Document:

EX-10.1

 Exhibit 10.1 

ECLIPSE RESOURCES CORPORATION 

CHANGE IN CONTROL SEVERANCE POLICY 

(Effective September 11, 2015) 

1. Purpose. The purpose of the Eclipse Resources Corporation (the “Company”) Change in Control
Severance Policy (the “Policy”) is to secure the continued services of certain employees of the Company and to ensure their continued dedication to their duties in the event of any threat or occurrence of a Change in
Control (as defined in Section 2). This Policy is only for the benefit of the Participants (as defined in Section 2), and no other employees, personnel, consultants or independent contractors shall be covered under the Policy or receive
any rights or benefits hereunder. 
 2. Definitions. As used in this Policy, the following terms shall have the
respective meanings set forth below: 
 (a) “Affiliate” shall mean any company or other entity controlled by,
controlling or under common control with the Company within the meaning of Section 414 of the Code. 
 (b)
“Annual Cash Bonus Amount” means, with respect to a Participant, the product of: (i) (A) if the Participant’s Qualifying Termination occurs between January 1 and June 30 of a calendar year, the
Participant’s Target Bonus Amount, or (B) if the Participant’s Qualifying Termination occurs between July 1 and December 31 of a calendar year, the dollar amount of the Participant’s annual cash performance bonus under
the Company’s annual cash performance bonus program, as determined based on the Company’s actual performance through the date of the Participant’s Qualifying Termination and with any applicable performance target or goal pro-rated to
align such performance target or goal with the shortened performance period; and (ii) a fraction, the numerator of which is the number of calendar days that have elapsed between January 1 of such calendar year and the date of the
Participant’s Qualifying Termination, and the denominator of which is three-hundred sixty-five (365). 
 (c)
“Base Salary” means, with respect to a Participant, the higher of (i) the Participant’s annual base salary as in effect on the date immediately prior to the start of the Change in Control Protection Period, or
(ii) the Participant’s annual base salary as in effect on the date of the Participant’s Qualifying Termination. 

(d) “Board” means the Board of Directors of the Company. 

(e) “Business Day” means any calendar day other than a Saturday, Sunday, a federal holiday or other calendar day on
which commercial banks in the City of New York are generally closed. 
 (f) “Cause” means the occurrence of any of
the following events, as reasonably determined by the Committee: (i) Participant’s intentional and continued failure to 

  
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perform his or her duties for the Company and its Affiliates; (ii) Participant’s conviction of a felony or a misdemeanor involving moral turpitude, or his or her guilty plea to or entry
of a nolo contendere plea to a felony charge or a misdemeanor charge involving moral turpitude; or (iii) the intentional or grossly negligent engagement by Participant in conduct that is materially injurious to the Company, financially
or otherwise. For this purpose, an act or failure to act on the part of a Participant will be deemed “intentional” only if done or omitted to be done by a Participant not in good faith and without reasonable belief that his or her action
or omission was in the best interest of the Company, and no act or failure to act on the part of a Participant will be deemed “intentional” if it was due primarily to an error in judgment or negligence. 

(g) “Change in Control” means the occurrence, after the Effective Date, of any one of the following events:

 (i) A transaction or series of related transactions (other than an offering of the Company’s common stock
to the general public through a registration statement filed with the Securities and Exchange Commission) whereby any “person” or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of
the Exchange Act) (“Person”) (other than the Company, any Subsidiary, any employee benefits plan (or related trust) sponsored or maintained by the Company or any Subsidiary, or any Person that, prior to such transaction, directly or
indirectly controls, is controlled by, or is under common control with, the Company (collectively, “Excluded Persons”)), directly or indirectly becomes the beneficial owner of securities of the Company representing fifty percent
(50%) or more of the combined voting power of the Company’s then outstanding securities with respect to the election of directors of the Company;  

(ii) The following individuals cease for any reason to constitute a majority of the number of directors then serving on the
Board: individuals who, on the Effective Date, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including, but not limited to, a
consent solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s stockholders was approved or recommended by a vote of at least two-thirds
(2/3) of the directors then still in office who either were directors on the Effective Date or whose appointment, election or nomination for election was previously so approved or recommended; 

(iii) The consummation of a sale or disposition of all or substantially all the Company’s assets in one or a series of
related transactions; 
 (iv) The consummation of a merger, consolidation, or reorganization of the Company, or the
acquisition of outstanding voting securities of the Company, and as a result of or in connection with such transaction (A) fifty percent (50%) or more of the voting securities of the Company outstanding immediately prior thereto, or the
outstanding voting securities of the surviving entity, are beneficially owned, directly or indirectly, by any other Person other than an Excluded Person, or (B) the voting securities of the Company outstanding immediately prior thereto do not
immediately after such 

  
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transaction continue to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the combined voting
power of the voting securities of the Company (or such surviving entity) outstanding immediately after such merger, consolidation, or reorganization; or 

(v) The stockholders of the Company approve a plan of complete liquidation or dissolution of the Company. 

(h) “Change in Control Protection Period” means the thirty (30) month period that begins six (6) months
before a Change in Control and ends twenty-four (24) months following the Change in Control. 
 (i)
“Code” means the Internal Revenue Code of 1986, as amended. 
 (j) “Company” means Eclipse
Resources Corporation and any successor entity as provided in Section 11 hereof. 
 (k) “Committee”
means a committee of two or more directors designated by the Board to administer this Policy. 
 (l) “Effective
Date” means September 11 2015. 
 (m) “Exchange Act” means the Securities and Exchange Act of 1934,
and the rules and regulations promulgated thereunder. 
 (n) “Good Reason” means the occurrence of one or
more of the following circumstances, without the Participant’s express written consent, and which circumstance(s) are not remedied by the Company within thirty (30) calendar days of receipt of a written notice from the Participant
describing in reasonable detail the Good Reason event that has occurred (which notice must be provided within ninety (90) calendar days of the Participant’s obtaining knowledge of the event), provided that the Participant must terminate
employment within sixty (60) calendar days following the expiration of the Company’s thirty (30) calendar day cure period: 

(i) (A) any material change in the duties, responsibilities or status (including reporting responsibilities) of the Participant
that is inconsistent in any material and adverse respect with the Participant’s position(s), duties, responsibilities or authority with the Company immediately prior to the start of a Change in Control Protection Period (including any material
and adverse diminution of such duties or responsibilities); or (B) a material and adverse change in the Participant’s titles or offices (including, if applicable, membership on the Board) with the Company as in effect immediately prior to
the start of a Change in Control Protection Period; 
 (ii) a material reduction in the Participant’s rate of annual
base salary or annual performance bonus opportunity, long-term performance bonus opportunity or equity incentive compensation target opportunity (including any material and adverse change in the formula for any performance targets) as in effect
immediately prior to such Change in Control; 

  
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 (iii) the failure of the Company to obtain the assumption of the Company’s
obligations hereunder from any successor; or 
 (iv) a material breach by the Company of the terms of the Participant’s
employment agreement (if applicable). 
 (o) “Level I Participant” means each of (i) the Company’s
President and Chief Executive Officer, and (ii) the Company’s Executive Vice Presidents. 
 (p) “Level II
Participant” means each of the Company’s Senior Vice Presidents. 
 (q) “Level III Participant”
means each of the Company’s Vice Presidents and employees listed by position on Exhibit A, attached hereto. 
 (r)
“Level IV Participant” means each of the Company’s employees listed by position on Exhibit A, attached hereto. 

