Document:

Amendment No. 3 to Trademark License Agreement dated January 14, 2011

 Exhibit 10.49 
 Execution Copy 
 AMENDMENT NO.
3 
 TO 
 TRADEMARK LICENSE AGREEMENT 
 THIS AMENDMENT TO
TRADEMARK LICENSE AGREEMENT is made and entered into on this 14th day of January, 2011 by and among SPTC DELAWARE, LLC, a Delaware limited liability company (as assignee of SPTC, Inc., a Delaware corporation) (“SPTC”) and SOTHEBY’S, a
Delaware corporation, as successor by merger to SOTHEBY’S HOLDINGS, INC., a Michigan corporation (“Holdings”), on the one hand, and REALOGY CORPORATION, a Delaware corporation, as successor to CENDANT CORPORATION, a
Delaware Corporation (“Parent”) and SOTHEBY’S INTERNATIONAL REALTY LICENSEE CORPORATION (f/k/a Monticello Licensee Corporation), a Delaware corporation (“Licensee”). Capitalized terms used herein
and not defined herein shall have the meaning ascribed to such terms in the License Agreement (as defined below). 
 WHEREAS,
SPTC, Holdings, Parent and Licensee entered into that certain Trademark License Agreement on February 17, 2004, as amended (the “License Agreement”); and 
 WHEREAS, the parties hereby desire to amend the License Agreement to add the country of Australia to the Territory on the terms and conditions set forth herein. 

NOW THEREFORE, in consideration of the foregoing premises and for other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows: 
 1. Addition of
Australia to the Territory. The country of Australia is hereby added to the Territory. 
 1.1 Amendment of
Schedule C. Schedule C is hereby amended by adding the country of Australia as part of the Territory. 

2. Sharing of Development Fees for Australia. In the event that an initial franchise fee or development fee
(“Development Fee”) is paid to the Licensee Group in connection with the grant of a master franchise or subfranchise agreement for the country of Australia as permitted under Subsection 7.2(a) of the License Agreement, the Licensee
Group shall pay to Licensor an amount equal to 75% of such Development Fees until Licensor is paid $500,000, and 25% of such Development Fees thereafter. All payments to Licensor shall be made on the 15th Business Day after the end of the calendar month in which such
Development Fees are received by the Licensee Group. 

 3. Use of abbreviation SIR. The parties acknowledge that Licensor has approved the
use of the abbreviation “SIR” in a mobile device application. Hereafter, the parties will memorialize any authorized future uses of the “SIR” abbreviation for products or services in writing (e-mail or otherwise) but such
authorizations need not be included in a formal amendment to the License Agreement. 
 4. Miscellaneous. 

3.1 Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed an
original, and all of which, when taken together shall constitute one and the same agreement. 
 3.2
Heading. The headings herein are for convenience purposes only, do not constitute a part of this Amendment and shall not be deemed to limit or affect any of the provisions of this Amendment. 

3.3 License Agreement. This Amendment shall operate as an Amendment to the License Agreement. Except as expressly
provided herein, the License Agreement is not amended, modified or affected by this Amendment, and the License Agreement and the rights and obligations of the parties hereto thereunder are hereby ratified and confirmed by the parties hereto in all
respects. 
 [Remainder of Page Intentionally Left Blank; Signature Page Follows] 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as
of the date first above written. 
  

			
	SPTC DELAWARE, LLC
		
	By:	 	/s/ William S. Sheridan
	Name:	 	William S. Sheridan
	Title:	 	Vice President and Treasurer
	
	SOTHEBY’S
		
	By:	 	/s/ Henry Howard-Sneyd
	Name:	 	Henry Howard-Sneyd
	Title:	 	Executive Vice President
	
	REALOGY CORPORATION
		
	By:	 	/s/ Dave Weaving
	Name:	 	Dave Weaving
	Title:	 	Executive Vice President and Chief Administrative Officer
	
	SOTHEBY’S INTERNATIONAL REALTY LICENSEE CORPORATION
		
	By:	 	/s/ Dave Weaving
	Name:	 	Dave Weaving
	Title:	 	Authorized PersonRealogy Corporation Phantom Value Plan.

