Document:

EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 

FOURTH AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

This FOURTH AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Fourth Amendment”) dated May 22, 2014, is by
and among StoneMor GP LLC, a Delaware limited liability company (the “General Partner”), StoneMor Partners L.P., a Delaware limited partnership (the “Partnership”), StoneMor Operating LLC, a Delaware limited
liability company (the “Operating Company”), the Subsidiaries of the Operating Company set forth on the signature pages hereto (together with the Operating Company, each individually a “Borrower” and collectively,
the “Borrowers” and together with the General Partner and the Partnership, each individually a “Credit Party” and collectively, the “Credit Parties”), the Lenders party hereto, and Bank of America,
N.A., a national banking association, as Administrative Agent for the benefit of the Lenders (in such capacity, the “Administrative Agent”), and as Swing Line Lender and L/C Issuer. 

BACKGROUND 
 A. Pursuant
to that certain Third Amended and Restated Credit Agreement, entered into on January 19, 2012, by and among the Credit Parties, the lenders party thereto (the “Lenders”) and the Administrative Agent, as amended by a First
Amendment dated February 19, 2013, a Second Amendment dated May 8, 2013, and a Third Amendment dated June 18, 2013 (as so amended, and as amended, restated, modified or otherwise supplemented from time to time, the “Credit
Agreement”), the Lenders agreed, inter alia, to extend to the Borrowers a revolving credit facility in the maximum aggregate principal amount of One Hundred Forty Million Dollars ($140,000,000). Capitalized terms used, but not
otherwise defined, herein shall have the meanings given to them in the Credit Agreement. 
 B. The Borrowers have requested that the Lenders
agree to amend certain provisions of the Credit Agreement and consent to certain acquisition transactions. 
 C. The Lenders party hereto
are willing to agree to such amendments and consent to such transactions on the terms and subject to the conditions set forth herein. 

NOW, THEREFORE, at the request of the Credit Parties, and based on the representations set forth below, the Lenders hereto agree as follows:

 1. Definitions. 

(a) Except as expressly set forth herein, all capitalized terms used and not defined herein shall have the respective meanings ascribed
thereto in the Credit Agreement. 
 (b) The following terms set forth in Section 1.01 of the Credit Agreement are hereby amended and
restated in their entirety as follows: 
 “Committed Loan Notice” means a notice of (a) a Revolving Credit Borrowing,
(b) a conversion of Loans from one Type to the other, or (c) a continuation of Eurodollar Rate Loans, in each case pursuant to Section 2.02(a), which shall be 

  
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substantially in the form of Exhibit A or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as
shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of a Borrower. 

“Consolidated EBITDA” means, for any period, an amount equal to Consolidated Net Income of the Partnership and its
Subsidiaries, plus, in each case to the extent actually deducted in determining Consolidated Net Income for such period, without duplication, (a) consolidated interest expense of the Partnership and its Subsidiaries, (b) provision
for income taxes, (c) depreciation and amortization expense, (d) non-cash cost for Cemetery Property and real property sold, (e) any extraordinary losses, (f) losses from sales of assets other than inventory and Cemetery Property
and real property sold in the ordinary course of business, (g) other non-cash items (including, without limitation, unit-based compensation), (h) reasonable fees, costs and expenses, without duplication, incurred in connection with
(i) this Agreement and the other Credit Documents, including any amendment, restatement, supplement or other modification of this Agreement or any of the other Credit Documents, and (ii) to the extent permitted hereunder, (A) the
issuance of Equity Interests and debt securities by the Partnership, and (B) the refinancing of High Yield Notes with the proceeds of Future High Yield Notes (including the refinancing that occurred in 2013), including prepaid interest and
early redemption premium (it being agreed that the addback described in this clause (h) shall be permitted with respect to each amendment or other transaction described in this clause (h) irrespective of whether such amendment or
transaction is actually consummated), and (i) reasonable fees, costs and expenses, without duplication, incurred in connection with any Permitted Acquisition or any unsuccessful attempt by the Partnership or its Subsidiaries to make an
acquisition (including an acquisition structured as an Exclusive Management Agreement), irrespective of whether such acquisition would have constituted a Permitted Acquisition had such acquisition been consummated, minus, in each case to the
extent actually included in determining Consolidated Net Income for such period, without duplication, (i) any extraordinary gains, (ii) gains from sales of assets other than inventory and Cemetery Property and real property sold in the
ordinary course of business, (iii) the amount of non-cash gains during such period (other than as a result of deferral of purchase price with respect to notes or installment sales contracts received in connection with sales of Cemetery
Property); and (iv) other non-cash gains. Consolidated EBITDA shall be adjusted for the following: (x) “Change in Deferred Selling and Obtaining Costs”, and (y) “Change in Deferred Cemetery Revenue, net” as each
such term is presented in the consolidated statement of cash flows of the Partnership; provided that, all calculations of Consolidated EBITDA shall additionally be adjusted on a Pro Forma Basis to account for any Permitted Acquisitions or
Equivalent Dispositions then being consummated, if applicable, as well as any other Permitted Acquisitions or Equivalent Dispositions consummated, on or after the first day of any related Calculation Period or Measurement Period, as applicable (as
if consummated on the first day of such applicable Calculation Period or Measurement Period), and provided further, that, for purposes of calculating the 

  
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Permitted Acquisition Step-Up, Consolidated EBITDA for a Permitted Acquisition required by Section 7.11(a) shall be calculated (A) using the above method (including adjustments
on a Pro Forma Basis) with respect to the Person or assets so acquired and (B) for the trailing 12 month period ending on the last day of the month immediately preceding the date of such Permitted Acquisition. Notwithstanding anything to the
contrary contained in this Agreement, Consolidated EBITDA shall exclude any amounts or adjustments (positive or negative) which would otherwise be attributable to the Archdiocese Transaction to the extent related to any period ending on or prior to
Archdiocese Closing Date. 
 “Eurodollar Rate” means: 

(a) for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the London Interbank Offered
Rate (“LIBOR”) or a comparable or successor rate, which rate is approved by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may
be designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period)
with a term equivalent to such Interest Period; and 
 (b) for any interest calculation with respect to a Base Rate Loan on
any date, the rate per annum equal to LIBOR, at or about 11:00 a.m., London time determined two Business Days prior to such date for U.S. Dollar deposits with a term of one month commencing that day; 

provided that to the extent a comparable or successor rate is approved by the Administrative Agent in connection herewith, the approved
rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the Administrative Agent, such approved rate shall be applied in a manner
as otherwise reasonably determined by the Administrative Agent. 
 “Subsidiary” of a Person means a corporation,
partnership, joint venture, limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than
securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both,
by such Person; provided, however, that Archdiocese Holdco shall not constitute a “Subsidiary” of a Credit Party for the purposes of this Agreement and the other Credit Documents. Unless otherwise specified, all references
herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Partnership. 

“Swing Line Loan Notice” means a notice of a Swing Line Borrowing pursuant to Section 2.04(b), which shall be
substantially in the form of Exhibit B or such 

  
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other form as approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approve by the Administrative Agent), appropriately
completed and signed by a Responsible Officer of a Borrower. 
 (c) The following terms set forth below are hereby added to
Section 1.01 of the Credit Agreement in their entirety as follows: 
 “Archdiocese” means the Archdiocese of
Philadelphia, an archdiocese organized and existing under and governed by Canon Law of the Roman Catholic Church and recognized by the Commonwealth of Pennsylvania as a nonprofit religious organization. 

“Archdiocese Closing Date” means the date on which the term of the Archdiocese Lease commences pursuant to Section 1.4 of
the Archdiocese Lease. 
 “Archdiocese Holdco” means Philadelphia Catholic Cemeteries, LLC, a Delaware limited liability
company. 
 “Archdiocese Lease” means that certain Lease Agreement, dated as of September 26, 2013, among the
Archdiocese and the Operating Company, StoneMor Pennsylvania LLC, StoneMor Pennsylvania Subsidiary LLC and the Partnership (as amended by Amendment No. 1 to Lease Agreement, dated as of March 20, 2014, and as further amended, restated,
modified or supplemented from time to time). 
 “Archdiocese Management Agreement” means that certain Management Agreement,
dated as of September 26, 2013, among the Archdiocese and the Operating Company, StoneMor Pennsylvania LLC, StoneMor Pennsylvania Subsidiary LLC and the Partnership (as amended, restated, modified or supplemented from time to time). 

“Archdiocese Transaction” means the transactions evidenced by the Archdiocese Transaction Documents. 

“Archdiocese Transaction Documents” means the Archdiocese Lease, the Archdiocese Management Agreement and the various related
transaction documents entered into among the Archdiocese and the Operating Company, StoneMor Pennsylvania LLC, StoneMor Pennsylvania Subsidiary LLC and the Partnership (as amended, restated, modified or supplemented from time to time). 

“LIBOR” has the meaning specified in the definition of Eurodollar Rate. 

“SCI Acquisition” means the transactions evidenced by the SCI Purchase Agreements. 

“SCI Purchase Agreements” means (i) that certain Asset Sale Agreement, dated as of April 2, 2014, by and among the
Operating Company, StoneMor North Carolina LLC, a North Carolina limited liability company, StoneMor North 

  
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Carolina Subsidiary LLC, a North Carolina limited liability company, Laurel Hill Memorial Park LLC, a Virginia limited liability company, Laurel Hill Memorial Park Subsidiary, Inc., a Virginia
corporation, StoneMor Pennsylvania LLC, a Pennsylvania limited liability company, and StoneMor Pennsylvania Subsidiary LLC, a Pennsylvania limited liability company, and S.E. Cemeteries of North Carolina, Inc., a North Carolina corporation, Clinch
Valley Memorial Cemetery, Inc., a Virginia corporation, and S.E. Acquisition of Pennsylvania, Inc., a Pennsylvania corporation, and (ii) that certain Asset Sale Agreement, dated as of April 2, 2014, by and among the Operating Company,
StoneMor Florida LLC, a Florida limited liability company, StoneMor Florida Subsidiary LLC, a Florida limited liability company, StoneMor North Carolina LLC, a North Carolina limited liability company, StoneMor North Carolina Subsidiary LLC, a North
Carolina limited liability company, and StoneMor North Carolina Funeral Services, Inc., a North Carolina corporation, Loewen [Virginia] LLC, a Virginia limited liability company, Loewen [Virginia] Subsidiary, Inc., a Virginia corporation, Rose Lawn
Cemeteries LLC, a Virginia limited liability company, Rose Lawn Cemeteries Subsidiary, Incorporated, a Virginia corporation, StoneMor Pennsylvania LLC, a Pennsylvania limited liability company, StoneMor Pennsylvania Subsidiary LLC, a Pennsylvania
limited liability company, and CMS West Subsidiary LLC, a Pennsylvania limited liability company, and S.E. Funeral Homes of Florida, LLC, a Florida limited liability company, S.E. Cemeteries of Florida, LLC, a Florida limited liability company, S.E.
Combined Services of Florida, LLC, a Florida limited liability company, S.E. Cemeteries of North Carolina, Inc., a North Carolina corporation, S.E. Funeral Homes of North Carolina, Inc., a North Carolina corporation, Montlawn Memorial Park, Inc., a
North Carolina corporation, S.E. Cemeteries of Virginia, LLC, a Virginia limited liability company, SCI Virginia Funeral Services, Inc. a Virginia corporation, George Washington Memorial Park, Inc., a Pennsylvania corporation, Sunset Memorial Park
Company, a Pennsylvania corporation, and S.E. Mid-Atlantic Inc., a Maryland corporation (each as amended, restated, modified or supplemented from time to time). 

