Document:

Exhibit 10.4

 Exhibit 10.4 
  
  
 CHESAPEAKE LODGING TRUST 
 EQUITY PLAN 
  
  

 TABLE OF CONTENTS 
  

							
	 	 	 	 	 	  	Page
			
	 1.
	 	PURPOSE	  	1
	 2.
	 	DEFINITIONS	  	1
	 3.
	 	ADMINISTRATION OF THE PLAN	  	5
		 	3.1.	 	Board	  	5
		 	3.2.	 	Committee	  	5
		 	3.3.	 	Terms of Awards	  	6
		 	3.4.	 	Deferral Arrangement	  	7
		 	3.5.	 	No Liability	  	7
		 	3.6.	 	Share Issuance/Book-Entry	  	7
		 	3.7.	 	No Repricing	  	7
	 4.
	 	SHARE SUBJECT TO THE PLAN	  	7
		 	4.1.	 	Number of Shares Available for Awards and Share Usage	  	7
		 	4.2.	 	Adjustments in Authorized Shares	  	8
	 5.
	 	DURATION AND AMENDMENTS	  	8
		 	5.1.	 	Effective Date	  	8
		 	5.2.	 	Term	  	8
		 	5.3.	 	Amendment and Termination of the Plan	  	8
	 6.
	 	AWARD ELIGIBILITY AND LIMITATIONS	  	9
		 	6.1.	 	Service Providers; Outside Trustees; Other Persons	  	9
		 	6.2.	 	Successive Awards	  	9
		 	6.3.	 	Limitation on Shares Subject to Awards and Cash Awards	  	9
		 	6.4.	 	Stand-Alone, Additional, Tandem, and Substitute Awards	  	9
	 7.
	 	AWARD AGREEMENT	  	10
	 8.
	 	TERMS AND CONDITIONS OF OPTIONS	  	10
		 	8.1.	 	Option Price	  	10
		 	8.2.	 	Vesting	  	10
		 	8.3.	 	Term	  	10
		 	8.4.	 	Termination of Service	  	10
		 	8.5.	 	Method of Exercise	  	10
		 	8.6.	 	Rights of Holders of Options	  	11
		 	8.7.	 	Delivery of Share Certificates	  	11
		 	8.8.	 	Limitations on Incentive Share Options	  	11
		 	8.9.	 	Notice of Disqualifying Disposition	  	11
	 9.
	 	TRANSFERABILITY OF OPTIONS	  	11
		 	9.1.	 	Transferability of Options	  	11
		 	9.2.	 	Transfers	  	11
	 10.
	 	SHARE APPRECIATION RIGHTS	  	12
		 	10.1.	 	Right to Payment	  	12
		 	10.2.	 	Other Terms	  	12
	 11.
	 	RESTRICTED SHARES AND SHARE UNITS	  	13
		 	11.1.	 	Grant of Restricted Shares or Share Units	  	13

  

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		 	11.2.	 	Restrictions	  	13
		 	11.3.	 	Restricted Shares Certificates	  	13
		 	11.4.	 	Rights of Holders of Restricted Shares	  	13
		 	11.5.	 	Rights of Holders of Share Units	  	14
		 		 	11.5.1.	 	No Voting and Dividend Rights	  	14
		 		 	11.5.2.	 	Creditor’s Rights	  	14
		 	11.6.	 	Termination of Service	  	14
		 	11.7.	 	Purchase of Restricted Shares	  	14
		 	11.8.	 	Delivery of Shares	  	14
	 12.
	 	UNRESTRICTED SHARES AWARDS	  	15
	 13.
	 	FORM OF PAYMENT FOR OPTIONS AND RESTRICTED SHARES AND SHARE UNITS	  	15
		 	13.1.	 	General Rule	  	15
		 	13.2.	 	Surrender of Shares	  	15
		 	13.3.	 	Cashless Exercise	  	15
		 	13.4.	 	Other Forms of Payment	  	15
	14. DIVIDEND EQUIVALENT RIGHTS	  	16
		 	14.1.	 	Dividend Equivalent Rights	  	16
		 	14.2.	 	Termination of Service	  	16
	15. PERFORMANCE AND ANNUAL INCENTIVE AWARDS	  	16
		 	15.1.	 	Performance Conditions	  	16
		 	15.2.	 	Performance or Annual Incentive Awards Granted to Designated Covered Employees	  	17
		 		 	15.2.1.	 	Performance Goals Generally	  	17
		 		 	15.2.2.	 	Business Criteria	  	17
		 		 	15.2.3.	 	Timing For Establishing Performance Goals	  	17
		 		 	15.2.4.	 	Performance or Annual Incentive Award Pool	  	18
		 		 	15.2.5.	 	Settlement of Performance or Annual Incentive Awards; Other Terms	  	18
		 	15.3.	 	Written Determinations	  	18
		 	15.4.	 	Status of Section 15.2 Awards Under Code Section 162(m)	  	18
	 16.
	 	PARACHUTE LIMITATIONS	  	18
	 17.
	 	REQUIREMENTS OF LAW	  	19
		 	17.1.	 	General	  	19
		 	17.2.	 	Rule 16b-3	  	20
	18. EFFECT OF CHANGES IN CAPITALIZATION	  	20
		 	18.1.	 	Changes in Shares	  	20
		 	18.2.	 	Changes in Capitalization; Merger; Liquidation	  	21
		 	18.3.	 	Adjustments	  	21
		 	18.4.	 	No Limitations on Company	  	21
	 19.
	 	GENERAL PROVISIONS	  	21
		 	19.1.	 	Disclaimer of Rights	  	21
		 	19.2.	 	Nonexclusivity of the Plan	  	22
		 	19.3.	 	Withholding Taxes	  	22

  

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		 	19.4.	 	Captions	  	23
		 	19.5.	 	Other Provisions	  	23
		 	19.6.	 	Number And Gender	  	23
		 	19.7.	 	Severability	  	23
		 	19.8.	 	Governing Law	  	23
		 	19.9.	 	Code Section 409A	  	23

  

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 CHESAPEAKE LODGING TRUST 
 EQUITY PLAN 
 Chesapeake Lodging Trust, a Maryland
real estate investment trust (the “Company”), sets forth herein the terms of its Equity Plan (as amended from time to time, the “Plan”), as follows: 
  

	1.	PURPOSE 

 This Plan is
intended to (a) provide incentive to eligible persons to stimulate their efforts toward the continued success of the Company and to operate and manage their businesses in a manner that will provide for the long-term growth and profitability of
the Company; and (b) provide a means of obtaining, rewarding and retaining key personnel. To this end, the Plan provides for the grant of share options, share appreciation rights, restricted shares, share units, unrestricted shares, dividend
equivalent rights and cash awards. Any of these awards may, but need not, be made as performance incentives to reward attainment of annual or long-term performance goals in accordance with the terms hereof. Share options granted under the Plan may
be non-qualified share options or incentive share options, as provided herein. 
  

	2.	DEFINITIONS 

 For purposes
of interpreting the Plan and related documents (including Award Agreements), the following definitions shall apply: 
 2.1
“Affiliate” means, with respect to the Company, any company or other trade or business that controls, is controlled by or is under common control with the Company within the meaning of Rule 405 of Regulation C under the Securities
Act, including, without limitation, any Subsidiary. For purposes of granting Options or Share Appreciation Rights, an entity may not be considered an Affiliate unless the Company holds a “controlling interest” in such entity, where the
term “controlling interest” has the same meaning as provided in Treasury Regulations section 1.414(c)-2(b)(2)(i), provided that the language “at least 50 percent” is used instead of “at least 80 percent” and, provided
further, that where granting of Options or Share Appreciation Rights is based upon a legitimate business criteria, the language “at least 20 percent” is used instead of “at least 80 percent” each place it appears in Treasury
Regulations section 1.414(c)-2(b)(2)(i). 
 2.2 “Annual Incentive Award” means an Award made subject to
attainment of performance goals (as described in Section 15) over a performance period of up to and including one year (the fiscal year, unless otherwise specified by the Committee). 
 2.3 “Award” means a grant of an Option, Share Appreciation Right, Restricted Share, Unrestricted Share, Share Unit,
Dividend Equivalent Right, or cash award under the Plan. 
 2.4 “Award Agreement” means the written or
electronic agreement between the Company and a Grantee that evidences and sets out the terms and conditions of an Award. 
 2.5
“Benefit Arrangement” shall have the meaning set forth in Section 16 hereof. 
 2.6
“Board” means the Board of Trustees of the Company. 

 2.7 “Cause” unless otherwise provided by the Board or the Committee in the
Award Agreement, has the same meaning as provided in the employment agreement between the Service Provider and the Company or any Affiliate of the Company, on the date of Termination of Employment, or if no such definition or employment agreement
exists, “Cause” means conduct amounting to (i) fraud or dishonesty against the Company or any Affiliate of the Company, (ii) Service Provider’s willful misconduct, repeated refusal to follow the reasonable directions of the
Board, any executive officer or departmental head of the Company or any Affiliate, or knowing violation of law in the course of performance of the duties of Service Provider’s employment with the Company or any Affiliate of the Company,
(iii) repeated absences from work without a reasonable excuse, (iv) intoxication with alcohol or drugs while on the Company’s or any Affiliate of the Company’s premises or while performing Services for the Company or any of its
Affiliates, (v) a conviction or plea of guilty or nolo contendere to a felony or a crime involving dishonesty, or (vi) a material breach or violation of the terms of any employment or other agreement to which Service Provider and the
Company, or, if applicable, any Affiliate of the Company are parties. 
 2.8 “Code” means the Internal Revenue
Code of 1986, as now in effect or as hereafter amended. 
 2.9 “Committee” means the Compensation Committee of
the Board or other committee of the Board to which authority has been delegated pursuant to Section 3.2. 
 2.10
“Company” means Chesapeake Lodging Trust, a Maryland real estate trust. 
 2.11 “Corporate
Transaction” means (i) the dissolution or liquidation of the Company or a merger, consolidation, or reorganization of the Company with one or more other entities in which the Company is not the surviving entity, (ii) a sale of
substantially all of the assets of the Company to another person or entity, or (iii) any transaction (including without limitation a merger or reorganization in which the Company is the surviving entity) which results in any person or entity
(other than persons who are shareholders or Affiliates of the Company or Affiliates of such shareholders immediately prior to the transaction) owning 50% or more of the combined voting power of all classes of shares of beneficial interest of the
Company. 
 2.12 “Covered Employee” means a Grantee who is a Covered Employee within the meaning of
Section 162(m)(3) of the Code. 
 2.13 “Disability” has the same meaning as provided in the long-term
disability plan or policy maintained by the Company or, if applicable, any Affiliate of the Company for the Service Provider. If no long-term disability plan or policy was ever maintained on behalf of the Service Provider, Disability shall mean that
condition described in Code Section 22(e)(3), as amended from time to time. In the event of a dispute, the determination of Disability shall be made by the Board and shall be supported by advice of a physician competent in the area to which
such Disability relates. 
 2.14 “Dividend Equivalent” means a right, granted to a Grantee under
Section 14 hereof, to receive cash, Shares, other Awards or other property equal in value to dividends paid with respect to a specified number of Shares, or other periodic payments. 
  

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 2.15 “Exchange Act” means the Securities Exchange Act of 1934, as now in
effect or as hereafter amended. 
 2.16 “Fair Market Value” means the value of a Share, determined as follows:
if on the Grant Date or other determination date the Shares are listed on an established national or regional stock exchange, or is publicly traded on an established securities market, the Fair Market Value of a Share shall be the closing price of
the Shares on such exchange or in such market (if there is more than one such exchange or market, the principal exchange or market on which the Shares are listed) on the Grant Date or such other determination date or, if no sale of Shares is
reported for such date, the Fair Market Value shall be the Fair Market Value on the next preceding day on which any sale shall have been reported. If the Shares are not listed on such an exchange, quoted on such system or traded on such a market,
Fair Market Value shall be the value of the Shares as determined by the Board in good faith. For purposes of determining taxable income and the amount of the related tax withholding obligation under Section 19.3, notwithstanding this
Section 2.16 or Section 19.3, for any Shares that are sold on the same day that such shares are first legally saleable pursuant to the terms of the applicable award agreement, Fair Market Value shall be determined based upon the sale price
for such Shares so long as the grantee has provided the Company with advance written notice of such sale. 
 2.17
“Family Member” means a person who is a spouse, former spouse, child, stepchild, grandchild, parent, stepparent, grandparent, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother, sister, brother-in-law,
or sister-in-law, including adoptive relationships, of the Grantee, any person sharing the Grantee’s household (other than a tenant or employee), a trust in which any one or more of these persons have more than fifty percent of the beneficial
interest, a foundation in which any one or more of these persons (or the Grantee) control the management of assets, and any other entity in which one or more of these persons (or the Grantee) own more than fifty percent of the voting interests.

 2.18 “Grant Date” means, as determined by the Board or the Committee, the latest to occur of (i) the
date as of which the Board or such Committee approves an Award, (ii) the date on which the recipient of an Award first becomes eligible to receive an Award under Section 6 hereof, or (iii) such other date as may be specified by
the Board or such Committee. 
 2.19 “Grantee” means a person who receives or holds an Award under the Plan.

 2.20 “Incentive Share Option” means an “incentive stock option” within the meaning of
Section 422 of the Code, or the corresponding provision of any subsequently enacted tax statute, as amended from time to time. 
 2.21 “Non-qualified Share Option” means an Option that is not an Incentive Share Option. 
 2.22
“Option” means an option to purchase one or more Shares pursuant to the Plan. 
 2.23 “Option
Price” means the purchase price for each Share subject to an Option. 
 2.24 “Other Agreement” shall
have the meaning set forth in Section 16 hereof. 
 2.25 “Outside Trustee” means a member of the
Board who is not an officer or employee of the Company. 
  

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 2.26 “Performance Award” means an Award made subject to the attainment of
performance goals (as described in Section 15) over a performance period of more than one year. 
 2.27
“Plan” means this Chesapeake Lodging Trust Equity Plan, as amended, modified or restated from time to time. 
 2.28 “Purchase Price” means the purchase price for each Share pursuant to a grant of Restricted Shares or Share Units. 
 2.29 “Reporting Person” means a person who is required to file reports under Section 16(a) of the Exchange Act. 
 2.30 “Restricted Shares” means Shares, awarded to a Grantee pursuant to Section 11 hereof. 
 2.31 “SAR Exercise Price” means the per share exercise price of an SAR granted to a Grantee under Section 10
hereof. 
 2.32 “Securities Act” means the Securities Act of 1933, as now in effect or as hereafter amended.

 2.33 “Service” means service as an employee, officer, Outside Trustee or other Service Provider of the
Company or an Affiliate. Unless otherwise stated in the applicable Award Agreement, a Grantee’s change in position or duties shall not result in interrupted or terminated Service, so long as such Grantee continues to be an employee, officer,
Outside Trustee or other Service Provider of the Company or an Affiliate. Subject to the preceding sentence, whether a termination of Service shall have occurred for purposes of the Plan shall be determined by the Board, which determination shall be
final, binding and conclusive. 
 2.34 “Service Provider” means an employee, officer or Outside Trustee of the
Company or an Affiliate, or an individual who is a consultant or adviser providing services to the Company or an Affiliate. 
 2.35 “Shares” means the common shares of beneficial interest, par value $.01 per share, of the Company. 
 2.36 “Share Appreciation Right” or “SAR” means a right granted to a Grantee under Section 10 hereof. 
 2.37 “Share Unit” means a bookkeeping entry representing the equivalent of a Share, awarded to a Grantee pursuant to Section 11 hereof. 
 2.38 “Subsidiary” means any “subsidiary corporation” of the Company within the meaning of Section 424(f) of
the Code. 
 2.39 “Substitute Award” means an Award granted upon assumption of, or in substitution for, an
outstanding award previously granted by a company or other entity acquired by the Company or any Affiliate with which the Company or any Affiliate combines. 
  

