Document:

EX-10.11

 Exhibit 10.11 
  

 
 AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT 
 of 

MERCURY PAYMENT SYSTEMS, INC. 

dated as of [                ], 2014 

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	 SECTION 1.
	  	Definitions	  	 	1	  
			
	 SECTION 2.
	  	Demand Registration	  	 	4	  
			
	 SECTION 3.
	  	Company Registration	  	 	9	  
			
	 SECTION 4.
	  	Holdback Agreement	  	 	10	  
			
	 SECTION 5.
	  	Registration Procedures	  	 	11	  
			
	 SECTION 6.
	  	Offering Procedures	  	 	14	  
			
	 SECTION 7.
	  	Expenses	  	 	15	  
			
	 SECTION 8.
	  	Indemnification	  	 	15	  
			
	 SECTION 9.
	  	Underwritten Offerings	  	 	18	  
			
	 SECTION 10.
	  	Information by Equity Holders	  	 	18	  
			
	 SECTION 11.
	  	Delay of Registration	  	 	18	  
			
	 SECTION 12.
	  	Exchange Act Compliance	  	 	18	  
			
	 SECTION 13.
	  	Termination of Registration Rights	  	 	19	  
			
	 SECTION 14.
	  	Successors and Assigns	  	 	19	  
			
	 SECTION 15.
	  	Assignment	  	 	19	  
			
	 SECTION 16.
	  	Entire Agreement	  	 	19	  
			
	 SECTION 17.
	  	Notices	  	 	20	  
			
	 SECTION 18.
	  	Severability	  	 	21	  
			
	 SECTION 19.
	  	Modifications; Amendments; Waivers	  	 	21	  
			
	 SECTION 20.
	  	Specific Enforcement	  	 	22	  
			
	 SECTION 21.
	  	Mergers, Recapitalizations, Exchanges of Other Transactions Affecting Registrable Securities	  	 	22	  
			
	 SECTION 22.
	  	Counterparts	  	 	22	  
			
	 SECTION 23.
	  	Headings	  	 	22	  
			
	 SECTION 24.
	  	Governing Law	  	 	22	  
			
	 SECTION 25.
	  	Waiver of Jury Trial; Consent to Jurisdiction	  	 	22	  

  
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 AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT, dated as of
[                ], 2014 (this “Agreement”), among Mercury Payment Systems, Inc. (formerly known as Mercury Payment Systems Holdings, Inc.), a Delaware
corporation (the “Company”), Mercury Payment Systems, LLC, a Delaware limited liability company (“MPS LLC”), SL Quicksilver LLC, a Delaware limited liability company (“SL Quicksilver”), SLP III
Quicksilver Feeder I, L.P., a Delaware limited partnership (“SLP Feeder I”), Silver Lake Technology Investors III L.P., a Delaware limited partnership (“SLP Tech Investors”), Silver Lake Partners III DE, L.P.
(“SLP DE”), Silver Lake Technology Associates III, L.P., a Delaware limited partnership (“SLP Tech Associates”), MPS 1, Inc. (formerly known as Mercury Payment Systems, Inc.), a Delaware corporation
(“Mercury Holdings”) and Mercury Payment Systems II, LLC, a Delaware limited liability company (“Mercury II”). 

WHEREAS, the Company, SL Quicksilver, Mercury Holdings and Mercury II are parties to that certain Registration Rights Agreement, dated
as of April 30, 2010 (the “Original Registration Rights Agreement”), and the parties hereto are parties to that certain Reorganization Agreement, dated as of
[                ], 2014 (the “Reorganization Agreement”); and 

WHEREAS, it is a condition precedent to the consummation of the transactions contemplated by the Reorganization Agreement that the parties
hereto enter into this Agreement setting forth certain rights of the Equity Holders and amending and restating the Original Registration Rights Agreement. 

NOW, THEREFORE, in consideration of the premises and mutual covenants and obligations hereinafter set forth, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree that the Original Registration Rights Agreement is amended and restated as follows: 

SECTION 1. Definitions. 

In addition to the terms defined elsewhere in this Agreement, as used herein, the following terms shall have the following respective
meanings. Unless the context otherwise requires, the singular shall include the plural and the masculine gender shall include the feminine and neuter, and vice versa, and the word “or” shall be inclusive. 

“Affiliate” means, when used with reference to any Person, any Person that directly or indirectly, through one or more
intermediaries, controls, is controlled by or is under common control with, or owns greater than fifty percent of the voting power in the specified Person (the term “control” for this purpose, shall mean the ability, whether by the
ownership of shares or other equity interest, by contract or otherwise, to elect a majority of the directors of a corporation, independently to select the managing partner of a partnership or the sole manager or managers of a limited liability
company, or otherwise to have the power independently to remove and then select a majority of those Persons exercising governing authority over an entity, and control shall be conclusively presumed in the case of the direct or indirect ownership of
fifty percent or more of the voting equity interests in the specified Person). 

 “Agreement” shall have the meaning set forth in the preamble hereof. 

“As-Exchanged Basis” means a calculation of the shares of Common Stock outstanding or the shares of Common Stock owned, as
applicable, assuming that all outstanding limited liability company units of MPS LLC that are exchangeable for shares of Common Stock are so exchanged. 

“Assignee” shall have the meaning ascribed thereto in Section 15 of this Agreement. 

“Board” shall mean the Board of Directors of the Company or any equivalent governing board. 

“Common Stock” shall mean the Class A common stock of the Company (or any successor of the Company by combination of
shares, recapitalization, merger, consolidation, or other reorganization) and any stock into which any such Class A common stock shall have been changed or any stock resulting from any reclassification of any such common stock. 

“Company” shall have the meaning set forth in the preamble hereof. 

“Demand Registration” shall have the meaning set forth in Section 2(a) hereof. 

“Equity Holders” shall mean (i) the Investors, (ii) Mercury Holdings, (iii) Mercury II, and (iv) any
Affiliate of the Investors, Mercury Holdings or Mercury II or any third party, in each case to whom an Investor or Mercury Holdings has assigned its rights under this Agreement in accordance with Section 15; provided that a Person shall
cease to be an Equity Holder at the time such Person ceases to hold Registrable Shares. 
 “Equity Holders’ Counsel”
shall mean the counsel selected to represent the Equity Holders in any registration and/or offering pursuant to this Agreement by the (i) the Requesting Equity Holders in the case of a Demand Registration and any offering effected pursuant to
Section 2(c), (ii) the Initiating Equity Holders in the case of a Takedown Demand or (iii) Equity Holders holding a majority of Registrable Shares being registered and/or sold (as applicable) in any other registration and/or offering,
provided that the other Equity Holders participating in any registration and/or offering may select a separate counsel to represent them in connection with such registration and/or offering. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor federal statute, and the rules and
regulations of the SEC promulgated thereunder, all as the same shall be in effect from time to time. 
 “FINRA” shall have
the meaning set forth in Section 5(l) hereof. 
 “Holdback Period” shall have the meaning set forth in
Section 4(a) hereof. 
 “Initiating Equity Holder” shall have the meaning set forth in Section 2(d) hereof. 

“Investor” means each of SL Quicksilver, SLP Feeder I, SLP Tech Investors, SLP DE, SLP Tech Associates. 

  
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 “Investor Group” shall mean (i) each Investor, (ii) any Affiliate of
any Investor or any third party, in each case to whom an Investor has assigned its rights under this Agreement in accordance with Section 15; provided that a Person shall cease to be a member of the Investor Group at the time such Person
ceases to hold Registrable Shares. 
 “IPO” means the first firm commitment underwritten public offering and sale of equity
securities of the Company for cash pursuant to an effective registration statement (other than on Form S-4, S-8 or a comparable form). 

“Mercury II” shall have the meaning set forth in the preamble hereof. 

“Mercury Holdings” shall have the meaning set forth in the preamble hereof. 

“Mercury Holdings Group” shall mean (i) Mercury Holdings, (ii) Mercury II, or (iii) any Affiliate of Mercury
Holdings, Mercury II or any third party, in each case to whom Mercury Holdings or Mercury II has assigned its rights under this Agreement in accordance with Section 15; provided that a Person shall cease to be a member of the Mercury
Holdings Group at the time such Person ceases to hold Registrable Shares. 
 “MPS LLC” shall have the meaning set forth in
the preamble hereof. 
 “Organizational Documents” shall mean the Amended and Restated Certificate of Incorporation and
By-laws of the Company (each as amended and in effect from time to time). 
 “Other Shares” means, at any time, those
shares of Common Stock which do not constitute Primary Shares or Registrable Shares and as to which the Company has a contractual obligation to include in a registration statement under the Securities Act. 

“Person” shall mean an individual, partnership (general or limited), joint-stock company, corporation, limited liability
company, trust or unincorporated organization, and a government or agency or political subdivision thereof. 
 “Primary
Shares” means at any time the authorized but unissued shares of Common Stock and shares of Common Stock held by the Company in its treasury. 

“Registrable Shares” means shares of Common Stock held by any member of the Investor Group or the Mercury Holdings Group (or
that any member of the Investor Group or the Mercury Holdings Group has the right to acquire), now owned or hereafter acquired, including any Common Stock issued or issuable upon conversion or exchange of other securities of the Company or its
subsidiaries (including, for the avoidance of doubt, any shares of Common Stock issuable upon exchange of limited liability company units of MPS LLC); provided, however, that any particular Registrable Shares shall cease to be
Registrable Shares when (i) they have been registered for sale under the Securities Act, the registration statement in connection therewith has been declared effective and they have been disposed of pursuant to such effective registration
statement or (ii) when and to the extent such shares of Common Stock are permitted to be publicly sold without limitation pursuant to Rule 144 or Rule 145 under the Securities Act or are otherwise freely transferable to the public without
registration under the Securities Act (provided 

  
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that this clause (ii) will not cause shares of Common Stock held by an Investor (including SLP Feeder I) to cease to be Registrable Shares for so long as any other member of the
Investor Group continues to hold Registrable Shares). 
 “Registration Expenses” shall have the meaning set forth in
Section 7 hereof. 
 “Requesting Equity Holder” shall have the meaning set forth in Section 2(a) hereof. 

