Document:

EX-10.2

 Exhibit 10.2 

PARSONS EMPLOYEE STOCK OWNERSHIP PLAN 

2019 AMENDMENT AND RESTATEMENT 

 TABLE OF CONTENTS 

 

									
	 	  	Page	 
		
	 ARTICLE I GENERAL
	  	 	1	 
				
		 	1.1	  	Nature of Plan	  	 	1	 
		 	1.2	  	Effective Date	  	 	2	 
		 	1.3	  	Defined Terms	  	 	2	 
		
	 ARTICLE II DEFINITIONS
	  	 	2	 
				
		 	2.1	  	Account	  	 	2	 
		 	2.2	  	Affiliated Company	  	 	2	 
		 	2.3	  	Anniversary Date	  	 	2	 
		 	2.4	  	Approved Absence	  	 	2	 
		 	2.5	  	Beneficiary	  	 	2	 
		 	2.6	  	Board of Directors	  	 	2	 
		 	2.7	  	Break in Service	  	 	3	 
		 	2.8	  	Business Day	  	 	4	 
		 	2.9	  	Code	  	 	4	 
		 	2.10	  	Committee	  	 	4	 
		 	2.11	  	Company	  	 	4	 
		 	2.12	  	Company Stock	  	 	4	 
		 	2.13	  	Compensation	  	 	4	 
		 	2.14	  	Computation Period	  	 	5	 
		 	2.15	  	Early Retirement Date or Early Retirement	  	 	5	 
		 	2.16	  	Eligible Employee	  	 	5	 
		 	2.17	  	Employee	  	 	6	 
		 	2.18	  	ERISA	  	 	6	 
		 	2.19	  	ESOP Account	  	 	6	 
		 	2.20	  	ESOP Fund	  	 	6	 
		 	2.21	  	ESOP Suspense Subfund	  	 	6	 
		 	2.22	  	Exempt Loan	  	 	6	 
		 	2.23	  	Fair Market Value	  	 	7	 
		 	2.24	  	Forfeiture	  	 	7	 
		 	2.25	  	Highly Compensated Employee	  	 	7	 
		 	2.26	  	Hour of Service.	  	 	8	 
		 	2.27	  	IPO Date	  	 	8	 
		 	2.28	  	Lock-Up Period	  	 	9	 
		 	2.29	  	Member Company	  	 	9	 
		 	2.30	  	Normal Retirement Date	  	 	9	 
		 	2.31	  	Participant	  	 	9	 
		 	2.32	  	PAYSOP Account	  	 	9	 
		 	2.33	  	PAYSOP Fund	  	 	9	 
		 	2.34	  	Plan	  	 	9	 
		 	2.35	  	Plan Administrator	  	 	9	 

  
 i 

									
		 	2.36	  	Plan Year	  	 	9	 
		 	2.37	  	Predecessor Plan	  	 	9	 
		 	2.38	  	Retirement Account	  	 	9	 
		 	2.39	  	Retirement Fund	  	 	9	 
		 	2.40	  	Sponsor	  	 	9	 
		 	2.41	  	Spouse	  	 	10	 
		 	2.42	  	Trading Day	  	 	10	 
		 	2.43	  	Trust	  	 	10	 
		 	2.44	  	Trust Agreement	  	 	10	 
		 	2.45	  	Trustee	  	 	10	 
		 	2.46	  	Trust Fund	  	 	10	 
		 	2.47	  	Valuation Date	  	 	10	 
		 	2.48	  	Year of Cumulative Service	  	 	11	 
		
	 ARTICLE III PARTICIPATION IN THE PLAN
	  	 	12	 
				
		 	3.1	  	Commencement of Participation	  	 	12	 
		 	3.2	  	Re-employment as Eligible Employees	  	 	12	 
		 	3.3	  	Former Participants	  	 	12	 
		
	 ARTICLE IV COMPANY CONTRIBUTIONS
	  	 	12	 
				
		 	4.1	  	Contributions to ESOP Fund	  	 	12	 
		 	4.2	  	Company Not Responsible for Adequacy of Trust Fund	  	 	13	 
		 	4.3	  	Conditions of Contributions	  	 	13	 
		
	 ARTICLE V TRUST FUND
	  	 	13	 
				
		 	5.1	  	Plan Assets	  	 	13	 
		 	5.2	  	Division of Assets	  	 	13	 
		 	5.3	  	Investment of Trust Fund	  	 	13	 
		 	5.4	  	Exempt Loan	  	 	14	 
		 	5.5	  	Securities Law Limitation	  	 	15	 
		 	5.6	  	Accounting and Valuations	  	 	16	 
		 	5.7	  	Trustee	  	 	16	 
		
	 ARTICLE VI ALLOCATION OF CONTRIBUTIONS TO THE ESOP FUND
	  	 	16	 
				
		 	6.1	  	Allocation of Contributions	  	 	16	 
		 	6.2	  	Suspense Subfund	  	 	17	 
		 	6.3	  	Release from ESOP Suspense Subfund	  	 	17	 
		 	6.4	  	Allocation of Shares Released from ESOP Suspense Subfund	  	 	18	 
		 	6.5	  	Stock Dividends, Splits, Recapitalizations, Etc.	  	 	18	 
		 	6.6	  	Cash Dividends	  	 	19	 
		 	6.7	  	Allocation of Amounts Transferred From Defined Benefit Plans	  	 	20	 

  
 ii 

									
	 ARTICLE VII VESTING AND DIVERSIFICATION RULE
	  	 	21	 
				
		 	7.1	  	No Vested Rights Except as Herein Specified	  	 	21	 
		 	7.2	  	Full Vesting of Participants’ Accounts	  	 	21	 
		 	7.3	  	Termination Prior to Full Vesting	  	 	22	 
		 	7.4	  	Treatment of Forfeitures	  	 	22	 
		 	7.5	  	Diversification Rule	  	 	23	 
		
	 ARTICLE VIII RETIREMENT BENEFITS
	  	 	24	 
				
		 	8.1	  	Distribution Timing	  	 	24	 
		 	8.2	  	Method of Distribution	  	 	24	 
		 	8.3	  	Medium of Distribution	  	 	27	 
		 	8.4	  	Benefit Commencement Deadline	  	 	28	 
		 	8.5	  	Forfeiture on Failure to Locate Participant or Beneficiary	  	 	33	 
		 	8.6	  	Direct Rollovers	  	 	33	 
		
	 ARTICLE IX DEATH BENEFITS
	  	 	34	 
				
		 	9.1	  	Death Before Termination of Employment	  	 	34	 
		 	9.2	  	Death After Termination of Employment	  	 	35	 
		 	9.3	  	Designation of Beneficiary	  	 	35	 
		 	9.4	  	Incapacity of Participant or Beneficiary	  	 	36	 
		 	9.5	  	Additional Documents	  	 	36	 
		
	 ARTICLE X CLAIMS PROCEDURES
	  	 	36	 
				
		 	10.1	  	General	  	 	36	 
		 	10.2	  	Initial Claim Determinations	  	 	37	 
		 	10.3	  	Request for Review	  	 	37	 
		 	10.4	  	Decision on Review	  	 	38	 
		 	10.5	  	Committee’s Decision Binding	  	 	38	 
		 	10.6	  	Conflicting Claims	  	 	39	 
		 	10.7	  	Judicial Proceeding	  	 	39	 
		
	 ARTICLE XI LIMITATION ON ALLOCATIONS
	  	 	39	 
				
		 	11.1	  	General Rule	  	 	39	 
		 	11.2	  	Annual Additions	  	 	40	 
		 	11.3	  	Other Defined Contribution Plans	  	 	40	 
		 	11.4	  	Adjustments for Excess Annual Additions	  	 	40	 
		 	11.5	  	Affiliated Company	  	 	41	 
		 	11.6	  	Compensation	  	 	41	 
		
	 ARTICLE XII ADMINISTRATION
	  	 	42	 
				
		 	12.1	  	Named Fiduciary	  	 	42	 
		 	12.2	  	Policy Committee	  	 	42	 

  
 iii 

									
		 	12.3	  	Committee Procedure	  	 	43	 
		 	12.4	  	Notices	  	 	43	 
		 	12.5	  	Reliance on Information	  	 	43	 
		 	12.6	  	Authority	  	 	43	 
		 	12.7	  	Expenses and Fees	  	 	44	 
		 	12.8	  	Resignation	  	 	44	 
		 	12.9	  	Liability of Committee	  	 	44	 
		 	12.10	  	Voting Rights of Company Stock	  	 	45	 
		
	 ARTICLE XIII AMENDMENT OR MERGER OF THE PLAN
	  	 	45	 
				
		 	13.1	  	Right to Amend	  	 	45	 
		 	13.2	  	Merger and Consolidation	  	 	46	 
		 	13.3	  	Adoption of Plan	  	 	46	 
		
	 ARTICLE XIV TERMINATION OF THE PLAN
	  	 	46	 
				
		 	14.1	  	Right to Terminate as a Member Company	  	 	46	 
		 	14.2	  	Termination of Plan; Discontinuance of Contributions	  	 	46	 
		 	14.3	  	Effect of Termination	  	 	47	 
		
	 ARTICLE XV TOP-HEAVY PROVISIONS
	  	 	47	 
				
		 	15.1	  	Application of Top-Heavy Rules	  	 	47	 
		 	15.2	  	Minimum Contribution Requirement	  	 	47	 
		 	15.3	  	Minimum Vesting Requirement	  	 	48	 
		 	15.4	  	Definitions	  	 	48	 
		 	15.5	  	Special Rules	  	 	50	 
		
	 ARTICLE XVI MISCELLANEOUS
	  	 	51	 
				
		 	16.1	  	Annual Statement	  	 	51	 
		 	16.2	  	No Right to Employment Hereunder	  	 	51	 
		 	16.3	  	Limitation on Company Liability	  	 	51	 
		 	16.4	  	Exclusive Benefit	  	 	51	 
		 	16.5	  	No Alienation	  	 	52	 
		 	16.6	  	Rights Pursuant to USERRA	  	 	52	 
		 	16.7	  	Addresses	  	 	52	 
		 	16.8	  	Data	  	 	53	 
		 	16.9	  	Gender and Number	  	 	53	 
		 	16.10	  	Headings	  	 	53	 
		 	16.11	  	Counterpart	  	 	53	 
		 	16.12	  	Governing Law	  	 	53	 

  
 iv 

 PARSONS EMPLOYEE STOCK OWNERSHIP PLAN 

2019 AMENDMENT AND RESTATEMENT 

ARTICLE I 
 GENERAL

 1.1 Nature of Plan. 

(a) The Plan, formerly known as The Ralph M. Parsons Company Employee Stock Ownership and Retirement Plan, was originally effective as of
December 28, 1974. It was amended several times, and on January 1, 1984 it became known as The Parsons Corporation Employee Stock Ownership Plan. The Plan has been amended several times since then, including amendment and restatement in
1989, 1993, 1995, 1997, 1999, 2004, 2006 and 2012. Effective as of January 1, 2002, the Plan became known as the Parsons Employee Stock Ownership Plan. The Plan is hereby again amended and republished in its entirety in this 2019 Restatement,
generally effective as of the IPO Date, except as otherwise provided herein, by applicable law, or by any resolution or other instrument adopting a particular provision. In the event the IPO Date does not occur, this amended and restated Plan will
not become effective, and the Plan, as in effect prior to the Board of Directors’ approval of this amended and restated Plan, shall remain in effect. 

(b) Neither the Plan nor any Predecessor Plan shall be deemed to have terminated as a result of the consolidation of such Predecessor Plan
with this Plan. The rights of an Employee terminating employment after the IPO Date shall be governed by the terms of the Plan, as in effect on the date of such termination. 

(c) The rights of an Employee under a Predecessor Plan which is merged with and into this Plan shall be governed by the terms of this Plan, as
in effect from time to time on and after the effective date of the merger of such Predecessor Plan with and into the Plan. It is intended, however, that neither this amendment and republication nor any prior amendment and republication will enlarge
the rights of Participants in the Plan or a Predecessor Plan, as the case may be, whose employment with a Company terminated prior to the IPO Date or the effective date of a merger of a Predecessor Plan with and into the Plan, as the case may be,
except as required by applicable law or as expressly provided herein. 
 (d) The Plan is a combination stock bonus plan qualified under
Section 401(a) of the Code and an employee stock ownership plan, as defined by Section 4975(e)(7) of the Code, designed to invest primarily in Company Stock. 

(e) The Plan is designed to enable Eligible Employees indirectly to participate in stock ownership of the Company through participation in the
Plan and the Accounts maintained thereunder to the extent that the assets of the Plan and such Accounts are invested in Company Stock and to the extent that distributions with respect to such Stock, whether in Stock or cash, represent the value of
such Stock. 
 (f) The funding policy of the Plan and Trust is as set forth in Article V. 

 (g) All Trust assets acquired under the Plan as a result of Company contributions, income
and other additions to the Trust shall be administered, distributed, forfeited and otherwise governed by the provisions of the Plan. 
 1.2
Effective Date. The original effective date of this Plan is December 28, 1974, and the general effective date of this 2019 Amendment and Restatement is the IPO Date, except as otherwise specifically stated. 

1.3 Defined Terms. All capitalized terms used in this Plan shall have the meaning set forth in Article II, unless the context clearly
indicates otherwise. 
 ARTICLE II 

DEFINITIONS 
 2.1
Account. “Account” shall mean each of the following accounts (including any subaccounts established from time to time under each such account) maintained to record the interest of a Participant: 

(a) ESOP Account; 
 (b) PAYSOP
Account; and 
 (c) Retirement Account. 

2.2 Affiliated Company. “Affiliated Company” shall mean (except as modified by Section 11.5 for purposes of Article
XI) (a) any corporation which is included in a controlled group of corporations (within the meaning of Section 414(b) of the Code), of which a Member Company is a member, other than such Member Company, (b) any trade or business which
is under common control with a Member Company (within the meaning of Section 414(c) of the Code), other than such Member Company, (c) any member of an affiliated service group (within the meaning of Section 414(m) of the Code) that
includes a Member Company, other than such Member Company; and (d) any other entity required to be aggregated with the Company pursuant to regulations under Section 414(o) of the Code. 

2.3 Anniversary Date. “Anniversary Date” shall mean the last day of each Plan Year. 

2.4 Approved Absence. “Approved Absence” shall mean a leave of absence approved for an Employee under the uniform leave of
absence policy maintained by the Company employing such Employee. 
 2.5 Beneficiary. “Beneficiary” shall mean the person
or estate of a deceased Participant, entitled to benefits hereunder upon the death of a Participant as designated pursuant to Section 9.3. 

2.6 Board of Directors. “Board of Directors” shall mean the board of directors of the Sponsor, as such board may be
constituted from time to time. 

  
 2 

 2.7 Break in Service. “Break in Service” or “Break” shall mean
with respect to an Employee whose employment with all Companies terminates: 
 (a) the calendar year in which his or her employment
terminates if such termination occurs prior to March 1 of such year and the Employee does not return to employment with a Company prior to November 1 of such year. 

(b) each calendar year following the calendar year in which his or her employment terminates, except for a calendar year in which the Employee
returns to employment with a Company prior to November 1 of such calendar year. 
 Notwithstanding the foregoing, no Employee shall
have a Break in Service with respect to a calendar year if he or she completes more than 500 Hours of Service during such calendar year. For purposes of this Section 2.7, an Employee who leaves work on an Approved Absence and returns to work on
or before the end of such Approved Absence shall not be deemed to have terminated employment; if such person does not return to work by the end of an Approved Absence, he or she shall be treated as having terminated employment immediately prior to
leaving work on such Approved Absence. 
 Solely for purposes of determining whether a Break in Service for eligibility or vesting purposes
has occurred in a Computation Period, an individual who is absent from work for maternity or paternity reasons shall receive credit for the Hours of Service which would otherwise have been credited to such individual but for such absence, or in any
case in which such Hours of Service cannot be determined, eight Hours of Service per day of such absence, except that the total number of Hours of Service to be credited shall not exceed 501. For purposes of this paragraph, an absence from work for
maternity or paternity reasons means an absence (i) by reason of the pregnancy of the individual, (ii) by reason of a birth of a child of the individual, (iii) by reason of the placement of a child with the individual in connection
with the adoption of such child by such individual, or (iv) for purposes of caring for such child for a period beginning immediately following such birth or placement. The Hours of Service credited under this Section shall be credited
(A) in the Computation Period in which the absence begins if the crediting is necessary to prevent a Break in Service in that period, or (B) in all other cases, in the following Computation Period. 

Notwithstanding the foregoing, a period of absence from employment shall not be regarded as maternity or paternity leave if the Employee shall
fail to comply with a request by the Company to furnish the Plan Administrator such timely information as may be reasonably required to establish that the absence from employment was for a reason set forth above and the number of days for which
there was such an absence. 
 In addition, in the case of an individual who is absent from work during an approved leave of absence granted
to an Employee pursuant to the Family and Medical Leave Act, the 12 consecutive month period beginning on the first anniversary of the first day of such absence shall not constitute a Break in Service if the Employee returns to work for a Company at
the end of such leave of absence. Uniformed services Employees will not incur a Break in Service because of their military leave in accordance with the terms set forth in Section 16.6. 

  
 3 

 2.8 Business Day. “Business Day” shall mean any day other than Saturday,
Sunday or any other day on which banking institutions in the State of California are not open for the transaction of normal banking business. 

2.9 Code. “Code” shall mean the Internal Revenue Code of 1986, as it may be amended from time to time, and the regulations
thereunder. Reference to a specific section of the Code shall be deemed also to refer to any applicable regulations under such section, and also shall include any comparable provisions of future legislation that amend, supplement or supersede that
specific section. 
 2.10 Committee. “Committee” shall mean the Policy and Advisory Committee described in Article XII.

 2.11 Company. “Company” shall mean the Sponsor or any Affiliated Company. 

2.12 Company Stock. “Company Stock” shall mean the stock issued by the Sponsor or any Affiliated Company that is an
“employer security” within the meaning of Section 409(1) of the Code. 
 2.13 Compensation. “Compensation”
means all amounts received in cash by an Employee from a Company including salary, wages, shift differential, overtime pay, vacation, holiday and sick pay, and any differential wage payments under Section 3401(h) of the Code, if any,
commissions, or jury or military duty pay. Compensation shall include amounts that would be received in cash and included in gross income by the Employee but for an election to defer and contribute such amounts pursuant to a flexible benefit program
or other arrangement described in Section 125 of the Code or a cash or deferred arrangement under Section 402(g) of the Code and qualified transportation fringe benefits described in Section 132(f)(4) of the Code. Severance pay is
also “Compensation” if it is paid within the later of (i) 21⁄2 months of separation from employment, or (ii) the end of the year that includes the date of severance, but only to the extent that, absent a severance, such amounts
would have been paid to the Employee as an active Employee as regular compensation for services during the Employee’s regular working hours. 

However, Compensation shall not include amounts included in the Employee’s gross income with respect to bonuses, the grant or exercise of
stock options or stock appreciation rights, grant of restricted stock, grant or settlement of restricted stock units, lapse of restrictions on restricted stock, dividends paid on restricted stock, dividends paid on Company Stock held by the Plan,
amounts included in the Employee’s gross income in respect of group term life insurance exceeding $50,000, automobile allowances, moving expense allowances, tax differentials, cost of living differentials and other expense reimbursements. 

In addition to other applicable limitations set forth in the Plan, and notwithstanding any other provision of the Plan to the contrary, the
annual Compensation of each Employee taken into account under the Plan shall not exceed $220,000 ($280,000 for the 2019 Plan Year), as adjusted by the Internal Revenue Service for increases in the cost of living in accordance with
Section 401(a)(17)(B) of the Code. The cost-of-living adjustment in effect for a calendar year applies to any period, not exceeding 12 months, over which
Compensation is determined (“determination period”) beginning in such calendar year. If a determination period consists of 

  
 4 

 
fewer than 12 months, the OBRA ‘93 annual compensation limit will be multiplied by a fraction, the numerator of which is the number of months in the determination period, and the denominator
of which is 12. 
 2.14 Computation Period. “Computation Period” shall mean the initial period of 12 consecutive
calendar months commencing on the date the Employee first performs an Hour of Service following or coinciding with his or her employment or re-employment with a Company, and successive Computation Periods
shall be each calendar year starting with the calendar year in which the initial Computation Period ends. 
 2.15 Early Retirement Date
or Early Retirement. “Early Retirement Date” or “Early Retirement” shall mean the date that is the later of (a) the date upon which the termination of employment with all Companies of a Participant who is 100% vested in
his or her ESOP Account occurs and (b) the first day of the month in which the Participant attains age sixty-two (62). 

2.16 Eligible Employee. 

(a) “Eligible Employee” shall mean an Employee who is employed by a Member Company as an active employee on a full- or part-time
basis (without regard to his or her or her treatment under the Fair Labor Standards Act or any successor provision thereto), including any such Eligible Employee who is on sick leave or vacation; provided that the Employee’s salary or wages are
subject to employment taxes under Section 3121(b) of the Code. 
 (b) The term “Eligible Employee” shall also include
(i) any citizen or resident of the United States who is an Employee of a corporation which is a “domestic subsidiary,” as defined in Section 407 of the Code, of a Company which is a “domestic parent corporation” within
the meaning of Section 407 of the Code, and which has been specifically designated as such for purposes of the Plan by resolution of the Board of Directors, and (ii) any citizen or resident of the United States who is an Employee of a
corporation which is a “foreign subsidiary,” as defined in Section 3121(1)(8) of the Code, of a Company which is a “domestic corporation” within the meaning of Section 406 of the Code, provided the Company has entered
into an agreement under Section 3121(1) of the Code with respect to such foreign subsidiary; unless such individual would otherwise be an Employee under the Plan. 

(c) The term “Eligible Employee” shall exclude any: 

(1) Employee who is on an Approved Absence, 

(2) Employee who is covered by a collective bargaining agreement to which any Company is a party if there is evidence that retirement
benefits were the subject of good faith bargaining between the Company and the collective bargaining representative, unless the collective bargaining agreement provides for participation in this Plan, 

(3) Employee who is employed by Parsons Infrastructure and Technology Services Division of Parsons Infrastructure & Technology Group
Inc., or, prior to January 1, 2007, by the Parking Division of Parsons Facility Management Company, 

  
 5 

 (4) “leased employee,” within the meaning of Section 414(n) of the Code,

 (5) Employee who is working on an as-needed basis or at irregular intervals as a casual
employee, 
 (6) individual recorded on the books and records of a Member Company as an independent contractor, a worker provided by a
temporary staffing agency, or an individual with respect to whom a written agreement governing the relationship between such person and a Member Company provides in substance that such person shall not be an Eligible Employee hereunder, or 

(7) Employee who was a member of the board of directors of The Ralph M. Parsons Company on January 1, 1974. 

(d) The preceding provisions of this Section shall be given effect notwithstanding any classification or reclassification of an individual as
an employee or common law employee of a Member Company or as a member of any other category of individuals not excluded under the preceding provisions of this Section by reason of action taken by any tax, or other governmental authority. In the
event that an individual rendering services to a Member Company in an excluded category is classified or reclassified by reason of action taken by any tax, or other governmental authority, or by a Member Company, such individual shall continue to be
excluded under this Plan unless specifically included hereunder by the terms of an amendment to this Plan or by the terms of a written instrument executed by such individual and a Member Company. 

2.17 Employee. “Employee” shall mean any individual employed by a Company. 

2.18 ERISA. “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as it may be amended from time to time.

 2.19 ESOP Account. “ESOP Account” shall mean a Participant’s account, including subaccounts, if any, established
from time to time, representing his or her interest in the ESOP Fund. 
 2.20 ESOP Fund. “ESOP Fund” shall mean that
portion of the Trust Fund to which are allocated assets attributable to all ESOP Accounts, contributions under Section 4.1 and the proceeds of any Exempt Loan. 

2.21 ESOP Suspense Subfund. “ESOP Suspense Subfund” shall mean the subfund established under Section 6.2 as part of the
ESOP Fund to hold Company Stock purchased with the proceeds of an Exempt Loan pending the allocation of such Company Stock to individual ESOP Accounts. 

2.22 Exempt Loan. “Exempt Loan” shall mean any loan that satisfies the provisions of the term “Loan” as described
in Treasury Regulations Section 54.4975-7(b)(1)(ii) and as defined below. “Loan” refers to a loan made to an ESOP by a disqualified person or a loan to an ESOP which is guaranteed by a
disqualified person. It includes a direct loan of cash, a purchase-money 

  
 6 

 
transaction, and an assumption of the obligation of an ESOP. “Guarantee” includes an unsecured guarantee and the use of assets of a disqualified person as collateral for a loan, even
though the use of assets may not be a guarantee under applicable state law. An amendment of a loan in order to qualify as an exempt loan is not a refinancing of the loan or the making of another loan. A
“Non-Exempt Loan” shall mean any loan that fails to satisfy the “Loan” provisions described above. 

2.23 Fair Market Value. “Fair Market Value” shall mean, as of any given date, the value of a share of Company Stock
determined as follows: 
 (a) If the Company Stock is (i) listed on any established securities exchange (such as the New York Stock
Exchange, the NASDAQ Capital Market, the NASDAQ Global Market and the NASDAQ Global Select Market), (ii) listed on any national market system or (iii) quoted or traded on any automated quotation system, its Fair Market Value shall be the
closing sales price for a share of Company Stock as quoted on such exchange or system for such date or, if there is no closing sales price for a share of Company Stock on the date in question, the closing sales price for a share of Company Stock on
the last preceding date for which such quotation exists, as reported in The Wall Street Journal or such other source as the Committee deems reliable; 

(b) If the Company Stock is not listed on an established securities exchange, national market system or automated quotation system, but the
Company Stock is regularly quoted by a recognized securities dealer, its Fair Market Value shall be the mean of the high bid and low asked prices for such date or, if there are no high bid and low asked prices for a share of Company Stock on such
date, the high bid and low asked prices for a share of Company Stock on the last preceding date for which such information exists, as reported in The Wall Street Journal or such other source as the Committee deems reliable; or 

(c) If the Company Stock is neither listed on an established securities exchange, national market system or automated quotation system nor
regularly quoted by a recognized securities dealer, its Fair Market Value shall be established pursuant to Section 5.6(a). 
 2.24
Forfeiture. “Forfeiture” shall mean the unvested portion of a Participant’s Account that is forfeited on the date on which he or she has five consecutive Breaks in Service. 

2.25 Highly Compensated Employee. 

(a) “Highly Compensated Employee” shall mean any Employee who 

(1) was a 5% owner (as defined in Section 416(i)(1) of the Code) at any time during the Plan Year or the preceding Plan Year, or 

(2) for preceding Plan Year, received compensation (within the meaning of Section 415(c)(3) of the Code) from a Company in excess of the
limit described in Section 414(q)(1)(B) of the Code (as adjusted in the same time and in the same manner as under Section 415(d) of the Code) during the preceding Plan Year and was in the
“top-paid group” of Employees (as defined in regulations under Section 414(q)(3) of the Code) for such preceding year. 