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 2.40 “Termination Date” means the date upon which an Option or SAR shall
terminate or expire, as set forth in Section 8.3 hereof. 
 2.41 “Ten Percent Shareholder” means an
employee who owns more than ten percent (10%) of the total combined voting power of all classes of outstanding shares of beneficial interest in the Company or any of its Subsidiaries. In determining share ownership, the attribution rules of
Section 424(d) of the Code shall be applied. 
 2.42 “Unrestricted Share” means an Award pursuant to
Section 12 hereof. 
  

	3.	ADMINISTRATION OF THE PLAN 

 3.1. Board 
 The Board shall have such powers and authorities related to the administration of the Plan as are
consistent with the Company’s declaration of trust and by-laws, in each case, as amended, modified or supplemented from time to time, and applicable law. The Board shall have full power and authority to take all actions and to make all
determinations required or provided for under the Plan, any Award or any Award Agreement, and shall have full power and authority to take all such other actions and make all such other determinations not inconsistent with the specific terms and
provisions of the Plan that the Board deems to be necessary or appropriate to the administration of the Plan, any Award or any Award Agreement. All such actions and determinations shall be by the affirmative vote of a majority of the members of the
Board present at a meeting or by unanimous consent of the Board executed in writing in accordance with the Company’s declaration of trust and by-laws, in each case, as amended, modified or supplemented from time to time, and applicable law. The
interpretation and construction by the Board of any provision of the Plan, any Award or any Award Agreement shall be final and conclusive. 
 3.2. Committee 
 The Board from time to time may delegate to the Committee
such powers and authorities related to the administration and implementation of the Plan, as set forth in Section 3.1 above and other applicable provisions, as the Board shall determine, consistent with the declaration of trust and
by-laws of the Company, in each case, as amended, modified or supplemented from time to time, and applicable law. The Board may also appoint one or more separate committees of the Board, each composed of one or more trustees of the Company who need
not be Outside Trustees, who may administer the Plan with respect to employees or other Service Providers who are not executive officers or trustees of the Company or its Affiliates, may grant Awards under the Plan to such employees or other Service
Providers, and may determine all terms of such Awards. In addition, the Committee may delegate to one or more executive officers of the Company or its Affiliates the authority to grant Awards to employees or other Service Providers who are not
executive officers or trustees of the Company. Such delegation shall specify the maximum number of Shares that may be granted by such officer(s), as well as the time period during which the delegation shall remain in effect. In the event that the
Plan, any Award or any Award Agreement entered into hereunder provides for any action to be taken by or determination to be made by the Board, such action may be taken or such determination may be made by the Committee if the power and authority to
do so has been delegated to the Committee by the Board as provided for in this Section. Unless otherwise expressly determined by the Board, any such action or determination by the Committee shall be final, binding and conclusive. To the extent
permitted by law, the Committee may delegate its authority under the Plan to a member of the Board. 
  

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 3.3. Terms of Awards 
 Subject to the other terms and conditions of the Plan, the Board shall have full and final authority to: 
 (i) designate Grantees, 
 (ii) determine the type or types of Awards to be made to a Grantee, 
 (iii) determine the number of Shares to be
subject to an Award, 
 (iv) establish the terms and conditions of each Award (including, but not limited to, the exercise price
of any Option, the nature and duration of any restriction or condition (or provision for lapse thereof) relating to the vesting, exercise, transfer, or forfeiture of an Award or the Shares subject thereto, the treatment of an Award in the event of a
Corporate Transaction and any terms or conditions that may be necessary to qualify Options as Incentive Share Options), 
 (v)
prescribe the form of each Award Agreement evidencing an Award, and 
 (vi) amend, modify, or supplement the terms of any
outstanding Award, subject to Section 3.7. Such authority specifically includes the authority, in order to effectuate the purposes of the Plan but without amending the Plan, to make or modify Awards to eligible individuals who are foreign
nationals or are individuals who are employed outside the United States to recognize differences in local law, tax policy, or custom. 
 The Board shall have the right, in its discretion, to make Awards in substitution or exchange for any other award under another plan of the Company, any Affiliate, or any business entity to be acquired by
the Company or an Affiliate. The Committee may retain the right in an Award Agreement to cause a forfeiture of the gain realized by a Grantee on account of actions taken by the Grantee in violation or breach of or in conflict with any
non-competition agreement, any agreement prohibiting solicitation of employees or clients of the Company or any Affiliate thereof or any confidentiality obligation with respect to the Company or any Affiliate thereof, to the extent specified in such
Award Agreement applicable to the Grantee. Furthermore, the Company may annul an Award if the Grantee is an employee of the Company or an Affiliate thereof and is terminated for Cause as defined in the applicable Award Agreement or the Plan or any
other agreement with the Grantee, as applicable. 
 Furthermore, if the Company is required to prepare an accounting restatement
due to the material noncompliance of the Company as a result of misconduct, with regard to any financial reporting requirement under the securities laws, the individuals subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley
Act of 2002 and any Grantee who knowingly engaged in the misconduct, was grossly negligent in engaging in the misconduct, knowingly failed to prevent the misconduct or was grossly negligent in failing to prevent the misconduct, shall reimburse the
Company the amount of any payment in settlement of an Award earned or accrued during the 12-month period following the first public issuance or filing with the United States Securities and Exchange Commission (whichever first occurred) of the
financial document that contained such material noncompliance. 
 Notwithstanding any other provision of this Plan or any
provision of any Award Agreement, if the Company is required to prepare an accounting restatement, then Grantees shall forfeit any cash or Shares received in connection with an Award (or an amount equal to the fair market value of such
Shares on the date of delivery if the Grantee no longer holds the Shares) if pursuant to the terms of the Award

  

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Agreement for such Award, the amount of the Award earned or the vesting in the Award was explicitly based on the achievement of pre-established performance goals set forth in the Award Agreement
(including earnings, gains, or other criteria) that are later determined, as a result of the accounting restatement, not to have been achieved. 
 3.4. Deferral Arrangement 
 The Board may permit or require the deferral of
any award payment into a deferred compensation arrangement, subject to such rules and procedures as it may establish, which may include provisions for the payment or crediting of interest or dividend equivalents, including converting such credits
into deferred Share equivalents and restricting deferrals to comply with hardship distribution rules affecting 401(k) plans. Any such deferrals shall be made in a manner that complies with Code Section 409A. 
 3.5. No Liability 
 No member of the Board or of the Committee shall be liable for any action or determination made in good faith with respect to the Plan or any Award or Award Agreement. 
 3.6. Share Issuance/Book-Entry. 
 Notwithstanding any other provision of this Plan to the contrary, the issuance of the Shares under the Plan may be evidenced in such a manner as the Board, in its discretion, deems appropriate, including,
without limitation, book-entry registration or issuance of one or more share certificates. 
 3.7. No Repricing.

 Other than pursuant to Section 18 and except in connection with a Corporate Transaction involving the Company
and/or any share dividend, share split, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination, or exchange of shares, notwithstanding any other provision in the Plan to the contrary,
the terms of outstanding Options or SARs may not be amended without shareholder approval to (i) reduce their Option Price or SAR Exercise Price, as applicable or (ii) cancel, exchange, substitute, buyout or surrender such outstanding
Options or SARs in exchange for cash, other Awards or Options or SARs with an Option Price or SAR Exercise Price, as applicable, that is less than the Option Price or SAR Exercise Price, as applicable, of the original Options or SARs. 
  

	4.	SHARES SUBJECT TO THE PLAN 

 4.1. Number of Shares Available for Awards and Share Usage 
 Subject to adjustment as provided in
Section 18 hereof, the number of Shares available for issuance under the Plan shall be [            ] which amount shall, if the underwriters for the initial registered public
offering of the Shares exercise their over-allotment option to purchase additional Shares pursuant to their underwriting agreement, be increased 45 days following the consummation of the initial registered public offering of the Shares by five
percent (5%) of the number of Shares issued by the Company pursuant to the exercise of the underwriter’s over-allotment option with respect to such public offering. [            ]
Shares available for issuance under the Plan may be awarded as Incentive Share Options. Any Shares that are subject to Awards shall be counted against this limit as one (1) Share for every one (1) Share issued.

  

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Shares issued or to be issued under the Plan shall be authorized but unissued Shares. If any Shares covered by an Award granted under the Plan are not purchased or are forfeited or expire, or if
an award in either case otherwise terminates without delivery of any Shares subject thereto or is settled in cash in lieu of Shares, then the number of Shares counted against the aggregate number of Shares available under the Plan with respect to
such Award shall, to the extent of any such forfeiture, termination or expiration, again be available for making Awards under the Plan as set forth in this Section 4.1. Any Shares that again become available for grant pursuant to this
Section 4.1 shall be added back as one (1) Share. Shares issued pursuant to Awards granted in substitution for awards held by employees of a business entity acquired by the Company or an Affiliate shall not count against the Shares
available for issuance under the Plan. 
 4.2. Adjustments in Authorized Shares. 
 The Board shall have the right to substitute or assume Awards in connection with mergers, reorganizations, separations, or other transactions
to which Section 424(a) of the Code applies. The number of Shares reserved pursuant to Section 4.1 shall be increased by the corresponding number of awards assumed and, in the case of a substitution, by the net increase in the
number of Shares subject to awards before and after the substitution. Available shares under a shareholder approved plan of an acquired company (as appropriately adjusted to reflect the transaction) may be used for Awards under the Plan and do not
reduce the number of Shares available under the Plan, subject to applicable stock exchange requirements. 
  

	5.	DURATION AND AMENDMENTS 

 5.1. Effective Date 
 The Plan shall be effective as of the Effective Date, subject to approval of the Plan by
the Company’s shareholders within one year of the Effective Date. Upon approval of the Plan by the shareholders of the Company as set forth above, all Awards made under the Plan on or after the Effective Date shall be fully effective as if the
shareholders of the Company had approved the Plan on the Effective Date. If the shareholders fail to approve the Plan within one year of the Effective Date, any Awards made hereunder shall be null and void and of no effect. 
 5.2. Term 
 The Plan shall terminate automatically on [            ] and may be terminated on any earlier date as provided in Section 5.3. 
 5.3. Amendment and Termination of the Plan 
 The Board may, at any time and from time to time, amend, suspend, or terminate the Plan as to any Shares as to which Awards have not been made. An amendment shall be contingent on approval of the
Company’s shareholders only (i) to the extent stated by the Board or required by applicable law or (ii) if the amendment would (A) materially increase the benefits accruing to participants under the Plan, (B) materially
increase the aggregate number of Shares that may be issued under the Plan, or (C) materially modify the requirements as to eligibility for participation in the Plan. No amendment will be made to the no repricing provisions of Section 8 of
the Plan without the approval of the Company’s shareholders. No amendment, suspension, or termination of the Plan shall, without the consent of the Grantee, impair rights or obligations under any Award theretofore awarded under the Plan.

  

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	6.	AWARD ELIGIBILITY AND LIMITATIONS 

 6.1. Service Providers; Outside Trustees; Other Persons 
 Subject to this Section 6, Awards may be
made under the Plan to: (i) any Service Provider to the Company or of any Affiliate, including any such Service Provider who is an officer or trustee of the Company, or of any Affiliate, as the Board shall determine and designate from time to
time and (ii) any other individual whose participation in the Plan is determined to be in the best interests of the Company by the Board. 
 6.2. Successive Awards 
 An eligible person may receive more than one Award,
subject to such restrictions as are provided herein. 
 6.3. Limitation on Shares Subject to Awards and Cash Awards

 (i) the maximum number of Shares subject to Options or SARs that can be issued under the Plan to any person eligible for
an Award under Section 6 hereof is 350,000 (three hundred fifty thousand) in any calendar year; 
 (ii) the maximum
number of Shares that can be issued under the Plan, other than pursuant to an Option, SAR, or Restricted Shares or Share Unit grant that is not performance based, to any person eligible for an Award under Section 6 hereof is 350,000
(three hundred fifty thousand) in any calendar year; 
 (iii) the maximum amount that may be earned as an Annual Incentive Award
or other cash Award in any fiscal year by any one Grantee shall be $5,000,000 and the maximum amount that may be earned as a Performance Award or other cash Award in respect of a performance period by any one Grantee shall be $15,000,000.

 The preceding limitations in this Section 6.3 are subject to adjustment as provided in Section 18 hereof.

 6.4. Stand-Alone, Additional, Tandem, and Substitute Awards 
 Subject to Section 3.7, Awards granted under the Plan may, in the discretion of the Board, be granted either alone or in addition
to, in tandem with, or in substitution or exchange for, any other Award or any award granted under another plan of the Company, any Affiliate, or any business entity to be acquired by the Company or an Affiliate, or any other right of a Grantee to
receive payment from the Company or any Affiliate. Such additional, tandem, and substitute or exchange Awards may be granted at any time. If an Award is granted in substitution or exchange for another Award, the Board shall require the surrender of
such other Award in consideration for the grant of the new Award. In addition, Awards may be granted in lieu of cash compensation, including in lieu of cash amounts payable under other plans of the Company or any Affiliate. Notwithstanding
Sections 8.1 and 10.1 but subject to Section 3.7, the Option Price of an Option or the grant price of an SAR that is a Substitute Award may be less than 100% of the Fair Market Value of a Share on the original date of
grant; provided, that, the Option Price or grant price is determined in accordance with the principles of Code Section 424 and the regulations thereunder for any Incentive Share Option and consistent with Code Section 409A for any other
Option or SAR. 
  

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	7.	AWARD AGREEMENT 

 Each
Award granted pursuant to the Plan shall be evidenced by an Award Agreement, in such form or forms as the Board shall from time to time determine. Award Agreements granted from time to time or at the same time need not contain similar provisions but
shall be consistent with the terms of the Plan. Each Award Agreement evidencing an Award of Options shall specify whether such Options are intended to be Non-qualified Share Options or Incentive Share Options, and in the absence of such
specification such options shall be deemed Non-qualified Share Options. 
  

