Document:

EX-10.34

 Exhibit 10.34 

THE AZEK COMPANY INC. 

2020 OMNIBUS INCENTIVE COMPENSATION PLAN 

 Exhibit 10.34 

THE AZEK COMPANY INC. 

2020 OMNIBUS INCENTIVE COMPENSATION PLAN 

ARTICLE I 
 GENERAL

 1.1 Purpose 
 The purpose of The
AZEK Company Inc. 2020 Omnibus Incentive Compensation Plan (as amended from time to time, the “Plan”) is to help the Company (as hereinafter defined): (1) attract, retain and motivate key employees (including prospective
employees) and consultants and non-employee directors of The AZEK Company Inc., a Delaware corporation (“AZEK”); (2) align the interests of such persons with AZEK’s stockholders;
and (3) promote ownership of AZEK’s equity. 
 1.2 Definitions of Certain Terms 

For purposes of this Plan, the following terms have the meanings set forth below: 

1.2.1 “Acquisition Awards” has the meaning set forth in Section 1.6.1. 

1.2.2 “AOT Board” means the Board of Directors of AOT Building Products GP Corp., AZEK’s indirect parent. 

1.2.3 “Award” means an award made pursuant to the Plan. 

1.2.4 “Award Agreement” means the written document by which each Award is evidenced, and which may, but need not be (as
determined by the Committee) executed or acknowledged by a Grantee as a condition to receiving an Award or the benefits under an Award, and which sets forth the terms and provisions applicable to Awards granted under the Plan to such Grantee. Any
reference herein to an agreement in writing will be deemed to include an electronic writing to the extent permitted by applicable law. 

1.2.5 “Board” means the Board of Directors of AZEK. 

1.2.6 “Business Combination” has the meaning provided in the definition of Change in Control. 

1.2.7 “Cause” means (a) with respect to a Grantee employed pursuant to a written employment agreement which
agreement includes a definition of “Cause,” “Cause” as defined in that agreement or (b) with respect to any other Grantee, except as otherwise set forth in an Award Agreement, the occurrence of any of the following:
(i) such Grantee’s conviction of, or plea of guilty or nolo contendere to, any felony or any crime involving fraud, dishonesty or moral turpitude under the laws of the United States or any state thereof or under the laws of any other
jurisdiction, (ii) such Grantee’s attempted commission of, or participation in, a fraud or theft against the Company or any client of the Company, (iii) such Grantee’s engagement in gross misconduct that causes financial or
reputation harm to the Company, (iv) such Grantee’s repeated failure to substantially perform his or her duties and responsibilities to the Company 

 
(other than failure resulting from such Grantee’s Disability), (v) such Grantee’s material violation of any contract or agreement between the Grantee and the Company or any written
Company policy or any provision of the Company’s code of business conduct and ethics (including any successor thereto) or any other Company-established code of conduct to which such Grantee is subject or (vi) such Grantee’s habitual
abuse of narcotics. 
 1.2.8 “Certificate” means a stock certificate or other appropriate document or evidence of
ownership representing Shares. 
 1.2.9 “Change in Control” means, except in connection with any initial public
offering of the Common Stock or as otherwise set forth in an Award Agreement, the occurrence of any of the following events after the completion of the initial public offering of the Company: 

(a) during any period of not more than 36 months, individuals who constitute the Board as of the beginning of the period (the
“Incumbent Directors”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the beginning of such period, whose election or nomination
for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of AZEK in which such person is named as
a nominee for director, without written objection to such nomination) will be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of AZEK as a result of an actual or publicly
threatened election contest with respect to directors or as a result of any other actual or publicly threatened solicitation of proxies or consents by or on behalf of any person other than the Board will be deemed to be an Incumbent Director; 

(b) any “person” (as such term is defined in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3) and
14(d)(2) of the Exchange Act), is or becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of AZEK representing 50% or more of the
combined voting power of AZEK’s then-outstanding securities eligible to vote for the election of the Board (“Company Voting Securities”); provided, however, that the event described in this
paragraph (b) will not be deemed to be a Change in Control by virtue of the ownership, or acquisition, of Company Voting Securities: (A) by the Company, (B) by any employee benefit plan (or related trust) sponsored or maintained
by the Company, (C) by any underwriter temporarily holding securities pursuant to an offering of such securities or (D) pursuant to a Non-Qualifying Transaction (as defined in paragraph (c) of
this definition); 
 (c) the consummation of a merger, consolidation, statutory share exchange or similar form of corporate transaction
involving AZEK that requires the approval of AZEK’s stockholders, whether for such transaction or the issuance of securities in the transaction (a “Business Combination”), unless immediately following such Business
Combination: (A) more than 50% of the total voting power of (x) the entity resulting from such Business Combination (the “Surviving Entity”), or (y) if applicable, the ultimate parent corporation that directly
or indirectly has beneficial ownership of at least 95% of the voting power, is represented by Company Voting Securities that were outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares into which such
Company Voting Securities were converted pursuant to such Business Combination), and such voting power 

  
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among the holders thereof is in substantially the same proportion as the voting power of such Company Voting Securities among the holders thereof immediately prior to the Business Combination,
(B) no person (other than any employee benefit plan (or related trust) sponsored or maintained by the Surviving Entity or the parent), is or becomes the beneficial owner, directly or indirectly, of 50% or more of the total voting power of the
outstanding voting securities eligible to elect directors of the parent (or, if there is no parent, the Surviving Entity) and (C) at least a majority of the members of the board of directors of the parent (or, if there is no parent, the
Surviving Entity) following the consummation of the Business Combination were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination (any Business Combination
which satisfies all of the criteria specified in (A), (B) and (C) of this paragraph (c) will be deemed to be a “Non-Qualifying Transaction”); or 

(d) the consummation of a sale of all or substantially all of AZEK’s assets (other than to any Sponsor or any direct or indirect
Subsidiary or affiliate of any Sponsor or an affiliate of AZEK); or 
 (e) AZEK’s stockholders approve a plan of complete
liquidation or dissolution of AZEK. 
 Notwithstanding the foregoing, a Change in Control will not be deemed to occur solely because any
person acquires beneficial ownership of more than 50% of the Company Voting Securities as a result of the acquisition of Company Voting Securities by the Company which reduces the number of Company Voting Securities outstanding; provided
that if after such acquisition by the Company such person (other than any Sponsor or any direct or indirect Subsidiary or affiliate of any Sponsor) becomes the beneficial owner of additional Company Voting Securities that increases the
percentage of outstanding Company Voting Securities beneficially owned by such person, a Change in Control will then occur. 
 1.2.10
“Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto, and the applicable rulings and regulations thereunder. 

1.2.11 “Committee” has the meaning set forth in Section 1.3.1. 

1.2.12 “Common Stock” means the Class A common stock of AZEK, par value $0.001 per share, and any other securities
or property issued in exchange therefor or in lieu thereof pursuant to Section 1.6.3. 
 1.2.13
“Company” means AZEK and any Subsidiary, and any successor entity thereto. 
 1.2.14 “Company Voting
Securities” has the meaning provided in the definition of Change in Control. 
 1.2.15 “Consent” has the
meaning set forth in Section 3.3.2. 
 1.2.16 “Consultant” means any individual (other than
a non-employee Director), who is a natural person that provides bona fide consulting or advisory services to the Company, and such services are not in connection with the offer or sale of securities in a
capital-raising transaction, and do not directly or indirectly promote or maintain a market for the registrant’s securities. 

  
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 1.2.17 “Covered Person” has the meaning set forth in
Section 1.3.4. 
 1.2.18 “Director” means a member of the Board. 

1.2.19 “Disability” means the Grantee is unable to perform the essential functions of Grantee’s job, with a
reasonable accommodation, due to illness or injury for such duration as entitles Grantee to long-term disability payments under the AZEK plan in which Grantee participates. 

1.2.20 “Effective Date” has the meaning set forth in Section 3.24. 

1.2.21 “Employee” means a regular, active employee, but not including a
non-employee Director. 
 1.2.22 “Employment” means a Grantee’s
performance of services for the Company, as determined by the Committee. The terms “employ” and “employed” will have their correlative meanings. The Committee in its sole discretion may determine (a) whether and when a
Grantee’s leave of absence results in a termination of Employment, (b) whether and when a change in a Grantee’s association with the Company results in a termination of Employment and (c) the impact, if any, of any such leave of
absence or change in association on outstanding Awards. Unless expressly provided otherwise, any references in the Plan or any Award Agreement to a Grantee’s Employment being terminated will include both voluntary and involuntary terminations.

 1.2.23 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor
thereto, and the applicable rules and regulations thereunder. 
 1.2.24 “Fair Market Value” means, with respect to a
Share, the closing price reported for the Common Stock on the applicable date as reported on the New York Stock Exchange or, if not so reported, as determined in accordance with a valuation methodology approved by the Committee, unless
determined as otherwise specified herein. For purposes of the grant of any Award, the applicable date will be the trading day on which the Award is granted or, if the date the Award is granted is not a trading day, the trading day immediately prior
to the date the Award is granted. Notwithstanding the foregoing, with respect to a Share underlying any Award granted on the date of the Company’s initial public offering, the Fair Market Value shall be the price offered for a Share in such
initial public offering. For purposes of the exercise of any Award, the applicable date is the date a notice of exercise is received by the Company or, if such date is not a trading day, the trading day immediately following the date a notice of
exercise is received by the Company. 
 1.2.25 “Grantee” means an Employee, Consultant or Director who receives an
Award. 
 1.2.26 “Incentive Stock Option” means a stock option to purchase Shares that is intended to be an
“incentive stock option” within the meaning of Sections 421 and 422 of the Code, as now constituted or subsequently amended, or pursuant to a successor provision of the Code, and which is designated as an Incentive Stock Option in the
applicable Award Agreement. 

  
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 1.2.27 “Incumbent Directors” has the meaning provided in the
definition of Change in Control. 
 1.2.28 “Non-Qualifying Transaction” has
the meaning provided in the definition of Change in Control. 
 1.2.29 “Other Stock-Based or Cash-Based Awards” has
the meaning set forth in Section 2.8.1. 
 1.2.30 “Plan” has the meaning set forth in
Section 1.1. 
 1.2.31 “Plan Action” has the meaning set forth in
Section 3.3.1. 
 1.2.32 “Section 409A” means
Section 409A of the Code, including any amendments or successor provisions to that section, and any regulations and other administrative guidance thereunder, in each case as they may be from time to time amended or interpreted through further
administrative guidance. 
 1.2.33 “Securities Act” means the Securities Act of 1933, as amended from time to time,
or any successor thereto, and the applicable rules and regulations thereunder. 
 1.2.34 “Share Limit” has the
meaning set forth in Section 1.6.1. 
 1.2.35 “Shares” means shares of Common Stock. 

1.2.36 “Sponsor” means either of Ares Management Corporation or Ontario Teachers’ Pension Plan Board. 

1.2.37 “Subsidiary” means any corporation, partnership, limited liability company or other legal entity in which AZEK,
directly or indirectly, owns stock or other equity interests possessing 50% or more of the total combined voting power of all classes of the then-outstanding stock or other equity interests. 

