Document:

MasterCard Incorporated Deferral Plan

 Exhibit 10.25 
 MASTERCARD INCORPORATED 
 D E F E R R A L    P L A N 
 AS AMENDED AND RESTATED EFFECTIVE FOR ACCOUNT
BALANCES ESTABLISHED AFTER DECEMBER 31, 2004 

 FOREWORD 
 Effective as of September 30, 1998, MasterCard Incorporated adopted the MasterCard Incorporated Deferral Plan (the “Plan”) for the benefit of non-employee members of its Board of Directors, and a select group of management or
highly compensated employees. The Plan was amended and restated effective as of January 1, 2000, as of August 1, 2000, as of July 25, 2001, and as of January 1, 2003. Amendments to comply with section 409A of the Code, and to
reflect transitional relief permitted to Participants, were made in June 2007 by means of an amended and restated Plan effective for balances established after December 31, 2004. Further clarifying amendments to assure compliance with section
409A of the Code were made in December 2008. The Plan was operated in good faith compliance with section 409A of the Code before the Plan document was amended to conform with section 409A, consistent with the election and distribution rules set
forth in the amended and restated Plan. The Plan is intended to be an unfunded plan of deferred compensation. The purpose of the Plan is to permit the Directors and a select group of management or highly compensated employees within the meaning of
Title I of the Employee Retirement Income Security Act of 1974, as amended, to defer, pursuant to the provisions of the Plan, a portion of certain items of income otherwise payable to them. 

 ARTICLE 1 
 DEFINITIONS 
 1.1 “Administrative Committee” means the committee that is responsible for
administering the Plan. Unless the composition of the Administrative Committee is otherwise changed by the Committee, the Administrative Committee shall consist of the following three officers of the Company, or their functional successors: the
Chief Administrative Officer, the General Counsel, and the Head of Executive Compensation. 
 1.2 “Additional Deferral Election”
means the election by a Participant under Section 3.4(b) to further defer distribution from his or her Deferred Account. 
 1.3
“Affiliated Employer” means all persons with whom the Company would be considered a single employer under section 414(b) or section 414(c) of the Code, except that, for purposes of determining whether there is a controlled group or common
control, the language “at least 50 percent” is used instead of “at least 80 percent.” 
 1.4 “Board” means the
Board of Directors of the Company. 
 1.5 “Change in Control” means any of the following events, but shall not include a public
offering: 
 (a) The acquisition by any individual entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange
Act of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of equity securities of the Company representing more than 30 percent of the voting power of the then outstanding equity securities of the Company
entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”), provided, however, that for purposes of this subsection (a) the following acquisitions shall not constitute a Change of Control:
(i) any acquisition by the Company, (ii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company, and (iii) an acquisition pursuant to a
transaction which complies with clauses (i), (ii), and (iii) of subsection (c); or 
 (b) A change in the composition of the Board as
of any date (the “Incumbent Board”) that causes less than a majority of the directors of the Company then in office to be members of the Incumbent Board, provided, however, that any individual becoming a director subsequent to a date,
whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the
Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or
threatened solicitation of proxies or consents by or on behalf of a person other than the Board; or 

 (c) Consummation of a reorganization, merger, or consolidation or sale or other disposition of all or
substantially all of the assets of the Company or the purchase of assets or stock of another entity (“A Business Combination”), in each case, unless immediately following such Business Combination, (i) all or substantially all of the
individuals and entities who were the beneficial owners of the Outstanding Company Voting Securities immediately prior to such Business Combination will beneficially own, directly or indirectly, more than 50 percent of the then outstanding combined
voting power of the then outstanding voting securities entitled to vote generally in the election of directors (or equivalent governing body, if applicable) of the entity resulting from such Business Combination (including, without limitation, an
entity which as a result of such transaction owns the Company or all of substantially all of the Company’s assets directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such
Business Combination of the Outstanding Company Voting Securities, (ii) no person (excluding any employee benefit plan (or related trust) of the Company or such entity resulting from such Business Combination) will beneficially own, directly or
indirectly, more than a majority of the combined voting power of the then outstanding voting securities of such entity except to the extent that such ownership of the Company existed prior to the Business Combination, and (iii) at least a
majority of the members of the board of directors (or equivalent governing body, if applicable) of the entity resulting from such Business Combination will have been members of the Incumbent Board at the time of the initial agreement, or action of
the Board, providing for such Business Combination; or 
 (d) Approval by the stockholders of the Company of a complete liquidation or
dissolution of the Company. 
 In the event any Deferred Account becomes payable upon a Change in Control, or at a different time or in a different form upon
Termination from Service in connection with a Change in Control, then upon Termination from Service not in connection with a Change in Control, or where a section 409A definition of Change in Control is otherwise required, the above definition will
include only events that qualify as a change in the ownership or effective control of the Company or as a change in the ownership of a substantial portion of the assets of the Company pursuant to section 409A(a)(2)(v) of the Code. 
 1.6 “Change-of-Form Election” means the election by a Participant under Section 3.4(a) to change the Form of Distribution with respect to
the portion of his or her Deferred Account with the same Deferral Period. 
 1.7 “Change-of-Investment Return Election” means the
election by a Participant under Section 3.5(b) to change the Investment Return Option to apply to the Participant’s Deferred Account. 
  

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 1.8 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any
successor statute, along with related rules, regulations, and interpretations. 
 1.9 “Committee” means the Human Resources and
Compensation Committee of the Board. 
 1.10 “Company” means MasterCard Incorporated and includes any successor or assignee
corporation. 
 1.11 “Deferral Election” means that separate notice, provided in a form prescribed by the Administrative Committee
that indicates a Participant’s Deferred Salary Election, Deferred Variable Compensation Election, and/or Deferred Director Compensation Election. 
 1.12 “Deferral Period” means the period of time over which a Participant elects, or is mandated by the Plan or an amendment thereto, to defer receipt of Salary, Variable Compensation, or Director
Compensation pursuant to Section 3.1(e) and 3.2(e). 
 1.13 “Deferral Period Election” means the election by a Participant
under Section 3.1(e) or 3.2(e) of the Deferral Period to apply to the Participant’s Deferral Election. 
 1.14 “Deferred
Account” means the bookkeeping entry established on behalf of a Participant with respect to Deferral Elections and any Non-Elective Deferrals under this Plan, together with any adjustments for earnings and losses and any payments. For purposes
herein, Deferred Accounts shall also include any separate subaccounts that may be established under a Participant’s Deferred Account to the extent necessary for the administration of the Plan. 
 1.15 “Deferred Director Compensation Election” means the election by a Director under Section 3.1 to defer until a later year receipt of
some or all of his or her Director Compensation. 
 1.16 “Deferred Salary Election” means the election by an Executive under
Section 3.2 to defer until a later year receipt of some of his or her Salary. 
 1.17 “Deferred Variable Compensation
Election” means the election by an Executive under Section 3.2 to defer until a later year receipt of some or all of his or her Variable Compensation. 
 1.18 “Director” means a non-employee member of the Board. 
 1.19 “Director Compensation”
means the amount of a Director’s compensation for being a member of the Board or a member of a committee thereof, or for being the chairman of the Board or any committee thereof that the Administrative Committee in a timely manner determines is
eligible for deferral under this Plan. 
  

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 1.20 “Effective Date” means the effective date of the Plan set forth in Section 6.4.

 1.21 “Employer” means the Company or any Affiliated Employer that adopts the Plan with the approval of the Administrative
Committee. 
 1.22 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 
 1.23 “Executive” means an employee of an Employer who meets the criteria for eligibility to participate in the Plan that are set by the
Administrative Committee for a particular period. 
 1.24 “Form of Distribution” means the term and frequency over which
distributions from a Participant’s Deferred Account will be paid pursuant to Section 3.6. 
 1.25 “Form of Distribution
Election” means the election by a Participant under Section 3.1(f) or 3.2(f) of the Form of Distribution to apply to a Participant’s Deferral Election. 
 1.26 “Investment Return” means the amounts that are credited to (or charged against, as the case may be) a Participant’s Deferred Account from time to time pursuant to Section 3.5. 
 1.27 “Investment Return Options” means the investment funds, indices or crediting rates selected by the Administrative Committee that serve as
a means to measure increases or decreases in value with respect to a Participant’s Deferred Account pursuant to Section 3.5. 
 1.28 “Investment Return Option Election” means the election by a Participant under Section 3.1(g) or 3.2(g) of the Investment Return Option(s) to apply to the Participant’s Deferral Election. 
 1.29 “Non-Elective Deferral” means an amount awarded by the Company under Section 3.3. 
 1.30 “Participant” means a Director or an Executive who is both eligible to participate and who has elected to participate in the Plan as
evidenced by submission and acceptance of a Deferral Election under Section 3.1 or 3.2, respectively. 
 1.31 “Performance-Based
Compensation” means compensation the amount of which or entitlement to which is contingent on the satisfaction of preestablished organizational or individual performance criteria relating to a performance period of at least twelve consecutive
months, as defined in section 409A(a)(4)(B)(iii) of the Code. 
 1.32 “Plan” means the MasterCard Incorporated Deferral Plan, as
from time to time amended. 
  

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 1.33 “Qualified Retirement” means Termination from Service by an Executive occurring on or
after the earliest of: (i) attaining age 65 while in service and completing two (2) years of service, (ii) attaining age 60 while in service and completing five (5) years of service, and (iii) attaining age 55 while in
service and completing ten (10) years of service. 
 1.34 “Salary” means the amount of an Executive’s regular annual base
salary. 
 1.35 “Termination from Service” means a “separation from service” as defined in section 409A(a)(2)(A)(i) of
the Code, except that a reduction in the level of services performed by an Executive to a level equal to 21 percent or less of the average level of services performed by the Executive during the immediately preceding 36 months (or such shorter
period as the Executive shall have performed services for the Company) shall be presumed to be a Termination from Service. 
 1.36
“Variable Compensation” means the amount of an Executive’s annual bonus under the Company’s Annual Incentive Compensation Plan, the amount of an annual or long-term bonus under any other plan the Administrative Committee
determines is eligible for deferral under this Plan, or any other form of non-Salary compensation the Administrative Committee in a timely manner determines is eligible for deferral under this Plan. 
  

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 ARTICLE 2 
 PARTICIPATION 
 2.1 Participation 
 (a) Participation in the Plan shall be limited to an individual who, as of the Effective Date of the Plan and/or any subsequent first day of any month,
is: 
  

	 	(i)	a Director, as defined in Section 1.18, or 

  

	 	(ii)	an Executive, as defined in Section 1.23. 

 (b) The
Administrative Committee may designate the Directors and Executives who are eligible to participate and the category or categories of income that eligible Participants may defer. 
 (c) In no event will the Administrative Committee expand the eligible employees beyond a select group of management or highly-compensated employees
within the meaning of Title I of ERISA. 
  

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 ARTICLE 3 
 DEFERRAL ELECTIONS, ACCOUNTS, AND DISTRIBUTIONS 
 3.1 Directors’ Deferral Elections. 

(a) An individual who is eligible to participate in this Plan in accordance with Section 2.1(a)(i) is entitled to make an election, pursuant to
this Section 3.1, to defer all or part of his or her Director Compensation; provided, however, that if the individual has been designated as eligible to participate in the Plan only with respect to a limited category or categories
of compensation, that individual is entitled to make an election only with respect to that limited category or categories of compensation. 
 (b) A Director’s Deferral Election shall be made in a written or electronic form prescribed by the Administrative Committee and furnished by the Administrative Committee or its delegate. Any such Deferral Election shall apply only to
the Director Compensation to be earned in the particular calendar year specified in the election. A Participant may elect to defer portions of his or her Director Compensation (in 1% increments), the minimum and maximum limits of which will be
prescribed by the Administrative Committee from time to time. 
 (c) A Director’s Deferral Election with respect to Director
Compensation earned for a particular calendar year must be made during such period prescribed by the Administrative Committee, which period shall end no later than the December 31 preceding such calendar year or, if elections are allowed in the
case of a newly-elected or newly-eligible Director, thirty (30) days following the date on which he or she becomes eligible to participate in the Plan pursuant to Section 2.1. If elections are allowed in the case of a newly-elected or
newly-eligible Director, a Deferral Election shall apply only to amounts that are both paid after the date the election is made and earned for services performed after the date the election is made. A Deferral Election under this Section 3.1
cannot be changed or revoked after the last date of the period prescribed by the Administrative Committee for making such Deferral Election. 
 (d) Director Compensation deferred pursuant to this Section 3.1 generally shall be credited to the Participant’s Deferred Account (or, if none, to a new such account established in the Participant’s name) as of the date on
which the Director Compensation would otherwise have been paid. 
 (e) Deferral Period. A Director who makes a Deferral Election with
respect to Director Compensation shall, at the time of such election, submit a Deferral Period Election that indicates when payment of such deferred Director Compensation and any Investment Return credited thereon pursuant to Section 3.5 shall
commence. Such Deferral Period Election shall be (i) January 15 of any year three to fifteen years following the year in which the Director Compensation would have been paid, absent the Deferral Election, or such other period prescribed in
a timely manner 

  

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by the Administrative Committee, or (ii) within 90 days following the date the Participant has a Termination from Service as a Director. However, if a
Director who has elected a Deferral Period under this Section 3.1(e)(ii) is a specified employee for purposes of section 409A of the Code on his Termination from Service as a Director, payment shall be made six months following the
Director’s Termination from Service. If no Deferral Period Election is made, the Deferral Period Election shall be deemed to be within 90 days following the date the Participant has a Termination from Service as a Director. Except as otherwise
provided in Section 3.4(b), such Deferral Period Election shall not be changed or revoked. 
 (f) Form of Distribution. A Director who
makes a Deferral Election with respect to Director Compensation shall, at the time of such election, submit a Form of Distribution Election that indicates the manner in which balances will be distributed. Such Form of Distribution Election shall be
(i) a lump sum payment, or (ii) from two to fifteen approximately equal annual installments. A separate Form of Distribution Election may be made with respect to each Deferral Period Election as provided under Section 3.1(e),
provided, however, that if no Form of Distribution Election is made, such election shall be deemed to be a lump sum. Except as otherwise provided in Section 3.4(a), such Form of Distribution Election shall not be changed or revoked. 