(d) The definition of “Assignment and Assumption” set forth in Section 1.01 of the Credit Agreement is hereby amended
by replacing the phrase “MarkitClear or other” with the phrase “use of an”. 
 (e) The definition of
“Indebtedness” set forth in Section 1.01 of the Credit Agreement is hereby amended by inserting the following after the last sentence thereof: 

Notwithstanding anything to the contrary contained in this Agreement, the obligations of the applicable Credit Parties under the Archdiocese
Lease, as in effect on the Archdiocese Closing Date, shall not constitute Indebtedness. 
 2. Amendment to Section 2.02(a).
Subparagraph (a) of Section 2.02 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 (a)
Each Revolving Credit Borrowing, each conversion of Revolving Credit Loans from one Type to the other, and each continuation of Eurodollar Rate 

  
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Loans shall be made upon a Borrower’s irrevocable notice to the Administrative Agent, which may be given by (A) telephone, or (B) a Committed Loan Notice; provided that any
telephonic notice must be confirmed immediately by delivery to the Administrative Agent of a Committed Loan Notice. Each such Committed Loan Notice must be received by the Administrative Agent not later than 11:00 a.m. (i) three Business Days
prior to the requested date of any Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base Rate Loans, and (ii) on the requested date of any Borrowing of Base Rate Loans. Each
Borrowing of, conversion to or continuation of Eurodollar Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $250,000 in excess thereof. Except as provided in Sections 2.03(c) and 2.04(c), each Borrowing of or
conversion to Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $250,000 in excess thereof. Each Committed Loan Notice shall specify (i) whether a Borrower is requesting a Revolving Credit Borrowing, a conversion
of Revolving Credit Loans from one Type to the other, or a continuation of Eurodollar Rate Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal
amount of Loans to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to which Revolving Credit Loans are to be converted, and (v) if applicable, the duration of the Interest Period with respect thereto. If such
Borrower fails to specify a Type of Loan in a Committed Loan Notice or if such Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Revolving Credit Loans shall be made as, or converted to, Base Rate
Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Rate Loans. If a Borrower requests a Borrowing of, conversion to, or
continuation of Eurodollar Rate Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. Notwithstanding anything to the contrary herein, a Swing Line Loan
may not be converted to a Eurodollar Rate Loan. 
 3. Amendment to Section 2.04(b). Subparagraph (b) of Section 2.04
of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 (b) Each Swing Line Borrowing shall be made
upon the Borrowers’ irrevocable notice to the Swing Line Lender and the Administrative Agent, which may be given by (A) telephone, or (B) a Committed Loan Notice; provided that any telephonic notice must be confirmed
immediately by delivery to the Administrative Agent of a Committed Loan Notice. Each such Committed Loan Notice must be received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on the requested borrowing date and shall
specify (i) the amount to be borrowed, which shall be a minimum of $100,000, and (ii) the requested borrowing date, which shall be a Business Day. Promptly after receipt by the Swing Line Lender of any Swing Line Loan Notice, the Swing
Line Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has also received such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Administrative Agent (by

  
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telephone or in writing) of the contents thereof. Unless the Swing Line Lender has received notice (by telephone or in writing) from the Administrative Agent (including at the request of any
Lender) prior to 2:00 p.m. on the date of the proposed Swing Line Borrowing (A) directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations set forth in the first proviso to the first sentence of
Section 2.04(a), or (B) that one or more of the applicable conditions specified in Article IV is not then satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender will, not later than 3:00 p.m. on
the borrowing date specified in such Swing Line Loan Notice, make the amount of its Swing Line Loan available to such Borrower at its office either by (i) crediting the requested account of a Borrower on the books of the Swing Line Lender in
immediately available funds, or (ii) wire transfer of such funds in accordance with instructions provided to (and reasonably acceptable to) the Swing Line Lender by such Borrower. 

4. Amendment to Section 2.05(a). Clause (A) of the proviso of subparagraph (i) of Section 2.05(a) of the Credit
Agreement is hereby amended by inserting the phrase “in a form reasonably acceptable to the Administrative Agent and be” following the words “such notice must be”. 

5. Amendment to Section 7.02(f). Subparagraph (f) of Section 7.02 of the Credit Agreement is hereby amended by replacing
the phrase “Eight Million Dollars ($8,000,000)” with “Ten Million Dollars ($10,000,000)”. 
 6. Amendment to
Section 7.03(h)(v). The proviso of subparagraph (v) of Section 7.03(h) of the Credit Agreement is hereby amended and restated in its entirety as follows: 

provided, however, that the Aggregate Consideration paid by or on behalf of the Borrowers for (A) any Permitted Acquisitions
occurring before March 31, 2014, (B) the Archdiocese Transaction, and (C) the SCI Acquisition shall be disregarded in determining the total Aggregate Consideration paid by or on behalf of the Borrowers for any Permitted Acquisitions
which have closed in the immediately preceding 365 days for the purposes of this subparagraph (v); 
 7. Amendment to
Section 7.03(h)(vi). The proviso of subparagraph (vi) of Section 7.03(h) of the Credit Agreement is hereby deleted. 
 8.
Amendment to Section 7.03. Section 7.03 of the Credit agreement is hereby amended by deleting the word “and” at the end of subparagraph (n) thereof, renumbering the existing subparagraph (o) as subparagraph
(p) and inserting a new subparagraph (o) as follows: 
 (o) Non-economic Equity Interest in Archdiocese Holdco, on the terms set
forth in the Operating Agreement, in the form of Exhibit F to the Archdiocese Lease, between the Archdiocese and one or more of the Credit Parties (as amended, restated, modified or supplemented from time to time, in each case in a manner which
could not reasonably be expected to be adverse in any material respect to the interests of the Lenders); and 

  
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 9. Amendment to Section 7.11(a). Subparagraph (a) Section 7.11 of the
Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 (a) Minimum EBITDA. Permit Consolidated EBITDA
for any Measurement Period to be less than the sum of (i) $57,822,000 plus (ii) 80% of the aggregate of all Consolidated EBITDA for each Permitted Acquisition (other than the Archdiocese Transaction) completed after March 31, 2013
(the “Permitted Acquisition Step-Up”). 
 10. Amendment to Section 7.11(c). Subparagraph
(c) Section 7.11 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 (c) Maximum
Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio to be greater than 4.000 to 1.0 for any period. 
 11. Amendment
to Section 11.02(b). Subparagraph (b) of Section 11.02 of the Credit Agreement is hereby amended by inserting a comma following the words “including e-mail” and inserting the phrase “FpML messaging,”
thereafter. 
 12. Amendment to Section 11.02(c). Subparagraph (c) of Section 11.02 of the Credit Agreement is hereby
amended by inserting the phrase “or notices through the Platform, any other electronic platform or electronic messaging service, or” following the words “Borrower Materials” in the last sentence thereof. 

13. Amendment to Section 11.02(e). Subparagraph (e) of Section 11.02 of the Credit Agreement is hereby amended by
replacing the words “or electronic” with the word “notices,” in the first sentence thereof. 
 14. Amendment to
Section 11.17. Section 11.17 of the Credit Agreement is hereby amended and restated in its entirety as follows: 
 The words
“execute,” “execution,” “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby (including without
limitation Assignment and Assumptions, amendments or other modifications, Committed Loan Notices, Swingline Loan Notices, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and
contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use
of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the Pennsylvania Electronic Transactions Act, or any
other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained 

  
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herein to the contrary the Administrative Agent is under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Administrative Agent
pursuant to procedures approved by it. 
 15. Consent to Permitted Acquisitions. Subject to the representations and conditions set
forth below, the Lenders hereby consent to (i) the Archdiocese Transaction on the terms set forth in the Archdiocese Transaction Documents, and (ii) the SCI Acquisition (together with the Archdiocese Transaction, the
“Acquisitions”) on the terms set forth in the SCI Purchase Agreements, each in substantially the form provided to the Lenders and in effect on the date hereof; provided, however, that the foregoing agreement and
consent shall not extend to any amendment or other modification of the Archdiocese Transaction Documents or the SCI Purchase Agreements which would either (a) increase the Aggregate Consideration for the Archdiocese Transaction or SCI
Acquisition, or (b) cause the Archdiocese Transaction or SCI Acquisition not to meet the requirements set forth in the definition of “Permitted Acquisition” or Section 7.03(h) (other than (x) solely with respect to the
Archdiocese Transaction, subparagraph (viii) thereof, and (y) in each case, subparagraph (v) thereof) of the Credit Agreement. 

16. Representations and Warranties. 

(a) Each Credit Party hereby represents and warrants to the Administrative Agent and the Lenders that, as to such Credit Party: 

(i) Representations. Each of the representations and warranties of or as to such Credit Party contained in the Credit Agreement and
the other Credit Documents are true and correct in all material respects on and as of the date hereof as if made on and as of the date hereof, except to the extent such representation or warranty was made as of a specific date; 

(ii) Power and Authority. (A) Such Credit Party has the power and authority under the laws of its jurisdiction of organization
and under its organizational documents to enter into and perform this Fourth Amendment and any other documents which the Administrative Agent requires such Credit Party to deliver hereunder (this Fourth Amendment and any such additional documents
delivered in connection with the Fourth Amendment are herein referred to as the “Fourth Amendment Documents”); and (B) all actions, corporate or otherwise, necessary or appropriate for the due execution and full performance by
such Credit Party of the Fourth Amendment Documents have been adopted and taken and, upon their execution, the Credit Agreement, as amended by this Fourth Amendment and the other Fourth Amendment Documents will constitute the valid and binding
obligations of such Credit Party enforceable in accordance with their respective terms, except as such enforcement may be limited by any Debtor Relief Law from time to time in effect which affect the enforcement of creditors rights in general and
the availability of equitable remedies; 
 (iii) No Violation. The making and performance of the Fourth Amendment Documents will not
(A) contravene, conflict with or result in a breach or default under any applicable law, statute, rule or regulation, or any order, writ, injunction, judgment, ruling or decree of any court, arbitrator or governmental instrumentality,
(B) contravene, constitute a default under, conflict or be inconsistent with or result in any breach of, any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the

  
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creation or imposition of (or the obligation to create or impose) any Lien upon any of the property or assets of any Credit Party pursuant to the terms of any indenture, mortgage, deed of trust,
loan agreement, credit agreement or any other agreement or instrument to which any Credit Party is a party or by which it or any of its property or assets are bound or to which it may be subject or (C) contravene or violate any provision of the
certificate of incorporation, by-laws, certificate of partnership, partnership agreement, certificate of limited liability company, limited liability company agreement or equivalent organizational document, as the case may be, any Credit Party; 

(iv) No Default. Immediately after giving effect to this Fourth Amendment, no Default or Event of Default has occurred and is
continuing; 
 (v) No Material Adverse Effect. No Material Adverse Effect has occurred since December 31, 2013; and 

(vi) Organizational Documents. There have been no changes in the organizational documents of the Credit Parties since January 19,
2012 (or such later date as any such organizational documents were initially adopted), except as previously disclosed to the Administrative Agent in writing, certified copies of which have been previously provided to the Lenders. 

