Document:

EX-10.24

 Exhibit 10.24 
  

			
	

	 	Corporate Headquarters
	 	P.O. Box 840
	 	 Valley Forge, PA, 19482-0840 USA

 

610-651-4200

 December 8, 2015 

Ray Kolberg 
  

	Re:	Offer of Employment 

 Dear Mr. Kolberg: 

We are pleased to offer you (hereinafter referred to as “you,” “your” or “Executive”) the position of
President, Catalyst Business of PQ Corporation (the “Company”). In accordance with our discussions, set forth below are the basic terms and conditions of your employment. 

1. Start Date. We look forward to a start date of January 1, 2016 (the “Start Date”). Your place of employment will be
Conshohocken, Pennsylvania. You understand and agree that you shall frequently travel on behalf of the Company, including but not limited to its business locations. 

2. Base Salary. Your annual Base Salary shall be at the rate of $425,000 per year, and payable pursuant to the Company’s normal
payroll practices. Your Base Salary may be adjusted from time to time on review by the Compensation Committee of the Board of Directors. 

3. Annual Performance Bonus. For each calendar year of your employment, you shall have the opportunity to earn an annual bonus (the
“Annual Performance Bonus”) with a target bonus equal to 75% of Base Salary, based on achievement of annual target performance goals (based on EBITDA metrics or other financial metrics) established by the Board of Directors of the
Company (“Board”) or the Compensation Committee of the Board, and as further described in and governed by the 2016 PQ Corporation Incentive Plan (“PQIP”), as it may be amended from time to time. 

4. Benefits. You shall be entitled to participate in all employee benefit plans, practices and programs maintained by the Company, as
in effect from time to time (collectively, “Employee Benefit Plans”), to the extent consistent with applicable law and the terms of the applicable Employee Benefit Plans. The Company reserves the right to amend or cancel any Employee
Benefit Plans at any time in its sole discretion, subject to the terms of such Employee Benefit Plan and applicable law. 

  
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 5. Business Expenses. You shall be entitled to reimbursement for all reasonable and
necessary out-of-pocket business expenses incurred by you in connection with the performance of your duties in accordance with the Company’s expense reimbursement
policies and procedures. 
 6. Vacation. You shall be entitled to twenty-five (25) days of paid vacation per year, accruing in
accordance with the Company’s vacation policy. 
 7. Equity Participation. 

(a) You will be eligible to participate in the PQ Holdings Inc. Stock Incentive Plan (as amended and restated) or such equity incentive plan as
may be adopted by the Company to provide for the equity grants described herein and future equity grants to key executives and management (the “Equity Plan”). You will be subject to the terms and conditions of the Equity Plan and
any documents required to be executed in conjunction with the Equity Plan. 
 (b) You will be provided an opportunity to purchase at least
one hundred thousand dollars ($100,000) in restricted Class D stock, or an equivalent class of stock, upon the terms and conditions set forth in applicable plan documents. 

(c) On your Start Date, PQ Holdings Inc., or another indirect parent of the Company (“Holdings”), will grant you the following
equity awards, subject to the terms and conditions of the applicable plan documents: 
  

	 	(i)	6,178 Class C options, or an equal number of options for an equivalent class of stock, with a strike price of $60.71 (CCMP Cost Basis). Fifty percent (50%) of these options will be time vested with 1544 options
vesting on January 1, 2018, and 1545 options vesting on January 1, 2020. The remaining 3089 options will be performance and time vested and will vest on the earlier of January 1, 2020 or achievement by CCMP of pre-tax returns on its capital of at least two times its investment. The vesting provisions are further described and are subject to the terms set forth in the Stock Option Award Agreement which you will be required
to sign. 

  

	 	(ii)	 2,645 shares of restricted Class D common stock, or an equivalent class of stock, with a share price of
$160.71 (CCMP’s cost basis). Fifty percent (50%) of these restricted non-voting shares will be time vested with 661 shares vesting on January 1, 2018, and 661 shares vesting on January 1, 2020. The
remaining 1323 restricted shares will be performance and time vested and will vest on the earlier of January 1, 2020 

  
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or achievement by CCMP of pre-tax returns on its capital of at least two times its investment. The vesting provisions are further described and are subject
to the terms set forth in the Restricted Stock Award Agreement which you will be required to sign. 

 8. Termination of
Employment. 
 (a) Termination of Employment. Your employment hereunder will be terminated immediately by your death or
disability, and may be terminated by either the Company or by you at any time and for any reason, provided that, you shall be required to give the Company at least thirty (30) days advance written notice of any termination of your employment.
Upon termination of your employment for any of the foregoing reasons, the Company will pay you, in a lump sum, within thirty (30) days after such termination of employment, (1) any Base Salary earned but not yet paid, (2) any accrued
but unused vacation days, and (3) the amount of any business expenses incurred by you prior to such termination that were incurred in accordance with the Company’s policies and which have not yet been reimbursed (collectively, the
“Unpaid Amounts”). 
 (b) For purposes of the foregoing Section 8(a), “disability” shall mean the physical
or mental illness, disease or incapacity of the Executive (i) that renders him substantially unable to perform all of his duties under this Agreement for a period of 90 consecutive days or longer, or for 90 or more days in any period of 365
consecutive days, or (ii) that, in the opinion of a physician selected by the Company, but reasonably acceptable to the Executive, is likely to prevent the Executive from substantially performing all of his duties under this Agreement for more
than 90 days in any period of 365 consecutive days; provided that, with respect to any payment that is subject to Section 409A of the Code. 

(c) Severance Upon Termination Without Cause. If your employment is terminated by the Company without Cause, then in addition to the
Unpaid Amounts and subject to your compliance with any restrictive covenant, your execution of the release of claims substantially in the form set forth as Exhibit A (the “Release”) and such Release becoming effective and
irrevocable in accordance with its terms within forty five (45) days following the date of termination, you shall be entitled to receive (i) continued Base Salary, Annual Performance Bonus at target and health benefits at the active employee
contribution rates for the 12 month period following the date of termination; and (ii) a pro-rata amount of the Annual Performance Bonus, if any, which would have been payable to you for the calendar year
in which such termination occurs and equal to the amount which would have been payable to you if your employment had not been terminated during such calendar year, based on achievement of annual target performance goals (based on EBITDA metrics or
other financial metrics) established by the Board or the Compensation Committee, multiplied by a fraction, 

  
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the numerator of which is the number of days you were employed by the Company during such calendar year and the denominator of which is 365. Base Salary and Annual Performance Bonus
(“Severance Payments”) is payable in equal installments in accordance with the Company’s normal payroll practices, which shall commence on the date that is forty five (45) days following such termination of employment, provided
that prior to that date the Release has become effective and irrevocable. Health benefits at the active employee rates are subject to plan eligibility requirements including but not limited to current enrollment in the plan. Health benefits end if
you have access to substantially equivalent health benefits as a result of commencing new employment. The Severance Payments described in this Section 8 shall supersede in their entirety any severance payment provisions in any severance plan,
policy, program or arrangement maintained by the Company. 
 (d) For purposes of the foregoing Section 8(c), “cause” shall mean
(i) the failure by the Executive to observe any provision of this Agreement, Company policy, policies of its parent (“Holding”) generally applicable to executives of Holding, the Company and/or their Subsidiaries of which the
Executive has notice and which failure has not been cured within thirty (30) days of receipt by the Executive of written notice form the Board describing the failure; (ii) misconduct by the Executive in the performance of his duties
or the Executive’s disregard of his duties; (iii) the commission by the Executive of any act which results in his conviction, or plea of guilty or no contest to, a felony, or his commission of any act involving moral turpitude, fraud or
theft; (iv) Executive’s breach of fiduciary duty with respect to Holding, the Company or any of their Subsidiaries and which failure has not been cured within ten (10) days of receipt by the Executive of written notice form the Board
describing the breach; (v) the material breach by the Executive of the restrictive covenants he is to sign, or (vi) any acts of dishonesty undertaken by the Executive and intended to result in substantial enrichment, at the
Company’s expense, of the Executive or any other Person. 
 9. Confidentiality; Covenant Not to Compete. As a condition
subsequent to the execution of this Agreement and a condition to the receipt of the equity awards set forth in Section 7, and any severance set forth in Section 8, Executive must sign at the start of his employment a Confidentiality, Non-Competition, Non-Solicitation and Intellectual Property Agreement to be provided by the Company, which among other provisions, will contain a 24 month non-compete/non-solicitation provision. 
 10. Assignment and
Binding Effect. This Agreement shall be binding upon and inure to the benefit of you and your heirs, executors, administrators, estate, beneficiaries, and legal representatives. Neither this Agreement nor any rights or obligations under this
Agreement shall be assignable by Executive. The Company may assign this Agreement without Executive’s consent. 

  
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 11. Choice of Law and Venue. Except for the terms and conditions of any Equity
Participation set forth in Section 7, which will be controlled by the language in any applicable plan documents relating to that Equity Participation, this Agreement shall be construed and interpreted in accordance with the laws of
Pennsylvania. Each of the parties hereto agrees to the exclusive jurisdiction of the state and federal courts located in the Commonwealth of Pennsylvania for any and all actions between the parties. Any controversy or claim arising out of or
relating to this Agreement or the breach thereof, whether involving remedies at law or in equity, shall be adjudicated in Pennsylvania 

12. Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall
together constitute an original hereof. 
 13. Sections 280G and 409A of the Code. Notwithstanding anything to the contrary in this
Agreement, the parties agree that this Agreement, and the employment agreement which Executive will sign upon starting work, shall be interpreted to comply with or be exempt from Sections 280(g) and 409A of the Internal Revenue Code of 1986, as
amended, as interpreted and applied by the Board. 
 14. Relocation. The Company shall pay Executive’s expenses reasonably
incurred to relocate from Northville, Michigan to Conshohocken, Pennsylvania in accordance with applicable Company plans and policies. For the avoidance of doubt, such expenses shall not include the purchase by the Company of Executive’s
current residence in Michigan or purchase of a new residence in the Conshohocken, Pennsylvania area. You shall be required to repay the Company the full amount of the expenses for which you are reimbursed within ninety (90) days of your
separation date, if you resign from the Company within twelve (12) months of your start date or if you are terminated for cause, as that term is defined in Section 8(d) above, within twelve (12) months of your start date 

15. Sign On Bonus. You will also receive a one-time
sign-on bonus in the amount of two hundred thousand dollars ($200,000.00), less applicable deductions and withholdings required by law, payable on or before March 15, 2016. You shall be required to repay
the Company the full amount of the signing bonus within ninety (90) days of your separation date, if you resign from the Company within twelve (12) months of your start date or if you are terminated for cause, as that term is defined in
Section 8(d) above, within twelve (12) months of your start date. 
 We are pleased to offer you this opportunity and look forward
to a positive response. Let me know if you have any questions. 

