Document:

EX-10.22

 Exhibit 10.22 

FORTERRA, INC. 
 2016
STOCK INCENTIVE PLAN 
  

	1.	Purpose 

 The purpose of this Forterra, Inc. 2016 Stock Incentive Plan (the “Plan”) is to
promote and closely align the interests of employees, officers, non-employee directors and other service providers of Forterra, Inc. (the “Company”) and its stockholders by providing stock-based compensation and other performance-based
compensation. The objectives of the Plan are to attract and retain the best available employees for positions of substantial responsibility and to motivate Participants to optimize the profitability and growth of the Company through incentives
that are consistent with the Company’s goals and that link the personal interests of Participants to those of the Company’s stockholders. 
 The
Plan provides for the grant of Options, Stock Appreciation Rights, Restricted Stock Units and Restricted Stock, any of which may be performance-based, and for Incentive Bonuses, which may be paid in cash or stock or a combination thereof, as
determined by the Committee. 
  

	2.	Definitions 

 As used in the Plan, the following terms shall have the meanings set forth below: 

(a) “Affiliate” means any entity in which the Company has a substantial direct or indirect equity interest, as determined by the Committee from time
to time. 
 (b) “Act” means the Securities Exchange Act of 1934, as amended, or any successor thereto. 

(c) “Award” means an Option, Stock Appreciation Right, Restricted Stock Unit, Restricted Stock or Incentive Bonus granted to a Participant pursuant
to the provisions of the Plan, any of which may be subject to performance conditions. 
 (d) “Award Agreement” means a written or electronic
agreement or other instrument as may be approved from time to time by the Committee and designated as such implementing the grant of each Award. An Award Agreement may be in the form of an agreement to be executed by both the Participant and
the Company (or an authorized representative of the Company) or certificates, notices or similar instruments as approved by the Committee and designated as such. 

(e) “Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the Act. 

(f) “Board” means the board of directors of the Company. 

(g) “Cause” has the meaning set forth in an Award Agreement or other written employment or services agreement between the Participant and the
Company or an Affiliate thereof, or if no such meaning applies, means a Participant’s Termination of Employment by the Company or an Affiliate by reason of the Participant’s (i) material breach of his or her obligations under any
agreement, including any employment agreement, that he has entered into with the Company or an Affiliate; (ii) intentional misconduct as an officer, employee, director, consultant or advisor of 

  
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the Company or a material violation by the Participant of written policies of the Company; (iii) material breach of any fiduciary duty which the Participant owes to the Company; (iv) commission
by the Participant of (A) a felony or (B) fraud, embezzlement, dishonesty, or a crime involving moral turpitude; (v) the habitual use of illicit drugs or other illicit substances; or (vi) unexplained absence from work or service for more than ten
(10) days in any twelve (12) month period (vacation, reasonable personal leave, reasonable sick leave and disability excepted). A Participant’s employment or service will be deemed to have been terminated for Cause if it is determined
subsequent to his or her termination of employment or service that grounds for termination of his or her employment or service for Cause existed at the time of his or her termination of employment or service. 

(h) “Change in Control” means the occurrence of any one of the following: 

(1) any Person, other than LSF9 Stardust Holdings, L.P., LSF9 Concrete Mid-Holdings, Ltd, or their respective Affiliates, is or becomes the Beneficial Owner,
directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person or any securities acquired directly from the Company or its Affiliates) representing 35% or more of the combined voting power of
the Company’s then outstanding securities, excluding any Person who becomes such a Beneficial Owner in connection with a transaction described in clause (A) of paragraph 3 below; or 

(2) the following individuals cease for any reason to constitute a majority of the number of directors then serving: individuals who, on the Effective Date
(as defined below), constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to
the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s stockholders was approved or recommended by a vote of at least a majority of the directors then still in office who
either were directors on the date hereof or whose appointment, election or nomination for election was previously so approved or recommended; or 
 (3)
there is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other corporation, other than (A) a merger or consolidation which would result in the holders of the voting securities of the
Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) at least 50% of the combined
voting power of the securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation; or 

(4) the implementation of a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by the
Company of all or substantially all of the Company’s assets, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to (A) an entity, at least 50% of the combined voting power of the voting
securities of which is owned by stockholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale, or (B) LSF9 Stardust Holdings, L.P., LSF9 Concrete Mid-Holdings, Ltd, or their
respective Affiliates. 

  
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 (i) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rulings and
regulations issued thereunder. 
 (j) “Committee” means the Compensation Committee of the Board (or any successor committee), or such other
committee as designated by the Board to administer the Plan under Section 6. 
 (k) “Common Stock” means the common stock of the Company, par
value $0.001 a share, or such other class or kind of shares or other securities as may be applicable under Section 15. 
 (l) “Company” means
Forterra, Inc., a Delaware corporation, and except as utilized in the definition of Change in Control, any successor corporation. 
 (m) “Dividend
Equivalents” mean an amount payable in cash or Common Stock, as determined by the Committee, with respect to a Restricted Stock Unit Award equal to the dividends that would have been paid to the Participant if the shares underlying the Award
had been owned by the Participant. 
 (n) “Effective Date” means the date on which the Plan takes effect, as defined pursuant to Section 4 of the
Plan. 
 (o) “Eligible Person” any current or prospective employee, officer, non-employee director or other service provider of the Company or any
of its Subsidiaries; provided however that Incentive Stock Options may only be granted to employees. 
 (p) “Fair Market Value” means as of any
date, the value of the Common Stock determined as follows: (i) if the Common Stock is listed on any established stock exchange, system or market, its Fair Market Value shall be the closing price for the Common Stock as quoted on such exchange,
system or market as reported in the Wall Street Journal or such other source as the Committee deems reliable (or, if no sale of Common Stock is reported for such date, on the next preceding date on which any sale shall have been reported); and (ii)
in the absence of an established market for the Common Stock, the Fair Market Value thereof shall be determined in good faith by the Committee by the reasonable application of a reasonable valuation method, taking into account factors consistent
with Treas. Reg. § 409A-1(b)(5)(iv)(B) as the Committee deems appropriate. 
 (q) “Incentive Bonus” means a bonus opportunity awarded under
Section 11 pursuant to which a Participant may become entitled to receive an amount based on satisfaction of such performance criteria established for a specified performance period as specified in the Award Agreement. 

(r) “Incentive Stock Option” means a stock option that is intended to qualify as an “incentive stock option” within the meaning of Section
422 of the Code. 
 (s) “Nonqualified Stock Option” means a stock option that is not intended to qualify as an “incentive stock option”
within the meaning of Section 422 of the Code. 

  
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 (t) “Option” means a right to purchase a number of shares of Common Stock at such exercise price, at
such times and on such other terms and conditions as are specified in or determined pursuant to an Award Agreement. Options granted pursuant to the Plan may be Incentive Stock Options or Nonqualified Stock Options. 

(u) “Participant” means any Eligible Person to whom Awards have been granted from time to time by the Committee and any authorized transferee of
such individual. 
 (v) “Person” shall have the meaning given in Section 3(a)(9) of the Act, as modified and used in Sections 13(d) and 14(d)
thereof, except that such term shall not include (i) the Company or any of its Affiliates, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Subsidiaries, (iii) an underwriter
temporarily holding securities pursuant to an offering of such securities or (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company. 

(w) “Plan” means the Forterra, Inc. 2016 Stock Incentive Plan as set forth herein and as amended from time to time. 

(x) “Restricted Stock” means an Award or issuance of Common Stock the grant, issuance, vesting and/or transferability of which is subject during
specified periods of time to such conditions (including continued employment or engagement or performance conditions) and terms as the Committee deems appropriate. 

