Document:

Employment Offer Letter to Michael Shahbazian dated October 20, 2005

 Exhibit 10.14 
 EMBARCADERO TECHNOLOGIES, INC. EMPLOYMENT AGREEMENT 
 This Employment Agreement (“Agreement”) by and between Michael
Shahbazian (hereinafter “Employee”) and Embarcadero Technologies, Inc. (hereinafter “Company”) is effective October 20, 2005. In consideration of the mutual promises made herein, the Company and Employee agree as follows:

 1. EMPLOYMENT. The Company hereby employs Employee, and Employee hereby accepts employment with the Company upon all of the terms and conditions described in
this Agreement. 
 2. WORK RESPONSIBILITIES. Subject to the terms of this Agreement, Employee is hereby employed in the position of Senior Vice President and
Chief Financial Officer, and shall perform the functions and responsibilities of that position. The initial responsibilities will include finance, HR and facilities, Legal, and IT. The Company may assign additional or different duties.
Employee’s position, job description, duties and responsibilities may be modified from time to time at the sole discretion of the Company. 
 3.
COMPENSATION. As consideration for the services and covenants described in this Agreement, the Company agrees to compensate Employee in the following manner: 
 Salary/Wages. Your starting salary will be the annualized amount of $240,000.00 payable on a semi-monthly basis for this regular, full time position. In addition, you will be eligible to receive performance bonuses. The
bonus potential for this position is up to 40% of base salary based on participation in the executive bonus plan. 
 Stock Options and Restricted
Stock. Contingent on Board approval, Employee will be granted seven year standard form options to purchase 200,000 shares of Common Stock pursuant to the Company’s stock option plan that will vest over 4 years. One fourth of the total
option amount shall be granted to Employee upon the successful completion of twelve months of service. The remaining options shall vest pro-rata on a quarterly basis over the next 3 years in accordance with the Company’s stock option plan.

 In addition, also contingent on Board approval, Employee will be awarded 100,000 shares of restricted stock vesting over three years. The vesting
schedule would be as follows: 
  

			
	At one year:	 	37,500 shares
	At two years:	 	37,500 shares (shares will vest ratably at 18 and 24 months)
	At three years:	 	25,000 shares (shares will vest ratably at 30 and 36 months)

 Your stock options and restricted stock shall become fully vested in the event of a Change in Control
pursuant to a “double trigger” provision or “Termination Event” (where you are not the CFO of the surviving public company) that the Company will formalize in a written severance and termination agreement within 60 days after you

 
start your employment. In the event that you become subject to the excise tax under Section 280G of the Internal Revenue Code of 1986, the company agrees to
reimburse you for any such excise taxes incurred, subject to a maximum of one times your base salary. See Appendix C (Gross Up Provision) for specific terms re reimbursement under this agreement 
 Title Review: The Company agrees to formally review upgrading the position to Executive Vice President within the first 6 months of employment. 

Employee Benefits: Employee shall be entitled to employee benefits such as vacation, holidays, leaves of absence, health insurance, dental insurance,
etc., if any, in accordance with any eligibility requirements, policies, procedures, or benefit plans adopted by the Company from time to time during the existence of this Agreement. Employee’s rights or those of Employee’s dependents
under any such benefits policies or plans shall be governed solely by the terms of such policies or plans. The Company reserves to itself, or its designated administrators, exclusive authority and discretion to determine all issues of eligibility,
interpretation and administration of each such benefit plan or policy. The Company’s employment benefits, and policies related thereto, are subject to termination, modification or limitation at the Company’s sole discretion. Employee will
be entitled to three weeks of vacation each year. 
 Total Compensation. Employee agrees that the compensation stated above constitutes the full
and exclusive monetary consideration and compensation for all services rendered under the Agreement and for all promises and obligations under this Agreement. 
 Business Expenses. The Company shall pay Employee’s reasonable business expenses, including expenses incurred for travel on Company business, in accordance with the policies and procedures of the Company, as may be adopted or
amended from time to time at the Company’s sole discretion. If Employee incurs business expense under this Agreement, he shall submit monthly to the Company a request for reimbursement together with supporting documentation satisfactory to the
Company. 
 Severance: If the Company terminates Employee for any reason (including a Change in Control as defined above) other than “Cause”
(any intentional misconduct adversely affecting the business affairs of the Company in a material manner), then the Company will provide you with the following benefits: 
  

	 	•	 	 If termination occurs within the first twelve months (other than as a result of a change in control), the Company will continue to pay Employee’s base salary for a
period of 6 months following the termination of employment (“Severance Period”) If the termination occurs after the first twelve months, the company will continue to pay Employee’s base salary for a period of 12 months 

  

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following the termination of employment. Employee shall earn pro rata target bonus up to the date of termination. 

  

	 	•	 	If Employee elects COBRA coverage, the Company will pay the COBRA premiums during the Severance Period. 

 4. LOYAL PERFORMANCE OF RESPONSIBILITIES. Employee shall devote the whole of Employee’s professional time, attention and energies to the performance of Employee’s work responsibilities. Included in the
foregoing, but not limited thereto, during the term of this Agreement, Employee shall not, directly or indirectly, engage in, or serve as an officer, director, employee, partner, agent or consultant, or otherwise hold any ownership interest in any
privately held Company. With the written approval of the CEO, it is permissible to do business with a publicly traded Company if the Employee does not own more than 5% of the stock. Any modification of this paragraph shall be made only by an
agreement in writing signed by Employee and the CEO of the Company. Company acknowledges and approves Employee’s role as a director and partner of The CFO Network, L. L. C. 
 5. COMPANY POLICIES. Employee agrees to abide by the Company’s policies, practices and procedures, written and unwritten, as they may from time to time be adopted or modified by the Company at its sole discretion.
The Company’s written policies, practices and procedures, including the Employee Handbook and Code of Conduct, shall be binding on Employee unless superseded by or in conflict with this Agreement. Copies of written policies and procedures are
available to Employee in the offices of the Company, and Employee shall be responsible at all times to review these policies and procedures. 
 6. WARRANTIES.
Employee hereby represents and warrants that he has taken no confidential, proprietary or trade secret information from Employee’s prior employer or employers, and will not knowingly disclose such information to the Company, or improperly use
any such information on behalf of the Company. Employee acknowledges that the Company has specifically demanded that, if Employee has any such confidential, proprietary or trade secret knowledge or information, Employee shall not use such
information while employed by the Company for the benefit of the Company. Employee further warrants that by entering into this Agreement with the Company he is not violating any of the terms, agreements, or covenants of any previous employment or
association. Employee further acknowledges that the Company has advised Employee to consult with his personal attorney concerning this proposed employment, matters relating to his prior employment and any agreements or other matters that might
affect his employment by the Company. No contract, order, judgment or other matter would prevent or diminish Employee’s ability to perform fully as of the proposed start date his proposed duties as Chief Financial Officer. Neither the Company
nor anyone acting on its behalf induced or solicited the Employee to breach any contract or other enforceable obligation in connection with his proposed employment with the Company. If at any time his duties with the Company begin to 

  

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conflict with any prior agreement, Employee shall promptly notify the Company and shall cease and desist from any such duties. 
 7. PRIOR INVENTIONS. Employee acknowledges that, except for the inventions disclosed on Appendix A., Employee does not have any right or claim to any invention, idea,
process, formula, discovery, copyright, patent or other such item or matter. No rights are hereby conveyed to inventions, if any, made by Employee prior to employment by the Company, which inventions are listed in Appendix A, attached hereto.

 8. SUBSEQUENT INVENTION DISCLOSURE. Employee hereby agrees to promptly disclose in writing to the Company any and all inventions which he develops during the
term of employment, which includes all software programs, source or object code, improvements, inventions, formulas, ideas, processes, techniques, know-how and data, whether or not patentable, made or conceived or reduced to practice or developed by
Employee, either alone or jointly with others during the term of his employment. Employee will also disclose to the CEO of the Company all inventions made, conceived, reduced to practice, or developed by Employee within six months of the termination
of his employment with the Company that resulted from his prior work with the Company. Such disclosures shall be received by the Company in confidence and do not extend the assignment of inventions disclosed beyond that required by law. 

9. ASSIGNMENT OF INVENTIONS. Except as excluded by paragraph 10, Employee hereby assigns and agrees that any and all inventions, discoveries or improvements that
Employee conceives or makes or may conceive or make during the period of his employment relating to or in any way pertaining to or connected with the systems, products, computer programs, software, software codes, apparatus or methods employed,
manufactured or constructed by the Company, or to systems, products, apparatus or methods with respect to which the Company engages in, requests or anticipates research or development, shall be the sole and exclusive property of the Company to the
maximum extent permitted by California Labor Code section 2870. The Company shall be the sole owner of all trade secrets, patents, copyrights, and other intellectual property rights in connection with such inventions. Employee further acknowledges
that such inventions, including computer programs, software codes and others works of authorship, are “works made for hire” for purpose of the Company’s rights under copyright laws. Employee hereby assigns to the Company any rights he
may have or acquire in such inventions, to the maximum extent allowed by law. Employee further agrees that he shall assign, and hereby does assign to the Company the entire right, title and interest in and to all such inventions, discoveries or
improvements as well as any modifications or improvements thereto that may be made. Employee understands that any inventions, discoveries or ideas that Employee has created or possessed prior to his employment by the Company are specified in
Appendix A attached to this Agreement and will not be considered to be the property of the Company. 
  

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 10. INVENTIONS NOT ASSIGNED. In accordance with California Labor Law Code section 2870, this Agreement does not require the
assignment of an invention which qualifies fully for protection under section 2870, which provides: 
  

	 	(a)	Any provision and employment agreement which provides that an employee shall assign, or offer to assign, any of his or her rights in an invention to his or her employer shall not apply to an
invention that the employee developed entirely on his or her own time without using the employer’s equipment, supplies, facilities or trade secret information except for those inventions that either: 

 Relate at the time of conception or reduction to practice of the invention to the employer’s business, or actual or demonstrably anticipated research or
development of the employer; or 
 Result from any work performed by the employee for the employer. 
  

