Document:

1992 Stock Incentive Plan as amended

 EXHIBIT 10.1 
 MURPHY OIL CORPORATION 
 1992 STOCK INCENTIVE PLAN 

(As Amended May 14, 1997, December 1, 1999, May 14, 2003 and December 7, 2005) 

SECTION 1. PURPOSE 
 The
purpose of the Murphy Oil Corporation 1992 Stock Incentive Plan is to foster and promote the long-term financial success of the Company and materially increase shareholder value by (a) motivating superior performance by means of
performance-related incentives, (b) encouraging and providing for the acquisition of an ownership interest in the Company by Employees, and (c) enabling the Company to attract and retain the services of an outstanding management team upon
whose judgment, interest, and special effort the successful conduct of its operations is largely dependent. 
 SECTION 2. DEFINITIONS

 Unless the context otherwise indicates, the following definitions shall be applicable for the purpose of the 1992 Stock
Incentive Plan: 
 “Agreement” shall mean a written agreement setting forth the terms of an Award. 

“Award” shall mean any Option (which may be designated as a Nonqualified or Incentive Stock Option), a Stock Appreciation
Right, or a Restricted Stock Award, in each case granted under this Plan. 
 “Beneficiary” shall mean the person,
persons, trust, or trusts designated by an Employee or if no designation has been made, the person, persons, trust or trusts entitled by will or the laws of descent and distribution to receive the benefits specified under this Plan in the event of
an Employee’s death. 
 “Board” shall mean the Board of Directors of the Company. 

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

“Committee” shall mean the Executive Compensation Committee of the Board, as from time to time constituted, or any successor
committee of the Board with similar functions. The Committee shall be constituted to comply with the requirements of Rule 16b-3 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, or such rule or any
successor rule thereto which is in effect from time to time. 

  
 Ex. 10.1-1

 “Common Stock” shall mean the Common Stock of the Company, $1.00 par value,
subject to adjustment pursuant to Section 11. 
 “Company” shall mean Murphy Oil Corporation, a Delaware
corporation. 
 “Employee” shall mean any person employed by the Company on a full-time salaried basis or by a
Subsidiary that does not have in effect for its personnel any plan similar to the Plan, including officers and employee directors thereof. 
 “Incentive Stock Option” or “ISO” shall mean an Option that is intended by the Committee to meet the requirements of Section 422 of the Code or any successor provision.

 “Nonqualified Stock Option” or “NQSO” shall mean an Option granted pursuant to this Plan which does not
qualify as an Incentive Stock Option. 
 “Normal Termination” shall mean a termination of employment (i) at
normal retirement time, (ii) for permanent and total disability, or (iii) with Company approval, and without being terminated for cause. 
 “Option” shall mean the right to purchase Common Stock at a price to be specified and upon terms to be designated by the Committee pursuant to this Plan. An Option shall be designated by the
Committee as a Nonqualified Stock Option or an Incentive Stock Option at the time of grant. 
 “Opportunity Shares”
shall mean additional shares of Common Stock which may be earned by an Employee pursuant to Section 8. 
 “Option
Holder” or “Holder” shall mean an Employee to whom an option has been granted. 
 “Personal
Representative” shall mean the person or persons who, upon the disability or incompetence of an Employee, shall have acquired on behalf of the Employee by legal proceeding or otherwise the right to receive the benefits specified in this Plan.

 “Plan” shall mean this 1992 Stock Incentive Plan. 

“Restricted Period” shall mean the period designated by the Committee during which Restricted Stock may not be sold, assigned,
transferred, pledged, or otherwise encumbered and during which such stock is subject to forfeiture. 
 “Restricted
Stock” shall mean those shares of Common Stock issued pursuant to a Restricted Stock Award which are subject to the restrictions, terms, and conditions specified by the Committee pursuant to Section 8. 

  
 Ex. 10.1-2

 “Restricted Stock Award” shall mean an award of Restricted Stock pursuant to
Section 8 hereof. 
 “Stock Appreciation Right” or “SAR” shall mean the right of the holder to receive,
upon exercise thereof, payment of an amount determined by multiplying: (a) any increase in the Fair Market Value of a share of Common Stock at the date of exercise over the price fixed by the Committee at the date of grant, by (b) the
number of shares with respect to which the SAR is exercised; provided, however, that at the time of grant, the Committee may establish, in its sole discretion, a maximum amount per share which will be payable upon exercise of a SAR. The amount
payable upon exercise may be paid in cash or other property, including without limitation, shares of Common Stock, or any combination thereof as determined by the Committee. 
 SECTION 3. ADMINISTRATION 
 The Plan shall be administered by the Committee.
In addition to any implied powers and duties that may be needed to carry out the provisions of the Plan, the Committee shall have all of the powers vested in it by the terms of the Plan, including exclusive authority to select the Employees to be
granted Awards under the Plan, to determine the type, size and terms of the Awards to be made to each Employee selected, to determine the time when Awards will be granted, and to prescribe the form of the Agreements embodying Awards made under the
Plan. No member of the Committee, while he serves on the Committee, may be granted Awards under the Plan. The Committee shall be authorized to interpret the Plan and the Awards granted under the Plan, to establish, amend and rescind any rules and
regulations relating to the Plan, to make any other determinations which it believes necessary or advisable for the administration of the Plan, and to correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any
Award in the manner and to the extent the Committee deems desirable to carry it into effect. Any decision of the Committee in the administration of the Plan, as described herein, shall be final and conclusive. 

The Board may from time to time remove members from the Committee or add members thereto, and vacancies in the Committee, however caused,
shall be filled by action of the Board. The Committee shall select one of its members as chairman and shall hold its meetings at such time and places as it may determine. The Committee may act only by a majority of its members. The members of the
Committee may receive such compensation for their services as the Board may determine. Any determination of the Committee may be made, without notice, by the written consent of the majority of the members of the Committee. In addition, the Committee
may authorize any one or more of their number or any officer of the Company to execute and deliver documents on behalf of the Committee. 

SECTION 4. STOCK SUBJECT TO THE PLAN 
 The maximum number of shares available for Awards under the Plan in each calendar year during any part of which the Plan shall be in effect shall be one percent (1%) of the total issued and
outstanding shares as of December 31 of the immediately 

  
 Ex. 10.1-3

 
preceding year, subject to Section 11 of the Plan. Any and all such shares may be issued in respect of any of the types of Awards; provided, however, no more than fifty percent (50%) of
the shares available shall be subject to Incentive Stock Options granted under the Plan and that no more than fifty percent (50%) of the shares available for Awards under the Plan shall be issued in respect of Restricted Stock. Unless otherwise
determined by the Committee, all shares available in any year that are not granted under the Plan will not be available for grant for subsequent years. “Maximum Grants.” Notwithstanding any provision contained in this Plan to the contrary,
the maximum number of shares of Common Stock for which Incentive Stock Options, Nonqualified Stock Options, and Stock Appreciation Rights may be granted under the Plan to any one Employee for any calendar year is 400,000. 

