Document:

EX-10.3

 Exhibit 10.3 

FORM OF ESCROW AGREEMENT 

THIS ESCROW AGREEMENT (this “Agreement”) is made and entered into as of this
             day of                     , 2015 by and among NexPoint Multifamily Realty
Trust, Inc., a Maryland corporation (the “Company”), Highland Capital Funds Distributor, Inc., a Delaware corporation (the “Dealer Manager”), and UMB Bank, N.A., as escrow agent, a national banking association
organized and existing under the laws of the United States of America (the “Escrow Agent”).  
 RECITALS

 WHEREAS, the Company proposes to offer and sell up to $1,100,000,000 in shares of the Company’s common stock (the
“Shares”), of which amount: (a) up to $1,000,000,000 in any combination of Class A shares and Class T shares are being offered to the public pursuant to the Company’s primary offering (collectively, the
“Primary Shares”); and (b) up to $100,000,000 in any combination of Class A shares and Class T shares are being offered pursuant to the Company’s distribution reinvestment plan (the “DRIP Shares”), at
an initial subscription price of $10.00 per Class A share and $9.35 per Class T share for the Primary Shares, and $9.50 per Class A share and $8.88 per Class T share for the DRIP Shares (the “Offering”) to investors
pursuant to the Company’s Registration Statement on Form S-11 (File No. 333-200221), as amended from time to time (the “Registration Statement”). 

WHEREAS, the Dealer Manager has been engaged by the Company to offer and sell the Primary Shares on a best efforts basis through a
network of participating broker-dealers (the “Participating Broker-Dealers”). 
 WHEREAS, the Company has agreed
that the subscription price paid by subscribers for Shares will be promptly refunded to such subscribers if at least $10,000,000 of gross offering proceeds, including shares sold to NexPoint Real Estate Advisors II, L.P., the Company’s advisor,
its affiliates and the Company’s directors and officers (the “Minimum Offering Requirement”), has not been raised from the sale of any combination of Primary Shares within one year from the date that the U.S. Securities and
Exchange Commission (the “SEC”) declares the Registration Statement effective (the one-year period shall be referred to herein as the “Closing Date”). 

WHEREAS, the Dealer Manager and the Company desire to establish an escrow account, as further described herein, in which funds received
from subscribers (“Investor Funds”) will be deposited into an interest-bearing account entitled “NexPoint Multifamily Realty Trust, Inc. Subscription Account” and the Company desires that UMB Bank, N.A. act as escrow agent
to the escrow account and Escrow Agent is willing to act in such capacity. 
 WHEREAS, deposits received from residents of the State
of Pennsylvania (the “Pennsylvania Subscribers”), the State of Washington (the “Washington Subscribers”) and any subscribers who are residents of any other state identified by written notice from the Company
(“Other Subscribers”) will remain in the Escrow Account until the conditions of Section 3 have been met. 

 WHEREAS, the Escrow Agent has engaged DST Systems, Inc. as transfer agent (the
“Transfer Agent”) to receive, examine for “good order” and facilitate subscriptions into the Escrow Account as further described herein and to act as record keeper, maintaining on behalf of the Escrow Agent the ownership
records for the Escrow Account. In so acting, the Transfer Agent shall be acting solely in the capacity of agent for the Escrow Agent and not in any capacity on behalf of the Company or the Dealer Manager, nor shall it have any interest other than
that provided in this Agreement in assets in Transfer Agent’s possession as the agent of the Escrow Agent. 
 WHEREAS, in order
to subscribe for Shares during the Escrow Period (as defined below), a subscriber must deliver the full amount of its subscription price by check, draft, wire or money order in U.S. dollars (an “instrument of payment”) payable to
“UMB Bank, N.A., as escrow agent for NexPoint Multifamily Realty Trust, Inc.” at the address set forth in the subscription agreement or by wire transfer of immediately available funds in U.S. dollars. The Transfer Agent shall not receive
any monies during the Escrow Period. 
 AGREEMENT 

NOW, THEREFORE, the Company, Dealer Manager and Escrow Agent agree to the terms of this Agreement as follows: 

1. Establishment of Escrow Account; Escrow Period. The Company hereby appoints the Escrow Agent as escrow agent for purposes of holding
the Investor Funds on the terms and conditions set forth herein. On or prior to the commencement of the offering of Shares, the Company shall establish the escrow account with the Escrow Agent, which shall be entitled “Escrow Account for the
Benefit of Subscribers for Shares of NexPoint Multifamily Realty Trust, Inc.,” or such similar designation as the Company and the Escrow Agent may agree (the “Escrow Account.”) This Agreement shall be effective as of the date
the Registration Statement is declared effective by the SEC. Except as otherwise set forth herein for Pennsylvania Subscribers and Washington Subscribers (and any Other Subscribers), the escrow period shall commence upon the effectiveness of this
Agreement and shall continue until the earlier of: (i) the date that all Investor Funds held in the Escrow Account are distributed to the Company pursuant to Section 2(b) hereof and the Company has informed the Escrow Agent in writing that
the Escrow Account is closed except with respect to Pennsylvania Subscribers and Washington Subscribers (and any Other Subscribers); (ii) the Closing Date, in the event the Minimum Offering Requirement is not raised on or prior thereto; or
(iii) the date the Escrow Agent receives notice from the SEC or any other federal or state regulatory authority that a stop or similar order has been issued with respect to the Registration Statement and has remained in effect for at least
twenty (20) days (the “Escrow Period”). After the end of the Escrow Period, the Company and its agents shall not deposit, and the Escrow Agent shall not accept, any additional amounts representing payments by prospective
investors, except with respect to Pennsylvania Subscribers and Washington Subscribers, as set forth in Section 3 below. 

  
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 2. Operation of the Escrow. 

(a) Deposits in the Escrow Account. During the Escrow Period, persons subscribing to purchase Shares (“Subscribers”)
will be instructed by the Company, the Dealer Manager and the Participating Broker-Dealers to make checks for subscriptions payable to the order of “UMB Bank, N.A., as escrow agent for NexPoint Multifamily Realty Trust, Inc.”
Notwithstanding the foregoing, however, Pennsylvania Subscribers and Washington Subscribers (and any Other Subscribers) shall continue to make checks payable to the order or “UMB Bank, N.A., as escrow agent for NexPoint Multifamily Realty
Trust, Inc.” until subscriptions are received resulting in total minimum capital raised equal to or exceeding (i) $33,333,333.33 for Pennsylvania Subscribers and (ii) $20,000,000 for Washington Subscribers, in each case including
subscriptions from Subscribers who are residents of other states, and such funds are disbursed from the Escrow Account in accordance with Section 3 hereof. Completed subscription agreements and checks in payment for the subscription amount
shall be remitted to the Escrow Agent at the address set forth in the subscription agreement. The Dealer Manager, the Participating Broker-Dealer, or their respective agents, as applicable (the “Processing Broker-Dealer”), shall
remit to the Escrow Agent the instruments of payment and the subscription agreements: (i) where, pursuant to the internal supervisory procedures of the Processing Broker-Dealer, internal supervisory review is conducted at the same location at
which instruments of payment and subscription agreements are received from Subscribers, then, by noon of the next business day following receipt by the Processing Broker-Dealer, the Processing Broker-Dealer will transmit the instruments of payment
and subscription agreements to the Escrow Agent; and (ii) where, pursuant to the internal supervisory procedures of the Processing Broker-Dealer, final internal supervisory review is conducted at a different location (the “Final Review
Office”), instruments of payment and subscription agreements will be transmitted by the Processing Broker-Dealer to the Final Review Office by the end of the next business day following receipt thereof by the Processing Broker-Dealer. The
Final Review Office will in turn, by noon of the next business day following receipt thereof by the Final Review Office, transmit such instruments of payment and subscription agreements to the Escrow Agent or, after the Minimum Offering Requirement
has been satisfied, to the Company or its designated agent. The Escrow Agent represents that it will promptly deliver all monies received in good order from Subscribers for the payment of Shares to the Escrow Agent for deposit in the Escrow Account.
All instruments of payment delivered to the Escrow Agent pursuant hereto shall be deposited by the Escrow Agent within one (1) business day of receipt thereof into the Escrow Account. The Escrow Agent hereby agrees to maintain the funds
contributed by the Pennsylvania Subscribers and Washington Subscribers (and any Other Subscribers) in a manner in which they may be separately accounted for so that the requirements of Section 3 of this Agreement can be met. Deposits shall be
held in the Escrow Account until such Investor Funds are promptly disbursed in accordance with this Agreement. 
 Prior to disbursement of
the Investor Funds deposited in the Escrow Account, such funds shall not be subject to claims by creditors of the Company, the Dealer Manager, any Participating Broker-Dealer or any of their respective affiliates. If any of the instruments of
payment are returned to the Escrow Agent for nonpayment prior to receipt of the Minimum Offering Requirement, the Escrow Agent shall promptly notify the Dealer Manager and the Company in writing via mail, email or facsimile of such nonpayment, and
is authorized to debit the Escrow Account in the amount of such returned payment. 

  
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 (b) Disbursement of the Investor Funds to Subscribers other than Pennsylvania Subscribers,
Washington Subscribers and Other Subscribers. If at any time on or prior to the Closing Date the Minimum Offering Requirement is satisfied, the Escrow Agent shall release and deliver the Investor Funds (other than any Investor Funds received
from Pennsylvania Subscribers, Washington Subscribers, or Other Subscribers which cannot be released until the conditions of Section 3 have been met), including all earnings thereon for Investor Funds promptly to the Company. The Escrow Agent
agrees that Investor Funds in the Escrow Account shall not be released to the Company until and unless the Escrow Agent receives a written certificate or affidavit stating that the Minimum Offering Requirement has been timely met from the
Company’s Chief Executive Officer or Chief Financial Officer. 
 After the Minimum Offering Requirement has been timely met and the
Investor Funds in the Escrow Account representing the Minimum Offering Requirement have been disbursed to the Company, (i) the Escrow Account shall remain open and the Company shall continue to cause subscriptions for Shares that are received
from Pennsylvania Subscribers and Washington Subscribers (or any Other Subscribers) to be deposited therein until the Company informs the Escrow Agent in writing to close the Escrow Account, and (ii) any subscription documents and instruments
of payment received by the Escrow Agent from Subscribers other than Pennsylvania Subscribers and Washington Subscribers (or any Other Subscribers) shall be forwarded to the Company on the next business day. After the satisfaction of the
aforementioned provisions of this Section 2(b) (other than subscriptions that are received from Pennsylvania Subscribers, Washington Subscribers or any Other Subscribers), subscription proceeds may continue to be received in the Escrow Account
generally, but to the extent such proceeds shall not be subject to escrow due to the satisfaction of the aforementioned provisions of this Section 2(b), such proceeds are not subject to this Agreement and, at the instruction of the Company to
the Escrow Agent, shall be transferred from the Escrow Account or deposited directly into, as the case may be, a commercial deposit account in the name of the Company with the Escrow Agent that has been previously established by the Company, unless
otherwise directed by the Company. 
 Subject to the provisions set forth in this Agreement, if the Escrow Agent has not received a
certificate or affidavit from the Company’s Chief Executive Officer or Chief Financial Officer certifying that the Minimum Offering Requirement has been timely met during the Escrow Period, the Escrow Agent shall promptly return the Investor
Funds, including interest or any other income earned thereon, to the Subscribers (including any Pennsylvania Subscribers, Washington Subscribers and any Other Subscribers), per the name, address and in the amounts provided by the Company or the
Dealer Manager or the Transfer Agent to the Escrow Agent without deduction, penalty or expense, and the Escrow Agent shall notify the Company and the Dealer Manager in writing of the distribution of the Investor Funds. The subscription payments
returned to each Subscriber shall be free and clear of any and all claims of the Company or any creditors of the Company, the Dealer Manager, any Participating Broker-Dealer or any of their respective affiliates. 

(c) Escrow Income. If at any time pursuant to the provisions of this Section 2 interest income earned on Investor Funds deposited
in the Escrow Account (“Escrow Income”) is to be paid to a Subscriber, the Escrow Agent shall promptly provide directly to such Subscriber the amount of Escrow Income payable to such Subscriber; provided that the Escrow Agent is in

  
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possession of such Subscriber’s executed IRS Form W-9. In the event an executed IRS Form W-9 is not received for each Subscriber, the Escrow Agent shall remit an amount to the Subscribers in
accordance with the provisions hereof, withholding the applicable percentage for backup withholding required by the Internal Revenue Code, as then in effect, from any Escrow Income attributable to those Subscribers for whom the Escrow Agent does not
possess an executed IRS Form W-9. Escrow Income shall be remitted to Subscribers at the address provided by the Dealer Manager or the Company to the Escrow Agent, which the Escrow Agent shall be entitled to rely upon, and without any deductions for
escrow expenses. 
 3. Distribution of the Investor Funds to Pennsylvania Subscribers, Washington Subscribers and Other Subscribers.

