Document:

Ecova, Inc. (formerly known as Advantage IQ, Inc.) Second Amended and Restated 1

 Exhibit 10.1 
 ECOVA, INC. 
 (formerly known as Advantage, IQ, Inc.) 

SECOND AMENDED AND RESTATED 
 1997 STOCK PLAN 
 (Approved by the Board of Directors on October 19,
2011) 
 1. Purposes of the Plan. The purposes of this Second Amended and Restated 1997 Stock Plan (the “Plan”)
are to attract and retain the best available personnel for positions of substantial responsibility, to provide additional incentive to Employees, Directors and Consultants and to promote the success of the Company’s business. Options granted
under the Plan may be Incentive Stock Options or Nonstatutory Stock Options, as determined by the Administrator at the time of grant. 
 2. Definitions. As used herein, the following definitions shall apply: 

(a) “Administrator” means the Board or any of its Committees as shall be administering the Plan in accordance with
Section 4 hereof. 
 (b) “Applicable Laws” means the requirements relating to the administration of stock
option plans under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws of any other country or jurisdiction where
Options are granted under the Plan. 
 (c) “Board” means the Board of Directors of the Company. 

(d) “Change in Control” means the occurrence of any of the following events: 

(i) Any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act), other than Avista Capital, Inc. or
any Parent or Subsidiary of Avista Capital, Inc., becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the
total voting power represented by the Company’s then outstanding voting securities; or 
 (ii) The consummation of the
sale or disposition by the Company of all or substantially all of the Company’s assets; or 
 (iii) The consummation of a
merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity or its parent) more than fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent
outstanding immediately after such merger or consolidation. 
 (e) “Code” means the Internal Revenue Code of
1986, as amended. 

 (f) “Committee” means a committee of Directors appointed by the Board in
accordance with Section 4 hereof. 
 (g) “Common Stock” means the Common Stock of the Company. 

(h) “Company” means Ecova, Inc. (formerly known as Advantage IQ, Inc.), a Washington corporation. 

(i) “Consultant” means any natural person who is engaged by the Company or Subsidiary to render consulting or advisory
services to such entity and who satisfies the requirements of subsection (c)(1) of Rule 701 under the Securities Act of 1933, as amended. 
 (j) “Director” means a member of the Board. 
 (k)
“Disability” means total and permanent disability as defined in Section 22(e)(3) of the Code. 
 (l) “Employee” means any person, including officers and Directors, employed by the Company or Subsidiary of the Company. A Service Provider shall not cease to be an Employee in the case
of (i) any leave of absence approved by the Company or (ii) transfers between locations of the Company or between the Company, any Subsidiary, or any successor. For purposes of Incentive Stock Options, no such leave may exceed ninety
(90) days, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then three (3) months following the
90th day of such leave, any Incentive Stock Option held by
the Optionee shall cease to be treated as an Incentive Stock Option and shall be treated for tax purposes as a Nonstatutory Stock Option. Neither service as a Director nor payment of a director’s fee by the Company shall be sufficient to
constitute “employment” by the Company. 
 (m) “Exchange Act” means the Securities Exchange Act of
1934, as amended. 
 (n) “Fair Market Value” means, as of any date, the value of Common Stock determined as
follows: 
 (i) If the Common Stock is listed on any established stock exchange or a national market system, including without
limitation the Nasdaq Global Market or the Nasdaq Capital Market of The Nasdaq Stock Market, its Fair Market Value shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system
on the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; 
 (ii) If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair Market Value shall be the mean between the high bid and low asked prices for
the Common Stock on the day of determination; or 
 (iii) In the absence of an established market for the Common Stock, the
Fair Market Value thereof shall be determined in good faith by the Administrator. 

  
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 (o) “Incentive Stock Option” means an Option intended to qualify as an
incentive stock option within the meaning of Section 422 of the Code. 
 (p) “Nonstatutory Stock Option”
means an Option not intended to qualify as an Incentive Stock Option. 
 (q) “Option” means a stock option
granted pursuant to the Plan. 
 (r) “Option Agreement” means a written or electronic agreement between the
Company and an Optionee evidencing the terms and conditions of an individual Option grant. The Option Agreement is subject to the terms and conditions of the Plan. 
 (s) “Optioned Stock” means the Common Stock subject to an Option. 

(t) “Optionee” means the holder of an outstanding Option granted under the Plan. 

(u) “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in
Section 424(e) of the Code. 
 (v) “Plan” means this 1997 Stock Plan. 

(w) “Service Provider” means an Employee, Director or Consultant. 

(x) “Share” means a share of the Common Stock, as adjusted in accordance with Section 12 below. 

(y) “Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined in
Section 424(f) of the Code. 
 3. Stock Subject to the Plan. Subject to the provisions of Section 12 of the
Plan, the maximum aggregate number of Shares that may be subject to option and sold under the Plan is 14,500,000 Shares. That number of shares was set by action of the Board on October 19, 2011, and is subject to change by amendment. The
Shares may be authorized but unissued, or reacquired Common Stock. 
 If an Option expires or becomes unexercisable without
having been exercised in full, the unpurchased Shares which were subject thereto shall become available for future grant or sale under the Plan (unless the Plan has terminated). However, Shares that have actually been issued under the Plan, upon
exercise of an Option, shall not be returned to the Plan and shall not become available for future distribution under the Plan, except that if Shares of restricted stock issued pursuant to an Option are repurchased by the Company at their original
purchase price, such Shares shall become available for future grant under the Plan. 
 4. Administration of the Plan.

