Document:

Exhibit 10.2

 Exhibit 10.2 
 ICF INTERNATIONAL, INC. 
 2006 LONG-TERM EQUITY INCENTIVE PLAN 
 ARTICLE 1 
 ESTABLISHMENT,
OBJECTIVES AND DURATION 
 1.1 ESTABLISHMENT OF THE PLAN. ICF International, Inc., a Delaware corporation (the
“Company”), hereby adopts, effective upon the effectiveness of the registration statement for the Company’s initial public offering (the “Effective Date”), the ICF International, Inc. 2006 Long-Term Equity
Incentive Plan as set forth in this document. The Plan permits the grant of Nonqualified Stock Options, Incentive Stock Options, Stock Appreciation Rights, Restricted Stock, Performance Shares and Performance Units, and Other Incentive Awards, all
as defined in Article 2. 
 1.2 OBJECTIVES OF THE PLAN. The objectives of the Plan are to optimize the profitability and growth of the
Company through incentives consistent with the Company’s goals and that link and align the personal interests of Participants with an incentive for excellence in individual performance, and to promote teamwork. 
 The Plan is further intended to provide flexibility to the Company in its ability to motivate, attract and retain the services of Participants who make
significant contributions to the Company’s success and to allow Participants to share in the success of the Company. 
 1.3 DURATION OF
THE PLAN. The Plan shall commence on the Effective Date, as described in Section 1.1, and shall remain in effect, subject to the right of the Board of Directors to amend or terminate the Plan at any time pursuant to Article 15, until all Shares
subject to it shall have been purchased or acquired according to the Plan’s provisions. However, in no event may an Award be granted under the Plan on or after April 30, 2016. 
 ARTICLE 2 
 DEFINITIONS 
 Whenever used in the Plan, the following terms shall have the meanings set forth below, and when the meaning is intended, the initial letter of the word
or words, as the case may be, shall be capitalized: 
 “Award” means, individually or collectively, a grant under this Plan
of Nonqualified Stock Options, Incentive Stock Options, Stock Appreciation Rights, Restricted Stock, Performance Shares or Performance Units, or Other Incentive Awards. 
 “Award Agreement” means an agreement entered into by the Company and each Participant setting forth the terms and provisions applicable to Awards granted under this Plan. 
  

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 “Beneficial Owner” or “Beneficial Ownership” shall have the meaning
ascribed to such term in Rule 13d-3 of the General Rules and Regulations under the Exchange Act. 
 “Board” or
“Board of Directors” means the Board of Directors of the Company. 
 “Change in Control” of the Company
means any one or more of the following: 
 (a) The Company is merged, consolidated or reorganized into or with another corporation,
partnership, limited liability company, trust, or other legal person (collectively, a “Business Entity”) and, immediately after such merger, consolidation, or reorganization, less than fifty percent (50%) of the then outstanding
securities of such Business Entity entitled to vote generally in the election of directors is held, in the aggregate, by the holders of voting stock of the Company immediately prior to such transaction; 
 (b) The Company sells all or substantially all of its assets to any other Business Entity, and, immediately after such sale, less than fifty percent (50%)
of the outstanding securities of such Business Entity entitled to vote generally in the election of directors is held, in the aggregate, by the holders of voting stock of the Company immediately prior to such sale; 
 (c) Any person (as the term “person” is used in Section 13(d)(3) or Section 14(d)(2) of the Exchange Act) or group of persons acting in concert
(other than persons acting in concert as of August 31, 2006 who, as of such date, beneficially owned more than twenty percent (20%) or more of the securities entitled to vote generally in the election of directors of the Company) has become the
beneficial owner (as the term “beneficial owner” is defined under Rule 13d-3 or any successor rule or regulation promulgated under the Exchange Act) of securities representing fifty percent (50%) or more of the securities entitled to vote
generally in the election of directors of the Company. 
 “Code” means the Internal Revenue Code of 1986, as amended from
time to time. 
 “Committee” means the Compensation Committee of the Board, as specified in Article 3 herein, or such other
Committee appointed by the Board to administer the Plan with respect to grants of Awards. As the context requires, the term “Committee” shall include executive officers to whom the Committee has delegated powers pursuant to Section 3.3.

 “Common Stock” means the common stock of the Company. 
 “Company” means ICF International, Inc., a Delaware corporation, as well as any successor to the Company as provided in Article 18.

 “Director” means any individual who is a member of the Board of Directors of the Company. 
 “Disability” as used herein shall take its meaning from the definition set forth in any group long-term disability insurance contract
maintained by the Company under which the affected Employee is covered, or, if the Company shall not maintain such insurance, “Disability” shall mean that the affected Employee is incapacitated by reason of a physical or mental
illness which is long-term in nature and which prevents the Employee from performing the substantial and material duties of his employment with the Company, provided that such incapacity can reasonably be expected to prevent the Employee from
working at least six consecutive months in any twelve month period. The Company may require the Employee to have an examination at any time for the purpose of determining whether the Employee has a long-term disability as described in the preceding
sentence, and the Employee agrees to submit to such examination upon request of the Committee, provided that the Company shall pay all costs and expenses associated with such examination. 
  

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 “Effective Date” shall have the meaning ascribed to such term in Section 1.1.

 “Employee” means any employee of the Company or any Subsidiary. Nonemployee Directors shall not be considered Employees
under this Plan unless specifically designated otherwise. 
 “Exchange Act” means the Securities Exchange Act of 1934, as
amended from time to time, or any successor act thereto. 
 “Fair Market Value” shall be the fair market value of a share of
Common Stock, as determined in good faith by the Committee pursuant to the provisions of Section 409A of the Code. 
 “Freestanding
SAR” means an SAR that is granted independently of any Options, as described in Article 7. 
 “Incentive Stock
Option” or “ISO” means an option to purchase Shares granted under Article 6 and which is designated as an Incentive Stock Option and which is intended to meet the requirements of Code Section 422. 
 “Nonemployee Director” means an individual who is a member of the Board of Directors of the Company but who is not an Employee of the
Company or a Subsidiary. 
 “Nonqualified Stock Option” or “NQSO” means an option to purchase Shares
granted under Article 6 and which is not intended to meet the requirements of Code Section 422. 
 “Option” means an
Incentive Stock Option or a Nonqualified Stock Option, as described in Article 6. 
 “Option Price” means the price at which
a Share may be purchased by a Participant pursuant to an Option. 
 “Other Incentive Award” means an Award granted pursuant
to Article 10. 
 “Participant” means an Employee or Nonemployee Director who has outstanding an Award granted under the
Plan. 
 “Performance Period” means the time period during which performance goals must be achieved with respect to an
Award, as determined by the Committee. 
 “Performance Share” means an Award granted to a Participant, as described in
Article 9. 
 “Performance Unit” means an Award granted to a Participant, as described in Article 9. 
 “Period of Restriction” means the period during which the transfer of Shares of Restricted Stock is limited in some manner (based on the
passage of time, the achievement of performance goals, and/or upon the occurrence of other events as determined by the Committee 

  