 Exhibit 10.70 
 REALOGY CORPORATION 
 PHANTOM VALUE PLAN 

This phantom value plan (the “Plan”) is intended to provide certain designated members of the management team of Realogy
Corporation (the “Company”) with an incentive to remain in the service of the Company and to increase their interest in the success of the Company and to receive compensation based upon the Company’s success. Various examples
describing the intended operation of Incentive Awards are set forth in Appendix A annexed hereto and deemed a part hereof. 
  

	1.	DEFINITIONS 

 For purposes
of the Plan, the following terms shall have the meanings set forth below: 
  

	 	(a)	“2007 Plan” means the Domus Holdings Corp. 2007 Stock Incentive Plan (or any successor thereto). 

 

	 	(b)	“Additional Amount” shall have the meaning set forth in Section 6(a)(1) of the Plan. 

 

	 	(c)	“Additional Amount Cash” shall have the meaning set forth in Section 6(a)(1) of the Plan. 

 

	 	(d)	“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as used with
respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise.

  

	 	(e)	“Affiliate Holders” means holders of the Notes who are Affiliates of Apollo Global Management, LLC. 

 

	 	(f)	“Award Amount” shall have the meaning set forth in Section 4(a) of the Plan. 

 

	 	(g)	“Award Payment Date” shall have the meaning set forth in Section 4(d) of the Plan. 

 

	 	(h)	“Board” shall have the meaning set forth in Section 2(a) of the Plan. 

 

	 	(i)	“Cash Payment Date” shall have the meaning set forth in Section 4(d) of the Plan. 

 

	 	(j)	“Cash Payment Event” shall have the meaning set forth in Section 4(d) of the Plan. 

	 	(k)	“Change of Control” shall have the meaning given to such term under Section 409A of the Code. 

 

	 	(l)	“Code” means the Internal Revenue Code of 1986, as amended. 

 

	 	(m)	“Committee” shall have the meaning set forth in Section 2(a) of the Plan. 

 

	 	(n)	“First Grant” shall have the meaning set forth in Section 4(b) of the Plan. 

 

	 	(o)	“Holdings” means Domus Holdings Corp., a Delaware corporation. 

 

	 	(p)	“Holdings Committee” shall have the meaning set forth in Section 6(a)(2) of the Plan. 

 

	 	(q)	“Incentive Award” means the Series A Convertible Notes Incentive Award, the Series B Convertible Notes Incentive Award and/or the Series C Convertible
Notes Incentive Award. 

  

	 	(r)	“Incentive Award Agreement” means any writing setting forth the terms of an Incentive Award that has been duly authorized and approved by the
Committee. 

  

	 	(s)	“Initial Valuation Event” shall have the meaning set forth in Section 4(c) of the Plan. 

 

	 	(t)	“Initial Valuation Event Threshold” shall have the meaning set forth in Section 4(c) of the Plan. 

 

	 	(u)	“Interest Payment Date” means each April 15 and October 15 starting in the year 2011. 

 

	 	(v)	“Notes” means the Series A Convertible Notes, the Series B Convertible Notes and the Series C Convertible Notes. 

 

	 	(w)	“Participant” shall have the meaning set forth in Section 3 of the Plan. 

 

	 	(x)	“Person” shall be construed broadly and shall include, without limitation, an individual, a partnership, a corporation, an association, a joint stock
company, a limited liability company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof. 

 

	 	(y)	“Prior Transaction” shall have the meaning set forth in Section 4(c) of the Plan. 

 

	 	(z)	 “Qualified Public Offering” means the closing of the first underwritten public offering of shares of common stock of the Company or
any indirect or direct parent of the Company pursuant to an effective registration statement under the Securities Act of 1933, as amended (other than (A) a registration relating solely to an employee benefit plan or employee stock plan, a
dividend reinvestment plan, 

  
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or a merger or a consolidation, (B) a registration incidental to an issuance of securities under Rule 144A, (C) a registration on Form S–4 or any successor form or (D) a
registration on Form S–8 or any successor form). 

  

	 	(aa)	“Series A Convertible Notes” means the Company’s 11.00% Series A Convertible Notes due 2018. 

 

	 	(bb)	“Series A Convertible Notes Incentive Awards” means an award that corresponds to the Series A Convertible Notes. 