(s) “Participant” means each Level I, Level II, Level III and Level IV Participant who is employed by the Company as
of October 1, 2015 or who commences employment with the Company on or after October 1, 2015. Each employee who is designated as a Participant shall be provided a Participation Certificate, in the form attached hereto as Exhibit
B, specifying that the employee is a Level I, Level II, Level III or Level IV Participant.  
 (t) “Participation
Certificate” means a certificate substantially similar to the form attached hereto as Exhibit B.  
 (u)
“Qualifying Termination” means any termination of a Participant’s employment with the Company or any Affiliate during a Change in Control Protection Period that is a “separation from service” (within the meaning of
Section 409A and Treasury Regulation § 1.409A-1(h)(3) (or any successor regulations or guidance thereto)) thereof that does not result from any of the following: 

(1) death; 
 (2) disability
entitling the Participant to benefits under the Company’s long-term disability plan; 
 (3) involuntary termination for Cause; or 

(4) resignation by the Participant, unless such resignation is for Good Reason. 

  
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 (v) “Section 409A” means Section 409A of the Code, and the final
Treasury Regulations issued thereunder. 
 (w) “Subsidiary” means any corporation or other entity in which
the Company has a direct or indirect ownership interest of fifty percent (50%) or more of the total combined voting power of the then outstanding securities or interests of such corporation or other entity entitled to vote generally in the
election of directors (or members of any similar governing body) or in which the Company has the right to receive fifty percent (50%) or more of the distribution of profits or fifty percent (50%) of the assets or liquidation or
dissolution. 
 (x) “Target Bonus Amount” means the dollar amount of the Participant’s target bonus
award opportunity under the Company’s annual cash performance bonus program for the calendar year in which the Participant’s Qualifying Termination occurs. 

3. Eligibility.  

(a) Each of the Company’s employees who satisfies the requirements to be a Participant under the Policy and who signs and timely
returns to the Company a Participation Certificate shall be a Participant under the Policy. During a Change in Control Protection Period, a Participant’s coverage under the Policy may not be terminated nor may the Participant’s level of
participation (i.e., as a Level I, II, III or IV Participant) be reduced without such Participant’s written consent.  

(b) A Participant will not receive any benefits under this Policy if his or her employment with the Company and its Affiliates terminates for
any reason other than a Qualifying Termination. 
 4. Cash Severance Payment. If a Participant incurs a Qualifying
Termination, then, subject to the separation agreement and release requirements in Section 6 below, the Participant shall be entitled to receive the following cash severance benefit:  

(a) If the Participant is a Level I Participant, a lump-sum cash payment payable on, or as soon as practicable following, the sixty-fifth (65th) calendar day following the date of the Participant’s Qualifying Termination (or the date of the Change in Control, if later), in an amount equal to the sum of (i) three
(3) times the Level I Participant’s Base Salary, plus (ii) three (3) times the Level I Participant’s Target Bonus Amount, plus (iii) the Level I Participant’s Annual Cash Bonus Amount. If a Level I Participant has
executed an individually negotiated agreement (including, without limitation, an employment agreement) with the Company relating to severance benefits that is in effect immediately prior to his or her Qualifying Termination, the amount of a Level I
Participant’s cash severance payment under this Section 4(a) shall be reduced (but not below zero) by the aggregate dollar amount of the cash severance payments, if any, payable under the terms of such individually negotiated agreement.

 (b) If the Participant is a Level II Participant, a lump-sum cash payment payable on, or as soon as practicable following, the
sixty-fifth (65th) calendar day following the date of the Participant’s Qualifying Termination (or the date of the Change in Control, if later), in an amount equal to the sum of
(i) two (2) times the Level II Participant’s Base Salary, plus (ii) two (2) times the Level II Participant’s Target Bonus Amount, plus (iii) the Level II Participant’s Annual Cash Bonus Amount. 

  
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 (c) If the Participant is a Level III Participant, a lump-sum cash payment payable on, or as soon
as practicable following, the sixty-fifth (65th) calendar day following the date of the Participant’s Qualifying Termination (or the date of the Change in Control, if later), in an
amount equal to the sum of (i) one (1) times the Level III Participant’s Base Salary, plus (ii) one (1) times the Level III Participant’s Target Bonus Amount, plus (iii) the Level III Participant’s Annual Cash
Bonus Amount. 
 (d) If the Participant is a Level IV Participant, a lump-sum cash payment payable on, or as soon as practicable following,
the sixty-fifth (65th) calendar day following the date of the Participant’s Qualifying Termination (or the date of the Change in Control, if later), in an amount equal to the sum of
(i) one-half (1/2) times the Level IV Participant’s Base Salary, plus (ii) one-half (1/2) times the Level IV Participant’s Target Bonus Amount, plus (iii) the Level IV Participant’s Annual Cash Bonus Amount.

 5. COBRA Continuation Coverage. If a Participant incurs a Qualifying Termination, subject to the separation agreement and
release requirements in Section 6 below, during the portion, if any, of the eighteen (18) month period following the Participant’s termination date that the Participant, Participant’s spouse or Participant’s eligible
dependents elect to continue coverage under the Company’s group health plans under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), the Company will promptly reimburse the Participant on a
monthly basis for the amount paid to effect and continue such coverage. Nothing contained herein is intended to limit or otherwise restrict any rights to continued group health plan coverage pursuant to COBRA following the period described in the
preceding sentence. 
 6. Separation Agreement and Release Requirement. Payment of the cash severance under
Section 4 and the COBRA continuation coverage under Section 5 are subject to the Participant’s timely execution and return of a Separation Agreement and Release in the form attached to this Policy as Exhibit C (the
“Separation Agreement and Release”) without subsequent revocation during the seven (7) calendar day period following such execution date (the “Release Revocation Period”). The
Participant shall have fifty (50) calendar days following (i) the date of the Participant’s Qualifying Termination, or (ii) in the case of a Pre-Change in Control Qualifying Termination, the effective date of the Change in
Control, to consider, execute and return the Separation Agreement and Release to the Company and shall then have the right to revoke the Separation Agreement and Release during the Release Revocation Period. If the Participant fails to timely
execute and return the Separation Agreement and Release to the Company or revokes such Separation Agreement and Release during the Release Revocation Period, then the Participant shall forfeit, and shall not be entitled to, any of the benefits
described in Section 4 or Section 5. 
 7. Entire Agreement; No Duplication of Benefits. Any benefits or amounts payable
hereunder shall be reduced by any notice under, or payments in lieu of notice under, the Worker Adjustment and Retraining Notification Act (or similar state law). Any benefits or amounts payable under this Policy shall not be duplicative of any
other severance benefits, and to the extent a Participant (other than a Level I Participant) has executed an individually negotiated 

  
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agreement with the Company relating to severance benefits that is in effect immediately prior to his or her Qualifying Termination, no amounts will be due hereunder unless such Participant
acknowledges and agrees that the severance benefits, if any, provided under this Policy are in lieu of and not in addition to any severance benefits provided under the terms of such individually negotiated agreement. 

