Document:

Consulting Agreement

 Exhibit 10.1 

CONSULTING AGREEMENT 

THIS CONSULTING AGREEMENT (this “Agreement”) is being entered into on the last date listed on the signature page hereof by and
between Wayne N. Driggers (the “Consultant”) and Westway Group, Inc. (the “Company”). 
 WHEREAS, Consultant
has been employed by Company as its President and Chief Operating Officer; 
 WHEREAS, Consultant has resigned his employment
with Company; 
 WHEREAS, the Company wishes to benefit from the Consultant’s experience and expertise by retaining him as
a consultant under this Agreement to advise the Company; and 
 WHEREAS, the Consultant, in accordance with the terms and
provisions set forth below, desires to be retained as a consultant to the Company under this Agreement. 
 NOW, THEREFORE, in
consideration of the mutual covenants and the promises set forth herein, the Consultant and the Company hereby agree as follows: 

1. Term. The consulting term under this Agreement shall commence on October 1, 2010 (“Commencement Date”) and shall
end on September 30, 2011, unless terminated earlier in accordance with this Section (the “Consulting Term”). The Consulting Term may be extended or renewed only pursuant to a written agreement by and between Consultant and Company.
The Consulting Term may be terminated prior to September 30, 2011 as follows: 
 1.1. Company may terminate the Consulting
Term immediately upon written notice to Consultant that the Company has evidence that the Consultant has committed gross negligence in carrying out his consulting services to the Company under terms of this Agreement, and Company’s sole
obligation under this Agreement shall be to pay Consultant (or his beneficiaries) for any amounts due and owing to him in accordance with Section 3. 

1.2. Consultant may terminate the Consulting Term immediately upon written notice to Company in the event that Company has failed to make
any payment due and owing under Section 3 within thirty (30) days of receipt of a written demand by Consultant demanding such payment, and Company’s sole obligation under this Agreement shall be to pay Consultant (or his
beneficiaries) for any amounts due and owing to him in accordance with Section 3. 
 1.3. If Consultant dies or becomes
disabled (as determined by the Company in good faith) during the Consulting Term, the Consulting Term shall automatically be terminated, and Company’s sole obligation under this Agreement shall be to pay Consultant (or his beneficiaries) for
any amounts due and owing to him in accordance with Section 3. 
 1.4. Any termination of this Agreement that complies with
this Section 1 shall not be deemed to constitute a breach of this Agreement by either party. 

 2. Consulting Commitment. During the Consulting Term, Consultant shall make and hold
himself available to the Company on a full-time basis to perform such duties as are assigned to him by the Company, including without limitation consulting on major projects (including without limitation consulting on major 2011 capital expenditure
projects such as the Houston expansion), due diligence with respect to potential acquisitions and leading integration on any completed acquisitions, succession planning, and providing on-going support and consultation to the Chief Executive Officer
and Chief Financial Officer and the Board of Directors as needed. Consultant shall be expected to perform the services hereunder from his home in Jacksonville, Florida or other appropriate location, unless the Company or Consultant determines that
Consultant’s physical presence is necessary on a temporary basis at the Company’s offices or other location, and provides the other party with reasonable advance notice of such need. Reasonable out-of-pocket travel costs incurred by
Consultant for Company-requested travel shall be reimbursed by Company in accordance with any of its applicable then-in-effect travel and reimbursement policies. Company will provide reasonable office and administrative support upon request by
Consultant and agreement of the parties and will provide office space at its offices in New Orleans, Louisiana for Consultant’s use if requested by, and upon reasonable advance notice by, Consultant. Consultant shall perform services under this
Agreement in a professional manner and in accordance with the highest applicable professional standards. 
 3. Remuneration
and Reimbursement. 
 3.1. Compensation. Consultant shall receive the following compensation for his services under
this Agreement: 
 (a) Consultant shall be compensated at a rate of $26,666.67 per month, prorated for any partial month of the
Consulting Term (if applicable), paid monthly in advance. 
 (b) Following the Effective Date (as defined in Section 9),
Company will reimburse Consultant for the applicable premiums for coverage of Consultant under the Company’s health plans, but in no event for more than eighteen (18) months, provided that Consultant timely and properly elects continuation
coverage under the aforementioned plans pursuant to the provisions of COBRA, pays the applicable premiums (and provides proof of such payments satisfactory to Company), and remains eligible for such coverage. 

(c) Within fourteen (14) business days of the Effective Date, Company will pay Consultant $5,600 to cover previously committed
housing expenditures in New Orleans, Louisiana by Consultant. 
 (d) Following the Effective Date, Company must pay Consultant a
prorated 2010 cash bonus in the amount of $412,500, less applicable deductions and withholdings, at such time as the 2010 bonuses are paid to actively employed executives of the Company, but in no event later than March 15, 2011. 

 

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 (e) Under Section 3(d) of the Severance Agreement dated and effective as of
June 26, 2010 by and between Company and Consultant (the “Severance Agreement”), Consultant was granted a Retention Bonus (as such term is defined in the Severance Agreement) in the form of Restricted Stock (as such term is defined in
the Severance Agreement), twenty-five percent (25%) of which vested upon grant. Consultant and Company agree that an additional twenty-five percent (25%) of the number of shares of Restricted Stock issued to Consultant as a Retention Bonus
will vest on June 26, 2011. If the Company terminates the consultant agreement before June 26, 2011, the additional twenty-five percent (25%) of the number of Restricted Stock issued to Consultant as a Retention Bonus must be paid to
the Consultant. Other than as expressly provided in this Section, Consultant acknowledges that he has forfeited any remaining portion of the Restricted Stock issued to Consultant as a Retention Bonus that is unvested as of the Commencement Date.

 (f) Consultant may retain his Company-issued cell phone and its affiliated phone number. Following the Effective Date and
during the Consulting Term, Company shall pay the cost for such cell phone service. Following the Consulting Term, Consultant may keep such cell phone number and service at his sole expense. 

(g) Except as specifically provided in this Agreement, Consultant shall not be entitled to any reimbursements for expenses incurred in
connection with his services under this Agreement, unless approved in writing in advance by Company prior to such incurrence. 

3.2. No Other Compensation or Benefits. Other than as expressly provided in this Section 3 of this Agreement, the Consultant
acknowledges that he is not entitled to any other compensation, benefit, or other payment in connection with his services under this Agreement. Consultant hereby agrees that he is not entitled to and will not make any claim against the Company or
its affiliates, successors and assigns for any fees, reimbursement, or other compensation of any kind, including but not limited to any claim for benefits under any employee benefit plan of the Company, in connection with or relating to his
provision of services under this Agreement except as set forth herein. Consultant acknowledges and agrees that he is not, nor shall he be, eligible to participate in any employee benefit plan sponsored by the Company, or any of its affiliates,
successors and assigns, regardless of the terms of any such plan, during the Consulting Term or as a result of his provision of services under this Agreement. Consultant shall be responsible for, and hereby agrees to indemnify and hold Company
harmless from, all tax liabilities in respect of any amounts paid to him under this Agreement. Consultant also confirms that he has received all of the benefits to which he is entitled under the Severance Agreement and is entitled to no further
benefits under the Severance Agreement or otherwise relating to his employment, or resignation from employment, with Company. 

4. Restrictive Covenants. 

4.1. Confidential Information. Consultant acknowledges that information has been and may be disclosed or made known to Consultant,
as a consequence of his relationship with Company and/or in the performance of his services hereunder, concerning Company or its affiliates, which information is not generally known to the public and constitutes confidential and proprietary business
information of Company or its licensors or affiliates. Consultant shall use such information only in connection with the performance of his services under this Agreement and shall not disclose any such information, either during the Consulting Term
or within ten years thereafter, and shall take every reasonable precaution to safeguard all such information. Notwithstanding the foregoing, Consultant may disclose such information if required to do so by any court or agency of competent
jurisdiction; provided, however, that Consultant (i) shall not seek such an order or encourage or aid any other person or entity in seeking such an order; (ii) shall notify the Company of such an order within five (5) days of receipt
(or within such shorter time period as may be necessary to allow adequate time to protect the confidentiality agreed to above) of such an order; and (iii) shall cooperate with Company, if so reasonably requested, to oppose any effort to require
disclosure of the information protected by this Section 4.1. Consultant shall return to Company at the conclusion of the Consulting Term any documents or other materials containing confidential information. Consultant acknowledges and agrees
that the provisions of this Section 4.1 are in addition to, and not in lieu of, any other confidentiality obligations Consultant may have to Company, including without limitation the obligations contained in Sections 14, 15, and 17 of the
Severance Agreement. 
  

