Document:

EXA Corporation Stock Incentive Plan

 Exhibit 4.21 
 Exa Corporation 
 2011 STOCK INCENTIVE PLAN 

SECTION 1. General Purpose of the Plan; Definitions 
 The purpose of this Exa Corporation 2011 Stock Incentive Plan (the “Plan”) is to encourage and enable officers and employees of, and other persons providing services to, Exa Corporation (the
“Company”) and its Affiliates to acquire a proprietary interest in the Company. It is anticipated that providing such persons with a direct stake in the Company’s welfare will assure a closer identification of their interests with
those of the Company and its shareholders, thereby stimulating their efforts on the Company’s behalf and strengthening their desire to remain with the Company. 
 The following terms shall be defined as set forth below: 
 “Affiliate”
means a parent corporation, if any, and each subsidiary corporation of the Company, as those terms are defined in Section 424 of the Code. 
 “Award” or “Awards”, except where referring to a particular category of grant under the Plan, shall include Incentive Stock Options, Non-Statutory Stock Options, Restricted Stock
Awards, Unrestricted Stock Awards, Performance Share Awards, Restricted Stock Units and Stock Appreciation Rights. Awards shall be evidenced by a written agreement (which may be in electronic form and may be electronically acknowledged and accepted
by the recipient) containing such terms and conditions not inconsistent with the provisions of this Plan as the Committee shall determine. 
 “Board” means the Board of Directors of the Company. 
 “Cause”
shall mean, with respect to any Award holder, a determination by the Company (including the Board) or any Affiliate that the Holder’s employment or other relationship with the Company or any such Affiliate should be terminated as a result of
(i) a material breach by the Award holder of any agreement to which the Award holder and the Company (or any such Affiliate) are parties, (ii) any act (other than retirement) or omission to act by the Award holder that may have a material
and adverse effect on the business of the Company, such Affiliate or any other Affiliate or on the Award holder’s ability to perform services for the Company or any such Affiliate, including, without limitation, the proven or admitted
commission of any crime (other than an ordinary traffic violation), or (iii) any material misconduct or material neglect of duties by the Award holder in connection with the business or affairs of the Company or any such Affiliate. 

“Change of Control” shall have the meaning set forth in Section 16. 

“Code” means the Internal Revenue Code of 1986, as amended, and any successor Code, and related rules, regulations and
interpretations. 

  
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 “Committee” shall have the meaning set forth in Section 2. 

“Disability” means disability as set forth in Section 22(e)(3) of the Code. 

“Effective Date” means July 19, 2011, the date on which the Plan was approved by the Board of Directors as set forth in
Section 18. 
 “Eligible Person” shall have the meaning set forth in Section 4. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Fair Market Value” on any given date means the closing price per share of the Stock on such date as reported by such
registered national securities exchange on which the Stock is listed, or, if the Stock is not listed on such an exchange, as quoted on NASDAQ; provided, that, if there is no trading on such date, Fair Market Value shall be deemed to be the closing
price per share on the last preceding date on which the Stock was traded. If the Stock is not listed on any registered national securities exchange or quoted on NASDAQ, the Fair Market Value of the Stock shall be determined in good faith by the
Committee. 
 “Incentive Stock Option” means any Stock Option designated and qualified as an “incentive stock
option” as defined in Section 422 of the Code. 
 “Non-Employee Director” means any director who:
(i) is not currently an officer of the Company or an Affiliate, or otherwise currently employed by the Company or an Affiliate, (ii) does not receive compensation, either directly or indirectly, from the Company or an Affiliate, for
services rendered as a consultant or in any capacity other than as a director, except for an amount that does not exceed the dollar amount for which disclosure would be required pursuant to Rule 404(a) of Regulation S-K promulgated by the SEC,
(iii) does not possess an interest in any other transaction for which disclosure would be required pursuant to Rule 404(a) of Regulation S-K, and (iv) is not engaged in a business relationship for which disclosure would be required
pursuant to Rule 404(b) of Regulation S-K. 
 “Non-Statutory Stock Option” means any Stock Option that is not an
Incentive Stock Option. 
 “Option” or “Stock Option” means any option to purchase shares of Stock granted
pursuant to Section 5. 
 “Outside Director” means any director who (i) is not an employee of the Company or
of any “affiliated group,” as such term is defined in Section 1504(a) of the Code, which includes the Company (an “Affiliated Group Member”), (ii) is not a former employee of the Company or any Affiliated Group Member
who is receiving compensation for prior services (other than benefits under a tax-qualified retirement plan) during the Company’s or any Affiliated Group Member’s taxable year, (iii) has not been an officer of the Company or any
Affiliated Group Member and (iv) does not receive remuneration from the Company or any Affiliated Group Member, either directly or indirectly, in any capacity other than as a director. “Outside Director” shall be determined in
accordance with Section 162(m) of the Code and the Treasury regulations issued thereunder. 

  
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 “Performance Share Award” means an Award pursuant to Section 8. 

“Restricted Stock Award” means an Award granted pursuant to Section 6. 

“Restricted Stock Unit” means an Award granted pursuant to Section 9. 

“SEC” means the Securities and Exchange Commission or any successor authority. 

“Stock” means the common stock, $0.001 par value per share, of the Company, subject to adjustments pursuant to Section 3.

 “Stock Appreciation Right” means an Award granted pursuant to Section 10. 

“Unrestricted Stock Award” means Awards granted pursuant to Section 7. 

SECTION 2. Administration of Plan; Committee Authority to Select Participants and Determine Awards. 

