Document:

msci-ex101_6.htm

 

 

 

Exhibit 10.1

 

September 23, 2020

 

 

Ms. Linda Huber

[ADDRESS]

 

 

RE:Change of Employment Status and Release Agreement

 

Dear Linda:

 

This letter agreement (the “Agreement”) sets forth the terms and conditions of our agreement concerning the change of your employment status with MSCI Inc. (the “Company”). For purposes of this Agreement, “MSCI” shall mean the Company and any and all of its parents, subsidiaries and affiliate corporations, and its and their respective current and former directors, officers, employees, agents, managers, shareholders, predecessors, successors, assigns and other representatives. Reference is made in this Agreement to the Offer Letter between you and the Company, dated April 17, 2019 (your “Offer Letter”).

 

	
 
	
1.
	
Termination of Employment and Transition Period

 

Your employment with the Company will end on December 31, 2020 (the “Termination Date”). During the period commencing on the date of this Agreement and ending on the Termination Date (the “Transition Period”), you shall continue to perform such duties as assigned reasonably by the Company’s Chief Executive Officer, including those relating to the transition of your responsibilities to your successor. During the Transition Period, you will continue to receive your current base salary and you will continue to be eligible to participate in the health insurance and other benefit plans of MSCI in which you currently participate, subject in all cases to the discretion of MSCI to amend or terminate any or all of such plans or arrangements at any time and from time to time in accordance with the terms thereof.

 

	
 
	
2.
	
Payments and Benefits

 

You will be entitled to receive all wages and accrued vacation pay due and owing to you through the Termination Date in accordance with applicable law (collectively, the “Accrued Benefits”).

 

Additionally, in exchange for valid and timely execution and non-revocation of this Agreement and the waiver and release of claims set forth herein, the Company will provide you with the following (collectively, the “Separation Benefits”):

 

	
 
	
(1)
	
a separation payment of Two Million Five Hundred Fifty Thousand Dollars ($2,550,000) in a lump sum cash payment following the Termination Date, but no later than February 15, 2021 (the “Payment Date”), which represents the aggregate sum of the following amounts in accordance with your Offer Letter: (i) your annual base salary, (ii) your current annual target bonus opportunity under the MSCI Inc. Annual Incentive Plan (“AIP”) and (iii) your target AIP bonus for 2020;
	
 

1

 
 

 

 

 

 

	
 
	
(2)
	
a special payment in the amount of Six Thousand Six Hundred Ninety-Six Dollars ($6,696) to assist you to continue to pay for benefits that will otherwise end on the Termination Date (or, for medical, dental and/or vision coverage, the end of the applicable month during which the Termination Date occurs). This amount shall be in lieu of claims to continued medical, dental and/or vision coverage, except to the extent you are entitled to, and properly elect COBRA continuation coverage. Nothing in this Agreement shall limit the right of MSCI to amend, modify and/or terminate any benefit plan at any time in its sole discretion;
	
 

 

	
 
	
(3)
	
the unvested portion of your awards of restricted stock units (“RSUs”) and performance stock units (“PSUs”) that are outstanding under the MSCI Inc. 2016 Omnibus Incentive Plan (the “Omnibus Plan”) as of the Termination Date, as set forth on Schedule A hereto(collectively, your “Existing Awards”), will be subject to the treatment set forth in Section 4(b) of each applicable award agreement under the Omnibus Plan evidencing your Existing Awards (each, an “Award Agreement”). Please refer to your Award Agreements for complete details of the terms of your Existing Awards and the treatment of your Existing Awards in connection with your change of employment status hereunder; and
	
 

 

	
 
	
(4)
	
outplacement services supplied by Right Management for six (6) months, which must commence no later than ninety (90) days after the Termination Date.
	
 

 

You acknowledge that the Separation Benefits are subject to any applicable tax withholding requirements. Except as described herein, all terms of your Existing Awards and any other equity-based awards or long-term incentive awards or other compensation that MSCI has awarded to you at any time on or prior to the date hereof, will remain unchanged, and will not be deemed to be modified by this Agreement in any way, and will continue to be subject to the terms and conditions set forth in the applicable Award Agreement and the Omnibus Plan or other plan or agreement governing such awards (including, for the avoidance of doubt, with respect to treatment upon a termination of employment). You agree to fully abide by any MSCI policies with respect to the sale or similar transactions in respect of equity securities of the Company and any window period or other restrictions that may apply or become applicable to you.

 

You acknowledge that, except for the Existing Awards set forth on Schedule A attached hereto, you do not hold, as of the Termination Date, any other equity, equity-based or other long-term incentive awards under the Omnibus Plan or any other incentive compensation plan, program or arrangement of  MSCI.

 

This Agreement is intended to meet the requirements of Section 409A of the Internal Revenue Code of 1986, as amended and the regulations and interpretive guidance promulgated thereunder (collectively, “Section 409A”), with respect to amounts subject thereto, and will be interpreted and construed consistent with that intent. For purposes of Section 409A, each payment in a series of installment payments provided under this Agreement will be treated as a separate payment. The Termination Date is intended to be your “separation from service” within the meaning of Section 409A. If any provision of this Agreement would fail to satisfy the requirements of Section 409A, the Company shall be permitted to reform this Agreement to maintain to the maximum extent practicable the original intent thereof without violating the requirements of Section 409A. The Company makes no representations that the payments provided under this Agreement comply with Section 409A and in no event will MSCI be liable for any taxes, penalties, interest or other expenses that may be incurred by you on account of non-compliance with Section 409A.

 

You acknowledge and accept that remaining on payroll through the Termination Date and receipt of any and all benefits and compensation provided in this Agreement is contingent upon your remaining an 

2

 
 

 

employee in good standing and adhering to the terms of this Agreement, the MSCI Code of Conduct and all applicable MSCI policies through the Termination Date.

You understand and agree that the Separation Benefits provided to you under the terms of this Agreement are in addition to anything of value to which you are otherwise entitled. You represent, warrant and acknowledge that MSCI owes you no wages, commissions, bonuses, sick or other medical or disability- related pay, personal or other leave-of-absence pay, severance pay, notice pay, vacation pay, or other compensation or payments or forms of remuneration of any kind or nature, other than the Accrued Benefits.

 

You also understand and agree that all outstanding claims for expenses properly incurred in the performance of your duties must be submitted as soon as possible to MSCI but in no event later than two (2) weeks after the Termination Date.

 

Information will be sent to your home address about continuing your benefit coverage two to three weeks following the Termination Date. You will have sixty (60) days to elect COBRA coverage. You have the option to either port or convert your group life insurance that was provided through the Company as an active employee. Enclosed is a description of these options. If you would like to elect this coverage, please send an email to [EMAIL] within 31 days of the Termination Date. All inquiries about your benefits should be directed to [EMAIL].

 

	
 
	
3.
	
Release of Claims.

 

In exchange for providing you with the Separation Benefits, you agree to waive all claims against MSCI, and to release and forever discharge MSCI, to the fullest extent permitted by law, from any and all liability for any claims, rights or damages of any kind, whether known or unknown to you, that you may have against MSCI as of the date of your execution of this Agreement, arising under any applicable federal, state  or local law or ordinance, including but not limited to Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866, the Equal Pay Act, the Uniform Services Employment and Re-employment Rights Act, the Age Discrimination in Employment Act of 1967 (“ADEA”), the Americans with Disabilities Act, the Family and Medical Leave Act, the Employee Retirement Income Security Act, the Civil Rights Act of 1991, the Rehabilitation Act of 1973, the Older Workers Benefit Protection Act, the Worker Adjustment and Retraining Notification Act, the Fair Labor Standards Act, the Occupational Safety and Health Act of 1970, the Sarbanes-Oxley Act of 2002, 18 U.S.C. §1514, Sections 748 (h)(i), 922 (h)(i) and 1057 of the Dodd- Frank Wall Street and Consumer Protection Act (the “Dodd Frank Act”), 7 U.S.C. §26(h), 15 U.S.C. §78u- 6(h)(i) and 12 U.S.C. §5567(a) but excluding from this release any right you may have to receive a monetary award from the Securities and Exchange Commission (“SEC”) as an SEC Whistleblower (pursuant to the bounty provision under Section 922(a)-(g) of the Dodd Frank Act, 7 U.S.C.. Sec. 26(a)-(g)), or directly from any other federal or state agency pursuant to a similar program; the New York State and City Human Rights Laws, New York Labor Act, New York Equal Pay Law, New York Civil Rights Law, and New York Worker Adjustment and Retraining Notification Act; California Fair Employment and Housing Act, California Labor Code, California Business and Professions Code, California Family Rights Act, and California Industrial Welfare Commission Wage Orders; Connecticut Fair Employment Practices Act, Connecticut  Equal Pay Law, Connecticut Age Discrimination and Employee Insurance Benefits Law, and Connecticut Family and Medical Leave Law; Illinois Human Rights Act, Illinois Wage Payment and Collection Act, Illinois Equal Pay Act, and Illinois Worker Adjustment and Retraining Notification Law; Maryland Fair Employment Practices Act, Maryland Wage and Hour Law, and Maryland Wage Payment and Collection Law; Massachusetts Fair Employment Practices Act, Massachusetts Equal Rights Act, Massachusetts Equal Pay Law, Massachusetts Age Discrimination Law, and Massachusetts Equal Rights for Elderly and Disabled Law; Michigan Elliott-Larsen Civil Rights Act, Michigan Persons with Disabilities Civil Rights Act, Michigan Payment of Wages and Fringe Benefits Act, and Michigan Minimum Wage Act; Oklahoma Anti-Discrimination Act, Oklahoma Equal Pay Act, Oklahoma Genetic Nondiscrimination in Employment Act, and Oklahoma Minimum Wage Act; Pennsylvania Human Relations Act; any other federal, state or local statute or constitutional provision governing employment; all tort, contract (express or

3

 
 

 

implied), common law, and public policy claims of any type whatsoever; all claims for invasion of privacy, defamation, intentional infliction of emotional distress, promissory estoppels, fraud, negligent misrepresentation, injury to reputation, pain and suffering, constructive and wrongful discharge, retaliation, wages, monetary or equitable relief, vacation pay, grants or awards under any unvested and/or cancelled equity and/or incentive compensation plan or program, separation and/or severance pay under any separation or severance pay plan maintained by MSCI, any other employee fringe benefits plans, medical plans, or attorneys' fees; or any demand to seek discovery of any of the claims, rights or damages previously enumerated herein (collectively, the “Release of Claims”).

 

This Agreement is not intended to, and does not, release rights or claims that may arise after the date of your execution hereof, including without limitation any rights or claims that you may have to secure enforcement of the terms and conditions of this Agreement. To the extent any claim, charge, complaint or action covered by the Release of Claims is brought by you, for your benefit or on your behalf, you expressly waive any claim to any form of monetary or other damages, including attorneys’ fees and costs, or any other form of personal recovery or relief in connection with any such claim, charge, complaint or action. You further agree to dismiss with prejudice any pending civil lawsuit or arbitration covered by the Release of Claims. For purposes of this Agreement, “you” shall include your heirs, executors, administrators, attorneys, representatives, successors and assigns.

 

This Release of Claims does not waive any rights you may have been granted under the Certificate of Incorporation or Bylaws of the Company to be indemnified relating to your actions on behalf of MSCI in the scope of and during the course of your employment by the Company. Nor does anything in this Agreement impair your rights to vested retirement, pension or 401(k) benefits, if any, due you by virtue of your employment by the Company, or any elections, notices or benefits for which you are eligible as a separated employee of MSCI.

 

You have seven (7) calendar days from the date of your execution of this Agreement within which to revoke this Agreement (the “Agreement Revocation Period”). If you revoke this Agreement during the Agreement Revocation Period, the terms of this Agreement, including but not limited to, the waiver and release set forth in this Section 3 and your right to receive the Separation Benefits will be null and void and any payments will be forfeited in their entirety. Any revocation of this Agreement must be in writing, made during the Agreement Revocation Period and returned to the undersigned at the above address via certified U.S. Mail, Return Receipt Requested, with a required copy sent via email to [EMAIL] (with confirmation of receipt via telephone call to [PHONE]). In the event that you permissibly revoke this Agreement, you acknowledge that you will not be entitled to receive, and agree not to accept, any of the Separation Benefits. You agree that your acceptance of any of the Separation Benefits will constitute an acknowledgment that you did not revoke this Agreement.