	8.	TERMS AND CONDITIONS OF OPTIONS 

 8.1. Option Price 
 The Option Price of each Option shall be fixed by the Board and stated in the Award
Agreement evidencing such Option. The Option Price of each Option shall be at least the Fair Market Value on the Grant Date of a Share; provided, however, that in the event that a Grantee is a Ten Percent Shareholder, the Option Price
of an Option granted to such Grantee that is intended to be an Incentive Share Option shall be not less than 110 percent of the Fair Market Value of a Share on the Grant Date. In no case shall the Option Price of any Option be less than the par
value of a Share. 
 8.2. Vesting 
 Subject to Sections 8.3 and 18 hereof, each Option granted under the Plan shall become exercisable at such times and under such conditions as shall be determined by the Board and stated in
the Award Agreement. 
 8.3. Term 
 Each Option granted under the Plan shall terminate, and all rights to purchase Shares thereunder shall cease, upon the expiration of ten years from the date such Option is granted, or under such
circumstances and on such date prior thereto as is set forth in the Plan or as may be fixed by the Board and stated in the Award Agreement relating to such Option (the “Termination Date”); provided, however, that in the event
that the Grantee is a Ten Percent Shareholder, an Option granted to such Grantee that is intended to be an Incentive Share Option shall not be exercisable after the expiration of five years from its Grant Date. 
 8.4. Termination of Service 
 Each Award Agreement shall set forth the extent to which the Grantee shall have the right to exercise the Option following termination of the Grantee’s Service. Such provisions shall be determined in
the sole discretion of the Board, need not be uniform among all Options issued pursuant to the Plan, and may reflect distinctions based on the reasons for termination of Service. An Option that is intended to be an Incentive Share Option shall no
longer be exercisable as an Incentive Share Option ninety (90) days after the termination of the Grantee’s Service. 
 8.5. Method of Exercise 
 An Option that is exercisable may be exercised by the Grantee’s delivery to the
Company of written or electronic notice of exercise on any business day, on the form specified by the Company. Such notice shall specify the number of Shares with respect to which the Option is being exercised and shall be

  

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accompanied by payment in full of the Option Price of the Shares for which the Option is being exercised plus the amount (if any) of federal and/or other taxes which the Company many, in its sole
and absolute judgment, determine to be required to withhold with respect to an Award pursuant to Section 19.3. 
 8.6. Rights of Holders of Options 
 Unless otherwise stated in the applicable Award Agreement, an individual
holding or exercising an Option shall have none of the rights of a shareholder (for example, the right to receive cash or dividend payments or distributions attributable to the subject Shares or to direct the voting of the subject Shares) until the
Shares covered thereby are fully paid and issued to him. Except as provided in Section 18 hereof, no adjustment shall be made for dividends, distributions or other rights for which the record date is prior to the date of such issuance.

 8.7. Delivery of Share Certificates 
 Promptly after the exercise of an Option by a Grantee and the payment in full of the Option Price, such Grantee shall be entitled to the issuance of a share certificate or certificates evidencing his or
her ownership of the Shares subject to the Option. Notwithstanding any other provision of this Plan to the contrary, the Company may elect to satisfy any requirement under this Plan for the delivery of share certificates through the use of
book-entry. 
 8.8. Limitations on Incentive Share Options 
 An Option shall constitute an Incentive Share Option only (i) if the Grantee of such Option is an employee of the Company or any
Subsidiary of the Company; (ii) to the extent specifically provided in the related Award Agreement; and (iii) to the extent that the aggregate Fair Market Value (determined at the time the Option is granted) of the Shares with respect to
which all Incentive Share Options held by such Grantee become exercisable for the first time during any calendar year (under the Plan and all other plans of the Grantee’s employer and its Affiliates) does not exceed $100,000. This limitation
shall be applied by taking Options into account in the order in which they were granted. 
 8.9. Notice of Disqualifying
Disposition. 
 If any Grantee shall make any disposition of Shares issued pursuant to the exercise of an Incentive Share
Option under the circumstances described in Code Section 421(b) (relating to certain disqualifying dispositions), such Grantee shall notify the Company of such disposition within ten (10) days thereof. 
  

	9.	TRANSFERABILITY OF OPTIONS 

 9.1. Transferability of Options 
 Except as provided in Section 9.2, during the lifetime of a
Grantee, only the Grantee (or, in the event of legal incapacity or incompetency, the Grantee’s guardian or legal representative) may exercise an Option. Except as provided in Section 9.2, no Option shall be assignable or
transferable by the Grantee to whom it is granted, other than by will or the laws of descent and distribution. 
 9.2.
Transfers 
 If authorized in the applicable Award Agreement, a Grantee may transfer, not for value, all or part of an Option
which is not an Incentive Share Option to any Family Member or to any entity that is

  

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exempt from income tax pursuant to Section 501(c)(3) of the Code, or any successor provision. For the purpose of this Section 9.2, a “not for value” transfer is a
transfer which is (i) a gift, (ii) a transfer under a domestic relations order in settlement of marital property rights; or (iii) a transfer to an entity in which more than fifty percent of the voting interests are owned by Family
Members (or the Grantee) in exchange for an interest in that entity. Following a transfer under this Section 9.2, any such Option shall continue to be subject to the same terms and conditions as were applicable immediately prior to
transfer. Subsequent transfers of transferred Options are prohibited except to Family Members of the original Grantee in accordance with this Section 9.2 or by will or the laws of descent and distribution. The events of termination of
Service of Section 8.4 hereof shall continue to be applied with respect to the original Grantee, following which the Option shall be exercisable by the transferee only to the extent, and for the periods specified, in
Section 8.4. 
  

	10.	SHARE APPRECIATION RIGHTS 

 The Board is authorized to grant Share Appreciation Rights (“SARs”) to Grantees on the following terms and conditions: 
 10.1. Right to Payment 
 A SAR shall confer on the Grantee to whom it is
granted a right to receive, upon exercise thereof, an amount not greater than the excess of (A) the Fair Market Value of one Share on the date of exercise over (B) the grant price of the SAR, as determined by the Board. The Award Agreement
for an SAR shall specify the SAR Exercise Price of the SAR, which shall be at least the Fair Market Value of a Share on the Grant Date. The Award Agreement for a SAR shall specify the SAR Exercise Price, which shall be at least the Fair Market Value
of a Share on the Grant Date. SARs may be granted in conjunction with all or part of an Option granted under the Plan or at any subsequent time during the term of such Option, in conjunction with all or part of any other Award or without regard to
any Option or other Award; provided that a SAR that is granted subsequent to the Grant Date of a related Option must have a SAR Exercise Price that is no less than the Fair Market Value of a Share on the Option Grant Date. 
 10.2. Other Terms 
 Each SAR granted under the Plan shall terminate upon the expiration of ten years from the Grant Date of such SAR or under such circumstances and on such date prior thereto as is set forth in the Plan or as may be fixed by the Board and
stated in the Award Agreement relating to such SAR. The Board shall determine at the Grant Date or thereafter, the time or times at which and the circumstances under which a SAR may be exercised in whole or in part (including based on achievement of
performance goals and/or future service requirements), the time or times at which SARs shall cease to be or become exercisable following termination of Service or upon other conditions, the method of exercise, method of settlement, form of
consideration payable in settlement which may be cash or Shares, method by or forms in which Shares will be delivered or deemed to be delivered to Grantees, whether or not a SAR shall be in tandem or in combination with any other Award, and any
other terms and conditions of any SAR, provided, however, that each SAR granted under the Plan shall terminate under such circumstances and on such date prior thereto as is set forth in the Plan or as may be fixed by the Board and stated in the
Award Agreement relating to such SAR. 
  

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	11.	RESTRICTED SHARES AND SHARE UNITS 

 11.1. Grant of Restricted Shares or Share Units 
 The Board may from time to time grant Restricted Shares or
Share Units to persons eligible to receive Awards under Section 6 hereof, subject to such restrictions, conditions and other terms, if any, as the Board may determine. 
 11.2. Restrictions 
 At the time a grant of Restricted Shares or Share Units is made, the Board may, in its sole discretion, establish a period of time (a “restricted period”) applicable to such Restricted Shares or Share Units. Each Award of
Restricted Shares or Share Units may be subject to a different restricted period. The Board may, in its sole discretion, at the time a grant of Restricted Shares or Share Units is made, prescribe restrictions in addition to or other than the
expiration of the restricted period, including the satisfaction of corporate or individual performance objectives, which may be applicable to all or any portion of the Restricted Shares or Share Units in accordance with Section 15.1
and 15.2. Neither Restricted Shares nor Share Units may be sold, transferred, assigned, pledged or otherwise encumbered or disposed of during the restricted period or prior to the satisfaction of any other restrictions prescribed by the
Board with respect to such Restricted Shares or Share Units. 
 11.3. Restricted Shares Certificates 
 The Company shall issue, in the name of each Grantee to whom Restricted Shares has been granted, share certificates representing the total
number of Restricted Shares granted to the Grantee, as soon as reasonably practicable after the Grant Date. The Board may provide in an Award Agreement that either (i) the Secretary of the Company, or his delegate, shall hold such certificates
for the Grantee’s benefit until such time as the Restricted Shares are forfeited to the Company or the restrictions lapse, or (ii) such certificates shall be delivered to the Grantee, provided, however, that all such
certificates, regardless of whether held by the Secretary, his delegate or delivered to the Grantee, shall bear a legend or legends that comply with the applicable securities laws and regulations and makes appropriate reference to the restrictions
imposed under the Plan and the Award Agreement. If the Company utilizes book-entry form with appropriate restrictions noted in the Company records, and the Grantee so requests, the Company will furnish without charge the powers, designations,
preferences and relative, participating, optional, or other special rights of the Share and the qualifications, limitations or restrictions of such preferences and/or rights. Such requests shall be made in writing to the Company’s Secretary.

 11.4. Rights of Holders of Restricted Shares 
 Unless the Board otherwise provides in an Award Agreement, holders of Restricted Shares shall have the right to vote such Shares and the
right to receive any dividends declared or paid with respect to such Shares. The Board may provide that any dividends paid on Restricted Shares must be reinvested in Shares, which may or may not be subject to the same vesting conditions and
restrictions applicable to such Restricted Shares. All distributions, if any, received by a Grantee with respect to Restricted Shares as a result of any share split, share dividend, combination of shares, or other similar transaction shall be
subject to the restrictions applicable to the original Grant. Holders of Restricted Shares may not make an election under Code Section 83(b) with regard to the grant of Restricted Shares, and any holder who attempts to make such an election
shall forfeit the Restricted Shares. 
  

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 11.5. Rights of Holders of Share Units 
 11.5.1. No Voting and Dividend Rights 
 Unless the Board otherwise provides in an Award Agreement, holders of Share Units shall have no rights as shareholders of the Company. The Board may provide in an Award Agreement evidencing a grant of
Share Units that the holder of such Share Units shall be entitled to receive, upon the Company’s payment of a cash dividend on its outstanding Shares, a cash payment for each Share Unit held equal to the per-share dividend paid on the Shares.
Such Award Agreement may also provide that such cash payment will be deemed reinvested in additional Share Units at a price per unit equal to the Fair Market Value of a Share on the date that such dividend is paid, subject to the same vesting
conditions and restrictions applicable to such Share Units. 
 11.5.2. Creditor’s Rights 
 A holder of Share Units shall have no rights other than those of a general creditor of the Company. Share Units represent an unfunded and
unsecured obligation of the Company, subject to the terms and conditions of the applicable Award Agreement. 
 11.6.
Termination of Service 
 Unless the Board otherwise provides in an Award Agreement or in writing after the Award Agreement
is issued, upon the termination of a Grantee’s Service, any Restricted Shares or Share Units held by such Grantee that have not vested, or with respect to which all applicable restrictions and conditions have not lapsed, shall immediately be
deemed forfeited. Upon forfeiture of Restricted Shares or Share Units, the Grantee shall have no further rights with respect to such Award, including but not limited to any right to vote Restricted Shares or any right to receive dividends with
respect to Restricted Shares or Share Units. 
 11.7. Purchase of Restricted Shares 
 The Grantee shall be required, to the extent required by applicable law, to purchase the Restricted Shares from the Company at a Purchase
Price equal to the greater of (i) the aggregate par value of the Shares represented by such Restricted Shares or (ii) the Purchase Price, if any, specified in the Award Agreement relating to such Restricted Shares. The Purchase Price shall
be payable in a form described in Section 13 or, in the discretion of the Board, in consideration for past Services rendered to the Company or an Affiliate. 
 11.8. Delivery of Shares 
 Upon the expiration or termination of any
restricted period and the satisfaction of any other conditions or restrictions prescribed by the Board as set forth in the Award agreement, the restrictions applicable to Restricted Shares or Share Units settled in Shares shall lapse, and, unless
otherwise provided in the Award Agreement, a share certificate for such Shares shall be delivered, free of all such restrictions, to the Grantee or the Grantee’s beneficiary or estate, as the case may be. In the alternative, a book-entry no
longer reflecting any restrictions may be made. Neither the Grantee, nor the Grantee’s beneficiary or estate, shall have any further rights with respect to a Share Unit once the Shares represented by the Share Unit have been delivered. Share
Units may also be settled in cash upon the determination of the Board or as specified in the applicable Award Agreement. 
  

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	12.	UNRESTRICTED SHARES AWARDS 

 The Board may, in its sole discretion, grant to any Grantee under the Plan (or sell at par value or such other higher purchase price determined by the Board) Unrestricted Share Awards pursuant to which Grantees may receive Shares free of
any restrictions (“Unrestricted Shares”). Unrestricted Share Awards may be granted or sold in respect of past services, performance and other valid consideration, or in lieu of, or in addition to, any cash compensation due to such Grantee.
A share certificate for such Shares shall be delivered, free of all restrictions, to the Grantee or the Grantee’s beneficiary or estate, as the case may be. In the alternative, a book-entry may be made. 
  

	13.	FORM OF PAYMENT FOR OPTIONS AND RESTRICTED SHARES AND SHARE UNITS 

 13.1. General Rule 
 Payment of the Option Price for the Shares purchased
pursuant to the exercise of an Option or the Purchase Price for Restricted Shares and Share Units shall be made in cash or in cash equivalents acceptable to the Company. 
 13.2. Surrender of Shares 
 To the extent the Award Agreement so provides,
payment of the Option Price for Shares purchased pursuant to the exercise of an Option or the Purchase Price for Restricted Shares may be made all or in part through the tender or attestation to the Company of Shares, which shall be valued, for
purposes of determining the extent to which the Option Price or Purchase Price has been paid thereby, at their Fair Market Value on the date of exercise or surrender. In addition, and also only to the extent the Award Agreement so provides, payment
of the Option Price may be made by requesting that the Company withhold Shares that would otherwise be deliverable pursuant to the exercise of the Option, which Shares shall be valued at their Fair Market Value on the date of exercise. 

13.3. Cashless Exercise 
 With respect to an Option only (and not with respect to Restricted Shares), to the extent the Award Agreement so provides and subject to compliance with applicable law, payment of the Option Price for
Shares purchased pursuant to the exercise of an Option may be made all or in part by delivery (on a form acceptable to the Board) of an irrevocable direction to a licensed securities broker acceptable to the Company to sell Shares and to deliver all
or part of the sales proceeds to the Company in payment of the Option Price and any withholding taxes described in Section 19.3 or, with the consent of the Company, by issuing the number of Shares equal in value to the difference between
the Option Price and the Fair Market Value of the Shares subject to the portion of the Option being exercised. 
 13.4. Other
Forms of Payment 
 To the extent the Award Agreement so provides, payment of the Option Price for Shares purchased pursuant
to exercise of an Option or the Purchase Price for Restricted Shares may be made in any other form that is consistent with applicable laws, regulations and rules. 
  

