Document:

2004 Directors Equity Incentive Plan

 EXHIBIT 10.2 
  
 CORE-MARK HOLDING COMPANY, INC. 
 2004 DIRECTORS EQUITY INCENTIVE PLAN 
  
 1.
Purpose. 
  
 This plan shall be known as the 2004
Directors Equity Incentive Plan (the “Plan”). The purpose of the Plan shall be to promote the long-term growth and profitability of Core-Mark Holding Company, Inc., a Delaware corporation (the “Company”), and its
Subsidiaries by (i) providing Non-Employee Directors of the Company with grants of non-qualified stock options as incentives to maximize stockholder value and otherwise contribute to the success of the Company and (ii) enabling the Company to
attract, retain and reward the best available Non-Employee Directors. 
  
 2.
Definitions. 
  
 (a) “Board of Directors”
and “Board” mean the board of directors of the Company. 
  
 (b) “Business Combination” means a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Business
Combination”) 
  
 (c) “Cause,” unless
otherwise provided in any Grant Agreement, means the occurrence of one or more of the following events: 
  
 (i) Conviction of, or agreement to a plea of nolo contendere to, a felony; or 
  
 (ii) Willful misconduct or gross negligence that has caused demonstrable and serious injury to the Company or a Subsidiary,
monetary or otherwise; or 
  
 (iii) Willful insubordination or
failure to follow a reasonable, lawful directive of the Board or the Participant’s direct or indirect supervisor made in good faith; or 
  
 (iv) Breach of duty of loyalty to the Company or a Subsidiary or other act of fraud or dishonesty with respect to the Company or a Subsidiary; or

  
 (v) Material violation of the Company’s written code of
conduct; or 
  
 (vi) Any willful breach of any written policy or
any confidential or proprietary information, non-compete or non-solicitation covenant for the benefit of the Company, its subsidiaries or any of its affiliates that has caused demonstrable and serious injury to the Company. 
  
 (d) “Change in Control” means the occurrence after the
Commencement Date of one of the following events: 

 (i) Any “person” or “group” as those terms are used in Sections 13(d) and 14(d) of
the Exchange Act or any successors thereto is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act or any successor thereto), directly or indirectly, of securities of the Company representing 40% or more of
the combined voting power of the Company’s then outstanding securities; or 
  
 (ii) The Incumbent Directors cease for any reason, including without limitation, as a result of a tender offer, proxy contest, merger or similar transaction, to constitute at least a majority of the Board; provided
that, any person who becomes a director of the Company subsequent to the Commencement Date shall be considered an Incumbent Director if such person’s election or nomination for election was approved by a vote of at least two-thirds (2/3) of the
Incumbent Directors then in office; but provided further that, any such person whose initial assumption of office on the Board is in connection with an actual or threatened election contest relating to the election of members of the Board or other
actual or threatened solicitation of proxies or consents by or on behalf of a “person” (as defined in Sections 13(d) and 14(d) of the Exchange Act) other than the Board, including by reason of agreement intended to avoid or settle any such
actual or threatened contest or solicitation, shall not become an Incumbent Director; or 
  
 (iii) The consummation of any Business Combination, in each case, unless, following such Business Combination, all or substantially all of the individuals and entities who were the beneficial owners of outstanding
voting securities of the Company immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election
of directors, as the case may be, of the company resulting from such Business Combination (including, without limitation, a company which, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets
either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the outstanding voting securities of the Company; or 
  
 (iv) The stockholders of the Company approve any plan or proposal for the
complete liquidation or dissolution of the Company; or 
  
 (v)
The stockholders of the Company approve the sale or other disposition of all or substantially all of the assets of the Company and such transaction is consummated; or 
  
 (vi) The stockholders of the Company approve a going private transaction which will result in the Shares no longer being
publicly traded and such transaction is consummated. 
  
 (e)
“Code” means the Internal Revenue Code of 1986, as amended. 
  
 (f) “Commencement Date” means the effective date of the plan of reorganization of the Company. 
  

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 (g) “Common Stock” means the Common Stock, par value $.01 per share, of the Company, and
any other shares into which such stock may be changed by reason of a recapitalization, reorganization, merger, consolidation or any other change in the corporate structure or capital stock of the Company. 
  
 (h) “Disability” means a disability that would entitle an
eligible participant to payment of monthly disability payments under any Company disability plan or as otherwise determined by the Board. 
  
 (i) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 (j) “Fair Market Value” of a share of Common Stock of the Company means, as of the date in question, and
except as otherwise provided in any Grant Agreement, the officially-quoted closing selling price of the stock (or if no selling price is quoted, the bid price) on the principal securities exchange on which the Common Stock is then listed for trading
(including for this purpose the Nasdaq National Market) for the applicable trading day or, if the Common Stock is not then listed or quoted on any such market, the Fair Market Value shall be the fair value of the Common Stock determined in good
faith by the Board and, in the case of an Incentive Stock Option, in accordance with Section 422 of the Code; provided, however, that when shares received upon exercise of an option are immediately sold in the open market, the net sale price
received may be used to determine the Fair Market Value of any shares used to pay the exercise price or applicable withholding taxes and to compute the withholding taxes. 
  
 (k) “Family Member” has the meaning given to such term in General Instructions A.1(a)(5) to Form S-8 under
the Securities Act of 1933, as amended, and any successor thereto. 
  
 (l) “Grant Agreement” means the written agreement that each Participant to whom a Stock Option is granted under the Plan is required to enter into with the Company containing the terms and conditions of such grant as are
determined by the Board and consistent with the Plan. 
  
 (m)
“Incumbent Directors” means the persons who on the Commencement Date constitute the Board and any other persons who subsequently become “Incumbent Directors” pursuant to the terms of Section 2(e)(iii). 
  
 (n) “Non-Employee Director” has the meaning given to such
term in Rule 16b-3 under the Exchange Act and any successor thereto. 
  
 (o) “Other Company Securities” mean securities of the Company other than Common Stock, which may include, without limitation, unbundled stock units or components thereof, debentures, preferred stock, warrants and securities
convertible into or exchangeable for Common Stock or other property. 
  
 (p) “Shares” has the meaning given such term in Section 4. 
  
 (q) “Stock Options” has the meaning given such term in Section 4. 
  

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 (r) “Subsidiary” means a corporation or other entity of which outstanding shares or
ownership interests representing 50% or more of the combined voting power of such corporation or other entity entitled to elect the management thereof, or such lesser percentage as may be approved by the Board, are owned directly or indirectly by
the Company. 
  
