Document:

EX-10.1

 Exhibit 10.1 

WESTERN ALLIANCE BANCORPORATION 

2005 STOCK INCENTIVE PLAN 

(As Amended and Restated Effective April 15, 2020) 

Western Alliance Bancorporation, a Nevada corporation (the “Company”), sets forth herein the terms of its 2005 Stock Incentive Plan,
as amended and restated (the “Plan”), as follows: 
  

	1.	 PURPOSE 

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

Furthermore, the Plan is an amendment and restatement, as of the Effective Date, of the Bankwest of Nevada 1997 Incentive Stock Option Plan
and the Bankwest of Nevada 1997 Nonqualified Stock Option Plan, the Western Alliance Bancorporation 2000 Stock Appreciation Rights Plan, the Western Alliance Bancorporation 2002 Stock Option Plan, any other prior plan of the Company or a predecessor
in effect prior to the Effective Date of the Plan under which stock options or other equity awards covering the Company’s Stock remain outstanding to a service provider and, as of the Restatement Effective Date, of the prior amendments and
restatements of the Plan that were adopted on April 7, 2005 and March 17, 2014 and any other amendments to the Plan adopted prior to the Restatement Effective Date (the “Prior Plans”). The Plan document therefore is intended to
preserve material rights and features of the Prior Plans, and should any material provision of the Plan be determined to impair the rights of a Grantee under an Award granted prior to the Restatement Effective Date of this restated Plan, the Award
Agreement covering the Award shall instead be treated as including the material provision as an explicit term, but only to the extent that such material provision does not affect the Award’s exempt status under Section 409A of the Code. In
this regard, as of the Restatement Effective Date and notwithstanding the absence of an automatic change in control vesting provision under this amended and restated Plan, any change in control vesting provision of a Prior Plan hereby is
incorporated into the Awards outstanding as of the Restatement Effective Date and made under the applicable Prior Plan. 
  

	2.	 DEFINITIONS 

For purposes of interpreting the Plan and related documents (including Award Agreements), the following definitions shall apply: 

2.1    “Affiliate” means, with respect to the Company, any company or other trade or
business that directly or indirectly controls, is controlled by or is under common control with the Company within the meaning of Rule 405 of Regulation C under the Securities Act, including, without limitation, any Subsidiary. 

2.2    “Annual Incentive Award” means an Award made subject to attainment of performance
goals (as described in Section 14) over a performance period of up to one year (the fiscal year, unless otherwise specified by the Committee). 

2.3    “Award” means a grant of an Option, Stock Appreciation Right, Restricted Stock,
Unrestricted Stock, Stock Unit, Dividend Equivalent Right, or cash award under the Plan. 

 2.4    “Award Agreement” means the
written agreement between the Company and a Grantee that evidences and sets out the terms and conditions of an Award. 

2.5    “Benefit Arrangement” shall have the meaning set forth in
Section 15 hereof. 
 2.6    “Board” means the Board of
Directors of the Company. 
 2.7    “Cause” means, as determined by the Board and
unless otherwise provided in an applicable agreement with the Company or an Affiliate, (i) performance of any act or failure to perform any act in bad faith and to the detriment of the Company or an Affiliate; (ii) dishonesty, intentional
misconduct or material breach of any agreement with the Company or an Affiliate; or (iii) commission of a crime involving dishonesty, breach of trust, or physical or emotional harm to any person. 

2.8    “Code” means the Internal Revenue Code of 1986, as now in effect or as hereafter
amended. 
 2.9    “Committee” means a committee of, and designated from time to time by
resolution of, the Board, which shall be constituted as provided in Section 3.2. 

2.10    “Company” means Western Alliance Bancorporation. 

2.11    “Corporate Transaction” means (i) the dissolution or liquidation of the
Company or a merger, consolidation, or reorganization of the Company with one or more other entities in which the Company is not the surviving entity, (ii) a sale of all or substantially all of the assets of the Company to another person or
entity, or (iii) any transaction (including without limitation a merger or reorganization in which the Company is the surviving entity) which results in any person or entity (other than persons who are stockholders or Affiliates immediately
prior to the transaction) owning 50% or more of the combined voting power of all classes of stock of the Company. 

2.12    “Covered Employee” means a Grantee who is a Covered Employee within the meaning of
Section 162(m)(3) of the Code. 
 2.13    “Disability” means the Grantee is unable
to perform each of the essential duties of such Grantee’s position by reason of a medically determinable physical or mental impairment which is potentially permanent in character or which can be expected to last for a continuous period of not
less than 12 months; provided, however, that, with respect to rules regarding the expiration of an Incentive Stock Option following termination of the Grantee’s Service, Disability shall mean the Grantee is unable to engage in any substantial
gainful activity by reason of a medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months. 

2.14    “Dividend Equivalent Right” means a right, granted to a Grantee under
Section 13 hereof, to receive cash, Stock, other Awards or other property equal in value to dividends paid with respect to a specified number of shares of Stock, or other periodic payments. . 

2.15    “Effective Date” means April 7, 2005, the date the Plan was originally
approved by the Board. 
 2.16    “Exchange Act” means the Securities Exchange Act of
1934, as now in effect or as hereafter amended. 
 2.17    “Fair Market Value” means the
value of a share of Stock, determined as follows: if on the Grant Date or other determination date the Stock is listed on an established national or regional stock exchange, is admitted for quotation on The Nasdaq Stock Market, Inc. or is publicly
traded on an established securities market, the Fair Market Value of a share of Stock shall be the closing price of the Stock on such exchange or in such market (if there is more than one such exchange or market the Board shall determine the
appropriate exchange or market) on the Grant Date or such other determination date (or if there is no such reported closing price, the Fair Market Value shall be the mean between the highest bid and lowest asked prices or between the high and low
sale prices on such trading day, as determined by the Board) or, if no sale of Stock is reported for such trading day, on the next preceding day on which any sale shall have been 

  
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reported. If the Stock is not listed on such an exchange, quoted on such system or traded on such a market, Fair Market Value shall be the value of the Stock as determined by the Board’s
reasonable application of a reasonable valuation method. 
 2.18    “Family Member” means
a person who is a spouse, former spouse, child, stepchild, grandchild, parent, stepparent, grandparent, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother, sister, brother-in-law, or sister-in-law, including adoptive relationships, of
the Grantee, any person sharing the Grantee’s household (other than a tenant or employee), a trust in which any one or more of these persons have more than fifty percent of the beneficial interest, a foundation in which any one or more of these
persons (or the Grantee) control the management of assets, and any other entity in which one or more of these persons (or the Grantee) own more than fifty percent of the voting interests. 

2.19    “Grant Date” means, as determined by the Board, the latest to occur of
(i) the date as of which the Board approves an Award, (ii) the date on which the recipient of an Award first becomes eligible to receive an Award under Section 6 hereof, or (iii) such other date as may be
specified by the Board. 
 2.20    “Grantee” means a person who receives or holds an
Award under the Plan. 
 2.21    “Incentive Stock Option” means an “incentive stock
option” within the meaning of Section 422 of the Code, or the corresponding provision of any subsequently enacted tax statute, as amended from time to time. 

2.22    “IPO Date” means the closing date of the first sale of Stock to the general public
pursuant to a registration statement filed with and declared effective by the Securities and Exchange Commission under the Securities Act. 

2.23    “Non-qualified Stock Option” means an
Option that is not an Incentive Stock Option. 
 2.24    “Option” means an option to
purchase one or more shares of Stock pursuant to the Plan. 
 2.25    “Option Price”
means the exercise price for each share of Stock subject to an Option. 
 2.26    “Option
Proceeds” means, with respect to an Option, the sum of (i) the Option Price paid in cash, if any, to purchase shares of Stock under such Option, plus (ii) the value of all federal, state, and local deductions to which the
Company is entitled with respect to the exercise of such Option determined using the highest Federal tax rate applicable to corporations and a blended tax rate for state and local taxes based on the jurisdictions in which the Company does business
and giving effect to the deduction of state and local taxes for Federal tax purposes. 
 2.27    “Other
Agreement” shall have the meaning set forth in Section 15 hereof. 

2.28    “Outside Director” means a member of the Board who is not an officer or employee of
the Company. 
 2.29    “Performance Award” means an Award made subject to the attainment
of performance goals (as described in Section 14) over a performance period of up to ten (10) years. 

2.30    “Plan” means this Western Alliance Bancorporation 2005 Stock Incentive Plan, as
amended and restated. 
 2.31    “Purchase Price” means the purchase price for each share
of Stock pursuant to a grant of Restricted Stock or Unrestricted Stock. 
 2.32    “Reporting
Person” means a person who is required to file reports under Section 16(a) of the Exchange Act 

2.33     “Restatement Effective Date” means April 15, 2020, the date the Plan is approved by the
Board. 

  
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 2.34    “Restricted Stock” means shares
of Stock, awarded to a Grantee pursuant to Section 10 hereof. 
 2.35    “SAR Exercise
Price” means the per share exercise price of a SAR granted to a Grantee under Section 9 hereof.  

2.36    “Securities Act” means the Securities Act of 1933, as now in effect or as hereafter
amended. 
 2.37    “Service” means service as a Service Provider to the Company or an
Affiliate. Unless otherwise stated in the applicable Award Agreement, a Grantee’s change in position or duties shall not result in interrupted or terminated Service, so long as such Grantee continues to be a Service Provider to the Company or
an Affiliate. Subject to the preceding sentence, whether a termination of Service shall have occurred for purposes of the Plan shall be determined by the Board, which determination shall be final, binding and conclusive. 

2.38    “Service Provider” means an employee, officer or director of the Company or an
Affiliate, or a consultant or adviser currently providing services to the Company or an Affiliate. 

2.39    “Stock” means the common stock, par value $.0001 per share, of the Company. 

2.40    “Stock Appreciation Right” or “SAR” means a right
granted to a Grantee under Section 9 hereof. SARs may only be awarded under the Plan on and after the IPO Date, and during a period that the Company remains publicly traded. Notwithstanding the preceding sentence, SARs awarded
under a Prior Plan on or before October 3, 2004 shall continue in effect under the Plan under the term then in effect under the Award Agreement for the respective SAR. 

2.41    “Stock Unit” means a bookkeeping entry representing the equivalent of shares of
Stock awarded to a Grantee pursuant to Section 10 hereof. 

2.42    “Subsidiary” means any “subsidiary corporation” of the Company within the
meaning of Section 424(f) of the Code. 
 2.43    “Termination Date” means the date
upon which an Option shall terminate or expire, as set forth in Section 8.3 hereof. 

