Document:

EX-10.2

 Exhibit 10.2 
 MASONITE INTERNATIONAL CORPORATION 
 DEFERRED COMPENSATION PLAN

 Effective as of the 13th day of August, 2012, Masonite International Corporation (the “Controlling Company”)
hereby establishes the Masonite International Corporation Deferred Compensation Plan (the “Plan”). 
 BACKGROUND AND
PURPOSE 
 A. Purpose. The Controlling Company desires to provide its designated highly compensated employees
(and those of its affiliated companies that participate in the Plan) and its non-employee directors with an opportunity (i) to defer the receipt and income taxation of a portion of such employees’ and directors’ annual compensation,
and (ii) to the extent (if any) determined from time to time by the Controlling Company, to receive additional deferred compensation provided by the Controlling Company or the respective employers. 

B. Type of Plan. The Plan is an unfunded, nonqualified deferred compensation plan that benefits non-employee directors and
certain designated employees who are within a select group of key management or highly compensated employees. The Plan is intended to be a “top hat” plan under ERISA. It is intended that this Plan comply with the requirements of
Section 409A of the Internal Revenue Code of 1986, as amended. 
 STATEMENT OF AGREEMENT 

To establish the Plan with the purposes and goals as described above, the Controlling Company hereby sets forth the terms and provisions
of the Plan as follows: 

 MASONITE INTERNATIONAL CORPORATION 

DEFERRED COMPENSATION PLAN 
 TABLE OF CONTENTS 
  

					
	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	  
	 1.1     Account
	  	 	1	  
	 1.2     Affiliate
	  	 	1	  
	 1.3     Base Pay
	  	 	1	  
	 1.4     Base Pay Deferral
	  	 	1	  
	 1.5     Base Pay Election
	  	 	1	  
	 1.6     Beneficiary
	  	 	1	  
	 1.7     Board
	  	 	2	  
	 1.8     Bonus
	  	 	2	  
	 1.9     Bonus Deferral
	  	 	2	  
	 1.10   Bonus Election
	  	 	2	  
	 1.11   Change in Control
	  	 	2	  
	 (a)    Change in the Ownership of the Controlling Company
	  	 	2	  
	 (b)    Change in the Effective Control of the Controlling Company
	  	 	2	  
	 (c)    Change in the Ownership of a Substantial Portion of the Controlling Company’s
Assets
	  	 	3	  
	 (d)    Additional Rules
	  	 	4	  
	 1.12   Change in Control Distribution Account
	  	 	4	  
	 1.13   Code
	  	 	5	  
	 1.14   Compensation Committee
	  	 	5	  
	 1.15   Controlling Company
	  	 	5	  
	 1.16   Deferral Election
	  	 	5	  
	 1.17   Deferrals
	  	 	5	  
	 1.18   Deferred Compensation Plan Committee
	  	 	5	  
	 1.19   Deferred Stock Units
	  	 	5	  
	 1.20   Director
	  	 	5	  
	 1.21   Director’s Fees
	  	 	5	  
	 1.22   Director’s Fee Deferral
	  	 	5	  
	 1.23   Director’s Fee Election
	  	 	5	  
	 1.24   Disability
	  	 	5	  
	 1.25   Discretionary Contributions
	  	 	6	  
	 1.26   Effective Date
	  	 	6	  
	 1.27   Eligible Director
	  	 	6	  
	 1.28   Eligible Employee
	  	 	6	  
	 1.29   ERISA
	  	 	6	  
	 1.30   FICA Tax
	  	 	6	  
	 1.31   Financial Hardship
	  	 	6	  

  
 i 

					
	 1.32   Incentive Plan
	  	 	7	  
	 1.33   Investment Election
	  	 	7	  
	 1.34   Investment Funds
	  	 	7	  
	 1.35   Matching Contribution
	  	 	7	  
	 1.36   Participant
	  	 	7	  
	 1.37   Participating Company
	  	 	7	  
	 1.38   Payment Date
	  	 	7	  
	 1.39   Plan
	  	 	7	  
	 1.40   Plan Year
	  	 	7	  
	 1.41   Rabbi Trust or Rabbi Trust Agreement
	  	 	8	  
	 1.42   Senior Management Committee
	  	 	8	  
	 1.43   Separate from Service or Separation from Service
	  	 	8	  
	 (a)    Eligible Employees
	  	 	8	  
	 (b)    Eligible Directors
	  	 	9	  
	 (c)    Status Change
	  	 	9	  
	 1.44   Separation from Service Distribution Account
	  	 	9	  
	 1.45   Specified Date Distribution Account
	  	 	9	  
	 1.46   Stock Unit Award
	  	 	9	  
	 1.47   Stock Unit Deferral
	  	 	10	  
	 1.48   Stock Unit Election
	  	 	10	  
	 1.49   Surviving Spouse
	  	 	10	  
	 1.50   Trustee
	  	 	10	  
	 1.51   Valuation Date
	  	 	10	  
		
	 ARTICLE II ELIGIBILITY AND PARTICIPATION
	  	 	11	  
	 2.1    Eligibility
	  	 	11	  
	 (a)    Annual Participation
	  	 	11	  
	 (b)    Interim Plan Year Participation
	  	 	11	  
	 2.2    Procedure for Admission
	  	 	11	  
	 2.3    Cessation of Eligibility
	  	 	12	  
	 (a)    Generally
	  	 	12	  
	 (b)    Status of Inactive Participant
	  	 	12	  
		
	 ARTICLE III PARTICIPANTS’ ACCOUNTS; DEFERRALS AND CREDITING
	  	 	13	  
	 3.1    Participants’ Accounts
	  	 	13	  
	 (a)    Establishment of Accounts
	  	 	13	  
	 (b)    Nature of Contributions and Accounts
	  	 	13	  
	 (c)    Several Liabilities
	  	 	13	  
	 (d)    General Creditors
	  	 	13	  
	 3.2    Deferrals
	  	 	13	  
	 (a)    Effective Date
	  	 	14	  
	 (b)    Term and Irrevocability of Election
	  	 	15	  
	 (c)    Amount
	  	 	15	  
	 (d)    Crediting of Deferrals
	  	 	16	  
	 3.3    Matching Contributions
	  	 	16	  
	 3.4    Discretionary Contributions
	  	 	17	  

  
 ii 

					
	 3.5    Debiting of Distributions
	  	 	17	  
	 3.6    Crediting of Earnings
	  	 	17	  
	 3.7    Value of Account
	  	 	17	  
	 3.8    Vesting
	  	 	17	  
	 (a)    Deferrals
	  	 	17	  
	 (b)    Matching and Discretionary Contributions
	  	 	17	  
	 (c)    Committee Discretion
	  	 	17	  
	 (d)    Forfeiture
	  	 	18	  
	 (e)    Stock Unit Awards
	  	 	18	  
	 3.9    Notice to Participants of Account Balances
	  	 	18	  
	 3.10  Good Faith Valuation Binding
	  	 	18	  
		
	 ARTICLE IV INVESTMENT FUNDS
	  	 	19	  
	 4.1    Selection by Deferred Compensation Plan Committee
	  	 	19	  
	 4.2    Participant Direction of Deemed Investments
	  	 	19	  
	 (a)    Nature of Participant Direction
	  	 	19	  
	 (b)    Separate Investment Election for Each Distribution Account
	  	 	19	  
	 (c)    Deferred Compensation Plan Committee Discretion
	  	 	19	  
	 4.3    Stock Unit Deferrals
	  	 	20	  
	 (a)    Stock Unit Awards
	  	 	20	  
	 (b)    Deferred Stock Units
	  	 	20	  
	 (c)    Stock Adjustments
	  	 	20	  
	 (d)    Diversification of Deferred Stock Units
	  	 	20	  
	 (e)    Committee Discretion
	  	 	21	  
		
	 ARTICLE V PAYMENT OF ACCOUNT BALANCES
	  	 	22	  
	 5.1    Amount of Benefit Payments
	  	 	22	  
	 5.2    Timing and Form of Distribution of Deferrals
	  	 	22	  
	 (a)    Allocation Among Distribution Accounts
	  	 	22	  
	 (b)    Timing of Distributions
	  	 	23	  
	 (c)    Form of Distribution
	  	 	23	  
	 (d)    Modifications of Form and Timing
	  	 	24	  
	 (e)    Medium of Payment
	  	 	25	  
	 (f)     Cashout
	  	 	25	  
	 5.3    Payment Upon a Change in Control
	  	 	26	  
	 5.4    Death Benefits
	  	 	26	  
	 5.5    Hardship Withdrawals
	  	 	27	  
	 (a)    Eligibility and Timing
	  	 	27	  
	 (b)    Amount
	  	 	27	  
	 (c)    Designation of Payment
	  	 	27	  
	 5.6    Taxes
	  	 	27	  
	 (a)    Amounts Payable Whether or Not Account is in Pay Status
	  	 	27	  
	 (b)    Amounts Payable Only if Account is in Pay Status
	  	 	27	  
	 5.7    Offset of Account by Amounts Owed to the Company
	  	 	27	  
	 5.8    No Acceleration of Payments
	  	 	28	  

  
 iii

					
	 ARTICLE VI CLAIMS
	  	 	29	  
	 6.1    Rights
	  	 	29	  
	 6.2    Claim Procedure
	  	 	29	  
	 (a)    Initial Claim
	  	 	29	  
	 (b)    Appeal
	  	 	30	  
	 6.3    Satisfaction of Claims
	  	 	31	  
		
	 ARTICLE VII SOURCE OF FUNDS; TRUSTS
	  	 	32	  
	 7.1    Rabbi Trust
	  	 	32	  
	 (a)    Establishment
	  	 	32	  
	 (b)    Distributions
	  	 	32	  
	 (c)    Status of the Rabbi Trust
	  	 	32	  
	 7.2    Funding Prohibition under Certain Circumstances
	  	 	32	  
		
	 ARTICLE VIII ADMINISTRATION
	  	 	33	  
	 8.1    Action by Deferred Compensation Plan Committee
	  	 	33	  
	 8.2    Rights and Duties of Deferred Compensation Plan Committee
	  	 	33	  
	 8.3    Compensation, Indemnity and Liability of Committee Members
	  	 	34	  
	 8.4    Authority
	  	 	34	  
		
	 ARTICLE IX AMENDMENT AND TERMINATION
	  	 	35	  
	 9.1    Amendments
	  	 	35	  
	 9.2    Termination of Plan
	  	 	35	  
	 (a)    Freezing
	  	 	35	  
	 (b)    Termination
	  	 	35	  
		
	 ARTICLE X MISCELLANEOUS
	  	 	36	  
	 10.1 Beneficiary Designation
	  	 	36	  
	 (a)    General
	  	 	36	  
	 (b)    No Designation or Designee Dead or Missing
	  	 	36	  
	 10.2   Distribution Pursuant to Domestic Relations Order
	  	 	36	  
	 10.3   Taxation
	  	 	37	  
	 10.4   Plan Expenses
	  	 	37	  
	 10.5   No Employment Contract
	  	 	37	  
	 10.6   Headings
	  	 	37	  
	 10.7   Gender and Number
	  	 	37	  
	 10.8   Assignment of Benefits
	  	 	38	  
	 10.9   Legally Incompetent
	  	 	38	  
	 10.10 Governing Law
	  	 	38	  

  
 iv 

 ARTICLE I 
 DEFINITIONS 
 For purposes of the Plan, the following terms, when
used with an initial capital letter, will have the meaning set forth below unless a different meaning plainly is required by the context. 
 1.1 Account means with respect to a Participant or Beneficiary, the total dollar amount or value evidenced by the last balance posted and actually credited in accordance with the terms of
the Plan to the bookkeeping account established and maintained by the Controlling Company for such Participant or Beneficiary. As determined by the Deferred Compensation Plan Committee, an Account may be divided into separate subaccounts.

 1.2 Affiliate means the Controlling Company and any corporation or other entity that is required to be
aggregated with the Controlling Company under Code Sections 414(b) or (c). Notwithstanding the foregoing, for purposes of determining whether a Separation from Service has occurred with any Participating Company, the term “Affiliate” will
include such Participating Company and all entities that would be treated as a single employer with such Participating Company under Code Sections 414(b) or (c), but substituting “at least 50 percent” instead of “at least 80
percent” each place it appears in applying such rules. 
 1.3 Base Pay means, for a Participant for any Plan
Year, the total of such Participant’s compensation, as defined in the Masonite Savings Plan as of the December 31 immediately preceding such Plan Year for purposes of calculating pre-tax elective deferrals under the Masonite Savings Plan,
with the following differences: (i) the limitation under Code Section 401(a)(17) will not apply; (ii) Bonuses and Stock Unit Awards will not be taken into account; and (iii) no amounts paid after a Participant’s Separation
from Service will be taken will be taken into account. Base Pay for a pay period that begins in one Plan Year and ends in the following Plan Year will be considered Base Pay for the year in which the pay period ends. Base Pay paid in a calendar year
following the calendar year in which the pay period ends will be considered Base Pay for the year in which the pay period ends unless the pay period includes the last day of the calendar year, in which case the Base Pay will be considered Base Pay
for the year in which the Base Pay is paid. 
 1.4 Base Pay Deferral means the amount of a Participant’s Base
Pay that the Participant elects to have withheld from his Base Pay and credited to his Account pursuant to Section 3.2. 

1.5 Base Pay Election means a written, electronic or other form of election permitted by the Deferred Compensation Plan
Committee, pursuant to which a Participant may elect to defer under the Plan a portion of his Base Pay as a Base Pay Deferral. 

1.6 Beneficiary means, with respect to a Participant, the person(s) designated in accordance with Section 10.1 to
receive any death benefits that may be payable under the Plan upon the death of the Participant. 

  
 A-1

 1.7 Board means the Board of Directors of the Controlling Company. 

1.8 Bonus means, for a Participant for any Plan Year, that portion of an Eligible Employee’s compensation for that
Plan Year payable as a performance-based bonus other than a Stock Unit Award. Bonuses will not include any amounts paid after a Participant’s Separation from Service. 
 1.9 Bonus Deferral means the amount of a Participant’s Bonus that the Participant elects to have withheld from his Bonus and credited to his Account pursuant to Section 3.2.

 1.10 Bonus Election means a written, electronic or other form of election permitted by the Deferred
Compensation Plan Committee, pursuant to which a Participant may elect to defer under the Plan all or a portion of his Bonus as a Bonus Deferral. 
 1.11 Change in Control means a change of control of the Controlling Company, as follows: 
 (a) Change in the Ownership of the Controlling Company. A change in ownership of the Controlling Company occurs on the date that any one person, or more than one person acting as a
group, acquires ownership of stock of the Controlling Company that, together with stock held by such person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of the Controlling Company.
However, if any one person, or more than one person acting as a group, is considered to own more than 50 percent of the total fair market value or total voting power of the stock of the Controlling Company, the acquisition of additional stock by the
same person or persons is not considered to cause a change in the ownership of the Controlling Company or to cause a change in the effective control of the Controlling Company. An increase in the percentage of stock owned by any one person, or
persons acting as a group, as a result of a transaction in which the Controlling Company acquires its stock in exchange for property will be treated as an acquisition of stock for purposes of this section. This Section applies only when there is a
transfer of stock of the Controlling Company (or issuance of stock of the Controlling Company) and stock in the Controlling Company remains outstanding after the transaction. 
 (b) Change in the Effective Control of the Controlling Company. A change in the effective control of the Controlling Company occurs on either of the following dates: 

(i) The date any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month
period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Controlling Company possessing 40 percent or more of the total voting power of the stock of the Controlling Company. 

(ii) The date a majority of members of the Board is replaced during any 12-month period by directors whose appointment or
election is not endorsed by a majority of the members of the Board before the date of the appointment or election. 

  
 2 

 (c) Change in the Ownership of a Substantial Portion of the Controlling Company’s
Assets. 
 (i) In General. A change in the ownership of a substantial portion of the Controlling
Company’s assets occurs on the date that any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from
the Controlling Company that have a total gross fair market value equal to or more than 50 percent of the total gross fair market value of all of the assets of the Controlling Company immediately before such acquisition or acquisitions. For this
purpose, gross fair market value means the value of the assets of the Controlling Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. 

(ii) Transfers to a Related Person. 

(A) There is no change in control event under this subsection (c) when there is a transfer to an entity that is
controlled by the shareholders of the Controlling Company immediately after the transfer, as provided in this subsection (c)(ii). A transfer of assets by the Controlling Company is not treated as a change in the ownership of such assets if the
assets are transferred to: 
 (1) A shareholder of the Controlling Company (immediately before the asset
transfer) in exchange for or with respect to its stock; 
 (2) An entity, 50 percent or more of the total value
or voting power of which is owned, directly or indirectly, by the Controlling Company; 
 (3) A person, or more
than one person acting as a group, that owns, directly or indirectly, 50 percent or more of the total value or voting power of all the outstanding stock of the Controlling Company; or 

(4) An entity, at least 50 percent of the total value or voting power of which is owned, directly or indirectly, by a
person described in subsection (c)(ii)(A)(3) of this section. 
 (B) For purposes of this subsection (c)(ii) and
except as otherwise provided in Treasury Regulations, a person’s status is determined immediately after the transfer of the assets. For example, a transfer to a corporation in which the Controlling Company has no ownership interest before the
transaction, but that is a majority-owned subsidiary of the Controlling Company after the transaction, is not treated as a change in the ownership of the assets of the Controlling Company. 

  
 3 

 (d) Additional Rules. 

(i) Persons Acting as a Group. Persons will not be considered to be acting as a group solely because they purchase
assets of the Controlling Company at the same time with respect to a change in the ownership of a substantial portion of the Controlling Company’s assets, or solely because they purchase or own stock of the Controlling Company at the same time
with respect to a change in the ownership of the Controlling Company or a change in effective control of the Controlling Company. However, persons will be considered to be acting as a group if they are owners of a corporation that enters into a
merger, consolidation, purchase or acquisition of assets with respect to a change in the ownership of a substantial portion of the Controlling Company’s assets or stock with respect to a change in the ownership of the Controlling Company or a
change in the effective control of the Controlling Company, or similar business transaction with the Controlling Company. If a person, including an entity shareholder, owns stock in both corporations that enter into a merger, consolidation, purchase
or acquisition of assets with respect to a change in the ownership of a substantial portion of the Controlling Company’s assets or stock with respect to a change in the ownership of the Controlling Company or a change in the effective control
of the Controlling Company, or similar transaction, such shareholder is considered to be acting as a group with other shareholders in a corporation only to the extent of the ownership in that corporation before the transaction giving rise to the
change and not with respect to the ownership interest in the other corporation. 
 (ii) Attribution of Stock
Ownership. For purposes of this Section, Code Section 318(a) applies to determine stock ownership. Stock underlying a vested option is considered owned by the individual who holds the vested option (and the stock underlying an unvested
option is not considered owned by the individual who holds the unvested option). For purposes of the preceding sentence, however, if a vested option is exercisable for stock that is not substantially vested [as defined by Treasury Regulation
Sections 1.83-3(b) and (j)], the stock underlying the option is not treated as owned by the individual who holds the option. 
 (iii) Acquisition of Additional Control. If any one person, or more than one person acting as a group, is considered to effectively control the Controlling Company (within the meaning of subsection
(b) of this section), the acquisition of additional control of the Controlling Company by the same person or persons is not considered to cause a change in the effective control of the Controlling Company (or to cause a change in the ownership
of the Controlling Company within the meaning of subsection (a) of this section). 
 1.12 Change in Control
Distribution Account means, with respect to a Participant, the entire amount credited to such Participant’s Account as of the 24-month anniversary of a Change in Control, including any portion of his Account that has commenced to be
distributed in the form of annual installments prior to the 24-month anniversary of such Change in Control but has not yet been fully distributed, excluding any portion of his Account that is scheduled to be paid before the 24-month anniversary of
such Change in Control, and as adjusted for deemed earnings and losses in accordance with Article IV until the Valuation Date on which the distribution of such Participant’s Change in Control Distribution Account is processed. 

  
 4 

 1.13 Code means the Internal Revenue Code of 1986, as amended. 

1.14 Compensation Committee means the Compensation Committee of the Board. 

1.15 Controlling Company means Masonite International Corporation and any successor thereto that sponsors this Plan.

 1.16 Deferral Election means a Base Pay Election, Bonus Election, Stock Unit Election and/or Director’s
Fee Election. 
 1.17 Deferrals means the Participant’s Base Pay Deferrals, Bonus Deferrals, Stock Unit
Deferrals and Director’s Fee Deferrals. 
 1.18 Deferred Compensation Plan Committee means the Masonite
International Corporation Retirement Plan Committee or any other committee designated by the Compensation Committee to administer the Plan as provided in Article IX. If no Deferred Compensation Plan Committee has been appointed, the Senior
Management Committee will serve as the Deferred Compensation Plan Committee. 
 1.19 Deferred Stock Units means
credits to a Participant’s Account under Section 4.3 with respect to the portion of a Stock Unit Award deferred under this Plan, with each such Deferred Stock Unit representing the right to receive one share of the common stock of the
Controlling Company. 
 1.20 Director means any individual who is a member of the Board. 

1.21 Director’s Fees means, for a Participant for any Plan Year, any retainer or fees payable in cash to such
Participant in his capacity as a Director, other than a Stock Unit Award. Director’s Fees will not include any expenses paid directly or through reimbursement or any amounts paid after a Participant’s Separation from Service. 

1.22 Director’s Fee Deferral means the amount of a Participant’s Director’s Fees that the Participant elects
to have withheld from his Director’s Fees and credited to his Account pursuant to Section 3.2. 
 1.23
Director’s Fee Election means a written, electronic or other form of election permitted by the Deferred Compensation Plan Committee, pursuant to which a Participant may elect to defer under the Plan a portion of his Director’s
Fees as a Director’s Fee Deferral. 
 1.24 Disability means the condition of a Participant that has resulted
in his being approved for payment of benefits, directly or indirectly, under any long-term disability plan maintained by a Participating Company; such approval will be made by such person and pursuant to such rules and criteria as are prescribed in
the procedures of any such plan. In the event that a Participant is not covered by a long-term disability plan maintained by a 

  
 5 

 Participating Company, the Deferred Compensation Plan Committee, in its sole discretion, will determine
whether such Participant has suffered a Disability. In making such determination, the Deferred Compensation Plan Committee will use the definitions and criteria established and set forth in the long-term disability plan maintained by a Participating
Company and, if consistent with such criteria, may require such medical proof as it deems necessary, including the certificate of one or more licensed physicians selected by the Deferred Compensation Plan Committee; the decision of the Deferred
Compensation Plan Committee as to Disability will be final and binding. 
 1.25 Discretionary Contributions means
the amount (if any) credited to a Participant’s Account pursuant to Section 3.4. 
 1.26 Effective Date
means August 13, 2012, the date that the Plan will be effective. 
 1.27 Eligible Director means a Director
who (i) is a United States citizen or permanent legal resident, and (ii) is not an employee of the Controlling Company or any of its subsidiaries or affiliates. For purposes of the Plan, an employee is an individual whose wages are treated
by a Participating Company as subject to the withholding of federal income tax under Code Section 3401. 
 1.28
Eligible Employee means an individual who: 
 (a) Is an employee of a Participating Company; 

(b) Is a United States citizen or permanent legal resident; and 
 (c) Is classified by the Participating Company that employs him as a Band 3 or higher employee, such that he is within a select group of key management or highly compensated employees. 