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at its discretion), and the Shares are subject to a substantial risk of forfeiture, as provided in Article 8 herein. 
 “Person” shall have the meaning ascribed to such term in Section 3(a) (9) of the Exchange Act and used in Sections 13(d) and
14(d) thereof, including a “group” as defined in Section 13(d) thereof. 
 “Restricted Stock” means an Award
granted to a Participant pursuant to Article 8. 
 “Shares” means the shares of Common Stock of the Company. 
 “Share Pool” means the number of shares authorized for issuance under Section 4.1, as adjusted for Awards and payouts under
Section 4.2 and as adjusted for changes in corporate capitalization under Section 4.3. 
 “Stock Appreciation
Right” or “SAR” means an Award, granted alone or in connection with a related Option, designated as an SAR, pursuant to the terms of Article 7 herein. 
 “Subsidiary” means any corporation, partnership, limited liability company, joint venture, affiliate or other entity in which the
Company has the right to elect or designate at least a majority of the directors or similar managers, and which the Committee designates as a participating entity in the Plan. 
 “Tandem SAR” means an SAR that is granted in connection with a related Option pursuant to Article 7, the exercise of which shall require
forfeiture of the right to purchase a Share under the related Option (and when a Share is purchased under the Option, the Tandem SAR shall similarly be canceled). 
 ARTICLE 3 
 ADMINISTRATION 
 3.1 THE COMMITTEE. The Plan shall be administered by the Committee. 
 3.2 AUTHORITY OF THE COMMITTEE. Except as limited by law or by the Certificate of Incorporation or Bylaws of the Company, and subject to the provisions herein, the Committee shall have full power to select Employees
and Nonemployee Directors who shall participate in the Plan; determine the sizes and types of Awards; determine the terms and conditions of Awards in a manner consistent with the Plan; construe and interpret the Plan and any Award Agreement or
instrument entered into under the Plan; establish, amend or waive rules and regulations for the Plan’s administration; and (subject to the provisions of Article 15) amend the terms and conditions of any outstanding Award to the extent such
terms and conditions are within the discretion of the Committee as provided in the Plan. Further, the Committee shall make all other determinations which may be necessary or advisable for the administration of the Plan. 
  

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 3.3 DELEGATION TO EXECUTIVE OFFICERS. To the extent permitted by applicable law, the Committee may
delegate to one or more executive officers of the Company the power to grant Awards to Employees and to exercise such other powers under the Plan as the Committee may determine, provided that the Committee shall fix the terms of the Awards to
be granted by such executive officers (including the exercise price of such Awards, which may include a formula by which the exercise price will be determined) and the maximum number of shares subject to Awards that the executive officers may grant;
provided further, however, that no executive officer shall be authorized to grant Awards to any “executive officer” of the Company (as defined by Rule 3b-7 under the Exchange Act or to any “officer” of the Company
(as defined by Rule 16a-1 under the Exchange Act). 
 3.4 DECISIONS BINDING. All determinations and decisions made by the Committee pursuant
to the provisions of the Plan and all related orders and resolutions of the Board shall be final, conclusive and binding on all persons, including the Company, its stockholders, Employees, Participants and their estates and beneficiaries.

 ARTICLE 4 
 SHARES
SUBJECT TO THE PLAN AND MAXIMUM AWARDS 
 4.1 NUMBER OF SHARES AVAILABLE FOR GRANTS. 
 (a) Number of Shares. Subject to adjustment under Section 4.3, Awards may be made under the Plan for up to the number of Shares
that is equal to the sum of: 
  

	 	(i)	1,000,000 Shares; plus 

  

	 	(ii)	an annual increase to be added on the first day of each of the Company’s fiscal years beginning with 2007 equal to the lesser of (x) three percent (3%) of the number of
outstanding Shares on such date and (y) an amount determined by the Board. 

 (b) Per-Participant
Limit. Subject to adjustment under Section 4.3, the maximum number of Shares with respect to which Awards may be granted to any Participant under the Plan shall be 500,000 per calendar year. The per-Participant limit described in this Section
4.1(b) shall be construed and applied consistently with Section 162(m) of the Code and the regulations issued thereunder. 
 4.2 LAPSED
AWARDS. Subject in the case of Incentive Stock Options to any limitations under the Code, if any Award granted under this Plan is canceled, terminates, expires, or lapses for any reason (with the exception of the termination of a Tandem SAR upon
exercise of the related Option, or the termination of a related Option upon exercise of the corresponding Tandem SAR), any Shares subject to such Award shall again be available for the grant of an Award under the Plan. 
 4.3 ADJUSTMENTS IN AUTHORIZED SHARES. In the event of any change following Board adoption of the Plan (including any such change prior to the Effective
Date) in corporate capitalization, such as a stock split, or a corporate transaction, such as any merger, consolidation, separation, including a spin-off, or other distribution of stock or property of the Company, any reorganization (whether or not
such reorganization comes within the definition of such term in Code Section 368), or any partial or complete liquidation of the Company, such adjustment shall be made in the number and class of Shares available in the Share Pool and in the
number and class of and/or price of Shares subject to outstanding Awards granted under the Plan, as may be determined to be appropriate and equitable by the Committee, in its sole discretion, to prevent dilution or enlargement of rights;
provided, however, that the number of Shares subject to any Award shall always be a whole number. 
 ARTICLE 5

 ELIGIBILITY AND PARTICIPATION 
 5.1 ELIGIBILITY. Persons eligible to participate in this Plan include (a) all officers and key Employees of the Company, as determined by the Committee, including Employees who are members of the Board, and
(b) all Nonemployee Directors. 
 5.2 ACTUAL PARTICIPATION. Subject to the provisions of the Plan, the Committee may, from time to time,
select from all eligible Employees and Nonemployee Directors those to whom Awards shall be granted and shall determine the nature and amount of each Award. 
  

