Document:

exv10w3

Exhibit 10.3

FORM OF

COMPRESSCO PARTNERS, L.P.

2011 LONG TERM INCENTIVE PLAN

     SECTION 1. Purpose of the Plan.

     The Compressco Partners, L.P. 2011 Long Term Incentive Plan (the “Plan”) has been adopted by
Compressco Partners GP Inc. (the “Company”), the general partner of Compressco Partners, L.P., a
Delaware limited partnership (the “Partnership”). The Plan is intended to promote the interests of
the Company and the Partnership by providing to Employees, Consultants and Directors incentive
compensation awards based on Units to encourage superior performance. The Plan is also contemplated
to enhance the ability of the Company and its Affiliates to attract and retain the services of
individuals who are essential for the growth and profitability of the Company, the Partnership and
their Affiliates and to encourage them to devote their best efforts to advancing the business of
the Company, the Partnership and their Affiliates.

     SECTION 2. Definitions.

     As used in the Plan, the following terms shall have the meanings set forth below:

     “409A Award” means an Award that constitutes a “deferral of compensation” within the meaning
of the 409A Regulations, whether by design, due to a subsequent modification in the terms and
conditions of such Award or as a result of a change in applicable law following the date of grant
of such Award, and that is not exempt from Section 409A of the Code pursuant to an applicable
exemption.

     “409A Regulation” means the applicable Treasury regulations promulgated pursuant to Section
409A of the Code.

     “Affiliate” means, with respect to any Person, any other Person that directly or indirectly
through one or more intermediaries controls, is controlled by or is under common control with, the
Person in question. As used herein, the term “control” means the possession, direct or indirect, of
the power to direct or cause the direction of the management and policies of a Person, whether
through ownership of voting securities, by contract or otherwise.

     “Award” means a Restricted Unit, a Phantom Unit, a Unit Award, Option, Unit Appreciation
Right, an Other Unit-Based Award or a Substitute Award granted under the Plan, and includes any
tandem DERs granted with respect to Awards (other than Restricted Units and Unit Awards).

     “Award Agreement” means the written or electronic agreement by which an Award shall be
evidenced.

     “Board” means the Board of Directors of the Company.

 

 

     “Change of Control” means, and shall be deemed to have occurred upon, one or more of the
following events:

     (i) any transaction or series of transactions that results in any Person or group of Persons
other than the Company (or its successor or survivor by way of merger, consolidation, or some other
transaction, or a parent or subsidiary thereof) or an Affiliate of the Company acquiring an
ownership interest, directly or indirectly, in twenty-five percent (25%) or more of the Partnership
(or its successor or survivor by way of merger, consolidation, or some other transaction, or a
parent or subsidiary thereof);

     (ii) the limited partners of the Partnership approve, in one transaction or a series of
transactions, a plan of complete liquidation of the Partnership;

     (iii) the sale or other disposition by either the Company or the Partnership of all or
substantially all of its assets in one or more transactions to any Person other than the Company or
an Affiliate of the Company;

     (iv) a transaction resulting in a Person other than the Company (or its successor or survivor
by way of merger, consolidation, or some other transaction, or a parent or subsidiary thereof) or
an Affiliate thereof being the general partner of the Partnership (or its successor or survivor by
way of merger, consolidation, or some other transaction, or a parent or subsidiary thereof); or

     (v) any other event specified as a “Change of Control” in an applicable Award Agreement.

     Notwithstanding the foregoing, the Committee may elect in an Award Agreement to specify a
different definition of “Change of Control” for purposes of complying with Section 409A of the Code
or for any other reason as deemed appropriate by the Committee.

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

     “Committee” means the entity appointed by the Board to administer the Plan, which may be the
Board, any compensation committee of the Board, an Affiliate’s board of directors or a committee
thereof, or such other committee as may be appointed by the Board.

     “Consultant” means an individual who renders consulting services to the Company, the
Partnership or an Affiliate of either the Company or the Partnership.

     “Director” means a member of the Board who is not an Employee or a Consultant (other than in
that individual’s capacity as a Director).

     “Distribution Equivalent Right” or “DER” means a contingent right, granted in tandem with a
specific Award (other than a Restricted Unit or a Unit Award), to receive with respect to each Unit
subject to an Award an amount in cash, Units and/or Phantom Units, as determined by the Committee
in its sole discretion, equal in value to the distributions made by the Partnership with respect to
a Unit during the period such Award is outstanding.

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     “Employee” means an employee of the Company, the Partnership or an Affiliate of either the
Company or the Partnership.

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

     “Fair Market Value” means the closing sales price of a Unit on the principal national
securities exchange or other market in which trading in Units occurs on the most recent date on
which Units were publicly traded preceding the date with respect to which the Fair Market Value
determination is made as reported in The Wall Street Journal (or other reporting service approved
by the Committee). If Units are not traded on a national securities exchange or other market at the
time a determination of fair market value is required to be made hereunder, the determination of
fair market value shall be made by the Committee in good faith using a “reasonable application of a
reasonable valuation method” within the meaning of the 409A Regulations (specifically, Treasury
Regulation Section 1.409A-1(b)(5)(iv)(B)).

     “Option” means an option to purchase Units granted under the Plan.

     “Other Unit-Based Award” means an award granted pursuant to Section 6(c) of the Plan.

     “Participant” means an Employee, Consultant or Director granted an Award under the Plan.

     “Person” means an individual or a corporation, limited liability company, partnership, joint
venture, trust, unincorporated organization, association, governmental agency or political
subdivision thereof or other entity.

     “Phantom Unit” means a notional Unit granted under the Plan that entitles the Participant to
receive, at the time of settlement, a Unit or an amount of cash equal to the Fair Market Value of a
Unit, as determined by the Committee in its sole discretion,.

     “Restricted Period” means the period established by the Committee with respect to an Award
during which the Award remains subject to forfeiture and is not either exercisable by or payable to
the Participant, as the case may be.

     “Restricted Unit” means a Unit granted under the Plan that is subject to a Restricted Period.

     “Rule 16b-3” means Rule 16b-3 promulgated by the SEC under the Exchange Act or any successor
rule or regulation thereto as in effect from time to time.

     “SEC” means the Securities and Exchange Commission or any successor thereto.

     “Substitute Award” means an award granted pursuant to Section 6(g) of the Plan.

     “Unit Distribution Right” or “UDR” means a distribution made by the Partnership with respect
to a Restricted Unit.

     “Unit” means a common unit of the Partnership.

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     “Unit Appreciation Right” means a contingent right granted to an Employee, Director or
Consultant pursuant to Section 6(e) that entitles the holder to receive, in cash or Units, as
determined by the Committee in its sole discretion, an amount equal to the excess of the Fair
Market Value of a Unit on the exercise date of the Unit Appreciation Right (or another specified
date) over the exercise price of the Unit Appreciation Right.

     “Unit Award” means a grant of a Unit that is not subject to a Restricted Period.

     SECTION 3. Administration.