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

2.45    “Transition Period” means the reliance period described in Treas. Reg. Section 1.162-27(f) or a successor provision. 

2.46    “Unrestricted Stock” means an Award pursuant to
Section 11 hereof. 
  

	3.	 ADMINISTRATION OF THE PLAN 

 

	 	3.1.	 Board. 

The Board shall have such powers and authorities related to the administration of the Plan as are consistent with the Company’s articles
of incorporation and by-laws and applicable law. The Board shall have full power and authority to take all actions and to make all determinations required or provided for under the Plan, any Award or any Award
Agreement, and shall have full power and authority to take all such other actions and make all such other determinations not inconsistent with the specific terms and provisions of the Plan that the Board deems to be necessary or appropriate for the
administration of the Plan, any Award or any Award Agreement. All such actions and determinations shall be by the affirmative vote of a majority of the members of the Board present at a meeting or by unanimous consent of the Board executed in
writing in accordance with the Company’s articles of incorporation and by-laws and applicable law. The interpretation and construction by the Board of any provision of the Plan, any Award or any Award
Agreement shall be final, binding and conclusive. 

  
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	 	3.2.	 Committee. 

The Board from time to time may delegate to the Committee such powers and authorities related to the administration and implementation of the
Plan, as set forth in Section 3.1 above and other applicable provisions, as the Board shall determine, consistent with the articles of incorporation and by-laws of the Company and
applicable law. 
 (i)    On and after the IPO Date, except as provided in subsection (ii) hereof
and except as the Board may otherwise determine, the Committee, if any, appointed by the Board to administer the Plan shall consist of two or more Outside Directors of the Company who: (a) meet such requirements as may be established from time
to time by the Securities and Exchange Commission for plans intended to qualify for exemption under Rule 16b-3 (or its successor) under the Exchange Act, and (b) comply with the independence requirements,
if any, of the stock exchange on which the Stock is listed. 
 (ii)    The Board may also appoint one or
more separate committees of the Board, each composed of one or more directors of the Company who need not be Outside Directors, who may administer the Plan with respect to employees or other Service Providers who are not officers or directors of the
Company, may grant Awards under the Plan to such employees or other Service Providers, and may determine all terms of such Awards. 
 In the
event that the Plan, any Award or any Award Agreement entered into hereunder provides for any action to be taken by or determination to be made by the Board, such action may be taken or such determination may be made by the Committee if the power
and authority to do so has been delegated to the Committee by the Board as provided for in this Section. Unless otherwise expressly determined by the Board, any such action or determination by the Committee shall be final, binding and conclusive.

  

	 	3.3.	 Terms of Awards. 

Subject to the other terms and conditions of the Plan, the Board shall have full and final authority to: 

(i)    designate Grantees, 

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

(iii)    determine the number of shares of Stock to be subject to an Award, provided the number of shares
of stock subject to an Award shall be determined prior to the Grant Date, except as otherwise provided in the Plan, 

(iv)    establish the terms and conditions of each Award (including, but not limited to, the exercise price
of any Option, the nature and duration of any restriction or condition (or provision for lapse thereof) relating to the vesting, exercise, transfer, or forfeiture of an Award or the shares of Stock subject thereto, and any terms or conditions that
may be necessary to qualify Options as Incentive Stock Options), 
 (v)    prescribe the form of each
Award Agreement evidencing an Award, and 
 (vi)    amend, modify, or supplement the terms of any
outstanding Award, provided that in the event such action causes an Award that is otherwise exempt from Section 409A of the Code and the guidance issued thereunder to become subject to Section 409A of the Code and the guidance issued
thereunder, the Award will comply with the requirements of Section 409A of the Code and the guidance issued thereunder. Such authority specifically includes the authority, in order to effectuate the purposes of the Plan but without amending the
Plan, to modify Awards to eligible individuals who are foreign nationals or are individuals who are employed outside the United States to recognize differences in local law, tax policy, or custom, while remaining in compliance with, or exempt
from, the requirements of Section 409A of the Code. Notwithstanding the foregoing, no amendment, modification or supplement of any Award shall, without the consent of the Grantee, impair the Grantee’s rights under such Award. 

  
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 The Company may retain the right in an Award Agreement to cause a forfeiture of the gain
realized by a Grantee on account of actions taken by the Grantee in violation or breach of or in conflict with any employment agreement, non-competition agreement, any agreement prohibiting solicitation of
employees or clients of the Company or any Affiliate thereof or any confidentiality obligation with respect to the Company or any Affiliate thereof or otherwise in competition with the Company or any Affiliate thereof, to the extent
specified in such Award Agreement applicable to the Grantee. Furthermore, the Company may annul an Award if the Grantee is an employee of the Company or an Affiliate thereof and is terminated for Cause as defined in the applicable Award Agreement or
the Plan, as applicable. The grant of any Award shall be contingent upon the Grantee executing the appropriate Award Agreement. 
  

	 	3.4.	 Deferral Arrangement. 

The Board may permit or require the deferral of any award payment into a deferred compensation arrangement, subject to such rules and
procedures as it may establish in writing that is intended to satisfy Section 409A of the Code, which may include provisions for the payment or crediting of interest or dividend equivalents, including converting such credits into deferred Stock
equivalents and restricting deferrals to comply with hardship distribution rules affecting 401(k) plans. 
  

	 	3.5.	 No Liability. 

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

	 	3.6.	 Book Entry. 

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

	4.	 STOCK SUBJECT TO THE PLAN 

Subject to adjustment as provided in Section 17 hereof, the number of shares of Stock available for issuance under
the Plan and any Prior Plan shall be 11,800,000. Of the shares of Stock so designated for issuance under the Plan, 1,423,434 shares represent Awards outstanding as of the Restatement Effective Date. Stock issued or to be issued under the Plan shall
be authorized but unissued shares or, to the extent permitted by applicable law, issued shares that have been reacquired by the Company. If any shares covered by an Award are not purchased or are forfeited, or if an Award otherwise terminates
without delivery of any Stock subject thereto, then the number of shares of Stock counted against the aggregate number of shares available under the Plan with respect to such Award shall, to the extent of any such forfeiture or termination, again be
available for making Awards under the Plan. 
 If the Option Price of any Option granted under the Plan, or if pursuant to
Section 18.3 the withholding obligation of any Grantee with respect to an Option or other Award, is satisfied by tendering shares of Stock to the Company (by either actual delivery or by attestation) or by withholding
shares of Stock, the number of shares of Stock issued net of the shares of Stock tendered or withheld shall be deemed delivered for purposes of determining the maximum number of shares of Stock available for delivery under the Plan. 

The Board shall have the right to substitute or assume Awards in connection with mergers, reorganizations, separations, or other transactions
to which Section 424(a) of the Code applies, provided such substitutions and assumptions are permitted by Section 424 of the Code and the regulations promulgated thereunder. The number of shares of Stock reserved pursuant to
Section 4 may be increased by the corresponding number of Awards assumed and, in the case of a substitution, by the net increase in the number of shares of Stock subject to Awards before and after the substitution. 

  
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 The number of shares of Stock reserved under this Section 4 shall
be increased by the number of any shares of Stock that are repurchased by the Company with Option Proceeds (as defined herein) in respect of the exercise of an Option; provided, however, that the number of shares of Stock contributed to number of
shares of Stock reserved under this Section 4 in respect of the use of Option Proceeds for repurchase shall not be greater than: (A) the amount of such Option Proceeds, divided by (B) the Fair Market Value on the
date of exercise of the applicable Option. 
  

	5.	 EFFECTIVE DATE, RESTATEMENT EFFECTIVE DATE, DURATION AND AMENDMENTS 

 

	 	5.1.	 Effective Date; Restatement Effective Date. 

The Plan was originally effective as of the Effective Date, subject to approval of the Plan by the Company’s stockholders within one year
of the Effective Date. This amendment and restatement of the Plan shall be effective as of the Restatement Effective Date, subject to approval by the Company’s stockholders within one year of the Effective Date. Upon approval of the Plan by the
stockholders of the Company as set forth above, all Awards made under the Plan on or after the Restatement Effective Date shall be fully effective as if the stockholders of the Company had approved the Plan on the Restatement Effective Date. If the
stockholders fail to approve the Plan within one year after the Restatement Effective Date, any Awards made hereunder relating to the period on or after the Restatement Effective Date shall be null and void and of no effect. 

 

	 	5.2.	 Term. 

The Plan shall terminate automatically on April 15, 2030 and may be terminated on any earlier date as provided in
Section 5.3. 
  

	 	5.3.	 Amendment and Termination of the Plan. 

The Board may, at any time and from time to time, amend, suspend, or terminate the Plan as to any shares of Stock as to which Awards have not
been made. An amendment shall be contingent on approval of the Company’s stockholders to the extent stated by the Board, required by applicable law or required by applicable stock exchange listing requirements. No Awards shall be made after
termination of the Plan. No amendment, suspension, or termination of the Plan shall, without the consent of the Grantee, impair rights or obligations under any Award theretofore awarded under the Plan. 

 

	6.	 AWARD ELIGIBILITY AND LIMITATIONS 

 

	 	6.1.	 Service Providers and Other Persons. 

Subject to this Section 6, Awards may be made under the Plan to any Service Provider whose participation in the Plan is
determined to be in the best interests of the Company by the Board. 
  

	 	6.2.	 Successive Awards. 

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

 

	 	6.3.	 Limitation on Shares of Stock Subject to Awards and Cash Awards. 

During any time when the Company has a class of equity securities registered under Section 12 of the Exchange Act, but only after the
Transition Period has expired: 
 (i)    the maximum number of shares of Stock subject to Options or SARs
that can be awarded under the Plan to any person eligible for an Award under Section 6 hereof is one hundred fifty thousand (150,000) per calendar year; 

(ii)    the maximum number of shares of Stock that can be awarded under the Plan, other than pursuant to an
Option or SARs, to any person eligible for an Award under Section 6 hereof is three hundred thousand (300,000) per calendar year; and 

  
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 (iii)    the maximum amount that may be earned as an
Annual Incentive Award or other cash Award in any calendar year by any one Grantee shall be $5,000,000 and the maximum amount that may be earned as a Performance Award or other cash Award in respect of a performance period by any one Grantee shall
be $15,000,000. 
 (iv)    the maximum amount of total compensation (including shares of Stock and cash
awards) that can be awarded to or earned by any Outside Director under the Plan in any calendar year shall be $600,000. For purposes of applying the limit in the preceding sentence, any shares of Stock awarded shall be valued at the grant date fair
value computed in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 718, Compensation-Stock Compensation. 