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 ARTICLE 6 
 STOCK OPTIONS 
 6.1 GRANT OF OPTIONS. Subject to the terms and provisions of the Plan, Options may be
granted, either by the Committee or the Board, to one or more Participants in such number, and upon such terms, and at any time and from time to time as shall be determined by the Committee. The Committee or the Board shall have the authority to
grant Incentive Stock Options or to grant Nonqualified Stock Options or to grant both types of Options. In the case of Incentive Stock Options, the terms and conditions of such grants shall be subject to, and comply with, such rules as may be
prescribed by Section 422 of the Code, as from time to time amended, and any regulations implementing such statute, including, without limitation, the requirements of Code Section 422(d) which limit the aggregate Fair Market Value of
Shares (determined at the time that such Option is granted) for which Incentive Stock Options are exercisable for the first time to $100,000 per calendar year, and the requirement that Incentive Stock Options may only be granted to Employees. Each
provision of the Plan and of each written Award Agreement relating to an Option designated as an Incentive Stock Option shall be construed so that such Option qualifies as an Incentive Stock Option, and any provision that cannot be so construed
shall be disregarded. 
 6.2 AWARD AGREEMENT. Each Option grant shall be evidenced by an Award Agreement that shall specify the Option Price,
the duration of the Option, the number of Shares to which the Option pertains, and such other provisions as the Committee shall determine. The Award Agreement also shall specify whether the Option is intended to be an ISO or an NQSO. 
 6.3 OPTION PRICE. The Option Price for each grant of an Option under this Plan shall be at least equal to one hundred percent (100%) of the Fair
Market Value of a Share on the date the Option is granted. Notwithstanding any provision contained herein, in the case of an Incentive Stock Option, the exercise price at the time such Incentive Stock Option is granted to any Employee who, at the
time of such grant, owns (within the meaning of Section 424(d) of the Code) more than ten percent of the voting power of all classes of stock of the Company or a Subsidiary, shall not be less than 110% of the per Share Fair Market Value on the
date of grant. 
 6.4 DURATION OF OPTIONS. Each Option shall expire at such time as the Committee shall determine at the time of grant;
provided, however, that in the case of an Incentive Stock Option, an Employee may not exercise such Incentive Stock Option after the date which is ten years (five years in the case of a Participant who owns more than ten percent of the voting power
of the Company or a Subsidiary) after the date on which such Incentive Stock Option is granted. Except to the extent permitted by Section 409A of the Code, no extension of the exercise period fixed on the original date of grant of an Option shall be
permitted. 
 6.5 EXERCISE OF OPTIONS. Options granted under this Article 6 shall be exercisable at such times and be subject to such
restrictions and conditions as the Committee shall in each instance approve, which need not be the same for each grant or for each Participant. 
 6.6 PAYMENT. Options granted under this Article 6 shall be exercised by the delivery of a written notice of exercise to the Company, setting forth the number of Shares with respect to which the Option is to be exercised, accompanied by full
payment for the Shares. 
  

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 The Option Price upon exercise of any Option shall be payable to the Company in full either: (a) in
cash or its equivalent, or (b) by tendering previously acquired Shares having an aggregate Fair Market Value at the time of exercise equal to the total Option Price (provided that the Shares that are tendered must have been held by the
Participant for at least six (6) months prior to their tender to satisfy the Option Price), or (c) by a combination of (a) and (b). 
 As soon as practicable after receipt of a written notification of exercise and full payment, the Company shall deliver to the Participant, in the Participant’s name, Share certificates in an appropriate amount based upon the number of
Shares purchased under the Option(s). 
 6.7 RESTRICTIONS ON SHARE TRANSFERABILITY. The Committee may impose such restrictions on any Shares
acquired pursuant to the exercise of an Option granted under this Article 6 as it may deem advisable, including, without limitation, restrictions under applicable federal securities laws, under the requirements of any stock exchange or market upon
which such Shares are then listed and/or traded, and under any blue sky or state securities laws applicable to such Shares. 
 6.8
TERMINATION OF EMPLOYMENT. Each Option Award Agreement shall set forth the extent to which the Participant shall have the right to exercise the Option following termination of the Participant’s employment with (or service to) the Company and/or
its Subsidiaries. Such provisions shall be determined in the sole discretion of the Committee, shall be included in the Award Agreement entered into with each Participant, need not be uniform among all Options issued pursuant to the Plan, and may
reflect distinctions based on the reasons for termination of employment or service. 
 6.9 NONTRANSFERABILITY OF OPTIONS. 
 (a) INCENTIVE STOCK OPTIONS. No ISO granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other
than by will or by the laws of descent and distribution. Further, all ISOs granted to a Participant under the Plan shall be exercisable during his or her lifetime only by such Participant. 
 (b) NON-QUALIFIED STOCK OPTIONS. Except as otherwise provided in a Participant’s Award Agreement, no NQSO granted under this Article 6 may be sold,
transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Further, except as otherwise provided in a Participant’s Award Agreement, all NQSOs granted to a Participant
under this Article 6 shall be exercisable during his or her lifetime only by such Participant. 
 6.10 NO DEFERRAL FEATURE. Except to the
extent permitted under Section 409A of the Code, an NQSO (or ISO) shall not contain any feature for the deferral of compensation (other than the deferral of recognition of income until the exercise of the NQSO). 
 ARTICLE 7 
 STOCK APPRECIATION
RIGHTS 
 7.1 GRANT OF SARs. Subject to the terms and conditions of the Plan, SARs may be granted to Participants at any time and from
time to time as shall be determined by the Committee. The Committee may grant Freestanding SARs, Tandem SARs, or any combination of these forms of SAR. 
  

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 The Committee shall have complete discretion in determining the number of SARs granted to each
Participant (subject to Article 4) and, consistent with the provisions of the Plan, in determining the terms and conditions pertaining to such SARs. 
 The grant price of a Freestanding SAR shall equal the Fair Market Value of a Share on the date of grant of the SAR. The grant price of Tandem SARs shall equal the Option Price of the related Option. 
 7.2 EXERCISE OF TANDEM SARs. Tandem SARs may be exercised for all or part of the Shares subject to the related Option upon the surrender of the right to
exercise the equivalent portion of the related Option. A Tandem SAR may be exercised only with respect to the Shares for which its related Option is then exercisable. 
 Notwithstanding any other provision of this Plan to the contrary, with respect to a Tandem SAR granted in connection with an ISO: (a) the Tandem SAR will expire no later than the expiration of the underlying ISO;
(b) the value of the payout with respect to the Tandem SAR may be for no more than one hundred percent (100%) of the difference between the Option Price of the underlying ISO and the Fair Market Value of the Shares subject to the
underlying ISO at the time the Tandem SAR is exercised; and (c) the Tandem SAR may be exercised only when the Fair Market Value of the Shares subject to the ISO exceeds the Option Price of the ISO. 
 7.3 EXERCISE OF FREESTANDING SARs. Freestanding SARs may be exercised upon whatever terms and conditions the Committee, in its sole discretion, imposes
upon them. 
 7.4 SAR AGREEMENT. Each SAR grant shall be evidenced by an Award Agreement that shall specify the grant price, the term of the
SAR, the number of Shares subject to the SAR, and such other provisions as the Committee shall determine. 
 7.5 TERM OF SARs. The term of an
SAR granted under the Plan shall be determined by the Committee, in its sole discretion; provided, however, that unless otherwise designated by the Committee, such term shall not exceed ten (10) years. 
 7.6 PAYMENT OF SAR AMOUNT. Upon exercise of an SAR, a Participant shall be entitled to receive payment from the Company in an amount determined by
multiplying: 
 (a) The difference between the Fair Market Value of a Share on the date of exercise over the grant price; by 
 (b) The number of Shares with respect to which the SAR is exercised. 
 At the discretion of the Committee, the payment upon SAR exercise may be in cash, in Shares of equivalent value, in Restricted Shares of equivalent value, or in some combination thereof. 
 7.7 TERMINATION OF EMPLOYMENT. Each SAR Award Agreement shall set forth the extent to which the Participant shall have the right to exercise the SAR
following termination of the Participant’s employment with (or service to) the Company and/or its 

  

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Subsidiaries. Such provisions shall be determined in the sole discretion of the Committee, shall be included in the Award Agreement entered into with
Participants, need not be uniform among all SARs issued pursuant to the Plan, and may reflect distinctions based on the reasons for termination of employment or service. 
 7.8 NON-TRANSFERABILITY OF SARs. Except as otherwise provided in a Participant’s Award Agreement, no SAR granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated,
other than by will or by the laws of descent and distribution. Further, except as otherwise provided in a Participant’s Award Agreement, all SARs granted to a Participant under the Plan shall be exercisable during his or her lifetime only by
such Participant. 
 7.9 NO DEFERRAL FEATURE. Except to the extent permitted under Section 409A of the Code, a SAR shall not contain any
feature for the deferral of compensation (other than the deferral of recognition of income until the exercise of the SAR). 
 ARTICLE 8

 RESTRICTED STOCK 
 8.1 GRANT OF RESTRICTED STOCK. Subject to the terms and provisions of the Plan, the Committee, at any time and from time to time, may grant Shares of Restricted Stock to Participants in such amounts as the Committee shall determine.