 3. Administration. 
  
 The Plan shall be administered by the Board. Subject to the provisions of
the Plan, the Board shall be authorized to (i) select persons to participate in the Plan, (ii) determine the form and substance of grants made under the Plan to each Participant, and the conditions and restrictions, if any, subject to which such
grants will be made, (iii) determine the form and substance of the Grant Agreements reflecting the terms and conditions of each grant made under the Plan, (iv) certify that the conditions and restrictions applicable to any grant have been met, (v)
modify the terms of grants made under the Plan, (vi) interpret the Plan and Grant Agreements entered into under the Plan, (vii) determine the duration and purposes for leaves of absence which may be granted to a Participant on an individual basis
without constituting a termination of employment or services for purposes of the Plan, (viii) make any adjustments necessary or desirable in connection with grants made under the Plan to eligible Participants located outside the United States, (ix)
adopt, amend, or rescind rules and regulations for the administration of the Plan, including, but not limited to, correcting any defect or supplying any omission, or reconciling any inconsistency in the Plan or in any Grant Agreement, in the manner
and to the extent it shall deem necessary or advisable, including so that the Plan and the operation of the Plan complies with Rule 16b-3 under the Exchange Act, the Code to the extent applicable and other applicable law and make such other
determinations for carrying out the Plan as it may deem appropriate, and (x) exercise such powers and perform such acts as are deemed necessary or advisable to promote the best interests of the Company with respect to the Plan. Decisions of the
Board on all matters relating to the Plan, any Stock Option granted under the Plan and any Grant Agreement shall be in the Board’s sole discretion and shall be conclusive and binding on the Company, all Participants and all other parties. The
validity, construction, and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with applicable federal and state laws and rules and regulations promulgated pursuant thereto. No member of the Board
and no officer of the Company shall be liable for any action taken or omitted to be taken by such person, by any other member of the Board or by any officer of the Company in connection with the performance of duties under the Plan, except for such
person’s own willful misconduct or as expressly provided by statute. 
  
 The expenses of the Plan shall be borne by the Company. The Plan shall not be required to establish any special or separate fund or make any other segregation of assets to assume the payment of any award under the
Plan, and rights to the payment of such awards shall be no greater than the rights of the Company’s general creditors. 
  
 4. Shares Available for the Plan. 
  
 Subject to adjustments as provided in Section 15, an aggregate of 30,000 shares of Common Stock (the “Shares”) may be issued upon the
exercise of stock options (the “Stock Options”) granted pursuant to the Plan. Such Shares may be in whole or in part authorized and 

  

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unissued or held by the Company as treasury shares. If any grant under the Plan expires or terminates unexercised, becomes unexercisable or is forfeited as
to any Shares, or is tendered or withheld as to any shares in payment of the exercise price of the grant or the taxes payable with respect to the exercise, then such unpurchased, forfeited, tendered or withheld Shares shall thereafter be available
for further grants under the Plan. 
  
 Without limiting the
generality of the foregoing provisions of this Section 4 or the generality of the provisions of Sections 3, 6 or 11 or any other section of this Plan, the Board may, at any time or from time to time, and on such terms and conditions (that are
consistent with and not in contravention of the other provisions of this Plan) as the Board may, in its sole discretion, determine, enter into Grant Agreements (or take other actions with respect to the options) for new options containing terms
(including exercise prices) more (or less) favorable than the outstanding options. 
  
 5. Participation. 
  
 Participation in the Plan
shall be limited to those Non-Employee Directors of the Company selected by the Board (the “Participants”). Nothing in the Plan or in any Grant Agreement shall confer any right on a Participant to continue as a director of the
Company or shall interfere in any way with the right of the Board, if applicable, to reduce the compensation or responsibilities of a Participant at any time. By accepting any award under the Plan, each Participant and each person claiming under or
through him or her shall be conclusively deemed to have indicated his or her acceptance and ratification of, and consent to, any action taken under the Plan by the Company or the Board. 
  
 Stock Options may be granted to such Participants and for such number of Shares as the Board shall determine (such
individuals to whom grants are made being sometimes herein called “optionees” or “grantees,” as the case may be). Determinations made by the Board under the Plan, with respect to Stock Options and otherwise, need not be uniform
and may be made selectively among eligible individuals under the Plan, whether or not such individuals are similarly situated. A grant of any type made hereunder in any one year to an eligible Participant shall neither guarantee nor preclude a
further grant of that or any other type to such Participant in that year or subsequent years. 
  
 6. Stock Options. 
  
 The
Board may from time to time grant to eligible Participants Stock Options to purchase up to 7,500 shares of Common Stock in the aggregate to each Participant. The Stock Options granted shall take such form as the Board shall determine, subject to the
terms and conditions set forth in this Plan. In any one calendar year, the Board shall not grant to any one Participant Stock Options for a number of Shares in excess of 25% of the total number of Shares authorized under the Plan pursuant to
Section 4. The Stock Options granted under the Plan shall be evidenced by a Grant Agreement and shall take such form as the Board shall determine, subject to the terms and conditions of the Plan. It is the Company’s intent that Stock
Options granted under the Plan not be classified as incentive stock options under Section 422 of the Code and any successor thereto. 
  

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 (a) Price. The price per Share deliverable upon the exercise of each option (“exercise
price”) shall be established by the Board. 
  
 (b)
Payment. Stock Options may be exercised, in whole or in part, upon payment of the exercise price of the Shares to be acquired. Unless otherwise determined by the Board, payment shall be made (i) in cash (including check, bank draft, money
order or wire transfer of immediately available funds), (ii) by delivery of outstanding shares of Common Stock with a Fair Market Value on the date of exercise equal to the aggregate exercise price payable with respect to the options’ exercise,
(iii) means of any cashless procedures approved by the Board and as may be in effect on the date of exercise or (iv) by any combination of the foregoing. 
  
 In the event a grantee elects to pay the exercise price payable with respect to an option pursuant to clause (ii) above, (A) only a whole number of
share(s) of Common Stock (and not fractional shares of Common Stock) may be tendered in payment, (B) such grantee must present evidence acceptable to the Company that he or she has owned any such shares of Common Stock tendered in payment of the
exercise price (and that such tendered shares of Common Stock have not been subject to any substantial risk of forfeiture) for at least six months prior to the date of exercise, and (C) Common Stock must be delivered to the Company. Delivery for
this purpose may, at the election of the grantee, be made either by (A) physical delivery of the certificate(s) for all such shares of Common Stock tendered in payment of the price, accompanied by duly executed instruments of transfer in a form
acceptable to the Company, or (B) direction to the grantee’s broker to transfer, by book entry, such shares of Common Stock from a brokerage account of the grantee to a brokerage account specified by the Company. When payment of the exercise
price is made by delivery of Common Stock, the difference, if any, between the aggregate exercise price payable with respect to the option being exercised and the Fair Market Value of the shares of Common Stock tendered in payment (plus any
applicable taxes) shall be paid in cash. No grantee may tender shares of Common Stock having a Fair Market Value exceeding the aggregate exercise price payable with respect to the option being exercised (plus any applicable taxes). 
  