The preceding limitations in this Section 6.3 are subject to adjustment as provided in
Section 17 hereof. 
  

	 	6.4.	 Substitute or Exchange Awards. 

Awards granted under the Plan may, in the discretion of the Board, be granted in substitution or exchange for any other Award or any award
granted under another plan of the Company, any Affiliate, or any business entity to be acquired by the Company or an Affiliate, or any other right of a Grantee to receive payment from the Company or any Affiliate, provided that, to the extent such
substitution or exchange causes an Award that is otherwise exempt from Section 409A of the Code and guidance issued thereunder to become subject to Section 409A of the Code and the guidance issued thereunder, the Award will comply with
Section 409A of the Code and the guidance issued thereunder. Such substitute or exchange Awards may be granted at any time. If an Award is granted in substitution or exchange for another award, the Board shall require the surrender of such
other Award in consideration for the grant of the new Award. Notwithstanding anything in Section 8.1 or 9.1 below to the contrary, any Awards granted under this Section 6.4 that are in substitution or exchange for, any other Award or any
award granted under another plan of the Company, any Affiliate, or any business entity to be acquired by the Company or an Affiliate may be granted at an Option Price or grant price, as the case may be, at least equal to the Fair Market Value of the
Stock. 
  

	 	6.5	 Option or SAR Repricing.

Notwithstanding any other provision of the Plan, without the affirmative vote of holders of a majority of the shares of Stock cast in person or
by proxy at a meeting of the stockholders of the Company at which a quorum representing a majority of all outstanding shares of Stock is present or represented by proxy, the Board shall not approve a program providing for either (a) the
cancellation of outstanding Options or SARs having exercise prices per share greater than the then Fair Market Value of a share of Stock (“Underwater Awards”) and the grant in substitution therefore of new Options or SARs having a lower
exercise price, “full value” awards or payments in cash, or (b) the amendment of outstanding Underwater Awards to reduce the exercise price thereof. This Section shall not apply to adjustments pursuant to the assumption of or
substitution for an Option or SAR in a manner that would comply with Section 424(a) or Section 409A of the Code or to an adjustment made pursuant to Section 17. 

 

	7.	 AWARD AGREEMENT 

Each Award granted pursuant to the Plan shall be evidenced by an Award Agreement, in such form or forms as the Board shall from time to time
determine. Award Agreements granted from time to time or at the same time need not contain similar provisions but shall be consistent with the terms of the Plan. Each Award Agreement evidencing an Award of Options shall specify whether such Options
are intended to be Non-qualified Stock Options or Incentive Stock Options, and in the absence of such specification such options shall be deemed Non-qualified Stock
Options. 

  
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	8.	 TERMS AND CONDITIONS OF OPTIONS 

 

	 	8.1.	 Option Price. 

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

 

	 	8.2.	 Vesting. 

Subject to Sections 8.3 and 17.3 hereof, each Option granted under the Plan shall become exercisable at such times and under such
conditions as shall be determined by the Board and stated in the Award Agreement. For purposes of this Section 8.2, fractional numbers of shares of Stock subject to an Option shall be rounded down to the next nearest whole
number. No Option shall be exercisable in whole or in part prior to the date the Plan is approved by the Stockholders of the Company as provided in Section 5.1 hereof. 

 

	 	8.3.	 Term. 

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

	 	8.4.	 Termination from Service. 

Each Award Agreement shall set forth the extent to which the Grantee shall have the right to exercise the Option following termination of the
Grantee’s Service. Such provisions shall be determined in the sole discretion of the Board, need not be uniform among all Options issued pursuant to the Plan, and may reflect distinctions based on the reasons for termination of Service. 

 

	 	8.5.	 Limitations on Exercise of Option. 

Notwithstanding any other provision of the Plan to the contrary, in no event may any Option be exercised, in whole or in part, prior to the
date the Plan is approved by the stockholders of the Company as provided herein or after the occurrence of an event referred to in Section 17 hereof which results in termination of the Option. 

 

	 	8.6.	 Method of Exercise. 

An Option that is exercisable may be exercised by the Grantee’s delivery to the Company of written notice of exercise on any business day,
at the Company’s principal office, on the form specified by the Company. Such notice shall specify the number of whole shares of Stock with respect to which the Option is being exercised and shall be accompanied by payment in full of the Option
Price of the shares for which the Option is being exercised plus the amount (if any) of federal and/or other taxes which the Company may, in its judgment, be required to withhold with respect to an Award. The minimum number of shares of Stock with
respect to which an Option may be exercised, in whole or in part, at any time shall be the lesser of (i) 100 shares or such lesser number as is set forth in the applicable Award Agreement and (ii) the maximum number of shares available for
purchase under the Option at the time of exercise. 
  

	 	8.7.	 Rights of Holders of Options. 

Unless otherwise stated in the applicable Award Agreement, an individual holding or exercising an Option shall have none of the rights of a
stockholder (for example, the right to receive cash or dividend payments or distributions attributable to the subject shares of Stock or to direct the voting of the subject shares of Stock) until the shares of Stock covered thereby are fully paid
and issued to him. Except as provided in Section 17 hereof, no adjustment shall be made for dividends, distributions or other rights for which the record date is prior to the date of such issuance. 

  
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	 	8.8.	 Delivery of Stock Certificates. 

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

	 	8.9.	 Transferability of Options. 

Except as provided in Section 8.10, during the lifetime of a Grantee, only the Grantee (or, in the event of legal
incapacity or incompetency, the Grantee’s guardian or legal representative) may exercise an Option. Except as provided in Section 8.10, no Option shall be assignable or transferable by the Grantee to whom it is
granted, other than by will or the laws of descent and distribution or pursuant to a domestic relations order as referred to in the Code or Title I of the Employee Retirement Income Security Act or the rules thereunder. 

 

	 	8.10.	 Family Transfers. 

If authorized in the applicable Award Agreement, a Grantee may transfer, not for value, all or part of an Option which is not an Incentive
Stock Option to any Family Member. For the purpose of this Section 8.10, a “not for value” transfer is a transfer which is (i) a gift; (ii) a transfer under a domestic relations order in settlement of
marital property rights; or (iii) a transfer to an entity in which more than fifty percent of the voting interests are owned by Family Members (or the Grantee) in exchange for an interest in that entity. Following a transfer under this
Section 8.10, any such Option shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer. Subsequent transfers of transferred Options are prohibited except to Family
Members of the original Grantee in accordance with this Section 8.10 or by will or the laws of descent and distribution. The events of termination of Service of Section 8.4 hereof shall continue to be
applied with respect to the original Grantee, following which the Option shall be exercisable by the transferee only to the extent, and for the periods specified, in Section 8.4. 

 

	 	8.11.	 Limitations on Incentive Stock Options. 

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

	9.	 TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS 

 

	 	9.1.	 Right to Payment. 

An SAR shall confer on the Grantee to whom it is granted a right to receive, upon exercise thereof, the excess of (A) the Fair Market
Value of one share of Stock on the date of exercise over (B) the Fair Market Value of one share of Stock on the Grant Date. SARs may be granted in conjunction with all or part of an Option granted under the Plan or at any subsequent time during
the term of such Option, in conjunction with all or part of any other Award or without regard to any Option or other Award. 
  

	 	9.2.	 Other Terms. 

The Board shall determine at the date of grant or thereafter, the time or times at which and the circumstances under which a SAR may be
exercised in whole or in part (including based on achievement of performance goals and/or future service requirements), the time or times at which SARs shall cease to be or 

  
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become exercisable following termination of Service or upon other conditions, the method of exercise, method of settlement, form of consideration payable in settlement, method by or forms in
which Stock will be delivered or deemed to be delivered to Grantees, whether or not a SAR shall be in tandem or in combination with any other Award, and any other terms and conditions of any SAR. 

 

	10.	 TERMS AND CONDITIONS OF RESTRICTED STOCK AND STOCK UNITS 

 

	 	10.1.	 Grant of Restricted Stock or Stock Units. 

Awards of Restricted Stock or Stock Units may be made for no consideration (other than par value of the shares which is deemed paid by Services
already rendered). 
  

	 	10.2.	 Restrictions. 

At the time a grant of Restricted Stock or Stock Units is made, the Board may, in its sole discretion, establish a period of time (a
“restricted period”) applicable to such Restricted Stock or Stock Units. Each Award of Restricted Stock or Stock Units may be subject to a different restricted period. The Board may, in its sole discretion, at the time a grant of
Restricted Stock or Stock Units is made, prescribe restrictions in addition to or other than the expiration of the restricted period, including the satisfaction of corporate or individual performance objectives, which may be applicable to all or any
portion of the Restricted Stock or Stock Units in accordance with Section 14.1 and 14.2. Neither Restricted Stock nor Stock Units may be sold, transferred, assigned, pledged or otherwise encumbered or disposed of
during the restricted period or prior to the satisfaction of any other restrictions prescribed by the Board with respect to such Restricted Stock or Stock Units. 
  

	 	10.3.	 Restricted Stock Certificates. 

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

 

	 	10.4.	 Rights of Holders of Restricted Stock. 

Unless the Board otherwise provides in an Award Agreement, holders of Restricted Stock shall have the right to vote such Stock and the right to
receive any dividends declared or paid with respect to such Stock. The Board may provide that any dividends paid on Restricted Stock must be reinvested in shares of Stock, which may or may not be subject to the same vesting conditions and
restrictions applicable to such Restricted Stock. All distributions, if any, received by a Grantee with respect to Restricted Stock as a result of any stock split, stock dividend, combination of shares, or other similar transaction shall be subject
to the restrictions applicable to the original Grant. 
  

	 	10.5.	 Rights of Holders of Stock Units. 

 

	 	10.5.1.  Voting	 and Dividend Rights. 

Holders of Stock Units shall have no right to vote any Stock promised upon settlement of the Stock Unit or to “vote” the Stock Unit.
Subject to the requirements of Section 409A of the Code, if applicable, the Board may provide in an Award Agreement evidencing a grant of Stock Units that the holder of such Stock Units shall be entitled to receive, upon the Company’s
payment of a cash dividend on its outstanding Stock, a cash payment for each Stock Unit held equal to the per-share dividend paid on the Stock. Such Award Agreement may also provide that such cash payment will
be deemed reinvested in additional Stock Units at a price per unit equal to the Fair Market Value of a share of Stock on the date that such dividend is paid. 

