Document:

EX-10.1

 Exhibit 10.1 

COOPERATION AGREEMENT 

This Cooperation Agreement (this “Agreement”) is made and entered into as of April 11, 2016 by and among Outerwall Inc., a
Delaware corporation (the “Company”), the persons and entities listed on Annex A (collectively, the “Engaged Group” and, for clarity and as applicable, including each member thereof acting individually), and
Jeffrey J. Brown (“Mr. Brown”) in his capacity as the Initial Independent Director (as defined below) (each of the Company, the Engaged Group, and Mr. Brown, a “Party” to this Agreement, and collectively, the
“Parties”). 
 RECITALS 

WHEREAS, the Company and Engaged Capital, LLC, a member of the Engaged Group, have engaged in various discussions and communications
concerning the Company’s business, financial performance and strategic plans; 
 WHEREAS, as of the date hereof, the Engaged Group is
deemed to beneficially own shares of Common Stock of the Company (the “Common Stock”) totaling, in the aggregate, 2,431,170 shares (the “Shares”) (and no more), or approximately 14.6%, of the Common Stock issued and
outstanding on the date hereof; 
 WHEREAS, as of the date hereof, the Nominating and Governance Committee of the Board of Directors of the
Company (the “Nominating and Governance Committee”) and the Board of Directors of the Company (the “Board”) have considered the qualifications of the Initial Independent Director and conducted such review as they
have deemed appropriate, including reviewing materials provided by the Initial Independent Director and the Engaged Group; and 
 WHEREAS,
as of the date hereof, the Company and the Engaged Group have determined to come to an agreement with respect to certain matters relating to the composition of the Board and certain other matters, as provided in this Agreement. 

NOW, THEREFORE, in consideration of and reliance on the foregoing premises and the mutual covenants, representations, warranties and
agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound hereby, agree as follows: 

 

	 	1.	Nomination and Election of Directors and Related Agreements. 

 (a) Nomination and
Election of Directors. Immediately upon the execution of this Agreement, the Board and all applicable committees of the Board shall take all necessary actions to: (1) set the size of the Board at eight (8) members; (2) appoint Mr. Brown (the
“Initial Independent Director”) as a director of the Company as a member of the class of directors with a term expiring at the Company’s 2017 annual meeting of stockholders (the “2017 Annual Meeting”), which
appointment will be effective immediately; and (3) (x) appoint two (2) additional directors to be submitted in good faith by the Engaged Group by July 1, 2016 and reviewed, approved and appointed by the Board in accordance with the procedures set
forth in Section 1(a)(ii) (each, an “Additional Independent Director” and, together with the Initial Independent Director, the “New Nominees”) as of August 1, 2016 (provided, however, that the 2016
annual meeting of stockholders (the “2016 Annual Meeting”) shall be held on or prior to July 29, 2016, and such appointments shall take place on the first day of the next month following such annual meeting), one such director being
in the class of directors with a term expiring at the Company’s 2018 annual meeting of stockholders (the “2018 Annual Meeting”) and the other such director being in the class of directors with a term expiring at the
Company’s 2019 annual meeting of stockholders (the “2019 Annual Meeting”), and (y) increase the Board to up to nine (9) members as necessary to accommodate such appointments at such applicable time. After the appointment of the
Initial Independent Director in accordance with this Section 1(a) and before the reduction of the Board in accordance with the next sentence, the Board and all applicable committees 

 
of the Board shall not (A) increase the size of the Board to more than eight (8) directors or (B) seek to change the classes on which the Board members serve, in each case without the unanimous
approval of the Board. In connection with the 2016 Annual Meeting, the Board and all applicable committees of the Board shall take all necessary actions to decrease the size of the Board to seven (7) members as may be allowed for under
applicable law. After the reduction of the Board size in accordance with the preceding sentence and until the appointment of the Additional Independent Directors, the Board and all applicable committees of the Board shall not (A) increase the
size of the Board to more than seven (7) directors or (B) seek to change the classes on which the Board members serve, in each case without the unanimous approval of the Board. After the appointment of the Additional Independent Directors in
accordance with this Section 1(a), the Board and all applicable committees of the Board shall not (A) increase the size of the Board to more than nine (9) directors or (B) seek to change the classes on which the Board members serve, in each case
without the unanimous approval of the Board. In no event shall the Engaged Group be required to put forth candidates for appointment as Additional Independent Directors, provided that if the Engaged Group has not attempted to put forth
such candidates for appointment prior to July 1, 2016, then all rights of the Engaged Group and responsibilities of the Company relating to appointment of Additional Independent Directors shall terminate. 

(i) The Initial Independent Director (or any Engaged Replacement Director (as defined below), if applicable) agrees that, at
all times while serving as a member of the Board, he or she shall (A) qualify as “independent” pursuant to the Securities and Exchange Commission (“SEC”) rules and regulations and NASDAQ listing standards and (B) qualify
to serve as a director under the Delaware General Corporation Law. The Initial Independent Director (or any Engaged Replacement Director, if applicable) will promptly advise the Nominating and Governance Committee in writing if he or she ceases to
satisfy any of the conditions identified in the previous sentence. 
 (ii) The Engaged Group shall recommend candidates to
fill the seats of the Additional Independent Directors to the Company promptly after the execution of this Agreement in order that procedures outlined herein can be appropriately and timely followed. Each such candidate for Additional Independent
Director shall (A) qualify as “independent” pursuant to SEC rules and regulations and NASDAQ listing standards, (B) qualify to serve as a director under the Delaware General Corporation Law, (C) possess the skills, experience, knowledge,
personal attributes, business and personal background essential and necessary to serve effectively on the Board and contribute to the overall success of the Company, in each case as reasonably determined by the Nominating and Governance Committee,
and (D) have no prior or current relationship with the Engaged Group, its principals or any of its Affiliates (as defined below) that has not been previously disclosed to the Company and that could reasonably be deemed to be required to be disclosed
pursuant to Item 404 under Regulation S-K of the Exchange Act (as defined below) if the Engaged Group were the “registrant” for purposes of such rule and the candidate were a director or executive officer of such registrant (a
“Qualified Director”). The Nominating and Governance Committee shall make its determination and recommendation regarding whether each candidate recommended by the Engaged Group so qualifies within ten (10) business days after: (1)
such candidate has submitted to the Company the documentation required by Section 1(b)(vi) herein; (2) representatives of the Company’s Board have conducted customary interview(s) of such candidate; and (3) the Nominating and Governance
Committee has completed its diligence process with regard to such candidate to its reasonable satisfaction. The Company shall use its reasonable best efforts to conduct any interview(s) and diligence contemplated in this section as promptly as
practicable, but in any case, assuming reasonable availability of the candidate, within twenty (20) business days after the Engaged Group’s submission of such candidate and such candidate’s submission of the documentation requested by
Section 1(b)(vi) herein. In the event the Nominating and Governance Committee does not accept a person recommended by the Engaged Group as an Additional Independent Director (given that the Nominating and Governance Committee cannot unreasonably
withhold its consent, provided that it is understood that any failure to accept such person by the committee due to such 

  
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person’s prior or current relationship with the Engaged Group, its principals or any of its Affiliates shall be deemed reasonable), the Engaged Group shall have the right to recommend
additional person(s) whose appointment shall be subject to the Nominating and Governance Committee recommending such person as an Additional Independent Director, in accordance with the procedures described above. Upon the recommendation of an
Additional Independent Director candidate by the Nominating and Governance Committee, the Board shall review, approve and vote on the appointment of such person to the Board no later than five (5) business days after the Nominating and Governance
Committee’s recommendation of such person, as applicable, and if approved by the Board, appointment would be effective as of August 1, 2016 (or, if such appointment is made after August 1, 2016, effective consistent with the first sentence of
Section 1(a)); provided, however, that if the Board does not approve and appoint such Additional Independent Director, as applicable, to the Board, the Parties shall continue to follow the procedures of this Section 1(a)(ii) until an
Additional Independent Director is approved and appointed to the Board. Each Additional Independent Director will promptly advise the Nominating and Governance Committee in writing if he or she ceases to satisfy any of the conditions identified
in clause (A) and clause (B) of the second sentence of this Section 1(a)(ii). 
 (iii) During the Standstill Period (as
defined below), if any of the New Nominees (or an Engaged Replacement Director (as defined below)) is unable or unwilling to serve as a director or resigns as a director and so long as the Engaged Group continuously beneficially holds in the
aggregate at least 4.99% of the Company’s then outstanding Common Stock (the “Minimum Ownership Threshold”), the Engaged Group shall have the ability to recommend a substitute person(s) for any such New Nominee(s) in accordance
with this Section 1(a)(iii) (any such replacement nominee shall be referred to as the “Engaged Replacement Director”). Each candidate for Engaged Replacement Director recommended by the Engaged Group must (A) qualify as
“independent” pursuant to the SEC rules and regulations and NASDAQ listing standards, (B) qualify to serve as a director under the Delaware General Corporation Law, (C) possess the skills, experience, knowledge, personal attributes,
business and personal background essential and necessary to serve effectively on the Board and contribute to the overall success of the Company, in each case as reasonably determined by the Nominating and Governance Committee and (D) have no prior
or current relationship with the Engaged Group, its principals or any of its Affiliates that has not been previously disclosed to the Company and that could reasonably be deemed to disqualify such director from being a Qualified Director. The
Nominating and Governance Committee shall make its determination and recommendation regarding whether such candidate so qualifies within ten (10) business days after: (1) such candidate has submitted to the Company the documentation required by
Section 1(b)(vi) herein; (2) representatives of the Company’s Board have conducted customary interview(s) of such candidate; and (3) the Nominating and Governance Committee has completed its diligence process with regard to such candidate to
its reasonable satisfaction. The Company shall use its reasonable best efforts to conduct any interview(s) and diligence contemplated in this section as promptly as practicable, but in any case, assuming reasonable availability of the candidate,
within twenty (20) business days after the Engaged Group’s submission of such person and such person’s submission of the documentation required by Section 1(b)(vi) herein. In the event the Nominating and Governance Committee does not
accept a substitute person recommended by the Engaged Group as the Engaged Replacement Director (given that the Nominating and Governance Committee cannot unreasonably withhold its consent, provided that it is understood that any failure to
accept such person by the committee due to such person’s prior or current relationship with the Engaged Group, its principals or any of its Affiliates shall be deemed reasonable), the Engaged Group shall have the right to recommend additional
substitute person(s) whose appointment shall be subject to the Nominating and Governance Committee recommending such person in accordance with the procedures described above. Upon the recommendation of an Engaged Replacement Director candidate by
the Nominating and Governance Committee, the Board shall review, approve and vote on the appointment of such Engaged Replacement Director to the Board no later than five (5) business days after the Nominating and Governance Committee’s
recommendation of such 

  
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Engaged Replacement Director; provided, however, that if the Board does not approve and appoint such Engaged Replacement Director to the Board, the Parties shall continue to follow
the procedures of this Section 1(a)(iii) until an Engaged Replacement Director is approved and appointed to the Board. For the avoidance of doubt, if at any time the Engaged Group’s aggregate ownership of Common Stock decreases to less than the
Minimum Ownership Threshold, the right of the Engaged Group pursuant to this Section 1(a)(iii) to participate in the recommendation of an Engaged Replacement Director candidate to fill the vacancy caused by any such resignation (or unwillingness or
inability to serve) of an Engaged Replacement Director, shall automatically terminate. 
 (iv) During the Standstill Period,
the Board and all applicable committees of the Board shall not create any executive committee of the Board, or delegate to any existing or new committee of the Board, responsibilities substantially similar to those of an executive committee. During
the Standstill Period, if the Board or a committee of the Board creates a committee tasked with exploring or evaluating strategic and financial alternatives to maximize stockholder value, the Initial Independent Director or his Engaged Replacement
Director, if applicable, shall be appointed as a member of such committee. 
 (b) Additional Agreements. 

(i) The Engaged Group irrevocably withdraws its demands for a stockholder list, and other materials and books and records
pursuant to Section 220 of the Delaware General Corporation Law or otherwise, and shall not make, or cause any of its Affiliates or Associates to make, any such or similar demand during the Standstill Period. 

(ii) The Engaged Group agrees to cause its Affiliates and Associates to comply with the terms of this Agreement and shall be
responsible for any breach of this Agreement by any such Affiliate or Associate. As used in this Agreement, the terms “Affiliate” and “Associate” shall have the respective meanings set forth in Rule 12b-2
promulgated by the SEC under the Securities Exchange Act of 1934, as amended, or the rules or regulations promulgated thereunder (the “Exchange Act”) and shall include all persons or entities that at any time during the term of this
Agreement become Affiliates or Associates of any person or entity referred to in this Agreement. A breach of this Agreement by an Affiliate or Associate of any member of the Engaged Group, if such Affiliate or Associate is not a party hereto, shall
be deemed to occur if such Affiliate or Associate engages in conduct that would constitute a breach of this Agreement if such Affiliate or Associate was a party hereto to the same extent as the Engaged Group, as applicable. 

(iii) Upon execution of this Agreement, the Engaged Group hereby agrees that it will not, and that it will not permit any of
its Affiliates or Associates to, directly or indirectly, (A) nominate or recommend for nomination any person for election at the 2016 Annual Meeting, (B) submit any proposal for consideration at, or bring any other business before, the 2016 Annual
Meeting or any special meeting of stockholders held during the Standstill Period, or (C) initiate, encourage or participate in any “withhold” or similar campaign with respect to the 2016 Annual Meeting. The Engaged Group shall not
publicly or privately encourage or support any other stockholder or person or entity to take any of the actions described in this Section 1(b)(iii). 

