Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
 WALKER & DUNLOP, INC.

 2015 EQUITY INCENTIVE PLAN 
  

 

 TABLE OF CONTENTS 

 

											
	 	  	 	  	 	  	 	  	Page	 
			
	 1.
	  	 PURPOSE
	  	 	1	  
	 2.
	  	 DEFINITIONS
	  	 	1	  
	 3.
	  	 ADMINISTRATION OF THE PLAN
	  	 	9	  
		  	 3.1.
	  	 Committee
	  	 	9	  
		  		  	 3.1.1.
	  	 Powers and Authorities
	  	 	9	  
		  		  	 3.1.2.
	  	 Composition of the Committee
	  	 	10	  
		  		  	 3.1.3.
	  	 Other Committees
	  	 	10	  
		  		  	 3.1.4.
	  	 Delegation by Committee
	  	 	11	  
		  	 3.2.
	  	 Board
	  	 	11	  
		  	 3.3.
	  	 Terms of Awards
	  	 	11	  
		  	 3.4.
	  	 Forfeiture; Recoupment
	  	 	12	  
		  	 3.5.
	  	 No Repricing without Stockholder Approval
	  	 	13	  
		  	 3.6.
	  	 Deferral Arrangement
	  	 	13	  
		  	 3.7.
	  	 No Liability
	  	 	13	  
		  	 3.8.
	  	 Stock Issuance/Book-Entry
	  	 	14	  
	 4.
	  	 STOCK SUBJECT TO THE PLAN
	  	 	14	  
		  	 4.1.
	  	 Number of Shares of Stock Reserved for Awards
	  	 	14	  
		  	 4.2.
	  	 Adjustments in Authorized Shares of Stock
	  	 	14	  
		  	 4.3.
	  	 Share Usage
	  	 	15	  
	 5.
	  	 TERM; AMENDMENT, SUSPENSION, AND TERMINATION
	  	 	15	  
		  	 5.1.
	  	 Term
	  	 	15	  
		  	 5.2.
	  	 Amendment, Suspension, and Termination of the Plan
	  	 	16	  
	 6.
	  	 AWARD ELIGIBILITY AND LIMITATIONS
	  	 	16	  
		  	 6.1.
	  	 Service Providers and Other Persons
	  	 	16	  
		  	 6.2.
	  	 Limitation on Shares of Stock Subject to Awards and Cash Awards
	  	 	16	  
		  	 6.3.
	  	 Stand-Alone, Additional, Tandem and Substitute Awards
	  	 	16	  
	 7.
	  	 AWARD AGREEMENT
	  	 	17	  
	 8.
	  	 TERMS AND CONDITIONS OF OPTIONS
	  	 	17	  
		  	 8.1.
	  	 Option Price
	  	 	17	  
		  	 8.2.
	  	 Vesting and Exercisability
	  	 	17	  
		  	 8.3.
	  	 Term
	  	 	18	  
		  	 8.4.
	  	 Termination of Service
	  	 	18	  
		  	 8.5.
	  	 Limitations on Exercise of Option
	  	 	18	  
		  	 8.6.
	  	 Method of Exercise
	  	 	18	  
		  	 8.7.
	  	 Rights of Holders of Options
	  	 	18	  
		  	 8.8.
	  	 Delivery of Stock
	  	 	19	  
		  	 8.9.
	  	 Transferability of Options
	  	 	19	  
		  	 8.10.
	  	 Family Transfers
	  	 	19	  
		  	 8.11.
	  	 Limitations on Incentive Stock Options
	  	 	19	  
		  	 8.12.
	  	 Notice of Disqualifying Disposition
	  	 	20	  

  
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	 9.
		 TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS
		 	20	  
			9.1.		 Right to Payment and Grant Price
		 	20	  
			9.2.		 Other Terms
		 	20	  
			9.3.		 Term
		 	20	  
			9.4.		 Rights of Holders of SARs
		 	21	  
			9.5.		 Transferability of SARs
		 	21	  
			9.6.		 Family Transfers
		 	21	  
	 10.
		 TERMS AND CONDITIONS OF RESTRICTED STOCK, RESTRICTED STOCK UNITS, AND DEFERRED STOCK UNITS
		 	21	  
			10.1.		 Grant of Restricted Stock, Restricted Stock Units, or Deferred Stock Units
		 	21	  
			10.2.		 Restrictions
		 	22	  
			10.3.		 Registration; Restricted Stock Certificates
		 	22	  
			10.4.		 Rights of Holders of Restricted Stock
		 	22	  
			10.5.		 Rights of Holders of Restricted Stock Units and Deferred Stock Units
		 	23	  
					 10.5.1.
		 Voting and Dividend Rights
		 	23	  
					 10.5.2.
		 Creditor’s Rights
		 	23	  
			10.6.		 Termination of Service
		 	23	  
			10.7.		 Purchase of Restricted Stock and Shares of Stock Subject to Restricted Stock Units and Deferred Stock Units
		 	23	  
			10.8.		 Delivery of Shares of Stock
		 	24	  
	 11.
		 TERMS AND CONDITIONS OF UNRESTRICTED STOCK AWARDS AND OTHER EQUITY-BASED AWARDS
		 	24	  
			11.1.		 Unrestricted Stock
		 	24	  
			11.2.		 Other Equity-Based Awards
		 	24	  
	 12.
		 FORM OF PAYMENT FOR OPTIONS AND RESTRICTED STOCK
		 	25	  
			12.1.		 General Rule
		 	25	  
			12.2.		 Surrender of Shares of Stock
		 	25	  
			12.3.		 Cashless Exercise
		 	25	  
			12.4.		 Other Forms of Payment
		 	25	  
	 13.
		 TERMS AND CONDITIONS OF DIVIDEND EQUIVALENT RIGHTS
		 	26	  
			13.1.		 Dividend Equivalent Rights
		 	26	  
			13.2.		 Termination of Service
		 	26	  
	 14.
		 TERMS AND CONDITIONS OF PERFORMANCE AWARDS AND ANNUAL INCENTIVE AWARDS
		 	26	  
			14.1.		 Grant of Performance Awards and Annual Incentive Awards
		 	26	  
			14.2.		 Value of Performance Awards and Annual Incentive Awards
		 	26	  
			14.3.		 Earning of Performance Awards and Annual Incentive Awards
		 	27	  
			14.4.		 Form and Timing of Payment of Performance Awards and Annual Incentive Awards
		 	27	  
			14.5.		 Performance Conditions
		 	27	  
			14.6.		 Performance Awards or Annual Incentive Awards Granted to Designated Covered Employees
		 	27	  
					 14.6.1.
		 Performance Goals Generally
		 	28	  
					 14.6.2.
		 Timing For Establishing Performance Goals
		 	28	  

  
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					 14.6.3.
		 Settlement of Awards; Other Terms
		 	28	  
					 14.6.4.
		 Performance Measures
		 	28	  
					 14.6.5.
		 Evaluation of Performance
		 	31	  
					 14.6.6.
		 Adjustment of Performance-Based Compensation
		 	31	  
					 14.6.7.
		 Committee Discretion
		 	31	  
			14.7.		 Status of Awards Under Code Section 162(m)
		 	32	  
	 15.
		 PARACHUTE LIMITATIONS
		 	32	  
	 16.
		 REQUIREMENTS OF LAW
		 	33	  
			16.1.		 General
		 	33	  
			16.2.		 Rule 16b-3
		 	33	  
	 17.
		 EFFECT OF CHANGES IN CAPITALIZATION
		 	34	  
			17.1.		 Changes in Stock
		 	34	  
			17.2.		 Reorganization in Which the Company Is the Surviving Entity Which Does not Constitute a Change in Control
		 	34	  
			17.3.		 Change in Control in which Awards are not Assumed
		 	35	  
			17.4.		 Change in Control in which Awards are Assumed
		 	36	  
			17.5.		 Adjustments
		 	36	  
			17.6.		 No Limitations on Company
		 	37	  
	 18.
		 GENERAL PROVISIONS
		 	37	  
			18.1.		 Disclaimer of Rights
		 	37	  
			18.2.		 Nonexclusivity of the Plan
		 	37	  
			18.3.		 Withholding Taxes
		 	38	  
			18.4.		 Captions
		 	38	  
			18.5.		 Other Provisions
		 	38	  
			18.6.		 Number and Gender
		 	38	  
			18.7.		 Severability
		 	39	  
			18.8.		 Governing Law
		 	39	  
			18.9.		 Section 409A of the Code
		 	39	  

  
 - iii - 

 WALKER & DUNLOP, INC. 

2015 EQUITY INCENTIVE PLAN 

Walker & Dunlop, Inc., a Maryland corporation (the “Company”), sets forth herein the terms of its 2015 Equity
Incentive Plan (the “Plan”), as follows: 
  

	1.	PURPOSE 

 This Plan is intended to (i) provide incentive to eligible persons to
stimulate their efforts toward the success of the Company and to operate and manage its business in a manner that will provide for the long-term growth and profitability of the Company and that will benefit the stockholders and other important
stakeholders of the Company, including its employees and customers; and (ii) provide a means of recruiting, rewarding and retaining key personnel. To this end, the Plan provides for the grant of Options, Stock Appreciation Rights, Restricted
Stock, Unrestricted Stock, Restricted Stock Units (including Deferred Stock Units), Dividend Equivalent Rights, Other Equity-based Awards, and cash bonus awards. Any of these Awards may, but need not, be made as performance incentives to reward
attainment of annual or long-term performance goals in accordance with the terms of the Plan. Options granted under the Plan may be Non-qualified Stock Options or Incentive Stock Options, as provided herein. 

The Plan is an amendment and restatement of the Prior Plan. Awards granted under the Prior Plan prior to the Amendment Date will be subject to
the terms of the Plan, except to the extent that the terms of the Plan are inconsistent with the terms of such awards and provided the terms of such awards were consistent with the Prior Plan. 

 

	2.	DEFINITIONS 

 For purposes of interpreting the Plan and related documents (including
Award Agreements), the following capitalized terms shall have the meanings specified below, unless the context clearly indicates otherwise: 

2.1 “Affiliate” means, with respect to the Company, any Person that controls, is controlled by, or is under common control
with the Company within the meaning of Rule 405 of Regulation C under the Securities Act, including, without limitation, any Subsidiary. For purposes of granting Options or Stock Appreciation Rights, an entity may not be considered an Affiliate of
the Company unless the Company holds a Controlling Interest in such entity. 
 2.2 “Amendment Date” means June 4,
2015, subject to approval of the Plan by the Company’s stockholders on such date, the Plan having been approved by the Board on March 31, 2015. 

2.3 “Annual Incentive Award” means an Award, denominated in cash, made subject to attainment of performance goals (as
described in Section 14) over a Performance Period of up to one (1) year (the Company’s fiscal year, unless otherwise specified by the Board or the Committee). 

 2.4 “Applicable Laws” means the legal requirements relating to the Plan and the
Awards under (i) applicable provisions of the Code, the Securities Act, the Exchange Act, any rules or regulations thereunder, and any other laws, rules, regulations, and government orders of any jurisdiction applicable to the Company or its
Affiliates, (ii) applicable provisions of the corporate, securities, tax and other laws, rules, regulations and government orders, and the rules of any applicable stock exchange or national market system, of any jurisdiction applicable to
Awards granted to residents therein, and (iii) the rules of any Stock Exchange or Securities Market on which the Stock is listed or publicly traded. 

2.5 “Award” means a grant under the Plan of an Option, Stock Appreciation Right, Restricted Stock, Unrestricted Stock,
Restricted Stock Unit, Dividend Equivalent Right, Performance Award, Annual Incentive Award, or Other Equity-Based Award. 
 2.6
“Award Agreement” means the written agreement, in such written, electronic, or other form as determined by the Committee, between the Company and a Grantee that evidences and sets forth the terms and conditions of an Award. 

2.7 “Benefit Arrangement” means any formal or informal plan or other arrangement for the direct or indirect provision of
compensation to a Grantee (including groups or classes of Grantees or beneficiaries of which the Grantee is a member), whether or not such compensation is deferred, is in cash, or is in the form of a benefit to or for the Grantee. 

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

2.9 “Capital Stock” means with respect to any Person, any and all shares, interests, participations, or other equivalents
(however designated, whether voting or non-voting) in equity of such Person, whether outstanding on the Amendment Date or issued thereafter, including, without limitation, all shares of Stock. 

2.10 “Cause” shall have the meaning set forth in an applicable written agreement between a Grantee and the Company or an
Affiliate, and in the absence of such agreement, means, with respect to any Grantee and as determined by the Committee, (i) gross negligence or willful misconduct in connection with the performance of duties; (ii) conviction of, or
pleading guilty or nolo contendere to, a criminal offense (other than minor traffic offenses); (iii) a material violation of a Company policy; or (iv) a material breach of any term of any employment, consulting, or other services,
confidentiality, intellectual property, or non-competition agreements, if any, between the Grantee and the Company or an Affiliate. 
 2.11
“Change in Control” means, subject to Section 18.9, the occurrence of any of the following: 
 (i) The
acquisition by any Person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than fifty percent (50%)

  
 - 2 - 

 
of either (1) the then outstanding shares of Stock (the “Outstanding Company Stock”) or (2) the combined voting power of the then outstanding voting securities of the
Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (i), the following acquisitions shall not
constitute a Change in Control: (a) any acquisition by the Company; (b) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation or trust controlled by the Company; and
(c) any acquisition by any Person pursuant to a transaction which complies with clauses (1), (2), and (3) of Section 2.11(iii); or 

(ii) Individuals who, as of the Amendment Date, constitute the Board (the “Incumbent Board”) cease for any reason to
constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Amendment Date whose election, or nomination for election by the Company’s stockholders, was approved by a
vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of
office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or 

(iii) Consummation of a reorganization, merger, or consolidation or sale or other disposition of all or substantially all of the assets of the
Company (a “Business Combination”), in each case unless, following such Business Combination, (1) all or substantially all of the individuals and entities who were the beneficial owners of the Outstanding Company Stock and
Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than fifty percent (50%) of, respectively, the then outstanding common shares and the combined voting power of
the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such Business Combination (including, without limitation, a corporation that as a result of such
transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination of
the Outstanding Company Stock and Outstanding Company Voting Securities, as the case may be; (2) no Person (excluding any corporation or trust resulting from such Business Combination or any employee benefit plan (or related trust) of the
Company or such corporation or trust resulting from such Business Combination) beneficially owns, directly or indirectly, fifty percent (50%) or more of the then outstanding shares of the corporation or trust resulting from such Business
Combination or the combined voting power of the then outstanding voting securities of such corporation or trust except to the extent that such ownership existed prior to the Business Combination; and (3) at least a majority of the members of
the board of directors of the corporation or trust resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business
Combination; or 
 (iv) Approval by the stockholders of the Company of a complete liquidation or dissolution of the Company and consummation
of such transaction. 

  
 - 3 - 

 The Board shall have full and final authority, in its sole discretion, to determine conclusively
whether a Change in Control has occurred pursuant to the above definition, the date of the occurrence of such Change in Control, and any incidental matters relating thereto.  