  
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	 	10.5.2.  Creditor’s	 Rights. 

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

	 	10.6.	 Termination of Service. 

Unless the Board otherwise provides in an Award Agreement or in writing after the Award Agreement is issued, upon the termination of a
Grantee’s Service, any Restricted Stock or Stock Units held by such Grantee that have not vested, or with respect to which all applicable restrictions and conditions have not lapsed, shall immediately be deemed forfeited. Upon forfeiture of
Restricted Stock or Stock Units, the Grantee shall have no further rights with respect to such Award, including but not limited to any right to vote Restricted Stock or any right to receive dividends with respect to shares of Restricted Stock or
Stock Units. 
  

	 	10.7.	 Purchase of Restricted Stock. 

The Grantee shall be required, to the extent required by applicable law, to purchase the Restricted Stock from the Company at a Purchase Price
equal to the greater of (i) the aggregate par value of the shares of Stock represented by such Restricted Stock or (ii) the Purchase Price, if any, specified in the Award Agreement relating to such Restricted Stock. The Purchase Price
shall be payable in a form described in Section 12 or, in the discretion of the Board, in consideration for past Services rendered to the Company or an Affiliate. 

 

	 	10.8.	 Delivery of Stock. 

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

	11.	 TERMS AND CONDITIONS OF UNRESTRICTED STOCK AWARDS 

The Board may, in its sole discretion, grant (or sell at par value or such other higher purchase price determined by the Board) an Unrestricted
Stock Award to any Grantee pursuant to which such Grantee may receive shares of Stock free of any restrictions (“Unrestricted Stock”) under the Plan. Unrestricted Stock Awards may be granted or sold as described in the preceding sentence
in respect of past services and other valid consideration, or in lieu of, or in addition to, any cash compensation due to such Grantee. 
  

	12.	 FORM OF PAYMENT FOR OPTIONS AND RESTRICTED STOCK 

 

	 	12.1.	 General Rule. 

Payment of the Option Price for the shares purchased pursuant to the exercise of an Option or the Purchase Price for Restricted Stock shall be
made in cash or in cash equivalents acceptable to the Company. 
  

	 	12.2.	 Surrender of Stock. 

To the extent the Award Agreement so provides, payment of the Option Price for shares purchased pursuant to the exercise of an Option or the
Purchase Price for Restricted Stock may be made all or in part through the tender to the Company of shares of Stock, which shares, if acquired from the Company and if so required by the Company, shall have been held for at least six months at the
time of tender and which shall be valued, for purposes of determining the extent to which the Option Price or Purchase Price has been paid thereby, at their Fair Market Value on the date of exercise or surrender. 

 

	 	12.3.	 Cashless Exercise. 

With respect to an Option only (and not with respect to Restricted Stock) for any period that the Company is publicly traded, to the extent
permitted by law and to the extent the Award Agreement so provides, payment of the Option Price for shares purchased pursuant to the exercise of an Option may be 

  
 12 

 
made all or in part by delivery (on a form acceptable to the Board) of an irrevocable direction to a licensed securities broker acceptable to the Company to sell shares of Stock and to deliver
all or part of the sales proceeds to the Company in payment of the Option Price and any withholding taxes described in Section 18.3. 
  

	 	12.4.	 Other Forms of Payment. 

To the extent the Award Agreement so provides, payment of the Option Price for shares purchased pursuant to exercise of an Option or the
Purchase Price for Restricted Stock may be made in any other form that is consistent with applicable laws, regulations and rules. 
  

	13.	 TERMS AND CONDITIONS OF DIVIDEND EQUIVALENT RIGHTS 

 

	 	13.1.	 Dividend Equivalent Rights. 

A Dividend Equivalent Right is an Award entitling the recipient to receive credits based on cash distributions that would have been paid on the
shares of Stock specified in the Dividend Equivalent Right (or other award to which it relates) if such shares had been issued to and held by the recipient. A Dividend Equivalent Right may be granted hereunder to any Grantee as a component of
another Award or as a freestanding award. The terms and conditions of Dividend Equivalent Rights shall be specified in the grant. Dividend equivalents credited to the holder of a Dividend Equivalent Right may be paid currently or may be deemed to be
reinvested in additional shares of Stock, which may thereafter accrue additional equivalents. Any such reinvestment shall be at Fair Market Value on the date of reinvestment. Dividend Equivalent Rights may be settled in cash or Stock or a
combination thereof, in a single installment or installments, all determined in the sole discretion of the Board, subject to the requirements of Section 409A of the Code, if applicable. A Dividend Equivalent Right granted as a component of
another Award may provide that such Dividend Equivalent Right shall be settled upon exercise, settlement, or payment of, or lapse of restrictions on, such other Award, and that such Dividend Equivalent Right shall expire or be forfeited or annulled
under the same conditions as such other Award. A Dividend Equivalent Right granted as a component of another Award may also contain terms and conditions different from such other award. 

 

	 	13.2.	 Termination of Service. 

Except as may otherwise be provided by the Board either in the Award Agreement or in writing after the Award Agreement is issued, a
Grantee’s rights in all Dividend Equivalent Rights or interest equivalents shall automatically terminate upon the Grantee’s termination of Service for any reason. 
  

	14.	 TERMS AND CONDITIONS OF PERFORMANCE AND ANNUAL INCENTIVE AWARDS 

 

	 	14.1.	 Performance Conditions. 

The right of a Grantee to exercise or receive a grant or settlement of any Award, and the timing thereof, may be subject to such performance
conditions as may be specified by the Board. The Board may use such business criteria and other measures of performance as it may deem appropriate in establishing any performance conditions, and may exercise its discretion to reduce the amounts
payable under any Award subject to performance conditions. Performance goals shall be established not later than 90 days after the beginning of any performance period applicable to such Performance or Annual Incentive Awards. 

 

	 	14.2.	 Settlement of Performance or Annual Incentive Awards; Other Terms. 

Settlement of such Performance or Annual Incentive Awards shall be in cash, Stock, other Awards or other property, in the discretion of the
Committee, subject to the requirements of Section 409A of the Code, if applicable. The Committee may, in its discretion, reduce the amount of a settlement otherwise to be made in connection with such Performance or Annual Incentive Awards. The
Committee shall specify in writing the circumstances in which such Performance or Annual Incentive Awards shall be paid or forfeited in the event of termination of Service by the Grantee prior to the end of a performance period or settlement of
Performance Awards. 

  
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	 	14.3.	 Written Determinations. 

All determinations by the Committee as to the establishment of performance goals, the amount of any Performance Award pool or potential
individual Performance Awards and as to the achievement of performance goals relating to Performance Awards, and the amount of any Annual Incentive Award pool or potential individual Annual Incentive Awards and the amount of final Annual Incentive
Awards, shall be made in writing.. 
  

	 	14.4.	 Status of Awards Under Code Section 162(m). 

Performance Awards and Annual Incentive Awards granted prior to November 2, 2017 to a Covered Employee and otherwise considered to be
“grandfathered” under Section 162(m) of the Code, as amended by the Tax Cuts and Jobs Act of 2017, shall not be subject to any amendment under this amendment and restatement of the Plan to the extent such amendment otherwise would be
considered a material modification. 
  

	15.	 PARACHUTE LIMITATIONS 

Notwithstanding any other provision of the Plan or of any other agreement, contract, or understanding heretofore or hereafter entered into by a
Grantee with the Company or any Affiliate, except an agreement, contract, or understanding hereafter entered into that expressly modifies or excludes application of this paragraph (an “Other Agreement”), and notwithstanding any formal or
informal plan or other arrangement for the direct or indirect provision of compensation to the Grantee (including groups or classes of Grantees or beneficiaries of which the Grantee is a member), whether or not such compensation is deferred, is in
cash, or is in the form of a benefit to or for the Grantee (a “Benefit Arrangement”), if the Grantee is a “disqualified individual,” as defined in Section 280G(c) of the Code, any Option, Restricted Stock or Stock Unit held
by that Grantee and any right to receive any payment or other benefit under the Plan shall not become exercisable or vested (i) to the extent that such right to exercise, vesting, payment, or benefit, taking into account all other rights,
payments, or benefits to or for the Grantee under the Plan, all Other Agreements, and all Benefit Arrangements, would cause any payment or benefit to the Grantee under the Plan to be considered a “parachute payment” within the meaning of
Section 280G(b)(2) of the Code as then in effect (a “Parachute Payment”) and (ii) if, as a result of receiving a Parachute Payment, the aggregate after-tax amounts received by the
Grantee from the Company under the Plan, all Other Agreements, and all Benefit Arrangements would be less than the maximum after-tax amount that could be received by the Grantee without causing any such
payment or benefit to be considered a Parachute Payment. In the event that the receipt of any such right to exercise, vesting, payment, or benefit under the Plan, in conjunction with all other rights, payments, or benefits to or for the Grantee
under any Other Agreement or any Benefit Arrangement would cause the Grantee to be considered to have received a Parachute Payment under the Plan that would have the effect of decreasing the after-tax amount
received by the Grantee as described in clause (ii) of the preceding sentence, then the Grantee shall have the right, in the Grantee’s sole discretion, to designate those rights, payments, or benefits under the Plan, any Other Agreements,
and any Benefit Arrangements that should be reduced or eliminated so as to avoid having the payment or benefit to the Grantee under the Plan be deemed to be a Parachute Payment. 