“Rights Termination Date” shall have the meaning set forth in Section 13 hereof. 

“Rule 144” means Rule 144 promulgated under the Securities Act or any successor rule thereto. 

“Rule 145” means Rule 145 promulgated under the Securities Act or any successor rule thereto. 

“Rule 415” means Rule 415 promulgated under the Securities Act or any successor rule thereto. 

“SEC” means the Securities and Exchange Commission or any other federal agency at the time administering the Securities Act.

 “Securities Act” means the Securities Act of 1933, as amended, or any successor federal statute, and the rules and
regulations of the SEC thereunder, all as the same shall be in effect from time to time. 
 “Shelf Registration” shall have
the meaning set forth in Section 2(b) hereof. 
 “Shelf Participants” shall have the meaning set forth in
Section 2(b) hereof. 
 “Takedown Demand” shall have the meaning set forth in Section 2(d) hereof. 

“Underwritten Takedown Offer” shall have the meaning set forth in Section 2(d) hereof. 

“WKSI” means a well-known seasoned issuer, as defined in the Rule 405 of the Securities Act. 

SECTION 2. Demand Registration. 

(a) At any time or times following the date that is 180 days after the closing of the IPO, if the Company shall receive from Requesting Equity
Holders a written request that the Company effect a registration with respect to all or a part of the Registrable Shares held by the Requesting Equity Holders (a “Demand Registration”), the Company will take the actions set forth in
the following clauses (i) and (ii). The term “Requesting Equity Holders” means Equity Holders that submit a request pursuant to this Section 2(a) and who hold, in the aggregate, Registrable Shares representing (A) in
the aggregate at least 20% of the Common Stock outstanding at such time on an As-Exchanged Basis or (B) representing a majority of the Registrable Securities outstanding on an As-Exchanged Basis. 

(i) promptly give written notice of the proposed registration to all Equity Holders (other than the Requesting Equity Holders);
and 

  
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 (ii) use its reasonable best efforts to, as soon as practicable and in any event
within sixty days, effect such registration (which shall be on Form S-3 or any comparable or successor form or forms if the Company is qualified for registration on Form S-3 or such other form or forms at such time) (including, without limitation,
the execution of an undertaking to file post-effective amendments, appropriate qualification under applicable blue sky or other state securities laws and appropriate compliance with applicable regulations issued under the Securities Act) as may be
so requested and as would permit or facilitate the sale and distribution of all of such Registrable Shares as are specified in such request, together with all or such portion of the other Registrable Shares joining in such request as are specified
in a written request from any Equity Holder received by the Company, or any Primary Shares proposed to be included in such registration by the Company by notice from the Company to the Requesting Equity Holders, in each case within twenty days after
written notice from the Company is given under Section 2(a)(i) above; provided that the Company shall not be obligated to effect, or take any action to effect, any such registration pursuant to this Section 2(a): 

 

	 	(1)	In any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting such registration, qualification or compliance, unless the Company is already subject
to service in such jurisdiction and except as may be required by the Securities Act or applicable rules or regulations thereunder; 

  

	 	(2)	With respect to any particular Requesting Equity Holder, if the number of Registrable Shares proposed to be registered by such Requesting Equity Holder pursuant to this Section 2(a) could be sold within ninety days
pursuant to Rule 144 or Rule 145 (provided that this clause (2) will not exclude shares of Common Stock held by an Investor (including SLP Feeder I) for so long as any other requesting member of the Investor Group continues to hold
Registrable Shares that would not be excluded by this clause (2)); 

  

	 	(3)	 If the Company shall furnish to the Requesting Equity Holders a certificate signed by the Chief Executive Officer (or other authorized officer) of the
Company stating that in the good faith judgment of the Board it would be detrimental to the Company or its stockholders for a registration statement to be filed in the near future, in which case the Company’s obligation to use its reasonable
best efforts to comply with this Section 2(a), and its related obligations under Section 5, shall be deferred for a period 

  
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not to exceed 90 days from the date of receipt of written request from the Requesting Equity Holders; provided that the Company shall only be permitted one deferral pursuant to this
Section 2.1(a)(ii)(3) or Section 2(b) in any twelve-month period; or 

  

	 	(4)	If the Requesting Equity Holders propose to register Registrable Shares at an aggregate expected price to the public of less than $50,000,000 in the aggregate; provided that this clause (4) shall not apply
to a Shelf Registration covering an unspecified number of shares in accordance with Section 2(b). 

 Subject to the provisions of
Section 2(c) below, the Company may include Other Shares in the registration statement filed pursuant to the request of the Requesting Equity Holders pursuant to this Section 2(a). 

(b) Shelf Registration. At any time and from time to time when the Company is eligible to utilize Form S-3 or a successor form to sell
shares in a secondary offering on a delayed or continuous basis in accordance with Rule 415 (a “Shelf Registration”), any demand made pursuant to Section 2(a) may, at the option of the Requesting Equity Holders, be a
demand for a Shelf Registration. If at the time of such request the Company is a WKSI, (x) if the Company so elects, such Shelf Registration may also cover an unspecified number of shares to be sold by the Company, and (y) if the
Requesting Equity Holders so elect, such Shelf Registration may cover an unspecified number of shares to be sold by the Equity Holders. The Company may suspend the use of any effective Shelf Registration by written notice to the holders of
Registrable Securities listed as potential selling shareholders therein (“Shelf Participants”) under the circumstances, for the period and subject to the limitations set forth in Section 2(a)(ii)(3). 

(c) Underwriting. In the case of any offering made in accordance with Section 2(a), other than an offering made pursuant to a
Takedown Demand: 
 (i) if the Requesting Equity Holders intend to distribute the Registrable Shares by means of an
underwriting, they shall so advise the Company as a part of the request made pursuant to Section 2(a) and, the managing underwriter for such offering shall be chosen by the holders of a majority in aggregate amount of the Registrable Shares
being registered, with the consent of the Company, which consent shall not be unreasonably withheld, delayed or conditioned. If the holders of Other Shares request inclusion of such shares, the Equity Holders agree that the Company may include such
shares in the underwriting so long as such holders agree to be bound by the applicable provisions of this Section 2. The Requesting Equity Holders and the Company shall (together with all other Equity Holders and holders of Other Shares
proposing to distribute their securities through such underwriting) enter into an underwriting agreement in customary form and reasonable acceptable to the Company with the underwriter or underwriters. Notwithstanding any other provision of this
Section 2, if the managing underwriter selected as provided in this Section 2(c) determines that marketing factors require a limitation on the number of shares to be underwritten, the managing underwriter may limit the number of shares
proposed to be included in such registration and underwriting as follows: 
  

	 	(1)	first, the Other Shares shall be excluded from such registration to the extent so required by such limitation such that the number of shares to be included by such holders of Other Shares shall be determined on a pro
rata basis based upon the aggregate number of Other Shares held by each such holder seeking registration; 

  
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	 	(2)	second, to the extent the further limitation is required by the managing underwriter, the Primary Shares shall be excluded from such registration to the extent so required by such limitation; and 

 

	 	(3)	third, to the extent further limitation is required by the managing underwriter, the Registrable Shares shall be excluded from such registration to the extent so required by such limitation such that the number of
Registrable Shares to be included by the Equity Holders shall be determined on a pro rata basis based upon the aggregate number of Registrable Shares held by each Equity Holder seeking registration. 

(ii) No Other Shares, Primary Shares or Registrable Shares excluded from the underwriting by reason of the underwriter’s
marketing limitation shall be included in such underwriting, and any Equity Holder or holder of Other Shares who has requested inclusion in such underwriting as provided above (including the Requesting Equity Holders) may elect to withdraw therefrom
at any time prior to the effectiveness of such registration statement by written notice to the Company, the managing underwriter and the Requesting Equity Holders; provided, that, if the underwriters’ counsel reasonably determines that
such withdrawal would materially delay the registration or require a recirculation of the prospectus, then no Equity Holder or holder of Other Shares shall have the right to withdraw unless the Requesting Equity Holders have elected to withdraw.