(g) Investment Return. A Director who makes a Deferral Election with respect to Director Compensation shall, at the time of such election, submit
Investment Return Option Elections indicating the Investment Return Options to be used to determine the Investment Return to be credited to his or her Deferred Account as provided under Section 3.5. Separate Investment Return Option Elections
may be made with respect to each Deferral Period Election as provided under Section 3.1(e), provided that each Investment Return Option allocated in such election must be in increments of 1%. If no Investment Return Election is made, the
Investment Return credited will be based on the return earned by the money market or equivalent fund within the Investment Return Options selected by the Administrative Committee. Except as provided in Section 3.5(b), such Investment Return
Option Elections shall not be changed or revoked. 
 3.2 Executives’ Deferral Elections 
 (a) An individual who is eligible to participate in this Plan in accordance with Section 2.1(a)(ii) is entitled to make an election to defer his or
her Salary and Variable Compensation, as provided in this Section 3.2; provided, however, that if the individual has been designated as eligible to participate only with respect to a limited category or categories of compensation,
that individual is entitled to make an election only with respect to that limited category or categories of compensation. 
 (b) Deferral
Elections with respect to Salary and Variable Compensation shall be made in a written or electronic form prescribed by the Administrative Committee and furnished by the Administrative Committee or its delegate. A Deferred Salary Election and/or
Deferred Variable Compensation Election 

  

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shall apply only to the Executive’s Salary and Variable Compensation otherwise payable or earned in the particular calendar year specified in the
election. A Participant may elect to defer a minimum of 10% or more each of his or her Salary and Variable Compensation (in 1% increments), subject to limits on the maximum deferrable percentage and the minimum Salary remaining after deferral, as
established by the Administrative Committee from time to time. 
 (c) A Deferred Salary Election with respect to Salary earned for a
particular calendar year must be made during such period prescribed by the Administrative Committee, which period shall end no later than the December 31 preceding the commencement of such calendar year (or, if elections are allowed in the case
of a new or newly-eligible Executive, thirty (30) days following the date on which the Executive becomes eligible to participate in the Plan pursuant to Section 2.1). If elections are allowed in the case of a new or newly eligible
Executive, the Deferred Salary Election will apply only to amounts that are both paid after the election is made and earned for services performed after the election is made. A Deferral Election under this Section 3.2 cannot be changed or
revoked after the last date of the period prescribed by the Administrative Committee for making such Deferral Election. The amount of Salary that is deferred pursuant to this Deferred Salary Election may be taken from the Executive’s Salary and
credited to the Executive’s Deferred Account proportionately throughout the year or, in the case of the first Plan year or a new or newly eligible Executive, throughout the portion of the year to which the Deferred Salary Election is
applicable, or in any other manner determined by the Administrative Committee; provided that the amount deferred during a year shall reflect the Executive’s Deferred Salary Election for the year. 
 (d) A Deferred Variable Compensation Election with respect to Variable Compensation to be paid or earned in a particular calendar year must be made
during such period prescribed by the Administrative Committee, which period shall end no later than December 31 of the year preceding the year in which the services are performed to earn the Variable Compensation or, in the case of
Performance-Based Compensation, the date that is six months before the end of the pertinent performance period with respect to Performance-Based Compensation that is not ascertainable as of that date. Except to the extent otherwise allowed in
connection with Performance-Based Compensation, if elections are allowed in the case of a new or newly-eligible Executive, a Deferred Variable Compensation Election may be made no later than thirty (30) days after the Executive becomes eligible
to participate in the Plan pursuant to Section 2.1 and will apply only to amounts that are both paid after the election is made and earned for services performed after the election is made. A Deferral Election under this Section 3.2 cannot
be changed or revoked after the last date of the period prescribed by the Administrative Committee for making such Deferral Election. Variable Compensation deferred pursuant to this Section 3.2 generally shall be credited to the
Executive’s Deferred Account (or, if none, to a new such account established in the Executive’s name) as of the date on which it otherwise would have been paid. 
  

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 (e) Deferral Period. An Executive who makes a Deferral Election with respect to Salary and/or Variable
Compensation shall, at the time of such election, submit a Deferral Period Election that indicates when payments of such deferred Salary and/or Variable Compensation and any Investment Return credited thereon pursuant to Section 3.5 shall
commence. Such Deferral Period Election shall be: (i) January 15 of any year three to fifteen years following the year in which the Salary and/or Variable Compensation would have been paid, absent the Deferral Election, or such other
period prescribed by the Administrative Committee, or (ii) six months following the Executive’s Qualified Retirement. If no Deferral Period Election is made, the Deferral Period Election shall be deemed to be six months following Qualified
Retirement. Except as otherwise provided in Section 3.4(b), such election shall not be changed or revoked. 
 (f) Form of Distribution.
An Executive who makes a Deferral Election with respect to Salary and/or Variable Compensation shall, at the time of such election, submit a Form of Distribution Election that indicates the period and frequency of payments. Such Form of Distribution
Election shall be (i) a lump sum payment, or (ii) from two to fifteen approximately equal annual installments. A separate Form of Distribution Election may be made with respect to each Deferral Period Election as provided under
Section 3.2(e), provided, however, that if no Form of Distribution Election is made, such election shall be deemed to be lump sum. Except as otherwise provided in Section 3.4(a), such Form of Distribution Election shall not be changed or
revoked. 
 (g) Investment Return Options. An Executive who makes a Deferral Election with respect to Salary and/or Variable Compensation
shall, at the time of such election, submit Investment Return Option Elections indicating the Investment Return Options to be used to determine the Investment Return to be credited to his or her Deferred Account as provided under Section 3.5.
Separate Investment Return Option Elections may be made with respect to each Deferral Period Election as provided under Section 3.2(e), provided that each Investment Return Option allocated in such election must be in increments of 1%. If no
Investment Return Option Election is made, the Investment Return credited will be based on the return earned by the money market or equivalent fund within the Investment Return Options selected by the Administrative Committee. Except as provided in
Section 3.5(b), such Investment Return Option Elections shall not be changed or revoked. 
 3.3 Non-Elective Deferral 
 The Company may, in its sole discretion award to a Participant Non-Elective Deferral Amounts. Except as otherwise provided in this Plan or a written
agreement between the Company and the Participant any such award shall be subject to the terms and conditions as amounts credited to a Participant’s Deferred Account pursuant to a Deferral Election. 
 3.4 Change-of-Form Elections and Additional Deferral Elections 
 (a) Any Participant who has made a Deferral Election may make an additional election to change the Form of Distribution under rules prescribed by the 

  

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Administrative Committee. Any such Change-of-Form Election(s) is permitted with respect to the portion of the balance in a Deferred Account that shares the
same Deferral Period and Form of Distribution Election. The Form of Distribution may be changed to any acceptable form of distribution under Section 3.1(f) or 3.2(f). No such Change-of-Form Election will be effective with respect to any such
balance in any Participant’s Deferred Account until twelve months following the date of the Change-of-Form Election. In the case of a Deferral Period under Section 3.1(e)(i) or Section 3.2(e)(i) (January 15 of a specified year), the
Change-of-Form Elections must be made no less than twelve months prior to the date, as elected under Section 3.1(e) or Section 3.2(e), to which the portion of the Deferred Account is to be paid or, in the case of installments, is to begin
to be paid. A Change-of-Form Election shall result in the deferral of the distribution by an additional five years after the original Deferral Period. 
 (b) Any Participant who has made a Deferral Election and has made a Deferral Period Election under Section 3.1(e)(i) or Section 3.2(e)(i) (January 15 of a specified year) may make an additional election
to change the initial starting date for distributions of such balance in his or her Deferred Account under rules prescribed by the Administrative Committee. Separate Additional Deferral Elections may be made with respect to each portion of the
balance in a Deferred Account that is attributable to Deferral Elections with the same elected Deferral Period and Form of Distribution. The Additional Deferral Election(s) may change the initial starting date for distributions to a later year, but
not to an event set forth in Section 3.1(e)(ii) or 3.2(e)(ii). No such Additional Deferral Election will be effective with respect to any such balance in any Participant’s Deferred Account until twelve months following the date of the
Additional Deferral Election. The Additional Deferral Elections must be made no less than twelve months prior to the date, as elected under Section 3.1(e)(i) or Section 3.2(e)(i), to which the portion of the Deferred Account is to be
deferred. The Additional Deferral Election must defer payment or, in the case of installments, the beginning date for payment, not less than five years after the original Deferral Period. 
 3.5 Investment Return on Deferred Accounts and Change-of-Investment Return Option Election 
 (a) The Administrative Committee or its delegate shall credit the entire balance in each Participant’s Deferred Account during the year with an
Investment Return, in accordance with the Participant’s Investment Return Option Elections pursuant to Section 3.1(g) or 3.2(g) hereunder. Such balance shall include all Investment Returns credited to the Deferred Account in previous
years. 
 (b) Participants will be entitled to change the Investment Return to be applied to his or her Deferral Account. Separate
reallocations may be made with respect to balances attributable to Deferral Elections with the same Deferral Period and same Form of Distribution Election, provided, however, that no more than twelve (12) changes may be made to any balance in
any calendar year. Such Change-of-Investment Return Elections shall be made on a written or electronic form to be prescribed and furnished by, or in a manner established by, the Administrative Committee or its delegate. Change-of-Investment Return
Elections will be effective on a prospective basis only as soon as practicable after the Change-of-Investment Return Election is made. 
  

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 (c) Within 60 days following the end of each calendar quarter, the Administrative Committee or its
delegate shall furnish each Participant with a statement of account, either in writing or electronic form, which shall set forth the balance in the individual’s Deferred Account as of the end of such calendar year, inclusive of cumulative
Investment Return. 
 3.6 Distributions and Cessation of Deferrals 
 (a) Except as provided below, upon occurrence of the date or event specified in the Participant’s Deferral Period Election, as modified by any
applicable subsequent Additional Deferral Election under Section 3.4(b), or, in the event no Deferral Period Election is made, upon the date prescribed in Section 3.1(e) or 3.2(e), the amount of a Participant’s Deferred Account shall
be paid or begin to be paid in cash to the Participant or beneficiary, as applicable. Such payment(s) shall be from the general assets of the Company or, in the case of an employee of an Affiliated Employer, from the general assets of the Company or
the Affiliated Employer. 
 (b) Except as provided below, deferred amounts shall be paid in the form elected by the Participant under
Section 3.1(f) and 3.2(f) and modified by any applicable subsequent Change-of-Form Elections under Section 3.4(a), or in the event no Form of Distribution Election is made, in the form prescribed in Section 3.1(f) or
Section 3.2(f). 
 (c) Notwithstanding Sections 3.6(a) and (b) above, in the event of an Executive or Director’s death, the
Participant’s entire Deferred Account balance shall be valued and distributed in a lump sum within 90 days of death, notwithstanding the Participant’s Deferral Period Elections and Form of Distribution Elections then in effect. 

(d) Notwithstanding Sections 3.6(a) and (b) above, in the event of an Executive Participant’s Termination from Service other than by
Qualified Retirement, the Participant’s entire Deferred Account balance shall be valued and distributed in a lump sum six months following Termination from Service, notwithstanding the Participant’s Deferral Period Elections and Form of
Distribution Elections then in effect. 
 (e) Annual installment payments shall be valued and begin to be distributed on January 15 of
the year specified in the Deferral Election or, in the case of installments payable on a Director’s Termination from Service, the first January 15 following the Director’s Termination from Service; provided, however,
that if a Director is a specified employee under section 409A of the Code on his Termination from Service, the installment payments shall be valued and begin to be distributed on the first January 15 or July 15 that is at least six months
following the Director’s Termination from Service. In the case of annual installments payable by reason of an 

  

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Executive Participant’s Qualified Retirement, the payments shall be valued and begin to be distributed on the first January 15 or July 15 that
is at least six months following the Qualified Retirement. In the event that the present value of a Participant’s remaining annual installments is less than $10,000, the entire remaining balance shall be paid in the form of a lump sum at least
six months after the Executive’s Qualified Retirement. 
 (f) Notwithstanding Sections 3.6(a) and (b) above, in the event the
Company reasonably anticipates that a distribution according to the Participant’s Deferral Period Elections and Form of Distribution Election, as modified by any applicable subsequent Change-of-Form Elections or Additional Deferral Period
Elections under Section 3.4, or in the event no Deferral Period Election or Form of Distribution Election is made, in the time and form prescribed in Sections 3.1(e) and (f) or Sections 3.2(e) and (f), would result in a deduction
disallowance under section 162(m) of the Code, the Administrative Committee shall have the discretion to delay the distribution to the extent necessary to avoid the application of section 162(m). Any distribution delayed under this
Section 3.6(f) shall be made during the first year that the Company reasonably anticipates the deduction will not be barred by section 162(m) of the Code. 
 (g) In case of an unforeseeable emergency, a Participant may request the Administrative Committee, on a form to be provided by the Administrative Committee or its delegate, that payment be made earlier than the date
to which it was deferred or that there be a cessation of deferrals under the Plan. 
 For purposes of this Section 3.6(g), an
“unforeseeable emergency” shall mean a severe financial hardship to the Participant resulting from a sudden and unexpected illness or accident of the Participant or of a dependent (as defined in section 152 of the Code (without regard to
section 152(b)(1), (b)(2), and (d)(1)(B)), spouse, or beneficiary of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the
control of the Participant. The circumstances that will constitute an unforeseeable emergency will depend upon the facts of each case, but, in any case, payment may not be made and a cessation of deferrals may not occur to the extent that such
hardship is or may be relieved: (i) through reimbursement or compensation by available insurance or otherwise or (ii) by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not itself cause
severe financial hardship. Distributions made under this Section 3.6(g) will be limited to the amount reasonably necessary to satisfy the emergency need, including to satisfy any tax obligations arising out of the distribution. Moreover,
payment of a deferred amount may not be made ahead of the date to which the amount was deferred to the extent that such hardship is or may be relieved by cessation of deferrals under the Plan. 
 The Administrative Committee shall consider any requests for payment on the basis of an unforeseeable emergency under this Section 3.6(g) on a
uniform and nondiscriminatory basis and in accordance with the standards of interpretation described in section 409A of the Code. In the event there is a payment or a 

  

 13 

 
cessation of deferrals under this Section 3.6(g) on the basis of an unforeseeable emergency, the Participant shall be ineligible to make further
Deferral Elections for one year from the date of the Administrative Committee action approving the payment or cessation of deferral. 
 (h)
In the event a Participant receives a hardship distribution pursuant to the regulations under section 401(k) of the Code, from the Company’s 401(k) plan, deferrals under this Plan shall cease for a period of six months. 
 (i) In the event a Participant becomes disabled and receives benefits under an Employer-provided
long-term disability plan as a consequence of a medically determinable physical or mental impairment resulting in the Participant’s inability to perform duties of his or a substantially similar position, where such impairment can be expected to
result in death or for a continuous period of not less than six months, previously elected deferrals will cease. The cessation of deferrals shall begin by the later of 2 1/2
 months after, or by the end of the year in which, the Participant incurs the disability and shall continue during the entire period the Participant receives benefits under the long-term disability plan.
Distributions will be made as scheduled and as provided under this Section 3.6 unless an election is made under Section 3.4(a) to change the Form of Distribution or under Section 3.4(b) to change the Deferral Period, or a request is
made under Section 3.6(g) to receive payment as a consequence of an unforeseeable emergency. 
 (j) The Company or Employer
shall deduct from all payments under the Plan federal, state and local income and employment taxes, as required by applicable law. Amounts deferred will be taken into account for purposes of any tax or withholding obligation under the Federal
Insurance Contributions Act and Federal Unemployment Tax Act, not in the year distributed, but at the later of the year the services are performed or the year in which the rights to the amounts are no longer subject to a substantial risk of
forfeiture, as required by sections 3121(v)(2) and 3306(r)(2) of the Code and the regulations thereunder. Amounts required to be withheld pursuant to sections 3121(v)(2) and 3306(r)(2) generally shall be withheld out of other current wages paid
by the Employer, but, alternatively, may be paid by the Participant’s delivery of cash or a check, or by such other method, satisfactory to the Administrative Committee. 
 3.7 Transition Relief Elections. 
 Pursuant
to Internal Revenue Service Notice 2006-79, section 3.02, the Administrative Committee has discretion to permit some or all of the Participants to make Transitional Relief Elections in 2007 with respect to Deferred Account balances established after
December 31, 2004, that are scheduled to be paid after 2007. A Transitional Relief Election under this Section 3.7 is allowed to change the Deferral Period and/or the Form of Distribution for such account balances so long as all
distributions of the Deferred Account balance, after the Transitional Relief Election is taken into account, are scheduled to be made after 2007. Transitional Relief Elections under this Section 3.7 shall only be effective for a Participant if
the Participant does not have a Termination from Service in 2007. 
  