 In the event a grantee elects to pay the exercise price payable with respect
to an option pursuant to clause (iii) above, (A) only a whole number of Share(s) (and not fractional Shares) may be withheld in payment and (B) such grantee must present evidence acceptable to the Company that he or she has owned a number of shares
of Common Stock at least equal to the number of Shares to be withheld in payment of the exercise price (and that such owned shares of Common Stock have not been subject to any substantial risk of forfeiture) for at least six months prior to the date
of exercise. When payment of the exercise price is made by withholding of Shares, the difference, if any, between the aggregate exercise price payable with respect to the option being exercised and the Fair Market Value of the Shares withheld in
payment (plus any applicable taxes) shall be paid in cash. No grantee may authorize the withholding of Shares having a Fair Market Value exceeding the aggregate exercise price payable with respect to the option being exercised (plus any applicable
taxes). Any withheld Shares shall no longer be issuable under such option (except pursuant to any Reload Option (as defined below) with respect to any such withheld Shares). 
  

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 (c) Terms of Options. The term during which each option may be exercised shall be determined by
the Board, but if required by the Code and except as otherwise provided herein, no option shall be exercisable in whole or in part more than ten years from the date it is granted. All rights to purchase Shares pursuant to a Stock Option shall,
unless sooner terminated, expire at the date designated by the Board. The Board shall determine the date on which each option shall become exercisable and may provide that an option shall become exercisable in installments. The Shares constituting
each installment may be purchased in whole or in part at any time after such installment becomes exercisable, subject to such minimum exercise requirements as may be designated by the Board. Prior to the exercise of an option and delivery of the
Shares represented thereby, the optionee shall have no rights as a stockholder with respect to any Shares covered by such outstanding option (including any dividend or voting rights). 
  
 (d) Termination; Forfeiture. 
  
 (i) Death or Disability. Except as otherwise provided in any Grant Agreement, if a Participant ceases to be a
director of the Company due to death or Disability, all of the Participant’s Stock Options that were exercisable on the date of such Participant’s death or Disability shall remain exercisable for a period of one year from the date of such
death or Disability, but in no event after the expiration date of the Stock Options. 
  
 (ii) Discharge for Cause. If a Participant ceases to be a director of the Company due to Cause, all of the Participant’s Stock Options shall expire and be forfeited immediately upon such cessation, whether
or not then exercisable. 
  
 (iii) Other Termination.
Except as otherwise provided in any Grant Agreement, if a Participant ceases to be a director of the Company for any reason other than Death, Disability or Cause (which are covered by Sections 6(e)(i) and (ii) above), (A) all of the
Participant’s Stock Options that were exercisable on the date of such cessation shall remain exercisable for, and shall otherwise terminate and thereafter be forfeited at the end of, a period of 90 days after the date of such cessation, but in
no event after the expiration date of such Stock Options, and (B) all of the Participant’s Stock Options that were not fully vested and exercisable on the date of such cessation shall be forfeited immediately upon such cessation. 
  
 (iv) Change in Control. Except as otherwise provided in any Grant
Agreement and notwithstanding Section 6(e)(iii) above, if a Change in Control occurs, all of the Participants’ Stock Options shall become fully vested and exercisable upon such Change in Control. In addition, the Board shall have the authority
to grant Stock Options that: (i) do not fully vest and become exercisable automatically upon a Change in Control, (ii) vest depending on whether or not the grantee is terminated after or upon a Change in Control and (iii) provide for accelerated
vesting after a Change in Control if certain conditions are met or certain events take place. The Board shall also have the authority to modify the definition of “Change in Control” for purposes of any Grant Agreement. 
  
 (v) Forfeiture. Except as otherwise provided in any Grant Agreement,
if a Participant exercises any of his or her Stock Options and, within one year thereafter, is 

  

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terminated from the Company or a Subsidiary for any of the reasons specified in the definition of “Cause” set forth in Section 2(d)(i), (ii), (iv)
or (v) hereof (or as such clauses may be amended in any Grant Agreement), then the Participant may, in the discretion of the Board, be required to pay the Company the gain represented by the difference between the aggregate selling price of the
Shares acquired upon the Options’ exercise (or, if the Shares were not then sold, their aggregate Fair Market Value on the date of exercise) and the aggregate exercise price of the Options exercised (the “Option Gain”), without regard
to any subsequent increase or decrease in the Fair Market Value of the Common Stock. In addition, the Company may, in its discretion, deduct from any payment of any kind (including salary or bonus) otherwise due to any such Participant an amount
equal to such Option Gain. 
  
 (e) Grant of Reload Option. The
Board may provide (either at the time of grant or exercise of an option), in its discretion, for the grant to a grantee who exercises all or any portion of an option (“Exercised Options”) and who pays all or part of such exercise
price with shares of Common Stock, of an additional option (a “Reload Option”) for a number of shares of Common Stock equal to the sum (the “Reload Number”) of the number of shares of Common Stock tendered or
withheld in payment of such exercise price for the Exercised Options plus, if so provided by the Board, the number of shares of Common Stock, if any, tendered or withheld by the grantee or withheld by the Company in connection with the exercise of
the Exercised Options to satisfy any federal, state or local tax withholding requirements. The terms of each Reload Option, including the date of its expiration and the terms and conditions of its exercisability and transferability, shall be the
same as the terms of the Exercised Option to which it relates, except that (i) the grant date for each Reload Option shall be the date of exercise of the Exercised Option to which it relates and (ii) the exercise price for each Reload Option shall
be the Fair Market Value of the Common Stock on the grant date of the Reload Option. 
  
 7. Withholding Taxes. 
  
 (a) Participant
Election. Unless otherwise determined by the Board, a Participant may elect to deliver shares of Common Stock (or have the Company withhold shares acquired upon exercise of a Stock Option to satisfy, in whole or in part, the amount the Company
is required to withhold for taxes in connection with the exercise of a Stock Option. Such election must be made on or before the date the amount of tax to be withheld is determined. Once made, the election shall be irrevocable. The fair market value
of the shares to be withheld or delivered will be the Fair Market Value as of the date the amount of tax to be withheld is determined. In the event a Participant elects to deliver or have the Company withhold shares of Common Stock pursuant to this
Section 7(a), such delivery or withholding must be made subject to the conditions and pursuant to the procedures set forth in Section 6(b) with respect to the delivery or withholding of Common Stock in payment of the exercise price of options.

  
 (b) Company Requirement. The Company may require, as a
condition to any grant or exercise under the Plan or to the delivery of certificates for Shares issued hereunder, that the grantee make provision for the payment to the Company, either pursuant to Section 7(a) or this Section 7(b), of federal, state
or local taxes of any kind required by law to be withheld with respect to any grant or delivery of Shares. The Company, to the extent permitted or required by law, shall have the right to deduct from any payment of any kind (including salary or
bonus) otherwise due to a grantee, an amount equal to any federal, state or local taxes of any kind required by law to be withheld with respect to any grant or delivery of Shares under the Plan. 
  

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 8. Grant Agreement; Vesting. 
  
 Each Participant to whom a Stock Option is granted under the Plan shall enter into a Grant Agreement with the Company that
shall contain such provisions, including, without limitation, vesting requirements, consistent with the provisions of the Plan, as may be approved by the Board. Unless the Board determines otherwise or as otherwise provided in Section 6 in
connection with a Change in Control or certain occurrences of termination, no Stock Option under this Plan may be exercised, and no restrictions relating thereto may lapse, within six months of the date such Stock Option is made. 
  