 (d) Demand for Underwritten Shelf Takedown. At any time when a Shelf Registration statement is effective and its use has not been
suspended by the Company pursuant to Section 2(b), upon the demand (a “Takedown Demand”) of any Shelf Participants holding Registrable Shares at such time representing in the aggregate at least 1% of the Common Stock
outstanding at such time on an As-Exchanged Basis (the “Initiating Equity Holder”), the Company will facilitate in the manner described in this Agreement an underwritten “takedown” of shares off of such Shelf Registration
(an “Underwritten Takedown Offering”); provided, that (i) the Investor Group shall have the right to make no more than two Takedown Demands and the Mercury Holdings Group shall have the right to make no more than one
Takedown Demand, in each case in any 12 month period; (ii) the Company shall not be obligated to effect an Underwritten Takedown Offering unless the shares requested to be sold in such offering have an aggregate market value (based on the most
recent closing price of the Common Stock at the time of the demand) of at least $50,000,000; and (iii) in connection with any Takedown Demand, the Company will provide three calendar days’ notice to the Investor Group or the Mercury
Holdings Group, as applicable, if the Investor Group or the Mercury 

  
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Holdings Group as applicable did not make such Takedown Demand and holds in the aggregate Registrable Shares at such time representing at least 1% of the Common Stock outstanding at such time on
an As-Exchanged Basis. If any such Shelf Participants request inclusion of their Registrable Shares (by notice to the Company, which notice must be received by the Company no later than the second calendar business day following the date notice is
received by such participant) the Company shall include such shares in the Underwritten Takedown Offering so long as such participants agree to be bound by the applicable provisions of this Section 2, provided that (x) the
Initiating Equity Holder shall maintain the right to select the managing underwriter for such offering (with the consent of the Company, which consent shall not be unreasonably withheld, delayed or conditioned) and (y) if such managing
underwriter determines that marketing factors require a limitation on the number of shares to be underwritten, the managing underwriter may limit the number of shares proposed to be included in such offering such that the number of Registrable
Shares to be included shall be determined on a pro rata basis based upon the aggregate number of Registrable Shares held by each such Shelf Participant. The Shelf Participants participating in such offering and the Company shall enter into an
underwriting agreement in customary form with the underwriter or underwriters of such offering. In connection with an Underwritten Takedown Offering, the managing underwriter for such offering shall be chosen by the Initiating Equity Holder, with
the consent of the Company, which consent shall not be unreasonably withheld, delayed or conditioned. Subject to the following sentence, all determinations whether to complete any Underwritten Takedown Offering and as to timing, manner, price and
other terms of any Underwritten Takedown Offering shall be at the discretion of the Initiating Equity Holder. Any Equity Holder who has requested inclusion in such Underwritten Takedown Offering as provided above (including the Initiating Equity
Holder) may elect to withdraw therefrom by written notice to the Company, the managing underwriter and the Initiating Equity Holder; provided, that, if the underwriters’ counsel reasonably determines that such withdrawal would require a
recirculation of the prospectus, then no Equity Holder shall have the right to withdraw unless the Initiating Equity Holder has elected to withdraw; provided, further, that any Equity Holder, other than the Initiating Equity Holder,
that has requested inclusion in an Underwritten Takedown Offering may condition its participation on the Underwritten Takedown Offering being completed within ten business days following its request to participate at a net price per share to such
Equity Holder of not less than 95% of the most recent closing price for the Common Stock on its principal trading market immediately prior to such Equity Holder’s request to participate. 

(e) Effective Registration Statement. Should a Takedown Demand not be consummated due the failure of the Initiating Equity
Holder to perform its obligations under this Agreement, or in the event the Initiating Equity Holder withdraws or does not pursue the offering contemplated by the Shelf Takedown request as provided for in Section 2(d) above, then such Takedown
Demand shall be deemed to have been effected for purposes of clause (i) of Section 2(d) unless such offering does not proceed because (x) a material adverse change occurred in the condition (financial or otherwise), business, assets,
properties, operations or results of operations of the Company and its subsidiaries taken as a whole subsequent to the date of the delivery of the Takedown Demand referred to in Section 2(d) above, (y) use of the Shelf Registration was
subsequently suspended by the Company as provided in Section 2(b), or (z) the Shelf Registration statement did not remain continuously effective until all the Registrable 

  
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Shares subject to such Takedown Demand were sold because (i) the Company was not in compliance in all material respects with its obligations under this Agreement, or (ii) the Shelf
Registration was interfered with by any stop order, injunction, or other order or requirement of the SEC or other governmental agency or court. 

SECTION 3. Company Registration. 

(a) If the Company shall determine to register any Primary Shares or Other Shares under the Securities Act, other than a registration relating
solely to employees, a registration relating to a Rule 145 transaction, or a registration on any registration form that does not permit secondary sales, then in each case, the Company will: 

(i) other than in the case of the IPO, promptly give to the Equity Holders a written notice thereof (which shall include a list
of the jurisdictions in which the Company intends to attempt to qualify such securities under the applicable blue sky or other state securities laws and the number of securities intended to be disposed); and 

(ii) include in such registration (and any related qualification under blue sky laws or other compliance), and in any
underwriting involved therein, all the Registrable Shares specified in a written request or requests by any Equity Holder (provided that such Equity Holder has indicated within twenty days after receipt of the written notice from the Company
described in clause (i) above that such Equity Holder desires to sell Registrable Shares in the manner of distribution proposed by the Company), except as set forth in Section 3(b) below. 

(b) Underwriting. If the registration of which the Company gives notice is for a registered public offering involving an underwriting,
the Company shall so advise the Equity Holders as a part of the written notice given pursuant to Section 3(a)(i). In such event, the right of each Equity Holder to registration pursuant to this Section 3(b) shall be conditioned upon such
Equity Holder’s participation in such underwriting and the inclusion of such Equity Holder’s Registrable Shares in the underwriting to the extent provided herein. The participating Equity Holders shall (together with the Company and the
other stockholders distributing their securities through such underwriting) enter into an underwriting agreement in customary form with the underwriter or underwriters participating in the underwriting. Notwithstanding any other provision of this
Section 3, if the managing underwriter determines that marketing factors require a limitation on the number of shares to be underwritten, the managing underwriter may limit the number of shares proposed to be included in such registration and
underwriting as follows: 
 (i) if the registration pursuant to this Section 3 is initiated by holders of Other Shares
then, 
  

	 	(1)	first, the Registrable Shares shall be excluded from such registration to the extent so required by such limitation such that the number of Registrable Shares to be included by each Equity Holder shall be determined on
a pro rata basis based upon the aggregate number of Registrable Shares held by each such Equity Holder seeking registration; 

  
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	 	(2)	second, to the extent further limitation is required by the managing underwriter, the Other Shares shall be excluded from such registration to the extent so required by such limitation such that the number of shares to
be included by each holder shall be determined on a pro rata basis based upon the aggregate number of Other Shares held by each such holder seeking registration; and 

 

	 	(3)	third, to the extent further limitation is required by the managing underwriter, the Primary Shares shall be excluded from such registration to the extent so required by such limitation. 

(ii) if the registration pursuant to this Section 3 is initiated by the Company, then the Registrable Shares or Other
Shares shall be excluded from such registration to the extent so required by such limitation such that the number of shares to be included by each holder shall be determined on a pro rata basis based upon the aggregate number of Registrable Shares
and Other Shares held by each such holder. 
 Any Equity Holder or other stockholder may elect to withdraw from such underwriting at any
time prior to the effectiveness of the registration statement by written notice to the Company and the underwriter. Any Registrable Shares or other securities excluded or withdrawn from such underwriting shall be withdrawn from such registration;
provided, that, if the underwriter’s counsel reasonably determines that such withdrawal would materially delay the registration or require a recirculation of the prospectus, then the Equity Holders shall have no right to withdraw. In the
event that any Equity Holder has requested inclusion of Registrable Shares in a Shelf Registration initiated by the Company or Other Holders, such Equity Holder shall have the right, but not the obligation, to participate in any offering of the
Company’s equity securities under such shelf registration. 
 SECTION 4. Holdback Agreement. 

(a) In the event of any underwritten offering (including the IPO), if requested by the managing underwriters of such offering, the Equity
Holders shall not sell, make any short sale of, grant any option for the purchase of, or otherwise dispose of (whether by actual disposition or effective economic disposition due to cash settlement or otherwise), any equity securities (or interests
therein) in the Company without the prior written consent of the Company, for a period designated by the Company in writing to the Equity Holders which shall begin on the effective date of the registration statement (or, in case of a Underwritten
Takedown Offering, the date of the relevant underwriting agreement) for the offering and shall not last longer than 180 days for the IPO and 90 days for any offering thereafter (each such period, a “Holdback Period”). 

  
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 (b) If Requesting Equity Holders shall request a Demand Registration (other than a Shelf
Registration) or Initiating Holders shall request a Takedown Demand off a Shelf Registration statement pursuant to Section 2 hereof, if required by the managing underwriters in such offering, (1) the Company shall not sell, make any short
sale of, grant any option for the purchase of, or otherwise dispose of (whether by actual disposition or effective economic disposition due to cash settlement or otherwise), any Primary Shares (or interests therein) (other than those shares of
Common Stock included in such registration pursuant to Section 2 hereof) without the prior written consent of the Requesting Equity Holders or the Initiating Holders, as the case may be, for a period designated by the Requesting Equity Holders
or the Initiating Holders, as the case may be, in writing to the Company, which period shall begin on the effective date of the registration statement (or in the case of a Takedown Demand, the earlier of the date of the underwriting agreement or
commencement of marketing efforts) pursuant to which such public offering shall be made and shall not last longer ninety days after the effective date of such registration statement (or in the case of a Takedown Demand, the date of the underwriting
agreement), and (2) the Company shall use its reasonable best efforts to cause its directors and executive officers to sign lock-up agreements on terms consistent with those set pursuant to the preceding clause (1), with customary
exceptions as agreed with the managing underwriters. 
 SECTION 5. Registration Procedures. If and whenever the Company is under an
obligation pursuant to the provisions of this Agreement to effect the registration of any Registrable Shares, the Company shall, as expeditiously as practicable: 