(iv) The Engaged Group agrees that it will (A) continue to have the right to vote all of the Shares held as of the date hereof
through the 2016 Annual Meeting and (B) appear in person or by proxy at the 2016 Annual Meeting and vote all shares of Common Stock of the Company beneficially owned by the Engaged Group (or otherwise for which it has voting rights) at such meeting
(1) in favor of the slate of directors recommended by the Board, (2) in favor of the ratification of the appointment of KPMG LLP (or such other firm as may be determined by the Board) as the Company’s independent registered public accounting
firm for the year ending December 31, 2016, and (3) in accordance with the recommendation of Institutional Shareholder 

  
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Services on each other proposal to come before the 2016 Annual Meeting; provided, however, that if a proposal with respect to any Extraordinary Transaction (as defined below) is
presented at the 2016 Annual Meeting, the Engaged Group may vote in its sole discretion with respect to such matter. 
 (v)
Concurrently with the execution of this Agreement with respect to the Initial Independent Director, and prior to any appointment of the Additional Independent Directors with respect to the Additional Independent Directors, each New Nominee has
delivered or will deliver to the Company an irrevocable resignation letter pursuant to which such New Nominee will immediately resign from the Board and all applicable committees thereof (A) if at any time during the Standstill Period the Engaged
Group’s aggregate beneficial ownership of Common Stock decreases to less than the Minimum Ownership Threshold or (B) if a New Nominee materially breaches, as determined by a court of competent jurisdiction in a final judicial ruling, any
confidentiality-related requirement under any agreement, policy, code or lawful guideline relating to the Company. In addition, prior to the appointment of any Engaged Replacement Director to the Board pursuant to Section 1(a)(iii), the Engaged
Group agrees to obtain from such Engaged Replacement Director and deliver to the Company an irrevocable resignation letter pursuant to which the Engaged Replacement Director shall resign in the circumstances set forth in the first sentence of this
Section 1(b)(v) as would be applicable to the director that such person is replacing. 
 (vi) Prior to the date of this
Agreement, the Initial Independent Director has submitted, and prior to their appointment to the Board, each Additional Independent Director will submit to the Company (A) a fully completed copy of the Company’s standard director & officer
questionnaire and other reasonable and customary director onboarding documentation required by the Company of all current directors in connection with the appointment or election of new Board members, (B) the applicable information required for a
stockholder’s notice or otherwise pursuant to Section 5(c) of the Company’s Amended and Restated Bylaws, as in effect (the “Bylaws”), and (C) written acknowledgments that such New Nominee agrees to be bound by all
agreements, policies, codes and guidelines applicable to non-employee directors of the Company, including those regarding confidentiality, as such may be amended from time to time. Any Engaged Replacement Director will also promptly (but in any
event prior to being placed on the Board in accordance with this Agreement) submit to the Company (1) a fully completed copy of the Company’s standard director & officer questionnaire and other reasonable and customary director onboarding
documentation required by the Company of all current non-employee directors in connection with the appointment or election of new Board members, (2) the applicable information required for a stockholder’s notice or otherwise pursuant to Section
5(c) of the Bylaws, (3) a written acknowledgment that the Engaged Replacement Director agrees to be bound by all lawful agreements, policies, codes and guidelines applicable to non-employee directors of the Company, including those regarding
confidentiality, as such may be amended from time to time, and (4) an executed counterparty signature page to this Agreement. 

(vii) The Engaged Group agrees that each New Nominee’s (or any Engaged Replacement Director’s) compensation as a
non-employee director for 2016 (or for the year in which such Engaged Replacement Director is appointed to the Board, if applicable) will be pro-rated based on the date of such New Nominee’s (or such Engaged Replacement Director’s)
commencement of services as a director. 
 (viii) While the New Nominees (or any Engaged Replacement Director) are serving as
directors on the Board, the New Nominees (or any Engaged Replacement Director) and all of the other members of the Board agree to cooperate and work constructively with one another to develop and implement initiatives designed to create durable,
sustainable stockholder value, provided that each director will be always free to reach his or her own good faith decisions regarding what is in the best interest of stockholders. 

  
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 (ix) During the term of this Agreement, upon written request from the Company,
each member of the Engaged Group will promptly provide the Company with information regarding the amount of the securities of the Company then beneficially owned by each member of the Engaged Group. Such information provided to the Company will
be kept strictly confidential unless required to be disclosed pursuant to law. 
 (x) During the Standstill Period, the
Initial Independent Director (or his Engaged Replacement Director, as applicable) shall: (1) be provided advance notice of, and the opportunity to participate in, any conference or call, whether in person or by teleconference, and whether scheduled
or not, between the Chair of the Board and the Company’s financial advisors, regarding the Board’s exploration of strategic and financial alternatives; and (2) (x) be provided advance notice of, and the opportunity to participate in, any
conference or call, whether in person or by teleconference, and whether scheduled or not, between the Chair of the Board and the Company’s Chief Executive Officer, regarding a conference or call primarily dedicated to material developments in
connection with the Board’s exploration of strategic and financial alternatives, and (y) if the Initial Independent Director (or his Engaged Replacement Director, as applicable) is unable to participate in such conference or call, then he (or
his Engaged Replacement Director, as applicable) will be debriefed about such discussion at a weekly conference to be scheduled between the Initial Independent Director (or his Engaged Replacement Director, as applicable) and the Company’s
Chief Executive Officer. 
 (xi) No later than May 1, 2016, the Board, by a vote of the entire Board, shall retain a
nationally recognized law firm to advise the Board in connection with the Board’s evaluation of strategic and financial alternatives to maximize stockholder value. In connection with such retention, the Board shall have complete discretion to
interview and retain any nationally recognized firm it sees fit, provided that the Board will interview (but need not select) at least one law firm recommended by the Initial Independent Director. 

 

	 	2.	Standstill Provisions. 

 (a) The standstill period (the “Standstill
Period”) begins on the date of this Agreement and shall extend until thirty (30) days prior to the deadline for the submission of stockholder nominations for directors for the 2017 Annual Meeting pursuant to the Bylaws. The Engaged
Group agrees that during the Standstill Period, neither it nor any of its Affiliates or Associates under its control or direction will, and it will cause each of its Affiliates and Associates under its control not to, directly or indirectly, in any
manner, alone or in concert with others: 
 (i) solicit, or knowingly encourage or in any way engage in any solicitation of,
any proxies or consents or become a “participant” in a “solicitation,” directly or indirectly, as such terms are defined in Regulation 14A under the Exchange Act of proxies or consents (including, without limitation, any
solicitation of consents that seeks to call a special meeting of stockholders or by encouraging or participating in any “withhold” or similar campaign), in each case, with respect to securities of the Company or any securities convertible
or exchangeable into or exercisable for any such securities (collectively, “securities of the Company”); 

(ii) advise, knowingly encourage, support, instruct or influence any person with respect to any of the matters covered by this
Section 2(a) or with respect to the voting or disposition of any securities of the Company at any annual or special meeting of stockholders, except in accordance with Section 1, or seek to do so; 

(iii) agree, attempt, seek or propose to deposit any securities of the Company in any voting trust or similar arrangement, or
subject any securities of the Company to any arrangement or agreement with respect to the voting thereof, other than any such voting trust, arrangement or agreement solely among the Engaged Group, Affiliates or Associates of the Engaged Group and
otherwise in accordance with this Agreement; 

  
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 (iv) seek or knowingly encourage any person to submit nominations in furtherance
of a “contested solicitation” or take other applicable action for the election or removal of directors with respect to the Company; 

(v) (A) seek publicly or seek to communicate to any third party (other than to the executive officers or directors of the
Company) to have the Company or any of its Affiliates or Associates waive or make amendments to its respective charter, bylaws or other applicable governing documents, or other actions that may impede or facilitate the acquisition of control of the
Company or such Company Affiliate or Associate, (B) seek to cause a class of securities of the Company or any of its Affiliates or Associates to be delisted from, or to cease to be quoted on, any securities exchange, or (C) seek to cause a class of
securities of the Company or any of its Affiliates or Associates to become eligible for termination of registration pursuant to Section 12(g)(4) of the Exchange Act; 

(vi) form, join in or in any way participate in a partnership, limited partnership, syndicate or other group, including,
without limitation, a group as defined under Section 13(d) of the Exchange Act with any person who is not identified on Annex A as a member of the Engaged Group or an Engaged Group Affiliate (any such person, a “Third
Party”), with respect to any securities of the Company or take any other action that would divest the Engaged Group of the ability to vote or cause to be voted its shares of Common Stock (or interest in such shares) in accordance with this
Agreement; 
 (vii) effect or seek to effect, offer or propose to effect, cause or participate in, or in any way assist or
facilitate any other person to effect or seek, offer or propose to effect or participate in, any tender or exchange offer, merger, consolidation, acquisition, scheme, arrangement, business combination, recapitalization, reorganization, sale or
acquisition of assets, liquidation, dissolution, extraordinary dividend, significant share repurchase or other extraordinary transaction involving the Company or any of its subsidiaries or joint ventures or any of their respective securities (each,
an “Extraordinary Transaction”), or make any public statement or public disclosure regarding any intent, purpose, plan or proposal with respect to the Board, the Company, its management, policies or affairs or any of its securities
or assets (including with respect to an Extraordinary Transaction) or this Agreement, including any intent, purpose, plan or proposal that is conditioned on, or would require waiver, amendment, nullification or invalidation of, any provision of this
Agreement or take any action that could require the Company to make any public disclosure relating to any such intent, purpose, plan, proposal or condition; provided, however, that this clause shall not preclude the tender by the
Engaged Group or an Engaged Group Affiliate of any securities of the Company into any tender or exchange offer or vote with respect to any Extraordinary Transaction approved by the Board; provided, further, that this clause shall not
preclude the Engaged Group from making a public statement or disclosure with respect to how it intends to vote, and its reasons for so voting, on the approval or disapproval of an Extraordinary Transaction announced by the Company; 

(viii) (A) call or seek to call or request the call of any meeting of stockholders, including by written consent, (B) seek,
alone or in concert with others, representation on, or nominate any candidate to, the Board, except as specifically set forth in Section 1, (C) seek the removal of any member of the Board, (D) solicit consents from stockholders or otherwise act or
seek to act by written consent, (E) conduct a referendum of stockholders or (F) make a request for any stockholder list or other similar Company books and records request in its capacity as a stockholder; 

(ix) except following unanimous approval of the Board, purchase or cause to be purchased or otherwise acquire or agree to
acquire beneficial ownership of any Common Stock or 

  
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other securities of the Company, or any securities convertible into or exchangeable for Common Stock, if, in any such case immediately after the taking of such action, the Engaged Group together
with its Affiliates and Associates would, in the aggregate, beneficially own more than 19.99% of the then outstanding shares of Common Stock; 

(x) sell, offer or agree to sell directly or indirectly other than through the open market, through swap or hedging
transactions or otherwise, the securities of the Company (including any rights decoupled from the underlying securities) held by the Engaged Group to any Third Party unless (A) such Third Party is a passive investor that has not filed a Schedule 13D
and would not as a result of the purchase of the securities of the Company be required to file a Schedule 13D and (B) such sale, offer, or agreement to sell would not knowingly result in such Third Party, together with its Affiliates, owning,
controlling or otherwise having any beneficial or other ownership interest in the aggregate of 4.99% or more of the shares of Common Stock outstanding at such time or would increase the beneficial or other ownership interest of any Third Party who,
together with its Affiliates, has a beneficial or other ownership interest in the aggregate of 4.99% or more of the shares of Common Stock outstanding at such time, except in each case in a transaction approved by the Board; 

(xi) institute, solicit or join, as a party, any litigation, arbitration or other proceeding against the Company or any of its
current or former directors or officers (including derivative actions), other than (A) litigation by the Engaged Group to enforce the provisions of this Agreement, (B) counterclaims with respect to any proceeding initiated by, or on behalf of, the
Company or its Affiliates against the Engaged Group, the New Nominees or any Engaged Replacement Director and (C) the exercise of statutory appraisal rights; provided, that the foregoing shall not prevent any member of the Engaged Group from
responding to or complying with a validly issued legal process; 
 (xii) engage in any short sale or purchase, sale or grant
of any option, warrant, convertible security, stock appreciation right or other similar right (including, without limitation, any put or call option or swap transaction) with respect to any security (other than a broad-based market basket or index)
that includes, relates to or derives any significant part of its value from a decline in the market price or value of the securities of the Company, or engage in any securities lending transaction, repurchase transaction, rehypothecation or other
similar transaction involving the securities of the Company; 
 (xiii) enter into any negotiations, arrangements,
understanding or agreements (whether written or oral) with, or advise, finance, assist, seek to persuade or knowingly encourage, any Third Party to take any action or make any statement in connection with any of the foregoing, or make any investment
in or enter into any arrangement with any other person that engages, or offers or proposes to engage, in any of the foregoing, or otherwise take or cause any action or make any statement inconsistent with any of the foregoing; provided,
however, that to the extent received during the Standstill Period, this Section 2(a)(xiii) shall not limit the ability of the Engaged Group to receive unsolicited inbound communications in a “listen only” capacity from third parties
interested in a potential transaction with the Company (in no event, however, may the Engaged Group (or its Affiliates or Associates) participate in, directly, or indirectly, any outbound communications) provided that (x) the Engaged Group (and its
Affiliates and Associates) shall not in any way respond to such inbound communications/telephone calls, (y) the Engaged Group shall refer any such inbound communication to the Company’s Chief Executive Officer, and (z) the Engaged Group shall
immediately after any such inbound communication contact the Company’s Chief Executive Officer and inform such officer of such communication; or 

(xiv) take any action challenging the validity or enforceability of this Section 2 or this Agreement, or make or publicly
advance any request or proposal that the Company or Board amend, modify or waive any provision of this Agreement (provided, that the Engaged Group may 

  
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make confidential requests to the Board to amend, modify or waive any provision of this Section 2, which the Board may accept or reject in its sole discretion, so long as any such request is not
publicly disclosed by the Engaged Group and is made by the Engaged Group in a manner that does not require the public disclosure thereof by the Company, the Engaged Group or any other person). 

