Document:

EX-10.7

 Exhibit 10.7 

STOCK RESTRICTION AND REPURCHASE AGREEMENT - 

2001 NON-QUALIFIED STOCK OPTION PLAN (AS AMENDED) 

ARTICLE I 

DEFINITIONS; SHARES SUBJECT TO AGREEMENT 

Section 1.1 Definitions. As used in this Agreement, the following words and phrases shall have the meanings set
forth below, unless the context clearly indicates that a different meaning is intended: 
 (a) “Code” shall mean the United States
Internal Revenue Code of 1986, as amended. 
 (b) “Legal Representative” shall mean, with reference to any Person, a personal
representative, executor, administrator or conservator of the Person’s estate, or a legal guardian or attorney-in-fact of the Person, or a successor trustee of such Person under his or her revocable living trust, or anyone else legally acting
as the representative or successor in interest of the Person, as the context of any provision may require. 
 (c) “Non-qualified Stock
Option Agreement” means a Non-qualified Stock Option Agreement entered into between the Company and Participant pursuant to the terms of the Plan. 

(d) “Person” shall mean any natural individual or legal entity, or any association of natural individuals or legal entities. 

(e) “Plan” shall mean the Altair Engineering Inc. 2001 Non-qualified Stock Option Plan. 

(f) “Share” or “Shares” shall mean any and all shares of the common capital stock of the Company which are issued to a
Participant pursuant to the Plan and a Non-qualified Stock Option Agreement(s) dated on or before December 31, 2001. 
 (g)
“Transfer” shall mean any assignment, transfer, sale, exchange, conveyance, disposition, pledge, hypothecation, attachment, gift, testamentary bequest or other disposition or encumbrance of any nature or description whatsoever, whether
occurring voluntarily or involuntarily, directly or indirectly, or by operation or process of law. 
 (h) “Triggering Event” shall
mean an event in which, or circumstances under which, (1) Participant (or his Legal Representative) first becomes obligated to sell or offer for sale his Shares in the Company pursuant to this Agreement or (2) the Company first becomes
obligated to purchase or first has the option to purchase the Shares of the Participant in the Company pursuant to this Agreement. 
 (i)
“Year of Service” shall mean a calendar year in which a Participant was employed by the Company for at least one thousand (1,000) hours of service during such year. 

Section 1.2 Non-Registration. Regardless of whether the Shares have been registered under the Securities Act of
1933, as amended (the “Securities Act”) or have been registered or qualified under the securities laws of any state, the Company may impose restrictions upon the sale, pledge, or other transfer of such Shares (including the placement of
appropriate legends on stock certificates) if, in the judgment of the Company and its counsel, such restrictions are necessary or desirable to achieve compliance with the provisions of the Securities Act, the securities laws of any state, or any
other law. 
 Section 1.3 Restrictive Legends. 

(a) The certificates representing the Shares subject to the terms of this Agreement shall bear substantially the following legend: 

THE TRANSFER, ASSIGNMENT, SALE, ENCUMBRANCE, PLEDGE OR OTHER DISPOSITION OF THE SHARES OF STOCK REPRESENTED BY THIS
CERTIFICATE IS RESTRICTED UNDER THE TERMS OF A STOCK RESTRICTION AND REPURCHASE 

  

					
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AGREEMENT DATED AS OF             , 20            , BETWEEN THE COMPANY AND
THE PARTICIPANT, A COPY OF WHICH IS ON FILE AT THE OFFICE OF THE COMPANY. BY ACCEPTING THIS CERTIFICATE, ANY TRANSFEREE AGREES TO BE BOUND BY THE TERMS OF SUCH AGREEMENT. 

(b) Stock certificates evidencing Shares acquired pursuant to an unregistered transaction to which the Securities Act applies shall bear a
restrictive legend substantially in the following form and such other restrictive legends as are required or deemed advisable under the Plan or the provisions of any applicable law: 

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES LAWS OF ANY STATE OR COUNTRY. THEY MAY NOT BE TRANSFERRED, SOLD OR OFFERED FOR
SALE UNLESS A REGISTRATION STATEMENT UNDER SUCH SECURITIES LAWS IS IN EFFECT AS TO SUCH TRANSFER OR IN THE OPINION OF COUNSEL FOR THE COMPANY EITHER SUCH REGISTRATION IS UNNECESSARY IN ORDER FOR SUCH TRANSFER TO COMPLY WITH SUCH SECURITIES LAWS OR
THE REGISTRATION PROVISIONS THEREOF DO NOT APPLY TO SUCH PROPOSED TRANSFER. 
 Section 1.4 Endorsement.
Participant agrees to tender all stock certificates pertaining to Shares subject to this Agreement held by him to the secretary of the Company for endorsement in the manner set forth in Section 1.3 of this Article. 

ARTICLE II 
 VESTING;
TRANSFER AND PURCHASE OF SHARES 
 Section 2.1 Vesting of Shares. Participants shall be 100% vested in all
Shares at all times hereunder. 
 Section 2.2 Lifetime Transfers. While this Agreement is in force, Participant
shall not Transfer all or any portion of his Shares, except under the terms of this Agreement. In the event that there is any proposed, attempted or actual Transfer of any or all of Participant’s Shares, then prior to accomplishment of such
Transfer, the Company shall have the right to purchase such Shares in accordance with the terms of this Section. 
 (a) Participant shall
furnish the Company with written notice of the proposed Transfer, which notice shall identify the proposed transferee and fully describe the purchase price and other terms of the offer of sale from such proposed transferee. 

(1) The Company shall have the right and option, exercisable by written notice furnished to Participant within sixty (60) days from the
date as of which the Company has been furnished with written notice of the proposed Transfer, to acquire all but not less than all of Participant’s Shares upon the terms set forth in Article III hereof at the purchase price determined pursuant
to Article IV hereof. 
 (2) If the Company timely exercises its right of first refusal to purchase all of Participant’s Shares as
provided above, the purchase and sale of Participant’s Shares shall be completed at a closing to be held within one hundred twenty (120) days from the date as of which the Company has been furnished with the written notice of the proposed
Transfer. 
 (3) If the Company does not exercise its right of first refusal to purchase all of Participant’s Shares as provided above,
then Participant may complete the Transfer for the purchase price and upon such other terms as are set forth in the Participant’s notice of the proposed Transfer; subject however to rights of first refusal on the part of the Company to purchase
no less than all of the Participant’s Shares. 

  

					
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 (A) The purchase price and terms of any such sale to the Company shall be at the same price and
upon the same terms (including timing of a closing) as the Participant deems acceptable in the offer of sale from the third person. 
 (B)
The right of first refusal on the part of the Company shall be exercisable for a period of sixty (60) days from the date as of which the Company has been furnished with written notice of the proposed Transfer. 

(C) If a sale of Participant’s Shares is not completed within forty five (45) days after the expiration of the Company’s option
to purchase and rights of first refusal provided for herein, then the Transfer may not be consummated without Participant again complying with the terms of this Section 2.2(a) and the provisions and restrictions of this Agreement shall continue
to apply to such Shares. 
 (D) If a sale of Participant’s Shares to the third person is completed, then the provisions and
restrictions of this Agreement shall continue to apply to such Shares in the hands of the third person. 
 (E) If any Transfer subject to
this Agreement involves a transaction other than a bona fide sale for a readily ascertainable sale price under fixed terms and conditions, then the rights of first refusal provided herein shall be administered and effectuated through the use of a
price, terms and conditions which are fair and just under the circumstances, as reasonably determined by the Company. 
 (b) The rights and
options provided in Subsection (a) above shall not apply with respect to any Transfer to a revocable living trust, to the extent provided in Article V hereof. 

(c) The rights and options provided in Subsection (a) above shall terminate and be of no further force or effect upon the earlier to occur
of (i) the date on which the Company consummates the sale of all or substantially all of the assets of the Company and/or the Shareholders consummate the sale of all or substantially all of the common capital stock of the Company, or
(ii) the date on which the common capital stock of the Company is first traded on any United States securities exchange or on any formal over-the-counter quotation system in general use in the United States. 

Section 2.3 [REDACTED] 

Section 2.4 Termination of Employment by Company for Cause. In the event that the employment relationship of
Participant with the Company is terminated by the Company for “Cause”: 
 (a) The Company shall purchase from the Participant and
the Participant (or his Legal Representative) shall sell and transfer to the Company all Shares owned by Participant upon the terms set forth in Article III hereof at the purchase price determined pursuant to Article IV hereof. 