	 	(b)	To the extent a provision in an employment agreement purports to require an employee to assign an invention otherwise excluded from being required to be assigned under subdivision (a), the
provision is against the public policy of this state and is unenforceable. 

 11. CONFIDENTIAL, PROPRIETARY AND TRADE SECRET INFORMATION. During
the course of employment, Employee will come into possession of or acquire knowledge of confidential, proprietary and trade secret information of the Company. Employee hereby covenants and agrees that he will not, either during the term of
employment or at any time thereafter, disclose any such confidential, proprietary or trade secret information to any person, firm, corporation, association, partnership or other entity (other than those in the Company’s organization qualified
and authorized to receive such information) for any purpose or reason whatsoever. Such confidential and proprietary information shall be deemed to include, but not be limited to, (i) Company products, designs, software, software codes, software
developments, research projects, improvements and methods of operation (ii) business plans, marketing plans and related information, (iii) the names, lists, buying habits and practices of their customers, clients, vendors, and the
relationships between them and the Company, (iv) the Company financial condition, profit performance and financial requirements, and (v) all other confidential information of, about or concerning the Company, the manner of operation of the
Company and other confidential data of any kind, nature or description relating to the Company. Employee specifically agrees that he will not make use of any such confidential or proprietary information for his own purpose, or for the benefit of any
person, firm, corporation or other entity except the Company. Employee will abide by the Company’s policies and procedures, as established from time to time for the protection of its trade secrets and confidential information. Employee does not
know of any of the Company’s confidential, proprietary or trade secret information other than the information he has learned from the Company. 
  

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 12. RETURN OF PROPERTY. All confidential, proprietary and trade secret information, and all other documents, records,
apparatus, equipment and other physical property which is furnished to or obtained by Employee in the course of employment with the Company shall be and remain the sole property of the Company. Employee agrees that, upon termination of his
employment, Employee shall return all such property and agrees not to make or retain copies, reproductions or summaries of any such property without the express written consent of the Company. 
 13. NON-SOLICITATION, ANTI RAIDING. For a period of one (1) year immediately following the termination of this Agreement, Employee agrees that he will not, either
directly or indirectly, attempt to recruit, solicit or take away any of the employees of the Company who worked for the Company at any time during the term of this Agreement; make known to any person, firm or corporation the names or addresses of,
or any information pertaining to, any current or former employees of the Company; attempt to call on, solicit or take away any customers of the Company or any other persons, entities or corporations with which the Company has had or contemplated any
business transaction or relationship during his employment with the Company, including, but not limited to, investments, licenses, joint ventures, and agreements for development, with the use of any proprietary, confidential information or a trade
secret of the Company, for purposes of entering into any business transaction or relationship with any such customers or other persons, entities or corporations. 
 14. EQUITABLE RELIEF. Employee and the Company agree that in the event of any breach of paragraphs 7, 8, 9, 10, 11, 12 or 13 of this Agreement, the Company and Employee will not have adequate remedy at law. Thus, in the event of such
a breach or threatened breach, the Company and/or Employee will be entitled to such equitable and injunctive relief as may be available to prevent and restrain the breach of the provisions of paragraphs 7 through 13. Said availability to obtain
injunctive relief will not prevent the Company or Employee from pursuing any other equitable or legal relief, including the recovery of damages from such breach or threatened breach. 
 15. AT WILL EMPLOYMENT. Employment at Embarcadero Technologies, Inc. is at will. This means that employment may be terminated with or without cause and with or without notice at any time by either the Employee or by
Embarcadero Technologies, Inc. Nothing in this or any other document or statement shall limit the right to terminate employment at will. No officer, manager, supervisor or employee of Embarcadero Technologies, Inc., has any authority to enter into
an agreement for employment for any specified period of time or to make an agreement for employment other than at will. Only the CEO of Embarcadero Technologies, Inc. has the authority to make any such agreement and then only in writing that
expressly modifies the policy of at will employment. 
 16. GOVERNING LAW. This Agreement shall be construed in accordance with and governed by the laws of the
State of California. 
  

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 17. INTERPRETATION. This Agreement shall be interpreted in accordance with the plain meaning of its terms and not strictly
for or against either party. 
 18. HEADINGS. The headings of this Agreement are intended solely for the convenience of reference and should be given no effect
in the construction or interpretation of this Agreement. 
 19. ENTIRE AGREEMENT. This Agreement embodies the complete agreement and understanding of the
parties related to his employment of the Employee by the Company, superseding any and all other prior or contemporaneous oral or written agreements between the parties hereto with respect to the employment of the Employee by the Company, and
contains all of the covenants and agreements of any kind whatsoever between the parties with respect to such employment. Each party acknowledges that no representations, inducements, promises or agreements, whether oral or written, express or
implied, have been made by either party or anyone acting on behalf of an party, that are not incorporated herein and that no other agreement or promise not contained herein shall be valid or binding. 
 20. MODIFICATION. This Agreement may be amended only by an agreement in writing signed by the parties hereto. 
 21. WAIVER. That failure of either party to insist, in any one or more instances, upon performance of the terms or conditions of this Agreement shall not be construed as a waiver or a relinquishment of any right granted
under this Agreement or of the future performance of any such term, covenants or condition. 
 22. INVALIDITY. Should any provision(s), portion(s), or part(s)
of this Agreement be held by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions, portions or parts shall be unaffected and shall continue in full force and effect, and said invalid, void or unenforceable
provision(s), portion(s), or part(s) shall be deemed not to be part of this Agreement. 
 23. NO PARTNERSHIP. The parties agree that nothing expressed or
implied in this Agreement shall be deemed or construed by the parties hereto, or by any third person, to create the relationship of principal and agent or of partnership or of joint venture or of lessor and lessee or of any other association between
Employee and Company other than that of employer and employee. 
 24. NO THIRD PARTY BENEFICIARIES. This Agreement in not intended by either party to create any
third party beneficiaries, and shall not be so construed in any proceeding. The sole parties to this Agreement are the Employee and the Company, and it is their mutual intent that they alone shall have standing to enforce the provisions of this
Agreement. 
 25. VOLUNTARY AGREEMENT. Employee and the Company represent and agree that each has reviewed all aspects of this Agreement, has carefully read and
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understands all provisions of this Agreement, and is voluntarily entering into this Agreement. Each party represents and agrees that such party has had the opportunity
to review any and all aspects of this Agreement with the legal, tax or other advisor or advisors of such party’s choice before executing this Agreement. 
 26.
SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon and inure to the benefit of and shall be enforceable by and against the Employee’s heirs, beneficiaries and legal representatives. It is agreed that the rights and obligations
of Employee may not be delegated or assigned except as specifically set forth in Agreement. In the event of a sale of all or substantially all of the Company’s capital stock, sale of all, or substantially all of the Company’s assets, or
consolidation or merger of the Company with or into another corporation or entity or individual, the Company may assign its rights and obligations under this Agreement to have its successor-in-interest, and such successor-in-interest shall be deemed
to have acquired all rights and assumed all obligations of the Company under this Agreement. 
 27. ALTERNATIVE DISPUTE RESOLUTION PROGRAM. Employee understands
and agrees that, as a condition of employment, employee will enter into an agreement, attached as Appendix B, to arbitrate all disputes arising out of or related to the termination of employment, as well as any unlawful discrimination, or unlawful
harassment (including sexual harassment) claims. Only an arbitrator, not a judge or a jury, will hear such disputes. 
  

					
			
	 Dated:
                            
	 		 	/S/    MICHAEL
SHAHBAZIAN        
		 		 	Michael Shahbazian
			
	 Dated:
                            
	 		 	   

  

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 Appendix A 
 Inventions: Except as set forth below, I hereby acknowledge that at this time I have no right, title, or other interest in any invention, patent, copyright or other such material other than the following: (if none, so state.) 
 NONE 
  

					
			
	 Dated:
                            
	 		 	/S/    MICHAEL
SHAHBAZIAN        
		 		 	Michael Shahbazian

  

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 APPENDIX B 
 ALTERNATIVE
DISPUTE RESOLUTION POLICY 
  

	I.	AGREEMENT TO ARBITRATE 

 In the event that any employment dispute arises
between Embarcadero Technologies, Inc. (“Company”) and Michael Shahbazian (“Employee”), the parties involved will make all efforts to resolve any such dispute through informal means. If these informal attempts at resolution fail
and if the dispute arises out of or is related to the parties’ Employment And Confidentiality Agreement, the termination of Employee’s employment or alleged unlawful discrimination, including but not limited to unlawful harassment,
the Company and Employee will submit the dispute to final and binding arbitration, except as set forth in paragraph 14 of the Employment Agreement. 
 The parties expressly understand and agree that arbitration is the exclusive remedy for all such disputes; with respect to such disputes, no other action may be brought in court or any other forum (except actions to compel arbitration
hereunder). THIS ALTERNATIVE DISPUTE RESOLUTION (“ADR”) AGREEMENT IS A WAIVER OF THE PARTIES’ RIGHTS TO A CIVIL COURT ACTION FOR A DISPUTE RELATING TO BREACH OF THE PARTIES’ EMPLOYMENT AGREEMENT, TERMINATION OF THAT EMPLOYMENT OR
ALLEGED UNLAWFUL DISCRIMINATION, WHICH INCLUDES RETALIATION OR SEXUAL OR OTHER UNLAWFUL HARASSMENT; ONLY AN ARBITRATOR, NOT A JUDGE OR JURY, WILL DECIDE THE DISPUTE. 
 Employment disputes arising out of or related to termination of employment or alleged unlawful discrimination, including retaliation or sexual or other unlawful harassment, shall include, but not be limited to, the following:
alleged violations of federal, state and/or local constitutions, statutes or regulations; claims based on any purported breach of contractual obligation, including breach of the covenant of good faith and fair dealing; and claims based on any
purported breach of duty arising in tort, including violations of public policy. Disputes related to workers’ compensation and unemployment insurance is not arbitrable hereunder. Claims for benefits covered by a separate benefit plan that
provides for arbitration are not covered by this ADR Agreement. Also, nothing in Employment Agreement or in the ADR Policy shall be construed as precluding Employee from filing a charge with the Equal Employment Opportunity Commission
(“EEOC”), the National Labor Relations Board (“NLRB”) or other federal, state or local agencies, seeking administrative assistance in resolving claims. However, any claim that cannot be resolved administratively through such an
agency shall be subject to the Employment Agreement and the ADR Policy. 
  