8. Withholding Taxes. The Company may withhold from all payments due to the Participant (or his beneficiary or estate) hereunder
all taxes which, by applicable federal, state, local or other law, the Company is required to withhold therefrom. 
 9.
Section 280G of the Code.  
 (a) Anything in this Policy to the contrary notwithstanding and except as set forth
in subparagraph (b) below, in the event it shall be determined that any payment or distribution in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of the Participant, whether paid or
payable or distributed or distributable pursuant to the terms of this Policy or otherwise, but determined without regard to any reduction (if any) required under this Section 9 (the “Payment”), would be subject to the excise
tax imposed by Section 4999 of the Code, together with any interest or penalties imposed with respect to such excise tax (“Excise Tax”), then the Company shall automatically reduce (the “Reduction”) the
Participant’s Payment to the minimum extent necessary to prevent the Payment (after the Reduction) from being subject to the Excise Tax, but only if, by reason of the Reduction, the after-tax benefit of the reduced Payment exceeds the after-tax
benefit if such Reduction was not made. If the after-tax benefit of the reduced Payment does not exceed the after-tax benefit if the Payment is not reduced, then the Reduction shall not apply. If the Reduction is applicable, the Payment shall be
reduced in such a manner that provides the Participant with the best economic benefit and, to the extent any portions of the Payment are economically equivalent with each other, each shall be reduced pro rata. 

(b) All determinations required to be made under this Section 9, including the after-tax benefit and calculation of the Reduction,
shall be made by a certified public accounting firm that is selected by the Company (the “Accounting Firm”), which may be the Company’s independent auditors. In the event that the Accounting Firm is serving as accountant or
auditor for the individual, entity or group effecting the Change in Control or the Accounting Firm declines or is unable to serve, the Participant shall appoint another certified public accounting firm, which is reasonably agreed to by the Company,
to make the determinations required hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder). In the event that the Accounting Firm determines that no Excise Tax is payable by the Participant, either with or
without application of the Reduction under this Section 9, then the Accounting Firm shall furnish the Participant with a written opinion that failure to report the Excise Tax on the Participant’s applicable federal income tax return would
not result in the imposition of a negligence or similar penalty. If the Reduction is applicable, the Company shall provide the Participant with a written summary of the portions of the Payment that will be reduced. All fees and expenses of the
Accounting Firm shall be borne solely by the Company. All determinations by the Accounting Firm made under this Section 9 shall be binding upon the Company and the Participant. 

  
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 10. Scope of Policy. Nothing in this Policy shall be deemed to entitle the
Participant to continued employment with the Company or its Affiliates, and if a Participant’s employment with the Company shall terminate prior to or following a Change in Control Protection Period, the Participant shall have no further rights
under this Policy, except as otherwise provided hereunder. 
 11. Successors; Binding Agreement. 

(a) This Policy shall be binding upon and inure to the benefit of the Company, its successors and assigns (including, without limitation, any
company into or with which the Company may merge or consolidate). The Company will not effect the sale or other disposition of all or substantially all of its assets unless either (i) the person or entity acquiring such assets or a substantial
portion thereof shall expressly assume by an instrument in writing all duties and obligations of the Company hereunder or (ii) the Company shall provide, through the establishment of a separate reserve therefor, for the payment in full of all
amounts which are or may reasonably be expected to become payable to Participants hereunder. 
 (b) The benefits provided under this Policy
shall inure to the benefit of and be enforceable by the Participant’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Participant shall die while any amounts would be
payable to the Participant hereunder had the Participant continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Policy to such person or persons appointed in writing by the
Participant to receive such amounts or, if no person is so appointed, to the Participant’s estate. 
 12. Notice. For
purposes of this Policy, all notices and other communications required or permitted hereunder shall be in writing and shall be deemed to have been duly given when delivered or five (5) Business Days after deposit in the United States mail,
certified and return receipt requested, postage prepaid, addressed as follows: 
 If to the Participant: the address listed as the
Participant’s address in the Company’s personnel files. 
 If to the Company: 

Eclipse Resources Corporation

Attention: Vice President, Administration

2121 Old Gatesburg Road, Suite 110 

State College, Pennsylvania 16803 
 or to such
other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt. 

13. Survival. The respective obligations and benefits afforded to the Company and the Participant as provided in Sections 4 (to
the extent that payments or benefits are owed as a result of a Qualifying Termination that occurs during the term of this Policy), 5, 6, 7, 8, 9, 10, 11, 12 and 14 shall survive the termination of this Policy. 

  
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 14. GOVERNING LAW; VALIDITY. THE INTERPRETATION, CONSTRUCTION AND PERFORMANCE OF
THIS POLICY SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE COMMONWEALTH OF PENNSYLVANIA, WITHOUT REGARD TO THE PRINCIPLE OF CONFLICTS OF LAWS, AND APPLICABLE FEDERAL LAWS. THE INVALIDITY OR
UNENFORCEABILITY OF ANY PROVISION OF THIS POLICY SHALL NOT AFFECT THE VALIDITY OR ENFORCEABILITY OF ANY OTHER PROVISION OF THIS POLICY, WHICH OTHER PROVISIONS SHALL REMAIN IN FULL FORCE AND EFFECT. 

15. Amendment and Termination. The Board may amend or terminate the Policy at any time; provided, however, that
during a Change in Control Protection Period the Policy may not be amended or terminated by the Board in any manner which is materially adverse to the interests of any Participant without the prior written consent of such Participant; and further
provided, that no such amendment or termination shall affect the Company’s obligation to complete the delivery of benefits earned and accrued hereunder to any Participant prior to the effective time of such amendment or termination. 

 16. Interpretation and Administration. The Policy shall be administered by the Committee. The Committee shall have the
authority (a) to exercise all of the powers granted to it under the Policy, (b) to construe, interpret and implement the Policy, (c) to prescribe, amend and rescind rules and regulations relating to the Policy, (d) to make all
determinations necessary or advisable in administration of the Policy and (e) to correct any defect, supply any omission and reconcile any inconsistency in the Policy. Actions of the Committee shall be taken by a majority vote of its
members. 
 17. Claims Procedure. 