(b) The purchase and sale of Participant’s Shares shall be completed at a closing to be held within ninety (90) days from the
effective date of Participant’s termination of employment with the Company. 
 (c) For purposes of this Article II, Cause shall be
defined as the occurrence of any one or more of the following acts or events: (1) fraud, misappropriation, embezzlement, or other act of material dishonesty against the Company; (2) any act or acts by Participant with respect to Company
which constitute a breach of Participant’s fiduciary duties or duties of honesty, good faith and loyalty (including derogatory statements regarding the Company, but excluding statements made in connection with any legal action filed against the
Company); (3) any act by Participant which is intentionally damaging to the Company; (4) commission by Participant of a felony or misdemeanor involving moral turpitude; (5) a material breach by Participant of any provision of this
Agreement within his control or failure of Participant to properly and diligently perform his duties as an employee, officer and/or director of the Company, which violation is not remedied within three (3) days after notice from Company
specifying such violation; (6) alcohol or drug abuse affecting in any material respect the performance by the Participant of his duties and responsibilities as an employee, officer and/or director of the Company; (7) commission of any
other 

  

					
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act or acts which substantially impairs the reputation and standing of Company with its customers or the community at large; and (8) any act or circumstance constituting “cause”
for termination under applicable statutory or common law. 
 Section 2.5 [REDACTED] 

Section 2.6 Voluntary Termination of Employment by Participant. In the event that the employment relationship of
Participant with the Company is voluntarily terminated by the Participant for any reason other than death, Disability or attainment of Retirement Age: 

(a) The Company shall purchase from the Participant and the Participant (or his Legal Representative) shall sell and transfer to the Company
all Shares owned by Participant upon the terms set forth in Article III hereof at the purchase price determined pursuant to Article IV hereof. 

(b) The purchase and sale of the Participant’s Shares shall be completed at a closing to be held on or before July 1 of the year
immediately subsequent to the year in which the applicable Triggering Event occurred. 
 (c) The rights and obligations provided in this
Section 2.6 shall terminate and be of no further force or effect upon the earlier to occur of (i) the date on which the Company consummates the sale of all or substantially all of the assets of the Company and/or the Shareholders
consummate the sale of all or substantially all of the common capital stock of the Company, or (ii) the date on which the common capital stock of the Company is first traded on any United States securities exchange or on any formal
over-the-counter quotation system in general use in the United States. 
 Section 2.7 Violation of Restrictive
Covenants. In the event of any violation by Participant of the covenants and restrictions contained in Article VI hereof, in addition to, and not in lieu of, any and all other legal and equitable rights and remedies available to the Company:

 (a) The Company shall purchase from the Participant and the Participant (or his Legal Representative) shall sell and transfer to the
Company all Shares owned by Participant upon the terms set forth in Article III hereof at the purchase price determined pursuant to Article IV hereof. 

(b) The purchase and sale of Participant’s Shares shall be completed at a closing to be held within ninety (90) days from and after
the date upon which the Company provides written notice to Participant of the violation by Participant of the covenants and restrictions contained in Article VI hereof. 

Section 2.8 Employment Relationship with the Company. Notwithstanding the provisions of this Agreement, Participant
understands that his employment relationship with the Company is controlled by such manuals, procedures or directives as are promulgated from time to time by the Company. Nothing in this Agreement shall be interpreted to change the terms of
Participant’s employment with the Company to anything other than an “at-will” employment relationship and Participant hereby acknowledges and reaffirms that his employment with the Company may be terminated by the Company at the will
of the Company, with or without cause. 
 Section 2.9 Discretionary Redemption. Participant may request that the
Company redeem all, or any portion, of the Participant’s Shares under the Plan under the terms set forth herein. Any request by a Participant to the Company shall occur no earlier than 6 months and 1 day following the date that Participant
acquired the Shares as a result of exercise of the Option (the “Minimum Holding Date”). After the Minimum Holding Date, a Participant may furnish the Company with a written notice requesting that the Company redeem Shares under this
Section 2.9. The Company shall have the right, in its sole discretion, to accept Participant’s offer within 90 days after the date the Company receives the written notice. The purchase price per Share by the Company shall be equal to the
Fair Market Value on the date the Company commits to redeem the Shares. If the redemption offer is accepted by the Company, then the redemption of the Participant’s Shares shall be completed at a closing to be held within 90 days after written
notice of the redemption is delivered by the Company to Participant. If the redemption offer is rejected by the Company, then the Participant retains the Shares subject to the terms and conditions of the Plan, the Non-qualified Stock Option
Agreement and this Agreement. Notwithstanding Article III, the redemption shall be paid in a lump-sum cash payment. The rights and obligations provided under this 

  

					
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	  	4	  	Grants to Phantom Holders

 
Section 2.9 shall terminate and be of no further force or effect upon the earlier to occur of (i) the date on which the Company consummates the sale of all or substantially all of the
common capital stock of the Company, or (ii) the date on which the common capital stock of the Company is first traded on any United States securities exchange or on any formal over-the-counter quotation system in general use in the United
States.” 
 ARTICLE III 

PAYMENT TERMS 

Section 3.1 Terms of Payment. The purchase price to be paid by the Company to Participant for all Shares purchased
by the Company pursuant to the terms of this Agreement shall be paid in immediately available United States funds in five (5) equal monthly installments, without interest, commencing on the date of the closing of the sale of the Shares
hereunder; provided, however, that there shall be credited against such purchase price (and against the initial installment(s)) the amount of any indebtedness then due and payable to the Company by Participant. 

ARTICLE IV 
 PURCHASE
PRICE 
 Section 4.1 Determination of Purchase Price - Termination for Cause/Violation of Restrictive
Covenants. In the event that the Triggering Event under which the purchase price of Participant’s Shares is to be determined under this Article is the termination of the Participant’s employment by the Company for “Cause”
and/or a violation by Participant of the covenants and restrictions contained in Article VI hereof, such purchase price shall be equal to the sum of (i) the amount paid by the Participant to the Company to acquire his or her rights under the
Phantom Stock Plan and (ii) the amount paid by the Participant to the Company to acquire his or her Shares under the applicable Non-qualified Stock Option Agreement. 

Section 4.2 Determination of Purchase Price. The purchase price of Participant’s Shares in each of the
applicable circumstances shall be as follows: 
 (a) A Lifetime Transfer under Section 2.2 of this Agreement. The purchase price shall
be the Fair Market Value on the date the Company exercises its right of first refusal under Section 2.2 of this Agreement. Notwithstanding Section 2.2, the Company may not exercise its right of first refusal until the Minimum Holding Date
and, accordingly, the Company’s right of first refusal under Section 2.2 will continue through the Minimum Holding Date, subject to Section 2.2(c). 

(b) A Voluntary Termination of Employment by Participant under Section 2.6 of this Agreement. The purchase price per share shall the Fair
Market Value on the date of Participant’s termination of employment; provided, however, that if Participant’s termination of employment occurred prior to the Minimum Holding Date, then the purchase price per share shall be Fair Market
Value on the Minimum Holding Date and the redemption shall occur effective as of the Minimum Holding Date. 
 Section 4.3
[REDACTED] 
 Section 4.4 Determination of Book Value of Participant’s Shares. 

(a) For purposes of this Agreement, “Book Value of Participant’s Shares” shall mean the product of (i) the sum of
(A) fifty seven cents ($0.57) plus (B) the Incremental Book Value of one share of the capital stock of the Company, multiplied by (ii) the number of Shares which are owned at that time by Participant (which valuation shall be binding
upon and conclusive against the Persons (including the Company) subject to this Agreement). 
 (b) For purposes of this Agreement, the
“Incremental Book Value of one share of the capital stock of the Company” shall mean the excess, if any, of (x) the fully-diluted net book value of one share of the issued and outstanding capital stock of the Company as of such
applicable date over (y) the fully-diluted net book value of one share of the issued and outstanding capital stock of the Company as of December 31, 2005, as computed by the regular accountants for the Company (which determination shall be
binding upon and conclusive against the Persons (including the Company) subject to this Agreement) 

  

					
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determined using the accounting method that the Company uses for financial reporting purposes and in accordance with generally accepted accounting principles, consistently applied. 

