Document:

2006 Incentive Plan of NewStar Financial Inc.

 Exhibit 10(e) 
 2006 INCENTIVE PLAN 
 OF 
 NEWSTAR FINANCIAL, INC. 

					
	ARTICLE I	 	DEFINITIONS	  	5
	 1.1
	 	General	  	5
	 1.2
	 	Affiliate	  	5
	 1.3
	 	Annual Incentive Award	  	5
	 1.4
	 	Award	  	5
	 1.5
	 	Award Agreement	  	5
	 1.6
	 	Benefit Arrangement	  	6
	 1.7
	 	Board	  	6
	 1.8
	 	Cause	  	6
	 1.9
	 	Code	  	6
	 1.10
	 	Committee	  	6
	 1.11
	 	Common Stock	  	6
	 1.12
	 	Company	  	6
	 1.13
	 	Company Entity	  	6
	 1.14
	 	Continuing Directors	  	6
	 1.15
	 	Covered Employee	  	7
	 1.16
	 	Deferred Stock	  	7
	 1.17
	 	Director	  	7
	 1.18
	 	Disability	  	7
	 1.19
	 	Dividend Equivalent Right	  	7
	 1.20
	 	Eligible Grantee	  	7
	 1.21
	 	Employee	  	7
	 1.22
	 	Exchange Act	  	7
	 1.23
	 	Fair Market Value	  	7
	 1.24
	 	Grantee	  	7
	 1.25
	 	Incentive Stock Option	  	7
	 1.26
	 	Independent Director	  	7
	 1.27
	 	Non-Qualified Stock Option	  	7
	 1.28
	 	Option	  	8
	 1.29
	 	Optionee	  	8
	 1.30
	 	Performance Award.	  	8
	 1.31
	 	Performance Goals	  	8
	 1.32
	 	Performance Measures	  	8
	 1.33
	 	Plan	  	8
	 1.34
	 	Reporting Person	  	8
	 1.35
	 	Restricted Stock	  	8
	 1.36
	 	Restricted Stock Unit	  	8
	 1.35
	 	Retirement	  	9
	 1.36
	 	Rule 16b-3	  	9
	 1.37
	 	Stock Payment	  	9
	 1.38
	 	Subsidiary	  	9
	 1.39
	 	Termination of Directorship	  	9
	 1. 40
	 	Termination of Employment	  	9
	ARTICLE II	 	SHARES SUBJECT TO PLAN	  	10
	 2.1
	 	Shares Subject to Plan	  	10

  

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	 2.2
	 	Share Usage	  	10
	ARTICLE III	 	GRANTING OF OPTIONS	  	11
	 3.1
	 	Eligibility	  	11
	 3.2
	 	Granting of Options	  	11
	 3.3
	 	Special Rules Applicable to Incentive Stock Options	  	11
	 3.4
	 	Substitute Options	  	12
	ARTICLE IV	 	TERMS OF OPTIONS	  	12
	 4.1
	 	Option Agreement	  	12
	 4.2
	 	Option Price	  	12
	 4.3
	 	Option Term	  	13
	 4.4
	 	Option Vesting and Exercisability	  	13
	 4.5
	 	Expiration of Options	  	13
	ARTICLE V	 	EXERCISE OF OPTIONS	  	13
	 5.1
	 	Partial Exercise	  	13
	 5.2
	 	Manner of Exercise	  	13
	 5.3
	 	Conditions to Issuance of Stock Certificate	  	14
	 5.4
	 	Rights as Stockholders	  	15
	 5.5
	 	Ownership and Transfer Restrictions	  	15
	ARTICLE VI	 	AWARD OF RESTRICTED STOCK AND STOCK UNITS	  	15
	 6.1
	 	Award of Restricted Stock	  	15
	 6.2
	 	Restricted Stock Agreement	  	15
	 6.3
	 	Rights as Stockholders	  	16
	 6.4
	 	Restriction	  	16
	 6.5
	 	Escrow	  	16
	 6.6
	 	Legend	  	16
	ARTICLE VII	 	STOCK APPRECIATION RIGHTS	  	16
	ARTICLE VIII	 	PERFORMANCE AND ANNUAL INCENTIVE AWARDS	  	17
	ARTICLE IX	 	PARACHUTE LIMITATIONS	  	19
	ARTICLE X	 	UNRESTRICTED AND DEFERRED STOCK, DIVIDEND EQUIVALENT RIGHTS, OR OTHER AWARDS,	  	19
	 10.1
	 	Dividend Equivalents	  	19
	 10.2
	 	Unrestricted Stock	  	20
	 10.3
	 	Deferred Stock	  	20
	 10.4
	 	Other Stock Based Awards	  	20
	 10.5
	 	Form of Agreement	  	20
	ARTICLE XI	 	ADMINISTRATION	  	21
	 11.1
	 	Compensation Committee	  	21
	 11.2
	 	Duties and Powers of Committee	  	21
	 11.3
	 	Majority Rule	  	22
	 11.4
	 	Expense Reimbursement; Professional Assistance; Good Faith Actions	  	22
	ARTICLE XII	 	MISCELLANEOUS PROVISIONS	  	22
	 12.1
	 	Not Transferable	  	22
	 12.2
	 	Amendment Suspension or Termination of this Plan	  	22
	 12.3
	 	Approval of Plan by Stockholders	  	23
	 12.4
	 	Limitations Applicable to Section 16 Persons and Performance-Based Compensation	  	23

  

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	 12.5
	 	Effect of Plan Upon Options and Compensation Plans	  	23
	 12.6
	 	Compliance with Laws	  	24
	 12.7
	 	Titles	  	24
	 12.8
	 	Governing Law	  	24
	 12.9
	 	Change in Control	  	24
	 12.10
	 	Withholding. Requirements and Arrangements	  	25
	 12.11
	 	Adjustments	  	26
	 12.12
	 	Other Transfer Restrictions	  	28
	 12.13
	 	Certain Indebtedness to the Company	  	28
	 12.14
	 	Foreign Nationals	  	28
	 12.15
	 	No Right to Employment	  	29
	 12.16
	 	Authorization of Sub Plans	  	29
	 12.17
	 	Severability	  	29
	 12.18
	 	Inability to Obtain Authority	  	29
	 12. 19
	 	Uncertificated Shares	  	29
	 12. 20
	 	Unfunded Plan	  	29
	 12. 21
	 	No Constraint on Corporate Action	  	30
	 12.22
	 	Special Provisions Relating to Section 409A of the Code	  	30

  

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 2006 INCENTIVE PLAN 
 OF 
 NEWSTAR FINANCIAL, INC. 
 The name of this plan is the NewStar Financial, Inc. 2006 Incentive Plan (the “Plan”). The Plan was adopted by the Board of Directors
(“Board”) of NewStar Financial, Inc. (“Company”) on November 16, 2006 and the Plan shall be effective on December 13, 2006. The purpose of the Plan is to enable the Company to attract and retain highly
qualified personnel who will contribute to the Company’s success by their ability, ingenuity and industry experience and to provide incentives to the participating officers, directors, employees, consultants and advisors that are linked
directly to shareholder interests and will therefore inure to the benefit of all shareholders of the Company. To this end, the Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, stock
payments, dividend equivalents, deferred stock, performance awards and cash awards. Any of these awards may, but need not, be made as performance incentives to reward attainment of annual or long-term performance goals in accordance with the terms
hereof. 
 ARTICLE I 
 DEFINITIONS

 1.1 General. Wherever the following terms are used in this Plan they shall have the meaning specified below, unless the context
clearly indicates otherwise. 
 1.2 Affiliate. “Affiliate” shall mean any corporation or other entity (including, but not
limited to, a partnership or a limited liability company) that is affiliated with the Company through stock or equity ownership or otherwise, and is designated as an Affiliate for purposes of this Plan by the Committee. 
 1.3 Annual Incentive Award. “Annual Incentive Award” shall mean an Award made subject to attainment of performance goals (as described
in Article VIII) over a performance period of up to and including one year (the fiscal year, unless otherwise specified by the Committee). 
 1.4 Award. “Award” shall mean the grant of an Option, Restricted Stock, Restricted Stock Unit, Performance Award, Dividend Equivalent, Deferred Stock, Stock Payments, Stock Appreciation Rights, or other awards pursuant to
Article X of this Plan. Awards may be granted for services to be rendered or for services already rendered to the Company or any Affiliate. 
 1.5 Award Agreement. “Award Agreement” means either: (i) a written agreement entered into by the Company and a Grantee setting forth the terms and provisions applicable to an Award granted under this Plan, or
(ii) a written statement issued by the Company to a Grantee describing the terms and provisions of such Award, including any amendment or modification thereof. The Committee may provide for the use of electronic, Internet, or other nonpaper
Award Agreements, and the use of electronic, Internet, or other nonpaper means for the acceptance thereof and actions thereunder by a Grantee. 
  

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 1.6 Benefit Arrangement. “Benefit Arrangement” shall have the meaning set forth in
Article IX hereof. 
 1.7 Board. “Board” shall mean the Board of Directors of the Company. 
 1.8 Cause. means “Cause” as defined in the Optionee’s employment agreement with the Company or, if the Optionee does not have an
employment agreement with the Company, (i) the willful and continued failure of the Optionee to perform substantially the Optionee’s duties with the Company or one of its affiliates (other than any such failure resulting from incapacity
due to physical or mental illness), after a written demand for substantial performance is delivered to the Optionee by the Board of Directors, which specifically identifies the manner in which the Board of Directors believes that the Optionee has
not substantially performed the Optionee’s duties, or (ii) willful engaging by the Optionee in illegal conduct or gross misconduct which is materially and demonstrably injurious to the Company or its affiliates, or (iii) conviction of
or made a plea of guilty or nolo contendere to, a felony, or (iv) a material breach of his or her obligations under Section 4 or Section 5 hereof. For purposes of this definition of “Cause”, no
act or failure to act on the part of the Optionee shall be considered “willful” unless it is done, or omitted to be done, by the Optionee in bad faith or without reasonable belief that the Optionee’s actions or omission was in the
best interests of the Company. Any act, or failure to act, based upon express authority given pursuant to a resolution duly adopted by the Board of Directors with respect to such act or omission or upon the instructions of the Chief Executive
Officer of the Company or based upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Optionee in good faith and in the best interests of the Company. 
 1.9 Code. “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto. 
 1.10 Committee. “Committee” shall mean the Compensation Committee of the Board, or a subcommittee of the Board, appointed as provided in
Section 11.1. The Committee shall be responsible for administering and interpreting the Plan in accordance with Article XI. Unless otherwise determined by the Board, if the Committee is authorized to grant Awards to a Reporting Person or a
Covered Employee, each member shall be a “non-employee director” or the equivalent within the meaning of applicable Rule 16b-3 under the Exchange Act or an “outside director” within the meaning of section 162(m) of the Code,
respectively. 
 1.11 Common Stock. “Common Stock” shall mean the common stock, $0.01 par value, of the Company. 

1.12 Company. “Company” shall mean NewStar Financial, Inc. a Delaware corporation. 
 1.13 Company Entity. “Company Entity” shall mean the Company or one of its subsidiaries. 
 1.14 Continuing Directors. “Continuing Directors” shall mean as of any date of determination, any member of the Board who (i) was a
member of Board immediately after the date of the Company’s initial public offering, or (ii) was nominated for election or elected to the Board with the approval of, or whose election to the Board was ratified by, at least a majority of
the Continuing Members who were members of the Board at the time of that nomination or election. 
  

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 1.15 Covered Employee. “Covered Employee” shall mean a “covered employee”
within the meaning of section 162(m) of the Code. 
 1.16 Deferred Stock. “Deferred Stock” shall mean Common Stock awarded
under Article VII of this Plan. 
 1.17 Director. “Director” shall mean a member of the Board. 
 1.18 Disability. “Disability” shall be defined pursuant to section 22(e)(3) of the Code. 
 1.19 Dividend Equivalent Right. “Dividend Equivalent Right” shall mean a right to receive the equivalent value (in cash or Common Stock)
of dividends paid on Common Stock, awarded under Article VII of this Plan. 
 1.20 Eligible Grantee. “Eligible Grantee”
shall mean any Officer, Employee, consultant, advisor or Independent Director of the Company. 
 1.21 Employee. “Employee”
shall mean any officer or other employee (as defined in accordance with section 3401 (c) of the Code) of the Company, or of any corporation which is a Subsidiary. 
 1.22 Exchange Act. “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
 1.23 Fair Market Value. “Fair Market Value” of a share of Common Stock as of a given date shall be (i) the value of a share of Common Stock at the closing of trading on such date on the principal exchange on which
shares of Common Stock are then trading, if any, or if shares were not traded on such date, then on the closest preceding date on which a trade occurred, or (ii) if the Common Stock is not publicly traded, the value of a share of Common Stock
as established by the Committee acting in good faith; provided, that any determination of Fair Market Value shall be made in compliance with section 409A of the Code and any other applicable, statutory and regulatory guidelines. 
 1.24 Grantee. “Grantee” shall mean an Officer, Employee, Independent Director, advisor or consultant granted an Award pursuant to the
terms of this Plan. 
 1.25 Incentive Stock Option. “Incentive Stock Option” shall mean an option which conforms to the
applicable provisions of section 422 of the Code and which is designated as an Incentive Stock Option by the Committee. 
 1.26
Independent Director. “Independent Director” shall mean a member of the Board who is not an Employee of the Company. 
 1.27
Non-Qualified Stock Option. “Non-Qualified Stock Option” shall mean an Option which is not an Incentive Stock Option, including any Option determined by the Committee not to constitute an Incentive Stock Option. 
  

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 1.28 Option. “Option” shall mean a stock option granted under Article III of this Plan.
An Option granted under this Plan shall, as determined by the Committee, be either a Non-Qualified Stock Option or an Incentive Stock Option; provided, however, that Options granted to Independent Directors, consultants and advisors shall be
Non-Qualified Stock Options. 
 1.29 Optionee. “Optionee” shall mean an Employee, consultant, advisor or Independent
Director granted an Option under this Plan. 
 1.30 Performance Award. “Performance Award” shall mean a cash bonus, stock
bonus or other performance or incentive award that is paid in cash, Common Stock or a combination of both, awarded under Article VIII of this Plan. 
 1.31 Performance Goals. “Performance Goals” shall mean with respect to any designated performance period as defined in Article VIII one or more Performance Measures established by the Committee prior to the beginning
of such performance period or within such period after the beginning of the performance period as shall meet the requirements to be considered “pre-established objective performance goals” for purposes of the regulations issued under
section 162(m) of the Code. Such Performance Goals may be particular to a Grantee or may be based, in whole or in part, on the performance of the division, department, line of business, subsidiary, or other business unit, whether or not legally
constituted, in which the Grantee works or on the performance of the Company generally. 
 1.32 Performance Measures.
“Performance Measures” shall include, but not be limited to (measured either absolutely or by reference to an index or indices and determined either on a consolidated basis or, as the context permits, on a divisional, subsidiary, line of
business, project or geographical basis or in combinations thereof): sales; revenues; assets; expenses; earnings before or after deduction for all or any portion of interest, taxes, depreciation, or amortization, whether or not on a continuing
operations or an aggregate or per share basis; return on equity, investment, capital or assets; one or more operating ratios; borrowing levels, leverage ratios or credit rating; market share; capital expenditures; cash flow; stock price; stockholder
return; sales of particular products or services; customer acquisition or retention; acquisitions and divestitures (in whole or in part); joint ventures and strategic alliances; spin-offs, split-ups and the like; reorganizations; or
recapitalizations, restructurings, financings (issuance of debt or equity) or refinancings. 
 1.33 Plan. “Plan” shall mean
this 2006 Incentive Plan. 
 1.34 Reporting Person. “Reporting Person” shall mean: (i) any director or officer of the
Company in the event that the Company is an issuer with a class of equity securities registered pursuant to Section 12 of the Exchange Act; and (ii) any beneficial owner of greater than 10% of a class of the Company’s equity
securities registered under Section 12 of the Exchange Act, as determined by voting or investment control over the securities pursuant to Exchange Act Rule 16a-1(a)(l). 
 1.35 Restricted Stock. “Restricted Stock” shall mean Common Stock awarded under and subject to restrictions as provided in Article VI of
this Plan. 
 1.36 Restricted Stock Unit. “Restricted Stock Unit” shall mean a notional account representing a share of
Restricted Stock. 
  