 14 

 3.8 General Provisions 
 (a) The Company shall make no provision for the funding of any Deferred Accounts payable hereunder that (i) would cause the Plan to be a funded plan for purposes of section 404(a)(5) of the Code or for purposes
of Title I of ERISA, or (ii) would cause the Plan to be other than an “unfunded and unsecured promise to pay money or other property in the future” under Treasury Regulations § 1.83-3(e); and, except in the case of a Change
in Control, as defined in Section 1.5 above, the Company shall have no obligation to make any arrangement for the accumulation of funds to pay any amounts under this Plan. Subject to the restrictions of this paragraph and in
Section 3.8(c), the Company, in its sole discretion, may establish one or more grantor trusts described in Treasury Regulations § 1.677(a)-1(d) to accumulate funds to pay amounts under this Plan, provided that the assets of such
trust(s) accumulated to pay amounts to Company employees shall be required to be used to satisfy the claims of the Company’s general creditors in the event of the Company’s bankruptcy or insolvency and the assets of such trusts(s)
accumulated to pay amounts to employees of an Affiliated Employer shall be required to be used to satisfy the claims of the Company’s and the Affiliated Employer’s general creditors in the event of the Affiliated Employer’s bankruptcy
or insolvency. In the case of a Change in Control, the Company shall, subject to the restrictions in this paragraph and in Section 3.8(c), irrevocably set aside funds in one or more such grantor trusts in an amount that is sufficient to pay
each Participant (or beneficiary) the net present value as of the date on which the Change in Control occurred, of the benefits to which Participants (or their beneficiaries) who have Deferred Accounts under the Plan would be entitled pursuant to
the terms of the Plan. 
 (b) In the event that the Company shall decide to establish an advance accrual reserve on its books against the
future expense of payments from any Deferred Account, such reserve shall not under any circumstances be deemed to be an asset of this Plan but, at all times, shall remain a part of the general assets of the Company and/or the Affiliated Employer,
subject to claims of the Company’s and/or the Affiliated Employer’s creditors. 
 (c) A person entitled to any amount under this
Plan as an Executive or Director of the Company shall be a general unsecured creditor of the Company with respect to such amount. A person entitled to any amount under this Plan as an Executive of an Affiliated Employer shall be a general unsecured
creditor of the Company and the Affiliated Employer with respect to such amount. Furthermore, a person entitled to a payment or distribution with respect to a Deferred Account shall have a claim upon the Company and/or Affiliated Employer only to
the extent of the balance in his or her Deferred Account. 
 (d) The Participant’s beneficiary under this Plan with respect to the
balance in his or her Deferred Account shall be the person designated to receive benefits on account of the Participant’s death on a form provided by the Administrative Committee. 
  

 15 

 (e) All commissions, fees and expenses that may be incurred in operating the Plan and any related
trust(s) established in accordance with Section 3.8(a) will be paid by the Company. 
 (f) Notwithstanding any other provision of this
Plan, elections under this Plan may only be made by Participants while they serve as Directors of the Company or as Executives of an Employer. 
 (g) This Plan is intended to comply with section 409A of the Code and shall be administered and construed consistent with section 409A of the Code. 
 3.9 Non-Assignability 
 Participants, their legal representatives and their beneficiaries shall have no right
to anticipate, alienate, sell, assign, transfer, pledge or encumber their interests in the Plan, nor shall such interests be subject to attachment, garnishment, levy or execution by or on behalf of creditors of the Participants or of their
beneficiaries. 
  

 16 

 ARTICLE 4 
 CLAIMS 
 4.1 Claims Procedure 
 If any Participant or his or her beneficiary has a claim for benefits which is not being paid, such claimant may file with the Administrative Committee a
written claim setting forth the amount and nature of the claim, supporting facts, and the claimant’s address. The Administrative Committee shall notify each claimant of its decision in writing by registered or certified mail within sixty
(60) days after its receipt of a claim or, under special circumstances, within ninety (90) days after its receipt of a claim. If a claim is denied, the written notice of denial shall set forth the reasons for such denial, refer to
pertinent Plan provisions on which the denial is based, describe any additional material or information necessary for the claimant to realize the claim, and explain the claims review procedure under the Plan. 
 4.2 Claims Review Procedure 
 A claimant
whose claim has been denied, or such claimant’s duly authorized representative, may file, within sixty (60) days after notice of such denial is received by the claimant, a written request for review of such claim by the Administrative
Committee. If a request is so filed, the Administrative Committee shall review the claim and notify the claimant in writing of its decision within sixty (60) days after receipt of such request. In special circumstances, the Administrative
Committee may extend for up to sixty (60) additional days the deadline for its decision. The notice of the final decision of the Administrative Committee shall include the reasons for its decision and specific references to the Plan provisions
on which the decision is based. The decision of the Administrative Committee shall be final and binding on all parties. 
 4.3 Disability
Benefits Claims and Review Procedures 
 If a Participant’s claim is a claim for disability benefits under Department of Labor
(“DOL”) regulations, the procedures in Sections 4.1 and 4.2 above shall be modified to comply with the DOL regulations governing disability claims. 
  

 17 

 ARTICLE 5 
 ADMINISTRATION 
 5.1 Plan Administrator 
 (a) Subject to the express provisions of the Plan, the Administrative Committee shall have the exclusive right to interpret the Plan, to prescribe, amend
and rescind rules and regulations relating to it and to make all other determinations necessary or advisable for the administration of the Plan, including the determination under Section 2.1(b) herein. The decisions, actions and records of the
Administrative Committee shall be conclusive and binding upon the Company, an Employer, and all persons having or claiming to have any right or interest in or under the Plan. 
 (b) The Administrative Committee may delegate to such officers, employees or departments of the Company such authority, duties, and responsibilities of
the Administrative Committee as it, in its sole discretion, considers necessary or appropriate for the proper and efficient operation of the Plan, including, without limitation, (i) interpretation of the Plan, (ii) approval and payment of
claims, and (iii) establishment of procedures for administration of the Plan. 
 (c) No member of the Administrative Committee shall be
directly or indirectly responsible or otherwise liable for any action taken or any failure to take action as a member of the Administrative Committee, except for such action, default, exercise or failure to exercise resulting from such member’s
gross negligence or willful misconduct. No member of the Administrative Committee shall be liable in any way for the acts or defaults of any other member of the Administrative Committee, or any of its advisors, agents or representatives. 

(d) The Company shall indemnify and hold harmless each member of the Administrative Committee against any and all expenses and liabilities arising
out of his or her own activities relating to the Administrative Committee, except for expenses and liabilities arising out of a member’s gross negligence or willful misconduct. 
 (e) The Company shall furnish to the Administrative Committee all information the Administrative Committee may deem appropriate for the exercise of its
powers and duties in the administration of the Plan. The Administrative Committee shall be entitled to rely on any information provided by the Company without any investigation thereof. 
 (f) No member of the Administrative Committee may act, vote or otherwise influence a decision of such Administrative Committee relating to his or her
benefits, if any, under the Plan. 
  

 18 

 ARTICLE 6 
 AMENDMENT, TERMINATION AND EFFECTIVE DATE 
 6.1 Amendment of the Plan 
 Subject to the provisions of Section 6.3, the Plan may be wholly or partially amended or otherwise modified at any time by written action of the
Committee. 
 6.2 Termination of the Plan 
 Subject to the provisions of Section 6.3, the Plan may be terminated by written action of the Committee at any time and in its sole discretion. On termination of the Plan, the Committee may (but shall not be
required to) immediately pay out all benefits under the Plan. 
 6.3 No Impairment of Benefits 
 Notwithstanding the provisions of Sections 6.1 and 6.2, no amendment to or termination of the Plan shall impair any rights to benefits which theretofore
accrued hereunder. An immediate payout of all Plan benefits on termination of the Plan, pursuant to Section 6.2, shall not, however, constitute an impairment of any rights or benefits. 
 6.4 Effective Date 
 The Plan is effective as
of September 30, 1998. Unless otherwise stated, amendments to the Plan are effective on approval by the Committee. The first amendments to the Plan are effective January 1, 2000. The second amended and restated plan is effective
August 1, 2000. The amendments approved by the Committee in June 2003, shall be effective as of January 1, 2003. The amendments made to comply with section 409A of the Code, and approved by the Committee in June 2007 and December 2008 are
effective for account balances established after December 31, 2004. 
  

 19MasterCard Incorporated 2006 Long Term Incentive Plan

 Exhibit 10.26 
 MASTERCARD INCORPORATED 
  
  
 2006 LONG TERM INCENTIVE PLAN

 Amended and Restated October 13, 2008 

 TABLE OF CONTENTS 
  

					
	ARTICLE I ESTABLISHMENT AND PURPOSE	  	1
			
	1.1	    	Establishment.	  	1
			
	1.2	    	Purposes.	  	1
		
	ARTICLE II DEFINITIONS	  	1
			
	2.1	    	“Affiliated Employer”	  	1
			
	2.2	    	“Agreement”	  	1
			
	2.3	    	“Award”	  	1
			
	2.4	    	“Beneficiary”	  	2
			
	2.5	    	“Board of Directors” or “Board”	  	2
			
	2.6	    	“Cause”	  	2
			
	2.7	    	“Change in Control”	  	2
			
	2.8	    	“Code”	  	3
			
	2.9	    	“Commission”	  	3
			
	2.10	    	“Committee”	  	3
			
	2.11	    	“Common Shares”	  	4
			
	2.12	    	“Company”	  	4
			
	2.13	    	“Covered Employee”	  	4
			
	2.14	    	“Disability”	  	4
			
	2.15	    	“Effective Date”	  	4
			
	2.16	    	“Exchange Act”	  	4
			
	2.17	    	“Exercise Price”	  	4
			
	2.18	    	“Fair Market Value”	  	4
			
	2.19	    	“Good Reason”	  	5
			
	2.20	    	“Grant Date”	  	5
			
	2.21	    	“Incentive Stock Option” or “ISO”	  	5
			
	2.22	    	“Non-Employee Director”	  	5
			
	2.23	    	“Non-Qualified Stock Option” or “NQSO”	  	5
			
	2.24	    	“Option”	  	5
			
	2.25	    	“Option Period”	  	5
			
	2.26	    	“Other Stock-Based Award”	  	5
			
	2.27	    	“Outside Director”	  	5
			
	2.28	    	“Participant”	  	6
			
	2.29	    	“Performance Period”	  	6
			
	2.30	    	“Performance Unit”	  	6
			
	2.31	    	“Plan”	  	6
			
	2.32	    	“Public Offering”	  	6
			
	2.33	    	“Restricted Stock”	  	6
			
	2.34	    	“Restricted Stock Unit”	  	6
			
	2.35	    	“Restriction Period”	  	6
			
	2.36	    	“Retirement”	  	6
			
	2.37	    	“Rule 16b-3”	  	6
			
	2.38	    	“Securities Act”	  	6
			
	2.39	    	“Stock Appreciation Right” or “SAR”	  	6

  

 - i - 

					
			
	2.40	    	“Stock Option”	  	6
			
	2.41	    	“Termination of Employment”	  	6
		
	ARTICLE III ADMINISTRATION	  	7
			
	3.1	    	Committee Structure.	  	7
			
	3.2	    	Committee Actions.	  	7
			
	3.3	    	Committee Authority.	  	7
			
	3.4	    	Committee Determinations and Decisions.	  	8
		
	ARTICLE IV SHARES SUBJECT TO PLAN	  	9
			
	4.1	    	Number of Shares.	  	9
			
	4.2	    	Release of Shares.	  	9
			
	4.3	    	Restrictions on Shares.	  	9
			
	4.4	    	ISO Restriction.	  	10
			
	4.5	    	Shareholder Rights.	  	10
			
	4.6	    	Adjustment Provision.	  	10
		
	ARTICLE V ELIGIBILITY	  	11
			
	5.1	    	Eligibility.	  	11
		
	ARTICLE VI STOCK OPTIONS	  	11
			
	6.1	    	General.	  	11
			
	6.2	    	Grant.	  	11
			
	6.3	    	Required Terms and Conditions.	  	12
			
	6.4	    	Standard Terms and Conditions.	  	13
			
	6.5	    	Termination.	  	14
			
	6.6	    	Notice of Disposition of Common Shares Prior to the Expiration of Specified ISO Holding Periods.	  	14
		
	ARTICLE VII STOCK APPRECIATION RIGHTS	  	15
			
	7.1	    	General.	  	15
			
	7.2	    	Grant.	  	15
			
	7.3	    	Required Terms and Conditions.	  	15
			
	7.4	    	Standard Terms and Conditions.	  	16
			
	7.5	    	Termination.	  	16
		
	ARTICLE VIII RESTRICTED STOCK	  	17
			
	8.1	    	General.	  	17
			
	8.2	    	Grant, Awards and Certificates.	  	17
			
	8.3	    	Required Terms and Conditions.	  	17
			
	8.4	    	Standard Terms and Conditions.	  	18
			
	8.5	    	Termination.	  	18
			
	8.6	    	Price.	  	19
			
	8.7	    	Section 83(b) Election.	  	19
		
	ARTICLE IX RESTRICTED STOCK UNITS	  	19
			
	9.1	    	General.	  	19
			
	9.2	    	Grant.	  	20
			
	9.3	    	Required Terms and Conditions.	  	20
			
	9.4	    	Standard Terms and Conditions.	  	20

  

