Document:

Confirmation of Interest Rate Swap

 Exhibit 10.22 

 Exhibit 10.22 
 J.P.Morgan 
 Interest Rate Swap Transaction 

The purpose of this letter agreement is to confirm the terms and conditions of the Transaction entered into between: 

JPMORGAN CHASE BANK, N.A. 
 (“JPMorgan”) 
 and 

ARCOS DORADOS BV 

(the “Counterparty”) 

on the Trade Date and identified by the JPMorgan Deal Number specified below (the “Transaction”). This letter agreement constitutes a
“Confirmation” as referred to in the Master Agreement specified below, and supersedes any previous confirmation or other writing with respect to the transaction described below. 
 The definitions and provisions contained in the 2006 ISDA Definitions (the “2006 Definitions”), as published by the International Swaps and Derivatives Association, Inc., and the 1998 FX and
Currency Option Definitions (the “FX Definitions”) as published by the International Swaps and Derivatives Association Inc., the Emerging Markets Traders Association and The Foreign Exchange Committee (together the “Definitions”)
are incorporated into this Confirmation. In the event of any inconsistency between the 2006 Definitions and the FX Definitions, the 2006 Definitions shall govern except that the FX Definitions shall govern for the purposes of the Settlement
Provisions set out below. In the event of any inconsistency between the Definitions and this Confirmation, this Confirmation will govern. References herein to a “Transaction” shall be deemed to be references to a “Swap
Transaction” for the purposes of the 2006 Definitions. 
 If JPMORGAN CHASE BANK, N.A. (“JPMorgan”) and ARCOS DORADOS BV (the
“Counterparty”) are not yet parties to an ISDA Master Agreement, the parties agree that this Transaction will be documented under a master agreement to be entered into on the basis of the printed form of the 2002 Master Agreement (the
“Master Agreement”) published by the International Swap and Derivatives Association. Inc. (“ISDA”), together with such changes as shall be agreed between the parties. Upon execution and delivery by the parties of the Master
Agreement, this Confirmation shall supplement, form a part of, and be subject to such Master Agreement. Until the parties execute and deliver the Master Agreement, this Confirmation, together with all other documents referring to the Master
Agreement confirming the transactions entered into between the parties, shall supplement, form a part of, and be subject to the printed form of Master Agreement published by ISDA, as if the parties had executed that agreement in such form (but
without any Schedule except for the election of the law of England as the governing law and US Dollars as the Termination Currency) on the Trade Date of this Transaction. 

 

					
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 J.P.Morgan 

 

 The terms of the particular Interest Rate Swap Transaction to which this Confirmation relates are as
follows: 
 A. TRANSACTION DETAILS 
  

			
	JPMorgan Deal Number(s):	 	0500095503956
		
	Trade Date:	 	15 December 2009
		
	Effective Date:	 	01 October 2009
		
	Termination Date:	 	01 October 2014, subject to adjustment in accordance with the Modified Following Business Day Convention
		
	Calculation Agent:	 	JPMorgan, unless otherwise stated in the Agreement.

 Fixed Amounts: 
  

			
	Fixed Rate Payer:	 	JPMorgan
		
	Notional Amount (Present Value On Effective Date):	 	USD 100,000,000.00
		
	Fixed Rate:	 	7.50000 percent
		
	Fixed Rate Day Count Fraction:	 	30/360
		
	Fixed Rate Payer Period End Dates:	 	The 01 April and 01 October in each year, from and including 01 April 2010 to and including the Termination Date, subject to no adjustment.
		
	Fixed Rate Payer Payment Dates:	 	The 01 April and 01 October in each year, from and including 01 April 2010 to and including the Termination Date, subject to adjustment in accordance with the Modified Following
Business Day Convention and subject to adjustment as provided in the section entitled “Adjustment to Payment Date(s),” below.

  

					
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 J.P.Morgan 

 

 Fixed Amounts (II): 

 

			
	Fixed Rate Payer:	 	Counterparty
		
	Fixed Rate Payer Currency Amount:	 	BRL 176,000,000.00
		
	Fixed Rate Payer Period End Dates:	 	The 01 April and 01 October in each year, from and including 01 April 2010 to and including the Termination Date, subject to adjustment in accordance with the Modified Following
Business Day Convention
		
	Fixed Rate Payer Payment Dates:	 	The 01 April and 01 October in each year, from and including 01 April 2010 to and including the Termination Date, subject to adjustment in accordance with the Modified Following
Business Day Convention and subject to adjustment as provided in the section entitled “Adjustment to Payment Date(s),” below.
		
	Fixed Rate:	 	9.08000 percent
		
	Fixed Rate Day Count Fraction:	 	Actual/360

 B.
SETTLEMENT PROVISIONS: 
  

			
	Settlement:	 	Non-deliverable, with the effect that any Reference Currency amounts payable hereunder on a Payment Date shall be converted into Settlement Currency amounts by reference to the
Settlement Rate Option on the applicable Valuation Date. All payments hereunder shall be made in the Settlement Currency.
		
	Settlement Rate Option:	 	BRL PTAX (BRL09)
		
	Reference Currency:	 	BRL
		
	Settlement Currency:	 	USD
		
	Valuation Date:	 	The date (the “Scheduled Valuation Date”) that is one Business Days prior to the Termination Date, provided however, that in the event of an Unscheduled Holiday, subject
to adjustment in accordance with the Following Business Day Convention. Notwithstanding the foregoing, if the parties have specified a Scheduled Valuation Date

 

					
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 J.P.Morgan 

 

			
		 	that falls on a date that, as at the Trade Date, is not a scheduled Business Day in New York, no adjustment shall be made on account of the fact that such date is not a Business Day
in New York.

 C. DISRUPTION EVENTS 

 

			
	Price Source Disruption:	 	Applicable
		
	Price Materiality:	 	Applicable
		
	Primary Rate:	 	BRL09
		
	Secondary Rate:	 	EMTA BRL Industry Survey Rate (BRL 12), or EMTA BRL Indicative Survey Rate (BRL 13), as the case may be.
		