(a) Committee. It is intended that the Plan shall be administered by the Compensation Committee of the Board (the “Committee”),
consisting of not less than two (2) persons each of whom qualifies as an Outside Director and a Non-Employee Director, but the authority and validity of any act taken or not taken by the Committee shall not be affected if any person
administering the Plan is not an Outside Director or a Non-Employee Director. Except as specifically reserved to the Board under the terms of the Plan, and subject to any limitations set forth in the charter of the Committee, the Committee shall
have full and final authority to operate, manage and administer the Plan on behalf of the Company. 
 (b) Powers of
Committee. The Committee shall have the power and authority to grant and modify Awards consistent with the terms of the Plan, including the power and authority: 

(i) to select the persons to whom Awards may from time to time be granted; 

(ii) to determine the time or times of grant, and the extent, if any, of Incentive Stock Options, Non-Statutory Stock
Options, Restricted Stock, Unrestricted Stock, Performance Shares and Stock Appreciation Rights, or any combination of the foregoing, granted to any one or more participants; 

(iii) to determine the number of shares to be covered by any Award; 

(iv) to determine and modify the terms and conditions, including restrictions, not inconsistent with the terms of the
Plan, of any Award, which terms and conditions may differ among individual Awards and participants, and to approve the form of written instruments evidencing the Awards; provided, however, that no such action shall adversely affect rights under any
outstanding Award without the participant’s consent; 
 (v) to accelerate the exercisability or vesting of
all or any portion of any Award; 

  
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 (vi) to extend the period in which any outstanding Stock Option or Stock
Appreciation Right may be exercised; and 
 (vii) to adopt, alter and repeal such rules, guidelines and practices
for administration of the Plan and for its own acts and proceedings as it shall deem advisable; to interpret the terms and provisions of the Plan and any Award (including related written instruments); to make all determinations it deems advisable
for the administration of the Plan; to decide all disputes arising in connection with the Plan; and to otherwise supervise the administration of the Plan. 
 All decisions and interpretations of the Committee shall be binding on all persons, including the Company and Plan participants. No member or former member of the Committee or the Board shall be liable
for any action or determination made in good faith with respect to this Plan. 
 SECTION 3. Shares Issuable under the Plan; Mergers;
Substitution. 
 (a) Shares Issuable. The maximum number of shares of Stock which may be issued in respect of Awards
(including Stock Appreciation Rights) granted under the Plan, subject to adjustment upon changes in capitalization of the Company as provided in this Section 3, shall be 5,000,000 shares, subject to adjustment upon changes in capitalization of
the Company as provided in this Section 3. For purposes of this limitation, the shares of Stock underlying any Awards which are forfeited, cancelled, reacquired by the Company or otherwise terminated (other than by exercise) shall be added back
to the shares of Stock with respect to which Awards may be granted under the Plan. Shares issued under the Plan may be authorized but unissued shares or shares reacquired by the Company. 

(b) Limitation on Awards. In no event may any Plan participant be granted Awards (including Stock Appreciation Rights) with
respect to more than 500,000 shares of Stock in any calendar year. The number of shares of Stock relating to an Award granted to a Plan participant in a calendar year that is subsequently forfeited, cancelled or otherwise terminated shall continue
to count toward the foregoing limitation in such calendar year. In addition, if the exercise price of an Award is subsequently reduced, the transaction shall be deemed a cancellation of the original Award and the grant of a new one so that both
transactions shall count toward the maximum shares issuable in the calendar year of each respective transaction. 
 (c) Stock
Dividends, Mergers, etc. In the event that after approval of the Plan by the stockholders of the Company in accordance with Section 18, the Company effects a stock dividend, stock split, reverse stock split or similar change in
capitalization affecting the Stock, the Committee shall make appropriate adjustments in (i) the number and kind of shares of stock or securities with respect to which Awards may thereafter be granted (including without limitation the
limitations set forth in Sections 3(a) and (b) above), (ii) the number and kind of shares remaining subject to outstanding Awards, and (iii) the option or purchase price in respect of such shares. In the event of any merger,
consolidation, dissolution or liquidation of the Company, the Committee in its sole discretion may, as to any outstanding Awards, make such substitution or adjustment in the aggregate number of shares reserved for issuance under the Plan and in the
number and purchase price (if any) of shares subject to such Awards as it may 

  
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determine and as may be permitted by the terms of such transaction, or accelerate, amend or terminate such Awards upon such terms and conditions as it shall provide (which, in the case of the
termination of the vested portion of any Award, shall require payment or other consideration which the Committee deems equitable in the circumstances), subject, however, to the provisions of Section 16. 

(d) Substitute Awards. The Committee may grant Awards under the Plan in substitution for stock and stock based awards held by
employees of another corporation who concurrently become employees of the Company or an Affiliate as the result of a merger or consolidation of the employing corporation with the Company or an Affiliate or the acquisition by the Company or an
Affiliate of property or stock of the employing corporation. The Committee may direct that the substitute awards be granted on such terms and conditions as the Committee considers appropriate in the circumstances. 

SECTION 4. Eligibility. 

Awards may be granted to officers, directors and employees of, and consultants and advisers to, the Company or its Affiliates
(“Eligible Persons”). 
 SECTION 5. Stock Options. 
 The Committee may grant to Eligible Persons options to purchase stock. 
 Any Stock
Option granted under the Plan shall be in such form as the Committee may from time to time approve. 
 Stock Options granted
under the Plan may be either Incentive Stock Options (subject to compliance with applicable law) or Non-Statutory Stock Options. Unless otherwise so designated, an Option shall be a Non-Statutory Stock Option. To the extent that any option does not
qualify as an Incentive Stock Option, it shall constitute a Non-Statutory Stock Option. 
 No Incentive Stock Option shall be
granted under the Plan after the tenth anniversary of the date of adoption of the Plan by the Board. 
 The Committee in its
discretion may determine the effective date of Stock Options, provided, however, that grants of Incentive Stock Options shall be made only to persons who are, on the effective date of the grant, employees of the Company or an Affiliate. Stock
Options granted pursuant to this Section 5 shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Committee shall deem desirable. 