Section 4.5 Company’s Performance. In any situation in which the Company is or may be unable to fulfill any
obligation to redeem or pay for any Shares due to the prohibitive provisions of any statute, or due to limitations contained in its articles of incorporation or bylaws, the Company shall use its best efforts to take such action as may be reasonably
necessary to enable the Company, if possible, to fulfill such redemption or payment obligation. The actions to be taken shall include, but not be limited to, the reappraisal and revaluation of the total assets, properties and rights of the Company
(including accounts receivable and goodwill, if applicable) at their then current fair market value. 
 ARTICLE V 

GENERAL PROVISIONS 

Section 5.1 Assignments to Revocable Living Trusts. Notwithstanding any term or provision of this Agreement to the
contrary, the assignment of Shares, or any portion thereof, to a revocable living trust of which Participant is (during his lifetime) grantor, trustee or co-trustee and primary beneficiary, shall be subject to
the following conditions: 
 (a) Participant must continue to remain liable for all of his obligations hereunder notwithstanding the
assignment to such trust; 
 (b) All provisions of this Agreement which relate to Participant in his status as an individual shall apply to
the Shares so assigned based upon the status of Participant, notwithstanding the assignment to such trust; 
 (c) The trust shall be
completely bound by the terms and provisions of this Agreement, as a shareholder; and 
 (d) The occurrence of any Triggering Event with
respect to such Shares shall be determined (1) by reference to Participant in his capacity as an individual (including but not limited to his death or disability), as well as (2) by reference to events affecting the trust alone (including
but not limited to any Transfer of the Shares by such trust). 
 Section 5.2 Encumbrance. Participant shall not
encumber his Shares in any way, and such Shares shall at all times be deemed security for all indebtedness due to the Company or the Company by Participant; such security interest arising as of the date such debt was incurred, and notice thereof is
deemed given by the legend referred to in Article I of this Agreement. If no other provision has been made to adjust the applicable purchase price for Participant’s Shares upon the occurrence of a Triggering Event, there shall be credited
against such purchase price the amount of any indebtedness then due and payable to the Company by Participant. 
 ARTICLE VI 

RESTRICTIVE COVENANTS 

Section 6.1 Covenant Not to Compete/Solicit. Participant will not directly or indirectly (whether as a principal,
agent, independent contractor, employer, employee, investor, partner, shareholder, director or otherwise): 
 (a) During the
Participant’s employment with the Company and for a period of two (2) years thereafter, solicit business or provide products and/or services which are the same as or competitive with that solicited or provided by the Company from any
company, enterprise or person which was a customer of the Company at any time during Participant’s employment with the Company; 
 (b)
During the Participant’s employment with the Company and for a period of two (2) years thereafter, engage in any business or participate, invest or have any interest in, by way of example but without limitation, any person, firm,
corporation, sole proprietorship or business, that engages in any business or activity anywhere in the world, which business or activity is the same as, similar to, or competitive with any business or activity now, heretofore or hereafter engaged in
by the Company; or 

  

					
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 (c) During the Participant’s employment with the Company and for a period of two
(2) years thereafter, induce or attempt to persuade any employee, agent, supplier or customer of the Company to terminate any similar employment, agency, supplier or customer relationship with the Company in order to enter into any such
relationship on behalf of any other company, enterprise or person. 
 Notwithstanding anything contained herein to the contrary,
(A) Participant shall not be prohibited from owning any interest in or shares of mutual or similar funds which are nationally recognized and which own equity securities of any corporation, if such securities are publicly traded and listed on
any national or regional stock exchange and (B) Participant shall not be prohibited from accepting a position of full-time employment with any such customer of the Company, provided that Participant shall not engage in any activities prohibited
hereunder with respect to any other customer(s) of the Company. 
 Section 6.2 Covenant Regarding Confidential
Information. Participant acknowledges and agrees that all records and other information not released to the general public, all trade secrets, unpublished data or other information and all trade secrets and confidential or proprietary
information, in each case relating to the services, business and operations of the Company or its subsidiaries and affiliates, whether reduced to writing or not, are confidential and the sole property of the Company and its subsidiaries and
affiliates (all of the same being herein collectively called the “Confidential Information”). The Participant will not, at any time during his employment with the Company or thereafter, directly or indirectly, use any of the Confidential
Information, except in the regular course of employment with the Company hereunder, or disclose any of the Confidential Information to any other person or entity, except to the extent that the Board may so authorize in writing, and that, upon
Participant’s Termination of Employment, he or she will surrender to the Company all Confidential Information then in his or her possession or under his or her control. Participant acknowledges and agrees that the Confidential Information and
other aspects of the Company’s business have been established and maintained at great expense, and kept and protected as confidential and secret information and are of great value to the Company and provide it with a substantial competitive
advantage in conducting said business. Participant further acknowledges and agrees that as a result of his or her knowledge of the Confidential Information, Company would suffer great loss and irreparable injury if Participant were to disclose the
Confidential Information or use the Confidential Information to compete with the Company. 
 Section 6.3 Rights and
Remedies upon Breach. Participant expressly agrees that in the event of any violation by Participant of the covenants and restrictions contained in this Article VI, Company and its successors or assigns shall have the following cumulative
rights and remedies, each of which rights and remedies shall be independent of the others and severally enforceable, and all of which rights and remedies shall be in addition to, and not in lieu of, any and all other legal and equitable rights and
remedies available to the Company: 
 (a) Require the Participant to account for and pay over to the Company, any amounts paid to Participant
hereunder which are in excess of the aggregate purchase price paid by Participant to the Company for the Participant’s Shares pursuant to the applicable Non-qualified Stock Option Agreement(s); 

(b) Withhold any and all payments due hereunder which are in excess of the aggregate purchase price paid by Participant to the Company for the
Participant’s Shares pursuant to the applicable Non-qualified Stock Option Agreement(s); and 
 (c) Declare any and all rights of the
Participant under any Option Agreement to be immediately terminated and of no further force or effect. 
 Section 6.4
Covenants & Restrictions Reasonable and Necessary. Participant agrees that the terms and conditions of the covenants and restrictions set forth herein are reasonable and necessary for the protection of the Company, Company’s
business and the Confidential Information and to prevent damage or loss to Company as a result of actions taken by the Participant. Participant acknowledges and agrees that the Company would suffer great loss and irreparable injury if Participant
violates the covenants contained in this Article VI. It is the intent and understanding of each party hereto that if, in any action before any court, agency or tribunal legally empowered to enforce the covenants

  

					
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contained in this Article VI, any term, restriction, covenant or promise contained therein is found to be invalid, illegal or unenforceable, then such term, restriction, covenant or promise shall
be deemed modified to the extent necessary to make it valid, legal or enforceable by such court, agency or tribunal. The provisions contained in this Article VI shall survive the termination of this Agreement and the Participant’s termination
of employment with the Company for any reason. 
 ARTICLE VII 

MISCELLANEOUS PROVISIONS 

Section 7.1 Agreement Binding. This Agreement shall inure to the benefit of, and be binding upon, the parties hereto
and their respective heirs, administrators, executors, personal representatives, successor trustees, successors and assigns. 

Section 7.2 Waiver of Breach. A waiver by any party of a breach of any provision of this Agreement by any other
party shall not operate or be construed (a) as continuing, or (b) as a bar to, or a waiver or release of, any subsequent right, remedy, or recourse as to a subsequent event, or (c) as a waiver of any subsequent breach by that other
party. 
 Section 7.3 Course of Conduct. No course of conduct between the parties hereto, nor any delay in
exercising any rights or remedies hereunder or under any communication, report, notice or other document or instrument referred to herein, shall operate as a waiver of any of the rights or remedies of the parties hereto. 

Section 7.4 Further Assurances. The parties hereto shall take such further steps and execute such further documents
and instruments as may be necessary or appropriate to carry this Agreement into force and effect or to effectuate the intention hereof. 

Section 7.5 Entire Agreement. This Agreement contains all the covenants, promises, agreements, conditions,
representations and understandings between the parties hereto, and supersedes any prior agreements between the parties hereto, with respect to the subject matter hereof. There are no covenants, promises, agreements, conditions, representations or
understandings, either oral or written, between the parties hereto, other than those set forth herein or provided for herein, with respect to the subject matter hereof. Participant hereby acknowledges that he is not relying on any statement,
representation, or agreement of the Company as an inducement to enter into this Agreement, except as specifically provided herein and that neither the Company, nor anyone acting on behalf of the Company has made any representation, agreement,
guaranty or warranty of any kind whatsoever, express or implied, written or oral, concerning or relating to the subject matter hereof, except as specifically set forth herein. 