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 1.35 Retirement. “Retirement” shall mean when Grantee is fifty-five (55) or older
and has been employed by the Company for five (5) or more years after the date of the Company’s initial public offering and such Grantee terminates employment for no other reason. 
 1.36 Rule 16b-3. “Rule 16b-3” shall mean that certain Rule 16b-3 under the Exchange Act, as such Rule may be amended from time to time.

 1.37 Stock Payment. “Stock Payment” shall mean (1) a payment in the form of shares of Common Stock, or (2) a
right to purchase shares of Common Stock, as part of a deferred compensation arrangement, made in lieu of all or any portion of the compensation, including without limitation, salary, bonuses and commissions, that would otherwise become payable to
an Employee, consultant, Independent Director or advisor in cash, awarded under Article X of this Plan. 
 1.38 Subsidiary.
“Subsidiary” shall mean any corporation in an unbroken chain of corporations beginning with the Company if each of the corporations other than the last corporation in the unbroken chain then owns stock possessing 50 percent or more of the
total combined voting power of all classes of stock in one of the other corporations in such chain. 
 1.39 Termination of
Directorship. “Termination of Directorship” shall mean the time when a Grantee who is an Independent Director ceases to be a Director for any reason, including, but not by way of limitation, a termination by resignation, failure to be
elected, death or retirement. The Board, in its sole and absolute discretion, shall determine the effect of all matters and questions relating to Termination of Directorship. 
 1. 40 Termination of Employment. “Termination of Employment” shall mean the time when the employee-employer relationship between the
Grantee and the Company or any Subsidiary is terminated for any reason, including, but not by way of limitation, a termination by resignation, discharge, death, disability or retirement; but excluding (i) terminations where there is a
simultaneous reemployment, continuing employment or retention as a consultant or advisor of an Grantee by the Company or any Subsidiary, (ii) at the discretion of the Committee, terminations which result in a temporary severance of the
employee-employer relationship, and (iii) at the discretion of the Committee, terminations which are followed by the simultaneous establishment of a consulting relationship by the Company or a Subsidiary with the former Employee. The Committee,
in its absolute discretion, shall determine the effect of all matters and questions relating to Termination of Employment, including, but not by way of limitation, the question of whether a Termination of Employment resulted from a discharge for
good cause, and all questions of whether particular leaves of absence constitute Terminations of Employment; provided, however, that, with respect to Incentive Stock Options, a leave of absence, change in status from an
Employee to an independent contractor or other change in the employee-employer relationship shall constitute a Termination of Employment if, and to the extent that, such leave of absence, change in status or other change interrupts employment for
the purpose of section 422(a)(2) of the Code and the then applicable regulations and revenue rulings under said section. Notwithstanding any other provision of this Plan, the Company or any Subsidiary has an absolute and unrestricted right to
terminate an Employee’s employment at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in writing. 
  

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 The date of the termination of a Grantee’s service for any reason shall be determined by the
Committee in its sole discretion. For purposes of the Plan, however, the following events shall not be deemed a termination of service of a Grantee: (i) a transfer of service from the Company to a Subsidiary, from a Subsidiary to the Company,
or from one Subsidiary to another Subsidiary; or (ii) a leave of absence for military service or sickness, or for any other purpose approved by the Company, if the Grantee’s right to employment is guaranteed either by a statute or by
contract or under the policy pursuant to which the leave of absence was granted or if the Board otherwise so provides in writing; provided, however, that if the Grantee fails to resume his or her active service to the Company
upon the completion of such leave of absence, then the Committee may, to the extent permitted by applicable law, deem such Grantee’s service to have terminated as of the commencement of such leave of absence. For purposes of the Plan, employees
of a Subsidiary shall be deemed to have terminated their service on the date on which such Subsidiary ceases to be a Subsidiary. 
 The
Committee shall have full authority to determine and specify in the applicable Award Agreement the effect, if any, that a Grantee’s termination of service for any reason will have on the vesting, exercisability, payment or lapse of restrictions
applicable to an outstanding award. 
 ARTICLE II 
 SHARES SUBJECT TO PLAN 
 2.1 Shares Subject to Plan. 
 The shares of stock subject to Awards under this Plan shall be the Company’s Common Stock. The aggregate number of such shares of Common Stock, which
may be issued upon exercise of Options or Stock Appreciation Rights or upon any other Awards under the Plan, shall not exceed 2,346,970 (“Share Authorization”), subject to adjustment as provided in Section 12.11.
The maximum number of shares of Common Stock of the Share Authorization that may be issued pursuant to ISOs under this Plan shall be 1,500,00. The shares of Common Stock issuable upon exercise of Options or Stock Option Rights or upon grant
of any other Award may be either previously authorized but unissued shares or treasury shares. 
 2.2 Share Usage. Shares of Common
Stock covered by an Award shall be counted as used as of the date of grant. Any shares of Common Stock related to Awards under this Plan which terminate by expiration, forfeiture, cancellation, or otherwise without the issuance of such Shares, are
settled in cash in lieu of shares of Common Stock, or are exchanged with the Committee’s permission, prior to the issuance of Shares, for Awards not involving shares of Common Stock, shall be available again for grant under this Plan. Moreover,
if the Option Price of any Option granted under this Plan or the tax withholding requirements with respect to any Award granted under this Plan is satisfied by tendering shares of Common Stock to the Company (by either actual delivery or by
attestation), such tendered shares of Common Stock shall again be available for grant under this Plan. Furthermore, if a Stock Appreciation Right is exercised and settled in shares of Common Stock, the difference between the total shares of Common
Stock exercised and the net shares of Common Stock delivered shall again be available for grant under this Plan, with the result being that only the number of shares of Common Stock issued upon exercise of a Stock Appreciation Right are counted
against the Shares available. 
  

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 ARTICLE III 
 GRANTING OF OPTIONS 
 3.1 Eligibility. Any officer, Employee, consultant, advisor or Independent
Director shall be eligible to be granted an Option; provided, however, that only officers and Employees may be granted Incentive Stock Options. 
 3.2 Granting of Options. 
 (a) The Committee shall from time to time, in its absolute discretion: 
 (i) Select which Eligible Grantees shall be granted Options; 
 (ii) Determine the number of shares subject to such Options; 
 (iii) Determine whether such Options are to
be Incentive Stock Options or Non-Qualified Stock Options and whether such Options are to qualify as performance-based compensation as described in section 162(m)(4)(C) of the Code; and 
 (iv) Determine the terms and conditions of such Options, consistent with this Plan; provided, however, that the terms and
conditions of Options intended to qualify as performance-based compensation as described in section 162(m)(4)(C) of the Code shall include, but not be limited to, such terms and conditions as may be necessary to meet the applicable provisions of
section 162(m) of the Code. 
 (b) The Committee shall instruct the Secretary of the Company to issue such Options and may impose such
conditions on the grant of such Options as it deems appropriate. Without limiting the generality of the preceding sentence, the Committee may, in its discretion and on such terms as it deems appropriate, require as a condition on the grant of an
Option that the Optionee surrender for cancellation some or all of the unexercised Options, awards of Restricted Stock or Deferred Stock, Performance Awards, Dividend Equivalents, Stock Payments or other awards or rights which have been previously
granted to him or her under this Plan or otherwise. Such grant or other Award may contain such terms and conditions as the Committee deems appropriate and shall be exercisable in accordance with its terms, subject to statutory and regulatory
compliance. 
 3.3 Special Rules Applicable to Incentive Stock Options. 
 (a) No person may be granted an Incentive Stock Option under this Plan if such person, at the time the Incentive Stock Option is granted, owns stock
possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any then existing Subsidiary unless the exercise price per share is not less than one hundred ten percent (110%) of the
Fair Market Value per share of Common Stock on the grant date of the Incentive Stock Option and the term does not exceed five (5) years measured from such grant date. 
 (b) No Incentive Stock Option shall be granted unless such Option, when granted, qualifies as an “incentive stock option” under section 422 of
the Code. No Incentive Stock Option shall be granted to any person who is not an Employee. 
  

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 (c) Any Incentive Stock Option granted under this Plan may be modified by the Committee to disqualify
such option from treatment as an “incentive stock option” under section 422 of the Code. 
 (d) To the extent that the aggregate
Fair Market Value of a Share of Common Stock with respect to which “incentive stock options” (within the meaning of section 422 of the Code, but without regard to section 422(d) of the Code) are exercisable for the first time by an
Optionee during any calendar year (under the Plan and all other incentive stock option plans of the Company and any Subsidiary) exceeds $100,000, such Options shall be treated as Non-Qualified Options to the extent required by section 422 of the
Code and subject to the provisions of Section 3.4 of this Plan and the Company shall issue separate certificates to the Grantee with respect to Options that are Non-Qualified Options and Options that are Incentive Stock Options. The rule set
forth in the preceding sentence shall be applied by taking Options into account in the order in which they were granted. For purposes of this Section 3.3(d), the Fair Market Value of stock shall be determined as of the time the Option with
respect to such Common Stock is granted. 
 3.4 Substitute Options. In the event that the Company or any Subsidiary consummates a
transaction described in section 424(a) of the Code (relating to the acquisition of property or stock from an unrelated corporation), individuals who become employees of the Company or any Subsidiary on account of such transaction may be granted
Incentive Stock Options in substitution for options granted by their former employer, subject to the requirements of section 409A of the Code. The Committee, in its sole discretion and consistent with sections 409A and 424(a) of the Code, shall
determine the exercise price of such substitute Options. 
 ARTICLE IV 
 TERMS OF OPTIONS 
 4.1 Option Agreement. Each Option shall be evidenced by an
Award Agreement, which shall be executed by the Optionee and an authorized officer of the Company and which shall contain such terms and conditions as the Committee shall determine, consistent with this Plan. Award Agreements evidencing Options
intended to qualify as performance-based compensation as described in section l62(m)(4)(C) of the Code shall contain such terms and conditions as may be necessary to meet the applicable provisions of section 162(m) of the Code. Award Agreements
evidencing Incentive Stock Options shall contain such terms and conditions as may be necessary to meet the applicable provisions of section 422 of the Code. Any Award Agreement may require that the Grantee agree to be bound by any stockholders’
agreement among all or certain stockholders of the Company that may be in effect at the time of either the grant of an Award or the exercise of an Option, if applicable, or certain provisions of any such agreement that may be specified by the
Committee. 
 4.2 Option Price. The Option price for each grant of an Option shall be set by the Committee and shall be specified in
the applicable Award Agreement; provided, however, that (i) in the case of Non-Qualified Stock Options, such price shall be no less than 100% of the Fair Market Value of a share of Common Stock on the date such
Non-Qualified Stock Option is granted, and (ii) in the case of Options intended to qualify as Incentive Stock Options or as performance-based compensation as described in section 162(m)(4)(C) of the Code such price shall be no less than 100% of
the Fair Market Value of a share of Common Stock on the date 
  

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 such Incentive Stock Option is granted (110% of the Fair Market Value of a share of Common Stock on the date such
Incentive Stock Option is granted in the case of an individual then owning (within the meaning of section 424(d) of the Code) more than 10% of the total combined voting power of all classes of stock of the Company or any Subsidiary). 
 4.3 Option Term. The term of an Option shall be set by the Committee in its discretion; provided, however, that, in
the case of Incentive Stock Options, the term shall not be more than ten (10) years from the date the Incentive Stock Option is granted, or five (5) years from such date if the Incentive Stock Option is granted to an individual then owning
(within the meaning of section 424(d) of the Code) more than 10% of the total combined voting power of all classes of stock of the Company or any Subsidiary. 
 4.4 Option Vesting and Exercisability. Options shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Committee at or after grant. The Committee may
provide, in its discretion, that any Stock Option shall be exercisable only in installments, and the Committee may waive such installment exercise provisions at any time in whole or in part based on such factors as the Committee may determine, in
its sole discretion, including but not limited to in connection with any Change in Control of the Company, as defined in Section 12 herein. Notwithstanding the foregoing, the Committee may accelerate (i) the vesting of any Option
(including an Incentive Stock Option) and (ii) the date on which any Option first becomes exercisable. An Incentive Stock Option shall not be exercisable until such Incentive Stock Option is vested. 
 4.5 Expiration of Options. A Grantee’s Options shall expire as set forth in the applicable Award Agreement. Notwithstanding anything to the
contrary in the Plan, if the Committee determines after the Grantee’s Termination of Employment that the Grantee has engaged in conduct constituting Cause (whether before or after such Termination of Employment), the Grantee’s Options
shall terminate immediately to the extent not exercised in accordance with the terms of this Agreement. 
 ARTICLE V 
 EXERCISE OF OPTIONS 
 5.1 Partial
Exercise. An exercisable Option may be exercised in whole or in part, as determined by the Committee on the date of grant. However, an Option shall not be exercisable with respect to fractional shares and the Committee may require that, by the
terms of the Option, a partial exercise be with respect to a minimum number of shares. 
 5.2 Manner of Exercise. All or a portion of
an exercisable Option shall be deemed exercised upon delivery of all of the following to the Secretary of the Company or the Secretary’s office: 
 (a) A written notice complying with the applicable rules established by the Committee stating that the Option, or a portion thereof, is to be exercised. The notice shall be signed by the Optionee or other person then
entitled to exercise the Option or such portion thereof; 
 (b) Such representations and documents as the Committee, in its absolute
discretion, deems necessary or advisable to effect compliance with all applicable provisions of the 
  

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 Securities Act of 1933, as amended, and any other federal or state securities laws or regulations. The Committee may, in
its absolute discretion, also take whatever additional actions it deems appropriate to effect such compliance including, without limitation, placing legends on share certificates and issuing stop-transfer notices to agents and registrars;