     (a) Authority of the Committee. A majority of the Committee shall constitute a quorum, and
the acts of the members of the Committee who are present at any meeting thereof at which a quorum
is present, or acts unanimously approved by the members of the Committee in writing, shall be the
acts of the Committee. Subject to the following and any applicable law, the Committee, in its sole
discretion, may delegate any or all of its powers and duties under the Plan, including the power to
grant Awards under the Plan, to the then-current Chief Executive Officer of the Company, subject to
such limitations on such delegated powers and duties as the Committee may impose, if any. Upon any
such delegation all references in the Plan to the “Committee,” other than in Section 7, shall be
deemed to include the Chief Executive Officer. Any such delegation shall not limit the Chief
Executive Officer’s right to receive Awards under the Plan; provided, however, the Chief Executive
Officer may not grant Awards to himself, a Director or any executive officer of the Company or an
Affiliate, or take any action with respect to any Award previously granted to himself, an
individual who is an executive officer or a Director. Subject to the terms of the Plan and
applicable law, and in addition to other express powers and authorizations conferred on the
Committee by the Plan, the Committee shall have full power and authority to: (i) designate
Participants; (ii) determine the type or types of Awards to be granted to a Participant; (iii)
determine the number of Units to be covered by Awards; (iv) determine the terms and conditions of
any Award; (v) determine whether, to what extent, and under what circumstances Awards may be
vested, settled, exercised, canceled, or forfeited; (vi) interpret and administer the Plan and any
instrument or agreement relating to an Award made under the Plan; (vii) establish, amend, suspend,
or waive such rules and regulations and appoint such agents as it shall deem appropriate for the
proper administration of the Plan; and (viii) make any other determination and take any other
action that the Committee deems necessary or desirable for the administration of the Plan. The
Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan
or an Award Agreement in such manner and to such extent as the Committee deems necessary or
appropriate, but in no event shall an action of the Committee materially reduce the rights or
benefits of a Participant with respect to an Award without the consent of such Participant. Unless
otherwise expressly provided in the Plan, all designations, determinations, interpretations, and
other decisions under or with respect to the Plan or any Award shall be within the sole discretion
of the Committee, may be made at any time and shall be final, conclusive, and binding upon all
Persons, including the Company, the Partnership, any Affiliate, any Participant, and any
beneficiary of any Award.

     (b) Limitation of Liability. The Committee and each member thereof shall be entitled to, in
good faith, rely or act upon any report or other information furnished to it, him or her by any
officer or employee of the Company, the Partnership or their Affiliates, the Company’s or the
Partnership’s legal counsel, independent auditors, consultants or any other agents assisting in

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the administration of the Plan. Members of the Committee and any officer or employee of the
Company, the Partnership or any of their Affiliates acting at the direction or on behalf of the
Committee shall not be personally liable for any action or determination taken or made in good
faith with respect to this Plan, and shall, to the fullest extent permitted by law, be indemnified
and held harmless by the Company with respect to any such action or determination.

     SECTION 4. Units.

     (a) Limits on Units Deliverable. Subject to adjustment as provided in Section 4(c), the
number of Units that may be delivered with respect to Awards under the Plan will not exceed
[_____________] Units. Units withheld from an Award or surrendered by a Participant to either
satisfy the Participant’s, the Company’s or an Affiliate’s tax withholding obligations with respect
to the Award or to pay the exercise price of an Award (including the withholding of Units, where
applicable) shall not be considered to be Units delivered under the Plan for this purpose. If any
Award is forfeited, cancelled, exercised, paid, or otherwise terminates or expires without the
actual delivery of Units pursuant to such Award (the grant of Restricted Units is not a delivery of
Units for this purpose), the Units subject to such Award shall again be available for Awards under
the Plan (including Units not delivered in connection with the exercise of an Option or Unit
Appreciation Right). There shall not be any limitation on the number of Awards that may be paid in
cash.

     (b) Sources of Units Deliverable Under Awards. Any Units delivered pursuant to an Award shall
consist, in whole or in part, of Units acquired in the open market, from any Affiliate, the
Partnership or any other Person, Units issued by the Partnership, or any combination of the
foregoing, as determined by the Committee in its discretion.

     (c) Anti-dilution Adjustments. With respect to any “equity restructuring” event that could
result in an additional compensation expense to the Company or the Partnership pursuant to the
provisions of FASB Accounting Standards Codification, Topic 718 if adjustments to Awards with
respect to such event were discretionary, the Committee shall equitably adjust the number and type
of Units covered by each outstanding Award and the terms and conditions, including the exercise
price and performance criteria (if any), of such Award to equitably reflect such restructuring
event and shall adjust the number and type of Units (or other securities or property) with respect
to which Awards may be granted after such event. With respect to any other similar event that would
not result in a FASB Accounting Standards Codification, Topic 718 accounting charge if the
adjustment to Awards with respect to such event were subject to discretionary action, the Committee
shall have complete discretion to adjust Awards in such manner as it deems appropriate with respect
to such other event. In the event the Committee makes any adjustment pursuant to the foregoing
provisions of this Section 4(c), the Committee shall make a corresponding and proportionate
adjustment with respect to the maximum number of Units that may be delivered with respect to Awards
under the Plan as provided in Section 4(a) and the kind of Units or other securities available for
grant under the Plan.

     (d) Additional Issuances. Except as hereinbefore expressly provided, the issuance by the
Company of units for cash, property, labor or services, upon direct sale, or upon the conversion of
units or obligations of the Company convertible into such units, and in any case

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whether or not for fair value, shall not affect, and no adjustment by reason thereof shall be
made with respect to, the number of Units subject to Awards theretofore granted pursuant to the
Plan.

     SECTION 5. Eligibility.

     Any Employee, Consultant or Director shall be eligible to be designated a Participant by the
Committee and receive an Award under the Plan. Notwithstanding the foregoing, Employees,
Consultants and Directors that provide services to Affiliates that are not considered a single
employer with the Partnership under Section 414(b) of the Code or Section 414(c) of the Code shall
not be eligible to receive Awards which are subject to Section 409A of the Code until the Affiliate
adopts this Plan as a participating employer in accordance with Section 10. Further, if the Units
issuable pursuant to an Award are intended to be registered with the SEC on Form S-8, then only
Employees, Consultants, and Directors of the Partnership or a parent or subsidiary of the
Partnership (within the meaning of General Instruction A.1(a) to Form S-8) will be eligible to
receive such an Award.

     SECTION 6. Awards.

     (a) Restricted Units and Phantom Units. The Committee shall have the authority to determine
the Employees, Consultants and Directors to whom Restricted Units and Phantom Units shall be
granted, the number of Restricted Units or Phantom Units to be granted to each such Participant,
the Restricted Period, the conditions under which the Restricted Units or Phantom Units may become
vested or forfeited and such other terms and conditions as the Committee may establish with respect
to such Awards.

     (i) UDRs. To the extent provided by the Committee, in its discretion, a grant of
Restricted Units may provide that the distributions made by the Partnership with respect to
the Restricted Units shall be subject to the same forfeiture and other restrictions as the
Restricted Unit and, if restricted, such distributions shall be held, without interest,
until the Restricted Unit vests or is forfeited with the UDR being paid or forfeited at the
same time, as the case may be. In addition, the Committee may provide that such
distributions be used to acquire additional Restricted Units for the Participant. Such
additional Restricted Units may be subject to such vesting and other terms as the Committee
may prescribe. Absent such a restriction on the UDRs in the Award Agreement, UDRs shall be
paid promptly to the holder of the Restricted Unit without vesting restrictions.

     (ii) Forfeitures. Except as otherwise provided in the terms of the applicable Award
Agreement, upon termination of a Participant’s employment with or consulting services to the
Company and its Affiliates or membership as a Director, whichever is applicable, for any
reason during the applicable Restricted Period, all outstanding, unvested Restricted Units
and Phantom Units awarded the Participant shall be automatically forfeited on such
termination unless the Committee, in its discretion, waives in whole or in part such
forfeiture with respect to a Participant’s Restricted Units and/or Phantom Units, at which
time the Award would become vested to the extent the Committee provides.

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     (iii) Lapse of Restrictions.

     (A) Phantom Units. During the ten day period immediately following vesting of
each Phantom Unit, subject to the provisions of Section 8(b), the Participant shall
be entitled to settlement of such Phantom Unit and shall receive from the Company
either one Unit or an amount in cash equal to the Fair Market Value of a Unit, as
determined by the Committee in its discretion.