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	II.	REQUEST FOR ARBITRATION 

  

	 	A.	Attempt At Informal Resolution Of Disputes 

 Prior to submission of any
dispute to arbitration, Employee and the Company shall attempt to resolve the dispute informally as set forth below. 
 Employee and the Company will
select a mediator from a list provided by the Federal Mediation and Conciliation Service or other similar agency who will assist the parties in attempting to reach a settlement of the dispute. The mediator may make settlement suggestions to the
parties but shall not have the power to impose a settlement upon them. If the dispute is resolved in mediation, the matter shall be deemed closed. If the dispute is not resolved in mediation and goes to the next step (binding arbitration), any
proposals or compromises suggested by either of the parties or the mediator shall not be referred to in or have any bearing on the arbitration procedure. The mediator cannot also serve as the arbitrator in the subsequent proceeding unless all
parties expressly agree in writing. 
  

	 	B.	Arbitration Procedures 

 The party desiring arbitration, whether
Employee or the Company, must submit a “Request For Arbitration” in writing to the other party within the time period required by the law that applies to the claim under the applicable statute of limitations. If the “Request for
Arbitration” is not submitted in accordance with the aforementioned time limitations, the party failing to do so will not be able to bring his claims to this or any other forum. The requesting party may use a “Request for Arbitration”
form supplied by the Company (Appendix C). Alternatively, the requesting party may create a “Request for Arbitration” form that, unless otherwise required by law, clearly states “Request for Arbitration” at the beginning of the
first page and includes the following information: 
  

	 	1.	A factual description of the dispute in sufficient detail to advise the other party of the nature of the dispute; 

  

	 	2.	The date when the dispute first arose; 

  

	 	3.	The names, work locations and telephone numbers of any individuals, including employees or supervisors, with knowledge of the dispute; and 

  

	 	4.	The relief requested by requesting party. 

 The responding party may submit
counterclaim(s) in accordance with applicable law. 
  

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	 	C.	Selection Of The Arbitrator 

 All disputes will be resolved by a single
Arbitrator, the Arbitrator will be mutually selected by the Company and Employee. If the parties cannot agree on an Arbitrator, then a list of seven (7) arbitrators, experienced in employment matters, shall be provided by the Federal Mediation
and Conciliation Service. The Arbitrator will be selected by the parties who will alternately strike names from the list. The last name remaining on the list will be the Arbitrator selected to resolve the dispute. Upon selection, the Arbitrator
shall set an appropriate time, date and place for the arbitration, after conferring with the parties to the dispute. 
  

	 	D.	The Arbitrator’s Authority 

 The Arbitrator shall have the powers
enumerated below: 
  

	 	1.	Ruling on motions regarding discovery, and ruling on procedural and evidentiary issues arising during the arbitration. 

  

	 	2.	Ruling on motions to dismiss and/or motions for summary judgment applying the standards governing such motions under the Federal Rules of Civil Procedure. 

  

	 	3.	Issuing protective orders on the motion of any party or third party witness. Such protective orders may include, but are not limited to, sealing the record of the arbitration, in whole or in
part (including discovery proceedings and motions, transcripts, and the decision and award), to protect the privacy or other constitutional or statutory rights of parties and/or witnesses. 

  

	 	4.	Determining only the issue(s) submitted to him/her. The issue(s) must be identifiable in the “Request for Arbitration” or counterclaim(s). Except as required by law, any issue(s)
not identifiable in those documents is outside the scope of the Arbitrator’s jurisdiction and any award involving such issue(s), upon motion by a party, shall be vacated. 

  

	 	E.	Discovery 

 The discovery process shall proceed and be governed,
consistent with the standards of the Federal Rules of Civil Procedure, as follows: 
  

	 	1.	Unless otherwise required by law, parties may obtain discovery by any of the methods allowed under the Federal Rules of Civil Procedure. 

  

	 	2.	To the extent permitted by the Federal Arbitration Act or applicable California law, each party shall have the right to subpoena witnesses and documents during discovery and for the
arbitration. 

  

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	 	3.	All discovery requests shall be submitted no less than sixty (60) days before the hearing date. 

  

	 	4.	The scope of discoverable evidence shall be in accordance with Federal Rule of Civil Procedure 26(b) (1). 

  

	 	5.	The Arbitrator shall have the power to enforce the aforementioned discovery rights and obligations by the imposition of the same terms, conditions, consequences, liabilities, sanctions and
penalties as can or may be imposed in like circumstances in a civil action by a federal court under the Federal Rules of Civil Procedure, except the power to order the arrest or imprisonment of a person. 

  

	 	F.	Hearing Procedure 

 The hearing shall be held at a location mutually
agreed upon by the parties, or as determined by the Arbitrator in the absence of an agreement, and shall proceed according to the American Arbitration Association’s “National Rules for the Resolution of Employment Disputes” in effect
at the time of the arbitration, with the following amendments: 
  

	 	1.	The Arbitrator shall rule at the outset of the arbitration on procedural issues that bear on whether the arbitration is allowed to proceed. 

  

	 	2.	Each party has the burden of proving each element of its claims or counterclaims, and each party has the burden of proving any of its affirmative defenses. 

  

	 	3.	In addition to, or in lieu of closing argument, either party shall have the right to present a post-hearing brief, and the due date for exchanging any post-hearing briefs shall be mutually
agreed on by the parties and the Arbitrator, or determined by the Arbitrator in the absence of agreement. 

  

	 	G.	Substantive Law 

  

	 	1.	The parties agree that they will be afforded the identical legal, equitable, and statutory remedies as would be afforded them were they to bring an action in a court of competent
jurisdiction. 

  

	 	2.	The applicable substantive law shall be the law of the State of California or federal law. Choice of substantive law in no way affects the procedural aspects of the arbitration, which are
exclusively governed by the provisions of this ADR Agreement. 

  

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	 	H.	Opinion And Award 

 The Arbitrator shall issue a written opinion and
award, in conformance with the following requirements: 
  

	 	1.	The opinion and award must be signed and dated by the Arbitrator. 

  

	 	2.	The Arbitrator’s opinion and award shall decide all issues submitted. 

  

	 	3.	The Arbitrator’s opinion and award shall set forth the legal principles supporting each part of the opinion. 

  

	 	4.	The Arbitrator shall have the same authority to award remedies, damages and costs as provided to a judge and/or jury under parallel circumstances. 

  

	 	I.	Enforcement Of Arbitrator’s Award 

 Following the issuance of the
Arbitrator’s decision, any party may petition a court to confirm, enforce, correct or vacate the Arbitrator’s opinion and award under the Federal Arbitration Act, and/or applicable California law. 
  

	 	J.	Fees And Costs 

 Unless otherwise required by law, fees and costs shall
be allocated in the following manner: 
  

	 	1.	Each party shall be responsible for its own attorneys’ fees, except as otherwise provided by law for the particular claim(s) at issue. 

  

	 	2.	The Company shall pay the entire cost of the arbitrator’s services, the facility in which the arbitration is to be held, and any similar costs. 

  

	 	3.	The Company shall pay the entire cost of a court reporter to transcribe the arbitration proceedings. Each party shall advance the cost for said party’s transcript of the proceedings.
Each party shall advance its own costs for witness fees, service and subpoena charges, copying, or other incidental costs that each party would bear during the course of a civil lawsuit. 

  

	 	4.	Each party shall be responsible for its costs associated with discovery, except as required by law or court order. 

  

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	III.	SEVERABILITY 

 Each term, clause and provision of this ADR Agreement is
separate and independent, and should any term, clause or provision of this ADR Agreement be found to be invalid or unenforceable, the validity of the remaining terms, clauses, and provisions shall not be affected. As to those terms, clauses and
provisions found to be invalid or unenforceable, they shall be replaced with valid and enforceable terms, clauses or provisions or shall be modified, in order to achieve, to the fullest extent possible, the economic, business and other purposes of
the invalid or unenforceable terms, clauses or provisions. 
  

									
			
	Dated:
                            	 		 	 /S/    MICHAEL SHAHBAZIAN

		 		 		 		 	EMPLOYEE
			
		 		 	EMBARCADERO TECHNOLOGIES, INC.
				