  
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	Very truly yours,
	
	PQ CORPORATION
		
	By:	 	 /s/ William J. Sichko, Jr.

	Name:	 	William J. Sichko, Jr.
	Title:	 	Chief Administrative Officer

  

			
	ACCEPTED AND AGREED:
	
	Ray Kolberg:
	
	 /s/ Ray Kolberg

		
	Date:	 	12/8/2015

  
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 EXHIBIT A 

FORM SEVERANCE AGREEMENT AND GENERAL RELEASE 

This General Release and Waiver of Claims (hereafter “Agreement”) is entered into by and between PQ Corporation, a Pennsylvania
corporation (the “Company”) and                      (the “Executive”) on
            , 20    . 
 In consideration of the mutual
promises and covenants contained herein and in the employment offer dated December 8, 2015 (the “Employment Offer”), and other good and valuable consideration, the receipt of which hereby is acknowledged, the parties agree as
follows: 
 Section 1. Release and Waiver of Claims. As of the Effective Date set forth below, in consideration of the payments, benefits, and
other considerations provided to the Executive under the Employment Agreement and as set forth below, the Executive, for the Executive and the Executive’s family, heirs, executors, administrators, legal representatives, and their respective
successors and assigns (the “Related Parties”), hereby releases and forever discharges the Company, and all of its parents, affiliates, subsidiaries, divisions and joint ventures, and their respective officers, directors,
Executives, agents, parents, stockholders, representatives, benefit plans and their successors and assigns (collectively, “Company Entities”), from all rights, claims, demands, suits, causes of action of any kind or nature
whatsoever, known or unknown, foreseen or unforeseen, in law or in equity the Executive ever had, has or may have or which the Related Parties may have, arising at any time on or before the date hereof, based on or arising out of the
Executive’s dealings with any Company Entity, with respect to any claims relating to or arising out of the Executive’s employment with any Company Entity or the termination of that employment, including without limitation any claims under
the Employment Agreement, or based on any services provided to any Company Entity by the Executive pursuant to an employment relationship with any Company Entity. This includes a release of any and all rights, claims or demands the Executive may
have, whether known or unknown, under the Age Discrimination in Employment Act (“ADEA), which prohibits age discrimination in employment; Title VII of the Civil Rights Act of 1964, which prohibits discrimination in employment based on race,
color, national origin, religion or sex; the Equal Pay Act, which prohibits paying men and women unequal pay for equal work; or under any other federal, state or local laws or regulations regarding employment discrimination or termination of
employment. This also includes a release by the Executive of any claims for wrongful discharge or discrimination under any statute, rule, regulation or under the common law, including, without limitation, the Sarbanes-Oxley Act. 

This release is intended to be a general release and excludes only those claims under any statute or common law that Executive is legally barred from
releasing. Executive understands that the release does not include and the parties hereto 

  
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expressly reserve: any claim that cannot be released or waived as a matter of law; any claim for or right to vested benefits under Company’s plans, including but not limited to any pension
or retirement account benefits; any right to enforce any term of this Agreement and any surviving provisions of the Employment Agreement; any claims based on acts or events occurring after Executive signs this Agreement, except for claims arising
from Executive’s employment or termination of employment with Company, up to and through the date Executive signs this Agreement; any challenge to the validity of the Agreement; or any prohibition on the filing of a charge or complaint with, or
testimony, assistance or participation in, any investigation, proceeding or hearing conducted by any federal, state or local governmental agency, including but not limited to the EEOC. 

Section 2. Termination of Employment. Executive’s last regular day of work will be
            , 20    , and his last official date of employment, if different, will be             ,
20    . On or before             , 20    , Executive will comply with normal Company policies regarding separation from employment, including
returning Company Confidential Information and equipment 
 Section 3. Consideration. The Company agrees to pay Executive the amounts and
benefits set forth in Section 8(c) of the Employment Offer, and subject to the limitations and conditions set forth in Employment Offer. 

Section 4. Affirmations. (a) Executive represents and agrees by signing the Agreement that he has not been denied any leave or benefit
requested, has received the appropriate pay for all hours worked for Company and has no known workplace injuries or occupational diseases. Other than the consideration set forth in Section 3, Executive is not entitled to receive any other
compensation or benefits under Section 8 of the Employment Offer or under any other severance plan or policy maintained by the Company. Executive further affirms that he has been paid and/or has received all leave (paid or unpaid),
compensation, wages, bonuses and/or commissions to which Executive may be entitled and that no other leave (paid or unpaid), compensation, wages, bonuses and/or commissions are due to Executive, except as provided in this Agreement. 

(b) Executive affirms he has neither filed, nor caused or permitted to be filed, on his behalf any charge, complaint, proceeding or action
before any administrative agency or court against Company, and that no such charge, complaint, proceeding or action exists to his knowledge. If any administrative agency or court assumes jurisdiction of any charge, complaint, proceeding or action
including a claim or course of action released in Section 1, Executive agrees not to accept, recover or receive any monetary damages or other relief from or in connection with such claim or cause of action. 

  
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 Section 5. Rights Not Released or Waived. Section 1 hereof notwithstanding, by signing this
Agreement Executive shall not have relinquished any right to enforce the provisions of this Agreement. 
 Section 6. Release and Waiver of Claims
under the Age Discrimination in Employment Act. Executive acknowledges that the Company has encouraged Executive to consult with an attorney of Executive’s choosing and, through this Agreement, encourages Executive to consult with an
attorney with respect to any possible claims Executive may have, including claims under the ADEA, as well as under the other federal, state and local laws described in Section 1 hereof. Executive understands that by signing this Agreement
Executive is in fact waiving, releasing and forever giving up any claim under the ADEA, as well as all other federal, state and local laws described in Section 1 hereof that may have existed on or prior to the date hereof. 

Section 7. Waiting Period and Revocation Period. Executive hereby acknowledges that the Company has informed Executive that Executive has up to
forty-five ( 45) days to consider this Agreement and Executive may knowingly and voluntarily waive that forty-five (45) day period by signing this Agreement earlier. Executive also understands that Executive shall have seven (7) days
following the date on which Executive signs this Agreement within which to revoke it by providing a written notice of revocation to the Company by hand delivering or mailing it to
                    , post-marked within the seven day period. 

Section 8. Acceptance. To accept this Agreement, Executive shall execute and date this Agreement on the spaces provided and return a copy to the
Company at any time during the forty-five (45) day period commencing on the date hereof, without extension of any kind (including by mutual agreement of the parties). Failure to accept within this time period will result in forfeiture of any
rights conditioned upon delivery of this Agreement. This Agreement shall take effect on the eighth day following Executive’s execution of this Agreement unless Executive’s written revocation is delivered to the Company within seven
(7) days after such execution, provided that date occurs within the 45 day period (the “Effective Date”). 
 Section 9. Entire
Agreement. This Agreement represents the entire agreement of the parties with respect to Executive’s employment and termination thereof, except for
                    . 
 THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE. 

  
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 IN WITNESS WHEREOF, and with the intention of being legally bound hereby, the Executive
has executed this General Release and Waiver of Claims. 
  

					
	PQ CORPORATION	  		  	RAY KOLBERG
			
	  
	  		  	  

			
	By:	  		  	

  
 42017 EQUITY INCENTIVE PLAN

 Exhibit 4.4 

TPG RE FINANCE TRUST, INC. 

2017 EQUITY INCENTIVE PLAN 

I. INTRODUCTION 
 1.1
Purposes. The purposes of the TPG RE Finance Trust, Inc. 2017 Equity Incentive Plan (this “Plan”) are (i) to align the interests of the Company’s stockholders and the recipients of awards under this Plan by allowing
such recipients to acquire and maintain an equity interest in the Company, or be paid incentive compensation, including incentive compensation measured with reference to the value of the Common Stock, thereby strengthening their interest in the
Company’s growth and success, (ii) to advance the interests of the Company by attracting and retaining (a) the directors, officers, employees (if any) and Consultants of the Company and its Affiliates and (b) the members,
officers, directors, employees and Consultants of the Manager or its Affiliates, as well as the Manager and other entities that provide services to the Company and the employees of such entities and (iii) to motivate such persons to act in the
long-term best interests of the Company and its stockholders. 
 1.2 Certain Definitions. 

“Absolute Share Limit” shall have the meaning given such term in Section 1.5 of this Plan. 

“Affiliate” shall mean (i) any person directly or indirectly controlling, controlled by, or under common control with
such other person, (ii) any executive officer or general partner of such other person and (iii) any legal entity for which such person acts as an executive officer or general partner. 

“Agreement” shall mean the written or electronic agreement evidencing an award hereunder between the Company and the
recipient of such award. 
 “Award” shall mean any Option (including any Incentive Stock Option or any Nonqualified Stock
Option), SAR, Bonus Stock Award, Restricted Stock Award, Restricted Stock Unit Award, Performance Award, Other Equity-Based Award (including LTIP Units), or Substitute Award, together with any other right or interest, granted to a Participant. 

