Document:

EX-10.1

 Exhibit 10.1 

ASHFORD HOSPITALITY PRIME, INC. 

2013 EQUITY INCENTIVE PLAN 

November 5, 2013 

 ASHFORD HOSPITALITY PRIME, INC. 

2013 EQUITY INCENTIVE PLAN 

Table of Contents 
  

					
	 ARTICLE I INTRODUCTION
	  	 	1	  
	 1.1 Purpose
	  	 	1	  
	 1.2 Shares Subject to the Plan
	  	 	1	  
	 1.3 Administration of the Plan
	  	 	1	  
	 1.4 Amendment and Discontinuance of the Plan
	  	 	2	  
	 1.5 Granting of Awards
	  	 	2	  
	 1.6 Term of Plan
	  	 	2	  
	 1.7 Leave of Absence
	  	 	2	  
	 1.8 Definitions
	  	 	2	  
	 ARTICLE II OPTIONS
	  	 	8	  
	 2.1 Grants
	  	 	8	  
	 2.2 Calculation of Exercise Price
	  	 	8	  
	 2.3 Terms and Conditions of Options
	  	 	8	  
	 2.4 Amendment
	  	 	10	  
	 2.5 Acceleration of Vesting
	  	 	10	  
	 2.6 Other Provisions
	  	 	10	  
	 2.7 Option Repricing
	  	 	11	  
	 ARTICLE III INCENTIVE OPTIONS
	  	 	11	  
	 3.1 Eligibility
	  	 	11	  
	 3.2 Exercise Price
	  	 	11	  
	 3.3 Dollar Limitation
	  	 	11	  
	 3.4 10% Stockholder
	  	 	11	  
	 3.5 Options Not Transferable
	  	 	11	  
	 3.6 Compliance with Section 422 of the Code
	  	 	11	  
	 3.7 Limitations on Exercise
	  	 	12	  
	 3.8 Share Limitation
	  	 	12	  
	 ARTICLE IV PURCHASED STOCK
	  	 	12	  
	 4.1 Eligible Persons
	  	 	12	  
	 4.2 Purchase Price
	  	 	12	  
	 4.3 Payment of Purchase Price
	  	 	12	  
	 ARTICLE V BONUS STOCK
	  	 	12	  
	 ARTICLE VI STOCK APPRECIATION RIGHTS AND PHANTOM STOCK
	  	 	12	  
	 6.1 Stock Appreciation Rights
	  	 	12	  
	 6.2 Phantom Stock Awards
	  	 	13	  
	 ARTICLE VII RESTRICTED STOCK
	  	 	14	  
	 7.1 Eligible Persons
	  	 	14	  
	 7.2 Restricted Period and Vesting
	  	 	14	  
	 ARTICLE VIII PERFORMANCE AWARDS
	  	 	15	  
	 8.1 Eligible Persons
	  	 	15	  
	 8.2 Performance Awards
	  	 	15	  
	 8.3 Performance Goals
	  	 	15	  

					
	 ARTICLE IX OTHER STOCK-BASED AWARDS
	  	 	16	  
	 ARTICLE X CERTAIN PROVISIONS APPLICABLE TO ALL AWARDS
	  	 	17	  
	 10.1 General
	  	 	17	  
	 10.2 Stand-Alone, Additional, Tandem, and Substitute Awards
	  	 	17	  
	 10.3 Term of Awards
	  	 	17	  
	 10.4 Form and Timing of Payment under Awards; Deferrals
	  	 	17	  
	 10.5 Vested and Unvested Awards
	  	 	18	  
	 10.6 Exemptions from Section 16(b) Liability
	  	 	18	  
	 10.7 Other Provisions
	  	 	18	  
	 10.8 Change of Control
	  	 	19	  
	 10.9 Ownership Limit
	  	 	20	  
	 ARTICLE XI WITHHOLDING FOR TAXES
	  	 	20	  
	 ARTICLE XII MISCELLANEOUS
	  	 	20	  
	 12.1 No Rights to Awards
	  	 	20	  
	 12.2 No Right to Employment
	  	 	21	  
	 12.3 Governing Law
	  	 	21	  
	 12.4 Severability
	  	 	21	  
	 12.5 Other Laws
	  	 	21	  
	 12.6 Stockholder Agreements
	  	 	21	  
	 12.7 No Guarantee of Tax Consequences
	  	 	21	  
	 12.8 Compliance with Section 409A of the Code
	  	 	21	  
	 12.9 Claw-back Policy
	  	 	22	  

  
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 ASHFORD HOSPITALITY PRIME, INC. 

2013 EQUITY INCENTIVE PLAN 

ARTICLE I 
 INTRODUCTION

 1.1 Purpose. The Ashford Hospitality Prime, Inc. 2013 Equity Incentive Plan (the “Plan”) is intended
to promote the interests of Ashford Hospitality Prime, Inc., a Maryland corporation (the “Company”), and its stockholders by encouraging Employees, Consultants and Non-Employee Directors of the Company, the Advisor and each
of their respective Affiliates (each term as defined below) to acquire or increase their equity interests in the Company, thereby giving them an added incentive to work toward the continued growth and success of the Company. The Board of Directors
of the Company (the “Board”) also contemplates that through the Plan, the Company, the Advisor and each of their respective Affiliates will be better able to compete for the services of the individuals needed for the
continued growth and success of the Company. The Plan shall not constitute any “employee benefit plan” for purposes of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended. 

1.2 Shares Subject to the Plan. The aggregate number of shares of Common Stock, $0.01 par value per share, of the Company
(“Common Stock”) that may be issued under the Plan commencing on November 5, 2013, the date the stockholders approved the Plan set forth herein, shall not exceed 850,000 shares of outstanding Common Stock. 

In the event that at any time after the Effective Date the outstanding shares of Common Stock are changed into or exchanged for a different
number or kind of shares or other securities of the Company by reason of a merger, consolidation, recapitalization, reclassification, stock split, stock dividend, combination of shares or the like, the aggregate number and class of securities
available under the Plan shall be ratably adjusted by the Committee (as defined below), whose determination shall be final and binding upon the Company and all other interested persons. In the event the number of shares to be delivered upon the
exercise or payment of any Award granted under the Plan is reduced for any reason whatsoever or in the event any Award granted under the Plan can no longer under any circumstances be exercised or paid, the number of shares no longer subject to such
Award shall thereupon be released from such Award and shall thereafter be available under the Plan for the grant of additional Awards. Shares issued pursuant to the Plan (i) may be treasury shares, authorized but unissued shares or, if
applicable, shares acquired in the open market and (ii) shall be fully paid and nonassessable. 
 1.3 Administration of the
Plan. The Plan shall be administered by the Committee. Subject to the provisions of the Plan, the Committee shall interpret the Plan and all Awards under the Plan, shall make such rules as it deems necessary for the proper administration of the
Plan, shall make all other determinations necessary or advisable for the administration of the Plan and shall correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any Award under the Plan in the manner and to
the extent that the Committee deems desirable to effectuate the Plan. Any action taken or determination made by the Committee pursuant to this and the other paragraphs of the Plan shall be final, binding and conclusive on all

 
parties. The act or determination of a majority of the Committee shall be deemed to be the act or determination of the Committee. 

1.4 Amendment and Discontinuance of the Plan. The Board may amend, suspend or terminate the Plan; provided, however, no amendment,
suspension or termination of the Plan may, without the consent of the holder of an Award, terminate such Award or adversely affect such holder’s rights with respect to such Award in any material respect; provided further, however, that any
amendment which would constitute a “material revision” of the Plan (as that term is used in the rules of the New York Stock Exchange) shall be subject to stockholder approval. 

1.5 Granting of Awards. The Committee shall have the authority to grant, prior to the expiration date of the Plan, Awards to such
Employees, Consultants and Non-Employee Directors as may be selected by it on the terms and conditions hereinafter set forth in the Plan. In selecting the persons to receive Awards, including the type and size of the Award, the Committee may
consider any factors that it may deem relevant. 
 1.6 Term of Plan. The Plan shall be effective as of November 5, 2013 (the
“Effective Date”), the date of approval of the Plan by the stockholders of the Company. The provisions of the Plan are applicable to all Awards granted on or after the Effective Date. If not sooner terminated under the
provisions of Section 1.4, the Plan shall terminate upon, and no further Awards shall be made, after the tenth anniversary of the Effective Date. 

1.7 Leave of Absence. If an employee of the Company, the Advisor or one of their respective Affiliates is on military, sick leave or
other bona fide leave of absence, such person shall be considered an “Employee” for purposes of an outstanding Award during the period of such leave provided it does not exceed ninety (90) days, or, if longer, so long as the
person’s right to reemployment is guaranteed either by statute or by contract. If the period of leave exceeds ninety (90) days, such person shall be deemed to no longer be an “Employee” for purposes of an outstanding Award on the
91st day of such leave, unless the person’s right to reemployment is guaranteed by statute or contract. 
 1.8 Definitions. As
used in the Plan, the following terms shall have the meanings set forth below: 
 “1934 Act” means the
Securities Exchange Act of 1934, as amended. 
 “Advisor” means Ashford Hospitality Advisors LLC, a Delaware
limited liability company, together with any successors and assigns. 
 “Affiliate” means
(i) Remington, (ii) any entity in which the Company, the Advisor or Remington, directly or indirectly, owns 10% or more of the combined voting power, as determined by the Committee, (iii) any “parent corporation” of the
Company, the Advisor or Remington (as defined in Section 424(e) of the Code), (iv) any “subsidiary corporation” of any such parent corporation (as defined in Section 424(f) of the Code) of the Company, the Advisor or
Remington and (v) any trades or businesses, whether or not incorporated which are members 

  
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of a controlled group or are under common control (as defined in Sections 414(b) or (c) of the Code) with the Company, the Advisor or Remington. 

“Awards” means, collectively, Options, Purchased Stock, Bonus Stock, Stock Appreciation Rights, Phantom Stock,
Restricted Stock, Performance Awards, or Other Stock-Based Awards. 
 “Bonus Stock” is defined in Article V.

 “Cause” for termination of any Participant who is a party to an agreement of employment with or services
to the Company or the Advisor shall mean termination for “Cause” as such term is defined in such agreement, the relevant portions of which are incorporated herein by reference. If such agreement does not define “Cause” or if a
Participant is not a party to such an agreement, “Cause” means (i) the willful commission by a Participant of a criminal or other act that causes or is likely to cause substantial economic damage to the Company, the Advisor or one of
their respective Affiliates or substantial injury to the business reputation of the Company, the Advisor or one of their respective Affiliates; (ii) the commission by a Participant of an act of fraud in the performance of such
Participant’s duties on behalf of the Company, the Advisor or one of their respective Affiliates; or (iii) the continuing willful failure of a Participant to perform the duties of such Participant to the Company, the Advisor or one of
their respective Affiliates (other than such failure resulting from the Participant’s incapacity due to physical or mental illness) after written notice thereof (specifying the particulars thereof in reasonable detail) and a reasonable
opportunity to be heard and cure such failure are given to the Participant by the Committee. For purposes of the Plan, no act, or failure to act, on the Participant’s part shall be considered “willful” unless done or omitted to be
done by the Participant not in good faith and without reasonable belief that the Participant’s action or omission was in the best interest of the Company, the Advisor or one of their respective Affiliates, as the case may be. 

“Change of Control” shall be deemed to have occurred upon any of the following events: 

(i) any “person” (as defined in Section 3(a)(9) of the 1934 Act, and as modified in Section 13(d) and 14(d)
of the 1934 Act) other than (A) the Company or any of its subsidiaries, (B) any employee benefit plan of the Company or any of its subsidiaries, (C) Remington, the Advisor or any of their respective Affiliates, (D) a company
owned, directly or indirectly, by stockholders of the Company in substantially the same proportions as their ownership of the Company, or (E) an underwriter temporarily holding securities pursuant to an offering of such securities, becomes the
“beneficial owner” (as defined in Rule 13d-3 of the 1934 Act), directly or indirectly, of securities of the Company representing 30% or more of the shares of voting stock of the Company then outstanding; provided, however, that an initial
public offering of Common Stock shall not constitute a Change of Control; 

  
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 (ii) the consummation of any merger, organization, business combination or
consolidation of the Company or one of its subsidiaries with or into any other company, other than a merger, reorganization, business combination or consolidation which would result in the holders of the voting securities of the Company outstanding
immediately prior thereto holding securities which represent immediately after such merger, reorganization, business combination or consolidation more than 50% of the combined voting power of the voting securities of the Company or the surviving
company or the parent of such surviving company; 
 (iii) the consummation of a sale or disposition by the Company of all or
substantially all of the Company’s assets, other than a sale or disposition if the holders of the voting securities of the Company outstanding immediately prior thereto hold securities immediately thereafter which represent more than 50% of the
combined voting power of the voting securities of the acquiror, or parent of the acquiror, of such assets, or the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company; or 

(iv) individuals who, as of the Effective Date, constitute the Board (the “Incumbent Board”) cease for
any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Effective Date whose election by the Board, was approved by a vote of at least a majority of the directors then
comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an election contest with
respect to the election or removal of directors or other solicitation of proxies or consents by or on behalf of a person other than the Board. 

Further, in the case of any item of income under an Award to which the foregoing definition would otherwise apply with the effect that the
income tax under Section 409A of the Code would apply or be imposed on income under that Award, but where such tax would not apply or be imposed if the meaning of the term “Change of Control” met the requirements of
Section 409A(a)(2)(A)(v) of the Code, then the term “Change of Control” herein shall mean, but only with respect to the income so affected, a transaction, circumstance or event that constitutes a “Change of Control” (as
defined above) and that also constitutes a “change in control event” within the meaning of Treas. Reg. §1.409A–3(i)(5). 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations
thereunder. 
 “Committee” means the compensation committee appointed by the Board to administer the Plan
or, if none, the Board; provided however, that with respect to any Award granted to a Covered Employee which is intended to be “performance-based compensation” as described in Section 162(m)(4)(C) of the Code, the Committee shall
consist solely of two or more members of the Board, 

  
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each of whom qualifies as both an “outside director” as described in Section 162(m)(4)(C)(i) of the Code and a “non-employee director” within the meaning of
Section 16b-3 under the 1934 Act. 
 “Consultant” means any individual, other than a Director or an
Employee, who renders consulting or advisory services to the Company, the Advisor or any of their respective Affiliates. 

“Covered Employee” shall mean those employees of the Company who are “covered employees” as defined
in Section 162(m)(3) of the Code. 
 “Disability” means an inability to perform the
Participant’s material services for the Company, the Advisor or any of their respective Affiliates, as applicable, for a period of ninety (90) consecutive days or a total of one hundred eighty (180) days, during any 365-day period, in
either case as a result of incapacity due to mental or physical illness, which is determined to be total and permanent. A determination of Disability shall be made by a physician satisfactory to both the Participant (or his guardian) and the
Company, provided that if the Participant (or his guardian) and the Company do not agree on a physician, the Participant and the Company shall each select a physician and these two together shall select a third physician, whose determination as to
Disability shall be binding on all parties. Eligibility for disability benefits under any policy for long-term disability benefits provided to the Participant by the Company, the Advisor or any of their respective affiliates shall conclusively
establish the Participant’s disability. If a Disability constitutes a payment event with respect to any Award which provides for the deferral of compensation and is subject to Section 409A, then, to the extent required to comply with
Section 409A, the Participant must also be considered “disabled” within the meaning of Section 409A(a)(2)(C) of the Code. 

“Employee” means any employee of the Company, the Advisor or any of their respective Affiliates. 