 

	 	(cc)	“Series B Convertible Notes” means the Company’s 11.00% Series B Convertible Notes due 2018. 

 

	 	(dd)	“Series B Convertible Notes Incentive Awards” means an award that corresponds to the Series B Convertible Notes. 

 

	 	(ee)	“Series C Convertible Notes” means the Company’s 11.00% Series C Convertible Notes due 2018. 

 

	 	(ff)	“Series C Convertible Notes Incentive Awards” means an award that corresponds to the Series C Convertible Notes. 

 

	 	(gg)	“Shares” shall mean shares of Class A common stock of Holdings, par value $0.01 per share. 

 

	 	(hh)	“Similar Consideration” shall have the meaning set forth in Section 5(d) of the Plan. 

 

	 	(ii)	“Stock Option” shall have the meaning set forth in Section 6(a)(2) of the Plan. 

 

	 	(jj)	“Subsequent Valuation Event” means each Valuation Event occurring after the Initial Valuation Event. 

 

	 	(kk)	“Subsidiary” means any corporation or other entity of which the Company owns securities or interests having a majority, directly or indirectly, of the
ordinary voting power in electing the board of directors, managers, general partners or similar governing Persons thereof. 

  

	 	(ll)	“Term” shall have the meaning set forth in Section 4(b) of the Plan. 

 

	 	(mm)	“Valuation Event” shall have the meaning set forth in Section 4(c) of the Plan. 

 

	2.	ADMINISTRATION 

  

	 	(a)	The Plan shall be administered by the Board of Directors of the Company (the “Board”) or the Compensation Committee of the Board (the
“Committee”). The term “Committee” shall, for all purposes of the Plan, be deemed to refer to the Board if the Board is administering the Plan. 

  
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	 	(b)	The Committee shall adopt such rules and regulations as it shall deem appropriate concerning the holding of meetings and the administration of the Plan. The majority of
the Committee shall constitute a quorum and the actions of the majority of the Committee present at a meeting, or actions approved in writing by the majority of the Committee, shall be the actions of the Committee. Except as may otherwise be
expressly reserved to the Board as provided herein and, with respect to any Incentive Award, except as may otherwise be provided in the Incentive Award Agreement evidencing such Incentive Award, the Committee shall have all powers with respect to
the administration of the Plan, including the authority to: 

  

	 	(i)	determine eligibility and the particular persons who will receive Incentive Awards; 

 

	 	(ii)	grant Incentive Awards to eligible persons, determine the Award Amount, determine the other specific terms and conditions of Incentive Awards consistent with the
express limits of the Plan and establish the events of termination or forfeiture of such Incentive Awards; 

  

	 	(iii)	approve the forms of Incentive Award Agreements, which need not be identical either as to type of Incentive Award or among Participants; 

 

	 	(iv)	construe and interpret the provisions of the Plan and any Incentive Award Agreement or other agreement defining the rights and obligations of the Company and
Participants under the Plan, make factual determinations with respect to the administration of the Plan, further define the terms used in the Plan, and prescribe, amend and rescind rules and regulations relating to the administration of the Plan;

  

	 	(v)	cancel, modify, or waive the Company’s rights with respect to, or modify, discontinue, suspend, or terminate any or all outstanding Incentive Awards held by
Participants, subject to any required consent under Section 14; 

  

	 	(vi)	accelerate or extend the term of any or all outstanding Incentive Awards, subject to any consent required under Section 14; and 

 

	 	(vii)	make all other determinations and take such other action as contemplated by the Plan or as may be necessary or advisable for the administration of the Plan and the
effectuation of its purposes. 

  

	 	(c)	 All decisions of the Committee shall be made in good faith and shall be conclusive and binding on all Participants in the Plan. In making any
determination or in taking or not taking any action under the Plan, the Committee may obtain the advice of experts, including employees of and professional advisors to the Company. The Committee may delegate ministerial, non-discretionary functions
to individuals who are officers or employees of the Company. No director, officer or agent of the Company or any Subsidiary will be liable for any action, omission or decision under the Plan taken, made or omitted

  
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in good faith. The provisions of Incentive Awards need not be the same with respect to each Participant. 

 

	3.	ELIGIBILITY 

 The
Committee shall, from time to time, select certain employees of the Company to whom awards may be granted, and who will, upon such grant, become participants in the Plan (each, a “Participant”). 