(y) “Restricted Stock Unit” means an Award denominated in units of Common Stock under which the issuance of shares of Common Stock (or cash payment
in lieu thereof) is subject to such conditions (including continued employment or engagement or performance conditions) and terms as the Committee deems appropriate. 

(z) “Separation from Service” or “Separates from Service” means the termination of Participant’s employment with the Company and all
Subsidiaries that constitutes a “separation from service” within the meaning of Section 409A of the Code. 
 (aa) “Stock Appreciation
Right” means a right granted that entitles the Participant to receive, in cash or Common Stock or a combination thereof, as determined by the Committee, value equal to the excess of (i) the Fair Market Value of a specified number of shares of
Common Stock at the time of exercise over (ii) the exercise price of the right, as established by the Committee on the date of grant. 
 (bb)
“Subsidiary” means any business association (including a corporation or a partnership, other than the Company) in an unbroken chain of such associations beginning with the Company if each of the associations other than the last association
in the unbroken chain owns equity interests (including stock or partnership interests) possessing 50% or more of the total combined voting power of all classes of equity interests in one of the other associations in such chain. 

(cc) “Substitute Awards” means Awards granted or Common Stock issued by the Company in assumption of, or in substitution or exchange for, awards
previously granted, or the right or obligation to make future awards, by a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines. 

  
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 (dd) “Termination of Employment” means ceasing to serve as an employee of the Company and its
Subsidiaries or, with respect to a non-employee director or other service provider, ceasing to serve as such for the Company and its Subsidiaries, except that with respect to all or any Awards held by a Participant (i) the Committee may determine
that a leave of absence or employment on a less than full-time basis is considered a “Termination of Employment,” (ii) the Committee may determine that a transition of employment to service with a partnership, joint venture or corporation
not meeting the requirements of a Subsidiary in which the Company or a Subsidiary is a party is not considered a “Termination of Employment,” (iii) service as a member of the Board shall constitute continued employment with respect to
Awards granted to a Participant while he or she served as an employee, and (iv) service as an employee of the Company or a Subsidiary shall constitute continued employment with respect to Awards granted to a Participant while he or she served as a
member of the Board or other service provider. The Committee shall determine whether any corporate transaction, such as a sale or spin-off of a division or subsidiary that employs or engages a Participant, shall be deemed to result in a
Termination of Employment with the Company and its Subsidiaries for purposes of any affected Participant’s Awards, and the Committee’s decision shall be final and binding. 

 

	3.	Eligibility 

 Any Eligible Person is eligible for selection by the Committee to receive an Award. 

 

	4.	Effective Date and Termination of Plan 

 This Plan became effective
on             , 2016 (the “Effective Date”). The Plan shall remain available for the grant of Awards until the tenth (10th) anniversary of the Effective
Date. Notwithstanding the foregoing, the Plan may be terminated at such earlier time as the Board may determine. Termination of the Plan will not affect the rights and obligations of the Participants and the Company arising under Awards
theretofore granted. 
  

	5.	Shares Subject to the Plan and to Awards 

 (a) Aggregate Limits. The aggregate number of
shares of Common Stock issuable under the Plan shall be equal to                 . The aggregate number of shares of Common Stock available for grant under this Plan and
the number of shares of Common Stock subject to Awards outstanding at the time of any event described in Section 15 shall be subject to adjustment as provided in Section 15. The shares of Common Stock issued pursuant to Awards granted under
this Plan may be shares that are authorized and unissued or shares that were reacquired by the Company, including shares purchased in the open market. 

(b) Issuance of Shares. For purposes of Section 5(a), the aggregate number of shares of Common Stock issued under this Plan at any time shall
equal only the number of shares of Common Stock actually issued upon exercise or settlement of an Award. Shares of Common Stock subject to Awards that have been canceled, expired, forfeited or otherwise not issued under an Award and shares of
Common Stock subject to Awards settled in cash shall not count as shares of Common Stock issued under this Plan. The aggregate number of shares available for 

  
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issuance under this Plan at any time shall not be reduced by (i) shares subject to Awards that have been terminated, expired unexercised, forfeited or settled in cash, (ii) shares subject to
Awards that have been retained or withheld by the Company in payment or satisfaction of the exercise price, purchase price or tax withholding obligation of an Award, or (iii) shares subject to Awards that otherwise do not result in the issuance of
shares in connection with payment or settlement thereof. In addition, shares that have been delivered (either actually or by attestation) to the Company in payment or satisfaction of the exercise price, purchase price or tax withholding
obligation of an Award shall be available for issuance under this Plan. 
 (c) Substitute Awards. Substitute Awards shall not reduce the shares
of Common Stock authorized for issuance under the Plan or authorized for grant to a Participant in any calendar year. Additionally, in the event that a company acquired by the Company or any Subsidiary, or with which the Company or any
Subsidiary combines, has shares available under a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as
adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to
such acquisition or combination) may be used for Awards under the Plan and shall not reduce the shares of Common Stock authorized for issuance under the Plan; provided that Awards using such available shares shall not be made after the date awards
or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were employees of such acquired or combined company before such acquisition or combination.

 (d) Tax Code Limits. The aggregate number of shares of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options
granted under this Plan shall be equal to                    , which number shall be calculated and adjusted pursuant to Section 15 only to the
extent that such calculation or adjustment will not affect the status of any option intended to qualify as an Incentive Stock Option under Section 422 of the Code. Upon the expiration of the reliance period relating to the exemption for
corporations that become publicly held, as specified in Treas. Reg. § 1.162-27(f), (i) the aggregate number of shares of Common Stock subject to Awards granted under this Plan during any calendar year to any one Participant shall not
exceed                    , which number shall be calculated and adjusted pursuant to Section 15 only to the extent that such calculation or
adjustment will not affect the status of any Award intended to qualify as “performance-based compensation” under Section 162(m) of the Code; and (ii) the maximum cash amount payable pursuant to that portion of an Incentive Bonus
earned for any 12-month period to any Participant under this Plan that is intended to satisfy the requirements for “performance-based compensation” under Section 162(m) of the Code shall not exceed
$        . 
 (e) Limits on Awards to Non-Employee Directors. The aggregate dollar value of equity-based
(based on the grant date Fair Market Value of equity-based Awards) and cash compensation granted under this Plan or otherwise during any calendar year to any non-employee director shall not exceed $         ;
provided, however, that in the calendar year in which a non-employee director first joins the Board or is first designated as Chairman of the Board or Lead Director, the maximum aggregate dollar value of equity-based and cash compensation granted to
the non-employee director may be up to    % of the foregoing limit. 