     (B) Restricted Units. Upon the vesting of each Restricted Unit, subject to
satisfying the tax withholding obligations of Section 8(b), the Participant shall be
entitled to have the restrictions removed from his or her Award so that the
Participant then holds an unrestricted Unit.

     (b) Unit Awards. Unit Awards may be granted under the Plan to such Employees, Consultants
and/or Directors and in such amounts as the Committee, in its discretion, may select.

     (c) Other Unit-Based Awards. Other Unit-Based Awards may be granted under the Plan to such
Employees, Consultants and/or Directors as the Committee, in its discretion, may select. An Other
Unit-Based Award shall be an award denominated or payable in, valued in or otherwise based on or
related to Units, in whole or in part. The Committee shall determine the terms and conditions of
any such Other Unit-Based Award. Upon or as soon as reasonably practical following vesting, an
Other Unit-Based Award may be settled, as determined by the Committee in its sole discretion, in
cash, Units (including Restricted Units) or any combination thereof as provided in the applicable
Award Agreement.

     (d) Options. The Committee may grant Options that are intended to comply with the 409A
Regulations (specifically, Treasury Regulation Section 1.409A-l(b)(5)(i)(A)) only to Employees,
Consultants or Directors performing services for the Partnership or a corporation or other type of
entity in a chain of corporations or other entities in which each corporation or other entity has a
“controlling interest” in another corporation or entity in the chain, starting with the Partnership
and ending with the corporation or other entity for which the Employee, Consultant or Director
performs services. For purposes of this Section 6(d), “controlling interest” means (i) in the case
of a corporation, ownership of stock possessing at least 50% of total combined voting power of all
classes of stock of such corporation entitled to vote or at least 50% of the total value of shares
of all classes of stock of such corporation; (ii) in the case of a partnership, ownership of at
least 50% of the profits interest or capital interest of such partnership; (iii) in the case of a
sole proprietorship, ownership of the sole proprietorship; or (iv) in the case of a trust or
estate, ownership of an actuarial interest (as defined in the 409A Regulations, specifically
Treasury Regulation Section 1.414(c)-2(b)(2)(ii)) of at least 50% of such trust or estate. The
Committee may grant Options that are otherwise exempt from or compliant with Section 409A of the
Code to any eligible Employee, Consultant or Director. The Committee shall have the authority to
determine the number of Units to be covered by each Option, the purchase price therefor and the
Restricted Period and other conditions and limitations applicable to the exercise of the Option,
including the following terms and conditions and such additional terms and conditions, as the
Committee shall determine, that are not inconsistent with the provisions of the Plan.

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     (i) Exercise Price. The exercise price per Unit purchasable under an Option that does
not provide for the deferral of compensation under the 409A Regulations shall be determined
by the Committee at the time the Option is granted but, except with respect to Substitute
Awards, may not be less than the Fair Market Value of a Unit as of the date of grant of the
Option. The exercise price per Unit purchasable under an Option that does not provide for
the deferral of compensation by reason of satisfying the short-term deferral rule set forth
in the 409A Regulations or that is compliant with Section 409A of the Code shall be
determined by the Committee at the time the Option is granted.

     (ii) Time and Method of Exercise. The Committee shall determine the exercise terms and
the Restricted Period with respect to an Option grant, which may include, without
limitation, a provision for accelerated vesting upon the achievement of specified
performance goals or other events, and the method or methods by which payment of the
exercise price with respect thereto may be made or deemed to have been made, which may
include, without limitation, cash, check acceptable to the Company, withholding Units from
an Award, a “cashless-broker” exercise through procedures approved by the Committee, or any
combination of methods, having a Fair Market Value on the exercise date equal to the
relevant exercise price.

     (iii) Forfeitures. Except as otherwise provided in the terms of the Option grant, upon
termination of a Participant’s employment or service with the Company and its Affiliates or
membership on the Board, whichever is applicable, for any reason during the applicable
Restricted Period, all unvested Options shall be forfeited by the Participant. The
Committee may, in its discretion, waive in whole or in part such forfeiture with respect to
a Participant’s Options; provided that the waiver contemplated under this Section 6(d)(iii)
shall be effective only to the extent that such waiver will not cause the Participant’s
Options that are designed to satisfy Section 409A of the Code to fail to satisfy such
section.

     (e) Unit Appreciation Rights. The Committee shall have the authority to determine the
Employees, Consultants and Directors to whom Unit Appreciation Rights shall be granted, the number
of Units to be covered by each grant, whether Units or cash shall be delivered upon exercise, the
exercise price therefor and the conditions and limitations applicable to the exercise of the Unit
Appreciation Rights, including the following terms and conditions and such additional terms and
conditions as the Committee shall determine, that are not inconsistent with the provisions of the
Plan.

     (i) Exercise Price. The exercise price per Unit Appreciation Right shall be determined
by the Committee at the time the Unit Appreciation Right is granted and may be more or less
than the Fair Market Value of a Unit as of the date of grant of the Award. Notwithstanding
the foregoing, the exercise price per Unit that may be acquired under a Unit Appreciation
Right that does not provide for the deferral of compensation under the 409A Regulations
shall not be less than the Fair Market Value of a Unit as of the date of grant of the Unit
Appreciation Right.

     (ii) Time of Exercise. The Committee shall determine the Restricted Period and the time
or times at which a Unit Appreciation Right may be exercised in whole or in

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part, which may include, without limitation, accelerated vesting upon the achievement
of specified performance goals or other events.

     (iii) Forfeitures. Except as otherwise provided in the terms of the Unit Appreciation
Right grant, upon termination of a Participant’s employment with or service to the General
Partner, the Partnership and their Affiliates or membership on the Board, whichever is
applicable, for any reason during the applicable Restricted Period, all outstanding Unit
Appreciation Rights awarded to the Participant shall be automatically forfeited on such
termination. The Committee may, in its discretion, waive in whole or in part such
forfeiture with respect to a Participant’s Unit Appreciation Rights.

     (f) DERs. To the extent provided by the Committee, in its discretion, an Award (other than a
Restricted Unit or Unit Award) may include a tandem DER grant, which may provide that such DERs
shall be paid directly to the Participant, be credited to a bookkeeping account (with or without
interest in the discretion of the Committee) subject to the same vesting restrictions as the tandem
Award, or be subject to such other provisions or restrictions as determined by the Committee in its
discretion. Absent a contrary provision in the Award Agreement, DERs shall be paid to the
Participant without restriction at the same time as ordinary cash distributions are paid by the
Partnership to its unitholders. Notwithstanding the foregoing, DERs shall only be paid in a manner
that is either exempt from or in compliance with Section 409A of the Code.

     (g) Substitute Awards. Awards may be granted under the Plan in substitution for similar awards
held by individuals who become Employees, Consultants or Directors as a result of a merger,
consolidation or acquisition by the Partnership or an Affiliate of another entity or the assets of
another entity. Such Substitute Awards that are Options may have exercise prices less than the
Fair Market Value of a Unit on the date of the substitution if such substitution complies with
Section 409A of the Code and the 409A Regulations.

     (h) General.

     (i) Awards May Be Granted Separately or Together. Awards may, in the discretion of
the Committee, be granted either alone or in addition to, in tandem with, or in substitution
for any other Award granted under the Plan or any award granted under any other plan of the
Company or any Affiliate. Awards granted in addition to or in tandem with other Awards or
awards granted under any other plan of the Company or any Affiliate may be granted either at
the same time as or at a different time from the grant of such other Awards or awards.

     (ii) Limits on Transfer of Awards.

     (A) Each Option and Unit Appreciation Right shall be exercisable only by the
Participant during the Participant’s lifetime, or by the Person to whom the
Participant’s rights shall pass by will or the laws of descent and distribution.

