Document:

EX-10.4

 Exhibit 10.4 

WILLBROS GROUP, INC. 

RESTRICTED STOCK UNITS AWARD AGREEMENT 

              20     

 

                          
                                   

                          
                                   

                          
                                   

Dear                     
                    : 

1.    RESTRICTED STOCK UNITS
AWARD.  
 (a)    Willbros Group, Inc., a Delaware
corporation (the “Company”), hereby grants to you an aggregate of                      performance-based restricted stock units,
hereinafter referred to individually as an “RSU,” and collectively as the “RSUs” (the “Target Award”). Restrictions will lapse on the Target Award based on the Company’s achievement of the Target Performance Goal
(as defined below) for TSR, as otherwise set forth herein and more fully described below. Subject to potential reduction as set forth in Section 5(a) below, each RSU entitles you to receive up to two shares of Common Stock, par value $.05 per share
(“Shares”), of the Company (the “Maximum Award”), at such time as the restrictions described in Section 4(b) lapse as described in Section 5 if the Maximum Performance Goal (as defined below) established by the Committee for
TSR is achieved. Notwithstanding anything to the contrary, except as provided in Section 5(c) below, all RSUs shall be forfeited (whether vested or unvested) and no Shares shall be issued under this Award Agreement (as defined below), if the
Committee does not certify in writing that the Company has achieved the performance goal pursuant to Section 5 below. Restrictions on the RSUs shall lapse and become non-forfeitable in accordance with
Sections 4 and 5 below. 
 (b)    This award is subject to your acceptance of and agreement to all of the
applicable terms, conditions, and restrictions described in the Company’s 2017 Stock and Incentive Compensation Plan (the “Plan”), a copy of which, along with the Prospectus for the Plan, are attached hereto, and to your acceptance of
and agreement to the further terms, conditions, and restrictions described in this Restricted Stock Units Award Agreement (this “Award Agreement”). To the extent that any provision of this Award Agreement conflicts with the expressly
applicable terms of the Plan, it is hereby acknowledged and agreed that those terms of the Plan shall control and, if necessary, the applicable provisions of this Award Agreement shall be hereby deemed amended so as to carry out the purpose and
intent of the Plan. 

 2.    DELIVERY OF
SHARES. The Company shall register and issue a certificate(s) for the Shares you become entitled to receive hereunder in your name or deliver evidence of book entry Shares on the date on which the
restrictions described in Section 4(b) lapse as described in Section 5. Any certificates for or book entry representing Shares delivered to you pursuant to this Award Agreement shall be subject to such stop transfer orders and other
restrictions as the Committee may deem necessary or advisable under the Plan and the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange upon which such Shares are then listed, and any applicable
foreign, federal or state securities laws. 
 3.    STOCKHOLDER RIGHTS
PRIOR TO ISSUANCE OF SHARES. Neither you nor any of your beneficiaries shall be deemed to have any voting rights, rights to receive any
dividends, dividend equivalents or other rights as a stockholder of the Company with respect to any Shares covered by the RSUs until the date of issuance by the Company of a certificate to you for such Shares or the date of delivery of evidence of
book entry Shares. 
 4.    RESTRICTIONS. 

(a)    Your ownership of the RSUs shall be subject to the restrictions set forth in subsections (b)
and (c) of this Section until such restrictions lapse pursuant to the terms of Section 5, and such RSUs shall be redeemed for the applicable Shares or otherwise forfeited to the Company. 

(b)    At the time of your “Termination of Employment” (as defined in Section 12(m)), other
than a Termination of Employment that occurs as a result of an event described in Section 5(c)(2) or Section 5(c)(3), all of your RSUs shall be forfeited to the Company and all of your rights to receive any Shares in the future pursuant to the
RSUs shall automatically terminate without any payment of consideration by the Company. 
 (c)    You may
not sell, assign, transfer or otherwise dispose of any RSUs or any rights under the RSUs. No RSU and no rights under any such RSU may be pledged, alienated, attached or otherwise encumbered, and any purported pledge, alienation, attachment or
encumbrance thereof shall be void and unenforceable against the Company. 
 5.    LAPSE
OF RESTRICTIONS. 
 (a)    The Committee
shall (i) determine whether the Company has achieved the performance goal for the period beginning January 1, 20     and ending December 31, 20     (the “Performance Period”), which
determination shall be made on an objective and non-discretionary basis by the Committee and (ii) certify in writing as to whether and at what level the performance goal has been attained on or before
March 15, 20     (the “Certification Date”). If you remain employed by the Company on the Certification Date and (ii) the Committee determines and certifies in writing that the Company has achieved the
performance goal for the Performance Period as described in Section 6, that number of RSUs determined under Section 6 hereof will be deemed to have been earned (“Earned RSUs”). Notwithstanding the

  
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foregoing, the actual amount of RSUs that are deemed to be Earned RSUs based on the Committee’s certification of the achievement of the performance goal for the Performance Period may be
reduced by the Committee in its sole and absolute discretion if the Committee determines that the funding pool for this and any other performance-based long-term incentive awards should not be fully funded in light of any failure by the Company to
achieve any targets for operating income that the Committee may establish, in its discretion. 

(b)    The restrictions described in Section 4(b) shall lapse with respect to the Earned RSUs on
March 15, 20    . Upon the lapse of such restrictions with respect to any RSUs, the Company will issue you a certificate or provide evidence of book entry Shares as set forth in Section 2 in redemption of such RSUs.

 (c)    Notwithstanding the provisions of subsection (b) of this Section 5, the restrictions
described in Section 4(b) shall lapse as described below at the time of the occurrence of any of the following events or as otherwise set forth in this Section 5(c): 

(1)    The restrictions described in Section 4(b) shall lapse with respect to any Earned RSUs at the time
of the occurrence of your death or “Disability” (as defined in Section 12(f)). Notwithstanding the foregoing, if the Certification Date has not occurred prior to the time of your Termination of Employment as a result of your death or
Disability, the restrictions described in Section 4(b) shall lapse with respect to the Earned RSUs on the Certification Date. If your Termination as a result of your death or Disability occurs on a date which is prior to the end of the Performance
Period, the restrictions described in Section 4(b) shall lapse on the Certification Date with respect to a number of RSUs equal to the Earned RSUs multiplied by a fraction, the numerator of which shall equal the number of fully and partially
completed months of service during the Performance Period and the denominator of which shall equal 36; 

(2)    The restrictions described in Section 4(b) shall lapse with respect to any Earned RSUs at the time
of your Termination of Employment, but only if such Termination of Employment is the result of a dismissal or other action by the Company or any of its Affiliates and does not constitute a “Termination for Cause” (as defined in
Section 12(l)). Notwithstanding the foregoing, if the Certification Date has not occurred prior to the time of your Termination of Employment that does not constitute a Termination for Cause, the restrictions described in Section 4(b) shall
lapse with respect to the Earned RSUs on the Certification Date. If your Termination as a result of a dismissal or other action by the Company or any of its Affiliates that does not constitute a Termination for Cause occurs on a date which is prior
to the end of the Performance Period, the restrictions described in Section 4(b) shall lapse on the Certification Date with respect to a number of RSUs equal to the Earned RSUs multiplied by a fraction, the numerator of which shall equal the number
of fully and partially completed months of service during the Performance Period and the denominator of which shall equal 36; or 

  
 3 

 (3)    The restrictions described in Section 4(b) shall lapse
with respect to the Target Award at the time of a “Change of Control” of the Company (as defined in Section 12(e)) but only if the Committee reasonably determines in good faith before the occurrence of the Change of Control that this Award
Agreement shall not be honored or assumed and that an Alternative Award meeting the conditions of clauses (i) through (iv) in Article 14(a) of the Plan shall not be provided by any successor. In the event this Award Agreement is honored or
assumed by any successor, the restrictions described in Section 4(b) shall lapse with respect to the Target Award at the time of your Termination of Employment within one year following the Change of Control, but only if (i) such Termination of
Employment is the result of a dismissal or other action by the Company or any of its Affiliates and does not constitute a Termination for Cause or (ii) the Termination of Employment occurs as a result of your resignation for “Good
Reason” (as defined under Section 12(h)). 
 Upon the lapse of the restrictions described in Section 4(b), the Company will issue you a
certificate or provide evidence of book entry Shares as provided in Section 2 in redemption of the RSUs. 

6.    PERFORMANCE METRICS AND GOAL. 

The Target Award shall be subject to achievement by the Company as of the end of the Performance Period of the TSR Target Performance Goal, as
defined and calculated in accordance with Section 12 hereof, and according to the following table: 
 Three-year Period Performance
LTI Award – TSR Payout Matrix 
 Payout as a    % of Target Award 

[TBA] 
 The Company’s achievement of the TSR
Target Performance Goal shall be calculated by determining the Company’s Absolute Stock Price (as defined in Section 12(a) below) and the Company’s ranking relative to members of the Peer Group (as defined in Section 12(j) below). The
Company’s Peer Group ranking under the TSR Target Performance Goal will be determined by listing the Company and members of the Peer Group from highest to lowest TSR achieved by the respective company and counting down from the company with the
highest TSR to the Company’s position within such list. The Committee will first determine and certify the Company’s placement within the matrix set forth above based on the Peer Group ranking and Absolute Stock Price range which the
Company achieves for the Performance Period. The Committee will then determine and certify the percentage of the Target Award earned and the actual number of RSUs which are Earned RSUs based on the actual TSR ranking and Absolute Stock Price within
such range by linear interpolation. If in accordance with Section 12(j) below, one or more members of the Peer 

  
 4 

 
Group shall no longer qualify as members of the Peer Group, the Committee will adjust the Peer Group ranking scale set forth above in good faith such that the payouts for the corresponding level
of performance are consistent with the intent of the foregoing Peer Group ranking scale. 