“Board” shall mean the Board of Directors of the Company. 

“Bonus Stock” shall mean shares of Common Stock which are not subject to a Restriction Period or Performance Measures. 

“Bonus Stock Award” shall mean an award of Bonus Stock under this Plan. 

“Change in Control” shall have the meaning set forth in Section 6.8(b). 

“Class A Shares” shall mean the Class A common stock, $0.001 par value per share, of the Company, and all rights
appurtenant thereto. 

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

“Committee” shall mean the Compensation Committee designated by the Board, consisting of two or more members of the
Board, each of whom may be (i) a “Non-Employee Director” within the meaning of Rule 16b-3 under the Exchange Act, (ii) an “outside director” within the meaning of Section 162(m) of the Code (if awards under this
Plan are subject to the deduction limitation of Section 162(m) of the Code) and (iii) “independent” within the meaning of the rules of the New York Stock Exchange or any other stock exchange on which the shares of Common Stock
have been listed by the Company. If there is no Compensation Committee, then “Committee” shall mean the Board; provided, however, that any action taken by the Committee shall be valid and effective, whether or not the members of the
Committee at the time of such action are later determined not to have satisfied the foregoing requirements or otherwise provided in any charter of the Committee; and provided further that with respect to awards made to a Non-Management
Director, “Committee” shall mean the Board. 
 “Common Stock” shall mean the common stock, par value
$0.001 per share, of the Company, and all rights appurtenant thereto. 
 “Company” shall mean TPG RE Finance Trust, Inc., a
Maryland corporation, or any successor thereto. 
 “Consultant” shall mean any consultant or advisor, including a
consultant or advisor of the Manager or any of its Affiliates, who is a natural person and who provides services to the Company or any Subsidiary, so long as that person (i) renders bona fide services that are not in connection with the offer
and sale of the Company’s securities in a capital raising transaction, (ii) does not directly or indirectly promote or maintain a market for the Company’s securities, and (iii) otherwise qualifies as a consultant under the
applicable rules of the Securities and Exchange Commission for registration of securities on a Form S-8 registration statement (or any successor thereto). 

“Dividend Equivalent Right” shall mean the right, subject to the terms and conditions prescribed by the Committee, of a
Participant to receive (or have credited) cash, securities, or other property in amounts equivalent to the cash, securities, or other property dividends declared on shares of Common Stock with respect to specified Restricted Stock Units, Performance
Awards, or Other Equity-Based Awards of units denominated in shares of Common Stock or other Company securities, as determined by the Committee, in its sole discretion. Except as otherwise provided by the Committee, Dividend Equivalent Rights
payable on a Restricted Stock Unit award, a Performance Award, or an Other Equity-Based Award that does not become non-forfeitable solely on the basis of continued employment or service shall be accumulated and distributed, without interest, only
when and to the extent that, the underlying award is vested and earned. The Committee may provide that Dividend Equivalent Rights (if any) shall be automatically reinvested in additional shares of Common Stock or otherwise reinvested, applied to the
purchase of additional Awards under this Plan, or deferred without interest to the date of vesting of the associated Award. 

“Effective Date” shall mean June 8, 2017, the date on which this Plan was adopted by the Board, subject to obtaining the
approval of the Company’s stockholders. 

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

“Fair Market Value” shall mean, as of any specified date, (i) if the Common Stock is listed on a national securities
exchange, the closing sales price of a share of Common Stock, as reported on the stock exchange composite tape on the immediately preceding date (or if no sales occur on that date, on the last preceding date on which such sales of the Common Stock
are so reported); (ii) if the Common Stock is not traded on a national securities exchange but is traded over the counter at the time a determination of its fair market value is required to be made under this Plan, the average between the
reported high and low bid and asked prices of a share of Common Stock on the most recently preceding date on which Common Stock was publicly traded; (iii) in the event Common Stock is not publicly traded at the time a determination of its value
is required to be made under this Plan, the amount determined by the Committee in its discretion in such manner as it deems appropriate, taking into account all factors the Committee deems appropriate, including, without limitation,
Section 409A of the Code; or (iv) on the date of a Qualifying Public Offering of Common Stock, the offering price under such Qualifying Public Offering. 

“Free-Standing SAR” shall mean an SAR which is not granted in tandem with, or by reference to, an Option, which entitles the
holder thereof to receive, upon exercise, shares of Common Stock (which may be Restricted Stock) and/or cash with an aggregate value equal to the excess of the Fair Market Value of one share of Common Stock on the date of exercise over the base
price of such SAR, multiplied by the number of such SARs which are exercised. 
 “Incentive Stock Option” shall mean an
Option that meets the requirements of Section 422 of the Code, or any successor provision, which is intended by the Committee to constitute an Incentive Stock Option. 

“Incumbent Director” shall have the meaning set forth in Section 6.8(b)(iv). 

“Initial Public Offering” shall mean the initial public offering of the Common Stock registered on Form S-11 (or any
successor form under the Securities Act). 
 “LTIP Unit” shall mean an “LTIP Unit” as defined in the Operating
Entity’s limited liability company operating agreement, as amended from time to time. An LTIP Unit granted under this Plan represents the right to receive the benefits, payments or other rights in respect of an LTIP Unit set forth in that
operating agreement, subject to the terms and conditions of the applicable Agreement and that operating agreement. 

“Manager” shall mean TPG RE Finance Trust Management, L.P., a Delaware limited partnership, or any successor thereto. 

“Non-Management Director” shall mean any director of the Company who is not an officer or employee of the Company or any
Subsidiary (if any), the Manager, or the Operating Entity, or any of their respective Affiliates. 
 “Nonqualified Stock
Option” shall mean an Option which is not an Incentive Stock Option. 

  
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 “Operating Entity” shall mean TPG RE Finance Trust Holdco., LLC, a Delaware
limited liability company, the Company’s operating entity, or any entity that becomes the Company’s operating entity. 

“Option” shall mean a stock option that entitles the holder to purchase from the Company a stated number of shares of Common
Stock at the price set forth in an Agreement. 
 “Other Equity-Based Award” shall mean any Award other than an Option, SAR,
Stock Award, Performance Award, or Substitute Award, which, subject to such terms and conditions as may be prescribed by the Committee, entitles a Participant to receive shares of Common Stock or rights or units valued in whole or in part by
reference to, or otherwise based on, shares of Common Stock (including securities convertible into Common Stock) or other equity interests, including LTIP Units. 

“Participant” shall have the meaning set forth in Section 1.4. 

“Performance Award” shall mean a right to receive an amount of cash, shares of Common Stock, or a combination of both,
contingent upon the attainment of specified Performance Measures within a specified Performance Period. 
 “Performance
Measures” shall mean the criteria and objectives, established by the Committee, which shall be satisfied or met (i) as a condition to the grant or exercisability of all or a portion of an Option or SAR or (ii) during the
applicable Restriction Period or Performance Period as a condition to the vesting of the holder’s interest, in the case of a Restricted Stock Award, of the shares of Common Stock subject to such award, or, in the case of a Restricted Stock Unit
Award or Performance Award, to the holder’s receipt of the shares of Common Stock subject to such award or of payment with respect to such award. Such criteria and objectives may include, without limitation, one or more of the following
corporate-wide or subsidiary, division, operating unit or individual measures, stated in either absolute terms or relative terms, such as rates of growth or improvement: (a) core earnings, or core earnings per share, or adjusted core earnings,
or adjusted core earnings per share, (b) the attainment by a share of Common Stock of a specified Fair Market Value for a specified period of time, (c) earnings per share, (d) return to stockholders (including dividends),
(e) return on assets, (f) return on equity, (g) earnings of the Company before or after taxes and/or interest, (h) revenues, (i) expenses, (j) market share, (k) cash flow or cost reduction goals, (l) interest
expense after taxes, (m) return on investment, (n) return on investment capital, (o) return on operating costs, (p) economic value created, (q) operating margin, (r) gross margin, (s) the achievement of annual
operating profit plans, (t) net income before or after taxes, (u) pretax earnings before interest, depreciation and/or amortization, (v) pretax operating earnings after interest expense and before incentives, (w) funds from
operations, (x) operating earnings, (y) net cash provided by operations, (z) strategic business criteria, (aa) specified market penetration, (bb) cost targets, (cc) customer satisfaction, or (dd) any of the above goals determined
pre-tax or post-tax, on an absolute or relative basis, as a ratio with other business criteria, or as compared to the performance of a published or special index deemed applicable by the Committee, including but not limited to, the
Standard & Poor’s 500 Stock Index, a REIT index, another index or a group of comparable companies, or any combination of the foregoing. In the sole discretion of the Committee, the Committee may amend or adjust the Performance Measures
or other terms and conditions of an outstanding award in recognition of unusual or nonrecurring events affecting the Company or its financial statements or changes in law or accounting principles. 