1.29 ERISA means the Employee Retirement Income Security Act of 1974, as amended. 

1.30 FICA Tax means the Federal Insurance Contributions Act tax imposed under Code Sections 3101, 3121(a) and 3121(v)(2).

 1.31 Financial Hardship means a severe financial hardship to the Participant resulting from a sudden and
unexpected illness or accident of the Participant or of the Participant’s dependent [as defined in Code Section 152(a)] or the Participant’s Beneficiary, loss of the Participant’s property due to casualty, or other similar
extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. Financial Hardship will be determined by the Deferred Compensation Plan Committee on the basis of the facts of each case, including
information supplied by the Participant in accordance with uniform guidelines prescribed from time to time by the Deferred Compensation Plan Committee; provided, the Participant will be deemed not to have a Financial Hardship to the extent that such
hardship is or may be relieved: 

  
 6 

 (a) Through reimbursement or compensation by insurance or otherwise; 

(b) By liquidation of the Participant’s assets, to the extent the liquidation of assets would not itself cause severe financial
hardship; or 
 (c) By cessation of deferrals under the Plan. 
 Examples of needs that are not considered Financial Hardships include the need to send a Participant’s child to college or the desire to purchase a home. 

1.32 Incentive Plan means the plans or programs under which Stock Unit Awards are granted. References in this Plan to the
“Incentive Plan” include any applicable terms and conditions contained in associated award or grant terms or agreements. 
 1.33 Investment Election means a written, electronic or other form of election pursuant to which a Participant may elect the Investment Funds in which the amounts credited to his Account
(other than Stock Unit Awards) will be deemed to be invested. 
 1.34 Investment Funds means the investment funds
selected from time to time by the Deferred Compensation Plan Committee for purposes of determining the rate of return on amounts deemed invested pursuant to the terms of the Plan. 

1.35 Matching Contribution means the amount credited to a Participant’s Account under the Plan as a match on such
Participant’s Base Pay Deferrals, Bonus Deferrals, Stock Unit Deferrals and/or Director’s Fee Deferrals, pursuant to the terms of Section 3.3. 
 1.36 Participant means any person who has been admitted to, and has not been removed from, participation in the Plan pursuant to the provisions of Article II. 

1.37 Participating Company means, as of the Effective Date, the Controlling Company and any Affiliates that are designated
on Exhibit A hereto, as participating companies herein. In addition, the Deferred Compensation Plan Committee may designate any other Affiliate as a participating company in the future. 

1.38 Payment Date means the date on which all or a portion of a Participant’s Separation from Service Distribution
Account and/or Specified Date Distribution Account(s) are scheduled to be paid (in the case of a lump-sum payment) or commenced (in the case of installment payments) pursuant to the terms of the Plan. 

1.39 Plan means the Masonite International Corporation Deferred Compensation Plan, as contained herein and all amendments
hereto. For tax purposes and purposes of Title I of ERISA, the Plan is intended (i) to be an unfunded, nonqualified deferred compensation plan covering certain designated employees who are within a select group of key management or highly
compensated employees, and (ii) is intended to comply with Code Section 409A. 
 1.40 Plan Year means
the 12-consecutive-month period ending on December 31 of each year. 

  
 7 

 1.41 Rabbi Trust or Rabbi Trust Agreement means the rabbi trust
established by the Controlling Company to hold assets transferred thereto until paid to trust beneficiaries as provided under this Plan. In the event of the insolvency of the Controlling Company, any funds held in such Rabbi Trust will be subject to
the claims of the creditors of the Controlling Company in the same manner as any other assets of the Controlling Company. It is the intention of the Controlling Company that the Rabbi Trust will constitute an unfunded arrangement and will not affect
the status of the Plan as an unfunded plan maintained for the purpose of providing deferred compensation for a select group of management or highly compensated employees for purposes of Title I of ERISA. 

1.42 Senior Management Committee means a committee comprised of the Controlling Company’s Chief Executive Officer,
Chief Financial Officer, Senior Human Resources Officer and General Counsel. 
 1.43 Separate from Service or
Separation from Service means that a Participant separates from service with the Participating Company to which he is providing services and its Affiliates as defined in Code Section 409A and guidance issued thereunder. 

(a) Eligible Employees. Generally, with respect to the portion of a Participant’s Account that relates to his service
as an Eligible Employee, such Participant Separates from Service if he dies, retires or otherwise has a termination of employment with all Affiliates, determined in accordance with the following: 

(i) Leaves of Absence. The employment relationship is treated as continuing intact while the Participant is on
military leave, sick leave, or other bona fide leave of absence if the period of such leave does not exceed 6 months, or, if longer, so long as the Participant retains a right to reemployment with an Affiliate under an applicable statute or by
contract. A leave of absence constitutes a bona fide leave of absence only while there is a reasonable expectation that the Participant will return to perform services for an Affiliate. If the period of leave exceeds 6 months and the Participant
does not retain a right to reemployment under an applicable statute or by contract, the employment relationship is deemed to terminate on the first date immediately following such 6-month period. Notwithstanding the foregoing, where a leave of
absence is due to any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 6 months, where such impairment causes the Participant to be
unable to perform the duties of his position of employment or any substantially similar position of employment, a 29-month period of absence will be substituted for such 6-month period. 

(ii) Termination of Employment. Whether a termination of employment has occurred is determined based on whether the
facts and circumstances indicate that the Affiliates and the Participant reasonably anticipate that (i) no further services will be performed after a certain date, or (ii) the level of bona fide services the Participant will perform after
such date (whether as an employee or as an independent contractor) will permanently decrease to less than 50% of the average level of bona fide services performed (whether as an employee or an independent contractor) over the 

  
 8 

 
immediately preceding 36-month period (or the full period of services to all Affiliates if the Participant has been providing services to all Affiliates less than 36 months). Facts and
circumstances to be considered in making this determination include, but are not limited to, whether the Participant continues to be treated as an employee for other purposes (such as continuation of salary and participation in employee benefit
programs), whether similarly situated employees have been treated consistently, and whether the Participant is permitted, and realistically available, to perform services for other employers in the same line of business. For periods during which a
Participant is on a paid bona fide leave of absence and has not otherwise terminated employment as described in subsection (a)(i) herof, for purposes of this subsection (a)(ii) the Participant is treated as providing bona fide services at a level
equal to the level of services that the Participant would have been required to perform to receive the compensation paid with respect to such leave of absence. Periods during which a Participant is on an unpaid bona fide leave of absence and has not
otherwise terminated employment are disregarded for purposes of this subsection (a)(ii) (including for purposes of determining the applicable 36-month (or shorter) period). 
 (b) Eligible Directors. Generally, with respect to the portion of a Participant’s Account that relates to his service as an Eligible Director, such Participant Separates from Service
upon the end of his term on the Board or at such later time as would constitute a separation from service under Code Section 409A. 
 (c) Status Change. Generally, if a Participant performs services both as an employee and an independent contractor, such Participant must Separate from Service both as an employee and as an
independent contractor, pursuant to standards set forth in Treasury Regulations, to be treated as having a Separation from Service. However, if a Participant provides services to Affiliates as an employee and as a member of the Board, the services
provided as a director are not taken into account in determining whether the Participant has a Separation from Service as an employee for purposes of this Plan. 
 1.44 Separation from Service Distribution Account means the portion of a Participant’s Account that is payable at the time set forth in Section 5.2(b)(i) and in the form set forth
in Section 5.2(c)(i). 
 1.45 Specified Date Distribution Account means the portion of a Participant’s
Account that is payable on a specified date determined under Section 5.2(b)(ii) and in the form set forth in Section 5.2(c)(ii). Each portion of a Participant’s Account that is payable on a different specified date will constitute a
separate Specified Date Distribution Account. 
 1.46 Stock Unit Award means, for a Participant for any Plan Year,
that portion of an Eligible Employee’s or an Eligible Director’s incentive compensation for that Plan Year that is denominated in restricted stock units (i.e., the value of which is determined by reference to the value of a certain
number of shares and/or fractional shares of the common stock of the Controlling Company). Stock Unit Awards will not include any amounts paid after a Participant’s Separation from Service. 

  
 9 

 1.47 Stock Unit Deferral means the amount of a Participant’s Stock Unit
Award that the Participant elects to have withheld from such Stock Unit Award and credited to his Account pursuant to Section 3.2. 
 1.48 Stock Unit Election means a written, electronic or other form of election permitted by the Deferred Compensation Plan Committee, pursuant to which a Participant may elect to defer under
the Plan a portion of his Stock Unit Award as a Stock Unit Deferral. 
 1.49 Surviving Spouse means, with respect
to a Participant, the person who is treated as married to such Participant under the laws of the state in which the Participant resides. The determination of a Participant’s Surviving Spouse will be made as of the date of such
Participant’s death. 
 1.50 Trustee means the party or parties so designated from time to time pursuant to
the terms of the Rabbi Trust. 
 1.51 Valuation Date means each day on which the recordkeeper of the Plan values
the balances of the Accounts. 

  
 10 

 ARTICLE II  

ELIGIBILITY AND PARTICIPATION 
 2.1 Eligibility. 
 (a) Annual Participation. Each
individual who is an Eligible Employee or an Eligible Director as of the first day of a Plan Year will be eligible to participate in the Plan for the entire Plan Year. 
 (b) Interim Plan Year Participation. 
 (i) In
General. Each individual who first becomes or, subject to subsection (b)(ii) hereof, again becomes an Eligible Employee or an Eligible Director during a Plan Year will be eligible to participate in the Plan for a portion of such Plan Year. Such
individual’s participation will become effective as of the date he first becomes or, subject to subsection (b)(ii) hereof, again becomes an Eligible Employee or an Eligible Director, provided his Deferrals will not commence until the applicable
time(s) set forth in Section 3.2(a)(ii). 
 (ii) Rehires. If a former Eligible Employee or Eligible
Director again becomes an Eligible Employee or an Eligible Director under the Plan, he will be eligible for interim Plan Year participation pursuant to this subsection (b) only if: 

(A) He has not been an Eligible Employee or an Eligible Director at any time within 24 months before the date he again
becomes an Eligible Employee or an Eligible Director; or 
 (B) He has received distribution of the full amount
of his Account balance attributable to Deferrals; and on or before the last such distribution payment he was not considered an Eligible Employee or an Eligible Director for purposes of Deferrals for periods after the last distribution payment.

 If an Eligible Employee or an Eligible Director is or was eligible to participate in another plan that is aggregated with the
elective deferral portion of this Plan under Code Section 409A, participation in such plan will be treated as participation in the Plan for purposes of determining whether the Eligible Employee or Eligible Director is newly eligible for the
Plan under this subsection. 
 2.2 Procedure for Admission. 

The Deferred Compensation Plan Committee may require a Participant to complete such forms and provide such data as the Deferred
Compensation Plan Committee determines in its sole discretion. Such forms and data may include, without limitation and as applicable, a Base Pay Election, a Bonus Election, a Stock Unit Election, a Director’s Fee Election and the Eligible
Employee’s or Eligible Director’s acceptance of the terms and conditions of the Plan. 

  
 11 

 2.3 Cessation of Eligibility. 

(a) Generally. An employee’s contributions under the Plan will not apply to compensation (i) earned in any Plan
Year in which he does not satisfy the criteria which qualify him as an Eligible Employee or an Eligible Director, or (ii) paid after his Separation from Service. Even if his active participation in the Plan ends, an employee will remain an
inactive Participant in the Plan until the earlier of (i) the date the full amount of his vested Account (if any) is distributed from the Plan, or (ii) the date he again becomes an Eligible Employee or an Eligible Director and recommences
active participation in the Plan. 
 (b) Status of Inactive Participant. During the period of time that an
employee is an inactive Participant in the Plan, his Account will continue to be credited with earnings as provided for in Section 3.6. 

  
 12 

 ARTICLE III 
 PARTICIPANTS’ ACCOUNTS; DEFERRALS AND CREDITING 
 3.1
Participants’ Accounts. 
 (a) Establishment of Accounts. The Deferred Compensation Plan Committee
will establish and maintain an Account on behalf of each Participant. Each Account will be credited with (i) Deferrals, (ii) Matching Contributions, (iii) Discretionary Contributions, and (iv) earnings attributable to such
Account, and will be debited by the amount of all distributions. Each Account will be subdivided into such subaccounts as the Deferred Compensation Plan Committee may deem helpful. Each Account of a Participant will be maintained until the value
thereof has been distributed, or, to the extent applicable, forfeited, to or on behalf of such Participant or his Beneficiary. 

(b) Nature of Contributions and Accounts. The amounts credited to a Participant’s Account will be represented solely
by bookkeeping entries. Except as provided in Article VII, no monies or other assets will actually be set aside for such Participant with respect to his Account, and all payments to a Participant under the Plan with respect to his Account will be
made from the general assets of the Participating Companies. 
 (c) Several Liabilities. Each Participating
Company will be severally (and not jointly) liable for the payment of benefits under the Plan. The Deferred Compensation Plan Committee will allocate the total liability to pay benefits under the Plan among the Participating Companies, and the
Deferred Compensation Plan Committee’s determination will be final and binding. 
 (d) General Creditors. Any
assets which may be acquired by a Participating Company in anticipation of its obligations related to Accounts will be part of the general assets of such Participating Company. A Participating Company’s obligation to pay benefits under Article
V constitutes a mere promise of such Participating Company to pay such benefits. A Participant or Beneficiary will have only the rights of an unsecured, general creditor of the Participating Company. 

3.2 Deferrals. 
 Subject to the requirements of this Section, each Eligible Employee who is eligible to participate in the Plan for all or any portion of a Plan Year may elect to have Base Pay Deferrals, Bonus Deferrals
and/or Stock Unit Deferrals made on his behalf for such Plan Year by completing and delivering to the Deferred Compensation Plan Committee (or its designee) Deferral Election(s), setting forth the terms of his election(s). Subject to the
requirements of this Section, each Eligible Director who is eligible to participate in the Plan for all or any portion of a Plan Year may elect to have Director’s Fee Deferrals and/or Stock Unit Deferrals made on his behalf for such Plan Year
by completing and delivering to the Deferred Compensation Plan Committee (or its designee) Deferral Election(s), setting forth the terms of his election(s). The following terms will apply to such elections: 

  
 13 

 (a) Effective Date. 

(i) General Deadline. A Participant’s Base Pay Election, Bonus Election, Stock Unit Election and Director’s Fee Election
for the compensation earned during a Plan Year must be made before the first day of such Plan Year, except as provided in subsections (ii) and (iii) below. 
 (ii) Special Rule for New Participants. 
 (A) Base Pay
Deferrals. If a Participant initially becomes an Eligible Employee during a Plan Year pursuant to Section 2.1(b), to the extent permitted by the Deferred Compensation Plan Committee, such Participant may make a prospective Base Pay Election
either before or within 30 days after the date on which his participation becomes effective. Such Base Pay Election will apply to the Participant’s Base Pay for services performed after the Base Pay Election is made, starting with the second
payroll period that begins after the 30-day period commencing on the date on which the Participant’s participation becomes effective. 
 (B) Bonus Deferrals. If a Participant initially becomes an Eligible Employee during a Plan Year pursuant to Section 2.1(b), such Participant may make a Bonus Election either before or within
30 days after the date on which his participation becomes effective. If such election is made before the beginning of the performance period for any Bonus earned during such Plan Year, such Bonus Election will be effective for the entire Bonus
earned during such Plan Year. If such election is made after the beginning of the performance period for any Bonus earned during such Plan Year, the maximum amount that may be deferred under such Bonus Election will be a prorated portion of the
Bonus earned during such Plan Year equal to the total amount of such Bonus multiplied by the ratio of the number of days remaining in such performance period after the Participant makes his Bonus Election over the total number of days in such
performance period. 
 (C) Stock Unit Deferrals. If a Participant initially becomes an Eligible Employee
or an Eligible Director during a Plan Year pursuant to Section 2.1(b), such Participant may make a Stock Unit Election either before or within 30 days after the date on which his participation becomes effective. The maximum amount that may be
deferred under such Stock Unit Election will be a prorated portion of the Stock Unit Award earned during any performance period that includes all or any portion of such Plan Year equal to the total amount of such Stock Unit Award multiplied by the
ratio of the number of days remaining in such performance period after the Participant makes his Stock Unit Election over the total number of days in such performance period. 

  
 14 

 (D) Director’s Fee Deferrals. If a Participant initially becomes
an Eligible Director during a Plan Year pursuant to Section 2.1(b), such Participant may make a Director’s Fee Election either before or within 30 days after the date on which his participation becomes effective. Such Director’s Fee
Election will apply to the Participant’s Director’s Fees for services performed after the Director’s Fee Election is made. Since Director’s Fees are generally paid quarterly in advance, a Director’s Fee Election made
pursuant to this subsection (a)(ii)(D) will apply to the first Director’s Fees payable after the Director’s Fee Election is made. 
 (iii) Special Rule for Certain Stock Unit Deferrals. If a Participant is granted a Stock Unit Award that requires the Participant to continue to provide services for a period of at least 12 months
from the date the Stock Unit Award is granted for the Stock Unit Award to become vested, the Deferred Compensation Plan Committee may permit such Participant to make a Stock Unit Election with respect to such Stock Unit Award (i) on or before
the 30th day after the Stock Unit Award is granted, and (ii) at least 12 months in advance of the earliest date on which such Stock Unit Award could become vested. The Deferred Compensation Plan Committee may permit a Participant to make a
Stock Unit Election with respect to a Stock Unit Award that becomes immediately vested upon the Participant’s death or disability [as defined in Treasury Regulations Section 1.409A-3(i)(4)] or upon a Change in Control but otherwise
satisfies the requirements of the preceding sentence, but, if such Stock Unit Award becomes vested on account of the Participant’s death, disability or Change in Control less than 12 months from the date the Stock Unit Award is granted, such
Stock Unit Election will not be given effect unless such Stock Unit Election satisfies the requirements of subsection (a)(i) or (a)(ii) hereof. 
 (b) Term and Irrevocability of Election. An Eligible Employee or an Eligible Director may change his Base Pay Election, Bonus Election, Stock Unit Election and/or Director’s Fee
Election, as applicable, for the Plan Year any time prior to the deadlines specified in subsection (a) above (as applicable to the Participant), but only to the extent (if any) permitted by, and subject to any restrictions or procedures
determined by, the Deferred Compensation Plan Committee. Upon the latest of the deadlines specified in subsection (a) above that applies to an Eligible Employee or Eligible Director, such Eligible Employee’s or Eligible Director’s
Base Pay Election, Bonus Election, Stock Unit Election and/or Director’s Fee Election, as applicable, or failure to elect, will become irrevocable for the Plan Year except as provided under this subsection (b). A Participant’s Base Pay
Election, Bonus Election, Stock Unit Election and Director’s Fee Election may be cancelled in the discretion of the Deferred Compensation Plan Committee as permitted under Code Section 409A (for example, on the date the Participant
receives an unforeseeable emergency distribution pursuant to Code Section 409A, or hardship distribution under Treasury Regulations Section 1.401(k)-1(d)(3), under any plan maintained by an Affiliate); provided, the Participant will not
have a direct or indirect election regarding whether his Base Pay Election, Bonus Election, Stock Unit Election or Director’s Fee Election will be cancelled pursuant to this sentence. 

(c) Amount. 
 (i) Base Pay Deferrals. A Participant may elect to defer his Base Pay for a Plan Year in 1% increments, up to a maximum of 50% (or such other maximum percentage and/or amount, if any, established
by the Deferred Compensation Plan Committee from Plan Year to Plan Year). 

  
 15 

 (ii) Bonus Deferrals. The Participant may elect to defer his Bonus
for a Plan Year in 1% increments, up to 100% (or such other maximum percentage and/or amount, if any, established by the Deferred Compensation Plan Committee from Plan Year to Plan Year). Any percentage election will be applied to the
Participant’s gross Bonus without reduction for any tax withholding applicable to the Bonus. Any tax withholding will first be applied to the portion of the Bonus that is not deferred. If the portion of the Bonus that is not deferred is
insufficient to satisfy the full amount of tax withholding, the deferral amount will be reduced by any additional FICA Tax applicable to the Bonus and other tax withholding related to the amount of such FICA Taxes as permitted under Code
Section 409A. 
 (iii) Stock Unit Deferrals. The Participant may elect to defer his Stock Unit Awards
up to 100% (or such other maximum percentage and/or amount, if any, established by the Deferred Compensation Plan Committee from Plan Year to Plan Year). Any percentage election will be applied to the Participant’s gross Stock Unit Award. Any
tax withholding will first be applied to the portion of the Stock Unit Award that is not deferred. If the portion of the Stock Unit Award that is not deferred is insufficient to satisfy the full amount of tax withholding, the deferral amount will be
reduced by any additional FICA Tax applicable to the Stock Unit Award and other tax withholding related to the amount of such FICA Taxes as permitted under Code Section 409A. 

(iv) Director’s Fee Deferrals. A Participant may elect to defer his Director’s Fees for a Plan Year in 1%
increments, up to a maximum of 100% (or such other maximum percentage and/or amount, if any, established by the Deferred Compensation Plan Committee from Plan Year to Plan Year). 