 (a) Notwithstanding anything to the contrary herein, disbursements to the Company of funds contributed by Pennsylvania Subscribers,
Washington Subscribers and Other Subscribers may only be distributed in compliance with the provisions of this Section 3. Irrespective of any disbursement of funds from the Escrow Account pursuant to Section 2 hereof, the Escrow Agent will
continue to place deposits from Pennsylvania Subscribers and Washington Subscribers into the Escrow Account, until such time as the Company notifies the Escrow Agent in writing that total subscriptions (including amounts previously disbursed as
directed by the Company and the amounts then held in the Escrow Account) equal or exceed (i) $33,333,333.33 in the case of subscriptions received from Pennsylvania Subscribers and (ii) $20,000,000 in the case of subscriptions received from
Washington Subscribers, whereupon the Escrow Agent shall disburse to the Company, at the Company’s request, any funds from Pennsylvania Subscribers and Washington Subscribers, as applicable, received by the Escrow Agent for accepted
subscriptions, but not those funds of a subscriber whose subscription has been rejected or rescinded of which the Escrow Agent has been notified by the Company, or otherwise in accordance with the Company’s written request. Irrespective of any
disbursement of funds from the Escrow Account pursuant to Section 2 hereof, the Escrow Agent will continue to place deposits from Other Subscribers into the Escrow Account, until such time as the Company notifies the Escrow Agent in writing
that total subscriptions (including amounts previously disbursed as directed by the Company and the amounts then held in the Escrow Account) equal or exceed $[            ], whereupon the
Escrow Agent shall disburse to the Company, at the Company’s request, any funds from the Other Subscribers, as applicable, received by the Escrow Agent for accepted subscriptions, but not those funds of a subscriber whose subscription has been
rejected or rescinded of which the Escrow Agent has been notified by the Company, or otherwise in accordance with the Company’s written request. 

(b) If the Company has not received total subscriptions of at least $33,333,333.33 within 120 days of the date the Company first receives a
subscription from a Pennsylvania Subscriber (the “Initial Escrow Period”), the Company shall notify each Pennsylvania Subscriber by certified mail or any other means (whereby receipt of delivery is obtained) of the right of
Pennsylvania Subscribers to have their investment returned to them. If, pursuant to such notice, a Pennsylvania Subscriber requests the return of his or her subscription funds within ten (10) days after receipt of the notification (the
“Request Period”), the Escrow Agent shall promptly refund, without interest or deduction, directly to each Pennsylvania Subscriber the funds deposited in the Escrow Account on behalf of the Pennsylvania Subscriber. 

  
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 (c) The funds of Pennsylvania Subscribers who do not request the return of their funds within the
Request Period shall remain in the Escrow Account for successive 120-day escrow periods (each a “Successive Escrow Period”), each commencing automatically upon the termination of the prior Successive Escrow Period, and the Company
and Escrow Agent shall follow the notification and payment procedure set forth in Section 3(b) above with respect to the Initial Escrow Period for each Successive Escrow Period, provided that any refunds made to a Pennsylvania Subscriber after
a Successive Escrow Period shall include a pro rata share of any interest earned thereon after the Initial Escrow Period, until the occurrence of the earliest of (i) the termination of the Offering, (ii) the receipt and acceptance by the
Company of total subscriptions that equal or exceed $33,333,333.33 and the disbursement of the Escrow Account on the terms specified in this Section 3, or (iii) all funds held in the Escrow Account that were contributed by Pennsylvania
Subscribers having been returned to the Pennsylvania Subscribers in accordance with the provisions hereof. If, upon termination of the Offering, the Company has not received and accepted total subscriptions that equal or exceed $33,333,333.33, all
funds in the Escrow Account that were contributed by Pennsylvania Subscribers will be promptly returned in full to such Pennsylvania Subscribers, together with their pro rata share of any interest earned thereon pursuant to instructions made by the
Company, upon which the Escrow Agent may conclusively rely. 
 4. Investor Funds in the Escrow Account. Upon receipt of Investor
Funds, the Escrow Agent shall hold such Investor Funds in escrow pursuant to the terms of this Agreement. All Investor Funds held in the Escrow Account shall at all times be invested in UMB Bank Money Market Special, an interest-bearing bank money
market account, permitted under Rule 15c2-4 of the Securities Exchange Act of 1934, as amended (except for funds from Pennsylvania Subscribers and Washington Subscribers in the Escrow Account, which must be maintained in an interest-bearing account
following the Initial Escrow Period). The Escrow Agent shall not invest funds deposited or any earnings or interest derived therefrom in any other investment without the prior written direction or approval from the Company. Interest and any other
income resulting from the investment of the funds in the Escrow Account shall be retained by the Escrow Agent and distributed according to this Agreement. The Escrow Agent shall provide to the Company monthly statements (or more frequently as
reasonably requested by the Company which includes, without limitation, if such amounts are not available to the Company at least daily via UMB’s “Web Exchange” program) on the account balance in the Escrow Account and the activity in
such accounts since the last report, including without limitation as specifically relates to Pennsylvania Subscribers and Washington Subscribers (and any Other Subscribers). The Escrow Agent will provide access to its Web Exchange program to allow
the Company to view account balances for the Escrow Account at any time, including without limitation as specifically relates to Pennsylvania Subscribers and Washington Subscribers (and any Other Subscribers). 

5. Duties of the Escrow Agent. The Escrow Agent shall have no duties or responsibilities other than those expressly set forth in this
Agreement, and no implied duties or obligations shall be read into this Agreement against the Escrow Agent. The Escrow Agent is not a party to, or bound by, any other agreement among the other parties hereto with respect to the subject matter
hereof, and the Escrow Agent’s duties shall be determined solely by reference to this Agreement. The Escrow Agent shall have no duty to enforce any obligation of any person, other than as provided herein. The Escrow Agent shall be under no
liability to anyone by reason of any failure on the part of any party hereto or any maker, endorser or other signatory of any document or any other person to perform such person’s obligations under any such document. 

  
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 6. Liability of the Escrow Agent; Indemnification. The Escrow Agent acts hereunder as a
depository only. The Escrow Agent shall not be liable, except for willful misconduct, breach of trust, or gross negligence, for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith, and in the
exercise of its own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or
other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is believed by the Escrow Agent to be genuine and
to be signed or presented by the proper person(s). The Escrow Agent shall not be held liable for any error in judgment made in good faith by an officer or employee of either unless it shall be proved that such officer or employee was grossly
negligent or reckless in ascertaining the pertinent facts or acted intentionally in bad faith or engaged in willful misconduct or a breach of trust. The Escrow Agent shall not be bound by any notice of demand, or any waiver, modification,
termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless it shall
give its prior written consent thereto. 
 The Escrow Agent may consult legal counsel and shall exercise reasonable care in the selection of
such counsel, in the event of any dispute or question as to the construction of any provisions hereof or its duties hereunder, and it shall incur no liability and shall be fully protected in acting in accordance with the reasonable opinion or
instructions of such counsel. 
 The Escrow Agent shall not be responsible, may conclusively rely upon and shall be protected, indemnified
and held harmless by the Company, for the sufficiency or accuracy of the form of, or the execution, validity, value or genuineness of any document or property received, held or delivered by it hereunder, or of the signature or endorsement thereon,
or for any description therein; nor shall the Escrow Agent be responsible or liable in any respect on account of the identity, authority or rights of the persons executing or delivering or purporting to execute or deliver any document, property or
this Agreement. 
 In the event that the Escrow Agent shall become involved in any arbitration or litigation relating to the Investor Funds
in the Escrow Account, each is authorized to comply with any decision reached through such arbitration or litigation. 
 The Company hereby
agrees to indemnify the Escrow Agent for, and to hold it harmless against any loss, liability or expense incurred in connection herewith, except losses, damages or expenses due to gross negligence, breach of trust, recklessness, bad faith or willful
misconduct on the part of the Escrow Agent, including without limitation, legal or other fees arising out of or in connection with its entering into this Agreement and carrying out its duties hereunder, including without limitation the costs and
expenses of defending itself against any claim of liability in the premises or any action for interpleader. The Escrow Agent shall be under no obligation to institute or defend any action, suit, or legal proceeding in connection herewith, unless
first indemnified and held harmless to its satisfaction in accordance with the foregoing, except that neither shall be indemnified against any loss, liability or expense arising out of its own gross negligence, recklessness, bad faith or willful
misconduct. 

  
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 The terms of this Section shall survive the termination of the Escrow Agreement and the
resignation or removal of the Escrow Agent. 
 7. The Escrow Agent’s Fee. Escrow Agent shall be entitled to fees and expenses
for its regular services as Escrow Agent as set forth in Exhibit A. Additionally, Escrow Agent is entitled to reasonable fees for extraordinary services and reimbursement of any reasonable out of pocket and extraordinary costs and expenses
related to its obligations as Escrow Agent under this Agreement, including, but not limited to, reasonable attorneys’ fees. All of the Escrow Agent’s compensation, costs and expenses shall be paid by the Company in accordance with
Exhibit A hereto. 
 8. Security Interests. No party to this Escrow Agreement shall grant a security interest in any monies or
other property deposited with the Escrow Agent under this Escrow Agreement, or otherwise create a lien, encumbrance or other claim against such monies or borrow against the same. 

9. Dispute. In the event of any disagreement between the undersigned or the person or persons named in the instructions contained in
this Agreement, or any other person, resulting in adverse claims and demands being made in connection with or for any papers, money or property involved herein, or affected hereby, the Escrow Agent shall be entitled to refuse to comply with any
demand or claim, as long as such disagreement shall continue, and in so refusing to make any delivery or other disposition of any money, papers or property involved or affected hereby, the Escrow Agent shall not be or become liable to the
undersigned or to any person named in such instructions for its refusal to comply with such conflicting or adverse demands, and the Escrow Agent shall be entitled to refuse and refrain to act until: (a) the rights of the adverse claimants shall
have been fully and finally adjudicated in a Court assuming and having jurisdiction of the parties and money, papers and property involved herein or affected hereby, or (b) all differences shall have been adjusted by agreement and the Escrow
Agent shall have been notified thereof in writing, signed by all the interested parties. 
 10. Resignation of Escrow Agent. Escrow
Agent may resign or be removed, at any time, for any reason, by written notice of its resignation or removal to the proper parties at their respective addresses as set forth herein, at least 60 days before the date specified for such resignation or
removal to take effect. Upon the effective date of such resignation or removal: 
  

	 	(a)	All cash and other payments and all other property then held by the Escrow Agent hereunder shall be delivered by it to such successor escrow agent as may be designated in writing by the Company, whereupon the Escrow
Agent’s obligations hereunder shall cease and terminate; 

  

	 	(b)	If no such successor escrow agent has been designated by such date, all obligations of the Escrow Agent hereunder shall, nevertheless, cease and terminate, and the Escrow Agent’s sole responsibility thereafter
shall be to keep all property then held by it and to deliver the same to a person designated in writing by the Company or in accordance with the directions of a final order or judgment of a court of competent jurisdiction. 

  
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	 	(c)	Further, if no such successor escrow agent has been designated by such date, the Escrow Agent may petition any court of competent jurisdiction for the appointment of a successor agent; further the Escrow Agent may pay
into court all monies and property deposited with Escrow Agent under this Agreement. 

 The terms of this Section shall
survive the termination of the Escrow Agreement and the resignation or removal of the Escrow Agent. 
 11. Notices. All notices,
demands and requests required or permitted to be given under the provisions hereof must be in writing and shall be deemed to have been sufficiently given, upon receipt, if (i) personally delivered, (ii) sent by telecopy and confirmed by
phone or (iii) mailed by registered or certified mail, with return receipt requested, or by overnight courier with signature required, delivered to the addresses set forth below, or to such other address as a party shall have designated by
notice in writing to the other parties in the manner provided by this Section 11: 
  

			
	(1) If to Company:		NexPoint Multifamily Realty Trust, Inc.
			300 Crescent Court, Suite 700
			Dallas, Texas 75201
			Attention: Brian Mitts
			 Telephone: (972) 628-4100
 Facsimile: (972)
628-4147

		
	(2) If to the Escrow Agent:		UMB Bank, N.A.
			 1010 Grand Blvd., 4th Floor
 Mail Stop:
1020409
 Kansas City, Missouri 64106
 Attention: Lara
Stevens,
 Corporate Trust
 Telephone: (816) 860-3017

Facsimile: (816) 860-3029

		
	(3) If to Dealer Manager:		Highland Capital Funds Distributor, Inc.
			200 Crescent Court, Suite 700
			Dallas, TX 75201
			Attention: Jennifer Ricci
			Telephone: (208) 870-1297
			Facsimile: (972) 628-4147

 12. Governing Law. This Agreement shall be construed and enforced in accordance with the laws of the
State of Missouri and without regard to the principles of conflicts of law. 