 9. Transferability. 
  
 Unless otherwise provided in any Grant Agreement, no Stock Option granted under the Plan shall be transferable by a
participant other than by will or the laws of descent and distribution or to a participant’s Family Member by gift or a qualified domestic relations order as defined by the Code. Unless the Board determines otherwise, a Stock Option may be
exercised only by the optionee or grantee thereof; by his or her Family Member if such person has acquired the Stock Option, by gift or qualified domestic relations order; by the executor or administrator of the estate of any of the foregoing or any
person to whom the Stock Option is transferred by will or the laws of descent and distribution; or by the guardian or legal representative of any of the foregoing. All provisions of this Plan shall in any event continue to apply to any Stock Option
granted under the Plan and transferred as permitted by this Section 9, and any transferee of any such Stock Option shall be bound by all provisions of this Plan as and to the same extent as the applicable original grantee. 
  
 10. Listing, Registration and Qualification. 
  
 If the Board determines that the listing, registration or qualification upon
any securities exchange or under any law of Shares subject to any Stock Option is necessary or desirable as a condition of, or in connection with, the granting of same or the delivery, issuance or purchase of Shares thereunder, no such Stock Option
may be exercised in whole or in part and no Shares may be issued, unless such listing, registration or qualification is effected free of any conditions not acceptable to the Board. 
  
 11. No Corporate Action Restriction; Adjustments. 
  
 The existence of the Plan, any Grant Agreement and/or the Awards granted hereunder shall not limit, affect or restrict in
any way the right or power of the Board or the shareholders of the Company to make or authorize (a) any adjustment, recapitalization, reorganization or other change in the Company’s or any subsidiary’s capital structure or business, (b)
any merger, consolidation or change in the ownership of the Company or any subsidiary, (c) any issue of bonds, debentures, capital, preferred or prior preference stocks ahead of or affecting the Company’s or any subsidiary’s capital stock
or the rights thereof, (d) any dissolution or 

  

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 liquidation of the Company or any subsidiary, (e) any sale or transfer of all or any part of the Company’s or any
subsidiary’s assets or business, or (f) any other corporate act or proceeding by the Company or any subsidiary. 
  
 In the event of any adjustment, recapitalization, reorganization or other change in the Company’s capital structure, stock split, reverse stock
split, stock dividend, combination of shares, merger, consolidation, distribution to stockholders of a material amount of assets of the Company (including in the form of an extraordinary dividend), or any other change in the corporate structure or
shares of the Company, the Board shall make such equitable adjustments as it deems appropriate in the number and kind of Shares or other property available for issuance under the Plan (including, without limitation, the total number of Shares
available for issuance under the Plan pursuant to Section 4 and the restriction on the total number of Stock Options that may be granted to any one Participant in any one calendar year under Section 6), in the number and kind of Stock
Options or other property previously made under the Plan, and in the exercise price of outstanding Stock Options. Any such adjustment shall be final, conclusive and binding for all purposes of the Plan. In the event of any merger, consolidation or
other reorganization in which the Company is not the surviving or continuing corporation or in which a Change in Control is to occur, all of the Company’s obligations regarding any Stock Options that were granted hereunder and that are
outstanding on the date of such event shall, on such terms as may be approved by the Board prior to such event, be assumed by the surviving or continuing corporation or canceled in exchange for property (including cash). 
  
 Without limitation of the foregoing, in connection with any transaction of
the type specified by clause (iii) of the definition of a Change in Control in Section 2(e): (A) the Board may cancel those outstanding vested or unvested Options under the Plan which have a value in excess of their exercise price in
consideration for payment to the holders thereof of an amount equal to the portion of the consideration, if any, that would have been payable to such holders pursuant to such transaction if such Stock Options had been fully exercised immediately
prior to such transaction, less the aggregate exercise price of such Stock Options that would have been payable therefor, or (B) if the amount that would have been payable to the holder of a Stock Option if such Stock Option had been fully exercised
immediately prior to such transaction would have been equal to or less than the exercise price of such Stock Option, the Board may cancel any or all such Stock Options for no consideration or payment of any kind. Payment of any amount payable
pursuant to the preceding sentence may be made in cash or, in the event that the consideration to be received in such transaction includes securities or other property, in cash and/or such securities or other property in the Board’s discretion.

  
 12. Amendment and Termination of the Plan. 
  
 The Board, without approval of the stockholders, may amend or terminate the
Plan, except that no amendment shall become effective without prior approval of the stockholders of the Company if stockholder approval would be required by applicable law or regulations, including if required for continued compliance with the
performance-based compensation exception of Section 162(m) of the Code or any successor thereto, under the provisions of Section 422 of the Code or any successor thereto, or by any listing requirement of the principal stock exchange on which the
Common Stock is then listed. 
  

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 13. Amendment or Substitution of Awards under the Plan. 
  
 The terms of any outstanding award under the Plan may be amended from time
to time by the Board in its discretion in any manner that it deems appropriate (including, but not limited to, acceleration of the date of exercise of any award and/or payments thereunder or of the date of lapse of restrictions on Shares); provided
that, except as otherwise provided in Section 15, no such amendment shall adversely affect in a material manner any right of a participant under the award without his or her written consent. The Board may, in its discretion, permit holders of awards
under the Plan to surrender outstanding awards in order to exercise or realize rights under other awards, or in exchange for the grant of new awards, or require holders of awards to surrender outstanding awards as a condition precedent to the grant
of new awards under the Plan. 
  
 14. Commencement Date; Termination Date.

  
 The date of commencement of the Plan shall be the
Commencement Date. Unless previously terminated upon the adoption of a resolution of the Board terminating the Plan, the Plan shall terminate at the close of business ten years after the Commencement Date. No termination of the Plan shall materially
and adversely affect any of the rights or obligations of any person, without his or her written consent, under any grant of options or other incentives theretofore granted under the Plan. 
  
 15. Severability. Whenever possible, each provision of the Plan shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of the Plan is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of the
Plan. 
  
 16. Governing Law. The Plan shall be governed by the corporate
laws of the State of Delaware, without giving effect to any choice of law provisions that might otherwise refer construction or interpretation of the Plan to the substantive law of another jurisdiction. 
  
 [End of Document] 
  

 112005 Long-Term Incentive Plan

 Exhibit 10.3 
  
 CORE-MARK HOLDING COMPANY, INC.  
 2005 LONG-TERM INCENTIVE PLAN 
  
 1. Purpose. 
  
 This plan
shall be known as the Core-Mark 2005 Long-Term Incentive Plan (the “Plan”). The purpose of the Plan shall be to promote the long-term growth and profitability of Core-Mark Holding Company, Inc., a Delaware corporation (the
“Company”), and its Subsidiaries by (i) providing certain officers and employees of, and certain other individuals who perform services for, or to whom an offer of employment has been extended by, the Company and its Subsidiaries
with incentives to maximize stockholder value and otherwise contribute to the success of the Company and (ii) enabling the Company to attract, retain and reward the best available persons for positions of responsibility. Grants of restricted stock
shares, restricted stock units and performance awards, either alone or in tandem or in any combination of the foregoing, may be made under the Plan. 
  
