Document:

EX-10.3

 Exhibit 10.3 
 MARRIOTT VACATIONS WORLDWIDE CORPORATION 
 DEFERRED COMPENSATION PLAN

 (Effective July 1, 2013) 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
		
	ARTICLE I. DEFINITIONS	  	 	1	  
	 Section 1.01.
	 	Definitions	  	 	1	  
		
	ARTICLE II. PARTICIPATION	  	 	5	  
	 Section 2.01.
	 	Participation	  	 	5	  
	 Section 2.02.
	 	Termination of Participation	  	 	5	  
	 Section 2.03.
	 	Election Forms; Deferral Elections	  	 	6	  
	 Section 2.04.
	 	Limits on Deferrals	  	 	7	  
		
	ARTICLE III. ACCOUNTS	  	 	7	  
	 Section 3.01.
	 	Accounts	  	 	7	  
	 Section 3.02.
	 	Credits to Accounts	  	 	7	  
	 Section 3.03.
	 	Earnings on Accounts	  	 	8	  
	 Section 3.04.
	 	Periodic Statements of Account	  	 	8	  
	 Section 3.05.
	 	Participant’s Rights Unsecured	  	 	9	  
	 Section 3.06.
	 	Unfunded Plan	  	 	9	  
	 Section 3.07.
	 	Effect of Change of Control	  	 	9	  
		
	ARTICLE IV. DISTRIBUTIONS	  	 	9	  
	 Section 4.01.
	 	Distributions	  	 	9	  
	 Section 4.02.
	 	Time and Form of Distributions	  	 	9	  
	 Section 4.03.
	 	Installment Payments	  	 	11	  
	 Section 4.04.
	 	Unforeseeable Emergency Withdrawals	  	 	11	  
	 Section 4.05.
	 	Permissible Delays in Distribution	  	 	11	  
	 Section 4.06.
	 	Payments Upon Death of Participant	  	 	11	  
		
	ARTICLE V. ADMINISTRATION	  	 	12	  
	 Section 5.01.
	 	Administration of the Plan	  	 	12	  
	 Section 5.02.
	 	Claims and Appeals	  	 	12	  
		
	ARTICLE VI. OTHER PROVISIONS	  	 	13	  
	 Section 6.01.
	 	Amendment and Termination; Acceleration of Distributions	  	 	13	  
	 Section 6.02.
	 	Expenses	  	 	13	  
	 Section 6.03.
	 	Severability	  	 	13	  
	 Section 6.04.
	 	Binding Upon Successors	  	 	13	  
	 Section 6.05.
	 	Not a Contract of Employment	  	 	13	  
	 Section 6.06.
	 	Protective Provisions	  	 	14	  
	 Section 6.07.
	 	Notice	  	 	14	  
	 Section 6.08.
	 	Nonassignability	  	 	14	  
	 Section 6.09.
	 	Offset	  	 	14	  
	 Section 6.10.
	 	Governing Law	  	 	14	  

  
 i 

 MARRIOTT VACATIONS WORLDWIDE CORPORATION 

DEFERRED COMPENSATION PLAN 
 MARRIOTT VACATIONS WORLDWIDE CORPORATION, a Delaware corporation, hereby establishes this Deferred Compensation Plan (the “Plan”), effective July 1, 2013 (the “Effective Date”),
for the purpose of assisting Participants in providing tax-deferred savings for themselves and their beneficiaries. 
 ARTICLE I.
DEFINITIONS 
 Section 1.01. Definitions. The following terms have the following meanings unless the context clearly
indicates otherwise: 
 (a) “Account” means the account maintained on the books of the Company and/or pursuant to any
Trust Agreement for each Participant, used solely to calculate the amount payable to each Participant (or his Beneficiary) under this Plan. Separate Accounts shall be maintained on behalf of a Participant to the extent needed to properly administer
the Plan and comply with the Participant’s elections. Notwithstanding the foregoing, there shall be a separate Account for Company credits described in Section 3.02(b)(i) (the “Employer Credit Account”). 

(b) “Administrator” means the Committee identified in Section 17.1 of the Marriott Vacations Worldwide Corporation
Retirement Savings Plan or, to the extent the administration of the Plan entails setting the compensation of the executive officers of Marriott Vacations Worldwide Corporation within the meaning of its charter, the Compensation Policy Committee of
the Board of Directors or, to the extent the administration of the Plan entails setting the compensation of the Non-Employee Directors of Marriott Vacations Worldwide Corporation, the Board of Directors. 

(c) “Beneficial Owner” or “Beneficial Ownership” shall have the meaning ascribed to such term in Rule 13d-3 of the
General Rules and Regulations under the Exchange Act. 
 (d) “Beneficiary” means the person(s) or entity(ies)
designated by the Participant to be the beneficiary(ies) of the Participant’s Account under the Plan. If a valid designation of Beneficiary is not in effect at the time of the death of a Participant, the estate of the Participant is deemed to
be the sole Beneficiary of such Account. 
 (e) “Board of Directors” means the Board of Directors of Marriott
Vacations Worldwide Corporation. 
 (f) “Bonus” means any type of incentive-based compensation that is payable in
cash, whether based on objective and/or subjective criteria, and whether paid on a monthly, quarterly or other periodic basis or on an ad hoc basis, but excluding commissions. 
 (g) “Change of Control” means, and shall be deemed to have occurred if: 
 (i) Any Person directly or indirectly becomes the Beneficial Owner of more than thirty percent (30%) of the Company’s then outstanding voting securities (measured on the basis of voting power),
provided that the Person (A) has not acquired such voting securities directly from the Company, (B) is not the Company or any of its Subsidiaries, (C) is not a trustee or other fiduciary holding voting securities under an employee
benefit plan of the Company or any of its Subsidiaries, (D) is not an underwriter temporarily holding the voting securities in connection with an offering thereof, and (E) is not a corporation owned, directly or indirectly, by the
stockholders of the Company in substantially the same proportions as their ownership of Company stock; or 

 (ii) The Company merges or consolidates with any other corporation, other
than a merger or consolidation resulting in the voting securities of the Company outstanding immediately prior to such merger or consolidation representing fifty percent (50%) or more of the combined voting power of the voting securities of the
Company, the other corporation (if such corporation is the surviving corporation) or the parent of the Company or other corporation, in each case outstanding immediately after such merger or consolidation; or 

(iii) Continuing Directors cease to represent a majority of the Board of Directors, where “Continuing Directors”
shall mean the members of the Board of Directors immediately after the date this Plan is adopted, and any other director whose appointment, election or nomination for election by the stockholders is approved by at least a majority of the Continuing
Directors at such time; or 
 (iv) The stockholders of the Company approve a plan of complete liquidation of the
Company or the Company sells or disposes of all or substantially all of its assets. 
 (h) “Code” means the Internal
Revenue Code of 1986, as amended, or any successor statute, including the regulations issued thereunder. 
 (i)
“Company” means Marriott Vacations Worldwide Corporation, together with any and all Subsidiaries, and any successors thereto. 
 (j) “Compensation” means (i) with respect to employee Participants, base salary, Bonuses (both Performance-Based Compensation and otherwise) and commissions payable in cash, and
(ii) with respect to Non-Employee Directors, fees payable in cash. 
 (k) “Election Form” means the form
prescribed by the Administrator on which a Participant may elect to make Participant Deferrals and/or may elect a time and form of payment of his Account(s). 

  
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 (l) “Eligible Employee” means any of the following individuals for whom the
Company is obligated to withhold U.S. federal payroll taxes: 
 (i) An employee of the Company who, as of the
last day of the calendar year, (x) has been determined by the Administrator to have received wages from the Company during such year in an amount that equals or exceeds the compensation threshold in effect for such calendar year for purposes of
determining who is a highly compensated employee under Code Section 414(q)(1)(B) and (y) has completed one (1) Year of Service. 
 (ii) An employee of the Company who, (x) as of the date of hire, has a rate of base salary that the Administrator determines will equal or exceed the compensation threshold in effect for such
calendar year for purposes of determining who is a highly compensated employee under Code Section 414(q)(1)(B) and (y) has completed ninety (90) days of employment with the Company. 

(iii) Such other employee of the Company as may be designated by the Administrator. 

(m) “Employer Credits” means an allocation described in Section 3.02(b). 

(n) “Engaging in Competition” means (i) during the relevant period, engaging, individually or as an employee, consultant,
owner (more than five percent (5%)) or agent of any entity, in or on behalf of any business engaged in significant competition (or that transacts or cooperates with another business in activities of significant competition) with any business
operated by the Company or with interests adverse to those of the Company; (ii) during the relevant period, soliciting and hiring a key employee of the Company in another business, whether or not in significant competition with any business
operated by the Company; or (iii) using or disclosing confidential or proprietary information, in each case, without the approval of the Company. For purposes hereof, the “relevant period” means the period during which the Participant
provides services to the Company and the five year (or such shorter period as is agreed to by the Administrator in writing) period thereafter. 
 (o) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor statute, including the regulations issued thereunder. 

(p) “Non-Employee Director” means an individual who is not an employee of the Company and is a member of the Board of
Directors. 
 (q) “Participant” means an Eligible Employee or a Non-Employee Director with respect to whom amounts are
deferred under the Plan. 
 (r) “Participant Deferrals” means Compensation deferred pursuant to Section 3.02(a),
including in the form of a Spillover Deferral. 