 

	16.	 REQUIREMENTS OF LAW 

 

	 	16.1.	 General. 

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

  
 14 

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

	 	16.2.	 Rule 16b-3. 

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

	17.	 EFFECT OF CHANGES IN CAPITALIZATION 

 

	 	17.1.	 Changes in Stock. 

If the number of outstanding shares of Stock is increased or decreased or the shares of Stock are changed into or exchanged for a different
number or kind of shares or other securities of the Company on account of any recapitalization, reclassification, stock split, reverse split, combination of shares, exchange of shares, stock dividend or other distribution payable in capital stock,
or other increase or decrease in such shares effected without receipt of consideration by the Company occurring after the Effective Date, the number and kinds of shares for which grants of Options and other Awards may be made under the Plan shall be
adjusted proportionately and accordingly by the Company. In addition, the number and kind of shares for which Awards are outstanding shall be adjusted proportionately and accordingly so that the proportionate interest of the Grantee immediately
following such event shall, to the extent practicable, be the same as immediately before such event. Any such adjustment in outstanding Options or SARs shall not change the aggregate Option Price or SAR Exercise Price payable with respect to shares
that are subject to the unexercised portion of an outstanding Option or SAR, as applicable, but shall include a corresponding proportionate adjustment in the Option Price or SAR Exercise Price per share. The conversion of any convertible securities
of the Company shall not be treated as an increase in shares effected without receipt of consideration. Furthermore, in the event of any distribution to the Company’s stockholders of securities of any other entity or other assets (including an
extraordinary cash dividend but excluding a non-extraordinary dividend payable in cash or in stock of the Company) without receipt of consideration by the Company, the Company may, in such manner as the
Company deems appropriate to reflect such distribution, adjust (i) the number and kind of shares for which grants of Option and other Awards may be made under the Plan, (ii) the number and kind of shares subject to outstanding Awards,
and/or (iii) the exercise price of outstanding Options and Stock Appreciation Rights to reflect such distribution. 

  
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	 	17.2.	 Reorganization in Which the Company Is the Surviving Entity Which does not Constitute a Corporate
Transaction. 

 Subject to Section 17.3 hereof, if the Company shall be the surviving entity
in any reorganization, merger, or consolidation of the Company with one or more other entities which does not constitute a Corporate Transaction, any Option or SAR theretofore granted pursuant to the Plan shall pertain to and apply to the securities
to which a holder of the number of shares of Stock subject to such Option or SAR would have been entitled immediately following such reorganization, merger, or consolidation, with a corresponding proportionate adjustment of the Option Price or SAR
Exercise Price per share so that the aggregate Option Price or SAR Exercise Price thereafter shall be the same as the aggregate Option Price or SAR Exercise Price of the shares remaining subject to the Option or SAR immediately prior to such
reorganization, merger, or consolidation. Subject to any contrary language in an Award Agreement evidencing an Award, any restrictions applicable to such Award shall apply as well to any replacement shares received by the Grantee as a result of the
reorganization, merger or consolidation. In the event of a transaction described in this Section 17.2, Stock Units shall be adjusted so as to apply to the securities that a holder of the number of shares of Stock subject to the Stock Units
would have been entitled to receive immediately following such transaction. 
  

	 	17.3.	 Corporate Transaction. 

Except as otherwise provided in the applicable Award Agreement, and subject to the exceptions set forth in the last sentence of this
Section 17.3 and the last sentence of Section 17.4, upon the occurrence of a Corporate Transaction: 

(i)    all outstanding shares of Restricted Stock shall be deemed to have vested as of the day immediately
prior to the occurrence of such Corporate Transaction, conditioned upon the closing of such Corporate Transaction, 

(ii)    all outstanding Stock Units shall be deemed to have vested, and the shares of Stock subject thereto
shall be delivered, in such manner and at such time as provided in the applicable Award Agreement, and 
 (iii)
    either of the following two actions shall be taken: 
 (A)     fifteen days prior
to the scheduled consummation of a Corporate Transaction, all Options and SARs outstanding hereunder shall become immediately exercisable and shall remain exercisable for a period of fifteen days, or 

(B)     the Board may elect, in its sole discretion, to cancel any outstanding Awards of Options,
Restricted Stock, Stock Units, and/or SARs and pay or deliver, or cause to be paid or delivered, to the holder thereof an amount in cash or securities having a value (as determined by the Board acting in good faith), in the case of Restricted Stock
or Stock Units, equal to the formula or fixed price per share paid to holders of shares of Stock and, in the case of Options or SARs, equal to the product of the number of shares of Stock subject to the Option or SAR (the “Award Shares”)
multiplied by the amount, if any, by which (I) the formula or fixed price per share paid to holders of shares of Stock pursuant to such transaction exceeds (II) the Option Price or SAR Exercise Price applicable to such Award Shares. 

With respect to the Company’s establishment of an exercise window, (i) any exercise of an Option or SAR during such fifteen-day period shall be conditioned upon the consummation of the event and shall be effective only immediately before the consummation of the event, and (ii) upon consummation of any Corporate Transaction
the Plan, and all outstanding but unexercised Options and SARs shall terminate. The Board shall send written notice of an event that will result in such a termination to all individuals who hold Options and SARs not later than the time at which the
Company gives notice thereof to its stockholders. This Section 17.3 shall not apply to any Corporate Transaction to the extent that provision is made in writing in connection with such Corporate Transaction for the
assumption or continuation of the Options, SARs, Stock Units and Restricted Stock theretofore granted, or for the substitution for such Options, SARs, Stock Units and Restricted Stock for new common stock options and stock appreciation rights and
new common stock units 

  
 16 

 
and restricted stock relating to the stock of a successor entity, or a parent or subsidiary thereof, with appropriate adjustments as to the number of shares (disregarding any consideration that
is not common stock) and option and stock appreciation right exercise prices, in which event the Plan, Options, SARs, Stock Units and Restricted Stock theretofore granted shall continue in the manner and under the terms so provided. 

 

	 	17.4.	 Adjustments. 

Adjustments under this Section 17 related to shares of Stock or securities of the Company shall be made by the Board,
whose determination in that respect shall be final, binding and conclusive. No fractional shares or other securities shall be issued pursuant to any such adjustment, and any fractions resulting from any such adjustment shall be eliminated in each
case by rounding downward to the nearest whole share. The Board shall determine the effect of a Corporate Transaction upon Awards other than Options, SARs, Stock Units and Restricted Stock, and such effect shall be set forth in the appropriate Award
Agreement. The Board may provide in the Award Agreements at the time of grant, or any time thereafter with the consent of the Grantee, for different provisions to apply to an Award in place of those described in Sections 17.1, 17.2 and
17.3. 
  

	 	17.5.	 No Limitations on Company. 

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

 

	18.	 GENERAL PROVISIONS 

 

	 	18.1.	 Disclaimer of Rights. 

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

	 	18.2.	 Nonexclusivity of the Plan. 

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

	 	18.3.	 Withholding Taxes. 

The Company or an Affiliate, as the case may be, shall have the right to deduct from payments of any kind otherwise due to a Grantee any
federal, state, or local taxes of any kind required by law to be withheld with respect to the vesting of or other lapse of restrictions applicable to an Award or upon the issuance of any shares of Stock upon the exercise of an Option or pursuant to
an Award. The Company or Affiliate shall withhold only the minimum amount necessary to satisfy applicable statutory withholding requirements, provided that the Company or Affiliate may permit a Grantee to elect to have an additional amount withheld
(up to the maximum allowed by law and to the extent allowed under Section 409A of the Code). At the time of such vesting, lapse, or exercise, the Grantee shall pay to the Company or the Affiliate, as the case may be, any amount that the

  
 17 

 
Company or the Affiliate may reasonably determine to be necessary to satisfy such withholding obligation. Subject to the prior approval of the Company or the Affiliate, which may be withheld by
the Company or the Affiliate, as the case may be, in its sole discretion, the Grantee may elect to satisfy such obligations, in whole or in part, (i) by causing the Company or the Affiliate to withhold shares of Stock otherwise issuable to the
Grantee or (ii) by delivering to the Company or the Affiliate shares of Stock already owned by the Grantee. The shares of Stock so delivered or withheld shall have an aggregate Fair Market Value equal to such withholding obligations. The Fair
Market Value of the shares of Stock used to satisfy such withholding obligation shall be determined by the Company or the Affiliate as of the date that the amount of tax to be withheld is to be determined. A Grantee who has made an election pursuant
to this Section 18.3 may satisfy his or her withholding obligation only with shares of Stock that are not subject to any repurchase, forfeiture, unfulfilled vesting, or other similar requirements. 

 

	 	18.4.	 Section 409A of the Code. 

Except as otherwise provided, the terms of the Plan are intended to be exempt from Section 409A of the Code and the guidance issued
thereunder (“Section 409A”). To the extent a provision of the Plan is not exempt from Section 409A, the Board may, in its sole discretion, take such steps as it deems reasonable to provide the coverage or benefits provided under
the Plan so as to comply with Section 409A. An Award may be designed to be exempt from, or comply with, Section 409A. Notwithstanding anything to the contrary in the Plan or Award Agreement, to the extent required to avoid accelerated
taxation and tax penalties under Section 409A, and only to the extent any amounts or benefits payable under an Award are subject to Section 409A and triggered by a Grantee’s termination of employment, amounts that would otherwise be
payable and benefits that would otherwise be provided to a specified employee (as defined in Section 409A) pursuant to the Plan during the six month period immediately following the Grantee’s separation from service (as defined in
Section 409A) shall instead be paid on the first payroll date after the six-month anniversary of the Grantee’s separation from service (or the Grantee’s death, if earlier). Notwithstanding the
foregoing, neither the Company, nor the Board, nor the Committee shall have any obligation to take any action to prevent the assessment of any excise tax or penalty on any Grantee under Section 409A and neither the Company, nor the Board, nor
the Committee will have any liability to any Grantee for such tax or penalty. 
  

	 	18.5.	 Captions. 

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

	 	18.6.	 Other Provisions. 

Each Award granted under the Plan may contain such other terms and conditions not inconsistent with the Plan as may be determined by the Board,
in its sole discretion. 
  

	 	18.7.	 Number and Gender. 

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

	 	18.8.	 Severability. 

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

 

	 	18.9.	 Governing Law. 

The validity and construction of the Plan and the instruments evidencing the Award hereunder shall be governed by the laws of the State of
Nevada, to the extent not governed by federal law, other than any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan and the instruments evidencing the Awards granted hereunder to the
substantive laws of any other jurisdiction. 