	Dated:
                            	 		 	By:	 	 /s/    Stephen Wong

				
		 		 	Title:	 	 President and Chief Executive Officer

	

  

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 Appendix C 
 Gross Up Provision. 
 (a) In the event that the payments and benefits provided for in this Agreement (such payments and benefits hereinafter
referred to as “Payments”) constitute “parachute payments” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), would be subject to the excise tax imposed by
Section 4999 of the Code (the “Excise Tax”), and the aggregate value of such Payments, as determined in accordance with Section 280G of the Code and the Treasury Regulations thereunder is less than the product obtained by
multiplying 3.59 by Executive’s “base amount” within the meaning of Code Section 280G(b)(3), then such Payments shall be reduced to the extent necessary (but only to that extent) so that no portion of such Payments will be
subject to the Excise Tax. Alternatively, in the event that the Payments constitute “parachute payments” within the meaning of Section 280G of the Code, the Payments would be subject to the Excise Tax, and the aggregate value of the
Payments, as determined in accordance with Section 280G of the Code and the Treasury Regulations thereunder is equal to or greater than the product obtained by multiplying 3.59 by Executive’s “base amount” within the meaning of
Code Section 280G(b)(3), then Executive shall receive (i) a payment from the Company sufficient to pay such excise tax plus any interest or penalties incurred by Executive with respect to such excise tax, plus (ii) an additional
payment from the Company sufficient to pay the excise tax and federal and state income and employment taxes arising from the payments made by the Company to Executive pursuant to this sentence (together, the “Excise Tax Gross-Up Payment”).
Notwithstanding anything to the contrary set forth herein, the maximum amount of the Excise Tax Gross-Up Payment which the Company shall be obligated to pay shall be one time the Executive’s base salary. 
 (b) For purposes of determining whether any of the Payments will be subject to the Excise Tax and the amount of such Excise Tax: 
 (i) any other payments or benefits received or to be received by Executive in connection with transactions contemplated by a Change in Control, including Executive’s
termination of employment (whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement with the Company), shall be treated as “parachute payments” within the meaning of Section 280G of the Code or any
similar or successor provision, and all “excess parachute payments” within the meaning of Section 280G or any similar or successor provision shall be treated as subject to the Excise Tax, unless in the opinion of tax counsel selected
by the Company such other payments or benefits (in whole or in part) do not constitute parachute payments, or such parachute payments (in whole or in part) represent reasonable compensation for services actually rendered within the meaning of
Section 280G (or any similar or successor provision of the Code) in excess of the base amount within the meaning of Section 280G (or any similar or successor provision of the Code), or such Payments are otherwise not subject to the Excise
Tax; 
 (ii) the amount of the Payments which shall be treated as subject to the Excise Tax shall be equal to the lesser of (a) the total amount of the Payments
or (b) the amount of the excess parachute payments within the meaning of Section 280G; and 
 (iii) the value of any non-cash benefits or any deferred
payment or 

  

 16 

 
benefit shall be made by the accounting firm that is one of the 6 largest public accounting firms measured by revenue at the time of such determination, which firm
must be reasonably acceptable to Executive (the “Accounting Firm”) in accordance with the principles of Section 280G of the Code. 
 (c) For purposes of
determining the amount of the Excise Tax Gross-Up Payment, Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation in the calendar year in which the Excise Tax Gross-Up Payment is to be made and
state and local income taxes at the highest marginal rate of taxation in the state and locality of Executive’s residence on the date the Excise Tax Gross-Up Payment is to be made, net of the permissible reduction in federal income taxes which
could be obtained from deduction of such state and local taxes. 
 (d) In the event that the Excise Tax is subsequently determined to be less than the amount taken
into account under this agreement, Executive shall repay to the Company (promptly following the time at which the amount of such reduction in Excise Tax is finally determined the portion of the Excise Tax Gross-Up Payment attributable to such
reduction (plus the portion of the Excise Tax Gross-Up Payment attributable to the Excise Tax and federal, state and local income tax imposed on the Excise Tax Gross-Up Payment being repaid by Executive if such repayment results in a reduction in
Excise Tax and/or a federal, state or local income tax deduction) plus interest on the amount of such repayment at the rate provided in Section 1274(b)(2)(B) of the Code. 
 (e) In the event that the Excise Tax is subsequently determined to exceed the amount taken into account under this agreement (including by reason of any payment the existence or amount of which cannot be determined at the time
of the Excise Tax Gross-Up Payment), the Company shall make an additional Excise Tax Gross-Up Payment in respect of such excess (plus any interest payable with respect to such excess at the rate provided in Section 1274(b)(2)(B) of the Code)
promptly following the time at which the amount of such excess is finally determined in accordance with the principles set forth in this agreement. 
 (f) All
determinations required to be made under this agreement shall be made by the Accounting Firm (one of the 6 largest public accounting firms measured by revenue). The Company shall cause the Accounting Firm to provide detailed supporting calculations
of its determinations to the Company and Executive. All fees and expenses of the Accounting Firm shall be borne solely by the Company. The Accounting Firm’s determinations must be made with substantial authority (within the meaning of
Section 6662 of the Code). 
  

 17Deferred Compensation Plan

 Exhibit 10.28 
 Speedway Motorsports, Inc. Deferred Compensation Plan 
 ARTICLE I 
 Establishment and Purpose 
 Speedway Motorsports, Inc., Inc. (the “Company”) hereby adopts the Speedway Motorsports, Inc. Deferred Compensation Plan (the “Plan”), effective
July 1, 2005 (the “Effective Date”). The purpose of the Plan is to provide each Participant with an opportunity to defer receipt of a portion of their salary, bonus, and other specified cash compensation. The Plan is not intended to
meet the qualification requirements of Section 401(a) of the Code, but is intended meet the requirements of Section 409A of the Code, and to be an unfunded arrangement providing deferred compensation to eligible employees who are part of a
select group of management or highly compensated employees of the Company within the meaning of Sections 201, 301 and 401 of ERISA. The Plan is intended to be exempt from the requirements of Parts 2, 3 and 4 of Title I of ERISA as a “top
hat” plan, and to be eligible for the alternative method of compliance for reporting and disclosure available for unfunded “top hat” plans. 
 ARTICLE II 
 Definitions 
  

	2.1	Account. Account means a bookkeeping account maintained by the Plan Administrator to record deferrals allocated to it by the Participant, Company Contributions (if any),
Deemed Investments, distributions, and such other transactions, if any, that may be required to properly administer the Plan. An Account shall be utilized solely as a device for the measurement of the value of the Account Balance to be paid by the
Company to a Participant under the Plan. The Account shall not constitute or be treated as an escrow, trust fund, or any other type of funded account for Code or ERISA purposes and amounts credited thereto shall not be considered “plan
assets” for federal income tax or ERISA purposes. 

  

	2.2	Account Balance. Account Balance means, with respect to the Deferred Compensation Account or any component Account, the value of such Account as of the most recent Valuation
Date. 

  

	2.3	Act. Act means the American Jobs Creation Act of 2004, as amended, and the Treasury regulations promulgated thereunder. 

  

	2.4	Allocation Election. Allocation Election means a choice by a Participant of one or more Investment Options, and the allocation among them, in which future Participant
deferrals and/or existing Account Balances are Deemed Invested for purposes of determining earnings in a particular Account. 

  

 1 

 Speedway Motorsports, Inc. Deferred Compensation Plan 
  

	2.5	Beneficiary. Beneficiary means a natural person, estate, or trust designated by a Participant to receive benefits to which a Beneficiary is entitled in accordance with
provisions of the Plan. The Participant’s spouse, if living, otherwise the Participant’s estate, shall be the Beneficiary if 

  

	 	a.	the Participant has not designated a natural person or trust as Beneficiary, or 

  

	 	b.	the designated Beneficiary(ies) has/have all predeceased the Participant. 

  

	2.6	Business Day. A Business Day is each day on which the New York Stock Exchange is open for business. 

  

	2.7	Change in Control. Change of Control occurs on the date on which there is (a) a change in the ownership of the Company, (b) a change in the effective control of the
Company or (c) a change in the ownership of a substantial portion of the Company’s assets. For purposes of this Section, a change in ownership of the Company occurs on the date on which any one person or more than one person acting
as a group acquires ownership of stock of the Company that, together with stock held by such person or group constitutes more than 50% of the total fair market value or total voting power of the stock of the Company. A change in the effective
control of the Company occurs on the date on which either (i) a person or more than one person acting as a group acquires ownership of stock of the Company possessing 51% or more of the total voting power of the stock of the Company or
(ii) a majority of members of the Company’s board of directors is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Company’s board of directors prior to
the date of the appointment or election. A change in the ownership of a substantial portion of assets occurs on the date on which any one person or more than one person acting as a group acquires assets from the Company that have a total
gross fair market value equal to or more than 51% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions. The determination as to the occurrence of a Change in Control shall be
based on objective facts and in accordance with the requirements of Notice 2005-1 and subsequent Treasury guidance. 

  

	2.8	Code. Code means the Internal Revenue Code of 1986, as amended from time to time. 

  

	2.9	Committee. Committee means the Compensation Committee of the Board of Directors of the Company. 

  

	2.10	Company. Company means Speedway Motorsports, Inc. and its successors. 

  

	2.11	Company Contribution. Company Contribution means a credit by the Company to a Participant’s Account in accordance with the provisions of Article V of the Plan. Company
Contributions are made or not made in the sole discretion of the Company and the fact that a Company Contribution is made in one year shall not obligate the Company to continue to make such Company Contribution in subsequent years.

  

 2 

 Speedway Motorsports, Inc. Deferred Compensation Plan 
  

	2.12	Compensation. Compensation means, for purposes of this Plan, base salary (including any deferred salary under a Code Section 401(k) or 125 plan), bonus, commission, and
such other cash or equity-based compensation (if any) approved by the Plan Administrator as Compensation for purposes of this Plan. Compensation shall not include payroll deductions pursuant to any other employee benefit plan or any contract or
arrangement between the Participant and the Company or any deduction required by law or court order. 

  

	2.13	Compensation Deferral Agreement. Compensation Deferral Agreement means an agreement submitted to the Plan Administrator in which a Participant (a) makes an election to
defer Compensation in accordance with Section 4.1, (b) makes an Allocation Election with respect to his or her Accounts, (c) specifies any In Service Distribution Dates and (d) specifies a Payment Schedule with respect to
payments from the Plan. A Compensation Deferral Agreement remains in effect until modified in accordance with the Plan. Notwithstanding the foregoing, and subject to the provisions of Section 3.3, the Plan Administrator may modify a
Participant’s Compensation Deferral Agreement at any time to conform the Compensation Deferral Agreement and the Plan to applicable law. 

 The Compensation Deferral Agreement will consist of a form agreement prepared under the authority of the Plan Administrator. A completed Compensation Deferral Agreement, and any modifications thereto authorized under
the Plan, may be submitted to the Plan Administrator in paper or electronic form, under procedures prescribed by the Plan Administrator. 
 Notwithstanding any provision of this Plan to the contrary, a Participant may revoke or modify a Compensation Deferral Agreement intended to be effective for deferrals in calendar year 2005 within the time and in the manner specified under
and to the extent necessary to comply with Treasury regulations promulgated under the Act and in accordance with rules established by the Plan Administrator. 
  

	2.14	Death Benefit. Death Benefit shall mean a distribution of the total amount of the Participant’s Deferred Compensation Account Balance, including any remaining unpaid In
Service Account balances, to the Participant’s Beneficiary(ies) in accordance with Article VII of the Plan. 