 (c) In the event that the Option shall be exercised pursuant to Section 5.1 by any person or persons other than the Optionee,
appropriate proof of the right of such person or persons to exercise the Option; and 
 (d) Full cash payment to the Secretary of the Company
for the shares of Common Stock with respect to which the Option, or portion thereof, is exercised. However, at the discretion of the Committee and subject to compliance with applicable statutory and regulatory guidance, the terms of the Option and
related Award Agreement may (i) allow payment, in whole or in part, through the delivery of shares of Common Stock owned by the Optionee, duly endorsed for transfer to the Company with a Fair Market Value on the date of delivery equal to the
aggregate exercise price of the Option or exercised portion thereof; (ii) allow payment, in whole or in part, through the surrender of shares of Common Stock then issuable upon exercise of the Option having a Fair Market Value on the date of
Option exercise equal to the aggregate exercise price of the Option or exercised portion thereof; (iii) allow payment through any combination of cash, the delivery shares or surrender of shares; or (iv) if the Common Stock is then traded
on a national securities exchange, allow payment by delivery of an irrevocable undertaking, satisfactory in form and substance to the Company, by a creditworthy securities broker to sell shares of Common Stock issuable upon the exercise of the
Option or portion thereof and to deliver promptly to the Company, the proceeds of such sale in an amount necessary and sufficient to fund the aggregate exercise price and any applicable withholding or employment taxes, or allow payment by delivery
by the Optionee to the Company of a copy of irrevocable instructions, satisfactory in form and substance to the Company, to a creditworthy securities broker to sell shares of Common Stock issuable upon the exercise of the Option or portion thereof
and to deliver promptly to the Company the proceeds of such sale in an amount necessary and sufficient to fund the aggregate exercise price and any applicable withholding or employment taxes. 
 5.3 Conditions to Issuance of Stock Certificate. The Company shall not be required to issue or deliver any certificate or certificates for shares
of Common Stock purchased upon the exercise of any Option or portion thereof prior to fulfillment of all of the following conditions: 
 (a)
The admission of such shares to listing on all stock exchanges on which such class of stock is then listed; 
 (b) The completion of any
registration or other qualification of such shares under any state or federal law, or under the rulings or regulations of the Securities and Exchange Commission or any other governmental regulatory body which the Committee shall, in its absolute
discretion, deem necessary or advisable; 
 (c) The obtaining of any approval or other clearance from any state or federal governmental
agency which the Committee shall, in its absolute discretion, determine to be necessary or advisable; 
  

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 (d) The lapse of such reasonable period of time following the exercise of the Option as the Committee may
establish from time to time for reasons of administrative convenience; 
 (e) The receipt by the Company of full payment for such shares,
including payment of any applicable withholding or employment tax; and 
 (f) Compliance with the terms of this Plan and any other applicable
agreements pertaining to the Award. 
 5.4 Rights as Stockholders. The holders of Options shall not be, nor have any of the rights or
privileges of, stockholders of the Company in respect of any shares purchasable upon the exercise of an Option unless and until certificates representing such shares have been issued by the Company to such holders and such holder has entered into
any applicable stockholder agreement, as determined by the Committee in its sole discretion. 
 5.5 Ownership and Transfer
Restrictions. In addition to the restrictions set forth in Section 12.1 of this Plan, the Committee, in its absolute discretion, may impose such restrictions on the ownership and transferability of the shares purchasable upon the exercise
of an Option as it deems appropriate. Any such restriction shall be set forth in the respective Option Award Agreement and may be referred to on the certificates evidencing such shares. The Committee may require the Optionee to give the Company
prompt notice of any disposition of shares of Common Stock acquired by exercise of an Incentive Stock Option within (i) two (2) years from the date the Option was granted or (ii) one (1) year after the transfer of such shares to
the Optionee. The Committee may direct that the certificates evidencing shares acquired by exercise of an Option refer to such requirement to be given prompt notice of disposition. 
 ARTICLE VI 
 AWARD OF RESTRICTED STOCK AND STOCK UNITS 
 6.1 Award of Restricted Stock. 
 (a)
The Committee shall from time to time, in its absolute discretion, select which Eligible Grantee shall be awarded Restricted Stock or Restricted Stock Units, and determine the purchase price, if any, and other terms and conditions applicable to such
Restricted Stock or Restricted Stock Units, consistent with this Plan. 
 (b) The Committee shall establish the purchase price, if any, and
form of payment for Restricted Stock or Restricted Stock Units, including any consideration required by applicable law. Awards of Restricted Stock or Restricted Stock Units may be made for no consideration (other than par value of the shares which
is deemed paid by services already rendered). The Committee shall instruct the Secretary of the Company to issue such Restricted Stock or Restricted Stock Units, and may impose such conditions on the issuance of such Restricted Stock or Restricted
Stock Units, as it deems appropriate. 
 6.2 Restricted Stock Agreement. Restricted Stock and Restricted Stock Unit grants shall be
issued only pursuant to a written Award Agreement, which shall be executed by the Grantee and an authorized officer of the Company and which shall contain such terms and conditions as the Committee shall determine, consistent with this Plan.

  

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 6.3 Rights as Stockholders. Upon delivery of the shares of Restricted Stock to the escrow holder
pursuant to Section 6.5, the Grantee of a Restricted Stock Award shall have, unless otherwise provided by the Committee, all the rights of a stockholder with respect to said shares, subject to the restrictions set forth in the applicable Award
Agreement and any applicable stockholder agreement, including the right to receive all dividends and other distributions paid or made with respect to the shares; provided, however, that in the discretion of the Committee,
any extraordinary distributions with respect to shares of Common Stock shall be subject to the restrictions set forth in Section 6.4. 
 6.4 Restriction. All shares of Restricted Stock and Restricted Stock Units issued under this Plan (including any shares received by holders thereof with respect to shares of Restricted Stock as a result of stock dividends, stock
splits or any other form of recapitalization) shall, in the terms of applicable Award Agreement, be subject to such restrictions as the Committee shall provide, which restrictions may include, without limitation, restrictions concerning voting
rights and transferability and restrictions based on duration of employment with the Company, Company performance and individual performance; provided, however, that by a resolution adopted after the Restricted Stock or
Restricted Stock Unit is granted, the Committee may, on such terms and conditions as it may determine to be appropriate, remove any or all of the restrictions imposed by the terms of the applicable Award Agreement. Restricted Stock may not be sold
or encumbered until all restrictions are terminated or expire. 
 6.5 Escrow. The Secretary of the Company or such other escrow holder
as the Committee may appoint shall retain physical custody of each certificate representing Restricted Stock until all of the restrictions imposed under the applicable Award Agreement with respect to the Restricted Stock evidenced by such
certificate expire or shall have been removed. 
 6.6 Legend. In order to enforce the restrictions imposed upon shares of Restricted
Stock hereunder, the Committee shall cause a legend or legends to be placed on certificates representing all shares of Restricted Stock that are still subject to restrictions under applicable Award Agreements, which legend or legends shall make
appropriate reference to the conditions imposed thereby. 
 ARTICLE VII 
 STOCK APPRECIATION RIGHTS 
 7.1 Grant of SARs. Subject to the provisions of the
Plan, the Committee may grant rights to receive any excess in value of shares of Common Stock over the exercise price (“Stock Appreciation Rights” or “SARs”) in tandem with an Option (at or after the award of the
Option), or alone and unrelated to an Option. SARs in tandem with an Option shall terminate to the extent that the related Option is exercised, and the related Option shall terminate to the extent that the tandem SARs are exercised. The Committee
shall determine at the time of grant or thereafter whether SARs are settled in cash, Common Stock or other securities of the Company, Awards or other property, and may define the manner of determining the excess in value of the shares of Common
Stock. 
 7.2 Exercise Price. The Committee shall fix the exercise price of each SAR or specify the manner in which the price shall be
determined; provided, that, such exercise price shall be no less than 100% of the Fair Market Value of a share of Common Stock on the date 
  

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 such SAR is granted. An SAR granted in tandem with an Option shall have an exercise price not less than the exercise
price of the related Option. SARs granted alone and unrelated to an Option may be granted at such exercise prices as the Committee may determine. 
 7.3 Treatment of Dividend Rights. No SAR shall include a right to dividends between the date of grant and date of exercise in the absence of a separate agreement. 
 7.4 Other Terms. The Committee shall determine at the date of grant or thereafter, the time or times at which and the circumstances under which an
SAR may be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements), the time or times at which SARs shall cease to be or become exercisable following termination of Service or upon other
conditions, the method of exercise, method of settlement, form of consideration payable in settlement which may be cash or shares of Common Stock, method by or forms in which shares of Common Stock will be delivered or deemed to be delivered to
Grantees, whether or not an SAR shall be in tandem or in combination with any other Award, and any other terms and conditions of any SAR. 
 ARTICLE VIII 
 PERFORMANCE AND ANNUAL INCENTIVE AWARDS 
 8.1 Performance Conditions. The right of a Grantee to exercise or receive a grant or settlement of any Award, and the timing thereof, may be subject to such performance conditions as may be specified by the
Committee. The Committee may use such business criteria and other performance measures as it may deem appropriate in establishing any performance conditions, and may exercise its discretion to reduce the amounts payable under any Award subject to
performance conditions, except as limited under Sections 8.2 hereof in the case of a Performance Award or Annual Incentive Award intended to qualify under section 162(m) of the Code. If and to the extent required under section 162(m),
any power or authority relating to a Performance Award or Annual Incentive Award intended to qualify under section 162(m), shall be exercised by the Committee and not the Board. To the extent permitted by applicable law, the Committee may
delegate to one or more executive officers of the Company the power to make Awards to Grantees who are not Reporting Persons or Covered Employees and all determinations under the Plan with respect thereto, provided that the Committee shall fix the
maximum amount of such Awards for all such Grantees and a maximum for any one Grantee. 
 8.2 Performance or Annual Incentive Awards
Granted to Designated Covered Employees. If and to the extent that the Committee determines that a Performance or Annual Incentive Award to be granted to a Grantee who is designated by the Committee as likely to be a Covered Employee should
qualify as “performance-based compensation” for purposes of section 162(m), the grant, exercise and/or settlement of such Performance or Annual Incentive Award shall be contingent upon achievement of pre-established performance goals
and other terms set forth in this Section 8.2. 
 (a) Performance Goals Generally. The Performance Goals for Performance Awards
or Annual Incentive Awards shall consist of one or more Performance Measures and a targeted level or levels of performance with respect to each of such criteria, as specified by the Committee consistent with this Section 8.2. Performance Goals
shall be objective and shall otherwise meet the requirements of section 162(m) of the Code and regulations thereunder, 
  

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 including the requirement that the level or levels of performance targeted by the Committee result in the achievement of
Performance Goals being “substantially uncertain.” The Committee may determine that Performance Awards or Annual Incentive Awards shall be granted, exercised and/or settled upon achievement of any one Performance Goal or that two or more
of the Performance Goals must be achieved as a condition to grant, exercise and/or settlement of such Performance Awards or Annual Incentive Awards. Performance Goals may differ for Performance Awards or Annual Incentive Awards granted to any one
Grantee or to different Grantees. 
 (b) Timing For Establishing Performance Goals. Performance Goals shall be established not later
than 90 days after the beginning of any performance period applicable to such Performance Awards or Annual Incentive Awards, or at such other date as may be required or permitted for “performance-based compensation” under
section 162(m) of the Code. 
 (c) Performance or Annual Incentive Award Pool. The Committee may establish a Performance Awards
or Annual Incentive Award pool, which shall be an unfunded pool, for purposes of measuring Company performance in connection with Performance Awards or Annual Incentive Awards. 
 (d) Settlement of Performance or Annual Incentive Awards; Other Terms. Settlement of such Performance Awards or Annual Incentive Awards shall be
in cash, shares of Common Stock, other Awards or other property, in the discretion of the Committee. The Committee may, in its discretion, reduce the amount of a settlement otherwise to be made in connection with Performance Awards or Annual
Incentive Awards. The Committee shall specify the circumstances in which Performance Awards or Annual Incentive Awards shall be paid or forfeited in the event of the Grantee’s Termination of Employment prior to the end of a performance period
or settlement of the Performance Awards. 
 8.3 Written Determinations. All determinations by the Committee as to the establishment of
Performance Goals, the amount of any Performance Award pool or potential individual Performance Awards and as to the achievement of Performance Goals relating to Performance Awards, and the amount of any Annual Incentive Award pool or potential
individual Annual Incentive Awards and the amount of final Annual Incentive Awards, shall be made in writing in the case of any Award intended to qualify under section 162(m). To the extent required to comply with section 162(m) of the
Code, the Committee may delegate any responsibility relating to such Performance Awards or Annual Incentive Awards. 
 8.4 Status of
Awards Under Section 162(m). It is the intent of the Company that Performance Awards and Annual Incentive Awards under Section 8.2 hereof granted to persons who are designated by the Committee as likely to be Covered Employees within
the meaning of section 162(m) of the Code and regulations thereunder shall, if so designated by the Committee, constitute “qualified performance-based compensation” within the meaning of section 162(m) of the Code and regulations
thereunder. Accordingly, the terms of Section 8.2, including the definitions of Covered Employee and other terms used therein, shall be interpreted in a manner consistent with section 162(m) and regulations thereunder. The foregoing
notwithstanding, because the Committee cannot determine with certainty whether a given Grantee will be a Covered Employee with respect to a fiscal year that has not yet been completed, the term Covered Employee as used herein shall mean only a
person designated by the Committee, at the time of grant of Performance Awards or an Annual Incentive Award, as 
  

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 likely to be a Covered Employee with respect to that fiscal year. If any provision of the Plan or any Award Agreement
relating to such Performance Awards or Annual Incentive Awards does not comply or is inconsistent with the requirements of section 162(m) of the Code or regulations thereunder, such provision shall be construed or deemed amended to the extent
necessary to conform to such requirements. 
 ARTICLE IX 
 PARACHUTE LIMITATIONS 
 Notwithstanding any other provision of this Plan or of any other agreement,
contract, or understanding heretofore or hereafter entered into by a Grantee with the Company or any Affiliate, except an agreement, contract, or understanding between the Grantee and the Company or any Affiliate that modifies or excludes
application of this paragraph (an “Other Agreement”), and notwithstanding any formal or informal plan or other arrangement for the direct or indirect provision of compensation to the Grantee (including groups or classes of Grantees
or beneficiaries of which the Grantee is a member), whether or not such compensation is deferred, is in cash, or is in the form of a benefit to or for the Grantee (a “Benefit Arrangement”), if the Grantee is a “disqualified
individual,” as defined in section 280G(c) of the Code, any Award held by that Grantee and any right to receive any payment or other benefit under this Plan shall not become exercisable or vested (i) to the extent that such right to
exercise, vesting, payment, or benefit, taking into account all other rights, payments, or benefits to or for the Grantee under this Plan, all Other Agreements, and all Benefit Arrangements, would cause any payment or benefit to the Grantee under
this Plan to be considered a “parachute payment” within the meaning of section 280G(b)(2) of the Code as then in effect (a “Parachute Payment”) and (ii) if, as a result of receiving a Parachute Payment, the aggregate
after-tax amounts received by the Grantee from the Company under this Plan, all Other Agreements, and all Benefit Arrangements would be less than the maximum after-tax amount that could be received by the Grantee without causing any such payment or
benefit to be considered a Parachute Payment. In the event that the receipt of any such right to exercise, vesting, payment, or benefit under this Plan, in conjunction with all other rights, payments, or benefits to or for the Grantee under any
Other Agreement or any Benefit Arrangement would cause the Grantee to be considered to have received a Parachute Payment under this Plan that would have the effect of decreasing the after-tax amount received by the Grantee as described in clause
(ii) of the preceding sentence, then the Grantee shall have the right, in the Grantee’s sole discretion, to designate those rights, payments, or benefits under this Plan, any Other Agreements, and any Benefit Arrangements that should be
reduced or eliminated so as to avoid having the payment or benefit to the Grantee under this Plan be deemed to be a Parachute Payment. 
 ARTICLE X 
 UNRESTRICTED AND DEFERRED STOCK, DIVIDEND EQUIVALENT RIGHTS, OR OTHER AWARDS 
 10.1 Dividend Equivalents. Any Eligible Grantee selected by the Committee may be granted Dividend Equivalent Rights. A Dividend Equivalent Right
is an Award entitling the recipient to receive credits based on cash distributions that would have been paid on the shares of Common Stock specified in the Dividend Equivalent Right (or other award to which it relates) if such shares had been issued
to and held by the recipient. A Dividend Equivalent Right 
  