“Employment” includes any period in which a Participant is an Employee or a paid Consultant to the Company,
the Advisor or any of their respective Affiliates. 
 “Fair Market Value” or “FMV Per
Share”. The Fair Market Value or FMV Per Share of the Common Stock shall be the closing price on the New York Stock Exchange or other national securities exchange or over-the-counter market, if applicable, for the date of the determination
or, if no trade of the Common Stock shall have been reported for such date, the closing sales price quoted on such exchange for the most recent trade prior to the determination date. If shares of the Common Stock are not listed or admitted to
trading on any exchange, over-the-counter market or any similar organization as of the determination date, the FMV Per Share shall be determined by the Committee in good faith using any fair and reasonable means selected in its discretion. 

  
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 “Good Reason” means termination of employment by an Employee,
termination of service by a Consultant or resignation from the Board of a Non-Employee Director under any of the following circumstances: 

(i) if such Employee, Consultant or Non-Employee Director is a party to an agreement for employment with or service to the
Company, the Advisor or any of their respective Affiliates, which agreement includes a definition of “Good Reason” for termination of employment with or service to the Company, the Advisor or any of their respective Affiliates, “Good
Reason” shall have the same definition for purposes of the Plan as is set forth in such agreement, the relevant portions of which are incorporated herein by reference. 

(ii) if such Employee, Consultant or Non-Employee Director is not a party to an agreement with the Company, the Advisor or any
of their respective Affiliates that defines the term “Good Reason,” such term shall mean termination of employment or service under any of the following circumstances, if the Company, the Advisor or any of their respective Affiliates, as
applicable, fails to cure such circumstances within thirty (30) days after receipt of written notice from the Participant setting forth a description of such Good Reason: 

(a) the removal from or failure to re-elect the Participant to the office or position in which he or she last served; 

(b) any material diminishment, on a cumulative basis, of the Participant’s overall duties, responsibilities, or status,
including the assignment to the Participant of any duties, responsibilities, or reporting requirements materially inconsistent with his or her position with the Company, the Advisor or one of their respective Affiliates, as applicable; 

(c) a material reduction by the Company, the Advisor or one of their respective Affiliates in the Participant’s fees,
compensation, or benefits that is not part of a reduction affecting all members of the management team or Board; or 
 (d)
the requirement by the Company, the Advisor or one of their respective Affiliates that the principal place of business at which the Participant performs his or her duties be changed to a location more than fifty (50) miles from downtown Dallas,
Texas. 
 “Incentive Option” means any option which satisfies the requirements of Section 422 of the
Code and is granted pursuant to Article III of the Plan. 
 “Non-Employee Director” means persons who are
members of the Board but who are neither Employees nor Consultants of the Company, the Advisor or any of their respective Affiliates. 

  
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 “Non-Qualified Option” shall mean an option not intended to
satisfy the requirements of Section 422 of the Code and which is granted pursuant to Article II of the Plan. 

“Option” means an option to acquire Common Stock granted pursuant to the provisions of the Plan, and refers to
either an Incentive Option or a Non-Qualified Option, or both, as applicable. 
 “Optionee” means a
Participant who has received or will receive an Option. 
 “Option Expiration Date” means the date
determined by Committee which shall not be more than ten (10) years after the date of grant of an Option. 

“Other Stock-Based Award” means an award granted pursuant to Article IX of the Plan that may be denominated or
payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Common Stock, as deemed by the Committee to be consistent with the purposes of the Plan, including, without limitation, rights convertible or exchangeable
into Common Stock, purchase rights for Common Stock, Awards with value and payment and/or settlement contingent upon performance of the Company or any other factors designated by the Committee, and Awards valued by reference to the value of Common
Stock or the value of securities of or the performance of specified subsidiaries. 
 “Outstanding Company Common
Stock” means, as of any date of determination, the then outstanding shares of Common Stock of the Company. 

“Outstanding Company Voting Securities” means, as of any date of determination, the combined voting power of
the then outstanding voting securities of the Company entitled to vote generally on the election of directors. 

“Participant” means any Employee, Consultant or Non-Employee Director granted an Award under the Plan. 

“Performance Award” means an Award granted pursuant to Article VIII of the Plan, which, if earned, shall be
payable in shares of Common Stock, cash or any combination thereof as determined by the Committee. 
 “Phantom
Stock” means an Award of the right to receive cash equal to the Fair Market Value of a specified number of shares of Common Stock at the end of a specified deferral period which is granted pursuant to Article VI of the Plan. 

“Purchased Stock” is defined in Section 4.1. 

“Remington” means Remington Lodging & Hospitality LLC, a Delaware limited liability company, and its
affiliates. 

  
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 “Restricted Period” shall mean the period established by the
Committee with respect to an Award during which the Award either remains subject to forfeiture or is not exercisable by the Participant. 

“Restricted Stock” shall mean any share of Common Stock, prior to the lapse of restrictions thereon, granted
under Article VII of the Plan. 
 “Stock Appreciation Rights” means an Award granted pursuant to Article VI
of the Plan. 
 ARTICLE II 

OPTIONS 
 2.1
Grants. The Committee may grant Options to purchase shares of Common Stock to any Employee, Consultant or Non-Employee Director of the Company according to the terms set forth below. Options which are intended to comply with Treasury Regulation
Section 1.409A-1(b)(5)(i)(A) or any successor regulation, may be granted only to Employees, Consultants or Non-Employee Directors of the Company or a corporation or other type of entity in a chain of corporations or other entities in which each
corporation or other entity has a “controlling interest” in another corporation or entity in the chain, starting with the Company and ending with the corporation or other entity for which such Employee, Consultant or Non-Employee Director
performs services. For these purposes, “controlling interest” means (i) in the case of a corporation, ownership of stock possessing at least 50% of total combined voting power of all classes of stock of such corporation entitled to
vote or at least 50% of the total value of shares of all classes of stock of such corporation; (ii) in the case of a partnership, ownership of at least 50% of the profits interest or capital interest of such partnership; (iii) in the case
of a sole proprietorship, ownership of the sole proprietorship; or (iv) in the case of a trust or estate, ownership of an actuarial interest (as defined in Treasury Regulation Section 1.414(c)-2(b)(2)(ii)) of at least 50% of such trust or
estate. The Committee may grant Options that are otherwise exempt from or compliant with Code Section 409A to any eligible Employee, Consultant or Non-Employee Director. 

2.2 Calculation of Exercise Price. The exercise price to be paid for each share of Common Stock deliverable upon exercise of each
Option granted under this Article II shall not be less than the FMV Per Share on the date of grant of such Option. The exercise price for each Option granted under Article II shall be subject to adjustment as provided in Section 2.3(d).

 2.3 Terms and Conditions of Options. Options shall be in such form as the Committee may from time to time approve, shall be
subject to the following terms and conditions and may contain such additional terms and conditions, not inconsistent with this Article II, as the Committee shall deem desirable: 

(a) Option Period and Conditions and Limitations on Exercise. No Option shall be exercisable later than the Option Expiration Date. To
the extent not prohibited by other provisions of the Plan, each Option shall be exercisable at such time or times as the Committee in its discretion may determine at the time such Option is granted. 

  
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 (b) Manner of Exercise. In order to exercise an Option, the Participant entitled to
exercise it shall deliver to the Company payment in full for the shares being purchased, together with any required withholding taxes. The payment of the exercise price for each Option shall either be (i) in cash or by check payable and
acceptable to the Company, (ii) with the consent of the Committee, by tendering to the Company shares of Common Stock owned by the Participant for more than six months having an aggregate Fair Market Value as of the date of exercise that is not
greater than the full exercise price for the shares with respect to which the Option is being exercised and by paying any remaining amount of the exercise price as provided in (i) above, (iii) subject to such conditions and requirements as
the Committee may specify, at the written request of the Participant, by the Company’s withholding from shares otherwise deliverable pursuant to the exercise of the Option shares of Common Stock having an aggregate Fair Market Value as of the
date of exercise that is not greater than the full exercise price for the shares with respect to which the Option is being exercised and by paying any remaining amount of the exercise price as provided in (i) above, or (iv) subject to such
instructions as the Committee may specify, at the Participant’s written request the Company may deliver certificates for the shares of Common Stock for which the Option is being exercised to a broker for sale on behalf of the Participant,
provided that the Participant has irrevocably instructed such broker to remit directly to the Company on the Participant’s behalf the full amount of the exercise price from the proceeds of such sale. In the event that the Participant elects to
make payment as allowed under clause (ii) above, the Committee may, upon confirming that the Participant owns the number of additional shares being tendered, authorize the issuance of a new certificate for the number of shares being acquired
pursuant to the exercise of the Option less the number of shares being tendered upon the exercise and return to the Participant (or not require surrender of) the certificate for the shares being tendered upon the exercise. If the Committee so
requires, such Participant shall also deliver a written representation that all shares being purchased are being acquired for investment and not with a view to, or for resale in connection with, any distribution of such shares. 

(c) Options not Transferable. Except as provided below, no Non-Qualified Option granted hereunder shall be transferable other than by
(i) will or by the laws of descent and distribution or (ii) pursuant to a domestic relations order and, during the lifetime of the Participant to whom any such Option is granted, and it shall be exercisable only by the Participant (or his
or her guardian). Any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of, or to subject to execution, attachment or similar process, any Option granted hereunder, or any right thereunder, contrary to the provisions hereof,
shall be void and ineffective, shall give no right to the purported transferee, and shall, at the sole discretion of the Committee, result in forfeiture of the Option with respect to the shares involved in such attempt. With respect to a specific
Non-Qualified Option, the Participant (or his or her guardian) may transfer, for estate planning purposes, all or part of such Option to one or more immediate family members or related family trusts or partnerships or similar entities. 

(d) Adjustment of Options. In the event that at any time after the Effective Date the outstanding shares of Common Stock are changed
into or exchanged for a different number or kind of shares or other securities of the Company by reason of merger, consolidation, recapitalization, reclassification, stock split, stock dividend, combination of shares or the like, the Committee shall
make an appropriate and equitable adjustment in the number and kind of shares as to which all outstanding Options granted, or portions thereof then unexercised, shall be 

  
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exercisable, to the end that after such event the shares subject to the Plan and each Participant’s proportionate interest shall be maintained as before the occurrence of such event. Such
adjustment in an outstanding Option shall be made without change in the total price applicable to the Option or the unexercised portion of the Option (except for any change in the aggregate price resulting from rounding-off of share quantities or
prices) and with any necessary corresponding adjustment in exercise price per share. Any such adjustment made by the Committee shall be final and binding upon all Participants, the Company and all other interested persons. 

(e) Listing and Registration of Shares. Each Option shall be subject to the requirement that if at any time the Committee determines, in
its discretion, that the listing, registration, or qualification of the shares subject to such Option under any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body, is necessary or
desirable as a condition of, or in connection with, the issue or purchase of shares thereunder, such Option may not be exercised in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or
obtained and the same shall have been free of any conditions not acceptable to the Committee. 
 2.4 Amendment. The Committee may,
without the consent of the Participant or Participants entitled to exercise any outstanding Option, amend, modify or terminate such Option; provided, however, such amendment, modification or termination shall not, without such Participant’s
consent, reduce or diminish the value of such Option determined as if the Option had been exercised, vested, cashed in or otherwise settled on the date of such amendment or termination. The Committee may at any time or from time to time, in its
discretion, in the case of any Option which is not then immediately exercisable in full, accelerate the time or times at which such Option may be exercised to any earlier time or times. 

2.5 Acceleration of Vesting. Any Option granted hereunder which is not otherwise vested shall vest (unless specifically provided to the
contrary by the Committee in the document or instrument evidencing an Option granted hereunder) upon (i) termination or removal of an Employee, Consultant or Non-Employee Director without Cause or termination by or resignation of an Employee,
Consultant or Non-Employee Director with Good Reason; (ii) termination, removal or resignation of an Employee, Consultant or Non-Employee Director for any reason within one (1) year from the effective date of the Change of Control; or
death or Disability of the Participant. 
 2.6 Other Provisions. 

(a) A Participant entitled to exercise, or who has exercised, an Option shall not be entitled to any rights as a stockholder of the Company
with respect to any shares subject to such Option until he or she shall have become the holder of record of such shares. 
 (b) No Option
granted hereunder shall be construed as limiting any right which the Company, the Advisor or any of their respective Affiliates may have to terminate at any time, with or without Cause, the employment or service of any Participant to whom such
Option has been granted. 

  
 -10- 

 (c) Notwithstanding any provision of the Plan or the terms of any Option, the Company shall not
be required to issue any shares hereunder if such issuance would, in the judgment of the Committee, constitute a violation of any state or federal law or of the rules or regulations of any governmental regulatory body. 

2.7 Option Repricing. With stockholder approval only, the Committee, in its absolute discretion, may grant to holders of outstanding
Non-Qualified Options, in exchange for the surrender and cancellation of such Non-Qualified Options, new Non-Qualified Options having exercise prices lower (or higher with any required consent) than the exercise price provided in the Non-Qualified
Options so surrendered and canceled and containing such other terms and conditions as the Committee may deem appropriate. 
 ARTICLE III

 INCENTIVE OPTIONS 

The terms specified below shall be applicable to all Incentive Options. Except as modified by the provisions of this Article III, all
the provisions of Article II shall be applicable to Incentive Options. Options which are specifically designated as Non-Qualified Options shall not be subject to the terms of this Article III.  

3.1 Eligibility. Incentive Options may only be granted to Employees of the Company. 

3.2 Exercise Price. The exercise price per Share shall not be less than one hundred percent (100%) of the FMV Per Share on the
option grant date. 
 3.3 Dollar Limitation. The aggregate Fair Market Value (determined as of the respective date or dates of grant)
of shares of Common Stock for which one or more options granted to any Employee under the Plan (or any other option plan of the Company, or any parent or subsidiary thereof) may for the first time become exercisable as Incentive Options during any
one (1) calendar year shall not exceed the sum of One Hundred Thousand Dollars ($100,000). To the extent the Employee holds two (2) or more such options which become exercisable for the first time in the same calendar year, the foregoing
limitation on the exercisability of such options as Incentive Options shall be applied on the basis of the order in which such options are granted. 

3.4 10% Stockholder. If any Employee to whom an Incentive Option is granted is a 10% Stockholder, then the exercise price per share
shall not be less than one hundred ten percent (110%) of the FMV Per Share on the option grant date and the option term shall not exceed five (5) years measured from the option grant date. 

3.5 Options Not Transferable. No Incentive Option granted hereunder shall be transferable other than by will or by the laws of descent
and distribution and shall be exercisable during the Optionee’s lifetime only by such Optionee. 
 3.6 Compliance with
Section 422 of the Code. All Options that are intended to be Incentive Options shall be designated as such in the Option grant and in all respects shall be issued in compliance with Section 422 of the Code. 

  
 -11- 

 3.7 Limitations on Exercise. No Incentive Option shall be exercisable more than three
(3) months after the Optionee ceases to be an Employee for any reason other than death or Disability, or more than one (1) year after the Optionee ceases to be an Employee due to death or Disability. 

3.8 Share Limitation. The maximum number of shares of Common Stock with respect to which Incentive Options may be granted under the
Plan is 850,000 shares of Common Stock. 
 ARTICLE IV 

PURCHASED STOCK 
 4.1
Eligible Persons. The Committee shall have the authority to authorize the sale of shares of Common Stock (“Purchased Stock”) to such Employees, Consultants and Non-Employee Directors of the Company, the Advisor or their
respective Affiliates as may be selected by it, on such terms and conditions as it may establish, subject to the further provisions of this Article IV. Each issuance and sale of Purchased Stock under this Plan shall be evidenced by an agreement
which shall be subject to applicable provisions of this Plan and to such other provisions not inconsistent with this Plan as the Committee may approve for the particular sale transaction. 

4.2 Purchase Price. The price per share of Purchased Stock under this Plan shall be determined in the sole discretion of the Committee,
and may be less than, but shall not be greater than the FMV Per Share at the time of purchase. 
 4.3 Payment of Purchase Price.
Payment of the purchase price for Purchased Stock under this Plan shall be made in full in cash or by check payable and acceptable to the Company. 