     (B) No Award and no right under any such Award may be assigned, alienated,
pledged, attached, sold or otherwise transferred or encumbered by a Participant and
any such purported assignment, alienation, pledge, attachment,

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sale, transfer or encumbrance shall be void and unenforceable against the
Company, the Partnership or any Affiliate.

     (iii) Issuance of Units. The Units purchased or delivered pursuant to an Award may be
evidenced in any manner deemed appropriate by the Committee in its sole discretion,
including but not limited to, in the form of a certificate issued in the name of the
Participant or by book entry, electronic or otherwise, subject to such stop transfer orders
and other restrictions as the Committee may deem advisable under the Plan or the rules,
regulations, and other requirements of the SEC, any stock exchange upon which such Units or
other securities are then listed, and any applicable federal or state laws, and the
Committee may cause a legend or legends to be inscribed on any certificates to make
appropriate reference to such restrictions.

     (iv) Consideration for Grants. Awards may be granted for such consideration, including
services, as the Committee shall determine.

     (v) Restrictions on Awards. The right of a Participant to exercise or receive a grant
or settlement of an Award, and the timing thereof, may be subject to service or performance
conditions as may be specified by the Committee. The Committee may use such individual or
business criteria or other measures of performance as it may deem appropriate in
establishing any such conditions, and it may exercise its discretion to reduce or increase
the amounts payable under any Award subject to such conditions.

     (vi) Delivery of Units or other Securities and Payment by Participant of Consideration.
Notwithstanding anything in the Plan or any Award Agreement to the contrary, delivery of
Units pursuant to the exercise, vesting and/or settlement of an Award may be deferred for
any period during which, in the good faith determination of the Committee, the Company is
not reasonably able to obtain Units to deliver pursuant to such Award without violating
applicable law or the applicable rules or regulations of any governmental agency or
authority or securities exchange. No Units or other securities shall be delivered pursuant
to any Award until payment in full of any amount required to be paid pursuant to the Plan or
the applicable Award Agreement (including, without limitation, any exercise price or tax
withholding) is received by the Company.

     SECTION 7. Amendment and Termination.

     Except to the extent prohibited by applicable law:

     (a) Amendments to the Plan and Awards. Except as otherwise required by the rules of the
principal securities exchange on which the Units are traded, by the Code or by the Exchange Act,
the Board or the Committee may amend, alter, suspend, discontinue, or terminate the Plan in any
manner, including increasing the number of Units available for Awards under the Plan, without the
consent of any partner, Participant, other holder or beneficiary of an Award, or any other Person.
Notwithstanding the foregoing, the Committee may waive any conditions or rights under, amend any
terms of, or alter any Award theretofore granted, provided no change, other than pursuant to
Section 7(b), 7(c), or 7(d) below, in any Award shall materially reduce the

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rights or benefits of a Participant with respect to an Award without the consent of such
Participant.

     (b) Recapitalizations. If the Company recapitalizes, reclassifies its capital stock, or
otherwise changes its capital structure (a “recapitalization”), the number and class of Units
covered by an Award theretofore granted shall be adjusted so that such Award shall thereafter cover
the number and class of Units and securities to which the holder would have been entitled pursuant
to the terms of the recapitalization if, immediately prior to the recapitalization, the holder had
been the holder of record of the number of Units then covered by such Award and the unit
limitations provided in Section 4 shall be adjusted in a manner consistent with the
recapitalization.

     (c) Award Adjustment. In the event of changes in the outstanding Units by reason of
recapitalization, reorganizations, mergers, consolidations, combinations, exchanges or other
relevant changes in capitalization occurring after the date of the grant of any Award and not
otherwise provided for by this Section 7, any outstanding Awards and any agreements evidencing such
Awards shall be subject to adjustment by the Committee at its discretion as to the number and price
of Units or other consideration subject to such Awards. In the event of any such change in the
outstanding Units, the share limitations provided in Section 4 may be appropriately adjusted by the
Committee, whose determination shall be conclusive.

     (d) Change of Control. Upon a Change of Control the Committee, acting in its sole discretion
without the consent or approval of any holder, may affect one or more of the following
alternatives, which may vary among individual holders and which may vary among Awards: (i) remove
any applicable forfeiture restrictions on any Award; (ii) accelerate the time at which the
Restricted Period shall lapse to a specific date, before or after such Change of Control, specified
by the Committee; (iii) require the mandatory surrender to the Company by selected holders of some
or all of the outstanding Awards held by such holders (irrespective of whether such Awards are then
subject to a Restricted Period or other restrictions pursuant to this Plan) as of a date, before or
after such Change of Control, specified by the Committee, in which event the Committee shall
thereupon cancel such Awards and pay to each holder an amount of cash per unit equal to the amount
calculated in Section 7(e) (the “Change of Control Price”); or (iv) make such adjustments to Awards
then outstanding as the Committee deems appropriate to reflect such Change of Control;
provided, however, that the Committee may determine in its sole discretion that no
adjustment is necessary to Awards then outstanding.

     (e) Change of Control Price. The “Change of Control Price” shall equal the amount determined
in clause (i), (ii), (iii), (iv) or (v), whichever is applicable, as follows: (i) the per unit
price offered to Unit holders in any merger or consolidation, (ii) the per unit value of the Units
immediately before the Change of Control without regard to assets sold in the Change of Control and
assuming the Company has received the consideration paid for the assets in the case of a sale of
the assets, (iii) the amount distributed per Unit in a dissolution transaction, (iv) the price per
unit offered to Unit holders in any tender offer or exchange offer whereby a Change of Control
takes place, or (v) if such Change of Control occurs other than pursuant to a transaction described
in clauses (i), (ii), (iii), or (iv) of this Section 7(e), the Fair Market Value per unit of the
units that may otherwise be obtained with respect to such Awards or to which such Awards track, as
determined by the Committee as of the date determined by the Committee to be the date

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of cancellation and surrender of such Awards. In the event that the consideration offered to
unitholders of the Company in any transaction described in this Section 7(e) or Section 7(d)
consists of anything other than cash, the Committee shall determine the fair cash equivalent of the
portion of the consideration offered which is other than cash.

     SECTION 8. General Provisions.

     (a) No Rights to Award. No Person shall have any claim to be granted any Award under the
Plan, and there is no obligation for uniformity of treatment of Participants. The terms and
conditions of Awards need not be the same with respect to each recipient.

     (b) Tax Withholding. Unless other arrangements have been made that are acceptable to the
Company, the Company or any Affiliate is authorized to withhold from any Award, from any payment
due or transfer made under any Award or from any compensation or other amount owing to a
Participant the amount (in cash, Units, Units that would otherwise be issued pursuant to such Award
or other property) of any applicable taxes payable in respect of the grant or settlement of an
Award, its exercise, the lapse of restrictions thereon, or any other payment or transfer under an
Award or under the Plan and to take such other action as may be necessary in the opinion of the
Company to satisfy its withholding obligations for the payment of such taxes. Notwithstanding the
foregoing, with respect to any Participant who is subject to Rule 16b-3, such tax withholding
automatically may be effected by the Company “netting” or withholding Units otherwise deliverable
to the Participant on the vesting or payment of the Award.

     (c) No Right to Employment or Services. The grant of an Award shall not be construed as
giving a Participant the right to be retained in the employ of the Company or any Affiliate, to
continue consulting services or to remain as a Director, as applicable. Furthermore, the Company or
an Affiliate may at any time dismiss a Participant from employment or consulting free from any
liability or any claim under the Plan, unless otherwise expressly provided in the Plan, any Award
Agreement or other agreement.

