Document:

Exhibit

Exhibit 10.4

EQUIFAX INC. 2008 OMNIBUS INCENTIVE PLAN
PERFORMANCE SHARE AWARD AGREEMENT (TSR)
[ ] - [ ] Performance Period
EMPLOYEE NAME
Target Number of Shares Subject to Award: [ ]
Grant Date: [ ]
Pursuant to the Equifax Inc. 2008 Omnibus Incentive Plan, as amended and restated effective May 2, 2013 (the “Plan”), Equifax Inc., a Georgia corporation (the “Company”), has granted the above-named participant (“Participant”) Performance Shares (the “Award”) entitling Participant to earn such number of shares of Company common stock (the “Shares”) as is set forth above, as may be increased or decreased as provided in this agreement (this “Agreement”), on the terms and conditions set forth in this Agreement and the Plan. Capitalized terms used in this Agreement and not defined herein shall have the meanings set forth in the Plan.

1.    Grant Date.  The Award is granted to Participant on the Grant Date set forth above and represents the right to receive Shares (and any related Dividend Equivalent Units) subject to the Award by satisfaction of the performance goals (the “Performance Goals”) set forth in Section 3 of this Agreement.  Participant may earn 0% to 200% of the Target Award, depending on the Company’s relative three-year cumulative average quarterly TSR performance for the Performance Period as set forth in Section 3.  

2.    Vesting.   Subject to earlier vesting in accordance with Sections 4 or 5 below, the Shares (and any related Dividend Equivalent Units) will become vested on the later of the third anniversary of the Grant Date or the date on which the Committee certifies the attainment of the Performance Goals (the “Vesting Date”) in accordance with the provisions of Section 3 below.  Prior to the Vesting Date, the Shares (and any related Dividend Equivalent Units) subject to the Award shall be nontransferable and, except as otherwise provided herein, shall be immediately forfeited upon Participant’s termination of active employment with the Company.  Prior to the Vesting Date, the Award shall not be earned by Participant’s performance of services and there shall be no such vesting of the Award.  Subject to the terms of the Plan, the Committee reserves the right in its sole discretion to waive or reduce the vesting requirements.  Participant acknowledges that the opportunity to obtain the Shares represents valuable consideration, regardless of whether the Shares actually vest. 
3.    Payment of Performance Shares.  
(a)    In General.  The performance period for this Award begins on January 1, 2018 and ends on December 31, 2020 (the “Performance Period”).  The percentage of the Award earned and paid will be as certified by the Committee as soon as practicable (and no later than the 15th day of the third month) following the end of the Performance Period with such percentage determined by averaging the payout percentages based upon the Company’s cumulative TSR Percentile Rank relative to the TSR of the S&P 500 through each of the last 4 quarters of the Performance Period, as more fully described in subsection (b) below.  The percentage of Performance Shares payable will be determined using the following table:

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	Performance Share Payout Table

	TSR Percentile Rank
Relative to S&P 500
90th or greater
70th
50th
30th
Less than 30th
	Percentage of Performance
Shares Payable1
200%
150%
100%
50%
0%

_______________________
  Payout of Performance Shares will be capped at 100% (Target), if the Company’s average cumulative TSR Percentile Rank for the last 4 quarters is equal to or greater than 50th percentile, but the Company’s three-year cumulative TSR for the Performance Period is negative.

(b)    Performance Shares Payable.  The number of Performance Shares payable is the Target Award multiplied by the average of the payout percentages determined using the Company’s cumulative TSR Percentile Rank through each of the last 4 quarters of the Performance Period.  For performance levels falling between the values as shown above, the percentage of Shares payable will be determined by interpolation.  Payments will be made in Shares.  For an illustration of this calculation, see the Hypothetical Example below.

Hypothetical Example:  2018-2020 Performance Period
	
													
	2018
	2019
	2020

	Q1
	Q2
	Q3
	Q4
	Q1
	Q2
	Q3
	Q4

	Cumulative TSR Percentile Rank from January 1, 2018 through:
	61st
	57th
	72nd
	69th
	70th
	62nd
	54th
	52nd
	63rd
	47th
	45th
	48th

	Payout Percentages
	 
	132%
	93%
	88%
	95%

	Percentage of Performance Shares Payable
(Average Payout Percentages of Last 4 Quarters)
	102%

(c)    Value of the Shares Issued as Payment for Shares Earned.  The Fair Market Value of Shares on the Vesting Date will be used by the Committee to determine the basis of the Shares earned and payable.
(d)    Withholding.  As provided in Section 16 below, the Company shall withhold Shares having a Fair Market Value  on the date the tax is to be determined for federal, state, local and other withholding taxes with respect to any taxable event arising as a result of this Agreement.
(e)    Timing of Payout.  Payout of the Award will be made to Participant as provided in Section 8 following the Vesting Date and written certification of performance by the Committee.    
(f)    Certain Definitions.  
“Maximum Award” means the maximum number of Shares that can be awarded to Participant as set forth in Sections 1, 2 and 3.

“S&P 500” generally means the companies constituting the Standard & Poor’s 500 Index as of the beginning of the Performance Period (including the Company) and which continue to be actively traded under the same ticker symbol on an established securities market though the end of the Performance Period.  A component company of the S&P 500 that is 

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acquired at any time during the Performance Period (i.e., company and ticker symbol disappear) will be eliminated from the S&P 500 for the entire Performance Period.  A component company of the S&P 500 filing for bankruptcy protection (and thus no longer publicly traded) at any time during the Performance Period will be deemed to remain in the S&P 500 (at an assumed TSR of minus 100%).
  
“Target Award” means the Target Number of Shares Subject to Award specified at the beginning of this Agreement.

“Total Shareholder Return” or “TSR” means with respect to the Company or other S&P 500 component company: the change in the closing market price of its common stock (as quoted in the principal market on which it is traded), plus dividends and other distributions paid on such common stock during the Performance Period, divided by the closing market price of its common stock on the last business day immediately preceding the Performance Period.  The TSR for the common stock of the Company and an S&P 500 component company shall be adjusted to take into account stock splits, reverse stock splits, and special dividends that occur during the Performance Period, and assumes that all cash dividends and cash distributions are immediately reinvested in common stock of the entity using the closing market price on the dividend payment date.
4.    Termination of Employment Events. Participant’s unvested Shares subject to the Award shall become vested and nonforfeitable to the extent provided below in the event of Participant’s termination of employment with the Company prior to the Vesting Date.  For purposes of this Agreement, employment with any Subsidiary of the Company shall be considered employment with the Company and a termination of employment shall mean a termination of employment with the Company and each Subsidiary by which Participant is employed.
(a)    Death. If Participant’s termination of employment results from Participant’s death prior to the Vesting Date, then all unvested Shares subject to the Award shall immediately become vested and nonforfeitable as of the date of Participant’s death and payout of the Shares shall be made as provided in Section 8 at the Target Award payout level (100%) to Participant’s designated beneficiary as soon as practicable after the date of death.
(b)    Disability.  If Participant’s employment ends as a result of Disability (as such term is defined in the Plan) prior to the Vesting Date, then all unvested Shares subject to the Award shall become vested and nonforfeitable at the Target Award payout level (100%) as of the date of Participant’s termination of employment, and payout of the Shares shall be made as provided in Section 8. 
(c)    Retirement.  Except in the event of a termination for Cause as defined below, if Participant’s termination of employment results from Participant’s Retirement (as such term is defined in the Plan) from the Company, for purposes of determining the number of Shares Participant is entitled to receive under this Award, Participant shall be treated as if Participant had continued to remain employed through the Vesting Date, with vesting and payout of Shares based upon the performance results as and when determined by the Committee under Section 3.  Payout of the Shares shall be made at the time provided in Section 3(e) and Section 8.

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5.    Change of Control.
(a)    Double Trigger Change of Control.  Subject to Section 5(b) below, if, subsequent to receiving a Replacement Award, Participant’s employment with the Company (or its successor in the Change of Control) is terminated on the date of the Change of Control or within the CIC Protection Period either by Participant for Good Reason or by the Company or successor (as applicable) other than for Cause, then the Replacement Award will vest and be paid out as follows: if at least one calendar year of performance during the Performance Period has been completed prior to the date of the Change of Control, the Shares shall be paid out based upon the Company’s relative cumulative TSR Percentile Rank at the date of the Change of Control (without the final four quarter averaging applicable to the three-year Performance Period); otherwise, the Target Award payout level (100%) shall be used.  Payment of the Shares shall be made as provided in Section 8.
(b)    Single Trigger Change of Control.  Notwithstanding Section 5(a) above, if, upon a Change of Control, Participant does not receive a Replacement Award, then all unvested Shares subject to the Award shall immediately become vested and nonforfeitable as of the date on which the Change of Control occurs; if at least one calendar year of performance during the Performance Period has been completed prior to the date of the Change of Control, the Shares shall be paid out based upon the Company’s relative cumulative TSR Percentile Rank at the date of the Change of Control (without the final four quarter averaging applicable to the three-year Performance Period); otherwise, the Target Award payout level (100%) shall be used.  Payment of the Shares shall be made as provided in Section 8; provided, however, if the Change of Control does not constitute a change in the ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company as provided under Code Section 409A and the Treasury Regulations and other guidance promulgated or issued thereunder (“Section 409A”, and any such transaction, a “Section 409A Change of Control”), the right to the Shares subject to the Award shall vest as of the date of the Change of Control but the payout of the Shares under Section 8 shall not occur until after the Vesting Date or other payment date specified in Section 8. 
(c)    Definition of “Cause”.  For purposes of this Section 5, “Cause” shall have the meaning ascribed to such term in Participant’s CIC Agreement.  If Participant is not a party to a CIC Agreement or such CIC Agreement does not define Cause, Cause shall have the meaning in Section 7 of this Agreement.
(d)    Definition of “CIC Agreement”.  For purposes of this Section 5, “CIC Agreement” shall mean the agreement, if any, between Participant and the Company which provides for the payment and provision of severance benefits to Participant if Participant’s employment is terminated under specified circumstances in connection with a change in control.
(e)    Definition of “CIC Protection Period”.  For purposes of this Section 5, “CIC Protection Period” shall mean the greater of (i) 24 months following the date of a Change of Control, or (ii) if applicable, the period following a Change of Control during which Participant is entitled to severance benefits if Participant’s employment is terminated under specified circumstances, as provided in Participant’s CIC Agreement.
(f)    Definition of “Good Reason”.  For purposes of this Section 5, “Good Reason” shall have the meaning ascribed to such term in Participant’s CIC Agreement, as may be amended from time to time.  If Participant is not a party to a CIC Agreement or the CIC Agreement does 