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 4.2. Works for Hire. Consultant acknowledges and agrees that the work being performed
hereunder (“Work”) is being prepared by Consultant for, and at the instigation and under the direction of, Company and that as between Consultant and Company the Work is and at all times shall be regarded as “work made for hire”
as that term is used in the United States copyright laws, and that all copyrights in and to the Work, belonging to Company as “work made for hire.” Without limiting the preceding sentence, Consultant by this Agreement hereby assigns,
grants and delivers, exclusively unto Company, its legal representatives, successors and assigns, all of his right, title and interest of every kind and nature whatsoever in and to the Work and all copies and versions thereof including copyrights in
any country. Consultant represents and warrants that he has the right to enter into this Agreement, to grant to Company the rights set forth herein and to perform all other obligations under this Agreement. Consultant warrants that the services
performed hereunder do not violate any intellectual property right of a third party. 
 4.3. Non-competition. Consultant
acknowledges and recognizes the highly competitive nature of the Company’s business, the valuable Confidential Information in his possession and to which he will be given access, and the customer goodwill associated with the ongoing business of
Company. Consultant hereby agrees that during the Consulting Term and for a period of six (6) months following the expiration of the Consulting Term, and in or with respect to any state in the United States and any country in which Company is
then conducting business, he will not, directly or indirectly, alone or in conjunction with any entity, own, manage, operate or control, or participate in the ownership, management, operation or control of, or become associated, as an employee,
director, officer, advisor, agent, consultant, principal, partner, member, or independent contractor with, any person or entity that engages in the businesses of (a) providing, marketing, or selling bulk liquid storage or (b) developing,
producing, manufacturing, marketing, or selling liquid feed supplements, feed mill molasses products, solid feed supplements, and/or dried molasses products. 

4.4. Non-solicitation of Customers. Consultant acknowledges and recognizes the highly competitive nature of the Company’s
business, the valuable Confidential Information in his possession and to which he will be given access, and the customer goodwill associated with the ongoing business of Company. Consultant hereby agrees that during the Consulting Term and for a
period of two (2) years following the expiration of the Consulting Term, he will not, directly or indirectly, alone or in conjunction with any entity, solicit, encourage, or induce any contractor, agent, client, customer, supplier or the like
of Company to terminate its/his/her relationship (contractual or otherwise) with Company (in whole or in part), or to refrain from entering into a relationship (contractual or otherwise) with Company, including without limitation any prospective
contact, contractor, agent, client, customer, or the like of Company. 
  

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 4.5. Non-solicitation of Employees. Consultant hereby agrees that during the
Consulting Term and for a period of one (1) year following the expiration of the Consulting Term, he will not, directly or indirectly, (i) solicit for hiring any employee of Company or seek to persuade any employee of Company to
discontinue or otherwise modify his or her employment with Company, or (ii) solicit or encourage any independent contractor providing services to Company to terminate or diminish its relationship with Company. Consultant further agrees not to
assist any person or entity, directly or indirectly, to engage in conduct prohibited by this Section. Consultant acknowledges and agrees that the provisions of this Section 4.5 are in addition to, and not in lieu of, any other similar
obligations Consultant may have to Company, including without limitation the obligations contained in Sections 13 and 17 of the Severance Agreement. 

4.6. Non-disparagement. During and after the Consulting Term, neither Consultant nor any person acting on his behalf shall
disparage or cause to be disparaged, whether directly or indirectly, any of the Released Parties (as defined in Section 7) in any forum or through any medium of communication. Consultant shall not issue any publicity or press release regarding
his contractual relations with Company or otherwise make any oral or written reference regarding his activities hereunder, without obtaining Company’s prior written consent and approval of the contents thereof. No officer or director of Company
shall disparage or cause to be disparaged, whether directly or indirectly, Consultant in any forum or through any medium of communication. 

4.7. Acknowledgements. Consultant acknowledges and agrees that the restrictions set forth in this Section 4 of this Agreement
are critical and necessary to protect Company’s legitimate business interests (including the protection of its Confidential Information); are reasonably drawn to this end with respect to duration, scope, and otherwise; are not unduly
burdensome; are not injurious to the public interest; and are supported by adequate consideration. Consultant also acknowledges and agrees that, in the event that he breaches any of the provisions in this Section 4, Company will be entitled to
injunctive relief, in addition to any other damages, to which it may be entitled, as well as the costs and reasonable attorneys’ fees it incurs in enforcing its rights under this Section 4. Consultant further acknowledges that (i) any
breach or claimed breach of the provisions set forth in this Agreement will not be a defense to enforcement of the restrictions set forth in this Section 4 and (ii) Company’s obligations to make any payments or confer any benefit
under this Agreement, other than to pay for all compensation under Section 3.1(a) accrued but unpaid up to the expiration of the Consulting Term, will automatically and immediately terminate in the event that Consultant breaches any of the
obligations in this Section 4. 
 4.8. Modifications by Court. If any covenant set forth in this Section 4 is
deemed invalid or unenforceable for any reason, it is the Parties’ intention that such covenants be equitably reformed or modified only to the extent necessary to render them valid and enforceable in all respects. In the event that the time
period and/or geographic scope referenced above is deemed unreasonable, overbroad, or otherwise invalid, it is the intention of Consultant and Company that the enforcing court reduce or modify the time period and/or geographic scope only to the
extent necessary to render such covenants reasonable, valid, and enforceable in all respects. 
  

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 5. Confirmation of Resignation and Receipt of Benefits; Continuing Obligations.

 5.1. Employment. Consultant hereby confirms that he has resigned his employment with Company as Company’s
President and Chief Operating Officer, effective October 1, 2010. Having received his Base Salary (as defined in the Severance Agreement) and all vested benefits through his date of resignation, Consultant further confirms that he has received
all of the benefits to which he is entitled under the Severance Agreement and is entitled to no further benefits under the Severance Agreement or otherwise relating to his employment, or resignation from employment, with Company. Consultant agrees
that he will surrender his Company-issued car at a mutually convenient time to Consultant and Company. 
 5.2. Board of
Directors. Consultant hereby agrees that upon the expiration of the Consulting Term for any reason, Consultant will, upon request of the Board of Directors of the Company, resign from any and all positions he may then hold on the Board of
Directors of Company or any subsidiary or affiliate. Consultant further agrees that he will not be paid any fees for his service on the Board of Directors of Company or any subsidiary or affiliate during the Consulting Term, and hereby confirms that
he has received all such fees to which he is entitled for service on such Boards through the Commencement Date. 
 6.
Indemnification. Pursuant to Section 6.4 of the company’s Amended and Restated Certificate of Incorporation, as amended to date, the Company shall indemnify Consultant during the term hereof on the same terms and subject to the same
limitations as if he were an officer of the Company. 
 7. Complete General Release of Claims. In consideration of the
delivery of the payments and other benefits described in this Agreement, Consultant unconditionally and irrevocably discharges, releases, and remises the Released Parties (as defined below), jointly and severally, of and from all claims, causes of
action, suits, charges, debts, dues, sums of money, attorneys’ fees and costs, accounts, bills, covenants, contracts, torts, agreements, expenses, wages, compensation, promises, damages, judgments, rights, demands, or otherwise
(“Claims”), known or unknown, in law or equity, accrued or unaccrued, contingent or noncontingent, arising at any time up to and including the date Consultant executes this Agreement, whether or not capable of proof as of the effective
date of this Agreement, whether common law or statutory, whether or not now recognized, that Consultant or anyone claiming by, through, or under him (including without limitation his heirs, executors, personal representatives, administrators,
assigns, and spouse(s)) in any way might have, or could have, against any of the Released Parties. The Claims released by Consultant shall include without limitation, and only by way of example: 

 

	 	(i)	all Claims arising from or relating to Consultant’s employment or positions with any of the Released Parties, or the termination thereof; 

 

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	 	(ii)	all Claims arising from or relating to any acquisition, ownership, or disposition of common stock or warrants to purchase common stock of the Company;

  

	 	(iii)	all Claims of employment discrimination or harassment based upon any protected characteristic (such as age, race, color, sex, national origin, religion, and
disability/handicap status) arising under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans with Disabilities Act, the Family and Medical Leave Act, 42 U.S.C. § 1981, the Louisiana
Employment Discrimination Law, the Florida Civil Rights Act, and any other similar federal, state or local laws; 

  

	 	(iv)	any and all Claims arising under the Employee Retirement Income Security Act of 1974, as amended, or any benefit plan, policy or program established by the Company;

  

	 	(v)	any and all Claims under any federal, state or local law relating to the payment of wages or other compensation or the hours of work; 

 

	 	(vi)	any and all Claims under the Sarbanes-Oxley Act, Louisiana Whistleblower Statute, or Florida Whistleblower Act; 

 

	 	(vii)	any and all Claims for any compensation in any form whatsoever from the Company (other than as provided in this Agreement), including but not limited to any Claims for
wages, bonuses, commissions, equity, vacation pay or other similar remuneration; 

  

	 	(viii)	any and all Claims arising under any contract or agreement, whether written or oral, between the Parties relating to any subject; 

 

	 	(ix)	any and all Claims arising under the common law of any jurisdiction, including, but not limited to, all claims for breach of contract, defamation, interference with
contractual/prospective economic advantage, invasion of privacy, promissory estoppel, negligence, breach of the covenant of good faith and fair dealing, fraud, emotional distress, and wrongful discharge/termination; and 

 

	 	(x)	any and all Claims in any jurisdiction growing out of any legal restrictions, expressed or implied, on the Company’s right to terminate or control the employment
of its employees. 