  
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 (s) “Performance-Based Compensation” means cash compensation the amount of which,
or the entitlement to which, is contingent on the satisfaction of preestablished organizational or individual performance criteria relating to a performance period of at least 12 consecutive months. Organizational or individual performance criteria
are considered preestablished if established in writing by not later than ninety (90) days after the commencement of the period of service to which the criteria relates, provided that the outcome is substantially uncertain at the time the
criteria are established. If a Participant initially becomes eligible to participate in the Plan on a date other than January 1, then the amount of Performance-Based Compensation that may be deferred for such initial year of participation shall
be limited to the total amount of such Performance-Based Compensation multiplied by the ratio (rounded down to the nearest whole percentage) of the number of days remaining in the year after the Election Form is filed over the total number of days
in the year. 
 (t) “Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act
and used in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d) thereof. 
 (u)
“Plan” means this Marriott Vacations Worldwide Corporation Deferred Compensation Plan, as amended from time to time. This plan is an unfunded plan maintained primarily to provide deferred compensation benefits for a select group of
“management or highly-compensated employees” within the meaning of Sections 201, 301, and 401 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and therefore is exempt from the provisions of Parts 2, 3
and 4 of Title I of ERISA. 
 (v) “Retirement” means a Participant’s Separation from Service (for reasons other
than cause, as determined in the reasonable, good faith discretion of the Compensation Policy Committee of the Board of Directors or a subcommittee of one or more officers of the Company to whom the Committee delegates authority to make such
determinations) after reaching age fifty-five (55) and having completed ten (10) continuous Years of Service. 
 (w)
“Retirement Savings Plan” means the Marriott Vacations Worldwide Corporation 401(k) Retirement Savings Plan, or any successor plan thereto. 
 (x) “Separation from Service” means a termination of service with the Company that constitutes a “separation from service” within the meaning of Treasury Regulation
Section 1.409A-1(h). 
 (y) “Specified Employee” means a person described under Treasury Regulation
Section 1.409A-1(i), applying the default rules thereunder. 
 (z) “Spillover Deferral” means a deferral of
Compensation pursuant to a Participant’s irrevocable election to defer under this Plan a percentage of his Compensation equal to the percentage the Participant has elected to contribute on a pre-tax basis to the Retirement Savings Plan for a
given plan year, with such Spillover Deferrals commencing at the time the Participant’s pre-tax Retirement Savings Plan contributions are suspended for the plan year as the result of the imposition of any limitations in Sections 401(a)(17),
402(g) or 415(c) of the Code, or any other applicable limit imposed by the Retirement Savings Plan, and continuing 

  
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for the remainder of the plan year; provided that a Participant who elects to make Spillover Deferrals will be deemed to have made a commitment to maintain his Retirement Savings Plan election in
effect for the entire plan year (up to the time of such suspension) without change. 
 (aa) “Subsidiary” means any
corporation, partnership, joint venture, trust or other entity in which the Company has a controlling interest as defined in Treasury Regulation Section 1.414(c)-2(b)(2), except that the threshold interest shall be “more than fifty percent
(50%)” instead of “at least eighty percent (80%).” 
 (bb) “Trust Agreement” means a trust agreement
entered into by the Company and a trustee designated in such Agreement from time to time to implement and carry out the provisions of the Plan. Such Trust Agreement is incorporated herein by this reference. 

(cc) “Unforeseeable Emergency” means any of (a) a severe financial hardship to the Participant, the Participant’s
spouse, the Participant’s Beneficiary or the Participant’s dependent; (b) loss of the Participant’s property due to casualty; or (c) other similar extraordinary and unforeseeable circumstances arising as a result of events
beyond the control of the Participant, which creates an emergency financial need for the Participant. 
 (dd) A “Year of
Service” is employment by or service with the Company for twelve (12) consecutive months without an intervening unpaid leave of absence or other separation from employment or service. 

ARTICLE II. PARTICIPATION 
 Section 2.01. Participation. 
 (a) Any individual who qualifies as an
Eligible Employee or Non-Employee Director as of the Effective Date is eligible to participate in the Plan on the Effective Date. 
 (b) An individual who first satisfies the requirements to become an Eligible Employee after the Effective Date shall be eligible to participate on the first day of month following the date on which the
individual satisfied such requirements. 
 (c) A new Non-Employee Director after the Effective Date shall be eligible to
participate on the date the individual becomes a Non-Employee Director. 
 Section 2.02. Termination of
Participation. A Participant has no further right to receive Employer Credits or otherwise defer Compensation under the Plan upon termination of service with the Company, or upon receipt of written notice by the Administrator that the
Participant has ceased to be eligible for the Plan; provided that any Participant Deferrals which must be irrevocable under Code Section 409A shall continue to be made according to such election. If a Participant terminates service with the
Company and subsequently returns to service, he shall be treated as a new employee or other potential Participant for all Plan purposes. 

  
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 Section 2.03. Election Forms; Deferral Elections. 

(a) Deferral Elections. An Eligible Employee or Non-Employee Director may make Participant Deferrals by executing and filing with
the Administrator an Election Form, subject to the terms and conditions described herein. 
 (i) For individuals
who first become Eligible Employees or Non-Employee Directors other than on a January 1, the individual may file an Election Form within the first thirty (30) days after the individual becomes an Eligible Employee or Non-Employee Director,
as applicable. Such deferral shall apply only to Compensation earned after the date the Election Form is filed with the Administrator and shall be irrevocable for the remainder of the calendar year. 

(ii) For all other Eligible Employees or Non-Employee Directors: 

(1) Prior to December 31 of a year (or such earlier date specified by the Administrator), the Eligible Employee or
Non-Employee Director may file an Election Form with respect to Compensation earned for the following calendar year. The last election filed by December 31 (or such earlier date specified by the Administrator) shall be irrevocable for the
following calendar year. 
 (2) Notwithstanding the foregoing, the Administrator may allow an Eligible Employee
or a Non-Employee Director to file an Election Form to defer Performance-Based Compensation prior to the date that is six (6) months before the end of the performance period; provided that such election shall be given effect only with respect
to the portion of the Performance-Based Compensation that is not then reasonably ascertainable and only if the Eligible Employee or Non-Employee Director has performed services for the Company continuously from the later of the beginning of the
performance period or the date the performance criteria were established through the date on which the Election Form is filed with the Administrator. Such election shall be made by the deadline specified by the Administrator and shall be irrevocable
with respect to the Performance-Based Compensation to which it relates. 
 (iii) Participant Deferral elections
shall not carry over from year to year, and shall not carry over with respect to future Performance-Based Compensation. 
 (iv) Notwithstanding anything herein to the contrary, an Election Form with respect to deferrals of base salary and commissions shall not be effective until December 1, 2013. 

  
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 (b) Distribution Elections. Within the same time periods as are specified under
subsection (a) above, an Eligible Employee or a Non-Employee Director may file an Election Form specifying the time and form of payment of the Account(s) to which the election applies. The Administrator may permit an Eligible Employee or a
Non-Employee Director to select a different time and form of payment for each type of Account established for the year. In the absence of an election, Section 4.02(d) shall apply. 

(c) Administrative Rules. The Administrator shall determine the form of the Election Form from time to time. Upon the filing of an
Election Form, an Eligible Employee or Non-Employee Director shall be bound by all the terms and conditions of the Plan and such Election Form. 
 Section 2.04. Limits on Deferrals. The permitted deferral percentage(s) with respect to Participant Deferrals are as follows: 

(a) Base salary: any percentage (in whole or fractional percentages up to one decimal point) from one percent (1%) to eighty percent
(80%). 
 (b) Bonus (including Performance-Based Compensation): any percentage (in whole or fractional percentages up to one
decimal point) from one percent (1%) to eighty percent (80%). 
 (c) Commission: any percentage (in whole or fractional
percentages up to one decimal point) from one percent (1%) to eighty percent (80%). 
 (d) Non-Employee Director fees: any
percentage (in whole or fractional percentages up to one decimal point) from one percent (1%) to one hundred percent (100%). 
 The
Administrator may, from time to time, in its sole discretion, prospectively adjust the minimum and maximum deferrals. 
 ARTICLE
III. ACCOUNTS 
 Section 3.01. Accounts. The Company shall establish one or more Accounts on its books for each
Participant, as necessary to account for credits to and earnings on such Accounts and to properly administer the Plan. 

Section 3.02. Credits to Accounts 
 (a) Participant Deferrals. The Company shall credit to a Participant’s Account any amounts deferred by the Participant as soon as practicable after the date such amounts would have otherwise
been paid to the Participant but for the deferral. Unless otherwise determined by the Administrator, the Company shall deduct any amounts it is required to withhold as to such deferred Compensation under any state, federal, or local law for taxes or
other charges from the Participant’s non-deferred Compensation. 

  
 7 

 (b) Employer Credits; Vesting. 

