in Control unless the Company is deemed to have undergone a “change in control event” pursuant to
the definition of such term in Section 409A. 
  

	 	15.4.	Adjustments. 

 Adjustments under this Section 15 related to shares of Stock
or securities of the Company shall be made by the Board, whose determination in that respect shall be final, binding and conclusive. No fractional shares or other securities shall be issued pursuant to any such adjustment, and any fractions
resulting from any such adjustment shall be eliminated in each case by rounding downward to the nearest whole share. 
  

	16.	NO LIMITATIONS ON COMPANY 

 The making of Awards pursuant to the Plan shall not affect or
limit in any way the right or power of the Company to make adjustments, reclassifications, reorganizations, or changes of its capital or business structure or to merge, consolidate, dissolve, or liquidate, or to sell or transfer all or any part of
its business or assets. 
  

	17.	TERMS APPLICABLE GENERALLY TO AWARDS GRANTED UNDER THE PLAN 

  

	 	17.1.	Disclaimer of Rights. 

 No provision in the Plan or in any Award Agreement shall be
construed to confer upon any individual the right to remain in the employ or service of the Company or any Affiliate, or to interfere in any way with any contractual or other right or authority of the Company either to increase or decrease the
compensation or other payments to any individual at any time, or to terminate any employment or other relationship between any individual and the Company. In addition, notwithstanding anything contained in the Plan to the contrary, unless otherwise
stated in the applicable Award Agreement, no Award granted under the Plan shall be affected by any change of duties or position of the Grantee, so long as such Grantee continues to be a Service Provider. The obligation of the Company to pay any
benefits pursuant to this Plan shall be interpreted as a contractual obligation to pay only those amounts described herein, in the manner and under the conditions prescribed herein. The Plan shall in no way be interpreted to require the Company to
transfer any amounts to a third party trustee or otherwise hold any amounts in trust or escrow for payment to any Grantee or beneficiary under the terms of the Plan. 
  

	 	17.2.	Nonexclusivity of the Plan. 

 Neither the adoption of the Plan nor the submission of the
Plan to the shareholders of the Company for approval shall be construed as creating any limitations upon the right and authority of the Board to adopt such other incentive compensation arrangements (which arrangements may be applicable either
generally to a class or classes of individuals or specifically to a particular individual or particular individuals), including, without limitation, the granting of stock options as the Board in its discretion determines desirable. 

 

	 	17.3.	Withholding Taxes. 

 The Company or an Affiliate, as the case may be, shall have the
right to deduct from payments of any kind otherwise due to a Grantee any federal, state, or local taxes of any kind required by law to be withheld (i) with respect to the vesting of or other lapse of restrictions applicable to an Award,
(ii) upon the issuance of any shares of Stock upon the exercise of an Option or SAR, or (iii) otherwise due in connection with an Award. At the time of such vesting, lapse, or exercise, the Grantee shall pay to the Company or the
Affiliate, as the case may be, any 

  
 17 

 
amount that the Company or the Affiliate may reasonably determine to be necessary to satisfy such withholding obligation. Subject to the prior approval of the Company or the Affiliate, which may
be withheld by the Company or the Affiliate, as the case may be, in its sole discretion, the Grantee may elect to satisfy such obligations, in whole or in part, (i) by causing the Company or the Affiliate to withhold the minimum required number
of shares of Stock otherwise issuable to the Grantee as may be necessary to satisfy such withholding obligation or (ii) by delivering to the Company or the Affiliate shares of Stock already owned by the Grantee. The shares of Stock so delivered
or withheld shall have an aggregate Fair Market Value equal to such withholding obligations. The Fair Market Value of the shares of Stock used to satisfy such withholding obligation shall be determined by the Company or the Affiliate as of the date
that the amount of tax to be withheld is to be determined. A Grantee who has made an election pursuant to this Section 17.3 may satisfy his or her withholding obligation only with shares of Stock that are not subject to any repurchase,
forfeiture, unfulfilled vesting, or other similar requirements. 
  

	 	17.4.	Captions. 

 The use of captions in this Plan or any Award Agreement is for the
convenience of reference only and shall not affect the meaning of any provision of the Plan or any Award Agreement. 
  