 

	
 
	
4.
	
Release Reaffirmation

 

As a condition to receiving the Separation Benefits, you hereby agree to re-affirm the waiver and release of claims set forth in Section 3 of this Agreement on the Termination Date by executing and returning Schedule B hereto, to cover any claims arising after the date of your execution of this Agreement and on or prior to the Termination Date (the “Release Reaffirmation”). You may revoke the Release Reaffirmation within the seven (7) calendar day period commencing on the date you execute and deliver the Release Reaffirmation to the Company. Any such revocation must be in writing and returned to the undersigned at the above address via certified U.S. Mail, Return Receipt Requested, with a required copy sent via email to [EMAIL] (with confirmation of receipt via telephone call to [PHONE]). For the avoidance of doubt, any revocation of the Release Reaffirmation will revoke only the Release Reaffirmation made pursuant to this Section 4 with respect to claims arising after the date of your execution of this Agreement and on or prior to the Termination Date, and will not revoke your original execution of this

 

4

 
 

 

Agreement and the release included in Section 3. If you revoke the Release Reaffirmation, your right to receive the Separation Benefits will be null and void and any payments will be forfeited in their entirety.

 

	
 
	
5.
	
Confidentiality, Firm Property, Restrictive Covenants

 

You acknowledge that in the course of your employment with MSCI you have or may have acquired non-public privileged or confidential information and trade secrets concerning MSCI’s business, operations, legal matters and resolution or settlement thereof, internal investigations, customer and employee information and lists, hiring, staffing and compensation practices, studies and analyses, plans, funding, financing and methods of doing business whether in hard copy, electronic or other format (“Confidential and Proprietary Information”). You understand and agree that it would be damaging to MSCI if such Confidential and Proprietary Information were disclosed to any competitor of MSCI or any third party or person. You further understand and agree that all Confidential and Proprietary Information has been divulged to you in confidence, and unless expressly permitted under the “Exceptions” provision of this Agreement you agree to not disclose or cause or permit to be disclosed, directly or indirectly, any Confidential and Proprietary Information to any third party or person, and to keep all Confidential and Proprietary Information secret and confidential, without limitation in time. Unless expressly permitted under the “Exceptions” provision in this Agreement, your use of Confidential and Proprietary Information will stop immediately on the Termination Date. You will not remove Confidential and Proprietary Information from any MSCI facility or system in original, electronic or copied form. On the Termination Date, you will immediately deliver to the Company any Confidential and Proprietary Information in your possession or control. You will not at any time assert any claim of ownership or other property interest in any such Confidential and Proprietary Information. You will permit the Company to inspect any material to be removed from MSCI offices when you cease to work at any MSCI facility. You will not disclose, directly or indirectly, to any person or entity the contents, in whole or in part, of such Confidential and Proprietary Information. PLEASE UNDERSTAND THAT YOUR LEGAL OBLIGATION NOT TO USE OR DISCLOSE CONFIDENTIAL AND PROPRIETARY INFORMATION OF MSCI EXISTS WHETHER OR NOT YOU ENTER INTO THIS AGREEMENT.

 

You further agree to return, on the Termination Date, any MSCI equipment and property including, but not limited to, identification materials, computers, printers, facsimile machines, corporate credit cards, mobile telephones and wireless devices (e.g., any laptop, iPhone, tablet or similar devices) that you possess or control but that are not in MSCI’s offices.

 

During your employment with MSCI, you may have been instructed by the Legal and Compliance Department ("LCD") to preserve information, documents or other materials, whether in physical or electronic form, in connection with litigation, investigations, or proceedings. You acknowledge that you have taken all necessary steps to comply with any notices you received from LCD to preserve such information, documents or materials. Furthermore, you acknowledge that you have notified your supervisor or a member of LCD of the location of all such information, documents or materials currently in your possession.

 

Unless expressly permitted under the “Exceptions” provision in this Agreement, you also agree that you will not disclose, or cause or permit to be disclosed in any way, the terms of this Agreement, except to your legal representatives, your immediate family, your financial representatives or accountants, the taxing authorities, a governmental entity or law enforcement or if necessary for the purpose of enforcing this Agreement, provided that all such private parties to whom disclosure is permitted under this paragraph are  informed of the confidentiality provisions of this Agreement and agree to be bound thereby. You acknowledge that MSCI may publicly disclose this Agreement or its terms in regulatory filings or as otherwise required by applicable law, rule or regulation.

 

5

 
 

 

Unless you are reporting a possible violation of law to a governmental entity or law enforcement, making a disclosure that is protected under the whistleblower protection of applicable law and/or participating in a governmental investigation or unless otherwise prohibited by applicable law, you agree to give prompt notice to the Company in writing, addressed to the Company’s Office of the General Counsel, 7 World Trade Center, 250 Greenwich Street, New York NY 10007, with a required copy sent by email to [EMAIL] (with confirmation of receipt obtained via telephone call to [PHONE]), of any subpoena or judicial, administrative or regulatory inquiry or proceeding or lawsuit in which you are required or requested to disclose information relating to MSCI, prior to such disclosure. Such written notice must be given to the General Counsel within two (2) business days of your receipt of any such request or order so that MSCI may take whatever action it may deem necessary or appropriate to prevent such disclosure or testimony. You also agree that you will, within two (2) business days of your receipt, provide to the General Counsel by overnight delivery to the above address or such other address requested by the General Counsel, a copy of all legal papers and documents served upon you. Additionally, you agree that in the event you are served with such subpoena, court order, directive or other process, you will meet with the Company’s General Counsel or his or her designee in advance of giving such testimony or information, unless any such prior meeting requirement is prohibited by law.

 

You also agree that you will not (i) make any defamatory, false, negative, critical or disparaging statements (whether in writing or orally) about MSCI, or its business, strategic plans, products, practices, policies, or current or former personnel, (ii) publish statements (whether in writing or orally) that tend to portray any of the aforementioned persons, entities or matters in an unfavorable light or (iii) otherwise engage in any vilification of any of the aforementioned persons, entities or matters, in each case, without limitation in time, and in any medium (including, without limitation, verbally, in writing, in any books, articles, audiotape, podcast, videotape, internet forum, website, social media or otherwise), or otherwise to any third person or entity. Nothing in this paragraph is intended to limit in any way your ability to compete fairly with MSCI in the future or to confer in confidence with your legal representatives.  In addition, the Company agrees to inform and require the following senior management employees of the Company and members of the Board of Directors of the Company (the “Board”) not to (i) make any defamatory, false, negative, critical or disparaging statements (whether in writing or orally) about you, (ii) publish statements (whether in writing or orally) that tend to portray you in an unfavorable light or (iii) otherwise engage in any vilification of you, in each case, without limitation in time, and in any medium (including, without limitation, verbally, in writing, in any books, articles, audiotape, podcast, videotape, internet forum, website, social media or otherwise), or otherwise to any third person or entity:

 

	
 
	
•
	
[NAMES]
	
 

	
 
	
•
	
[NAMES]
	
 

 

You also agree that, unless you have prior written authorization from the Company, you will not disclose, participate in the disclosure, or allow disclosure of any information about MSCI or its present or former clients, executives, other employees, or Board members, or about legal matters involving MSCI and resolution or settlement thereof, or any aspects of your employment with MSCI or of the termination of such employment, to any reporter, author, producer or similar person or entity, or take any other action likely to result in such information being made available to the general public in any form, including, without limitation, books, articles or writings of any other kind, as well as film, videotape, television or other broadcasts, audio tape, electronic/Internet format or any other medium. You further agree that you will not use or take any action likely to result in the use of any of MSCI’s names or any abbreviation thereof in connection with any publication to the general public in any medium in a manner that suggests, directly or indirectly, endorsement by or a business connection to MSCI or appears to leverage the MSCI brand.

 

You acknowledge and agree to comply with the restrictive covenants (including, as applicable, with respect to non-competition, non-solicitation, non-hire and non-disparagement) set forth in your Award Agreements (collectively, the “Restrictive Covenants”). You further acknowledge that the Restrictive 

6

 
 

 

Covenants and the confidentiality provisions herein are material terms of this Agreement. In the event you breach or threaten to breach any of the Restrictive Covenants or confidentiality provisions in this Agreement, you acknowledge that such breach or threatened breach shall cause irreparable harm to MSCI, entitling MSCI, at its option, to seek immediate injunctive relief from a court of competent jurisdiction, without waiver of any other rights or remedies available in a court of law or equity. Nothing in this paragraph is intended to limit in any way your ability to compete fairly with MSCI in the future or to confer in confidence with your legal representatives.  

	
 
	
6.
	
Exceptions

 

This Agreement does not prohibit or restrict you from lawfully (A) communicating or cooperating with, providing relevant information to, or otherwise assisting or participating in an investigation by any governmental or regulatory body or official(s) or self-regulatory organization regarding a possible violation of any federal law relating to fraud or any rule or regulation of the SEC; (B) filing an administrative complaint with the Equal Employment Opportunity Commission, U.S. Department of Labor, National Labor Relations Board, or other federal, state or local agency responsible for administering fair employment, wage-hour, labor and other employment laws and regulations; (C) cooperating in an investigation, or responding to an inquiry from any such agency; (D) testifying, participating in, or otherwise assisting in an action or proceeding relating to a possible violation of any such law, rule or regulation; or (E) reporting a violation of law or making a disclosure that is protected under the whistleblower protections of applicable law. In addition, nothing in this Agreement precludes you from benefiting from class-wide injunctive relief awarded in any employment case brought by any governmental agency or private party, provided that such relief does not result in your receipt of any monetary benefit or equivalent thereof and you hereby acknowledge and agree that you are waiving any right to recover any monetary damages or any other form of personal relief in connection with any such action, investigation or proceeding. MSCI may not retaliate against you for any of these foregoing activities. You agree that you are not entitled to and will not accept any monetary award from MSCI or other relief from MSCI in connection with any such charge, report or investigation; provided, however, nothing in this Agreement or otherwise would require you to waive any monetary award or other payment that you might become entitled to from the SEC or any other governmental authority.

 

Notwithstanding anything in this Agreement to the contrary, pursuant to the Defend Trade Secrets Act of 2016, the parties acknowledge and agree that you shall not have criminal or civil liability under any Federal or state trade secret law for the disclosure of any trade secret that is made (a) (i) in confidence to a Federal, state or local government official, either directly or indirectly, or to an attorney and (ii) solely for the purpose of reporting or investigating a suspected violation of law or (b) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In addition and without limiting the preceding sentence, if you file a lawsuit for retaliation by MSCI for reporting a suspected violation of law, you may disclose the trade secret to your attorney and may use the trade secret information in the court proceeding; provided that you (x) file any document containing the trade secret under seal and (y) do not disclose the trade secret, except pursuant to court order.

 

Any non-disclosure provision in this Agreement does not prohibit or restrict you or your attorneys from responding to any inquiry about this Agreement or its underlying facts and circumstances by the SEC, the Financial Industry Regulatory Authority or any other self-regulatory organization.

 

	
 
	
7.
	
Further Promises

 

In addition, you agree to cooperate with and assist MSCI in connection with any investigation, regulatory matter, lawsuit or arbitration in which MSCI is a subject, target or party and as to which you may have pertinent information. You agree to make yourself available for preparation for hearings, proceedings or litigation and for attendance at any pre-trial discovery and trial sessions. The Company agrees to make every reasonable effort to provide you with reasonable notice in the event your participation is required and the 

7

 
 

 

Company agrees to reasonably attempt to schedule any required cooperation at times so that such cooperation does not unreasonably interfere with any of your professional or personal commitments of which you have informed the Company. The Company agrees to reimburse reasonable out-of-pocket costs incurred by you as the direct result of your participation, provided that such out-of-pocket costs are supported by appropriate documentation and have prior authorization of the Company. You further agree to perform all acts and execute any and all documents that may be necessary to carry out the provisions of this paragraph.

 

	
 
	
8.
	