  

	2.15	Deemed Investment. A Deemed Investment means the conversion of a dollar amount of deferred Compensation and Company Contributions (if any) credited to a Participant’s
Deferred Compensation Account into notional shares or units or ownership (or a fraction of such measures of ownership, if applicable) of a security (e.g. mutual fund, company stock, or other investment) which is referred to by the Investment
Option(s) selected by the Participant. The conversion shall occur as if shares (or units) of the designated investment were being purchased (or sold, in the case of a distribution) at the purchase 

  

 3 

 Speedway Motorsports, Inc. Deferred Compensation Plan 
 price as of the close of business of the day on which the Deemed Investment occurs. At no time shall a Participant have any real or beneficial ownership
in the actual security to which the Investment Option refers, irrespective of whether such a Deemed Investment is mirrored by an actual identical investment by the Company or a trustee acting on behalf of the Company. 
  

	2.16	Deferred Compensation Account. Deferred Compensation Account means the Account maintained by the Plan Administrator that records the total amount of liability of the Company
to the Participants it employs at any point in time, and includes all unpaid In Service Accounts, the Retirement/Termination Account, and any other Account maintained by the Plan Administrator (e.g. a separate Company Contribution Account) to
properly administer the Plan. 

  

	2.17	Disability. Disability means that a Participant (a) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (b) is, by reason of any medically determinable physical or mental impairment which can be expected to result
in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering employees of the Participant’s
employer. The determination of the existence of a Disability shall be made by the Plan Administrator in accordance with the Act. 

  

	2.18	Disability Benefit. Disability Benefit means payment by the Company to a Participant of the Deferred Compensation Account Balance due to the Participant’s Disability. A
Disability shall be paid according to the Payment Schedule applicable to the Participant’s Retirement/Termination Benefit. 

  

	2.19	Effective Date. Effective Date means July 1, 2005. The Plan applies to Compensation Deferrals submitted to the Plan Administrator on and after the Effective Date for
deferrals of Compensation occurring on and after July 2, 2005. 

  

	2.20	Eligible Employee. Eligible Employee means an Employee of the Company who is part of a select group of management or highly compensated employees of the Company (which also
includes for this purpose its subsidiaries and affiliated companies) within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA, and who is selected by the Committee to participate in the Plan. 

  

	2.21	Employee. Employee means a full-time salaried employee of the Company. 

  

	2.22	ERISA. ERISA means the Employee Retirement Income Security Act of 1974, as amended from time to time. 

  

 4 

 Speedway Motorsports, Inc. Deferred Compensation Plan 
  

	2.23	In Service Distribution. In Service Distribution means a payment by the Company to a Participant from an In Service Account on or after the In Service Distribution Date.

  

	2.24	In Service Account. In Service Account means each Account established pursuant to Section 4.6 to identify the portion of a Participant’s Deferred Compensation
Account to be paid on each In Service Distribution Date. Each In Service Account shall be credited with deferrals as specified in the Participant’s Compensation Deferral Agreements, plus earnings on Deemed Investments in accordance with such
Participant’s Allocation Election. A Participant may have a maximum of five (5) In Service Accounts with Balances greater than zero at any given time (or such other maximum amount as determined by the Plan Administrator). A single In
Service Account shall be maintained with respect to each In Service Distribution Date and all elections with respect thereto (other than an Allocation Election) shall apply to the entire In Service Account Balance. 

  

	2.25	In Service Distribution Date. In Service Distribution Date means the date on which payments of an In Service Account Balance will commence in accordance with a Payment
Schedule. 

  

	2.26	Investment Option. Investment Option means a notional security such as a mutual fund, life insurance policy separate account, company stock, or other investment approved by
the Plan Administrator for use as part of an Investment Option menu, which a Participant may elect as a measuring device to determine Deemed Investment earnings (positive or negative) to be valued in the Participant’s Account(s). The
Participant has no real or beneficial ownership in the security or other investment represented by the Investment Option. 

  

	2.27	Participant. Participant means an Eligible Employee employed by the Company who: (a) has elected to defer Compensation in accordance with the Plan; (b) has received
a Company Contribution; or (c) has a Deferred Compensation Account Balance greater than zero, regardless of whether the Participant is employed by the Company. A Participant’s continued participation in the Plan shall be governed by
Section 3.2 of the Plan. 

  

	2.28	Payment Schedule. Payment Schedule means the form of a benefit payment under the Plan. The Retirement/Termination Benefit of a Participant may be paid (a) in a lump sum
between 0% and 100% of the Participant’s Deferred Compensation Account and (b) the balance, if any, in annual installments from two (2) to ten (10) years. An In Service Account may be paid (c) in a lump sum equal to 100% of
the In Service Account Balance or (d) in annual installments from two (2) to five (5) years. 

 Notwithstanding
any Payment Schedule elected by a Participant, distributions shall not be made in such a manner as to cause the acceleration of a payment in violation of the Act. The Plan Administrator retains the authority to determine when and to what extent a
payment option, unless modified, would result in acceleration of a payment and to make corresponding adjustments to the Participant’s Payment Schedule to avoid an impermissible acceleration. 
  

 5 

 Speedway Motorsports, Inc. Deferred Compensation Plan 
  

	2.29	Performance-Based Compensation. Performance-Based Compensation means Compensation based on services performed over a period of not less than twelve months and which meets the
following requirements: (a) the payment of the Compensation or the amount of the Compensation is contingent upon the satisfaction of organizational or individual performance criteria and (b) the performance criteria are not substantially
certain to be met at the time a Compensation Deferral Agreement is submitted to the Plan Administrator. Performance criteria may be subjective but must relate to the performance of the Participant, a group of Employees that includes the Participant
or a business unit (which may include the Company) for which the Participant provides services. The determination that any subjective performance criteria have been met shall not be made by the Participant or by a family member of the Participant.
Performance-Based Compensation does not include any amount or portion of any amount that will be paid regardless of performance or which is based on a level of performance that is substantially certain to be met at the time the criteria is
established or that is based solely on the value of or appreciation in value of the Company or the stock of the Company. 

  

	2.30	Plan. Plan means the Speedway Motorsports, Inc. Executive Deferred Compensation Plan as documented herein and as may be amended from time to time hereafter.

  

	2.31	Plan Administrator. Plan Administrator means the individual or individuals appointed by the Company. The Plan Administrator is responsible for such recordkeeping and other
administrative responsibilities delegated to it by the Committee and as are specified under the Plan. 

  

	2.32	Plan Year. Plan Year means January 1 through December 31. 

  

	2.33	Retirement/Termination Account. Retirement/Termination Account shall mean, prior to the payment of a Retirement/Termination Benefit, that portion of the Deferred Compensation
Account not allocated to In Service Accounts. A Retirement/Termination Account shall be maintained as a single Account and all elections with respect thereto (other than an Allocation Election) shall apply to the entire Retirement/Termination
Account Balance. 

  

	2.34	Retirement/Termination Benefit. Retirement/Termination Benefit shall mean a payment by the Company of a Participant’s Deferred Compensation Account Balance to the
Participant in accordance with the Participant’s Payment Schedule election or as otherwise specified in Article V of the Plan. 

  

	2.35	Separation from Service. Separation from Service shall mean the termination of a Participant’s employment with the Company for any reason. Whether a Separation from
Service has occurred will be subject to Treasury regulations promulgated under the Act. 

  

 6 

 Speedway Motorsports, Inc. Deferred Compensation Plan 
  

	2.36	Unforeseeable Emergency. An unforeseeable emergency is a severe financial hardship to the Participant resulting from a sudden and unexpected illness or accident of the
Participant or of a dependent (as defined in section 152(a)) of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control
of the Participant, as defined in Reg. 1.457-2(h)(4) and Treasury regulations issued under the Act. The Plan Administrator, in its sole discretion and subject to the requirements of the Act, shall determine whether a Participant has experienced an
unforeseeable emergency. 

  

	2.37	Valuation Date. Valuation Date shall mean each Business Day except as specified below. A Retirement/Termination Benefit’s Valuation Date shall be the last day of the
month in which the Participant’s Separation from Service occurs. In the case of a Retirement/Termination Distribution to a “key employee” described in Section 7.2, the Valuation Date is the last day of the month following the
date which is six months after such Participant’s Separation from Service. An In Service Distribution’s Valuation Date shall be the last day of the month in which the In Service Distribution Date occurs. The Valuation Date for a Disability
Benefit shall be the last Business Day of the month in which the Plan Administrator determines that the Participant is Disabled. The Valuation Date for a Death Benefit is the last day of the month in which the Participant’s death occurs. The
Valuation Date for a Change in Control is the last Business Day of the month in which the termination of employment occurs within two years of a Change in Control. For purposes of calculating the amount of an installment payment, the Valuation Date
is the anniversary of the Valuation Date on which such installment payments commenced. 

  

	2.38	Year of Service. Year of Service shall be computed in the same manner as provided under the Company’s tax-qualified profit sharing or 401(k) arrangement. If more than
one such arrangement exists, the Company shall identify the appropriate plan document or documents for the determination of Years of Service. If there is no such arrangement or the arrangement does not provide a definition of Year of Service, a Year
of Service shall be based on a methodology adopted by the Plan Administrator, applied consistently to all Participants. 

 ARTICLE III 
 Eligibility and Participation 
  

	3.1	Eligibility and Participation. Each Eligible Employee shall be eligible to participate in this Plan. An Eligible Employee becomes a Participant upon submission of a
Compensation Deferral Agreement to the Plan Administrator. 

  

 7 

 Speedway Motorsports, Inc. Deferred Compensation Plan 
  

	3.2	Duration. A Participant shall be eligible to defer Compensation and receive allocations of Company Contributions subject to the terms of the Plan as long as such Participant
is an Eligible Employee. A Participant who is no longer an Eligible Employee but continues to be employed by the Company may not defer Compensation but may otherwise exercise all of the rights of a Participant under the Plan with respect to his or
her Deferred Compensation Account. On and after a Separation from Service, a Participant shall remain a Participant as long as his or her Compensation Deferral Account is greater than zero and during such time may continue to make Allocation
Elections. An individual shall cease participation in the Plan when all benefits under the Plan to which he or she is entitled have been paid. 