1.2.38 “Surviving Entity” has the meaning provided in the definition of Change in Control. 

1.2.39 “Ten Percent Stockholder” means a person owning stock possessing more than 10% of the total combined voting
power of all classes of stock of AZEK and of any Subsidiary or parent corporation of AZEK. 
 1.2.40 “Treasury
Regulations” means the regulations promulgated under the Code by the United States Treasury Department, as amended. 

  
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 1.3 Administration 

1.3.1 The Compensation Committee of the Board (as constituted from time to time, and including any successor committee, the
“Committee”) will administer the Plan. In particular, the Committee will have the authority in its sole discretion to: 

(a) exercise all of the powers granted to it under the Plan; 

(b) construe, interpret and implement the Plan and all Award Agreements; 

(c) prescribe, amend and rescind rules and regulations relating to the Plan, including rules governing the Committee’s own operations and,
without limiting the foregoing, to make exceptions to any such rules or regulations if the Committee, in good faith, determines appropriate in light of extraordinary circumstances and for the benefit of the Company and so as to avoid unanticipated
consequences or address unanticipated events (including any temporary closure of an applicable stock exchange, disruption of communications or natural catastrophe); 

(d) make all determinations necessary or advisable in administering the Plan; 

(e) correct any defect, supply any omission and reconcile any inconsistency in the Plan; 

(f) amend the Plan to reflect changes in applicable law; 

(g) grant, or recommend to the Board for approval to grant, Awards and determine who will receive Awards, when such Awards will be granted and
the terms of such Awards, including setting forth provisions with regard to the effect of a termination of Employment on such Awards and conditioning the vesting of, or the lapsing of any applicable vesting restrictions or other vesting conditions
on, Awards upon the attainment of performance goals and/or upon continued service; 
 (h) amend any outstanding Award Agreement in any
respect including, without limitation, to 
 (1) accelerate the time or times at which the Award becomes vested, unrestricted or may be
exercised (and, in connection with such acceleration, the Committee may provide that any Shares acquired pursuant to such Award will be restricted shares, which are subject to vesting, transfer, forfeiture or repayment provisions similar to those in
the Grantee’s underlying Award), 
 (2) accelerate the time or times at which Shares are delivered under the Award (and, without
limitation on the Committee’s rights, in connection with such acceleration, the Committee may provide that any Shares delivered pursuant to such Award will be restricted shares, which are subject to vesting, transfer, forfeiture or repayment
provisions similar to those in the Grantee’s underlying Award), 

  
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 (3) waive or amend any goals, restrictions, vesting provisions or conditions set forth in
such Award Agreement, or impose new goals, restrictions, vesting provisions and conditions, subject to Section 3.1 or 

(4) reflect a change in the Grantee’s circumstances (e.g., a change to part-time employment status or a change in position, duties
or responsibilities); and 
 (i) determine at any time whether, to what extent and under what circumstances and method or methods, subject to
Section 3.14, 
 (1) Awards may be 

(A) settled in cash, Shares, other securities, other Awards or other property (in which event, the Committee may specify what other effects
such settlement will have on the Grantee’s Award, including the effect on any repayment provisions under the Plan or Award Agreement), 

(B) exercised or 
 (C) canceled,
forfeited or suspended, 
 (2) Shares, other securities, other Awards or other property and other amounts payable with respect to an Award
may be deferred either automatically or at the election of the Grantee thereof or of the Committee, 
 (3) the exercise price for any stock
option (other than an Incentive Stock Option, unless the Committee determines that such a stock option will no longer constitute an Incentive Stock Option) or stock appreciation right may be reset, subject to Section 2.3.6.

 1.3.2 Actions of the Committee may be taken by the vote of a majority of its members present at a meeting (which may be held
telephonically). Any action may be taken by a written instrument signed by a majority of the Committee members, and action so taken will be as fully effective as if it had been taken by a vote at a meeting. The determination of the Committee on all
matters relating to the Plan or any Award Agreement will be final, binding and conclusive. Subject to applicable law, Committee may allocate among its members and delegate to any person who is not a member of the Committee, or to any administrative
group within the Company, any of its powers, responsibilities or duties. In delegating its authority, the Committee will consider the extent to which any delegation may cause Awards to fail to meet the requirements of Rule 16(b)-3(d)(1) or Rule 16(b)-3(e) under the Exchange Act. Except as specifically provided to the contrary, references to the Committee include any administrative group,
individual or individuals to whom the Committee has delegated its duties and powers. 
 1.3.3 Notwithstanding anything to the contrary
contained herein, the Board may, in its sole discretion, at any time and from time to time, grant Awards or administer the Plan. In any such case, the Board will have all of the authority and responsibility granted to the Committee herein. 

  
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 1.3.4 No member of the Committee, person to whom the Committee delegates its powers,
responsibilities or duties in writing, including by resolution or member of the AOT Board (each such person, a “Covered Person”), will have any liability to any person (including any Grantee) for any action taken or omitted
to be taken or any determination made with respect to the Plan or any Award, except as expressly provided by statute. Each Covered Person will be indemnified and held harmless by the Company against and from: 

(a) any loss, cost, liability or expense (including reasonable attorneys’ fees) that may be imposed upon or incurred by such Covered
Person in connection with or resulting from any action, suit or proceeding to which such Covered Person may be a party or in which such Covered Person may be involved by reason of any action taken or omitted to be taken under the Plan or any Award
Agreement, in each case, in good faith and 
 (b) any and all amounts paid by such Covered Person, with the Company’s approval, in
settlement thereof, or paid by such Covered Person in satisfaction of any judgment in any such action, suit or proceeding against such Covered Person. The Company will have the right, at its own expense, to assume and defend any such action, suit or
proceeding and, once the Company gives notice of its intent to assume the defense, the Company will have sole control over such defense with counsel of the Company’s choice. 

The foregoing right of indemnification will not be available to a Covered Person to the extent that a court of competent jurisdiction in a
final judgment or other final adjudication, in either case, not subject to further appeal, determines that the acts or omissions of such Covered Person giving rise to the indemnification claim resulted from such Covered Person’s bad faith,
fraud or willful misconduct. The foregoing right of indemnification will not be exclusive of any other rights of indemnification to which Covered Persons may be entitled under AZEK’s Certificate of Incorporation or Bylaws, in each case, as
amended from time to time, pursuant to any individual indemnification agreements between such Covered Person and the Company, as a matter of law, or otherwise, or any other power that the Company may have to indemnify such persons or hold them
harmless. 
 1.4 Persons Eligible for Awards 

Awards under the Plan may be made to Employees, Consultants and Directors. 

1.5 Types of Awards Under Plan 
 Awards
may be made under the Plan in the form of cash-based or stock-based Awards. Stock-based Awards may be in the form of any of the following, in each case in respect of Common Stock: 

 

	 	(a)	 stock options, 

  

	 	(b)	 stock appreciation rights, 

 

	 	(c)	 restricted shares, 

  

	 	(d)	 restricted stock units, 

  
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	 	(e)	 dividend equivalent rights and 

 

	 	(f)	 performance-based or other equity-based or equity-related Awards (as further described in
Section 2.8), that the Committee determines to be consistent with the purposes of the Plan and the interests of the Company. 

1.6 Shares of Common Stock Available for Awards 

1.6.1 Common Stock Subject to the Plan. Subject to the other provisions of this Section 1.6, the
total number of Shares that may be granted under the Plan will be _____ (the “Share Limit”). Shares of Common Stock subject to awards that are assumed, converted or substituted under the Plan as a result of the Company’s
acquisition of another company (including by way of merger, combination or similar transaction) (“Acquisition Awards”) will not count against the number of shares that may be granted under the Plan. Available shares under a
stockholder approved plan of an acquired company (as appropriately adjusted to reflect the transaction) may be used for Awards under the Plan and do not reduce the maximum number of shares available for grant under the Plan, subject to applicable
stock exchange requirements. The Shares of Common Stock issued pursuant to Awards granted under this Plan may be Shares that are authorized and unissued or Shares that were reacquired by the Company, including treasury Shares or Shares purchased in
the open market. 
 1.6.2 Replacement of Shares. Shares subject to an Award that is forfeited (including any restricted
shares repurchased by the Company at the same price paid by the Grantee so that such Shares are returned to the Company), expires or is settled for cash (in whole or in part), to the extent of such forfeiture, expiration or cash settlement will be
available for future grants of Awards under the Plan and will be added back in the same number of Shares as were deducted in respect of the grant of such Award. The payment of dividend equivalent rights in cash in conjunction with any outstanding
Awards will not be counted against the Shares available for issuance under the Plan. Shares tendered by a Grantee or withheld by the Company in payment of the exercise price of a stock option or to satisfy any tax withholding obligation with respect
to an Award will be available for future grants of Awards. With respect to Awards of stock-settled share appreciation rights, the Share Limit will be reduced by only the number of Shares actually delivered upon exercise of such Award. 

1.6.3 Adjustments. The Committee will: 

(a) adjust the number of Shares authorized pursuant to Section 1.6.1, 

(b) adjust the number of Shares set forth in Section 2.3.2 that can be issued through Incentive Stock Options and

 (c) adjust the terms of any outstanding Awards (including, without limitation, the number of Shares covered by each outstanding Award, the
type of property or securities to which the Award relates and the exercise or strike price of any Award), 

  
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in such manner as it deems appropriate (including, without limitation, by payment of cash) to prevent the enlargement or dilution of rights, as a result of any increase or decrease in the number
of issued Shares (or issuance of shares of stock other than Shares) resulting from a recapitalization, stock split, reverse stock split, stock dividend, spinoff, split up, combination, reclassification or exchange of Shares, merger, consolidation,
rights offering, separation, reorganization or liquidation or any other change in the corporate structure or Shares, including any extraordinary dividend or extraordinary distribution; provided that no such adjustment may be made if or
to the extent that it would cause an outstanding Award to cease to be exempt from, or to fail to comply with, Section 409A. 
 1.7 Limits on
Compensation to Non-Employee Directors 
 No non-employee
Director may be granted (in any calendar year) compensation for service as a Director with a value in excess of $500,000, with the value of any equity-based awards based on the accounting grant date value of such award. The independent members
of the Board may make exceptions to this limit for a non-executive chair of the Board, provided that the non-employee Director receiving such additional
compensation may not participate in the decision to award such compensation. 
 ARTICLE II 

AWARDS UNDER THE PLAN 
 2.1 Agreements
Evidencing Awards 
 Each Award granted under the Plan will be evidenced by an Award Agreement that will contain such provisions and
conditions as the Committee deems appropriate. Unless otherwise provided herein, the Committee may grant Awards in tandem with or, subject to Section 3.14, in substitution for or satisfaction of any other Award or Awards
granted under the Plan or any award granted under any other plan of the Company. By accepting an Award pursuant to the Plan, a Grantee thereby agrees that the Award will be subject to all of the terms and provisions of the Plan and the applicable
Award Agreement. 
 2.2 No Rights as a Stockholder 

No Grantee (or other person having rights pursuant to an Award) will have any of the rights of a stockholder of AZEK with respect to
Shares subject to an Award until the delivery of such Shares. Except as otherwise provided in Section 1.6.3, no adjustments will be made for dividends, distributions or other rights (whether ordinary or extraordinary, and
whether in cash, Common Stock, other securities or other property) for which the record date is before the date the Certificates for the Shares are delivered, or in the event AZEK elects to use another system, such as book entries by the transfer
agent, before the date in which such system evidences the Grantee’s ownership of such Shares. 
 2.3 Options 

2.3.1 Grant. Stock options may be granted to eligible recipients in such number and at such times during the term of the Plan as
the Committee may determine. 