(i) The Company may credit to a Participant’s Employer Credit Account amounts equal to any matching contributions
that the Participant would have received under the Retirement Savings Plan for the year if the Participant had not elected to defer amounts under the Plan. Should the Company elect to do so, such Employer Credits will be credited to the
Participant’s Employer Credit Account as soon as practicable after the calendar year. The Company also may credit to the Employer Credit Account of a Participant an Employer Credit in an amount determined each year by the Company in its
discretion. The Company shall determine the date as of which such discretionary Employer Credit shall be allocated to the Participant’s Employer Credit Account. A separate Account shall be established for each year for which an Employer Credit
is allocated hereunder. 
 (ii) Each Employer Credit Account shall become vested at a rate of twenty-five percent
(25%) per year on each of the first four (4) anniversaries of the date such Employer Credit was allocated to such Account, provided the Participant remains in continuous service with the Company. Upon a Participant’s Separation from
Service other than due to Retirement or death, the unvested portion of all of the Participant’s Employer Credit Accounts shall be forfeited. All of a Participant’s Employer Credit Accounts shall become fully vested immediately upon a
Change of Control or upon the Participant’s Retirement or death. 
 (iii) The Account(s) to which Employer
Credits are made with respect to any year shall be subject to the Participant’s elections as to the time and form of payment made on an Election Form under Section 2.03(b). In the absence of an election, Section 4.02(d) shall apply.

 (iv) If the Administrator determines that a Participant is Engaging in Competition, then all Accounts to which
Employer Credits have been allocated shall be immediately forfeited as of the date of such determination, even if vested. 

Section 3.03. Earnings on Accounts. The Account(s) of a Participant shall be credited with an investment return (which may
include a fixed rate of interest) determined as if the account were invested in one or more investment funds made available by the Administrator (or which may be based on a fixed rate of interest selected by the Administrator). If the Administrator
makes available alternatives for deemed investments or rates of return, then the Participant shall elect among the alternatives in the manner prescribed by the Administrator and such election shall take effect upon the entry of the Participant into
the Plan. Any such investment election of the Participant shall remain in effect until a new election is made by the Participant. In the event a Participant fails for any reason to make an effective election, the investment return shall be based on
the return of the default fund (or rate) determined by the Administrator. 
 Section 3.04. Periodic Statements of
Account. The Administrator shall provide to each Participant, not less frequently than annually, a statement with respect to each of his 

  
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Accounts in such form as the Administrator determines to be appropriate, setting forth the amounts credited or debited during the reporting period, the balance to the credit of such Participant
in such Account, and other information the Administrator determines is appropriate. 
 Section 3.05. Participant’s
Rights Unsecured. The right of the Participant or his Beneficiary to receive a distribution hereunder shall be an unsecured claim against the general assets of the Company, and neither the Participant nor any Beneficiary shall have any rights in
or against any amount credited to his Account or any other specific assets of the Company. The right of a Participant or Beneficiary to the payment of benefits under this Plan shall not be assigned, transferred, pledged or encumbered. 

Section 3.06. Unfunded Plan. This Plan is unfunded and is maintained by the Company primarily for the purpose of providing
deferred compensation for a select group of management and highly compensated employees. Nothing contained in this Plan and no action taken pursuant to its terms shall create or be construed to create a trust of any kind, or a fiduciary relationship
between the Company and any Participant or Beneficiary, or any other person. 
 Section 3.07. Effect of Change of
Control. Notwithstanding the preceding sections of this Article III, upon the occurrence of a Change of Control, the Company or any successor entity shall promptly, and in any event within five (5) business days of the Change of Control,
deposit a sum equal to the amounts deferred under this Plan (less any amounts already deposited into a trust fund for the payment of such benefits) into a trust fund (the “Rabbi Trust”); provided that the Rabbi Trust shall not be funded if
the funding thereof would result in taxable income to an Participant by reason of Section 409A(b) of the Code. Any payments by the trustee of the Rabbi Trust out of such trust shall, to the extent thereof, discharge the Company’s
obligation to pay amounts deferred under this Plan (including any earnings credited thereon), it being the intent of the Company that assets in such Rabbi Trust be held as security for the Company’s obligation to pay amounts deferred under this
Plan. Any similar payments made directly by the Company to a Participant pursuant to this Plan will relieve the trustee of the Rabbi Trust of the obligation to make such payments and will relieve the Company of the obligation to fund the Rabbi Trust
to the extent of such payments. In addition, at such other time as determined by the Board of Directors, payments due to be made under the Plan may be paid out of assets transferred by the Company to a trust fund maintained pursuant to the terms and
conditions of a Trust Agreement. A Change of Control, however, will not accelerate or otherwise affect the timing of distributions from Accounts. 
 ARTICLE IV. DISTRIBUTIONS 
 Section 4.01. Distributions. All
distributions hereunder shall be made promptly by the Company as they become due under the terms of the Plan except to the extent such distributions are made by the Trustee. Any payment of amounts due Participants or Beneficiaries under the Plan
which are made by the Trustee shall be deemed to be payment by the Company for all Plan purposes. 
 Section 4.02. Time
and Form of Distributions. A Participant may elect to receive (or commence receipt of) the vested balance of his Account: 

(a) Separation from Service. Upon the Participant’s Separation from Service, in either a lump sum or installments payable
over five (5), ten (10), fifteen (15) or twenty (20) years. The lump sum will be paid or installments will commence, as applicable, during the January that follows the calendar year in which the Participant’s Separation from Service
occurs, or if the Participant is a Specified Employee, on the first day of the seventh month after the Participant’s Separation from Service, if later. 

  
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 (b) Anniversary of Separation from Service. Upon any of the first five anniversaries
of the Participant’s Separation from Service, in either a lump sum or installments over five (5), ten (10), fifteen (15) or twenty (20) years. The lump sum will be paid or installments will commence, as applicable, during the January
that follows the calendar year that includes the designated anniversary date. 
 (c) Specified Year. In a specified year,
provided that (i) the minimum deferral period for any Account other than an Employer Credit Account shall be three (3) years, and (ii) the minimum deferral period for an Employer Credit Account shall be four (4) years. If a
Participant’s specified year election does not comply with the foregoing minimum deferral periods, then such election shall be automatically revised so that it is deemed to have indicated the earliest permitted year for distribution. A lump sum
is the only form of payment available for a specified year distribution, and payment will be made in January of such specified year. 
 (d) Default Election. In the absence of an election as to the time and/or form of payment for any Account to which Participant elective deferrals are credited, such Account shall be distributed in
a lump sum during the January that follows the calendar year in which the Participant’s Separation from Service occurs, or if the Participant is a Specified Employee, on the first day of the seventh month after the Participant’s Separation
from Service, if later. If a Participant fails to elect the time and/or form of payment for any Employer Credit Account, then such account shall be subject to the same time and form of payment election as the Participant has made with respect to
Participant elective deferrals for the same year or, if no such election has been made, or multiple elections have been made, then such account shall be distributed in a lump sum during the January that follows the calendar year in which the
Participant’s Separation from Service occurs, or if the Participant is a Specified Employee, on the first day of the seventh month after the Participant’s Separation from Service, if later. 

(e) Further Deferral of Distributions or Change in Form of Payment. A Participant may elect to further defer a distribution of any
Account, or to change the form of payment for such Account, subject to the following: 
 (i) The new election may
not take effect until at least twelve (12) months after the date on which the election is made. 
 (ii) The
new election must provide for the deferral of the payment for a period of at least five (5) years from the date such payment would otherwise have been made (or, in the case of installment payments, five (5) years from the date the first
payment would otherwise have been made). 

  
 10 

 (iii) The new election must be made at least twelve (12) months prior
to the original date of the payment (or, in the case of installment payments, twelve (12) months prior to the original date of the first installment payment). 
 Any such deferral election must be made in writing on the form prescribed by the Administrator for this purpose. The Administrator may further limit the availability and frequency of change elections in
accordance with rules announced in advance and generally applied to all Participants. For purposes of this Section 4.02(e), any entitlement to installment payments shall be treated as an entitlement to a single payment. 

Section 4.03. Installment Payments. If the installment method of payment is elected, then the periodic payments will include
earnings adjustments to any remaining balance during the payout period. After the first payment is made, the remaining installments will be paid in January of each succeeding year. Annual amounts to be distributed under the installment method are
determined by multiplying the amount in the Participant’s Account immediately prior to the payment date by a fraction, the numerator of which is one (1) and the denominator of which is the number of annual payments remaining to be paid
(e.g., for 10 installments, 1/10, 1/9, 1/8, etc.). 
 Section 4.04. Unforeseeable Emergency Withdrawals. If a
Participant provides information to the Administrator that is sufficient, as determined solely and conclusively by the Administrator, to establish that Unforeseeable Emergency has occurred, then the Administrator may authorize immediate payment to
such Participant from the Participant’s Account, an amount reasonably necessary to satisfy the emergency need, taking tax consequences and the extent to which the Participant has exhausted his ability to borrow money under tax qualified
retirement plans into account. Distributions under this paragraph shall be made first from Accounts with the earliest scheduled payment date. 
 Section 4.05. Permissible Delays in Distribution. Notwithstanding any distribution elections made under the Plan, distributions may be delayed in accordance with the following provisions,
provided that any such distribution shall be made solely in the discretion of the Administrator without regard to the request, intent or wishes of any Participant or Beneficiary: 

(a) 162(m). Subject to the requirements of Treasury Regulation Section 1.409A-2(b)(7)(i), the Administrator, in its sole
discretion, may delay distributions to a Participant to the extent necessary to avoid application of the deduction limitation under Code Section 162(m). 
 (b) Violations of Law. Subject to the requirements of Treasury Regulation Section 1.409A-2(b)(7)(ii), the Administrator may delay distributions to a Participant or Beneficiary to the extent
that it reasonably anticipates that the distribution, if paid, will violate Federal securities laws or other applicable law. 