 

	4.	INCENTIVE AWARDS 

  

	 	(a)	General. The Committee shall grant each Participant an Incentive Award which shall be granted in three series, the Series A Convertible Notes Incentive Award,
the Series B Convertible Notes Incentive Award and the Series C Convertible Notes Incentive Award. Each series of an Incentive Award shall be denominated as a dollar amount (the “Award Amount”). 

 

	 	(b)	Term. The “Term” with respect to a each series of an Incentive Award means the period from the date of the first grant of Incentive Awards to
any Participant (the “First Grant”) to the earlier of (i) the tenth anniversary of such date of the First Grant or (ii) the date on which the last payment is made with respect to an Incentive Award pursuant to
Section 4(d) below. 

  

	 	(c)	Valuation Event. A “Valuation Event” shall be deemed to occur with respect to a particular series of an Incentive Award each time that
(i) all or a portion of the outstanding obligations owed to Affiliate Holders under the series of Notes to which the Incentive Award corresponds is discharged by the Company, whether on the maturity date or otherwise or (ii) the Affiliate
Holders sell to a non-affiliated third party all or a portion of the Notes they own of the series to which the Incentive Award corresponds; provided, that a Valuation Event shall not be deemed to occur under the series of Notes to which the
Incentive Awards corresponds until such time as transactions described in clauses (i) and (ii) above have been completed with respect to at least $267,638,044 (the “Initial Valuation Event Threshold”) of the aggregate
principal amount of all Notes owned by the Affiliate Holders on the date of the First Grant (the “Initial Valuation Event”). In the event that the Initial Valuation Event Threshold is met through more than one transaction, then any
of the transactions described in clauses (i) or (ii) above which is completed prior to, and including, the date the Initial Valuation Event Threshold is met (each, a “Prior Transaction”), including, if applicable, any
transaction completed prior to, and including, the date the Initial Valuation Event Threshold is met in which the Affiliate Holders receive cash upon the transfer or exchange or in satisfaction of all or a portion of the non-cash consideration
received in connection with a Prior Transaction, shall be aggregated and treated as having occurred on the date of, and as forming part of, the Initial Valuation Event for all purposes under the Plan. For the sake of clarity, in no event shall the
receipt by the Affiliate Holders of cash interest payments pursuant to the terms of the Notes give rise to a Valuation Event. 

  
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	 	(d)	 Payment. Subject to Sections 8 and 9, payment in respect of the Incentive Awards will be made on the 15th business day (each such 15th business day, an “Award Payment Date”) following
(i) the Initial Valuation Event or a Subsequent Valuation Event, as the case may be, but only if (A) such Valuation Event occurs prior to the tenth anniversary of the date of the First Grant and (B) all or a portion of the
consideration paid to Affiliate Holders in connection with such Valuation Event consists of cash and (ii) each date (each a “Cash Payment Date”) which occurs on or after the date of the Initial Valuation Event but prior to the
tenth anniversary of the date of the First Grant and on which the Affiliate Holders receive cash upon the transfer or exchange or in satisfaction of (each a “Cash Payment Event”) all or a portion of the non-cash consideration
received in connection with such Valuation Event (including in connection with a Prior Transaction). 

  

	5.	CALCULATION OF PAYMENTS 

  

	 	(a)	On the Award Payment Date following the Initial Valuation Event, each Participant shall be entitled to receive, with respect to the particular series of Incentive
Awards to which the Initial Valuation Event relates, an amount which bears the same ratio to the Award Amount as (i) the aggregate amount of cash received by Affiliate Holders in connection with the Initial Valuation Event in respect of the
particular series of Notes bears to (ii) the aggregate principal amount of such series of Notes held by Affiliate Holders on the date of the First Grant. 

 

	 	(b)	On the Award Payment Date following each Subsequent Valuation Event, if any, each Participant shall be entitled to receive, with respect to the particular series of
Incentive Awards to which the Subsequent Valuation Event relates, an amount which bears the same ratio to the Award Amount as (i) the aggregate amount of cash received by Affiliate Holders in such Subsequent Valuation Event in respect of the
particular series of Notes bears to (ii) the aggregate principal amount of such series of Notes held by Affiliate Holders on the date of the First Grant. 