(b) On and as of the closing date of each of the Acquisitions (each, an “Acquisition Closing Date”), as applicable, each
Credit Party hereby represents and warrants to the Administrative Agent and the Lenders as follows: 
 (i) Representations. All
representations and warranties contained in the Credit Agreement and in the other Credit Documents are true and correct in all material respects with the same effect as though such representations and warranties had been made on the Acquisition
Closing Date (both before and after giving effect thereto), unless stated to relate to a specific earlier date, in which case such representations and warranties are true and correct in all material respects as of such earlier date; 

(ii) No Contingent Liabilities. Such Acquisition will not include or result in any contingent liabilities that could reasonably be
expected to be material to the business, financial condition, operations or prospects of the Partnership, or the Partnership and its Subsidiaries taken as a whole; and 

(iii) No Default. Immediately before and immediately after giving pro forma effect to (A) the Archdiocese Transaction, no Default
will occur or be continuing, and (B) the SCI Acquisition, on a Pro Forma Basis (for the related Calculation Period), no Default will occur or be continuing. 

17. No Waiver of Existing Defaults. To induce the Lenders to enter into this Fourth Amendment, the Credit Parties acknowledge, agree,
warrant, and represent that nothing in this Fourth Amendment nor any communication between any Secured Party, any Credit Party or any of their respective officers, agents, employees or representatives shall be deemed to constitute a waiver of
(i) any Default or Event of Default arising as a result of the representations and warranties set forth in Section 16 proving to be false or incorrect in any material respect, or 

  
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(ii) any rights or remedies which any Secured Party has against any Credit Party under the Credit Agreement or any other Credit Document and/or applicable law, with respect to any such Default or
Event of Default arising as a result of the representations and warranties set forth in Section 16 proving to be false or incorrect in any material respect. 

18. Waiver of Claims. The Credit Parties hereby waive any and all defenses, set offs and counterclaims which they, whether jointly or
severally, may have or claim to have against each of the Secured Parties as of the date hereof. 
 19. Conditions to Effectiveness of
Amendment. 
 (a) This Fourth Amendment, other than the consents set forth in Section 15, shall be effective upon the
Administrative Agent’s receipt of the following, each in form and substance reasonably satisfactory to the Administrative Agent (the “Fourth Amendment Effective Date”): 

(i) Fourth Amendment. This Fourth Amendment, duly executed by the Credit Parties and Lenders constituting the Required Lenders; 

(ii) Fourth Amendment Fees. Payment to the Administrative Agent, in immediately available funds, of all amounts owing to the
Administrative Agent for its own account, or the account of the Lenders party hereto, under the fee letter relating hereto; 
 (iii)
Other Fees and Expenses. Payment to the Administrative Agent, in immediately available funds, of all amounts necessary to reimburse the Administrative Agent for the reasonable fees and costs incurred by the Administrative Agent in connection
with the preparation and execution of this Fourth Amendment and any other document provided for herein, including, without limitation, all fees and costs incurred by the Administrative Agent’s attorneys; 

(iv) Consent and Waivers. Copies of any consents or waivers necessary in order for the Credit Parties to comply with or perform any of
its covenants, agreements or obligations contained in any agreement which are required as a result of any Credit Party’s execution of this Fourth Amendment, if any; and 

(v) Other Documents and Actions. Such additional agreements, instruments, documents, writings and actions as the Administrative Agent
may reasonably request. 
 (b) The consents set forth in Section 15 of this Fourth Amendment shall be effective, as to each
Acquisition, upon the Administrative Agent’s receipt of the following, as to such Acquisition, as applicable, each in form and substance reasonably satisfactory to the Administrative Agent: 

(i) Lien Searches and Payoff Letters. Lien search requests, payoff letters and proofs of filing of (or agreements to file upon receipt
of funds) UCC-3 terminations, mortgage releases and other releases, as applicable, with respect to any Indebtedness owed by or liens held against the cemeteries leased pursuant to the Archdiocese Lease or any assets acquired pursuant to the SCI
Purchase Agreements, as applicable, and any other pay-off letters or terminations delivered in connection with the consummation of such Acquisition; 

  
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 (ii) Copies of Consent, Approvals and Waivers. Copies of any consents, approvals and
orders delivered by (A) the Archdiocese to the applicable Credit Parties pursuant to the Archdiocese Transaction Documents, including all necessary consents, approvals and orders of any Governmental Authority, (B) Seller (as such term is
defined in each of the SCI Purchase Agreements) to the applicable Credit Parties pursuant to the SCI Purchase Agreements, and (C) any consents or waivers necessary in order for the applicable Credit Parties to comply with or perform any of its
covenants, agreements or obligations contained in any agreement which are required as a result of any Credit Party’s execution of the Archdiocese Transaction Documents, or the SCI Purchase Agreements, as applicable, in each case including any
necessary consents, approvals and orders of any Governmental Authority; 
 (iii) Transaction Documents. Fully-executed copies of the
(A) the Archdiocese Transaction Documents, or (B) the SCI Purchase Agreements, as applicable, each together with any amendments or other modifications and all schedules and exhibits thereto; 

(iv) Joinder Documents. With respect to the SCI Acquisition, that certain Joinder to Third Amended and Restated Credit Agreement and
Credit Documents by and among Kirk & Nice, Inc., and Kirk & Nice Suburban Chapel, Inc. (together, the “New Borrowers”), and the other Credit Parties, in favor of the Lenders and the Administrative Agent, and such
other related joinder documents (together, the “Joinder Documents”) as reasonably requested by the Administrative Agent; 

(v) Real Estate Documents. With respect to each Acquisition, as applicable, Mortgages, title policies and endorsements, surveys, flood
insurance and such other related real estate documents as reasonably requested by the Administrative Agent in accordance with the Credit Agreement; 

(vi) Legal Opinions. With respect to (A) the Archdiocese Transaction, legal opinions with respect to those Credit Parties that
are acquiring assets as part of the Archdiocese Transaction or are otherwise party to the Archdiocese Transaction Documents, as to such matters pertaining to the leasehold Mortgages as reasonably requested by the Administrative Agent, and
(B) the SCI Acquisition, legal opinions with respect to the New Borrowers and those Credit Parties that are acquiring assets as part of the SCI Acquisition, as to such matters pertaining to the Joinder Documents and Mortgages as reasonably
requested by the Administrative Agent; 
 (vii) Secretary’s Certificate. With respect to the SCI Acquisition, a master
secretary’s certificate, attaching customary deliveries, for the New Borrowers; 
 (viii) Good Standing Certificates. With
respect to (A) the Archdiocese Transaction, subsistence or good standing certificates for the jurisdiction of organization for each of the Credit Parties party to the Archdiocese Transaction Documents, the Archdiocese and Archdiocese Holdco,
and (B) the SCI Acquisition, subsistence or good standing certificates for the jurisdiction of organization for each of the Credit Parties party to the SCI Purchase Agreements and the New Borrowers; 

  
 12 

 (ix) Updated Schedules. Updated schedules to the Credit Documents to reflect the
transactions related to the applicable Acquisition, as required under Section 7.03(h)(iv) of the Credit Agreement; 
 (x) Pro Forma
Compliance Certificate. A duly executed certificate of Responsible Officer attaching a pro forma Compliance Certificate, as required under Section 7.03(h)(viii) of the Credit Agreement, with respect to the SCI Acquisition; 

(xi) Approval Package and Appraisals. Approval packages and all appraisals, if any, as required under Section 7.03(h)(vii) of the
Credit Agreement with respect to such Acquisition; 
 (xii) Other Fees and Expenses. Payment to the Administrative Agent, in
immediately available funds, of all amounts necessary to reimburse the Administrative Agent for the reasonable fees and costs incurred by the Administrative Agent in connection with such Acquisition, including, without limitation, all fees and costs
incurred by the Administrative Agent’s attorneys; and 
 (xiii) Other Documents and Actions. Such additional agreements,
instruments, documents, writings and actions as the Administrative Agent may reasonably request in connection with such Acquisition. 
 20.
No Waiver; Ratification. The execution, delivery and performance of this Fourth Amendment shall not (a) operate as a waiver of any right, power or remedy of the Lenders under the Credit Agreement or any other Credit Document and the
agreements and documents executed in connection therewith or (b) constitute a waiver of any provision thereof. Except as expressly modified hereby, all terms, conditions and provisions of the Credit Agreement and the other Credit Documents
shall remain in full force and effect and are hereby ratified and confirmed by each of the Credit Parties. Nothing contained herein constitutes an agreement or obligation by the Administrative Agent or the Lenders to grant any further consent under
the Credit Agreement or any of the other Credit Documents. 
 21. Binding Effect. This Fourth Amendment shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns. 
 22. Governing Law. This Fourth Amendment
shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania without reference to the choice of law doctrine of the Commonwealth of Pennsylvania. 

23. Headings. The headings of the sections of this Fourth Amendment are inserted for convenience only and shall not be deemed to
constitute a part of this Fourth Amendment. 
 24. Counterparts. This Fourth Amendment may be executed in any number of counterparts
with the same effect as if all of the signatures on such counterparts appeared on one document and each counterpart shall be deemed an original. Delivery of an executed counterpart 

  
 13 

 
of a signature page of this Fourth Amendment by telecopy or by electronic means shall be effective as delivery of a manually executed counterpart of this Fourth Amendment. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK, SIGNATURE PAGES FOLLOW] 

  
 14 

 IN WITNESS WHEREOF, the parties hereto, by their respective duly authorized officers, have
executed this Fourth Amendment to Third Amended and Restated Credit Agreement as of the date first above written. 
  

			
	General Partner:
	
	STONEMOR GP LLC
		
	By:	 	 /s/ Timothy K. Yost

	Name:	 	Timothy K. Yost
	Title:	 	Chief Financial Officer
	
	Partnership:
	
	STONEMOR PARTNERS L.P.
	By:	 	STONEMOR GP LLC
		 	its General Partner
		
	By:	 	 /s/ Timothy K. Yost

	Name:	 	Timothy K. Yost
	Title:	 	Chief Financial Officer
	
	Operating Company:
	
	STONEMOR OPERATING LLC
		
	By:	 	 /s/ Timothy K. Yost

	Name:	 	Timothy K. Yost
	Title:	 	Chief Financial Officer

 Borrowers’ Signature Page to Fourth Amendment 

 Additional Credit Parties 

Alleghany Memorial Park Subsidiary, Inc. 
 Altavista Memorial
Park Subsidiary, Inc. 
 Arlington Development Company 
 Augusta
Memorial Park Perpetual Care Company 
 Bethel Cemetery Association 

Beth Israel Cemetery Association of Woodbridge, New Jersey 

Birchlawn Burial Park Subsidiary, Inc. 
 Bronswood Cemetery, Inc.

 Cedar Hill Funeral Home, Inc. 
 Cemetery Investments
Subsidiary, Inc. 
 Chapel Hill Associates, Inc. 
 Chapel Hill
Funeral Home, Inc. 
 Clover Leaf Park Cemetery Association 

Columbia Memorial Park Subsidiary, Inc. 
 Cornerstone Family
Insurance Services, Inc. 
 Cornerstone Family Services of New Jersey, Inc. 

Cornerstone Family Services of West Virginia Subsidiary, Inc. 

Covenant Acquisition Subsidiary, Inc. 
 Covington Memorial Funeral
Home, Inc. 
 Covington Memorial Gardens, Inc. 
 Crown Hill
Cemetery Association 
 Eloise B. Kyper Funeral Home, Inc. 

Forest Lawn Gardens, Inc. 
 Forest Lawn Memorial Chapel, Inc. 

Forest Lawn Memory Gardens, Inc. 
 Glen Haven Memorial Park
Subsidiary, Inc. 
 Henry Memorial Park Subsidiary, Inc. 