Section 4.06. Payments Upon Death of Participant. In the event of a Participant’s death, the vested balance of the
Participant’s Accounts shall be paid to the Participant’s 

  
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Beneficiary(ies) in a single lump sum no later than ninety (90) days after the date of death. Notwithstanding the foregoing, if the Participant’s Beneficiary, estate or legal
representative fails to notify the Administrator of the death of the Participant, such that the Company is unable to make timely payment hereunder, then the Company shall not be treated as in breach of this Plan and shall not be liable to the
Beneficiary, estate or legal representative for any losses, damages, or other claims resulting from such late payment. If a Beneficiary dies while entitled to receive a distribution from the Plan, the distribution shall be paid to the estate of the
Beneficiary. Beneficiary designations shall be in writing on such form as the Administrator may prescribe for this purpose, and must be filed with the Administrator while the Participant is living to be given effect. 

ARTICLE V. ADMINISTRATION 
 Section 5.01. Administration of the Plan. The Administrator shall administer and interpret the Plan, and supervise preparation of Election Forms and Beneficiary designation forms, and any
amendments thereto. Interpretation of the Plan shall be within the sole discretion of the Administrator and shall be final and binding upon each Participant and Beneficiary. The Administrator may adopt and modify rules and regulations relating to
the Plan as it deems necessary or advisable for the administration of the Plan. If a member of the Administrator shall also be a Participant or Beneficiary, such person shall not participate in any determinations affecting such person’s
participation in the Plan. The Administrator may, from time to time, employ agents and delegate to them such administrative duties as it sees fit, and may from time to time consult with counsel who may be counsel to the Company. 

Section 5.02. Claims and Appeals. 
 (a) Claim Filing. Any person or entity claiming a benefit, or requesting an interpretation, ruling, or information under the Plan (hereinafter referred to as “Claimant”), shall present
the request in writing to the Administrator within one (1) year following the date that such person or entity knew or, exercising reasonable care, should have known of such claim, and the Administrator shall respond in writing as soon as
practical, but in no event later than ninety (90) days after receiving the initial claim. If special circumstances require an extension of the time for processing the claim, the initial ninety (90) period may be extended for up to an
additional ninety (90) days. If such an extension is required, the Administrator will provide written notice of the required extension before the end of the initial ninety (90) day period, which notice shall (i) specify the
circumstances requiring an extension, (ii) a description of any additional material or information required and an explanation of why it is necessary, and (iii) the date by which the Administrator expects to make a decision. 

(b) Denial of Claim. If a claim is denied, the Administrator shall provide the Claimant with written notice containing:
(i) the reasons for the denial, with specific reference to the Plan provisions on which the denial is based; (ii) an explanation of the Plan’s claim review procedure; and (iii) any other information required by ERISA. 

(c) Review of Claim. Any Claimant whose claim or request is denied or who has not received a response within the applicable time
period set forth in subsection (a) may request a review by notice given in writing to the Administrator. Such a request must be made 

  
 12 

 
within sixty (60) days after receiving notice of the denial or the expiration of the time period set forth in subsection (a) if the Claimant has not received a response. Such a request
shall then be reviewed by the Administrator which may, but shall not be required to, grant the Claimant a hearing. On review, the Claimant may have representation, examine pertinent documents, and submit issues and comments in writing. 

(d) Final Decision. The Administrator shall provide the Claimant with written notice of its decision on review within sixty
(60) days after receipt of the Claimant’s review request or hearing date. If special circumstances require an extension of the time to process the decision on review, the processing period may be extended for up to an additional sixty
(60) days. If such an extension is required, the Administrator will provide written notice of the required extension to the Claimant before the end of the initial sixty (60) day period. If the claim is denied, the Administrator will
provide the Claimant with a written notice containing the reasons for the denial, with specific reference to the Plan provisions on which the denial is based, and all other information required by ERISA. All decisions on review shall be final and
bind all parties concerned. 
 ARTICLE VI. OTHER PROVISIONS 

Section 6.01. Amendment and Termination; Acceleration of Distributions. The Administrator may amend or terminate the Plan
without the consent of the Participants or Beneficiaries, provided, however, that no amendment or termination may reduce any Account balance accrued on behalf of a Participant based on deferrals already made, or divest any Participant of rights to
which he would have been entitled if the Plan had been terminated immediately prior to the effective date of such amendment; provided, however, this Section shall not restrict the right of the Administrator to cause all Accounts to be distributed in
the event of Plan termination, provided all Participants and Beneficiaries are treated in a uniform and nondiscriminatory manner. 
 Section 6.02. Expenses. Costs of administration of the Plan will be paid by the Company, except that, following a Participant’s Separation from Service for any reason other than
Retirement, the Administrator may deduct a reasonable administrative fee (assessed no more frequently than quarterly) from the balance of the Participant’s aggregate undistributed Accounts. 

Section 6.03. Severability. If any of the provisions of the Plan shall be held to be invalid, or shall be determined to be
inconsistent with the purpose of the Plan, the remainder of the Plan shall not be affected thereby. 
 Section 6.04.
Binding Upon Successors. This Plan shall be binding upon and inure to the benefit of Marriott Vacations Worldwide Corporation, its successors and assigns, and the Participants and their heirs, executors, administrators, and legal
representatives. 
 Section 6.05. Not a Contract of Employment. This Plan shall not constitute a contract of
employment between the Company and the Participant. Nothing in this Plan shall give a Participant the right to be retained in the service of the Company or to interfere with the right of the Company to discipline or discharge a Participant at any
time. 

  
 13 

 Section 6.06. Protective Provisions. A Participant or Beneficiary will
cooperate with the Company by furnishing any and all information requested by the Company, in order to facilitate the payment of benefits hereunder, and by taking such physical examinations as the Company may deem necessary and taking such other
action as may be requested by the Company. 
 Section 6.07. Notice. Any notice required or permitted under
the Plan shall be sufficient if in writing and hand delivered or sent by registered or certified mail. Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt
for registration or certification. Mailed notice to the Administrator shall be directed to the address for the headquarters of Marriott Vacations Worldwide Corporation. Mailed notice to a Participant or Beneficiary shall be directed to the
individual’s last known address in the Company’s records. 
 Section 6.08. Nonassignability.
Neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey in advance of actual receipt the amounts, if any, payable
hereunder, or any part thereof, which are, and all rights to which are, expressly declared to be unassignable and non-transferable, and no part of the amounts payable hereunder shall, prior to actual payment, be subject to seizure or sequestration
for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant or any other person, nor be transferable by operation of law in the event of a Participant’s or any other person’s bankruptcy or insolvency
other than (a) to a Participant’s Beneficiary pursuant to the provisions herein, (b) pursuant to a domestic relations order deemed legally sufficient by the Administrator or (c) by will or the laws of descent and distribution.

 Section 6.09. Offset. If, at the time a payment is due hereunder, the Company determines that the
Participant is indebted or obligated to the Company, then the payment to be made to or with respect to such Participant (including a payment to the Participant’s Beneficiary) may, at the discretion of the Company, be reduced by the amount of
such indebtedness or obligation; provided, however, that an election by the Company to not reduce any such payment shall not constitute a waiver of its claim for such indebtedness or obligation. 

Section 6.10. Governing Law. This Plan shall be construed in accordance with and governed by the law of the State of Florida,
without reference to conflict of law principles thereof, to the extent not preempted by federal law. 
 IN WITNESS WHEREOF,
Marriott Vacations Worldwide Corporation has caused this Plan to be executed by its duly authorized officers. 

					
	MARRIOTT VACATIONS WORLDWIDE CORPORATION
		
	By	 	 /s/ Michael E. Yonker

		 	Michael E. Yonker
		 	Executive Vice President and
Chief Human Resources Officer

  

  
 14EX-10.1

 EXHIBIT 10.1 
 KIRKLAND’S, INC. 
 AMENDED AND RESTATED 2002 EQUITY INCENTIVE PLAN

 (Amended and Restated Effective June 4, 2013) 
 1. Purpose; Definitions. 
 The purpose of the Kirkland’s, Inc. Amended and
Restated 2002 Equity Incentive Plan (the “Plan”) are to (a) enable Kirkland’s, Inc. (the “Company”) and its affiliated companies to recruit and retain highly qualified employees, directors and consultants;
(b) provide those employees, directors and consultants with an incentive for productivity; and (c) provide those employees, directors and consultants with an opportunity to share in the growth and value of the Company. 

For purposes of the Plan, the following initially capitalized words and phrases have the meanings defined below, unless the context
clearly requires a different meaning: 
 (a) “Award” means the grant of Options, SARs, Restricted Shares,
Restricted Share Units or Performance Awards pursuant to the provisions of the Plan. 
 (b) “Award Agreement”
means, with respect to any particular Award, the written document that sets forth the terms of that particular Award. 
 (c)
“Board” means the Board of Directors of the Company, as constituted from time to time; provided, however, that if the Board appoints a Committee to perform some or all of the Board’s administrative functions hereunder
pursuant to Section 2, references in this Plan to the “Board” will be deemed to also refer to that Committee in connection with administrative matters to be performed by that Committee. 

(d) “Cause” exists when a Participant (as determined by the Board, in its sole discretion): 

(i) engages in any type of disloyalty to the Company, including without limitation, fraud, embezzlement, theft, or dishonesty in the
course of his employment or engagement, or otherwise breaches any fiduciary duty owed to the Company; 
 (ii) is convicted of a
felony or a misdemeanor involving moral turpitude; 
 (iii) enters a plea of guilty or nolo contendere to a felony or a
misdemeanor involving moral turpitude. 
 (iv) discloses any proprietary information belonging to the Company without the
consent of the Company; or 
 (v) breaches any agreement with or duty to the Company. 