  

	3.3	Revocation of Future Participation. Notwithstanding the provisions of Section 3.2, the Committee may, in its discretion, revoke such Participant’s eligibility to
make future deferrals under this Plan. Such revocation will not affect in any manner a Participant’s Deferred Compensation Account or other terms of this Plan. 

  

	3.4	Notification. Each newly Eligible Employee shall be notified by the Plan Administrator, in writing, of his or her eligibility to participate in this Plan.

 ARTICLE IV 
 Deferral
Elections 
  

	4.1	Deferral Elections. A Participant shall make deferral elections by completing and submitting to the Plan Administrator the Compensation Deferral Agreement which shall specify
the deferral, investment and distribution information as described in this Article IV. 

  

	4.2	Time of Election. 

  

	 	a.	Initial Eligibility. In the case of the Plan Year in which an Employee first becomes an Eligible Employee, a Compensation Deferral Agreement that defers Compensation with
respect to services to be performed in such Plan Year and subsequent to the election must be submitted to the Plan Administrator within 30 days after such Eligible Employee receives the notice described in Section 3.4. 

 

	 	b.	Subsequent Plan Years. For any subsequent Plan Year, the Compensation Deferral Agreement containing the election to defer Compensation for services performed during such Plan
Year must be submitted to the Plan Administrator no later than the close of the preceding Plan Year. 

  

	 	c.	Performance-Based Compensation. A Compensation Deferral Agreement containing an election to defer Performance-Based Compensation must be submitted to the Plan Administrator
no later than six months prior to the end of the period in which the services are performed and in accordance with the Act. 

  

 8 

 Speedway Motorsports, Inc. Deferred Compensation Plan 
  

	4.3	Amount of Deferral. The deferral election under a Compensation Deferral Agreement shall designate a dollar amount or whole percentage of Compensation to be deferred. The Plan
Administrator may establish a minimum or maximum deferral amount for each component of Compensation and may permit separate elections for each component of Compensation. Unless otherwise specified by the Plan Administrator in the Compensation
Deferral Agreement, Participants may defer up to 75% of their base salary and up to 100% of their annual bonus and such other cash Compensation as is permitted by the Plan Administrator, if any. 

  

	4.4	Changes To A Deferral Election. 

  

	 	a.	Right to Modify Prospectively. An election to defer Compensation applies to the Plan Year specified in the Compensation Deferral Agreement and remains in effect for each
subsequent Plan Year until modified or revoked. A Participant may modify or revoke an election to defer Compensation during any enrollment period designated by the Plan Administrator. A modification or revocation of an election to defer Compensation
will be effective for the following Plan Year. 

  

	 	b.	Performance-Based Compensation. An election to defer Performance-Based Compensation applies to the service period specified in the Compensation Deferral Agreement and remains
in effect for future Performance-Based Compensation until modified or revoked during an enrollment period designated by the Plan Administrator. A modification or revocation will apply prospectively to the Performance-Based Compensation described in
the enrollment materials. 

  

	 	c.	Unforeseeable Emergency. A Participant may revoke an election to defer Compensation during the Plan Year in which such Compensation is earned (or, in the case of
Performance-Based Compensation, after the deadline specified in the enrollment materials) only in the case of an Unforeseeable Emergency and with the consent of the Plan Administrator which it may or may not give in its sole discretion.

  

	4.5	Allocation Elections. A Participant’s deferral election may also specify the Investment Options in which deferrals will be deemed to be invested in accordance with
Section 6.2. 

  

	4.6	In Service Distributions. 

  

	 	a.	Initial Election. A Participant’s Compensation Deferral Agreement may designate In Service Distribution Date(s). The Plan Administrator shall create an In Service
Account for each In Service Distribution Date to be credited with the portion of deferred Compensation designated under the Compensation Deferral Agreement. In order for any portion of a deferral to be credited to an In Service Account, the In

  

 9 

 Speedway Motorsports, Inc. Deferred Compensation Plan 
 Service Distribution Date must be specified no later than the applicable submission deadline described in Section 4.2 for the Deferred Compensation
Agreement under which the deferral is made. Any portion of a deferral not designated for an In Service Distribution will be credited to the Retirement/Termination Account. 
  

	b.	Modification. The Participant may change or cancel an In Service Distribution Date as follows: 

  

	 	i.	An existing In Service Distribution Date may be changed so long as the date that such modification is submitted to the Plan Administrator is at least thirteen (13) months prior
to the existing In Service Distribution Date. 

  

	 	ii.	The first payment under the modified In Service Distribution Date must occur at least five years after the date such payment would have been made absent the modification. In Service
Distribution Dates may not be accelerated. 

  

	 	iii.	An election to change an In Service Distribution Date is specific to the In Service Account to which it refers, and shall not affect other In Service Accounts (except to the extent
the change results in two In Service Accounts with the same In Service Distribution Date, in which case the Accounts are merged) or the ability of the Participant to designate new In Service Distribution Dates with respect to future Compensation
deferrals. 

  

	 	iv.	The modification of an In Service Distribution Date shall be subject to such further Treasury regulations as are promulgated under the Act. 

  

	4.7	Payment Schedule. A Compensation Deferral Agreement may specify the Payment Schedule for a Participant’s In Service Distribution(s) and Retirement/Termination Benefit.
If no designation is in effect, a distribution will be made in a single lump sum. 

	 	a.	Modification—Retirement/Termination Account. A Participant may modify his or her Retirement/Termination Payment Schedule, provided (i) such election is made at
least thirteen (13) months prior to the date the Participant incurs a Separation from Service and the date the first payment is scheduled to be made and (ii) the first payment with respect to which such election is made must be deferred
for a period of not less than five years from the date such payment would otherwise have been made. Any modification of a Payment Schedule made within thirteen (13) months of a Separation from Service shall be null and void, and the most recent
Payment Schedule dated at least thirteen months prior to the Separation from Service shall be deemed to be in effect. 

  

	 	b.	Modification—In Service Distribution. A Participant shall be permitted to change each In Service Payment Schedule, provided (i) such election is made at least
thirteen (13) months prior to the In Service Distribution Date and (ii) the first payment with 

  

 10 

 Speedway Motorsports, Inc. Deferred Compensation Plan 
 respect to which such election is made must be deferred for a period of not less than five years from the date such payment would otherwise have been
made. Any modification of a Payment Schedule made within thirteen (13) months of the In Service Distribution Date shall be null and void, and the most recent Payment Schedule dated at least thirteen months (13) prior to the In Service
Distribution Date shall be deemed to be in effect. 
 ARTICLE V 
 Company Contributions 
  

	5.1	Company Discretionary Contributions. The Company may, in its sole and absolute discretion, make Company Discretionary Contributions to one, some, or all of the Participant(s)
it employs by crediting to such Participants’ Retirement/Termination Accounts an amount determined in the sole and absolute discretion of the Company. A Company Discretionary Contribution may be made at any time during the Plan Year. The
Company shall be under no obligation to make Company Discretionary Contributions unless it so obligates itself under an employment agreement or other agreement. 

  

	5.2	Vesting. The Company Contributions in Section 5.1 above, and the Deemed Investment earnings thereon, shall vest in accordance with the following table:

  

			
	 Years of Service Since Being Eligible to
 Participate in this Plan
	  	Percent Vested
	 Fewer than 1
	  	0%
	 At least 1 but fewer than 2
	  	33 1/3%
	 At least 2 but fewer than 3
	  	66 2/3%
	 3 or more
	  	100%

  

	5.3	The foregoing provisions concerning vesting of Company Contributions notwithstanding, and subject to the requirements of Treasury regulations promulgated under the Act, all Company
Contributions shall become 100% vested upon the occurrence of the earliest of: (a) Retirement; (b) death of the Participant; (c) Disability of the Participant; and (d) Change in Control. 

  

 11 

 Speedway Motorsports, Inc. Deferred Compensation Plan 
 ARTICLE VI 
 Valuation of Accounts;Deemed
Investments 
  

	6.1	Valuation. The valuation of a Participant’s Accounts will be adjusted as of each Valuation Date to reflect deferrals, earnings on Deemed Investments and distributions
since the previous Valuation Date. Valuation of Accounts shall be performed under procedures approved by the Plan Administrator. Deferrals pertaining to base salary shall be deducted on a proportionate basis from each paycheck the Participant
receives during the Plan Year and credited to the Participant’s Accounts as of the date such Compensation would have otherwise been paid. Deferrals pertaining to other forms of Compensation shall be credited to the Participant’s Accounts
as of the day such Compensation otherwise would have been paid. 

  

	6.2	Allocation Elections. Participants may make an Allocation Election pursuant to which their Accounts will be credited with earnings on Deemed Investments. A Participant may
make a new Allocation Election with respect to future deferrals or current Account Balances (or both), provided that such new allocations shall be in increments of one percent (1%) and apply to the entire Account Balance. Subject to
restrictions on the timing and number of permitted changes to Allocation Elections within certain time periods (if any) established by the Plan Administrator, new Allocation Elections may be made on any Business Day, and will become effective on the
same Business Day or, in the case of Allocation Elections received after a cut-off time established by the Plan Administrator, the following Business Day. All deferrals shall be credited to the appropriate Account and a Deemed Investment shall be
made in the investment(s) represented by the Investment Option(s) elected by the Participant as of the close of business on the deferral date or as otherwise provided by the Plan Administrator. 

  

	6.3	Investment Options. Deemed Investments shall consist of a menu of Investment Options provided by the Committee. Investment Options do not represent actual ownership of, nor
ownership rights in or to, the securities or other investments to which the Investment Options refer. The Committee, in its sole discretion, shall be permitted to add or remove Investment Options provided that any such additions or removals of
Investment Options shall not be effective with respect to any period prior to the effective date of such change. Any portion of an Account or new deferrals which has not been allocated or which cannot be allocated under a Participant’s
Allocation Election shall be deemed to be invested in a default Investment Option specified by the Plan Administrator. Such Investment Option shall have, as its primary objective, the preservation of capital. 