 - ii - 

					
			
	9.5	    	Termination.	  	21
		
	ARTICLE X PERFORMANCE UNITS	  	21
			
	10.1	    	General.	  	21
			
	10.2	    	Earning Performance Unit Awards.	  	21
			
	10.3	    	Performance Period and Vesting in Performance Unit Award.	  	21
			
	10.4	    	Termination of Employment.	  	22
			
	10.5	    	Nontransferability.	  	22
		
	ARTICLE XI OTHER STOCK-BASED AWARDS	  	22
			
	11.1	    	Other Stock-Based Awards.	  	22
		
	ARTICLE XII NON-COMPETITION AND NON-SOLICITATION AGREEMENT	  	23
			
	12.1	    	Non-Competition and Non-Solicitation Agreement.	  	23
		
	ARTICLE XIII CHANGE IN CONTROL	  	23
			
	13.1	    	Impact of Event.	  	23
			
	13.2	    	Additional Discretion.	  	23
		
	ARTICLE XIV PROVISIONS APPLICABLE TO SHARES ACQUIRED UNDER THIS PLAN	  	24
			
	14.1	    	No Company Obligation.	  	24
		
	ARTICLE XV MISCELLANEOUS	  	24
			
	15.1	    	Amendments and Termination.	  	24
			
	15.2	    	Form of Awards.	  	24
			
	15.3	    	No Reload Rights.	  	25
			
	15.4	    	Loans.	  	25
			
	15.5	    	Unfunded Status of Plan.	  	25
			
	15.6	    	Provisions Relating to Code Section 162(m).	  	25
			
	15.7	    	Additional Compensation Arrangements.	  	29
			
	15.8	    	Withholding.	  	29
			
	15.9	    	Controlling Law.	  	30
			
	15.10	    	Offset.	  	30
			
	15.11	    	Nontransferability; Beneficiaries.	  	30
			
	15.12	    	No Rights with Respect to Continuance of Employment.	  	31
			
	15.13	    	Awards in Substitution for Awards Granted by Other Corporations.	  	31
			
	15.14	    	Delivery of Stock Certificate.	  	31
			
	15.15	    	Indemnification.	  	32
			
	15.16	    	No Guarantee of Tax Consequences.	  	32
			
	15.17	    	Foreign Employees and Foreign Law Consideration.	  	32
			
	15.18	    	Section 409A Savings Clause.	  	32
			
	15.19	    	No Fractional Shares.	  	33
			
	15.20	    	Severability.	  	33
			
	15.21	    	Successors and Assigns.	  	33
			
	15.22	    	Entire Agreement.	  	33
			
	15.23	    	Term.	  	33
			
	15.24	    	Gender and Number.	  	33
			
	15.25	    	Headings.	  	34

  

 - iii - 

 ARTICLE I 
 ESTABLISHMENT AND PURPOSE 
 1.1 Establishment. 
 The MasterCard Incorporated 2006 Long Term Incentive Plan (“Plan”) is hereby established by MasterCard Incorporated (the “Company”),
effective as of the Effective Date. The Plan, as amended and restated to increase the number of shares that may be issued under the Plan and to extend the term of the Plan, and to make other clarifying changes, was approved by the Company’s
Board on April 5, 2007, effective upon approval of the amended and restated plan by shareholders. The Plan amendments approved by the Committee, October 13, 2008, are applicable for all grants outstanding under the Plan as of Committee
approval, as well as future grants. 
 1.2 Purposes. 
 The purpose of the Plan is to foster and promote the long-term financial success of the Company and materially increase shareholder value by motivating performance through incentive compensation. The Plan also is
intended to encourage Participant ownership in the Company, attract and retain talent, and enable Participants to participate in the long-term growth and financial success of the Company. The Plan and the grant of Awards thereunder are expressly
conditioned upon the Plan’s approval by the shareholders of the Company. 
 ARTICLE II 
 DEFINITIONS 
 For purposes of the
Plan, the following terms are defined as set forth below: 
 2.1 “Affiliated Employer” means all persons with whom the Company would be considered
a single employer under Section 414(b) or Section 414(c) of the Code, except that, for purposes of determining whether there is a controlled group or common control the language “at least 50 percent” is used instead of “at
least 80 percent.” 
 2.2 “Agreement” means any agreement entered into pursuant to the Plan by which an Award is granted to a Participant.

 2.3 “Award” means any Stock Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Performance Unit, or Other Stock-Based
Award granted to a Participant under the Plan. Awards shall be subject to the terms and conditions of the Plan and shall be evidenced by an Agreement containing such additional terms and conditions, not inconsistent with the provisions of the Plan,
as the Committee shall deem desirable. 

 2.4 “Beneficiary” means any person or other entity, which has been designated by a Participant in his or her
most recent written beneficiary designation filed with the Committee to receive the compensation, specified under the Plan to the extent permitted. If there is no designated beneficiary, then the term means any person or other entity entitled by
will or the laws of descent and distribution to receive such compensation. 
 2.5 “Board of Directors” or “Board” means the Board of
Directors of the Company. 
 2.6 “Cause” means (i) the willful failure by the Participant to perform his duties or responsibilities (other
than due to Disability), (ii) the Participant’s engaging in serious misconduct that is injurious to the Company or an Affiliated Employer including, but not limited to, damage to its reputation or standing in its industry; (iii) the
Participant’s having been convicted of, or entered a plea of guilty or nolo contendere to, a crime that constitutes a felony, or a crime that constitutes a misdemeanor involving moral turpitude, (iv) the material breach by the
Participant of any written covenant or agreement with the Company or an Affiliated Employer not to disclose any information pertaining to the Company and/or its Affiliated Employers, or (v) the breach by the Participant of the Company’s
Code of Conduct, or any material provision of the following Company policies: non-discrimination, substance abuse, workplace violence, nepotism, travel and entertainment, corporation information security, antitrust/competition law, anti-corruption,
enterprise risk management, accounting, contracts, purchasing, communications, investor relations, immigration, privacy, insider trading, and similar policies, whether currently in effect or later adopted. 
 2.7 “Change in Control” means the occurrence of any of the following events, but shall specifically exclude a Public Offering: 
 (i) The acquisition by any individual entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act of beneficial
ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of equity securities of the Company representing more than 30 percent of the voting power of the then outstanding equity securities of the Company entitled to vote
generally in the election of directors (the “Outstanding Company Voting Securities”), provided, however, that for purposes of this subsection (i) the following acquisitions shall not constitute a Change of Control: (A) any
acquisition by the Company, (B) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company, and (C) an acquisition pursuant to a transaction which
complies with clauses (A), (B), and (C) of subsection (iii); or 
 (ii) A change in the composition of the Board as of the Effective
Date (the “Incumbent Board”) that causes less than a majority of the directors of the Company then in office to be members of the Incumbent Board, provided, however, that any individual becoming a director subsequent to the Effective Date,
whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the
Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or 

  

 - 2 - 

 
threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on
behalf of a person other than the Board; or 
 (iii) Consummation of a reorganization, merger, or consolidation or sale or other disposition
of all or substantially all of the assets of the Company or the purchase of assets or stock of another entity (“A Business Combination”), in each case, unless immediately following such Business Combination, (A) all or substantially
all of the individuals and entities who were the beneficial owners of the Outstanding Company Voting Securities immediately prior to such Business Combination will beneficially own, directly or indirectly, more than 50 percent of the then
outstanding combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors (or equivalent governing body, if applicable) of the entity resulting from such Business Combination (including,
without limitation, an entity which as a result of such transaction owns the Company or all of substantially all of the Company’s assets directly or through one or more subsidiaries) in substantially the same proportions as their ownership,
immediately prior to such Business Combination of the Outstanding Company Voting Securities, (B) no person (excluding any employee benefit plan (or related trust) of the Company or such entity resulting from such Business Combination) will
beneficially own, directly or indirectly, more than a majority of the combined voting power of the then outstanding voting securities of such entity except to the extent that such ownership of the Company existed prior to the Business Combination,
and (C) at least a majority of the members of the board of directors (or equivalent governing body, if applicable) of the entity resulting from such Business Combination will have been members of the Incumbent Board at the time of the initial
agreement, or action of the Board, providing for such Business Combination; or 
 (iv) Approval by the stockholders of the Company of a
complete liquidation or dissolution of the Company. 
 In the case of an Award that is subject to Section 409A of the Code and is payable upon a Change
in Control, or at a different time or in a different form upon Termination of Employment in connection with a Change in Control, then upon Termination of Employment not in connection with a Change in Control, or where a Section 409A definition
of Change in Control is otherwise required, the above definition will include only events that qualify as a change in the ownership or effective control of the Company or as a change in the ownership of a substantial portion of the assets of the
Company pursuant to Section 409A(a)(2)(v) of the Code. 
 2.8 “Code” means the Internal Revenue Code of 1986, as amended from time to time,
and any successor, along with related rules, regulations and interpretations. 
 2.9 “Commission” means the Securities and Exchange Commission or
any successor thereto. 
 2.10 “Committee” means the Human Resources and Compensation Committee of the Board of Directors of the Company, or such
other committee, or subcommittee of the 
  

 - 3 - 

 
Committee designated by the Board to administer the Plan, provided that the Committee shall be composed of not less than two directors each of whom is a
Non-Employee Director, an independent director as required by the rules of the national securities exchange on which the Company’s Common Shares are listed, and in the case of an Award subject to Section 15.6 an Outside Director.

 2.11 “Common Shares” means shares of the Company’s Class A or Class B Common Shares, $0.0001 par value (as such par value may be
amended from time to time), whether presently or hereafter issued, and any other stock or security resulting from adjustment thereof as described hereinafter, or the Common Shares of any successor to the Company which is designated for the purpose
of the Plan. 
 2.12 “Company” means MasterCard Incorporated, and includes any successor or assignee corporation or corporations into which the
Company may be merged, changed or consolidated; any corporation for whose securities the securities of the Company shall be exchanged; and any assignee of or successor to substantially all of the assets of the Company. Wherever the context of the
Plan so admits or requires, “Company” also means “Affiliated Employer”. 
 2.13 “Covered Employee” means a Participant the
deductibility of whose compensation in the year of payment of an Award is subject to Section 162(m) of the Code. 
 2.14 “Disability” means
disability in accordance with the Company’s or an Affiliated Employer’s long-term disability plan, as determined by the Committee. 
 2.15
“Effective Date” means when approved by shareholders. 
 2.16 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and
the regulations promulgated thereunder. 
 2.17 “Exercise Price” means the price at which the Common Shares may be purchased under an Option or may
be obtained under a Stock Appreciation Right. In no event may the Exercise Price per share of Common Shares covered by an Option, or the Exercise Price of a Stock Appreciation Right, be reduced through “repricing,” as defined in
Section 15.1. 
 2.18 “Fair Market Value” means, if the Common Shares are listed on a national securities exchange, as of any Grant Date, the
closing price for the Common Shares on the principal exchange on which the shares are traded for that date, all as reported by such source as the Committee may select. If the Common Shares are not traded as of any Grant Date, the Fair Market Value
means the closing price for the Common Shares on the principal exchange on which the shares are traded for the immediately preceding date on which shares were traded. If the Common Shares are not listed on a national securities exchange as of any
Grant Date, Fair Market Value shall be determined by the Committee in its good faith discretion. 
  

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 2.19 “Good Reason” shall mean the occurrence of one of the following events without the Participant’s
prior written consent: (i) assignment to a position for which the Participant is not qualified or a lesser position than the position held by the Participant (although duties may differ without giving rise to a termination by the Participant
for Good Reason), (ii) a material reduction in the Participant’s annual Base Salary, except, in the case of a Participant whose employment agreement so provides, a ten (10) percent reduction in the aggregate over the term of such
employment agreement shall not be treated as a material reduction; (iii) the relocation of the Participant’s principal place of employment to a location more than fifty (50) miles from the Participant’s principal place of
employment (unless such relocation does not increase the Participant’s commute by more than twenty (20) miles), except for required travel on the Company’s business to an extent substantially consistent with the Participant’s
business travel obligations as of such day; or (iv) the failure by the Company to obtain an agreement from any successor to the Company to assume and agree to perform any employment agreement between Participant and the Company or any
Affiliated Employer. The Participant is required to give notice to the Company of the occurrence of an event constituting Good Reason within sixty (60) days after such event occurs, failing which the Participant shall be deemed to have waived
the Participant’s rights regarding such event. The Company shall be provided a period of ninety (90) days after its receipt of notice from the Participant during which it may remedy the grounds for Good Reason given in the notice.

 2.20 “Grant Date” means the date as of which an Award is determined to be effective and designated in a resolution by the Committee and is
granted pursuant to the Plan. The Grant Date shall not be earlier than the date of the resolution and action thereon by the Committee. In no event shall the Grant Date be earlier than the Effective Date. 
 2.21 “Incentive Stock Option” or “ISO” means any Option intended to be and designated as an “incentive stock option,” which qualifies as an
“incentive stock option” within the meaning of Section 422 of the Code. 
 2.22 “Non-Employee Director” shall have the meaning
provided for in Rule 16b-3(b)(3) under the Exchange Act, 17 CFR §240.16b-3(b)(3), as amended. 
 2.23 “Non-Qualified Stock Option” or
“NQSO” means an Option to purchase Common Shares in the Company granted under the Plan, the taxation of which is pursuant to Section 83 of the Code. 
 2.24 “Option” means a right to purchase Common Shares granted to a Participant in accordance with Article VI. An Option may be either an ISO or NQSO. 
 2.25 “Option Period” means the period during which the Option shall be exercisable in accordance with an Agreement and Article VI. 
 2.26 “Other Stock-Based Award” means a right granted under Article XI. 
 2.27 “Outside Director” means a
member of the Board who is not an employee of the Company or an Affiliated Employer and who qualifies as an outside director for purposes of Section 162(m)(4)(C)(i) of the Code. 
  

