Document:

EX-4.8

 Exhibit 4.8 

LDR HOLDING CORPORATION 

NOTICE OF GRANT OF STOCK OPTION 

Subject to the condition precedent set forth below, notice is hereby given of the following option grant (the
“Option”) to purchase shares of the Common Stock of LDR Holding Corporation, a Delaware corporation (the “Corporation”): 

Optionee: Jean Blanchet 

Grant Date: November 17, 2006 

Vesting Commencement Date: N/A 

Exercise Price: USD $0.25 per share 

Number of Option Shares: 146,835 shares of Common Stock 

Expiration Date: November 17, 2016 

Type of Option: Non-Statutory Stock Option 

Date Exercisable: Immediately exercisable. 

Vesting Schedule: The Option Shares will be fully vested as of the Grant Date. 

Optionee agrees to be bound by the Option as set forth in the Stock Option Agreement attached hereto as Exhibit A. Optionee further
understands that any Option Shares purchased under the Option will be subject to the terms set forth in the Stock Purchase Agreement attached hereto as Exhibit B. 

Condition Precedent. As a condition precedent to, and prior to the effectiveness of, the Option granted to Optionee, Optionee must
provide the Corporation with a written statement acknowledging the cancellation of any and all options or warrants held by Optionee to purchase shares of capital stock in LDR Médical SAS, a company organized under the laws of the Republic of
France. 
 SHARE RESTRICTIONS. OPTIONEE HEREBY AGREES THAT ALL OPTION SHARES ACQUIRED UPON THE EXERCISE OF THE OPTION SHALL BE
SUBJECT TO A RIGHT OF FIRST REFUSAL EXERCISABLE BY THE CORPORATION AND ITS ASSIGNS. THE TERMS OF SUCH RIGHT OF FIRST REFUSAL ARE SPECIFIED IN THE ATTACHED STOCK OPTION AND/OR PURCHASE AGREEMENT. 

Definitions. All capitalized terms in this Notice shall have the meaning assigned to them in this Notice or in the attached Stock
Option Agreement. 
 [Signature page follows] 

 Dated: November 16, 2006 

 

			
	LDR HOLDING CORPORATION
		
	By:	 	 /s/ Christophe Lavigne

	Name:	 	Christophe Lavigne
	Title:	 	Chief Executive Officer
	
	OPTIONEE
		
	Signature:	 	 /s/ Jean Blanchet

	Printed Name:	 	Jean Blanchet
	Address:	 	  

		 	  

	SSN:	 	  

 [SIGNATURE PAGE TO NOTICE OF GRANT] 

 EXHIBIT A 

STOCK OPTION AGREEMENT 

 LDR HOLDING CORPORATION 

STOCK OPTION AGREEMENT 

RECITALS 
 A. The Board has adopted
the Plan for the purpose of retaining the services of selected Employees, non-employee members of the Board or the board of directors of any Parent or Subsidiary and consultants and other independent advisors in the service of the Corporation (or
any Parent or Subsidiary). 
 B. Optionee is to render valuable services to the Corporation (or a Parent or Subsidiary), and this Agreement
is executed pursuant to, and is intended to carry out the purposes of, the Plan in connection with the Corporation’s grant of an option to Optionee. 

C. All capitalized terms in this Agreement shall have the meaning assigned to them in the attached Appendix. 

NOW, THEREFORE, it is hereby agreed as follows: 

1. Grant of Option. The Corporation hereby grants to Optionee, as of the Grant Date, an option to purchase up to the number of
Option Shares specified in the Grant Notice. The Option Shares shall be purchasable from time to time during the option term specified in Paragraph 2 at the Exercise Price. 

2. Option Term. This option shall have a term of ten (10) years measured from the Grant Date and shall accordingly expire at
the close of business on the Expiration Date, unless sooner terminated in accordance with Paragraph 5 or 6. 
 3. Limited
Transferability. 
 (a) This option shall be neither transferable nor assignable by Optionee other than by will or the laws of
inheritance following Optionee’s death and may be exercised, during Optionee’s lifetime, only by Optionee. However, Optionee may designate one or more persons as the beneficiary or beneficiaries of this option, and this option shall, in
accordance with such designation, automatically be transferred to such beneficiary or beneficiaries upon the Optionee’s death while holding this option. Such beneficiary or beneficiaries shall take the transferred option subject to all the
terms and conditions of this Agreement, including (without limitation) the limited time period during which this option may, pursuant to Paragraph 5, be exercised following Optionee’s death. 

(b) If this option is designated a Non-Statutory Option in the Grant Notice, then this option may be assigned in whole or in part during
Optionee’s lifetime to one or more of Optionee’s Family Members or to a trust established for the exclusive benefit of Optionee and/or one or more such Family Members, to the extent such assignment is in connection with the Optionee’s
estate plan or pursuant to a domestic relations order. The assigned portion shall be exercisable only by the person or persons who acquire a proprietary interest in the option pursuant to such assignment. The terms applicable to the assigned portion
shall be the same as those in effect for this option immediately prior to such assignment. 

  
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 4. Dates of Exercise. This option shall become exercisable for the Option Shares in
one or more installments as specified in the Grant Notice. As the option becomes exercisable for such installments, those installments shall accumulate, and the option shall remain exercisable for the accumulated installments until the Expiration
Date or sooner termination of the option term under Paragraph 5 or 6. 
 5. Cessation of Service. The option term specified in
Paragraph 2 shall terminate (and this option shall cease to be outstanding) prior to the Expiration Date should any of the following provisions become applicable: 

(a) Should Optionee cease to remain in Service for any reason (other than death, Disability or Misconduct) while this option is outstanding,
then Optionee (or any person or persons to whom this option is transferred pursuant to a permitted transfer under Paragraph 3) shall have a period of three (3) months (commencing with the date of such cessation of Service) during which to
exercise this option, but in no event shall this option be exercisable at any time after the Expiration Date. 
 (b) Should Optionee die
while this option is outstanding, then the personal representative of Optionee’s estate or the person or persons to whom the option is transferred pursuant to Optionee’s will or the laws of inheritance following Optionee’s death or,
if applicable, the person to whom the option is transferred during Optionee’s lifetime pursuant to a permitted transfer under Paragraph 3 shall have the right to exercise this option. However, if Optionee dies while holding this option and has
an effective beneficiary designation in effect for this option at the time of his or her death, then the designated beneficiary or beneficiaries shall have the exclusive right to exercise this option following Optionee’s death. Any such right
to exercise this option shall lapse, and this option shall cease to be outstanding, upon the earlier of (i) the expiration of the twelve (12)-month period measured from the date of Optionee’s death or (ii) the Expiration Date. 

(c) Should Optionee cease Service by reason of Disability while this option is outstanding, then Optionee (or any person or persons to whom
this option is transferred pursuant to a permitted transfer under Paragraph 3) shall have a period of twelve (12) months (commencing with the date of such cessation of Service) during which to exercise this option. In no event shall this option
be exercisable at any time after the Expiration Date. 
 Note: Exercise of this option on a date later than
three (3) months following cessation of Service due to Disability will result in loss of favorable Incentive Option treatment, unless such Disability constitutes Permanent Disability. In the event that Incentive Option treatment
is not available, this option will be taxed as a Non-Statutory Option upon exercise. 

  
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 (d) During the limited period of post-Service exercisability, this option may not be exercised
in the aggregate for more than the number of Option Shares in which Optionee is, at the time of Optionee’s cessation of Service, vested pursuant to the Vesting Schedule specified in the Grant Notice or the special vesting acceleration
provisions of Paragraph 6. No additional Option Shares shall vest, whether pursuant to the normal Vesting Schedule specified in the Grant Notice or the special vesting acceleration provisions of Paragraph 6, following Optionee’s cessation of
Service, except to the extent (if any) specifically authorized by the Plan Administrator pursuant to an express written agreement with Optionee. Upon the expiration of such limited exercise period or (if earlier) upon the Expiration Date, this
option shall terminate and cease to be outstanding for any vested Option Shares for which the option has not been exercised. 
 (e) Should
Optionee’s Service be terminated for Misconduct or should Optionee otherwise engage in Misconduct while this option is outstanding, then this option shall terminate immediately and cease to remain outstanding. 