Notwithstanding anything to the contrary, nothing in this Agreement shall restrict any of the New Nominees or Engaged Director Replacements
from taking any action in his or her capacity as a director of the Company in a manner consistent with his or her fiduciary duties to the Company. 
  

	 	3.	Representations and Warranties of the Company. 

 The Company represents and warrants to
the Engaged Group that (a) the Company has the corporate power and authority to execute this Agreement and to bind it thereto, (b) this Agreement has been duly and validly authorized, executed and delivered by the Company, constitutes a valid and
binding obligation and agreement of the Company, and is enforceable against the Company in accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
conveyance or similar laws generally affecting the rights of creditors and subject to general equity principles and (c) the execution, delivery and performance of this Agreement by the Company does not and will not (i) violate or conflict with any
law, rule, regulation, order, judgment or decree applicable to the Company, or (ii) result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both could constitute such a breach, violation or
default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding or
arrangement to which the Company is a party or by which it is bound. 
  

	 	4.	Representations and Warranties of the Engaged Group. 

 The Engaged Group (collectively
and as to each member) represents and warrants to the Company that (a) each authorized signatory of the Engaged Group set forth on the signature page hereto has the power and authority to execute this Agreement and any other documents or agreements
to be entered into in connection with this Agreement and to bind the Engaged Group thereto, (b) this Agreement has been duly authorized, executed and delivered by the Engaged Group, and is a valid and binding obligation of the Engaged Group,
enforceable against the Engaged Group in accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws generally affecting the rights
of creditors and subject to general equity principles, (c) the execution of this Agreement, the consummation of any of the transactions contemplated hereby, and the fulfillment of the terms hereof, in each case in accordance with the terms hereof,
will not conflict with, or result in a breach or violation of the organizational documents of the Engaged Group as currently in effect, (d) the execution, delivery and performance of this Agreement by the Engaged Group does not and will not (i)
violate or conflict with any law, rule, regulation, order, judgment or decree applicable to the Engaged Group or (ii) result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both could
constitute such a breach, violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract,
commitment, understanding or arrangement to which the Engaged Group is a party or by which it is bound, (e) as of the date of this Agreement, the Engaged Group is deemed to beneficially own in the aggregate 2,431,170 shares of Common Stock (and no
more), (f) as of the date hereof, the Engaged Group does not currently have, and does not currently have any right to acquire, any interest in any other securities of the Company (for example, any rights, options or other securities convertible into
or exercisable or exchangeable (whether or not convertible, exercisable or exchangeable immediately or only after the passage of time or the occurrence of a specified event) for such securities or any obligations measured by the price or value of
any securities of the Company or any of its Affiliates, including any swaps or other derivative arrangements designed to produce economic benefits and risks that correspond to the ownership of Common Stock, whether or not any of the foregoing would
give rise to beneficial ownership (as determined under Rule 13d-3 promulgated under the Exchange Act), and whether or not to be settled by delivery of Common Stock, payment of cash or by other consideration, and without regard to any short position
under any such contract or arrangement), (g) the Engaged Group has not, directly or indirectly, compensated in any 

  
 9 

 
way or agreed to, and will not, compensate any of the New Nominees (or any Engaged Replacement Director) for his or her respective service as a candidate or director of the Company with any cash,
securities (including any rights or options convertible into or exercisable for or exchangeable into securities or any profit sharing agreement or arrangement), or other form of compensation directly or indirectly related to the Company or its
securities, or otherwise, (h) the Engaged Group (i) has no prior or current relationship with the Initial Independent Director or any of his Affiliates or Associates, other than what has been disclosed in the materials previously submitted to the
Company pursuant to Section 1(b)(vi) hereof and what could reasonably be deemed to not disqualify him from being a Qualified Director, and will not engage in any other relationship with the Initial Independent Director or any of his Affiliates or
Associates that could reasonably be deemed to disqualify him from being a Qualified Director while such director serves on the Board, and (ii) will not have any prior or then current relationships with any Additional Independent Director or his or
her Affiliates or Associates (or any Engaged Replacement Director or any of his or her Affiliates or Associates), other than what has been disclosed in the materials previously submitted to the Company pursuant to Section 1(b)(vi) hereof and what
could reasonably be deemed to not disqualify such director from being a Qualified Director while such director serves on the Board, (i) no person other than the Engaged Group has any rights with respect to the Shares, and (j) none of the Engaged
Group or its Affiliates or Associates has formed, or has any present intent to form, a group (within the meaning of Section 13(d) under the Exchange Act) with any Third Party in relation to the Company or the securities of the Company. 

 

	 	5.	Termination. 

 This Agreement shall remain in full force and effect until the earliest
of: 
 (a) thirty (30) days prior to the deadline for the submission of stockholder nominations for directors for the 2017 Annual Meeting
pursuant to the Bylaws; and 
 (b) such other date established by mutual written agreement of the Parties hereto. 

Notwithstanding the foregoing, the provisions of Section 7 through Section 12 and Section 15 shall survive the termination of this Agreement. In addition, the
provisions of Section 1(b)(viii), Section 13 and Section 14 shall survive the termination of this Agreement and remain in effect throughout each of the New Nominees’ (or the Engaged Replacement Directors’) continued service as a member of
the Board. No termination pursuant to Section 5(a) shall relieve any Party from liability for any breach of this Agreement prior to such termination. 
  

	 	6.	Press Release; Communications. 

 Promptly following the execution of this Agreement, the
Company shall issue a mutually agreeable press release, in substantially the form attached hereto as Annex B (the “Mutual Press Release”), announcing certain terms of this Agreement. In connection with the execution of this
Agreement, and subject to the terms of this Agreement, no Party (including the Company’s Board and any committee thereof) shall issue any other press release or public statement regarding this Agreement or the matters contemplated hereby
without the prior written consents of the other Parties, other than a Form 8-K and proxy statement materials for the 2016 Annual Meeting to be filed by the Company and an amendment to the Engaged Group’s Schedule 13D relating to the Company to
be filed by the Engaged Group, provided, that the Company may make any ordinary course communications with Company constituencies, including employees, customers, suppliers, investors and stockholders, and SEC filing disclosures consistent
with the Mutual Press Release, Form 8-K and Schedule 13D. During the Standstill Period, no Party shall make any public announcement or statement that is inconsistent with or contrary to the statements made in the Mutual Press Release, except as
required by law or the rules and regulations of any stock exchange or governmental entity with the prior written consent of the Engaged Group and the Company, as applicable, and otherwise in accordance with this Agreement. The Company, with
respect to its Form 8-K, and the Engaged Group, with respect to its amendment to its Schedule 13D, will provide the other Party, prior to each such filing, a reasonable opportunity to review and comment on such documents, and each such Party will
consider any comments from the other Party in good faith. 

  
 10 

	 	7.	Specific Performance. 

 Each of the Engaged Group, on the one hand, and the Company, on
the other hand, acknowledges and agrees that irreparable injury to the other Party hereto would occur in the event any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached and that
such injury would not be adequately compensable by the remedies available at law (including the payment of money damages). It is accordingly agreed that the Engaged Group, on the one hand, and the Company, on the other hand (the “Moving
Party”), shall each be entitled to specific enforcement of, and injunctive relief to prevent any violation of, the terms hereof, and the other Party hereto will not take action, directly or indirectly, in opposition to the Moving Party
seeking such relief on the grounds that any other remedy or relief is available at law or in equity. Each of the Parties hereto agrees to waive any bonding requirement under any applicable law. This Section 7 is not the exclusive remedy for any
violation of this Agreement. 
  

	 	8.	Expenses. 

 Each Party shall be responsible for its own fees and expenses incurred in
connection with the negotiation, execution and effectuation of this Agreement and the transactions contemplated hereby, including, but not limited to, any matters related to the 2016 Annual Meeting, except that the Company will reimburse Engaged
Capital for its reasonable documented expenses, including legal fees, incurred in connection with the negotiation and entry into this Agreement and other matters related to the 2016 Annual Meeting, in an amount not to exceed $100,000. 

 

	 	9.	Severability. 

 If any term, provision, covenant or restriction of this Agreement is held
by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or
invalidated. The Parties agree to use their commercially reasonable best efforts to agree upon and substitute a valid and enforceable term, provision, covenant or restriction for any of such that is held invalid, void or enforceable by a court
of competent jurisdiction. 
  

	 	10.	Notices. 

 Any notices, consents, determinations, waivers or other communications
required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon confirmation of receipt, when sent by email (provided such
confirmation is not automatically generated); or (iii) one (1) business day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the Party to receive the same. The addresses for such
communications shall be: 
  

			
	 If to the Company:
	  	Outerwall Inc.
		  	1800 114th Avenue SE
		  	Bellevue, WA 98004
		  	Attention: Donald R. Rench, Chief Legal Officer
		  	Telephone: (425) 943-8090
		  	Email: Don.Rench@outerwall.com
		
	With copies (which shall not constitute notice) to:	  	Perkins Coie LLP
		  	1201 Third Avenue, Suite 4900
		  	Seattle, WA 98101
		  	Attention:  Andrew Bor
		  	   Jens Fischer

		  	Telephone: (206) 359-8000
		  	      Email: ABor@perkinscoie.com
		  	           JFischer@perkinscoie.com

  
 11 

			
	 If to the Engaged Group:
	  	Engaged Capital, LLC
		  	610 Newport Center Drive, Suite 250
		  	New Port Beach, CA 92660
		  	Attention: Glenn W. Welling
		  	Telephone: (949) 734-7900
		  	Email: glenn@engagedcapital.com
		
	With a copy (which shall not constitute notice) to:	  	Olshan Frome Wolosky LLP
		  	Park Avenue Tower
		  	65 East, 55th Street
		  	New York, NY 10022
		  	Attention: Steve Wolosky
		  	  Aneliya Crawford

		  	Telephone: (212) 451-2300
		  	Email: SWolosky@olshanlaw.com
		  	    ACrawford@olshanlaw.com

  

	 	11.	Applicable Law. 

 This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Delaware without reference to the conflict of laws principles thereof. Each of the Parties hereto irrevocably agrees that any legal action or proceeding with respect to this Agreement and the rights and
obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder brought by the other Party hereto or its successors or assigns, shall be brought and
determined exclusively in the Court of Chancery in the State of Delaware (or, if any such court declines to accept jurisdiction over a particular matter, any state or federal court located in the State of Delaware). Each of the Parties hereto
hereby irrevocably submits with regard to any such action or proceeding for itself and in respect of its property, generally and unconditionally, to the personal jurisdiction of the aforesaid courts and agrees that it will not bring any action
relating to this Agreement in any court other than the aforesaid courts. Each of the Parties hereto hereby irrevocably waives, and agrees not to assert in any action or proceeding with respect to this Agreement, (a) any claim that it is not
personally subject to the jurisdiction of the above-named courts for any reason, (b) any claim that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through
service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (c) to the fullest extent permitted by applicable legal requirements, any claim that (i) the suit, action or
proceeding in such court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding is improper or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts. EACH OF THE PARTIES
HERETO WAIVES THE RIGHT TO TRIAL BY JURY. 
  

	 	12.	Counterparts. 

 This Agreement may be executed in two or more counterparts, each of which
shall be considered one and the same agreement and shall become effective when counterparts have been signed by each of the Parties and delivered to the other Party (including by means of electronic delivery). 

  
 12 

	 	13.	Mutual Non-Disparagement. 

 Subject to applicable law, each of the Parties covenants and
agrees that, during the Standstill Period (unless otherwise specified in accordance with this Agreement) or if earlier, until such time as the other Party or any of its agents, subsidiaries, affiliates, successors, assigns, officers, key employees
or directors shall have breached this Section 13, neither it nor any of its respective agents, subsidiaries, affiliates, successors, assigns, officers, key employees or directors, shall in any way criticize, attempt to discredit, make derogatory
statements with respect to, call into disrepute, defame, make or cause to be made any statement or announcement that relates to and constitutes an ad hominem attack on, or relates to and otherwise disparages (or causes to be disparaged) the
other Parties or such other Parties’ subsidiaries, affiliates, successors, assigns, officers (including any current, future or former officer of a Party or a Parties’ subsidiaries), directors (including any current, future or former
director of a Party or a Parties’ subsidiaries), employees, stockholders, agents, attorneys or representatives, or any of their practices, procedures, businesses, business operations, products or services, in any manner. 