 (a) The Plan shall be administered by the Board or a Committee appointed by the Board, which Committee shall be constituted
to comply with Applicable Laws. 

  
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 (b) Powers of the Administrator. Subject to the provisions of the Plan and, in the
case of a Committee, the specific duties delegated by the Board to such Committee, and subject to the approval of any relevant authorities, the Administrator shall have the authority in its discretion: 

(i) to determine the Fair Market Value; 
 (ii) to select the Service Providers to whom Options may from time to time be granted hereunder; 
 (iii) to determine the number of Shares to be covered by each such Option granted hereunder; 
 (iv) to approve forms of agreement for use under the Plan; 
 (v) to determine the
terms and conditions of any Option granted hereunder. Such terms and conditions include, but are not limited to, the exercise price, the time or times when Options may be exercised (which may be based on performance criteria), any vesting
acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding any Option or the Common Stock relating thereto, based in each case on such factors as the Administrator, in its sole discretion, shall determine;

 (vi) to prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to
sub-plans established for the purpose of satisfying applicable foreign laws; 
 (vii) to allow Optionees to satisfy withholding
tax obligations by electing to have the Company withhold from the Shares to be issued upon exercise of an Option that number of Shares having a Fair Market Value equal to the minimum amount required to be withheld. The Fair Market Value of the
Shares to be withheld shall be determined on the date that the amount of tax to be withheld is to be determined. All elections by Optionees to have Shares withheld for this purpose shall be made in such form and under such conditions as the
Administrator may deem necessary or advisable; and 
 (viii) to construe and interpret the terms of the Plan and Options
granted pursuant to the Plan. 
 (c) Effect of Administrator’s Decision. All decisions, determinations and
interpretations of the Administrator shall be final and binding on all Optionees. 
 5. Eligibility. Nonstatutory Stock
Options may be granted to Service Providers. Incentive Stock Options may be granted only to Employees. 
 6. Limitations.

 (a) Incentive Stock Option Limit. Each Option shall be designated in the Option Agreement as either an Incentive Stock
Option or a Nonstatutory Stock Option. However, notwithstanding such designation, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options are exercisable for the first time by the Optionee
during any calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds 

  
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$100,000, such Options shall be treated as Nonstatutory Stock Options. For purposes of this Section 6(a), Incentive Stock Options shall be taken into account in the order in which they were
granted. The Fair Market Value of the Shares shall be determined as of the time the Option with respect to such Shares is granted. 
 (b) At-Will Employment. Neither the Plan nor any Option shall confer upon any Optionee any right with respect to continuing the Optionee’s relationship as a Service Provider with the Company,
nor shall it interfere in any way with his or her right or the Company’s right to terminate such relationship at any time, with or without cause, and with or without notice. 

7. Term of Plan. Subject to shareholder approval in accordance with Section 18, the Plan shall become effective upon its
adoption by the Board. Unless sooner terminated under Section 14, it shall continue in effect for a term of ten (10) years from the later of (i) the effective date of the Plan, or (ii) the date of the most recent Board approval
of an increase in the number of shares reserved for issuance under the Plan. 
 8. Term of Option. The term of each
Option shall be stated in the Option Agreement; provided, however, that the term shall be no more than ten (10) years from the date of grant thereof. In the case of an Incentive Stock Option granted to an Optionee who, at the time the Option is
granted, owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Option shall be five (5) years from the date of grant or such shorter term
as may be provided in the Option Agreement. 
 9. Option Exercise Price and Consideration. 

(a) Exercise Price. The per share exercise price for the Shares to be issued upon exercise of an Option shall be such price as is
determined by the Administrator, but shall be subject to the following: 
 (i) In the case of an Incentive Stock Option

 (A) granted to an Employee who, at the time of grant of such Option, owns stock representing more than ten percent
(10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the exercise price shall be no less than 110% of the Fair Market Value per Share on the date of grant. 

(B) granted to any other Employee, the per Share exercise price shall be no less than 100% of the Fair Market Value per Share on the
date of grant. 
 (ii) In the case of a Nonstatutory Stock Option 

(A) granted to a Service Provider who, at the time of grant of such Option, owns stock representing more than ten percent (10%) of
the voting power of all classes of stock of the Company or any Parent or Subsidiary, the exercise price shall be no less than 110% of the Fair Market Value per Share on the date of grant. 

(B) granted to any other Service Provider, the per Share exercise price shall be no less than 85% of the Fair Market Value per Share on
the date of grant. 