 

	 	(c)	On each Award Payment Date following a Cash Payment Date, (i) each Participant will be entitled to receive, with respect to the particular series of Incentive
Awards to which the Cash Payment Event relates, an amount which bears the same ratio to the Award Amount as (A) the aggregate amount of cash received by Affiliate Holders in the Cash Payment Event in respect of the particular series of Notes
bears to (B) the aggregate principal amount of such series of Notes held by Affiliate Holders on the date of the First Grant and (ii) each Participant may also be entitled to receive an Additional Amount pursuant to Section 6 below.

  

	 	(d)	 If the non-cash consideration received by the Affiliate Holders with respect to two or more series of Notes in connection with a Valuation Event shall
be of exactly the same type (i.e., shares of common stock, shares of preferred stock of the same series, etc.) (the “Similar Consideration”), then for purposes of determining the

  
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amount of cash received in connection with a Cash Payment Event of all or a portion of the Similar Consideration, such amounts shall be allocated between the two or more series of Incentive
Awards in such proportions so as to reflect the relative portion of such Similar Consideration received by the Affiliate Holders in satisfaction of its Series A Convertible Notes, its Series B Convertible Notes and its Series C Convertible Notes, as
applicable, in connection with the applicable Valuation Event. 

  

	6.	ADDITIONAL AMOUNT; GRANT OF STOCK OPTIONS 

  

	 	(a)	(1) Subject to Section 9 below, to the extent the Affiliate Holders shall have received cash as interest or dividends pursuant to the terms of the non-cash
consideration received in connection with a Valuation Event or a subsequent Cash Payment Event (the “Additional Amount Cash”), the Company shall deliver to the Participant on the applicable Award Payment Date additional cash in an
amount (an “Additional Amount”) which bears the same ratio to the Award Amount as (A) the aggregate amount of Additional Amount Cash received by the Affiliate Holders pursuant to the terms of the non-cash consideration from the
date of the applicable Valuation Event or a prior Cash Payment Date, as the case may be, to the applicable Cash Payment Date bears to (B) the aggregate principal amount of such series of Notes held by Affiliate Holders on the date of the First
Grant. 

 (2) Except as set forth on Schedule I, as of each Interest Payment Date on which
the Affiliate Holders receive cash interest payments pursuant to the terms of the Notes, the Board of Directors of Holdings or an authorized committee thereof (either such entity, the “Holdings Committee”) shall grant to each
Participant listed on attached Schedule I (so long as such Participant is then employed by the Company or an Affiliate thereof) a stock option under the 2007 Plan (the “Stock Option”) with an aggregate value (determined on a
Black-Scholes basis in the sole discretion of the Holdings Committee) equal to an amount which bears the same ratio to the aggregate Award Amount in respect of such Participant’s Incentive Award as (A) the aggregate amount of interest
payments received by Affiliate Holders on such Interest Payment Date pursuant to the Notes bears to (B) the aggregate principal amount of Notes held by Affiliate Holders on the date of the First Grant; provided, however, that for
purposes of determining the number of Stock Options to be granted as of the first Interest Payment Date (April 15, 2011), the foregoing clause (2)(A) shall be calculated based solely on the aggregate amount of interest which has accrued from
the issue date of the Notes through the first Interest Payment Date. For the sake of clarity, the Black-Scholes value of each Stock Option grant shall not be determined separately with respect to each series of Notes, but rather shall be determined
based on all series of Notes and the aggregate Award Amount. Each Stock Option grant shall have an exercise price equal to the fair market value of a Share on the date 

  
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of grant of such Stock Option; one-third of each Stock Option grant shall vest on each of the first three anniversaries of the date of grant of such Stock Option so long as the Participant has
remained employed the Company or an Affiliate thereof; a vested Stock Option shall not be exercisable until the one-year anniversary of a Qualified Public Offering; each Stock Option grant shall have a term of 7.5 years, subject to the earlier
termination in the event of termination of employment; and each Stock Option grant shall be subject to the terms and conditions of the 2007 Plan and shall contain such other customary terms and conditions as may be prescribed by the Holdings
Committee. 
  