Acknowledgements

 

By signing this Agreement, you acknowledge, represent and agree that:

 

	
 
	
(1)
	
You have carefully read this Agreement and have full understanding of all the terms of this  Agreement;
	
 

 

	
 
	
(2)
	
You have executed this Agreement knowingly, voluntarily and free of any duress of coercion, and you consent to everything in it;
	
 

 

	
 
	
(3)
	
The Company has urged you to obtain the advice of an attorney or other representative of your choice, unrelated to MSCI, before executing this Agreement, and you acknowledge that you have had sufficient time and opportunity to do so;
	
 

 

	
 
	
(4)
	
You have been given all time periods required by law to consider this Agreement, including the 21-day period required by ADEA (“Twenty-One (21) Day Period”). You understand that you may execute this Agreement prior to the end of the Twenty One (21)-Day Period, but you agree and acknowledge that such execution will represent your knowing and voluntary waiver of your right to consider this Agreement for the full Twenty One (21)-Day Period;
	
 

 

	
 
	
(5)
	
You understand that you have seven (7) calendar days after the execution of this Agreement to revoke it and that this Agreement shall not become effective or enforceable until the revocation period has expired;
	
 

 

	
 
	
(6)
	
You have not relied on any representations, promises, or agreements of any kind made to you in connection with your decision to accept this Agreement, except for those set forth in this Agreement;
	
 

 

	
 
	
(7)
	
You acknowledge that this Agreement includes a release of all known and unknown claims to date; and
	
 

 

	
 
	
(8)
	
You agree that the provisions of this Agreement may not be amended, waived, changed or modified except by an instrument in writing signed by an authorized representative of the Company and by you.
	
 

 

BY SIGNING THIS AGREEMENT AND RELEASE YOU ACKNOWLEDGE THAT YOU ARE KNOWINGLY AND VOLUNTARILY WAIVING AND RELEASING ANY AND ALL RIGHTS YOU MAY HAVE AGAINST MSCI UP TO THE DATE OF YOUR EXECUTION OF THIS AGREEMENT UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT, THE OLDER WORKERS BENEFIT PROTECTION ACT, AND ALL OTHER APPLICABLE DISCRIMINATION LAWS, STATUTES, ORDINANCES OR REGULATIONS.

 

 

 

8

 
 

 

	
 
	
9.
	
Miscellaneous

 

This Agreement (together with its exhibits) is the entire agreement between you and the Company, and supersedes any and all oral and written agreements between you and MSCI, on the topics covered herein (including your Offer Letter), except for any prior agreements and commitments on your part concerning confidential information, trade secrets, copyrights, patents or other intellectual property and the like, which shall continue in effect in accordance with their terms.

By offering and entering into this Agreement, neither you nor the Company admits any liability or wrongdoing toward the other whatsoever.

 

This Agreement may not be changed, except by a writing signed both by you and the Company specifically for that purpose.

 

This Agreement shall be governed by, and interpreted in accordance with, the laws of the State of New York. If any portion of this Agreement should ever be determined to be unenforceable, the other provisions of this Agreement shall remain in full force and effect.

 

 

[Remainder of Page Left Intentionally Blank]

 

9

 
 

 

 

If you have any questions, please let me know. If these terms are acceptable, please sign and date the letter below and return it to me.

 

 

Sincerely,

 

/s/ Scott Crum

Scott Crum

Chief Human Resources Officer

 

 

AGREED AND ACCEPTED:

 

 

 

 

/s/ Linda S. Huber

Linda S. Huber

 

 

DATE: 05 October 2020

 

10

 
 

 

Schedule A

 

Existing Awards

 

				
	
Type of Award
	
Grant Date
	
Number of Units
	
Shares Outstanding1

	
Restricted Stock Units (RSUs)

	
RSU Award
	
May 6, 2019
	
1,586
	
1,057 Outstanding

	
RSU Award
	
May 6, 2019
	
2,203
	
All Outstanding

	
RSU Award
	
February 6, 2020
	
1,829
	
All Outstanding

	
Performance Stock Units (PSUs)

	
3-Year PSU Award
	
May 6, 2019
	
3,190
	
All Outstanding

	
3-Year PSU Award
	
May 6, 2019
	
5,742
	
All Outstanding

	
5-Year PSU Award
	
May 6, 2019
	
5,501
	
All Outstanding – Cancelled

	
3-Year PSU Award
	
February 6, 2020
	
2,989
	
All Outstanding

	
5-Year PSU Award
	
February 6, 2020
	
4,982
	
All Outstanding – Cancelled

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Vesting of shares is subject to proration based on Termination Date. Termination prior to the second anniversary of the 5-year PSUs results in cancellation.

 

11

 
 

 

Schedule B

 

(To be executed and returned to the Company within five days of the Termination Date)

 

The releases and representations contained in Section 3 of the Agreement are ratified and confirmed with respect to any claims, acts or omissions through the date listed below.

 

 

	
	
ACCEPTED AND AGREED:

	
Linda Huber

	
 

Date:EX-10.4

 Exhibit 10.4 

ARRAY TECHNOLOGIES, INC. 
  

 
 2020
LONG-TERM INCENTIVE PLAN 
  
  

ARTICLE I 
 PURPOSE

 The purpose of this Array Technologies, Inc. 2020 Long-Term Incentive Plan is to promote the success of the Company’s business
for the benefit of its stockholders by enabling the Company to offer Eligible Individuals cash and stock-based incentives in order to attract, retain and reward such individuals and strengthen the mutuality of
interests between such individuals and the Company’s stockholders. The Plan is effective as of the date set forth in Article XV. 

ARTICLE II 
 DEFINITIONS

 For purposes of the Plan, the following terms shall have the following meanings: 

2.1 “Affiliate” means a corporation or other entity controlled by, controlling, or under control
with the Company. The term “control” (including, with correlative meaning, the terms “controlled by” and “under common control with”), as applied to any person, means the possession, directly or indirectly, of the power
to direct or cause the direction of management and policies of such person, whether through the ownership of voting or other securities, by contract or otherwise. 

2.2 “Applicable Law” means the requirements relating to the administration of equity-based awards
and the related shares under U.S. state corporate law, U.S. federal and state securities laws, the rules of any stock exchange or quotation system on which the shares are listed or quoted and any other applicable laws, including tax laws, of any
U.S. or non-U.S. jurisdictions where Awards are, or will be, granted under the Plan. 
 2.3
“Award” means any award under the Plan of any Stock Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Units, Performance Award, Other Stock-Based Award or Cash Award. All Awards shall be
granted by, confirmed by, and subject to the terms of a written or electronic agreement executed by the Company and the Participant. 

2.4 “Award Agreement” means the written or electronic agreement, contract, certificate, or other
instrument or document evidencing the terms and conditions of an individual Award. Each Award Agreement shall be subject to the terms and conditions of the Plan. 

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

2.6 “Cash Award” means an Award granted pursuant to Section 10.3 of the Plan and payable in
cash at such time or times and subject to such terms and conditions as determined by the Committee in its sole discretion. 

  
 1 

 2.7 “Cause” means, unless otherwise determined
by the Committee in the applicable Award Agreement, with respect to a Participant’s Termination of Service, the following: (a) in the case where there is no employment agreement, offer letter, consulting agreement, change in control
agreement or similar agreement in effect between the Company or an Affiliate and the Participant at the time of the grant of the Award (or where there is such agreement in effect but it does not define “cause” (or words of like import)),
the Participant’s (i) commission of, or plea of guilty or no contest to, a felony or a crime involving moral turpitude or the commission of any other act involving willful malfeasance or material fiduciary breach with respect to the
Company or an Affiliate; (ii) reporting to work under the influence of alcohol or illegal drugs or in the possession of illegal drugs; (iii) substantial and repeated failure to perform duties as reasonably directed by the person to whom
the Participant reports; (iv) conduct that brings or is reasonably likely to bring the Company or an Affiliate negative publicity or into public disgrace, embarrassment, or disrepute; (v) gross negligence or willful misconduct with respect
to the Company or an Affiliate; (vi) material violation of the Company’s written policies or codes of conduct, including written policies related to discrimination, harassment, performance of illegal or unethical activities, or ethical
misconduct; or (vii) any breach of any non-competition, non-solicitation, no-hire or confidentiality covenant between the
Participant and the Company or an Affiliate; or (b) in the case where there is an employment agreement, offer letter, consulting agreement, change in control agreement or similar agreement in effect between the Company or an Affiliate and the
Participant at the time of the grant of the Award that defines “cause” (or words of like import), “cause” as defined under such agreement; provided, however, that with regard to any agreement under which the
definition of “cause” only applies on occurrence of a change in control, such definition of “cause” shall not apply until a change in control (as defined in such agreement) actually takes place and then only with regard to a
termination thereafter. 
 2.8 “Change in Control” means and includes each of the following,
unless otherwise determined by the Committee in the applicable Award Agreement or other written agreement with a Participant approved by the Committee: 

(a) any “person,” as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than the Company, any trustee or other
fiduciary holding securities under any employee benefit plan of the Company, or any company owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of Shares), becoming the
beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then
outstanding securities, excluding for purposes herein, acquisitions pursuant to a Business Combination (as defined below) that does not constitute a Change in Control as defined herein; 

(b) a merger, reorganization, or consolidation of the Company or in which equity securities of the Company are issued (each, a
“Business Combination”), other than a merger, reorganization or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding
or by being converted into voting securities of the surviving entity or its Parent) more than 50% of the combined voting power of the voting securities of the Company or such surviving entity (or, as applicable, the Parent of the Company or such
surviving entity) outstanding immediately after such merger or consolidation; provided, however, that a merger or consolidation 

  
 2 

 
effected to implement a recapitalization of the Company (or similar transaction) in which no person (other than those covered by the exceptions in Section 2.8(a)) acquires more than 50% of
the combined voting power of the Company’s then outstanding securities shall not constitute a Change in Control; or a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in
the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of
the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; provided, however, that a merger or consolidation effected to implement a recapitalization of the Company (or similar
transaction) in which no person (other than those covered by the exceptions in Section 2.8(a)) acquires more than 50% of the combined voting power of the Company’s then outstanding securities shall not constitute a Change in Control; 

(c) during the period of two (2) consecutive years, individuals who, at the beginning of such period, constitute the Board together with
any new director(s) (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in (a) or (b)) whose election by the Board or nomination for election by the Company’s
stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the two (2) year period or whose election or nomination for
election was previously so approved, cease for any reason to constitute a majority thereof; or 
 (d) a complete liquidation or dissolution
of the Company or the consummation of a sale or disposition by the Company of all or substantially all of the Company’s assets other than the sale or disposition of all or substantially all of the assets of the Company to a person or persons
who beneficially own, directly or indirectly, 50% or more of the combined voting power of the outstanding voting securities of the Company at the time of the sale. 

For purposes of this Section 2.8, acquisitions of securities of the Company by Oaktree Capital Management, L.P., any of its respective affiliates, or any
investment vehicle or fund controlled by or managed by, or otherwise affiliated with Oaktree Capital Management, L.P. shall not constitute a Change in Control. Notwithstanding the foregoing, with respect to any Award that is characterized as
“nonqualified deferred compensation” within the meaning of Section 409A of the Code, an event shall not be considered to be a Change in Control under the Plan for purposes of payment of such Award unless such event is also a
“change in ownership,” a “change in effective control” or a “change in the ownership of a substantial portion of the assets” of the Company within the meaning of Section 409A of the Code. 

2.9 “Change in Control Price” means the highest price per Share paid in any transaction related
to a Change in Control. 
 2.10 “Code” means the U.S. Internal Revenue Code of 1986, as amended
from time to time. Any reference to any section of the Code shall also be a reference to any successor provision and any guidance and treasury regulation promulgated thereunder. 

  
 3 

 2.11 “Committee” means any committee of the
Board duly authorized by the Board to administer the Plan; provided, however, that unless otherwise determined by the Board, the Committee shall consist solely of two or more Qualified Members. If no committee is duly authorized by the
Board to administer the Plan, the term “Committee” shall be deemed to refer to the Board for all purposes under the Plan. The Board will retain the right to exercise the authority of the Committee to the extent consistent with Applicable
Law. 
 2.12 “Common Stock” means the common stock, $0.001 par value per share, of the Company.