  
 18Exhibit 4.1

 

AMENDED
                                         AND RESTATED WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPUS BANKDATE OF INITIAL ISSUANCE:
                                         SEPTEMBER 30, 2010THIS CERTIFIES THAT, for value received, a (the "Holder"), is entitled
                                         to purchase, subject to the exercise and other provisions of this Amended and Restated
                                         Warrant (including any Warrants issued in exchange, transfer or replacement hereof, the
                                         "Warrant"), from Opus Bank (the "Bank") at any time prior tothe lOth anniversary of the
                                         date of initial issuance of this Warrant, up to ( )shares (as such number of shares may
                                         be adjusted in accordance with Section 2 hereof, the "Warrant Shares") of the Bank's
                                         common stock, no par value ("Common Stock"), at any time and from time to time, in whole
                                         or in part, at an exercise price of $20.00 (subject to adjustment as provided in Section
                                         2 hereof, the "Exercise Price") per Warrant Share. The Holder may also, at any time and
                                         from time to time, in whole or in part, exercise this Warrant pursuant to a "Cashless
                                         Exercise," as defined and provided in Section 1.3(b). This Warrant shall expire at 5:00P.M.,
                                         Eastern Time, on the tenth anniversary of the date of initial issuance of this Warrant
                                         (the "Expiration Time"). This Warrant is granted in connection with and pursuant to,
                                         and is entitled to the benefits of, the Stock Subscription Agreement, dated as of June
                                         25, 2010, by and between the Bank and the Purchaser named therein, as amended by that
                                         certain First Amendment to the Stock Subscription Agreement, dated as of September 29,
                                         2010, and that certain Second Amendment to the Stock Subscription Agreement, dated as
                                         of September 21, 2011 (collectively, the "Subscription Agreement"), and the Registration
                                         Rights Agreement related thereto (the "Registration Rights Agreement"), and is granted
                                         in exchange for and replaces the Warrant to Purchase Shares of Common Stock of the Bank
                                         dated September 30, 2010 (the "Original Warrant").SECTION 1. EXERCISE OF WARRANT.hereof.1.1.
                                         Vesting. The Holder's rights under this Warrant are fully vested as of the date1.2. Exercisability.
                                         This Warrant is exercisable, at any time and from time to time, in whole or in part,
                                         as of the date hereof and until the Expiration Time; provided, however, that the Holder
                                         shall not be entitled to exercise any portion of this Warrant prior to the receipt of
                                         any required regulatory approvals or consents to the extent required.5196223

    	 

    	 

    

 

1.3.
                                         Procedure for Exercise of Warrant.(a) Cash Exercise. The Holder may exercise this Warrant
                                         in whole or in part by delivering to the Bank at any time and from time to time prior
                                         to the Expiration Time: (i) a completed and signed Notice of Exercise, as attached hereto
                                         as Schedule A (including the Substitute Form W-9, which forms a part thereof, the "Notice
                                         of Exercise"); (ii) cash in an amount equal to the product of (x) the Exercise Price
                                         (as this may be adjusted pursuant to Section 2 hereof), and (y) the number of Warrant
                                         Shares being purchased pursuant to such Notice of Exercise (such product, the "Aggregate
                                         Exercise Price"); and (iii) this Warrant to the following address:Opus Bank 1333 South
                                         Pacific Coast Highway Redondo Beach, CA 90277 Attention: Corporate SecretaryUpon payment
                                         in good collected funds of the Aggregate Exercise Price (rounded up to the nearest dollar)
                                         for the Warrant Shares being purchased, the Holder shall be deemed to be the holder of
                                         record of such Warrant Shares for all purposes, notwithstanding that the stock transfer
                                         books of the Bank may then be closed or that certificates representing such Warrant Shares
                                         have not been issued or delivered to the Holder.The Bank shall, as promptly as practicable·
                                         after completion of the actions specified in this Section 1.3(a), cause to be executed,
                                         and shall deliver to the Holder, a certificate representing the aggregate number of Warrant
                                         Shares specified in the Notice of Exercise. Each certificate for shares of Common Stock
                                         so delivered shall be in such denomination as may be requested by the Holder and shall
                                         be registered in the name of the Holder. If this Warrant shall have been exercised only
                                         in part, then the Bank shall, at the time of delivery of said certificate or certificates,
                                         also deliver to the Holder a new Warrant evidencing the remaining outstanding unexercised
                                         balance of Warrant Shares. The Bank shall pay all expenses, stock transfer taxes and
                                         other charges payable in connection with the preparation, execution and delivery of such
                                         certificates for shares of Common Stock and new Warrants.(b) Cashless Exercise. The Holder
                                         hereof may elect to exercise this Warrant, in whole or in part, and to receive, without
                                         the payment by such Holder of any additional cash or other consideration (the "Cashless
                                         Exercise"), Warrant Shares equal to the value of this Warrant or any portion hereof by
                                         surrendering this Warrant, along with the Notice of Exercise providing such number of
                                         Warrant Shares to be surrendered in the Cashless Exercise, to the address provided above
                                         in Section 1.3(a). The Bank shall then issue to the Holder such number of validly issued,
                                         fully paid and non-assessable Warrant Shares as is computed using the following formula:X=
                                         Y*(A-B) A- 2-5196223

    	 

    	 

    

 

where
                                         X = the number of shares of Common Stock to be issued to the Holder pursuant to this
                                         Section 1.3(b).Y = the number of Warrant Shares to be surrendered according to the Notice
                                         of Exercise delivered to the Bank pursuant to this Section 1.3(b).A= the Market Price
                                         of one share of Common Stock at the time the Notice of Exercise is made pursuant to this
                                         Section 1.3(b).B = the Exercise Price in effect under this Warrant at the time the Notice
                                         of Exercise is made pursuant to this Section 1.3(b).The term "Market Price" of a share
                                         of Common Stock shall mean the fair market value of a share, which shall be, (i) at any
                                         time such security is listed or traded on any securities exchange or quoted in an over-the-counter
                                         market, (A) the last reported sale price regular way of the Common Stock on the principal
                                         national securities exchange on which the Common Stock is listed or admitted to trading,
                                         or, if there have been no sales reported on any day, the average of the highest bid and
                                         lowest asked prices on such exchange, or (B) if on any day such security is not so listed
                                         and is instead quoted in the over-the-counter market, the average of the highest bid
                                         and lowest asked prices on such day in the domestic over-the-counter market as reported
                                         by the National Quotation Bureau, Incorporated, or any similar successor organization,
                                         in each of (A) and (B) of this paragraph, averaged over a period of the 20 consecutive
                                         trading days prior to the day as of which the Market Price is being determined, or (ii)
                                         at any time such security is not listed on any securities exchange or quoted in an over
                                         the counter market, as determined reasonably and in good faith by the Board of Directors
                                         of the Bank (the "Board"). The Holder may object in writing to the Board's determination
                                         of Market Price within seven days of receipt of written notice thereof. If the Holder
                                         and the Bank are unable to agree on the Market Price during the seven-day period following
                                         the delivery of the Holder's objection, the Appraisal Procedure may be invoked by either
                                         party to determine Market Price by delivering written notice thereof not later than the
                                         20th day after delivery of the Holder's objection.The term "Appraisal Procedure" shall
                                         mean a procedure whereby two independent appraisers, one chosen by the Bank and one by
                                         the Holder, shall mutually agree upon the determinations then the subject of appraisal.
                                         Each party shall deliver a notice to the other appointing its appraiser within 10 days
                                         after the Appraisal Procedure is invoked. If within 15 days after appointment of the
                                         two appraisers they are unable to agree upon the amount in question, a third independent
                                         appraiser shall be chosen within 10 days thereafter by the mutual consent of such first
                                         two appraisers or, if such first two appraisers are unable to agree upon the appointment
                                         of a third appraiser, such appointment shall be made by the American Arbitration Association,
                                         or any organization successor thereto, from a panel of arbitrators having experience
                                         in the appraisal of the subject matter to be appraised. The decision of the third appraiser
                                         so appointed and chosen shall be given within 20 days after the selection of such third
                                         appraiser. If three appraisers shall be appointed and the determination of one appraiser
                                         is disparate from the- 3 -5196223

    	 

    	 

    

 

middle
                                         determination by more than twice the amount by which the other determination is disparate
                                         from the middle determination, then the determination of_ such appraiser shall be excluded,
                                         the remaining two determinations shall be averaged and such average shall be binding
                                         and conclusive upon the Bank and the Holder; otherwise, the average of all three determinations
                                         shall be binding upon the Bank and the Holder. The costs of conducting any Appraisal
                                         Procedure shall be borne equally by the Bank and the Holder.Upon receipt of the executed
                                         Notice of Exercise by the Bank, the Holder shall be deemed to be the holder of record
                                         of such Warrant Shares to be issued pursuant to the Cashless Exercise, notwithstanding
                                         that the Bank's stock transfer books may be closed or that certificates representing
                                         such Warrant Shares have not been issued or delivered to the Holder, provided, however,
                                         that in the event the Appraisal Procedure has been invoked in connection with a dispute
                                         regarding the Market Price, then the Holder shall be deemed to be the holder of record
                                         of the number of Warrant Shares that it would own if the Bank were to prevail in the
                                         Appraisal Procedure, pending the outcome of such proceeding, and the Bank shall deliver
                                         to the Holder, upon receipt of the executed Notice of Exercise, and, if applicable, following
                                         the outcome of the Appraisal Procedure, the number of Warrant Shares necessary to effect
                                         the foregoing.The Bank shall, as promptly as practicable after completion of the exercise
                                         of the Warrant as specified in this Section 1.3(b), cause to be executed, and delivered
                                         to the Holder exercising such Warrants, a certificate representing the aggregate number
                                         of Warrant Shares calculated pursuant to the Cashless Exercise formula described above.
                                         Each certificate so delivered shall be in such denomination as may be requested by the
                                         Holder and shall be registered in the name of the Holder. If this Warrant shall have
                                         been exercised only in part, then the Bank shall, at the time of delivery of said certificate
                                         or certificates, also deliver to the Holder a new Warrant evidencing the remaining outstanding
                                         unexercised balance of Warrant Shares. The Bank shall pay all expenses, stock transfer
                                         taxes and other charges payable in connection with the preparation, execution and delivery
                                         of such certificates for shares of Common Stock and new Warrants.SECTION 2. ADJUSTMENTS2.1.
                                         Adjustments and Other Rights. The Exercise Price and the number of Warrant Shares issuable
                                         shall be subject to adjustment from time to time as follows; provided, that if more than
                                         one subsection of this Section 2.1 is applicable to a single event, the subsection shall
                                         be applied that produces the largest adjustment and no single event shall cause an adjustment
                                         under more than one subsection of this Section 2.1 so as to result in duplication:(a)
                                         Stock Splits, Subdivisions, Reclassifications or Combinations. If the Bank shall (i)
                                         declare and pay a dividend or make a distribution on its Common Stock in shares of Common
                                         Stock, (ii) subdivide or reclassify the outstanding shares of Common Stock into a greater
                                         number of shares, or (iii) combine or reclassify the outstanding shares of Common Stock
                                         into a smaller number of shares, the number of Warrant Shares issuable at the time of
                                         the record date for such dividend or distribution or the effective date of such subdivision,
                                         combination or reclassification shall be proportionately adjusted so that- 4-5196223