6. Change in Control. 

(a) Should a Change in Control occur during Optionee’s period of Service, then the Option Shares at the time subject to
this option but not otherwise vested shall automatically vest in full so that this option shall, immediately prior to the effective date of the Change in Control, become exercisable for all of the Option Shares as fully vested shares and may be
exercised for any or all of those Option Shares as vested shares. However, the Option Shares shall not vest on such an accelerated basis if and to the extent: (i) this option is assumed by the successor corporation (or parent
thereof) or otherwise continued in full force and effect pursuant to the terms of the Change in Control transaction and the Corporation’s repurchase rights with respect to the unvested Option Shares are assigned to such successor corporation
(or parent thereof) or otherwise continued in effect or (ii) this option is to be replaced with a cash retention program of the successor corporation which preserves the spread existing on the unvested Option Shares at the time of the Change in
Control (the excess of the Fair Market Value of those Option Shares over the Exercise Price payable for such shares) and provides for subsequent payout of that spread in accordance with the same Vesting Schedule applicable to those unvested Option
Shares as set forth in the Grant Notice.  
 (b) Immediately following the Change in Control, this option shall terminate and
cease to be outstanding, except to the extent assumed by the successor corporation (or parent thereof) or otherwise continued in full force and effect pursuant to the terms of the Change in Control transaction. 

(c) If this option is assumed in connection with a Change in Control or otherwise continued in effect, then this option shall be appropriately
adjusted, immediately after such Change in Control, to apply to the number and class of securities which would have been issuable to Optionee in consummation of such Change in Control had the option been exercised immediately prior to such Change in
Control, and appropriate adjustments shall also be made to the Exercise Price, provided the aggregate Exercise Price shall remain the same. To the extent that the actual holders of the Corporation’s outstanding Common Stock
receive cash 

  
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consideration for their Common Stock in consummation of the Change in Control, the successor corporation may, in connection with the assumption or continuation of this option, substitute one or
more shares of its own common stock with a fair market value equivalent to the cash consideration paid per share of Common Stock in such Change in Control. 

(d) This Agreement shall not in any way affect the right of the Corporation to adjust, reclassify, reorganize or otherwise change its capital
or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets. 
 7.
Adjustment in Option Shares. In the event of any of the following transactions affecting the outstanding Common Stock as a class without the Corporation’s receipt of consideration: any stock split, stock dividend, spin-off
transaction, extraordinary distribution (whether in cash, securities or other property), recapitalization, combination of shares, exchange of shares or other similar transaction affecting the Common Stock without the Corporation’s receipt of
consideration, then equitable adjustments shall be made to (i) the total number and/or class of securities subject to this option and (ii) the Exercise Price. The adjustments shall be made by the Plan Administrator in such manner as the
Plan Administrator deems appropriate in order to reflect such change and thereby preclude a dilution or enlargement of benefits hereunder. 

8. Stockholder Rights. The holder of this option shall not have any stockholder rights with respect to the Option Shares until
such person shall have exercised the option, paid the Exercise Price and become the record holder of the purchased shares. 
 9. Manner
of Exercising Option. 
 (a) In order to exercise this option with respect to all or any part of the Option Shares for which this
option is at the time exercisable, Optionee (or any other person or persons exercising the option) must take the following actions: 

(i) Execute and deliver to the Corporation a Purchase Agreement for the Option Shares for which the option is exercised. 

(ii) Pay the aggregate Exercise Price for the purchased shares in one or more of the following forms: 

(A) cash or check made payable to the Corporation; or 

(B) a promissory note payable to the Corporation, but only to the extent authorized by the Plan Administrator in accordance
with Paragraph 14. 

  
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 Should the Common Stock be registered under Section 12 of the 1934 Act at the time the
option is exercised, then the Exercise Price may also be paid as follows: 
 (C) in shares of Common Stock valued at Fair
Market Value on the Exercise Date and held by Optionee (or any other person or persons exercising the option) for the period (if any) necessary to avoid a charge to the Corporation’s earnings for financial reporting purposes; or 

(D) to the extent the option is exercised for vested Option Shares, through a special sale and remittance procedure pursuant
to which Optionee (or any other person or persons exercising the option) shall concurrently provide irrevocable instructions (a) to a brokerage firm (reasonably satisfactory to the Corporation for purposes of administering such procedure in
compliance with any applicable pre-clearance or pre-notification requirements) to effect the immediate sale of the purchased shares and remit to the Corporation, out of the sale proceeds available on the settlement date, sufficient funds to cover
the aggregate Exercise Price payable for the purchased shares plus all applicable income and employment taxes required to be withheld by the Corporation by reason of such exercise and (b) to the Corporation to deliver the certificates for the
purchased shares directly to such brokerage firm on such settlement date in order to complete the sale. 
 Except to the extent the sale and
remittance procedure is utilized in connection with the option exercise, payment of the Exercise Price must accompany the Purchase Agreement delivered to the Corporation in connection with the option exercise. 

(iii) Furnish to the Corporation appropriate documentation that the person or persons exercising the option (if other than
Optionee) have the right to exercise this option. 
 (iv) Execute and deliver to the Corporation such written
representations as may be requested by the Corporation in order for it to comply with the applicable requirements of applicable securities laws. 

(v) Make appropriate arrangements with the Corporation (or Parent or Subsidiary employing or retaining Optionee) for the
satisfaction of all applicable income and employment tax withholding requirements applicable to the option exercise. 
 (b) As soon as
practical after the Exercise Date, the Corporation shall issue to or on behalf of Optionee (or any other person or persons exercising this option) a certificate for the purchased Option Shares, with the appropriate legends affixed thereto. 

(c) In no event may this option be exercised for any fractional shares. 

10. REPURCHASE RIGHTS. ALL OPTION SHARES ACQUIRED UPON THE EXERCISE OF THIS OPTION SHALL BE SUBJECT TO CERTAIN RIGHTS OF THE
CORPORATION AND ITS ASSIGNS TO REPURCHASE THOSE SHARES IN ACCORDANCE WITH THE TERMS SPECIFIED IN THE PURCHASE AGREEMENT. 

  
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 11. Compliance with Laws and Regulations. 

(a) The exercise of this option and the issuance of the Option Shares upon such exercise shall be subject to compliance by the Corporation and
Optionee with all applicable requirements of law relating thereto and with all applicable regulations of any stock exchange (or the Nasdaq National Market, if applicable) on which the Common Stock may be listed for trading at the time of such
exercise and issuance. 
 (b) The inability of the Corporation to obtain approval from any regulatory body having authority deemed by the
Corporation to be necessary to the lawful issuance and sale of any Common Stock pursuant to this option shall relieve the Corporation of any liability with respect to the non-issuance or sale of the Common Stock as to which such approval shall not
have been obtained. The Corporation, however, shall use its best efforts to obtain all such approvals. 
 12. Successors and
Assigns. Except to the extent otherwise provided in Paragraphs 3 and 6, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the Corporation and its successors and assigns and Optionee, Optionee’s assigns
and the legal representatives, heirs and legatees of Optionee’s estate. 
 13. Notices. Any notice required to be given or
delivered to the Corporation under the terms of this Agreement shall be in writing and addressed to the Corporation at its principal corporate offices. Any notice required to be given or delivered to Optionee shall be in writing and addressed to
Optionee at the address indicated below Optionee’s signature line on the Grant Notice. All notices shall be deemed effective upon personal delivery or upon deposit in the U.S. mail, postage prepaid and properly addressed to the party to be
notified. 
 14. Financing. The Plan Administrator may, in its absolute discretion and without any obligation to do so, permit
Optionee to pay the Exercise Price for the purchased Option Shares by delivering a full-recourse promissory note bearing interest at a market rate and secured by those Option Shares. The payment schedule in effect for any such promissory note shall
be established by the Plan Administrator in its sole discretion. 
 15. Construction. This Agreement and the option evidenced
hereby are made and granted pursuant to the Plan and are in all respects limited by and subject to the terms of the Plan. All decisions of the Plan Administrator with respect to any question or issue arising under the Plan or this Agreement shall be
conclusive and binding on all persons having an interest in this option. 
 16. Governing Law. The interpretation, performance
and enforcement of this Agreement shall be governed by the laws of the State of Texas without resort to that State’s conflict-of-laws rules. 

  
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 17. Stockholder Approval. If the Option Shares covered by this Agreement exceed, as
of the Grant Date, the number of shares of Common Stock which may be issued under the Plan as last approved by the stockholders, then this option shall be void with respect to such excess shares, unless stockholder approval of an amendment
sufficiently increasing the number of shares of Common Stock issuable under the Plan is obtained in accordance with the provisions of the Plan. 

18. Additional Terms Applicable to an Incentive Option. In the event this option is designated an Incentive Option in the Grant
Notice, the following terms and conditions shall also apply to the grant: 
 (a) This option shall cease to qualify for favorable tax
treatment as an Incentive Option if (and to the extent) this option is exercised for one or more Option Shares: (i) more than three (3) months after the date Optionee ceases to be an Employee for any reason other than death or Permanent
Disability or (ii) more than twelve (12) months after the date Optionee ceases to be an Employee by reason of Permanent Disability. 