 2. Definitions. 
  
 (a) “Awards” means grants of restricted stock shares, restricted stock units, performance awards or any combination of the foregoing.

  
 (b) “Board” means the board of directors of
the Company. 
  
 (c) “Business Combination” means
a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the, assets of the Company (a “Business Combination”). 
  
 (d) “Cause,” unless otherwise provided in any Grant Agreement, means the occurrence of one or more of the
following events: 
  
 (i) Conviction of, or
agreement to a plea of nolo contendere to, a felony; or 
  
 (ii) Willful misconduct or gross negligence that has caused demonstrable and serious injury to the Company or a Subsidiary, monetary or otherwise; or 
  
 (iii) Willful insubordination or failure to follow a reasonable, lawful directive of the Board or the
Participant’s direct or indirect supervisor made in good faith; or 
  
 (iv) Breach of duty of loyalty to the Company or a Subsidiary or other act of fraud or dishonesty with respect to the Company or a Subsidiary; or 
  
 (v) Material violation of the Company’s written codes of conduct; or 

 (vi) Any willful breach of any written policy or any confidential or proprietary
information, non-compete or non-solicitation covenant for the benefit of the Company, its subsidiaries or any of its affiliates that has caused demonstrable and serious injury to the Company. 
  
 (e) “Change in Control” means the occurrence after the
Effective Date of one of the following events: 
  
 (i) Any “person” or “group” as those terms are used in Sections 13(d) and 14(d) of the Exchange Act or any successors thereto is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange
Act or any successor thereto), directly or indirectly, of securities of the Company representing 40% or more of the combined voting power of the Company’s then outstanding securities; or 
  
 (ii) The Incumbent Directors cease for any reason, including
without limitation, as a result of a tender offer, proxy contest, merger or similar transaction, to constitute at least a majority of the Board; provided that, any person who becomes a director of the Company subsequent to the Effective Date shall
be considered an Incumbent Director if such person’s election or nomination for election was approved by a vote of at least two-thirds (2/3) of the Incumbent Directors then in office; but provided further that, any such person whose initial
assumption of office on the Board is in connection with an actual or threatened election contest relating to the election of members of the Board or other actual or threatened solicitation of proxies or consents by or on behalf of a
“person” (as defined in Sections 13(d) and 14(d) of the Exchange Act) other than the Board, including by reason of agreement intended to avoid or settle any such actual or threatened contest or solicitation, shall not become an Incumbent
Director; or 
  
 (iii) The consummation of any
Business Combination, in each case, unless, following such Business Combination, all or substantially all of the individuals and entities who were the beneficial owners of outstanding voting securities of the Company immediately prior to such
Business Combination beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the company resulting
from such Business Combination (including, without limitation, a company which, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in
substantially the same proportions as their ownership, immediately prior to such Business Combination, of the outstanding voting securities of the Company; or 
  

(iv) The stockholders of the Company approve any plan or proposal for the complete liquidation or dissolution of the Company; or

  
 (v) The stockholders of the Company approve
the sale or other disposition of all or substantially all of the assets of the Company and such transaction is consummated; or 
  

 2 

 (vi) The stockholders of the Company approve a going private transaction which will
result in the Shares no longer being publicly traded and such transaction is consummated. 
  
 (f) “Chief Executive Officer” means the chief executive officer of the Company. 
  
 (g) “Chief Executive Officer Recommendation” means (i) a recommended list of persons to participate in the Plan, and (ii) the form and
substance of the grants to be made under the Plan to each Participant, and the conditions and restrictions, if any, subject to which such grants will be made. 
  

(h) “Code” means the Internal Revenue Code of 1986, as amended. 
  
 (i) “Committee” means the Compensation Committee of the Board or such other committee which shall consist
solely of two or more members of the Board, each of whom is an “outside director” within the meaning of Treasury Regulation § 1.162-27(e)(3); provided that, if for any reason the Committee shall not have been appointed by the Board to
administer the Plan, all authority and duties of the Committee under the Plan shall be vested in and exercised by the Board, and the term “Committee” shall be deemed to mean the Board for all purposes herein. 
  
 (j) “Common Stock” means the Common Stock, par value $0.01
per share, of the Company, and any other shares into which such stock may be changed by reason of a recapitalization, reorganization, merger, consolidation or any other change in the corporate structure or capital stock of the Company. 

 
 (k) “Disability,” unless otherwise defined in a
Participant’s Grant Agreement, means a disability that would entitle an eligible Participant to payment of monthly disability payments under any Company long-term disability plan or as otherwise determined by the Committee. 
  
 (l) “Effective Date” means February 3, 2005. 
  
 (m) “Exchange Act” means the Securities Exchange Act of
1934, as amended. 
  
 (n) “Fair Market Value” of
a share of Common Stock of the Company means, as of the date in question, and except as otherwise provided in any Grant Agreement, the officially-quoted closing selling price of the stock (or if no selling price is quoted, the bid price) on the
principal securities exchange on which the Common Stock is then listed for trading (including for this purpose the Nasdaq National Market) for the applicable trading day or, if the Common Stock is not then listed or quoted on any such market, the
Fair Market Value shall be the fair value of the Common Stock determined in good faith by the Board. 
  

 3 

 (o) “Family Member” has the meaning given to such term in General Instructions A.1(a)(5)
to Form S-8 under the Securities Act of 1933, as amended, and any successor thereto. 
  
 (p) “Grant Agreement” means the written agreement that each Participant to whom an Award is made under the Plan is required to enter into with the Company containing the terms and conditions of such
grant as are determined by the Committee and consistent with the Plan. 
  
 (q) “Incumbent Directors” means the persons who on the Effective Date constitute the Board and any other persons who subsequently become “Incumbent Directors” pursuant to the terms of Section 2(e)(ii).

  
 (r) “Other Company Securities” mean
securities of the Company other than Common Stock, which may include, without limitation, unbundled stock units or components thereof, debentures, preferred stock, warrants and securities convertible into or exchangeable for Common Stock or other
property. 
  
 (s) “Participant” means any officer
(including a non-employee officer) or employee of, or other individual performing services for, or to whom an offer of employment has been extended by, the Company or any Subsidiary who has been selected by the Committee to participate in the Plan
(including a Participant located outside the United States) and who may also be recommended to the Committee from time to time by the Chief Executive Officer or such other person as the Chief Executive Officer may designate. 
  
 (t) “Retirement” means retirement as defined under the
Company’s primary pension plan or retirement program or termination of one’s employment or retirement with the approval of the Committee. 
  