If any shares of Common Stock subject to an Award hereunder are forfeited or any such Award otherwise terminates without the issuance of
shares of Common Stock or other consideration to an Employee, such shares shall not increase the number of shares available for grant in such year. 
 SECTION 5. ELIGIBILITY 
 Any Employee who is a director or an officer or who
serves in any other key administration, professional or technical capacity shall be eligible to participate in the Plan. In addition the Committee may in any year include any other Employee who the Committee has determined has made some unusual
contribution which would not be expected of such Employee in the ordinary course of his work. 
 SECTION 6. STOCK OPTIONS 

 

	 	A.	Grant of Options and Price 

 (a)
Any Option granted under the Plan may be granted as an Incentive Stock Option or as a Nonqualified Stock Option as shall be designated by the Committee at the time of the grant of such Option. Each Option shall be evidenced by an Agreement between
the recipient and the Company, which Agreement shall specify the designation of the Option as an ISO or a NQSO, as the case may be, and shall contain such terms and conditions not inconsistent with the Plan as the Committee, in its sole discretion,
may determine in accordance with the Plan. 
 (b) The exercise price for the purchase of Common stock to be issued pursuant to
each Option shall be fixed by the Committee at the time of the granting of the Option provided, however, that such exercise price shall in no event be less than the fair market value of the Common Stock on the date such Option is granted.

  

	 	B.	Exercise 

 The period during
which an Option may be exercised shall be determined by the Committee; provided, that such period will not be longer than ten years from the 

  
 Ex. 10.1-4

 
date on which the Option is granted. The date or dates on which portions of an Option may be exercised during the term of an Option shall be determined by the Committee. In no case may an Option
be exercised at any time for fewer than 50 shares (or the total remaining shares covered by the Option if fewer than 50 shares) during the term of the Option. An Option which is granted in tandem with a SAR may only be exercised upon the surrender
of the right to exercise such SAR for an equivalent number of shares. 
  

	 	C.	Payment of Shares 

 The exercise
price for the Common Stock shall be paid in full when the Option is exercised. Subject to such rules as the Committee may impose, the exercise price may be paid in whole or in part in (i) cash, (ii) whole shares of Common Stock evidenced
by negotiable certificates, valued at their fair market value on the date of exercise, (iii) by a combination of such methods of payment, or (iv) such other consideration as shall be approved by the Committee. 

SECTION 7. STOCK APPRECIATION RIGHTS 
 Stock Appreciation Rights may be granted to participants at such time or times as shall be determined by the Committee and shall be subject to such terms and conditions as the Committee may impose. A
grant of a SAR shall be made pursuant to a written agreement containing such provisions not inconsistent with the Plan as the Committee shall approve. 
 SARs may be exercised at such times or subject to such conditions as the Committee shall impose, either at or after the time of grant. SARs which are granted in tandem with an Option may only be exercised
upon the surrender of the right to exercise such Option for an equivalent number of shares and may be exercised only with respect to the shares of Stock for which the related Option is then exercisable. Option shares with respect to which a tandem
SAR shall have been exercised for cash shall not again be available for an Award under this Plan. Notwithstanding any other provision of the Plan, the Committee may impose such conditions on the exercise of a SAR (including, without limitation, the
right of the Committee to limit the time of exercise to specified periods) as may be required to satisfy the applicable provisions of Rule 16b-3 as promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

 SECTION 8. RESTRICTED STOCK AWARDS 
 The Committee may make an award of Restricted Stock to selected Employees, evidenced by an Agreement which shall contain such terms and conditions, including without limitation, forfeiture provisions, as
the Committee, in its sole discretion, may determine. The amount of each Restricted Stock Award and the respective terms and conditions of each Award (which terms and conditions need not be the same in each case) shall be determined by the Committee
in its sole discretion. 

  
 Ex. 10.1-5

 The Committee shall establish performance measures for each Restricted Period on the basis
of such criteria and to accomplish such objectives as the Committee may from time to time, in its sole discretion, determine. Such measures may include, but shall not be limited to, total shareholder return, growth in cash flow per share, growth in
earnings per share, return on assets, or return on stockholder equity. The Committee may from time to time establish different performance objectives for certain operating subsidiaries or sectors of the business. The maximum number of shares of
restricted stock which can be granted pursuant to the Plan will be 200,000 shares per year to any one Employee. Currently, the performance criteria for the determination of the performance-based restricted shares is the 5-year total shareholder
return for Murphy Oil Corporation as compared to a peer group of six companies. The Committee may from time to time establish a different performance criteria. 
 Shares of Restricted Stock will be subject to forfeiture and may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until such time or until the satisfaction of such
conditions or the occurrence of such events as shall be determined by the Committee either at or after the time of grant. Unless otherwise determined by the Committee at the time of grant, participants holding shares of Restricted Stock granted
hereunder may exercise full voting rights with respect to those shares during the Restricted Period. 
 Unless otherwise
determined by the Committee at the time of grant, participants holding shares of Restricted Stock shall be entitled to receive all dividends and other distributions paid with respect to those shares, provided that if any such dividends or
distributions are paid in shares of Stock or other securities, such shares or securities shall be subject to the same forfeiture restrictions and restrictions on transferability as apply to the Restricted Stock with respect to which they were paid.

 Each Employee who has received shares of Common Stock pursuant to a Restricted Stock Award with respect to which all of the
restrictions set forth in Section 8 shall have lapsed or pursuant to an award of Opportunity Shares related to such Restricted Stock Award shall also receive from the Company a cash payment in the year following the close of the Restricted
Period in an amount determined by the Committee, which amount is intended to allow such Employee to pay such Employee’s tax liability (assuming the highest rates of tax applicable to any individual taxpayer in the year in which such payment is
made) with respect to (i) such shares and (ii) such cash payment. Provided, however, unless otherwise determined by the Committee, the cash payment shall in no event exceed 50% of the fair market value of such shares as of the date that
all of the restrictions set forth in Section 8 shall have lapsed or as to an award of Opportunity Shares as of the date of grant thereof. 

SECTION 9. TERMINATION OF EMPLOYMENT 
 Unless otherwise determined by the Committee at the time of grant, in the event a participant’s employment terminates by reason of Normal Termination, any Options granted to such participant which
are then outstanding may be exercised at the earlier of any time prior to the expiration of the term of the Options or within two (2) years after termination and any shares of Restricted Stock then outstanding shall be prorated for all
restricted periods then in effect based on the number of months of actual participation. 