  
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 13. Binding Effect; Benefit. This Agreement shall be binding upon and inure to the benefit
of the permitted successors and assigns of the parties hereto. 
 14. Modification. This Agreement may be amended, modified or
terminated at any time by a writing executed by the Dealer Manager, the Company and the Escrow Agent. 
 15. Assignability. This
Agreement shall not be assigned by the Escrow Agent without the Company’s prior written consent. 
 16. Counterparts. This
Agreement may be executed in one or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. Copies, telecopies, facsimiles, electronic files and other reproductions of
original executed documents shall be deemed to be authentic and valid counterparts of such original documents for all purposes, including the filing of any claim, action or suit in the appropriate court of law. 

17. Headings. The section headings contained in this Agreement are inserted for convenience only, and shall not affect in any way, the
meaning or interpretation of this Agreement. 
 18. Severability. This Agreement constitutes the entire agreement among the parties
and supersedes all prior and contemporaneous agreements and undertakings of the parties in connection herewith. No failure or delay of the Escrow Agent in exercising any right, power or remedy may be, or may be deemed to be, a waiver thereof; nor
may any single or partial exercise of any right, power or remedy preclude any other or further exercise of any right, power or remedy. In the event that any one or more of the provisions contained in this Agreement, shall, for any reason, be held to
be invalid, illegal or unenforceable in any respect, then to the maximum extent permitted by law, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement. 

19. Earnings Allocation; Tax Matters; Patriot Act Compliance; Office of Foreign Control Search Duties. If the Escrow Agent remits
Escrow Income pursuant to this Agreement, the Escrow Agent shall be responsible for any necessary federal tax reporting associated with such income, provided that the Escrow Agent shall not be responsible for any other tax reporting under this
Escrow Agreement. The Company shall provide to Escrow Agent upon the execution of this Agreement any documentation requested and any information reasonably requested by the Escrow Agent to comply with the USA Patriot Act of 2001, as amended from
time to time. The Escrow Agent, or its agent, shall complete an Office of Foreign Assets Control (“OFAC”) search, in compliance with its policy and procedures, of each subscription check and shall inform the Company if a
subscription check fails the OFAC search. The Dealer Manager shall provide a copy of each subscription check in order that the Escrow Agent, or its agent, may perform such OFAC search. 

20. Miscellaneous. This Agreement shall not be construed against the party preparing it, and shall be construed without regard to the
identity of the person who drafted it or the party who caused it to be drafted and shall be construed as if all parties had jointly prepared this Agreement and it shall be deemed their joint work product, and each and every provision of this

  
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Agreement shall be construed as though all of the parties hereto participated equally in the drafting hereof; and any uncertainty or ambiguity shall not be interpreted against any one party. As a
result of the foregoing, any rule of construction that a document is to be construed against the drafting party shall not be applicable. 

[SIGNATURE PAGES FOLLOW] 

  
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 IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed by their
duly authorized representatives as of the date first written hereinabove: 
  

			
	HIGHLAND CAPITAL FUNDS DISTRIBUTOR, INC.
		
	By:		  

	Name:		
	Title:		
	
	NEXPOINT MULTIFAMILY REALTY TRUST, INC.
		
	By:		  

	Name:		Brian Mitts
	Title:		Chief Financial Officer and Executive VP – Finance
	
	ESCROW AGENT:
	
	UMB BANK, N.A.
		
	By:		  

	Name:		Lara Stevens
	Title:		Corporate Trust

  
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 EXHIBIT A 

ESCROW FEES AND EXPENSES 
  

					
	 Acceptance Fee
				
	 Review document and establish account
		$	                    	  
	 DST Agency Engagement
		$	 	  
	 Annual Fee
				
	 Annual Escrow Agent
		$	 	  
	 Transactional Fees
				
	 Outgoing Wire Transfer
		$	 	  
	 Web Exchange Access
		$	 	  
	 Overnight Delivery/Mailings
		$	 	  
	 IRS Tax Reporting
		$	 	  
	 Daily Recon File to DST
		$	 	  
	 Daily Wire Ripping to DST
		$	 	  

 Acceptance fees and first year’s Annual Escrow Agent fee will be payable at the initiation of the escrow. Transactional
Fees will be billed quarterly in arrears. 
 Fees specified are for the regular, routine services contemplated by the Escrow Agreement, and any additional
or extraordinary services, including, but not limited to disbursements involving a dispute or arbitration, or administration while a dispute, controversy or adverse claim is in existence, will be charged based upon time required at the then standard
hourly rate. In addition to the specified fees, all expenses related to the administration of the Escrow Agreement (other than normal overhead expenses of the regular staff) such as, but not limited to, travel, postage, shipping, courier, telephone,
facsimile, supplies, legal fees, accounting fees, etc., will be reimbursable. 

  
 - 13 -EX-10.1

 Exhibit 10.1 

GEVO, INC. 
 AMENDED AND
RESTATED 
 2010 STOCK INCENTIVE PLAN 
  

					
					 As approved by:
 the stockholders
of
 Gevo, Inc.
 on June 6, 2013,

and amended
 on July 7, 2015.

 GEVO, INC. 

AMENDED AND RESTATED 

2010 STOCK INCENTIVE PLAN 
  

 
 Plan Document

  
  

1. Introduction. 
 (a)
Purpose. Gevo, Inc. (the “Company”) hereby establishes this equity-based incentive compensation plan to be known as the “Gevo, Inc. 2010 Stock Incentive Plan” (the “Plan”), for the following
purposes: (i) to enhance the Company’s ability to attract highly qualified personnel; (ii) to strengthen its retention capabilities; (iii) to enhance the long-term performance and competitiveness of the Company; and (iv) to
align the interests of Plan participants with those of the Company’s stockholders. This Plan is intended to serve as the sole source for all future equity-based awards to those eligible for Plan participation. 

(b) Effective Date. This Plan shall become effective on the closing date (the “Effective Date”) of the Company’s
initial public offering; subject to the Plan’s receipt of stockholder approval beforehand in accordance with the Company’s governing instruments. 

(c) Definitions. Terms in the Plan and its Appendix that begin with an initial capital letter have the defined meaning set forth in
Appendix I or elsewhere in this Plan, in either case unless the context of their use clearly indicates a different meaning. 
 (d)
Effect on Other Plans, Awards, and Arrangements. This Plan is not intended to affect and shall not affect any stock options, equity-based compensation, or other benefits that the Company or its Affiliates may have provided, or may separately
provide in the future, pursuant to any agreement, plan, or program that is independent of this Plan. 
 (e) Sole Source for Future Stock
Awards. Notwithstanding any other provision of the Plan, no further awards of any kind shall occur under any other Company plan or program that entails the issuance of Share-settled awards (including but not limited to the Prior Plan), and any
Shares that are currently subject to awards under any such plans which are subsequently forfeited, cancelled, settled or lapse unexercised shall be added to the reserve of Shares that are authorized and available for issuance pursuant to this Plan.

 2. Types of Awards. The Plan permits the granting of the following types of Awards according to the Sections of the Plan listed here: 

 

			
	Section 5		Stock Options
	Section 6		Share Appreciation Rights (“SARs”)
	Section 7		Restricted Shares, Restricted Share Units (“RSUs”), and Unrestricted Shares
	Section 8		Deferred Share Units (“DSUs”)
	Section 9		Performance and Cash-settled Awards
	Section 10		Dividend Equivalent Rights

  
 1 

 3. Shares Available for Awards.  

(a) Generally. Subject to Section 3(b) and Section 13 below, the aggregate number of Shares which may be issued pursuant to
Awards under the Plan is the sum of (i) 1,371,419 Shares and (ii) any Shares which as of the Effective Date are subject to awards under the Prior Plan which are subsequently forfeited, cancelled, settled, or lapse unexercised. The Shares
deliverable pursuant to Awards shall be authorized but unissued Shares, or Shares that the Company otherwise holds in treasury or in trust. 

(b) Replenishment; Counting of Shares. Any Shares reserved for Plan Awards will again be available for future Awards if the Shares for
any reason will never be issued to a Participant or Beneficiary pursuant to an Award (for example, due to its settlement in cash rather than in Shares, or the Award’s forfeiture, cancellation, expiration, or net settlement without the issuance
of Shares). Further, and to the extent permitted under Applicable Law, the maximum number of Shares available for delivery under the Plan shall not be reduced by any Shares issued under the Plan through the settlement, assumption, or substitution of
outstanding awards or obligations to grant future awards as a condition of the Company’s or an Affiliate’s acquiring another entity. On the other hand, Shares that a Person owns and tenders in payment of all or part of the exercise price
of an Award or in satisfaction of applicable Withholding Taxes shall not increase the number of Shares available for future issuance under the Plan. 

4. Eligibility. 
 (a)
General Rule. Subject to the express provisions of the Plan, the Committee shall determine from the class of Eligible Persons those Persons to whom Awards may be granted. Each Award shall be evidenced by an Award Agreement that sets forth its
Grant Date and all other terms and conditions of the Award, that is signed on behalf of the Company (or delivered by an authorized agent through an electronic medium), and that, if required by the Committee, is signed by the Eligible Person as an
acceptance of the Award. The grant of an Award shall not obligate the Company or any Affiliate to continue the employment or service of any Eligible Person, or to provide any future Awards or other remuneration at any time thereafter. 

(b) Option and SAR Limits per Person. During the term of the Plan, no Participant may receive Options and SARs that relate to more than
20% of the maximum number of Shares issuable under the Plan as of its Effective Date, as such number may be adjusted pursuant to Section 13 below. During any calendar year, no Participant may receive Incentive Stock Options or Awards in the
aggregate (including Incentive Stock Options) that relate to more than 20% of the maximum number of Shares issuable under the Plan as of its Effective Date, as such number may be adjusted pursuant to Section 13 below. 

(c) Replacement Awards. Subject to Applicable Law (including any associated stockholder approval requirements), the Committee may, in
its sole discretion and upon such terms as it deems appropriate, require as a condition of the grant of an Award to a Participant that the Participant consent to surrender for cancellation some or all of the Awards or other grants that the
Participant has received under this Plan or otherwise. An Award conditioned upon such surrender may or may 

  
 2 

 
not be the same type of Award, may cover the same (or a lesser or greater) number of Shares as such surrendered Award, may have other terms that are determined without regard to the terms or
conditions of such surrendered Award, and may contain any other terms that the Committee deems appropriate. In the case of Options and SARs, these other terms may not involve an exercise price that is lower than the exercise price of the surrendered
Option or SAR unless the Company’s stockholders approve the grant itself or the program under which the grant is made pursuant to the Plan. 

5. Stock Options. 
 (a)
Grants. Subject to the special rules for ISOs set forth in the next paragraph, the Committee may grant Options to Eligible Persons pursuant to Award Agreements setting forth terms and conditions that are not inconsistent with the Plan, that
may be immediately exercisable or that may become exercisable in whole or in part based on future events or conditions, that may include vesting or other requirements for the right to exercise the Option, and that may differ for any reason between
Eligible Persons or classes of Eligible Persons, provided in all instances that: 
  

	 	(i)	the exercise price for Shares subject to purchase through exercise of an Option that is intended to be exempt from Code Section 409A shall not be less than 100% of the Fair Market Value of the underlying Shares on
the Grant Date; and 

  

	 	(ii)	no Option shall be exercisable for a term ending more than ten years after its Grant Date. 

(b) Special ISO Provisions. The following provisions shall control any grants of Options that are denominated as ISOs; provided that
ISOs may not be awarded unless the Plan receives stockholder approval within twelve (12) months after its Effective Date, and ISOs may not be granted more than ten (10) years after Board approval of the Plan. 

 

	 	(i)	Eligibility. The Committee may grant ISOs only to Employees (including officers who are Employees) of the Company or an Affiliate that is a “parent corporation” or “subsidiary corporation”
within the meaning of Code Section 424. 

  

	 	(ii)	Documentation. Each Option that is intended to be an ISO must be designated in the Award Agreement as an ISO, provided that any Option designated as an ISO will be a Non-ISO to the extent the Option fails to meet
the requirements of Code Section 422 or the provisions of this Section 5(b). In the case of an ISO, the Committee shall determine on the Date of Grant the acceptable methods of paying the exercise price for Shares, and it shall be included
in the applicable Award Agreement. 

  

	 	(iii)	 $100,000 Limit. To the extent that the aggregate Fair Market Value of Shares with respect to which ISOs first become exercisable by a
Participant in any calendar year (under this Plan and any other plan of the Company or any Affiliate) exceeds U.S. $100,000, such excess Options shall be treated as Non-ISOs. 

  
 3 

	 	
For purposes of determining whether the U.S. $100,000 limit is exceeded, the Fair Market Value of the Shares subject to an ISO shall be determined as of the Grant Date. In reducing the number of
Options treated as ISOs to meet the U.S. $100,000 limit, the most recently granted Options shall be reduced first. In the event that Code Section 422 is amended to alter the limitation set forth therein, the limitation of this paragraph and the
corresponding references to the $100,000 limit throughout this Plan shall be automatically adjusted accordingly as of the date the amendment to Code Section 422 is effective. 