(a) Exercise Price. The exercise price per share for the Stock covered by a Stock Option granted pursuant to this Section 5
shall be determined by the Committee at the time of grant but shall be not less than one hundred percent (100%) of Fair Market Value on the date of grant. If an employee owns or is deemed to own (by reason of the attribution rules applicable
under Section 424(d) of the Code) more than ten percent (10%) of the combined voting power of all classes of stock of the Company or any subsidiary or parent corporation and an Incentive Stock Option is granted to such employee, the option
price shall be not less than one hundred ten percent (110%) of Fair Market Value on the date of grant. 

  
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 (b) Option Term. The term of each Stock Option shall be fixed by the Committee, but
no Incentive Stock Option shall be exercisable more than ten (10) years after the date the option is granted. If an employee owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code) more than ten percent
(10%) of the combined voting power of all classes of stock of the Company or any subsidiary or parent corporation and an Incentive Stock Option is granted to such employee, the term of such option shall be no more than five (5) years from
the date of grant. 
 (c) Exercisability; Rights of a Shareholder. Stock Options shall become vested and exercisable at
such time or times, whether or not in installments, as shall be determined by the Committee. The Committee may at any time accelerate the exercisability of all or any portion of any Stock Option. An optionee shall have the rights of a shareholder
only as to shares acquired upon the exercise of a Stock Option and not as to unexercised Stock Options. 
 (d) Method of
Exercise. Stock Options may be exercised in whole or in part, by delivering written notice of exercise to the Company, specifying the number of shares to be purchased. Payment of the purchase price may be made by delivery of cash or bank check
or other instrument acceptable to the Committee in an amount equal to the exercise price of such Options, or, to the extent provided in the applicable Option Agreement, by one or more of the following methods: 

(i) by delivery to the Company of shares of Stock of the Company having a fair market value equal in amount to the
aggregate exercise price of the Options being exercised and not subject to restriction under any Company incentive plan; or 
 (ii) if the class of Stock is registered under the Exchange Act at such time, by delivery to the Company of a properly executed exercise notice along with irrevocable instructions to a broker to deliver
promptly to the Company cash or a check payable and acceptable to the Company for the purchase price; provided that in the event that the optionee chooses to pay the purchase price as so provided, the optionee and the broker shall comply with such
procedures and enter into such agreements of indemnity and other agreements as the Committee shall prescribe as a condition of such payment procedure (including, in the case of an optionee who is an executive officer of the Company, such procedures
and agreements as the Committee deems appropriate in order to avoid any extension of credit in the form of a personal loan to such officer). The Company need not act upon such exercise notice until the Company receives full payment of the exercise
price; or 
 (iii) by reducing the number of Option shares otherwise issuable to the optionee upon exercise of
the Option by a number of shares of Common Stock having a fair market value equal to such aggregate exercise price of the Options being exercised; or 
 (iv) by any combination of such methods of payment. 
 The delivery of
certificates, if any, representing shares of Stock to be purchased pursuant to the exercise of a Stock Option will be contingent upon receipt from the Optionee (or a purchaser acting in his stead in accordance with the provisions of the Stock
Option) by the Company of the full purchase price for such shares and the fulfillment of any other requirements contained in the Stock Option or imposed by applicable law. 

  
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 (e) Non-transferability of Options. Except as the Committee may provide with respect
to a Non-Statutory Stock Option, no Stock Option shall be transferable other than by will or by the laws of descent and distribution and all Stock Options shall be exercisable, during the optionee’s lifetime, only by the optionee. 

(f) Annual Limit on Incentive Stock Options. To the extent required for “incentive stock option” treatment under
Section 422 of the Code, the aggregate Fair Market Value (determined as of the time of grant) of the Stock with respect to which Incentive Stock Options granted under this Plan and any other plan of the Company or its Affiliates become
exercisable for the first time by an optionee during any calendar year shall not exceed $100,000. 
 (g) Options Granted to
French Residents. Notwithstanding any other provision of this Plan: (i) no Option shall be granted to a resident of France unless such optionee is an employee of the Company; (ii) no Option granted to a resident of France may be
exercised earlier than one year after date of grant, and shares of Stock issued pursuant to the exercise of such Option may not be sold or transferred (other than by will or the laws of descent and distribution) within four years from the date of
grant of the Option; and (iii) no Option granted to a resident of France shall provide for a period of exercise in excess of six months upon death of the optionee. 
 SECTION 6. Restricted Stock Awards. 
 (a) Nature of Restricted Stock
Award. The Committee in its discretion may grant Restricted Stock Awards to any Eligible Person, entitling the recipient to acquire, for such purchase price, if any, as may be determined by the Committee, shares of Stock subject to such
restrictions and conditions as the Committee may determine at the time of grant (“Restricted Stock”), including continued employment and/or achievement of pre-established performance goals and objectives. 

(b) Acceptance of Award. A participant who is granted a Restricted Stock Award shall have no rights with respect to such Award
unless the participant shall have accepted the Award within sixty (60) days (or such shorter date as the Committee may specify) following the award date by making payment to the Company of the specified purchase price, if any, of the shares
covered by the Award and by executing and delivering to the Company a written instrument that sets forth the terms and conditions applicable to the Restricted Stock in such form as the Committee shall determine. 

(c) Rights as a Shareholder. Upon complying with Section 6(b) above, a participant shall have all the rights of a shareholder
with respect to the Restricted Stock, including voting and dividend rights, subject to non-transferability restrictions and Company repurchase or forfeiture rights described in this Section 6 and subject to such other conditions contained in
the written instrument evidencing the Restricted Award. Unless the Committee shall otherwise determine, certificates, if any, evidencing shares of Restricted Stock Award shall remain in the possession of the Company until such shares are vested as
provided in Section 6(e) below. 