2.12 “Code” means the Internal Revenue Code of 1986, as amended, as now in effect or as hereafter amended, and any successor
thereto. References in the Plan to any Code Sections shall be deemed to include, as applicable, regulations and guidance promulgated under such Code Section. 

2.13 “Committee” means a committee of, and designated from time to time by resolution of, the Board, which shall be
constituted as provided in Section 3.1 (or, if no Committee has been so designated, the Board itself). 
 2.14
“Company” means Walker & Dunlop, Inc., a Maryland corporation, and any successor thereto. 
 2.15
“Controlling Interest” shall have the meaning set forth in Treasury Regulation Section 1.414(c)-2(b)(2)(i); provided that (i) except as specified in clause (ii) below, an interest of “at least 50 percent”
shall be used instead of an interest of “at least 80 percent” in each case where “at least 80 percent” appears in Treasury Regulation Section 1.414(c)-2(b)(2)(i) and (ii) where a grant of Options or Stock Appreciation
Rights is based upon a legitimate business criterion, an interest of “at least 20 percent” shall be used instead of an interest of “at least 80 percent” in each case where “at least 80 percent” appears in Treasury
Regulation Section 1.414(c)-2(b)(2)(i). 
 2.16 “Covered Employee” means a Grantee who is, or could become, a
“covered employee” within the meaning of Code Section 162(m)(3). 
 2.17 “Deferred Stock Unit” means a
Restricted Stock Unit, the terms of which provide for delivery of the underlying shares of Stock, cash, or a combination thereof subsequent to the date of vesting, at a time or times consistent with the requirements of Code Section 409A. 

2.18 “Disability” means the Grantee is unable to perform each of the essential duties of such Grantee’s position by
reason of a medically determinable physical or mental impairment which is potentially permanent in character or which can be expected to last for a continuous period of not less than twelve (12) months; provided, however, that,
with respect to rules regarding the expiration of an Incentive Stock Option following termination of a Grantee’s Service, Disability shall mean the Grantee is unable to engage in any substantial gainful activity by reason of a medically
determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve (12) months. 

  
 - 4 - 

 2.19 “Disqualified Individual” shall have the meaning set forth in Code
Section 280G(c). 
 2.20 “Dividend Equivalent Right” means a right, granted to a Grantee pursuant to
Section 13, entitling the Grantee thereof to receive, or to receive credits for the future payments of, cash, Stock, other Awards, or other property equal in value to dividend payments or distributions, or other periodic payments,
declared or paid with respect to a number of shares of Stock specified in such Dividend Equivalent Right (or other Award to which such Dividend Equivalent Right relates) as if such shares of Stock had been issued to and held by the Grantee as of the
record date. 
 2.21 “Exchange Act” means the Securities Exchange Act of 1934, as amended, as now in effect or as hereafter
amended, and any successor thereto. 
 2.22 “Fair Market Value” means the fair market value of a share of Stock for
purposes of the Plan, which shall be, as of any date of determination: 
 (i) If on such date the shares of Stock are listed on a Stock
Exchange or are publicly traded on another Securities Market, the Fair Market Value of a share of Stock shall be the closing price of a share of Stock as reported on such Stock Exchange or such Securities Market (provided that, if there is
more than one such Stock Exchange or Securities Market, the Committee shall designate the appropriate Stock Exchange or Securities Market for purposes of the Fair Market Value determination). If there is no such reported closing price on such date,
the Fair Market Value of a share of Stock shall be the closing price of a share of Stock on the last preceding day on which any sale of Stock shall have been reported on such Stock Exchange or such Securities Market. 

(ii) If on such date the shares of Stock are not listed on a Stock Exchange or publicly traded on a Securities Market, the Fair Market Value
of a share of Stock shall be the value of a share of Stock as determined by the Committee by the reasonable application of a reasonable valuation method, in a manner consistent with Code Section 409A. 

Notwithstanding this Section 2.22 or Section 18.3, for purposes of determining taxable income and the amount of the
related tax withholding obligation pursuant to Section 18.3, the Fair Market Value will be determined by the Committee in good faith using any reasonable method as it deems appropriate, to be applied consistently with respect to
Grantees; provided, further, that the Committee shall determine the Fair Market Value of shares of Stock for tax withholding obligations due in connection with sales, by or on behalf of a Grantee, of such shares of Stock subject to an
Award to pay the Option Price, SAR Exercise Price, and/or any tax withholding obligation on the same date on which such shares may first be sold pursuant to the terms of the applicable Award Agreement (including broker-assisted cashless exercises of
Options and Stock Appreciation Rights and sell-to-cover transactions) in any manner consistent with applicable provisions of the Code, including, without limitation, using the sale price of such shares on such date (or if sales of such shares are
effectuated at more than one sale price, the weighted average sale price of such shares on such date) as the Fair Market Value of such shares, so long as such Grantee has provided the Company, or its designee or agent, with advance written notice of
such sale. 

  
 - 5 - 

 2.23 “Family Member” means, with respect to a Grantee as of any date of
determination, (i) a Person who is a spouse, former spouse, child, stepchild, grandchild, parent, stepparent, grandparent, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother, sister, brother-in-law, or
sister-in-law, including adoptive relationships, of such Grantee; (ii) any Person sharing such Grantee’s household (other than a tenant or employee); (iii) a trust in which any one or more of the Persons specified in clauses
(i) and (ii) of this Section 2.23 (and such Grantee) own more than fifty percent (50%) of the beneficial interest; (iv) a foundation in which any one or more of the Persons specified in clauses (i) and
(ii) of this Section 2.23 (and such Grantee) control the management of assets; and (v) any other entity in which one or more of these persons (or the Grantee) own more than fifty percent (50%) of the voting interests. 

2.24 “Grant Date” means, as determined by the Committee, the latest to occur of (i) the date as of which the Committee
approves the Award, (ii) the date on which the recipient of an Award first becomes eligible to receive an Award under Section 6, or (iii) such other subsequent date specified by the Committee in the corporate action approving
the Award. 
 2.25 “Grantee” means a person who receives or holds an Award under the Plan. 

2.26 “Incentive Stock Option” means an “incentive stock option” within the meaning of Code Section 422. 

2.27 “Non-Employee Director” shall have the meaning set forth in Rule 16b-3 under the Exchange Act. 

2.28 “Non-qualified Stock Option” means an Option that is not an Incentive Stock Option. 

2.29 “Officer” shall have the meaning set forth in Rule 16a-1(f) under the Exchange Act. 

2.30 “Option” means an option to purchase one or more shares of Stock at a specified Option Price awarded to a Grantee
pursuant to Section 8. 
 2.31 “Option Price” means the per share exercise price for shares of Stock subject to
an Option. 
 2.32 “Other Agreement” means any agreement, contract, or understanding heretofore or hereafter entered into
by the Grantee with the Company or an Affiliate, except an agreement, contract, or understanding that expressly addresses Code Section 280G and/or Code Section 4999. 

2.33 “Other Equity-Based Award” means an Award representing a right or other interest that may be denominated or payable in,
valued in whole or in part by reference to, or otherwise based on, or related to, Stock, other than an Option, Stock Appreciation Right, Restricted Stock, Unrestricted Stock, Restricted Stock Unit, Dividend Equivalent Right, Performance Award, or
Annual Incentive Award. 

  
 - 6 - 

 2.34 “Outside Director” shall have the meaning set forth in Code
Section 162(m). 
 2.35 “Parachute Payment” shall mean a “parachute payment” within the meaning of Code
Section 280G(b)(2). 
 2.36 “Performance Award” means an Award made subject to the attainment of performance goals (as
described in Section 14) over a Performance Period as specified by the Committee. 
 2.37 “Performance-Based
Compensation” means compensation under an Award that is intended to satisfy the requirements of Code Section 162(m) for Qualified Performance-Based Compensation paid to Covered Employees. Notwithstanding the foregoing, nothing in this
Plan shall be construed to mean that an Award which does not satisfy the requirements for Qualified Performance-Based Compensation does not constitute performance-based compensation for other purposes, including the purposes of Code
Section 409A. 
 2.38 “Performance Measures” means measures as described in Section 14 on which the
performance goal or goals under Performance Awards are based and which are approved by the Company’s stockholders pursuant to, and to the extent required by, the Plan in order to qualify such Performance Awards as Performance-Based
Compensation. 
 2.39 “Performance Period” means the period of time, up to a maximum of ten (10) years, during or over
which the performance goals under Performance Awards must be met in order to determine the degree of payout and/or vesting with respect to any such Performance Award. 

2.40 “Person” means an individual, corporation, partnership, limited liability company, association, trust, or any other
entity or organization, including a government or political subdivision or an agency or instrumentality thereof; provided that, for purposes of Section 2.11, Person shall have the meaning set forth in Sections 13(d) and 14(d)(2) of the
Exchange Act. 
 2.41 “Plan” means this Walker & Dunlop, Inc. 2015 Equity Incentive Plan, as amended from time to
time. 
 2.42 “Prior Plan” means the Walker & Dunlop, Inc. 2010 Equity Incentive Plan, as amended. 

2.43 “Purchase Price” means the purchase price for each share of Stock pursuant to a grant of Restricted Stock, Restricted
Stock Units, or Unrestricted Stock. 
 2.44 “Qualified Performance-Based Compensation” shall have the meaning set forth in
Code Section 162(m). 

  
 - 7 - 

 2.45 “Reporting Person” means a person who is required to file reports under
Section 16(a) of the Exchange Act. 
 2.46 “Restricted Period” means a period of time established by the Committee
during which an Award of Restricted Stock, Restricted Stock Units, or Deferred Stock Units is subject to restrictions. 
 2.47
“Restricted Stock” means shares of Stock awarded to a Grantee pursuant to Section 10. 
 2.48
“Restricted Stock Unit” means a bookkeeping entry representing the equivalent of one share of Stock awarded to a Grantee pursuant to Section 10 that may be settled, subject to the terms and conditions of the applicable
Award Agreement, in shares of Stock, cash, or a combination thereof. 
 2.49 “SAR Exercise Price” means the per share
exercise price of a SAR. 
 2.50 “Securities Act” means the Securities Act of 1933, as amended, as now in effect or as
hereafter amended, and any successor thereto. 
 2.51 “Securities Market” means an established national or regional
securities market. 
 2.52 “Separation from Service” shall have the meaning set forth in Code Section 409A. 

2.53 “Service” means service qualifying a Grantee as a Service Provider to the Company or an Affiliate. Unless otherwise
stated in the applicable Award Agreement, a Grantee’s change in position or duties shall not result in interrupted or terminated Service, so long as such Grantee continues to be a Service Provider to the Company or an Affiliate. Subject to the
preceding sentence, any determination by the Committee whether a termination of Service shall have occurred for purposes of the Plan shall be final, binding and conclusive. If a Service Provider’s employment or other Service relationship is
with an Affiliate and the applicable Person ceases to be an Affiliate, a termination of Service shall be deemed to have occurred when such Person ceases to be an Affiliate unless the Service Provider transfers his or her employment or other Service
relationship to the Company or any other Affiliate. 
 2.54 “Service Provider” means (i) an employee, officer, or
director of the Company or an Affiliate, or (ii) a consultant or adviser to the Company or an Affiliate (1) who is a natural person, (ii) who is currently providing bona fide services to the Company or an Affiliate, and
(iii) whose services are not in connection with the Company’s sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Company’s Stock. 

2.55 “Service Recipient Stock” shall have the meaning set forth in Code Section 409A. 

2.56 “Share Limit” shall have the meaning set forth in Section 4.1. 

  
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 2.57 “Short-Term Deferral Period” shall have the meaning set forth in Code
Section 409A. 
 2.58 “Stock” means the common stock, par value $0.01 per share, of the Company, or any security into
which shares of Stock may be changed or for which shares of Stock may be exchanged as provided in Section 17.1. 
 2.59
“Stock Appreciation Right” or “SAR” means a right granted to a Grantee pursuant to Section 9. 

2.60 “Stock Exchange” means the New York Stock Exchange, the NASDAQ Capital Market, the NASDAQ Global Market, the NASDAQ
Global Select Market, or another established national or regional stock exchange. 
 2.61 “Subsidiary” means any
corporation (other than the Company) or non-corporate entity with respect to which the Company owns, directly or indirectly, fifty percent (50%) or more of the total combined voting power of all classes of stock. In addition, any other entity
may be designated by the Committee as a Subsidiary, provided that (i) such entity could be considered as a subsidiary according to generally accepted accounting principles in the United States of America and (ii) in the case of an Award of
Options or Stock Appreciation Rights, such Award would be considered to be granted in respect of Service Recipient Stock under Code Section 409A. 

2.62 “Substitute Award” means an Award granted upon assumption of, or in substitution for, outstanding awards previously
granted under a compensatory plan of the Company, an Affiliate, or other business entity acquired or to be acquired by the Company or an Affiliate or with which the Company or an Affiliate has combined or will combine. 

2.63 “Ten Percent Stockholder” means a natural Person who owns more than ten percent (10%) of the total combined voting
power of all classes of outstanding voting securities of the Company, the Company’s parent (if any), or any of the Company’s Subsidiaries. In determining stock ownership, the attribution rules of Code Section 424(d) shall be applied.

 2.64 “Unrestricted Stock” means Stock that is free of any restrictions granted pursuant to Section 11. 

 

	3.	ADMINISTRATION OF THE PLAN 

  

	 	3.1.	Committee. 

  

	 	3.1.1.	Powers and Authorities. 

 The Committee shall administer the Plan and shall have such
powers and authorities related to the administration of the Plan as are consistent with the Company’s certificate of incorporation and bylaws and Applicable Laws. Without limiting the generality of the foregoing, the Committee shall have full
power and authority to take all actions and to make all determinations required or provided for under the Plan, any Award, or any Award Agreement 

  
 - 9 - 

 
and shall have full power and authority to take all such other actions and to make all such other determinations not inconsistent with the specific terms and provisions of the Plan which the
Committee deems to be necessary or appropriate to the administration of the Plan, any Award, or any Award Agreement. All such actions and determinations shall be made by (i) the affirmative vote of a majority of the members of the Committee
present at a meeting at which a quorum is present, or (ii) the unanimous consent of the members of the Committee executed in writing or evidenced by electronic transmission in accordance with the Company’s certificate of incorporation and
bylaws and Applicable Laws. Unless otherwise expressly determined by the Board, the Committee shall have the authority to interpret and construe all provisions of the Plan, any Award, and any Award Agreement, and any such interpretation or
construction, and any other determination contemplated to be made under the Plan or any Award Agreement, by the Committee shall be final, binding, and conclusive on all Persons, whether or not expressly provided for in any provision of the Plan,
such Award, or such Award Agreement. 
 In the event that the Plan, any Award, or any Award Agreement provides for any action to be taken by
the Board or any determination to be made by the Board, such action may be taken or such determination may be made by the Committee constituted in accordance with this Section 3.1.1 if the Board has delegated the power and authority to
do so to such Committee. 
  