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not define “Good Reason”, any reference in this Agreement to a termination for Good Reason shall be inapplicable. 
(g)    Definition of “Replacement Award”.  For purposes of this Section 5, a “Replacement Award” means an award that is granted as an assumption or replacement of the Award and that has similar terms and conditions and preserves the same benefits as the Award it is replacing. 
6.    Clawback Policy. This Award shall be subject to the terms and conditions of the Company’s Policy on Recovery and Recoupment of Incentive Compensation, adopted effective March 5, 2018, and is further subject to the requirements of any applicable law with respect to the recoupment, recovery or forfeiture of incentive compensation.  Participant hereby agrees to be bound by the requirements of this Section 6.  The recoupment or recovery of such incentive compensation may be made by the Company or the Subsidiary that employed Participant.  
7.    Termination for Cause. If Participant’s employment with the Company is terminated for Cause, the Committee may, notwithstanding any other provision in this Agreement to the contrary, cancel, rescind, suspend, withhold or otherwise restrict or limit this Award as of the date of termination for Cause. Without limiting the generality of the foregoing, the Committee may also require Participant to pay to the Company any gain realized by Participant from the Shares subject to the Award during the period beginning six months prior to the date on which Participant engaged or began engaging in conduct that led to his or her termination for Cause. For purposes of this Agreement, except as otherwise provided in Section 5(c), termination for “Cause” means termination as a result of (a) the willful and continued failure by Participant to substantially perform his or her duties with the Company or any Subsidiary (other than a failure resulting from Participant’s incapacity due to physical or mental illness), after a written demand for substantial performance is delivered to Participant by his or her superior officer (or, if Participant is the Company’s Chief Executive Officer, delivered by the Board) which specifically identifies the manner the officer (or, if applicable, the Board) believes that Participant has not substantially performed his or her duties, or (b) Participant’s willful misconduct which materially injures the Company or any Subsidiary, monetarily or otherwise. For purposes of this Section 7, Participant’s act, or failure to act, will not be considered “willful” unless the act or failure to act is not in good faith and without reasonable belief that his or her action or omission was in the best interest of the Company.
8.    Payment Dates; Transfer of Vested Shares. Stock certificates (or appropriate evidence of ownership) representing the vested Shares, if any, and any Shares with respect to related Dividend Equivalent Units will be delivered to Participant (or, if permitted by the Company, to a party designated by Participant) on or as soon as practicable after the following payment dates, to the extent any Shares have vested as of such date pursuant to Sections 2 through 5 above: (a) the Vesting Date, (b) Participant’s death, (c) Participant’s Disability; (d) Participant’s termination of employment with the Company; or (e) the date of a Section 409A Change of Control; subject, in each case, if applicable, to Section 25.  For the avoidance of doubt, only vested Shares are payable on each of the above payment dates; if, for example, no Shares are vested under Section 5(a) above on the date of a Section 409A Change of Control, then no Shares are payable on such payment date.  As soon as practicable shall mean within 60 days of the applicable payment date, except that Shares vested and payable on the Vesting Date shall be paid no later than the 15th day of the third month following the end of the Performance Period.  Notwithstanding the foregoing, if Participant has properly elected to defer delivery of the Shares pursuant to a plan or program of the Company, the Shares shall be issued and delivered 

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as provided in such plan or program, but any Shares attributable to related Dividend Equivalent Units shall be delivered to Participant as provided above and shall not be subject to deferral.  
9.    Dividend Equivalent Units.  If any dividends are paid or other distributions are made on the Shares subject to the Award between the Grant Date and the date the Shares are transferred as provided in Section 8, Dividend Equivalent Units shall be credited to Participant, based on the Target Award shares, and shall be deemed reinvested in additional Shares.  Such Dividend Equivalent Units shall be paid to Participant in Shares at the same time as the underlying Shares subject to the Award are delivered to Participant and shall be adjusted based on the same payout percentage. Participant will forfeit all rights to any Dividend Equivalent Units that relate to Shares that do not vest and are forfeited.
10.    Non-Transferability of Award. Subject to any valid deferral election permitted by the Committee, until the Shares have been issued under this Award, the Shares issuable hereunder (and any related Dividend Equivalent Units) and the rights and privileges conferred hereby may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated by operation of law or otherwise (except as permitted by the Plan). Any attempt to do so contrary to the provisions hereof shall be null and void.
11.    Conditions to Issuance of Shares. The Shares deliverable to Participant hereunder may be either previously authorized but unissued Shares or issued Shares which have been reacquired by the Company. The Company shall not be required to issue any certificate or certificates for Shares prior to fulfillment of all of the following conditions: (a) the admission of such Shares to listing on all stock exchanges on which such class of stock is then listed; (b) the completion of any registration or other qualification of such Shares under any state or federal law or under the rulings and regulations of the Securities and Exchange Commission (“SEC”) or any other governmental regulatory body, which the Committee shall, in its discretion, deem necessary or advisable; (c) the obtaining of any approval or other clearance from any state or federal governmental agency, which the Committee shall, in its discretion, determine to be necessary or advisable; and (d) the lapse of such reasonable period of time following the grant of the Shares as the Committee may establish from time to time for reasons of administrative convenience.
12.    No Rights as Shareholder. Except as provided in Sections 9 and 15, Participant shall not have voting, dividend or any other rights as a shareholder of the Company with respect to the unvested Shares. Upon settlement of the Award into Shares, Participant will obtain full voting and other rights as a shareholder of the Company with respect to such Shares.
13.    Administration. The Committee shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation, and application of the Plan as are consistent therewith and to interpret or revoke any such rules. All actions taken and all interpretations and determinations made by the Committee shall be final and binding upon Participant, the Company, and all other interested persons. No member of the Committee shall be personally liable for any action, determination, or interpretation made in good faith with respect to the Plan or this Agreement.
14.    Fractional Shares. Fractional shares will not be issued, and when any provision of this Agreement otherwise would entitle Participant to receive a fractional share, that fraction will be disregarded.
15.    Adjustments in Capital Structure. In the event of a change in corporate capitalization as described in Section 18 of the Plan, the Committee shall make appropriate adjustments to the number and class of Shares or other stock or securities subject to the Award. The 

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Committee’s adjustments shall be effective and final, binding and conclusive for all purposes of this Agreement.
16.    Taxes. Regardless of any action the Company or a Subsidiary that employs Participant (the “Employer”) takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related withholding (“Tax-Related Items”), Participant acknowledges and agrees that the ultimate liability for all Tax-Related Items legally due by him or her is and remains Participant’s responsibility and that the Company and/or the Employer: (a) make no representations nor undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of this Award, including the grant or vesting of the Shares subject to this Award (and any Shares with respect to related Dividend Equivalent Units), the subsequent sale of Shares acquired pursuant to such vesting and receipt of any dividends; and (b) do not commit to structure the terms of the grant or any aspect of this Award to reduce or eliminate Participant’s liability for Tax-Related Items. Upon the vesting and delivery of Shares subject to this Award (including any Shares with respect to related Dividend Equivalent Units), Participant shall pay or make adequate arrangements satisfactory to the Company and/or the Employer to withhold all applicable Tax-Related Items legally payable from Participant’s wages or other cash compensation paid to Participant by the Company and/or the Employer or from proceeds of the sale of Shares. Alternatively, or in addition, if permissible under local law, the Company may (i) sell or arrange for sale of Shares that Participant acquires to meet the withholding obligations for Tax-Related Items, and/or (ii) satisfy such obligations in Shares, provided that the amount to be withheld may not exceed the federal, state, local and foreign tax withholding obligations associated with the Award to the extent needed for the Company to treat the Award as an equity award for accounting purposes and to comply with applicable tax withholding rules. In addition, Participant shall pay the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold as a result of Participant’s participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to deliver the Shares if Participant fails to comply with Participant’s obligations in connection with the Tax-Related Items. 
17.    Participant Acknowledgments and Agreements. By accepting the grant of this Award, Participant acknowledges and agrees that: (a) the Plan is established voluntarily by the Company, it is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time unless otherwise provided in the Plan or this Agreement; (b) the grant of this Award is voluntary and occasional and does not create any contractual or other right to receive future grants of Shares, or benefits in lieu of Shares, even if Shares have been granted repeatedly in the past; (c) all decisions with respect to future grants, if any, will be at the sole discretion of the Company and the Committee; (d) Participant’s participation in the Plan shall not create a right of future employment with the Company and shall not interfere with the ability of the Company to terminate Participant’s employment relationship at any time with or without cause and it is expressly agreed and understood that employment is terminable at the will of either party, insofar as permitted by law; (e) Participant is participating voluntarily in the Plan; (f) this Award is an extraordinary item that is outside the scope of Participant’s employment contract, if any; (g) this Award is not part of Participant’s normal or expected compensation or salary for any purposes, including but not limited to calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments; (h) in the event Participant is not an employee of the Company, this Award will not be interpreted to form an employment contract or relationship with the Company; (i) the value of the Shares may increase or decrease in value and the future value of the underlying Shares cannot be predicted; (j) in consideration of the grant of this Award, no 

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claim or entitlement to compensation or damages shall arise from termination of this Award or diminution in value of Shares subject to the Award resulting from termination of Participant’s employment by the Company (for any reason whatsoever and whether or not in breach of local labor laws) and Participant irrevocably releases the Company and its Subsidiaries from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by accepting the terms of this Agreement, Participant shall be deemed irrevocably to have waived any entitlement to pursue such claim; and (k) in the event of involuntary termination of employment (whether or not in breach of local labor laws), Participant’s right to vest in the Award and receive any Shares will terminate effective as of the date that Participant is no longer actively employed (except as provided in Section 4(c)) and will not be extended by any notice period mandated under local statute, contract or common law; the Committee shall have the exclusive discretion to determine when Participant is no longer actively employed for purposes of this Award.
18.    Consent for Accumulation and Transfer of Data. Participant consents to the accumulation and transfer of data concerning him or her and the Award to and from the Company (and its Subsidiaries) and UBS, or such other agent as may administer the Plan on behalf of the Company from time to time. In addition, Participant understands that the Company and its Subsidiaries hold certain personal information about Participant, including but not limited to his or her name, home address, telephone number, date of birth, social security number, salary, nationality, job title, and details of all grants or awards, vested, unvested, or expired (the “personal data”). Certain personal data may also constitute “sensitive personal data” within the meaning of applicable local law. Such data include but are not limited to information described above and any changes thereto and other appropriate personal and financial data about Participant. Participant hereby provides explicit consent to the Company and its Subsidiaries to process any such personal data and sensitive personal data. Participant also hereby provides explicit consent to the Company and its Subsidiaries to transfer any such personal data and sensitive personal data outside the country in which Participant is employed, and to the United States or other jurisdictions. The legal persons for whom such personal data are intended are the Company and its Subsidiaries, UBS, and any company providing services to the Company in connection with compensation planning purposes or the administration of the Plan.
19.    Plan Information. Participant agrees to receive copies of the Plan, the Plan prospectus and other Plan information, including information prepared to comply with laws outside the United States, from the Plan website at www.ubs.com/onesource/efx and shareholder information, including copies of any annual report, proxy statement, Form 10-K, Form 10-Q, Form 8-K and other information filed with the SEC, from the investor relations section of the Equifax website at www.equifax.com. Participant acknowledges that copies of the Plan, Plan prospectus, Plan information and shareholder information are available upon written or telephonic request to the Company’s Corporate Secretary. 
20.    Plan Incorporated by Reference; Conflicts. The Plan and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof.  Notwithstanding the foregoing, nothing in the Plan or this Agreement shall affect the validity or interpretation of any duly authorized written agreement between the Company and Participant under which an Award properly granted under and pursuant to the Plan serves as any part of the consideration furnished to Participant. If provisions of the Plan and this Agreement conflict, the Plan provisions will govern.