Section 7.6 Amendment. This Agreement shall not be changed orally, but only by an agreement in writing, signed by
the party against whom enforcement of any waiver, change, modification, extension or discharge is sought. 
 Section 7.7
Governing Law. This Agreement shall be governed by and interpreted under the laws of the State of Michigan, irrespective of where this Agreement is made or to be performed, and irrespective of any applicable principles of conflict of
laws. 
 Section 7.8 Venue. The venue of any dispute, controversy, litigation or proceeding (formal or
informal) arising out of or pertaining to this Agreement or the subject hereof shall lie exclusively in the County of Oakland, State of Michigan. Provided, however, that if any such dispute, controversy, litigation or proceeding requires or permits
jurisdiction in a federal court or agency of the United States, then venue shall lie in no federal court or agency other than those located in (or nearest to) the County of Wayne, State of Michigan. No term or provision of this Section is intended
to establish a priority as between state court or federal court, for instances in which a choice of such venue is available to the parties or litigants. The parties hereto knowingly and expressly waive any rights they may have in existing venue
statutes, either state or federal, to the extent that such statutes would require a different venue than otherwise provided for herein. 

  

					
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 Section 7.9 Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy, telefax or other electronic transmission service shall be
considered original executed counterparts for purposes hereof, provided receipt of copies of such counterparts is confirmed. 

Section 7.10 Gender and Number. As the context of any provision may require, nouns and pronouns of any gender and
number shall be construed in any other gender and number. 
 Section 7.11 Notices, Statements, Etc. All notices,
statements or other communications which are required or contemplated by this Agreement shall be in writing (unless otherwise expressly provided herein) and shall be either personally served at or mailed to the last known mailing address of the
person entitled thereto. In addition, a copy of each such notice, statement or communication intended for a party shall be furnished to such single additional addressee for that party as may be specified herein or specified in a like notice. All
such notices, statements and other communications (or copies thereof) shall be deemed furnished to the person entitled thereto (a) on the date of service, if personally served at the last known mailing address of such person, or (b) on the
date on which mailed, if mailed to such person in accordance with the terms of this Section. For purposes hereof, an item shall be considered mailed if the sender can establish that it was sent by means including, but not limited to, the following:
(i) by United States Postal Service, postage prepaid; (ii) by air courier service (Federal Express or the like); or (iii) by telefax or other means of electronic communication. 

Section 7.12 Severability. Should any covenant, condition, term or provision of this Agreement be deemed to be
illegal, or if the application thereof to any person or in any circumstances shall, to any extent, be invalid or unenforceable, the remainder of this Agreement, or the application of such covenant, condition, term or provision to persons or in
circumstances other than those to which it is held invalid or unenforceable, shall not be affected thereby; and each covenant, condition, term and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

 Section 7.13 Captions. Captions used herein are inserted for reference purposes only and shall not affect the
interpretation or construction of this Agreement. 
 Section 7.14 Incorporation by Reference. All schedules,
exhibits and other attachments which are affixed to and referred to in this Agreement are incorporated herein and made a part hereof by this reference. 

Section 7.15 Survival. The parties acknowledge and agree that this Agreement contains substantial terms and
provisions which are intended to govern the rights, duties and obligations of the parties following the closing on any purchase and sale of any Shares. Accordingly, this Agreement shall survive and shall not be deemed merged into, the execution or
delivery of any documents, property, or payments pursuant to the terms hereof; and this Agreement shall remain in full force and effect following the closing on any such purchase and sale. 

Section 7.16 Construction. Each party has participated fully in the negotiation and preparation of this Agreement
with full benefit or availability of counsel. Accordingly, this Agreement shall not be more strictly construed against either party. 

Section 7.17 Independent Legal Representation. Participant acknowledges that the parties’
interests hereunder are divergent and conflicting in many material respects. Accordingly, Participant acknowledges being advised to retain independent legal counsel before executing this Agreement. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  

					
	 Altair Engineering Inc. – NSO Plan

Stock Restriction & Repurchase Agreement
	  	9	  	Grants to Phantom Holders

 Section 7.18 Equitable Relief. The parties acknowledge that the stock
in the Company which is the subject of this Agreement is unique and that the failure of any party to perform or fulfill such party’s obligations hereunder may result in irreparable harm to the other parties. Accordingly, the parties agree that
specific performance of the terms hereof and/or other equitable relief may be obtained through a court of competent jurisdiction. 
  

							
		 		 	 ALTAIR ENGINEERING INC.
 A Michigan
Corporation

				
	Dated: 	 		 	By:	 	  

		 		 		 	James R. Scapa
		 		 		 	Its: Chief Executive Officer

 Participant hereby acknowledges receipt of a copy of this Agreement, accepts his or her designation as a Participant under and
subject to all the terms and conditions set forth herein, and agrees to all such terms and conditions. 
  

							
	Dated: 	 		 		 	  

		 		 		 	PARTICIPANT

  

					
	 Altair Engineering Inc. – NSO Plan

Stock Restriction & Repurchase Agreement
	  	10	  	Grants to Phantom HoldersEX-10.8

 Exhibit 10.8 

ALTAIR ENGINEERING INC. 

2012 INCENTIVE AND NON-QUALIFIED STOCK OPTION PLAN 

(AS AMENDED AS OF APRIL 3, 2017) 
 1.
Purpose. The purpose of the Plan is to encourage and enable selected management, other employees, contractors and directors of the Company, to acquire a proprietary interest in the Company through the ownership of the Common Stock of the
Company. The Company intends to use the Plan to attract, retain and motivate Participants to attain exceptional levels of performance and provide Participants with an opportunity to participate in the increased value of the Company which their
efforts, initiative, and skill have helped produce. The Plan design enables the Company to grant to Participants Incentive Stock Options and/or Non-Qualified Stock Options to purchase shares of Common Stock of the Company. The Plan is effective as
of December 20, 2012. 
 2. Definitions. 

(a) “Board” shall mean the Board of Directors of the Company. 

(b) “Change in Control” shall, unless in the case of a particular Option the applicable Option Agreement states otherwise or contains
a different definition of “Change in Control,” be deemed to occur upon: 
 (1) the acquisition (whether by merger, consolidation,
share exchange, tender offer or similar form of corporate transaction) (a “Business Combination”) by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act (a “Person”) of
beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors
(the “Outstanding Company Voting Securities”) unless immediately following such Business Combination, the holders of more than 50% of the total voting power of the Outstanding Company Voting Securities immediately prior to such Business
Combination own more than 50% of the total voting power of (x) the entity resulting from such Business Combination (the “Surviving Company”) or (y) if applicable, the ultimate parent entity that directly or indirectly has
beneficial ownership of sufficient voting securities eligible to elect a majority of the members of the board of directors (or the analogous governing body) of the Surviving Company; provided, however, that for purposes of this Plan, the following
acquisitions shall not constitute a Change in Control: (I) any acquisition by the Company of its Outstanding Company Voting Securities, (II) any acquisition by any employee benefit plan sponsored or maintained by the Company, (III) any
acquisition of Outstanding Company Voting Securities by investment entities affiliated with General Atlantic Partners, LLC or any group of which such investment entities affiliated with General Atlantic Partners, LLC are a member, or (IV) in respect
of an Option held by a particular Participant, any acquisition by the Participant or any group of persons including the Participant (or any entity controlled by the Participant or any group of persons including the Participant); 

(2) the dissolution or liquidation of the Company; or 

(3) the sale, transfer or other disposition of all or substantially all of the assets of the Company. 

Consistent with the terms of this Section 2(b), the Board shall have full and final authority to determine conclusively whether a Change
in Control of the Company has occurred pursuant to the above definition, the date of the occurrence of such Change in Control and any incidental matters relating thereto. 

(c) “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, together with the regulations and official
guidance promulgated thereunder. 
 (d) “Common Stock” shall mean the Class A common capital stock of the Company. 

(e) “Company” shall mean Altair Engineering Inc., a Michigan corporation and any Subsidiary of the Company. 

  

 (f) “Employee” shall mean any individual who is employed, within the meaning of
Section 3401 of the Code and the regulations promulgated thereunder, by the Company. The Board shall be responsible for determining when an Employee’s period of employment is deemed to be continued during an approved leave of absence. 

(g) “Exchange Act” shall mean the Securities Exchange Act of 1934,as amended. 

(h) “Exercise Price” shall mean the price per Share at which an Option may be exercised, as determined by the Board and as specified
in the Participant’s Option Agreement. 
 (i) “Fair Market Value” shall mean the value of each Share determined as of any
specified date as follows: 
 (1) If the Shares are traded on any United States securities exchange, or if the Shares are not traded on any
United States securities exchange but are traded on any formal over-the-counter quotation system in general use in the United States, the value per Share shall be the closing price on such exchange or quotation system on the business day immediately
preceding such specified date; provided, however, that if no Shares are traded on the business day immediately preceding such specified date, the value per Share shall be the mean between the closing high bid and closing low asked quotations on the
business day immediately preceding such specified date; or 
 (2) If Paragraph (1) does not apply, the value per Share shall be
determined by the Board in accordance with Section 4(e) in good faith and based on uniform principles consistently applied. Such determination shall be conclusive and binding on all persons. 