ARTICLE V 
 BONUS STOCK

 The Committee may, from time to time and subject to the provisions of the Plan, grant shares of Bonus Stock to Employees, Consultants
or Non-Employee Directors of the Company, the Advisor or any of their respective Affiliates. “Bonus Stock” shall be shares of Common Stock that are not subject to a Restricted Period under Article VII. 

ARTICLE VI 
 STOCK
APPRECIATION RIGHTS AND PHANTOM STOCK 
 6.1 Stock Appreciation Rights. The Committee is authorized to grant Stock Appreciation
Rights to Employees, Consultants or Non-Employee Directors of the Company on the following terms and conditions. Stock Appreciation Rights which are intended to comply with Treasury Regulation Section 1.409A-1(b)(5)(i)(B) or any successor
regulation, may be granted only to Employees, Consultants or Non-Employee Directors of the Company or a corporation or other type of entity in a chain of corporations or other entities in which each corporation or other entity has a
“controlling interest” in another corporation or entity in the chain, starting with the Company and ending with the corporation or other entity for which such Employee, Consultant or Non-Employee Director performs services. For these
purposes, 

  
 -12- 

 
“controlling interest” means (i) in the case of a corporation, ownership of stock possessing at least 50% of total combined voting power of all classes of stock of such corporation
entitled to vote or at least 50% of the total value of shares of all classes of stock of such corporation; (ii) in the case of a partnership, ownership of at least 50% of the profits interest or capital interest of such partnership;
(iii) in the case of a sole proprietorship, ownership of the sole proprietorship; or (iv) in the case of a trust or estate, ownership of an actuarial interest (as defined in Treasury Regulation Section 1.414(c)-2(b)(2)(ii)) of at
least 50% of such trust or estate. The Committee may grant Stock Appreciation Rights that are otherwise exempt from or compliant with Code Section 409A to any eligible Employee, Consultant or Non-Employee Director. 

(a) Right to Payment. A Stock Appreciation Right shall confer on the Participant to whom it is granted a right to receive, upon
exercise thereof, the excess of (A) the FMV Per Share on the date of exercise over (B) the grant price of the Stock Appreciation Right as determined by the Committee. 

(b) Rights Related to Options. A Stock Appreciation Right granted in connection with an Option shall entitle a Participant, upon
exercise thereof, to surrender that Option or any portion thereof, to the extent unexercised, and to receive payment of an amount computed pursuant to Section 6.1(a). That Option shall then cease to be exercisable to the extent
surrendered. A Stock Appreciation Right granted in connection with an Option shall be exercisable only at such time or times and only to the extent that the related Option is exercisable and shall not be transferable (other than by will or the laws
of descent and distribution) except to the extent that the related Option is transferable. 
 (c) Right Without Option.
A Stock Appreciation Right granted independent of an Option shall be exercisable as determined by the Committee and set forth in the Award agreement governing the Stock Appreciation Right. 

(d) Terms. The Committee shall determine at the date of grant the time or times at which, and the circumstances under which, a
Stock Appreciation Right may be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements), the method of exercise, whether or not a Stock Appreciation Right shall be in tandem or in
combination with any other Award, and any other terms and conditions of any Stock Appreciation Right. The grant price per each Stock Appreciation Right granted hereunder shall not be less than 100% of the Fair Market Value of a share of Common Stock
on the date of grant. 
 6.2 Phantom Stock Awards. The Committee is authorized to grant Phantom Stock to the Participants,
which are rights to receive cash equal to the Fair Market Value of a specified number of shares of Common Stock at the end of a specified deferral period, subject to the following terms and conditions: 

(a) Award and Restrictions. Satisfaction of Phantom Stock shall occur upon expiration of the deferral period specified for such Phantom
Stock by the Committee or, if permitted by the Committee, as elected by the Participant. In addition, Phantom Stock shall be subject to such restrictions (which may include a risk of forfeiture), if any, as the Committee may impose, which
restrictions may lapse at the expiration of the deferral period or at earlier specified 

  
 -13- 

 
times (including based on achievement of performance goals and/or future service requirements), separately or in combination, installments or otherwise, as the Committee may determine. 

(b) Forfeiture. Except as otherwise determined by the Committee or as may be set forth in any Award, employment or other
agreement pertaining to awards of Phantom Stock, upon termination of employment or services during the applicable deferral period or portion thereof to which forfeiture conditions apply, all Phantom Stock that is at that time subject to deferral
(other than a deferral at the election of the Participant) shall be forfeited; provided that the Committee may provide, by rule or regulation or in any Award agreement, or may determine in any individual case, that restrictions or forfeiture
conditions relating to Phantom Stock shall be waived in whole or in part in the event of terminations resulting from specified causes, and the Committee may in other cases waive in whole or in part the forfeiture of Phantom Stock. 

(c) Performance Goals. To the extent the Committee determines that Phantom Stock granted pursuant to this Article VI shall
constitute performance-based compensation for purposes of Section 162(m) of the Code, the grant or settlement of Phantom Stock shall, in the Committee’s discretion, be subject to the achievement of performance goals determined and applied
in a manner consistent with Section 8.2.  
 ARTICLE VII 

RESTRICTED STOCK 
 7.1
Eligible Persons. All Employees, Consultants and Non-Employee Directors shall be eligible for grants of Restricted Stock. 
 7.2
Restricted Period and Vesting. 
 (a) Unless the Award specifically provides otherwise, Restricted Stock shall be subject to restrictions
on transfer by the Participant and repurchase by the Company such that the Participant shall not be permitted to transfer such shares and the Company shall have the right to repurchase or recover such shares for the lesser of the FMV Per Share on
the forfeiture day or the amount of cash paid therefor, if any, if the Participant shall terminate employment from or services to the Company, the Advisor or any of their respective Affiliates, as applicable, provided that such transfer and
repurchase restrictions shall lapse with respect to 33.33% of such initial shares on the first anniversary of the date of grant and on each subsequent anniversary of the date of grant that the Participant shall remain continuously as an Employee,
Non-Employee Director or Consultant of the Company, the Advisor or any of their respective Affiliates, as applicable; subject to Section 7.2(b) below. 

(b) Notwithstanding the foregoing, unless the Award specifically provides otherwise, all Restricted Stock not otherwise vested shall vest upon
(i) termination or removal of an Employee, Consultant or Non-Employee Director without Cause; (ii) termination by or resignation of an Employee, Consultant or Non-Employee Director with Good Reason; (iii) termination, resignation or
removal of an Employee, Consultant or Non-Employee Director for any reason within one (1) year from the effective date of a Change of Control; or (iv) death or Disability of the Participant. 

  
 -14- 

 (c) Each certificate representing Restricted Stock awarded under the Plan shall be registered in
the name of the Participant and, during the Restricted Period, shall be left in deposit with the Company and a stock power endorsed in blank. The grantee of Restricted Stock shall have all the rights of a stockholder with respect to such shares
including the right to vote and the right to receive dividends or other distributions paid or made with respect to such shares. Any certificate or certificates representing shares of Restricted Stock shall bear a legend similar to the following:

 The shares represented by this certificate have been issued pursuant to the terms of the Ashford Hospitality Prime, Inc. 2013 Equity
Incentive Plan and Grant of Restricted Stock dated             , 20            and may not be sold, pledged, transferred,
assigned or otherwise encumbered in any manner except as is set forth in the terms of such plan or grant. 
 ARTICLE VIII 

PERFORMANCE AWARDS 
 8.1
Eligible Persons. All Employees, Consultants and Non-Employee Directors shall be eligible for grants of Performance Awards. 
 8.2
Performance Awards. The Committee may grant Performance Awards based on performance criteria measured over a period of not less than one year and not more than three (3) years. The Committee may use such business criteria and other measures
of performance as it may deem appropriate in establishing any performance conditions, and may exercise its discretion to increase the amounts payable under any Award subject to performance conditions, except as limited under Section 8.3
in the case of a Performance Award granted to a Covered Employee. 
 8.3 Performance Goals. The grant and/or settlement of a
Performance Award shall be contingent upon terms set forth in this Section 8.3. 
 (a) General. The performance
goals for Performance Awards shall consist of one or more business criteria and a targeted level or levels of performance with respect to each of such criteria, as specified by the Committee. In the case of any Award granted to a Covered Employee
which are intended to comply with Section 162(m) of the Code, performance goals shall be designed to be objective and shall otherwise meet the requirements of Section 162(m) of the Code and regulations thereunder (including Treasury
Regulation Section 1.162-27 and successor regulations thereto), including the requirement that the level or levels of performance targeted by the Committee are such that the achievement of performance goals is “substantially
uncertain” at the time of grant. The Committee may determine that such Performance Awards shall be granted and/or settled upon achievement of any one performance goal or that two or more of the performance goals must be achieved as a condition
to the grant and/or settlement of such Performance Awards. Performance goals may differ among Performance Awards granted to any one Participant or for Performance Awards granted to different Participants. 

  
 -15- 

 (b) Business Criteria. One or more of the following business criteria for the
Company, an a consolidated basis, and/or for specified subsidiaries, divisions or business or geographical units of the Company (except with respect to the total stockholder return and earnings per share criteria), shall be used by the Committee in
establishing performance goals for Performance Awards granted to a Participant: (A) earnings per share; (B) increase in revenues; (C) increase in cash flow; (D) increase in cash flow return; (E) return on net assets;
(F) return on assets; (G) return on investment; (H) return on capital; (I) return on equity; (J) economic value added; (K) gross margin; (L) net income; (M) pretax earnings; (N) pretax earnings before
interest, depreciation and amortization; (O) pretax operating earnings after interest expense and before incentives, service fees, and extraordinary or special items; (P) operating income; (Q) total stockholder return; (R) debt
reduction; and (S) any of the above goals determined on an absolute or relative basis or as compared to the performance of a published or special index deemed applicable by the Committee including, but not limited to, the Standard &
Poor’s 500 Stock Index or a group of comparable companies. 
 (c) Performance Period; Timing for Establishing
Performance Goals. Achievement of performance goals in respect of Performance Awards shall be measured over a performance period of not less than one year and not more than three (3) years, as specified by the Committee. Performance goals
in the case of any Award granted to a Participant shall be established not later than ninety (90) days after the beginning of any performance period applicable to such Performance Awards, or at such other date as may be required or permitted
for “performance-based compensation” under Section 162(m) of the Code. 
 (d) Settlement of Performance
Awards; Other Terms. After the end of each performance period, the Committee shall determine the amount, if any, of Performance Awards payable to each Participant based upon achievement of business criteria over a performance period. The
Committee may not exercise discretion to increase any such amount payable in respect of a Performance Award designed to comply with Section 162(m) of the Code. Subject to Treasury Regulation Section 1.162-27(e)(2)(v), the Committee shall
specify the circumstances in which such Performance Awards shall be paid or forfeited in the event of termination of employment by the Participant prior to the end of a performance period or settlement of Performance Awards. 

(e) Written Determinations. All determinations by the Committee as to the establishment of performance goals, the amount of any
Performance Award, and the achievement of performance goals relating to Performance Awards shall be made in writing in the case of any Award granted to a Participant. The Committee may not delegate any responsibility relating to such Performance
Awards. 
 ARTICLE IX 

OTHER STOCK-BASED AWARDS 

The Committee is hereby authorized to grant to Employees, Non-Employee Directors and Consultants of the Company, the Advisor or any of their
respective Affiliates Other Stock-Based Awards, which shall consist of a right which (i) is not an Award described in any other Article and (ii) is denominated or payable in, valued in whole or in part by reference to, or otherwise based
on or related to, shares of Common Stock (including, without limitation, securities 

  
 -16- 

 
convertible into shares of Common Stock) or cash as are deemed by the Committee to be consistent with the purposes of the Plan. Subject to the terms of the Plan, the Committee shall determine the
terms and conditions of any such Other Stock-Based Award. 
 ARTICLE X 

CERTAIN PROVISIONS APPLICABLE TO ALL AWARDS 

10.1 General. Awards may be granted on the terms and conditions set forth herein. In addition, the Committee may impose on any Award or
the exercise thereof, such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine, including terms requiring forfeiture of Awards in the event of termination of employment by the
Participant and terms permitting a Participant to make elections relating to his or her Award. Notwithstanding the foregoing, the Committee may amend any Award without the consent of the holder if the Committee deems it necessary to avoid adverse
tax consequences to the holder under Section 409A of the Code. The Committee shall retain full power and discretion to accelerate or waive, at any time, any term or condition of an Award that is not mandatory under this Plan; provided, however,
that the Committee shall not have discretion to accelerate or waive any term or condition of an Award (i) if such discretion would cause the Award to have adverse tax consequences to the Participant under Section 409A of the Code, or
(ii) if the Award is intended to qualify as “performance-based compensation” for purposes of Section 162(m) of the Code and such discretion would cause the Award not to so qualify. Except in cases in which the Committee is
authorized to require other forms of consideration under the Plan, or to the extent other forms of consideration must be paid to satisfy the requirements of the Maryland General Corporation Law, no consideration other than services may be required
for the grant of any Award. 
 10.2 Stand-Alone, Additional, Tandem, and Substitute Awards. Subject to Section 2.7,
Awards granted under the Plan may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with, or in substitution or exchange for, any other Award or any award granted under another plan of the Company, the
Advisor, any of their respective Affiliates, or any business entity to be acquired by the Company, the Advisor or any of their respective Affiliates, or any other right of a Participant to receive payment from the Company, the Advisor or any of
their respective Affiliates. Such additional, tandem and substitute or exchange Awards may be granted at any time. If an Award is granted in substitution or exchange for another Award, the Committee shall require the surrender of such other Award in
consideration for the grant of the new Award. In addition, Awards may be granted in lieu of cash compensation, including in lieu of cash amounts payable under other plans of the Company, the Advisor or any of their respective Affiliates. 

10.3 Term of Awards. The term or Restricted Period of each Award that is an Option, Stock Appreciation Right, Phantom Stock or
Restricted Stock shall be for such period as may be determined by the Committee; provided that in no event shall the term of any such Award exceed a period of ten (10) years (or such shorter terms as may be require in respect of an Incentive
Stock Option under Section 422 of the Code). 
 10.4 Form and Timing of Payment under Awards; Deferrals. Subject to the terms of
the Plan and any applicable Award agreement, payments to be made by the Company or a 

  
 -17- 

 
subsidiary upon the exercise of an Option or other Award, or settlement of an Award may be made in a single payment or transfer, in installments, or on a deferred basis. The settlement of any
Award may, subject to any limitations set forth in the Award agreement, be accelerated and cash paid in lieu of shares in connection with such settlement, in the discretion of the Committee or upon occurrence of one or more specified events;
provided, however, that such discretion may not be exercised by the Committee if the exercise of such discretion would result in adverse tax consequences to the Participant under Section 409A of the Code. In the discretion of the Committee,
Awards granted pursuant to Article VI or VIII of the Plan may be payable in shares to the extent permitted by the terms of the applicable Award agreement. Installment or deferred payments may be required by the Committee (subject to
Section 1.4 of the Plan, including the consent provisions thereof in the case of any deferral of an outstanding Award not provided for in the original Award agreement) or permitted at the election of the Participant on terms and
conditions established by the Committee; provided, however, that no deferral shall be required or permitted by the Committee if such deferral would result in adverse tax consequences to the Participant under Section 409A of the Code. Payments
may include, without limitation, provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of amounts in respect of installment or deferred payments denominated in shares. Any
deferral shall only be allowed as is provided in a separate deferred compensation plan adopted by the Company. 
 10.5 Vested and
Unvested Awards. After the satisfaction of all of the terms and conditions set by the Committee with respect to an Award of (i) Restricted Stock, a certificate, without the legend set forth in Section 7.2(c), for the number of
shares that are no longer subject to such restrictions, terms and conditions shall be delivered to the Participant, (ii) Phantom Stock, to the extent not paid in cash, a certificate for the number of shares equal to the number of shares of
Phantom Stock earned, and (iii) Stock Appreciation Rights or Performance Awards, cash and/or a certificate for the number of shares equal in value to the number of Stock Appreciation Rights or amount of Performance Awards vested shall be
delivered to the Participant. Upon termination, resignation or removal of a Participant under circumstances that do not cause such Participant to become fully vested, any remaining unvested Options, shares of Restricted Stock, Phantom Stock, Stock
Appreciation Rights, Performance Awards or Other Stock-Based Awards, as the case may be, shall either be forfeited back to the Company or, if appropriate under the terms of the Award, shall continue to be subject to the restrictions, terms and
conditions set by the Committee with respect to such Award. 
 10.6 Exemptions from Section 16(b) Liability. It is the intent of
the Company that the grant of any Awards to or other transaction by a Participant who is subject to Section 16 of the 1934 Act shall be exempt from Section 16(b) of the 1934 Act pursuant to an applicable exemption (except for transactions
acknowledged by the Participant in writing to be non-exempt). Accordingly, if any provision of this Plan or any Award agreement does not comply with the requirements of Rule 16b-3 as then applicable to any such transaction, such provision shall be
construed or deemed amended to the extent necessary to conform to the applicable requirements of Rule 16b-3 so that such Participant shall avoid liability under Section 16(b) of the 1934 Act. 