  
 Ex. 10.1-6

 Unless otherwise determined by the Committee at the time of grant, in the event a
participant’s employment is terminated by reason of death, any Options granted to such participant which are then outstanding may be exercised by the participant’s beneficiary or the participant’s legal representative at any time
prior to the expiration date of the term of the Options or within two (2) years following the participant’s termination of employment, whichever period is shorter, and any shares of Restricted Stock then outstanding shall be prorated for
all restricted periods then in effect based on the number of months of actual participation. 
 Unless otherwise determined by
the Committee at the time of grant, in the event the employment of the participant shall terminate for any reason other than the ones described in this Section, any Options granted to such participant which are then outstanding shall be canceled and
any shares of Restricted Stock then outstanding as to which the Restricted Period has not lapsed shall be forfeited. 
 A change
in employment from the Company or one Subsidiary to another Subsidiary of the Company shall not be considered a termination. 
 SECTION 10.
CHANGE IN CONTROL 
 Unless the Committee shall otherwise determine, notwithstanding any other provision of this Plan or an
Agreement to the contrary, upon a Change in Control, as defined below, all outstanding Awards shall vest, become immediately exercisable or payable or have all restrictions lifted as may apply to the type of Award. 

A “Change in Control” shall be deemed to have occurred if (i) any “person”, including a “group” (as
such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act, but excluding the Company, any of its subsidiaries or any employee benefit plan of the Company or any of its subsidiaries or Charles H. Murphy, Jr. and affiliates of Charles H.
Murphy, Jr.) is or becomes the “beneficial owner” (as defined in Rule 13(d)(3) under the Exchange Act), directly or indirectly, of securities of the Company representing 25% or more of the combined voting power of the Company’s then
outstanding securities; or (ii) the stockholders of the Company shall approve a definitive agreement (1) for the merger or other business combination of the Company with or into another corporation a majority of the directors of which were
not directors of the Company immediately prior to the merger and in which the stockholders of the Company immediately prior to the effective date of such merger own less than 50% of the voting power in such corporation or (2) for the sale or
other disposition of all or substantially all of the assets of the Company. 
 SECTION 11. ADJUSTMENTS UPON CHANGES IN CAPITALIZATION

 In the event of any change in the Common Stock by reason of any stock split, stock dividend, recapitalization, merger,
consolidation, reorganization, combination, or exchange of shares, split-up, spin-off, share purchase, liquidation or other similar 

  
 Ex. 10.1-7

 
change in capitalization affecting or involving the Common Stock, or any distribution to common stockholders other than regular cash dividends, the Committee shall make such substitution or
adjustment, if any, as it deems equitable, as to the number or kind of shares that may be issued under the Plan pursuant to Section 4 and the number or kind of shares subject to, or the price per share under or terms of any outstanding Award.
The amount and form of the substitution or adjustment shall be determined by the Committee and any such substitution or adjustment shall be conclusive and binding on all parties for all purposes of the Plan. 

SECTION 12. MISCELLANEOUS PROVISIONS 
 (a) No Employee or other person shall have any claim or right to be granted an Award under the Plan and no Award shall confer any right to continued employment. 

(b) An Employee’s rights and interest under the Plan or any Award may not be assigned or transferred in whole or in part, either
directly or by operation of law or otherwise (except in the event of an Employee’s death, to the Employee’s Beneficiaries or by will or the laws of descent and distribution), including, but not by way of limitation, execution, levy,
garnishment, attachment, pledge, bankruptcy or in any other manner, and no such right or interest of any Employee in the Plan or in any Award shall be subject to any obligation or liability of such individual. An Award shall be exercisable, during
an Employee’s lifetime, only by him or her or his or her Personal Representative. Except as specified in the applicable Award agreement, the holder of an Award shall have none of the rights of a shareholder until the shares subject thereto
shall have been registered on the transfer books of the Company. 
 (c) Any provision of the Plan or any Agreement to the
contrary notwithstanding, no Common Stock shall be issued hereunder unless counsel for the Company shall be satisfied that such issuance will be in compliance with applicable Federal, state, or other securities laws. 

(d) The Company shall have the power to withhold, or require a participant to remit to the Company, an amount sufficient to satisfy
Federal, state, and local withholding tax requirements in respect of any Award, or any exercise or vesting thereof under the Plan, and the Company may defer payment of cash or issuance of Stock until such requirements are satisfied. The Committee
may, in its discretion, permit an Employee to elect, subject to such conditions as the Committee shall impose, (i) to have shares of Stock otherwise issuable under the Plan withheld by the Company or (ii) to deliver to the Company
previously acquired shares of Stock, in either case having a fair market value sufficient to satisfy all or part of the participant’s estimated total Federal, state, and local tax obligation associated with the transaction. 

(e) The expense of the Plan shall be borne by the Company, except as set forth above in subsection (d) of this Section. 

(f) Awards granted under the Plan shall be binding upon the Company, its successors and assigns. 

  
 Ex. 10.1-8

 (g) Nothing contained in this Plan shall prevent the Board of Directors from adopting other
or additional compensation arrangements, subject to shareholder approval if such approval of any such additional arrangement is required. 

SECTION 13. AMENDMENT, MODIFICATION, AND TERMINATION OF PLAN 
 The Board may from time to time amend the Plan or any provision thereof without the consent of the stockholders except in the case of any amendments that require stockholder approval in order to comply
with the applicable provisions of Rule 16b-3. 
 The Board may terminate the Plan in whole or in part at any time provided that
no such termination shall impair the terms of Awards then outstanding under which the obligations of the Company have not been fully discharged. Unless terminated prior, the Plan shall terminate on May 31, 2008. No extension of this date may be
implemented without stockholder approval. 
 SECTION 14. GOVERNING LAW 

The provisions of this Plan shall be interpreted and construed in accordance with the laws of the State of Delaware. 