(j) “Incentive Stock Option” shall mean an Option of the type which is described in Section 422(b) of the Code. 

(k) “Non-qualified Stock Option” shall mean an Option which does not qualify as an Incentive Stock Option. 

(l) “Option” shall mean an option which is granted pursuant to the Plan to purchase Shares of Common Stock, whether granted as an
Incentive Stock Option or as a Non-qualified Stock Option. 
 (m) “Option Agreement” shall mean, with respect to each Option, the
signed written agreement between the Company and the Participant setting forth the terms and conditions of the Option. 
 (n)
“Participant” shall mean any individual to whom an Option has been granted or issued under the Plan. 
 (o) “Plan” shall
mean this Altair Engineering Inc. 2012 Incentive and Non-qualified Stock Option Plan. 
 (p) “Plan Year” shall mean the 12
consecutive month period coinciding with the Company’s fiscal year. 
 (q) “Purchase Price” shall mean, at any specified time,
the Exercise Price per Share multiplied by the number of Shares being purchased pursuant to the exercise of an Option. 
 (r)
“Securities Act” shall mean the Securities Act of 1933, as amended. 
 (s) “Share” shall mean one authorized share of
Common Stock. 
 (t) “Subsidiary” shall mean any corporation or other business entity (other than the Company) in an unbroken chain
of corporations and/or other business entities beginning with the Company if, at the time of granting an Option, each of the corporations and/or other business entities (other than the last business entity in the unbroken chain) owns stock
possessing at least 50% of the total combined voting power of all classes of ownership in one of the other corporations and/or other business entities in such chain. 

  
 2 

 (u) “Vest” or “Vesting” shall mean the event or point in time at which an
Option becomes exercisable for the first time. 
 3. Effective Date. The Plan was adopted by the Company effective as of December 20,
2012. 
 4. Administration. 
 (a)
Administration by the Board or the Committee. The Board shall administer the Plan in accordance with the provisions hereof. The Board may appoint a committee (the “Committee”) to administer the Plan. If a Committee is appointed, the
Committee shall have the powers and authority otherwise delegated to the Board in this Plan document. The Board may, from time to time, increase or decrease the size of the Committee, fill vacancies however caused, remove members with or without
cause, and disband the Committee and thereafter directly administer the Plan. The Company may engage a third party to administer routine matters under the Plan, such as establishing and maintaining accounts for Participants and facilitating
transactions by Participants pursuant to the Plan. 
 (b) Powers of the Board. On behalf of the Company and subject to the provisions
of the Plan, the Board shall have the authority and discretion to: (i) Prescribe, amend and rescind rules and regulations relating to the Plan; (ii) Select Participants to receive Options; (iii) Determine the form and terms of
Options; (iv) Determine the number of Shares or other consideration subject to Options; (v) Determine whether Options will be granted singly, in combination or in tandem with, in replacement of, or as alternatives to, other Options under
the Plan or any other incentive or compensation plan of the Company; (vi) Construe and interpret the Plan, any Option Agreement and any other agreement or document executed pursuant to the Plan; (vii) Correct any defect or omission, or
reconcile any inconsistency in the Plan, any Option or any Option Agreement; (viii) Determine whether an Option has been earned and/or Vested; (ix) Accelerate or defer, with the consent of the Participant, the Vesting of any Option;
(x) Authorize any person to execute on behalf of the Company any instrument required to effectuate the grant of an Option as made by the Board; (xi) With the consent of any adversely affected Participant, effect (A) the reduction of
the Exercise Price of any outstanding Option under the Plan; (B) the cancellation of any outstanding Option under the Plan and the grant in substitution therefor of (1) a new Option under the Plan or another equity plan of the Company
covering the same or a different number of shares of Common Stock, (2) cash, and/or (3) other valuable consideration (as determined by the Board, in its sole discretion); or (C) any other action that is treated as a repricing under
generally accepted accounting principles; (xii) With the consent of any adversely affected Participant, otherwise adjust the terms of an Option previously issued to the Participant; (xiii) Determine whether a transaction or event should be
treated as a Change in Control and, if the Board determines that a transaction or event should be treated as a Change in Control, then the effect of that Change in Control; and (xiv) Make all other determinations deemed necessary or advisable
for the administration of the Plan. The interpretations and decisions made by the Board with regard to any question arising under the Plan shall be final and conclusive on all persons participating or eligible to participate in the Plan. 

(c) Conflicts of Interest. Members of the Board or the Committee who are either eligible for Options or have been granted an Option may
vote on any matters affecting the administration of the Plan or the grant of any Option pursuant to the Plan. However, no such member shall act upon the granting of an Option to himself or herself (unless such grant is part of a plan under which
Options are to be granted to a classification of Employees). In the event of cases such as those described in the preceding sentence, such member shall be counted in determining the existence of a quorum at a meeting of the Board or the Committee
but shall be excluded in determining the number of members voting or taking written action with respect to an Option granted to such member. 

(d) Board’s Interpretation of the Plan. The Board’s interpretation and construction of any provision of the Plan, of any
Option granted under the Plan, or of any Option Agreement shall be final and binding on all parties claiming an interest in an Option granted or issued under the Plan. No member of the Board or the Committee shall be liable for any action or
determination made in good faith with respect to the Plan. 
 (e) Board’s Determination of Fair Market Value. Notwithstanding
anything contained herein to the contrary, the Board shall have the sole and exclusive authority to determine, upon review of relevant information, the Fair Market Value of the Common Stock, subject to the provisions of the Plan and irrespective of
whether the Board has appointed a Committee to administer the Plan. 

  
 3 

 (f) Foreign Participants. Without amending the Plan, the Board may grant Options to
eligible Participants who are foreign nationals on such terms and conditions not inconsistent with those specified in this Plan as may, in the judgment of the Board, be necessary or desirable to foster and promote achievement of the purposes of the
Plan. In furtherance of such purposes, the Board may approve such modifications, amendments, procedures, sub-plans, and the like as may be necessary or advisable to comply with the provisions of the laws in other countries in which the Company
operates or has eligible Participants. 
 5. Eligibility for Participation. Plan Participants shall be limited to such individuals as the Board
may select. A Participant may be granted more than one type of Option under the Plan. 
 6. Shares of Stock of the Corporation. 

(a) Shares Subject to This Plan. Stock with respect to which Options are granted or issued under this Plan shall be authorized but
unissued or reacquired Shares of the Company’s Common Stock. The aggregate number of Shares which may be issued under this Plan shall not exceed 1,300,000 Shares, subject to adjustment under Section 9. If an Option expires,
becomes unexercisable without having been exercised in full, or is surrendered pursuant to an exchange agreement, the unpurchased Shares which were subject thereto will become available for future grant or sale under the Plan (unless the Plan has
terminated). However, Shares that have actually been issued under the Plan upon exercise of an Option shall not be returned to the Plan and shall not become available for future distribution under the Plan; provided, however, that if restricted
Shares issued pursuant to the exercise of unvested Options are repurchased by the Company or are forfeited to the Company due to the failure to vest, such Shares will become available for future grant under the Plan. Shares used to pay the exercise
price of an Option or to satisfy the tax withholding obligations related to an Option will become available for future grant or sale under the Plan. Notwithstanding the foregoing and, subject to adjustment as provided in Section 9, the maximum
number of Shares that may be issued upon the exercise of Incentive Stock Options will equal the aggregate Share number stated in this Section 6(a), plus, to the extent allowable under Code Section 422 and the Treasury Regulations
promulgated thereunder, any Shares that become available for issuance under the Plan pursuant to this Section 6(a). 
 (b) Adjustment
of Shares. In the event of an adjustment described in Section 9, then (i) the number of Shares reserved for issuance under the Plan, (ii) the Exercise Prices of and number of Shares subject to outstanding Options, and
(iii) any other factor pertaining to outstanding Options shall be duly and proportionately adjusted, subject to any required action by the Board or the shareholders of the Company and compliance with applicable securities laws; provided,
however, that fractions of a Share shall not be issued but shall either be paid in cash at Fair Market Value or shall be rounded up to the nearest Share, as determined by the Board. 