    	 

    	 

    

 

the
                                         Holder after such date shall be entitled to purchase the number of shares of Common Stock
                                         which such Holder would have owned or been entitled to receive in respect of the shares
                                         of Common Stock subject to this Warrant after such date had this Warrant been exercised
                                         immediately prior to such date. In such event, the Exercise Price in effect at the time
                                         of the record date for such dividend or distribution or the effective date of such subdivision,
                                         combination or reclassification shall be adjusted to the number obtained by dividing
                                         (x) the product of (1) the number of Warrant Shares issuable before such adjustment and
                                         (2) the Exercise Price in effect immediately prior to the record or effective date, as
                                         the case may be, for the dividend, distribution, subdivision, combination or reclassification
                                         giving rise to this adjustment by (y) the new number of Warrant Shares issuable determined
                                         pursuant to the immediately preceding sentence.(b) Adjustments for Certain Dividends
                                         and Distributions. If while this Warrant, or any portion hereof, remains outstanding
                                         and unexpired, the holders of Common Stock shall have received, or, on or after the record
                                         date fixed for the determination of eligible stockholders, shall have become entitled
                                         to receive, without payment therefor, additional stock or other securities, assets or
                                         property (other than ordinary cash dividends or dividends paid or payable in shares of
                                         Common Stock, but including extraordinary cash dividends or distributions) of the Bank
                                         by way of dividend or distribution (other than as part of its dissolution, liquidation
                                         or the winding up of its affairs), then and in each case, the Exercise Price in effect
                                         prior to such record date (or if there is no record date, the date of receipt of such
                                         dividend or distribution) shall be reduced immediately thereafter to the price determined
                                         by multiplying the Exercise Price in effect immediately prior to such reduction by the
                                         quotient of (i) (A) the Market Price of the Common Stock on the last trading day preceding
                                         the first date on which the Common Stock trades regular way on the principal national
                                         securities exchange on which the Common Stock is listed or admitted to trading without
                                         the right to receive such distributions (or, if the Common Stock is not so listed or
                                         admitted to trading, the Market Price of the Common Stock on the last day prior to the
                                         record date for such dividend or distribution), minus (B) the amount of cash and/or the
                                         Fair Market Value of the additional stock or other securities, assets or property to
                                         be so distributed in respect of one share of Common Stock, divided by (ii) such Market
                                         Price specified in clause (i) (A); such adjustment shall be made successively whenever
                                         such a record date is fixed. In such event, the number of Warrant Shares issuable shall
                                         be increased to the number obtained by dividing (x) the product of (1) the number of
                                         Warrant Shares issuable before such adjustment and (2) the Exercise Price in effect immediately
                                         prior to the distribution giving rise to this adjustment by (y) the new Exercise Price
                                         determined in accordance with the immediately preceding sentence. "Fair Market Value"
                                         means, with respect to any additional stock or other securities, assets or property,
                                         the fair market value of such additional stock or other securities, assets or other property
                                         as determined by the Board, acting in good faith. For so long as the Holder holds this
                                         Warrant or any portion thereof, it may object in writing to the Board's calculation of
                                         fair market value within 10 days of receipt of written notice thereof. If the Holder
                                         and the Bank are unable to agree on the fair market value during the 10-day period following
                                         the delivery of the Holder's- 5-5196223

    	 

    	 

    

 

objection,
                                         the Appraisal Procedure may be invoked by either party to determine Fair Market Value
                                         by delivering written notification thereof not later than the 30th day after delivery
                                         of the Holder's objection.(c) If any event shall occur as to which the provisions of
                                         this Section 2.1 are not strictly applicable but the failure to make any adjustment would
                                         not fairly protect the purchase right represented by this Warrant in accordance with
                                         the essential intent and principles of Section 2.1, then, in each such case, the Board
                                         shall make such adjustment, if any, on a basis consistent with the essential intent and
                                         principles established in this Section 2.1 necessary to preserve,. without dilution,
                                         the purchase right represented by this Warrant.2.2. Adjustment Procedures. The following
                                         provisions shall be applicable to adjustments to be made pursuant to Section 2.1 hereof:(a)
                                         When Adjustments to be Made. The adjustments required by this Section 2 shall be made
                                         whenever and as often as any event requiring an adjustment shall occur. For the purpose
                                         of any such adjustment, any event shall be deemed to have occurred at the close of business
                                         on the date of its occurrence.(b) Fractional Interests. In computing adjustments under
                                         this Section 2, fractional interests in a Warrant Share shall be taken into account to
                                         the nearest 1/lOth of a Warrant Share. In no event, however, shall fractional interests
                                         or scrip representing fractional interests be issued upon the exercise of this Warrant.
                                         In lieu thereof, a cash payment shall be made to the Holder in an amount equal to such
                                         fraction multiplied by the Market Price per share of Common Stock.(c) When Adjustment
                                         Not Required.(i) If the Bank shall establish a record date for the determination of the
                                         holders of record of Common Stock for the purpose of entitling such holders to receive
                                         a dividend payable as provided in Section 2.1(a) and shall, thereafter and before the
                                         distribution to shareholders thereof, legally abandon its plan to pay or deliver such
                                         dividend, then no adjustment under Section 2.1(a) shall be required by reason of the
                                         establishment of such record date and any such adjustment previously made in respect
                                         thereof shall be rescinded and annulled.(ii) Notwithstanding anything herein to the contrary,
                                         no adjustment under Section 2.1 need be made to the Exercise Price and/or the number
                                         of Warrant Shares, as the case may be, unless such adjustment would require an increase
                                         or decrease of at least 1% of the Exercise Price and/or the number of Warrant Shares,
                                         as the case may be, then in effect. Any lesser adjustment(s) shall be carried forward
                                         and shall be made at the time of and together with the next subsequent adjustment, if
                                         any, which, together with any adjustment or adjustments so carried forward, shall amount
                                         to an increase or decrease of- 6-5196223

    	 

    	 

    

 

at
                                         least 1% of such Exercise Price and/or the number of Warrant Shares. Notwithstanding
                                         the foregoing, all such carried-forward adjustments shall be made in connection with
                                         any exercise of the Warrant.(d) Officers' Certificate Setting Forth Exercise Price Adjustment.
                                         Upon any increase or decrease in the Warrant Shares or the Exercise Price, as the case
                                         may be, pursuant to Section 2.1, the Bank promptly shall deliver to each Holder an officers'
                                         certificate signed by two duly authorized officers of the Bank ("Officers' Certificate")
                                         describing in reasonable detail the event requiring the increase or decrease in the Exercise
                                         Price and the method of calculation thereof and specifying the increased or decreased
                                         Warrant Shares or Exercise Price, as the case may be, in effect following · such
                                         adjustment.2.3. Consolidation, Merger and Sale of Assets.(a) In the event of (i) any
                                         consolidation or merger of the Bank with or into another Person or any merger of another
                                         Person (as defined below) with or into the Bank (other than a consolidation or merger
                                         in which the Bank is the resulting or surviving Person and which does not result in any
                                         reclassification or change of the outstanding Common Stock), (ii) a reorganization into
                                         a bank holding company form of organization ("Holding Company Reorganization"), (iii)
                                         any sale, lease or other disposition to another Person of all or substantially all of
                                         the assets of the Bank (computed on a consolidated basis), (iv) any statutory share exchange,
                                         spin off or split off involving the Bank, or (v) a reorganization or reclassification
                                         of the Common Stock (other than a change in par value, or from no par value to par value,
                                         or from par value to no par value, or as a result of a subdivision or a combination)
                                         (any of the foregoing, a "Corporate Change Transaction"), then the Holder shall thereafter
                                         be entitled to receive upon exercise of this Warrant in whole or in part, the same kind
                                         and number of shares of capital stock and other securities, cash or other property (and
                                         upon the same terms and with the same rights) as would have been distributed to the Holder
                                         upon consummation of such Corporate Change Transaction had the Holder exercised this
                                         Warrant immediately prior to the occurrence of such transaction (subject to subsequent
                                         adjustments under this Section 2), and the Exercise Price shall be adjusted appropriately
                                         to reflect such action and adjustment. If any Corporate Change Transaction set forth
                                         in this Section 2.3(a) results in a cash distribution in excess of the Exercise Price
                                         provided by this Warrant, then the Holder may, at the Holder's option, exercise this
                                         Warrant without making payment of the Exercise Price, and in such case, the Bank or its
                                         successors and assigns shall, upon distribution to such Holder, deduct the Aggregate
                                         Exercise Price from the cash payable to such Holder in full payment of the Exercise Price,
                                         and pay the balance of the distribution to such Holder. For purposes of this Section
                                         2.3, "Person" shall mean an individual, partnership, association, limited liability company,
                                         trust, unincorporated organization, government or agency or political subdivision thereof,
                                         or any other legal entity.- 7-5196223

    	 

    	 

    

 

(b)
                                         Notwithstanding anything herein to the contrary, the Bank will not effect, and will not
                                         permit its subsidiaries to effect, any Corporate Change Transaction unless prior to the
                                         consummation thereof, every Person that may be required to deliver any shares of capital
                                         stock, other securities, cash or property upon the exercise of this Warrant shall agree
                                         by an instrument in writing to be bound by this Warrant and to deliver such shares of
                                         capital stock, other securities, cash or property to the Holder pursuant to the terms
                                         hereof. In the event of any Corporate Change Transaction as a result of a Holding Company
                                         Reorganization, any such newly formed bank holding company (the "Holding Company") shall
                                         as a condition to completing the Holding Company Reorganization, be required to issue
                                         to the Holder a new warrant ("New Warrant") in exchange for this Warrant. The New Warrant
                                         shall have terms, conditions and covenants that are substantially identical to the terms,
                                         conditions and covenants of this Warrant, including (i) an exercise price equal to the
                                         Warrant's then applicable Exercise Price and (ii) providing that the New Warrant shall
                                         be exercisable for an equivalent number of underlying shares of the Holding Company's
                                         common stock (or such other Holding Company capital stock that was issued by the Holding
                                         Company to the holders of Common Stock upon completion of the Holding Company Reorganization)
                                         as the number of Warrant Shares that remain unexercised immediately prior to the date
                                         the Warrant is exchanged for the New Warrant all in accordance with Section 2.3(a). The
                                         term of the New Warrant shall be the length of time that remains with respect to the
                                         term of the Warrant immediately prior to the exchange for the New Warrant. The Holder
                                         and the Bank shall work in good faith to cause the exchange of the Warrant for the New
                                         Warrant upon a Holding Company Reorganization as contemplated by this Section 2.3(b).
                                         Upon exchange of the Warrant for the New Warrant, this Warrant shall be cancelled and
                                         be of no further force or effect.(c) The foregoing provlSlons of this Section 2.3 shall
                                         similarly apply to successive reorganizations, consolidations, mergers, sales and transfers
                                         and to the stock or securities of any other corporation that are at the time receivable
                                         upon the exercise or exchange of this Warrant.2.4. Covenants. The Bank covenants and
                                         agrees as follows:(a) This Warrant has been duly authorized and validly issued, is not
                                         subject to assessment and has not been issued in violation of any preemptive rights.
                                         All Warrant Shares that may be issued upon the exercise of the rights represented by
                                         this Warrant will, upon issuance, be duly authorized and validly issued, will not be
                                         subject to assessment and will not be issued in violation of any preemptive rights.(b)
                                         The Bank represents, warrants and covenants that during the entire period this Warrant
                                         is outstanding and any part thereof remains unexercised, it has reserved and will at
                                         all times maintain and reserve a sufficient number of its authorized and unissued- 8-5196223