  
 Ex. 10.1-9Amended Employee Incentive Plan

 Exhibit 10.9 

 

 

 PARTNERRE LTD. 
 AMENDED EMPLOYEE INCENTIVE PLAN 
 Effective February 6, 1996

 Section 1. PURPOSE 
 The purpose of the Plan is to provide a means through which the Company and its Subsidiaries may attract able persons to enter and remain in their employ and to provide a means whereby those key employees
and other persons upon whom the responsibilities of the successful administration and management of the Company rest, and whose present and potential contributions to the welfare of the Company are of importance, can acquire and maintain stock
ownership, thereby strengthening their commitment to the welfare of the Company and promoting an identity of interest between stockholders and these key employees. It is intended that certain options granted under this Plan may qualify as
“incentive stock options” under Section 422 of the Code. 
 Section 2. DEFINITIONS

 (a) “Award” means, individually or collectively, any award of Incentive Stock Options, Nonqualified Stock
Options, Restricted Stock, Phantom Stock Units, Performance Units or Performance Shares. 
 (b) “Award
Agreement” means a written agreement between the Company and a Participant setting forth the specific terms of an Award. 
 (c) “Board” means the Board of Directors of the Company. 
 (d)
“Change in Control” shall occur when (i) any “person” within the meaning of Section 14(d) of the Exchange Act, other than the Company, a Subsidiary or any employee benefit plan(s) sponsored by the Company or any
Subsidiary, is or becomes the “beneficial owner” (as defined in Rule 13d–3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than fifty (50%) of the combined voting power of the
Company’s outstanding voting securities generally in the election of directors; (ii) at any time during a period of twelve (12) consecutive months, individuals who at the beginning of such period constituted the Board cease for any
reason to constitute at least a majority thereof, provided that any person subsequently becoming a director whose election, or nomination for election by the Company’s shareholders was on the recommendation or with the approval of at least
two-thirds of the directors comprising the Board on the effective date of this Plan (either by a specific vote or by approval of 

  
 Amended
Employee Incentive Plan February 2011 

 

 

  

 
the proxy statement of the Company in which such person is named as a nominee for director, without objection to such nomination) shall be, for purposes of this clause (ii), considered as though
such person were a member of the Board at the beginning of such period; and provided further that, notwithstanding the foregoing, no such individual whose initial assumption of office occurs as a result of either an actual or threatened election
contest (as such terms are used in Rule 14a–11 or Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of an individual, corporation, partnership, group, associate
or other entity or “person” other than the Board shall in any event be considered to be a director in office at the beginning of such period; (iii) any one “person”, or more than one “person” acting as a group (as
determined under U.S. Treasury Regulation Section 1.409A-3(i)(f)(v)(B)), other than any Subsidiary, acquires (or has acquired during the 12- month period ending on the date of the most recent acquisition by such person or persons) assets from
the Company that have a total gross fair market value (as determined in good faith by the Board without regard to any liabilities associated with such assets) of more than fifty percent (50%) of the total gross fair market value of all of the
assets of the Company immediately prior to such acquisition or acquisitions; or (iv) there occurs a reorganization, merger, consolidation or other corporate transaction involving the Company (a “Transaction”), other than with a
wholly-owned Subsidiary and other than a merger or consolidation that would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into
voting securities of the surviving entity or ultimate parent thereof) more than 50% of the combined voting power of the voting securities of the Company or such surviving entity, or the ultimate parent thereof, outstanding immediately after such
Transaction. 
 (e) “Code” means the U.S. Internal Revenue Code of 1986, as amended. 

(f) “Committee” means the Human Resources Committee of the Board or such other committee as the Board may appoint to
administer the Plan. 
 (g) “Common Stock” or “Stock” means the authorized common shares of,
par value $1.00 per share, the Company. 
 (h) “Company” means PartnerRe Ltd. 

(i) “Consultant” means any person, including any advisor, engaged by the Company or a Subsidiary to render consulting,
advisory or other services and who is compensated for such services. The term Consultant shall not include any Director. 
 (j)
“Date of Grant” means the date on which the granting of an Award is authorized or such other date as may be specified in such authorization. 
 (k) “Disqualifying Disposition” means any disposition (including any sale) of Stock acquired by exercise of an Incentive Stock Option made within the period which is (a) two years
after the date the Participant was granted the Incentive Stock Option or (b) one year after the date the Participant acquired Stock by exercising the Incentive Stock Option. 

  

	
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	Amended Employee Incentive Plan February 2011

 

 

  

 (l) “Dividend Equivalents” shall have the meaning specified in
Section 9 hereof. 
 (m) “Eligible Person” means an Employee or a Consultant. 

(n) “Employee” means a current or prospective common law employee of the Company or a Subsidiary. 

(o) “Expiration Date” means the tenth anniversary of the Date of Grant. 

(p) Save as otherwise defined in Section 7 (c), “Fair Market Value” of a share of Stock on a given date means
(A) if the Stock is listed on a national securities exchange, the mean between the highest and lowest sale prices reported as having occurred on the primary exchange with which the Stock is listed and traded on the date prior to such date, or,
if there is no such sale on that date, then on the last preceding date on which such a sale was reported, or (B) if the Stock is not listed on any national securities exchange but is quoted in the National Market System of the National
Association of Securities Dealers Automated Quotation System on a last sale basis, the average between the high bid price and low ask price reported on the date prior to such date, or, if there is no such sale on that date then on the last preceding
date on which such a sale was reported. If the Stock is not quoted on NASDAQ-NMS or listed on an exchange, or representative quotes are not otherwise available, the Fair Market Value shall mean the amount determined by the Board in good faith to be
the fair market value per share of Stock, on a fully diluted basis 
 (q) “Incentive Stock Option” means an
Option intended to qualify as an incentive stock option within the meaning of Section 422 of the Code and the regulations promulgated thereunder. 
 (r) “Nonqualified Stock Option” means an Option not intended to qualify as an Incentive Stock Option. 
 (s) “Option” means an Incentive Stock Option or a Nonqualified Stock Option granted pursuant to the Plan. 
 (t) “Original Effective Date” means February 2, 1996. 
 (u)
“Participant” means an Eligible Person to whom an Award is granted pursuant to the Plan or, if applicable, such other Eligible Person who holds an outstanding Award. 

(v) “Performance Goals” means the performance objectives of the Company during a Performance Period or a Restricted
Period established for the purpose of determining whether, and to what extent, Awards will be earned for a Performance Period or a Restricted Period. 
 (w) “Performance Period” means a period of time within which performance is measured for the purpose of determining whether an Award of Performance Units or Performance Shares has been
earned. 

  

	
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	Amended Employee Incentive Plan February 2011

 

 

  

 (x) “Performance Unit” or “Performance Share” means an
Award granted pursuant to Section 8 of the Plan. 
 (y) “Phantom Stock Unit” means a hypothetical
investment-equivalent equal to the Fair Market Value of a share of Stock granted in connection with an Award made under Section 9 of the Plan. 
 (z) “Plan” means the PartnerRe Ltd. Employee Incentive Plan, as amended from time to time. 
 (aa) “Restricted Period” means, with respect to any share of Restricted Stock or Phantom Stock Unit, the period of time determined by the Committee during which such share of Restricted
Stock or Phantom Stock Unit is subject to the restrictions set forth in Section 9. 
 (bb) “Restricted
Stock” means shares of Common Stock issued to a Participant subject to the restrictions set forth in Section 9. 