  
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 (d) Restrictions. Shares of Restricted Stock may not be sold, assigned, transferred,
pledged or otherwise encumbered or disposed of except as specifically provided herein. In the event of termination of employment by the Company and its Affiliates for any reason (including death, Disability, and for Cause), any shares of Restricted
Stock which have not then vested may, if so provided in the applicable award agreement, be repurchased by the Company at such repurchase price as is specified in such agreement and otherwise shall automatically be forfeited to the Company.

 (e) Vesting of Restricted Stock. The Committee at the time of grant shall specify the date or dates and/or the
attainment of pre-established performance goals, objectives and other conditions on which the non-transferability of the Restricted Stock and the Company’s right of forfeiture shall lapse. Subsequent to such date or dates and/or the attainment
of such pre-established performance goals, objectives and other conditions, the shares on which all restrictions have lapsed shall no longer be Restricted Stock and shall be deemed “vested.” The Committee at any time may accelerate such
date or dates and otherwise waive or, subject to Section 13, amend any conditions of the Award. 
 (f) Waiver, Deferral
and Reinvestment of Dividends. The written instrument evidencing the Restricted Stock Award may require or permit the immediate payment, waiver, deferral or investment of dividends paid on the Restricted Stock. 

SECTION 7. Unrestricted Stock Awards. 
 (a) Grant or Sale of Unrestricted Stock. The Committee in its discretion may grant or sell to any Eligible Person shares of Stock free of any restrictions under the Plan (“Unrestricted
Stock”) at such purchase price, if any, as is determined by the Committee. Shares of Unrestricted Stock may be granted or sold as described in the preceding sentence in respect of past services or other valid consideration. 

(b) Restrictions on Transfers. The right to receive unrestricted Stock may not be sold, assigned, transferred, pledged or
otherwise encumbered, other than by will or the laws of descent and distribution. 
 SECTION 8. Performance Share Awards. 

The Committee in its discretion may grant Performance Share Awards under the Plan to any Eligible Person. A Performance Share Award is an
award entitling the recipient to acquire shares of Stock upon the attainment of specified performance goals. The Committee may make Performance Share Awards independent of or in connection with the granting of any other Award under the Plan. The
Committee in its discretion shall determine whether and to whom Performance Share Awards shall be made, the performance goals applicable under each such Award (which may include, without limitation, continued employment by the recipient or a
specified achievement by the recipient, the Company or any business unit of the Company), the periods during which performance is to be measured, and all other limitations and conditions applicable to the Award or the Stock issuable thereunder. Upon
the attainment of the specified performance goal shares of Stock shall be issued pursuant to the Performance Share Award as soon as practicable thereafter, but in no event later than two and one-half months after the calendar year in which such
performance goal is attained. 

  
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 SECTION 9. Restricted Stock Units. 

The Committee in its discretion may grant Restricted Stock Units under the Plan to any Eligible Person. A Restricted Stock Unit is an
Award entitling the recipient to acquire shares of Stock pursuant to certain terms and conditions. The Committee may award Restricted Stock Units independent of or in connection with the granting of any other Award under the Plan. The Committee in
its discretion shall determine whether and to whom Restricted Stock Units shall be granted, the terms, conditions and restrictions, including vesting, if any, related to such Restricted Stock Units, including the number of shares of Stock that the
recipient shall be entitled to receive or purchase, the price to be paid, if any, and all other limitations and conditions applicable to the Restricted Stock Units. 
 SECTION 10. Stock Appreciation Rights. 
 The Committee in its discretion may
grant Stock Appreciation Rights under the Plan to any Eligible Person. A Stock Appreciation Right is an Award entitling the participant upon exercise thereof to receive from the Company, upon written request to the Company at its principal offices
(the “Request”), a number of shares of Stock, or may provide for cash payment or combination of shares and cash, having an aggregate Fair Market Value equal to the product of (a) the excess of Fair Market Value, on the date of such
Request, over the exercise price per share of Stock specified in such Stock Appreciation Right (which exercise price shall be not less than one hundred percent (100%) of Fair Market Value on the date of grant), multiplied by (b) the number
of shares of Stock for which such Stock Appreciation Right shall be exercised. 
 SECTION 11. Termination of Stock Options and Stock
Appreciation Rights. 
 (a) Incentive Stock Options: 

(i) Termination by Death. If any participant’s employment by the Company and its Affiliates terminates by
reason of death, any Incentive Stock Option owned by such participant may thereafter be exercised to the extent exercisable at the date of death, by the legal representative or legatee of the participant, for a period of one year from the date of
death, or until the expiration of the stated term of the Incentive Stock Option, if earlier. 
 (ii)
Termination by Reason of Disability. 
 Any Incentive Stock Option held by a participant whose employment
by the Company and its Affiliates has terminated by reason of Disability may thereafter be exercised, to the extent it was exercisable at the time of such termination, for a period of one year from the date of such termination of employment, or
until the expiration of the stated term of the Option, if earlier. The Committee shall have sole authority and discretion to determine whether a participant’s employment has been terminated by reason of Disability or Normal Retirement.

 (iii) Termination for Cause. If any participant’s employment by the Company and its Affiliates has
been terminated for Cause, as determined by the Committee in its sole discretion, any Incentive Stock Option held by such participant shall immediately terminate and be of no further force and effect. 

  
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 (iv) Other Termination. Unless otherwise determined by the Committee,
if a participant’s employment by the Company and its Affiliates terminates for any reason other than death, Disability, or for Cause, any Incentive Stock Option held by such participant may thereafter be exercised, to the extent it was
exercisable on the date of termination of employment, for ninety (90) days from the date of termination of employment or until the expiration of the stated term of the Option, if earlier. 