  

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 It is the intention of the Parties that the language relating to the description of Claims
in this Section shall be given the broadest possible interpretation permitted by law. 
 As used herein, “Released
Parties” shall mean (1) Company; (2) all direct and indirect parents, subsidiaries, affiliates, units, divisions, predecessors, and successors of Company (hereinafter “affiliated entity” or “affiliated entities”);
(3) Company’s and any affiliated entity’s past and current employees, officers, directors, partners, agents, owners, shareholders, attorneys, heirs, successors, assigns, predecessors, and legal representatives, in their individual and
official capacities; (4) Company’s and any affiliated entity’s insurers; (5) Company’s and any affiliated entity’s past and present employee benefit plans, as well as the administrators, fiduciaries, affiliates,
insurers, and otherwise of all such employee benefit plans; and (6) all other persons, corporations, or other entities who/that might be claimed to be jointly or severally liable with any of the persons or entities named above and with respect
to any of the Claims released by this Agreement. 
 8. Covenant Not to Sue. Consultant agrees and covenants not to file,
initiate, or join any lawsuit (either individually, with others, or as part of a class), in any forum, pleading, raising, or asserting any Claim(s) barred or released by Section 7 of this Agreement. If he does so, and the action is found to be
barred in whole or in part by this Agreement, Consultant agrees to pay the attorneys’ fees and costs, or the proportions thereof, incurred by the applicable Released Party in defending against those Claims that are found to be barred by
Section 7 of this Agreement. Nothing in this Section 8 precludes Consultant from challenging the validity of the release in Section 7 under the requirements of the Age Discrimination in Employment Act, and Consultant shall not be
responsible for reimbursing the attorneys’ fees and costs of the Released Parties in connection with such a challenge to the validity of the release. Consultant, however, acknowledges that the release in Section 7 applies to all Claims
that he has under the Age Discrimination in Employment Act, and that, unless the release is held to be invalid, all of Consultant’s Claims under that Act shall be extinguished by execution of this Agreement. 

9. Acknowledgements. Consultant is hereby advised to consult with counsel before executing this Agreement. Consultant hereby
acknowledges and understands that he has the right to consider this Agreement, including the General Release contained in Section 7, for a period of twenty-one (21) days prior to execution. Consultant further acknowledges and understands
that for seven (7) days following his execution of this Agreement, Consultant may revoke this Agreement by providing written notice to Company in the manner provided in Section 10 of this Agreement. This Agreement shall not become
effective or enforceable until the seven-day revocation period has expired without revocation (the “Effective Date”). The Consultant acknowledges that he has carefully reviewed this Agreement, that he has entered into this Agreement freely
and voluntarily and without reliance on any promises not expressly contained herein, and that this Agreement will not be deemed void or avoidable by claims of duress, deception, mistake of fact, or otherwise. The principle of construction whereby
all ambiguities are to be construed against the drafter will not be employed in the interpretation of this Agreement. This Agreement should not be construed for or against any party. 

 

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 10. Miscellaneous. 

10.1 Independent Contractor Status. Consultant acknowledges and agrees that he shall be an independent contractor of the Company
and shall not be considered or classified as an employee of the Company for any purpose. Consultant shall not hold himself out or act as an agent of Company or contract any liability or obligation for or on behalf of Company. 

10.2 Severability. Should any provision of this Agreement be rendered or declared legally invalid or unenforceable by a court or
arbitration tribunal of competent jurisdiction or by the decision of an authorized governmental agency, invalidation or unenforceability of such provision shall not invalidate or render unenforceable any of the remaining provisions of this
Agreement. 
 10.3 Enurement; Nonassignability. This Agreement shall inure to the benefit of, and be binding upon, the
parties’ heirs, executors, assigns, successors, and legal representatives. The services to be provided by the Consultant under this Agreement shall be provided personally by the Consultant. The Consultant may not assign any rights or
performance obligations under this Agreement to any other party without the prior express written consent of the Company. Any attempt to make such an assignment without the prior express written consent of the Company shall be void and of no effect.
The Company may assign its rights and obligations under this Agreement, and upon such assignment, the rights and obligations of Company hereunder shall become the rights and obligations of the assignee of Company, including without limitation the
right to enforce the obligations under Section 4. 
 10.4 Entire Agreement; Amendment. The provisions of this
Agreement contain the entire agreement and understanding of the parties regarding the Agreement and its provisions, and shall, as of the Effective Date, fully supersede any and all prior agreements, representations, promises or understandings,
written or oral, between them, including without limitation the Severance Agreement. Notwithstanding the foregoing, Consultant and Company acknowledge and agree that Sections 3(d) (as modified herein) and 13-21 of the Severance Agreement will
survive the Effective Date of this Agreement. The provisions of this Agreement may not be amended except in writing by the Executive and an authorized officer appointed by the Board of Directors of the Company to sign the amendment. 

10.5 Waiver. Any failure by either party to exercise any of its rights to enforce any of the provisions of this Agreement shall
not prejudice such party’s rights with respect to any subsequent or further violation, breach or default by the other party. A waiver of any provision of this Agreement by the parties shall not be valid or effective unless memorialized in
writing and signed by both parties to this Agreement. 
 10.6 Notices. Any notice, request, or other communication
required or permitted to be delivered under this Agreement must be in writing and will be considered received as of the date delivered if delivered in person, on the next business day if sent by a nationally recognized overnight courier service, and
on the second business day if mailed by registered mail, return receipt requested, postage prepaid. If to Consultant, the notice, request, or other communication must be addressed and sent to Consultant at his most recent residential address as then
on file with Company, or such other address as Consultant furnishes to the Company in accordance with this Section. If to the Company, the notice, request, or other communication must be addressed to Westway Group, Inc., 365 Canal Street, Suite
2900, New Orleans, LA 70130, Attn: Chief Executive Officer, with a copy to Company’s counsel, Craig Godshall, Dechert LLP, Cira Centre, 2929 Arch Street, Philadelphia, PA 19104, or to such other address as the Company furnishes to Consultant in
accordance with this Section. 
  

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 10.7 Choice of Law; Arbitration. The laws of the State of Florida (without giving
effect to its conflicts of law principles) govern all matters arising out of or relating to this Agreement, including, without limitation, its validity, interpretation, construction, performance, and enforcement. Consultant and Company agree to
submit to binding arbitration before the American Arbitration Association all claims arising out of or relating to this Agreement. This arbitration shall take place in Jacksonville, Florida, under the then prevailing commercial rules of the American
Arbitration Association. If the American Arbitration Association withholds its arbitration services for any reason, then the arbitration will instead be conducted by a bona fide neutral arbitration service provider reasonably acceptable to
Consultant and Company. The arbitrator’s fees shall be split equally between Company and Consultant unless the parties agree otherwise. Company and Consultant shall each be responsible for paying their own attorneys’ fees and all other
costs they incur related to any arbitration proceeding. The arbitrator’s decision will be final and binding in accordance with the Federal Arbitration Act. The arbitrator will not have the right to modify or change any of the terms of this
Agreement. Notwithstanding anything to the contrary, claims under Section 4 of this Agreement need not be submitted to arbitration and may be filed in any court of competent jurisdiction. Any such action described in the preceding sentence may
be brought in the United States District Court for the Middle District of Florida or in any court of the State of Florida sitting in Jacksonville, Florida. 

10.8 Section Headings. The section and paragraph headings in this Agreement are for reference purposes only and shall not affect
the meaning or interpretation of this Agreement. 
 10.9 409A Compliance. This Agreement is intended to comply with
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the parties hereto agree to interpret, apply and administer this Agreement in the least restrictive manner necessary to comply therewith and without
resulting in any increase in the amounts owed hereunder by the Company. Notwithstanding anything herein to the contrary, the Company shall have no liability to Consultant or to any other person if the payments and benefits provided in this Agreement
are not exempt from or compliant with Code Section 409A. Consultant’s right to reimbursement under this Agreement may not be liquidated or exchanged for any other benefit and no reimbursement under this Agreement may occur later than the
last day of the calendar year immediately following the calendar year in which such expenses were incurred, nor shall the amount available for reimbursement during one year affect the amount available for reimbursement in any other year. 

10.10 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. 
  

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 IN WITNESS WHEREOF and intending to be legally bound hereby, Consultant and the Company have
each executed this Agreement as of the day and year written below. 
  

							
	 /s/ Wayne N. Driggers
	 		 	 September 16, 2010

	 Wayne N. Driggers
	 		 	Dated
			
	 WESTWAY GROUP, INC.
	 		 	
			
	 /s/ Francis P. Jenkins, Jr.
	 		 	 September 16, 2010

	By:	 	 Francis P. Jenkins, Jr.
	 		 	Dated
	Title:	 	 Chairman
	 		 	

  

 Page 11 of 11Cell Therapeutics, Inc. 2007 Equity Incentive Plan

 Exhibit 10.1 

CELL THERAPEUTICS, INC. 

