Document:

EX-10.5

 Exhibit 10.5 

AMENDED AND RESTATED 2012 STOCK PURCHASE AND OPTION 

PLAN OF BLUE BUFFALO PET PRODUCTS, INC. 
  

	1.	Purpose of Plan 

 The Amended and Restated 2012 Stock Purchase and Option Plan of Blue
Buffalo Pet Products, Inc. (the “Company”) and its Subsidiaries, if any, (the “Plan”) is designed: 
 (a) to promote the
long term financial interests and growth of the Company and its Subsidiaries, if any, by attracting and retaining management personnel with the training, experience and ability to enable them to make a substantial contribution to the success of the
Company’s business; 
 (b) to motivate Participants by means of growth-related incentives to achieve long range goals; and 

(c) to further the mutuality of interests of participants with those of the stockholders of the Company through opportunities for increased
stock, or stock-based, ownership in the Company. 
  

	2.	Definitions 

 As used in the Plan, the following words shall have the following
meanings: 
 (a) “Affiliate” shall mean, any corporation directly or indirectly controlling, controlled by, or under common
control with, the Company or any other entity designated by the Board of Directors in which the Company or an affiliate has an interest. 

(b) “Board of Directors” means the Board of Directors of the Company. 

(c) “Change of Control” means (i) the sale, lease or other disposition of all or substantially all of the assets of the Company
to a third party that is not the Invus Transferee Group (or any member(s) thereof), or an Invus Affiliate or (ii) an acquisition of the Company by another corporation or entity by stock sale, consolidation, merger or other reorganization in
which the holders of the Company’s outstanding voting stock immediately prior to such transaction own, immediately after such transaction, securities representing less than fifty percent (50%) of the voting power of the corporation or
other entity surviving such transaction; provided, that (x) a merger effected exclusively for the purpose of changing the domicile of the Company and (y) a stock sale, merger, consolidation, or other reorganization or other
transaction (or any series of such events or transactions) with the Invus Transferee Group (or any member(s) thereof) or an Invus Affiliate shall not constitute a Change of Control. 

(d) “Committee” means the Compensation Committee of the Board of Directors or any properly delegated subcommittee thereof or, if no
such committee has been appointed, the Board of Directors. 
 (e) “Common Stock” or “Share” means common stock of the
Company which may be authorized but unissued, or issued and reacquired. 

 (f) “Employee” means a person, including an officer, in the regular full-time
employment of the Company or one of its Subsidiaries. 
 (g) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 (h) “Fair Market Value” means such value of a Share as reported for stock exchange transactions and/or determined in accordance
with any applicable resolutions or regulations of the Committee in effect at the relevant time. 
 (i) “Grant” means an award made
to a Participant pursuant to the Plan and described in Paragraph 5, including, without limitation, an award of an Incentive Stock Option, Stock Option, Stock Appreciation Right, Dividend Equivalent Right, Restricted Stock, Performance Units,
Performance Shares or Other Stock-Based Grant or any combination of the foregoing. 
 (j) “Grant Agreement” means an agreement
between the Company and a Participant that sets forth the terms, conditions and limitations applicable to a Grant. 
 (k) “Group”
means two or more Persons acting together as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of the Company. 

(l) “Invus Affiliate” means any other Person with regard to which Invus, L.P. is controlling, controlled or commonly controlled. For
purposes of the preceding sentence, “control” shall mean the power to direct the principal business management and activities of a Person, whether through ownership of voting securities, by agreement (including, without limitation, in
connection with any voting trust, proxy arrangement or similar device), or otherwise. 
 (m) “Invus Transferee Group” means Invus,
L.P. and each and every direct and indirect transferee of Invus, L.P. pursuant to a “Permitted Transfer” under the terms of the Investor Rights Agreement, dated as of July 10, 2012, by and among the stockholders of the Company. 

(n) “Participant” means an Employee, or other Person having a relationship with the Company or one of its Subsidiaries (including a
consultant), to whom one or more Grants have been made and such Grants have not all been forfeited or terminated. 
 (o) “Person”
means an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture, governmental authority or other entity of whatever nature. 

(p) “Stock-Based Grants” means the collective reference to the grant of Stock Appreciation Rights, Dividend Equivalent Rights,
Restricted Stock, Performance Units, Performance Shares and Other Stock-Based Grants. 
 (q) “Stock Options” means the collective
reference to “Incentive Stock Options” and “Other Stock Options”. 

  
 2 

 (r) “Subsidiary” means any company other than the Company in an unbroken chain of
companies beginning with the Company if each of the companies other than the last company in the unbroken chain owns 50% or more of the voting stock in one of the other companies in such chain. 

 

	3.	Administration of Plan 

 (a) The Plan shall be administered by the Committee. The
Committee may adopt its own rules of procedure, and the action of a majority of the Committee, taken at a meeting or taken without a meeting by a writing signed by such majority, shall constitute action by the Committee. The Committee shall have the
power and authority to administer, construe and interpret the Plan, to make rules for carrying it out and to make changes in such rules. Any such interpretations, rules, and administration shall be consistent with the basic purposes of the Plan.

 (b) The Committee may delegate to any senior officers of the Company its duties under the Plan subject to such conditions and limitations
as the Committee shall prescribe, except that only the Committee may designate and make Grants to Participants who are subject to Section 16 of the Exchange Act. 

(c) The Committee may employ attorneys, consultants, accountants, appraisers, brokers or other Persons. The Committee, the Company, and the
officers and directors of the Company shall be entitled to rely upon the advice, opinions or valuations of any such Persons. All actions taken and all interpretations and determinations made by the Committee in good faith shall be final and binding
upon all Participants, the Company and all other interested Persons. No member of the Committee shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or the Grants, and all members of
the Committee shall be fully protected by the Company with respect to any such action, determination or interpretation. 
 (d)
Notwithstanding anything to the contrary contained in the Plan, the Board of Directors may, in its sole discretion, at any time and from time to time, make Grants under the Plan and administer the Plan. In any such case, the Board of Directors shall
have all the authority granted to the Committee under the Plan. 
  