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21.    Participant Bound by Plan. Participant acknowledges receiving, or being provided with access to, a prospectus describing the material terms of the Plan, and agrees to be bound by all the terms and conditions of the Plan. Except as limited by the Plan or this Agreement, this Agreement is binding on and extends to the legatees, distributees and personal representatives of Participant and the successors of the Company. 
22.    Governing Law. This Agreement has been made in and shall be construed under and in accordance with the laws of the State of Georgia, USA without regard to conflict of law provisions.
23.    Translations. If Participant has received this or any other document related to the Plan translated into any language other than English and if the translated version is different than the English version, the English version will control. 
24.    Severability. The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.
25.    Section 409A. 
(a)    General. To the extent that the requirements of Section 409A are applicable to this Award, it is the intention of both the Company and Participant that the benefits and rights to which Participant could be entitled pursuant to this Agreement comply with or be exempt from Section 409A, and the provisions of this Agreement shall be construed in a manner consistent with that intention. The Plan and any award agreements issued thereunder may be amended in any respect deemed by the Committee to be necessary in order to preserve compliance with Section 409A.
(b)    No Representations as to Section 409A Compliance. Notwithstanding the foregoing, the Company makes no representation to Participant that the Award and any Shares issued pursuant to this Agreement are exempt from, or satisfy, the requirements of Section 409A, and the Company shall have no liability or other obligation to indemnify or hold harmless Participant or any beneficiary for any tax, additional tax, interest or penalties that Participant or any beneficiary may incur in the event that any provision of this Agreement, or any amendment or modification thereof or any other action taken with respect thereto is deemed to violate any of the requirements of Section 409A.
(c)    Six Month Delay for Specified Participants.
(i)    To the extent applicable, if Participant is a “Specified Employee” (as defined below), then no payment or benefit that is payable on account of Participant’s “separation from service” (as determined by the Company in accordance with Section 409A) shall be made before the date that is six months and one day after Participant’s “separation from service” (or, if earlier, the date of Participant’s death) if and to the extent that such payment or benefit constitutes deferred compensation (or may be nonqualified deferred compensation) under Section 409A and such deferral is required to comply with the requirements of Section 409A. Any payment or benefit delayed by reason of the prior sentence shall be paid out or provided in a single lump sum at the end of such required delay period in order to catch up to the original payment schedule.
(ii)    For purposes of this provision, the determination of whether Participant is a “Specified Employee” at the time of his or her separation from service from the Company (or any person or entity with whom the Company would be considered a single employer 

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under Section 414(b) or Section 414(c) of the Code, applying the 20 percent common ownership standard) shall be made in accordance with the rules under Section 409A.
(d)    No Acceleration of Payments. Neither the Company nor Participant, individually or in combination, may accelerate any payment or benefit that is subject to Section 409A, except in compliance with Section 409A and the provisions of this Agreement, and no amount that is subject to Section 409A shall be paid prior to the earliest date on which it may be paid without violating Section 409A. 
(e)    Termination of Employment.  Any provisions of this Agreement that provide for payment of compensation that is subject to Section 409A and that has payment triggered by Participant’s termination of employment other than on account of death shall be deemed to provide for payment that is triggered only by Participant’s “separation from service” within the meaning of Treasury Regulation Section §1.409A-1(h).
26.    Participant Confidentiality, Non-Competition, Non-Solicitation and Assignment Agreement. In consideration for the Award that Participant is receiving under this Agreement, Participant agrees to and is bound by the terms of the Participant Confidentiality, Non-Competition, Non-Solicitation and Assignment Agreement, attached hereto as Appendix A.  
27.    30 Days to Accept Agreement.  Participant shall have 30 days to accept this Agreement.  Participant’s Award will be forfeited if this Agreement is not accepted by Participant within 30 days of receipt of email notification from UBS including a link to view and accept this Agreement.  

PARTICIPANT                    EQUIFAX INC.

______________________________        By:  ____________________________
(Signature)    Name:
Title: 
______________________________
(Printed Name)

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APPENDIX A
PARTICIPANT CONFIDENTIALITY, NON-COMPETITION,
NON-SOLICITATION AND ASSIGNMENT AGREEMENT
This Participant Confidentiality, Non-Competition, Non-Solicitation and Assignment Agreement (the “Restrictive Covenant Agreement”) is entered into by and between Equifax Inc. on behalf of itself, its subsidiary and/or affiliate companies (collectively “Equifax” or the “Company”) and the aforementioned Participant (hereinafter “Participant”) (collectively, the “Parties”).
In consideration for the continuation of Participant’s employment, as well as the Company’s provision of an equity award to Participant pursuant to the Equifax Inc. 2008 Omnibus Incentive Plan, as amended and restated effective May 2, 2013, and the equity award agreement (“Award Agreement”), to which this Restrictive Covenant Agreement is appended, and the Company’s intention to continue to provide Participant with training, and exposure to existing or prospective relationships, Trade Secrets, and/or Confidential Information, Participant agrees as follows:
1.Definitions.  For the purposes of this Restrictive Covenant Agreement, the following capitalized terms shall be defined as follows:
A.    “Business” means:
1.     For individuals who work in or perform work for the U.S. Information Solutions (USIS) business unit (or any division of Equifax performing the following functions or providing the following services/products): Consumer information solutions in the United States, including: consumer credit reporting and scoring; identity management services; fraud detection and modeling services; decisioning software services that facilitate and automate consumer credit-oriented decisions; portfolio management services; mortgage reporting; property data and analytics; consumer financial marketing services; identity and fraud solutions solving for fraud detection and identity verification; wealth and asset data solutions; cross channel attribution products; and business information solutions, including business marketing and risk data compilation, business credit reporting and scoring, and related portfolio analytics.
2.     For individuals who work in or perform work for the Workforce Solutions business unit (or any division of Equifax performing the following functions or providing the following services/products): Employment and income verification services, including identity and fraud solutions; unemployment claims management; social security number verification; identity authentication; employment-based tax credit services; payroll-based transaction services; human resources-related analytics; and management of assessments, onboarding and I-9 compliance of new hires.
3.     For individuals who work in or perform work for the Global Consumer Solutions business unit (or any division of Equifax performing the following functions or providing the following services/products):  Credit scores and monitoring; debt and household financial management; and identity theft products and related product features delivered to consumers via on-line and off-line distribution channels, including through indirect channels.
4.    For individuals who work in or perform work for the International business unit (or any division of Equifax performing the following functions): consumer and/or credit information reporting, scoring and related information solutions; credit monitoring; decisioning software services that facilitate and automate consumer credit-oriented 

11

decisions; identity and fraud solutions; and consumer or commercial financial marketing services.
B.    “Competitive Tasks” means the same or similar tasks that Participant performed on behalf of the Company during Participant’s last twelve (12) months of employment.
C.     “Confidential Information” means (a) information of the Company, to the extent not considered a Trade Secret under applicable law, that (i) relates to the business of the Company, (ii) possesses an element of value to the Company, (iii) is not generally known to the Company’s competitors, and (iv) would damage the Company if disclosed, and (b) information of any third party provided to the Company which the Company is obligated to treat as confidential (such third party to be referred to as the “Third Party”), including, but not limited to, information provided to the Company by its licensors, suppliers, or Customers.  Confidential Information includes, but is not limited to, (i) future business plans, (ii) the composition, description, schematic or design of products, future products or equipment of the Company or any Third Party, (iii) pricing information, (iv) advertising or marketing plans, (v) information regarding independent contractors, employees, licensors, suppliers, Customers, or any Third Party, including, but not limited to, Customer lists compiled by the Company, and Customer information compiled by the Company, and (vi) information concerning the Company’s or the Third Party’s financial structure and methods and procedures of operation, including, but not limited to, processes for crafting and using equipment.  Confidential Information shall not include any information that (i) is or becomes generally available to the public other than as a result of an unauthorized disclosure, (ii) has been independently developed and disclosed by others without violating this Restrictive Covenant Agreement or the legal rights of any party, or (iii) otherwise enters the public domain through lawful means.
D.    “Contact” means any interaction that takes place in the last twelve (12) months of Participant’s employment with the Company and is between Participant and a Customer:
1.    With whom Participant dealt on behalf of the Company;
2.    Whose dealings with the Company were coordinated or supervised by Participant;
3.       About whom Participant obtained Trade Secrets or Confidential Information in the ordinary course of business as a result of Participant’s work performed on behalf of the Company; or
4.      Who purchases products or services from the Company, the sale or provision of which results or resulted in compensation, commissions, or earnings for Participant.  
E.      “Customer” means any person or entity to whom the Company has sold its products or services or directly solicited to sell its products or services.
F.     “Company Worker” means any person who (i) was employed by the Company at the time Participant’s employment with the Company ended, and (ii) remains employed by the Company during the Restricted Period.
G.    “Enterprise Competitors” means the following companies, as well as any successor entities: Experian; TransUnion; LexisNexis; Dun & Bradstreet; Fair Isaac Corporation; Acxiom; and CBC Companies.

12

H.     “Restricted Competitors” means the following companies, as well as any successor entities:
1.     For individuals who work in or perform work for the U.S. Information Solutions (USIS) business unit (or any division of Equifax performing the functions or providing the services/products listed in Paragraph 1.A.1. above): Experian; TransUnion; LexisNexis; Dun & Bradstreet; Fair Isaac Corporation; CBCInnovis; CoreLogic; Acxiom; Verisk Analytics; LifeLock; Neustar; and Nielsen.
2.     For individuals who work in or perform work for the Workforce Solutions business unit (or any division of Equifax performing the functions or providing the services/products listed in Paragraph 1.A.2. above): 
a. Verification services: CoreLogic; Credco; CBCInnovis; Interthinx; Kroll; LexisNexis; Experian; TransUnion; Lifelock; IDology and Credit Plus.
b. Unemployment claims management: Corporate Cost Control; Employer’s Unity; Employer’s Edge; Thomas & Thorngren; and Ernst & Young.
c. Tax-credit services: ADP; First Advantage; Ernst & Young; PWC; and SuccessFactors.
d. Workforce analytics: Ernst & Young; ADP; HealthEfx; Tango; and Unify HR. 
e. I-9 solutions: TrackerCorp; ADP; LawLogix; HireNow; HireRight;and Form I-9. 
f. Compliance Center solutions: Kenexa; Taleo; Workday; Silk Road; iCIMS; Ultimate Software; and ADP.
3.     For individuals who work in or perform work for the Global Consumer Solutions business unit (or any division of Equifax performing the functions or providing the services/products listed in Paragraph 1.A.3. above): Experian; TransUnion; One Technologies; Credit Karma; Credit Sesame; Intuit (Mint); CSID; Lifelock; Intersections; and Affinion.
4.    For individuals who work in or perform work for the International business unit (or any division of Equifax performing the functions or providing the services/products listed in Paragraph 1.A.4. above): Experian; TransUnion; Fair Isaac Corporation; and Dun & Bradstreet.
An entity will not be construed as a Restricted Competitor if Participant did not work in or perform work in the prior twelve (12) months for the particular business unit that competes with the entity in question.  For instance, if Participant works exclusively for the verification services sub-unit of the Workforce Solutions business unit in the prior twelve (12) months, then the list of Restrictive Competitors for Participant shall only be those entities listed in Paragraph 1(H)(2)(a). 
I.     “Restricted Period” means the time period during Participant’s employment with the Company, and for twelve (12) months after Participant’s employment with the Company ends.
J.    “Trade Secrets” means the Company’s trade secrets as defined by applicable statutory or common law.