(b) This option shall not become exercisable in the calendar year in which granted if (and to the extent) the aggregate Fair Market Value
(determined at the Grant Date) of the Common Stock for which this option would otherwise first become exercisable in such calendar year would, when added to the aggregate value (determined as of the respective date or dates of grant) of the Common
Stock and any other securities for which one or more other Incentive Options granted to Optionee prior to the Grant Date (whether under the Plan or any other option plan of the Corporation or any Parent or Subsidiary) first become exercisable during
the same calendar year, exceed One Hundred Thousand Dollars ($100,000) in the aggregate. To the extent the exercisability of this option is deferred by reason of the foregoing limitation, the deferred portion shall become exercisable in the first
calendar year or years thereafter in which the One Hundred Thousand Dollar ($100,000) limitation of this Paragraph 18(b) would not be contravened, but such deferral shall in all events end immediately prior to the effective date of a Change in
Control in which this option is not to be assumed or otherwise continued in effect, whereupon the option shall become immediately exercisable as a Non-Statutory Option for the deferred portion of the Option Shares. 

(c) Should Optionee hold, in addition to this option, one or more other options to purchase Common Stock which become exercisable for the
first time in the same calendar year as this option, then for purposes of the foregoing limitations on the exercisability of such options as Incentive Options, this option and each of those other options shall be deemed to become first exercisable
in that calendar year on the basis of the chronological order in which they were granted, except to the extent otherwise provided under applicable law or regulation. 

  
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 APPENDIX 

The following definitions shall be in effect under the Agreement: 

A. Agreement shall mean this Stock Option Agreement. 

B. Board shall mean the Corporation’s Board of Directors. 

C. Change in Control shall mean a change in ownership or control of the Corporation effected through any of the following
transactions: 
 (i) a merger, consolidation or other reorganization approved by the Corporation’s stockholders,
unless securities representing more than fifty percent (50%) of the total combined voting power of the voting securities of the successor corporation are immediately thereafter beneficially owned, directly or indirectly and in
substantially the same proportion, by the persons who beneficially owned the Corporation’s outstanding voting securities immediately prior to such transaction, or 

(ii) a stockholder-approved sale, transfer or other disposition of all or substantially all of the Corporation’s assets in
liquidation or dissolution of the Corporation, or 
 (iii) the acquisition, directly or indirectly by any person or related
group of persons (other than the Corporation or a person that directly or indirectly controls, is controlled by, or is under common control with, the Corporation), of beneficial ownership (within the meaning of Rule 13d-3 of the 1934 Act) of
securities possessing more than fifty percent (50%) of the total combined voting power of the Corporation’s outstanding securities pursuant to a tender or exchange offer made directly to the Corporation’s stockholders. 

In no event shall any public offering of the Corporation’s securities be deemed to constitute a Change in Control. 

D. Code shall mean the Internal Revenue Code of 1986, as amended. 

E. Common Stock shall mean the Corporation’s common stock. 

F. Corporation shall mean LDR Holding Corporation, a Delaware corporation, and any successor corporation to all or substantially
all of the assets or voting stock of LDR Holding Corporation which shall by appropriate action assume this option. 
 G.
Disability shall mean the inability of Optionee to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment and shall be determined by the Plan Administrator on the basis of such
medical evidence as the Plan Administrator deems warranted under the circumstances. Disability shall be deemed to constitute Permanent Disability in the event that such Disability is expected to result in death or has lasted or can be
expected to last for a continuous period of twelve (12) months or more. 

  
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 H. Employee shall mean an individual who is in the employ of the Corporation (or
any Parent or Subsidiary), subject to the control and direction of the employer entity as to both the work to be performed and the manner and method of performance. 

I. Exercise Date shall mean the date on which the option shall have been exercised in accordance with Paragraph 9 of the
Agreement. 
 J. Exercise Price shall mean the exercise price payable per Option Share as specified in the Grant Notice. 

K. Expiration Date shall mean the date on which the option expires as specified in the Grant Notice. 

L. Fair Market Value per share of Common Stock on any relevant date shall be determined in accordance with the following
provisions: 
 (i) If the Common Stock is at the time traded on the Nasdaq National Market, then the Fair Market Value shall
be the closing selling price per share of Common Stock on the date in question, as the price is reported by the National Association of Securities Dealers on the Nasdaq National Market and published in The Wall Street Journal. If there
is no closing selling price for the Common Stock on the date in question, then the Fair Market Value shall be the closing selling price on the last preceding date for which such quotation exists. 

(ii) If the Common Stock is at the time listed on any Stock Exchange, then the Fair Market Value shall be the closing selling
price per share of Common Stock on the date in question on the Stock Exchange determined by the Plan Administrator to be the primary market for the Common Stock, as such price is officially quoted in the composite tape of transactions on such
exchange and published in The Wall Street Journal. If there is no closing selling price for the Common Stock on the date in question, then the Fair Market Value shall be the closing selling price on the last preceding date for which
such quotation exists. 
 (iii) If the Common Stock is at the time neither listed on any Stock Exchange nor traded on the
Nasdaq National Market, then the Fair Market Value shall be determined by the Plan Administrator after taking into account such factors as the Plan Administrator shall deem appropriate. 

M. Family Member shall mean any of the following members of the Optionee’s family: any child, stepchild, grandchild, parent,
stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law. 

N. Grant Date shall mean the date of grant of the option as specified in the Grant Notice. 

  
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 O. Grant Notice shall mean the Notice of Grant of Stock Option accompanying the
Agreement, pursuant to which Optionee has been informed of the basic terms of the option evidenced hereby. 
 P. Incentive
Option shall mean an option which satisfies the requirements of Code Section 422. 
 Q. Misconduct shall mean the
commission of any act of fraud, embezzlement or dishonesty by Optionee, any unauthorized use or disclosure by Optionee of confidential information or trade secrets of the Corporation (or any Parent or Subsidiary), or any other intentional misconduct
by Optionee adversely affecting the business or affairs of the Corporation (or any Parent or Subsidiary) in a material manner. The foregoing definition shall not in any way preclude or restrict the right of the Corporation (or any Parent or
Subsidiary) to discharge or dismiss Optionee or any other person in the Service of the Corporation (or any Parent or Subsidiary) for any other acts or omissions, but such other acts or omissions shall not be deemed, for purposes of the Plan or this
Agreement, to constitute grounds for termination for Misconduct. 
 R. 1934 Act shall mean the Securities Exchange Act of 1934,
as amended. 
 S. Non-Statutory Option shall mean an option not intended to satisfy the requirements of Code Section 422. 

T. Option Shares shall mean the number of shares of Common Stock subject to the option. 

U. Optionee shall mean the person to whom the option is granted as specified in the Grant Notice. 

V. Parent shall mean any corporation (other than the Corporation) in an unbroken chain of corporations ending with the
Corporation, provided each corporation in the unbroken chain (other than the Corporation) owns, at the time of the determination, stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of
the other corporations in such chain. 
 W. Plan shall mean the Corporation’s 2007 Stock Option/Stock Issuance Plan. 

X. Plan Administrator shall mean either the Board or a committee of the Board acting in its capacity as administrator of the
Plan. 
 Y. Purchase Agreement shall mean the stock purchase agreement in substantially the form of Exhibit B to the Grant
Notice. 
 Z. Service shall mean Optionee’s performance of services for the Corporation (or any Parent or Subsidiary,
whether now existing or subsequently established) in the capacity of an Employee, a non-employee member of the board of directors or a consultant or independent advisor. For purposes of this Agreement, Optionee shall be deemed to cease

  
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Service immediately upon the occurrence of the either of the following events: (i) Optionee no longer performs services in any of the foregoing capacities for the Corporation or any Parent
or Subsidiary or (ii) the entity for which Optionee is performing such services ceases to remain a Parent or Subsidiary of the Corporation, even though Optionee may subsequently continue to perform services for that entity. Service shall not be
deemed to cease during a period of military leave, sick leave or other personal leave approved by the Corporation; provided, however, that should such leave of absence exceed three (3) months, then for purposes of determining the period
within which the Option (if designated as an Incentive Option in the Grant Notice) may be exercised as such an Incentive Option under the federal tax laws, the Optionee’s Service shall be deemed to cease on the first day immediately following
the expiration of such three (3)-month period, unless Optionee is provided with the right to return to Service following such leave either by statute or by written contract. Except to the extent otherwise required by law or expressly authorized by
the Plan Administrator or by the Corporation’s written policy on leaves of absence, no Service credit shall be given for vesting purposes for any period Optionee is on a leave of absence. 

AA. Stock Exchange shall mean the American Stock Exchange or the New York Stock Exchange. 

BB. Subsidiary shall mean any corporation (other than the Corporation) in an unbroken chain of corporations beginning with the
Corporation, provided each corporation (other than the last corporation) in the unbroken chain owns, at the time of the determination, stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in
one of the other corporations in such chain. 
 CC. Vesting Schedule shall mean the vesting schedule specified in the Grant
Notice pursuant to which the Optionee is to vest in the Option Shares in a series of installments over his or her period of Service. 