2007 EQUITY INCENTIVE PLAN 

Effective as of June 20, 2003 and amended and restated as of August 23, 2010 

SECTION 1  

BACKGROUND AND PURPOSE  

1.1 Background. The Plan permits the grant of Nonqualified Stock Options, Incentive Stock Options, SARs, Restricted
Stock, Restricted Stock Units and Cash Awards. 
 1.2 Purpose of the Plan. The Plan is intended to attract,
motivate, and retain (a) employees of the Company and its Affiliates, (b) consultants who provide significant services to the Company and its Affiliates, and (c) directors of the Company who are employees of neither the Company nor
any Affiliate. The Plan also is designed to encourage stock ownership by Participants, thereby aligning their interests with those of the Company’s shareholders. 

SECTION 2 

DEFINITIONS 

The following words and phrases shall have the following meanings unless a different meaning is plainly required by the context:

 2.1 “1934 Act” means the Securities Exchange Act of 1934, as amended. Reference to a specific section of the
1934 Act or regulation thereunder shall include such section or regulation, any valid regulation promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section
or regulation. 
 2.2 “Affiliate” means any corporation or any other entity (including, but not limited to,
partnerships and joint ventures) controlling, controlled by, or under common control with the Company. 
 2.3
“Affiliated SAR” means an SAR that is granted in connection with a related Option, and which automatically will be deemed to be exercised at the same time that the related Option is exercised. 

2.4 “Annual Revenue” means the Company’s or a business unit’s net sales for the Fiscal Year, determined in
accordance with generally accepted accounting principles; provided, however, that prior to the Fiscal Year, the Committee shall determine whether any significant item(s) shall be excluded or included from the calculation of Annual Revenue with
respect to one or more Participants. 
 2.5 “Award” means, individually or collectively, a grant under the Plan
of Nonqualified Stock Options, Incentive Stock Options, SARs, Restricted Stock, Restricted Stock Units or Cash Awards. 
 2.6
“Award Agreement” means the written agreement setting forth the terms and provisions applicable to each Award granted under the Plan. 

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

2.8 “Cash Award” means the right to receive cash as described in Section 8. 

2.9 “Cash Position” means the Company’s level of cash, cash equivalents and securities available-for-sale.

 2.10 “Change in Control” means the occurrence of any of the following events: 

(a) Any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the
“beneficial owner” (as defined in Rule 13d 3 of the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power represented by the Company’s then
outstanding voting securities; 
 (b) The consummation of the sale or disposition by the Company of all or
substantially all of the Company’s assets; 

 (c) A change in the composition of the Board occurring within a two-year
period, as a result of which fewer than a majority of the directors are Incumbent Directors. “Incumbent Directors” means directors who either (A) are Directors as of the effective date of the Plan, or (B) are elected, or
nominated for election, to the Board with the affirmative votes of at least a majority of the Directors at the time of such election or nomination (but will not include an individual whose election or nomination is in connection with an actual or
threatened proxy contest relating to the election of directors to the Company); or 
 (d) The consummation of a
merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity or its parent) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent
outstanding immediately after such merger or consolidation. 
 2.11 “Code” means the Internal Revenue Code of
1986, as amended. Reference to a specific section of the Code or regulation thereunder shall include such section or regulation, any valid regulation promulgated under such section, and any comparable provision of any future legislation or
regulation amending, supplementing or superseding such section or regulation. 
 2.12 “Committee” means the
Board or a committee appointed by the Board (pursuant to Section 3.1) to administer the Plan. 
 2.13
“Company” means Cell Therapeutics, Inc., a Washington corporation, or any successor thereto. With respect to the definitions of the Performance Goals, the Committee may determine that “Company” means Cell Therapeutics,
Inc. and its consolidated subsidiaries. 
 2.14 “Consultant” means any consultant, independent contractor, or
other person who provides significant services to the Company or its Affiliates, but who is neither an Employee nor a Director. 

2.15 “Director” means any individual who is a member of the Board of Directors of the Company. 

2.16 “Disability” means a permanent and total disability within the meaning of Section 22(e)(3) of the Code,
provided that in the case of Awards other than Incentive Stock Options, the Committee in its discretion may determine whether a permanent and total disability exists in accordance with uniform and non-discriminatory standards adopted by the
Committee from time to time. 
 2.17 “Earnings Per Share” means as to any Fiscal Year, the Company’s or a
business unit’s Net Income, divided by a weighted average number of common shares outstanding and dilutive common equivalent shares deemed outstanding, determined in accordance with generally accepted accounting principles. 

2.18 “Employee” means any employee of the Company or of an Affiliate, whether such employee is so employed at the time
the Plan is adopted or becomes so employed subsequent to the adoption of the Plan. 
 2.19 “Exercise Price”
means the price at which a Share may be purchased by a Participant pursuant to the exercise of an Option. 
 2.20 “Fair
Market Value” means the last quoted per share selling price for Shares on The NASDAQ Capital Market on the relevant date, or if there were no sales on such date, the closing bid on the relevant date. If there are neither bids nor sales on
the relevant date, then the Fair Market Value shall mean the arithmetic mean of the highest and lowest quoted selling prices on the last market trading day before the relevant date, as determined by the Committee. In any instance where the relevant
date falls on a weekend day, a date The NASDAQ Capital Market is closed for trading or any other non-trading day, Fair Market Value shall mean the last quoted per share selling price on the last market trading day before the relevant date. If there
are neither bids nor sales on the last market trading day before the relevant date, then the Fair Market Value shall mean the arithmetic mean of the highest and lowest quoted selling prices on the most recent market trading day before the relevant
date. Notwithstanding the preceding, for federal, state, and local income tax reporting purposes, Fair Market Value shall be determined by the Committee (or its delegate) in accordance with uniform and nondiscriminatory standards adopted by it from
time to time. If Shares are not traded on any established stock exchange or quoted on a national market system and are not quoted 

 

 2 

 
by a recognized securities dealer, the Committee (following guidelines established by the Board or Committee) will determine Fair Market Value in good faith. 

2.21 “Fiscal Year” means the fiscal year of the Company. 

2.22 “Freestanding SAR” means a SAR that is granted independently of any Option. 

2.23 “Grant Date” means, with respect to an Award, the date that the Award was granted. 

2.24 “Incentive Stock Option” means an Option to purchase Shares which is designated as an Incentive Stock Option and is
intended to meet the requirements of Section 422 of the Code. 
 2.25 “Individual Objectives” means as to
a Participant, the objective and measurable goals set by a “management by objectives” process and approved by the Committee (in its discretion). 

2.26 “Misconduct” means, at any time within (a) the term of an Option granted hereunder, (b) within one
(1) year after a Participant’s Termination of Service, or (c) within one (1) year after exercise of any portion of an Option granted hereunder, whichever is the latest, the commission of any act in competition with any activity
of the Company (or any Affiliate) or any act contrary or harmful to the interests of the Company (or any Affiliate), including, but not limited to: (a) conviction of a felony or crime involving moral turpitude or dishonesty, (b) violation
of Company (or any Affiliate) policies, (c) accepting employment with or serving as a consultant, advisor or in any other capacity to an entity that is in competition with or acting against the interests of the Company (or any Affiliate),
including employing or recruiting any present, former or future employee of the Company (or any Affiliate), (d) misuse of any trade or business secrets or confidential, secret, privileged, or non-public information relating to the
Company’s (or any Affiliate’s) business or breach of the Company’s Confidentiality Agreement, or (e) participating in a hostile takeover attempt of the Company. The foregoing definition shall not be deemed to be inclusive of all
acts or omissions that the Company (or any Affiliate) may consider as Misconduct for purposes of the Plan. 
 2.27 “Net
Income” means as to any Fiscal Year, the income after taxes of the Company for the Fiscal Year determined in accordance with generally accepted accounting principles, provided that prior to the Fiscal Year, the Committee shall determine
whether any significant item(s) shall be included or excluded from the calculation of Net Income with respect to one or more Participants. 

2.28 “Nonemployee Director” means a Director who is an employee of neither the Company nor of any Affiliate. 

2.29 “Nonqualified Stock Option” means an option to purchase Shares which is not intended to be an Incentive Stock
Option. 
 2.30 “Operating Cash Flow” means the Company’s or a business unit’s sum of Net Income plus
depreciation and amortization less capital expenditures plus changes in working capital comprised of accounts receivable, inventories, other current assets, trade accounts payable, accrued expenses, product warranty, advance payments from customers
and long-term accrued expenses, determined in accordance with generally acceptable accounting principles. 
 2.31
“Operating Income” means the Company’s or a business unit’s income from operations but excluding any unusual items, determined in accordance with generally accepted accounting principles. 

2.32 “Option” means an Incentive Stock Option or a Nonqualified Stock Option. 

2.33 “Participant” means an Employee, Consultant, or Nonemployee Director who has an outstanding Award. 

2.34 “Performance Goals” means the goal(s) (or combined goal(s)) determined by the Committee (in its discretion) to be
applicable to a Participant with respect to an Award. As determined by the Committee, the Performance Goals applicable to an Award may provide for a targeted level or levels of achievement using one or more of the following measures: (a) Annual
Revenue, (b) Cash Position, (c) Earnings Per Share, (d) Individual Objectives, (e) Net Income, (f) Operating Cash Flow, (g) Operating Income, (h) Return on Assets, (i) Return on

  

 3 

 
Equity, (j) Return on Sales, and (k) Total Shareholder Return. The Performance Goals may differ from Participant to Participant and from Award to Award. 