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	14.	DIVIDEND EQUIVALENT RIGHTS 

 14.1. Dividend Equivalent Rights 
 A Dividend Equivalent Right is an Award entitling the recipient to receive
credits based on cash distributions that would have been paid on the Shares specified in the Dividend Equivalent Right (or other Award to which it relates) if such Shares had been issued to and held by the recipient. A Dividend Equivalent Right may
be granted hereunder to any Grantee as a component of another Award other than an Option or SAR or as a freestanding award. The terms and conditions of Dividend Equivalent Rights shall be specified in the grant. Dividend Equivalents credited to the
holder of a Dividend Equivalent Right may be paid currently or may be deemed to be reinvested in additional Shares, which may thereafter accrue additional equivalents. Any such reinvestment shall be at Fair Market Value on the date of reinvestment.
Dividend Equivalent Rights may be settled in cash or Shares or a combination thereof, in a single installment or installments, all determined in the sole discretion of the Board. Subject to Code Section 409A, a Dividend Equivalent Right granted
as a component of another Award may provide that such Dividend Equivalent Right shall be settled upon exercise, settlement, or payment of, or lapse of restrictions on, such other Award, and that such Dividend Equivalent Right shall expire or be
forfeited or annulled under the same conditions as such other Award. A Dividend Equivalent Right granted as a component of another Award may also contain terms and conditions different from such other Award; provided, however, that Dividend
Equivalents credited pursuant to a Dividend Equivalents Right granted as a component of another Award which vests or is earned based upon achievement of performance goals shall not vest or be paid unless the performance goals for such underlying
Award are achieved. 
 14.2. Termination of Service 
 Except as may otherwise be provided by the Board either in the Award Agreement or in writing after the Award Agreement is issued, a
Grantee’s rights in all Dividend Equivalent Rights or interest equivalents shall automatically terminate upon the Grantee’s termination of Service for any reason. 
  

	15.	PERFORMANCE AND ANNUAL INCENTIVE AWARDS 

 15.1. Performance Conditions 
 The right of a Grantee to exercise or receive
a grant or settlement of any Award, and the timing thereof, may be subject to such performance conditions as may be specified by the Board. The Board may use such business criteria and other measures of performance as it may deem appropriate in
establishing any performance conditions, and may exercise its discretion to reduce the amounts payable under any Award subject to performance conditions, except as limited under Sections 15.2 hereof in the case of a Performance Award or
Annual Incentive Award intended to qualify under Code Section 162(m). If and to the extent required under Code Section 162(m), any power or authority relating to a Performance Award or Annual Incentive Award intended to qualify under Code
Section 162(m), shall be exercised by the Committee and not the Board. 
  

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 15.2. Performance or Annual Incentive Awards Granted to Designated Covered Employees 

 If and to the extent that the Committee determines that a Performance or Annual Incentive Award to be granted to a Grantee who
is designated by the Committee as likely to be a Covered Employee should qualify as “performance-based compensation” for purposes of Code Section 162(m), the grant, exercise and/or settlement of such Performance or Annual Incentive
Award shall be contingent upon achievement of pre-established performance goals and other terms set forth in this Section 15.2. 
 15.2.1. Performance Goals Generally 
 The performance goals for such
Performance or Annual Incentive Awards shall consist of one or more business criteria and a targeted level or levels of performance with respect to each of such criteria, as specified by the Committee consistent with this Section 15.2.
Performance goals shall be objective and shall otherwise meet the requirements of Code Section 162(m) and regulations thereunder including the requirement that the level or levels of performance targeted by the Committee result in the
achievement of performance goals being “substantially uncertain.” The Committee may determine that such Performance or Annual Incentive Awards shall be granted, exercised and/or settled upon achievement of any one or more performance
goals. Performance goals may differ for Performance or Annual Incentive Awards granted to any one Grantee or to different Grantees. 
 15.2.2. Business Criteria 
 One or more of the following business criteria for the Company, on a consolidated
basis, and/or specified subsidiaries or business units of the Company (except with respect to the total shareholder return and earnings per Share criteria), shall be used exclusively by the Committee in establishing performance goals for such
Performance or Annual Incentive Awards: (1) total shareholder return; (2) such total shareholder return as compared to total return (on a comparable basis) of a publicly available index such as, but not limited to, the Standard &
Poor’s 500 Stock Index or the SNL U.S. REIT Hotel Index prepared by SNL Financial LC; (3) net income; (4) pretax earnings; (5) earnings before interest expense and taxes (EBIT), (6) earnings before interest expense, taxes,
depreciation and amortization (EBITDA); (7) pretax operating earnings after interest expense and before bonuses, service fees, and extraordinary or special items; (8) operating margin; (9) earnings per Share; (10) return on
equity, including risk-adjusted return on equity; (11) return on assets, (12) return on capital; (13) return on investment; (14) operating earnings; (15) working capital; (16) ratio of debt to shareholders’ equity,
(17) revenue; (18) book value; (19) funds from operations (FFO) or FFO per Share; (20) funds (or cash) available for distribution (FAD), per Share, (22) cash flow; (22) economic value-added models or equivalent metrics;
and (23) reduction in costs. 
 15.2.3. Timing For Establishing Performance Goals 
 Performance goals shall be established not later than the earlier of (i) 90 days after the beginning of any performance period
applicable to such Performance or Annual Incentive Awards, (ii) the day on which 25% of any performance period applicable to such Awards has expired, and (iii) at such other date as may be required or permitted for “performance-based
compensation” under Code Section 162(m). 
  

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 15.2.4. Performance or Annual Incentive Award Pool 
 The Committee may establish a Performance or Annual Incentive Award pool, which shall be an unfunded pool, for purposes of measuring
performance in connection with Performance or Annual Incentive Awards. 
 15.2.5. Settlement of Performance or Annual
Incentive Awards; Other Terms 
 Settlement of such Performance or Annual Incentive Awards shall be in cash, Shares,
Restricted Shares, Share Units, other Awards or other property, in the discretion of the Committee. The Committee may, in its discretion, reduce the amount of a settlement otherwise to be made in connection with such Performance or Annual Incentive
Awards. The Committee shall specify the circumstances in which such Performance or Annual Incentive Awards shall be paid or forfeited in the event of termination of Service by the Grantee prior to the end of a performance period or settlement of
Performance Awards. 
 15.3. Written Determinations 
 All determinations by the Committee as to the establishment of performance goals, the amount of any Performance Award pool or potential
individual Performance Awards and as to the achievement of performance goals relating to Performance Awards, and the amount of any Annual Incentive Award pool or potential individual Annual Incentive Awards and the amount of final Annual Incentive
Awards, shall be made in writing in the case of any Award intended to qualify under Code Section 162(m). To the extent required to comply with, or not prohibited by, Code Section 162(m), the Committee may delegate any responsibility
relating to such Performance Awards or Annual Incentive Awards. 
 15.4. Status of Section 15.2 Awards Under Code
Section 162(m) 
 It is the intent of the Company that Performance Awards and Annual Incentive Awards under
Section 15.2 hereof granted to persons who are designated by the Committee as likely to be Covered Employees within the meaning of Code Section 162(m) and regulations thereunder shall, if so designated by the Committee, constitute
“qualified performance-based compensation” within the meaning of Code Section 162(m) and regulations thereunder. Accordingly, the terms of Section 15.2, including the definitions of Covered Employee and other terms used
therein, shall be interpreted in a manner consistent with Code Section 162(m) and regulations thereunder. The foregoing notwithstanding, because the Committee cannot determine with certainty whether a given Grantee will be a Covered Employee
with respect to a fiscal year that has not yet been completed, the term Covered Employee as used herein shall mean only a person designated by the Committee, at the time of grant of Performance Awards or an Annual Incentive Award, as likely to be a
Covered Employee with respect to that fiscal year. If any provision of the Plan or any Award Agreement relating to such Performance Awards or Annual Incentive Awards does not comply or is inconsistent with the requirements of Code
Section 162(m) or regulations thereunder, such provision shall be construed or deemed amended to the extent necessary to conform to such requirements. 
  

	16.	PARACHUTE LIMITATIONS 

 Notwithstanding any other provision of this Plan or of any Award Agreement or agreement, contract, or understanding heretofore or hereafter entered into by a Grantee with the Company or any

  

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Affiliate, except an agreement, contract or understanding between the Grantee and the Company or any Affiliate that expressly addresses Section 280G of the Code (an “Other
Agreement”), and notwithstanding any formal or informal plan or other arrangement for the direct or indirect provision of compensation to the Grantee (including groups or classes of Grantees or beneficiaries of which the Grantee is a member),
whether or not such compensation is deferred, is in cash, or is in the form of a benefit to or for the Grantee (a “Benefit Arrangement”), if the Grantee is a “disqualified individual,” as defined in Section 280G(c) of the
Code, any Option, Restricted Share or Share Unit held by that Grantee and any right to receive any payment or other benefit under this Plan shall not become exercisable or vested (i) to the extent that such right to exercise, vesting, payment,
or benefit, taking into account all other rights, payments, or benefits to or for the Grantee under this Plan, all Other Agreements, and all Benefit Arrangements, would cause any payment or benefit to the Grantee under this Plan to be considered a
“parachute payment” within the meaning of Section 280G(b)(2) of the Code as then in effect (a “Parachute Payment”) and (ii) if, as a result of receiving a Parachute Payment, the aggregate after-tax amounts
received by the Grantee from the Company under this Plan, all Other Agreements, and all Benefit Arrangements would be less than the maximum after-tax amount that could be received by the Grantee without causing any such payment or benefit to be
considered a Parachute Payment. In the event that the receipt of any such right to exercise, vesting, payment, or benefit under this Plan, in conjunction with all other rights, payments, or benefits to or for the Grantee under any Other Agreement or
any Benefit Arrangement would cause the Grantee to be considered to have received a Parachute Payment under this Plan that would have the effect of decreasing the after-tax amount received by the Grantee as described in clause (ii) of the
preceding sentence, then the Grantee shall have the right, in the Grantee’s sole discretion, to designate those rights, payments, or benefits under this Plan, any Other Agreements, and any Benefit Arrangements that should be reduced or
eliminated so as to avoid having the payment or benefit to the Grantee under this Plan be deemed to be a Parachute Payment; provided, however, that to comply with Code Section 409A, the reduction or elimination will be performed in the order in
which each dollar of value subject to an Award reduces the Parachute Payment to the greatest extent. 
  

	17.	REQUIREMENTS OF LAW 

 17.1. General 
 The Company shall not be required to sell or issue any Shares under any Award if the sale or
issuance of such Shares would constitute a violation by the Grantee, any other individual exercising an Option, or the Company or any Affiliate of any provision of any law or regulation of any governmental authority, including without limitation any
federal or state securities laws or regulations. If at any time the Company shall determine, in its discretion, that the listing, registration or qualification of any Shares subject to an Award upon any securities exchange or under any governmental
regulatory body is necessary or desirable as a condition of, or in connection with, the issuance or purchase of Shares hereunder, no Shares may be issued or sold to the Grantee or any other individual pursuant to such Award unless such listing,
registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Company, and any delay caused thereby shall in no way affect the date of termination of the Award or otherwise result
in any claim or damages. Without limiting the generality of the foregoing, specifically, in connection with the Securities Act, upon the exercise of any Option or any SAR that may be settled in Shares or the delivery of any Shares underlying an
Award, unless a registration statement under such Act is in effect with respect to the Shares covered by such Award, the Company shall not be required to sell or issue such Shares unless the Board has received evidence satisfactory to it that the
Grantee or any other individual may acquire such Shares pursuant to an exemption from registration under the Securities Act. Any determination in this connection by the Board shall be final, binding, and

  

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conclusive. The Company may, but shall in no event be obligated to, register any securities covered hereby pursuant to the Securities Act. The Company shall not be obligated to take any
affirmative action in order to cause the exercise of an Option or SAR or the issuance of Shares pursuant to the Plan to comply with any law or regulation of any governmental authority. As to any jurisdiction that expressly imposes the requirement
that an Option or any SAR that may be settled in Shares shall not be exercisable until the Shares covered by such Option or SAR are registered or are exempt from registration, the exercise of such Option or SAR (under circumstances in which the laws
of such jurisdiction apply) shall be deemed conditioned upon the effectiveness of such registration or the availability of such an exemption. 
 17.2. Rule 16b-3 
 During any time when the Company has a class of equity
security registered under Section 12 of the Exchange Act, it is the intent of the Company that Awards pursuant to the Plan and the exercise of Options or SARs granted hereunder will qualify for the exemption provided by Rule 16b-3 under the
Exchange Act. To the extent that any provision of the Plan or action by the Board does not comply with the requirements of Rule 16b-3, it shall be deemed inoperative to the extent permitted by law and deemed advisable by the Board, and shall not
affect the validity of the Plan. In the event that Rule 16b-3 is revised or replaced, the Board may exercise its discretion to modify this Plan, Awards and Award Agreements in any respect necessary to satisfy the requirements of, or to take
advantage of any features of, the revised exemption or its replacement. 
  

	18.	EFFECT OF CHANGES IN CAPITALIZATION 

 18.1. Changes in Shares 
 If the number of outstanding Shares is increased
or decreased or the Shares are changed into or exchanged for a different number or kind of shares or other securities of the Company on account of any recapitalization, reclassification, share split, reverse split, combination of shares, exchange of
shares, share dividend or other distribution payable in capital share, or other increase or decrease in such shares effected without receipt of consideration by the Company occurring after the Effective Date, the number and kinds of shares for which
grants of Awards may be made under the Plan shall be adjusted proportionately and accordingly by the Board. In addition, the number and kind of shares for which Awards are outstanding shall be adjusted proportionately and accordingly so that the
proportionate interest of the Grantee immediately following such event shall, to the extent practicable, be the same as immediately before such event. Any such adjustment in outstanding Options, SARs, Restricted Shares or Share Units shall not
change the aggregate Option Price, SAR Exercise Price or Purchase Price payable with respect to Shares that are subject to the unexercised portion of an outstanding Option or SAR, or an unvested portion of Restricted Shares or Share Units, as
applicable, but shall include a corresponding proportionate adjustment in the Option Price, SAR Exercise Price or Purchase Price per Share; provided, however, that options that are not Incentive Share Options and SARs may be adjusted pursuant to
Code Section 409A so that the difference between the aggregate exercise price over the aggregate fair market value remains the same before and after the adjustment. The conversion of any convertible securities of the Company shall not be
treated as an increase in Shares effected without receipt of consideration. Notwithstanding the foregoing, in the event of any distribution to the Company’s shareholders of securities of any other entity or other assets (including an
extraordinary dividend but excluding a non-extraordinary dividend) without receipt of consideration by the Company, the Company shall in such manner as the Company deems appropriate, adjust (i) the number and kind of shares subject to
outstanding Awards and/or (ii) the exercise price or purchase price of outstanding Options, SARs, Restricted Shares and Share Units to reflect such distribution 
  

 - 20 - 

 18.2. Changes in Capitalization; Merger; Liquidation 
 (a) In the event of a merger, consolidation, reorganization or other Corporate Transaction of the Company, the Board may make such
adjustments with respect to Awards and take such other action as it deems necessary or appropriate to reflect such merger, consolidation, reorganization or other Corporate Transaction, including, without limitation, the substitution of new Awards,
the termination or the adjustment of outstanding Awards, the acceleration of Awards or the removal of restrictions on outstanding Awards, all as may be provided in the applicable Award Agreement or, if not expressly addressed therein, as the Board
subsequently may determine in the event of any such transaction. 
 (b) In addition to or instead of any adjustments authorized
in Section 18.1(a) above, in the event of a merger, consolidation, reorganization or other Corporate Transaction of the Company, the Board may elect, in its sole discretion, to cancel or repurchase any outstanding Awards issued under the
Plan and pay or deliver, or cause to be paid or delivered, to the holder thereof an amount in cash or securities having a value (as determined by the Board acting in good faith), in the case of an Award consisting of Restricted Shares or Share
Units, equal to the formula or fixed price per Share paid to holders of the Shares in connection with such transaction and, in the case of Options or SARs, equal to the product of the number of Shares subject to the Option or SAR multiplied by the
amount, if any, by which (I) the formula or fixed price per Share paid to holders of Shares pursuant to such transaction exceeds (II) the Option Price or SAR Exercise Price applicable to such Option or SAR. Notwithstanding the foregoing, Share
Units subject to Code Section 409A shall be cancelled on a Corporate Transaction only to the extent such Corporate Transaction constitutes a “change in control event” within the meaning of Code Section 409A. 
 18.3. Adjustments 
 Adjustments under this Section 18 related to Shares or securities of the Company shall be made by the Board, whose determination in that respect shall be final, binding and conclusive. No fractional Shares or other securities
shall be issued pursuant to any such adjustment, and any fractions resulting from any such adjustment shall be eliminated in each case by rounding downward to the nearest whole Share. The Board may provide in the Award Agreements at the time of
grant, or any time thereafter with the consent of the Grantee, for different provisions to apply to an Award in place of those described in Section 18. 
 18.4. No Limitations on Company 
 The existence of this Plan and the Awards
granted pursuant to this Plan shall not affect in any way the right or power of the Company to make or authorize any adjustment, reclassification, reorganization or other change in its capital or business structure, any merger or consolidation of
the Company, any issue of debt or equity securities having preferences or priorities as to the Shares or the rights thereof, the dissolution or liquidation of the Company, any sale or transfer of all or any part of its business or assets, or any
other act or proceeding. 
  