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 2.28 “Participant” means a person who satisfies the eligibility conditions of Article V and to whom an Award
has been granted by the Committee under the Plan. 
 2.29 “Performance Period” shall mean that period established by the Committee, which may be as
short as a calendar quarter, during which any performance goals specified by the Committee with respect to such Awards are to be measured. 
 2.30
“Performance Unit” means a right granted under Article X. 
 2.31 “Plan” means the MasterCard Incorporated 2006 Long Term Incentive Plan,
as herein set forth and as may be amended from time to time. 
 2.32 “Public Offering” means any public offering of any class or series of the
Company’s equity securities pursuant to a registration statement filed by the Company under the Securities Act or Exchange Act. 
 2.33 “Restricted
Stock” means Common Shares granted to a Participant subject to terms and conditions, including a risk of forfeiture, established by the Committee pursuant to Article VIII of this Plan and evidenced by an Award Agreement. 
 2.34 “Restricted Stock Unit” means a right granted under Article IX. 
 2.35 “Restriction Period” means the period of time during which restrictions established by the Committee shall apply to an Award. 
 2.36
“Retirement” means Termination of Employment by a Participant occurring on or after the earliest of: (i) attaining age 65 while in service and completing two (2) years of service, (ii) attaining age 60 while in service and
completing five (5) years of service, and (iii) attaining age 55 while in service and completing ten (10) years of service. 
 2.37 “Rule
16b-3” means Rule 16b-3, as from time to time in effect and applicable to the Plan and Participants, promulgated by the Commission under Section 16 of the Exchange Act or any successor rule. 
 2.38 “Securities Act” means the Securities Act of 1933, as amended, and the regulations promulgated thereunder. 
 2.39 “Stock Appreciation Right” or “SAR” means a right granted under Article VII. 
 2.40 “Stock Option” means an Option. 
 2.41 “Termination of Employment” means a “separation from
service” as defined in Code section 409A(a)(2)(A)(i), except that a reduction in the level of services performed by a Participant to a level equal to 21 percent or less of the average level of services performed by the Participant during the
immediately preceding 36 months (or such shorter period as the Participant shall have performed services for the Company), shall be presumed to be a Termination of Employment. 
  

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 In addition, certain other terms used herein have definitions given to them in the first place in which
they are used. 
 ARTICLE III 
 ADMINISTRATION 
 3.1 Committee Structure. 
 The Plan shall be administered by the Committee. A majority of the Committee shall constitute a quorum at any meeting thereof (including telephone conference) and the acts of a majority of the members present, or acts
approved in writing by the entire Committee without a meeting, shall be the acts of the Committee for purposes of this Plan. Any member of the Committee may resign upon notice to the Board. The Board shall have the authority to remove, replace or
fill any vacancy of any member of the Committee in accordance with the terms of the Committee’s Charter. 
 3.2 Committee Actions. 
 The Committee may authorize any one or more of its members or an officer of the Company to execute and deliver documents on behalf of the Committee. The
Committee may allocate among one or more of its members, or may delegate to one or more of its agents, such duties and responsibilities as it determines. 
 3.3 Committee Authority. 
 Subject to applicable law, the Company’s certificate of incorporation and by-laws, and the
terms of the Plan, the Committee shall have the discretionary authority: 
 (1) to determine eligibility and to select those persons to whom
Awards may be granted from time to time, including to limit eligibility to persons who execute a non-competition and/or non-solicitation agreement; 
 (2) to determine the nature and amount of each Award; 
 (3) to determine the terms and conditions of each Award granted hereunder,
based on such factors as the Committee shall determine, including terms conditioning vesting, payment, or any other benefit under the Plan on execution and compliance with a non-competition and/or non-solicitation agreement; provided that the
Exercise Price of any Option or Stock Appreciation Right shall not be less than the Fair Market Value per share as of the Grant Date; 
 (4)
to determine whether, to what extent, and under what circumstances Awards may be settled in cash, Common Shares, or other property, either at the time of grant or thereafter, 
 (5) to modify, amend, or adjust the terms and conditions, at any time or from time to time, of any Award, subject to the limitations of
Section 15.1; 
  

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 (6) to cancel, with the consent of the Participant or as otherwise provided in the Plan or an Agreement,
outstanding Awards; 
 (7) to provide for the forms of Agreement to be utilized in connection with this Plan; 
 (8) to determine the permissible methods of Award exercise and payment within the terms and conditions of the Plan and the particular Agreement;

 (9) to determine what legal requirements are applicable to the Plan, Awards, and the issuance of Common Shares, and to require of a
Participant that appropriate action be taken with respect to such requirements; 
 (10) to establish any “blackout” period that the
Committee in it sole discretion deems necessary or advisable; 
 (11) to determine the restrictions or limitations on the transfer of Common
Shares; 
 (12) to supply any omission, reconcile any inconsistency in the Plan or any Award, determine whether any Award is to be adjusted,
modified or purchased, or is to become fully exercisable, under the Plan or the terms of an Agreement; 
 (13) to adopt, amend and rescind
such administrative rules, guidelines, and practices as, in its opinion, may be advisable in the administration of this Plan; 
 (14) to
appoint and compensate agents, counsel, auditors or other specialists to aid it in the discharge of its duties; and 
 (15) to interpret this
Plan and any instrument or agreement under the Plan, and undertake such actions and make such determinations and decisions as it deems necessary and advisable to administer the Plan intent. 
 The Committee shall have discretionary authority to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it
shall, from time to time, deem advisable, to interpret the terms and provisions of the Plan and any Award issued under the Plan (and any Agreement) and to otherwise supervise the administration of the Plan. The Committee’s policies and
procedures may differ with respect to Awards granted at different times and may differ with respect to a Participant from time to time, or with respect to different Participants at the same or different times. 
 3.4 Committee Determinations and Decisions. 
 Any
determination made by the Committee pursuant to the provisions of the Plan shall be made in its sole discretion, and in the case of any determination relating to an Award may be made at the time of the grant of the Award or, unless in contravention
of any express term of the Plan or an Agreement, at any time thereafter. All decisions made by the Committee pursuant to the provisions of the Plan shall be final and binding on all persons, including the Company and Participants. Any determination
shall not be subject to de novo review if challenged in court. 
  

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 ARTICLE IV 
 SHARES SUBJECT TO PLAN 
 4.1 Number of Shares. 
 Subject to the adjustment under Section 4.6, the total number of newly issued Common Shares reserved and available for distribution pursuant to
Awards under the Plan shall be 11,550,000 Class A Common Shares. Such shares may consist, in whole or in part, of authorized and unissued shares or shares acquired from a third party. 
 4.2 Release of Shares. 
 Subject to Section 4.1,
the Committee shall have full authority to determine the number of Common Shares available for Awards. In its discretion the Committee may include (without limitation), as available for distribution, (a) Common Shares subject to any Award that
have been previously forfeited; (b) Common Shares under an Award that otherwise terminates, expires, or lapses without issuance of Common Shares being made to a Participant; (c) Common Shares subject to any award that settles in cash, or
(d) Common Shares that are received, retained, or not issued by the Company in connection with the exercise of an Award, including the satisfaction of any tax liability or tax withholding obligation. Any Common Shares that are available
immediately prior to the termination of the Plan, or any Common Shares returned to the Company for any reason subsequent to the termination of the Plan, may be transferred to a successor plan. 
 4.3 Restrictions on Shares. 
 Common Shares issued
upon exercise or settlement of an Award shall be subject to the terms and conditions specified herein and to such other terms, conditions and restrictions as the Committee in its discretion may determine or provide in the Award Agreement. The
Company shall not be required to issue or deliver any certificates for Common Shares, cash or other property prior to (i) the completion of any registration or qualification of such shares under federal, state or other law, or any ruling or
regulation of any government body which the Committee determines to be necessary or advisable; and (ii) the satisfaction of any applicable withholding obligation in order for the Company or an Affiliated Employer to obtain a deduction or
discharge its legal obligation with respect to the Award. The Company may cause any certificate (or other representation of title) for any Common Shares to be delivered to be properly marked with a legend or other notation reflecting the limitations
on transfer of such Common Shares as provided in this Plan or as the Committee may otherwise require. The Committee may require any person exercising or vesting in an Award to make such representations and furnish such information as it may consider
appropriate in connection with the issuance or delivery of the Common Shares in compliance with applicable law or otherwise. Fractional shares shall not be delivered, but shall be rounded to the next lower whole number of shares. 
  

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 4.4 ISO Restriction. 
 Solely for purposes of determining whether shares are available for the issuance of ISOs, and notwithstanding anything in this Section to the contrary, the maximum aggregate number of shares that may be issued through
ISOs under this Plan shall be 500,000. The terms of Section 4.2 shall apply equally for purposes of the number of shares available under this Section 4.4 for issuance through ISOs, except that shares subject to ISOs that settle in cash
shall not be available for distribution through issuance of ISOs. 
 4.5 Shareholder Rights. 
 Other than voting rights, no person shall have any rights of a shareholder as to Common Shares subject to an Award until, after proper transfer of the
Common Shares subject to the Award or other action required, such shares shall have been recorded on the Company’s official shareholder records as having been issued and transferred. Upon grant of Restricted Stock, or exercise of an Option or a
SAR, or payment of any other Award or any portion thereof, the Company will have a reasonable period in which to issue and transfer the shares, and the Participant will not be treated as a shareholder for any purpose whatsoever prior to such
issuance and transfer, except as provided in Section 8.4(3). No adjustment shall be made for cash dividends or other rights for which the record date is prior to the date such shares are recorded as issued and transferred in the Company’s
official shareholder records, except as provided herein or in an Agreement. 
 4.6 Adjustment Provision. 
 (1) Adjustment. In the event of any Company share dividend, share split, combination or exchange of shares, recapitalization or other change in the
capital structure of the Company, corporate separation or division of the Company (including, but not limited to, a split-up, spin-off, split-off or distribution to Company stockholders other than a normal cash dividend), reorganization, rights
offering, a partial or complete liquidation, or any other corporate transaction, Company securities offering or event involving the Company and having an effect similar to any of the foregoing, then the Committee shall make appropriate adjustments
or substitutions as described below in this Section. The adjustments or substitutions may relate to the number of Common Shares available for Awards under the Plan, the number of Common Shares covered by outstanding Awards, the exercise price per
share of outstanding Awards, and any other characteristics or terms of the Awards as the Committee may deem necessary or appropriate to reflect equitably the effects of such changes to the Participants. Notwithstanding the foregoing, any fractional
shares resulting from such adjustment shall be eliminated by rounding to the next lower whole number of shares with appropriate payment for such fractional share as shall reasonably be determined by the Committee. 
  

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 (2) Section 409A. Any adjustments or substitutions made pursuant to Section 4.6(1) to
Awards that are considered “deferred compensation” within the meaning of Section 409A of the Code shall be made in compliance with the requirements of Section 409A. Any adjustments or substitutions made pursuant to
Section 4.6(1) to Awards that are not considered “deferred compensation” subject to Section 409A of the Code shall be made in such manner as to ensure that after such adjustment or substitution, the Awards either continue not to
be subject to Section 409A of the Code or comply with the requirements of Section 409A of the Code. 
 ARTICLE V 

ELIGIBILITY 
 5.1 Eligibility. 

Any employee of the Company or an Affiliated Employer, and any individual covered by Section 15.13, shall be eligible to be designated, in the
discretion of the Committee, a Participant of this Plan, provided such eligibility would not jeopardize this Plan’s compliance with Rule 16b-3 under the Exchange Act or any successor rule. The Committee may require that, in order to be eligible
to be designated a Participant, an employee must execute, in a form prescribed by the Company, a non-competition and/or non-solicitation agreement. Only an employee of the Company, or any parent corporation or subsidiary of the Company (as such
terms are defined in Section 424 of the Code) on the Grant Date shall be eligible to be granted an Incentive Stock Option. 
 ARTICLE
VI 
 STOCK OPTIONS 
 6.1
General. 
 The Committee shall have authority to grant Options under the Plan at any time or from time to time. An Option shall
entitle the Participant to receive Common Shares upon exercise of such Option, subject to the Participant’s satisfaction in full of any conditions, restrictions or limitations imposed in accordance with the Plan or an Agreement (the terms and
provisions of which may differ from other Agreements) including, without limitation, payment of the Option Price. The Committee may provide for grant or vesting of Options conditioned upon the performance of services, the achievement of performance
goals pursuant to Section 15.6, or the execution of, and/or compliance with, a non-competition or non-solicitation agreement, or any combination of the above. Options may be granted alone or in addition to other Awards granted under the Plan.

 6.2 Grant. 
 The grant of an Option
shall occur as of the Grant Date determined by the Committee provided that the Grant Date shall not be earlier than the date of the resolution and action thereon by the Committee. An Award of Options shall be evidenced by, and 

  

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subject to the terms of, an Agreement. To the extent that any Option is not designated as an Incentive Stock Option or is so designated, but does not qualify
as an Incentive Stock Option, it shall constitute a Non-Qualified Stock Option. 
 6.3 Required Terms and Conditions. 
 Options shall be subject to the following terms and conditions and to such additional terms and conditions, not inconsistent with the provisions of the
Plan, as the Committee shall deem desirable: 
 (1) Exercise Price. The Exercise Price per share for an Award shall not be less than
the Fair Market Value per share as of the Grant Date. If an Option which is intended to qualify as an Incentive Stock Option is granted to an individual (a “10% Owner”) who owns or who is deemed to own shares possessing more than ten
percent (10%) of the combined voting power of all classes of shares of the Company, a corporation which is a parent corporation of the Company, or any subsidiary of the Company (each as defined in Section 424 of the Code), the Exercise
Price per share shall not be less than one hundred ten percent (110%) of such Fair Market Value per share as of the Grant Date. 
 (2)
Option Period. The Option Period fixed by the Committee for any Award shall be no longer than ten (10) years from the Option’s Grant Date. In the case of an Incentive Stock Option granted to a 10% Owner, the Option Period shall not
exceed five (5) years. No Option which is intended to be an Incentive Stock Option shall be granted more than ten (10) years from the date the Plan is adopted by the Company or the date the Plan is approved by the shareholders of the
Company, whichever is earlier. 
 (3) Exercisability. In no event shall an Option be exercisable earlier than six (6) months
after the Grant Date (except in the case of the Participant’s death or in the case of an Option granted in lieu of or replacement of compensation that is subject to vesting restrictions, in which case the Option may be exercisable pursuant to
the same vesting restrictions as was the compensation) or later than ten (10) years from the Grant Date. The Committee may provide in an Option Agreement or thereafter for an accelerated exercise of all or part of an Option upon such events or
standards that it may determine, including one or more performance measures. If the Committee intends that an Option be able to qualify as an Incentive Stock Option, aggregate Fair Market Value (determined at the Option’s Grant Date) of the
Common Shares as to which such Incentive Stock Option is exercisable for the first time during any calendar year shall not exceed $100,000. 
 (4) Method of Exercise. Subject to the provisions of this Article VI and the Agreement, a Participant may exercise Options, in whole or in part, during the Option Period by giving notice of exercise on a form provided by the
Committee to the Company specifying the number of whole shares of Common Shares subject to the Option to be purchased. Such notice shall be accompanied by payment in full of the purchase price. Payment of the purchase price shall be by
(i) delivery of cash or certified check, (ii) delivery of Common Shares already owned by the Participant (for any minimum period 

  

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required by the Committee) having a total value equal to the Exercise Price, (iii) by means of delivery of cash by a broker-dealer as a
“cashless” exercise, (iv) any combination of the foregoing, or (v) any other method approved by the Committee. 
 (5)
Form of Settlement. The Committee may provide, at the time of grant, that the shares to be issued upon an Option’s exercise shall be in the form of Restricted Stock or other similar securities. 
 (6) Conditions for Issuance of Shares. No Common Shares shall be issued until full payment therefore has been made. A Participant shall have all
of the rights of a shareholder of the Company holding the class of shares that is subject to such Option (including, if applicable, the right to vote the shares and the right to receive dividends) when the Participant has given written notice of
exercise, has paid in full for such shares, and such shares have been recorded on the Company’s official shareholder records as having been issued and transferred. 
 (7) No Deferral Features. To the extent necessary to comply with Code Section 409A, no Option Agreement shall include any features allowing the Participant to defer recognition of income past the date on
which taxation occurs under section 83 of the Code. 
 6.4 Standard Terms and Conditions. 
 Unless the Committee specifies otherwise in the Award Agreement, the terms set forth in this Section 6.4 shall apply to all Options granted under the
Plan. Any Option Award Agreement that incorporates the terms of the Plan by reference shall be deemed to have incorporated the terms set forth in this Section 6.4. 
 (1) Exercise Price. The standard Exercise Price per share shall be the Fair Market Value per share as of the Grant Date. 
 (2) Option Period. The standard Option Period of each Option shall be ten (10) years from the Option’s Grant Date. 
 (3) Exercisability. Subject to Section 13.1, the standard rate at which an Option shall be exercisable shall be twenty five (25) percent on each of the first four (4) anniversaries of the grant.