 8.2 RESTRICTED STOCK AGREEMENT. Each Restricted Stock grant shall be evidenced by an Award Agreement that shall specify the Period(s) of
Restriction, the number of Shares of Restricted Stock granted, and such other provisions as the Committee shall determine. 
 8.3
TRANSFERABILITY. Except as provided in this Article 8, the Shares of Restricted Stock granted hereunder may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction
established by the Committee and specified in the Restricted Stock Award Agreement, or upon earlier satisfaction of any other conditions, as specified by the Committee in its sole discretion and set forth in the Restricted Stock Award Agreement. All
rights with respect to the Restricted Stock granted to a Participant under the Plan shall be available during his or her lifetime only to such Participant. 
 8.4 OTHER RESTRICTIONS. Subject to the provisions of this Plan, the Committee may impose such other conditions and/or restrictions on any Shares of Restricted Stock granted pursuant to the Plan as it may deem
advisable including, without limitation, a requirement that Participants pay a stipulated purchase price for each Share of Restricted Stock, a requirement that Participants own a certain amount of Shares before vesting shall occur, restrictions
based upon the achievement of specific performance goals (Company-wide, business unit, and/or individual), time-based employment or service restrictions on vesting following the attainment of the performance goals, requirement and/or restrictions
under applicable federal or state securities laws. 
 The Company shall retain the certificates representing Shares of Restricted Stock in
the Company’s possession until such time as all conditions and/or restrictions applicable to such Shares have been satisfied. 
 Except
as otherwise provided in this Article 8, Shares of Restricted Stock covered by each Restricted Stock grant made under the Plan shall become freely transferable by the Participant after the last day of the applicable Period of Restriction.

  

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 8.5 VOTING RIGHTS. Unless otherwise designated by the Committee at the time of grant, Participants
holding Shares of Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares during the Period of Restriction. 
 8.6 DIVIDENDS AND OTHER DISTRIBUTIONS. Unless otherwise determined by the Committee at the time of grant, Participants holding Shares of Restricted Stock granted hereunder may be credited with regular cash dividends paid with respect to the
underlying Shares while they are so held during the Period of Restriction. The Committee may apply any restrictions to the dividends that the Committee deems appropriate. 
 8.7 TERMINATION OF EMPLOYMENT. Each Restricted Stock Award Agreement shall set forth the extent to which the Participant shall have the right to receive unvested Restricted Shares following termination of the
Participant’s employment with (or service to) the Company and/or its Subsidiaries. Such provisions shall be determined in the sole discretion of the Committee, shall be included in the Award Agreement entered into with each Participant, need
not be uniform among all Shares of Restricted Stock issued pursuant to the Plan, and may reflect distinctions based on the reasons for termination of employment or service. 
 ARTICLE 9 
 PERFORMANCE UNITS AND PERFORMANCE SHARES 
 9.1 GRANT OF PERFORMANCE UNITS AND PERFORMANCE SHARES. Subject to the terms of the Plan, Performance Units and/or Performance Shares may be granted to
Participants in such amounts and upon such terms, and at any time and from time to time, as shall be determined by the Committee; provided, however, that such Awards shall comply with Treasury Regulation §1.162-27(e). 
 9.2 VALUE OF PERFORMANCE UNITS/SHARES. Each Performance Unit shall have an initial value that is established by the Committee at the time of grant. Each
Performance Share shall have an initial value equal to the Fair Market Value of a Share on the date of grant. The Committee shall set performance goals in its discretion which, depending on the extent to which they are met, will determine the number
and/or value of Performance Units/Shares that will be paid out to the Participant. For purposes of this Article 9, the time period during which the performance goals must be met shall be called a “Performance Period.” 
 9.3 EARNING OF PERFORMANCE UNITS/SHARES. Subject to the terms of this Plan, after the applicable Performance Period has ended, the holder of Performance
Units/Shares shall be entitled to receive payout on the number and value of Performance Units/Shares earned by the Participant over the Performance Period, to be determined as a function of the extent to which the corresponding performance goals
have been achieved, as established by the Committee. 
 9.4 FORM AND TIMING OF PAYMENT OF PERFORMANCE UNITS/SHARES. Subject to the terms of
this Plan, the Committee, in its sole discretion, may pay earned Performance Units/Shares in the form of cash or in Shares (or in a combination thereof) which have an aggregate Fair Market Value equal to the value of the earned Performance
Units/Shares at the close of the applicable Performance Period. Such Shares may be granted subject to any restrictions deemed appropriate by the Committee. 
  

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 At the discretion of the Committee, Participants may be entitled to receive any dividends declared with
respect to Shares which have been earned in connection with grants of Performance Units and/or Performance Shares which have been earned, but not yet distributed to Participants (such dividends shall be subject to the same accrual, forfeiture, and
payout restrictions as apply to dividends earned with respect to Shares of Restricted Stock, as set forth in Section 8.6). In addition, Participants may, at the discretion of the Committee, be entitled to exercise their voting rights with
respect to such earned Shares. 
 9.5 TERMINATION OF EMPLOYMENT DUE TO DEATH, DISABILITY OR RETIREMENT. Unless otherwise designated by the
Committee, and set forth in the Participant’s Award Agreement, in the event the employment (or service) of a Participant is terminated due to death, Disability or retirement during a Performance Period, the Participant shall receive a prorated
payout of the Performance Units/Shares. The prorated payout shall be determined by the Committee, shall be based upon the length of time that the Participant held the Performance Units/Shares during the Performance Period and shall further be
adjusted based on the achievement of the preestablished performance goals. Payment of earned Performance Units/Shares shall be made at a time specified by the Committee in its sole discretion and set forth in the Participant’s Award Agreement.

 9.6 TERMINATION OF EMPLOYMENT FOR OTHER REASONS. In the event that a Participant’s employment (or service) terminates for any reason
other than those reasons set forth in Section 9.5, all Performance Units/Shares shall be forfeited by the Participant to the Company unless determined otherwise by the Committee, as set forth in the Participant’s Award Agreement.