(b) Non-Statutory Stock Options and Stock Appreciation Rights. Any Non-Statutory Stock Option or Stock Appreciation Right granted
under the Plan shall contain such terms and conditions with respect to its termination as the Committee, in its discretion, may from time to time determine. 
 SECTION 12. Tax Withholding and Notice. 
 (a) Payment by Participant.
Each participant shall, no later than the date as of which the value of an Award or of any Stock or other amounts received thereunder first becomes includable in the gross income of the participant for Federal income tax purposes, pay to the
Company, or make arrangements satisfactory to the Committee regarding payment of any Federal, state, local and/or payroll taxes of any kind required by law to be withheld with respect to such income. The Company and its Affiliates shall, to the
extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the participant. 

(b) Payment in Shares. A Participant may elect, with the consent of the Committee, to have such tax withholding obligation
satisfied, in whole or in part, by (i) authorizing the Company to withhold from shares of Stock to be issued pursuant to an Award a number of shares with an aggregate Fair Market Value (as of the date the withholding is effected) that would
satisfy the withholding amount due with respect to such Award, or (ii) delivering to the Company a number of shares of Stock with an aggregate Fair Market Value (as of the date the withholding is effected) that would satisfy the withholding
amount due. 
 (c) Notice of Disqualifying Disposition. Each holder of an Incentive Option shall agree to notify the
Company in writing immediately after making a disqualifying disposition (as defined in Section 421(b) of the Code) of any Stock purchased upon exercise of an Incentive Stock Option. 
 SECTION 13. Transfer and Leave of Absence. 
 For purposes of the Plan, the
following events shall not be deemed a termination of employment: 
 (a) a transfer to the employment of the Company from an
Affiliate or from the Company to an Affiliate, or from one Affiliate to another; 

  
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 (b) an approved leave of absence for military service or sickness, or for any other purpose
approved by the Company, if the employee’s right to re-employment is guaranteed either by a statute or by contract or under the policy pursuant to which the leave of absence was granted or if the Committee otherwise so provides in writing;
provided, that the vesting date or dates of any unvested Award held by such employee shall automatically be extended by a period of time equal to the period of such approved leave of absence. 
 SECTION 14. Amendments and Termination. 
 The Board may at any time amend or
discontinue the Plan and the Committee may at any time amend or cancel any outstanding Award for the purpose of satisfying changes in law or for any other lawful purpose, but no such action shall adversely affect rights under any outstanding Award
without the holder’s consent. Notwithstanding the foregoing, neither the Board nor the Committee shall have the power or authority to decrease the exercise price of any outstanding Stock Option or Stock Appreciation Right, whether through
amendment, cancellation and regrant, exchange or any other means, except for changes made pursuant to Section 3(c). 
 This
Plan shall terminate as of the tenth anniversary of its effective date. The Board may terminate this Plan at any earlier time for any reason. No Award may be granted after the Plan has been terminated. No Award granted while this Plan is in effect
shall be adversely altered or impaired by termination of this Plan, except upon the consent of the holder of such Award. The power of the Committee to construe and interpret this Plan and the Awards granted prior to the termination of this Plan
shall continue after such termination. 
 SECTION 15. Status of Plan. 

With respect to the portion of any Award which has not been exercised and any payments in cash, Stock or other consideration not received
by a participant, a participant shall have no rights greater than those of a general creditor of the Company unless the Committee shall otherwise expressly determine in connection with any Award or Awards. 

SECTION 16. Change of Control Provisions. 
 (a) Upon the occurrence of a Change of Control as defined in this Section 16: 
 (i) subject to the provisions of clauses (iii) and (iv) below, after the effective date of such Change of Control, each holder of an outstanding Stock Option, Restricted Stock Award, Performance
Share Award, Restricted Stock Unit or Stock Appreciation Right shall be entitled, upon exercise of such Award, to receive, in lieu of shares of Stock (or consideration based upon the Fair Market Value of Stock), shares of such stock or other
securities, cash or property (or consideration based upon shares of such stock or other securities, cash or property) as the holders of shares of Stock received in connection with the Change of Control; 

(ii) in connection with the provisions of clauses (i), (iii) or (iv), the Committee may accelerate, fully or in part,
the time for exercise of, and waive any or all conditions and restrictions on, each unexercised and unexpired Stock Option, Restricted Stock Award, Performance Share Award, Restricted Stock Unit and Stock Appreciation Right, effective upon a date
prior or subsequent to the effective date of such Change of Control, as specified by the Committee; 

  
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 (iii) the Committee may provide that the Company shall make or provide for a
cash payment to each holder of an outstanding Stock Option equal to the difference between (A) the fair market value of the per share consideration (whether cash, securities or other property or any combination of the above) the holder of a
share of Stock will receive upon consummation of the Change of Control (the “Per Share Transaction Price”) times the number of shares of Stock subject to such outstanding Options to the extent then exercisable (or, in full, if the
Committee shall have accelerated the time for exercise of all such unexercised and unexpired Options) and (B) the aggregate exercise price of all such outstanding vested Options, in exchange for the termination of such vested Options; and
provided further that the Committee may provide that to the extent any Options are exercisable at a price equal to or in excess of the per Share Transaction Price, such Options shall terminated immediately upon the effective date of the Change of
Control without any payment being made to the holders of such Options; 
 (iv) each outstanding Stock Option,
Restricted Stock Award, Performance Share Award, Restricted Stock Unit and Stock Appreciation Right may be cancelled by the Committee as of the effective date of any such Change of Control provided that (x) prior written notice of such
cancellation shall be given to each holder of such an Award and (y) each holder of such an Award shall have the right to exercise such Award to the extent that the same is then exercisable or, in full, if the Committee shall have accelerated
the time for exercise of all such unexercised and unexpired Awards, during a specified period of time preceding the effective date of such Change of Control, which period may end prior to such effective date. 

Notwithstanding any provision above, and regardless of any other action taken with regard to outstanding Stock Options, the Committee may
provide, pursuant to written notice to holders of outstanding Stock Options, that Stock Options may not be exercised during a specified period of time ending prior to the effective date of the Change of Control. 