7.    AGREEMENT WITH RESPECT TO TAXES;
SHARE WITHHOLDING. 
 (a)    You agree
that (1) you will pay to the Company or an Affiliate, as the case may be, or make arrangements satisfactory to the Company or such Affiliate regarding the payment of, any foreign, federal, state, or local taxes of any kind required by law to be
withheld by the Company or any of its Affiliates with respect to the RSUs awarded or the issuance of any Shares to you, and (2) the Company or any of its Affiliates shall, to the extent permitted by law, have the right to deduct from any
payments of any kind otherwise due to you any foreign, federal, state, or local taxes of any kind required by law to be withheld with respect to the RSUs awarded or Shares issued. 

(b)    With respect to withholding required upon the lapse of restrictions or upon any other taxable event
arising as a result of the RSUs awarded or the issuance of Shares to you, you may elect, subject to the approval of the Committee, to satisfy the withholding requirement, in whole or in part, by having the Company withhold Shares having a Fair
Market Value on the date the tax is to be determined equal to the minimum statutory total tax which could be withheld on the transaction (or such other amount that will not cause adverse accounting consequences for the Company and is permitted under
the Plan and applicable withholding rules promulgated by the Internal Revenue Service or other applicable governmental entity). All such elections shall be irrevocable, made in writing, signed by you, and shall be subject to any restrictions or
limitations that such Committee, in its sole discretion, deems appropriate. 
 8.    ADJUSTMENT
OF SHARES. The number of Shares subject to the RSUs awarded to you under this Award Agreement shall be adjusted as provided in Section 4.2 of the Plan. 

9.    AGREEMENT WITH RESPECT TO SECURITIES
MATTERS. You agree that you will not sell or otherwise transfer any Shares received pursuant to this Award Agreement except pursuant to an effective registration statement under the
U.S. Securities Act of 1933, as amended, or pursuant to an applicable exemption from such registration. Unless a registration statement relating to the Shares issuable upon the lapse of the restrictions on the RSUs pursuant to this Award
Agreement is in effect at the time of issuance of such Shares, any certificate(s) or book entry representing the Shares shall contain the following legend: 

These securities have not been registered under the U.S. Securities Act of 1933 or any other securities laws. These securities have been
acquired for investment and may not be sold or transferred for value in the absence of an effective registration of them under the U.S. Securities Act of 1933 and any other applicable securities laws, or

  
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receipt by the Company of an opinion of counsel or other evidence acceptable to the Company that such sale or transfer is exempt from registration under such acts and laws. 

10.    TRANSFER TAXES. The Company shall pay all
original issue and transfer taxes with respect to the issue and transfer of the Shares to you pursuant to this Award Agreement and all other fees and expenses necessarily incurred by it in connection therewith. 

11.    FORFEITURE AND CLAWBACK.  

(a)    You agree that in the event you violate the confidentiality,
non-competition, non-solicitation or non-disparagement provisions of any agreement between you and the Company or any Affiliate,
or any plan of the Company or any Affiliate in which you participate, including any severance plan, all of your RSUs for which the restrictions have not previously lapsed in accordance with Section 5 shall be forfeited to the Company and all of
your rights to receive any Shares in the future pursuant to the RSUs shall automatically terminate without any payment of consideration by the Company. 

(b)    Notwithstanding any other provision of the Plan or this Award Agreement to the contrary, you
acknowledge that any incentive-based compensation paid to you hereunder may be subject to recovery by the Company under the Company’s clawback policy or any subsequent clawback policy which the Company may be required to adopt under
Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules and regulations of the U.S. Securities and Exchange Commission thereunder or the requirements of any national securities exchange on which the
Company’s Common Stock may be listed. You agree to promptly return any such incentive-based compensation which the Company determines it is required to recover from you under any such clawback policy. 

12.    CERTAIN DEFINITIONS. Capitalized terms used in
this Award Agreement and not otherwise defined herein shall have the respective meanings provided in the Plan. As used in this Award Agreement, the following terms shall have the respective meanings indicated: 

(a)    “Absolute Stock Price” means the average of the closing prices on the principal stock
exchange on which the Company’s shares are traded, of one share of common stock for each of the last 20 trading days of the Performance Period. Share prices used in determining Absolute Stock Price shall be appropriately adjusted for any stock
splits and stock dividends and any other events or transactions described in Section 4.2 of the Plan which may occur during the Performance Period. 

(b)    “Beginning Period” means the last 20 trading days immediately prior to the first day of
the Performance Period. 
 (c)    “Beginning Stock Value” means $100, invested in common stock
at the average of the closing prices on the principal stock exchange on which such shares 

  
 6 

 
are traded for the Beginning Period, plus any dividends paid on the shares during the Beginning Period, invested in common stock at the closing price on the principal stock exchange on which such
shares are traded on the ex-dividend date. 
 (d)    “Change
in Stock Value” means, the Ending Stock Value minus the Beginning Stock Value. 

(e)    “Change of Control” shall have the meaning provided in the Plan. 

(f)    “Disability” shall mean your inability 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 which has lasted or can be expected to last for a continuous period of not less than 12 months. 

(g)    “Ending Stock Value” means the average of the closing prices on the principal stock
exchange on which such shares are traded, of one share of common stock for each of the last 20 trading days of the Performance Period, multiplied by the sum of the number of shares represented by the Beginning Stock Value initial $100 investment
plus such additional shares resulting from all dividends paid on common stock during the Performance Period being treated as though they are reinvested on the applicable ex-dividend dates at the applicable
closing prices on such dates. 
 (h)    “Good Reason” means any of the following events, unless
you have consented thereto: 
 (i)    a material diminution in your base salary, except that a reduction
in your base salary is not Good Reason if it is made as part of an across-the-board salary reduction that affects all of the Company’s senior management team; 

(ii)    a change in the location of your principal place of employment by 50 miles or more from the
location at which you must perform the services; or 
 (iii)    a material change in your authority,
duties or responsibilities. 
 An event does not constitute Good Reason unless you provide the Company with written notice of
the existence of the condition that constitutes Good Reason. Such notice must be provided within 90 days after the initial existence of the condition, and the notice must provide the Company with at least 30 days during which it may remedy such
condition. 
 (i)    “Maximum Performance Goal” means, with respect to the performance goal,
the performance level that the Company must achieve in order for two hundred percent (200%) of the Target Award to be earned. 

  
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(j)    “Peer Group” means          
                                         
                                         
                                         
                          
                                         
                                         
                                         
                                         
                                         
    

                       
                                         
                                         
                                         
                                         
                      

                       
                                         
                                         
                   . A company that ceases to be publicly traded at any time prior to the end of the Performance Period shall cease to qualify as a
member of the Peer Group. 
 (k)    “Target Performance Goal” means, with respect to the
performance goal, the performance level that the Company must achieve in order for one hundred percent (100%) of the Target Award to be earned. 

(l)    “Termination for Cause” shall mean a Termination of Employment as a result of
(1) your willful and continued failure substantially to perform your duties (other than any such failure resulting from your incapacity due to physical or mental illness), (2) your conviction for a felony, proven or admitted fraud,
misappropriation, theft or embezzlement by you, your inebriation or use of illegal drugs in the course of, related to or connected with the business of the Company or any of its Affiliates, your willful engagement in misconduct that is materially
injurious to the Company or any of its Affiliates, monetarily or otherwise, or your material failure to comply with or material violation of any of the Company’s policies or procedures in effect from time to time, including without limitation,
the Company’s Code of Business Conduct and Ethics or Code of Ethics for the Chief Executive Officer and Senior Financial Officers or (3) if you have entered into an employment agreement or contract with the Company or any of its
Affiliates, or if you have entered into any other agreement or contract with the Company or any of its Affiliates or participate in any plan of the Company or any Affiliate, including any severance plan, which includes confidentiality, non-competition, non-solicitation or non-disparagement covenants, (A) any other action or omission that is identified in such
agreement or contract as giving rise to “Cause” for the termination of your employment with the Company or any of its Affiliates or (B) any violation of the confidentiality, non-competition, non-solicitation or non-disparagement covenants. For this purpose, no act, or failure to act, on your part shall be considered “willful” unless done, or omitted, by
you not in good faith and without reasonable belief that your action or omission was in the best interest of Company or any of its Affiliates. 

(m)    “Termination of Employment” shall mean the termination of your full-time employment with the Company or any of its Affiliates for any reason other than your death or Disability. 

(n)    “TSR” for the Company or any member of the Peer Group for the Performance Period means the
percentage (to the third decimal place) derived from a fraction the numerator of which is the Change in Stock Value, and the denominator of which is the Beginning Stock Value.    Share prices used in determining TSR shall be
appropriately adjusted for stock splits and stock dividends and any other events or transactions described in Section 4.2 of the Plan which may occur during the Beginning Period and the Performance Period. 

13.    SHORT-TERM DEFERRAL
EXCEPTION. The parties intend that this Award Agreement and each payment upon the lapse of restrictions of any RSUs will meet all 

  
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requirements of the short-term deferral exception to Code Section 409A. To the fullest extent possible, therefore, the Plan shall be construed and administered so that each payment under the Plan
is made in a time, form and manner that results in the payment being excepted from Section 409A. The short-term deferral exception shall be applied separately to each payment required under this Award Agreement. 