	 	3.1.2.	Composition of the Committee. 

 The Committee shall be a committee composed of not fewer
than two (2) directors of the Company designated by the Board to administer the Plan. Each member of the Committee shall be (i) a Non-Employee Director, (ii) an Outside Director, and (iii) an independent director in accordance
with the rules of any Stock Exchange on which the Stock is listed; provided that any action taken by the Committee shall be valid and effective whether or not members of the Committee at the time of such action are later determined not to
have satisfied the requirements for membership set forth in this Section 3.1.2 or otherwise provided in any charter of the Committee. Without limiting the generality of the foregoing, the Committee may be the Compensation Committee of
the Board or a subcommittee thereof if the Compensation Committee of the Board or such subcommittee satisfies the foregoing requirements. 
  

	 	3.1.3.	Other Committees. 

 The Board also may appoint one or more committees of the Board, each
composed of one or more directors of the Company who need not be Outside Directors, which (i) may administer the Plan with respect to Grantees who are not Officers or directors of the Company, (ii) may grant Awards under the Plan to such
Grantees, and (iii) may determine all terms of such Awards, in each case, excluding (for the avoidance of doubt) Performance Awards intending to constitute Qualified Performance-Based Compensation and subject, if applicable, to the requirements
of Rule 16b-3 under the Exchange Act and the rules of any Stock Exchange or Securities Market on which the Stock is listed or publicly traded. 

  
 - 10 - 

	 	3.1.4.	Delegation by Committee. 

 To the extent permitted by Applicable Laws, the Committee may,
by resolution, delegate some or all of its authority with respect to the Plan and Awards to the Chief Executive Officer of the Company and/or any other officer of the Company designated by the Committee; provided that the Committee may not
delegate its authority hereunder (i) to make Awards to directors of the Company, (ii) to make Awards to employees who are (1) Officers, (2) Covered Employees, or (3) officers of the Company who are delegated authority by the
Committee pursuant to this Section 3.1.4, or (iii) to interpret the Plan, any Award, or any Award Agreement. Any delegation hereunder will be subject to the restrictions and limits that the Committee specifies at the time of such
delegation or thereafter. Nothing in the Plan will be construed as obligating the Committee to delegate authority to any officer of the Company, and the Committee may at any time rescind the authority delegated to an officer of the Company appointed
hereunder and delegate authority to one or more other officers of the Company. At all times, an officer of the Company delegated authority pursuant to this Section 3.1.4 will serve in such capacity at the pleasure of the Committee. Any
action undertaken by any such officer of the Company in accordance with the Committee’s delegation of authority will have the same force and effect as if undertaken directly by the Committee, and any reference in the Plan to the
“Committee” will, to the extent consistent with the terms and limitations of such delegation, be deemed to include a reference to each such officer. 
  

	 	3.2.	Board. 

 The Board, from time to time, may exercise any or all of the powers and
authorities related to the administration and implementation of the Plan, as set forth in Section 3.1 and other applicable provisions of the Plan, as the Board shall determine, consistent with the Company’s certificate of
incorporation and bylaws and Applicable Laws. 
  

	 	3.3.	Terms of Awards. 

 Subject to the other terms and conditions of the Plan, the Committee
shall have full and final authority to: 
 (i) designate Grantees; 

(ii) determine the type or types of Awards to be made to a Grantee; 

(iii) determine the number of shares of Stock to be subject to an Award or to which an Award relates; 

(iv) establish the terms and conditions of each Award (including the Option Price, SAR Exercise Price, and Purchase Price; the nature and
duration of any restriction or condition (or provision for lapse thereof) relating to the vesting, exercise, transfer, or forfeiture of an Award or the shares of Stock subject thereto; the treatment of an Award in the event of a Change in Control
(subject to applicable agreements); and any terms or conditions that may be necessary to qualify Options as Incentive Stock Options); 

  
 - 11 - 

 (v) prescribe the form of each Award Agreement evidencing an Award; 

(vi) subject to the limitation on repricing in Section 3.5, amend, modify, or supplement the terms of any outstanding Award, which
authority specifically includes the authority, in order to effectuate the purposes of the Plan but without amending the Plan, to make Awards or to modify outstanding Awards made to eligible natural Persons who are foreign nationals or are natural
Persons who are employed outside the United States to reflect differences in local law, tax policy, or custom; provided that, notwithstanding the foregoing, no amendment, modification, or supplement of the terms of any outstanding Award
shall, without the consent of the Grantee, impair the Grantee’s rights under such Award; and 
 (vii) make Substitute Awards. 

 

	 	3.4.	Forfeiture; Recoupment. 

 The Committee may reserve the right in an Award Agreement to
cause a forfeiture of the gain realized by a Grantee with respect to an Award thereunder on account of actions taken by, or failed to be taken by, such Grantee in violation or breach of or in conflict with any (i) employment agreement,
(ii) non-competition agreement, (iii) agreement prohibiting solicitation of employees or clients of the Company or an Affiliate, (iv) confidentiality obligation with respect to the Company or an Affiliate, (v) Company or
Affiliate policy or procedure, (vi) other agreement, or (vii) other obligation of such Grantee to the Company or an Affiliate, as and to the extent specified in such Award Agreement. Furthermore, if the Grantee of an outstanding Award is
an employee of the Company or an Affiliate thereof and such Grantee’s Service is terminated for Cause, the Committee may annul such Grantee’s outstanding Award as of the date of the Grantee’s termination of Service for Cause. 

Any Award granted pursuant to the Plan is subject to mandatory repayment by the Grantee to the Company (x) to the extent set forth in the
Plan or an Award Agreement or (y) to the extent the Grantee is, or in the future becomes, subject to (1) any Company or Affiliate “clawback” or recoupment policy that is adopted to comply with the requirements of any Applicable
Laws or (2) any Applicable Laws which impose mandatory recoupment, under circumstances set forth in such Applicable Laws. 

Furthermore, if the Company is required to prepare an accounting restatement due to the material noncompliance of the Company, as a result of
misconduct, with any financial reporting requirement under Applicable Laws, the natural Persons subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002 and any Grantee who knowingly engaged in the misconduct, was
grossly negligent in engaging in the misconduct, knowingly failed to prevent the misconduct, or was grossly negligent in failing to prevent the misconduct, shall reimburse the Company the amount of any payment in settlement of an Award earned or
accrued during the twelve (12)-month period following the first public issuance or filing (whichever first occurred) with the United States Securities and Exchange Commission of the financial document that contained such material noncompliance. 

  
 - 12 - 

 Notwithstanding any other provision of this Plan or any provision of any Award Agreement, if the
Company is required to prepare an accounting restatement, then a Grantee shall forfeit any cash or Stock received in connection with an Award (or an amount equal to the Fair Market Value of such Stock on the date of delivery if the Grantee no longer
holds the shares of Stock) if, pursuant to the terms of the Award Agreement for such Award, the amount of the Award earned or the vesting in the Award was explicitly based on the achievement of pre-established performance goals set forth in the
Award Agreement (including earnings, gains, or other criteria) that are later determined, as a result of the accounting restatement, not to have been achieved. 
  

	 	3.5.	No Repricing without Stockholder Approval. 

 Except in connection with a corporate
transaction involving the Company (including, without limitation, any stock dividend, distribution (whether in the form of cash, shares of Stock, other securities, or other property), stock split, extraordinary dividend, recapitalization, Change in
Control, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of shares of Stock, or other securities or similar transaction), the Company may not: (i) amend the terms of outstanding Options or SARs to
reduce the Option Price or SAR Exercise Price, as applicable, of such outstanding Options or SARs; (ii) cancel outstanding Options or SARs in exchange for or substitution of Options or SARs with an Option Price or SAR Exercise Price, as
applicable, that is less than the Option Price or SAR Exercise Price, as applicable, of the original Options or SARs; or (iii) cancel outstanding Options or SARs with an Option Price or SAR Exercise Price, as applicable, above the current Fair
Market Value in exchange for cash or other securities, in each case, unless such action (a) is subject to and approved by the Company’s stockholders or (b) would not be deemed to be a repricing under the rules of any Stock Exchange or
Securities Market on which the Stock is listed or publicly traded. 
  

	 	3.6.	Deferral Arrangement. 

 The Committee may permit or require the deferral of any payment
pursuant to an Award into a deferred compensation arrangement, subject to such rules and procedures as it may establish, which may include provisions for the payment or crediting of interest or Dividend Equivalent Rights and, in connection
therewith, provisions for converting such credits into Deferred Stock Units and for restricting deferrals to comply with hardship distribution rules affecting tax-qualified retirement plans subject to Code Section 401(k)(2)(B)(IV); provided
that no Dividend Equivalent Rights may be granted in connection with, or related to, an Award of Options or SARs. Any such deferrals shall be made in a manner that complies with Code Section 409A, including, if applicable, with respect to when
a Separation from Service occurs. 
  

	 	3.7.	No Liability. 

 No member of the Board or the Committee shall be liable for any action or
determination made in good faith with respect to the Plan, any Award, or any Award Agreement. Notwithstanding any provision of the Plan to the contrary, neither the Company, an Affiliate, the Board, the Committee, nor any person acting on behalf of
(including, without limitation, designees of) the Company, an Affiliate, the Board, or the Committee will be liable to any Grantee or to the 

  
 - 13 - 

 
estate or beneficiary of any Grantee or to any other holder of an Award under the Plan by reason of any acceleration of income, or any additional tax (including any interest and penalties),
asserted by reason of the failure of an Award to satisfy the requirements of Code Section 422 or Code Section 409A or by reason of Code Section 4999, or otherwise asserted with respect to the Award; provided that this
Section 3.7 shall not affect any of the rights or obligations set forth in an applicable agreement between the Grantee and the Company or an Affiliate. 
  

	 	3.8.	Stock Issuance/Book-Entry. 

 Notwithstanding any provision of the Plan to the contrary,
the ownership of the shares of Stock issued under the Plan may be evidenced in such a manner as the Committee, in its sole discretion, deems appropriate, including, without limitation, book-entry or direct registration or the issuance of one or more
share certificates. 
  

	4.	STOCK SUBJECT TO THE PLAN 

  

	 	4.1.	Number of Shares of Stock Reserved for Awards. 

 Subject to adjustment as provided in
Section 4.2 and Section 17, the number of shares of Stock reserved for issuance under the Plan will be equal to the sum of (i) three million (3,000,000) shares of Stock, plus (ii) the number of shares of Stock
available for future awards under the Prior Plan as of the Amendment Date, plus (iii) the number of shares of Stock related to awards outstanding under the Prior Plan as of the Amendment Date that thereafter terminate by expiration or
forfeiture, cancellation, or otherwise without the issuance of such shares of Stock (the “Share Limit”). Any of the shares of Stock reserved and available for issuance under the Plan may be used for any type of Award under the Plan,
and any or all of the shares of Stock reserved for issuance under the Plan shall be available for issuance pursuant to Incentive Stock Options. Shares of Stock to be issued under the Plan shall be authorized but unissued shares or, to the extent
permitted by Applicable Laws, issued shares that have been reacquired by the Company. 
  

	 	4.2.	Adjustments in Authorized Shares of Stock. 

 In connection with mergers, reorganizations,
separations, or other transactions to which Code Section 424(a) applies, the Committee shall have the right to cause the Company to assume awards previously granted under a compensatory plan of another business entity that is a party to such
transaction and/or to grant Substitute Awards under the Plan for such awards. The Share Limit pursuant to Section 4.1 shall be increased by the number of shares of Stock subject to any such assumed awards and Substitute Awards. Shares
available for issuance under a stockholder-approved plan of a business entity that is a party to such transaction (as appropriately adjusted, if necessary, to reflect the transaction) may be used for Awards under the Plan and shall not reduce the
number of shares of Stock available for issuance under the Plan, subject to applicable requirements of any Stock Exchange or Securities Market on which the Stock is listed or publicly traded. 

  
 - 14 - 

	 	4.3.	Share Usage. 

 Shares of Stock covered by an Award shall be counted as used as of the
Grant Date for purposes of calculating the number of shares of Stock available for issuance under Section 4.1. Any shares of Stock that are subject to Awards shall be counted against the Share Limit set forth in Section 4.1
as one (1) share of Stock for every one (1) share of Stock subject to an Award. With respect to SARs, the number of shares of Stock subject to an award of SARs will be counted against the Share Limit set forth in Section 4.1
as one (1) share of Stock for every one (1) share of Stock subject to such Award regardless of the number of shares of Stock actually issued to settle the SAR upon exercise. The target number of shares issuable under a Performance
Award shall be counted against the Share Limit set forth in Section 4.1 as of the Grant Date, but such number shall be adjusted to equal the actual number of shares issued upon settlement of the Performance Award to the extent different
from such target number of shares. 
 If any shares of Stock covered by an Award granted under the Plan are not purchased or are forfeited
or expire, or if an Award otherwise terminates without delivery of any shares of Stock subject thereto or is settled in cash in lieu of shares of Stock, then the number of shares of Stock counted against the Share Limit with respect to such Award
shall, to the extent of any such forfeiture, termination, expiration, or settlement, again be available for making Awards under the Plan in the same amount as such shares of Stock were counted against the Share Limit set forth in
Section 4.1. The number of shares of Stock available for issuance under the Plan shall not be increased by the number of shares of Stock (i) tendered, withheld, or subject to an Award surrendered in connection with the purchase of
shares of Stock upon exercise of an Option, (ii) deducted or delivered from payment of an Award payment in connection with the Company’s tax withholding obligations as described in Section 18.3, (iii) purchased by the
Company with proceeds from Option exercises, or (iv) not issued upon the net settlement or net exercise of a Stock-settled SAR. 
  

	5.	TERM; AMENDMENT, SUSPENSION, AND TERMINATION 

  

	 	5.1.	Term. 

 The Plan, as amended and restated, shall become effective as of the Amendment
Date. Following the Amendment Date, no awards shall be made under the Prior Plan. Notwithstanding the foregoing, shares of Stock reserved under the Prior Plan to settle awards, including performance-based awards, which are made under the Prior Plan
prior to the Amendment Date may be issued and delivered following the Amendment Date to settle such awards. The Plan shall terminate on the first to occur of (i) the tenth (10th) anniversary of the Amendment Date, (ii) the date
determined in accordance with Section 5.2, and (iii) the date determined in accordance with Section 17.3; provided, however, that Incentive Stock Options may not be granted under the Plan after the tenth
(10th) anniversary of the date of the Board’s adoption of the Plan. Upon such termination of the Plan, all outstanding Awards shall continue to have full force and effect in accordance with the provisions of the terminated Plan and the
applicable Award Agreement (or other documents evidencing such Awards). 

  
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	 	5.2.	Amendment, Suspension, and Termination of the Plan. 

 The Board may, at any time and from
time to time, amend, suspend, or terminate the Plan; provided that, with respect to Awards theretofore granted under the Plan, no amendment, suspension, or termination of the Plan shall, without the consent of the Grantee, impair the rights or
obligations under any such Award. An amendment shall be contingent on approval of the Company’s stockholders to the extent stated by the Board or required by Applicable Laws (including applicable Stock Exchange listing requirements);
provided that no amendment will be made to the no-repricing provisions of Section 3.5, the Option Price provisions of Section 8.1, and the SAR Exercise Price provisions of Section 9.1 without the
approval of the Company’s stockholders. 
  