  
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 2.3.2 Incentive Stock Options. At the time of grant, the Committee will
determine: 
 (a) whether all or any part of a stock option granted to an eligible Employee will be an Incentive Stock Option and 

(b) the number of Shares subject to such Incentive Stock Option; provided, however, that 

(1) the aggregate Fair Market Value (determined as of the time the option is granted) of the stock with respect to which Incentive Stock
Options are exercisable for the first time by an eligible Employee during any calendar year (under all such plans of AZEK and of any Subsidiary or parent corporation of AZEK) may not exceed $100,000 and 

(2) no Incentive Stock Option (other than an Incentive Stock Option that may be assumed or issued by the Company in connection with a
transaction to which Section 424(a) of the Code applies) may be granted to a person who is not eligible to receive an Incentive Stock Option under the Code. 

The form of any stock option which is entirely or in part an Incentive Stock Option will clearly indicate that such stock option is an
Incentive Stock Option or, if applicable, the number of Shares subject to the Incentive Stock Option. No more than _____ Shares (as adjusted pursuant to the provisions of Section 1.6.3) that can be delivered under
the Plan may be issued through Incentive Stock Options. Incentive Stock Options may not be granted under the Plan after the tenth anniversary of the date of the Board’s most recent approval. 

2.3.3 Exercise Price. The exercise price per share with respect to each stock option will be determined by the Committee
but, except as otherwise permitted by Section 1.6.3 and except for any Acquisition Awards, may never be less than the Fair Market Value of a share of Common Stock (or, in the case of an Incentive Stock Option granted to a
Ten Percent Stockholder, 110% of the Fair Market Value). Unless otherwise noted in the Award Agreement, the Fair Market Value of the Common Stock will be its Fair Market Value on the date of grant of the Award of stock options. 

2.3.4 Term of Stock Option. In no event will any stock option be exercisable after the expiration of 10 years (or, in the
case of an Incentive Stock Option granted to a Ten Percent Stockholder, 5 years) from the date on which the stock option is granted. 
 2.3.5
Vesting and Exercise of Stock Option and Payment for Shares. A stock option may vest and be exercised at such time or times and subject to such terms and conditions as will be determined by the Committee at the time the stock
option is granted and set forth in the Award Agreement. Subject to any limitations in the applicable Award Agreement, any Shares not acquired pursuant to the exercise of a stock option on the applicable vesting date may be acquired thereafter at any
time before the final expiration of the stock option. 
 To exercise a stock option, the Grantee must give written notice to the Company
specifying the number of Shares to be acquired and accompanied by payment of the full purchase price therefor in cash or by certified or official bank check or in another form as determined by the Committee, which may include: 

(a) personal check, 

  
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 (b) Shares, based on the Fair Market Value as of the exercise date, 

(c) any other form of consideration approved by the Company and permitted by applicable law and 

(d) any combination of the foregoing. 

The Committee may also make arrangements for the cashless exercise of a stock option. Any person exercising a stock option will make such
representations and agreements and furnish such information as the Committee may, in its sole discretion, deem necessary or desirable to effect or assure compliance by the Company on terms acceptable to the Company with the provisions of the
Securities Act, the Exchange Act and any other applicable legal requirements. The Committee may, in its sole discretion, also take whatever additional actions it deems appropriate to effect such compliance including, without limitation, placing
legends on share certificates and issuing stop-transfer notices to agents and registrars. If a Grantee so requests, Shares acquired pursuant to the exercise of a stock option may be issued in the name of the Grantee and another jointly with the
right of survivorship. 
 2.3.6 Repricing. Except as otherwise permitted by Section 1.6.3, the Committee shall not,
without the approval of AZEK’s stockholders (a) reduce the exercise price of stock options issued and outstanding under the Plan, (b) amend or cancel a stock option when the exercise price exceeds the Fair Market Value of one share of
Common Stock in exchange for the grant of a substitute Award or repurchase for cash or other consideration, in each case with the effect of reducing the exercise price and except in accordance with Section 3.6, or
(c) take any other action with respect to a stock option that would be treated as a repricing under the rules and regulations of the principal U.S. national securities exchange on which the Common Stock is listed. 

2.4 Stock Appreciation Rights 
 2.4.1
Grant. Stock appreciation rights may be granted to eligible recipients in such number and at such times during the term of the Plan as the Committee may determine. 

2.4.2 Exercise Price. The exercise price per share with respect to each stock appreciation right will be determined by the
Committee but, except as otherwise permitted by Section 1.6.3, may never be less than the Fair Market Value of the Common Stock. Unless otherwise noted in the Award Agreement, the Fair Market Value of the Common Stock will
be its Fair Market Value on the date of grant of the Award of stock appreciation rights. 
 2.4.3 Term of Stock Appreciation
Right. In no event will any stock appreciation right be exercisable after the expiration of 10 years from the date on which the stock appreciation right is granted. 

2.4.4 Vesting and Exercise of Stock Appreciation Right and Delivery of Shares. Each stock appreciation right may vest and
be exercised in such installments as may be determined in the Award Agreement at the time the stock appreciation right is granted. Subject to any limitations in the applicable Award Agreement, any stock appreciation rights not exercised on the
applicable vesting date may be exercised thereafter at any time before the final expiration of the stock appreciation right. 

  
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 To exercise a stock appreciation right, the Grantee must give written notice to the Company
specifying the number of stock appreciation rights to be exercised. Upon exercise of stock appreciation rights, Shares, cash or other securities or property, or a combination thereof, as specified by the Committee, equal in value to: 

(a) the excess of: 
 (1) the Fair
Market Value of the Common Stock on the date of exercise over 
 (2) the exercise price of such stock appreciation right 

multiplied by 
 (b) the
number of stock appreciation rights exercised, will be delivered to the Grantee. 
 Any person exercising a stock appreciation right will
make such representations and agreements and furnish such information as the Committee may, in its sole discretion, deem necessary or desirable to effect or assure compliance by the Company on terms acceptable to the Company with the provisions of
the Securities Act, the Exchange Act and any other applicable legal requirements. If a Grantee so requests, Shares purchased may be issued in the name of the Grantee and another jointly with the right of survivorship. 

2.4.5 Repricing. Except as otherwise permitted by Section 1.6.3, the Committee shall not, without the approval of
AZEK’s stockholders (a) reduce the exercise price of stock appreciation rights issued and outstanding under the Plan, (b) amend or cancel a stock appreciation right when the exercise price exceeds the Fair Market Value of one share of
Common Stock in exchange for the grant of a substitute Award or repurchase for cash or other consideration, in each case with the effect of reducing the exercise price and except in accordance with Section 3.6, or
(c) take any other action with respect to a stock stock appreciation right that would be treated as a repricing under the rules and regulations of the principal U.S. national securities exchange on which the Common Stock is listed. 

2.5 Restricted Shares 
 2.5.1
Grants. The Committee may grant or offer for sale restricted shares in such amounts and subject to such terms and conditions as the Committee may determine. Upon the delivery of such shares, the Grantee will have the rights of a
stockholder with respect to the restricted shares, subject to any other restrictions and conditions as the Committee may include in the applicable Award Agreement. Each Grantee of an Award of restricted shares will be issued a Certificate in respect
of such shares, unless the Committee elects to use another system, such as book entries by the transfer agent, as evidencing ownership of such shares. In the event that a Certificate is issued in respect of restricted shares, such Certificate may be
registered in the name of the Grantee, and will, in addition to such legends required by applicable securities laws, bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Award, but will be held by the
Company or its designated agent until the time the restrictions lapse. 

  
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 2.5.2 Right to Vote and Receive Dividends on Restricted Shares. Each
Grantee of an Award of restricted shares will, during the period of restriction, be the beneficial and record owner of such restricted shares and will have full voting rights with respect thereto. Unless the Committee determines otherwise in an
Award Agreement, during the period of restriction, all ordinary cash dividends or other ordinary distributions paid upon any restricted share will be retained by the Company and will be paid to the relevant Grantee (without interest) when the Award
of restricted shares vests and will revert back to the Company if for any reason the restricted share upon which such dividends or other distributions were paid reverts back to the Company (any extraordinary dividends or other extraordinary
distributions will be treated in accordance with Section 1.6.3). 
 2.6 Restricted Stock Units 

The Committee may grant Awards of restricted stock units in such amounts and subject to such terms and conditions as the Committee may
determine. A Grantee of a restricted stock unit will have only the rights of a general unsecured creditor of AZEK, until delivery of Shares, cash or other securities or property is made as specified in the applicable Award Agreement. On the delivery
date specified in the Award Agreement, the Grantee of each restricted stock unit not previously forfeited or terminated will receive one share of Common Stock, cash or other securities or property equal in value to a share of Common Stock or a
combination thereof, as specified by the Committee. 
 2.7 Dividend Equivalent Rights 

The Committee may include in the Award Agreement with respect to any Award that is subject to Section 409A a dividend equivalent right
entitling the Grantee to receive amounts equal to all or any portion of the regular cash dividends that would be paid on the Shares covered by such Award if such Shares had been delivered pursuant to such Award. The grantee of a dividend equivalent
right will have only the rights of a general unsecured creditor of AZEK until payment of such amounts is made as specified in the applicable Award Agreement. In the event such a provision is included in an Award Agreement, the Committee will
determine whether such payments will be made in cash, in Shares or in another form, whether they will be conditioned upon the exercise of the Award to which they relate (subject to compliance with Section 409A), the time or times at which they
will be made, and such other terms and conditions as the Committee will deem appropriate; provided that in no event may such payments be made unless and until the Award to which they relate vests. 

2.8 Performance-Based and Other Stock-Based or Cash-Based Awards 

2.8.1 Grant. The Committee may grant other types of equity-based, equity-related or cash-based Awards (including the grant
or offer for sale of unrestricted Shares, performance share awards, and performance units settled in cash) (“Other Stock-Based or Cash-Based Awards”) in such amounts and subject to such terms and conditions as the Committee
may 

  
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determine. The terms and conditions set forth by the Committee in the applicable Award Agreement may relate to the achievement of performance goals, as determined by the Committee at the time of
grant. Such Awards may entail the transfer of actual Shares to Award recipients and may include Awards designed to comply with or take advantage of the applicable local laws of jurisdictions other than the United States. 