	 	(b)	With respect to Section 6(a)(1) above, the Additional Amount shall be determined separately with respect to the Series A Convertible Notes Incentive Award, the
Series B Convertible Notes Incentive Award and the Series C Convertible Notes Incentive Award and will only be paid to the extent the non-cash consideration pursuant to which such cash payments were received by the Affiliate Holders was received in
satisfaction of the Notes to which each series relates. If the non-cash consideration pursuant to which such cash payments were received by the Affiliate Holders was paid to two or more series of Notes, the Additional Amount shall be allocated
proportionately in accordance with Section 5(d) above. 

  

	7.	QUALIFIED PUBLIC OFFERING 

 If a Cash Payment Event consists of and occurs in conjunction with or subsequent to a Qualified Public Offering, then prior to the close of business on the tenth (10th) business day immediately preceding the Award Payment Date
related to such Cash Payment Event, Participant may elect to receive, in lieu of cash, a number of unrestricted shares of common stock with a fair market value, as determined in good faith by the Committee, equal to the amount due on such Award
Payment Date, plus a number of restricted shares of such common stock with a fair market value, as determined in good faith by the Committee, equal to the amount due on such Award Payment Date multiplied by 0.15. The restricted shares of
common stock shall vest, based on continued employment, on the first anniversary of such Cash Payment Event. 
  

	8.	CHANGE IN CONTROL 

 Incentive Awards under the Plan shall be subject to acceleration and payment upon a Change of Control, but only if the Affiliate Holders receive consideration in the Change of Control transaction with
respect to the Notes then held by such Affiliate Holders or with respect to any non-cash consideration previously received by such Affiliate Holders in respect of such Notes in connection with each Valuation Event; provided, however,
that in no event shall a Qualified Public Offering constitute a Change of Control. Payment in connection with a Change of Control shall be made on the 15th business day following the date on which the event that resulted in the Change of Control is consummated and in the
same form (and in the same proportion) as such consideration received by Affiliate Holders. 
  

	9.	FORFEITURE 

  
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 Outstanding Incentive Awards under the Plan shall be immediately forfeited and cancelled
upon the Participant’s termination of employment with the Company and its Subsidiaries for any reason. In addition, all outstanding Incentive Awards shall be forfeited and cancelled on the tenth anniversary of the date of the First Grant;
provided, however, that Participants shall retain their rights to receive payment in respect of any Valuation Event or Cash Payment Event that occurs prior to such tenth anniversary. 

 

	10.	EQUITABLE ADJUSTMENTS 

The Committee shall adjust the Incentive Awards from time to time as it deems necessary in the event of certain corporate transactions or
transactions by the Affiliate Holders, including, but not limited to, certain debt for equity exchanges, certain debt for debt exchanges and an underwritten initial public offering of its, or its direct or indirect parent’s, common equity, in
order to preserve (but neither enlarge nor dilute) the underlying incentive opportunity represented by the Incentive Awards. 
  

	11.	NONASSIGNABILITY OF INCENTIVE AWARDS 

 Unless otherwise specifically provided by the Committee in an Incentive Award Agreement, no Incentive Award granted under the Plan shall be assignable or otherwise transferable by the Participant, except
by will or by the laws of descent and distribution. 
  

	12.	NO RIGHT TO AN INCENTIVE AWARD 

 Neither the adoption of the Plan nor any action of the Committee shall be deemed to give an employee, director or consultant any right to receive an Incentive Award under the Plan, except as may be
evidenced by an Incentive Award Agreement duly executed on behalf of the Company, and then only to the extent of and on the terms and conditions expressly set forth in the Incentive Award Agreement. The Plan shall be unfunded. The Company shall not
be required to establish any special or separate fund or to make any other segregation of funds or assets to assure the payment of any Incentive Award. 
  

	13.	NO EVIDENCE OF EMPLOYMENT OR SERVICE 

 Nothing contained in the Plan or in any Incentive Award Agreement shall confer upon any Participant any right with respect to the continuation of his or her employment by or service with the Company or
any of its Subsidiaries or interfere in any way with the right of the Company or any such Subsidiary, in their respective sole discretion (subject to the terms of any separate agreement to the contrary), at any time to terminate such employment or
service or to increase or decrease the compensation of the Participant from the rate in existence at the time of the grant of an Incentive Award. 
  