	6.	AWARD ELIGIBILITY AND LIMITATIONS 

  

	 	6.1.	Service Providers and Other Persons. 

 Subject to this Section 6, Awards may
be made under the Plan to: (i) any Service Provider, as the Committee shall determine and designate from time to time, and (ii) any other individual whose participation in the Plan is determined to be in the best interests of the Company
by the Committee. 
  

	 	6.2.	Limitation on Shares of Stock Subject to Awards and Cash Awards. 

 During any time when
the Company has a class of equity securities registered under Section 12 of the Exchange Act and the transition period under Treasury Regulation Section 1.162-27(f)(2) has lapsed or does not apply, but subject to adjustment as provided in
Section 17: 
 (i) the maximum number of shares of Stock that may be granted under the Plan, pursuant to Options or SARs, in a
calendar year to any Person eligible for an Award under Section 6 is six hundred thousand (600,000) shares; 
 (ii) the
maximum number of shares of Stock that may be granted under the Plan, other than pursuant to Options or SARs, in a calendar year to any Person eligible for an Award under Section 6 is six hundred thousand (600,000) shares; and 

(iii) the maximum amount that may be paid as an Annual Incentive Award (whether or not cash-settled) in a calendar year to any Person eligible
for an Award under Section 6 shall be five million dollars ($5,000,000), and the maximum amount that may be paid as a cash-denominated Performance Award (whether or not cash-settled) in respect of a Performance Period in excess of twelve
(12) months by any Person eligible for an Award under Section 6 shall be seven million dollars ($7,000,000). 
  

	 	6.3.	Stand-Alone, Additional, Tandem and Substitute Awards. 

 Subject to
Section 3.4, Awards granted under the Plan may, in the sole discretion of the Committee, be granted either alone or in addition to, in tandem with, or in substitution or exchange for, (i) any other Award, (ii) any award granted
under another plan of the Company, 

  
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any Affiliate, or any business entity that has been a party to a transaction with the Company or an Affiliate, or (iii) any other right of a Grantee to receive payment from the Company or
any Affiliate. Such additional, tandem, exchange, or Substitute Awards may be granted at any time. If an Award is granted in substitution or exchange for another Award or for an award granted under another plan of the Company, an Affiliate, or any
business entity that has been a party to a transaction with the Company or an Affiliate, the Committee shall require the surrender of such other Award or award under such other plan in consideration for the grant of such exchange or Substitute
Award. In addition, Awards may be granted in lieu of cash compensation, including in lieu of cash amounts payable under other plans of the Company or any Affiliate. Notwithstanding Section 8.1 and Section 9.1 but subject to
Section 3.5, the Option Price of an Option or the SAR Exercise Price of an SAR that is a Substitute Award may be less than one hundred percent (100%) of the Fair Market Value of a share of Stock on the original Grant Date;
provided, that the Option Price or SAR Exercise Price is determined in accordance with the principles of Code Section 424 and the regulations thereunder for any Incentive Stock Option and consistent with Code Section 409A for any
other Option or SAR. 
  

	7.	AWARD AGREEMENT 

 Each Award granted pursuant to the Plan shall be evidenced by an Award
Agreement, in such form or forms as the Committee shall from time to time determine. Award Agreements utilized from time to time or at the same time need not contain similar provisions but shall be consistent with the terms of the Plan. Each Award
Agreement evidencing an Award of Options shall specify whether such Options are intended to be Non-qualified Stock Options or Incentive Stock Options, and in the absence of such specification such options shall be deemed Non-qualified Stock Options.
In the event of any inconsistency between the Plan and an Award Agreement, the provisions of the Plan shall control. 
  

	8.	TERMS AND CONDITIONS OF OPTIONS 

  

	 	8.1.	Option Price. 

 The Option Price of each Option shall be fixed by the Committee and
stated in the Award Agreement evidencing such Option. Except in the case of Substitute Awards, the Option Price of each Option shall be at least the Fair Market Value of one (1) share of Stock on the Grant Date; provided, however,
that in the event that a Grantee is a Ten Percent Stockholder, the Option Price of an Option granted to such Grantee that is intended to be an Incentive Stock Option shall be not less than one hundred ten percent (110%) of the Fair Market Value
of one (1) share of Stock on the Grant Date. In no case shall the Option Price of any Option be less than the par value of a share of Stock. 
  

	 	8.2.	Vesting and Exercisability. 

 Subject to Sections 8.3 and 17.3, each
Option granted under the Plan shall become vested and/or exercisable at such times and under such conditions as shall be determined by the Committee and stated in the Award Agreement, in another agreement with the Grantee, or otherwise in writing;
provided that no Option shall be granted to Grantees who are entitled to 

  
 - 17 - 

 
overtime under Applicable Laws that will vest or be exercisable within a six (6)-month period starting on the Grant Date. For purposes of this Section 8.2, fractional numbers of
shares of Stock subject to an Option shall be rounded down to the next nearest whole number. 
  

	 	8.3.	Term. 

 Each Option granted under the Plan shall terminate, and all rights to purchase
shares of Stock thereunder shall cease, on the tenth (10th) anniversary of the Grant Date, or under such circumstances and on such date prior thereto as is set forth in the Plan or as may be fixed by the Committee and stated in the Award
Agreement relating to such Option; provided, however, that in the event that the Grantee is a Ten Percent Stockholder, an Option granted to such Grantee that is intended to be an Incentive Stock Option shall not be exercisable after
the fifth (5th) anniversary of the Grant Date of such Incentive Stock Option. 
  

	 	8.4.	Termination of Service. 

 Each Award Agreement with respect to the grant of an Option
shall set forth the extent to which the Grantee thereof, if at all, shall have the right to exercise the Option following termination of the Grantee’s Service. Such provisions shall be determined in the sole discretion of the Committee, need
not be uniform among all Options issued pursuant to the Plan, and may reflect distinctions based on the reasons for termination of Service. 
  

	 	8.5.	Limitations on Exercise of Option. 

 Notwithstanding any provision of the Plan to the
contrary, in no event may any Option be exercised, in whole or in part, after the occurrence of an event which results in termination of the Option in accordance with Section 17. 

 

	 	8.6.	Method of Exercise. 

 Subject to the terms of Section 12 and
Section 18.3, an Option that is exercisable may be exercised by the Grantee’s delivery to the Company or its designee or agent of notice of exercise on any business day, at the Company’s principal office or the office of such
designee or agent, on the form specified by the Company and in accordance with any additional procedures specified by the Committee. Such notice shall specify the number of shares of Stock with respect to which the Option is being exercised and
shall be accompanied by payment in full of the Option Price of the shares of Stock for which the Option is being exercised, plus the amount (if any) of federal and/or other taxes which the Company may, in its judgment, be required to withhold with
respect to the exercise of such Option. 
  

	 	8.7.	Rights of Holders of Options. 

 Unless otherwise stated in the applicable Award
Agreement, a Grantee or other Person holding or exercising an Option shall have none of the rights of a stockholder (for example, the right to receive cash or dividend payments or distributions attributable to the shares of Stock subject to such
Option or to direct the voting of the shares of Stock subject to such Option) until 

  
 - 18 - 

 
the shares of Stock subject thereby are fully paid and issued to such Grantee or other Person. Except as provided in Section 17, no adjustment shall be made for dividends,
distributions, or other rights for which the record date is prior to the date of issuance of such shares of Stock. 
  

	 	8.8.	Delivery of Stock. 

 Promptly after the exercise of an Option by a Grantee and the
payment in full of the Option Price with respect thereto, such Grantee shall be entitled to receive evidence of such Grantee’s ownership of the shares of Stock subject to the Option as shall be consistent with Section 3.8. 

 

	 	8.9.	Transferability of Options. 

 Except as provided in Section 8.10, during the
lifetime of a Grantee of an Option, only the Grantee (or, in the event of such Grantee’s legal incapacity or incompetency, the Grantee’s guardian or legal representative) may exercise such Option. Except as provided in
Section 8.10, no Option shall be assignable or transferable by the Grantee to whom it is granted, other than by will or the laws of descent and distribution. 
  

	 	8.10.	Family Transfers. 

 If authorized in the applicable Award Agreement and by the
Committee, in its sole discretion, a Grantee may transfer, not for value, all or part of an Option which is not an Incentive Stock Option to any Family Member. For the purpose of this Section 8.10, a “not for value” transfer is
a transfer which is (i) a gift, (ii) a transfer under a domestic relations order in settlement of marital property rights; or (iii) unless Applicable Law does not permit such transfers, a transfer to an entity in which more than fifty
percent (50%) of the voting interests are owned by Family Members (and/or the Grantee) in exchange for an interest in that entity. Following a transfer under this Section 8.10, any such Option shall continue to be subject to the
same terms and conditions as were applicable immediately prior to transfer, and shares of Stock acquired pursuant to the Option shall be subject to the same restrictions on transfer of shares as would have applied to the Grantee. Subsequent
transfers of transferred Options shall be prohibited except to Family Members of the original Grantee in accordance with this Section 8.10 or by will or the laws of descent and distribution. The provisions of Section 8.4
relating to termination of Service shall continue to be applied with respect to the original Grantee, following which the Option shall be exercisable by the transferee only to the extent, and for the periods specified, in Section 8.4.

  

	 	8.11.	Limitations on Incentive Stock Options. 

 An Option shall constitute an Incentive Stock
Option only (i) if the Grantee of such Option is an employee of the Company or any corporate Subsidiary; (ii) to the extent specifically provided in the related Award Agreement; and (iii) to the extent that the aggregate Fair Market
Value (determined at the time the Option is granted) of the shares of Stock with respect to which all Incentive Stock Options held by such Grantee become exercisable for the first time during any calendar year (under the Plan and all other plans of
the Company and its Affiliates) does not exceed one hundred thousand dollars ($100,000). Except to the extent provided in the regulations under Code Section 422, this limitation shall be applied by taking Options into account in the order in
which they were granted. 

  
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	 	8.12.	Notice of Disqualifying Disposition. 

 If any Grantee shall make any disposition of
shares of Stock issued pursuant to the exercise of an Incentive Stock Option under the circumstances described in Code Section 421(b) (relating to certain disqualifying dispositions), such Grantee shall notify the Company of such disposition
immediately but in no event later than ten (10) days thereafter. 
  

	9.	TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS 

  

	 	9.1.	Right to Payment and SAR Exercise Price. 

 A SAR shall confer on the Grantee to whom it
is granted a right to receive, upon exercise thereof, the excess of (i) the Fair Market Value of one (1) share of Stock on the date of exercise over (ii) the SAR Exercise Price as determined by the Committee. The Award Agreement for a
SAR shall specify the SAR Exercise Price, which shall be no less than the Fair Market Value of one (1) share of Stock on the Grant Date of such SAR. SARs may be granted in tandem with all or part of an Option granted under the Plan or at any
subsequent time during the term of such Option, in combination with all or part of any other Award, or without regard to any Option or other Award; provided, that a SAR that is granted in tandem with all or part of an Option will have the
same term, and expire at the same time, as the related Option; provided, further, that a SAR that is granted subsequent to the Grant Date of a related Option must have a SAR Exercise Price that is no less than the Fair Market Value of
one (1) share of Stock on the Grant Date of such SAR. 
  

	 	9.2.	Other Terms. 

 The Committee shall determine, on the Grant Date or thereafter, the time
or times at which and the circumstances under which a SAR may be exercised in whole or in part (including based on achievement of performance goals and/or future Service requirements); the time or times at which SARs shall cease to be or become
exercisable following termination of Service or upon other conditions; the method of exercise, method of settlement, form of consideration payable in settlement, method by or forms in which shares of Stock shall be delivered or deemed to be
delivered to Grantees, whether or not a SAR shall be in tandem or in combination with any other Award; and any other terms and conditions of any SAR; provided, that no SARs shall be granted to Grantees who are entitled to overtime under
Applicable Laws that will vest or be exercisable within a six (6)-month period starting on the Grant Date. 
  

	 	9.3.	Term. 

 Each SAR granted under the Plan shall terminate, and all rights thereunder shall
cease, on the tenth (10th) anniversary of the Grant Date of such SAR, or under such circumstances and on such date prior thereto as is set forth in the Plan or as may be fixed by the
Committee and stated in the Award Agreement relating to such SAR. 

  
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	 	9.4.	Rights of Holders of SARs. 

 Unless otherwise stated in the applicable Award Agreement, a
Grantee or other Person holding or exercising a SAR shall have none of the rights of a stockholder of the Company (for example, the right to receive cash or dividend payments or distributions attributable to the shares of Stock subject to such SAR
or to direct the voting of the shares of Stock subject to such SAR) until, if applicable, the shares of Stock subject thereby are fully paid and issued to such Grantee or other Person. Except as provided in Section 17, no adjustment
shall be made for dividends, distributions, or other rights for which the record date is prior to the date of issuance of such shares of Stock, if applicable. 
  

	 	9.5.	Transferability of SARs. 

 Except as provided in Section 9.6, during the
lifetime of a Grantee of a SAR, only the Grantee (or, in the event of such Grantee’s legal incapacity or incompetency, the Grantee’s guardian or legal representative) may exercise such SAR. Except as provided in Section 9.6, no
SAR shall be assignable or transferable by the Grantee to whom it is granted, other than by will or the laws of descent and distribution. 
  

	 	9.6.	Family Transfers. 

 If authorized in the applicable Award Agreement and by the Committee,
in its sole discretion, a Grantee may transfer, not for value, all or part of a SAR to any Family Member. For the purpose of this Section 9.6, a “not for value” transfer is a transfer which is (i) a gift, (ii) a
transfer under a domestic relations order in settlement of marital property rights; or (iii) unless Applicable Law does not permit such transfers, a transfer to an entity in which more than fifty percent (50%) of the voting interests are
owned by Family Members (and/or the Grantee) in exchange for an interest in that entity. Following a transfer under this Section 9.6, any such SAR shall continue to be subject to the same terms and conditions as were applicable
immediately prior to transfer, and shares of Stock acquired pursuant to a SAR, if any, shall be subject to the same restrictions on transfer of shares as would have applied to the Grantee. Subsequent transfers of transferred SARs are prohibited
except to Family Members of the original Grantee in accordance with this Section 9.6 or by will or the laws of descent and distribution. 
  

	10.	TERMS AND CONDITIONS OF RESTRICTED STOCK, RESTRICTED STOCK UNITS, AND DEFERRED STOCK UNITS 

  

	 	10.1.	Grant of Restricted Stock, Restricted Stock Units, or Deferred Stock Units. 

 Awards of
Restricted Stock, Restricted Stock Units, and Deferred Stock Units may be made for consideration, such as a Purchase Price, or no consideration, other than par value of the shares of Stock, which may be deemed paid by past or future Services to the
Company or an Affiliate. 

  
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	 	10.2.	Restrictions. 