(a) It shall not be necessary for a Participant or beneficiary who has become entitled to receive a benefit hereunder to file a claim for such
benefit with any person as a condition precedent to receiving a distribution of such benefit. However, any Participant or beneficiary who believes that he or she has become entitled to a benefit hereunder and who has not received, or commenced
receiving, a distribution of such benefit, or who believes that he or she is entitled to a benefit hereunder in excess of the benefit which he or she has received, or commenced receiving, may file a written claim for such benefit with the Committee
at any time on or prior to the end of the fiscal year next following the fiscal year in which he or she allegedly became entitled to receive a distribution of such benefit. Such written claim shall set forth the Participant’s or
beneficiary’s name and address and a statement of the facts and a reference to the pertinent provisions of the Policy upon which such claim is based. The Committee shall, within ninety (90) calendar days after such written claim is filed,
provide the claimant with written notice of its decision with respect to such claim. If such claim is denied in whole or in part, the Committee shall, in such written notice to the claimant, set forth in a manner calculated to be understood by the
claimant the specific reason or reasons for denial; specific references to pertinent provisions of the Policy upon which the denial is based; a description of any additional material or information necessary for the claimant to perfect his or her
claim and an explanation of why such material or information is necessary; and an explanation of the provisions for review of claims set forth in below. 

  
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 (b) A Participant or beneficiary who has filed a written claim for benefits with the Committee
which has been denied may appeal such denial to the Committee and receive a full and fair review of his or her claim by filing with the Committee a written application for review at any time within sixty (60) calendar days after receipt from
the Committee of the written notice of denial of his or her claim provided for in Section 17(a) above. A Participant or beneficiary who submits a timely written application for review shall be entitled to review any and all documents pertinent
to his or her claim and may submit issues and comments to the Committee in writing. Not later than sixty (60) calendar days after receipt of a written application for review, the Committee shall give the claimant written notice of its decision
on review, which written notice shall set forth in a manner calculated to be understood by the claimant specific reasons for its decision and specific references to the pertinent provisions of the Policy upon which the decision is based. 

(c) Any act permitted or required to be taken by a Participant or beneficiary under this Section 17 may be taken for and on behalf of
such Participant or beneficiary by such Participant’s or beneficiary’s duly authorized representative. Any claim, notice, application or other writing permitted or required to be filed with or given to a party by this Section 17 shall
be deemed to have been filed or given when deposited in the U.S. mail, postage prepaid, and properly addressed to the party to whom it is to be given or with whom it is to be filed. Any such claim, notice, application, or other writing deemed filed
or given pursuant to the preceding sentence shall in the absence of clear and convincing evidence to the contrary, be deemed to have been received on the fifth (5th) Business Day following the date upon which it was filed or given. Any such
notice, application, or other writing directed to a Participant or beneficiary shall be deemed properly addressed if directed to the address set forth in the written claim filed by such Participant or beneficiary. 

18. Term. This Policy shall be effective until 11:59 P.M. (Eastern Time) on the first (1st) anniversary of the Effective Date, unless the Board, in its sole discretion, elects to renew the Policy prior to the time that the Policy is then scheduled to expire. 

19. Type of Policy. This Policy is intended to be, and shall be interpreted as an unfunded employee welfare plan under
Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and Section 2520.104-24 of the Department of Labor Regulations, maintained primarily for the purpose of providing
employee welfare benefits, to the extent that it provides welfare benefits, and under Sections 201, 301 and 401 of ERISA, as a plan that is unfunded and maintained primarily for the purpose of providing deferred compensation, to the extent that it
provides such compensation, in each case for a select group of management or highly compensated employees. 
 20.
Nonassignability. Benefits under the Policy may not be assigned by the Participant. The terms and conditions of the Policy shall be binding on the successors and assigns of the Company. 

21. Section 409A. To the extent a Participant would otherwise be entitled to any payment that under this Policy, or
any plan or arrangement of the Company or its affiliates, constitutes “deferred compensation” subject to Section 409A and that if paid during the six (6)  

  
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months beginning on the date of termination of a Participant’s employment would be subject to the Section 409A additional tax because the Participant is a “specified employee”
(within the meaning of Section 409A and as determined by the Company) the payment will be paid to the Participant on the earlier of the six (6) month anniversary of the Participant’s date of termination or the Participant’s death
or disability (within the meaning of Section 409A). Similarly, to the extent the Participant would otherwise be entitled to any benefit (other than a payment) during the six months beginning on termination of the Participant’s employment
that would be subject to the Section 409A additional tax, the benefit will be delayed and will begin being provided on the earlier of the six (6) month anniversary of the Participant’s date of termination or death. In addition, any
payment or benefit due upon a termination of the Participant’s employment that represents a “deferral of compensation” within the meaning of Section 409A shall be paid or provided to the Participant only upon a “separation
from service” as defined in Treasury Regulation § 1.409A-1(h). Each severance payment made under this Policy shall be deemed to be separate payments, amounts payable under Section 4 of this Policy shall be deemed not to be a
“deferral of compensation” subject to Section 409A to the extent provided in the exceptions in Treasury Regulation Sections 1.409A-1(b)(4) (“short-term deferrals”) and (b)(9) (“separation pay plans,” including the
exception under subparagraph (iii)) and other applicable provisions of Treasury Regulation Section 1.409A-1 through A-6. 

END 

  
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 Exhibit A 

List of Level III and IV Participants 

Level III Participants 
 Vice President, Controller

 Vice President, Administration 
 Vice President, Health,
Safety, Environmental and Regulatory 
 Vice President, Investor Relations 

Vice President, Financial Planning and Analysis 
 Vice
President, Geology 
 Vice President, Reservoir Engineering 

Vice President, Assistant Secretary and Associate General Counsel 

Manager, Drilling 
 Manager, Completions 

Manager, Unconventional Production 
 Level IV Participants

 Assistant Controller, Operations 
 Assistant
Controller, Fixed Assets and Tax 
 Director, Financial Planning and Analysis 

Director, Information Technology 
 Manager, Financial Planning
and Analysis 
 Manager, General Ledger Accounting 
 Manager,
Revenue Accounting 
 Manager, Construction 
 Manager, Health,
Safety, Environmental and Regulatory 
 Manager, Human Resources 

Manager, Information Technology Infrastructure 
 Land Manager,
Operations 
 Manager, Title 

  
 A-1 

 Level IV Participants - Continued 

 

 Manager, Land Administration 

Staff Attorney 
 Manager, Gas Marketing 

Manager, Reserves Reporting 
 Manager, Security 

Manager, Conventional Production 

END 

  
 A-2 

 Exhibit B 

ECLIPSE RESOURCES CORPORATION 

CHANGE IN CONTROL SEVERANCE POLICY 

PARTICIPATION CERTIFICATE 

This Participation Certificate given this      day of [●],     , by Eclipse
Resources Corporation, a Delaware corporation (the “Company”), and the Compensation Committee of the Company’s Board of Directors (the “Committee”) to [●]
(“Employee”), with capitalized terms used but not defined herein having the respective meanings assigned to such terms in the Eclipse Resources Corporation Change in Control Severance Policy (the “Policy”) unless
otherwise stated. 
 1. The Committee hereby designates Employee as a [Level I, II, III or IV] Participant under the Policy,
effective as of [●]. 
 2. Upon Employee’s termination of employment in connection with or following a
Change in Control of the Company under the circumstances and subject to the terms and conditions described in the Policy, Employee will be entitled to the payments and benefits specified in Sections 4 and 5 of the Policy. 

