Document:

jwdeferredcompensationpl

  Exhibit 10.1                          THE JELD-WEN  DEFERRED COMPENSATION PLAN                                                  As Adopted Effective April 1, 2022      

 

1  ARTICLE I - INTRODUCTION  JELD-WEN Holding, Inc. (the “Company”) hereby establishes the JELD-WEN Deferred  Compensation Plan (the “Plan”) effective April 1, 2022, to permit eligible executives and eligible  directors to defer receipt of certain compensation earned for service with the Employer.    For purposes of the Code, the Plan is intended to be a nonqualified deferred compensation  plan that is unfunded and unsecured. For purposes of ERISA, the Plan is intended to be a plan  described in Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA providing unfunded benefits to a  select group of management or highly compensated employees.  ARTICLE II - DEFINITIONS  When used in this Plan, the following terms have the meanings set forth below unless a  different meaning is plainly required by the context:  2.1 “Account” means the bookkeeping account maintained for a Participant by the  Recordkeeper to determine, from time to time, the Participant’s interest under this Plan. The  balance in such Account will be determined by the Recordkeeper pursuant to any guidelines  established by the Plan Administrator. Each Participant’s Account will generally consist of a  Retirement Subaccount but may also include one or more Equity Subaccounts and one or more In- Service Subaccounts. The Recordkeeper may also establish such other subaccounts as it deems  necessary for the proper administration of the Plan. Where appropriate, a reference to a  Participant’s Account will include a reference to each applicable subaccount that has been  established thereunder.  2.2 “Act” means the Securities Exchange Act of 1934, as amended from time to time.  2.3 “Base Salary” means an Eligible Executive’s adjusted base salary, to the extent  payable in U.S. dollars from an Employer’s U.S. payroll (or as otherwise payable, with respect to  currency and payroll, and provided in Section 3.1(a) in connection with certain events). The Plan  Administrator is entitled to specify on the Election Form applicable to a particular deferral election  (or in other documentation applicable to such deferral election) whether and to what extent (if at  all) amounts will be subtracted from gross base salary to arrive at adjusted base salary. Any such  specifications must be made in writing no later than the date on which such deferral election  becomes irrevocable pursuant to Section 4.2 of this Plan, and any amount to be subtracted that is  variable must be permitted to be variable under Section 409A.    2.4 “Beneficiary” means, with respect to a Participant, the person or persons properly  designated by the Participant, as determined by the Recordkeeper, to receive the amounts in the  Participant’s Account in the event of the Participant’s death in accordance with Section 4.2(h) (or  such other person who becomes entitled to receive such amount in accordance with Section 6.4).   2.5 “Board” means the Board of Directors of the Company.   2.6 “Board Year” means the 12-month period for which Directors are compensated for  their services on the Board.  

 

2  2.7 “Bonus Compensation” means any bonus compensation earned by an Eligible  Executive other than MIP Compensation, to the extent payable in U.S. dollars from an Employer’s  U.S. payroll (or as otherwise payable, with respect to currency and payroll, and provided in Section  3.1(a) in connection with certain events). The Plan Administrator is entitled to specify on the  Election Form applicable to a particular deferral election (or in other documentation applicable to  such deferral election) whether and to what extent (if at all) amounts will be subtracted from bonus  compensation to arrive at an adjusted bonus compensation amount. Any such specifications must  be made in writing no later than the date on which such deferral election becomes irrevocable  pursuant to Section 4.2, and any amount to be subtracted that is variable must be permitted to be  variable under Section 409A.    2.8 “Code” means the Internal Revenue Code of 1986, as amended from time to time.  2.9 “Company” means JELD-WEN Holding, Inc., a corporation organized and existing  under the laws of the State of Delaware, and its successor or successors.  2.10 “Director” means a non-employee member of the Board.   2.11 “Director Fees” means a Director’s cash compensation for services as a Director.   2.12 “Disability” means, with respect to a Participant, that the Social Security  Administration has determined that the Participant is entitled to receive federal Social Security  disability benefits.    2.13 “Discretionary Employer Restoration Contributions” means discretionary  employer contributions allocated pursuant to Section 4.1(g).  2.14 “Distribution Valuation Date” means each date as specified by the Plan  Administrator from time to time as of which Accounts are valued for purposes of distributions  under this Plan. The current Distribution Valuation Dates are the first day of each calendar month.  Any current Distribution Valuation Date may be changed by the Plan Administrator, provided that  such change does not result in a change in when deferrals are paid out that is impermissible under  Section 409A. Values are determined as of the close of a Distribution Valuation Date or, if such  date is not a business day, as of the close of the following business day.    2.15 “Election Form” means the form prescribed by the Plan Administrator on which a  Participant specifies the amount of his or her Base Salary, Bonus Compensation, MIP  Compensation, RSUs, PSUs, and or Director Fees (as applicable) to be deferred and the timing  and form of his or her deferral payouts under this Plan, all pursuant to the provisions of Article IV.  An Election Form need not exist in a paper format, and it is expressly authorized that the Plan  Administrator may make available for use such technologies, including voice response systems,  Internet-based forms and any other electronic forms for use as an Election Form, as it deems  appropriate from time to time.   2.16 “Eligible Director” has the meaning specified in Section 3.1.  2.17 “Eligible Executive” has the meaning specified in Section 3.1.  

 

3  2.18 “Employer” means the Company and each subsidiary or affiliate of the Company  (if any) that is currently designated as an Employer for purposes of this Plan by the Plan  Administrator. An entity will be an Employer hereunder only for the period that it is (i) so  designated by the Plan Administrator, and (ii) a member of the JELD-WEN Organization.    2.19 “Equity Subaccount” means a subaccount of a Participant’s Account maintained to  reflect his or her interest attributable to each deferral (or separately tracked portion of a deferral)  of RSUs and PSUs.   2.20 “ERISA” means the Employee Retirement Income Security Act of 1974, as  amended from time to time.  2.21 “Executive” means any person classified by an Employer as in a salaried executive  position who is (i) receiving remuneration for personal services rendered in the employment of the  Employer, (ii) paid in U.S. dollars from the Employer’s U.S. payroll, and (iii) a U.S. citizen or a  U.S. lawful permanent resident assigned to work primarily in the U.S. Notwithstanding the  foregoing sentence, any person meeting the requirements of the foregoing sentence who is working  outside the U.S. will not be included as an Executive if applicable local law of the country in which  the person is working (e.g., local law relating to the payment of compensation) does not permit the  person to defer the receipt of compensation that is eligible for deferral hereunder.  2.22 “In-Service Subaccount” means a subaccount of a Participant’s Account  maintained to reflect his or her interest attributable to each deferral (or separately tracked portion  of a deferral) of Base Salary, Bonus Compensation, MIP Compensation, or Director Fees for which  the Participant has elected to receive payment based on a Specific Payment Date and earnings or  losses credited to such subaccount in accordance with Article V.   2.23 “JELD-WEN Organization” means the controlled group of organizations of which  the Company is a part, as defined by Code section 414(b) and (c) and the regulations issued  thereunder. An entity will be considered a member of the JELD-WEN Organization only during  the period it is one of the group of organizations described in the preceding sentence.   2.24 “MIP Compensation” means a performance-based annual bonus earned by an  Eligible Executive for a Plan Year under the Employer’s Management Incentive Plan, to the extent  payable in U.S. dollars from an Employer’s U.S. payroll (or as otherwise payable, with respect to  currency and payroll, and provided in Section 3.1(a) in connection with certain events). The Plan  Administrator is entitled to specify on the Election Form applicable to a particular deferral election  (or in other documentation applicable to such deferral election) whether and to what extent (if at  all) amounts will be subtracted from a gross annual incentive award to arrive at an adjusted annual  incentive award. Any such specifications must be made in writing no later than the date on which  such deferral election becomes irrevocable pursuant to Section 4.2, and any amount to be  subtracted that is variable must be permitted to be variable under Section 409A.   2.25 “Other Discretionary Employer Contributions” means discretionary employer  contributions allocated pursuant to Section 4.1(g).   2.26 “Other Discretionary Employer Contributions Subaccount” means a subaccount of  a Participant’s Account maintained to reflect his or her interest Other Discretionary Employer  

 

4  Contributions (or separately tracked portion of Other Discretionary Employer Contributions) and  earning or losses credited to such subaccount in accordance with article V.  2.27 “Participant” means any Eligible Executive or Eligible Director who has an  Account.  “  2.28 “Plan” means the JELD-WEN Deferred Compensation Plan set forth herein, as it  may be amended and restated from time to time.    2.29 “Plan Administrator” means the JELD-WEN Deferred Compensation Plan  Committee or its delegate or delegates, which has the authority to administer the Plan as provided  in Article VII. The initial membership of such committee comprises the Company’s Executive  Vice President, Human Resources; General Counsel; Chief Accounting Officer; Vice President,  Human Resources NA; Deputy General Counsel; and Vice President, Treasurer. The committee  shall be self-governing and shall establish a charter that, in part, specifies the procedure for changes  in the membership of the committee. In addition, the Company’s Executive Vice President, Human  Resources (the Officer), or if such position is vacant or eliminated, the person who is acting to  fulfill the duties of the position as such duties existed immediately prior to the vacancy or the  position elimination, is delegated the responsibility for the operational administration of the Plan,  including the powers set forth in Article VII and Article VIII. The Officer has the authority to  further delegate operational responsibilities to other persons or parties and has delegated certain  operational responsibilities to the Recordkeeper. References in this document to the Plan  Administrator are deemed to include the Officer and those individuals to whom the Plan  Administrator or the Officer have delegated responsibility for Plan administration, other than the  Recordkeeper. All delegations made under the authority granted by this Section are subject to  Section 7.6.  2.30 “Plan Year” means the 12-consecutive month period beginning on January 1 and  ending on the immediately following December 31.  2.31 “PSU” means a performance-vested stock unit granted to an Eligible Executive or  Eligible Director under the Company’s equity incentive plan.  2.32 “Recordkeeper” means for any designated period of time, the party that is delegated  the responsibility, pursuant to the authority granted in the definition of Plan Administrator, to  maintain the records of Participant Accounts, process Participant transactions and perform other  duties in accordance with any procedures and rules established by the Plan Administrator.    2.33 “Retirement Subaccount” means a subaccount of a Participant’s Account  maintained to reflect his or her interest attributable to each deferral (or separately tracked portion  of a deferral) of Base Salary, Bonus Compensation, MIP Compensation and Director Fees for  which the Participant has not elected to receive payment based on a Specific Payment Date, all  Discretionary Employer Restoration Contributions, and earnings or losses credited to such  subaccount in accordance with Article V.   2.34 “RSU” means a time-vested stock unit granted to an Eligible Executive or Eligible  Director under the Company’s equity incentive plan.  