Highland Memorial Park, Inc. 
 Hillside Memorial Park Association,
Inc. 
 Kingwood Memorial Park Association 
 KIRIS Subsidiary,
Inc. 
 Lakewood/Hamilton Cemetery Subsidiary, Inc. 
 Lakewood
Memory Gardens South Subsidiary, Inc. 
 Laurel Hill Memorial Park Subsidiary, Inc. 

Laurelwood Holding Company 
 Legacy Estates, Inc. 

Locustwood Cemetery Association 
 Loewen [Virginia] Subsidiary,
Inc. 
 Lorraine Park Cemetery Subsidiary, Inc. 
 Modern Park
Development Subsidiary, Inc. 
 Northlawn Memorial Gardens 
 Oak
Hill Cemetery Subsidiary, Inc. 
  

			
	By:	 	 /s/ Frank Milles

		 	Vice President, except President of Bethel Cemetery Association

 Borrowers’ Signature Page to Fourth Amendment 

 Ohio Cemetery Holdings, Inc. 

Osiris Holding Finance Company 
 Osiris Holding of Maryland
Subsidiary, Inc. 
 Osiris Holding of Rhode Island Subsidiary, Inc. 

Osiris Management, Inc. 
 Osiris Telemarketing Corp. 

Perpetual Gardens.Com, Inc. 
 Prince George Cemetery Corporation

 PVD Acquisitions Subsidiary, Inc. 
 Rockbridge Memorial
Gardens Subsidiary Company 
 Rose Lawn Cemeteries Subsidiary, Incorporated 

Roselawn Development Subsidiary Corporation 
 Russell Memorial
Cemetery Subsidiary, Inc. 
 SCI Puerto Rico Funeral and Cemetery Services, Inc., name changed to StoneMor Puerto Rico Cemetery And Funeral, Inc. 

Shenandoah Memorial Park Subsidiary, Inc. 
 Sierra View Memorial
Park 
 Southern Memorial Sales Subsidiary, Inc. 
 Springhill
Memory Gardens Subsidiary, Inc. 
 Star City Memorial Sales Subsidiary, Inc. 

Stephen R. Haky Funeral Home, Inc. 
 Stitham Subsidiary,
Incorporated 
 StoneMor Alabama Subsidiary, Inc. 
 StoneMor
California, Inc. 
 StoneMor California Subsidiary, Inc. 

StoneMor Georgia Subsidiary, Inc. 
 StoneMor Hawaii Subsidiary,
Inc. 
 StoneMor North Carolina Funeral Services, Inc. 

StoneMor Ohio Subsidiary, Inc. 
 StoneMor Tennessee Subsidiary,
Inc. 
 StoneMor Washington, Inc. 
 Sunset Memorial Gardens
Subsidiary, Inc. 
 Sunset Memorial Park Subsidiary, Inc. 

Temple Hill Subsidiary Corporation 
 The Valhalla Cemetery
Subsidiary Corporation 
 Virginia Memorial Service Subsidiary Corporation 

W N C Subsidiary, Inc. 
 Wicomico Memorial Parks Subsidiary, Inc.

 Willowbrook Management Corp. 
  

			
	By:	 	 /s/ Frank Milles

		 	Vice President

 Borrowers’ Signature Page to Fourth Amendment 

 Alleghany Memorial Park LLC 

Altavista Memorial Park LLC 
 Birchlawn Burial Park LLC 

Cemetery Investments LLC 
 Cemetery Management Services, L.L.C.

 Cemetery Management Services of Mid-Atlantic States, L.L.C., name changed to Cornerstone Trust Management Services LLC 

Cemetery Management Services of Ohio, L.L.C. 
 CMS West LLC 

CMS West Subsidiary LLC 
 Columbia Memorial Park LLC 

Cornerstone Family Services of West Virginia LLC 
 Cornerstone
Funeral and Cremation Services LLC 
 Covenant Acquisition LLC 

Glen Haven Memorial Park LLC 
 Henlopen Memorial Park LLC 

Henlopen Memorial Park Subsidiary LLC 
 Henry Memorial Park LLC

 Juniata Memorial Park LLC 
 KIRIS LLC 

Lakewood/Hamilton Cemetery LLC 
 Lakewood Memory Gardens South LLC

 Laurel Hill Memorial Park LLC 
 Loewen [Virginia] LLC 

Lorraine Park Cemetery LLC 
 Modern Park Development LLC 

Oak Hill Cemetery LLC 
 Osiris Holding of Maryland LLC 

Osiris Holding of Pennsylvania LLC 
 Osiris Holding of Rhode
Island LLC 
 Plymouth Warehouse Facilities LLC 
 PVD
Acquisitions LLC 
 Rockbridge Memorial Gardens LLC 
 Rolling
Green Memorial Park LLC 
 Rose Lawn Cemeteries LLC 
 Roselawn
Development LLC 
 Russell Memorial Cemetery LLC 
 Shenandoah
Memorial Park LLC 
 Southern Memorial Sales LLC 
 Springhill
Memory Gardens LLC 
 Star City Memorial Sales LLC 
 Stitham LLC

 StoneMor Alabama LLC 
 StoneMor Arkansas Subsidiary LLC 

 

			
	By:	 	 /s/ Frank Milles

		 	Vice President

 Borrowers’ Signature Page to Fourth Amendment 

 StoneMor Cemetery Products LLC 

StoneMor Colorado LLC 
 StoneMor Colorado Subsidiary LLC 

StoneMor Florida LLC StoneMor Florida Subsidiary LLC 
 StoneMor
Georgia LLC 
 StoneMor Hawaii LLC 
 StoneMor Hawaiian Joint
Venture Group LLC 
 StoneMor Holding of Pennsylvania LLC 

StoneMor Illinois LLC 
 StoneMor Illinois Subsidiary LLC 

StoneMor Indiana LLC 
 StoneMor Indiana Subsidiary LLC 

StoneMor Iowa LLC 
 StoneMor Iowa Subsidiary LLC 

StoneMor Kansas LLC 
 StoneMor Kansas Subsidiary LLC 

StoneMor Kentucky LLC 
 StoneMor Kentucky Subsidiary LLC 

StoneMor Michigan LLC 
 StoneMor Michigan Subsidiary LLC 

StoneMor Mississippi LLC 
 StoneMor Mississippi Subsidiary LLC

 StoneMor Missouri LLC 
 StoneMor Missouri Subsidiary LLC 

StoneMor North Carolina LLC 
 StoneMor North Carolina Subsidiary
LLC 
 StoneMor Ohio LLC 
 StoneMor Oklahoma LLC 

StoneMor Oklahoma Subsidiary LLC 
 StoneMor Oregon LLC 

StoneMor Oregon Subsidiary LLC 
 StoneMor Pennsylvania LLC 

StoneMor Pennsylvania Subsidiary LLC 
 StoneMor Puerto Rico LLC

 StoneMor Puerto Rico Subsidiary LLC 
 StoneMor South Carolina
LLC 
 StoneMor South Carolina Subsidiary LLC 
 StoneMor
Washington Subsidiary LLC 
  

			
	By:	 	 /s/ Frank Milles

		 	Vice President

 Borrowers’ Signature Page to Fourth Amendment 

 Sunset Memorial Gardens LLC 

Sunset Memorial Park LLC 
 Temple Hill LLC 

The Valhalla Cemetery Company LLC 
 Tioga County Memorial Gardens
LLC 
 Virginia Memorial Service LLC 
 WNCI LLC 

Wicomico Memorial Parks LLC 
 Woodlawn Memorial Park Subsidiary
LLC 
  

			
	By:	 	 /s/ Frank Milles

		 	Vice President

 Borrowers’ Signature Page to Fourth Amendment 

			
	BANK OF AMERICA, N.A., as
	Administrative Agent
		
	By:	 	 /s/ Christine Trotter

	Name:	 	Christine Trotter
	Title:	 	Assistant Vice President

 Administrative Agent’s Signature Page to Fourth Amendment 

			
	BANK OF AMERICA, N.A., as a Lender,
	L/C Issuer and Swing Line Lender
		
	By:	 	 /s/ Kenneth G. Wood

	Name:	 	Kenneth G. Wood
	Title:	 	Senior Vice President

 Lender’s Signature Page to Fourth Amendment 

			
	TD BANK, N.A.
		
	By:	 	 /s/ Susan Schwartz

	Name:	 	Susan Schwartz
	Title:	 	Vice President

 Lender’s Signature Page to Fourth Amendment 

 
			
	CAPITAL ONE, N.A.
		
	By:	 	 /s/ Allison Sardo

	Name:	 	Allison Sardo
	Title:	 	Senior Vice President

 Lender’s Signature Page to Fourth Amendment 

 
			
	TRISTATE CAPITAL BANK
		
	By:	 	 /s/ Kent Nelson

	Name:	 	Kent Nelson
	Title:	 	Senior Vice President

 Lender’s Signature Page to Fourth Amendment 

 
			
	FOX CHASE BANK
		
	By:	 	 /s/ Paula Pyfer

	Name:	 	Paula Pyfer
	Title:	 	Senior Vice President

 Lender’s Signature Page to Fourth Amendment 

 
			
	RAYMOND JAMES BANK, FSB
		
	By:	 	 /s/ Scott G. Axelrod

	Name:	 	Scott G. Axelrod
	Title:	 	Vice President

 Lender’s Signature Page to Fourth AmendmentEX-10.1

 Exhibit 10.1 

AIRCASTLE LIMITED 
 2014
OMNIBUS INCENTIVE PLAN 
  

	Section 1.	Purpose of Plan. 

 The name of the Plan is the Aircastle Limited 2014 Omnibus Incentive
Plan (the “Plan”). The purposes of the Plan are to provide an additional incentive to selected officers, employees, non-employee directors, independent contractors, and consultants of the Company or its Affiliates (as hereinafter
defined) whose contributions are essential to the growth and success of the business of the Company and its Affiliates, in order to strengthen the commitment of such persons to the Company and its Affiliates, motivate such persons to faithfully and
diligently perform their responsibilities and attract and retain competent and dedicated persons whose efforts will result in the long-term growth and profitability of the Company and its Affiliates. To accomplish such purposes, the Plan provides
that the Company may grant Options, Share Appreciation Rights, Restricted Shares, Restricted Share Units, Share Bonuses, Other Share-Based Awards, Cash Awards or any combination of the foregoing. 

 

	Section 2.	Definitions. 

 For purposes of the Plan, the following terms shall be defined as set
forth below: 
 “Administrator” means the Board, or, if and to the extent the Board does not administer the Plan, the
Committee in accordance with Section 3 hereof. 
 “Affiliate” means a Person that directly, or indirectly through one
or more intermediaries, controls, or is controlled by, or is under common control with, the Person specified. 
 “Award”
means any Option, Share Appreciation Right, Restricted Shares, Restricted Share Unit, Share Bonus, Other Share-Based Award or Cash Award granted under the Plan. 

“Award Agreement” means any written agreement, contract or other instrument or document evidencing an Award. 

“Base Price” has the meaning set forth in Section 8(b) hereof. 

“Beneficial Owner” (or any variant thereof) has the meaning defined in Rule 13d-3 under the Exchange Act. 

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

“Cash Award” means an Award granted pursuant to Section 12 hereof. 