(cc) “Restricted Stock Award” means an Award granted under Section 9 of the Plan. 

(dd) “Subsidiary” means any corporation of which a majority of the outstanding voting stock or voting power is
beneficially owned directly or indirectly by the Company and otherwise as provided in Section 86 of the Companies Act 1981 of Bermuda. 
 Section 3. DURATION 
 The Plan expires on the tenth
anniversary of the Original Effective Date, and no further Awards may be made after the expiration thereof. 
 Notwithstanding
the term expressed above, the Plan shall continue in effect until all matters relating to the payment of Awards and administration of the Plan have been settled. 
 Section 4. ADMINISTRATION 
 The Committee shall have
authority to administer the Plan, or delegate certain matters to the Company’s Chief Executive Officer, including, without limitation: 
 (a) Select the Eligible Persons to participate in the Plan; 
 (b) Determine the
nature and extent of the Awards to be made to each Participant; 
 (c) Determine the time or times when Awards will be made;

 (d) Determine the duration of each Performance Period or Restricted Period; 

(e) Determine the conditions to which the payment of Awards may be subject; 

  

	
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	Amended Employee Incentive Plan February 2011

 

 

  

 (f) Establish and adjudicate the Performance Goals and Awards consequent thereon for
each Performance Period or Restricted Period; 
 (g) Accelerate the vesting of any outstanding Award and reduce the Restricted
Period applicable to any Award; 
 (h) Prescribe the form or forms of Award Agreements; and 

(i) Cause records to be established in which there shall be entered, from time to time as Awards are made to Participants, the date of
each Award, the number of Options, Phantom Stock Units, Performance Units, Performance Shares and shares of Restricted Stock awarded by the Committee to each Participant, and the duration of any applicable vesting period, Performance Period or
Restricted Period. 
 Section 5. ELIGIBILITY. 

(a) General. Participation shall be limited to Eligible Persons who have received notification from the Committee, or from a person
designated by the Committee, that they have been selected to participate in the Plan. Except in the case of Incentive Stock Options, Awards may be granted to Employees and Consultants. 

(b) Incentive Stock Option Limitation. Incentive Stock Options may be granted only to Employees. 

Section 6. STOCK SUBJECT TO THE PLAN. 

(a) Share Reserve. Subject to Section 11 hereof relating to adjustments, the total number of shares of Stock which may be
granted pursuant to Awards hereunder shall not exceed, in the aggregate, 3,500,000 shares of Stock. 
 (b) Source. The
stock to be granted or optioned under the Plan shall be shares of authorized but unissued Stock or previously issued shares of Stock reacquired by the Company on the open market or by private purchase. 

(c) Reversion of Shares. If any Award shall for any reason expire, be forfeited or otherwise terminate, in whole or in part, the
shares of Stock not acquired under such Award shall revert to and again become available for issuance under the Plan. 
 (d)
Compliance under the Companies Act. Awards under the Plan shall be bona fide in compliance with Section 39A(4)(b) of the Companies Act 1981 of Bermuda. 
 Section 7. OPTIONS. 
 (a) General. Options
granted hereunder shall be in such form and shall contain such terms and conditions, as the Committee shall deem appropriate. All Options shall be separately designated Incentive Stock Options or Nonqualified Stock Options at the time of grant, and,
if certificates are issued, a separate certificate or certificates will be issued for shares of 

  

	
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Common Stock purchased on exercise of each type of Option. The provisions of separate Options shall be set forth in an Award Agreement, which agreements need not be identical, and each Option
shall include (through incorporation of provisions hereof by reference in the Award Agreement or otherwise) the substance of each of the following provisions: 
 (i) Term. Subject to Section 7(b) hereof in the case of Incentive Stock Options, no Option granted hereunder shall be exercisable after the expiration of ten (10) years from the date it
was granted. 
 (ii) Exercise Price. Subject to Section 7(b) hereof in the case of Incentive Stock Options, the
exercise price per share of Stock for each Option shall be set by the Committee at the time of grant but shall not be less than the par value per share of Stock. 
 (iii) Payment for Stock. Payment for shares of Stock acquired pursuant to Options granted hereunder shall be made in full, or adequate provision made therefor, upon exercise of the Options
(A) in immediately available funds in United States dollars, by wire transfer, certified or bank cashier’s check, (B) by surrender to or withheld by the Company of shares of Stock which have a Fair Market Value equal to such aggregate
exercise price and/or any taxes withheld with respect to such exercise and which satisfy such other requirements as the Committee may impose (including by Net-Settled Exercise, as defined below), (C) by delivering irrevocable trade instructions
to a stockbroker to deliver promptly to the Company an amount of sale or loan proceeds sufficient to pay the aggregate exercise price, (D) by any combination of (A), (B), or (C) above, or (E) by any other means approved by the
Committee. Notwithstanding the above, should any taxes be withheld in accordance with Section 7(a)(iii)(B) in connection with a Net-Settled Exercise pursuant to Section 7(c), the Fair Market Value of such shares of Stock withheld to pay
such taxes shall be calculated in accordance with Section 7(c). 
 (iv) Vesting. Options shall vest and become
exercisable in such manner and on such date or dates set forth in the Award Agreement, as may be determined by the Committee; provided, however, that notwithstanding any vesting dates set by the Committee, the Committee may in its sole discretion
accelerate the vesting of any Option, which acceleration shall not affect the terms and conditions of any such Option other than with respect to vesting. 
 Notwithstanding the above, if a Participant ceases employment with the Company by reason of death or disability, (A) any Options held by such Participant which are vested on the date of such
termination shall remain exercisable for twelve (12) months following the date of such termination, but in no event later than the Expiration Date, and (B) any unvested Options held by such Participant shall vest on the date of such
termination and shall remain exercisable for twelve (12) months following the date of such termination, but in no event later than the Expiration Date. 
 In respect of French Participants only: 
 If a French Participant ceases
employment with the Company by reason of: 
 (X) disability (permanent disability as defined as second and third class of
disability as provided by article L341-4 of the French Social Security Code) – (i) any Options 

  