  
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	6.	Administration of the Plan 

 (a) Administrator of the Plan. The Plan shall be administered by
the Committee. The Board shall fill vacancies on, and from time to time may remove or add members to, the Committee. The Committee shall act pursuant to a majority vote or unanimous written consent. Any power of the Committee may also
be exercised by the Board, except to the extent that the grant or exercise of such authority would cause any Award or transaction to become subject to (or lose an exemption under) the short-swing profit recovery provisions of Section 16 of the Act
or cause an Award intended to qualify as performance-based compensation under Section 162(m) of the Code not to qualify for such treatment. To the extent that any permitted action taken by the Board conflicts with action taken by the Committee,
the Board action shall control. To the maximum extent permissible under applicable law, the Committee (or any successor) may by resolution delegate any or all of its authority to one or more subcommittees composed of one or more directors
and/or officers of the Company, and any such subcommittee shall be treated as the Committee for all purposes under this Plan. Notwithstanding the foregoing, if the Board or the Committee (or any successor) delegates to a subcommittee comprised
of one or more officers of the Company (who are not also directors) the authority to grant Awards, the resolution so authorizing such subcommittee shall specify the total number of shares of Common Stock such subcommittee may award pursuant to such
delegated authority, and no such subcommittee shall designate any officer serving thereon or any executive officer or non-employee director of the Company as a recipient of any Awards granted under such delegated authority. The Committee hereby
delegates to and designates the senior human resources officer of the Company (or such other officer with similar authority), and to his or her delegates or designees, the authority to assist the Committee in the day-to-day administration of the
Plan and of Awards granted under the Plan, including without limitation those powers set forth in Section 6(b)(4) through (9) and to execute agreements evidencing Awards made under this Plan or other documents entered into under this Plan on behalf
of the Committee or the Company. The Committee may further designate and delegate to one or more additional officers or employees of the Company or any subsidiary, and/or one or more agents, authority to assist the Committee in any or all
aspects of the day-to-day administration of the Plan and/or of Awards granted under the Plan. 
 (b) Powers of Committee. Subject to the express
provisions of this Plan, the Committee shall be authorized and empowered to do all things that it determines to be necessary or appropriate in connection with the administration of this Plan, including, without limitation: 

(1) to prescribe, amend and rescind rules and regulations relating to this Plan and to define terms not otherwise defined herein; 

(2) to determine which persons are Eligible Persons, to which of such Eligible Persons, if any, Awards shall be granted hereunder and the timing of any such
Awards; 
 (3) to prescribe and amend the terms of the Award Agreements, to grant Awards and determine the terms and conditions thereof; 

(4) to establish and verify the extent of satisfaction of any performance goals or other conditions applicable to the grant, issuance, retention, vesting,
exercisability or settlement of any Award; 

  
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 (5) to prescribe and amend the terms of or form of any document or notice required to be delivered to the Company
by Participants under this Plan; 
 (6) to determine the extent to which adjustments are required pursuant to Section 15; 

(7) to interpret and construe this Plan, any rules and regulations under this Plan and the terms and conditions of any Award granted hereunder, and to make
exceptions to any such provisions if the Committee, in good faith, determines that it is appropriate to do so; 
 (8) to approve corrections in the
documentation or administration of any Award; and 
 (9) to make all other determinations deemed necessary or advisable for the administration of this Plan.

 Notwithstanding anything in this Plan to the contrary, with respect to any Award that is “deferred compensation” under Section 409A of the
Code, the Committee shall exercise its discretion in a manner that causes such Awards to be compliant with or exempt from the requirements of such Code section. Without limiting the foregoing, unless expressly agreed to in writing by the
Participant holding such Award, the Committee shall not take any action with respect to any Award which constitutes (i) a modification of a stock right within the meaning of Treas. Reg. § 1.409A-1(b)(5)(v)(B) so as to constitute the grant of a
new stock right, (ii) an extension of a stock right, including the addition of a feature for the deferral of compensation within the meaning of Treas. Reg. § 1.409A-1 (b)(5)(v)(C), or (iii) an impermissible acceleration of a payment date or a
subsequent deferral of a stock right subject to Section 409A of the Code within the meaning of Treas. Reg. § 1.409A-1(b)(5)(v)(E). 
 The Committee
may, in its sole and absolute discretion, without amendment to the Plan but subject to the limitations otherwise set forth in Section 19, waive or amend the operation of Plan provisions respecting exercise after termination of employment or service
to the Company or an Affiliate. The Committee or any member thereof may, in its sole and absolute discretion and, except as otherwise provided in Section 19, waive, settle or adjust any of the terms of any Award so as to avoid unanticipated
consequences or address unanticipated events (including any temporary closure of an applicable stock exchange, disruption of communications or natural catastrophe). 

(c) Determinations by the Committee. All decisions, determinations and interpretations by the Committee regarding the Plan, any rules and
regulations under the Plan and the terms and conditions of or operation of any Award granted hereunder, shall be final and binding on all Participants, beneficiaries, heirs, assigns or other persons holding or claiming rights under the Plan or any
Award. The Committee shall consider such factors as it deems relevant, in its sole and absolute discretion, to making such decisions, determinations and interpretations including, without limitation, the recommendations or advice of any officer
or other employee of the Company and such attorneys, consultants and accountants as it may select. Members of the Board and members of the Committee acting under the Plan shall be fully protected in relying in good faith upon the advice of
counsel and shall incur no liability except for gross negligence or willful misconduct in the performance of their duties. 

  
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 (d) Subsidiary Awards. In the case of a grant of an Award to any Participant employed by a
Subsidiary, such grant may, if the Committee so directs, be implemented by the Company issuing any subject shares of Common Stock to the Subsidiary, for such lawful consideration as the Committee may determine, upon the condition or understanding
that the Subsidiary will transfer the shares of Common Stock to the Participant in accordance with the terms of the Award specified by the Committee pursuant to the provisions of the Plan. Notwithstanding any other provision hereof, such Award
may be issued by and in the name of the Subsidiary and shall be deemed granted on such date as the Committee shall determine. 
  

	7.	Plan Awards 

 (a) Terms Set Forth in Award Agreement. Awards may be granted to Eligible
Persons as determined by the Committee at any time and from time to time prior to the termination of the Plan. The terms and conditions of each Award shall be set forth in an Award Agreement in a form approved by the Committee for such Award,
which Award Agreement may contain such terms and conditions as specified from time to time by the Committee, provided such terms and conditions do not conflict with the Plan. The Award Agreement for any Award (other than Restricted Stock
awards) shall include the time or times at or within which and the consideration, if any, for which any shares of Common Stock may be acquired from the Company. The terms of Awards may vary among Participants, and the Plan does not impose upon
the Committee any requirement to make Awards subject to uniform terms. Accordingly, the terms of individual Award Agreements may vary. 
 (b)
Termination of Employment. Subject to the express provisions of the Plan, the Committee shall specify before, at, or after the time of grant of an Award the provisions governing the effect(s) upon an Award of a Participant’s
Termination of Employment. 
 (c) Rights of a Stockholder. A Participant shall have no rights as a stockholder with respect to shares of Common
Stock covered by an Award (including voting rights) until the date the Participant becomes the holder of record of such shares of Common Stock. No adjustment shall be made for dividends or other rights for which the record date is prior to such
date, except as provided in Section 10(b) or Section 15 of this Plan or as otherwise provided by the Committee. 
  

	8.	Options 

 (a) Grant, Term and Price. The grant, issuance, retention, vesting and/or
settlement of any Option shall occur at such time and be subject to such terms and conditions as determined by the Committee or under criteria established by the Committee, which may include conditions based on continued employment or engagement,
passage of time, attainment of age and/or service requirements, and/or satisfaction of performance conditions. The term of an Option shall in no event be greater than ten years; provided, however, the term of an Option (other than an Incentive
Stock Option) shall be automatically extended if, at the time of its scheduled expiration, the Participant holding such Option is prohibited by law or the Company’s insider trading policy from exercising the Option, which extension shall expire
on the thirtieth (30th) day following the date such prohibition no longer applies. The Committee will establish the price at which Common Stock may be purchased upon exercise of an Option, which, in no event will be less than the Fair Market
Value of such shares on the date of grant; provided, however, 

  
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that the exercise price per share of Common Stock with respect to an Option that is granted as a Substitute Award may be less than the Fair Market Value of the shares of Common Stock on the date
such Option is granted if such exercise price is based on a formula set forth in the terms of the options held by such optionees or in the terms of the agreement providing for such merger or other acquisition that satisfies the requirements of (i)
Section 409A of the Code, if such options held by such optionees are not intended to qualify as “incentive stock options” within the meaning of Section 422 of the Code, and (ii) Section 424(a) of the Code, if such options held by such
optionees are intended to qualify as “incentive stock options” within the meaning of Section 422 of the Code. The exercise price of any Option may be paid in cash or such other method as determined by the Committee, including an
irrevocable commitment by a broker to pay over such amount from a sale of the shares of Common Stock issuable under an Option, the delivery of previously owned shares of Common Stock or withholding of shares of Common Stock deliverable upon
exercise. 
 (b) No Repricing without Stockholder Approval. Other than in connection with a change in the Company’s capitalization (as
described in Section 15), the Committee shall not, without stockholder approval, reduce the exercise price of a previously awarded Option and, at any time when the exercise price of a previously awarded Option is above the Fair Market Value of a
share of Common Stock, the Committee shall not, without stockholder approval, cancel and re-grant or exchange such Option for cash or a new Award with a lower (or no) exercise price. 