14.    DESIGNATION OF BENEFICIARY. Your
beneficiary for receipt of any payment made under this Award Agreement in the event of your death shall be the person(s) designated as your beneficiary(ies) for life insurance benefits under the Company’s life insurance benefits plan unless you
designate a different beneficiary on a form prescribed by the Company. If no beneficiary is designated, upon your death, payment shall be made to your estate. 

If you accept this Award and agree to the foregoing terms and conditions, please so confirm by signing and returning the duplicate copy of
this Award Agreement enclosed for that purpose. 
  

					
		 	WILLBROS GROUP, INC.
			
		 	By:	 	                                     
                                         
         
		 	Name:	 	                                     
                                         
         
		 	Title:	 	                                     
                                         
         

 The foregoing Award is accepted by me as of the      day of
        , 20    , and I hereby agree to the terms, conditions, and restrictions set forth above and in the Plan. 

 

			
	  

	Name:	 	  

  
 9EX-4.(c)

 Exhibit 4(c) 

THE VALSPAR CORPORATION 

AMENDED AND RESTATED 2015 OMNIBUS EQUITY PLAN 
  

 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
	1.	 	Purpose and Background	  	 	1	 
				
		 	1.1	  	Purpose	  	 	1	 
			
	2.	 	Definitions	  	 	2	 
			
	3.	 	Administration	  	 	6	 
				
		 	3.1	  	Administration by Committee	  	 	6	 
				
		 	3.2	  	Delegation of Authority	  	 	6	 
				
		 	3.3	  	Indemnification	  	 	6	 
			
	4.	 	Eligible Participants	  	 	7	 
			
	5.	 	Types of Awards	  	 	7	 
			
	6.	 	Shares Subject to the Plan and Limitations on Awards	  	 	7	 
				
		 	6.1	  	Number of Shares	  	 	7	 
				
		 	6.2	  	Cancellation	  	 	8	 
				
		 	6.3	  	Type of Common Stock	  	 	8	 
				
		 	6.4	  	Limitation on Awards	  	 	8	 
				
		 	6.5	  	Limitation on Awards to Non-Employee Directors	  	 	8	 
			
	7.	 	Stock Options	  	 	8	 
				
		 	7.1	  	Price	  	 	8	 
				
		 	7.2	  	Number	  	 	8	 
				
		 	7.3	  	Duration and Time for Exercise	  	 	9	 
				
		 	7.4	  	Manner of Exercise	  	 	9	 
			
	8.	 	Stock Appreciation Rights (SARs)	  	 	9	 
				
		 	8.1	  	Number	  	 	9	 
				
		 	8.2	  	Duration	  	 	9	 
				
		 	8.3	  	Exercise	  	 	10	 
				
		 	8.4	  	Cash-Settled SARs	  	 	10	 
				
		 	8.5	  	Stock-Settled SARs	  	 	10	 
				
		 	8.6	  	Issuance of Shares Upon Exercise of Stock-Settled SAR	  	 	10	 
			
	9.	 	Stock Awards	  	 	10	 
			
	10.	 	Restricted Stock, Restricted Stock Units and Performance Stock Units	  	 	11	 
				
		 	10.1	  	Number of Shares	  	 	11	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

									
	 	 	 	  	 	  	Page	 
				
		 	 10.2
	  	 Sale Price of Restricted Stock
	  	 	11	 
				
		 	 10.3
	  	 Restrictions on Restricted Stock
	  	 	11	 
				
		 	 10.4
	  	 Enforcement of Restrictions on Restricted Stock
	  	 	11	 
				
		 	 10.5
	  	 End of Restrictions of Restricted Stock
	  	 	11	 
				
		 	 10.6
	  	 Rights of Holders of Restricted Stock
	  	 	11	 
				
		 	 10.7
	  	 Section 83(b) Election
	  	 	12	 
				
		 	 10.8
	  	 Rights of Holders of Restricted Stock Units or Performance Stock Units; Dividend
Equivalents
	  	 	12	 
			
	 11.
	 	 Performance Awards
	  	 	12	 
				
		 	 11.1
	  	 Establishment of Performance Goals
	  	 	12	 
				
		 	 11.2
	  	 Levels of Performance Required to Earn Performance Awards
	  	 	13	 
				
		 	 11.3
	  	 Other Terms
	  	 	13	 
				
		 	 11.4
	  	 Notification to Participants
	  	 	13	 
				
		 	 11.5
	  	 Measurement of Performance Against Performance Goals
	  	 	13	 
				
		 	 11.6
	  	 Treatment of Performance Awards Earned
	  	 	14	 
				
		 	 11.7
	  	 Distribution
	  	 	14	 
				
		 	 11.8
	  	 Deferral of Receipt of Performance Award Distributions; Compliance with Section 409A
	  	 	14	 
				
		 	 11.9
	  	 Non-Disqualifying Termination of Employment
	  	 	14	 
			
	 12.
	 	 General
	  	 	15	 
				
		 	 12.1
	  	 Effective Date
	  	 	15	 
				
		 	 12.2
	  	 Duration
	  	 	15	 
				
		 	 12.3
	  	 Limits on Transfer of Awards
	  	 	15	 
				
		 	 12.4
	  	 Effect of Retirement or Other Termination
	  	 	15	 
				
		 	 12.5
	  	 Restrictions under Securities Laws
	  	 	16	 
				
		 	 12.6
	  	 Adjustment
	  	 	17	 
				
		 	 12.7
	  	 Award Documents
	  	 	17	 
				
		 	 12.8
	  	 Withholding
	  	 	17	 
				
		 	 12.9
	  	 No Continued Employment, Engagement or Right to Corporate Assets
	  	 	17	 
				
		 	 12.10
	  	 Payments Under Awards
	  	 	18	 
				
		 	 12.11
	  	 Amendment of the Plan
	  	 	18	 

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

									
	 	 	 	  	 	  	Page	 
		 	 12.12
	  	 Amendment of Award Documents; No Stock Option or SAR Repricing Without Stockholder
Approval
	  	 	18	 
				
		 	 12.13
	  	 Change in Control
	  	 	18	 
				
		 	 12.14
	  	 Deferred Compensation
	  	 	19	 

  

  
 iii 

 THE VALSPAR CORPORATION 

AMENDED AND RESTATED 2015 OMNIBUS EQUITY PLAN 

1. Purpose and Background 
 1.1
Purpose. On June 1, 2017, The Sherwin-Williams Company, an Ohio corporation (“Sherwin-Williams”) completed its acquisition of the Company. Pursuant to the terms of the Agreement and Plan of Merger, dated as of March 19,
2016 (the “Merger Agreement”), by and among Sherwin-Williams, the Company and Merger Sub, Merger Sub merged with and into the Company (the “Merger”), with the Company continuing as the surviving corporation in the Merger and
becoming a wholly owned subsidiary of Sherwin-Williams. In accordance with the Merger Agreement, effective as of June 1, 2017, Sherwin-Williams assumed outstanding Restricted Stock Unit awards granted by the Company between March 19, 2016
and May 31, 2017 (the “Valspar RSUs”) under the Company’s 2015 Omnibus Equity Plan, as amended (the “Pre-Merger Plan”). Effective as of June 1, 2017, the Valspar RSUs were
assumed by Sherwin-Williams and converted into restricted stock unit awards in respect of shares of common stock, par value $1.00, of Sherwin-Williams (collectively, the “Assumed RSUs”). 

The purpose of this Amended & Restated 2015 Omnibus Equity Plan (the “Plan”) of the Company is to advance the interests of
Sherwin-Williams by governing the Assumed RSUs. Notwithstanding anything in the Pre-Merger Plan or this Plan to the contrary, effective as of June 1, 2017: 

(a) no new Awards may be granted under this Plan; 

(b) all references to the “Committee” means the Board of Directors of Sherwin-Williams (the “Sherwin-Williams Board”), or
the Compensation and Management Development Committee of the Sherwin-Williams Board or any other committee (or a subcommittee) thereof, as constituted from time to time to the extent the Sherwin-Williams Board has delegated all or any part of its
authority under the Plan to such committee; 
 (c) the administration of the Plan, including as described in the Plan, as it relates to or
impacts the Assumed RSUs, the number of shares of Common Stock available under the Plan (including for the Assumed RSUs) and change in control matters shall be conducted by the Committee; 

(d) an Award Document includes any type or form of writing approved by the Committee evidencing the impact of the Merger on the Valspar RSUs;

 (e) the term Common Stock as used for purposes of settlement of or payout under the Assumed RSUs (or applicable anti-dilution adjustments
under the Plan with respect to the Assumed RSUs) means the common stock, par value $1.00, of Sherwin-Williams, or any security into which such common stock may be changed by reason of any transaction or event generally described in Section 12.6
as it might relate to Sherwin-Williams; 

  
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 (f) the number of shares of Common Stock available under the Plan regarding the Assumed RSUs,
subject to adjustment as provided in Section 12.6 of the Plan, shall equal the number of shares of Common Stock necessary to settle and payout the Assumed RSUs (and any related dividend equivalents or other distributions) under the terms of the
Plan in accordance with the Merger and the Merger Agreement, as determined by Sherwin-Williams; 
 (g) employment or service for purposes of
vesting of the Assumed RSUs shall relate to Participant employment with or service to the Company, Sherwin-Williams and/or their affiliates; and 

(h) amendments to or discontinuance of the Plan, and amendments to Award Documents, shall be made or conducted by the Committee. 

2. Definitions 
 2.1 Affiliate. An
“Affiliate” is a corporation or other entity controlled by, controlling, or under common control with, the Company. 
 2.2
Award. An “Award” is a grant of Stock Options, Stock Appreciation Rights, Performance Awards, Restricted Stock, Restricted Stock Units, Performance Stock Units or Stock Awards (which may include Dividend Equivalents) under the Plan.