 (u) “Shares” means the shares of Common Stock that may be issued pursuant to the Plan, including, without limitation, shares of Common
Stock issuable, as restricted stock shares, upon the conversion of restricted stock units or otherwise in connection with an Award granted hereunder. 
  
 (v) “Subsidiary” means a corporation or other entity of which outstanding shares or ownership interests representing 50% or more of the
combined voting power of such corporation or other entity entitled to elect the management thereof, or such lesser percentage as may be approved by the Committee, are owned directly or indirectly by the Company. 
  
 3. Administration. 
  
 The Plan shall be administered by the Committee, provided that the Board
may, in its discretion, at any time and from time to time, resolve to administer the Plan directly, in which case the term “Committee” shall be deemed to mean the Board for all 

  

 4 

 
purposes herein. The Chief Executive Officer shall, at such times as the Chief Executive Officer determines, submit a Chief Executive Officer Recommendation
to the Committee. The Committee shall in good faith evaluate the Chief Executive Officer Recommendation. Based on the Chief Executive Officer Recommendation and subject to the provisions of the Plan, the Committee shall be authorized to (i) select
persons to participate in the Plan, (ii) determine the form and substance of grants made under the Plan to each Participant, and the conditions and restrictions, if any, subject to which such grants will be made, (iii) determine the form and
substance of the Grant Agreements reflecting the terms and conditions of each grant made under the Plan, (iv) certify that the conditions and restrictions applicable to any grant have been met, (v) modify the terms of grants made under the Plan,
(vi) interpret the Plan and Grant Agreements entered into under the Plan, (vii) determine the duration and purposes for leaves of absence which may be granted to a Participant on an individual basis without constituting a termination of employment
or services for purposes of the Plan, (viii) make any adjustments necessary or desirable in connection with grants made under the Plan to eligible Participants located outside the United States, (ix) adopt, amend, or rescind rules and regulations
for the administration of the Plan, including, but not limited to, correcting any defect or supplying any omission, or reconciling any inconsistency in the Plan or in any Grant Agreement, in the manner and to the extent it shall deem necessary or
advisable, including so that the Plan and the operation of the Plan complies with Rule 16b-3 under the Exchange Act, the Code to the extent applicable and other applicable law and make such other determinations for carrying out the Plan as it may
deem appropriate, and (x) exercise such powers and perform such acts as are deemed necessary or advisable to promote the best interests of the Company with respect to the Plan. Decisions of the Committee on all matters relating to the Plan, any
Award granted under the Plan and any Grant Agreement shall be in the Committee’s sole discretion and shall be conclusive and binding on the Company, all Participants and all other parties. The validity, construction, and effect of the Plan and
any rules and regulations relating to the Plan shall be determined in accordance with applicable federal and state laws and rules and regulations promulgated pursuant thereto. No member of the Committee and no officer of the Company shall be liable
for any action taken or omitted to be taken by such person, by any other member of the Committee or by any officer of the Company in connection with the performance of duties under the Plan, except for such person’s own willful misconduct or as
expressly provided by statute. 
  
 The expenses of the Plan shall
be borne by the Company. The Plan shall not be required to establish any special or separate fund or make any other segregation of assets to assume the payment of any Award under the Plan, and rights to the payment of such Awards shall be no greater
than the rights of the Company’s general creditors. 
  
 4. Shares Available for the Plan. 
  
 Subject to adjustments as provided in Section 13, an aggregate of 1,500,000 Shares may be issued pursuant to the Plan, provided, however that such number of Shares available for issuance under the
Plan shall be reduced (but never increased) by the number of Shares equal to the difference between (i) 1,500,000 Shares 

  

 5 

 
and (ii) the number of Shares obtained by dividing $5,516,502 by the average closing price of the Company’s Common Stock as quoted on the Nasdaq
National Market during the initial eleventh through twentieth trading days of the Company’s Common Stock on the Nasdaq National Market. Such Shares may be in whole or in part authorized and unissued or held by the Company as treasury shares. If
any grant under the Plan expires or terminates or is forfeited as to any Shares, or is tendered or withheld as to any Shares in payment of taxes, then such forfeited, tendered or withheld Shares shall thereafter be available for further grants under
the Plan. 
  
 Without limiting the generality of the foregoing
provisions of this Section 4 or the generality of the provisions of Sections 3 or 13 or any other section of this Plan, the Committee may, at any time or from time to time, and on such terms and conditions (that are consistent
with and not in contravention of the other provisions of this Plan) as the Committee may determine, enter into Grant Agreements (or take other actions with respect to the Awards) for new Awards containing terms more (or less) favorable than the
then-outstanding Awards. 
  
 5.
Participation. 
  
 Participation in the Plan shall be
limited to Participants. Nothing in the Plan or in any Grant Agreement shall confer any right on a Participant to continue in the employ or service of the Company or any Subsidiary as an officer or employee of or in the performance of services for
the Company or shall interfere in any way with the right of the Company to terminate the employment or performance of services or to reduce the compensation or responsibilities of a Participant at any time. By accepting any Award under the Plan,
each Participant and each person claiming under or through him or her shall be conclusively deemed to have indicated his or her acceptance and ratification of, and consent to, any action taken under the Plan by the Company, the Board or the
Committee. 
  
 Awards may be granted to such persons and for such
number of Shares as the Committee shall determine, subject to the limitations contained herein (such individuals to whom grants are made being sometimes herein called “grantees”). Determinations made by the Committee under the Plan, with
respect to Awards and otherwise, need not be uniform and may be made selectively among eligible individuals under the Plan, whether or not such individuals are similarly situated. A grant of any type made hereunder in any one year to an eligible
Participant shall neither guarantee nor preclude a further grant of that or any other type to such Participant in that year or subsequent years. 
  
 6. Restricted Stock Shares; Restricted Stock Units. 
  
 The Committee may at any time and from time to time grant restricted stock shares or restricted stock units under the Plan
to such Participants and in such amounts as it determines. Each grant of restricted stock shares or restricted stock units shall be evidenced by a Grant Agreement which shall specify the applicable restrictions 

  

 6 

 
on such shares or units, the duration of such restrictions (which shall be at least six months except as otherwise determined by the Committee), and the time
or times at which such restrictions shall lapse with respect to all or a specified number of shares or units that are part of the grant. 
  
 Each restricted stock unit shall be equivalent in value to one share of Common Stock and shall entitle the Participant to receive from the Company at the
end of the vesting period applicable to such unit, one Share for each restricted stock unit. Restricted stock units may be granted without payment of cash or other consideration to the Company; provided, however, that Participants will be required
to pay the Company the aggregate par value of the Shares received from the Company when such Shares are issued unless such Shares are treasury shares. 
  