 At the time a grant of Restricted Stock, Restricted Stock Units, or
Deferred Stock Units is made, the Committee may, in its sole discretion, (a) establish a Restricted Period applicable to such Restricted Stock, Restricted Stock Units, or Deferred Stock Units and (b) prescribe restrictions in addition to
or other than the expiration of the Restricted Period, including the achievement of corporate or individual performance goals, which may be applicable to all or any portion of such Restricted Stock, Restricted Stock Units, or Deferred Stock Units as
provided in Section 14. Awards of Restricted Stock, Restricted Stock Units, and Deferred Stock Units may not be sold, transferred, assigned, pledged, or otherwise encumbered or disposed of during the Restricted Period or prior to the
satisfaction of any other restrictions prescribed by the Committee with respect to such Awards. 
  

	 	10.3.	Registration; Restricted Stock Certificates. 

 Subject to Section 3.8 and the
immediately following sentence, the Company may issue, in the name of each Grantee to whom Restricted Stock has been granted, certificates representing the total number of shares of Restricted Stock granted to the Grantee, as soon as reasonably
practicable after the Grant Date of such Restricted Stock. The Committee may provide in an Award Agreement with respect to an Award of Restricted Stock that either (i) the Secretary of the Company shall hold such certificates for such
Grantee’s benefit until such time as such shares of Restricted Stock are forfeited to the Company or the restrictions applicable thereto lapse and such Grantee shall deliver a stock power to the Company with respect to each certificate, or
(ii) such certificates shall be delivered to such Grantee, provided that such certificates shall bear legends that comply with Applicable Laws and make appropriate reference to the restrictions imposed on such Award of Restricted Stock under
the Plan and such Award Agreement. Pursuant to Section 3.8, to the extent that ownership of Restricted Stock is evidenced by a book-entry registration or direct registration (including transaction advices), such registration will contain
an appropriate legend or restriction similar to the foregoing to evidence the restrictions imposed on such Award of Restricted Stock under the Plan and the applicable Award Agreement. 

 

	 	10.4.	Rights of Holders of Restricted Stock. 

 Unless the Committee provides otherwise in an
Award Agreement and subject to the restrictions set forth in the Plan, any applicable Company program, and the applicable Award Agreement, holders of Restricted Stock shall have the right to vote such shares of Restricted Stock and the right to
receive any dividend payments or distributions declared or paid with respect to such shares of Restricted Stock. The Committee may provide in an Award Agreement evidencing a grant of Restricted Stock that (i) any cash dividend payments or
distributions paid on Restricted Stock either shall be reinvested in shares of Stock or shall be paid in cash at the same time paid to other stockholders of the Company as of the record date for such dividend, in each case which may or may not be
subject to the same vesting conditions and restrictions as applicable to such underlying shares of Restricted Stock or (ii) any dividend payments or distributions declared or paid on shares of Restricted Stock shall only be made or paid upon
satisfaction of the vesting conditions and restrictions applicable to such shares of Restricted 

  
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Stock. Dividend payments or distributions declared or paid on shares of Restricted Stock which vest or are earned based upon the achievement of performance goals shall not vest or be paid unless
such performance goals for such shares of Restricted Stock are achieved. All stock dividend payments or distributions, if any, received by a Grantee with respect to shares of Restricted Stock as a result of any stock split, stock dividend,
combination of stock, or other similar transaction shall be subject to the same vesting conditions and restrictions as applicable to such underlying shares of Restricted Stock. 

 

	 	10.5.	Rights of Holders of Restricted Stock Units and Deferred Stock Units. 

  

	 	10.5.1.	Voting and Dividend Rights. 

 Unless otherwise stated in the applicable Award Agreement,
a Grantee or other Person holding Restricted Stock Units or Deferred Stock Units shall have none of the rights of a stockholder of the Company (for example, the right to receive cash or dividend payments or distributions attributable to the shares
of Stock subject to such Award or to direct the voting of the shares of Stock subject to such Award) until, if applicable, the shares of Stock subject thereby are fully paid and issued to such Grantee or other Person. The Committee may provide in an
Award Agreement evidencing a grant of Restricted Stock Units or Deferred Stock Units that the holder of such Restricted Stock Units or Deferred Stock Units, as applicable, shall be entitled to receive Dividend Equivalent Rights, in accordance with
Section 13. 
  

	 	10.5.2.	Creditor’s Rights. 

 A holder of Restricted Stock Units or Deferred Stock Units
shall have no rights other than those of a general, unsecured creditor of the Company. Restricted Stock Units and Deferred Stock Units represent unfunded and unsecured obligations of the Company, subject to the terms and conditions of the applicable
Award Agreement. 
  

	 	10.6.	Termination of Service. 

 Unless the Committee provides otherwise in an Award Agreement,
in another agreement with the Grantee, or otherwise in writing after the Award Agreement is issued, but prior to termination of the Grantee’s Service, upon the termination of a Grantee’s Service, any Restricted Stock, Restricted Stock
Units, or Deferred Stock Units held by such Grantee that have not vested, or with respect to which all applicable restrictions and conditions have not lapsed, shall immediately be deemed forfeited. Upon forfeiture of such Restricted Stock,
Restricted Stock Units, or Deferred Stock Units, the Grantee shall have no further rights with respect to such Award, including, without limitation, any right to vote such Restricted Stock or any right to receive dividends or Dividend Equivalent
Rights, as applicable, with respect to such Restricted Stock, Restricted Stock Units, or Deferred Stock Units. 
  

	 	10.7.	Purchase of Restricted Stock and Shares of Stock Subject to Restricted Stock Units and Deferred Stock Units. 

The Grantee of an Award of Restricted Stock, vested Restricted Stock Units, or vested Deferred Stock Units shall be required, to the extent
required by Applicable Laws, to purchase 

  
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such Restricted Stock or the shares of Stock subject to such vested Restricted Stock Units or Deferred Stock Units from the Company at a Purchase Price equal to the greater of (i) the
aggregate par value of the shares of Stock represented by such Restricted Stock, vested Restricted Stock Units, or vested Deferred Stock Units, or (ii) the Purchase Price, if any, specified in the Award Agreement relating to such Restricted
Stock, Restricted Stock Units, or Deferred Stock Units. The Purchase Price shall be payable in a form described in Section 12 or, in the discretion of the Committee, in consideration for past or future Services rendered or to be rendered
to the Company or an Affiliate. 
  

	 	10.8.	Delivery of Shares of Stock. 

 Upon the expiration or termination of any Restricted
Period and the satisfaction of any other conditions prescribed by the Committee, including, without limitation, any performance goals or delayed delivery period, the restrictions applicable to Restricted Stock and to Restricted Stock Units or
Deferred Stock Units settled in shares of Stock shall lapse, and, unless otherwise provided in the applicable Award Agreement, a book-entry or direct registration (including transaction advices) or a certificate evidencing ownership of such shares
of Stock shall, consistent with Section 3.8, be issued, free of all such restrictions, to the Grantee thereof or such Grantee’s beneficiary or estate, as the case may be. Neither the Grantee, nor the Grantee’s beneficiary or
estate, shall have any further rights with regard to a Restricted Stock Unit or Deferred Stock Unit once the shares of Stock represented by such Restricted Stock Unit or Deferred Stock Unit have been delivered in accordance with this
Section 10.8. 
  

	11.	TERMS AND CONDITIONS OF UNRESTRICTED STOCK AWARDS AND OTHER EQUITY-BASED AWARDS 

  

	 	11.1.	Unrestricted Stock. 

 The Committee may, in its sole discretion, grant (or sell at the
par value of a share of Stock or such other higher Purchase Price determined by the Committee) an Award to any Grantee pursuant to which such Grantee may receive shares of Unrestricted Stock under the Plan. Awards of Unrestricted Stock may be
granted or sold as described in the preceding sentence in respect of past or future Services or other valid consideration, in lieu of or in addition to any cash compensation due to such Grantee. 

 

	 	11.2.	Other Equity-Based Awards. 

 The Committee may, in its sole discretion, grant Awards in
the form of Other Equity-Based Awards, as deemed by the Committee to be consistent with the purposes of the Plan. Awards granted pursuant to this Section 11.2 may be granted with vesting, value, and/or payment contingent upon the
achievement of one or more performance goals. The Committee shall determine the terms and conditions of Other Equity-Based Awards on the Grant Date or thereafter. Unless the Committee provides otherwise in an Award Agreement, in another agreement
with the Grantee, or otherwise in writing after the Award Agreement is issued, but prior to termination of Grantee’s Service, upon the termination of a Grantee’s Service, any Other Equity-Based Awards held by such Grantee that have not
vested, or with respect to which all applicable restrictions and 

  
 - 24 - 

 
conditions have not lapsed, shall immediately be deemed forfeited. Upon forfeiture of any Other Equity-Based Award, the Grantee shall have no further rights with respect to such Other
Equity-Based Award. 
  

	12.	FORM OF PAYMENT FOR OPTIONS AND RESTRICTED STOCK 

  

	 	12.1.	General Rule. 

 Payment of the Option Price for the shares of Stock purchased pursuant to
the exercise of an Option or the Purchase Price, if any, for Restricted Stock, vested Restricted Stock Units, or vested Deferred Stock Units shall be made in cash or in cash equivalents acceptable to the Company. 

 

	 	12.2.	Surrender of Shares of Stock. 

 To the extent the applicable Award Agreement so provides,
payment of the Option Price for shares of Stock purchased pursuant to the exercise of an Option or the Purchase Price, if any, for Restricted Stock, vested Restricted Stock Units, or vested Deferred Stock Units may be made all or in part through the
tender or attestation to the Company of shares of Stock, which shall be valued, for purposes of determining the extent to which the Option Price or Purchase Price has been paid thereby, at their Fair Market Value on the date of such tender or
attestation. 
  

	 	12.3.	Cashless Exercise. 

 To the extent permitted by Applicable Laws and to the extent the
Award Agreement so provides, payment of the Option Price for shares of Stock purchased pursuant to the exercise of an Option may be made all or in part by delivery (on a form acceptable to the Committee) of an irrevocable direction to a licensed
securities broker acceptable to the Company to sell shares of Stock and to deliver all or part of the sales proceeds to the Company in payment of the Option Price and/or any withholding taxes described in Section 18.3. 

 

	 	12.4.	Other Forms of Payment. 

 To the extent the Award Agreement so provides and/or unless
otherwise specified in an Award Agreement, payment of the Option Price for shares of Stock purchased pursuant to exercise of an Option or the Purchase Price, if any, for Restricted Stock, vested Restricted Stock Units, or vested Deferred Stock Units
may be made in any other form that is consistent with Applicable Laws, including, without limitation, (i) with respect to Restricted Stock, vested Restricted Stock Units, and/or vested Deferred Stock Units only, Service rendered or to be
rendered by the Grantee thereof to the Company or an Affiliate and (ii) with the consent of the Company, by withholding the number of shares of Stock that would otherwise vest or be issuable in an amount equal in value to the Option Price or
Purchase Price, if any, and/or any withholding taxes described in Section 18.3. 

  
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	13.	TERMS AND CONDITIONS OF DIVIDEND EQUIVALENT RIGHTS 

  

	 	13.1.	Dividend Equivalent Rights. 

 A Dividend Equivalent Right may be granted hereunder;
provided that no Dividend Equivalent Right may be granted in connection with, or related to, an Award of Options or SARs. The terms and conditions of Dividend Equivalent Rights shall be specified in the Award Agreement therefor. Dividend
equivalents credited to the holder of a Dividend Equivalent Right may be paid currently (with or without being subject to forfeiture or a repayment obligation) or may be deemed to be reinvested in additional shares of Stock or Awards, which may
thereafter accrue additional Dividend Equivalent Rights (with or without being subject to forfeiture or a repayment obligation). Any such reinvestment shall be at the Fair Market Value on the date of such reinvestment. Dividend Equivalent Rights may
be settled in cash, shares of Stock, or a combination thereof, in a single installment or in multiple installments, all as determined in the sole discretion of the Committee. A Dividend Equivalent Right granted as a component of another Award may
(i) provide that such Dividend Equivalent Right shall be settled upon exercise, settlement, or payment of, or lapse of restrictions on, such other Award and that such Dividend Equivalent Right shall expire or be forfeited or annulled under the
same conditions as such other Award or (ii) contain terms and conditions which are different from the terms and conditions of such other Award; provided, however, that Dividend Equivalent rights credited pursuant to a Dividend
Equivalent Right granted as a component of another Award which vests or is earned based upon the achievement of performance goals shall not vest or be paid unless the performance goals for such underlying Award are achieved. 

 

	 	13.2.	Termination of Service. 

 Unless the Committee provides otherwise in an Award Agreement,
in another agreement with the Grantee, or otherwise in writing after the Award Agreement is issued, a Grantee’s rights in all Dividend Equivalent Rights shall automatically terminate upon the Grantee’s termination of Service for any
reason. 
  

	14.	TERMS AND CONDITIONS OF PERFORMANCE AWARDS AND ANNUAL INCENTIVE AWARDS 

  

	 	14.1.	Grant of Performance Awards and Annual Incentive Awards. 

 Subject to the terms and
provisions of this Plan, the Committee, at any time and from time to time, may grant Performance Awards and/or Annual Incentive Awards in such amounts and upon such terms as the Committee shall determine. 

 

	 	14.2.	Value of Performance Awards and Annual Incentive Awards. 

 Each Performance Award and
Annual Incentive Award shall have an initial cash value or an actual or target number of shares of Stock that is established by the Committee as of the Grant Date. The Committee shall set performance goals in its discretion which, depending on the
extent to which they are achieved, shall determine the value and/or number of shares of Stock that will be paid out to the Grantee thereof. 

  
 - 26 - 

	 	14.3.	Earning of Performance Awards and Annual Incentive Awards. 

 Subject to the terms of this
Plan, after the applicable Performance Period has ended, the Grantee of Performance Awards or Annual Incentive Awards shall be entitled to receive a payout of the value earned under such Performance Awards or Annual Incentive Awards by such Grantee
over the Performance Period, to be determined as a function of the extent to which the corresponding performance goals have been achieved. 
  

	 	14.4.	Form and Timing of Payment of Performance Awards and Annual Incentive Awards. 

 Payment
of the value earned under Performance Awards and Annual Incentive Awards shall be made, as determined by the Committee, in the form, at the time, and in the manner described in the applicable Award Agreement. Subject to the terms of this Plan, the
Committee, in its sole discretion, (i) may pay the value earned under Performance Awards in the form of cash, shares of Stock, other Awards, or in a combination thereof, including shares of Stock and/or other Awards that are subject to any
restrictions deemed appropriate by the Committee, and (ii) shall pay the value earned under Performance Awards and Annual Incentive Awards at the close of the applicable Performance Period, or as soon as reasonably practicable after the
Committee has determined that the performance goal or goals relating thereto have been achieved; provided that, unless specifically provided in the Award Agreement, such payment shall occur no later than the fifteenth (15th) day of the third (3rd) month following the end of the calendar year in which the Performance Period ends. 

 

	 	14.5.	Performance Conditions. 

 The right of a Grantee to exercise or receive a grant or
settlement of any Award, and the timing thereof, may be subject to such performance conditions as may be specified by the Committee. The Committee may use such business criteria and other measures of performance as it may deem appropriate in
establishing any performance conditions. If and to the extent required under Code Section 162(m), any power or authority relating to an Award intended to qualify under Code Section 162(m) shall be exercised by the Committee and not the
Board. 
  