3. Employee acknowledges and agrees that (a) he or she has received a copy of the Policy and has read and understands the Policy, and
(b) Employee will not receive any benefits under the Policy if his or her employment with the Company and its Affiliates terminates for any reason other than a Qualifying Termination. 

4. Employee acknowledges and agrees that, as a condition to receiving any payments or benefits under the Policy, Employee must sign, and not
revoke, a separation agreement and release substantially in the form attached as Exhibit C to the Policy. 
 5. Employee acknowledges
that he or she is not required to be covered by the Policy, and will be deemed to have declined coverage under the Policy by not executing this Participation Certificate and returning it to the Vice President, Administration, so that it is received
no later than fifty (50) days after Employee’s receipt of this Participation Certificate. 
 6. Employee’s status as a
Participant under the Policy will terminate at such time as may be determined by the Committee, provided that during a Change in Control Protection Period, an Employee’s coverage under the Policy may not be terminated nor may the
Employee’s level of participation (i.e., as a Level I, II, III or IV Participant) be reduced without the Employee’s written consent. 

IN WITNESS WHEREOF, Company has caused this Participation Certificate to be duly executed by an officer thereunto duly authorized, and the
Employee has executed this Participation Certificate, each effective as of the latest date written below. 
 [Signature page follows.]

  
 B-1 

 
			
	ECLIPSE RESOURCES CORPORATION
		
	By:	 	  

		 	[Name]
		 	[Title]
		
	Date:	 	  

	
	EMPLOYEE
	
	  

	Name:
		
	Date:	 	  

 [Signature page to Participation Certificate] 

 Exhibit C 

FORM OF SEPARATION AGREEMENT AND RELEASE 

(HEREIN “AGREEMENT”) 
 1. In
consideration of the payments and benefits to be made by Eclipse Resources Corporation (the “Company”) to [●] (the “Employee”) under the Eclipse Resources Corporation Change in Control
Severance Policy (the “Policy”) (each of Employee and the Company, a “Party” and together, the “Parties”), the sufficiency of which Employee acknowledges, Employee, with the intention of binding
himself or herself and his or her heirs, executors, administrators and assigns, does hereby release, remise, acquit and forever discharge the Company and each of its subsidiaries and affiliates (the “Company Affiliated Group”),
their present and former officers, directors, executives, stockholders, agents, attorneys, employees and employee benefit plans (and the fiduciaries thereof), and the successors, predecessors and assigns of each of the foregoing (collectively, the
“Company Released Parties”), of and from any and all claims, actions, causes of action, complaints, charges, demands, rights, damages, debts, sums of money, accounts, financial obligations, suits, expenses, attorneys’ fees and
liabilities of whatever kind or nature in law, equity or otherwise, whether accrued, absolute, contingent, unliquidated or otherwise and whether now known or unknown, suspected or unsuspected, which Employee, individually or as a member of a class,
now has, owns or holds, or has at any time heretofore had, owned or held, arising on or prior to the date hereof, against any Company Released Party that arises out of, or relates to, the Policy, Employee’s employment with the Company or any of
its subsidiaries and affiliates, or any termination of such employment, including claims (i) for severance or vacation or paid time off benefits, unpaid wages, salary or incentive payments, (ii) for breach of contract, wrongful discharge,
impairment of economic opportunity, defamation, intentional infliction of emotional harm or other tort, (iii) for any violation of applicable state and local labor and employment laws (including, without limitation, all laws concerning unlawful
and unfair labor and employment practices) and (iv) for employment discrimination under any applicable federal, state or local statute, provision, order or regulation, and including, without limitation, any claim under Title VII of the Civil
Rights Act of 1964 (“Title VII”), the Civil Rights Act of 1988, the Fair Labor Standards Act, the Americans with Disabilities Act (“ADA”), the Family and Medical Leave Act, the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”), the Age Discrimination in Employment Act (“ADEA”), the Equal Pay Act, the Uniformed Services Employment and Reemployment Rights Act and any similar or analogous state or local law,
regulation or ordinance. Notwithstanding the foregoing, this Release will not apply and expressly excludes: (a) vested benefits under any plan maintained by the Company that provides for deferred compensation, equity compensation or pension or
retirement benefits; (b) health benefits under any policy or plan currently maintained by the Company that provides for health insurance continuation or conversion rights including, but not limited to, rights and benefits to continue health
care coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended or similar or analogous state or local law, regulation or ordinance; (c) any claim that cannot by law be waived or released by private agreement;
(d) claims arising after the date of the Release; (e) to the extent not paid as of the date of this Release, payments and benefits to be made under the Policy; (f) claims under any directors and officers insurance policies; and
(g) rights to indemnification Employee may have under the by-laws or certificate of incorporation of the Company and its Affiliates, any applicable indemnification agreements with the Company and its Affiliates or applicable law. 

  
 C-1 

 2. Employee acknowledges and agrees that the release of claims set forth in this Release is not to be construed
in any way as an admission of any liability whatsoever by any Company Released Party, any such liability being expressly denied. 
 3. The release of claims
set forth in this Release applies to any relief no matter how called, including, without limitation, (i) wages, (ii) back pay or front pay, (iii) compensatory damages, liquidated damages, punitive damages, damages for pain or
suffering, (iv) costs, (v) attorneys’ fees and expenses, and (vi) any right to receive any compensation or benefit from any complaint, claim, or charge with any local, state or federal court, agency or board, or in any proceeding
of any kind which may be brought against the Company as a result of such a complaint, claim or charge. 
 4. Employee specifically acknowledges that his
acceptance of the terms of the release of claims set forth in this Release is, among other things, a specific waiver of his rights, claims and causes of action under Title VII, ADEA, ADA and any state or local law or regulation in respect of
discrimination of any kind; provided, however, that nothing herein will be deemed, nor does anything contained herein purport, to be a waiver of any right or claim or cause of action which by law Employee is not permitted to waive.

 5. As to rights, claims and causes of action arising under the ADEA, Employee acknowledges that he has been given a period of fifty (50) calendar
days to consider whether to execute this Release. If Employee accepts the terms hereof and executes this Release, he may thereafter, for a period of seven (7) calendar days following (and not including) the date of execution, revoke this
Release as it relates to the release of claims arising under the ADEA. If no such revocation occurs, this Release will become irrevocable in its entirety, and binding and enforceable against Employee, on the calendar day next following the calendar
day on which the foregoing seven (7) calendar day period has elapsed. If such a revocation occurs, Employee will irrevocably forfeit any right to payment of the severance benefits described in Section 4 of the Policy. 

6. Other than as to rights, claims and causes of action arising under the ADEA, the release of claims set forth in this Release will be immediately effective
upon execution by Employee. 
 7. Employee acknowledges and agrees that he or she has not, with respect to any transaction or state of facts existing prior
to the date hereof, filed any complaints, charges or lawsuits against any Company Released Party with any governmental agency, court or tribunal. 
 8.
Employee acknowledges that he or she is hereby advised to seek, and has had the opportunity to seek, the advice and assistance of an attorney with regard to the release of claims set forth in this Release, and has been given a sufficient period
within which to consider the release of claims set forth in this Release. 
 9. Employee acknowledges that the release of claims set forth in this Release
relates only to claims that exist as of the date of this Release. 