 

	 	14.	Confidentiality. 

 The Engaged Group agrees that it will not, and will cause its
Affiliates and Associates not to, seek to obtain confidential information of the Company from any New Nominee (or Engaged Replacement Director) and (ii) the New Nominees (and Engaged Replacement Directors) agree to preserve the confidentiality of
the Company’s business and information, including, but not limited to, discussions, determinations and other matters considered in meetings of the Board and Board committees and with Company officers and employees, and will enter into a
confidentiality agreement consistent with those entered into by other non-employee directors of the Company and adhere to, among other things, all confidentiality-related requirements included in policies, codes and guidelines of and relating to the
Company. 
  

	 	15.	Entire Agreement; Amendment and Waiver; Successors and Assigns; Third Party Beneficiaries. 

This Agreement (including, for purposes of this Section 15, the Annexes hereto) contains the entire understanding of the Parties hereto with
respect to its subject matter. There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings between the Parties other than those expressly set forth herein and incorporated pursuant thereto. No
modifications of this Agreement can be made except in writing signed by an authorized representative of each of the Company and the members of the Engaged Group. No failure on the part of any Party to exercise, and no delay in exercising, any
right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such Party preclude any other or further exercise thereof or the exercise of any other right, power or
remedy. All remedies hereunder are cumulative and are not exclusive of any other remedies provided by law. The terms and conditions of this Agreement shall be binding upon, inure to the benefit of, and be enforceable by the Parties hereto
and their respective successors, heirs, executors, legal representatives, and permitted assigns. No Party shall assign this Agreement or any rights or obligations hereunder without, with respect to the Engaged Group and the New Nominees (or an
Engaged Replacement Director), the prior written consent of the Company, and with respect to the Company, the prior written consent of the Engaged Group. This Agreement is solely for the benefit of the Parties hereto and is not enforceable by
any other persons. 
 [The remainder of this page intentionally left blank] 

  
 13 

 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly authorized
signatories of the Parties as of the date hereof. 
  

			
	OUTERWALL INC.
		
	By:	 	 /s/ Erik E. Prusch

	Name:	 	Erik E. Prusch
	Title:	 	Chief Executive Officer

  
 [Signature Page to
Agreement] 

 ENGAGED GROUP 

 

					
	Engaged Capital Master Feeder I, LP
		
	By:	 	Engaged Capital, LLC
General Partner
		
	By:	 	 /s/ Glenn W. Welling

		 	Name:	 	Glenn W. Welling
		 	Title:	 	Founder and Chief Investment Officer
	
	 Engaged Capital Master Feeder II, LP

		
	By:	 	Engaged Capital, LLC
General Partner
		
	By:	 	 /s/ Glenn W. Welling

		 	Name:	 	Glenn W. Welling
		 	Title:	 	Founder and Chief Investment Officer
	
	Engaged Capital Co-Invest III, L.P.
		
	By:	 	Engaged Capital, LLC
General Partner
		
	By:	 	 /s/ Glenn W. Welling

		 	Name:	 	Glenn W. Welling
		 	Title:	 	Founder and Chief Investment Officer
	
	Engaged Capital I, LP
		
	By:	 	Engaged Capital, LLC
General Partner
		
	By:	 	 /s/ Glenn W. Welling

		 	Name:	 	Glenn W. Welling
		 	Title:	 	Founder and Chief Investment Officer
	
	Engaged Capital I Offshore, Ltd.
		
	By:	 	 /s/ Glenn W. Welling

		 	Name:	 	Glenn W. Welling
		 	Title:	 	Director

  
 [Signature Page to
Agreement] 

 
					
	Engaged Capital II, LP
		
	By:	 	Engaged Capital, LLC
General Partner
		
	By:	 	 /s/ Glenn W. Welling

		 	Name:	 	Glenn W. Welling
		 	Title:	 	Founder and Chief Investment Officer

  

					
	Engaged Capital II Offshore Ltd.
		
	By:	 	 /s/ Glenn W. Welling

		 	Name:	 	Glenn W. Welling
		 	Title:	 	Director

  

					
	Engaged Capital, LLC
		
	By:	 	 /s/ Glenn W. Welling

		 	Name:	 	Glenn W. Welling
		 	Title:	 	Founder and Chief Investment Officer

  

					
	Engaged Capital Holdings, LLC
		
	By:	 	 /s/ Glenn W. Welling

		 	Name:	 	Glenn W. Welling
		 	Title:	 	Sole Member

  

	
	 /s/ Glenn W. Welling

	Glenn W. Welling

  
 [Signature Page to
Agreement] 

			
	INITIAL INDEPENDENT DIRECTOR
		
	By:	 	 /s/ Jeffrey J. Brown

	Name:	 	Jeffrey J. Brown

  
 [Signature Page to
Agreement] 

 Annex A 

Members of the Engaged Group 
 Engaged
Capital, LLC 
 Engaged Capital Holdings, LLC 
 Engaged Capital
Master Feeder I, LP 
 Engaged Capital Master Feeder II, LP 

Engaged Capital Co-Invest III, L.P. 
 Engaged Capital I, LP 

Engaged Capital I Offshore, Ltd. 
 Engaged Capital II, LP 

Engaged Capital II Offshore Ltd. 
 Glenn W. Welling 

 Annex B 

Mutual Press Release 

OUTERWALL ANNOUNCES COOPERATION AGREEMENT WITH ENGAGED CAPITAL, LLC 

Jeffrey J. Brown Appointed to the Board 

Agrees to Appoint Two New Independent Directors 

BELLEVUE, Wash. — April 12, 2016 — Outerwall Inc. (“Outerwall” or the “Company”) (Nasdaq: OUTR) today announced that it
has entered into a Cooperation Agreement with Engaged Capital, LLC (“Engaged Capital”), which beneficially owns 2,431,170 shares of Outerwall common stock, representing approximately 14.6 percent of the Company’s outstanding
shares. Under the terms of the Cooperation Agreement, Outerwall has appointed Jeffrey J. Brown, Chief Executive Officer and founding member of Brown Equity Partners, LLC, to its Board of Directors, effective immediately. Outerwall has also
agreed to add two new independent directors to the Company’s Board to be submitted by Engaged Capital. The directors are expected to be named on or before August 1, 2016 and the Board will consist of a maximum of nine directors at that time.

 “We appreciate the open and constructive dialogue we have had with all of our shareholders, including Engaged Capital, and are pleased to have
reached this agreement,” said Erik E. Prusch, Outerwall’s Chief Executive Officer. “As evidenced by the recent 100 percent increase in Outerwall’s quarterly dividend and decision to explore strategic and financial alternatives to
maximize shareholder value, we are aligned with shareholders and are taking decisive actions on their behalf. We welcome the additional perspectives to our Board as we continue to evaluate all strategic and financial options to maximize
shareholder value while managing our business for profitability and cash flow.” 
 “We applaud Outerwall for initiating a process to explore
strategic alternatives and are pleased to have been able to work constructively with the Outerwall Board and management team to ensure shareholder representation in the boardroom through this important phase of the Company’s lifecycle,”
said Glenn W. Welling, Principal and Chief Investment Officer at Engaged Capital. “Jeff Brown brings decades of transaction and corporate governance experience to the Outerwall Board. We look forward to continuing to work together with Jeff and
the rest of the Board to ensure that the Board’s decisions maximize value for shareholders.” 
 Mr. Brown will serve in the class of directors
with a term expiring at the 2017 Annual Meeting of Stockholders. With Mr. Brown’s appointment, the Outerwall Board has been expanded to eight directors, seven of whom are independent. The Outerwall Board will be expanded to accommodate the
two additional independent directors upon their appointment. 
 Pursuant to the Cooperation Agreement, Engaged Capital has agreed to vote all of its shares
in favor of Outerwall’s nominees at the 2016 Annual Meeting of Stockholders, and has agreed to customary standstill provisions. The full agreement between Outerwall and Engaged Capital will be filed on a Form 8-K with the Securities and
Exchange Commission. 
 About Jeffrey J. Brown 
 Jeffrey
J. Brown, 55, is Chief Executive Officer and a founding member of Brown Equity Partners, LLC (“BEP”), which provides capital to management teams and companies. Prior to founding BEP in 2007, Mr. Brown served as a founding partner of
Forrest Binkley & Brown, a venture capital and private equity firm. In his 29 years in the investment business, Mr. Brown has served on over 40 boards of directors, including service on seven public companies: Medifast, Inc. (Lead Director), RCS
Capital Corporation, Midatech Pharma PLC, Nordion, Inc., Steadfast Income REIT, Inc., Golden State Vintners, Inc. (Chairman) and Stamps.com. Throughout his career, Mr. Brown has also worked at Hughes Aircraft Company, Morgan Stanley & Company,
Security Pacific Capital Corporation and Bank of America Corporation. 

 About Outerwall 

Outerwall Inc. (Nasdaq: OUTR) has more than 20 years of experience creating some of the most profitable spaces for their retail partners. The company delivers
breakthrough kiosk experiences that delight consumers and generate revenue for retailers. As the company that brought consumers Redbox® entertainment, Coinstar® money services, and ecoATM® electronics recycling kiosks, Outerwall is
leading the next generation of automated retail and paving the way for inventive, scalable businesses. OuterwallTM kiosks are in neighborhood grocery stores, drug stores, mass merchants, malls, and other retail locations in the United States,
Canada, Puerto Rico, the United Kingdom, and Ireland. Learn more at www.outerwall.com. 
 About Engaged Capital 

Engaged Capital, LLC (“Engaged Capital”) was established in 2012 by a group of professionals with significant experience in activist investing in
North America and was seeded by Grosvenor Capital Management, L.P., one of the oldest and largest global alternative investment managers. Engaged Capital is a limited liability company owned by its principals and formed to create long-term
shareholder value by bringing an owner’s perspective to the managements and boards of undervalued public companies. Engaged Capital manages both a long-only and long/short North American equity fund. Engaged Capital’s efforts and resources
are dedicated to a single investment style, “Constructive Activism” with a focus on delivering superior, long-term, risk-adjusted returns for investors. Engaged Capital is based in Newport Beach, California. 

Forward Looking Statements 
 Certain statements in this
press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words indicating future events, performance, results and actions, such as “will” and “expect,”
and variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not forward-looking. The forward-looking statements in this press release include, among others,
statements regarding Company interactions with and actions relating to investors, exploration of strategic and financial alternatives, annual meeting and board composition matters, and execution of business strategies. Forward-looking statements are
not guarantees of future actions, events or performance, which may vary materially from those expressed or implied in such statements. Differences may result from, among other things, actions taken by the Company or investors, including Engaged
Capital, or other third parties, including those beyond the Company’s control. Such risks and uncertainties include, but are not limited to, results of interactions with third parties, including investors, actions by the Company’s board
and management and investors, results and timing of strategic and financial alternatives, and related transactions and actions, continuation of or changes in strategic and financial objectives, and the ability to attract new or maintain retailer
relationships, penetrate or maintain markets and distribution channels, and react to changing consumer demands. The foregoing list of risks and uncertainties is illustrative, but by no means exhaustive. For more information on factors that may
affect future performance, results or actions, please review “Risk Factors” described in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission
(“SEC”), as well as other public filings with the SEC. These forward-looking statements reflect the Company’s expectations as of the date hereof. The Company undertakes no obligation to update the information provided herein. 

Investor Contacts: 
 Rosemary Moothart 

Director, Investor Relations 
 425-943-8140 

rosemary.moothart@outerwall.com 
 Innisfree M&A 

Scott Winter / Jennifer Shotwell 
 212-750-5833 

 Media Contacts: 

Susan Johnston 
 Vice President, Corporate Communications &
Public Affairs 
 425-943-8993 
 Susan.Johnston@outerwall.com

 Joele Frank, Wilkinson Brimmer Katcher 
 Matthew Sherman /
James Golden / Matthew Gross 
 212-355-4449EX-4.44

 Exhibit 4.44 

MELCO CROWN ENTERTAINMENT LIMITED 

SHARE INCENTIVE PLAN 

(AS AMENDED) 
 ARTICLE 1

 PURPOSE 
 The
purpose of the Melco Crown Entertainment Limited Share Incentive Plan, as amended from time to time (the “Plan”) is to promote the success and enhance the value of Melco Crown Entertainment Limited, an exempted company formed under the
laws of the Cayman Islands (the “Company”), by linking the personal interests of the members of the Board, Employees, and Consultants to those of Company’s shareholders and by providing such individuals with an incentive for
outstanding performance to generate superior returns to Company’s shareholders. The Plan is further intended to provide flexibility to the Company in its ability to motivate, attract, and retain the services of members of the Board, Employees,
and Consultants upon whose judgment, interest, and special effort the successful conduct of the Company’s operation is largely dependent. 

ARTICLE 2 
 DEFINITIONS
AND CONSTRUCTION 
 Wherever the following terms are used in the Plan they shall have the meanings specified below, unless the context
clearly indicates otherwise. The singular pronoun shall include the plural where the context so indicates. 
 2.1 “2006 Share Incentive
Plan” means the Company’s Share Incentive Plan, as revised and adopted by its Board on November 28, 2006 and March 17, 2009 and as approved by its shareholders on December 1, 2006 and May 19, 2009. 

2.2 “Amendment Effective Date” shall have the meaning set forth in paragraph 13.1. 