	4.	Eligibility 

 The Committee may from time to time make Grants under the Plan to such
Employees, or other Persons having a relationship with the Company or any of its Subsidiaries, and in such form and having such terms, conditions and limitations as the Committee may determine. Grants may be granted singly, in combination or in
tandem. The terms, conditions and limitations of each Grant under the Plan shall be set forth in a Grant Agreement, in a form approved by the Committee, consistent, however, with the terms of the Plan; provided, however, such Grant Agreement shall
contain provisions dealing with the treatment of Grants in the event of the termination, death or disability of a Participant, and may also include provisions concerning the treatment of Grants in the event of a Change of Control of the Company.

  
 3 

	5.	Grants 

 From time to time, the Committee will determine the forms and amounts of Grants
for Participants. Such Grants may take the following forms in the Committee’s sole discretion: 
 (a) Incentive Stock Options -
These are stock options within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (“Code”), to purchase Common Stock. In addition to other restrictions contained in the Plan, an option granted under this
Paragraph 5(a), (i) may not be exercised more than 10 years after the date it is granted, or, in the case of a Participant who owns shares of the Company’s capital stock possessing more than 10% of the total voting power of the
capital stock of the Company (a “10% Stockholder”), 5 years after the date it is granted, (ii) may not have an option price less than the Fair Market Value of the Common Stock on the date the option is granted (or, in the case of
a 10% Stockholder, 110% of the Fair Market Value on the date the option is granted), (iii) must otherwise comply with Code Section 422, and (iv) must be designated as an “Incentive Stock Option” by the Committee. The maximum
aggregate Fair Market Value of Common Stock (determined at the time of each Grant) with respect to which any Participant may first exercise Incentive Stock Options under this Plan and any Incentive Stock Options granted to the Participant for such
year under any plans of the Company or any Subsidiary in any calendar year is $100,000. Payment of the option price shall be made in cash or in shares of Common Stock, or a combination thereof, in accordance with the terms of the Plan, the Grant
Agreement, and of any applicable guidelines of the Committee in effect at the time. Additionally, to the extent permitted by the Committee in its sole discretion, Stock Options may be exercised (i) by means of a broker-assisted “cashless
exercise” if there is a public market for the shares of Common Stock at such timer or (ii) by a “net exercise” procedure effected by having the Company withhold the minimum number of shares of Common Stock otherwise issuable in
respect of a Stock Option that are needed to pay the option price and all applicable required withholding and any other applicable taxes. 

(b) Other Stock Options - These are options to purchase Common Stock which are not designated by the Committee as “Incentive Stock
Options.” At the time of the Grant the Committee shall determine, and shall have set forth in the Grant Agreement or other Plan rules, the option exercise period, the option price, and such other conditions or restrictions on the grant or
exercise of the option as the Committee deems appropriate. In addition to other restrictions contained in the Plan, an option granted under this Paragraph 5(b), may not be exercised more than 10 years after the date it is granted. Payment of the
option price shall be made in cash or in shares of Common Stock, or a combination thereof, in accordance with the terms of the Grant Agreement and of any applicable guidelines of the Committee in effect at the time. Additionally, to the extent
permitted by the Committee in its sole discretion, Stock Options may be exercised (i) by means of a broker-assisted “cashless exercise” if there is a public market for the shares of Common Stock at such timer or (ii) by a
“net exercise” procedure effected by having the Company withhold the minimum number of shares of Common Stock otherwise issuable in respect of a Stock Option that are needed to pay the option price and all applicable required withholding
and any other applicable taxes. 
 (c) Stock Appreciation Rights - These are rights that on exercise entitle the holder to receive
the excess of (i) the Fair Market Value of a share of Common Stock on the date of exercise over (ii) the Fair Market Value on the date of Grant (the “base value”) multiplied by 

  
 4 

 
(iii) the number of rights exercised. Stock Appreciation Rights granted under the Plan may, but need not be, granted in conjunction with an Option under Paragraph 5(a) or 5(b). No Stock
Appreciation Right granted under this Plan may be exercised less than 6 months (except in the event of death or Permanent Disability (as defined in the Grant Agreement) of a Participant) or more than 10 years after the date it is granted. To the
extent that any Stock Appreciation Right that shall have become exercisable, but shall not have been exercised or cancelled or, by reason of any termination of employment, shall have become non-exercisable, it shall be deemed to have been exercised
automatically, without any notice of exercise, on the last day on which it is exercisable, provided that any conditions or limitations on its exercise are satisfied (other than (i) notice of exercise and (ii) exercise or election to
exercise during the period prescribed) and the Stock Appreciation Right shall then have value. Such exercise shall be deemed to specify that, the holder elects to receive cash and that such exercise of a Stock Appreciation Right shall be effective
as of the time of automatic exercise. 
 (d) Restricted Stock - Restricted Stock is Common Stock delivered to a Participant with or
without payment of consideration with restrictions or conditions on the Participant’s right to transfer or sell such stock; provided that the price of any Restricted Stock delivered for consideration may not be less than par value of the Common
Stock on the date such Restricted Stock is granted. If a Participant irrevocably elects in writing in the calendar year preceding a Grant of Restricted Stock, dividends paid on the Restricted Stock granted may be paid in shares of Restricted Stock
equal to the cash dividend paid on Common Stock. The number of shares of Restricted Stock and the restrictions or conditions on such shares shall be as the Committee determines, in the Grant Agreement or by other Plan rules, and the certificate for
the Restricted Stock shall bear evidence of the restrictions or conditions. No Restricted Stock may have a restriction period of less than 6 months, other than in the case of death or Permanent Disability (as defined in the Grant Agreement) of the
Participant. 
 (e) Dividend Equivalent Rights - These are rights to receive cash payments from the Company at the same time and in
the same amount as any cash dividends paid on an equal number of shares of Common Stock to shareholders of record during the period such rights are effective. The Committee, in the Grant Agreement or by other Plan rules, may impose such restrictions
and conditions on the Dividend Equivalent Rights, including the date such rights will terminate, as it deems appropriate, and may terminate, amend, or suspend such Dividend Equivalent Rights at any time. 