 

5  2.35 “Section 409A” means Section 409A of the Code and the applicable regulations  and other guidance of general applicability that are issued thereunder.  2.36 “Separation from Service” means a Participant’s separation from service as defined  in Section 409A(a)(2)(A)(i). In the event a Participant who is an Executive also provides services  other than as an Executive for the Employer, as determined under the prior sentence, such other  services will not be taken into account in determining when a Separation from Service occurs to  the extent permitted under Treas. Reg. § 1.409A-1(h)(5) (relating to Directors). The term may also  be used as a verb (i.e., “Separates from Service”) with no change in meaning.    2.37 “Specific Payment Date” means a specific date selected by an Eligible Executive  that triggers an in-service lump sum payment of an In-Service Subaccount or the start of  installment payments for an In-Service Subaccount.   2.38 “Unforeseeable Emergency” means a severe financial hardship to the Participant  resulting from (a) an illness or accident of the Participant, the Participant’s spouse, the  Participant’s Beneficiary or the Participant’s dependent (as defined in Code Section 152(a),  without regard to Code Sections 152(b)(1), 152(b)(2) and 152(d)(1)(B)); (b) loss of the  Participant’s property due to casualty; or (c) any other similar extraordinary and unforeseeable  circumstances arising as a result of events beyond the control of the Participant. The Recordkeeper  will determine the occurrence of an Unforeseeable Emergency in accordance with Treas. Reg.  §1.409A-3(i)(3) and any guidelines established by the Plan Administrator.    2.39 “U.S.” means the United States, comprised of its 50 states, the District of Columbia,  and its possessions (other than Puerto Rico).  2.40 “Valuation Date” means each business day, as determined by the Recordkeeper, as  of which Participant Accounts are valued in accordance with Plan procedures that are currently in  effect. In accordance with procedures that may be adopted by the Plan Administrator, any current  Valuation Date may be changed.    ARTICLE III - ELIGIBILITY AND PARTICIPATION  3.1 Eligibility to Participate.  (a) In General.    (i) Subject to paragraph (ii) below, an Executive will be eligible to  participate in the Plan for a Plan Year if the Executive is classified by the Employer in Pay Grade  E1, M6 or M6+ and set up on the Employer’s payroll system to be paid in U.S. dollars from a U.S.  payroll as of the first day of such Plan Year. An Executive who is hired during a Plan Year and  classified by the Employer in Pay Grade E1, M6 or M6+ and set up on the Employer’s payroll  system to be paid in U.S. dollars from a U.S. payroll at the time of hire, or who is promoted by the  Employer during a Plan Year to Pay Grade E1, M6 or M6+ and set up on the Employer’s payroll  system to be paid with U.S. dollars from a U.S. payroll at the effective date of such promotion,  will be eligible to defer compensation under the Plan 30 days after such hire or promotion. An  Eligible Executive who makes an irrevocable election to participate in the Plan for a Plan Year  will remain an Eligible Executive for the remainder of the Plan Year (i) regardless of whether such  

 

6  Executive is subsequently classified in a portion other than Pay Grade E1, M6 or M6+ during such  Plan Year and (ii) regardless of whether such Executive subsequently is paid in non-U.S. dollars  or from a non-U.S. payroll during such Plan Year; provided that the occurrence of such events will  cut off any election that has been made that has not yet required to become irrevocable in order to  be timely in accordance with Section 409A. Any individual who becomes an Eligible Executive  during a Plan Year (including an individual who previously was an Eligible Executive under the  Plan may only be treated as an Eligible Executive for such Plan Year by satisfying the initial  eligibility requirements of Treas. Reg. 1.409A-2(a)(7)(ii).    (ii) Notwithstanding paragraph (i) above, from time to time the Plan  Administrator may modify, limit or expand the class of Executives eligible to participate in the  Plan, pursuant to criteria for eligibility that need not be uniform among all or any group of  Employees; provided that the Plan Administrator may remove an Executive from eligibility to  participate effective only prospectively as of the beginning of a Plan Year.  (iii) Each Director will be eligible to participate in the Plan for Plan Year.  (b) During the period an Executive satisfies all of the applicable eligibility  requirements of this Section, he or she will be referred to as an Eligible Executive. During the  period an individual is a Director, he or she will be referred to as an Eligible Director.  (c) Each Eligible Executive or Eligible Director will become an active  Participant on the date an amount is first withheld from his or her compensation pursuant to an  Election Form submitted by the Eligible Executive or Eligible Director to the Recordkeeper (or, if  authorized, the Plan Administrator) under Section 4.1.  3.2 Termination of Eligibility to Defer. An individual’s eligibility to participate  actively by making deferrals (or a deferral election) under Article IV will cease upon the “Election  Termination Date” (as defined below) occurring after the earliest of:    (a) Subject to Section 4.1(b), the date he or she Separates from Service; or  (b) The date that the individual ceases to be eligible under criteria described in  Section 3.1(a).  An individual’s “Election Termination Date” will be a date as soon as administratively  practicable following the date in subsection (a) or (b) (or such other date as may be determined in  accordance with rules of the Plan Administrator); provided that an Election Termination Date will  not affect any election already made that otherwise has become irrevocable in accordance with the  rules of this Plan. However, the occurrence of an Election Termination Date will terminate any  election that has been made that is not yet required to become irrevocable under rules of the Plan  Administrator that are intended to permit compliance with Section 409A.     3.3 Termination of Participation.  An individual who has been an active Participant  under the Plan will cease to be a Participant on the date his or her Account is fully distributed.  However, if a Participant’s Account is fully distributed but it is anticipated that an additional  amount will be credited to the Participant’s Account in the future (e.g., a deferral of Bonus  

 

7  Compensation that will be paid in a future year), the Participant will remain a Participant until any  such additional amount has been credited to the Participant’s account and then distributed.  3.4 Acquisitions and Divestitures.  A written agreement between an Employer and a  party that is not part of the JELD-WEN Organization regarding the purchase or sale of a business  unit, division, or subsidiary (“Business”) may provide for the termination or commencement of  the participation of Executives in this Plan. Absent a specific provision in such agreement to the  contrary:  (a) Each Executive of a Business that is sold will cease being eligible for this  Plan upon such sale (subject to the transitional extension of participation under Section 3.1(a) in  the case of a sale that does not result in a Separation from Service); and   (b) No Executive of a Business that is acquired will be eligible for this Plan  except as otherwise designated in the Plan or in such documents related to the Plan as the Plan  Administrator may designate from time to time.  For purposes of Article IX (amendment and termination of the Plan), an Employer’s  approval and execution of a written agreement of acquisition or divesture, which is described in  the first sentence of this Section, constitutes approval by the Company of the provisions of the  agreement that relate to participation in this Plan.  ARTICLE IV - DEFERRAL OF COMPENSATION  4.1 Deferral Elections.  (a) Deferrals of Base Salary.  Each Eligible Executive may make an election to  defer under the Plan any whole percentage up to 80% of his or her Base Salary in the manner  described in Section 4.2. The Plan Administrator is entitled to specify on the Election Form  applicable to a particular deferral election (or in other documentation applicable to such deferral  election) a lower percentage limitation on the amount of Base Salary that may be deferred pursuant  to such deferral election. Any such specification must be made in writing no later than the date on  which such deferral election becomes irrevocable pursuant to Section 4.2. Base Salary paid in a  Plan Year for services performed during the immediately preceding Plan Year will be treated as  Base Salary for services performed in the Plan Year in which payment is made.    (b) Deferrals of Bonus Compensation.  Each Eligible Executive may make an  election to defer under the Plan any whole percentage up to 100% of his or her Bonus  Compensation in the manner described in Section 4.2. The Plan Administrator is entitled to specify  on the Election Form applicable to a particular deferral election (or in other documentation  applicable to such deferral election) a lower percentage limitation on the amount of Bonus  Compensation that may be deferred pursuant to such deferral election. Any such specification must  be made in writing no later than the date on which such deferral election becomes irrevocable  pursuant to Section 4.2.   (c) Deferrals of MIP Compensation.  Each Eligible Executive may make an  election to defer under the Plan any whole percentage up to 100% of his or her MIP Compensation  in the manner described in Section 4.2. The Plan Administrator is entitled to specify on the Election  

 