  
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 EXHIBIT B 

STOCK PURCHASE AGREEMENT 

 LDR HOLDING CORPORATION 

STOCK PURCHASE AGREEMENT 

This Stock Purchase Agreement (this “Agreement”), is made this 12th day of June, 2010 by and between LDR Holding
Corporation, a Delaware corporation (the “Corporation”), and Jean Blanchet, Optionee, pursuant to that certain Stock Option Agreement, dated as of February 28, 2007 (the “Option Agreement”)
between the Corporation and Optionee. 
 All capitalized terms in this Agreement shall have the meaning assigned to them in this Agreement
or in the attached Appendix. 
  

	 	1.	EXERCISE OF OPTION 

 A. Exercise. Optionee hereby purchases 15,000 shares of
Common Stock (the “Purchased Shares”) at the exercise price of $0.25 per share (the “Exercise Price”) pursuant to the exercise of that certain option (the “Option”) granted to
Optionee pursuant to the Option Agreement. 
 B. Payment. Concurrently with the delivery of this Agreement to the Corporation,
Optionee shall pay the aggregate Exercise Price for all of the Purchased Shares in cash or check payable to the Corporation and shall deliver whatever additional documents may be required by the Option Agreement as a condition for exercise. 

C. Stockholder Rights. Until such time as the Corporation exercises the First Refusal Right, Optionee (or any successor in interest)
shall have all the rights of a stockholder (including voting, dividend and liquidation rights) with respect to the Purchased Shares, subject, however, to the transfer restrictions imposed by this Agreement. 

 

	 	2.	SECURITIES LAW COMPLIANCE 

 A. Investment Intent. Optionee is aware of
the Corporation’s business affairs and financial condition and has acquired sufficient information about the Corporation to reach an informed and knowledgeable decision to acquire the Purchased Shares. Optionee is acquiring the Purchased Shares
for investment for Optionee’s own account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the 1933 Act. 

B. Restricted Securities. 

The Purchased Shares have not been registered under the 1933 Act and are being issued to Optionee in reliance upon the exemption from such
registration provided by Section 4(2) of the 1933 Act or SEC Rule 504, 505, 506 or 701. Optionee acknowledges and understands that the Purchased Shares constitute “restricted securities” under the 1933 Act and have not been registered
under the 1933 Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Optionee’s 

  
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investment intent as expressed herein. In this connection, Optionee understands that, in the view of the SEC, the statutory basis for such exemption may be unavailable if Optionee’s
representation was predicated solely upon a present intention to hold the Purchased Shares for the minimum capital gains period specified under tax statutes, for a deferred sale, for or until an increase or decrease in the market price of the
Purchased Shares, or for a period of one year or any other fixed period in the future. Optionee further understands that the Purchased Shares must be held indefinitely unless they are subsequently registered under the 1933 Act or an exemption from
such registration is available. Optionee further acknowledges and understands that the Corporation is under no obligation to register the Purchased Shares. Optionee understands that the certificate evidencing the Purchased Shares will be imprinted
with the legends set forth herein and any other legend required under applicable state securities laws. 
 Optionee is familiar with the
provisions of Rule 701 and Rule 144, each promulgated under the 1933 Act, which, in substance, permit limited public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in a non-public offering
subject to the satisfaction of certain conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at the time of the grant of the Option to the Optionee, the exercise will be exempt from registration under the 1933 Act. In the event
the Corporation becomes subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, ninety (90) days thereafter (or such longer period as any market stand-off agreement may require) the Purchased
Shares exempt under Rule 701 may be resold, subject to the satisfaction of certain of the conditions specified by Rule 144, including (1) the resale being made through a broker in an unsolicited “broker’s transaction” or in
transactions directly with a market maker (as said term is defined under the 1934 Act); and, in the case of an affiliate, (2) the availability of certain public information about the Corporation, (3) the amount of Purchased Shares,
together with all other securities of the Corporation sold by Optionee that are required to be aggregated under Rule 144(e), being sold during any three month period not exceeding the limitations specified in Rule 144(e), and (4) the timely
filing of a Form 144, if applicable. 
 In the event that the Corporation does not qualify under Rule 701 at the time of grant of the
Option, then the Purchased Shares may be resold in certain limited circumstances subject to the provisions of Rule 144, which requires the resale to occur not less than one year after the later of the date the Purchased Shares were sold by the
Corporation or the date the Purchased Shares were sold by an affiliate of the Corporation, within the meaning of Rule 144; and, in the case of acquisition of the Purchased Shares by an affiliate, or by a non-affiliate who subsequently holds the
Purchased Shares less than two years, the satisfaction of the conditions set forth in sections (1), (2), (3) and (4) of the paragraph immediately above. 

C. Restrictions on Disposition of Purchased Shares. 

Optionee shall make no disposition of the Purchased Shares (other than a Permitted Transfer) unless and until there is compliance with all of
the following requirements: 
 (a) Optionee shall have provided the Corporation with a written summary of the terms and
conditions of the proposed disposition. 

  
 2 

 (b) Optionee shall have complied with all requirements of this Agreement
applicable to the disposition of the Purchased Shares. 
 (c) Optionee shall have provided the Corporation with written
assurances, in form and substance satisfactory to the Corporation, that (A) the proposed disposition does not require registration of the Purchased Shares under the 1933 Act or (B) all appropriate action necessary for compliance with the
registration requirements of the 1933 Act or any exemption from registration available under the 1933 Act (including Rule 144) has been taken. 

The Corporation shall not be required (i) to transfer on its books any Purchased Shares which have been sold or transferred in
violation of the provisions of this Agreement or (ii) to treat as the owner of the Purchased Shares, or otherwise to accord voting, dividend or liquidation rights to, any transferee to whom the Purchased Shares have been transferred in
contravention of this Agreement. 
 D. Restrictive Legends. The stock certificates representing the Purchased Shares shall be endorsed
with one or more of the following restrictive legends: 
 “The shares represented by this certificate have not been registered under the
Securities Act of 1933, as amended, or any state’s securities laws and may not be offered, sold or otherwise transferred, pledged or hypothecated unless and until such shares are registered under such laws or an opinion of counsel satisfactory
to the Company is obtained to the effect that such registration is not required.” 
 “The shares represented by this certificate
are subject to certain repurchase rights and rights of first refusal granted to the Corporation and accordingly may not be sold, assigned, transferred, encumbered, or in any manner disposed of except in conformity with the terms of a written
agreement dated May ___, 2010 between the Corporation and the registered holder of the shares (or the predecessor in interest to the shares). A copy of such agreement is maintained at the Corporation’s principal corporate offices.” 

 

	 	3.	TRANSFER RESTRICTIONS 

 A. Restriction on Transfer. Except for any Permitted
Transfer, Optionee shall not transfer, assign, encumber or otherwise dispose of any Purchased Shares in contravention of the First Refusal Right, the Market Stand-Off or the transfer restrictions set forth in Article B. 

B. Transferee Obligations. Each person (other than the Corporation) to whom the Purchased Shares are transferred by means of a Permitted
Transfer must, as a condition precedent to the validity of such transfer, acknowledge in writing to the Corporation that such person is bound by the provisions of this Agreement and that the transferred shares are subject to (a) the First
Refusal Right, (b) the Market Stand-Off and (c) the transfer restrictions set forth in Article B, to the same extent such shares would be so subject if retained by Optionee. 

  
 3 

 C. Market Stand-Off. 

In connection with the Corporation’s initial Qualified Public Offering and any underwritten public offering by the Corporation of its
equity securities pursuant to an effective registration statement filed under the 1933 Act within two years after the effective date of the Corporation’s initial Qualified Public Offering, Owner shall not sell, make any short sale of, hedge
with, loan, hypothecate, pledge, grant any option for the purchase of, or otherwise dispose or transfer for value or otherwise agree to engage in any of the foregoing transactions with respect to, any Purchased Shares without the prior written
consent of the Corporation or its underwriters (the “Market Stand-Off”). The Market Stand-Off shall be in effect for such period of time from and after the effective date of the final prospectus for the offering as may be
requested by the Corporation or such underwriters; provided, however, that such period shall not exceed one hundred eighty days. 

i) Owner shall be subject to the Market Stand-Off provided and only_if the officers and directors of the Corporation are also subject
to similar restrictions. 
 ii) Any new, substituted or additional securities which are by reason of any Recapitalization or Reorganization
distributed with respect to the Purchased Shares shall be immediately subject to the Market Stand-Off. 
 iii) In order to enforce the
Market Stand-Off, the Corporation may impose stop-transfer instructions with respect to the Purchased Shares until the end of the applicable stand-off period. 
  