(f) Performance Units - These are rights to receive at a specified future date, payment in cash of an amount equal to all or a portion
of the value of a unit granted by the Committee. At the time of the Grant, in the Grant Agreement or by other Plan rules, the Committee must determine the base value of the unit, the performance factors applicable to the determination of the
ultimate payment value of the unit and the period over which Company performance will be measured. These factors must include a minimum performance standard for the Company below which no payment will be made and a maximum performance level above
which no increased payment will be made. The term over which Company performance will be measured shall be not less than six months. 

  
 5 

 (g) Performance Shares - These are rights to receive at a specified future date, payment
in cash or Common Stock, as determined by the Committee, of an amount equal to all or a portion of the Fair Market Value for all days that the Common Stock is traded during the last forty-five (45) days of the specified period of performance of
a specified number of shares of Common Stock at the end of a specified period based on the Company’s performance during the period. At the time of the Grant, the Committee, in the Grant Agreement or by Plan rules, will determine the factors
which will govern the portion of the rights so payable and the period over which Company performance will be measured. The factors will be based on the Company’s performance and must include a minimum performance standard for the Company below
which no payment will be made and a maximum performance level above which no increased payment will be made, and no performance shall be paid unless and until the Committee certifies that the applicable performance goals have been met. The term over
which the Company’s performance will be measured shall be not less than six months. 
 (h) Other Stock-Based Grants - The
Committee may make other Grants under the Plan pursuant to which shares of Common Stock (which may, but need not, be shares of Restricted Stock pursuant to Paragraph 5(d)), are or may in the future be acquired, or Grants denominated in stock units,
including ones valued using measures other than market value. Other Stock-Based Grants may be granted with or without consideration. Such Other Stock-Based Grants may be made alone, in addition to or in tandem with any Grant of any type made under
the Plan and must be consistent with the purposes of the Plan. 
  

	6.	Limitations and Conditions 

 (a) The number of Shares available for Grants under this
Plan shall be three million three hundred forty thousand nine hundred sixty-seven (3,340,967) shares of the authorized Common Stock as of the effective date of the Plan. Unless restricted by applicable law, Shares related to Grants that are
forfeited, terminated, cancelled or expire unexercised, shall immediately become available for Grants. 
 (b) No Grants shall be made under
the Plan beyond ten years after the effective date of the Plan, but the terms of Grants made on or before the expiration thereof may extend beyond such expiration. At the time a Grant is made or amended or the terms or conditions of a Grant are
changed, the Committee may provide for limitations or conditions on such Grant. 
 (c) Nothing contained herein shall affect the right of
the Company to terminate any Participant’s employment at any time or for any reason. 
 (d) By accepting a Grant, a Participant shall
be deemed to agree and acknowledge that (i) neither the Company nor its subsidiaries makes any representations with respect to the application of Section 409A of the Code to any tax, economic or legal consequences of any Grants to such
Participant, (ii) such Participant will be responsible for any application of Section 409A of the Code to the tax and legal consequences of any Grants to the Participant. In addition, the Company agrees, and by acceptance of a Grant a
Participant shall be deemed to agree, to cooperate in good faith to amend the Plan or any Grant Agreement or take any other reasonable actions as may be necessary or appropriate to comply with Section 409A of the Code. 

  
 6 

 (e) Except as otherwise prescribed by the Committee, the amounts of the Grants for any employee
of a Subsidiary, along with interest, dividend, and other expenses accrued on deferred Grants shall be charged to the Participant’s employer during the period for which the Grant is made. If the Participant is employed by more than one
Subsidiary or by both the Company and a Subsidiary during the period for which the Grant is made, the Participant’s Grant and related expenses will be allocated between the companies employing the Participant in a manner prescribed by the
Committee. 
 (f) Other than as specifically provided with regard to the death of a Participant, no benefit under the Plan shall be subject
in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge, and any attempt to do so shall be void. No such benefit shall, prior to receipt thereof by the Participant, be in any manner liable for or subject
to the debts, contracts, liabilities, engagements, or torts of the Participant. 
 (g) Participants shall not be, and shall not have any of
the rights or privileges of, stockholders of the Company in respect of any Shares purchasable in connection with any Grant unless and until certificates representing any such Shares have been issued by the Company to such Participants. 

(h) No election as to benefits or exercise of Stock Options, Stock Appreciation Rights, or other rights may be made during a
Participant’s lifetime by anyone other than the Participant except by a legal representative appointed for or by the Participant. 

(i) Absent express provisions to the contrary, any grant under this Plan shall not be deemed compensation for purposes of computing benefits
or contributions under any retirement plan of the Company or its Subsidiaries and shall not affect any benefits under any other benefit plan of any kind or subsequently in effect under which the availability or amount of benefits is related to level
of compensation. This Plan is not a “Retirement Plan” or “Welfare Plan” under the Employee Retirement Income Security Act of 1974, as amended. 

(j) Unless the Committee determines otherwise, no benefit or promise under the Plan shall be secured by any specific assets of the Company or
any of its Subsidiaries, nor shall any assets of the Company or any of its Subsidiaries be designated as attributable or allocated to the satisfaction of the Company’s obligations under the Plan. 

 

	7.	Transfers and Leaves of Absence 

 For purposes of the Plan, unless the Committee
determines otherwise in its sole discretion, a transfer of a Participant’s employment without an intervening period of separation among the Company and any Subsidiary shall not be deemed a termination of employment. If a Participant is granted
in writing a leave of absence, the Committee shall determine, in its sole discretion, whether vesting of any Grant shall continue or be suspended during such leave of absence. 