 (4) Method of Exercise. The standard form of payment of the Exercise Price shall be by means of delivery of cash by a broker-dealer
as a “cashless” exercise. 
 (5) Form of Settlement. The standard form of settlement shall be in unrestricted Common Shares.

 (6) Non-transferability of Options. The standard terms of an Agreement shall provide that no Option shall be sold, assigned,
margined, transferred, encumbered, conveyed, gifted, alienated, hypothecated, pledged, or otherwise disposed of, other than by will or by the laws of descent and distribution, and all Options shall be exercisable during the Participant’s
lifetime only by the Participant. 
  

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 (7) No Deferral Features. The standard terms of an Agreement shall provide for no deferral of
recognition of income past the date on which taxation occurs under Section 83 of the Code. 
 6.5 Termination. 
 Unless otherwise specifically provided in an Agreement, or determined by the Committee, and except as is otherwise provided in this Section 6.5
below, Options that are not otherwise exercisable on the date of Termination of Employment shall be forfeited upon a Participant’s Termination of Employment. A Participant shall have the right to exercise Options that were otherwise exercisable
on Termination of Employment only during a period not exceeding one hundred and twenty (120) days, or such other period specified in the Agreement, after the date of such Termination of Employment (but no later than the end of the Option
Period). 
 (1) Termination by Death. Unless otherwise specifically provided in an Agreement or determined by the Committee, on a
Participant’s Termination of Employment due to death during the Option Period, Options held by the Participant shall become immediately exercisable and shall thereafter be fully exercisable throughout the original Option Period. 
 (2) Termination by Disability or Retirement. Unless otherwise specifically provided in an Agreement or determined by the Committee, and subject to
Article XII below, on a Participant’s Termination of Employment due to Disability or Retirement more than six (6) months after the Grant Date (unless circumstances exist at the time of termination that would constitute Cause under
Section 2.6), any Option held by the Participant shall continue to be exercisable by the Participant as if there was no Termination of Employment. 
 (3) Termination for Cause. Unless otherwise specifically provided in an Agreement or determined by the Committee, on a Participant’s Termination of Employment for Cause, the Participant shall forfeit all
Options whether those Options are otherwise exercisable as of the date of Termination of Employment or otherwise would not be exercisable on the date of Termination of Employment. 
 6.6 Notice of Disposition of Common Shares Prior to the Expiration of Specified ISO Holding Periods. 
 The Company may require that a Participant exercising an ISO give a written representation to the Company, satisfactory in form and substance, upon which the Company may rely, that the Participant will report to the
Company any disposition of shares acquired via an ISO exercise prior to the expiration of the holding periods specified by Section 422(a)(1) of the Code. 
  

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 ARTICLE VII 
 STOCK APPRECIATION RIGHTS 
 7.1 General. 
 The Committee shall have authority to grant Stock Appreciation Rights (SARs) under the Plan at any time or from time to time. A SAR shall entitle the
Participant to receive Common Shares upon exercise of such SAR, subject to the Participant’s satisfaction in full of any conditions, restrictions, or limitations imposed in accordance with the Plan or any Agreement. The Committee may provide
for grant or vesting of SARs conditioned upon the performance of services, the achievement of performance goals pursuant to Section 15.6, or the execution of, and/or compliance with, a non-competition or non-solicitation agreement, or any
combination of the above. SARs may be granted alone or in addition to other Awards granted under the Plan. 
 7.2 Grant. 
 The grant of a SAR shall occur as of the Grant Date determined by the Committee provided that the Grant Date shall not be earlier than the date of the
resolution and action thereon by the Committee. A SAR entitles a Participant to receive Common Shares or cash as described in Section 7.3(5). An Award of SARs shall be evidenced by, and subject to the terms of an Agreement. 
 7.3 Required Terms and Conditions. 
 SARs shall be
subject to the following terms and conditions and to such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall deem desirable. 
 (1) Exercise Price. The Exercise Price of a SAR shall not be less than 100% of the Fair Market Value per share of Common Shares on the Grant Date.

 (2) Term. The term of a SAR shall be no longer than ten (10) years from the Grant Date. 
 (3) Exercisability. In no event shall a SAR be exercisable earlier than six (6) months after the Grant Date (except in the case of the
Participant’s death or in the case of a SAR granted in lieu of or replacement of compensation subject to vesting restrictions, in which case the SAR may be exercisable pursuant to the same vesting restrictions as was the compensation) or later
than ten (10) years from the Grant Date. The Committee may provide in a SAR Agreement or thereafter for an accelerated exercise of all or part of a SAR upon such events or standards that it may determine, including one or more performance
measures. 
 (4) Method of Exercise. SARs shall be exercised by the Participant’s giving notice of exercise on a form provided by
the Committee to the Company specifying in whole shares the portion of the SAR to be exercised. 
  

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 (5) Amount. Upon the exercise of a SAR, a Participant shall be entitled to receive an amount in
Common Shares or cash equal in value to the excess of the value per share of Common Shares over the Exercise Price per share of Common Shares specified in the related Agreement, multiplied by the number of shares in respect of which the SAR is
exercised, less any amount retained or not issued to cover tax withholdings, if necessary. The value per share of Common Shares shall be determined as of the date of exercise of such SAR. 
 (6) No Deferral Features. To the extent necessary to comply with Code Section 409A, the SAR Agreement shall not include any features allowing
the Participant to defer recognition of income past the date of exercise. 
 7.4 Standard Terms and Conditions. 
 Unless the Committee specifies otherwise in the SAR Agreement, the terms set forth in this Section 7.4 shall apply to all SARs granted under the
Plan. A SAR Agreement that incorporates the terms of the Plan by reference shall be deemed to have incorporated the terms set forth in this Section 7.4 
 (1) Exercise Price. The standard Exercise Price of a SAR shall be 100% of the Fair Market Value per share of Common Shares on the Grant Date. 
 (2) Term. The standard term of a SAR shall be ten (10) years from the Grant Date. The term of a SAR shall be no longer than ten
(10) years from the Grant Date. 
 (3) Exercisability. Subject to Section 13.1, the standard rate at which a SAR shall be
exercisable shall be twenty five (25) percent on each of the first four anniversaries of the Grant Date. 
 (4)
Non-transferability of Stock Appreciation Rights. The standard SAR Agreement shall provide that no SAR shall be sold, assigned, margined, transferred, encumbered, conveyed, gifted, alienated, hypothecated, pledged or otherwise disposed of,
other than by will or the laws of descent and distribution, and all SARs shall be exercisable during the Participant’s life time only by the Participant. 
 (5) No Company or Affiliate Repurchase. The standard SAR Agreement shall stipulate that the Company and/or an Affiliate may not, under any circumstances, repurchase the Common Shares delivered in settlement of
the exercise of the SAR or enter into an arrangement that has a similar effect. 
 (6) No Deferral Features. The standard SAR
Agreement shall not include any features allowing the Participant to defer recognition of income past the date of exercise. 
 7.5 Termination.

 A Stock Appreciation Right shall be forfeited or terminated under the same circumstances, as set forth in Section 6.5, as Options
would be forfeited or terminated under the Plan, unless otherwise specifically provided in an Agreement. 
  

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 ARTICLE VIII 
 RESTRICTED STOCK 
 8.1 General. 
 The Committee shall have authority to grant Restricted Stock under the Plan at any time or from time to time. The Committee shall determine the number of shares of Restricted Stock to be awarded to any Participant,
the Restriction Period within which such Awards may be subject to forfeiture, and any other terms and conditions of the Awards including without limitation providing for either grant or vesting conditioned upon the achievement of performance goals
pursuant to Section 15.6 or the execution of, and/or compliance with, a non-competition or non-solicitation agreement, or both. Each Award shall be confirmed by, and be subject to the terms of, an Agreement containing the applicable terms and
conditions of the Award, including the Restriction Period. The Committee may provide in an Agreement for an accelerated lapse of the Restriction Period upon such events or standards that it may determine, including the achievement of one or more
performance goals set forth in Section 15.6. Restricted Stock may be granted alone or in addition to other Awards granted under the Plan. 
 8.2
Grant, Awards and Certificates. 
 The grant of an Award of Restricted Stock shall occur as of the Grant Date determined by the
Committee. Notwithstanding the limitations on issuance of Common Shares otherwise provided in the Plan, each Participant receiving an Award of Restricted Stock shall be issued a certificate (or other representation of title, such as book entry
registration) in respect of such Restricted Stock. Such certificate shall be registered in the name of such Participant and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Award as determined
by the Committee. The Committee may require that the certificates evidencing such shares be held in custody by the Company until the Restriction Period shall have lapsed and that, as a condition of any Award of Restricted Stock, the Participant
shall have delivered a share power, endorsed in blank, relating to the Common Shares covered by such Award. 
 8.3 Required Terms and Conditions.

 Restricted Stock shall be subject to the following terms and conditions and to such additional terms and conditions, not inconsistent with
the provisions of the Plan, as the Committee shall deem desirable: 
 (1) Restriction Period. Restricted Stock shall be subject to
restrictions for a period set forth in the Agreement, which Restriction Period generally shall be a minimum of three years from the Grant Date (except in the case of Restricted Stock granted in lieu of or replacement of compensation that is subject
to vesting restrictions, in which case the Restricted Stock may be subject to the same vesting restrictions as was the compensation). No more than five (5) percent of the total Awards granted under Articles VIII, IX, and X of the Plan in any
year shall be subject to restrictions for a period of less than three years from the Grant Date. 
  

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 (2) Restrictions. The Committee may condition the grant or vesting of the Restricted Stock on the
performance of services for the Company, the attainment of performance goals, the execution of and/or compliance with a non-competition and/or non-solicitation agreement, or any combination of the aforementioned items. 
 (3) Limitations on Transferability. Subject to the provisions of the Plan and the Agreement, during the Restriction Period set by the Committee,
commencing with the Grant Date of such Award, the Participant shall not be permitted to sell, assign, margin, transfer, encumber, convey, gift, alienate, hypothecate, pledge or otherwise dispose of unvested Restricted Stock. 
 (4) Delivery. If a share certificate is issued in respect of Restricted Stock, the certificate shall be registered in the name of the Participant
but shall be held by the Company for the account of the Participant until the end of the Restriction Period. If and when the Restriction Period expires without a prior forfeiture of the Restricted Stock subject to such Restriction Period, unlegended
certificates (or other representation of title) for such shares shall be delivered to the Participant. 
 8.4 Standard Terms and Conditions.

 Unless the Committee specifies otherwise in the Restricted Stock Agreement, the terms set forth in this Section 8.4 shall apply to all
Restricted Stock granted under the Plan. A Restricted Stock Agreement that incorporates the terms of the Plan by reference shall be deemed to have incorporated the terms set forth in this Section 8.4. 
 (1) Restriction Period. The standard Restriction Period shall be four (4) years from the Grant Date. 
 (2) Restrictions. The standard restrictions applicable to Restricted Stock are continued service of the Participant for the Company during the
Restriction Period. 
 (3) Rights. The standard terms of a Restricted Stock Agreement shall provide that the Participant shall have,
with respect to the Restricted Stock, all of the rights of a shareholder of the Company holding the class of Common Shares that is the subject of the Restricted Stock, including, if applicable, the right to vote the shares and the right to receive
any cash dividends, subject to Section 8.3(3). 
 8.5 Termination. 
 Unless otherwise provided in an Agreement or determined by the Committee, and except as is otherwise provided in this Section 8.5 below, Restricted Stock shall be forfeited upon a Participant’s Termination
of Employment. 
  

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 (1) Termination by Death. Unless otherwise provided in an Agreement or determined by the
Committee, Restricted Stock shall vest upon a Participant’s Termination of Employment by reason of death during the Restriction Period. 
 (2) Termination by Disability or Retirement. Unless otherwise provided in an Agreement or determined by the Committee, and subject to Article XII below, on a Participant’s Termination of Employment due to Disability or
Retirement more than six months following the Grant Date (unless circumstances exist at the time of termination that would constitute Cause under Section 2.6), any Restricted Stock held by the Participant shall continue to vest as if there was
no Termination of Employment. 
 8.6 Price. 
 The Committee may require a Participant to pay a stipulated purchase price for each share of Restricted Stock. 
 8.7 Section 83(b)
Election. 
 The Committee may prohibit a Participant from making an election under Section 83(b) of the Code. If the Committee has
not prohibited such election, and if the Participant elects to include in such Participant’s gross income in the year of transfer the amounts specified in Section 83(b) of the Code, the Participant shall notify the Company (or an
Affiliated Employer) of such election within 10 days of filing notice of the election with the Internal Revenue Service, and will provide the required withholding pursuant to Section 15.8, in addition to any filing and notification required
pursuant to regulations issued under the authority of Section 83(b) of the Code. 
 ARTICLE IX 
 RESTRICTED STOCK UNITS 
 9.1 General.