2.3 “Applicable Laws” means the legal requirements relating to the Plan and the Awards under applicable provisions of the corporate,
securities, tax and other laws, rules, regulations and government orders, and the rules of any applicable Share exchange or national market system, of any jurisdiction applicable to Awards granted to residents therein. 

2.4 “Award” means an Option, a Restricted Share award, a Share Appreciation Right award, a Dividend Equivalents award, a Share Payment award,
a Deferred Share award, or a Restricted Share Unit award granted to a Participant pursuant to the Plan. 
 2.5 “Award Agreement” means any
written agreement, contract, or other instrument or document evidencing an Award, including through electronic medium. 
 2.6 “Board” means
the board of directors of the Company. 
 2.7 “Change in Control” means a change in ownership or control of the Company effected through
either of the following transactions: 
  

	 	(a)	the direct or indirect acquisition by any person or related group of persons (other than an acquisition from or by the Company or by a Company-sponsored employee benefit plan or by a person that directly or indirectly
controls, is controlled by, or is under common control with, the Company) of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities possessing more than fifty percent
(50%) of the total combined voting power of the Company’s outstanding securities pursuant to a tender or exchange offer made directly to the Company’s shareholders which a majority of the Incumbent Board (as defined below) who are not
affiliates or associates of the offeror under Rule 12b-2 promulgated under the Exchange Act do not recommend such shareholders accept; 

 

	 	(b)	the individuals who, as of the Amendment Effective Date, are members of the Board (the “Incumbent Board”), cease for any reason to constitute at least fifty percent (50%) of the Board; provided, that if
the election, or nomination for election by the Company’s shareholders, of any new member of the Board is approved by a vote of at least fifty percent (50%) of the Incumbent Board, such new member of the Board shall be considered as a member of
the Incumbent Board. 

  
 1 

 Notwithstanding the foregoing, to the extent that an Award constitutes “nonqualified
deferred compensation” that is subject to Section 409A of the Code and the payment or settlement of the Award will accelerate upon a Change in Control, no event set forth herein will constitute a Change in Control for purposes of the Plan or
any Award Agreement unless such event also constitutes a “change in ownership”, “change in effective control”, or “change in the ownership of a substantial portion of the Company’s assets” as defined under Section
409A of the Code. 
 2.8 “Code” means the Internal Revenue Code of 1986 of the United States, as amended and the regulations and guidance
promulgated thereunder. 
 2.9 “Committee” means the Compensation Committee of the Board, or another committee or subcommittee of the Board
which is appointed as provided in Article 12. 
 2.10 “Consultant” means any consultant or adviser if: (a) the consultant or adviser
renders bona fide services to a Service Recipient; (b) the services rendered by the consultant or adviser are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or
maintain a market for the Company’s securities; and (c) the consultant or adviser is a natural person who has contracted directly with the Service Recipient to render such services. 

2.11 “Corporate Transaction” means any of the following transactions, provided, however, that the Committee shall determine under (d) and (e)
whether multiple transactions are related, and its determination shall be final, binding and conclusive: 
  

	 	(a)	an amalgamation, arrangement or consolidation in which the Company is not the surviving entity, except for a transaction the principal purpose of which is to change the jurisdiction in which the Company is incorporated;

  

	 	(b)	the sale, transfer or other disposition of all or substantially all of the assets of the Company; 

  

	 	(c)	the completion of a liquidation or dissolution of the Company; 

  

	 	(d)	any reverse takeover, scheme of arrangement or series of related transactions culminating in a reverse takeover or scheme of arrangement (including, but not limited to, a tender offer followed by a reverse takeover) in
which the Company is the surviving entity but (A) the Ordinary Shares outstanding immediately prior to such takeover are converted or exchanged by virtue of the takeover into other property, whether in the form of securities, cash or otherwise,
or (B) in which securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities are transferred to a person or persons different from those who held such securities immediately
prior to such takeover or the initial transaction culminating in such takeover, but excluding any such transaction or series of related transactions that the Committee determines shall not be a Corporate Transaction; 

 

	 	(e)	acquisition in a single or series of related transactions by any person or related group of persons (other than the Company or by a Company-sponsored employee benefit plan) of beneficial ownership (within the meaning of
Rule 13d-3 of the Exchange Act) of securities possessing more than fifty percent. (50%) of the total combined voting power of the Company’s outstanding securities but excluding any such transaction or series of related transactions that
the Committee determines shall not be a Corporate Transaction; or 

  

	 	(f)	Change in Control. 

 Notwithstanding the foregoing, to the extent that an Award constitutes
“nonqualified deferred compensation” that is subject to Section 409A of the Code and the payment or settlement of the Award will accelerate upon a Corporate Transaction, no event set forth herein will constitute a Corporate Transaction for
purposes of the Plan or any Award Agreement unless such event also constitutes a “change in ownership”, “change in effective control”, or “change in the ownership of a substantial portion of the Company’s assets”
as defined under Section 409A of the Code. 

  
 2 

 2.12 “Deferred Share” means a right to receive a specified number of Shares during specified
time periods pursuant to Article 9. 
 2.13 “Director” means a director of the Board. 

2.14 “Disability” means that the Participant qualifies to receive long-term disability payments under the Service Recipient’s long-term
disability insurance program, as it may be amended from time to time, to which the Participant provides services regardless of whether the Participant is covered by such policy. If the Service Recipient to which the Participant provides service does
not have a long-term disability plan in place, “Disability” means that a Participant is unable to carry out the responsibilities and functions of the position held by the Participant by reason of any medically determinable physical or
mental impairment for a period of not less than ninety (90) consecutive days. A Participant will not be considered to have incurred a Disability unless he or she furnishes proof of such impairment sufficient to satisfy the Committee in its
discretion. 
 2.15 “Dividend Equivalents” means a right granted to a Participant pursuant to Article 9 to receive the equivalent value (in
cash or Share) of dividends paid on Share. 
 2.16 “Employee” means any person, including an officer or member of the board of the Company,
any Parent or Subsidiary of the Company, who is in the employ of a Service Recipient, subject to the control and direction of the Service Recipient as to both the work to be performed and the manner and method of performance. The payment of a
director’s fee by a Service Recipient shall not be sufficient to constitute “employment” by the Service Recipient. 
 2.17 “Exchange
Act” means the Securities Exchange Act of 1934 of the United States, as amended and the rules and regulations promulgated thereunder. 
 2.18
“Exercise Price” means the purchase price per Share of an exercisable Award. 
 2.19 “Fair Market Value” means, as of any
date, the value of Shares determined as follows: 
  

	 	(a)	If the Shares are listed on one or more established Share exchanges or national market systems, including without limitation, the NASDAQ Global Select or NASDAQ Global Market, its Fair Market Value shall be the closing
sales price for such shares (or the closing bid, if no sales were reported) as quoted on such exchange or system on which the Shares are listed (as determined by the Committee) on the date of determination (or, if no closing sales price or closing
bid was reported on that date, as applicable, on the last trading date such closing sales price or closing bid was reported), as reported in The Wall Street Journal or such other source as the Committee deems reliable; 

 

	 	(b)	If the Shares are regularly quoted on an automated quotation system (including the OTC Bulletin Board) or by a recognized securities dealer, its Fair Market Value shall be the closing sales price for such shares as
quoted on such system or by such securities dealer on the date of determination, but if selling prices are not reported, the Fair Market Value of a Share shall be the mean between the high bid and low asked prices for the Shares on the date of
determination (or, if no such prices were reported on that date, on the last date such prices were reported), as reported in The Wall Street Journal or such other source as the Committee deems reliable; or 

 

	 	(c)	In the absence of an established market for the Shares of the type described in (a) and (b), above, the Fair Market Value thereof shall be determined by the Committee in good faith by reference to the placing price of
the latest private placement of the Shares and the development of the Company’s business operations and the general economic and market conditions since such latest private placement. 

2.20 “Hong Kong” means the Hong Kong Special Administrative Region of the PRC. 

2.21 “Incentive Share Option” means an Option that is intended to meet the requirements of Section 422 of the Code or any successor provision
thereto. 

  
 3 

 2.22 “Macau” means the Macau Special Administrative Region of the PRC. 

2.23 “Non-Employee Director” shall mean a Director of the Company who is not an Employee. 

2.24 “Non-Qualified Share Option” means an Option that is not intended to be an Incentive Share Option. 

2.25 “Option” means a right granted to a Participant pursuant to Article 6 to purchase a specified number of Shares at a specified price
during specified time periods. An Option may be either an Incentive Share Option or a Non-Qualified Share Option. 
 2.26 “Participant”
means a person who, as a member of the Board, Consultant or Employee, has been granted an Award pursuant to the Plan. 
 2.27 “Parent”
means: (a) a parent corporation under Section 424(e) of the Code; (b) Melco International Development Limited or any Subsidiary thereof, or (c) Crown Resorts Limited or any Subsidiary thereof. 

2.28 “Plan” means this Melco Crown Entertainment Limited Share Incentive Plan, as it may be amended from time to time. 

2.29 “PRC” means the People’s Republic of China, other than Hong Kong, Macau and Taiwan. 

2.30 “Related Entity” means any business, corporation, partnership, limited liability company or other entity in which the Company, a Parent
or Subsidiary of the Company holds a substantial ownership interest, directly or indirectly but which is not a Subsidiary and which the Board designates as a Related Entity for purposes of the Plan. 

2.31 “Restricted Share” means a Share awarded to a Participant pursuant to Article 7 that is subject to certain restrictions and may be
subject to risk of forfeiture. 
 2.32 “Restricted Share Unit” means an Award granted pursuant to paragraph 9.4. 

2.33 “Securities Act” means the Securities Act of 1933 of the United States, as amended and the rules and regulations promulgated thereunder.

 2.34 “Separation From Service” means a “separation from service” as defined in Section 409A(a)(2)(A)(i) of the Code and
determined in accordance with the default provisions under Section 409A of the Code. 
 2.35 “Service Recipient” means the Company, any
Parent or Subsidiary of the Company and any Related Entity to which a Participant provides services as an Employee, Consultant or as a director. 
 2.36
“Share” means the ordinary share capital of the Company, par value US$0.01 per share, and such other securities of the Company that may be substituted for Shares pursuant to Article 11. 

2.37 “Share Appreciation Right” or “SAR” means a right granted pursuant to Article 8 to receive a payment calculated
pursuant to such Article. 
 2.38 “Share Payment” means (a) a payment in the form of Shares, or (b) an option or other right to purchase
Shares, as part of any bonus, deferred compensation or other arrangement, made in lieu of all or any portion of the compensation, granted pursuant to Article 9. 

2.39 “Specified Employee” means a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, determined under
the uniform methodology and procedures adopted by the Company for purposes of identifying Specified Employees of the Company. 
 2.40
“Subsidiary” means any corporation or other entity of which a majority of the outstanding voting shares or voting power is beneficially owned directly or indirectly by the Company. For the purposes of determining eligibility for the
grant of Incentive Share Options under the Plan, the term “Subsidiary” shall be defined in the manner required by Section 424(f) of the Code. 

  
 4 

 2.41 “Termination of Service” shall mean: 

(a) As to a Consultant, the time when the engagement of a Participant as a Consultant to a Service Recipient is terminated for any reason,
with or without cause, including, without limitation, by resignation, discharge, death or retirement, but excluding terminations where the Consultant simultaneously commences or remains in employment or service with the Company, any Subsidiary or
any Related Entity.
 (b) As to a Non-Employee Director, the time when a Participant who is a Non-Employee Director ceases to be a Director
for any reason, including, without limitation, a termination by resignation, failure to be elected, death or retirement, but excluding terminations where the Participant simultaneously commences or remains in employment or service with the Company,
any Subsidiary or any Related Entity. 
 (c) As to an Employee, the time when the employee-employer relationship between a Participant and
the Service Recipient is terminated for any reason, including, without limitation, a termination by resignation, discharge, death, disability or retirement; but excluding terminations where the Participant simultaneously commences or remains in
employment or service with the Company, any Subsidiary or any Related Entity. 
 The Committee, in its sole discretion, shall determine the
effect of all matters and questions relating to Terminations of Service, including, without limitation, the question of whether a Termination of Service resulted from a discharge for cause and all questions of whether particular leaves of absence
constitute a Termination of Service; provided, however, that, with respect to Incentive Share Options, unless the Committee otherwise provides in the terms of the Award Agreement or otherwise, a leave of absence, change in status from
an employee to an independent contractor or other change in the employee-employer relationship shall constitute a Termination of Service only if, and to the extent that, such leave of absence, change in status or other change interrupts employment
for the purposes of Section 422(a)(2) of the Code and the then applicable regulations and revenue rulings under said Section. For purposes of the Plan, a Participant’s employee-employer relationship or consultancy relations shall be deemed to
be terminated in the event that the Subsidiary or Related Entity employing or contracting with such Participant ceases to remain a Subsidiary or Related Entity following any merger, sale of securities or other corporate transaction or event
(including, without limitation, a spin-off). 
 2.42 “Trading Date” means the first day on which Shares are publicly traded on an exchange
or national market system or other quotation system. 
 ARTICLE 3 

AWARDS GRANTED UNDER THE PRECEDING SHARE INCENTIVE PLAN 

3.1 Validity. As of the Amendment Effective Date, all Awards granted under the Plan, including those granted prior to the Amendment Effective
Date, shall be governed by the terms of the Plan, as amended. Awards previously granted under the 2006 Share Incentive Plan shall remain subject to the terms and conditions of the 2006 Share Incentive Plan. 