(b) “Change of Control” shall mean the occurrence of any one of the following events: 

(i) any “person” (as such term is used in Sections 13(d) and 14(d)(2) of the Exchange Act) becomes, after the
Effective Date of this Plan, a “beneficial owner” (as such term is defined in Rule 13d-3 promulgated under the Exchange Act) (other than the Company, any trustee or other fiduciary holding securities under an employee benefit plan of the
Company, or any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company), directly or indirectly, of securities of the Company representing fifty
percent (50%) or more of the combined voting power of the Company’s then outstanding securities; or 

(ii) the stockholders of the Company approve a merger or consolidation of the Company with any other corporation or other
entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of
the surviving entity) more than fifty percent (50%) of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or 

  
 12 

 (iii) the stockholders of the Company approve a plan of complete liquidation
of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets. 

SECTION 17. General Provisions. 
 (a) No Distribution; Compliance with Legal Requirements. The Committee may require each person acquiring shares pursuant to an Award to represent to and agree with the Company in writing that such
person is acquiring the shares without a view to distribution thereof. 
 No shares of Stock shall be issued pursuant to an
Award until all applicable securities laws and other legal and stock exchange requirements have been satisfied. The Committee may require the placing of such stop orders and restrictive legends on certificates for Stock and Awards as it deems
appropriate. 
 (b) Delivery of Stock Certificates. Delivery of stock certificates to participants under this Plan, if
any, shall be deemed effected for all purposes when the Company or a stock transfer agent of the Company shall have delivered such certificates in the United States mail, addressed to the participant, at the participant’s last known address on
file with the Company. 
 (c) Other Compensation Arrangements; No Employment Rights. Nothing contained in this Plan shall
prevent the Board from adopting other or additional compensation arrangements, including trusts, subject to stockholder approval if such approval is required; and such arrangements may be either generally applicable or applicable only in specific
cases. The adoption of the Plan or any Award under the Plan does not confer upon any employee any right to continued employment with the Company or any Affiliate. 
 (d) Lock-Up Agreement. By accepting any Award, the recipient shall be deemed to have agreed that, if so requested by the Company or by the underwriters managing any underwritten offering of the
Company’s securities, the recipient will not, without the prior written consent of the Company or such underwriters, as the case may be, sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any
shares subject to any such Award during the Lock-up Period, as defined below. The “Lock-Up Period” shall mean a period of time not exceeding 180 days or, if greater, such number of days as shall have been agreed to by each director and
executive officer of the Company in connection with such offering in a substantially similar lock-up agreement by which each such director and executive officer is bound. If requested by the Company or such underwriters, the recipient shall enter
into an agreement with such underwriters consistent with the foregoing. 
 (e) Prohibition on Repricing. Notwithstanding
anything to the contrary in this Plan and except as provided in Section 3(c), no Option or Stock Appreciation Right may be may be amended so as to directly or indirectly amend its initial exercise or grant price and no Option or Stock
Appreciation Right shall be cancelled and replaced with Options or Stock Appreciation Rights or other Awards having a lower exercise or grant price, without the prior approval of the stockholders of the Company. 

  
 13 

 SECTION 18. Effective Date of Plan. 

This Plan shall become effective upon its adoption by the Company’s Board of Directors. If the Plan shall not be approved by the
shareholders of the Company within twelve months following its adoption, this Plan shall terminate and be of no further force or effect. 

SECTION 19. Governing Law. 
 This Plan shall be governed by, and construed and enforced in accordance with, the substantive laws of The Commonwealth of Massachusetts without regard to its principles of conflicts of laws. 

* * * 

  
 14EXA Corporation 2011 Employee Stock Purchase Plan

 Exhibit 4.24 
 EXA CORPORATION 
 2011 EMPLOYEE STOCK PURCHASE PLAN 

 

	1.	Purpose 

 The Exa
Corporation Employee Stock Purchase Plan is intended to provide a method whereby employees of the Company will have an opportunity to acquire an ownership interest (or increase an existing ownership interest) in the Company through the purchase of
shares of the Stock of the Company. It is the intention of the Company that the Plan qualify as an “employee stock purchase plan” under Section 423 of the Code. The provisions of the Plan shall, accordingly, be construed so as to
extend and limit participation in a manner consistent with the requirements of that section of the Code. 
  

	2.	Definitions 

  

	 	(a)	“Board” shall mean the Board of Directors of the Company. 

  

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

 

	 	(c)	“Committee” shall mean the Compensation Committee of the Board. 

  

	 	(d)	“Company” shall mean Exa Corporation. 

  

	 	(e)	“Compensation” shall mean the base salary of an Employee reportable on Form W-2, including an Employee’s portion of salary deferral contributions
pursuant to Section 401(k) of the Code and any amount excludable from income pursuant to Section 125 of the Code. 

  

	 	(f)	“Designated Subsidiary” shall mean any Subsidiary of the Company that has been designated by the Committee to participate in the Plan.

  

	 	(g)	“Employee” shall mean any person who is customarily employed at least 20 hours per week and more than five months in a calendar year by the Company or any
Designated Subsidiary. 

  

	 	(h)	“Exercise Date” shall mean the last Trading Date of each Offering Period, unless determined otherwise by the Committee. 

 

	 	(i)	“Fair Market Value” on any given date shall mean the closing price per share of the Stock on such date as reported by such registered national securities
exchange on which the Stock is listed; provided, that, if there is no trading on such date, Fair Market Value shall be deemed to be the closing price per share on the last preceding date on which the Stock was traded. If the Stock is not listed on
any registered national securities exchange, the Fair Market Value of the Stock shall be determined in good faith by the Committee. 

	 	(j)	“Offering Period” shall mean a period of approximately six months beginning on an Offering Commencement Date and ending on the Exercise Date for such period,
or such other period as determined by the Committee. 

