Document:

2005 Stock Incentive Plan

 Exhibit 10.11 
 LY BTI HOLDINGS CORP. 
 2005 STOCK INCENTIVE PLAN 

Section 1. Purpose 
 LY BTI Holdings Corp. (the “Parent”), a Delaware corporation, the ultimate parent company of Baker Tanks, Inc. (the “Company”), a Delaware corporation, has adopted the LY BTI Holdings
Corp. 2005 Stock Incentive Plan (the “Plan”) effective as of the date indicated in Section 11 hereof (the “Effective Date”). The purposes of the Plan are to encourage selected employees, non-employee directors and
consultants of the Parent, the Company or any Subsidiary of the Company (which shall be referred to, collectively and individually, as the “Company Group”) to acquire a proprietary interest in the growth and performance of the Company
Group and to enhance the ability of the Company Group to attract, retain and reward qualified individuals. 
 Section 2.
Definitions 
 As used in the Plan, the following terms shall have the meanings set forth below: 

(a) “Award” shall mean an Option or grant of Restricted Stock. 

(b) “Board” shall mean the Board of Directors of the Parent or any committee established by the Board with the authority to act
with respect to the Plan. 
 (c) “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.

 (d) “Fair Market Value” shall mean, with respect to Shares or other securities, the fair market value of the Shares
or other securities determined by such methods or procedures as shall be established from time to time by the Board in good faith or in accordance with applicable law. 
 (e) “Option” shall mean a non-qualified stock option granted under the Plan. 
 (f) “Option Agreement” shall mean a written agreement, contract or other instrument or document evidencing an Option granted under the Plan. 

(g) “Participant” shall mean an employee, non-employee director or consultant of the Parent, the Company or any Subsidiary who
has been granted an Award under the Plan. 
 (h) “Person” shall mean any individual, corporation, partnership,
association, joint-stock company, trust, unincorporated organization or government or political subdivision thereof. 

 (i) “Restricted Stock” shall mean any Share granted under Section 7 of the
Plan. 
 (j) “Restricted Stock Agreement” shall mean a written agreement, contract or other instrument or document
evidencing Restricted Stock granted under the Plan. 
 (k) “Shares” shall mean the Common Stock of the Parent, $.01
par value, and such other securities or property as may become the subject of Options pursuant to an adjustment made under Plan Section 4(b). 
 (l) “Subsidiary” shall have the meaning provided in Code Section 424(f). 

Section 3. Administration 
 (a) Generally. The Plan shall be administered by the Board, unless the power to administer the Plan is designated to the compensation committee of the Board, in which case all references to the
Board contained in this Section 3, and in Sections 5, 6 and 7 hereof, shall be to that committee. Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations and other decisions under or with respect to
the Plan or any Award shall be within the sole discretion of the Board, may be made at any time, and shall be final, conclusive, and binding upon all Persons, including the Parent, the Company or any Subsidiary, any Participant, any holder or
beneficiary of any Award, any stockholder of the Parent and any employee of the Parent and the Company. 
 (b) Powers.
Subject to the terms of the Plan and applicable law, the Board shall have full power and authority to: (i) designate Participants; (ii) determine the type or types of Awards to be granted to each Participant under the Plan;
(iii) determine the number of Shares to be covered by Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to what extent, and under what circumstances Options may be settled or exercised in cash,
Shares or other property, or canceled, forfeited, or suspended, and the method or methods by which Options may be settled, exercised, canceled, forfeited, or suspended; (vi) interpret and administer the Plan and any instruments or agreements
relating to, or Awards granted under, the Plan; (vii) establish, amend, suspend, or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and (viii) make any other
determination and take any other action that the Board deems necessary or desirable for the administration of the Plan. 
 Section 4.
Shares Available for Awards 
 (a) Shares Available. Subject to adjustment as provided in Section 4(b):

 (i) Limitation on Number of Shares. The maximum aggregate number of Shares which may be issued pursuant to, or by
reason of, Awards shall be 1,846,995. To the extent that an Award granted ceases to remain outstanding by reason of termination of rights granted thereunder, forfeiture or otherwise, the Shares subject to such Award shall again become available for
award under the Plan. 