  
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 (iii) Notwithstanding the foregoing, Options may be granted with a per Share exercise price
other than as required above pursuant to a merger or other corporate transaction. 
 (b) Forms of Consideration. The
consideration to be paid for the Shares to be issued upon exercise of an Option, including the method of payment, shall be determined by the Administrator (and, in the case of an Incentive Stock Option, shall be determined at the time of grant).
Such consideration may consist of, without limitations, (1) cash, (2) check, (3) promissory note, (4) other Shares, provided Shares acquired from the Company, either directly or indirectly, (x) have been owned by the
Optionee for more than six months on the date of surrender, and (y) have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which such Option shall be exercised, (5) consideration
received by the Company under a cashless exercise program implemented by the Company in connection with the Plan, or (6) any combination of the foregoing methods of payment. In making its determination as to the type of consideration to accept,
the Administrator shall consider if acceptance of such consideration may be reasonably expected to benefit the Company. Notwithstanding the foregoing, the Administrator may permit an Optionee to exercise his or her Option by delivery of a
full-recourse promissory note secured by the purchased Shares. The terms of such promissory note shall be determined by the Administrator in its sole discretion. 
 10. Exercise of Option. 
 (a) Procedure for Exercise; Rights as a
Shareholder. Any Option granted hereunder shall be exercisable according to the terms hereof at such times and under such conditions as determined by the Administrator and set forth in the Option Agreement. Except in the case of Options granted
to officers, Directors and Consultants, Options shall become exercisable at a rate of no less than 20% per year over five (5) years from the date the Options are granted. Unless the Administrator provides otherwise, vesting of Options
granted hereunder to officers and Directors shall be suspended during any unpaid leave of absence. An Option may not be exercised for a fraction of a Share. 
 An Option shall be deemed exercised when the Company receives: (i) written or electronic notice of exercise (in accordance with the Option Agreement) from the person entitled to exercise the Option,
and (ii) full payment for the Shares with respect to which the Option is exercised. Full payment may consist of any consideration and method of payment authorized by the Administrator and permitted by the Option Agreement and the Plan. Shares
issued upon exercise of an Option shall be issued in the name of the Optionee or, if requested by the Optionee, in the name of the Optionee and his or her spouse. Until the Shares are issued (as evidenced by the appropriate entry on the books of the
Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Shares, notwithstanding the exercise of the Option. The Company shall issue
(or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 12 of the
Plan. 
 Exercise of an Option in any manner shall result in a decrease in the number of Shares thereafter available, both for
purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised. 

  
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 (b) Termination of Relationship as a Service Provider. If an Optionee ceases to be a
Service Provider, such Optionee may exercise his or her Option within thirty (30) days of termination or such longer period of time as specified in the Option Agreement to the extent that the Option is vested on the date of termination (but in
no event later than the expiration of the term of the Option as set forth in the Option Agreement). If, on the date of termination, the Optionee is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option
shall revert to the Plan. If, after termination, the Optionee does not exercise his or her Option within the time specified by the Administrator, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan. 

(c) Disability of Optionee. If an Optionee ceases to be a Service Provider as a result of the Optionee’s total and permanent
disability, as defined in Section 22(e)(3) of the Code, the Optionee may exercise his or her Option within six (6) months of termination, or such longer period of time as specified in the Option Agreement to the extent the Option is vested
on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Option Agreement). If, on the date of termination, the Optionee is not vested as to his or her entire Option, the Shares covered by
the unvested portion of the Option shall revert to the Plan. If, after termination, the Optionee does not exercise his or her Option within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to
the Plan. 
 (d) Death of Optionee. If an Optionee dies while a Service Provider, the Option may be exercised within six
(6) months following Optionee’s death or such longer period of time as specified in the Option Agreement, to the extent that the Option is vested on the date of death (but in no event later than the expiration of the term of such Option as
set forth in the Option Agreement), by the Optionee’s designated beneficiary, provided such beneficiary has been designated prior to Optionee’s death in a form acceptable to the Administrator. If no such beneficiary has been designated by
the Optionee, then such Option may be exercised by the personal representative of the Optionee’s estate or by the person(s) to whom the Option is transferred pursuant to the Optionee’s will or in accordance with the laws of descent and
distribution. If, at the time of death, the Optionee is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option shall immediately revert to the Plan. If the Option is not so exercised within the time
specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan. 
 11. Limited
Transferability of Options. Unless determined otherwise by the Administrator, Options may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or the laws of descent and distribution, and may
be exercised during the lifetime of the Optionee, only by the Optionee. If the Administrator in its sole discretion makes an Option transferable, such Option may only be transferred by (i) will, (ii) the laws of descent and distribution,
(iii) instrument to an inter vivos or testamentary trust in which the Option is to be passed to beneficiaries upon the death of the Optionee, or (iv) gift to a member of Optionee’s immediate family (as such term is defined in Rule
16a-1(e) of the Exchange Act). In addition, any transferable Option shall contain additional terms and conditions as the Administrator deems appropriate. 
 12. Adjustments Upon Changes in Capitalization, Merger or Change in Control. 
 (a) Changes in Capitalization. Subject to any required action by the shareholders of the Company, the number and type of Shares which have been authorized for issuance under the