(d) Crediting of Deferrals. Except with respect to Stock Unit Deferrals, for each Plan Year that a Participant has a
Deferral Election in effect, the Deferred Compensation Plan Committee will credit the amount of such Participant’s Deferrals to his Account on, or as soon as practicable after, the Valuation Date on which such amount would have been paid to him
but for his Deferral Election. The terms of crediting of Stock Unit Deferrals are set forth in Section 4.3. 
 3.3
Matching Contributions. 
 If and to the extent the Compensation Committee determines that the Controlling Company
will make Matching Contributions for some or all Participants, then as of the end of each payroll period (or such other date or time as the Deferred Compensation Plan Committee, in its sole discretion, determines from time to time), the Deferred
Compensation Plan Committee will credit to each applicable Participant’s Account for such period a Matching Contribution equal to the amount of the Matching Contribution so determined. The amount, recipient(s), timing, and terms and conditions
of a Matching Contribution (if any) will be determined by the Deferred Compensation Plan Committee, in its sole discretion. 

  
 16 

 3.4 Discretionary Contributions. 

The amount, recipient(s), timing, and terms and conditions of a Discretionary Contribution (if any) will be determined by the
Compensation Committee, in its sole discretion. The Deferred Compensation Plan Committee will credit any such Discretionary Contribution to the Account of a Participant as of any Valuation Date it determines in its sole discretion. 

3.5 Debiting of Distributions. 
 As of each Valuation Date, the Deferred Compensation Plan Committee will debit each Participant’s Account for any amount distributed from such Account since the immediately preceding Valuation Date.

 3.6 Crediting of Earnings. 
 As of each Valuation Date, the Deferred Compensation Plan Committee will credit to each Participant’s Account the amount of earnings and/or losses applicable thereto for the period since the
immediately preceding Valuation Date. 
  

	3.7	Value of Account. 

The value of a Participant’s Account as of any date will be equal to the aggregate value of all contributions and all investment
earnings (or losses) deemed or actually credited to his Account, less any expenses deducted from the Account as of such date, determined in accordance with this Article III and Section 10.4. 

3.8 Vesting. 
 (a) Deferrals. A Participant will at all times be fully vested in his Deferrals and the earnings credited to his Account with respect to such Deferrals. 

(b) Matching and Discretionary Contributions. Any Matching or Discretionary Contributions credited to a Participant’s
Account and the earnings credited with respect thereto will vest in accordance with the vesting schedule(s) and/or conditions specified and made effective for such contributions by the Deferred Compensation Plan Committee, in its sole discretion. If
the Deferred Compensation Plan Committee does not specify vesting conditions at the time it declares a Matching Contribution or a Discretionary Contribution, such Matching Contributions or Discretionary Contributions will be 100% vested.
Notwithstanding the foregoing, a Participant’s entire Account will become 100% vested upon (i) the Participant’s death while still employed by a Participating Company, (ii) the Participant’s becoming Disabled while still
employed by a Participating Company, or (iii) a Change in Control. 
 (c) Committee Discretion. The Deferred
Compensation Plan Committee may, at any time in its sole discretion, accelerate the vesting of any Participant’s Account. 

  
 17 

 (d) Forfeiture. Upon a Participant’s Separation from Service for any
reason other than death or Disability while employed by a Participating Company, the unvested portion of his Account will be immediately forfeited. Such forfeited amount will not be restored if the Participant again becomes an employee of an
Affiliate or a Director and will not be restored upon a Change in Control. 
 (e) Stock Unit Awards.
Notwithstanding the foregoing, pursuant to the terms of Section 4.3, Stock Unit Awards will remain subject to the vesting rules and conditions set forth in the Incentive Plan until such Stock Unit Awards are credited to a Participant’s
Account and will be 100% vested at all times while credited to Participants’ Accounts under the Plan. 
 3.9 Notice
to Participants of Account Balances. 
 At least once for each Plan Year, the Deferred Compensation Plan Committee will
cause a written statement of a Participant’s Account balance to be distributed to the Participant. 
 3.10 Good Faith
Valuation Binding. 
 In determining the value of the Accounts, the Deferred Compensation Plan Committee will exercise
its best judgment, and all such determinations of value (in the absence of bad faith) will be binding upon all Participants and beneficiaries. 

  
 18 

 ARTICLE IV  

INVESTMENT FUNDS 
 4.1 Selection by Deferred Compensation Plan Committee. 
 From time
to time, the Deferred Compensation Plan Committee will select one or more Investment Funds for purposes of determining the rate of return on amounts deemed invested in accordance with the terms of the Plan (other than Stock Unit Deferrals). The
Deferred Compensation Plan Committee may change, add or remove Investment Funds on a prospective basis at any time(s) and in any manner it deems appropriate. 
 4.2 Participant Direction of Deemed Investments. 
 Each Participant
generally may select the investments in which his Account (other than Stock Unit Deferrals) will be deemed invested in and among the applicable Investment Funds. Any Participant investment directions permitted hereunder will be made in accordance
with the following terms: 
 (a) Nature of Participant Direction. The selection of Investment Funds will be for
the sole purpose of determining the rate of return to be credited to his Account (other than Stock Unit Deferrals), and will not be treated or interpreted in any manner whatsoever as a requirement or direction to actually invest assets in any
Investment Fund or any other investment media. 
 (b) Separate Investment Election for Each Distribution Account.
Each Participant may make a separate Investment Election with respect to his Separation from Service Distribution Account and each of his Specified Date Distribution Accounts. Such an Investment Election will prescribe the percentage of his existing
Separation from Service Distribution Account balance or Specified Date Distribution Account balance and future contributions to such Separation from Service Distribution Account or Specified Date Distribution Account that will be deemed invested in
each Investment Fund. Each such election will be effective after the Deferred Compensation Plan Committee (or its designee) has a reasonable opportunity to process such election. Each such election will remain in effect until changed by such
Participant. Notwithstanding the foregoing, no investment election made pursuant to the terms of this subsection (b) will apply to a Participant’s Stock Unit Deferrals. 

(c) Deferred Compensation Plan Committee Discretion. The Deferred Compensation Plan Committee will have complete discretion
to adopt and revise procedures to be followed in making investment elections under the Plan. Such procedures may include, but are not limited to, the process of making elections, the permitted frequency of making elections, the incremental size of
elections, the deadline for making elections and the effective date of such elections. Any procedures adopted by the Deferred Compensation Plan Committee that are inconsistent with the deadlines or procedures specified in this Section will supersede
such provisions of this Section without the necessity of a Plan amendment. 

  
 19 

 4.3 Stock Unit Deferrals. 

(a) Stock Unit Awards. Stock Unit Awards subject to a Stock Unit Election will be credited to the Participant’s
Deferred Stock Units subaccount, as Deferred Stock Units, at the time(s) such Stock Unit Awards become vested and would have become payable to such Participant under the terms of the Stock Incentive Plan absent his Stock Unit Election. Prior to such
crediting of Deferred Stock Units to his Account, Stock Unit Awards subject to such Stock Unit Election will remain subject to all terms and conditions of the Stock Incentive Plan. Without limiting the generality of the foregoing, such Stock Unit
Awards will remain subject to terms of the Stock Incentive Plan regarding vesting (including any applicable time-based and/or performance-based vesting conditions), voting rights, entitlement to dividend equivalents and adjustment of shares of
Controlling Company common stock. 
 (b) Deferred Stock Units. To the extent that Deferred Stock Units are
credited to a Participant’s Deferred Stock Unit subaccount as of the record date of any dividend the Controlling Company may pay on its common stock, the Participant’s Deferred Stock Units subaccount will be credited with amounts
equivalent to any dividends the Controlling Company may pay on an equivalent number of shares of its company stock. Such amounts will be credited to the Deferred Stock Units subaccount, as a cash amount, as of the date on which dividends are paid to
shareholders by Controlling Company on its common stock. Thereafter, cash amounts in the Participant’s Deferred Stock Units subaccount attributable to such dividend equivalents will be adjusted in accordance with the Participant’s
investment elections in the manner described in Section 4.2. 
 (c) Stock Adjustments. In the event of
(i) any stock dividends, stock split, recapitalization or other change in the capital structure of the Controlling Company; (ii) any merger, consolidation, spin-off, spin-out, split-off, split-up, reorganization or partial or complete
liquidation or other distribution of assets (other than a normal cash dividend); or (iii) any other event that would constitute an equity restructuring under the Code, the Deferred Compensation Plan Committee will make or provide for such
adjustments in a Participant’s Deferred Stock Units, if any, as would be made or provided for under the Incentive Plan under which the Stock Unit Awards that were credited to the Plan as such Participant’s Deferred Stock Units were
granted. 
 (d) Diversification of Deferred Stock Units. Once a Deferred Stock Unit has been credited to a
Participant’s account for at least 6 month, the Participant may elect, in accordance with such procedures as the Deferred Compensation Plan Committee may establish, to have such Deferred Stock Unit converted into a cash amount credited to his
Account. Thereafter, such cash amounts will be adjusted in accordance with the Participant’s investment elections in the manner described in Section 4.2. If a Participant elects to convert a Deferred Stock Unit to cash, the cash amount of
such Deferred Stock Unit will be equal to the price of one share of the Controlling Company’s common stock at the time such conversion is processed. Once a Deferred Stock Unit has been converted into a cash amount pursuant to this subsection
(d), it may not be converted back into a Deferred Stock Unit. 

  
 20 

 (e) Committee Discretion. Notwithstanding the foregoing provisions of this
Section, with respect to any Stock Unit Elections, the Deferred Compensation Plan Committee may prescribe alternative terms to those described in this Section by specifying any such alternative terms in the election form(s) governing such Stock Unit
Elections. 

  
 21 

 ARTICLE V 
 PAYMENT OF ACCOUNT BALANCES 
 5.1 Amount of Benefit
Payments. 
 Payment of a benefit amount from a Participant’s Account as of any Payment Date hereunder will be
calculated by determining the vested amount credited to the Participant’s Account that is payable on such Payment Date, determined as of the Valuation Date on which the distribution is processed. For purposes of this Section, the
“Valuation Date on which such distribution is processed” refers to the Valuation Date established for such purpose by administrative practice, even if actual payment is made or commenced at a later date due to delays in valuation,
administration or any other procedure. 
 5.2 Timing and Form of Distribution of Deferrals. 

(a) Allocation Among Distribution Accounts. 

(i) Default Allocation. Unless a Participant elects, in accordance with subsection (a)(ii) hereof, for all or any
portion of his Deferrals for a Plan Year to be allocated to one or more Specified Date Distribution Accounts, all of his Deferrals will be allocated to his Separation from Service Distribution Account. 

(ii) Election of Specified Date Distribution Account(s). A Participant may elect, at the time he makes a Deferral
Election for a Plan Year, that all or any portion of his Deferrals for such Plan Year be allocated to one or more Specified Date Distribution Accounts. Unless otherwise provided by the Deferred Compensation Plan Committee, a Participant may have no
more than 5 Specified Date Distribution Accounts at any time. 
 (iii) Matching Contributions. All
Matching Contributions made with respect to a Participant will be allocated to his Separation from Service Distribution Account and/or Specified Date Distribution Account(s) in the same portion that the Participant’s Deferrals to which such
Matching Contributions relate are so allocated. Matching Contributions allocated to a Participant’s Separation from Service Distribution Account or Specified Date Distribution Account will be distributed at the same time and in the same form as
other amounts allocated to such Separation from Service Distribution Account or Specified Date Distribution Account. 
 (iv) Discretionary Contributions. All Discretionary Contributions made with respect to a Participant will be allocated to his Separation from Service Distribution Account and will be distributed at
the same time and in the same form as the remainder of the Participant’s Separation from Service Distribution Account. 

  
 22 

 (b) Timing of Distributions. 

(i) Separation from Service Distribution Account. Except as otherwise provided in subsection (d) hereof, each
Participant’s Separation from Service Distribution Account will be distributed or commence to be distributed on the 6-month anniversary of the date the Participant Separates from Service. 

(ii) Specified Date Distribution Accounts. Except as otherwise provided in subsection (d) hereof, each
Participant will elect the date on which each of his Specified Date Distribution Accounts will be distributed or commence to be distributed at the time he makes his first Deferral Election under which amounts are allocated to such Specified Date
Distribution Account pursuant to subsection (a)(ii) hereof. 
 (c) Form of Distribution. 

(i) Separation from Service Distribution Account. 

(A) Single-Sum Payment. Except as provided in subsections (c)(i)(B) and (d) hereof, a Participant’s
Separation from Service Distribution Account will be distributed in the form of a single lump-sum payment. 
 (B)
Annual Installments. 
 (1) Election of Annual Installments. A Participant may elect, at the time
he makes his first Deferral Election under which any Deferrals are allocated to his Separation from Service Distribution Account, to receive all or any portion of his Separation from Service Distribution Account in the form of annual installments.
Notwithstanding the foregoing, if a Participant has Discretionary Contributions allocated to his Separation from Service Distribution Account before he makes a Deferral Election under which any Deferrals are allocated to his Separation from Service
Distribution Account, he may not elect to have any portion of his Separation from Service Distribution Account distributed in the form of annual installments unless he makes such an election in accordance with subsection (d) hereof. 

(2) Installment Periods. The installment payments will be made in substantially equal annual installments over a
period of not less than 2 years and not more than 10 years (adjusted for earnings between payments in the manner described in Section 3.6), beginning on the applicable Payment Date. The number of annual installment payments elected by the
Participant will be specified in the Participant’s first Deferral Election under which any Deferrals are allocated to his Separation from Service Distribution Account. Each installment payment will be due on the anniversary of the previous
installment payment. An installment payment stream will be considered a single payment for purposes of Code Section 409A. 

  
 23 

 (ii) Specified Date Distribution Accounts. 

(A) Single-Sum Payment. Except as provided in subsections (c)(ii)(B) and (d) hereof, each of a
Participant’s Specified Date Distribution Accounts will be distributed in the form of a single lump-sum payment. 
 (B) Annual Installments. 
 (1) Election of Annual
Installments. A Participant may elect, at the time he makes his first Deferral Election under which any Deferrals are allocated to a specific Specified Date Distribution Account, to receive all or any portion of such Specified Date Distribution
Account in the form of annual installments. Notwithstanding the foregoing, if a Participant’s Specified Date Distribution Account is scheduled to be paid or commence to be paid after the 15th anniversary of the date the Participant Separates
from Service, such Specified Date Distribution Account will be distributed in a single lump sum on the 15th anniversary of the date the Participant Separates from Service. 

(2) Installment Periods. The installment payments will be made in substantially equal annual installments over a
period of not less than 2 years and not more than 5 years (adjusted for earnings between payments in the manner described in Section 3.6), beginning on the applicable Payment Date. The number of annual installment payments elected by the
Participant with respect to each of his Specified Date Distribution Accounts will be specified in the Participant’s first Deferral Election under which any Deferrals are allocated to such Specified Date Distribution Account. Each installment
payment will be due on the anniversary of the previous installment payment. An installment payment stream will be considered a single payment for purposes of Code Section 409A. 

(d) Modifications of Form and Timing. 

(i) Availability of Election. A Participant may elect to (i) delay the payment (or commencement) of his
Separation from Service Distribution Account and/or any of his Separation from Service Distribution Accounts, and/or (ii) change the form of payment his Separation from Service Distribution Account and/or any of his Separation from Service
Distribution Accounts by: (A) having all or any portion of such Separation from Service Distribution Account and/or Specified Date Distribution Account(s) paid in the form of annual installment payments, (B) changing the number of
installment payments elected with respect to such Separation from Service Distribution Account and/or Specified Date Distribution Account(s), (C) changing the portion of such Separation from Service Distribution Account and/or Specified Date
Distribution Account(s) that are to be paid in the form of installment payments, or (D) having all or any portion of such Separation from Service Distribution Account and/or Specified Date Distribution Account(s) that are scheduled to be paid
in installment payments to be paid in the form of a lump sum instead. Any election under this subsection (d)(i) will specify the number of installment payments elected, if any. 

  
 24 

 (ii) Delay in Payment Date. In the event of an election under
subsection (d)(i) hereof with respect to a Participant’s Separation from Service Distribution Account and/or Specified Date Distribution Account(s), the Payment Date for the affected Separation from Service Distribution Account and/or Specified
Date Distribution Account(s) will be delayed to 5 years after the date of payment that applied prior to the election, or such later date as may be elected by the Participant under subsection (d)(i) hereof. Notwithstanding the foregoing, if a
Participant’s Specified Date Distribution Account is scheduled to be paid or commence to be paid after the 15th anniversary of the date the Participant Separates from Service, such Specified Date Distribution Account will be distributed in a
single lump sum on the 15th anniversary of the date the Participant Separates from Service. 
 (iii)
Restrictions. Any election under this subsection (d) will not take effect until 12 months after the date on which the election is made, and, if made within 12 months before the payment was scheduled to begin or be made under the previous
payment terms, will not be effective. In the case of an amount payable at a specified age or calendar date, an election under this subsection (c) must be made at least 12 months before the date the Participant would reach such specified age or
such calendar date, as applicable. 
 (e) Medium of Payment. All distributions, other than
Deferred Stock Units, will be made in the form of cash. Any Deferred Stock Units credited to a Participant’s Account on the Valuation Date as of which his distribution is processed will be distributed in the form of whole shares of common stock
of the Controlling Company. In the case of installment payments of amounts distributable in the form of shares of common stock of the Controlling Company, such fraction will be applied to the number of Deferred Stock Units in the applicable portion
of the Participant’s Account immediately before such payment is made. If a fractional share of  1/2 or more would result, it will be rounded up to the next whole share, and, if a fractional share of less than
 1/2 would result, it will be rounded down to the previous whole share. 

(f) Cashout. 
 (i) Employee Deferral Cashout. If at any time a Participant’s Account balance attributable to the aggregate of his Deferrals does not exceed the applicable dollar amount under Code
Section 402(g)(1)(B), the Deferred Compensation Plan Committee may elect, in its sole discretion, to pay the Participant’s entire Account balance attributable to Deferrals in an immediate single-sum payment. For purposes of determining the
amount of Deferrals in a Participant’s Account in order to apply this provision, any deferrals of compensation that the Participant has elected under this or any other nonqualified deferred compensation plan maintained by an Affiliate that is
an “account balance plan” subject to Code Section 409A will be considered as part of the Participant’s Account balance attributable to Deferrals hereunder. 

  
 25 

 (ii) Cashout of Employer Contributions. If at any time a
Participant’s Account balance, other than amounts attributable to Deferrals, does not exceed the applicable dollar amount under Code Section 402(g)(1)(B), the Deferred Compensation Plan Committee may elect, in its sole discretion, to pay
such portion of the Participant’s Account balance in an immediate single-sum payment. For purposes of determining the amount of a Participant’s Account other than Deferrals in order to apply this provision, any deferrals of compensation
other than Participant elective deferrals under this or any other nonqualified deferred compensation plan maintained by an Affiliate that is an “account balance plan” subject to Code Section 409A will be considered as part of the
Participant’s Account balance other than amounts attributable to Deferrals hereunder. 
 (iii)
Documentation of Determination. Any exercise of the Deferred Compensation Plan Committee’s discretion pursuant to subsections (f)(i) and (f)(ii) hereof will be evidenced in writing no later than the date of the distribution. 

5.3 Payment Upon a Change in Control. 
 Notwithstanding anything in Section 5.2 to the contrary, upon a Change in Control, each Participant will be entitled to receive a distribution of his Change in Control Distribution Account. Each
Participant’s Change in Control Distribution Account will be distributed in the form of a single-sum payment on the 24-month anniversary of the Change in Control; provided, during the 12-month period beginning on the Change in Control, each
Participant may elect instead to have his Change in Control Distribution Account distributed, as provided in Section 5.2(c), in the form of a single-sum payment made, or installments commencing, on either (i) any specified date that is at
least 5 years after the 24-month anniversary of the Change in Control, or (ii) the latest of (A) the 6-month anniversary of the Participant’s Separation from Service, (B) the 7-year anniversary of the Change in Control, or
(C) such later date as is necessary to satisfy the timing rules of Section 1.409A-2(b) of the Treasury Regulations. A Participant who has elected to have his Change in Control Distribution Account distributed in accordance with clause
(i) or clause (ii) of the immediately preceding sentence may further modify the form in which and/or time at which his Change in Control Account is distributed, provided that any such modification complies with the requirements set forth
in Section 5.2(d). 
 5.4 Death Benefits. 

If a Participant dies before full payment of his Account is made, the Beneficiary or Beneficiaries designated by such Participant in his
latest beneficiary designation form filed with the Deferred Compensation Plan Committee will be entitled to receive a distribution of the entire vested amount credited to such Participant’s Account (including any portion of the
Participant’s Account that has commenced to be distributed to the Participant in the form of annual installments prior to the Participant’s death but has not yet been fully distributed). The Account will be distributed to such Beneficiary
or Beneficiaries in the form of a single-sum payment on the 45th day after the date of the Participant’s death. 

  
 26 

 5.5 Hardship Withdrawals. 

(a) Eligibility and Timing. Upon receipt of an application for a hardship distribution and the Deferred Compensation Plan
Committee’s decision, made in its sole discretion, that a Participant has suffered a Financial Hardship, the Deferred Compensation Plan Committee will cause the applicable Participating Company to pay a distribution to such Participant from the
Participant’s vested Account. The Deferred Compensation Plan Committee, in its sole discretion, may limit the number of hardship distributions available to a Participant per year. Such distribution will be paid in a lump-sum payment within 90
days after the date that the Deferred Compensation Plan Committee determines that a Financial Hardship exists. 
 (b)
Amount. The amount of such lump-sum payment will be limited to the amount of such Participant’s vested Account reasonably necessary to meet the Participant’s requirements resulting from the Financial Hardship (which may include
amounts necessary to pay taxes that will result from the distribution as permitted by Code Section 409A). Determinations of amounts reasonably necessary to satisfy the emergency need will take into account any additional compensation that is
available under the Plan due to cancellation of a Deferral Election upon a payment due to a Financial Hardship. However, the determination of amounts reasonably necessary to satisfy the emergency need will not take into account any additional
compensation that due to the Financial Hardship is available under the Plan or another nonqualified deferred compensation plan but has not actually been paid. 
 (c) Designation of Payment. If payment is made hereunder upon a Financial Hardship, it will be so designated at the time of payment. The amount of such distribution will reduce the
Participant’s Account balance as provided in Section 3.6. 
 5.6 Taxes. 

(a) Amounts Payable Whether or Not Account is in Pay Status. If the whole or any part of any Participant’s or
beneficiary’s Account hereunder is subject to FICA Tax or any state, local or foreign tax obligations, which a Participating Company will be required to pay or withhold prior to the time the Participant’s Account becomes payable hereunder,
the Participating Company will have the full power and authority to withhold and pay such tax and related taxes as permitted under Code Section 409A. 
 (b) Amounts Payable Only if Account is in Pay Status. If the whole or any part of any Participant’s or beneficiary’s Account hereunder is subject to any taxes which a Participating
Company will be required to pay or withhold at the time the Account becomes payable hereunder, the Participating Company will have the full power and authority to withhold and pay such tax out of any monies or other property that the Participating
Company holds for the account of the Participant or beneficiary, excluding, except as provided in this Section, any portion of the Participant’s Account that is not then payable. 