  
 - 2 -

 (ii) Sources of Shares Deliverable Under Awards. Any Shares delivered pursuant to an
Award may consist, in whole or in part, of authorized and unissued Shares or of treasury Shares 
 (b) Adjustments. In
the event that the Board shall determine that any change in corporate capitalization, such as an extraordinary dividend or other distribution of Shares, or a corporate transaction, such as a spin-off, recapitalization, merger, consolidation,
reorganization or partial or complete liquidation of the Parent and/or the Company or other similar corporate transaction or event, affects the Shares such that an adjustment is determined by the Board to be appropriate in order to prevent dilution
or enlargement of the benefits or potential benefits intended to be made available under the Plan, then the Board shall, in such manner as it may deem necessary to prevent dilution or enlargement of the benefits or potential benefits intended to be
made under the Plan, adjust any or all of (x) the number and type of Shares which thereafter may be made the subject of Awards, (y) the number and type of Shares subject to outstanding Awards, and (z) the grant, purchase, or exercise
price with respect to any Award or, if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award. 

Section 5. Eligibility 
 In determining the individuals to whom Awards shall be granted and the number of Shares to be covered by each Award, the Board shall take into account the nature of his or her duties and present and
potential contributions to the success of the Company and such other factors as it shall deem relevant in connection with accomplishing the purposes of the Plan. A Participant who has been granted an Award or Awards, under the Plan may be granted an
additional Award or Awards. 
 Section 6. Options 
 The Board is hereby authorized to grant Options to Participants upon the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions
of the Plan, as the Board shall determine: 
 (a) Exercise Price. The exercise price per Share purchasable under Options
shall be the Fair Market Value of one Share at the time the Option is granted. 
 (b) Option Term. The term of each
Option shall be fixed by the Board but shall not exceed ten (10) years from the date of grant. 
 (c) Time and Method of
Exercise. The Board shall determine the time or times at which the right to exercise an Option may vest, and the method or methods by which, and the form or forms in which, payment of the option price with respect to exercises of such Option may
be made or deemed to have been made, which may include cash or such other consideration as deemed appropriate by the Board. 

(d) Limits on Transfer of Options. No Option and no right under any such Option, shall be assignable, alienable, saleable or
transferable by a Participant otherwise than by will or by the laws of descent and distribution, and such Option, and each right under any such 

  
 - 3 -

 
Option, shall be exercisable during the Participant’s lifetime, only by the Participant or, if permissible under applicable law, by the Participant’s guardian or legal representative.
No Option and no right under any such Option, may be pledged, alienated, attached, or otherwise encumbered, and any purported pledge, alienation, attachment, or encumbrance thereof shall be void and unenforceable against the Parent, the Company or
any Subsidiary. Notwithstanding the foregoing, the Board may, in its discretion, provide that Options be transferable, without consideration, to immediate family members (i.e., children, grandchildren or spouse), to trusts for the benefit of such
immediate family members and to partnerships in which such family members are the only partners. In addition, a Participant may, in the manner established by the Board, designate a beneficiary (which may be a person or a trust) to exercise the
rights of the Participant upon the death of the Participant. A beneficiary, guardian, legal representative or other person claiming any rights under the Plan from or through any Participant shall be subject to all terms and conditions of the Plan
and any Option Agreement applicable to such Participant, except as otherwise determined by the Board, and to any additional restrictions deemed necessary or appropriate by the Board. 

(e) Time Vesting Options to be Granted as of the Effective Date of the Plan. The Board shall grant time-vesting Options on the
Effective Date substantially in the form of the Time-Vesting Stock Option Grant Agreement in the form attached as Exhibit III. 
 (f) Performance Vesting Options to Be Granted as of the Effective Date of the Plan. The Board shall also grant performance-vesting Options on the Effective Date, substantially in the form of the
Performance-Vesting Stock Option Grant Agreement in the form attached as Exhibit IV. 
 Section 7. Restricted Stock