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 may be granted hereunder to any Grantee as a component of another Award or as a freestanding Award. The terms and
conditions of Dividend Equivalent Rights shall be specified in the grant. Dividend Equivalents credited to the holder of a Dividend Equivalent Right may be paid currently, may be accrued and paid at a later date subject to completion of a vesting
condition or may be deemed to be reinvested in additional shares of Common Stock, which may thereafter accrue additional equivalents. Any such reinvestment shall be at the Fair Market Value of a share of Common Stock on the date of reinvestment.
Dividend Equivalent Rights may be settled in cash or Common Stock or a combination thereof, in a single installment or installments, all determined in the sole discretion of the Committee. A Dividend Equivalent Right granted as a component of
another Award may provide that such Dividend Equivalent Right shall be settled upon exercise, settlement, or payment of, or lapse of restrictions on, such other award, and that such Dividend Equivalent Right shall expire or be forfeited or annulled
under the same conditions as such other award. A Dividend Equivalent Right granted as a component of another Award may also contain terms and conditions different from such other award. 
 10.2 Unrestricted Stock. The Committee may, in its sole discretion, grant (or sell at par value or such other higher purchase price determined by
the Committee) an Unrestricted Stock Award to any Grantee pursuant to which such Grantee may receive shares of Common Stock free of any restrictions (“Unrestricted Stock”) under the Plan. Unrestricted Stock Awards may be granted or
sold as described in the preceding sentence in respect of past services and other valid consideration, or in lieu of, or in addition to, any cash compensation due to such Grantee. 
 10.3 Deferred Stock. Any Eligible Grantee selected by the Committee may be granted an Award of Deferred Stock in the manner determined from time
to time by the Committee. The number of shares of Deferred Stock shall be determined by the Committee and may be linked to the market value, book value, net profits or other measure of the value of Common Stock or other specific performance criteria
determined appropriate by the Committee. Common Stock underlying a Deferred Stock Award will not be issued until the Deferred Stock Award has vested, pursuant to a vesting schedule or performance criteria set by the Committee. Unless otherwise
provided by the Committee, a Grantee of Deferred Stock shall have no rights as a Company stockholder with respect to such Deferred Stock until such time as the Award has vested and the Common Stock underlying the Award has been issued. 

10.4 Other Stock Based Awards. The Committee shall have the right to grant such Awards based upon the Common Stock having terms and conditions
as the Committee may determine, including, without limitation, the grant of shares based upon certain conditions, the grant of securities convertible into Common Stock and the grant of warrants to purchase Common Stock. 
 10.5 Form of Agreement. Each Award granted pursuant to this Article X shall be evidenced by an Award Agreement, which shall be executed by the
Grantee and an authorized officer of the Company and which shall contain such terms and conditions as the Committee shall determine, consistent with this Plan, including the term of the Award and payment on exercise and vesting. 
  

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 ARTICLE XI 
 ADMINISTRATION 
 11.1 Compensation Committee. The Compensation Committee (or a subcommittee of the
Board assuming the functions of the Committee under this Plan) shall consist of two (2) or more Directors appointed by and holding office at the pleasure of the Board. To the extent applicable, the members of the Committee shall each be an
“outside director” as defined under section 162(m) of the Code. Appointment of Committee members shall be effective upon acceptance of appointment. Committee members may resign at any time by delivering written notice to the Board.
Vacancies in the Committee may be filled by the Board. 
 To the extent applicable, during the period any Independent Director is serving on
the Committee, he or she shall not (i) be an officer of the Company or a parent or Subsidiary of the Company, or otherwise currently employed by the Company or a parent or Subsidiary of the Company; (ii) receive compensation, either
directly or indirectly, from the Company or a parent or Subsidiary of the Company for services rendered as a consultant or in any capacity other than as a Director, except for an amount that does not exceed the dollar amount for which disclosure
would be required pursuant to Rule 404(a) of the Exchange Act; (iii) possess an interest in any other transaction for which disclosure would be required pursuant to Rule 404(a); and (iv) be engaged in a business relationship for which
disclosure would be required pursuant to Rule 404(b). The requirements of this subsection are intended to comply with Rule 16b-3 under Section 16 of the Exchange Act or any successor rule or regulation, and shall be interpreted and construed in
a manner which assures compliance with said Rule. To the extent said Rule 16b-3 is modified to reduce or increase the restrictions on who may serve on the Committee, the Plan shall be deemed modified in a similar manner. 
 11.2 Duties and Powers of Committee. The Committee shall be responsible for the administration of the Plan. The Committee shall select the
Grantees to receive Awards and determine the terms and conditions of such Awards. To the extent permitted by applicable law, the Committee may delegate to one or more executive officers of the Company the power to make Awards to Grantees who are not
Reporting Persons or Covered Employees and all determinations under the Plan with respect thereto, provided that the Committee shall fix the maximum amount of such Awards for all such Grantees and a maximum for any one Grantee. It shall be the duty
of the Committee to conduct the general administration of this Plan in accordance with its provisions. The Committee shall have the power to interpret this Plan and the agreements pursuant to which Awards are granted or awarded, and to adopt such
rules for the administration, interpretation, and application of this Plan as are consistent therewith and to interpret, amend or revoke any such rules. Any Awards need not be the same with respect to each Grantee. Any such interpretations and rules
with respect to Incentive Stock Options shall be consistent with the provisions of section 422 of the Code. In its absolute discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Committee under
this Plan except with respect to matters which under Rule 16b-3 or section 162(m) of the Code, or any regulations or rules issued thereunder, are required to be determined in the sole discretion of the Committee. In this regard, to the extent that
the guidelines pursuant to section 162(m) of the Code are applicable, not only will the Committee consist solely of two or more outside directors but the Committee shall be required to certify that any Performance Goals and/or other material terms
associated with any Award have been satisfied prior to the payment of any Award pursuant to Article VIII. 
  

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 11.3 Majority Rule. The Committee shall act by a majority of its members in attendance at a
meeting at which a quorum is present or by a memorandum or other written instrument signed by all members of the Committee. 
 11.4
Expense Reimbursement; Professional Assistance; Good Faith Actions. All expenses and liabilities which members of the Committee incur in connection with the administration of this Plan shall be borne by the Company. The Committee may, with
the approval of the Board, employ attorneys, consultants, accountants, appraisers, brokers, or other persons. The Committee, the Company and the Company’s officers and Directors shall be entitled to rely upon the advice, opinions or valuations
of any such persons. All actions taken and all interpretations and determinations made by the Committee in good faith shall be final and binding upon all Grantees, the Company and all other interested persons. No members of the Committee or Board
shall be personally liable for any action, determination or interpretation made in good faith with respect to this Plan or any Award under this Plan and the Committee and the Board shall be fully protected and indemnified by the Company in respect
of any such action, determination or interpretation. 
 ARTICLE XII 
 MISCELLANEOUS PROVISIONS 
 12.1 Not Transferable. Except as otherwise provided
in an Award Agreement, Awards under this Plan may not be sold, pledged, assigned, or transferred in any manner other than by will or the laws of descent and distribution, unless and until such rights or awards have been exercised, or the shares
underlying such rights or awards have been issued, and all restrictions applicable to such shares have lapsed. No Award or interest or right therein shall be liable for the debts, contracts or engagements of the Grantee or his or her successors in
interest nor shall it be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment,
garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect; provided however, that this Section 12.1 shall not prevent (1) transfers by will
or by the applicable laws of descent and distribution, or (2) the designation of a beneficiary to exercise any Option or other right or award (or any portion thereof) granted under the Plan after the Grantee’s death. 
 During the lifetime of the Grantee, only the Grantee, may exercise an Option or other Award (or any portion thereof) granted under the Plan. After the
death of the Grantee, any exercisable portion of an Option or other Award may, subject to the terms of such Option, or other Award, be exercised by the Grantee’s personal representative or by any person empowered to do so under a beneficiary
designation, under a will or under the then applicable laws of descent and distribution. 
 12.2 Amendment, Suspension or Termination of
this Plan. This Plan shall terminate on the tenth anniversary of the Board’s adoption of this Plan. This Plan may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to 
  

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 time by the Committee. However, without approval of the Company’s stockholders given within twelve months before or
after the action by the Committee, no action of the Committee may, except as provided in Section 12.3, increase the limits imposed in Section 2.1 on the maximum number of shares which may be issued under this Plan, increase the per-Grantee
limitation in Section 2.1 or change the class of employee entitled to participate in the Plan, and no action of the Committee may be taken that would otherwise require stockholder approval as a matter of applicable law, regulation or rule. No
amendment, suspension or termination of this Plan shall, without the consent of the holder of, alter or impair any rights or obligations under any Award granted or awarded, unless the Award itself otherwise expressly so provides. No Awards may be
granted or awarded during any period of suspension or after termination of this Plan, and in no event may any Incentive Stock Option be granted under this Plan after the first to occur of the following events: 
 (a) The expiration of ten years from the date the Plan is adopted by the Board; or 
 (b) The expiration of ten years from the date the Plan is last approved by the Company’s stockholders under Section 12.3. 
 12.3 Approval of Plan by Stockholders. This Plan will be submitted for the approval of the Company’s stockholders within twelve months after
the date of the Board’s initial adoption of this Plan. Options, Performance Awards, Dividend Equivalents, Stock Payments or other Awards may be granted and Restricted Stock, Restricted Stock Units, or Deferred Stock may be awarded prior to such
stockholder approval, provided that such Options, Performance Awards, Dividend Equivalents, Stock Payments or other awards shall not be exercisable and such Restricted Stock, Restricted Stock Units, or Deferred Stock shall not vest prior to the time
when this Plan is approved by the stockholders, and provided further that if such approval has not been obtained at the end of said twelve (12) month period, all Options, Performance Awards, Dividend Equivalents, Stock Payments or other awards
previously granted and all Restricted Stock, Restricted Stock Units, or Deferred Stock previously awarded under this Plan shall thereupon be canceled and become null and void. 
 12.4 Limitations Applicable to Section 16 Persons and Performance-Based Compensation. Notwithstanding any other provision of this Plan, any
Award granted or awarded, to an Employee or Director who is then subject to Section 16 of the Exchange Act, shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act
(including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule, and this Plan shall be deemed amended to the extent necessary to conform to such limitations. Furthermore, notwithstanding
any other provision of this Plan, any Option or other Awards intended to qualify as performance-based compensation as described in section 162(m)(4)(C) of the Code shall be subject to any additional limitations set forth in section 162(m) of the
Code (including any amendment to section 162(m) of the Code) or any Treasury regulations or rulings issued thereunder that are requirements for qualification as performance-based compensation as described in section 162(m)(4)(C) of the Code, and
this Plan shall be deemed amended to the extent necessary to conform to such requirements. 
 12.5 Effect of Plan Upon Options and
Compensation Plans. The adoption of this Plan shall not affect any other compensation or incentive plans in effect for the Company or any Subsidiary. Neither Awards made under this Plan nor shares of Common Stock or cash paid 
  

 - 23 - 

 pursuant to such Awards may be included as “compensation” for purposes of computing the benefits payable to any
Grantee under the Company’s or any Subsidiary’s or Affiliate’s retirement plans (both qualified and nonqualified) or welfare benefit plans unless such other plan expressly provides that such compensation shall be taken into account in
computing a Grantee’s benefit. Nothing in this Plan shall be construed to limit the right of the Company (1) to establish any other forms of incentives or compensation for Employees of the Company or any Subsidiary or (2) to grant or
assume options or other rights otherwise than under this Plan in connection with any proper corporate purpose including but not by way of limitation, the grant or assumption of options in connection with the acquisition by purchase, lease, merger,
consolidation or otherwise, of the business, stock or assets of any corporation, partnership, firm or association. 
 12.6 Compliance with
Laws. This Plan, the granting and vesting of Awards under this Plan and the issuance and delivery of shares of Common Stock and the payment of money under this Plan or under such Awards made hereunder are subject to compliance with all
applicable federal and state laws, rules and regulations (including but not limited to state and federal securities law and federal margin requirements and the requirements of the Code) and to such approvals by any listing, regulatory or
governmental authority as may, in the opinion of counsel for the Company, be necessary or advisable in connection therewith. Any securities delivered under this Plan shall be subject to such restrictions, and the person acquiring such securities
shall, if requested by the Company, provide such assurances and representations to the Company as the Company may deem necessary or desirable to assure compliance with all applicable legal requirements. To the extent permitted by applicable law, the
Plan, and Awards made hereunder shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. 
 12.7
Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Plan. 
 12.8 Governing Law. This Plan and any agreements hereunder shall be administered, interpreted and enforced under the internal laws of the State of Delaware without regard to conflicts of laws thereof. Unless otherwise provided in the
Award Agreement, recipients of an Award under this Plan are deemed to submit to the exclusive jurisdiction and venue of the federal or state courts of Delaware, to resolve any and all issues that may arise out of or relate to this Plan or any
related Award Agreement. 
 12.9 Change in Control. Notwithstanding any other provision of the Plan, and the provisions of any
particular Award Agreement, in the event of any Change in Control (as defined below) of the Company, and in anticipation thereof if required by the circumstances, the Board, in its sole discretion (and in addition to or in lieu of any actions
permitted to be taken by the Company under the terms of any particular Award Agreement), may, on either an overall or a Grantee by Grantee basis, (i) accelerate the exercisability, prior to the effective date of such Change in Control, of any
outstanding Options and SARs (and terminate the restrictions applicable to Restricted Stock Units and any shares of Restricted Stock), (ii) upon written notice, provide that any outstanding Options and SARs must be exercised, to the extent then
exercisable, within a specified number of days after the date of such notice, at the end of which period such Options shall terminate, (iii) if there is a surviving or acquiring entity, and subject to the consummation of such Change in Control,
cause that entity or a Subsidiary of that entity to grant 
  

 - 24 - 

 replacement awards having such terms and conditions as the Board determines to be appropriate in its sole discretion,
upon which replacement the replaced Awards shall be terminated or cancelled, as the case may be, (iv) terminate any outstanding Awards and make such payments, if any, therefor (or cause the surviving or acquiring entity to make such payments,
if any, therefor) as the Board determines to be appropriate in its sole discretion (including, without limitation, with respect to only the then exercisable portion of such Options and SARs based on the Fair Market Value of the underlying shares of
Common Stock as determined by the Board in good faith), upon which termination such Options and SARs shall immediately cease to have any further force or effect, (v) repurchase (or cause the surviving or acquiring entity to purchase) any shares
of Restricted Stock for such amounts, if any, as the Board determines to be appropriate in its sole discretion (including, without limitation, an amount with respect to only the vested portion of such shares (i.e., the portion that is not then
subject to forfeiture or repurchase at a price less than their value), based on the Fair Market Value of such vested portion as determined by the Board in good faith), upon which purchase the holder of such shares shall surrender such shares to the
purchaser, or (vi) take any combination (or none) of the foregoing actions. A “Change in Control” shall mean and include any of the following: 
 (a) consummation of a merger or consolidation of the Company with or into any other corporation or other entity in which holders of the Company’s voting securities immediately prior to such merger or
consolidation will not, directly or indirectly, continue to hold at least a majority of the outstanding voting securities of the Company; 
 (b) a sale, lease, exchange or other transfer (in one transaction or a related series of transactions) of all or substantially all of the Company’s assets; 
 (c) the acquisition by any person or any group of persons, acting together in any transaction or related series of transactions, of such quantity of the Company’s voting securities as causes such person, or group
of persons, to own beneficially, directly or indirectly, as of the time immediately after such transaction or series of transactions, 50% or more of the combined voting power of the voting securities of the Company other than as a result of
(i) an acquisition of securities directly from the Company or (ii) an acquisition of securities by the Company which by reducing the voting securities outstanding increases the proportionate voting power represented by the voting
securities owned by any such person or group of persons to 50% or more of the combined voting power of such voting securities; or 
 (d) a
change in the composition of the Board within a two (2) year period such that a majority of the members of the Board are not Continuing Directors; or 
 (e) the liquidation or dissolution of the Company. 
 12.10 Withholding. Requirements and
Arrangements. 
 (a) Options and SARs. In the case of any Option or SAR, the Committee may require the Grantee to remit to the
Company an amount sufficient to satisfy the federal, state and local withholding and employment tax obligations of the Company with respect to the exercise of such Option (or make other arrangements satisfactory to the Committee with regard to such
taxes, including withholding from regular cash compensation, providing other security to the Company, or remitting or foregoing the receipt of shares of Common Stock having a Fair Market Value on the date of delivery sufficient to satisfy such
minimum statutory obligations) prior to the delivery of any shares in respect of such Option or SAR. 
  