  

	6.4	Notional Investments. Notwithstanding anything in this section to the contrary, the Committee shall have the sole and exclusive authority to invest any or all amounts
deferred in any manner, regardless of any Allocation Elections by any Participant. A Participant’s Allocation Election and Deemed Investments shall be used solely for purposes of determining the value of such Participant’s Account Balances
and the amount of the corresponding liability of the Company in accordance with this Plan. 

  

 12 

 Speedway Motorsports, Inc. Deferred Compensation Plan 
 ARTICLE VII 
 Distribution and Withdrawals

  

	7.1	In Service Distributions. 

  

	 	a.	Each In Service Distribution shall be paid in accordance with the Payment Schedule election made with respect thereto, beginning as soon as administratively practicable following
the Valuation Date. In the event a Participant has elected installment payments for an In Service Distribution, the installment payments shall be determined as set forth in Section 7.3 of the Plan. 

  

	 	b.	Notwithstanding a Participant’s election to receive an In Service Distribution, all In Service Account Balances shall be distributable as part of a Retirement/Termination,
Disability, or Death Benefit if the triggering date for such Benefit occurs prior to the completion of payment(s) elected in connection with any In Service Distribution Date. Such distribution will be made only if the payment does not constitute an
acceleration of a payment under the Act. 

  

	7.2	Retirement/Termination Benefit Distribution. In the event that a Participant experiences a Separation from Service, the Retirement/Termination Benefit will be paid to such
Participant in accordance with such Participant’s Retirement/Termination Benefit Payment Schedule election. The Retirement/Termination Benefit will be paid (or the first payment will be made) by the Company as soon as administratively
practicable following the Valuation Date. In the case of a Participant who is a “key employee” (as defined in Section 416(i) of the Code) of a corporation, any stock of which is publicly traded on an established securities market or
otherwise, the Participant’s Retirement/Termination Benefit will commence as of the last day of the month following the date which is six months after such Participant’s Separation from Service. 

  

	7.3	Installment Payments. If the Participant has elected installment payments for such Participant’s Retirement/Termination Benefit distribution or an In Service
Distribution, annual cash payments will be made beginning as soon as administratively practicable following the applicable Valuation Date, or, in the event of a partial lump sum election, following the first anniversary of the partial lump sum
payment made following Separation from Service. Such payments shall continue annually on or about the anniversary of the previous installment payment until the number of installment payments elected has been paid. The installment payment amount
shall be determined annually as the result of a calculation, performed on the Valuation Date, where (a) is divided by (b): 

  

	 	a.	equals the value of the applicable Account on the Valuation Date; and 

  

	 	b.	equals the remaining number of installment payments. 

  

 13 

 Speedway Motorsports, Inc. Deferred Compensation Plan 
  

	7.4	Small Account Balance Lump Sum Payment. Anything to the contrary in this Plan notwithstanding, in the event that a Participant’s Retirement/Termination Account Balance
is less than $25,000 or a Participant’s In Service Account Balance is less than $10,000 on the applicable Valuation Date, the In Service Distribution or Retirement/Termination Benefit, as applicable, shall be paid in a single lump sum and any
form of payment election to the contrary shall be null and void. A payment of a Retirement/Termination Account under this Section 7.4 shall be made on or before the later of (a) December 31 of the year in which the Participant’s
Separation from Service occurs or (b) the date that is 2-1/2 months after the Participant’s Separation from Service. 

  

	7.5	Disability Benefit. The Company shall pay the Disability Benefit as soon as administratively practicable following the Valuation Date. 

  

	7.6	Death Benefit. In the event of a Participant’s death before the complete distribution of his or her Deferred Compensation Account, such Participant’s Beneficiary,
named on the most recently filed Beneficiary Designation Form, shall be paid a Death Benefit in the amount of the remaining Deferred Compensation Account Balance as of the Valuation Date in a single lump sum as soon as practicable following the end
of the month in which the Participant’s death occurred. A Death Benefit shall conform to the requirements of the Act in order to avoid an “acceleration” of a payment. 

  

	7.7	Unforeseeable Emergency. A Participant may request, in writing to the Plan Administrator, a withdrawal from his or her Deferred Compensation Account if the Participant
experiences an Unforeseeable Emergency. Withdrawals of amounts because of an Unforeseeable Emergency are limited to the extent reasonably needed to satisfy the emergency need, which cannot be met with other resources of the Participant. The amount
of such withdrawal shall be subtracted first from the vested portion of the Participant’s Retirement/Termination Account until depleted and then from the In Service Distribution Accounts (if any) beginning with the Account with the latest In
Service Distribution Date. Values for purposes of determining the source of the withdrawal under this Section shall be determined on the date the Plan Administrator approves the amount of the Unforeseeable Emergency withdrawal, or such other date
determined by the Plan Administrator. 

  

	7.8	Domestic Relations Order. Notwithstanding the Payment Schedule(s) and In Service Distribution Dates selected by a Participant and any other provision of this Plan, the Plan
Administrator shall divide such Participant’s Accounts with and distribute a portion of such Participant’s Accounts to one or more “alternate payees” at the time and in the manner specified in a court order described in
Section 414(p)(1)(B) of the Code. 

  

	7.9	Change in Control. A Participant whose employment terminates within 24 months following the date of a Change in Control shall receive his or her Deferred Compensation Account
Balance as of the Valuation Date in a single lump sum paid as soon as administratively practicable following the Valuation Date. All Payment Schedule elections to the contrary shall be ignored, provided that such lump sum payment does not constitute
an “acceleration” of a payment under the Act. 

  

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 Speedway Motorsports, Inc. Deferred Compensation Plan 
 ARTICLE VIII 
 Administration 
  

	8.1	Plan Administration. This Plan shall be administered by the Plan Administrator, which shall have discretionary authority to make, amend, interpret and enforce all appropriate
rules and regulations for the administration of this Plan and to utilize its discretion to decide or resolve any and all questions, including but not limited to eligibility for benefits and interpretations of this Plan and its terms, as may arise in
connection with the Plan. Claims for benefits shall be filed with the Plan Administrator and resolved in accordance with the claims procedures in Article XII. 

  

	8.2	Withholding. The Company shall have the right to withhold from any payment made under the Plan (or any amount deferred into the Plan) any taxes required by law to be withheld
in respect of such payment (or deferral). 

  

	8.3	Indemnification. The Company shall indemnify and hold harmless each employee, officer, director, agent or organization, to whom or to which is delegated duties,
responsibilities, and authority under the Plan or otherwise with respect to administration of the Plan, including, without limitation, the Plan Administrator, the Committee and their agents, against all claims, liabilities, fines and penalties, and
all expenses reasonably incurred by or imposed upon him or it (including but not limited to reasonable attorney fees) which arise as a result of his or its actions or failure to act in connection with the operation and administration of the Plan to
the extent lawfully allowable and to the extent that such claim, liability, fine, penalty, or expense is not paid for by liability insurance purchased or paid for by the Company. Notwithstanding the foregoing, the Company shall not indemnify any
person or organization if his or its actions or failure to act are due to gross negligence or willful misconduct or for any such amount incurred through any settlement or compromise of any action unless the Company consents in writing to such
settlement or compromise. 

  

	8.4	Expenses. The expenses of administering the Plan shall be paid by the Company. 

  

	8.5	Delegation of Authority. In the administration of this Plan, the Plan Administrator may, from time to time, employ agents and delegate to them such administrative duties as
it sees fit, and may from time to time consult with legal counsel who may be legal counsel to the Company. 

  

	8.6	Binding Decisions or Actions. The decision or action of the Plan Administrator in respect of any question arising out of or in connection with the administration,
interpretation and application of the Plan and the rules and regulations thereunder shall be final and conclusive and binding upon all persons having any interest in the Plan. 

  

 15 

 Speedway Motorsports, Inc. Deferred Compensation Plan 
 ARTICLE IX 
 Amendment and Termination

  

	9.1	Amendment and Termination. The Plan is intended to be permanent, but the Committee may at any time modify, amend, or terminate the Plan, provided that such modification,
amendment or termination shall not cancel, reduce, or otherwise adversely affect the amount of benefits of any Participant accrued (and any form of payment elected) as of the date of any such modification, amendment, or termination, without the
consent of the Participant. A termination of the Plan shall not, by itself, result in payments to Participants under the Plan, except to the extent permitted in regulations promulgated under the Act. Unless distributions are otherwise permissible
under such regulations, payments to Participants shall be made at the times specified in a Participant’s Compensation Deferral Agreements and the terms of the Plan applicable to such Agreements prior to the Plan’s termination.

  

	9.2	Adverse Income Tax Determination. Notwithstanding anything to the contrary in the Plan, if any Participant receives a deficiency notice from the United States Internal
Revenue Service asserting constructive receipt of amounts payable under the Plan, Company contributions, and/or the investment earnings attributed thereto due to any Participant withdrawal right or other Plan provision, the Committee, in its sole
discretion, may declare null and void any Plan provision with respect to affected Participants that causes such Participant to be in constructive receipt of income. If the laws of the United States or of any relevant state are amended or construed
in such a way as to make this Plan (or its intended deferral of compensation and taxes) in whole or in part void, then the Committee, in its sole discretion, may give effect to the Plan in such a manner as it deems will best carry out the purposes
and intentions of this Plan. Nothing in this Section 9.2 shall be construed to limit the Plan Administrator or Committee’s authority under applicable law to take any such action as may be necessary to accomplish the objective of the Plan
to defer the recognition of compensation in connection with the taxation of income. 