 (a) Grant. The Board is hereby authorized to grant Restricted Stock to Participants upon the following terms and
conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Board shall determine. The Board has the authority to determine the Participants to whom Shares of Restricted Stock
shall be granted, the number of Shares of Restricted Stock to be granted to each Participant, the duration of the period during which, and the conditions if any, under which, the Restricted Stock may be forfeited to the Parent and the other terms
and conditions of such Awards. 
 (b) Dividends. Dividends paid on any shares of Restricted Stock may be paid directly to
the Participant, withheld by the Company subject to vesting of the Restricted Stock pursuant to the terms of the applicable Restricted Stock Agreement or may be reinvested in additional shares of Restricted Stock, as determined by the Board in its
sole discretion. 
 Section 8. Vesting of Awards Upon a Change of Control 

Notwithstanding any of the provisions of the Plan or any Option Agreement or Restricted Stock Agreement to the contrary, upon a Change of
Control (as defined below) all 

  
 - 4 -

 
outstanding Options that have been granted under the Plan shall become fully exercisable, and all restrictions on any shares of Restricted Stock shall lapse and such Awards shall fully vest.
Further, the Board, as constituted before such Change of Control, is authorized, and has sole discretion, as to any Option, either at the time such Option is granted hereunder or any time thereafter, to take any one or more of the following actions:
(i) provide that the exercise of any such Option shall not require payment of the Exercise Price but shall result in payment to the holder of the Option of an amount of cash equal to the difference between the exercise price and the then Fair
Market Value of the Shares covered thereby, and (ii) with the consent of the holder of any Option then outstanding, cause any such Option to be assumed, by the acquiring or surviving corporation, after the Change of Control. The term
“Change of Control” shall have the meaning specified in the Management Stockholder’s Agreement identified in Section 12 hereof. 
 Section 9. Amendment and Termination 
 Except to the extent
prohibited by applicable law and unless otherwise expressly provided in an Option Agreement, Restricted Stock Agreement or in the Plan: 
 (a) Amendments to the Plan. The Plan may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Board, but no amendment without the
approval of the stockholders of the Parent shall be made if such amendment would be required under any law or rule of any governmental authority, stock exchange or other self-regulatory organization to which the Parent may then be subject. None of
the amendment, suspension or termination of the Plan shall, without the consent of the holder of such Award, adversely alter or impair any rights or obligations under any Award theretofore granted. 

(b) Correction of Defects, Omissions, and Inconsistencies. The Board may correct any defect, supply any omission or reconcile any
inconsistency in the Plan or any Award in the manner and to the extent it shall deem desirable to carry the Plan into effect. 

Section 10. General Provisions 
 (a) No Rights to Awards. No Participant shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment of Participants or holders or
beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with respect to each recipient. 

(b) No_Right to Employment. The grant of an Award shall not be construed as giving a Participant the right to be retained in the
employ of the Parent, the Company or any Subsidiary. Further, the Parent, the Company or a Subsidiary, as applicable, may at any time dismiss a Participant from employment, free from any liability or any claim under the Plan, unless otherwise
expressly provided in the Plan or in any Option Agreement or Restricted Stock Agreement. 
 (c) Governing Law. The
validity, construction, and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with the laws of the State of Delaware and applicable Federal law. 

  
 - 5 -

 (d) Seyerability. If any provision of the Plan or any Award is or becomes or is
deemed to be invalid, illegal, or unenforceable in any jurisdiction, or would disqualify the Plan or any Award under any law deemed applicable by the Board, such provision shall be construed or deemed amended to conform to applicable laws, or if it
cannot be construed or deemed amended without, in the determination of the Board, materially altering the intent of the Plan, such provision shall be deemed void, stricken and the remainder of the Plan and any such Award shall remain in full force
and effect. 
 (e) Headings. Headings are given to the Sections and subsections of the Plan solely as a convenience to
facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision hereof. 
 (f) Tax Withholding. The Parent and the Company are authorized to withhold from any Award granted or any payment relating to an Award under the Plan, including from the exercise of an Option, the
minimum amounts of taxes required by law to be withheld in connection with any transaction involving an Award, and to take such other action as the Board may deem advisable to satisfy obligations for the payment of withholding taxes and other tax
obligations relating to any Award. This authority shall include authority to withhold or receive Shares or other property or cash payments otherwise due to the Participant in respect thereof in satisfaction of a Participant’s tax obligations.