8  Form applicable to a particular deferral election (or in other documentation applicable to such  deferral election) a lower percentage limitation on the amount of MIP Compensation that may be  deferred pursuant to such deferral election. Any such specification must be made in writing no  later than the date on which such deferral election becomes irrevocable pursuant to Section 4.2.     (d) Deferrals of Director Fees.  Each Eligible Director may make an election to  defer under the Plan any whole percentage up to 100% of his or her Director Fees for a Board Year  in the manner described in Section 4.2. Such election to defer will apply to Director Fees that are  earned for services performed in the corresponding Board Year. Subject to the foregoing sentence,  any Director Fees deferred by an Eligible Director for a Board Year will be deducted from each  payment of Director Fees at the time it would otherwise be paid. Director Fees paid in a Board  Year for services performed during the immediately preceding Board Year will be treated as  Director Fees for services performed in the Board Year in which payment is made.       (e) Deferrals of RSUs.  Each Eligible Executive and Eligible Director may  make an election to defer under the Plan any whole percentage up to 100% of his or her RSUs  (rounded down to the nearest whole share of common stock of the Company, as necessary) in the  manner described in Section 4.2.    (f) Deferrals of PSUs. Each Eligible Executive may make an election to defer  under the Plan any whole percentage up to 100% of his or her PSUs (rounded down to the nearest  whole share of common stock of the Company, as necessary) in the manner described in Section  4.2.    (g) Discretionary Employer Restoration Contributions.  For each Plan Year the  Employer may elect, in its discretion, to credit an amount to an Eligible Executive’s Retirement  Subaccount.      (h) Other Discretionary Employer Contributions.  For each Plan Year the  Employer may elect, in its discretion, to credit an amount to an Eligible Executive’s Other  Discretionary Employer Credit Subaccount.      (i) Election Form Rules. To be effective in deferring Base Salary, Bonus  Compensation, MIP Compensation or Director Fees, an Eligible Executive’s or Eligible Director’s  Election Form must set forth the percentage of Base Salary, Bonus Compensation, MIP  Compensation or Director Fees (as applicable) to be deferred, the time and form of payment under  Section 4.3, and any other information that may be required by the Plan Administrator from time  to time. In addition, the Election Form must meet the requirements of Section 4.2.   4.2 Time and Manner of Deferral Election.   (a) Deferrals of Base Compensation.  Ordinarily an Eligible Executive must  make a deferral election with respect to Base Salary no later than December 31 of the Plan Year  immediately prior to the Plan Year in which the Eligible Executive provides the services for which  the Base Salary is earned (although the Plan Administrator may adopt policies that encourage or  require earlier submission of Election Forms). If December 31 is not a business day, the deadline  will be the preceding day that is a business day. However, (i) an individual who newly becomes  an Eligible Executive on April 1, 2022, due to the adoption of this Plan will be permitted to make  

 

9  a deferral election prior to April 1, 2022 with respect to Base Salary that is earned for services  performed on or after April 1, 2022, and (ii) an individual who newly becomes an Eligible  Executive during a Plan Year as a result of being a newly hired Employee will have 30 days from  the date the individual becomes an Eligible Executive to make a deferral election with respect to  Base Salary that is earned for services performed after the election is received (the “30-Day  Election Period”). The 30-Day Election Period may be used to make an election for Base Salary  that is earned for services performed in the Plan Year in which the individual becomes an Eligible  Executive. Thus, if a Base Salary deferral election for a Plan Year is made in reliance on the 30- day rule, then the Plan Administrator will apply the restriction that the election may only apply to  Base Salary earned for services performed after the date the election is received by the  Recordkeeper.     (b) Deferrals of Bonus Compensation.  Ordinarily an Eligible Executive must  make a deferral election with respect to his or her Bonus Compensation for a Plan Year no later  than the last day of the immediately preceding Plan Year (although the Plan Administrator may  adopt policies that encourage or requires earlier submission of Election Forms). If the last day of  the immediately preceding Plan Year is not a business day, the deadline will be the first preceding  day that is a business day. However, (i) an individual who newly becomes an Eligible Executive  on April 1, 2022, due to the adoption of this Plan will be permitted to make a deferral election  prior to April 1, 2022 with respect to Bonus Compensation that is earned for services performed  on or after April 1, 2022, and (ii) an individual who newly becomes an Eligible Executive during  a Plan Year as a result of being a newly hired Employee will have 30 days from the date the  individual becomes an Eligible Executive to make a deferral election with respect to Bonus  Compensation that is earned for services performed after the election is received (the “30-Day  Election Period”). The 30-Day Election Period may be used to make an election for Bonus  Compensation that is earned for services performed in the Plan Year in which the individual  becomes an Eligible Executive. Thus, if an Eligible Executive makes a Bonus Compensation  deferral election for a Plan Year in reliance on the 30-day rule, then the Plan Administrator will  apply the restriction that the election will only apply to Bonus Compensation earned for services  performed after the date the election is received by the Recordkeeper.   (c) Deferrals of MIP Compensation.  An Eligible Executive may make a  deferral election with respect to his or her MIP Compensation earned for a Plan Year at least six  months prior to the end of such Plan Year, provided that (i) such MIP Compensation is contingent  on the satisfaction of organizational or individual performance criteria for such Plan Year, (ii) such  criteria have been established in writing by not later than 90 days after the beginning of such Plan  Year, and (iii) the MIP Compensation otherwise satisfies the requirements for performance-based  compensation under Section 409A. If the foregoing criteria are not met for an Eligible Executive’s  MIP Compensation, then the deferral election rules specified in subsection (b) above apply to that  MIP Compensation.   (d) Deferrals of Director Fees.  An Eligible Director must make a deferral  election with respect to Director Fees no later than the December 31 immediately prior to the  beginning of the Board Year (although the Plan Administrator may adopt policies that encourage  or requires earlier submission of Election Forms). If such December 31 is not a business day, the  deadline will be the first preceding day that is a business day.  

 

10  (e) Deferrals of RSUs and PSUs.  Ordinarily an Eligible Executive or Eligible  Director must make a deferral election with respect to his or her RSUs and PSUs granted in a Plan  Year no later than the last day of the immediately preceding Plan Year (although the Plan  Administrator may adopt policies that encourage or requires earlier submission of Election Forms).  If the last day of the immediately preceding Plan Year is not a business day, the deadline will be  the first preceding day that is a business day. However, a Director who newly becomes an Eligible  Director in calendar year 2022 due to the adoption of this Plan may make a deferral election prior  to April 1, 2022, with respect to RSUs and PSUs granted to the Eligible Director in April 2022.  (f) General Provisions.  A separate deferral election under subsection  (a) through (e) above must be made by an Eligible Executive or Eligible Director for each category  of compensation that is eligible for deferral under this Plan. If a properly completed and executed  Election Form is not actually received by the Recordkeeper (or, if authorized, the Plan  Administrator) by the deadline applicable under subsections (a) through (e) above for a particular  category of compensation, the Eligible Executive or Eligible Director will be deemed to have  elected not to defer any such compensation. Except as provided below in this subsection, an  election is irrevocable once received and determined by the Plan Administrator to be properly  completed (and such determination will be made not later than the last date for making the election  in question). Increases or decreases in the amount or percentage a Participant elects to defer will  not be permitted during a Plan Year or Board Year, as applicable.    (g) Evergreen Elections.  Once a Participant makes an effective deferral  election under the terms of this Plan for a category of compensation that is eligible for deferral  under the Plan, generally that election will carry over from Plan Year to Plan Year until such time  as the Participant makes a new effective deferral election under the terms of the Plan for that  category of compensation. Any such new effective deferral election will similarly carry over from  Plan Year to Plan Year until such time as the Participant makes another new effective deferral  election for that category of compensation. Notwithstanding the prior provisions of this subsection  (g), an Eligible Executive’s or Eligible Director’s election of a Specific Payment Date will  terminate and cease to apply as necessary to comply with the restriction specified in Section 4.3(b).    (h) Beneficiaries.    (i) A Participant may designate on the Election Form (or in some other  manner authorized by the Plan Administrator) one or more Beneficiaries to receive payment, in  the event of his or her death, of the amounts credited to his or her Account; provided that, to be  effective, any Beneficiary designation must be in writing, signed by the Participant, and must meet  such other standards (including any requirement for spousal consent) as the Plan Administrator or  Recordkeeper may require from time to time. The Beneficiary designation must also be filed with  the Recordkeeper prior to the Participant’s death. An incomplete Beneficiary designation, as  determined by the Recordkeeper or Plan Administrator, will be void and of no effect. A  Beneficiary designation of an individual by name remains in effect regardless of any change in the  designated individual’s relationship to the Participant. Any Beneficiary designation submitted to  the Recordkeeper that only specifies a Beneficiary by relationship will not be considered an  effective Beneficiary designation and will be void and of no effect. If more than one Beneficiary  is specified and the Participant fails to indicate the respective percentage applicable to two or more  Beneficiaries, then each Beneficiary for whom a percentage is not designated will be entitled to an  

 

11  equal share of the portion of the Account (if any) for which percentages have not been designated.  At any time, a Participant may change a Beneficiary designation for his or her Account in a writing  that is signed by the Participant and filed with the Recordkeeper prior to the Participant’s death,  and that meets such other standards as the Plan Administrator may require from time to time. An  individual who is otherwise a Beneficiary with respect to a Participant’s Account ceases to be a  Beneficiary when all payments have been made from the Account.  (ii) If the Participant designates a Beneficiary and such Beneficiary  survives the Participant, but such Beneficiary dies prior to the complete distribution of such  Beneficiary’s interest in the Participant’s Account, the Plan Administrator will direct the  Recordkeeper to pay such Beneficiary’s remaining interest in the Participant’s Account to the  Beneficiary’s estate.  4.3 Time and Form of Payment.    (a) Retirement Subaccounts and Other Discretionary Employer Contributions  Subaccount.  A Participant’s Retirement Subaccount and Other Discretionary Employer  Contributions Subaccount will be paid on account of the Participant’s Separation from Service.   When an Executive or Director first becomes eligible to make a deferral election under the Plan,  he or she may elect to receive payment of his or her Retirement Subaccount and Other  Discretionary Employer Contributions Subaccount either as a lump sum or in annual installments  to be paid over a period of two to 10 years. Only one election may be made for both such  subaccounts, and the election must be made in accordance with the requirements of Section 4.2.   If no such election is timely made, a Participant’s Retirement Subaccount and Other Discretionary  Employer Contributions Subaccount will be paid in a lump sum.    (b) In-Service Subaccounts. A Participant may elect to receive payment of any  deferrals of Base Salary, Bonus Compensation, MIP Compensation or Director Fees for a Plan  Year on a Specific Payment Date, either as a lump sum or in annual installments over a period of  two to five years. Such an election must be made in accordance with the requirements of Section  4.2. If the election does not specify a form of payment, the payment will be made in a lump sum.   In no event may an in-service distribution of an amount be made before the date that is two years  after the first day of the year in which any deferral election applicable to such In-Service Account  became effective.  (c) Equity Subaccounts.  A Participant’s Equity Subaccounts, if any, will  automatically be paid in a lump sum on account of the Participant’s Separation from Service.   (d) Distribution Rules.  Article VI governs the specific timing of distributions  under the Plan.   ARTICLE V - INTERESTS OF PARTICIPANTS  5.1 Accounting for Participants’ Interests.  (a) Deferral Subaccounts.  A Participant’s deferrals of Base Salary, Bonus  Compensation, MIP Compensation and Director Fees, as applicable, will be credited to the  Participant’s Retirement Subaccount as soon as administratively practicable following the date the  