2.35 “Period of Restriction” means the period during which the transfer of Restricted Stock is subject to restrictions
and therefore, the Shares subject to the Restricted Stock grant are subject to a substantial risk of forfeiture. With respect to Restricted Stock granted pursuant to Section 7, such restrictions may be based on the passage of time, the
achievement of target levels of performance, or the occurrence of other events as determined by the Committee, in its discretion. 

2.36 “Plan” means the Cell Therapeutics, Inc. 2007 Equity Incentive Plan, as set forth in this instrument and as
hereafter amended from time to time. 
 2.37 “Restricted Stock” means an Award granted to a Participant
pursuant to Section 7, including an award or issuance of Shares or Restricted Stock Units. 
 2.38 “Restricted
Stock Units” means a bookkeeping entry representing an amount equivalent to the Fair Market Value of one Share (or a fraction or multiple of such value), payable in cash, property or Shares. Restricted Stock Units represent an unfunded and
unsecured obligation of the Company, except as otherwise provided for by the Committee. 
 2.39 “Return on
Assets” means the percentage equal to the Company’s or a business unit’s Operating Income before incentive compensation, divided by average net Company or business unit, as applicable, assets, determined in accordance with
generally accepted accounting principles. 
 2.40 “Return on Equity” means the percentage equal to the
Company’s Net Income divided by average shareholder’s equity, determined in accordance with generally accepted accounting principles. 

2.41 “Return on Sales” means the percentage equal to the Company’s or a business unit’s Operating Income
before incentive compensation, divided by the Company’s or the business unit’s, as applicable, revenue, determined in accordance with generally accepted accounting principles. 

2.42 “Rule 16b-3” means Rule 16b-3 promulgated under the 1934 Act, and any future regulation amending, supplementing or
superseding such regulation. 
 2.43 “Section 16 Person” means a person who, with respect to the Shares, is
subject to Section 16 of the 1934 Act. 
 2.44 “Shares” means the shares of common stock of the Company.

 2.45 “Stock Appreciation Right” or “SAR” means an Award, granted alone or in connection
with a related Option, that pursuant to Section 6 is designated as an SAR. 
 2.46 “Subsidiary” means any
corporation in an unbroken chain of corporations beginning with the Company if each of the corporations other than the last corporation in the unbroken chain then owns stock possessing fifty percent (50%) or more of the total combined voting
power of all classes of stock in one of the other corporations in such chain. 
 2.47 “Tandem SAR” means an SAR
that is granted in connection with a related Option, the exercise of which shall require forfeiture of the right to purchase an equal number of Shares under the related Option (and when a Share is purchased under the Option, the SAR shall be
canceled to the same extent). 
 2.48 “Termination of Service” means (a) in the case of an Employee, a
cessation of the employee-employer relationship between the Employee and the Company or an Affiliate for any reason, including, but not by way of limitation, a termination by resignation, discharge, death, Disability or the disaffiliation of an
Affiliate, but excluding any such termination where there is a simultaneous reemployment by the Company or an Affiliate; (b) in the case of a Consultant, a cessation of the service relationship between the Consultant and the Company or an
Affiliate for any reason, including, but not by way of limitation, a termination by resignation, discharge, death, Disability, or the disaffiliation of an Affiliate, but excluding any such termination where there is a simultaneous re-engagement of
the consultant by the Company or an Affiliate; and (c) in the case of a Nonemployee Director, a 
  

 4 

 
cessation of the Director’s service on the Board for any reason, including, but not by way of limitation, a termination by resignation, death, Disability or non-reelection to the Board.

 2.49 “Total Shareholder Return” means the total return (change in share price plus reinvestment of any
dividends) of a Share. 
 SECTION 3 

ADMINISTRATION 

3.1 The Committee. The Plan shall be administered by the Committee. If the Committee is not the Board then the Committee
shall consist of not less than two (2) Directors who shall be appointed from time to time by, and shall serve at the pleasure of, the Board of Directors. If the Committee is not the Board, then the Committee shall be comprised solely of
Directors who both are (a) “non-employee directors” under Rule 16b-3, and (b) “outside directors” under Section 162(m) of the Code. 

3.2 Authority of the Committee. It shall be the duty of the Committee to administer the Plan in accordance with the
Plan’s provisions. The Committee shall have all powers and discretion necessary or appropriate to administer the Plan and to control its operation, including, but not limited to, the power to (a) determine which Employees, Consultants and
Directors shall be granted Awards, (b) prescribe the terms and conditions of the Awards, (c) interpret the Plan and the Awards, (d) adopt such procedures and subplans as are necessary or appropriate to permit participation in the Plan
by Employees and Directors who are foreign nationals or employed outside of the United States, (e) adopt rules for the administration, interpretation and application of the Plan as are consistent therewith, and (f) interpret, amend or
revoke any such rules. 
 3.3 Delegation by the Committee. The Committee, in its sole discretion and on such
terms and conditions as it may provide, may delegate (a) all or any part of its authority and powers under the Plan to one or more Directors, and (b) more limited authority and powers under the Plan to one or more officers of the Company;
provided, however, that the Committee may not delegate its authority and powers (a) with respect to Section 16 Persons, or (b) in any way which would jeopardize the Plan’s qualification under Section 162(m) of the Code or
Rule 16b-3. 
 3.4 Decisions Binding. All determinations and decisions made by the Committee, the Board, and
any delegate of the Committee pursuant to the provisions of the Plan shall be final, conclusive, and binding on all persons, and shall be given the maximum deference permitted by law. 

SECTION 4  

SHARES SUBJECT TO THE PLAN  

4.1 Number of Shares. Subject to adjustment as provided in Section 4.3, the total number of Shares available for
grant under the Plan shall not exceed 111,661,082 Shares. Shares granted under the Plan may be either authorized but unissued Shares or treasury Shares. 

4.2 Lapsed Awards. If an Award is settled in cash, or is cancelled, terminates, expires, or lapses for any reason (with
the exception of the termination of a Tandem SAR upon exercise of the related Option, or the termination of a related Option upon exercise of the corresponding Tandem SAR), any Shares subject to such Award again shall be available to be the subject
of an Award. 
 4.3 Adjustments in Awards and Authorized Shares. In the event that any dividend or other
distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or
other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs such that an adjustment is determined by the Committee (in its sole discretion) to be appropriate in order to prevent dilution or
enlargement of the benefits or potential benefits intended to be made available under the Plan, then the Committee shall in such manner as it may deem equitable, (a) adjust the number and class of Shares (or other securities) that may be
delivered under the Plan under Section 4.1, and the number, class, and price of Shares (or other securities) subject to outstanding Awards or (b) make provision for a cash payment or for the assumption,

  

 5 

 
substitution or exchange of any or all outstanding Awards or the cash, securities or property deliverable to the holder of any or all outstanding Awards, based upon the distribution or
consideration payable to holders of the Shares upon or in respect of such event. The specific adjustments shall be determined by the Committee. Notwithstanding the preceding, the number of Shares subject to any Award always shall be a whole number.

 SECTION 5  

STOCK OPTIONS  

5.1 Grant of Options. Subject to the terms and provisions of the Plan, Options may be granted to Employees, Consultants
and Directors at any time and from time to time as determined by the Committee in its sole discretion. The Committee may grant Incentive Stock Options, Nonqualified Stock Options, or a combination thereof, and the Committee, in its sole discretion,
shall determine the number of Shares subject to each Option. 
 5.2 Award Agreement. Each Option shall be
evidenced by an Award Agreement that shall specify the Exercise Price, the expiration date of the Option, the number of Shares to which the Option pertains, any conditions to exercise the Option, and such other terms and conditions as the Committee,
in its discretion, shall determine. The Award Agreement shall also specify whether the Option is intended to be an Incentive Stock Option or a Nonqualified Stock Option. 

5.3 Exercise Price. Subject to the provisions of this Section 5.3, the Exercise Price for each Option shall be
determined by the Committee in its sole discretion. 
 5.3.1 Nonqualified Stock Options. In the
case of a Nonqualified Stock Option, the Exercise Price shall be not less than one hundred percent (100%) of the Fair Market Value of a Share on the Grant Date. 

5.3.2 Incentive Stock Options. In the case of an Incentive Stock Option, the Exercise Price shall be not
less than one hundred percent (100%) of the Fair Market Value of a Share on the Grant Date; provided, however, that if on the Grant Date, the Employee (together with persons whose stock ownership is attributed to the Employee pursuant to
Section 424(d) of the Code) owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or any of its Subsidiaries, the Exercise Price shall be not less than one hundred and ten percent
(110%) of the Fair Market Value of a Share on the Grant Date. 
 5.3.3 Substitute
Options. Notwithstanding the provisions of Sections 5.3.1 and 5.3.2, in the event that the Company or an Affiliate consummates a transaction described in Section 424(a) of the Code (e.g., the acquisition of property or stock from an
unrelated corporation), persons who become Employees, Directors or Consultants on account of such transaction may be granted Options in substitution for options granted by their former employer. If such substitute Options are granted, the Committee,
in its sole discretion and consistent with Section 424(a) of the Code, may determine that such substitute Options shall have an exercise price less than one hundred percent (100%) of the Fair Market Value of the Shares on the Grant Date.