	14.	AMENDMENT OF PLAN 

 The
Plan may be modified or amended in any respect by the Committee with the prior approval of the Board. Notwithstanding the foregoing, except as set forth in Section 17, the Plan may not be modified or amended as it pertains to any existing
Incentive Award if such 

  
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modification or amendment would materially impair the rights taken as a whole of the applicable Participant under the Plan without the written consent of such Participant. 

 

	15.	WITHHOLDING TAXES 

 Upon
any payment of any Incentive Award, the Company shall have the right at its option and in its sole discretion to (a) require the Participant to pay or provide for payment of the amount of any taxes which the Company or any Subsidiary may be
required to withhold with respect to such payment; (b) deduct from any amount payable to the Participant in respect of the Incentive Award the amount of any taxes which the Company or any Subsidiary may be required to withhold with respect to
such payment; or (c) effect such withholding through such other method as the Committee may from time to time approve. 
  

	16.	GOVERNING LAW 

 All
questions concerning the construction, interpretation and validity of the Plan and the instruments evidencing the Incentive Awards granted hereunder shall be governed by and construed and enforced in accordance with the internal laws of the State of
Delaware, without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.

  

	17.	SECTION 409A 

 The intent
of the parties is that payments and benefits under this Plan be exempt from or comply with Section 409A of the Code, to the extent subject thereto, and accordingly, to the maximum extent permitted, this Plan shall be interpreted and
administered to be in compliance therewith. Notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, a Participant shall not be
considered to have terminated employment with the Company for purposes of this Plan unless the Participant would be considered to have incurred a “separation from service” from the Company within the meaning of Section 409A of the
Code. Each amount to be paid or benefit to be provided under this Plan shall be construed as a separate identified payment for purposes of Section 409A of the Code, and any payments described in this Plan that are due within the “short
term deferral period” as defined in Section 409A of the Code shall not be treated as deferred compensation unless applicable law requires otherwise. Without limiting the foregoing and notwithstanding anything contained herein to the
contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Plan during the
six-month period immediately following a Participant’s separation from service shall instead be paid on the first business day after the date that is six months following the Participant’s separation from service (or death, if earlier).
The Plan and any Incentive Award Agreements issued thereunder may be amended in any respect deemed by the Board or the Committee to be necessary in order to preserve compliance with, or exemption from, Section 409A of the Code. 

  
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 Schedule I 

Stock Option Participants: Exceptions to Section 6(a)(2) of the Plan1 

Richard A. Smith 

Anthony E. Hull 

Kevin J. Kelleher 

Alexander E. Perriello III 
 Bruce G. Zipf 
 Donald J. Casey 

David J. Weaving 

Marilyn Wasser 

 

	1	 Exception to apply only to Richard Smith. For purposes of Section 6(a)(2) of the Plan, the number of Stock Options to be granted to Richard Smith
as of each Interest Payment Date shall be 50% of the number of Stock Options otherwise determined under Section 6(a)(2) of the Plan. 

 APPENDIX A 

EXAMPLES 
 Example A.
Assumptions: 
  

	 	•	 	 Principal amount of Notes owned by the Affiliate Holders equals $1 million. 

 

	 	•	 	 Award Amount equals $500. 

  

	 	•	 	 In connection with the Initial Valuation Event, Affiliate Holders receive $450,000 in cash and 450,000 shares of common stock.

  

	 	•	 	 In connection with a subsequent Cash Payment Event, one-third of the shares of common stock (150,000 shares) is sold for $300,000.

 Results for Example A: 

 

	 	•	 	 In connection with the Initial Valuation Event, recipient will receive $225 ($225 bears the same ratio to $500 (45%) as $450,000 bears to $1
million). 

  

	 	•	 	 In connection with the Cash Payment Event, recipient will receive $150 ($150 bears the same ratio to $500 (30%) as $300,000 bears to $1 million).

 Example B. Assumptions: 
  

	 	•	 	 Same as Example A, except that in connection with a second Cash Payment Event, an additional one-third of the shares of common stock (150,000 shares)
is sold for $300,000. 

 Results for Example B: 

 

	 	•	 	 In connection with the Initial Valuation Event, recipient will receive $225 (see above). 