 

12  compensation would have been paid to the Participant in the absence of a deferral except to the  extent the Participant has elected a Specific Payment Date for any such deferral, in which case  such deferral will be credited to an In-Service Subaccount for the Participant as soon as  administratively practicable following the date the compensation would have been paid to the  Participant in the absence of a deferral. A Participant’s deferrals of RSUs and PSUs, as applicable,  will be credited to an Equity Subaccount for the Participant at the time the Company grants the  corresponding RSUs or PSUs to the Participant. Discretionary Employer Restoration  Contributions granted by the Employer on behalf of a Participant for a Plan Year, if any, will be  credited to the Participant’s Retirement Subaccount as of a date during the immediately following  Plan Year that is specified by the Plan Administrator for such contributions. Other Discretionary  Employer Contributions granted by the Employer on behalf of a Participant, if any, will be credited  to the Participant’s Other Discretionary Employer Contributions Subaccount as of a date during  the immediately following Plan Year that is specified by the Plan Administrator for such  contributions. A Participant’s Retirement Subaccount, Equity Subaccounts (if any), In-Service  Subaccount (if any), Other Discretionary Employer Contributions Subaccount (if any), and overall  Account are bookkeeping devices used to track the value of the Participant’s interest in the Plan.  No assets will be reserved or segregated in connection with any subaccount or overall Account,  and no subaccount or overall Account will be insured or otherwise secured.  5.2 Deemed Investment of Deferral Subaccounts.  (a) Retirement Subaccounts, Other Discretionary Employer Contributions  Subaccounts and In-Service Subaccounts.  A Participants Retirement Subaccount, Other  Discretionary Employer Contributions Subaccount (if any) and In-Service Subaccounts (if any)  will be invested on a phantom basis in any combination of phantom investment options specified  by the Participant (or following the Participant’s death, by his or her Beneficiary) from those  offered by the Plan Administrator for this purpose from time to time pursuant to subsection (c)  below. As of each Valuation Date, each such subaccount will be credited with earnings and gains  (and will be debited for expenses and losses) determined as if the amounts credited to the  subaccount had actually been invested as directed by the Participant in accordance with this  Article.   (b) Equity Subaccounts.  A Participant’s Equity Subaccounts (if any) will be  deemed invested shares of common stock of the Company corresponding to the number of shares  of common stock of the Company that the Participant is eligible to earn under the corresponding  RSUs and PSUs. As of each Valuation Date, each Equity Subaccount will have a value equal to  the closing price of a share of Company common stock as reported on the stock exchange on which  such common stock is traded on such Valuation Date multiplied by the number of shares of  common stock of the Company in which such Equity Subaccount is deemed invested on such  Valuation Date. If shares of common stock of the Company change by reason of any stock split,  stock dividend, recapitalization, merger, consolidation, spin-off, combination or exchange of  shares or other any other corporate change treated as subject to this provision by the Plan  Administrator, such equitable adjustment will be made in the number and class of securities in  which each such Equity Subaccount is deemed invested under the Plan as the Plan Administrator  may determine to be necessary or appropriate. In no event will shares of common stock of the  Company actually be purchased or held under this Plan, and no Participant will have any rights as  a shareholder of Company common stock on account of an interest in this deemed investment.  

 

13  (c) Phantom Investment Options.  The Plan Administrator will designate the  investment options that will be available as phantom investment options under this Plan. These  phantom investment options will be described in materials provided to Participants from time to  time. Any of these phantom investment options will be administered under procedures  implemented from time to time by the Plan Administrator. The Plan Administrator may  discontinue any phantom investment option and may provide rules for transferring a Participant’s  phantom investment from the discontinued option to a specified replacement option (unless the  Participant selects another replacement option in accordance with such requirements as the Plan  Administrator may apply). The Plan provides only for “phantom investments,” and therefore such  earnings, gains, expenses, and losses and investments are hypothetical and not actual. However,  they will be applied to measure the value of a Participant’s Account and the amount of his or her  Employer’s liability to make deferred payments to or on behalf of the Participant.  (d) Phantom Investments.  A Participant may allocate on an Election Form the  phantom investment of the Participant’s Retirement Subaccount, In-Service Subaccounts (if any)  and Other Discretionary Employer Contributions Subaccount (if any) in one percent increments  among the phantom investment options then offered by the Plan Administrator. Such phantom  investment election will apply to all such subaccounts. To the extent a Participant’s Election Form  specifies phantom investment options for less than 100% of such subaccounts, the Recordkeeper  will allocate the phantom investment of such subaccounts to the default investment fund specified  by the Plan Administrator for this purpose to the extent necessary to provide for investment of  100% of the Participant’s deferral. To the extent a Participant’s Election Form specifies phantom  investment options for more than 100% of such subaccounts, the Recordkeeper will prorate all of  the Participant’s investment allocations to the extent necessary to reduce (after rounding to whole  percentages) the Participant’s aggregate investment percentages to 100%.  (e) Phantom Investment Changes.  A Participant may reallocate the phantom  investment of the Participant’s Retirement Subaccount, In-Service Subaccounts (if any) and Other  Discretionary Employer Contributions Subaccount (if any) by properly completing and submitting  a new Election Form provided by the Plan Administrator or Recordkeeper. Such phantom  investment election will apply to all such subaccounts. If an Election Form provides for investing  less than or more than 100% of such subaccounts, it will be void and disregarded. Any Election  Form that is not void under the preceding sentence will be effective as of the Valuation Date next  occurring after its receipt by the Recordkeeper, but the Plan Administrator or Recordkeeper may  also specify a minimum number of days in advance of which such transfer form must be received  in order for the form to become effective as of such next Valuation Date. If more than one Election  Form is received on a timely basis, the form that the Plan Administrator or Recordkeeper  determines to be the most recent will be followed.  5.3 Vesting of a Participant’s Account.  (a) Retirement Subaccounts and In-Service Subaccounts.  A Participant’s  interest in the value of his or her Retirement Subaccount and In-Service Subaccount (if any) will  be 100 percent vested at all times, which means that the Participant will not forfeit such  subaccounts as a result of his or her Separation from Service.   

 

14  (b) Equity Subaccounts.  A Participant’s interest in the value an Equity  Subaccount will become vested if and when the corresponding RSU or PSUs have become earned  and vested under the terms of such award. The Participant will forfeit the unvested portion of an  Equity Subaccount on the date on which the Participant forfeits the corresponding RSUs or PSUs.   (c) Other Discretionary Employer Contributions Subaccounts.  A Participant’s  Other Discretionary Employer Contributions Subaccount (if any) will become vested in  accordance with the schedule established by the Administrator at the time the subaccount is  established for the Participant. A Participant will forfeit the unvested portion of his or her Other  Discretionary Employer Contributions Subaccount on the date of the Participant’s termination of  employment with the Employer. Despite such vesting schedule, the Participant will become 100  percent vested in the Participant’s Other Discretionary Employer Contributions Subaccount upon  the first to occur of the Participant’s attainment of age 65, death and Disability, or upon the  effective date of the termination of the Plan pursuant to Section 92 below, in each case while the  Participant is still employed by the Employer.   ARTICLE VI - DISTRIBUTIONS  6.1 General.  A Participant’s Account will be distributed as provided in this Article,  subject in all cases to Section 7.3(j) (relating to safeguards against insider trading). Equity  Subaccounts will be distributed in shares of common stock of the Company. All other subaccounts  will be distributed in cash. In no event will any portion of a Participant’s Account be distributed  earlier or later than is allowed under Section 409A.  6.2 In-Service Subaccounts.   (a) If a Participant’s In-Service Subaccount is payable in the form of a lump  sum pursuant to Article IV, the In-Service Subaccount will be valued as of the last Distribution  Valuation Date that occurs on or immediately precedes the Specific Payment Date applicable to  the In-Service Account and the resulting amount will be paid to the Participant in a single lump  sum on the Specific Payment Date.       (b) If a Participant’s In-Service Subaccount is payable in the form of annual  installments pursuant to Article IV, the Participant’s first installment payment will be paid on the  Specific Payment Date applicable to the In-Service Subaccount. Thereafter, another installment  payment will be made on each successive anniversary of such Specific Payment Date for the  number of years specified in the Participant’s installment payment election for such In-Service  Subaccount. The amount of each installment will be determined under Section 6.7.  Notwithstanding the preceding provisions of this subsection, if before the date the last installment  distribution is processed for payment the Participant Separates from Service, dies or suffers a  Disability, the remaining balance of such In-Service Subaccount will be added to the Participant’s  Retirement Account and distributed in accordance with Section 6.3, 6.4 or 6.5, as applicable.       (c) If the Participant Separates from Service before the Specific Payment Date  applicable to an In-Service Subaccount, then the Participant’s election to receive payment of the  In-Service Subaccount based on the Specific Payment Date will become void on the date the  Participant Separates from Service and the balance of such In-Service Subaccount will be added  

 