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 (b) Restricted Stock. In the case of any shares of Restricted Stock that are
“substantially vested” (within the meaning of Treasury Regulations Section 1.83-3(b)) upon issuance, the Committee may require the Grantee to remit to the Company an amount sufficient to satisfy the federal, state or local withholding
and employment tax requirements (or make other arrangements satisfactory to the Company with regard to such taxes, including withholding from regular cash compensation, providing other security to the Company, or remitting or foregoing the receipt
of shares of Common having a Fair Market Value on the date of delivery sufficient to satisfy such minimum statutory obligations) prior to the issuance of any such shares. In the case of any shares of Restricted Stock that are not “substantially
vested” upon issuance, if the Committee determines that under applicable law and regulations the Company could be liable for the withholding of any federal or state tax with respect to such shares of Common Stock, the Committee may require the
Grantee to remit to the Company an amount sufficient to satisfy any such potential liability (or make other arrangements satisfactory to the Company with respect to such taxes, including withholding from regular cash compensation, providing other
security to the Company, or remitting or foregoing the receipt of shares of Common Stock having a Fair Market Value on the date of delivery sufficient to satisfy such obligations) at the time such shares of Restricted Stock are delivered to the
Grantee, at the time the Grantee makes an election under section 83(b) of the Code with respect to such shares of Restricted Stock and/or at the time such shares become “substantially vested,” and to agree to augment such security from
time to time in any amount reasonably deemed necessary by the Committee to preserve the adequacy of such security. 
 (c) Other
Awards. In the case of payment, whether in cash or shares of Common Stock, under any Award not specified in paragraphs (a) and (b) above, the Committee may require the Grantee to remit to the Company an amount sufficient to
satisfy the federal, state and local withholding and employment tax obligations of the Company with respect to such payments (or make other arrangements satisfactory to the Committee with regard to such taxes, including withholding from regular cash
compensation, providing other security to the Company, or remitting or foregoing the receipt of shares of Common Stock having a Fair Market Value on the date of delivery sufficient to satisfy such minimum statutory obligations) prior to the delivery
of any shares of Common Stock in respect of such Award, if any. 
 (d) Retention of Shares. With respect to any Grantee subject
to Section 16(a) of the Exchange Act, any retention of shares of Common Stock by the Company to satisfy a tax obligation with respect to such Grantee shall be made in compliance with any applicable requirements of Rule 16b-3(e) or any successor
rule under the Exchange Act. 
 (e) Offset Against Payments. The Company may, to the extent permitted by law, deduct any tax
obligations of a Grantee from any payment of any kind otherwise due to the Grantee hereunder. 
 12.11 Adjustments. Upon the happening
of any of the following described events, a Grantee’s rights with respect to Awards granted hereunder shall be adjusted as hereinafter provided, unless otherwise specifically provided in the Award Agreement. 
  

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 (a) Stock Splits and Recapitalizations. In the event the Company issues any of its shares of
Common Stock as a stock dividend upon or with respect to the shares, or in the event shares of Common Stock shall be subdivided or combined into a greater or smaller number of shares, or if, upon a merger or consolidation, reorganization, split-up,
liquidation, combination, recapitalization or the like of the Company, shares of Common Stock shall be exchanged for other securities of the Company, securities of another entity, cash or other property, each Grantee upon exercising an Option (for
the purchase price to be paid under the Option) shall be entitled to purchase such number of shares, other securities of the Company, securities of such other entity, cash or other property as the Grantee would have received if the Grantee had been
the holder of the shares with respect to which the award is exercised at all times between the grant date of the Award and the date of its exercise, and appropriate adjustments shall be made in the purchase price per share. In determining whether
any Award granted hereunder has vested, appropriate adjustments will be made for distributions and transactions described in this Section 12.11(a). The Committee shall adjust the number of shares subject to outstanding awards and the exercise
price and the terms of outstanding awards to take into consideration material changes in accounting practices or principles, extraordinary dividends, acquisitions or dispositions of stock or property, or any other event if it is determined by the
Committee that such adjustment is appropriate to avoid distortion in the operation of the Plan, including adjustments of the limitations in Section 2.1 on the maximum number and kind of shares which may be issued. Where an adjustment of the
type described above is made to an Incentive Stock Option under this Section 12.11, the adjustment will be made in a manner which will not be considered a “modification” under the provisions of subsection 424(h)(3) of the Code.

 (b) Restricted Stock. If any person owning Restricted Stock receives new or additional or different shares or securities
(“New Securities”) in connection with a corporate transaction or stock dividend described in Section 12.11(a) as a result of owning such Restricted Stock, the New Securities shall be subject to all of the conditions and
restrictions applicable to the Restricted Stock with respect to which such New Securities were issued. Notwithstanding the foregoing, any adjustment under this Section 12.11(b) shall not be permitted to the extent that the individual award or
this Plan, in general, would constitute deferred compensation subject to section 409A of the Code unless the Award Agreement sets forth the terms and conditions necessary to comply with the requirements of section 409A of the Code. 
 (c) Fractional Shares. No fractional shares of Common Stock shall be issued under the Plan. Any fractional shares of Common Stock which, but for
this Section 12.11(c) would have been issued shall be deemed to have been issued and immediately sold to the Company for their Fair Market Value, and the Grantee shall receive from the Company cash in lieu of such fractional shares of Common
Stock. 
 (d) Further Adjustment. Upon the happening of any of the events described in Sections 12.11(a) or 12.11(b), the class and
aggregate number of shares set forth in Section 5.1 hereof that are subject to Awards which previously have been or subsequently may be granted under the Plan, and the number of shares set forth in Section 5.3 hereof that may be granted to
a Grantee in any year shall be appropriately adjusted to reflect the events described in such Sections. 
 (e) Assumption of Options Upon
Certain Events. In connection with a merger or consolidation of an entity with the Company or the acquisition by the Company of property or 
  

 - 27 - 

 stock of an entity, the Committee may grant awards under the Plan in substitution for stock and stock based awards issued
by such entity or a subsidiary thereof, as long as such substitute awards will not constitute a deferral of compensation under section 409A of the Code. Notwithstanding the foregoing, to the extent that the Committee determines that any such
substitute award shall constitute a deferral of compensation under section 409A of the Code, such award shall be accompanied with a written award agreement which shall set forth the terms and conditions required to comply with the requirements of
section 409A of the Code. The substitute awards shall be granted on such terms and conditions as the Committee considers appropriate in the circumstances. The awards so granted shall not reduce the number of shares that would otherwise be available
for awards under the Plan. Notwithstanding the foregoing, in the event of such a reorganization, merger, consolidation, recapitalization, reclassification, stock split-up, stock dividend or combination, or other adjustment or event which results in
shares of Common Stock being exchanged for or converted into cash, securities or other property, the Company will have the right, subject to applicable statutory and regulatory guidance, including but not limited to section 409A of the Code, to
terminate this Plan as of the date of the exchange or conversion, in which case all options, rights and other awards under this Plan shall become the right to receive such cash, securities or other property, net of any applicable exercise price.

 12.12 Other Transfer Restrictions. Notwithstanding any other provision of the Plan, in order to qualify for the exemption provided
by Rule 16b-3 under the Exchange Act, and any successor provision, (i) any Restricted Stock offered under the Plan to a Grantee subject to Section 16 of the Exchange Act (a “Section 16 Grantee”) may not be sold for six
(6) months after acquisition and (ii) any Option or other similar right related to an equity security issued under the Plan shall not be transferable except in accordance with the rules under Section 16 of the Exchange Act, subject to
any other applicable transfer restrictions under the Plan or the Award Agreement. The Committee shall have no authority to take any action if the authority to take such action, or the taking of such action, would disqualify a transaction under the
Plan from the exemption provided by Rule 16b-3 under the Act, or any successor provision. 
 12.13 Certain Indebtedness to the
Company. No Option or other Award may be exercised at any time after the Committee has determined, in good faith, that the Grantee is indebted to the Company or any Subsidiary for advances of salary, advances of expenses, recoverable draws or
other amounts unless and until either (a) such indebtedness is satisfied in full or (b) such condition is waived by the Committee. The period during which any Option or other Award may by its terms be exercised shall not be extended during
any period in which the Grantee is prohibited from such exercise by the preceding sentence, and the Company shall have no liability to any Grantee, or to any other party, if any Option or other Award expires unexercised in whole or in part during
such period or if any Option that is intended to be an Incentive Stock Option is deemed to be an Non-Qualified Option because such Option is not exercised within three (3) months after the Grantee’s Termination of Employment with the
Company or a Subsidiary. 
 12.14 Foreign Nationals. Awards may be made to Grantees who are foreign nationals or employed outside the
United States on such terms and conditions different from those specified in the Plan as the Committee considers necessary or advisable to achieve the purposes of the Plan or to comply with applicable laws. 
  

 - 28 - 

 12.15 No Right to Employment. No person shall have any claim or right to be granted an Award.
Neither the adoption, maintenance, nor operation of the Plan nor any Award hereunder shall confer upon any employee or consultant of the Company or of any Affiliate any right with respect to the continuance of his/her employment by or other service
with the Company or any such Affiliate nor shall they interfere with the rights of the Company (or Affiliate) to terminate any employee at any time or otherwise change the terms of employment, including, without limitation, the right to promote,
demote or otherwise re-assign any employee from one position to another within the Company or any Affiliate. 
 12.16 Authorization of Sub
Plans. The Board may from time to time establish one or more sub-plans under the Plan for purposes of satisfying applicable blue sky, securities or tax laws of various jurisdictions. The Board shall establish such sub-plans by adopting
supplements to this Plan containing (i) such limitations on the Board’s discretion under the Plan as the Board deems necessary or desirable or (ii) such additional terms and conditions not otherwise inconsistent with the Plan as the
Board shall deem necessary or desirable. All supplements adopted by the Board shall be deemed to be part of the Plan, but each supplement shall apply only to Grantees within the affected jurisdiction and the Company shall not be required to provide
copies of any supplement to Grantees in any jurisdiction which is not the subject of such supplement. 
 12.17 Severability. In the
event any provision of this Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of this Plan, and this Plan shall be construed and enforced as if the illegal or invalid provision
had not been included. 
 12.18 Inability to Obtain Authority. The inability of the Company to obtain authority from any regulatory
body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any shares of Common Stock hereunder, shall relieve the Company of any liability in respect of the failure to issue
or sell such shares of Common Stock as to which such requisite authority shall not have been obtained. 
 12. 19 Uncertificated
Shares. To the extent that this Plan provides for issuance of certificates to reflect the transfer of shares of Common Stock, the transfer of such shares of Common Stock may be effected on a noncertificated basis, to the extent not prohibited by
applicable law or the rules of any stock exchange. 
 12.20 Unfunded Plan. Grantees shall have no right, title, or interest whatsoever
in or to any investments that the Company, and/or its Subsidiaries, and/or its Affiliates may make to aid it in meeting its obligations under this Plan. Nothing contained in this Plan, and no action taken pursuant to its provisions, shall create or
be construed to create a trust of any kind, or a fiduciary relationship between the Company and any Grantee, beneficiary, legal representative, or any other individual. To the extent that any individual acquires a right to receive payments from the
Company, its Subsidiaries, and/or its Affiliates under this Plan, such right shall be no greater than the right of an unsecured general creditor of the Company, a Subsidiary, or an Affiliate, as the case may be. All payments to be made hereunder
shall be paid from the general funds of the Company, a Subsidiary, or an Affiliate, as the case may be and no special or separate fund shall be established and no segregation of assets shall be made to assure payment of such amounts except as
expressly set forth in this Plan. 
  

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 12.21 No Constraint on Corporate Action. Nothing in this Plan shall be construed to:
(i) limit, impair, or otherwise affect the Company’s or a Subsidiary’s or an Affiliate’s right or power to make adjustments, reclassifications, reorganizations, or changes of its capital or business structure, or to merge or
consolidate, or dissolve, liquidate, sell, or transfer all or any part of its business or assets; or (ii) limit the right or power of the Company or a Subsidiary or an Affiliate to take any action which such entity deems to be necessary or
appropriate. 
 12.22 Special Provisions Relating to Section 409A of the Code. Unless otherwise indicated in the applicable Award
Agreement, it is not intended that any Award under this Plan, in form and/or operation, will constitute “deferred compensation” within the meaning of section 409A of the Code and therefore, each Award is intended to be exempt from the
requirements applicable to deferred compensation under section 409A of the Code and the regulations thereunder. 
 (a) Awards that are not
intended to constitute deferred compensation. With respect to an Award that is not intended to constitute deferred compensation within the meaning of Section 409A of the Code, (i) to the extent necessary and permitted under
Section 409A of the Code, the Company is authorized to amend this Plan or applicable Award Agreement or to substitute such Award with another Award of comparable economic value so that the Award as modified or substituted and/or the Plan as
modified, remains exempt from the requirements applicable to deferred compensation under section 409A of the Code and (ii) [the Committee shall take no action otherwise permitted under the Plan or under an Award Agreement to the extent such
action shall cause such Award to be treated as deferred compensation within the meaning of section 409A of the Code]. The Committee, in its sole discretion, shall determine to what extent, if any, this Plan or applicable Award Agreement shall be
required to be so modified or substituted. Notwithstanding any provision to the contrary, such modification or substitution shall be made without prior notice to or consent of Grantees. 
 (b) Awards that constitute deferred compensation. With respect to an Award that constitutes deferred compensation within the meaning of
Section 409A by form or operation (including, but not limited to, an Award referenced under paragraph (a) above that the Committee determines is a form of deferred compensation), (i) to the extent necessary the Company is authorized
to amend this Plan or applicable Award Agreement or to substitute such Award with another Award of comparable economic value so that the Award as modified or substituted and/or the Plan as modified, complies with the requirements applicable to
deferred compensation under section 409A of the Code and (ii) the Committee shall take no action otherwise permitted under the Plan or under an Award Agreement to the extent such action shall cause such Award to no longer comply with the
requirements applicable to deferred compensation under section 409A of the Code. The Committee, in its sole discretion, shall determine to what extent if any, this Plan or applicable Award Agreement shall be required to be so modified or
substituted. Notwithstanding any provision to the contrary, such modification or substitution shall be made without prior notice to or consent of Grantees. 
   *  *  * 
  

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 I hereby certify that the foregoing Plan was duly adopted by the Board of Directors of NewStar Financial, Inc. on
November 16, 2006. 
 Executed on this 12th day of December 2006. 
  