 2.13 “Company” means Array Technologies, Inc., a Delaware corporation, and its successors by
operation of law. 
 2.14 “Consultant” means any natural person who is an advisor or consultant
to the Company or its Affiliates. 
 2.15 “Disability” means, unless otherwise determined by
the Committee in the applicable Award Agreement, with respect to a Participant’s Termination of Service, that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental
impairment, provided, however, for purposes of an Incentive Stock Option, the term Disability shall have the meaning ascribed to it under Section 22(e)(3) of the Code. The determination of whether an individual has a Disability shall be
determined by the Committee, and the Committee may rely on any determination that a Participant is disabled for purposes of benefits under any long-term disability plan in which a Participant participates that is maintained by the Company or any
Affiliate. 
 2.16 “Dividend Equivalents” means a right granted to a Participant under the Plan to receive
the equivalent value (in cash or Shares) of dividends paid on Shares. 
 2.17 “Effective Date”
means the effective date of the Plan as defined in Article XV. 
 2.18 “Eligible Employees”
means each employee of the Company or any of its Affiliates. An employee on a leave of absence may be an Eligible Employee. 
 2.19
“Eligible Individual” means an Eligible Employee, Non-Employee Director or Consultant who is designated by the Committee in its discretion as eligible to receive Awards
subject to the conditions set forth herein. 
 2.20 “Exchange Act” means the Securities
Exchange Act of 1934, as amended from time to time. Reference to a specific section of the Exchange Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation promulgated under such section, and any
comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation. 

2.21 “Fair Market Value” means, for purposes of the Plan, unless otherwise required by any
applicable provision of the Code or any regulations issued thereunder, as of any date and except as provided below, the last sales price reported for the Common Stock on the applicable date: (a) as reported on the principal national securities
exchange in the United States on which it 

  
 4 

 
is then traded or (b) if the Common Stock is not traded, listed or otherwise reported or quoted, the Committee shall determine in good faith the Fair Market Value in whatever manner it
considers appropriate taking into account the requirements of Section 409A of the Code. For purposes of the grant of any Award, the applicable date shall be the trading day immediately prior to the date on which the Award is granted. For
purposes of the exercise of any Award, the applicable date shall be the date a notice of exercise is received by the Committee or, if not a date on which the applicable market is open, the next day that it is open. Notwithstanding the foregoing,
with respect to any Award granted on the pricing date of the Company’s initial public offering, the Fair Market Value shall mean the initial public offering price of a Share as set forth in the Company’s final prospectus relating to its
initial public offering filed with the Securities and Exchange Commission. 
 2.22 “Family
Member” means “family member” as defined in Section A.1.(a)(5) of the general instructions of Form S-8. 

2.23 “Incentive Stock Option” means any Stock Option awarded to an Eligible Employee of the
Company, its Subsidiaries and its Parents (if any) under the Plan intended to be, and designated as, an “Incentive Stock Option” within the meaning of Section 422 of the Code. 

2.24 “Non-Employee Director” means a director or a member
of the Board of the Company who is not an employee of the Company. 
 2.25
“Non-Qualified Stock Option” means any Stock Option awarded under the Plan that is not an Incentive Stock Option. 

2.26 “Other Stock-Based Award” means an Award under Article X of the Plan that is valued in whole
or in part by reference to, or is payable in or otherwise based on, Shares. 
 2.27 “Parent”
means any parent corporation of the Company within the meaning of Section 424(e) of the Code. 
 2.28
“Participant” means an Eligible Individual to whom an Award has been granted pursuant to the Plan. 

2.29 “Performance Award” means an Award granted to a Participant pursuant to Article IX hereof
contingent upon achieving certain Performance Goals. 
 2.30 “Performance Goals” means goals
established by the Committee as contingencies for Awards to vest and/or become exercisable or distributable. 
 2.31
“Performance Period” means the designated period during which the Performance Goals must be satisfied with respect to the Award to which the Performance Goals relate. 

2.32 “Plan” means this Array Technologies, Inc. 2020 Long-Term Incentive Plan, as amended from
time to time. 

  
 5 

 2.33 “Qualified Member” means a member of the
Board who is (a) a “non-employee director” within the meaning of Rule 16b-3(b)(3), and (b) “independent” under the listing standards or rules of
the securities exchange upon which the Common Stock is traded, but only to the extent such independence is required in order to take the action at issue pursuant to such standards or rules. 

2.34 “Reference Stock Option” has the meaning set forth in Section 7.1. 

2.35 “Restricted Stock” means an Award of Shares of Common Stock under the Plan that is subject
to restrictions under Article VIII. 
 2.36 “Restricted Stock Units” means an unfunded, unsecured right to
receive, on the applicable settlement date, one Share or an amount in cash or other consideration determined by the Committee to be of equal value as of such settlement date, subject to certain vesting conditions and other restrictions. 

2.37 “Restriction Period” has the meaning set forth in Section 8.3(a) with respect to
Restricted Stock. 
 2.38 “Rule 16b-3” means Rule 16b-3 under Section 16(b) of the Exchange Act as then in effect or any successor provision. 

2.39 “Section 409A of the Code” means the nonqualified deferred
compensation rules under Section 409A of the Code and any applicable treasury regulations and other official guidance thereunder. 

2.40 “Securities Act” means the Securities Act of 1933, as amended and all rules and regulations
promulgated thereunder. Reference to a specific section of the Securities Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation promulgated under such section, and any comparable provision of
any future legislation or regulation amending, supplementing or superseding such section or regulation. 
 2.41
“Shares” means shares of Common Stock. 
 2.42 “Stock Appreciation
Right” shall mean the right pursuant to an Award granted under Article VII. 
 2.43 “Stock
Option” or “Option” means any option to purchase Shares granted to Eligible Individuals granted pursuant to Article VI. 

2.44 “Subsidiary” means any subsidiary corporation of the Company within the meaning of
Section 424(f) of the Code. 
 2.45 “Ten Percent Stockholder” means a person owning stock
possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company, its Subsidiaries or its Parent. 

  
 6 

 2.46 “Termination of Service” means the
termination of the applicable Participant’s employment with, or performance of services for, the Company and its Affiliates. Unless otherwise determined by the Committee, (a) if a Participant’s employment or services with the Company
and its Affiliates terminates but such Participant continues to provide services to the Company and its Affiliates in a non-employee capacity, such change in status shall not be deemed to have incurred a
Termination of Service with the Company and its Affiliates and (b) a Participant employed by, or performing services for, a Subsidiary or an Affiliate that ceases to be an Affiliate shall also be deemed a Termination of Service provided the
Participant does not immediately thereafter become an employee of the Company or another Affiliate. Notwithstanding the foregoing provisions of this definition, with respect to any Award that constitutes a “nonqualified deferred compensation
plan” within the meaning of Section 409A of the Code, a Participant shall not be considered to have experienced a “Termination of Service” unless the Participant has experienced a “separation from service” within
the meaning of Section 409A of the Code. 
 ARTICLE III 

ADMINISTRATION 
 3.1
Authority of the Committee. The Plan shall be administered by the Committee. Subject to the terms of the Plan and Applicable Law, the Committee shall have full authority to grant Awards to Eligible Individuals under the Plan. In
particular, the Committee shall have the authority to: 
 (a) determine whether and to what extent Awards, or any combination thereof, are to
be granted hereunder to one or more Eligible Individuals; 
 (b) determine the number of Shares to be covered by each Award granted
hereunder; 
 (c) determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder
(including, but not limited to, the exercise or purchase price (if any), any restriction or limitation, any vesting schedule or acceleration thereof, or any forfeiture restrictions or waiver thereof, regarding any Award and the Shares relating
thereto, based on such factors, if any, as the Committee shall determine, in its sole discretion); 
 (d) determine the amount of cash to be
covered by each Award granted hereunder; 
 (e) determine whether, to what extent and under what circumstances grants of Options and other
Awards under the Plan are to operate on a tandem basis and/or in conjunction with or apart from other awards made by the Company outside of the Plan; 

(f) determine whether and under what circumstances an Award may be settled in cash, Shares, other property or a combination of the foregoing;

 (g) determine whether, to what extent and under what circumstances cash, Shares or other property and other amounts payable with respect
to an Award under the Plan shall be deferred either automatically or at the election of the Participant; 

  
 7 

 (h) modify, waive, amend or adjust the terms and conditions of any Award, at any time or
from time to time, including but not limited to Performance Goals; 
 (i) determine whether a Stock Option is an Incentive Stock Option or Non-Qualified Stock Option; 
 (j) determine whether to require a Participant, as a condition of the
granting of any Award, to not sell or otherwise dispose of Shares acquired pursuant to the exercise or vesting of an Award for a period of time as determined by the Committee, in its sole discretion, following the date of the acquisition of such
Award or Shares; and 
 (k) modify, extend or renew an Award, subject to Article XII and Section 6.4(l). 

3.2 Guidelines. Subject to Article XII hereof, the Committee shall have the authority to adopt, alter and repeal such
administrative rules, guidelines and practices governing the Plan and perform all acts, including the delegation of its responsibilities (to the extent permitted by Applicable Law and applicable stock exchange rules), as it shall, from time to time,
deem advisable; to construe and interpret the terms and provisions of the Plan and any Award issued under the Plan (and any agreements or sub-plans relating thereto); and to otherwise supervise the
administration of the Plan. The Committee may correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any agreement relating thereto in the manner and to the extent it shall deem necessary to effectuate the purpose
and intent of the Plan. The Committee may adopt special rules, sub-plans, guidelines and provisions for persons who are residing in or employed in, or subject to, the taxes of any domestic or foreign
jurisdictions to satisfy or accommodate applicable foreign laws or to qualify for preferred tax treatment of such domestic or foreign jurisdictions. 

3.3 Decisions Final. Any decision, interpretation or other action made or taken in good faith by or at the direction of
the Company, the Board or the Committee (or any of its members) arising out of or in connection with the Plan shall be within the absolute discretion of all and each of them, as the case may be, and shall be final, binding and conclusive on the
Company and all employees and Participants and their respective heirs, executors, administrators, successors and assigns. 
 3.4
Procedures. If the Committee is appointed, the Board shall designate one of the members of the Committee as chairman and the Committee shall hold meetings, subject to the by-laws of the Company,
at such times and places as it shall deem advisable, including, without limitation, by telephone conference or by written consent to the extent permitted by Applicable Law. A majority of the Committee members shall constitute a quorum. All
determinations of the Committee shall be made by a majority of its members. Any decision or determination reduced to writing and signed by all of the Committee members in accordance with the by-laws of the
Company, shall be fully effective as if it had been made by a vote at a meeting duly called and held. The Committee shall keep minutes of its meetings and shall make such rules and regulations for the conduct of its business as it shall deem
advisable. 

  
 8 

 3.5 Designation of Consultants/Liability; Delegation of Authority. 

(a) The Committee may designate employees of the Company and professional advisors to assist the Committee in the administration of the Plan
and (to the extent permitted by Applicable Law) may grant authority to officers of the Company to grant Awards and/or execute agreements or other documents on behalf of the Committee. 

(b) The Committee may employ such legal counsel, consultants and agents as it may deem desirable for the administration of the Plan and may
rely upon any opinion received from any such counsel or consultant and any computation received from any such consultant or agent. Expenses incurred by the Committee or the Board in the engagement of any such counsel, consultant or agent shall be
paid by the Company. The Committee, its members and any person designated pursuant to sub-section (a) above shall not be liable for any action or determination made in good faith with respect to the Plan.
To the maximum extent permitted by Applicable Law, no officer of the Company or member or former member of the Committee or of the Board shall be liable for any action or determination made in good faith with respect to the Plan or any Award granted
under it. 
 (c) The Committee may delegate any or all of its powers and duties under the Plan to a subcommittee of directors or to any
officer of the Company, including the power to perform administrative functions and grant Awards; provided that such delegation does not (i) violate Applicable Law, or (ii) result in the loss of an exemption under Rule 16b-3(d)(1) for Awards granted to Participants subject to Section 16 of the Exchange Act in respect of the Company. Upon any such delegation, all references in the Plan to the “Committee,” shall be
deemed to include any subcommittee or officer of the Company to whom such powers have been delegated by the Committee. The Committee may also appoint agents who are not executive officers of the Company or members of the Board to assist in
administering the Plan, provided, however, that such individuals may not be delegated the authority to grant or modify any Awards that will, or may, be settled in Shares. 