However, notwithstanding the foregoing, if an Participant is bound by the terms of an employment agreement with the Company or any
Subsidiary that includes a definition of “cause,” the determination of whether that Participant has been terminated for “Cause” will be made in accordance with that employment agreement. 

(e) “Change in Control” means (i) the sale, transfer, assignment or other disposition (including by merger or
consolidation) by shareholders of the Company, in one transaction or a series of related transactions, of more than 50% of the voting power represented by the then outstanding capital stock of the Company to one or more persons, (ii) the sale
of substantially all the assets of the Company, or (iii) the liquidation or dissolution of the Company. 
 (f)
“Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto. 
 (g)
“Committee” means a committee appointed by the Board in accordance with Section 2 of this Plan. 

  
 1 

 (h) “Director” means a member of the Board. 

(i) “Disability” means a condition rendering a Participant Disabled. 

(j) “Disabled” means, with respect to any Participant (i) entitled to benefits under a long-term disability policy
or program of the Company, or (ii) if the Participant is not covered by any such policy or program, when the Participant is prevented by a physical or mental impairment from engaging in any substantial, gainful activity for a period of at least
six (6) months, as determined by the Board, in its sole and absolute discretion; provided, however, notwithstanding the foregoing, if an Participant is bound by the terms of an employment agreement with the Company or any Subsidiary
that includes a definition of “disabled” or disability,” the determination of whether that Participant is “Disabled” for purposes of this Plan will be made in accordance with that employment agreement. 

(k) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(l) “Fair Market Value” means, as of any date: (i) the closing price of the Shares as reported on the principal
nationally recognized stock exchange on which the Shares are traded on such date, or if no Share prices are reported on such date, the closing price of the Shares on the last preceding date on which there were reported Share prices; or (ii) if
the Shares are not listed or admitted to unlisted trading privileges on a nationally recognized stock exchange, the closing price of the Shares as reported by The Nasdaq Stock Market on such date, or if no Share prices are reported on such date, the
closing price of the Shares on the last preceding date on which there were reported Share prices; or (iii) if the Shares are not listed or admitted to unlisted trading privileges on a nationally recognized stock exchange or traded on The Nasdaq
Stock Market, the Fair Market Value will be determined by the Board acting in its discretion, which determination will be conclusive. 
 (m) “Incentive Stock Option” means any Option intended to be and designated as an “Incentive Stock Option” within the meaning of Section 422 of the Code. 

(n) “Non-Employee Director” will have the meaning set forth in Rule 16b-3(b)(3)(i) promulgated by the Securities and
Exchange Commission under the Exchange Act, or any successor definition adopted by the Securities and Exchange Commission; provided, however, that the Board may, to the extent necessary to comply with Section 162(m) of the Code or
regulations thereunder, require each “Non-Employee Director” to also be an “outside director,” as that term is defined in regulations under Section 162(m) of the Code. 

(o) “Non-Qualified Stock Option” means any Option that is not an Incentive Stock Option. 

(p) “Option” means any option to purchase Shares (including Restricted Shares, if the Board so determines) granted
pursuant to Section 5 hereof. 
 (q) “Participant” means an employee, consultant or director of the
Company or a Subsidiary to whom an Award is granted. 
 (r) “Performance Award” means an Award granted pursuant
to Section 9 hereof. 
 (s) “Restricted Shares” means Shares that are subject to restrictions
pursuant to Section 8 hereof. 
 (t) “Restricted Share Unit” means a contractual right that
entitles the Participant, subject to the restrictions in Section 8 hereof, to receive one Share. 
 (u)
“SAR” means a share appreciation right granted under the Plan and described in Section 6 hereof. 

(v) “Share” means a share of common stock, no par value, of the Company, subject to substitution or adjustment as
provided in Section 3(c) hereof. 
 (w) “Subsidiary” means, in respect of the Company, a subsidiary
company, whether now or hereafter existing, as defined in Sections 424(f) and (g) of the Code. 

  
 2 

 2. Administration. 
 The Plan will be administered by the Board; provided, however, that the Board may at any time appoint a Committee to perform some or all of the Board’s administrative functions hereunder;
and provided further, that the authority of any Committee appointed pursuant to this Section 2 will be subject to such terms and conditions as the Board may prescribe and will be coextensive with, and not in lieu of, the authority of the
Board hereunder. 
 Any Committee established under this Section 2 shall consist of one or more members of the Board
(who may also be officers of the Company); provided that, for purposes of the grant and administration of Awards to members of the Board or “officers” of the Company (within the meaning of Section 16 of the Exchange Act), any
Committee appointed by the Board will be composed solely of two or more Non-Employee Directors. From time to time the Board may increase the size of any Committee and appoint additional members thereto, remove members (with or without cause) and
appoint new members in substitution therefore, fill vacancies however caused, or remove all members of the Committee and thereafter directly administer the Plan. 
 Members of the Board who are eligible for Awards or have received Awards may vote on any matters affecting the administration of the Plan or the grant of Awards, except that no such member will act upon
the grant of an Award to himself or herself, but any such member may be counted in determining the existence of a quorum at any meeting of the Board or Committee during which action is taken with respect to the grant of Awards to himself or herself.

 The Board will have full authority to grant Awards under this Plan. In particular, but without limitation, the Board will
have the authority: 
 (a) to select the persons to whom Awards may from time to time be granted hereunder (consistent with the
eligibility conditions set forth in Section 4); 
 (b) to determine the type of Award to be granted hereunder;

 (c) to determine the number of Shares, if any, to be covered by each such Award; 

(d) to establish the terms of each Award Agreement; 
 (e) to determine whether and under what circumstances an Option may be exercised without a payment of cash under Section 5(f); 

(f) subject to Section 9 hereof, establish the performance conditions relevant to any Award and certify whether such
performance conditions have been satisfied following the end of the relevant performance period; 
 (g) to determine whether and
under what circumstances an Award may be settled in cash; and 
 (h) accelerate the vesting or exercisability of an Award, to
extend the post-termination exercise period of an Award and to otherwise modify or amend the terms of an Award, subject to Section 10. 
 The Board will have the authority to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it, from time to time, deems advisable; to interpret the terms and
provisions of the Plan and any Award Agreement; and to otherwise supervise the administration of the Plan. The Board may correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any Award in the manner and to the
extent it deems necessary to carry out the intent of the Plan. 
 All decisions made by the Board pursuant to the provisions of
the Plan will be final and binding on all persons, including the Company and Participants. No member of the Board will be liable for any good faith determination, act or omission in connection with the Plan or any Award. 

3. Shares Subject to the Plan. 

(a) Shares Subject to the Plan. The Shares to be subject or related to awards under the Plan will be authorized and unissued Shares
of the Company, whether or not previously issued and subsequently acquired by the Company. The maximum number of Shares that may be the subject of awards under the Plan is 3,500,000 and the Company

  
 3 

 
will reserve for the purposes of the Plan such number of Shares. All Shares authorized for issuance hereunder may be issued in respect of Incentive Stock Options. No Participant will receive
Options or SARs with respect to more than 500,000 Shares in any calendar year. The maximum number of Shares issuable to any Participant in any one calendar year with respect to Performance Awards denominated in Shares will be 500,000. The maximum
amount payable to any Participant in any one calendar year with respect to Performance Awards denominated in cash will be $1,600,000. 
 (b) Effect of the Expiration or Termination of Awards. If and to the extent that an Award expires, terminates or is canceled or forfeited for any reason without having been exercised in full, the
Shares associated with the expired, terminated, canceled or forfeited portion of the Award will again become available for grant under the Plan. If any Share is received in satisfaction of the exercise price payable upon exercise of an Option, or if
the issuance of any Share is withheld pursuant to Section 15(d) in settlement of a tax obligation associated with an Award, that Share will become available for grant under the Plan. 

(c) Other Adjustment. In the event of any recapitalization, reorganization, merger, stock split or combination, stock dividend or
other similar event or transaction (including, without limitation, any “corporate transaction,” within the meaning of Treasury Regulation § 1.424-1(a)(3)), substitutions or adjustments will be made by the Board: (i) to the
aggregate number, class and/or issuer of the securities reserved for issuance under the Plan; (ii) to the number, class and/or issuer of securities subject to outstanding Awards; and (iii) to the exercise price of outstanding Options or
SARs, in each case in a manner that reflects equitably the effects of such event or transaction. For avoidance of doubt, a substitution or adjustment that reflects equitably the effects of a given event or transaction will include (but will not be
limited to) any substitution or adjustment consistent with the requirements of Treasury Regulation § 1.424-1(a) or any successor provision. 
 (d) Change Control. Notwithstanding anything to the contrary set forth in this Plan, upon or in anticipation of any Change in Control, the Board may, in its sole and absolute discretion and without
the need for the consent of any Participant, take one or more of the following actions contingent upon the occurrence of that Change in Control: (i) cause any or all outstanding Awards to become vested and immediately exercisable (as
applicable), in whole or in part; (ii) cause any outstanding Option to become fully vested and immediately exercisable for a reasonable period in advance of the Change in Control and, to the extent not exercised prior to that Change in Control,
cancel that Option upon closing of the Change in Control; (iii) cancel any Option in exchange for an option to purchase common stock of any successor corporation, which new option satisfies the requirements of Treas. Reg. §
1.425-1(a)(4)(i) (without regard to whether the original Option was intended to be an Incentive Stock Option), (iv) cancel any Restricted Shares, Restricted Share Unit or SARs in exchange for a restricted shares, restricted share units or stock
appreciation rights with respect to the capital stock of any successor corporation or its parent, (v) redeem any Restricted Share or Restricted Share Unit for cash and/or other substitute consideration with a value equal to the Fair Market
Value on the date of the Change in Control, and/or (vi) cancel any Option or SAR in exchange for cash and/or other substitute consideration with a value equal to the (A) the number of Shares subject to that Option or SAR, multiplied by
(B) the difference between the Fair Market Value on the date of the Change in Control and the exercise price of that Option or SAR, provided, that if the Fair Market Value on the date of the Change in Control does not exceed the exercise
price of any such Option or SAR, the Board may cancel that Option or SAR without any payment of consideration therefor. 
 In
the discretion of the Board, any cash or substitute consideration payable upon cancellation of an Award may be subjected to (i) vesting terms substantially identical to those that applied to the cancelled Award immediately prior to the Change
in Control, or (ii) earn-out, escrow, holdback or similar arrangements, to the extent such arrangements are applicable to any consideration paid to stockholders in connection with the Change in Control. 