  
 7 

 (b) Determination of a Highly Compensated Employee shall be in accordance with the following
definitions and special rules: 
 (1) An Employee shall be treated as a 5% owner for any Plan Year if at any time during such Plan Year
such Employee was a 5% owner. 
 (2) A former Employee shall be treated as a Highly Compensated Employee if such Employee was a Highly
Compensated Employee when such Employee incurred a severance from employment with all Companies, or such Employee was a Highly Compensated Employee at any time after attaining age fifty-five (55). 

(3) Sections 414(b), (c), (m), and (o) of the Code shall be applied before the application of this Section. 

(4) To the extent permissible under Section 414(q) of the Code, the Committee may determine which Employees shall be categorized as
Highly Compensated Employees by applying a simplified method prescribed by the Internal Revenue Service. 
 2.26 Hour of Service.

 (a) “Hour of Service” shall mean, with respect to an Employee: 

(1) Each hour for which the Employee is paid, or entitled to payment for the performance of duties for a Company. These hours shall be
credited to the Employee for the Computation Period in which the duties are performed. 
 (2) Each hour for which an Employee is paid, or
entitled to payment, by a Company on account of a period of time during which no duties are performed (irrespective of whether the employment relationship has terminated) due to vacation, holiday, illness, incapacity (including disability), layoff,
jury duty, military duty or leave of absence. No more than 501 Hours of Service shall be credited under this clause (2) for any single continuous period (whether or not such period occurs in a single Computation Period). 

(3) Each hour for which back pay, irrespective of mitigation of damages, is either awarded or agreed to by a Company. The same Hours of
Service shall not be credited both under clauses (1) or (2), as the case may be, and under this clause (3). 
 (b) Hours of Service
under subsections (a)(2) and (3) shall be determined and credited in accordance with subsections (b) and (c) of Department of Labor Regulation Section 2530.200b-2 or any successor regulation
thereto. 
 (c) An “Hour of Service” shall include service performed for an Affiliated Company prior to the date such Company
becomes an Affiliated Company, as required by Section 414(a) of the Code. 
 2.27 IPO Date. “IPO Date” shall mean the
first date upon which Company Stock is traded on any securities exchange or an interdealer quotation system. 

  
 8 

 2.28 Lock-Up Period. “Lock-Up Period” shall mean the 180 days after the date set forth on the final prospectus used in the Sponsor’s initial public offering. 

2.29 Member Company. “Member Company” shall mean the Sponsor or each Affiliated Company that, as a whole or only with respect
to certain units or divisions thereof, has adopted the Plan or a portion thereof, with the permission of the Board of Directors. Notwithstanding the foregoing, in no event may, effective April 1, 1992, Parsons International Limited, a Delaware
Corporation, or, effective January 1, 1995, Parsons International, a California corporation, or effective January 1, 2005, De Leuw Cather International Limited, a Delaware corporation, be considered Member Companies under this Plan. A
Member Company shall automatically terminate its status as such when it ceases to be an Affiliated Company unless the Board of Directors expressly provides otherwise. 

2.30 Normal Retirement Date. “Normal Retirement Date” shall mean the first day of the month in which the Participant attains
age 65. 
 2.31 Participant. “Participant” shall mean any Employee (or former Employee) who has satisfied the requirements
for participation under Article III or on whose behalf Accounts are maintained under this Plan. 
 2.32 PAYSOP Account.
“PAYSOP Account” shall mean a Participant’s Account, including subaccounts, if any, established thereunder from time to time, representing his or her interest in the PAYSOP Fund. 

2.33 PAYSOP Fund. “PAYSOP Fund” shall mean that portion of the Trust Fund to which are allocated assets attributable to all
PAYSOP Accounts and contributions. 
 2.34 Plan. “Plan” shall mean the Parsons Employee Stock Ownership Plan and includes
the Trust Agreement. 
 2.35 Plan Administrator. “Plan Administrator” shall mean the Sponsor. 

2.36 Plan Year. “Plan Year” shall mean each calendar year. 

2.37 Predecessor Plan. “Predecessor Plan” shall mean each retirement plan that has merged into this Plan. 

2.38 Retirement Account. “Retirement Account” shall mean a Participant’s account, including subaccounts, if any,
established under this Plan which held amounts from Predecessor Plans attributable to employer contributions and were not transferred to the Parsons Corporation Retirement Savings Plan in 1997. 

2.39 Retirement Fund. “Retirement Fund” shall mean that portion of the Trust Fund attributable to all Retirement Accounts.

 2.40 Sponsor. “Sponsor” shall mean Parsons Corporation. 

  
 9 

 2.41 Spouse and Surviving Spouse. “Spouse” or “Surviving
Spouse” shall mean the spouse or surviving spouse of the Participant, provided that a former spouse will be treated as the Spouse or Surviving Spouse to the extent provided under a qualified domestic relations order described in
Section 414(p) of the Code. 
 2.42 Trading Day. “Trading Day” shall mean each day that the New York Stock Exchange is
open for trading following the IPO Date. 
 2.43 Trust. “Trust” shall mean the Parsons Corporation Employee Stock Ownership
Trust, created by the Trust Agreement entered into between the Sponsor and the Trustee. 
 2.44 Trust Agreement. “Trust
Agreement” shall mean the agreement by and between the Sponsor and the Trustee, as amended, which shall constitute a part of the Plan. 

2.45 Trustee. “Trustee” shall mean each person serving as Trustee under the Trust Agreement. Any person serving as Trustee
may also serve as a member of the Committee, as a member of the Board of Directors, or as an officer, employee or director of a Company or in any other fiduciary or other capacity with respect to either the Plan or a Company. 

2.46 Trust Fund. “Trust Fund” shall mean all cash and securities and all other assets deposited with or acquired by the
Trustee in its capacity as such hereunder, together with accumulated income. 
 2.47 Valuation Date. “Valuation Date” is
defined as follows: 
 (a) For purposes of Section 7.5 and Article VIII, the “Valuation Date” shall mean the Trading Day
prior to the date on which the Participant’s distribution application is scanned as received and entered into the Plan recordkeeper’s system by the Plan recordkeeper or its agent, provided such application is determined to be in good order
by the Plan’s recordkeeper within a reasonable period of time following the date such application is originally scanned as received and entered into the Plan recordkeeper’s system by the Plan recordkeeper or its agent. 

(b) For purposes of Article IX, the “Valuation Date” shall mean the Trading Day immediately preceding the date of distribution of
the deceased Participant’s Account. 
 (c) For all other purposes of the Plan, the “Valuation Date” shall mean the
Anniversary Date. 
 (d) If the Company Stock ceases to be publicly traded on an established securities exchange, the “Valuation
Date” for all purposes under this Plan shall mean the Anniversary Date. 
 (e) Notwithstanding the foregoing, if the Plan purchases or
sells Company Stock from or to any disqualified persons, as defined in Section 4975(e)(2) of the Code, then that Company Stock will be valued as of the date of the transaction as required by Treasury Regulation
Section 54.4975-11(d)(5). 

  
 10 

 2.48 Year of Cumulative Service. “Year of Cumulative Service” shall mean,
with respect to an Employee: 
 (a) the calendar year in which such Employee is hired or rehired by a Company if the date of hire or rehire
is prior to September 1 of such calendar year; or the calendar year in which the entity employing the Employee becomes a Company, so long as the entity becomes a Company prior to September 1 of such calendar year and the Employee is an
employee of such entity as of such date; provided that for Employees hired or rehired after 1993 or for entities becoming a Company after December 31, 1993, the calendar year of hire or rehire or acquisition, as the case may be, shall be
counted as a “Year of Cumulative Service” in accordance with subsection (c); 
 (b) the calendar year in which such
Employee’s employment with all Companies terminates if the date of termination occurs after April 30 of such calendar year; provided that, for Employees with fewer than three Years of Cumulative Service as of January 1, 1994, the
calendar year of employment termination shall be counted as a “Year of Cumulative Service” in accordance with subsection (c); and 

(c) any calendar year in which the Employee completes 1,000 or more Hours of Service; provided, that, an Employee shall not receive credit for
more than one Year of Cumulative Service under this Section 2.48 with respect to any calendar year. 
 (d) Additional Service.

 (1) Notwithstanding the foregoing and solely for vesting purposes, an Employee who was a participant in the Engineering-Science
Companies Employees’ Pension Plan prior to January 1, 1984, or the Brian Watt Associates, Inc. Employee Retirement Plan prior to February 2, 1985, shall receive credit for services performed during such periods but not for more than
one year of service with respect to any calendar year. 
 (2) Notwithstanding the foregoing and solely for vesting purposes, a Participant
shall (i) receive Years of Cumulative Service for past service performed for Saudi Arabian Parsons Limited or Parsons International Corporation LLC and (ii) be treated as employed by a Company and shall continue to accrue Hours of Service
and Years of Cumulative Service under the Plan for any period of time that the Participant is employed by Saudi Arabian Parsons Limited or Parsons International Corporation LLC. 

(3) Notwithstanding the foregoing and solely for vesting purposes, the Committee may, in its sole discretion but in a nondiscriminatory
manner, credit an Employee with service performed for a predecessor employer in a manner consistent with the requirements of ERISA and the Code. 

  
 11 

 ARTICLE III 

PARTICIPATION IN THE PLAN 

3.1 Commencement of Participation. Except as provided in Section 3.2, an Eligible Employee shall become a Participant in the Plan
in accordance with the following rules: 
 (a) An Eligible Employee hired in any calendar year, or employed by an entity on the date such
entity becomes a Member Company in any calendar year, shall become a Participant in the Plan on the January 1 coinciding with or immediately preceding the date such Employee completes 1,000 Hours of Service in a Computation Period, provided he
or she is an Eligible Employee on the last day of such Computation Period. 
 (b) If an Employee who is not an Eligible Employee has
completed the requisite Hours of Service with the Company in a Computation Period and subsequently becomes an Eligible Employee, such Eligible Employee shall become a Participant as of the January 1 coinciding with or immediately preceding the
date he or she became an Eligible Employee. 
 3.2 Re-employment as Eligible Employees. 

(a) In the case of an Employee who was not a Participant as of the date of his or her termination of employment with all Companies, if such
Employee is re-employed as an Eligible Employee following the occurrence of a Break in Service, he or she shall become a Participant in the Plan on the January 1 coinciding with or immediately preceding
the date he or she completes 1,000 Hours of Service in a Computation Period, provided he or she is an Eligible Employee on the last day of such Computation Period. 

(b) In the case of an Eligible Employee who was a Participant as of the date of his or her termination of employment with all Companies, if
such individual is re-employed by a Member Company as an Eligible Employee, he or she shall become a Participant as of his or her date of rehire. 

3.3 Former Participants. Employees who have commenced participation in the Plan, but cease active participation because their employer,
though still a Company, is not or has ceased to be a Member Company, shall continue to accrue Years of Cumulative Service, but shall no longer be entitled to additional contributions under the Plan or allocations of Forfeitures unless hired or
rehired by a Member Company. 
 ARTICLE IV 

COMPANY CONTRIBUTIONS 

4.1 Contributions to ESOP Fund. 

(a) Subject to Article XI, the Member Companies shall contribute in cash or Company Stock to the ESOP Fund for each Plan Year such sum as the
Board of Directors may, in its sole discretion, determine. In any Plan Year, the contribution on behalf of the eligible Participants of a Member Company, when expressed as a percentage of the aggregate Compensation of such eligible Participants,
will be in the same proportion as the contribution on behalf of eligible Participants of another Member Company. The contribution under this Section 4.1 for any given Plan Year shall be fixed by resolution of the Board of Directors and shall be
paid to the Trustee not later than the due date (including any extensions thereof) for filing the federal income tax return of the Member Companies for their fiscal year ending with or within the Plan Year. 

  
 12 

 (b) Some or all of a contribution under subsection (a) made in cash or property other
than Company Stock may be applied to repay any outstanding Exempt Loan. The Committee may, subject to any pledge or similar agreement, direct or determine the proportions by which contributions are applied to repay each of the one or more Exempt
Loans. 
 (c) Some or all of a contribution under subsection (a) made in cash or property other than Company Stock may be applied to
purchase the shares of Company Stock including shares allocated to the Accounts of any Participant (or Beneficiary) in order to make a distribution under Articles VII, VIII or IX to such Participant (or Beneficiary). 

4.2 Company Not Responsible for Adequacy of Trust Fund. Except as required by applicable law, neither the Board of Directors, any
Company, any member of the Committee nor any Trustee shall be responsible for the adequacy of the Trust Fund to meet and discharge any or all payments and liabilities hereunder. 

4.3 Conditions of Contributions. All contributions by a Company to the ESOP Fund are conditioned on the qualification of the Plan under
Section 401 of the Code and their deductibility under Section 404 of the Code. 
 ARTICLE V 

TRUST FUND 
 5.1
Plan Assets. The Sponsor has entered into the Trust Agreement providing for the establishment of a single Trust to hold the assets of the Plan. All Company contributions shall be paid over to the Trustee and held pursuant to the provisions of
the Plan and the Trust Agreement, which, as amended from time to time, shall constitute part of the Plan. 
 5.2 Division of Assets.
Assets of the Trust Fund shall be held in separate funds which initially shall consist of the ESOP Fund, PAYSOP Fund and Retirement Fund and thereafter shall consist of such funds as the Committee may establish from time to time. Individual
Participant interests in the Trust Fund shall be reflected in the Accounts maintained for each Participant. Notwithstanding the foregoing, the Trust Fund shall be treated as a single trust for purposes of investment and administration, and nothing
contained herein shall require a physical segregation of assets for any fund or for any Account maintained under the Plan. 
 5.3
Investment of Trust Fund. 
 (a) The Plan was established and continues to be maintained for the purpose of providing an opportunity
for Participants to acquire an ownership stake in the Sponsor in order to align the interests of Participants and the Companies. The Sponsor believes that its success as an entity and the performance of the Company Stock will be enhanced and
facilitated in the long run by such alignment. Accordingly, investment in Company Stock is intended to be a permanent feature of the Plan. 

(b) The Trust Fund shall be invested primarily in Company Stock except for cash or cash equivalent investments for the limited purposes of
making Plan distributions to participants or paying Plan administrative expenses, or pending the investment of contributions or other cash receipts in Company Stock. Neither any Company nor the Committee nor any

  
 13 

 
Trustee shall have any responsibility or duty to time any transaction involving Company Stock, in order to anticipate market conditions or changes in stock value, nor shall any such person have
any responsibility or duty to sell Company Stock held in the Trust Fund (or otherwise to provide investment management for Company Stock held in the Trust Fund) in order to maximize return or minimize loss. 

(c) The Committee may direct the Trustee to have the Plan enter into one or more Exempt Loans to finance the acquisition of Company Stock.
Company contributions in cash, and other cash received by the Trustee, may be used to make distributions from the Plan, to pay Plan administrative expenses or to acquire shares of Company Stock from Company shareholders or directly from the Company.

 5.4 Exempt Loan. 

(a) Notwithstanding anything contained herein to the contrary, proceeds of an Exempt Loan shall be used, within a reasonable time after
receipt by the Trust, only for the following purposes: 
 (1) to acquire Company Stock; 

(2) to repay the same Exempt Loan; or 

(3) to repay any previous Exempt Loan. 

(b) An Exempt Loan shall be repaid only from amounts loaned to the Trust and the proceeds of such loans, from Member Company contributions in
cash and earnings attributable thereto, from any collateral given for the loan, and from dividends paid on shares of unallocated Company Stock acquired with proceeds of the loan. 

(c) No Company Stock acquired with the proceeds of an Exempt Loan may be subject to a put, call, or other option, or buy-sell or similar arrangement while held by the Plan and when distributed by the Plan whether or not the Plan is then an employee stock ownership plan within the meaning of Section 4975(e)(7) of the Code.

 (d) In addition, and in accordance with Treasury Regulations Sections 54.4975-7 and 54.4975-11, the following provisions shall apply to an Exempt Loan under the Plan: 
 (1) An Exempt Loan
must be for a specific term, and must not be payable at the demand of any person. 
 (2) An Exempt Loan must be primarily for the benefit
of the Plan Participants and their Beneficiaries. 
 (3) The Plan must not obligate itself to acquire securities from a particular security
holder as an indefinite time determined upon the happening of an event, such as the death of the holder. 

  
 14 

 (4) The only assets of the Plan that may be given as collateral on an Exempt Loan are
qualifying employer securities acquired with the proceeds of the loan and those securities that were used as collateral on a prior Exempt Loan repaid with the proceeds of the current Exempt Loan. 

(5) The interest rate of an Exempt Loan must not be in excess of a reasonable rate of interest and should consider the following factors: the
amount and duration of the loan, the security and guarantee involved (if any), the credit standing of the Plan and the guarantor (if any), and the interest rate prevailing for comparable loans. 

(6) At the time an Exempt Loan is made, the interest rate for the loan and the price of securities to be acquired with the loan proceeds
should not be such that the Plan assets might be drained off. 
 (7) No person entitled to payment under an Exempt Loan shall have any
rights to assets of the Plan other than collateral given for the loan, contributions (other than contributions of employer securities) made to repay such Exempt Loan, and the earnings attributable to such collateral and the investment of such
contributions. 
 (8) The payments made with respect to an Exempt Loan by the Plan during a Plan Year must not exceed an amount equal to
the sum of such contributions and earnings received during or prior to the year less such payments in prior years. Such contributions and earnings must be accounted for separately in the books of account of the Plan until the loan is repaid. 

(9) In the event of default upon an Exempt Loan, the value of Plan assets transferred in satisfaction of the loan must not exceed the amount
of default. If the lender is a disqualified person, a loan must provide for a transfer of Plan assets upon default only upon and to the extent of the failure of the Plan to meet the payment schedule of the loan. 

(10) In the event that the Plan holds different classes of stock and securities acquired with the proceeds of an Exempt Loan available for
distribution consist or more than one class, a distributee must receive substantially the same proportion of each such class of stock. 

(11) If a portion of a Participant’s Account is forfeited, qualifying employer securities will be forfeited only after other assets. If
interests in more than one class of qualifying employer securities have been allocated to the Participant’s Account, the Participant must be treated as forfeiting the same proportion of each such class of stock. 

5.5 Securities Law Limitation. Neither the Trustee nor the Committee shall be required to engage in any transaction, including without
limitation, directing the purchase or sale of Company Stock, which it determines in its sole discretion might tend to subject itself, its members, the Plan, any Company, or any Participant to a liability under federal or state securities laws. 

  
 15 

 5.6 Accounting and Valuations. 

(a) The fair value of the assets of the Trust Fund shall be determined as of each Anniversary Date, or such other more frequent dates as the
Committee may determine, in accordance with generally accepted commercial methods and practices. Valuations of employer securities which are not readily tradable on an established market will be made by an independent appraiser who meets the
requirements similar to the requirements prescribed under Section 170(a)(1) of the Code. The value of the Company Stock which is readily tradeable on an established market as of any given date shall be equal to the Fair Market Value of such
Company Stock on such date. 
 (b) Except as provided in Section 6.6, as of such dates specified by the Committee, but no less
frequently than as of each Anniversary Date, each Participant’s Accounts shall be credited (debited) with the allocable share of the net income (loss) of the portion of the Trust Fund valued as of the date of such allocation. For this purpose
the net income (loss) of the Trust Fund shall include any income with respect to securities in the ESOP Suspense Subfund acquired with the proceeds of an Exempt Loan. In determining net income, interest paid under any installment contract for the
acquisition of Company Stock by the Trust or on any Exempt Loan shall not be taken into account. 
 (c) The Committee shall establish
accounting procedures for the purpose of making the allocations, valuations and adjustments to Participants’ Accounts provided for in the Plan. From time to time, the Committee may modify its accounting procedures for the purpose of achieving
equitable and non-discriminatory allocations among the Accounts of Participants in accordance with the provisions of the Plan. 

5.7 Trustee. The Board of Directors may at any time, in accordance with the terms of the Trust Agreement, remove an incumbent Trustee
and designate a successor Trustee. 
 ARTICLE VI 

ALLOCATION OF CONTRIBUTIONS TO THE ESOP FUND 

6.1 Allocation of Contributions. 

(a) In addition to net income or loss allocated in accordance with Article V and Forfeitures allocated in accordance with Article VII, the
ESOP Account maintained for each eligible Participant will be credited as of each Anniversary Date with his or her allocable share of contributions under Section 4.1 in Company Stock or any other form. 

(b) The allocation of contributions of each Member Company shall be made to the ESOP Accounts of each eligible Participant who was an Eligible
Employee of a Member Company during the Plan Year in the same proportion that the Compensation for the Plan Year of such eligible Participant while an Eligible Employee of such Member Company bears to the total Compensation for the Plan Year of all
eligible Participants while Eligible Employees of such Member Company entitled to an allocation under this Section 6.1 for that Plan Year. 

(c) Each ESOP Account will be debited for its share of cash payments for the acquisition of Company Stock or for repayment of Exempt Loans or
other debt, including 

  
 16 

 
principal and interest, incurred for the acquisition of Company Stock, as Company Stock is allocated to such Account in accordance with Section 6.3. Allocations of Company Stock shall be
expressed in terms of number of whole and fractional interests in shares. 
 (d) A subaccount under each Participant’s ESOP Account
shall be maintained to reflect his or her non-forfeitable interest in any Trust assets (including Company Stock) attributable to dividends on Company Stock allocated to his or her ESOP Account (other than
dividends distributed under the provisions of Section 6.6). 
 (e) One or more other subaccounts may be established under each
Employee’s ESOP Account to differentiate between contributions and earnings thereon and for such other purposes as the Committee deems appropriate. 

6.2 Suspense Subfund. Company Stock acquired by the ESOP Fund through an Exempt Loan shall be added to and maintained in the ESOP
Suspense Subfund and shall thereafter be released from the ESOP Suspense Subfund and allocated to ESOP Accounts of Participants as provided in Sections 6.3 and 6.4. The Company Stock acquired with each Exempt Loan shall be accounted for and
allocated separately in accordance with the provisions of this Article VI. 
 6.3 Release from ESOP Suspense Subfund. Company Stock
acquired for the ESOP Fund through an Exempt Loan shall be released from the ESOP Suspense Subfund as the Exempt Loan is repaid, in accordance with the provisions of this Section 6.3. 

(a) For each Plan Year until the Exempt Loan is fully repaid, the number of shares of Company Stock released from the ESOP Suspense Subfund
shall equal the number of unreleased shares immediately before such release for the current Plan Year multiplied by the “Release Fraction.” As used herein, the Release Fraction shall be a fraction the numerator of which is the amount of
principal and interest paid on the Exempt Loan for such current Plan Year and the denominator of which is the sum of the numerator plus the principal and interest to be paid on such Exempt Loan for all future years during the duration of the term of
such Loan (determined without reference to any possible extensions or renewals thereof). Notwithstanding the foregoing, in the event such Loan shall be repaid with the proceeds of a subsequent Exempt Loan (the “Substitute Loan”), such
repayment shall not operate to release all such Company Stock in the ESOP Suspense Subfund, but, rather, such release shall be effected pursuant to the foregoing provisions of this Section 6.3 on the basis of payments of principal and interest
on such Substitute Loan. 
 (b) If required by any pledge or similar agreement, then in lieu of applying the provisions of subsection
(a) with respect to such loan or Substitute Loan, shares shall be released from the ESOP Suspense Subfund as the principal amount of an Exempt Loan is repaid (and without regard to interest payments), provided the following three conditions are
satisfied: 
 (1) The Exempt Loan must provide for annual payments of principal and interest at a cumulative rate that is not less rapid at
any time than level annual payments of such amounts for ten years. 

  
 17 

 (2) The interest portion of any payment is disregarded only to the extent it would be
treated as interest under standard loan amortization tables. 
 (3) If the Exempt Loan is renewed, extended or refinanced, the sum of the
expired duration of the Exempt Loan and the renewal, extension or new Exempt Loan period must not exceed ten years. 
 (c) If at any time
there is more than one Exempt Loan outstanding, then separate accounts may be established under the ESOP Suspense Subfund for each such Loan. Each Exempt Loan for which a separate account is maintained may be treated separately for purposes of the
provisions governing the release of shares from the ESOP Suspense Subfund under this Section 6.3 and for purposes of the provisions governing the application of Member Company contributions to repay an Exempt Loan under Section 4.1. 

(d) It is intended that the provisions of this Section 6.3 shall be applied and construed in a manner consistent with the requirements
and provisions of Treasury Regulation § 54.4975-7(b)(8), and any successor regulation thereto. All Company Stock released from the ESOP Suspense Subfund during any Plan Year shall be allocated among
Participants as prescribed by Section 6.4. 
 6.4 Allocation of Shares Released from ESOP Suspense Subfund. 

(a) Shares of Company Stock released from the ESOP Suspense Subfund for a Plan Year in accordance with Section 6.3 shall be held in the
ESOP Fund on an unallocated basis until allocated by the Committee as of the Anniversary Date for that Plan Year. All Company Stock in the ESOP Fund, other than Company Stock held in the ESOP Suspense Subfund as of an Anniversary Date, must be
allocated to ESOP Accounts as of such Anniversary Date. 
 (b) The allocation of such shares shall be made among the ESOP Accounts of those
Participants who were Eligible Employees at any time during the Plan Year and the number of shares allocable to such Participant’s ESOP Account shall be made in the proportion that the Compensation for such Plan Year of each such Participant
while an Eligible Employee bears to the total Compensation for the Plan Year of all such Participants while Eligible Employees. 
 6.5
Stock Dividends, Splits, Recapitalizations, Etc. Any Company Stock received by the Trustee as a result of a stock split, stock dividend, or as a result of a reorganization or other recapitalization of a Company shall be allocated as of the
day on which the Company Stock is received by the Trustee based on the Accounts of Participants on the dividend record date, in the same manner as the Company Stock to which it is attributable is then allocated. Dividends on shares of unallocated
Company Stock, including shares of Company Stock acquired with the proceeds of an Exempt Loan and held in the ESOP Suspense Fund shall either be applied to payment of the Exempt Loan or held in the ESOP Suspense Fund. 