3.6 Indemnification. To the maximum extent permitted by Applicable Law and to the extent not covered by insurance
directly insuring such person, each officer or employee of the Company or any of its Affiliates and member or former member of the Committee or the Board shall be indemnified and held harmless by the Company against any cost or expense (including
reasonable fees of counsel acceptable to the Committee) or liability (including any sum paid in settlement of a claim with the approval of the Committee), and advanced amounts necessary to pay the foregoing at the earliest time and to the fullest
extent permitted, arising out of any act or omission to act in connection with the administration of the Plan, except to the extent arising out of such officer’s, employee’s, member’s or former member’s own fraud or bad faith.
Such indemnification shall be in addition to any right of indemnification the employees, officers, directors or members or former officers, directors or members may have under Applicable Law or under the
by-laws of the Company or any of its Affiliates. Notwithstanding anything else herein, this indemnification will not apply to the actions or determinations made by an individual with regard to Awards granted
to such individual under the Plan. 

  
 9 

 ARTICLE IV 

SHARE LIMITATION 

4.1 Shares. The aggregate number of Shares that may be issued or used for reference purposes or with respect to which
Awards may be granted under the Plan shall not exceed     Shares (subject to any increase or decrease pursuant to this Article IV), which may be either authorized and unissued Shares or Shares held in or acquired for the treasury
of the Company or both. The number of Shares that may be issued or used for reference purposes or with respect to which Awards may be granted under the Plan shall be subject to an annual increase on January 1 of each calendar year during the
term of the Plan, equal to the lesser of (a) 5% of the aggregate number of Shares outstanding on the final day of the immediately preceding calendar year and (b) such smaller number of Shares as is determined by the Board. The aggregate number
of Shares that may be issued or used with respect to any Incentive Stock Option shall not exceed                 Shares (subject to any increase or decrease pursuant to
Section 4.3). The maximum number of Shares subject to Awards granted during a single fiscal year to any Non-Employee Director, shall not exceed a total value of $500,000 (calculating the value of any
Awards based on the grant date fair value for financial reporting purposes). Any Award under the Plan settled in cash shall not be counted against the foregoing maximum share limitations. Notwithstanding anything to the contrary contained herein,
Shares subject to an Award under the Plan shall again be made available for issuance or delivery under the Plan if such Shares are (a) Shares tendered in payment of an Option, (b) Shares delivered or withheld by the Company to satisfy any
tax withholding obligation, (c) Shares covered by a stock-settled Stock Appreciation Right or other Awards that were not issued upon the settlement of the Award or (d) Shares subject to an Award that expires or is canceled, forfeited, or
terminated without issuance of the full number of Shares to which the Award related. 
 4.2 Substitute Awards. In
connection with an entity’s merger or consolidation with the Company or the Company’s acquisition of an entity’s property or stock, the Committee may grant Awards in substitution for any options or other stock or stock-based awards
granted before such merger or consolidation by such entity or its Affiliate (“Substitute Awards”). Substitute Awards may be granted on such terms as the Committee deems appropriate, notwithstanding limitations on Awards in the Plan.
Substitute Awards will not count against the overall share limit (nor shall Shares subject to a Substitute Award be added to the Shares available for Awards under the Plan as provided above), except that Shares acquired by exercise of substitute
Incentive Stock Options will count against the maximum number of Shares that may be issued pursuant to the exercise of Incentive Stock Options under the Plan. Additionally, in the event that a company acquired by the Company or any Subsidiary or
with which the Company or any Subsidiary combines has shares available under a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares
available for grants pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition
or combination to determine the consideration payable to the holders of common stock of the entities party to such 

  
 10 

 
acquisition or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized for grant under the Plan (and Shares subject to such Awards shall not be added to the
Shares available for Awards under the Plan as provided above); provided that Awards using such available shares shall not be made after the date awards or grants could have been made under the terms of the
pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not Eligible Employees or Non-Employee Directors prior to such
acquisition or combination. 
 4.3 Adjustments. 

(a) The existence of the Plan and the Awards granted hereunder shall not affect in any way the right or power of the Board or the stockholders
of the Company to make or authorize (i) any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, (ii) any merger or consolidation of the Company or any Affiliate,
(iii) any issuance of bonds, debentures, or preferred or prior preference stock ahead of or affecting the Shares, (iv) the dissolution or liquidation of the Company or any Affiliate, (v) any sale or transfer of all or part of the
assets or business of the Company or any Affiliate or (vi) any other corporate act or proceeding. 
 (b) Subject to the provisions of
Section 11.1: 
 (i) If the Company at any time subdivides (by any split, recapitalization or otherwise) the outstanding Shares into a
greater number of Shares, or combines (by reverse split, combination or otherwise) its outstanding Shares into a lesser number of Shares, then the respective exercise prices for outstanding Awards that provide for a Participant elected exercise and
the number of Shares covered by outstanding Awards shall be appropriately adjusted by the Committee to prevent dilution or enlargement of the rights granted to, or available for, Participants under the Plan. 

(ii) Excepting transactions covered by Section 4.3(b)(i), if the Company effects any merger, consolidation, statutory exchange, spin-off, reorganization, sale or transfer of all or substantially all the Company’s assets or business, or other corporate transaction or event in such a manner that the Company’s outstanding Shares are
converted into the right to receive (or the holders of Common Stock are entitled to receive in exchange therefor), either immediately or upon liquidation of the Company, securities or other property of the Company or other entity, then, subject to
the provisions of Section 11.1, (A) the aggregate number or kind of securities that thereafter may be issued under the Plan, (B) the number or kind of securities or other property (including cash) to be issued pursuant to Awards granted
under the Plan (including as a result of the assumption of the Plan and the obligations hereunder by a successor entity, as applicable), or (C) the exercise or purchase price thereof, shall be appropriately adjusted by the Committee to prevent
dilution or enlargement of the rights granted to, or available for, Participants under the Plan. 
 (iii) If there shall occur any change
in the capital structure of the Company other than those covered by Section 4.3(b)(i) or 4.3 (b) (ii), any conversion, any adjustment, or any issuance of any class of securities convertible or exercisable into, or
exercisable for, any class of equity securities of the Company, then the Committee shall adjust any Award and make such other adjustments to the Plan to prevent dilution or enlargement of the rights granted to, or available for, Participants under
the Plan. 

  
 11 

 (iv) The Committee may adjust the Performance Goals applicable to any Awards to reflect any
unusual or non-recurring events and other extraordinary items, impact of charges for restructurings, discontinued operations, and the cumulative effects of accounting or tax changes, each as defined by
generally accepted accounting principles or as identified in the Company’s financial statements, notes to the financial statements, management’s discussion and analysis, or other Company public filing. 

(v) Any such adjustment determined by the Committee pursuant to this Section 4.3(b) shall be final, binding and conclusive on the
Company and all Participants and their respective heirs, executors, administrators, successors and permitted assigns. Any adjustment to, or assumption or substitution of, an Award under this Section 4.3(b) shall be intended to comply with the
requirements of Section 409A of the Code and Treasury Regulation §1.424-1 (and any amendments thereto), to the extent applicable. Except as expressly provided in this Section 4.3 or in the
applicable Award Agreement, a Participant shall have no additional rights under the Plan by reason of any transaction or event described in this Section 4.3. 

ARTICLE V 
 ELIGIBILITY

 5.1 General Eligibility. All current and prospective Eligible Individuals are eligible to be granted Awards.
Eligibility for the grant of Awards and actual participation in the Plan shall be determined by the Committee in its sole discretion. 

5.2 Incentive Stock Options. Notwithstanding the foregoing, only Eligible Employees who are employees of the Company, its
Subsidiaries and its Parent (if any) are eligible to be granted Incentive Stock Options under the Plan. Eligibility for the grant of an Incentive Stock Option and actual participation in the Plan shall be determined by the Committee in its sole
discretion. 
 5.3 General Requirement. The vesting and exercise of Awards granted to a prospective Eligible Individual
are conditioned upon such individual actually becoming an Eligible Employee, Consultant or Non-Employee Director, respectively. 

ARTICLE VI 
 STOCK
OPTIONS 
 6.1 Options. Stock Options may be granted alone or in addition to other Awards granted under the Plan.
Each Stock Option granted under the Plan shall be of one of two types: (a) an Incentive Stock Option or (b) a Non-Qualified Stock Option. 

6.2 Grants. The Committee shall have the authority to grant to any Eligible Employee one or more Incentive Stock Options,
Non-Qualified Stock Options, or both types of Stock Options; provided, however, that Incentive Stock Options may only be granted to an Eligible Employee who is an employee of the Company, its Subsidiaries or
its Parents (if any). The Committee shall have the authority to grant any Consultant or Non-Employee Director one or more Non-Qualified Stock Options. To the extent that
any Stock Option does not qualify as an Incentive Stock Option (whether because of its provisions or the time or manner of its exercise or otherwise), such Stock Option or the portion thereof which does not so qualify shall constitute a separate Non-Qualified Stock Option. 

  
 12 

 6.3 Terms of Options. Options granted under the Plan shall be evidenced
by an Award Agreement and subject to the following terms and conditions and shall be in such form and contain such additional terms and conditions not inconsistent with the terms of the Plan, as the Committee shall deem desirable: 

(a) Exercise Price. The exercise price per Share subject to a Stock Option shall be determined by the Committee at the time of grant,
provided that the per share exercise price of a Stock Option shall not be less than 100% (or, in the case of an Incentive Stock Option granted to a Ten Percent Stockholder, 110%) of the Fair Market Value at the time of grant. 

(b) Stock Option Term. The term of each Stock Option shall be fixed by the Committee, provided that no Stock Option shall be
exercisable more than ten (10) years (or, in the case of an Incentive Stock Option granted to a Ten Percent Stockholder, five (5) years) after the date the Option is granted. 

(c) Exercisability. Unless otherwise provided by the Committee in accordance with the provisions of this Section 6.3, Stock
Options granted under the Plan shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Committee at the time of grant. The Committee may, but shall not be required to, provide for an
acceleration of vesting and exercisability in the terms of any Award Agreement upon the occurrence of a specified event. 
 (d) Method of
Exercise. Subject to whatever installment exercise and waiting period provisions apply under Section 6.3(c), to the extent vested, Stock Options may be exercised in whole or in part at any time during the Option term, by giving written
notice of exercise (which may be electronic) to the Company specifying the number of Shares to be purchased. Such notice shall be accompanied by payment in full of the exercise price (which shall equal the product of such number of Shares to be
purchased multiplied by the applicable exercise price). The exercise price for the Stock Options may be paid upon such terms and conditions as shall be established by the Committee and set forth in the applicable Award Agreement. Without limiting
the foregoing, the Committee may establish payment terms for the exercise of Stock Options pursuant to which the Company may withhold a number of Shares that otherwise would be issued to the Participant in connection with the exercise of the Stock
Option having a Fair Market Value on the date of exercise equal to the exercise price, or that permit the Participant to deliver cash or Shares with a Fair Market Value equal to the exercise price on the date of payment, or through a simultaneous
sale through a broker of Shares acquired on exercise, all as permitted by Applicable Law. No Shares shall be issued until payment therefor, as provided herein, has been made or provided for. 

  
 13 

 (e) Non-Transferability of Options. No Stock
Option shall be transferable by the Participant other than by will or by the laws of descent and distribution, and all Stock Options shall be exercisable, during the Participant’s lifetime, only by the Participant. Notwithstanding the
foregoing, the Committee may determine, in its sole discretion, at the time of grant or thereafter that a Non-Qualified Stock Option that is otherwise not transferable pursuant to this Section is transferable
to a Family Member in whole or in part and in such circumstances, and under such conditions, as specified by the Committee. A Non-Qualified Stock Option that is transferred to a Family Member pursuant to the
preceding sentence (i) may not be subsequently transferred other than by will or by the laws of descent and distribution and (ii) remains subject to the terms of the Plan and the applicable Award Agreement. Any Shares acquired upon the
exercise of a Non-Qualified Stock Option by a permissible transferee of a Non-Qualified Stock Option or a permissible transferee pursuant to a transfer after the
exercise of the Non-Qualified Stock Option shall be subject to the terms of the Plan and the applicable Award Agreement. 