 9.7 NONTRANSFERABILITY. Except as otherwise provided in a Participant’s Award Agreement, Performance Units/Shares may not be sold,
transferred, pledged, assigned or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Further, except as otherwise provided in a Participant’s Award Agreement, a Participant’s rights under
the Plan shall be exercisable during the Participant’s lifetime only by the Participant or the Participant’s legal representative. 
 ARTICLE 10 
 OTHER INCENTIVE AWARDS 
 10.1 GRANT OF OTHER INCENTIVE AWARDS. Subject to the terms and provisions of the Plan, Other Incentive Awards (including, without limitation, restricted stock units providing for the right to receive Shares or cash in
accordance with the terms of such Awards) may be granted to Participants in such amount, upon such terms, and at any time and from time to time as shall be determined by the Committee. 
 10.2 OTHER INCENTIVE AWARD AGREEMENT. Each Other Incentive Award grant shall be evidenced by an Award Agreement that shall specify the amount of the
Other Incentive Award granted, the terms and conditions applicable to such grant, the applicable Performance Period and performance goals, and such other provisions as the Committee shall determine, subject to the terms and provisions of the Plan.

 10.3 NONTRANSFERABILITY. Except as otherwise provided in a Participant’s Award Agreement, Other Incentive Awards may not be sold,
transferred, pledged, assigned or 

  

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otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. 
 10.4 FORM AND TIMING OF PAYMENT OF OTHER INCENTIVE AWARDS. Payment of Other Incentive Awards shall be made at such times and in such form, in cash, in
Shares, or in Restricted Shares (or a combination thereof), as established by the Committee subject to the terms of the Plan. Such Shares may be granted subject to any restrictions deemed appropriate by the Committee. Without limiting the generality
of the foregoing, annual Other Incentive Awards may be paid in the form of Shares and/or other types of Awards (which may or may not be subject to restrictions, at the discretion of the Committee). 
 ARTICLE 11 
 BENEFICIARY DESIGNATION

 Each Participant under the Plan may, from time to time, name any beneficiary or beneficiaries (who may be named contingently or
successively) to whom any benefit under the Plan is to be paid in case of his or her death before he or she receives any or all of such benefit. Each such designation shall revoke all prior designations by the same Participant, shall be in a form
prescribed the Company, and will be effective only when filed by the Participant in writing with the Company during the Participant’s lifetime. In the absence of any such designation, benefits remaining unpaid at the Participant’s death
shall be paid to the Participant’s estate. 
 ARTICLE 12 
 DEFERRALS 
 The Committee may permit a Participant to defer such
Participant’s receipt of the payment of cash or the delivery of Shares that would otherwise be due to such Participant by virtue of the exercise of an Option or SAR, the lapse or waiver of restrictions with respect to Restricted Stock, or the
satisfaction of any requirements or goals with respect to Performance Units/Shares or Other Incentive Awards. If any such deferral election is required or permitted, the Committee shall, in its sole discretion, establish rules and procedures for
such payment deferrals. Any such deferral shall be made in a manner consistent with the requirements of Section 409A of the Code. 
 ARTICLE 13 
 RIGHTS OF EMPLOYEES AND NONEMPLOYEE DIRECTORS 
 13.1 EMPLOYMENT. Nothing in the Plan shall interfere with or limit in any way the right of the Company to terminate any Participant’s employment at
any time, nor confer upon any Participant any right to continue in the employ of the Company. 
 13.2 PARTICIPATION. No Employee or
Nonemployee Director shall have the right to be selected to receive an Award under this Plan or, having been so selected, to be selected to receive a future Award. 
  

 - 12 - 

 ARTICLE 14 
 CHANGE IN CONTROL 
 14.1 TREATMENT OF OUTSTANDING AWARDS. Upon the occurrence of a Change in Control,
unless otherwise specifically prohibited under applicable laws, or by the rules and regulations of any governing governmental agencies or national securities exchanges: 
 (a) Any and all Options and SARs granted hereunder shall become immediately exercisable, and shall remain exercisable throughout their entire term, and any cash or property received upon exercise of any Option or SAR
shall be free from further restriction; 
 (b) Any restriction periods and restrictions imposed on Restricted Shares shall lapse; and

 (c) Unless otherwise specified in a Participant’s Award Agreement at time of grant, the target payout opportunities attainable under
all outstanding Awards of Performance Units and Performance Shares and Other Incentive Awards shall be deemed to have been fully earned for the entire Performance period(s) as of the effective date of the Change in Control. The vesting of all such
Awards shall be accelerated as of the effective date of the Change in Control and, in full settlement of such Awards, there shall be paid out to Participants (in Shares for Awards normally paid in Shares and in cash for Awards normally paid in cash)
within thirty (30) days following the effective date of the Change in Control a pro rata portion of all targeted Award opportunities associated with such outstanding Awards, based on the number of complete and partial calendar months within the
Performance Period which had elapsed as of such effective date. 
 14.2 TERMINATION, AMENDMENT AND MODIFICATIONS OF CHANGE IN CONTROL
PROVISIONS. Notwithstanding any other provision of this Plan or any Award Agreement provision, the provisions of this Article 14 may not be terminated, amended or modified to affect adversely any Award theretofore granted under the Plan without the
prior written consent of the Participant with respect to said Participant’s outstanding Awards. 
 ARTICLE 15 
 AMENDMENT, MODIFICATION AND TERMINATION 
 15.1 AMENDMENTS. 
 (a) The Board may at any time and from time to time amend this Plan in whole or in part; provided,
however, that if an amendment to this Plan (i) would materially increase the benefits accruing to participants under this Plan, (ii) would materially increase the number of securities which may be issued under this Plan, (iii) would
materially modify the requirements for participation in this Plan or (iv) must otherwise be approved by the stockholders of the Company in order to comply with applicable law or the rules of the principal securities exchange upon which the Shares
are traded or quoted, then such amendment will be subject to stockholder approval and will not be effective unless and until such approval has been obtained. 
 (b) If permitted by Section 409A of the Code, in case of termination of service by reason of death, disability or normal or early retirement, or in the case of unforeseeable emergency or other special circumstances,
of a Participant who holds an Award not immediately exercisable in full, or as to which the substantial risk of forfeiture or the prohibition or restriction on transfer has not lapsed, or which has not been fully earned or is subject to any vesting
schedule or transfer restriction, the Committee or its delegatee or delegatees, as applicable, may, in its sole discretion, accelerate the time at which such Award may be exercised or the time at which such substantial risk of forfeiture or
prohibition or restriction on transfer will lapse or the time at which such Award will be deemed to have been fully earned or may waive any other limitation or requirement under any such Awards, except in the case of an Award to an Employee who is
designated by the Committee as intended to satisfy the requirements for “qualified performance-based compensation” under Section 162(m) of the Code where such action would result in the loss of the otherwise available exemption of the
award under Section 162(m) of the Code. 
 (c) Subject to the provisions of the Plan and applicable law, the Committee or its delegatee or
delegatees, as applicable, may amend the terms of any award theretofore granted under this Plan prospectively or retroactively, except in the case of an award to a an Employee who is designated by the Board as intended to satisfy the requirements
for “qualified performance-based compensation” under Section 162(m) of the Code where such action would result in the loss of the otherwise available exemption of the award under Section 162(m) of the Code. In such case, no modification
with respect to such award shall be made. Subject to provisions of the Plan, no such amendment shall impair the rights of any Participant without his or her consent. 
 15.2 TERMINATION. The Board may, in its discretion, terminate this Plan at any time. 
 15.3 AWARDS
PREVIOUSLY GRANTED. No termination, amendment or modification of the Plan shall adversely affect in any material way any Award previously granted under the Plan, without the written consent of the Participant holding such Award. 
  