4. Eligibility. 
 Employees,
directors, consultants and other individuals who provide services to the Company or its Subsidiaries are eligible to be granted Awards. Persons who are not employees of the Company or a Subsidiary are eligible to be granted Awards, but are not
eligible to be granted Incentive Stock Options. 
 5. Options. 
 Options may be either: (i) Incentive Stock Options or (ii) Non-Qualified Stock Options. The Award Agreement evidencing any Option will incorporate the following terms and conditions and may
contain such additional terms and conditions (not inconsistent with the terms of this Plan) as the Board deems appropriate, in its sole discretion: 
 (a) Option Price. The exercise price per Share purchasable under any Option will not be less than 100% of the Fair Market Value on the date of the grant. However, any Incentive Stock Option granted
to any Participant who, at the time the Option is granted, owns more than 10% of the voting power of all classes of shares of the Company or of a Subsidiary will have an exercise price per Share of not less than 110% of Fair Market Value on the date
of the grant. 

  
 4 

 (b) Option Term. The term of each Option will be fixed by the Board, but no Option
will be exercisable more than ten (10) years after the date the Option is granted. However, any Incentive Stock Option granted to any Participant who, at the time such Option is granted, owns more than 10% of the voting power of all classes of
shares of the Company or of a Subsidiary may not have a term of more than five (5) years. No Option may be exercised by any person after expiration of the term of the Option. 

(c) Method of Exercise. Subject to the terms of the applicable Award Agreement and the termination provisions set forth in
Section 7, Options may be exercised in whole or in part at any time and from time to time during the term of the Option, by giving written notice of exercise to the Company specifying the number of Shares to be purchased. Such notice
will be accompanied by payment in full of the purchase price, either by certified or bank check, or such other means as the Board may accept. As determined by the Board, in its sole discretion, at or after grant, payment in full or in part of the
exercise price of an Option may be made in the form of previously acquired Shares based on the Fair Market Value of the Shares on the date the Option is exercised or through means of a “net settlement,” whereby the Option exercise price
will be satisfied by the withholding of Shares otherwise issuable upon such exercise, such that the number of Shares issued upon such exercise will be equal to: (i) the product of (A) the number of Shares as to which the Option is then
being exercised, and (B) the excess of (1) the then current Fair Market Value over (2) the Option exercise price, divided by (ii) the then current Fair Market Value. 

No Shares will be issued upon exercise of an Option until full payment therefore has been made. A Participant will not have the right to
distributions or dividends or any other rights of a shareholder with respect to Shares subject to the Option until the Participant has given written notice of exercise, has paid in full for such Shares, and, if requested, has given the
representation described in Section 15(a) hereof. 
 (d) Incentive Stock Option Limitations. In the case of
an Incentive Stock Option, the aggregate Fair Market Value (determined as of the time of grant) of the Shares with respect to which Incentive Stock Options are exercisable for the first time by the Participant during any calendar year under the Plan
and/or any other plan of the Company or any Subsidiary will not exceed $100,000. For purposes of applying the foregoing limitation, Incentive Stock Options will be taken into account in the chronological order in which they were granted. Any Option
not meeting such limitation will be treated for all purposes as a Non-Qualified Stock Option. 
 (e) Termination of
Employment. Unless otherwise specified in the applicable Award Agreement, Options will be subject to the terms of Section 7 with respect to exercise following termination of employment. 

(f) Transferability of Options. Except as may otherwise be specifically determined by the Board with respect to a particular
Option, no Option will be transferable by the Participant other than by will or by the laws of descent and distribution, and all Options will be exercisable, during the Participant’s lifetime, only by the Participant or, in the event of his
Disability, by his personal representative. 
 6. Stock Appreciation Rights. 

(a) Grant. The grant of an SAR provides the holder the right to receive the appreciation in value of Shares between the date of
grant and the date of exercise. SARs may be granted alone (“Stand-Alone SARs”) or in conjunction with all or part of any Option (“Tandem SARs”). In the case of a Non-Qualified Stock Option, a Tandem SAR may be granted either at
or after the time of the grant of such Option. In the case of an Incentive Stock Option, a Tandem SAR may be granted only at the time of the grant of such Option. 
 (b) Exercise. 
 (i) Tandem SARs. A Tandem SAR or applicable portion
thereof will terminate and no longer be exercisable upon the termination or exercise of the related Option or portion thereof, except that, unless otherwise determined by the Board, in its sole discretion at the time of grant, a Tandem SAR granted
with respect to less than the full number of Shares covered by a related Option will be reduced only after such related Option is exercised or otherwise terminated with respect to the number of Shares not covered by the Tandem SAR. 

A Tandem SAR may be exercised by a Participant by surrendering the applicable portion of the related Option, only at such time or times
and to the extent that the Option to which such Tandem SAR relates will be exercisable in accordance with the provisions of Section 5 and this Section 6. Options which have been so surrendered, in whole or in part, will no
longer be exercisable to the extent the related Tandem SARs have been exercised. 

  
 5 

 Upon the exercise of a Tandem SAR, a Participant will be entitled to receive, upon surrender
to the Company of all (or a portion) of an Option in exchange for cash and/or Shares, an amount equal to the excess of (A) the Fair Market Value, as of the date such Option (or such portion thereof) is surrendered, of the Shares covered by such
Option (or such portion thereof) over (B) the aggregate exercise price of such Option (or such portion thereof). 
 Upon
the exercise of a Tandem SAR, the Option or part thereof to which such Tandem SAR is related, will be deemed to have been exercised for the purpose of the limitation set forth in Section 3 of the Plan on the number of Shares to be issued
under the Plan, but only to the extent of the number of Shares issued under the Tandem SAR at the time of exercise based on the value of the Tandem SAR at such time. 
 A Tandem SAR may be exercised only if and when the Fair Market Value exceeds the per Share exercise price of such Option. 
 (ii) Stand-Alone SARs. A Stand-Alone SAR may be exercised by a Participant giving notice of intent to exercise to the Company, provided that all or a portion of such Stand-Alone SAR will have
become vested and exercisable as of the date of exercise. 
 Upon the exercise of a Stand-Alone SAR, a Participant will be
entitled to receive, in either cash and/or Shares, an amount equal to the excess, if any, of (A) the Fair Market Value, as of the date such SAR (or portion of such SAR) is exercised, of the Shares covered by such SAR (or portion of such SAR)
over (B) the Fair Market Value of the Shares covered by such SAR (or a portion of such SAR) as of the date such SAR (or a portion of such SAR) was granted. 
 (c) Terms and Conditions. The Award Agreement evidencing any SAR will incorporate the following terms and conditions and will contain such additional terms and conditions, not inconsistent with the
terms of the Plan, as the Board deems appropriate in its sole and absolute discretion: 
 (i) Term of SAR. Unless
otherwise specified in the Award Agreement, the term of a Tandem SAR will be identical to the term of the associated Option, and the term of a Stand-Alone SAR will be ten (10) years. 

(ii) Exercisability. SARs will vest and become exercisable at such time or times and subject to such terms and conditions as will
be determined by the Board at the time of grant; provided that, unless otherwise specified in the Award Agreement, a Tandem SAR will vest and become exercisable in the same manner and at the same time as the associated Option. 

(iii) Termination of Employment. Unless otherwise specified in the Award Agreement, SARs will be subject to the terms of
Section 7 with respect to exercise upon termination of employment. 
 7. Termination of Service. 

Unless otherwise specified with respect to a particular Award, Options or SARs granted hereunder will remain exercisable after termination
of employment only to the extent specified in this Section 7. 
 (a) Termination by Reason of Death. If a
Participant’s service with the Company or any Subsidiary terminates by reason of death, any Option or SAR held by such Participant may thereafter be exercised, to the extent then exercisable or on such accelerated basis as the Board may
determine, at or after grant, by the legal representative of the estate or by the legatee of the Participant under the will of the Participant, for a period expiring (i) at such time as may be specified by the Board at or after the time of
grant, (ii) if not specified by the Board, then one year from the date of death, or (iii) if sooner than the applicable period specified under (i) or (ii) above, then upon the expiration of the stated term of such Option or SAR.