(f) Termination by Death or Disability. Unless otherwise provided in the applicable Award Agreement, or otherwise determined by the
Committee at the time of grant, or if no rights of the Participant are reduced, thereafter, if a Participant’s Termination of Service is by reason of death or Disability, all Stock Options that are held by such Participant that are vested and
exercisable at the time of the Participant’s Termination of Service may be exercised by the Participant (or in the case of the Participant’s death, by the legal representative of the Participant’s estate) at any time within a period
of one (1) year from the date of such Termination of Service, but in no event beyond the expiration of the stated term of such Stock Options; provided, however, that, in the event of a Participant’s Termination of Service by reason
of Disability, if the Participant dies within such exercise period, all unexercised Stock Options held by such Participant shall thereafter be exercisable, to the extent to which they were exercisable at the time of death, for a period of one
(1) year from the date of such death, but in no event beyond the expiration of the stated term of such Stock Options. 
 (g)
Involuntary Termination Without Cause. Unless otherwise provided in the applicable Award Agreement or otherwise determined by the Committee at the time of grant, or if no rights of the Participant are reduced, thereafter, if a
Participant’s Termination of Service is by involuntary termination by the Company without Cause, all Stock Options that are held by such Participant that are vested and exercisable at the time of the Participant’s Termination of Service
may be exercised by the Participant at any time within a period of ninety (90) days from the date of such Termination of Service, but in no event beyond the expiration of the stated term of such Stock Options. 

(h) Voluntary Resignation. Unless otherwise provided in the applicable Award Agreement or otherwise determined by the Committee at the
time of grant, or if no rights of the Participant are reduced, thereafter, if a Participant’s Termination of Service is voluntary (other than a voluntary termination described in Section 6.3(i) hereof), all Stock Options that are held by
such Participant that are vested and exercisable at the time of the Participant’s Termination of Service may be exercised by the Participant at any time within a period of ninety (90) days from the date of such Termination of Service, but
in no event beyond the expiration of the stated term of such Stock Options. 

  
 14 

 (i) Termination for Cause. Unless otherwise provided in the applicable Award
Agreement or determined by the Committee at the time of grant, or if no rights of the Participant are reduced, thereafter, if a Participant’s Termination of Service (x) is for Cause or (y) is a voluntary Termination of Service (as
provided in Section 6.3(h)) after the occurrence of an event that would be grounds for a Termination of Service for Cause, all Stock Options, whether vested or not vested, that are held by such Participant shall thereupon immediately terminate
and expire as of the date of such Termination of Service. 
 (j) Unvested Stock Options. Unless otherwise provided in the applicable
Award Agreement or determined by the Committee at the time of grant, or if no rights of the Participant are reduced, thereafter, Stock Options that are not vested as of the date of a Participant’s Termination of Service for any reason shall
terminate and expire as of the date of such Termination of Service. 
 (k) Incentive Stock Option Limitations. To the extent that the
aggregate Fair Market Value (determined as of the time of grant) of the Shares with respect to which Incentive Stock Options are exercisable for the first time by an Eligible Employee during any calendar year under the Plan and/or any other stock
option plan of the Company, any Subsidiary or any Parent exceeds $100,000, such Options shall be treated as Non-Qualified Stock Options. In addition, if an Eligible Employee does not remain employed by the
Company, any Subsidiary or any Parent at all times from the time an Incentive Stock Option is granted until three (3) months prior to the date of exercise thereof (or such other period as required by Applicable Law), such Stock Option shall be
treated as a Non-Qualified Stock Option. Should any provision of the Plan not be necessary in order for the Stock Options to qualify as Incentive Stock Options, or should any additional provisions be required,
the Committee may amend the Plan accordingly, without the necessity of obtaining the approval of the stockholders of the Company. 
 (l)
Modification, Extension and Renewal of Stock Options. The Committee may (i) modify, extend or renew outstanding Stock Options granted under the Plan (provided that the rights of a Participant are not reduced without such
Participant’s consent and provided, further that such action does not subject the Stock Options to Section 409A of the Code without the consent of the Participant), and (ii) accept the surrender of outstanding Stock
Options (to the extent not theretofore exercised) and authorize the granting of new Stock Options in substitution therefor (to the extent not theretofore exercised). Notwithstanding the foregoing, an outstanding Option may not be modified to reduce
the exercise price thereof nor may a new Option at a lower price be substituted for a surrendered Option (other than adjustments or substitutions in accordance with Article IV), unless such action is approved by the stockholders of the Company. 

(m) Other Terms and Conditions. The Committee may include a provision in an Award Agreement providing for the automatic exercise of a Non-Qualified Stock Option on a cashless basis on the last day of the term of such Option if the Participant has failed to exercise the Non-Qualified Stock Option as of such
date, with respect to which the Fair Market Value of the Shares underlying the Non-Qualified Stock Option exceeds the exercise price of such Non-Qualified Stock Option
on the date of expiration of such Option, subject to Section 14.4. Stock Options may contain such other provisions, which shall not be inconsistent with any of the terms of the Plan, as the Committee shall deem appropriate. 

  
 15 

 ARTICLE VII 

STOCK APPRECIATION RIGHTS 

7.1 Stock Appreciation Rights. Stock Appreciation Rights may be granted alone (“Free Standing Stock Appreciation
Right”) or in conjunction with all or part of any Stock Option (a “Reference Stock Option”) granted under the Plan (“Tandem Stock Appreciation Rights”). In the case of a
Non-Qualified Stock Option, such rights may be granted either at or after the time of the grant of such Reference Stock Option. In the case of an Incentive Stock Option, such rights may be granted only at the
time of the grant of such Reference Stock Option. 
 7.2 Terms of Stock Appreciation Rights. Stock Appreciation Rights
granted under the Plan shall be evidenced by an Award Agreement and subject to the following terms and conditions and shall be in such form and contain such additional terms not inconsistent with the terms of the Plan, as the Committee shall deem
desirable: 
 (a) Exercise Price. The exercise price per Share subject to a Stock Appreciation Right shall be determined by the
Committee at the time of grant, provided that the per Share exercise price of a Stock Appreciation Right shall not be less than 100% of the Fair Market Value of the Shares at the time of grant.  

(b) Term. The term of each Free Standing Stock Appreciation Right shall be fixed by the Committee, but shall not be greater than ten
(10) years after the date the right is granted. A Tandem Stock Appreciation Right or applicable portion thereof granted with respect to a Reference Stock Option shall terminate and no longer be exercisable upon the termination or exercise of
the Reference Stock Option, except that, unless otherwise determined by the Committee, in its sole discretion, at the time of grant, a Tandem Stock Appreciation Right granted with respect to less than the full number of Shares covered by the
Reference Stock Option shall not be reduced until, and then only to the extent that the exercise or termination of the Reference Stock Option causes, the number of Shares covered by the Tandem Stock Appreciation Right to exceed the number of Shares
remaining available and unexercised under the Reference Stock Option. 
 (c) Exercisability. Unless otherwise provided by the
Committee, Free Standing Stock Appreciation Rights granted under the Plan shall be exercised at such time or times and subject to such terms and conditions as shall be determined by the Committee at the time of grant. The Committee may, but shall
not be required to, provide for an acceleration of vesting and exercisability in terms of any Award Agreement upon the occurrence of a specified event. A Tandem Stock Appreciation Rights shall be exercisable only at such time or times and to the
extent that the Reference Stock Options to which they relate shall be exercisable in accordance with the provisions of Article VI, and shall be subject to the provisions of Section 6.3(c). 

(d) Method of Exercise. Subject to whatever installment and waiting period provisions applied under Section 6.3(c), to the extent
vested, a Free Standing Stock Appreciation Right may be exercised in whole or in part at any time in accordance with the applicable Award Agreement, by given written notice of exercise (which may be electronic) to the Company specifying the number
of Stock Appreciation Rights being exercised. A Tandem Stock Appreciation Right may be exercised by the Participant by surrendering the applicable portion of 

  
 16 

 
the Reference Stock Option. Upon such exercise and surrender, the Participant shall be entitled to receive an amount determined in the manner prescribed in this Section 7.2. Stock Options
which have been so surrendered, in whole or in part, shall no longer be exercisable to the extent that the related Tandem Stock Appreciation Rights have been exercised. 

(e) Payment. Upon the exercise of a Free Standing Stock Appreciation Right a Participant shall be entitled to receive, for each right
exercised, up to, but no more than, an amount in cash and/or Shares (as chosen by the Committee in its sole discretion) equal in value to the excess of the Fair Market Value of one (1) Share on the date that the right is exercised over the Fair
Market Value of one (1) Share on the date that the right was awarded to the Participant. Upon the exercise of a Tandem Stock Appreciation Right, a Participant shall be entitled to receive up to, but no more than, an amount in cash and/or Shares
(as chosen by the Committee in its sole discretion) equal in value to the excess of the Fair Market Value of one (1) Share over the Stock Option exercise price per Share specified in the Reference Stock Option Award Agreement multiplied by the
number of Shares in respect of which the Tandem Stock Appreciation Right shall have been exercised, with the Committee having the right to determine the form of payment. 

(f) Deemed Exercise of Reference Stock Option. Upon the exercise of a Tandem Stock Appreciation Right, the Reference Stock Option or
part thereof to which such Stock Appreciation Right is related shall be deemed to have been exercised for the purpose of the limitation set forth in Article IV of the Plan on the number of Shares to be issued under the Plan. 

(g) Termination. Unless otherwise determined by the Committee at grant or, if no rights of the Participant are reduced, thereafter,
subject to the provisions of the applicable Award Agreement and the Plan, upon a Participant’s Termination of Service for any reason, Free Standing Stock Appreciation Rights may remain exercisable following a Participant’s Termination of
Service on the same basis as Stock Options would be exercisable following a Participant’s Termination of Service in accordance with the provisions of Sections 6.3(f) through 6.3(j). 

(h) Non-Transferability. No Free Standing Stock Appreciation Rights shall not be transferable
by the Participant other than by will or by the laws of descent and distribution, and all such rights shall be exercisable, during the Participant’s lifetime, only by the Participant. Tandem Stock Appreciation Rights shall be transferable only
when and to the extent that the underlying Stock Option would be transferable under Section 6.3(e) of the Plan. 
 (i) Modification,
Extension and Renewal of Stock Appreciation Rights. The Committee may (i) modify, extend or renew outstanding Stock Appreciation Rights granted under the Plan (provided that the rights of a Participant are not reduced without such
Participant’s consent and provided, further that such action does not subject the Stock Appreciation Rights to Section 409A of the Code without the consent of the Participant), and (ii) accept the surrender of
outstanding Stock Appreciation Rights (to the extent not theretofore exercised) and authorize the granting of new Stock Appreciation Rights in substitution therefor (to the extent not theretofore exercised). Notwithstanding the foregoing, an
outstanding Stock Appreciation Right may not be modified to reduce the exercise price thereof nor may a new Stock Appreciation Right at a lower price be substituted for a surrendered Stock Appreciation Right (other than adjustments or substitutions
in accordance with Article IV), unless such action is approved by the stockholders of the Company. 

  
 17 

 (j) Other Terms and Conditions. The Committee may include a provision in an Award
Agreement providing for the automatic exercise of a Stock Appreciation Right on a cashless basis on the last day of the term of such Stock Appreciation Right if the Participant has failed to exercise the Stock Appreciation Right as of such date,
with respect to which the Fair Market Value of the Shares underlying the Stock Appreciation Right exceeds the exercise price of such Stock Appreciation Right on the date of expiration of such Stock Appreciation Right, subject to Section 14.4.
Stock Appreciation Rights may contain such other provisions, which shall not be inconsistent with any of the terms of the Plan, as the Committee shall deem appropriate. 