13

2.Employment.  During Participant’s employment, Participant shall perform such duties for and on behalf of the Company as may be determined and assigned to Participant from time to time by Equifax.  Participant shall devote his or her best efforts to the business and affairs of Equifax.

3.Employment Relationship. The Parties acknowledge and agree that this Restrictive Covenant Agreement does not create a contract of employment for a specified term.  Unless Equifax and Participant have entered into a written agreement to the contrary, Participant’s employment relationship with the Company is at-will. This means that Participant may terminate his or her employment with the Company at any time and for any reason whatsoever simply by notifying the Company.  Likewise, the Company may terminate Participant’s employment at any time with or without cause or advance notice. 

4.Acknowledgments.  Participant acknowledges that:
A.     Equifax is engaged in the Business as defined in Paragraph 1.A.;
B.     Participant’s position is a position of trust and responsibility with Equifax and will provide Participant with continued access to Confidential Information, Trade Secrets, and/or valuable information concerning employees and customers of the Company;
C.     the Trade Secrets and Confidential Information, and the relationship between Equifax and each of its employees and customers, are valuable assets of Equifax;
D.     Equifax’s competitors, including, but not limited to, the Enterprise Competitors and the Restricted Competitors, will obtain an unfair advantage if Participant (i) discloses Confidential Information or Trade Secrets to the Company’s competitors, (ii) uses Confidential Information or Trade Secrets on behalf of any entity that competes with the Company, or (iii) exploits the relationships Participant develops on behalf of the Company during his or her employment to solicit Customers or Company Workers on behalf of any entity that competes with Equifax and in violation of this Restrictive Covenant Agreement; and
E.     the restrictions contained in this Restrictive Covenant Agreement are reasonable and necessary to protect the legitimate business interests of the Company, and will not impair or infringe upon Participant’s right to work or earn a living in the event Participant’s employment with the Company ends.
5.Trade Secrets and Confidential Information.  
		
	A.
	Participant agrees that he or she will not:

		
	1.
	Either during or for a period of two (2) years after Participant’s employment with Equifax, use or disclose the Confidential Information for any purpose other than the performance of duties in the Business on behalf of the Company, except as authorized in writing by Equifax, and Participant shall not use or disclose Trade Secrets indefinitely;

		
	2.
	During Participant’s employment with Equifax, use or disclose (a) any confidential information or trade secrets of any Third Party, or (b) any works of authorship developed in whole or in part by Participant for any Third Party, unless authorized in writing by the Third Party; or

		
	3.
	upon the conclusion of Participant’s employment with the Company for any reason retain Trade Secrets or Confidential Information, including any copies existing in any form (including electronic form) that are in Participant’s possession or control, unless instructed to do so in writing by Equifax.

		
	B.
	Pursuant to 18 USC § 1833(b), an individual may not be held criminally or civilly liable under any federal or state trade secret law for disclosure of a trade secret: (i) made in confidence to a government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law; and/or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made 

14

under seal. Additionally, an individual suing an employer for retaliation based on the reporting of a suspected violation of law may disclose a trade secret to his or her attorney and use the trade secret information in the court proceeding, so long as any document containing the trade secret is filed under seal and the individual does not disclose the trade secret except pursuant to court order.

6.Non-Competition with Enterprise Competitors.  During the Restricted Period, Participant will not, except as authorized in writing by Equifax’s Chief Executive Officer or his or her delegate, perform Competitive Tasks on behalf of any of the Enterprise Competitors. Participant acknowledges that he/she has authority over and/or will gain Trade Secrets and Confidential Information regarding multiple areas of Business.  Because the Enterprise Competitors compete with most or all of the Company’s Business, Participant agrees that the Company has a legitimate interest in preventing Participant from performing Competitive Tasks on behalf of any business unit of the Enterprise Competitors.  

7.Non-Competition with Restricted Competitors or Other Entities.  During the Restricted Period, Participant will not, except as authorized in writing by Equifax’s Chief Executive Officer or his or her delegate, perform Competitive Tasks within the United States on behalf of any of the Restricted Competitors or perform Competitive Tasks in competition with the Business on Participant’s own behalf or on behalf of any other person or entity, in the territory where the employee is working at the time of termination.  This restriction is limited to a prohibition on working on Participant’s own behalf or on behalf of any other person or entity (or a recognized division or department thereof) that competes with the area(s) of the Business in which Participant worked or for which Participant performed work during Participant’s last twelve (12) months of employment with Equifax; this restriction does not prevent Participant from working exclusively for a recognized division or department of another entity, that does not compete with the area(s) of the Business for which Participant performed work during Participant’s last twelve (12) months of employment with Equifax.

8.Non-Solicitation of Customers.  During the Restricted Period, Participant will not directly or indirectly solicit any Customer of the Company for the purpose of selling or providing any products or services competitive with those offered by the area(s) of the Business in which Participant worked or for which Participant performed work during Participant’s last twelve (12) months of employment with Equifax.  The restrictions set forth in this Section apply only to Customers with whom Participant had Contact.  Nothing in this Section shall be construed to prohibit Participant from soliciting any Customer of the Company for the purpose of selling or providing any products or services: (a) to a Customer that has terminated its business relationship with the Company (for reasons other than being solicited or encouraged by Participant to do so), or (b) competitive with a product line or service line the Company no longer offers.  

9.Non-Solicitation of Company Workers. During the Restricted Period, Participant will not, directly or indirectly, on his or her behalf or on behalf of others, solicit any Company Worker whom Participant supervised during his or her last year of employment, directly or indirectly, or with whom Participant regularly worked during his or her last year of employment to terminate his or her employment relationship with Equifax.

10.Work Product.  Except as set forth in a separate written agreement executed by a corporate executive officer of Equifax, ownership of all programs, systems, inventions, discoveries, developments, modifications, procedures, ideas, innovations, know-how or designs that either relate to Equifax’s business or actual or demonstrably anticipated research or development or result from any work performed by Participant for Equifax (hereinafter collectively called “Inventions”) are the property of Equifax.  Inventions shall not include any intellectual property the assignment of which to Equifax would be expressly prohibited by a specifically applicable state law, regulation, rule or public policy, such as  Delaware Code Annotated, Title 19, § 805, Illinois Revised Statutes, Chapter 140, §§ 301-303, Kansas Statutes Annotated, §§ 44-130, Minnesota Statutes Annotated, § 181.78, North Carolina General 

15

Statutes, §§ 66-57.1, 66-57.2, Utah Code Annotated, §§ 34-39-2, 34-39-3, or Washington Revised Code Annotated, §§ 49.44.140, 49.44.150.  Participant will cooperate in applying for patents, trademarks or copyrights on all Inventions as Equifax requests, and agrees to assign and hereby does assign those patents, trademarks, copyrights and/or all other intellectual property rights to Equifax. Any works of authorship created by Participant in the course of Participant’s duties are subject to the “Work for Hire” provisions contained in sections 101 and 201 of the United States Copyright Law, Title 17 of the United States Code. Accordingly, all rights, title and interest to copyrights in all works of authorship which have been or will be prepared by Participant within the scope of Participant’s employment (hereinafter collectively called the “Works”), shall be the property of Equifax. Participant further acknowledges and agrees that, to the extent the provisions of Title 17 of the United States Code do not vest in Equifax the copyrights to any Works, Participant shall assign and hereby does assign to Equifax all rights, title and interest to copyrights which Participant may have in the Works. Participant shall disclose to Equifax all Works and will execute and deliver all applications for registration, registrations, and further documents relating to the copyrights to the Works. Participant shall provide such additional assistance as Equifax may deem necessary and desirable to assign the Works or Inventions to Equifax and/or secure Equifax title to the patents, trademarks, copyrights and/or all other intellectual property rights in the Works or Inventions, including the appointment of Equifax as its agent to effect for such purposes. To the extent that any preexisting rights are embodied or reflected in the Works or Inventions, Participant grants to Equifax an irrevocable, perpetual, non-exclusive, world-wide, royalty-free right and license to (i) use, execute, reproduce, display, perform, distribute copies of and prepare derivative works based upon such preexisting rights; and (ii) authorize others on Equifax’s behalf to do any or all of the foregoing, and Participant warrants that he or she has full and unencumbered authority to grant such a license. The confidentiality requirements of the preceding paragraphs of this Restrictive Covenant Agreement will apply to all of the above.

11.Return of Company Property/Materials.  Upon the termination of Participant’s employment for any reason or upon Equifax’s request at any time, Participant shall immediately return to Equifax all of Equifax’s property, including, but not limited to, any mobile/smart phone, tablet, keys, passcards, credit cards, confidential or proprietary lists (including, but not limited to, customer or vendor lists existing in any format), rolodexes, tapes, laptop computer, software, computer files, external data device, marketing and sales materials, information relating to work done for Equifax or that Participant obtained as a result of working for Equifax (including such information residing on Participant’s personal computer, e-mail account, external data device, or mobile/smart phone) and any other property, record, document, or piece of equipment belonging to Equifax.  Participant will not retain and shall provide to Equifax any copies of Equifax’s property, including any copies existing in electronic form.  To the extent that Participant cannot return copies of Equifax property (such as files existing on Participant’s home computer or personal e-mail account), then Participant shall provide a copy of the file to Equifax (including all available Metadata) and then permanently delete the file (unless otherwise instructed in writing to preserve it by Equifax).  The obligations contained in this Section shall also apply to any property that belongs to a third party, including, but not limited to, (a) any entity which is affiliated or related to the Company, or (b) the Company’s customers, licensors, or suppliers.  If Participant has any questions regarding his/her obligations to return and not to retain Company property, then Participant is obligated to contact Participant’s direct supervisor (as of the end of Participant’s employment) to obtain guidance.

12.Post-Employment Disclosure. During the Restricted Period, Participant shall provide a copy of this Restrictive Covenant Agreement to persons and/or entities for whom Participant works or consults as an owner, partner, joint venturer, employee, or independent contractor. If, during the Restricted Period, Participant agrees to work or consult for another person or entity as an owner, partner, joint venturer, employee or independent contractor, then Participant shall provide Equifax before Participant’s first day of work or consultation with such person’s or entity’s name, the nature of such person’s or entity’s business, Participant’s job title, and a general description of the services Participant will provide.