     (d) Governing Law. The validity, construction, and effect of the Plan and any rules and
regulations relating to the Plan shall be determined in accordance with the laws of the State of
Delaware without regard to its conflicts of laws principles.

     (e) Severability. If any provision of the Plan or any Award is or becomes or is deemed to be
invalid, illegal, or unenforceable in any jurisdiction or as to any Person or Award, or would
disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision
shall be construed or deemed amended to conform to the applicable law or, if it cannot be construed
or deemed amended without, in the determination of the Committee, materially altering the intent of
the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person or Award
and the remainder of the Plan and any such Award shall remain in full force and effect.

     (f) Other Laws. The Committee may refuse to issue or transfer any Units or other
consideration under an Award if, in its sole discretion, it determines that the issuance or
transfer of such Units or such other consideration might violate any applicable law or regulation,
the rules of the principal securities exchange on which the Units are then traded, or entitle the

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Partnership or an Affiliate to recover the same under Section 16(b) of the Exchange Act, and
any payment tendered to the Company by a Participant, other holder or beneficiary in connection
with the exercise of such Award shall be promptly refunded to the relevant Participant, holder or
beneficiary.

     (g) No Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to
create a trust or separate fund of any kind or a fiduciary relationship between the Company or any
participating Affiliate and a Participant or any other Person. To the extent that any Person
acquires a right to receive payments from the Company or any participating Affiliate pursuant to an
Award, such right shall be no greater than the right of any general unsecured creditor of the
Company or any participating Affiliate.

     (h) No Fractional Units. No fractional Units shall be issued or delivered pursuant to the
Plan or any Award, and the Committee shall determine in its sole discretion whether cash, other
securities, or other property shall be paid or transferred in lieu of any fractional Units or
whether such fractional Units or any rights thereto shall be terminated or otherwise eliminated
with or without consideration.

     (i) Headings. Headings are given to the Sections and subsections of the Plan solely as a
convenience to facilitate reference. Such headings shall not be deemed in any way material or
relevant to the construction or interpretation of the Plan or any provision thereof.

     (j) Facility of Payment. Any amounts payable hereunder to any individual under legal
disability or who, in the judgment of the Committee, is unable to manage properly his financial
affairs, may be paid to the legal representative of such individual, or may be applied for the
benefit of such individual in any manner that the Committee may select, and the Company shall be
relieved of any further liability for payment of such amounts.

     (k) Participation by Affiliates. In making Awards to Employees employed by an entity other
than the Company, the Committee shall be acting on behalf of the Affiliate, and to the extent the
Partnership has an obligation to reimburse the Company for compensation paid for services rendered
for the benefit of the Partnership, such payments or reimbursement payments may be made by the
Partnership directly to the Affiliate, and, if made to the Company, shall be received by the
Company as agent for the Affiliate.

     (l) Gender and Number. Words in the masculine gender shall include the feminine gender, the
plural shall include the singular and the singular shall include the plural.

     (m) Compliance with Section 409A. Nothing in the Plan or any Award Agreement shall operate or
be construed to cause the Plan or an Award to fail to comply with the requirements of Section 409A
of the Code. The applicable provisions of Section 409A the Code and the regulations thereunder are
hereby incorporated by reference and shall control over any Plan or Award Agreement provision in
conflict therewith. To the extent that any Award shall be subject to Section 409A of the Code, it
shall be designed to comply with Section 409A of the Code.

     (n) Specified Employee under Section 409A. Subject to any other restrictions or limitations
contained herein, in the event that a “specified employee” (as defined under Section

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409A of the Code and the 409A Regulations) becomes entitled to a payment under an Award which
is a 409A Award on account of a “separation from service” (as defined under Section 409A of the
Code and the 409A Regulations), such payment shall not occur until the date that is six months plus
one day from the date of such separation from service. Any amount that is otherwise payable within
the six month period described herein will be aggregated and paid in a lump sum without interest.

     SECTION 9. Term of the Plan.

     The Plan shall be effective on the date immediately preceding the close of the initial public
offering of Units and shall continue until the earliest of (i) the date terminated by the Board,
(ii) all Units available under the Plan have been delivered to Participants, or (iii) the 10th
anniversary of the date the Plan is approved by the Company. However, any Award granted prior to
such termination, and the authority of the Board or the Committee to amend, alter, adjust, suspend,
discontinue, or terminate any such Award or to waive any conditions or rights under such Award,
shall extend beyond such termination date.

     SECTION 10. Adoption by Affiliates.

     With the consent of the Committee, any Affiliate that is not considered a single employer with
the Partnership under Section 414(b) of the Code or Section 414(c) of the Code may adopt the Plan
for the benefit of its Employees, Consultants or Directors by written instrument delivered to the
Committee before the grant to such Affiliate’s Employees, Consultants or Directors under the Plan
of any 409A Award.

14exv10w1

Exhibit 10.1

EXECUTIVE RETENTION AGREEMENT

THIS EXECUTIVE RETENTION AGREEMENT (the “Agreement”) is entered into by and between Wright Express
Corporation (“WEX” or the “Company”) and David Maxsimic (the “Executive”);

WHEREAS, the Executive has expressed concern regarding the effect of a potential “Without Cause
Termination” or “Constructive Discharge” in the future as such terms are defined in his Employment
Agreement effective as of October 28, 2005 (the “Employment Agreement”); and

WHEREAS, the Company desires to retain the Executive who is amongst its key personnel and to
eliminate any distraction or concern of the Executive as well as to obtain enhanced protection
against the Executive competing against the Company.

NOW, THEREFORE, as an inducement for and in consideration of the Executive remaining in its employ
and agreeing not to compete and not competing against the Company as set forth herein, the Parties
agree as follows:

	 	1.	 	Executive Acknowledgement. The Executive acknowledges that no action
taken by the Company, nor any planned action communicated to the Executive by the
Company through the date of execution of this Agreement constitutes or shall constitute
a Constructive Discharge as defined in the Employment Agreement.

	 	2.	 	Employment Agreement. The Employment Agreement remains in full force
and effect except as specifically modified by this Agreement. In particular, the
terms, “Constructive Discharge”, “Without Cause Termination” and “Termination for
Cause” as used in this Agreement shall continue to be defined as set forth in the
Employment Agreement.

	 	3.	 	May 2011 RSU Grant. Provided that the Executive remains employed by
the Company until the beginning of the Company’s next “open trading window” under the
Company’s insider trading policy (expected to begin on or about May 6, 2011), and
subject to approval of the Board of Directors of the Company (or a committee thereof),
the Company shall grant to the Executive a restricted stock unit award with respect to
a number of shares of Company common stock, par value $0.01 per share (the “Common
Stock”) equal to $100,000 divided by the closing price of the Common Stock on the New
York Stock Exchange on the date of grant (the “May 2011 RSU Award”). The May 2011 RSU
Award shall be granted under the Company’s 2010 Equity and Incentive Plan (the “2010
Plan”) and shall be subject to the terms and conditions set forth in the 2010 Plan, the
applicable restricted stock unit agreement and the provisions of this Agreement. The
May 2011 RSU Award shall vest on the one year anniversary of the date of grant of such
award provided that the Executive remains employed by the Company on such date.