ARTICLE VIII 
 RESTRICTED
STOCK; RESTRICTED STOCK UNITS 
 8.1 Awards of Restricted Stock and Restricted Stock Units. Shares of Restricted
Stock and Restricted Stock Units may be granted alone or in addition to other Awards granted under the Plan. The Committee shall determine the Eligible Individuals to whom, and the time or times at which, grants of Restricted Stock and/or Restricted
Stock Units shall be made, the number of shares of Restricted Stock or Restricted Stock Units to be awarded, the price (if any) to be paid by the Participant (subject to Section 8.2), the time or times within which such Awards may be subject to
forfeiture, the vesting schedule and rights to acceleration thereof, and all other terms and conditions of the Awards. The Committee shall determine and set forth in the Award Agreement the terms and conditions for each Restricted Stock and
Restricted Stock Unit Award, subject to the conditions and limitations contained in the Plan, including any vesting or forfeiture conditions during the applicable restriction period. The Committee may condition the grant or vesting of Restricted
Stock and Restricted Stock Units upon the attainment of specified performance targets (including, the Performance Goals) or such other factor as the Committee may determine in its sole discretion. 

8.2 Awards and Certificates. Restricted Stock and Restricted Stock Units granted under the Plan shall be evidenced by an
Award Agreement and subject to the following terms and conditions and shall be in such form and contain such additional terms and conditions not inconsistent with the terms of the Plan, as the Committee shall deem desirable: 

(a) Restricted Stock: 

(i) Purchase Price. The purchase price of Restricted Stock shall be fixed by the Committee. The purchase price for
shares of Restricted Stock may be zero to the extent permitted by Applicable Law, and, to the extent not so permitted, such purchase price may not be less than par value. 

(ii) Legend. Each Participant receiving Restricted Stock shall be issued a stock certificate in respect of such shares
of Restricted Stock, unless the Committee elects to use another system, such as book entries by the transfer agent, as 

  
 18 

 
evidencing ownership of shares of Restricted Stock. Such certificate shall be registered in the name of such Participant, and shall, in addition to such legends required by Applicable Law, bear
an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock. 
 (iii)
Custody. If stock certificates are issued in respect of shares of Restricted Stock, the Committee may require that any stock certificates evidencing such shares be held in custody by the Company until the restrictions thereon shall have
lapsed, and that, as a condition of any grant of Restricted Stock, the Participant shall have delivered a duly signed stock power or other instruments of assignment (including a power of attorney), each endorsed in blank with a guarantee of
signature if deemed necessary or appropriate by the Company, which would permit transfer to the Company of all or a portion of the shares subject to the Restricted Stock Award in the event that such Award is forfeited in whole or part. 

(iv) Rights as a Stockholder. Except as provided in Section 8.3(a) and this Section 8.2(a) or as otherwise
determined by the Committee in an Award Agreement, the Participant shall have, with respect to the Shares, all of the rights of a holder of shares of Common Stock of the Company, including, without limitation, the right to receive dividends, the
right to vote such shares and, subject to and conditioned upon the full vesting of shares of Restricted Stock, the right to tender such shares; provided that, the Award Agreement shall specify on what terms and conditions the applicable
Participant shall be entitled to dividends payable on the Shares. 
 (v) Lapse of Restrictions. If and when the
Restriction Period expires without a prior forfeiture of the Restricted Stock, the certificates for such Shares shall be delivered to the Participant. All legends shall be removed from said certificates at the time of delivery to the Participant,
except as otherwise required by Applicable Law or other limitations imposed by the Committee. 
 (b) Restricted Stock Units: 

(i) Settlement. The Committee may provide that settlement of Restricted Stock Units will occur upon or as soon as
reasonably practical after the Restricted Stock Units vest or will instead be deferred, on a mandatory basis or at the Participant’s election, in a manner intended to comply with Section 409A of the Code. 

(ii) Right as a Stockholder. A Participant will have no rights of a stockholder with respect to Shares subject to any
Restricted Stock Unit unless and until Shares are delivered in settlement of the Restricted Stock Units. 
 (iii) Dividend
Equivalents. If the Committee so provides, a grant of Restricted Stock Units may provide a Participant with the right to receive Dividend Equivalents. Dividend Equivalents may be paid currently or credited to an account for the
Participant, settled in cash or Shares and subject to the same restrictions on transferability and forfeitability as the Restricted Stock Units with respect to which the Dividend Equivalents are granted and subject to other terms and conditions as
set forth in the Award Agreement. 

  
 19 

 8.3 Restrictions and Conditions. 

(a) Restriction Period. (i) The Participant shall not be permitted to transfer shares of Restricted Stock awarded under the Plan or
vest in Restricted Stock Units during the period or periods set by the Committee (the “Restriction Period”) commencing on the date of such Award, as set forth in the applicable Award Agreement and such agreement shall set forth a
vesting schedule and any event that would accelerate vesting of the Restricted Stock and/or Restricted Stock Units. Within these limits, based on service, attainment of Performance Goals pursuant to Section 8.3(a)(ii) and/or such other factors
or criteria as the Committee may determine in its sole discretion, the Committee may condition the grant or provide for the lapse of such restrictions in installments in whole or in part, or may accelerate the vesting of all or any part of any
Restricted Stock Award or Restricted Stock Unit and/or waive the deferral limitations for all or any part of any Award. 
 (ii) If the
grant of shares of Restricted Stock or Restricted Stock Units or the lapse of restrictions or vesting schedule is based on the attainment of Performance Goals, the Committee shall establish the objective Performance Goals and the applicable vesting
percentage applicable to each Participant or class of Participants in the applicable Award Agreement prior to the beginning of the applicable fiscal year or at such later date as otherwise determined by the Committee and while the outcome of the
Performance Goals are substantially uncertain. Such Performance Goals may incorporate provisions for disregarding (or adjusting for) changes in accounting methods, corporate transactions (including, without limitation, dispositions and acquisitions)
and other similar types of events or circumstances. 
 (b) Termination. Unless otherwise provided in the applicable Award Agreement
or determined by the Committee at grant or, if no rights of the Participant are reduced, thereafter, upon a Participant’s Termination of Service for any reason during the relevant Restriction Period, all Restricted Stock or Restricted Stock
Units still subject to restriction will be forfeited in accordance with the terms and conditions established by the Committee at grant or thereafter. 

ARTICLE IX 
 PERFORMANCE
AWARDS 
 9.1 Performance Awards. The Committee may grant a Performance Award to a Participant payable upon the
attainment of specific Performance Goals either alone or in addition to other Awards granted under the Plan. The Performance Goals to be achieved during the Performance Period and the length of the Performance Period shall be determined by the
Committee upon the grant of each Performance Award. The conditions for grant or vesting and the other provisions of Performance Awards (including, without limitation, any applicable Performance Goals) need not be the same with respect to each
Participant. Performance Awards may be paid in cash, Shares, other property or any combination thereof, in the sole discretion of the Committee as set forth in the applicable Award Agreement. 

  
 20 

 ARTICLE X 

OTHER STOCK-BASED AND CASH AWARDS 

10.1 Other Stock-Based Awards. The Committee is authorized to grant to Eligible Individuals Other
Stock-Based Awards that are payable in, valued in whole or in part by reference to, or otherwise based on or related to Shares, including but not limited to, Shares awarded purely as a bonus and not subject to
restrictions or conditions, Shares in payment of the amounts due under an incentive or performance plan sponsored or maintained by the Company, stock equivalent units, restricted stock units, and Awards valued by reference to book value of Shares.
Other Stock-Based Awards may be granted either alone or in addition to or in tandem with other Awards granted under the Plan. 
 Subject
to the provisions of the Plan, the Committee shall have authority to determine the Eligible Individuals, to whom, and the time or times at which, such Awards shall be made, the number of Shares of Common Stock to be awarded pursuant to such Awards,
and all other conditions of the Awards. The Committee may also provide for the grant of Shares under such Awards upon the completion of a specified Performance Period. The Committee may condition the grant or vesting of Other Stock-Based Awards upon
the attainment of specified Performance Goals as the Committee may determine, in its sole discretion. 
 10.2 Terms and
Conditions. Other Stock-Based Awards made pursuant to this Article X shall be evidenced by an Award Agreement and subject to the following terms and conditions and shall be in such form and contain such additional terms and conditions not
inconsistent with the terms of the Plan, as the Committee shall deem desirable: 
 (a)
Non-Transferability. Subject to the applicable provisions of the Award Agreement and the Plan, Shares subject to Awards made under this Article X may not be transferred prior to the date on which the
Shares are issued, or, if later, the date on which any applicable restriction, performance or deferral period lapses. 
 (b)
Dividends. Unless otherwise determined by the Committee at the time of the grant of an Award, subject to the provisions of the Award Agreement and the Plan, the recipient of an Award under this Article X shall not be entitled to receive,
currently or on a deferred basis, dividends or Dividend Equivalents in respect of the number of Shares covered by the Award. 
 (c)
Vesting. Any Award under this Article X and any Shares covered by any such Award shall vest or be forfeited to the extent so provided in the Award Agreement, as determined by the Committee, in its sole discretion. 

(d) Price. Shares under this Article X may be issued for no cash consideration. Shares purchased pursuant to a purchase right awarded
under this Article X shall be priced, as determined by the Committee in its sole discretion. 
 10.3 Cash Awards. The
Committee may from time to time grant Cash Awards to Eligible Individuals in such amounts, on such terms and conditions, and for such consideration, including no consideration or such minimum consideration as may be required by Applicable

  
 21 

 
Law, as it shall determine in its sole discretion. Cash Awards may be granted subject to the satisfaction of vesting conditions or may be awarded purely as a bonus and not subject to restrictions
or conditions, and if subject to vesting conditions, the Committee may accelerate the vesting of such Awards at any time in its sole discretion. The grant of a Cash Award shall not require a segregation of any of the Company’s assets for
satisfaction of the Company’s payment obligation thereunder. 
 ARTICLE XI 

CHANGE IN CONTROL PROVISIONS 

11.1 Benefits. In the event of a Change in Control, and except as otherwise provided by the Committee in an Award
Agreement, a Participant’s unvested Awards shall not vest automatically and a Participant’s Awards shall be treated in accordance with one or more of the following methods as determined by the Committee: 

(a) Awards, whether or not then vested, shall be continued, be assumed, or have new rights substituted therefor, as determined by the Committee
in a manner consistent with the requirements of Section 409A of the Code, and restrictions to which shares of Restricted Stock or any other Award granted prior to the Change in Control are subject shall not lapse upon a Change in Control and
the Restricted Stock or other Award shall, where appropriate in the sole discretion of the Committee, receive the same distribution as other Shares on such terms as determined by the Committee; provided that the Committee may decide to award
additional Restricted Stock or other Awards in lieu of any cash distribution. Notwithstanding anything to the contrary herein, for purposes of Incentive Stock Options, any assumed or substituted Stock Option shall comply with the requirements of
Treasury Regulation Section 1.424-1 (and any amendment thereto). 
 (b) The Committee, in its
sole discretion, may provide for the purchase of any Awards by the Company for an amount of cash equal to the excess (if any) of the Change in Control Price of the Shares covered by such Awards, over the aggregate exercise price of such Awards;
provided, however, that if the exercise price of an Option or Stock Appreciation Right exceeds the Change in Control Price, such Award may be cancelled for no consideration. 

(c) The Committee may, in its sole discretion, terminate all outstanding and unexercised Stock Options, Stock Appreciation Rights, or any
Other Stock-Based Award that provides for a Participant-elected exercise, effective as of the date of the Change in Control, by delivering notice of termination to each Participant at least twenty (20) days prior to the date of consummation of
the Change in Control, in which case during the period from the date on which such notice of termination is delivered to the consummation of the Change in Control, each such Participant shall have the right to exercise in full all of such
Participant’s Awards that are then outstanding (without regard to any limitations on exercisability otherwise contained in the Award Agreements), but any such exercise shall be contingent on the occurrence of the Change in Control, and,
provided that, if the Change in Control does not take place within a specified period after giving such notice for any reason whatsoever, the notice and exercise pursuant thereto shall be null and void. 