 

	8.	Adjustments 

 In the event of any change in the outstanding Common Stock by reason of a
stock split, spin-off, stock dividend, stock combination or reclassification, recapitalization, consolidation or merger, change of control, or similar event, the Committee shall adjust appropriately the number of Shares subject to the Plan and
available for or covered by Grants and Share prices related to outstanding Grants. 

  
 7 

	9.	Change of Control, Reorganization, Liquidation or Dissolution 

 Unless otherwise
expressly set forth in a Grant Agreement, in connection with a Change of Control, or the reorganization, reclassification, recapitalization, liquidation or dissolution of the Company, the Committee may, but shall not be obligated to, on such terms
and conditions as it deems appropriate in its absolute discretion (A) accelerate the vesting, or cause the restrictions to lapse with respect to, all or any portion of any Grant or (B) cancel any Grant in exchange for consideration equal
to the net fair value of the Grant (as determined by the Committee in its absolute discretion) or (C) provide for the issuance of substitute Grants that will substantially preserve (as determined by the Committee in its absolute discretion) the
otherwise applicable terms and conditions of any affected Grants previously made hereunder, as determined by the Committee in its absolute discretion, or (D) provide that for a period of at least 10 business days prior to the Change of Control
or other event, such Stock Option or Stock-Based Grant shall be exercisable as to all shares subject thereto and that upon the occurrence of the Change of Control or other event, such Stock Option or Stock-Based Grant shall terminate and be of no further force and effect or (E) provide that even if the Stock Option or Stock-Based Grant shall remain exercisable after any such event, from and after such
event, any such Stock Option or Stock-Based Grant shall be exercisable only for the kind and amount of securities and/or other property, or the cash equivalent thereof, receivable as a result of such event by a holder of a number of shares of stock
for which such Stock Option or Stock-Based Grant could have been exercised immediately prior to such event. 
  

	10.	Amendment and Termination 

 The Committee shall have the authority to make such
amendments to any terms and conditions applicable to outstanding Grants as are consistent with this Plan provided that, except for adjustments under Paragraph 8 or 9 hereof, no such action shall modify such Grant in a manner adverse to the
Participant without the Participant’s consent except as such modification is provided for or contemplated in the terms of the Grant. 

The Board of Directors may amend, suspend or terminate the Plan except that no such action, other than an action under Paragraph 8 or 9
hereof, may be taken which would, without shareholder approval, increase the aggregate number of Shares available for Grants under the Plan or extend the term of the Plan. 
  

	11.	Foreign Options and Rights 

 The Committee may make Grants to Employees who are subject
to the laws of nations other than the United States, which Grants may have terms and conditions that differ from the terms hereof for the purpose of complying with foreign laws. 

 

	12.	Withholding Taxes 

 The Company shall have the right to deduct from any cash payment
made under the Plan any federal, state or local income or other taxes required by law to be withheld with respect to 

  
 8 

 
such payment. It shall be a condition to the obligation of the Company to deliver shares upon the exercise of an Option or Stock Appreciation Right, upon payment of Performance Units or
Performance Shares, upon delivery of Restricted Stock or upon exercise, settlement or payment of any Other Stock-Based Grant that the Participant pay to the Company such amount as may be requested by the Company for the purpose of satisfying any
liability for such withholding taxes. Any Grant Agreement may provide that the Participant may elect, in accordance with any conditions set forth in such Grant Agreement, to pay a portion or all of such withholding taxes in shares of Common Stock.

  

	13.	Effective Date and Termination Dates 

 The Plan (prior to the amendment and restatement
thereof) became effective on and as of the date of its approval by the stockholders of the Company on July 10, 2012 and shall terminate ten years later, subject to earlier termination by the Board of Directors pursuant to Paragraph 10. 

 

	14.	Section 409A 

 Notwithstanding any provision of the Plan to the contrary, it is intended
that the provisions of this Plan comply with Section 409A of the Code, and all provisions of this Plan shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A of
the Code. Each Participant is solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or in respect of such Participant in connection with this Plan (including any taxes and penalties under
Section 409A of the Code), and neither the Company nor any of its affiliates shall have any obligation to indemnify or otherwise hold such Participant (or any beneficiary) harmless from any or all of such taxes or penalties. With respect to any
Grant that is considered “deferred compensation” subject to Section 409A of the Code, references in the Plan to “termination of employment” (and substantially similar phrases) shall mean “separation from service”
within the meaning of Section 409A of the Code. For purposes of Section 409A of the Code, if a Participant is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, no payments in respect of any
Grants that are “deferred compensation” subject to Section 409A of the Code and which would otherwise be payable upon the Participant’s “separation from service” (as defined in Section 409A of the Code) shall be
made to such Participant prior to the date that is six months after the date of such Participant’s “separation from service” or, if earlier, the Participant’s date of death. Following any applicable six month delay, all such
delayed payments will be paid in a single lump sum on the earliest date permitted under Section 409A of the Code that is also a business day. Unless otherwise provided by the Committee in a Grant Agreement or otherwise, in the event that the
timing of payments in respect of any Grant (that would otherwise be considered “deferred compensation” subject to Section 409A of the Code) would be accelerated upon the occurrence of (A) a Change of Control, no such acceleration
shall be permitted unless the event giving rise to the Change of Control satisfies the definition of a change in the ownership or effective control of a corporation, or a change in the ownership of a substantial portion of the assets of a
corporation pursuant to Section 409A of the Code and any Treasury Regulations promulgated thereunder or (B) a disability, no such acceleration shall be permitted unless the disability also satisfies the definition of “disability”
pursuant to Section 409A of the Code and any Treasury Regulations promulgated thereunder. 

  
 9 

	15.	Governing Law 

 The Plan shall be governed by, and construed and interpreted in
accordance with, the law of the State of New York. 

  
 10EX-10.6

 Exhibit 10.6 

2012 STOCK PURCHASE AND OPTION PLAN OF 

BLUE BUFFALO PET PRODUCTS, INC. 

INCENTIVE STOCK OPTION AGREEMENT 
  

			
	Granted to:		Grant Date:
		
	Social Security No.:		Exercise Price: $
		
	Total Time Shares:		

 By signing below, each of the Company and Optionee has agreed to the grant of the option described above on
the terms set forth on Exhibit A hereto. 
  