	 	17.5.	Other Provisions. 

 Each Award Agreement may contain such other terms and conditions not
inconsistent with the Plan as may be determined by the Board, in its sole discretion. In the event of any conflict between the terms of an employment agreement and the Plan, the terms of the employment agreement govern. 

 

	 	17.6.	Number and Gender. 

 With respect to words used in this Plan, the singular form shall
include the plural form, the masculine gender shall include the feminine gender, etc., as the context requires. 
  

	 	17.7.	Severability. 

 If any provision of the Plan or any Award Agreement shall be determined
to be illegal or unenforceable by any court of law in any jurisdiction, the remaining provisions hereof and thereof shall be severable and enforceable in accordance with their terms, and all provisions shall remain enforceable in any other
jurisdiction. 
  

	 	17.8.	Governing Law. 

 The Plan shall be governed by and construed in accordance with the laws
of the State of Washington without giving effect to the principles of conflicts of law, and applicable Federal law. 
  

	 	17.9.	Section 409A. 

 The Plan is intended to comply with Section 409A to the extent
subject thereto, and, accordingly, to the maximum extent permitted, the Plan shall be interpreted and administered to be in compliance therewith. Any payments described in the Plan that are due within the “short-term deferral period” as
defined in Section 409A shall not be treated as deferred compensation unless applicable laws require otherwise. Notwithstanding anything to the contrary in the Plan, to the extent required to avoid accelerated taxation and tax penalties under
Section 409A, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to the Plan during the six (6) month period immediately following the Grantee’s Separation from Service shall instead be paid
on the first payroll date after the six-month anniversary of the Grantee’s Separation from Service (or the Grantee’s death, if earlier). Notwithstanding the foregoing, neither the Company nor the Committee shall have any obligation to take
any action to prevent the assessment of any excise tax or penalty on any Grantee under Section 409A and neither the Company nor the Committee will have any liability to any Grantee for such tax or penalty. 

  
 18 

	 	17.10.	Separation from Service. 

 The Board shall determine the effect of a Separation from
Service upon Awards, and such effect shall be set forth in the appropriate Award Agreement. Without limiting the foregoing, the Board may provide in the Award Agreements at the time of grant, or any time thereafter with the consent of the Grantee,
the actions that will be taken upon the occurrence of a Separation from Service, including, but not limited to, accelerated vesting or termination, depending upon the circumstances surrounding the Separation from Service. 

 

	 	17.11.	Transferability of Awards. 

  

	 	17.11.1.	Transfers in General. 

 Except as provided in Section 17.11.2, no Award shall
be assignable or transferable by the Grantee to whom it is granted, other than by will or the laws of descent and distribution, and, during the lifetime of the Grantee, only the Grantee personally (or the Grantee’s personal representative) may
exercise rights under the Plan. 
  

	 	17.11.2.	Family Transfers. 

 If authorized in the applicable Award Agreement, a Grantee may
transfer, not for value, all or part of an Award (other than Incentive Stock Options) to any Family Member. For the purpose of this Section 17.11.2, a “not for value” transfer is a transfer which is (i) a gift, (ii) a
transfer under a domestic relations order in settlement of marital property rights; or (iii) a transfer to an entity in which more than fifty percent of the voting interests are owned by Family Members (or the Grantee) in exchange for an
interest in that entity. Following a transfer under this Section 17.11.2, any such Award shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer. Subsequent transfers of transferred
Awards are prohibited except to Family Members of the original Grantee in accordance with this Section 17.11.2 or by will or the laws of descent and distribution. 
  

	 	17.12.	Dividends and Dividend Equivalent Rights. 

 If specified in the Award Agreement, the
recipient of an Award under this Plan may be entitled to receive, currently or on a deferred basis, dividends or dividend equivalents with respect to the Common Stock or other securities covered by an Award. The terms and conditions of a dividend
equivalent right may be set forth in the Award Agreement. Dividend equivalents credited to a Grantee may be paid currently or may be deemed to be reinvested in additional shares of Stock or other securities of the Company at a price per unit equal
to the Fair Market Value of a share of Stock on the date that such dividend was paid to shareholders, as determined in the sole discretion of the Committee. Notwithstanding the foregoing, in no event will dividends or dividend equivalents on any
Performance Award be payable before the Performance Award has become earned and payable. 
 The Plan was adopted by the Board of Directors
on March 12, 2014 and was approved by the shareholders of the Company on May 21, 2014. 