10.7 Other Provisions. No grant of any Award shall be construed as limiting any right which the Company, the Advisor or any of their
respective Affiliates may have to terminate 

  
 -18- 

 
at any time, with or without cause, the employment of any person to whom such Award has been granted. 

10.8 Change of Control. In the event of a Change of Control, the following provisions shall apply. 

(a) General. Unless otherwise provided in the Award, in connection with a Change of Control, the Board shall have the
authority in its sole discretion to take any one or more of the following actions with respect to the Awards: 
 (i)
the Board may accelerate vesting of all Awards and, with respect to Options and Stock Appreciation Rights, the time at which all Options and Stock Appreciation Rights then outstanding may be exercised or paid so that all Awards may be fully vested
and exercised or paid in full for a limited period of time on or before a specified date fixed by the Board or the Committee, after which specified date all unexercised Awards, if any, and all rights of the Participants thereunder shall terminate,
or the Board or the Committee may accelerate vesting or payment and the time at which such Awards may be exercised or paid so that such Awards may be exercised or paid in full for their then remaining term; 

(ii) the Board may waive, alter and/or amend the performance goals and other restrictions and conditions of Awards then
outstanding, with the result that the affected Awards may be deemed vested, and the Restricted Period or other limitations on payment in full with respect thereto shall be deemed to have expired, as of the date of the Change of Control or such other
date as may be determined by the Board; 
 (iii) the Board may cause the acquirer to assume the Plan and the Awards or
exchange the Awards for awards for the acquirer’s stock; 
 (iv) the Board may terminate the Plan; and 

(v) the Board may terminate and cancel all outstanding unvested or unexercised Awards as of the date of the Change of Control
on such terms and conditions as it deems appropriate. 
 Notwithstanding the above provisions of this Section 10.8(a), the
Board shall not be required to take any action described in the preceding provisions of this Section 10.8(a), and any decision made by the Board, in its sole discretion, not to take some or all of the actions described in the preceding
provisions of this Section 10.8(a) shall be final, binding and conclusive with respect to the Company and all other interested persons. 

(b) Right to Cash-Out. The Board shall, in connection with a Change of Control, have the right to require all, but not less than all,
Participants to transfer and deliver to the Company all Awards previously granted to the Participants in exchange for an amount equal to the Cash Value (as defined below) of the Awards. Such right shall be exercised by written notice to all affected
Participants. The amount payable to each Participant by the Company shall be in cash or by certified check paid within five (5) days following the transfer and delivery of such Award (but in no event later than fifty (50) days following
the date of the Change of Control) 

  
 -19- 

 
and shall be reduced by any taxes required to be withheld. “Cash Value” of an Award means the sum of (i) in the case of any Award which is not an Option or an Award of Restricted
Stock, the value of all benefits to which the Participant would be entitled as if the Award were vested and settled or exercised and (ii) (A) in the case of any Award that is an Option, the excess of the FMV Per Share over the exercise
price or (B) in the case of an Award of Restricted Stock, the FMV Per Share of Restricted Stock, multiplied by the number of shares subject to such Award, all as determined by the Board as of the date of the Change of Control or such other date
as may be determined by the Board. 
 10.9 Ownership Limit. Notwithstanding any provision of the Plan or the terms of any Awards, the
Company shall not be required to, and shall not, issue any Awards hereunder if such issuance would cause the Company to violate the Ownership Limits set forth in its Articles of Amendment and Restatement. As used herein and in the Company’s
Articles of Amendment and Restatement, the term “Ownership Limit” means (i) with respect to any class or series shares of Common Stock, 9.8% (in value or number of shares, whichever is more restrictive) of the outstanding shares of
such class or series of Common Stock of the Company and (ii) with respect to any class or series of shares of preferred stock or other stock, 9.8% (in value or number of shares, whichever is more restrictive) of the outstanding shares of such
class or series of preferred stock or other stock of the Company. 
 ARTICLE XI 

WITHHOLDING FOR TAXES 
 Any
issuance of Common Stock pursuant to the exercise of an Option or payment of any other Award under the Plan shall not be made until appropriate arrangements satisfactory to the Company have been made for the payment of any tax amounts (federal,
state, local or other) that may be required to be withheld or paid by the Company with respect thereto. Such arrangements may, at the discretion of the Committee, include allowing the person to tender to the Company shares of Common Stock owned by
the person, or to request the Company to withhold shares of Common Stock being acquired pursuant to the Award, whether through the exercise of an Option or as a distribution pursuant to the Award, which have an aggregate FMV Per Share as of the date
of such withholding that is not greater than the sum of all tax amounts to be withheld with respect thereto, together with payment of any remaining portion of such tax amounts in cash or by check payable and acceptable to the Company. 

Notwithstanding the foregoing, if on the date of an event giving rise to a tax withholding obligation on the part of the Company the person is
an officer or individual subject to Rule 16b-3, such person may direct that such tax withholding be effectuated by the Company withholding the necessary number of shares of Common Stock (at the tax rate required by the Code) from such Award payment
or exercise. 
 ARTICLE XII 

MISCELLANEOUS 
 12.1 No
Rights to Awards. No Participant or other person shall have any claim to be granted any Award, there is no obligation for uniformity of treatment of Participants, or holders 

  
 -20- 

 
or beneficiaries of Awards and the terms and conditions of Awards need not be the same with respect to each recipient. 

12.2 No Right to Employment. The grant of an Award shall not be construed as giving a Participant the right to be retained in the
employ of the Company, the Advisor or any of their respective Affiliates. Further, the Company, the Advisor or any of their respective Affiliates may at any time dismiss a Participant from employment, free from any liability or any claim under the
Plan, unless otherwise expressly provided in the Plan or in any Award agreement. 
 12.3 Governing Law. The validity, construction,
and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with applicable federal law and the laws of the State of Maryland, without regard to any principles of conflicts of law. 

12.4 Severability. If any provision of the Plan or any Award is, becomes or is deemed to be invalid, illegal, or unenforceable in any
jurisdiction or as to any Participant or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be
construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Participant or Award and the remainder of the Plan and any
such Award shall remain in full force and effect. 
 12.5 Other Laws. The Committee may refuse to issue or transfer any shares or
other consideration under an Award if, acting in its sole discretion, it determines that the issuance of transfer or such shares or such other consideration might violate any applicable law. 

12.6 Stockholder Agreements. The Committee may condition the grant, exercise or payment of any Award upon such person entering into a
stockholders’ agreement in such form as approved from time to time by the Board. 
 12.7 No Guarantee of Tax Consequences. Each
Participant shall be solely responsible for and liable for any tax consequences (including but not limited to any interest or penalties) as a result of his or her participation in the Plan. None of the Board, the Company or the Committee makes any
commitment or guarantee that any federal, state or local tax treatment will apply or be available to any person participating or eligible to participate hereunder and assumes no liability whatsoever for the tax consequences to the Participants. 

12.8 Compliance with Section 409A of the Code. Certain items of compensation paid pursuant to this Plan are or may be subject to
Section 409A of the Code. In such instances, this Plan is intended to comply and shall be administered in a manner that is intended to comply with Section 409A of the Code and shall be construed and interpreted in accordance with such
intent. Subject to any other restrictions or limitations contained herein, in the event that a “specified employee” (as defined under Section 409A of the Code) becomes entitled to a payment under the Plan that is subject to
Section 409A of the Code on account of a “separation from service” (as defined under Section 409A of the Code), such payment shall not occur until the date that is six months plus one day from the date of such “separation
from service.” In the 

  
 -21- 

 
event that a Participant becomes entitled to a payment under the Plan that is subject to Section 409A of the Code on account of a termination of employment, such termination of employment
must also constitute a “separation from service” (as defined under Section 409A of the Code). 
 12.9 Claw-back
Policy. All Awards (including any proceeds, gains or other economic benefit actually or constructively received by the Participant upon any receipt or exercise of any Award or upon the receipt or resale of any shares of Common Stock underlying
the Award) shall be subject to the provisions of any claw-back policy implemented by the Company, the Advisor or any Affiliate, as applicable, including, without limitation, any claw-back policy adopted to comply with the requirements of any federal
or state laws and any rules or regulations promulgated thereunder, to the extent set forth in such claw-back policy and/or in the applicable Award agreement. 

  
 -22-EX-10.1

 Exhibit 10.1 

HARVEST NATURAL RESOURCES 

2010 LONG TERM INCENTIVE PLAN, AS AMENDED AND RESTATED 

ARTICLE I 

ESTABLISHMENT, PURPOSE AND DURATION 

1.1 Establishment. The Company hereby establishes an incentive compensation plan, to be known as the “Harvest Natural
Resources 2010 Long Term Incentive Plan”, as set forth in this document. The Plan permits the grant of Options, SARs, Restricted Stock, RSUs, Performance Awards, Other Stock-Based Awards and Cash-Based Awards. The Plan shall become effective on
the later of (a) the date the Plan is approved by the Board and (b) the date the Plan is approved by the stockholders of the Company (the “Effective Date”).  

1.2 Purpose of the Plan. The Plan is intended to advance the best interests of the Company, its Affiliates and its stockholders
by providing those persons who have substantial responsibility for the management and growth of the Company and its Affiliates with additional performance incentives and an opportunity to obtain or increase their proprietary interest in the Company,
thereby encouraging them to continue in their employment or affiliation with the Company or its Affiliates.  
 1.3
Duration of the Plan. The Plan shall continue indefinitely until it is terminated pursuant to Section 14.1. No ISOs may be granted under the Plan on or after the tenth anniversary of the Effective Date. The applicable provisions of the
Plan will continue in effect with respect to an Award granted under the Plan for as long as such Award remains outstanding.  

ARTICLE II 
 DEFINITIONS

 The words and phrases defined in this Article shall have the meaning set out below throughout the Plan, unless the context in which
any such word or phrase appears reasonably requires a broader, narrower or different meaning. 
 2.1
“Affiliate” means any corporation, partnership, limited liability company or association, trust or other entity or organization which, directly or indirectly, controls, is controlled by, or is under common control with, the
Company. For purposes of the preceding sentence, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any entity or organization, shall
mean the possession, directly or indirectly, of the power (a) to vote more than fifty percent (50%) of the securities having ordinary voting power for the election of directors of the controlled entity or organization, or (b) to
direct or cause the direction of the management and policies of the controlled entity or organization, whether through the ownership of voting securities or by contract or otherwise.  

2.2 “Award” means, individually or collectively, a grant under the Plan of Options, SARs, Restricted
Stock, RSUs, Performance Awards, Other Stock-Based Awards and Cash-Based Awards, in each case subject to the terms and provisions of the Plan.  

  
 - 1 - 

 2.3 “Award Agreement” means either (a) a written
agreement entered into by the Company and a Holder setting forth the terms and provisions applicable to an Award granted under the Plan, or (b) a written or electronic statement issued by the Company to a Holder describing the terms and
provisions of such Award, including any amendment or modification thereof. The Committee may provide for the use of electronic, internet or other non-paper Award Agreements, and the use of electronic, internet or other non-paper means for the
acceptance thereof and actions thereunder by a Holder.  
 2.4 “Board” means the board
of directors of the Company.  
 2.5 “Cash-Based Award” means an Award granted pursuant
to Article XI.  
 2.6 “Code” means the United States Internal Revenue Code of 1986, as
amended from time to time.  
 2.7 “Committee” means (a) in the case of an
Award granted to a Director, the Board, and (b) in the case of any other Award granted under the Plan, the Compensation Committee of the Board. Each member of the Committee in respect of his or her participation in any decision with respect to
an Award that is intended to satisfy the requirements of section 162(m) of the Code must satisfy the requirements of “outside director” status within the meaning of section 162(m) of the Code; provided, however, that the failure to satisfy
such requirement shall not affect the validity of the action of any committee otherwise duly authorized and acting in the matter. For all purposes of the Plan, the Chief Executive Officer of the Company shall be deemed to be the
“Committee” with respect to Awards granted by him pursuant to Section 4.1.  
 2.8
“Company” means Harvest Natural Resources, Inc., a Delaware corporation, or any successor (by reincorporation, merger or otherwise).  

2.9 “Consultant” means a person who is hired by the Company or a subsidiary of the Company as an
independent contractor, leased employee, or consultant or who is a person otherwise designated by the Committee as eligible to participate in the Plan, and who is not an Employee or Director.  

2.10 “Corporate Change” shall have the meaning ascribed to
that term in Section 4.7(c).  
 2.11 “Covered Employee” means an Employee who is
or is reasonably expected to become a “covered employee,” as defined in section 162(m) of the Code and the regulations or other guidance promulgated by the Internal Revenue Service under section 162(m) of the Code, or any successor
statute.  
 2.12 “Director” means a director of the Company who is not an Employee.
 
 2.13 “Disability” means as determined by the Committee in its discretion exercised
in good faith, (a) in the case of an Award that is exempt from the application of the requirements of Section 409A, a physical or mental condition of the Holder that would entitle him to payment of disability income payments under the
Company’s long-term disability insurance policy or plan for employees as then in effect; or in the event that the Holder is a Director or is not covered, for whatever reason, under the Company’s long-term disability insurance policy or
plan for  

  
 - 2 - 

 
employees or in the event the Company does not maintain such a long-term disability insurance policy, “Disability” means a permanent and total disability as defined in section 22(e)(3)
of the Code and (b) in the case of an Award that is not exempt from the application of the requirements of Section 409A, (i) the Holder is unable to engage in any substantial gainful activity by reason of 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 12 months, or (ii) the Holder is, by reason of 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 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering
employees of the Company. A determination of Disability may be made by a physician selected or approved by the Committee and, in this respect, the Holder shall submit to an examination by such physician upon request by the Committee. 

2.14 “Dividend Equivalent” means a payment equivalent in amount to dividends paid to the Company’s
stockholders. Notwithstanding anything else in the Plan to the contrary, Dividend Equivalents may not be paid currently on Performance Awards; instead, Dividend Equivalents on such Awards may accrue and be paid when and to the extent that the
underlying shares of Stock are earned or paid out.  
 2.15 “Effective Date” shall have
the meaning ascribed to that term in Section 1.1.  
 2.16 “Employee” means any
person employed by the Company or an Affiliate on a full-time salaried basis. The term “Employee” shall not include a person hired by the Company or a subsidiary of the Company as an independent contractor, leased employee, or consultant.
 