  
 18 

 6.6 Cash Dividends. 

(a) The Sponsor declared a cash dividend on April 3, 2019 with respect to all outstanding shares as of the April 3, 2019 record date
(the “IPO Dividend”), which IPO Dividend is conditioned upon the occurrence of the IPO Date. For the avoidance of doubt, the IPO Dividend does not apply to shares of Company Stock that were distributed in required minimum distributions
pursuant to Section 401(a)(9) of the Code prior to April 3, 2019. The IPO Dividend shall be held unallocated by the Trustee, and invested in short-term investments selected by the Trustee pending use of such proceeds for purposes of
liquidating Participants’ Accounts and making cash distributions under Articles VIII and IX of the Plan. In the event that, following the expiration of the Lock-Up Period, any portion of the IPO Dividend
remains in cash, the Trustee shall use such remaining portion of the IPO Dividend to purchase additional shares of Company Stock in the public market at such times as the Trustee deems appropriate following the expiration of the Lock-Up Period but prior to the next occurring Anniversary Date. The IPO Dividend will be allocated in the form of shares of Company Stock, consisting of the shares acquired by the Trustee in accordance with this
Section 6.6(a) from the IPO Dividend (including any shares acquired by the Trustee in the public market with any remaining portion of the IPO Dividend and shares acquired by the Trustee from Participants in liquidation of their accounts to make
cash distributions during the Lock-Up Period), to the Participant’s Accounts as of the next Anniversary Date occurring after the expiration of the Lock-Up Period as
an earning of the Trust Fund, with such allocation being made based on Participant’s Accounts as of April 3, 2019, even if such Participants have taken a distribution of all or a portion of such Accounts after such date. To the extent that
a Participant received a distribution of his or her Accounts between April 3, 2019 and the next occurring Anniversary Date, then the Trustee shall distribute to such Participant his or her allocable share of the IPO Dividend on the portion of
the Account so distributed in the same form as provided to other Participants and such distribution shall be made as soon as practical following the Anniversary Date. 

(b) If, prior to the expiration of the Lock-Up Period, the Trust has insufficient cash from the IPO
Dividend to fund all requested distributions, then, with respect to any distribution election received after the date the Trustee determines it will no longer have sufficient cash from the IPO Dividend to fund all requested distributions during the Lock-Up Period, and provides at least 10 Business Days’ written notice to the Sponsor of such determination, the Sponsor shall automatically, and without further action by the Sponsor or the Trustee, repurchase
such number of shares of Company Stock held by the Trust as is subject to any such election (the “Lock-Up Repurchase Obligation”). The Lock-Up
Repurchase Obligation shall be executed effective as of the Valuation Date with respect to any such election (as such term is defined for purposes of such election) and the price to be paid by the Sponsor for any shares purchased from the Trustee
pursuant to this subsection (c) shall be equal to the Fair Market Value of the Company Stock on such Valuation Date, which repurchase price shall be equal to “adequate consideration” as defined by Section 3(18) of ERISA. 

(c) (1) A Participant may elect, from time to time, whether cash dividends paid on shares of Company Stock (other than the IPO Dividend)
allocated to his or her Accounts will be: 
 (A) paid in cash to the Participant (which shall be paid, at the election of the Committee,
either (I) directly from the Sponsor to the Participant or (II) from the Sponsor to the Plan and then by the Trustee to the Participant not later than 90 days after close of the Plan Year in which the cash dividend is paid by the Sponsor
to the Plan); or 

  
 19 

 (B) reinvested in the Participant’s ESOP Account as shares of Company Stock. 

(2) The election of each Participant as to the disposition of the cash dividends on his or her shares of Company Stock credited to his
Accounts shall be made in such written, electronic or telephonic form at such time as is reasonably prescribed by the Committee. Except as otherwise provided by the Committee, properly given directions generally shall take effect no later than the
first day of each calendar quarter following receipt by the Committee. Each Participant shall be given a reasonable opportunity before a dividend is paid or distributed to Participant in which to make an election, and each Participant shall have a
reasonable opportunity to change a dividend election at least annually and in the event the Committee changes the manner in which cash payments will be paid to Participants under subsection 6.6(c)(1)(A) above. 

(3) A Participant’s election in effect on the date of payment of a cash dividend by the Sponsor shall determine the disposition of such
cash dividend and the application of such election to such cash dividend shall be irrevocable. Unless and until a Participant makes a specific direction in accordance with this Section, the cash dividends paid on the shares of Company Stock credited
to such Participant’s Accounts shall be paid to the Participant’s ESOP Account and reinvested in shares of Company Stock. Notwithstanding the Participant’s election, if a Participant received a distribution of his or her Account
between the dividend record date and the Anniversary Date, then the Trustee shall distribute to such Participant his or her allocable share of the dividend on the portion of the Account so distributed as soon as practical following the Anniversary
Date. 
 (4) If cash dividends are not paid currently to Participants, then such cash dividends shall be held unallocated by the Trustee
and invested in short-term investments selected by the Trustee until allocated to the Participant’s Accounts as of the next Anniversary Date as an earning of the Trust Fund as provided in Article V, with such allocation being made based on
Participants’ Accounts as of the dividend record date. Any reinvestment of such cash dividends shall be accomplished in a manner determined by the Trustee and shall be completed no later than the time provided in Section 404(k)(4)(B) of
the Code. 
 (5) Dividends on shares of unallocated Company Stock, including shares of Company Stock acquired with the proceeds of an
Exempt Loan and held in the ESOP Suspense Fund, shall either be applied to payment of the Exempt Loan or held in the ESOP Suspense Fund. 

6.7 Allocation of Amounts Transferred From Defined Benefit Plans. In the case of any amounts contributed under Section 4.1(a)
representing amounts transferred from terminated defined benefit pension plans, such amounts shall be either allocated in their entirety in respect of the Plan Year in which such amounts were transferred to this Plan, subject to the limitations of
Article XI, or they shall be allocated to a special suspense fund and allocated from such fund among Accounts of Participants no less rapidly than ratably over a period not to exceed seven 

  
 20 

 
years. Notwithstanding the foregoing, in the year of transfer, the amount allocated shall not be less than the lesser of the maximum allowable under Article XI or
one-eighth of the amount attributable to the shares of Company Stock acquired with the transferred amount. 

ARTICLE VII 
 VESTING
AND DIVERSIFICATION RULE 
 7.1 No Vested Rights Except as Herein Specified. No Participant shall have any vested right or
interest, or any right to payment, of any assets of the Trust Fund, except as herein provided. Neither the making of any allocation nor the credit to any Account of a Participant in the Trust Fund shall vest in any Participant any right, title or
interest in or to any assets of the Trust Fund. 
 7.2 Full Vesting of Participants’ Accounts. 

(a) A Participant shall at all times be fully vested in his or her PAYSOP Account and the subaccount of his or her ESOP and Retirement Account
attributable to cash dividends received by the Trust on Company Stock allocated to such Account. 
 (b) He or she shall be fully vested in
the balance of his or her Accounts upon the earliest to occur of: 
 (1) the day he or she becomes fully vested under the following
schedule: 
  

			
	 Years of
Cumulative
           Service
	 	Vested Percentage of
Employee’s
Account
	 Less than 2 years
	 	0
	 2 years but less than 3
	 	20
	 3 years but less than 4
	 	40
	 4 years but less than 5
	 	60
	 5 years but less than 6
	 	80
	 6 or more years
	 	100

 (2) the first day of the month in which he or she becomes 65 years of age, provided that such Participant is
then employed by a Company or the Participant is on an Approved Absence; 
 (3) his or her death while: 

(i) employed by a Company; 

(ii) on qualified military service (as defined in Section 414(u) of the Code); or 

(iii) on an Approved Absence; 

  
 21 

 (4) the date of his or her termination of employment with all Companies under circumstances
entitling him to receive a benefit under Section 8.2(b) on account of permanent disability; or 
 (5) the date on which he or she is
required to be fully vested under the applicable provisions of the Code on account of the termination, partial termination or the complete discontinuance of contributions to the Plan. 

7.3 Termination Prior to Full Vesting. 

(a) If a Participant’s employment with all Companies terminates prior to the date on which his or her interest in his or her Accounts
becomes fully vested in accordance with Section 7.2, the unvested portion of the amount in said Participant’s Accounts shall be forfeited as of the last day of the calendar year in which the Participant sustains five consecutive Breaks in
Service. Such Forfeiture shall be treated as provided in Section 7.4. The vested portion of such a Participant’s Accounts shall be distributed as provided in Articles VIII and IX. 

(b) In the case of a Participant described in Section 8.2(b), (c) or (d) who receives a distribution on account of a disability,
hardship or conflict of interest, respectively, before incurring five consecutive Breaks in Service and also resumes employment with a Company before five such consecutive Breaks in Service occur, the undistributed forfeitable portion shall be
placed in a subaccount of the Account from which the amount was distributed, and the vested portion of such subaccount at a subsequent date shall be determined by the formula: 

 

							
		  	X	  	 =
	  	P(AB + (R x D)) - (R x D), where:
				
		  	X	  	=	  	the vested portion of the subaccount at the subsequent date
				
		  	P	  	=	  	non-forfeitable percentage under Section 7.2 at the subsequent date
				
		  	AB	  	=	  	the subaccount balance at the subsequent date
				
		  	D	  	=	  	the amount of the previous distribution
				
		  	R	  	=	  	the ratio of the subaccount balance at the subsequent date to the original subaccount balance

 (c) If a portion of a Participant’s ESOP Account or Retirement Account is forfeited, shares of Company
Stock allocated to his or her ESOP Account from the ESOP Suspense Subfund shall be forfeited only after other assets are forfeited from each such Account. 

7.4 Treatment of Forfeitures. Any Forfeitures occurring pursuant to Section 7.3 and amounts forfeited under Section 8.5 shall
be first used to reduce the contribution declared under Section 4.1, next to pay reasonable Plan expenses, and third shall be allocated among all other ESOP Accounts, but only among such ESOP Accounts of eligible Participants who were Eligible
Employees during the Plan Year, and each such allocation shall be made in the proportion that 

  
 22 

 
the Compensation for such Plan Year of each such eligible Participant while an Eligible Employee bears to the total Compensation for the Plan Year of all such eligible Participants while Eligible
Employees. Any forfeiture attributable to a Retirement Account may, but need not, be applied to the acquisition of Company Stock. 
 7.5
Diversification Rule. 
 (a) For the purpose of this Section 7.5 only, the following definitions shall apply: 

(1) “Qualified Participant” shall mean a Participant who has attained age 55 and who has completed at least 10 years of
participation in the Plan. 
 (2) “Qualified Election Period” shall mean the six Plan Year period beginning with the Plan Year in
which the Participant first becomes a Qualified Participant. 
 (3) “Annual Election Period” shall mean the 90-day period (or, effective January 1, 2020, 150-day period) beginning on the January 1st following the end of
each Plan Year in the Participant’s Qualified Election Period. 
 (b) Each Qualified Participant shall be permitted to direct the Plan
as to the diversification of 25% of the value of the vested portion of the Participant’s ESOP Account (or any subaccounts under such Account) subject to the diversification rules in respect of Company Stock which was acquired by the Plan after
December 31, 1986, in the manner provided under subsection (c) below, during each Annual Election Period. During the Election Period following the final Plan Year in the Qualified Election Period, a Qualified Participant may direct the
Plan as to the diversification of 50% of the value of the vested portion of such ESOP Account. 
 (c) The Participant’s direction shall
be provided to the Committee in writing and shall specify which one, if any, of the available options set forth below that the Participant selects. The Participant’s ESOP Account balance shall be based on its value on the Valuation Date. 

(1) At the election of the Qualified Participant, the Plan shall distribute, in one lump sum distribution (notwithstanding

Section 409(d) of the Code), the portion of the Participant’s ESOP Account that is covered by the election within 180 days after the last day of the Annual Election Period during which the election is made. Distributions shall be made in
the medium provided for under Section 8.3. This subsection (c)(1) shall apply notwithstanding any other provision of the Plan. However, those provisions that require the consent of the Participant, the Participant’s Spouse, or both,
to distribute a present value benefit in excess of $5,000 still apply. If the Participant and/or the Participant’s Spouse do not consent, the Plan will retain the amount in question. 

(2) At the election of the Qualified Participant, the Plan will transfer the portion of the Participant’s ESOP Account that is
distributable and that is covered by such election to another qualified plan of a Company which accepts such transfers, provided that such plan permits employee-directed investment among at least three investment options (each of which must be
diversified and have materially different risk and return characteristics) and that 

  
 23 

 
such plan does not invest in Company Stock to a substantial degree. Such transfer shall be in the medium provided for under Section 8.3 and shall be made no later than 180 days after the
last day of the Annual Election Period during which the election is made. Such transfer shall comply with the requirements of Sections 414(l), 411(d)(6) and 401(a)(11) of the Code. 

(3) The Committee may establish at least three investment options under this Plan, to be selected at its discretion, for the purpose of
diversification under this Section. If the Committee establishes such investment options, then, the Qualified Participant may elect that the Plan invest the portion of the Participant’s ESOP Account that is distributable and that is covered by
such election in any of the investment options established by the Committee, as the Qualified Participant directs. Each of the investment options must be diversified and have materially different risk and return characteristics. Such investment
shall be made no later than 180 days after the last day of the Annual Election Period during which the election is made. 
 ARTICLE VIII

 RETIREMENT BENEFITS 

8.1 Distribution Timing. The Participant’s vested Account shall be distributed to him or her in the manner provided in this
Article. The Participant’s vested Account balance shall be based on its value on the Valuation Date. A Participant shall not be entitled to a distribution of his or her Accounts prior to his or her termination of employment with all Companies
and, except as provided in subsection 8.2(b), (c), (d) or (f), attainment of his or her Early or Normal Retirement Date. 
 8.2 Method of
Distribution. The Participant’s vested Account shall be distributed as soon as practicable in accordance with this Section 8.2, provided that no Participant shall receive any distribution of any part of his or her Accounts hereunder
prior to his or her Normal Retirement Date without his or her written consent if the present value of such Accounts exceeds $5,000. 
 (a)
Early and Normal Retirement. 
 (1) Timing. Payment of the Participant’s vested Account shall be made following his or
her termination of employment with all Companies as soon as practicable after his or her Normal Retirement Date or Early Retirement Date, but in no event later than the 60th day after the close of the Plan Year in which the Participant (if he or she
were then an Employee) attains the earlier of his or her Early Retirement Date or Normal Retirement Date. 
 (2) Form. The available
forms shall depend on the value of the Participant’s vested Account balance. 
 (i) Vested Account Balance of Less
Than $20,001. If the value of the Participant’s vested Account balance is less than $20,001, then it will be paid as soon as practicable, as the Participant elects, in either 

(A) one lump sum payment; or 

  
 24 

 (B) a direct rollover. 

(ii) Vested Account Balance Equals or Exceeds $20,001. If the value of the Participant’s vested Account balance
equals or exceeds $20,001, then it will be paid as soon as practicable in installments as described in subsection (e). 
 (b) Permanent
Disability. 
 (1) Timing. A Participant who has terminated employment with all Companies but has neither commenced distribution
of his or her entire vested Account nor attained Early Retirement Age or Normal Retirement Age may be entitled to receive a distribution if he or she has suffered a permanent disability at any time (including while an Employee, while on an Approved
Absence or after termination of employment). Any such distribution shall be made as soon as practicable after the Committee receives proof of such disability. 

(2) Form. The available forms shall depend on the value of the Participant’s vested Account balance. 

(i) Vested Account Balance of Less Than $20,001. If the value of the Participant’s vested Account balance is less
than $20,001, then it will be paid as soon as practicable, as the Participant elects, in either 
 (A) one lump sum
payment; or 
 (B) a direct rollover. 

(ii) Vested Account Balance Equals or Exceeds $20,001. If the value of the Participant’s vested Account balance
equals or exceeds $20,001, then it will be paid as soon as practicable in installments as described in subsection (e). 
 (3)
Determination of Disability. A permanent disability, for purposes of this Plan, shall mean the Participant has been determined by the Social Security Administration as eligible for Social Security disability benefits. 

(c) Financial Hardship. 

(1) Timing. A Participant who has terminated employment with all Companies but has a financial hardship prior to the distribution of
his or her entire vested Account may be entitled to receive a distribution as soon as practicable after the Committee’s determination of such hardship. Distribution will be made to a Participant prior to what would otherwise be the
Participant’s Normal Retirement Date, or, if applicable, Early Retirement Date, in accordance with this subsection (c). 
 (2)
Form. The available forms shall depend on the value of the Participant’s vested Account balance. 

  
 25 

 (i) Vested Account Balance of Less Than $20,001. If the value of the
Participant’s vested Account balance is less than $20,001, then it will be paid as soon as practicable, as the Participant elects, in one lump sum payment. 

(ii) Vested Account Balance Equals or Exceeds $20,001. If the value of the Participant’s vested Account balance
equals or exceeds $20,001, then it will be paid as soon as practicable in installments as described in subsection (e). 
 (3)
Determination of Financial Hardship. The Committee shall determine in its sole discretion whether a genuine financial hardship exists, but in so doing shall not find a genuine financial hardship to exist unless there exists probative evidence
of severe want or deprivation which cannot reasonably be expected to be relieved by other resources reasonably available to the Participant. The Committee shall prescribe such rules as it deems appropriate in making determinations as to the
existence of a hardship. In no event, however, shall the Committee find that sources reasonably available to relieve a hardship include a Participant’s primary residence. Further, the Committee shall in every case find that sources reasonably
available to a Participant for the relief of a hardship include business ventures and other investments or property (other than a primary residence), if any, that are reasonably liquid and susceptible to reasonably rapid sale. 

(4) Notwithstanding subsection (c)(2), a Participant receiving installment distributions may halt such distributions by written notice given
to the Trustee at least 30 days in advance of the first scheduled payment as of which distributions should cease. A Participant may, by a showing of hardship, resume such distributions subject to subsection (c)(3). 

(d) Conflicts of Interest. If a Participant who has terminated employment with all Companies but has not received his or her complete
distribution from the Plan becomes subject to a conflict of interest by reason of his or her beneficial interest in Company Stock held hereunder, his or her Account consisting of Company Stock shall, upon satisfactory proof to the Committee of such
conflict, be distributed in a lump sum. 
 (e) Installments. Installment distributions shall be made subject to the following rules:

 (1) Installment payments can only be made if the Participant’s vested Account balance is at least $20,001. 

(i) If the Participant’s vested Account balance is at least $20,001 but less than or equal to $40,000, then it will be
paid in annual installments over two years or, if shorter, the life expectancy of the Participant and his or her Spouse, if any. 

(ii) If the Participant’s vested Account balance exceeds $40,000, then it will be paid in a series of annual
installments over either three or five years, as the Participant elects, but in no case shall the number of yearly installments exceed the life expectancy of the Participant and his or her Spouse, if any (and to the extent the Participant fails to
provide a valid election pursuant to this clause (ii), such vested Account balance shall be paid in a series of annual installments over three years, but in no case shall the number of yearly installments exceed the life expectancy of the
Participant and his or her Spouse). 

  
 26 

 (2) The first installment in a series shall be determined by multiplying the vested value
of the Participant’s Account by a fraction the numerator of which is one and the denominator of which is the number of scheduled installments in the series. The next installment is the remaining Account balance for the year multiplied by a
fraction the numerator of which is one and the denominator of which is the denominator for the previous year reduced by one. Except if subsection (c)(4) is applicable, successive installments in a series, if any, are determined the same way. 

(3) Any remaining undistributed balance of the Participant’s Account shall be non-forfeitable,
held in the Participant’s Account and will continue to share in the net income of the Trust including any appreciation or depreciation in the value of Company Stock. 

(f) Small Account Balances. Notwithstanding any other provision in this Plan to the contrary, a Participant who has a termination of
employment with all Companies (regardless of whether such termination is prior to the Participants Normal or Early Retirement Date) shall automatically receive an immediate distribution without his or her consent if the value of his or her vested
Account balance is $5,000 or less. 
 (1) Vested Account Balance of $1,000 or Less. If the Participant’s vested Account balance
is $1,000 or less, distribution will be made as soon as administratively feasible in one lump sum payment unless it is at least $200 and the Participant timely elects to directly roll it over to an eligible retirement plan. 

(2) Vested Account Value of $1,001 to $5,000. If the Participant’s vested Account balance exceeds $1,000 but does not exceed
$5,000 and the Participant does not timely elect a lump sum distribution or a direct rollover, then it will be directly rolled over to an individual retirement account designated by the Committee. 

8.3 Medium of Distribution. 

(a) Except as provided in subsection (b) or (c), distribution of a Participant’s Account shall be made in whole shares of Company
Stock, with any fractional shares paid in cash. 
 (b) During the Lock-Up Period, distributions
shall be made in cash only, and any election to receive distributions in the form of Company Stock that would otherwise have been paid during the Lock-Up Period shall be delayed until as soon as practicable
after the expiration of the Lock-up Period. 
 (c) If the Company Stock is not publicly traded, then
any distributions made in Company Stock shall be subject to an immediate automatic repurchase right in favor of the Company. The amount payable to a Participant pursuant to the automatic repurchase right set forth in the preceding sentence shall be
paid by the Company either (1) in a single lump sum within 30 days following the date of the distribution made in Company Stock or (2) in substantially equal periodic payments (not less frequently than annually) over a period beginning

  
 27 

 
not later than 30 days following the date of the distribution made in Company Stock and not exceeding 5 years; provided, that the Company provides adequate security and pays reasonable interest
on any unpaid amounts following the commencement of such payments. 
 8.4 Benefit Commencement Deadline. Notwithstanding the
provisions of Articles VIII and IX of the Plan regarding distributions of Participants’ Accounts, the following additional rules shall apply to all such distributions. 

(a) In no event shall any benefits under this Plan, including benefits upon retirement, termination of employment, hardship, conflict of
interest or permanent disability (as determined under Section 8.2(b)(3)), be paid to a Participant prior to the “Consent Date” (as defined herein) unless the Participant consents in writing to the payment of such benefits prior to
said Consent Date. As used herein, the term “Consent Date” shall mean the Participant’s 65th birthday. Notwithstanding the foregoing, the provisions of this subsection (a) shall not apply (1) following the Participant’s
death, or (2) with respect to a lump sum distribution of a Participant’s Account if his or her vested balance does not exceed $5,000. 

(b) Unless the Participant elects otherwise pursuant to subsection (a) above, distributions of a Participant’s vested Account (or if
such Account is to be paid in installments, the first of such installments) shall commence no later than the 60th day after the close of the Plan Year in which the latest of the following events occurs: (1) the Participant’s Normal
Retirement Age; (2) the tenth anniversary of the year in which the Participant commenced participation in the Plan; or (3) the Participant’s termination of employment with all Companies. 

(c) Notwithstanding any other provision of the Plan to the contrary but subject to subsection (d), below, the following provisions shall apply
with respect to determining minimum distributions: 
 (1) The Participant’s entire interest will be distributed, or begin to be
distributed, to the Participant no later than the Participant’s required beginning date. 
 (2) If the Participant dies before
distributions begin, the Participant’s entire interest will be distributed, or begin to be distributed, no later than as follows: 

(i) If the Participant’s Surviving Spouse is the participant’s sole designated beneficiary, distributions to the
Surviving Spouse will begin by December 31 of the calendar year immediately following the calendar year in which the Participant died, or by December 31 of the calendar year in which the Participant would have attained age 701⁄2, if
later. 
 (ii) If the Participant’s Surviving Spouse is not the Participant’s sole designated beneficiary (as
defined in Section 8.4(c)(12) below), distributions to the designated beneficiary will begin by December 31 of the calendar year immediately following the calendar year in which the Participant died. 

(iii) If there is no designated beneficiary as of September 30 of the year following the year of the Participant’s
death, the Participant’s entire interest will be distributed by December 31 of the calendar year containing the fifth anniversary of the Participant’s death. 

  
 28 

 (iv) If the Participant’s Surviving Spouse is the Participant’s
sole designated beneficiary and the Surviving Spouse dies after the Participant but before distributions to the Surviving Spouse begin, this provision shall apply as if the Surviving Spouse were the Participant. 

For purposes of this subsection (c), distributions are considered to begin on the Participant’s required beginning date (or, if
subsection (c)(2)(iv) applies, the date distributions are required to begin to the Surviving Spouse). If annuity payments irrevocably commence to the Participant before the Participant’s required beginning date (or to the Participant’s
Surviving Spouse before the date distributions are required to begin to the Surviving Spouse under subsection (c)(2)(iv), the date distributions are considered to begin is the date distributions actually commence. 

(3) Unless the Participant’s interest is distributed in the form of an annuity purchased from an insurance company or in a single sum on
or before the required beginning date, as of the first distribution calendar year distributions will be made in accordance herewith. If the Participant’s interest is distributed in the form of an annuity purchased from an insurance company,
distributions thereunder will be made in accordance with the requirements of Section 401(a)(9) of the Code and the Treasury regulations. 

(4) If the Participant’s interest is paid in the form of annuity distributions under the Plan, payments under the annuity will satisfy
the following requirements: 
 (i) The annuity distributions will be paid in periodic payments made at intervals not longer
than one year; 
 (ii) The distribution period will be over a life (or lives) or over a period certain not longer than the
period described in Section 8.4(c)(2); 
 (iii) Once payments have begun over a period certain, the period certain
will not be changed even if the period certain is shorter than the maximum permitted; 
 (iv) Payments will either be non-increasing or increase only as follows: 
 (A) By an annual percentage increase that
does not exceed the annual percentage increase in a cost-of-living index that is based on prices of all items and issued by the Bureau of Labor Statistics; 

(B) To the extent of the reduction in the amount of the Participant’s payments to provide for a survivor benefit upon
death, but only if the beneficiary whose life was being used to determine the distribution period described above dies or is no longer the Participant’s beneficiary pursuant to a qualified domestic relations order within the meaning of
Section 414(p) of the Code; 

  
 29 

 (C) To provide cash refunds of employee contributions upon the
participant’s death; or 
 (D) To pay increased benefits that result from a plan amendment. 

(5) The amount that must be distributed on or before the Participant’s required beginning date (or, if the Participant dies before
distributions begin, the date distributions are required to begin above) is the payment that is required for one payment interval. The second payment need not be made until the end of the next payment interval even if that payment interval ends in
the next calendar year. Payment intervals are the periods for which payments are received. All of the Participant’s benefit accruals as of the last day of the first distribution calendar year will be included in the calculation of the amount of
the annuity payments for payment intervals ending on or after the Participant’s required beginning date. 
 (6) Any additional
benefits accruing to the Participant in a calendar year after the first distribution calendar year will be distributed beginning with the first payment interval ending in the calendar year immediately following the calendar year in which such amount
accrues. 
 (7) If the Participant’s interest is being distributed in the form of a joint and survivor annuity for the joint lives of
the Participant and a non-spouse beneficiary, annuity payments to be made on or after the Participant’s required beginning date to the designated beneficiary after the Participant’s death must not at
any time exceed the applicable percentage of the annuity payment for such period that would have been payable to the participant using the table set forth in Q&A-2 of section
1.401(a)(9)-6T of the Treasury regulations. If the form of distribution combines a joint and survivor annuity for the joint lives of the Participant and a non-spouse
beneficiary and a period certain annuity, the requirement in the preceding sentence will apply to annuity payments to be made to the designated beneficiary after the expiration of the period certain. 