  

	 	(k)	“Offering Commencement Date” shall mean the first Trading Date of each Offering Period, unless determined otherwise by the Committee.

  

	 	(l)	“Option Price” shall mean the purchase price of a share of Stock hereunder as provided in Section 7(b) hereof. 

 

	 	(m)	“Plan” shall mean the Exa Corporation 2011 Employee Stock Purchase Plan. 

 

	 	(n)	“Stock” shall mean the common stock, $0.001 par value per share, of the Company 

 

	 	(o)	“Subsidiary” shall mean any present or future corporation which is or would constitute a “subsidiary corporation” as that term is defined in
Section 425 of the Code. 

  

	 	(p)	“Trading Date” shall mean a date on which national stock exchanges are open for trading. 

 

	3.	Eligibility 

 Any Employee
(as defined in Section 2(g)) shall be eligible to participate in the Plan on the first Offering Commencement Date following the commencement of employment. Notwithstanding the foregoing, no Employee shall be granted an option under the Plan:
(i) if, immediately after the grant, such employee would own stock, and/or hold outstanding options to purchase stock, possessing 5% or more of the total combined voting power or value of all classes of stock of the Company or any Subsidiary;
for purposes of this Section the rules of Section 424(d) of the Code shall apply in determining stock ownership of any employee; or (ii) to the extent that such participant’s rights to purchase stock under all Section 423
employee stock purchase plans of the Company and any Subsidiary accrues at a rate which exceeds $25,000 worth of stock (determined at the time such option is granted) for each calendar year in which such option is outstanding. 

 

	4.	Offering Periods 

 The
Plan shall have Offering Periods commencing on or after January 1 and July 1 each year, or on such other dates as the Committee shall determine. 
  

	5.	Participation 

 An
eligible Employee may become a participant in the Plan by completing a payroll deduction authorization form provided by the Company and filing it with the office of the Company’s payroll office ten days prior to each applicable Offering
Commencement Date. Participation in any one or more of the offerings under the Plan shall neither limit, nor require, participation in any other offering. 

  
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	6.	Payroll Deductions 

 (a)
At the time a participant files his or her authorization for a payroll deduction, he or she shall elect to have payroll deductions made on each payday during any Offering Period in which he or she is a participant at a specified percentage of
Compensation, expressed as a whole number percentage, not to exceed 15 percent. 
 (b) Payroll deductions for a participant
shall commence with respect to the first Offering Period for which his or her authorization for a payroll deduction becomes effective. Such authorization shall remain in effect for subsequent Offering Periods, unless the participant notifies the
Company in writing to the contrary or withdraws from an Offering Period pursuant to Section 10(a) below. 
 (c) All payroll
deductions made for a participant shall be credited to his or her account under the Plan. A participant may not make any separate cash payment into such account. 
 (d) A participant may not increase or otherwise change his or her deduction percentage during an Offering Period. However, a participant may change the deduction percentage for any subsequent Offering
Period by filing notice thereof with the Company prior to the Offering Commencement Date of such period . A participant may withdraw from the Plan at any time during the applicable Offering Period. 

(e) Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b)(8) of the Code and Section 3 hereof, a
participant’s payroll deductions may be decreased to zero percent at any time during an Offering Period. Payroll deductions shall recommence at the rate provided in such participant’s payroll deduction authorization at the beginning of the
next Offering Period for which participation would be permissible under Section 423(b)(8) of the Code and Section 3 hereof, unless terminated by the participant as provided in Section 10 hereof. 

 

	7.	Grant of Option 

 (a) On
the Exercise Date of each Offering Period, a participating Employee shall be deemed to have been granted an option to purchase a maximum number of shares of Stock equal to an amount determined by dividing 85% of the Fair Market value per share of
the Stock on the applicable Exercise Date into an amount equal to the sum of (i) the payroll deductions that have been withheld for the account of the participating Employee during the applicable Offering period plus (ii) any amounts in
the Employee’s account on the Offering Commencement Date that have been carried forward from prior Offerings pursuant to Section 8(b) hereof. 
 (b) The Option Price of the Stock purchased with payroll deductions made during each such Offering Period shall be 85% of the Fair Market Value of the Stock on the Exercise Date. 

  
 - 3 -

	8.	Exercise of Option 

 (a)
Unless a participant withdraws from the Offering Period pursuant to Section 10(a), his or her option for the purchase of Stock with payroll deductions made during any Offering Period will be deemed to have been exercised automatically on the
Exercise Date applicable to such Offering Period for the purchase of the number of whole shares of Stock which the accumulated payroll deductions in his or her account at that time will purchase at the applicable Option Price (but not in excess of
the number of shares for which options have been granted the employee pursuant to Section 7(a) hereof), and any excess in his or her account at that time will be returned to the participant. 

(b) Fractional shares will not be issued under the Plan and any accumulated payroll deductions which would have been used to purchase
fractional shares shall be automatically carried forward to the next Offering Period unless the participant elects, by written notice to the Company, to have the excess cash returned to him or her. 

 

	9.	Delivery 

 As promptly as
practicable after each Exercise Date on which a purchase of shares occurs, the Company shall arrange for the delivery to each participant, as appropriate, of a certificate representing the shares purchased upon exercise. 

 

	10.	Withdrawal 

 (a) Prior to
the Exercise Date for an Offering Period, a participant may withdraw all but not less than all of the payroll deductions credited to his or her account under the Plan for such Offering Period by giving written notice to the Company. All of the
participant’s payroll deductions credited to such account will be paid to him or her promptly after receipt of notice of withdrawal, without interest, and no further payroll deductions shall be made for such Offering Period. 