  
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Plan but as to which no Options have yet been granted or which have been returned to the Plan upon cancellation or expiration of an Option, and the number and type of Shares covered by each
outstanding Option, as well as the price per Share covered by each such outstanding Option, shall be proportionately adjusted for any increase or decrease in the number or type of issued Shares resulting from a stock split, reverse stock split,
stock dividend, combination or reclassification of the Common Stock, or any other increase or decrease in the number of issued shares of Common Stock effected without receipt of consideration by the Company. The conversion of any convertible
securities of the Company shall not be deemed to have been “effected without receipt of consideration.” Such adjustment shall be made by the Board, whose determination in that respect shall be final, binding and conclusive. Except as
expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number, type or
price of Shares subject to an Option. 
 (b) Dissolution or Liquidation. In the event of the proposed dissolution or
liquidation of the Company, the Administrator shall notify each Optionee as soon as practicable prior to the effective date of such proposed transaction. The Administrator in its discretion may provide for an Optionee to have the right to exercise
his or her Option until fifteen (15) days prior to such transaction as to all of the Optioned Stock covered thereby, including Shares as to which the Option would not otherwise be exercisable. In addition, the Administrator may provide that any
Company repurchase option applicable to any Shares purchased upon exercise of an Option shall lapse as to all such Shares, provided the proposed dissolution or liquidation takes place at the time and in the manner contemplated. To the extent it has
not been previously exercised, an Option will terminate immediately prior to the consummation of such proposed action. 
 (c)
Merger or Change in Control. In the event of a merger of the Company with or into another corporation, or a Change in Control, each outstanding Option shall be assumed or an equivalent option substituted by the successor corporation or a
Parent or Subsidiary of the successor corporation. If, in such event, the Option is not assumed or substituted, then the Optionee shall fully vest in and have the right to exercise this Option as to all of the Optioned Stock, including Shares as to
which it would not otherwise be vested or exercisable. If this Option becomes fully vested and exercisable in lieu of assumption or substitution in the event of a merger or Change in Control, the Administrator shall notify the Optionee in writing or
electronically that this Option shall be fully exercisable for a period of fifteen (15) days from the date of such notice, and this Option shall terminate upon the expiration of such period. For the purposes of this paragraph, the Option shall
be considered assumed if, following the merger or Change in Control, the Option confers the right to purchase or receive, for each Share of Optioned Stock subject to the Option immediately prior to the merger or Change in Control, the consideration
(whether stock, cash, or other securities or property) received in the merger or 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 merger or Change in Control is 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 Option, for each Share of Optioned Stock subject to the Option, to be solely common stock of the successor
corporation or its Parent equal in fair market value to the per share consideration received by holders of Common Stock in the merger or Change in Control. 

  
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 (d) Acceleration Upon a Change in Control. Upon a Change in Control, one hundred
percent (100%) of the Shares subject to all outstanding Options will immediately vest and become exercisable. In all other respects, such Options will continue to be bound by and subject to the terms of their applicable Option Agreements and
the Plan. 
 13. Time of Granting Options. The date of grant of an Option shall, for all purposes, be the date on which
the Administrator makes the determination granting such Option, or such later date as is determined by the Administrator. Notice of the determination shall be given to each Service Provider to whom an Option is so granted within a reasonable time
after the date of such grant. 
 14. Amendment and Termination of the Plan. 

(a) Amendment and Termination. The Board may at any time amend, alter, suspend or terminate the Plan. 

(b) Shareholder Approval. The Board shall obtain shareholder approval of any Plan amendment to the extent necessary and desirable
to comply with Applicable Laws. 
 (c) Effect of Amendment or Termination. No amendment, alteration, suspension or
termination of the Plan shall impair the rights of any Optionee, unless mutually agreed otherwise between the Optionee and the Administrator, which agreement must be in writing and signed by the Optionee and the Company. Termination of the Plan
shall not affect the Administrator’s ability to exercise the powers granted to it hereunder with respect to Options granted under the Plan prior to the date of such termination. 

15. Conditions Upon Issuance of Shares. 
 (a) Legal Compliance. Shares shall not be issued pursuant to the exercise of an Option unless the exercise of such Option and the issuance and delivery of such Shares shall comply with Applicable
Laws and shall be further subject to the approval of counsel for the Company with respect to such compliance. 
 (b)
Investment Representations. As a condition to the exercise of an Option, the Administrator may require the person exercising such Option to represent and warrant at the time of any such exercise that the Shares are being purchased only for
investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required. 
 (c) Repurchase Right. 
 i. Generally. In the sole discretion of the
Board, and prior to a first sale of Common Stock of the Company to the general public pursuant to a registration statement filed with and declared effective by the Securities and Exchange Commission, the Company will have the irrevocable and
exclusive right to repurchase from an Optionee who holds Shares issued upon the exercise of an Option granted under this Plan on or after July 15, 2009 (such shares are referred to herein as “Option Shares”) all or any portion
of the Option Shares (the “Repurchase Right”) in any situation after an Optionee ceases to be a Service Provider for any reason whatsoever, whether due to death, Disability, Retirement or termination with or without Cause. 