 The Committee shall have authority to grant Restricted Stock Units under the Plan at any time or from time to time. A Restricted Stock Unit
Award is denominated in Common Shares that will be settled either by delivery of Common Shares or the payment of cash based upon the value of a specified number of Common Shares. The Committee shall determine the number of Restricted Stock Units to
be awarded to any Participant, the Restriction Period within which such Awards may be subject to forfeiture, and any other terms and conditions of the Awards including without limitation providing for either grant or vesting conditioned upon the
achievement of performance goals pursuant to Section 15.6, or the execution of, and/or compliance with, a non-competition or non-solicitation agreement, or both. Each Award shall be confirmed by, and be subject to the terms of, an Agreement
which contain the applicable terms and conditions of the Award, including the Restriction Period. The Committee may provide in an Agreement for an accelerated lapse of the Restriction Period upon such events or standards that it may determine,
including the achievement of one or more performance goals set forth in Section 15.6. Restricted Stock Units may be granted alone or in addition to other Awards granted under the Plan. 
  

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 9.2 Grant. 
 The grant of a Restricted Stock Unit shall occur as of the Grant Date determined by the Committee. An Award of Restricted Stock Units shall be evidenced by, and subject to the terms of an Agreement. 
 9.3 Required Terms and Conditions. 
 Restricted Stock
Units shall be subject to the following terms and conditions and to such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall deem desirable: 
 (1) Restriction Period. Restricted Stock Unit shall be subject to restrictions for a period set forth in the Agreement, which Restriction Period
generally shall be a minimum of three (3) years from the Grant Date (except in the case of a Restricted Stock Unit granted in lieu of other compensation that is subject to vesting restrictions, in which case the Restricted Stock Units may be
subject to the same vesting restrictions as was the compensation). No more than five (5) percent of the total Awards granted under Article VIII, IX, and X of the Plan in any year shall be subject to restrictions for a period of less than three
(3) years from the Grant Date. 
 (2) Restrictions. The Committee may condition the grant or vesting of the Restricted Stock
Units on the performance of services for the Company, the attainment of performance goals, the execution of, and/or compliance with, a non-competition and/or non-solicitation agreement, or any combination of the aforementioned items. 
 (3) Limitations on Transferability. Subject to the provisions of the Plan and the Agreement, during the Restriction Period set by the Committee,
commencing with the Grant Date of such Award, the Participant shall not be permitted to sell, assign, margin, transfer, encumber, convey, gift, alienate, hypothecate, pledge or otherwise dispose of the Restricted Stock Units. 
 (4) Rights. The Committee shall be entitled to specify in a Restricted Stock Unit Agreement the extent to which and on what terms and conditions
the applicable Participant shall be entitled to receive current or deferred payments corresponding to the dividends payable on the Common Shares. 
 9.4
Standard Terms and Conditions. 
 Unless the Committee specifies otherwise in the Restricted Stock Unit Agreement, the terms set forth
in this Section 9.4 shall apply to all Restricted Stock Units granted under the Plan. A Restricted Stock Unit Agreement that incorporates the terms of the Plan by reference shall be deemed to have incorporated the terms set forth in this
Section 9.4: 
 (1) Restriction Period. The standard Restriction Period shall be four (4) years from the Grant Date.

  

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 (2) Restrictions. The standard restrictions applicable to a Restricted Stock Unit are continued
service of the Participant for the Company during the Restriction Period. 
 (3) Rights. The standard terms of the Restricted Stock
Units shall provide that the Participant is entitled to receive current payments corresponding to the dividends payable on the Common Shares. 
 9.5
Termination. 
 A Restricted Stock Unit shall be forfeited under the same circumstances, as set forth in Section 8.5, as
Restricted Stock would be forfeited under the Plan, unless otherwise specifically provided in the Agreement. 
 ARTICLE X 

PERFORMANCE UNITS 
 10.1 General.

 The Committee shall have authority to grant Performance Units under the Plan at any time or from time to time. A Performance Unit consists
of the right to receive Common Shares or cash, as provided in the particular Award Agreement, upon achievement of a performance goal or goals (as the case may be) under Section 15.6. The Committee may condition grant or vesting of Performance
Units upon the performance of services, the execution of, and/or compliance with, a non-competition or non-solicitation agreement, or both. The Committee shall have complete discretion to determine the number of Performance Units granted to each
Participant. Each Performance Unit Award shall be evidenced by, and be subject to the terms of, an Agreement. The Performance Unit Award shall be earned in accordance with the Agreement over a Performance Period. Performance Units may be granted
alone or in addition to other Awards granted under the Plan. 
 10.2 Earning Performance Unit Awards. 
 Unless expressly waived in the Award Agreement, vesting of Performance Unit Awards must be contingent on the attainment of one or more performance goals
set forth in Section 15.6 and in such case shall be subject to the terms and conditions set forth therein. 
 10.3 Performance Period and Vesting in
Performance Unit Award. 
 Unless otherwise provided in the Award Agreement, the Performance Period shall be a three (3) year period
and the Performance Unit Awards shall be subject to restrictions a minimum of three (3) years from the Grant Date. No more than five (5)

  

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percent of the total Awards granted under Article VIII, IX, and X of the Plan in any year shall be subject to restrictions for a period of less than three
(3) years from the Grant Date. 
 10.4 Termination of Employment. 
 Unless otherwise provided in an Agreement or determined by the Committee, and except as is otherwise provided in this Section 10.4 below, unvested Performance Units shall be forfeited upon a Participant’s
Termination of Employment. 
 (1) Termination by Death. In the event of a Termination of Employment during a Performance Period due to
Death, Performance Units for the Performance Period shall immediately vest and be paid out at a target level of performance. 
 (2)
Termination by Disability or Retirement. Unless otherwise provided in an Agreement or determined by the Committee, and subject to Article XII below, in the event of a Termination of Employment due to Disability or Retirement during a
Performance Period and more than six (6) months following the Grant Date (unless circumstances exist at the time of termination that would constitute Cause under Section 2.6), Performance Units shall continue to vest as if there had been
no Termination of Employment and shall be payable based on achievement of performance goals. Distribution of earned Performance Units may be made at the same time payments are made to Participants who did not incur a Termination of Employment during
the applicable Performance Period. 
 10.5 Nontransferability. 
 Unless otherwise specifically provided in an Agreement, Performance Units may not be sold, assigned, margined, transferred, encumbered, conveyed, gifted, alienated, hypothecated, pledged, or otherwise disposed of,
other than by will or by the laws of descent and distribution. 
 ARTICLE XI 
 OTHER STOCK-BASED AWARDS 
 11.1 Other Stock-Based Awards. 
 Other Awards of Common Shares and other Awards that are valued in whole or in part by reference to, or are otherwise based upon or settled in, Common
Shares, may be granted under the Plan either alone or in addition to other Awards under the Plan. The Committee shall have authority to grant such Other Stock-Based Awards under terms and conditions determined by the Committee. 
  

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 ARTICLE XII 
 NON-COMPETITION AND NON-SOLICITATION AGREEMENT 
 12.1 Non-Competition and Non-Solicitation Agreement.

 The Committee, in its discretion, may condition eligibility to be designated a Participant in the Plan and receipt of benefits specified in
the Agreement, such as vesting, payment, and exercisability of Awards, on the Participant’s execution of, compliance with, and/or certification of compliance with a non-competition and/or non-solicitation agreement in a form prescribed by the
Company. 
 ARTICLE XIII 
 CHANGE IN CONTROL 
 13.1 Impact of Event. 
 Notwithstanding any other provision of the Plan to the contrary and unless otherwise specifically provided in an Agreement, in the event of a Participant’s Termination of Employment by the Company without Cause
or by the Participant with Good Reason (after having given written notice to the Company of the grounds for Termination of Employment for Good Reason, which grounds specified in the written notice have not been cured by the Company within 90 days of
the written notice) within six months preceding or two years following a Change in Control: 
  

	 	(1)	any Stock Options and Stock Appreciation Rights outstanding as of the date of such Change in Control and not then exercisable shall become fully exercisable to the full extent of
the original grant; 

  

	 	(2)	the restrictions applicable to any Restricted Stock Awards shall lapse, and such Restricted Stock shall become free of all restrictions and become fully vested and transferable to
the full extent of the original grant; 

  

	 	(3)	the restrictions applicable to any Restricted Stock Unit Awards shall lapse, and such Restricted Stock Units shall be settled; and 

  

	 	(4)	any Performance Goal or other condition with respect to any Performance Units or any other Awards shall be deemed to have been satisfied in full at the target performance level, and
such Award shall be fully distributable six months following Termination of Employment. 

 13.2 Additional Discretion. 
 The Committee shall have full discretion, notwithstanding anything herein or in an Agreement to the contrary, with respect to an outstanding Award upon a
Change in Control to provide that the securities of another entity be substituted hereunder for the Common Shares and to make equitable adjustment with respect thereto. 
  

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 ARTICLE XIV 
 PROVISIONS APPLICABLE TO SHARES ACQUIRED UNDER THIS PLAN 
 14.1 No Company Obligation. 
 Except to the extent required by applicable securities laws, none of the Company, an Affiliated Employer or the Committee shall have any duty or
obligation to affirmatively disclose material information to a record or beneficial holder of Common Shares or an Award, and such holder shall have no right to be advised of any material information regarding the Company or an Affiliated Employer at
any time prior to, upon, or in connection with receipt or the exercise or distribution of an Award. The Company makes no representation or warranty as to the future value of the Common Shares issued or acquired in accordance with the provisions of
the Plan. 
 ARTICLE XV 
 MISCELLANEOUS 
 15.1 Amendments and Termination. 
 The Committee may amend, alter, or discontinue the Plan, or the terms of any Award Agreement under the Plan, at any time, but no amendment, alteration or discontinuation shall be made which would impair the rights of
a Participant under an Award theretofore granted without the Participant’s consent, unless such an amendment is made to comply with applicable law (including Code Section 409A), stock exchange rules, or accounting rules. Repricing of
Options or Stock Appreciation Rights shall not be permitted. For this purpose, a “repricing” means any of the following (or any action that has the same effect as any of the following): (1) changing the terms of an Option or Stock
Appreciation Right to lower its Exercise Price; (2) any other action that is treated as a “repricing” under generally accepted accounting principles; and (3) repurchasing for cash or cancelling an Option or Stock Appreciation
Right at a time when its Exercise Price is greater than the fair market value of the underlying stock in exchange for another Award, unless the cancellation and exchange occurs in connection with an event set forth in Section 4.6. A
cancellation and exchange described in this Section 15.1(3) shall be considered a “repricing” regardless of whether it is treated as a “repricing” under generally accepted accounting principles and regardless of whether it
is voluntary on the part of the Participant. Notwithstanding the foregoing, any material amendments to the Plan shall require shareholder approval to the extent required by the rules of the New York Stock Exchange or other national securities
exchange or market that regulates the securities of the Company. 
 15.2 Form of Awards. 
 All Awards shall be subject to the terms, conditions, restrictions and limitations of the Plan. The Committee may subject any Award to such other terms,
conditions, restrictions and/or limitations (including without limitation the time and conditions of 

  

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exercise, vesting or payment of an Award and restrictions on transferability of any Common Shares issued or delivered pursuant to an Award), provided they
are not inconsistent with the terms of the Plan. The Committee may subject an Award to such conditions as it determines are necessary or appropriate to ensure that an Award constitutes “qualified performance based compensation” within the
meaning of Section 162(m) of the Code and the regulations thereunder. Awards under a particular Article of the Plan need not be uniform, and Awards under more than one Article of the Plan may be combined in a single Award Agreement. Any
combination of Awards may be granted at one time and on more than one occasion to the same Participant. An Award Agreement for Restricted Stock Units or Performance Units may provide that a Participant may elect to defer receipt of income
attributable to the Award. In the event no such election is provided or made, and the Award Agreement does not otherwise provide, the Restricted Stock Units and Performance Units shall be payable to the Participant within 2 1/2 months of the end of the Company’s or the Participant’s year of vesting in the Award. 
 15.3 No Reload Rights. 
 Options shall not contain any
provisions entitling the Participant to an automatic grant of additional Options in connection with any exercise of the original Option. 
 15.4
Loans. 
 The Committee may approve the extension of a loan by the Company to a Participant who is an Employee for the sole purpose of
assisting the participant in paying the exercise price of an Option exercised by means of a cashless exercise program established by the Company, provided, however, that no loan shall be permitted if the extension of such loan would violate any
provision of applicable law. Any loan will be made upon such terms and conditions that the Committee shall determine. 
 15.5 Unfunded Status of Plan.

 It is intended that the Plan be an “unfunded” plan for incentive compensation. The Committee may authorize the creation of trusts
or other arrangements to meet the obligations created under the Plan to deliver Common Shares or make payments; provided, however, that, unless the Committee otherwise determines, the existence of such trusts or other arrangements is consistent with
the “unfunded” status of the Plan. 
 15.6 Provisions Relating to Code Section 162(m). 
 Where expressly provided in writing by the Committee, Awards granted to persons who are (or may become) Covered Employees within the meaning of
Section 162(m) of the Code, shall constitute “qualified performance-based compensation” satisfying the relevant requirements of Section 162(m) of the Code. Accordingly, in the case of such Awards, the Plan shall be administered
and the provisions of the Plan shall be interpreted in a manner consistent with Section 162(m) of the Code. If any provision of the Plan or any Agreement relating to such an Award does not comply or is inconsistent with the requirements of
Section 162(m) of the Code, such provision shall be 

  

 - 25 - 

 
construed or deemed amended to the extent necessary to conform to such requirements. In addition, the following provisions shall apply to the Plan or an
Award to the extent necessary to obtain a tax deduction for the Company or an Affiliated Employer: 
  

	 	(1)	Awards subject to this Section must vest (or may be granted or vest) contingent on the attainment of one or more objective performance goals unrelated to term of employment. Awards
will also be subject to the general vesting provisions provided in the Award Agreement and this Plan. 

  

	 	(2)	Prior to completion of 25% of the Performance Period or such earlier date as required under Section 162(m) of the Code, the Committee must establish performance goals (in
accordance with (5) below) in writing (including but not limited to Committee minutes) for Covered Employees who will receive Awards that are intended as qualified performance-based compensation. The outcome of the goal must be substantially
uncertain at the time the Committee actually established the goal. 

  

	 	(3)	The performance goal must state, in terms of an objective formula or standard, the method for computing the Award payable to the Participant if the performance goal is attained.