16

13.Injunctive Relief. If Participant breaches this Restrictive Covenant Agreement, Participant agrees that: 
A.    Equifax would suffer irreparable harm; 
B.    it would be difficult to determine damages, and money damages alone would be an inadequate remedy for the injuries suffered by Equifax; and
C.    if Equifax seeks injunctive relief to enforce this Restrictive Covenant Agreement, Participant will waive and will not assert any defense that Equifax has an adequate remedy at law with respect to the breach.  
Nothing contained in this Restrictive Covenant Agreement shall limit Equifax’s right to any other remedies at law or in equity.
14.Clawback.  If Participant breaches this Restrictive Covenant Agreement, then the Committee (as that term is defined in the Award Agreement) may, notwithstanding any other provision in the Award Agreement to the contrary, cancel, rescind, suspend, withhold or otherwise restrict or limit Participant’s Award (as that term is defined in the Award Agreement).  Without limiting the generality of the foregoing, the Committee may also require Participant to pay to the Company any gain realized by Participant from the Shares (as that term is defined in the Award Agreement) awarded during the period beginning six months prior to the date on which Participant engaged or began engaging in activity in violation of this Restrictive Covenant Agreement.  Participant agrees that in the event that the Committee takes any action set forth in this Paragraph: (a) the covenants set forth herein will remain in effect as Participant will have received consideration above and beyond the Shares; and (b) Equifax will remain entitled to injunctive relief because it would not be made whole simply through the potential actions set forth in this Paragraph.  Nothing in this Paragraph limits the terms of the Company’s Policy on Recovery and Recoupment of Incentive Compensation, effective March 5, 2018.   

15.Independent Enforcement.  Each of the covenants set forth herein shall be construed as covenants independent of: (a) any agreements other than this Restrictive Covenant Agreement; or (b) any other covenants in this Restrictive Covenant Agreement, and the existence of any claim or cause of action by Participant against Equifax, whether predicated on this Restrictive Covenant Agreement or otherwise, regardless of who was at fault and regardless of any claims that either Participant or Equifax may have against the other, shall not constitute a defense to the enforcement by Equifax of the covenants set forth herein.  Equifax shall not be barred from enforcing the restrictive covenants set forth herein by reason of any breach of: (a) any other part of this Restrictive Covenant Agreement; or (b) any other agreement with Participant.

16.Computer Authorization.  Participant agrees that Participant is not authorized to use Equifax’s computer system or any of Equifax’s IT hardware or software for any purpose in actual or contemplated competition with Equifax.  This includes but is not limited to: (a) transferring information relating to Equifax’s Business from Equifax’s system, hardware, or software to an external device or account for the purpose of using, disclosing, or retaining such information after the end of Participant’s employment; or (b) deleting information relating to Equifax’s Business from Equifax’s system, hardware, or software in advance of the end of Participant’s employment with Equifax.

17.Compliance with Federal and State Law.  Participant acknowledges that Equifax is obligated under federal and state credit reporting and similar laws and regulations to hold in confidence and not disclose certain information regarding individuals, firms or corporations which is obtained or held by Equifax, and that Equifax is required to adopt reasonable procedures for protecting the confidentiality, accuracy, relevancy and proper utilization of consumer credit information. In that regard, except as necessary to perform Participant’s duties for Equifax, Participant will hold in strict confidence, and will not use, reproduce, disclose or otherwise distribute any information which Equifax is required to hold 

17

confidential under applicable federal and state laws and regulations, including the federal Fair Credit Reporting Act (15 U.S.C. § 1681 et seq.) and any state credit reporting statutes.

18.Misuse of Data.  Participant agrees that any unauthorized disclosure of confidential codes, system access instructions or file data, intentional alteration or destruction of data, or unauthorized access or updating of Participant’s own or any other files can lead to immediate termination and federal prosecution under the Fair Credit Reporting Act, the Counterfeit Access Device and Computer Fraud and Abuse Act, or prosecution under other state and federal laws. Should Participant ever be approached by anyone to commit unauthorized or illegal acts or to disclose confidential materials or data, Participant will immediately report this directly to Equifax management.

19.HIPAA. Participant acknowledges that if Participant’s job duties and responsibilities are within the Equifax Information Technology Department or Human Resources, such duties may cause Participant to have incidental access to protected health information (“PHI”) of the Equifax health plans that is maintained in electronic form.  PHI is mandated by the Health Insurance Portability and Accountability Act of 1996 (“HIPAA”) to be kept secure and confidential and may not be accessed, used or disclosed, except as permitted by the Policies and Procedures of the Equifax health plans.  Participant acknowledges that he or she will not at any time access PHI, except and only to the extent as may be expressly required in the course of his or her duties and responsibilities within the Equifax Information Technology Department or Human Resources.  Further, Participant acknowledges that he or she will not at any time - either during or after his or her employment with Equifax - use or disclose PHI to any person or entity, either within Equifax or externally to third parties, except and only to the extent as expressly permitted by the Privacy Official for the Equifax health plans.  Participant understands and acknowledges that unauthorized access, use or disclosure of PHI will result in disciplinary action, up to and including termination of employment, and may also result in the imposition of civil and criminal penalties under HIPAA and other applicable law.  

20.Waiver.  Equifax’s failure to enforce any provision of this Restrictive Covenant Agreement shall not act as a waiver of that or any other provision.  Equifax’s waiver of any breach of this Restrictive Covenant Agreement shall not act as a waiver of any other breach.

21.Attorneys’ Fees.  In the event of litigation relating to this Restrictive Covenant Agreement, the Company shall, if it is the prevailing party, be entitled to recover attorneys’ fees and costs of litigation in addition to all other remedies available at law or in equity.

22.Severability.  The provisions of this Restrictive Covenant Agreement are severable.  If any provision is determined to be invalid, illegal, or unenforceable, in whole or in part, then such provision shall be modified so as to be enforceable to the maximum extent permitted by law.  If such provision cannot be modified to be enforceable, then the unenforceable element of the provision (or, failing that, the entire provision) shall be severed from this Restrictive Covenant Agreement.  The remaining provisions and any partially enforceable provisions shall remain in full force and effect.  Equifax states specifically that Paragraphs 6 and 7 above shall not restrict the right of a lawyer to practice after termination.  Rather, for any lawyer signing this Restrictive Covenant Agreement, Paragraphs 6 and 7 shall not apply to Competitive Tasks involving the practice of law.  

23.Governing Law.  This Restrictive Covenant Agreement shall be governed by and construed in accordance with the laws of the State of Georgia, without reference to Georgia’s choice of law rules.

24.No Strict Construction.  If there is a dispute about the language of this Restrictive Covenant Agreement, the fact that one Party drafted the Restrictive Covenant Agreement shall not be used in its interpretation.

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25.Entire Agreement.  This Restrictive Covenant Agreement constitutes the entire agreement between the Parties concerning the subject matter of this Restrictive Covenant Agreement.  This Restrictive Covenant Agreement supersedes any prior communications, agreements or understandings, whether oral or written, between the Parties relating to the subject matter of this Restrictive Covenant Agreement, except for any handbooks or security policies issued by Equifax and applicable to Participant.

26.Amendments.  Participant understands that at any time during his or her employment, Equifax may request that Participant sign an amendment to this Restrictive Covenant Agreement that would modify the restrictive covenants herein based on changes to Participant’s duties, changes in the area for which Participant has responsibility, changes in Equifax’s Business, or changes in the law regarding restrictive covenants.  This Restrictive Covenant Agreement may not otherwise be amended or modified except in writing signed by both Parties.

27.Successors and Assigns.  This Restrictive Covenant Agreement shall be assignable to, and shall inure to the benefit of, Equifax’s successors and assigns, including, without limitation, successors through merger, name change, consolidation, or sale of a majority of Equifax’s stock or assets, and shall be binding upon Participant.  Participant shall not have the right to assign his or her rights or obligations under this Restrictive Covenant Agreement. The covenants contained in this Restrictive Covenant Agreement shall survive cessation of Participant’s employment with the Company, regardless of who causes the cessation or the reason for the cessation.

28.Exclusive Jurisdiction and Venue.  Participant agrees that any claim arising out of or relating to this Restrictive Covenant Agreement shall be brought exclusively in the state or federal courts of competent jurisdiction located in the State of Georgia.  Participant consents to the personal jurisdiction of such courts and thereby waives: (a) any objection to jurisdiction or venue; or (b) any defense claiming lack of jurisdiction or improper venue, in any action brought in such courts.

29.Execution.  This Restrictive Covenant Agreement shall be executed by Participant’s acceptance of the preceding Award Agreement, to which this Restrictive Covenant Agreement is appended.
Participant acknowledges that he or she has carefully read this Restrictive Covenant Agreement, knows and understands its terms and conditions, and has had the opportunity to ask the Company any questions Participant may have had prior to accepting this Restrictive Covenant Agreement.  Participant also acknowledges that he or she has had the opportunity to consult an attorney of Participant’s choice (at Participant’s expense) to review this Restrictive Covenant Agreement before accepting it.

19Exhibit 4.34

 

HUYA INC.

 

AMENDED AND RESTATED 2017 SHARE INCENTIVE
PLAN

  

Article
1

PURPOSE

 

The purpose of the HUYA Inc. Amended and
Restated 2017 Share Incentive Plan (the “Plan”) is to promote the success
and enhance the value of HUYA Inc., a company formed under the laws of the Cayman Islands (the “Company”),
by linking the personal interests of the members of the Board, Employees, and Consultants to those of the Company’s shareholders
and by providing such individuals with an incentive for outstanding performance to generate superior returns to the Company’s
shareholders. The Plan is further intended to provide flexibility to the Company in its ability to motivate, attract, and retain
the services of members of the Board, Employees, and Consultants upon whose judgment, interest, and special effort the successful
conduct of the Company’s operation is largely dependent. The Plan amends and restates the 2017 Share Incentive Plan of the
Company adopted by the Board in July 2017 (the “2017 Incentive Plan”) and all rights and interests under the
2017 Incentive Plan will be acknowledged and replaced by the grants to be made hereunder.

 

Article
2

DEFINITIONS AND CONSTRUCTION

 

Wherever the following terms are used in
the Plan they shall have the meanings specified below, unless the context clearly indicates otherwise. The singular pronoun shall
include the plural where the context so indicates.

 

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

 

2.2           “Award”
means an Option, Restricted Share or Restricted Share Unit award granted to a Participant pursuant to the Plan.

 

2.3           “Award
Agreement” means any written agreement, contract, or other instrument or document evidencing an Award, including
through electronic medium.

 

2.4           “Board”
means the Board of Directors of the Company.