 2.17 “Fair Market Value of the Stock as of any particular date means,  

(a) if the Stock is traded on a stock exchange, 

(i) and if the Stock is traded on that date, the closing sale price of the Stock on that date; or 

(ii) and if the Stock is not traded on that date, the closing sale price of the Stock on the last trading date immediately preceding that date;

 as reported on the principal securities exchange on which the Stock is traded; or 

(b) if the Stock is traded in the over-the-counter market, 

(i) and if the Stock is traded on that date, the average between the high bid and low asked price on that date; or 

(ii) and if the Stock is not traded on that date, the average between the high bid and low asked price on the last trading date immediately
preceding that date; 
 as reported in such over-the-counter market; provided, however, that (x) if the Stock is not so traded, or (y) if, in the
discretion of the Committee, another means of determining the fair market value of a share of Stock at such date shall be necessary or advisable, the Committee may provide for another method or means for determining such fair market value, which
method or means shall comply with the requirements of a reasonable valuation method as described under Section 409A. 

  
 - 3 - 

 2.18 “Fiscal Year” means the
Company’s fiscal year.  
 2.19 “Freestanding SAR” means a SAR
that is granted pursuant to Article VI independently of any Option.  
 2.20 “Full Value
Award” means an Award other than in the form of an ISO, NSO, or SAR, and which is settled by the issuance of shares of Stock.  

2.21 “Holder” means a person who has been granted an Award or any person who is entitled to receive
shares of Stock or cash under an Award.  
 2.22 “ISO” means an Option that is intended
to be an “incentive stock option” that satisfies the requirements of section 422 of the Code.  
 2.23
“Minimum Statutory Tax Withholding Obligation” means, with respect to an Award, the amount the Company or an Affiliate is required to withhold for foreign, federal, state and local taxes based upon the applicable minimum
statutory withholding rates required by the relevant tax authorities.  
 2.24 “NSO”
means an Option that is intended to be a “nonqualified stock option” that does not satisfy the requirements of section 422 of the Code.  

2.25 “Option” means an option to purchase Stock granted pursuant to Article V.  

2.26 “Optionee” means a person who has been granted an Option or any other person who is entitled to
exercise an Option under the Plan.  
 2.27 “Option Price” shall have the meaning
ascribed to that term in Section 5.4.  
 2.28 “Other Stock-Based
Award” means an equity-based or equity-related Award not otherwise described by the terms and provisions of the Plan that is granted pursuant to Article X.  

2.29 “Parent Corporation” means any corporation (other than
the Company) in an unbroken chain of corporations ending with the Company if, at the time of the action or transaction, each of the corporations other than the Company owns stock possessing 50 percent or more of the total combined voting power of
all classes of stock in one of the other corporations in the chain.  
 2.30 “Performance
Award” means an Award designated as a performance award granted pursuant to Article IX.  
 2.31
“Performance-Based Compensation” means compensation under an Award that satisfies the requirements of section 162(m) of the Code for deductibility of remuneration paid to Covered Employees.  

  
 - 4 - 

 2.32 “Performance Goals”
means one or more of the criteria described in Section 9.12 on which the performance goals applicable to an Award are based.  

2.33 “Performance Stock Award” shall have the meaning ascribed to that term in Section 9.1. 

 2.34 “Performance Unit Award” shall have the meaning ascribed to that term in
Section 9.1.  
 2.35 “Period of Restriction”
means the period during which Restricted Stock is subject to a substantial risk of forfeiture (based on the passage of time, the achievement of Performance Goals, or upon the occurrence of other events as determined by the
Committee, in its discretion), as provided in Article VII.  
 2.36 “Plan” means the
Harvest Natural Resources 2010 Long Term Incentive Plan, as set forth in this document as it may be amended from time to time.  

2.37 “Restricted Stock” means shares of restricted Stock issued or granted under the Plan pursuant to
Article VII.  
 2.38 “Restricted Stock Award” means an authorization by the Committee
to issue or transfer Restricted Stock to a Holder.  
 2.39 “RSU” means a restricted
stock unit credited to a Holder’s ledger account maintained by the Company pursuant to Article VIII.  

2.40 “RSU Award” means an Award granted pursuant to Article VIII.  

2.41 “SAR” means a stock appreciation right granted under the Plan pursuant to Article VI. 

 2.42 “Section 409A” means section 409A of the Code and Department of Treasury rules and
regulations issued under such section.  
 2.43 “Stock” means the common stock of the
Company, $0.01 par value per share (or such other par value as may be designated by act of the Company’s stockholders).  

2.44 “Subsidiary Corporation” means any corporation (other than the Company) in an unbroken chain of
corporations beginning with the Company if, at the time of the action or transaction, each of the corporations other than the last corporation in an unbroken chain owns stock possessing 50 percent or more of the total combined voting power of all
classes of stock in one of the other corporations in the chain.  
 2.45 “Substantial Risk of
Forfeiture” shall have the meaning ascribed to that term in Section 409A.  
 2.46
“Tandem SAR” means a SAR that is granted in connection with a related Option pursuant to Article VI, the exercise of which shall require forfeiture of the right to purchase a share of the Stock under the
related Option (and when a share of the Stock is purchased under the Option, the Tandem SAR shall similarly be canceled).  

  
 - 5 - 

 2.47 “Ten Percent Stockholder” means an individual who, at
the time the Option is granted, owns stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock or series of the Company or of any Parent Corporation or Subsidiary Corporation. An individual shall be
considered as owning the stock owned, directly or indirectly, by or for his brothers and sisters (whether by the whole or half blood), spouse, ancestors and lineal descendants; and stock owned, directly or indirectly, by or for a corporation,
partnership, estate or trust, shall be considered as being owned proportionately by or for its stockholders, partners or beneficiaries.  

2.48 “Termination of Employment” means, in the case of an Award other than an ISO, the
termination of the Award recipient’s employment relationship with the Company and all Affiliates. “Termination of Employment” means, in the case of an ISO, the termination of the Employee’s employment relationship with all
of the Company, any Parent Corporation, any Subsidiary Corporation and any parent or subsidiary corporation (within the meaning of section 422(a)(2) of the Code) of any such corporation that issues or assumes an ISO in a transaction to which section
424(a) of the Code applies.  
 ARTICLE III 

ELIGIBILITY AND PARTICIPATION 

3.1 Eligibility. Except as otherwise specified in this Section 3.1, the persons who are eligible to receive Awards under
the Plan, are Employees, Directors and Consultants, who, in the judgement of the Committee, may make key contributions to the profitability and growth of the Company. Only those persons who are, on the dates of grant, key employees of the Company or
any Parent Corporation or Subsidiary Corporation are eligible for grants of ISOs under the Plan.  
 3.2 Participation.
Subject to the terms and provisions of the Plan, the Committee may, from time to time, select the eligible persons to whom Awards shall be granted and shall determine the nature and amount of each Award.  

ARTICLE IV 
 GENERAL
PROVISIONS RELATING TO AWARDS 
 4.1 Authority to Grant Awards. The Committee may grant Awards to those eligible Employees
and other eligible persons as the Committee shall from time to time determine, under the terms and conditions of the Plan. Subject only to any applicable limitations set out in the Plan, the number of shares of Stock or other value to be covered by
any Award to be granted under the Plan shall be as determined by the Committee in its sole discretion. On an annual basis, the Committee also may delegate to the Chief Executive Officer of the Company the ability to grant Awards (other than Awards
pursuant to Article IX) to eligible persons who are not officers or directors of the Company or any Affiliate and subject to the provisions of the Securities Exchange Act of 1934, as amended.  

  
 - 6 - 

 4.2 Dedicated Shares; Maximum Awards.  

(a) The aggregate number of shares of Stock with respect to which Awards may be granted under the Plan is 2,725,000. 

(b) The aggregate number of shares of Stock with respect to which Full Value Awards (awards of Stock under the Plan which are not Options or
SARs) may be granted under the Plan is 700,000. 
 (c) The aggregate number of shares of Stock with respect to which ISOs may be granted
under the Plan is 2,725,000. 
 (d) The maximum number of shares of Stock with respect to which Options and SARs may be granted to an
Employee, Director, or Consultant during a Fiscal Year is 1,000,000. The maximum number of shares of Stock with respect to which Full Value Awards (including Performance Awards payable in shares of Stock) may be granted to an Employee, Director or
Consultant during a Fiscal Year is 1,000,000. The maximum value of cash with respect to which Performance Awards or other Cash Based Awards payable in cash may be granted to an Employee, Director or Consultant during a Fiscal Year, determined as of
the dates of grants of the Awards, is $5,000,000. 
 (e) Each of the foregoing numerical limits stated in this Section 4.2 shall be
subject to adjustment in accordance with the provisions of Section 4.7. 
 4.3 Shares That Count Against Limit. 

 (a) If shares of Stock are withheld from payment of an Award to satisfy tax obligations with respect to the Award, such shares of
Stock will count against the aggregate number of shares of Stock with respect to which Awards may be granted under the Plan. 
 (b) If
shares of Stock are tendered in payment of an Option Price of an Option, such shares of Stock will not be added to the aggregate number of shares of Stock with respect to which Awards may be granted under the Plan. 

(c) To the extent that any outstanding Award is forfeited or cancelled for any reason or is settled in cash in lieu of shares of Stock, the
shares of Stock allocable to such portion of the Award may again be subject to an Award granted under the Plan. 
 (d) When a SAR is settled
in shares of Stock, the number of shares of Stock subject to the SAR under the SAR Award Agreement will be counted against the aggregate number of shares of Stock with respect to which Awards may be granted under the Plan as one share for every
share subject to the SAR, regardless of the number of shares used to settle the SAR upon exercise. 
 4.4 Non-Transferability.
Except as provided in Section 4.5, no Option, SAR, grant of Restricted Stock or other Award under the Plan shall be transferable other than by will or the laws of descent and distribution. Any Option or SAR shall be exercisable (i) during
the lifetime of an Optionee or SAR Holder, only by the Optionee or SAR Holder or, to the extent permitted  

  
 - 7 - 

 
by the Code, by an appointed guardian or legal representative of the Optionee or SAR Holder, and (ii) after death of the Optionee or SAR Holder, only by the Optionee’s or SAR
Holder’s legal representative or by the person who acquired the right to exercise such Option or SAR by bequest or inheritance or by reason of the death of the Optionee or SAR Holder. 

4.5 Transfer of Options and SARs. The Committee may, in its discretion, authorize, in the Award Agreement for an Option or SAR
granted under the Plan, that the original recipient of such Award may transfer all or a portion of such Option or SAR to an immediate family member of such recipient who acquires the Option or SAR from the original recipient through a gift or a
qualified domestic relations court order. For purposes of this Section 4.5, “family member” includes any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive relationships, trusts for the exclusive benefit of these persons and any other entity owned solely by these persons, provided that the Award Agreement
for such Option or SAR expressly provides that subsequent transfers of such Option or SAR by the family member shall be prohibited except in accordance with Section 4.4. Following transfer, any such Option or SAR shall continue to be subject to
the same terms and conditions as were applicable immediately prior to transfer, including all vesting and forfeiture provisions including those arising as a result of a Termination of Employment, as applicable, which shall continue to be applied
with respect to the original recipient of the Option or SAR, following which the Option or SAR shall be exercisable by the family member only to the extent and for the periods specified in the Award Agreement for such Award.  

4.6 Requirements of Law. The Company shall not be required to sell or issue any shares of Stock under any Award if issuing those
shares of Stock would constitute or result in a violation by the Holder or the Company of any provision of any law, statute or regulation of any governmental authority. Specifically, in connection with any applicable statute or regulation relating
to the registration of securities, upon exercise of any Option or pursuant to any other Award, the Company shall not be required to issue any shares of Stock unless the Committee has received evidence satisfactory to it to the effect that the Holder
will not transfer the shares of Stock except in accordance with applicable law, including receipt of an opinion of counsel satisfactory to the Company to the effect that any proposed transfer complies with applicable law. The determination by the
Committee on this matter shall be final, binding and conclusive. The Company may, but shall in no event be obligated to, register any shares of Stock covered by the Plan pursuant to applicable securities laws of any country or any political
subdivision. In the event the shares of Stock issuable on exercise of an Option or pursuant to any other Award are not registered, the Company may imprint on the certificate evidencing the shares of Stock any legend that counsel for the Company
considers necessary or advisable to comply with applicable law, or, should the shares of Stock be represented by book or electronic entry rather than a certificate, the Company may take such steps to restrict transfer of the shares of Stock as
counsel for the Company considers necessary or advisable to comply with applicable law. The Company shall not be obligated to take any other affirmative action in order to cause or enable the exercise of an Option or any other Award, or the issuance
of shares of Stock pursuant thereto, to comply with any law or regulation of any governmental authority.  

  
 - 8 - 

 4.7 Changes in the Company’s Capital Structure.  

(a) The existence of outstanding Awards shall not affect in any way the right or power of the Company or its stockholders to make or authorize
any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business, any merger or consolidation of the Company, any issue of bonds, debentures, preferred or prior preference shares
ahead of or affecting the Stock or Stock rights, the dissolution or liquidation of the Company, any sale or transfer of all or any part of its assets or business or any other corporate act or proceeding, whether of a similar character or otherwise.

 (b) If the Company shall effect a subdivision or consolidation of Stock or other capital readjustment, the payment of a Stock dividend,
or other increase or reduction of the number of shares of Stock outstanding, without receiving compensation therefore in money, services or property, then (1) the number and per share price of Stock subject to outstanding Options or other
Awards under the Plan shall be appropriately adjusted (subject to the restriction in Section 4.12 prohibiting repricing) in such a manner as to entitle a Holder to receive upon exercise of an Option or other Award, for the same aggregate cash
consideration, the equivalent total number of Stock the Holder would have received had the Holder exercised his or her Option or other Award in full immediately prior to the event requiring the adjustment, and (2) the number of Stock then
reserved to be issued under the Plan shall be adjusted by substituting for the total number of Stock then reserved that number of Stock that would have been received by the owner of an equal number of outstanding shares of Stock as the result of the
event requiring the adjustment. 
 (c) If while unexercised Options or other Awards remain outstanding under the Plan (1) the
Company shall not be the surviving entity in any merger, consolidation or other reorganization (or survives only as a subsidiary of an entity other than an entity that was wholly-owned by the Company immediately prior to such merger, consolidation
or other reorganization), (2) the Company sells, leases or exchanges or agrees to sell, lease or exchange all or substantially all of its assets to any other person or entity (other than an entity wholly-owned by the Company), (3) the
Company is to be dissolved or (4) the Company is a party to any other corporate transaction (as defined under section 424(a) of the Code and applicable Department of Treasury regulations) that is not described in clauses (1), (2) or
(3) of this sentence (each such event is referred to herein as a “Corporate Change”), then, except as otherwise provided in an Award Agreement or another agreement between the Holder and the Company (provided that such
exceptions shall not apply in the case of a reincorporation merger), or as a result of the Committee’s effectuation of one or more of the alternatives described below, there shall be no acceleration of the time at which any Award then
outstanding may be exercised, and no later than ten days after the approval by the stockholders of the Company of such Corporate Change, the Committee, acting in its sole and absolute discretion without the consent or approval of any Holder, shall
act to effect one or more of the following alternatives, which may vary among individual Holders and which may vary among Awards held by any individual Holder (provided that, with respect to a reincorporation merger in which Holders of the
Company’s ordinary shares will receive one ordinary share of the successor corporation for each ordinary share of the Company, none of such alternatives shall apply and, without Committee action, each Award shall automatically convert into a
similar award of the successor corporation exercisable for the same number of ordinary shares of the successor as the Award was exercisable for ordinary shares of Stock of the Company):  