  
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 A Performance Measure or objective may be expressed with respect to the Company, on a
consolidated basis, and/or for one or more Affiliates, one or more business or geographical units or one or more properties. When establishing Performance Measures and objectives, the Committee may exclude the impact of specified events during the
relevant Performance Period, which may mean excluding the impact of any or all of the following events or occurrences for such Performance Period: (1) the charges or costs associated with restructurings of the Company; (2) discontinued
operations; (3) any unusual or nonrecurring items as described in the Accounting Standards Codification Topic 225, as the same may be amended or superseded from time to time; (4) asset write-downs or impairments to assets;
(5) litigation, claims, judgments or settlements; (6) the effect of changes in tax law or other such laws or regulations affecting reported results; (7) accruals for reorganization and restructuring programs; (8) any change in
accounting principles as described in the Accounting Standards Codification Topic 250, as the same may be amended or superseded from time to time; (9) any loss from a discontinued operation as described in the Accounting Standards Codification
Topic 360, as the same may be amended or superseded from time to time; (10) goodwill impairment charges; (11) operating results for any business acquired during the calendar year; (12) third party expenses associated with any
investment or acquisition by the Company or any Subsidiary; (13) any amounts accrued by the Company or its Subsidiaries pursuant to management bonus plans or cash profit sharing plans and related employer payroll taxes for the fiscal year;
(14) any discretionary or matching contributions made to a savings and deferred profit-sharing plan or deferred compensation plan for the fiscal year; (15) interest, expenses, taxes, depreciation and depletion, amortization, and accretion
charges; and (16) marked-to-market adjustments for financial instruments. To the extent permitted under Section 162(m) of the Code, the Committee may adjust the Performance Measures and objectives as it deems equitable in recognition of
the events described in this paragraph; provided that with respect to Section 162(m) Awards, such adjustments shall only be made to the extent that it would not cause a Section 162(m) Award to fail to qualify as
“performance-based compensation” under Section 162(m) of the Code. 
 “Performance Period” shall mean
any period designated by the Committee during which (i) the Performance Measures applicable to an award shall be measured and (ii) the conditions to vesting applicable to an award shall remain in effect. 

“Qualifying Public Offering” shall mean a firm commitment underwritten public offering of Stock for cash where the shares of
Stock registered under the Securities Act are listed on a national securities exchange. 
 “Restricted Stock” shall mean
shares of Common Stock which are subject to a Restriction Period and which may, in addition thereto, be subject to the attainment of specified Performance Measures within a specified Performance Period. 

“Restricted Stock Award” shall mean an award of Restricted Stock under this Plan. 

“Restricted Stock Unit” shall mean a right to receive one share of Common Stock or, in lieu thereof if provided in the
Agreement relating to such award, the Fair Market Value of such share of Common Stock in cash, which shall be contingent upon the expiration of a specified Restriction Period and which may, in addition thereto, be contingent upon the attainment of
specified Performance Measures within a specified Performance Period. 

  
 5 

 “Restricted Stock Unit Award” shall mean an award of Restricted Stock Units
under this Plan. 
 “Restriction Period” shall mean any period designated by the Committee during which (i) the Common
Stock subject to a Restricted Stock Award may not be sold, transferred, assigned, pledged, hypothecated or otherwise encumbered or disposed of, except as provided in this Plan or the Agreement relating to such award, or (ii) the conditions to
vesting applicable to a Restricted Stock Unit Award shall remain in effect. 
 “SAR” shall mean a stock appreciation right
which may be a Free-Standing SAR or a Tandem SAR. 
 “Section 162(m) Award” shall mean a Performance Award to a
“covered employee” (within the meaning of Section 162(m) of the Code) that is intended to satisfy the requirements for “performance-based compensation” within the meaning of Section 162(m) of the Code. 

“Securities Act” shall mean the Securities Act of 1933, as amended. 

“Stock Award” shall mean a Bonus Stock Award, Restricted Stock Award, or a Restricted Stock Unit Award. 

“Subsidiary” shall mean any corporation, limited liability company, partnership, joint venture or similar entity in which the
Company owns, directly or indirectly, an equity interest possessing more than 50% of the combined voting power of the total outstanding equity interests of such entity. 

“Substitute Award” shall mean an award granted under this Plan (i) in substitution or exchange for any other Award
granted under this Plan or under another equity incentive plan or any other right of a Participant under this Plan to receive payment from the Company or (ii) upon the assumption of, or in substitution for, outstanding equity awards previously
granted by a company or other entity in connection with a corporate transaction, including a merger, combination, consolidation or acquisition of property or stock; provided, however, that in no event shall the term “Substitute
Award” be construed to refer to an award made in connection with the cancellation and repricing of an Option or SAR. 
 “Tandem
SAR” shall mean an SAR which is granted in tandem with, or by reference to, an Option (including a Nonqualified Stock Option granted prior to the date of grant of the SAR), which entitles the holder thereof to receive, upon exercise of such
SAR and surrender for cancellation of all or a portion of such Option, shares of Common Stock (which may be Restricted Stock) and/or cash with an aggregate value equal to the excess of the Fair Market Value of one share of Common Stock on the date
of exercise over the base price of such SAR, multiplied by the number of shares of Common Stock subject to such Option, or portion thereof, which is surrendered. 

“Ten Percent Holder” shall have the meaning set forth in Section 2.1(a). 

  
 6 

 1.3 Administration. This Plan shall be administered by the Committee. Any one or a
combination of the following awards may be made under this Plan to eligible persons: (i) Options in the form of Incentive Stock Options or Nonqualified Stock Options; (ii) SARs in the form of Tandem SARs or Free-Standing SARs;
(iii) Stock Awards in the form of Bonus Stock, Restricted Stock, or Restricted Stock Units; (iv) Performance Awards; and (v) Other Equity-Based Awards (including LTIP Units). The Committee shall, subject to the terms of this Plan,
select eligible persons for participation in this Plan and determine the form, amount, and timing of each award to such persons and, if applicable, the number of shares of Common Stock, the number of SARs, the number of Restricted Stock Units, the
number of LTIP Units, the dollar value subject to an award, the purchase price or base price associated with the award, the time and conditions of exercise or settlement of the award, and all other terms and conditions of the award, including,
without limitation, the form of the Agreement evidencing the award. The Committee may, in its sole discretion and for any reason at any time, take action such that (i) any or all outstanding Options and SARs shall become exercisable in part or
in full, (ii) all or a portion of the Restriction Period applicable to any outstanding Restricted Stock or Restricted Stock Units shall lapse, (iii) all or a portion of the Performance Period applicable to any outstanding Restricted Stock,
Restricted Stock Units, or Performance Award shall lapse, and (iv) the Performance Measures (if any) applicable to any outstanding award shall be deemed to be satisfied at the target or any other level. The Committee shall, subject to the terms
of this Plan, interpret this Plan and the application thereof, establish rules and regulations it deems necessary or desirable for the administration of this Plan, and may impose, incidental to the grant of an award, conditions with respect to the
award. All such interpretations, rules, regulations and conditions shall be conclusive and binding on all parties. 
 The Committee
may delegate some or all of its power and authority hereunder, subject to applicable law, to the Company’s chief executive officer or any other executive officer as the Committee deems appropriate; provided, however, that the
Committee may not delegate its power and authority to the Company’s chief executive officer or any other executive officer with regard to the selection for participation in this Plan of an officer, director, or other person subject to
Section 16 of the Exchange Act or decisions concerning the timing, pricing, or amount of an award to such an officer, director or other person.  

No member of the Board or Committee, and neither the Company’s chief executive officer or any other executive officer to whom the
Committee delegates any of its power and authority hereunder, shall be liable for any act, omission, interpretation, construction or determination made in connection with this Plan in good faith, and the members of the Board and the Committee and
the Company’s chief executive officer or any other executive officer shall be entitled to indemnification and reimbursement by the Company in respect of any claim, loss, damage or expense (including attorneys’ fees) arising therefrom to
the full extent permitted by law (except as otherwise may be provided in the Company’s charter and/or bylaws) and under any directors’ and officers’ liability insurance that may be in effect from time to time. 

A majority of the Committee shall constitute a quorum. The acts of the Committee shall be either (i) acts of a majority of the members of
the Committee present at any meeting at which a quorum is present or (ii) acts approved in writing by all of the members of the Committee without a meeting. 

  
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 1.4 Eligibility. “Participants” in this Plan shall consist of such
(a) directors, officers, employees (if any) and Consultants of the Company or any Subsidiary or Affiliate and (b) members, officers, directors, employees and Consultants of the Manager or its Affiliates, as well as the Manager and other
entities that provide services to the Company and its Affiliates and the employees of such entities, and in each case persons expected to take such positions, as the Committee, in its sole discretion, may select from time to time; provided,
however, that, any such recipient must be a service provider of the Company or any of its parents or subsidiaries as contemplated under General Instruction A.1(a) to Form S-8 if such recipient is granted an Award that may be settled in Common
Stock. The Committee’s selection of a person to participate in this Plan at any time shall not require the Committee to select such person to participate in this Plan at any other time. For purposes of this Plan and except as otherwise provided
for in an Agreement, references to employment by the Company shall also mean (i) employment by a Subsidiary or (ii) except with respect to an Incentive Stock Option, employment by the Manager or any Affiliate of the Manager, and references
to employment shall include service as a Non-Management Director or independent contractor. The Committee shall determine, in its sole discretion, the extent to which a participant shall be considered employed during any periods during which such
participant is on an approved leave of absence. 
 1.5 Shares Available. Subject to adjustment as provided in Section 6.7
and to all other limits set forth in this Section 1.5, the total number of shares of Common Stock or LTIP Units that may be made subject to awards under this Plan (including, without limitation, awards of Incentive Stock Options) shall be equal
to 7.5% of the issued and outstanding shares of Common Stock and Class A Shares (in the aggregate) upon the completion of the Initial Public Offering (on a fully-diluted basis and including shares of Common Stock issued upon exercise of the
underwriters’ over-allotment option in the Initial Public Offering) (the “Absolute Share Limit”). The number of shares of Common Stock available under this Plan shall be reduced by the sum of the aggregate number of shares of
Common Stock which become subject to outstanding Options, outstanding Free-Standing SARs, outstanding Stock Awards, outstanding Performance Awards, and outstanding Other Equity-Based Awards (including LTIP Units). To the extent that shares of Common
Stock subject to an outstanding Option, SAR, Stock Award, Performance Award, or Other Equity-Based Award (including LTIP Units) granted under this Plan or any predecessor plan are not issued or delivered or are forfeited by reason of (i) the
expiration, termination, cancellation, or forfeiture of such award (excluding shares subject to an Option cancelled upon settlement in shares of a related Tandem SAR or shares subject to a Tandem SAR cancelled upon exercise of a related Option) or
(ii) the settlement of such award in cash, then such shares of Common Stock shall again be available for issuance under this Plan. 