 - 13 - 

 ARTICLE 16 
 WITHHOLDING 
 16.1 TAX WITHHOLDING. The Company shall have the power and the right to deduct or
withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of
this Plan. 
 16.2 SHARE WITHHOLDING. With respect to withholding required upon the exercise of Options or SARs, upon the lapse of
restrictions on Restricted Stock, or upon any other taxable event arising as a result of Awards granted hereunder, Participants may elect, subject to the approval of the Committee, to satisfy the withholding requirement, in whole or in part, by
having the Company withhold Shares having a Fair Market Value on the date the tax is to be determined equal to the minimum statutory total tax which could be imposed on the transaction. All such elections shall be irrevocable, made in writing,
signed by the Participant, and shall be subject to any restrictions or limitations that the Committee, in its sole discretion, deems appropriate. 
 ARTICLE 17 
 INDEMNIFICATION 
 Each person who is or shall have been a member of the Committee, or of the Board, shall be indemnified by the Company against and from any loss, cost, liability or expense that may be imposed upon or reasonably
incurred by him or her in connection with or resulting from any claim, action, suit or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan. Such person
shall be indemnified by the Company for all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such action, suit or proceeding against him or her, provided
he or she shall give the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any
other rights of indemnification to which such persons may be entitled under the Company’s Articles of Incorporation or Bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless.

 ARTICLE 18 
 SUCCESSORS 
 All obligations of the Company under the Plan with respect to Awards granted hereunder shall be binding on any
successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation or otherwise, of all or substantially all of the business and/or assets of the Company. 
  

 - 14 - 

 ARTICLE 19 
 LEGAL CONSTRUCTION 
 19.1 COMPLIANCE WITH SECTION 409A OF THE CODE. 
 (a) To the extent applicable, it is intended that this Plan and any grants made hereunder comply with the provisions of Section 409A of the Code. This
Plan and any grants made hereunder shall be administrated in a manner consistent with this intent, and any provision that would cause this Plan or any grant made hereunder to fail to satisfy Section 409A of the Code shall have no force and effect
unless and until amended to comply with Section 409A of the Code (which amendment may be retroactive to the extent permitted by Section 409A of the Code and may be made by the Company without consent of Participants). Any reference in this Plan to
Section 409A of the Code will also include any proposed, temporary or final regulations, or any other guidance, promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service. 
 (b) In order to determine for purposes of Section 409A of the Code whether a Participant is in the service of a member of the Company’s controlled
group of corporations under Section 414(b) of the Code (or by a member of a group of trades or businesses under common control with the Company under Section 414(c) of the Code) and, therefore, whether the Shares that are or have been purchased by
or awarded under this Plan to the Participant are shares of “service recipient” stock within the meaning of Section 409A of the Code: 
  

	 	(i)	In applying the Code Section 1563(a)(1), (2) and (3) for purposes of determining the Company’s controlled group under Section 414(b) of the Code, the language “at least 50
percent” is to be used instead of “at least 80 percent” each place it appears in Code Section 1563(a)(1), (2) and (3), and 

  

	 	(ii)	In applying Treasury Regulation Section 1.414(c)-2 for purposes of determining trades or businesses under common control with the Company for purposes of Section 414(c) of the Code,
the language “at least 50 percent” is to be used instead of “at least 80 percent” each place it appears in Treasury Regulation Section 1.414(c)-2. 

 19.2 GENDER AND NUMBER. Except where otherwise indicated by the context, any masculine term used herein shall also include the feminine, the plural shall
include the singular, and the singular shall include the plural. 
 19.3 SEVERABILITY. In the event any provision of the Plan shall be held
illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 
 19.4 REQUIREMENTS OF LAW. The granting of Awards and the issuance of Shares under the Plan shall be subject to all applicable laws, rules and
regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 
 19.4 GOVERNING LAW.
To the extent not preempted by federal law, the Plan, and all agreements hereunder, shall be construed in accordance with and governed by the laws of the State of Delaware, without giving effect to the conflict of laws principles thereof.

 * * * * * * 
  

 - 15 -Exhibit 10.3

 Exhibit 10.3 
 ICF INTERNATIONAL, INC. 
 2006 EMPLOYEE STOCK PURCHASE PLAN 
 1. PURPOSE OF THE PLAN. The purpose of the ICF International, Inc. 2006 Employee Stock Purchase Plan (the “Plan”) is to provide eligible
employees of ICF International, Inc. (the “Company”) and its Subsidiaries with an opportunity to acquire an equity interest in the Company through the purchase of Common Shares and thus develop an incentive to remain with the Company,
provide a means for employees to share in the future success of the Company, and to link and align the personal interests of such employees to those of the Company’ stockholders. If the Company issues Common Shares under the Plan, the proceeds
therefrom will provide additional capital for the Company, which will be used for general corporate purposes. It is the intention of the Company to have the Plan qualify as an “employee stock purchase plan” under Section 423 of the
Code and the Plan is to be construed accordingly. 
 2. DEFINITIONS. For purposes of this Plan, the following terms when capitalized shall
have the meanings designated herein unless a different meaning is plainly required by the context. Where applicable, the masculine pronouns shall include the feminine and the singular shall include the plural. 
 (a) “Board” shall mean the Board of Directors of the Company. 
 (b) “Cash Account” shall mean the account established for each Participant to which amounts withheld through payroll deductions
shall be credited. 
 (c) “Code” shall mean the Internal Revenue Code of 1986, as amended, and the regulations and
rulings thereunder. 
 (d) “Committee” shall mean the Compensation Committee of the Board or such other committee of
at least three directors as may be appointed by the Board from time to time to serve at the pleasure of the Board. 
 (e)
“Common Shares” shall mean the shares of common stock of the Company. 
 (f) “Company” shall mean ICF
International, Inc. 
 (g) “Custodian” shall mean the person selected by the Company to hold the amounts withheld
through Participants’ payroll deductions pending the purchase of Common Shares pursuant to the Plan and to hold the Common Shares so purchased for the benefit of Participants until such Common Shares are withdrawn pursuant to the terms of the
Plan. The Custodian shall qualify as an “agent independent of the issuer” as that term is used in Regulation M promulgated under the Securities Exchange Act of l934, as amended. 
  