	
	 /s/ John Frishkopf

	John Frishkopf, Secretary

  

 - 31 -Amended & Restated Restricted Stock Agreement with Timothy Conway

 Exhibit 10(h)(1) 
 AMENDED AND RESTATED RESTRICTED STOCK AGREEMENT 
 THIS AMENDED AND RESTATED RESTRICTED STOCK AGREEMENT (this “Agreement”, together with the Option Award Letter attached hereto,
the “Equity Agreements”) is entered into as of December 13, 2006,and effective as of the Effective Date (as defined below), among NewStar Financial, Inc., a Delaware corporation (formerly known as Novus Capital, Inc.,
the “Company”), and Timothy Conway, the holder of the number of shares of Class A Common Stock (as defined below), set forth under the heading “Restricted Stock” on Schedule I hereto (such person being
referred to as the “Management Stockholder”). 
 WITNESSETH: 
 WHEREAS, on June 17, 2004, the Management Stockholder and the Company entered into a Restricted Stock Agreement (the “Original
Agreement”) which set forth certain rights and restrictions of the Management Stockholder with respect to the Restricted Stock (as hereinafter defined); 
 WHEREAS, the Original Agreement contemplated, among other things, that upon the initial public offering of the Common Stock (the “IPO”), the Company would grant the Management Stockholder
options to purchase Common Stock based on the formulas set forth in Section 4 of the Original Agreement (the “RSA Options”); 
 WHEREAS, upon the effective date of the registration statement on form S-1 registering the IPO (the “Effective Date”), the Company will grant the Management Stockholders the RSA Options in the
form attached hereto as Exhibit A and the Investors (as defined in the Original Agreement) will have been deemed to have achieved the Minimum Required Internal Rate of Return (as defined in the Original Agreement); 
 WHEREAS, pursuant to the terms of the Company’s second amended and restated certificate of incorporation, upon the consummation of the IPO, each of
the Company’s outstanding shares will, pursuant to a reverse stock split (the “Reverse Stock Split”), automatically be deemed .4031 shares; 
 WHEREAS, pursuant to the terms of the Company’s second amended and restated certificate of incorporation, immediately following the Reverse Stock Split, each share of the Company’s Class A Common Stock
shall automatically convert to one share of the Company’s Common Stock (the “Class A Conversion”); 
 WHEREAS,
each of the Management Stockholder and the Company desire to amend and restate the Original Agreement as set forth herein; 
 NOW, THEREFORE,
in consideration of the mutual covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Management Stockholder hereby agree as follows: 

 1. Certain Definitions. For purposes of the Equity Agreements, the following terms shall have the following
meanings: 
 “Award” means the shares of Restricted Stock and RSA Options described hereunder. Awards
may be granted for services to be rendered or for services already rendered to the Company or any Affiliate. 
 “Affiliate” means (i) with respect to any Person, any other Person directly or indirectly controlling, controlled by or under common control with such first Person, (ii) a partner, member or stockholder of
any Stockholder, or (iii) any spouse, domestic partner, child, grandchild, parent, grandparent or sibling of a Stockholder or a trust or other entity for their benefit; provided that no securityholder of the Company shall be
deemed an Affiliate of any other securityholder solely by reason of an investment in the Company. For the purposes of this definition, “control” (including, with correlative meanings, the terms
“controlling,” “controlled by” and “under common control with”) means, with respect to any Person, the possession, directly or indirectly, of the power to direct or cause
the direction of the management and policies of such Person, whether through ownership of voting securities, by contract or otherwise. 
 “Aggregate Purchase Price” means $11,358.11. 
 “Amended
and Restated Restricted Stock Agreements” shall mean the Amended and Restated Restricted Stock Agreements, substantially in the form of this agreement, entered into between the Company and the Management Members on the date hereof.

 “Board” means the Board of Directors of the Company. 
 “Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York City are
authorized by law to close. 
 “Cause” means “Cause” as defined in the Management
Stockholder’s employment agreement with the Company or, if the Management Stockholder does not have an employment agreement with the Company, (i) the willful and continued failure of the Management Stockholder to perform substantially the
Management Stockholder’s duties with the Company or one of its affiliates (other than any such failure resulting from incapacity due to physical or mental illness), after a written demand for substantial performance is delivered to the
Management Stockholder by the Board of Directors, which specifically identifies the manner in which the Board of Directors believes that the Management Stockholder has not substantially performed the Management Stockholder’s duties, or
(ii) willful engaging by the Management Stockholder in illegal conduct or gross misconduct which is materially and demonstrably injurious to the Company or its affiliates, or (iii) conviction of or made a plea of guilty or nolo
contendere to, a felony, or (iv) a material breach of his or her obligations under Section 4 or Section 5 hereof. For purposes of this definition of “Cause”, no act or failure to act on the part of the
Management Stockholder shall be considered “willful” unless it is done, or omitted to be done, by the Management Stockholder in bad faith or without reasonable belief that the Management Stockholder’s actions or omission was in the
best interests of the Company. Any act, or failure to act, based upon express authority given pursuant to a resolution duly adopted by 

 
the Board of Directors with respect to such act or omission or upon the instructions of the Chief Executive Officer of the Company or based upon the advice
of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Management Stockholder in good faith and in the best interests of the Company. 
 “Change of Control” means the occurrence of one or more of the following events: 
 (a) the consummation of a merger or consolidation of the Company with or into any other corporation or other entity in which holders of
the Company’s voting securities immediately prior to such merger or consolidation will not, directly or indirectly, continue to hold at least a majority of the outstanding voting securities of the Company; 
 (b) a sale, lease, exchange or other transfer (in one transaction or a related series of transactions) of all or substantially all of the
Company’s assets; 
 (c) the acquisition by any person or any group of persons, acting together in any transaction or
related series of transactions, of such quantity of the Company’s voting securities as causes such person, or group of persons, to own beneficially, directly or indirectly, as of the time immediately after such transaction or series of
transactions, 51% or more of the combined voting power of the voting securities of the Company other than as a result of (X) an acquisition of securities directly from the Company or (Y) an acquisition of securities by the Company which by
reducing the voting securities outstanding increases the proportionate voting power represented by the voting securities owned by any such person or group of persons to 50% or more of the combined voting power of such voting securities; 

(d) a change in the composition of the Board within a two (2) year period such that a majority of the members of the Board are not
Continuing Directors; or 
 (e) the liquidation or dissolution of the Company; 
 provided, however, that in no case shall (1) the public offering and sale of the Company’s Common Stock by its stockholders pursuant to a
registered secondary offering or (2) the voluntary or involuntary bankruptcy of the Company constitute a Change in Control. 
 “Change of Control Liquidity Event” means a Change of Control and, within two years after such Change of Control, either (i) the termination of the Management Stockholder without Cause (provided that the
termination was not for Performance Reasons with respect to which the Management Stockholder received written notice from the Board of such acts or omissions resulting in Performance Reasons prior to such Transfer and failed to cure the same within
the cure period provided by the Board in accordance with the definition of the term “Performance Reasons”) or (ii) the termination by the Management Stockholder for Good Reason. 
 “Class A Common Stock” means the Company’s authorized shares of Class A Common Stock, par value $0.01
per share. 

 “Common Stock” means the Company’s authorized shares of
common stock, par value $0.01 per share, and any stock into which such Common Stock may thereafter be converted, changed, reclassified or exchanged. 
 “Company Entity” means the Company or one of its Subsidiaries. 
 “Confidential Information” means any information relating to the business or affairs of the Company Entities or, as provided below, any of their respective Affiliates, including, but not limited to, customer
identities, potential customers, employees, business and financial strategies, methods or practices, business plans, financial models, proposals, documents or materials owned, developed or possessed by a Company Entity, profit margins or other
proprietary information used by such Company Entity or any of its Affiliates; provided that Confidential Information shall not include (i) information that is or becomes generally known to the public other than as a result of a
disclosure by the Management Stockholder in violation of this Agreement, (ii) information that was known to the Management Stockholder prior to becoming a consultant to or an employee of the Company or (iii) information which becomes known
to the Management Stockholder following a Termination Event, through no wrongful act of the Management Stockholder, by disclosure from a third party unless the Management Stockholder has reason to believe that such third party is under an obligation
or duty of confidentiality or secrecy with respect to such information or is an employee, officer, director or stockholder of the Company; and provided, further, that (A) in such case where any Affiliate has a separate
confidentiality requirement or agreement to which any Company Entity is subject, such confidentiality requirement or agreement shall supercede the requirements herein and (B) unless a confidentiality requirement or agreement referred to in the
preceding clause (A) exists with respect to an Affiliate, Confidential Information for purposes of this definition as it relates to Affiliates shall be deemed to include only Confidential Information of Affiliates, the employees or consultants
of which, are participants or observers at Board meetings of the Company. 
 “Continuing Directors”
shall mean as of any date of determination, any member of the Board who (i) was a member of the Board immediately after the date of the Company’s initial public offering, or (ii) was nominated for election or elected to the Board with
the approval of, or whose election to the Board was ratified by, at least a majority of the Continuing Members who were members of the Board at the time of that nomination or election. 
 “Corporate Transaction” means any exchange, reclassification or other conversion of shares of Common Stock into
any cash, securities, or other property pursuant to a merger or consolidation of the Company or any Subsidiary of the Company with any Person. 
 “Forfeiture” means the transfer by the Management Stockholder to the Company of Restricted Stock in exchange for the Purchase Price and the forfeiture by the Management Stockholder of any and
all rights, interests and claims in respect of such shares of Restricted Stock upon the occurrence of an event specified in, and to the extent provided in, Section 2. “Forfeited” shall have a corollary meaning
when used herein. 
 “Good Reason” means “Good Reason” as defined in the Management
Stockholder’s employment agreement with the Company or, if the Management Stockholder 

 
does not have an employment agreement with the Company, the occurrence of (i) a reduction by the relevant Company Entity in the Management
Stockholder’s annual base salary from such Management Stockholder’s annual base salary then in effect, (ii) a forced relocation by the relevant Company Entity of the Management Stockholder’s place of employment to a location
greater than twenty five (25) miles from his or her initial place of employment or, if the Management Stockholder’s initial place of employment is in the Darien, Connecticut office of the Company, outside of Fairfield County, Connecticut
or (iii) a material diminution by the relevant Company Entity in the Management Stockholder’s principal duties and responsibilities; provided that a change or restructuring of the reporting structure of the Company or of the person to
which the Management Stockholder directly reports or a change in the Management Stockholder’s title shall not constitute a material diminution of the Management Stockholder’s duties and responsibilities for purposes of clause (iii).

 “Management Members” means the Management Stockholder and all other Persons that are parties to
Amended and Restated Restricted Stock Agreements. 
 “Non-Forfeitable Shares” means the shares of
Restricted Stock which are no longer subject to Forfeiture under Section 2(a) or Section 2(c)(i). 
 “Nonqualified Stock Option” shall mean a stock option not described in Sections 422(b) or 423(b) of the Code. 
 “Performance Reasons” shall exist (i) when the Management Stockholder fails to meet commercially reasonable written performance objectives and has failed to cure (if the failure is not due
to acts, events or conditions outside of the Management Stockholder’s control) such act or omission or acts or omissions to the reasonable satisfaction of the Board, within such reasonable time as the Board shall determine and specify in such
written notice, but in no case less than thirty (30) days after receipt of written notice from the Company, specifying such act or omission, or (ii) if the Management Stockholder is unwilling to relocate to a location less than twenty-five
(25) miles from their initial place of employment or, if the Management Stockholder’s initial place of employment is in the Darien, Connecticut office of the Company, outside of Fairfield County, Connecticut. 
 “Permitted Transferee” means any spouse, domestic partner, lineal descendant, sibling, parent, heir, executor,
administrator, charitable trust, testamentary trustee, legatee or beneficiary of the Management Stockholder or a trust, the beneficiaries of which, or a corporation or partnership, the stockholders or partners of which, include only the Management
Stockholder and any spouse, domestic partner, lineal descendant, sibling, parent or heir of the Management Stockholder. 
 “Person” means an individual, corporation, limited liability company, partnership, association, trust or other entity or organization, including a government or political subdivision or an agency or instrumentality
thereof. 
 “Purchase Price” means, with respect to a Forfeiture, the amount obtained by dividing the
Aggregate Purchase Price by the number of shares of Restricted Stock to be Forfeited. 

 “Restricted Business” means any of the following: (i) the
business of extending senior, subordinated or asset-based loans to middle-market companies as targeted by the Company at the effective date of the Termination Event, (ii) providing real estate financing of the types offered by the Company at
the effective date of the Termination Event, (iii) extending asset-backed loans or investing in asset-backed securities with financial products of the types then offered by the Company at the effective date of the Termination Event or
(iv) any other material line of business engaged in by the Company at the effective date of the Termination Event. 
 “Restricted Stock” means the shares of Common Stock set forth under the heading “Restricted Stock” on Schedule I hereto and any and all securities that are distributed or paid in respect of
Restricted Stock, including as a result of a stock dividend or distribution, stock split, recapitalization or similar transaction, including a Corporate Transaction. 
 “Stockholders Agreement” means the Stockholders’ Agreement among the Company and the securityholders named
therein, dated June 18, 2004, and all amendments thereto. 
 “Subsidiary” means, with respect to
the Company, any Person in which the Company owns at least fifty-one percent (51%) of the voting control or economic interests and which is an operating subsidiary of the Company. 
 “Termination Event” means the termination of employment or consultancy of the Management Stockholder with the
relevant Company Entity. 
 “Transfer” means, with respect to any shares of capital stock of the
Company, (i) when used as a verb, to sell, assign, dispose of, exchange, pledge, encumber, hypothecate or otherwise transfer such shares or any participation or interest therein, whether directly or indirectly, or agree or commit to do any of
the foregoing and (ii) when used as a noun, a direct or indirect sale, assignment, disposition, exchange, pledge, encumbrance, hypothecation, or other transfer of such shares or any participation or interest therein or any agreement or
commitment to do any of the foregoing; provided, however, that any pledge of such shares to the Company or to a lender of a Company Entity as security for such Company Entity’s obligations shall not constitute a Transfer for
purposes hereof. 
 2. Terms and Conditions of Awards. The Awards, and any shares of Common Stock issued pursuant to an exercise of an RSA Option,
shall be subject to the terms and conditions of the 2006 Incentive Plan of the Company (the “Incentive Plan”) (although such Awards and any shares of Common Stock issued with respect to the exercise of any RSA Options shall
not be deemed to have been granted under the Incentive Plan), including, without limitation, Article IX (Parachute Limitations), Article XI (Administration) and Article XII (Miscellaneous Provisions), including any amendments thereto, but excluding
Article II (Shares Subject to Plan). Any capitalized terms not defined herein shall have the meanings ascribed to them in the Incentive Plan. 
 3.
Release or Forfeiture of Restricted Stock. The Restricted Stock is fully vested subject to Forfeiture as provided in this Section 3. 