	Price Materiality Percentage:	 	3%, provided however, that if there are insufficient responses on the Valuation Date to the EMTA BRL Industry Survey or the EMTA BRL Indicative Survey, as the case may be, the Price
Materiality Percentage will also be deemed to have been met.

 DISRUPTION FALLBACKS

  

			
	1. First Fallback Reference Price:	 	EMTA BRL Industry Survey Rate (BRL 12)
		
	2. Valuation Postponement:	 	
		
	3. Second Fallback Reference Price:	 	EMTA BRL Indicative Survey Rate (BRL 13)
		
	4. Calculation Agent Determination of Settlement Rate:	 	

 D. OTHER TERMS 

 

			
	Unscheduled Holiday:	 	“Unscheduled Holiday” means that a day is not a Business Day and the market was not aware of such fact (by means of a public announcement or by reference to other publicly
available information) until a lime later than 9:00 a.m. local time in the Principal Financial Center(s) of the Reference Currency two Business Days prior to the Scheduled Valuation Date.

 

					
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 J.P.Morgan 

 

			
	Deferral Period for Unscheduled Holiday:	 	In the event the Scheduled Valuation Date becomes subject to the Following Business Day Convention and if the Valuation Date has not occurred on or before the 30th consecutive day after the Scheduled Valuation Date (any such period
being a “Deferral Period”), then the next day after the Deferral Period that would have been a Business Day but for the unscheduled Holiday shall be deemed to be the Valuation Date.
		
	Valuation Postponement for Price Source Disruption:	 	“Valuation Postponement” means, for purposes of obtaining a Settlement Rte, that the Spot Rate will be determined on the Business Day first succeeding the day on which the
Price Source Disruption ceases to exist, unless the Price Source Disruption continues to exist (measured from the date that, but for the occurrence of the Price Source Disruption, would have been the Valuation Date) for a consecutive number of
calendar days equal to the Maximum Days of Postponement. In such event, the Spot Rate will be determined on the next Business Day after the Maximum Days of Postponement in accordance with the next applicable Disruption Fallback.
		
	Cumulative Events:	 	Notwithstanding anything to the contrary herein, in no event shall the total number of consecutive calendar days during which either (i) valuation is deferred due to an Unscheduled
Holiday, or (ii) a Valuation Postponement shall occur (or any combination of (i) and (ii), exceed 30 consecutive calendar days in the aggregate. Accordingly, (x) if, upon the lapse of any such 30 day period, an Unscheduled Holiday shall have
occurred or be continuing on the day following such period, then such day shall be deemed to be a Valuation Date, and (y) if, upon the lapse of any such 30 day period, a Price Source Disruption shall have occurred or be continuing on the day
following such period, then Valuation Postponement shall not apply and the Spot Rate shall be determined in accordance with the next Disruption Fallback.

 

					
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 J.P.Morgan 

 

			
	Adjustment to Payment Date(s):	 	Each Payment Date and Exchange Date for the Transaction shall be as specified in Part A hereof, provided however, that if the corresponding Scheduled Valuation Date is adjusted in
accordance with the Following Business Day Convention, or if Valuation Postponement applies, in each such case the Payment Date or the Exchange Date, as the case may be, shall be as soon as practicable, but in no event later than two Business Days
after the date on which the Spot Rate is determined. Further, if payments are scheduled to be made by both parties on a Payment Date or Exchange Date, and such date is adjusted due to the occurrence of an Unscheduled Holiday or Valuation
Postponement in accordance with the previous sentence, then such Payment Date or Exchange Date shall be adjusted in respect of both parties’ payments. For the avoidance of doubt, such adjustments shall not apply in respect of Period End Dates
(including the Termination Date) for the purpose of determining the Calculation Periods.
		
	Local Business Days:	 	Each day that is a Business Day in Rio de Janeiro, Sáo Paulo or Brasilia.
		
	Maximum Days of Postponement:	 	Thirty (30) calendar days
		
	Relevant Cities for Business Day(s) for Valuation Date(s):	 	Local Business Days and New York
		
	Relevant City for Business Day(s) for all other purposes:	 	New York and Rio de Janeiro, Sao Paulo or Brasilia, provided, however, that in the event of an Unscheduled Holiday following the Trade Date, then New York only
		
	Quoting Dealer Disclaimer:	 	Each party acknowledges that the other party, acting directly or though a branch or an affiliate, may be requested to provide a quotation or quotations from time to time for the
purpose of determining the Fallback Reference Price and such quotation may affect, materially or otherwise, the settlement of this Transaction.

  

					
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 J.P.Morgan 

 

 Additional Provisions: 
 “The following shall constitute Additional Termination Events under this Confirmation (in respect of which the Counterparty shall be the Affected Party) if: 

(i) If at any time, a Call Option Redemption Event (as defined in the Indenture, hereinafter defined) occurs and results in a mandatory redemption of the
Notes (as defined in the Indenture); or 
 (ii) If at any time a Change of Control occurs (as defined in the Indenture). 

For the purposes herein, “Indenture” means the Indenture, dated as of October 1, 2009, among Counterparty, the Subsidiary
Guarantors named therein, Citibank N.A. (as Trustee, Registrar. Paying Agent and Transfer Agent), and Dexia Banque Internationale A Luxembourg, Societe Anonyme (as Luxembourg Paying Agent), as amended, supplemented or otherwise modified from time to
time; provided that if the obligations under the Indenture are paid in full or the Indenture is otherwise terminated or cancelled, Indenture means the Indenture as it existed immediately prior to such event.” 

E. ACCOUNT DETAILS 
  

			
	Payments to JPMorgan in USD:	 	 JPMORGAN CHASE BANK, N.A.