 

	 	(iv)	Grants to 10% Holders. In the case of an ISO granted to an Employee who is a Ten Percent Holder on the Grant Date, the ISO’s term shall not exceed five years from the Grant Date, and the exercise price shall
be at least 110% of the Fair Market Value of the underlying Shares on the Grant Date. In the event that Code Section 422 is amended to alter the limitations set forth therein, the limitation of this paragraph shall be automatically adjusted
accordingly. 

  

	 	(v)	Substitution of Options. In the event the Company or an Affiliate acquires (whether by purchase, merger, or otherwise) all or substantially all of outstanding capital stock or assets of another corporation or in
the event of any reorganization or other transaction qualifying under Code Section 424, the Committee may, in accordance with the provisions of that Section, substitute ISOs for ISOs previously granted under the plan of the acquired company
provided (A) the excess of the aggregate Fair Market Value of the Shares subject to an ISO immediately after the substitution over the aggregate exercise price of such shares is not more than the similar excess immediately before such
substitution, and (B) the new ISO does not give additional benefits to the Participant, including any extension of the exercise period. 

  

	 	(vi)	Notice of Disqualifying Dispositions. By executing an ISO Award Agreement, each Participant agrees to notify the Company in writing immediately after the Participant sells, transfers or otherwise disposes of any
Shares acquired through exercise of the ISO, if such disposition occurs within the earlier of (A) two years of the Grant Date, or (B) one year after the exercise of the ISO being exercised. Each Participant further agrees to provide any
information about a disposition of Shares as may be requested by the Company to assist it in complying with any applicable tax laws. 

(c) Method of Exercise. Each Option may be exercised, in whole or in part (provided that the Company shall not be required to issue
fractional shares) at any time and from time to time prior to its expiration, but only pursuant to the terms of the applicable Award Agreement, and subject to the times, circumstances and conditions for exercise contained in the applicable Award
Agreement. Exercise shall occur by delivery of both written notice of exercise to the secretary of the Company, and payment of the full exercise price for the Shares being purchased. The methods of payment that the Committee may in its discretion
accept or commit to accept in an Award Agreement include: 
  

	 	(i)	cash or check payable to the Company (in U.S. dollars); 

  
 4 

	 	(ii)	other Shares that (A) are owned by the Participant who is purchasing Shares pursuant to an Option, (B) have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as
to which the Option is being exercised, (C) are all, at the time of such surrender, free and clear of any and all claims, pledges, liens and encumbrances, or any restrictions which would in any manner restrict the transfer of such shares to or
by the Company (other than such restrictions as may have existed prior to an issuance of such Shares by the Company to such Participant), and (D) are duly endorsed for transfer to the Company; 

 

	 	(iii)	a net exercise by surrendering to the Company Shares otherwise receivable upon exercise of the Option; 

  

	 	(iv)	a cashless exercise program that the Committee may approve, from time to time in its discretion, pursuant to which a Participant may elect to concurrently provide irrevocable instructions (A) to such
Participant’s broker or dealer to effect the immediate sale of the purchased Shares and remit to the Company, out of the sale proceeds available on the settlement date, sufficient funds to cover the exercise price of the Option plus all
applicable taxes required to be withheld by the Company by reason of such exercise, and (B) to the Company to deliver the certificates for the purchased Shares directly to such broker or dealer in order to complete the sale; or

  

	 	(v)	any combination of the foregoing methods of payment. 

 The Company shall not be required to
deliver Shares pursuant to the exercise of an Option until the Company has received sufficient funds to cover the full exercise price due and all applicable Withholding Taxes required by reason of such exercise. 

Notwithstanding any other provision of the Plan to the contrary, no Participant who is a Director or an “executive officer” of the
Company within the meaning of Section 13(k) of the Exchange Act shall be permitted to make payment with respect to any Awards granted under the Plan, or continue any extension of credit with respect to such payment with a loan from the Company
or a loan arranged by the Company in violation of Section 13(k) of the Exchange Act. 
 (d) Exercise of an Unvested Option. The
Committee in its sole discretion may allow a Participant to exercise an unvested Option, in which case the Shares then issued shall be Restricted Shares having analogous vesting restrictions to the unvested Option. 

(e) Termination of Continuous Service. The Committee may establish and set forth in the applicable Award Agreement the terms and
conditions on which an Option shall remain exercisable, if at all, following termination of a Participant’s Continuous Service. The Committee may waive or modify these provisions at any time. To the extent that a Participant is not entitled to
exercise an Option at the date of his or her termination of Continuous Service, or if the Participant (or other person entitled to exercise the Option) does not exercise the Option to the extent so entitled within the time specified in the Award
Agreement or below (as applicable), the Option shall terminate and the Shares underlying the unexercised portion of the Option shall revert to the Plan and become available for future Awards. 

  
 5 

 The following provisions shall apply to the extent an Award Agreement does not specify the terms
and conditions upon which an Option shall terminate when there is a termination of a Participant’s Continuous Service: 
  

			
	 Reason for terminating Continuous Service
	  	 Option Termination Date

	(I) By the Company for Cause, or what would have been Cause if the Company had known all of the relevant facts.	  	Termination of the Participant’s Continuous Service, or when Cause first existed if earlier.
		
	 (II) Disability of the Participant.
	  	Within one year after termination of the Participant’s Continuous Service.
		
	(III) Retirement of the Participant.	  	Within six months after termination of the Participant’s Continuous Service.
		
	(IV) Death of the Participant during Continuous Service or within 90 days thereafter.	  	Within one year after termination of the Participant’s Continuous Service.
		
	(V) Other than any of the above.	  	Within 90 days after termination of the Participant’s Continuous Service.

 If there is a Securities and Exchange Commission blackout period (or a Committee-imposed blackout period) that
prohibits the buying or selling of Shares during any part of the ten day period before the expiration of any Option based on the termination of a Participant’s Continuous Service (as described above), the period for exercising the Option shall
be extended until ten days beyond when such blackout period ends. Notwithstanding any provision hereof or within an Award Agreement, no Option shall ever be exercisable after the expiration date of its original term as set forth in the Award
Agreement. 
 (f) Buyout. Subject to the provisions of Section 19, the Committee may at any time offer to buy out an Option, in
exchange for a payment in cash or Shares, based on such terms and conditions as the Committee shall establish and communicate to the Participant at the time that such offer is made. In addition, but subject to Applicable Law, if the Fair Market
Value for Shares subject to any Option or Options is more than 50% below their exercise price for more than 30 consecutive business days, the Committee may unilaterally declare such Option to be terminated, effective on the date on which the
Committee provides written notice to the Participant or other Option holder. The Committee may take such action with respect to any or all Options granted under the Plan and with respect to any individual Option holder or class or classes of Option
holders, and the Committee shall not have any obligation to be uniform, consistent, or nondiscriminatory between classes of similarly-situated Option holders, except as required by Applicable Law (including any applicable stockholder approval
requirements for a re-pricing or similar option cancellation program). 

  
 6 

 6. SARs. 

(a) Grants. The Committee may grant SARs to Eligible Persons pursuant to Award Agreements setting forth terms and conditions that are
not inconsistent with the Plan; provided that: 
  

	 	(i)	the exercise price for the Shares subject to each SAR shall not be less than 100% of the Fair Market Value of the underlying Shares on the Grant Date; 

 

	 	(ii)	no SAR shall be exercisable for a term ending more than ten years after its Grant Date; and 

  

	 	(iii)	each SAR shall, except to the extent a SAR Award Agreement provides otherwise, be subject to the provisions of Section 5(e) relating to the effect of a termination of Participant’s Continuous Service and
Section 5(f) relating to buyouts, in each case with “SAR” being substituted for “Option.” 

 (b)
Settlement. Subject to the Plan’s terms, a SAR shall entitle the Participant, upon exercise of the SAR, to receive Shares having a Fair Market Value on the date of exercise equal to the product of the number of Shares as to which the SAR
is being exercised, and the excess of (i) the Fair Market Value, on such date, of the Shares covered by the exercised SAR, over (ii) an exercise price designated in the SAR Award Agreement. Notwithstanding the foregoing, a SAR Award
Agreement may limit the total settlement value that the Participant will be entitled to receive upon the SAR’s exercise, and may provide for settlement either in cash or in any combination of cash or Shares that the Committee may authorize
pursuant to an Award Agreement. If, on the date on which a SAR or portion thereof is to expire, the Fair Market Value of the underlying Shares exceeds the aggregate exercise price of such SAR, then the SAR shall be deemed exercised and the
Participant shall within ten days thereafter receive the Shares that would have been issued on such date if the Participant had affirmatively exercised the SAR on that date. 

(c) SARs related to Options. The Committee may grant SARs either concurrently with the grant of an Option or with respect to an
outstanding Option, in which case the SAR shall extend to all or a portion of the Shares covered by the related Option, and shall have an exercise price that is not less than the exercise price of the related Option. A SAR shall entitle the
Participant who holds the related Option, upon exercise of the SAR and surrender of the related Option, or portion thereof, to the extent the SAR and related Option each were previously unexercised, to receive payment of an amount determined
pursuant to Section 6(b) above. Any SAR granted in tandem with an ISO will contain such terms as may be required to comply with the provisions of Code Section 422. 

(d) Effect on Available Shares. Upon each exercise of a SAR that is settled in Shares, only those Shares that are issued or delivered
in settlement of the exercise shall be counted against the number of Shares available for Awards under the Plan. 
 7. Restricted Shares, RSUs,
and Unrestricted Share Awards. 
 (a) Grant. The Committee may grant Restricted Share, RSU, or Unrestricted Share Awards to
Eligible Persons, in all cases pursuant to Award Agreements setting forth terms and conditions that are not inconsistent with the Plan. The Committee shall establish as to each 

  
 7 

 
Restricted Share or RSU Award the number of Shares deliverable or subject to the Award (which number may be determined by a written formula), and the period or periods of time (the
“Restriction Period”) at the end of which all or some restrictions specified in the Award Agreement shall lapse, and the Participant shall receive unrestricted Shares (or cash to the extent provided in the Award Agreement) in
settlement of the Award. Such restrictions may include, without limitation, restrictions concerning voting rights and transferability, and such restrictions may lapse separately or in combination at such times and pursuant to such circumstances or
based on such criteria as selected by the Committee, including, without limitation, criteria based on the Participant’s duration of employment, directorship or consultancy with the Company, individual, group, or divisional performance criteria,
Company performance, or other criteria selected by the Committee. The Committee may make Restricted Share and RSU Awards with or without the requirement for payment of cash or other consideration. In addition, the Committee may grant Awards
hereunder in the form of Unrestricted Shares which shall vest in full upon the Grant Date or such other date as the Committee may determine or which the Committee may issue pursuant to any program under which one or more Eligible Persons (selected
by the Committee in its sole discretion) elect to pay for such Shares or to receive Unrestricted Shares in lieu of cash bonuses that would otherwise be paid. 

(b) Vesting and Forfeiture. The Committee shall set forth, in an Award Agreement granting Restricted Shares or RSUs, the terms and
conditions under which the Participant’s interest in the Restricted Shares or the Shares subject to RSUs will become vested and non-forfeitable. Except as set forth in the applicable Award Agreement or as the Committee otherwise determines,
upon termination of a Participant’s Continuous Service for any reason, the Participant shall forfeit his or her Restricted Shares and RSUs to the extent the Participant’s interest therein has not vested on or before such termination date;
provided that if a Participant purchases Restricted Shares and forfeits them for any reason, the Company shall return the purchase price to the Participant to the extent either set forth in an Award Agreement or required by Applicable Laws. 

(c) Certificates for Restricted Shares. Unless otherwise provided in an Award Agreement, the Company shall hold certificates
representing Restricted Shares and dividends (whether in Shares or cash) that accrue with respect to them until the restrictions lapse, and the Participant shall provide the Company with appropriate stock powers endorsed in blank. The
Participant’s failure to provide such stock powers within ten days after a written request from the Company shall entitle the Committee to unilaterally declare a forfeiture of all or some of the Participant’s Restricted Shares. 