 (a) General Termination Forfeiture. Subject to Section 3(b) and
Section 3(c), the Restricted Stock shall be subject to Forfeiture as follows: 
 (i) As of the Effective Date,
sixty percent (60%) of the Restricted Stock constitutes Non-Forfeitable Shares; 
 (ii) forty percent (40%) of the
Restricted Stock is Forfeited if a Termination Event occurs after the Effective Date and prior to June 17, 2007; 
 (iii)
twenty percent (20%) of the Restricted Stock is Forfeited if a Termination Event occurs on or after June 17, 2007 and prior to June 17, 2008; and 
 (iv) zero percent (0%) of the Restricted Stock is Forfeited if a Termination Event occurs on or after June 17, 2008. 
 (b) Change of Control Liquidity Event. Notwithstanding the provisions of Section 3(a), upon the occurrence of a Change
of Control Liquidity Event, one hundred percent (100%) of the Restricted Stock shall constitute Non-Forfeitable Shares. 
 (c) Forfeiture Upon Certain Termination Events. 
 (i) Notwithstanding Section 3(a), if the
employment of the Management Stockholder was terminated (A) by the Management Stockholder for Good Reason or (B) by the Company without Cause (provided that the termination was not for Performance Reasons), then only those shares of
Restricted Stock that would not be Non-Forfeitable Shares pursuant to Section 3(a) on the first anniversary of the effective date of the Termination Event (as if such Termination Event occurred on such first anniversary) will be
Forfeited. However, if the Termination Event was for Performance Reasons, the Management Stockholder shall Forfeit those shares of Restricted Stock that are not Non-Forfeitable Shares on the effective date of the Termination Event. 
 (ii) Notwithstanding Section 3(a), if the Termination Event was due to the Management Stockholder’s death or disability,
then upon such death or the effective date of the Termination Event, as applicable, one hundred percent (100%) of the Restricted Stock shall constitute Non-Forfeitable Shares. 
 (iii) Notwithstanding Section 3(a), if the employment or consultancy of the Management Stockholder was terminated by any
Company Entity for Cause, then all of the shares of Restricted Stock that are not Non-Forfeitable Shares as of the effective date of the Termination Event will be Forfeited on such date. 
 (d) Management Equity Incentive Pool. All shares of Common Stock which are Forfeited by a Management Member pursuant to
Section 3(a) or Section 3(c) (or any successor sections of similar meaning) of an Amended and Restated Restricted Stock Agreement will be added to the amount of equity incentives available to be granted to senior management
of the Company that are party to Amended and Restated Restricted Stock Agreements. 

 4. Dividends. The Management Stockholder will have all the rights of a stockholder with respect to the Restricted
Stock, including the right to receive all ordinary cash dividends as the Board may pay with respect to the Common Stock in accordance with the terms of the Company’s Certificate of Incorporation. 
 5. Confidentiality. The Management Stockholder agrees that Confidential Information was and shall be made available in connection with the Management
Stockholder’s employment by or consultancy with the Company Entities. The Management Stockholder acknowledges that the Confidential Information that he or she develops or invents in connection with his or her employment by or services to a
Company Entity or has obtained or will obtain in connection therewith is the property of such Company Entity. The Management Stockholder agrees that he or she will not disclose any Confidential Information to any other Person, except that
Confidential Information may be disclosed: (i) to the extent required by applicable law, rule or regulation (including complying with any oral or written questions, interrogatories, requests for information or documents, subpoena, civil
investigative demand or similar process to which the Management Stockholder is subject); provided that the Management Stockholder gives such Company Entity prompt notice of such requests, to the extent practicable, so that such Company Entity
may seek an appropriate protective order or similar relief (and the Management Stockholder shall cooperate with such efforts by such Company Entity at Company expense, and shall in any event make only the minimum disclosure required by such law,
rule or regulation unless the Management Stockholder reasonably believes that other disclosure is necessary or advisable in order to avoid adverse consequences to the Management Stockholder), (ii) if the prior written consent of the Board shall
have been obtained, or (iii) to such Persons to the extent necessary in the reasonable judgment of the Management Stockholder to perform his duties as an employee of or consultant to a Company Entity and, in his reasonable judgment, such
disclosure is not harmful to the Company. 
 6. Restrictive Covenants. 
 (a) During the term of employment and for a period of one (1) year after the effective date of the Termination Event (the
“Non-Compete Period”) (i) the Management Stockholder shall not, directly or indirectly, (A) alone or as a partner, officer, director, shareholder, member, sole proprietor, employee or consultant of any other firm or
entity personally engage or participate in any Restricted Business as a material portion of his or her responsibilities, (B) cause, solicit, induce or encourage any employees, consultants or contractors of the Company Entities to leave such
employment or service, or hire, employ or otherwise engage any such individual, or (C) cause, induce or encourage any customer, supplier or licensor of the Company Entities, or any other Person who has a material business relationship with the
Company Entities, to terminate or modify any such relationship. 
 (b) The parties hereto agree that, if any court of
competent jurisdiction in a final nonappealable judgment determines that a specified time period, a specified business limitation or any other relevant feature of this Section 6 is unreasonable, arbitrary or against public policy, then a
lesser time period, business limitation or other relevant feature which is determined to be reasonable, not arbitrary and not against public policy may be enforced against the applicable party. 

 7. Conflicting Agreements. The Management Stockholder represents and agrees that, except as provided in the
Stockholders Agreement, he shall not, without Board consent, (a) grant any proxy or enter into or agree to be bound by any voting trust or agreement with respect to the Restricted Stock or (b) other than the Management Stockholder’s
employment agreement with the Company, enter into any agreement or arrangement of any kind with any Person with respect to its shares of Restricted Stock inconsistent with the provisions of this Agreement. 
 8. Specific Performance. The rights of the parties under this Agreement are unique and, accordingly, the parties shall, in addition to such other remedies as may
be available to any of them at law or in equity, have the right to enforce their rights hereunder by actions for specific performance to the extent permitted by law. 
 9. Notices. All notices and other communications hereunder shall be given in accordance with Section 7.02 of the Stockholders Agreement. 
 10. Custody; Legend. The certificates representing the Restricted Stock and bearing such legends as may be required by the Company to evidence the restrictions
specified herein will be issued in the Management Stockholder’s name but will be held in custody by the Company. The Management Stockholder shall receive certificates representing the Restricted Stock at such time that the shares of Restricted
Stock have become Non-Forfeitable Shares. At such time as the restrictions imposed by this Agreement are no longer applicable, the legend referred to in the preceding sentence shall be removed. 
 11. Entire Agreement. The Equity Agreements, the Stockholders Agreement (including any and all exhibits, schedules and other instruments contemplated thereby) and
the applicable provisions of the Incentive Plan constitute the entire agreement among the parties with respect to the subject matter hereof and supersede all prior agreements and understandings between them or any of them as to such subject matter;
provided, however, in the event of a conflict between the terms of the Equity Agreements and the Management Stockholder’s employment agreement, the terms of the employment agreement shall prevail. 
 12. No Right To Continued Employment. The Equity Agreements are not a contract of employment and the terms of the Management Stockholder’s employment or
service with the Company shall not be affected by, or construed to be affected by, this Agreement, except to the extent specifically provided herein. Nothing herein shall impose, or be construed as imposing, an obligation (i) on the part of the
Company to continue the Management Stockholder’s employment or service with the Company or (ii) on the part of the Management Stockholder to remain in the employ of or service to the Company. 
 13. Further Agreements. Each of the parties hereto agrees to execute all such further instruments and documents and to take all such further action as any other
party may reasonably require in order to effectuate the terms and purposes of the Equity Agreements. 
 14. Waiver and Amendment. Any of the
provisions of this Agreement may be waived by an instrument in writing executed by (i) the Company and (ii) the Management Stockholder. This Agreement may not be amended except by an instrument in writing executed by (i) the Company
and (ii) the Management Stockholder. Notwithstanding the foregoing, except as otherwise 

 
expressly set forth in the proviso in this sentence, in the event that Management Members holding not less than sixty-six and two-thirds percent (66  2/3%) of the Common Stock subject to Amended and Restated Restricted Stock Agreements held by all such Management
Members waive any provision of, or execute an amendment to, their respective Amended and Restated Restricted Stock Agreement (or such smaller percentage equal to 100% minus the aggregate percentage of the Common Stock held by such notifying
non-consenting Management Members if fewer than four (4) Management Members notify the Company in writing that they will not agree to such waiver or amendment after receiving notice of the request for such waiver or amendment), the Management
Stockholder hereby agrees, upon the request therefor from the Company, to waive such provision or execute such amendment to this Agreement on the same terms, provided that the Management Stockholder shall not be required to waive or amend
(i) any term of this Agreement that would treat such Management Stockholder in an inconsistent manner with respect to all other Management Members or (ii) any amendment to the terms of Sections 3(a), 6 or this
Section 14. Notwithstanding the foregoing, the Company may amend this Agreement without the consent of the Management Stockholder or any other Management Member to the extent that the Board in its good faith judgment determines necessary
to correct a manifest error in any term hereof. 
 15. Assignment; Successors and Assigns. Except as otherwise expressly provided herein, the
Restricted Stock and the rights and obligations of the parties herein may not be assigned without the prior written consent of the other party. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their
respective heirs, executors, legal representatives, successors and permitted assigns. 
 16. Severability. In case any one or more of the provisions
contained in this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement and such invalid, illegal and
unenforceable provision shall be reformed and construed so that it will be valid, legal, and enforceable to the maximum extent permitted by law. 
 17.
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 18. Section Headings. The headings contained in this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of
this Agreement. 
 19. Governing Law. This Agreement shall be construed and enforced in accordance with and governed by the internal laws of the State
of Delaware. 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the day and year first above
written. 
  

			
	NEWSTAR FINANCIAL, INC.
		
	By:	 	/s/ John K. Bray
	Name: John K. Bray
	Title: Chief Financial Officer

 SIGNATURE PAGE TO AMENDED AND RESTATED RESTRICTED STOCK AGREEMENT 

	
	MANAGEMENT STOCKHOLDER:
	
	/s/ Timothy Conway
	Timothy Conway

 SIGNATURE PAGE TO AMENDED AND RESTATED RESTRICTED STOCK AGREEMENT 

 SCHEDULE I 
 SCHEDULE OF RESTRICTED STOCK 
  

			
	 MANAGEMENT STOCKHOLDER
	 	 RESTRICTED STOCK

	Timothy Conway	 	1,135,811 shares of Class A Common Stock which shall be 457,848 shares of Common Stock after giving effect to the Reverse Stock Split and the Class A Conversion

 EXHIBIT A 
 See Attached 

 NEWSTAR FINANCIAL, INC. 
 RSA Option Award Letter 
 Pursuant to this RSA Option Award Letter (the
“Award Letter”), NewStar Financial, Inc. hereby grants to you (the “Optionee”) the following option (the “Option”) to purchase Common Stock. All capitalized terms used but not defined herein shall
have the meaning assigned to them in the Amended and Restated Restricted Stock Agreement between you and the Company dated December 13, 2006 (the “Agreement”): 
  

			
	 Name of Optionee:
	 	Timothy Conway
		
	 Total Number of shares of Common Stock Subject to this Option:
	 	763,980
		
	 Exercise Price per share of Common Stock:
	 	$17.00
		
	 Grant Date:
	 	December 13, 2006
		
	 Vesting Commencement Date:
	 	December 13, 2006
		
	 Vesting Schedule:
	 	The shares subject to this Option shall vest according to the following schedule: (i) 60% upon the Effective Date and (ii) 10% on each anniversary of the Effective Date for each of the four
years following the Effective Date.
		
	 Date Exerciseable:
	 	This Option may be exercised to the extent the shares subject to this Option have vested at any time after the Grant Date.
		
	 Acceleration:
	 	Upon the occurrence of a Change of Control Liquidity Event or upon termination of the Optionee for death or disability, one hundred percent (100%) of the shares subject to this Option shall
automatically vest.

			
	 Effect of Termination:
	 	 If the employment of the Optionee was terminated (A) by the Optionee for Good Reason or (B) by the Company without Cause (provided that the
termination was not for Performance Reasons), then the shares subject to this Option shall continue to vest for one (1) year following the date of the Termination Event. Any shares that have not vested by the one year anniversary of the date of the
Termination Event shall be cancelled and of no further effect.
  
 If the employment of
the Optionee was terminated by the Company for Cause or for Performance Reasons, then all shares subject to this Option shall cease vesting on the date of the Termination Event. Any shares that have not vested on the date of the Termination Event
shall be cancelled and of no further effect.

		
	 Expiration Date:
	 	This option shall expire ten (10) years from the Grant Date, unless earlier terminated as described below.
		
	 Expiration of Option Upon Termination:
	 	 Except as otherwise extended by the Board, upon the termination of the service of the Optionee, this Option shall expire on the earliest of the
following occasions:
  
 (i) subject to clause (iv), the date that is three months after
the voluntary termination of the Optionee’s service or the termination of the Optionee’s service by the Company (or by an Subsidiary) other than for Cause;
  
 (ii) the date of the termination of the Optionee’s service by the Company (or by an Subsidiary) for Cause;
  
 (iii) the date one year after the termination of the Optionee’s service by reason of
Optionee’s death or disability; or
  
 (iv) in the case of a Change of Control
Liquidity Event, the Expiration Date.

			
	 Other Terms:
	 	Additional terms of this Option are set forth in the General Terms attached hereto.
		
	 Conflicting Terms:
	 	In the event of a conflict between the terms of this Award Letter and the Optionee’s employment agreement, the terms of the employment agreement shall prevail.

 By your signature and the signature of the Company’s representative below, you and the Company agree that this
Option is granted under and governed by the terms of the Agreement, the 2006 Incentive Plan of the Company (to the extent set forth in the Agreement) and the General Terms. 
  

									
	OPTIONEE:	 		 	NEWSTAR FINANCIAL, INC.
				
	  	 		 	By:	 	  
	Name:	 	Timothy Conway	 		 	Name:	 	John K. Bray
	Address:	 	  	 		 	Title:	 	Chief Financial Officer

 SIGNATURE PAGE TO RSA OPTION GRANT 

 NEWSTAR FINANCIAL, INC. 
 RSA Option Award 
 General Terms 
 1. Type of Option. This Option is intended to qualify as a Non-Qualified Stock Option. 
 (a) Vesting of Option if Service Continues. If the Optionee’s service to the Company has continued through the periods set forth in the
Vesting Schedule set forth in the Award Letter, the Optionee may exercise the Option for such number of Shares as have become exercisable pursuant to such schedule. Notwithstanding the foregoing, the Committee may, in its discretion, accelerate the
date on which any portion of the Option becomes exercisable, subject to the requirements of section 409A of the Code. The foregoing rights are cumulative and may be exercised only before the expiration date set forth in the Award Letter. 