(8) Unless the Participant’s Spouse is the sole designated Beneficiary and the form of distribution is a period certain and no life
annuity, the period certain for an annuity distribution commencing during the Participant’s lifetime may not exceed the applicable distribution period for the participant under the Uniform Lifetime Table set forth in section 1.401(a)(9)-9 of the Treasury regulations for the calendar year that contains the Annuity Starting Date. If the Annuity Starting Date precedes the year in which the Participant reaches age 70, the applicable
distribution period for the Participant is the distribution period for age 70 under the Uniform Lifetime Table set forth in section 1.401(a)(9)-9 of the Treasury regulations plus the excess of 70 over the age
of the Participant as of the Participant’s birthday in the year that contains the Annuity Starting Date. If the Participant’s Spouse is the Participant’s sole designated beneficiary and the form of distribution is a period certain and
no life annuity, the period certain may not exceed the longer of the Participant’s applicable distribution period, as determined under this Section, or the joint life and last survivor expectancy of the Participant and

  
 30 

 
the Participant’s Spouse as determined under the Joint and Last Survivor Table set forth in section 1.401(a)(9)-9 of the Treasury regulations, using
the Participant’s and Spouse’s attained ages as of the Participant’s and Spouse’s birthdays in the calendar year that contains the Annuity Starting Date. 

(9) If the Participant dies before the date distribution of his or her or her interest begins and there is a designated beneficiary, the
Participant’s entire interest will be distributed, beginning no later than the time described herein, over the life of the designated beneficiary or over a period certain not exceeding: 

(i) Unless the annuity starting date is before the first distribution calendar year, the life expectancy of the designated
beneficiary determined using the beneficiary’s age as of the beneficiary’s birthday in the calendar year immediately following the calendar year of the Participant’s death; or 

(ii) If the annuity starting date is before the first distribution calendar year, the life expectancy of the designated
beneficiary determined using the beneficiary’s age as of the beneficiary’s birthday in the calendar year that contains the annuity starting date. 

(10) If the Participant dies before the date distributions begin and there is no designated beneficiary as of September 30 of the year
following the year of the Participant’s death, distribution of the Participant’s entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the Participant’s death. 

(11) If the Participant dies before the date distribution of his or her or her interest begins, the Participant’s Surviving Spouse is
the participant’s sole designated beneficiary, and the Surviving Spouse dies before distributions to the Surviving Spouse begin, this Section 8.4(c)(2) will apply as if the Surviving Spouse were the Participant, except that the time by
which distributions must begin will be determined without regard to Section 8.4(c)(2)(iv). 
 (12) For purposes of this
Section 8.4(c), the following terms have the following meanings: 
 (i) “Designated beneficiary” means the
individual who is designated as the beneficiary under the Plan and is the designated beneficiary under 401(a)(9) of the Code and Treasury Regulation Section 1.401(a)(9)-1,
Q&A-4. 
 (ii) “Distribution calendar year” means a calendar year for
which a minimum distribution is required. For distributions beginning before the Participant’s death, the first distribution calendar year is the calendar year immediately preceding the calendar year which contains the Participant’s
required beginning date. For distributions beginning after the Participant’s death, the first distribution calendar year is the calendar year in which distributions are required to begin pursuant to this Section 8.4(c)(2). 

  
 31 

 (iii) “Life expectancy” means life expectancy as computed by use
of the Single Life Table in section 1.401(a)(9)-9 of the Treasury Regulations. 

(iv) “Required beginning date” means April 1 of the calendar year following the calendar year in which the
Participant (A) attains age 701⁄2 or (B) retires, whichever is later; except that, in the case of a Participant who is a five percent owner (as defined in Section 416 of the Code) of a Company with respect to the calendar year in
which he or she attains age 701⁄2, required beginning date means April 1 following the calendar year in which the Participant attains age 701⁄2. 

(d) With respect to the portion of a Participant’s vested Account consisting of Company Stock allocated to his or her ESOP account, where
such stock was acquired by the Plan after December 31,1986 (“Post-1986 Amounts”), the following rules shall apply: 

(1) If the Participant so elects, Post-1986 Amounts shall commence to be distributed to the Participant not later than 1 year after the close
of the Plan Year- 
 (i) in which the Participant terminates employment with a Company by reason of attainment of Normal
Retirement age, permanent disability (as determined under Section 8.2(b)(3), or death, or 
 (ii) which is the 5th
Plan Year following the Plan Year in which the Participant otherwise separates from service, except that this clause shall not apply if the Participant is reemployed by a Company before distribution is required to begin under this clause. 

(2) For the purposes of this subsection (d), the Post-1986 Amounts allocated to a Participant’s ESOP Account shall not include any
Company Stock acquired with the proceeds of an Exempt Loan until the close of the Plan Year in which such loan is repaid in full. 
 (3)
Unless the Participant elects a less rapid distribution period, the distribution upon a Participant’s Post-1986 Amounts shall be in substantially equal periodic payments (not less frequently than annually) over a period not longer than the
greater of: 
 (i) 5 years, or 

(ii) in the case of a Participant with Post-1986 Amounts in excess of $500,000, 5 years plus 1 additional year (but not more
than 5 additional years) for each $100,000 or fraction thereof by which such amount exceeds $500,000. 
 (4) The dollar amounts specified
in subsection (3) above shall be adjusted at the same time and in the same manner by the Secretary of the Treasury as under Section 415(d) of the Code. 

(5) This subsection (d) is intended to accelerate the date of distribution of Post-1986 Amounts pursuant to Section 409(o) of the
Code. Therefore, if such amounts should be distributed sooner under any other provision of this Plan, such provision overrides this subsection (d). 

  
 32 

 (e) If it is not administratively practical to calculate and commence payments by the latest
date specified in the rules of subsections (a), (b), (c) and (d) above because the amount of the Participant’s benefit cannot be calculated, or because the Committee is unable to locate the Participant after making reasonable efforts to do
so, the payment shall be made as soon as is administratively possible (but not more than 60 days) after the Participant can be located and the amount of the distributable benefit can be ascertained. 

(f) If any payee under the Plan is a minor or if the Committee reasonably believes that any payee is legally incapable of giving a valid
receipt and discharge for any payment due him, the Committee may have such payment, or any part thereof, made to the person (or persons or institution) whom it reasonably believes is caring for or supporting such payee, or, if applicable, to any
duly appointed guardian or committee or other authorized representative of such payee. Any such payment shall be a payment for the account of such payee and shall, to the extent thereof, be a complete discharge of any liability under the Plan to
such payee. 
 8.5 Forfeiture on Failure to Locate Participant or Beneficiary. In the event that a Participant or Beneficiary or
other recipient of benefits cannot be located with reasonable efforts within five years of the date when benefits are first eligible to be paid under the Plan, the amount representing the benefits which such person would otherwise have been entitled
to receive shall be forfeited and used in the manner provided in Section 7.4. Notwithstanding the foregoing or anything to the contrary in this Plan, if any Participant, Beneficiary or other recipient of benefits shall make an appropriate claim
for benefits subsequent to the forfeiture referred to in the preceding sentence, then such person shall be entitled to payment of such amount which was forfeited. 

8.6 Direct Rollovers 

(a) Notwithstanding any provisions of the Plan to the contrary that would otherwise limit a distributee’s election under this Section, a
distributee may elect, at the time and in the manner prescribed by the Plan Administrator, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover. 

(b) Definitions. 
 (1)
Eligible Rollover Distributions. An eligible rollover distribution is any distribution of all or any portion of the balance to the credit of the distributee, except that an eligible rollover distribution does not include: 

(i) any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made
for the life (or life expectancy) of the distributee or the joint lives (or joint life expectancies) of the distributee and the distributee’s designated beneficiary, or for a specified period of ten years or more; 

  
 33 

 (ii) any distribution to the extent such distribution is required under
Section 401(a)(9) of the Code; and 
 (iii) and the portion of any distribution that is not includable in gross income
(determined without regard to the exclusion for net realized appreciation with respect to employer securities and any amount that is distributed on account of hardship). 

(2) Eligible Retirement Plan. An eligible retirement plan must accept the distributee’s eligible rollover distribution and must
be an individual retirement account described in Section 408(a) of the Code, an individual retirement annuity described in Section 408(b) of the Code, an annuity plan described in Section 403(a) of the Code, an annuity contract
described in Section 403(b) of the Code, an eligible plan under Section 457(b) of the Code that is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and
which agrees to separately account for amounts transferred into such plan from this Plan, a qualified trust described in Section 401(a) of the Code or a Roth IRA described in Section 408A(b) of the Code. However, in the case of an eligible
rollover distribution to either the Surviving Spouse or a non-spouse beneficiary, an eligible retirement plan is an individual retirement account, individual retirement annuity or a Roth IRA. 

(3) Distributee. A distributee includes an employee or former employee. In addition, the employee’s or former employee’s
Surviving Spouse, non-spouse beneficiary, and the employee’s or former employee’s Spouse or former Spouse who is the alternate payee under a Qualified Domestic Relations Order, as defined in
Section 414(p) of the Code, are distributees with regard to interests of the Spouse or former Spouse. 
 (4) Direct Rollover: A
direct rollover is a payment by the Plan to the eligible retirement plan specified by the distributee. 
 (c) For purposes of the direct
rollover provisions in this Section of the Plan, a portion of a distribution shall not fail to be an eligible rollover distribution merely because the portion consists of after-tax employee contributions which
are not included in gross income. However, such portion may be transferred only to an individual retirement account or annuity described in Section 408(a) or 408(b) of the Code, or to a qualified defined contribution plan described in section
401(a) or 403(b) of the Code or a Roth IRA that agrees to separately account for amounts so transferred, including separately accounting for the portion of such distribution which is includible in gross income and the portion of such distribution
which is not so includible. 
 ARTICLE IX 

DEATH BENEFITS 
 9.1
Death Before Termination of Employment. Upon the death of a Participant prior to his or her termination of employment with all Companies, the entire interest of the decedent in the Trust Fund shall be distributed in a lump sum as soon as
practicable after the decedent’s death, but in no event later than five years after the date of such death. The amount distributed shall be the value of the decedent’s vested Account balance on the Valuation Date. If the Beneficiary is a
Spouse, and such Spouse dies before payments begin, subsequent distributions shall be made as if the Spouse had been the Participant. 

  
 34 

 9.2 Death After Termination of Employment. 

(a) Upon the death of a Participant after retirement, permanent disability or other severance, but prior to commencement of the distribution
of his or her Account, the Committee shall direct the Trustee to make distribution of any vested balance remaining in the decedent’s Accounts in a lump sum as soon as practicable after the decedent’s death but in no event later than 5
years after the date of such death. The amount distributed shall be the value of the decedent’s vested Account balance on the Valuation Date. 

(b) Subject to Section 9.3(c), if distribution has commenced prior to the date of the Participant’s death, the remaining balance of
the Participant’s Account shall be distributed according to the method of distribution in effect as of the date of the Participant’s death; provided, that the Beneficiary may elect to receive a lump sum as soon as practicable after the
Participant’s death. If paid in a lump sum, the amount distributed shall be the value of the decedent’s vested Account balance on the Valuation Date. 

(c) If the Beneficiary is a Spouse and such Spouse dies before payments begin, subsequent distribution shall be made as if the Spouse had been
the Participant. 
 9.3 Designation of Beneficiary. 

(a) At any time, and from time to time, each Participant shall have the unrestricted right to designate the Beneficiary or Beneficiaries to
receive the portion of his or her death benefit or to revoke any such designation. Each such designation shall be evidenced by a written instrument filed with the Committee before the Participant’s death and signed by the Participant. 

(b) Each married Participant shall be deemed to have selected his or her Spouse as his or her Beneficiary unless the Participant’s Spouse
has given spousal consent in the form required by the Committee. Any consent by a Spouse under the preceding sentence shall be effective only with respect to such Spouse. As an alternative, the Committee may, in its discretion, require a Participant
to state on the applicable form provided for that purpose by the Committee that: 
 (1) the Participant is able to establish to the
satisfaction of the Committee that he or she has no Spouse; or 
 (2) the Participant’s Spouse cannot be located; or 

(3) there are other circumstances under which consent of the Spouse is not required in accordance with applicable U.S. Treasury or Department
of Labor regulations. 
 (c) If the deceased Participant shall have failed to designate a Beneficiary, does not have a Surviving Spouse, or
if the Committee shall be unable to locate the designated Beneficiary after reasonable efforts have been made, or if such Beneficiary shall be deceased, 

  
 35 

 
distribution shall be made by payment of the deceased Participant’s entire interest in the Trust Fund to his or her personal representative in a lump sum within one year after his or her
death. In the event the deceased Participant is not a resident of California at the date of his or her death, the Committee, in its discretion, may require the establishment of ancillary administration in California. If the Committee cannot locate a
qualified personal representative of the deceased Participant, or if administration of the deceased Participant’s estate is not otherwise required, the Committee, in its discretion, may pay the deceased Participant’s interest in the Trust
Fund to his or her heirs at law (determined in accordance with the laws of the State of California as they existed at the date of the Participant’s death). 

(d) Upon the dissolution of marriage of a Participant, any designation of the Participant’s former Spouse as a Beneficiary shall be
treated as though the Participant’s former Spouse had predeceased the Participant unless 
 (1) the Participant executes another
Beneficiary designation that complies with the rules of the Committee and clearly names such former Spouse as a Beneficiary following such dissolution, or 

(2) a qualified domestic relations order presented to the Committee prior to distribution being made on behalf of the Participant explicitly
requires the Participant to maintain the former Spouse as the Beneficiary. 
 In any case in which the Participant’s former Spouse is treated under the
Participant’s Beneficiary designation as having predeceased the Participant, no heirs or other beneficiaries of the former Spouse who are not also heirs or beneficiaries of the Participant shall receive benefits from the Plan as a Beneficiary
of the Participant except as provided otherwise in the Participant’s Beneficiary designation. 
 9.4 Incapacity of Participant or
Beneficiary. If any payee under the Plan is a minor, or if the Committee reasonably believes that any payee is legally incapable of giving a valid receipt and discharge for any payment due him, the Committee may have such payment, or any part
thereof, made to the person (or persons or institution) whom it reasonably believes is caring for or supporting such payee, unless it has received due notice of claim therefor from a duly appointed guardian or committee of such payee. Any such
payment shall be a payment for the account of such payee and shall, to the extent thereof, be a complete discharge of any liability under the Plan to such payee. 

9.5 Additional Documents. The Committee or Trustee, or both, may require the execution and delivery of such documents, papers and
receipts as the Committee or Trustee may determine necessary or appropriate in order to establish the fact of death of the deceased Participant and of the right and identity of any Beneficiary or other person or persons claiming any benefits under
this Plan. 
 ARTICLE X 

CLAIMS PROCEDURES 

10.1 General. Claims for benefits under the Plan shall be administered in accordance with Section 503 of ERISA and the related
Department of Labor regulations. The Committee (or 

  
 36 

 
its delegate) shall make all determinations as to the right of any Participant, Spouse, Beneficiary, alternate payee or other claimant (a “Claimant”) to a benefit under the Plan.
A Claimant who asserts a right to any benefit under the Plan he or she has not received, in whole or in part, must file a written claim with the Committee (or its delegate). 

10.2 Initial Claim Determinations. 

(a) Timing of Initial Notice for Claims. If a claim for benefits under the Plan, is wholly or partially denied, notice of the decision
shall be furnished to the Claimant within a reasonable period of time, not to exceed 90 days after receipt of the claim by the Committee (or its delegate), unless special circumstances require an extension of time for processing the claim. If such
an extension of time is required, written notice of the extension shall be furnished to the Claimant prior to the termination of the initial 90-day period. In no event shall such extension exceed a period of
90 days from the end of such initial period. The extension notice shall indicate the special circumstances requiring an extension of time and the date on which the Committee (or its delegate) expects to render a decision. 

(b) Content of Initial Notice. The Committee (or its delegate) shall provide every Claimant who is denied a claim for benefits, with a
written notice setting forth, in a manner calculated to be understood by the Claimant, the following: 
 (1) the specific reason or reasons
for the denial; 
 (2) specific reference to pertinent Plan provisions upon which the denial is based; 

(3) a description of any additional material or information necessary for the Claimant to perfect the claim and an explanation of why such
material or information is necessary; and 
 (4) an explanation of the Plan’s claims review procedure and the time limits applicable
to such procedures, including a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA. 
 10.3
Request for Review. The purpose of the claims review procedure is to provide a Claimant with a reasonable opportunity to appeal a denial of a claim to the Committee (or its delegate) for a full and fair review. To accomplish that purpose, the
Claimant may: 
 (a) request review upon written application to the Committee (or its delegate); 

(b) review and/or copy free of charge, pertinent Plan documents, records, and other information relevant to the Claimant’s claim; 

(c) submit issues and comments in writing; and 

(d) submit documents, records and other information relating to the claim. 

  
 37 

 A Claimant (or his or her duly authorized representative) shall request a review by filing a written
application for review with the Committee (or its delegate). Requests for review of claims under the Plan must be made within 60 days after receipt by the Claimant of written notice of the denial of his or her claim. 

10.4 Decision on Review. Decision on review of a denied claim shall be made in the following manner: 

(a) Procedures. The decision on review shall be made by the Committee (or its delegate), who may, in its discretion, hold a hearing on
the denied claim. The review shall take into account all comments, documents, records and other information submitted by the Claimant relating to the claim, without regard to whether such information was submitted or considered in the initial
benefit determination. 
 (b) Timing of Review. Notice of the decision on review shall be furnished to the Claimant within a
reasonable period of time, not to exceed 60 days after receipt of the request for review by the Committee (or its delegate), unless special circumstances due to matters beyond the control of the Committee (or its delegate) require an extension of
time for processing the claim. If such an extension of time is required, written notice of the extension shall be furnished to the Claimant prior to the termination of the initial 60-day period. In such event
the Committee (or its delegate) shall have up to an additional 60 days from the end of such initial 60-day period in which to render a decision. 

(c) Content of Notice on Review. The Committee (or its delegate) shall provide every Claimant whose appeal is denied, with a written
notice setting forth, in a manner calculated to be understood by the Claimant, the following: 
 (1) the specific reason or reasons for the
denial on review; 
 (2) specific reference to pertinent Plan provisions upon which the denial on review is based; 

(3) a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all
documents, records and other information relevant to the Claimant’s claim for benefits; and 
 (4) a statement describing any
voluntary appeal procedures offered by the Plan and the Claimant’s right to obtain the information about such procedures, and a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA. 

(d) Deemed Exhaustion. In the event that the Plan fails to follow claims procedures required by ERISA, the Claimant shall be deemed to
have exhausted the administrative remedies available under the Plan and shall be entitled to pursue available remedies under ERISA Section 502(a), subject to Section 10.7. 

10.5 Committee’s Decision Binding. Benefits under the Plan shall be paid only if the Committee (or its delegate)
decides in its sole discretion that a Claimant is entitled to them. In determining claims for benefits, the Committee (or its delegate) has the authority to interpret the 

  
 38 

 
Plan, to resolve ambiguities, to make factual determinations, and to resolve questions relating to eligibility for and amount of benefits. Subject to applicable law, any decision made in
accordance with the above claims procedures is final and binding on all parties and shall be given the maximum possible deference allowed by law. A misstatement or other mistake of fact shall be corrected when it becomes known and the Committee
shall make such adjustment on account thereof as it considers equitable and practicable. 
 10.6 Conflicting Claims. If the Committee
is confronted with conflicting claims concerning a Participant’s Accounts, the Committee may interplead the Claimants in an action at law, or in an arbitration conducted in accordance with the rules of the American Arbitration Association, as
the Committee shall elect in its sole discretion. In either case, the attorneys’ fees, expenses and costs reasonably incurred by the Committee in such proceeding shall be paid from the Participant’s Accounts. 

10.7 Judicial Proceeding. No action at law or in equity shall be brought to recover benefits under the Plan until the appeal rights
described in the Plan have been exercised and the Plan benefits requested in such appeal have been denied in whole or in part. If any judicial proceeding is undertaken to appeal the denial of a claim or bring any other action under ERISA other than
a breach of fiduciary claim, the evidence presented may be strictly limited to the evidence timely presented to the Committee. Effective July 1, 2019, any such judicial proceeding must be filed by the earliest of: (a) one year after the
Committee’s final decision regarding the claim appeal, (b) two years after the Participant or other Claimant commenced payment of the Plan benefits at issue in the judicial proceeding, or (c) the statutory deadline for filing a
lawsuit with respect to Plan benefits at issue as determined by applying the most analogous statute of limitations under California law. This provision shall not be interpreted to extend any otherwise applicable statute of limitations nor to bar the
Plan or its fiduciaries from recovering overpayments of benefits or other amounts incorrectly paid to any person under the Plan at any time or bringing any legal or equitable action against any party. 

ARTICLE XI 

LIMITATION ON ALLOCATIONS 

11.1 General Rule. 

Subject to Sections 11.3 through 11.6 and Section 414(v) of the Code, if applicable, the total Annual Additions that may be contributed
or allocated to a Participant’s accounts under this Plan for any Limitation Year shall not exceed the lesser of: 
 (a) $40,000, as that
amount may be adjusted for cost of living increases in accordance with Section 415(d) of the Code; or 
 (b) 100% of the
Participant’s Compensation, within the meaning of Section 415(c)(3) of the Code, for the Limitation Year. For purposes of this Section 11.1(b), the Participant’s Compensation limit shall not apply to any contribution for medical
benefits after separation from service (within the meaning of Section 401(h) of the Code or Section 419A(f)(2) of the Code) which is otherwise treated as an Annual Addition. 

  
 39 

 11.2 Annual Additions. For purposes of Section 11.1, the term “Annual
Additions” shall mean with respect to a Participant, for any Limitation Year with respect to this Plan and each other defined contribution plan, within the meaning of Section 415(k) of the Code, maintained by a Company (“Defined
Contribution Plan”), the sum of the amounts determined under Sections 11.2(a), (b), (c) and (d): 
 (a) All amounts contributed or
deemed contributed by a Member Company, except that the Annual Addition shall exclude the portion of the Member Company contribution (attributable to the Member Company employing such Participant) representing interest on an Exempt Loan (provided
that no more than one-third of the Member Company contributions to the ESOP Fund deductible under Section 404(a)(9) of the Code for a Limitation Year are allocated to Highly Compensated Employees).
Notwithstanding any provision in the Plan, in the case of shares of Company Stock released from the ESOP Suspense Subfund and allocated to the ESOP Account of a Participant for a particular Plan Year, the Company shall determine for such year that
an Annual Addition will be calculated on the basis of the fair market value of shares of Company Stock so released and allocated if the Annual Addition as so calculated is lower than the Annual Addition calculated on the basis of Member Company
contributions. 
 (b) All amounts contributed by the Participant. 

(c) Forfeitures allocated to such Participant. For purposes of this Section 11.2, forfeitures shall not include Forfeitures of Company
Stock acquired through the ESOP Fund with the proceeds of an Exempt Loan, provided that no more than one-third of the Member Company contributions to the ESOP Fund deductible under Section 404(a)(9) of
the Code for a Limitation Year are allocated to Highly Compensated Employees (as that term is defined in Section 414(q) of the Code). 

(d) All amounts described in Sections 415(1) and 419A(d)(2) of the Code. 

11.3 Other Defined Contribution Plans. If any Company maintains any other Defined Contribution Plan then each Participant’s Annual
Additions under this Plan shall be aggregated with the Participant’s Annual Additions under this Plan for the purposes of applying the limitations of Section 11.1. 

11.4 Adjustments for Excess Annual Additions. To the extent that the Annual Additions on behalf of any Participant in a Limitation Year
to this Plan and all other Defined Contribution Plans exceed the limitations set forth in Sections 11.1 through 11.3, then excess Annual Additions shall be eliminated in the following sequence: 

(a) The Participant’s voluntary contributions, if any, to this Plan, and all other Defined Contribution Plans, including any earnings
thereon, shall be returned to the Participant to the extent of any excess Annual Additions. 
 (b) If excess Annual Additions remain after
the application of Section 11.4(a), then there shall be reduced, to the extent of such remaining excess Annual Additions, Company Contributions allocated to the Participant’s Accounts under Article VI, including any earnings thereon. 

  
 40 

 (c) If excess Annual Additions remain after the application of Section 11.4(b), the
amounts allocated to a Participant’s PAYSOP Account under Section 7.2 shall be reduced to the extent of such remaining excess Annual Additions. If after the application of this Section 11.4(c), Company Stock remains unallocated for a
Plan Year, such Company Stock must be held in a special suspense account under the PAYSOP Fund. Such Company Stock shall be allocated to PAYSOP Accounts in subsequent Plan Years in accordance with applicable Treasury Regulations. 

(d) The amount by which an allocation is reduced under Section 11.4(b) shall be treated as a Forfeiture and reallocated proportionately
to the appropriate Accounts of other Participants receiving allocations for the Limitation Year up to the limits set forth in Sections 11.1 through 11.3 on Annual Additions to such other Participant’s Accounts. To the extent a contribution
cannot be allocated to other Participant’s Accounts, it may not be made. 
 11.5 Affiliated Company. Notwithstanding any other
provision of the Plan, for purposes of Article XI the status of a Company as an Affiliated Company shall be determined in accordance with the special rules set forth in Section 415(h) of the Code. 