	 	4.	RIGHT OF FIRST REFUSAL 

 A. Grant. The Corporation is hereby granted the
right of first refusal (the “First Refusal Right”) exercisable in connection with any proposed transfer of the Purchased Shares. For purposes of this Article D, the term “transfer” shall include any
sale, assignment, pledge, encumbrance or other disposition of the Purchased Shares intended to be made by Owner, but shall not include any Permitted Transfer. 

B. Notice of Intended Disposition. In the event any Owner of the Purchased Shares desires to accept a bona fide third-party offer for
the transfer of any or all of such shares (the Purchased Shares subject to such offer to be hereinafter referred to as the “Target Shares”), Owner shall promptly (a) deliver to the Corporation written notice (the
“Disposition Notice”) of the terms of the offer, including the purchase price and the identity of the third-party offeror, and (b) provide satisfactory proof that the disposition of the Target Shares to such third-party
offeror would not be in contravention of the provisions set forth in Articles B and C. 
 C. Exercise of the First Refusal
Right. The Corporation shall have the right to repurchase any or all of the Target Shares subject to the Disposition Notice upon the same terms as those specified therein or upon such other terms (not materially different from those specified in
the Disposition Notice) to which Owner consents. Such right shall be exercisable by delivery of written notice (the “Exercise Notice”) to Owner prior to the twenty-fifth day 

  
 4 

 
following receipt of the Disposition Notice. If such right is exercised with respect to all the Target Shares, then the Corporation shall effect the repurchase of such shares, including payment
of the purchase price, not more than five business days after delivery of the Exercise Notice; and at such time the certificates representing the Target Shares shall be delivered to the Corporation. 

Should the purchase price specified in the Disposition Notice be payable in property other than cash or evidences of indebtedness, the
Corporation shall have the right to pay the purchase price in the form of cash equal in amount to the value of such property. If Owner and the Corporation cannot agree on such cash value within ten days after the Corporation’s receipt of the
Disposition Notice, the valuation shall be made by an appraiser of recognized standing selected by Owner and the Corporation or, if they cannot agree on an appraiser within twenty days after the Corporation’s receipt of the Disposition Notice,
each shall select an appraiser of recognized standing and the two appraisers shall designate a third appraiser of recognized standing, whose appraisal shall be determinative of such value. The cost of such appraisal shall be shared equally by Owner
and the Corporation. The closing shall then be held on the later of (i) the fifth business day following delivery of the Exercise Notice or (ii) the fifth business day after such valuation shall have been made. 

D. Non-Exercise of the First Refusal Right. In the event the Exercise Notice is not given to Owner prior to the expiration of the
twenty-five day exercise period, Owner shall have a period of thirty days thereafter in which to sell or otherwise dispose of the Target Shares to the third-party offeror identified in the Disposition Notice upon terms (including the purchase price)
no more favorable to such third-party offeror than those specified in the Disposition Notice; provided, however, that any such sale or disposition must not be effected in contravention of the provisions of Articles B and C. The
third-party offeror shall acquire the Target Shares subject to the First Refusal Right and the provisions and restrictions of Article B and Paragraph C.3, and any subsequent disposition of the acquired shares must be effected
in compliance with the terms and conditions of such First Refusal Right and the provisions and restrictions of Article B and Paragraph C.3. In the event Owner does not effect such sale or disposition of the Target Shares
within the specified thirty day period, the First Refusal Right shall continue to be applicable to any subsequent disposition of the Target Shares by Owner until such right lapses. 

E. Partial Exercise of the First Refusal Right. In the event the Corporation makes a timely exercise of the First Refusal Right with
respect to a portion, but not all, of the Target Shares specified in the Disposition Notice, Owner shall have the option, exercisable by written notice to the Corporation delivered within five business days after Owner’s receipt of the Exercise
Notice, to effect the sale of the Target Shares pursuant to either of the following alternatives: 
 i) sale or other disposition of some or
all the Target Shares to the third-party offeror identified in the Disposition Notice, but in full compliance with the requirements of Paragraph D.4, as if the Corporation did not exercise the First Refusal Right; or 

ii) sale to the Corporation of the portion of the Target Shares which the Corporation has elected to purchase, such sale to be effected in
substantial conformity with the provisions of Paragraph D.3. The First Refusal Right shall continue to be applicable to any subsequent disposition of the remaining Target Shares until such right lapses. 

  
 5 

 Owner’s failure to deliver timely notification to the Corporation shall be deemed to be an
election by Owner to sell the Target Shares pursuant to alternative (a) above. 
 F. Recapitalization/Reorganization. 

Any new, substituted or additional securities or other property which is by reason of any Recapitalization distributed with respect to the
Purchased Shares shall be immediately subject to the First Refusal Right. 
 In the event of a Reorganization, the First Refusal Right shall
remain in full force and effect and shall apply to the new capital stock or other property received in exchange for the Purchased Shares in consummation of the Reorganization. 

G. Lapse. The First Refusal Right shall lapse upon the earlier to occur of (a) a Qualified Public Offering or (b) the
acquisition of the Corporation by an entity that is traded on a stock exchange or the Nasdaq Stock Market. However, the Market Stand-Off shall continue to remain in full force and effect following the lapse of the First Refusal Right, in the case of
a transaction described in (a) above. 
  

	 	5.	GENERAL PROVISIONS 

 A. Assignment. The Corporation may assign the First Refusal
Right to any person or entity selected by Board of Directors of the Corporation, including (without limitation) one or more stockholders of the Corporation. 

B. Notices. Any notice required to be given under this Agreement shall be in writing and shall be deemed effective upon personal
delivery or on the third day following deposit in the U.S. mail, registered or certified, postage prepaid and properly addressed to the party entitled to such notice at the address indicated below such party’s signature line on this Agreement
or at such other address as such party may designate by ten days advance written notice under this paragraph to all other parties to this Agreement. 

C. No Waiver. The failure of the Corporation in any instance to exercise the First Refusal Right shall not constitute a waiver of any
other repurchase rights and/or rights of first refusal that may subsequently arise under the provisions of this Agreement or any other agreement between the Corporation and Optionee. No waiver of any breach or condition of this Agreement shall be
deemed to be a waiver of any other or subsequent breach or condition, whether of like or different nature. 
 D. Cancellation of
Shares. If the Corporation shall make available, at the time and place and in the amount and form provided in this Agreement, the consideration for the Purchased Shares to be repurchased in accordance with the provisions of this Agreement, then
from and after such time, the person from whom such shares are to be repurchased shall no 

  
 6 

 
longer have any rights as a holder of such shares (other than the right to receive payment of such consideration in accordance with this Agreement). Such shares shall be deemed purchased in
accordance with the applicable provisions hereof, and the Corporation shall be deemed the owner and holder of such shares, whether or not the certificates therefor have been delivered as required by this Agreement. 

E. Optionee Undertaking. Optionee hereby agrees to take whatever additional action and execute whatever additional documents the
Corporation may deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on either Optionee or the Purchased Shares pursuant to the provisions of this Agreement. 

F. Governing Law. The interpretation, performance and enforcement of this Agreement shall be governed by the laws of the State of
Delaware without giving effect to that State’s choice of law or conflict-of-laws rules. 
 G. Counterparts. This Agreement may be
executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument. 

H. Successors and Assigns. The provisions of this Agreement shall inure to the benefit of, and be binding upon, the Corporation and its
successors and assigns and upon Optionee, Optionee’s permitted assigns and the legal representatives, heirs and legatees of Optionee’s estate, whether or not any such person shall have become a party to this Agreement and have agreed in
writing to join herein and be bound by the terms hereof. 

  
 7 

 IN WITNESS WHEREOF, the parties have executed this Stock Purchase Agreement on the day and
year first indicated above. 
  

			
	LDR HOLDING CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
		
	OPTIONEE	 	
		
	Signature:	 	  

	Printed Name:	 	
	Address:	 	
		 	
		 	

 SIGNATURE PAGE TO 

STOCK PURCHASE AGREEMENT 

 APPENDIX 

The following definitions shall be in effect under the Agreement: 

1. “Agreement” shall mean this Stock Purchase Agreement. 

2. “Board” shall mean the Corporation’s Board of Directors. 

3. “Code” shall mean the Internal Revenue Code of 1986, as amended. 

4. “Common Stock” shall mean the common stock, par value $0.001 per share, of the Corporation. 

5. “Corporation” shall mean LDR Holding Corporation, a Delaware corporation. 

6. “Disposition Notice” shall have the meaning assigned to such term in Paragraph D.2. 

7. “Exercise Price” shall have the meaning assigned to such term in Paragraph A.1. 

8. “First Refusal Right” shall mean the right granted to the Corporation in accordance with Article E. 