“Cause” has the meaning assigned to such term in the Award Agreement or in any individual employment or severance agreement
with the Participant or, if any such agreement does not define “Cause,” Cause means (i) the commission of fraud or dishonesty by the Participant in the course of the Participant’s employment; (ii) the indictment of, or
conviction of or entering of a plea of nolo contendere by, the Participant for a crime constituting a felony or in respect of any fraud or dishonesty; (iii) the commission of an act by the Participant which would make the Participant or
the Company (including any of its Subsidiaries or Affiliates) subject to being enjoined, suspended, barred or otherwise disciplined for violation of federal or state securities laws, rules or regulations, including a statutory disqualification or
any other misconduct by the Participant which is materially injurious to the Company (including any of its Subsidiaries or Affiliates); (iv) gross negligence or willful misconduct in connection with the Participant’s performance of his or
her duties in connection with the Participant’s employment by the Company (including any of its Subsidiaries or Affiliates) or the Participant’s failure to comply with any of the restrictive covenants to which the Participant is subject;
(v) the Participant’s willful failure to comply with any policies or procedures of the Company as in effect from time to time provided that the Participant shall have been delivered a copy of such policies or procedures or such policies or
procedures shall have been posted on a Company intranet or website; or (vi) the Participant’s failure to perform the material duties in connection with the Participant’s position, unless the Participant remedies the failure referenced
in this clause (vi) no later than ten (10) days following delivery to the Participant of a written notice from the Company (including any of its Subsidiaries or Affiliates) describing such failure in reasonable detail (provided that the
Participant shall not be given more than one opportunity in the aggregate to remedy failures described in this clause (vi)). 

 “Change in Capitalization” means any (1) merger, amalgamation,
consolidation, reclassification, recapitalization, spin-off, spin-out, repurchase or other reorganization or corporate transaction or event, (2) special or extraordinary dividend or other extraordinary distribution (whether in the form of cash,
Common Shares, or other property), share split, reverse share split, subdivision or consolidation, (3) combination or exchange of shares, or (4) other change in corporate structure, which, in any such case, the Committee determines, in its
sole discretion, affects the Common Shares such that an adjustment pursuant to Section 5 hereof is appropriate. 
 “Change in
Control” means an event set forth in any one of the following paragraphs shall have occurred: 
 (1) any Person is or becomes the
Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person or any securities acquired directly from the Company or any Affiliate thereof) representing 50% or more of the
combined voting power of the Company’s then outstanding securities, excluding any Person who becomes such a Beneficial Owner in connection with a transaction described in clause (I) of paragraph (3) below; or 

(2) the following individuals cease for any reason to constitute a majority of the number of directors then serving on the Board: individuals
who, on the date hereof, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including, but not limited to, a consent solicitation,
relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s shareholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors
then still in office who either were directors on the date hereof or whose appointment, election or nomination for election was previously so approved or recommended (“Incumbent Directors”); or 

(3) there is consummated a merger or amalgamation or consolidation of the Company or any direct or indirect Subsidiary with any other
corporation or other entity, other than (I) a merger or amalgamation or consolidation which results in (A) the voting securities of the Company outstanding immediately prior to such merger or amalgamation or consolidation continuing to
represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit
plan of the Company or any Subsidiary, more than 50% of the combined voting power of the securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or amalgamation or consolidation and
(B) the Incumbent Directors continuing immediately thereafter to represent at least a majority of the board of directors of the Company, the entity surviving such merger or amalgamation or consolidation or, if the Company or the entity
surviving such merger or amalgamation or consolidation is then a Subsidiary, the ultimate parent thereof, or (II) a merger or amalgamation or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no
Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities Beneficially Owned by such Person any securities acquired directly from the Company or its Affiliates) representing 50%
or more of the combined voting power of the Company’s then outstanding securities; or 
 (4) the shareholders of the Company approve a
plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than (A) a sale or disposition by the
Company of all or substantially all of the Company’s assets to an entity, at least fifty percent (50%) of the combined voting power of the voting securities of which are owned by shareholders of the Company following the completion of such
transaction in substantially the same proportions as their ownership of the Company immediately prior to such sale or (B) a sale or disposition of all or substantially all of the Company’s assets immediately following which the individuals
who comprise the Board immediately prior thereto constitute at least a majority of the board of directors of the entity to which such assets are sold or disposed or, if such entity is a subsidiary, the ultimate parent thereof. 

Notwithstanding the foregoing, (i) a Change in Control shall not be deemed to have occurred by virtue of the consummation of any transaction or series of
integrated transactions immediately following which the holders of Common Shares immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which owns all or
substantially all of the assets of the Company immediately following such transaction or series of transactions and (ii) for each Award that constitutes deferred compensation under Section 409A of the Code, and to the extent required to
avoid accelerated taxation and/or tax penalties under Section 409A of the Code, a Change in Control shall be deemed to have occurred under the Plan with respect to such Award only if a change in the ownership or effective control of the Company
or a change in ownership of a substantial portion of the assets of the Company shall also be deemed to have occurred under Section 409A of the Code. 

 “Code” means the Internal Revenue Code of 1986, as amended from time to time, or
any successor thereto. 
 “Committee” means any committee or subcommittee the Board may appoint to administer the Plan.
Subject to the discretion of the Board, the Committee shall be composed entirely of individuals who meet the qualifications of (i) an “outside director” within the meaning of Section 162(m) of the Code (but only to the extent
necessary and desirable to maintain qualification of Awards as “performance-based compensation” under Section 162(m) of the Code), (ii) a “non-employee director” within the meaning of Rule 16b-3 and (iii) any
other qualifications required by the applicable stock exchange on which the Common Shares are traded. If at any time or to any extent the Board shall not administer the Plan, then the functions of the Administrator specified in the Plan shall
be exercised by the Committee. Except as otherwise provided in the Company’s memorandum of association or bye-laws, as amended from time to time, any action of the Committee with respect to the administration of the Plan shall be taken by
a majority vote at a meeting at which a quorum is duly constituted or unanimous written consent of the Committee’s members. 

“Common Shares” means the common shares, par value U.S. $0.01 per share, of the Company. 

“Company” means Aircastle Limited, a Bermuda exempted company (or any successor company, except as the term
“Company” is used in the definition of “Change in Control” above). 
 “Covered Employee” has the
meaning ascribed to the term “covered employee” set forth in Section 162(m) of the Code. 
 “Disability” has
the meaning assigned to such term in the Award Agreement or in any individual employment or severance agreement with the Participant or, if any such agreement does not define “Disability,” Disability means, with respect to any Participant,
that such Participant (i) as determined by the Administrator in its sole discretion, 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 twelve (12) months, or (ii) 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 twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Company or an Affiliate
thereof. 
 “Effective Date” has the meaning set forth in Section 20 hereof. 

“Eligible Recipient” means an officer, employee, non-employee director, independent contractor or consultant of the Company
or any Affiliate of the Company who has been selected as an eligible participant by the Administrator; provided, however, to the extent required to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, an
Eligible Recipient of an Option or a Share Appreciation Right means an employee, non-employee director, independent contractor or consultant of the Company or any Affiliate of the Company with respect to whom the Company is an “eligible issuer
of service recipient stock” within the meaning of Section 409A of the Code. 
 “Exchange Act” means the
Securities Exchange Act of 1934, as amended from time to time. 
 “Exercise Price” means, with respect to any Option, the
per share price at which a holder of such Option may purchase Common Shares issuable upon the exercise of such Option. 
 “Fair
Market Value” of a Common Share or another security as of a particular date shall mean the fair market value as determined by the Administrator in its sole discretion; provided, however, (i) if the Common Share or other
security is admitted to trading on a national securities exchange, the fair market value on any date shall be the closing sale price reported on the last preceding date on which there was a sale of such share on such exchange, or (ii) if the
Common Share or other security is then traded in an over-the-counter market, the fair market value on any date shall be the average of the closing bid and asked prices for such share in such over-the-counter market for the last preceding date on
which there was a sale of such share in such market. 
 “Free Standing Right” has the meaning set forth in
Section 8(a) hereof. 
 “Good Reason” has the meaning set forth in any individual employment or severance agreement
with the Participant, provided that if any such agreement does not define “Good Reason,” Good Reason and any provision of this Plan that refers to Good Reason shall not be applicable to such Participant. 

 “Option” means an option to purchase Common Shares granted pursuant to
Section 7 hereof. 
 “Other Share-Based Award” means an Award granted pursuant to Section 10 hereof. 

“Participant” means any Eligible Recipient selected by the Administrator, pursuant to the Administrator’s authority
provided for in Section 3 below, to receive grants of Awards, and, upon his or her death, his or her successors, heirs, executors and administrators, as the case may be. 

“Performance Goals” means performance goals based on one or more of the following criteria: (i) earnings, including one
or more of operating income, net operating income, earnings before or after taxes, earnings before or after interest, depreciation, amortization, adjusted EBITDA, economic earnings, or extraordinary or special items or book value per share (which
may exclude nonrecurring items); (ii) pre-tax income or after-tax income; (iii) earnings per share (basic or diluted); (iv) operating profit; (v) revenue, revenue growth or rate of revenue growth; (vi) return on assets
(gross or net), return on investment, return on capital, or return on equity; (vii) returns on sales or revenues; (viii) operating expenses; (ix) share price appreciation; (x) cash flow, cash flow per share, free cash flow, cash
flow return on investment (discounted or otherwise), net cash provided by operations, or cash flow in excess of cost of capital; (xi) implementation or completion of critical projects or processes; (xii) economic value created;
(xiii) cumulative earnings per share growth; (xiv) operating margin or profit margin; (xv) share price or total shareholder return; (xvi) cost targets, reductions and savings, productivity and efficiencies; (xvii) strategic
business criteria, consisting of one or more objectives based on meeting specified market penetration, geographic business expansion, customer satisfaction, employee satisfaction, human resources management, supervision of litigation, information
technology, and goals relating to acquisitions, divestitures, joint ventures and similar transactions, and budget comparisons; (xviii) personal professional objectives, including any of the foregoing performance goals, the implementation of
policies and plans, the negotiation of transactions, the development of long term business goals, formation of joint ventures, research or development collaborations, and the completion of other corporate transactions; and (xix) any combination
of, or a specified increase in, any of the foregoing. Where applicable, the Performance Goals may be expressed in terms of attaining a specified level of the particular criteria or the attainment of a percentage increase or decrease in the
particular criteria, and may be applied to one or more of the Company or any Affiliate thereof, or a division or strategic business unit of the Company or any Affiliate thereof, or may be applied to the performance of the Company relative to a
market index, a group of other companies or a combination thereof, all as determined by the Administrator. The Performance Goals may include a threshold level of performance below which no payment shall be made (or no vesting shall occur), levels of
performance at which specified payments shall be made (or specified vesting shall occur), and a maximum level of performance above which no additional payment shall be made (or at which full vesting shall occur). Each of the foregoing Performance
Goals may be determined in accordance with generally accepted accounting principles (to the extent determined by the Administrator to be desirable) and shall be subject to certification by the Administrator; provided, that, to the extent
permitted by Section 162(m) of the Code to the extent applicable, the Administrator shall have the authority to make equitable adjustments to the Performance Goals in recognition of unusual or non-recurring events affecting the Company or any
Affiliate thereof or the financial statements of the Company or any Affiliate thereof, in response to changes in applicable laws or regulations, or to account for items of gain, loss or expense determined to be extraordinary or unusual in nature or
infrequent in occurrence or related to the disposal of a segment of a business or related to a change in accounting principles. Notwithstanding the foregoing, the Committee shall take any actions pursuant to this paragraph to the extent necessary
and desirable to maintain qualification of Awards as performance-based compensation under Section 162(m) of the Code. 