11.6 Compensation. For the limited purpose of applying the provisions of this Article XI,
“Compensation” means all wages, salaries, and fees for professional services and other amounts received for personal services actually rendered in the course of employment with the Company or an Affiliated Company (including, but not
limited to commissions paid salesmen, compensation for services on the basis of a percentage of profits, commissions on insurance premiums, tips and bonuses). “Compensation” for purposes of this Article XI shall include any elective
deferral (as defined in Section 402(g)(3) of the Code) and any amount which is contributed or deferred by the Member Company at the election of the Employee and which is not includible in the gross income of the Employee by reason of Sections
125 or 457 of the Code or is a qualified transportation fringe benefit described in Section 132(f)(4) of the Code, but shall exclude the following: 

(a) Contributions to a plan of deferred compensation which are not includible in the Employee’s gross income for the taxable year in
which contributed, or contributions under a simplified employee pension plan to the extent such contributions are deductible by the Employee, or any distributions from a plan of deferred compensation; 

(b) Amounts realized from the exercise of a non-qualified stock option, or when restricted stock (or
property) held by the Employee either becomes freely transferable or is no longer subject to a substantial risk of forfeiture; 
 (c)
Amounts realized from the sale, exchange or other disposition of stock acquired under a qualified stock option; 
 (d) Other amounts which
received special tax benefits, or contributions made by an Affiliate (whether or not under a salary reduction agreement) towards the purchase of an annuity described in Section 403(b) of the Code (whether or not the amounts are actually
excludable from the gross income of the Employee); 

  
 41 

 (e) Any contribution for medical benefits (within the meaning of Section 419(f)(2) of
the Code) after termination of employment which is otherwise treated as an Annual Addition; and 
 (f) Any amount otherwise treated as an
Annual Addition under Section 415(1) of the Code. 
 ARTICLE XII 

ADMINISTRATION 

12.1 Named Fiduciary. For purposes of Section 402(a) of ERISA, the named fiduciary of this Plan shall be the Committee. 

12.2 Policy Committee. 

(a) This Plan shall be administered by the Committee, which consists of four (4) or more individuals who shall be appointed by the Chief
Executive Officer of the Sponsor. In appointing Members of the Committee, the Chief Executive Officer of the Sponsor shall give due consideration to the appointee’s knowledge and experience in matters materially bearing on the administration of
the Plan in such fields as finance, human relations or employee benefits. Members of the Committee shall be subject only to such residual supervision and control as may be required by law to be exercised by the Board of Directors, and shall have
full discretionary authority to control and manage the operation and administration of the Plan pursuant to its terms, including, without limitation, any discretionary authority more specifically set forth hereafter. Each Committee member shall
continue as such until he or she resigns in the manner hereafter provided, his or her death or is removed by the Chief Executive Officer of the Sponsor. Any one or all of the members of the Committee may also serve as a Trustee of the Plan. 

(b) The Committee may establish sub-committees of the Committee each an “Operating
Committee”. The members of the Committee may select at least two of its members who shall serve as an Executive Subcommittee of the Committee to act when the Committee is not in session and upon recommendations received from the Operating
Committees relating to claims. 
 (c) When they deem such action appropriate to the most efficient administration of the Plan, the Committee
members, upon their unanimous vote duly reflected in the minutes of the Committee and noticed to the Board of Directors within five Business Days thereafter, may allocate their fiduciary responsibilities (other than trustee responsibilities and
those delegated to the Executive Subcommittee) between or among themselves and may designate other persons to carry out such aspects of the administration of the Plan (not involving trustee responsibilities) as they may specify. As used herein the
term “trustee responsibilities” shall have the meaning set forth in Section 405(c)(3) of ERISA. 
 (d) The Committee shall
consult with the Board of Directors and the management of each Member Company to ensure that all payments into the Plan are made strictly in accordance with the terms of the Plan, all applicable resolutions of the Board of Directors related to the
funding of the Plan, and any minimum funding requirements imposed by law, and not less frequently than once with respect to each taxable year, but, in any event, not later than the date in which the Company files its federal income tax return for
such taxable year. 

  
 42 

 (e) No provisions elsewhere in this Plan shall be deemed to restrict, otherwise than as
expressly contemplated by this Section, the discretionary authority of the Committee to control and manage the operation and administration of the Plan or to carry out its duties as herein set forth. 

12.3 Committee Procedure. The Board of Directors shall designate a Chairman of the Committee from among its members, and, if such
designation has not been made, the members of the Committee shall elect such Chairman from among their number. The members of the Committee may also appoint a Secretary who need not be a member of the Committee. The Committee shall hold meetings
upon such notice, at such time and at such place as it may determine. Notice of meeting shall not be required if waived in writing. A majority of the members of the Committee at the time in office shall constitute a quorum for the transaction of
business. All resolutions or other actions taken by the Committee shall be by vote of a majority of those present at a meeting, or in writing by all of the members at the time in office, if they act without a meeting. 

12.4 Notices. All notices to be served upon the Committee pursuant to this Plan shall be deemed to have been served upon the Committee
when delivered in writing to a member of the Committee in person or at the office of a Company or at such other place as may be designated by the Committee. 

12.5 Reliance on Information. The Committee, the Operating Committees, the Trustee, the Member Companies and their respective officers,
directors, Employees, subcommittees and delegates shall be free of any liability, except as expressly imposed by law, for the directions, actions or omissions any agent, legal or other counsel, accountant or any other expert retained in connection
with the administration of the Plan. The Committee, the Operating Committees, the Trustee, the Member Companies and their respective officers, directors, Employees and delegates shall be entitled to rely upon all certificates, reports and opinions
furnished by such experts and shall be fully protected with respect to any action taken or suffered by them in good faith reliance upon any such certificates, reports and opinions; and all actions so taken or suffered shall be conclusive upon all
persons having or claiming any interest in or under the Plan. 
 12.6 Authority. The Committee shall have all discretionary authority
necessary or appropriate to the administration or operation of the Plan, including, but not by way of limitation, the discretionary authority: 

(a) to construe and interpret the provisions of the Plan and to determine any questions arising under the Plan or in connection with the
administration or operation hereof; 
 (b) to determine all questions affecting the eligibility of any person to be or become a Participant
in the Plan; 
 (c) to determine the Years of Cumulative Service of any Participant, or the vested percentage of any Participant, to
determine the Compensation of any Employee, and to compute the value of any Participant’s Account or any other sum payable under the Plan to any person; 

  
 43 

 (d) to establish rules and policies for the administration of the Plan, including rules and
policies for determining the date of birth, Years of Cumulative Service and other matters concerning Participants and Beneficiaries; 
 (e)
to authorize and direct all disbursements of sums under and in accordance with the provisions of the Plan; 
 (f) to make or cause to be
made valuations and appraisals of Plan assets and to engage appropriate experts for such purpose; 
 (g) to perform any other duties
contemplated by the Trust Agreement to be performed by the Committee; 
 (h) to direct the Trustee respecting investment of Plan assets; and

 (i) to appoint one or more investment managers (within the meaning of Section 3(38) of ERISA) to manage all or any part of the Plan
assets other than Company Stock, and to retain the services of such other advisers, including legal counsel, as the Committee may deem appropriate. 

12.7 Expenses and Fees. All costs and expenses incurred in the administration of the Plan, including the Trustee’s, Operating
Committee’s and Committee’s expenses, shall be borne by the Plan unless the Member Companies shall determine to pay such costs and expenses. Brokerage fees, commissions, stock transfer taxes and other similar charges and expenses incurred
in connection with transactions relating to the acquisition or disposition of Plan assets or distributions from the Plan shall be borne by the Plan. 

12.8 Resignation. Any member of the Committee or an Operating Committee may resign at any time by giving written notice to the
President of the Sponsor or, if earlier, the date of their termination of employment with all Companies. No bond or other security shall be required of any member of the Committee or an Operating Committee except as provided by law. No compensation
shall be paid by the Plan to any member of the Committee or an Operating Committee for serving as such. 
 12.9 Liability of
Committee. The members of the Committee, and the Operating Committees and each of them, shall be free from all liability, joint or several, for their acts, omissions and conduct, and for the acts, omissions and conduct of their duly constituted
counsel and agents, excepting, in each case, willful misconduct or breach of fiduciary duty in the administration of this Trust and Plan, and the Sponsor shall indemnify and save them, and each of them, harmless from the effects and consequences of
their acts, omissions, and conduct in their official capacity, except to the extent that such effects and consequences shall result from their willful misconduct or breach of fiduciary duty. 

  
 44 

 12.10 Voting Rights of Company Stock. All voting rights of Company Stock held by the
Trust Fund, shall be exercised by the Trustee, in its sole discretion, in accordance with the following provisions of this Section: 
 (a)
All Company Stock held in the ESOP Suspense Subfund and any other Company Stock not yet allocated to Participants’ respective Accounts shall be voted by the Trustee in its absolute discretion. 

(b) All Company Stock that has been allocated and credited to the respective Accounts of Participants shall be voted in accordance with the
respective written directions of Participants as given to the Trustee pursuant to such reasonable rules and procedures as the Trustee may prescribe, unless the Trustee concludes that the directions are not proper or are contrary to the terms of the
Plan, the Trustee’s fiduciary duties or ERISA. To the extent that a Participant fails to direct the Trustee as to the exercise of voting rights arising under any Company Stock credited to his or her Accounts or the Trustee concludes that the
directions are not proper or are contrary to the terms of the Plan, the Trustee’s fiduciary duties or ERISA, such voting rights shall be exercised as directed by the Trustee, in its sole discretion. All Participants shall be notified by the
Trustee or the Sponsor of each occasion for the exercise of such voting rights within a reasonable time before such rights are to be exercised. Such notification shall include all information distributed to stockholders by the Sponsor regarding the
exercise of such rights. 
 (c) The foregoing provisions of this Section shall apply with the same force and effect to fractional shares (or
fractional interests in shares) of Company Stock now or hereafter allocated to Participants’ respective Accounts as to whole shares of Company Stock so allocated, provided, however, that the Trustee may, to the extent practicable, aggregate
voting directions received from individual Participants with respect to fractional shares (or fractional interests in shares) of Company Stock allocated to their respective Accounts and treat them as a single combined voting instruction reflecting
such aggregate voting directions. 
 (d) With respect to Accounts of deceased Participants, Beneficiaries of such Participants shall be
entitled to direct the voting of Company Stock allocated and credited to the accounts of such Participants under the rules provided in subsection (b), and the provisions of subsection (b) relating to notification of voting rights and failure to
vote such rights shall apply to such Beneficiaries. 
 ARTICLE XIII 

AMENDMENT OR MERGER OF THE PLAN 

13.1 Right to Amend. The Sponsor by resolution of its Board of Directors shall have the right to amend the Plan and the Trust Agreement
at any time and from time to time and in such manner and to such extent as it may deem advisable, as provided in this Section. Additionally, the Committee shall have the right to amend the Plan and the Trust Agreement as necessary to bring the Plan
into conformity with legal requirements or to improve the administration of the Plan, provided that no such amendment involves an increase in cost of benefits provided by the Plan. 

  
 45 

 (a) No amendment shall have the effect of reducing any Participant’s vested interest in
the Trust Fund. 
 (b) No amendment, except to the extent and under the circumstances permitted from time to time by the law governing the
requirements applicable to qualified plans within the meaning of Section 401 of the Code (or any successor statute), shall have the effect of diverting any part of the Plan assets for any purpose other than the exclusive benefit of Participants
or their Beneficiaries and defraying reasonable expenses of administering the Plan. 
 (c) No amendment shall have the effect of
substantially increasing the duties, responsibilities or liabilities of the Trustee unless the Trustee’s’ written consent thereto shall first have been obtained. 

(d) No amendment to this Plan shall decrease a Participant’s Accounts or eliminate an optional form of distribution except to the extent
otherwise permitted by applicable statutes, regulations, or administrative pronouncements. 
 13.2 Merger and Consolidation.
Notwithstanding any other provision herein, the Plan shall not in whole or in part merge or consolidate with, or transfer its assets or liabilities to any other Plan unless each affected Participant in the Plan would (if the Plan then terminated)
receive a benefit immediately after the merger, consolidation, or transfer which is equal to or greater than the benefit he or she would have been entitled to receive immediately before the merger, consolidation, or transfer (if the Plan had then
terminated). When the Plan transfers assets and liabilities of a Participant it may, but need not, transfer all of a Participant’s Account. 

13.3 Adoption of Plan. Any Company may, with the approval of the Board of Directors or the Committee, adopt the Plan as a whole company
or as to any one or more divisions. Such entity shall give written notice of such adoption to the Committee and to the Trustee by its duly authorized officers. By its adoption of the Plan, a Member Company shall be deemed to appoint the Sponsor, the
Committee and the Trustee its exclusive agents to exercise on its behalf all of the power and authority conferred by this Plan upon a Member Company until the Plan is terminated with respect to the Member Company and relevant Trust Fund assets have
been distributed. 
 ARTICLE XIV 

TERMINATION OF THE PLAN 

14.1 Right to Terminate as a Member Company. Each Member Company has adopted this Plan with the intention and expectation that it will
be continued indefinitely and that such Company will continue to make its contributions as herein provided. However, continuance of the Plan is not assumed as a contractual obligation, and each such Member Company reserves the right to suspend or
discontinue contributions to the Plan or to terminate its status as a Member Company under the Plan at any time. 
 14.2 Termination of
Plan; Discontinuance of Contributions. 
 (a) The Plan is intended as a permanent program, but the Sponsor, by resolution of its
Board of Directors, shall have the right at any time to declare the Plan 

  
 46 

 
terminated completely as to the Sponsor, any Member Company or as to any division, facility or other operational unit thereof with or without notice to the applicable Participants. Discharge or
layoff of Participants without such a declaration shall not result in a termination or partial termination of the Plan except to the extent required by law. In addition, subject to any management agreement with the Sponsor, each Member Company
reserves the right to terminate its participation in the Plan or to cease contributions to the Plan. 
 (b) In the event of any termination
or partial termination: 
 (1) the Committee shall direct the Trustee to liquidate the necessary portion of the Trust Fund and distribute
it, less, to the extent permitted by law, the proportionate share of the expenses of termination, to the persons entitled thereto in proportion to their Accounts. 

(2) provided that the Member Company or Affiliate does not maintain another defined contribution plan other than an employee stock ownership
plan (as defined in Section 4975(e)(7) of the Code), distributions of Participants’ Accounts shall be made in one lump sum payment. 

14.3 Effect of Termination. To the extent required by the applicable provisions of the Code, upon termination or partial termination of
the Plan, or upon the complete discontinuance of contributions to the Plan by all Companies, the interest of each affected Participant in his or her Accounts, to the extent then funded, shall be fully vested. 

ARTICLE XV 
 TOP-HEAVY PROVISIONS 
 15.1 Application of Top-Heavy
Rules. Notwithstanding anything in this Plan to the contrary, if the Plan is classified as a “Top-Heavy Plan” under Section 416(g) of the Code, then the Plan shall meet the following
requirements of this Article XV. 
 15.2 Minimum Contribution Requirement. 

(a) The Plan shall provide a minimum contribution allocation for each Employee who is not classified as a “Key Employee” and who is
an Employee on the last day of the Plan Year without regard to the amount of service performed by the Employee during such Plan Year. Such minimum contribution allocation for such Plan Year for each Employee who is not a Key Employee shall be an
amount equal to at least 3% of such Employee’s Compensation for such Plan Year (excluding amounts deferred under a cash or deferred arrangement under Section 401(k) of the Code and any employer contributions taken into account under
Section 401(k)(3) or 401(m) of the Code). The Employee’s minimum contribution allocation under this Section 15.2 shall be calculated without regard to any Social Security benefits payable to the Employee. 

(b) Notwithstanding the foregoing, if the contribution allocation for each Employee who is a Key Employee for the Plan Year is less than 3% of
Compensation (including amounts deferred under a cash or deferred arrangement under Section 401(k) of the Code and any employer contributions taken into account under Section 401(k)(3) or 401(m) of the Code),

  
 47 

 
the maximum contribution allocation for each Employee who is not a Key Employee shall be limited to not more than the highest contribution allocation for any Employee who is a Key Employee. The
foregoing contribution allocation shall be determined by dividing the highest amount contributed for an Employee who is a Key Employee by his or her Compensation, not in excess of the dollar limitation in effect for the year under
Section 401(a)(17) of the Code. 
 15.3 Minimum Vesting Requirement. An Employee shall be fully vested in his or her Accounts,
within the meaning of Section 411 of the Code and Section 203 of ERISA, upon his or her completion of three Years of Cumulative Service. In the event the Plan is a top-heavy plan for any Plan Year,
then for subsequent Plan Years in which the Plan is not a top-heavy plan the preceding sentence shall not apply and the vesting schedule under Section 7.2 shall apply. The
non-forfeitable percentage of any Employee as of the effective date of a change in vesting schedule, however, may not be less than the non-forfeitable percentage of such
Employee immediately prior to such date and any Employee with three or more Years of Cumulative Service must be permitted to elect to have his or her non-forfeitable percentage computed under the vesting
schedule in effect prior to such change. The election may be made during a period which begins no later than the effective date of the change and ends no earlier than 60 days after the later of the changes effective date or the date Employees are
issued written notice of the change. No opportunity to make an election need be afforded to any Employee whose non-forfeitable percentage, under the vesting schedule as changed, cannot at any time be less than
such non-forfeitable percentage without regard to such change. 
 15.4 Definitions. 

(a) Top-Heavy Plan. The Plan shall be a “Top-Heavy
Plan” for a Plan Year if, as of the Valuation Date last preceding or coinciding with the Determination Date: 
 (1) Except as provided
in Section 15.4(a)(2), the aggregate value of the Account balances under the Plan for all Employees who are Key Employees exceeds 60% of the aggregate value of the Account balances under the Plan for all Employees; or 

(2) The Plan is part of an “Aggregation Group” and such group is a “Top-Heavy
Group.” If the Plan is part of an Aggregation Group and such group is not a “Top-Heavy Group” then the Group shall not be considered top-heavy.
Notwithstanding the foregoing, the Plan shall not be considered top-heavy if it would not be considered top-heavy under Section 416 of the Code. 

(3) For purposes of this subsection (a), the following definitions shall apply. The term “Determination Date” shall mean, with
respect to any Plan Year, the last day of the preceding Plan Year, or in the case of the first Plan Year, the first day of such year. The term. 

(b) Key Employee. A “Key Employee” is any Employee (including a beneficiary of such Employee) who, subject to
Section 416(i) of the Code or the Regulations thereunder, at any time during the Plan Year or any of the four preceding Plan Years is: 

(1) An officer of a Company earning more than 50% times the dollar limitation in effect under Section 415(b)(1)(A) of the Code (but in no
event shall more than 50 Employees or, if less, the greater of three or 10% of all Employees be taken into account under this
 Section 15.4(b)(1) as Key Employees); 

  
 48 

 (2) One of the ten Employees earning more than the dollar limitation in effect under
Section 415(c)(1)(A) of the Code and owning (or considered as owning within the meaning of Section 318 of the Code) the largest interests in a Member Company; provided, that, if two employees have the same interest in a Member Company, the
Employee having greater Compensation will be deemed to have the greater interest; 
 (3) A person owning (or considered as owning within
the meaning of Section 318 of the Code) more than 5% of the outstanding stock of a Member Company or stock possessing more than 5% of the total combined voting power of all stock of a Member Company; or 

(4) A person who has an annual compensation from a Company of more than one hundred $150,000 and who would be described in
Section 15.4(b)(3) if 1% were substituted for 5%. 
 (5) Notwithstanding the foregoing, a Key Employee means any Employee or former
Employee (including any deceased Employee) who at any time during the Plan Year that includes the determination date was an officer of the employer having annual Compensation greater than $130,000 (as adjusted under section 416(i)(1) of the Code), a
5% owner of the Company, or a 1% owner of the Company having annual Compensation of more than $150,000. For this purpose, annual Compensation means Compensation within the meaning of Section 415(c)(3) of the Code. The determination of who is a
Key Employee will be made in accordance with Section 416(i)(1) of the Code and the applicable regulations and other guidance of general applicability issued thereunder. 

(c) Aggregation Group. “Aggregation Group” means a group of plans maintained by one or more Companies determined according to
the following rules: 
 (1) The Aggregation Group shall include all such plans which are required to be included in the Aggregation Group
as follows: 
 (i) Each plan of a Company in which a Key Employee is a Participant; and 

(ii) Each other plan of a Company which enables any Plan described in (i), above, to meet the requirements of

Section 401(a)(4) or 410 of the Code. 
 (2) If the Committee or its delegate elects, the Aggregation Group may include any other plan
maintained by one or more Companies, provided the Aggregation Group satisfies the requirements of Sections 401(a)(4) and 410 of the Code. 

(d) Top-Heavy Group. The Aggregation Group shall be a
“Top-Heavy Group” for a Plan Year if, as of the last day of the preceding Plan Year, the sum of (1) the present value of the cumulative accrued benefits for Key Employees under any defined
benefits 

  
 49 

 
plans included in the Aggregation Group, and (2) the Account balances of Key Employees under any defined contribution plans included in the Aggregation Group exceeds 60% of the sum of the
total cumulative accrued benefits and Account balances for all participants under all the plans in the Aggregation Group. If the Aggregation Group is a Top-Heavy Group, each plan required to be included in the
Aggregation Group is a Top-Heavy Plan. However, no plan included in the Aggregation Group at the election of the Committee shall be subject to the top-heavy rules of
this Article XV solely on account of such election. 
 (e) Compensation. For purposes of this Article XV, the term Compensation has
the meaning given such term by Section 415(c)(3) of the Code. 
 (f) Non-Key Employee. A
“Non-Key Employee” is any Employee (including a former Employee) who is not a Key Employee. 

15.5 Special Rules. 
 (a)
For purposes of determining the present value of the cumulative accrued benefit of any Employee, or the amount of the Account balance of any Employee, such present value or amount shall be increased for distributions made to the Participant during
the one year period ending on the Determination Date. However, if a distribution is made for a reason other than severance from service, death or disability, a five year look back period shall be exchanged for the one year period in the preceding
sentence. The rules above shall also apply to distributions under a terminated plan that, if it had not been terminated, would have been required to be included in a Aggregation Group. Also, any rollover contribution or similar transfer initiated by
the Employee and made after December 31, 1983 to a plan shall be taken into account with respect to the transferee plan for purposes of determining whether such plan is a Top-Heavy Plan (or whether any
Aggregation Group which includes such plan is a Top-Heavy Group) in accordance with Section 416(g)(4)(A) of the Code. 

(b) If any individual is a Non-Key Employee with respect to any plan for any plan year, but the
individual was a Key Employee with respect to the plan for any prior plan year, any accrued benefit for the individual (and the Account balance of the individual) shall not be taken into account for purposes of this Article XV. 

(c) If any individual has not performed services for a Company or an Affiliated Company (other than benefits under the Plan) at any time
during the one year period ending on the Determination Date, any accrued benefit for such individual (and the account balance of the individual) shall not be taken into account for purposes of this Article XV. 

(d) In applying the foregoing provision of this Section, the accrued benefit of a Non-Key Employee
shall be determined (i) under the method, if any, which is used for accrual purposes under all plans of a Company and any Affiliated Company, or (ii) if there is no such uniform method, as if such benefit accrued not more rapidly than the
slowest accrual rate permitted under Section 414(b)(1)(C) of the Code. 

  
 50 

 ARTICLE XVI 

MISCELLANEOUS 
 16.1
Annual Statement. As soon as possible after each Anniversary Date each Participant will receive a written statement showing: 
 (a)
the balance in each of his or her Accounts as of the preceding Anniversary Date; 
 (b) the amount of Company contributions (and
Forfeitures) allocated to his or her Accounts for that Plan Year; 
 (c) the adjustments to his or her Accounts to reflect his or her share
of dividends and the net income (or loss) of the Trust for that Plan Year; and 
 (d) the new balances in each of his or her Accounts,
including the number of shares of Company Stock, as of that Anniversary Date. 
 16.2 No Right to Employment Hereunder. The adoption
and maintenance of this Plan shall not be deemed to constitute a contract of employment or otherwise between any Company and any Employee or Participant, or to be consideration for, or an inducement or condition of, any such employment. Nothing
contained herein shall be deemed to give to any person the right to be retained in the service of any Member Company or to interfere with the right of the Member Company to discharge, with or without cause, any Employee or Participant at any time.

 16.3 Limitation on Company Liability. Any benefits payable under this Plan shall be paid or provided for solely from the Trust
Fund and no Company assumes any liability or responsibility therefor. The Companies obligations hereunder are limited solely to the making of contributions to the Trust Fund as provided for in this Plan. No Company shall be responsible for any
decision, act or omission of the Trustee or the Committee or an Operating Committee, or shall be responsible for the application of any monies or other property paid or delivered to the Trustee. 

16.4 Exclusive Benefit. Except to the extent and under the circumstances permitted from time to time by the law governing the
requirements applicable to qualified plans within the meaning of Section 401 of the Code (or any successor provision), none of the assets held by the Trustee under this Plan shall ever revert to any Company or otherwise be diverted to purposes
other than the exclusive benefit of the Plan Participants or their Beneficiaries and defraying reasonable expenses of administering the Plan. Notwithstanding the foregoing: 

(a) Any contribution made by a Company by a mistake of fact may be returned to such Company within one year after such contribution is made.

 (b) If a contribution by a Company is conditioned on qualification of the Plan under Section 401 of the Code, and the Plan does not
qualify, then such contributions may be returned to such Company within one year after the denial of qualification. 

  
 51 

 (c) If a contribution by a Company is conditioned upon its deductibility under
Section 404 of the Code, then, to the extent the deduction is disallowed, such contribution may be returned to such Company within one year after the disallowance of the deduction. 

16.5 No Alienation. 

(a) Subject to the exceptions set forth pursuant to Section 401(a)(13) of the Code, no economic interest, expectancy,
benefit, payment, claim or right of any Participant or Beneficiary hereunder shall be subject to any claims of any creditor of any Participant or Beneficiary nor to attachment, garnishment or other legal process initiated by, or to the lien of any
bankruptcy trustee or receiver appointed for the estate of any such Participant or Beneficiary, nor shall any such Participant or Beneficiary have any right to alienate, commute, pledge, encumber or assign any such economic interest, expectancy,
benefit, payment, claim or right, contingent or otherwise. In the event any person attempts to take any action contrary to this Section 16.5, such action shall be null and void and of no effect, and each Company, the Committee, the Operating
Committee, and the Trustee shall disregard such action and shall not in any manner be bound thereby and shall suffer no liability on account of their disregard thereof. 

(b) The preceding provisions of this Section 16.5 shall also apply to the creation, assignment, or recognition of a right to any benefit
payable with respect to a Participant pursuant to a domestic relations order, unless such order is determined to be a domestic relations order, as defined in Section 414(p) of the Code, or any domestic relations order entered before
January 1, 1986 if payments pursuant to such order commenced as of such date. 
 16.6 Rights Pursuant to USERRA. To the
extent required by applicable federal law, including the Uniformed Services Employment and Reemployment Rights Act of 1994, if a uniformed services Employee returns to employment after cumulative military service of up to 5 years and qualifies for
reemployment under such applicable federal law, then the returning Employee (to the extent he or she would otherwise qualify for participation hereunder) shall have the right to receive Company Contributions, set forth in Article IV, that the
Employee would have otherwise received absent this military service. The Company must make these Company Contributions within the later of either: 

(a) 90 days of the Employee’s return to employment, or 

(b) when such contributions are normally made for the Plan Year in which the Employee performs the military service. 

Contributions will be based on the Compensation the Employee would have earned if he or she had not entered the military, or, if that determination is not
reasonably certain, the Compensation earned during the 12-month period prior to entering the military. Upon re-employment, the Plan will credit a uniformed services
Employee with the Hours of Service he or she missed while on that leave (for up to five years, as set forth above). The Employee may not share in any forfeiture allocations occurring during his or her or her period of military service. 