 

	 	•	 	 In connection with the first Cash Payment Event, recipient will receive $150 (see above). 

 

	 	•	 	 In connection with the second Cash Payment Event, recipient will receive $150 ($150 bears the same ratio to $500 (30%) as $300,000 bears to $1
million). 

 Example C. Assumptions: 
  

	 	•	 	 Principal amount of Notes owned by the Affiliate Holders equals $1 million. 

 

	 	•	 	 Award Amount equals $500. 

  

	 	•	 	 In connection with the Initial Valuation Event, Affiliate Holders receive $400,000 in cash in satisfaction of $500,000 in Notes.

  

	 	•	 	 In connection with a Subsequent Valuation Event, Affiliate Holders receive $450,000 in cash in satisfaction of the remaining $500,000 in Notes.

 Results for Example C: 

 

	 	•	 	 In connection with the Initial Valuation Event, recipient will receive $200 ($200 bears the same ratio to $500 (40%) as $400,000 bears to $1
million). 

	 	•	 	 In connection with the Subsequent Valuation Event, recipient will receive $225 ($225 bears the same ratio to $500 (45%) as $450,000 bears to $1
million). 

  

	 	•	 	 Recipient will have no right to receive any additional payments since Affiliate Holders no longer hold any Notes. 

Example D. Assumptions: 
  

	 	•	 	 Principal amount of Notes owned by the Affiliate Holders equals $1 million. 

 

	 	•	 	 Award Amount equals $500. 

  

	 	•	 	 Affiliate Holders first receive $90,000 in cash in satisfaction of $100,000 (10%) of Notes (the “First Transaction”).

  

	 	•	 	 Affiliate Holders subsequently receive $130,000 in cash in satisfaction of an additional $150,000 (15%) of Notes (the “Second
Transaction”). 

 Results for Example D: 

 

	 	•	 	 Recipient not entitled to any payment upon completion of First Transaction since Initial Valuation Event Threshold has not been met.

  

	 	•	 	 Completion of Second Transaction constitutes Initial Valuation Event since, when aggregated with First Transaction, the Initial Valuation Event
Threshold has been met. The First Transaction is deemed to have occurred on the date of, and to form part of, the Initial Valuation Event. 

  

	 	•	 	 In connection with Initial Valuation Event, recipient will receive $110 ($110 bears the same ratio to $500 (22%) as ($90,000 + $130,000) bears to
$1 million). 

 Example E. Assumptions: 

 

	 	•	 	 Principal amount of Notes owned by the Affiliate Holders equals $1 million. 

 

	 	•	 	 Award Amount equals $500. 

  

	 	•	 	 Affiliate Holders convert all Notes into 900,000 shares of common stock. Such conversion constitutes an Initial Valuation Event.

  

	 	•	 	 In connection with a subsequent Cash Payment Event, all of the shares of common stock (900,000 shares) are sold for $1.2 million ($1.33 per share FMV).

 Results for Example E: 

 

	 	•	 	 In connection with the conversion/Initial Valuation Event, recipient will not receive a payment because the consideration paid to Affiliate Holders did
not consist of cash. 

  

	 	•	 	 In connection with the Cash Payment Event, recipient will receive $600 ($600 bears the same ratio to $500 (120%) as $1.2 million bears to $1
million). 

  

	 	•	 	 If Cash Payment Event occurs after a Qualified Public Offering and in lieu of cash recipient elects to receive stock, recipient would immediately
receive 451 

	 	 
shares of unrestricted common stock ($600/$1.33) and 68 restricted shares (451*.15) that vest one year post grant. 

 Example F. Assumptions: 
  

	 	•	 	 Principal amount of Notes owned by the Affiliate Holders equals $1 million. 

 

	 	•	 	 Award Amount equals $500. 

  

	 	•	 	 Participant is listed on Schedule I. 

  

	 	•	 	 Affiliate Holders receive an aggregate cash interest payment of $50,000 on an Interest Payment Date with respect to the Notes.

 Results for Example F: 

 

	 	•	 	 As of the Interest Payment Date, Participant shall be granted a Stock Option with a Black-Scholes value (determined by the Holdings Committee) equal to
$25 ($25 bears the same ratio to $500 as $50,000 bears to $1 million).

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