	 	14.6.	Performance Awards or Annual Incentive Awards Granted to Designated Covered Employees. 

If and to the extent that the Committee determines that a Performance Award or Annual Incentive Award to be granted to a Grantee who is
designated by the Committee as likely to be a Covered Employee should constitute Qualified Performance-Based Compensation for purposes of Code Section 162(m), the grant, exercise, and/or settlement of such Award shall be contingent upon
achievement of pre-established performance goals and other terms set forth in this Section 14.6. 

  
 - 27 - 

	 	14.6.1.	Performance Goals Generally. 

 The performance goals for Performance or Annual Incentive
Awards shall consist of one or more business criteria and a targeted level or levels of performance with respect to each of such criteria, as specified by the Committee consistent with this Section 14.6. Performance goals shall be
objective and shall otherwise meet the requirements of Code Section 162(m) including the requirement that the level or levels of performance targeted by the Committee result in the achievement of performance goals being “substantially
uncertain.” The Committee may determine that such Awards shall be granted, exercised, and/or settled upon achievement of any single performance goal or of two (2) or more performance goals. Performance goals may differ for Awards granted
to any one Grantee or to different Grantees. 
  

	 	14.6.2.	Timing For Establishing Performance Goals. 

 Performance goals shall be established not
later than the earlier of (i) ninety (90) days after the beginning of any Performance Period applicable to such Awards and (ii) the date on which twenty-five percent (25%) of any Performance Period applicable to such Awards has
expired, or at such other date as may be required or permitted for compensation paid to a Covered Employee to constitute Performance-Based Compensation. 
  

	 	14.6.3.	Settlement of Awards; Other Terms. 

 Settlement of such Awards shall be in cash, shares
of Stock, other Awards, or a combination thereof, including shares of Stock and/or Awards that are subject to any restrictions deemed appropriate by the Committee, in each case as determined in the sole discretion of the Committee. The Committee
may, in its sole discretion, reduce the amount of a settlement otherwise to be made in connection with such Awards. The Committee shall specify the circumstances in which such Performance Awards or Annual Incentive Awards shall be paid or forfeited
in the event of termination of Service by the Grantee prior to the end of a Performance Period or settlement of such Awards. In the event payment of a Performance Award is made in the form of another Award subject to Service-based vesting, the
Committee shall specify the circumstances in which the payment Award will be paid or forfeited in the event of a termination of Service. 
  

	 	14.6.4.	Performance Measures. 

 The performance goals upon which the payment or vesting of a
Performance Award or Annual Incentive Award to a Covered Employee that is intended to constitute Qualified Performance-Based Compensation may be conditioned shall be limited to the following Performance Measures, with or without adjustment
(including pro forma adjustments): 
  

	 	(a)	net earnings or net income; 

  

	 	(b)	operating earnings; 

  

	 	(c)	pretax earnings; 

  
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	 	(d)	earnings per share of Stock; 

  

	 	(e)	Stock price, including growth measures and total stockholder return; 

  

	 	(f)	earnings before interest and taxes; 

  

	 	(g)	earnings before interest, taxes, depreciation and/or amortization; 

  

	 	(h)	earnings before interest, taxes, depreciation, and/or amortization as adjusted to exclude any one or more of the following: 

  

	 	•	 	stock-based compensation expense; 

  

	 	•	 	income from discontinued operations; 

  

	 	•	 	gain on cancellation of debt; 

  

	 	•	 	debt extinguishment and related costs; 

  

	 	•	 	restructuring, separation, and/or integration charges and costs; 

  

	 	•	 	reorganization and/or recapitalization charges and costs; 

  

	 	•	 	impairment charges; 

  

	 	•	 	merger-related events; 

  

	 	•	 	gain or loss related to investments; 

  

	 	•	 	sales and use tax settlements; and 

  

	 	•	 	gain on non-monetary transactions; 

 (i) sales, originations or revenue growth or targets,
whether in general or by type of product, service, or customer; 
 (j) diversification of sales or revenues, whether in general or by type of
product, service, or customer; 
 (k) gross or operating margins; 

(l) return measures, including return on assets, capital, investment, equity, sales, or revenue; 

(m) cash flow, including: 
  

	 	•	 	operating cash flow; 

  
 - 29 - 

	 	•	 	free cash flow, defined as earnings before interest, taxes, depreciation, and/or amortization (as adjusted to exclude any one or more of the items that may be excluded pursuant to the Performance Measure specified in
clause (h) above) less capital expenditures; 

  

	 	•	 	levered free cash flow, defined as free cash flow less interest expense; 

  

	 	•	 	cash flow return on equity; and 

  

	 	•	 	cash flow return on investment; 

 (n) productivity ratios; 

(o) costs, reductions in costs, and cost control measures; 

(p) expense targets; 
 (q)
underwriting cost per loan; 
 (r) credit losses; 

(s) market or market segment share or penetration; 

(t) financial ratios as provided in credit agreements of the Company and its subsidiaries; 

(u) working capital targets; 
 (v)
completion of acquisitions of businesses or companies; 
 (w) development of new lines of business or substantially expanding existing lines
of business; 
 (x) completion of divestitures and asset sales; 

(y) revenues under management; 

(z) funds from operations; 
 (aa)
employee hiring, retention, growth in population, and diversity; 
 (bb) employee or customer satisfaction measurements; 

(cc) opening new offices expanding geographic coverage, 

(dd) execution of contractual arrangements or satisfaction of contractual requirements or milestones; and 

(dd) any combination of any of the foregoing business criteria. 

  
 - 30 - 

 Performance under any of the foregoing Performance Measures (i) may be used to measure the
performance of (x) the Company, its Subsidiaries, and other Affiliates as a whole, (y) the Company, any Subsidiary, any other Affiliate, or any combination thereof, or (z) any one or more business units or operating segments of the
Company, any Subsidiary, and/or any other Affiliate, in each case as the Committee, in its sole discretion, deems appropriate and (ii) may be compared to the performance of one or more other companies or one or more published or special indices
designated or approved by the Committee for such comparison, as the Committee, in its sole discretion, deems appropriate. In addition, the Committee, in its sole discretion, may select performance under the Performance Measure specified in clause
(e) above for comparison to performance under one or more stock market indices designated or approved by the Committee. The Committee shall also have the authority to provide for accelerated vesting of any Performance Award or Annual Incentive
Award based on the achievement of performance goals pursuant to the Performance Measures specified in this Section 14. 
  

	 	14.6.5.	Evaluation of Performance. 

 The Committee may provide in any Performance Award or Annual
Incentive Award that any evaluation of performance may include or exclude any of the following events that occur during a Performance Period: (i) asset write-downs; (ii) litigation or claims, judgments, or settlements; (iii) the
effect of changes in tax laws, accounting principles, or other laws or provisions affecting reported results; (iv) any reorganization, restructuring, or capital raising events or programs; (v) extraordinary, non-core, non-operating, or
non-recurring items; (vi) acquisitions or divestitures; (vii) foreign exchange gains and losses; (viii) impact of shares of Stock purchased through share repurchase programs; (ix) tax valuation allowance reversals;
(x) impairment expense; and (xi) environmental expense. To the extent such inclusions or exclusions affect Awards to Covered Employees that are intended to qualify as Performance-Based Compensation, such inclusions or exclusions shall be
prescribed in a form that meets the requirements of Code Section 162(m) for deductibility. 
  

	 	14.6.6.	Adjustment of Performance-Based Compensation. 

 The Committee shall have the sole
discretion to adjust Awards that are intended to qualify as Performance-Based Compensation, either on a formula or discretionary basis, or on any combination thereof, as the Committee determines consistent with the requirements of Code
Section 162(m) for deductibility. 
  

	 	14.6.7.	Committee Discretion. 

 In the event that Applicable Laws change to permit Committee
discretion to alter the governing Performance Measures without obtaining stockholder approval of such changes, the Committee shall have sole discretion to make such changes without obtaining stockholder approval, provided that the exercise of such
discretion shall not be inconsistent with the requirements of Code Section 162(m). In addition, in the event that the Committee determines that it is advisable to grant Awards that shall not qualify as Performance-Based Compensation,

  
 - 31 - 

 
the Committee may make such grants without satisfying the requirements of Code Section 162(m) and base vesting on Performance Measures other than those set forth in
Section 14.6.4. 
  

	 	14.7.	Status of Awards Under Code Section 162(m). 

 It is the intent of the Company that
Awards under Section 14.6 granted to Grantees who are designated by the Committee as likely to be Covered Employees shall, if so designated by the Committee, constitute Qualified Performance-Based Compensation within the meaning of Code
Section 162(m). Accordingly, the terms of Section 14.6, including the definitions of Covered Employee and other terms used therein, shall be interpreted in a manner consistent with Code Section 162(m). The foregoing
notwithstanding, because the Committee cannot determine with certainty whether a given Grantee will be a Covered Employee with respect to a fiscal year that has not yet been completed, the term Covered Employee as used herein shall mean only a
Grantee designated by the Committee, as of the Grant Date of an Award, as likely to be a Covered Employee with respect to that fiscal year. If any provision of the Plan, the applicable Award Agreement, or any other agreement relating to such Awards
does not comply or is inconsistent with the requirements of Code Section 162(m), such provision shall be construed or deemed amended to the extent necessary to conform to such requirements. 

 

	15.	PARACHUTE LIMITATIONS 

 If the Grantee is a Disqualified Individual, then,
notwithstanding any other provision of this Plan or of any Other Agreement, and notwithstanding any Benefit Arrangement, any right to exercise, vesting, payment or benefit to the Grantee under this Plan shall be reduced or eliminated: 

(i) to the extent that such right to exercise, vesting, payment, or benefit, taking into account all other rights, payments, or
benefits to or for the Grantee under this Plan, all Other Agreements, and all Benefit Arrangements, would cause any exercise, vesting, payment or benefit to the Grantee under this Plan to be considered a Parachute Payment; and 

(ii) if, as a result of receiving such Parachute Payment, the aggregate after-tax amounts received by the Grantee from the
Company under this Plan, all Other Agreements, and all Benefit Arrangements would be less than the maximum after-tax amount that could be received by the Grantee without causing any such payment or benefit to be considered a Parachute Payment. 

Except as required by Code Section 409A or to the extent that Code Section 409A permits discretion, the Committee shall have the
right, in the Committee’s sole discretion, to designate those rights, payments, or benefits under the Plan, all Other Agreements, and all Benefit Arrangements that should be reduced or eliminated so as to avoid having such rights, payments, or
benefits be considered a Parachute Payment; provided, however, to the extent any payment or benefit constitutes deferred compensation under Code Section 409A, in order to comply with Code Section 409A, the Company shall instead accomplish
such reduction by first reducing or eliminating any cash payments (with the payments to be made furthest in the future 

  
 - 32 - 

 
being reduced first), then by reducing or eliminating any accelerated vesting of Performance Awards, then by reducing or eliminating any accelerated vesting of Options or SARs, then by reducing
or eliminating any accelerated vesting of Restricted Stock, Restricted Stock Units, or Deferred Stock Units, then by reducing or eliminating any other remaining Parachute Payments. 

 

	16.	REQUIREMENTS OF LAW 

  

	 	16.1.	General. 

 The Company shall not be required to offer, sell, or issue any shares of Stock
under any Award, whether pursuant to the exercise of an Option, a SAR, or otherwise, if the offer, sale, or issuance of such shares of Stock would constitute a violation by the Grantee, the Company, an Affiliate, or any other Person of any provision
of the Company’s certificate of incorporation or bylaws or of Applicable Laws, including any federal or state securities laws or regulations. If at any time the Company shall determine, in its discretion, that the listing, registration, or
qualification of any shares of Stock subject to an Award upon any Stock Exchange or Securities Market or under any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the offering, sale, issuance, or
purchase of shares of Stock in connection with any Award, no shares of Stock may be offered, sold, or issued to the Grantee or any other Person under such Award, whether pursuant to the exercise of an Option, a SAR, or otherwise, unless such
listing, registration, or qualification shall have been effected or obtained free of any conditions not acceptable to the Company, and any delay caused thereby shall in no way affect the date of termination of such Award. Without limiting the
generality of the foregoing, upon the exercise of any Option or any SAR that may be settled in shares of Stock or the delivery of any shares of Stock underlying an Award, unless a registration statement under the Securities Act is in effect with
respect to the shares of Stock subject to such Award, the Company shall not be required to offer, sell, or issue such shares of Stock unless the Committee shall have received evidence satisfactory to it that the Grantee or any other Person
exercising such Option or SAR or accepting delivery of such shares may acquire such shares of Stock pursuant to an exemption from registration under the Securities Act. Any determination by the Committee in connection with the foregoing shall be
final, binding, and conclusive. The Company may register, but shall in no event be obligated to register, any shares of Stock or other securities issuable pursuant to the Plan pursuant to the Securities Act. The Company shall not be obligated to
take any affirmative action in order to cause the exercise of an Option or a SAR or the issuance of shares of Stock or other securities issuable pursuant to the Plan or any Award to comply with any Applicable Laws. As to any jurisdiction that
expressly imposes the requirement that an Option or SAR that may be settled in shares of Stock shall not be exercisable until the shares of Stock subject to such Option or SAR are registered under the securities laws thereof or are exempt from such
registration, the exercise of such Option or SAR under circumstances in which the laws of such jurisdiction apply shall be deemed conditioned upon the effectiveness of such registration or the availability of such an exemption. 

 

	 	16.2.	Rule 16b-3. 

 During any time when the Company has any class of equity security
registered under Section 12 of the Exchange Act, it is the intent of the Company that Awards pursuant to the Plan 

  
 - 33 - 

 
and the exercise of Options and SARs granted hereunder that would otherwise be subject to Section 16(b) of the Exchange Act shall qualify for the exemption provided by Rule 16b-3 under the
Exchange Act. To the extent that any provision of the Plan or action by the Board or the Committee does not comply with the requirements of Rule 16b-3, it shall be deemed inoperative with respect to such Awards to the extent permitted by law and
deemed advisable by the Board or Committee, and shall not affect the validity of the Plan. In the event that Rule 16b-3 is revised or replaced, the Committee may exercise its discretion to modify this Plan in any respect necessary or advisable in
its judgment to satisfy the requirements of, or to permit the Company to avail itself of the benefits of, the revised exemption or its replacement. 
  