Performance Criteria. The performance goals may be based on one or more of the following business criteria (either separately or
in combination) with regard to AZEK (or a Subsidiary, division, other operational unit or administrative department of AZEK), or such other performance goal as the Committee determines appropriate: measures of efficiency (including operating
efficiency, productivity ratios or other similar measures); measures of achievement of expense targets, costs reductions, working capital, cash levels or general expense ratios; asset growth; earnings per share or net earnings; enterprise value or
value creation targets; combined net worth; debt to equity ratio; revenues, sales, net revenues or net sales measures; gross profit or operating profit measures (including before or after taxes or other similar measures); investment performance;
income or operating income measures (with or without investment income or income taxes, before or after risk-adjustment, or other similar measures); cash flow; margin; net income, before or after taxes; earnings before interest, taxes, depreciation
and/or amortization; return measures (including return on capital, invested capital, total capital, tangible capital, expenses, tangible expenses, equity, revenue, investment, assets, or net assets or total shareholder return or similar measures);
market share measures; measures of balance sheet achievements (including debt reductions, leverage ratios or other similar measures); increase in the Fair Market Value of Common Stock; changes (or the absence of changes) in the per share or
aggregate Fair Market Value of Common Stock (including total shareholder returns); and number of securities sold and funds from operations. Any of the foregoing performance goals may be measured in absolute terms or relative to historic performance
or the performance of other companies or an index. 
 2.9 Repayment If Conditions Not Met 

If the Committee determines that all terms and conditions of the Plan and a Grantee’s Award Agreement were not satisfied, and that the
failure to satisfy such terms and conditions is material, then the Grantee will be obligated to pay the Company immediately upon demand therefor, (a) with respect to a stock option and a stock appreciation right, an amount equal to the excess
of the Fair Market Value (determined at the time of exercise) of the Shares that were delivered in respect of such exercised stock option or stock appreciation right, as applicable, over the exercise price paid therefor, (b) with respect to
restricted shares, an amount equal to the Fair Market Value (determined at the time such shares became vested) of such restricted shares and (c) with respect to restricted stock units, an amount equal to the Fair Market Value (determined at the
time of delivery) of the Shares delivered with respect to the applicable delivery date, in each case with respect to clauses (a), (b) and (c) of this Section 2.9, without reduction for any amount applied to satisfy
withholding tax or other obligations in respect of such Award. 

  
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 2.10 Minimum Vesting 

All Awards (other than cash-based Awards) granted after the date of the Company’s initial public offering shall be subject to a minimum
vesting schedule of at least twelve months following the date of grant of the Award, provided that the following Awards shall not be subject to the foregoing minimum vesting requirement: any (i) Awards granted in connection with the
Company’s initial public offering, (ii) Acquisition Awards granted in connection with awards that are assumed, converted or substituted pursuant to a merger, acquisition or similar transaction entered into by the Company or any of its
Subsidiaries, (iii) Shares delivered in lieu of fully vested cash Awards, (iv) Awards to non-employee Directors that vest on the earlier of the one-year
anniversary of the date of grant and the next annual meeting of stockholders, and (v) any additional Awards the Committee may grant, up to a maximum of five percent of the available share reserve authorized for issuance under the Plan pursuant
to Section 1.6.1 (subject to adjustment under Section 1.6.3); and, provided, further, that the foregoing restriction does not apply to the Committee’s discretion to provide for accelerated exercisability or vesting of any Award,
including in cases of retirement, death, Disability or a Change in Control, in the terms of the Award Agreement or otherwise. 
 ARTICLE
III 
 MISCELLANEOUS 
 3.1
Amendment of the Plan 
 3.1.1 Unless otherwise provided in the Plan or in an Award Agreement, the Board may at any time and from time to
time suspend, discontinue, revise or amend the Plan in any respect whatsoever but, subject to Sections 1.6.3 and 3.7, no such amendment may materially adversely impair the rights of the Grantee of any Award without the Grantee’s consent.
Subject to Sections 1.6.3 and 3.7, an Award Agreement may not be amended to materially adversely impair the rights of a Grantee without the Grantee’s consent. 

3.1.2 Unless otherwise determined by the Board, stockholder approval of any suspension, discontinuance, revision or amendment will be obtained
only to the extent necessary to comply with any applicable laws, regulations or rules of a securities exchange or self-regulatory agency; provided, however, if and to the extent the Board determines it is appropriate for the Plan to
comply with the provisions of Section 422 of the Code, no amendment that would require stockholder approval under Section 422 of the Code will be effective without the approval of AZEK’s stockholders. 

3.2 Tax Withholding 
 Grantees will be
solely responsible for any applicable taxes (including, without limitation, income and excise taxes) and penalties, and any interest that accrues thereon, that they incur in connection with the receipt, vesting or exercise of any Award. As a
condition to the delivery of any Shares, cash or other securities or property pursuant to any Award or the lifting or lapse of restrictions on any Award, or in connection with any other event that gives rise to a federal or other governmental tax
withholding obligation on the part of the Company relating to an Award (including, without limitation, the Federal Insurance Contributions Act (FICA) tax), 

(a) the Company may deduct or withhold (or cause to be deducted or withheld) from any payment or distribution to a Grantee whether or not
pursuant to the Plan (including Shares otherwise deliverable), 

  
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 (b) the Committee will be entitled to require that the Grantee remit cash to the Company
(through payroll deduction or otherwise) or 
 (c) the Company may enter into any other suitable arrangements to withhold, in each case in
the Company’s discretion, amounts of such taxes required by law to be withheld, based upon the minimum required tax withholding rate for the Grantee (or such other rate that will not cause an adverse accounting consequence or cost). 

3.3 Required Consents and Legends 
 3.3.1
If the Committee at any time determines that any Consent (as hereinafter defined) is necessary or desirable as a condition of, or in connection with, the granting of any Award, the delivery of Shares or the delivery of any cash, securities or other
property under the Plan, or the taking of any other action thereunder (each such action a “Plan Action”), then, subject to Section 3.14 such Plan Action will not be taken, in whole or in part, unless
and until such Consent will have been effected or obtained to the full satisfaction of the Committee. The Committee may direct that any Certificate evidencing Shares delivered pursuant to the Plan will bear a legend setting forth such restrictions
on transferability as the Committee may determine to be necessary or desirable, and may advise the transfer agent to place a stop transfer order against any legended shares. 

3.3.2 The term “Consent” as used in this Article III with respect to any Plan Action includes: 

(a) any and all listings, registrations or qualifications in respect thereof upon any securities exchange or under any federal, state, or local
law, or law, rule or regulation of a jurisdiction outside the United States, 
 (b) any and all written agreements and representations by the
Grantee with respect to the disposition of Shares, or with respect to any other matter, which the Committee may deem necessary or desirable to comply with the terms of any such listing, registration or qualification or to obtain an exemption from
the requirement that any such listing, qualification or registration be made, 
 (c) any and all other consents, clearances and approvals in
respect of a Plan Action by any governmental or other regulatory body or any stock exchange or self-regulatory agency, 
 (d) any and all
consents by the Grantee to: 
 (i) the Company’s supplying to any third party recordkeeper of the Plan such personal information as the
Committee deems advisable to administer the Plan, 

  
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 (ii) the Company’s deducting amounts from the Grantee’s wages, or another
arrangement satisfactory to the Committee, to reimburse the Company for advances made on the Grantee’s behalf to satisfy certain withholding and other tax obligations in connection with an Award and 

(iii) the Company’s imposing sales and transfer procedures and restrictions and hedging restrictions on Shares delivered under the Plan
and 
 (e) any and all consents or authorizations required to comply with, or required to be obtained under, applicable local law or
otherwise required by the Committee. Nothing herein will require the Company to list, register or qualify the Shares on any securities exchange. 
 3.4
Right of Offset 
 The Company will have the right to offset against its obligation to deliver Shares (or other property or cash) under
the Plan or any Award Agreement any outstanding amounts (including, without limitation, travel and entertainment or advance account balances, loans, repayment obligations under any Awards, or amounts repayable to the Company pursuant to tax
equalization, housing, automobile or other employee programs) that the Grantee then owes to the Company and any amounts the Committee otherwise deems appropriate pursuant to any tax equalization policy or agreement. Notwithstanding the foregoing, if
an Award provides for the deferral of compensation within the meaning of Section 409A, the Committee will have no right to offset against its obligation to deliver Shares (or other property or cash) under the Plan or any Award Agreement if such
offset could subject the Grantee to the additional tax imposed under Section 409A in respect of an outstanding Award. 
 3.5 Nonassignability; No
Hedging 
 Unless otherwise provided in an Award Agreement or written Company policy, or with the consent of the Committee in its sole
discretion, no Award (or any rights and obligations thereunder) granted to any person under the Plan may be sold, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of or hedged, in any manner (including through the use of
any cash-settled instrument), whether voluntarily or involuntarily and whether by operation of law or otherwise, other than by will or by the laws of descent and distribution, and all such Awards (and any rights thereunder) will be exercisable
during the life of the Grantee only by the Grantee or the Grantee’s legal representative. Any sale, exchange, transfer, assignment, pledge, hypothecation, or other disposition in violation of the provisions of this
Section 3.5 will be null and void and any Award which is hedged in any manner will immediately be forfeited. All of the terms and conditions of the Plan and the Award Agreements will be binding upon any permitted successors
and assigns. 
 3.6 Change in Control 

3.6.1 Unless the Committee determines otherwise or as otherwise provided in the applicable Award Agreement or Grantee’s written employment
agreement, if a Grantee’s Employment is terminated by the Company or any successor entity thereto without Cause on or within one (1) year after a Change in Control, (a) each Award granted to such Grantee prior to such Change in
Control will become fully vested (including the lapsing of all restrictions and 

  
 -18- 

 
conditions) and, as applicable, exercisable and (b) any Shares deliverable pursuant to restricted stock units will be delivered promptly (but no later than 15 days) following such
Grantee’s termination of Employment. As of the Change in Control date, any outstanding performance-based awards shall be deemed earned at the target level at the date of the Change in Control with respect to all open performance periods
and will cease to be subject to any further performance conditions but will continue to be subject to time-based vesting following the Change in Control in accordance with the original performance period. 

3.6.2 Notwithstanding the foregoing, in the event of a Change in Control, a Grantee’s Award will be treated, to the extent determined by
the Committee to be permitted under Section 409A, in accordance with one or more of the following methods as determined by the Committee in its sole discretion: (a) settle such Awards for an amount (as determined in the sole discretion of
the Committee) of cash or securities equal to their value, where in the case of stock options and stock appreciation rights, the value of such amount, if any, will be equal to the
in-the-money spread value (if any) of such awards; (b) provide for the assumption of or the issuance of substitute awards that will substantially preserve the
otherwise applicable terms of any affected Awards previously granted under the Plan, as determined by the Committee in its sole discretion; (c) modify the terms of such awards to add events, conditions or circumstances upon which the vesting of
such Awards or lapse of restrictions thereon will accelerate; (d) deem any performance conditions satisfied at target, maximum or actual performance through closing or provide for the performance conditions to continue (as is or as adjusted by
the Committee) after closing or (e) provide that for a period of at least 20 days prior to the Change in Control, any stock options or stock appreciation rights that would not otherwise become exercisable prior to the Change in Control will be
exercisable as to all Shares subject thereto (but any such exercise will be contingent upon and subject to the occurrence of the Change in Control and if the Change in Control does not take place within a specified period after giving such notice
for any reason whatsoever, the exercise will be null and void) and that any stock options or stock appreciation rights not exercised prior to the consummation of the Change in Control will terminate and be of no further force and effect as of the
consummation of the Change in Control. In the event that the consideration paid in the Change in Control includes contingent value rights, earnout or indemnity payments or similar payments, then the Committee will determine if Awards settled under
clause (i) above are (a) valued at closing taking into account such contingent consideration (with the value determined by the Committee in its sole discretion) or (b) entitled to a share of such contingent consideration. For the
avoidance of doubt, in the event of a Change in Control where all stock options and stock appreciation rights are settled for an amount (as determined in the sole discretion of the Committee) of cash or securities, the Committee may, in its sole
discretion, terminate any stock option or stock appreciation right for which the exercise price is equal to or exceeds the per share value of the consideration to be paid in the Change in Control transaction without payment of consideration
therefor. Similar actions to those specified in this Section 3.6.2 may be taken in the event of a merger or other corporate reorganization that does not constitute a Change in Control. 