 Section 11. Effective Date of the Plan 
 The Plan will be effective as of the Closing Date (as such term is defined in the Management Stockholder’s Agreement) (the “Effective Date”). 

Section 12. Term of the Plan 
 The Plan shall continue until the earlier of (i) the date on which all Awards issuable hereunder have been issued, (ii) the termination of the Plan by the Board or (iii) the 10th anniversary of the effective date of the Plan. However, unless
otherwise expressly provided in the Plan or in an applicable Option Agreement or Restricted Stock Agreement, any Award theretofore granted may extend beyond (and he exercisable after) such date of termination and the authority of the Board to amend,
alter, adjust, suspend, discontinue, or terminate any such Award or to waive any conditions or rights under any such Award, and the authority of the Board to amend the Plan, shall also extend beyond such date of termination. 

Section 13. Management Stockholder’s Agreement 
 The issuance of any Awards under the Plan, and any Shares issuable upon exercise of Options, may, at the discretion of the Board, be subject to and conditioned upon the Participant receiving such Options
or Shares executing, delivering and becoming a party to a Management Stockholder’s Agreement to be entered into by and among the Parent, FTT Holdings, Inc., and each Participant (a “Management Stockholder’s Agreement”), the form
of which is attached as Exhibit I. 

  
 - 6 -

 FIRST AMENDMENT TO 

LY BTI HOLDINGS CORP. 
 2005 STOCK INCENTIVE PLAN 
 Pursuant to resolutions duly adopted by the
Board of Directors (“Board”) of LY BTI Holdings Corp. (the “Company”) on August 15, 2007, and in accordance with Section 9 of the LY BTI Holdings Corp. 2005 Stock Incentive Plan (the “Plan”), the Plan is
amended as follows, effective as of the date hereof: 
 The first sentence of Section 4(a)(i) shall be amended to read in
its entirety as follows: 
 “The maximum aggregate number of Shares which may be issued pursuant to, or by reason of, Awards
shall be 2,100,000.” 
 Except as hereby expressly amended and modified, the terms and provisions of the Plan shall remain
in full force and effect. 
 IN WITNESS WHEREOF, the Board has caused this Amendment to be executed by a duly authorized officer
of the Company this 15th day of August, 2007. 
  

	
	  

	 Lori Forlano

Secretary

  
 - 7 -Form of Option Agreement

 Exhibit 10.11.1 

LY BTI HOLDINGS CORP. 2005 STOCK OPTION PLAN 
 FORM OF 
 TIME-VESTING STOCK OPTION GRANT AGREEMENT 

The terms and conditions of the LY BTI Holdings Corp. 2005 Stock Option Plan (the “Plan”), are hereby incorporated by
reference. Capitalized terms in this Time-Vesting Stock Option Grant Agreement (the “Agreement”) that are not defined herein shall have the meanings stated in the Plan. In the case of any conflict between the provisions hereof and those of
the Plan, the provisions of the Plan shall be controlling. A copy of the Plan is available upon request to the Secretary of LY BTI Holdings Corp. (the “Parent”). 
 In accordance with the Plan, the Board adopted a resolution granting you (the “Optionee”) an Option under the Plan to purchase the number of Shares, specified below, for the exercise price
specified below and on the terms and subject to the conditions set forth in this Agreement and in the Plan. 
 This Agreement,
which includes Sections 1 through 13 attached hereto, describes your rights with respect to the Option granted to you hereby and constitutes a legal agreement between you and the Parent. 

 

			
	 Name of Optionee:
  
	 	
	 Address of Optionee:
  
	 	
	 Date of Grant:
  
	 	
	 Number of Shares Subject to Option:
  
	 	
	 Option Exercise Price:
  
	 	 $TBD (pending third-party valuation)

 

	Type of Option:	 	Non-qualified Stock Option

 IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the
Date of Grant specified above. 
  

							
		 		  	LY BTI HOLDINGS CORP.
				