(c) No Reload Grants. Options shall not be granted under the Plan in consideration for and shall not be conditioned upon the delivery of shares of
Common Stock to the Company in payment of the exercise price and/or tax withholding obligation under any other employee stock option. 
 (d) Incentive
Stock Options. Notwithstanding anything to the contrary in this Section 8, in the case of the grant of an Incentive Stock Option, if the Participant owns stock possessing more than 10% of the combined voting power of all classes of stock of
the Company (a “10% Stockholder”), the exercise price of such Option must be at least 110% of the Fair Market Value of the shares of Common Stock on the date of grant and the Option must expire within a period of not more than five (5)
years from the date of grant. Notwithstanding anything in this Section 8 to the contrary, options designated as Incentive Stock Options shall not be eligible for treatment under the Code as Incentive Stock Options (and will be deemed to be
Nonqualified Stock Options) to the extent that either (a) the aggregate Fair Market Value of shares of Common Stock (determined as of the time of grant) with respect to which such Options are exercisable for the first time by the Participant during
any calendar year (under all plans of the Company and any Subsidiary) exceeds $100,000, taking Options into account in the order in which they were granted, or (b) such Options otherwise remain exercisable but are not exercised within three (3)
months (or such other period of time provided in Section 422 of the Code) of separation of service (as determined in accordance with Section 3401(c) of the Code and the regulations promulgated thereunder). 

(e) No Stockholder Rights. Participants shall have no voting rights and will have no rights to receive dividends or Dividend Equivalents in
respect of an Option or any shares of Common Stock subject to an Option until the Participant has become the holder of record of such shares. 

  
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	9.	Stock Appreciation Rights 

 (a) General Terms. The grant, issuance, retention, vesting and/or
settlement of any Stock Appreciation Right shall occur at such time and be subject to such terms and conditions as determined by the Committee or under criteria established by the Committee, which may include conditions based on continued employment
or engagement, passage of time, attainment of age and/or service requirements, and/or satisfaction of performance conditions. Stock Appreciation Rights may be granted to Participants from time to time either in tandem with or as a component of
Options granted under the Plan (“tandem SARs”) or not in conjunction with other Awards (“freestanding SARs”). Upon exercise of a tandem SAR as to some or all of the shares covered by the grant, the related Option shall be
canceled automatically to the extent of the number of shares covered by such exercise. Conversely, if the related Option is exercised as to some or all of the shares covered by the grant, the related tandem SAR, if any, shall be canceled
automatically to the extent of the number of shares covered by the Option exercise. Any Stock Appreciation Right granted in tandem with an Option may be granted at the same time such Option is granted or at any time thereafter before exercise
or expiration of such Option, provided that the Fair Market Value of Common Stock on the date of the SAR’s grant is not greater than the exercise price of the related Option. All freestanding SARs shall be granted subject to the same terms
and conditions applicable to Options as set forth in Section 8 and all tandem SARs shall have the same exercise price as the Option to which they relate. Subject to the provisions of Section 8 and the immediately preceding sentence, the
Committee may impose such other conditions or restrictions on any Stock Appreciation Right as it shall deem appropriate. Stock Appreciation Rights may be settled in Common Stock, cash, Restricted Stock or a combination thereof, as determined by
the Committee and set forth in the applicable Award Agreement. 
 (b) No Repricing without Stockholder Approval. Other than in connection with a
change in the Company’s capitalization (as described in Section 15), the Committee shall not, without stockholder approval, reduce the exercise price of a previously awarded Stock Appreciation Right and, at any time when the exercise price of a
previously awarded Stock Appreciation Right is above the Fair Market Value of a share of Common Stock, the Committee shall not, without stockholder approval, cancel and re-grant or exchange such Stock Appreciation Right for cash or a new Award with
a lower (or no) exercise price. 
 (c) No Stockholder Rights. Participants shall have no voting rights and will have no rights to receive
dividends or Dividend Equivalents in respect of an Award of Stock Appreciation Rights or any shares of Common Stock subject to an Award of Stock Appreciation Rights until the Participant has become the holder of record of such shares. 

 

	10.	Restricted Stock and Restricted Stock Units 

 (a) Vesting and Performance Criteria. The
grant, issuance, vesting and/or settlement of any Award of Restricted Stock or Restricted Stock Units shall occur at such time and be subject to such terms and conditions as determined by the Committee or under criteria established by the Committee,
which may include conditions based on continued employment or engagement, passage of time, attainment of age and/or service requirements, and/or satisfaction of performance conditions. In addition, the Committee shall have the right to grant
Restricted Stock or Restricted Stock Unit Awards as the form of payment for grants or rights earned or due under other stockholder-approved compensation plans or arrangements of the Company. 

(b) Dividends and Distributions. Participants in whose name Restricted Stock is granted shall be entitled to receive all dividends and other
distributions paid with respect to those shares of Common Stock, unless determined otherwise by the Committee. The Committee will determine whether any such dividends or distributions will be automatically reinvested in additional shares of
Restricted Stock and/or subject to the same restrictions on transferability as the Restricted Stock with respect to which they were distributed or whether such dividends or distributions will be paid in cash. Shares underlying Restricted Stock
Units shall be entitled to dividends or distributions only to the extent provided by the Committee. Notwithstanding anything herein to the contrary, in no event will dividends or Dividend Equivalents be paid during the performance period with
respect to unearned Awards of Restricted Stock or Restricted Stock Units that are subject to performance-based vesting criteria. Dividends or Dividend Equivalents accrued on such shares shall become payable no earlier than the date the
performance-based vesting criteria have been achieved and the underlying shares or Restricted Stock Units have been earned. 

  
 11 

	11.	Incentive Bonuses 

 (a) Performance Criteria. The Committee shall establish the performance
criteria and level of achievement versus such criteria that shall determine the amount payable under an Incentive Bonus, which may include a target, threshold and/or maximum amount payable and any formula for determining such achievement, and which
criteria may be based on performance conditions. 
 (b) Timing and Form of Payment. The Committee shall determine the timing of payment of any
Incentive Bonus. Payment of the amount due under an Incentive Bonus may be made in cash or in Common Stock, as determined by the Committee. 
 (c)
Discretionary Adjustments. Notwithstanding satisfaction of any performance goals and, the amount paid under an Incentive Bonus on account of either financial performance or personal performance evaluations may be adjusted by the
Committee on the basis of such further considerations as the Committee shall determine. 
  