 2.3 Award Document. An “Award Document” is any agreement, plan, program or notice, or combination thereof, that sets
forth the terms of an Award. 
 2.4 Board. The “Board” is the Board of Directors of the Company. 

2.5 Change in Control. A “Change in Control” means any of the following: 

(a) Any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) (a “Person”) becomes the beneficial owner (within the meaning of Rule 13d 3 promulgated under the Exchange Act) of 30% or more of either (A) the then-outstanding shares of Common Stock of the Company (the
“Outstanding Company Common Stock”) or (B) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting
Securities”); provided, however, that, for purposes of this Section 2.5, the following acquisitions shall not constitute a Change in Control: (i) any acquisition directly from the Company, (ii) any acquisition by the Company,
(iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Affiliate or (iv) any acquisition pursuant to a transaction that complies with Sections 2.5(c)(1), 2.5(c)(2) and 2.5(c)(3);

  
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 (b) Individuals who, as of the effective date of this Plan, constitute the Board (the
“Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the effective date of this Plan whose election, or nomination for election by
the Company’s stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual was a member of the Incumbent Board, but excluding, for this purpose,
any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on
behalf of a Person other than the Board; 
 (c) Consummation of a reorganization, merger, statutory share exchange or consolidation or
similar transaction involving the Company or any of its subsidiaries, a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or stock of another entity by the Company or any of its
subsidiaries (each, a “Business Combination”), in each case unless, following such Business Combination, (1) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company Common
Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock (or, for a
non-corporate entity, equivalent securities) and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors (or, for a non-corporate entity, equivalent governing body), as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the
Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company
Common Stock and the Outstanding Company Voting Securities, as the case may be, (2) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such corporation
resulting from such Business Combination) beneficially owns, directly or indirectly, 30% or more of, respectively, the then-outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power
of the then-outstanding voting securities of such corporation, except to the extent that such ownership existed prior to the Business Combination, and (3) at least a majority of the members of the board of directors (or, for a non-corporate entity, equivalent governing body) of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of
the Board providing for such Business Combination; or 
 (d) Approval by the stockholders of the Company of a complete liquidation or
dissolution of the Company. 
 2.6 Code. The “Code” means the Internal Revenue Code of 1986, as amended, and rules and
regulations thereunder, as now in force or as hereafter amended. 
 2.7 Committee. The “Committee” is the Compensation
Committee of the Board described in Section 3.1 hereof. 
 2.8 Company. The “Company” is The Valspar Corporation, a
Delaware corporation, and any successor thereof. 

  
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 2.9 Common Stock. “Common Stock” is the common stock, $.50 par value per share,
of the Company. 
 2.10 Deferred Compensation. “Deferred Compensation” means any Award under this Plan that provides for the
“deferral of compensation” under a “nonqualified deferred compensation plan” (as those terms are defined under Code Section 409A and the regulations promulgated thereunder) and that would be subject to the taxes specified in Code
Section 409A(a)(1) if and to the extent that the Plan and the Award Document do not meet or are not operated in compliance with the requirements of Code Section 409A(a)(2), (3) and (4) and the regulations promulgated thereunder. Deferred
Compensation shall not include any amount that is otherwise exempt from the requirements of Code Section 409A and the regulations promulgated thereunder. 

2.11 Disability. “Disability” shall mean permanent disability as that term is defined under the long term disability insurance
coverage offered by the Company to its employees at the time the determination is to be made. 
 2.12 Dividend Equivalents.
“Dividend Equivalents” means the right to receive cash payments with respect to Restricted Stock Units or Performance Stock Units in amounts equal to any regular, quarterly cash dividends paid on the equivalent number of shares of Common
Stock, if and when such dividends are paid or distributed (or at such other time as may be permitted or required under Section 10.7). 

2.13 Effective Date. The “Effective Date” of the Plan is described in Section 12.1. 

2.14 Exchange Act. The “Exchange Act” means the Securities Exchange Act of 1934, and rules and regulations thereunder, as now
in force or as hereafter amended. 
 2.15 Fair Market Value. The “Fair Market Value” of a share of Common Stock at a
specified date shall, unless otherwise expressly provided in this Plan, be the amount which the Committee determines in good faith to be 100% of the fair market value of such a share as of the date in question. Notwithstanding the foregoing, if such
shares are listed on a U.S. securities exchange, then Fair Market Value shall be determined by reference to the last sale price (also referred to as the closing price) of a share of Common Stock on such U.S. securities exchange on the applicable
date. If such U.S. securities exchange is closed for trading on such date, or if the Common Stock does not trade on such date, then the last sale price used shall be the one on the date the Common Stock last traded on such U.S. securities exchange.
If such shares are not listed on a U.S. securities exchange, then Fair Market Value shall be determined by the Committee by the reasonable application of a reasonable valuation method, in a manner consistent with Code Section 409A. 

2.16 Grant Date. The “Grant Date” of an Award shall be the date established by the Committee as the date of grant of the
Award, which shall not be earlier than the date of the Committee meeting at which the Award is approved. 
 2.17 Participant. A
“Participant” is a person who has been designated as such by the Committee and granted an Award under this Plan. 

  
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 2.18 Performance Award. A “Performance Award” is a right to either a number of
shares of Common Stock, their cash equivalent, or a combination thereof determined in accordance with Section 11. 
 2.19 Performance
Goals. “Performance Goals” are the performance conditions, if any, established pursuant to Section 11.1 hereof by the Committee in connection with an Award. 

2.20 Performance Period. The “Performance Period” with respect to a Performance Award is a period of not less than one
calendar year or one fiscal year of the Company, beginning not earlier than the year in which such Performance Award is granted, which may be referred to herein and by the Committee by use of the calendar or fiscal year in which a particular
Performance Period commences. 
 2.21 Performance Stock Unit. A “Performance Stock Unit” is a Restricted Stock Unit that
includes Performance Goals and is therefore a Performance Award. 
 2.22 Restricted Stock. “Restricted Stock” is Common
Stock which is sold or transferred by the Company to a Participant at a price, if any, determined by the Committee and subject to restrictions on its sale or other transfer by the Participant and other terms and conditions, including a risk of
forfeiture, as may be established by the Committee. 
 2.23 Restricted Stock Unit. A “Restricted Stock Unit” is a right to
receive one share of Common Stock at a future date that has been granted subject to terms and conditions, including a risk of forfeiture, established by the Committee. If so determined by the Committee in the applicable Award Document or at any
other time, a Restricted Stock Unit may be paid in cash in lieu of the Common Stock; provided, that a Participant holding Restricted Stock Units shall have no right to receive a cash payment unless such payment is provided explicitly in the
applicable Award Document or approved by the Committee. 
 2.24 Specified Employee. A “Specified Employee” means a
Participant who is a key employee as described in Code Section 416 (i)(1)(A)(i), (ii) and (iii) (and disregarding paragraph (5) thereof) at any time during the Company’s fiscal year ending on the Friday on or immediately preceding
October 31, or such other “identification date” that applies consistently for all plans of the Company that provide “deferred compensation” that is subject to the requirements of Code Section 409A and the regulations
promulgated thereunder. Each Participant will be identified as a Specified Employee in accordance with the regulations promulgated under Code Section 409A, including with respect to the merger of the Company with any other company or any spin-off or similar transaction, and such identification shall apply for the 12 month period commencing on the first day of the fourth month following the identification date. Notwithstanding the foregoing, no
Participant shall be a Specified Employee unless the stock of the Company (or other member of a “controlled group of corporations” as determined under Code Section 1563) is publicly traded on an established securities market as of the
date of a Participant’s “separation from service” as defined in Code Section 409A and the regulations promulgated thereunder. 

2.25 Stock Appreciation Right (SAR). A “Stock Appreciation Right” or “SAR” is a right to receive, without payment to
the Company, a number of shares of Common Stock or cash, in each case the amount of which is determined pursuant to the formulae set forth in Section 8. 

  
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 2.26 Stock Award. A “Stock Award” is the transfer by the Company to a
Participant of shares of Common Stock as additional compensation for services to the Company, as set forth in Section 9. 
 2.27
Stock Option. A “Stock Option” is a right to purchase shares of Common Stock from the Company. 
 2.28 Subsidiary.
“Subsidiary” means any entity (other than the Company) in an unbroken chain of entities beginning with the Company, in which each of the entities other than the last entity in the unbroken chain owns stock possessing fifty percent or more
of the total combined voting power of all classes of stock in one of the other entities in such chain as determined at the point in time when reference is made to such “Subsidiary” in this Plan. 

3. Administration 
 3.1 Administration
by Committee. The Plan shall be administered by the Committee. The Committee shall consist of not less than two directors of the Company and shall be appointed from time to time by the Board. Each member of the Committee shall be (i) a “non-employee director” within the meaning of Rule 16b 3 of the Exchange Act, (ii) an “outside director” within the meaning of Section 162(m) under the Code, and (iii) an
“independent director” within the meaning of the rules of the New York Stock Exchange relating to members of compensation committees. The Committee shall have complete authority to grant Awards under the Plan, to interpret the Plan, and to
make any other determination which it believes necessary and advisable for the proper administration of the Plan, including, without limitation, to adopt such procedures and subplans as are necessary or appropriate to permit participation in the
Plan by employees of the Company who are foreign nationals or employed outside of the United States. The Committee’s decisions and matters relating to the Plan shall be final and conclusive on the Company and the Participants. 