“Person” has the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d)
thereof. 
 “Plan” has the meaning set forth in Section 1 hereof. 

“Related Right” has the meaning set forth in Section 8(a) hereof. 

“Restricted Shares” means Shares granted pursuant to Section 9 below subject to certain restrictions that lapse at the
end of a specified period or periods. 
 “Restricted Share Unit” means the right, granted pursuant to Section 9 below,
to receive the Fair Market Value of a Common Share or, in the case of an Award denominated in cash, to receive the amount of cash per unit that is determined by the Administrator in connection with the Award. 

“Rule 16b-3” has the meaning set forth in Section 3(a) hereof. 

 “Shares” means Common Shares reserved for issuance under the Plan, as adjusted
pursuant to the Plan, and any successor (pursuant to a merger, amalgamation, consolidation or other reorganization) security. 

“Share Appreciation Right” means the right to receive, upon exercise of the right, the applicable amounts as described in
Section 8. 
 “Share Bonus” means a bonus payable in fully vested Common Shares granted pursuant to Section 11
hereof. 
 “Subsidiary” means, with respect to any Person, as of any date of determination, any other Person as to
which such first Person owns or otherwise controls, directly or indirectly, more than 50% of the voting shares or other similar interests or a sole general partner interest or managing member or similar interest of such other Person. 

“Transfer” has the meaning set forth in Section 18 hereof. 

 

	Section 3.	Administration. 

 (a) The Plan shall be administered by the Administrator and shall be
administered in accordance with the requirements of Section 162(m) of the Code (but only to the extent necessary and desirable to maintain qualification of Awards as performance-based compensation under Section 162(m) of the Code) and, to
the extent applicable, Rule 16b-3 under the Exchange Act (“Rule 16b-3”).
 (b) Pursuant to the terms of the Plan,
the Administrator, subject, in the case of any Committee, to any restrictions on the authority delegated to it by the Board, shall have the power and authority, without limitation: 

(1) to select those Eligible Recipients who shall be Participants; 

(2) to determine whether and to what extent Options, Share Appreciation Rights, Restricted Shares, Restricted Share Units, Share Bonuses,
Other Share-Based Awards, Cash Awards or a combination of any of the foregoing, are to be granted hereunder to Participants; 
 (3) to
determine the number of Shares to be covered by each Award granted hereunder; 
 (4) to determine the terms and conditions, not
inconsistent with the terms of the Plan, of each Award granted hereunder (including, but not limited to, (i) the restrictions applicable to Restricted Shares or Restricted Share Units and the conditions under which restrictions applicable to
such Restricted Shares or Restricted Share Units shall lapse, (ii) the performance goals and periods applicable to Awards, (iii) the Exercise Price of each Option and the Base Price of each Share Appreciation Right, (iv) the vesting
schedule applicable to each Award, (v) the number of Shares or amount of cash or other property subject to each Award and (vi) subject to the requirements of Section 409A of the Code (to the extent applicable), any amendments to the
terms and conditions of outstanding Awards, including, but not limited to, extending the exercise period of such Awards and accelerating the vesting schedule of such Awards); 

(5) to determine the terms and conditions, not inconsistent with the terms of the Plan, which shall govern all written instruments evidencing
Awards; 
 (6) to determine the Fair Market Value in accordance with the terms of the Plan; 

(7) to determine the duration and purpose of leaves of absence which may be granted to a Participant without constituting termination of the
Participant’s employment for purposes of Awards granted under the Plan; 
 (8) to adopt, alter and repeal such administrative rules,
guidelines and practices governing the Plan as it shall from time to time deem advisable; 
 (9) to prescribe, amend and rescind rules and
regulations relating to sub-plans established for the purpose of satisfying applicable foreign laws or qualifying for favorable tax treatment under applicable foreign laws, which rules and regulations may be set forth in an appendix or appendices to
the Plan; and 
 (10) to construe and interpret the terms and provisions of the Plan and any Award issued under the Plan (and any Award
Agreement relating thereto), and to otherwise supervise the administration of the Plan and to exercise all powers and authorities either specifically granted under the Plan or necessary and advisable in the administration of the Plan. 

 (c) Subject to Section 5, neither the Board nor the Committee shall have the authority to
reprice or cancel and regrant any Award at a lower exercise, base or purchase price or cancel any Award an exercise, base or purchase price in exchange for cash, property or other Awards without first obtaining the approval of the Company’s
shareholders. 
 (d) All decisions made by the Administrator pursuant to the provisions of the Plan shall be final, conclusive and binding
on all persons, including the Company and the Participants. No member of the Board or the Committee, nor any officer or employee of the Company or any Subsidiary thereof acting on behalf of the Board or the Committee, shall be personally liable for
any action, omission, determination, or interpretation taken or made in good faith with respect to the Plan, and all members of the Board or the Committee and each and any officer or employee of the Company and of any Subsidiary thereof acting on
their behalf shall, to the maximum extent permitted by law, be fully indemnified and protected by the Company in respect of any such action, omission, determination or interpretation. 

 

	Section 4.	Shares Reserved for Issuance; Certain Limitations. 

 (a) The maximum number of Common
Shares reserved for issuance under the Plan shall be equal to the sum of (in each case, subject to adjustment as provided by Section 5) (i) 1,786,400 Common Shares, (ii) the number of Common Shares reserved but unissued under the
Amended and Restated Aircastle Limited 2005 Equity and Incentive Plan, as amended from time to time (the “2005 Plan”) as of the Effective Date and (iii) the number of Common Shares becoming available for reuse following the
Effective Date under the 2005 Plan in accordance with the provisions of Section 4(b) thereof. 
 (b) Notwithstanding anything in this
Plan to the contrary, and subject to adjustment as provided by Section 5, from and after such time, if any, as the Plan is subject to Section 162(m) of the Code: 

(1) No individual (including an individual who is likely to be a Covered Employee) will be granted Options or Share Appreciation Rights for
more than the number of Common Shares reserved under Section 4(a) during any calendar year. 
 (2) No individual who is likely to be a
Covered Employee with respect to a calendar year will be granted (A) Restricted Shares, Restricted Share Units, a Share Bonus or Other Share-Based Awards for more than the number of Common Shares reserved under Section 4(a) during any
calendar year or (B) a Cash Award in cash in excess of $5,000,000 during any calendar year. 
 (c) Shares issued under the Plan may, in
whole or in part, be authorized but unissued Shares or Shares that shall have been or may be reacquired by the Company in the open market, in private transactions or otherwise. If any Shares subject to an Award are forfeited, cancelled, exchanged or
surrendered or if an Award otherwise terminates or expires without a distribution of shares to the Participant, the Shares with respect to such Award shall, to the extent of any such forfeiture, cancellation, exchange, surrender, termination or
expiration, again be available for Awards under the Plan. Notwithstanding the foregoing, Shares that are exchanged by a Participant or withheld by the Company as full or partial payment in connection with any Option or Share Appreciation Right under
the Plan, as well as any Shares exchanged by a Participant or withheld by the Company or any Subsidiary to satisfy the tax withholding obligations related to any Option or Share Appreciation Right under the Plan, shall not be available for
subsequent Awards under the Plan, and notwithstanding that a Share Appreciation Right is settled by the delivery of a net number of Common Shares, the full number of Common Shares underlying such Share Appreciation Right shall not be available for
subsequent Awards under the Plan. Upon the exercise of any Award granted in tandem with any other Awards, such related Awards shall be cancelled to the extent of the number of Shares as to which the Award is exercised and, notwithstanding the
foregoing, such number of shares shall no longer be available for Awards under the Plan. In addition, (i) to the extent an Award is denominated in Common Shares, but paid or settled in cash, the number of Common Shares with respect to which
such payment or settlement is made shall again be available for grants of Awards pursuant to the Plan and (ii) Common Shares underlying Awards that can only be settled in cash shall not be counted against the aggregate number of Common Shares
available for Awards under the Plan. 

	Section 5.	Equitable Adjustments. 

 (a) In the event of any Change in Capitalization, an equitable
substitution or proportionate adjustment shall be made, in each case, as may be determined by the Administrator, in its sole discretion, in (i) the aggregate number of Common Shares reserved for issuance under the Plan and the maximum number of
Common Shares or cash that may be subject to Awards granted to any Participant in any calendar year, (ii) the kind and number of securities subject to, and the Exercise Price or Base Price of, any outstanding Options and Share Appreciation
Rights granted under the Plan, and (iii) the kind, number and purchase price of Common Shares, or the amount of cash or amount or type of other property, subject to outstanding Restricted Shares, Restricted Share Units, Share Bonuses and Other
Share-Based Awards granted under the Plan; provided, however, that any fractional shares resulting from the adjustment shall be eliminated. Such other equitable substitutions or adjustments shall be made as may be determined by the
Administrator, in its sole discretion. 
 (b) Without limiting the generality of the foregoing, in connection with a Change in
Capitalization, the Administrator may provide, in its sole discretion, for the cancellation of any outstanding Award in exchange for payment in cash or other property having an aggregate Fair Market Value equal to the Fair Market Value of the Common
Shares, cash or other property covered by such Award, reduced by the aggregate Exercise Price or Base Price thereof, if any; provided, however, that if the Exercise Price or Base Price of any outstanding Award is equal to or greater
than the Fair Market Value of the Common Shares, cash or other property covered by such Award, the Administrator may cancel such Award without the payment of any consideration to the Participant. 

(c) The determinations made by the Administrator or the Board, as applicable, pursuant to this Section 5 shall be final, binding and
conclusive. 
  

	Section 6.	Eligibility. 

 The Participants under the Plan shall be selected from time to time by the
Administrator, in its sole discretion, from those individuals that qualify as Eligible Recipients. 
  

	Section 7.	Options. 

 (a) General. Each Participant who is granted an Option shall enter into
an Award Agreement with the Company, containing such terms and conditions as the Administrator shall determine, in its sole discretion, which Award Agreement shall set forth, among other things, the Exercise Price of the Option, the term of the
Option and provisions regarding exercisability of the Option. The provisions of each Option need not be the same with respect to each Participant. More than one Option may be granted to the same Participant and be outstanding concurrently hereunder.
Options granted under the Plan shall be subject to the terms and conditions set forth in this Section 7 and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem
desirable and set forth in the applicable Award Agreement. Each Option granted hereunder is intended to be a non-qualified Option and is not intended to qualify as an “incentive stock option” within the meaning of Section 422 of the
Code. 
 (b) Exercise Price. The Exercise Price of Shares purchasable under an Option shall be determined by the Administrator in its
sole discretion at the time of grant, but in no event shall the exercise price of an Option be less than one hundred percent (100%) of the Fair Market Value of the related Common Shares on the date of grant. 

(c) Option Term. The maximum term of each Option shall be fixed by the Administrator, but no Option shall be exercisable more than ten
(10) years after the date such Option is granted. Each Option’s term is subject to earlier expiration pursuant to the applicable provisions in the Plan and the Award Agreement. Notwithstanding the foregoing, the Administrator shall have
the authority to accelerate the exercisability of any outstanding Option at such time and under such circumstances as the Administrator, in its sole discretion, deems appropriate. 