 1 

 (h) “Effective Date” shall mean the last business day of each Offering Period
under the Plan. 
 (i) “Offering” shall mean an opportunity provided by the Committee to purchase Common Shares
under the Plan. 
 (j) “Offering Period” shall mean the semi-annual periods ending on June 30th and December 31st during which an Offering shall be made under the Plan. 
 (k)
“Participant” shall include any employee who has satisfied the requirements of the Plan to acquire Common Shares under the Plan and has elected to have payroll deductions made pursuant to the Plan. 
 (l) “Payroll Deduction Date(s)” shall mean the date or dates specified by the Company on which withholdings for each semi-annual
period of the Plan shall be made. 
 (m) “Right to Purchase” shall mean an option to purchase Common Shares granted
to a Participant who elects to participate in an Offering under the provisions of the Plan. 
 (n) “Right to Purchase
Date” shall mean the Effective Date of an Offering Period. 
 (o) “Share Account” shall mean the account
established for each Participant to which Common Shares purchased on each Right to Purchase Date for the Participant shall be credited. 
 (p) “Subsidiary” means any corporation, partnership, limited liability company, joint venture, affiliate or other entity in which the Company has the right to elect or designate at least a majority of the
directors or similar managers, and which the Committee designates as a participating entity in the Plan. 
 3. ADMINISTRATION. The Plan shall
be administered by the Committee. Members of the Committee shall not be eligible to participate in the Plan. Subject to express provisions of the Plan and to such instructions and limitations as the Board may establish from time to time, the
Committee shall have the authority to prescribe, amend and rescind rules and regulations relating to the Plan. The Committee may interpret the Plan and may correct any defect or supply any omission or reconcile any inconsistency in the Plan to the
extent necessary for the effective operation of the Plan. Any determination, decision or action taken by the Committee on the matters referred to in this paragraph shall be conclusive. 
 4. EFFECTIVENESS OF THE PLAN. The Plan shall become effective upon the effectiveness of the registration statement for the Company’s initial public
offering following Board adoption and stockholder approval of the Plan. 
 5. COMMON SHARES SUBJECT TO THE PLAN. Subject to adjustment as
provided in Paragraph 17 herein, not more than 1,000,000 Common Shares shall be offered under the Plan. The Common Shares subject to the Plan shall be authorized and unissued Common Shares, as well as any previously issued Common Shares acquired by
the Company. 
  

 2 

 6. OFFERINGS UNDER THE PLAN. After the Plan has become effective, one or more Offerings, as determined by
the Committee, may be made to eligible employees to purchase Common Shares subject to the Plan. The Offerings may be consecutive or concurrent as determined by the Committee. Each Offering shall be made during an Offering Period. Common Shares not
sold under one Offering may be offered again in any subsequent Offering. 
 7. ELIGIBILITY. Subject to the terms of this Plan, all employees
of the Company and employees of any of its Subsidiaries may participate in the Plan, except (i) employees whose customary employment is 20 hours or less per week and (ii) employees whose customary employment is for not more than 5 months
in any calendar year. Notwithstanding the previous sentence, any employee who owns greater than 5% of the total combined voting power or value of all classes of shares of the Company shall not be eligible to participate in any Offerings under the
Plan. 
 An eligible employee may begin to participate in the Plan as of the January 1st or July 1st
following the date on which he or she commences employment. 
 Nothing contained herein and no rules and regulations prescribed by the
Committee shall permit or deny participation in any offering contrary to the requirements of the Code (including, without limitation, Sections 423(b)(3), 423(b)(4) and 423(b)(8) thereof). 
 Nothing contained herein and no rules and regulations prescribed by the Committee shall permit any employee to be granted a Right to Purchase under the
Plan: 
 (a) if, immediately after such Right to Purchase is granted, such employee would own, and/or hold outstanding options
or rights to purchase, shares of the Company possessing five percent (5%) or more of the total combined voting power or value of all classes of shares of the Company; or 
 (b) which permits an employee’s rights to purchase Common Shares under all employee stock purchase plans of the Company to accrue at
a rate which exceeds Twenty-Five Thousand Dollars ($25,000.00) of fair market value of Common Shares (determined as of the date such Right to Purchase is granted) for each calendar year in which such Right to Purchase is outstanding at any time.

 For purposes of this paragraph, the provisions of Section 424(d) of the Code, shall apply in determining the stock ownership of each
employee. For purposes of clause 7(b) above, the provisions of Section 423(b)(8) of the Code shall apply in determining whether an employee’s Rights to Purchase and other rights are permitted to accrue at a rate in excess of the permitted
rate. 
  

 3 

 8. PAYROLL DEDUCTIONS. In order to participate in the Plan, an eligible employee must indicate on an
Enrollment/Change Form (to be provided by the Committee) the contribution percentage or amount that he wishes to authorize the Company or appropriate Subsidiary to deduct at regular payroll intervals. The minimum deduction for each eligible
employee, during each Offering Period, shall be an amount equal to five dollars ($5.00) per pay period. Each Enrollment/Change Form will include authorization for the Company or appropriate Subsidiary to make payroll deductions from the eligible
employee’s compensation. 
 The amounts withheld through such payroll deductions shall be credited to each Participant’s Cash
Account. The withholdings for each semi-annual period of the Plan from the compensation of a Participant shall be made on the Payroll Deduction Dates specified by the Company. Such amounts will be delivered to the Custodian and held pending the
purchase of Common Shares as described in Paragraph 10 hereof. 
 Any employee of the Company or a Subsidiary who satisfies the eligibility
requirements of Section 7 hereof shall be eligible to complete an Enrollment/Change Form and to begin payroll deductions hereunder as of the January 1st or July 1st following the date on which he or she commences
employment. Subject to the other limitations of this Paragraph 8, a Participant may, by written notice to the Company at least twenty (20) days prior to each January 1st or July 1st,
increase or decrease the amount of his payroll deduction as of each Payroll Deduction Date. In addition, a Participant may by written notice to the Company at least twenty days prior to any Payroll Deduction Date discontinue payroll deductions as of
such Payroll Deduction Date. Payroll deductions may not thereafter be resumed until the next following January 1st or July 1st. In the event that a Participant ceases his payroll deductions as provided herein,
such Participant’s Cash Account balance will be used, as of the next Right to Purchase Date, to purchase Common Shares. The Committee may impose such other restrictions on the right to cease payroll deductions as it may deem appropriate.

 9. NO INTEREST ON CASH ACCOUNTS. The payroll deductions and other monies held in Participants’ Cash Accounts shall bear no interest.

 10. PURCHASE PRICE AND EXERCISE OF RIGHT TO PURCHASE. The purchase price for a Common Share under each Offering shall be determined by the
Committee as of the Right to Purchase Date of each Offering and shall be stated as a percentage of the fair market value of a Common Share on the Right to Purchase Date of the Offering. Such purchase price shall be equal to not less than ninety-five
percent (95%) of the per share fair market value of the Common Shares as of the Right to Purchase Date. 
 The fair market value of a
Common Share on any date shall be the average of the high and low price per share of the Common Shares (or, if applicable, the price paid by the Custodian) on the principal stock exchange on which the Company’s Common Shares are traded on such
date or, if no such sales of Common Shares are made on such date, on the next preceding date on which sales of Common Shares were made on such stock exchange. 
 Each Participant shall be deemed to have been granted a Right to Purchase on the Effective Date of each Offering for the number of whole Common Shares which the Participant would be able to purchase with the balance
in his Cash Account. Each outstanding Right to 

  