3.2 Delegation of Authority. The Committee may delegate its powers and duties under the Plan to one or more directors (including a
director who is also an officer of the Company) or a committee of directors, subject to such terms, conditions and limitations as the Committee may establish in its sole discretion; provided, however, that the Committee shall not delegate its powers
and duties under the Plan (i) with regard to officers or directors of the Company or any Affiliate who are subject to Section 16 of the Exchange Act or (ii) in such a manner as would cause the Plan not to comply with the requirements
of Section 162(m). In addition, the Committee may authorize one or more officers of the Company to grant Options under the Plan, subject to the limitations of Section 157 of the Delaware General Corporation Law; provided, however, that such
officers shall not be authorized to grant Options to officers or directors of the Company or any Affiliate who are subject to Section 16 of the Exchange Act. 

3.3 Indemnification. To the full extent permitted by law, each member and former member of the Committee and each person to whom the
Committee or the CEO delegates or has delegated authority under the Plan shall be entitled to indemnification by the Company against and from any loss, liability, judgment, damages, cost and reasonable expense incurred by such member, former member
or other person by reason of any action taken, failure to act or determination made in good faith under or with respect to the Plan. 

  
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 4. Eligible Participants. Officers of the Company, employees of the Company or a Subsidiary, members of
the Board, and consultants or other independent contractors who provide services to the Company or a Subsidiary shall be eligible to receive Awards under the Plan when designated by the Committee. Participants may be designated individually or by
groups or categories (for example, by pay grade) as the Committee deems appropriate. Participation by officers of the Company or a Subsidiary and any Performance Goals relating to such officers must be approved by the Committee. Participation by
others and any Performance Goals relating to others may be approved by groups or categories (for example, by pay grade) and authority to designate Participants who are not officers and to set or modify such Performance Goals may be delegated by the
Committee to officers of the Company. 
 5. Types of Awards. Awards under the Plan may be granted in any one or a combination of the following forms:
(a) Stock Options (Section 7); (b) Stock Appreciation Rights (SARs) (Section 8); (c) Stock Awards (Section 9); (d) Restricted Stock, Restricted Stock Units and Performance Stock Units that may include Dividend Equivalents (Section 10); and
(e) Performance Awards (Section 11). Subject to the specific limitations provided in this Plan, payment of Awards may be in the form of cash, Common Stock or combinations thereof as the Committee shall determine, and with such other
restrictions as it may impose. 
 6. Shares Subject to the Plan and Limitations on Awards 

6.1 Number of Shares. Subject to adjustment as provided in Section 12.6, the number of shares of Common Stock available for Awards
under the Plan shall not exceed 7,000,000 (reduced as provided in the last sentence of this Section 6.1); provided, however, that subject to adjustment as provided in Section 12.6, the number of shares of Common Stock awarded under the
Plan pursuant to all stock-settled Awards other than Stock Options and SARs shall reduce the number of shares of Common Stock available to be awarded under the Plan by a multiple of 3.51 times the actual number of shares of Common Stock awarded
pursuant to any such stock-settled Award other than Stock Options and SARs. For example, if the Committee awards 100 shares of Restricted Stock to a Participant, the number of shares of Common Stock remaining and available to be issued under the
first sentence of this section shall be reduced by 351 shares. In addition, if any stock- settled Awards other than Stock Options or SARs outstanding under the Prior Plans expire or are cancelled, the shares of Common Stock allocable to the
unexercised portion of those Awards will be added to the share reserve such that the number of shares of Common Stock available to be awarded under the Plan will be increased by a multiple of 3.51 times the actual number of shares of Common Stock
that expired or were cancelled for such Awards. Any shares of Common Stock covered by a Stock Option or stock-settled SAR granted under this Plan shall be counted in full against the limitation in this Section 6.1, regardless of the number of
shares of Common Stock actually issued upon the exercise of such Stock Option or stock-settled SAR. For purposes of clarification, the grant of any Awards payable only in cash will not reduce the number of shares of Common Stock remaining and
available to be issued under the Plan. The number of shares of Common Stock available for Awards under the Plan shall be reduced by (a) the number of Stock Options and stock-settled SARs granted after October 31, 2014 under the 2009 Plan
and (b) a multiple of 3.51 times the actual number of shares of Common Stock awarded pursuant to any stock-settled Award under the 2009 Plan other than Stock Options and SARs granted after October 31, 2014. 

  
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 6.2 Cancellation. In the event that an Award granted hereunder (or granted under any of
the Prior Plans prior to the date of stockholder approval of this Plan) expires or is terminated or canceled unexercised as to any shares of Common Stock or forfeited or reacquired by the Company pursuant to rights reserved upon issuance thereof,
such shares may again be awarded under the Plan pursuant to another Award. The number of shares of Common Stock available for reissuance shall be subject to the share counting requirements for Awards other than Stock Options or stock-settled SARs
set forth in Section 6.1. For purposes of clarification, any shares withheld or tendered from an Award granted hereunder (or under any of the Prior Plans) to pay the applicable exercise price or taxes shall no longer be available to be awarded
under the Plan. 
 6.3 Type of Common Stock. Common Stock issued under the Plan in connection with Awards may be authorized and
unissued shares or treasury stock, as designated by the Committee. 
 6.4 Limitation on Awards. During any one fiscal year, no person
shall receive Awards under the Plan that, in the aggregate, could result in that person receiving, earning or acquiring, subject to the adjustments described in Section 12.6: (a) Stock Options and SARs for, in the aggregate, more than 500,000
shares of Common Stock, (b) Stock Awards, Restricted Stock, Restricted Stock Units or Performance Stock Units (whether payable in shares of Common Stock or cash), in the aggregate, covering more than 250,000 shares of Common Stock or
Performance Stock Units; and (c) Performance Awards payable in cash (excluding Performance Stock Units) with a maximum amount payable exceeding $8,000,000. If Dividend Equivalents are payable with respect to Restricted Stock Units or
Performance Stock Units, the Dividend Equivalents will be considered included in the award of Restricted Stock Units or Performance Stock Units for purposes of calculating the limitation under this Section 6.4. 

6.5 Limitation on Awards to Non-Employee Directors. Notwithstanding any other provision of this
Plan to the contrary, the aggregate grant date fair value (computed as of the date of grant in accordance with applicable financial accounting rules) of all Awards granted to any participant who is a director and is not an employee of the
Corporation during any single fiscal year shall not exceed $500,000. 
 7. Stock Options. Stock Options granted by the Committee under this Plan are
not intended to qualify as incentive stock options (as such term is defined in Section 422 of the Code). Stock Options granted under this Plan shall be subject to the following terms and conditions: 

7.1 Price. The exercise price per share shall be determined by the Committee, subject to adjustment under Section 12.6.
Notwithstanding the foregoing sentence, the exercise price per share shall not be less than the Fair Market Value of the Common Stock on the Grant Date; provided, however, the Committee may designate a purchase price below Fair Market Value on the
date of grant if the Stock Option is granted in substitution for a stock option previously granted by an entity that is acquired or merged with the Company or its affiliate. 

7.2 Number. The number of shares of Common Stock subject to a Stock Option shall be determined by the Committee, subject to adjustment
as provided in Section 12.6. If an SAR is granted in conjunction with or related to a Stock Option, the number of shares of Common Stock subject to the Stock Option shall be reduced in the same proportion that the holder thereof exercises the
SAR. 

  
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 7.3 Duration and Time for Exercise. Subject to earlier termination as provided in
Section 12.4, the term of each Stock Option shall be determined by the Committee but shall not exceed ten years from the Grant Date. Each Stock Option shall become exercisable at such time or times during its term as shall be determined by the
Committee at the time of grant. The Committee may accelerate the exercisability of any Stock Option. 
 7.4 Manner of Exercise. A
Stock Option may be exercised, in whole or in part, by giving written notice to the Company, specifying the number of shares of Common Stock to be purchased and accompanied by the exercise price for such shares. Subject to the policies of the
Company or Committee in effect from time to time and any requirements of the Company’s transfer agent, the exercise price shall be payable (a) in cash (United States dollars) upon exercise of the Stock Option, payable by a method as
determined by the Committee; (b) to the extent permitted in the Award Document for the Stock Option, by delivery of shares of Common Stock (or deemed surrender through attestation) in payment of all or any part of the exercise price, which
shares shall be valued for this purpose at the Fair Market Value on the date such Stock Option is exercised; or (c) unless otherwise provided in the Award Document, by instructing the Company to withhold from the shares of Common Stock issuable
upon exercise of the Stock Option shares of Common Stock in payment of all or any part of the exercise price and/or any related withholding tax obligations consistent with Section 12.8, which shares shall be valued for this purpose at the Fair
Market Value or in such other manner as may be authorized from time to time by the Committee. Prior to the issuance of shares of Common Stock upon the exercise of a Stock Option, a Participant shall have no rights as a stockholder. 

8. Stock Appreciation Rights (SARs). An SAR may be settled in cash or stock and may be granted (a) with respect to any Stock Option granted under
this Plan, either concurrently with the grant of such Stock Option or at such later time as determined by the Committee (as to all or any portion of the shares of Common Stock subject to the Stock Option), or (b) alone, without reference to any
related Stock Option. Each SAR granted by the Committee under this Plan shall be subject to the following: 
 8.1 Number. Each SAR
granted to any Participant shall relate to such number of shares of Common Stock as shall be determined by the Committee, subject to adjustment as provided in Section 12.6. In the case of an SAR granted with respect to a Stock Option, the
number of shares of Common Stock to which the SAR relates shall be reduced in the same proportion that the holder exercises the related Stock Option. Notwithstanding the foregoing, the limitation on grants under Section 6.4 shall apply to
grants of SARs under the Plan. 
 8.2 Duration. Subject to earlier termination as provided in Section 12.4, the term of each SAR
shall be determined by the Committee but shall not exceed ten years from the Grant Date. Unless otherwise provided by the Committee, each SAR shall become exercisable at such time or times, to such extent and upon such conditions as the Stock
Option, if any, to which it relates is exercisable. The Committee may in its discretion accelerate the exercisability of any SAR. 