	 	4.	 	Termination Without Cause or Resignation For Constructive Discharge Prior
to March 10, 2012. If there shall be a Without Cause Termination or a Constructive
Discharge of the Executive on or before March 10, 2012, then the Executive shall

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	 	 	 	be deemed to have remained employed with the Company through March 10, 2012 solely
for the purposes of this Section 4 of this Agreement and the relevant equity award
agreements, with the following consequences and subject to Section 6 of this
Agreement:

	 	 	 	i. 2009 NSO. The nonstatutory stock option granted to the Executive by the
Company on March 5, 2009 with respect to a total of 28,846 shares of Common Stock
(the “2009 NSO”) shall vest with respect to 9,635 shares of Common Stock as of the
date of such Without Cause Termination or Constructive Discharge. The 2009 NSO
shall in all other respects remain subject to the terms of the applicable
nonstatutory stock option agreement representing such option including that such
option shall remain exercisable for three months following the date of any
Constructive Discharge or Without Cause Termination.

	 	 	 	ii. 2009 RSU. The restricted stock unit award granted to the Executive by
the Company on March 5, 2009 with respect to a total of 12,132 shares of Common
Stock (the “2009 RSU”) shall vest with respect to 4,053 shares of Common Stock on
March 5, 2012 (the “2009 RSU /2012 Vesting Date”) and such shares shall be delivered
to the Executive on the 2009 RSU /2012 Vesting Date, subject to this Section 4. The
2009 RSU shall in all other respects remain subject to the terms of the applicable
restricted stock unit agreement representing such award, including that upon the
2009 RSU /2012 Vesting Date, the Company shall withhold from the shares of Common
Stock that would otherwise be delivered to Executive a number of shares having a
value equal to Executive’s tax withholding obligations with respect to the vesting
of the award.

	 	 	 	iii. 2010 RSU. The restricted stock unit award granted to the Executive by
the Company on March 3, 2010 with respect to a total of 6,250 shares of Common Stock
(the “2010 RSU”) shall vest with respect to 2,081 shares of Common Stock on March 3,
2012 (the “2010 RSU /2012 Vesting Date”) and such shares shall be delivered to the
Executive on the 2010 RSU /2012 Vesting Date, subject to this Section 4. The 2010
RSU shall in all other respects remain subject to the terms of the applicable
restricted stock unit agreement representing such award, including that upon the
2010 RSU /2012 Vesting Date, the Company shall withhold from the shares of Common
Stock that would otherwise be delivered to Executive a number of shares having a
value equal to Executive’s tax withholding obligations with respect to the vesting
of the award.

	 	 	 	iv. 2011 RSU. The restricted stock unit award granted to the Executive by
the Company on March 10, 2011 with respect to a total of 2,640 shares of Common
Stock (the “2011 RSU”) shall vest with respect to 879 shares of Common Stock on
March 10, 2012 (the “2011 RSU /2012 Vesting Date”) and such shares shall be
delivered to the Executive on the 2011 RSU /2012 Vesting Date, subject to this
Section 4. The 2011 RSU shall in all other respects remain subject to the terms of
the applicable restricted stock unit agreement representing such award, including
that upon the 2011 RSU /2012 Vesting Date, the Company shall withhold from the shares of Common Stock that would otherwise be

2

 

	 	 	 	delivered to Executive a number of shares having a value equal to Executive’s tax
withholding obligations with respect to the vesting of the award.

	 	 	 	v. 2011 PSU. The performance-based restricted stock unit award granted to
the Executive by the Company on March 10, 2011 with respect to a total of 3,960
shares of Common Stock (the “2011 PSU”) shall vest with respect to time-based
vesting conditions with respect to 1,319 shares of Common Stock on March 10, 2012
(the “2011 PSU /2012 Vesting Date”) and such shares shall be delivered to the
Executive on the 2011 PSU /2012 Vesting Date, subject to this Section 4; provided,
however, that the number of shares of Common Stock to be delivered to the Executive
will be based on the actual level of achievement of the performance goals set forth
in the award agreement for the 2011 PSU and therefore may be less than 1,319 shares
of Common Stock. The 2011 PSU shall in all other respects remain subject to the
terms of the applicable restricted stock unit agreement representing such award,
including that upon the 2011 PSU /2012 Vesting Date, the Company shall withhold from
the shares of Common Stock that would otherwise be delivered to Executive a number
of shares having a value equal to Executive’s tax withholding obligations with
respect to the vesting of the award.

	 	 	 	vi. Escrow. Notwithstanding the foregoing, fifty percent (50%) of the
number of shares of Common Stock that otherwise would be delivered to the Executive
after satisfaction of his tax withholding obligations on the applicable 2012 Vesting
Dates with respect to each of the 2009 RSU, the 2010 RSU, the 2011 RSU and the 2011
PSU shall be deposited in escrow with the Company through and until the end of the
Restricted Period (defined below) and shall be forfeited back to the Company for no
consideration if the Executive violates the provisions of Section 6 of this
Agreement.

	 	 	 	vii. Other. For the avoidance of doubt, (a) if this Section 4 shall be
applicable, then Section 5 of this Agreement shall not be applicable; and (b) if
Executive shall remain employed through and until March 10, 2012, then this Section
4 shall not be applicable, including, for the avoidance of doubt, the escrow
provisions set forth in paragraph (vi) above.

	 	5.	 	Termination Without Cause or Resignation For Constructive Discharge On or
After March 10, 2012 But Prior to March 10, 2013 If there shall be a Without Cause
Termination or a Constructive Discharge of the Executive after March 10, 2012 and on or
before March 10, 2013, then the Executive shall be deemed to have remained employed
with the Company through March 10, 2013 solely for the purposes of this Section 5 of
this Agreement and the relevant equity award agreements, with the following
consequences and subject to Section 6 of this Agreement:

	 	 	 	i. 2010 RSU. The 2010 RSU shall vest with respect to 2,088 shares of Common
Stock on March 3, 2013 (the “2010 RSU /2013 Vesting Date”) and such shares shall be
delivered to the Executive on the 2010 RSU /2013 Vesting Date, subject to this
Section 5. The 2010 RSU shall in all other respects remain subject

3

 

	 	 	 	to the terms of the applicable restricted stock unit agreement representing such
award, including that upon the 2010 RSU /2013 Vesting Date, the Company shall
withhold from the shares of Common Stock that would otherwise be delivered to
Executive a number of shares having a value equal to Executive’s tax withholding
obligations with respect to the vesting of the award.

	 	 	 	ii. 2010 PSU. The performance-based restricted stock unit award granted to
the Executive by the Company on March 3, 2010 with respect to a total of 9,375
shares of Common Stock (the “2010 PSU”) shall vest with respect to time-based
vesting conditions with respect to 9,375 shares of Common Stock on March 3, 2013
(the “2010 PSU /2013 Vesting Date”) and such shares shall be delivered to the
Executive on the 2010 PSU /2013 Vesting Date, subject to this Section 5; provided,
however, that the number of shares of Common Stock to be delivered to the Executive
will be based on the actual level of achievement of the performance goals set forth
in the award agreement for the 2010 PSU and therefore may be less than 9,375 shares
of Common Stock. The 2010 PSU shall in all other respects remain subject to the
terms of the applicable restricted stock unit agreement representing such award,
including that upon the 2010 PSU /2013 Vesting Date, the Company shall withhold from
the shares of Common Stock that would otherwise be delivered to Executive a number
of shares having a value equal to Executive’s tax withholding obligations with
respect to the vesting of the award.

	 	 	 	iii. 2011 RSU. The 2011 RSU shall vest with respect to 879 shares of Common
Stock on March 10, 2013 (the “2011 RSU /2013 Vesting Date”) and such shares shall be
delivered to the Executive on the 2011 RSU/ 2013 Vesting Date, subject to this
Section 5. The 2011 RSU shall in all other respects remain subject to the terms of
the applicable restricted stock unit agreement representing such award, including
that upon the 2011 RSU /2013 Vesting Date, the Company shall withhold from the
shares of Common Stock that would otherwise be delivered to Executive a number of
shares having a value equal to Executive’s tax withholding obligations with respect
to the vesting of the award.

	 	 	 	iv. 2011 PSU. The 2011 PSU shall vest with respect to time-based vesting
conditions with respect to 1,319 shares of Common Stock on March 10, 2013 (the “2011
PSU /2013 Vesting Date”) and such shares shall be delivered to the Executive on the
2011 PSU /2013 Vesting Date, subject to this Section 5; provided, however, that the
number of shares of Common Stock to be delivered to the Executive will be based on
the actual level of achievement of the performance goals set forth in the award
agreement for the 2011 PSU and therefore may be less than 1,319 shares of Common
Stock. The 2011 PSU shall in all other respects remain subject to the terms of the
applicable restricted stock unit agreement representing such award, including that
upon the 2011 PSU /2013 Vesting Date, the Company shall withhold from the shares of
Common Stock that would otherwise be delivered to Executive a number of shares
having a value equal to Executive’s tax withholding obligations with respect to the
vesting of the award.