15  to the Participant’s Retirement Subaccount and distributed in accordance with Section 6.3, 6.4 or  6.5, as applicable.  6.3 Distributions on Account of a Separation from Service.  This Section 6.3 applies  when a Participant Separates from Service.   (a) If the Participant’s Retirement Subaccount and Other Discretionary  Employer Contributions Subaccount are payable in the form of a lump sum pursuant to Article IV,  these subaccounts will be valued as of the last Distribution Valuation Date that occurs on or  immediately precedes the first day of the seventh month immediately following the date of the  Participant’s Separation from Service and the vested portion of the resulting amount will be paid  in a single lump sum on the first day of the seventh month immediately following the date of the  Participant’s Separation from Service.  (b) If the Participant’s Retirement Subaccount and Other Discretionary  Employer Contributions Subaccount are payable in the form of installments pursuant to Article  IV, the Participant’s first installment payment will be paid on the first day of the seventh month  immediately following the date of the Participant’s Separation from Service. Thereafter, another  installment payment will be made on each successive anniversary of the date of the Participant’s  Separation from Service for the number of years specified in the Participant’s installment payment  election for such subaccounts. The amount of each installment will be determined under Section  6.7.  Notwithstanding the preceding provisions of this subsection (b):  (1) if the total balance of the Participant’s Retirement Subaccount and  Other Discretionary Employer Contributions Subaccount valued as of the last Distribution  Valuation Date that occurs on or immediately preceding the first day of the seventh month  immediately following the date of the Participant’s Separation from Service does not  exceed $50,000, then such total balance will be paid to the Participant in a single lump sum  on the first day of the seventh month immediately following the date of the Participant’s  Separation from Service (except as provided in subsection (d) below), and  (2) if before the date the last installment distribution is processed for  payment the Participant dies or suffers a Disability, the remaining balance of such  subaccounts will instead be distributed in accordance with Section 6.4 or 6.5, as applicable.    (c) The Participant’s Equity Subaccounts will be paid in a single lump sum in  shares of common stock of the Company on the first day of the seventh month immediately  following the date of the Participant’s Separation from Service (except as provided in subsection  (d) below).  (d) If a Participant has Separated from Service, the Participant’s entire Account  balance has been distributed under this Article VI as a result of such Separation from Service, and  later the Participant’s Account is credited with a deferral of compensation that was not available  for credit before the time the Participant’s Account was previously paid out (e.g., Bonus  Compensation), then the new balance of such Participant’s Account will be distributed as a result  of such prior Separation from Service and the distribution will be made in a single lump sum payment  on the first day of the first month after the date that the deferral was credited to the Participant’s  

 

16  Account (but in all cases no earlier than the first day of the seventh month immediately following the  date of the Participant’s Separation from Service).    6.4 Distributions on Account of Death.  (a) The entire outstanding balance of a Participant’s Account will be valued as  of the last Valuation Date that occurs on or immediately precedes the date of the Participant’s  death and the resulting amount will be paid in a single lump sum payment on the date of the  Participant’s death.    (b) Amounts paid following a Participant’s death will be paid to the  Participant’s Beneficiary. If some but not all of the persons designated by a Participant as  Beneficiaries to receive his or her Account at death predecease the Participant, the Participant’s  surviving Beneficiaries will be entitled to the portion of the Participant’s Account intended for  such pre-deceased persons in proportion to the surviving Beneficiaries’ respective shares.    (c) If no Beneficiary designation is in effect at the time of a Participant’s death  (as determined by the Plan Administrator) or if all persons designated as Beneficiaries by the  Participant have predeceased the Participant, then the payments to be made pursuant to this Section  will be distributed as follows:   (1) If the Participant is married or in a domestic partnership at the time  of his/her death, all payments made pursuant to this Section will be paid to the Participant’s  surviving spouse or surviving eligible domestic partner; and   (2) If the Participant is not married or in a domestic partnership at the  time of his/her death, all payments made pursuant to this Section will be paid to the  Participant’s surviving children in equal shares.  (3) If the Participant is not married or in a domestic partnership and does  not have any living children at the time of his/her death, all payments made pursuant to this  Section will be paid to the Participant’s estate.   The Plan Administrator will determine whether a Participant is “married” and will determine a  Participant’s “spouse” based on the state or local law where the Participant has his/her primary  residence at the time of death. For these purposes, an “eligible domestic partner” means the  individual, (i) with whom the Participant was in a valid civil union under state law at the time of  the Participant’s death, (ii) who would satisfy the criteria to be enrolled in the Employer’s health  benefits as the Participant’s domestic partner at the time of the Participant’s death or (iii) who  satisfies such other criteria of domestic partnership as the Plan Administrator has specified in  writing. The Plan Administrator is authorized to make any applicable inquires and to request any  documents, certificates or other information that it deems necessary or appropriate in order to make  the above determinations.     (d) Any claim to be paid any amounts standing to the credit of a Participant in  connection with the Participant’s death must be received by the Recordkeeper or the Plan  Administrator at least 14 days before any such amount is paid out by the Recordkeeper. Any claim  

 

17  received thereafter is untimely, and it will be unenforceable against the Plan, the Company, the  Plan Administrator, the Recordkeeper or any other party acting for one or more of them.   6.5 Distributions on Account of Disability.  The entire outstanding balance of a  Participant’s Account will be valued as of the last Valuation Date that occurs on or immediately  precedes the date of the Participant’s Disability and the resulting amount will be paid in a single  lump sum payment on the date of the Participant’s Disability.    6.6 Distributions on Account of Unforeseeable Emergency.  Prior to the time that an  amount would become distributable under Sections 6.2 through 6.5, a Participant or Beneficiary  may file a written request with the Recordkeeper for accelerated payment of all or a portion of the  amount credited to the Participant’s Account based upon an Unforeseeable Emergency. After an  individual has filed a written request pursuant to this Section, along with all supporting material  that may be required by the Recordkeeper from time to time, the Recordkeeper will determine  within 60 days (or such other number of days that is necessary if special circumstances warrant  additional time) whether the individual meets the criteria for an Unforeseeable Emergency. If the  Recordkeeper determines that an Unforeseeable Emergency has occurred, the Participant or  Beneficiary will receive a distribution from his or her Account as of the day the Recordkeeper  finalizes the determination. However, such distribution cannot not exceed the dollar amount  necessary to satisfy the Unforeseeable Emergency (plus amounts necessary to pay taxes reasonably  anticipated as a result of the distribution) after taking into account the extent to which the  Unforeseeable Emergency is or may be relieved through reimbursement or compensation by  insurance or otherwise or by liquidation of the Participant’s assets (to the extent the liquidation of  such assets would not itself cause severe financial hardship).    6.7 Valuation.  In determining the amount of any individual distribution pursuant to  this Article, the Participant’s subaccount will continue to be credited with earnings and gains (and  debited for expenses and losses) as specified in Article V until the Distribution Valuation Date that  is used in determining the amount of the distribution under this Article. If a particular Section in  this Article does not specify a Distribution Valuation Date to be used in calculating the distribution,  the Participant’s subaccount will continue to be credited with earnings and gains (and debited for  expenses and losses) as specified in Article V until the Distribution Valuation Date that is on or  immediately precedes such distribution. In determining the value of a Participant’s remaining  subaccount following an installment distribution from the subaccount (or a partial distribution  under Section 6.6 relating to a distribution on account of an Unforeseeable Emergency), such  distribution will reduce the value of the Participant’s subaccount as of the close of the Distribution  Valuation Date preceding the payment date for such installment. The amount to be distributed in  connection with any installment payment will be determined by dividing the value of a  Participant’s subaccount as of such preceding Distribution Valuation Date (determined before  reduction of the subaccount as of such Distribution Valuation Date in accordance with the  preceding sentence) by the remaining number of installments to be paid with respect to the  subaccount.     6.8 Actual Payment Date.  An amount payable on a date specified in this Article VI  must be paid by the later of (a) the end of the calendar year in which the specified date occurs, or  (b) the 15th day of the third calendar month following such specified date. A payment made within  this time frame will in all cases be considered timely under this Article VI. A Participant or  

 

18  Beneficiary is not permitted to designate the taxable year of payment of any amount under this  Plan.    ARTICLE VII - PLAN ADMINISTRATION  7.1 Plan Administrator.  The Plan Administrator is responsible for the administration  of the Plan. The Plan Administrator has the authority to name one or more delegates to carry out  certain responsibilities hereunder, as specified in the definition of Plan Administrator. Any such  delegation will state the scope of responsibilities being delegated and is subject to Section 7.6  below.  7.2 Action.  Action by the Plan Administrator may be taken in accordance with  procedures that the Plan Administrator adopts from time to time or that the Company’s legal   department determines are legally permissible.  7.3 Powers of the Plan Administrator.  The Plan Administrator will administer and  manage the Plan and will have (and is permitted to delegate) all powers necessary to accomplish  that purpose, including the following:  (a) To exercise its discretionary authority to construe, interpret, and administer  this Plan;  (b) To exercise its discretionary authority to make all decisions regarding  eligibility, participation and deferrals, to make allocations and determinations required by this  Plan, and to maintain records regarding Participants’ Accounts;  (c) To compute and certify to the Employers the amount and kinds of payments  to Participants or their Beneficiaries, and to determine the time and manner in which such  payments are to be paid;  (d) To authorize all disbursements pursuant to this Plan;  (e) To maintain (or cause to be maintained) all the necessary records for  administration of this Plan;  (f) To make and publish such rules for the regulation of this Plan as are not  inconsistent with the terms hereof;  (g) To delegate to other individuals or entities from time to time the  performance of any of its duties or responsibilities hereunder;  (h) To establish or to change the phantom investment options or arrangements  under Article V;  (i) To hire agents, accountants, actuaries, consultants and legal counsel to  assist in operating and administering the Plan; and  

 