(b) Purpose and Waiver. The purpose of this Option is to encourage the Optionee to enter into and/or maintain a continuing and long-term
relationship with the Company. It is not a purpose of this Option to reward the Optionee for the completion of any specific project or of any discrete period of service which may fall between consecutive vesting periods of this Option. By
signing the Award Letter, the Optionee hereby waives any claims to any Shares that have not become exercisable pursuant to Section 1(a) as of the date of the termination of the Optionee’s service to the Company and Shares that are subject
to repurchase upon the exercise of the Repurchase Option (as defined herein). 
 2. Exercise. 
 (a) General. Within the limits set forth in Section 1 above, the Option may be exercised from time to time with respect to all or any part of
the Shares as to which it is exercisable at the time; provided, however, that the Option may not be exercised as to less than 10% of the total number of Shares subject to this Option at any one time, except with respect to the remaining Shares then
purchasable under the Option, if less than 10% of such total number of Shares remain. Shares purchased upon exercise of this Option will be subject to restrictions on transfer. In addition, the exercise of the Option shall be subject to satisfaction
of all conditions the Committee may impose on the exercise of the Option pursuant to the Award Letter or the Agreement, and any such exercise shall be effective only after all such conditions have been satisfied. 
 (b) Deliveries. To exercise the Option, the Optionee (or other person exercising the Option) must deliver to the Company the following:

 (i) a completed and signed Notice of Stock Option Exercise, in the form of Attachment A hereto (the
“Exercise Notice”). If the Option is being exercised by a person other than the Optionee, the Exercise Notice must be accompanied by proof of the right of such person to exercise the Option and such other pertinent information as
the Company deems necessary; 
 (ii) payment in full of the aggregate Exercise Price of the Shares being purchased:

 (1) in cash or by check made payable to the order of the Company; 
 (2) subject to Section 2(c), below, by delivery of shares of Common Stock having an aggregate Fair Market Value on the date of
exercise equal to the aggregate Exercise Price; 
 (3) subject to Section 2(c), below, if previously approved by the
Committee, by a combination of cash, check and/or shares of Common Stock; or 
 SIGNATURE PAGE TO RSA OPTION GRANT 

 (4) if the Common Stock is then traded on a national securities exchange or on the NASDAQ
National Market (or successor trading system), by delivery of an irrevocable undertaking, satisfactory in form and substance to the Company, by a creditworthy securities broker to sell such Shares and to deliver promptly to the Company sufficient
funds to pay the aggregate Exercise Price and any applicable withholding taxes, or delivery by the Optionee to the Company of a copy of irrevocable instructions, satisfactory in form and substance to the Company, to a creditworthy securities broker
to sell such Shares and to deliver promptly to the Company sufficient funds to pay the aggregate Exercise Price and any applicable withholding or employment taxes; or 
 (5) if the Common Stock is then traded on a national securities exchange or on the NASDAQ National Market (or successor trading system),
by delivery by the Optionee to the Company of a copy of irrevocable instructions, satisfactory in form and substance to the Company, to pledge such Shares to a securities broker or lender approved by the Company as security for a loan, and to
deliver promptly to the Company sufficient funds to pay the aggregate Exercise Price and any applicable withholding or employment taxes. 
 (c) Limitations on Payment by Delivery of Common Stock. If clause (2) or (4) of Section 2(b)(ii) is applicable, and if the Optionee wishes to deliver shares of Common Stock held by the Optionee (“Old
Stock”) to the Company in full or partial payment of the aggregate Exercise Price, then: 
 (i) the certificate or
certificates representing such Old Stock shall be duly endorsed for transfer to the Company and such Old Stock shall be free of all transfer restrictions, liens, encumbrances and other legal or equitable interests; 
 (ii) if the Old Stock so delivered is subject to restrictions or limitations imposed by agreement between the Optionee and the Company, an
equivalent number of Shares shall be subject to all restrictions and limitations applicable to the Old Stock to the extent that the Optionee paid for the Shares by delivery of Old Stock, in addition to any restrictions or limitations imposed by the
Equity Agreements; and 
 (iii) notwithstanding any provision of the Equity Agreements to the contrary, the Optionee may not
pay any part of the aggregate Exercise Price hereof by transferring Old Stock to the Company (A) unless such Old Stock has been owned by the Optionee free of any substantial risk of forfeiture for at least six (6) months and (B) the
Committee determines that payment of the aggregate Exercise Price by delivery of such Old Stock will not result in a charge to earnings for financial accounting purposes. 
 (d) Share Certificate(s). 
 (i) Delivery. Subject to Section 2(e), below, the
Company shall deliver a certificate or certificates representing the Shares to the transfer agent of the Company, as custodian (the “Custodian”) as soon as practicable after receipt of the deliveries specified in Section 2(b),
above. Such certificate or certificates shall be registered in the name of the person or persons so exercising this Option. The certificate or certificates so delivered to the Custodian shall be held by the Custodian for the benefit and in favor of
the Optionee, subject to the provisions of this Section 2(d). Notwithstanding the escrow, the Optionee shall retain the right to vote and enjoy all other rights and incidents of ownership of the Shares represented by said certificates. The
Custodian shall issue a receipt to the Optionee evidencing the delivery of the stock certificates and transfer powers. The Custodian shall arrange to keep any stock certificates and stock transfer powers delivered to him under this Section 2(d)
in a secure place and shall keep true and accurate records of all such certificates and powers. 
 (ii) Concerning the
Custodian. The Company shall indemnify and hold harmless the Custodian against any and all costs or expenses (including attorneys’ fees expenses), judgments, fines, losses, claims, damages, liabilities and amounts paid in settlement in
connection with any claim, action, suit, proceeding or investigation arising out of or pertaining to this Award Letter. Any person succeeding to the office of Treasurer shall succeed to and assume the rights and obligations of Custodian hereunder.

  

 2 

 (e) Legal and Regulatory Matters. No Shares shall be issued upon the exercise of this Option
unless and until the Company has determined in its sole discretion that: 
 (i) The Company and the Optionee have taken all
actions required to register the Shares under the Securities Act of 1933, as amended, or any successor statute (the “Securities Act”), or to perfect an exemption from the registration requirements of the Securities Act; 

(ii) Any applicable listing requirements of any stock exchange or other securities market on which the Common Stock is listed have been
satisfied; and 
 (iii) All other applicable provisions of federal and state law have been satisfied. 
 (f) The Company may require, as a condition to the exercise of this Option, that Optionee agree to be bound by certain provisions specified by the
Company, in addition to the provisions of Sections 4 and 5 hereof. 
 3. No Rights as Shareholder. The Optionee (or any other person entitled to
exercise the Option) shall not be entitled to any rights as a shareholder of the Company with respect to any Shares issuable upon exercise of this Option until such Shares shall have been registered on the stock transfer books of the Company in the
name of the Optionee (or such other person). 
 4. Restrictions on Transfer. 
 (a) No Transfer of Options. This Option is not transferable by the Optionee except to a Permitted Transferee. 
 (b) No Transfer of Shares. The Optionee shall not sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by operation of law or otherwise
(collectively “transfer”), any of the Shares, or any interest therein, unless such transfer is made in compliance with the provisions of the Equity Agreements and the Stockholders Agreement. 
 (c) Condition to Transfers to Permitted Transfers. It shall be a condition of transfer to a Permitted Transferee that (i) the transferee agrees to
be bound by the terms of the Equity Agreements and (ii) the Optionee has complied with all applicable laws in connection with such transfer. 
 (d) Effect of Prohibited Transfer of Shares. Any transfer of Shares in violation of this Award Letter shall be void. The Company shall not be required (i) to transfer on its books any of the Shares which shall have been transferred in
violation of this Award Letter or (ii) to treat as the owner of such Shares or pay dividends to any transferee to whom any such Shares shall have been so transferred. 
 5. Securities Law Restrictions on Resale. 
 (a) Optionee’s Representations and
Agreements. The Optionee represents and agrees that (i) unless and until registered under the Securities Act, the Shares will be of an illiquid nature and will be deemed to be “restricted securities” for purposes of the Securities
Act; (ii) the Shares to be acquired upon exercising this Option will be acquired for investment, and not with a view to the sale or distribution thereof, and (iii) such Shares may not be sold except in compliance with the registration
requirements of the Securities Act or an exemption therefrom. 
 (b) Legends on Certificates. Unless the Shares have been registered
under the Securities Act, each certificate evidencing any of the Shares shall bear a legend referring to the restrictions on transfer imposed by the Securities Act, and any applicable state securities laws, as well as a legend to the following
effect: 
 “THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS UPON TRANSFER AND MAY NOT BE SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT IN ACCORDANCE WITH AND SUBJECT TO ALL OF THE TERMS AND 

  

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CONDITIONS OF A CERTAIN STOCK OPTION AWARD LETTER BETWEEN THE COMPANY AND THE REGISTERED OWNER OF THIS CERTIFICATE. THE COMPANY WILL FURNISH A COPY OF SUCH
AWARD LETTER TO THE HOLDER OF THIS CERTIFICATE UPON WRITTEN REQUEST AND WITHOUT CHARGE.” 
 (c) Removal of Legends. If, in the
opinion of counsel to the Company, any legend placed on a stock certificate representing Shares issued under this Award Letter is no longer required, then the holder of such certificate shall be entitled to exchange such certificate for a
certificate representing the same number of Shares but without such legend. 
 (d) Lock-up Agreement. The Optionee agrees that, in the
event that the Company effects any underwritten public offering of Common Stock registered under the Securities Act, neither the Shares nor any interest in the Shares may be sold, offered for sale, pledged or otherwise disposed of, directly or
indirectly (including through the granting of options or any hedging transactions), without the prior written consent of the managing underwriter(s) of the offering, for the same period of time after the execution of an underwriting agreement in
connection with such offering, and on the same terms, that all of the Company’s then directors and executive officers agree to be restricted. 
 6.
No Retention Rights. Nothing in the Award Letter or the Agreement confers upon the Optionee any right to continue in the service of the Company for any period of specific duration or shall be construed to interfere with or otherwise restrict
in any way the rights of the Company or of the Optionee, which rights are expressly reserved by each, to terminate the Optionee’s service at any time and for any reason, with or without cause. 
 7. Taxes. As a condition to the issuance of Shares upon exercise of this Option, the Optionee hereby agrees that, if the Company in its discretion determines that
it is or could be obligated to withhold any tax in connection with the exercise of this Option, or in connection with the transfer of, or the lapse of restrictions on, any Shares or other property acquired pursuant to the Option, the Company may, in
its discretion, withhold the appropriate amount of tax (a) in cash from the Optionee’s wages or other remuneration or (b) in kind from the Shares or other property otherwise deliverable to the Optionee on exercise of this Option. The
Optionee further agrees that, if the Company does not withhold an amount sufficient to satisfy the withholding obligation of the Company, the Optionee will on demand, and as a condition to the issuance of Shares upon the exercise of this Option,
make reimbursement in cash for the amount underwithheld or, if permitted by the Committee, provide such cash or other security as the Committee deems adequate to meet the liability or potential liability of the Company for the withholding of tax,
and to augment such cash or other security from time to time in any amount reasonably deemed necessary by the Committee to preserve the adequacy of such cash or other security. 
 8. Amendments. The Committee may at any time or times amend the Option granted hereunder for the purpose of satisfying the requirements of any changes in applicable laws or regulations or for any other purpose
which at the time may be permitted by law. Except for amendments described in the foregoing sentence necessary to comply with applicable laws and regulations, no termination, amendment of the Option or the Award Letter shall, without the
Optionee’s consent, materially adversely affect the Optionee’s rights under the Option or the Award Letter. Notwithstanding the foregoing, this Award Letter shall be amended as required by Section 10(h) below to the extent required by
regulatory or statutory guidance. 
 9. Adjustments for Stock Splits, Stock Dividends, Etc. If from time to time while the Shares subject to this
Option remain outstanding there is any stock split-up, stock dividend, stock distribution or other reclassification of the Common Stock of the Company, (a) any and all new, substituted or additional securities to which the Optionee is entitled
by reason of his ownership of Shares shall be immediately subject to the restrictions on transfer and other provisions of the Equity Agreements in the same manner and to the same extent as such Shares and (b) appropriate adjustment shall be
made to the Exercise Price, subject to compliance with section 409A of the Code, if applicable. No adjustment shall be made for dividends or similar rights for which the record date is prior to the date of exercise. 
  

 4 

 10. Miscellaneous. 
 (a) Subject to Agreement. The Optionee acknowledges that this Option is subject to the terms and conditions of the Agreement and of the Incentive Plan (to the extent set forth in the Agreement). 
 (b) Severability; Governing Law. If any provisions of this Award Letter shall be determined to be illegal or unenforceable by any court of law,
the remaining provisions shall be severable and enforceable in accordance with their terms. This Award Letter shall be governed by, and construed in accordance with, the internal laws of Delaware, without giving effect to the principles of the
conflicts of laws thereof. 
 (c) Injunctive Relief. It is acknowledged that it will be impossible to measure the damages that would
be suffered by the Company if the Optionee fails to comply with the provisions of this Award Letter and that, in the event of any such failure, the Company will not have an adequate remedy at law. The Company shall, therefore, be entitled to obtain
specific performance of each of the Optionee’s obligations hereunder and to obtain immediate injunctive relief. The Optionee shall not urge, as a defense to any proceeding for such specific performance or injunctive relief, that the Company has
an adequate remedy at law. 
 (d) Binding Effect. This Award Letter shall be binding upon and inure to the benefit of the parties and
their respective heirs, executors, administrators, successors and permitted assigns. 
 (e) Notices. All notices required or permitted
hereunder shall be in writing and be effective upon personal delivery, upon deposit with the United States Post Office, by registered or certified mail, postage prepaid, or upon deposit with a recognized express overnight courier service, addressed,
if to the Company, to its principal executive office at the time, Attention: President, and if to the Optionee, to the address shown beneath his or her signature on the signature page of this Award Letter, or at such other address or addresses as
either party shall designate to the other in accordance with this Section 10(e). 
 (f) Entire Agreement. This Award Letter,
together with the Agreement and as applicable, the Incentive Plan, constitute the entire agreement between the parties hereto pertaining to the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings, whether
oral or written, of the parties hereto concerning the subject matter hereof. 
 (g) Waivers. Any provision contained in this Award
Letter may be waived, either generally or in any particular instance, by the Committee or by an Optionee, but no such waiver by the Committee shall operate to the detriment of the Optionee without the Optionee’s consent. 
 (h) Statutory Requirements and Subsequent Amendment. This Award Letter and the grant of any Option hereunder is intended, to the extent
applicable, to constitute good faith compliance with the requirements of the American Jobs Creation Act, specifically with respect to the definition of deferred compensation and the provisions of section 409A of the Code. To the extent required by
subsequent guidance, whether statutory or regulatory, the Company and Optionee agree that any Option granted hereunder may be modified, rescinded or substituted by the Company with an award of comparable economic value as required to maintain
compliance with the provisions of section 409A of the Code. 
  

 5 

 Attachment A 
 Notice of Stock Option Exercise 
 (To be completed and signed only on exercise of Option) 
 I hereby exercise the stock option (the “Option”) granted by NewStar Financial, Inc. (the “Company”) to me on
            , subject to all the terms and provisions thereof as contained in the RSA Option Award Letter of the same date signed by me concerning such Option (the “Award
Letter”) and the Amended and Restated Restricted Stock Agreement (the “Agreement”), and notify you of my desire to purchase _____ Shares pursuant to the Option. 
 Enclosed is my check in the sum of
$                     in full payment for such Shares and applicable withholding and employment taxes. 
 I have been made aware of and understand that a holder of Non-Qualified Stock Options will be taxed upon the holder’s exercising his/her options,
and may be subject to withholding. 
 I understand that all taxes relating to the exercise of these options are my responsibility alone, and
have sought advice from my tax advisor as I determined appropriate. 
 I hereby confirm to the Company each of my representations, covenants
and agreements in the Award Letter and the Agreement. 
 All capitalized terms in this Notice of Stock Option Exercise have the meanings set
forth in the Award Letter or in the Agreement, as the case may be. 
 DATED:                     
  

			
	Signature:
	
	   
	Name:	 	  

 SIGNATURE PAGE TO RSA OPTION GRANT

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