(d) Exercisability. Each Option shall be exercisable at such time or times and subject to such terms and conditions, including the
attainment of pre-established performance goals, as shall be determined by the Administrator in the applicable Award Agreement. The Administrator may also provide that any Option shall be exercisable only in installments, and the Administrator may
waive such installment exercise provisions at any time, in whole or in part, based on such factors as the Administrator may determine in its sole discretion. Notwithstanding anything to the contrary contained herein, an Option may not be exercised
for a fraction of a share. 

 (e) Method of Exercise. Options may be exercised in whole or in part by giving written
notice of exercise to the Company specifying the number of whole Shares to be purchased, accompanied by payment in full of the aggregate Exercise Price of the Shares so purchased in cash or its equivalent, as determined by the Administrator. As
determined by the Administrator, in its sole discretion, with respect to any Option or category of Options, payment in whole or in part may also be made (i) by means of consideration received under any cashless exercise procedure approved by
the Administrator (including the withholding of Shares otherwise issuable upon exercise), (ii) in the form of unrestricted Shares already owned by the Participant which have a Fair Market Value on the date of surrender equal to the aggregate
exercise price of the Shares as to which such Option shall be exercised, (iii) any other form of consideration approved by the Administrator and permitted by applicable law or (iv) any combination of the foregoing. 

(f) Rights as Shareholder. A Participant shall have no rights to dividends or distributions or any other rights of a shareholder with
respect to the Shares subject to an Option until the Participant has given written notice of the exercise thereof, has paid in full for such Shares and has satisfied the requirements of Section 17 hereof. 

(g) Termination of Employment or Service. In the event of the termination of employment or service with the Company and all Affiliates
thereof of a Participant who has been granted one or more Options, such Options shall be exercisable at such time or times and subject to such terms and conditions as set forth in the Award Agreement. 

(h) Other Change in Employment Status. An Option shall be affected, both with regard to vesting schedule and termination, by leaves of
absence, changes from full-time to part-time employment, partial disability or other changes in the employment status of an Participant, in the discretion of the Administrator. 

 

	Section 8.	Share Appreciation Rights. 

 (a) General. Share Appreciation Rights may be granted
either alone (“Free Standing Rights”) or in conjunction with all or part of any Option granted under the Plan (“Related Rights”). Related Rights may be granted either at or after the time of the grant of such
Option. The Administrator shall determine the Eligible Recipients to whom, and the time or times at which, grants of Share Appreciation Rights shall be made, the number of Shares to be awarded, the Base Price, and all other conditions of Share
Appreciation Rights. Notwithstanding the foregoing, no Related Right may be granted for more Shares than are subject to the Option to which it relates. The provisions of Share Appreciation Rights need not be the same with respect to each
Participant. Share Appreciation Rights granted under the Plan shall be subject to the following terms and conditions set forth in this Section 8 and shall contain such additional terms and conditions, not inconsistent with the terms of the
Plan, as the Administrator shall deem desirable, as set forth in the applicable Award Agreement. 
 (b) Base Price. Each Share
Appreciation Right shall be granted with a base price that is not less than one hundred percent (100%) of the Fair Market Value of the related Common Shares on the date of grant (such amount, the “Base Price”). 

(c) Awards; Rights as Shareholder. A Participant shall have no rights to dividends or any other rights of a shareholder with respect to
the Common Shares, if any, subject to a Share Appreciation Right until the Participant has given written notice of the exercise thereof and has satisfied the requirements of Section 17 hereof. 

(d) Exercisability. 

(1) Share Appreciation Rights that are Free Standing Rights shall be exercisable at such time or times and subject to such terms and
conditions as shall be determined by the Administrator in the applicable Award Agreement. 
 (2) Share Appreciation Rights that are Related
Rights shall be exercisable only at such time or times and to the extent that the Options to which they relate shall be exercisable in accordance with the provisions of Section 7 hereof and this Section 8 of the Plan. 

(e) Consideration Upon Exercise. 

(1) Upon the exercise of a Free Standing Right, the Participant shall be entitled to receive up to, but not more than, that number of Shares
equal in value to (i) the excess of the Fair Market Value as of the date of exercise over the Base Price per share specified in the Free Standing Right, multiplied by (ii) the number of Shares in respect of which the Free Standing Right is
being exercised. 

 (2) A Related Right may be exercised by a Participant by surrendering the applicable portion of
the related Option. Upon such exercise and surrender, the Participant shall be entitled to receive up to, but not more than, that number of Shares equal in value to (i) the excess of the Fair Market Value as of the date of exercise over the
Exercise Price specified in the related Option, multiplied by (ii) the number of Shares in respect of which the Related Right is being exercised. Options which have been so surrendered, in whole or in part, shall no longer be exercisable to the
extent the Related Rights have been so exercised. 
 (3) Notwithstanding the foregoing, the Administrator may determine to settle the
exercise of a Share Appreciation Right in cash (or in any combination of Shares and cash). 
 (f) Termination of Employment or
Service. 
 (1) In the event of the termination of employment or service with the Company and all Affiliates thereof of a Participant
who has been granted one or more Free Standing Rights, such rights shall be exercisable at such time or times and subject to such terms and conditions as set forth in the Award Agreement. 

(2) In the event of the termination of employment or service with the Company and all Affiliates thereof of a Participant who has been
granted one or more Related Rights, such rights shall be exercisable at such time or times and subject to such terms and conditions as set forth in the related Options. 

(g) Term. 
 (1) The term
of each Free Standing Right shall be fixed by the Administrator, but no Free Standing Right shall be exercisable more than ten (10) years after the date such right is granted. 

(2) The term of each Related Right shall be the term of the Option to which it relates, but no Related Right shall be exercisable more than
ten (10) years after the date such right is granted. 
  

	Section 9.	Restricted Shares and Restricted Share Units. 

 (a) General. Restricted Shares and
Restricted Share Units may be issued either alone or in addition to other awards granted under the Plan. The Administrator shall determine the Eligible Recipients to whom, and the time or times at which, Restricted Shares or Restricted Share Units
shall be made; the number of Shares to be awarded; the price, if any, to be paid by the Participant for the acquisition of Restricted Shares or Restricted Share Units; the period of time prior to which Restricted Shares or Restricted Share Units
become vested and free of restrictions on Transfer (the “Restricted Period”); the performance objectives (if any); and all other conditions of the Restricted Shares and Restricted Share Units. If the restrictions, performance
objectives and/or conditions established by the Administrator are not attained, a Participant shall forfeit his or her Restricted Shares or Restricted Share Units, in accordance with the terms of the grant. The provisions of Restricted Shares or
Restricted Share Units need not be the same with respect to each Participant. 
 (b) Awards and Certificates. 

(1) Except as otherwise provided below in Section 9(c), (i) each Participant who is granted an award of Restricted Shares may, in
the Company’s sole discretion, be issued a share certificate in respect of such Restricted Shares; and (ii) any such certificate so issued shall be registered in the name of the Participant, and shall bear an appropriate legend referring
to the terms, conditions, and restrictions applicable to any such Award. The Company may require that the share certificates, if any, evidencing Restricted Shares be held in the custody of the Company until the restrictions thereon shall have
lapsed, and that, as a condition of any award of Restricted Shares, the Participant shall have delivered a share transfer form, endorsed in blank, relating to the Shares covered by such award. Certificates for unrestricted Common Shares may, in the
Company’s sole discretion, be delivered to the Participant only after the Restricted Period has expired without forfeiture in respect of such Restricted Shares. 

(2) With respect to Restricted Share Units, at the expiration of the Restricted Period, share certificates in respect of the Common Shares
underlying such Restricted Share Units may, in the Company’s sole discretion, be delivered to the Participant, or his legal representative, in a number equal to the number of Common Shares underlying the Restricted Share Units. 

 (3) Notwithstanding anything in the Plan to the contrary, any Restricted Shares or Restricted
Share Units (at the expiration of the Restricted Period) may, in the Company’s sole discretion, be issued in uncertificated form. 

(4) Further, notwithstanding anything in the Plan to the contrary, with respect to Restricted Share Units, at the expiration of the
Restricted Period, Shares shall promptly be issued to the Participant, unless otherwise deferred in accordance with procedures established by the Company in accordance with Section 409A of the Code, and such issuance shall in any event be made
no later than March 15th of the calendar year following the year of vesting or within other such period as is required to avoid accelerated taxation and/or tax penalties under
Section 409A of the Code. 
 (c) Restrictions and Conditions. The Restricted Shares and Restricted Share Units granted pursuant
to this Section 9 shall be subject to the following restrictions and conditions and any additional restrictions or conditions as determined by the Administrator at the time of grant or, subject to Section 409A of the Code where applicable,
thereafter: 
 (1) The Administrator may, in its sole discretion, provide for the lapse of restrictions in installments and may accelerate
or waive such restrictions in whole or in part based on such factors and such circumstances as the Administrator may determine, in its sole discretion, including, but not limited to, the attainment of certain performance related goals, the
Participant’s termination of employment or service as an officer, director, independent contractor or consultant to the Company or any Affiliate thereof, or the Participant’s death or Disability; provided, however, that this
sentence shall not apply to any Award which is intended to qualify as performance-based compensation under Section 162(m) of the Code. Notwithstanding the foregoing, upon a Change in Control, the outstanding Awards shall be subject to
Section 14 hereof. 
 (2) Except as provided in the applicable Award Agreement, the Participant shall generally have the rights of a
shareholder of the Company with respect to Restricted Shares during the Restricted Period, including the right to vote such shares and to receive any dividends declared with respect to such shares. The Participant shall generally not have the rights
of a shareholder with respect to Common Shares subject to Restricted Share Units during the Restricted Period; provided, however, that, subject to Section 409A of the Code, an amount equal to dividends declared during the
Restricted Period with respect to the number of Common Shares covered by Restricted Share Units may, to the extent set forth in an Award Agreement, be provided to the Participant. 

(d) Termination of Employment or Service. The rights of Participants granted Restricted Shares or Restricted Share Units upon
termination of employment or service with the Company and all Affiliates thereof for any reason during the Restricted Period shall be set forth in the Award Agreement. 
  

	Section 10.	Other Share-Based Awards. 

 Other forms of Awards valued in whole or in part by reference
to, or otherwise based on, Common Shares, including but not limited to dividend equivalents, may be granted either alone or in addition to other Awards (other than in connection with Options or Share Appreciation Rights) under the Plan. Any dividend
or dividend equivalent awarded hereunder shall be subject to the same restrictions, conditions and risks of forfeiture as the underlying Award. Subject to the provisions of the Plan, the Administrator shall have sole and complete authority to
determine the individuals to whom and the time or times at which such Other Share-Based Awards shall be granted, the number of Common Shares to be granted pursuant to such Other Share-Based Awards, or the manner in which such Other Share-Based
Awards shall be settled (e.g., in Common Shares, cash or other property), or the conditions to the vesting and/or payment or settlement of such Other Share-Based Awards (which may include, but not be limited to, achievement of performance criteria)
and all other terms and conditions of such Other Share-Based Awards. 
  

	Section 11.	Share Bonuses. 

 In the event that the Administrator grants a Share Bonus, the Shares
constituting such Share Bonus shall, as determined by the Administrator, be evidenced in uncertificated form or by a book entry record or a certificate issued in the name of the Participant to whom such grant was made and delivered to such
Participant as soon as practicable after the date on which such Share Bonus is payable. 
  

	Section 12.	Cash Awards.  

 The Administrator may grant awards that are payable
solely in cash, as deemed by the Administrator to be consistent with the purposes of the Plan, and such Cash Awards shall be subject to the terms, conditions, restrictions and limitations determined by the Administrator, in its sole discretion, from
time to time. Cash Awards may be granted with value and payment contingent upon the achievement of performance criteria. 