16.7 Addresses. Each Participant not actively employed by a Company and each Beneficiary entitled to receive benefits under the
Plan must file with the Committee, in writing, 

  
 52 

 
his or her current post office address. Any communication, statement or notice addressed to such a person at his or her latest post office address as filed with the Committee will, on deposit in
United States mail with postage prepaid, be binding upon such person for all purposes. 
 16.8 Data. Each person entitled to benefits
under the Plan must furnish to the Committee or any Operating Committee such documents, evidence, or information as it considers necessary or desirable for the purpose of administering the Plan, or to protect the Companies or the Trustee; and it
shall be a condition of the Plan that each person must furnish such information promptly and sign such documents before any benefits become payable under the Plan. 

16.9 Gender and Number. Masculine gender shall include the feminine, and the singular shall include the plural unless the context
clearly indicates otherwise. 
 16.10 Headings. Article and Section headings are for convenient reference only and shall not be a
part of the substance of this instrument or in any way enlarge or limit the contents of any Article. 
 16.11 Counterpart. For
purposes of the parties hereto, this document may be executed in any number of identical counterparts, each of which shall be a complete original in itself and may be introduced in evidence or used for any other purpose without the production of any
other counterparts. 
 16.12 Governing Law. This Plan and Trust shall be construed, administered and governed in all respects under
applicable federal law and, to the extent that federal law is inapplicable, in accordance with the laws of the State of California. All contributions made hereunder shall be deemed to have been made in that State. 

IN WITNESS WHEREOF, the Parsons Corporation has caused this instrument to be executed on this
29th day of April, 2019 by the undersigned officer duly authorized thereunto. 
  

			
	PARSONS CORPORATION

 
			
		
	By:	 	 

 
			
		
	Title:	 	 

  
 53EX-10.10

 Exhibit 10.10 

PARSONS CORPORATION 

INCENTIVE AWARD PLAN* 

ARTICLE 1. 
 PURPOSE

 The purpose of the Parsons Corporation Incentive Award Plan (as it may be amended or restated from time to time, the
“Plan”) is to promote the success and enhance the value of Parsons Corporation (the “Company”) by linking the individual interests of the members of the Board, Employees, and Consultants to those of Company
stockholders and by providing such individuals with an incentive for outstanding performance to generate superior returns to Company stockholders. The Plan is further intended to provide flexibility to the Company in its ability to motivate,
attract, and retain the services of members of the Board, Employees, and Consultants upon whose judgment, interest, and special effort the successful conduct of the Company’s operation is largely dependent. 

ARTICLE 2. 
 DEFINITIONS
AND CONSTRUCTION 
 Wherever the following terms are used in the Plan they shall have the meanings specified below, unless the context
clearly indicates otherwise. The singular pronoun shall include the plural where the context so indicates. 
 2.1
“Administrator” shall mean the entity that conducts the general administration of the Plan as provided in Article 11. With reference to the duties of the Committee or the Board under the Plan which have been delegated to one or more
persons pursuant to Section 11.6, or as to which the Board has assumed, the term “Administrator” shall refer to such person(s) or the Board, as applicable, unless the Committee or the Board has revoked such delegation or the Board has
terminated the assumption of such duties. 
 2.2 “Applicable Accounting Standards” shall mean Generally Accepted Accounting
Principles in the United States, International Financial Reporting Standards or such other accounting principles or standards as may apply to the Company’s financial statements under United States federal securities laws from time to time. 

2.3 “Applicable Law” shall mean any applicable law, including without limitation: (a) provisions of the Code, the
Securities Act, the Exchange Act and any rules or regulations thereunder; (b) corporate, securities, tax or other laws, statutes, rules, requirements or regulations, whether federal, state, local or foreign; and (c) rules of any securities
exchange or automated quotation system on which the Shares are listed, quoted or traded. 
  

 

	*	 The share numbers in this Plan give effect to the stock dividend to be effected by the Company in connection
with its initial public offering. 

 2.4 “Automatic Exercise Date” shall mean, with respect to an Option or a
Stock Appreciation Right, the last business day of the applicable Option Term or Stock Appreciation Right Term that was initially established by the Administrator for such Option or Stock Appreciation Right (e.g., the last business day prior
to the tenth anniversary of the date of grant of such Option or Stock Appreciation Right if the Option or Stock Appreciation Right initially had a ten-year Option Term or Stock Appreciation Right Term, as
applicable). 
 2.5 “Award” shall mean an Option, a Stock Appreciation Right, a Restricted Stock award, a Restricted Stock
Unit award, an Other Stock or Cash Based Award or a Dividend Equivalent award, which may be awarded or granted under the Plan. 
 2.6
“Award Agreement” shall mean any written notice, agreement, terms and conditions, contract or other instrument or document evidencing an Award, including through electronic medium, which shall contain such terms and conditions with
respect to an Award as the Administrator shall determine consistent with the Plan. 
 2.7 “Board” shall mean the Board of
Directors of the Company. 
 2.8 “Change in Control” shall mean and includes each of the following: 

(a) A transaction or series of transactions (other than an offering of Common Stock to the general public through a registration statement
filed with the Securities and Exchange Commission) whereby any “person” or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) directly or indirectly acquires
beneficial ownership (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act) of securities of the Company possessing more than 50 % of the total
combined voting power of the Company’s securities outstanding immediately after such acquisition; provided, however, that the following acquisitions shall not constitute a Change in Control: (i) any acquisition by the Company
or any of its Subsidiaries; (ii) any acquisition by an employee benefit plan maintained by the Company or any of its Subsidiaries, (iii) any acquisition which complies with Sections 2.8(c)(i), 2.8(c)(ii) and 2.8(c)(iii); or (iv) in
respect of an Award held by a particular Holder, any acquisition by the Holder or any group of persons including the Holder (or any entity controlled by the Holder or any group of persons including the Holder); or 

(b) The Incumbent Directors cease for any reason to constitute a majority of the Board; 

(c) The consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more
intermediaries) of (x) a merger, consolidation, reorganization, or business combination, (y) a sale or other disposition of all or substantially all of the Company’s assets in any single transaction or series of related transactions
or (z) the acquisition of assets or stock of another entity, in each case other than a transaction: 
 (i) which results in the
Company’s voting securities outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction,
controls, directly or indirectly, the Company or owns, directly or indirectly, all or 

  
 2 

 
substantially all of the Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly,
at least a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction, and 

(ii) after which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the
Successor Entity; provided, however, that no person or group shall be treated for purposes of this Section 2.8(c)(ii) as beneficially owning 50% or more of the combined voting power of the Successor Entity solely as a
result of the voting power held in the Company prior to the consummation of the transaction; and 
 (iii) after which at least a majority
of the members of the board of directors (or the analogous governing body) of the Successor Entity were Board members at the time of the Board’s approval of the execution of the initial agreement providing for such transaction; or 

(d) The date which is 10 business days prior to the completion of a liquidation or dissolution of the Company. 

For sake of clarity, a Change in Control will not occur by reason of the Parsons Employee Stock Ownership Plan (the “ESOP”) owning less than
50% of the voting power of the Company’s (or any successor thereto) equity securities due to (i) the ESOP making distributions to participants and their beneficiaries, or (ii) the ESOP selling equity securities to the public through
underwritten registered public offerings. 
 Notwithstanding the foregoing, if a Change in Control constitutes a payment event with respect to any Award (or
any portion of an Award) that provides for the deferral of compensation that is subject to Section 409A, to the extent required to avoid the imposition of additional taxes under Section 409A, the transaction or event described in
subsection (a), (b), (c) or (d) with respect to such Award (or portion thereof) shall only constitute a Change in Control for purposes of the payment timing of such Award if such transaction also constitutes a “change in control
event,” as defined in Treasury Regulation Section 1.409A-3(i)(5). 
 The Board shall have full and final
authority, which shall be exercised in its sole discretion, to determine conclusively whether a Change in Control has occurred pursuant to the above definition, the date of the occurrence of such Change in Control and any incidental matters relating
thereto; provided that any exercise of authority in conjunction with a determination of whether a Change in Control is a “change in control event” as defined in Treasury Regulation
Section 1.409A-3(i)(5) shall be consistent with such regulation. 
 2.9 “Code”
shall mean the Internal Revenue Code of 1986, as amended from time to time, together with the regulations and official guidance promulgated thereunder, whether issued prior or subsequent to the grant of any Award. 

2.10 “Committee” shall mean the Compensation Committee of the Board, or another committee or subcommittee of the Board or the
Compensation Committee of the Board described in Article 11 hereof. 

  
 3 

 2.11 “Common Stock” shall mean the common stock of the Company, par value
$1.00 per share. 
 2.12 “Company” shall have the meaning set forth in Article 1. 

2.13 “Consultant” shall mean any consultant or advisor engaged to provide services to the Company or any Subsidiary who
qualifies as a consultant or advisor under the applicable rules of the Securities and Exchange Commission for registration of shares on a Form S-8 Registration Statement. 

2.14 “Director” shall mean a member of the Board, as constituted from time to time. 

2.15 “Director Limit” shall have the meaning set forth in Section 4.6. 

2.16 “Dividend Equivalent” shall mean a right to receive the equivalent value (in cash or Shares) of dividends paid on
Shares, awarded under Section 9.2. 
 2.17 “DRO” shall mean a “domestic relations order” as defined by the
Code or Title I of the Employee Retirement Income Security Act of 1974, as amended from time to time, or the rules thereunder. 
 2.18
“Effective Date” shall mean the day prior to the Public Trading Date. 
 2.19 “Eligible Individual” shall
mean any person who is an Employee, a Consultant or a Non-Employee Director, as determined by the Administrator. 

2.20 “Employee” shall mean any officer or other employee (as determined in accordance with Section 3401(c) of the Code
and the Treasury Regulations thereunder) of the Company or of any Subsidiary. 
 2.21 “Equity Restructuring” shall mean a
nonreciprocal transaction between the Company and its stockholders, such as a stock dividend, stock split, spin-off, rights offering or recapitalization through a large, nonrecurring cash dividend, that
affects the number or kind of Shares (or other securities of the Company) or the share price of Common Stock (or other securities) and causes a change in the per-share value of the Common Stock underlying
outstanding Awards. 
 2.22 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

 2.23 “Expiration Date” shall have the meaning given to such term in Section 12.1(c). 

2.24 “Fair Market Value” shall mean, as of any given date, the value of a Share determined as follows: 

(a) If the Common Stock is (i) listed on any established securities exchange (such as the New York Stock Exchange, the NASDAQ Capital
Market, the NASDAQ Global Market and the NASDAQ Global Select Market), (ii) listed on any national market system or (iii) 

  
 4 

 
quoted or traded on any automated quotation system, its Fair Market Value shall be the closing sales price for a Share as quoted on such exchange or system for such date or, if there is no
closing sales price for a Share on the date in question, the closing sales price for a Share on the last preceding date for which such quotation exists, as reported in The Wall Street Journal or such other source as the Administrator deems
reliable; 
 (b) If the Common Stock is not listed on an established securities exchange, national market system or automated quotation
system, but the Common Stock is regularly quoted by a recognized securities dealer, its Fair Market Value shall be the mean of the high bid and low asked prices for such date or, if there are no high bid and low asked prices for a Share on such
date, the high bid and low asked prices for a Share on the last preceding date for which such information exists, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or 

(c) If the Common Stock is neither listed on an established securities exchange, national market system or automated quotation system nor
regularly quoted by a recognized securities dealer, its Fair Market Value shall be established by the Administrator in good faith. 
 2.25
“Greater Than 10% Stockholder” shall mean an individual then owning (within the meaning of Section 424(d) of the Code) more than 10% of the total combined voting power of all classes of stock of the Company or any subsidiary
corporation (as defined in Section 424(f) of the Code) or parent corporation thereof (as defined in Section 424(e) of the Code). 

2.26 “Holder” shall mean a person who has been granted an Award. 

2.27 “Incentive Stock Option” shall mean an Option that is intended to qualify as an incentive stock option and conforms to
the applicable provisions of Section 422 of the Code. 
 2.28 “Incumbent Directors” shall mean for any period of 12
consecutive months, individuals who, at the beginning of such period, constitute the Board together with any new Director(s) (other than a Director designated by a person who shall have entered into an agreement with the Company to effect a
transaction described in Section 2.8(a) or 2.8(c)) whose election or nomination for election to the Board was approved by a vote of at least a majority (either by a specific vote or by approval of the proxy statement of the Company in which
such person is named as a nominee for Director without objection to such nomination) of the Directors then still in office who either were Directors at the beginning of the 12-month period or whose election or
nomination for election was previously so approved. No individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to Directors or as a result of any other actual or
threatened solicitation of proxies by or on behalf of any person other than the Board shall be an Incumbent Director. 
 2.29 “Non-Employee Director” shall mean a Director of the Company who is not an Employee. 
 2.30
“Non-Employee Director Equity Compensation Policy” shall have the meaning set forth in Section 4.6. 

  
 5 

 2.31 “Non-Qualified Stock Option”
shall mean an Option that is not an Incentive Stock Option or which is designated as an Incentive Stock Option but does not meet the applicable requirements of Section 422 of the Code. 

2.32 “Option” shall mean a right to purchase Shares at a specified exercise price, granted under Article 5. An Option shall
be either a Non-Qualified Stock Option or an Incentive Stock Option; provided, however, that Options granted to Non-Employee Directors and Consultants
shall only be Non-Qualified Stock Options. 
 2.33 “Option Term” shall have the
meaning set forth in Section 5.4. 
 2.34 “Organizational Documents” shall mean, collectively, (a) the
Company’s articles of incorporation, certificate of incorporation, bylaws or other similar organizational documents relating to the creation and governance of the Company, and (b) the Committee’s charter or other similar
organizational documentation relating to the creation and governance of the Committee, each as may be amended from time to time. 
 2.35
“Other Stock or Cash Based Award” shall mean a cash payment, cash bonus award, stock payment, stock bonus award, or incentive award that is paid in cash, Shares or a combination of both, awarded under Section 9.1, which may
include, without limitation, deferred stock, deferred stock units, retainers, committee fees, and meeting-based fees. 
 2.36
“Permitted Transferee” shall mean, with respect to a Holder, any “family member” of the Holder, as defined in the General Instructions to Form S-8 Registration Statement under the
Securities Act (or any successor form thereto) after taking into account Applicable Law. 
 2.37 “Plan” shall have the
meaning set forth in Article 1. 
 2.38 “Prior Plans” shall mean the Company’s Long Term Growth Plan and the
Company’s Restricted Award Plan. 
 2.39 “Program” shall mean any program adopted by the Administrator pursuant to the
Plan containing the terms and conditions intended to govern a specified type of Award granted under the Plan and pursuant to which such type of Award may be granted under the Plan. 

2.40 “Public Trading Date” shall mean the first date upon which Common Stock is listed (or approved for listing) upon notice
of issuance on any securities exchange or designated (or approved for designation) upon notice of issuance as a national market security on an interdealer quotation system. 

2.41 “Restricted Stock” shall mean Common Stock awarded under Article 7 that is subject to certain restrictions and may be
subject to risk of forfeiture or repurchase. 
 2.42 “Restricted Stock Units” shall mean the right to receive Shares or
cash awarded under Article 8. 

  
 6 

 2.43 “Section 409A” shall mean Section 409A of the
Code and the Department of Treasury regulations and other interpretive guidance issued thereunder, including, without limitation, any such regulations or other guidance that may be issued after the Effective Date. 

2.44 “Securities Act” shall mean the Securities Act of 1933, as amended from time to time. 

2.45 “Shares” shall mean shares of Common Stock. 

2.46 “Stock Appreciation Right” shall mean an Award entitling the Holder (or other person entitled to exercise pursuant to
the Plan) to exercise all or a specified portion thereof (to the extent then exercisable pursuant to its terms) and to receive from the Company an amount determined by multiplying the difference obtained by subtracting the exercise price per share
of such Award from the Fair Market Value on the date of exercise of such Award by the number of Shares with respect to which such Award shall have been exercised, subject to any limitations the Administrator may impose. 

2.47 “SAR Term” shall have the meaning set forth in Section 5.4. 

2.48 “Subsidiary” shall mean any entity (other than the Company), whether domestic or foreign, in an unbroken chain of
entities beginning with the Company if each of the entities other than the last entity in the unbroken chain beneficially owns, at the time of the determination, securities or interests representing at least fifty percent (50%) of the total combined
voting power of all classes of securities or interests in one of the other entities in such chain. 
 2.49 “Substitute
Award” shall mean an Award granted under the Plan in connection with a corporate transaction, such as a merger, combination, consolidation or acquisition of property or stock, in any case, upon the assumption of, or in substitution for,
outstanding equity awards previously granted by a company or other entity; provided, however, that in no event shall the term “Substitute Award” be construed to refer to an award made in connection with the cancellation and
repricing of an Option or Stock Appreciation Right. 
 2.50 “Termination of Service” shall mean: 

(a) As to a Consultant, the time when the engagement of a Holder as a Consultant to the Company or a Subsidiary is terminated for any reason,
with or without cause, including, without limitation, by resignation, discharge, death or retirement, but excluding terminations where the Consultant simultaneously commences or remains in employment or service with the Company or any Subsidiary.

 (b) As to a Non-Employee Director, the time when a Holder who is a
Non-Employee Director ceases to be a Director for any reason, including, without limitation, a termination by resignation, failure to be elected, death or retirement, but excluding terminations where the
Holder simultaneously commences or remains in employment or service with the Company or any Subsidiary. 
 (c) As to an Employee, the time
when the employee-employer relationship between a Holder and the Company or any Subsidiary is terminated for any reason, including, 

  
 7 

 
without limitation, a termination by resignation, discharge, death, disability or retirement; but excluding terminations where the Holder simultaneously commences or remains in employment or
service with the Company or any Subsidiary. 
 The Administrator, in its sole discretion, shall determine the effect of all matters and
questions relating to any Termination of Service, including, without limitation, whether a Termination of Service has occurred, whether a Termination of Service resulted from a discharge for cause and all questions of whether particular leaves of
absence constitute a Termination of Service; provided, however, that, with respect to Incentive Stock Options, unless the Administrator otherwise provides in the terms of any Program, Award Agreement or otherwise, or as otherwise
required by Applicable Law, a leave of absence, change in status from an employee to an independent contractor or other change in the employee-employer relationship shall constitute a Termination of Service only if, and to the extent that, such
leave of absence, change in status or other change interrupts employment for the purposes of Section 422(a)(2) of the Code and the then-applicable regulations and revenue rulings under said Section. For purposes of the Plan, a Holder’s
employee-employer relationship or consultancy relationship shall be deemed to be terminated in the event that the Subsidiary employing or contracting with such Holder ceases to remain an Subsidiary following any merger, sale of stock or other
corporate transaction or event (including, without limitation, a spin-off). 
 ARTICLE 3. 

SHARES SUBJECT TO THE PLAN 

3.1 Number of Shares. 

(a) Subject to Sections 3.1(b) and 12.2, the aggregate number of Shares which may be issued or transferred pursuant to Awards (including,
without limitation, Incentive Stock Options) under the Plan is (i) 11,700,000 Shares, less (ii) any Shares issued with respect to awards granted under the Prior Plans that are settled in Shares. Notwithstanding anything to the contrary in this
Plan or in the Prior Plans, in no event will more than 11,700,000 Shares be issued with respect to Awards under this Plan or awards granted under the Prior Plans. Any Shares distributed pursuant to an Award may consist, in whole or in part, of
authorized and unissued Common Stock, treasury Common Stock or Common Stock purchased on the open market. 
 (b) If any Shares subject to an
Award are forfeited or expire, are converted to shares of another Person in connection with a recapitalization, reorganization, merger, consolidation, split-up,
spin-off, combination, exchange of shares or other similar event, or such Award is settled for cash (in whole or in part) (including Shares forfeited by the Holder or repurchased by the Company under
Section 7.4 at the same price paid by the Holder), the Shares subject to such Award shall, to the extent of such forfeiture, expiration or cash settlement, again be available for future grants of Awards under the Plan. Notwithstanding anything
to the contrary contained herein, the following Shares shall not be added to the Shares authorized for grant under Section 3.1(a) and shall not be available for future grants of Awards: (i) Shares tendered by a Holder or withheld by the
Company in payment of the exercise price of an Option; (ii) Shares tendered by the Holder or withheld by the Company to satisfy any tax withholding obligation with respect to an Award; (iii) Shares subject to a Stock Appreciation Right
that are not issued in 

  
 8 

 
connection with the stock settlement of the Stock Appreciation Right on exercise thereof; and (iv) Shares purchased on the open market by the Company with the cash proceeds received from the
exercise of Options. Any Shares forfeited by the Holder or repurchased by the Company under Section 7.4 at the same price paid by the Holder so that such Shares are returned to the Company shall again be available for Awards. The payment of
Dividend Equivalents in cash in conjunction with any outstanding Awards shall not be counted against the Shares available for issuance under the Plan. Notwithstanding the provisions of this Section 3.1(b), no Shares may again be optioned,
granted or awarded if such action would cause an Incentive Stock Option to fail to qualify as an incentive stock option under Section 422 of the Code. 

(c) Substitute Awards shall not reduce the Shares authorized for grant under the Plan, except as may be required by reason of Section 422
of the Code. Additionally, in the event that a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines has shares available under a pre-existing plan approved by
its stockholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate,
using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be
used for Awards under the Plan and shall not reduce the Shares authorized for grant under the Plan; provided that Awards using such available Shares shall not be made after the date awards or grants could have been made under the terms of the
pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not employed by or providing services to the Company or its Subsidiaries immediately prior to such
acquisition or combination. 
 3.2 Award Vesting Limitations. Notwithstanding any other provision of the Plan to the contrary, but
subject to Section 12.2 and the second to last sentence of this Section 3.2, Awards granted under the Plan shall vest no earlier than the first anniversary of the date the Award is granted and no Award Agreement shall reduce or eliminate
the minimum vesting requirement; provided, however, that, notwithstanding the foregoing, Awards that result in the issuance of an aggregate of up to 5% of the shares of Common Stock available pursuant to Section 3.1(a) as of the
Effective Date may be granted to any one or more Eligible Individuals without respect to and/or administered without regard for this minimum vesting provision. Nothing in this Section 3.2 shall preclude the Administrator from taking action, in
its sole discretion, to accelerate the vesting of any Award in connection with or following a Holder’s death, disability, Termination of Service or the consummation of a Change in Control. For purposes of Awards to Non-Employee Directors, a vesting period will be deemed to be one year from the date the Award is granted for purposes of this Section 3.2 if it runs from the date of one annual meeting of the Company’s
stockholders to the next annual meeting of the Company’s stockholders, so long as the period between meetings is not less than 50 weeks. 

ARTICLE 4. 
 GRANTING OF
AWARDS 
 4.1 Participation. The Administrator may, from time to time, select from among all Eligible Individuals, those to whom
an Award shall be granted and shall determine the nature and 

  
 9 

 
amount of each Award, which shall not be inconsistent with the requirements of the Plan. Except for any Non-Employee Director’s right to Awards that
may be required pursuant to the Non-Employee Director Equity Compensation Policy as described in Section 4.6, no Eligible Individual or other Person shall have any right to be granted an Award pursuant to
the Plan and neither the Company nor the Administrator is obligated to treat Eligible Individuals, Holders or any other persons uniformly. Participation by each Holder in the Plan shall be voluntary and nothing in the Plan or any Program shall be
construed as mandating that any Eligible Individual or other Person shall participate in the Plan. 
 4.2 Award Agreement. Each Award
shall be evidenced by an Award Agreement that sets forth the terms, conditions and limitations for such Award as determined by the Administrator in its sole discretion (consistent with the requirements of the Plan and any applicable Program). Award
Agreements evidencing Incentive Stock Options shall contain such terms and conditions as may be necessary to meet the applicable provisions of Section 422 of the Code. 

4.3 Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan, the Plan and any
Award granted or awarded to any individual who is then subject to Section 16 of the Exchange Act, shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including
Rule 16b-3 of the Exchange Act and any amendments thereto) that are requirements for the application of such exemptive rule. To the extent permitted by Applicable Law, the Plan and Awards granted or awarded
hereunder shall be deemed amended to the extent necessary to conform to such applicable exemptive rule. 
 4.4 At-Will Service. Nothing in the Plan or in any Program or Award Agreement hereunder shall confer upon any Holder any right to continue in the employ of, or as a Director or Consultant for, the Company or any
Subsidiary, or shall interfere with or restrict in any way the rights of the Company and any Subsidiary, which rights are hereby expressly reserved, to discharge any Holder at any time for any reason whatsoever, with or without cause, and with or
without notice, or to terminate or change all other terms and conditions of employment or engagement, except to the extent expressly provided otherwise in a written agreement between the Holder and the Company or any Subsidiary. 

4.5 Foreign Holders. Notwithstanding any provision of the Plan or applicable Program to the contrary, in order to comply with the laws
in countries other than the United States in which the Company and its Subsidiaries operate or have Employees, Non-Employee Directors or Consultants, or in order to comply with the requirements of any foreign
securities exchange or other Applicable Law, the Administrator, in its sole discretion, shall have the power and authority to: (a) determine which Subsidiaries shall be covered by the Plan; (b) determine which Eligible Individuals outside
the United States are eligible to participate in the Plan; (c) modify the terms and conditions of any Award granted to Eligible Individuals outside the United States to comply with Applicable Law (including, without limitation, applicable
foreign laws or listing requirements of any foreign securities exchange); (d) establish subplans and modify exercise procedures and other terms and procedures, to the extent such actions may be necessary or advisable; provided,
however, that no such subplans and/or modifications shall increase the share limitation contained in Section 3.1 or the Director Limit; and (e) take any action, before or after an Award is made, that it deems advisable to obtain
approval or comply with any necessary local governmental regulatory exemptions or approvals or listing requirements of any foreign securities exchange. 

  
 10 

 4.6 Non-Employee Director Awards. 

(a) Non-Employee Director Equity Compensation Policy. The Administrator, in its sole
discretion, may provide that Awards granted to Non-Employee Directors shall be granted pursuant to a written nondiscretionary formula established by the Administrator (the “Non-Employee Director Equity Compensation Policy”), subject to the limitations of the Plan. The Non-Employee Director Equity Compensation Policy shall set forth the
type of Award(s) to be granted to Non-Employee Directors, the number of Shares to be subject to Non-Employee Director Awards (or the formula for calculation of the
number), the conditions on which such Awards shall be granted, become exercisable and/or payable and expire, and such other terms and conditions as the Administrator shall determine in its sole discretion. The
Non-Employee Director Equity Compensation Policy may be modified by the Administrator from time to time in its sole discretion. 

(b) Director Limit. Notwithstanding any provision to the contrary in the Plan or in the
Non-Employee Director Equity Compensation Policy, the sum of the grant date fair value of equity-based Awards and the amount of any cash-based Awards granted to a
Non-Employee Director during any calendar year shall not exceed $900,000 (the “Director Limit”). 