  

	 	(4)	The terms of the objective formula or standard must prevent any discretion being exercised by the Committee to later increase the amount payable that otherwise would be due upon
attainment of the goal, but may allow discretion to decrease the amount payable. 

  

	 	(5)	The material terms of the performance goal must be disclosed to and subsequently approved in a separate vote by the stockholders before the payout is executed, unless they conform
to one or any combination of the following goals/targets each determined in accordance with generally accepted accounting principles or similar objective standards (and/or each as may appear in the annual report to stockholders, Form10-K, or
Form10-Q): 

  

	 	a)	revenue; 

  

	 	b)	earnings (including earnings before interest, taxes, depreciation, and amortization, earnings before interest and taxes, and earnings before or after taxes);

  

	 	c)	operating income; 

  

	 	d)	net income; 

  

	 	e)	profit margins; 

  

	 	f)	earnings per share; 

  

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	 	g)	return on assets; 

  

	 	h)	return on equity; 

  

	 	i)	return on invested capital; 

  

	 	j)	economic value-added; 

  

	 	k)	stock price; 

  

	 	l)	gross dollar volume; 

  

	 	m)	total shareholder return; 

  

	 	n)	market share; 

  

	 	o)	book value; 

  

	 	p)	expense management; 

  

	 	q)	cash flow; and 

  

	 	r)	customer satisfaction. 

 The foregoing criteria may relate
to the Company, one or more of its Affiliated Employers or subsidiaries or one or more of its divisions or units, or any combination of the foregoing, and may be applied on an absolute basis and/or be relative to one or more peer group companies or
indices, or any combination thereof, all as the Committee shall determine. 
  

	 	(6)	A combination of the above performance goals may be used with a particular Award Agreement. 

  

	 	(7)	The Committee in its sole discretion in setting the goals/targets in the time prescribed in paragraph (2) of this Section 15.6 may provide for the making of equitable
adjustments (singularly or in combination) to the goals/targets in recognition of unusual or non-recurring events for the following qualifying objective items: 

  

	 	a)	asset impairments under Statement of Financial Accounting Standards No. 121, as amended or superceded; 

  

	 	b)	acquisition-related charges; 

  

	 	c)	accruals for restructuring and/or reorganization program charges; 

  

	 	d)	merger integration costs; 

  

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	 	e)	any profit or loss attributable to the business operations of any entity or entities acquired during the period of service to which the performance goal relates;

  

	 	f)	tax settlements; 

  

	 	g)	any extraordinary, unusual in nature, infrequent in occurrence, or other non-recurring items (not otherwise listed) as described in Accounting Principles Board Opinion No. 30;

  

	 	h)	any extraordinary, unusual in nature, infrequent in occurrence, or other non-recurring items (not otherwise listed) in management’s discussion and analysis of financial
condition results of operations, selected financial data, financial statements and/or in the footnotes each as appearing in the annual report to stockholders, Form 10-K, or Form 10-Q; 

  

	 	i)	unrealized gains or losses on investments; 

  

	 	j)	charges related to derivative transactions contemplated by Statement of Financial Accounting Standards No. 133, as amended or superceded; 

  

	 	k)	compensation charges related to FAS 123 (Revised) or its successor provision. 

  

	 	(8)	The Committee must certify in writing prior to payout that the performance goals and any other material terms were in fact satisfied. In the manner required by Section 162(m)
of the Code, the Committee shall, promptly after the date on which the necessary financial and other information for a particular Performance Period becomes available, certify the extent to which performance goals have been achieved with respect to
any Award intended to qualify as “performance-based compensation” under Section 162(m) of the Code. In addition, the Committee may, in its discretion, reduce or eliminate the amount of any Award payable to any Participant, based on
such factors as the Committee may deem relevant. 

  

	 	(9)	Limitation on Awards. 

  

	 	a)	If an Option is canceled, the canceled Option continues to be counted against the maximum number of shares for which Options may be granted to the Participant under the Plan, but
not towards the total number of shares reserved and available under the Plan pursuant to Section 4.1. 

  

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	 	b)	In no event shall the number of Restricted Stock shares awarded to any one participant for any fiscal year exceed 500,000 shares. 

  

	 	c)	During any fiscal year, the maximum number of Common Shares for which Options, Stock Appreciation Rights, Restricted Stock Units, Performance Units, and Other Stock-Based
Compensation in the aggregate, may be granted to any Covered Employee shall not exceed 650,000 shares. 

  

	 	d)	For cash Performance Unit Awards that are intended to be “performance-based compensation” (as that term is used in Code Section 162(m)), the maximum payment for all
awards payable for any three-year performance period, at a target level of performance shall be $10,000,000. In the case of higher levels of performance, the maximum payment for all awards for a three-year Performance Period shall be twice that
amount. In the case of a longer or shorter Performance Period, correlative adjustments shall be made to the maximum payment. If, after amounts have been earned with respect to Performance Unit Awards, the payment of such amounts is deferred, any
additional amounts attributable to earnings during the deferral period shall be disregarded for purposes of this limit. The limitations on Awards under this Section are subject to adjustment as provided in Section 4.6 to the extent consistent
with tax deductibility under Section 162(m) of the Code. 

  

	 	(10)	In the case of an outstanding Award intended to qualify for the performance-based compensation exception under Section 162(m) of the Code, the Committee shall not, without
approval of a majority of the shareholders of the Company, amend the Plan or the Award in a manner that would adversely affect the Award’s continued qualification for the performance-based exception. 

 15.7 Additional Compensation Arrangements. 
 Nothing
contained in the Plan shall prevent the Company or an Affiliated Employer from adopting other or additional compensation or benefit arrangements for its employees. 
 15.8 Withholding. 
 No later than the date as of which an amount first becomes includible in the gross income of the
Participant or Beneficiary for income tax purposes with respect to any 

  

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Award, or becomes subject to employment taxes, the Participant shall pay to the Company (or other entity identified by the Committee), or make arrangements
satisfactory to the Company or other entity identified by the Committee regarding the payment of, any federal, state, or local taxes of any kind (including any employment taxes) required by law to be withheld with respect to such income. The
obligations of the Company under the Plan shall be conditional on such payment or arrangements, and the Company and its Affiliated Employers shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise
due to the Participant. Subject to approval by the Committee, a Participant may elect to have such tax withholding obligation satisfied, in whole or in part, by (i) the delivery of cash or a certified check, (ii) authorizing the Company to
withhold from Common Shares to be issued pursuant to any Award a number of shares with an aggregate value that would satisfy the required statutory minimum (but no more than such required minimum) with respect to the Company’s withholding
obligation, (iii) authorizing the Company to effect a net issuance of Common Shares to satisfy the required statutory minimum withholding (but no more than the minimum), (iv) transferring to the Company Common Shares owned by the
Participant with an aggregate value that would satisfy the required statutory minimum (but no more than such required minimum) with respect to the Company’s withholding obligation, or (v) in the case of Options, by means of delivery of
cash by a broker-dealer as a “cashless exercise.” 
 15.9 Controlling Law. 
 The Plan and all Awards made and actions taken thereunder shall be governed by and construed in accordance with the laws of New York (other than its law
respecting choice of law). 
 15.10 Offset. 
 Any amounts owed to the Company or an Affiliated Employer by the Participant of whatever nature may be offset by the Company from the value of any Award to be transferred to the Participant, and no Common Shares, cash or other thing of
value under this Plan or an Agreement shall be transferred unless and until all disputes between the Company and the Participant have been fully and finally resolved and the Participant has waived all claims to such against the Company or an
Affiliate. To the extent that any offset under this section of the Plan causes the Participant to become subject to taxes under Section 409A of the Code, the responsibility for payment of such taxes lies solely with the Participant. 

15.11 Nontransferability; Beneficiaries. 
 No Award
or Common Shares subject to an Award shall be assignable or transferable other than (i) by will, by the laws of descent and distribution, or pursuant to a beneficiary designation, (ii) pursuant to a qualified domestic relations order, or
(iii) as expressly permitted by the Committee, pursuant to a transfer to the Participant’s family member. Awards shall be exercisable during the Participant’s lifetime only by the Participant, by the Participant’s legal
representatives in the event of the Participant’s 

  

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incapacity, or by a permitted transferee of the Award. Each Participant may designate a Beneficiary to exercise any Option or Stock Appreciation Right or
receive any Award held by the Participant at the time of the Participant’s death or to be assigned any other Award outstanding at the time of the Participant’s death. No Award or Common Shares subject to an Award shall be subject to the
debts of a Participant or Beneficiary or subject to attachment or execution or process in any court action or proceeding unless otherwise provided in this Plan. If a deceased Participant has named no Beneficiary, any Award held by the Participant at
the time of death shall be transferred as provided in his or her will or by the laws of descent and distribution. 
 15.12 No Rights with Respect to
Continuance of Employment. 
 The Plan shall not constitute a contract of employment, and adoption of the Plan shall not confer upon any
employee any right to continued employment, nor shall it interfere in any way with the right of the Company or an Affiliated Employer to terminate the employment of any employee at any time. 
 15.13 Awards in Substitution for Awards Granted by Other Corporations. 
 Awards may be granted under the Plan from time to time in substitution for awards held by employees, directors or service providers of other corporations who are about to become officers or employees of the Company or
an Affiliated Employer as the result of a merger or consolidation of the employing corporation with the Company or an Affiliated Employer, or the acquisition by the Company or an Affiliated Employer of the assets of the employing corporation, or the
acquisition by the Company or Affiliated Employer of the shares of the employing corporation, as the result of which it becomes an Affiliated Employer under the Plan. The Grant Date of such an Award shall be no earlier than the date the employee,
director, or service provider becomes an employee, director, or service provider of the Company or an Affiliated Employer. The terms and conditions of the Awards so granted may vary from the terms and conditions set forth in this Plan at the time of
such grant as the majority of the members of the Committee may deem appropriate to conform, in whole or in part, to the provisions of the awards in substitution for which they are granted. Any substitutions or exchanges shall be accomplished in a
manner that complies with the limitations on exchanges of such Awards imposed under Section 409A of the Code. 
 15.14 Delivery of Stock
Certificate. 
 To the extent the Company uses certificates to represent Common Shares, certificates to be delivered to Participants under
this Plan shall be deemed delivered for all purposes when the Company or a stock transfer agent of the Company shall have mailed such certificates in the United States mail, addressed to the Participant, at the Participant’s last known address
on file with the Company. Any reference in this Section or elsewhere in the Plan or an Agreement to actual stock certificates and/or the delivery of actual stock certificates shall be deemed satisfied by the electronic record-keeping and electronic
delivery of Common Shares or other mechanism then utilized by the Company and its agents for reflecting ownership of such shares. 
  

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 15.15 Indemnification. 
 To the maximum extent permitted under the Company’s Articles of Incorporation and by-laws, each person who is or shall have been a member of the Committee, or of the Board, shall be indemnified and held harmless
by the Company against and from (a) any loss, cost, liability or expense (including attorneys’ fees) that may be imposed upon or reasonably incurred by him or her 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 taken or failure to act under this Plan or any Award Agreement, and (b) from any and all amounts paid by him or her in settlement thereof, with the
Company’s prior written approval, or paid by him or her in satisfaction of any judgment in any such claim, action, suit or proceeding against him or her; provided, however, that he or she shall give 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 under the Company’s Articles of Incorporation or by-laws, by contract, as a matter of law or otherwise, or under any power that the Company may have to indemnify them or hold them harmless. 
 15.16 No Guarantee of Tax Consequences. 
 No person
connected with the Plan in any capacity makes any representation, commitment or guarantee that any tax treatment, including without limitation federal, state and local income, excise, estate, and gift tax treatment, will be applicable with respect
to any Awards or payments thereunder made to or for the benefit of a Participant under the Plan or that such tax treatment will apply to or be available to a Participant on account of participation in the Plan. 
 15.17 Foreign Employees and Foreign Law Consideration. 
 The Committee may grant Awards to Participants who are foreign nationals, who are located outside the United States or who are not compensated from a payroll managed in the United States, or who are otherwise subject to (or could cause the
Company to be subject to) legal or regulatory provisions of countries or jurisdictions outside the United States, on such terms and conditions different from those specified in the Plan as may, in the judgment of the Committee, be necessary or
desirable to foster and promote achievement of the purposes of the Plan, and in furtherance of such purposes, the Committee may make such modifications, amendments, procedures, or subplans as may be necessary or advisable to comply with such legal
or regulatory provisions. 
 15.18 Section 409A Savings Clause. 
 (1) It is the intention of the Company that no Award shall be “deferred compensation” subject to Section 409A of the Code, unless and to the extent that the Committee specifically determines otherwise
as provided below, and the Plan and the terms and conditions of all Awards shall be interpreted accordingly. 
  

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 (2) The terms and conditions governing any Awards that the Committee determines will be subject to
Section 409A of the Code, including any rules for elective or mandatory deferral of the delivery of cash or Common Shares pursuant thereto and any rules regarding treatment of such Awards in the event of a Change in Control, shall be set forth
in the applicable Award Agreement, and shall comply in all respects with Section 409A of the Code, including the six-month delay required by Section 409A(a)(2)(B) in the case of specified employees. 
 (3) Following a Change in Control, no action shall be taken under the Plan that will cause any Award that the Committee has previously determined is
subject to Section 409A of the Code to fail to comply in any respect with Section 409A of the Code without the written consent of the Participant. 
 15.19 No Fractional Shares. 
 No fractional shares shall be issued or delivered under the Plan or any Award granted
hereunder, provided that the Committee in its sole discretion may round fractional shares down to the nearest whole share or settle fractional shares in cash. 
 15.20 Severability. 
 If any provision of this Plan shall for any reason be held to be invalid or unenforceable, such
invalidity or unenforceability shall not effect any other provision hereby, and this Plan shall be construed as if such invalid or unenforceable provision were omitted. 
 15.21 Successors and Assigns. 
 This Plan shall inure to the benefit of and be binding upon each
successor and assign of the Company. All obligations imposed upon a Participant, and all rights granted to the Company hereunder, shall be binding upon the Participant’s heirs, legal representatives and successors. 
 15.22 Entire Agreement. 
 This Plan and the Agreement
constitute the entire agreement with respect to the subject matter hereof and thereof, provided that in the event of any inconsistency between the Plan and the Agreement, the terms and conditions of this Plan shall control. 
 15.23 Term. 
 No Award shall be granted under the Plan
after December 31, 2016. 
 15.24 Gender and Number. 
 Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine, the plural shall include the singular, and the singular shall include the plural. 
  

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 15.25 Headings. 
 The headings of the Articles and their subparts contained in this Plan are for the convenience of reading and reference purposes only and shall not affect the meaning, interpretation or be meant to be of substantive
significance of this Plan. 
  

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