3.2 Survive. The 2006 Share Incentive Plan shall survive and be valid until its expiration date notwithstanding that this Plan has or has not become
effective. All Awards granted under the 2006 Share Incentive Plan shall remain outstanding and be governed by the terms of such plan. 
 3.3 No
Additional Awards. No additional Awards may be granted under the 2006 Share Incentive Plan. This Plan shall succeed the 2006 Share Incentive Plan, and Awards granted after December 7, 2011 shall be subject to the terms set out herein. 

ARTICLE 4 
 SHARES
SUBJECT TO THE PLAN 
 4.1 Number of Shares. 
  

	 	(a)	Subject to the provisions of Article 11 and paragraphs 4.1(b), the maximum aggregate number of Shares which may be issued pursuant to all Awards under the Plan (since the Plan’s original adoption on December 7,
2011) is 100,000,000 Shares (the “Plan Limit”). 

  
 5 

	 	(b)	To the extent that an Award terminates, expires, or lapses for any reason, any Shares subject to the Award shall again be available for the grant of an Award pursuant to the Plan. To the extent permitted by Applicable
Law or any exchange rule, Shares issued in assumption of, or in substitution for, any outstanding awards of any entity acquired in any form or combination by the Company or any Parent or Subsidiary of the Company shall not be counted against Shares
available for grant pursuant to the Plan. Shares delivered by the Participant or withheld by the Company upon the exercise of any Award under the Plan, in payment of the exercise price thereof or tax withholding thereon, may again be optioned,
granted or awarded hereunder, subject to the limitations of paragraph 4.1(a). If any Restricted Shares are forfeited by the Participant or repurchased by the Company, such Shares may again be optioned, granted or awarded hereunder, subject to the
limitations of paragraph 4.1(a). Notwithstanding the provisions of this paragraph 4.1(b), no Shares may again be optioned, granted or awarded if such action would cause an Incentive Share Option to fail to qualify as an Incentive Share Option.

 4.2 Shares Distributed. Any Shares distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued
Shares, treasury or Shares purchased on the open market. Additionally, in the discretion of the Committee, American Depository Shares in an amount equal to the number of Shares which otherwise would be distributed pursuant to an Award may be
distributed in lieu of Shares in settlement of any Award. If the number of Shares represented by an American Depository Share is other than on a one-to-one basis, the limitations of paragraph 4.1 shall be adjusted to reflect the distribution of
American Depository Shares in lieu of Shares. 
 ARTICLE 5 

ELIGIBILITY AND PARTICIPATION 
 5.1
Eligibility. Persons eligible to participate in this Plan include Employees, Consultants, and all members of the Board, as determined by the Committee. 

5.2 Participation. Subject to the provisions of the Plan, the Committee may, from time to time, at its discretion select from among all eligible
individuals, those to whom Awards shall be granted and shall determine the nature and amount of each Award. No individual shall have any right or entitlement to be granted an Award pursuant to this Plan. 

5.3 Jurisdictions. In order to assure the viability of Awards granted to Participants employed in various jurisdictions, the Committee may provide for
such special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy, or custom applicable in the jurisdiction in which the Participant resides or is employed. Moreover, the Committee may approve such
supplements to, or amendments, restatements, or alternative versions of, the Plan as it may consider necessary or appropriate for such purposes without thereby affecting the terms of the Plan as in effect for any other purpose; provided,
however, that no such supplements, amendments, restatements, or alternative versions shall increase the share limitations contained in paragraph 4.1 of the Plan. Notwithstanding the foregoing, the Committee may not take any actions hereunder,
and no Awards shall be granted, that would violate any Applicable Laws. 
 ARTICLE 6 

OPTIONS 
 6.1 General. Subject to
the Plan Limit set out in paragraph 4.1, the Committee is authorized to grant Options to Participants on the following terms and conditions: 
  

	 	(a)	Exercise Price. The Exercise Price per Share subject to an Option shall be determined by the Committee in accordance with this Plan and set forth in the Award Agreement. The Committee, in its absolute and sole
discretion, may reduce the Exercise Price amount set forth in any Award Agreement after grant, the determination of which shall be final, binding and conclusive. For the avoidance of doubt, the Committee may not increase the Exercise Price
amount set forth in any Award Agreement after grant. 

  

	 	(b)	Time and Conditions of Exercise. The Committee shall determine the time or times at which an Option may be exercised in whole or in part, including exercise prior to vesting; provided that the term of any
Option granted under the Plan shall not exceed ten years. The Committee shall also determine the conditions, if any, that must be satisfied before all or part of an Option may be exercised. 

  
 6 

	 	(c)	Vesting. The period during which the right to exercise, in whole or in part, an Option will be vested in a Participant shall be set by the Committee and the Committee may determine that an Option may not be
exercised in whole or in part for a specified period after it is granted. Such vesting may be based on service with the Service Recipient or any other criteria selected by the Committee. At any time after grant of an Option, the Committee
may, in its sole discretion and subject to whatever terms and conditions it selects, accelerate the period during which an Option is to vest. 

  

	 	(d)	Payment. The Committee shall determine the methods by which the Exercise Price of an Option may be paid, the form of payment, including, without limitation (i) cash or check denominated in U.S. Dollars, Hong Kong
Dollars or any other local currency as approved by the Committee, (ii) Shares held for such period of time as may be required by the Committee in order to avoid adverse financial accounting consequences and having a Fair Market Value on the date of
delivery equal to the aggregate Exercise Price of the Option or exercised portion thereof, (iii) after the Trading Date the delivery of a notice that the Participant has placed a market sell order with a broker with respect to Shares then issuable
upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the Exercise Price; provided that payment of such proceeds is then made to the
Company upon settlement of such sale, and the methods by which Shares shall be delivered or deemed to be delivered to Participants, (iv) through net share settlement or similar procedure involving the withholding of Shares subject to the Option with
a Fair Market Value equal to the Exercise Price, (v) other property acceptable to the Committee with a Fair Market Value equal to the Exercise Price, or (vi) by such other means as the Committee may authorize, or (vii) any combination of the
foregoing. Notwithstanding any other provision of the Plan to the contrary, no Participant who is a member of the Board or an “executive officer” of the Company within the meaning of Section 13(k) of the Exchange Act shall be permitted to
pay the Exercise Price of an Option in any method which would violate Section 13(k) of the Exchange Act. 

  

	 	(e)	Evidence of Grant. All Options shall be evidenced by an Award Agreement between the Company and the Participant. The Award Agreement shall include such additional provisions as may be specified by the Committee.

  

	 	(f)	Expiration of Option. An Option may not be exercised to any extent by anyone after the first to occur of the following events: 

 

	 	(i)	ten years from the date it is granted, unless an earlier time is set in the Award Agreement; 

  

	 	(ii)	subject to paragraphs 6.1(f)(iii), (iv) and (v) below, three months after the Participant’s Termination of Service, unless (x) otherwise set forth in the Award Agreement; or (y) notwithstanding the Award Agreement,
the Participant is otherwise notified by a longer period as determined by the Committee; 

  

	 	(iii)	one year after the date of the Participant’s termination of employment or service on account of Disability or death, unless (x) otherwise set forth in the Award Agreement; or (y) notwithstanding the Award
Agreement, the Participant’s legal representative or representative are otherwise notified by a longer period as determined by the Committee. Upon the Participant’s Disability or death, any Options exercisable at the Participant’s
Disability or death may be exercised by the Participant’s legal representative or representatives, by the person or persons entitled to do so pursuant to the Participant’s last will and testament, or, if the Participant fails to make
testamentary disposition of such Option or dies intestate, by the person or persons entitled to receive the Option pursuant to the applicable laws of descent and distribution; 

  
 7 

	 	(iv)	the date on which the Participant ceases to be eligible by reason of the Termination of Service for cause which include, without limitation, in the determination of the Committee that he has breached any confidentiality
undertaking in his employment or service contract or in the Award Agreement, he has performed an act (or failed to perform any act) in bad faith and to the detriment of any of the Company or its Subsidiaries, he has engaged in dishonesty,
intentional misconduct or material breach of any agreement with any of the Company or its Subsidiaries, or he has been guilty of serious misconduct or has been convicted of any criminal offence involving his integrity or honesty or physical or
emotional harm to any person or (if so determined by the Committee) on any other ground on which an employer would be entitled to terminate his employment or service at common law or pursuant to any applicable laws or under the Participant’s
employment or service contract with the Service Recipient. A resolution of the Committee or the board of directors of the relevant Service Recipient to the effect that the relationship of a Participant has or has not been terminated on one or more
of the grounds specified in this paragraph shall be conclusive; and 

  

	 	(v)	the date on which the Committee shall exercise the Company’s right to cancel the Option at any time after the Participant commits a breach of paragraph 10.3 or the Awards are cancelled in accordance with
Article 15. 

 6.2 Incentive Share Options. Incentive Share Options may only be granted to Employees of the Company or a
Subsidiary of the Company. Incentive Share Options may not be granted to Employees of a Parent or a Related Entity. The terms of any Incentive Share Options granted pursuant to the Plan, in addition to the requirements of paragraph 6.1, must comply
with the provisions of Section 422 of the Code, or any successor provision thereto, including the following additional provisions of this paragraph 6.2: 
  

	 	(a)	Individual Dollar Limitation. The aggregate Fair Market Value (determined as of the time the Option is granted) of all Shares with respect to which Incentive Share Options are first exercisable by a Participant
in any calendar year may not exceed $100,000 or such other limitation as imposed by Section 422(d) of the Code, or any successor provision. To the extent that Incentive Share Options are first exercisable by a Participant in excess of such
limitation, the excess shall be considered Non-Qualified Share Options. 

  

	 	(b)	Ten Percent. Owners. An Incentive Share Option shall be granted to any individual who, at the date of grant, owns Shares possessing more than ten percent of the total combined voting power of all classes of
Shares of the Company only if such Option is granted at a price that is not less than 110% of Fair Market Value on the date of grant and the Option is exercisable for no more than five years from the date of grant. 

 

	 	(c)	Transfer Restriction. The Participant shall give the Company prompt notice of any disposition of Shares acquired by exercise of an Incentive Share Option within (i) two years from the date of grant of such
Incentive Share Option; or (ii) one year after the transfer of such Shares to the Participant. 

  

	 	(d)	Timing of Incentive Share Option Grants. No Award of an Incentive Share Option may be made pursuant to this Plan after December 7, 2021. 

 

	 	(e)	Right to Exercise. During a Participant’s lifetime, an Incentive Share Option may be exercised only by the Participant except for the case of Disability pursuant to paragraph 6.1 (f)(iii). 

6.3 Substitution of Share Appreciation Rights. The Committee may provide in the Award Agreement evidencing the grant of an Option that the Committee,
in its sole discretion, shall have the right to substitute a Share Appreciation Right for such Option at any time prior to or upon exercise of such Option, provided that such Share Appreciation Right shall (i) be exercisable for the same number of
shares of Share that such substituted Option would have been exercisable for; and (ii) shall have the same exercise price as such substituted Option. 

ARTICLE 7 
 RESTRICTED
SHARES 
 7.1 Grant of Restricted Shares. The Committee is authorized to make Awards of Restricted Shares to any Participant selected by the
Committee in such amounts and subject to such terms and conditions as determined by the Committee. All Awards of Restricted Shares shall be evidenced by an Award Agreement. 

7.2 Issuance and Restrictions. Subject to paragraphs 10.3 and 10.4, Restricted Shares shall be subject to such restrictions on transferability and
other restrictions as the Committee may impose (including, without limitation, limitations on the right to vote Restricted Shares or the right to receive dividends on the Restricted Share). These restrictions may lapse separately or in combination
at such times, pursuant to such circumstances, in such installments, or otherwise, as the Committee determines at the time of the grant of the Award or thereafter. 

  
 8 

 7.3 Forfeiture. Except as otherwise determined by the Committee at the time of the grant of the Award or
thereafter, upon termination of employment or service during the applicable restriction period, Restricted Shares that are at that time subject to restrictions shall be forfeited; provided, however, that the Committee may (a) provide in any
Restricted Share Award Agreement that restrictions or forfeiture conditions relating to Restricted Shares will be waived in whole or in part in the event of terminations resulting from specified causes, and (b) in other cases waive in whole or in
part restrictions or forfeiture conditions relating to Restricted Shares. 
 7.4 Certificates for Restricted Shares. Restricted Shares granted
pursuant to the Plan may be evidenced in such manner as the Committee shall determine. If certificates representing Restricted Shares are registered in the name of the Participant, certificates must bear an appropriate legend referring to the terms,
conditions, and restrictions applicable to such Restricted Shares, and the Company may, at its discretion, retain physical possession of the certificate until such time as all applicable restrictions lapse. 

ARTICLE 8 
 SHARE
APPRECIATION RIGHTS 
 8.1 Grant of Share Appreciation Rights. 
  

	 	(a)	A Share Appreciation Right may be granted to any Participant selected by the Committee. A Share Appreciation Right shall be subject to such terms and conditions not inconsistent with the Plan as the Committee shall
impose and shall be evidenced by an Award Agreement. The Exercise Price per Share covered by a Share Appreciation Right shall be fixed by the Committee in its discretion and set forth in the Award Agreement. The Committee, in its absolute and
sole discretion, may reduce the Exercise Price amount set forth in any Award Agreement after grant, the determination of which shall be final, binding and conclusive. For the avoidance of doubt, the Committee may not increase the Exercise Price
amount set forth in any Award Agreement after grant. 