    	 

    	 

    

 

shares
                                         of Common Stock to provide for the issuance of Common Stock upon the exercise of this
                                         Warrant in full.(c) The Bank shall not effect any action, including closing its books
                                         against the transfer of this Warrant or of any shares of Common Stock issuable upon exercise
                                         of this Warrant in any manner, that interferes with the timely exercise of the Warrant
                                         in accordance with the express terms of this Warrant and the Subscription Agreement.(d)
                                         The Bank shall assist and cooperate with the Holder in making any required regulatory
                                         filings or obtaining any required regulatory approvals prior to or in connection with
                                         any exercise of this Warrant (including, without limitation, making any filings required
                                         to be made by the Bank).SECTION 3. OWNERSHIP AND TRANSFER.3.1. Ownership. The Bank may
                                         deem and treat the person in whose name this Warrant is registered as the sole Holder
                                         and the sole owner hereof (notwithstanding any notations of ownership or writing hereon
                                         made by anyone other than the Bank) for all purposes and shall not be affected by any
                                         notice to the contrary until presentation of this Warrant to the Bank for registration
                                         of transfer in accordance with its terms.3.2. Replacement. Upon receipt by the Bank of
                                         evidence reasonably satisfactory to it of the loss, theft or destruction of this Warrant,
                                         and of indemnity and/or security reasonably satisfactory to it, or upon surrender of
                                         this Warrant if mutilated, the Bank will make and deliver a new Warrant of like tenor,
                                         in lieu of this Warrant. This Warrant shall be promptly canceled by the Bank upon the
                                         surrender hereof in connection with any transfer or replacement. Except as otherwise
                                         provided above in the case of the loss, theft or destruction of a Warrant, the Bank shall
                                         pay all expenses, taxes and other charges payable in connection with any transfer or
                                         replacement of this Warrant.3.3. Restrictions on Transfer.(a) The Holder understands,
                                         acknowledges and agrees that this Warrant and the Warrant Shares for which it is exercisable
                                         have not been, and the Warrant and the Warrant Shares for which it is exercisable (except
                                         as may be set forth in the Registration Rights Agreement with respect to the Warrant
                                         Shares) will not be, registered under the Securities Act of 1933, as amended (the "1933
                                         Act"), or any state securities laws, and may only be sold, offered for sale, pledged,
                                         hypothecated, transferred, assigned or otherwise disposed of in compliance with the then
                                         applicable resale requirements of the 1933 Act.(b) Subject to the provisions of this
                                         Section 3.3, this Warrant is transferable, in whole or in part, when the Holder shall
                                         surrender this Warrant with a properly executed assignment to the Bank at its principal
                                         office (or any other such office or agency- 9-5196223

    	 

    	 

    

 

as
                                         identified by the Bank) whereupon the Bank will forthwith issue and deliver, upon the
                                         order of the Holder, a new Warrant, registered as the Holder may request, representing
                                         the right to purchase the number of Warrant Shares being transferred by the Holder and,
                                         if less than the total number of Warrant Shares then underlying this Warrant is being
                                         transferred, a new Warrant to the Holder representing the right to purchase the number
                                         of Warrant Shares not being transferred.SECTION 4. MISCELLANEOUS.4.1 No Rights as Shareholder;
                                         Limitation of Liability. This Warrant shall not entitle the Holder to any of the rights
                                         of a shareholder of the Bank prior to exercise of this Warrant, and then only as to the
                                         Warrant Shares issuable as a result of such exercise of the Warrant. No Holder of a Warrant
                                         shall have liability or obligation as a shareholder as a result of holding this Warrant.4.2
                                         Holder Entitled to Benefits of Other Agreements. This Warrant has been issued pursuant
                                         to the Subscription Agreement. The Holder of this Warrant is entitled to the benefits
                                         of the Subscription Agreement and the Registration Rights Agreement.4.3 No Dilution or
                                         Impairment. The Bank will not, by amendment of the Articles of Incorporation or through
                                         reorganization, consolidation, merger, dissolution, issue or sale of securities, sale
                                         of assets or any other voluntary action, avoid or seek to avoid the observance or performance
                                         of any of the terms of this Warrant, but will at all times in good faith assist in the
                                         carrying out of all such terms and in the taking of all such actions as may be necessary
                                         or appropriate in order to protect the rights of the holders of this Warrant against
                                         dilution or other impairment. Without limiting the generality of the foregoing, the Bank
                                         (a) will take all such action as may be necessary or appropriate in order that the Bank
                                         may validly and legally issue fully paid and non-assessable shares of Common Stock upon
                                         the exercise of all Warrants at the time outstanding, and (b) will take no action to
                                         amend the Articles of Incorporation or bylaws of the Bank that would change to the detriment
                                         of the holders of Common Stock (whether or not any Common Stock be at the time outstanding)
                                         the dividend or voting rights of the Common Stock.4.4 Amendment and Waiver. This Warrant
                                         may only be modified or amended and any provision hereof only may be waived by a writing
                                         executed by the Bank and upon the written consent of the Holder.4.5 Successors and Assigns.
                                         This Warrant shall be binding upon, and inure to the benefit of, the parties hereto and
                                         their respective successors and assigns permitted hereunder, and no other parties shall
                                         have any rights hereunder.4.6 Governing Law, etc. This Warrant shall be governed by,
                                         and construed and enforced in accordance with, the laws of the State of New York. Any
                                         action or proceeding with- 10-5196223

    	 

    	 

    

 

respect
                                         to this Warrant shall be brought exclusively in any federal court in New York, New York.
                                         The parties waive any right to a jury trial.4.7 Amendment and Restatement. This Warrant
                                         amends and restates in its entirety the Original Warrant.4.8 Entire Agreement. This Warrant,
                                         the Subscription Agreement, the Articles of Incorporation and the Registration Rights
                                         Agreement, and any other documents and instruments referred to herein or therein, constitute
                                         the entire agreement between the parties hereto with respect to the transactions contemplated
                                         hereunder and supersede all prior arrangements or understandings with respect thereto,
                                         written or oral.[Signature page follows]- 11-5196223

    	 

    	 

    

 

IN
                                         WITNESS WHEREOF, the Bank has caused this Amended and Restated Warrant to be signed by
                                         its duly authorized officer on this 21st day of September, 2011.OPUS BANKBy: Name: Stephen
                                         H. Gordon Title: President and Chief Executive Officer[Signature Page to Amended and
                                         Restated Warrant of _5196223

    	 

    	 

    

 

SCHEDULE
                                         ANOTICE OF EXERCISE OF AMENDED AND RESTATED WARRANT TO PURCHASE COMMON STOCK OF OPUS
                                         BANKTo: Opus Bank(1) The undersigned, the registered owner of this Amended and Restated
                                         Warrant, hereby:(i) irrevocably elects to exercise the purchase rights represented thereby
                                         for, and to acquire as set forth in Section 1.3(a) thereunder, shares of Common Stock
                                         and herewith makes payment of$ therefor, or(ii) irrevocably elects to exercise without
                                         payment therefor the rights represented thereby to receive shares of Common Stock, calculated
                                         and made pursuant to the Cashless Exercise formula set forth in Section 1.3(b) thereunder;(2)
                                         The undersigned requests that the certificates evidencing such shares of Common Stock
                                         be issued in the name of and be delivered to:Name: Address:Social Security or Tax I.D.
                                         Number: -------------------and if such shares of Common Stock shall not be all of the
                                         Warrant Shares purchasable hereunder, that a new Warrant of like tenor for the balance
                                         of the Warrant Shares purchasable hereunder be delivered to the undersigned.(3) The undersigned
                                         confirms that the shares of Common Stock received pursuant to this Notice of Exercise
                                         are being acquired for the account of the undersigned for investment only andA-15196223

    	 

    	 

    

 

not
                                         with a view to, or in connection with, the distribution thereof and that the undersigned
                                         has no present intention of distributing such shares of Common Stock received.Capitalized
                                         terms used herein but not otherwise defined shall have the meaning ascribed to such terms
                                         in the Amended and Restated Warrant to Purchase Shares of Common Stock of Opus Bank.Dated:
                                         NAME OF HOLDER--------- By:Name: Title:SUBSTITUTE FORM W-9Under the penalties of perjury,
                                         I certify that:(1) the Social Security Number or Taxpayer Identification Number given
                                         above is correct; and(2) I am not subject to backup withholding either because I have
                                         not been notified that I am subject to backup withholding as a result of a failure to
                                         report all interest or dividends, or because the Internal Revenue Service has notified
                                         me that I am no longer subject to backup withholding.Important Instructions: You must
                                         cross out #2 above if you have been notified by the Internal Revenue Service that you
                                         are subject to backup withholding because of under reporting interest or dividends on
                                         your tax return and if you have not received a notice from the Internal Revenue Service
                                         advising you that backup withholding due to notified payee under reporting has terminated.
                                         For additional instructions, please refer to the attached "Guidelines for Certification
                                         of Taxpayer Identification Number on Substitute Form W-9."Signaturet: _ Date: _1 If a
                                         corporation, please sign in full corporate name by president or other authorized officer.
                                         When signing as officer, attorney, custodian, trustee, administrator, guardian, etc.,
                                         please give your full title as such. In case of joint tenants, each person must sign.A-25196223

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