	Section 13.	Special Provisions Regarding Certain Awards. 

 The Administrator may make Awards
hereunder to Covered Employees (or to individuals whom the Administrator believes may become Covered Employees) that are intended to qualify as performance-based compensation under Section 162(m) of the Code. The exercisability and/or payment
of such Awards may, to the extent required to qualify as performance-based compensation under Section 162(m) of the Code, be subject to the achievement of performance criteria based upon one or more Performance Goals and to certification of
such achievement in writing by the Committee. The Committee may in its discretion reduce the amount of such Awards that would otherwise become exercisable and/or payable upon achievement of such Performance Goals and the certification in writing of
such achievement, but may not increase such amounts. Any such Performance Goals shall be established in writing by the Committee not later than the time period prescribed under Section 162(m) of the Code and the regulations thereunder.
Notwithstanding anything set forth in the Plan to contrary, all provisions of such Awards which are intended to qualify as performance-based compensation under Section 162(m) of the Code shall be construed in a manner to so comply.  

 

	Section 14.	Change in Control Provisions. 

 Unless otherwise determined by the Administrator and
evidenced in an Award Agreement, in the event that (a) a Change in Control occurs, and (b) the Participant’s employment or service is terminated by the Company, its successor or an Affiliate thereof without Cause or by the Participant
for Good Reason (if applicable) on or after the effective date of the Change in Control but prior to twelve (12) months following the Change in Control, then: 

(a) any unvested or unexercisable portion of any Award carrying a right to exercise shall become fully vested and exercisable; and 

(b) the restrictions, deferral limitations, payment conditions and forfeiture conditions applicable to an Award granted under the Plan shall
lapse and such Awards shall be deemed fully vested and any performance conditions imposed with respect to such Awards shall be deemed to be fully achieved. 

If the Administrator determines in its discretion pursuant to Section 3(b)(5) hereof to accelerate the vesting of Options and/or Share Appreciation
Rights in connection with a Change in Control, the Administrator shall also have discretion in connection with such action to provide that all Options and/or Share Appreciation Rights outstanding immediately prior to such Change in Control shall
expire on the effective date of such Change in Control. 
  

	Section 15.	Amendment and Termination. 

 The Board may amend, alter or terminate the Plan, but no
amendment, alteration, or termination shall be made that would impair the rights of a Participant under any Award theretofore granted without such Participant’s consent. Unless the Board determines otherwise, the Board shall obtain approval of
the Company’s shareholders for any amendment to the Plan that would require such approval in order to satisfy the requirements of Section 162(m) of the Code (but only to the extent necessary and desirable to maintain qualification of
Awards as performance-based compensation under Section 162(m) of the Code), any rules of the stock exchange on which the Common Shares are traded or other applicable law. The Administrator may amend the terms of any Award theretofore granted,
prospectively or retroactively, but, subject to Section 5 of the Plan and the immediately preceding sentence, no such amendment shall impair the rights of any Participant without his or her consent. 

 

	Section 16.	Unfunded Status of Plan. 

 The Plan is intended to constitute an “unfunded”
plan for incentive compensation. With respect to any payments not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any rights that are greater than those of a general creditor of the Company. 

 

	Section 17.	Withholding Taxes. 

 Each Participant shall, no later than the date as of which the value
of an Award first becomes includible in the gross income of such Participant for purposes of applicable taxes, pay to the Company, or make arrangements satisfactory to the Administrator regarding payment of, the minimum amount of any such applicable
taxes required by law to be withheld with respect to the Award. The obligations of the Company under the Plan shall be conditional on the making of such payments or arrangements, and the 

 
Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to such Participant. Whenever cash is to be paid pursuant to an
Award, the Company shall have the right to deduct therefrom an amount sufficient to satisfy any applicable withholding tax requirements related thereto. Whenever Shares or property other than cash are to be delivered pursuant to an Award, the
Company shall have the right to require the Participant to remit to the Company in cash an amount sufficient to satisfy any related taxes to be withheld and applied to the tax obligations; provided, that, with the approval of the
Administrator, a Participant may satisfy the foregoing requirement by either (i) electing to have the Company withhold from delivery of Shares or other property, as applicable, or (ii) by delivering already owned unrestricted Common
Shares, in each case, having a value not exceeding the applicable taxes to be withheld and applied to the tax obligations. Such already owned and unrestricted Common Shares shall be valued at their Fair Market Value on the date on which the amount
of tax to be withheld is determined and any fractional share amounts resulting therefrom shall be settled in cash. Such an election may be made with respect to all or any portion of the Shares to be delivered pursuant to an award. The Company may
also use any other method of obtaining the necessary payment or proceeds, as permitted by law, to satisfy its withholding obligation with respect to any Award. 
  

	Section 18.	Transfer of Awards. 

 Until such time as the Awards are fully vested and/or exercisable
in accordance with the Plan or an Award Agreement, no purported sale, assignment, mortgage, hypothecation, transfer, charge, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest
in or lien on, any Award or any agreement or commitment to do any of the foregoing (each, a “Transfer”) by any holder thereof in violation of the provisions of the Plan or an Award Agreement will be valid, except with the
prior written consent of the Administrator, which consent may be granted or withheld in the sole discretion of the Administrator. Any purported Transfer of an Award or any economic benefit or interest therein in violation of the Plan or an Award
Agreement shall be null and void ab initio, and shall not create any obligation or liability of the Company, and any Person purportedly acquiring any Award or any economic benefit or interest therein transferred in violation of the Plan or an
Award Agreement shall not be entitled to be recognized as a holder of any Common Shares or other property underlying such Award. Unless otherwise determined by the Administrator in accordance with the provisions of the immediately preceding
sentence, an Option may be exercised, during the lifetime of the Participant, only by the Participant or, during any period during which the Participant is under a legal disability, by the Participant’s guardian or legal representative. 

 

	Section 19.	Continued Employment or Service. 

 The adoption of the Plan shall not confer upon any
Eligible Recipient any right to continued employment or service with the Company or any Affiliate thereof, as the case may be, nor shall it interfere in any way with the right of the Company or any Affiliate thereof to terminate the employment or
service of any of its Eligible Recipients at any time. 
  

	Section 20.	Effective Date. 

 The Plan became effective upon adoption by the Board on March 14,
2014 (the “Effective Date”), subject to requisite approval of shareholders of the Company. 
  

	Section 21.	Term of Plan. 

 No award shall be granted pursuant to the Plan on or after the tenth
anniversary of the Effective Date, but awards theretofore granted may extend beyond that date. 
  

	Section 22.	Securities Matters and Regulations. 

 (a) Notwithstanding anything herein to the
contrary, the obligation of the Company to sell or deliver Common Shares with respect to any Award granted under the Plan shall be subject to all applicable laws, rules and regulations, including all applicable federal and state securities laws and
Bermuda law, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Administrator. The Administrator may require, as a condition of the issuance and delivery of certificates evidencing
Common Shares pursuant to the terms hereof, that the recipient of such shares make such agreements and representations, and that such certificates bear such legends, as the Administrator, in its sole discretion, deems necessary or advisable. 

 (b) Each Award is subject to the requirement that, if at any time the Administrator determines
that the listing, registration or qualification of Common Shares issuable pursuant to the Plan is required by any securities exchange or under any state or federal law or Bermuda law, or the consent or approval of any governmental regulatory body is
necessary or desirable as a condition of, or in connection with, the grant of an Award or the issuance of Common Shares, no such Award shall be granted or payment made or Common Shares issued, in whole or in part, unless listing, registration,
qualification, consent or approval has been effected or obtained free of any conditions not acceptable to the Administrator. 
 (c) In the
event that the disposition of Common Shares acquired pursuant to the Plan is not covered by a then current registration statement under the Securities Act and is not otherwise exempt from such registration, such Common Shares shall be restricted
against transfer to the extent required by the Securities Act or regulations thereunder, and the Administrator may require a Participant receiving Common Shares pursuant to the Plan, as a condition precedent to receipt of such Common Shares, to
represent to the Company in writing that the Common Shares acquired by such Participant is acquired for investment only and not with a view to distribution. 
  

	Section 23.	Notification of Election Under Section 83(b) of the Code. 

 If any Participant
shall, in connection with the acquisition of Common Shares under the Plan, make the election permitted under Section 83(b) of the Code, such Participant shall notify the Company of such election within ten (10) days after filing notice of
the election with the Internal Revenue Service. 
  

	Section 24.	No Fractional Shares. 

 No fractional Common Shares shall be issued or delivered pursuant
to the Plan. The Administrator shall determine whether cash, other Awards, or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise
eliminated. 
  

	Section 25.	Beneficiary. 

 A Participant may file with the Administrator a written designation of a
beneficiary on such form as may be prescribed by the Administrator and may, from time to time, amend or revoke such designation. If no designated beneficiary survives the Participant, the executor or administrator of the Participant’s estate
shall be deemed to be the Participant’s beneficiary. 
  

	Section 26.	Paperless Administration. 

 In the event that the Company establishes, for itself or
using the services of a third party, an automated system for the documentation, granting or exercise of Awards, such as a system using an internet website or interactive voice response, then the paperless documentation, granting or exercise of
Awards by a Participant may be permitted through the use of such an automated system. 
  

	Section 27.	Severability. 

 If any provision of the Plan is held to be invalid or unenforceable, the
other provisions of the Plan shall not be affected but shall be applied as if the invalid or unenforceable provision had not been included in the Plan. 
  

	Section 28.	Clawback.  

 Notwithstanding any other provisions in this Plan, any Award
which is subject to recovery under any law, government regulation or stock exchange listing requirement, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange
listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement). 
  

	Section 29.	Section 409A of the Code. 

 The Plan as well as payments and benefits under the Plan
are intended to be exempt from, or to the extent subject thereto, to comply with Section 409A of the Code, and, accordingly, to the maximum extent permitted, the Plan shall be interpreted in accordance therewith. Notwithstanding anything
contained herein to the contrary, to the extent required in order to avoid accelerated 

 
taxation and/or tax penalties under Section 409A of the Code, the Participant shall not be considered to have terminated employment or service with the Company for purposes of the Plan and
no payment shall be due to the Participant under the Plan or any Award until the Participant would be considered to have incurred a “separation from service” from the Company and its Affiliates within the meaning of Section 409A of
the Code. Any payments described in the Plan that are due within the “short term deferral period” as defined in Section 409A of the Code shall not be treated as deferred compensation unless applicable law requires otherwise.
Notwithstanding anything to the contrary in the Plan, to the extent that any Awards (or any other amounts payable under any plan, program or arrangement of the Company or any of its Affiliates) are payable upon a separation from service and such
payment would result in the imposition of any individual tax and penalty interest charges imposed under Section 409A of the Code, the settlement and payment of such awards (or other amounts) shall instead be made on the first business day after
the date that is six (6) months following such separation from service (or death, if earlier). Each amount to be paid or benefit to be provided under this Plan shall be construed as a separate identified payment for purposes of
Section 409A of the Code. The Company makes no representation that any or all of the payments or benefits described in this Plan will be exempt from or comply with Section 409A of the Code and makes no undertaking to preclude
Section 409A of the Code from applying to any such payment. The Participant shall be solely responsible for the payment of any taxes and penalties incurred under Section 409A. 

 

	Section 30.	Governing Law. 

 The Plan and all determinations made and actions taken pursuant thereto
shall be governed by the laws of New York.

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