  

	 	(b)	A Share Appreciation Right shall entitle the Participant (or other person entitled to exercise the Share Appreciation Right pursuant to the Plan) to exercise all or a specified portion of the Share Appreciation Right
(to the extent then exercisable pursuant to its terms) and to receive from the Company an amount determined by multiplying the difference obtained by subtracting the Exercise Price per share of the Share Appreciation Right from the Fair Market Value
of a Share on the date of exercise of the Share Appreciation Right by the number of Shares with respect to which the Share Appreciation Right shall have been exercised, subject to any limitations the Committee may impose. 

 

	 	(c)	The Committee shall determine the time or times at which a Share Appreciation Right may be exercised in whole or in part; provided that the term of any Share Appreciation Right granted under the Plan shall not
exceed ten years, except as provided in paragraph 13.2. The Committee shall also determine the conditions, if any, that must be satisfied before all or part of a Share Appreciation Right may be exercised. 

 

	 	(d)	The Committee may provide in the Award Agreement evidencing the grant of a Share Appreciation Right that the Committee, in its sole discretion, shall have the right to substitute an Option for such Share Appreciation
Right at any time prior to or upon exercise of such Share Appreciation Right, provided that such Option shall (i) be exercisable for the same number of Shares that such substituted Share Appreciation Right would have been exercisable for and (ii)
shall have the same exercise price as such substituted Share Appreciation Right. 

 8.2 Payment and Limitations on Exercise. 

 

	 	(a)	Payment of the amounts determined under paragraph 8.1(b) above shall be in cash, in Shares (based on its Fair Market Value as of the date the Share Appreciation Right is exercised) or a combination of both, as
determined by the Committee in the Award Agreement. 

  

	 	(b)	To the extent any payment under paragraph 8.1(b) is effected in Shares, it shall be made subject to satisfaction of all provisions of Article 6 above pertaining to Options. 

  
 9 

 ARTICLE 9 

OTHER TYPES OF AWARDS 
 9.1 Dividend
Equivalents. Any Participant selected by the Committee may be granted Dividend Equivalents based on the dividends declared on the Shares that are subject to any Award, to be credited as of dividend payment dates, during the period between the
date the Award is granted and the date the Award is exercised, vests or expires, as determined by the Committee. Such Dividend Equivalents shall be converted to cash or additional Shares by such formula and at such time and subject to such
limitations as may be determined by the Committee; provided, however, that the terms of any reinvestment of dividends must comply with all applicable laws, rules and regulations, including, without limitation, Section 409A of the Code. 

9.2 Share Payments. Any Participant selected by the Committee may receive Share Payments in the manner determined from time to time by the Committee;
provided, that unless otherwise determined by the Committee such Share Payments shall be made in lieu of base salary, bonus, or other cash compensation otherwise payable to such Participant. The number of Shares shall be determined by the
Committee and may be based upon such performance criteria or other specific criteria determined appropriate by the Committee, determined on the date such Share Payment is made or on any date thereafter. 

9.3 Deferred Shares. Any Participant selected by the Committee may be granted an award of Deferred Shares in the manner determined from time to time by
the Committee. The number of shares of Deferred Shares shall be determined by the Committee and may be linked to such specific criteria determined to be appropriate by the Committee, in each case on a specified date or dates or over any period or
periods determined by the Committee. Shares underlying a Deferred Share award will not be issued until the Deferred Share award has vested, pursuant to a vesting schedule or criteria set by the Committee. Unless otherwise provided by the Committee,
a Participant awarded Deferred Shares shall have no rights as a Company’s shareholder with respect to such Deferred Shares until such time as the Deferred Shares have vested and the Shares underlying the Deferred Shares have been issued. 

9.4 Restricted Share Units. The Committee is authorized to make Awards of Restricted Share Units to any Participant selected by the Committee in such
amounts and subject to such terms and conditions as determined by the Committee. At the time of grant, the Committee shall specify the date or dates on which the Restricted Share Units shall become fully vested and non-forfeitable, and may specify
such conditions to vesting as it deems appropriate. At the time of grant, the Committee shall specify the maturity date applicable to each grant of Restricted Share Units which shall be no earlier than the vesting date or dates of the Award and may
be determined at the election of the Participant. On the maturity date, the Company shall transfer to the Participant one unrestricted, fully transferable Share for each Restricted Share Unit scheduled to be paid out on such date and not previously
forfeited. The Committee shall specify the purchase price, if any, to be paid by the Participant to the Company for such Shares. 
 9.5 Term. Except
as otherwise provided herein, the term of any Award of Dividend Equivalents, Share Payments, Deferred Share, or Restricted Share Units shall be set by the Committee in its discretion. 

9.6 Exercise or Purchase Price. The Committee may establish the exercise or purchase price, if any, of any Award of Deferred Share, Share Payments or
Restricted Share Units; provided, however, that such price shall not be less than the par value of a Share, unless otherwise permitted by Applicable Law. 

9.7 Exercise Upon Termination of Employment or Service. An Award of Dividend Equivalents, Deferred Share, Share Payments, and Restricted Share Units
shall only be exercisable or payable while the Participant is an Employee, Consultant or a member of the Board, as applicable; provided, however, that the Committee in its sole and absolute discretion may provide that an Award of Dividend
Equivalents, Share Payments, Deferred Share, or Restricted Share Units may be exercised or paid subsequent to a termination of employment or service, as applicable, or following a Corporate Transaction of the Company, or because of the
Participant’s retirement, death or Disability, or otherwise. 
 9.8 Form of Payment. Payments with respect to any Awards granted under this
Article 9 shall be made in cash, in Shares or a combination of both, as determined by the Committee. 
 9.9 Award Agreement. All Awards under this
Article 9 shall be subject to such additional terms and conditions as determined by the Committee and shall be evidenced by an Award Agreement. 

  
 10 

 ARTICLE 10 

PROVISIONS APPLICABLE TO AWARDS 
 10.1
Stand-Alone and Tandem Awards. Awards granted pursuant to the Plan may, in the discretion of the Committee, be granted either alone, in addition to, or in tandem with, any other Award granted pursuant to the Plan. Awards granted in addition
to or in tandem with other Awards may be granted either at the same time as or at a different time from the grant of such other Awards. 
 10.2 Award
Agreement. Awards under the Plan shall be evidenced by Award Agreements that set forth the terms, conditions and limitations for each Award which may include the term of an Award, the provisions applicable in the event the Participant’s
employment or service terminates, and the Company’s authority to unilaterally or bilaterally amend, modify, suspend, cancel or rescind an Award. 

10.3 Limits on Transfer. No right or interest of a Participant in any Award may be pledged, encumbered, or hypothecated to or in favor of any party
other than the Company or a Subsidiary, or shall be subject to any lien, obligation, or liability of such Participant to any other party other than the Company or a Subsidiary. Except as otherwise provided by the Committee, no Award shall be
assigned, transferred, or otherwise disposed of by a Participant other than by will or the laws of descent and distribution. The Committee by express provision in the Award or an amendment thereto may permit an Award (other than an Incentive Share
Option) to be transferred to, exercised by and paid to certain persons or entities related to the Participant, including but not limited to members of the Participant’s family, charitable institutions, or trusts or other entities whose
beneficiaries or beneficial owners are members of the Participant’s family and/or charitable institutions, or to such other persons or entities as may be expressly approved by the Committee, pursuant to such conditions and procedures as the
Committee may establish. Any permitted transfer shall be subject to the condition that the Committee receives evidence satisfactory to it that the transfer is being made for estate and/or tax planning purposes (or to a “blind trust” in
connection with the Participant’s termination of employment or service with the Company or a Subsidiary to assume a position with a governmental, charitable, educational or similar non-profit institution) and on a basis consistent with the
Company’s lawful issue of securities. Any breach of the foregoing shall entitle the Company to cancel any outstanding Awards or any part thereof granted to such Participant. 

10.4 Beneficiaries. Notwithstanding paragraph 10.3, a Participant may, in the manner determined by the Committee, designate a beneficiary to exercise
the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary, legal guardian, legal representative, or other person claiming any rights pursuant to the Plan is subject to
all terms and conditions of the Plan and any Award Agreement applicable to the Participant, except to the extent the Plan and Award Agreement otherwise provide, and to any additional restrictions deemed necessary or appropriate by the Committee. If
the Participant is married and resides in a community property jurisdiction, a designation of a person other than the Participant’s spouse as his or her beneficiary with respect to more than 50% of the Participant’s interest in the Award
shall not be effective without the prior written consent of the Participant’s spouse. If no beneficiary has been designated or survives the Participant, payment shall be made to the person entitled thereto pursuant to the Participant’s
will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation may be changed or revoked by a Participant at any time provided the change or revocation is filed with the Committee. 

10.5 Share Certificates. Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any certificates
evidencing Shares pursuant to the exercise of any Award, unless and until the Board has determined, with advice of counsel, that the issuance and delivery of such certificates is in compliance with all Applicable Laws, regulations of governmental
authorities and, if applicable, the requirements of any exchange on which the Shares are listed or traded. The Committee may require each Participant purchasing or acquiring Shares pursuant to an Award under the Plan to represent to and agree
with the Company in writing that such person is acquiring the Shares for investment and proprietary purposes. All Share certificates delivered pursuant to the Plan are subject to any stop-transfer orders and other restrictions as the Committee deems
necessary or advisable to comply with federal, state, or foreign jurisdiction, securities or other laws, rules and regulations and the rules of any national securities exchange or automated quotation system on which the Shares are listed, quoted, or
traded. The Committee may place legends on any Share certificate to reference restrictions applicable to the Share. In addition to the terms and conditions provided herein, the Board may require that a Participant make such reasonable covenants,
agreements, and representations as the Board, in its discretion, deems advisable in order to comply with any such laws, regulations, or requirements. The Committee shall have the right to require any Participant to comply with any timing or other
restrictions with respect to the settlement or exercise of any Award, including a window-period limitation, as may be imposed in the discretion of the Committee. 

  
 11 

 10.6 Paperless Administration. Subject to Applicable Laws, the Committee may make Awards, provide
applicable disclosure and procedures for exercise of Awards by an internet website or interactive voice response system for the paperless administration of Awards. 

10.7 Foreign Currency. A Participant may be required to provide evidence that any currency used to pay the exercise price of any Award were acquired
and taken out of the jurisdiction in which the Participant resides in accordance with Applicable Laws, including foreign exchange control laws and regulations. 

ARTICLE 11 
 CHANGES IN
CAPITAL STRUCTURE 
 11.1 Adjustments. In the event of any extraordinary dividend, share split, combination or exchange of Shares, amalgamation,
arrangement or consolidation, spin-off, recapitalization, reorganization, partial or complete liquidation, reclassification, merger, consolidation, separation, split-up, spin-off, combination, exchange of Shares, warrants or rights offering to
purchase Shares at a price substantially below Fair Market Value or other distribution (other than normal cash dividends) of Company assets to its shareholders, or any other change affecting the number of the Shares or the share price of a Share,
the Committee shall make proportionate and equitable adjustments to reflect such change with respect to (a) the aggregate number and type of shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations in
paragraph 4.1); (b) the terms and conditions of any outstanding Awards (including, without limitation, any applicable performance targets or criteria with respect thereto); and (c) the grant price or exercise price per Share for any outstanding
Awards under the Plan, in order to preserve, but not increase, the benefits or potential benefits intended to be made available under the Plan. Any such adjustments shall be made in such manner as the Committee may determine in its discretion. 

11.2 Outstanding Awards – Corporate Transactions. In the event of a Corporate Transaction, each Award will terminate upon the consummation of the
Corporate Transaction, unless the Award is assumed by the successor entity or Parent thereof in connection with the Corporate Transaction. Except as provided otherwise in an individual Award Agreement, in the event of a Corporate Transaction and:

  

	 	(a)	the Award either is (i) assumed by the successor entity or Parent thereof or replaced with a comparable Award (as determined by the Committee) with respect to shares of the capital stock of the successor entity or
Parent thereof or (ii) replaced with a cash incentive program of the successor entity which preserves the compensation element of such Award existing at the time of the Corporate Transaction and provides for subsequent payout in accordance with the
same vesting schedule applicable to such Award, then such Award (if assumed), the replacement Award (if replaced), or the cash incentive program automatically shall become fully vested, exercisable and payable and be released from any restrictions
on transfer (other than transfer restrictions applicable to Awards) and repurchase or forfeiture rights, immediately upon termination of the Participant’s employment or service with all Service Recipient within twelve (12) months of the
Corporate Transaction without cause; and 

  

	 	(b)	For each Award that is neither assumed nor replaced, such portion of the Award shall automatically become fully vested and exercisable and be released from any repurchase or forfeiture rights (other than repurchase
rights exercisable at Fair Market Value) for all of the Shares at the time represented by such portion of the Award, immediately prior to the specified effective date of such Corporate Transaction, provided that the Participant remains an Employee,
Consultant or Director immediately prior to the effective date of the Corporate Transaction. 