  
 C-2 

 10. Employee acknowledges that the severance benefits described in Section 4 and Section 5 of the
Policy that he or she will receive in connection with the release of claims set forth in this Release and his or her obligations under this Release are in addition to anything of value to which Employee is entitled from the Company. 

11. Each provision hereof is severable from this Release, and if one or more provisions hereof are declared invalid, the remaining provisions will
nevertheless remain in full force and effect. If any provision of this Release is so broad in scope or duration or otherwise, as to be unenforceable, such provision will be interpreted to be only so broad as is enforceable. 

12. This Release constitutes the complete agreement of the Parties in respect of the subject matter hereof and will supersede all prior agreements between the
Parties in respect of the subject matter hereof except to the extent set forth herein. 
 13. The failure to enforce at any time any of the provisions of
this Release or to require at any time performance by another party of any of the provisions hereof will in no way be construed to be a waiver of such provisions or to affect the validity of this Release, or any part hereof, or the right of any
party thereafter to enforce each and every such provision in accordance with the terms of this Release. 
 14. This Release may be executed in several
counterparts, each of which will be deemed to be an original, but all of which together will constitute one and the same instrument. Signatures delivered by electronic transmission will be deemed effective for all purposes. 

15. This Release will be binding upon any and all successors and assigns of Employee and the Company. 

16. Except for issues or matters as to which federal law is applicable, this Release will be governed by and construed and enforced in accordance with the
laws of the Commonwealth of Pennsylvania without resort to any principle of conflict of laws that would require application of the laws of any other jurisdiction. 

IN WITNESS WHEREOF, this Release has been signed as of [●], 20[●]. 

 

			
	By:	 	  

		 	[●]

 [Signature page to Separation Agreement and Release]Exhibit

Exhibit 4.4

COSTAR GROUP, INC.
AMENDED AND RESTATED EMPLOYEE STOCK PURCHASE PLAN
WHEREAS, the purpose of this CoStar Group, Inc. Amended and Restated Employee Stock Purchase Plan (“Plan”) is to provide eligible employees of CoStar Group, Inc. (the “Company”) and certain of its subsidiaries with the opportunity to purchase shares of the Company’s common stock (“Common Stock”) at a 10% discount.    
WHEREAS, the Board of Directors initially approved the Plan by unanimous written consent dated effective April 17, 2006. 
WHEREAS, the Stockholders of the Company approved the Plan at the Annual Meeting of Stockholders held on June 8, 2006.
WHEREAS, the Board of Directors of the Company approved certain amendments to the Plan to clarify certain definitions related to the offering periods and exercise dates and to make certain other administrative changes, all of which amendments are incorporated into the Plan as set forth below.  Further, the Board of Directors of the Company approved certain amendments to the Plan to set forth a maximum number of shares that can be purchased in any offering period, which amendments are incorporated into the Plan as set forth below.  
WHEREAS, on April 6, 2015 the Board of Directors of the Company approved an amendment and restatement of the Plan to increase the number of shares available for issuance under the Plan by 100,000 shares, subject to approval by the Stockholders of the Company, which such amendment and restatement is incorporated into this Plan as set forth below.  All references to the “Plan” herein refer to the Plan as so amended and restated.
1.Administration.  The Plan will be administered by the Company’s Board of Directors (the “Board”) or by one or more committees or subcommittees appointed by the Board (a “Committee”).  The Board or a Committee (in either case, the “Administrator”) may delegate to one or more individuals the day-to-day administration of the Plan.  The Administrator shall have full power and authority to promulgate any rules and regulations which it deems necessary or advisable for the proper administration of the Plan, to interpret the provisions and supervise the administration of the Plan, to make factual determinations relevant to Plan entitlements, and to take all action in connection with the administration of the Plan as it deems necessary or advisable, consistent with any delegation from the Board; provided, however, the administration of the Plan shall be consistent with Rule 16b-3 under the Securities Exchange Act of 1934.  The administration, interpretation or application of the Plan by the Administrator shall be final and binding upon all participants and all other persons.  The Company shall pay all expenses incurred in connection with the administration of the Plan.  No Board or Committee member shall be liable for any action or determination made in good faith with respect to the Plan or any Option (as defined in Section 9) granted hereunder.
2.    Eligibility.  All employees of the Company, including Directors who are employees, and all employees of any subsidiary of the Company (as defined in Section 424(f) of the Internal Revenue Code (the “Code”)) designated by the Board or a Committee from time to time (a “Designated Subsidiary”), are eligible to participate in the Plan provided that:

1

(a)they are customarily employed by the Company or a Designated Subsidiary for more than 20 hours a week and for more than five months in a calendar year; and
(b)they are employees of the Company or a Designated Subsidiary on the applicable Offering Commencement Date (as defined below).
For purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual is on sick leave or other leave of absence approved by the Company or Designated Subsidiary; provided that where the period of leave exceeds ninety (90) days and the individual’s right to reemployment is not guaranteed by statute or by contract, the employment relationship will be deemed to have terminated on the ninety-first (91st) day of such leave.
No employee may be granted an Option hereunder if such employee, immediately after the Option is granted, owns 5% or more of the total combined voting power or value of the stock of the Company or any subsidiary.  For purposes of the preceding sentence, the attribution rules of Section 424(d) of the Code shall apply in determining the stock ownership of an employee, and all stock which the employee has a contractual right to purchase shall be treated as stock owned by the employee.
Eligible employees who elect to participate in the Plan are referred to herein as “participants”.
3.    Offering Periods.  Each offering period under the Plan will be two weeks beginning on the second Saturday preceding each of the Company’s regular pay dates (the “Offering Commencement Date”) and ending on each of the Company’s regular pay dates (the “Offering Period”); provided, that if the regular pay date of a particular Offering Period falls on a day that is a Company holiday, that Offering Period shall be deemed to end as of the pay date on which regular Compensation (as defined below) is disbursed or paid to employees by the Company during the Offering Period (generally the last business day prior to the regular pay date) (such pay date or the regular pay date during the Offering Period, as applicable, the “Exercise Date”) and the applicable Offering Period will be shortened accordingly.  Any such shortening of an Offering Period shall have no effect on the Offering Commencement Date or the duration of previous or subsequent Offering Periods.  For purposes hereof, the term “pay date” shall mean the date as of which Compensation is disbursed or paid by the Company to its employees, not the date as of which Compensation is earned; and the term “regular pay date” shall mean every other Friday on which the Company typically disburses or pays Compensation to its employees.  During each Offering Period, payroll deductions will be made on behalf of a participant from one or more paychecks paid by the Company to such participant during the Offering Period.  Such payroll deductions will be held for the purchase of Common Stock at the end of the Offering Period.  The Administrator may, at any time and at its discretion, change the frequency and/or duration of Offering Periods with respect to future Offering Periods. 
4.    Participation.  An eligible employee may participate in the Plan by completing and forwarding a payroll deduction authorization form to the Company’s benefits office or by any other method which the Administrator specifies no later than 5:00 p.m., Eastern Time, on the last business day prior to the applicable Offering Commencement Date.  The payroll deduction authorization form will authorize a regular payroll deduction from the Compensation received by the participant during the Offering Period.  Unless a participant files a new form or withdraws from the Plan, his or her deductions and purchases will continue at the same rate for future Offering Periods under the Plan as long as the Plan remains in effect (subject to Section 11 below).  As used herein, the term 