5.7 Offset of Account by Amounts Owed to the Company. 

Notwithstanding anything in the Plan to the contrary, the Deferred Compensation Plan Committee may, in its sole discretion, offset any
benefit payment or payments of a Participant’s or beneficiary’s Account under the Plan by any amount owed by such Participant or 

  
 27 

 
beneficiary (whether or not such obligation is related to the Plan) to any Affiliate; provided, no such offset will apply before the Account is otherwise payable under the Plan, unless the
following requirements are satisfied: (i) the debt owed to the Affiliate was incurred in the ordinary course of the relationship between the Participant and the Affiliate, (ii) the entire amount of offset to which this sentence applies in
a single taxable year does not exceed $5,000, and (iii) the offset occurs at the same time and in the same amount as the debt otherwise would have been due and collected from the Participant or beneficiary. 

5.8 No Acceleration of Payments. 
 Except as otherwise provided in this Section, no payment scheduled to be made under this Article V may be accelerated. Notwithstanding the foregoing, the Deferred Compensation Plan Committee, in its sole
discretion, may accelerate any payment scheduled to be made under this Article V in accordance with Code Section 409A (for example, upon certain terminations of the Plan, limited cashouts or to avoid certain conflicts of interest); provided, a
Participant may not elect whether his scheduled payment will be accelerated pursuant to this sentence. 

  
 28 

 ARTICLE VI 
 CLAIMS 
 6.1 Rights. 

If a Participant or beneficiary has any grievance, complaint or claim concerning any aspect of the operation or administration of the
Plan, including, but not limited to, claims for benefits (collectively referred to herein as “claim” or “claims”), such claimant will submit the claim in accordance with the procedures set forth in this Article VI. All such
claims must be submitted within the “applicable limitations period.” The “applicable limitations period” will be 2 years, beginning on (i) in the case of any lump-sum payment, the date on which the payment was made,
(ii) in the case of a periodic payment, the date of the first in the series of payments, or (iii) for all other claims, the date on which the action complained of occurred. Additionally, upon denial of an appeal pursuant to
Section 6.2(b), a Participant or beneficiary will have 90 days within which to bring suit for any claim related to such denied appeal; any such suit initiated after such 90-day period will be precluded. 

6.2 Claim Procedure. 
 (a) Initial Claim. Claims for benefits under the Plan may be filed in writing with the Deferred Compensation Plan Committee on forms or in such other written documents as the Deferred
Compensation Plan Committee may prescribe. 
 (i) General Claims. Except as provided in subsection (d)(ii)
hereof, the Deferred Compensation Plan Committee will furnish to the claimant written notice of the disposition of a claim within 90 days after the application therefor is filed; provided, if special circumstances require an extension, the Deferred
Compensation Plan Committee may extend such 90-day period by up to an additional 90 days, by providing a notice of such extension to the claimant before the end of the initial 90-day period. In the event the claim is denied, the notice of the
disposition of the claim will provide the specific reasons for the denial, citations of the pertinent provisions of the Plan, and, where appropriate, an explanation as to how the claimant can perfect the claim and/or submit the claim for review
(where appropriate), and a statement of the claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse determination on review. 

(ii) Claims Based on an Independent Determination of Disability. With respect to a claim for benefits under the
Plan based on Disability, the Deferred Compensation Plan Committee will furnish to the claimant written notice of the disposition of a claim within 45 days after the application therefor is filed; provided, if matters beyond the control of the
Deferred Compensation Plan Committee require an extension of time for processing the claim, the Deferred Compensation Plan Committee will furnish written notice of the extension to the claimant prior to the end of the initial 45-day period, and such
extension will not exceed one additional, consecutive 30-day period; and, provided further, if matters beyond the control of the Deferred Compensation Plan Committee require an additional extension of time for processing the claim, the

  
 29 

 
Deferred Compensation Plan Committee will furnish written notice of the second extension to the claimant prior to the end of the initial 30-day extension period, and such extension will not
exceed an additional, consecutive 30-day period. Notice of any extension under this subsection (a) will specifically explain the standards on which entitlement to a benefit is based, the unresolved issues that prevent a decision on the claim,
and the additional information needed to resolve those issues. In the event the claim is denied, the notice of the disposition of the claim will provide the specific reasons for the denial, cites of the pertinent provisions of the Plan, an
explanation as to how the claimant can perfect the claim and/or submit the claim for review (where appropriate), and a statement of the claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse determination
on review. 
 (b) Appeal. Any Participant or beneficiary who has been denied a benefit, or his duly authorized
representative, will be entitled, upon request to the Deferred Compensation Plan Committee, to appeal the denial of his claim. The claimant (or his duly authorized representative) may review pertinent documents related to the Plan and in the
Deferred Compensation Plan Committee’s possession in order to prepare the appeal. 
 (i) General
Claims. The request for review, together with a written statement of the claimant’s position, must be filed with the Deferred Compensation Plan Committee no later than 60 days after receipt of the written notification of denial of a claim
provided for in subsection (a) hereof. The Deferred Compensation Plan Committee’s decision will be made within 60 days following the filing of the request for review; provided, if special circumstances require an extension, the Deferred
Compensation Plan Committee may extend such 60-day period by up to an additional 60 days, by providing a notice of such extension to the claimant before the end of the initial 60-day period. If unfavorable, the notice of decision will explain the
reasons for denial, indicate the provisions of the Plan or other documents used to arrive at the decision, and state the claimant’s right to bring a civil action under ERISA Section 502(a). 

(ii) Claims Based on an Independent Determination of Disability. With respect to an appeal of a denial of benefits
under the Plan based on Disability, the form containing the request for review, together with a written statement of the claimant’s position, must be filed with the Deferred Compensation Plan Committee no later than 180 days after receipt of
the written notification of denial of a claim provided for in subsection (a) hereof. The Deferred Compensation Plan Committee’s decision will be made within 45 days following the filing of the request for review and will be communicated in
writing to the claimant; provided, if special circumstances require an extension of time for processing the appeal, the Deferred Compensation Plan Committee will furnish written notice to the claimant prior to the end of the initial 45-day period,
and such an extension will not exceed one additional 45-day period. The Deferred Compensation Plan Committee’s review will not afford deference to the initial adverse benefit determination and will be conducted by an individual who is neither
the individual who made the adverse benefit determination that is the subject of the appeal, nor the subordinate of such individual. In deciding an appeal of any adverse benefit determination that is based in whole or in part on a medical judgment,
the Deferred 

  
 30 

 
Compensation Plan Committee will consult with a health care professional who has appropriate training and experience in the field of medicine involved in the medical judgment and who is neither
an individual who was consulted in connection with the adverse benefit determination that is the subject of the appeal, nor the subordinate of any such individual. If unfavorable, the notice of decision will explain the reason or reasons for denial,
indicate the provisions of the Plan or other documents used to arrive at the decision, state the claimant’s right to bring a civil action under ERISA Section 502(a), and identify all medical or vocational experts whose advice was obtained
by the Deferred Compensation Plan Committee in connection with a claimant’s adverse benefit determination. 
 6.3
Satisfaction of Claims. 
 Any payment to a Participant or beneficiary will to the extent thereof be in full
satisfaction of all claims hereunder against the Deferred Compensation Plan Committee and the Participating Companies, any of whom may require such Participant or beneficiary, as a condition to such payment, to execute a receipt and release therefor
in such form as determined by the Deferred Compensation Plan Committee or the Participating Companies. If receipt and release is required but the Participant or beneficiary (as applicable) does not provide such receipt and release in a timely enough
manner to permit a distribution in accordance with the general timing of distribution provisions in the Plan, such payment will be forfeited. 

  
 31 

 ARTICLE VII 
 SOURCE OF FUNDS; TRUSTS 
 7.1 Rabbi Trust. 

(a) Establishment. To the extent determined by the Controlling Company, the Participating Companies will transfer the funds
necessary to fund benefits accrued hereunder to a Trustee to be held and administered by the Trustee pursuant to the terms of the Rabbi Trust Agreement. Except as otherwise provided in the Rabbi Trust Agreement, each transfer into the Rabbi Trust
will be irrevocable as long as a Participating Company has any liability or obligations under the Plan to pay benefits, such that the Rabbi Trust property is in no way subject to use by the Participating Company; provided, it is the intent of the
Controlling Company that the assets held by the Rabbi Trust are and will remain at all times subject to the claims of the general creditors of the Participating Companies. 
 (b) Distributions. Pursuant to the Rabbi Trust Agreement, the Trustee will make payments to Participants and Beneficiaries in accordance with a payment schedule provided by the Participating
Company. The Participating Company will make provisions for the reporting and withholding of any federal, state or local taxes that may be required to be withheld with respect to the payment of benefits pursuant to the terms of the Plan, and will
pay amounts withheld to the appropriate taxing authorities or determine that such amounts have been reported, withheld and paid. 
 (c) Status of the Rabbi Trust. No Participant or beneficiary will have any interest in the assets held by the Rabbi Trust or in the general assets of the Participating Companies other than
as a general, unsecured creditor. Accordingly, a Participating Company will not grant a security interest in the assets held by the Rabbi Trust in favor of the Participants, beneficiaries or any creditor. 

7.2 Funding Prohibition under Certain Circumstances. 

Notwithstanding anything in this Article VII to the contrary, no assets will be set aside to fund benefits under the Plan if such setting
aside would be treated as a transfer of property under Code Section 83 pursuant to Code Section 409A(b). Without limiting the generality of the foregoing, no assets will be set aside to fund benefits under the Plan for a Participant who is
described in Code Section 162(m)(3) or subject to the requirements of Section 16(a) of the Securities Exchange Act of 1934 during any period in which any single-employer defined benefit pension plan that is sponsored by an Affiliate is in
at-risk status, as defined in Code Section 430(i). 

  
 32 

 ARTICLE VIII 
 ADMINISTRATION 
 8.1 Action by Deferred Compensation Plan
Committee. 
 Action of the Deferred Compensation Plan Committee may be taken with or without a meeting of committee
members; provided, action will be taken only upon the vote or other affirmative expression of a majority of the committee members qualified to vote with respect to such action. If a member of the committee is a Participant or beneficiary, he will
not participate in any decision which solely affects his own benefit under the Plan. For purposes of administering the Plan, the Deferred Compensation Plan Committee will choose a secretary who will keep minutes of the committee’s proceedings
and all records and documents pertaining to the administration of the Plan. The secretary may execute any certificate or any other written direction on behalf of the Deferred Compensation Plan Committee. 

8.2 Rights and Duties of Deferred Compensation Plan Committee. 

The Deferred Compensation Plan Committee will administer the Plan and will have all the powers necessary to accomplish that purpose,
including (but not limited to) the following: 
 (a) To construe, interpret and administer the Plan; 

(b) To make determinations required by the Plan, and to maintain records regarding Participants’ and Beneficiaries’ benefits
hereunder; 
 (c) To compute and certify to the Participating Company the amount and kinds of benefits payable to Participants
and beneficiaries, and to determine the time and manner in which such benefits are to be paid; 
 (d) To authorize all
disbursements by the Participating Company or the Trustee pursuant to the Plan; 
 (e) To maintain all the necessary records of
the administration of the Plan; 
 (f) To make, publish and modify such rules for the regulation of the Plan as are not
inconsistent with the terms hereof; 
 (g) To delegate to other individuals or entities from time to time the performance of any
of its duties or responsibilities hereunder; 
 (h) To have all powers elsewhere conferred upon it; and 

(i) To hire agents, accountants, actuaries, consultants and legal counsel to assist in operating and administering the Plan. 

  
 33 

 The Deferred Compensation Plan Committee will have the exclusive right in its discretion to construe and
interpret the Plan, to decide all questions of eligibility for benefits and to determine the amount of such benefits, and its decisions on such matters will be final and conclusive on all parties. 

8.3 Compensation, Indemnity and Liability of Committee Members. 

The Deferred Compensation Plan Committee and its members will serve as such without bond and without compensation for services hereunder.
All expenses of the Deferred Compensation Plan Committee will be paid by the Participating Companies or will be paid by the Plan. No member of the Deferred Compensation Plan Committee will be liable for any act or omission of any other member of the
committee, nor for any act or omission on his own part, except with regard to his own fraud or willful misconduct. The Participating Companies will indemnify and hold harmless the Deferred Compensation Plan Committee and each member thereof against
any and all expenses and liabilities, including reasonable legal fees and expenses, arising out of his membership on the Deferred Compensation Plan Committee, excepting only expenses and liabilities arising out of his own fraud or willful
misconduct. 
 8.4 Authority. 
 Any action by the Compensation Committee or the Deferred Compensation Plan Committee with respect to the administration or amendment of the Plan will be binding on all Participating Companies. 

  
 34 

 ARTICLE IX 
 AMENDMENT AND TERMINATION 
 9.1 Amendments.

 The Deferred Compensation Plan Committee or the Compensation Committee will have the right, in its sole discretion, to amend
the Plan in whole or in part at any time and from time to time; provided, any amendment that is not legally required must be approved by the Compensation Committee. Any amendment will be in writing and executed by a duly authorized officer of the
Controlling Company or a member of the Deferred Compensation Plan Committee. An amendment to the Plan may modify its terms in any respect whatsoever; provided, no such action may reduce the amount already credited to a Participant’s Account
without the affected Participant’s written consent. All Participants, beneficiaries and Participating Companies will be bound by such amendment and their consent will not be required. 

9.2 Termination of Plan. 
 (a) Freezing. The Controlling Company reserves the right to discontinue and freeze the Plan at any time, for any reason. Any action to freeze the Plan will be taken in the form of a written
Plan amendment adopted as provided in Section 9.1. Upon the freezing of the Plan, Deferral Elections will not apply to Base Pay, Bonuses, Stock Unit Awards or Director’s Fees earned after the Plan Year in which the Plan is frozen.

 (b) Termination. The Controlling Company expects to continue the Plan but reserves the right to terminate the
Plan and fully distribute all Accounts under the Plan at any time, for any reason; provided, the distribution of Accounts will be subject to the restrictions provided under Code Section 409A. For example, the Plan may be terminated within 30
days before or 12 months following a Change in Control, and all Accounts may be distributed upon such termination as long as all other plans or programs that would be aggregated with the Plan under Code Section 409A are similarly terminated and
liquidated. If the Plan is terminated, each Participant will become 100% vested in his Account. Such termination will be binding on all Participants and beneficiaries. 

  
 35 

 ARTICLE X 
 MISCELLANEOUS 
 10.1 Beneficiary Designation.

 (a) General. Participants will designate and from time to time may redesignate their Beneficiaries in such form
and manner as the Deferred Compensation Plan Committee may determine. 
 (b) No Designation or Designee Dead or
Missing. In the event that: 
 (i) a Participant dies without designating a Beneficiary; 

(ii) the Beneficiary designated by a Participant is not surviving when a payment is to be made to such person under the
Plan, and no contingent Beneficiary has been designated; or 
 (iii) the Beneficiary designated by a Participant
cannot be located by the Deferred Compensation Plan Committee within the maximum time limit for payment of benefits to such person; 
 then, in
any of such events, the Beneficiary of such Participant will be the Participant’s Surviving Spouse, if any, and if not, then the estate of the Participant; provided, if the Participant does not have a Surviving Spouse (or the Surviving Spouse
cannot be located within a reasonable period after the Participant’s death), and no claim has been made on behalf of the Participant’s estate within a reasonable period of time after the Participant’s death, then, to the extent any
individual(s), whom the Deferred Compensation Plan Committee, in its sole discretion, determines to be heirs and/or relatives of the deceased Participant, make an affirmative claim for payment of the deceased Participant’s Account, the Deferred
Compensation Plan Committee in its sole discretion may determine that the Beneficiary will be some or all of such heirs and/or relatives of the Participant, and payment to such Beneficiary will be deemed in full satisfaction of the
Participant’s benefits under the Plan, without further liability with respect to such Participant’s benefits on the part of the Plan, any Participating Company, the Deferred Compensation Plan Committee or the Trustee. Notwithstanding the
foregoing, in no event will the Deferred Compensation Plan Committee have any obligation to search for any heirs or relatives of the deceased Participant, whether by publication or otherwise. 

10.2 Distribution Pursuant to Domestic Relations Order. 

Upon receipt of a valid domestic relations order [determined in accordance with the rules applicable to a tax-qualified retirement plan
under Code Section 401(a)] requiring the transfer of all or a portion of a Participant’s vested Account to an alternate payee, the Deferred Compensation Plan Committee will cause the Controlling Company to pay a distribution to such
alternate payee. Such benefits will be paid in a single lump sum in cash upon approval of the order as a qualified domestic relations order. 

  
 36 

 10.3 Taxation. 

It is the intention of the Controlling Company that the Accounts will not be deductible by the Participating Companies nor taxable for
federal income tax purposes to Participants or Beneficiaries until such benefits are paid by the Participating Company, or the Rabbi Trust, as the case may be, to such Participants or Beneficiaries. When such benefits are so paid, it is the
intention of the Controlling Company that they will be deductible by the Participating Companies under Code Section 162. The Plan is intended to satisfy the requirements of Code Section 409A, and the Deferred Compensation Plan Committee
will use its reasonable best efforts to interpret and administer the Plan in accordance with such requirements. The provisions of the Plan will be construed consistently with the requirements of Code Section 409A at all times. Notwithstanding
anything in the Plan to the contrary, with respect to a Participant who is “specified employee”, as defined for purposes of Code Section 409A(a)(2)(B)(i), a distribution on account of such Participant’s Separation from Service
will not be made before the date which is 6 months after the date of such Participant’s Separation from Service (or, if earlier, the date of such Participant’s death). The Participating Companies do not guarantee that any particular tax
treatment will result from participation in this Plan. 
 10.4 Plan Expenses. 

Expenses incurred with respect to administering the Plan and the Trust will be deducted from Accounts to the extent such costs are not
paid by the Participating Companies or to the extent the Controlling Company requests that the Trustee reimburse it or any other Participating Company for its payment of such expenses. Expenses attributable to a single Account will be charged to
that Account. Any expenses not attributable solely to a single Account will be apportioned among all Accounts on a pro rata basis. 
 10.5 No Employment Contract. 
 Nothing herein contained is intended
to be nor will be construed as constituting a contract or other arrangement between a Participating Company and any Participant to the effect that the Participant will be employed by the Participating Company or serve on the Board for any specific
period of time. 
 10.6 Headings. 
 The headings of the various articles and sections in the Plan are solely for convenience and will not be relied upon in construing any provisions hereof. Any reference to a section will refer to a section
of the Plan unless specified otherwise. 
 10.7 Gender and Number. 

Use of any gender in the Plan will be deemed to include all genders when appropriate, and use of the singular number will be deemed to
include the plural when appropriate, and vice versa in each instance. 

  
 37 

 10.8 Assignment of Benefits. 

The right of a Participant or beneficiary to receive payments under the Plan may not be anticipated, alienated, sold, transferred,
pledged, encumbered, attached or garnished by creditors of such Participant or beneficiary, except: (i) by will or by the laws of descent and distribution and then only to the extent permitted under the terms of the Plan; or (ii) pursuant
to a valid domestic relations order, in accordance with Section 10.2. 
 10.9 Legally Incompetent.

 The Deferred Compensation Plan Committee, in its sole discretion, may direct that payment be made to an incompetent or
disabled person, whether because of minority or mental or physical disability, to the guardian of such person or to the person having custody of such person, or to any other person for the benefit of the incompetent or disabled person, without
further liability on the part of the Participating Company for the amount or application of such payment to the person on whose account such payment is made. 
 10.10 Governing Law. 
 The Plan will be construed, administered and
governed in all respects in accordance with applicable federal law (including ERISA) and, to the extent not preempted by federal law, in accordance with the laws of the State of Florida. If any provisions of this instrument are held by a court of
competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof will continue to be fully effective. 

IN WITNESS WHEREOF, the Controlling Company has caused the Plan to be executed by its duly authorized officer on the 26th day of July,
2012. 
  

	
	MASONITE INTERNATIONAL CORPORATION
	
	/s/ Gail N. Auerbach
	By: Gail N. Auerbach
	Title: SVP, Human Resources

  
 38 

 EXHIBIT A 
 PARTICIPATING COMPANIES 
  

					
	 Company Name
	  	Effective Date	 
	 Masonite International Corporation
	  	 	August 13, 2012	  
	 Masonite Corporation
	  	 	August 13, 2012EX-10.3(a)

 Exhibit 10.3(a) 

MASONITE INTERNATIONAL CORPORATION 
  

 
 2012 EQUITY
INCENTIVE PLAN 
  
  

ARTICLE I 

PURPOSE 

The purpose of this Masonite International Corporation 2012 Equity Incentive Plan is to enhance the profitability and value of the
Company for the benefit of its stockholders by enabling the Company to offer Eligible Individuals cash and stock-based incentives in order to attract, retain and reward such individuals and strengthen the mutuality of interests between such
individuals and the Company’s stockholders. The Plan is effective as of the date set forth in Article XV. 
 ARTICLE II

 DEFINITIONS 
 For purposes of the Plan, the following terms shall have the following meanings: 

2.1 “Affiliate” means each of the following: (a) any Subsidiary; (b) any Parent; (c) any
corporation, trade or business (including, without limitation, a partnership or limited liability company) which is directly or indirectly controlled 50% or more (whether by ownership of stock, assets or an equivalent ownership interest or voting
interest) by the Company or one of its Affiliates; (d) any trade or business (including, without limitation, a partnership or limited liability company) which directly or indirectly controls 50% or more (whether by ownership of stock, assets or
an equivalent ownership interest or voting interest) of the Company; and (e) any other entity in which the Company or any of its Affiliates has a material equity interest and which is designated as an “Affiliate” by resolution of the
Committee; provided that, unless otherwise determined by the Committee, the Common Stock subject to any Award constitutes “service recipient stock” for purposes of Section 409A of the Code or otherwise does not subject the Award to
Section 409A of the Code. 
 2.2 “Award” means any award under the Plan of any Stock Option, Stock
Appreciation Right, Restricted Stock, Performance Award, Other Stock-Based Award or Other Cash-Based Award. All Awards shall be granted by, confirmed by, and subject to the terms of, a written agreement executed by the Company and the Participant.