 ARTICLE X 
 Informal Funding 
  

	10.1	General Assets. All benefits in respect of a Participant under this Plan shall be paid directly from the general funds of the Company or a Rabbi Trust created for the purpose
of informally funding the Plan, and other than such Rabbi Trust, if created, no special or separate fund shall be established and no other segregation of assets shall be made to assure payment. No Participant, spouse or Beneficiary shall have any
right, title or 

  

 16 

 Speedway Motorsports, Inc. Deferred Compensation Plan 
 interest whatever in or to any investments that the Company may make in meeting its obligation hereunder. Nothing contained in this Plan, and no action
taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship, between the Company or any if its subsidiaries or affiliated companies and any Employee, spouse, or Beneficiary. To the extent
that any person acquires a right to receive payments from the Company hereunder, such rights are no greater than the right of an unsecured general creditor of the Company. 
  

	10.2	Rabbi Trust. The Company may, at its sole discretion, establish a grantor trust, commonly known as a Rabbi Trust, as a vehicle for accumulating the assets needed to pay the
promised benefit, but the Company shall be under no obligation to establish any such trust or any other informal funding vehicle. 

 ARTICLE XI 
 Claims 
  

	11.1	Filing a Claim. Any controversy or claim arising out of or relating to the Plan shall be filed with the Plan Administrator which shall make all determinations concerning such
claim. Any decision by the Plan Administrator denying such claim shall be in writing and shall be delivered to the Participant or Beneficiary filing the claim (‘Claimant’). 

  

	 	a.	In General. Notice of a denial of benefits (other than Disability benefits) will be provided within 90 days of the Plan Administrator’s receipt of the Claimant’s
claim for benefits. If the Plan Administrator determines that it needs additional time to review the claim, the Plan Administrator will provide the Claimant with a notice of the extension before the end of the initial 90-day period. The extension
will not be more than 90 days from the end of the initial 90-day period and the notice of extension will explain the special circumstances that require the extension and the date by which the Plan Administrator expects to make a decision.

  

	 	b.	Disability Benefits. Notice of denial of Disability benefits will be provided within forty-five (45) days of the Plan Administrator’s receipt of the Claimant’s
claim for Disability benefits. If the Plan Administrator determines that it needs additional time to review the Disability claim, the Plan Administrator will provide the Claimant with a notice of the extension before the end of the initial 45-day
period. If the Plan Administrator determines that a decision cannot be made within the first extension period due to matters beyond the control of the Plan Administrator, the time period for making a determination may be further extended for an
additional 30 days. If such an additional extension is necessary, the Plan Administrator shall notify the Claimant prior to the expiration of the initial 30-day extension. Any notice of extension shall indicate the circumstances necessitating the
extension of time, the date by which the Plan Administrator expects to furnish a notice of decision, the specific 

  

 17 

 Speedway Motorsports, Inc. Deferred Compensation Plan 
 standards on which such entitlement to a benefit is based, the unresolved issues that prevent a decision on the claim and any additional information
needed to resolve those issues. A Claimant will be provided a minimum of 45 days to submit any necessary additional information to the Plan Administrator. In the event that a 30-day extension is necessary due to a Claimant’s failure to submit
information necessary to decide a claim, the period for furnishing a notice of decision shall be tolled from the date on which the notice of the extension is sent to the Claimant until the earlier of the date the Claimant responds to the request for
additional information or the response deadline. 
  

	 	c.	Contents of Notice. If a claim for benefits is completely or partially denied, notice of such denial shall be in writing and shall set forth the reasons for denial in plain
language. The notice shall (1) cite the pertinent provisions of the Plan document and (2) explain, where appropriate, how the Claimant can perfect the claim, including a description of any additional material or information necessary to
complete the claim and why such material or information is necessary. The claim denial also shall include an explanation of the claims review procedures and the time limits applicable to such procedures, including a statement of the Claimant’s
right to bring a civil action under Section 502(a) of ERISA following an adverse decision on review. In the case of a complete or partial denial of a Disability benefit claim, the notice shall provide a statement that the Plan Administrator
will provide to the Claimant, upon request and free of charge, a copy of any internal rule, guideline, protocol, or other similar criterion that was relied upon in making the decision. 

  

	11.2	Appeal of Denied Claims. A Claimant whose claim has been completely or partially denied shall be entitled to appeal the claim denial by filing a written appeal with the
Committee. A Claimant who timely requests a review of the denied claim (or his or her authorized representative) may review, upon request and free of charge, copies of all documents, records and other information relevant to the denial and may
submit written comments, documents, records and other information relevant to the claim to the Committee. All written comments, documents, records, and other information shall be considered “relevant” if the information (1) was relied
upon in making a benefits determination, (2) was submitted, considered or generated in the course of making a benefits decision regardless of whether it was relied upon to make the decision, or (3) demonstrates compliance with
administrative processes and safeguards established for making benefit decisions. The Committee may, in its sole discretion and if it deems appropriate or necessary, decide to hold a hearing with respect to the claim appeal.

  

	 	a.	In General. Appeal of a denied benefits claim (other than a Disability benefits claim) must be filed in writing with the Committee no later than sixty (60) days after
receipt of the written notification of such claim denial. The Committee shall make its decision regarding the merits of the denied claim within sixty (60) days following receipt of the appeal (or within one hundred and twenty (120) days
after such receipt, in a case where there are special circumstances requiring extension of time for 

  

 18 

 Speedway Motorsports, Inc. Deferred Compensation Plan 
 reviewing the appealed claim). If an extension of time for reviewing the appeal is required because of special circumstances, written notice of the
extension shall be furnished to the Claimant prior to the commencement of the extension. The notice will indicate the special circumstances requiring the extension of time and the date by which the Committee expects to render the determination on
review. The review will take into account comments, documents, records and other information submitted by the Claimant relating to the claim without regard to whether such information was submitted or considered in the initial benefit determination.

  

	 	b.	Disability Benefits. Appeal of a denied Disability benefits claim must be filed in writing with the Committee no later than one hundred eighty (180) days after receipt
of the written notification of such claim denial. The review shall be conducted by the Committee (exclusive of the person who made the initial adverse decision or such person’s subordinate). In reviewing the appeal, the Committee shall
(1) not afford deference to the initial denial of the claim, (2) consult a medical professional who has appropriate training and experience in the field of medicine relating to the Claimant’s disability and who was neither consulted
as part of the initial denial nor is the subordinate of such individual and (3) identify the medical or vocational experts whose advice was obtained with respect to the initial benefit denial, without regard to whether the advice was relied
upon in making the decision. The Committee shall make its decision regarding the merits of the denied claim within forty-five (45) days following receipt of the appeal (or within ninety (90) days after such receipt, in a case where there
are special circumstances requiring extension of time for reviewing the appealed claim). If an extension of time for reviewing the appeal is required because of special circumstances, written notice of the extension shall be furnished to the
Claimant prior to the commencement of the extension. The notice will indicate the special circumstances requiring the extension of time and the date by which the Committee expects to render the determination on review. Following its review of any
additional information submitted by the Claimant, the Committee shall render a decision on its review of the denied claim. 

  

	 	c.	Contents of Notice. If a benefits claim is completely or partially denied on review, notice of such denial shall be in writing and shall set forth the reasons for denial in
plain language. 

  

	 	i.	The decision on review shall set forth (a) the specific reason or reasons for the denial, (b) specific references to the pertinent Plan provisions on which the denial is
based, (c) a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to and copies of all documents, records, or other information relevant (as defined above) to the Claimant’s claim, and
(d) a statement describing any voluntary appeal procedures offered by the plan and a statement of the Claimant’s right to bring an action under Section 502(a) of ERISA. 

  

 19 

 Speedway Motorsports, Inc. Deferred Compensation Plan 
  

	 	ii.	For the denial of a Disability benefit, the notice will also include a statement that the Committee will provide, upon request and free of charge, (a) any internal rule,
guideline, protocol or other similar criterion relied upon in making the decision, (b) any medical opinion relied upon to make the decision and (c) the required statement under Section 2560.503-1(j)(5)(iii) of the Department of Labor
regulations. 

  

	11.3	Legal Action. A Claimant may not bring any legal action relating to a claim for benefits under the Plan unless and until the Claimant has followed the claims procedures under
the Plan and exhausted his or her administrative remedies under such claims procedures. 

  

	11.4	Discretion of Committee. All interpretations, determinations and decisions of the Committee with respect to any claim shall be made in its sole discretion, and shall be final
and conclusive. 

 ARTICLE XII 
 General Conditions 
  

	12.1	Anti-assignment Rule. No interest of any Participant, spouse or Beneficiary under this Plan and no benefit payable hereunder shall be assigned as security for a loan, and any
such purported assignment shall be null, void and of no effect, nor shall any such interest or any such benefit be subject in any manner, either voluntarily or involuntarily, to anticipation, sale, transfer, assignment or encumbrance by or through
any Participant, spouse or Beneficiary. 

  

	12.2	No Legal or Equitable Rights or Interest. No Participant or other person shall have any legal or equitable rights or interest in this Plan that are not expressly granted in
this Plan. Participation in this Plan does not give any person any right to be retained in the service of the Company or any of its subsidiaries or affiliated companies. The right and power of the Company to dismiss or discharge an Employee is
expressly reserved. Notwithstanding the provisions of Section 9.2, the Company makes no representations or warranties as to the tax consequences to a Participant or a Participant’s beneficiaries resulting from a deferral of income pursuant
to the Plan or that the Plan complies in form or operation with Section 409A of the Code and regulations issued thereunder. 

  

	12.3	No Employment Contract. Nothing contained herein shall be construed to constitute a contract of employment between an Employee and the Company or any of its subsidiaries or
affiliated companies. 

  

	12.4	Headings. The headings of Sections are included solely for convenience of reference, and if there is any conflict between such headings and the text of this Plan, the text
shall control. 

  

 20 

 Speedway Motorsports, Inc. Deferred Compensation Plan 
  

	12.5	Invalid or Unenforceable Provisions. If any provision of this Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other
provisions hereof and the Plan Administrator may elect in its sole discretion to construe such invalid or unenforceable provisions in a manner that conforms to applicable law or as if such provisions, to the extent invalid or unenforceable, had not
been included. 

  

	12.6	Governing Law. To the extent not preempted by ERISA, the laws of the State of North Carolina shall govern the construction and administration of the Plan.

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