	17.	EFFECT OF CHANGES IN CAPITALIZATION 

  

	 	17.1.	Changes in Stock. 

 If the number of outstanding shares of Stock is increased or
decreased or the shares of Stock are changed into or exchanged for a different number of share or kind of Capital Stock or other securities of the Company on account of any recapitalization, reclassification, stock split, reverse stock split,
spin-off, combination of stock, exchange of stock, stock dividend or other distribution payable in Capital Stock, or other increase or decrease in such Stock effected without receipt of consideration by the Company occurring after the Amendment
Date, the number and kinds of shares of Capital Stock for which grants of Options and other Awards may be made under the Plan, including, without limitation, the Share Limit set forth in Section 4.1 and the individual limits set forth in
Section 6.2, shall be adjusted proportionately and accordingly by the Committee. In addition, the number and kind of shares of Capital Stock for which Awards are outstanding shall be adjusted proportionately and accordingly by the
Committee so that the proportionate interest of the Grantee immediately following such event shall, to the extent practicable, be the same as immediately before such event. Any such adjustment in outstanding Options or SARs shall not change the
aggregate Option Price or SAR Exercise Price payable with respect to shares that are subject to the unexercised portion of an outstanding Option or SAR, as applicable, but shall include a corresponding proportionate adjustment in the per share
Option Price or SAR Exercise Price, as applicable. The conversion of any convertible securities of the Company shall not be treated as an increase in shares effected without receipt of consideration. Notwithstanding the foregoing, in the event of
any distribution to the Company’s stockholders of securities of any other entity or other assets (including an extraordinary dividend, but excluding a non-extraordinary dividend, declared and paid by the Company) without receipt of
consideration by the Company, the Board or the Committee shall, in such manner as the Board or the Committee deems appropriate, adjust (i) the number and kind of shares of Capital Stock subject to outstanding Awards and/or (ii) the
aggregate and per share Option Price of outstanding Options and the aggregate and per share SAR Exercise Price of outstanding Stock Appreciation Rights, as applicable, to reflect such distribution. 

 

	 	17.2.	Reorganization in Which the Company Is the Surviving Entity Which Does not Constitute a Change in Control. 

Subject to Section 17.3, if the Company shall be the surviving entity in any reorganization, merger, or consolidation of the
Company with one or more other entities which does not constitute a Change in Control, any Award theretofore granted pursuant to the Plan shall pertain to and apply 

  
 - 34 - 

 
to the Capital Stock to which a holder of the number of shares of Stock subject to such Award would have been entitled immediately following such reorganization, merger, or consolidation, with a
corresponding proportionate adjustment of the per share Option Price and SAR Exercise Price so that the aggregate Option Price or SAR Exercise Price thereafter shall be the same as the aggregate Option Price or SAR Exercise Price of the shares of
Stock remaining subject to the Option or SAR immediately prior to such reorganization, merger, or consolidation. Subject to any contrary language in an Award Agreement, in another agreement with the Grantee, or as otherwise set forth in writing, any
restrictions applicable to such Award shall apply as well to any replacement shares of Capital Stock subject to such Award or received by the Grantee as a result of the reorganization, merger, or consolidation. In the event of a transaction
described in this Section 17.2, Performance Awards shall be adjusted (including any adjustment to the Performance Measures applicable to such Awards deemed appropriate by the Committee) so as to apply to the Capital Stock that a holder
of the number of shares of Stock subject to the Performance Awards would have been entitled to receive immediately following such reorganization, merger, or consolidation. 
  

	 	17.3.	Change in Control in which Awards are not Assumed. 

 Except as otherwise provided in the
applicable Award Agreement, in another agreement with the Grantee, or as otherwise set forth in writing, upon the occurrence of a Change in Control in which outstanding Awards are not being assumed or continued, the following provisions shall apply
to such Award, to the extent not assumed or continued: 
 (i) Immediately prior to the occurrence of such Change in Control, in each case
with the exception of any Performance Award, all outstanding shares of Restricted Stock and all Restricted Stock Units, Deferred Stock Units, and Dividend Equivalent Rights shall be deemed to have vested, and all shares of Stock and/or cash subject
to such Awards shall be delivered; and 
 (ii) Either or both of the following two (2) actions shall be taken: 

(a) At least fifteen (15) days prior to the scheduled consummation of such Change in Control, all Options and SARs outstanding hereunder
shall become immediately exercisable and shall remain exercisable for a period of fifteen (15) days. Any exercise of an Option or SAR during this fifteen (15)-day period shall be conditioned upon the consummation of the Change in Control and
shall be effective only immediately before the consummation thereof, and upon consummation of such Change in Control, the Plan and all outstanding but unexercised Options and SARs shall terminate, with or without consideration (including, without
limitation, consideration in accordance with clause (b) below) as determined by the Committee in its sole discretion. The Committee shall send notice of an event that shall result in such a termination to all Persons who hold Options and SARs
not later than the time at which the Company gives notice thereof to its stockholders. 
 or 

(b) The Committee may elect, in its sole discretion, to cancel any outstanding Awards of Options, SARs, Restricted Stock, Restricted Stock
Units, Deferred Stock Units, and/or 

  
 - 35 - 

 
Dividend Equivalent Rights and pay or deliver, or cause to be paid or delivered, to the holder thereof an amount in cash or Capital Stock having a value (as determined by the Committee acting in
good faith), in the case of Restricted Stock, Restricted Stock Units, Deferred Stock Units, and Dividend Equivalent Rights (for shares of Stock subject thereto), equal to the formula or fixed price per share paid to holders of shares of Stock
pursuant to such Change in Control and, in the case of Options or SARs, equal to the product of the number of shares of Stock subject to the Option or SAR, multiplied by the amount, if any, by which (I) the formula or fixed price per share paid
to holders of shares of Stock pursuant to such transaction exceeds (II) the Option Price or SAR Exercise Price applicable to such Options or SARs. 

(iii) Performance Awards shall be deemed to have vested as to the greater of (a) vesting as though target performance has been
achieved or (b) vesting based on pro rata actual performance as of a date reasonably proximal to the date of consummation of the Change in Control, as determined by the Committee in its sole discretion, where that level of performance thus
determined shall be treated as achieved immediately prior to the consummation of the Change in Control. For purposes of the preceding sentence, if, based on the discretion of the Committee, actual performance is not determinable, the Performance
Awards shall be treated as though target performance has been achieved. After application of this Section 17.3(iii), if any Awards arise from application of this Section 17, such Awards shall be settled under the applicable
provision of Section 17.3(i) and (ii). 
 (iv) Other-Equity Based Awards shall be governed by the terms of the
applicable Award Agreement. 
  

	 	17.4.	Change in Control in which Awards are Assumed. 

 Except as otherwise provided in the
applicable Award Agreement, in another agreement with the Grantee, or as otherwise set forth in writing, upon the occurrence of a Change in Control in which outstanding Awards are being assumed or continued, the following provisions shall apply to
such Award, to the extent assumed or continued: 
 The Plan, Options, SARs, Restricted Stock, Restricted Stock Units, Deferred Stock Units,
Dividend Equivalent Rights, and Other Equity-Based Awards theretofore granted under the Plan shall continue in the manner and under the terms so provided in the event of any Change in Control to the extent that provision is made in writing in
connection with such Change in Control for the assumption or continuation of such Awards theretofore granted, or for the substitution for such Awards for new stock options, stock appreciation rights, restricted stock, restricted stock units,
deferred stock units, dividend equivalent rights, and other equity-based awards relating to the Capital Stock of a successor entity, or a parent or subsidiary thereof, with appropriate adjustments as to the number of shares (disregarding any
consideration that is not common stock) and exercise prices of options and stock appreciation rights. 
  

	 	17.5.	Adjustments 

 Adjustments under this Section 17 related to shares of Stock or
other Capital Stock of the Company shall be made by the Committee, whose determination in that respect shall be final, binding and conclusive. No fractional shares or other securities shall be issued pursuant to any

  
 - 36 - 

 
such adjustment, and any fractions resulting from any such adjustment shall be eliminated in each case by rounding downward to the nearest whole share. The Committee may provide in the Award
Agreement as of the Grant Date, in another agreement with the Grantee, or otherwise in writing at any time thereafter with the consent of the Grantee, for different provisions to apply to an Award in place of those described in
Sections 17.1, 17.2, 17.3 and 17.4. This Section 17 shall not limit the Committee’s ability to provide for alternative treatment of Awards outstanding under the Plan in the event of change in control events
involving the Company that are not a Change in Control hereunder. 
  

	 	17.6.	No Limitations on Company. 

 The making of Awards pursuant to the Plan shall not affect
or limit in any way the right or power of the Company to make adjustments, reclassifications, reorganizations, or changes of its capital or business structure or to merge, consolidate, dissolve, or liquidate, or to sell or transfer all or any part
of its business or assets (including all or any part of the business or assets of any Subsidiary or other Affiliate) or to engage in any other transaction or activity. 
  

	18.	GENERAL PROVISIONS 

  

	 	18.1.	Disclaimer of Rights. 

 No provision in the Plan, any Award, or any Award Agreement shall
be construed (i) to confer upon any Person the right to remain in the Service of the Company or an Affiliate, (ii) to interfere in any way with any contractual or other right or authority of the Company or an Affiliate either to increase
or decrease the compensation or other payments to any Person at any time, or (iii) to terminate any Service or other relationship between any Person and the Company or an Affiliate. In addition, notwithstanding any provision of the Plan to the
contrary, unless otherwise stated in the applicable Award Agreement, in another agreement with the Grantee, or otherwise in writing, no Award granted under the Plan shall be affected by any change of duties or position of the Grantee, so long as
such Grantee continues to provide Service. The obligation of the Company to pay any benefits pursuant to this Plan shall be interpreted as a contractual obligation to pay only those amounts described herein, in the manner and under the conditions
prescribed herein. The Plan and Awards shall in no way be interpreted to require the Company to transfer any amounts to a third party trustee or otherwise hold any amounts in trust or escrow for payment to any Grantee or beneficiary under the terms
of the Plan. 
  

	 	18.2.	Nonexclusivity of the Plan. 

 Neither the adoption of the Plan nor the submission of the
Plan to the stockholders of the Company for approval shall be construed as creating any limitations upon the right and authority of the Board or the Committee to adopt such other incentive compensation arrangements (which arrangements may be
applicable either generally to a class or classes of individuals or specifically to a particular individual or particular individuals) as the Board or the Committee in their discretion determines desirable. 

  
 - 37 - 

	 	18.3.	Withholding Taxes. 

 The Company or an Affiliate, as the case may be, shall have the
right to deduct from payments of any kind otherwise due to a Grantee any federal, state, or local taxes of any kind required by Applicable Law to be withheld with respect to the vesting of or other lapse of restrictions applicable to an Award or the
issuance of any shares of Stock or cash upon the exercise of, settlement of, or otherwise with respect to, an Award. At the time of such vesting, lapse, exercise, settlement, or other payment, the Grantee shall pay in cash to the Company or such
Affiliate, as the case may be, any amount that the Company or such Affiliate may reasonably determine to be necessary to satisfy such withholding obligation; provided, however, that if there is a same day sale of shares of Stock
subject to an Award, the Grantee shall pay such withholding obligation on the day that the same day sale is completed. Subject to the prior approval of the Company or an Affiliate, which may be withheld by the Company or such Affiliate, as the case
may be, in its sole discretion, the Grantee may elect to satisfy such withholding obligations, in whole or in part, (i) by causing the Company or an Affiliate to withhold shares of Stock otherwise issuable to the Grantee or (ii) by
delivering to the Company or an Affiliate shares of Stock already owned by the Grantee. The shares of Stock so delivered or withheld shall have an aggregate Fair Market Value equal to such withholding obligations. The Fair Market Value of the shares
of Stock used to satisfy such withholding obligations shall be determined by the Company or an Affiliate as of the date on which the amount of tax to be withheld is to be determined. A Grantee who has made an election pursuant to this
Section 18.3 may satisfy his or her withholding obligations only with shares of Stock that are not subject to any repurchase, forfeiture, unfulfilled vesting, or other similar requirements. The maximum number of shares of Stock that may
be withheld from any Award to satisfy any federal, state, or local tax withholding requirements upon the exercise, vesting, lapse of restrictions applicable to such Award, or payment of shares of Stock pursuant to such Award, as applicable, cannot
exceed such number of shares of Stock having a Fair Market Value equal to the minimum statutory amount required by the Company or an Affiliate to be withheld and paid to any such federal, state, or local taxing authority with respect to such
vesting, lapse, exercise, settlement, or other payment. 
  

	 	18.4.	Captions. 

 The use of captions in this Plan or any Award Agreement is for convenience of
reference only and shall not affect the meaning of any provision of the Plan or such Award Agreement. 
  

	 	18.5.	Other Provisions. 

 Each Award granted under the Plan may contain such other terms and
conditions not inconsistent with the Plan as may be determined by the Committee, in its sole discretion. 
  

	 	18.6.	Number and Gender. 

 With respect to words used in this Plan, the singular form shall
include the plural form, the masculine gender shall include the feminine gender, etc., as the context requires. 

  
 - 38 - 

	 	18.7.	Severability. 

 If any provision of the Plan or any Award Agreement shall be determined
to be illegal or unenforceable by any court of law in any jurisdiction, the remaining provisions hereof and thereof shall be severable and enforceable in accordance with their terms, and all provisions shall remain enforceable in any other
jurisdiction. 
  

	 	18.8.	Governing Law 

 The validity and construction of this Plan and the instruments evidencing
the Awards hereunder shall be governed by, and construed and interpreted in accordance with, the laws of the State of Maryland, other than any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of
this Plan and the instruments evidencing the Awards granted hereunder to the substantive laws of any other jurisdiction. 
  

	 	18.9.	Section 409A of the Code. 

 The Plan is intended to comply with Code
Section 409A to the extent subject thereto, and, accordingly, to the maximum extent permitted, the Plan will be interpreted and administered to be in compliance with Code Section 409A. Any payments described in the Plan that are due within
the Short-Term Deferral Period will not be treated as deferred compensation unless Applicable Laws require otherwise. Notwithstanding any provision of the Plan to the contrary, to the extent required to avoid accelerated taxation and tax penalties
under Code Section 409A, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to the Plan during the six (6)-month period immediately following the Grantee’s Separation from Service will instead be
paid on the first payroll date after the six (6)-month anniversary of the Grantee’s Separation from Service (or the Grantee’s death, if earlier). 

Furthermore, notwithstanding anything in the Plan to the contrary, in the case of an Award that is characterized as deferred compensation
under Code Section 409A, and pursuant to which settlement and delivery of the cash or shares of Stock subject to the Award is triggered based on a Change in Control, in no event will a Change in Control be deemed to have occurred for purposes
of such settlement and delivery of cash or shares of Stock if the transaction is not also a “change in the ownership or effective control of” the Company or “a change in the ownership of a substantial portion of the assets of”
the Company as determined under Treasury Regulation Section 1.409A-3(i)(5) (without regard to any alternative definition thereunder). If an Award characterized as deferred compensation under Code Section 409A is not settled and delivered
on account of the provision of the preceding sentence, the settlement and delivery shall occur on the next succeeding settlement and delivery triggering event that is a permissible triggering event under Code Section 409A. No provision of this
paragraph shall in any way affect the determination of a Change in Control for purposes of vesting in an Award that is characterized as deferred compensation under Code Section 409A. 

Notwithstanding the foregoing, neither the Company nor the Committee will have any obligation to take any action to prevent the assessment of
any excise tax or penalty on any Grantee under Code Section 409A, and neither the Company or an Affiliate nor the Board or the Committee will have any liability to any Grantee for such tax or penalty. 

 
 *    *    * 

  
 - 39 - 

 To record adoption of this amended and restated Plan by the Board as of March 31, 2015, and
approval of this amended and restated Plan by the stockholders on June 4, 2015, the Company has caused its authorized officer to execute the Plan. 
  