3.7 No Continued Employment or Engagement; Right of Discharge Reserved 

Neither the adoption of the Plan nor the grant of any Award (or any provision in the Plan or Award Agreement) will confer upon any Grantee any
right to continued Employment, or other engagement, with the Company, nor will it interfere in any way with the right of the Company to terminate, or alter the terms and conditions of, such Employment or other engagement at any time. 

  
 -19- 

 3.8 Nature of Payments 

3.8.1 Any and all grants of Awards and deliveries of Common Stock, cash, securities or other property under the Plan will be in consideration
of services performed or to be performed for the Company by the Grantee. Awards under the Plan may, in the discretion of the Committee, be made in substitution in whole or in part for cash or other compensation otherwise payable to a Grantee. Only
whole Shares will be delivered under the Plan. Awards will, to the extent reasonably practicable, be aggregated in order to eliminate any fractional shares. Fractional shares may, in the discretion of the Committee, be forfeited or be settled in
cash or otherwise as the Committee may determine. 
 3.8.2 All such grants and deliveries of Shares, cash, securities or other property under
the Plan will constitute a special discretionary incentive payment to the Grantee, will not entitle the Grantee to the grant of any future Awards and will not be required to be taken into account in computing the amount of salary or compensation of
the Grantee for the purpose of determining any contributions to or any benefits under any pension, retirement, profit-sharing, bonus, life insurance, severance or other benefit plan of the Company or under any agreement with the Grantee, unless the
Company specifically provides otherwise. 
 3.9 Non-Uniform Determinations 

3.9.1 The Committee’s determinations under the Plan and Award Agreements need not be uniform and any such determinations may be made by it
selectively among persons who receive, or are eligible to receive, Awards under the Plan (whether or not such persons are similarly situated). Without limiting the generality of the foregoing, the Committee will be entitled, among other things, to
make non-uniform and selective determinations under Award Agreements, and to enter into non-uniform and selective Award Agreements, as to (a) the persons to receive
Awards, (b) the terms and provisions of Awards and (c) whether a Grantee’s Employment has been terminated for purposes of the Plan. 

3.9.2 To the extent the Committee deems it necessary, appropriate or desirable to comply with foreign law or practices and to further the
purposes of the Plan, the Committee may, in its sole discretion and without amending the Plan, (a) establish special rules applicable to Awards to Grantees who are foreign nationals, are employed outside the United States or both and grant
Awards (or amend existing Awards) in accordance with those rules and (b) cause AZEK to enter into an agreement with any local Subsidiary pursuant to which such Subsidiary will reimburse the Company for the cost of such equity incentives. 

3.10 Other Payments or Awards 
 Nothing
contained in the Plan will be deemed in any way to limit or restrict the Company from making any award or payment to any person under any other plan, arrangement or understanding, whether now existing or hereafter in effect. 

  
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 3.11 Plan Headings 

The headings in the Plan are for the purpose of convenience only and are not intended to define or limit the construction of the provisions
hereof. 
 3.12 Termination of Plan 

The Board reserves the right to terminate the Plan at any time; provided, however, that in any case, the Plan will
terminate on the day before the tenth anniversary of the Effective Date, and provided further, that all Awards made under the Plan before its termination will remain in effect until such Awards have been satisfied or terminated
in accordance with the terms and provisions of the Plan and the applicable Award Agreements. 
 3.13 Clawback/Recapture Policy 

Awards under the Plan will be subject to any clawback or recapture policy that the Company may adopt from time to time to the extent provided
in such policy and, in accordance with such policy, may be subject to the requirement that the Awards be repaid to the Company after they have been distributed to the Grantee. 

3.14 Section 409A 
 3.14.1 All Awards
made under the Plan that are intended to be “deferred compensation” subject to Section 409A will be interpreted, administered and construed to comply with Section 409A, and all Awards made under the Plan that are intended to be
exempt from Section 409A will be interpreted, administered and construed to comply with and preserve such exemption. The Board and the Committee will have full authority to give effect to the intent of the foregoing sentence. To the extent
necessary to give effect to this intent, in the case of any conflict or potential inconsistency between the Plan and a provision of any Award or Award Agreement with respect to an Award, the Plan will govern. 

3.14.2 Without limiting the generality of Section 3.14.1, with respect to any Award made under the Plan that is
intended to be “deferred compensation” subject to Section 409A: 
 (a) any payment due upon a Grantee’s termination of
Employment will be paid only upon such Grantee’s separation from service from the Company within the meaning of Section 409A; 

(b) any payment due upon a Change in Control of the Company will be paid only if such Change in Control constitutes a “change in
ownership” or “change in effective control” within the meaning of Section 409A, and in the event that such Change in Control does not constitute a “change in the ownership” or “change in the effective control”
within the meaning of Section 409A, such Award will vest upon the Change in Control and any payment will be delayed until the first compliant date under Section 409A; 

  
 -21- 

 (c) to the extent necessary to avoid the imposition of taxes under Section 409A, any
such payment to a specified employee (as determined in accordance with Section 409A of the Code) to be made with respect to such Award in connection with such Grantee’s separation from service from the Company within the meaning of
Section 409A (and any other payment that would be subject to the limitations in Section 409A(a)(2)(B) of the Code) will be delayed until six months after such Grantee’s separation from service (or earlier death) in accordance with the
requirements of Section 409A; 
 (d) to the extent necessary to comply with Section 409A, any other securities, other Awards or
other property that the Company may deliver in lieu of Shares in respect of an Award will not have the effect of deferring delivery or payment beyond the date on which such delivery or payment would occur with respect to the Shares that would
otherwise have been deliverable (unless the Committee elects a later date for this purpose in accordance with the requirements of Section 409A); 

(e) with respect to any required Consent described in Section 3.3 or the applicable Award Agreement, if such Consent
has not been effected or obtained as of the latest date provided by such Award Agreement for payment in respect of such Award and further delay of payment is not permitted in accordance with the requirements of Section 409A, such Award or
portion thereof, as applicable, will be forfeited and terminate notwithstanding any prior earning or vesting; 
 (f) if the Award includes a
“series of installment payments” (within the meaning of Section 1.409A-2(b)(2)(iii) of the Treasury Regulations), the Grantee’s right to the series of installment payments will be treated
as a right to a series of separate payments and not as a right to a single payment; 
 (g) if the Award includes “dividend
equivalents” (within the meaning of Section 1.409A-3(e) of the Treasury Regulations), the Grantee’s right to the dividend equivalents will be treated separately from the right to other amounts
under the Award; and 
 (h) for purposes of determining whether the Grantee has experienced a separation from service from the Company within
the meaning of Section 409A, “subsidiary” will mean a corporation or other entity in a chain of corporations or other entities in which each corporation or other entity, starting with AZEK, has a controlling interest in another
corporation or other entity in the chain, ending with such corporation or other entity. For purposes of the preceding sentence, the term “controlling interest” has the same meaning as provided in
Section 1.414(c)-2(b)(2)(i) of the Treasury Regulations, provided that the language “at least 20 percent” is used instead of “at least 80 percent” each place it appears
in Section 1.414(c)-2(b)(2)(i) of the Treasury Regulations. 
 3.15 Section 280G 

In the event that any payments or benefits otherwise payable to a Grantee (1) constitute “parachute payments” within the meaning
of Section 280G of the Code, and (2) but for this Section 3.15, would be subject to the excise tax imposed by Section 4999 of the Code, then such payments and benefits will be either (x) delivered in
full, or (y) delivered as to such lesser extent that would result in no portion of such payments and benefits being subject to excise tax under Section 4999 of the Code, whichever of the foregoing amounts, taking into account the
applicable federal, state and local income and employment taxes and the excise tax imposed by 

  
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Section 4999 of the Code (and any equivalent state or local excise taxes), results in the receipt by Grantee on an after-tax basis, of the greatest
amount of benefits, notwithstanding that all or some portion of such payments and benefits may be taxable under Section 4999 of the Code. Any determination required under this Section 3.15 will be made in writing by a
nationally-recognized firm selected by the Company, whose determination will be conclusive and binding upon the Grantee. Any reduction in payments and/or benefits required by this provision will occur in the following order: (1) reduction of
cash payments; (2) reduction of vesting acceleration of equity awards; and (3) reduction of other benefits paid or provided to the Grantee. In the event that acceleration of vesting of equity awards under the Plan is to be reduced, such
acceleration of vesting will be cancelled in the reverse order of the date of grant for equity awards. If two or more equity awards are granted on the same date, each award will be reduced on a pro-rata basis.

 3.16 Governing Law 
 THE PLAN AND ALL
AWARDS MADE AND ACTIONS TAKEN THEREUNDER WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO PRINCIPLES OF CONFLICT OF LAWS. 

3.17 Disputes; Choice of Forum 
 3.17.1
The Company and each Grantee, as a condition to such Grantee’s participation in the Plan, hereby irrevocably submit to the exclusive jurisdiction of the Delaware Court of Chancery, over any suit, action or proceeding arising out of or relating
to or concerning the Plan or, to the extent not otherwise specified in any individual agreement between the Company and the Grantee, any aspect of the Grantee’s Employment with the Company or the termination of that Employment. The Company and
each Grantee, as a condition to such Grantee’s participation in the Plan, acknowledge that the forum designated by this Section 3.17.1 has a reasonable relation to the Plan and to the relationship between such Grantee
and the Company. Notwithstanding the foregoing, nothing herein will preclude the Company from bringing any action or proceeding in any other court for the purpose of enforcing the provisions of this Section 3.17.1. 

3.17.2 The agreement by the Company and each Grantee as to forum is independent of the law that may be applied in the action, and the Company
and each Grantee, as a condition to such Grantee’s participation in the Plan, (a) agree to such forum even if the forum may under applicable law choose to apply non-forum law, (b) hereby waive,
to the fullest extent permitted by applicable law, any objection which the Company or such Grantee now or hereafter may have to personal jurisdiction or to the laying of venue of any such suit, action or proceeding in any court referred to in
Section 3.17.1, (c) undertake not to commence any action arising out of or relating to or concerning the Plan in any forum other than the forum described in this Section 3.17 and (d) agree
that, to the fullest extent permitted by applicable law, a final and non-appealable judgment in any such suit, action or proceeding in any such court will be conclusive and binding upon the Company and each Grantee. 