	  
	 		  	By:	 	  

	Optionee:	 		  		 	Title:

  
 2 

 1.Vesting and Term. 

(a) Vesting. Unless the Option is previously terminated pursuant to the Plan or this Agreement and subject to the terms of any
other agreement between the Optionee and the Parent and/or Baker Tanks, Inc. (the “Company”), so long as Optionee remains employed with any member of the Company Group, the Option shall become vested and exercisable as to twenty-five
percent (25%) of the Shares subject hereto on each of the second, third, fourth and fifth anniversaries of the Date of Grant; provided, however, that if during such employment but prior to such fifth anniversary, there occurs a Change of
Control, the unvested portion of the Option shall become fully vested and immediately exercisable on the consummation of the Change of Control. 
 (b) Term. In no event shall any Shares be purchasable under this Agreement after the tenth anniversary of the Date of Grant (the “Tenth Anniversary”). The Option, to the extent vested,
shall cease to be exercisable immediately and all rights of the Optionee hereunder shall thereupon terminate as follows: 
 (i) Immediately upon termination of Optionee’s services as an employee, non-employee director or consultant of the Parent, the Company or any Subsidiary (a “Termination”) (x) by the
Company Group for Cause, (y) by Optionee without Good Reason, or (z) if the Optionee violates Section 2 at any time; 
 (ii) The first anniversary of the date of any Termination due to Optionee’s death or Disability; or 
 (iii) 90 days after the date of any Termination by the Company Group without Cause or by Optionee for Good Reason. 
 Upon any Termination, any unvested portion of the Option shall terminate immediately. 
 For purposes of this Agreement, the terms “Cause”, “Disability” and “Good Reason” shall have the meaning specified in the Management Stockholder’s Agreement, attached
hereto as Exhibit I. 
 2. Restrictive Covenants. 

(a) Non-Competition. Optionee and Optionee’s Affiliates shall not until the date on which this Option has been fully
exercised or the date on which it otherwise expires for any reason, directly or indirectly, as an officer, director, employee, partner, stockholder, member, proprietor, consultant, joint venturer, investor or in any other capacity, engage in, or
own, manage, operate or control, or participate in the ownership, management, operation or control of, any business or entity which engages anywhere in the Territory in any business or activity which is in competition with any aspect of the
Business; provided, however, that nothing herein shall prohibit the Optionee from (a) being a purely passive owner of, in the aggregate, not more than five percent (5%) of any class of securities of a publicly traded entity in any of the
foregoing lines of business or (b) having non-controlling ownership of interests in any 