  
 - 9 - 

 (1) accelerate the time at which some or all of the Awards then outstanding may be exercised so
that such Awards may be exercised in full for a limited period of time on or before a specified date (before or after such Corporate Change) fixed by the Committee, after which specified date all such Awards that remain unexercised and all rights of
Holders under such Awards shall terminate; 
 (2) require the mandatory surrender to the Company by all or selected Holders of some or all
of the then outstanding Awards held by such Holders (irrespective of whether such Awards are then exercisable under the provisions of the Plan or the applicable Award Agreement evidencing such Award) as of a date, before or after such Corporate
Change, specified by the Committee, in which event the Committee shall thereupon cancel such Award and the Company shall pay to each such Holder an amount of cash per share equal to the excess, if any, of the per share price offered to stockholders
of the Company in connection with such Corporate Change over the exercise prices under such Award for such shares; 
 (3) with respect to
all or selected Holders, have some or all of their then outstanding Awards (whether vested or unvested) assumed or have a new award of a similar nature substituted for some or all of their then outstanding Awards under the Plan (whether vested or
unvested) by an entity which is a party to the transaction resulting in such Corporate Change and which is then employing such Holder or which is affiliated or associated with such Holder in the same or a substantially similar manner as the Company
prior to the Corporate Change, or a parent or subsidiary of such entity, provided that (A) such assumption or substitution is on a basis where the excess of the aggregate fair market value of the Stock subject to the Award immediately after the
assumption or substitution over the aggregate exercise price of such Stock is equal to the excess of the aggregate fair market value of all Stock subject to the Award immediately before such assumption or substitution over the aggregate exercise
price of such Stock, and (B) the assumed rights under such existing Award or the substituted rights under such new Award, as the case may be, will have the same terms and conditions as the rights under the existing Award assumed or substituted
for, as the case may be; 
 (4) provide that the number of Stock covered by an Award (whether vested or unvested) theretofore granted shall
be adjusted so that such Award when exercised shall thereafter cover the number of Stock or other securities or property (including, without limitation, cash) to which the Holder would have been entitled pursuant to the terms of the agreement or
plan relating to such Corporate Change if, immediately prior to such Corporate Change, the Holder had been the holder of record of the number of shares of Stock then covered by such Award; or 

(5) make such adjustments to Awards then outstanding as the Committee deems appropriate to reflect such Corporate Change (provided, however,
that the Committee may determine in its sole and absolute discretion that no such adjustment is necessary). 
 In effecting one or more of
the alternatives set out in paragraphs (3), (4) or (5) immediately above, and except as otherwise may be provided in an Award Agreement, the Committee, in its sole and absolute discretion and without the consent or approval of any Holder,
may accelerate the time at which some or all Awards then outstanding may be exercised. 

  
 - 10 - 

 (d) In the event of changes in the outstanding Stock by reason of recapitalizations,
reorganizations, mergers, consolidations, combinations, exchanges or other relevant changes in capitalization occurring after the date of the grant of any Award and not otherwise provided for by this Section 4.7, any outstanding Award and any
Award Agreement evidencing such Award shall be subject to adjustment by the Committee in its sole and absolute discretion as to the number and price of Stock or other consideration subject to such Award. In the event of any such change in the
outstanding Stock, the aggregate number of shares of Stock available under the Plan may be appropriately adjusted by the Committee, whose determination shall be conclusive. 

(e) After a merger of one or more corporations into the Company or after a consolidation of the Company and one or more corporations in which
the Company shall be the surviving corporation, each Holder shall be entitled to have his Restricted Stock appropriately adjusted based on the manner in which the shares of Stock were adjusted under the terms of the agreement of merger or
consolidation. 
 (f) The issuance by the Company of stock of any class or series, or securities convertible into, or exchangeable for,
stock of any class or series, for cash or property, or for labor or services either upon direct sale or upon the exercise of rights or warrants to subscribe for them, or upon conversion or exchange of stock or obligations of the Company convertible
into, or exchangeable for, stock or other securities, shall not affect, and no adjustment by reason of such issuance shall be made with respect to, the number, class or series, or price of shares of Stock then subject to outstanding Options or other
Awards. 
 4.8 Election Under Section 83(b) of the Code. No Holder shall exercise the election permitted under section
83(b) of the Code with respect to any Award without the prior written approval of the Chief Financial Officer of the Company. Any Holder who makes an election under section 83(b) of the Code with respect to any Award without the prior written
approval of the Chief Financial Officer of the Company may, in the discretion of the Committee, forfeit any or all Awards granted to him or her under the Plan.  

4.9 Forfeiture for Cause. Notwithstanding any other provision of the Plan or an Award Agreement, if the Committee finds by a
majority vote that a Holder, before or after his Termination of Employment or severance of affiliation relationship with the Company and all Affiliates, (a) committed fraud, embezzlement, theft, felony or an act of dishonesty in the course of
his employment by or affiliation with the Company or an Affiliate which conduct damaged the Company or an Affiliate, (b) disclosed trade secrets of the Company or an Affiliate or (c) violated the terms of any non-competition,
non-disclosure or similar agreement with respect to the Company or any Affiliate to which the Holder is a party, then as of the date the Committee makes its finding some or all Awards awarded to the Holder (including vested Awards that have been
exercised, vested Awards that have not been exercised and Awards that have not yet vested), as determined by the Committee in its sole discretion, and all net proceeds realized with respect to any such Awards, will be forfeited to the Company on
such terms as determined by the Committee. The findings and decision of the Committee with respect to such matter, including those regarding the acts of the Holder and the damage done to the Company, will be final for all purposes. No decision of
the Committee, however, will affect the finality of the discharge of the individual by the Company or an Affiliate or severance of the individual’s affiliation with the Company and all Affiliates.  

  
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 4.10 Forfeiture Events. The Committee may specify in an Award Agreement that the
Holder’s rights, payments, and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture, or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or
performance conditions of an Award. Such events may include, but shall not be limited to, Termination of Employment for cause, termination of the Holder’s provision of services to the Company or its Affiliates, violation of material policies of
the Company and its Affiliates, breach of noncompetition, confidentiality, or other restrictive covenants that may apply to the Holder, or other conduct by the Holder that is detrimental to the business or reputation of the Company and its
Affiliates.  
 4.11 Award Agreements. Each Award shall be embodied in a written or electronic Award Agreement that
shall be subject to the terms and conditions of the Plan. The Award Agreement shall be signed or issued by an executive officer of the Company, other than the Holder, on behalf of the Company, and may be signed by the Holder to the extent required
by the Committee. The Award Agreement may specify the effect of a change in control of the Company on the Award. The Award Agreement may contain any other provisions that the Committee in its discretion shall deem advisable which are not
inconsistent with the terms and provisions of the Plan.  
 4.12 Amendments of Award Agreements. The terms of any
outstanding Award under the Plan may be amended from time to time by the Committee in its discretion in any manner that it deems appropriate and that is consistent with the terms of the Plan or that is necessary to implement the requirements of the
Plan. However, no such amendment shall adversely affect in a material manner any right of a Holder without his or her written consent. Except as specified in Section 4.7(b), the Committee may not directly or indirectly lower the exercise price
of a previously granted Option or the grant price of a previously granted SAR.  
 4.13 Rights as Stockholder. A Holder
shall not have any rights as a stockholder with respect to Stock covered by an Option, a SAR, an RSU or a Performance Unit Award payable in Stock until the date, if any, such Stock is issued by the Company; and, except as otherwise provided in
Section 4.7, no adjustment for dividends, or otherwise, shall be made if the record date therefore is prior to the date of issuance of such Stock.  

4.14 Issuance of Shares of Stock. Shares of Stock, when issued, may be represented by a certificate or by book or electronic
entry.  
 4.15 Restrictions on Stock Received. The Committee may impose such conditions and/or restrictions on any
shares of Stock issued pursuant to an Award as it may deem advisable or desirable. These restrictions may include, but shall not be limited to, a requirement that the Holder hold the shares of Stock for a specified period of time.  

4.16 Compliance With Section 409A. Awards shall be designed, granted and administered in such a manner that they are either
exempt from the application of, or comply with, the requirements of Section 409A. The Plan and each Award Agreement under the Plan that is intended to comply the requirements of Section 409A shall be construed and interpreted in accordance
with such intent. If the Committee determines that an Award, Award Agreement, payment, distribution, deferral election, transaction, or any other action or arrangement  

  
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contemplated by the provisions of the Plan would, if undertaken, cause a Holder to become subject to additional taxes under Section 409A, then unless the Committee specifically provides
otherwise, such Award, Award Agreement, payment, distribution, deferral election, transaction or other action or arrangement shall not be given effect to the extent it causes such result and the related provisions of the Plan and/or Award Agreement
will be deemed modified, or, if necessary, suspended in order to comply with the requirements of Section 409A to the extent determined appropriate by the Committee, in each case without the consent of or notice to the Holder. The exercisability
of an Option or a SAR shall not be extended to the extent that such extension would subject the Holder to additional taxes under Section 409A. 

4.17 Source of Shares Deliverable Under Awards. Any shares of Stock delivered pursuant to an Award may consist, in whole or in
part, of authorized and unissued shares of Stock or of treasury shares of Stock.  
 4.18 Date of Grant. The date on
which an Option or SAR is granted shall be the date the Company completes the corporate action constituting an offer of stock for sale to a Holder under the terms and conditions of the Option or SAR; provided that such corporate
action shall not be considered complete until the date on which the maximum number of shares that can be purchased under the Option and the minimum Option price are fixed or determinable. If the corporate action contemplates an
immediate offer of Stock for sale to a class of individuals, then the date of the granting of an Option is the time or date of that corporate action, if the offer is to be made immediately. If the corporate action contemplates a particular date on
which the offer is to be made, then the date of grant is the contemplated date of the offer.  
 ARTICLE V 

OPTIONS 
 5.1
Authority to Grant Options. Subject to the terms and provisions of the Plan, the Committee, at any time, and from time to time, may grant Options under the Plan to eligible persons in such number and upon such terms as the Committee shall
determine; provided that ISOs may be granted only to eligible Employees of the Company or of any Parent Corporation or Subsidiary Corporation (as permitted by section 422 of the Code and the regulations thereunder).  

5.2 Type of Options Available. Options granted under the Plan may be NSOs or ISOs.  

5.3 Option Agreement. Each Option grant under the Plan shall be evidenced by an Award Agreement that shall specify
(a) whether the Option is intended to be an ISO or an NSO, (b) the Option Price, (c) the duration of the Option, (d) the number of shares of Stock to which the Option pertains, (e) the exercise restrictions applicable to the
Option and (f) such other provisions as the Committee shall determine that are not inconsistent with the terms and provisions of the Plan. Notwithstanding the designation of an Option as an ISO in the applicable Award Agreement for such Option,
to the extent the limitations of Section 5.10 of the Plan are exceeded with respect to the Option, the portion of the Option in excess of the limitation shall be treated as a NSO. An Option granted under the Plan may not be granted with any
Dividend Equivalents rights.  

  
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 5.4 Option Price. The price at which shares of Stock may be purchased under an
Option (the “Option Price”) shall not be less than 100 percent (100%) of the Fair Market Value of the shares of Stock on the date the Option is granted. However, in the case of a Ten Percent Stockholder, the
Option Price for an ISO shall not be less than 110 percent (110%) of the Fair Market Value of the shares of Stock on the date the ISO is granted. Subject to the limitations set forth in the preceding sentences of this Section 5.4, the
Committee shall determine the Option Price for each grant of an Option under the Plan.  
 5.5 Duration of Option. An
Option shall not be exercisable after the earlier of (a) the general term of the Option specified in the applicable Award Agreement (which shall not exceed five years) or (b) the period of time specified in the applicable Award Agreement
that follows the Holder’s Termination of Employment or severance of affiliation relationship with the Company. Unless the applicable Award Agreement specifies a shorter term, in the case of an ISO granted to a Ten Percent Stockholder, the
Option shall expire on the fifth anniversary of the date the Option is granted.  
 5.6 Amount Exercisable. Each Option
may be exercised at the time, in the manner and subject to the conditions the Committee specifies in the Award Agreement in its sole discretion.  

5.7 Payment For Shares. The Option Price of an Option shall be paid to the Company in full at the time of exercise. Unless
otherwise required by the Committee at the time an Option is granted and except as provided below, the Optionee may elect to make payment (a) in cash, (b) in shares of Stock having a Fair Market Value on the date of exercise equal to the
aggregate Option Price under the Option if approved in advance by the Committee or an executive officer of the Company and satisfying such other requirements as may be imposed by the Committee, (c) partly in accordance with each of clauses
(a) and (b), (d) as authorized by the Committee, through the withholding of shares of Stock (which would otherwise be delivered to the Optionee) with an aggregate Fair Market Value on the exercise date equal to the aggregate exercise price
of the Option or (e) through the delivery of irrevocable instructions to a broker to deliver promptly to the Company an amount equal to the aggregate exercise price of the Option. If shares of Stock are used for payment by the Optionee, the
aggregate Fair Market Value of the shares of Stock tendered must be equal to or less than the aggregate Option Price of the shares of Stock being purchased upon exercise of the Option, and any difference must be paid by cash, certified check, or
bank draft payable to the order of the Company. Notwithstanding any other provision of this Section, the Committee may limit the extent to which shares of Stock may be used to pay the Option Price and/or any withholding taxes payable in connection
with an exercise of an Option. An Option may not be exercised for a fraction of a share of Stock. No Optionee shall have any rights to dividends or other rights of a stockholder with respect to shares of Stock subject to an Option until the Optionee
has given written notice of exercise of the Option, paid in full for such shares of Stock and, if applicable, has satisfied any other conditions imposed by the Committee pursuant to the Plan.  

5.8 Transferability—Incentive Stock Options. Notwithstanding anything in the Plan or an Award Agreement to the contrary, no
ISO granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution, and all ISOs granted to an Employee under this Article V shall be
exercisable during his or her lifetime only by such Employee.  

  
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 5.9 Notification of Disqualifying Disposition. If any Optionee shall make any
disposition of shares of Stock issued pursuant to the exercise of an ISO under the circumstances described in section 421(b) of the Code (relating to certain disqualifying dispositions), such Optionee shall notify the Company of such disposition
within ten (10) days thereof.  
 5.10 No Rights as Stockholder. An Optionee shall not have any rights as a
stockholder with respect to Stock covered by an Option until the date a stock certificate for such Stock is issued by the Company; and, except as otherwise provided in Section 4.7, no adjustment for dividends, or otherwise, shall be made if the
record date therefore is prior to the date of issuance of such certificate.  
 5.11 $100,000 Limitation on ISOs. To
the extent that the aggregate Fair Market Value of Stock with respect to which ISOs first become exercisable by a Holder in any calendar year exceeds $100,000, taking into account both shares of Stock subject to ISOs under the Plan and Stock subject
to ISOs under all other plans of the Company, such Options shall be treated as NSOs. For this purpose, the “Fair Market Value” of the Stock subject to Options shall be determined as of the date the Options were awarded. In reducing the
number of Options treated as ISOs to meet the $100,000 limit, the most recently granted Options shall be reduced first. To the extent a reduction of simultaneously granted Options is necessary to meet the $100,000 limit, the Committee may, in the
manner and to the extent permitted by law, designate which shares of Stock are to be treated as shares acquired pursuant to the exercise of an ISO.  

ARTICLE VI 
 STOCK
APPRECIATION RIGHTS 
 6.1 Authority to Grant SAR Awards. Subject to the terms and provisions of the Plan, the Committee,
at any time, and from time to time, may grant SARs under the Plan to eligible persons in such number and upon such terms as the Committee shall determine. Subject to the terms and conditions of the Plan, the Committee shall have complete discretion
in determining the number of SARs granted to each Holder and, consistent with the provisions of the Plan, in determining the terms and conditions pertaining to such SARs.  