(a) use its reasonable best efforts to cause a registration statement that registers such Registrable Shares to become and remain effective
for a period of 120 days (subject to any extension provided for in Section 5(c)) or until all of such Registrable Shares have been disposed of (if earlier); provided, however, that in the case of any Shelf Registration, the 120
day period shall be extended, if necessary, to keep the registration statement effective until all such Registrable Shares are sold; 
 (b)
furnish, without charge, at least five business days before filing a registration statement that registers such Registrable Shares, a prospectus relating thereto or any amendments or supplements relating to such a registration statement or
prospectus to the Equity Holders’ Counsel and fairly consider such reasonable changes in any such documents prior to or after the filing thereof as such Equity Holders’ Counsel may request; 

(c) prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection
therewith as may be necessary to keep such registration statement effective for at least a period of 120 days or until all of such Registrable Shares have been disposed of (if earlier) and to comply with the provisions of the Securities Act with
respect to the sale or other disposition of such Registrable Shares; provided, however, that in the case of any Shelf Registration, 120 day period shall be extended, if necessary, to keep the registration statement effective until all
such Registrable Shares are sold and, if during such period the Company ceases to be eligible to continue such Shelf Registration on the original registration statement (whether by virtue of ceasing to be eligible to use Form S-3, by virtue of
expiration of such registration statement pursuant to Rule 415(a)(5), or otherwise), the Company shall register the applicable shares on a replacement registration statement, which 

  
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shall be on Form S-3 if the Company is the eligible for such registration statement or, otherwise, on Form S-1, and shall continue such Shelf Registration, and amend and supplement such
replacement registration statement from time to time, as required by this Agreement; 
 (d) notify the Equity Holders’ Counsel in
writing (i) of the receipt by the Company of any notification with respect to any comments by the SEC with respect to such registration statement or prospectus or any amendment or supplement thereto or any request by the SEC for the amending or
supplementing thereof or for additional information with respect thereto, (ii) of the receipt by the Company of any notification with respect to the issuance by the SEC of any stop order suspending the effectiveness of such registration
statement or prospectus or any amendment or supplement thereto or the initiation or threatening of any proceeding for that purpose, (iii) of the receipt by the Company of any notification with respect to the suspension of the qualification of
such Registrable Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for such purposes; and, upon occurrence of any of the events mentioned in clauses (ii) and (iii) use its reasonable best efforts to
prevent the issuance of any stop order or obtain the withdrawal thereof as soon as possible, and (iv) of the existence of any fact of which the Company becomes aware which results in the registration statement, the prospectus related thereto or
any document incorporated therein by reference containing an untrue statement of a material fact or omitting to state a material fact required to be stated therein or necessary to make any statement therein not misleading; 

(e) use its reasonable best efforts to register or qualify such Registrable Shares under such other securities or blue sky laws of such
jurisdictions as the Equity Holders reasonably request and do any and all other acts and things which may be reasonably necessary or advisable to enable the Equity Holders to consummate the disposition in such jurisdictions of the Registrable Shares
owned by the Equity Holders; provided, however, that the Company will not be required to qualify generally to do business, subject itself to general taxation or consent to general service of process in any jurisdiction where it would
not otherwise be required to do so but for this paragraph (e); 
 (f) furnish to the Equity Holders such number of copies of such
registration statement and of each amendment and supplement thereto (in each case, including all exhibits), the prospectus, if any, contained in such registration statement or other prospectus, including a preliminary prospectus or any free writing
prospectus, in conformity with the requirements of the Securities Act; 
 (g) without limiting subsection (e) above, use its reasonable
best efforts to cause such Registrable Shares to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company to enable the Equity Holders (to the
extent the Equity Holders then hold such Registrable Shares) to consummate the disposition of such Registrable Shares; 
 (h) notify the
Equity Holders on a timely basis, within the appropriate period mentioned in subparagraph (a) of this Section 5, at any time when a prospectus relating to such Registrable Shares is required to be delivered under the Securities Act upon
discovery that, or upon the happening of any event as a result of which, the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a

  
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material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing and, at the request of the Equity Holders (or
automatically in the case of a Shelf Registration unless the Company elects to suspend use of such Registration Statement pursuant to Section 2(b)), as promptly as practicable prepare and furnish to the Equity Holders (at the Company’s
expense) a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the offerees of such shares, such prospectus shall not include an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; 

(i) provide a transfer agent and registrar (which may be the same entity) for such Registrable Shares and a CUSIP number for such Registrable
Shares, in each case no later than the effective date of such registration statement; 
 (j) cause all such Registrable Shares registered
pursuant to this Agreement to be listed on any national securities exchange or to be authorized for quotation on an automated quotation system on which any shares of the Common Stock are listed or quoted, or, if the Common Stock is not listed or
quoted, use its reasonable best efforts to list such Registrable Shares on a national securities exchange, or to authorize them for quotation on an automated quotation system; 

(k) use its reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of the registration statement; 

(l) reasonably cooperate with each Equity Holder and each underwriter, and their respective counsel in connection with any filings required to
be made with the Financial Industry Regulatory Authority (“FINRA”), and any securities exchange on which such Registrable Shares are traded or will be traded; 

(m) take no direct or indirect action prohibited by Regulation M under the Exchange Act; 

(n) in the case of an offering pursuant to a registration that is not underwritten offering, cooperate with the sellers of Registrable Shares
to facilitate the timely preparation and delivery of certificates, to the extent permitted by applicable law, not bearing any restrictive legends representing the Registrable Shares to be sold, and cause such Registrable Shares to be issued in such
denominations and registered in such names in accordance with the instructions of the sellers of Registrable Shares at least three business days prior to any sale of Registrable Shares and instruct any transfer agent and registrar of Registrable
Shares to release any stop transfer orders in respect thereof; and 
 (o) subject to all the other provisions of this Agreement, use its
reasonable best efforts to take all other steps necessary or advisable to effect the registration of such Registrable Shares contemplated hereby. 

Each holder of the Registrable Shares, upon receipt of any notice from the Company of any event of the kind described in Section 5(d)(ii)
or Section 5(h) hereof, shall forthwith 

  
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discontinue disposition of the Registrable Shares pursuant to the registration statement covering such Registrable Shares until such holder’s receipt of the copies of the supplemented or
amended prospectus contemplated by Section 5(h) hereof (provided that, in the case of a Shelf Registration, if such suspension lasts for longer than 10 consecutive business days, it shall count as a suspension for purposes of the limits
set forth in Section 2(a)(ii)(3)), and, if so directed by the Company, such holder shall destroy all copies, other than permanent file copies then in such holder’s possession, of the prospectus covering such Registrable Shares at the time
of receipt of such notice. 
 If the disposition by any Equity Holder of its securities is discontinued pursuant to the foregoing sentence,
the Company shall extend the period of effectiveness of the registration statement by the number of days during the period from and including the date of the giving of such notice to and including the date when such Equity Holder shall have
received, in the case of Section 5(d)(ii), notice from the Company that such stop order or suspension of effectiveness is no longer in effect and, in the case of Section 5(h), copies of the supplemented or amended prospectus contemplated
by Section 5(h). 
 SECTION 6. Offering Procedures. If and whenever the Company is under an obligation pursuant to the
provisions of this Agreement to facilitate (x) an underwritten offering pursuant to a Demand Registration or (y) an Underwritten Takedown Offering, the Company shall, as expeditiously as practicable: 

(a) use its reasonable best efforts to obtain, and to furnish to the Equity Holders and each underwriter, “cold comfort” letters
from its independent certified public accountants in customary form and at customary times and covering matters of the type customarily covered by cold comfort letters and legal opinion letters from its counsel in customary form and covering matters
of the type customarily covered in such opinion letters; 
 (b) cooperate with the sellers of Registrable Shares and the managing
underwriter to facilitate the timely preparation and delivery of certificates, to the extent permitted by applicable law, not bearing any restrictive legends representing the Registrable Shares to be sold, and cause such Registrable Shares to be
issued in such denominations and registered in such names in accordance with the underwriting agreement prior to any sale of Registrable Shares to the underwriters; 

(c) make reasonably available its employees and personnel for participation in “road shows” and other marketing efforts and
otherwise provide reasonable assistance to the underwriters (taking into account the needs of the Company’s businesses and the requirements of the marketing process) in the marketing of Registrable Shares in such underwritten offering; 

(d) if at any time the information conveyed to a purchaser at the time of sale includes any untrue statement of a material fact or omits to
state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, promptly file with the SEC such amendments or supplements to such information as may be necessary so
that the statements as so amended or supplemented will not, in light of the circumstances, be misleading; 

  
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 (e) execute an underwriting agreement in customary form and reasonably acceptable to the Company;
and 
 (f) subject to all the other provisions of this Agreement, use its reasonable best efforts to take all other steps necessary or
advisable to effect the sale of such Registrable Shares contemplated hereby. 
 SECTION 7. Expenses. All fees and expenses (other
than underwriting discounts and commissions relating to the Registrable Shares, as provided in this Section 7) incurred by the Company in complying with Section 5 and Section 6, including all registration and filing fees (including
all expenses incident to filing with FINRA), fees and expenses of complying with securities and blue sky laws, printing expenses, fees and expenses of the Company’s counsel and accountants, shall be paid by the Company (collectively, the
“Registration Expenses”); provided, however, that all underwriting discounts and commissions applicable to the Registrable Shares and Other Shares shall be borne by the holders selling such Registrable Shares and Other Shares, in
proportion to the number of Registrable Shares and Other Shares sold in the offering by each such holder. In addition, in connection with each registration or offering made pursuant to this Agreement, the Company shall pay the reasonable fees and
expenses of Equity Holders’ Counsel, provided that the Company shall not be obligated to pay any such fees and expenses in excess of $200,000 for any registration or offering, and provided further that if the Equity Holders select two separate
counsels to represent them in any registration or offering, such $200,000 shall be allocated between such counsels on a pro rata basis based upon the aggregate number of Registrable Shares that the respective Equity Holders that selected each
counsel are seeking to include in such registration or offering. 
 SECTION 8. Indemnification. 