	12.	Qualifying Performance-Based Compensation 

 (a) General. The Committee may establish
performance criteria and level of achievement versus such criteria that shall determine the number of shares of Common Stock, Restricted Stock Units, or cash to be granted, retained, vested, issued or issuable under or in settlement of or the amount
payable pursuant to an Award, which criteria may be based on Qualifying Performance Criteria or other standards of financial performance and/or personal performance evaluations. A Performance Award may be identified as “Performance
Share,” “Performance Equity,” “Performance Unit” or other such term as chosen by the Committee. In addition, the Committee may specify that an Award or a portion of an Award is intended to satisfy the requirements for
“performance-based compensation” under Section 162(m) of the Code, provided that upon the expiration of the reliance period relating to the exemption for corporations that become publicly held, as specified in Treasury Regulation
Section 1.162-27(f), the performance criteria for such Award or portion of an Award that is intended by the Committee to satisfy the requirements for “performance-based compensation” under Section 162(m) of the Code shall be a
measure based on one or more Qualifying Performance Criteria selected by the Committee and specified at the time the Award is granted. Upon the 

  
 12 

 
expiration of the reliance period relating to the exemption for corporations that become publicly held, as specified in Treasury Regulation Section 1.162-27(f), the Committee shall certify the
extent to which any Qualifying Performance Criteria has been satisfied, and the amount payable as a result thereof, prior to payment, settlement or vesting of any Award that is intended to satisfy the requirements for “performance-based
compensation” under Section 162(m) of the Code. Notwithstanding satisfaction of any performance goals, the number of shares of Common Stock issued under or the amount paid under an Award may, to the extent specified in the Award
Agreement, be modified, but upon the expiration of the reliance period relating to the exemption for corporations that become publicly held, as specified in Treasury Regulation Section 1.162-27(f), may only be reduced, but not increased, by the
Committee on the basis of such further considerations as the Committee in its sole discretion shall determine. 
 (b) Qualifying Performance
Criteria. For purposes of this Plan, the term “Qualifying Performance Criteria” shall mean any one or more of the following performance criteria, or derivations of such performance criteria, either individually, alternatively or
in any combination, applied to either the Company as a whole or to a business division or unit or Subsidiary, either individually, alternatively or in any combination, and measured either annually or cumulatively over a period of years, on an
absolute basis or relative to a pre-established target, to previous years’ results or to a designated comparison group, in each case as specified by the Committee: (i) cash flow (before or after dividends), (ii) earning or earnings
per share (including earnings before interest, taxes, depreciation and amortization), (iii) stock price, (iv) return on equity, (v) total stockholder return, (vi) return on capital or investment (including return on total
capital, return on invested capital, or return on investment), (vii) return on assets or net assets, (viii) market capitalization, (ix) economic value added, (x) debt leverage (debt to capital), (xi) revenue,
(xii) income or net income, (xiii) operating income, (xiv) operating profit or net operating profit, (xv) operating margin or profit margin, (xvi) return on operating revenue, (xvii) cash from operations,
(xviii) operating ratio, (xix) operating revenue, (xx) total backlog, (xxi) days sales outstanding, (xxii) customer service, (xxiii) operational safety, reliability and/or efficiency; and (xxiv) environmental
incidents. As and to the extent permitted by Section 162(m) of the Code, in the event of (A) a change in corporate capitalization, a corporate transaction or a complete or partial corporate liquidation, (B) a natural
disaster or other significant unforeseen event that materially impacts the operation of the Company, (C) any extraordinary gain or loss or other event that is treated for accounting purposes as an extraordinary item under generally accepted
accounting principles, or (D) any material change in accounting policies or practices affecting the Company and/or the performance goals, then, to the extent any of the foregoing events was not anticipated at the time the performance goals were
established, the Committee may make adjustments to the performance goals, based solely on objective criteria, so as to neutralize the effect of the event on the applicable Award. 

 

	13.	Deferral of Payment 

 The Committee may, in an Award Agreement or otherwise, provide for the deferred
delivery of Common Stock or cash upon settlement, vesting or other events with respect to Restricted Stock Units, or in payment or satisfaction of an Incentive Bonus. Notwithstanding anything herein to the contrary, in no event will any
election to defer the delivery of Common Stock or any other payment with respect to any Award be allowed if the Committee determines, in its sole discretion, that the deferral would result in the imposition of the additional tax under

  
 13 

 
Section 409A(a)(1)(B) of the Code. No Award shall provide for deferral of compensation that does not comply with Section 409A of the Code. The Company, the Board and the Committee shall
have no liability to a Participant, or any other party, if an Award that is intended to be exempt from, or compliant with, Section 409A of the Code is not so exempt or compliant or for any action taken by the Board or the Committee. 

 

	14.	Conditions and Restrictions Upon Securities Subject to Awards 

 The Committee may provide that the Common
Stock issued upon exercise of an Option or Stock Appreciation Right or otherwise subject to or issued under an Award shall be subject to such further agreements, restrictions, conditions or limitations as the Committee in its discretion may specify
prior to the exercise of such Option or Stock Appreciation Right or the grant, vesting or settlement of such Award, including without limitation, conditions on vesting or transferability, forfeiture or repurchase provisions and method of payment for
the Common Stock issued upon exercise, vesting or settlement of such Award (including the actual or constructive surrender of Common Stock already owned by the Participant) or payment of taxes arising in connection with an Award. Without
limiting the foregoing, such restrictions may address the timing and manner of any resales by the Participant or other subsequent transfers by the Participant of any shares of Common Stock issued under an Award, including without limitation (i)
restrictions under an insider trading policy or pursuant to applicable law, (ii) restrictions designed to delay and/or coordinate the timing and manner of sales by the Participant and holders of other Company equity compensation arrangements, (iii)
restrictions as to the use of a specified brokerage firm for such resales or other transfers and (iv) provisions requiring Common Stock be sold on the open market or to the Company in order to satisfy tax withholding or other obligations. 

 

	15.	Adjustment of and Changes in the Stock 

 (a) The number and kind of shares of Common Stock available for
issuance under this Plan (including under any Awards then outstanding), and the number and kind of shares of Common Stock subject to the limits set forth in Section 5 of this Plan, shall be equitably adjusted by the Committee to reflect any
reorganization, reclassification, combination of shares, stock split, reverse stock split, spin-off, dividend or distribution of securities, property or cash (other than regular, quarterly cash dividends), or any other event or transaction that
affects the number or kind of shares of Common Stock outstanding. Such adjustment may be designed to comply with Section 424 of the Code or may be designed to treat the shares of Common Stock available under the Plan and subject to Awards as if
they were all outstanding on the record date for such event or transaction or to increase the number of such shares of Common Stock to reflect a deemed reinvestment in shares of Common Stock of the amount distributed to the Company’s
securityholders. The terms of any outstanding Award shall also be equitably adjusted by the Committee as to price, number or kind of shares of Common Stock subject to such Award, vesting, and other terms to reflect the foregoing events, which
adjustments need not be uniform as between different Awards or different types of Awards. No fractional shares of Common Stock shall be issued or issuable pursuant to such an adjustment. 

(b) In the event there shall be any other change in the number or kind of outstanding shares of Common Stock, or any stock or other securities into which such
Common Stock shall have been changed, or for which it shall have been exchanged, by reason of a Change in Control, other 

  
 14 

 
merger, consolidation or otherwise, then the Committee shall determine the appropriate and equitable adjustment to be effected, which adjustments need not be uniform between different Awards or
different types of Awards. In addition, in the event of such change described in this paragraph, the Committee may accelerate the time or times at which any Award may be exercised, consistent with and as otherwise permitted under Section 409A
of the Code, and may provide for cancellation of such accelerated Awards that are not exercised within a time prescribed by the Committee in its sole discretion. 