JPMORGAN CHASE BANK NATIONAL ASSOCIATION
 BIC:
CHASUS33XXX

		 	AC No: 099997979
		
	Payments to Counterparty in USD:	 	As per your standard settlement instructions
		
	F. OFFICES	 	
		
	JPMorgan:	 	NEW YORK
		
	Counterparty:	 	MIAMI

 G. GOVERNING LAW 

The laws of England, provided, however, that upon execution of the Master Agreement, this Confirmation shall be governed by the law governing such Master
Agreement. 
 H. DOCUMENTS TO BE DELIVERED 
 Each party shall deliver to the other, at the time of its execution of this Confirmation, evidence of the incumbency and specimen signature of the person(s) executing this Confirmation, unless such
evidence has been previously supplied and remains true and in effect. 
 I. RELATIONSHIP BETWEEN PARTIES 

 

					
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 J.P.Morgan 

 

 Each party will be deemed to represent to the other party on the date on which it enters into a
Transaction that (absent a written agreement between the parties that expressly imposes affirmative obligations to the contrary for that Transaction): 
 (a) Non-Reliance. It is acting for its own account, and it has made its own independent decisions to enter into that Transaction and as to whether that Transaction is appropriate or proper for it
based upon its own judgment and upon advice from such advisers as it has deemed necessary. It is not relying on any communication (written or oral) of the other party as investment advice or as a recommendation to enter into that Transaction; it
being understood that information and explanations related to the terms and conditions of a Transaction shall not be considered investment advice or a recommendation to enter into that Transaction. No communication (written or oral) received from
the other party shall be deemed to be an assurance or guarantee as to the expected results of that Transaction. 
 (b) Assessment and
Understanding. It is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of that Transaction. It is capable of
assuming, and assumes the risks of that Transaction. 
 (c) Status of Parties. The other party is not acting as a fiduciary for or an
adviser to it in respect of that Transaction. 
  

					
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 J.P.Morgan 

 

 Please confirm that the foregoing correctly sets forth the terms of our agreement by executing a copy of
this Confirmation and returning it to us or by sending to us a letter, telex or facsimile substantially similar to this letter, which letter, telex or facsimile sets forth the material terms of the Transaction to which this Confirmation relates and
indicates agreement to those terms. When referring to this Confirmation, please indicate: JPMorgan Deal Number(s): 0500095503956 
  

			
	JPMorgan Chase Bank, N.A.
	
	 /s/ Carmine Pilla

	Name:	 	 Carmine Pilla

	Title:	 	 Executive Director

	
	 Accepted and confirmed as of the date
 first written:

	ARCOS DORADOS BV
	
	 /s/ Diego Pace

	Name:	 	 Diego Pace

	Title:	 	 Corporate Finance Manager

			
	Your reference number:	 	  

 

					
	Our Ref: 0500095503957 – pa	 	Sent: 21 December 2009 12:54	 	Page 9 of 10

 J.P.Morgan 

 

 Client Service Group 
 All queries regarding confirmations should be sent to: 
 JPMorgan Chase Bank, N.A. 

 

			
	Contacts	 	
		
	JPMorgan Contact	 	Telephone Number
		
	Client Service Group	 	(001) 302 634 4960
		
	Group E-mail address:	 	
		
	Facsimile:	 	(001) 888 803 3606
	Telex:	 	
	Cable:	 	

 Please quote the JPMorgan deal number(s): 0500095503956 

 

					
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 Exhibit 10.23 
 ARCOS DORADOS HOLDINGS INC. 
 EQUITY INCENTIVE PLAN 

Section 1. Purpose. The purpose of the Arcos Dorados Holdings Inc. Equity Incentive Plan (the “Plan”) is
to attract, retain, motivate and reward those employees, officers, Directors and Consultants who are expected to contribute significantly to the success of Arcos Dorados Holdings Inc., incorporated in the British Virgin Islands, (the
“Company”) and its Affiliates and strengthen the mutuality of interests between such individuals and the Company’s shareholders. 
 Section 2. Definitions. As used in the Plan, the following terms shall have the meanings set forth below: 
 (a) “Affiliate” means (i) any entity that, directly or indirectly, is controlled by the Company and (ii) any entity in which the Company, directly or indirectly, has a
significant equity ownership interest; in each case, as determined by the Committee. 
 (b) “Award” means any
Option, Share Appreciation Right, Restricted Share, RSU, Performance Award or Other Share-Based Award granted under the Plan. 

(c) “Award Document” means any agreement, contract or other instrument or document evidencing any Award granted under
the Plan, which may, but need not, be executed or acknowledged by a Participant. 
 (d) “Beneficiary” means a
person entitled to receive payments or other benefits or to exercise rights that are available under the Plan in the event of the Participant’s death. If no such person is named by a Participant, or if no Beneficiary designated by the
Participant is eligible to receive payments or other benefits or exercise rights that are available under the Plan at the Participant’s death, such Participant’s Beneficiary shall be such Participant’s estate. 

(e) “Board” means the board of directors of the Company. 

(f) “Brazilian Master Franchisee” means Arcos Dourados Comercio de Alimentos Ltda., or any successor to its rights and
obligations under the Second Amended and Restated Master Franchise Agreement, dated as of November 10, 2008, among McDonald’s Latin America and Arcos Dourados Comercio de Alimentos Ltda. 

(g) “Capital Stock” means, with respect to any Person, any and all shares, interests, rights to purchase, warrants,
options, participations or other equivalents of or interests in (however designated and whether or not voting) of equity of such Person, including each class of Common Stock, Preferred Stock, limited liability interests or partnership interests, but
excluding any debt securities convertible into such equity. 