Notwithstanding anything in this Section 1.5 to the contrary, shares of Common Stock subject to an award under this Plan may not be made
available for reissuance under this Plan if such shares are: (i) shares that were subject to a stock-settled SAR and were not issued upon the net settlement or net exercise of such SAR; (ii) shares delivered to or withheld by the Company
to pay the purchase price or the withholding taxes related to an outstanding Option or SAR; or (iii) shares repurchased on the open market with the proceeds of an option exercise. Shares delivered to or withheld by the Company to pay the
withholding taxes for Stock Awards, Performance Awards, or Other Equity-Based Awards shall again be available under this Plan. 

  
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 The number of shares of Common Stock available for awards under this Plan shall not be reduced by
(i) the number of shares of Common Stock subject to Substitute Awards or (ii) available shares under a stockholder approved plan of a company or other entity which was a party to a corporate transaction with the Company (as appropriately
adjusted to reflect such corporate transaction) which become subject to awards granted under this Plan (subject to applicable stock exchange requirements). 

Shares of Common Stock to be delivered under this Plan shall be made available from authorized and unissued shares of Common Stock, or
authorized and issued shares of Common Stock reacquired by the Company. 
 1.6 Individual Limitations. Subject to adjustment as
provided in Section 6.7, no Participant may, in any calendar year, be granted or awarded (i) to the extent intended to comply with the performance-based exception under Section 162(m) of the Code, Awards (other than Awards designated
to be paid only in cash or the settlement of which is not based on a number of shares of Common Stock) relating to more than 30% of the Absolute Share Limit; or (ii) to the extent intended to comply with the performance-based exception under
Section 162(m) of the Code, Awards designated to be paid only in cash, or the settlement of which is not based on a number of shares of Common Stock or LTIP Units, having an aggregate value determined on the date of grant in excess of the Fair
Market Value of the limit described in clause (i) of this Section 1.6. Notwithstanding the preceding sentences, subject to adjustment as provided in Section 6.7, no Participant who is a Non-Management Director may, in any calendar
year, be granted Awards (other than Awards designated to be paid only in cash or the settlement of which is not based on a number of shares of Common Stock) relating to more than 3% of the Absolute Share Limit. 

In applying the limitations of this Section 1.6, an Option and Tandem SAR shall be treated as a single Award. 

II. STOCK OPTIONS AND STOCK APPRECIATION RIGHTS 

2.1 Stock Options. The Committee may, in its discretion, grant Options to such eligible persons as may be selected by the Committee;
provided, however, that Incentive Stock Options shall be granted only to persons (if any) who are employees of the Company or one of its Subsidiaries that is a corporation within the meaning of Section 7701(a)(3) of the Code, in
accordance with Section 422 of the Code. Each Option, or portion thereof, that is not an Incentive Stock Option shall be a Nonqualified Stock Option. To the extent that the aggregate Fair Market Value (determined as of the date of grant) of
shares of Common Stock with respect to which Options designated as Incentive Stock Options are exercisable for the first time by a Participant during any calendar year (under this Plan or any other plan of the Company, or any parent or Subsidiary)
exceeds the amount (currently $100,000) established by the Code, such Options shall constitute Nonqualified Stock Options. 

  
 9 

 Options shall be subject to the following terms and conditions and shall contain such additional
terms and conditions, not inconsistent with the terms of this Plan, as the Committee shall deem advisable: 
 (a) Number of Shares and
Purchase Price. The number of shares of Common Stock subject to an Option and the purchase price per share of Common Stock purchasable upon exercise of the Option shall be determined by the Committee; provided, however, that the
purchase price per share of Common Stock purchasable upon exercise of an Option shall not be less than 100% of the Fair Market Value of a share of Common Stock on the date of grant of such Option; provided, further, that if an
Incentive Stock Option shall be granted to any person who, at the time such Option is granted, owns, or is deemed to own pursuant to Section 424(d) of the Code, capital stock possessing more than 10% of the total combined voting power of all
classes of capital stock of the Company (or of any parent or Subsidiary) (a “Ten Percent Holder”), the purchase price per share of Common Stock shall not be less than the price (currently 110% of Fair Market Value) required by the
Code in order to constitute an Incentive Stock Option. 
 Notwithstanding the foregoing, in the case of an Option that is a
Substitute Award, the purchase price per share of the shares subject to such Option may be less than 100% of the Fair Market Value per share on the date of grant; provided, that the excess of: (a) the aggregate Fair Market Value (as of
the date such Substitute Award is granted) of the shares subject to the Substitute Award, over (b) the aggregate purchase price thereof does not exceed the excess of: (x) the aggregate fair market value (as of the time immediately
preceding the transaction giving rise to the Substitute Award, such fair market value to be determined by the Committee) of the shares of the predecessor company or other entity that were subject to the grant assumed or substituted for by the
Company, over (y) the aggregate purchase price of such shares. 
 (b) Option Period and Exercisability. The period during
which an Option may be exercised shall be determined by the Committee; provided, however, that no Option shall be exercised later than ten years after its date of grant; provided, further, that if an Incentive Stock
Option shall be granted to a Ten Percent Holder, such Option shall not be exercised later than five years after its date of grant. The Committee may, in its discretion, establish an applicable Performance Period and Performance Measures which shall
be satisfied or met as a condition to the grant of such Option or to the exercisability of all or a portion of such Option. The Committee shall determine whether an Option shall become exercisable in cumulative or non-cumulative installments and in
part or in full at any time. An exercisable Option, or portion thereof, may be exercised only with respect to whole shares of Common Stock. 

(c) Method of Exercise. An Option may be exercised (i) by giving written notice to the Company specifying the number of whole
shares of Common Stock to be purchased and accompanying such notice with payment therefor in full (or arrangement made for such payment to the Company’s satisfaction) either (A) in cash, (B) by delivery (either actual delivery or by
attestation procedures established by the Company) of shares of Common Stock having a Fair Market Value, determined as of the date of exercise, equal to the aggregate purchase price payable by reason of such exercise, (C) authorizing the
Company to withhold whole shares of Common Stock which would otherwise be delivered having an aggregate Fair Market Value, determined as of the date of exercise, equal to the amount necessary to satisfy such obligation, (D) in cash by a
broker-dealer acceptable to the Company to whom the optionee has submitted an irrevocable notice of exercise or (E) a combination of (A), (B) and (C), in each case to the extent set forth in the Agreement relating to the Option or as
otherwise authorized by the Committee, (ii) if applicable, by surrendering to the Company any Tandem SARs which are 

  
 10 

 
cancelled by reason of the exercise of the Option and (iii) by executing such documents as the Company may reasonably request. Any fraction of a share of Common Stock which would be required
to pay such purchase price shall be disregarded and the remaining amount due shall be paid in cash by the optionee. No shares of Common Stock shall be issued, and no certificate representing Common Stock shall be delivered, until the full purchase
price therefor and any withholding taxes thereon, as described in Section 6.5, have been paid (or arrangement made for such payment to the Company’s satisfaction). 

2.2 Stock Appreciation Rights. The Committee may, in its discretion, grant SARs to such eligible persons as may be selected by the
Committee. The Agreement relating to an SAR shall specify whether the SAR is a Tandem SAR or a Free-Standing SAR. 
 SARs shall be subject
to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent with the terms of this Plan, as the Committee shall deem advisable: 

(a) Number of SARs and Base Price. The number of SARs subject to an award shall be determined by the Committee. Any Tandem SAR related
to an Incentive Stock Option shall be granted at the same time that such Incentive Stock Option is granted. The base price of a Tandem SAR shall be the purchase price per share of Common Stock of the related Option. The base price of a Free-Standing
SAR shall be determined by the Committee; provided, however, that such base price shall not be less than 100% of the Fair Market Value of a share of Common Stock on the date of grant of such SAR. 

Notwithstanding the foregoing, in the case of an SAR that is a Substitute Award, the base price per share of the shares subject to such
SAR may be less than 100% of the Fair Market Value per share on the date of grant; provided, that the excess of: (a) the aggregate Fair Market Value (as of the date such Substitute Award is granted) of the shares subject to the
Substitute Award, over (b) the aggregate base price thereof does not exceed the excess of: (x) the aggregate fair market value (as of the time immediately preceding the transaction giving rise to the Substitute Award, such fair market
value to be determined by the Committee) of the shares of the predecessor company or other entity that were subject to the grant assumed or substituted for by the Company, over (y) the aggregate base price of such shares. 

(b) Exercise Period and Exercisability. The period for the exercise of an SAR shall be determined by the Committee; provided,
however, that no Tandem SAR shall be exercised later than the expiration, cancellation, forfeiture or other termination of the related Option and no Free-Standing SAR shall be exercised later than ten years after its date of grant. The
Committee may, in its discretion, establish Performance Measures which shall be satisfied or met as a condition to the grant of an SAR or to the exercisability of all or a portion of an SAR. The Committee shall determine whether an SAR may be
exercised in cumulative or non-cumulative installments and in part or in full at any time. An exercisable SAR, or portion thereof, may be exercised, in the case of a Tandem SAR, only with respect to whole shares of Common Stock and, in the case of a
Free-Standing SAR, only with respect to a whole number of SARs. If an SAR is exercised for shares of Restricted Stock, a certificate or certificates representing such Restricted Stock shall be issued in accordance with Section 3.3(c), or such
shares shall be transferred to the holder in book entry form with restrictions on the shares duly noted, and the 

  
 11 

 
holder of such Restricted Stock shall have such rights of a stockholder of the Company as determined pursuant to Section 3.3(d). Prior to the exercise of an SAR, the holder of such SAR shall
have no rights as a stockholder of the Company with respect to the shares of Common Stock subject to such SAR. 
 (c) Method of
Exercise. A Tandem SAR may be exercised (i) by giving written notice to the Company specifying the number of whole SARs which are being exercised, (ii) by surrendering to the Company any Options which are cancelled by reason of the
exercise of the Tandem SAR and (iii) by executing such documents as the Company may reasonably request. A Free-Standing SAR may be exercised (A) by giving written notice to the Company specifying the whole number of SARs which are being
exercised and (B) by executing such documents as the Company may reasonably request. No shares of Common Stock shall be issued, and no certificate representing Common Stock shall be delivered, until any withholding taxes thereon, as described
in Section 6.5, have been paid (or arrangement made for such payment to the Company’s satisfaction). 
 2.3 Termination of
Employment or Service. All of the terms relating to the exercise, cancellation or other disposition of an Option or SAR upon a termination of employment with or service to the Company of the holder of such Option or SAR, as the case may be,
shall be determined by the Committee and set forth in the applicable award Agreement. 
 2.4 Repricing of Options and SARs. The
Committee shall not amend or replace any previously granted Option or SAR in a transaction that constitutes a repricing within the meaning of the rules of the New York Stock Exchange without the approval of the stockholders of the Company. 