 11.3 Outstanding Awards – Other
Changes. In the event of any other change in the capitalization of the Company or corporate change other than those specifically referred to in this Article 11, the Committee may, in its absolute discretion, make such adjustments in the number
and class of shares subject to Awards outstanding on the date on which such change occurs and in the per share grant price or exercise price of each Award as the Committee may consider appropriate to prevent dilution or enlargement of rights. 

  
 12 

 11.4 No Other Rights. Except as expressly provided in the Plan, no Participant shall have any rights by
reason of any subdivision or consolidation of Shares of any class, the payment of any dividend, any increase or decrease in the number of shares of any class or any dissolution, liquidation, merger, or consolidation of the Company or any other
corporation. Except as expressly provided in the Plan or pursuant to action of the Committee under the Plan, no issuance by the Company of shares of any class, or securities convertible into shares of any class, shall affect, and no adjustment by
reason thereof shall be made with respect to, the number of shares subject to an Award or the grant price or exercise price of any Award. 

ARTICLE 12 

ADMINISTRATION 
 12.1 Committee.
The Committee shall administer the Plan. Notwithstanding the foregoing, (a) the full Board, acting by a majority of its members in office, shall conduct the general administration of the Plan if required by Applicable Law, and with respect to Awards
granted to independent non-executive Directors or Non-Employee Directors and for purposes of such Awards, the term “Committee” as used in the Plan shall be deemed to refer to the Board; and (b) the Board or Committee may delegate its
authority hereunder to the extent permitted by paragraph 12.5 below. 
 12.2 Action by the Committee. A majority of the Committee shall constitute a
quorum. The acts of a majority of the members present at any meeting at which a quorum is present, and acts approved in writing by a majority of the Committee in lieu of a meeting, shall be deemed the acts of the Committee. Each member of the
Committee is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of the Company or any Subsidiary, the Company’s independent certified public accountants, or any
executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan. 
 12.3 Authority of
Committee. Subject to any specific designation in the Plan and paragraph 12.5 below, the Committee has the exclusive power, authority and discretion to: 
  

	 	(a)	designate Participants to receive Awards; 

  

	 	(b)	determine the type or types of Awards to be granted to each Participant; 

  

	 	(c)	determine the number of Awards to be granted and the number of Shares to which an Award will relate; 

  

	 	(d)	determine the terms and conditions of any Award granted pursuant to the Plan, including, but not limited to, the exercise price, grant price, or purchase price, any minimum period for which the Award must be held for
before it can be exercised, any performance targets which must be achieved before an Award can be exercised, any restrictions or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions on the exercisability of an
Award, and accelerations or waivers thereof, any provisions related to non-competition and recapture of gain on an Award, based in each case on such considerations as the Committee in its sole discretion determines; 

 

	 	(e)	determine whether, to what extent, and pursuant to what circumstances and amount an Award may be settled in, or the exercise price of an Award may be paid in, cash, Shares, other Awards, or other property, or an Award
may be canceled, forfeited, or surrendered; 

  

	 	(f)	prescribe the form of each Award Agreement, which need not be identical for each Participant; 

  

	 	(g)	decide all other matters that must be determined in connection with an Award; 

  

	 	(h)	establish, adopt, or revise any rules and regulations as it may deem necessary or advisable to administer the Plan; 

  

	 	(i)	interpret the terms of, and any matter arising pursuant to, the Plan or any Award Agreement; 

  

	 	(j)	vary the terms of Awards to take account of tax and securities law and other regulatory requirements or to procure favorable tax treatment for Participants; 

  
 13 

	 	(k)	correct any defects, supply any omission or reconcile any inconsistency in any Award Agreement or the Plan; and 

  

	 	(l)	make all factual and other decisions and determinations that may be required pursuant to the Plan or as the Committee deems necessary or advisable to administer the Plan, including but not limited to the determination
in relation to the Termination of Services. 

 12.4 Decisions Binding. The Committee’s interpretation of the Plan, any Awards
granted pursuant to the Plan, any Award Agreement and all decisions and determinations by the Committee with respect to the Plan (a) shall be made in the Committee’s sole discretion and (b) are final, binding, and conclusive for all purposes
and upon all parties. 
 12.5 Delegation of Authority. To the extent permitted by Applicable Laws, the Board or Committee may from time to time
delegate to a committee of one or more officers of the Company (including Chief Executive Officer, Chief Financial Officer, Chief Legal Officer, Chief Human Resource Officer, or equivalent) the authority to take the administrative actions pursuant
to Article 12; provided, however, that in no event shall any delegated personnel be delegated the authority to grant awards to, or amend awards held by, the following individuals: (a) individuals who are subject to Section 16 of the Exchange
Act, or (b) officers of the Company (or Directors) to whom authority to grant or amend Awards has been delegated hereunder. Any delegated personnel hereunder shall be subject to the restrictions and limits that the Board or Committee specifies
at the time of such delegation, and the Board may at any time rescind the authority so delegated. 
 ARTICLE 13 

EFFECTIVE AND EXPIRATION DATE 
 13.1
Amendment Effective Date. The Plan, as amended hereby, is effective as of the date both of the following conditions are met: (a) the Company is delisted from The Stock Exchange of Hong Kong Limited; and (b) the Plan, as amended hereby, is
approved by the Company’s shareholders. 
 13.2 Expiration Date. The Plan will expire on, and no Award may be granted pursuant to the Plan after
December 7, 2021. Any Awards that are outstanding on December 7, 2021 shall remain in force according to the terms of the Plan and the applicable Award Agreement. 

ARTICLE 14 
 AMENDMENT,
MODIFICATION, AND TERMINATION 
 14.1 Amendment, Modification, and Termination. Subject to Applicable Laws, with the approval of the Board, at
any time and from time to time, the Committee may terminate, amend or modify the Plan; provided, however, that (a) to the extent necessary and desirable to comply with any applicable law, regulation, or stock exchange rule, the Company shall
obtain shareholder approval of any Plan amendment in such a manner and to such a degree as required, and (b) shareholder approval of the Company is required for any amendment to the Plan that (i) increases the number of Shares available under the
Plan (other than any adjustment as provided by Article 11), or (ii) results in a material increase in benefits or a change in eligibility requirements. For the purpose of the Plan, shareholder approval means the affirmative vote of a simple majority
of votes cast by shareholders of the Company present or represented and entitled to vote at a meeting duly held in accordance with the applicable provisions of the Company’s Memorandum of Association and Articles of Association. 

14.2 Awards Previously Granted. Except with respect to amendments made pursuant to paragraph 14.1, no termination, amendment, or modification of the
Plan shall adversely affect in any material way any Award previously granted pursuant to the Plan and other previous plans without the prior written consent of the Participant. 

ARTICLE 15 

CANCELLATION OF OPTIONS 
 15.1 Options
Granted but not Exercised. Any cancellation of Options granted but not exercised must be approved by the Participants of the relevant Options in writing. For the avoidance of doubt, such approval is not required in the event any Option is
cancelled pursuant to paragraph 10.3. Where the Company cancels Options, the grant of new Options to the same Participant may only be made under this Plan within the limits set out in paragraph 4.1. 

  
 14 

 ARTICLE 16 

GENERAL PROVISIONS 
 16.1 No Rights to
Awards. No Participant, employee, or other person shall have any claim to be granted any Award pursuant to the Plan, and neither the Company nor the Committee is obligated to treat Participants, employees, and other persons uniformly. 

16.2 No Shareholders Rights. No Award gives the Participant any of the rights of a Shareholder of the Company unless and until Shares are in fact
issued to such person in connection with such Award. 
 16.3 Taxes. No Shares shall be delivered under the Plan to any Participant until such
Participant has made arrangements acceptable to the Committee for the satisfaction of any income and employment tax withholding obligations under Applicable Laws, including without limitation the Macau, Hong Kong or PRC tax laws, rules, regulations
and government orders or the U.S. Federal, state or local tax laws, as applicable. The Company or any Subsidiary shall have the authority and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to
satisfy federal, state, local and foreign taxes (including the Participant’s payroll tax obligations) required by law to be withheld with respect to any taxable event concerning a Participant arising as a result of this Plan. The Committee may,
in its discretion and in satisfaction of the foregoing requirement, allow a Participant to elect to have the Company withhold Shares otherwise issuable under an Award (or allow the return of Shares) having a Fair Market Value equal to the sums
required to be withheld. Notwithstanding any other provision of the Plan, the number of Shares which may be withheld with respect to the issuance, vesting, exercise or payment of any Award (or which may be repurchased from the Participant of such
Award after such Shares were acquired by the Participant from the Company) in order to satisfy the Participant’s federal, state, local and foreign income and payroll tax liabilities with respect to the issuance, vesting, exercise or payment of
the Award shall, unless specifically approved by the Committee, be limited to the number of Shares which have a Fair Market Value on the date of withholding or repurchase equal to the aggregate amount of such liabilities based on the minimum
statutory withholding rates for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such supplemental taxable income.

16.4 Section 409A of the Code. 
  

	 	(a)	Notwithstanding any contrary provision in the Plan or an Award Agreement, if any provision of the Plan or an Award Agreement contravenes any regulations or guidance promulgated under Section 409A of the Code or would
cause an Award to be subject to additional taxes, accelerated taxation, interest and/or penalties under Section 409A of the Code, such provision of the Plan or Award Agreement may be modified by the Committee without consent of the Participant in
any manner the Committee deems reasonable or necessary. In making such modifications the Committee shall attempt, but shall not be obligated, to maintain, to the maximum extent practicable, the original intent of the applicable provision
without contravening the provisions of Section 409A of the Code. Moreover, any discretionary authority that the Committee may have pursuant to the Plan shall not be applicable to an Award that is subject to Section 409A of the Code to the
extent such discretionary authority would contravene Section 409A of the Code or the guidance promulgated thereunder. 

  

	 	(b)	Notwithstanding any provision of the Plan or an Award Agreement to the contrary, if, upon the termination of a Participant’s employment with the Company for any reason, the Company determines that the Participant
is a Specified Employee, no payments shall be made with respect to an Award that is subject to Section 409A of the Code before the date that is the first business day following the six-month anniversary of the Participant’s Separation From
Service for any reason, or if earlier, upon the Participant’s death. The provisions of this Section 16.4(b) shall only apply if required pursuant to Section 409A of the Code. 

16.5 No Right to Employment or Services. Nothing in the Plan or any Award Agreement shall interfere with or limit in any way the right of the Service
Recipient to terminate any Participant’s employment or services at any time, nor confer upon any Participant any right to continue in the employ or service of any Service Recipient. 

  
 15 

 16.6 Unfunded Status of Awards. The Plan is intended to be an “unfunded” plan for incentive
compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give the Participant any rights that are greater than those of a general creditor of the
Company or any Subsidiary. 
 16.7 Indemnification. To the extent allowable pursuant to applicable law, each member of the Committee or of the Board
shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member in connection with or resulting from any claim, action, suit, or proceeding to which he
or she may be a party or in which he or she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction of judgment in such action, suit, or proceeding
against him or her; provided he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification
shall not be exclusive of any other rights of indemnification to which such persons may be entitled pursuant to the Company’s Memorandum of Association and Articles of Association, as a matter of law, or otherwise, or any power that the Company
may have to indemnify them or hold them harmless. 
 16.8 Relationship to other Benefits. No payment pursuant to the Plan shall be taken into account
in determining any benefits pursuant to any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary except to the extent otherwise expressly provided in writing in such other plan
or an agreement thereunder. 
 16.9 Expenses. The expenses of administering the Plan shall be borne by the Company and its Subsidiaries. 

16.10 Titles and Headings. The titles and headings of the sections in the Plan are for convenience of reference only and, in the event of any conflict,
the text of the Plan, rather than such titles or headings, shall control. 
 16.11 Fractional Shares. No fractional shares of Share shall be issued
and the Committee shall determine, in its discretion, whether cash shall be given in lieu of fractional shares or whether such fractional shares shall be eliminated by rounding up or down as appropriate. 

16.12 Severability. If any provision of this Plan is held unenforceable, the remainder of the Plan shall continue in full force and effect without
regard to such unenforceable provision and shall be applied as though the unenforceable provision were not contained in the Plan. 
 16.13 Government and
Other Regulations. The obligation of the Company to make payment of awards in Share or otherwise shall be subject to all Applicable Laws, rules, and regulations, and to such approvals by government agencies as may be required. The Company shall
be under no obligation to register any of the Shares paid pursuant to the Plan under the Securities Act or any other similar law in any applicable jurisdiction. If the Shares paid pursuant to the Plan may in certain circumstances be exempt from
registration pursuant to the Securities Act or other Applicable Laws the Company may restrict the transfer of such shares in such manner as it deems advisable to ensure the availability of any such exemption. 

16.14 Governing Law. The Plan and all Award Agreements shall be construed in accordance with and governed by the laws of the Cayman Islands.

Issue No. 2 
 Approved by Annual General Meeting 

Approved Date: May 20, 2015 
 Certified to be a true copy by
Company Secretary 
  

			
	Signature:	 	 /s/ Stephanie Cheung

  
 16 

							
	 Amendment History:
  

	 Issue
	  	 Plan Reference
	  	 Shareholder Approval Date
	  	 Implementation Date

				
	1	  	2011 Original SIP (“2011 OSIP”)	  	October 6, 2011	  	December 7, 2011
				
	2	  	2015 Amended SIP (“2015 ASIP”)	  	May 20, 2015	  	July 3, 2015

  
 17

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