(a) In connection with any registration of any Registrable Shares under the Securities Act pursuant to this Agreement, the Company and MPS
LLC, jointly and severally, shall indemnify and hold harmless, to the fullest extent permitted by law, each holder of Registrable Shares, their respective directors, managers, officers, fiduciaries, employees, stockholders, members or general or
limited partners (and the directors, managers, officers, employees and stockholders thereof), each underwriter, broker or any other Person acting on behalf of each holder of Registrable Shares and each other Person, if any, who controls any of the
foregoing Persons within the meaning of the Securities Act from and against any and all losses, claims, damages or liabilities (or actions in respect thereof), joint or several, and expenses (including reasonable fees of counsel and any amounts paid
in any settlement effected with the Company’s consent, which consent shall not be unreasonably withheld, delayed or conditioned if such settlement is solely with respect to monetary damages) to which any of the foregoing Persons may become
subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) and expenses arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a
material fact contained in any registration statement under which such securities were registered under the Securities Act or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained in any preliminary, final or summary prospectus or 

  
 - 15 - 

 
any amendment or supplement thereto, together with the documents incorporated by reference therein, or any free writing prospectus utilized in connection therewith, or the omission or alleged
omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, (iii) any untrue statement or alleged
untrue statement of a material fact in the information conveyed to any purchaser at the time of the sale to such purchaser, or the omission or alleged omission to state therein a material fact required to be stated therein, or (iv) any
violation by the Company of any federal, state or common law rule or regulation applicable to the Company and relating to action required of or inaction by the Company in connection with any such registration (including any violation or alleged
violation of state “blue sky” laws), and shall reimburse any such indemnified party for any legal or other expenses reasonably incurred by any of them in connection with investigating or defending any such loss, claim, damage, liability,
action or proceeding as such expenses are incurred; provided, however, that the indemnity agreement contained in this Section 8(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action
if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld, delayed or conditioned), and that the Company shall not be liable to any such indemnified party in any such case to the extent that
any such loss, claim, damage, liability or action (including any legal or other expenses incurred) arises out of or is based upon an untrue statement of a material fact or allegedly untrue statement of a material fact or omission of a material fact
or alleged omission of a material fact made in said registration statement, preliminary prospectus, final prospectus, amendment, supplement, free writing prospectus or document incident to registration or qualification of any Registrable Shares in
reliance upon and in conformity with written information furnished to the Company by such indemnified party, any Affiliate of such indemnified party or their counsel specifically for use in the preparation thereof. 

(b) In connection with any registration of Registrable Shares under the Securities Act pursuant to this Agreement, each holder of Registrable
Shares shall severally and not jointly indemnify and hold harmless (in the same manner and to the same extent as set forth in paragraph (a) of this Section 8) to the fullest extent permitted by law the Company, each director or manager of
the Company, each officer of the Company who shall sign such registration statement their respective directors, officers, fiduciaries, employees, stockholders, members or general or limited partners (and the directors, officers, employees and
stockholders thereof), and each Person who controls any of the foregoing Persons within the meaning of the Securities Act with respect to any untrue statement of a material fact or omission of a material fact from such registration statement, any
preliminary prospectus or final prospectus contained therein or otherwise filed with the SEC, any amendment or supplement thereto, any free writing prospectus utilized thereunder or any document incident to registration or qualification of any
Registrable Shares, but only if such statement or omission was made in reliance upon and in conformity with written information furnished to the Company by such holder specifically for use in connection with the preparation of such registration
statement, preliminary prospectus, final prospectus, amendment, supplement or document; provided, however, that the indemnity agreement contained in this Section 8(b) shall not apply to amounts paid in settlement of any such loss,
claim, damage, liability or action if such settlement is effected without the consent of the Equity Holder (which consent shall not be unreasonably withheld, delayed or conditioned), and that the maximum amount of liability in respect of such
indemnification shall be limited, in 

  
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the case of each seller of Registrable Shares, to an amount equal to the net proceeds actually received by such seller from the sale of Registrable Shares effected pursuant to such registration
giving rise to such loss, claim, damage, liability, action or expense. 
 (c) Promptly after receipt by an indemnified party of notice of
the commencement of any action or proceeding that may involve a claim referred to in the preceding paragraphs of this Section 8, such indemnified party will give written notice to the latter of the commencement of such action. The failure of
any indemnified party to notify an indemnifying party of any such action shall not relieve the indemnifying party from any liability in respect of such action that it may have to such indemnified party on account of this Section 8, except to
the extent the indemnifying party is materially prejudiced thereby. In case any such action is brought against an indemnified party, the indemnifying party will be entitled to participate in and to assume the defense thereof, jointly with any other
indemnifying party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party of its election so to assume the defense
thereof, the indemnifying party shall not be responsible for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense thereof other than reasonable costs of investigation; provided,
however, that if (i) the indemnifying party fails to take reasonable steps necessary to defend diligently the action or proceeding within 20 days after receiving notice from such indemnified party; or (ii) any indemnified party
shall have reasonably concluded that there may be one or more legal or equitable defenses available to such indemnified party which are additional to or conflict with those available to the indemnifying party; or (iii) representation of both
parties by the same counsel is otherwise inappropriate under applicable standards of professional conduct, then in any such case the indemnifying party shall not have the right to assume the defense of such action on behalf of such indemnified party
(but shall have the right to participate therein with counsel of its choice at its own expense) and such indemnifying party shall reimburse such indemnified party and any Person controlling such indemnified party for the fees and expenses of any
counsel retained by the indemnified party which is reasonably related to the matters covered by the indemnity agreement provided in this Section 8. If the indemnifying party is not entitled to, or elects not to, assume the defense of a claim,
it will not be obligated to pay the fees and expenses of more than one counsel with respect to such claim. 
 (d) No indemnifying party
shall, without the written consent of the indemnified party (which consent shall not be unreasonably withheld, delayed or conditioned), effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or
threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment
(A) includes an unconditional release of the indemnified party from all liability arising out of such action or claim, and (B) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of
any indemnified party. 
 (e) If the indemnification provided for in this Section 8 is unavailable to or is insufficient to hold
harmless an indemnified party with respect to any loss, claim, damage, liability, action or expense referred to herein, then the indemnifying party shall contribute to the 

  
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amounts paid or payable by such indemnified party as a result of such loss, claim, damage, liability, action or expense in such proportion as is appropriate to reflect the relative fault of the
indemnifying party on the one hand and of the indemnified party on the other in connection with the untrue or alleged untrue statements of a material fact or omissions or alleged omissions to state a material fact which resulted in such loss, claim,
damage, liability, action or expense as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or omission. The parties agree that it would not be just and equitable if contribution pursuant hereto were determined by pro rata allocation or by any other method or allocation
which does not take account of the equitable considerations referred to herein. No Person guilty of fraudulent misrepresentation shall be entitled to contribution from any Person and who was not guilty of such fraudulent misrepresentation.
Notwithstanding anything in this Section 8(e) to the contrary, no Equity Holder shall be required to contribute any amount in excess of the proceeds (net of expenses and underwriting discounts and commissions) received by such Equity Holder
from the sale of the Registrable Shares in the offering to which the losses, claims, damages, liabilities and expenses of the indemnified parties relate less the amount of any indemnification payment made by such Equity Holder pursuant to
Section 8(b). 
 SECTION 9. Underwritten Offerings. In the case of a registration pursuant to Section 2 or 3 hereof, if the
Company is entering into a customary underwriting or similar agreement in connection therewith, all of the Registrable Shares to be included in such registration shall be subject to such underwriting agreement. To the extent required, the Equity
Holders shall enter into an underwriting or similar agreement, which agreement may contain provisions covering one or more issues addressed herein, and, in the case of any conflict with the provisions hereof, the provisions contained in such
underwriting or similar agreement addressing such issue or issues shall control. 
 SECTION 10. Information by Equity Holders. Each
Equity Holder shall furnish to the Company such written information regarding such Equity Holder and the distribution proposed by the Equity Holder as the Company may reasonably request in writing and as shall be reasonably required in connection
with any registration, qualification or compliance referred to in this Agreement. 
 SECTION 11. Delay of Registration. No Equity
Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Agreement. 

SECTION 12. Exchange Act Compliance. With a view to making available the benefits of certain rules and regulations of the SEC which may
permit the sale of restricted securities to the public without registration, the Company agrees to: 
 (a) make and keep public information
available as those terms are understood and defined in Rule 144, at all times from and after ninety days following the effective date of the registration statement with respect to the IPO; 

  
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 (b) use its reasonable best efforts to file with the SEC in a timely manner all reports and other
documents required of the Company under the Securities Act and the Exchange Act at any time after it has become subject to such reporting requirements; and 

(c) so long as the Equity Holders own any Registrable Shares, furnish to the Equity Holders upon request, a written statement by the Company
as to its compliance with the reporting requirements of Rule 144 (at any time from and after ninety days following the effective date of the registration statement with respect to the IPO), and of the Securities Act and the Exchange Act (at any time
after it has become subject to such reporting requirements), a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed as an Equity Holder may reasonably request in availing itself of any rule
or regulation of the SEC allowing such Equity Holder to sell any such securities without registration. 
 SECTION 13. Termination of
Registration Rights. With respect to each Equity Holder, the registration rights set forth in this Agreement will terminate at such time as such Equity Holder does not own any Registrable Shares (the “Rights Termination Date”);
provided that, for the avoidance of doubt, if a Rights Termination Date with respect to any Equity Holder occurs during a Holdback Period, such Equity Holder will continue to be bound by the provisions set forth in Section 4(a) until the end of
such Holdback Period; and provided, further, that upon exercise by the Company of any postponement right hereunder, the period during which any Equity Holder may exercise any rights provided for in this Agreement shall be extended for a period equal
to the period of such postponement by the Company. 
 SECTION 14. Successors and Assigns. This Agreement shall bind and inure to the
benefit of the Company and the Equity Holders and, subject to Section 15, the respective successors and assigns of the Company and the Equity Holders. 