  
 19EX-10.21

 Exhibit 10.21 

NOTICE OF GRANT OF RESTRICTED STOCK AWARD 

ZUMIEZ INC. 
 2014 EQUITY
INCENTIVE PLAN 
 FOR GOOD AND VALUABLE CONSIDERATION, Zumiez Inc. (the “Company”) hereby grants this Restricted Stock
Award (the “Award”) of the number of shares of the Company’s common stock, no par value per share, (the “Common Stock” or “Restricted Stock”) set forth in this Notice of Grant of Restricted
Stock Award (the “Notice”) to the Grantee designated in this Notice, pursuant to the provisions of the Company’s 2014 Equity Incentive Plan (the “Plan”) and subject to certain restrictions as outlined below in
this Notice and the additional provisions set forth in the attached Terms and Conditions of Restricted Stock Award (the “Terms”). Together, this Notice, the attached Terms and all Exhibits hereto constitute the
“Agreement.” 
 Grantee:
[                            ] 

Grant Date: [                    ] 

Shares of Common Stock subject to Award:
[                    ] 
 Vesting
Schedule: Subject to the terms of the Plan and this Agreement, the Restricted Stock shall become earned and vested evenly over [__] years, with a [        ]% vesting annually at the anniversary date
of the Grant Date, in the event the Grantee does not have a Separation from Service prior to the applicable vesting date(s). 
 No Restricted Stock shall
become earned and vested following Grantee’s Separation from Service, except as expressly provided in the Notice below, as applicable, or as otherwise provided pursuant to the terms of the Plan. 

Impact of Separation from Service on Vesting: See Exhibit A  

Acceleration of Vesting on or following a Change in Control: Vesting upon Change in Control, in accordance with Section 15.3.1 of the Plan 

By signing below, the Grantee agrees that this Award is granted under and governed by the terms and conditions of the Plan and this Agreement. 

 

									
	Grantee	 		 		 	Zumiez Inc.
					
	 	 	 	 		 	By:	 	 
		 		 		 	Title:	 	 
	Date:	 	 	 		 	Date:	 	 

 EXHIBIT A 

Impact of Separation from Service  

If the Grantee has a Separation from Service before the vesting date specified under “Vesting Schedule” in the Notice, then any
unearned Restricted Stock shall become immediately earned and vested or be canceled depending on the reason for Separation from Service as follows. 

(a) Death or Disability. If the Grantee has a Separation from Service due to the Grantee’s death or Disability, any unearned
Restricted Stock shall become immediately earned and vested on the date of the death or Disability, as applicable. 
 (b) Any other
Separation from Service. If the Grantee has a Separation from Service for any reason other than as specified in subparagraph (a) above, any Restricted Stock that were not already earned and vested pursuant to the schedule specified under
“Vesting Schedule” in the Notice as of the date of the Separation from Service shall be immediately canceled as of that date. 

  
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 TERMS AND CONDITIONS OF RESTRICTED STOCK AWARD 

The Restricted Stock Award (the “Award”) granted by Zumiez Inc. (the “Company”) to the Grantee specified in the Notice of
Grant of Restricted Stock Award (the “Notice”) to which these Terms and Conditions of Restricted Stock Award (the “Terms”) are attached, is subject to the terms and conditions of the Plan, the Notice, and these
Terms. The terms and conditions of the Plan are incorporated by reference in their entirety into these Terms. Together, the Notice and these Terms constitute the “Agreement.” A Prospectus describing the Plan has been delivered
and/or made available to the Grantee. The Plan itself is available upon request. When used in this Agreement, the terms which are defined in the Plan shall have the meanings given to them in the Plan, as modified herein (if applicable). 

This Award is conditioned upon the Grantee’s acceptance of the provisions set forth in this Agreement within 30 days after the Agreement is presented to
the Grantee for review. If the Grantee fails to accept the Award within such 30-day period, the Award shall be null and void, and the Grantee’s rights in the Award shall immediately terminate without any payment of consideration by the Company.
For purposes this Agreement, any reference to the Company shall include a reference to any Affiliate. 
  