  
 3 

 
investment fund that may directly or indirectly invest in entities in any of the foregoing lines of business, so long as, in the case of each of the preceding clauses (a) and (b), the
Optionee does not participate in any way in the management, operation or control of such entity. The terms “Affiliate,” “Territory” and “Business” shall have the meanings specified in the Management Stockholder’s
Agreement attached hereto as Exhibit I. 
 (b) Confidential Information. Optionee must, until the date on which this
Option has been fully exercised or the date on which it otherwise expires for any reason, maintain all Confidential Information in confidence and must not disclose any Confidential Information to anyone outside of the Company Group; and Optionee
must not at any time use any Confidential Information for the benefit of Optionee or any third party. Nothing in this Agreement, however, prohibits Optionee from: (1) disclosing any information (or taking any other action) in furtherance of
Optionee’s duties to the Company Group while employed by the Company Group; or (2) disclosing Confidential Information to the extent required by law (after giving prompt notice to the Parent in order that the Company Group may attempt to
obtain a protective order or other assurance that confidential treatment will be accorded such information). Upon the Parent’s request at any time, Optionee must immediately deliver to the Company Group all tangible items in Optionee’s
possession or control that are or that contain Confidential Information, without keeping any copies. The term “Confidential Information” shall have the meaning specified in the Management Stockholder’s Agreement attached hereto as
Exhibit I. 
 (c) Non-Solicitation, No-Hire and Non-Disparagement. At all times prior to the date on which this
Option has been fully exercised or the date on which it otherwise expires for any reason, the Optionee covenants and agrees that Optionee and Optionee’s Affiliates shall not, directly or indirectly, as an officer, director, employee, partner,
stockholder, member, proprietor, consultant, joint venturer, investor or in any other capacity, (i) solicit any Persons who are, or within the one-year period immediately preceding the Date of Grant were, customers of the Company, to purchase
other than from the Company any goods or services sold by the Company relating to the Business or (ii) take any action to discourage any Persons who are, or within the one-year period immediately preceding the Date of Grant were, suppliers of
the Company, from doing business with the Company. In addition, Optionee covenants and agrees that Optionee and Optionee’s Affiliates shall not, directly or indirectly, as an officer, director, employee, partner, stockholder, member,
proprietor, consultant, joint venturer, investor or in any other capacity, hire or solicit to perform services (as an employee, consultant or otherwise) or take any actions which are intended to persuade any termination of association with the
Company (as applicable) any Persons who are, or within the three (3) month period immediately preceding the Date of Grant were, employed by the Company at the level of a manager, director (e.g., sales and marketing, business development),
vice-president, president or any level more senior than any such level, provided, however, that (A) solicitation or hiring by Optionee or Optionee’s Affiliates of an immediate family member of such Optionee shall not constitute a violation
of this Section 2(c) and (B) general solicitations of employment published in a journal, newspaper or other publication of general circulation or listed on any internet job site and not specifically directed towards such employees shall
not be deemed to constitute solicitation for purposes of this Section 2(c) and the hiring of any person as a result of such permitted solicitations shall not constitute a breach of this Section 2(e) so long as such person is hired to work
in a business which is not in competition with the Business in violation of this Section 2(c). 

  
 4 

 
Optionee shall not at any time prior to the date on which this Option has been fully exercised or the date on which it otherwise expires for any reason, make (or cause to be made) to any Person
any knowingly disparaging, derogatory or other negative statement about Company Group, Fund or their Affiliates or subsidiaries. The terms “Persons” and “Fund” shall have the meanings specified in the Management
Stockholder’s Agreement attached hereto as Exhibit I. 
 (d) Reasonableness of Restrictions. Optionee specifically
acknowledges and agrees that the time, geographic and activity restrictions (as applicable) set forth in this Section 2 are reasonable and properly required for the protection of the Company Group. 

3. No Right to Employment. Nothing contained herein shall be construed to confer on the Optionee any right to he retained in the
employ of the Company Group or to diminish any right of the Company Group to dismiss the Optionee from employment, free from any liability, or any claim under this Agreement or the Plan, unless otherwise expressly provided in the Plan or in this
Agreement. 
 4. Limits on Assignment and Transferability. No Option and no right under any such Option shall be
assignable, alienable, saleable or transferable by the Optionee otherwise than by will or by the laws of descent and distribution, and such Option, and each right under any such Option, shall be exercisable during the Optionee’s lifetime only
by the Optionee or, if permissible under applicable law, by the Optionee’s guardian or legal representative, However nonqualified stock options may, with the prior written consent of the Board, be transferable, without consideration, to
immediate family members (i.e., children, grandchildren or spouse) to trusts for the benefit of such immediate family members and to partnerships in which such family members are the only parties. In addition, the Optionee may, in the manner
established by the Board, designate a beneficiary to exercise the rights of the Optionee upon the death of the Optionee; provided that any such beneficiary may exercise the Option only for a period of ninety (90) days following the
Optionee’s death and only to the extent that it was vested and exercisable as of the day preceding the Optionee’s death. No Option, and no right under any such Option, may be pledged, alienated, attached or otherwise encumbered, and any
purported pledge, alienation, attachment or encumbrance thereof shall be void and unenforceable. 
 5. Adjustments.
(a) In the event that the Board shall determine that the outstanding Shares are affected by any (i) subdivision or consolidation of shares, (ii) extraordinary dividend or other distribution (whether in the form of cash, Shares, other
securities, or other property), (iii) recapitalization or other capital adjustment of the Parent, or (iv) spin-off, merger, consolidation or reorganization of the Parent or other rights to purchase Shares or other securities of the Parent,
or other similar corporate transaction or event, such that an adjustment is determined by the Board to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan,
then the Board shall, in such manner as it may deem necessary to prevent dilution or enlargement of the benefits or potential benefits intended to be made under the Plan, adjust any or all of (x) the number and type of Shares which may be
subject to Options, (y) the number and type of Shares subject to the unexercised portion of the Option, and (z) the grant, purchase, or exercise price with respect to any Option or, if deemed appropriate, make provision for a cash payment
to the Optionee, all in accordance with Section 4(b) of the Plan. 