SECTION 15. Assignment. Any Equity Holder may assign its rights hereunder, in whole or in part, to any Affiliate or third party to whom
such Equity Holder transfers Registrable Shares representing not less than 20% of the total Common Stock outstanding at such time on an As-Exchanged Basis in accordance with the Company’s Organizational Documents and the Stockholders Agreement
(an “Assignee”); provided, however, that such third party shall, as a condition to the effectiveness of such assignment, be required to execute a counterpart to this Agreement agreeing to be treated as an Equity Holder whereupon
such third party shall have the benefits of, and shall be subject to the restrictions contained in, this Agreement as if such third party was originally included in the definition of Equity Holder herein and had originally been a party hereto. 

SECTION 16. Entire Agreement. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof
and supersedes all prior agreements and undertakings, both written and oral, among the parties with respect to the subject matter hereof, except for contracts and agreements referred to herein. 

  
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 SECTION 17. Notices. All notices, requests and other communications hereunder must be in
writing and will be deemed to have been duly given only if delivered personally against written receipt or by facsimile transmission or mailed by prepaid first class mail, return receipt requested, or mailed by overnight courier prepaid to the
parties at the following addresses or facsimile numbers: 
  

	 	(a)	If to any Investor, to: 

 c/o Silver Lake Partners 

2775 Sand Hill Road, Suite 100 

Menlo Park, California 94025 

Telephone: (650) 233-8120 

Attention: Karen King 

Facsimile: (650) 233-8125 

9 West 57th Street 
 32nd Floor

 New York, NY 10019 
 Attn:
Andrew J. Schader 
 Facsimile: (212) 981-3535 

with a copy (which shall not constitute notice) to: 

Simpson Thacher & Bartlett LLP 

2475 Hanover Street 
 Palo Alto,
CA 94304 
 Attn:     William H. Hinman, Jr. 

 Daniel N. Webb 

Facsimile: (650) 251-5002 
  

	 	(b)	If to Mercury Holdings or Mercury II, to: 

 c/o EKS&H 

7979 E. Tufts Avenue, Suite 400 

Denver, Colorado 80237 
 Attn:
Jen Reavis 
 Facsimile: (303) 740-9009 

with a copy (which shall not constitute notice) to: 

Morgan, Lewis & Bockius LLP 

101 Park Avenue 
 New York, New
York 10178 
 Attn: David W. Pollak 

Facsimile: (212) 309-6001 

  
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	 	(c)	If to the Company or Holdings, to: 

 Mercury Payment Systems, Inc. or Mercury Payment Systems,
LLC, 
 as applicable 
 Tech
Center Plaza 
 10 Burnett Court, Suite 300 

Durango, CO 81301 
 Attn: Chief
Financial Officer 
 Facsimile: (970) 335-4700 

with a copy (which shall not constitute notice) to: 

Simpson Thacher & Bartlett LLP 

2475 Hanover Street 
 Palo Alto,
CA 94304 
 Attn:     William H. Hinman, Jr. 

 Daniel N. Webb 

Facsimile: (650) 251-5002 

All such notices, requests and other communications will (i) if delivered personally to the address as provided in this Section 17
be deemed given upon delivery, (ii) if delivered by facsimile transmission to the facsimile number as provided in this Section 17 be deemed given upon facsimile confirmation, and (iii) if delivered by mail in the manner described
above to the address as provided in this Section 17 upon the earlier of the third business day following mailing or upon receipt and (iv) if delivered by overnight courier to the address as provided in this Section 17, be deemed given
on the earlier of the first business day following the date sent by such overnight courier or upon receipt (in each case regardless of whether such notice, request or other communication is received by any other Person to whom a copy of such notice
is to be delivered pursuant to this Section 17). Any party from time to time may change its address, facsimile number or other information for the purpose of notices to that party by giving notice specifying such change to the other parties
hereto. 
 SECTION 18. Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being
enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected
in any manner adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible within a reasonable period of time. 

SECTION 19. Modifications; Amendments; Waivers. The terms and provisions of this Agreement may not be modified or amended, nor may any
provision be waived, except pursuant to a writing signed by the Company, the Equity Holders holding at least a majority of the 

  
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Registrable Shares then outstanding on an As-Exchanged Basis, and each of the following who continues to hold Registrable Securities: the Investors, Mercury Holdings and Mercury II.
Notwithstanding the foregoing, any Equity Holder may elect, without the consent of any other party, that, in lieu of including specified Registrable Securities of such Equity Holder in a registration pursuant to Section 2 or Section 3 or
in an Underwritten Takedown Offering, such specified Registrable Securities shall be repurchased by the Company or MPS LLC with the proceeds, net of underwriting commissions, to the Company from the sale in such registration or Underwritten Takedown
Offering of a like number of shares of Common Stock to be offered and sold by the Company; provided, that such shares of Common Stock to be offered and sold by the Company, the proceeds of which are used to repurchase Registrable Securities, shall
be treated as Registrable Securities, rather than Primary Securities, for the purpose of Section 2(c)(i), Section 2(d)(y) or Section 3(b)(i), as applicable, and such Equity Holder shall retain with respect to such offering such rights
with respect to participation or non-participation and consent as to pricing, timing and other matters as such Equity Holder would have for a registration pursuant to Section 2 or Section 3 or in an Underwritten Takedown Offering, as
applicable. 
 SECTION 20. Specific Enforcement. Each party hereto acknowledges that the remedies at law of the other parties for a
breach or threatened breach of this Agreement would be inadequate and, in recognition of this fact, it is agreed that any party to this Agreement, without posting any bond, and in addition to all other remedies that may be available, shall be
entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy that may then be available. 

SECTION 21. Mergers, Recapitalizations, Exchanges of Other Transactions Affecting Registrable Securities. The provisions of this
Agreement shall apply to the full extent set forth herein with respect to the Registrable Securities, to any and all securities or units of the Company or MPS LLC or any successor or assign of any such person (whether by merger, amalgamation,
consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for, or in substitution of such Registrable Securities, by reason of any dividend, split, issuance, reverse split, combination, recapitalization,
reclassification, merger, amalgamation, consolidation or otherwise. 
 SECTION 22. Counterparts. This Agreement may be executed in
one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. 

SECTION 23. Headings. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement. 
 SECTION 24. Governing Law. This Agreement shall be construed in accordance with and
governed by the laws of the State of Delaware, without giving effect to any choice of law or conflict of law provision or rule that would cause the application of the laws of any jurisdiction other than the State of Delaware. 

SECTION 25. Waiver of Jury Trial; Consent to Jurisdiction. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHT TO
TRIAL BY JURY 

  
 - 22 - 

 
IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. Each party hereby irrevocably submits to the exclusive jurisdiction of the
federal courts located in the State of Delaware or the Delaware Court of Chancery for the purpose of adjudicating any dispute arising hereunder. Each party hereby irrevocably and unconditionally waives and agrees not to plead or claim in any such
court any objection to such jurisdiction, whether on the grounds of hardship, inconvenient forum or otherwise. Each party further agrees that service of any process, summons, notice or document by U.S. registered mail to such party’s respective
address set forth in Section 17 shall be effective service of process for any action, suit or proceeding with respect to any matters to which it has submitted to jurisdiction in this Section 25. 

[Signature page to follow] 

  
 - 23 - 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date
first above written. 
  

			
	MERCURY PAYMENT SYSTEMS, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	MERCURY PAYMENT SYSTEMS, LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	SL QUICKSILVER LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	SLP III FEEDER I, L.P.
		
	By:	 	  

		 	Name:
		 	Title:
	
	SILVER LAKE TECHNOLOGY INVESTORS III, L.P.
		
	By:	 	  

		 	Name:
		 	Title:

  
 Signature Page to Amended
and Restated Registration Rights Agreement 

 
			
	SILVER LAKE PARTNERS III DE, L.P.
		
	By:	 	  

		 	Name:
		 	Title:
	
	SILVER LAKE TECHNOLOGY ASSOCIATES III, L.P.
		
	By:	 	  

		 	Name:
		 	Title:
	
	MPS 1, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	MERCURY PAYMENT SYSTEMS II, LLC
		
	By:	 	  

		 	Name:
		 	Title:EX-10.14

 Exhibit 10.14 

MERCURY PAYMENT SYSTEMS, INC. 