  
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 8.3 Exercise. An SAR may be exercised, in whole or in part, by giving written notice to
the Company, specifying the number of SARs which the holder wishes to exercise. Prior to the issuance of shares of Common Stock upon the exercise of a stock-settled SAR, a Participant shall have no rights as a stockholder. 

8.4 Cash-Settled SARs. A cash-settled SAR shall confer on the holder thereof a right to receive upon exercise thereof a cash payment
equal to the excess of (i) the Fair Market Value of one share of Common Stock on the date of exercise over (ii) the grant price of the SAR as specified by the Committee, which price shall not be less than 100% of the Fair Market Value of
one share of Common Stock on the date of grant of the SAR, subject to adjustment under Section 12.6; provided, however, that the Committee may designate a grant price below Fair Market Value on the date of grant if the SAR is granted in
substitution for an SAR previously granted by an entity that is acquired or merged with the Company or its affiliate. 
 8.5 Stock-Settled
SARs. A stock-settled SAR shall confer on the holder thereof the right to receive upon exercise thereof a number of shares determined under Section 8.6. The exercise price per share of any stock-settled SAR granted without reference to a
Stock Option shall be determined by the Committee, subject to adjustment under Section 12.6. Notwithstanding the foregoing sentence, the exercise price per share shall not be less than the Fair Market Value of the Common Stock on the Grant
Date; provided, however, that the Committee may designate an exercise price below Fair Market Value on the date of grant if the SAR is granted in substitution for an SAR previously granted by an entity that is acquired or merged with the Company or
its affiliate. 
 8.6 Issuance of Shares Upon Exercise of Stock-Settled SAR. The number of shares of Common Stock which shall be
issuable upon the exercise of a stock-settled SAR shall be determined by dividing: 
 (a) the number of shares of Common Stock as to which
the SAR is exercised multiplied by the amount of the appreciation in such shares (for this purpose, the “appreciation” shall be the amount by which the Fair Market Value of the shares of Common Stock subject to the SAR on the exercise date
exceeds (1) in the case of an SAR related to a Stock Option, the exercise price of the Stock Option or (2) in the case of an SAR granted alone, without reference to a related Stock Option, the exercise price as determined under this
Section 8; by 
 (b) the Fair Market Value of a share of Common Stock on the exercise date. 

No fractional shares of Common Stock shall be issued upon the exercise of a stock-settled SAR; instead, the holder of the SAR shall be entitled to receive a
cash adjustment equal to the same fraction of the Fair Market Value of a share of Common Stock on the exercise date. 
 9. Stock Awards. A Stock
Award may be granted (or sold at par value or such other higher purchase price determined by the Committee) to any Participant pursuant to which such Participant may receive shares of Common Stock free of any restrictions under this Plan. Stock
Awards may be granted or sold as described in the preceding sentence in respect of past services and other valid consideration, or in lieu of, or in addition to, any cash compensation due to such Participant. 

  
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 10. Restricted Stock, Restricted Stock Units and Performance Stock Units. The transfer and sale of
Restricted Stock, Restricted Stock Units or Performance Stock Units shall be subject to the following terms and conditions: 
 10.1 Number
of Shares. The number of shares to be transferred or sold by the Company to a Participant as Restricted Stock, Restricted Stock Units or Performance Stock Units shall be determined by the Committee. 

10.2 Sale Price of Restricted Stock. The Committee shall determine the price, if any, at which shares of Restricted Stock shall be sold
to a Participant, which may vary from time to time and among Participants. 
 10.3 Restrictions on Restricted Stock. All shares of
Restricted Stock transferred or sold by the Company hereunder shall be subject to such restrictions as the Committee may determine, including, without limitation any or all of the following: 

(a) a prohibition against the sale, transfer, pledge or other encumbrance of the shares of Restricted Stock by the Participant, such
prohibition to lapse at such time or times as the Committee shall determine (whether in annual or more frequent installments, at the time of the death, disability or retirement of the holder of such shares, or otherwise); 

(b) a requirement that the holder of shares of Restricted Stock forfeit, or (in the case of shares sold to a Participant) resell back to the
Company at his or her cost, all or a part of such shares in the event of termination of his or her employment or consulting engagement during any period in which such shares are subject to restrictions; 

(c) such other conditions or restrictions as the Committee may deem advisable. 

10.4 Enforcement of Restrictions on Restricted Stock. In order to enforce the restrictions imposed by the Committee pursuant to
Section 10.3, the Award Document for the Restricted Stock shall set forth the conditions of the grant. Shares of Restricted Stock shall be registered in the name of the Participant and deposited, together with a stock power endorsed in blank,
with the Company. As determined by the Company or the Committee, each such certificate shall bear a legend that refers to the Plan and the restrictions imposed under the applicable Award Document or be retained by the Company until such time as the
restrictions have lapsed. The Committee may provide that no certificates representing Restricted Stock be issued until the restriction period is completed. 

10.5 End of Restrictions of Restricted Stock. Subject to Section 12.5, at the end of any time period during which the shares of
Restricted Stock are subject to forfeiture and restrictions on transfer, such shares will be delivered free of all restrictions to the Participant or to the Participant’s legal representative, beneficiary or heir, subject to applicable
withholding for taxes. 
 10.6 Rights of Holders of Restricted Stock. Subject to the terms and conditions of the Plan, each
Participant receiving Restricted Stock shall have all the rights of a stockholder with respect to shares of stock during any period in which such shares are subject to forfeiture and restrictions on transfer, including without limitation, the right
to vote such shares. Dividends 

  
 11 

 
paid in cash or property other than Common Stock with respect to shares of Restricted Stock shall be paid to the Participant quarterly during the applicable restricted period for all Restricted
Stock awarded hereunder, or at the end of the restricted period, or otherwise as provided in the Award Document; provided, that such dividends underlying such Awards with restrictions that lapse as a result of the achievement of one or more
Performance Goals will be deferred until and paid contingent upon the achievement of the applicable Performance Goals. 
 10.7 Section
83(b) Election. The Committee may provide in an Award Document that the Award of Restricted Stock is conditioned upon the Participant making or refraining from making an election with respect to the Award under Section 83(b) of the Code. If a
Participant makes an election pursuant to Section 83(b) of the Code concerning a Restricted Stock Award, the Participant shall be required to file promptly a copy of such election with the Company. 

10.8 Rights of Holders of Restricted Stock Units or Performance Stock Units; Dividend Equivalents. Participants who receive Restricted
Stock Units or Performance Stock Units shall have no rights as stockholders with respect to such Restricted Stock Units or Performance Stock Units until such time as share certificates for Common Stock are issued to the Participants; and such
Participants shall never have rights as stockholders if the Restricted Stock Units or Performance Stock Units are payable only in cash; provided, however, that, the Award Document may provide for Dividend Equivalents. Dividend Equivalents, if any,
shall be payable quarterly during the applicable restricted period for all Restricted Stock Units or Performance Stock Units awarded hereunder, or at the end of the restricted period, or otherwise as provided in the Award Document; provided, that
(a) Dividend Equivalents or other distributions on Common Stock underlying Performance Stock Units with restrictions that lapse as a result of the achievement of one or more Performance Goals will be deferred until and paid contingent upon the
achievement of the applicable Performance Goals, and (b) Dividend Equivalents shall be payable at a time that satisfies the requirements of (or an exemption from) Section 409A of the Code, including the rules and regulations thereunder
(together, “Section 409A”). Dividend Equivalents shall otherwise be considered a part of the award of Restricted Stock Units or Performance Stock Units. 

11. Performance Awards. A Performance Award is based on the extent to which the applicable Performance Goals are achieved. A Performance Award shall be
of no value to a Participant unless and until earned in accordance with this Section 11. 
 11.1 Establishment of Performance
Goals. Performance Goals applicable to a Performance Award shall be established by the Committee in its absolute discretion and not more than 90 days after the beginning of the relevant Performance Period. Such Performance Goals for Performance
Awards that are intended to qualify as “performance-based” compensation within the meaning of Section 162(m) of the Code shall be based on one or more of the following business criteria: Measures of earnings or profit (including, but not
limited to, earnings per share, operating income or profit, net income, gross profit, margins, earnings before interest and tax (EBIT), earnings before interest, tax, depreciation and amortization (EBITDA)), gross or net sales, expenses, expenses as
a percentage of net sales, inventory turns, working capital, cash flow (including, but not limited to, operating cash flow, free cash flow, cash flow return on equity, and cash flow return on investment), return measures (including, but not limited
to, return on assets, capital, invested capital, equity, sales, or revenue), revenue growth, share 