											
	BLUE BUFFALO PET PRODUCTS, INC.		OPTIONEE
					
	By:		  
				By:		  

	Name:						Name:		
	Title:						Address:		

  
 1 

 THIS AGREEMENT (this “Agreement”), dated as of
            , 20     (the “Grant Date”), is made by and between Blue Buffalo Pet Products, Inc., a Delaware corporation hereinafter referred to as the
“Company”, and the individual listed on the first page of this Agreement (“Optionee”). 
 WHEREAS, the Company wishes
to grant the Optionee options to purchase shares of its Common Stock, $.01 par value per share (“Common Stock”); 
 WHEREAS, the
Company wishes to carry out the Plan (as hereinafter defined), the terms of which are hereby incorporated by reference and made a part of this Agreement; and 

WHEREAS, the Committee (as hereinafter defined), appointed to administer the Plan, has determined that it would be to the advantage and best
interest of the Company and its stockholders to grant the Options provided for herein to the Optionee as an incentive for increased efforts during Optionee’s employment with the Company or its Subsidiaries or affiliates, and has advised the
Company thereof and instructed the undersigned officers to issue said Options; 
 NOW, THEREFORE, in consideration of the mutual covenants
herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto do hereby agree as follows: 

ARTICLE I. 
 DEFINITIONS

 Whenever the following terms are used in this Agreement, they shall have the meaning specified in the Plan or herein unless the
context clearly indicates to the contrary. 
  

	Section 1.1.	        Book Value Per Share 

 “Book Value
Per Share” shall mean (i)(A) eighteen million nine hundred one thousand one hundred eighty-three ($18,901,183), plus or minus any change in the retained earnings of Opco between the period beginning on January 11, 2007 and ending on the
Grant Date, plus or minus any change in the retained earnings of the Company between the period beginning on the Grant Date through the last day of the month preceding the later of (x) the month in which the relevant Repurchase Event occurs and
(y) the month in which the Repurchase Period begins plus (B) the aggregate exercise prices of all outstanding stock options and other rights to acquire stock of the Company and the aggregate conversion prices of all securities
convertible into shares of Common Stock, divided by (ii) the sum of the number of shares of Common Stock then outstanding and the number of shares of Common Stock issuable upon the exercise of all outstanding stock options and other rights to
acquire Common Stock and the conversion of all securities convertible into shares of Common Stock. 

  
 2 

	Section 1.2.	    Cause 

 “Cause” shall mean (i) the
Optionee’s willful and continued failure to perform his or her duties with respect to the Company or any Subsidiary which continues beyond 10 days after a written demand for substantial performance is delivered to the Optionee by the Company or
the Subsidiary, as applicable, (ii) the Board of Directors’ good faith determination that Optionee has engaged in an act of dishonesty or breach of trust in connection with the Optionee’s employment, (iii) conviction of, or plea
of guilty or nolo contendere to, a misdemeanor involving moral turpitude or a felony, or (iv) any material breach by the Optionee of any agreement with the Company or a Subsidiary or any Company policy or policy of a Subsidiary. 

 

	Section 1.3.	    Code 

 “Code” shall mean the Internal Revenue Code of
1986, as amended. 
  

	Section 1.4.	    Committee 

 “Committee” shall mean the Compensation
Committee of the Company or, if no Compensation Committee has been appointed, the Board of Directors. 
  

	Section 1.5.	    Entity 

 “Entity” shall mean a corporation, limited
liability company, partnership or other business entity. 
  

	Section 1.6.	    Grant Date 

 “Grant Date” shall mean the date set
forth on the first page of this Agreement on which the Options provided for in this Agreement were granted. 
  

	Section 1.7.	    Options 

 “Options” shall mean the incentive stock
options, intended to meet the requirements of Section 422 of the Code, which may include a Time Option and/or a Performance Option, to purchase Common Stock granted under this Agreement. 

 

	Section 1.8.	    Permanent Disability 

 The Optionee shall be deemed to have a
“Permanent Disability” if the Optionee is unable to engage in the activities required by the Optionee’s job and any other Company or Subsidiary job suitable for Optionee (as determined by the Board of Directors of the Company) by
reason of any medically determined physical or mental impairment which can be expected to result in death or which can be expected to last for a continuous period of not less than 12 months (in each case, as determined in good faith by a majority of
the Board of Directors of the Company, which determination shall be conclusive). 

  
 3 

	Section 1.9.	    Plan 

 “Plan” shall mean the 2012 Stock Purchase and
Option Plan of Blue Buffalo Pet Products, Inc. 
  

	Section 1.10.	    Pronouns 

 The masculine pronoun shall include the feminine and
neuter, and the singular the plural, where the context so indicates. 
  

	Section 1.11.	    Retirement 

 “Retirement” shall mean the voluntary
termination by Optionee of Optionee’s employment with the Company or any Subsidiary at any time after (i) Optionee is at least 60 years of age and (ii) Optionee has been a full time employee of the Company or a Subsidiary on a
continuous basis for at least five years. 
  

	Section 1.12.	    Secretary 

 “Secretary” shall mean the Secretary of
the Company. 
  

	Section 1.13.	    Subsidiary 

 “Subsidiary” shall mean any Entity in an
unbroken chain of Entities beginning with the Company if each of the Entities, or group of commonly controlled Entities, other than the last Entity in the unbroken chain then owns stock or other equity interests possessing 50% or more of the total
combined voting power of all classes of stock or other equity interests in one of the other Entities in such chain. 
  

	Section 1.14.	    Time Option 

 “Time Option” shall mean an Option with
respect to which vesting is governed by Section 3.1(a) hereof. 
 ARTICLE II. 