 A Participant’s Grant Agreement may allow the Participant to elect prior to the end of the applicable vesting period to defer the receipt of all or a
portion of the Shares then due with respect to vesting restricted stock units. Upon such deferral, the restricted stock units so deferred shall be converted into deferred stock units. Delivery of Shares with respect to deferred stock units shall be
made only at the end of the deferral period set forth in the Participant’s deferral election notice (the “Deferral Period”). Unless otherwise provided in a Participant’s Grant Agreement and subject to compliance with the
requirements of Section 409A of the Code, if (a) a Participant dies prior to the end of the Deferral Period, the Participant shall receive Shares in respect of such Participant’s deferred stock units which would have been deliverable at the end
of such Deferral Period as if the applicable Deferral Period had ended as of the date of such Participant’s death or on such accelerated basis as the Committee may determine, (b) if a Participant ceases to be an officer or employee of, or to
otherwise perform services for, the Company and its Subsidiaries upon his or her Disability or Retirement or for any other reason prior to the end of the Deferral Period, the Participant shall receive Shares in respect of such Participant’s
deferred stock units at the end of such Deferral Period, and (c) in the event of a Change in Control prior to the end of the Deferral Period, the Participant shall receive Shares in respect of such Participant’s deferred stock units which would
have been deliverable at the end of such Deferral Period as if such Deferral Period had ended immediately prior to the Change in Control. 
  
 The Participant will be required to pay the Company the aggregate par value of any restricted stock shares within ten days of the date of grant of such
shares, unless such restricted stock shares are treasury shares. Unless otherwise determined by the Committee, certificates representing restricted stock shares granted under the Plan will be held in escrow by the Company on the Participant’s
behalf during any period of restriction thereon and will bear an appropriate legend specifying the applicable restrictions thereon, and the Participant will be required to execute a blank stock power therefor. 
  
 Except as otherwise provided in any Grant Agreement, upon a Change in Control
or at such time as a Participant ceases to be an officer or employee of, or to otherwise perform services for, the Company or its Subsidiaries due to death, Disability 

  

 7 

 
or Retirement during any period of restriction, all restrictions on restricted stock shares or restricted stock units granted to such Participant shall
lapse. In addition, the Committee shall have the authority to grant restricted stock shares and restricted stock units and other Awards that: (i) do not fully vest and become exercisable automatically upon a Change in Control, (ii) vest depending on
whether or not the grantee is terminated after or upon a Change in Control, and (iii) provide for accelerated vesting after a Change in Control if certain conditions are met or certain events take place. The Committee shall also have the authority
to modify the definition of “Change in Control” for purposes of any Grant Agreement. Except as otherwise provided in any Grant Agreement, at such time as a Participant ceases to be, or in the event a Participant does not become, an officer
or employee of, or otherwise perform services for, the Company or its Subsidiaries for any reason other than those set forth in the immediately preceding sentence (including, without limitation, discharge for Cause), all restricted stock shares and
restricted stock units granted to such Participant on which the restrictions have not lapsed shall be immediately forfeited to the Company. 
  
 With respect to restricted stock shares, during such period of restriction the Participant shall have all of the rights of a holder of Common Stock,
including but not limited to the rights to receive dividends and to vote, and any stock or other securities received as a distribution with respect to such Participant’s restricted stock shares shall be subject to the same restrictions as then
in effect for the restricted stock shares. With respect to the restricted stock units, during such period of restriction the Participant shall not have any rights as a shareholder of the Company; provided that, unless otherwise provided in a
Participant’s Grant Agreement, the Participant shall have the right to receive accumulated dividends or distributions with respect to the corresponding number of Shares underlying each restricted stock unit on the date of its full vesting and
thereafter until the underlying Shares are issued, including after any such restricted stock units are converted into deferred stock units. 
  
 7. Performance Awards. 
  
 Performance awards may be granted to Participants at any time and from time to time as determined by the Committee. The Committee shall have complete
discretion in determining the size and composition of performance awards granted to a Participant and the appropriate period over which performance is to be measured (a “performance cycle”). Performance awards may include (i) specific
dollar-value target awards, (ii) performance units, the value of each such unit being determined by the Committee at the time of issuance, and/or (iii) performance shares, the value of each such share being equal to the Fair Market Value of a share
of Common Stock. 
  
 The value of each performance award may be
fixed or it may be permitted to fluctuate based on a performance factor (e.g., return on equity) selected by the Committee. 
  
 The Committee shall establish performance goals and objectives for each performance cycle on the basis of such criteria and objectives as the Committee
may 

  

 8 

 
select from time to time, including, without limitation, the performance of the Participant, the Company, one or more of its Subsidiaries or divisions or any
combination of the foregoing. During any performance cycle, the Committee shall have the authority to adjust the performance goals and objectives for such cycle for such reasons as it deems equitable. 
  
 The Committee shall determine the portion of each performance award that is
earned by a Participant on the basis of the Company’s performance over the performance cycle in relation to the performance goals for such cycle. The earned portion of a performance award may be paid out in Shares, cash, Other Company
Securities, or any combination thereof, as the Committee may determine. 
  
 A Participant must be an officer or employee of, or otherwise perform services for, the Company or its Subsidiaries at the end of the performance cycle in order to be entitled to payment of a performance award issued in respect of such
cycle; provided, however, that except as otherwise determined by the Committee, if a Participant ceases to be an officer or employee of, or to otherwise perform services for, the Company and its Subsidiaries upon his or her death, Retirement, or
Disability prior to the end of the performance cycle, the Participant shall earn a proportionate portion of the performance award based upon the elapsed portion of the performance cycle and the Company’s performance over that portion of such
cycle. 
  
 Unless otherwise provided in any Grant Agreement, in
the event of a Change in Control, a Participant shall earn no less than the portion of the performance award that the Participant would have earned if the applicable performance cycle(s) had terminated as of the date of the Change in Control.

  
 8. Withholding Taxes. 
  
 (a) Participant Election. Unless otherwise determined by the
Committee, a Participant may elect to deliver shares of Common Stock (or have the Company withhold shares acquired upon a grant of restricted stock shares or the vesting of restricted stock units or the receipt of shares of Common Stock for any
other reason hereunder, as the case may be) to satisfy, in whole or in part, the amount the Company is required to withhold for taxes in connection with the delivery or vesting of restricted stock shares, the vesting of restricted stock units or the
vesting or receipt of shares of Common Stock for any other reason hereunder, as the case may be. Such election must be made on or before the date the amount of tax to be withheld is determined. Once made, the election shall be irrevocable. The fair
market value of the shares to be withheld or delivered will be the Fair Market Value as of the date the amount of tax to be withheld is determined. In the event a Participant elects to deliver or have the Company withhold shares of Common Stock
pursuant to this Section 8(a), (i) only a whole number of share(s) of Common Stock (and not fractional shares of Common Stock) may be tendered in payment, (ii) the Participant must present evidence acceptable to the Company that he or she has
owned any such shares of Common Stock tendered (and that such tendered shares of Common Stock have not been subject to any substantial risk of 

  

 9 

 
forfeiture) for at least six months prior to the date of payment or such longer period as determined from time to time by the Committee, and (iii) Common
Stock must be delivered to the Company. Delivery for this purpose may, at the election of the Participant, be made either by (A) physical delivery of the certificate(s) for all such shares of Common Stock tendered in payment, accompanied by duly
executed instruments of transfer in a form acceptable to the Company, or (B) direction to the Participant’s broker to transfer, by book entry, such shares of Common Stock from a brokerage account of the grantee to a brokerage account specified
by the Company. 
  