  
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 (ii) Price. If the Company exercises its Repurchase Rights, the price it will pay to
repurchase Option Shares will be equal to the Fair Market Value of such Option Shares based on a valuation of the Common Stock as of the valuation date immediately preceding the effective date of such termination or based on such other valuation
made by the Board, in its sole discretion. 
 (iii) Notice; Closing. If the Company elects to exercise its Repurchase
Right, the Company must give the Optionee written notice of its intent to exercise its Repurchase Right (the “Notice of Repurchase”) within one hundred twenty (120) days after the effective date of termination of the Optionee’s
status as Service Provider (13 months in the event of death). The Notice of Repurchase must specify (i) the number of Option Shares the Company intends to repurchase, (ii) the applicable purchase price for such Option Shares, and
(iii) the date the Company expects to purchase such Option Shares from the Optionee, which date may be no later than ninety (90) days following the date of the Notice of Repurchase (the “Repurchase Date”). On or before the
Repurchase Date, the Optionee must deliver to the Company the stock certificates representing the Option Shares being purchased by the Company, properly endorsed for transfer. On the Repurchase Date, the Company will pay to the Optionee the total
purchase price for the Option Shares to be purchased by the Company in cash, by check of the Company (or its assignee). 
 (iv)
Assignability of Repurchase Right. The Company, in its sole discretion, may assign the Repurchase Right to one or more shareholders or other persons or organizations. If the Company does assign its Repurchase Right to one or more shareholders
or other persons or organizations, such persons or organizations must exercise such Repurchase Right in accordance with this Section 15(c). 
 (v) Enforceability. The provisions of this Section 15(c) shall be specifically enforceable by the Company (or its assignee) in a court of equity or law.” 

16. Inability to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction,
which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such
requisite authority shall not have been obtained. 
 17. Reservation of Shares. The Company, during the term of this
Plan, shall at all times reserve and keep available such number of Shares as shall be sufficient to satisfy the requirements of the Plan. 
 18. Shareholder Approval. The Plan shall be subject to approval by the shareholders of the Company within twelve (12) months after the date the Plan is adopted. Such shareholder approval shall
be obtained in the degree and manner required under Applicable Laws. 
 19. Information to Optionees. The Company shall
provide to each Optionee and to each individual who acquires Shares pursuant to the Plan, not less frequently than annually during the period such Optionee has one or more Options outstanding, and, in the case of an individual who acquires Shares
pursuant to the Plan, during the period such individual owns such Shares, copies of 

  
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annual financial statements. The Company shall not be required to provide such statements to key employees whose duties in connection with the Company assure their access to equivalent
information. 
 20. Optionee’s Right to Put the Shares. Subject to the terms of this Section 20, during the
month of March of each year, the Company will provide the below rights to the certain Optionees who hold Shares issued upon the exercise of an Option under this Plan (such shares are referred to herein as “Option Shares”).

 (a) Fair Market Value; Put Exercise Notice. Subject to the terms of this Section 20, during the month of February
of each year, the Administrator shall determine the Fair Market Value of the Option Shares (such value as determined in each applicable year, the “Applicable Fair Market Value”). Following such determination, the Company shall
deliver a notice to each holder of Option Shares which will (1) set forth the Applicable Fair Market Value, (2) set forth the dates upon which the holder of Option Shares may deliver a Put Exercise Notice to the Company (defined below)
(the “Put Right Window”) which dates shall begin on the first, and end on the last, business day of March for each applicable year unless otherwise determined by the Administrator, (3) include a form of put exercise notice to
be used by any Optionee or holder of Option Shares to exercise the put rights set forth in this Section 20, which notice may also including such representations and warranties as the Company may deem appropriate (the “Put Exercise
Notice”). 
 (b) Method of Exercise. Subject to the limitations set forth in this Section 20, commencing on
the first day, and ending at 5:00PM, Spokane, Washington time on the last day, of the Put Right Window of each year, each holder of Option Shares may deliver a duly executed Put Exercise Notice to the Company in the manner specified in the form of
Put Exercise Notice which duly executed Put Exercise Notice shall indicate such holder’s election to have the Company repurchase Option Shares from such holder pursuant to this Section 20 and the number of Option Shares that such holder is
electing to have the Company repurchase (which shall not be less than 500 shares). In order to be valid, each Put Exercise Notice (1) must be accompanied by the certificates evidencing the Option Shares and (2) must be delivered no later
than 5:00PM, Spokane, Washington time on the last day of the Put Right Window; any Put Exercise Notices that have not been so delivered will not be accepted. 
 (c) Put Right. Subject to the limitations set forth in this Section 20, promptly following the end of the applicable Put Right Window, the Company shall repurchase from each shareholder who
delivered a Put Exercise Notice during such Put Right Window the number of Option Shares specified in such Put Exercise Notice at the Applicable Fair Market Value. Any amounts payable pursuant to the repurchase of such Option Shares shall be subject
to any applicable tax reporting and withholding requirements 
 (d) Conditions to Put Rights; Other Provisions.

 (i) A holder of Option Shares will not be permitted to exercise the put rights set forth in this Section 20 either
(1) with respect to any Option Shares that have been held for less than 6 months before the date on which such put rights are exercised or (2) for less than 500 Option Shares unless such lesser amount of Option Shares constitute all of the
Option Shares then held (or that could be held upon the exercise of any Options (whether vested or unvested)) by such holder. 