	1.	Grant of Restricted Stock. 

 (a) As of the Grant Date set forth in the
Notice, the Company grants to the Grantee the number of shares of Restricted Stock set forth in the Notice. 
 (b) The
Restricted Stock covered by this Award shall become earned and vested in accordance with the schedule set forth in the Notice, subject to the requirements of Section 4 (Withholding), Section 6 (Regulatory Restrictions on the Shares Issued
Upon Settlement), and Section 7(m) (Recovery of Compensation) of this Agreement. 
 (c) The Grantee may designate a
beneficiary to receive payment in connection with the Restricted Stock in the event of the Grantee’s death in accordance with the Company’s beneficiary designation procedures, as in effect from time to time. If the Grantee does not
designate a beneficiary, or if the Grantee’s designated beneficiary does not survive the Grantee, then the Grantee’s beneficiary will be the Grantee’s estate. 

(d) The Grantee shall have no dividend rights until the Restricted Stock becomes vested. 

 

	2.	Restrictions. Subject to any exceptions set forth in this Agreement, until such time as the Restricted Stock becomes earned and vested, the Restricted Stock may not be assigned, alienated, pledged, attached, sold
or otherwise transferred or encumbered by the Grantee. Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Restricted Stock shall be wholly ineffective and, if any such attempt is made, the Restricted Stock
will be forfeited by the Grantee and all of the Grantee’s rights to such Restricted Stock shall immediately terminate without any payment of consideration by the Company. 

 

	3.	Cancellation of Rights. If any portion of the Restricted Stock fails to become earned and vested (for example, because the Grantee fails to satisfy the vesting conditions specified in the Notice prior to a
Separation from Service), then such Restricted Stock shall be immediately forfeited as of the date of such failure and all of the Grantee’s rights to such Restricted Stock shall immediately terminate without any payment of consideration by the
Company. 

  

	4.	Withholding. 

 (a) Regardless of any action the Company takes with
respect to any or all income tax, payroll tax or other tax-related withholding (“Tax-Related Items”), the Grantee acknowledges that the ultimate liability for all Tax-Related Items owed by the Grantee is and remains the
Grantee’s responsibility and that the Company (i) makes no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including the grant or vesting of the Restricted Stock
or the subsequent sale of shares of Common Stock acquired upon vesting; and (ii) does not commit to structure the terms of the grant or any aspect of the Award to reduce or eliminate the Grantee’s liability for Tax-Related Items. 

  
 3 

 (b) Prior to vesting of the Restricted Stock, the Grantee shall pay or make
adequate arrangements satisfactory to the Company to satisfy all withholding obligations of the Company. In this regard, the Grantee authorizes the Company to withhold all applicable Tax-Related Items legally payable by the Grantee from the
Grantee’s wages or other cash compensation paid to the Grantee by the Company or from proceeds of the sale of the shares of Common Stock. Alternatively, or in addition, to the extent permissible under applicable law, the Company may
(i) sell or arrange for the sale of shares of Common Stock that the Grantee acquires to meet the withholding obligation for Tax-Related Items, and/or (ii) withhold in shares of Common Stock, provided that the Company only withholds the
amount of shares of Common Stock necessary to satisfy the minimum withholding amount. Finally, the Grantee shall pay to the Company any amount of Tax-Related Items that the Company may be required to withhold as a result of the Grantee’s
participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to deliver shares of Common Stock in connection with any earned and vested Restricted Stock if the Grantee fails to comply with the
Grantee’s obligations in connection with the Tax-Related Items as described in this Section 4. 
  

	5.	Grantee Representations. The Grantee hereby represents to the Company that the Grantee has read and fully understands the provisions of this Agreement, the Prospectus and the Plan, and the Grantee’s decision
to participate in the Plan is completely voluntary. Further, the Grantee acknowledges that the Grantee is relying solely on his or her own advisors with respect to the tax consequences of this Award. 

 

	6.	Regulatory Restrictions on the Shares Issued Upon Settlement. Notwithstanding the other provisions of this Agreement, the Committee shall have the sole discretion to impose such conditions, restrictions and
limitations on the issuance of shares of Restricted Stock with respect to this Award unless and until the Committee determines that such issuance complies with (i) any applicable registration requirements under the Securities Act or the
Committee has determined that an exemption therefrom is available, (ii) any applicable listing requirement of any stock exchange on which the Stock is listed, (iii) any applicable Company policy or administrative rules, and (iv) any
other applicable provision of state, federal or foreign law, including foreign securities laws where applicable. 