  
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 3.17.3 Each Grantee, as a condition to such Grantee’s participation in the Plan, hereby
irrevocably appoints the Chief Legal Officer of the Company as such Grantee’s agent for service of process in connection with any action, suit or proceeding arising out of or relating to or concerning the Plan, who will promptly advise such
Grantee of any such service of process. 
 3.17.4 Each Grantee, as a condition to such Grantee’s participation in the Plan, agrees to
keep confidential the existence of, and any information concerning, a dispute, controversy or claim described in Section 3.19, except that a Grantee may disclose information concerning such dispute, controversy or claim to
the court that is considering such dispute, controversy or claim or to such Grantee’s legal counsel (provided that such counsel agrees not to disclose any such information other than as necessary to the prosecution or defense of the dispute,
controversy or claim). 
 3.18 Waiver of Jury Trial 

EACH GRANTEE WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, ARISING OUT OF, UNDER OR IN CONNECTION WITH
THE PLAN. 
 3.19 Waiver of Claims 

Each Grantee of an Award recognizes and agrees that before being selected by the Committee to receive an Award the Grantee has no right to any
benefits under the Plan. Accordingly, in consideration of the Grantee’s receipt of any Award hereunder, the Grantee expressly waives any right to contest the amount of any Award, the terms of any Award Agreement, any determination, action or
omission hereunder or under any Award Agreement by the Committee, the Company or the Board, or any amendment to the Plan or any Award Agreement (other than an amendment to the Plan or an Award Agreement to which his or her consent is expressly
required by the express terms of an Award Agreement). Nothing contained in the Plan, and no action taken pursuant to its provisions, will create or be construed to create a trust of any kind or a fiduciary relationship between the Company and any
Grantee. The Plan is not intended to be subject to the Employee Retirement Income Security Act of 1974, as amended (ERISA). 
 3.20 Severability; Entire
Agreement 
 If any of the provisions of the Plan or any Award Agreement is finally held to be invalid, illegal or unenforceable (whether
in whole or in part), such provision will be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining provisions will not be affected thereby; provided that if any of
such provisions is finally held to be invalid, illegal, or unenforceable because it exceeds the maximum scope determined to be acceptable to permit such provision to be enforceable, such provision will be deemed to be modified to the minimum extent
necessary to modify such scope in order to make such provision enforceable hereunder. The Plan and any Award Agreements contain the entire agreement of the parties with respect to the subject matter thereof and supersede all prior agreements,
promises, covenants, arrangements, communications, representations and warranties between them, whether written or oral with respect to the subject matter thereof. 

  
 -24- 

 3.21 No Liability of Company 

Notwithstanding anything to the contrary contained herein, in no event will the Company be liable to a Grantee on account of: (a) an
Award’s failure to (1) qualify for favorable United States or foreign tax treatment or (2) avoid adverse tax treatment under United States or foreign law, including, without limitation, Section 409A, or (b) the non-issuance or sale of Shares as to which the Company has been unable to obtain from any regulatory body having jurisdiction the authority deemed by the Company’s counsel to be necessary to the lawful issuance
and sale of any Shares hereunder. 
 3.22 No Third-Party Beneficiaries 

Except as expressly provided in an Award Agreement, neither the Plan nor any Award Agreement will confer on any person other than the Company
and the Grantee of any Award any rights or remedies thereunder. The exculpation and indemnification provisions of Section 1.3.4 will inure to the benefit of a Covered Person’s estate and beneficiaries and legatees.

 3.23 Successors and Assigns of the Company 

The terms of the Plan will be binding upon and inure to the benefit of the Company and any successor entity, including as contemplated by
Section 3.6. 
 3.24 Date of Adoption and Approval of Stockholders 

The Plan was adopted by the AOT Board on January 24, 2020 and was approved by AZEK’s stockholders on [•], 2020 (the
“Effective Date”). 

  
 -25-EX-10.35

 Exhibit 10.35 

THE AZEK COMPANY INC. 

RESTRICTED STOCK GRANT 

(Replacement Award for AOT Building Products, L.P. Profits Interests) 

THIS RESTRICTED STOCK GRANT (the “Agreement”), is made effective as of the date set forth on the Company signature page (the
“Signature Page”) attached hereto (the “Date of Grant”), by and among The AZEK Company Inc., a Delaware corporation (together with its successors and assigns, the “Company”), the participant
identified on the Signature Page attached hereto (“Participant”) and AOT Building Products, L.P., a Delaware limited partnership (“Parent”). 

R E C I T A L S: 

WHEREAS, Participant holds the number of Profits Interests of Parent (the “Profits Interests”) specified on the Signature
Page, which Profits Interests were issued pursuant to the Amended and Restated Agreement of Limited Partnership of Parent (as amended from time to time, the “LP Agreement”) and one or more LP Interest Agreements (collectively, the
“LP Interest Agreements”); 
 WHEREAS, all of the outstanding Common Interests of Parent are being exchanged (the
“Common Exchange”) for shares (“Shares”) of common stock, par value $0.001, of the Company effective prior to or substantially concurrent with the consummation of the initial public offering (the
“IPO”) of the common stock (the date such Common Exchange becomes effective, the “Exchange Date”); 

WHEREAS, all of Participant’s Profits Interests are being exchanged (the “Exchange”) for Shares effective as of the
Exchange Date; 
 WHEREAS, the Company has adopted The AZEK Company Inc. 2020 Omnibus Incentive Compensation Plan (the
“Plan”), the terms of which Plan are incorporated herein by reference and made a part of this Agreement, and capitalized terms not otherwise defined herein shall have the same meaning as in the Plan; and 

WHEREAS, as of the Exchange Date, the Profits Interests will be cancelled and will cease to be issued and outstanding and Participant shall
receive, in exchange, Shares with an equivalent value based on the IPO Price (as defined below), as described herein and otherwise subject to the terms hereof and the Plan, as applicable. 

NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows: 

1. Exchange Shares. 
 (a)
Subject to the terms and conditions set forth in this Agreement and effective as of the Exchange Date, the Company and Parent will cause the Profits Interests to be exchanged for the number of vested Shares (“Vested Shares”) and
unvested Shares (the “Restricted Shares”) calculated by the Compensation Committee of the Board of Directors of the Company (the “Committee”) in accordance with this Section 1(a), which
will be specified on the Signature Page (the Vested Shares and Restricted Shares collectively, the “Exchange Shares”). In the event the IPO is not consummated within 30 days following the Date of Grant, this Award of Exchange Shares
and the Exchange shall be null and void and of no further force or effect. 

 (i) The number of Vested Shares shall be calculated by the Committee in its reasonable good
faith discretion, such that the aggregate value of such Vested Shares equals the aggregate Total Realizable Value (as defined below) of the vested Profits Interests held by Participant as of the Exchange Date. The Vested Shares shall not be subject
to any forfeiture restrictions. 
 (ii) The number of Restricted Shares shall be calculated by the Committee in its reasonable good faith
discretion, such that the aggregate value of such Restricted Shares equals the aggregate Total Realizable Value of the unvested Profits Interests held by Participant as of the Exchange Date. The Restricted Shares shall vest and become nonforfeitable
Vested Shares in accordance with Schedule I attached hereto. The Restricted Shares shall be subject to the terms and conditions of the Plan. 

(iii) For purposes of this Agreement, the “Total Realizable Value” of a Profits Interest award (or vested or unvested portion
thereof) equals (x) the Adjusted IPO Price less the hurdle amount applicable to such Profits Interest award, multiplied by (y) the number of Profits Interests under such award (or such portion). 

(A) The “Adjusted IPO Price” is the price at which a Share is sold in the Company’s initial public
offering (the “IPO Price”) multiplied by the number of Shares for which each Common Interest of Parent is exchanged in the Common Exchange. By way of example only, if each Common Interest of Parent is exchanged for two
Shares, and the IPO Price of a Share is $10, then the Adjusted IPO Price for purposes of calculating the value of a Profits Interest is $20. 

(B) Any fractional Vested Shares or Unvested Restricted Shares will be settled in cash within 2 1/2 months from the Date of
Grant. 
 (b) Within 10 days after the Exchange Date, Participant shall provide the Company with a copy of a completed election under
Section 83(b) of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder in the form of Exhibit A attached hereto. Participant shall timely (within 30 days of the Date of Grant) file (via certified mail,
return receipt requested) such election with the Internal Revenue Service, and thereafter shall certify to the Company that Participant has made such timely filing and furnish a copy of such filing to the Company. Participant should consult his or
her tax advisor regarding the consequences of a Section 83(b) election, as well as the receipt, vesting, holding and sale of the Restricted Shares. 

(c) Participant acknowledges that the Exchange Shares have not been registered under the Securities Act of 1933, as amended (the
“Securities Act”), and accordingly, may not be sold or transferred except pursuant to an effective registration statement under the Securities Act or pursuant to an applicable exemption therefrom. 

2. Prior Agreements. Participant acknowledges that (a) the unvested Profits Interests are subject to vesting conditions and
(b) the Profits Interests are subject to a clawback that requires, in the event of the Participant’s willful or intentional material breach of a non-competition,
non-solicitation or non-disclosure covenant (or failure to correct a material breach of any such covenant after written notice of such breach), that the Participant will
automatically forfeit the Profits Interests and repay amounts distributed in respect of any Profits Interests in the 24 months prior to such breach (which forfeiture and repayment will be in addition to any other rights that the Company and its
affiliates have). Participant acknowledges and agrees that (x) the Restricted Shares will remain subject to the vesting conditions that applied to the unvested Profits Interests, as provided in Schedule I and (y) the Exchange Shares will
remain subject to the clawback terms as applied to the Profits Interests. 

  
 -2- 

 3. Book Entry; Certificates. The Company may recognize Participant’s ownership
of Shares through uncertificated book entry or through the issuance of certificates evidencing the Exchange Shares. Any such certificates shall be registered in Participant’s name on the stock transfer books of the Company promptly after the
date hereof, but shall remain in the physical custody of the Company or its designee at all times prior to the later of (x) the vesting of Restricted Shares pursuant to this Agreement and (y) the expiration of any transfer restrictions set
forth in this Agreement or otherwise applicable to the Exchange Shares. As soon as practicable following such time, any certificates for the Exchange Shares shall be delivered to Participant or to Participant’s legal guardian or representative
along with the stock powers relating thereto. The Company shall not be liable to Participant for damages relating to any delays in issuing the certificates (if any) to Participant, any loss by Participant of the certificates, or any mistakes or
errors in the issuance of the certificates or in the certificates themselves. 
 4. Rights as a Stockholder. Participant shall be the
record owner of the Exchange Shares until or unless such Shares are forfeited pursuant to the terms of this Agreement, and as record owner shall be entitled to all rights of a common stockholder of the Company, including, without limitation, voting
rights with respect to the Restricted Shares and rights to dividends or other distributions; provided, that the Exchange Shares shall be subject to the limitations on transfer and encumbrance set forth in Section 7. 