 (h) “Change of Control” means the occurrence of one or more of the
following events: 
 (i) the Permitted Holders cease to be the “beneficial owners” (as defined in
Rules 13d-3 and 13d-5 under the Exchange Act) of 30.0% of the voting power of the Voting Stock of the Company, the Master Franchisee or the Brazilian Master Franchisee; 

(ii) individuals appointed by the Permitted Holders cease for any reason to constitute a majority of the members of the
Board, the Master Franchisee or the Brazilian Master Franchisee; 
 (iii) the sale, conveyance, assignment,
transfer, lease or other disposition of all or substantially all of the assets of the Company, the Master Franchisee or the Brazilian Master Franchisee, determined on a consolidated basis, to any “person” (as defined in Sections 13d
and 14d under the Exchange Act) other than a Permitted Holder; or 
 (iv) the approval by the holders of Capital
Stock of the Company, the Master Franchisee or the Brazilian Master Franchisee of any plan or proposal for the liquidation or dissolution of the Company, the Master Franchisee or the Brazilian Master Franchisee; 

provided, however, that in no event shall the IPO constitute a Change of Control. 

(i) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules, regulations and
guidance thereunder. Any reference to a provision in the Code shall include any successor provision thereto. 
 (j)
“Committee” means the Compensation Committee of the Board or such other committee as may be designated by the Board. If the Board does not designate the Committee, references herein to the “Committee” shall refer to the
Board. 
 (k) “Common Stock” means, with respect to any Person, any and all shares, interests or other
participations in, and other equivalents (however designated and whether voting or non-voting) of such Person’s common equity interests, and includes, without limitation, all series and classes of such common equity interests. 

(l) “Consultant” means any individual who is providing services to the Company or any Affiliate other than as an
employee, officer or Director. 
 (m) “Director” means each member of the Board of the Company serving in
office from time to time who is not also an officer or employee of the Company or any Affiliate. 

  
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 (n) “Effective Date” means the later of (i) the date on which the Plan
is adopted by the Board and (ii) the date on which the Plan is adopted by a majority of the shareholders of the Company. 

(o) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules, regulations
and guidance thereunder. Any reference to a provision in the Exchange Act shall include any successor provision thereto. 
 (p)
“Fair Market Value” means with respect to Shares, the closing price of a Share as of the relevant date of determination (or, if there is no reported sale on such date, on the last preceding date on which any reported sale occurred)
on the principal stock market or exchange on which the Shares are quoted or traded, or if Shares are not so quoted or traded, fair market value as determined by the Committee, and with respect to any property other than Shares, the fair market value
of such property determined by such methods or procedures as shall be established from time to time by the Committee. 
 (q)
“Intrinsic Value” with respect to an Option or Share Appreciation Right Award means (i) the price or implied price per Share in a Change of Control or other event over (ii) the exercise or hurdle price of such Award
multiplied by (iii) the number of Shares covered by such Award. 
 (r) “IPO” means the first underwritten
sale of Shares pursuant to an effective registration statement under the Securities and Exchange Act of 1933, as amended filed with the Securities and Exchange Commission on Form F-1 (or a successor form) after which sale of such Shares is
(i) listed on a national securities exchange or authorized to be quoted on an inter-dealer quotation system of a registered national securities association and (ii) registered under the Exchange Act. 

(s) “Legal Justification” means a legal justification or legal grounds for termination of a Participant’s service
to the Company or any Affiliate under the employment laws applicable to such Participant or as determined pursuant to terms established by the Board and set forth in the applicable Award Document. 

(t) “Master Franchisee” means LatAm, LLC, or any successor to its rights and obligations under the Amended and Restated
Master Franchise Agreement, dated as of November 10, 2008, among McDonald’s Latin America, the Company and the other parties thereto. 
 (u) “Option” means a share (also referred to as stock) option representing the right to purchase Shares from the Company, granted pursuant to Section 6. 

(v) “Other Share-Based Award” means an Award granted pursuant to Section 10. 

  
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 (w) “Participant” means the recipient of an Award granted under the Plan.

 (x) “Performance Award” means an Award granted pursuant to Section 9. 

(y) “Performance Period” means the period established by the Committee at the time any Performance Award is granted or
at any time thereafter during which any performance goals specified by the Committee with respect to such Award are measured. 

(z) “Permitted Holders” means (1) Woods W. Staton and any Related Party of Mr. Staton and (2) any
Person both the Capital Stock and the Voting Stock of which (or in the case of a trust, the beneficial interests in which) are owned directly or indirectly 51% or more by Persons specified in clause (1). 

(aa) “Person” means an individual, partnership, corporation (including a business trust), sociedad anónima,
limited liability company, joint stock company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof. 

(bb) “Preferred Stock” means, with respect to any Person, any Capital Stock of such Person that has preferential rights
over any other Capital Stock of such Person with respect to dividends, distributions or redemptions or upon liquidation. 
 (cc)
“Related Party” means, with respect to any Person, (1) any subsidiary, spouse, descendant or other immediate family member (which includes any child, stepchild, parent, stepparent, sibling, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law or sister-in-law) (in the case of an individual), of such Person, (2) any estate, trust, corporation, partnership or other entity, the beneficiaries and shareholders, partners or owners of which
consist solely of one or more Permitted Holders referred to in clause (1) of the definition thereof and/or such other Persons referred to in the immediately preceding clause (1), or (3) any executor, administrator, trustee, manager,
director or other similar fiduciary of any Person referred to in the immediately preceding clause (2), acting solely in such capacity. 
 (dd) “Restricted Share” means any Share granted pursuant to Section 8. 
 (ee) “Restricted Share Unit” or “RSU” means a contractual right granted pursuant to Section 8 that is denominated in Shares. Each RSU represents a right to receive
the value of one Share in cash, Shares or a combination thereof. Awards of RSUs may include the right to receive dividend equivalents. 
 (ff) “Shares” means shares of the Company’s Class A shares. 