(c) Options Not to Exceed Shares Available. The number of Shares subject to Options which have been granted under this Plan at any time
during the Plan Term shall not exceed the number of Shares authorized for issuance under the Plan. The number of Shares subject to an Option which expires, is canceled, is forfeited or is terminated for any reason, shall again be available for
issuance under the Plan. 
 7. Terms and Conditions of Options. 

(a) Option Agreement. Each Option shall be evidenced by a written Option Agreement which shall set forth the terms and conditions
pertaining to such Option, provided that all such terms shall be subject to and consistent with this Plan. An Option Agreement shall be in such form as the Board shall approve from time to time, which Option Agreements need not be identical. 

(b) Number of Shares Covered by an Option. Each Option Agreement shall state the number of Shares for which the Option is exercisable
and shall provide for the adjustment of such Shares in accordance with Section 9. 
 (c) Exercise of Options. A Participant may
exercise an Option only on or after the date on which the Option Vests, as provided in Subsection (d) below, and only on or before the date on which the Option expires, as provided in Subsection (e) below. 

  
 4 

 (d) Vesting of Options. A Participant may exercise an Option to purchase Shares only on or
after the date the Option has Vested with respect to such Shares. Each Option Agreement shall include a Vesting schedule applicable to the Shares to which such Option pertains. The Vesting schedule shall not impose upon the Company any obligation to
retain the Participant in its employ for any period. A Participant’s Option Agreement shall so specify if all or any non-Vested Options held by the Participant on the date of death or total and permanent disability shall become Vested. 

(e) Term and Lapse of Options. A Participant may exercise an Option to purchase Shares only on or before the date on which the term of
the Option expires. Each Option Agreement shall set forth the term of the Option and the events described in the immediately following sentence which will cause the Option to lapse or otherwise end, in whole or in part, as of an earlier date. An
Option shall lapse on the first to occur of the following events: 
 (i) The tenth anniversary of the date that an Incentive Stock Option was
granted; provided, however, that in the case of an Incentive Stock Option granted to a Participant owning, actually or constructively under Section 424(d) of the Code, more than 10% of the total combined voting power of all classes of stock of
the Company (a “10% Stockholder”), such option, by its terms, shall be exercisable only within five years from the date of grant. 

(ii) The date determined under Section 7(i) for a Participant who ceases to be an Employee by reason of the Participant’s death or
total and permanent disability, within the meaning of Section 22(e)(3) of the Code unless the Board at its discretion extends such date before the applicable expiration date (provided, that upon any such extension, in the event that a
Participant fails to exercise any Incentive Stock Option on or before the date which is twelve months after the date the Participant ceases to be an Employee, such Incentive Stock Option shall thereupon become a Non-qualified Stock Option); 

(iii) The date determined under Section 7(j) for a Participant who ceases to be an Employee for any reason, other than by reason of death
or total and permanent disability, unless the Board at its discretion extends such date before the applicable expiration date (provided, that upon any such extension, in the event that a Participant fails to exercise any Incentive Stock Option on or
before the date which is three months after the date the Participant ceases to be an Employee, such Incentive Stock Option shall thereupon become a Non-qualified Stock Option); or 

(iv) The expiration date specified in the Participant’s Option Agreement. 

(f) Exercise Price. The Exercise Price under each Incentive Stock Option shall be not less than 100% of the Fair Market Value of the
Shares determined on the date the Incentive Stock Option is granted. In the case of an Incentive Stock Option granted to a 10% Stockholder, the Exercise Price shall not be less than 110% of the Fair Market Value of the Shares determined on the date
the Incentive Stock Option is granted. The Exercise Price under each Non-qualified Stock Option shall be specified by the Board, but shall in no case be less than 100% of the Fair Market Value of the Shares determined on the date the Non-qualified
Stock Option is granted. 
 (g) Medium and Time of Payment of Purchase Price. A Participant exercising an Option shall pay the
Purchase Price of the Shares to which such exercise pertains in full in cash (in U.S. dollars) as a condition of such exercise, unless the Board at its discretion allows the Participant to pay the Purchase Price in any manner allowable under
Section 14, so long as the sum of cash so paid and such other consideration equals the Purchase Price. 
 (h) Nontransferability of
Options. An Option granted to a Participant shall, during the lifetime of the Participant, be exercisable only by the Participant or the Participant’s conservator or legal representative and shall not be assignable or transferable. In the
event of the Participant’s death, the Option is transferable by the Participant only by will or the laws of descent and distribution. 

(i) Death or Disability of Participant. If a Participant dies while an Employee or ceases to be an Employee as a consequence of becoming
totally and permanently disabled (within the meaning of Section 22(e)(3) of the Code), any Option granted to the Participant may be exercised, to the extent it was Vested on the date of the Employee’s death or disability, at any time
within 12 months after the 

  
 5 

 
Participant’s death or disability (but not beyond the otherwise applicable term of the Option) by the Participant’s conservator or legal representative, by the executors or
administrators of the Participant’s estate or by any person who has acquired the Option directly from the Participant by will or the laws of descent and distribution, as the case may be. 

(j) Termination Other than by Death or Disability. 

(i) If a Participant ceases to be an Employee for any reason other than death or total and permanent disability (as defined in
Section 7(i)), any non-Vested Option shall expire immediately upon such termination of employment and any unexercised Vested Option shall expire at 12:00 p.m. on the 90th day following the date the Participant’s employment with the Company
terminates. In addition, the Board may, in its sole and absolute discretion, Vest any non-Vested Options within 30 days following such termination of employment. 

(ii) For purposes of this Section 7(j), the employment relationship shall be treated as continuing intact while the Participant is an
active employee of the Company or is on military leave, sick leave or other bona fide leave of absence, as determined by the Board in its discretion. The preceding sentence notwithstanding, in the case of an Incentive Stock Option, employment shall
be deemed to terminate on the date the Participant ceases active employment with the Company unless the Participant’s reemployment rights are guaranteed by statute or contract. 

(k) Rights as a Stockholder. A Participant, or an allowable transferee of a Participant, shall have no rights as a shareholder of the
Company with respect to any Shares for which an Option is exercisable until the date a stock certificate for such Shares is issued. No adjustment shall be made for dividends (ordinary or extraordinary or whether in currency, securities, or other
property), distributions, or other rights for which the record date is prior to the date such stock certificate is issued, except as provided in Section 9. 

(l) Modification, Extension, and Renewal of Options. Within the limitations of the Plan, the Board may at its discretion modify, extend
or renew any outstanding Option or accept the cancellation of an outstanding Option for the granting of a new Option in substitution. Notwithstanding the preceding sentence, no modification of an Option shall, without the consent of the Participant,
alter or impair any rights or obligations under any Option previously granted. 
 (m) Other Provisions. An Option Agreement may
contain such other provisions as the Board deems advisable which are not inconsistent with the terms of the Plan, including but not limited to: 

(i) Restrictions on the exercise of the Option; 

(ii) Submission by the Participant of such forms and documents as the Board may require; and/or 

(iii) Procedures to facilitate the broker-assisted exercise of the Option. 

(n) No Disqualification of Incentive Stock Options. Notwithstanding any other provision of the Plan, the Plan shall not be interpreted,
amended or altered, nor shall any discretion or authority granted under the Plan be exercised, so as to disqualify the Plan under Section 422 of the Code or, without the consent of the Participant affected, disqualify any Incentive Stock Option
under Section 422 of the Code. 
 (o) Limitations on Incentive Stock Options. The aggregate Fair Market Value (determined as of
the date of grant) of Shares subject to grant(s) of Incentive Stock Options which will become Vested by a Participant during any calendar year (under the Plan or under any other incentive stock option plan of the Company) shall not exceed $100,000.
If the Fair Market Value of the Shares described in the preceding sentence exceeds $100,000, the Options for the first $100,000 worth of Shares to become Vested shall be Incentive Stock Options and the Options for the amount in excess of $100,000
that become Vested shall be Non-qualified Stock Options. In the event the Code or the regulations promulgated thereunder are amended after the Effective Date of the Plan to provide for a different limit on the Fair Market Value of Shares permitted
to be subject to Incentive Stock Options, such different limit shall be automatically incorporated into this Section 7(o) and shall apply to any Options granted on or after the effective date of such amendment. 