 

2.5           “Cause”
with respect to a Participant means (unless otherwise expressly provided in the applicable Award Agreement, or another applicable
contract with the Participant that defines such term for purposes of determining the effect that a “for cause” termination
has on the Participant’s Awards) a termination of employment or service based upon a finding by the Service Recipient, acting
in good faith and based on its reasonable belief at the time, that the Participant:

 

     

     

    

 

(a)          has
been negligent in the discharge of his or her duties to the Service Recipient, has refused to perform stated or assigned duties
or is incompetent in or (other than by reason of a disability or analogous condition) incapable of performing those duties;

 

(b)          has
been dishonest or committed or engaged in an act of theft, embezzlement or fraud, a breach of confidentiality, an unauthorized
disclosure or use of inside information, customer lists, trade secrets or other confidential information;

 

(c)          has
breached a fiduciary duty, or willfully and materially violated any other duty, law, rule, regulation or policy of the Service
Recipient; or has been convicted of, or plead guilty or nolo contendere to, a felony or misdemeanor (other than minor traffic violations
or similar offenses);

 

(d)          has
materially breached any of the provisions of any agreement with the Service Recipient;

 

(e)          has
engaged in unfair competition with, or otherwise acted intentionally in a manner injurious to the reputation, business or assets
of, the Service Recipient; or

 

(f)          has
improperly induced a vendor or customer to break or terminate any contract with the Service Recipient or induced a principal for
whom the Service Recipient acts as agent to terminate such agency relationship.

 

A termination for Cause shall be deemed
to occur (subject to reinstatement upon a contrary final determination by the Committee) on the date on which the Service Recipient
first delivers written notice to the Participant of a finding of termination for Cause.

 

2.6           “Code”
means the Internal Revenue Code of 1986 of the United States, as amended.

 

2.7           “Committee”
means the Board or a committee of the Board described in Article 10.

 

2.8           “Consultant”
means any consultant or adviser if: (a) the consultant or adviser renders bona fide services to a Service Recipient; (b) the services
rendered by the consultant or adviser are not in connection with the offer or sale of securities in a capital-raising transaction
and do not directly or indirectly promote or maintain a market for the Company’s securities; and (c) the consultant or adviser
is a natural person who has contracted directly with the Service Recipient to render such services.

 

2.9           “Corporate
Transaction”, unless otherwise defined in an Award Agreement, means any of the following transactions, provided,
however, that the Committee shall determine under (d) and (e) whether multiple transactions are related, and its determination
shall be final, binding and conclusive:

 

(a)          an
amalgamation, arrangement or consolidation or scheme of arrangement (i) in which the Company is not the surviving entity, except
for a transaction the principal purpose of which is to change the jurisdiction in which the Company is incorporated or (ii) following
which the holders of the voting securities of the Company do not continue to hold more than 50% of the combined voting power of
the voting securities of the surviving entity;

 

     

     

    

 

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

 

(c)          the
complete liquidation or dissolution of the Company;

 

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

 

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

 

2.10         “Disability”,
unless otherwise defined in an Award Agreement, means that the Participant qualifies to receive long-term disability payments under
the Service Recipient’s long-term disability insurance program, as it may be amended from time to time, to which the Participant
provides services regardless of whether the Participant is covered by such policy. If the Service Recipient to which the Participant
provides service does not have a long-term disability plan in place, “Disability” means that a Participant is unable
to carry out the responsibilities and functions of the position held by the Participant by reason of any medically determinable
physical or mental impairment for a period of not less than ninety (90) consecutive days. A Participant will not be considered
to have incurred a Disability unless he or she furnishes proof of such impairment sufficient to satisfy the Committee in its discretion.

 

2.11         “Effective
Date” shall have the meaning set forth in Section 11.1.

 

2.12         “Employee”
means any person, including an officer or a member of the Board of the Company or any Parent or Subsidiary of the Company, who
is in the employment of a Service Recipient, subject to the control and direction of the Service Recipient as to both the work
to be performed and the manner and method of performance. The payment of a director’s fee by a Service Recipient shall not
be sufficient to constitute “employment” by the Service Recipient.

 

2.13         “Exchange
Act” means the Securities Exchange Act of 1934 of the United States, as amended.

 

     

     

    

 

2.14         “Expiration
Date” means July 10, 2027.

 

2.15         “Fair
Market Value” means, as of any date, the value of Shares determined as follows:

 

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

 

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

 

(c)          In
the absence of an established market for the Shares of the type described in (a) and (b), above, the Fair Market Value thereof
shall be determined by the Committee in good faith and in its discretion by reference to (i) the placing price of the latest private
placement of the Shares and the development of the Company’s business operations and the general economic and market conditions
since such latest private placement, (ii) other third party transactions involving the Shares and the development of the Company’s
business operation and the general economic and market conditions since such sale, (iii) an independent valuation of the Shares,
or (iv) such other methodologies or information as the Committee determines to be indicative of Fair Market Value and relevant.

 

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

 

2.17         “Independent
Director” means (i) before the Shares or other securities representing the Shares are listed on a stock exchange,
a member of the Board who is a Non-Employee Director; and (ii) after the Shares or other securities representing the Shares are
listed on a stock exchange, a member of the Board who meets the independence standards under the applicable corporate governance
rules of the stock exchange.

 

2.18         “Non-Employee
Director” means a member of the Board who qualifies as a “Non-Employee Director” as defined in Rule
16b-3(b)(3) of the Exchange Act, or any successor definition adopted by the Board.

 

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

 

     

     

    

 

2.20         “Option”
means a right granted to a Participant pursuant to Article 5 of the Plan to purchase a specified number of Shares at a specified
price during specified time periods. An Option may be either an Incentive Share Option or a Non-Qualified Share Option.

 

2.21         “Participant”
means a person who, as a member of the Board, Consultant or Employee, has been granted an Award pursuant to the Plan.

 

2.22         “Parent”
means a parent corporation under Section 424(e) of the Code.

 

2.23         “Plan”
means this Amended and Restated 2017 Share Incentive Plan, as it may be amended from time to time.

 

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

 

2.25         “Restricted
Share” means a Share awarded to a Participant pursuant to Article 6 that is subject to certain restrictions and
may be subject to risk of forfeiture.

 

2.26         “Restricted
Share Unit” means the right granted to a Participant pursuant to Article 7 to receive a Share at a future date.

 

2.27         “Securities
Act” means the Securities Act of 1933 of the United States, as amended.

 

2.28         “Service
Recipient” means the Company, any Parent or Subsidiary of the Company and any Related Entity to which a Participant
provides services as an Employee, a Consultant or a Director.

 

2.29         “Share”
means Class A ordinary shares of the Company, and such other securities of the Company that may be substituted for Shares pursuant
to Article 9.

 

2.30         “Subsidiary”
means any corporation or other entity of which a majority of the outstanding voting shares or voting power is beneficially owned
directly or indirectly by the Company.

 

2.31         “Trading
Date” means the closing of the first sale to the general public of the Shares pursuant to a registration statement
filed with and declared effective by the U.S. Securities and Exchange Commission under the Securities Act.

 

Article
3

SHARES SUBJECT TO THE PLAN

 

3.1           Number
of Shares.

 

(a)          Subject
to the provisions of Article 9 and Section 3.1(b), the maximum aggregate number of Shares which may be issued pursuant to all Awards
(including Incentive Share Options) shall be 28,394,117 Shares.

 

     

     

    

 

(b)          To
the extent that an Award terminates, expires, or lapses for any reason, any Shares subject to the Award shall again be available
for the grant of an Award pursuant to the Plan. To the extent permitted by Applicable Laws, Shares issued in assumption of, or
in substitution for, any outstanding awards of any entity acquired in any form or combination by the Company or any Parent or Subsidiary
of the Company shall not be counted against Shares available for grant pursuant to the Plan. Shares delivered by the Participant
or withheld by the Company upon the exercise of any Award under the Plan, in payment of the exercise price thereof or tax withholding
thereon, may again be optioned, granted or awarded hereunder, subject to the limitations of Section 3.1(a). If any Restricted Shares
are forfeited by the Participant or repurchased by the Company, such Shares may again be optioned, granted or awarded hereunder,
subject to the limitations of Section 3.1(a). Notwithstanding the provisions of this Section 3.1(b), no Shares may again be optioned,
granted or awarded if such action would cause an Incentive Share Option to fail to qualify as an Incentive Share Option under Section
422 of the Code.

 

3.2           Shares
Distributed. Any Shares distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares,
treasury shares (subject to Applicable Laws) or Shares purchased on the open market. Additionally, in the discretion of the Committee,
American Depository Shares in an amount equal to the number of Shares which otherwise would be distributed pursuant to an Award
may be distributed in lieu of Shares in settlement of any Award. If the number of Shares represented by an American Depository
Share is other than on a one-to-one basis, the limitations of Section 3.1 shall be adjusted to reflect the distribution of American
Depository Shares in lieu of Shares.

 

Article
4

ELIGIBILITY AND PARTICIPATION

 

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

 

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

 

4.3           Jurisdictions.
In order to assure the viability of Awards granted to Participants employed in various jurisdictions, the Committee may provide
for such special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy, or custom
applicable in the jurisdiction in which the Participant resides or is employed. Moreover, the Committee may approve such supplements
to, or amendments, restatements, or alternative versions of, the Plan as it may consider necessary or appropriate for such purposes
without thereby affecting the terms of the Plan as in effect for any other purpose; provided, however, that no such supplements,
amendments, restatements, or alternative versions shall increase the share limitations contained in Section 3.1 of the Plan. Notwithstanding
the foregoing, the Committee may not take any actions hereunder, and no Awards shall be granted, that would violate any Applicable
Laws.

 

     

     

    

 

Article
5

OPTIONS

 

5.1           General.
The Committee is authorized to grant Options to Participants on the following terms and conditions:

 

(a)          Exercise
Price. The exercise price per Share subject to an Option shall be determined by the Committee and set forth in the Award Agreement
which may be a fixed or variable price related to the Fair Market Value of the Shares. The exercise price per Share subject to
an Option may be amended or adjusted in the absolute discretion of the Committee, the determination of which shall be final, binding
and conclusive. For the avoidance of doubt, to the extent not prohibited by Applicable Laws or any exchange rule, a downward adjustment
of the exercise prices of Options mentioned in the preceding sentence shall be effective without the approval of the Company’s
shareholders or the approval of the affected Participants.

 

(b)          Time
and Conditions of Exercise. The Committee shall determine the time or times at which an Option may be exercised in whole or
in part, including exercise prior to vesting; provided that the term of any Option granted under the Plan shall not exceed ten
years, except as provided in Section 12.1. The Committee shall also determine any conditions, if any, that must be satisfied before
all or part of an Option may be exercised.

 

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

 

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

 

     

     

    

 

(e)          Effects
of Termination of Employment or Service on Options. Termination of employment or service shall have the following effects on
Options granted to the Participants:

 

(i)          Dismissal
for Cause. Unless otherwise provided in the Award Agreement, if a Participant’s employment by or service to the Service
Recipient is terminated by the Service Recipient for Cause, the Participant’s Options will terminate upon such termination,
whether or not the Option is then vested and/or exercisable;

 

(ii)         Death
or Disability. Unless otherwise provided in the Award Agreement, if a Participant’s employment by or service to the Service
Recipient terminates as a result of the Participant’s death or Disability:

 

(a)          the
Participant (or his or her legal representative or beneficiary, in the case of the Participant’s Disability or death, respectively),
will have until the date that is 12 months after the Participant’s termination of Employment to exercise the Participant’s
Options (or portion thereof) to the extent that such Options were vested and exercisable on the date of the Participant’s
termination of Employment on account of death or Disability;

 

(b)          the
Options, to the extent not vested and exercisable on the date of the Participant’s termination of Employment or service,
shall terminate upon the Participant’s termination of Employment or service on account of death or Disability; and

 

(c)          the
Options, to the extent exercisable for the 12-month period following the Participant’s termination of Employment or service
and not exercised during such period, shall terminate at the close of business on the last day of the 12-month period.