 4 

 
Purchase will be exercised automatically on the Right to Purchase Date to purchase the number of whole Common Shares which the amount in the
Participant’s Cash Account at that time is sufficient to purchase at the applicable purchase price. Any amounts remaining in a Participant’s Cash Account after such application will remain in the Cash Account for use during the next
Offering Period. 
 The Custodian shall purchase the number of Common Shares with respect to which Rights to Purchase have been exercised
beginning on the Right to Purchase Date. The Custodian shall establish and maintain a separate Share Account for each Participant, which shall be credited with the number of whole Common Shares purchased on the Right to Purchase Date on behalf of
each Participant. A Participant may withdraw the Common Shares credited to his Share Account on a first-in-first-out basis by written notice to the Custodian at least twenty (20) days prior to any January 1st or July 1st. A Participant may withdraw all or a portion of the Common Shares which were credited to his Share Account on or prior to the Right to Purchase Date immediately preceding such January 1st or July 1st. A Participant will be charged a fee by the Custodian for each such withdrawal. The amount of such fee shall be as agreed from time to time by the Custodian and the Company. The Custodian shall deliver to such Participant a
share certificate issued in his name for the number of whole Common Shares he wishes to withdraw from his Share Account. At least annually, there shall be delivered to each Participant a statement of his Share Account showing the number of Common
Shares purchased during the preceding twelve months (or lesser period of existence of the Offering), the Right to Purchase prices paid for the Common Shares, the dates of purchase of the Common Shares, and the amount to be included in the ordinary
income of the Participant at such time as the Common Shares are sold, as prescribed by Section 423(c) of the Code. 
 The initial
Custodian shall be selected by the Company prior to the initial Offering under the Plan. The Company may remove any Custodian, and any Custodian may resign, upon 60 days’ notice in writing to the other party, as the case may be. Any successor
Custodian shall be appointed by the Company. The Company shall pay all fees and costs of the Custodian as agreed between the Company and the Custodian from time to time, except for the withdrawal fees payable by Participants as described above.

 The Company may, at any time after the end of an Offering Period, close the Cash Accounts of eligible employees not participating in
another Offering under the Plan, in which case any balance in such Cash Accounts will be refunded to such eligible employees. Any balance remaining in the Cash Account of a Participant after the end of an offering Period shall remain in the
Participant’s Cash Account for use in the next Offering. 
 The Company may, at any time after the end of an Offering Period, close the
Share Accounts related to such Offering, in which case the Custodian shall deliver to each Participant in that Offering a share certificate issued in his name for the number of whole Common Shares credited to his Share Account, without charging a
withdrawal fee. 
 11. REGISTRATION OF CERTIFICATES. Common Shares withdrawn by Participants will be registered, and share certificates
therefore will be issued, only in the name of the Participant. 
  

 5 

 12. RIGHTS AS SHAREHOLDERS. With respect to Common Shares subject to a Right to Purchase, pending
exercise of such Right to Purchase, the Participant shall not be deemed to be a stockholder of the Company and shall not have any of the rights or privileges of a stockholder. A Participant who has exercised a Right to Purchase shall have the rights
and privileges of a stockholder immediately following such exercise. 
 13. USE OF PLAN FUNDS. Subject to Paragraph 10 hereof, to the extent
the Company issues Common Shares to Participants upon exercise of Rights to Purchase granted under the Plan, the amounts received by the Company may be used for any corporate purpose or purposes of the Company. 
 14. TERMINATION OF EMPLOYMENT. If the employment of a Participant terminates for any reason, including death, disability, retirement or other cause, his
participation in the Plan automatically and without any act on his part shall terminate as of the date of termination of his employment. As soon as practicable following the Participant’s termination of employment, the Company shall refund to
such Participant (or his beneficiary, in the case of the participant’s death) any and all amounts in his Cash Account and the Custodian shall deliver to such Participant (or beneficiary) a share certificate issued in his name for the number of
whole Common Shares credited to his Share Account through prior Offerings. 
 15. RESTRICTION UPON ASSIGNMENT. Rights to Purchase granted to
a Participant under the Plan shall not be transferable (including pledge or hypothecation), and shall be exercisable during the Participant’s lifetime only by the Participant. The Company shall not recognize and shall be under no duty to
recognize assignment or purported assignment by a Participant of his Rights to Purchase or of any rights under his Rights to Purchase. 
 16.
GOVERNMENT REGULATIONS. The Company’s obligation to issue, sell or deliver any Common Shares under this Plan is subject to all applicable laws and regulations and to the approval of any governmental or regulatory authority required in
connection with the issuance, sale or delivery of such Common Shares. The Company shall not be required to issue, sell or deliver any Common Shares under this Plan prior to: 
 (a) the approval of such Common Shares for listing on any stock exchange (if such approval must be obtained); and 
 (b) the completion of any registration or other qualification of such Common Shares under any state or Federal law or any ruling or
regulation of any governmental or regulatory authority that the Company in its sole discretion shall determine to be necessary or advisable. 
 17. ADJUSTMENT OF SHARES UPON CHANGES IN CAPITALIZATION. Notwithstanding any other provision of the Plan, in the event of any change following Board adoption of the Plan (including any such change prior to the effectiveness of the Plan) in
the outstanding Common Shares, by reason of a stock split, dividend payable in Common Shares, recapitalization, merger, consolidation, split-up, combination or exchange of shares, or the like, appropriate adjustments shall be made to the aggregate
number and class of shares subject to the Plan, the number and class of shares subject to outstanding Rights to Purchase, the purchase 

  

 6 

 
price per share (in the case of shares subject to outstanding Rights to Purchase), and the number and class of shares which may be subscribed to by any one
employee, and such other adjustments shall be made as may be deemed equitable by the Committee. 
 18. DIVIDEND REINVESTMENT. All cash
dividends paid, if any, with respect to the Common Shares credited to a Participant’s Share Account shall be added to the Participant’s Cash Account and thereby shall be applied to exercise Rights to Purchase to purchase whole Common
Shares on the Right to Purchase Date next following the date such cash dividends are paid by the Company. An election to leave Common Shares with the Custodian shall constitute an election to apply the cash dividends with respect to such shares to
the exercise of Rights to Purchase hereunder. Common Shares so purchased shall be applied to the Common Shares credited to each Participant’s Share Account. 
 19. AMENDMENT OF THE PLAN. To the extent permitted by law, the Committee may at any time and from time to time make such changes in the Plan and additions to it as the Committee deems advisable; provided, however,
that, except as provided in Paragraph 17 hereof, and except with respect to changes or additions in order to make the Plan comply with Section 423 of the Code, the Committee may not make any changes or additions that would adversely affect
Rights to Purchase previously granted under the Plan and may not, without approval of the stockholders of the Company, make any changes or additions that would (a) increase the aggregate number of Common Shares subject to the Plan or which may
be subscribed to by an eligible employee, (b) decrease the minimum purchase price for a Common Share to a purchase price that would cause the Plan to no longer comply with the requirements of Section 423 of the Code, or (c) change any
of the provisions of the Plan relating to eligibility for participation in Offerings. 
 20. DURATION AND TERMINATION OF THE PLAN. The Plan
shall terminate upon the earlier to occur of the following two events: 
 (a) the purchase by eligible employees of all of the
Common Shares subject to the Plan; or 
 (b) the termination of the Plan by the Board. 
 No termination of the Plan shall affect Rights to Purchase previously granted under this Plan. 
 * * * * * * 
  

 7

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