GRANT OF OPTIONS 
  

	Section 2.1.	    Grant of Options 

 For good and valuable consideration, on and
as of the date hereof, the Company irrevocably grants to the Optionee a Time Option to purchase any part or all of the number of shares of its Common Stock specified on the first page of this Agreement upon the terms and conditions set forth in this
Agreement. This Option is an incentive stock option intended to meet the requirements of Section 422 of the Code. 
  

	Section 2.2.	    Exercise Price 

 The exercise price (the “Exercise
Price”) of the shares of stock covered by the Options shall be the per share price set forth on the first page of this Agreement without commission or other charge. 

  
 4 

	Section 2.3.	    Consideration to the Company 

 In consideration of the granting
of these Options by the Company, the Optionee agrees to render faithful and efficient services to the Company or a Subsidiary, with such duties and responsibilities as the Company or such Subsidiary shall from time to time prescribe. Nothing in this
Agreement or in the Plan shall confer upon the Optionee any right to continue in the employ of the Company or any Subsidiary or affiliate or shall interfere with or restrict in any way the rights of the Company and its Subsidiaries or affiliates,
which are hereby expressly reserved, to terminate the employment of the Optionee at any time for any reason whatsoever, with or without Cause. 
  

	Section 2.4.	    Adjustments in Options 

 Subject to Section 9 of the Plan,
in the event that the outstanding shares of the stock subject to an Option are, from time to time, changed into or exchanged for a different number or kind of shares of the Company or other securities of the Company by reason of a merger,
consolidation, recapitalization, change of control, reclassification, stock split, spin-off, stock dividend, combination of shares, or otherwise, the Committee shall make an appropriate and equitable adjustment in the number and kind of shares or
other consideration as to which such Option, or portions thereof then unexercised, shall be exercisable. Any such adjustment made by the Committee shall be final and binding upon the Optionee, the Company and all other interested persons. 

ARTICLE III. 
 VESTING 

 

	Section 3.1.    	Vesting Schedule 

 (a) The Time Option shall vest as follows until the date of
termination of Optionee’s employment (regardless of the reason for such termination): 
  

			
	
Date Time Option Vests	  	Percentage of Option Shares
As to Which Time Option Vests
	 1st Anniversary of the Grant Date
	  	20%
	 2nd Anniversary of the Grant Date
	  	20%
	 3rd Anniversary of the Grant Date
	  	20%
	 4th Anniversary of the Grant Date
	  	20%
	 5th Anniversary of the Grant Date
	  	20%

  
 5 

	Section 3.2.	    Expiration of Options 

 The Options may not be exercised to any
extent by Optionee after the first to occur of the following events: 
 (a) the 10th anniversary of the grant; 
 (b) the first anniversary of the date of the
Optionee’s termination of employment by reason of death or Permanent Disability; 
 (c) the first business day which is
90 days after termination of employment of the Optionee for any reason other than for Cause, death or Permanent Disability; 

(d) the date of termination of Optionee’s employment by the Company or any Subsidiary for Cause; and 

(e) the effective date of an event or business combination described in Section 9 of the Plan if the Committee so
determines, in its sole discretion. At least ten (10) days prior to the effective date of such event or business combination, the Committee shall give the Optionee notice of such event or business combination as to any Option held by Optionee
that has neither been fully exercised nor become unexercisable under this Section 3.2. 
 Section 3.3.    
Retirement 
 Notwithstanding anything to the contrary in Section 3.2 above, if Optionee’s employment terminates due to
Retirement and all or any portion of this Option has not been exercised at the end of the 90-day period referred to in Section 3.2(c) above (the “Unexercised Option Shares”), this Option shall remain outstanding as a non-qualified stock option on the terms and conditions herein, exercisable for the Unexercised Option Shares, until the earliest to occur of Section 3.2(a), Section 3.2(e) and the one year anniversary of
the date Optionee’s employment is terminated due to Retirement. 
 ARTICLE IV. 

EXERCISE OF OPTION 
  

	Section 4.1.    	Person Eligible to Exercise 

 During the lifetime of the Optionee, only the Optionee
may exercise an Option or any portion thereof. After the death of the Optionee, any exercisable portion of an Option may, prior to the time when an Option becomes unexercisable under Section 3.2, be exercised by Optionee’s personal
representative or by any person empowered to do so under the Optionee’s will or under the then applicable laws of descent and distribution. 
  

	Section 4.2.    	Partial Exercise 

 Any vested portion of an Option or the entire Option, if then wholly
vested, may be exercised in whole or in part at any time prior to the time when the Option or portion thereof becomes unexercisable under Section 3.2; provided, however, that any partial exercise shall be for whole shares of Common Stock only.

  
 6 

	Section 4.3.	    Manner of Exercise 

 An Option, or any vested portion thereof,
may be exercised solely by delivering to the Secretary or his office all of the following prior to the time when the Option or such portion becomes unexercisable under Section 3.2: 

(a) notice in writing signed by the Optionee or the other person then entitled to exercise the Option or portion thereof, stating that the
Option or portion thereof is thereby exercised, such notice complying with all applicable rules established by the Committee; 
 (b) full
payment (in cash, by check or by a combination thereof) for the shares with respect to which such Option or portion thereof is exercised; 

(c) a bona fide written representation and agreement, in a form satisfactory to the Committee, signed by the Optionee or other person then
entitled to exercise such Option or portion thereof, stating that the shares of stock are being acquired for Optionee’s own account, for investment and without any present intention of distributing or reselling said shares or any of them except
as may be permitted under the Securities Act of 1933, as amended (the “Act”), and then applicable rules and regulations thereunder, and that the Optionee or other person then entitled to exercise such Option or portion thereof will
indemnify the Company against and hold it free and harmless from any loss, damage, expense or liability resulting to the Company if any sale or distribution of the shares by such person is contrary to the representation and agreement referred to
above; provided, however, that the Committee may, in its absolute discretion, take whatever additional actions it deems appropriate to ensure the observance and performance of such representation and agreement and to effect compliance
with the Act and any other federal or state securities laws or regulations; 
 (d) execution and delivery by Optionee of a joinder
agreement, whereby Optionee agrees to be bound by the terms and conditions of the Investor Rights Agreement, dated as of July 10, 2012, by and among the Company and its stockholders (as such agreement is amended from time to time) (the
“Investor Rights Agreement”); 
 (e) to the extent Optionee has not already done so, execution and delivery by Optionee of a
standard Confidentiality, Non-Competition and Proprietary Rights Agreement of the Company and/or a Company Subsidiary, as requested by the Company; 

(f) full payment to the Company of all amounts which, under federal, state or local law, it is required to withhold upon exercise of the
Option; and 
 (g) in the event the Option or portion thereof shall be exercised pursuant to Section 4.1 by any person or persons
other than the Optionee, appropriate proof of the right of such person or persons to exercise the option. 