2014 STOCK AWARD PLAN 

1. Purpose. The purpose of the Mercury Payment Systems, Inc. 2014 Stock Award Plan is to provide a means through which the
Company and its Affiliates may attract and retain key personnel and to provide a means whereby current and prospective directors, officers, employees, consultants and advisors of the Company and its Affiliates can acquire and maintain an equity
interest in the Company, or be paid incentive compensation, which may (but need not) be measured by reference to the value of Common Stock, thereby strengthening their commitment to the welfare of the Company and its Affiliates and aligning their
interests with those of the Company’s stockholders. 
 2. Definitions. The following definitions shall be applicable
throughout the Plan: 
 (a) “Affiliate” “means with respect to any Person, any other Person (other than an
individual) that controls, is controlled by, or is under common control with such Person. The term “control,” as used in this Plan, means the power to direct or cause the direction of the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by contract or otherwise. “Controlled” and “controlling” have meanings correlative to the foregoing. For the avoidance of doubt, the
following shall not be considered Affiliates of the Company: (i) the SLP Group, (ii) MPS I, Inc., (iii) Mercury Payment Systems II, LLC, or (iv) any other portfolio company in which the SLP Group has made a debt or equity
investment. 
 (b) “Award” means, individually or collectively, any Incentive Stock Option, Nonqualified Stock
Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Stock Bonus Award, Dividend Equivalent, and Performance Compensation Award granted under the Plan. 

(c) “Award Agreement” means any agreement or other instrument (whether in paper or electronic medium (including email
or the posting on a web site maintained by the Company or a third party under contract with the Company)) setting forth the terms of an Award that has been duly authorized and approved by the Committee. 

(c) “Board” means the Board of Directors of the Company. 

(d) “Cause” means, in the case of a particular Award, unless the applicable Award Agreement states otherwise,
(i) the Company or one of its Affiliates having “cause” to terminate a Participant’s employment or service, as defined in any employment or consulting agreement between the Participant and the Company or one of its Affiliates in
effect at the time of such termination or (ii) in the absence of any such employment or consulting agreement (or the absence of any definition of “cause” contained therein), (A) the Participant’s engagement in misconduct
that is materially injurious to the Company or its Affiliates, (B) the Participant’s continued failure to substantially perform duties as reasonably directed by the Company or the Participant’s material violation of any material rule,
regulation, policy or plan for the conduct of any service provider to the Company or its Affiliates or its or their business, (C) Participant’s repeated dishonesty in the performance of his duties to the Company or its Affiliates, or
(D) the 

 
Participant’s commission of any act or acts constituting any (x) fraud against, or misappropriation or embezzlement from the Company or any of its Affiliates, (y) felony or any
other crime involving moral turpitude, or (z) offense that could result in jail sentence of at least 30 days. Any determination of whether Cause exists shall be made by the Committee in its sole discretion. 

(e) “Change in Control” means the occurrence, in a single transaction or in a series of related transactions, of any
one or more of the following events: 
 (i) the sale or other disposition, in one or a series of related transactions, of
all or substantially all of the assets of the Company to any “person” or “group” (as such terms are used for purposes of Sections 13(d)(3) and 14(d)(2) of the Exchange Act) other than to any member of the SLP Group; 

(ii) any person or group, excluding any member of the SLP Group and any securities owned by members of the SLP Group, is or
becomes the “beneficial owner” (as such term is used for purposes of Rule 13d-3 and Rule 13d-5 under the Exchange Act), directly or indirectly, of more than fifty percent (50%) of the total voting power of the Company’s then
outstanding voting securities, including by way of merger, consolidation or otherwise; provided, however that a Change in Control shall not be deemed to occur by reason of an acquisition of the Company’s voting securities by the Company or by
an employee benefit plan (or a trust forming a part thereof) maintained by the Company. 
 (iii) during any period of
twenty-four (24) months, individuals who, at the beginning of such period, constitute the Board (the “Incumbent Directors”) cease for any reason to constitute at least a majority of the Board, provided, that any person
becoming a director subsequent to the date hereof, whose election or nomination for election was approved by a vote of at least two-thirds (2/3) of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy
statement of the Company in which such person is named as a nominee for director, without written objection to such nomination) shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a
director of the Company as a result of an actual or threatened election contest, as such terms are used in Rule 14a-12 of Regulation 14A promulgated under the Exchange Act, with respect to directors or as a result of any other actual or threatened
solicitation of proxies or consents by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director. 

In addition, if a Change in Control constitutes a payment event with respect to any Award which provides for the deferral of
compensation and is subject to Section 409A of the Code, the transaction or event described in subsection (i), (ii), or (iii) with respect to such Award must also constitute a “change in control event,” as defined in Treasury
Regulation § 1.409A-3(i)(5) to the extent required by Section 409A of the Code. The Committee shall have full and final authority, which shall be exercised in its sole discretion, to determine conclusively whether a Change in Control has
occurred pursuant to the above definition, and the date of the occurrence of such Change in Control and any incidental matters relating thereto. 

  
 2 

 (f) “Code” means the Internal Revenue Code of 1986, as amended, and any
successor thereto. Reference in the Plan to any section of the Code shall be deemed to include any regulations or other interpretative guidance under such section, and any amendments or successor provisions to such section, regulations or guidance.

 (g) “Committee” means the Compensation Committee of the Board or subcommittee thereof as may be appointed
pursuant to Section 4(a), or such other committee of the Board consisting of at least two people as the Board may appoint to administer the Plan, or, if no such committee has been appointed by the Board, the Board. 

(h) “Common Stock” means the Class A common stock, par value $0.001 per share, of the Company (and any stock or
other securities into which such Class A common stock may be converted or into which it may be exchanged). 
 (i)
“Company” means Mercury Payment Systems, Inc. (formerly known as Mercury Payment Systems Holdings, Inc.), a Delaware corporation, and any successor thereto. 

(j) “Date of Grant” means the date on which the granting of an Award is authorized, or such other date as may be
specified in such authorization. 
 (k) “Disability” means, in the case of a particular Award, unless the
applicable Award Agreement states otherwise, (i) the Company or one of its Affiliates having cause to terminate a Participant’s employment or service on account of “disability,” as defined in any employment or consulting
agreement between the Participant and the Company or one of its Affiliates in effect at the time of such termination, or (ii) in the absence of any such employment or consulting agreement, the complete and permanent inability by reason of
illness or accident to perform in all material respects his or her duties and responsibilities to the Company and its Affiliates. Any determination of whether Disability exists shall be made by the Committee in its sole discretion. 

(l) “Dividend Equivalent” shall mean a right to receive the equivalent value (in cash or Common Stock) of dividends
paid on Common Stock, awarded under Section 10(b) of the Plan. 
 (o) “Effective Date” means the date on which
the Plan is first approved by the stockholders of the Company. 
 (m) “Eligible Director” means a person who is
(i) a “non-employee director” within the meaning of Rule 16b-3 under the Exchange Act, and (ii) an “outside director” within the meaning of Section 162(m) of the Code. 

(n) “Eligible Person” means any (i) individual employed by the Company or any of its Affiliates;
(ii) director of the Company or any of its Affiliates; (iii) consultant or advisor to the Company or any of its Affiliates who may be offered securities registrable on Form S-8 under the Securities Act or pursuant to Rule 701 of the
Securities Act, or any other available exemption, as applicable; or (iv) prospective employees, directors, officers, consultants or advisors who have accepted offers of employment or consultancy from the Company or its Affiliates (and would
satisfy the provisions of clauses (i) through (iii) above once such person begins employment with or providing services to the Company or its Affiliates). 

  
 3 

 (o) “Exchange Act” means the Securities Exchange Act of 1934, as
amended, and any successor thereto. Any reference in the Plan to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations or other interpretative guidance under such section or rule, and any
amendments or successor provisions to such section, rules, regulations or guidance. 
 (p) “Exercise Price” has the
meaning given such term in Section 7(b) of the Plan. 
 (q) “Fair Market Value” means, as of any date, the
value of a share of Common Stock as determined by the Committee, in its discretion, subject to the following: 
 (i) If, on
such date, Common Stock is listed on one or more established U.S. national or regional securities exchanges, the Fair Market Value of a share shall be the closing price of a share of Common Stock as quoted on such exchange constituting the primary
market for the shares, as reported in The Wall Street Journal or such other source as the Company deems reliable (or, if no such closing price is reported, the closing price on the last preceding date on which such price of Common Stock is so
reported). 
 (ii) Notwithstanding clause (i) above, the Committee may, in its discretion, determine the Fair Market
Value of a share of Common Stock on the basis of the opening, closing, or average of the high and low sale prices of a share of Common Stock on such date or the preceding trading day, the actual sale price of a Share, any other reasonable basis
using actual transactions involving shares of Common Stock as reported on an established U.S. national or regional securities exchange, or on any other basis consistent with the requirements of Section 409A of the Code. 

(iii) The Committee may vary its method of determining Fair Market Value as provided in this Section for purposes of different
provisions under the Plan. The Committee may delegate its authority to establish Fair Market Value for purposes of determining whether sufficient consideration has been paid to exercise Options or SARs or for purposes of any other transactions
involving outstanding Awards. 
 (r) “Immediate Family Members” shall have the meaning set forth in
Section 15(b) of the Plan. 
 (s) “Incentive Stock Option” means an Option that is designated by the Committee
as an incentive stock option as described in Section 422 of the Code and otherwise meets the requirements set forth in the Plan. 

(t) “Indemnifiable Person” shall have the meaning set forth in Section 4(e) of the Plan. 

  
 4 

 (u) “Initial Public Offering” means the consummation of the initial
public offering of equity interests in the Company, or any of its direct or indirect parent companies, which offering is registered under the Securities Act. 

(v) “LLC” has the meaning given such term in Section 5(f). 

(w) “LLC Options” has the meaning given such term in Section 5(f). 