19  (j) Notwithstanding any other provision of this Plan except Section 7.7  (relating to compliance with Section 409A), the Plan Administrator or the Recordkeeper may take  any action the Plan Administrator deems is necessary to assure compliance with any policy of the  Company respecting insider trading as may be in effect from time to time. Such actions may  include altering the effective date of phantom investment election changes or distribution dates.  Any such actions will alter the normal operation of the Plan to the minimum extent necessary.   The Plan Administrator has the exclusive and discretionary authority to construe and to  interpret the Plan, to decide all questions of eligibility for benefits, to determine the amount and  manner of payment of such benefits and to make any determinations that are contemplated by (or  permissible under) the terms of this Plan, and its decisions on such matters will be final and  conclusive on all parties. Any such decision or determination will be made in the absolute and  unrestricted discretion of the Plan Administrator, even if (1) such discretion is not expressly  granted by the Plan provisions in question, or (2) a determination is not expressly called for by the  Plan provisions in question, and even though other Plan provisions expressly grant discretion or  call for a determination. As a result, benefits under this Plan will be paid only if the Plan  Administrator decides in its discretion that the applicant is entitled to them. In the event of a review  by a court, arbitrator or any other tribunal, any exercise of the Plan Administrator’s discretionary  authority will not be disturbed unless it is clearly shown to be arbitrary and capricious.  7.4 Compensation, Indemnity and Liability.  The Plan Administrator will serve without  bond and without compensation for services hereunder. All expenses of the Plan and the Plan  Administrator will be paid by the Company. To the extent deemed appropriate by the Plan  Administrator, any such expense may be charged against specific Participant Accounts, thereby  reducing the obligation of the Company. No member of the committee serving as the Plan  Administrator), and no individual acting as the delegate of such committee, will be liable for any  act or omission of any other member or individual, nor for any act or omission on his or her own  part, excepting his or her own willful misconduct. The Employers (other than the Company) will  indemnify and hold harmless each member of the committee serving as Plan Administrator and  any employee of the Company (or a Company affiliate, if recognized as an affiliate for this purpose  by the Plan Administrator) acting as the delegate of the committee serving as Plan Administrator  against any and all expenses and liabilities, including reasonable legal fees and expenses, arising  in connection with this Plan out of his or her membership on such committee (or his or her serving  as the delegate of such committee).  7.5 Withholding.  The Employer will withhold from amounts due under this Plan, any  amount necessary to enable the Employer to remit to the appropriate government entity or entities  on behalf of the Participant as may be required by the federal income tax provisions of the Code,  by an applicable state’s income tax provisions, and by an applicable city’s, county’+s or  municipality’s earnings or income tax provisions. Further, the Employer will withhold from the  payroll of or otherwise collect from a Participant the amount necessary to remit on behalf of the  Participant any Social Security or Medicare taxes which may be required with respect to amounts  deferred or accrued by a Participant hereunder, as determined by the Employer. In addition, to the  extent required by Section 409A, amounts deferred under this Plan will be reported on each  Participant’s Form W-2 for the applicable tax year, and any amounts that become taxable  hereunder will be reported as taxable wages on the Participant’s Form W-2 for the applicable tax  year. All such reporting will be performed based on the rules and procedures of Section 409A.  

 

20  7.6 Conformance with Section 409A.  This Plan will be operated at all times in  accordance with the requirements of Section 409A. In all cases, the provisions of this Section 7.7  apply notwithstanding any contrary provision of the Plan that is not contained in this Section 7.7.     ARTICLE VIII - CLAIMS PROCEDURE  8.1 Claims for Benefits.  If a Participant, Beneficiary or other person (hereafter, a  “Claimant”) does not receive timely payment of any benefits which he or she believes are due and  payable under the Plan, he or she may make a claim for benefits to the Plan Administrator. The  claim for benefits must be in writing and addressed to the Plan Administrator. If the claim for  benefits is denied, the Plan Administrator will notify the Claimant within 90 days after the Plan  Administrator initially received the benefit claim. However, if special circumstances require an  extension of time for processing the claim, the Plan Administrator will furnish notice of the  extension to the Claimant prior to the termination of the initial 90-day period and such extension  may not exceed one additional, consecutive 90-day period. Any notice of a denial of benefits must  advise the Claimant of the basis for the denial, any additional material or information necessary  for the Claimant to perfect his or her claim, and the steps which the Claimant must take to appeal  his or her claim for benefits.  8.2 Appeals of Denied Claims.  Each Claimant whose claim for benefits has been  denied may file a written appeal for a review of his or her claim by the Plan Administrator. The  request for review must be filed by the Claimant within 60 days after he or she received the notice  denying his or her claim. The decision of the Plan Administrator will be communicated to the  Claimant within 60 days after receipt of a request for appeal. The notice must set forth the basis  for the Plan Administrator’s decision. However, if special circumstances require an extension of  time for processing the appeal, the Plan Administrator will furnish notice of the extension to the  Claimant prior to the termination of the initial 60-day period and such extension may not exceed  one additional, consecutive 60-day period. In no event will the Plan Administrator’s decision be  rendered later than 120 days after receipt of a request for appeal.  8.3 Special Claims Procedures for Disability Determinations.  Notwithstanding  Sections 8.1 and 8.2, if a Claimant’s claim or appeal relates to Disability benefits, such claim or  appeal will be processed pursuant to the applicable provisions of Department of Labor Regulation  Section 2560.503-1 relating to Disability benefits, including Sections 2560.503-1(d), 2560.503- 1(f)(3), 2560.503-1(h)(4) and 2560.503-1(i)(3).  8.4 Effect of Specific References.  Specific references in the Plan to the Plan  Administrator’s discretion will create no inference that the Plan Administrator’s discretion in any  other respect, or in connection with any other provision, is less complete or broad.  8.5 Claimant Must Exhaust the Plan’s Claims Procedures Before Filing in Court.   Before filing any Claim (including a suit or other action) in court or in another tribunal, a Claimant  must first fully exhaust all of the Claimant’s rights under the claim and appeal procedures of this  Article VIII.  

 

21  (a) Upon review by any court or other tribunal, the exhaustion requirement of  this Section 8.5 is intended to be interpreted to require exhaustion in as many circumstances as  possible (and any steps necessary to clarify or effect this intent may be taken).  (b) In any action or consideration of a Claim in court or in another tribunal  following exhaustion of the Plan’s claims procedure as described in this Section 8.5, the  subsequent action or consideration will be limited, to the maximum extent permissible, to the  record that was before Plan Administrator in the claims procedure.  (c) The exhaustion requirement of this Section 8.5 will apply: (i) regardless of  whether other Disputes that are not Claims (including those that a court might consider at the same  time) are of greater significance or relevance, (ii) to any rights the Plan Administrator may choose  to provide in connection with novel Disputes or in particular situations, (iii) regardless of whether  the rights are actual or potential and (iv) even if the Plan Administrator has not previously defined  or established specific claims procedures that directly apply to the submission and consideration  of such Claim (in which case the Plan Administrator (upon notice of the Claim) will either  promptly establish such claims procedures or will apply (or act by analogy to) the claims  procedures of Section 8.5 that apply to claims for benefits).  (d) The Plan Administrator may make special arrangements to consider a Claim  on a class basis or to address unusual conflicts concerns, and such minimum arrangements in these  respects will be made as are necessary to maximize the extent to which exhaustion is required.  (e) For purposes of this Section 8.5, the following definitions apply.  (1) A “Dispute” is any claim, dispute, issue, action or other matter.  (2) A “Claim” is any Dispute that implicates in whole or in part any one  or more of the following –  (A) The interpretation of the Plan;  (B) The interpretation of any term or condition of the Plan;  (C) The interpretation of the Plan (or any of its terms or  conditions) in light of applicable law;  (D) Whether the Plan or any term or condition under the Plan has  been validly adopted or put into effect;  (E) The administration of the Plan;  (F) Whether the Plan, in whole or in part, has violated any terms,  conditions or requirements of ERISA or other applicable law or regulation,  regardless of whether such terms, conditions or requirements are, in whole or in  part, incorporated into the terms, conditions or requirements of the Plan;  

 

22  (G) A request for Plan benefits or an attempt to recover Plan  benefits;  (H) An assertion that any entity or individual has breached any  fiduciary duty; or  (I) Any Claim that: (i) is deemed similar to any of the foregoing  by the Plan Administrator, or (ii) relates to the Plan in any way.  (3) A “Claimant” is any Executive, Director, former Executive, former  Director, Participant, former Participant, Beneficiary (or the spouse, former spouse, estate,  heir or representative of any of the foregoing individuals), or any other individual, person,  entity with a relationship to any of the foregoing individuals or the Plan, as well as any  group of one or more of the foregoing, who has a Claim.  8.6 Limitations on Actions.  Any claim filed under this Article VIII and any action filed  in state or federal court by or on behalf of a former or current Executive, Director, Participant,  Beneficiary or any other individual, person or entity (collectively, a “Petitioner”) for the alleged  wrongful denial of Plan benefits or for the alleged interference with or violation of ERISA- protected rights must be brought within two years of the date the Petitioner’s cause of action first  accrues. For purposes of this subsection, a cause of action with respect to a Petitioner’s benefits  under the Plan will be deemed to accrue not later than the earliest of (i) when the Petitioner has  received the calculation of the benefits that are the subject of the claim or legal action (ii) the date  identified to the Petitioner by the Plan Administrator on which payments will commence, or (iii)  when the Petitioner has actual or constructive knowledge of the facts that are the basis of his claim.  For purposes of this subsection, a cause of action with respect to the alleged interference with  ERISA-protected rights will be deemed to accrue when the claimant has actual or constructive  knowledge of the acts that are alleged to interfere with ERISA-protected rights. Failure to bring  any such claim or cause of action within this two-year time frame will preclude a Petitioner, or  any representative of the Petitioner, from filing the claim or cause of action. Correspondence or  other communications following the mandatory appeals process described in this Article VIII will  have no effect on this two-year time frame.  8.7 Restriction on Venue.  Any claim or action filed in court or any other tribunal in  connection with the Plan by or on behalf of a Petitioner (as defined in Section 8.6 above) must be  brought or filed in the United States District Court for the Western District of North Carolina.  ARTICLE IX - AMENDMENT AND TERMINATION  9.1 Amendment of Plan.  The Board (or its delegate) and the Compensation Committee  of the Board (or its delegate) each has right in its sole discretion to amend this Plan in whole or in  part at any time and in any manner, including the manner of making deferral elections, the terms  on which distributions are made, and the form and timing of distributions. However, except for  mere clarifying amendments necessary to avoid an inappropriate windfall, no Plan amendment  may reduce the amount credited to the Account of any Participant as of the date such amendment  is adopted. Any amendment must be in writing and adopted by the Board (or its delegate) or the  Compensation Committee of the Board (or its delegate). All Participants and Beneficiaries will be  

 