III. STOCK AWARDS 
 3.1
Stock Awards. The Committee may, in its discretion, grant Stock Awards to such eligible persons as may be selected by the Committee. The Agreement relating to a Stock Award shall specify whether the Stock Award is a Bonus Stock Award,
Restricted Stock Award or Restricted Stock Unit Award. 
 3.2 Terms of Bonus Stock Awards. The number of shares of Common Stock
subject to a Bonus Stock Award shall be determined by the Committee. Bonus Stock Awards shall not be subject to any Restriction Periods or Performance Measures. Upon the grant of a Bonus Stock Award, subject to the Company’s right to require
payment of any taxes in accordance with Section 6.5, a certificate or certificates evidencing ownership of the requisite number of shares of Common Stock shall be delivered to the holder of such award or such shares shall be transferred to the
holder in book entry form. 
 3.3 Terms of Restricted Stock Awards. Restricted Stock Awards shall be subject to the following terms
and conditions and shall contain such additional terms and conditions, not inconsistent with the terms of this Plan, as the Committee shall deem advisable. 

(a) Number of Shares and Other Terms. The number of shares of Common Stock subject to a Restricted Stock Award and the Restriction
Period, Performance Period (if any) and Performance Measures (if any) applicable to a Restricted Stock Award shall be determined by the Committee. 

  
 12 

 (b) Vesting and Forfeiture. The Agreement relating to a Restricted Stock Award shall
provide, in the manner determined by the Committee, in its discretion, and subject to the provisions of this Plan, for the vesting of the shares of Common Stock subject to such award (i) if the holder of such award remains continuously in the
employment of, or continuously providing services to, the Company during the specified Restriction Period and (ii) if specified Performance Measures (if any) are satisfied or met during a specified Performance Period, and for the forfeiture of
the shares of Common Stock subject to such award (x) if the holder of such award does not remain continuously in the employment of, or continuously providing services to, the Company during the specified Restriction Period or (y) if
specified Performance Measures (if any) are not satisfied or met during a specified Performance Period. 
 (c) Stock Issuance. During
the Restriction Period, the shares of Restricted Stock shall be held by a custodian in book entry form with restrictions on such shares duly noted or, alternatively, a certificate or certificates representing a Restricted Stock Award shall be
registered in the holder’s name and may bear a legend, in addition to any legend which may be required pursuant to Section 6.6, indicating that the ownership of the shares of Common Stock represented by such certificate is subject to the
restrictions, terms and conditions of this Plan and the Agreement relating to the Restricted Stock Award. All such certificates shall be deposited with the Company, together with stock powers or other instruments of assignment (including a power of
attorney), each endorsed in blank with a guarantee of signature if deemed necessary or appropriate, which would permit transfer to the Company of all or a portion of the shares of Common Stock subject to the Restricted Stock Award in the event such
award is forfeited in whole or in part. Upon termination of any applicable Restriction Period (and the satisfaction or attainment of applicable Performance Measures), subject to the Company’s right to require payment of any taxes in accordance
with Section 6.5, the restrictions shall be removed from the requisite number of any shares of Common Stock that are held in book entry form, and all certificates evidencing ownership of the requisite number of shares of Common Stock shall be
delivered to the holder of such award. 
 (d) Rights with Respect to Restricted Stock Awards. Unless otherwise set forth in the
Agreement relating to a Restricted Stock Award, and subject to the terms and conditions of a Restricted Stock Award, the holder of such award shall have all rights as a stockholder of the Company, including, but not limited to, voting rights, the
right to receive dividends and the right to participate in any capital adjustment applicable to all holders of Common Stock; provided, however, that (i) a distribution with respect to shares of Common Stock, other than a regular
cash dividend, and (ii) a regular cash dividend with respect to shares of Common Stock that are subject to performance-based vesting conditions, in each case, shall be deposited with the Company and shall be subject to the same restrictions as
the shares of Common Stock with respect to which such distribution was made, except as otherwise provided by the Committee. 
 3.4 Terms
of Restricted Stock Unit Awards. Restricted Stock Unit Awards shall be subject to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent with the terms of this Plan, as the Committee shall
deem advisable. 

  
 13 

 (a) Number of Shares and Other Terms. The number of shares of Common Stock subject to a
Restricted Stock Unit Award and the Restriction Period, Performance Period (if any) and Performance Measures (if any) applicable to a Restricted Stock Unit Award shall be determined by the Committee. 

(b) Vesting and Forfeiture. The Agreement relating to a Restricted Stock Unit Award shall provide, in the manner determined by the
Committee, in its discretion, and subject to the provisions of this Plan, for the vesting of such Restricted Stock Unit Award (i) if the holder of such award remains continuously in the employment of, or continuously providing services to, the
Company during the specified Restriction Period and (ii) if specified Performance Measures (if any) are satisfied or met during a specified Performance Period, and for the forfeiture of the shares of Common Stock subject to such award
(x) if the holder of such award does not remain continuously in the employment of, or continuously providing services to, the Company during the specified Restriction Period or (y) if specified Performance Measures (if any) are not
satisfied or met during a specified Performance Period. 
 (c) Settlement of Vested Restricted Stock Unit Awards. The Agreement
relating to a Restricted Stock Unit Award shall specify (i) whether such award may be settled in shares of Common Stock or cash or a combination thereof and (ii) whether the holder thereof shall be entitled to receive, on a current or
deferred basis, Dividend Equivalent Rights, and, if determined by the Committee, interest on, or the deemed reinvestment of, any deferred Dividend Equivalent Rights, with respect to the number of shares of Common Stock subject to such award. Except
as otherwise provided by the Committee, any Dividend Equivalent Rights with respect to Restricted Stock Units that are subject to performance-based vesting conditions shall be subject to the same restrictions as such Restricted Stock Units. Prior to
the settlement of a Restricted Stock Unit Award, the holder of such award shall have no rights as a stockholder of the Company with respect to the shares of Common Stock subject to such award. Unless otherwise set forth in the Agreement relating to
a Restricted Stock Unit Award, and subject to the terms and conditions of a Restricted Stock Unit Award, the holder of such award shall not be entitled to receive Dividend Equivalent Rights. 

3.5 Termination of Employment or Service. All of the terms relating to the satisfaction of Performance Measures and the termination of
the Restriction Period or Performance Period relating to a Stock Award, or any forfeiture and cancellation of such award upon a termination of employment or service with the Company of the holder of such award, shall be determined by the Committee
and set forth in the applicable award Agreement. 
 IV. PERFORMANCE AWARDS 

4.1 Performance Awards. The Committee may, in its discretion, grant Performance Awards to such eligible persons as may be selected by
the Committee. 
 4.2 Terms of Performance Awards. Performance Awards shall be subject to the following terms and conditions and
shall contain such additional terms and conditions, not inconsistent with the terms of this Plan, as the Committee shall deem advisable. 

  
 14 

 (a) Value of Performance Awards and Performance Measures. The method of determining the
value of the Performance Award and the Performance Measures and Performance Period applicable to a Performance Award shall be determined by the Committee. 

(b) Vesting and Forfeiture. The Agreement relating to a Performance Award shall provide, in the manner determined by the Committee, in
its discretion, and subject to the provisions of this Plan, for the vesting of such Performance Award if the specified Performance Measures are satisfied or met during the specified Performance Period and for the forfeiture of such award if the
specified Performance Measures are not satisfied or met during the specified Performance Period. The Performance Period applicable to any Performance Award shall be set by the Committee in its discretion but shall not exceed ten years. 

(c) Settlement of Vested Performance Awards. The Agreement relating to a Performance Award shall specify whether such award may be
settled in shares of Common Stock (including shares of Restricted Stock) or cash or a combination thereof. If a Performance Award is settled in shares of Restricted Stock, such shares of Restricted Stock shall be issued to the holder in book entry
form or a certificate or certificates representing such Restricted Stock shall be issued in accordance with Section 3.3(c) and the holder of such Restricted Stock shall have such rights as a stockholder of the Company as determined pursuant to
Section 3.3(d). Except as otherwise provided by the Committee, any dividends or Dividend Equivalent Rights with respect to a Performance Award that is subject to performance-based vesting conditions shall be subject to the same restrictions as
such Performance Award. Prior to the settlement of a Performance Award in shares of Common Stock, including Restricted Stock, the holder of such award shall have no rights as a stockholder of the Company. 

4.3 Termination of Employment or Service. All of the terms relating to the satisfaction of Performance Measures and the termination of
the Performance Period relating to a Performance Award, or any forfeiture and cancellation of such award upon a termination of employment or service with the Company of the holder of such award shall be determined by the Committee. 