	19.	GENERAL PROVISIONS 

 19.1. Disclaimer of Rights 
 No provision in the Plan or in any Award or Award Agreement shall be construed to
confer upon any individual the right to remain in the employ or service of the Company or any Affiliate, or to interfere in any way with any contractual or other right or authority of the Company or any Affiliate either to increase or decrease the
compensation or other payments to any individual at any time, or to terminate any employment or other relationship between any individual and the Company or any Affiliate. In addition, notwithstanding

  

 - 21 - 

 
anything contained in the Plan to the contrary, unless otherwise stated in the applicable Award Agreement, no Award granted under the Plan shall be affected by any change of duties or position of
the Grantee, so long as such Grantee continues to provide service. The obligation of the Company to pay any benefits pursuant to this Plan shall be interpreted as a contractual obligation to pay only those amounts described herein, in the manner and
under the conditions prescribed herein. The Plan shall in no way be interpreted to require the Company to transfer any amounts to a third party trustee or otherwise hold any amounts in trust or escrow for payment to any Grantee or beneficiary under
the terms of the Plan and Awards. 
 19.2. Nonexclusivity of the Plan 
 Neither the adoption of the Plan nor the submission of the Plan to the shareholders of the Company for approval shall be construed as
creating any limitations upon the right and authority of the Board, the Company or its Affiliates to adopt such other incentive compensation arrangements (which arrangements may be applicable either generally to a class or classes of individuals or
specifically to a particular individual or particular individuals) as the Board, the Company or its Affiliates in their discretion determines desirable, including, without limitation, the granting of Share options otherwise than under the Plan.

 19.3. Withholding Taxes 
 The Company or an Affiliate, as the case may be, shall have the right to deduct or withhold from payments of any kind otherwise due to a Grantee (including by withholding Shares otherwise deliverable
under an Award) any Federal, state, or local taxes of any kind required by law to be withheld with respect to the vesting of or other lapse of restrictions applicable to an Award or upon the issuance of any Shares upon the exercise of an Option or
pursuant to an Award. At the time of such vesting, lapse, or exercise, the Grantee shall pay to the Company or the Affiliate, as the case may be, any amount that the Company or the Affiliate may reasonably determine to be necessary to satisfy such
withholding obligation. Subject to the prior approval of the Company or the Affiliate, which may be withheld by the Company or the Affiliate, as the case may be, in its sole discretion, the Grantee may elect to satisfy such obligations, in whole or
in part, (i) by causing the Company or the Affiliate to withhold Shares otherwise issuable to the Grantee or (ii) by delivering to the Company or the Affiliate Shares already owned by the Grantee. The Shares so delivered or withheld shall
have an aggregate Fair Market Value equal to such withholding obligations. The Fair Market Value of the Shares used to satisfy such withholding obligation shall be determined by the Company or the Affiliate as of the date that the amount of tax to
be withheld is to be determined. A Grantee who has made an election pursuant to this Section 19.3 may satisfy his or her withholding obligation only with Shares that are not subject to any repurchase, forfeiture, unfulfilled vesting, or
other similar requirements. The maximum number of Shares that may be withheld from any Award to satisfy any federal, state or local tax withholding requirements upon the exercise, vesting, lapse of restrictions applicable to such Award or payment of
Shares pursuant to such Award, as applicable, cannot exceed such number of Shares having a Fair Market Value equal to the minimum statutory amount required by the Applicable Entity to be withheld and paid to any such federal, state or local taxing
authority with respect to which such exercise, vesting, lapse of restrictions or payment of Shares. For purposes of determining taxable income and the amount of the related tax withholding obligation under this Section 19.3, notwithstanding
Section 2.16 or this Section 19.3, for any Shares that are sold on the same day that such Shares are first legally saleable pursuant to the terms of the applicable award agreement; Fair Market Value shall be determined based upon the sale
price for such Shares so long as the grantee has provided the Company with advance written notice of such sale. 
  

 - 22 - 

 19.4. Captions 
 The use of captions in this Plan or any Award Agreement is for the convenience of reference only and shall not affect the meaning of any
provision of the Plan or such Award Agreement. 
 19.5. Other Provisions 
 Each Award granted under the Plan may contain such other terms and conditions not inconsistent with the Plan as may be determined by the
Board, in its sole discretion. 
 19.6. Number And Gender 
 With respect to words used in this Plan, the singular form shall include the plural form, the masculine gender shall include the feminine
gender, etc., as the context requires. 
 19.7. Severability 
 If any provision of the Plan or any Award Agreement shall be determined to be illegal or unenforceable by any court of law in any
jurisdiction, the remaining provisions hereof and thereof shall be severable and enforceable in accordance with their terms, and all provisions shall remain enforceable in any other jurisdiction. 
 19.8. Governing Law 
 The validity and construction of this Plan and the instruments evidencing the Award hereunder shall be governed by the laws of the State of Maryland, other than any conflicts or choice of law rule or principle that might otherwise refer
construction or interpretation of this Plan and the Award Agreements to the substantive laws of any other jurisdiction. 
 19.9. Code Section 409A 
 The Board or the Committee, as applicable, intends to comply with
Section 409A of the Code, or an exemption to Section 409A, with regard to Awards hereunder that constitute nonqualified deferred compensation within the meaning of Section 409A. To the extent that the Board or the Committee, as
applicable, determines that a Grantee would otherwise be subject to the additional 20% tax imposed on certain nonqualified deferred compensation plans pursuant to Section 409A as a result of any provision of any Award granted under this Plan,
such provision shall be deemed amended to the minimum extent necessary to avoid application of such additional tax. The nature of any such amendment shall be determined by the Board or the Committee, as applicable. 
  

 - 23 -IBERIABANK Corporation 2010 Stock Incentive Plan, as amended.

 Exhibit 10.1 
 IBERIABANK Corporation 
 AMENDED & RESTATED

 2010 STOCK INCENTIVE PLAN 
  

	1.	Establishment, Purpose, and Types of Awards. 

 IBERIABANK Corporation (the “Company”) hereby establishes this equity-based incentive compensation plan to be known as the “IBERIABANK Corporation Amended & Restated 2010
Stock Incentive Plan” (the “Plan”), in order to provide incentives and awards to select employees, consultants, and directors of the Company and its Affiliates. 
 The Plan permits the granting of the following types of Awards, according to the Sections of the Plan listed here: 
  

			
	Section 6	  	Option Awards
	Section 7	  	Share Appreciation Rights
	Section 8	  	Restricted Shares, Restricted Share Units, and Unrestricted Shares
	Section 9	  	Performance Units
	Section 10	  	Performance Compensation Awards

 The Plan is not intended to affect, and shall not affect, any stock options,
equity-based compensation, or other benefits that the Company or its Affiliates may have provided, or may separately provide in the future pursuant to any agreement, plan, or program that is independent of this Plan. 
  

	2.	Defined Terms. 

 Terms in
the Plan that begin with an initial capital letter have the defined meaning set forth in the Appendix, unless defined elsewhere in this Plan or the context of their use clearly indicates a different meaning. 
  

	3.	Shares Subject to the Plan. 

 1. Maximum Number of Shares Issuable under the Plan. Subject to the provisions of Section 13 of the Plan, the maximum number of Shares that the Company may issue for all Awards is
500,000 Shares. The maximum number of Shares that the Company may issue as full value Awards under Sections 8, 9, and 10 is 250,000 Shares. Additional limitations on Share issuances are provided in Sections 5(c), 8(a),
8(b) and 10(b). For all Awards, the Shares issued pursuant to the Plan may be authorized but unissued Shares, or Shares that the Company has reacquired or otherwise holds in treasury. 
 2. Return of Shares to the Plan. Shares that are subject to an Award that for any reason expires, is forfeited, is
cancelled, or becomes unexercisable, and Shares that are for any other reason not paid or delivered under the Plan shall again, except to the

 
extent prohibited by Applicable Law, be available for subsequent Awards under the Plan. Notwithstanding the foregoing, but subject to adjustments pursuant to Section 13 below, the
number of Shares that are available for ISO Awards shall be determined, to the extent required under applicable tax laws, by reducing the number of Shares designated in the preceding paragraph by the number of Shares issued pursuant to Awards,
provided that any Shares that are issued under the Plan and forfeited back to the Plan shall be available for issuance pursuant to future ISO Awards. 
  

	4.	Administration. 

 1. General. The Committee shall administer the Plan in accordance with its terms, provided that the Board may act in lieu of the Committee on any matter. The Committee shall hold meetings at such times and places as it may determine
and shall make such rules and regulations for the conduct of its business as it deems advisable. In the absence of a duly-appointed Committee or if the Board otherwise chooses to act in lieu of the Committee, the Board shall function as the
Committee for all purposes of the Plan. 
 2. Committee Composition. The Board shall appoint the members
of the Committee. If and to the extent permitted by Applicable Law, the Committee may authorize one or more Reporting Persons (or other officers) to make Awards to Eligible Persons who are not Reporting Persons (or other officers whom the Committee
has specifically authorized to make Awards). The Board has sole discretion, at any time, to appoint additional members to the Committee, to remove and replace members of the Committee for any reason, and to fill vacancies on the Committee however
caused. 
 3. Powers of the Committee. Subject to the provisions of the Plan, the Committee shall have the
authority, in its sole discretion: 
 1. to determine Eligible Persons to whom Awards shall be granted from time
to time and the number of Shares, units, or SARs to be covered by each Award; 
 2. to determine, from time to
time, the Fair Market Value of Shares; 
 3. to determine, and to set forth in Award Agreements, the terms and
conditions of all Awards, including any applicable exercise or purchase price, the installments and conditions under which an Award shall become vested (which may be based on performance), terminated, expired, cancelled, or replaced, and the
circumstances for vesting acceleration or waiver of forfeiture restrictions, and other restrictions and limitations; 
 4. to approve the forms of Award Agreements and all other documents, notices, and certificates in connection therewith, which need not be identical either as to type of Award or among Participants; 

 5. to construe and interpret the terms of the Plan and any Award Agreement,
to determine the meaning of their terms, and to prescribe, amend, and rescind rules and procedures relating to the Plan and its administration; 
 6. in order to fulfill the purposes of the Plan and without amending the Plan, modify, cancel, or waive the Company’s rights with respect to any Awards, to adjust or to modify Award Agreements for
changes in Applicable Law, and to recognize differences in foreign law, tax policies, or customs; and 
 7. to
make all other interpretations and to take all other actions that the Committee may consider necessary or advisable to administer the Plan or to effectuate its purposes. 
 4. Delegation of Administrative Functions. Subject to Applicable Law and the restrictions set forth in the Plan, the
Committee may delegate administrative functions to individuals who are Reporting Persons, officers, or Employees of the Company or its Affiliates. 
 5. Deference to Committee Determinations. The Committee shall have the sole discretion to interpret or construe ambiguous, unclear, or implied (but omitted) terms in any fashion it deems to be
appropriate, and to make any findings of fact needed in the administration of the Plan or Award Agreements. The Committee’s prior exercise of its discretionary authority shall not obligate it to exercise its authority in a like fashion
thereafter. The Committee’s interpretation and construction of any provision of the Plan, or of any Award or Award Agreement, shall be final, binding, and conclusive. The validity of any such interpretation, construction, decision, or finding
of fact shall not be given de novo review if challenged in court, by arbitration, or in any other forum, and shall be upheld unless clearly arbitrary or capricious. 
 6. No Liability; Indemnification. Neither the Board nor any Committee member, nor any Person acting at the direction
of the Board or the Committee, shall be liable for any act, omission, interpretation, construction, or determination made in good faith with respect to the Plan, any Award, or any Award Agreement. The Company and its Affiliates shall pay or
reimburse any member of the Committee, as well as any Director, Employee, or Consultant who takes action in connection with the Plan, for all expenses incurred with respect to the Plan, and to the full extent allowable under Applicable Law shall
indemnify each and every one of them for any claims, liabilities, and costs (including reasonable attorney’s fees) arising out of their good faith performance of duties under the Plan. The Company and its Affiliates may obtain liability
insurance for this purpose. 
  

	5.	Eligibility. 

 1. General Rule. The Committee may grant ISOs only to Employees (including officers who are Employees) of the Company or an Affiliate that is a “parent corporation” or “subsidiary corporation” within the meaning
of Section 424 of the Code, and may grant all other Awards to any Eligible Person. A Participant who has been

 
granted an Award may be granted an additional Award or Awards if the Committee shall so determine, if such Participant is otherwise an Eligible Person and if otherwise in accordance with the
terms of the Plan. 
 2. Grant of Awards. Subject to the express provisions of the Plan, the Committee
shall determine from the class of Eligible Persons those individuals to whom Awards under the Plan may be granted, the number of Shares subject to each Award, the price (if any) to be paid for the Shares or the Award and, in the case of Performance
Awards, in addition to the matters addressed in Section 10 below, the specific objectives, goals and performance criteria that further define the Performance Award. Each Award shall be evidenced by an Award Agreement signed by the
Company and, if required by the Committee, by the Participant. The Award Agreement shall set forth the material terms and conditions of the Award established by the Committee. 
 3. Limits on Awards. During the term of the Plan, no Participant may receive Options and SARs that relate to more than
300,000 Shares per calendar year. The Committee will adjust this limitation pursuant to Section 13 below. Additional limitations applicable to Performance Compensation Awards are described in Section 10(b). 
 4. Replacement Awards. Subject to Applicable Laws (including any associated shareholder approval requirements), the
Committee may, in its sole discretion and upon such terms as it deems appropriate, require as a condition of the grant of an Award to a Participant that the Participant surrender for cancellation some or all of the Awards that have previously been
granted to the Participant under this Plan or otherwise. An Award that is conditioned upon such surrender may or may not be the same type of Award, may cover the same (or a lesser or greater) number of Shares as such surrendered Award, may have
other terms that are determined without regard to the terms or conditions of such surrendered Award, and may contain any other terms that the Committee deems appropriate. In the case of Options, these other terms may not involve an exercise price
that is lower than the exercise price of the surrendered Option (as was determined under Section 6(d)) unless the Company’s shareholders approve the grant itself or the program under which the grant is made pursuant to the Plan.