 

(iii)        Other
Terminations of Employment or Service. Unless otherwise provided in the Award Agreement, if a Participant’s employment
by or service to the Service Recipient terminates for any reason other than a termination by the Service Recipient for Cause or
because of the Participant’s death or Disability:

 

(a)          the
Participant will have until the date that is 90 days after the Participant’s termination of Employment or service to exercise
his or her Options (or portion thereof) to the extent that such Options were vested and exercisable on the date of the Participant’s
termination of Employment or service;

 

(b)          the
Options, to the extent not vested and exercisable on the date of the Participant’s termination of Employment or service,
shall terminate upon the Participant’s termination of Employment or service; and

 

(c)          the
Options, to the extent exercisable for the 90-day period following the Participant’s termination of Employment or service
and not exercised during such period, shall terminate at the close of business on the last day of the 90-day period.

 

     

     

    

 

5.2           Incentive
Share Options. Incentive Share Options may be granted to Employees of the Company, a Parent or Subsidiary of the Company. Incentive
Share Options may not be granted to Employees of a Related Entity or to Independent Directors or Consultants. The terms of any
Incentive Share Options granted pursuant to the Plan, in addition to the requirements of Section 5.1, must comply with the following
additional provisions of this Section 5.2:

 

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

 

(b)          Exercise
Price. The exercise price of an Incentive Share Option shall be equal to the Fair Market Value on the date of grant. However,
the exercise price of any Incentive Share Option granted to any individual who, at the date of grant, owns Shares possessing more
than ten percent of the total combined voting power of all classes of shares of the Company may not be less than 110% of Fair Market
Value on the date of grant and such Option may not be exercisable for more than five years from the date of grant.

 

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

 

(d)          Expiration
of Incentive Share Options. No Award of an Incentive Share Option may be made pursuant to this Plan after the Expiration Date.

 

(e)          Right
to Exercise. During a Participant’s lifetime, an Incentive Share Option may be exercised only by the Participant.

 

Article
6

RESTRICTED SHARES

 

6.1           Grant
of Restricted Shares. The Committee, at any time and from time to time, may grant Restricted Shares to Participants as the
Committee, in its sole discretion, shall determine. The Committee, in its sole discretion, shall determine the number of Restricted
Shares to be granted to each Participant.

 

6.2           Restricted
Shares Award Agreement. Each Award of Restricted Shares shall be evidenced by an Award Agreement that shall specify the period
of restriction, the number of Restricted Shares granted, and such other terms and conditions as the Committee, in its sole discretion,
shall determine. Unless the Committee determines otherwise, Restricted Shares shall be held by the Company as escrow agent until
the restrictions on such Restricted Shares have lapsed.

 

     

     

    

 

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

 

6.4           Forfeiture/Repurchase.
Except as otherwise determined by the Committee at the time of the grant of the Award or thereafter, upon termination of employment
or service during the applicable restriction period, Restricted Shares that are at that time subject to restrictions shall be forfeited
or repurchased in accordance with the Award Agreement; provided, however, the Committee may (a) provide in any Restricted
Share Award Agreement that restrictions or forfeiture and repurchase conditions relating to Restricted Shares will be waived in
whole or in part in the event of terminations resulting from specified causes, and (b) in other cases waive in whole or in part
restrictions or forfeiture and repurchase conditions relating to Restricted Shares.

 

6.5           Certificates
for Restricted Shares. Restricted Shares granted pursuant to the Plan may be evidenced in such manner as the Committee shall
determine. If certificates representing Restricted Shares are registered in the name of the Participant, certificates must bear
an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Shares, and the Company
may, at its discretion, retain physical possession of the certificate until such time as all applicable restrictions lapse.

 

6.6           Removal
of Restrictions. Except as otherwise provided in this Article 6, Restricted Shares granted under the Plan shall be released
from escrow as soon as practicable after the last day of the period of restriction. The Committee, in its discretion, may accelerate
the time at which any restrictions shall lapse or be removed. After the restrictions have lapsed, the Participant shall be entitled
to have any legend or legends under Section 6.5 removed from his or her Share certificate, and the Shares shall be freely transferable
by the Participant, subject to applicable legal restrictions. The Committee (in its discretion) may establish procedures regarding
the release of Shares from escrow and the removal of legends, as necessary or appropriate to minimize administrative burdens on
the Company.

 

Article
7

RESTRICTED SHARE UNITS

 

7.1           Grant
of Restricted Share Units. The Committee, at any time and from time to time, may grant Restricted Share Units to Participants
as the Committee, in its sole discretion, shall determine. The Committee, in its sole discretion, shall determine the number of
Restricted Share Units to be granted to each Participant.

 

7.2           Restricted
Share Units Award Agreement. Each Award of Restricted Share Units shall be evidenced by an Award Agreement that shall specify
any vesting conditions, the number of Restricted Share Units granted, and such other terms and conditions as the Committee, in
its sole discretion, shall determine.

 

7.3           Performance
Objectives and Other Terms. The Committee, in its discretion, may set performance objectives or other vesting criteria which,
depending on the extent to which they are met, will determine the number or value of Restricted Share Units that will be paid out
to the Participants.

 

     

     

    

 

7.4         Form
and Timing of Payment of Restricted Share Units. At the time of grant, the Committee shall specify the date or dates on which
the Restricted Share Units shall become fully vested and nonforfeitable. Upon vesting, the Committee, in its sole discretion, may
pay Restricted Share Units in the form of cash, in Shares or in a combination thereof.

 

7.5         Forfeiture/Repurchase.
Except as otherwise determined by the Committee at the time of the grant of the Award or thereafter, upon termination of employment
or service during the applicable restriction period, Restricted Share Units that are at that time unvested shall be forfeited or
repurchased in accordance with the Award Agreement; provided, however, the Committee may (a) provide in any Restricted Share
Unit Award Agreement that restrictions or forfeiture and repurchase conditions relating to Restricted Share Units will be waived
in whole or in part in the event of terminations resulting from specified causes, and (b) in other cases waive in whole or in part
restrictions or forfeiture and repurchase conditions relating to Restricted Share Units.

 

Article
8

PROVISIONS APPLICABLE TO AWARDS

 

8.1         Award
Agreement. Awards under the Plan shall be evidenced by Award Agreements that set forth the terms, conditions and limitations
for each Award which may include the term of an Award, the provisions applicable in the event the Participant’s employment
or service terminates, and the Company’s authority to unilaterally or bilaterally amend, modify, suspend, cancel or rescind
an Award.

 

8.2         No
Transferability; Limited Exception to Transfer Restrictions.

 

8.2.1        Limits
on Transfer. Unless otherwise expressly provided in (or pursuant to) this Section 8.2, by applicable law and by the Award Agreement,
as the same may be amended:

 

(a)          all
Awards are non-transferable and will not be subject in any manner to sale, transfer, anticipation, alienation, assignment, pledge,
encumbrance or charge;

 

(b)          Awards
will be exercised only by the Participant; and

 

(c)          amounts
payable or shares issuable pursuant to an Award will be delivered only to (or for the account of), and, in the case of Shares,
registered in the name of, the Participant.

 

In addition, the shares shall be subject
to the restrictions set forth in the applicable Award Agreement.

 

8.2.2        Further
Exceptions to Limits on Transfer. The exercise and transfer restrictions in Section 8.2.1 will not apply to:

 

(a)          transfers
to the Company or a Subsidiary;

 

     

     

    

 

(b)          transfers
by gift to “immediate family” as that term is defined in SEC Rule 16a-1(e) promulgated under the Exchange Act;

 

(c)          the
designation of a beneficiary to receive benefits if the Participant dies or, if the Participant has died, transfers to or exercises
by the Participant’s beneficiary, or, in the absence of a validly designated beneficiary, transfers by will or the laws of
descent and distribution; or

 

(d)          if
the Participant has suffered a disability, permitted transfers or exercises on behalf of the Participant by the Participant’s
duly authorized legal representative; or

 

(e)          subject
to the prior approval of the Committee or an executive officer or director of the Company authorized by the Committee, transfer
to one or more natural persons who are the Participant’s family members or entities owned and controlled by the Participant
and/or the Participant’s family members, including but not limited to trusts or other entities whose beneficiaries or beneficial
owners are the Participant and/or the Participant’s family members, or to such other persons or entities as may be expressly
approved by the Committee, pursuant to such conditions and procedures as the Committee or may establish. Any permitted transfer
shall be subject to the condition that the Committee receives evidence satisfactory to it that the transfer is being made for estate
and/or tax planning purposes and on a basis consistent with the Company’s lawful issue of securities.

 

Notwithstanding anything else in this Section
8.2.2 to the contrary, but subject to compliance with all applicable laws, Incentive Share Options, Restricted Shares and Restricted
Share Units will be subject to any and all transfer restrictions under the Code applicable to such Awards or necessary to maintain
the intended tax consequences of such Awards. Notwithstanding clause (b) above but subject to compliance with all applicable laws,
any contemplated transfer by gift to “immediate family” as referenced in clause (b) above is subject to the condition
precedent that the transfer be approved by the Administrator in order for it to be effective.

 

8.3           Beneficiaries.
Notwithstanding Section 8.2, a Participant may, in the manner determined by the Committee, designate a beneficiary to exercise
the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary,
legal guardian, legal representative, or other person claiming any rights pursuant to the Plan is subject to all terms and conditions
of the Plan and any Award Agreement applicable to the Participant, except to the extent the Plan and Award Agreement otherwise
provide, and to any additional restrictions deemed necessary or appropriate by the Committee. If the Participant is married and
resides in a community property state, a designation of a person other than the Participant’s spouse as his or her beneficiary
with respect to more than 50% of the Participant’s interest in the Award shall not be effective without the prior written
consent of the Participant’s spouse. If no beneficiary has been designated or survives the Participant, payment shall be
made to the person entitled thereto pursuant to the Participant’s will or the laws of descent and distribution. Subject to
the foregoing, a beneficiary designation may be changed or revoked by a Participant at any time provided the change or revocation
is filed with the Committee.

 

     

     

    

 

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

 

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

 

8.6           Foreign
Currency. A Participant may be required to provide evidence that any currency used to pay the exercise price of any Award were
acquired and taken out of the jurisdiction in which the Participant resides in accordance with Applicable Laws, including foreign
exchange control laws and regulations. In the event the exercise price for an Award is paid in Chinese Renminbi or other foreign
currency, as permitted by the Committee, the amount payable will be determined by conversion from U.S. dollars at the official
rate promulgated by the People’s Bank of China for Chinese Renminbi, or for jurisdictions other than the Peoples Republic
of China, the exchange rate as selected by the Committee on the date of exercise.