(c) Unless otherwise expressly provided in the Award Agreement or another contract, including an employment or services agreement, or under the terms of a
transaction constituting a Change in Control, the Committee may provide that any or all of the following shall occur upon a Participant’s Termination of Employment without Cause within twenty-four (24) months following a Change in Control: (a)
in the case of an Option or Stock Appreciation Right, the Participant shall have the ability to exercise any portion of the Option or Stock Appreciation Right not previously exercisable, (b) in the case of any Award the vesting of which is in whole
or in part subject to performance criteria or an Incentive Bonus, all conditions to the grant, issuance, retention, vesting or transferability of, or any other restrictions applicable to, such Award shall immediately lapse and the Participant shall
have the right to receive a payment based on target level achievement or actual performance through a date determined by the Committee, and (c) in the case of outstanding Restricted Stock and/or Restricted Stock Units (other than those referenced in
subsection (b)), all conditions to the grant, issuance, retention, vesting or transferability of, or any other restrictions applicable to, such Award shall immediately lapse. Notwithstanding anything herein to the contrary, in the event of a
Change in Control in which the acquiring or surviving company in the transaction does not assume or continue outstanding Awards upon the Change in Control, immediately prior to the Change in Control, all Awards that are not assumed or continued
shall be treated as follows effective immediately prior to the Change in Control: (a) in the case of an Option or Stock Appreciation Right, the Participant shall have the ability to exercise such Option or Stock Appreciation Right, including any
portion of the Option or Stock Appreciation Right not previously exercisable, (b) in the case of any Award the vesting of which is in whole or in part subject to performance criteria or an Incentive Bonus, all conditions to the grant, issuance,
retention, vesting or transferability of, or any other restrictions applicable to, such Award shall immediately lapse and the Participant shall have the right to receive a payment based on target level achievement or actual performance through a
date determined by the Committee, as determined by the Committee, and (c) in the case of outstanding Restricted Stock and/or Restricted Stock Units (other than those referenced in subsection (b)), all conditions to the grant, issuance, retention,
vesting or transferability of, or any other restrictions applicable to, such Award shall immediately lapse. In no event shall any action be taken pursuant to this Section 15(c) that would change the payment or settlement date of an Award in a
manner that would result in the imposition of any additional taxes or penalties pursuant to Section 409A of the Code. 
 (d) Notwithstanding anything in
this Section 15 to the contrary, in the event of a Change in Control, the Committee may provide for the cancellation and cash settlement of all outstanding Awards upon such Change in Control. 

  
 15 

 (e) The Company shall notify Participants holding Awards subject to any adjustments pursuant to this Section 15
of such adjustment, but (whether or not notice is given) such adjustment shall be effective and binding for all purposes of the Plan. 
 (f) Notwithstanding
anything in this Section 15 to the contrary, an adjustment to an Option or Stock Appreciation Right under this Section 15 shall be made in a manner that will not result in the grant of a new Option or Stock Appreciation Right under Section 409A of
the Code. 
  

	16.	Transferability 

 Each Award may not be sold, transferred for value, pledged, assigned, or otherwise
alienated or hypothecated by a Participant other than by will or the laws of descent and distribution, and each Option or Stock Appreciation Right shall be exercisable only by the Participant during his or her lifetime. Notwithstanding the
foregoing, (i) outstanding Options may be exercised following the Participant’s death by the Participant’s beneficiaries or as permitted by the Committee and (ii) a Participant may transfer or assign an Award as a gift to an entity wholly
owned by such Participant (an “Assignee Entity”), provided that such Assignee Entity shall be entitled to exercise assigned Options and Stock Appreciation Rights only during lifetime of the assigning Participant (or following the assigning
Participant’s death, by the Participant’s beneficiaries or as otherwise permitted by the Committee) and provided further that such Assignee Entity shall not further sell, pledge, transfer, assign or otherwise alienate or hypothecate such
Award. 
  

	17.	Compliance with Laws and Regulations 

 This Plan, the grant, issuance, vesting, exercise and settlement
of Awards hereunder, and the obligation of the Company to sell, issue or deliver shares of Common Stock under such Awards, shall be subject to all applicable foreign, federal, state and local laws, rules and regulations, stock exchange rules and
regulations, and to such approvals by any governmental or regulatory agency as may be required. The Company shall not be required to register in a Participant’s name or deliver Common Stock prior to the completion of any registration or
qualification of such shares under any foreign, federal, state or local law or any ruling or regulation of any government body which the Committee shall determine to be necessary or advisable. To the extent the Company is unable to or the
Committee deems it infeasible to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any shares of Common Stock hereunder, the
Company and its Subsidiaries shall be relieved of any liability with respect to the failure to issue or sell such shares of Common Stock as to which such requisite authority shall not have been obtained. No Option shall be exercisable and no
Common Stock shall be issued and/or transferable under any other Award unless a registration statement with respect to the Common Stock underlying such Option is effective and current or the Company has determined, in its sole and absolute
discretion, that such registration is unnecessary. 
 In the event an Award is granted to or held by a Participant who is employed or providing services
outside the United States, the Committee may, in its sole discretion, modify the provisions of the Plan or of such Award as they pertain to such individual to comply with applicable foreign law or to recognize differences in local law, currency or
tax policy. The Committee may also impose conditions on the grant, issuance, exercise, vesting, settlement or 

  
 16 

 
retention of Awards in order to comply with such foreign law and/or to minimize the Company’s obligations with respect to tax equalization for Participants employed outside their home
country. 
  

	18.	Withholding 

 To the extent required by applicable federal, state, local or foreign law, the Committee
may and/or a Participant shall make arrangements satisfactory to the Company for the satisfaction of any withholding tax obligations that arise with respect to any Award, or the issuance or sale of any shares of Common Stock. The Company shall
not be required to recognize any Participant rights under an Award, to issue shares of Common Stock or to recognize the disposition of such shares of Common Stock until such obligations are satisfied. To the extent permitted or required by the
Committee, these obligations may or shall be satisfied by the Company withholding cash from any compensation otherwise payable to or for the benefit of a Participant, the Company withholding a portion of the shares of Common Stock that otherwise
would be issued to a Participant under such Award or any other award held by the Participant or by the Participant tendering to the Company cash or, if allowed by the Committee, shares of Common Stock. 

 

	19.	Amendment of the Plan or Awards 

 The Board may amend, alter or discontinue this Plan and the Committee
may amend, or alter any agreement or other document evidencing an Award made under this Plan but, except as provided pursuant to the provisions of Section 15, no such amendment shall, without the approval of the stockholders of the Company: 

(a) increase the maximum number of shares of Common Stock for which Awards may be granted under this Plan; 

(b) reduce the price at which Options may be granted below the price provided for in Section 8(a); 

(c) reprice outstanding Options or SARs as described in 8(b) and 9(b); 

(d) extend the term of this Plan; 
 (e) change the class of
persons eligible to be Participants; 
 (f) increase the individual maximum limits in Section 5(d) or 5(e); or 

(g) otherwise amend the Plan in any manner requiring stockholder approval by law or the rules of any stock exchange or market or quotation system on which the
Common Stock is traded, listed or quoted. 
 No amendment or alteration to the Plan or an Award or Award Agreement shall be made which would materially
impair the rights of the holder of an Award, without such holder’s consent, provided that no such consent shall be required if the Committee determines in its sole discretion and prior to the date of any Change in Control that such amendment or
alteration either (i) is required or advisable in order for the Company, the Plan or the Award to satisfy any law or 

  
 17 

 
regulation or to meet the requirements of or avoid adverse financial accounting consequences under any accounting standard, or (ii) is not reasonably likely to significantly diminish the benefits
provided under such Award, or that any such diminishment has been adequately compensated. 
  