23  bound by any such amendment. Any amendments made to the Plan will be subject to any  restrictions on amendment that are applicable to ensure continued compliance under Section 409A.    9.2 Termination of Plan.  (a) The Company expects to continue this Plan but does not obligate itself to  do so. The Company, acting by the Compensation Committee of the Board, or through its entire  Board, reserves the right to discontinue and terminate the Plan at any time, in whole or in part, for  any reason (including a change, or an impending change, in the tax laws of the United States or  any State). Termination of the Plan will be binding on all Participants (and a partial termination  will be binding upon all affected Participants) and their Beneficiaries, but in no event may such  termination reduce the amounts credited at that time to any Participant’s Account. If this Plan is  terminated (in whole or in part), the termination resolution must provide for how amounts  previously credited to affected Participants’ Accounts will be distributed.    (b) This Section is subject to the same restrictions related to compliance with  Section 409A that apply to Section 9.1. In accordance with these restrictions, the Company intends  to have the maximum discretionary authority to terminate the Plan and make distributions in  connection with a change in ownership or effective control of the Company or a change in  ownership of a substantial portion of the assets of the Company, all within the meaning of Section  409A (a “Change in Control”), and the maximum flexibility with respect to how and to what extent  to carry this out following a Change in Control as is permissible under Section 409A. The previous  sentence contains the exclusive terms under which a distribution may be made in connection with  any change in control.    ARTICLE X - MISCELLANEOUS  10.1 Limitation on Participant’s Rights.  Participation in this Plan does not give any  Participant the right to be retained in the Employer’s employment or other service relationship  with the Employer. The Employer reserves the right to terminate the employment or other service  relationship of any Participant without any liability for any claim against the Employer under this  Plan, except for a claim for payment of deferrals as provided herein.  10.2 Unfunded Obligation of Individual Employer.  The benefits provided by the Plan  are unfunded. All amounts payable under the Plan to Participants are paid from the general assets  of the Company. Nothing contained in the Plan requires the Company to set aside or hold in trust  any amounts or assets for the purpose of paying benefits to Participants. Neither a Participant, a  Beneficiary, nor any other person will have any property interest, legal or equitable, in any specific  Company asset. The Plan creates only a contractual obligation on the part of the Company, and  the Participant has the status of a general unsecured creditor of the Company with respect to  amounts of compensation deferred hereunder. Such a Participant will not have any preference or  priority over, the rights of any other unsecured general creditor of the Company. No other  Employer guarantees or shares such obligation, and no other Employer will have any liability to  the Participant or his or her Beneficiary.  10.3 Other Plans.  This Plan will not affect the right of any Eligible Executive or Eligible  Director to participate in and receive benefits under and in accordance with the provisions of any  

 

24  other employee benefit plans which are now or hereafter maintained by any Employer, unless the  terms of such other employee benefit plan or plans specifically provide otherwise or it would cause  such other plan to violate a requirement for tax favored treatment.  10.4 Governing Law.  This Plan will be construed, administered, and governed in all  respects in accordance with applicable federal law and, to the extent not preempted by federal law,  in accordance with the laws of the State of North Carolina. If any provisions of this instrument are  held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions  hereof will continue to be fully effective.  10.5 Adoption of Plan by Related Employers.  The Plan Administrator may select any  member of the JELD-WEN Organization as an Employer (other than the Company, which is  automatically an Employer hereunder) and permit such entity to adopt the Plan. The selection by  the Plan Administrator will govern the effective date of the adoption of the Plan by such related  Employer. The requirements for Plan adoption are entirely within the discretion of the Plan  Administrator and, in any case where the status of an entity as an Employer is at issue, the  determination of the Plan Administrator will be conclusive and binding.  10.6 Gender, Tense and Examples.  In this Plan, whenever the context so indicates, the  singular or plural number and the masculine, feminine, or neuter gender are intended to include  the other. Whenever an example is provided or the text uses the term “including” followed by a  specific item or items, or there is a passage having a similar effect, such passage of the Plan is  intended to be construed as if the phrase “without limitation” followed such example or term (or  otherwise applied to such passage in a manner that avoids limitation on its breadth of application).  10.7 Successors and Assigns; Nonalienation of Benefits.  This Plan inures to the benefit  of and is binding upon the parties hereto and their successors, heirs and assigns; provided, however,  that the amounts credited to the Account of a Participant are not subject in any manner to  anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, garnishment,  execution or levy of any kind, either voluntary or involuntary, and any attempt to anticipate,  alienate, sell, transfer, assign, pledge, encumber, charge or otherwise dispose of any right to any  benefits payable hereunder, including, without limitation, any assignment or alienation in  connection with a separation, divorce, child support or similar arrangement, will be null and void  and not binding on the Plan or the Company or any Employer. Notwithstanding the foregoing, the  Plan Administrator reserves the right to make payments in accordance with a divorce decree,  judgment or other court order as and when cash payments are made in accordance with the terms  of this Plan from the Account of a Participant. Any such payment will be charged against and  reduce the Participant’s Account.  10.8 Facility of Payment.  Whenever, in the Plan Administrator’s opinion, a Participant  or Beneficiary entitled to receive any payment hereunder is under a legal disability or is  incapacitated in any way so as to be unable to manage his or her financial affairs, the Plan  Administrator may direct the Employer to make payments to such person or to the legal  representative of such person for his or her benefit, or to apply the payment for the benefit of such  person in such manner as the Plan Administrator considers advisable. Any payment in accordance  with the provisions of this Section will be a complete discharge of any liability for the making of  such payment to the Participant or Beneficiary under the Plan.  

 

25  ARTICLE XI - SIGNATURE/AUTHENTICATION  This Plan document was adopted on February 16, 2022, effective April 1, 2022 (except as  otherwise specified herein).     

 

A-1      APPENDIX A - PARTICIPATING EMPLOYERS  The following members of the JELD-WEN Organization have been designated as  Employers as of April 1, 2022:  • JELD-WEN Holding, Inc.  • JELD-WEN, Inc.  • Harbor Isles LLC  • Breezway North America, Inc.  • JBL Hawaii LimitedDocument

VIRTU FINANCIAL, INC.
AMENDED AND RESTATED
2015 MANAGEMENT INCENTIVE PLAN
RESTRICTED STOCK UNIT AND COMMON STOCK AWARD AGREEMENT
THIS RESTRICTED STOCK UNIT AND COMMON STOCK AWARD AGREEMENT (the “Agreement”), is entered into as of January 24, 2020 (the “Date of Grant”), by and between Virtu Financial, Inc., a Delaware corporation (the “Company”), and Douglas Cifu (the “Participant”).
WHEREAS, the Company has adopted the Virtu Financial, Inc. Amended and Restated 2015 Management Incentive Plan (the “Plan”), pursuant to which shares of Class A Common Stock and Restricted Stock Units (“RSUs”) may be granted; and 
WHEREAS, the Compensation Committee of the Board of Directors of the Company has determined that it is in the best interests of the Company and its stockholders to grant the shares of Class A Common Stock in recognition of Participant’s service to the Company and its Affiliates from January 1, 2019 through December 31, 2019, and RSUs provided for herein to the Participant subject to the terms set forth herein. 
NOW, THEREFORE, for and in consideration of the premises and the covenants of the parties contained in this Agreement, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, for themselves, their successors and assigns, hereby agree as follows: 
1.    Grant of Common Stock and Restricted Stock Units.
(a)    Grant. The Company hereby grants to the Participant a total number of shares of Class A Common Stock equal to approximately $840,000 divided by the Issue Price (the “Shares”), and a total number of RSUs equal to approximately $1,260,000 divided by the Issue Price, in each case on the terms and conditions set forth in this Agreement and as otherwise provided in the Plan.  The RSUs shall be credited to a separate book-entry account maintained for the Participant on the books of the Company, which may be maintained by a third party.  The “Issue Price” shall mean the volume weighted average price of shares of the Company’s Class A Common Stock traded during the three days preceding the Date of Grant, as determined by the Company.
(b)    Incorporation by Reference. The provisions of the Plan are incorporated herein by reference.  Except as otherwise expressly set forth herein, this Agreement shall be construed in accordance with the provisions of the Plan and any interpretations, amendments, rules and regulations promulgated by the Committee from time to time pursuant to the Plan.  Any capitalized terms not otherwise defined in this Agreement shall have the definitions set forth in the Plan.  The Committee shall have final authority to interpret and construe the Plan and this Agreement and to make any and all determinations under them, and its decision shall be binding and conclusive upon the Participant and his legal representative in respect of any questions arising under the Plan or this Agreement.  The Participant acknowledges that he has received a copy of the Plan and has had an opportunity to review the Plan and agrees to be bound by all the terms and provisions of the Plan.
2.    Vesting and Settlement.
(a)    The Shares shall be one hundred percent (100%) vested as of the Date of Grant.
(b)    Except as may otherwise be provided herein, subject to the Participant’s continued employment or service with the Company or an Affiliate, the RSUs shall vest in equal installments on each of the first three (3) anniversaries of the Date of Grant (each such date, a “Vesting Date”).  Upon each Vesting Date, such portion of the RSUs that vest on such date shall no longer be subject to the transfer restrictions pursuant to Section 9(a) hereof or cancellation pursuant to Section 4 hereof.  Any fractional RSUs resulting from the application of the vesting schedule shall be aggregated and the RSUs resulting from such aggregation shall vest on the final Vesting Date.
(c)    Vested RSUs shall be settled within ten (10) days following the Vesting Date for such RSUs in shares of Class A Common Stock, or cash, as determined by the Committee in its sole discretion.