 

Article
9

CHANGES IN CAPITAL STRUCTURE

 

9.1           Adjustments.
In the event of any dividend, share split, combination or exchange of Shares, amalgamation, arrangement or consolidation, spin-off,
recapitalization or other distribution (other than normal cash dividends) of Company assets to its shareholders, or any other change
affecting the shares of Shares or the share price of a Share, the Committee shall make such proportionate adjustments, if any,
as the Committee in its discretion may deem appropriate to reflect such change with respect to (a) the aggregate number and type
of shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations in Section 3.1); (b)
the terms and conditions of any outstanding Awards (including, without limitation, any applicable performance targets or criteria
with respect thereto); and (c) the grant or exercise price per share for any outstanding Awards under the Plan.

 

     

     

    

 

9.2           Corporate
Transactions. Except as may otherwise be provided in any Award Agreement or any other written agreement entered into by and
between the Company and a Participant, if the Committee anticipates the occurrence, or upon the occurrence, of a Corporate Transaction,
the Committee may, in its sole discretion, provide for (i) any and all Awards outstanding hereunder to terminate at a specific
time in the future and shall give each Participant the right to exercise the vested portion of such Awards during a period of time
as the Committee shall determine, or (ii) the purchase of any Award for an amount of cash equal to the amount that could have been
attained upon the exercise of such Award (and, for the avoidance of doubt, if as of such date the Committee determines in good
faith that no amount would have been attained upon the exercise of such Award, then such Award may be terminated by the Company
without payment), or (iii) the replacement of such Award with other rights or property selected by the Committee in its sole discretion
or the assumption of or substitution of such Award by the successor or surviving corporation, or a Parent or Subsidiary thereof,
with appropriate adjustments as to the number and kind of Shares and prices, or (iv) payment of Award in cash based on the value
of Shares on the date of the Corporate Transaction plus reasonable interest on the Award through the date when such Award would
otherwise be vested or have been paid in accordance with its original terms, if necessary to comply with Section 409A of the Code.

 

9.3           Outstanding
Awards – Other Changes. In the event of any other change in the capitalization of the Company or corporate change other
than those specifically referred to in this Article 9, the Committee may, in its absolute discretion, make such adjustments in
the number and class of shares subject to Awards outstanding on the date on which such change occurs and in the per share grant
or exercise price of each Award as the Committee may consider appropriate to prevent dilution or enlargement of rights.

 

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

 

Article
10

ADMINISTRATION

 

10.1         Committee.
The Plan shall be administered by the Board or a committee of one or more members of the Board to whom the Board shall delegate
the authority to grant or amend Awards to Participants other than any of the Committee members. Any grant or amendment of Awards
to any Committee member shall then require an affirmative vote of a majority of the Board members who are not on the Committee.

 

10.2         Action
by the Committee. A majority of the Committee shall constitute a quorum. The acts of a majority of the members of the Committee
present at any meeting at which a quorum is present, and acts approved in writing by a majority of the Committee in lieu of a meeting,
shall be deemed the acts of the Committee. Each member of the Committee is entitled to, in good faith, rely or act upon any report
or other information furnished to that member by any officer or other employee of the Company or any Subsidiary, the Company’s
independent certified public accountants, or any executive compensation consultant or other professional retained by the Company
to assist in the administration of the Plan.

 

     

     

    

 

10.3         Authority
of the Committee. Subject to any specific designation in the Plan, the Committee has the exclusive power, authority and discretion
to:

 

(a)          designate
Participants to receive Awards;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(j)          make
all other decisions and determinations that may be required pursuant to the Plan or as the Committee deems necessary or advisable
to administer the Plan.

 

10.4         Decisions
Binding. The Committee’s interpretation of the Plan, any Awards granted pursuant to the Plan, any Award Agreement and
all decisions and determinations by the Committee with respect to the Plan are final, binding, and conclusive on all parties.

 

Article
11

EFFECTIVE AND EXPIRATION DATE

 

11.1         Effective
Date. This Plan shall become effective on the date of its adoption by the Board (the “Effective Date”).

 

     

     

    

 

11.2         Replacement
of Original Plan. The Plan shall replace the previously adopted 2017 Incentive Plan in its entirety, and the 2017 Incentive
Plan shall cease to be effective upon the Effective Date. The Awards granted and outstanding under the 2017 Share Incentive Plan
and the evidencing original Award Agreements shall survive the termination of the 2017 Incentive Plan and remain effective and
binding under the Plan, subject to any amendment and modification to the original Award Agreements that the Committee, in its sole
discretion, shall determine.

 

11.3         Expiration
Date. The Plan will expire on, and no Award may be granted pursuant to the Plan after, the Expiration Date. Any Awards that
are outstanding on the tenth anniversary of the Effective Date shall remain in force according to the terms of the Plan and the
applicable Award Agreement.

 

Article
12

AMENDMENT, MODIFICATION, AND TERMINATION

 

12.1         Amendment,
Modification, And Termination. With the approval of the Board, at any time and from time to time, the Committee may terminate,
amend or modify the Plan; provided, however, that (a) to the extent necessary and desirable to comply with Applicable Laws,
the Company shall obtain shareholder approval of any Plan amendment in such a manner and to such a degree as required, unless the
Company decides to follow home country practice, and (b) unless the Company decides to follow home country practice, shareholder
approval is required for any amendment to the Plan that (i) increases the number of Shares available under the Plan (other than
any adjustment as provided by Article 9), (ii) permits the Committee to extend the term of the Plan or the exercise period for
an Option beyond ten years from the date of grant, or (iii) results in a material increase in benefits or a change in eligibility
requirements.

 

12.2         Awards
Previously Granted. Except with respect to amendments made pursuant to Section 12.1, no termination, amendment, or modification
of the Plan shall adversely affect in any material way any Award previously granted pursuant to the Plan without the prior written
consent of the Participant.

 

Article
13

GENERAL PROVISIONS

 

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

 

13.2         No
Shareholders Rights. No Award gives the Participant any of the rights of a Shareholder of the Company unless and until Shares
are in fact issued to such person in connection with such Award.

 

     

     

    

 

13.3         Taxes.
No Shares shall be delivered under the Plan to any Participant until such Participant has made arrangements acceptable to the Committee
for the satisfaction of any income and employment tax withholding obligations under Applicable Laws. The Company or any Subsidiary
shall have the authority and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient
to satisfy all applicable taxes (including the Participant’s payroll tax obligations) required or permitted by Applicable
Laws to be withheld with respect to any taxable event concerning a Participant arising as a result of this Plan. The Committee
may in its discretion and in satisfaction of the foregoing requirement allow a Participant to elect to have the Company withhold
Shares otherwise issuable under an Award (or allow the return of Shares) having a Fair Market Value equal to the sums required
to be withheld. Notwithstanding any other provision of the Plan, the number of Shares which may be withheld with respect to the
issuance, vesting, exercise or payment of any Award (or which may be repurchased from the Participant of such Award after such
Shares were acquired by the Participant from the Company) in order to satisfy any income and payroll tax liabilities applicable
to the Participant with respect to the issuance, vesting, exercise or payment of the Award shall, unless specifically approved
by the Committee, be limited to the number of Shares which have a Fair Market Value on the date of withholding or repurchase equal
to the aggregate amount of such liabilities based on the minimum statutory withholding rates for the applicable income and payroll
tax purposes that are applicable to such supplemental taxable income.

 

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

 

13.5         Unfunded
Status of Awards. The Plan is intended to be an “unfunded” plan for incentive compensation. With respect to any
payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give the
Participant any rights that are greater than those of a general creditor of the Company or any Subsidiary.

 

13.6         Indemnification.
To the extent allowable pursuant to Applicable Laws, each member of the Committee or of the Board shall be indemnified and held
harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member
in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or
she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid
by him or her in satisfaction of judgment in such action, suit, or proceeding against him or her; provided he or she gives the
Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on
his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to
which such persons may be entitled pursuant to the Company’s Memorandum of Association and Articles of Association, as a
matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless.

 

13.7         Relationship
to other Benefits. No payment pursuant to the Plan shall be taken into account in determining any benefits pursuant to any
pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary except
to the extent otherwise expressly provided in writing in such other plan or an agreement thereunder.

 

13.8         Expenses.
The expenses of administering the Plan shall be borne by the Company and its Subsidiaries.

 

     

     

    

 

13.9         Titles
and Headings. The titles and headings of the Sections in the Plan are for convenience of reference only and, in the event of
any conflict, the text of the Plan, rather than such titles or headings, shall control.

 

13.10         Fractional
Shares. No fractional Shares shall be issued and the Committee shall determine, in its discretion, whether cash shall be given
in lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding up or down as appropriate.

 

13.11         Limitations
Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan, the Plan, and any Award granted or awarded
to any Participant who is then subject to Section 16 of the Exchange Act, shall be subject to any additional limitations set forth
in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act)
that are requirements for the application of such exemptive rule. To the extent permitted by the Applicable Laws, the Plan and
Awards granted or awarded hereunder shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.

 

13.12         Government
and Other Regulations. The obligation of the Company to make payment of awards in Shares or otherwise shall be subject to all
Applicable Laws, and to such approvals by government agencies as may be required. The Company shall be under no obligation to register
any of the Shares paid pursuant to the Plan under the Securities Act or any other similar law in any applicable jurisdiction. If
the Shares paid pursuant to the Plan may in certain circumstances be exempt from registration pursuant to the Securities Act or
other Applicable Laws, the Company may restrict the transfer of such Shares in such manner as it deems advisable to ensure the
availability of any such exemption.

 

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

 

13.14         Section
409A. To the extent that the Committee determines that any Award granted under the Plan is or may become subject to Section
409A of the Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A
of the Code. To the extent applicable, the Plan and the Award Agreements shall be interpreted in accordance with Section 409A of
the Code and the U.S. Department of Treasury regulations and other interpretative guidance issued thereunder, including without
limitation any such regulation or other guidance that may be issued after the Effective Date. Notwithstanding any provision of
the Plan to the contrary, in the event that following the Effective Date the Committee determines that any Award may be subject
to Section 409A of the Code and related Department of Treasury guidance (including such Department of Treasury guidance as may
be issued after the Effective Date), the Committee may adopt such amendments to the Plan and the applicable Award agreement or
adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other
actions, that the Committee determines are necessary or appropriate to (a) exempt the Award from Section 409A of the Code and/or
preserve the intended tax treatment of the benefits provided with respect to the Award, or (b) comply with the requirements of
Section 409A of the Code and related U.S. Department of Treasury guidance.

 

13.15         Appendices.
The Committee may approve such supplements, amendments or appendices to the Plan as it may consider necessary or appropriate for
purposes of compliance with Applicable Laws or otherwise and such supplements, amendments or appendices shall be considered a part
of the Plan; provided, however, that no such supplements shall increase the share limitation contained in Section 3.1 of the Plan
without the approval of the Board.

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