4.4 Section 162(m) Awards 

(a) Generally. If the Committee determines that a Performance Award granted to a “covered employee” (within the
meaning of Section 162(m) of the Code) is intended to qualify as a Section 162(m) Award, the grant, exercise, vesting, and/or settlement of such Performance Award shall be contingent upon achievement of a pre-established Performance
Measure(s) and other terms set forth in this Section 4.4; provided, however, that nothing in this Section 4.4 or elsewhere in this Plan shall be interpreted as preventing the Committee from granting Performance Awards to
covered employees that are not intended to constitute Section 162(m) Awards or from determining that it is no longer necessary or appropriate for a Section 162(m) Award to qualify as such. 

(b) Timing. No later than 90 days after the beginning of any Performance Period applicable to a Section 162(m) Award, or at
such other date as may be required or permitted for “performance-based compensation” under Section 162(m) of the Code, the Committee shall establish (i) the Participants who will be granted Section 162(m) Awards, and
(ii) the objective  

  
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formula used to calculate the amount of cash or stock payable, if any, under such Section 162(m) Awards, based upon the level of achievement of Performance Measure(s) (which must be
“substantially uncertain” at the time the Committee actually establishes the Performance Measures. 
 (c) Settlement or
Payout. Except as otherwise permitted under Section 162(m) of the Code, after the end of each Performance Period and before any Section 162(m) Award is settled or paid, the Committee shall certify the level of performance achieved with
regard to each Performance Measure established with respect to each Section 162(m) Award and shall determine the amount of cash or Common Stock, if any, payable to each Participant with respect to each Section 162(m) Award. The Committee
may, in its discretion, reduce the amount of a payment or settlement otherwise to be made in connection with a Section 162(m) Award, but may not exercise discretion to increase any such amount payable to a covered employee in respect of a
Section 162(m) Award. 
 (d) Written Determinations. With respect to each Section 162(m) Award, all
determinations by the Committee as to (i) the establishment of Performance Measures and Performance Period with respect to the selected business criteria, (ii) the establishment of the objective formula used to calculate the amount of cash
or Common Stock payable, if any, based on the level of achievement of such Performance Measures, and (iii) the certification of the level of performance achieved during the Performance Period with regard to each Performance Measure selected,
shall each be made in writing. When taking any action with respect to Section 162(m) Awards, the Committee shall be made up entirely of “outside directors” (within the meaning of Section 162(m) of the Code). Further, the
Committee may not delegate any responsibility relating to a Section 162(m) Award that would cause the Section 162(m) Award to fail to so qualify. 

(e) Options and SARs. Notwithstanding the foregoing provisions of this Section 4.4, Options and SARs with an exercise price
or grant price not less than the Fair Market Value on the date of grant awarded to covered employees are intended to be Section 162(m) Awards even if not otherwise contingent upon achievement of a pre-established Performance Measure.

 (f) Status of Section 162(m) Awards. The terms governing Section 162(m) Awards shall be interpreted in a
manner consistent with Section 162(m) of the Code and the regulations thereunder, in particular the prerequisites for qualification as “performance-based compensation,” and, if any provision of this Plan as in effect on the date of
adoption of any Agreements relating to Performance Awards that are designated as Section 162(m) Awards does not comply or is inconsistent with the requirements of Section 162(m) of the Code and the regulations thereunder, such provision
shall be construed or deemed amended to the extent necessary to conform to such requirements.  
 V. OTHER EQUITY-BASED AWARDS

 5.1 Award. In accordance with the provisions of Section 1.3 and Section 1.4, the Committee will designate
each individual to whom an Other Equity-Based Award is to be made and will specify the number of shares of Common Stock or other equity interests (including 

  
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LTIP Units) covered by such awards and the terms and conditions of such awards; provided, however, that the grant of LTIP Units must satisfy the requirements of the limited liability
company operating agreement of the Operating Entity as in effect on the date of grant. The Committee also will specify whether Dividend Equivalent Rights are granted in conjunction with the Other Equity-Based Award. 

5.2 Terms and Conditions. The Committee, at the time an Other Equity-Based Award is made, shall specify the terms and conditions which
govern the award. The terms and conditions of an Other Equity-Based Award may prescribe that a Participant’s rights in the Other Equity-Based Award shall be forfeitable, non-transferable, or otherwise restricted for a period of time or subject
to such other conditions as may be determined by the Committee, in its discretion and set forth in the Agreement. By way of example and not of limitation, the Committee may prescribe that a Participant’s rights in an Other Equity-Based Award
shall be forfeitable or otherwise restricted, subject to continued employment or service, the attainment of performance objectives, including objectives stated with respect to one or more Performance Measures, or both. Other Equity-Based Awards may
be granted to Participants, either alone or in addition to other awards granted under this Plan, and Other Equity-Based Awards may be granted in the settlement of other Awards granted under this Plan. 

5.3 Payment or Settlement. Other Equity-Based Awards valued in whole or in part by reference to, or otherwise based on, Common Stock,
shall be payable or settled in shares of Common Stock, cash, or a combination of Common Stock and cash, as determined by the Committee in its discretion; provided, however, that any shares of Common Stock that are issued on account of the
conversion of LTIP Units into shares of Common Stock shall not reduce the number of shares of Common Stock available for issuance under this Plan. Other Equity-Based Awards denominated as equity interests other than shares of Common Stock may be
paid or settled in shares or units of such equity interests or cash or a combination of both as determined by the Committee in its discretion. A Participant, as a result of receiving an Other Equity-Based Award, shall not have any rights as a
stockholder until, and then only to the extent that, the Other Equity-Based Award is earned and settled in shares of Common Stock. 
 VI.
GENERAL 
 6.1 Effective Date and Term of Plan. This Plan shall be effective as of the Effective Date and shall terminate on the
tenth anniversary of the Effective Date, unless terminated earlier by the Board; provided that Incentive Stock Options may not be granted later than ten years from the date this Plan is adopted or the date this Plan is approved by the
Company’s stockholders, whichever is earlier. Termination of this Plan shall not affect the terms or conditions of any award granted prior to termination. Awards hereunder may be made at any time prior to the termination of this Plan, provided
that no award may be made later than ten years after the Effective Date of this Plan. 
 6.2 Amendments to this Plan and
Awards. The Board may amend this Plan, as it shall deem advisable, subject to any stockholder approval required by applicable law, rule or regulation, including Section 162(m) of the Code and any rule of the New York Stock Exchange, or, if
the Common Stock is not listed on the New York Stock Exchange, any rule of the principal national stock exchange on which the Common Stock is then traded; provided, however, that no

  
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amendment may adversely affect any of the rights of a holder of an outstanding award without the consent of such holder. The Committee may waive any conditions or rights under, or amend,
alter, suspend, discontinue, or terminate any Award theretofore granted and any Agreement relating thereto, except as otherwise provided in this Plan; provided, however, that, without the consent of an affected Participant, no such Committee
action may materially and adversely affect the rights of such Participant under such Award. For purposes of clarity, any adjustments made to Awards pursuant to Section 6.7 will be deemed not to materially and adversely affect the rights
of any Participant under any previously granted and outstanding Award and therefore may be made without the consent of affected Participants. 

6.3 Agreement. Each award under this Plan shall be evidenced by an Agreement setting forth the terms and conditions applicable to such
award. No award shall be valid until an Agreement is executed by the Company and, to the extent required by the Company, either executed by the recipient or accepted by the recipient by electronic means approved by the Company within the time period
specified by the Company. Upon such execution or electronic acceptance, such award shall be effective as of the effective date set forth in the Agreement. 

6.4 Non-Transferability. No award shall be transferable other than (i) by will, the laws of descent and distribution or pursuant
to beneficiary designation procedures approved by the Company, (ii) to the holder’s family members, a trust or entity established by the holder for estate planning purposes, a charitable organization designated by the holder or pursuant to
a qualified domestic relations order, in each case, without consideration, or (iii) by the Manager or its Affiliates to members, officers, directors, employees and Consultants of the Manager or its Affiliates. Except to the extent permitted by
the foregoing sentence or the Agreement relating to an award, each award may be exercised or settled during the holder’s lifetime only by the holder or the holder’s legal representative or similar person. Except as permitted by the second
preceding sentence, no award may be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar process. Upon any attempt to so
sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of any award, such award and all rights thereunder shall immediately become null and void. 

6.5 Tax Withholding. Each Participant shall be responsible for satisfying any income, employment, and other tax withholding obligations
attributable to participation in this Plan. Unless otherwise provided by the Agreement, any such withholding tax obligations may be satisfied in cash (including from any cash payable in settlement of an Award) or a cash equivalent acceptable to the
Committee. Except to the extent prohibited by Treasury Regulation Section 1.409A-3(j), any minimum statutory federal, state, district, city, or foreign withholding tax obligations also may be satisfied (a) by surrendering to the Company
shares of Common Stock previously acquired by the Participant; (b) by authorizing the Company to withhold or reduce the number of shares of Common Stock otherwise issuable to the Participant upon the grant, vesting, settlement, and/or exercise
of an Award; or (c) by any other method as may be approved by the Committee. If shares of Common Stock are used to pay all or part of such withholding tax obligation, the Fair Market Value of the Common Stock surrendered, withheld, or reduced
shall be determined as of the date of surrender, withholding, or reduction, and the number of shares of Common Stock which may be withheld, surrendered, or reduced shall be limited to the number of shares of Common Stock which have a Fair Market
Value on the date of 

  
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withholding, surrender, or reduction equal to the aggregate amount of such liabilities based on the greatest statutory withholding rates for federal, state, foreign, and/or local tax purposes,
including payroll taxes, that may be utilized without creating adverse accounting treatment with respect to such Award, as determined by the Committee. 