  
 7 

 Without limiting the generality of the foregoing, the Committee may require an opinion of counsel acceptable to
it to the effect that any subsequent transfer of shares acquired on exercise of an Option does not violate the Act, and may issue stop-transfer orders covering such shares. Share certificates evidencing stock
issued on exercise of this Option shall bear an appropriate legend referring to the provisions of subsection (c) above and the agreements herein. The written representation and agreement referred to in subsection (c) above shall, however,
not be required if the shares to be issued pursuant to such exercise have been registered under the Act, and such registration is then effective in respect of such shares. 
  

	Section 4.4.	    Conditions to Issuance of Stock Certificates 

 The shares of
stock deliverable upon the exercise of an Option, or any portion thereof, may be either previously authorized but unissued shares or issued shares which have then been reacquired by the Company. Such shares shall be fully paid and nonassessable. The
Company shall not be required to issue or deliver any certificate or certificates for shares of stock purchased upon the exercise of an Option or portion thereof prior to fulfillment of all of the following conditions: 

(a) the obtaining of approval or other clearance from any state or federal governmental agency which the Committee shall, in
its absolute discretion, determine to be necessary or advisable; 
 (b) the lapse of such reasonable period of time following
the exercise of the Option as the Committee may from time to time establish for reasons of administrative convenience; and 

(c) each certificate evidencing the Option Shares shall be stamped or otherwise imprinted with legends substantially similar to
the following (in addition to any legend required under applicable state securities laws): 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR UNLESS THE COMPANY HAS RECEIVED AN OPINION
OF COUNSEL SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED. 
 THE SALE, PLEDGE, HYPOTHECATION OR
TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF (A) AN OPTION AGREEMENT BY AND BETWEEN THE STOCKHOLDER AND THE COMPANY (AS THE SAME MAY BE AMENDED AND IN EFFECT FROM TIME TO TIME) AND (B) AN
INVESTOR RIGHTS AGREEMENT BY AND 

  
 8 

 
BETWEEN THE COMPANY AND ITS STOCKHOLDERS (AS THE SAME MAY BE AMENDED AND IN EFFECT FROM TIME TO TIME). COPIES OF SUCH OPTION AGREEMENT AND INVESTOR RIGHTS AGREEMENT MAY BE OBTAINED UPON WRITTEN
REQUEST TO THE SECRETARY OF THE COMPANY. 
  

	Section 4.5.	    Rights as Stockholder 

 The holder of an Option shall not be,
nor have any of the rights or privileges of, a stockholder of the Company in respect of any shares purchasable upon the exercise of the Option or any portion thereof unless and until certificates representing such shares shall have been issued by
the Company to such holder. 
 Section 4.6.     Right of Repurchase 

(a) The Company, at the sole discretion of the Board of Directors, shall have the right (the “Repurchase Right”), but not the
obligation, to repurchase any or all of the shares issued to Optionee upon exercise of this Option (the “Option Shares”) from the Optionee, upon the occurrence of any of the events specified in Section 4.6(b) below (the
“Repurchase Event”). The Repurchase Right may be exercised by the Company within 60 days following the later of the date of the exercise of this Option or the date the Company receives actual knowledge of the relevant Repurchase Event (the
“Repurchase Period”). The Repurchase Right shall be exercised by the Company by giving the Optionee written notice on or before the last day of the Repurchase Period of its intention to exercise the Repurchase Right and together with such
notice, tendering to the Optionee the appropriate purchase price described herein (“Repurchase Amount”). In the case of an event specified in Section 4.6(b)(i) or (ii), below, the Repurchase Price shall be the greatest of the Fair
Market Value of the shares, the Exercise Price of the shares or the Book Value Per Share of the shares. For these purposes, the Fair Market Value of the shares will be conclusively determined to be the per share Fair Market Value for the
Company’s common stock as adopted by the Board of Directors most recently before the Repurchase Event. In the case of an event specified in Section 4.6(b)(iii) below, the Repurchase Price will be the greater of the Exercise Price or the
Book Value Per Share of the shares being repurchased. In the case of an event specified in Sections 4.6(b)(iv) or (v) below, the Repurchase Price will be the Exercise Price. The Company, at the sole discretion of the Board of Directors, may
assign the Repurchase Right to one or more stockholders of the Company. Upon a timely exercise of the Repurchase Right in the manner provided in this Section 4.6(a), the Optionee shall deliver to the Company, the stock certificate or
certificates representing the shares being repurchased, duly endorsed and free and clear of any and all liens, charges and encumbrances. If shares are not repurchased by the Company under the Repurchase Right, the Optionee and his or her successor
in interest, if any, will hold any such shares in his or her possession subject to all of the provisions of this Agreement. 

  
 9 

 (b) The Company shall have the Repurchase Right in the event that any of the following events
shall occur: 
 (i) the Company’s termination of Optionee’s employment with the Company or any Subsidiary, for any reason
whatsoever other than a for Cause termination; 
 (ii) the termination of Optionee’s employment with the Company or any Subsidiary
because of the Optionee’s death, Retirement or Permanent Disability; 
 (iii) the Optionee’s voluntary termination of employment
with the Company or any Subsidiary, for any reason whatsoever other than Retirement or Permanent Disability 
 (iv) the termination of
Optionee’s employment with the Company or any Subsidiary for Cause; or 
 (v) within two years of the termination of Optionee’s
employment with the Company or any Subsidiary for any reason whatsoever, the engagement by Optionee directly, or indirectly, alone or with others, in (a) any business activity that is in competition with the Company, Blue Buffalo Company, Ltd.
(herein referred to as “OpCo”) or any other Subsidiary or (b) the solicitation of, interference with or endeavor to entice away any employee or customer of the Company, OpCo or any other Subsidiary. 