  

	7.	Miscellaneous. 

 (a) Notices. Any notice which either party hereto
may be required or permitted to give to the other shall be in writing and may be delivered personally, by interoffice mail, by fax, by electronic mail or other electronic means, or via a postal service, postage prepaid, to such electronic mail or
postal address and directed to such person as the Company may notify the Grantee from time to time; and to the Grantee at the Grantee’s electronic mail or postal address as shown on the records of the Company from time to time, or at such other
electronic mail or postal address as the Grantee, by notice to the Company, may designate in writing from time to time. 

(b) Waiver. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be
construed as a waiver of any other or subsequent breach. 
 (c) Entire Agreement. This Agreement and the Plan
constitute the entire agreement between the parties with respect to the subject matter hereof. Any prior agreements, commitments or negotiations concerning the Award are superseded. 

(d) Binding Effect; Successors. This Agreement shall inure to the benefit of and be binding upon the parties hereto and
to the extent not prohibited herein, their respective heirs, successors, assigns and representatives. Nothing in this Agreement, express or implied, is intended to confer on any person other than the parties hereto and as provided above, their
respective heirs, successors, assigns and representatives any rights, remedies, obligations or liabilities. 
 (e)
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Washington without giving effect to the principles of conflicts of law, and applicable Federal law. 

(f) Arbitration. The Company and the Grantee shall make a good faith attempt to resolve any and all claims and disputes
regarding the Award or the Agreement in accordance with any dispute resolution adopted by the Company before resorting to any other dispute resolution procedure. If the claim or dispute is not resolved in that manner and involves any rights or
obligations under the Agreement, then the claim or dispute will be determined by arbitration in accordance with the then-current American Arbitration Association (“AAA”) national rules for the resolution of employment disputes by
arbitration, except as modified herein. The arbitration will be conducted by a sole neutral arbitrator who has had both training and experience as an arbitrator of employee compensation matters. If the Company and the Grantee cannot agree on an
arbitrator, 

  
 4 

 
then the arbitrator will be selected by the AAA applying the criteria in this provision. Reasonable discovery will be permitted and the arbitrator may decide any issue as to discovery. The
arbitrator may decide any issue as to whether or as to the extent to which, any dispute is subject to the dispute resolution provisions of this Section 7(f). The arbitrator may award only relief at law contemplated under the Agreement and the
Plan and the arbitrator may not award incidental, consequential or punitive damages, attorney’s fees or any form or equitable relief, to either party. The arbitrator must base the arbitration award on the provisions of this Section 7(f)
and applicable law and must render the award in writing, including an explanation of the reasons for the award. Judgment upon the award may be entered by any court having jurisdiction of the matter, and the decision of the arbitrator will be final
and binding. The statute of limitations applicable to the commencement of a lawsuit will apply to the commencement of an arbitration. The arbitrator’s fees will be paid in equal portions by the Company and the Grantee, unless the Company agrees
to pay all such fees. 
 (g) Venue. Any arbitration, legal or equitable action or any proceeding arising directly,
indirectly, or otherwise in connection with, out of, related to or from the Agreement, or any provision hereof, shall exclusively be filed and adjudicated in King County, Washington and no other venue. 

(h) Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any
way limit or affect the meaning or interpretation of any of the terms or provisions of this Agreement. 
 (i) Conflicts;
Amendment. The provisions of the Plan are incorporated in this Agreement in their entirety. In the event of any conflict between the provisions of this Agreement and the Plan, the provisions of the Plan shall control. This Agreement may be
amended at any time by the Committee, provided that no amendment may, without the consent of the Grantee, materially impair the Grantee’s rights with respect to the Award. The Committee shall have full authority and discretion, subject
only to the terms of the Plan, to decide all matters relating to the administration or interpretation of the Plan, the Award, and the Agreement, and all such action by the Committee shall be final, conclusive, and binding upon the Company and the
Grantee. 
 (j) No Right to Continued Service. Nothing in this Agreement shall confer upon the Grantee any right to
continue in the employ or service of the Company or affect the right of the Company to terminate the Grantee’s employment or service at any time. 