3.    Dividend Equivalents.  In the event of any issuance of a cash dividend on the shares of Class A Common Stock (a “Dividend”), the Participant shall be entitled to receive, with respect to each RSU granted pursuant to this Agreement and outstanding as of the record date for such Dividend, payment of an amount equal to the Dividend at the same time as the Dividend is paid to holders of shares of Class A Common Stock generally. 
4.    Termination of Employment or Service.  If the Participant’s employment or service with the Company and its Affiliates terminates for any reason, all unvested RSUs shall be cancelled immediately and the Participant shall not be entitled to receive any payments with respect thereto.
5.    Rights as a Stockholder.  The Participant shall not be deemed for any purpose to be the owner of any shares of Class A Common Stock constituting the Shares or underlying the RSUs unless, until and to the extent that (i) the Company shall have issued and delivered to the Participant the shares of Class A Common Stock constituting the Shares or underlying the RSUs and (ii) the Participant’s name shall have been entered as a stockholder of record with respect to such shares of Class A Common Stock on the books of the Company.  The Company shall cause the actions described in clauses (i) and (ii) of the preceding sentence to occur promptly following settlement as contemplated by this Agreement, subject to compliance with applicable laws.
6.    Compliance with Legal Requirements.
(a)    Generally. The granting of the Shares and the granting and settlement of the RSUs, and any other obligations of the Company under this Agreement, shall be subject to all applicable U.S. federal, state and local laws, rules and regulations, all applicable non-U.S. laws, rules and regulations and to such approvals by any regulatory or governmental agency as may be required. The Participant agrees to take all steps the Committee or the Company determines are reasonably necessary to comply with all applicable provisions of U.S. federal and state securities law and non-U.S. securities law in exercising his rights under this Agreement.
(b)    Taxes and Withholding.  The grant of the Shares and the vesting and settlement of the RSUs shall be subject to the Participant satisfying any applicable U.S. federal, state and local tax withholding obligations and non-U.S. tax withholding obligations.  The Participant shall be required to pay to the Company, and the Company shall have the right and is hereby authorized to withhold any cash, shares of Class A Common Stock, other securities or other property or from any compensation or other amounts owing to the Participant, the amount (in cash, Class A Common Stock, other securities or other property) of any required withholding taxes in respect of the Shares or in respect of the RSUs, settlement of the RSUs or any payment or transfer of the RSUs, and to take any such other action as the Committee or the Company deem necessary to satisfy all obligations for the payment of such withholding taxes.  In its sole discretion, the Company may permit the Participant to satisfy, in whole or in part, the tax obligations by (A) withholding shares of Class A Common Stock from the Shares having a Fair Market Value equal to such withholding liability and (B) withholding shares of Class A Common Stock that would otherwise be deliverable to the Participant upon settlement of the RSUs with a Fair Market Value equal to such withholding liability.
7.    Clawback.  Notwithstanding anything to the contrary contained herein, the Committee may cancel the Shares and RSU award if the Participant, without the consent of the Company, has engaged in or engages in activity that is in conflict with or adverse to the interest of the Company or any Affiliate while employed by or providing services to the Company or any Affiliate, including fraud or conduct contributing to any financial restatements or irregularities, or violates a non-competition, non-solicitation, non-disparagement, non-disclosure or confidentiality covenant or agreement with the Company or any Affiliate, as determined by the Committee.  In such event, the Participant will forfeit any compensation, gain or other value realized previously or thereafter on the vesting or settlement of the RSUs, the sale or other transfer of the Shares and the RSUs, or the sale of shares of Class A Common Stock acquired in respect of the RSUs, and must promptly repay such amounts to the Company.  If the Participant receives any amount in excess of what the Participant should have received with respect to the Shares or under the terms of the RSUs for any reason (including without limitation by reason of a financial restatement, mistake in calculations or other administrative error), all as determined by the Committee, then the Participant shall be required to promptly repay any such excess amount to the Company.  To the extent 
2

required by applicable law and/or the rules and regulations of NASDAQ or any other securities exchange or inter-dealer quotation system on which the Class A Common Stock is listed or quoted, or if so required pursuant to a written policy adopted by the Company, the Shares and the RSUs shall be subject (including on a retroactive basis) to clawback, forfeiture or similar requirements (and such requirements shall be deemed incorporated by reference into this Agreement).  
8.    Contractual Obligations.
(a)    Nothing in this Agreement shall supersede, modify, replace or cancel any existing contractual obligations, including but not limited to restrictive covenants, applicable to you in any employment agreement, offer letter, prior equity award agreement or any other agreement or contract with the Company or its Affiliates.  
(b)    In the event that the Participant violates any of the contractual obligations referred to in this Section 8, in addition to any other remedy which may be available at law or in equity, the RSUs shall be automatically forfeited effective as of the date on which such violation first occurs.  The foregoing rights and remedies are in addition to any other rights and remedies that may be available to the Company and shall not prevent (and the Participant shall not assert that they shall prevent) the Company from bringing one or more actions in any applicable jurisdiction to recover damages as a result of the Participant’s breach of such restrictive covenants.
9.    Miscellaneous.
(a)    Transferability.  The RSUs may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered (a “Transfer”) by the Participant other than by will or by the laws of descent and distribution, pursuant to a qualified domestic relations order or as otherwise permitted under Section 15(b) of the Plan.  Any attempted Transfer of the RSUs contrary to the provisions hereof, and the levy of any execution, attachment or similar process upon the RSUs, shall be null and void and without effect.
(b)    Waiver.  Any right of the Company contained in this Agreement may be waived in writing by the Committee. No waiver of any right hereunder by any party shall operate as a waiver of any other right, or as a waiver of the same right with respect to any subsequent occasion for its exercise, or as a waiver of any right to damages. No waiver by any party of any breach of this Agreement shall be held to constitute a waiver of any other breach or a waiver of the continuation of the same breach.
(c)    Section 409A.  The RSUs are intended to be exempt from, or compliant with, Section 409A of the Internal Revenue Code (“Code”). Notwithstanding the foregoing or any provision of the Plan or this Agreement, if any provision of the Plan or this Agreement contravenes Section 409A of the Code or could cause the Participant to incur any tax, interest or penalties under Section 409A of the Code, the Committee may, in its sole discretion and without the Participant’s consent, modify such provision to (i) comply with, or avoid being subject to, Section 409A of the Code, or to avoid the incurrence of taxes, interest and penalties under Section 409A of the Code, and/or (ii) maintain, to the maximum extent practicable, the original intent and economic benefit to the Participant of the applicable provision without materially increasing the cost to the Company or contravening the provisions of Section 409A of the Code. This Section 9(c) does not create an obligation on the part of the Company to modify the Plan or this Agreement and does not guarantee that the RSUs will not be subject to interest and penalties under Section 409A.
(d)    General Assets.  All amounts credited in respect of the RSUs to the book-entry account under this Agreement shall continue for all purposes to be part of the general assets of the Company.  The Participant’s interest in such account shall make the Participant only a general, unsecured creditor of the Company.
(e)    Notices.  Any notices provided for in this Agreement or the Plan shall be in writing and shall be deemed sufficiently given if either hand delivered or if sent by fax, pdf/email or overnight courier, or by postage paid first class mail. Notices sent by mail shall be deemed received three business days after mailing but in no event later than the date of actual receipt. Notices shall be directed, if to the 
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Participant, at the Participant’s address indicated by the Company’s records, or if to the Company, to the attention of the General Counsel at the Company’s principal executive office.
(f)    Severability.  The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law.
(g)    No Rights to Employment or Service.  Nothing contained in this Agreement shall be construed as giving the Participant any right to be retained, in any position, as an employee, consultant or director of the Company or its Affiliates or shall interfere with or restrict in any way the rights of the Company or its Affiliates, which are hereby expressly reserved, to remove, terminate or discharge the Participant at any time for any reason whatsoever.
(h)    Fractional Shares.  In lieu of issuing a fraction of a share of Class A Common Stock resulting from adjustment of the Shares or the RSUs pursuant to Section 12 of the Plan or otherwise, the Company shall be entitled to pay to the Participant an amount in cash equal to the Fair Market Value of such fractional share.
(i)    Beneficiary.  The Participant may file with the Committee a written designation of a beneficiary on such form as may be prescribed by the Committee and may, from time to time, amend or revoke such designation.
(j)    Successors.  The terms of this Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns, and of the Participant and the beneficiaries, executors, administrators, heirs and successors of the Participant.
(k)    Entire Agreement.  This Agreement and the Plan contain the entire agreement and understanding of the parties hereto with respect to the subject matter contained herein and supersede all prior communications, representations and negotiations in respect thereto, except as set forth in Section 8 hereof. No change, modification or waiver of any provision of this Agreement shall be valid unless the same be in writing and signed by the parties hereto, except for any changes permitted without consent under Section 12 or 14 of the Plan.
(l)    Governing Law and Venue.  This Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware, without regard to principles of conflicts of laws thereof, or principles of conflicts of laws of any other jurisdiction which could cause the application of the laws of any jurisdiction other than the State of Delaware.
(i)    Dispute Resolution; Consent to Jurisdiction.  All disputes between or among any Persons arising out of or in any way connected with the Plan, this Agreement, the Shares or the RSUs shall be solely and finally settled by the Committee, acting in good faith, the determination of which shall be final.   Any matters not covered by the preceding sentence shall be solely and finally settled in accordance with the Plan, and the Participant and the Company consent to the personal jurisdiction of the United States Federal and state courts sitting in Wilmington, Delaware as the exclusive jurisdiction with respect to matters arising out of or related to the enforcement of the Committee’s determinations and resolution of matters, if any, related to the Plan or this Agreement not required to be resolved by the Committee.  Each such Person hereby irrevocably consents to the service of process of any of the aforementioned courts in any such suit, action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, to the last known address of such Person, such service to become effective ten (10) days after such mailing.
(ii)    Waiver of Jury Trial.  Each party hereto hereby waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in any legal proceeding directly or indirectly arising out of or relating to this Agreement or the transactions contemplated (whether based on contract, tort or any other theory).  Each party hereto (A) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver and 
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(B) acknowledges that it and the other parties hereto have been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this section.
(m)    Headings; Gender.  The headings of the Sections hereof are provided for convenience only and are not to serve as a basis for interpretation or construction, and shall not constitute a part, of this Agreement.  Masculine pronouns and other words of masculine gender shall refer to both men and women as appropriate.
(n)    Counterparts. This Agreement may be executed in one or more counterparts (including via facsimile and electronic image scan (pdf)), each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties.
(o)    Electronic Signature and Delivery.  This Agreement may be accepted by return signature or by electronic confirmation.  By accepting this Agreement, the Participant consents to the electronic delivery of prospectuses, annual reports and other information required to be delivered by U.S. Securities and Exchange Commission rules (which consent may be revoked in writing by the Participant at any time upon three business days’ notice to the Company, in which case subsequent prospectuses, annual reports and other information will be delivered in hard copy to the Participant).
(p)    Electronic Participation in Plan.  The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means.  The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

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IN WITNESS WHEREOF, this Agreement has been executed by the Company and the Participant as of the day first written above. 

VIRTU FINANCIAL, INC.

By: /s/ Robert Greifeld
     Name:  Robert Greifeld
     Title:  Chairman

/s/ Douglas A. Cifu
Douglas A. Cifu

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