6.6 Restrictions on Shares. Each award made hereunder shall be subject to the requirement that if at any time the Company determines
that the listing, registration, or qualification of the shares of Common Stock subject to such award upon any securities exchange or under any law, or the consent or approval of any governmental body, or the taking of any other action is necessary
or desirable as a condition of, or in connection with, the delivery of shares thereunder, such shares shall not be delivered unless such listing, registration, qualification, consent, approval, or other action shall have been effected or obtained,
free of any conditions not acceptable to the Company. The Company may require that certificates representing shares of Common Stock delivered pursuant to any award made hereunder bear a legend indicating that the sale, transfer, or other disposition
thereof by the holder is prohibited except in compliance with the Securities Act and the rules and regulations thereunder. 
 6.7
Adjustment. In the event of any equity restructuring (within the meaning of Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation—Stock Compensation) that causes the per share value of shares of
Common Stock to change, such as a stock dividend, stock split, spinoff, rights offering or recapitalization through an extraordinary dividend, the number and class of securities available under this Plan, the terms of each outstanding Option and SAR
(including the number and class of securities subject to each outstanding Option or SAR and the purchase price or base price per share), the terms of each outstanding Restricted Stock Award and Restricted Stock Unit Award (including the number and
class of securities subject thereto), and the terms of each outstanding Performance Award shall be appropriately adjusted by the Board, such adjustments to be made in the case of outstanding Options and SARs without an increase in the aggregate
purchase price or base price and in accordance with Section 409A of the Code. In the event of any other change in corporate capitalization, including a merger, consolidation, reorganization, or partial or complete liquidation of the Company,
such equitable adjustments described in the foregoing sentence may be made as determined to be appropriate and equitable by the Board (or, if the Company is not the surviving corporation in any such transaction, the board of directors of the
surviving corporation) to prevent dilution or enlargement of rights of Participants. In either case, the decision of the Board regarding any such adjustment shall be final, binding and conclusive. 

6.8 Change in Control. 

(a) Subject to the terms of the applicable award Agreement, in the event of a Change in Control, the Board (as constituted prior to such
Change in Control) may, in its discretion: 
 (i) provide that (A) some or all outstanding Options and SARs shall become
exercisable in full or in part, either immediately or upon a subsequent termination of employment, (B) the Restriction Period applicable to some or all outstanding Restricted Stock Awards and Restricted Stock Unit Awards shall lapse in full or
in part, either immediately or upon a subsequent termination of employment, (C) the Performance Period applicable to some or all outstanding awards shall lapse in full or in part, and (D) the Performance Measures applicable to some or all
outstanding awards shall be deemed to be satisfied at the target or any other level; 

  
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 (ii) require that shares of stock of the corporation or other entity resulting
from such Change in Control, or a parent corporation thereof, be substituted for some or all of the shares of Common Stock subject to an outstanding award, with an appropriate and equitable adjustment to such award as shall be determined by the
Board in accordance with Section 6.7; and/or 
 (iii) require outstanding awards, in whole or in part, to be surrendered
to the Company by the holder, and to be immediately cancelled by the Company, and to provide for the holder to receive (A) a cash payment in an amount equal to (1) in the case of an Option or an SAR, the number of shares of Common Stock
then subject to the portion of such Option or SAR surrendered, to the extent such Option or SAR is then exercisable or becomes exercisable pursuant to Section 6.8(a)(i), multiplied by the excess, if any, of the Fair Market Value of a share of
Common Stock as of the date of the Change in Control, over the purchase price or base price per share of Common Stock subject to such Option or SAR, (2) in the case of a Stock Award or a Performance Award denominated in shares of Common Stock,
the number of shares of Common Stock then subject to the portion of such award surrendered, to the extent the Restriction Period and Performance Period, if any, on such Stock Award or Performance Award have lapsed or will lapse pursuant to
Section 6.8(a)(i) and to the extent that the Performance Measures, if any, have been satisfied or are deemed satisfied pursuant to Section 6.8(a)(i), multiplied by the Fair Market Value of a share of Common Stock as of the date of the
Change in Control, and (3) in the case of a Performance Award denominated in cash, the value of the Performance Award then subject to the portion of such award surrendered, to the extent the Performance Period applicable to such award has
lapsed or will lapse pursuant to Section 6.8(a)(i) and to the extent the Performance Measures applicable to such award have been satisfied or are deemed satisfied pursuant to Section 6.8(a)(i); (B) shares of capital stock of the
corporation resulting from or succeeding to the business of the Company pursuant to such Change in Control, or a parent corporation thereof, having a fair market value not less than the amount determined under clause (A) above; or (C) a
combination of the payment of cash pursuant to clause (A) above and the issuance of shares pursuant to clause (B) above. 
 (b) A
“Change in Control” of the Company shall be deemed to have occurred upon the happening of any of the following events: 

(i) The acquisition, other than from the Company, by any individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Exchange Act) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of either the then outstanding shares of Common Stock of the Company or the combined
voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors, but excluding, for this purpose, any such acquisition by the Company or any of its Subsidiaries, or any employee benefit
plan (or related trust) of the Company or its Subsidiaries, or any entity with respect to which, following such acquisition, more than 50% of, respectively, the 

  
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then outstanding equity of such entity and the combined voting power of the then outstanding voting equity of such entity entitled to vote generally in the election of all or substantially all of
the members of such entity’s governing body is then beneficially owned, directly or indirectly, by the individuals and entities who were the beneficial owners, respectively, of the Common Stock and voting securities of the Company immediately
prior to such acquisition in substantially the same proportion as their ownership, immediately prior to such acquisition, of the then outstanding shares of Common Stock of the Company or the combined voting power of the then outstanding voting
securities of the Company entitled to vote generally in the election of directors, as the case may be; or 
 (ii) The
consummation of a reorganization, merger or consolidation of the Company, in each case, with respect to which all or substantially all of the individuals and entities who were the respective beneficial owners of the Common Stock and voting
securities of the Company immediately prior to such reorganization, merger or consolidation do not, following such reorganization, merger or consolidation, beneficially own, directly or indirectly, more than 50% of, respectively, the then
outstanding shares of Common Stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such reorganization, merger or
consolidation; or 
 (iii) a complete liquidation or dissolution of the Company or the sale or other disposition of all or
substantially all of the assets of the Company; or 
 (iv) the members of the Board at the beginning of any consecutive
24-calendar-month period (the “Incumbent Directors”) cease for any reason other than due to death to constitute at least a majority of the members of the Board; provided, that any member of the Board whose election, or
nomination for election by the Company’s stockholders, was approved or ratified by a vote of at least a majority of the members of the Board then still in office who were members of the Board at the beginning of such 24-calendar-month period,
shall be deemed to be an Incumbent Director. 
 Notwithstanding the foregoing, neither the Initial Public Offering, nor any bona fide
primary or secondary public offering following the occurrence of the Initial Public Offering shall constitute a Change in Control. 
 6.9
Deferrals. The Committee may determine that the delivery of shares of Common Stock or the payment of cash, or a combination thereof, upon the exercise or settlement of all or a portion of any award (other than awards of Incentive Stock
Options, Nonqualified Stock Options and SARs) made hereunder shall be deferred, or the Committee may, in its sole discretion, approve deferral elections made by holders of awards. Deferrals shall be for such periods and upon such terms as the
Committee may determine in its sole discretion, subject to the requirements of Section 409A of the Code. 

  
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 6.10 No Right of Participation, Employment or Service. Unless otherwise set forth in an
employment agreement, no person shall have any right to participate in this Plan. Neither this Plan nor any award made hereunder shall confer upon any person any right to continued employment by or service to the Company, any Subsidiary or any
Affiliate of the Company, including the Manager, or affect in any manner the right of the Company, any Subsidiary or any Affiliate of the Company, including the Manager, to terminate the employment or service of any person at any time without
liability hereunder. 
 6.11 Rights as Stockholder. No person shall have any right as a stockholder of the Company with respect to
any shares of Common Stock or other equity security of the Company which is subject to an award hereunder unless and until such person becomes a stockholder of record with respect to such shares of Common Stock or equity security. 

6.12 Limitation of Ownership. No award shall be issued under this Plan to any person who, after such award, would beneficially own, or
be deemed to own shares of Common Stock in violation of the restrictions on ownership and transfer set forth in the Company’s charter, unless such restriction is expressly and specifically waived by action of the Board. 

6.13 Designation of Beneficiary. A holder of an award may file with the Committee a written designation of one or more persons as such
holder’s beneficiary or beneficiaries (both primary and contingent) in the event of the holder’s death or incapacity. To the extent an outstanding Option or SAR granted hereunder is exercisable, such beneficiary or beneficiaries shall be
entitled to exercise such Option or SAR pursuant to procedures prescribed by the Committee. 
 Each beneficiary designation shall become
effective only when filed in writing with the Committee during the holder’s lifetime on a form prescribed by the Committee. The spouse of a married holder domiciled in a community property jurisdiction shall join in any designation of a
beneficiary other than such spouse. The filing with the Committee of a new beneficiary designation shall cancel all previously filed beneficiary designations. 

If a holder fails to designate a beneficiary, or if all designated beneficiaries of a holder predecease the holder, then each outstanding
Option and SAR hereunder held by such holder, to the extent exercisable, may be exercised by such holder’s executor, administrator, legal representative or similar person. 

6.14 Governing Law. This Plan, each award hereunder and the related Agreement, and all determinations made and actions taken pursuant
thereto, to the extent not otherwise governed by the Code or the laws of the United States, shall be governed by the laws of the State of Maryland and construed in accordance therewith without giving effect to principles of conflicts of laws. 

6.15 Foreign Employees. Without amending this Plan, the Committee may grant awards to eligible persons who are foreign nationals on
such terms and conditions different from those specified in this Plan as may in the judgment of the Committee be necessary or desirable to foster and promote achievement of the purposes of this Plan and, in furtherance of such purposes the Committee
may make such modifications, amendments, procedures, subplans and the like as may be necessary or advisable to comply with provisions of laws in other countries or jurisdictions in which the Company or its Subsidiaries or the Manager or any of its
Affiliates operates or has employees. 

  
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