 2.3 “Award Agreement” means the written or electronic agreement setting forth the terms and
conditions applicable to an Award, as amended from time to time. 
 2.4 “Board” means the Board of
Directors of the Company. 
 2.5 “Canadian Securities Laws” means, collectively, all applicable
securities laws of each of the Provinces of Canada and the respective rules, regulations, policy statements under such laws together with applicable published instruments, notices and orders of the securities regulatory authorities in the Provinces.

 2.6 “Cause” means, unless otherwise provided by the Committee in the
applicable Award Agreement, with respect to a Participant’s Termination of Employment or Termination of Consultancy, the following: (a) in the case where there is no employment agreement, consulting agreement, change in control agreement
or similar agreement in effect between the Company or an Affiliate and the Participant at the time of the grant of the Award (or where there is such an agreement but it does not define “cause” (or words of like import)), termination due to
(i) the commission by the Participant of any indictable offense which carries a maximum penalty of imprisonment; (ii) perpetration by the Participant of an illegal act or fraud with respect to the Company; (iii) continuing failure by
the Participant to perform the Participant’s duties in any material respect, provided that the Participant is given notice and an opportunity to effectuate a cure as determined by the Committee; or (iv) the Participant’s willful
misconduct or gross negligence with regard to the Company; or (b) in the case where there is an employment agreement, consulting agreement, change in control agreement or similar agreement in effect between the Company or an Affiliate and the
Participant at the time of the grant of the Award that defines “cause” (or words of like import), “cause” as defined under such agreement; provided, however, that with regard to any agreement under which the definition of
“cause” only applies on occurrence of a change in control, such definition of “cause” shall not apply until a change in control actually takes place and then only with regard to a termination thereafter. With respect to a
Participant’s Termination of Directorship, “cause” means an act or failure to act that constitutes cause for removal of a director under applicable law. 
 2.7 “Change in Control” has the meaning set forth in 5.4(e). 
 2.8 “Change in Control Price” has the meaning set forth in Section 5.4. 
 2.9 “Code” means the Internal Revenue Code of 1986, as amended. Any reference to any section of the Code shall also be a reference to any successor provision and any treasury
regulation promulgated thereunder. 
 2.10 “Committee” means any committee of the Board duly authorized
by the Board to administer the Plan. If no committee is duly authorized by the Board to administer the Plan, the term “Committee” shall be deemed to refer to the Board for all purposes under the Plan. 

2.11 “Common Stock” means the common shares without par value in the capital of the Company. 

2.12 “Company” means Masonite International Corporation, a British Columbia corporation, and its successors by
operation of law. 
 2.13 “Consultant” means any Person who is an advisor or consultant to the Company
or its Affiliates. 

  
 2 

 2.14 “Disability” means, unless otherwise provided by the Committee
in the applicable Award Agreement, with respect to a Participant’s Termination, a permanent and total disability as defined in Section 22(e)(3) of the Code. Notwithstanding the foregoing, for Awards that are subject to Section 409A of
the Code, Disability shall mean that a Participant is disabled under Section 409A(a)(2)(C)(i) or (ii) of the Code. 

2.15 “Effective Date” means the effective date of the Plan as defined in Article XV. 

2.16 “Eligible Employees” means each employee of the Company or an Affiliate. 

2.17 “Eligible Individual” means any Eligible Employee, Non-Employee Director or Consultant. 

2.18 “Exchange Act” means the Securities Exchange Act of 1934, as amended. Reference to a specific section of the
Exchange Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing or
superseding such section or regulation. 
 2.19 “Fair Market Value” means, for purposes of the Plan,
unless otherwise required by any applicable provision of the Code or any regulations issued thereunder, as of any date and except as provided below, the last sales price reported for the Common Stock on the applicable date: (a) as reported on
the principal national securities exchange in the United States on which it is then traded or (b) if the Common Stock is not traded, listed or otherwise reported or quoted on a national securities exchange, the Committee shall determine in good
faith the Fair Market Value in whatever manner it considers appropriate taking into account the requirements of Section 409A of the Code. For purposes of the grant of any Award, the applicable date shall be the trading day immediately prior to
the date on which the Award is granted. For purposes of the exercise of any Award, the applicable date shall be the date a notice of exercise is received by the Company or, if not a day on which the applicable market is open, the next day that it is
open. 
 2.20 “Family Member” means “family member” as defined in Section A.1.(a)(5) of the
general instructions of Form S-8. 
 2.21 “Incentive Stock Option” means any Stock Option awarded to an
Eligible Employee of the Company, its Subsidiaries and its Parents (if any) under the Plan intended to be and designated as an “Incentive Stock Option” within the meaning of Section 422 of the Code. 

2.22 “Non-Employee Director” means a director or a member of the Board of the Company or any Affiliate who is not
an active employee of the Company or any Affiliate. 
 2.23 “Non-Qualified Stock Option” means any Stock
Option awarded under the Plan that is not an Incentive Stock Option. 
 2.24 “Non-Tandem Stock Appreciation
Right” shall mean the right to receive an amount in cash and/or stock equal to the difference between (x) the Fair Market Value of a share of Common Stock on the date such right is exercised, and (y) the aggregate exercise
price of such right, otherwise than on surrender of a Stock Option. 

  
 3 

 2.25 “Other Cash-Based Award” means an Award granted pursuant to
Section 11.3 of the Plan and payable in cash at such time or times and subject to such terms and conditions as provided by the Committee in the applicable Award Agreement. 

2.26 “Other Stock-Based Award” means an Award under Article XI of the Plan that is valued in whole or in part by
reference to, or is payable in or otherwise based on, Common Stock, including, without limitation, an Award valued by reference to an Affiliate. 
 2.27 “Parent” means any parent corporation of the Company within the meaning of Section 424(e) of the Code. 

2.28 “Participant” means an Eligible Individual to whom an Award has been granted pursuant to the Plan.

 2.29 “Performance Award” means an Award granted to a Participant pursuant to Article X hereof
contingent upon achieving certain Performance Goals. 
 2.30 “Performance Goals” means goals established
by the Committee as contingencies for Awards to vest and/or become exercisable or distributable based on one or more of the performance goals set forth in Exhibit A hereto. 

2.31 “Performance Period” means the period designated during which the Performance Goals must be satisfied with
respect to the Award to which the Performance Goals relate. 
 2.32 “Person” means an individual, a
partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a government or any branch, department, agency, political subdivision or official thereof.

 2.33 “Plan” means this Masonite International Corporation 2012 Incentive Compensation Plan, as
amended from time to time. 
 2.34 “Reference Stock Option” has the meaning set forth in
Section 8.1. 
 2.35 “Registration Date” means the date on which the shares of Common Stock are
sold to the public subsequent to the date hereof pursuant to a (final) prospectus under Canadian Securities Laws or pursuant to an effective registration statement under the Securities Act which has been declared effective by the United States
Securities and Exchange Commission (other than a registration statement on Form S-4, S-8 or any other similar form). 

2.36 “Restricted Stock” means an Award of shares of Common Stock under the Plan that is subject to restrictions
under Article IX. 
 2.37 “Restriction Period” has the meaning set forth in Section 9.3(a) with
respect to Restricted Stock. 

  
 4 

 2.38 “Rule 16b-3” means Rule 16b-3 under Section 16(b) of the
Exchange Act as then in effect or any successor provision. 
 2.39 “Section 162(m) of the Code” means
the exception for performance-based compensation under Section 162(m) of the Code and any applicable treasury regulations thereunder. 
 2.40 “Section 409A of the Code” means the nonqualified deferred compensation rules under Section 409A of the Code and any applicable treasury regulations and other official
guidance thereunder. 
 2.41 “Securities Act” means the Securities Act of 1933, as amended and all rules
and regulations promulgated thereunder. Reference to a specific section of the Securities Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation promulgated under such section, and any
comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation. 

2.42 “Stock Appreciation Right” shall mean the right pursuant to an Award granted under Article VIII. 

2.43 “Stock Option” or “Option” means any option to purchase shares of Common Stock
granted to Eligible Individuals granted pursuant to Article VII. 
 2.44 “Subsidiary” means any
subsidiary corporation of the Company within the meaning of Section 424(f) of the Code. 
 2.45 “Tandem Stock
Appreciation Right” shall mean the right to surrender to the Company all (or a portion) of a Stock Option in exchange for an amount in cash and/or stock equal to the difference between (i) the Fair Market Value on the date such
Stock Option (or such portion thereof) is surrendered, of the Common Stock covered by such Stock Option (or such portion thereof), and (ii) the aggregate exercise price of such Stock Option (or such portion thereof). 

2.46 “Ten Percent Stockholder” means a Person owning stock possessing more than ten percent (10%) of the
total combined voting power of all classes of stock of the Company, its Subsidiaries or its Parent. 
 2.47
“Termination” means a Termination of Consultancy, Termination of Directorship or Termination of Employment, as applicable. 
 2.48 “Termination of Consultancy” means: (a) that the Consultant is no longer acting as a consultant to the Company or an Affiliate; or (b) when an entity which is
retaining a Participant as a Consultant ceases to be an Affiliate unless the Participant otherwise is, or thereupon becomes, a Consultant to the Company or another Affiliate at the time the entity ceases to be an Affiliate. In the event that a
Consultant becomes an Eligible Employee or a Non-Employee Director upon the termination of such Consultant’s consultancy, no Termination of Consultancy shall be deemed to occur until such time as such Consultant is no longer a Consultant, an
Eligible Employee or a Non-Employee Director. Notwithstanding the foregoing, 

  
 5 

 
the Committee may otherwise define Termination of Consultancy in the Award Agreement or, if no rights of a Participant are reduced, may otherwise define Termination of Consultancy thereafter,
provided that any such change to the definition of the term “Termination of Consultancy” does not subject the applicable Award to Section 409A of the Code. 
 2.49 “Termination of Directorship” means that the Non-Employee Director has ceased to be a director of the Company; except that if a Non-Employee Director becomes an Eligible
Employee or a Consultant upon the termination of such Non-Employee Director’s directorship, such Non-Employee Director’s ceasing to be a director of the Company shall not be treated as a Termination of Directorship unless and until the
Participant has a Termination of Employment or Termination of Consultancy, as the case may be. 
 2.50 “Termination
of Employment” means: (a) a termination of employment (for reasons other than a military or personal leave of absence granted by the Company) of a Participant from the Company and its Affiliates; or (b) when an entity which is
employing a Participant ceases to be an Affiliate, unless the Participant otherwise is, or thereupon becomes, employed by the Company or another Affiliate at the time the entity ceases to be an Affiliate. In the event that an Eligible Employee
becomes a Consultant or a Non-Employee Director upon the termination of such Eligible Employee’s employment, no Termination of Employment shall be deemed to occur until such time as such Eligible Employee is no longer an Eligible Employee, a
Consultant or a Non-Employee Director. Notwithstanding the foregoing, the Committee may otherwise define Termination of Employment in the Award Agreement or, if no rights of a Participant are reduced, may otherwise define Termination of Employment
thereafter, provided that any such change to the definition of the term “Termination of Employment” does not subject the applicable Award to Section 409A of the Code. 

2.51 “Transfer” means: (a) when used as a noun, any direct or indirect transfer, sale, assignment, pledge,
hypothecation, encumbrance or other disposition (including the issuance of equity in any entity), whether for value or no value and whether voluntary or involuntary (including by operation of law), and (b) when used as a verb, to directly or
indirectly transfer, sell, assign, pledge, encumber, charge, hypothecate or otherwise dispose of (including the issuance of equity in any entity) whether for value or for no value and whether voluntarily or involuntarily (including by operation of
law). “Transferred” and “Transferable” shall have a correlative meaning. 
 2.52 “Transition
Period” means the period beginning with the Registration Date and ending as of the earlier of: (i) the date of the first annual meeting of stockholders of the Company at which directors are to be elected that occurs after the close
of the third calendar year following the calendar year in which the Registration Date occurs; and (ii) the expiration of the “reliance period” under Treasury Regulation Section 1.162-27(f)(2). 

ARTICLE III 

ADMINISTRATION 
 3.1 The Committee. The Plan shall be administered and interpreted by the Committee. To the extent required by applicable law, rule or regulation, it is intended that each member of
the Committee shall qualify as (a) a “non-employee director” under Rule 16b-3, (b) an 

  
 6 

 
“outside director” under Section 162(m) of the Code and (c) an “independent director” under the rules of any national securities exchange or national securities
association, as applicable. If it is later determined that one or more members of the Committee do not so qualify, actions taken by the Committee prior to such determination shall be valid despite such failure to qualify. 

3.2 Grants of Awards. The Committee shall have full authority to grant, pursuant to the terms of the Plan, to Eligible
Individuals: (i) Stock Options; (ii) Stock Appreciation Rights; (iii) Restricted Stock; (iv) Performance Awards; (v) Other Stock-Based Awards, including restricted stock units; and (vi) Other Cash-Based Awards. In
particular, the Committee shall have the authority: 
 (a) to select the Eligible Individuals to whom Awards may from time to
time be granted hereunder; 
 (b) to determine whether and to what extent Awards, or any combination thereof, are to be granted
hereunder to one or more Eligible Individuals; 
 (c) to determine the number of shares of Common Stock to be covered by each
Award granted hereunder; 
 (d) to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award
granted hereunder (including, but not limited to, the exercise or purchase price (if any), any restriction or limitation, any vesting schedule or acceleration thereof, or any forfeiture restrictions or waiver thereof, regarding any Award and the
shares of Common Stock relating thereto, based on such factors, if any, as the Committee shall determine); 
 (e) to determine
the amount of cash to be covered by each Award granted hereunder; 
 (f) to determine whether, to what extent and under what
circumstances grants of Options and other Awards under the Plan are to operate on a tandem basis and/or in conjunction with or apart from other awards made by the Company outside of the Plan; 

(g) to determine whether and under what circumstances a Stock Option may be settled in cash, Common Stock and/or Restricted Stock under
Section 7.4(d); 
 (h) to determine whether a Stock Option is an Incentive Stock Option or Non-Qualified Stock Option;

 (i) to determine whether to require a Participant, as a condition of the granting of any Award, to not sell or otherwise
dispose of shares acquired pursuant to the exercise of an Award for a period of time as determined by the Committee following the date of the acquisition or exercise of such Award; 

(j) to modify, extend or renew an Award, subject to Article XII and Section 7.4(l), provided, however, that such action does not
subject the Award to Section 409A of the Code without the consent of the Participant; and 

  
 7 

 (k) solely to the extent permitted by applicable law (including, without limitation,
Section 13(k) of the Exchange Act), to determine whether, to what extent and under what circumstances to provide loans (which may be on a recourse basis and shall bear interest at the rate the Committee shall provide) to Participants in order
to exercise Options under the Plan. 
 3.3 Guidelines. Subject to Article XII hereof, the Committee shall have the
authority to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan and perform all acts, including the delegation of its responsibilities (to the extent permitted by applicable law and applicable stock
exchange rules), as it shall, from time to time, deem advisable; to construe and interpret the terms and provisions of the Plan and any Award issued under the Plan (and any agreements relating thereto); and to otherwise supervise the administration
of the Plan. The Committee may correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any agreement relating thereto in the manner and to the extent it shall deem necessary to effectuate the purpose and intent of
the Plan. The Committee may adopt special guidelines and provisions for Persons who are residing in or employed in, or subject to, the taxes of, any domestic or foreign jurisdictions to comply with applicable tax and securities laws of such domestic
or foreign jurisdictions. Notwithstanding the foregoing, no action of the Committee under this Section 3.3 shall impair the rights of any Participant without the Participant’s consent. To the extent applicable, the Plan is intended to
comply with the applicable requirements of Rule 16b-3, and with respect to Awards intended to be “performance-based,” the applicable provisions of Section 162(m) of the Code, and the Plan shall be limited, construed and interpreted in
a manner so as to comply therewith. 
 3.4 Decisions Final. Any decision, interpretation or other action made or
taken in good faith by or at the direction of the Company, the Board or the Committee (or any of its members) arising out of or in connection with the Plan shall be within the absolute discretion of all and each of them, as the case may be, and
shall be final, binding and conclusive on the Company and all employees and Participants and their respective heirs, executors, administrators, successors and assigns. 
 3.5 Procedures. If the Committee is appointed, the Board shall designate one of the members of the Committee as chairman and the Committee shall hold meetings, subject to the By-Laws of the
Company, at such times and places as it shall deem advisable, including, without limitation, by telephone conference or by written consent to the extent permitted by applicable law. A majority of the Committee members shall constitute a quorum. All
determinations of the Committee shall be made by a majority of its members. Any decision or determination reduced to writing and signed by all of the Committee members in accordance with the By-Laws of the Company, shall be fully effective as if it
had been made by a vote at a meeting duly called and held. The Committee shall keep minutes of its meetings and shall make such rules and regulations for the conduct of its business as it shall deem advisable. 

3.6 Designation of Consultants/Liability. 
 (a) The Committee may designate employees of the Company and professional advisors to assist the Committee in the administration of the Plan and (to the extent permitted by applicable law and applicable
exchange rules) may grant authority to officers to grant Awards and/or execute agreements or other documents on behalf of the Committee. In the event of any 

  
 8 

 
designation of authority hereunder, subject to applicable law, applicable stock exchange rules and any limitations imposed by the Committee in connection with such designation, such designee or
designees shall have the power and authority to take such actions, exercise such powers and make such determinations that are otherwise specifically designated to the Committee hereunder. 

(b) The Committee may employ such legal counsel, consultants and agents as it may deem desirable for the administration of the Plan and
may rely upon any opinion received from any such counsel or consultant and any computation received from any such consultant or agent. Expenses incurred by the Committee or the Board in the engagement of any such counsel, consultant or agent shall
be paid by the Company. The Committee, its members and any Person designated pursuant to sub-section (a) above shall not be liable for any action or determination made in good faith with respect to the Plan. To the maximum extent permitted by
applicable law, no officer of the Company or member or former member of the Committee or of the Board shall be liable for any action or determination made in good faith with respect to the Plan or any Award granted under it. 

3.7 Indemnification. To the maximum extent permitted by applicable law and the Articles of Continuance of the Company and
to the extent not covered by insurance directly insuring such person, each officer or employee of the Company or any Affiliate and member or former member of the Committee or the Board shall be indemnified and held harmless by the Company against
any cost or expense (including reasonable fees of counsel reasonably acceptable to the Committee) or liability (including any sum paid in settlement of a claim with the approval of the Committee), and advanced amounts necessary to pay the foregoing
at the earliest time and to the fullest extent permitted, arising out of any act or omission to act in connection with the administration of the Plan, except to the extent arising out of such officer’s, employee’s, member’s or former
member’s own fraud or bad faith. Such indemnification shall be in addition to any right of indemnification the employees, officers, directors or members or former officers, directors or members may have under applicable law or under the
Articles of Continuance of the Company or any Affiliate. Notwithstanding anything else herein, this indemnification will not apply to the actions or determinations made by an individual with regard to Awards granted to such individual under the
Plan. 
 ARTICLE IV 
 SHARE LIMITATION 
 4.1 Shares. (a) The aggregate number
of shares of Common Stock that may be issued or used for reference purposes or with respect to which Awards may be granted under the Plan shall not exceed the sum of (x) 1,500,000 shares and (y) the number of shares of Common Stock subject
to awards outstanding under the Masonite Worldwide Holdings Inc. 2009 Equity Incentive Plan as of the Effective Date to the extent that such outstanding awards are forfeited, expire or otherwise terminate without the issuance of such shares
(subparts (x) and (y) collectively, the “Share Reserve”) (subject to any increase or decrease pursuant to Article V). The maximum number of shares of Common Stock with respect to which Incentive Stock Options may be
granted under the Plan shall be equal to the Share Reserve. With respect to Stock Appreciation 

  
 9 

 
Rights settled in Common Stock, upon settlement, only the number of shares of Common Stock delivered to a Participant (based on the difference between the Fair Market Value of the shares of
Common Stock subject to such Stock Appreciation Right on the date such Stock Appreciation Right is exercised and the exercise price of each Stock Appreciation Right on the date such Stock Appreciation Right was awarded) shall count against the
aggregate and individual share limitations set forth under Sections 4.1(a) and 4.2. If any Option, Stock Appreciation Right or Other Stock-Based Awards granted under the Plan expires, terminates or is canceled for any reason without having been
exercised in full, the number of shares of Common Stock underlying any unexercised Award shall again be available for the purpose of Awards under the Plan. If any shares of Restricted Stock, Performance Awards or Other Stock-Based Awards denominated
in shares of Common Stock awarded under the Plan to a Participant are forfeited for any reason, the number of forfeited shares of Restricted Stock, Performance Awards or Other Stock-Based Awards denominated in shares of Common Stock shall again be
available for purposes of Awards under the Plan. If a Tandem Stock Appreciation Right or a Limited Stock Appreciation Right is granted in tandem with an Option, such grant shall only apply once against the maximum number of shares of Common Stock
which may be issued under the Plan. Any Award under the Plan settled in cash shall not be counted against the foregoing maximum share limitations. 
 4.2 Individual Participant Limitations. To the extent required by Section 162(m) of the Code for Awards under the Plan to qualify as “performance-based compensation,” the
following individual Participant limitations shall only apply after the expiration of the Transition Period: 
 (a) The maximum
number of shares of Common Stock subject to any Award of Stock Options, or Stock Appreciation Rights, or shares of Restricted Stock, or Other Stock-Based Awards for which the grant of such Award or the lapse of the relevant Restriction Period is
subject to the attainment of Performance Goals in accordance with Section 9.3(a)(ii) which may be granted under the Plan during any fiscal year of the Company to any Participant shall be 300,000 shares per type of Award (which shall be subject
to any further increase or decrease pursuant to Article V), provided that the maximum number of shares of Common Stock for all types of Awards does not exceed 750,000 shares (which shall be subject to any further increase or decrease pursuant to
Article V) during any fiscal year of the Company. If a Tandem Stock Appreciation Right is granted or a Limited Stock Appreciation Right is granted in tandem with a Stock Option, it shall apply against the Participant’s individual share
limitations for both Stock Appreciation Rights and Stock Options. 
 (b) The maximum number of shares of Common Stock subject to
any Performance Award which may be granted under the Plan during any fiscal year of the Company to any Participant shall be 300,000 shares (which shall be subject to any further increase or decrease pursuant to Article V) with respect to any fiscal
year of the Company. 
 (c) The maximum value of a cash payment made under a Performance Award which may be granted under the
Plan with respect to any fiscal year of the Company to any Participant shall be $10,000,000. 
 (d) The individual Participant
limitations set forth in this Section 4.2 (other than Section 4.2(b)) shall be cumulative; that is, to the extent that shares of Common Stock for which Awards are permitted to be granted to a Participant during a fiscal year are not
covered by an Award to such Participant in a fiscal year, the number of shares of Common Stock available for Awards to such Participant shall automatically increase in the subsequent fiscal years during the term of the Plan until used. 