ARTICLE 5. 
 GRANTING OF
OPTIONS AND STOCK APPRECIATION RIGHTS 
 5.1 Granting of Options and Stock Appreciation Rights to Eligible Individuals. The
Administrator is authorized to grant Options and Stock Appreciation Rights to Eligible Individuals from time to time, in its sole discretion, on such terms and conditions as it may determine, which shall not be inconsistent with the Plan. 

5.2 Qualification of Incentive Stock Options. Subject to Section 12.3, the Administrator may grant Options intended to qualify as
Incentive Stock Options only to employees of the Company, any of the Company’s present or future “parent corporations” or “subsidiary corporations” as defined in Sections 424(e) or (f) of the Code, respectively, and any
other entities the employees of which are eligible to receive Incentive Stock Options under the Code. No person who qualifies as a Greater Than 10% Stockholder may be granted an Incentive Stock Option unless such Incentive Stock Option conforms to
the applicable provisions of Section 422 of the Code. To the extent that the aggregate fair market value of stock with respect to which “incentive stock options” (within the meaning of Section 422 of the Code, but without regard
to Section 422(d) of the Code) are exercisable for the first time by a Holder during any calendar year under the Plan, and all other plans of the Company and any parent corporation or subsidiary corporation thereof (as defined in
Section 424(e) and 424(f) of the Code, respectively), exceeds $100,000, the Options shall be treated as Non-Qualified Stock Options to the extent required by Section 422 of the Code. The rule set
forth in the immediately preceding sentence shall be applied by taking Options and other “incentive stock options” into account in the order in which they were granted and the fair market value of stock shall be determined as of the time
the respective options were granted. Any 

  
 11 

 
interpretations and rules under the Plan with respect to Incentive Stock Options shall be consistent with the provisions of Section 422 of the Code. Neither the Company nor the Administrator
shall have any liability to a Holder, or any other Person, (a) if an Option (or any part thereof) which is intended to qualify as an Incentive Stock Option fails to qualify as an Incentive Stock Option or (b) for any action or omission by
the Company or the Administrator that causes an Option not to qualify as an Incentive Stock Option, including without limitation, the conversion of an Incentive Stock Option to a Non-Qualified Stock Option or
the grant of an Option intended as an Incentive Stock Option that fails to satisfy the requirements under the Code applicable to an Incentive Stock Option. 

5.3 Option and Stock Appreciation Right Exercise Price. The exercise price per Share subject to each Option and Stock Appreciation
Right shall be set by the Administrator, but shall not be less than 100% of the Fair Market Value of a Share on the date the Option or Stock Appreciation Right, as applicable, is granted (or, as to Incentive Stock Options, on the date the Option is
modified, extended or renewed for purposes of Section 424(h) of the Code). In addition, in the case of Incentive Stock Options granted to a Greater Than 10% Stockholder, such price shall not be less than 110% of the Fair Market Value of a Share
on the date the Option is granted (or the date the Option is modified, extended or renewed for purposes of Section 424(h) of the Code). Notwithstanding the foregoing, in the case of an Option or Stock Appreciation Right that is a Substitute
Award, the exercise price per share of the Shares subject to such Option or Stock Appreciation Right, as applicable, may be less than the Fair Market Value per share on the date of grant; provided that the exercise price of any Substitute
Award shall be determined in accordance with the applicable requirements of Section 424 and 409A of the Code. 
 5.4 Option and SAR
Term. The term of each Option (the “Option Term”) and the term of each Stock Appreciation Right (the “SAR Term”) shall be set by the Administrator in its sole discretion; provided, however, that
the Option Term or SAR Term, as applicable, shall not be more than (a) ten (10) years from the date the Option or Stock Appreciation Right, as applicable, is granted to an Eligible Individual (other than, in the case of Incentive Stock Options,
a Greater Than 10% Stockholder), or (b) five (5) years from the date an Incentive Stock Option is granted to a Greater Than 10% Stockholder. Except as limited by the requirements of Section 409A or Section 422 of the Code and
regulations and rulings thereunder or the first sentence of this Section 5.4 and without limiting the Company’s rights under Section 10.7, the Administrator may extend the Option Term of any outstanding Option or the SAR Term of any
outstanding Stock Appreciation Right, and may extend the time period during which vested Options or Stock Appreciation Rights may be exercised, in connection with any Termination of Service of the Holder or otherwise, and may amend, subject to
Sections 10.7 and 12.1, any other term or condition of such Option or Stock Appreciation Right relating to such Termination of Service of the Holder or otherwise. 

5.5 Option and SAR Vesting. The period during which the right to exercise, in whole or in part, an Option or Stock Appreciation Right
vests in the Holder shall be set by the Administrator and set forth in the applicable Award Agreement, subject to Sections 3.2 and 6.2. Unless otherwise determined by the Administrator in the Award Agreement, the applicable Program or by action of
the Administrator following the grant of the Option or Stock Appreciation Right, (a) no portion of an Option or Stock Appreciation Right which is unexercisable at a Holder’s Termination of Service shall thereafter become exercisable and
(b) the portion of an Option or Stock Appreciation Right that is unexercisable at a Holder’s Termination of Service shall automatically expire thirty (30) days following such Termination of Service. 

  
 12 

 5.6 Substitution of Stock Appreciation Rights; Early Exercise of Options. The
Administrator may provide in the applicable Program or Award Agreement evidencing the grant of an Option that the Administrator, in its sole discretion, shall have the right to substitute a Stock Appreciation Right for such Option at any time prior
to or upon exercise of such Option; provided that such Stock Appreciation Right shall be exercisable with respect to the same number of Shares for which such substituted Option would have been exercisable, and shall also have the same
exercise price, vesting schedule and remaining term as the substituted Option. The Administrator may provide in the terms of an Award Agreement that the Holder may exercise an Option in whole or in part prior to the full vesting of the Option in
exchange for unvested shares of Restricted Stock with respect to any unvested portion of the Option so exercised. Shares of Restricted Stock acquired upon the exercise of any unvested portion of an Option shall be subject to such terms and
conditions as the Administrator shall determine. 
 ARTICLE 6. 

EXERCISE OF OPTIONS AND STOCK APPRECIATION RIGHTS 

6.1 Exercise and Payment. An exercisable Option or Stock Appreciation Right may be exercised in whole or in part. However, an Option or
Stock Appreciation Right shall not be exercisable with respect to fractional Shares and the Administrator may require that, by the terms of the Option or Stock Appreciation Right, a partial exercise must be with respect to a minimum number of
Shares. Payment of the amounts payable with respect to Stock Appreciation Rights pursuant to this Article 6 shall be in cash, Shares (based on its Fair Market Value as of the date the Stock Appreciation Right is exercised), or a combination of both,
as determined by the Administrator. 
 6.2 Manner of Exercise. Except as set forth in Section 6.3, all or a portion of an
exercisable Option or Stock Appreciation Right shall be deemed exercised upon delivery of all of the following to the Secretary of the Company, the stock plan administrator of the Company or such other person or entity designated by the
Administrator, or his, her or its office, as applicable: 
 (a) A written, telephonic or electronic notice complying with the applicable
rules established by the Administrator stating that the Option or Stock Appreciation Right, or a portion thereof, is exercised. The notice shall be signed or otherwise acknowledge telephonically or electronically by the Holder or other person then
entitled to exercise the Option or Stock Appreciation Right or such portion thereof; 
 (b) Such representations and documents as the
Administrator, in its sole discretion, deems necessary or advisable to effect compliance with Applicable Law. 
 (c) In the event that the
Option or Stock Appreciation Right shall be exercised pursuant to Section 10.3 by any person or persons other than the Holder, appropriate proof of the right of such person or persons to exercise the Option or Stock Appreciation Right, as
determined in the sole discretion of the Administrator; and 

  
 13 

 (d) Full payment of the exercise price and applicable withholding taxes for the Shares with
respect to which the Option or Stock Appreciation Right, or portion thereof, is exercised, in a manner permitted by the Administrator in accordance with Sections 10.1 and 10.2. 

6.3 Expiration of Option Term or SAR Term: Automatic Exercise of
In-The-Money Options and Stock Appreciation Rights. The Administrator may in its discretion as evidenced in an Award Agreement provide that each vested and
exercisable Option and Stock Appreciation Right outstanding on the Automatic Exercise Date with an exercise price per Share that is less than the Fair Market Value per Share as of such date shall automatically and without further action by the
Option or Stock Appreciation Rights Holder or the Company be exercised on the Automatic Exercise Date. In the sole discretion of the Administrator, payment of the exercise price of any such Option shall be made pursuant to Section 10.1(b) or
10.1(c) and the Company or any Subsidiary shall be entitled to deduct or withhold an amount sufficient to satisfy all taxes associated with such exercise in accordance with Section 10.2. Unless otherwise determined by the Administrator, this
Section 6.3 shall not apply to (i) an Option or Stock Appreciation Right if the Holder of such Option or Stock Appreciation Right incurs a Termination of Service on or before the Automatic Exercise Date or (ii) or to a Holder who has
affirmatively elected in writing with the Company to not have the provisions of this Section 6.3 apply. For the avoidance of doubt, no Option or Stock Appreciation Right with an exercise price per Share that is equal to or greater than the Fair
Market Value per Share on the Automatic Exercise Date shall be exercised pursuant to this Section 6.3. 
 6.4 Notification Regarding
Disposition. The Holder shall give the Company prompt written or electronic notice of any disposition of Shares acquired by exercise of an Incentive Stock Option which occurs within (a) two years from the date of granting (including the
date the Option is modified, extended or renewed for purposes of Section 424(h) of the Code) such Option to such Holder, or (b) one year after the date of transfer of such Shares to such Holder. Such notice shall specify the date of such
disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness or other consideration, by the Holder in such disposition or other transfer. 

ARTICLE 7. 
 AWARD OF
RESTRICTED STOCK 
 7.1 Award of Restricted Stock. The Administrator is authorized to grant Restricted Stock to Eligible
Individuals, and shall determine the terms and conditions, including the restrictions applicable to each award of Restricted Stock, which terms and conditions shall not be inconsistent with the Plan or any applicable Program, and may impose such
conditions on the issuance of such Restricted Stock as it deems appropriate. The Administrator shall establish the purchase price, if any, and form of payment for Restricted Stock; provided, however, that if a purchase price is
charged, such purchase price shall be no less than the par value, if any, of the Shares to be purchased, unless otherwise permitted by Applicable Law. In all cases, legal consideration shall be required for each issuance of Restricted Stock to the
extent required by Applicable Law. 

  
 14 

 7.2 Rights as Stockholders. Subject to Section 7.4, upon issuance of Restricted
Stock, the Holder shall have, unless otherwise provided by the Administrator, all the rights of a stockholder with respect to said Shares, subject to the restrictions in the Plan, any applicable Program and/or the applicable Award Agreement,
including the right to receive all dividends and other distributions paid or made with respect to the Shares to the extent such dividends and other distributions have a record date that is on or after the date on which the Holder to whom such
Restricted Stock are granted becomes the record holder of such Restricted Stock; provided, however, that, in the sole discretion of the Administrator, any extraordinary distributions with respect to the Shares may be subject to the
restrictions set forth in Section 7.3. In addition, with respect to a share of Restricted Stock with performance-based vesting, dividends which are paid prior to vesting shall only be paid out to the Holder to the extent that the
performance-based vesting conditions are subsequently satisfied and the share of Restricted Stock vests. 
 7.3 Restrictions. All
shares of Restricted Stock (including any shares received by Holders thereof with respect to shares of Restricted Stock as a result of stock dividends, stock splits or any other form of recapitalization) shall be subject to such restrictions and
vesting requirements as the Administrator shall provide in the applicable Program or Award Agreement, subject to Section 3.2. By action taken after the Restricted Stock is issued, the Administrator may, on such terms and conditions as it may
determine to be appropriate, accelerate the vesting of such Restricted Stock by removing any or all of the restrictions imposed by the terms of the applicable Program or Award Agreement. 

7.4 Repurchase or Forfeiture of Restricted Stock. Except as otherwise determined by the Administrator, if no price was paid by the
Holder for the Restricted Stock, upon a Termination of Service during the applicable restriction period, the Holder’s rights in unvested Restricted Stock then subject to restrictions shall lapse, and such Restricted Stock shall be surrendered
to the Company and cancelled without consideration on the date of such Termination of Service. If a price was paid by the Holder for the Restricted Stock, upon a Termination of Service during the applicable restriction period, the Company shall have
the right to repurchase from the Holder the unvested Restricted Stock then subject to restrictions at a cash price per share equal to the price paid by the Holder for such Restricted Stock or such other amount as may be specified in the applicable
Program or Award Agreement. Notwithstanding the foregoing, except as otherwise provided by Section 3.2, the Administrator, in its sole discretion, may provide that upon certain events, including, without limitation, a Change in Control, the
Holder’s death, retirement or disability or any other specified Termination of Service or any other event, the Holder’s rights in unvested Restricted Stock then subject to restrictions shall not lapse, such Restricted Stock shall vest and
cease to be forfeitable and, if applicable, the Company shall cease to have a right of repurchase. 
 7.5 Section 83(b) Election. If
a Holder makes an election under Section 83(b) of the Code to be taxed with respect to the Restricted Stock as of the date of transfer of the Restricted Stock rather than as of the date or dates upon which the Holder would otherwise be taxable
under Section 83(a) of the Code, the Holder shall be required to deliver a copy of such election to the Company promptly after filing such election with the Internal Revenue Service along with proof of the timely filing thereof with the
Internal Revenue Service. 

  
 15 

 ARTICLE 8. 

AWARD OF RESTRICTED STOCK UNITS 

8.1 Grant of Restricted Stock Units. The Administrator is authorized to grant Awards of Restricted Stock Units to any Eligible
Individual selected by the Administrator in such amounts and subject to such terms and conditions as determined by the Administrator. 
 8.2
Term. Except as otherwise provided herein, the term of a Restricted Stock Unit award shall be set by the Administrator in its sole discretion. 

8.3 Purchase Price. The Administrator shall specify the purchase price, if any, to be paid by the Holder to the Company with respect to
any Restricted Stock Unit award; provided, however, that value of the consideration shall not be less than the par value of a Share, unless otherwise permitted by Applicable Law. 

8.4 Vesting of Restricted Stock Units. At the time of grant, the Administrator shall specify the date or dates on which the Restricted
Stock Units shall become fully vested and nonforfeitable, and may specify such conditions to vesting as it deems appropriate, including, without limitation, vesting based upon the Holder’s duration of service to the Company or any Subsidiary,
Company performance, individual performance or other specific criteria, in each case on a specified date or dates or over any period or periods, as determined by the Administrator, subject to Section 3.2. 

8.5 Maturity and Payment. At the time of grant, the Administrator shall specify the maturity date applicable to each grant of
Restricted Stock Units, which shall be no earlier than the vesting date or dates of the Award and may be determined at the election of the Holder (if permitted by the applicable Award Agreement and in compliance with Section 409A);
provided that, except as otherwise determined by the Administrator and set forth in the Award Agreement, and subject to compliance with Section 409A, in no event shall the maturity date relating to each Restricted Stock Unit occur
following the later of (a) the 15th day of the third month following the end of calendar year in which the applicable portion of the Restricted Stock Unit vests; or (b) the 15th day of the third month following the end of the Company’s fiscal year in which the applicable portion of the Restricted Stock Unit vests. On the maturity date, the Company shall, in accordance
with the applicable Award Agreement and subject to Section 10.4(f), transfer to the Holder one unrestricted, fully transferable Share for each Restricted Stock Unit scheduled to be paid out on such date and not previously forfeited, or in the
sole discretion of the Administrator, an amount in cash equal to the Fair Market Value of such Shares on the maturity date or a combination of cash and Common Stock as determined by the Administrator. 

8.6 Payment upon Termination of Service. An Award of Restricted Stock Units shall only be payable while the Holder is an Employee, a
Consultant or a member of the Board, as applicable; provided, however, that the Administrator, in its sole discretion, may provide (in an Award Agreement or otherwise) that a Restricted Stock Unit award may be paid subsequent to a
Termination of Service in certain events, including a Change in Control, the Holder’s death, retirement or disability or any other specified Termination of Service. 

  
 16 

 ARTICLE 9. 

AWARD OF OTHER STOCK OR CASH BASED AWARDS AND DIVIDEND EQUIVALENTS 

9.1 Other Stock or Cash Based Awards. The Administrator is authorized to grant Other Stock or Cash Based Awards, including awards
entitling a Holder to receive Shares or cash to be delivered immediately or in the future, to any Eligible Individual. Subject to the provisions of the Plan and any applicable Program, the Administrator shall determine the terms and conditions of
each Other Stock or Cash Based Award, including the term of the Award, any exercise or purchase price, performance goals, transfer restrictions, vesting conditions and other terms and conditions applicable thereto, which shall be set forth in the
applicable Award Agreement, subject to Section 3.2. Other Stock or Cash Based Awards may be paid in cash, Shares, or a combination of cash and Shares, as determined by the Administrator, and may be available as a form of payment in the
settlement of other Awards granted under the Plan, as stand-alone payments, as a part of a bonus, deferred bonus, deferred compensation or other arrangement, and/or as payment in lieu of compensation to which an Eligible Individual is otherwise
entitled. 
 9.2 Dividend Equivalents. Dividend Equivalents may be granted by the Administrator, either alone or in tandem with
another Award, based on dividends declared on the Common Stock, to be credited as of dividend payment dates during the period between the date the Dividend Equivalents are granted to a Holder and the date such Dividend Equivalents terminate or
expire, as determined by the Administrator. Such Dividend Equivalents shall be converted to cash or additional Shares by such formula and at such time and subject to such restrictions and limitations as may be determined by the Administrator.
Dividend Equivalents with respect to an Award with performance-based vesting that are based on dividends paid prior to the vesting of such Award shall only be paid out to the Holder to the extent that the performance-based vesting conditions are
subsequently satisfied and the Award vests. Notwithstanding the foregoing, no Dividend Equivalents shall be payable with respect to Options or Stock Appreciation Rights. 

ARTICLE 10. 
 ADDITIONAL
TERMS OF AWARDS 
 10.1 Payment. The Administrator shall determine the method or methods by which payments by any Holder with
respect to any Awards granted under the Plan shall be made, including, without limitation: (a) cash or check, (b) Shares (including, in the case of payment of the exercise price of an Award, Shares issuable pursuant to the exercise of the
Award) or Shares held for such minimum period of time as may be established by the Administrator, in each case, having a Fair Market Value on the date of delivery equal to the aggregate payments required, (c) delivery of a written or electronic
notice that the Holder has placed a market sell order with a broker acceptable to the Company with respect to Shares then issuable upon exercise or vesting of an Award, and that the broker has been directed to pay a sufficient portion of the net
proceeds of the sale to the Company in satisfaction of the aggregate payments required; provided that payment 

  
 17 

 
of such proceeds is then made to the Company upon settlement of such sale, (d) other form of legal consideration acceptable to the Administrator in its sole discretion, or (e) any
combination of the above permitted forms of payment. Notwithstanding any other provision of the Plan to the contrary, no Holder who is a Director or an “executive officer” of the Company within the meaning of Section 13(k) of the
Exchange Act shall be permitted to make payment with respect to any Awards granted under the Plan, or continue any extension of credit with respect to such payment, with a loan from the Company or a loan arranged by the Company in violation of
Section 13(k) of the Exchange Act. 
 10.2 Tax Withholding. The Company or any Subsidiary shall have the authority and the right
to deduct or withhold, or require a Holder to remit to the Company, an amount sufficient to satisfy federal, state, local and foreign taxes (including the Holder’s social security, Medicare and any other employment tax obligation) required by
law to be withheld with respect to any taxable event concerning a Holder arising as a result of the Plan or any Award. The Administrator may, in its sole discretion and in satisfaction of the foregoing requirement, or in satisfaction of such
additional withholding obligations as a Holder may have elected, allow a Holder to satisfy such obligations by any payment means described in Section 10.1 hereof, including without limitation, by allowing such Holder to have the Company or any
Subsidiary withhold Shares otherwise issuable under an Award (or allow the surrender of Shares). The number of Shares which may be so withheld or surrendered shall be limited to the number of Shares which have a fair market value on the date of
withholding or repurchase no greater than the aggregate amount of such liabilities based on the maximum statutory rates for federal, state, local and foreign income tax and payroll tax purposes in such Holder’s applicable jurisdiction that are
applicable to such taxable income (or such other number as would not result in adverse financial accounting consequences for the Company or any of its Subsidiaries). The Administrator shall determine the fair market value of the Shares, consistent
with applicable provisions of the Code, for tax withholding obligations due in connection with a broker-assisted cashless Option or Stock Appreciation Right exercise involving the sale of Shares to pay the Option or Stock Appreciation Right exercise
price or any tax withholding obligation. 
 10.3 Transferability of Awards. 

(a) Except as otherwise provided in Sections 10.3(b) and 10.3(c): 

(i) No Award under the Plan may be sold, pledged, assigned or transferred in any manner other than (A) by will or the laws of descent
and distribution or (B) subject to the consent of the Administrator, pursuant to a DRO, unless and until such Award has been exercised or the Shares underlying such Award have been issued, and all restrictions applicable to such Shares have
lapsed; 
 (ii) No Award or interest or right therein shall be liable for or otherwise subject to the debts, contracts or engagements of
the Holder or the Holder’s successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, hypothecation, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary
or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy) unless and until such Award has been exercised, or the Shares underlying such Award have been issued, and all
restrictions applicable to such Shares have 

  
 18 

 
lapsed, and any attempted disposition of an Award prior to satisfaction of these conditions shall be null and void and of no effect, except to the extent that such disposition is permitted by
Section 10.3(a)(i); and 
 (iii) During the lifetime of the Holder, only the Holder may exercise any exercisable portion of an Award
granted to such Holder under the Plan, unless it has been disposed of pursuant to a DRO. After the death of the Holder, any exercisable portion of an Award may, prior to the time when such portion becomes unexercisable under the Plan or the
applicable Program or Award Agreement, be exercised by the Holder’s personal representative or by any person empowered to do so under the deceased Holder’s will or under the then-applicable laws of descent and distribution. 

(b) Notwithstanding Section 10.3(a), the Administrator, in its sole discretion, may determine to permit a Holder or a Permitted
Transferee of such Holder to transfer an Award other than an Incentive Stock Option (unless such Incentive Stock Option is intended to become a Nonqualified Stock Option) to any one or more Permitted Transferees of such Holder, subject to the
following terms and conditions: (i) an Award transferred to a Permitted Transferee shall not be assignable or transferable by the Permitted Transferee other than (A) to another Permitted Transferee of the applicable Holder or (B) by
will or the laws of descent and distribution or, subject to the consent of the Administrator, pursuant to a DRO; (ii) an Award transferred to a Permitted Transferee shall continue to be subject to all the terms and conditions of the Award as
applicable to the original Holder (other than the ability to further transfer the Award to any Person other than another Permitted Transferee of the applicable Holder); (iii) the Holder (or transferring Permitted Transferee) and the receiving
Permitted Transferee shall execute any and all documents requested by the Administrator, including, without limitation documents to (A) confirm the status of the transferee as a Permitted Transferee, (B) satisfy any requirements for an
exemption for the transfer under Applicable Law and (C) evidence the transfer; and (iv) any transfer of an Award to a Permitted Transferee shall be without consideration, except as required by Applicable Law. In addition, and further
notwithstanding Section 10.3(a), hereof, the Administrator, in its sole discretion, may determine to permit a Holder to transfer Incentive Stock Options to a trust that constitutes a Permitted Transferee if, under Section 671 of the Code
and other Applicable Law, the Holder is considered the sole beneficial owner of the Incentive Stock Option while it is held in the trust. 

(c) Notwithstanding Section 10.3(a), a Holder may, in the manner determined by the Administrator, designate a beneficiary to exercise the
rights of the Holder and to receive any distribution with respect to any Award upon the Holder’s death. A beneficiary, legal guardian, legal representative, or other person claiming any rights pursuant to the Plan is subject to all terms and
conditions of the Plan and any Program or Award Agreement applicable to the Holder and any additional restrictions deemed necessary or appropriate by the Administrator. If the Holder is married or a domestic partner in a domestic partnership
qualified under Applicable Law and resides in a community property state, a designation of a person other than the Holder’s spouse or domestic partner, as applicable, as the Holder’s beneficiary with respect to more than 50% of the
Holder’s interest in the Award shall not be effective without the prior written or electronic consent of the Holder’s spouse or domestic partner. If no beneficiary has been designated or survives the Holder, payment shall be made to the
person entitled thereto pursuant to the Holder’s will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation may be changed or revoked by a Holder at any time; provided that the change or revocation
is delivered in writing to the Administrator prior to the Holder’s death. 

  
 19 

 10.4 Conditions to Issuance of Shares. 

(a) The Administrator shall determine the methods by which Shares shall be delivered or deemed to be delivered to Holders. Notwithstanding
anything herein to the contrary, the Company shall not be required to issue or deliver any certificates or make any book entries evidencing Shares pursuant to the exercise of any Award, unless and until the Administrator has determined, with advice
of counsel, that the issuance of such Shares is in compliance with Applicable Law and the Shares are covered by an effective registration statement or applicable exemption from registration. In addition to the terms and conditions provided herein,
the Administrator may require that a Holder make such reasonable covenants, agreements and representations as the Administrator, in its sole discretion, deems advisable in order to comply with Applicable Law. 

(b) All share certificates delivered pursuant to the Plan and all Shares issued pursuant to book entry procedures are subject to any
stop-transfer orders and other restrictions as the Administrator deems necessary or advisable to comply with Applicable Law. The Administrator may place legends on any share certificate or book entry to reference restrictions applicable to the
Shares (including, without limitation, restrictions applicable to Restricted Stock). 
 (c) The Administrator shall have the right to
require any Holder to comply with any timing or other restrictions with respect to the settlement, distribution or exercise of any Award, including a window-period limitation, as may be imposed in the sole discretion of the Administrator. 

(d) No fractional Shares shall be issued and the Administrator, in its sole discretion, shall determine whether cash shall be given in lieu of
fractional Shares or whether such fractional Shares shall be eliminated (i) by rounding down or (ii) such other manner as permitted by Applicable Law. 