5. Legend. To the extent applicable, all book entries (or certificates, if any) representing the Exchange Shares delivered to
Participant as contemplated by Section 3 above shall be subject to the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such Shares are listed, and any applicable Federal or
state laws, and the Company may cause notations to be made next to the book entries (or a legend or legends put on certificates, if any) to make appropriate reference to such restrictions. Any such book entry notations (or legends on certificates,
if any) shall include a description to the effect of the restrictions set forth in Sections 1 and 7 hereof. 
 6. No Right to Continued
Employment. Neither the Plan nor this Agreement nor Participant’s receipt of the Exchange Shares hereunder shall impose any obligation on the Company or any Affiliate to continue the employment or engagement of Participant. Further, the
Company or any Affiliate (as applicable) may at any time terminate the employment or engagement of such Participant, free from any liability or claim under the Plan or this Agreement, except as otherwise expressly provided herein. 

7. Assignment Restrictions. 

(a) The Restricted Shares may not, at any time prior to becoming vested pursuant to the terms of this Agreement, be Assigned and any such
purported Assignment shall be void and unenforceable against the Company or any Affiliate; provided, that the designation of a beneficiary shall not constitute an Assignment. 

(b) The Exchange Shares shall be subject to the lock-up restrictions provided to Participant separately
(which are enclosed as Exhibit B), to which Participant agrees by signing this Agreement, and any other agreements to which Participant is or may become a party, including as applicable the Registration Rights Agreement by and among the
Company, Ares Corporate Opportunities Fund IV, L.P., Ontario Teachers’ Pension Plan Board and certain stockholders. 
 (c)
“Assign” or “Assignment” shall mean (in either the noun or the verb form, including with respect to the verb form, all conjugations thereof within their correlative meanings) with respect to any security, the gift,
sale, assignment, transfer, pledge, hypothecation or other disposition (whether for or without consideration, whether directly or indirectly, and whether voluntary, involuntary or by operation of law) of such security or any interest therein. 

  
 -3- 

 8. Withholding. The Company shall have the right and is hereby authorized to
withhold, any applicable withholding taxes in respect of the Restricted Shares, their grant or vesting or any payment or transfer with respect to the Exchange Shares at the applicable statutory rates, and to take such action as may be necessary in
the opinion of the Committee to satisfy all obligations for the payment of such withholding taxes. 
 9. Securities Laws; Cooperation.
Upon the vesting of any Restricted Shares, Participant will make or enter into such written representations, warranties and agreements as the Committee may reasonably request in order to comply with applicable securities laws, the Plan or with this
Agreement. Participant further agrees to cooperate with the Company in taking any action reasonably necessary or advisable to consummate the transactions contemplated by this Agreement. 

10. Notices. Any notice necessary under this Agreement shall be addressed to the Company in care of its Chief Legal Officer at the
principal executive office of the Company and to Participant at the address appearing in the personnel records of the Company for such Participant or to either party at such other address as either party hereto may hereafter designate in writing to
the other. Any such notice shall be deemed effective upon receipt thereof by the addressee. 
 11. Choice of Law; Jurisdiction; Venue.
This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware applicable to contracts made and performed wholly within the State of Delaware, without giving effect to the conflict of laws provisions
thereof. Any suit, action or proceeding with respect to this Agreement (or any provision incorporated by reference), or any judgment entered by any court in respect of any thereof, shall be brought in any court of competent jurisdiction in the State
of Delaware, and each of Participant, the Company, and any transferees who hold Shares pursuant to a valid Assignment, hereby submits to the exclusive jurisdiction of such courts for the purpose of any such suit, action, proceeding, or judgment.
Each of Participant, the Company, and any transferees who hold Shares pursuant to a valid Assignment hereby irrevocably waives (a) any objections which it may now or hereafter have to the laying of the venue of any suit, action, or proceeding
arising out of or relating to this Agreement brought in any court of competent jurisdiction in the State of Delaware, (b) any claim that any such suit, action, or proceeding brought in any such court has been brought in any inconvenient forum
and (c) any right to a jury trial. 
 12. Shares Subject to Plan; Amendment. By entering into this Agreement, Participant agrees
and acknowledges that Participant has received and read a copy of the Plan. The Restricted Shares granted hereunder are subject to the Plan. The terms and provisions of the Plan, as it may be amended from time to time, are hereby incorporated herein
by reference. In the event of a conflict between any term or provision contained herein applicable to the Restricted Shares and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. The Committee
may waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate this Agreement, but no such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination shall materially
adversely affect the rights of Participant hereunder without the consent of Participant. Notwithstanding anything in this Agreement or the Plan to the contrary, the Company may amend and update the number of Shares in the Equity Schedule set forth
on the Signature Page hereto prior to or following the effective date of the IPO based on the IPO Price. 
 13. Other Awards. Subject
to Section 2 and Schedule I, this Agreement, together with any other equity grants received in connection with the Exchange and the IPO, are in replacement of, and supersede in all respects, the Profits Interests. 

14. Parent. Participant agrees and acknowledges that, upon consummation of the Exchange, Participant will (i) hold no Profits
Interests, (ii) no longer be a member of Parent and (iii) have no surviving rights under the governing documents of Parent (including, without limitation, any plan or agreement under which Profits Interests were issued to Participant).

  
 -4- 

 15. Entire Agreement. This Agreement is the final, complete and exclusive agreement
of the parties with respect to its subject matter and supersedes and merges all prior or contemporaneous discussions or agreements, whether written or oral, regarding the subject matter of this Agreement. 

16. Severability. In the event that any provision of this Agreement or application thereof to anyone or under any circumstance is found
to be invalid or unenforceable in any jurisdiction to any extent for any reason, such invalidity or unenforceability shall not affect any other provision or application of this Agreement which can be given effect without the invalid or unenforceable
provision or application and shall not invalidate or render unenforceable such provision or application in any other jurisdiction. 
 17.
Counterparts. This Agreement may be executed in several counterparts, each of which is an original and all of which shall constitute one instrument. It shall not be necessary in making proof of this Agreement or any counterpart hereof to
produce or account for any of the other counterparts. 
 [Signatures on next page.] 

  
 -5- 

 IN WITNESS WHEREOF, Participant acknowledges and accepts the terms of this Agreement, which
shall be effective as of the date set forth below and countersignature by the Company. 
  

			
	Participant
	
	  

	Name:
		
	Dated:	 	
                     
    

  
 [Signature Page -
Replacement Award for Profits Interests of AOT Building Products, L.P.] 

 Agreement acknowledged and confirmed: 

 

									
	AOT BUILDING PRODUCTS, L.P.	 	    	 	THE AZEK COMPANY INC.
					
	By:	 	
                     
                
	 		 	By:	 	
                     
                        

	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	

 Equity Schedule1 

Name: 
 Date of Acquisition of Profits Interests:

 Date of Grant: 
 Vesting Reference Date:

  

																	
	 Profits Interests
	 	  	Shares	 
	 	  	Number of
Vested
Profits
Interests	 	  	Number of
Unvested
Profits
Interests	 	  	Number of
Vested
Shares	 	  	Number of
Restricted
Shares	 
	 Time Vested Profits Interests
	  				  				  				  			
	 Performance Vested Profits Interests
	  	 	—  	 	  				  	 	—  	 	  			
	 Total
	  				  				  				  			

  

	1 	 Additional equity schedules to be added for Participants with more than one Profits Interests award.

  
 [Signature Page -
Replacement Award for Profits Interests of AOT Building Products, L.P.] 

 Schedule I 

Vesting Terms – Restricted Shares 

(a) Time-Based Vesting Shares. The Restricted Shares issued in respect of unvested time vested Profits Interests (as reflected in the
Equity Schedule on the Signature Page) will continue to vest in the same proportion, and on the same schedule and terms (including forfeiture), as such time vested Profits Interests would have vested under the terms of the LP Interest Agreement. The
Participant’s LP Interest Agreement(s) are attached as Exhibit C. 
 (b) Performance-Based Vesting Shares. The Restricted
Shares issued in respect of unvested performance vested Profits Interests (as reflected in the Equity Schedule on the Signature Page) will continue to vest in the same proportion, and on the same terms (including forfeiture), as such performance
vested Profits Interests would have vested under the terms of the LP Interest Agreement, except as provided below. The Participant’s LP Interest Agreement(s) are attached as Exhibit C. 

(A) For purposes of the definition of “Proceeds,” the “Fair Value” of the Sponsors’ Shares (regardless of whether such
Shares are freely tradable and marketable) shall be measured as follows: 
 (i) On expiration of the Sponsors’ lockup, the Fair Value
of the Sponsors’ Shares will be measured based on the number of Shares owned by the Sponsors multiplied by the volume-weighted average trading price for the 45 trading days prior to the expiration of the Sponsors’ lockup (the
“Post-Lockup Proceeds”). The performance-based Restricted Shares will vest to the extent that both (x) the Post-Lockup Proceeds results in the applicable performance criteria being met and (y) the closing
price of a Share on the last trading day of the Sponsors’ lockup period multiplied by the number of Shares owned by the Sponsors results in the applicable performance criteria being met. 

(ii) To the extent that any of the performance-based vesting conditions were not met at the end of the Sponsors’ lockup period in
accordance with the prior paragraph, then the Fair Value of the Sponsors’ Shares will be measured after the end of each full calendar quarter that follows the end of the Sponsors’ lockup period (each, a “Measurement
Date”). The performance-based Restricted Shares will vest on a Measurement Date to the extent that the applicable performance condition is met based on the volume-weighted average trading price of a Share over any consecutive 45 trading day
period during such full calendar quarter. 
 (B) The Compensation Committee of the Board of Directors may, in its sole discretion, measure
performance under this paragraph more frequently than each quarter end and vest performance-based Restricted Shares to the extent that performance conditions are met. 

(C) Any employee whose employment terminates due to death or Disability, or whose employment is terminated other than for Cause (as such terms
are defined in the Plan), during a quarter will remain eligible to vest in any performance-based Restricted Shares that vest as a result of performance in that quarter. 

 Exhibit A 

ELECTION TO INCLUDE SHARES IN GROSS 

INCOME PURSUANT TO SECTION 83(b) OF THE 

INTERNAL REVENUE CODE 

The undersigned acquired shares (the “Shares”) of The AZEK Company Inc. (the “Company”) on [ ], 2020 (the
“Transfer Date”). 
 The undersigned desires to make an election to have the Shares taxed under the provision of
Section 83(b) of the Internal Revenue Code of 1986, as amended (“Code §83(b)”), at the time the undersigned acquired the Shares. 

Therefore, pursuant to Code §83(b) and Treasury Regulation §1.83-2 promulgated thereunder,
the undersigned hereby makes an election, with respect to the Shares (described below), to report as taxable income for calendar year 2020 the excess, if any, of the Shares’ fair market value on the Transfer Date over the acquisition price
thereof. 
 The following information is supplied in accordance with Treasury Regulation
§1.83-2(e): 
 1. The name, address and social security number of the undersigned: 

Name: 
 Address: 

SSN: — 
 2. A description of
the property with respect to which the election is being made: [___] Shares of the Company. 
 3. The date on which the property was
transferred: the Transfer Date. The taxable year for which such election is made: calendar year 2020. 
 4. The restrictions to which the
property is subject: The Shares are subject to time based and/or performance based vesting conditions. If the undersigned ceases to be employed by any of the Company or an affiliate under certain circumstances, all or a portion of the Shares may be
subject to forfeiture. The Shares are also subject to transfer restrictions. 
 5. The aggregate fair market value on the Transfer Date of
the property with respect to which the election is being made, determined without regard to any lapse restrictions: $[                    ] 

6. The aggregate amount paid for such property:
$[                    ] 
 A copy of
this election has been furnished to the Secretary of the Company pursuant to Treasury Regulations §1.83-2(e)(7). 
  