	20.	No Liability of Company 

 The Company, any Subsidiary or Affiliate which is in existence or hereafter
comes into existence, the Board and the Committee shall not be liable to a Participant or any other person as to: (a) the non-issuance or sale of shares of Common Stock as to which the Company has been unable to obtain from any regulatory body
having jurisdiction the authority deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any shares of Common Stock hereunder; and (b) any tax consequence expected, but not realized, by any Participant or other
person due to the receipt, vesting, exercise or settlement of any Award granted hereunder. 
  

	21.	Non-Exclusivity of Plan 

 Neither the adoption of this Plan by the Board nor the submission of this Plan
to the stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board or the Committee to adopt such other incentive arrangements as either may deem desirable, including without limitation, the
granting of Restricted Stock or stock options otherwise than under this Plan or an arrangement not intended to qualify under Code Section 162(m), and such arrangements may be either generally applicable or applicable only in specific cases. 

 

	22.	Governing Law 

 This Plan and any agreements or other documents hereunder shall be interpreted and
construed in accordance with the laws of the State of Delaware and applicable federal law. Any reference in this Plan or in the agreement or other document evidencing any Awards to a provision of law or to a rule or regulation shall be deemed
to include any successor law, rule or regulation of similar effect or applicability. 
  

	23.	No Right to Employment, Reelection or Continued Service 

 Nothing in this Plan or an Award Agreement
shall interfere with or limit in any way the right of the Company, its Subsidiaries and/or its Affiliates to terminate any Participant’s employment, service on the Board or service at any time or for any reason not prohibited by law, nor shall
this Plan or an Award itself confer upon any Participant any right to continue his or her employment or service for any specified period of time. Neither an Award nor any benefits arising under this Plan shall constitute an employment contract
with the Company, any Subsidiary and/or its Affiliates. Subject to Sections 4 and 19, this Plan and the benefits hereunder may be terminated at any time in the sole and exclusive discretion of the Board without giving rise to any liability on
the part of the Company, its Subsidiaries and/or its Affiliates. 

  
 18 

	24.	Specified Employee Delay 

 To the extent any payment under this Plan is considered deferred compensation
subject to the restrictions contained in Section 409A of the Code, such payment may not be made to a specified employee (as determined in accordance with a uniform policy adopted by the Company with respect to all arrangements subject to Section
409A of the Code) upon Separation from Service before the date that is six months after the specified employee’s Separation form Service (or, if earlier, the specified employee’s death). Any payment that would otherwise be made during
this period of delay shall be accumulated and paid on the sixth month plus one day following the specified employee’s Separation from Service (or, if earlier, as soon as administratively practicable after the specified employee’s death).

  

	25.	No Liability of Committee Members 

 No member of the Committee shall be personally liable by reason of
any contract or other instrument executed by such member or on his or her behalf in his or her capacity as a member of the Committee nor for any mistake of judgment made in good faith, and the Company shall indemnify and hold harmless each member of
the Committee and each other employee, officer or director of the Company to whom any duty or power relating to the administration or interpretation of the Plan may be allocated or delegated, against any cost or expense (including counsel fees) or
liability (including any sum paid in settlement of a claim) arising out of any act or omission to act in connection with the Plan unless arising out of such person’s own fraud or willful bad faith; provided, however, that approval of the Board
shall be required for the payment of any amount in settlement of a claim against any such person. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under
the Company’s Certificate of Incorporation and Bylaws (as each may be amended from time to time), as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 

 

	26.	Severability 

 If any provision of the Plan or any Award is or becomes or is deemed to be invalid,
illegal, or unenforceable in any jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable
laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person or Award and the remainder
of the Plan and any such Award shall remain in full force and effect. 
  

	27.	Unfunded Plan 

 The Plan is intended to be an unfunded plan. Participants are and shall at all times
be general creditors of the Company with respect to their Awards. If the Committee or the Company chooses to set aside funds in a trust or otherwise for the payment of Awards under the Plan, such funds shall at all times be subject to the
claims of the creditors of the Company in the event of its bankruptcy or insolvency. 

  
 19 

	28.	Clawback/Recoupment 

 Awards granted under this Plan will be subject to recoupment in accordance with any
clawback policy that the Company adopts or is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall
Street Reform and Consumer Protection Act or other applicable law. In addition, the Board may impose such other clawback, recovery or recoupment provisions in an Award Agreement as the Board determines necessary or appropriate, including but
not limited to a reacquisition right in respect of previously acquired shares of Common Stock or other cash or property upon the occurrence of misconduct. No recovery of compensation under such a clawback policy will be an event giving rise to
a right to resign for “good reason” or “constructive termination” (or similar term) under any agreement with the Company. 

  
 20ex4-1.htm

Exhibit 4.1

 

AMENDMENT NO. 1 

 

TO

 

CLASS K WARRANT AGREEMENT

 

This Amendment No. 1 to Class Warrant Agreement, dated as of June 28, 2016 (this “Amendment”), is made by and between SANUWAVE Health, Inc. (the “Company”) and HealthTronics, Inc. (“Holder”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Warrant Agreement (as defined below).

 

WHEREAS, the Company and Holder are parties to that certain Class K Warrant Agreement dated as of June 15, 2015 (the “Warrant Agreement”) pursuant to which the Company issued to Holder a warrant to purchase up to 3,310,000 shares of Common Stock of the Company; 

 

WHEREAS, the Company and Sanuwave, Inc., a subsidiary of the Company (“Borrower”) are parties to that certain Promissory Note due January 31, 2017 dated August 1, 2005 in the original principal amount of $2,000,000 and that certain Promissory Note due January 31, 2017 dated August 1, 2005 in the original principal amount of $2,000,000 (as amended from time to time, together, the “Promissory Notes”), pursuant to which Holder extended loans to Borrower;

 

WHEREAS, simultaneous with the execution of this Amendment, Borrower, the Company and Holder are further amending the Promissory Notes (pursuant to a Second Amendment to Promissory Notes) to, among other things, extend the maturity date of the Promissory Notes upon the terms and subject to the conditions set forth in such Second Amendment to Promissory Notes; and

 

WHEREAS, in consideration for Holder’s agreeing to further amend the Promissory Notes as described above, the Company has agreed to amend the terms of the Warrant Agreement (pursuant to Section 12 of the Warrant Agreement) to (1) increase the amount of Warrant Shares for which the warrant is exercisable from 3,310,000 shares to 5,200,000 shares (subject to further adjustment under the terms of the Warrant Agreement), and (2) after giving effect to the foregoing clause (1), reduce the initial Warrant Price for all of the Warrant Shares to $0.08 per share (subject to further adjustment under the terms of the Warrant Agreement).

 

 

 

 

 

NOW, THEREFORE, in consideration of the covenants contained herein, and for other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the Company and Holder hereby agree as follows:

 

ARTICLE I

 

AGREEMENTS

 

Section 1.1     Increase in Warrant Shares; Decrease in Warrant Price. The number of Warrant Shares that Holder is entitled to purchase under the Warrant Agreement is hereby increased to a total of 5,200,000 Warrant Shares (subject to further adjustment to the extent applicable as provided in the Warrant Agreement), and after giving effect to the foregoing increase, the Warrant Price for each of the Warrant Shares is hereby decreased to $0.08 per share (subject to further adjustment to the extent applicable as provided in the Warrant Agreement). In furtherance of the foregoing, the second paragraph of the Warrant Agreement (which starts with the phrase “This is to certify that, for value received, HealthTronics, Inc.”) is hereby amended and restated in its entirety to read as follows:

 

“This is to certify that, for value received, HealthTronics, Inc. and its sucessors and assigns (each, a “Holder”) is entitled to purchase from SANUWAVE HEALTH, INC. (the “Company”), on the terms and conditions hereinafter set forth, all or any part of 5,200,000 shares (which number may be adjusted as provided herein) (“Warrant Shares”) of the Company’s common stock, par value $0.001 (the “Common Stock”), at an initial purchase price of $0.08 per share (which amount may be adjusted as provided herein) (“Warrant Price”). Upon exercise of this warrant in whole or in part, a certificate for the Warrant Shares so purchased shall be issued and delivered to the Holder. If, at any time prior to the Expiration Date (as defined below), less than the total warrant is exercised, a new warrant of similar tenor shall be issued for the unexercised portion of the warrant represented by this Agreement.” 