6.2 Type of Stock Appreciation Rights Available. SARs granted under the Plan may be Freestanding SARs, Tandem SARs or any
combination of these forms of SARs.  
 6.3 General Terms. Subject to the terms and conditions of the Plan, a SAR
granted under the Plan shall confer on the recipient a right to receive, upon exercise thereof, an amount equal to the excess of (a) the Fair Market Value of one share of the Stock on the date of exercise over (b) the grant price of the
SAR, which shall not be less than one hundred percent (100%) of the Fair Market Value of one share of the Stock on the date of grant of the SAR. The grant price of a Freestanding SAR shall not be less than the Fair Market Value of a share of
the Stock on the date of grant of the SAR. The grant price of a Tandem SAR shall equal the Option Price of the Option which is related to the Tandem SAR. A SAR granted under the Plan may not be granted with any Dividend Equivalents rights. 

  
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 6.4 SAR Agreement. Each Award of SARs granted under the Plan shall be evidenced by
an Award Agreement that shall specify (a) whether the SAR is intended to be a Freestanding SAR or a Tandem SAR, (b) the grant price of the SAR, (c) the term of the SAR, (d) the vesting and termination provisions of the SAR and
(e) such other provisions as the Committee shall determine that are not inconsistent with the terms and provisions of the Plan. The Committee may impose such additional conditions or restrictions on the exercise of any SAR as it may deem
appropriate.  
 6.5 Term of SAR. The term of a SAR granted under the Plan shall be determined by the Committee, in its
sole discretion; provided that no SAR shall be exercisable on or after the fifth anniversary date of its grant.  
 6.6
Exercise of Freestanding SARs. Subject to the terms and provisions of the Plan and the applicable Award Agreement, Freestanding SARs may be exercised in whole or in part from time to time by the delivery of written notice in the manner
designated by the Committee stating (a) that the Holder wishes to exercise such SAR on the date such notice is so delivered, (b) the number of shares of Stock with respect to which the SAR is to be exercised and (c) the address to
which the payment due under such SAR should be delivered. In accordance with applicable law, a Freestanding SAR may be exercised upon whatever additional terms and conditions the Committee, in its sole discretion, imposes.  

6.7 Exercise of Tandem SARs. Subject to the terms and provisions of the Plan and the applicable Award Agreement, Tandem SARs may
be exercised for all or part of the shares of Stock subject to the related Option upon the surrender of the right to exercise the equivalent portion of the related Option and by the delivery of written notice in the manner designated by the
Committee stating (a) that the Holder wishes to exercise such SAR on the date such notice is so delivered, (b) the number of shares of Stock with respect to which the SAR is to be exercised and (c) the address to which the payment due
under such SAR should be delivered. A Tandem SAR may be exercised only with respect to the shares of Stock for which its related Option is then exercisable. In accordance with applicable law, a Tandem SAR may be exercised upon whatever additional
terms and conditions the Committee, in its sole discretion, imposes.  
 6.8 Payment of SAR Amount. Upon the exercise
of a SAR, a Holder shall be entitled to receive payment from the Company in an amount determined by multiplying the excess of the Fair Market Value of a share of Stock on the date of exercise over the grant price of the SAR by the number of shares
of Stock with respect to which the SAR is exercised. At the discretion of the Committee, the payment upon SAR exercise may be in cash, in Stock of equivalent value, in some combination thereof or in any other manner approved by the Committee in its
sole discretion. The Committee’s determination regarding the form of SAR payout shall be set forth in the Award Agreement pertaining to the grant of the SAR.  

6.9 Termination of Employment or Affiliation. Each Award Agreement shall set forth the extent to which the Holder of a SAR shall
have the right to exercise the SAR following the Holder’s Termination of Employment or severance of affiliation relationship with the Company. Such provisions shall be determined in the sole discretion of the Committee, may be included in the
Award Agreement entered into with the Holder, need not be uniform among all SARs issued pursuant to the Plan, and may reflect distinctions based on the reasons for termination or severance.  

  
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 ARTICLE VII 

RESTRICTED STOCK AWARDS 

7.1 Restricted Stock Awards. Subject to the terms and provisions of the Plan, the Committee, at any time,
and from time to time, may make Awards of Restricted Stock under the Plan to eligible persons in such number and upon such terms as the Committee shall determine. The amount of, the vesting and the transferability restrictions applicable to any
Restricted Stock Award shall be determined by the Committee in its sole discretion. If the Committee imposes vesting or transferability restrictions on a Holder’s rights with respect to Restricted Stock, the Committee may issue such
instructions to the Company’s share transfer agent in connection therewith as it deems appropriate. The Committee may also cause the certificate for shares of Stock issued pursuant to a Restricted Stock Award to be imprinted with any legend
which counsel for the Company considers advisable with respect to the restrictions or, should the shares of Stock be represented by book or electronic entry rather than a certificate, the Company may take such steps to restrict transfer of the
shares of Stock as counsel for the Company considers necessary or advisable to comply with applicable law.  
 7.2
Restricted Stock Award Agreement. Each Restricted Stock Award shall be evidenced by an Award Agreement that contains any vesting, transferability restrictions and other provisions not inconsistent with the Plan as the Committee may specify.
 
 7.3 Holder’s Rights as Stockholder. Subject to the terms and conditions of the Plan, each recipient of a
Restricted Stock Award shall have all the rights of a stockholder with respect to the shares of Restricted Stock included in the Restricted Stock Award during the Period of Restriction established for the Restricted Stock Award. Dividends paid with
respect to Restricted Stock in cash or property other than shares of Stock or rights to acquire shares of Stock shall be paid to the recipient of the Restricted Stock Award currently. Dividends paid in shares of Stock or rights to acquire shares of
Stock shall be added to and become a part of the Restricted Stock. During the Period of Restriction, certificates representing the Restricted Stock shall be registered in the Holder’s name and bear a restrictive legend to the effect that
ownership of such Restricted Stock, and the enjoyment of all rights appurtenant thereto, are subject to the restrictions, terms, and conditions provided in the Plan and the applicable Award Agreement. Such certificates shall be deposited by the
recipient with the Secretary of the Company or such other officer of the Company as may be designated by the Committee, together with all stock powers or other instruments of assignment, each endorsed in blank, which will permit transfer to the
Company of all or any portion of the Restricted Stock which shall be forfeited in accordance with the Plan and the applicable Award Agreement.  

ARTICLE VIII 

RESTRICTED STOCK UNIT AWARDS 

8.1 Authority to Grant RSU Awards. Subject to the terms and provisions of the Plan, the Committee, at any time, and from time to
time, may grant RSU Awards under the Plan to eligible persons in such amounts and upon such terms as the Committee shall determine. The amount of, the vesting and the transferability restrictions applicable to any RSU Award shall be determined by
the Committee in its sole discretion. The Committee shall maintain a bookkeeping ledger account which reflects the number of RSUs credited under the Plan for the benefit of a Holder.  

  
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 8.2 RSU Award. An RSU Award shall be similar in nature to a Restricted Stock Award
except that no shares of Stock are actually transferred to the Holder until a later date specified in the applicable Award Agreement. Each RSU shall have a value equal to the Fair Market Value of a share of Stock.  

8.3 RSU Award Agreement. Each RSU Award shall be evidenced by an Award Agreement that contains any Substantial Risk of
Forfeiture, transferability restrictions, form and time of payment provisions and other provisions not inconsistent with the Plan as the Committee may specify.  

8.4 Dividend Equivalents. An Award Agreement for an RSU Award may specify that the Holder shall be entitled to the payment of
Dividend Equivalents under the Award.  
 8.5 Form of Payment Under RSU Award. Payment under an RSU Award shall be made
in either cash or shares of Stock as specified in the applicable Award Agreement.  
 8.6 Time of Payment Under RSU Award.
A Holder’s payment under an RSU Award shall be made at such time as is specified in the applicable Award Agreement. The Award Agreement shall specify that the payment will be made (a) by a date that is no later than the date that is
two and one-half (2 1/2) months after the end of the calendar year in which the RSU Award payment is no longer subject to a Substantial Risk of Forfeiture or (b) at a time that is permissible under Section 409A.  

ARTICLE IX 
 PERFORMANCE
AWARDS 
 9.1 Authority to Grant Performance Awards. Subject to the terms and provisions of the Plan, the Committee, at
any time, and from time to time, may grant Performance Awards under the Plan to eligible persons in such amounts and upon such terms as the Committee shall determine. Such Awards may be in the form of performance stock (which is similar to
restricted stock issued under Article VII except vesting shall be based on the accomplishment of a Performance Goal) (“Performance Stock Award”), performance units (which is similar to restricted stock units issued
under Article VIII except vesting shall be based on the accomplishment of a Performance Goal) (“Performance Unit Award”) and such other form of award established by the Committee with vesting based on the
accomplishment of a Performance Goal. The amount of, the vesting and the transferability restrictions applicable to any Performance Award shall be based upon the attainment of such Performance Goals as the Committee may determine; provided, however,
that the performance period for any Performance Award shall not be less than one year. If the Committee imposes vesting or transferability restrictions on a Holder’s rights with respect to Performance Stock Awards, the Committee may issue such
instructions to the Company’s share transfer agent in connection therewith as it deems appropriate. The Committee may also cause the certificate for shares of Stock issued pursuant to a Performance Award to be imprinted with any legend which
counsel for the Company considers advisable with respect to the restrictions or, should the shares of Stock be represented by book or electronic entry rather than a certificate, the Company may take such steps to restrict transfer of the
shares of Stock as counsel for the Company considers necessary or advisable to comply with applicable law. 

  
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 9.2 Performance Goals. A Performance Goal must be objective such that a third party
having knowledge of the relevant facts could determine whether the goal is met. Such a Performance Goal may be based on one or more business criteria that apply to the Holder, one or more business units of the Company, or the Company as a whole,
with reference to one or more of the following: reserve additions, production and production growth, earnings per share, total shareholder return, cash return on capitalization, increased revenue, revenue ratios (per employee or per customer), net
income, stock price, market share, return on equity, return on assets, return on capital, return on capital compared to cost of capital, return on capital employed, return on invested capital, shareholder value, net cash flow, operating income,
earnings before interest and taxes, cash flow, cash flow from operations, and cost reductions. Goals may also be based on performance relative to a peer group of companies. Unless otherwise stated, such a Performance Goal need not be based upon an
increase or positive result under a particular business criterion and could include, for example, maintaining the status quo or limiting economic losses (measured, in each case, by reference to specific business criteria). Performance Goals may be
determined by including or excluding, in the Committee’s discretion, items that are determined to be extraordinary, unusual in nature, infrequent in occurrence, related to the disposal or acquisition of all or a segment of a business, or
related to a change in accounting principle, all as determined in accordance with standards established by the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 225-20, Income Statement, Extraordinary and Unusual
Items, and FASB ASC 830-10, Foreign Currency Matters, Overall, other applicable accounting rules, or consistent with Company accounting policies and practices in effect on the date the Performance Goal is established. In interpreting Plan provisions
applicable to Performance Goals and Performance Awards, it is intended that the Plan will conform with the standards of section 162(m) of the Code and Treasury Regulations § 1.162-27(e)(2)(i), and the Committee in establishing such goals and
interpreting the Plan shall be guided by such provisions. Prior to the payment of any compensation based on the achievement of Performance Goals, the Committee must certify in writing that applicable Performance Goals and any of the material terms
thereof were, in fact, satisfied. Subject to the foregoing provisions, the terms, conditions and limitations applicable to any Performance Awards made pursuant to the Plan shall be determined by the Committee.  

9.3 Time of Establishment of Performance Goals. A Performance Goal for a particular Performance Award must be established by the
Committee prior to the earlier to occur of (a) 90 days after the commencement of the period of service to which the Performance Goal relates or (b) the lapse of 25 percent of the period of service, and in any event while the outcome is
substantially uncertain.  
 9.4 Written Agreement. Each Performance Award shall be evidenced by an Award Agreement
that contains any vesting, transferability restrictions and other provisions not inconsistent with the Plan as the Committee may specify.  

  
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 9.5 Form of Payment Under Performance Unit Award. Payment under a Performance Unit
Award shall be made in cash and/or shares of Stock as specified in the Holder’s Award Agreement.  
 9.6 Time of
Payment Under Performance Award. A Holder’s payment under a Performance Award shall be made at such time as is specified in the applicable Award Agreement. The Award Agreement shall specify that the payment will be made (a) by a date
that is no later than the date that is two and one-half (2 1/2) months after the end of the calendar year in which the Performance Award payment is no longer subject to a Substantial Risk of Forfeiture or (b) at a time that is permissible under
Section 409A.  
 9.7 Holder’s Rights as Stockholder With Respect to a Performance Award Paid in Shares of
Stock. A Holder of a Performance Award that is payable in shares of Stock shall have no rights of a stockholder with respect to such shares of Stock payable under such Performance Award until the underlying shares of Stock
are earned under the terms of such Performance Award.  
 9.8 Increases Prohibited. None of the Committee or the Board
may increase the amount of compensation payable under a Performance Award. If the time at which a Performance Award will vest or be paid is accelerated for any reason, the number of shares of Stock subject to, or the amount payable under, the
Performance Award shall be reduced pursuant to Department of Treasury Regulation § 1.162-27(e)(2)(iii) to reasonably reflect the time value of money.  

9.9 Stockholder Approval. No payments of Stock or cash will be made pursuant to this Article IX unless the stockholder approval
requirements of Department of Treasury Regulation § 1.162-27(e)(4) are satisfied.  
 9.10 Dividend Equivalents.
An Award Agreement for a Performance Award may specify that the Holder shall be entitled to the payment of Dividend Equivalents under the Award, but such Dividend Equivalents shall not be paid currently on unearned Performance Awards. Instead,
Dividend Equivalents on such unearned Performance Awards shall accrue and be paid only when and to the extent that the underlying shares of Stock are earned or paid.  

ARTICLE X 
 OTHER
STOCK-BASED AWARDS 
 10.1 Authority to Grant Other Stock-Based Awards. Subject to the terms and provisions of the Plan,
the Committee, at any time, and from time to time, may grant other types of equity-based or equity-related Awards not otherwise described by the terms and provisions of the Plan (including the grant or offer for sale of unrestricted shares of Stock)
under the Plan to eligible persons in such number and upon such terms as the Committee shall determine. Such Awards may involve the transfer of actual shares of Stock to Holders, or payment in cash or otherwise of amounts based on the value of
shares of Stock and may include, without limitation, Awards designed to comply with or take advantage of the applicable local laws of jurisdictions other than the United States.  

  
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 10.2 Value of Other Stock-Based Award. Each Other Stock-Based Award shall be
expressed in terms of shares of Stock or units based on shares of Stock, as determined by the Committee.  
 10.3 Payment
of Other Stock-Based Award. Payment, if any, with respect to an Other Stock-Based Award shall be made in accordance with the terms of the Award, in cash or shares of Stock as the Committee determines.  

10.4 Termination of Employment or Affiliation. The Committee shall determine the extent to which a Holder’s rights with
respect to Other Stock-Based Awards shall be affected by the Holder’s Termination of Employment or severance of affiliation relationship with the Company. Such provisions shall be determined in the sole discretion of the Committee and need not
be uniform among all Other Stock-Based Awards issued pursuant to the Plan.  
 10.5 Time of Payment of Other Stock-Based
Award. A Holder’s payment under an Other Stock-Based Award shall be made at such time as is specified in the applicable Award Agreement. If a payment under the Award Agreement is subject to Section 409A, the Award Agreement shall
specify that the payment will be made (a) by a date that is no later than the date that is two and one-half (2 1/2) months after the end of the calendar year in which the Other Stock-Based Award payment is no longer subject to a Substantial
Risk of Forfeiture or (b) at a time that is Permissible under Section 409A.  
 ARTICLE XI 

CASH-BASED AWARDS 

11.1 Authority to Grant Cash-Based Awards. Subject to the terms and provisions of the Plan, the Committee, at any time, and from
time to time, may grant Cash-Based Awards under the Plan to eligible persons in such amounts and upon such terms as the Committee shall determine.  