  
 6 

 8. Term of Plan. Options may be granted pursuant to the Plan through the period ending on
December 19, 2022. All Options which are outstanding on such date shall remain in effect until they are exercised or expire by their terms. 
 9.
Recapitalizations, Takeovers, and Liquidations. 
 (a) Reorganizations. Notwithstanding any other provision of the Plan to
the contrary, but subject to any required action by the stockholders of the Company, the Board shall make any adjustments to the class and/or number of Shares covered by the Plan, the number of Shares for which each outstanding Option pertains, the
Exercise Price of an Option, and/or any other aspect of this Plan to prevent the dilution or enlargement of the rights of Participants under this Plan in connection with any increase or decrease in the number of issued and outstanding shares of the
common capital stock of the Company resulting from the payment of a stock dividend, a stock split, a reverse stock split or any other event which results in an increase or decrease in the number of issued and outstanding shares of the common capital
stock of the Company effected without receipt of adequate consideration by the Company. 
 (b) Effect of Change in Control. Except to
the extent provided in a particular Option Agreement: 
 (i) Notwithstanding any other provisions of the Plan to the contrary, if (A) a
Change in Control occurs and (B) within one (1) month prior to the date of such Change in Control or twelve (12) months after the date of such Change in Control, a Participant’s employment with the successor corporation (or
parent or Subsidiary of the successor corporation, if applicable) is involuntarily terminated for any reason other than Cause or voluntarily terminated by the Participant for Good Reason, then the vesting and exercisability of this option shall be
accelerated in full. 
 (ii) In addition, in the event of a Change in Control, the Board may, in its discretion and upon at least 10
days’ advance notice to the affected Participants, cancel any outstanding Options and pay to the holders thereof, in cash or stock, or any combination thereof, the value of such Options based upon the price per Share received or to be received
by other shareholders of the Company in the event. 
 (iii) In addition, in the event of a Change in Control, the Board may, in its
discretion provide that each outstanding Option shall be assumed or an equivalent Option substituted by the successor corporation or a parent or Subsidiary of the successor corporation. For the purposes of this subsection 9(b)(iii), an Option will
be considered assumed if, following the Change in Control, the Option confers the right to purchase or receive, for each Share subject to the Option immediately prior to the Change in Control, the consideration (whether stock, cash, or other
securities or property) received in the Change in Control by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders
of a majority of the outstanding Shares); provided, however, that if such consideration received in the Change in Control is not solely common stock of the successor corporation or its parent, the Board may, with the consent of the successor
corporation, provide for the consideration to be received upon the exercise of an Option, for each Share subject to such Option, to be solely common stock of the successor corporation or its parent equal in fair market value to the per share
consideration received by holders of Common Stock in the Change in Control. 
 (iv) The obligations of the Company under the Plan shall be
binding upon any successor corporation or organization resulting from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the assets and business of
the Company. 
 (v) For the purposes hereof, “Cause” means the occurrence of any of the following (and only the following):
(i) conviction of any felony or any crime involving moral turpitude or dishonesty, (ii) participation in a fraud or act of dishonesty against the Company, (iii) conduct that, based upon a good faith and reasonable factual
investigation and determination by the Board, demonstrates Participant’s gross unfitness to serve, or (iv) intentional, material violation of any contract with the Company or any statutory duty to the Company that is not corrected within
thirty (30) days after written notice thereof. Death, physical disability and mental disability shall not constitute “Cause.” 

  
 7 

 (vi) For the purposes hereof, “Good Reason” means the occurrence of any of the
following events or conditions: (i) (A) a change in the Participant’s status, title, position or responsibilities (including reporting responsibilities) which represents an adverse change from the Participant’s status, title,
position or responsibilities as in effect at any time within ninety (90) days preceding the date of a Change in Control or at any time thereafter; (B) the assignment to the Participant of any duties or responsibilities which are
inconsistent with the Participant’s status, title, position or responsibilities as in effect at any time within ninety (90) days preceding the date of a Change in Control or at any time thereafter; or (C) any removal of the
Participant from or failure to reappoint or reelect the Participant to any of such offices or positions, except in connection with the termination of the Participant’s employment for Cause, as a result of the Participant’s disability or
death or by the Participant other than as a result of a termination for Good Reason; (ii) a reduction in the Participant’s annual base compensation or following (1) written notice and (2) failure to cure the failure within thirty
(30) days of receipt of the written notice, any failure to pay the Participant any compensation or benefits to which the Participant is entitled within five (5) days of the date due; (iii) the Company’s requiring the Participant
to relocate to any place outside a ten (10) mile radius of the Participant’s current work site, except for reasonably required travel on the business of the Company or its Subsidiaries and affiliates which is not materially greater than
such travel requirements prior to the Change in Control; (iv) the failure by the Company to (A) continue in effect (without reduction in benefit level and/or reward opportunities) any material compensation or employee benefit plan in which
the Participant was participating at any time within ninety (90) days preceding the date of a Change in Control or at any time thereafter, unless such plan is replaced with a plan that provides substantially equivalent compensation or benefits
to the Participant, or (B) provide the Participant with compensation and benefits, in the aggregate, at least equal (in terms of benefit levels and/or reward opportunities) to those provided for under each other employee benefit plan, program
and practice in which the Participant was participating at any time within ninety (90) days preceding the date of a Change in Control or at any time thereafter; (v) any material breach by the Company of any provision of an agreement
between the Company and the Participant, whether pursuant to this Plan or otherwise, other than a breach which is cured by the Company within fifteen (15) days following written notice by the Participant of such breach; or (vi) the failure
of the Company to obtain an agreement from any successors and assigns to assume and agree to perform the obligations created under this Plan. 

(c) Determination by the Board. All adjustments described in this Section 9 shall be made by the Board, whose determination shall
be conclusive and binding on all persons. 
 (d) Limitation on Rights of Participants. Except as expressly provided in this
Section 9, no Participant shall have any rights by reason of any payment of any stock dividend, stock split, reverse stock split, or any other change in the number of shares of stock of any class, or by reason of any reorganization,
consolidation, dissolution, liquidation, merger, exchange, split-up or reverse split-up, or spin-off of assets or stock of another corporation. Any issuance by the Company of Options shall not affect, and no adjustment by reason thereof shall be
made with respect to, Options under the Plan. 
 (e) No Limitation on Rights of Company. The grant of an Option pursuant to the Plan
shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations, or changes of its capital or business structure, or to merge or consolidate, or to dissolve, liquidate, sell, or transfer all or
any part of its business or assets. 
 10. Securities Law Requirements. 

(a) Legality of Issuance. No Share shall be issued upon the exercise of any Option unless and until the Board has determined that: 

(i) The Company and the Participant have taken all actions required to register the Shares under the Securities Act, or to perfect an exemption
from registration requirements of the Securities Act, or to determine that the registration requirements of the Securities Act do not apply to such exercise; 

(ii) Any applicable listing requirement of any stock exchange on which the Share is listed has been satisfied; and 

(iii) Any other applicable provision of state, federal or foreign law has been satisfied. 

  
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 (b) Restrictions on Transfer; Representations of Participant; Legends. Regardless of
whether the offering and sale of Shares under the Plan have been registered under the Securities Act or has been registered or qualified under the securities laws of any state, the Company may impose restrictions upon the sale, pledge, or other
transfer of such Shares (including the placement of appropriate legends on stock certificates) if, in the judgment of the Company and its counsel, such restrictions are necessary or desirable to achieve compliance with the provisions of the
Securities Act, the securities laws of any state, or any other law. If the offering and/or sale of Shares under the Plan is not registered under the Securities Act and the Company determines that the registration requirements of the Securities Act
apply but an exemption is available which requires an investment representation or other representation, the Participant shall be required, as a condition to acquiring such Shares, to represent that such Shares are being acquired for investment, and
not with a view to the sale or distribution thereof, except in compliance with the Securities Act, and to make such other representations as are deemed necessary or appropriate by the Company and its counsel. Stock certificates evidencing Shares
acquired pursuant to an unregistered transaction to which the Securities Act applies shall bear a restrictive legend substantially in the following form and such other restrictive legends as are required or deemed advisable under the Plan or the
provisions of any applicable law: 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY FOREIGN JURISDICTION. THE SECURITIES MAY NOT BE TRANSFERRED, SOLD OR OFFERED FOR SALE EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER SUCH ACT AND APPLICABLE STATE AND FOREIGN SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH LAWS. 

(c) Registration or Qualification of Securities. The Company may, but shall not be obligated to, register or qualify the offering or
sale of Shares under the Securities Act or any other applicable law. 
 (d) Exchange of Certificates. If, in the opinion of the
Company and its counsel, any legend placed on a stock certificate representing Shares issued pursuant to the Plan is no longer required, the Participant or the holder of such certificate shall be entitled to exchange such certificate for a
certificate representing the same number of Shares but lacking such legend. 
 (e) Determination of Company Binding. Any determination
by the Company and its counsel in connection with any of the matters set forth in this Section 10 shall be conclusive and binding on all persons. 