 (b) Termination by Reason of Disability. If a Participant’s service with the Company or any Subsidiary terminates
by reason of Disability, any Option or SAR held by such Participant may thereafter be exercised by the Participant or his personal representative, to the extent it was exercisable at the time of termination, or on such accelerated basis as the Board
may determine at or after grant, for a period expiring (i) at such time as may be specified by the Board at 

  
 6 

 
or after the time of grant, (ii) if not specified by the Board, then one year from the date of termination of service, or (iii) if sooner than the applicable period specified under
(i) or (ii) above, then upon the expiration of the stated term of such Option or SAR. 
 (c) Cause. If a
Participant’s service is terminated for Cause: (i) any Option or SAR not already exercised will be immediately and automatically forfeited as of the date of such termination, and (ii) any Shares for which the Company has not yet
delivered share certificates will be immediately and automatically forfeited and the Company will refund to the Participant the Option exercise price paid for such Shares, if any. 

(d) Other Termination. If a Participant’s service with the Company or any Subsidiary terminates for any reason other than
death, Disability, or Cause, any Option or SAR held by such Participant may thereafter be exercised by the Participant, to the extent it was exercisable at the time of such termination or on such accelerated basis as the Board may determine at or
after the time of grant, for a period expiring (i) at such time as may be specified by the Board at or after the time of grant, (ii) if not specified by the Board, then 90 days from the date of termination of service, or (iii) if
sooner than the applicable period specified under (i) or (ii) above, then upon the expiration of the stated term of such Option or SAR; provided, however, that if the Board does not specifically provide for any post-termination
exercise period, then any Option or SAR held by such terminated Participant will expire immediately upon the date of such termination. 
 8.
Restricted Shares and Restricted Share Units. 
 (a) Issuance. Restricted Shares and Restricted Share Units may be issued
either alone or in conjunction with other Awards. The Board will determine the time or times within which Restricted Shares or Restricted Share Units may be subject to forfeiture, and all other conditions of such Awards. 

(b) Awards and Certificates. The Award Agreement evidencing the grant of any Restricted Shares or Restricted Share Units will
contain such terms and conditions, not inconsistent with the terms of the Plan, as the Board deems appropriate in its sole and absolute discretion. The prospective recipient of an Award of Restricted Shares or Restricted Share Units will not have
any rights with respect to such Award, unless and until such recipient has executed an Award Agreement and has delivered a fully executed copy thereof to the Company, and has otherwise complied with the applicable terms and conditions of such Award.
The purchase price for Restricted Shares or Restricted Share Units may, but need not, be zero. 
 Any share certificate issued
in connection with an Award of Restricted Shares will bear the following legend and/or any other legend required by this Plan, the Award Agreement, the Company’s shareholders’ agreement, if any, and any applicable law: 

THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS OF THE KIRKLAND’S,
INC. AMENDED AND RESTATED 2002 INCENTIVE PLAN AND AN AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND KIRKLAND’S, INC. COPIES OF THAT PLAN AND AGREEMENT ARE ON FILE IN THE PRINCIPAL OFFICES OF KIRKLAND’S, INC. AND WILL BE MADE
AVAILABLE TO THE HOLDER OF THIS CERTIFICATE WITHOUT CHARGE UPON REQUEST TO THE SECRETARY OF THE COMPANY. 
 Any certificates evidencing
Restricted Shares shall be held in custody by the Company or in escrow by an escrow agent until the restrictions thereon have lapsed. As a condition of any Restricted Share award, the Participant may be required to deliver to the Company a share
power, endorsed in blank, relating to the Shares covered by such Award. 
 (c) Restrictions and Conditions. The
Restricted Shares or Restricted Share Units awarded pursuant to this Section 8 will be subject to the following restrictions and conditions, as applicable: 
 (i) During a period commencing with the date of an Award of Restricted Shares and ending at such time or times as specified by the Board (the “Restriction Period”), the Participant will
not be permitted to sell, transfer, pledge, assign or otherwise encumber Restricted Shares awarded under the Plan. The Board may condition the lapse of restrictions on Restricted Shares or Restricted Share Units upon the continued employment or
service of the recipient, the attainment of specified individual or corporate performance goals, or such other factors as the Board may determine, in its sole and absolute discretion. 

  
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 (ii) Except as provided in this Paragraph (ii) or Section 8(c)(i),
once Restricted Shares have been issued to a Participant, the Participant will have, with respect to those Shares, all of the rights of a shareholder of the Company, including the right to vote the Shares, and the right to receive any cash
distributions or dividends. The Board, in its sole discretion, as determined at the time of award, may permit or require the payment of cash distributions or dividends to be deferred and, if the Board so determines, reinvested in additional
Restricted Shares to the extent Shares are available under Section 3 of the Plan. Any distributions or dividends paid in the form of securities with respect to Restricted Shares will be subject to the same terms and conditions as the
Restricted Shares with respect to which they were paid, including, without limitation, the same Restriction Period. A Participant whose Award consists of Restricted Share Units shall not have the right to vote or receive dividend equivalents with
respect to such Restricted Share Units. 
 (iii) Subject to the applicable provisions of the Award Agreement, if a
Participant’s service with the Company terminates prior to the expiration of the Restriction Period, all of that Participant’s Restricted Shares or Restricted Share Units that then remain subject to forfeiture will then be forfeited
automatically. 
 (iv) If and when the Restriction Period expires without a prior forfeiture of the Restricted Shares subject to
such Restriction Period (or if and when the restrictions applicable to Restricted Shares lapse, pursuant to Sections 3(d)), any certificates representing such Shares will be replaced with new certificates, without the portion restrictive
legends described in Section 8(b) applicable to such lapsed restrictions, and such new certificates will be promptly delivered to the Participant, the Participant’s representative (if the Participant has suffered a Disability), or
the Participant’s estate or heir (if the Participant has died). 
 9. Performance Based Awards. 

(a) Performance Awards Generally. The Board may grant Performance Awards in accordance with this Section 9. Performance
Awards may be denominated in Shares or cash and may be earned based upon achievement or satisfaction of performance conditions specified by the Board. In addition, the Board may specify that any other Award shall constitute a Performance Award by
conditioning the vesting or settlement of the Award upon the achievement or satisfaction of such performance conditions as may be specified by the Board. Subject to Section 9(b), the Board may use such business criteria or other measures
of performance as it may deem appropriate in establishing the relevant performance conditions and may, in its discretion, adjust such criteria from time to time. 
 (b) Qualified Performance-Based Compensation Under Section 162(m). Performance Awards intended to constitute “qualified performance-based compensation” under Section 162(m) of
the Code will be granted by a Committee composed solely of two or more “outside directors” (as that term is defined in regulations under Section 162(m) of the Code) and will be subject to the terms of this Section 9(b).

 (i) Performance Goals. The grant, vesting and/or settlement of a Performance Award subject to this
Section 9(b) will be contingent upon achievement, during a specified performance period, of one or more of the following business criteria (subject to adjustment in accordance with Section 9(b)(ii), below): (1) the
attainment of certain target levels of, or a specified percentage increase in, net sales, revenues, market share, operating income, income before income taxes, net income, pretax income before allocation of corporate overhead and bonus, earnings
before income tax, earnings before interest and taxes and earnings before interest, taxes, depreciation and amortization, or a combination of any or all of the foregoing; (2) the attainment of certain target levels of, or a percentage increase
in, after-tax or pre-tax profits including that attributable to continuing and/or other operations; (3) the attainment of certain target levels of, or a specified increase in, operational cash flow; (4) the achievement of a certain level
of, reduction of, or other specified objectives with regard to limiting the level of increase in, all or a portion of, the Company’s bank debt or other long-term or short-term public or private debt or other similar financial obligations of the
Company, which may be calculated net of such cash balances and/or other specified offsets; (5) the attainment of a specified level of, or specified percentage increase in, earnings per share or earnings per share from continuing operations;
(6) the attainment of certain target levels of, or a specified increase in, return on capital employed or return on invested capital or assets; (7) the attainment of certain target levels of, or a percentage increase in, after-tax or
pre-tax return on stockholders’ equity; (8) appreciation in and/or maintenance of certain target levels in the Fair Market Value; (9) the attainment of a certain level of, reduction of, or other specified objectives with regard to
limiting the level of or rate of increase in all or a portion of specified expenses. The performance goals for a particular performance period need not be the same for all Participants. 