 

In addition, the caption at the top of the Warrant Agreement that reads “Warrant for the Purchase of 3,310,000 Shares of Common Stock” is hereby amended and restated to read as “Warrant for the Purchase of 5,200,000 Shares of Common Stock”.

 

 

ARTICLE II

 

GENERAL PROVISIONS 

 

Section 2.1     Company Representations. 

 

(a)     The Company hereby represents and warrants to Holder that from June 15, 2015 through the date hereof, no event or circumstance has occurred (excluding the effect of this Amendment) that would have resulted in an adjustment to the number of Warrant Shares or the Warrant Price under the terms of the Warrant Agreement (including Section 3 thereof).

 

(b)     All Warrant Shares which may be issued upon the exercise of the warrant issued under the Warrant Agreement (after giving effect to this Amendment) have been duly authorized and shall, upon issuance, be validly issued, fully paid and nonassessable; and will be issued in compliance with all applicable federal and state securities laws.

 

(c)     The Company's summary capitalization table attached hereto is true and complete as of June 28, 2016. Except as set forth on such capitalization table, as of such date, the Company does not have outstanding any capital stock or rights or securities exercisable for or convertible into any capital stock of the Company.

 

(d)     All corporate action has been taken on the part of the Company, its officers, directors, and stockholders necessary for the authorization, execution and delivery of this Amendment. The Company has taken all corporate action required to make all the obligations of the Company reflected in the provisions of this Amendment the valid and enforceable obligations they purport to be, and this Amendment constitutes a legal, valid and binding agreement of the Company, enforceable in accordance with its terms. The Company has authorized and reserved for issuance sufficient Warrant Shares to allow for the full exercise of the warrant issued under the Warrant Agreement after giving effect to this Amendment.

 

 

 -2-

 

 

 

(e)     The authorization, execution and delivery of this Amendment will not constitute or result in a default or violation of any law or regulation applicable to the Company or any term or provision of the Company’s Certificate of Incorporation or bylaws, or any material agreement or instrument by which it is bound or to which its properties or assets are subject. No consent or approval of, giving of notice to, registration with, or taking of any other action in respect of any state, federal or other governmental authority or agency is required with respect to the execution, delivery and performance by the Company of its obligations under this Amendment.

 

Section 2.2     Ratification; Entire Agreement. This Amendment shall not affect any terms or provisions of the Warrant Agreement other than those amended hereby and is only intended to amend, alter or modify the Warrant Agreement as expressly stated herein. Except as amended hereby, the Warrant Agreement remains in effect, enforceable against each of the parties, and is hereby ratified and acknowledged by each of the parties. The Warrant Agreement, as amended by this Amendment, constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof.

 

Section 2.3     Counterparts; Delivery. This Amendment may be executed in multiple original, PDF or facsimile counterparts, each of which shall be deemed an original, and all of which taken together shall be considered one and the same agreement. In the event that any signature to this Amendment or any agreement or certificate delivered pursuant hereto, or any amendment thereof, is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the Party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof. No party shall raise the use of a facsimile machine or e-mail delivery of a “.pdf” format data file to deliver any such signature page or the fact that such signature was transmitted or communicated through the use of a facsimile machine or e-mail delivery of a “.pdf” format data file as a defense to the formation or enforceability of a contract and each party forever waives any such defense. 

 

Section 2.4     Governing Law. This Amendment shall be governed by and construed in accordance with the internal laws of the State of Nevada, without regard to the principles of conflicts of law thereof.

 

Section 2.5     Severability. If any term or other provision of this Amendment is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not invalidate or render unenforceable such term or provision in any other jurisdiction, and all other provisions of this Amendment shall remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties shall negotiate in good faith to modify this Amendment so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

 

Section 2.6     Assignment. Neither this Amendment nor any of the rights, interests or obligations hereunder shall be assigned by the Company (whether by operation of law or otherwise) without the prior written consent of Holder. Any attempted assignment of this Amendment not in accordance with the terms of this Section 2.6 shall be void and of no force or effect. 

 

 

 -3-

 

 

Section 2.7     Headings. The headings, captions and arrangements used in this Amendment are for convenience only and will not affect the interpretation of this Amendment. 

 

[Remainder of page intentionally left blank]

 

 

 -4-

 

 

IN WITNESS WHEREOF, the parties have hereunto caused this Amendment to be duly executed as of the date first above written. 

 

 

 

	
 
	
COMPANY:

 

SANUWAVE HEALTH, INC.

 

 

 

By:                                   

      Name: Lisa E. Sundstrom

      Title: Chief Financial Officer

 

 

HOLDER:

 

HEALTHTRONICS, INC.

 

 

 

By:                                   

     Name: 

      Title: 

 

 

 

 

 

Capitalization Table of the Company as of June 27, 2016

 

 

 

	
SANUWAVE Health, Inc.
	  	  	  	  	  	  	  	  	  	  	  
	
Capitalization Table
	  	  	  	  	  	  	  	  	  	  	  
	
as of June 27, 2016
	  	  	  	  	  	  	  	  	  	  	  
	
BEFORE AMENDMENT
	  	  	  	  	  	  	  	  	  	  	  
	
(CONFIDENTIAL)
	  	  	  	  	  	  	  	  	  	  	  

 

	  	
Shares 
	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  
	
Common stock issued
	
       104,178,421 
	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  
	
Warrants
	
         49,998,481 
	  	
See below 
	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  
	
Options
	
         13,373,385 
	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  
	  	
       167,550,287 
	  	  	  	  	  	  	  	  	  	  

 

	  	  	  	  	
Public 

Offering 
	
Senior Note

Conversion 
	
2013

PIPEs 
	
JDF

Convert. Note 
	
HTRN

Note Amend 
	
Public 

Offering 
	
Convertible 

Notes 
	
2014 

Private 

	  	  	  	  	  	  	  	  	  	  	  	
Placement 

	
Warrant
	  	  	
Class F 
	
Class G 
	
Class H 
	
Class I 
	
Class J 
	
Class K 
	
Class L 
	
Class M 
	
Series A 

	Summary  	  	  	
Warrants 
	
Warrants 
	
Warrants 
	
Warrants 
	
Warrants 
	
Warrants 
	
Warrants 
	
Warrants 
	
Warrants 

	  	  	  	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	  	
# of warrants 
	  	
        300,000 
	
     1,503,409 
	
     1,988,095 
	
     1,043,646 
	
     4,641,667 
	
     3,310,000 
	
    33,018,337 
	
     1,943,333 
	
     2,249,994 

	  	  	  	  	  	  	  	  	  	  	  	  
	  	
Exercise price 
	  	
$                0.35 
	
$                0.80 
	
$                0.80 
	
$                 0.85 
	
$                0.44 
	
$                0.55 
	
$                 0.08 
	
$                0.06 
	
$                0.50 

	  	  	  	  	  	  	  	  	  	  	  	  
	  	
Warrant Expiration
	  	
Feb, 2018 
	
Jul, 2018 
	
Jul, 2018 
	
Sep-Dec, 2018 
	
Feb, 2019 
	
Jun, 2025 
	
Mar, 2019 
	
Feb, 2021 
	
Mar, 2019

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}]]