9. “Grant Notice” shall mean the Notice of Grant of Stock Option pursuant to which Optionee has been informed of the
basic terms of the Option. 
 10. “Market Stand-Off” shall mean the market stand-off restriction specified in
Paragraph C.3. 
 11. “1933 Act” shall mean the Securities Act of 1933, as amended. 

12. “1934 Act” shall mean the Securities Exchange Act of 1934, as amended. 

13. “Option” shall have the meaning assigned to such term in Paragraph A.1. 

14. “Option Agreement” shall mean all agreements and other documents evidencing the Option. 

15. “Option Shares” shall mean the shares of Common Stock subject to the option. 

16. “Optionee” shall mean the person to whom the Option is granted pursuant to a resolution by the Board. 

17. “Owner” shall mean Optionee and all subsequent holders of the Purchased Shares who derive their chain of ownership
through a Permitted Transfer from Optionee. 

  
 A-1 

 18. “Parent” shall mean any corporation (other than the Corporation) in
an unbroken chain of corporations ending with the Corporation, provided each corporation in the unbroken chain (other than the Corporation) owns, at the time of the determination, stock possessing 50% or more of the total combined voting power of
all classes of stock in one of the other corporations in such chain. 
 19. “Permitted Transfer” shall mean
(i) a gratuitous transfer of the Purchased Shares, provided and only if Optionee obtains the Corporation’s prior written consent to such transfer, (ii) a transfer of title to the Purchased Shares effected pursuant to
Optionee’s will or the laws of inheritance following Optionee’s death or (iii) a transfer to the Corporation in pledge as security for any purchase-money indebtedness incurred by Optionee in connection with the acquisition of the
Purchased Shares. 
 20. “Purchased Shares” shall have the meaning assigned to such term in
Paragraph A.1. 
 21. “Qualified Public Offering” shall have the meaning assigned to such term in the
Corporation’s Second Amended and Restated Certificate of Incorporation, as the same may be amended from time to time. 
 22.
“Recapitalization” shall mean any stock split, stock dividend, recapitalization, combination of shares, exchange of shares or other change affecting the Corporation’s outstanding Common Stock as a class without the
Corporation’s receipt of consideration. 
 23. “Reorganization” shall mean any of the following transactions:

 (i) a merger or consolidation in which the Corporation is not the surviving entity; 

(ii) a sale, transfer or other disposition of all or substantially all of the Corporation’s assets; 

(iii) a reverse merger in which the Corporation is the surviving entity but in which the Corporation’s outstanding voting
securities are transferred in whole or in part to a person or persons different from the persons holding those securities immediately prior to the merger; or 

(iv) any transaction effected primarily to change the state in which the Corporation is incorporated or to create a holding
company structure. 
 24. “SEC” shall mean the Securities and Exchange Commission. 

  
 A-2 

 25. “Subsidiary” shall mean any corporation (other than the Corporation)
in an unbroken chain of corporations beginning with the Corporation, provided each corporation (other than the last corporation) in the unbroken chain owns, at the time of the determination, stock possessing 50% or more of the total combined voting
power of all classes of stock in one of the other corporations in such chain. 
 26. “Target Shares” shall have the
meaning assigned to such term in Paragraph D.2. 

  
 A-3EX-4.1

 Exhibit 4.1 

American Software, Inc. 

2011 Equity Compensation Plan 

1. Purpose of the Plan. The purpose of the 2011 Equity Compensation Plan (the “Plan”) is to aid American Software,
Inc., a Georgia corporation (“Company”), and its Affiliates (defined below) in recruiting and retaining key employees, directors, consultants and other service providers of outstanding ability and to motivate such employees,
directors, consultants and other service providers to exert their best efforts on behalf of Company and its Affiliates by providing incentives through the granting of Awards (defined below). Company expects that it will benefit from the added
interest which such key employees, directors, consultants and other service providers will have in the welfare of Company as a result of their proprietary interest in Company’s success. 

2. Definitions. The following capitalized terms used in the Plan have the respective meanings set forth in this Section 2:

 “Act” means the Securities Exchange Act of 1934, as amended, or any successor thereto. 

“Affiliate” means with respect to Company, any entity directly or indirectly controlling, controlled by, or under common
control with, Company or any other entity designated by the Board in which Company or an Affiliate has an interest. 

“Award” means an Option or Stock Appreciation Right granted pursuant to the Plan. 

“Board” means the Board of Directors of Company. 

“Change of Control” means any event which is a “change in control event” as defined in Treasury Regulation
Section 1.409A-3(i)(5) or any subsequent regulation or authoritative governmental interpretation of Section 409A(a)(2)(A)(v) of the Code, including any amendments thereto. To the extent consistent with such definition, a “Change of
Control” means a transaction or a series of transactions occurring within any single 12-month period in which: 
 (i) any one Person,
or more than one Person acting as a group, acquires ownership of stock of Company that, together with stock held by such Person or group, constitutes Majority Shareholder Voting Power, taking into account all such stock acquired during the 12-month
period ending on the date of the most recent acquisition; 
 (ii) a majority of the members of the Board is replaced during any 12-month
period by directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election; or 

(iii) any one Person, or more than one Person acting as a group, other than a Person or group of persons that is related to Company, acquires
assets from Company that have a total gross fair market value equal to or more than 75% of the total gross fair market value of all of the assets of Company immediately prior to such acquisition or acquisitions, taking into account all such assets
acquired during the 12-month period ending on the date of the most recent acquisition. 

  
 1 

 Notwithstanding the foregoing, a “Change in Control” shall not include any
transaction or a series of transactions in which the Class B Common Shares of the Company held by any person holding such shares as of the Effective Date are transferred to one or more members of his immediate family, to an entity controlled by any
such family member or members or a trust for the benefit of any such family member or members. Further, a “Change in Control” shall not include any transaction or a series of transactions in any acquisition of stock or assets by a
Person who owns Majority Shareholder Voting Power prior to such transaction or series of transactions. 
 “Code” means the
Internal Revenue Code of 1986, as amended, or any successor thereto. 
 “Committee” means the Stock Option Committee of the
Board, or such other committee of the Board (including, without limitation, the full Board) to which the Board has delegated full or partial power to act under or pursuant to the provisions of the Plan. 

“Company” has the meaning set forth in Section 1. 

“Disability” means Disability as defined for purposes of Section 409A of the Code. In a dispute, the Disability
determination shall be in the sole discretion of the Committee and a Participant (or his representative) shall furnish the Committee with medical evidence documenting the Participant’s disability or infirmity which is satisfactory to the
Committee. 
 “Effective Date” means May 17, 2010 (the date the Board approved the Plan). The effectiveness of the
Plan and the validity of any and all Awards granted hereunder are contingent upon approval of the Plan by the requisite vote of the shareholders of Company in a manner which complies with Section 422(b)(1) of the Code, the requirements of any
national securities exchange on which such Shares are listed or admitted to trading and the provisions of the corporate charter, bylaws and applicable state law of Company. 

“Employment” means (i) a Participant’s employment if the Participant is an employee of Company or any of its
Affiliates, (ii) a Participant’s service as a consultant or other service provider, if the Participant is a consultant or other service provider to Company or its Affiliates, and (iii) a Participant’s service as an non-employee
director, if the Participant is a non-employee member of the Board. 
 “Fair Market Value” means, on a given date,
(i) if there should be a public market for the Shares on such date, the closing price of the Shares as reported on such date on the composite tape of the principal national securities exchange on which such Shares are listed or admitted to
trading, or, if no composite tape exists for such national securities exchange on such date, then the closing price on the principal national securities exchange on which such Shares are listed or admitted to trading, or, (ii) if the Shares are
not listed or admitted to trading or quotation on a national securities exchange, the arithmetic mean of the per Share closing bid price and per Share closing asked price on such date as quoted on the National Association of Securities Dealers
Automated Quotation System (or such market in which such prices are regularly quoted), or 

  
 2 

 
(iii) if there is no market on which the Shares are regularly quoted, the Fair Market Value shall be the value established by the Committee in good faith pursuant to the reasonable
application of a reasonable valuation method under Treasury Regulation Section 1.409A-1(b)(5)(iv)(B). With respect to (i) and (ii) above, if no sale of Shares shall have been reported on such composite tape or such national securities
exchange on such date or quoted on the National Association of Securities Dealer Automated Quotation System on such date, then the immediately preceding date on which sales of the Shares have been so reported or quoted shall be used. 

“ISO” means an Option that is also an incentive stock option granted pursuant to Section 6(d). 