 (b) Company Requirement. The Company
may require, as a condition to any grant or vesting under the Plan or to the delivery of certificates for Shares issued hereunder, that the grantee make provision for the payment to the Company, either pursuant to Section 8(a) or this
Section 8(b), of federal, state or local taxes of any kind required by law to be withheld with respect to any grant, vesting, delivery or issuance of Shares, restricted stock units, performance awards or any other Award granted under the
Plan. The Company, to the extent permitted or required by law, shall have the right to deduct from any payment of any kind (including salary or bonus) otherwise due to a grantee, an amount equal to any federal, state or local taxes of any kind
required by law to be withheld with respect to any grant, vesting, delivery or issuance of Shares, restricted stock units, performance awards, or any other Award granted under the Plan. 
  
 9. Grant Agreement; Vesting. 
  
 Each employee to whom an Award is made under the Plan shall enter into a Grant Agreement with the Company that shall contain
such provisions, including, without limitation, vesting requirements, consistent with the provisions of the Plan, as may be approved by the Committee. Unless the Committee determines otherwise or as otherwise provided in Section 6 and
Section 7 in connection with a Change in Control or certain occurrences of termination, the restrictions relating to any Award may not lapse within six months of the date such Award is made. 
  
 10. Transferability. 
  
 Unless otherwise provided in any Grant Agreement, no Award granted under the
Plan shall be transferable by a Participant other than by will or the laws of descent and distribution or to a Participant’s Family Member by gift or a qualified domestic relations order as defined by the Code. 
  
 11. Listing, Registration and Qualification.

  
 If the Committee determines that the listing, registration or
qualification upon any securities exchange or under any law of Shares subject to any Award is necessary or desirable as a condition of, or in connection with, the granting of such Award or the delivery, issuance or purchase of Shares thereunder, no
such restricted stock unit may be converted into Shares and no Shares may be delivered, issued or 

  

 10 

 
purchased, unless such listing, registration or qualification is effected free of any conditions not acceptable to the Committee. 
  
 12. Transfer of Employee; Employment by Subsidiary.

  
 The transfer of an employee from the Company to a Subsidiary,
from a Subsidiary to the Company, or from one Subsidiary to another Subsidiary shall not be considered a termination of employment; nor shall it be considered a termination of employment if an employee is placed on military or sick leave or such
other leave of absence which is considered by the Committee as continuing intact the employment relationship; provided, however, if a Subsidiary ceases to be a “Subsidiary” (as defined in Section 2 hereof) for any reason, the employment of
the employees of such former Subsidiary shall be considered to be terminated at such time for purposes of the Plan and any Awards. 
  
 13. No Corporate Action Restriction; Adjustments. 
  
 The existence of the Plan, any Grant Agreement and/or the Awards granted hereunder shall not limit, affect or restrict in
any way the right or power of the Board or the stockholders of the Company to make or authorize (a) any adjustment, recapitalization, reorganization or other change in the Company’s or any subsidiary’s capital structure or business, (b)
any merger, consolidation or change in the ownership of the Company or any subsidiary, (c) any issue of bonds, debentures, capital, preferred or prior preference stocks ahead of or affecting the Company’s or any subsidiary’s capital stock
or the rights thereof, (d) any dissolution or liquidation of the Company or any subsidiary, (e) any sale or transfer of all or any part of the Company’s or any subsidiary’s assets or business, or (f) any other corporate act or proceeding
by the Company or any subsidiary. 
  
 In the event of any
adjustment, recapitalization, reorganization or other change in the Company’s capital structure, stock split, reverse stock split, stock dividend, combination of shares, merger, consolidation, distribution to stockholders of a material amount
of assets of the Company (including in the form of an extraordinary dividend), or any other change in the corporate structure or shares of the Company, the Committee shall make such equitable adjustments as it deems appropriate in the number and
kind of Shares or other property available for issuance under the Plan (including, without limitation, the total number of Shares available for issuance under the Plan pursuant to Section 4 and in the number and kind of Awards or other
property covered by Awards previously made under the Plan. Any such adjustment shall be final, conclusive and binding for all purposes of the Plan. In the event of any merger, consolidation or other reorganization in which the Company is not the
surviving or continuing corporation or in which a Change in Control is to occur, all of the Company’s obligations regarding any Awards that were granted hereunder and that are outstanding on the date of such event shall, on such terms as may be
approved by the Committee prior to such event, be assumed by the surviving or continuing corporation or canceled in exchange for property (including cash). 
  

 11 

 14. Amendment and Termination of Plan. 
  
 The Board or the Committee, without approval of the stockholders of the
Company, may amend or terminate the Plan at any time, except that no amendment shall become effective without prior approval of the stockholders of the Company if (i) stockholder approval would be required by applicable law or regulations, including
if required by any listing requirement of the principal stock exchange or national market on which the Common Stock is then listed, (ii) such amendment would remove from the Plan a provision which, without giving effect to such amendment, is subject
to stockholder approval, or (iii) such amendment would directly or indirectly increase the Share limits set forth in Section 4 (except for amendments reflecting adjustments made pursuant to the provisions of Section 13). The
termination of the Plan shall not adversely affect any outstanding Awards under the Plan. 
  
 15. Amendment or Substitution of Awards under the Plan. 
  
 The terms of any outstanding Award under the Plan may be amended from time to time by the Committee in any manner that it
deems appropriate (including, but not limited to, acceleration of the date of payments under an Award or of the date of lapse of restrictions on Shares); provided that, except as otherwise provided in Section 13, no amendment of the Plan or
an Award shall adversely affect in a material manner any right of a Participant under any Award without his or her written consent. The Committee may, in its discretion, (i) permit holders of Awards under the Plan to surrender outstanding Awards in
order to realize rights under other Awards, or in exchange for the grant of new Awards under the Plan or otherwise, or (ii) require holders of Awards to surrender outstanding Awards as a condition precedent to the grant of new Awards under the Plan
or otherwise. 
  
 16. Effective Date;
Termination Date. 
  
 The Plan shall commence on the
Effective Date. Unless previously terminated upon the adoption of a resolution of the Board terminating the Plan, the Plan shall terminate at the close of business ten years after the Effective Date. No termination of the Plan shall materially and
adversely affect any of the rights or obligations of any person, without his or her written consent, under any Award or other incentives theretofore granted under the Plan. 
  

 12 

 17. Severability. 
  
 Whenever possible, each provision of the Plan shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of the Plan is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of the Plan.

  
 18. Governing Law. 
  
 The Plan shall be governed by the corporate laws of the State of Delaware,
without giving effect to any choice of law provisions that might otherwise refer construction or interpretation of the Plan to the substantive law of another jurisdiction. 
  
 *        *        *        * 
  

 13

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