	
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held by such Participant which are vested on the date of such termination shall remain exercisable for twelve (12) months following the date of such termination, but in no event later than
the Expiration Date, and (ii) any unvested Options held by such Participant shall vest on the date of such termination and shall remain exercisable for twelve (12) months following the date of such termination, but in no event later than
the Expiration Date. The Blocking Period (as defined in the applicable Award Agreement) shall be deemed to expire on the date of such termination. 
 (Y) death – (i) any Options held by such Participant which are vested on the date of such termination shall remain exercisable for six (6) months following the date of such termination, but
in no event later than the Expiration Date, and (ii) any unvested Options held by such Participant shall vest on the date of such termination and shall remain exercisable for six (6) months following the date of such termination, but in no
event later than the Expiration Date. The Blocking Period (as defined in the applicable Award Agreement) shall be deemed to expire on the date of such termination. 
 (v) Transferability of Options. An Option shall not be transferable except by will or by the laws of descent and distribution and shall be exercisable during the lifetime of the Participant only by
the Participant; provided, however, that the Participant may, by delivering written notice to the Company, in a form satisfactory to the Company, designate a third party who, in the event of the death of the Participant, shall thereafter be entitled
to exercise the Option. Notwithstanding the foregoing, a Nonqualified Stock Option shall be transferable to the extent provided in the Award Agreement. 
 (b) Special Provisions Applicable to Incentive Stock Options. 
 (i)
Exercise Price of Incentive Stock Options. Subject to the provisions of subsection (ii) hereof, the exercise price of each Incentive Stock Option shall be not less than one hundred percent (100%) of the Fair Market Value of the
Stock subject to the Option on the date the Option is granted. 
 (ii) Ten Percent (10%) Shareholders. No Incentive
Stock Option may be granted to an Employee who, at the time the option is granted, owns directly, or indirectly within the meaning of Section 424(d) of the Code, stock possessing more than 10 percent of the total combined voting power of all
classes of stock of the Company or of any parent or subsidiary thereof, unless such option (A) has an exercise price of at least 110 percent of the Fair Market Value on the date of the grant of such option; and (B) cannot be exercised more
than five years after the date it is granted. 
 (iii) $100,000 Limitation. To the extent the aggregate Fair Market Value
(determined as of the date of grant) of Stock for which Incentive Stock Options are exercisable for the first time by any Participant during any calendar year (under all plans of the Company and its Affiliates) exceeds $100,000, such excess
Incentive Stock Options shall be treated as Nonqualified Stock Options. 
 (iv) Disqualifying Dispositions. Each
Participant who receives an Incentive Stock Option must agree to notify the Company in writing immediately after the Participant makes a Disqualifying Disposition of any Stock acquired pursuant to the exercise of an

  

	
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Incentive Stock Option. A Net-Settled Exercise (as defined below) of any Incentive Stock Option will result in a Disqualifying Disposition of all shares of Stock underlying such Incentive Stock
Option that are withheld pursuant to such Net-Settled Exercise. 
 (c) Net-Settled Exercise. Any Option granted hereunder
may be exercised such that such Option is settled by delivery to the Participant of a number of shares of Stock having a value equal to the excess of the Fair Market Value of all shares of Stock underlying the Option (or portion thereof being so
exercised) over the aggregate exercise price thereof (such exercise, a “Net-Settled Exercise” and the resulting net shares of Stock delivered to the Participant, the “Net Shares”). To effect a Net-Settled Exercise
of any Option, the Participant must complete and return to the Company a notice of intent to exercise such Option through a Net-Settled Exercise (the “Net-Settlement Notice”). Once the Company receives the Net-Settlement Notice, the
Net-Settled Exercise of any Option so indicated in such Net-Settlement Notice shall be deemed irrevocable and any Net Shares resulting from such Net-Settled Exercise shall be delivered to the Participant on the third business day following the day
on which the Company receives the Net-Settlement Notice, with the number of Net Shares to be determined using the Fair Market Value of a share of Stock on the day on which the Company receives the Net-Settlement Notice. 

Notwithstanding as defined or as applicable anywhere else in this Plan, for the purposes of this Section 7(c) only, “Fair Market Value” of
a share of Stock on a given date means (A) if the Stock is listed on a national securities exchange, the average of the high and low sale prices reported as having occurred on the primary exchange with which the Stock is listed and traded on
such date, or, if there is no such sale on that date, then on the last preceding date on which such a sale was reported, or (B) if the Stock is not listed on any national securities exchange but is quoted in the National Market System of the
National Association of Securities Dealers Automated Quotation System on a last sale basis, the average of the high and low sale prices reported on such date, or, if there is no such sale on that date then on the last preceding date on which such a
sale was reported. If the Stock is not listed on an exchange, or representative quotes are not otherwise available, the Fair Market Value shall mean the amount determined by the Committee in good faith to be the fair market value per share of Stock,
on a fully diluted basis. 
 Section 8. PERFORMANCE UNITS AND
PERFORMANCE SHARES 
 (a) Grant of Performance Units/Shares. Subject to the terms of the
Plan, Performance Units or Performance Shares may be granted to Eligible Persons at any time and from time to time, as shall be determined by the Committee. The Committee shall have complete discretion in determining the number of Performance Units
or Performance Shares granted to each Eligible Person. 
 (b) Value of Performance Units/Shares. Each Performance Share
shall have an initial value equal to the Fair Market Value of a share of Common Stock at the time of grant. The Committee shall set Performance Goals for Performance Periods in its discretion which, depending on the extent to which they are met,
will determine the number and/or value of Performance Units or Performance Shares that will be paid out to the Participants. The Performance Period pertaining to each Performance Unit or Performance Share Award shall be

  

	
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between two (2) and six (6) years in length, and shall be established by the Committee at the time of grant. 
 (c) Earning of Performance Units/Shares. After the applicable Performance Period has ended, the Participant shall be entitled to receive payout on the number of Performance Units or Performance
Shares earned by the Participant over the Performance Period, to be determined by the Committee as a function of the extent to which the corresponding Performance Goals have been achieved. 

(d) Form and Timing of Payment of Performance Units/Shares. Payment of earned Performance Units and/or Performance Shares shall be
made in a single lump sum, within forty-five (45) calendar days following the close of the applicable Performance Period. The Committee, in its discretion, may pay earned Performance Units or Performance Shares in the form of cash or in Stock
(or in a combination thereof) which have an aggregate Fair Market Value equal to the value of the earned Performance Units or Performance Shares determined as of the close of the applicable Performance Period. 

(e) Termination of Employment. Unless otherwise provided in a Participant’s Award Agreement, in the event that a
Participant’s last day of employment with the Company occurs prior to the last day of a Performance Period, all Performance Units or Performance Shares which relate to such Performance Period shall be forfeited by the Participant. 