(d) Section 83(b) Elections. A Participant may make an election under Code Section 83(b) (the “Section 83(b)
Election”) with respect to Restricted Shares. A Participant who has received RSUs may, within ten days after receiving the RSU Award, provide the Committee with a written notice of his or her desire to make a Section 83(b) Election
with respect to the Shares subject to such RSUs. The Committee may in its discretion convert the Participant’s RSUs into Restricted Shares, on a one-for-one basis, in full satisfaction of the Participant’s RSU Award. The Participant may
then make a Section 83(b) Election with respect to those Restricted Shares. A Section 83(b) Election will be invalid if not filed with the Company and the appropriate U.S. tax authorities within 30 days after the Grant Date of the RSUs
that are thereafter replaced by the Restricted Shares or, if inapplicable, the original Restricted Share Award. 
 (e) Deferral Elections
for RSUs. To the extent specifically provided in an Award Agreement, a Participant may irrevocably elect, in accordance with Section 8 below, to defer the receipt of all or a 

  
 8 

 
percentage of the Shares that would otherwise be transferred to the Participant both more than 12 months after the date of the Participant’s deferral election and upon the vesting of an RSU
Award. If the Participant makes this election, the Company shall credit the Shares subject to the election, and any associated Shares attributable to Dividend Equivalent Rights attached to the Award, to a DSU account established pursuant to
Section 8 below on the date such Shares would otherwise have been delivered to the Participant pursuant to this Section. 
 (f)
Issuance of Shares upon Vesting. As soon as practicable after vesting of a Participant’s Restricted Shares (or of the right to receive Shares underlying RSUs), the Company shall deliver to the Participant, free from vesting restrictions,
one Share for each surrendered and vested Restricted Share (or deliver one Share free of the vesting restriction for each vested RSU), unless an Award Agreement provides otherwise and subject to Section 11 regarding Withholding Taxes. No
fractional Shares shall be distributed, and cash shall be paid in lieu thereof. 
 8. DSUs. 

(a) Elections to Defer. The Committee may make DSU awards to Eligible Persons pursuant to Award Agreements (regardless of whether or not
there is a deferral of the Eligible Person’s compensation), and may permit select Eligible Persons to irrevocably elect, on a form provided by and acceptable to the Committee (the “Election Form”), to forego the receipt of cash
or other compensation (including the Shares deliverable pursuant to any RSU Award) and in lieu thereof to have the Company credit to an internal Plan account a number of DSUs having a Fair Market Value equal to the Shares and other compensation
deferred. These credits will be made at the end of each calendar quarter (or other period determined by the Committee) during which compensation is deferred. Notwithstanding the foregoing sentence, a Participant’s Election Form will be
ineffective with respect to any compensation that the Participant earns before the date on which the Election Form takes effect. For any Participant who is subject to U.S. income taxation, the Committee shall only authorize deferral elections under
this Section (i) pursuant to written procedures, and using written Election Forms, that satisfy the requirements of Code Section 409A, and (ii) only by Eligible Persons who are Directors, Consultants, or members of a select group of
management or highly compensated Employees (within the meaning of ERISA). 
 (b) Vesting. Unless an Award Agreement expressly
provides otherwise, each Participant shall be 100% vested at all times in any Shares subject to DSUs. 
 (c) Issuances of Shares.
Unless an Award Agreement expressly provides otherwise, the Company shall settle a Participant’s DSU Award, by delivering one Share for each DSU, in five substantially equal annual installments that are issued before the last day of each of the
five calendar years that end after the date on which the Participant’s Continuous Service ends for any reason, subject to – 

(i) the Participant’s right to elect a different form of distribution, only on a form provided by and acceptable to the
Committee, that permits the Participant to select any combination of a lump sum and annual installments that are triggered by, and completed within ten years following, the last day of the Participant’s Continuous Service, and 

  
 9 

 (ii) the Company’s acceptance of the Participant’s distribution
election form executed at the time the Participant elects to defer the receipt of cash or other compensation pursuant to Section 8(a), provided that the Participant may change a distribution election through any subsequent election that
(A) the Participant delivers to the Company at least one year before the date on which distributions are otherwise scheduled to commence pursuant to the Participant’s initial distribution election, and (B) defers the commencement of
distributions by at least five years from the originally scheduled distribution commencement date. 
 Fractional shares shall not be issued,
and instead shall be paid out in cash. 
 (d) Emergency Withdrawals. In the event that a Participant suffers an unforeseeable
emergency within the contemplation of this Section, the Participant may apply to the Committee for an immediate distribution of all or a portion of the Participant’s DSUs. The unforeseeable emergency must result from a sudden and unexpected
illness or accident of the Participant, the Participant’s spouse, or a dependent (within the meaning of Code Section 152) of the Participant, casualty loss of the Participant’s property, or other similar extraordinary and
unforeseeable conditions beyond the control of the Participant. The Committee shall, in its sole and absolute discretion, determine whether a Participant has a qualifying unforeseeable emergency, may require independent verification of the
emergency, and may determine whether or not to provide the Participant with cash or Shares. Examples of purposes which are not considered unforeseeable emergencies include post-secondary school expenses or the desire to purchase a residence. In no
event will a distribution be made to the extent the unforeseeable emergency could be relieved through reimbursement or compensation by insurance or otherwise, or by liquidation of the Participant’s nonessential assets to the extent such
liquidation would not itself cause a severe financial hardship. The amount of any distribution hereunder shall be limited to the amount necessary to relieve the Participant’s unforeseeable emergency plus amounts necessary to pay taxes
reasonably anticipated as a result of the distribution. The number of Shares subject to the Participant’s DSU Award shall be reduced by any Shares distributed to the Participant and by a number of Shares having a Fair Market Value on the date
of the distribution equal to any cash paid to the Participant pursuant to this Section. For all DSUs granted to Participants who are U.S. taxpayers, the term “unforeseeable emergency” shall be interpreted in accordance with Code
Section 409A. 
 (e) Termination of Service. For purposes of this Section, a Participant’s “Continuous Service”
shall only end when the Participant incurs a “separation from service” within the meaning of Treasury Regulations § 1.409A-1(h). A Participant shall be considered to have experienced a termination of Continuous Service when the facts
and circumstances indicate that either (i) no further services will be performed for the Company or any Affiliate after a certain date, or (ii) that the level of bona fide services the Participant will perform after such date (whether as
an Employee, Director, or Consultant) are reasonably expected to permanently decrease to no more than 50% of the average level of bona fide services performed by such Participant (whether as an Employee, Director, or Consultant) over the immediately
preceding 36-month period (or full period of services to the Company and its Affiliates if the Participant has been providing such services for less than 36 months). 

  
 10 

 9. Performance and Cash-Settled Awards. 

(a) Performance Units. Subject to the limitations set forth in paragraph (b) hereof, the Committee may in its discretion grant
Performance Awards, including Performance Units to any Eligible Person, including Performance Unit Awards that (i) have substantially the same financial benefits and other terms and conditions as Options, SARs, RSUs, or DSUs, but (ii) are
settled only in cash. All Awards hereunder shall be made pursuant to Award Agreements setting forth terms and conditions that are not inconsistent with the Plan. 

(b) Performance Compensation Awards. Subject to the limitations set forth in this Section, the Committee may, at the time of grant of a
Performance Unit, designate such Award as a “Performance Compensation Award” (payable in cash or Shares) in order that such Award constitutes “qualified performance-based compensation” under Code Section 162(m), and
has terms and conditions designed to qualify as such. With respect to each such Performance Compensation Award, the Committee shall establish, in writing within the time required under Code Section 162(m), a “Performance
Period,” “Performance Measure(s)”, and “Performance Formula(e)” (each such term being defined below). Once established for a Performance Period, the Performance Measure(s) and Performance Formula(e) shall
not be amended or otherwise modified to the extent such amendment or modification would cause the compensation payable pursuant to the Award to fail to constitute qualified performance-based compensation under Code Section 162(m). 

A Participant shall be eligible to receive payment in respect of a Performance Compensation Award only to the extent that the Performance
Measure(s) for such Award is achieved and the Performance Formula(e) as applied against such Performance Measure(s) determines that all or some portion of such Participant’s Award has been earned for the Performance Period. As soon as
practicable after the close of each Performance Period, the Committee shall review and certify in writing whether, and to what extent, the Performance Measure(s) for the Performance Period have been achieved and, if so, determine and certify in
writing the amount of the Performance Compensation Award to be paid to the Participant and, in so doing, may use negative discretion to decrease, but not increase, the amount of the Award otherwise payable to the Participant based upon such
performance. 
 (c) Limitations on Awards. The maximum Performance Award and the maximum Performance Compensation Award that any one
Participant may receive for any one Performance Period, without regard to time of vesting or exercisability, shall not together exceed the limitation set forth in Section 3(b) above, as adjusted pursuant to Section 13 below (or, for
Performance Units to be settled in cash, U.S. $2,000,000 determined on the Grant Date). The Committee shall have the discretion to provide in any Award Agreement that any amounts earned in excess of these limitations will be credited as DSUs or as
deferred cash compensation under a separate plan of the Company (provided in the latter case that such deferred compensation either bears a reasonable rate of interest or has a value based on one or more predetermined actual investments). Any
amounts for which payment to the Participant is deferred pursuant to the preceding sentence shall be paid to the Participant in a future year or years not earlier than, and only to the extent that, the Participant is either not receiving
compensation in excess of these limits for a Performance Period, or is not subject to the restrictions set forth under Code Section 162(b). 

  
 11 

 (d) Definitions. 

(i) “Performance Formula” means, for a Performance Period, one or more objective formulas or standards
established by the Committee for purposes of determining whether or the extent to which an Award has been earned based on the level of performance attained or to be attained with respect to one or more Performance Measure(s). Performance Formulae
may vary from Performance Period to Performance Period and from Participant to Participant and may be established on a stand-alone basis, in tandem or in the alternative. 

(ii) “Performance Measure” means one or more of the following selected by the Committee to measure Company,
Affiliate, and/or business unit performance for a Performance Period, whether in absolute or relative terms (including, without limitation, terms relative to a peer group or index): income or profit, including but not limited to basic, diluted, or
adjusted earnings per share, earnings before interest, taxes, and/or other adjustments (in total or on a per share basis), basic or adjusted net income, gross margin, or similar income or profit measure; returns on equity, assets, capital, revenue
or similar return measure; economic profit, economic value added, or similar measure of residual income; revenues or sales; working capital; cash usage; total stockholder return; and costs, product development, technology development, market share,
research, securement of intellectual property rights, licensing, litigation, human resources, information services, mergers, acquisitions, sales of assets of Affiliates or business units. Each such measure shall be, to the extent applicable,
determined in accordance with generally accepted accounting principles as consistently applied by the Company (or such other standard applied by the Committee) and, if so determined by the Committee, and in the case of a Performance Compensation
Award, to the extent permitted under Code Section 162(m), adjusted to omit the effects of extraordinary items, gain or loss on the disposal of a business segment, unusual or infrequently occurring events and transactions and cumulative effects
of changes in accounting principles. Performance Measures may vary from Performance Period to Performance Period and from Participant to Participant, and may be established on a stand-alone basis, in tandem or in the alternative. 

(iii) “Performance Period” means one or more periods of time (of not less than one fiscal year of the
Company), as the Committee may designate, over which the attainment of one or more Performance Measure(s) will be measured for the purpose of determining a Participant’s rights in respect of an Award. 

(e) Deferral Elections. At any time prior to the date that is both at least six months before the close of a Performance Period (or
shorter or longer period that the Committee selects) with respect to a Performance Award and at which time vesting or payment is substantially uncertain to occur, the Committee may permit a Participant who is a member of a select group of management
or highly compensated employees (within the meaning of ERISA) to irrevocably elect, on a form provided by and acceptable to the Committee, to defer the receipt of all or a percentage of the cash or Shares that would otherwise be transferred to the
Participant upon the vesting of such Award. If the Participant makes this election, the cash or Shares subject to the election, and any associated interest and dividends, shall be credited to an account established pursuant to Section 8 hereof
on the date such cash or Shares would otherwise have been released or issued to the Participant pursuant to this Section. 

  
 12 

 10. Dividend Equivalent Rights. The Committee may grant Dividend Equivalent Rights to any Eligible
Person, and may do either pursuant to an Award Agreement that is independent of any other Award, or through a provision in another Award (other than an Option or SAR) that Dividend Equivalent Rights attach to the Shares underlying the Award. For
example, and without limitation, the Committee may grant a Dividend Equivalent Right in respect of each Share subject to a Restricted Stock Award, Restricted Stock Unit Award, Deferred Share Unit, or Performance Share Award. 

(a) Nature of Right. Each Dividend Equivalent Right shall represent the right to receive amounts based on the dividends declared on
Shares as of all dividend payment dates during the term of the Dividend Equivalent Right as determined by the Committee. Unless otherwise determined by the Committee, a Dividend Equivalent Right shall expire upon termination of the
Participant’s Continuous Service, provided that a Dividend Equivalent Right that is granted as part of another Award shall expire only when the Award is settled or otherwise forfeited. 

(b) Settlement. Unless otherwise provided in an Award Agreement, Dividend Equivalent Rights shall be paid out on the (i) on the
record date for dividends if the Award occurs on a stand-alone basis, and (ii) on the vesting or later settlement date for another Award if the Dividend Equivalent Right is granted as part of it. Payment of all amounts determined in accordance
with this Section shall be in Shares, with cash paid in lieu of fractional Shares, provided that the Committee may instead provide in an Award Agreement for cash settlement of all or part of the Dividend Equivalent Rights. Only the Shares actually
issued pursuant to Dividend Equivalent Rights shall count against the limits set forth in Section 3 above. 
 (c) Other Terms.
The Committee may impose such other terms and conditions on the grant of a Dividend Equivalent Right as it deems appropriate in its discretion as reflected by the terms of the Award Agreement. The Committee may establish a program under which
Dividend Equivalent Rights may be granted in conjunction with other Awards. The Committee may also authorize, for any Participant or group of Participants, a program under which the payments with respect to Dividend Equivalent Rights may be deferred
pursuant to the terms and conditions determined under Section 9 above. 
 11. Taxes; Withholding. 