2

“Compensation” means total compensation subject to federal income tax and paid to the participant by the Company, excluding reimbursements or other expense allowances, fringe benefits, relocation expenses, stock-based compensation and severance benefits.  For purposes of the Plan, (a) salary deferrals in connection with participation in the Plan or any other plan or arrangement (such as Section 401(k), Section 125 or qualified transportation fringe benefit) shall be included as Compensation, and (b) compensation shall be recognized only for the period in which a person is actually an eligible participant of the Plan.  Further, for purposes of the Plan, references to Compensation disbursed or paid by the Company shall include compensation disbursed or paid by a Designated Subsidiary, as the case may be, and the term “Company” in such context shall include any Designated Subsidiary. 
5.Deductions.  The Company will maintain payroll deduction accounts for all participants.  With respect to the Plan, a participant may authorize a payroll deduction in any dollar amount up to a maximum of 15% of the Compensation he or she receives during the Offering Period or such shorter period during which deductions from payroll are made.  Payroll deductions may be made in 1% increments of Compensation, between 1% and 15%, with any change in compensation paid during the Offering Period to result in an automatic corresponding change in the dollar amount withheld as soon as administratively practical.
6.    Deduction Changes.  A participant may increase, decrease or discontinue his or her payroll deduction for a subsequent Offering Period by filing a new payroll deduction authorization form, or indicating a change by any other method which the Administrator specifies, no later than 5:00 p.m., Eastern Time, on the last business day prior to the applicable Offering Commencement Date.  If a participant elects to discontinue his or her payroll deductions, but does not elect to withdraw his or her funds pursuant to Section 8 below, funds deducted prior to such participant’s election to discontinue will be applied to the purchase of Common Stock on the Exercise Date.  The Administrator may (i) establish rules limiting the frequency with which participants may change, discontinue and resume payroll deductions under the Plan and may impose a waiting period on participants wishing to resume payroll deductions following discontinuance, and (ii) change the rules regarding discontinuance of participation or changes in participation in the Plan.  Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b)(8) of the Code, the Administrator may reduce a participant’s payroll deductions to zero percent (0%) at any time during an Offering Period scheduled to end during the current calendar year.  Payroll deductions shall re-commence at the rate provided in such participant’s enrollment form at the beginning of the first Offering Period that is scheduled to end in the following calendar year, unless participation in the Plan is discontinued by the participant.
If a participant has not followed the procedures prescribed by the Administrator to change the rate of payroll deductions or to discontinue the payroll deductions, the rate of payroll deductions shall continue at the properly elected rate in effect until such rate is changed in accordance with Plan procedures.
7.Interest.  All payroll withholdings hereunder shall be held in the corporate general account.  Interest will not be paid on any participant accounts, except to the extent that the Administrator, in its sole discretion, elects to credit participant accounts with interest at such per annum rate as it may from time to time determine.
8.Withdrawal of Funds.  Except as otherwise provided by the Administrator pursuant to Section 6 hereof, a participant may at any time prior to 5:00 p.m., Eastern time, on the fifth business 

3

day prior to the Exercise Date and for any reason permanently draw out the balance accumulated in the participant’s account and thereby withdraw from participation in an Offering Period by notifying the Company by whatever method specified by the Administrator.  Partial withdrawals are not permitted.  The participant may not begin participation again during the remainder of the Offering Period.  The participant may participate in any subsequent Offering Period in accordance with terms and conditions established by the Administrator.
9.Purchase of Shares.  On the Offering Commencement Date of each Offering Period, the Company will grant to each eligible employee who is then a participant in the Plan an option (the “Option”) to purchase whole shares of Common Stock of the Company on the Exercise Date at the Option Price hereinafter provided for.  
Notwithstanding the above, no participant may be granted an Option which permits his or her rights to purchase Common Stock under this Plan and any other employee stock purchase plan (as defined in Section 423(b) of the Code) of the Company and its subsidiaries, to exceed the lesser of (a) $25,000 of the fair market value of such Common Stock (determined as of each Offering Commencement Date) for each calendar year in which the Option is outstanding at any time or (b) 100,000 shares of Common Stock (determined as of each Offering Commencement Date) in any Offering Period. 
The price for each share purchased under the Plan will be 90% of the closing price of the Common Stock on the Exercise Date, rounded to the nearest $0.01 (the “Option Price”).  Such closing price shall be (a) the closing price on any national securities exchange on which the Common Stock is listed, (b) the closing price of the Common Stock on the Nasdaq Global or Global Select Market or (c) the average of the closing bid and asked prices in the over-the-counter-market, whichever is applicable, as published in The Wall Street Journal.  If no sales of Common Stock were made on such day, the price of the Common Stock for purposes of clauses (a) and (b) above shall be the reported price for the next preceding day on which sales were made.
Unless an employee withdraws from participation prior to the Exercise Date pursuant to the terms hereof, each such employee who is a participant in the Plan on the Offering Commencement Date shall be deemed to have exercised his or her Option at the Option Price on the Exercise Date and shall be deemed to have purchased from the Company the number of full shares of Common Stock reserved for the purpose of the Plan that his or her accumulated payroll deductions as of the Exercise Date will pay for, but not in excess of the maximum number determined in the manner set forth above. 
Any balance remaining in a participant’s payroll deduction account at the end of an Offering Period will be automatically refunded to the participant, except that any balance which is less than the purchase price of one share of Common Stock will be carried forward into the participant’s payroll deduction account for the Plan, except that if the participant requests a refund of the residual, in accordance with procedures established by the Administrator, or if the participant terminates his or her employment, the balance shall then be refunded. 
1.    Issuance of Shares.  Shares of Common Stock purchased under the Plan may be issued only in the name of the participant, in the name of the participant and another person of legal age as joint tenants with rights of survivorship, or (in the Company’s sole discretion) in the name of a brokerage firm, bank or other nominee holder designated by the participant.  The Company 