  
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 (gg) “Share Appreciation Right” or “SAR” means any right
granted pursuant to Section 7 which entitles the grantee to receive, upon the exercise thereof in whole or in part, an amount in Shares equal in value to the excess of the Fair Market Value (at the time of exercise) of one Share over the base
price per Share specified with respect to the Share Appreciation Right, multiplied by the number of Shares in respect of which the Share Appreciation Right shall have been exercised. The number of Shares to be issued shall be calculated on the basis
of the Fair Market Value of the Shares at the time of exercise. Notwithstanding the foregoing, the Committee may elect, at any time and from time to time, in lieu of issuing all or any portion of the Shares otherwise issuable upon any exercise of
any such Share Appreciation Right, to pay the grantee an amount in cash or other marketable property of a value equivalent to the aggregate Fair Market Value at the time of exercise of the number of Shares that the Committee is electing to settle in
cash or other marketable property. 
 (hh) “Voting Stock” means, with respect to any Person, securities of any
class of Capital Stock of such Person then outstanding and normally entitled to vote in the election of members of the Board of Directors (or equivalent governing body) of such Person. The term “normally entitled” means without regard to
any contingency. 
 Section 3. Eligibility. Any employees, Directors or Consultants of the Company or any
Affiliate shall be eligible to be selected to receive an Award under the Plan. 
 Section 4. Administration.

 (a) The Plan shall be administered by the Committee. The Committee shall be appointed by the Board and shall consist of not
less than two directors of the Board. The Board may designate one or more directors as alternate members of the Committee who may replace any absent or disqualified member at any meeting of the Committee. To the extent permitted by applicable law,
the Committee may delegate to one or more officers of the Company the authority to grant Awards. The Committee may issue rules and regulations for administration of the Plan. It shall meet at such times and places as it may determine. 

(b) Subject to the terms of the Plan and applicable law, the Committee (or its delegate) shall have full power and authority to:
(i) designate Participants; (ii) determine the type or types of Awards to be granted to each Participant under the Plan; (iii) determine the number of Shares to be covered by (or with respect to which payments, rights or other matters
are to be calculated in connection with) Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to what extent and under what circumstances Awards may be settled or exercised in cash, Shares, other Awards,
other property, net settlement, or any combination thereof, or canceled, forfeited or suspended, and the method or methods by which Awards may be settled, exercised, canceled, forfeited or suspended; (vi) determine whether, to what extent and
under what circumstances 

  
 5 

 
cash, Shares, other Awards, other property and other amounts payable with respect to an Award under the Plan shall be deferred either automatically or at the election of the holder thereof or of
the Committee; (vii) interpret and administer the Plan and any instrument or agreement relating to, or Award made under, the Plan; (viii) adopt and modify such rules, guidelines and practices governing the Plan that are not inconsistent
with the terms of the Plan as it shall, from time to time, deem advisable; (ix) establish, amend, suspend or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and
(x) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan. 
 (c) All recommendations of the Committee shall be communicated to, and approved by, the Board. All decisions of the Board shall be final, conclusive and binding upon all parties, including the Company or
any Affiliate, its shareholders and Participants and any Beneficiaries thereof. 
 Section 5. Shares Available for
Awards. 
 (a) Subject to adjustment as provided in Section 5(c), the maximum number of Shares available for issuance
under the Plan shall not exceed 2.5% of the sum of (i) the number of Class A shares of the Company and (ii) the number of Class B shares of the Company outstanding at the time of the IPO. 

(b) Any Shares subject to an Award that expires, is canceled, forfeited or otherwise terminates without the delivery of such Shares,
including (i) the number of Shares surrendered or withheld in payment of any grant, purchase, exercise or hurdle price of an Award or taxes related to an Award and (ii) any Shares subject to an Award to the extent that Award is settled
without the issuance of Shares, shall again be, or shall become, available for issuance under the Plan. 
 (c) In the event that
the Committee determines that, as a result of any dividend or other distribution (whether in the form of cash, Shares or other securities), 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, issuance of warrants or other rights to purchase Shares or other securities of the Company, issuance of Shares pursuant to the anti-dilution provisions of
securities of the Company, or other similar corporate transaction or event affecting the Shares, an adjustment is 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 adjust equitably any or all of: 
 (i) the number and type of Shares (or other
securities) which thereafter may be made the subject of Awards; 

  
 6 

 (ii) the number and type of Shares (or other securities) subject to
outstanding Awards; and 
 (iii) the grant, purchase, exercise or hurdle price with respect to any Award or, if
deemed appropriate, make provision for a cash payment to the holder of an outstanding Award; 
 provided, however, that the number of
Shares subject to any Award denominated in Shares shall always be a whole number. 
 (d) Any Shares delivered pursuant to an
Award may consist, in whole or in part, of authorized and unissued Shares or of Shares acquired by the Company. 
 Section
6. Options. The Committee is authorized to grant Options to Participants with the following terms and conditions and with such additional terms and conditions not inconsistent with the provisions of the Plan, as the Committee shall
determine: 
 (a) The exercise price per Share under an Option shall be determined by the Committee at the time of grant;
provided that such exercise price shall not be less than the Fair Market Value of the Shares on the date of grant. Without the express approval of the Company’s shareholders, except as otherwise provided in Section 5(c), the
Committee shall not be entitled to amend or otherwise modify any Option to lower the exercise price per share below the Fair Market Value on the date of grant, or to issue any replacement Option or similar Award in exchange for a Option with a
higher exercise price. A grantee of an Option shall not have any rights to dividends or other rights of a shareholder with respect to Shares subject to the Option until the grantee has exercised the Option and the Company has issued Shares to the
grantee. 
 (b) The term of each Option shall be fixed by the Committee but shall not exceed 10 years from the date of grant of
such Option. 
 (c) Options shall be exercisable at such time or times and subject to such terms and conditions as shall be
determined by the Committee. 
 (d) The Committee shall determine the method or methods by which, and the form or forms,
including cash, Shares, other Awards, other property, net settlement, or any combination thereof, having a Fair Market Value on the exercise date equal to the relevant exercise price, in which payment of the exercise price with respect thereto may
be made or deemed to have been made. 
 Section 7. Share Appreciation Rights. The Committee is authorized to grant
SARs to Participants with the following terms and conditions and with such additional terms and conditions not inconsistent with the provisions of the Plan, as the Committee shall determine. 