(a) General Rule. Participants are solely responsible and liable for the satisfaction of all taxes and penalties that may arise in
connection with Awards, and neither the Company, nor any Affiliate, nor any of their employees, directors, or agents shall have any obligation to mitigate, indemnify, or to otherwise hold any Participant harmless from any or all of such taxes. The
Company’s obligation to deliver Shares (or to pay cash) to Participants pursuant to Awards is at all times subject to their prior or coincident satisfaction of all required Withholding Taxes. Except to the extent otherwise either provided in an
Award Agreement or thereafter authorized by the Committee, the Company or any Affiliate will satisfy required Withholding Taxes that the Participant has not otherwise arranged to settle before the due date thereof – 

 

	 	(i)	first from withholding the cash otherwise payable to the Participant pursuant to the Award; 

  
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	 	(ii)	then by withholding and cancelling the Participant’s rights with respect to a number of Shares that (A) would otherwise have been delivered to the Participant pursuant to the Award, and (B) have an
aggregate Fair Market Value equal to the Withholding Taxes (such withheld Shares to be valued on the basis of the aggregate Fair Market Value thereof on the date of the withholding); and 

 

	 	(iii)	finally, withholding the cash otherwise payable to the Participant by the Company. 

 The number
of Shares withheld and cancelled to pay a Participant’s Withholding Taxes will be rounded up to the nearest whole Share sufficient to satisfy such taxes, with cash being paid to the Participant in an amount equal to the amount by which the Fair
Market Value of such Shares exceeds the Withholding Taxes. 
 (b) U.S. Code Section 409A. To the extent that the Committee
determines that any Award granted under the Plan is subject to Code Section 409A, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Code Section 409A. To the extent applicable, the Plan and
Award Agreements shall be interpreted in accordance with Code Section 409A and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be
issued after the Effective Date. Notwithstanding any provision of the Plan to the contrary, the Committee may adopt such amendments to the Plan and the applicable Award Agreement or adopt other policies and procedures (including amendments, policies
and procedures with retroactive effect), or take any other actions, that the Committee determines are necessary or appropriate (i) to exempt the Award from Code Section 409A and/or preserve the intended tax treatment of the benefits
provided with respect to the Award, or (ii) to comply with the requirements of Code Section 409A and related Department of Treasury guidance and thereby avoid the application of any penalty taxes under such Section. 

(c) Unfunded Tax Status. The Plan is intended to be an “unfunded” plan for incentive compensation. With respect to any
payments not yet made to a Person pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give the Person any rights that are greater than those of a general creditor of the Company or any Affiliate, and a Participant’s
rights under the Plan at all times constitute an unsecured claim against the general assets of the Company for the collection of benefits as they come due. Neither the Participant nor the Participant’s duly-authorized transferee or
Beneficiaries shall have any claim against or rights in any specific assets, Shares, or other funds of the Company. 
 12. Non-Transferability
of Awards. 
 (a) General. Except as set forth in this Section, or as otherwise approved by the Committee, Awards may not be
sold, pledged, assigned, hypothecated, transferred or disposed of in any manner other than by will or by the laws of descent or distribution. The designation of a death Beneficiary by a Participant will not constitute a transfer. An Award may be
exercised, during the lifetime of the holder of an Award, only by such holder, by the duly-authorized legal representative of a holder who is Disabled, or by a transferee permitted by this Section. 

  
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 (b) Limited Transferability Rights. The Committee may in its discretion provide in an
Award Agreement that an Award in the form of a Non-ISO, Share-settled SAR, Restricted Shares, or Performance Shares may be transferred, on such terms and conditions as the Committee deems appropriate, either (i) by instrument to the
Participant’s “Immediate Family” (as defined below), (ii) by instrument to an inter vivos or testamentary trust (or other entity) in which the Award is to be passed to the Participant’s designated beneficiaries, or
(iii) by gift to charitable institutions. Any transferee of the Participant’s rights shall succeed and be subject to all of the terms of the applicable Award Agreement and the Plan. “Immediate Family” means any child,
stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and shall include adoptive relationships. 

(c) Death. In the event of the death of a Participant, any outstanding Awards issued to the Participant shall automatically be
transferred to the Participant’s Beneficiary (or, if no Beneficiary is designated or surviving, to the person or persons to whom the Participant’s rights under the Award pass by will or the laws of descent and distribution). 

13. Change in Capital Structure; Change in Control; Etc. 

(a) Changes in Capitalization. The Committee shall equitably adjust the number of Shares covered by each outstanding Award, and the
number of Shares that have been authorized for issuance under the Plan but as to which no Awards have yet been granted or that have been returned to the Plan upon cancellation, forfeiture, or expiration of an Award, as well as the exercise or other
price per Share covered by each such outstanding Award, to reflect any increase or decrease in the number of issued Shares resulting from a stock-split, reverse stock-split, stock dividend, combination, recapitalization or reclassification of the
Shares, merger, consolidation, change in organization form, or any other increase or decrease in the number of issued Shares effected without receipt of consideration by the Company. In the event of any such transaction or event, the Committee may
provide in substitution for any or all outstanding Awards such alternative consideration (including cash or securities of any surviving entity) as it may in good faith determine to be equitable under the circumstances and may require in connection
therewith the surrender of all Awards so replaced. In any case, such substitution of cash or securities shall not require the consent of any person who is granted Awards pursuant to the Plan. Except as expressly provided herein, or in an Award
Agreement, if the Company issues for consideration shares of stock of any class or securities convertible into shares of stock of any class, the issuance shall not affect, and no adjustment by reason thereof shall be required to be made with respect
to the number or price of Shares subject to any Award. 
 (b) Dissolution or Liquidation. In the event of the dissolution or
liquidation of the Company other than as part of a Change of Control, each Award will terminate immediately prior to the consummation of such dissolution or liquidation, subject to the ability of the Committee to exercise any discretion authorized
in the case of a Change in Control. 
 (c) Change in Control. In the event of a Change in Control but subject to the terms of any
Award Agreements or employment-related agreements between the Company or any Affiliates and 

  
 15 

 
any Participant, each outstanding Award shall be assumed or a substantially equivalent award shall be substituted by the surviving or successor company or a parent or subsidiary of such successor
company (in each case, the “Successor Company”) upon consummation of the transaction. Notwithstanding the foregoing, instead of having outstanding Awards be assumed or replaced with equivalent awards by the Successor Company, the
Committee may in its sole and absolute discretion and authority, without obtaining the approval or consent of the Company’s stockholders or any Participant with respect to his or her outstanding Awards, take one or more of the following actions
(with respect to any or all of the Awards, and with discretion to differentiate between individual Participants and Awards for any reason): 

(i) accelerate the vesting of Awards so that Awards shall vest (and, to the extent applicable, become exercisable) as to the
Shares that otherwise would have been unvested and provide that repurchase rights of the Company with respect to Shares issued pursuant to an Award shall lapse as to the Shares subject to such repurchase right; 

(ii) arrange or otherwise provide for the payment of cash or other consideration to Participants in exchange for the
satisfaction and cancellation of outstanding Awards (with the Committee determining the amount payable to each Participant based on the Fair Market Value, on the date of the Change in Control, of the Award being cancelled, based on any reasonable
valuation method selected by the Committee); 
 (iii) terminate all or some Awards upon the consummation of the transaction,
provided that the Committee shall provide for vesting of such Awards in full as of a date immediately prior to consummation of the Change in Control. To the extent that an Award is not exercised prior to consummation of a transaction in which the
Award is not being assumed or substituted, such Award shall terminate upon such consummation; 
 (iv) make such other
modifications, adjustments or amendments to outstanding Awards or this Plan as the Committee deems necessary or appropriate, subject however to the terms of Section 13 above. 

In the event the Administrator elects a method of payment that is intended to comply with Treasury Regulation
section 1.409A-3(i)(5)(iv), the Administrator may provide that any payments that otherwise would be made after the five-year anniversary of the Change in Control Event shall be forfeited. 

Unless otherwise expressly provided in an Award Agreement or in any employment-related agreement between the Company or any Affiliate and the Participant, in
the event a Participant is Involuntarily Terminated on or within 12 months (or other period set forth in an Award Agreement) following a Change in Control, then any Award that is assumed or substituted pursuant to this Section shall accelerate and
become fully vested (and become exercisable in full in the case of Options and SARs), and any repurchase right applicable to any Shares underlying the Award shall lapse in full. The acceleration of vesting and lapse of repurchase rights provided for
in the previous sentence shall occur immediately prior to the effective date of the Participant’s Involuntary Termination. 

  
 16 

 14. Termination, Rescission and Recapture of Awards. 

(a) Each Award under the Plan is intended to align the Participant’s long-term interests with those of the Company. Accordingly, to the
extent provided in an Award Agreement, the Company may terminate any outstanding, unexercised, unexpired, unpaid, or deferred Awards (“Termination”), rescind any exercise, payment or delivery pursuant to the Award
(“Rescission”), or recapture any Shares (whether restricted or unrestricted) or proceeds from the Participant’s sale of Shares issued pursuant to the Award (“Recapture”), if the Participant does not comply with
the conditions of subsections (b), (c), and (e) hereof (collectively, the “Conditions”). 
 (b) A Participant shall
not, without the Company’s prior written authorization, disclose to anyone outside the Company, or use in other than the Company’s business, any proprietary or confidential information or material, as those or other similar terms are used
in any applicable patent, confidentiality, inventions, secrecy, or other agreement between the Participant and the Company with regard to any such proprietary or confidential information or material. 

(c) Pursuant to any agreement between the Participant and the Company with regard to intellectual property (including but not limited to
patents, trademarks, copyrights, trade secrets, inventions, developments, improvements, proprietary information, confidential business and personnel information), a Participant shall promptly disclose and assign to the Company or its designee all
right, title, and interest in such intellectual property, and shall take all reasonable steps necessary to enable the Company to secure all right, title and interest in such intellectual property in the United States and in any foreign country. 

(d) Upon exercise, payment, or delivery of cash or Common Stock pursuant to an Award, the Participant shall certify on a form acceptable to
the Company that he or she is in compliance with the terms and conditions of the Plan and, if a severance of Continuous Service has occurred for any reason, shall state the name and address of the Participant’s then-current employer or any
entity for which the Participant performs business services and the Participant’s title, and shall identify any organization or business in which the Participant owns a greater-than-five-percent equity interest. 

(e) If the Company determines, in its sole and absolute discretion, that (i) a Participant has violated any of the
Conditions or (ii) during his or her Continuous Service, or within one year after its termination for any reason, a Participant (x) has rendered services to or otherwise directly or indirectly engaged in or assisted, any
organization or business that, in the judgment of the Company in its sole and absolute discretion, is or is working to become competitive with the Company; (y) has solicited any non-administrative employee of the Company to terminate
employment with the Company; or (z) has engaged in activities which are materially prejudicial to or in conflict with the interests of the Company, including any breaches of fiduciary duty or the duty of loyalty, then the Company may, in its
sole and absolute discretion, impose a Termination, Rescission, and/or Recapture with respect to any or all of the Participant’s relevant Awards, Shares, and the proceeds thereof. 

(f) Within ten days after receiving notice from the Company of any such activity described in Section 14(e) above, the Participant shall
deliver to the Company the Shares acquired pursuant to the Award, or, if Participant has sold the Shares, the gain realized, or payment received as a result of the rescinded exercise, payment, or delivery; provided, that if the Participant returns
Shares 

  
 17 

 
that the Participant purchased pursuant to the exercise of an Option (or the gains realized from the sale of such Common Stock), the Company shall promptly refund the exercise price, without
earnings, that the Participant paid for the Shares. Any payment by the Participant to the Company pursuant to this Section shall be made either in cash or by returning to the Company the number of Shares that the Participant received in connection
with the rescinded exercise, payment, or delivery. It shall not be a basis for Termination, Rescission or Recapture if after termination of a Participant’s Continuous Service, the Participant purchases, as an investment or otherwise, stock or
other securities of such an organization or business, so long as (i) such stock or other securities are listed upon a recognized securities exchange or traded over-the-counter, and (ii) such investment does not represent more than a five
percent (5%) equity interest in the organization or business. 
 (g) Notwithstanding the foregoing provisions of this Section, the
Company has sole and absolute discretion not to require Termination, Rescission and/or Recapture, and its determination not to require Termination, Rescission and/or Recapture with respect to any particular act by a particular Participant or Award
shall not in any way reduce or eliminate the Company’s authority to require Termination, Rescission and/or Recapture with respect to any other act or Participant or Award. Nothing in this Section shall be construed to impose obligations on the
Participant to refrain from engaging in lawful competition with the Company after the termination of employment that does not violate subsections (b), (c), or (e) of this Section, other than any obligations that are part of any separate
agreement between the Company and the Participant or that arise under Applicable Law. 
 (h) All administrative and discretionary authority
given to the Company under this Section shall be exercised by the most senior human resources executive of the Company or such other person or committee (including without limitation the Committee) as the Committee may designate from time to time.