11.2 Value of Cash-Based Award. Each Cash-Based Award shall specify a payment amount or payment range as determined by the
Committee.  
 11.3 Payment of Cash-Based Award. Payment, if any, with respect to a Cash-Based Award shall be made in
accordance with the terms of the Award, in cash.  
 11.4 Time of Payment of Cash-Based Award. Payment under a
Cash-Based Award shall be made at such time as is specified in the applicable Award Agreement. If a payment under the Award Agreement is subject to Section 409A, the Award Agreement shall specify that the payment will be made (a) by a date
that is no later than the date that is two and one-half (2 1/2) months after the end of the calendar year in which the Cash-Based Award payment is no longer subject to a Substantial Risk of Forfeiture or (b) at a time that is Permissible under
Section 409A.  
 11.5 Termination of Employment or Affiliation. The Committee shall determine the extent to which
a Holder’s rights with respect to Cash-Based Awards shall be affected by the Holder’s Termination of Employment or severance of affiliation relationship with the Company. Such provisions shall be determined in the sole discretion of the
Committee and need not be uniform among all Cash-Based Awards issued pursuant to the Plan.  

  
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 ARTICLE XII 

SUBSTITUTION AWARDS 

Awards may be granted under the Plan from time to time in substitution for stock options and other awards held by employees, directors and
consultants of other entities who are about to become Employees or affiliated with the Company or any of its Affiliates, or whose employer or corporation with respect to which it provides services is about to become an Affiliate as the result of a
merger or consolidation of the Company with another corporation, or the acquisition by the Company of substantially all the assets of another corporation, or the acquisition by the Company of at least fifty percent (50%) of the issued and
outstanding stock of another corporation as the result of which such other corporation will become a subsidiary of the Company. The terms and conditions of the substitute Awards so granted may vary from the terms and conditions set forth in the Plan
to such extent as the Board at the time of grant may deem appropriate to conform, in whole or in part, to the provisions of the award in substitution for which they are granted. 

ARTICLE XIII 

ADMINISTRATION 

13.1 Awards. The Plan shall be administered by the Committee or, in the absence of the Committee or in the case of awards issued
to Directors, the Plan shall be administered by the Board. The members of the Committee (that is not itself the Board) shall serve at the discretion of the Board. The Committee shall have full and exclusive power and authority to administer the Plan
and to take all actions that the Plan expressly contemplates or are necessary or appropriate in connection with the administration of the Plan with respect to Awards granted under the Plan.  

13.2 Authority of the Committee. The Committee shall have full and exclusive power to interpret and apply the terms and
provisions of the Plan and Awards made under the Plan, and to adopt such rules, regulations and guidelines for implementing the Plan as the Committee may deem necessary or proper, all of which powers shall be exercised in the best interests of the
Company and in keeping with the objectives of the Plan. A majority of the members of the Committee shall constitute a quorum for the transaction of business, and the vote of a majority of those members present at any meeting shall decide any
question brought before that meeting. Any decision or determination reduced to writing and signed by a majority of the members shall be as effective as if it had been made by a majority vote at a meeting properly called and held. All questions of
interpretation and application of the Plan, or as to Awards granted under the Plan, shall be subject to the determination, which shall be final and binding, of a majority of the whole Committee. No member of the Committee shall be liable for any act
or omission of any other member of the Committee or for any act or omission on his own part, including but not limited to the exercise of any power or discretion given to him under the Plan, except those resulting from his own gross negligence or
willful misconduct. In carrying out its authority under the Plan, the Committee shall have full and final authority and discretion, including but not  

  
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limited to the following rights, powers and authorities to (a) determine the persons to whom and the time or times at which Awards will be made; (b) determine the number and exercise
price of shares of Stock covered in each Award subject to the terms and provisions of the Plan (including, but not limited to, the provisions of Section 4.12 which prohibit repricing); (c) determine the terms, provisions and conditions of
each Award, which need not be identical and need not match the default terms set forth in the Plan; (d) accelerate the time at which any outstanding Award will vest; (e) prescribe, amend and rescind rules and regulations relating to
administration of the Plan; and (f) make all other determinations and take all other actions deemed necessary, appropriate or advisable for the proper administration of the Plan. 

The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any Award to a Holder in the
manner and to the extent the Committee deems necessary or desirable to further the Plan’s objectives. Further, the Committee shall make all other determinations that may be necessary or advisable for the administration of the Plan. As permitted
by law and the terms and provisions of the Plan, the Committee may delegate its authority as identified in this Section 13.2. The Committee may employ attorneys, consultants, accountants, agents, and other persons, any of whom may be an
Employee, and the Committee, the Company, and its officers and Board shall be entitled to rely upon the advice, opinions, or valuations of any such persons. 

13.3 Decisions Binding. All determinations and decisions made by the Committee or the Board, as the case may be, pursuant to the
provisions of the Plan and all related orders and resolutions of the Committee or the Board, as the case may be, shall be final, conclusive and binding on all persons, including the Company, its stockholders, Holders and the estates and
beneficiaries of Holders.  
 13.4 No Liability. Under no circumstances shall the Company, the Board or the Committee
incur liability for any indirect, incidental, consequential or special damages (including lost profits) of any form incurred by any person, whether or not foreseeable and regardless of the form of the act in which such a claim may be brought, with
respect to the Plan or the Company’s, the Committee’s or the Board’s roles in connection with the Plan.  
 ARTICLE
XIV 
 AMENDMENT OR TERMINATION OF PLAN 

14.1 Amendment, Modification, Suspension, and Termination. Subject to Section 14.2, the Board may, at any time and from
time to time, alter, amend, modify, suspend, or terminate the Plan and the Committee may, at any time and from time to time, alter, amend, modify, suspend, or terminate any Award Agreement in whole or in part; provided, however, that, without the
prior approval of the Company’s stockholders and except as provided in Section 4.7, the Committee shall not directly or indirectly lower the Option Price of a previously granted Option or the grant price of a previously granted SAR, cancel
a previously granted Option or previously granted SAR for a payment of cash or other property if the aggregate fair market value of such Award is less than the aggregate Option Price of such Award in the case of an Option or the aggregate grant
price of such Award in the case of a SAR, and no amendment of the Plan shall be made without stockholder approval if stockholder approval is required by applicable law or stock exchange rules.  

  
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 14.2 Awards Previously Granted. Notwithstanding any other provision of the Plan to
the contrary, no termination, amendment, suspension, or modification of the Plan or an Award Agreement shall adversely affect in any material way any Award previously granted under the Plan, without the written consent of the Holder holding such
Award.  
 ARTICLE XV 

MISCELLANEOUS 

15.1 Unfunded Plan/No Establishment of a Trust Fund. Holders shall have no right, title, or interest whatsoever in or to any
investments that the Company or any of its Affiliates may make to aid in meeting obligations under the Plan. Nothing contained in the Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind,
or a fiduciary relationship between the Company and any Holder, beneficiary, legal representative, or any other person. To the extent that any person acquires a right to receive payments from the Company under the Plan, such right shall be no
greater than the right of an unsecured general creditor of the Company. All payments to be made hereunder shall be paid from the general funds of the Company and no special or separate fund shall be established and no segregation of assets shall be
made to assure payment of such amounts, except as expressly set forth in the Plan. No property shall be set aside nor shall a trust fund of any kind be established to secure the rights of any Holder under the Plan. The Plan is not intended to be
subject to the Employee Retirement Income Security Act of 1974, as amended.  
 15.2 No Employment Obligation. No grant
or Award to an Employee or Consultant under the Plan or any provisions thereof shall constitute any agreement for or guarantee of continued employment by the Company and no grant or Award to a Director shall constitute any agreement for or guarantee
of continuing as a Director.  
 15.3 Tax Withholding. The Company or any Affiliate shall have the right to deduct from
other compensation payable to each Holder any sums required by foreign, federal, state or local tax law to be withheld with respect to the vesting or exercise of an Award or lapse of restrictions on an Award. In the alternative, the Company may
require the Holder (or other person validly exercising the Award) to pay such sums for taxes directly to the Company or any Affiliate in cash or by check within one day after the date of vesting, exercise or lapse of restrictions. In the discretion
of the Committee, and with the consent of the Holder, the Company may reduce the number of shares of Stock issued to the Holder upon such Holder’s exercise of an Option to satisfy the tax withholding obligations of the Company or an Affiliate;
provided that the Fair Market Value of the shares of Stock held back shall not exceed the Company’s or the Affiliate’s Minimum Statutory Tax Withholding Obligation. The Committee may, in its discretion, permit a Holder to satisfy any
Minimum Statutory Tax Withholding Obligation arising upon the vesting of an Award by delivering to the Holder a reduced number of shares of Stock in the manner specified herein. If permitted by the Committee and acceptable to the Holder, at the time
of vesting of shares under the Award, the Company shall (a) calculate the amount of the Company’s or an Affiliate’s Minimum Statutory Tax Withholding Obligation on the assumption that all such 

  
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shares of Stock vested under the Award are made available for delivery, (b) reduce the number of such shares of Stock made available for delivery so that the Fair Market Value of the shares
of Stock withheld on the vesting date approximates the Company’s or an Affiliate’s Minimum Statutory Tax Withholding Obligation and (c) in lieu of the withheld shares of Stock, remit cash to the United States Treasury and/or other
applicable governmental authorities, on behalf of the Holder, in the amount of the Minimum Statutory Tax Withholding Obligation. The Company shall withhold only whole shares of Stock to satisfy its Minimum Statutory Tax Withholding Obligation. Where
the Fair Market Value of the withheld shares of Stock does not equal the amount of the Minimum Statutory Tax Withholding Obligation, the Company shall withhold shares of Stock with a Fair Market Value slightly less than the amount of the Minimum
Statutory Tax Withholding Obligation and the Holder must satisfy the remaining minimum withholding obligation in some other manner permitted under this Section 15.3. The withheld shares of Stock not made available for delivery by the Company
shall be retained as treasury shares or will be cancelled and the Holder’s right, title and interest in such shares of Stock shall terminate. The Company shall have no obligation upon vesting or exercise of any Award or lapse of restrictions on
an Award until the Company or an Affiliate has received payment sufficient to cover the Minimum Statutory Tax Withholding Obligation with respect to that vesting, exercise or lapse of restrictions. Neither the Company nor any Affiliate shall be
obligated to advise a Holder of the existence of the tax or the amount which it will be required to withhold. 
 15.4
Indemnification of the Committee. The Company shall indemnify each past, present and future member of the Committee against, and each member of the Committee shall be entitled without further action on his or her part to indemnity from the
Company for, all expenses (including attorney’s fees, the amount of judgements and the amount of approved settlements made with a view to the curtailment of costs of litigation, other than amounts paid to the Company itself) reasonably incurred
by such member in connection with or arising out of any action, suit or proceeding in which such member may be involved by reason of such member being or having been a member of the Committee, whether or not he or she continues to be a member of the
Committee at the time of incurring the expenses, including, without limitation, matters as to which such member shall be finally adjudged in any action, suit or proceeding to have been negligent in the performance of such member’s duty as a
member of the Committee. However, this indemnity shall not include any expenses incurred by any member of the Committee in respect of matters as to which such member shall be finally adjudged in any action, suit or proceeding to have been guilty of
gross negligence or willful misconduct in the performance of his duty as a member of the Committee. In addition, no right of indemnification under the Plan shall be available to or enforceable by any member of the Committee unless, within 60 days
after institution of any action, suit or proceeding, such member shall have offered the Company, in writing, the opportunity to handle and defend same at its own expense. This right of indemnification shall inure to the benefit of the heirs,
executors or administrators of each member of the Committee and shall be in addition to all other rights to which a member of the Committee may be entitled as a matter of law, contract or otherwise.  

15.5 Gender and Number. If the context requires, words of one gender when used in the Plan shall include the other and words
used in the singular or plural shall include the other.  

  
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 15.6 Severability. In the event any provision of the Plan shall be held illegal or
invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included.  

15.7 Headings. Headings of Articles and Sections are included for convenience of reference only and do not constitute part of
the Plan and shall not be used in construing the terms and provisions of the Plan.  
 15.8 Other Compensation Plans.
The adoption of the Plan shall not affect any other option, incentive or other compensation or benefit plans in effect for the Company or any Affiliate, nor shall the Plan preclude the Company from establishing any other forms of incentive
compensation arrangements for Employees, Directors or Consultants.  
 15.9 Retirement and Welfare Plans. Neither
Awards made under the Plan nor shares of Stock or cash paid pursuant to such Awards, may be included as “compensation” for purposes of computing the benefits payable to any person under the Company’s or any Affiliate’s retirement
plans or welfare plans unless such other plan expressly provides that such compensation shall be taken into account in computing participant’s benefit.  

15.10 Other Awards. The grant of an Award shall not confer upon the Holder the right to receive any future or other Awards under
the Plan, whether or not Awards may be granted to similarly situated Holders, or the right to receive future Awards upon the same terms or conditions as previously granted.  

15.11 Successors. All obligations of the Company under the Plan with respect to Awards granted hereunder shall be binding on any
successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.  

15.12 Law Limitations/Governmental Approvals. The granting of Awards and the issuance of shares of Stock under the Plan shall be
subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.  

15.13 Delivery of Title. The Company shall have no obligation to issue or deliver evidence of title for shares of Stock issued
under the Plan prior to (a) obtaining any approvals from governmental agencies that the Company determines are necessary or advisable; and (b) completion of any registration or other qualification of the Stock under any applicable national
or foreign law or ruling of any governmental body that the Company determines to be necessary or advisable.  
 15.14
Inability to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any
shares of Stock hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such shares of Stock as to which such requisite authority shall not have been obtained.  

  
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 15.15 Investment Representations. The Committee may require any person receiving
Stock pursuant to an Award under the Plan to represent and warrant in writing that the person is acquiring the shares of Stock for investment and without any present intention to sell or distribute such Stock.  

15.16 Persons Residing Outside of the United States. Notwithstanding any provision of the Plan to the contrary, in order to
comply with the laws in other countries in which the Company or any of its Affiliates operates or has Employees, the Committee, in its sole discretion, shall have the power and authority to (a) determine which Affiliates shall be covered by the
Plan; (b) determine which persons employed outside the United States are eligible to participate in the Plan; (c) amend or vary the terms and provisions of the Plan and the terms and conditions of any Award granted to persons who reside
outside the United States; (d) establish sub plans and modify exercise procedures and other terms and procedures to the extent such actions may be necessary or advisable — any sub plans and modifications to Plan terms and procedures
established under this Section 15.16 by the Committee shall be attached to the Plan document as Appendices; and (e) take any action, before or after an Award is made, that it deems advisable to obtain or comply with any necessary local
government regulatory exemptions or approvals. Notwithstanding the above, the Committee may not take any actions hereunder, and no Awards shall be granted, that would violate the Securities Exchange Act of 1934, as amended, the Code, any securities
law or governing statute or any other applicable law.  
 15.17 Arbitration of Disputes. Any controversy arising out of
or relating to the Plan or an Award Agreement shall be resolved by arbitration conducted pursuant to the arbitration rules of the American Arbitration Association. The arbitration shall be final and binding on the parties.  

15.18 No Fractional Shares. No fractional shares of Stock shall be issued or delivered pursuant to the Plan or any Award. The
Committee shall determine whether cash, additional Awards, or other property shall be issued or paid in lieu of fractional shares of Stock or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated. 

 15.19 Governing Law. The provisions of the Plan and the rights of all persons claiming thereunder shall be construed,
administered and governed under the laws of the State of Delaware, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan to the substantive law of another jurisdiction.
Unless otherwise provided in the Award Agreement, recipients of an Award under the Plan are deemed to submit to the sole and exclusive jurisdiction and venue of the federal or state courts of Texas, to resolve any and all issues that may arise out
of or relate to the Plan or any related Award Agreement.  

  
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