(ii) Adjustments to Performance Goals. The Committee may provide, at the time performance goals are established in accordance with
Section 9(b)(i), that adjustments will be made to those performance goals to take into account, in any objective manner specified by the Committee, the impact of one or more of the following: (1) gain or loss from all or certain
claims and/or litigation and insurance recoveries, (2) the impairment of tangible or 

  
 8 

 
intangible assets, (3) stock-based compensation expense, (4) extraordinary items, (5) restructuring activities reported in the Company’s public filings, (6) investments,
dispositions or acquisitions, (7) loss from the disposal of certain assets, (8) gain or loss from the early extinguishment, redemption, or repurchase of debt, (9) cash or non-cash charges related to store closing expenses,
(10) changes in accounting principles, or (11) any other item, event or circumstance that would not cause an Award to fail to constitute “qualified performance-based compensation” under Section 162(m) of the Code. For
purposes of item (4) above, “extraordinary items” shall mean all items of gain, loss or expense for the fiscal year determined to be extraordinary or unusual in nature or infrequent in occurrence or related to a corporate transaction
(including a disposition or acquisition) or related to a change in accounting principle, all as determined in accordance with standards established by Opinion No. 30 of the Accounting Principles Board. Any adjustment shall be determined in
accordance with generally accepted accounting principles and standards, unless such other objective method of measurement is designated at the time performance goals are established. In addition, adjustments will be made as necessary to any
performance goals related to the Company’s capital stock to reflect changes in corporate capitalization, including a recapitalization, stock split or combination, stock dividend, spin-off, merger, reorganization or other similar event or
transaction affecting the Company’s capital stock. 
 (iii) Absolute or Relative Measurements. Performance goals and
adjustments thereto may be established on a Company-wide basis or with respect to one or more business units, divisions, subsidiaries, affiliates, or products; and in either absolute terms or relative to the performance of one or more comparable
companies or an index covering multiple companies. 
 (c) Other Terms of Performance Awards. The Board may specify other
terms pertinent to a Performance Award in the applicable Award Agreement, including without limitation the treatment of that Award in the event of a Change in Control prior to the end of the applicable performance period. 

10. Amendments and Termination. 

The Board may amend, alter or discontinue the Plan at any time, but, except as otherwise provided in Section 3(d) of the Plan,
no amendment, alteration or discontinuation will be made that would impair the rights of a Participant with respect to an Award that is outstanding under the Plan without the Participant’s consent, or that, without the approval of such
amendment within one year (365 days) of its adoption by the Board, by a majority of the votes cast at a duly held shareholder meeting at which a quorum representing a majority of the Company’s outstanding voting shares is present (either in
person or by proxy), would: (i) increase the total number of Shares reserved for the purposes of the Plan (except as otherwise provided in Section 3(c)), or (ii) change the persons or class of persons eligible to receive
Awards. 
 11. Prohibition on Repricing Programs. 
 The Company will not implement any cancellation/re-grant program pursuant to which outstanding Options or SARs are cancelled and replaced with new Options or SARs with a lower exercise price per Share or
otherwise reduce the exercise price of outstanding Options or SARs (other than pursuant to Section 3(c)) without approval of majority of the votes cast at a duly held shareholder meeting. 

12. Limits on Transferability; Beneficiaries. 
 No Award or other right or interest of a Participant under the Plan shall be pledged, encumbered, or hypothecated to, or in favor of, or subject to any lien, obligation, or liability of such Participant
to, any party, other than the Company or any Subsidiary, or assigned or transferred by such Participant otherwise than by will or the laws of descent and distribution, and such Awards and rights shall be exercisable during the lifetime of the
Participant only by the Participant or his or her guardian or legal representative. Notwithstanding the foregoing, the Board may, in its discretion, provide that Awards (other than Incentive Stock Options) are transferable, without consideration, to
immediate family members (i.e., children, grandchildren or spouses) or to trusts for the benefit of such immediate family members and/or the Participant. In addition, a Participant may, in the manner established by the Board, designate a beneficiary
to exercise the rights of the Participant, and to receive any distribution payable with respect to an Award, upon the death of the Participant. A beneficiary, guardian, legal representative or other person claiming any rights under the Plan from or
through any Participant shall be subject to all terms and conditions of the Plan and any Award Agreement applicable to such Participant, except as otherwise determined by the Board, and to any additional restrictions deemed necessary or appropriate
by the Board. 
 13. Liability of Company. 
 (a) If the Company cannot, by the exercise of commercially reasonable efforts, obtain authority from any regulatory body having jurisdiction over the issuance of Shares under this Plan, and such authority
is deemed by the Company’s counsel to be necessary to the lawful issuance of those Shares, the Company will be relieved of any liability for failing to issue those Shares. 

  
 9 

 (b) If Shares subject to an Award exceed, as of the date of grant, the number of Shares that
may be issued under the Plan without additional shareholder approval, that Award will be contingent with respect to such excess Shares, on the effectiveness under applicable law of a sufficient increase in the number of Shares subject to this Plan.

 (c) The Company will pay all amounts payable under this Plan only to the applicable Participant, or beneficiaries entitled
thereto pursuant to this Plan. The Company will not be liable for the debts, contracts, or engagements of any Participant or his or her beneficiaries, and rights to cash payments under this Plan may not be taken in execution by attachment or
garnishment, or by any other legal or equitable proceeding while in the hands of the Company. 
 14. Unfunded Status of Plan. 

The Plan is intended to be “unfunded.” With respect to any payments not yet made to a Participant by the Company, nothing
contained herein will give any such Participant any rights that are greater than those of a general creditor of the Company. In its sole discretion, the Board may authorize the creation of grantor trusts or other arrangements to meet the obligations
created under the Plan to deliver Shares or payments in lieu of Shares or with respect to Awards. 
 15. General Provisions. 

(a) The Board may require any Participant to represent to and agree with the Company in writing that the Participant is acquiring
securities of the Company for investment purposes and without a view to distribution thereof and as to such other matters as the Board believes are appropriate. Any certificate evidencing an Award and any securities issued pursuant thereto may
include any legend which the Board deems appropriate to reflect any restrictions on transfer and compliance with securities laws. 
 All certificates for Shares or other securities delivered under the Plan will be subject to such share-transfer orders and other restrictions as the Board may deem advisable under the rules, regulations,
and other requirements of the Securities Act of 1933, as amended, the Exchange Act, any stock exchange upon which the Shares are then listed, and any other applicable Federal or state securities laws, and the Board may cause a legend or legends to
be put on any such certificates to make appropriate reference to such restrictions. 
 (b) Nothing contained in the Plan will
prevent the Board from adopting other or additional compensation arrangements, subject to shareholder approval if such approval is required; and such arrangements may be either generally applicable or applicable only in specific cases. 

(c) The adoption of the Plan will not confer upon any person the right to continued employment or engagement by the Company or such
Subsidiary, nor will it interfere in any way with the right of the Company or such Subsidiary to terminate the employment or engagement of any of its service providers at any time. 

(d) No later than the date as of which an amount first becomes includable in the gross income of the Participant for Federal income tax
purposes with respect to any Award, the Participant will pay to the Company, or make arrangements satisfactory to the Board regarding the payment, of any Federal, state or local taxes of any kind required by law to be withheld with respect to such
amount. Unless otherwise determined by the Board, the minimum required withholding obligations may be settled with Shares, including Shares that are part of the Award that gives rise to the withholding requirement. The obligations of the Company
under this Plan are conditioned on such payment or arrangements and the Company will, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Participant. 

(e) The Company makes no representations or warranties concerning the tax consequences of participation in the Plan under Code
Section 409A or any other federal, state or local tax law. 
 (f) By acceptance of any Award, a Participant will be deemed
to acknowledge that such Award will be subject to any clawback policy adopted by the Company, as in effect from time to time. 

  
 10 

 16. Effective Date of Plan. 
 This amended and restated Plan will become effective on the date that it is duly approved by the Company’s stockholders. 
 17. Term of Plan. 
 This Plan will continue in effect until terminated in
accordance with Section 10; provided, however, that no Incentive Stock Option will be granted hereunder on or after the tenth (10th) anniversary of the date of the most recent shareholder approval of the Plan; but provided
further, that Incentive Stock Options granted prior to such tenth (10th) anniversary may extend beyond that date. 
 18. Invalid
Provisions. 
 In the event that any provision of this Plan is found to be invalid or otherwise unenforceable under any
applicable law, such invalidity or unenforceability will not be construed as rendering any other provisions contained herein as invalid or unenforceable, and all such other provisions will be given full force and effect to the same extent as though
the invalid or unenforceable provision was not contained herein. 
 19. Governing Law. 

This Plan and all Awards made and actions taken thereunder will be governed by and construed in accordance with the laws and judicial
decisions of the State of Tennessee, without regard to the application of the principles of conflicts of laws. 
 20. Board Action. 

Notwithstanding anything to the contrary set forth in this Plan, any and all actions of the Board taken under or in connection with this
Plan and any agreements, instruments, documents, certificates or other writings entered into, executed, granted, issued and/or delivered pursuant to the terms hereof, will be subject to and limited by any and all votes, consents, approvals, waivers
or other actions of all or certain stockholders of the Company or other persons required by: 
 (i) the Company’s Articles
of Incorporation (as the same may be amended and/or restated from time to time); 
 (ii) the Company’s Bylaws (as the same
may be amended and/or restated from time to time); and 
 (iii) any other agreement, instrument, document or writing now or
hereafter existing, between or among the Company and its stockholders or other persons (as the same may be amended from time to time). 
 21.
Notices. 
 Any notice to be given to the Company pursuant to the provisions of the Plan will be addressed to the Company in care
of its Secretary (or such other person as the Company may designate from time to time) at its principal executive office, and any notice to be given to a Participant will be delivered personally or addressed to him or her at the address given
beneath his or her signature on his or her Award Agreement, or at such other address as such Participant may hereafter designate in writing to the Company. Any such notice will be deemed duly given on the date and at the time delivered via personal,
courier or recognized overnight delivery service or, if sent via telecopier, on the date and at the time telecopied with confirmation of delivery or, if mailed, on the date five (5) days after the date of the mailing (which will be by regular,
registered or certified mail). Delivery of a notice by telecopy (with confirmation) will be permitted and will be considered delivery of a notice notwithstanding that it is not an original that is received. 

  
 11

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