 5.4 Expiration of Options. 

5.4.1 Expiration Dates. Each Option shall terminate no later than the first to occur of the following
events: 
 (a) The date for termination of the Option set forth in the written Award Agreement, or 

(b) If no date for the termination of the Option is set forth in the written Award Agreement (other than reference to
Section 5.4.1(c)), (a) the expiration of twelve (12) months from the date of the Participant’s Termination of Service if such Termination of Service is a result of death or Disability, or (b) three (3) months from the
date of the Participant’s Termination of Service for any other reason; or 
 (c) The expiration of ten
(10) years from the Grant Date. 
 5.4.2 Committee Discretion. Subject to the limits of
Section 5.4.1, the Committee, in its sole discretion, (a) shall provide in each Award Agreement when each Option expires and becomes unexercisable, and (b) may, after an Option is granted, extend the maximum term of the Option
(subject to Section 5.8.4 regarding Incentive Stock Options). 
  

 6 

 5.5 Exercisability of Options. Options granted under the Plan shall be
exercisable at such times and be subject to such restrictions and conditions as the Committee shall determine in its sole discretion. After an Option is granted, the Committee, in its sole discretion, may accelerate the exercisability of the Option.

 5.6 Payment. Options shall be exercised by the Participant’s delivery of a written notice of exercise
to the Secretary of the Company (or its designee), setting forth the number of Shares with respect to which the Option is to be exercised, accompanied by full payment for the Shares, including satisfaction of any applicable withholding taxes.

 Upon the exercise of any Option, the Exercise Price shall be payable to the Company in full in cash or its equivalent. The
Committee, in its sole discretion, also may permit exercise (a) by tendering previously acquired Shares having an aggregate Fair Market Value at the time of exercise equal to the total Exercise Price (such previously acquired Shares must have
been held for the requisite period necessary to avoid a charge to the Company’s earnings for the financial reporting purposes, unless otherwise determined by the Committee), or (b) by any other means which the Committee, in its sole
discretion, determines to both provide legal consideration for the Shares, and to be consistent with the purposes of the Plan. 

As soon as practicable after receipt of a written notification of exercise and full payment for the Shares purchased, including
satisfaction of any applicable withholding taxes, the Company shall deliver to the Participant (or the Participant’s designated broker), Share certificates (which may be in book entry form) representing such Shares. 

5.7 Restrictions on Share Transferability. The Committee may impose such restrictions on any Shares acquired pursuant to
the exercise of an Option as it may deem advisable, including, but not limited to, restrictions related to applicable federal securities laws, the requirements of any national securities exchange or system upon which Shares are then listed or
traded, or any blue sky or state securities laws. 
 5.8 Certain Additional Provisions for Incentive Stock Options.

 5.8.1 Exercisability. The aggregate Fair Market Value (determined on the Grant Date(s)) of
the Shares with respect to which Incentive Stock Options are exercisable for the first time by any Employee during any calendar year (under all plans of the Company and its Subsidiaries) shall not exceed $100,000. To the extent that the aggregate
Fair Market Value exceeds such $100,000 limit, such options shall be treated as nonqualified stock options. In reducing the number of options treated as Incentive Stock Options to meet the $100,000 limit, the most recently granted Options shall be
reduced first. To the extent a reduction of simultaneously granted options is necessary to meet the $100,000 limit, the Committee may, in the manner and to the extent permitted by law, designate which Shares are to be treated as shares acquired
pursuant to the exercise of an Incentive Stock Option. 
 5.8.2 Termination of Service. No
Incentive Stock Option may be exercised more than three (3) months after the Participant’s Termination of Service for any reason other than Disability or death, unless (a) the Participant dies during such three-month period, and/or
(b) the Award Agreement or the Committee permits later exercise. No Incentive Stock Option may be exercised more than one (1) year after the Participant’s Termination of Service on account of death or Disability, unless the Award
Agreement or the Committee permit later exercise. Notwithstanding the foregoing, to the extent that the post-termination exercise period exceeds the limitations under Section 422 of the Code, the Option will cease to be treated as an Incentive
Stock Option and shall be treated as a Nonqualified Stock Option at such time that the applicable time limit is exceeded. 

5.8.3 Company and Subsidiaries Only. Incentive Stock Options may be granted only to persons who are
employees of the Company or a Subsidiary on the Grant Date. 
 5.8.4 Expiration; Other Terms. No
Incentive Stock Option may be exercised after the expiration of ten (10) years from the Grant Date; provided, however, that if the Option is granted to an Employee who, together with persons whose stock ownership is attributed to the Employee
pursuant to Section 424(d) of the Code, owns stock possessing more than 10% of the total combined voting power of all classes of the stock of the Company or any of its Subsidiaries, the Option may not be exercised after the expiration of five
(5) years from the Grant Date. There shall be imposed in any Award Agreement relating to Incentive Stock Options 

 

 7 

 
such other terms and conditions as from time to time are required in order that the option be an “incentive stock option” as that term is defined in Section 422 of the Code.

 SECTION 6  

STOCK APPRECIATION RIGHTS  

6.1 Grant of SARs. Subject to the terms and conditions of the Plan, an SAR may be granted to Employees, Directors and
Consultants at any time and from time to time as shall be determined by the Committee, in its sole discretion. The Committee may grant Affiliated SARs, Freestanding SARs, Tandem SARs, or any combination thereof. 

6.1.1 Number of Shares. The Committee shall have complete discretion to determine the number of SARs
granted to any Participant. 
 6.1.2 Exercise Price and Other Terms. The Committee, subject to
the provisions of the Plan, shall have complete discretion to determine the terms and conditions of SARs granted under the Plan. However, the exercise price of a Freestanding SAR shall be not less than one hundred percent (100%) of the Fair
Market Value of a Share on the Grant Date. The exercise price of Tandem or Affiliated SARs shall equal the Exercise Price of the related Option. 

6.2 Exercise of Tandem SARs. Tandem SARs may be exercised for all or part of the Shares subject to the related Option
upon the surrender of the right to exercise the equivalent portion of the related Option. A Tandem SAR may be exercised only with respect to the Shares for which its related Option is then exercisable. With respect to a Tandem SAR granted in
connection with an Incentive Stock Option: (a) the Tandem SAR shall expire no later than the expiration of the underlying Incentive Stock Option; (b) the value of the payout with respect to the Tandem SAR shall be for no more than one
hundred percent (100%) of the difference between the Exercise Price of the underlying Incentive Stock Option and the Fair Market Value of the Shares subject to the underlying Incentive Stock Option at the time the Tandem SAR is exercised; and
(c) the Tandem SAR shall be exercisable only when the Fair Market Value of the Shares subject to the Incentive Stock Option exceeds the Exercise Price of the Incentive Stock Option. 

6.3 Exercise of Affiliated SARs. An Affiliated SAR shall be deemed to be exercised upon the exercise of the related
Option. The deemed exercise of an Affiliated SAR shall not necessitate a reduction in the number of Shares subject to the related Option. 

6.4 Exercise of Freestanding SARs. Freestanding SARs shall be exercisable on such terms and conditions as the Committee,
in its sole discretion, shall determine. 
 6.5 SAR Agreement. Each SAR grant shall be evidenced by an Award
Agreement that shall specify the exercise price, the term of the SAR, the conditions of exercise, and such other terms and conditions as the Committee, in its sole discretion, shall determine. 

6.6 Expiration of SARs. An SAR granted under the Plan shall expire upon the date determined by the Committee, in its
sole discretion, and set forth in the Award Agreement. Notwithstanding the foregoing, the rules of Section 5.4 also shall apply to SARs. 

6.7 Payment of SAR Amount. Upon exercise of an SAR, a Participant shall be entitled to receive payment from the Company
in an amount determined by multiplying: 
 (a) The difference between the Fair Market Value of a Share on the
date of exercise over the exercise price; times 
 (b) The number of Shares with respect to which the SAR is
exercised. 
 6.8 At the discretion of the Committee, the payment upon SAR exercise may be in cash, in Shares of equivalent
value, or in some combination thereof. 
  

 8 

 SECTION 7  

RESTRICTED STOCK  

7.1 Grant of Restricted Stock. Subject to the terms and provisions of the Plan, the Committee, at any time and from time
to time, may grant Restricted Stock to Employees, Directors and Consultants in such amounts as the Committee, in its sole discretion, shall determine. The Committee, in its sole discretion shall determine the number of Shares to be granted to each
Participant. 
 7.2 Restricted Stock Agreement. Each Award of Restricted Stock shall be evidenced by an Award
Agreement that shall specify the Period of Restriction, the number of Shares granted, purchase price, if any, and such other terms and conditions as the Committee, in its sole discretion, shall determine. Unless the Committee determines otherwise,
Restricted Stock shall be held by the Company as escrow agent until the restrictions on such Restricted Stock have lapsed. 