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	 	 	 	v. Escrow. Notwithstanding the foregoing, fifty percent (50%) of the number
of shares of Common Stock that otherwise would be delivered to the Executive after
satisfaction of his tax withholding obligations on the applicable 2013 Vesting Dates
with respect to each of the 2010 RSU, the 2010 PSU, the 2011 RSU and the 2011 PSU
shall be deposited in escrow with the Company through and until the end of the
Restricted Period and shall be forfeited back to the Company for no consideration if
the Executive violates the provisions of Section 6 of this Agreement.

	 	 	 	vi. Other. For the avoidance of doubt, (a) if this Section 5 shall be
applicable, then Section 4 of this Agreement shall not be applicable and (b) if
Executive shall remain employed through and until March 10, 2013, then this Section
5 shall not be applicable, including, for the avoidance of doubt, the escrow
provisions set forth in paragraph (v) above.

	 	6.	 	Non-Competition and Non-Solicitation. Section IX.C of the Employment
Agreement is superseded by this Section.

	 	 	 	Restrictions.

	 	 	 	i. During the Period of Employment and for (x) two (2) years following the
Executive’s termination of employment for any reason if the termination occurs on or
before March 10, 2013 or if the termination of employment occurs after March 10,
2013 in the case of a Change in Control as set forth in Sections VIII.B and IX.C of
the Employment Agreement, or (y) one (year) following the Executive’s termination of
employment for any reason if the termination occurs after March 10, 2013 and
provided there has been no Change in Control as set forth in Sections VIII.B and
IX.C of the Employment Agreement, (collectively, the “Restricted Period”), the
Executive will not knowingly use his status with WEX or any of its affiliates to
obtain loans, goods or services from another organization on terms that would not be
available to him in the absence of his relationship to WEX or any of its affiliates.

	 	 	 	ii. During the Restricted Period, the Executive will not make any statements or
perform any acts intended or reasonably calculated to advance the interest of any
existing or prospective Competing Enterprise or in any way to injure the interests
of or disparage WEX or any of its affiliates. The Executive’s non-disparagement
obligation includes that he shall not make any false, disparaging or derogatory
statements to any media outlet, industry group, financial institution or current or
former employee, consultant, client or customer of WEX regarding WEX or any of its
directors, officers, employees, agents or representatives or about WEX’s business
affairs and financial condition. WEX will instruct Michael Dubyak and Melissa Smith
or their successors, if any, not to make any statements or perform any acts to
disparage the Executive for a period of two years after the termination of the
Executive’s term of employment.

5

 

	 	 	 	iii. During the Restricted Period, the Executive, without prior express written
approval by the Chief Executive Officer of WEX, will not become employed by, render
services to, as a consultant, independent contractor or otherwise, or directly or
indirectly (whether for compensation or otherwise) own or hold a proprietary
interest in, manage, operate, or control, or join or participate in the ownership,
management, operation or control of, or furnish any capital to or be connected in
any manner with, any Competing Enterprise.

	 	 	 	iv. For purposes of this Section, a “Competing Enterprise” means any entity,
organization or person engaged, or planning to become engaged, in substantially the
same or similar business to that being conducted or actively and specifically
planned to be conducted within the Restricted Period by WEX or its subsidiaries or
affiliates, owned or controlled. It includes, without limitation: (i) the business
of developing, managing, operating, marketing, processing, financing, or otherwise
being involved in providing any products or services for the benefit of or use by
commercial vehicle or aviation fleets through charge cards, credit cards,
procurement cards or any other form of payment services or electronic commerce; (ii)
the sale, distribution or publication of petroleum product pricing or management
information or other products or services currently sold or contemplated to be sold
by WEX or any of its owned or controlled subsidiaries, (iii) the business of
developing, managing, operating, marketing, processing, financing, or otherwise
being involved in providing commercial travel, entertainment and purchasing credit
cards; and (iv) the following list of specific competitors which is not meant to be
all inclusive: Fleetcor, Comdata, Voyager, Fleet One, EFS, T-Check, The Roady’s
business of Sky Capital Group, Over the Road or Heavy Truck Card Programs including
but not limited to, any Visa, Amex or MasterCard fleet card issuer, payroll cards,
issuers of purchasing cards and single use ghost account products offered by
MasterCard, Amex, Visa, or any bank, issuers or program managers of prepaid card
programs that compete directly with Wright Express. The restrictions in this
Section shall not be construed to prevent the Executive from working for a business
entity that does not compete with WEX or its subsidiaries simply because the entity
is affiliated with a Competing Enterprise, so long as the entity is operationally
separate and distinct from the Competing Enterprise, the Executive’s job
responsibilities at that entity are unrelated to the Competing Enterprise and the
Executive’s work interactions will not compromise the Company’s Confidential
Information. The parties agree that the geographic scope of this Section 6.iv.
shall extend throughout North America.

	 	 	 	v. During the Restricted Period, the Executive, without express prior written
approval from the Chief Executive Officer, will not, either alone or in association
with others, solicit any then-current clients, customers or private label, cobrand
or similar strategic partners of WEX or any of its affiliates. In addition, during
the Restricted Period, the Executive, without express prior written approval from
the Chief Executive Officer, will not discuss with any employee of WEX or any of its
affiliates information related to the operation or potential operation of any
Competing Enterprise.

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	 	 	 	vi. During the Restricted Period, the Executive will not, either alone or in
association with others, interfere with the employees or affairs of WEX or any of
its affiliates or solicit or induce any person who is an employee of WEX or any of
its affiliates to terminate any relationship such person may have with WEX or any of
its affiliates. In addition, neither the Executive nor any entity he controls or
person he employs shall, during such period, directly or indirectly engage, employ
or compensate any employee of WEX or any of its affiliates. The Executive hereby
represents and warrants that the Executive has not entered into any agreement,
understanding or arrangement with any employee of WEX or any of its affiliates
pertaining to any business in which the Executive has participated or plans to
participate, or to the employment, engagement or compensation of any such employee.

	 	 	 	vii. For the purposes of this Agreement, the following terms shall have the meanings
indicated. “Proprietary interest” means legal or equitable ownership, whether
through stock holding or otherwise, of: (a) an equity interest in a business, firm
or entity or (b) ownership of more than 1% of any class of equity interest in a
publicly-held company. “Affiliate” will include, without limitation, all
subsidiaries of WEX, whether now existing or later acquired, created, formed or
merged into WEX or controlled by, under common control with or controlling of WEX.

	 	 	 	viii. The Executive agrees that the restrictions contained in this Section are an
essential element of the compensation the Executive is granted hereunder and but for
the Executive’s agreement to comply with such restrictions, WEX would not have
entered into this Agreement.

	 	 	 	ix. If any restriction set forth in this Section is found by any court of competent
jurisdiction to be unenforceable because it extends for too long a period of time or
over too great a range of activities or in too broad a geographic area, it shall be
interpreted to extend only over the maximum period of time, range of activities or
geographic area as to which it may be enforceable.