 (i) If any provision within this Section is determined to be unenforceable or invalid under any Applicable Law, such provision will be
applied to the maximum extent permitted by Applicable Law, and shall automatically be deemed amended in a manner consistent with its objectives and any limitations required under Applicable Law. Notwithstanding the foregoing, but subject to any
contrary terms set forth in any Award Agreement, this Section shall not be applicable to any Participant from and after his or her termination of Continuous Service after a Change in Control. 

15. Recoupment of Awards. Unless otherwise specifically provided in an Award Agreement, and to the extent permitted by Applicable Law, the
Committee may in its sole and absolute discretion, without obtaining the approval or consent of the Company’s stockholders or of any Participant, require that any Participant reimburse the Company for all or any portion of any Awards granted
under this Plan (“Reimbursement”), or the Committee may require the Termination or Rescission of, or the Recapture associated with, any Award, if and to the extent— 

(a) the granting, vesting, or payment of such Award was predicated upon the achievement of certain financial results that were subsequently
the subject of a material financial restatement; 
 (b) in the Committee’s view the Participant either benefited from a calculation
that later proves to be materially inaccurate, or engaged in fraud or misconduct that caused or partially caused the need for a material financial restatement by the Company or any Affiliate; and 

  
 18 

 (c) a lower granting, vesting, or payment of such Award would have occurred based upon the
conduct described in clause (b) of this Section. 
 In each instance, the Committee will, to the extent practicable and allowable under Applicable
Laws, require Reimbursement, Termination or Rescission of, or Recapture relating to, any such Award granted to a Participant; provided that the Company will not seek Reimbursement, Termination or Rescission of, or Recapture relating to, any such
Awards that were paid or vested more than three years prior to the first date of the applicable restatement period. 
 16. Relationship to other
Benefits. No payment pursuant to the Plan shall be taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Affiliate except
to the extent otherwise expressly provided in writing in such other plan or an agreement thereunder. 
 17. Administration of the Plan. The
Committee shall administer the Plan in accordance with its terms, provided that the Board may act in lieu of the Committee on any matter. The Committee shall hold meetings at such times and places as it may determine and may prescribe, amend, and
rescind such rules, regulations, and procedures for the conduct of its business as it deems advisable. In the absence of a duly appointed Committee, the Board shall function as the Committee for all purposes of the Plan. 

(a) Committee Composition. The Board shall appoint the members of the Committee. If and to the extent permitted by Applicable Law, the
Committee may authorize one or more executive officers to make Awards to Eligible Persons other than themselves. The Board may at any time appoint additional members to the Committee, remove and replace members of the Committee with or without
Cause, and fill vacancies on the Committee however caused. 
 (b) Powers of the Committee. Subject to the provisions of the Plan, the
Committee shall have the authority, in its sole discretion: 
 (i) to grant Awards and to determine Eligible Persons to whom
Awards shall be granted from time to time, and the number of Shares, units, or dollars to be covered by each Award; 
 (ii)
to determine, from time to time, the Fair Market Value of Shares; 
 (iii) to determine, and to set forth in Award
Agreements, the terms and conditions of all Awards, including any applicable exercise or purchase price, the installments and conditions under which an Award shall become vested (which may be based on performance), terminated, expired, cancelled, or
replaced, and the circumstances for vesting acceleration or waiver of forfeiture restrictions, and other restrictions and limitations; 

(iv) to approve the forms of Award Agreements and all other documents, notices and certificates in connection therewith which
need not be identical either as to type of Award or among Participants; 

  
 19 

 (v) to construe and interpret the terms of the Plan and any Award Agreement, to
determine the meaning of their terms, and to prescribe, amend, and rescind rules and procedures relating to the Plan and its administration; 

(vi) to the extent consistent with the purposes of the Plan and without amending the Plan, to modify, to cancel, or to waive
the Company’s rights with respect to any Awards, to adjust or to modify Award Agreements for changes in Applicable Law, and to recognize differences in foreign law, tax policies, or customs; 

(vii) to require, as a condition precedent to the grant, vesting, exercise, settlement, and/or issuance of Shares pursuant to
any Award, that a Participant agree to execute a general release of claims (in any form that the Committee may require, in its sole discretion, which form may include any other provisions, e.g. confidentiality and restrictions on competition,
that are found in general claims release agreements that the Company utilizes or expects to utilize); 
 (viii) in the event
that the Company establishes, for itself or using the services of a third party, an automated system for the documentation, granting, settlement, or exercise of Award, such as a system using an internet website or interactive voice response, to
implement paperless documentation, granting, settlement, or exercise of Awards by a Participant may be permitted through the use of such an automated system; and 

(ix) to make all interpretations and to take all other actions that the Committee may consider necessary or advisable to
administer the Plan or to effectuate its purposes. 
 Subject to Applicable Law and the restrictions set forth in the Plan, the Committee
may delegate administrative functions to individuals who are Directors or Employees. 
 (c) Local Law Adjustments and Sub-plans. To
facilitate the making of any grant of an Award under this Plan, the Committee may adopt rules and provide for such special terms for Awards to Participants who are located within the United States, foreign nationals, or who are employed by the
Company or any Affiliate outside of the United States of America as the Committee may consider necessary or appropriate to accommodate differences in local law, tax policy or custom. Without limiting the foregoing, the Company is specifically
authorized to adopt rules and procedures regarding the conversion of local currency, taxes, withholding procedures and handling of stock certificates which vary with the customs and requirements of particular countries. The Company may adopt
sub-plans and establish escrow accounts and trusts, and settle Awards in cash in lieu of shares, as may be appropriate, required or applicable to particular locations and countries. 

(d) Action by Committee. Unless otherwise established by the Board or in any charter of the Committee, a majority of the Committee
shall constitute a quorum and the acts of a majority of the members present at any meeting at which a quorum is present, and acts approved in writing by all members of the Committee in lieu of a meeting, shall be deemed the acts of the Committee.
Each member of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished to that member by an officer or other employee of the Company or any Affiliate, the Company’s independent certified public
accounts, or any executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan. 

  
 20 

 (e) Deference to Committee Determinations. The Committee shall have the discretion to
interpret or construe ambiguous, unclear, or implied (but omitted) terms in any fashion it deems to be appropriate in its sole discretion, and to make any findings of fact needed in the administration of the Plan or Award Agreements. The
Committee’s prior exercise of its discretionary authority shall not obligate it to exercise its authority in a like fashion thereafter. The Committee’s interpretation and construction of any provision of the Plan, or of any Award or Award
Agreement, and all determination the Committee makes pursuant to the Plan shall be final, binding, and conclusive. The validity of any such interpretation, construction, decision or finding of fact shall not be given de novo review if challenged in
court, by arbitration, or in any other forum, and shall be upheld unless clearly made in bad faith or materially affected by fraud. 
 (f)
No Liability; Indemnification. Neither the Board nor any Committee member, nor any Person acting at the direction of the Board or the Committee, shall be liable for any act, omission, interpretation, construction or determination made in good
faith with respect to the Plan, any Award or any Award Agreement. The Company and its Affiliates shall pay or reimburse any member of the Committee, as well as any Director, Employee, or Consultant who in good faith takes action on behalf of the
Plan, for all expenses incurred with respect to the Plan, and to the full extent allowable under Applicable Law shall indemnify each and every one of them for any claims, liabilities, and costs (including reasonable attorney’s fees) arising out
of their good faith performance of duties on behalf of the Plan. The Company and its Affiliates may, but shall not be required to, obtain liability insurance for this purpose. 

(g) Expenses. The expenses of administering the Plan shall be borne jointly and severally by the Company and its Affiliates.

 18. Modification of Awards and Substitution of Options. Within the limitations of the Plan, the Committee may modify an Award to accelerate
the rate at which an Option or SAR may be exercised, to accelerate the vesting of any Award, to extend or renew outstanding Awards, to accept the cancellation of outstanding Awards to the extent not previously exercised, or to make any change that
the Plan would permit for a new Award. However, except in connection with a Change in Control or as approved by the Company’s stockholders for any period during which it is subject to the reporting requirements of the Exchange Act, the
Committee may not cancel an outstanding Option or SAR whose exercise price is greater than Fair Market Value at the time of cancellation for the purpose of reissuing the Option or SAR to the Participant at a lower exercise price, or granting a
replacement award of a different type, or otherwise allowing for a “repricing” within the meaning of applicable federal securities laws. Notwithstanding the foregoing, no modification of an outstanding Award may materially and adversely
affect a Participant’s rights thereunder unless either (i) the Participant provides written consent to the modification, or (ii) before a Change in Control, the Committee determines in good faith that the modification is not
materially adverse to the Participant. 
 19. Plan Amendment and Termination. The Board may amend or terminate the Plan as it shall deem
advisable; provided that no change shall be made that increases the total number of Shares reserved for issuance pursuant to Awards (except pursuant to Section 13 above) unless such change is authorized by the stockholders of the Company. A
termination or amendment of the Plan shall not materially and adversely affect a Participant’s vested rights under an Award previously granted to him or her, unless the Participant consents in writing to such termination or amendment.
Notwithstanding the foregoing, the Committee may amend the Plan to comply with changes in tax or 

  
 21 

 
securities laws or regulations, or in the interpretation thereof. Furthermore, neither the Company nor the Committee shall, without stockholder approval, either (a) allow for a
“repricing” within the meaning of federal securities laws applicable to proxy statement disclosures, or (b) cancel an outstanding Option whose exercise price is greater than Fair Market Value at the time of cancellation for the
purpose of reissuing the Option to the Participant at a lower exercise price or granting a replacement award of a different type. 
 20. Term of
Plan. If not sooner terminated by the Board, this Plan shall terminate at the close of business on the date ten years after its Effective Date as determined under Section 1(b) above. No Awards shall be made under the Plan after its
termination. 
 21. Governing Law. The terms of this Plan shall be governed by the laws of the State of Delaware, within the United States of
America, without regard to the State’s conflict of laws rules. 
 22. Laws and Regulations. 

(a) General Rules. This Plan, the granting of Awards, the exercise of Options and SARs, and the obligations of the Company hereunder
(including those to pay cash or to deliver, sell or accept the surrender of any of its Shares or other securities) shall be subject to all Applicable Law. In the event that any Shares are not registered under any Applicable Law prior to the required
delivery of them pursuant to Awards, the Company may require, as a condition to their issuance or delivery, that the persons to whom the Shares are to be issued or delivered make any written representations and warranties (such as that such Shares
are being acquired by the Participant for investment for the Participant’s own account and not with a view to, for resale in connection with, or with an intent of participating directly or indirectly in, any distribution of such Shares) that
the Committee may reasonably require, and the Committee may in its sole discretion include a legend to such effect on the certificates representing any Shares issued or delivered pursuant to the Plan. 

(b) Black-out Periods. Notwithstanding any contrary terms within the Plan or any Award Agreement, the Committee shall have the absolute
discretion to impose a “blackout” period on the exercise of any Option or SAR, as well as the settlement of any Award, with respect to any or all Participants (including those whose Continuous Service has ended) to the extent that the
Committee determines that doing so is either desirable or required in order to comply with applicable securities laws. 
 23. No Stockholder
Rights. Neither a Participant nor any transferee or Beneficiary of a Participant shall have any rights as a stockholder of the Company with respect to any Shares underlying any Award until the date of issuance of a share certificate
to such Participant, transferee, or Beneficiary for such Shares in accordance with the Company’s governing instruments and Applicable Law. Prior to the issuance of Shares or Restricted Shares pursuant to an Award, a Participant shall not have
the right to vote or to receive dividends or any other rights as a stockholder with respect to the Shares underlying the Award (unless otherwise provided in the Award Agreement for Restricted Shares), notwithstanding its exercise in the case of
Options and SARs. No adjustment will be made for a dividend or other right that is determined based on a record date prior to the date the stock certificate is issued, except as otherwise specifically provided for in this Plan or an Award Agreement.

  
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Appendix I: Definitions 
  

 
 As used in the Plan, the
following terms have the meanings indicated when they begin with initial capital letters within the Plan: 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly controls or is controlled
by or under common control with such Person. For the purposes of this definition, “control,” when used with respect to any Person, means the possession, direct or indirect, of the power to direct or cause the direction of the management
and policies of such Person or the power to elect directors, whether through the ownership of voting securities, by contract or otherwise; and the terms “affiliated,” “controlling” and “controlled” have meanings
correlative to the foregoing. 
 “Applicable Law” means the legal requirements relating to the administration of
options and share-based plans under any applicable laws of the United States, any other country, and any provincial, state, or local subdivision, any applicable stock exchange or automated quotation system rules or regulations, as such laws, rules,
regulations and requirements shall be in place from time to time. 
 “Award” means any award made pursuant to the
Plan, including awards made in the form of an Option, a SAR, a Restricted Share, a RSU, an Unrestricted Share, a DSU, a Performance Award, or Dividend Equivalent Rights, or any combination thereof, whether alternative or cumulative. 