  
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 (ii) Notwithstanding anything to the contrary in this Section 20, the Company shall
not be obligated to repurchase any Option Shares pursuant hereto to the extent, in the judgment of the Administrator either (1) doing so would result in a violation of state or federal laws or (2) it would be seriously detrimental to the
Company and its shareholders to do so and is therefore in the best interests of the Company to defer the put rights provided hereunder. 
 (iii) The Optionee’s put right shall terminate upon the first sale of Common Stock of the Company to the general public pursuant to a registration statement filed with and declared effective by the
Securities and Exchange Commission. 
 (e) Additional Conditions to Put Rights. Unless provided for in an Optionee’s
Stock Option Agreement, this Section 20 shall not apply to any Option Shares issued pursuant to the exercise of an Option that was granted by the Board to an Optionee on or after July 15, 2009. 

  
 - 12 -Summary of Compensation Arrangements for Named Executive Officers

 Exhibit 10.1 
 Summary of 2012 Compensation Arrangements for Named Executive Officers 

This Summary sets forth, as of May 4, 2012, the material compensation arrangements for each of the “named executive
officers,” as defined in Item 402 of Regulation S-K, of MicroStrategy Incorporated (“MicroStrategy” and, collectively with its subsidiaries, the “Company”), and any other executive officers identified in the Summary
Compensation Table of MicroStrategy’s Proxy Statement for the 2012 Annual Meeting of Stockholders. 
 Base Salary 

 

					
	 Michael J. Saylor, Chairman of the Board, President and Chief Executive Officer
	  	$	875,000	  
	 Sanju K. Bansal, Vice Chairman of the Board, Executive Vice President and Chief Operating Officer
	  	$	500,000	  
	 Jonathan F. Klein, Executive Vice President, Law & General Counsel
	  	$	650,000	  
	 Douglas K. Thede, Executive Vice President, Finance & Chief Financial Officer
	  	$	500,000	  
	 Donald W. Hunt, Executive Vice President, Worldwide Sales & Operations
	  	$	700,000	  
	 Jeffrey A. Bedell, Executive Vice President, Technology & Chief Technology Officer
	  	$	500,000	  

 Cash Bonus Compensation 
 The Compensation Committee is authorized to develop, adopt, and implement compensation arrangements, including cash bonus awards, for Mr. Saylor. The Compensation Committee established a formula (the
“2012 Bonus Formula”) for determining the eligible bonus amount with respect to Mr. Saylor’s performance during the fiscal year ending December 31, 2012. The 2012 Bonus Formula provides for an eligible bonus amount
calculated using graduated rates based on the Company’s diluted earnings per share (“DEPS”) for the fiscal year ending December 31, 2012, as follows: 

 

	 	•	 	 $400,000 per dollar of DEPS for the first dollar of DEPS, plus 

 

	 	•	 	 $500,000 per dollar of DEPS for the second dollar of DEPS, plus 

 

	 	•	 	 $600,000 per dollar of DEPS for each dollar of DEPS over $2.00. 

 Mr. Saylor’s maximum cash bonus amount for 2012 is $4,800,000. The Compensation Committee has the discretion to award a cash bonus amount lower than the eligible bonus amount calculated using
the 2012 Bonus Formula. 
 The Chief Executive Officer is authorized to develop, adopt, and implement compensation arrangements,
including cash bonus awards, for Messrs. Bansal, Klein, Thede, Hunt, and Bedell, except with respect to certain executive officer compensation arrangements that we seek to qualify as performance-based compensation under Section 162(m) of the
Internal Revenue Code of 1986, as amended, which arrangements are determined by the Compensation Committee. 
 The Chief
Executive Officer generally establishes cash bonus targets for each of Messrs. Bansal, Klein, Thede, and Bedell for each fiscal year, then determines awards based on the Chief Executive Officer’s subjective evaluation of the individual’s
performance in the context of general economic and industry conditions and Company performance during the year. The Chief Executive Officer determined a cash bonus award with respect to performance in 2011 of $450,000 to Mr. Bansal, $765,000 to
Mr. Klein, $450,000 to Mr. Thede, and $450,000 to Mr. Bedell. The Chief Executive Officer has not yet established cash bonus targets for Messrs. Bansal, Klein, Thede, and Bedell for 2012. 

The Chief Executive Officer adopted a cash bonus plan for Mr. Hunt relating to his performance for the first quarter of the fiscal
year ending December 31, 2012, pursuant to which he is eligible to receive a cash bonus award determined by multiplying 0.5935% by the following dollar amount: (1) our gross profit for the quarter minus (2) sales and marking expenses
for our core BI business for the quarter minus (3) a fixed budget amount. 

 The Compensation Committee adopted cash bonus plans for Mr. Hunt relating to his
performance for the second, third, and fourth quarters of the fiscal year ending December 31, 2012 and for the full 2012 fiscal year. Pursuant to these bonus plans, Mr. Hunt is eligible to receive: 

 

	 	•	 	 for each applicable calendar quarter in 2012, quarterly cash bonus awards determined by multiplying 0.5935% by the following dollar amount:
(1) our gross profit minus (2) sales and marking expenses for our core BI business minus (3) a fixed budget amount; and 

  

	 	•	 	 an annual cash bonus award determined by multiplying 0.75% by the increase in the value of the Company’s maintenance contracts worldwide between
the end of 2011 and the end of 2012. 