4

may, in its sole discretion and in compliance with applicable laws, authorize the use of book entry registration of shares.  
2.    Rights on Retirement, Death or Termination of Employment.  In the event of a participant’s termination of employment for any reason (including death), the participant’s participation in the Plan shall terminate effective as of the Offering Commencement Date immediately following such termination, and after the Exercise Date of the Offering Period during which such participant’s employment was terminated no payroll deduction shall be taken from any pay due and owing to such participant and the balance in the participant’s account shall be paid to the participant or, in the event of the participant’s death, (a) to a beneficiary previously designated in a revocable notice signed by the participant (with any spousal consent required under state law) or (b) in the absence of such a designated beneficiary, to the executor or administrator of the participant’s estate or (c) if no such executor or administrator has been appointed to the knowledge of the Company, to such other person(s) as the Company may, in its discretion or as may be required under applicable law, designate.  In the event that the Designated Subsidiary by which a participant is employed shall cease to be a subsidiary of the Company or the participant is transferred to a subsidiary of the Company that is not a Designated Subsidiary, the participant shall be deemed to have terminated employment as of the date of such action, and, as set forth above, the participant’s participation in the Plan shall terminate effective as of the Offering Commencement Date immediately following such termination.
3.    Optionees Not Stockholders; No Enlargement of Employee Rights.  Neither the granting of an Option to a participant nor the deductions from his or her pay shall constitute such participant a stockholder of the shares of Common Stock covered by an Option under this Plan until such shares have been purchased by and issued to him or her.  In addition, nothing contained in this Plan shall be deemed to give any participant the right to be retained in the employ of the Company or of the Designated Subsidiary or to interfere with the right of the Company or the Designated Subsidiary to discharge any participant at any time.
4.    Rights Not Transferable.  Rights under this Plan and Options granted under this Plan are not transferable by a participant other than by will or the laws of descent and distribution, and are exercisable during the participant’s lifetime only by the participant.  If a participant in any manner attempts to transfer, assign or otherwise encumber his or her rights or interests under the Plan, other than as permitted by the Code, such act shall be treated as an election by the Participant to discontinue participation in the Plan.
5.    Use of Funds.  All payroll deductions received or held by the Company under the Plan may be used by the Company for any corporate purpose, and the Company shall not be obligated to segregate such payroll deductions.
6.    Adjustment in Case of Changes Affecting Common Stock.  If the outstanding shares of Common Stock are increased or decreased, or are changed into or are exchanged for a different number or kind of shares, as a result of one or more reorganizations, restructurings, recapitalizations, reclassifications, stock splits, reverse stock splits, stock dividends or the like, upon authorization of the Board or the Committee, the Board may make appropriate adjustments in the number and/or kind of shares, and the per-share exercise price thereof, which may be issued in the aggregate and to any participant upon exercise of Options granted under the Plan.  The Board’s determinations under this Section 15 shall be conclusive and binding on all parties.

5

7.    Merger.  If the Company shall at any time merge or consolidate with another corporation and the holders of the capital stock of the Company immediately prior to such merger or consolidation continue to hold at least 51% by voting power of the capital stock of the surviving corporation (“Continuity of Control”), the holder of each Option then outstanding will thereafter be entitled to receive at the next Exercise Date upon the exercise of such Option for each share as to which such Option shall be exercised the same securities or property to which a holder of one share of the Common Stock was entitled upon and at the time of such merger or consolidation, and the Administrator shall take such steps in connection with such merger or consolidation as the Administrator shall deem necessary to assure that the provisions of Section 15 shall thereafter be applicable, as nearly as reasonably may be, in relation to the said securities or property as to which such holder of such Option might thereafter be entitled to receive thereunder.
In the event of a merger or consolidation of the Company with or into another corporation which does not involve Continuity of Control, or of a sale of all or substantially all of the assets of the Company while unexercised Options remain outstanding under the Plan, (i) subject to the provisions of clauses (ii) and (iii), after the effective date of such transaction, each holder of an outstanding Option shall be entitled, upon exercise of such Option, to receive in lieu of shares of Common Stock, shares of such stock or other securities as the holders of shares of Common Stock received pursuant to the terms of such transaction; or (ii) all outstanding Options may be cancelled by the Administrator as of a date prior to the effective date of any such transaction and all payroll deductions shall be paid out to the participants; or (iii) all outstanding Options may be cancelled by the Administrator as of the effective date of any such transaction, provided that notice of such cancellation shall be given to each holder of an Option, and each holder of an Option shall have the right to exercise such Option in full based on payroll deductions then credited to his or her account as of a date determined by the Board or a Committee, which date shall not be less than three (3) business days preceding the effective date of such transaction.
8.    Amendment of the Plan.  The Board may at any time, and from time to time, amend this Plan in any respect, except that (i) if the approval of any such amendment by the stockholders of the Company is required by Section 423 of the Code, such amendment shall not be effected without such approval, and (ii) in no event may any amendment be made which would cause the Plan to fail to comply with Section 423 of the Code.
9.    Insufficient Shares.  In the event that the total number of shares of Common Stock specified in elections to be purchased during any Offering Period plus the number of shares purchased during previous Offering Periods under this Plan exceeds the maximum number of shares issuable or available under this Plan, the Administrator will allot the shares then available on a pro rata basis. 
10.    Termination of the Plan.  This Plan may be terminated at any time by the Board.  Upon termination of this Plan all amounts in the accounts of participants shall be promptly refunded.
11.    Governmental Regulations.  The Company shall have no obligation to sell and deliver shares of Common Stock under this Plan unless and until (i) it has taken all actions required to register the shares of Common Stock under the Securities Act of 1933; (ii) any applicable listing requirement of any stock exchange or the Nasdaq Global or Global Select Market (to the extent the Common Stock is then so listed or quoted) for the Common Stock is met; and (iii) all other applicable provisions of state and federal law have been satisfied.

6

12.    Governing Law.  The Plan shall be governed by Maryland law except to the extent that such law is preempted by federal law.
13.    Available Shares.  Shares may be issued upon exercise of an Option from authorized but unissued Common Stock, from shares held in the treasury of the Company, or from any other proper source.  A maximum of 200,000 shares (subject to adjustment as set forth in Section 15) shall be available for issuance under the Plan.
14.    Notification Upon Sale of Shares.  Each participant agrees, by entering the Plan, to promptly give the Company notice of any disposition of shares purchased under the Plan where such disposition occurs within two years after the Exercise Date as of which such shares were purchased (the deemed date of grant pursuant to the Code).  As a condition to the exercise of an Option, the Company may require the participant exercising such Option to represent and warrant at the time of any such exercise that the shares of Common Stock are being purchased only for investment and without any present intention to sell or distribute such shares of Common Stock if such a representation is required by applicable law.  
15.    Withholding. Each participant shall, no later than the date of the event creating the tax liability, make provision satisfactory to the Administrator for payment of any taxes required by law to be withheld in connection with any transaction related to Options granted to or shares acquired by such participant pursuant to the Plan.  The Company may deduct, to the extent permitted by law, any such taxes from any payment of any kind otherwise due to a participant.
16.    Effective Date and Approval of Shareholders.  The Plan shall be effective July 1, 2006, subject, however, to approval of the Plan by the stockholders of the Company as required by Section 423 of the Code, which stockholder approval must occur within twelve months of the adoption of the Plan by the Board.  No Option granted under this Plan may be exercised unless or until such stockholder approval has been obtained.  

Amended and Restated by the Board of Directors effective April 6, 2015
Amendment and Restatement approved by the stockholders on June 3, 2015

7

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