11. Limitations on Shares. All Shares issued pursuant to the Plan shall be subject to the terms and conditions of the Company’s Stock
Restriction and Repurchase Agreement and the Company shall place legends on stock certificates representing that the Shares are subject to such Stock Restriction and Repurchase Agreement. 

12. Exercise of Unvested Options. 

(a) Purpose of Section 12. This Section 12 is intended to apply for the benefit of a Participant prior to the time Shares held
by the Participant are freely transferable under applicable federal and state securities laws without the Participant holding the Shares for a minimum period of time (e.g., the holding period requirement of Rule 144 adopted by the Securities and
Exchange Commission under the Securities Act). More specifically, a Participant with an unvested Option may commence this holding period for the Shares subject to the Option by exercising the unvested Option and receiving Shares of restricted stock
which will Vest on the same date as the Option would have Vested. In this way, the Participant is able to begin the holding period for the Shares prior to the date the Option would have Vested. 

(b) Exercise of Unvested Options and Issuance of Restricted Stock. The Board, at its discretion, may grant any Participant the right to
exercise any Option prior to the Vesting of such Option, provided that the Shares issued upon such exercise shall remain subject to Vesting, as restricted stock, at the same rate as under the Option so exercised and: 

  
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 (i) Shares issued pursuant to an Option which is Vested or which thereafter become Vested shall
be subject to the terms and conditions of the Company’s Stock Restriction and Repurchase Agreement; and 
 (ii) Shares issued pursuant
to an Option which is not Vested on or before the applicable date described in Section 7 for determining the forfeiture or lapsing of the Option pursuant to which such Shares were issued pursuant to this Section 12, shall be forfeited at
the Exercise Price paid by the Participant to the Company to acquire such Shares. 
 13. Amendment of the Plan. The Board may, from time to
time, terminate, suspend or discontinue the Plan, in whole or in part, or revise or amend it in any respect whatsoever including, but not limited to, the adoption of any amendment deemed necessary or advisable to qualify the Options under rules and
regulations promulgated by the Securities and Exchange Commission with respect to Participants who are subject to the provisions of Section 16 of the Exchange Act, or to correct any defect or supply any omission or reconcile any inconsistency
in the Plan or in any Option granted under the Plan, with or without approval of the shareholders of the Company, but if any such action is taken without the approval of the Company’s shareholders, no such revision or amendment shall: 

(a) Increase the number of Shares subject to the Plan, other than any increase pursuant to Section 9; 

(b) Change the designation of the class of persons eligible to receive Options; 

(c) Increase the maximum duration of an Option; 

(d) Change the manner of determining the Exercise Price of an Option; 

(e) Extend the term of the Plan; or 

(f) Amend this Section 13 to defeat its purpose. No amendment, termination or modification of the Plan shall, without the consent of the
Participant, affect any Option previously granted. 
 14. Payment for Share Purchases. 

(a) Payment. Payment of the Purchase Price for any Shares purchased pursuant to the Plan may be made in cash (in U.S. dollars) or, where
expressly approved for the Participant by the Board, in its sole and absolute discretion, and where permitted by law: 
 (i) By check; 

(ii) By cancellation of indebtedness of the Company to the Participant; 

(iii) By surrender of Shares, provided that the Shares have a Fair Market Value on the date of surrender equal to the aggregate exercise price
of the Shares as to which the Option is exercised and provided that accepting such Shares, in the sole discretion of the Board, shall not result in any adverse accounting consequences to the Company; 

(iv) By waiver of compensation due or accrued to Participant for services rendered; 

(v) With respect only to purchases upon exercise of an Option, and provided that a public market for the Company’s stock exists
(A) through a “same day sale” commitment from Participant and a broker-dealer that is a member of the National Association of Securities Dealers (an “NASD dealer”) whereby Participant irrevocably elects to exercise the
Option and to sell a portion of the Shares so purchased to pay for the Purchase Price, and whereby the NASD Dealer irrevocably commits upon receipt of such Shares to forward the Purchase Price directly to the Company; or (B) through a
“margin” commitment from Participant and an NASD Dealer whereby Participant irrevocably elects to exercise the Option and to pledge the Shares so purchased to the NASD Dealer in a margin account as security for a loan from the NASD Dealer
in the amount of the Purchase Price, and whereby the NASD Dealer irrevocably commits upon receipt of such Shares to forward the Purchase Price directly to the Company; 

  
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 (vi) In the event that no public market for the Company’s stock exists, by the issuance of
Shares equal in value to the excess of (A) the then Fair Market Value of the Shares being purchased over (B) the Purchase Price for the Shares being purchased; or 

(vii) By any combination of the foregoing. 

(b) Loan Guarantees. The Board may help the Participant pay for Shares purchased under the Plan by authorizing a guarantee by the
Company of a third-party loan to the Participant. 
 15. Application of Funds. The proceeds received by the Company from the sale of Common
Stock pursuant to the exercise of an Option shall be used for general corporate purposes. 
 16. Privileges of Stock Ownership. No Participant
shall have any of the rights of a shareholder with respect to any Shares until the date a stock certificate for such Shares is issued to the Participant. After certificates are issued to the Participant, the Participant shall be a shareholder and
have all the rights of a shareholder with respect to such Shares, including the right to receive all dividends or other distributions made or paid with respect to such Shares. The preceding sentence notwithstanding, a Participant who, pursuant to
Section 12, (i) exercises an unvested Option and receives Shares of restricted stock and (ii) forfeits such Shares by terminating employment prior to the date such Shares Vest shall have no right to retain dividends or distributions
received with respect to such Shares and shall return such dividends and distributions to the Company without consideration. 
 17.
Transferability. Options granted under the Plan, and any interest therein, shall not be transferable or assignable by Participant, and may not be made subject to execution, attachment or similar process, otherwise than by will or by the
laws of descent and distribution or as consistent with the specific Plan and Option Agreement provisions relating thereto. During the lifetime of the Participant an Option may be exercisable only by the Participant, and any elections with respect to
any Option may be made only by the Participant. 
 18. Withholding of Taxes. Whenever Shares are to be issued under the Plan, the Company may
require the Participant to remit to the Company an amount sufficient to satisfy federal, state and local withholding tax requirements prior to the delivery of any certificate or certificates for such Shares. Whenever, under the Plan, payments in
satisfaction of Options are to be made in cash, such payment shall be net of an amount sufficient to satisfy federal, state, and local withholding tax requirements. 

19. Rights as an Employee. The Plan shall not be construed to give any individual the right to remain in the employ of the Company or to affect
the right of the Company to terminate such individual’s employment at any time, with or without cause. The grant of an Option shall not entitle the Participant to, or disqualify the Participant from, participation in the grant of any other
Option under the Plan or participation in any other plan maintained by the Company. 
 20. Section 409A. To the extent that the Board
determines that any Option granted under the Plan is subject to Section 409A of the Code, the Plan and the Option Agreement evidencing such Option shall incorporate the terms and conditions required by Section 409A of the Code. To the
extent applicable, the Plan and any Option Agreements shall be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any
such regulations or other guidance that may be issued after the Effective Date. Notwithstanding any provision of the Plan or an applicable Option Agreement to the contrary, in the event that following the Effective Date the Board determines that any
Option may be subject to Section 409A of the Code and related Department of Treasury guidance (including such Department of Treasury guidance as may be issued after the Effective Date), the Board may adopt such amendments to the Plan and any
applicable Option Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Board determines are necessary or appropriate to (a) exempt the
Option from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Option, or (b) comply with the requirements of Section 409A of the Code and related Department of Treasury
guidance and thereby avoid the application of any penalty taxes under such Section. 

  
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 21. Non-Uniform Determinations. The Board’s determinations under the Plan (including without
limitation determinations of the persons to receive Options, the form, amount and timing of such Options, the terms and provisions of such Options and the Option Agreements evidencing same, and the establishment of values and performance targets)
need not be uniform and may be made by the Board selectively among persons who receive, or are eligible to receive, Options under the Plan, whether or not such persons are similarly situated. 

22. Inspection of Records. Copies of the Plan, records reflecting each Participant’s Options and any other documents and records which a
Participant is entitled by law to inspect shall be open to inspection by the Participant and his or her duly authorized representative at the office of the Company at any reasonable business hour upon reasonable advance notice from the Participant.

  
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