(c) This Section 4.6 shall remain in effect until such time, if ever, as a distribution to the public is made of shares of the
Company’s Common Stock pursuant to an effective registration statement filed under the Securities Act (the “Initial Public Offering”). 

(d) Optionee acknowledges that, for alternative minimum tax purposes, the Option Shares acquired upon exercise of this Option may be treated
as subject to a substantial risk of forfeiture within the meaning of Section 83 of the Code and that in the absence of an election under Section 83(b) of the Code, such treatment could affect the determination of Optionee’s liability
for alternative minimum tax. Optionee further acknowledges that, in order to be effective, an election under Section 83(b) of the Code must be filed with the Internal Revenue Service within 30 days following the exercise of this Option, but
nothing in this Agreement shall require Optionee to make such an election. 
 Section 4.7.     “Market
Stand-Off” Agreement 
 Optionee hereby agrees that such Optionee shall not sell, transfer, make any short sale of, grant any
option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any Common Stock (or other securities) of the Company held by Optionee for a period specified by the representative of the
underwriters of Common Stock (or other securities) of the Company not to exceed one hundred eighty (180) days following the effective date of a registration statement of the Company filed under the Securities Act. 

 

	Section 4.8.	    Early Dispositions. 

 Optionee agrees to notify the Company in
writing immediately after Optionee transfers any Option Shares, if such transfer occurs on or before the later of (a) the date two years after the Grant Date or (b) the date one year after the date Optionee acquired such Option Shares.
Optionee also agrees to provide the Company with any information concerning any such transfer required by the Company for tax purposes. 

  
 10 

 ARTICLE V.  

MISCELLANEOUS 
  

	Section 5.1.	    Administration 

 The Committee shall have the power to
interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules. All actions taken and all interpretations and
determinations made by the Committee shall be final and binding upon the Optionee, the Company and all other interested persons. No member of the Committee shall be personally liable for any action, determination or interpretation made in good faith
with respect to the Plan or the Options. In its absolute discretion, the Board of Directors may at any time and from time to time exercise any and all rights and duties of the Committee under the Plan and this Agreement. 

 

	Section 5.2.	    Options Not Transferable 

 Neither the Options nor any interest
or right therein or part thereof shall be liable for the debts, contracts or engagements of the Optionee or his successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any
other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be
null and void and of no effect; provided, however, that this Section 5.2 shall not prevent transfers by will or by the applicable laws of descent and distribution. 
  

	Section 5.3.	    Shares to Be Reserved 

 The Company shall at all times during
the term of the Options reserve and keep available such number of shares of stock as will be sufficient to satisfy the requirements of this Agreement. 
  

	Section 5.4.	    Notices 

 Any notice to be given under the terms of this
Agreement to the Company shall be addressed to the Company in care of its Secretary, and any notice to be given to the Optionee shall be addressed to him at the address given beneath his signature hereto. By a notice given pursuant to this
Section 5.4, either party may hereafter designate a different address for notices to be given to him. Any notice which is required to be given to the Optionee shall, if the Optionee is then deceased, be given to the Optionee’s personal
representative if such representative has previously informed the Company of his status and address by written notice under this Section 5.4. Any notice shall have been deemed duly given when enclosed in a properly sealed envelope or wrapper
addressed as aforesaid, deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service. 

  
 11 

	Section 5.5.    Titles	

 Titles are provided herein for convenience only and are not to serve as a basis for
interpretation or construction of this Agreement. 
  

	Section 5.6.    Applicability of Plan	

 The Option and the shares of Common Stock issued to the Optionee upon exercise of the Option
shall be subject to all of the terms and provisions of the Plan. In the event of any conflict between this Agreement and the Plan, the terms of the Plan shall control. 
  

	Section 5.7.    Amendment	

 This Agreement may be amended only by a writing executed by the parties hereto which
specifically states that it is amending this Agreement. 
  

	Section 5.8.    Governing Law	

 This Agreement shall be governed by, and construed and interpreted in accordance with, the
law of the State of New York. 
  

	Section 5.9.    Jurisdiction	

 The parties to this Agreement agree that jurisdiction and venue in any action brought by any
party hereto pursuant to this Agreement shall properly lie and shall be brought in any federal or state court located in the Borough of Manhattan, City and State of New York. By execution and delivery of this Agreement, each party hereto irrevocably
submits to the jurisdiction of such courts for itself, himself or herself and in respect of its, his or her property with respect to such action. The parties hereto irrevocably agree that venue would be proper in such court, and hereby irrevocably
waive any objection that such court is an improper or inconvenient forum for the resolution of such action. 
  

	Section 5.10.    Survival	

 Sections 4.6, 4.7 and 4.8 shall survive the expiration or termination of this Option
Agreement and any exercise of the rights granted hereunder. 
  

	Section 5.11.    Entire Agreement	

 This Agreement, together with the Plan and any other written Option Agreements previously
entered into by the Company and Optionee, constitute the full and entire understanding and agreement between the Company and the Optionee and supersede all other written and oral agreements and any other discussions or arrangements with respect to
Grants or the issuance of any other equity based compensation to Optionee. No party shall be liable or bound to the other in any manner by any oral or written representations, warranties, covenants and agreements except as specifically set forth
herein and therein and each party expressly represents and warrants that no oral or written representations, warranties, covenants or agreements have been made outside of this Agreement. 

  
 12 

	Section 5.12.	    Counterparts 

 This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original and all of which together shall constitute one and the same instrument. 

  
 13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00246-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00246-of-00352.parquet"}]]