(e) The Company, in its sole discretion, may (i) retain physical possession of any stock certificate evidencing Shares until any
restrictions thereon shall have lapsed and/or (ii) require that the stock certificates evidencing such Shares be held in custody by a designated escrow agent (which may but need not be the Company) until the restrictions thereon shall have
lapsed, and that the Holder deliver a stock power, endorsed in blank, relating to such Shares. 
 (f) Notwithstanding any other provision of
the Plan, unless otherwise determined by the Administrator or required by Applicable Law, the Company shall not deliver to any Holder certificates evidencing Shares issued in connection with any Award and instead such Shares shall be recorded in the
books of the Company (or, as applicable, its transfer agent or stock plan administrator). 
 10.5 Forfeiture and Claw-Back
Provisions. All Awards (including any proceeds, gains or other economic benefit actually or constructively received by a Holder upon any receipt or exercise of any Award or upon the receipt or resale of any Shares underlying the Award and any
payments of a portion of an incentive-based bonus pool allocated to a Holder) shall be subject to 

  
 20 

 
the provisions of any claw-back policy implemented by the Company, including, without limitation, any claw-back policy adopted to comply with the requirements of Applicable Law, including,
without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder, whether or not such claw-back policy was in place at the time of grant of an Award, to the extent set forth in
such claw-back policy and/or in the applicable Award Agreement. 
 10.6 Prohibition on Repricing. Subject to Section 12.2, the
Administrator shall not, without the approval of the stockholders of the Company, (a) authorize the amendment of any outstanding Option or Stock Appreciation Right to reduce its price per Share, or (b) cancel any Option or Stock
Appreciation Right in exchange for cash or another Award when the Option or Stock Appreciation Right price per Share exceeds the Fair Market Value of the underlying Shares. Furthermore, for purposes of this Section 10.6, except in connection
with a corporate transaction involving the Company (including, without limitation, any stock dividend, stock split, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation,
split-up, spin-off, combination or exchange of shares), the terms of outstanding Awards may not be amended to reduce the exercise price per Share of outstanding Options
or Stock Appreciation Rights or cancel outstanding Options or Stock Appreciation Rights in exchange for cash, other Awards or Options or Stock Appreciation Rights with an exercise price per Share that is less than the exercise price per Share of the
original Options or Stock Appreciation Rights without the approval of the stockholders of the Company. 
 10.7 Amendment of Awards.
Subject to Applicable Law, the Administrator may amend, modify or terminate any outstanding Award, including but not limited to, substituting therefor another Award of the same or a different type, changing the date of exercise or settlement, and
converting an Incentive Stock Option to a Non-Qualified Stock Option. The Holder’s consent to such action shall be required unless (a) the Administrator determines that the action, taking into
account any related action, would not materially and adversely affect the Holder, or (b) the change is otherwise permitted under the Plan (including, without limitation, under Section 12.2 or 12.10). 

10.8 Data Privacy. As a condition of receipt of any Award, each Holder explicitly and unambiguously consents to the collection, use and
transfer, in electronic or other form, of personal data as described in this Section 10.8 by and among, as applicable, the Company and its Subsidiaries for the exclusive purpose of implementing, administering and managing the Holder’s
participation in the Plan. The Company and its Subsidiaries may hold certain personal information about a Holder, including but not limited to, the Holder’s name, home address and telephone number, date of birth, social security or insurance
number or other identification number, salary, nationality, job title(s), any shares of stock held in the Company or any of its Subsidiaries, details of all Awards, in each case, for the purpose of implementing, managing and administering the Plan
and Awards (the “Data”). The Company and its Subsidiaries may transfer the Data amongst themselves as necessary for the purpose of implementation, administration and management of a Holder’s participation in the Plan, and the
Company and its Subsidiaries may each further transfer the Data to any third parties assisting the Company and its Subsidiaries in the implementation, administration and management of the Plan. These recipients may be located in the Holder’s
country, or elsewhere, and the Holder’s country may have different data privacy laws and protections than the recipients’ country. Through acceptance of an Award, each Holder authorizes such recipients to receive, possess, use, retain and
transfer the Data, in electronic or other form, 

  
 21 

 
for the purposes of implementing, administering and managing the Holder’s participation in the Plan, including any requisite transfer of such Data as may be required to a broker or other
third party with whom the Company or any of its Subsidiaries or the Holder may elect to deposit any Shares. The Data related to a Holder will be held only as long as is necessary to implement, administer, and manage the Holder’s participation
in the Plan. A Holder may, at any time, view the Data held by the Company with respect to such Holder, request additional information about the storage and processing of the Data with respect to such Holder, recommend any necessary corrections to
the Data with respect to the Holder or refuse or withdraw the consents herein in writing, in any case without cost, by contacting his or her local human resources representative. The Company may cancel Holder’s ability to participate in the
Plan and, in the Administrator’s discretion, the Holder may forfeit any outstanding Awards if the Holder refuses or withdraws his or her consents as described herein. For more information on the consequences of refusal to consent or withdrawal
of consent, Holders may contact their local human resources representative. 
 ARTICLE 11. 

ADMINISTRATION 
 11.1
Administrator. The Committee shall administer the Plan (except as otherwise permitted herein). To the extent necessary to comply with Rule 16b-3 of the Exchange Act all actions taken by the
Committee shall be taken by two or more individuals who qualify as “non-employee directors” under Rule 16b-3 of the Exchange Act or any successor rule.
Additionally to the extent required by Applicable Law, each of the individuals constituting the Committee shall be an “independent director” under the rules of any securities exchange or automated quotation system on which the Shares are
listed, quoted or traded. Notwithstanding the foregoing, any action taken by the Committee shall be valid and effective, whether or not members of the Committee at the time of such action are later determined not to have satisfied the requirements
for membership set forth in this Section 11.1 or the Organizational Documents. Notwithstanding the foregoing, (i) the full Board, acting by a majority of its members in office, shall conduct the general administration of the Plan with
respect to Awards granted to Non-Employee Directors and, with respect to such Awards, the term “Administrator” as used in the Plan shall be deemed to refer to the Board and (ii) the Board or
Committee may delegate its authority hereunder to the extent permitted by Section 11.6. 
 11.2 Duties and Powers of
Administrator. It shall be the duty of the Administrator to conduct the general administration of the Plan in accordance with its provisions. The Administrator shall have the power to interpret the Plan, all Programs and Award Agreements, and to
adopt such rules for the administration, interpretation and application of the Plan and any Program as are not inconsistent with the Plan, to interpret, amend or revoke any such rules and to amend the Plan or any Program or Award Agreement;
provided that the rights or obligations of the Holder of the Award that is the subject of any such Program or Award Agreement are not materially and adversely affected by such amendment, unless the consent of the Holder is obtained or such
amendment is otherwise permitted under the Plan (including, without limitation, under Sections 10.5, 12.1 and Section 12.10). In its sole discretion, the Board may at any time and from time to time exercise any and all rights and duties of the
Committee in its capacity as the Administrator under the Plan. 

  
 22 

 11.3 Action by the Administrator. Unless otherwise established by the Board, set
forth in any Organizational Documents or as required by Applicable Law, a majority of the members of the Administrator shall constitute a quorum and the acts of a majority of the members present at any meeting at which a quorum is present, and acts
approved in writing by all members of the Administrator in lieu of a meeting, shall be deemed the acts of the Administrator. Each member of the Administrator is entitled to, in good faith, rely or act upon any report or other information furnished
to that member by any officer or other employee of the Company or any Subsidiary, the Company’s independent certified public accountants, or any executive compensation consultant or other professional retained by the Company to assist in the
administration of the Plan. 
 11.4 Authority of Administrator. Subject to the Organizational Documents, any specific designation in
the Plan and Applicable Law, the Administrator has the exclusive power, authority and sole discretion to: 
 (a) Designate Eligible
Individuals to receive Awards; 
 (b) Determine the type or types of Awards to be granted to each Eligible Individual (including, without
limitation, any Awards granted in tandem with another Award granted pursuant to the Plan); 
 (c) Determine the number of Awards to be
granted and the number of Shares to which an Award will relate; 
 (d) Determine the terms and conditions of any Award granted pursuant to
the Plan, including, but not limited to, the exercise price, grant price, purchase price, any performance criteria, any restrictions or limitations on the Award, any schedule for vesting, lapse of forfeiture restrictions or restrictions on the
exercisability of an Award, and accelerations or waivers thereof, and any provisions related to non-competition and claw-back and recapture of gain on an Award, based in each case on such considerations as the
Administrator in its sole discretion determines; 
 (e) Determine whether, to what extent, and under what circumstances an Award may be
settled in, or the exercise price of an Award may be paid in cash, Shares, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered; 

(f) Prescribe the form of each Award Agreement, which need not be identical for each Holder; 

(g) Decide all other matters that must be determined in connection with an Award; 

(h) Establish, adopt, or revise any Programs, rules and regulations as it may deem necessary or advisable to administer the Plan; 

(i) Interpret the terms of, and any matter arising pursuant to, the Plan, any Program or any Award Agreement; 

(j) Make all other decisions and determinations that may be required pursuant to the Plan or as the Administrator deems necessary or advisable
to administer the Plan; and 

  
 23 

 (k) Accelerate wholly or partially the vesting or lapse of restrictions of any Award or
portion thereof at any time after the grant of an Award, subject to whatever terms and conditions it selects and Section 3.2 and Section 12.2. 

11.5 Decisions Binding. The Administrator’s interpretation of the Plan, any Awards granted pursuant to the Plan, any Program or
any Award Agreement and all decisions and determinations by the Administrator with respect to the Plan are final, binding and conclusive on all Persons. 

11.6 Delegation of Authority. The Board or Committee may from time to time delegate to a committee of one or more members of the Board
or one or more officers of the Company the authority to grant or amend Awards or to take other administrative actions pursuant to this Article 11; provided, however, that in no event shall an officer of the Company be delegated
the authority to grant Awards to, or amend Awards held by, the following individuals: (a) individuals who are subject to Section 16 of the Exchange Act or (b) officers of the Company (or Directors) to whom authority to grant or amend
Awards has been delegated hereunder; provided, further, that any delegation of administrative authority shall only be permitted to the extent it is permissible under any Organizational Documents and Applicable Law. Any delegation
hereunder shall be subject to the restrictions and limits that the Board or Committee specifies at the time of such delegation or that are otherwise included in the applicable Organizational Documents, and the Board or Committee, as applicable, may
at any time rescind the authority so delegated or appoint a new delegatee. At all times, the delegatee appointed under this Section 11.6 shall serve in such capacity at the pleasure of the Board or the Committee, as applicable, and the Board or
the Committee may abolish any committee at any time and re-vest in itself any previously delegated authority. 

ARTICLE 12. 

MISCELLANEOUS PROVISIONS 

12.1 Amendment, Suspension or Termination of the Plan. 

(a) Except as otherwise provided in Section 12.1(b), the Plan may be wholly or partially amended or otherwise modified, suspended or
terminated at any time or from time to time by the Board; provided that, except as provided in Section 10.5 and Section 12.10, no amendment, suspension or termination of the Plan shall, without the consent of the Holder, materially
and adversely affect any rights or obligations under any Award theretofore granted or awarded, unless the Award itself otherwise expressly so provides. 

(b) Notwithstanding Section 12.1(a), the Board may not, except as provided in Section 12.2, take any of the following actions
without approval of the Company’s stockholders given within twelve (12) months before or after such action: (i) increase the limit imposed in Section 3.1 on the maximum number of Shares which may be issued under the Plan,
(ii) reduce the price per share of any outstanding Option or Stock Appreciation Right granted under the Plan or take any action prohibited under Section 10.6, or (iii) cancel any Option or Stock Appreciation Right in exchange for cash
or another Award in violation of Section 10.6. 

  
 24 

 (c) No Awards may be granted or awarded during any period of suspension or after termination
of the Plan, and notwithstanding anything herein to the contrary, in no event may any Award be granted under the Plan after the tenth (10th) anniversary of the date on which the Plan was adopted
by the Board (such anniversary, the “Expiration Date”). Any Awards that are outstanding on the Expiration Date shall remain in force according to the terms of the Plan, the applicable Program and the applicable Award Agreement. 

12.2 Changes in Common Stock or Assets of the Company, Acquisition or Liquidation of the Company and Other Corporate Events. 

(a) In the event of any stock dividend, stock split, combination or exchange of shares, merger, consolidation or other distribution (other
than normal cash dividends) of Company assets to stockholders, or any other change affecting the shares of the Company’s stock or the share price of the Company’s stock other than an Equity Restructuring, the Administrator may make
equitable adjustments, if any, to reflect such change with respect to: (i) the aggregate number and kind of Shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations in Section 3.1 on the
maximum number and kind of Shares which may be issued under the Plan); (ii) the number and kind of Shares (or other securities or property) subject to outstanding Awards; (iii) the terms and conditions of any outstanding Awards; and
(iv) the grant or exercise price per share for any outstanding Awards under the Plan. 
 (b) In the event of any transaction or event
described in Section 12.2(a) or any unusual or nonrecurring transactions or events affecting the Company, any Subsidiary of the Company, or the financial statements of the Company or any Subsidiary, or of changes in Applicable Law or Applicable
Accounting Standards, the Administrator, in its sole discretion, and on such terms and conditions as it deems appropriate, either by the terms of the Award or by action taken prior to the occurrence of such transaction or event, is hereby authorized
to take any one or more of the following actions whenever the Administrator determines that such action is appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or
with respect to any Award under the Plan, to facilitate such transactions or events or to give effect to such changes in Applicable Law or Applicable Accounting Standards: 

(i) To provide for the termination of any such Award in exchange for an amount of cash and/or other property with a value equal to the amount
that would have been attained upon the exercise of such Award or realization of the Holder’s rights (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction or event described in this Section 12.2 the
Administrator determines in good faith that no amount would have been attained upon the exercise of such Award or realization of the Holder’s rights, then such Award may be terminated by the Company without payment); 

(ii) To provide that such Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be
substituted for by similar options, rights or awards covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of shares and applicable exercise or purchase
price, in all cases, as determined by the Administrator; 

  
 25 

 (iii) To make adjustments in the number and type of Shares of the Company’s stock (or
other securities or property) subject to outstanding Awards, and/or in the terms and conditions of (including the grant or exercise price), and the criteria included in, outstanding Awards and Awards which may be granted in the future; 

(iv) To provide that such Award shall be exercisable or payable or fully vested with respect to all Shares covered thereby, notwithstanding
anything to the contrary in the Plan or the applicable Program or Award Agreement; 
 (v) To replace such Award with other rights or
property selected by the Administrator; and/or 
 (vi) To provide that the Award cannot vest, be exercised or become payable after such
event. 
 (c) In connection with the occurrence of any Equity Restructuring, and notwithstanding anything to the contrary
in Sections 12.2(a) and 12.2(b): 
 (i) The number and type of securities subject to each outstanding Award and the exercise price or grant
price thereof, if applicable, shall be equitably adjusted (and the adjustments provided under this Section 12.2(c)(i) shall be nondiscretionary and shall be final and binding on the affected Holder and the Company); and/or 

(ii) The Administrator shall make such equitable adjustments, if any, as the Administrator, in its sole discretion, may deem appropriate to
reflect such Equity Restructuring with respect to the aggregate number and kind of Shares that may be issued under the Plan (including, but not limited to, adjustments of the limitation in Section 3.1 on the maximum number and kind of Shares
which may be issued under the Plan). 
 (d) In the event an Award continues in effect or is assumed or an equivalent Award substituted in
connection with a Change in Control, and the surviving or successor terminates Holder’s employment or service without “cause” (as such term is defined in the sole discretion of the Administrator, or as set forth in the Award Agreement
relating to such Award) upon or within twelve (12) months following the Change in Control, then such Holder shall be fully vested in such continued, assumed or substituted Award. 

(e) In the event that the successor corporation in a Change in Control does not agree to assume or substitute for an Award (or any portion
thereof) in the relevant transaction agreement or otherwise, the Administrator may, prior to the consummation of such Change in Control, cause (i) any or all of such Award (or portion thereof) to terminate in exchange for cash, rights or other
property pursuant to Section 12.2(b)(i) or (ii) any or all of such Award (or portion thereof) to become fully exercisable prior to the consummation of such Change in Control and all forfeiture restrictions on any or all of such Award to
lapse. If any such Award is exercisable in lieu of assumption or substitution in the event of a Change in Control, the Administrator shall notify the Holder that such Award shall be fully exercisable for a period of fifteen (15) days from the
date of such notice, contingent upon the occurrence of the Change in Control, and such Award shall terminate upon the expiration of such period. 

  
 26 

 (f) For the purposes of this Section 12.2, an Award shall be considered assumed if,
following the Change in Control, the Award confers the right to purchase or receive, for each Share subject to the Award immediately prior to the Change in Control, the consideration (whether stock, cash, or other securities or property) received in
the Change in Control by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding
Shares); provided, however, that if such consideration received in the Change in Control was not solely common stock of the successor corporation or its parent, the Administrator may, with the consent of the successor corporation,
provide for the consideration to be received upon the exercise of the Award, for each Share subject to an Award, to be solely common stock of the successor or its parent equal in fair market value to the
per-share consideration received by holders of Common Stock in the Change in Control. 
 (g) The
Administrator, in its sole discretion, may include such further provisions and limitations in any Award, agreement or certificate, as it may deem equitable and in the best interests of the Company that are not inconsistent with the provisions of the
Plan. 
 (h) Unless otherwise determined by the Administrator, no adjustment or action described in this Section 12.2 or in any other
provision of the Plan shall be authorized to the extent it would (i) cause the Plan to violate Section 422(b)(1) of the Code, (ii) result in short-swing profits liability under Section 16 of the Exchange Act or violate the
exemptive conditions of Rule 16b-3 of the Exchange Act, or (iii) cause an Award to fail to be exempt from or comply with Section 409A. 

(i) The existence of the Plan, any Program, any Award Agreement and/or the Awards granted hereunder shall not affect or restrict in any way
the right or power of the Company or the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, any merger or consolidation of the
Company, any issue of stock or of options, warrants or rights to purchase stock or of bonds, debentures, preferred or prior preference stocks whose rights are superior to or affect the Common Stock or the rights thereof or which are convertible into
or exchangeable for Common Stock, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise. 

(j) In the event of any pending stock dividend, stock split, combination or exchange of shares, merger, consolidation or other distribution
(other than normal cash dividends) of Company assets to stockholders, or any other change affecting the Shares or the share price of the Common Stock including any Equity Restructuring, for reasons of administrative convenience, the Administrator,
in its sole discretion, may refuse to permit the exercise of any Award during a period of up to thirty (30) days prior to the consummation of any such transaction. 

12.3 Approval of Plan by Stockholders. Solely for purposes of permitting the Company to grant Incentive Stock Options hereunder, the
Plan shall be submitted for the approval of the Company’s stockholders within twelve (12) months after the date of the Board’s initial adoption of the Plan. Incentive Stock Options may be granted or awarded prior to such stockholder
approval of this Plan; provided that no Shares shall be issued upon the exercise, vesting, 

  
 27 

 
distribution or payment of any such Incentive Stock Options prior to the time when the Plan is approved by the Company’s stockholders; and, provided, further, that if such
approval has not been obtained at the end of said 12-month period, (a) the Plan shall continue in effect, (b) all Incentive Stock Options previously granted or awarded under the Plan after the date
of the Board’s initial adoption of the Plan shall cease to be treated as Incentive Stock Options and shall automatically be treated for all purposes of the Plan as Non-Qualified Stock Options, and
(c) no Incentive Stock Options may thereafter be granted under the Plan. 
 12.4 No Stockholders Rights. Except as otherwise
provided herein or in an applicable Program or Award Agreement, a Holder shall have none of the rights of a stockholder with respect to Shares covered by any Award until the Holder becomes the record owner of such Shares. 

12.5 Paperless Administration. In the event that the Company establishes, for itself or using the services of a third party, an
automated system for the documentation, granting or exercise of Awards, such as a system using an internet website or interactive voice response, then the paperless documentation, granting or exercise of Awards by a Holder may be permitted through
the use of such an automated system. 
 12.6 Effect of Plan upon Other Compensation Plans. The adoption of the Plan shall not affect
any other compensation or incentive plans in effect for the Company or any Subsidiary. Nothing in the Plan shall be construed to limit the right of the Company or any Subsidiary: (a) to establish any other forms of incentives or compensation
for Employees, Directors or Consultants of the Company or any Subsidiary, or (b) to grant or assume options or other rights or awards otherwise than under the Plan in connection with any proper corporate purpose including without limitation,
the grant or assumption of options in connection with the acquisition by purchase, lease, merger, consolidation or otherwise, of the business, stock or assets of any corporation, partnership, limited liability company, firm or association. 

12.7 Compliance with Laws. The Plan, the granting and vesting of Awards under the Plan and the issuance and delivery of Shares and the
payment of money under the Plan or under Awards granted or awarded hereunder are subject to compliance with all Applicable Law (including but not limited to state, federal and foreign securities law and margin requirements), and to such approvals by
any listing, regulatory or governmental authority as may, in the opinion of counsel for the Company, be necessary or advisable in connection therewith. Any securities delivered under the Plan shall be subject to such restrictions, and the person
acquiring such securities shall, if requested by the Company, provide such assurances and representations to the Company as the Company may deem necessary or desirable to assure compliance with all Applicable Law. The Administrator, in its sole
discretion, may take whatever actions it deems necessary or appropriate to effect compliance with Applicable Law, including, without limitation, placing legends on share certificates and issuing stop-transfer notices to agents and registrars.
Notwithstanding anything to the contrary herein, the Administrator may not take any actions hereunder, and no Awards shall be granted, that would violate Applicable Law. To the extent permitted by Applicable Law, the Plan and Awards granted or
awarded hereunder shall be deemed amended to the extent necessary to conform to Applicable Law. 
 12.8 Titles and Headings, References
to Sections of the Code or Exchange Act. The titles and headings of the Sections in the Plan are for convenience of reference only and, in the 

  
 28 

 
event of any conflict, the text of the Plan, rather than such titles or headings, shall control. References to sections of the Code or the Exchange Act shall include any amendment or successor
thereto. 
 12.9 Governing Law. The Plan and any Programs and Award Agreements hereunder shall be administered, interpreted and
enforced under the internal laws of the State of Delaware without regard to conflicts of laws thereof or of any other jurisdiction. 
 12.10
Section 409A. 
 (a) To the extent that the Administrator determines that any Award granted under the Plan is subject to
Section 409A, the Plan, the Program pursuant to which such Award is granted and the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A. In that regard, to the extent any Award under
the Plan or any other compensatory plan or arrangement of the Company or any of its Subsidiaries is subject to Section 409A, and such Award or other amount is payable on account of a Holder’s Termination of Service (or any similarly
defined term), then (a) such Award or amount shall only be paid to the extent such Termination of Service qualifies as a “separation from service” as defined in Section 409A, and (b) if such Award or amount is payable to a
“specified employee” as defined in Section 409A then to the extent required in order to avoid a prohibited distribution under Section 409A, such Award or other compensatory payment shall not be payable prior to the earlier of
(i) the expiration of the six-month period measured from the date of the Holder’s Termination of Service, or (ii) the date of the Holder’s death. To the extent applicable, the Plan, the
Program and any Award Agreements shall be interpreted in accordance with Section 409A. Notwithstanding any provision of the Plan to the contrary, in the event that following the Effective Date the Administrator determines that any Award may be
subject to Section 409A, the Administrator may (but is not obligated to), without any Holder’s consent, adopt such amendments to the Plan and the applicable Program and Award Agreement or adopt other policies and procedures (including
amendments, policies and procedures with retroactive effect), or take any other actions, that the Administrator determines are necessary or appropriate to (A) exempt the Award from Section 409A and/or preserve the intended tax treatment of
the benefits provided with respect to the Award, or (B) comply with the requirements of Section 409A and thereby avoid the application of any penalty taxes under Section 409A. The Company makes no representations or warranties as to
the tax treatment of any Award under Section 409A or otherwise. The Company shall have no obligation under this Section 13.10 or otherwise to take any action (whether or not described herein) to avoid the imposition of taxes, penalties or
interest under Section 409A with respect to any Award and shall have no liability to any Holder or any other person if any Award, compensation or other benefits under the Plan are determined to constitute
non-compliant, “nonqualified deferred compensation” subject to the imposition of taxes, penalties and/or interest under Section 409A. 

(b) Notwithstanding any provision of the Plan to the contrary, in the event that the Administrator determines that (i) any amounts
payable under any Awards granted hereunder will have adverse tax consequences to any Holder and/or or the Company under Section 409A or any provision of the Code that is enacted or revised after the Effective Date which changes the taxation of
the Awards, or (ii) any provisions of Applicable Law no longer are applicable to the Plan or any Awards as a result of or otherwise in connection with any changes in Applicable Law 

  
 29 

 
(including, without limitation, the Code) enacted after the Effective Date, the Administrator reserves the right (without any obligation to do so or to indemnify any Holder for failure to do so)
to, without any Holder’s consent, (A) adopt such amendments to the Plan and/or any Award Agreement, Program or Non-Employee Director Equity Compensation Policy (including modification of vesting
terms and conditions), (B) adopt such other policies and procedures (including amendments, policies and procedures with retroactive effect), or (C) take such other actions that it determines to be necessary or appropriate, to preserve the
intended tax treatment of the benefits provided by the Plan, to preserve the economic benefits of the Plan and/or to avoid less favorable tax consequences for any Holder and/or the Company (including income taxation prior to payment or settlement of
Awards), in each case, to the extent reasonably permitted under Applicable Law. The nature and implementation of any such amendments, policies or procedures or other actions shall be determined unilaterally by the Administrator in its sole
discretion. The Company and its Subsidiaries make no representation or warranty with respect to the taxation of any Awards, and neither the Company nor any of its Subsidiaries shall have any liability to any Holder or any other person or entity if
any Awards or payments under any provisions of the Plan are subject to (x) any early, retroactive or additional tax under Section 409A or any other provision of the Code enacted or revised after the Effective Date (including income
taxation prior to payment or settlement of Awards) which changes the taxation of Awards, or (y) any modified tax treatment due to actions contemplated by this Section 12.10(b). 

12.11 Unfunded Status of Awards. The Plan is intended to be an “unfunded” plan for incentive compensation. With respect to
any payments not yet made to a Holder pursuant to an Award, nothing contained in the Plan or any Program or Award Agreement shall give the Holder any rights that are greater than those of a general creditor of the Company or any Subsidiary. 

12.12 Indemnification. To the extent permitted under Applicable Law and the Organizational Documents, each member of the Administrator
shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member in connection with or resulting from any claim, action, suit, or proceeding to which he
or she may be a party or in which he or she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction of judgment in such action, suit, or proceeding
against him or her; provided he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification
shall not be exclusive of any other rights of indemnification to which such persons may be entitled pursuant to the Organizational Documents, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them
harmless. 
 12.13 Relationship to other Benefits. No payment pursuant to the Plan shall be taken into account in determining any
benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary except to the extent otherwise expressly provided in writing in such other plan or an agreement
thereunder. 
 12.14 Expenses. The expenses of administering the Plan shall be borne by the Company and its Subsidiaries. 

  
 30

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}]]