  

	6.	Option Awards. 

 1. Types; Documentation. The Committee may in its discretion grant ISOs to any Employee and Non-ISOs to any Eligible Person, and shall evidence any such grants in an Award Agreement that is delivered to the Participant. Each Option
shall be designated in the Award Agreement as an ISO or a Non-ISO, and the same Award Agreement may grant both types of Options. At the sole discretion of the Committee, any Option may be exercisable, in whole or in part, immediately upon the grant
thereof, or only after the occurrence of a specified event, or only in installments, which installments may vary. Options granted under the Plan may contain such terms and provisions not inconsistent with the Plan that the Committee shall deem
advisable in its sole and absolute discretion. 

 2. ISO $100,000 Limitation. To the extent that the aggregate Fair
Market Value of Shares with respect to which Options designated as ISOs first become exercisable by a Participant in any calendar year (under this Plan and any other plan of the Company or any Affiliate) exceeds $100,000, such excess Options shall
be treated as Non-ISOs. For purposes of determining whether the $100,000 limit is exceeded, the Fair Market Value of the Shares subject to an ISO shall be determined as of the Grant Date. In reducing the number of Options treated as ISOs to meet the
$100,000 limit, the most recently granted Options shall be reduced first. In the event that Section 422 of the Code is amended to alter the limitation set forth therein, the limitation of this Section 6(b) shall be automatically
adjusted accordingly. 
 3. Term of Options. Each Award Agreement shall specify a term at the end of which
the Option automatically expires, subject to earlier termination provisions contained in Section 6(e)(ii) hereof, provided, that, the term of any Option may not exceed ten years from the Grant Date. In the case of an ISO granted to an
Employee who is a Ten Percent Holder on the Grant Date, the term of the ISO shall not exceed five years from the Grant Date. 
 4. Exercise of Option. 
 1. Exercise Price. The
exercise price of an Option shall be determined by the Committee in its discretion and shall be set forth in the Award Agreement, provided that (i) if an ISO is granted to an Employee who on the Grant Date is a Ten Percent Holder, the per Share
exercise price shall not be less than 110% of the Fair Market Value per Share on the Grant Date, and (ii) for all other Options, such per Share exercise price shall not be less than 100% of the Fair Market Value per Share on the Grant Date.

 2. Terms and Conditions. The Committee shall in its sole discretion determine the times, circumstances,
and conditions under which an Option shall be exercisable, and shall set them forth in the Award Agreement. The Committee shall have the discretion to determine whether and to what extent the vesting of Options shall be tolled during any unpaid
leave of absence; provided, however, that in the absence of such determination, vesting of Options shall be tolled during any such leave approved by the Company. 
 3. Minimum Exercise Requirements. An Option may not be exercised for a fraction of a Share. The Committee may require
in an Award Agreement that an Option be exercised as to a minimum number of Shares, provided that such requirement shall not prevent a Participant from purchasing the full number of Shares as to which the Option is then exercisable. 
 4. Methods of Exercise. Prior to its expiration pursuant to the terms of the applicable Award Agreement, each Option
may be exercised, in whole or in part (provided that the Company shall not be required to issue fractional shares), by delivery of written notice of exercise to the secretary of the Company accompanied by the full exercise price of the Shares being
purchased. In the case

 
of an ISO, the Committee shall determine the acceptable methods of payment on the Grant Date and it shall be included in the applicable Award Agreement. The methods of payment that the Committee
may in its discretion accept or commit to accept in an Award Agreement include: 
 I. cash or check payable to
the Company (in U.S. dollars); 
 II. other Shares that (A) are owned by the Participant who is purchasing
Shares pursuant to an Option, (B) have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which the Option is being exercised, (C) are all, at the time of such surrender, free and clear
of any and all claims, pledges, liens and encumbrances, or any restrictions which would in any manner restrict the transfer of such shares to or by the Company (other than such restrictions as may have existed prior to an issuance of such Shares by
the Company to such Participant), and (D) the certificates of which are duly endorsed for transfer to the Company or attestation of ownership and transfer to the Company is effected to the Company’s satisfaction; 
 III. a cashless exercise program pursuant to which a Participant may concurrently provide irrevocable instructions
(A) to such Participant’s broker to effect the immediate sale of the purchased Shares and remit to the Company, out of the sale proceeds available on the settlement date, sufficient funds to cover the exercise price of the Option plus all
applicable taxes required to be withheld by the Company by reason of such exercise, and (B) to the Company to (upon receipt of payment from the broker) deliver the certificates for or electronic evidence of ownership of the purchased Shares
directly to such broker in order to complete the sale; 
 IV. if approved by the Committee, through a net
exercise procedure whereby the Participant surrenders the Option in exchange for that number of Shares with an aggregate Fair Market Value equal to the difference between the aggregate exercise price of the Option being surrendered and the aggregate
Fair Market Value of the Shares subject to the Option; 
 V. in such other manner as may be authorized from time
to time by the Committee; or 
 VI. any combination of the foregoing methods of payment. 
 5. Delivery of Shares. The Company shall not be required to deliver Shares pursuant to the exercise of an Option until
payment of the full exercise price therefore is received by the Company. 

 5. Effect of Termination of Continuous Service. 
 1. The Committee may establish and set forth in the applicable Award Agreement the terms and conditions on which an Option
shall remain exercisable, if at all, following termination of a Participant’s Continuous Service. The Committee may waive or modify these provisions at any time. To the extent that a Participant is not entitled to exercise an Option at the date
of his or her termination of Continuous Service, or if the Participant (or other Person entitled to exercise the Option) does not exercise the Option to the extent so entitled within the time specified in the Award Agreement or below (as
applicable), the Option shall terminate and the Shares underlying the unexercised portion of the Option shall revert to the Plan and become available for future Awards. In no event may any Option be exercised after the expiration of the Option term
as set forth in the Award Agreement. 
 2. The following provisions shall apply to the extent an Award Agreement
does not specify the terms and conditions upon which an Option shall terminate when there is a termination of a Participant’s Continuous Service: 
 I. Termination other than Upon Disability or Death or for Cause. In the event of termination of a Participant’s Continuous Service (other than as a result of Participant’s death,
Disability, retirement or termination for Cause), the Participant shall have the right to exercise an Option at any time within 90 days following such termination to the extent the Participant was entitled to exercise such Option at the date of such
termination. 
 II. Disability. In the event of termination of a Participant’s Continuous Service as
a result of his or her being Disabled, the Participant shall have the right to exercise an Option at any time within one year following such termination to the extent the Participant was entitled to exercise such Option at the date of such
termination. 
 III. Retirement. In the event of termination of a Participant’s Continuous Service
as a result of Participant’s retirement, the Participant shall have the right to exercise the Option at any time within six months following such termination to the extent the Participant was entitled to exercise such Option at the date of such
termination. 
 IV. Death. In the event of the death of a Participant during the period of Continuous
Service since the Grant Date of an Option, or within 30 days following termination of the Participant’s Continuous Service, the Option may be exercised at any time within one year following the date of the Participant’s death by the
Participant’s estate or by a Person who acquired the right to exercise the Option by bequest or inheritance, but only to the extent the right to exercise the Option had vested at the date of death or, if earlier, the date the Participant’s
Continuous Service terminated. 

 V. Cause. If the Committee determines that a Participant’s
Continuous Service terminated due to Cause, the Participant shall immediately forfeit the right to exercise any Option, and it shall be considered immediately null and void. 
 6. Reverse Vesting. The Committee in its sole and absolute discretion may allow a Participant to exercise unvested
Options, in which case the Shares then issued shall be Restricted Shares having analogous vesting restrictions to the unvested Options. 
  

	7.	Share Appreciation Rights (SARs). 

 1. Grants. The Committee may in its discretion grant Share Appreciation Rights (SARs) to any Eligible Person, in any of the following forms: 
 1. SARs related to Options. The Committee may grant SARs either concurrently with the grant of an Option or with
respect to an outstanding Option, in which case the SAR shall extend to all or a portion of the Shares covered by the related Option. An SAR shall entitle the Optionholder, upon exercise of the SAR and surrender of the related Option, or portion
thereof, to the extent the SAR and related Option each were previously unexercised, to receive payment of an amount determined pursuant to Section 7(e) below. Any SAR granted in connection with an ISO will contain such terms as may be
required to comply with the provisions of Section 422 of the Code. 
 2. SARs Independent of Options.
The Committee may grant SARs which are independent of any Option subject to such conditions as the Committee may in its discretion determine, which conditions will be set forth in the applicable Award Agreement. 
 3. Limited SARs. The Committee may grant SARs exercisable only upon or in respect of a Change in Control or any other
specified event, and such limited SARs may relate to or operate in tandem or combination with or substitution for Options or other SARs, or on a stand-alone basis, and may be payable in cash or Shares based on the spread between the exercise price
of the SAR, and (1) a price based upon or equal to the Fair Market Value of the Shares during a specified period, at a specified time within a specified period before, after or including the date of such event, or (2) a price related to
consideration payable to the Company’s shareholders generally in connection with the event. 
 2.
Exercise Price. The per Share exercise price of an SAR shall be determined in the sole discretion of the Committee, shall be set forth in the applicable Award Agreement, and shall be no less than 100% of the Fair Market Value of one Share.
The exercise price of an SAR related to an Option shall be the same as the exercise price of the related Option. 
 3. Exercise of SARs. Unless the Award Agreement otherwise provides, an SAR related to an Option will be exercisable at such time or times, and to the extent, that

 
the related Option will be exercisable. An SAR may not have a term exceeding ten years from its Grant Date. An SAR granted independently of any other Award will be exercisable pursuant to the
terms of the Award Agreement. Whether an SAR is related to an Option or is granted independently, the SAR may only be exercised when the Fair Market Value of the Shares underlying the SAR exceeds the exercise price of the SAR. 
 4. Effect on Available Shares. All SARs shall be counted in full against the number of shares available for award
under the Plan, regardless of the number of Shares issued upon settlement of the SARs. 
 5. Payment.

 1. Upon exercise of an SAR related to an Option and the attendant surrender of an exercisable portion of any
related Award, the Participant will be entitled to receive payment of an amount determined by multiplying – 
 I. the excess of the Fair Market Value of a Share on the date of exercise of the SAR over the exercise price per Share of the SAR, by 
 II. the number of Shares with respect to which the SAR has been exercised. 
 2. Notwithstanding Section 7(e)(i), an SAR granted independently of an Option: 
 I. may
limit the amount payable to the Participant to a percentage, specified in the Award Agreement but not exceeding one hundred percent (100%), of the amount determined pursuant to Section 7(e)(i), and 
 II. shall be subject to any payment or other restrictions that the Committee may at any time impose in its discretion,
including restrictions intended to conform the SARs with Section 409A of the Code. 
 6. Form and Terms
of Payment. Subject to Applicable Law, the Committee may, in its sole discretion, settle the amount determined under Section 7(e) above solely in cash, solely in Shares (valued at their Fair Market Value on the date of exercise of
the SAR), or partly in cash and partly in Shares. In any event, cash shall be paid in lieu of fractional Shares. Absent a contrary determination by the Committee, all SARs shall be settled in cash as soon as practicable after exercise.
Notwithstanding the foregoing, the Committee may, in an Award Agreement, determine the maximum amount of cash or Shares or combination thereof that may be delivered upon exercise of an SAR. 
 7. Effect of Termination of Continuous Service. The Committee shall establish and set forth in the applicable Award
Agreement the terms and conditions on which an SAR shall remain exercisable, if at all, following termination of a Participant’s Continuous Service. The provisions of Section 6(e)(ii) above shall apply to the extent an Award
Agreement does not specify the terms and conditions upon which an SAR shall terminate when there is a termination of a Participant’s Continuous Service. 

	8.	Restricted Shares, Restricted Share Units, and Unrestricted Shares. 

 1. Grants. The Committee has the discretion to grant Awards of Restricted Shares, Restricted Share Units, and
Unrestricted Shares under this Section 8. 
 1. The Committee may in its discretion grant restricted shares
(“Restricted Shares”) to any Eligible Person and shall evidence such grant in an Award Agreement that is delivered to the Participant and that sets forth the number of Restricted Shares, the purchase price for such Restricted Shares
(if any), and the terms upon which the Restricted Shares may become vested. 
 2. The Committee may in its
discretion grant the right to receive Shares after certain vesting requirements are met (“Restricted Share Units”) to any Eligible Person and shall evidence such grant in an Award Agreement that is delivered to the Participant which
sets forth the number of Shares (or formula, that may be based on future performance or conditions, for determining the number of Shares) that the Participant shall be entitled to receive upon vesting and the terms upon which the Shares subject to a
Restricted Share Unit may become vested. 
 3. The Committee may condition any Award of Restricted Shares or
Restricted Share Units to a Participant on receiving from the Participant such further assurances and documents as the Committee may require to enforce the restrictions. 
 4. The Committee may grant Awards hereunder for an aggregate of no more than 30,000 Shares (subject to adjustment under
Section 13) in the form of unrestricted shares (“Unrestricted Shares”), which shall vest in full upon the date of grant or such other date as the Committee may determine or which the Committee may issue pursuant to any
program under which one or more Eligible Persons (selected by the Committee in its discretion) elect to receive Unrestricted Shares in lieu of cash bonuses that would otherwise be paid. 
 2. Vesting and Forfeiture. 
 1. Award Agreements for Restricted Shares and Restricted Share Units. The Committee shall set forth in an Award
Agreement granting Restricted Shares or Restricted Share Units, the terms and conditions under which the Participant’s interest in the Restricted Shares or the Shares subject to Restricted Share Units will become vested and non-forfeitable.