  
 12 

 
price (including, but not limited to, growth measures and total shareholder return), operating efficiency, productivity ratios, market share, economic value added and safety. For Performance
Awards that are intended to so qualify under Section 162(m), the targets shall be established within the required time period. Any of the above criteria may be used to measure the performance of the Company, a Subsidiary, and/or affiliate of the
Company as a whole or any business unit of the Company, Subsidiary, and/or such an affiliate or any combination thereof, as the Committee may deem appropriate, or any of the above criteria as compared to the performance of a group of comparator
companies, or published or special index that the Committee, in its sole discretion, deems appropriate, or the Committee may select criteria based on the Company’s share price as compared to various stock market indices. The Committee, in its
sole discretion, may modify the Performance Goals if it determines that circumstances have changed and modification is required to reflect the original intent of the Performance Goals, including, without limitation, modifications in connection with
(i) asset writedowns, (ii) litigation or claim judgments or settlements, (iii) the effect of changes in tax laws, accounting principles or other laws or provisions affecting reported results, (iv) any reorganization and
restructuring programs, (v) extraordinary nonrecurring items as described in Financial Accounting Standards Board Accounting Standards Codification 225-20 “Extraordinary and Unusual Items”
and/or in management’s discussion and analysis of financial condition and results of operations appearing in the Company’s Annual Report on Form 10-K for the applicable fiscal year,
(vi) acquisitions or divestitures, and (vii) foreign exchange gains and losses; provided, however, that no such change or modification may be made to the extent it increases the amount of compensation payable to any Participant who is a
“covered employee” within the meaning of Code Section 162(m). 
 11.2 Levels of Performance Required to Earn
Performance Awards. At or about the same time that Performance Goals are established for a specific period, the Committee shall in its absolute discretion establish the percentage of the Performance Awards granted for such Performance Period
which shall be earned by the Participant for various levels of performance measured in relation to achievement of Performance Goals for such Performance Period. 

11.3 Other Terms. The Committee shall determine the terms and conditions applicable to any Performance Award, which may include vesting
provisions, restrictions on the delivery of Common Stock payable in connection with the Performance Award, the requirement that such Common Stock be delivered in the form of Restricted Stock, or other restrictions that could result in the future
forfeiture of all or part of any Common Stock earned. The Committee may provide that shares of Common Stock issued in connection with a Performance Award be held in escrow and/or legended. 

11.4 Notification to Participants. Promptly after the Committee has established or modified the Performance Goals with respect to a
Performance Award, the Participant shall be provided with written notice of the Performance Goals so established or modified. 
 11.5
Measurement of Performance Against Performance Goals. The Committee shall, as soon as practicable after the close of a Performance Period, determine: 

(a) the extent to which the Performance Goals for such Performance Period have been achieved; and 

  
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 (b) the percentage of the Performance Awards earned as a result. 

These determinations shall be absolute and final as to the facts and conclusions therein made and be binding on all parties. Promptly after the Committee has
made the foregoing determination, each Participant who has earned Performance Awards shall be notified, in writing thereof. For all purposes of this Plan, notice shall be deemed to have been given the date action is taken by the Committee making the
determination. 
 11.6 Treatment of Performance Awards Earned. Upon the Committee’s determination that a percentage of any
Performance Awards have been earned for a Performance Period, Participants to whom such earned Performance Awards have been granted and who have been (or were) in the employ of the Company or a Subsidiary thereof continuously from the Grant Date,
subject to the exceptions set forth in this section and in Section 11.9 hereof, shall be entitled, subject to the other conditions of this Plan, to payment in accordance with the terms and conditions of their Performance Awards. Such terms and
conditions may permit or require that any applicable tax withholding be deducted from the amount payable. Performance Awards shall under no circumstances become earned or have any value whatsoever for any Participant who is not in the employ of the
Company or a Subsidiary continuously during the entire Performance Period for which such Performance Award was granted, except as provided by the Committee in circumstances it deems advisable or as provided in Section 11.9 hereof. 

11.7 Distribution. Distributions payable pursuant to Section 11.6 above shall be made as soon as practicable after the Committee
determines the Performance Awards have been earned unless the provisions of Section 11.8 hereof are applicable to a Participant. 
 11.8
Deferral of Receipt of Performance Award Distributions; Compliance with Section 409A. With the consent of the Committee, a Participant who has been granted a Performance Award may elect to defer receipt of all or any part of any distribution
associated with that Performance Award pursuant to the terms of a deferred compensation plan of the Company. In any such event, the applicable Award Document shall comply in all respects with the applicable requirements of Section 409A of the Code
and the regulations promulgated thereunder. 
 11.9 Non-Disqualifying Termination of
Employment. Exceptions to the requirement of continuous employment during a Performance Period for Performance Award distribution include Retirement as defined in Section 12.4(a), or termination of a Participant’s employment by reason of
death (in which event the Performance Award may be transferable by will or the laws of descent and distribution only to such Participant’s beneficiary designated to receive the Performance Award or to the Participant’s applicable legal
representatives, heirs or legatees) or total and permanent disability, with the consent of the Committee, occurring during the Performance Period applicable to the subject Performance Award. In the instance of death, a distribution of the
Performance Award shall be made as soon as practicable, with the distributed amount equal to the amount that could have been earned during the Performance Period if the Participant were continuously employed by the Company or a Subsidiary until the
last day of the Performance Period; provided, that the amount earned will be established by the Committee (i) based upon the actual achievement level of the Performance Goals for any fiscal year during the Performance Period that was completed
prior to termination and for the fiscal year in which the 

  
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termination occurred, and (ii) based upon the assumed achievement of target levels of the Performance Goals for any subsequent fiscal year during the Performance Period. In the instance of
Retirement, or total and permanent disability as described above, subject to Section 12.4 hereof and the Award Document, a distribution of the Performance Award shall be made at the end of the Performance Period based upon the actual
achievement level of the Performance Goals during the Performance Period. 
 12. General. 

12.1 Effective Date. The Plan will become effective on the date that it is approved by the Board (the “Effective Date”). 

12.2 Duration. The Plan shall remain in effect until all Awards granted under the Plan have either been satisfied by the issuance of
shares of Common Stock or the payment of cash or been terminated under the terms of the Plan and all restrictions imposed on shares of Common Stock in connection with their issuance under the Plan have lapsed. No Awards may be granted under the Plan
after the tenth anniversary of the date the Plan is approved by the Company’s stockholders. 
 12.3 Limits on Transfer of Awards.
No Award and no right under any such Award shall be transferable by a Participant for any consideration. Except as otherwise provided by the terms of this Plan, no Award and no right under any such Award shall be transferable by a Participant other
than by will or by the laws of descent and distribution and, for a Performance Award, to the extent provided in the applicable Award Document. The Committee may establish procedures as it deems appropriate for a Participant to designate a Person or
Persons, as beneficiary or beneficiaries, to exercise the rights of the Participant and receive any property distributable with respect to any Award in the event of the Participant’s death. The Committee, in its discretion and subject to such
additional terms and conditions as it determines, may permit a Participant to transfer a Stock Option to any “family member” (as such term is defined in the General Instructions to Form S-8 (or any
successor to such Instructions or such Form) under the Securities Act of 1933, as amended) at any time that such Participant holds such Option, provided that such transfers may not be for value (i.e., the transferor may not receive any consideration
therefore) and the family member may not make any subsequent transfers other than by will or by the laws of descent and distribution. Each Award under the Plan or right under any such Award shall be exercisable during the Participant’s lifetime
only by the Participant, except as provided herein or in Award Document or amendment thereto relating to a Stock Option) or, if permissible under applicable law, by the Participant’s guardian or legal representative. No Award or right under any
such Award may be pledged, alienated, attached or otherwise encumbered, and any purported pledge, alienation, attachment or encumbrance thereof shall be void and unenforceable against the Company. 

12.4 Effect of Retirement or Other Termination. 

(a) In the event of a Participant’s Retirement (as defined below), the Award Document for any Award described in this sentence will
provide the extent to which and the conditions under which (1) outstanding Restricted Stock, Stock Options, SARs, Restricted Stock Units and Performance Stock Units previously granted to the Participant will become vested or

  
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payable, (2) the Participant shall be entitled to exercise any outstanding Stock Options and SARs following Retirement and (3) the Participant will become entitled to a distribution of
any Performance Award as described in Section 11.9 for which the applicable Performance Period has not been completed. For purposes of this Plan, commencing with Awards granted on or after the effective date of this Plan, “Retirement”
means the termination of employment with the Company or a Subsidiary for any reason other than death, Disability or Termination for Cause (as defined below) at any time after the Participant has attained the age of fifty-five years (or a different
age specified for a Participant for any Award), provided, that (i) the Participant has executed a Non-Compete Agreement (as defined below), (ii) the Participant has signed and delivered the Company’s
standard release of claims, and the period in which it may be revoked expired not later than thirty days after the date of termination, (iii) the Participant has been in the employ of the Company or a Subsidiary continuously for a period of at
least three years on the date of termination, and (iv) the Participant has provided written notice to the Company that Participant is considering retirement, in accordance with any policies for such notices that the Committee may develop from
time to time, at least one year prior to the date of termination. “Non-Compete Agreement” means an agreement not to directly or indirectly render services (including consulting or research) for a
period of three years to any person or business organization that is engaged in the development, manufacture and sale of any product, process or service (including any component thereof or research to develop information useful in connection with a
product or service) that is being designed, developed, assembled, manufactured, marketed or sold by anyone other than the Company and which is of the same general type, performs similar functions, competes with or is used for the same purposes as a
product of the Company or a Subsidiary. “Termination for Cause” means the termination of employment with the Company or a Subsidiary as a result of an illegal act, gross insubordination or willful violation of a policy of the Company or a
Subsidiary by a Participant. 
 (b) In the event that a Participant ceases to be an employee of or consultant to the Company or a Subsidiary
or a director of the Company, as applicable, for any reason other than Retirement, including death or disability, any Award may be exercised or shall expire at such times as may be set forth in the applicable Award Document, or otherwise as
determined by the Committee. 
 12.5 Restrictions under Securities Laws. Notwithstanding anything in this Plan to the contrary:
(a) the Company may, if it shall determine it necessary or desirable for any reason, at the time of Award of any Award or the issuance of any shares of Common Stock pursuant to any Award, require the recipient of the Award, as a condition to
the receipt thereof or to the receipt of shares of Common Stock issued pursuant thereto, to deliver to the Company a written representation of present intention to acquire the Award or the shares of Common Stock issued pursuant thereto for his or
her own account for investment and not for distribution; and (b) if at any time the Company further determines, in its sole discretion, that the listing, registration or qualification (or any updating of any such document) of any Award or the
shares of Common Stock issuable pursuant thereto is necessary on any securities exchange or under any federal or state securities or blue sky law, or that the consent or approval of any governmental regulatory body is necessary or desirable as a
condition of, or in connection with the grant of any Award, the issuance of shares of Common Stock pursuant thereto, or the removal of any restrictions imposed on such shares, such Award shall not be awarded or such shares of Common Stock shall not
be issued or such restrictions shall not be removed, as the case may be, in whole or in part, unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the
Company. 