(f) Nontransferability. A Participant’s rights with respect to Performance Units and Performance Shares may not be sold,
transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. 
 Section 9. RESTRICTED STOCK AWARDS AND PHANTOM STOCK UNITS 

(a) Award of Restricted Stock and Phantom Stock Units. 
 (i) The Committee shall have the authority (A) to grant Restricted Stock and Phantom Stock Units, (B) to issue Restricted Stock to Participants, and (C) to establish terms, conditions and
restrictions applicable to such Restricted Stock and Phantom Stock Units, including the Restricted Period, which may differ with respect to each Participant, the time or times at which Restricted Stock or Phantom Stock Units shall be granted or
become vested and the number of shares or units to be covered by each grant. 
 (ii) The holder of a Restricted Stock Award
shall execute and deliver to Group HR an Award Agreement with respect to such Restricted Stock and the appropriate blank stock powers with respect to the Restricted Stock covered by such agreements. If a Participant shall fail to execute the Award
Agreement and stock powers, the Award shall be null and void. Subject to the restrictions set forth in Section 9(b), the Participant shall generally have the rights and privileges of a shareholder as to such Restricted Stock, including, without
limitation, the right to vote such Restricted Stock and receive dividends. 

  

	
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 (iii) In the case of a Restricted Stock Award, the Company shall cause stock
certificates registered in the name of the Participant to be issued. During the Restricted Period, such certificates shall remain in the custody of the Company or its agent. 
 (iv) In the case of an Award of Phantom Stock Units, no shares of Common Stock shall be issued at the time the Award is made, and the Company will not be required to set aside a fund for the payment of
any such Award. The Committee shall, in its discretion, determine whether to credit to the account of, or to currently pay to, each Participant who is awarded Phantom Stock Units an amount equal to the cash dividends paid by the Company upon one
share of Stock for each Phantom Stock Unit then credited to such Participant’s account (“Dividend Equivalents”). Dividend Equivalents credited to a Participant’s account may be subject to forfeiture and may bear interest
at a rate and subject to such terms as determined by the Committee. 
 (b) Restrictions. 

(i) Restricted Stock awarded to a Participant shall be subject to the following restrictions until the expiration of the Restricted
Period: (1) the Participant shall not be entitled to delivery of the stock certificate; (2) the relevant shares shall be subject to the restrictions on transferability established at the time of grant; (3) the relevant shares shall be
subject to forfeiture to the extent provided in Section 9(d) and, to the extent such shares are forfeited, such shares shall be canceled and all rights of the Participant to such shares and as a shareholder in respect of them shall terminate.

 (ii) Phantom Stock Units awarded to any Participant shall be subject to the following restrictions until the expiration of
the Restricted Period: (1) the units shall be subject to forfeiture to the extend provided in Section 9(d), and to the extent such units are forfeited, all rights of the Participant to such units shall terminate without further obligation
on the part of the Company and (2) any other restrictions which the Committee may determine in advance are necessary or appropriate. 
 (c) Restricted Period. The Restricted Period of Restricted Stock and Phantom Stock Units shall commence on the Date of Grant and shall expire (i) on such date or dates as may be established by
the Committee at the time of grant, (ii) upon the achievement of prescribed Performance Goals (in each case, as set forth in a Participant’s Award Agreement), or (iii) upon any earlier date determined by the Committee in its
discretion. 
 (d) Forfeiture Provisions. Unless otherwise provided in a Participant’s Award Agreement, in the event
that a Participant’s last day of employment occurs prior to the last day of the Restricted Period, that portion of the Restricted Stock Award or Phantom Stock Units with respect to which restrictions have not expired shall be forfeited.

 (e) Delivery of Restricted Stock and Settlement of Phantom Stock Units. Subject to Section 9(d) hereof, upon the
expiration of the Restricted Period with respect to any shares of Stock covered by a Restricted Stock Award, a stock certificate evidencing the shares of Restricted Stock (to the nearest full share) shall be delivered without charge to the
Participant, or 

  

	
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his beneficiary, free of all restrictions under the Plan. Upon the expiration of the Restricted Period with respect to any Phantom Stock Units, the Company shall deliver to the Participant or his
beneficiary without any charge one share of Stock for each Phantom Stock Unit which has not then been forfeited and with respect to which the Restricted Period has expired and cash equal to any Dividend Equivalents credited with respect to each such
vested unit and the interest thereon, if any; provided, however, that the Committee may, in its sole discretion, elect to pay cash or part cash and part Stock in lieu of delivering only Stock for vested units, based on the Market Value of the Stock
on the last day of the Restricted Period. 
 (f) Payment for Restricted Stock. A Participant shall not be required to
make any payment for Stock received pursuant to a Restricted Stock Award. 
 Section 10. GENERAL

 (a) Adjustment of Performance Goals. The Board may, during any Performance Period or Restricted Period, make such
adjustments to Performance Goals as it may deem appropriate, to compensate for, or reflect, any significant changes that may have occurred during such Performance Period or Restricted Period in (i) applicable accounting rules or principles or
changes in the Company’s method of accounting or in that of any other corporation whose performance is relevant to the determination of whether an Award has been earned or (ii) tax laws or other laws or regulations that alter or affect the
computation of the measures of Performance Goals used for the calculation of Awards. 
 (b) Additional provisions of an
Award. Awards made under the Plan may be subject to such other provisions as the Committee determines appropriate including, without limitation, provisions to comply with applicable securities laws and applicable tax withholding requirements.

 (c) Privileges of Stock Ownership. Except as otherwise specifically provided in the Plan, no person shall be entitled
to any of the privileges of stock ownership in respect of shares of Stock subject to Awards granted hereunder until such shares have been duly issued. 
 (d) Government and Other Regulations. The obligation of the Company to make payment of Awards in Stock or otherwise shall be subject to all applicable laws, rules, and regulations, and to such
approvals by governmental agencies as may be required and to which the Company is subject. The Company shall use its reasonable efforts to cause the shares of Stock reserved under the Plan to be registered under the U.S. Securities Act of 1933, as
amended, on Form S-8 prior to the issuance of any shares of Stock under the Plan. 
 (e) Tax Withholding. Notwithstanding
any other provision of the Plan, the Company or a Subsidiary, as appropriate, shall have the right to deduct from all Awards, to the extent paid in cash, all applicable taxes required by law to be withheld with respect to such Awards and, in the
case of Awards paid in Stock, the Participant or other person receiving such Stock may be required to pay to the Company or a Subsidiary, as appropriate prior to delivery of such Stock, the amount of any such taxes which the Company or Subsidiary is
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with respect to such Stock. Subject to the approval of the Committee, the Company may accept shares of Stock of equivalent Fair Market Value in payment of such withholding tax obligations.