(k) Further Assurances. The Grantee agrees, upon demand of the Company or the Committee, to do all acts and execute,
deliver and perform all additional documents, instruments and agreements which may be reasonably required by the Company or the Committee, as the case may be, to implement the provisions and purposes of this Agreement and the Plan. 

(l) Personal Data. By accepting the Award under this Agreement, the Grantee hereby consents to the Company’s use,
dissemination and disclosure of any information pertaining to the Grantee that the Company determines to be necessary or desirable for the implementation, administration and management of the Plan. 

(m) Recovery of Compensation. In accordance with Section 3.3 of the Plan, the Award is subject to the requirements
of (i) Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (regarding recovery of erroneously awarded compensation) and any implementing rules and regulations thereunder, (ii) any policies adopted by the
Company to implement such requirements, and (iii) any other compensation recovery policies as may be adopted from time to time by the Company, all to the extent determined by the Committee in its discretion to be applicable to the Grantee. 

(n) Change in Control. Notwithstanding anything in this Agreement to the contrary but subject to the provisions of
Section 15.3.1(i) of the Plan, if (A) a Change in Control occurs and (B) on or after the Change in Control and on or before the first anniversary of the Change in Control either (1) the Grantee has a Separation from Service by
action of the Company or the Grantee’s employing Subsidiary for any reason other than Cause (excluding due to the Grantee’s death or Disability) or (2) the Grantee has a Separation from Service for Good Reason, then any unearned
shares of Restricted Stock shall become immediately earned and vested as of the date of such Separation from Service. 

“Cause” shall be defined as that term is defined in the Grantee’s offer letter or other applicable employment agreement;
or, if there is no such definition, “Cause” means any one or more of the following: (i) the Grantee’s gross neglect or willful material breach of the Grantee’s principal 

  
 5 

 
employment responsibilities or duties; (ii) a final judicial adjudication that the Grantee is guilty of any felony (other than a law, rule or regulation relating to a traffic violation or
other similar offense that has no material adverse effect on the Company or any of its Subsidiaries); (iii) the Grantee’s breach of any non-competition or confidentiality covenant between the Grantee and the Company or any Subsidiary;
(iv) fraudulent conduct as determined by a court of competent jurisdiction in the course of the Grantee’s employment with the Company or any of its Subsidiaries; or (v) the material breach by the Grantee of any other obligation which
continues uncured for a period of 30 days after notice thereof by the Company or any of its Subsidiaries. 
 “Good Reason”
shall be defined as that term is defined in the Grantee’s offer letter or other applicable employment agreement; or, if there is no such definition, “Good Reason” means the occurrence of any of the following events without the
Grantee’s consent, provided that the Grantee has complied with the Good Reason Process: (i) a material diminution in the Grantee’s responsibility, authority or duty; (ii) a material diminution in the Grantee’s base salary
except for across-the-board salary reductions based on the Company and its Subsidiaries’ financial performance similarly affecting all or substantially all management employees of the Company and its Subsidiaries; or (iii) the relocation
of the office at which the Grantee was principally employed immediately prior to a Change in Control to a location more than fifty (50) miles from the location of such office, or the Grantee being required to be based anywhere other than such
office, except to the extent the Grantee was not previously assigned to a principal location and except for required travel on business to an extent substantially consistent with the Grantee’s business travel obligations at the time of the
Change in Control. 
 “Good Reason Process” means that (i) the Grantee reasonably determines in good faith that a Good
Reason condition has occurred; (ii) the Grantee notifies the Company and its Subsidiaries in writing of the occurrence of the Good Reason condition within 60 days of such occurrence; (iii) the Grantee cooperates in good faith with the
Company and its Subsidiaries’ efforts, for a period of not less than 30 days following such notice (the “Cure Period”), to remedy the condition; (iv) notwithstanding such efforts, the Good Reason condition continues to
exist following the Cure Period; and (v) the Grantee has a Separation from Service within 60 days after the end of the Cure Period. If the Company or its Subsidiaries cures the Good Reason condition during the Cure Period, and the Grantee
has a Separation from Service due to such condition (notwithstanding its cure), then the Grantee will not be deemed to have had a Separation from Service for Good Reason. 

  
 6

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