  
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 12.6 Adjustment. In the event of any change in the outstanding Common Stock of the Company
by reason of a stock dividend, stock split, reverse stock split, combination of shares, spin-off, dividend (other than regular, quarterly cash dividends), recapitalization, merger or similar event, the
Committee shall make appropriate adjustments in the number of shares of Common Stock then subject to the Plan, the shares of Common Stock issuable pursuant to any Award, the exercise price of any Stock Option or SAR, the Performance Goals for any
Award, and other provisions of this Plan and outstanding Awards, in order to reflect the change in the Common Stock and to provide Participants with the same relative rights before and after such adjustment. 

12.7 Award Documents. Except in the case of Stock Awards, the terms of each Award shall be stated in an Award Document approved by the
Committee. The Committee shall communicate the key terms of each Award to the Participant promptly after the Committee approves the grant of such Award. 

12.8 Withholding. 
 (a) The
Company shall have the right to withhold from any payments made under the Plan or to collect as a condition of payment, any taxes required by law to be withheld. At any time when a Participant is required to pay to the Company an amount required to
be withheld under applicable income tax laws in connection with a distribution of Common Stock or upon exercise of a Stock Option or SAR or upon vesting of Restricted Stock, the Participant may satisfy this obligation in whole or in part by electing
(the “Election”) to have the Company withhold, from the distribution or from such shares of Restricted Stock, shares of Common Stock having a value up to the minimum amount of withholding taxes required to be collected on the transaction.
The value of the shares to be withheld shall be based on the Fair Market Value of the Common Stock on the date that the amount of tax to be withheld shall be determined (“Tax Date”). 

(b) Each Election must be made prior to the Tax Date. The Committee may disapprove of any Election, may suspend or terminate the right to make
Elections, or may provide with respect to any Award that the right to make Elections shall not apply to such Award. An Election is irrevocable. 

12.9 No Continued Employment, Engagement or Right to Corporate Assets. No Participant under the Plan shall have any right, because of
his or her participation, to continue in the employ of the Company for any period of time or to any right to continue his or her present or any other rate of compensation. Nothing contained in the Plan shall be construed as giving an employee, a
consultant, such persons’ beneficiaries or any other person any equity or interests of any kind in the assets of the Company or creating a trust of any kind or a fiduciary relationship of any kind between the Company and any such person. 

  
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 12.10 Payments Under Awards. Payment of cash or distribution of any shares of Common Stock
to which a Participant is entitled under any Award shall be made as provided in the Award. Except as permitted under Section 12.4, payments and distributions may not be deferred under any Award unless the deferral complies with the requirements
of Code Section 409A. 
 12.11 Amendment of the Plan. The Board or Committee may amend or discontinue the Plan at any time. However,
no such amendment or discontinuance shall materially adversely change or impair, without the consent of the recipient, an Award previously granted. Further, no such amendment shall, without approval of the stockholders of the Company,
(a) increase the maximum number of shares of Common Stock which may be issued to all Participants under the Plan, or (b) make any other change for which stockholder approval is required by law or under the applicable rules of the New York
Stock Exchange. 
 12.12 Amendment of Award Documents; No Stock Option or SAR Repricing Without Stockholder Approval.
Except as otherwise provided in this Section 12.2, the terms of an existing Award may be amended by an amendment to the Award Document. Notwithstanding the foregoing sentence, except as permitted under Section 12.6, 12.13 or 12.14, (a)
without the prior approval of the Company’s stockholders, (i) no Stock Option or SAR will be repriced, replaced, or regranted through cancellation, (ii) the exercise price of a previously granted Stock Option or SAR will not be
lowered and (iii) no Stock Option or SAR whose Fair Market Value is lower than its exercise price will be exchanged for cash or another Award, and (b) no such amendment shall (i) extend the maximum period during which such Award may
be exercised, either by extending the term of the Award or by extending the exercise period following termination of employment or any other applicable event, or (ii) reduce the exercise price per share below the Fair Market Value of the Common
Stock on the date the Award was granted, unless, in either case, the Award, as amended, complies with the requirements of Section 409A. 

12.13 Change in Control. In the event of a Change in Control, the Committee or a comparable committee of any corporation assuming
the obligations of the Company hereunder shall declare (a) that the restriction period of all Restricted Stock, Restricted Stock Units and Performance Stock Units has been eliminated; (b) that all Restricted Stock Units and Performance
Stock Units shall be payable in connection with the Change in Control, pursuant to the following paragraph, if applicable; (c) that subject to the third paragraph of this Section 12.13, all outstanding Stock Options and SARs shall
accelerate and become exercisable in full but that all outstanding Stock Options and SARs, whether or not exercisable prior to such acceleration, must be exercised within the period of time set forth in a notice to Participant or they will
terminate; and (d) unless otherwise specified in the Award Document, that all Performance Awards granted to Participants are deemed earned. 

In connection with any declaration pursuant to this Section 12.13 that applies to Restricted Stock Units and Performance Stock Units that
are payable in cash, the Committee shall cause a cash payment to be made to each Participant who holds any such Restricted Stock Unit or Performance Stock Unit in an amount equal to the product obtained by multiplying (a) the amount of the
Transaction Proceeds Per Share (as defined in the following sentence) times (b) the number of shares of Common Stock covered by such Restricted Stock Unit or Performance Stock Unit. For purposes of this Section 12.13, “Transaction
Proceeds Per Share” shall mean the cash plus the Fair Market Value of the non-cash consideration to be received per share by the shareholders of the Company upon the occurrence of the transaction. 

  
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 In connection with any declaration pursuant to this Section 12.13 that applies to Stock
Options or SARs, the Committee may, but shall not be obligated to, cause a cash payment to be made to each Participant who holds a Stock Option or SAR that is terminated in an amount equal to the product obtained by multiplying (a) the amount
(if any) by which the Transaction Proceeds Per Share exceeds the exercise price per share covered by such Stock Option, times (b) the number of shares of Common Stock covered by such Stock Option or SAR. 

The Committee may restrict the rights of Participants or the applicability of this Section 12.13 to the extent necessary to comply with
Section 16(b) of the Exchange Act, the Code or any other applicable law or regulation. The grant of an Award pursuant to the Plan shall not limit in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or
changes of its capital or business structure or to merge, exchange or consolidate or to dissolve, liquidate, sell or transfer all or any part of its business or assets. 

Notwithstanding the foregoing or anything else in this Plan to the contrary, in the event of a Change in Control, each Award granted after
June 8, 2016 shall be covered by the foregoing provisions of this Section 12.13 only to the extent that it is not assumed or replaced by the acquiring company or an affiliate thereof. Each such Award that is assumed or replaced by the
acquiring company or an affiliate thereof shall not vest solely in the event of a Change in Control but shall vest upon a qualifying termination of the Participant’s employment with the Company and its Affiliates on or following the Change in
Control to the extent provided by the Award Document governing such Award. 
 12.14 Deferred Compensation. 

(a) Except to the extent such acceleration or deferral is permitted or complies with the requirements of Code Section 409A and the regulations
promulgated thereunder, neither the Committee nor a Participant may accelerate or defer the time or schedule of any payment of, or the amount scheduled to be paid under, an Award that constitutes Deferred Compensation; provided, however, that
payment shall be permitted if it is in accordance with a fixed date or schedule or on account of “separation from service,” “disability,” death, “change in control” or “unforeseeable emergency” as those terms
are defined under Code Section 409A and the regulations promulgated thereunder. 
 (b) Notwithstanding anything in the Plan, unless the Award
Document specifically provides otherwise, the Company may not make payment to a Specified Employee of any Award that constitutes Deferred Compensation, earlier than 6 months following the Participant’s “separation from service” as
defined for purposes of Code Section 409A (or if earlier, upon the Specified Employee’s death), except as permitted under Code Section 409A and the regulations promulgated thereunder. Any payments that otherwise would be payable to the
Specified Employee during the foregoing 6 month period will be accumulated and payment delayed until the first date after the 6 month period. The Committee may specify in the applicable Award Document that the amount of the Deferred Compensation
delayed shall accumulate interest, earnings or Dividend Equivalents (as applicable) during the period of such delay. 

  
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 The Committee may, however, reform any provision in an Award intended to comply with (or be exempt from) Code
Section 409A to maintain to the maximum extent practicable the original intent of the applicable provision without violating the provisions of Code Section 409A and the regulations promulgated thereunder. 

  
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