 The cash bonus plans adopted by the Compensation Committee for Mr. Hunt limit the
cash bonuses that Mr. Hunt is eligible to receive under those plans to a maximum of $8,000,000 in the aggregate. This limit does not apply to the cash bonus that Mr. Hunt is eligible to receive under his cash bonus plan for the first
quarter of the fiscal year ending December 31, 2012. 
 Performance Incentive Plan 

Awards under the Performance Incentive Plan (the “Plan”) consist of the right to receive a cash amount that is either (A) a
fixed amount determined at the time of grant of the award or (B) an amount calculated by multiplying a percentage that is specified at the time of grant of the award (“Bonus Percentage”) by MicroStrategy’s Core Operating Income
(as defined below) for the performance period of the award, in each case subject to reduction at the discretion of the administrator of the award for a specified amount of time following the applicable performance period, and otherwise in accordance
with the terms and conditions of the Plan. For purposes of the Plan, “Core Operating Income” means income from operations before financing and other income and income taxes of MicroStrategy’s consolidated core business intelligence
business unit. Under the Plan, any bonus amount with respect to an award is to be paid within 31 days after the third anniversary of the last day of the fiscal year in which the performance period of the award occurs (a “Payment Date”),
subject to the award recipient being continuously employed during such three-year period and the other terms and conditions of the Plan. If an award recipient dies, becomes disabled, or retires in a circumstance that would constitute a qualifying
retirement under the Plan (any such event, a “Special Separation Event”) before the completion of the performance period of the award, the award recipient would be eligible to receive a pro rata portion of the cash bonus amount pertaining
to the award based on the number of months of the award recipient’s employment with respect to such performance period (rounded down to the nearest whole month). If a Special Separation Event occurs after the completion of the performance
period of the award, but prior to the Payment Date of the award, the award recipient would be eligible to receive the full bonus amount pertaining to the award. In either case, payment of the bonus amount would occur on the applicable Payment Date
of such award. 
 Bonus amounts may be reduced or recouped by the Company, in whole or in part, in the event the award
administrator determines that the award recipient has engaged in fraud or misconduct. The award administrator may also reduce a bonus amount payable to a recipient, in whole or in part, if the Company experiences a financial restatement and a
previously determined bonus amount payable under an award is greater than it would be if such amount were determined based on the restated financial statement. The total amount paid under the Plan to any individual participant may not exceed
$1,500,000 in any fiscal year (the “Annual Cap”). 
 In March 2012, the Compensation Committee granted to Messrs.
Bansal, Klein, Thede, Hunt, and Bedell awards under the Plan, each with a performance period of fiscal year 2012, with Bonus Percentages of 0.50%, 0.66%, 0.66%, 0.75%, and 0.50%, respectively. Pursuant to these awards, each of Messrs. Bansal, Klein,
Thede, Hunt, and Bedell is eligible to receive, upon satisfaction of the terms and conditions of his award and subject to the Annual Cap, a cash bonus amount equal to the applicable Bonus Percentage multiplied by MicroStrategy’s Core Operating
Income for fiscal year 2012, subject to the negative discretion of the Compensation Committee. 
 Option Awards 

Messrs. Saylor, Bansal, Klein, Thede, Hunt, and Bedell are eligible to receive options, restricted stock awards, and other awards under
the Amended and Restated 2009 Stock Incentive Plan of Angel.com Incorporated, as amended. Angel.com Incorporated is a subsidiary of MicroStrategy. 

 Other Compensation 
 On January 31, 2011, MicroStrategy entered into an agreement with Aeromar Management Company, LLC, a Delaware limited liability company (“Aeromar”), of which Mr. Saylor is the sole
member, effective October 11, 2010. Under the agreement, MicroStrategy is (i) providing to Aeromar use of approximately 180 square feet of office space within MicroStrategy’s leased headquarters space at 1850 Towers Crescent Plaza,
Vienna, Virginia, (ii) providing to Aeromar various related services and arrangements, and (iii) providing to Mr. Saylor gross-up payments in respect of taxes that he may incur as a result of the arrangement. The agreement does not
require any rental or other payments from Aeromar or Mr. Saylor. MicroStrategy has filed a copy of this agreement as Exhibit 10.14 to its Annual Report on Form 10-K for the fiscal year ended December 31, 2010, which was filed with the
Securities and Exchange Commission on February 18, 2011. 
 The Company pays monthly dues for Messrs. Saylor, Bansal,
Klein, Hunt, and Bedell at a private club that offers dining services and hosts business, professional, and social community events. 
 The Company provides individual disability insurance policies to Messrs. Saylor, Bansal, Klein, Thede, and Bedell as a supplement to the group disability insurance that is available to most Company
employees. The Company pays the premiums with respect to these supplemental policies. 
 The Company is authorized to make
available, from time to time, tickets to sporting, charity, dining, entertainment, or similar events as well as use of corporate suites, club memberships, or similar facilities that the Company may acquire (“Corporate Development
Programs”), for personal use by Company personnel to the extent a Corporate Development Program is not at such time being used exclusively by the Company for business purposes. Eligible personnel include members of MicroStrategy’s Board of
Directors (the “Board”), executive officers of the Company, and other employees of the Company. Any such personal use may be deemed compensation to such persons. 
 The Company has adopted a policy authorizing the Company to make available, from time to time, any designated vehicle that the Company owns or may acquire (“Designated Vehicles”) for personal
use by eligible Company personnel, to the extent the Designated Vehicle is not at such time being used exclusively by the Company for business purposes. Eligible personnel include the Chief Executive Officer and any employees and members of the
Board authorized by the Chief Executive Officer to use Designated Vehicles. Any such personal use may be deemed compensation to such persons. 
 The Company is also authorized to acquire the services of one or more drivers for vehicles other than a Company vehicle (such services, “Alternative Car Services”) for personal use by eligible
Company personnel. Eligible personnel include the Chief Executive Officer and any employees and members of the Board authorized by the Chief Executive Officer to use Alternative Car Services. Any such personal use may be deemed compensation to such
persons. The Company has established a policy that the aggregate compensation to all Company personnel as a result of use of Alternative Car Services, together with all associated tax gross-up payments, may not exceed $150,000 in any fiscal year.