7.3 Transferability. Except as provided in this Section 7, Restricted Stock may not be sold, transferred, pledged,
assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction. 
 7.4 Other
Restrictions. The Committee, in its sole discretion, may impose such other restrictions on Restricted Stock as it may deem advisable or appropriate, in accordance with this Section 7.4. 

7.4.1 General Restrictions. The Committee may set restrictions based upon the achievement of specific
performance objectives (Company-wide, divisional, or individual), applicable federal or state securities laws, or any other basis determined by the Committee in its discretion. 

7.4.2 Section 162(m) Performance Restrictions. For purposes of qualifying grants of Restricted Stock
as “performance-based compensation” under Section 162(m) of the Code, the Committee, in its discretion, may set restrictions based upon the achievement of Performance Goals. The Performance Goals must be established and approved by
the Committee during the first 90 days of the performance period (and, in the case of performance periods of less than one year, in no event after 25% or more of the performance period has elapsed) and while performance relating to such target(s)
remains substantially uncertain within the meaning of Section 162(m) of the Code. Performance Goals shall be adjusted to mitigate the unbudgeted impact of material, unusual or nonrecurring gains and losses, accounting changes or other
extraordinary events not foreseen at the time the targets were set unless the Committee provides otherwise at the time of establishing the targets. In granting Restricted Stock which is intended to qualify under Section 162(m) of the Code, the
Committee shall follow such procedures determined by it from time to time to be necessary or appropriate to ensure qualification of the Restricted Stock under Section 162(m) of the Code (e.g., in determining the Performance Goals and certifying
that the Performance Goals were satisfied). In addition, the Committee will have the discretion to determine the restrictions or other limitations of the individual awards granted under this Section 7.4.2 including the authority to reduce or
eliminate Awards, in its sole discretion, if the Committee preserves such authority at the time of grant by language to this effect in its authorizing resolutions or otherwise. 

7.4.3 Legend on Certificates. The Committee, in its discretion, may legend the certificates representing
Restricted Stock to give appropriate notice of such restrictions. 
 7.5 Removal of Restrictions. Except as
otherwise provided in this Section 7, Shares covered by each Restricted Stock grant made under the Plan shall be released from escrow as soon as practicable after the last day of the Period of Restriction. The Committee, in its discretion, may
accelerate the time at which any restrictions shall lapse or be removed. After the restrictions have lapsed, the Participant shall be entitled to have any legend or legends under Section 7.4.3 removed from his or her Share certificate, and the
Shares shall be freely transferable by the Participant. 
 7.6 Voting Rights. During the Period of Restriction,
Participants holding Shares of Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares, unless the Committee determines otherwise. 

7.7 Dividends and Other Distributions. During the Period of Restriction, Participants holding Restricted Stock shall be
entitled to receive all dividends and other distributions paid with respect to such Shares unless otherwise provided in the Award Agreement. If any such dividends or distributions are paid in Shares, the Shares

  

 9 

 
shall be subject to the same restrictions on transferability and forfeitability as the Restricted Stock with respect to which they were paid. 

7.8 Return of Restricted Stock to Company. On the date set forth in the Award Agreement, the Restricted Stock for which
restrictions have not lapsed shall revert to the Company and again shall become available for grant under the Plan. 
 SECTION
8  
 CASH AWARDS  

Cash Awards may be granted either alone, in addition to, or in tandem with other Awards granted under the Plan. After the Administrator
determines that it will offer a Cash Award, it shall advise the Participant, by means of an Award Agreement, of the terms, conditions and restrictions related to the Cash Award. The grant or vesting of a Cash Award may be made contingent on the
achievement of Performance Goals in accordance with the terms of Section 7.4.2. 
 SECTION 9  

MISCELLANEOUS  

9.1 Change in Control. 

9.1.1 Generally. In the event of a Change in Control, and except as the Committee (as constituted
immediately prior to such Change in Control) may otherwise determine in its sole discretion, (i) all Awards granted hereunder shall become fully exercisable as of the date of the Change in Control, whether or not then exercisable; and
(ii) all restrictions and conditions on any Award then outstanding shall lapse as of the date of the Change in Control. 

9.1.2 Options and SARs. Notwithstanding Section 9.1.1, the Committee may provide for Options and
SARs to be assumed or an equivalent option or right substituted by the successor corporation or a parent or Subsidiary of the successor corporation. In such case: 

(a) Options and SARs, to the extent assumed or substituted, shall not become fully exercisable as of the date of the
Change in Control. However, in the event that the successor corporation refuses to assume or substitute for the Option or SAR, then the Options and SARs held by such Participant shall become one hundred percent (100%) exercisable. If an Option
or SAR becomes fully vested and exercisable in lieu of assumption or substitution in the event of a Change in Control, the Company shall notify the Participant in writing or electronically that the Option or SAR shall be fully vested and exercisable
(subject to the consummation of the Change in Control) for a period of fifteen (15) days from the date of such notice, and the Option or SAR shall terminate upon the expiration of such period. 

(b) For the purposes of this Section 9.1.2, the Option or SAR shall be considered assumed if, following the Change in
Control, the option or right confers the right to purchase or receive, for each Share subject to the Option or SAR immediately prior to the Change in Control, the consideration (whether stock, cash, or other securities or property) received in the
Change in Control by holders of Shares for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares);
provided, however, that if such consideration received in the Change in Control is not solely common stock of the successor corporation or its parent, the Committee or the Board may, with the consent of the successor corporation, provide for the
consideration to be received upon the exercise of the Option or SAR, for each Share subject to the Option or SAR, to be solely common stock of the successor corporation or its parent equal in fair market value to the per share consideration received
by holders of Shares in the Change in Control, as determined on the date of the Change in Control. 
 (c) With
respect to Options and SARs that are assumed or substituted for, if within twelve (12) months following the Change in Control the Participant incurs a Termination of Service due to involuntary termination by the successor corporation or one of
its affiliates for a reason other than Misconduct, then the Options and SARs held by such Participant shall become one hundred percent (100%) exercisable. 
  

 10 

 9.1.3 Restricted Stock. Notwithstanding Section 9.1.1,
the Committee may provide for any vesting conditions or Company repurchase or reacquisition right with respect to outstanding Restricted Stock held by the Participant to be assigned to the successor corporation or a parent or Subsidiary of the
successor corporation. In such case: 
 (a) All vesting conditions and Company repurchase or reacquisition rights
with respect to outstanding Restricted Stock held by the Participant, to the extent so assigned, shall not lapse as of the date of the Change in Control. However, in the event that the successor corporation or a parent or Subsidiary of the successor
corporation refuses to accept the assignment of any such vesting conditions or Company repurchase or reacquisition right, any such vesting conditions and Company repurchase or reacquisition right will lapse and the Participant will become one
hundred percent (100%) vested in such Restricted Stock immediately prior to the Change in Control. 
 (b) If
the vesting conditions and Company repurchase or reacquisition right with respect to Restricted Stock is assigned to the successor corporation and, within twelve (12) months following the Change in Control, the Participant incurs a Termination
of Service due to involuntary termination by the successor corporation or one of its affiliates for a reason other than Misconduct, then such Participant’s Restricted Stock (or the property for which the Restricted Stock was converted upon the
Change in Control) will immediately vest and any Company repurchase or reacquisition right will lapse and the Participant will become one hundred percent (100%) vested in such Restricted Stock (or the property for which the Restricted Stock was
converted upon the Change in Control). 
 9.1.4 Cash Awards. Notwithstanding Section 9.1.1,
the Committee may provide for Cash Awards to be assumed or an equivalent cash award substituted by the successor corporation or a parent or Subsidiary of the successor corporation. In such case: 

(a) All Company restrictions with respect to outstanding Cash Awards held by the Participant, to the extent so assigned,
shall not lapse as of the date of the Change in Control. However, in the event that the successor corporation or a parent or Subsidiary of the successor corporation refuses to accept the assignment of any such Company restrictions, such Company
restrictions will lapse and the Participant will become one hundred percent (100%) vested in such Cash Awards immediately prior to the Change in Control. 

(b) If the Company restrictions with respect to a Cash Award are assigned to the successor corporation and, within twelve
(12) months following the Change in Control, the Participant incurs a Termination of Service due to involuntary termination by the successor corporation or one of its affiliates for a reason other than Misconduct, then such Participant’s
Cash Awards will immediately have any Company restrictions lapse and the Participant will become one hundred percent (100%) vested in such Cash Award. 

9.2 Deferrals. The Committee, in its sole discretion, may permit a Participant to defer receipt of the payment of cash
or the delivery of Shares that would otherwise be due to such Participant under an Award. Any such deferral elections shall be subject to such rules and procedures as shall be determined by the Committee in its sole discretion, including rules and
procedures that comply with Code Section 409A and the Guidance (as defined below). 
 9.3 No Effect on Employment
or Service. Nothing in the Plan shall interfere with or limit in any way the right of the Company to terminate any Participant’s employment or service at any time, with or without cause. For purposes of the Plan, transfer of employment
of a Participant between the Company and any one of its Affiliates (or between Affiliates) shall not be deemed a Termination of Service. Employment with the Company and its Affiliates is on an at-will basis only. 