  
 10 

 (e) Notwithstanding any provision of the Plan to the contrary, if authorized but previously
unissued shares of Common Stock are issued under the Plan, such shares shall not be issued for a consideration that is less than as permitted under applicable law. 
 ARTICLE V 
 CORPORATE EVENTS 

5.1 No Restrictions. The existence of the Plan and the Awards granted hereunder shall not affect in any way the right or
power of the Board or the stockholders of the Company to make or authorize (i) any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, (ii) any merger or consolidation of
the Company or any Affiliate, (iii) any issuance of bonds, debentures, preferred or prior preference stock ahead of or affecting the Common Stock, (iv) the dissolution or liquidation of the Company or any Affiliate, (v) any sale or
transfer of all or part of the assets or business of the Company or any Affiliate or (vi) any other corporate act or proceeding. 
 5.2 Changes. Subject to the provisions of Section 5.4, if there shall occur any such change in the capital structure of the Company by reason of any stock split, reverse stock split,
stock dividend, subdivision, combination or reclassification of shares that may be issued under the Plan, any recapitalization, any merger, any consolidation, any spin off, any reorganization or any partial or complete liquidation, or any other
corporate transaction or event having an effect similar to any of the foregoing (a “Section 5.2 Event”), then (i) the aggregate number and/or kind of shares that thereafter may be issued under the Plan, (ii) the
number and/or kind of shares or other property (including cash) to be issued upon exercise of an outstanding Award granted under the Plan, and/or (iii) the purchase price thereof, shall be appropriately adjusted. In addition, subject to
Section 5.4, if there shall occur any change in the capital structure or the business of the Company that is not a Section 5.2 Event (an “Other Extraordinary Event”), including by reason of any extraordinary
dividend (whether cash or stock), any conversion, any adjustment, any issuance of any class of securities convertible or exercisable into, or exercisable for, any class of stock, or any sale or transfer of all or substantially all of the
Company’s assets or business, then the Committee, in its sole discretion, may adjust any Award and make such other adjustments to the Plan. Any adjustment pursuant to this Article V shall be consistent with the applicable Article V Event or the
applicable Other Extraordinary Event, as the case may be, and in such manner as the Committee may, in its sole discretion, deem appropriate and equitable to prevent substantial dilution or enlargement of the rights granted to, or available for,
Participants under the Plan. Any such adjustment determined by the Committee shall be final, binding and conclusive on the Company and all Participants and their respective heirs, executors, administrators, successors and permitted assigns. Except
as expressly provided in this Article V or in the applicable Award Agreement, a Participant shall have no rights by reason of any Article V Event or any Other Extraordinary Event. 

  
 11 

 5.3 Fractional Shares. Fractional shares of Common Stock resulting from any
adjustment in Awards pursuant to Section 5.1 or 5.2 shall be aggregated until, and eliminated at, the time of exercise by rounding-down for fractions less than one-half and rounding-up for fractions equal to or greater than one-half. No cash
settlements shall be made with respect to fractional shares eliminated by rounding. Notice of any adjustment shall be given by the Committee to each Participant whose Award has been adjusted and such adjustment (whether or not such notice is given)
shall be effective and binding for all purposes of the Plan. 
 5.4 Change in Control. In the event of a Change in
Control of the Company (as defined below), and except as otherwise provided by the Committee in an Award Agreement, a Participant’s unvested Award shall vest automatically and a Participant’s Award shall be treated in accordance with one
of the following methods as determined by the Committee: 
 (a) Awards, whether or not then vested, shall be continued or
assumed, as determined by the Committee, and restrictions to which shares of Restricted Stock or any other Award granted prior to the Change in Control are subject shall not lapse upon a Change in Control and the Restricted Stock or other Award
shall, where appropriate in the sole discretion of the Committee, receive the same distribution as other Common Stock on such terms as determined by the Committee; provided that the Committee may decide to award additional Restricted Stock or other
Awards in lieu of any cash distribution. Notwithstanding anything to the contrary herein, for purposes of Incentive Stock Options, any assumed or substituted Stock Option shall comply with the requirements of Treasury Regulation Section 1.424-1
(and any amendment thereto). 
 (b) The Committee, in its sole discretion, may provide for the purchase of any Awards by the
Company or an Affiliate for an amount of cash equal to the excess of the Change in Control Price (as defined below) of the shares of Common Stock covered by such Awards, over the aggregate exercise price of such Awards. For purposes of this
Section 5.4, “Change in Control Price” shall mean the highest price per share of Common Stock paid in any transaction related to a Change in Control of the Company. 

(c) The Committee may, in its sole discretion, terminate all outstanding and unexercised Stock Options, Stock Appreciation Rights, or any
Other Stock-Based Award that provide for a Participant elected exercise, effective as of the date of the Change in Control, by delivering notice of termination to each Participant at least twenty (20) days prior to the date of consummation of
the Change in Control, in which case during the period from the date on which such notice of termination is delivered to the consummation of the Change in Control, each such Participant shall have the right to exercise in full all of such
Participant’s Awards that are then outstanding (without regard to any limitations on exercisability otherwise contained in the Award Agreements), but any such exercise shall be contingent on the occurrence of the Change in Control, and,
provided that, if the Change in Control does not take place within a specified period after giving such notice for any reason whatsoever, the notice and exercise pursuant thereto shall be null and void. 

(d) Notwithstanding any other provision herein to the contrary, the Committee may, in its sole discretion, provide for accelerated vesting
or lapse of restrictions, of an Award at any time. 

  
 12 

 (e) Unless otherwise provided by the Committee in the applicable Award Agreement or other
written agreement approved by the Committee, a “Change in Control” shall be deemed to occur if: 
 (i) any
“person” as such term is used in Sections 13(d) and 14(d) of the Exchange Act) (other than the Company, any trustee or other fiduciary holding securities under any employee benefit plan of the Company, or any company owned, directly or
indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of Common Stock of the Company), becoming the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities; 
 (ii) any “person” as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than the Company, any trustee or other fiduciary holding securities under any employee benefit plan
of the Company, any company owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of Common Shares of the Company), becoming the beneficial owner (as defined in Rule 13d-3 under
the Exchange Act) in one or a series of related transactions during any 12-month period, directly or indirectly, of securities of the Company representing 30% or more of the combined voting power of the Company’s then outstanding securities;

 (iii) during any one-year period, individuals who at the beginning of such period constitute the Board, and any new director
(other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in paragraph (i), (ii), (iv) or (v) of this definition of “Change in Control” or a director whose
initial assumption of office occurs as a result of either an actual or threatened election contest (as such term is used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or
consents by or on behalf of a person other than the Board) whose election by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who
either were directors at the beginning of the one-year period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the Board; 

(iv) a merger or consolidation of the Company or a direct or indirect subsidiary of the Company with any other company, other than a
merger or consolidation which would result in either the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving
entity) more than 50% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation (or the ultimate parent company of the Company or such surviving entity);
provided, however, that a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no person (other than those covered by the exceptions in subparagraphs (ii) and (iii)) acquires more
than 50% of the combined voting power of the Company’s then outstanding securities shall not constitute a Change in Control; or 

  
 13 

 (v) the consummation of a sale or disposition of assets of the Company and/or its direct
and indirect subsidiaries having a value constituting at least 40% of the total gross fair market value of all of the assets of the Company and its direct and indirect subsidiaries (on a consolidated basis) immediately prior to such transaction,
other than the sale or disposition of all or substantially all of the assets of the Company or a person or persons who beneficially own, directly or indirectly, more than 50% of the combined voting power of the outstanding voting securities of the
Company at the time of the sale. 
 Notwithstanding the foregoing, with respect to any Award that is characterized as “nonqualified
deferred compensation” within the meaning of Section 409A of the Code, an event shall not be considered to be a Change in Control under the Plan for purposes of payment of such Award unless such event is also a “change in
ownership,” a “change in effective control” or a “change in the ownership of a substantial portion of the assets” of the Company within the meaning of Section 409A of the Code. 

(f) Notwithstanding the foregoing, for purposes of the Plan, the occurrence of the Registration Date shall not be considered a Change in
Control. 
 ARTICLE VI 
 ELIGIBILITY 
 6.1 General Eligibility. All current and
prospective Eligible Individuals are eligible to be granted Awards. Eligibility for the grant of Awards and actual participation in the Plan shall be determined by the Committee. 

6.2 Incentive Stock Options. Notwithstanding the foregoing, only Eligible Employees of the Company, its Subsidiaries and
its Parent (if any) are eligible to be granted Incentive Stock Options under the Plan. Eligibility for the grant of an Incentive Stock Option and actual participation in the Plan shall be determined by the Committee. 

6.3 General Requirement. The vesting and exercise of Awards granted to a prospective Eligible Individual are conditioned
upon such individual actually becoming an Eligible Employee, Consultant or Non-Employee Director, respectively. 
 ARTICLE VII

 STOCK OPTIONS 
 7.1 Options. Stock Options may be granted alone or in addition to other Awards granted under the Plan. Each Stock Option granted under the Plan shall be of one of two types: (a) an
Incentive Stock Option or (b) a Non-Qualified Stock Option. 
 7.2 Grants. The Committee shall have the
authority to grant to any Eligible Employee one or more Incentive Stock Options, Non-Qualified Stock Options, or both types of Stock Options. The Committee shall have the authority to grant any Consultant or Non-Employee Director one or more
Non-Qualified Stock Options. To the extent that any Stock Option does not qualify as an Incentive Stock Option (whether because of its provisions or the time or manner of its exercise or otherwise), such Stock Option or the portion thereof which
does not so qualify shall constitute a separate Non-Qualified Stock Option. 

  
 14 

 7.3 Incentive Stock Options. Notwithstanding anything in the Plan to the
contrary, no term of the Plan relating to Incentive Stock Options shall be interpreted, amended or altered, nor shall any discretion or authority granted under the Plan be so exercised, so as to disqualify the Plan under Section 422 of the
Code, or, without the consent of the Participants affected, to disqualify any Incentive Stock Option under such Section 422. 
 7.4 Terms of Options. Options granted under the Plan shall be subject to the following terms and conditions and shall be in such form and contain such additional terms and conditions, not
inconsistent with the terms of the Plan, as the Committee shall deem desirable: 
 (a) Exercise Price. The exercise price
per share of Common Stock subject to a Stock Option shall be provided by the Committee in the applicable Award Agreement at the time of grant, provided that the per share exercise price of a Stock Option shall not be less than 100% (or, in the case
of an Incentive Stock Option granted to a Ten Percent Stockholder, 110%) of the Fair Market Value of the Common Stock at the time of grant. 
 (b) Stock Option Term. The term of each Stock Option shall be fixed by the Committee, provided that no Stock Option shall be exercisable more than 10 years after the date the Option is granted; and
provided further that the term of an Incentive Stock Option granted to a Ten Percent Stockholder shall not exceed five years. Notwithstanding the foregoing, unless otherwise provided by the Committee in the applicable Award Agreement at the time of
grant, if, on the date on which the Option is scheduled to expire, the Participant is subject to a prohibition (either in connection with an underwritten public offering or pursuant to a Company-imposed blackout period designed to prevent trading on
the basis of non-public information) against the resale of the Common Stock that would be acquired upon exercise of the Option, the expiration of the Option shall be deferred to the thirtieth (30th) day after the lifting of such prohibition.

 (c) Exercisability. Unless otherwise provided by the Committee in accordance with the provisions of this
Section 7.4, Stock Options granted under the Plan shall be exercisable at such time or times and subject to such terms and conditions as shall be provided by the Committee in the applicable Award Agreement. If the Committee provides, in its
discretion, that any Stock Option is exercisable subject to certain limitations (including, without limitation, that such Stock Option is exercisable only in installments or within certain time periods), the Committee may waive such limitations on
the exercisability at any time at or after the time of grant in whole or in part (including, without limitation, waiver of the installment exercise provisions or acceleration of the time at which such Stock Option may be exercised), based on such
factors, if any, as the Committee shall determine. 
 (d) Method of Exercise. Subject to whatever installment exercise and
waiting period provisions apply under Section 7.4(c), to the extent vested, Stock Options may be exercised in whole or in part at any time during the Option term, by giving written notice of exercise to the Company specifying the number of
shares of Common Stock to be purchased. Such notice shall be accompanied by payment in full of the purchase price as follows: (i) in cash or by check, bank 

  
 15 

 
draft or money order payable to the order of the Company; (ii) solely to the extent permitted by applicable law, if the Common Stock is traded on a national securities exchange, and the
Committee authorizes, through a procedure whereby the Participant delivers irrevocable instructions to a broker reasonably acceptable to the Committee to deliver promptly to the Company an amount equal to the purchase price; or (iii) on such
other terms and conditions as may be acceptable to the Committee (including, without limitation, having the Company withhold shares of Common Stock issuable upon exercise of the Stock Option, or by payment in full or in part in the form of Common
Stock owned by the Participant, based on the Fair Market Value of the Common Stock on the payment date as determined by the Committee). No shares of Common Stock shall be issued until payment therefor, as provided herein, has been made or provided
for. 
 (e) Non-Transferability of Options. No Stock Option shall be Transferable by the Participant other than by will or
by the laws of descent and distribution, and all Stock Options shall be exercisable, during the Participant’s lifetime, only by the Participant. Notwithstanding the foregoing, the Committee may provide in the applicable Award Agreement at the
time of grant or thereafter that a Non-Qualified Stock Option that is otherwise not Transferable pursuant to this Section is Transferable to a Family Member or such other Person or entity in whole or in part and in such circumstances, and under such
conditions, as specified by the Committee. A Non-Qualified Stock Option that is Transferred to a Family Member or such other Person or entity, as applicable, pursuant to the preceding sentence (i) may not be subsequently Transferred other than
by will or by the laws of descent and distribution and (ii) remains subject to the terms of the Plan and the applicable Award Agreement. Any shares of Common Stock acquired upon the exercise of a Non-Qualified Stock Option by a permissible
transferee of a Non-Qualified Stock Option or a permissible transferee pursuant to a Transfer after the exercise of the Non-Qualified Stock Option shall be subject to the terms of the Plan and the applicable Award Agreement. 

(f) Termination by Death and Disability. Unless otherwise provided by the Committee in the applicable Award Agreement, or if no
rights of the Participant are reduced, thereafter, if a Participant’s Termination is by reason of death or Disability, all Stock Options that are held by such Participant that are vested and exercisable at the time of the Participant’s
Termination may be exercised by the Participant at any time within a period of one year from the date of such Termination, but in no event beyond the expiration of the stated term of such Stock Options; provided, however, that, following a
termination by reason of Disability, if the Participant dies within such exercise period, all unexercised Stock Options held by such Participant shall thereafter be exercisable, to the extent to which they were exercisable at the time of death, for
a period of one year from the date of such death, but in no event beyond the expiration of the stated term of such Stock Options. 
 (g) Involuntary Termination Without Cause. Unless otherwise provided by the Committee in the applicable Award Agreement, or if no rights of the Participant are reduced, thereafter, if a
Participant’s Termination is by involuntary termination by the Company without Cause, all Stock Options that are held by such Participant that are vested and exercisable at the time of the Participant’s Termination may be exercised by the
Participant at any time within a period of 90 days from the date of such Termination, but in no event beyond the expiration of the stated term of such Stock Options. 

  
 16 

 (h) Voluntary Termination. Unless otherwise provided by the Committee in the
applicable Award Agreement, or if no rights of the Participant are reduced, thereafter, if a Participant’s Termination is voluntary (other than a voluntary termination described in Section 7.4(i)(y) hereof), all Stock Options that are held
by such Participant that are vested and exercisable at the time of the Participant’s Termination may be exercised by the Participant at any time within a period of 90 days from the date of such Termination, but in no event beyond the expiration
of the stated term of such Stock Options. 
 (i) Termination for Cause. Unless otherwise provided by the Committee in the
applicable Award Agreement or if no rights of the Participant are reduced, thereafter, if a Participant’s Termination (x) is for Cause or (y) is a voluntary Termination (as provided in Section 7.4(h)) after the occurrence of an
event that would be grounds for a Termination for Cause, all Stock Options, whether vested or not vested, that are held by such Participant shall thereupon terminate and expire as of the date of such Termination. 

(j) Unvested Stock Options. Unless otherwise provided by the Committee in the applicable Award Agreement, or if no rights of the
Participant are reduced, thereafter, Stock Options that are not vested as of the date of a Participant’s Termination for any reason shall terminate and expire as of the date of such Termination. 

(k) Incentive Stock Option Limitations. To the extent that the aggregate Fair Market Value (determined as of the time of grant) of
the Common Stock with respect to which Incentive Stock Options are exercisable for the first time by an Eligible Employee during any calendar year under the Plan and/or any other stock option plan of the Company, any Subsidiary or any Parent exceeds
$100,000, such Options shall be treated as Non-Qualified Stock Options. Should any provision of the Plan not be necessary in order for the Stock Options to qualify as Incentive Stock Options, or should any additional provisions be required, the
Committee may amend the Plan accordingly, without the necessity of obtaining the approval of the stockholders of the Company. 

(l) Form, Modification, Extension and Renewal of Stock Options. Subject to the terms and conditions and within the limitations of
the Plan, Stock Options shall be evidenced by such form of agreement or grant as is approved by the Committee, and the Committee may (i) modify, extend or renew outstanding Stock Options granted under the Plan (provided that the rights of a
Participant are not reduced without such Participant’s consent and provided further that such action does not subject the Stock Options to Section 409A of the Code without the consent of the Participant), and (ii) accept the surrender
of outstanding Stock Options (to the extent not theretofore exercised) and authorize the granting of new Stock Options in substitution therefor (to the extent not theretofore exercised). Notwithstanding anything herein to the contrary, except as
provided in Sections 5.2, 5.4 and 7.4(o), the Committee may not without the approval of the holders of the Company’s Common Stock entitled to vote in accordance with applicable law (i) lower the strike price of a Stock Option after it is
granted, or take any other action with the effect of lowering the strike price of a Stock Option after it is granted, or (ii) cancel a Stock Option in exchange for cash or another Award. 

(m) Deferred Delivery of Common Shares. The Committee may in its discretion permit Participants to defer delivery of Common
Stock acquired pursuant to a Participant’s exercise of an Option in accordance with the terms and conditions established by the Committee, which shall be intended to comply with the requirements of Section 409A of the Code. 

  
 17 

 (n) Early Exercise. The Committee may provide that a Stock Option include a provision
whereby the Participant may elect at any time before the Participant’s Termination to exercise the Stock Option as to any part or all of the shares of Common Stock subject to the Stock Option prior to the full vesting of the Stock Option and
such shares shall be subject to the provisions of Article IX and be treated as Restricted Stock. Unvested shares of Common Stock so purchased may be subject to a repurchase option in favor of the Company or to any other restriction the Committee
determines to be appropriate. 
 (o) Cashing-Out of Stock Options. Unless otherwise provided in the Award Agreement, on
receipt of written notice of exercise, the Committee may elect to cash-out all or part of the portion of the shares for which an Option is being exercised by paying the optionee an amount, in cash or shares of Common Stock, equal to the excess of
the Fair Market Value of the shares of Common Stock over the exercise price multiplied by the number of shares of Common Stock for which the Option is being exercised on the effective date of such cash-out. 

(p) Other Terms and Conditions. The Committee may include a provision in an Award Agreement providing for the automatic exercise of
a Non-Qualified Stock Option on a cashless basis on the last day of the term of such Option if the Participant has failed to exercise the Non-Qualified Stock Option as of such date, with respect to which the Fair Market Value of the shares of Common
Stock underlying the Non-Qualified Stock Option exceeds the exercise price of such Non-Qualified Stock Option on the date of expiration of such Option, subject to Section 14.4. Stock Options may contain such other provisions, which shall not be
inconsistent with any of the terms of the Plan, as the Committee shall deem appropriate. 
 ARTICLE VIII 

STOCK APPRECIATION RIGHTS 
 8.1 Tandem Stock Appreciation Rights. Stock Appreciation Rights may be granted in conjunction with all or part of any Stock Option (a “Reference Stock Option”) granted under
the Plan (“Tandem Stock Appreciation Rights”). In the case of a Non-Qualified Stock Option, such rights may be granted either at or after the time of the grant of such Reference Stock Option. In the case of an Incentive Stock
Option, such rights may be granted only at the time of the grant of such Reference Stock Option. 
 8.2 Terms and
Conditions of Tandem Stock Appreciation Rights. Tandem Stock Appreciation Rights granted hereunder shall be subject to such terms and conditions, not inconsistent with the provisions of the Plan, as shall be provided by the Committee in the
applicable Award Agreement, and the following: 
 (a) Exercise Price. The exercise price per share of Common Stock
subject to a Tandem Stock Appreciation Right shall be provided by the Committee in the applicable Award Agreement, provided that the per share exercise price of a Tandem Stock Appreciation Right shall not be less than 100% of the Fair Market Value
of the Common Stock at the time of grant. 

  
 18 

 (b) Term. A Tandem Stock Appreciation Right or applicable portion thereof granted
with respect to a Reference Stock Option shall terminate and no longer be exercisable upon the termination or exercise of the Reference Stock Option, except that, unless otherwise provided by the Committee in the applicable Award Agreement, a Tandem
Stock Appreciation Right granted with respect to less than the full number of shares covered by the Reference Stock Option shall not be reduced until, and then only to the extent that the exercise or termination of the Reference Stock Option causes,
the number of shares covered by the Tandem Stock Appreciation Right to exceed the number of shares remaining available and unexercised under the Reference Stock Option. 
 (c) Exercisability. Tandem Stock Appreciation Rights shall be exercisable only at such time or times and to the extent that the Reference Stock Options to which they relate shall be exercisable in
accordance with the provisions of Article VII, and shall be subject to the provisions of Section 7.4(c). 
 (d) Method of
Exercise. A Tandem Stock Appreciation Right may be exercised by the Participant by surrendering the applicable portion of the Reference Stock Option. Upon such exercise and surrender, the Participant shall be entitled to receive an amount
determined in the manner prescribed in this Section 8.2. Stock Options which have been so surrendered, in whole or in part, shall no longer be exercisable to the extent that the related Tandem Stock Appreciation Rights have been exercised.