 The Company has adopted a third amended and restated aircraft use policy (the “Aircraft Use Policy”) which, among
other things, permits certain non-business use of (i) the Bombardier Global Express XRS aircraft owned by the Company (the “Global Express”), (ii) any aircraft in which the Company has leased a fractional interest (the
“Fractional Aircraft”) and which is managed by NetJets International, Inc. or any of its affiliates (collectively, “NetJets”), together with all other aircraft managed or provided by NetJets to the extent that the Company uses
such other aircraft in connection with the Company’s lease of the Fractional Aircraft (collectively, the “NetJets Aircraft”), and (iii) such other aircraft (A) that the Company may, from time to time, lease or charter,
including, without limitation, any aircraft subject to a fractional interest program in which the Company may participate by leasing a fractional interest, and (B) that has been designated by MicroStrategy to be “Company Aircraft” for
purposes of the Aircraft Use Policy (collectively with the Global Express and the NetJets Aircraft, “Company Aircraft”). Company Aircraft are available for non-business use only when such aircraft are not otherwise being used by the
Company exclusively for business use. The Aircraft Use Policy permits non-business use of Company Aircraft by the Chief Executive Officer, other officers or employees of the Company to the extent approved by the Chief Executive Officer, and under
certain circumstances, non-employee members of the Board. Any such personal use may be deemed compensation to such persons. 

 Non-business use of Company Aircraft is subject to various limitations, including those
described below. During each calendar year: 
  

	 	•	 	 the total number of flight hours used by the Company for non-business use of the NetJets Aircraft in such calendar year must be less than fifty percent
(50%) of the total number of flight hours of the NetJets Aircraft used by the Company for business use and non-business use during such calendar year; 

 

	 	•	 	 the total number of flight hours used by the Company for non-business use of the Global Express in such calendar year must be less than fifty percent
(50%) of the total number of flight hours of the Global Express used by the Company for business use and non-business use during such calendar year; and 

 

	 	•	 	 the total number of flight hours used by the Company for non-business use of all Company Aircraft in such calendar year may not exceed 200 flight
hours. 

 From time to time, the Board may hold meetings and other related activities in various locations for
which the Company’s payment of the expenses of Company participants and Company participants’ guests may be deemed compensation to Company participants (“Meeting Activities”). 

Each year the Company sponsors a “President’s Club” trip for Company sales and services personnel who have met specified
performance criteria as well as certain executive officers and their guests (“President’s Club Events”). Participation in President’s Club Events by Company personnel may be deemed compensation to such persons. The Company has
established a policy that the compensation imputed to Mr. Saylor as a result of such participation, excluding any associated tax gross-up payments, may not exceed $30,000 in any fiscal year. 

In addition, the Company may hold, host, or otherwise arrange parties, outings, or other similar entertainment events at which
Mr. Saylor and Mr. Bansal are permitted to entertain personal guests (“Entertainment Events”) and are paid a tax gross-up for taxes they may incur as a result of such event, as described below. The Company has established a
policy that the aggregate incremental cost to the Company of such Entertainment Events (to the extent that they are not Corporate Development Programs) attributable to each of Mr. Saylor and Mr. Bansal, including all tax gross-up payments,
may not exceed $75,000 in any fiscal year. 
 The Company may also request that Company personnel participate in conferences,
symposia, and other similar events or activities relating to the Company’s business for which the Company’s payment of the expenses of Company participants and Company participants’ guests may be deemed compensation to Company
participants (“Company-Sponsored Activities”). 
 To the extent that non-business use of Corporate Development
Programs, Designated Vehicles, Alternative Car Services, or Company Aircraft or participation in Meeting Activities, President’s Club Events, Entertainment Events, or Company-Sponsored Activities is deemed compensation to Messrs. Saylor,
Bansal, Klein, Thede, Hunt, or Bedell, the Company pays to (or withholds and pays to the appropriate taxing authority on behalf of) such individual a “tax gross-up” in cash, which would approximate the amount of the individual’s
(i) federal and state income and payroll taxes on the taxable income associated with such participation or personal use plus (ii) federal and state income and payroll taxes on the taxes that the individual may incur as a result of the
payment of taxes by the Company, subject to the aggregate amount limitations described above, if applicable.

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