“Majority Shareholder Voting Power” means either (i) with respect to the election of members of the Board by the
shareholders of Company, the ability to elect a majority of the Board, or (ii) with respect to all other matters, more than 50% of the total voting power of the stock of Company, in both cases taking into account the relative voting power of
the Shares and Company’s Class B Common Shares. 
 “Option” means a stock option granted pursuant to
Section 6. 
 “Option Price” means the purchase price per Share of an Option, as determined pursuant to
Section 6(a). 
 “Participant” means an employee, director, consultant or other service provider of Company or
any of its Affiliates who is selected by the Committee to participate in the Plan. 
 “Permitted Holder” means, as of the
date of determination, any and all of an employee benefit plan (or trust forming a part thereof) maintained by (i) Company, or (ii) any corporation or other Person of which a majority of its voting power of its voting equity securities or
equity interest is owned, directly or indirectly, by Company. 
 “Person” means a “person”, as such term is used
for purposes of Section 13(d) or 14(d) of the Act (or any successor section thereto). 
 “Plan” has the meaning set
forth in Section 1. 
 “Shares” means Company’s Class A Common Shares. 

“Stock Appreciation Right” means a stock appreciation right granted pursuant to Section 7. 

“Subsidiary” means a subsidiary corporation, as defined in Section 424(f) of the Code (or any successor section
thereto). 
 3. Shares Subject to the Plan. Subject to Section 8, the total number of Shares which may be issued under
the Plan is 2,500,000 and the maximum number of Stock Appreciation Rights that may be granted is 500,000. The Shares may consist, in whole or in part, of unissued Shares or treasury Shares. The issuance of Shares or the payment of cash upon the
exercise of an Award or in consideration of the cancellation or termination of an Award shall reduce the total number of Shares available under the Plan, as applicable. Shares subject to Awards that terminate or lapse without the payment of
consideration may be granted again under the Plan. 

  
 3 

 4. Administration. The Plan shall be administered by the Committee. The Committee is
authorized to interpret the Plan, to establish, amend and rescind any rules and regulations relating to the Plan, and to make any other determinations that it deems necessary or advisable for the administration of the Plan. The Committee may correct
any defect or supply any omission or reconcile any inconsistency in the Plan in the manner and to the extent the Committee deems necessary or advisable. Any decision of the Committee in the interpretation and administration of the Plan, as described
herein, shall lie within its sole and absolute discretion and shall be final, conclusive and binding on all parties concerned (including, but not limited to, Participants and their beneficiaries or successors). The Committee shall have the full
power and authority to establish the terms and conditions of any Award consistent with the provisions of the Plan and to waive any such terms and conditions at any time (including, without limitation, accelerating or waiving any vesting conditions).
Determinations made by the Committee under the Plan need not be uniform and may be made selectively among Participants, whether or not such Participants are similarly situated. Awards may, in the discretion of the Committee, be made under the Plan
in assumption of, or in substitution for, outstanding awards previously granted by Company, any of its Affiliates or any of their respective predecessors, or any entity acquired by Company or with which Company combines. The number of Shares
underlying such substitute awards shall be counted against the aggregate number of Shares available for Awards under the Plan. The Committee shall require payment of any minimum amount it may determine to be necessary to withhold for federal, state,
local or other taxes as a result of the exercise, vesting or grant of an Award. Unless the Committee specifies otherwise, the Participant may elect to pay a portion or all of such minimum withholding taxes by (i) delivery in Shares, or
(ii) having Shares withheld by Company from any Shares that would have otherwise been received by the Participant. The number of Shares so delivered or withheld shall have an aggregate Fair Market Value sufficient to satisfy the applicable
minimum withholding taxes. 
 5. Limitations. No Award may be granted under the Plan after the tenth anniversary of the Effective
Date, but Awards theretofore granted may extend beyond that date. 
 6. Terms and Conditions of Options. Options granted under the
Plan shall be, as determined by the Committee, non-qualified or incentive stock options for federal income tax purposes, as evidenced by the related Award agreements, and shall be subject to the foregoing and the following terms and conditions and
to such other terms and conditions, not inconsistent therewith, as the Committee shall determine: 
 (a) Option Price. The Option
Price per Share shall be determined by the Committee, but shall not be less than 100% of the Fair Market Value of a Share on the date an Option is granted (other than in the case of Options granted in assumption or substitution of previously granted
awards, as described in Section 4; provided that such assumption or substitution is described in Treasury Regulation Section 1.409A-1(b)(5)(v)(D)). 

(b) Exercisability. Options granted under the Plan shall be exercisable at such time and upon such terms and conditions as may be
determined by the Committee, but in no 

  
 4 

 
event shall an Option be exercisable more than ten years after the date it is granted. Each Award agreement shall set forth the extent to which the Participant shall have the right to exercise
the Option following termination of the Participant’s employment or service with Company or its Affiliates. Such provisions shall be determined in the sole discretion of the Committee, shall be included in the Award agreements, need not be
uniform among all Options issued pursuant to the Plan, and may reflect distinctions based on the reasons for termination. 
 (c) Exercise
of Options. Except as otherwise provided in the Plan or in an Award agreement, an Option may be exercised for all, or from time to time any part, of the Shares for which it is then exercisable. For purposes of Section 6, the exercise
date of an Option shall be the later of the date a notice of exercise is received by Company and, if applicable, the date payment is received by Company pursuant to clause (i), (ii), (iii), (iv) or (v) in the following sentence. The
purchase price for the Shares as to which an Option is exercised shall be paid to Company to the extent permitted by law, (i) in cash or its equivalent (e.g., by personal check) at the time the Option is exercised, (ii) in Shares having a
Fair Market Value equal to the aggregate Option Price for the Shares being purchased and satisfying such other requirements as may be imposed by the Committee; provided, that such Shares have been held by the Participant for no less than six months
(or such other period as established from time to time by the Committee in order to avoid adverse accounting treatment applying generally accepted accounting principles), (iii) partly in cash and partly in Shares (as described in
(ii) above), (iv) if there is a public market for the Shares at such time, through the delivery of irrevocable instructions to a broker to sell Shares obtained upon the exercise of the Option and to deliver promptly to Company an amount
out of the proceeds of such sale equal to the aggregate Option Price for the Shares being purchased plus any and all federal, state, or local taxes and any other levies of any kind required by law to be deducted or withheld with respect to the
exercise of the Option, or (v) to the extent the Committee shall approve in the Award agreement, through “net settlement” in Shares. In the case of a “net settlement” of an Option, Company will not require a cash payment of
the Option Price of the Option set forth in the Award agreement, but will reduce the number of Shares issued upon the exercise by the largest number of whole Shares that have a Fair Market Value that does not exceed the aggregate Option Price set
forth in the Award agreement. With respect to any remaining balance of the aggregate Option Price, Company shall accept a cash payment. No Participant shall have any rights to dividends or other rights of a shareholder with respect to Shares subject
to an Option until the Participant has given written notice of exercise of the Option, paid in full for such Shares and, if applicable, has satisfied any other conditions imposed by the Committee pursuant to the Plan. 

(d) ISOs. The Committee may grant Options under the Plan that are intended to be ISOs. Such ISOs shall comply with the requirements of
Section 422 of the Code (or any successor section thereto). No ISO may be granted to any Participant who at the time of such grant, owns more than 10% of the total combined voting power of all classes of stock of Company or of any Subsidiary,
unless (i) the Option Price for such ISO is at least 110% of the Fair Market Value of a Share on the date the ISO is granted and (ii) the date on which such ISO terminates is a date not later than the day preceding the fifth anniversary of
the date on which the ISO is granted. Any Participant who disposes of Shares acquired upon the exercise of an ISO either (i) within two years after the date of grant of such ISO or (ii) within one year after the transfer of such Shares to
the Participant, shall notify Company of such disposition and of the amount realized upon such disposition. All Options granted under the Plan are intended to be 

  
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nonqualified stock options, unless the applicable Award agreement expressly states that the Option is intended to be an ISO. If an Option is intended to be an ISO, and if for any reason such
Option (or portion thereof) shall not qualify as an ISO, then, to the extent of such non-qualification, such Option (or portion thereof) shall be regarded as a nonqualified stock option granted under the Plan. In no event shall any member of the
Committee, Company or any of its Affiliates (or their respective employees, officers or directors) have any liability to any Participant (or any other Person) due to the failure of an Option to qualify for any reason as an ISO. 

(e) Attestation. Wherever in this Plan or any agreement evidencing an Award a Participant is permitted to pay the exercise price of an
Option or taxes relating to the exercise of an Option by delivering Shares, the Participant may, subject to procedures satisfactory to the Committee, satisfy such delivery requirement by presenting proof of beneficial ownership of such Shares, in
which case Company shall treat the Option as exercised without further payment and/or shall withhold such number of Shares from the Shares acquired by the exercise of the Option, as appropriate. 