(b) If a participant withdraws from an Offering Period, payroll deductions shall not resume at the beginning of the succeeding Offering
Period unless the participant delivers to the Company a new payroll deduction authorization. 
 (c) A participant’s
election not to participate in, or withdrawal from, any Offering Period will not have any effect upon such participant’s eligibility to participate in any succeeding Offering or in any similar plan which may hereafter be adopted by the Company.

  
 - 4 -

	11.	Termination of Employment 

Upon a participant’s ceasing to be an Employee, for any reason, he or she shall be deemed to have elected to withdraw from the Plan
and the payroll deductions credited to such participant’s account during the Offering Period but not yet used to exercise the option shall be returned to such participant, or, in the case of his or her death, to the person or persons entitled
thereto under Section 15 below. 
  

	12.	Interest 

 No interest
shall accrue or be paid on the payroll deductions of a participant in the Plan. 
  

	13.	Stock 

 (a) The maximum
number of shares of Stock available for issuance and purchase by employees under the Plan, subject to adjustment upon changes in capitalization of the Company as provided in Section 18 hereof, shall be 3,000,000 shares. 

(b) If the total number of shares for which options are exercised on any Exercise Date exceeds the maximum number of shares for the
applicable Offering, the Company shall make a pro rata allocation of the shares available for delivery and distribution in an equitable manner, and the balances of payroll deductions credited to the account of each participant under the Plan shall
be returned to the participant. 
 (c) The participant will have no interest in stock covered by his or her option until such
option has been exercised. 
  

	14.	Administration 

 The Plan
shall be administered by the Committee. The interpretation and construction of any provision of the Plan and adoption of rules and regulations for administering the Plan shall be made by the Committee. Determinations made by the Committee with
respect to any matter or provision contained in the Plan shall be final, conclusive and binding upon the Company and upon all participants, their heirs or legal representatives. 

 

	15.	Designation of Beneficiary 

A participant may file with the Company a written designation of a beneficiary who is to receive any Stock and/or cash under the Plan in
the event of the participant’s death whether subsequent to an Exercise Date on which the option is exercised but prior to the issuance of shares, or in the event of a participant’s death prior to exercise of an option. Such designation of
beneficiary may be changed by the participant at any time by written notice. In the event of the death of a participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such participant’s death,
the Company shall deliver any such Stock and/or cash to the executor or administrator of the estate of the participant. 

  
 - 5 -

	16.	Transferability 

 Neither
payroll deductions credited to a participant’s account nor any rights with regard to the exercise of an option or to receive Stock under the Plan may be assigned, transferred, pledged, or otherwise disposed of in any way by the participant
other than by will or the laws of descent and distribution. Any such attempted assignment, transfer, pledge, or other disposition shall be without effect. 
  

	17.	Use of Funds 

 All payroll
deductions received or held by the Company under this Plan may be used by the Company for any corporate purpose, and the Company shall not be obligated to segregate such payroll deductions. 

 

	18.	Effect of Changes in Stock 

If the Company shall subdivide, combine or otherwise reclassify the Stock which has been or may be optioned under this Plan, or shall
declare thereon any dividend payable in shares of such Stock, or shall take any other action of a similar nature affecting such Stock, then the number and class of shares of Stock which may thereafter be optioned (in the aggregate and to any
participant) shall be adjusted accordingly and in the case of each option outstanding at the time of any such action, the number and class of shares which may thereafter be purchased pursuant to such option and the Option Price per share shall be
adjusted to such extent as shall be determined by the Committee, with the approval of independent public accountants and counsel, to be necessary to preserve the rights of the holder of such option. 

 

	19.	Merger or Consolidation 

In the event of a sale of all or substantially all of the assets of the Company, or the merger of the Company with or into another
corporation, each outstanding option shall be assumed or an equivalent option substituted by the successor corporation or a parent or Subsidiary of the successor corporation. In the event that the successor corporation refuses to assume or
substitute for the option, any Offering Periods then in progress shall be shortened by setting a new Exercise Date (the “New Exercise Date”) which shall be prior to the date of the proposed sale or merger. The Company shall notify each
participant, in writing, at least five days prior to the New Exercise Date, (i) that the Exercise Date has been changed to the New Exercise Date, and (ii) that the participant’s option shall be exercised automatically on the New
Exercise Date unless the participant withdraws from the Offering Period, pursuant to Section 10(a), prior to the New Exercise Date. 
  

	20.	Amendment or Termination  

The Board or the Committee may at any time terminate or amend the Plan in any respect, except that any amendment to increase the aggregate
number of shares reserved under the Plan (except pursuant to Section 18) shall require approval of the shareholders of the Company. Without limiting the foregoing, the Board or the Committee may, at any time, terminate the Plan and refund
(without interest) amounts in participants’ accounts or shorten any ongoing or future Offering Period. 

  
 - 6 -

	21.	No Right to Employment 

Neither eligibility to participate in nor participation in the Plan shall be deemed to create any right of continued employment or in any
way affect the right of the Company or a Designated Subsidiary to terminate employment of any Employee. 
  

	22.	Notices  

 All notices or
other communications by a participant to the Company pursuant to the Plan shall be made on forms prescribed by the Committee and shall be effective only when received by the Company. 

 

	23.	Effective Date and Term of Plan 

 The Plan shall become effective when approved by the shareholders of the Company. The Plan shall continue in effect for ten (10) years following the date of such approval, unless terminated earlier
by the Board or the Committee. 
  

	24.	Conditions Upon Issuance of Shares 

 Shares shall not be issued with respect to an option unless the exercise of such option and the issuance and delivery of shares pursuant thereto shall comply with all applicable federal, state and foreign
laws, rules and regulations, and the requirements of any stock exchange upon which the shares may then be listed. 
  

	25.	Governing Law  

 The Plan
shall be governed by, and construed and enforced in accordance with, the laws of The Commonwealth of Massachusetts and any applicable provisions of the Code. 
 * * * 

  
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