9.4 Participation. No Employee or Consultant shall have the right to be selected to receive an Award under this Plan,
or, having been so selected, to be selected to receive a future Award. 
 9.5 Limitations on Awards. Subject to
the provisions of this Section 9.5, no Participant may be granted Cash Awards in any one fiscal year in an aggregate amount of more than $650,000, considered without regard to any Options, SARs or Restricted Stock that may have been granted or
awarded to such Participant during the applicable fiscal year. Nothing in this Section 9.5 shall prevent the Committee from making any type of Award authorized for grant under the Plan outside of the Plan. In addition, nothing in this
Section 9.5 shall prevent the Committee from 
  

 11 

 
granting Awards under the Plan that are not intended to qualify as “qualified performance-based compensation” under Code Section 162(m). 

9.6 Indemnification. Each person who is or shall have been a member of the Committee, or of the Board, shall be
indemnified and held harmless by the Company against and from (a) any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to
which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan or any Award Agreement, and (b) from any and all amounts paid by him or her in settlement thereof, with the
Company’s approval, or paid by him or her in satisfaction of any judgment in any such claim, action, suit, or proceeding against him or her, provided he or she shall give the Company an opportunity, at its own expense, to handle and defend the
same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s
Certificate of Incorporation or Bylaws, by contract, as a matter of law, or otherwise, or under any power that the Company may have to indemnify them or hold them harmless. 

9.7 Successors. All obligations of the Company under the Plan, with respect to Awards granted hereunder, shall be
binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business or assets of the Company. 

9.8 Beneficiary Designations. If permitted by the Committee, a Participant under the Plan may name a beneficiary or
beneficiaries to whom any vested but unpaid Award shall be paid in the event of the Participant’s death. Each such designation shall revoke all prior designations by the Participant and shall be effective only if given in a form and manner
acceptable to the Committee. In the absence of any such designation, any vested benefits remaining unpaid at the Participant’s death shall be paid to the Participant’s estate and, subject to the terms of the Plan and of the applicable
Award Agreement, any unexercised vested Award may be exercised by the administrator or executor of the Participant’s estate. 

9.9 Limited Transferability of Awards. Subject to Section 7.3, no Award granted under the Plan may be sold,
transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will, by the laws of descent and distribution, or to the limited extent provided in Section 9.8. All rights with respect to an Award granted to a Participant
shall be available during his or her lifetime only to the Participant. Notwithstanding the foregoing, the Participant may, in a manner specified by the Committee, (a) transfer a Nonqualified Stock Option to a Participant’s spouse, former
spouse or dependent pursuant to a court-approved domestic relations order which relates to the provision of child support, alimony payments or marital property rights, and (b) transfer a Nonqualified Stock Option by bona fide gift and not for
any consideration, to (i) a member or members of the Participant’s immediate family, (ii) a trust established for the exclusive benefit of the Participant and/or 

 

 12 

 
member(s) of the Participant’s immediate family, (iii) a partnership, limited liability company of other entity whose only partners or members are the Participant and/or member(s) of
the Participant’s immediate family, or (iv) a foundation in which the Participant an/or member(s) of the Participant’s immediate family control the management of the foundation’s assets. 

9.10 No Rights as Shareholder. Except to the limited extent provided in Sections 7.6 and 7.7 no Participant (nor any
beneficiary) shall have any of the rights or privileges of a shareholder of the Company with respect to any Shares issuable pursuant to an Award (or exercise thereof), unless and until certificates representing such Shares shall have been issued,
recorded on the records of the Company or its transfer agents or registrars, and delivered to the Participant (or beneficiary). 

9.11 Tax Matters. Notwithstanding anything to the contrary contained herein, to the extent that the Committee determines
that any Award granted under the Plan is subject to Code Section 409A and unless otherwise specified in the applicable Award Agreement, the Award Agreement evidencing such Award shall incorporate the terms and conditions necessary for such
Award to avoid the consequences described in Code Section 409A(a)(1), and to the maximum extent permitted under applicable law (and unless otherwise stated in the applicable Award Agreement), the Plan and the Award Agreements shall be
interpreted in a manner that results in their conforming to the requirements of Code Section 409A(a)(2), (3) and (4) and any Department of Treasury or Internal Revenue Service regulations or other interpretive guidance issued under
Section 409A (whenever issued, the “Guidance”). 
 SECTION 10  

AMENDMENT, TERMINATION, AND DURATION  

10.1 Amendment, Suspension, or Termination. The Board, in its sole discretion, may amend, suspend or terminate the Plan,
or any part thereof, at any time and for any reason. The amendment, suspension, or termination of the Plan shall not, without the consent of the Participant, alter or impair any rights or obligations under any Award already granted to such
Participant; provided that such consent shall not be required if the Board determines, in its sole and absolute discretion, that the amendment, suspension or termination: (a) is required or advisable in order for the Company, the Plan or the
Award to satisfy applicable law, to meet the requirements of any accounting standard or to avoid any adverse accounting treatment, or (b) in connection with any transaction or event described in Section 9.1, is in the best interests of the
Company or its shareholders. The Board may, but need not, take the tax or accounting consequences to affected Participants into consideration in acting under the preceding sentence. No Award may be granted during any period of suspension or after
termination of the Plan. The Company shall obtain shareholder approval if necessary or desirable to comply with applicable laws, rules and regulations, including of any governmental agencies and national securities exchanges. Notwithstanding the
foregoing, the Board may not, without shareholder consent, reduce the exercise price of any outstanding Option or cancel and re-grant Options at a lower exercise price. Decisions of the Board shall be final, binding and conclusive. For Awards to
continue to be eligible to qualify as “performance-based compensation” under Code Section 162(m), the Company’s shareholders must re-approve the material terms of the Performance Goals included in the Plan by the date of the
first shareholder meeting that occurs in the fifth year following the year in which the shareholders most recently approved the Plan under Code Section 162(m). 

10.2 Duration of the Plan. The Plan shall be effective as of June 20, 2003, and subject to Section 10.1
(regarding the Board’s right to amend or terminate the Plan), shall remain in effect thereafter. However, no Incentive Stock Option may be granted under the Plan after ten years from the latest date the Company’s shareholders approve the
Plan, including any subsequent amendment or restatement of the Plan approved by the Company’s shareholders. 
 SECTION 11
 
 TAX WITHHOLDING  

11.1 Withholding Requirements. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise thereof),
the Company shall have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, and local taxes (including the Participant’s FICA obligation) required to be
withheld with respect to such Award (or exercise thereof). 
 11.2 Withholding Arrangements. The Committee, in
its sole discretion and pursuant to such procedures as it may specify from time to time, may permit a Participant to satisfy such tax withholding obligation, in whole or in 

 

 13 

 
part by (a) electing to have the Company withhold otherwise deliverable Shares, or (b) delivering to the Company already-owned Shares having a Fair Market Value equal to the minimum
amount required to be withheld. If the Committee permits Award Shares to be withheld from the Award to satisfy applicable withholding obligations, the Fair Market Value of the Award Shares withheld, as determined as of the date of withholding, shall
not exceed the amount determined by the applicable minimum statutory withholding rates to the extent the Committee determines such limit is necessary or advisable in light of generally accepted accounting principles. 

11.3 Liability for Applicable Taxes. Regardless of any action the Company or the Participant’s employer (the
“Employer”) takes with respect to any or all income tax, social security, payroll tax, payment on account, other tax-related withholding or information reporting (“Tax-Related Items”), the Participant acknowledges and agrees that
the ultimate liability for all Tax-Related Items legally due by Participant is and remains the Participant’s responsibility and that the Company and or the Employer (a) make no representations nor undertakings regarding the treatment of
any Tax-Related Items in connection with any aspect of an Award; and (b) do not commit to structure the terms or any aspect of any Award granted hereunder to reduce or eliminate the Participant’s liability for Tax-Related Items. The
Participant shall pay the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold as a result of the Participant’s participation in the Plan that cannot be satisfied by the means
previously described. The Company may refuse to deliver any benefit under the Plan if the Participant fails to comply with his or her obligations in connection with the Tax-Related Items. 

SECTION 12  

LEGAL CONSTRUCTION  

12.1 Gender and Number. Except where otherwise indicated by the context, any masculine term used herein also shall
include the feminine; the plural shall include the singular and the singular shall include the plural. 

12.2 Severability. In the event any provision of the Plan shall be held illegal or invalid for any reason, the
illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 

12.3 Requirements of Law. The granting of Awards and the issuance of Shares under the Plan shall be subject to all
applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 

12.4 Securities Law Compliance. With respect to Section 16 Persons, transactions under this Plan are intended to
comply with all applicable conditions of Rule 16b 3. To the extent any provision of the Plan, Award Agreement or action by the Committee fails to so comply, it shall be deemed null and void, to the extent permitted by law and deemed advisable by the
Committee. 
 12.5 Governing Law. The Plan and all Award Agreements shall be construed in accordance with and
governed by the laws of the State of Washington. 
 12.6 Captions. Captions are provided herein for convenience
only, and shall not serve as a basis for interpretation or construction of the Plan. 
  

 14

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