  
 7 

 (a) SARs may be granted under the Plan to Participants either alone
(“freestanding”) or in addition to other Awards granted under the Plan (“tandem”) and may, but need not, relate to a specific Option granted under Section 6. 

(b) The base price per Share under a Share Appreciation Right shall be determined by the Committee. Without the express approval of the
Company’s shareholders, except as otherwise provided in Section 5(c), the Committee shall not be entitled to amend or otherwise modify any Share Appreciation Right to lower the base price below the Fair Market Value applicable at the date
of grant, or to issue any replacement Share Appreciation Right or similar award in exchange for a Share Appreciation Right with a higher base price. 
 (c) Upon the exercise of a Share Appreciation Right, a grantee shall be entitled to receive an amount in Shares (or, solely to the extent determined by the Committee, cash) equal in value to the excess of
the Fair Market Value (at the time of exercise) of one Share over the base price per Share specified with respect to the Share Appreciation Right, multiplied by the number of Shares in respect of which the Share Appreciation Right shall have been
exercised. When payment is to be made in Shares, the number of Shares to be paid shall be calculated on the basis of the Fair Market Value of the Shares at the time of exercise. A grantee of a Share Appreciation Right shall not have any rights to
dividends or other rights of a shareholder with respect to Shares subject to the Share Appreciation Right until the grantee has exercised the Share Appreciation Right and the Company has issued Shares to the grantee. 

(d) The term of each Share Appreciation Right shall be fixed by the Committee but shall not exceed 10 years from the date of grant of
such Share Appreciation Right. 
 (e) The Committee shall determine the time or times at which a SAR may be exercised or settled
in whole or in part. 
 Section 8. Restricted Shares and RSUs. The Committee is authorized to grant Awards
of Restricted Shares and RSUs to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine. 

(a) Restricted Shares and RSUs shall be subject to such restrictions as the Committee may impose (including any limitation on the right
to receive any dividend, dividend equivalent or other right), which restrictions may lapse separately or in combination at such time or times, in such installments or otherwise, as the Committee may deem appropriate. 

(b) Restricted Shares shall be issued in accordance with the provisions of the laws of the British Virgin Islands and the Company’s
Memorandum and Articles of Association. In the event that any share certificate is issued in respect of the Restricted Shares, such certificate shall (i) be registered in the name of the 

  
 8 

 
Participant, (ii) bear an appropriate legend referring to the terms, conditions and restrictions applicable to the Restricted Shares and (iii) be held in custody by the Company.

 (c) At the expiration of the restriction period with respect to any RSU, the Company shall issue a number of Shares equal to
the Shares covered by the RSU in accordance with the provisions of the laws of the British Virgin Islands and the Company’s Memorandum and Articles of Association; provided that the Committee may determine, at or after grant, whether and
to what extent to settle RSUs in cash. 
 (d) The Committee may condition the grant of Restricted Shares or RSUs upon the
attainment of specified performance criteria set forth in Section 9. 
 (e) A grantee of Restricted Shares shall not
exercise any voting rights attached to the Restricted Shares until such shares become vested and shall not have other rights of a shareholder with respect to such Restricted Shares until the grantee holds the Shares unencumbered. A grantee of RSUs
shall not have the right to vote or other rights of a shareholder with respect to such RSUs until the grantee holds the underlying Shares unencumbered. 
 (f) Unless otherwise determined by the Committee, an amount equivalent to any dividends declared on a Share will be credited with respect to an Award of Restricted Shares or RSUs and will be paid out in
cash or Shares, as determined by the Committee, upon the vesting of the applicable Restricted Share or RSU. 
 Section 9.
Performance Awards. The Committee is authorized to grant Performance Awards to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the
Plan, as the Committee shall determine: 
 (a) Performance Awards may be denominated as a cash amount, number of Shares or a
combination thereof and are Awards which may be earned upon achievement or satisfaction of performance conditions specified by the Committee. In addition, the Committee may specify that any other Award shall constitute a Performance Award by
conditioning the right of a Participant to exercise the Award or have it granted or settled, and the timing thereof, upon achievement or satisfaction of such performance conditions as may be specified by the Committee. Subject to the terms of the
Plan, the performance goals to be achieved during any Performance Period, the length of any Performance Period, the amount of any Performance Award granted and the amount of any payment or transfer to be made pursuant to any Performance Award shall
be determined by the Committee. 

  
 9 

 (b) Every Performance Award shall be subject to the achievement during a Performance Period
or Performance Periods, as determined by the Committee, of a level or levels of, or increases in, in each case as determined by the Committee, one or more of the following performance measures: share price, the attainment by a Share of a specified
fair market value for a specified period of time, capitalization, earnings per share, growth in share price, growth in market value, return to shareholders (including or excluding dividends), return on equity, earnings, economic value added,
revenues, net income, operating income, return on assets, return on capital, adjusted return on invested capital, return on sales, market share, cash flow measures or cost reduction goals, sales volume, net earnings, total shareholder return, gross
margin, or achieving goals, objectives, and policy initiatives specified by the Committee. Performance criteria may be measured on an absolute or relative basis. Relative performance may be measured against a group of peer companies, a financial
market index or other acceptable objective and quantifiable indices. If the Committee determines that a change in the business, operations, corporate structure or capital structure of the Company, or the manner in which the Company conducts its
business, or other events or circumstances render the performance objectives unsuitable, the Committee may modify the performance objectives or the related minimum acceptable level of achievement, in whole or in part, as the Committee deems
appropriate and equitable. Performance measures may vary from Performance Award to Performance Award and from Participant to Participant, respectively, and may be established on a stand-alone basis, in tandem or in the alternative. 