  
 5 

 (b) In addition to the rights set forth in Section 1(a) and clause 5(a), in the event
of a transaction described in clause 5(a)(iv) above or a Change of Control (as defined in the Management Stockholder’s Agreement attached hereto as Exhibit I), subject to the provisions of Section 7 of the Plan, the Board may, in its sole
discretion, take any one or more of the following actions, as to outstanding Options: (i) with the consent of the holder of any Option then outstanding, provide that such Options shall be assumed, or equivalent options shall be substituted, by
the acquiring or succeeding corporation or entity (or to the extent the Parent’s stockholders receive capital stock of an affiliate thereof in the transaction, by such affiliate), (ii) upon written notice to the Optionee, provide that
(A) all exercisable but unexercised Options will terminate immediately prior to the consummation of such transaction unless exercised by the Optionee (after giving effect to the full vesting thereof upon consummation of such transaction, if
applicable) within a specified period following the date of such notice and prior to the consummation of such event or transaction (which period shall not be less than fifteen (15) days) and (B) all unexercisable Options will terminate
upon consummation of such event or transaction, (iii) in the event of a merger or consolidation under the terms of which holders of the Shares will receive upon consummation thereof a cash payment for each share surrendered in the merger or
consolidation (the “Merger Price”), make or provide for a cash payment to the Optionee equal to the difference between (A) the Merger Price times the number of Shares subject to such outstanding Options (to the extent then exercisable
at prices not in excess of the Merger Price) and (B) the aggregate exercise price of all such outstanding Options, in exchange for the termination of such Options, or (iv) provide that all or any outstanding Options shall become
exercisable in full immediately prior to such event or transaction and shall cease to be exercisable at any time after such event or transaction. Any exercise of the Option in contemplation of a transaction described in clause 5(a)(iv) above may be
conditioned upon and subject to the consummation thereof, in which case, any such exercise shall be deemed to have occurred immediately prior to such transaction and any resulting termination of the Option. 

6. Time and Method of Exercise. 
 (a) The Option shall be exercised when written notice of such exercise, signed by the person entitled to exercise the Option, has been delivered or transmitted by facsimile transmission, overnight
courier, or certified, registered or express mail, postage prepaid. Any such notice shall be deemed given when so delivered personally or sent by facsimile transmission (provided that a confirmation copy is sent by overnight courier), one day after
deposit with an overnight courier, or if mailed, five days after the date of deposit in the United States mails, to the Secretary of the Parent at its principal office. Said written notice shall specify the number of Shares purchasable under the
Option which such person then wishes to purchase and shall be accompanied by such documentation, if any, as may be required by the Parent and be accompanied by payment of the aggregate Option price. Delivery of said notice and such documentation
shall constitute an irrevocable election to purchase the Shares specified in said notice and the date on which the Parent receives said notice and documentation shall, subject to the provisions of Section 7 and 8, be the date as of which the
Shares so purchased shall be deemed to have been issued. The person entitled to exercise the Option shall not have the right or status as a holder of the Shares to which such exercise relates prior to receipt by the Company Group of such payment,
notice and documentation. 

  
 6 

 (b) Solely upon the occurrence of a Special Exercise Date (as defined below), the Optionee
may pay the Option Exercise Price, with the consent of the Board, which consent shall not be unreasonably withheld, using “mature Shares” (within the meaning of the applicable financial accounting standard pursuant to which the Options are
being accounted on the books of the Company pursuant to U.S. generally accepted accounting principles). For purposes of this Section 6, the term “Special Exercise Date” shall mean: (i) the date that is six months prior to the
Tenth Anniversary, so long as the Optionee is employed on such date, and (ii) the termination of the Optionee’s employment due to the Optionee’s death or Disability. 