7. Terms and Conditions of Stock Appreciation Rights. 

(a) Grants. The Committee may also grant (i) a Stock Appreciation Right independent of an Option or (ii) a Stock Appreciation
Right in connection with an Option, or a portion thereof. A Stock Appreciation Right granted pursuant to clause (ii) of the preceding sentence (A) may be granted at the time the related Option is granted or at any time prior to the
exercise or cancellation of the related Option, (B) shall cover the same number of Shares covered by an Option (or such lesser number of Shares as the Committee may determine), and (C) shall be subject to the same terms and conditions as
such Option except for such additional limitations as are contemplated by this Section 7 (or such additional limitations as may be included in an Award agreement). 

(b) Terms. The exercise price per Share of a Stock Appreciation Right shall be an amount determined by the Committee but in no event
shall such amount be less than the Fair Market Value of a Share on the date the Stock Appreciation Right is granted (other than in the case of a Stock Appreciation Right granted in assumption or substitution of previously granted awards, as
described in Section 4; provided that such assumption or substitution is described in Treasury Regulation Section 1.409A-1(b)(5)(v)(D)); provided, however, that, in the case of a Stock Appreciation Right granted in conjunction with
an Option, or a portion thereof, the exercise price may not be less than the Option Price of the related Option. Each Stock Appreciation Right granted independent of an Option shall entitle a Participant upon exercise to an amount equal to the
product of (i) the excess of (A) the Fair Market Value on the exercise date of one Share over (B) the exercise price per Share, multiplied by (ii) the number of Shares covered by the Stock Appreciation Right. Each Stock
Appreciation Right granted in conjunction with an Option, or a portion thereof, shall entitle a Participant to surrender to Company the unexercised Option, or any portion thereof, and to receive from Company in exchange therefor an amount equal to
the product of (i) the excess of (A) the Fair Market Value on the exercise date of one Share over (B) the greater of the exercise price per Share or the Option Price per Share, multiplied by (ii) the number of Shares
covered by the Option, or portion thereof, which is surrendered. The date on which a notice of exercise is received by Company shall be the exercise 

  
 6 

 
date. Payment shall be made in cash as set forth in the Award agreement. Stock Appreciation Rights may be exercised from time to time upon actual receipt by Company of written notice of exercise
stating the number of Shares with respect to which the Stock Appreciation Right is being exercised. 
 (c) Limitations. The Committee
may impose, in its sole discretion, such conditions upon the exercisability or transferability of Stock Appreciation Rights as it may determine, but in no event shall a Stock Appreciation Right be exercisable more than ten years after the date it is
granted. 
 8. Adjustments upon Certain Events. Notwithstanding any other provisions in the Plan to the contrary, the following
provisions shall apply to all Awards granted under the Plan: 
 (a) Generally. In the event of any change in the outstanding Shares
after the Effective Date by reason of any Share dividend or split, reorganization, recapitalization, merger, consolidation, spin-off, combination or exchange of Shares or other corporate exchange or change in capital structure, any distribution to
shareholders of Shares (other than regular cash dividends) or any similar event, the Committee without liability to any person shall make such substitution or adjustment, if any, as it deems to be equitable (subject to Section 15), as to
the number or kind of Shares or other securities issued or reserved for issuance as set forth in Section 3 or pursuant to outstanding Awards; provided that the Committee shall determine in its sole discretion the manner in which such
substitution or adjustment shall be made. 
 (b) Change of Control. In the event of a Change of Control (or similar corporate
transaction, whether or not including any Permitted Holder) after the Effective Date, the Committee may (subject to Section 15), but shall not be obligated to, (i) accelerate, vest or cause the restrictions to lapse with respect to
all or any portion of an Award, (ii) cancel such Awards for fair value (as determined in the sole discretion of the Committee) which, in the case of Options and Stock Appreciation Rights, may equal the excess, if any, of value of the
consideration to be paid in the Change of Control transaction to holders of the same number of Shares subject to such Options or Stock Appreciation Rights (or, if no consideration is paid in any such transaction, the Fair Market Value of the Shares
subject to such Options or Stock Appreciation Rights) over the aggregate exercise price of such Options or Stock Appreciation Rights, (iii) provide for the issuance of substitute Awards that will substantially preserve the otherwise applicable
terms of any affected Awards previously granted hereunder as determined by the Committee in its sole discretion, or (iv) provide that for a period of at least 10 days prior to the Change of Control, such Options shall be exercisable as to all
Shares subject thereto and that upon the occurrence of the Change of Control, such Options shall terminate and be of no further force or effect. For the avoidance of doubt, pursuant to (ii) above, the Committee may cancel Options and Stock
Appreciation Rights for no consideration if the aggregate Fair Market Value of the Shares subject to such Options or Stock Appreciation Rights is less than or equal to the aggregate Option Price of such Options or exercise price of such Stock
Appreciation Rights. 
 9. No Right to Employment or Awards. The granting of an Award under the Plan shall impose no obligation on
Company or any of its Affiliates to continue the Employment of a Participant and shall not lessen or affect Company’s or any of its Affiliates’ right to terminate the Employment of such Participant. No Participant or other Person shall
have any claim to be 

  
 7 

 
granted any Award, and there is no obligation for uniformity of treatment of Participants, or holders or beneficiaries of Awards. The terms and conditions of Awards and the Committee’s
determinations and interpretations with respect thereto need not be the same with respect to each Participant (whether or not such Participants are similarly situated). 

10. Successors and Assigns. The Plan shall be binding on all successors and assigns of Company and the Participants, including, without
limitation, the estate of each such Participant and the executor, administrator or trustee of such estate, and any receiver or trustee in bankruptcy or any other representative of the Participant’s creditors. 

11. Nontransferability of Awards. Unless otherwise determined by the Committee, an Award shall not be transferable or assignable by the
Participant otherwise than by will or by the laws of descent and distribution. An Award exercisable after the death of a Participant may be exercised by the legatees, personal representatives or distributees of the Participant. 

12. Amendments or Termination. The Committee may amend, alter or discontinue the Plan, but no amendment, alteration or discontinuation
shall be made which, (a) without the approval of the shareholders of Company, would (except as is provided in Section 8) increase the total number of Shares reserved for the purposes of the Plan or change the maximum number of
Shares for which Awards may be granted to any Participant, or (b) without the consent of a Participant, would materially adversely impair any of the rights under any Award theretofore granted to such Participant under the Plan; provided,
however, that the Committee may amend the Plan in such manner as it deems necessary to permit the granting of Awards meeting the requirements of the Code or other applicable laws (including, without limitation, to avoid adverse tax consequences to
Company or any Participant). 
 Without limiting the generality of the foregoing, to the extent applicable, notwithstanding anything herein
to the contrary, this Plan and Awards issued hereunder shall be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretative guidance issued thereunder, including without limitation any
such regulations or other guidance that may be issued after the Effective Date. Notwithstanding any provision herein to the contrary, in the event the Committee determines that any amounts payable hereunder will be taxable to a Participant under
Section 409A of the Code and related Department of Treasury guidance prior to payment to such Participant of such amount, Company may (i) adopt such amendments to the Plan and Awards and appropriate policies and procedures, including
amendments and policies with retroactive effect, that the Committee determines necessary or appropriate to preserve the intended tax treatment of the benefits provided by the Plan and Awards hereunder, and/or (ii) take such other actions as the
Committee determines necessary or appropriate to avoid the imposition of an additional tax under Section 409A of the Code. 
 13.
Choice of Law. The Plan shall be governed by and construed in accordance with the laws of the State of Georgia without regard to conflicts of laws. 

14. Effectiveness of Plan. The Plan shall be effective as of the Effective Date, subject to the approval of Company’s
shareholders, as provided in Section 2 in the definition of “Effective Date.” 

  
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 15. Section 409A. Notwithstanding other provisions of the Plan or any Award
agreements thereunder, no Award shall be granted, deferred, accelerated, extended, paid out or modified under this Plan in a manner that would result in the imposition of an additional tax under Section 409A of the Code upon a Participant. In
the event that it is reasonably determined by the Committee that, as a result of Section 409A of the Code, any payment or delivery of Shares in respect of any Award under the Plan may not be made at the time contemplated by the terms of the
Plan or the relevant Award agreement, as the case may be, without causing the Participant holding such Award to be subject to taxation under Section 409A of the Code, Company will make such payment or delivery of Shares on the first day that
would not result in the Participant incurring any tax liability under Section 409A of the Code. In the case of a Participant who is a “specified employee” (within the meaning of Section 409A(a)(2)(B)(i) of the Code), any payment
and/or delivery of Shares in respect of any Award subject to Section 409A of the Code that is linked to the date of the Participant’s separation from service shall not be made prior to the date which is six (6) months after the date
of such Participant’s separation from service from Company and its Affiliates, determined in accordance with Section 409A of the Code and the regulations promulgated thereunder. Company shall use commercially reasonable efforts to
implement the provisions of this Section 15 in good faith; provided that neither Company, the Committee nor any of Company’s employees, directors or representatives shall have any liability to Participants with respect to this
Section 15. 

  
 9

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