(c) Settlement of Performance Awards shall be in cash, Shares, other Awards, other property, net settlement, or any combination thereof,
in the discretion of the Committee. 
 Section 10. Other Share-Based Awards. The Committee is authorized, subject
to limitations under applicable law, to grant to Participants such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares or factors that may influence the value
of Shares, including convertible or exchangeable debt securities, other rights convertible or exchangeable into Shares, purchase rights for Shares, Awards with value and payment contingent upon performance of the Company or business units thereof or
any other factors designated by the Committee. The Committee shall determine the terms and conditions of such Awards. Shares delivered pursuant to an Award in the nature of a purchase right granted under this Section 10 shall be purchased for
such consideration, paid for at such times, by such methods and in such forms, including cash, Shares, other Awards, other property, or any combination thereof, as the Committee shall determine. Cash awards, as an element of or supplement to any
other Award under the Plan, may also be granted pursuant to this Section 10. 

  
 10 

 Section 11. Effect of a Change of Control on Awards. 

(a) Notwithstanding anything to the contrary, unless otherwise specified in an Award Document, in the event that the services of a
Participant is terminated by the Company without Legal Justification within 18 months following a Change of Control: 
 (i) Any Options and Share Appreciation Rights awarded under the Plan not previously exercisable and vested shall become fully exercisable and vested and will remain exercisable for the lesser of
(i) 90 days and (ii) the time remaining until the expiration of such Option or Share Appreciation Right; and 
 (ii) The restrictions and deferral limitations applicable to any Restricted Share, RSU, Performance Awards or Other Share-Based Awards, in each case to the extent not already vested under the Plan, shall
lapse and such shares and Awards shall be deemed fully vested and settled, with any performance criteria or other performance conditions deemed met at target. 
 (b) In the case of an Option or Share Appreciation Right Award, except as otherwise provided in the applicable Award Document, upon a Change of Control, the Committee may cause such Award to be canceled
in consideration of (i) a payment in cash or other consideration to the Participant who holds such Award in an amount equal to the Intrinsic Value of such Award (which may be equal to but not less than zero), which, if in excess of zero, shall
be payable upon the effective date of such Change of Control or (ii) a substitute option or share appreciation right award (which immediately upon grant shall have an Intrinsic Value equal to the Intrinsic Value of such Award). 

Section 12. General Provisions Applicable to Awards. 

(a) Awards shall be granted for no cash consideration or for such minimal cash consideration as may be required by applicable law.

 (b) Awards may, in the discretion of the Committee, be granted either alone or in addition to or in tandem with any other
Award or any award granted under any other plan of the Company. Awards granted in addition to or in tandem with other Awards, or in addition to or in tandem with awards granted under any other plan of the Company, may be granted either at the same
time as or at a different time from the grant of such other Awards or awards. 
 (c) Subject to the terms of the Plan, payments
or transfers to be made by the Company upon the grant, exercise or settlement of an Award may be made in such form or forms as the Committee shall determine, including, without limitation, cash, Shares, other Awards, other property, net settlement,
or any combination thereof, as determined by the Committee in its discretion at the time of grant, and may be made in a single payment or transfer, in installments or on a 

  
 11 

 
deferred basis, in each case in accordance with rules and procedures established by the Committee. Such rules and procedures may include provisions for the payment or crediting of reasonable
interest on installment or deferred payments or the grant or crediting of dividend equivalents in respect of installment or deferred payments. 
 (d) Except as may be permitted by the Committee or as specifically provided in an Award Document, (i) no Award and no right under any Award shall be assignable, alienable, saleable or transferable by
a Participant otherwise than by will or pursuant to Section 12(e), and (ii) during a Participant’s lifetime, each Award, and each right under any Award, shall be exercisable only by the Participant or, if permissible under applicable
law, by the Participant’s guardian or legal representative. The provisions of this Section 12(d) shall not apply to any Award that has been fully exercised or settled, as the case may be, and shall not preclude forfeiture of an Award in
accordance with the terms thereof. 
 (e) A Participant may designate a Beneficiary or change a previous Beneficiary designation
at such times prescribed by the Committee by using forms and following procedures approved or accepted by the Committee for that purpose. 
 (f) All certificates for Shares and/or other securities delivered under the Plan pursuant to any Award or the exercise thereof shall be subject to such stop transfer orders and other restrictions as the
Committee may deem advisable under the Plan or the rules, regulations and other requirements of the Securities and Exchange Commission, any stock market or exchange upon which such Shares or other securities are then quoted, traded or listed, and
any applicable securities laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 
 (g) The Committee may impose restrictions on any Award with respect to non-competition, confidentiality and other restrictive covenants as it deems necessary or appropriate in its sole discretion.

 Section 13. Amendments and Termination. 

(a) Except to the extent prohibited by applicable law and unless otherwise expressly provided in an Award Document or in the Plan, the
Board may amend, alter, suspend, discontinue or terminate the Plan or any portion thereof at any time; provided, however, that no such amendment, alteration, suspension, discontinuation or termination shall be made without
(i) shareholder approval if such approval is required by applicable law or the rules of the stock market or exchange, if any, on which the Shares are principally quoted or traded or (ii) the consent of the affected Participant, if such
action would materially adversely affect the rights of such Participant under any outstanding Award, except to the extent any such amendment, alteration, suspension, discontinuance or termination is made to cause the Plan to comply with applicable
law, stock 

  
 12 

 
market or exchange rules and regulations or accounting or tax rules and regulations. Notwithstanding anything to the contrary in the Plan, the Committee may amend the Plan in such manner as may
be necessary to enable the Plan to achieve its stated purposes in any jurisdiction in a tax-efficient manner and in compliance with local rules and regulations. 
 (b) The Committee may waive any conditions or rights under, amend any terms of, or amend, alter, suspend, discontinue or terminate any Award theretofore granted, prospectively or retroactively, without
the consent of any relevant Participant or holder or Beneficiary of an Award; provided, however, that no such action shall materially adversely affect the rights of any affected Participant or holder or Beneficiary under any Award theretofore
granted under the Plan, except to the extent any such action is made to cause the Award to comply with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations; provided further that, except as
provided in Section 5(c), no such action shall directly or indirectly, through cancellation and regrant or any other method, reduce, or have the effect of reducing, the exercise or base price of any Award established at the time of grant
thereof. 
 (c) Except as provided in this Section 13, the Committee shall be authorized to make adjustments in the terms
and conditions of, and the criteria included in, Awards in recognition of events (including the events described in Section 5(c)) affecting the Company, or the financial statements of the Company, or of changes in applicable laws, regulations
or accounting principles, whenever the Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan. 