 2. Minimum Vesting Requirements. Except for grants to Directors, Restricted Shares and Restricted Share
Units granted under this Section 8 shall be subject to a vesting period of at least three years, with incremental vesting of portions of the Award over the three-year period permitted; provided, however,

 
that if the vesting of the Award is based upon the attainment of performance goals, a minimum vesting period of one year is allowed, with incremental vesting of portions of the Award over the
one-year period permitted. 
 3. Effect of Termination of Continuous Service. Except as set forth in the
applicable Award Agreement or the Committee otherwise determines, upon termination of a Participant’s Continuous Service for any other reason, the Participant shall forfeit his or her unvested Restricted Shares and Restricted Share Units;
provided that if a Participant purchases the Restricted Shares and forfeits them for any reason, the Company shall return the purchase price to the Participant only if and to the extent set forth in an Award Agreement. 
 3. Issuance of Restricted Shares Prior to Vesting. The Company shall issue stock certificates that evidence Restricted
Shares pending the lapse of applicable restrictions, and that bear a legend making appropriate reference to such restrictions. Alternatively, the Company may reflect such ownership and restrictions in electronic format. Except as set forth in the
applicable Award Agreement or the Committee otherwise determines, the Company or a third party that the Company designates shall hold such Restricted Shares and any dividends that accrue with respect to Restricted Shares pursuant to
Section 8(e) below. 
 4. Issuance of Shares upon Vesting. As soon as practicable after
vesting of a Participant’s Restricted Shares (or Shares underlying Restricted Share Units) and the Participant’s satisfaction of applicable tax withholding requirements, the Company shall release to the Participant, free from the vesting
restrictions, one Share for each vested Restricted Share (or issue one Share free of the vesting restriction for each vested Restricted Share Unit), unless an Award Agreement provides otherwise. No fractional shares shall be distributed, and cash
shall be paid in lieu thereof. 
 5. Dividends Payable on Vesting. Whenever Shares are released to a
Participant under Section 8(d) above pursuant to the vesting of Restricted Shares or the Shares underlying Restricted Share Units are issued to a Participant pursuant to Section 8(d) above, such Participant shall receive
(unless otherwise provided in the Award Agreement), with respect to each Share released or issued, an amount equal to any cash dividends (plus, in the discretion of the Committee, simple interest at a rate as the Committee may determine) and a
number of Shares equal to any stock dividends, which were declared and paid to the holders of Shares between the Grant Date and the date such Share is released or issued. 
 6. Section 83(b) Elections. A Participant may make an election under Section 83(b) of the Code (the
“Section 83(b) Election”) with respect to Restricted Shares. If a Participant who has received Restricted Share Units provides the Committee with written notice of his or her intention to make Section 83(b) Election with
respect to the Shares subject to such Restricted Share Units, the Committee may in its discretion, if permitted by Section 409A of the Code, convert the Participant’s Restricted Share Units into Restricted Shares, on a one-for-one basis,
in full satisfaction of the Participant’s Restricted Share Unit Award. The Participant may then make a Section 83(b) Election with respect to those Restricted Shares. 

	9.	Performance Units. 

 Subject to the limitations set forth in Section 10(b), the Committee has discretion to grant Performance Units to any Eligible Person and shall evidence such grant in an Award Agreement that is delivered to the Participant which
sets forth the terms and conditions of the Award. Performance Units must vest based upon the attainment of performance goals with a minimum vesting period of one year, with incremental vesting of portions of the Performance Units over the one-year
period permitted. 
  

	10.	Performance Compensation Awards. 

 1. Qualified Performance-Based Compensation. 
 1. Subject to
the limitations set forth in paragraph (b) hereof, the Committee may, at the time of grant of Restricted Shares, Restricted Share Units, or Performance Units, designate such Award as a “Performance Compensation Award” in order
that such Award constitutes “qualified performance-based compensation” under Section 162(m) of the Code, in which event the Committee shall have the power to grant such Performance Compensation Award upon terms and conditions that
qualify it as “qualified performance-based compensation” within the meaning of Section 162(m) of the Code. 
 2. With respect to each such Performance Compensation Award, the Committee shall establish, in writing within the time required under Section 162(m) of the Code, a “Performance
Period,” “Performance Measure(s)”, and “Performance Formula(e)” (as each such term is defined in Section 10(c)). 
 3. A Participant shall be eligible to receive payment in respect of a Performance Compensation Award only to the extent that
the Performance Measure(s) for such Award is achieved and the Performance Formula(e) as applied against such Performance Measure(s) determines that all or some portion of such Participant’s Award has been earned for the Performance Period.

 4. As soon as practicable after the close of each Performance Period, the Committee shall review and certify
in writing whether, and to what extent, the Performance Measure(s) for the Performance Period have been achieved and, if so, determine and certify in writing the amount of the Performance Compensation Award to be paid to the Participant and, in so
doing, may use negative discretion to decrease, but not increase, the amount of the Award otherwise payable to the Participant based upon such performance. 
 2. Limitations on Awards. The maximum Performance Compensation Award that any one Participant may receive for any one Performance Period shall not together exceed 250,000 Shares, subject to
adjustment under Section 13, and $4 million in cash, per calendar year. 

 3. Definitions. 
 1. “Performance Formula” means, for a Performance Period, one or more objective formulas or standards
established by the Committee for purposes of determining whether or the extent to which an Award has been earned based on the level of performance attained or to be attained with respect to one or more Performance Measure(s). Performance Formulae
may vary from Performance Period to Performance Period and from Participant to Participant and may be established on a stand-alone basis, in tandem or in the alternative. 
 2. “Performance Measure” means one or more of the following selected by the Committee to measure Company,
Affiliate, and/or business unit performance for a Performance Period, whether in absolute or relative terms (including, without limitation, terms relative to a peer group or index): basic, diluted, or adjusted earnings per share; sales or revenue;
earnings before interest, taxes, and other adjustments (in total or on a per share basis); basic or adjusted net income; returns on equity, assets, capital, revenue or similar measure; economic value added; working capital; credit quality
measurements (such as net charge-offs, the ratio of nonperforming assets to total assets, and loan loss allowances as a percentage of nonperforming assets); total shareholder return; and product development, product market share, research,
licensing, litigation, human resources, information services, mergers, acquisitions, sales of assets of Affiliates or business units. Each such measure shall be, to the extent applicable, determined in accordance with generally accepted accounting
principles as consistently applied by the Company (or such other standard applied by the Committee) and, if so determined by the Committee, and in the case of a Performance Compensation Award, to the extent permitted under Section 162(m) of the
Code, adjusted to omit the effects of extraordinary items, gain or loss on the disposal of a business segment, unusual or infrequently occurring events and transactions and cumulative effects of changes in accounting principles. Performance Measures
may vary from Performance Period to Performance Period and from Participant to Participant, and may be established on a stand-alone basis, in tandem or in the alternative. 
 3. “Performance Period” means one or more periods of time (of not less than one fiscal year of the Company),
as the Committee may designate, over which the attainment of one or more Performance Measure(s) will be measured for the purpose of determining a Participant’s rights in respect of an Award. 
  

	11.	Taxes. 

 1. General. As a condition to the issuance or distribution of Shares pursuant to the Plan, the Participant (or in the case of the Participant’s death, the person who succeeds to the Participant’s rights) shall make such
arrangements as the Company may

 
require for the satisfaction of any applicable federal, state, local, or foreign withholding tax obligations that may arise in connection with the Award and the issuance of Shares. The Company
shall not be required to issue any Shares until such obligations are satisfied. If the Committee allows the withholding or surrender of Shares to satisfy a Participant’s tax withholding obligations, the Committee shall not allow Shares to be
withheld in an amount that exceeds the minimum statutory withholding rates for federal and state tax purposes, including payroll taxes. 
 2. Surrender of Shares. If permitted by the Committee, in its discretion, a Participant may satisfy the minimum applicable tax withholding and employment tax obligations associated with an Award by
surrendering Shares to the Company (including Shares that would otherwise be issued pursuant to the Award) that have a Fair Market Value determined as of the applicable Tax Date equal to the amount required to be withheld. 
 3. Default Rule for Employees. In the absence of any other arrangement, an Employee shall be deemed to have directed
the Company to withhold or collect from his or her cash compensation an amount sufficient to satisfy such tax obligations from the next payroll payment otherwise payable after the date of the exercise of an Award. 
 4. Special Rules. In the case of (i) a Participant other than an Employee, (ii) an Employee where the next
payroll payment is not sufficient to satisfy such tax obligations, with respect to any remaining tax obligations, (iii) a Participant who is an Executive Officer of the Company or a member of the Board, in the absence of any other arrangement
and to the extent permitted under Applicable Law, the Participant shall be deemed to have elected to have the Company withhold from the Shares or cash to be issued pursuant to an Award that number of Shares having a Fair Market Value determined as
of the applicable Tax Date (as defined below) or cash equal to the amount required to be withheld. For purposes of this Section 11, the Fair Market Value of the Shares to be withheld shall be determined on the date that the amount of tax
to be withheld is to be determined under the Applicable Law (the “Tax Date”). 
 5. Income
Taxes. Participants are solely responsible and liable for the satisfaction of all taxes and penalties that may arise in connection with Awards (including any taxes arising under Section 409A of the Code), and the Company shall not have any
obligation to indemnify or otherwise hold any Participant harmless from any or all of such taxes. 
  

	12.	Non-Transferability of Awards. 

 1. General. Except as set forth in this Section 12, or as otherwise approved by the Committee, Awards may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in
any manner other than by will or by the laws of descent or distribution. The designation of a beneficiary by a Participant will not constitute a transfer. An Award may be exercised, during the lifetime of the holder of an Award, only by such holder,
the duly-authorized legal representative of a Participant who is Disabled, or a transferee permitted by this Section 12. 

 2. Limited Transferability Rights. Notwithstanding anything else in
this Section 12, the Committee may in its discretion provide in an Award Agreement that an Award other than an ISO may be transferred, on such terms and conditions as the Committee deems appropriate, either (i) by instrument to the
Participant’s “Immediate Family” (as defined below), (ii) by instrument to an inter vivos or testamentary trust (or other entity) in which the Award is to be passed to the Participant’s designated beneficiaries, or
(iii) by gift to charitable institutions. Any transferee of the Participant’s rights shall succeed and be subject to all of the terms of this Award Agreement and the Plan. “Immediate Family” means any child, stepchild,
grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and shall include adoptive relationships. 
  

	13.	Adjustments Upon Changes in Capitalization, Merger, or Certain Other Transactions. 

 1. Changes in Capitalization. The Committee shall equitably adjust the number of Shares covered by each outstanding
Award, all Share limitations contained herein and the number of Shares that have been authorized for issuance under the Plan but as to which no Awards have yet been granted or that have been returned to the Plan upon cancellation, forfeiture, or
expiration of an Award, as well as the price per Share covered by each such outstanding Award, to reflect any increase or decrease in the number of issued Shares resulting from a stock-split, reverse stock-split, stock dividend, combination,
recapitalization or reclassification of the Shares, or any other increase or decrease in the number of issued Shares effected without receipt of consideration by the Company. In the event of any such transaction or event, the Committee may provide
in substitution for any or all outstanding Awards under the Plan such alternative consideration (including securities of any surviving entity) as it may in good faith determine to be equitable under the circumstances and may require in connection
therewith the surrender of all Awards so replaced. In any case, such substitution of securities shall not require the consent of any person who is granted Awards pursuant to the Plan. Except as expressly provided herein, or in an Award Agreement, if
the Company issues for consideration shares of stock of any class or securities convertible into shares of stock of any class, the issuance shall not affect, and no adjustment by reason thereof shall be required to be made with respect to the number
or price of Shares subject to any award. 
 2. Dissolution or Liquidation. In the event of the dissolution
or liquidation of the Company other than as part of a Change in Control, each Award will terminate immediately prior to the consummation of such action, subject to the ability of the Committee to exercise any discretion authorized in the case of a
Change in Control. 
 3. Change in Control. Unless otherwise provided in an Award Agreement, Awards will
automatically vest in full (and to the extent applicable, become exercisable) and any repurchase rights of the Company will automatically lapse upon a Change in Control of the Company. In addition, in the event of a Change in Control, the Committee
may in its sole and absolute discretion and authority, without obtaining the approval or consent of the Company’s shareholders or any Participant with respect to his or her outstanding Awards, take one or more of the following actions:

 1. arrange for or otherwise provide that each outstanding Award shall be assumed or a substantially similar
award shall be substituted by a successor corporation or a parent or subsidiary of such successor corporation (the “Successor Corporation”); 

 2. require that all outstanding Options and Share Appreciation Rights be
exercised on or before a specified date (before or after such Change in Control) fixed by the Committee, after which specified date all unexercised Options and Share Appreciation Rights shall terminate; 
 3. arrange or otherwise provide for the payment of cash or other consideration to Participants in exchange for the
satisfaction and cancellation of outstanding Awards; or 
 4. make such other modifications, adjustments or
amendments to outstanding Awards or this Plan as the Committee deems necessary or appropriate, subject however to the terms of Section 15(a) below. 
 4. Certain Distributions. In the event of any distribution to the Company’s shareholders of securities of any
other entity or other assets (other than dividends payable in cash or stock of the Company) without receipt of consideration by the Company, the Committee may, in its discretion, appropriately adjust the price per Share covered by each outstanding
Award to reflect the effect of such distribution. 
  

	14.	Time of Granting Awards. 

 The date of grant (“Grant Date”) of an Award shall be the date on which the Committee makes the determination granting such Award or such other later date as is determined by the Committee, provided that in the case of an
ISO, the Grant Date shall be the later of the date on which the Committee makes the determination granting such ISO or the date of commencement of the Participant’s employment relationship with the Company. 
  

	15.	Modification of Awards and Substitution of Options. 

 1. Modification, Extension, and Renewal of Awards. Within the limitations of the Plan, the Committee may modify an Award to accelerate the rate at which an Option or SAR may be exercised (including
without limitation permitting an Option or SAR to be exercised in full without regard to the installment or vesting provisions of the applicable Award Agreement or whether the Option or SAR is at the time exercisable, to the extent it has not
previously been exercised), to accelerate the vesting of any Award, to extend or renew outstanding Awards in compliance with Section 409A, to the extent applicable, or to accept the cancellation of outstanding Awards to the extent not
previously exercised. However, the Committee may not cancel an outstanding option that is underwater for the purpose of reissuing the option to the Participant at a lower

 
exercise price or granting a replacement award of a different type. Notwithstanding the foregoing provision, no modification of an outstanding Award shall materially and adversely affect such
Participant’s rights thereunder, unless either the Participant provides written consent or there is an express Plan provision permitting the Committee to act unilaterally to make the modification. 
 2. Substitution of Options. Notwithstanding any inconsistent provisions or limits under the Plan, in the event the
Company or an Affiliate acquires (whether by purchase, merger, or otherwise) all or substantially all of outstanding capital stock or assets of another corporation or in the event of any reorganization or other transaction qualifying under
Section 424 of the Code, the Committee may, in accordance with the provisions of that Section, substitute Options for options under the plan of the acquired company provided (i) the excess of the aggregate fair market value of the shares
subject to an option immediately after the substitution over the aggregate option price of such shares is not more than the similar excess immediately before such substitution and (ii) the new option does not give Persons additional benefits,
including any extension of the exercise period. 
  

	16.	Term of Plan. 

 The Plan
shall continue in effect for a term of ten years from its effective date as determined under Section 20 below, unless the Plan is sooner terminated under Section 17 below. 
  

	17.	Amendment and Termination of the Plan. 

 1. Authority to Amend or Terminate. Subject to Applicable Laws, the Board may from time to time amend, alter, suspend, discontinue, or terminate the Plan. Shareholder approval is required for any
Plan amendment that would permit repricing without shareholder approval. 
 2. Effect of Amendment or
Termination. No amendment, suspension, or termination of the Plan shall materially and adversely affect Awards already granted unless either it relates to an adjustment pursuant to Section 13 above, or it is otherwise mutually agreed
between the Participant and the Committee, which agreement must be in writing and signed by the Participant and the Company. Notwithstanding the foregoing, the Committee may amend the Plan to eliminate provisions which are no longer necessary as a
result of changes in tax or securities laws or regulations, or in the interpretation thereof. 
  