			
	WALKER & DUNLOP, INC.
		
	By:		 /s/ Richard M. Lucas

	Title:		 Executive Vice President,
 General Counsel
and
 Secretary

  
 Signature Page to the
Walker & Dunlop, Inc. 2015 Equity Incentive PlanEX-10.2

 Exhibit 10.2 

WALKER & DUNLOP, INC. 

2015 EQUITY INCENTIVE PLAN 

NON-QUALIFIED STOCK OPTION AGREEMENT 

COVER SHEET 

Walker & Dunlop, Inc., a Maryland corporation (the “Company”), hereby grants an option (the
“Option”) to purchase shares of the Company’s common stock, par value $0.01 per share (the “Stock”), to the Grantee named below, subject to the vesting conditions set forth below. Additional terms and
conditions of the Option are set forth on this cover sheet and in the attached Non-Qualified Stock Option Agreement (collectively, the “Agreement”), in the Company’s 2015 Equity Incentive Plan (as amended from time to time, the
“Plan”), and in any written employment or other written compensatory arrangement between you and the Company or any Affiliate (if any, the “Employment Agreement”). 

 

			
	Grant Date:		  

		
	Name of Grantee:		  

		
	Last Four Digits of Grantee’s Social Security Number:		  

		
	Number of Shares of Stock Covered by the Option:		  

		
	Option Price per Share:		  

		
	  
 Vesting Schedule:
		 If you continue in Service on each applicable vesting date, the Option shall vest in equal installments on each vesting date set forth below;
provided, however, that any fractional shares shall be rounded up to the nearest whole share on the first and, if applicable, the last vesting date:
  

•    [●];
  

•    [●]; and
  

•    [●].

 You agree to all of the terms and conditions described in this Agreement, in the Plan (a copy of which
is also posted), and in the Employment Agreement unless you deliver a notice in writing within thirty (30) days of receipt of this Agreement to the Company stating that you do not accept the terms and conditions described in this Agreement and
in the Plan. You acknowledge that you have carefully reviewed the Plan and agree that the Plan will control in the event any provision of this Agreement should appear to be inconsistent. 

 Attachment 

This is not a stock certificate or a negotiable instrument. 

  
 2 

 WALKER & DUNLOP, INC. 

2015 EQUITY INCENTIVE PLAN 

NON-QUALIFIED STOCK OPTION AGREEMENT 
  

			
	Non-qualified Option		This Agreement evidences an award of an Option exercisable for that number of shares of Stock set forth on the cover sheet and subject to the terms and conditions set forth in the Agreement, in the Plan, and on the cover sheet. This
Option is not intended to be an incentive stock option under Section 422 of the Code and will be interpreted accordingly.
		
	Transfer of Option		 During your lifetime, only you (or, in the event of your legal incapacity or incompetency, your guardian or legal representative) may
exercise the Option. Other than by will or the laws of descent and distribution, the Option may not be sold, assigned, transferred, pledged, hypothecated, or otherwise encumbered, whether by operation of law or otherwise, nor may the Option be made
subject to execution, attachment, or similar process. If you attempt to do any of these things, you will immediately and automatically forfeit your Option.
  

Notwithstanding these restrictions on transfer, the Committee may authorize, in its sole discretion, the transfer of a vested Option (in whole or in part) to a
member of your immediate family or a trust for the benefit of your immediate family.

		
	Vesting		 Your Option shall vest in accordance with the vesting schedule set forth on the cover sheet of this Agreement, so long as you continue in
Service on each applicable vesting date set forth on the cover sheet, and is exercisable only as to its vested portion.
  

No additional portion of your Option shall vest after your Service has terminated for any reason.

		
	Change in Control		 Notwithstanding the vesting schedule set forth above, upon the consummation of a Change in Control, this Option will become 100% vested (i)
if it is not assumed, or equivalent options are not substituted for the options, by the Company or its successor, or (ii) if assumed or substituted for, upon your Involuntary Termination within the twelve (12)-month period (or for the period of time
or lack of a period of time otherwise set forth in the Employment Agreement), following the consummation of the Change in Control.
  

“Involuntary Termination” means termination of your Service by reason of (i) your involuntary dismissal by the Company or
its

  
 3 

			
			successor for reasons other than Cause; or (ii) your voluntary resignation for Good Reason (and without Cause) as defined in the Employment Agreement, or if none, then following (x) the assignment of substantial duties or
responsibilities inconsistent with your position at the Company, or any other action by the Company which results in a substantial diminution of your duties or responsibilities other than any such reduction which is remedied by the Company within
thirty (30) days of receipt of written notice from you; (y) a requirement that you work principally from a location that is twenty (20) miles further from your residence than the Company’s principal place of business on the date of this
Agreement; or (z) a substantial reduction in your aggregate base salary and other compensation taken as a whole, excluding any reductions caused by the failure to achieve performance targets. To qualify as an “Involuntary Termination,” you
must provide notice to the Company or its successor of any of the foregoing occurrences within ninety (90) days of the initial occurrence, and the Company shall have thirty (30) days thereafter to remedy such occurrence. In addition, you must
terminate your Service at a time agreed reasonably with the Company, but in any event within one hundred twenty (120) days from the initial occurrence of any of the foregoing events.
		
	Forfeiture of Unvested Options / Term		 Unless the termination of your Service triggers accelerated vesting or other treatment of your Option pursuant to the terms of this
Agreement, the Plan, or any Employment Agreement, you will automatically and immediately forfeit to the Company the unvested portion of the Option in the event your Service terminates for any reason.

 
 Your Option will expire in any event at the close of business at Company headquarters on
the tenth (10th) anniversary of the Grant Date, as shown on the cover sheet. Your Option will expire earlier if your Service terminates, as described below.

		
	Expiration of Vested Options After Service Terminates		 If your Service terminates for any reason, other than death, Disability, or Cause, then the vested portion of your Option will expire at the
close of business at Company headquarters on the ninetieth (90th) day after your termination date.
  

If your Service terminates because of your death or Disability, or if you die during the ninety (90)-day period after your termination for any reason (other
than Cause), then the vested portion of your Option will expire at the close of business at Company headquarters on the date twelve (12) months after the date of your death or termination for Disability. During that twelve (12)-month period, your
estate or heirs may exercise the vested portion of your Option.

  
 4 

			
			If your Service is terminated for Cause, then you shall immediately forfeit all rights to your entire Option (both vested and unvested portions), and the Option shall immediately and automatically expire.
		
	Forfeiture of Rights		 If you should take actions in violation or breach of, or in conflict with, any non-competition agreement, any agreement prohibiting
solicitation of employees or clients of the Company or any Affiliate, any confidentiality obligation with respect to the Company or any Affiliate, otherwise in competition with the Company or any Affiliate, any Company or Affiliate policy or
procedure, any other agreement, or any other obligation to the Company or any Affiliate, the Company has the right to cause an immediate forfeiture of your rights to this Option, and the Option shall immediately and automatically expire.

 
 In addition, if you have exercised any portion of the Option during the two (2)-year
period prior to your actions, you will owe the Company a cash payment (or forfeiture of shares of Stock) in an amount determined as follows: (i) for any shares of Stock that you have sold prior to receiving notice from the Company, the amount will
be the proceeds received from the sale(s), less the Option Price, and (ii) for any shares of Stock that you still own, the amount will be the number of shares of Stock owned times the Fair Market Value of the shares of Stock on the date you receive
notice from the Company, less the Option Price (provided, that the Company may require you to satisfy your payment obligations hereunder either by forfeiting and returning to the Company the shares or any other shares of Stock or making a cash
payment or a combination of these methods as determined by the Company in its sole discretion).

		
	Leaves of Absence		 For purposes of this Agreement, your Service does not terminate when you go on a bona fide leave of absence that was approved by your
employer (Walker & Dunlop, LLC or any Affiliate of the Company that directly employs you) in writing if the terms of the leave provide for continued Service crediting, or when continued Service crediting is required by Applicable Laws. Your
Service terminates in any event when the approved leave ends unless you immediately return to active employee work.
  

Your employer may determine, in its discretion, which leaves count for this purpose and when your Service terminates for all purposes under the Plan in
accordance with the provisions of the Plan. Notwithstanding the foregoing, the Company may determine, in its discretion, that a leave counts for this purpose even if your employer does not
agree.

  
 5 

					
	Notice of Exercise		 The Option may be exercised, in whole or in part, to purchase a whole number of vested shares of Stock of not less than one
hundred (100) shares, unless the number of vested shares purchased is the total number available for purchase under the Option, by following the procedures set forth in the Plan and in this Agreement.

 
 When you wish to exercise this Option, you must exercise in a manner required or permitted
by the Company. If someone else wants to exercise this Option after your death, that person must prove to the Company’s satisfaction that he or she is entitled to do so.

		
	Form of Payment		When you exercise your Option, you must include payment of the aggregate Option Price for the shares you are purchasing. Payment may be made in one (or a combination) of the following forms:
			
			 •
		Cash, your personal check, a cashier’s check, a money order, or another cash equivalent acceptable to the Company.
			
			 •
		Shares of Stock which are owned by you and which are surrendered to the Company, including through the withholding of shares otherwise issuable upon exercise. The Fair Market Value of the shares as of the effective date of the
Option exercise will be applied to the Option Price.
			
			 •
		By delivery (on a form prescribed by the Company) of an irrevocable direction to a licensed securities broker acceptable to the Company to sell shares of Stock and to deliver all or part of the sale proceeds to the Company in
payment of the aggregate Option Price and any withholding taxes.
		
	Evidence of Issuance		The issuance of the shares upon exercise of this Option shall be evidenced in such a manner as the Company, in its discretion, deems appropriate, including, without limitation, book-entry, registration, or issuance of
one or more share certificates.
		
	Withholding		You agree as a condition of this Option that you will make acceptable arrangements to pay any withholding or other taxes that may be due as a result of the Option exercise or the sale of Stock acquired under this Option.
In the event that the Company or any Affiliate, as applicable, determines that any federal, state, local, or foreign tax or withholding payment is required relating to the exercise of this Option or the sale of Stock arising from this Option, the
Company or any Affiliate, as applicable, shall have the right to require such payments from you or withhold such amounts from other payments due to you from the Company or any Affiliate, as applicable or withhold the delivery of vested shares of
Stock otherwise deliverable under this Agreement.

  
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	Notice and Non-Solicitation		 The following notice and non-solicitation provisions will apply to you unless you have entered into an Employment Agreement that
has more restrictive notice and non-solicitation provisions (in which case, the more restrictive provisions in such Employment Agreement will apply).
  

You agree as a condition of this Option that in the event you decide to leave the Company or any Affiliate for any reason, you will provide the Company or the
Affiliate with thirty (30) days’ prior notice of your departure (during which period, in the Company’s or an Affiliate’s sole discretion, you may be placed on paid leave), and you will not commence employment with anyone else during
that period. For a period of ninety (90) days following the termination of your Service for any reason, you will not directly or indirectly solicit any employees of the Company or any Affiliate for employment or encourage any employee to leave the
Company or any Affiliate.

		
	Retention Rights		This Agreement and this Option do not give you the right to be retained by the Company or any Affiliate in any capacity. Unless otherwise specified in an Employment Agreement, the Company or any Affiliate, as applicable,
reserves the right to terminate your Service at the Company or an Affiliate at any time and for any reason.
		
	Stockholder Rights		You (and your estate or heirs) have no rights as a stockholder with respect to the shares of Stock underlying the Option unless and until the shares of Stock underlying the Option have been issued upon exercise of your
Option and either a certificate evidencing your Stock has been issued or an appropriate entry has been made on the Company’s books. No adjustments are made for dividends, distributions, or other rights if the applicable record date occurs
before your certificate is issued (or an appropriate book entry is made), except as described in the Plan.
		
	Corporate Activity		Your Option shall be subject to the terms of any applicable agreement of merger, liquidation, or reorganization in the event the Company is subject to such corporate activity, consistent with Section 17 of the
Plan.
		
	Clawback		This Option is subject to mandatory repayment by you to the Company to the extent you are or in the future become subject to any Company “clawback” or recoupment policy or Applicable Laws that require the
repayment by you to the Company of compensation paid by the Company to you in the event that you fail to comply with, or violate, the terms or requirements of such policy or Applicable Laws.

  
 7 

			
			If the Company is required to prepare an accounting restatement due to the material noncompliance of the Company, as a result of misconduct, with any financial reporting requirement under Applicable Laws, and you are subject to
automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002 or you knowingly engaged in the misconduct, were grossly negligent in engaging in the misconduct, knowingly failed to prevent the misconduct, or were grossly negligent in
failing to prevent the misconduct, you shall reimburse the Company the amount of any payment in settlement of this Option earned or accrued during the twelve (12)-month period following the first public issuance or filing with the Securities and
Exchange Commission (whichever first occurred) of the financial document that contained such material noncompliance.
		
	Applicable Law		This Agreement will be interpreted and enforced under the laws of the State of Maryland, other than any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to the
substantive law of another jurisdiction.
		
	The Plan		 The text of the Plan is incorporated into this Agreement by reference.

 
 Certain capitalized terms used in this Agreement are defined in the Plan and have
the meaning set forth in the Plan.
  
 This Agreement, the Plan, and any
Employment Agreement constitute the entire understanding between you and the Company regarding this Option. Any prior agreements, commitments, or negotiations concerning this Option are superseded; except that any written consulting,
confidentiality, non-competition, non-solicitation, and/or severance agreement between you and the Company or an Affiliate, as applicable, shall supersede this Agreement with respect to its subject matter.

		
	Data Privacy		To administer the Plan, the Company may process personal data about you. Such data includes, but is not limited to, information provided in this Agreement and any changes thereto, other appropriate personal and financial data about
you, such as your contact information, payroll information, and any other information that might be deemed appropriate by the Company to facilitate the administration of the Plan. By accepting the Option, you give explicit consent to the Company to
process any such personal data.

  
 8 

			
	Electronic Delivery		By accepting the Option, you consent to receive documents related to the Option by electronic delivery and, if requested, agree to participate in the Plan through an on-line or electronic system established and maintained by the
Company or another third party designated by the Company, and your consent shall remain in effect throughout your term of Service and thereafter until you withdraw such consent in writing to the Company.
		
	Code Section 409A		The grant of the Option under this Agreement is intended to comply with Code Section 409A (“Section 409A”) to the extent subject thereto, and, accordingly, to the maximum extent permitted, this Agreement will
be interpreted and administered to be in compliance with Section 409A. Notwithstanding anything to the contrary in the Plan or this Agreement, neither the Company, its Affiliates, the Board, nor the Committee will have any obligation to take any
action to prevent the assessment of any excise tax or penalty on you under Section 409A, and neither the Company, its Affiliates, the Board, nor the Committee will have any liability to you for such tax or penalty.

 By accepting this Agreement, you agree to all of the terms and conditions described above and in the
Plan. In the event that any term of this Agreement conflicts with the terms of an Employment Agreement, the terms of such Employment Agreement shall supersede the conflicting terms herein. 

  
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