“Award Agreement” means any written document setting forth the terms of an Award that has been authorized by the
Committee. The Committee shall determine the form or forms of documents to be used, and may change them from time to time for any reason. 

“Beneficiary” means the person or entity designated by the Participant, in a form approved by the Company, to exercise
the Participant’s rights with respect to an Award or receive payment or settlement under an Award after the Participant’s death. 

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

“Cause” has the meaning set forth in any unexpired employment agreement between the Company and the Participant. In
the absence of such an agreement, “Cause” means (i) gross negligence, willful misconduct, insubordination, or other material malfeasance or non-feasance by the Participant in the performance of his duties; (ii) the
Participant’s unauthorized disclosure of confidential information about the Company; (iii) the Participant’s material breach of any employment, consulting, confidentiality, non-disclosure, non-competition or similar agreement between
the Participant and the Company; (iv) the Participant’s conviction of, plea of nolo contendere to, or written admission of the commission of, a felony; (v) any act by the Participant involving fraud or misrepresentation with
respect to his duties for the Company, which has resulted or likely will result in material damage to the Company; (vi) any act by the Participant constituting a failure to follow the directions of the either the Company’s Chief Executive
Officer or the Board, provided that, the Board 

  
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provides written notice of such failure to the Participant and the failure continues for fifteen (15) days after the Executive’s receipt of such notice; (vii) the
Participant’s material breach of any provision of the Plan or any Award Agreement; (viii) any act of Participant involving moral turpitude that adversely affects Participant’s ability to serve the Company; (ix) Participant’s
violation of any federal, state or local law or regulation applicable to the Company or its businesses that causes material injury to the Company (including, without limitation, the reputation of the Company) or Participant’s intentional or
knowing violation of any law or regulation applicable to the Company; or (x) Participant’s conduct that constitutes a material breach of any statutory or common law duty of loyalty to the Company. For purpose of this paragraph, no act or
failure to act by the Participant shall be considered “willful” if such act or failure to act was in good faith and with the reasonable belief that the act or omission was in the best interests of the Company, or occurred at the direction
of the Board. The foregoing definition does not in any way limit the Company’s ability to terminate a Participant’s employment or consulting relationship at any time, and the term “Company” will be interpreted herein to include
any Affiliate or successor thereto, if appropriate. Furthermore, a Participant’s Continuous Service shall be deemed to have terminated for Cause within the meaning hereof if, at any time (whether before, on, or after termination of the
Participant’s Continuous Service), facts or circumstances are discovered that would have justified a termination for Cause. 

“Change in Control” means, unless another definition is set forth in an Award Agreement, the first of the following to
occur after the Effective Date: 
 (i) Acquisition of Controlling Interest. Any Person (other than Persons who are Employees at any
time more than one year before a transaction) becomes the beneficial owner, directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities. In applying the
preceding sentence, (i) securities acquired from the Company by or for the Person shall not be taken into account, and (ii) an agreement to vote securities shall be disregarded unless its ultimate purpose is to cause what would otherwise
be a Change in Control, as reasonably determined by the Board. 
 (ii) Change in Board Control. During any consecutive two-year
period commencing after the date of adoption of this Plan, individuals who constituted the Board at the beginning of the period (or their approved replacements, as defined in the next sentence) cease for any reason to constitute a majority of the
Board. A new Director shall be considered an “approved replacement” Director if his or her election (or nomination for election) was approved by a vote of at least a majority of the Directors then still in office who either were Directors
at the beginning of the period or were themselves approved replacement Directors, but in either case excluding any Director whose initial assumption of office occurred as a result of an actual or threatened solicitation of proxies or consents by or
on behalf of any Person other than the Board. 
 (iii) Merger. The Company consummates a merger, or consolidation of the Company with
the any other corporation unless: (a) the voting securities of the Company outstanding immediately before the merger or consolidation would continue to represent (either by remaining outstanding or by being converted into voting securities of
the surviving entity) at least 50% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; and (b) no Person (other than Persons who
are Employees at any time more than one year before the transaction) becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then
outstanding securities. 

  
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 (iv) Sale of Assets. The stockholders of the Company approve an agreement for the sale of
disposition by the Company of all, or substantially all, of the Company’s assets. 
 (v) Liquidation or Dissolution. The
stockholders of the Company approve a plan or proposal for liquidation or dissolution of the Company. 
 Notwithstanding the foregoing, a
“Change in Control” shall not be deemed to have occurred by virtue of the consummation of either (i) the Company’s initial public offering of its Shares, or (ii) any transaction or series of integrated transactions
immediately following which the record holders of the common stock of the Company immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in any entity which owns all or
substantially all of the assets of the Company immediately following such transaction or series of transactions. 

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

“Committee” means the Compensation Committee of the Board or its successor, provided that the term
“Committee” means (i) the Board when acting at any time in lieu of the Committee, (ii) with respect to any decision involving an Award intended to satisfy the requirements of Code Section 162(m), a committee consisting of
two or more Directors of the Company who are “outside directors” within the meaning of Code Section 162(m), and (iii) with respect to any decision relating to a Reporting Person, a committee consisting of solely of two or more
Directors who are disinterested within the meaning of Rule 16b-3. 
 “Company” means Gevo, Inc., a Delaware
corporation; provided that in the event the Company reincorporates to another jurisdiction, all references to the term “Company” shall refer to the Company in such new jurisdiction. 

“Company Stock” means common stock of the Company. In the event of a change in the capital structure of the Company
affecting the common stock (as provided in Section 13), the Shares resulting from such a change in the common stock shall be deemed to be Company Stock within the meaning of the Plan. 

“Consultant” means any person (other than an Employee or Director), including an advisor, who is engaged by the
Company or any Affiliate to render services and is compensated for such services. 
 “Continuous Service” means a
Participant’s period of service in the absence of any interruption or termination, as an Employee, Director, or Consultant. Continuous Service shall not be considered interrupted in the case of: (i) sick leave; (ii) military leave;
(iii) any other leave of absence approved by the Committee, provided that such leave is for a period of not more than 90 days, unless reemployment upon the expiration of such leave is guaranteed by contract or statute, or unless provided
otherwise pursuant to Company policy adopted from time to time; (iv) changes in 

  
 25 

 
status from Director to advisory director or emeritus status; or (iv) transfers between locations of the Company or between the Company and its Affiliates. Changes in status between service
as an Employee, Director, and a Consultant will not constitute an interruption of Continuous Service if the individual continues to perform bona fide services for the Company. The Committee shall have the discretion to determine whether and to what
extent the vesting of any Awards shall be tolled during any paid or unpaid leave of absence; provided, however, that in the absence of such determination, vesting for all Awards shall be tolled during any such unpaid leave (but not for a paid
leave). Notwithstanding anything to the contrary contained in the Plan, an Investor Director Provider shall be deemed to have Continuous Service for so long as the Investor Director Provider makes available for service as a member of the Board at
least one individual who provides services to, owns equity interests in, or is otherwise employed by, such investor or any of its Affiliates. 

“Deferred Share Units” or “DSUs” mean Awards pursuant to Section 8 of the Plan. 

“Director” means a member of the Board, or a member of the board of directors of an Affiliate. 

“Disabled” means (i) for an ISO, that the Participant is disabled within the meaning of Code section 22(e)(3),
and (ii) for other Awards, a condition under which that the Participant – 
 (i) is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or 

(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 12 months, received income replacement benefits for a period of not less than three months under an accident or health plan covering employees of the Company. 

“Dividend Equivalent Rights” means Awards pursuant to Section 10 of the Plan, which may be attached to other
Awards. 
 “Eligible Person” means any Consultant, Director, Investor Director Provider, or Employee and includes
non-Employees to whom an offer of employment has been or is being extended. 
 “Employee” means any person whom the
Company or any Affiliate classifies as an employee (including an officer) for employment tax purposes, whether or not that classification is correct. The payment by the Company of a director’s fee to a Director shall not be sufficient to
constitute “employment” of such Director by the Company. 
 “Employer” means the Company and each
Subsidiary and Affiliate that employs one or more Participants. 
 “Exchange Act” means the Securities Exchange Act
of 1934, as amended. 

  
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 “Fair Market Value” means the fair market value of the Company Stock as
of such date based on the then prevailing prices of the Company Stock on the New York Stock Exchange, the American Stock Exchange, NASDAQ or such other stocks exchange as the Company Stock is then listed for trading (and, if none, as determined by
the Committee in good faith based on relevant facts and circumstances). 
 “Grant Date” means the later of
(i) the date designated as the “Grant Date” within an Award Agreement, and (ii) date on which the Committee determines the key terms of an Award, provided that as soon as reasonably practical thereafter the Committee both
notifies the Eligible Person of the Award and enters into an Award Agreement with the Eligible Person. 
 “Incentive Stock
Option” (or “ISO”) means, an Option that qualifies for favorable income tax treatment under Code Section 422. 

“Investor Director Provider” means any investor in the Company (or Affiliate of such investor) (a) an employee,
direct or indirect owner or service provider of which serves as a Director and (b) with respect to which investor, such Director and such investor (or Affiliate) agree that the investor (or Affiliate) will receive any Awards that such Director
otherwise would receive. 
 “Involuntary Termination” means termination of a Participant’s Continuous Service
under the following circumstances occurring on or after a Change in Control: 
 (i) termination without Cause by the Company or an Affiliate
or successor thereto, as appropriate; or 
 (ii) voluntary resignation by the Participant through the following actions: (1) the
Participant provides the Company with written notice of the existence of one of the events, arising without the Participant’s consent, listed in clauses (A) through (C), below within thirty (30) days of the initial existence of such
event; (2) the Company fails to cure such event within thirty (30) days following the date such notice is given; and (3) the Participant elects to voluntarily terminate employment within the ninety (90) day period immediately
following such event. The events include: (A) a material reduction in the Participant’s authority, duties, and responsibilities , (B) the Participant being required to relocate his place of employment, other than a relocation within
fifty (50) miles of the Participant’s principal work site at the time of the Change in Control, or (C) a material reduction in the Participant’s Base Salary other than any such reduction consistent with a general reduction of pay
for similarly-situated Participants. 
 “Non-ISO” means an Option not intended to qualify as an Incentive Stock
Option, as designated in the applicable Award Agreement. 
 “Option” means a right to purchase Company Stock granted
under the Plan, at a price determined in accordance with the Plan. 
 “Participant” means any Eligible Person who
holds an outstanding Award. 
 “Performance Awards” mean Awards granted pursuant to Section 9. 

  
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 “Performance Unit” means an Award granted pursuant to Section 9(a)
of the Plan which may be paid in cash, in Shares, or such combination of cash and Shares as the Committee in its sole discretion shall determine. 

“Person” means any natural person, association, trust, business trust, cooperative, corporation, general partnership,
joint venture, joint-stock company, limited partnership, limited liability company, real estate investment trust, regulatory body, governmental agency or instrumentality, unincorporated organization or organizational entity. 

“Plan” means this Gevo, Inc. 2010 Stock Incentive Plan. 

“Prior Plan” means the Gevo, Inc. 2006 Omnibus Securities and Incentive Plan. 

“Recapture” and “Rescission” have the meaning set forth in Section 14 of the Plan. 

“Reimbursement” has the meaning set forth in Section 15 of the Plan. 

“Reporting Person” means an Employee, Director, or Consultant who is subject to the reporting requirements set forth
under Rule 16b-3. 
 “Restricted Share” means a Share of Company Stock awarded with restrictions imposed under
Section 7. 
 “Restricted Share Unit” or “RSU” means a right granted to a Participant
to receive Shares or cash upon the lapse of restrictions imposed under Section 7. 
 “Retirement” means a
Participant’s termination of employment after age 65. 
 “Rule 16b-3” means Rule 16b-3 promulgated under the
Exchange Act, as amended from time to time, or any successor provision. 
 “Share” means a share of Common Stock of
the Company, as adjusted in accordance with Section 13 of the Plan. 
 “SAR” or “Share Appreciation
Right” means a right to receive amounts awarded under Section 6. 
 “Ten Percent Holder” means a
person who owns (within the meaning of Code Section 422) stock representing more than ten percent (10%) of the combined voting power of all classes of stock of the Company. 

“Unrestricted Shares” mean Shares (without restrictions) awarded pursuant to Section 7 of the Plan. 

  
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 “Withholding Taxes” means the aggregate minimum amount of federal, state,
local and foreign income, payroll and other taxes that the Company and any Affiliates are required to withhold in connection with any Award. 

  
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