  
 22 

 (d) Notwithstanding any other provision herein to the contrary, the Committee may, in its
sole discretion, provide for accelerated vesting or lapse of restrictions, of an Award at any time. 
 ARTICLE XII 

TERMINATION OR AMENDMENT OF PLAN 

Notwithstanding any other provision of the Plan, the Board or the Committee may at any time, and from time to time, amend, in whole or in
part, any or all of the provisions of the Plan (including any amendment deemed necessary to ensure that the Company may comply with any Applicable Law), or suspend or terminate it entirely, retroactively or otherwise; provided, however, that,
unless otherwise required by Applicable Law or specifically provided herein, the rights of a Participant with respect to Awards granted prior to such amendment, suspension or termination, may not be impaired without the consent of such Participant
and, provided further, that without the approval of the holders of the Shares entitled to vote in accordance with Applicable Law, no amendment may be made that would (i) increase the aggregate number of Shares that may be issued
under the Plan (except by operation of Article IV); (ii) change the classification of individuals eligible to receive Awards under the Plan; (iii) reduce the exercise price of any Stock Option or Stock Appreciation Right; (iv) grant a
new Stock Option, Stock Appreciation Right or other Award in substitution for, or upon the cancellation of, any previously granted Stock Option or Stock Appreciation Right that has the effect of reducing the exercise price thereof; (v) exchange
any Stock Option or Stock Appreciation Right for Common Stock, cash or other consideration when the exercise price per Share under such Stock Option or Stock Appreciation Right exceeds the Fair Market Value of a Share; or (vi) take any other
action that would be considered a “repricing” of a Stock Option or Stock Appreciation Right under the applicable listing standards of the national exchange on which the Common Stock is listed (if any). Notwithstanding anything herein to
the contrary, the Board or the Committee may amend the Plan or any Award Agreement at any time without a Participant’s consent to comply with Applicable Law, including Section 409A of the Code. The Committee may amend the terms of any
Award theretofore granted, prospectively or retroactively, but, subject to Article IV or as otherwise specifically provided herein, no such amendment or other action by the Committee shall impair the rights of any holder without the holder’s
consent. 
 ARTICLE XIII 

UNFUNDED STATUS OF PLAN 

The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation. With respect to any payment as to
which a Participant has a fixed and vested interest but which is not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any right that is greater than those of a general unsecured creditor of the
Company. 

  
 23 

 ARTICLE XIV 

GENERAL PROVISIONS 
 14.1
Legend. The Committee may require each person receiving Shares pursuant to a Stock Option or other Award under the Plan to represent to and agree with the Company in writing that the Participant is acquiring the Shares without a view
to distribution thereof. In addition to any legend required by the Plan, the certificates for such Shares may include any legend that the Committee deems appropriate to reflect any restrictions on transfer. All certificates for Shares delivered
under the Plan shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange upon which the
Common Stock is then listed or any national securities exchange system upon whose system the Common Stock is then quoted, and any Applicable Law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate
reference to such restrictions. If the Shares are held in book-entry form, then the book-entry will indicate any restrictions on such Shares. 

14.2 Other Plans. Nothing contained in the Plan shall prevent the Board from adopting other or additional compensation
arrangements, subject to stockholder approval if such approval is required, and such arrangements may be either generally applicable or applicable only in specific cases. 

14.3 No Right to Employment/Directorship/Consultancy. Neither the Plan nor the grant of any Award hereunder shall give
any Participant or other employee, Consultant or Non-Employee Director any right with respect to continuance of employment, consultancy or directorship by the Company or any Affiliate, nor shall there be a
limitation in any way on the right of the Company or any Affiliate by which an employee is employed or a Consultant or Non-Employee Director is retained to terminate such employment, consultancy or
directorship at any time. 
 14.4 Withholding of Taxes. A Participant shall be required to pay to the Company or one of
its Affiliates, as applicable, or make arrangements satisfactory to the Company regarding the payment of, any income tax, social insurance contribution or other applicable taxes that are required to be withheld in respect of an Award. The Committee
may (but is not obligated to), in its sole discretion, permit or require a Participant to satisfy, all or any portion of the applicable taxes that are required to be withheld with respect to an Award by (i) the delivery of Shares (which are not
subject to any pledge or other security interest) that have been both held by the Participant and vested for at least six (6) months (or such other period as established from time to time by the Committee in order to avoid adverse accounting
treatment under applicable accounting standards) having an aggregate Fair Market Value equal to such withholding liability (or portion thereof); (ii) having the Company withhold from the Shares otherwise issuable or deliverable to, or that
would otherwise be retained by, the Participant upon the grant, exercise, vesting or settlement of the Award, as applicable, a number of Shares with an aggregate Fair Market Value equal to the amount of such withholding liability; or (iii) by
any other means specified in the applicable Award Agreement or otherwise determined by the Committee. 

  
 24 

 14.5 Fractional Shares. No fractional Shares shall be issued or delivered pursuant
to the Plan. The Committee shall determine whether cash, additional Awards or other securities or property shall be used or paid in lieu of fractional Shares or whether any fractional shares should be rounded, forfeited or otherwise eliminated.

 14.6 No Assignment of Benefits. No Award or other benefit payable under the Plan shall, except as otherwise
specifically provided by law or permitted by the Committee, be transferable in any manner, and any attempt to transfer any such benefit shall be void, and any such benefit shall not in any manner be liable for or subject to the debts, contracts,
liabilities, engagements or torts of any person who shall be entitled to such benefit, nor shall it be subject to attachment or legal process for or against such person. 

14.7 Clawback Provisions. All Awards (including any proceeds, gains or other economic benefit the Participant actually or
constructively receives upon receipt or exercise of any Award or the receipt or resale of any Shares underlying the Award) will be subject to any Company clawback policy, including any clawback policy adopted to comply with Applicable Laws
(including the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder) as set forth in such clawback policy or the Award Agreement. 

14.8 Listing and Other Conditions. 

(a) Unless otherwise determined by the Committee, as long as the Common Stock is listed on a national securities exchange or system sponsored
by a national securities association, the issuance of Shares pursuant to an Award shall be conditioned upon such Shares being listed on such exchange or system. The Company shall have no obligation to issue such Shares unless and until such Shares
are so listed, and the right to exercise any Option or other Award with respect to such Shares shall be suspended until such listing has been effected. 

(b) If at any time counsel to the Company shall be of the opinion that any sale or delivery of Shares pursuant to an Award is or may in the
circumstances be unlawful or result in the imposition of excise taxes on the Company under Applicable Law, the Company shall have no obligation to make such sale or delivery, or to make any application or to effect or to maintain any qualification
or registration under the Securities Act or otherwise, with respect to Shares or Awards, and the right to exercise any Option or other Award shall be suspended until, in the opinion of said counsel, such sale or delivery shall be lawful or will not
result in the imposition of excise taxes on the Company. 
 (c) Upon termination of any period of suspension under this Section 14.8,
any Award affected by such suspension which shall not then have expired or terminated shall be reinstated as to all Shares available before such suspension and as to Shares which would otherwise have become available during the period of such
suspension, but no such suspension shall extend the term of any Award. 
 (d) A Participant shall be required to supply the Company with
certificates, representations and information that the Company requests and otherwise cooperate with the Company in obtaining any listing, registration, qualification, exemption, consent or approval the Company deems necessary or appropriate. 

  
 25 

 14.9 Governing Law. The Plan and actions taken in connection herewith
shall be governed and construed in accordance with the laws of the State of Delaware, without reference to principles of conflict of laws. 

14.10 Construction. Wherever any words are used in the Plan in the masculine gender they shall be construed as though
they were also used in the feminine gender in all cases where they would so apply, and wherever words are used herein in the singular form they shall be construed as though they were also used in the plural form in all cases where they would so
apply. 
 14.11 Other Benefits. No Award granted or paid out under the Plan shall be deemed compensation for purposes
of computing benefits under any retirement plan of the Company or its Affiliates nor affect any benefit or compensation under any other plan now or subsequently in effect under which the availability or amount of benefits is related to the level of
compensation. 
 14.12 Costs. The Company shall bear all expenses associated with administering the Plan, including
expenses of issuing Shares pursuant to Awards hereunder. 
 14.13 No Right to Same Benefits. The provisions of Awards
need not be the same with respect to each Participant, and such Awards to individual Participants need not be the same in subsequent years. 

14.14 Death/Disability. The Committee may in its discretion require the transferee of a Participant to supply it with
written notice of the Participant’s death or Disability and to supply it with a copy of the will (in the case of the Participant’s death) or such other evidence as the Committee deems necessary to establish the validity of the transfer of
an Award. The Committee may also require that the agreement of the transferee to be bound by all of the terms and conditions of the Plan. 

14.15 Section 16(b) of the Exchange Act. It is the intent of the Company that the Plan satisfy, and be interpreted in a
manner that satisfies, the applicable requirements of Rule 16b-3 as promulgated under Section 16 of the Exchange Act so that Participants will be entitled to the benefit of Rule 16b-3, or any other rule promulgated under Section 16 of the Exchange Act, and will not be subject to short-swing liability under Section 16 of the Exchange Act. Accordingly, if the operation of any
provision of the Plan would conflict with the intent expressed in this Section 14.15, such provision to the extent possible shall be interpreted and/or deemed amended so as to avoid such conflict. 

14.16 Deferral of Awards. The Committee may establish one or more programs under the Plan to permit selected Participants
the opportunity to elect to defer receipt of consideration upon exercise of an Award, satisfaction of performance criteria, or other event that absent the election would entitle the Participant to payment or receipt of Shares or other consideration
under an Award. The Committee may establish the election procedures, the timing of such elections, the mechanisms for payments of, and accrual of interest or other earnings, if any, on amounts, shares or other consideration so deferred, and such
other terms, conditions, rules and procedures that the Committee deems advisable for the administration of any such deferral program. 

  
 26 

 14.17 Section 409A of the Code. The Plan and Awards are intended to
comply with or be exempt from the applicable requirements of Section 409A of the Code and shall be limited, construed and interpreted in accordance with such intent. To the extent that any Award is subject to Section 409A of the Code, it
shall be paid in a manner that will comply with Section 409A of the Code, including proposed, temporary or final regulations or any other guidance issued by the Secretary of the Treasury and the Internal Revenue Service with respect thereto.
Notwithstanding anything herein to the contrary, any provision in the Plan that is inconsistent with Section 409A of the Code shall be deemed to be amended to comply with or be exempt from Section 409A of the Code and to the extent such
provision cannot be amended to comply therewith or be exempt therefrom, such provision shall be null and void. The Company shall have no liability to a Participant, or any other party, if an Award that is intended to be exempt from, or compliant
with, Section 409A of the Code is not so exempt or compliant or for any action taken by the Committee or the Company and, in the event that any amount or benefit under the Plan becomes subject to penalties under Section 409A of the Code,
responsibility for payment of such penalties shall rest solely with the affected Participants and not with the Company. Notwithstanding any contrary provision in the Plan or Award Agreement, any payment(s) of “nonqualified deferred
compensation” (within the meaning of Section 409A of the Code) that are otherwise required to be made under the Plan to a “specified employee” (as defined under Section 409A of the Code) as a result of such employee’s
separation from service (other than a payment that is not subject to Section 409A of the Code) shall be delayed for the first six (6) months following such separation from service (or, if earlier, until the date of death of the specified
employee) and shall instead be paid (in a manner set forth in the Award Agreement) upon expiration of such delay period. 
 14.18
Successor and Assigns. The Plan shall be binding on all successors and permitted assigns of a Participant, including, without limitation, the estate of such Participant and the executor, administrator or trustee of such estate. 

14.19 Severability of Provisions. If any provision of the Plan shall be held invalid or unenforceable, such invalidity or
unenforceability shall not affect any other provisions hereof, and the Plan shall be construed and enforced as if such provisions had not been included. 

14.20 Headings and Captions. The headings and captions herein are provided for reference and convenience only, shall not
be considered part of the Plan, and shall not be employed in the construction of the Plan. 
 ARTICLE XV 

EFFECTIVE DATE OF PLAN 

The Plan shall become effective on                 , which is
the date of its adoption by the Board, subject to the approval of the Plan by the stockholders of the Company in accordance with the requirements of the laws of the State of Delaware. 

  
 27 

 ARTICLE XVI 

TERM OF PLAN 
 No Award
shall be granted pursuant to the Plan on or after the tenth (10th) anniversary of the earlier of the date that the Plan is adopted or the date of stockholder approval, but Awards granted prior to such tenth (10th) anniversary may extend beyond that
date. 

  
 28

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00315-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00315-of-00352.parquet"}]]