 (e) Payment. Upon the exercise of a Tandem Stock Appreciation Right, a Participant shall be entitled to receive up to,
but no more than, an amount in cash and/or Common Stock (as chosen by the Committee) equal in value to the excess of the Fair Market Value of one share of Common Stock over the Option exercise price per share specified in the Reference Stock Option
agreement multiplied by the number of shares of Common Stock in respect of which the Tandem Stock Appreciation Right shall have been exercised, with the Committee having the right to determine the form of payment. 

(f) Deemed Exercise of Reference Stock Option. Upon the exercise of a Tandem Stock Appreciation Right, the Reference Stock Option
or part thereof to which such Stock Appreciation Right is related shall be deemed to have been exercised for the purpose of the limitation set forth in Article IV of the Plan on the number of shares of Common Stock to be issued under the Plan.

 (g) Non-Transferability. Tandem Stock Appreciation Rights shall be Transferable only when and to the extent that the
underlying Stock Option would be Transferable under Section 7.4(e) of the Plan. 
 8.3 Non-Tandem Stock Appreciation
Rights. Non-Tandem Stock Appreciation Rights may also be granted without reference to any Stock Options granted under the Plan. 
 8.4 Terms and Conditions of Non-Tandem Stock Appreciation Rights. Non-Tandem Stock Appreciation Rights granted hereunder shall be subject to such terms and conditions, not inconsistent with
the provisions of the Plan, as shall be provided by the Committee in the applicable Award Agreement, and the following: 

  
 19 

 (a) Exercise Price. The exercise price per share of Common Stock subject to a
Non-Tandem Stock Appreciation Right shall be provided by the Committee in the applicable Award Agreement at the time of grant, provided that the per share exercise price of a Non-Tandem Stock Appreciation Right shall not be less than 100% of the
Fair Market Value of the Common Stock at the time of grant. 
 (b) Term. The term of each Non-Tandem Stock Appreciation
Right shall be fixed by the Committee, but shall not be greater than 10 years after the date the right is granted. Notwithstanding the foregoing, unless otherwise provided by the Committee in the applicable Award Agreement at the time of grant, if,
on the date on which the SAR is scheduled to expire, the Participant is subject to a prohibition (either in connection with an underwritten public offering or pursuant to a Company-imposed blackout period designed to prevent trading on the basis of
non-public information) against the resale of the Common Stock that would be acquired upon exercise of the SAR, the expiration of the SAR shall be deferred to the thirtieth (30) day after the lifting of such prohibition. 

(c) Exercisability. In accordance with the provisions of this Section 8.4, Non-Tandem Stock Appreciation Rights granted under
the Plan shall be exercisable at such time or times and subject to such terms and conditions as shall be provided by the Committee in the applicable Award Agreement. If the Committee provides, in its discretion, that any such right is exercisable
subject to certain limitations (including, without limitation, that it is exercisable only in installments or within certain time periods), the Committee may waive such limitations on the exercisability at any time at or after grant in whole or in
part (including, without limitation, waiver of the installment exercise provisions or acceleration of the time at which such right may be exercised), based on such factors, if any, as the Committee shall determine. 

(d) Method of Exercise. Subject to whatever installment exercise and waiting period provisions apply under Section 8.4(c),
Non-Tandem Stock Appreciation Rights may be exercised in whole or in part at any time in accordance with the applicable Award Agreement, by giving written notice of exercise to the Company specifying the number of Non-Tandem Stock Appreciation
Rights to be exercised. 
 (e) Payment. Upon the exercise of a Non-Tandem Stock Appreciation Right a Participant shall be
entitled to receive, for each right exercised, up to, but no more than, an amount in cash and/or Common Stock (as chosen by the Committee) equal in value to the excess of the Fair Market Value of one share of Common Stock on the date that the right
is exercised over the Fair Market Value of one share of Common Stock on the date that the right was awarded to the Participant. 

(f) Termination. Unless otherwise provided by the Committee in the applicable Award Agreement at the time of grant or, if no rights
of the Participant are reduced, thereafter, subject to the provisions of the applicable Award Agreement and the Plan, upon a Participant’s Termination for any reason, Non-Tandem Stock Appreciation Rights will remain exercisable following a
Participant’s Termination on the same basis as Stock Options would be exercisable following a Participant’s Termination in accordance with the provisions of Sections 7.4(f) through 7.4(j). 

  
 20 

 (g) Non-Transferability. No Non-Tandem Stock Appreciation Rights shall be
Transferable by the Participant other than by will or by the laws of descent and distribution, and all such rights shall be exercisable, during the Participant’s lifetime, only by the Participant. 

8.5 Limited Stock Appreciation Rights. The Committee may grant Tandem and Non-Tandem Stock Appreciation Rights either as a
general Stock Appreciation Right or as a Limited Stock Appreciation Right. Limited Stock Appreciation Rights may be exercised only upon the occurrence of a Change in Control or such other event as the Committee may designate at the time of grant or
thereafter. Upon the exercise of Limited Stock Appreciation Rights, except as otherwise provided in an Award Agreement, the Participant shall receive in cash and/or Common Stock, an amount equal to the amount (i) set forth in
Section 8.2(e) with respect to Tandem Stock Appreciation Rights, or (ii) set forth in Section 8.4(e) with respect to Non-Tandem Stock Appreciation Rights. 
 8.6 Form, Modification, Extension and Renewal of SARs. Subject to the terms and conditions and within the limitations of the Plan, SARs shall be evidenced by such form of agreement or grant
as is approved by the Committee, and the Committee may (i) modify, extend or renew outstanding SARs granted under the Plan (provided that the rights of a Participant are not reduced without such Participant’s consent and provided further
that such action does not subject the SARs to Section 409A of the Code without the consent of the Participant), and (ii) accept the surrender of outstanding SARs (to the extent not theretofore exercised) and authorize the granting of new
SARs in substitution therefor (to the extent not theretofore exercised). Notwithstanding anything herein to the contrary, except as provided in Sections 5.2, 5.4 and 8.8, the Committee may not without the approval of the holders of the
Company’s Common Stock entitled to vote in accordance with applicable law (i) lower the base price of an SAR after it is granted, or take any other action with the effect of lowering the base price of an SAR after it is granted, or
(ii) cancel a SAR in exchange for cash or another Award. 
 8.7 Deferred Delivery of Common
Shares. The Committee may in its discretion permit Participants to defer delivery of cash or Common Stock acquired pursuant to a Participant’s exercise of an SAR in accordance with the terms and conditions established by
the Committee, which shall be intended to comply with the requirements of Section 409A of the Code. 
 8.8
Cashing-Out of SARs. Unless otherwise provided in the Award Agreement, on receipt of written notice of exercise, the Committee may elect to cash-out all or part of the portion of the shares underlying a SAR by paying the holder an amount,
in cash or shares of Common Stock, equal to the excess of the Fair Market Value of the shares of Common Stock over the base price multiplied by the number of shares of Common Stock for which the SAR is being exercised on the effective date of such
cash-out. 
 8.9 Other Terms and Conditions. The Committee may include a provision in an Award Agreement providing
for the automatic exercise of a Stock Appreciation Right on a cashless basis on the last day of the term of such Stock Appreciation Right if the Participant has failed to exercise the Stock Appreciation Right as of such date, with respect to which
the Fair Market Value of the shares of Common Stock underlying the Stock Appreciation Right exceeds the exercise price of such Stock Appreciation Right on the date of expiration of such Stock Appreciation Right, subject to Section 14.4. Stock
Appreciation Rights may contain such other provisions, which shall not be inconsistent with any of the terms of the Plan, as the Committee shall deem appropriate. 

  
 21 

 ARTICLE IX 
 RESTRICTED STOCK 
 9.1 Awards of Restricted Stock. Shares of
Restricted Stock may be issued either alone or in addition to other Awards granted under the Plan. The Committee shall determine the Eligible Individuals, to whom, and the time or times at which, grants of Restricted Stock shall be made, the number
of shares to be awarded, the price (if any) to be paid by the Participant (subject to Section 9.2), the time or times within which such Awards may be subject to forfeiture, the vesting schedule and rights to acceleration thereof, and all other
terms and conditions of the Awards. 
 The Committee may condition the grant or vesting of Restricted Stock upon the attainment
of specified performance targets (including, the Performance Goals) or such other factor as the Committee may determine, including to comply with the requirements of Section 162(m) of the Code. 

9.2 Awards and Certificates. Eligible Individuals selected to receive Restricted Stock shall not have any right with
respect to such Award, unless and until such Participant has delivered a fully executed copy of the agreement evidencing the Award to the Company, to the extent required by the Committee, and has otherwise complied with the applicable terms and
conditions of such Award. Further, such Award shall be subject to the following conditions: 
 (a) Purchase Price. The
purchase price of Restricted Stock shall be fixed by the Committee. Subject to Section 4.2(e), the purchase price for shares of Restricted Stock may be zero to the extent permitted by applicable law. Unless otherwise determined by the
Committee, the purchase price of Restricted Stock shall be zero. 
 (b) Acceptance. Awards of Restricted Stock must be
accepted within a period of 60 days (or such shorter period as the Committee may specify at grant) after the grant date, by executing a Restricted Stock agreement and by paying whatever price (if any) the Committee has designated thereunder.

 (c) Legend. Each Participant receiving Restricted Stock shall be issued a stock certificate in respect of such shares
of Restricted Stock, unless the Committee elects to use another system, such as book entries by the transfer agent, as evidencing ownership of shares of Restricted Stock. Unless otherwise determined by the Committee in the applicable Award Agreement
or another legend is adopted by the Committee, such certificate shall be registered in the name of such Participant, and shall, in addition to such legends required by applicable securities laws, bear an appropriate legend referring to the terms,
conditions, and restrictions applicable to such Award, substantially in the following form: 
 “The anticipation,
alienation, attachment, sale, transfer, assignment, pledge, encumbrance or charge of the shares of stock represented hereby are subject to the terms and conditions (including forfeiture) of the Masonite International Corporation (the
“Company”) 2012 Equity Incentive Plan (the “Plan”) and an Agreement entered into between the registered owner and the Company dated
                    . Copies of such Plan and Agreement are on file at the principal office of the Company.” 

  
 22 

 (d) Custody. If stock certificates are issued in respect of shares of Restricted
Stock, the Committee may require that any stock certificates evidencing such shares be held in custody by the Company until the restrictions thereon shall have lapsed, and that, as a condition of any grant of Restricted Stock, the Participant shall
have delivered a duly signed stock power or other instruments of assignment (including a power of attorney), each endorsed in blank with a guarantee of signature if deemed necessary or appropriate by the Company, which would permit transfer to the
Company of all or a portion of the shares subject to the Restricted Stock Award in the event that such Award is forfeited in whole or part. 
 9.3 Restrictions and Conditions. The shares of Restricted Stock awarded pursuant to the Plan shall be subject to the following restrictions and conditions: 

(a) Restriction Period. (i) The Participant shall not be permitted to Transfer shares of Restricted Stock awarded under the
Plan during the period or periods set by the Committee (the “Restriction Period”) commencing on the date of such Award, as set forth in the Restricted Stock Award Agreement and such agreement shall set forth a vesting schedule and
any event that would accelerate vesting of the shares of Restricted Stock. Within these limits, based on service, attainment of Performance Goals pursuant to Section 9.3(a)(ii) and/or such other factors or criteria as the Committee may
determine, the Committee may condition the grant or provide for the lapse of such restrictions in installments in whole or in part, or may accelerate the vesting of all or any part of any Restricted Stock Award and/or waive the deferral limitations
for all or any part of any Restricted Stock Award. 
 (ii) If the grant of shares of Restricted Stock or the lapse of
restrictions is based on the attainment of Performance Goals, the Committee shall establish the objective Performance Goals and the applicable vesting percentage of the Restricted Stock applicable to each Participant or class of Participants in
writing prior to the beginning of the applicable fiscal year or at such later date as otherwise determined by the Committee and while the outcome of the Performance Goals are substantially uncertain. Such Performance Goals may incorporate provisions
for disregarding (or adjusting for) changes in accounting methods, corporate transactions (including, without limitation, dispositions and acquisitions) and other similar type events or circumstances. With regard to a Restricted Stock Award that is
intended to comply with Section 162(m) of the Code, to the extent that any such provision would create impermissible discretion under Section 162(m) of the Code or otherwise violate Section 162(m) of the Code, such provision shall be
of no force or effect. 
 (b) Rights as a Stockholder. Except as provided in Section 9.3(a) and this
Section 9.3(b) or as otherwise provided by the Committee in the applicable Award Agreement at the time of grant, the Participant shall have, with respect to the shares of Restricted Stock, all of the rights of a holder of shares of Common Stock
of the Company, including, without limitation, the right to receive dividends, the right to vote such shares and, subject to and conditioned upon the full vesting of shares of Restricted Stock, the right to tender such shares. The Committee may
provide in the applicable Award Agreement at the time of grant that the payment of dividends shall be deferred until, and conditioned upon, the expiration of the applicable Restriction Period. 

  
 23 

 (c) Termination. Unless otherwise provided by the Committee in the applicable Award
Agreement at grant or, if no rights of the Participant are reduced, thereafter, subject to the applicable provisions of the Award Agreement and the Plan, upon a Participant’s Termination for any reason during the relevant Restriction Period,
all Restricted Stock still subject to restriction will be forfeited in accordance with the terms and conditions established by the Committee at grant or thereafter. 
 (d) Lapse of Restrictions. If and when the Restriction Period expires without a prior forfeiture of the Restricted Stock, the certificates for such shares shall be delivered to the Participant. All
legends shall be removed from said certificates at the time of delivery to the Participant, except as otherwise required by applicable law or other limitations imposed by the Committee. 

(e) Deferred Delivery. The Committee may in its discretion permit Participants to defer Restricted Stock Awards in
accordance with the terms and conditions established by the Committee, which shall be intended to comply with the requirements of Section 409A of the Code. 
 ARTICLE X 
 PERFORMANCE AWARDS 

10.1 Performance Awards. The Committee may grant a Performance Award to a Participant payable upon the attainment of
specific Performance Goals. The Committee may grant Performance Awards that are intended to qualify as “performance-based compensation” under Section 162(m) of the Code, as well as Performance Awards that are not intended to qualify
as “performance-based compensation” under Section 162(m) of the Code. If the Performance Award is payable in shares of Restricted Stock, such shares shall be transferable to the Participant only upon attainment of the relevant
Performance Goal in accordance with Article IX. If the Performance Award is payable in cash, it may be paid upon the attainment of the relevant Performance Goals either in cash or in shares of Restricted Stock (based on the then current Fair Market
Value of such shares), as provided by the Committee in the applicable Award Agreement at the time of grant. Each Performance Award shall be evidenced by an Award Agreement in such form that is not inconsistent with the Plan and that the Committee
may from time to time approve. 
 With respect to Performance Awards that are intended to qualify as “performance-based
compensation” under Section 162(m) of the Code, the Committee shall condition the right to payment of any Performance Award upon the attainment of objective Performance Goals established pursuant to Section 10.2(c). 

10.2 Terms and Conditions. Performance Awards awarded pursuant to this Article X shall be subject to the following terms
and conditions: 

  
 24 

 (a) Earning of Performance Award. At the expiration of the applicable Performance
Period, the Committee shall determine the extent to which the Performance Goals established pursuant to Section 10.2(c) are achieved and the percentage of each Performance Award that has been earned. 

(b) Non-Transferability. Subject to the applicable provisions of the Award Agreement and the Plan, Performance Awards may not be
Transferred during the Performance Period. 
 (c) Objective Performance Goals, Formulae or Standards. With respect to
Performance Awards that are intended to qualify as “performance-based compensation” under Section 162(m) of the Code, the Committee shall establish the objective Performance Goals for the earning of Performance Awards based on a
Performance Period applicable to each Participant or class of Participants in writing prior to the beginning of the applicable Performance Period or at such later date as permitted under Section 162(m) of the Code and while the outcome of the
Performance Goals are substantially uncertain. Such Performance Goals may incorporate, if and only to the extent permitted under Section 162(m) of the Code, provisions for disregarding (or adjusting for) changes in accounting methods, corporate
transactions (including, without limitation, dispositions and acquisitions) and other similar type events or circumstances. To the extent that any such provision would create impermissible discretion under Section 162(m) of the Code or
otherwise violate Section 162(m) of the Code, such provision shall be of no force or effect, with respect to Performance Awards that are intended to qualify as “performance-based compensation” under Section 162(m) of the Code.

 (d) Dividends. Unless otherwise provided by the Committee in the applicable Award Agreement at the time of grant,
amounts equal to dividends declared during the Performance Period with respect to the number of shares of Common Stock covered by a Performance Award will not be paid to the Participant. 

(e) Payment. Following the Committee’s determination in accordance with Section 10.2(a), the Company shall settle
Performance Awards, in such form (including, without limitation, in shares of Common Stock or in cash) as determined by the Committee, in an amount equal to such Participant’s earned Performance Awards. With respect to any Award that is
intended to qualify as “performance-based compensation” under Section 162(m) of the Code, the Committee shall be precluded from having discretion to increase the amount of compensation payable under the terms of such Award.

 (f) Termination. Subject to the applicable provisions of the Award Agreement and the Plan, upon a Participant’s
Termination for any reason during the Performance Period for a given Performance Award, the Performance Award in question will vest or be forfeited in accordance with the terms and conditions established by the Committee at grant. 

(g) Accelerated Vesting. Based on service, performance and/or such other factors or criteria, if any, as the Committee may
determine, the Committee may, at or after grant, accelerate the vesting of all or any part of any Performance Award. 

  
 25 

 (h) Deferred Delivery. The Committee may in its discretion permit Participants
to defer Performance Awards in accordance with the terms and conditions established by the Committee, which shall be intended to comply with the requirements of Section 409A of the Code. 

ARTICLE XI 

OTHER STOCK-BASED AWARDS (INCLUDING RESTRICTED STOCK UNITS) 
 AND CASH-BASED AWARDS 
 11.1 Other Stock-Based Awards (Restricted
Stock Units). The Committee is authorized to grant to Eligible Individuals Other Stock-Based Awards that are payable in, valued in whole or in part by reference to, or otherwise based on or related to shares of Common Stock, including but
not limited to, shares of Common Stock awarded purely as a bonus and not subject to restrictions or conditions, shares of Common Stock in payment of the amounts due under an incentive or performance plan sponsored or maintained by the Company or an
Affiliate, restricted stock units, stock equivalent units, and Awards valued by reference to book value of shares of Common Stock. Other Stock-Based Awards may be granted either alone or in addition to or in tandem with other Awards granted under
the Plan. 
 Subject to the provisions of the Plan, the Committee shall have authority to determine the Eligible Individuals, to
whom, and the time or times at which, such Awards shall be made, the number of shares of Common Stock to be awarded pursuant to such Awards, and all other conditions of the Awards. The Committee may also provide for the grant of Common Stock under
such Awards upon the completion of a specified Performance Period. 
 The Committee may condition the grant or vesting of Other
Stock-Based Awards upon the attainment of specified Performance Goals as the Committee may determine; provided that to the extent that such Other Stock-Based Awards are intended to comply with Section 162(m) of the Code, the Committee shall
establish the objective Performance Goals for the grant or vesting of such Other Stock-Based Awards based on a Performance Period applicable to each Participant or class of Participants in writing prior to the beginning of the applicable Performance
Period or at such later date as permitted under Section 162(m) of the Code and while the outcome of the Performance Goals are substantially uncertain. Such Performance Goals may incorporate, if and only to the extent permitted under
Section 162(m) of the Code, provisions for disregarding (or adjusting for) changes in accounting methods, corporate transactions (including, without limitation, dispositions and acquisitions) and other similar type events or circumstances. To
the extent that any such provision would create impermissible discretion under Section 162(m) of the Code or otherwise violate Section 162(m) of the Code, such provision shall be of no force or effect, with respect to Performance Awards
that are intended to qualify as “performance-based compensation” under Section 162(m) of the Code. 
 11.2
Terms and Conditions. Other Stock-Based Awards made pursuant to this Article XI shall be subject to the following terms and conditions: 
 (a) Non-Transferability. Subject to the applicable provisions of the Award Agreement and the Plan, shares of Common Stock subject to Awards made under this Article XI may not be Transferred prior
to the date on which the shares are issued, or, if later, the date on which any applicable restriction, performance or deferral period lapses. 

  
 26 

 (b) Dividends. Unless otherwise provided by the Committee in the applicable Award
Agreement at the time of grant, subject to the provisions of the Award Agreement and the Plan, the recipient of an Award under this Article XI shall not be entitled to receive, currently or on a deferred basis, dividends or dividend equivalents in
respect of the number of shares of Common Stock covered by the Award. 
 (c) Vesting. Any Award under this Article XI and
any Common Stock covered by any such Award shall vest or be forfeited to the extent so provided in the Award Agreement. 
 (d)
Price. Common Stock issued on a bonus basis under this Article XI may be issued for no cash consideration. Common Stock purchased pursuant to a purchase right awarded under this Article XI shall be priced, as determined by the Committee.

 (e) Deferred Delivery. The Committee may in its discretion permit Participants to defer any Award granted under
this Article XI in accordance with the terms and conditions established by the Committee, which shall be intended to comply with the requirements of Section 409A of the Code. 

11.3 Other Cash-Based Awards. The Committee may from time to time grant Other Cash-Based Awards to Eligible Individuals in
such amounts, on such terms and conditions, and for such consideration, including no consideration or such minimum consideration as may be required by applicable law. Other Cash-Based Awards may be granted subject to the satisfaction of vesting
conditions or may be awarded purely as a bonus and not subject to restrictions or conditions, and if subject to vesting conditions, the Committee may accelerate the vesting of such Awards at any time. The grant of an Other Cash-Based Award shall not
require a segregation of any of the Company’s assets for satisfaction of the Company’s payment obligation thereunder. 