	18.	Conditions Upon Issuance of Shares. 

 Notwithstanding any other provision of the Plan or any agreement entered into by the Company pursuant to the Plan, the Company shall not be obligated, and shall have no liability for failure, to issue or
deliver any Shares under the Plan unless such issuance or delivery would comply with Applicable Law, with such compliance determined by the Company in consultation with its legal counsel. 

	19.	Reservation of Shares. 

 The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as shall be sufficient to satisfy the requirements of the Plan. Neither the Company nor the Committee shall, without shareholder
approval, allow for a repricing within the meaning of the federal securities laws applicable to proxy statement disclosures. 
  

	20.	Effective Date. 

 This
Plan shall become effective on the date of its approval by the Board; provided that this Plan shall be submitted to the Company’s shareholders for approval, and if not approved by the shareholders in accordance with Applicable Laws (as
determined by the Committee in its discretion) within one year from the date of approval by the Board, this Plan and any Awards shall be null, void, and of no force and effect. Awards granted under this Plan before approval of this Plan by the
shareholders shall be granted subject to such approval, and no Shares shall be distributed before such approval. 
  

	21.	Controlling Law. 

 All
disputes relating to or arising from the Plan shall be governed by the internal substantive laws (and not the laws of conflicts of laws) of the State of Louisiana, to the extent not preempted by United States federal law. If any provision of this
Plan is held by a court of competent jurisdiction to be invalid and unenforceable, the remaining provisions shall continue to be fully effective. 
  

	22.	Laws and Regulations. 

 1. U.S. Securities Laws. This Plan, the grant of Awards, the exercise of Options and SARs under this Plan, and the obligation of the Company to sell or deliver any of its securities (including,
without limitation, Options, Restricted Shares, Restricted Share Units, and Shares) under this Plan shall be subject to all Applicable Laws. In the event that the Shares are not registered under the Securities Act, or any applicable state securities
laws prior to the delivery of such Shares, the Company may require, as a condition to the issuance thereof, that the persons to whom Shares are to be issued represent and warrant in writing to the Company that such Shares are being acquired by him
or her for investment for his or her own account and not with a view to, for resale in connection with, or with an intent of participating directly or indirectly in, any distribution of such Shares within the meaning of the Securities Act, and a
legend to that effect may be placed on the certificates representing the Shares. 
 2. Other
Jurisdictions. To facilitate the making of any grant of an Award under this Plan, the Committee may provide for such special terms for Awards to Participants who are foreign nationals or who are employed by the Company or any Affiliate outside
of the United States of America as the Committee may consider necessary or appropriate to accommodate differences in local law, tax policy or custom. The Company may adopt rules and procedures relating to the operation and administration of this
Plan to accommodate the specific requirements of local laws and

 
procedures of particular countries. Without limiting the foregoing, the Company is specifically authorized to adopt rules and procedures regarding the conversion of local currency, taxes,
withholding procedures and handling of stock certificates which vary with the customs and requirements of particular countries. The Company may adopt sub-plans and establish escrow accounts and trusts as may be appropriate or applicable to
particular locations and countries. 
  

	23.	No Shareholder Rights. 

 Neither a Participant nor any transferee of a Participant shall have any rights as a shareholder of the Company with respect to any Shares underlying any Award until the date of issuance of a Share certificate or other evidence of Share
ownership to a Participant or a transferee of a Participant for such Shares in accordance with the Company’s governing instruments and Applicable Law. Prior to the issuance of Shares pursuant to an Award, a Participant shall not have the right
to vote or to receive dividends or any other rights as a shareholder with respect to the Shares underlying the Award, notwithstanding its exercise in the case of Options and SARs. No adjustment will be made for a dividend or other right that is
determined based on a record date prior to the date the stock certificate or other evidence of ownership is issued, except as otherwise specifically provided for in this Plan. 
  

	24.	No Employment Rights. 

 The Plan shall not confer upon any Participant any right to continue an employment, service or consulting relationship with the Company, nor shall it affect in any way a Participant’s right or the Company’s right to terminate the
Participant’s employment, service, or consulting relationship at any time, with or without Cause. 
  

	25.	Deferral. 

 Payment of an
Award may be deferred only if permitted in the Award Agreement. Any deferral arrangement shall comply with Section 409A of the Code. 

 IBERIABANK Corporation 
 2010 STOCK INCENTIVE PLAN 
 Appendix: Definitions

 As used in the Plan, the following definitions shall apply: 
 “Affiliate” means, with respect to any Person (as defined below), any other Person that directly or indirectly
controls or is controlled by or under common control with such Person. For the purposes of this definition, “control,” when used with respect to any Person, means the possession, direct or indirect, of the power to direct or cause the
direction of the management and policies of such Person or the power to elect directors, whether through the ownership of voting securities, by contract or otherwise; and the terms “affiliated,” “controlling” and
“controlled” have meanings correlative to the foregoing. 
 “Applicable Law” means the legal
requirements relating to the administration of options and share-based plans under applicable U.S. federal and state laws, the Code, any applicable stock exchange or automated quotation system rules or regulations, and the applicable laws of any
other country or jurisdiction where Awards are granted, as such laws, rules, regulations and requirements shall be in place from time to time. 
 “Award” means any award made pursuant to the Plan, including awards made in the form of an Option, an SAR, a Restricted Share, a Restricted Share Unit, an Unrestricted Share, a
Performance Unit, and a Performance Compensation Award, or any combination thereof, whether alternative or cumulative, authorized by and granted under this Plan. 
 “Award Agreement” means any written document setting forth the terms of an Award that has been authorized by the Committee. The Committee shall determine the form or forms of
documents to be used, and may change them from time to time for any reason. 
 “Board” means the Board
of Directors of the Company. 
 “Cause” for termination of a Participant’s Continuous Service will
exist if the Participant is terminated from employment or other service with the Company or an Affiliate for any of the following reasons: (i) the Participant’s willful failure to substantially perform his or her duties and
responsibilities to the Company or deliberate violation of a material Company policy; (ii) the Participant’s commission of any material act or acts of fraud, embezzlement, dishonesty, or other willful misconduct; (iii) the
Participant’s material unauthorized use or disclosure of any proprietary information or trade secrets of the Company or any other party to whom the Participant owes an obligation of nondisclosure as a result of his or her relationship with the
Company; or (iv) the Participant’s willful and material breach of any of his or her obligations under any written agreement or covenant with the Company. 
 The Committee shall in its discretion determine whether or not a Participant is being terminated for Cause. The Committee’s determination shall, unless arbitrary and capricious, be final and binding
on the Participant, the Company, and all other affected persons. The foregoing

 
definition does not in any way limit the Company’s ability to terminate a Participant’s employment or consulting relationship at any time, and the term “Company” will be
interpreted herein to include any Affiliate or successor thereto, if appropriate. 
 “Change in Control”
means, unless otherwise defined in an Award Agreement, 
 1. the acquisition by any individual, entity or group
(within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 25 percent of the combined voting power of the Company’s
then outstanding securities; provided, however, that for purposes of this paragraph (a), of this definition the following acquisitions shall not constitute a Change in Control: 
 1. any acquisition of securities directly from the Company, 
 2. any acquisition of securities by the Company, 
 3. any acquisition of securities by any employee benefit plan (or related trust) sponsored or maintained by the Company or
any corporation controlled by the Company, or 
 4. any acquisition of securities by any corporation or entity
pursuant to a transaction that does not constitute a Change of Control under paragraph (c) of this definition; or 
 2. Individuals who, as of the date this Plan was adopted by the Board of Directors (the “Approval Date”), constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority
of the Board; provided, however, that any individual becoming a director subsequent to the Approval Date whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors
then comprising the Incumbent Board shall be considered a member of the Incumbent Board, unless such individual’s initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or
removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Incumbent Board; or 
 3. consummation of a reorganization, merger ,or consolidation (including a merger, or consolidation of the Company or any direct or indirect subsidiary of the Company), or sale or other disposition of all
or substantially all of the assets of the Company (a “Business Combination”), in each case, unless, following such Business Combination, 
 1. all or substantially all of the individuals and entities who were the beneficial owners of the Company’s outstanding common stock and the Company’s voting securities entitled to vote
generally in the election of directors immediately prior to such Business Combination have direct or indirect beneficial ownership, respectively, of more than 50 percent of the then outstanding shares of common stock, and more than 50 percent of the
combined voting power of the

 
then outstanding voting securities entitled to vote generally in the election of directors, of the corporation resulting from such Business Combination (which, for purposes of this subparagraph
(c)(i) and paragraphs (c)(ii) and (c)(iii)shall include a corporation 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), and

 2. except to the extent that such ownership existed prior to the Business Combination, no person (excluding
any corporation resulting from such Business Combination or any employee benefit plan or related trust of the Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 25 percent or more of the
then outstanding shares of common stock of the corporation resulting from such Business Combination or 25 percent or more of the combined voting power of the then outstanding voting securities of such corporation, and 
 3. at least a majority of the members of the board of directors of the corporation resulting from such Business Combination
were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or 
 4. approval by the shareholders of the Company of a plan of complete liquidation or dissolution of the Company. 

“Code” means the U.S. Internal Revenue Code of 1986, as amended. All references to specific Sections of the Code
include the applicable regulations or guidance issued thereunder, as those may be amended from time to time. 
 “Committee” means one or more committees or subcommittees of the Board appointed by the Board to administer the Plan in accordance with Section 4 above. With respect to any decision involving an Award
intended to satisfy the requirements of Section 162(m) of the Code, the Committee shall consist of two or more Directors of the Company who are “outside directors” within the meaning of Section 162(m) of the Code. With respect to
any decision relating to a Reporting Person, the Committee shall consist of two or more Directors who are disinterested within the meaning of Rule 16b-3. 
 “Company” means IBERIABANK Corporation, a Louisiana corporation; provided, however, that in the event the Company reincorporates to another jurisdiction, all references to the term
“Company” shall refer to the Company in such new jurisdiction. 
 “Consultant” means any
person, including an advisor, who is engaged by the Company or any Affiliate to render services and is compensated for such services. 
 “Continuous Service” means the absence of any interruption or termination of service as an Employee, Director, or Consultant. Continuous Service shall not be considered interrupted in the case of: (i) sick
leave; (ii) military leave; (iii) any other leave of absence approved by the Committee, provided that such leave is for a period of not more than 90 days, unless reemployment upon the expiration of such leave is guaranteed by contract or
statute, or unless

 
provided otherwise pursuant to Company policy adopted from time to time; (iv) changes in status from Director to advisory director or emeritus status; or (iv) in the case of transfers
between locations of the Company or between the Company, its Affiliates, or their respective successors. Changes in status between service as an Employee, Director, and a Consultant will not constitute an interruption of Continuous Service.

 “Director” means a member of the Board, or a member of the board of directors of an Affiliate.

 “Disabled” or “Disability” refers to a condition under which a Participant
– 
 is unable to engage in any substantial gainful activity by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months; or 
 is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving
income replacement benefits for a period of not less than three months under an accident or health plan covering employees of the Company. 
 “Eligible Person” means any Consultant, Director, or Employee and includes non-Employees to whom an offer of employment has been extended. 
 “Employee” means any person whom the Company or any Affiliate classifies as an employee (including an officer) for
employment tax purposes. The payment by the Company of a director’s fee to a Director shall not be sufficient to constitute “employment” of such Director by the Company. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Executive Officer” has the meaning provided in Rule 3b-7 under the Exchange Act. 
 “Fair Market Value” means, as of any date (the “Determination Date”): (i) the closing price of
a Share on the New York Stock Exchange, the NASDAQ Stock Market or the American Stock Exchange (collectively, the “Exchange”), on the Determination Date, or, if shares were not traded on the Determination Date, then on the nearest
preceding trading day during which a sale occurred; or (ii) if such stock is not traded on the Exchange but is quoted on a quotation system, (A) the mean between the reported high and low sale prices on the Determination Date during the
regular daily trading session or, (B) if selling prices are not reported for the Determination Date, the mean between the closing representative bid and asked prices for the stock on the Determination Date as reported by such quotation system;
or (iii) if such stock is not traded on the Exchange or quoted but is otherwise traded over-the-counter, the mean between the representative bid and asked prices on the Determination Date; or (iv) if subsections (i)-(iii) do not
apply, the fair market value as established in good faith by the Committee and in accordance with Section 409A of the Code. 
 “Grant Date” has the meaning set forth in Section 14 of the Plan. 

 “Incentive Share Option” or “ISO” means an
Option intended to qualify as an incentive stock option within the meaning of Section 422 of the Code, as designated in the applicable Award Agreement. 
 “Involuntary Termination” means termination of a Participant’s Continuous Service under either of the following circumstances occurring on or after a Change in Control:
(a) termination without Cause by the Company or an Affiliate or successor thereto, as appropriate; or (b) voluntary termination by the Participant within 60 days following (i) a material reduction in the Participant’s job
responsibilities, provided that neither a mere change in title alone nor reassignment to a substantially similar position shall constitute a material reduction in job responsibilities; (ii) an involuntary relocation of the Participant’s
work site to a facility or location more than 50 miles from the Participant’s principal work site at the time of the Change in Control; or (iii) a material reduction in Participant’s total compensation other than as part of an
reduction by the same percentage amount in the compensation of all other similarly-situated Employees, Directors or Consultants. 
 “Non-ISO” means an Option not intended to qualify as an ISO, as designated in the applicable Award Agreement. 
 “Option” means any stock option granted pursuant to Section 6 of the Plan. 
 “Participant” means any holder of one or more Awards, or the Shares issuable or issued upon exercise of such Awards, under the Plan. 
 “Performance Awards” mean Performance Units and Performance Compensation Awards granted pursuant to
Section 10. 
 “Performance Compensation Awards” mean Awards granted pursuant to
Section 10(b) of the Plan. 
 “Performance Unit” means Awards granted pursuant to
Section 10(a) of the Plan which may be paid in cash, in Shares, or such combination of cash and Shares as the Committee in its sole discretion shall determine. 
 “Person” means any natural person, association, trust, business trust, cooperative, corporation, general
partnership, joint venture, joint-stock company, limited partnership, limited liability company, real estate investment trust, regulatory body, governmental agency or instrumentality, unincorporated organization, or organizational entity.

 “Plan” means this IBERIABANK Corporation 2010 Stock Incentive Plan. 
 “Reporting Person” means an officer, Director, or greater than ten percent shareholder of the Company within the
meaning of Rule 16a-2 under the Exchange Act, who is required to file reports pursuant to Rule 16a-3 under the Exchange Act. 
 “Restricted Shares” mean Shares subject to restrictions imposed pursuant to Section 8 of the Plan. 

 “Restricted Share Units” mean the right to receive Shares granted
pursuant to Section 8 of the Plan. 
 “Rule 16b-3” means Rule 16b-3 promulgated under the
Exchange Act, as amended from time to time, or any successor provision. 
 “Securities Act” means of the
Securities Act of 1933, as amended. 
 “Share Appreciation Right” or “SAR” means
Awards granted pursuant to Section 7 of the Plan. 
 “Share” means a share of common stock
of the Company, as adjusted in accordance with Section 13 of the Plan. 
 “Ten Percent
Holder” means a person who owns stock representing more than ten percent (10%) of the combined voting power of all classes of stock of the Company or any Affiliate. 
 “Unrestricted Shares” mean Shares awarded as unrestricted shares as described in Section 8 of the Plan.

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