					
	Dated:            , 2020	 		 	  

		 		 	Name: [            ]

 Exhibit B 

LP Interest Agreement(s) 

(Enclosed) 

 Exhibit C 

LOCK-UP LETTER AGREEMENT 

BARCLAYS CAPITAL INC. 

BOFA SECURITIES, INC. 

GOLDMAN SACHS & CO. LLC 

JEFFERIES LLC 
 As Representatives of the several

 Underwriters named in Schedule I of the Underwriting Agreement,

c/o Barclays Capital Inc. 
 745 Seventh Avenue 

New York, New York 10019 
 Ladies and Gentlemen: 

The undersigned understands that you and certain other firms (the “Underwriters”) propose to enter into an Underwriting
Agreement (the “Underwriting Agreement”) providing for the purchase by the Underwriters of shares (the “Stock”) of Class A Common Stock, par value $0.001 per share (the “Common
Stock”), of The AZEK Company Inc., a Delaware corporation (the “Company”), and that the Underwriters propose to reoffer the Stock to the public (the “Offering”). 

In consideration of the execution of the Underwriting Agreement by the Underwriters, and for other good and valuable consideration, the
undersigned hereby irrevocably agrees that, without the prior written consent of Barclays Capital Inc. and BofA Securities, Inc., on behalf of the Underwriters, the undersigned will not, directly or indirectly, (1) offer for sale, sell, pledge,
or otherwise dispose of (or enter into any transaction or device that is designed to, or would be expected to, result in the disposition by any person at any time in the future of) any shares of Common Stock (including, without limitation, shares of
Common Stock that may be deemed to be beneficially owned by the undersigned in accordance with the rules and regulations of the Securities and Exchange Commission and shares of Common Stock that may be issued upon exercise of any options or
warrants) or securities convertible into or exercisable or exchangeable for Common Stock, (2) enter into any swap or other derivatives transaction that transfers to another, in whole or in part, any of the economic benefits or risks of
ownership of shares of Common Stock, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Common Stock or other securities, in cash or otherwise, (3) make any demand for or
exercise any right or cause to be publicly filed a registration statement, including any amendments thereto, with respect to the registration of any shares of Common Stock or securities convertible into or exercisable or exchangeable for Common
Stock or any other securities of the Company, or (4) publicly disclose the intention to do any of the foregoing for a period commencing on the date hereof and ending on the 180th day after the date of the Prospectus relating to the Offering
(such 180-day period, the “Lock-Up Period”). 

 The foregoing paragraph shall not apply to (a) shares of Common Stock acquired from the
Underwriters in the Offering or transactions relating to shares of Common Stock or other securities acquired in the open market after the completion of the Offering, (b) transfers of shares of Common Stock or any security convertible into
Common Stock as a bona fide gift or gifts, (c) sales or other dispositions of shares of any class of the Company’s capital stock, in each case that are made exclusively between and among the undersigned or members of the undersigned’s
family (including to any trust, limited partnership, limited liability company or other entity for the direct or indirect benefit of the undersigned or any members of the undersigned’s family), or affiliates of the undersigned, including its
subsidiaries, partners (if a partnership), members (if a limited liability company), stockholders (if a corporation) or any investment fund or other entity controlling, controlled by, managing, or managed by or under common control with the
undersigned or affiliates of the undersigned (including, for the avoidance of doubt, where the undersigned is a partnership, to its general partner or a successor partnership or fund, or any other funds managed by such partnership), (d) transfers of
shares of Common Stock or any security convertible into Common Stock by will, testamentary document or intestate succession upon the death of the undersigned; provided that it shall be a condition to any transfer (i) pursuant to clauses
(b)-(d) that the transferee/donee agrees to be bound by the terms of this Lock-Up Letter Agreement (including, without limitation, the restrictions set forth in the preceding sentence) to the same extent as if
the transferee/donee were a party hereto, (ii) pursuant to clauses (b)-(d) that each party (donor, donee, transferor or transferee) shall not be required by law (including without limitation the disclosure requirements of the Securities Act of
1933, as amended (the Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) to make, and shall agree to not voluntarily make, any filing or public announcement of the
transfer or disposition prior to the expiration of the 180-day period referred to above (other than any required filed on Form 5), and (iii) pursuant to clauses (b) and (c) that the undersigned
notifies Barclays Capital Inc. and BofA Securities, Inc. at least two business days prior to the proposed transfer or disposition, (f) the exercise (including cashless exercise) of warrants or the exercise of stock options granted pursuant to
the Company’s stock option/incentive plans or otherwise outstanding on the date hereof; provided, that the restrictions shall apply to shares of Common Stock issued upon such exercise or conversion, (g) the establishment of any
contract, instruction or plan that satisfies all of the requirements of Rule 10b5-1 (a “Rule 10b5-1 Plan”) under the Exchange Act;
provided, however, that no sales of Common Stock or securities convertible into, or exchangeable or exercisable for, Common Stock, shall be made pursuant to a Rule 10b5-1 Plan prior to the
expiration of the Lock-Up Period; provided further, that the Company is not required to report the establishment of such Rule 10b5-1 Plan in any public
report or filing with the Commission under the Exchange Act during the lock-up period and does not otherwise voluntarily effect any such public filing or report regarding such Rule 10b5-1 Plan, (h) any demands or requests for, the exercise of any right with respect to, or the taking of any action in preparation of, the registration by the Company under the Securities Act of the
undersigned’s shares of Common Stock, provided that no transfer of the undersigned’s shares of Common Stock registered pursuant to the exercise of any such right and no registration statement shall be publicly filed under the Securities
Act with respect to any of the undersigned’s shares of Common Stock during the Lock-Up Period, (i) any transfer pursuant to a bona fide third party tender or exchange offer made to all holders of the
Common Stock, merger, consolidation or other similar transaction involving a change of control (as defined below) of the Company, including voting in favor of any such transaction or taking any other action in connection with such transaction,
(provided that in the event that such tender 

 
offer, merger, consolidation or other such transaction is not completed, the undersigned shall remain subject to the restrictions contained in this Lock-Up
Letter Agreement), (j) transfers to the Company for the purpose of satisfying any tax withholding obligations (including estimated taxes) due as a result of the exercise of options or as a result of the vesting of or upon the receipt of equity
awards held by the undersigned, (k) the repurchase of Common Stock or securities convertible into Common Stock by the Company pursuant to equity award agreements or other contractual arrangements providing for the right of said repurchase in
connection with the termination of the undersigned’s employment or service with the Company (l) the exchange of shares of Common Stock for shares of Class B common stock or the exchange of shares of Class B common stock for
Common Stock (provided that the Common Stock or Class B common stock issued as a result of such exchange is subject to this Lock-Up Letter Agreement) and (m) transfers of shares of Common Stock or
any security convertible into Common Stock by operation of law or pursuant to an order of a court or regulatory agency, provided, however, that for purposes of clauses (j) through (m), if the undersigned is legally required during
the Lock-Up Period to file a report under the Exchange Act reporting a reduction in beneficial ownership of shares of Common Stock to the Company, the undersigned shall include a statement in such report
clearly indicating the nature and conditions of such transfer. For purposes of clause (i) above, “change of control” shall mean the consummation of any bona fide third party tender or exchange offer, merger, purchase, consolidation or
other similar transaction the result of which is that any “person” (as defined in Section 13(d)(3) of the Exchange Act), or group of persons, becomes the beneficial owner (as defined in Rules
13d-3 and 13d-5 of the Exchange Act) of a majority of total voting power of the voting stock of the Company. 

If the undersigned is an officer or director of the Company, (i) the undersigned agrees that the foregoing provisions shall be equally
applicable to any issuer-directed Stock, as referred to in FINRA Rule 5131(d)(2)(A) that the undersigned may purchase in the Offering pursuant to an allocation of Stock that is directed in writing by the Company, (ii) Barclays Capital Inc. and
BofA Securities, Inc., agree that, at least three business days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of shares of Common Stock, Barclays Capital Inc. or BofA Securities, Inc.
will notify the Company of the impending release or waiver and (iii) the Company has agreed in the Underwriting Agreement to announce the impending release or waiver by issuing a press release through a major news service (as referred to in
FINRA Rule 5131(d)(2)(B)) at least two business days before the effective date of the release or waiver. Any release or waiver granted by Barclays Capital Inc. and BofA Securities, Inc. hereunder to any such officer or director shall only be
effective two business days after the publication date of such press release. The provisions of this paragraph will not apply if both (a) the release or waiver is effected solely to permit a transfer not for consideration, and (b) the
transferee has agreed in writing to be bound by the same terms described in this letter that are applicable to the transferor, to the extent and for the duration that such terms remain in effect at the time of the transfer. 

In furtherance of the foregoing, the Company and its transfer agent are hereby authorized to decline to make any transfer of securities if
such transfer would constitute a violation or breach of this Lock-Up Letter Agreement. 

 It is understood that, if the Company notifies the Underwriters that it does not intend to
proceed with the Offering, if the Underwriting Agreement does not become effective, or if the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of
the Stock, the undersigned will be released from its obligations under this Lock-Up Letter Agreement. 

The undersigned understands that the Company and the Underwriters will proceed with the Offering in reliance on this Lock-Up Letter Agreement. 
 Whether or not the Offering actually occurs depends on a number of factors,
including, without limitation, market conditions. Any Offering will only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Underwriters. 

The undersigned hereby consents to receipt of this Lock-Up Letter Agreement in electronic form and
understands and agrees that this Lock-Up Letter Agreement may be signed electronically. In the event that any signature is delivered by facsimile transmission, electronic mail or otherwise by electronic
transmission evidencing an intent to sign this Lock-Up Letter Agreement, such facsimile transmission, electronic mail or other electronic transmission shall create a valid and binding obligation on the
undersigned with the same force and effect as if such signature were an original execution, and delivery of this Lock-Up Letter Agreement by facsimile transmission, electronic mail or other electronic
transmission is legal, valid and binding for all purposes. 
 This Lock-Up Letter Agreement shall
automatically terminate upon the earliest to occur, if any, of (1) the termination of the Underwriting Agreement before the sale of any Stock to the Underwriters, (2) [•], in the event that the Underwriting Agreement has not been executed
by that date, provided that the Company may, by written notice to the undersigned prior to such date, extend such date for a period of up to three additional months, (3) the filing by the Company of an application to withdraw the registration
statement related to the Offering and (4) the Underwriters notifying the Company, or the Company notifying the Underwriters, in writing, prior to the execution of the Underwriting Agreement, that it has determined not to proceed with the
Offering.

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