ARTICLE XII 

TERMINATION OR AMENDMENT OF PLAN 
 12.1 Termination or Amendment. Notwithstanding any other provision of the Plan, the Board may at any time, and from time to time, amend, in whole or in part, any or all of the provisions of
the Plan (including any amendment deemed necessary to ensure that the Company may comply with any regulatory requirement referred to in Article XIV or Section 409A of the Code), or suspend or terminate it entirely, retroactively or otherwise;
provided, however, that, unless otherwise required by law or specifically provided herein, the rights of a Participant with respect to Awards granted prior to such amendment, suspension or termination, may not be impaired without the consent of such
Participant and, provided further, that, (A) following the Registration Date, without the approval of the holders of the Company’s Common Stock entitled to vote in accordance with applicable law, no amendment may be made that would
(i) increase the aggregate number of shares of Common Stock that may be issued under the Plan (except by operation of Article V); (ii) increase the maximum individual Participant limitations for a fiscal year under Section 4.2 (except
by operation of Article V); (iii) change the classification of individuals eligible to receive Awards under the Plan; (iv) decrease the minimum option price of 

  
 27 

 
any Stock Option or Stock Appreciation Right; (v) extend the maximum option period under Section 7.4; (vi) alter the Performance Goals for Restricted Stock, Performance Awards or
Other Stock-Based Awards as set forth in Exhibit A hereto; and (B) at any time without the approval of the holders of the Company’s Common Stock entitled to vote in accordance with applicable law, no amendment may be made that
would (i) except in accordance with Sections 5.2, 5.4, 7.4(o) or 8.8, award any Stock Option or Stock Appreciation Right in replacement of a canceled Stock Option or Stock Appreciation Right with a higher exercise price than the replacement
award or cancel any Stock Option or Stock Appreciation Right in exchange for cash or another Award; (ii) amend Sections 7.4(l) or 8.6 of the Plan or clause (i) of this Section 12.1(B) to eliminate the requirement relating to
stockholder approval; or (iii) require stockholder approval in order for the Plan to continue to comply with the applicable provisions of Section 162(m) of the Code or, to the extent applicable to Incentive Stock Options, Section 422
of the Code. Following the Registration Date, in no event may the Plan be amended without the approval of the stockholders of the Company in accordance with the applicable laws of British Columbia to increase the aggregate number of shares of Common
Stock that may be issued under the Plan, decrease the minimum exercise price of any Award, or to make any other amendment that would require stockholder approval under Financial Industry Regulatory Authority (FINRA) rules and regulations or the
rules of any exchange or system on which the Company’s securities are listed or traded at the request of the Company. Notwithstanding anything herein to the contrary, the Board may amend the Plan or any Award Agreement at any time without a
Participant’s consent to comply with applicable law including Section 409A of the Code. 
 The Committee may amend the
terms of any Award theretofore granted, prospectively or retroactively, but, subject to Article IV or as otherwise specifically provided herein, no such amendment or other action by the Committee shall impair the rights of any holder without the
holder’s consent. 
 ARTICLE XIII 
 UNFUNDED STATUS OF PLAN 
 The Plan is intended to constitute an
“unfunded” plan for incentive and deferred compensation. With respect to any payment as to which a Participant has a fixed and vested interest but which are not yet made to a Participant by the Company, nothing contained herein shall give
any such Participant any right that is greater than those of a general unsecured creditor of the Company. 
 ARTICLE XIV

 GENERAL PROVISIONS 
 14.1 Legend. The Committee may require each Person receiving shares of Common Stock pursuant to a Stock Option or other Award under the Plan to represent to and agree with the Company in
writing that the Participant is acquiring the shares without a view to distribution thereof. In addition to any legend required by the Plan, the certificates for such shares may include any legend that the Committee deems appropriate to reflect any
restrictions on Transfer. All certificates for shares of Common Stock delivered under the Plan shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations and other
requirements of the Securities and Exchange Commission, any stock 

  
 28 

 
exchange upon which the Common Stock is then listed or any national securities exchange system upon whose system the Common Stock is then quoted, any applicable federal or state securities law,
and any applicable corporate law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 
 14.2 Other Plans. Nothing contained in the Plan shall prevent the Board from adopting other or additional compensation arrangements, subject to stockholder approval if such approval is
required, and such arrangements may be either generally applicable or applicable only in specific cases. 
 14.3 No Right
to Employment/Directorship/Consultancy. Neither the Plan nor the grant of any Option or other Award hereunder shall give any Participant or other employee, Consultant or Non-Employee Director any right with respect to continuance of
employment, consultancy or directorship by the Company or any Affiliate, nor shall there be a limitation in any way on the right of the Company or any Affiliate by which an employee is employed or a Consultant or Non-Employee Director is retained to
terminate such employment, consultancy or directorship at any time. 
 14.4 Withholding of Taxes. 

(a) General. As a condition to the settlement of any Award hereunder, a Participant shall be required to pay in cash, or to make
other arrangements satisfactory to the Company (including, without limitation, authorizing withholding from payroll and any other amounts payable to the Participant, including for greater certainty any cash proceeds payable on the sale of RSUs to
the Company), an amount sufficient to satisfy the minimum federal, state, local and foreign taxes of any kind (including, but not limited to, the Participant’s FICA and SDI obligations) which the Company, in its sole discretion, deems necessary
to comply with the Code and/or any other applicable law, rule or regulation with respect to the Award. Unless the tax withholding obligations of the Company are satisfied, the Company shall have no obligation to issue a certificate or book-entry
transfer for such shares of Common Stock. 
 (b) Shares Not Publicly Traded. Notwithstanding anything to the contrary in
Section 14.4(a), in the event the shares of Common Stock are not listed for trading on an established securities exchange on the date an Award is required to be settled then the Company shall, at the request of the Participant, deduct or
withhold Shares having a Fair Market Value equal to the minimum amount required to be withheld to satisfy any federal, state, local and foreign taxes of any kind (including, but not limited to, the Participant’s FICA and SDI obligations) which
the Company, in its sole discretion, deems necessary to comply with the Code and/or any other applicable law, rule or regulation with respect to such Award. 
 (c) Company Election to Pay Cash. Notwithstanding anything herein to the contrary, unless otherwise provided in the Award Agreement, in the event that the settlement of any Award is to be made in
Shares and such settlement would result in the Company having more than 1,990 shareholders (or such higher number of shareholders as determined by the Board, in its sole discretion), then the Board, in its sole and absolute discretion, may elect to
settle such Award in cash. 

  
 29 

 (d) Withholding Arrangements. The Committee, in its sole discretion and pursuant to
such procedures as it may specify from time to time, may permit or require a Participant to satisfy all or part of the tax withholding obligations in connection with an Award by (a) paying cash, (b) having the Company withhold otherwise
deliverable shares, (c) delivering to the Company already-owned shares having a Fair Market Value equal to the tax obligation, or (d) any combination of the foregoing. 

14.5 No Assignment of Benefits. No Award or other benefit payable under the Plan shall, except as otherwise specifically
provided by law or permitted by the Committee, be Transferable in any manner, and any attempt to Transfer any such benefit shall be void, and any such benefit shall not in any manner be liable for or subject to the debts, contracts, liabilities,
engagements or torts of any Person who shall be entitled to such benefit, nor shall it be subject to attachment or legal process for or against such Person. 
 14.6 Listing and Other Conditions. 
 (a) Unless otherwise determined
by the Committee, as long as the Common Stock is listed on a national securities exchange or system sponsored by a national securities association, the issuance of shares of Common Stock pursuant to an Award shall be conditioned upon such shares
being listed on such exchange or system. The Company shall have no obligation to issue such shares unless and until such shares are so listed, and the right to exercise any Option or other Award with respect to such shares shall be suspended until
such listing has been effected. 
 (b) If at any time counsel to the Company shall be of the opinion that any sale or delivery of
shares of Common Stock pursuant to an Option or other Award is or may in the circumstances be unlawful or result in the imposition of excise taxes on the Company under the statutes, rules or regulations of any applicable jurisdiction, the Company
shall have no obligation to make such sale or delivery, or to make any application or to effect or to maintain any qualification or registration under the Securities Act or otherwise, with respect to shares of Common Stock or Awards, and the right
to exercise any Option or other Award shall be suspended until, in the opinion of said counsel, such sale or delivery shall be lawful or will not result in the imposition of excise taxes on the Company. 

(c) Upon termination of any period of suspension under this Section 14.6, any Award affected by such suspension which shall not then
have expired or terminated shall be reinstated as to all shares available before such suspension and as to shares which would otherwise have become available during the period of such suspension, but no such suspension shall extend the term of any
Award. 
 (d) A Participant shall be required to supply the Company with certificates, representations and information that the
Company requests and otherwise cooperate with the Company in obtaining any listing, registration, qualification, exemption, consent or approval the Company deems necessary or appropriate. 

14.7 Stockholders Agreement and Other Requirements. Notwithstanding anything herein to the contrary, as a condition to the
receipt of shares of Common Stock pursuant to an Award under the Plan, to the extent required by the Committee, the Participant shall execute and 

  
 30 

 
deliver a stockholder’s agreement or such other documentation that shall set forth certain restrictions on transferability of the shares of Common Stock acquired upon exercise or purchase,
and such other terms as the Board or Committee shall from time to time establish. Such stockholder’s agreement or other documentation shall apply to the Common Stock acquired under the Plan and covered by such stockholder’s agreement or
other documentation. The Company may require, as a condition of exercise, the Participant to become a party to any other existing stockholder agreement (or other agreement). 
 14.8 Governing Law. Unless otherwise provided by the Committee in the applicable Award Agreement, the Plan and actions taken in connection herewith shall be governed and construed in
accordance with the laws of the State of Florida (regardless of the law that might otherwise govern under applicable Florida principles of conflict of laws). 
 14.9 Jurisdiction; Waiver of Jury Trial. Unless otherwise provided by the Committee in the applicable Award Agreement, any suit, action or proceeding with respect to the Plan or any Award
Agreement, or any judgment entered by any court of competent jurisdiction in respect of any thereof, shall be resolved only in the courts of the State of Florida or the United States District Court for the Middle District of Florida and the
appellate courts having jurisdiction of appeals in such courts. In that context, and without limiting the generality of the foregoing, the Company and each Participant shall irrevocably and unconditionally (a) submit in any proceeding relating
to the Plan or any Award Agreement, or for the recognition and enforcement of any judgment in respect thereof (a “Proceeding”), to the exclusive jurisdiction of the courts of the State of Florida, the court of the United States of
America for the Middle District of Florida, and appellate courts having jurisdiction of appeals from any of the foregoing, and agree that all claims in respect of any such Proceeding shall be heard and determined in such Florida State court or, to
the extent permitted by law, in such federal court, (b) consent that any such Proceeding may and shall be brought in such courts and waives any objection that the Company and each Participant may now or thereafter have to the venue or
jurisdiction of any such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agree not to plead or claim the same, (c) waive all right to trial by jury in any Proceeding (whether based on contract, tort
or otherwise) arising out of or relating to the Plan or any Award Agreement, (d) agree that service of process in any such Proceeding may be effected by mailing a copy of such process by registered or certified mail (or any substantially
similar form of mail), postage prepaid, to such party, in the case of a Participant, at the Participant’s address shown in the books and records of the Company or, in the case of the Company, at the Company’s principal offices, attention
General Counsel, and (e) agree that nothing in the Plan shall affect the right to effect service of process in any other manner permitted by the laws of the State of Florida. 

14.10 Construction. Wherever any words are used in the Plan in the masculine gender they shall be construed as though they
were also used in the feminine gender in all cases where they would so apply, and wherever words are used herein in the singular form they shall be construed as though they were also used in the plural form in all cases where they would so apply.

 14.11 Other Benefits. No Award granted or paid out under the Plan shall be deemed compensation for purposes of
computing benefits under any retirement plan of the Company or its Affiliates nor affect any benefit under any other benefit plan now or subsequently in effect under which the availability or amount of benefits is related to the level of
compensation. 

  
 31 

 14.12 Costs. The Company shall bear all expenses associated with administering
the Plan, including expenses of issuing Common Stock pursuant to Awards hereunder. 
 14.13 No Right to Same
Benefits. The provisions of Awards need not be the same with respect to each Participant, and such Awards to individual Participants need not be the same in subsequent years. 

14.14 Death/Disability. The Committee may in its discretion require the transferee of a Participant to supply it with
written notice of the Participant’s death or Disability and to supply it with a copy of the will (in the case of the Participant’s death) or such other evidence as the Committee deems necessary to establish the validity of the transfer of
an Award. The Committee may also require that the agreement of the transferee to be bound by all of the terms and conditions of the Plan. 
 14.15 Section 16(b) of the Exchange Act. All elections and transactions under the Plan by Persons subject to Section 16 of the Exchange Act involving shares of Common Stock are
intended to comply with any applicable exemptive condition under Rule 16b-3. The Committee may establish and adopt written administrative guidelines, designed to facilitate compliance with Section 16(b) of the Exchange Act, as it may deem
necessary or proper for the administration and operation of the Plan and the transaction of business thereunder. 
 14.16
Section 409A of the Code. The Plan is intended to comply with the applicable requirements of Section 409A of the Code and shall be limited, construed and interpreted in accordance with such intent. To the extent that any Award
is subject to Section 409A of the Code, it shall be paid in a manner that will comply with Section 409A of the Code, including proposed, temporary or final regulations or any other guidance issued by the Secretary of the Treasury and the
Internal Revenue Service with respect thereto. Notwithstanding anything herein to the contrary, any provision in the Plan that is inconsistent with Section 409A of the Code shall be deemed to be amended to comply with Section 409A of the
Code and to the extent such provision cannot be amended to comply therewith, such provision shall be null and void. The Company shall have no liability to a Participant, or any other party, if an Award that is intended to be exempt from, or
compliant with, Section 409A of the Code is not so exempt or compliant or for any action taken by the Committee or the Company and, in the event that any amount or benefit under the Plan becomes subject to penalties under Section 409A of
the Code, responsibility for payment of such penalties shall rest solely with the affected Participants and not with the Company. Notwithstanding any contrary provision in the Plan or Award Agreement, any payment(s) of “nonqualified deferred
compensation” (within the meaning of Section 409A of the Code) that are otherwise required to be made under the Plan to a “specified employee” (as defined under Section 409A of the Code) as a result of such employee’s
separation from service (other than a payment that is not subject to Section 409A of the Code) shall be delayed for the first six (6) months following such separation from service (or, if earlier, the date of death of the specified
employee) and shall instead be paid (in a manner set forth in the Award Agreement) upon expiration of such delay period. 

14.17 Successor and Assigns. The Plan shall be binding on all successors and permitted assigns of a Participant, including,
without limitation, the estate of such Participant and the executor, administrator or trustee of such estate. 

  
 32 

 14.18 Severability of Provisions. If any provision of the Plan shall be held
invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof, and the Plan shall be construed and enforced as if such provisions had not been included. 

14.19 Payments to Minors, Etc. Any benefit payable to or for the benefit of a minor, an incompetent person or other person
incapable of receipt thereof shall be deemed paid when paid to such person’s guardian or to the party providing or reasonably appearing to provide for the care of such person, and such payment shall fully discharge the Committee, the Board, the
Company, its Affiliates and their employees, agents and representatives with respect thereto. 
 14.20 Agreement.
As a condition to the grant of an Award, if requested by the Company and the lead underwriter of any public offering of the Common Stock (the “Lead Underwriter”), a Participant shall irrevocably agree not to sell, contract to
sell, grant any option to purchase, transfer the economic risk of ownership in, make any short sale of, pledge or otherwise transfer or dispose of, any interest in any Common Stock or any securities convertible into, derivative of, or exchangeable
or exercisable for, or any other rights to purchase or acquire Common Stock (except Common Stock included in such public offering or acquired on the public market after such offering) during such period of time following the effective date of a
registration statement of the Company filed under the Securities Act that the Lead Underwriter shall specify (the “Lock-Up Period”). The Participant shall further agree to sign such documents as may be requested by the Lead
Underwriter to effect the foregoing and agree that the Company may impose stop-transfer instructions with respect to Common Stock acquired pursuant to an Award until the end of such Lock-Up Period. 

14.21 Headings and Captions. The headings and captions herein are provided for reference and convenience only, shall not be
considered part of the Plan, and shall not be employed in the construction of the Plan. 
 14.22 Section 162(m) of
the Code. Notwithstanding any other provision of the Plan to the contrary, (i) prior to the Registration Date and during the Transition Period, the provisions of the Plan requiring compliance with Section 162(m) of the Code for
Awards intended to qualify as “performance-based compensation” shall only apply to the extent required by Section 162(m) of the Code, and (ii) the provisions of the Plan requiring compliance with Section 162(m) of the Code
shall not apply to Awards granted under the Plan that are not intended to qualify as “performance-based compensation” under Section 162(m) of the Code. 
 14.23 Post-Transition Period. Following the Transition Period, any Award granted under the Plan that is intended to be “performance-based compensation” under Section 162(m) of
the Code, shall be subject to the approval of the material terms of the Plan by a majority of the stockholders of the Company in accordance with Section 162(m) of the Code and the treasury regulations promulgated thereunder. 

  
 33 

 14.24 Company Recoupment of Awards. A Participant’s rights with respect
to any Award hereunder shall in all events be subject to (i) any right that the Company may have under any Company recoupment policy or other agreement or arrangement with a Participant in effect on the date of grant, or (ii) any right or
obligation that the Company may have regarding the clawback of “incentive-based compensation” under Section 10D of the Exchange Act and any applicable rules and regulations promulgated thereunder from time to time by the U.S.
Securities and Exchange Commission. 
 14.25 Award Agreement. Notwithstanding any other provision of the Plan, to
the extent the provisions of any Award Agreement are inconsistent with terms of the Plan and such inconsistency is a result of compliance with laws of the jurisdiction in which the Participant is resident or is related to taxation of such Award in
such jurisdiction, the relevant provisions of the particular Award Agreement shall govern. 
 ARTICLE XV 

EFFECTIVE DATE OF PLAN 
 The Plan shall become effective on the date of its adoption by the Board. 

ARTICLE XVI 

TERM OF PLAN 
 No Award shall be granted pursuant to the Plan on or after the tenth anniversary of the earlier of the date that the Plan is adopted or the date of stockholder approval, but Awards granted prior to such
tenth anniversary may extend beyond that date; provided that no Award (other than a Stock Option or Stock Appreciation Right) that is intended to be “performance-based compensation” under Section 162(m) of the Code shall be granted on
or after the fifth anniversary of the stockholder approval of the Plan unless the Performance Goals are re-approved (or other designated Performance Goals are approved) by the stockholders no later than the first stockholder meeting that occurs in
the fifth year following the year in which stockholders approve the Performance Goals. 
 ARTICLE XVII 

NAME OF PLAN 
 The Plan shall be known as the “Masonite International Corporation 2012 Equity Incentive Plan.” 

  
 34 

 EXHIBIT A 
 PERFORMANCE GOALS 
 To the extent permitted under
Section 162(m) of the Code, performance goals established for purposes of Awards intended to be “performance-based compensation” under Section 162(m) of the Code, shall be based on the attainment of certain target levels of, or a
specified increase or decrease (as applicable) in one or more of the following performance goals: 
  

	 	•	 	 revenue, 

  

	 	•	 	 earnings per share of Common Stock (basic and diluted), 

 

	 	•	 	 net income per share of Common Stock, 

  

	 	•	 	 the Fair Market Value of a share of Common Stock, 

  

	 	•	 	 pre-tax profits, 

  

	 	•	 	 net earnings, 

  

	 	•	 	 net income, 

  

	 	•	 	 operating income, 

  

	 	•	 	 cash flow (including, without limitation, operating cash flow, free cash flow, discounted cash flow, return on investment and cash flow in excess of
cost of capital), 

  

	 	•	 	 earnings before interest, taxes, depreciation and amortization, 

 

	 	•	 	 earnings before interest and taxes, 

  

	 	•	 	 sales, 

  

	 	•	 	 total stockholder return relative to assets, 

  

	 	•	 	 total stockholder return relative to peers, 

  

	 	•	 	 financial returns (including, without limitation, return on assets, return on net assets, return on equity and return on investment),

  

	 	•	 	 cost reduction targets, 

  

	 	•	 	 customer satisfaction, 

  

	 	•	 	 customer growth, 

  

	 	•	 	 employee satisfaction, 

  

	 	•	 	 gross margin, 

  

	 	•	 	 revenue growth, 

  

	 	•	 	 market share, 

  

	 	•	 	 book value per share, 

  

	 	•	 	 expenses and expense ratio management, 

  

	 	•	 	 same-store sales or same-stores sales growth, 

  

	 	•	 	 system-wide sales or system-wide sales growth, 

  

	 	•	 	 traffic or customer counts, 

  

	 	•	 	 new product sales, 

  

	 	•	 	 operating margin, 

  

	 	•	 	 working capital, 

  

	 	•	 	 license revenues, 

  
 A-1

	 	•	 	 specified objectives with regard to limiting the level of increase in all or a portion of the Company’s bank debt or other long-term or short-term
public or private debt or other similar financial obligations of the Company, which may be calculated net of cash balances and/or other offsets and adjustments as may be established by the Committee, 

 

	 	•	 	 reduction in operating expenses, or 

  

	 	•	 	 other objective criteria determined by the Committee. 

 With respect to Awards that are intended to qualify as “performance-based compensation” under Section 162(m) of the Code, to the extent permitted under Section 162(m) of the Code, the
Committee may, in its sole discretion, also exclude, or adjust to reflect, the impact of an event or occurrence that the Committee determines should be appropriately excluded or adjusted, including: 

(a) restructurings, discontinued operations, extraordinary items or events, and other unusual or non-recurring charges as described in
Accounting Standards Codification 225-20, “Extraordinary and Unusual Items,” and/or management’s discussion and analysis of financial condition and results of operations appearing or incorporated by reference in the Company’s
Form 10-K for the applicable year; 
 (b) an event either not directly related to the operations of the Company or not within the
reasonable control of the Company’s management; or 
 (c) a change in tax law or accounting standards required by generally
accepted accounting principles. 
 Performance goals may also be based upon individual participant performance goals, as
determined by the Committee. In addition, Awards that are not intended to qualify as “performance-based compensation” under Section 162(m) of the Code may be based on the performance goals set forth herein or on such other performance
goals as determined by the Committee in its sole discretion. 
 In addition, such performance goals may be based upon the
attainment of specified levels of Company (or subsidiary, division, other operational unit, administrative department or product category of the Company) performance under one or more of the measures described above relative to the performance of
other corporations. With respect to Awards that are intended to qualify as “performance-based compensation” under Section 162(m) of the Code, to the extent permitted under Section 162(m) of the Code, but only to the extent
permitted under Section 162(m) of the Code (including, without limitation, compliance with any requirements for stockholder approval), the Committee may also: 
 (a) designate additional business criteria on which the performance goals may be based; or 
 (b) adjust, modify or amend the aforementioned business criteria. 

  
 A-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00213-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00213-of-00352.parquet"}]]