(d) The Committee may correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and
to the extent it shall deem desirable to carry the Plan into effect. 
 Section 14. Miscellaneous. 

(a) No employee, Participant or other person shall have any claim to be granted any Award under the Plan, and there is no obligation for
uniformity of treatment of employees, Participants or holders or Beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with respect to each Participant under the Plan. Any Award granted under the Plan shall
be a one-time Award that does not constitute a promise of future grants. The Company, in its sole discretion, maintains the right to make available future grants under the Plan. 

(b) The grant of an Award shall not be construed as giving a Participant the right to be retained in the employ of, or to continue to
provide services to, the Company or any Affiliate. Further, the Company or the applicable Affiliate may at any time dismiss a Participant, free from any liability, or any claim under the 

  
 13 

 
Plan, unless otherwise expressly provided in the Plan or in any Award Document or in any other agreement binding the parties. The receipt of any Award under the Plan is not intended to confer any
rights on the receiving Participant except as set forth in the applicable Award Document. 
 (c) Nothing contained in the Plan
shall prevent the Company from adopting or continuing in effect other or additional compensation arrangements, and such arrangements may be either generally applicable or applicable only in specific cases. 

(d) The Company shall be authorized to withhold from any Award granted or any payment due or transfer made under any Award or under the
Plan or from any compensation or other amount owing to a Participant the amount (in cash, Shares, other Awards, other property, net settlement, or any combination thereof) of applicable withholding taxes due in respect of an Award, its exercise or
settlement or any payment or transfer under such Award or under the Plan and to take such other action (including providing for elective payment of such amounts in cash or Shares by the Participant) as may be necessary in the opinion of the Company
to satisfy all obligations for the payment of such taxes. 
 (e) If any provision of the Plan or any Award Document is or
becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed
amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award Document, such provision shall be stricken as to such
jurisdiction, person or Award, and the remainder of the Plan and any such Award Document shall remain in full force and effect. 

(f) No member of the Committee, nor any officer or employee of the Company acting on behalf of the Committee, shall be personally liable
for any action, failure to act, determination or interpretation taken or made in good faith with respect to the Plan, and all members of the Committee and each and any officer or employee of the Company acting on its behalf shall, to the extent
permitted by law, be fully indemnified and protected by the Company in respect of any such action, failure to act, determination or interpretation. 
 (g) Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company and a Participant or any other person. To the
extent that any person acquires a right to receive payments from the Company pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company. 

  
 14 

 (h) No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and
the Committee shall determine whether cash or other securities shall be paid or transferred in lieu of any fractional Shares, or whether such fractional Shares or any rights thereto shall be canceled, terminated or otherwise eliminated. 

Section 15. Effective Date of the Plan. The Plan shall be effective as of the Effective Date. 

Section 16. Term of the Plan. No Award shall be granted under the Plan after the earliest to occur of (i) the tenth
year anniversary of the Effective Date, (ii) the maximum number of Shares available for issuance under the Plan have been issued or (iii) the Board terminates the Plan in accordance with Section 13(a). However, unless otherwise
expressly provided in the Plan or in an applicable Award Document, any Award theretofore granted may extend beyond such date, and the authority of the Committee to amend, alter, adjust, suspend, discontinue or terminate any such Award, or to waive
any conditions or rights under any such Award, and the authority of the Board to amend the Plan, shall extend beyond such date. 

Section 17. Awards to Participants Outside the United States. The Committee may modify the terms of any Award under the
Plan granted to a Participant who is, at the time of grant or during the term of the Award, residing or primarily employed outside of the United States in any manner deemed by the Committee to be necessary or appropriate in order that such Award
shall conform to laws, regulations, and customs of the country in which the Participant is then residing or primarily employed, or so that the value and other benefits of the Award to the Participant, as affected by foreign tax laws and other
restrictions applicable as a result of the Participant’s residence or employment abroad, shall be comparable to the value of such an Award to a Participant who is residing or primarily employed in the United States. An Award may be modified
under this Section 17 in a manner that is inconsistent with the express terms of the Plan, so long as such modifications will not contravene any applicable law or regulation. 

Section 18. Cancellation or “Clawback” of Awards. The Company may, to the extent permitted by applicable law and
stock exchange rules or by any applicable Company policy or arrangement, cancel or require reimbursement of any Awards granted to a Participant. 

  
 15 

 Section 19. Section 409A of the Code. In the case any Participant is
subject to U.S. taxation, with respect to Awards subject to Section 409A of the Code, the Plan is intended to comply with the requirements of Section 409A of the Code, and the provisions of the Plan and any Award Document shall be
interpreted in a manner that satisfies the requirements of Section 409A of the Code, and the Plan shall be operated accordingly. If any provision of the Plan or any term or condition of any Award would otherwise frustrate or conflict with this
intent, the provision, term or condition will be interpreted and deemed amended so as to avoid this conflict. 

Section 20. Governing Law. The Plan and each Award Document shall be governed by the laws of the State of New York, without
application of the conflicts of law principles thereof. 

  
 16

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