 (f) Claim to Awards and Employment Rights. Except as provided herein or in any Award Agreement, no employee or other
person shall have any claim or right to be granted an Award under the Plan nor, having been selected for the grant of an Award, to be selected for a grant of any other Award. Neither this Plan nor any action taken hereunder shall be construed as
giving any Participant any right to be retained in the employ of the Company or a Subsidiary. 
 (g) Conditions. Each
Participant to whom Awards are granted under the Plan shall be required to enter into an Award Agreement in a form authorized by the Committee. 
 (h) Designation and Change of Beneficiary. Each Participant shall file with the Committee a written designation of one or more persons as the beneficiary who shall be entitled to receive the
amounts payable with respect to Awards granted hereunder, if any, due under the Plan upon his death. A Participant may, from time to time, revoke or change his beneficiary designation without the consent of any prior beneficiary by filing a new
designation with the Committee. The last such designation received by the Committee shall be controlling; provided, however, that no designation, or change or revocation thereof, shall be effective unless received by the Committee prior to the
Participant’s death, and in no event shall it be effective as of a date prior to such receipt. 
 (i) No Liability of
Committee Members. No member of the Committee shall be personally liable by reason of any contract or other instrument executed by such member or on his behalf in his capacity as a member of the Committee nor for any mistake of judgment made in
good faith, and the Company shall indemnify and hold harmless each member of the Committee and each other employee, officer or director of the Company to whom any duty or power relating to the administration or interpretation of the Plan may be
allocated or delegated, against any cost or expense (including counsel fees) or liability (including any sum paid in settlement of a claim) arising out of any act or omission to act in connection with the Plan unless arising out of such
person’s own fraud or bad faith. 
 (j) Governing Law. The Plan shall be governed by and construed in accordance
with the internal laws of Bermuda without reference to the principles of conflicts of law thereof. 
 (k) Funding. No
provision of the Plan shall require the Company for the purpose of satisfying any obligations under the Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise to segregate any assets, nor
shall the Company maintain separate bank accounts, books, records or other evidence of the existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan other than as
unsecured general creditors of the Company, except that insofar as they may have become entitled to payment of additional compensation by performance of services, they shall have the same rights as other employees under general law. 

  

	
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 (l) Nontransferability. Except as otherwise provided herein with respect to
Nonqualified Options, a Participant’s rights and interest under the Plan, including amounts payable, may not be sold, assigned, donated, or transferred or otherwise disposed of, mortgaged, pledged or encumbered except, in the event of a
Participant’s death, to a designated beneficiary to the extent permitted by the Plan, or in the absence of such designation, by will or the laws of descent and distribution. 

(m) Relationship to Other Benefits. No payment under the Plan shall be taken into account in determining any benefits under any
pension, retirement, profit sharing, group insurance or other benefit plan of the Company or any Subsidiary except as otherwise specifically provided. 
 (n) Expenses. The expenses of administering the Plan shall be borne by the Company and its Subsidiaries. 
 (o) Pronouns. Masculine pronouns and other words of masculine gender shall refer to both men and women. 
 (p) Titles and Headings. The titles and headings of the sections in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles
or headings shall control. 
 Section 11. CHANGES IN CAPITAL
STRUCTURE 
 (a) Awards granted hereunder shall be subject to adjustment or substitution, as determined by the
Board in its sole discretion, as to the number, price or kind of a share of Stock or other consideration subject to such Awards or as otherwise determined by the Board to be equitable (i) in the event of changes in the outstanding Stock or in
the capital structure of the Company, by reason of stock dividends, stock splits, recapitalizations, reorganizations, mergers, consolidations, combinations, exchanges, or other relevant changes in capitalization occurring after the Date of Grant of
any such Award or (ii) in the event of any change in applicable laws or any change in circumstances which results in or would result in any substantial dilution or enlargement of the rights granted to, or available for, Participants in the
Plan, or which otherwise warrants equitable adjustment. In addition, in the event of any such adjustments or substitution, the aggregate number of shares of Stock available under the Plan shall be appropriately adjusted by the Board, whose
determination shall be conclusive. The Company shall give each Participant notice of an adjustment hereunder and, upon notice, such adjustment shall be conclusive and binding for all purposes. 

Section 12. EFFECT OF CHANGE IN CONTROL

 (a) In the event of a Change in Control, notwithstanding any vesting schedule established by the Committee (i) with
respect to an Award of Restricted Stock or Phantom Stock Units, the Restricted Period shall expire immediately with respect to 100 percent of the shares of Restricted Stock or Phantom Stock Units subject to such Award, with effect from the day

  

	
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preceding the date of such change, and (ii) all outstanding Options shall immediately vest and become exercisable. 
 (b) In the event of a Change in Control, all incomplete Performance Periods in effect on the date the Change in Control occurs shall end on the day preceding the date of such change, and the Company shall
cause to be paid to each Participant the full amount of any Performance Units or Performance Shares relating to such Performance Period. 
 (c) The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger, consolidation or other reorganization of the Company, or upon
any successor corporation or organization succeeding to substantially all of the assets and business of the Company. The Company agrees that it will make appropriate provisions for the preservation of Participant’s rights under the Plan in any
agreement or plan which it may enter into or adopt to effect any such merger, consolidation, reorganization or transfer of assets. 
 Section 13. NONEXCLUSIVITY OF THE PLAN 
 Neither the adoption of this Plan by the Board nor the submission of this Plan to the stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board to
adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of stock options under the Stock Option Plan, and such arrangements may be either applicable generally or only in specific cases.

 Section 14. AMENDMENTS AND TERMINATION 

Subject to the applicable rules of Section 409A of the Code, the Board may at any time terminate the Plan. With the express written
consent of an individual Participant, the Board may cancel or reduce or otherwise alter the outstanding Awards thereunder. The Board may, at any time, or from time to time, amend or suspend and, if suspended, reinstate, the Plan in whole or in part,
provided, however, that without further stockholder approval the Board shall not: 
 (a) Increase the maximum number of shares
of Stock which may be issued under the Plan, except as provided in Section 11; or 
 (b) Extend the termination date of the
Plan. 
 The preceding notwithstanding, no amendment, suspension or termination of the Plan shall cancel, reduce or otherwise
adversely affect to a material extent any Awards granted hereunder without the express written consent of the Participant to whom such Award was granted. 
 Section 15. SECTION 409A OF THE CODE 
 With respect to any Awards subject to Section 409A of the Code, the Plan is intended to comply with the requirements of Section 409A of the Code, and the provisions of the Plan and any Award
Agreement shall be interpreted in a manner that satisfies the requirements of Section 409A of the Code, and the Plan shall be operated accordingly. If any provision of the Plan 

  

	
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or any term or condition of any Award would otherwise frustrate or conflict with this intent, the provision, term or condition will be interpreted and deemed amended so as to avoid this conflict.
For the avoidance of doubt, nothing in the Plan is intended to guarantee that the Participants will not be subjected to the payment of “additional tax” or interest under Section 409A, and nothing in the Plan permits the Participants
to seek or obtain such indemnification from the Company for any such “additional tax” or interest. 

*        *        * 

  

	
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