	 	 	 	x. The Executive acknowledges that the restrictions contained in this Agreement are
necessary for the protection of the business and goodwill of the Company and are
considered by the Executive to be reasonable for such purpose. The Executive agrees
that any breach of this Agreement will cause the Company substantial and irrevocable
damage and therefore, in the event of any such breach, in addition to such other
remedies which may be available, the Company shall have the right to seek specific
performance and injunctive relief without posting a bond.

	 	 	 	xi.  In order to determine the Executive’s compliance with his obligations under this
Section, the Executive agrees that during the Restricted Period, he will give notice
to the Company of each new business activity he plans to undertake, at least (10)
business days prior to beginning any such activity. The notice shall state the name
and address of the individual, corporation, association or other entity or
organization (“Entity”) for whom such activity is undertaken and the

7

 

	 	 	 	nature of the Executive’s business relationship or position with the Entity.
The Executive further agrees to provide the Company with other pertinent
information concerning such business activity as the Company may reasonably request in
order to determine the Executive’s continued compliance with his obligations under this Agreement.
The Executive agrees to provide a copy of this Agreement to any person and Entity with whom the
Executive seeks to be hired or render services or do business before accepting employment or engagement with any of them.

	 		 	xii.  It is a condition to the vesting of the NSOs, PSUs and RSUs set forth in
Sections 3, 4 and 5 on the dates set forth therein that the Executive is then and
has been in compliance with all of the Restrictions in this Section and the
confidentiality obligations in Section IX.B of the Employment Agreement.

	 		 	 xiii. If the Executive violates any of the provisions of this Section, the Executive
shall continue to be held by the Restrictions set forth in this Section, until a
period equal to the Restricted Period has expired without any violation.

	 	7.	 	Release. The obligation of the Company to provide for continued equity
vesting of NSOs, RSUs and PSUs upon Constructive Discharge or Without Cause Termination
as set forth in Sections 4 and 5 is conditioned upon the Executive signing a release of
claims and not revoking it within the time period specified in the release, in a form
provided by the Company and within such period of time as the Company may specify on or
following the date of termination of employment (but in any event before the applicable
Vesting Date with respect to such equity award).

	 	8.	 	Not An Employment Contract. The Executive acknowledges that this
Agreement does not constitute a contract of employment and does not imply that the
Company will continue the Executive’s employment for any period of time.

	 	9.	 	No Conflict. The Executive represents that the execution and
performance by him of this Agreement does not and will not conflict with or breach the
terms of any other agreement by which the Executive is bound.

	 	10.	 	Entire Agreement. This Agreement supersedes all prior agreements,
written or oral, between the Executive and the Company relating to the subject matter
of this Agreement except those set forth in the Employment Agreement that are not
otherwise modified or amended by this Agreement. This Agreement may not modified,
changed or discharged in whole or in part, except by an agreement in writing signed by
the Executive and the Company. This Agreement incorporates by reference the Employment
Agreement and relevant equity agreements, except as modified herein.

	 	11.	 	Severability. The invalidity or unenforceability of any provision of
this Agreement shall not affect or impair the validity or enforceability of any other
provision of this Agreement.

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	 	12.	 	Waiver. No delay or omission by the Company in exercising any right
under this Agreement will operate as a waiver of that or any other right. A waiver or
consent given by the Company on any one occasion is effective only in that instance and
will not be construed as a bar to or waiver of any right on any other occasion.

	 	13.	 	Successors and Assigns. This Agreement shall be binding upon and inure
to the benefit of both parties and their respective successors and assigns, including
any corporation or entity with which or into which the Company may be merged or which
may succeed to all or substantially all of its assets or business, provided however
that the obligations of the Executive are personal and shall not be assigned by the
Executive.

	 	14.	 	Governing Law, Forum, Jurisdiction and Disputes. This Agreement shall
be governed by and construed as a sealed instrument under and in accordance with the
laws of the State of Maine without regard to conflict of laws provisions. Any action,
suit, or other legal proceeding which is commenced to resolve any matter arising under
Section 6 of this Agreement shall be commenced only in a court of the State of Maine
(or, if appropriate, a federal court located within the State of Maine), and the
Company and the Executive each consents to the jurisdiction of such a court. In the
event of any other dispute with respect to this Agreement, the Arbitration provisions
of Section XVII of the Employment Agreement shall apply. In the event that any such
dispute has not been resolved (i) prior to date that the 2009 NSO would otherwise vest
pursuant to Section 4(i) of this Agreement, then such option shall not vest or be
exercisable unless and until such dispute is resolved in favor of the Executive, in
which event the 2009 NSO shall be exercisable for three months following such
resolution favorable to the Executive; provided, however that in no event shall the
2009 NSO be exercisable later than the Expiration Date of such option as set forth in
the option agreement; and (ii) prior to the applicable Vesting Dates of the RSUs and
PSUs set forth in Sections 4 and 5, then no shares of Common Stock shall be delivered
to the Executive on the Applicable Vesting Date and instead such shares shall only be
delivered to the Executive in the event that Executive prevails in such dispute and
upon such delivery, the escrow provisions of Section 4(vi) or 5(v) shall apply.

	 	15.	 	Section 409A. It is the intention of the Company and the Executive
that this Agreement comply with or be exempt from the provisions of Section 409A of the
Internal Revenue Code of 1986, as amended, and the guidance issued thereunder (“Section
409A”). In particular, it is the intention of the Company and the Executive that the
shares of Common Stock to
 be delivered with respect to the RSUs and PSUs shall be
delivered no later than the later of (i) two and a half months after the end of the
Company’s tax year in which the substantial risk of forfeiture with respect to such
Common Stock lapses and (ii) two and a half months after the end of the Executive’s tax
year in which the substantial risk of forfeiture with respect to such Common Stock
lapses, in each case in accordance with Treasury Regulation Section 1.409A-1(b)(4).
Anything in this Agreement to the contrary notwithstanding, the terms of the Agreement
shall be interpreted and

9

 

	 	 	applied in a manner consistent with the requirements of Section 409A so as not to
subject Executive to the payment of any tax or interest which may be imposed under
such Section, and the Company shall have no right to accelerate, defer or make any
payment under this Agreement to the extent that such action would subject Executive
to the payment of any tax or interest under such Section. If all or a portion of
the payments provided under this Agreement constitute taxable income to Executive
for any taxable year that is prior to the taxable year in which such payments are to
be paid to Executive, as a result of the Agreement’s failure to be exempt from or
compliant with the requirements of Section 409A, the applicable payment shall be
paid immediately to the Executive to the extent such payment is required to be
included in income.

	 	16.	 	Reliance. The Executive is relying solely on the advice of his tax,
financial and other advisors with respect to the consequences to Executive of this
Agreement.

	 	17.	 	Captions. The captions of the sections of this Agreement are for
convenience of reference only and in no way define, limit or affect the scope or
substance of any section of this Agreement.

[SIGNATURE PAGE TO FOLLOW]

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     THE EXECUTIVE ACKNOWLEDGES THAT HE HAS CAREFULLY READ THIS AGREEMENT AND UNDERSTANDS AND
AGREES TO ALL OF THE PROVISIONS IN THIS AGREEMENT.

     WITNESS our hands and seals:

	 	 	 	 	 
	 	Wright Express Corporation

 	 
	 Date: 4/6/11  	By:  	/s/
Michael E. Dubyak
 	 
	 	 	Michael E. Dubyak, Pres/CEO

(print name and title) 	 
	 

	 	 	 	 	 
	 	David Maxsimic

 	 
	 Date: 4/6/11 	  	/s/
David Maxsimic
 	 
	 	 	(Signature) 	 
	 	 	 	 
	 

11

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