(c) Full payment for the Shares with respect to which such Option or any portion thereof is exercised shall be made by delivery of cash,
check or, to the extent provided in Section 6(b) above, of Shares, or any combination thereof. 
 7. Tax
Withholding. If the Company Group shall become obligated to withhold an amount on account of any tax imposed as a result of the exercise of the Option, including, without limitation, any federal, state, local or other income tax, or any
F.I.C.A., state disability insurance tax or other employment tax (the “Withholding Liability”), then the Optionee shall, on the date of exercise and as a condition to the issuance of the Shares subject to the Option, pay the Withholding
Liability. Payment shall be by check payable to the Parent, the Company or any Subsidiary, as determined by the Board. Alternately, Optionee may request in writing that the Company Group withhold all or a portion of the Withholding Liability from
any compensation or other amounts otherwise then due and payable to the Optionee, in which case such withholding and payment of any such amount to the relevant taxing authority shall constitute full satisfaction of the obligation to pay such
compensation or other amounts to Optionee: provided, however, that in the event such withholding would be as a result of the reduction in the number of Shares otherwise issuable upon the exercise of the Option, the aggregate value of the number of
Shares that are so withheld shall not exceed the minimum Withholding Liability incurred by Optionee as a result of the exercise of the Option at such time. 
 8. Exercise Conditioned on Compliance with Certain Laws. Anything in this Agreement to the contrary notwithstanding, in no event may the Option be exercisable if the Parent shall, at any time and
in its sole discretion, determine that (i) the listing, registration or qualification of any Shares otherwise deliverable upon such exercise, upon any securities exchange or under any state or federal law, or (ii) the consent or approval
of any governmental or regulatory body, is in either case necessary or desirable in connection with such exercise. In such event, such exercise shall be held in abeyance and shall not be effective unless and until such listing, registration,
qualification, consent or approval shall have been affected or obtained free of any conditions not acceptable to the Parent. Pending effectiveness, the exercise price shall be returned to the Optionee, and so long as such exercise shall be held in
abeyance, the Option shall remain exercisable subject to this Section notwithstanding any termination or expiration thereof that might otherwise occur under the Option. 
 9. Securities Act Compliance. The Board may require as a condition to the right to exercise the Option hereunder that the Parent receive from the person exercising the

  
 7 

 
Option representations, warranties and agreements, at the time of any such exercise, to the effect that the Shares are being purchased without any present intention to sell or otherwise
distribute such Shares in violation of applicable federal securities laws and that the Shares will not be disposed of in transactions which, in the opinion of counsel to the Parent, would violate the registration provisions of the Securities Act of
1933, as then amended, and the rules and regulations thereunder. The certificate issued to evidence such Shares shall bear appropriate legends summarizing such restrictions on the disposition thereof. 

10. Stop Transfer Orders, Etc. All certificates for Shares or other securities of the Parent delivered under the Plan pursuant to
any Option or the exercise thereof shall be subject to such stop transfer orders and other restrictions as the Board may deem advisable under the Plan or the rules, regulations and other restrictions of the Securities and Exchange Commission, any
stock exchange upon which such Shares or other securities are then listed, and any applicable federal or state securities laws, and the Board may cause a legend or legends to be put on any such certificates to make appropriate reference to such
restrictions. 
 11. No Representations or Warranties. The Parent makes no representations or warranties as to the
income, estate or other tax consequences to the Optionee of the grant or exercise of the Option or the sale or other disposition of the Shares acquired pursuant to the exercise thereof. 

12. Governing Law; Successors and Assigns. This Agreement shall he construed and enforced in accordance with the laws of the State
of Delaware and applicable federal law. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their permitted assigns. 
 13. Management Stockholder’s Agreement. This Option and any Shares issuable upon exercise of this Option shall be subject to and conditioned upon the Optionee executing, delivering and
becoming a party to a Management Stockholder’s Agreement in the form attached hereto as Exhibit I. 

  
 8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00204-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00204-of-00352.parquet"}]]