(x) “Mature Shares” means shares of Common Stock owned by a Participant that are not subject to any pledge or
security interest and that have been either previously acquired by the Participant on the open market or meet such other requirements, if any, as the Committee may determine are necessary in order to avoid an accounting earnings charge on account of
the use of such shares to pay the Exercise Price or satisfy a tax withholding obligation of the Participant. 
 (y) “Negative
Discretion” shall mean the discretion authorized by the Plan to be applied by the Committee to eliminate or reduce the size of a Performance Compensation Award consistent with Section 162(m) of the Code. 

(z) “Nonqualified Stock Option” means an Option that is not designated by the Committee as an Incentive Stock Option.

 (aa) “Option” means an Award granted under Section 7 of the Plan. 

(bb) “Option Period” has the meaning given such term in Section 7(c) of the Plan. 

(cc) “Participant” means an Eligible Person who has been selected by the Committee to participate in the Plan and to
receive an Award pursuant to Section 6 of the Plan. 
 (dd) “Performance Compensation Award” shall mean any
Award designated by the Committee as a Performance Compensation Award pursuant to Section 11 of the Plan. 
 (ee)
“Performance Criteria” shall mean the criterion or criteria that the Committee shall select for purposes of establishing the Performance Goal(s) for a Performance Period with respect to any Performance Compensation Award
under the Plan. 
 (ff) “Performance Formula” shall mean, for a Performance Period, the one or more objective
formulae applied against the relevant Performance Goal to determine, with regard to the Performance Compensation Award of a particular Participant, whether all, some portion but less than all, or none of the Performance Compensation Award has been
earned for the Performance Period. 
 (gg) “Performance Goals” shall mean, for a Performance Period, the one or
more goals established by the Committee for the Performance Period based upon the Performance Criteria. 

  
 5 

 (hh) “Performance Period” shall mean the one or more periods of time, as
the Committee may select, over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to, and the payment of, a Performance Compensation Award. 

(ii) “Permitted Transferee” shall have the meaning set forth in Section 15(b) of the Plan. 

(jj) “Person” means a “person” as such term is used for purposes of 13(d) or 14(d) of the Exchange Act, or
any successor section thereto. 
 (kk) “Plan” means the Mercury Payment Systems, Inc. 2014 Stock Award Plan. 

(ll) “Prior Plan” has the meaning given such term in Section 5(f). 

(mm) “Replacement Option” has the meaning given such term in Section 5(f). 

(nn) “Restricted Period” means the period of time determined by the Committee during which an Award is subject to
restrictions or, as applicable, the period of time within which performance is measured for purposes of determining whether an Award has been earned. 

(oo) “Restricted Stock” means Common Stock, subject to certain specified restrictions (including, without limitation,
a requirement that the Participant remain continuously employed or provide continuous services for a specified period of time), granted under Section 9 of the Plan. 

(pp) “Restricted Stock Unit” means an unfunded and unsecured promise to deliver shares of Common Stock, cash, other
securities or other property, subject to certain restrictions (including, without limitation, a requirement that the Participant remain continuously employed or provide continuous services for a specified period of time), granted under
Section 9 of the Plan. 
 (qq) “SAR Period” has the meaning given such term in Section 8(b) of the Plan.

 (rr) “Securities Act” means the Securities Act of 1933, as amended, and any successor thereto. Reference in the
Plan to any section of the Securities Act shall be deemed to include any rules, regulations or other interpretative guidance under such section, and any amendments or successor provisions to such section, rules, regulations or guidance. 

(ss) “SEC” means the Securities and Exchange Commission. 

(tt) “SLP Group” means Silver Lake Group, L.L.C. and its Affiliates that (i) are collective investment vehicles
for which Silver Lake Group, L.L.C. or its Affiliates act directly or indirectly as investment manager, investment advisor or in a similar capacity or (ii) serve as the general partner, managing member or similar capacity for any collective
investment vehicle referred to in clause (i), but shall not include any portfolio company of any of the foregoing. 

  
 6 

 (uu) “Stock Appreciation Right” or “SAR” means
an Award granted under Section 8 of the Plan. 
 (vv) “Stock Bonus Award” means an Award granted under
Section 10(a) of the Plan. 
 (ww) “Strike Price” means, except as otherwise provided by the Committee in the
case of Substitute Awards, (i) in the case of a SAR granted in tandem with an Option, the Exercise Price of the related Option, or (ii) in the case of a SAR granted independent of an Option, the Fair Market Value on the Date of Grant. 

(xx) “Substitute Award” has the meaning given such term in Section 5(e). 

3. Effective Date; Duration. The Plan shall be effective as of the Effective Date. The expiration date of the Plan, on and after
which date no Awards may be granted hereunder, shall be the tenth anniversary of the Effective Date; provided, however, that such expiration shall not affect Awards then outstanding, and the terms and conditions of the Plan shall
continue to apply to such Awards. 
 4. Administration. 

(a) The Committee shall administer the Plan. To the extent required to comply with the provisions of Rule 16b-3 promulgated under the
Exchange Act (if the Board is not acting as the Committee under the Plan) or necessary to obtain the exception for performance-based compensation under Section 162(m) of the Code, as applicable, it is intended that each member of the Committee
shall, at the time he takes any action with respect to an Award under the Plan, be an Eligible Director. However, the fact that a Committee member shall fail to qualify as an Eligible Director shall not invalidate any Award granted by the Committee
that is otherwise validly granted under the Plan. The majority of the members of the Committee shall constitute a quorum. The acts of a majority of the members present at any meeting at which a quorum is present or acts approved in writing by a
majority of the Committee shall be deemed the acts of the Committee. 
 (b) Subject to the provisions of the Plan and applicable law, the
Committee shall have the sole and plenary authority, in addition to other express powers and authorizations conferred on the Committee by the Plan, to: (i) designate Participants; (ii) determine the type or types of Awards to be granted to
a Participant; (iii) determine the number of shares of Common Stock 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 and any amendments thereto; (v) determine whether, to what extent, and under what circumstances Awards may be settled or exercised in cash, shares of Common Stock, other securities, other Awards or other property, or canceled,
forfeited, or suspended and the method or methods by which Awards may be settled, exercised, canceled, forfeited, or suspended; 

  
 7 

 
(vi) determine whether, to what extent, and under what circumstances the delivery of cash, Common Stock, other securities, other Awards or other property and other amounts payable with
respect to an Award shall be deferred either automatically or at the election of the Participant or of the Committee; (vii) interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan and
any instrument or agreement relating to, or Award granted under, the Plan; (viii) establish, amend, suspend, or waive any rules and regulations and appoint such agents as the Committee shall deem appropriate for the proper administration of the
Plan; (ix) accelerate the vesting or exercisability of, payment for or lapse of restrictions on, Awards; 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) Except to the extent prohibited by applicable law or the applicable rules and regulations of any securities exchange or
inter-dealer quotation system on which the securities of the Company are listed or traded, the Committee may allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any part of its
responsibilities and powers to any person or persons selected by it. Any such allocation or delegation may be revoked by the Committee at any time. Without limiting the generality of the foregoing, the Committee may delegate to one or more officers
of the Company or any of its Affiliates the authority to act on behalf of the Committee with respect to any matter, right, obligation, or election that is the responsibility of or that is allocated to the Committee herein, and that may be so
delegated as a matter of law, except for grants of Awards to persons (i) who are non-employee members of the Board or otherwise are subject to Section 16 of the Exchange Act or (ii) who are, or who are reasonably expected to be,
“covered employees” for purposes of Section 162(m) of the Code. 
 (d) Unless otherwise expressly provided in the Plan, all
designations, determinations, interpretations, and other decisions under or with respect to the Plan or any Award or any documents evidencing Awards granted pursuant to the Plan shall be within the sole discretion of the Committee, may be made at
any time and shall be final, conclusive and binding upon all persons or entities, including, without limitation, the Company, any of its Affiliates, any Participant, any holder or beneficiary of any Award, and any stockholder of the Company. 

(e) No member of the Board, the Committee, delegate of the Committee or any officer, employee or agent of the Company (each such person, an
“Indemnifiable Person”) shall be liable for any action taken or omitted to be taken or any determination made in good faith with respect to the Plan or any Award hereunder. Each Indemnifiable Person shall be indemnified and held
harmless by the Company against and from any loss, cost, liability, or expense (including attorneys’ fees) that may be imposed upon or incurred by such Indemnifiable Person in connection with or resulting from any action, suit or proceeding to
which such Indemnifiable Person may be a party or in which such Indemnifiable Person may be involved by reason of any action taken or omitted to be taken under the Plan or any Award Agreement and against and from any and all amounts paid by such
Indemnifiable Person with the Company’s approval, in settlement thereof, or paid by such Indemnifiable Person in satisfaction of any judgment in any such action, suit or proceeding against such Indemnifiable Person, provided, that the
Company shall have the right, at its own expense, to assume and defend any such action, 

  
 8 

 
suit or proceeding and once the Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of the Company’s choice. The
foregoing right of indemnification shall not be available to an Indemnifiable Person to the extent that a final judgment or other final adjudication (in either case not subject to further appeal) binding upon such Indemnifiable Person determines
that the acts or omissions of such Indemnifiable Person giving rise to the indemnification claim resulted from such Indemnifiable Person’s fraud, gross negligence or willful criminal act or omission or that such right of indemnification is
otherwise prohibited by law or by the Company’s Certificate of Incorporation or Bylaws. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such Indemnifiable Persons may be entitled
under the Company’s Certificate of Incorporation or Bylaws or as a matter of law or otherwise, or any other power that the Company may have to indemnify such Indemnifiable Persons or hold them harmless. 

(f) Notwithstanding anything to the contrary contained in the Plan, the Board may, in its sole discretion, at any time and from time to time,
grant Awards and administer the Plan with respect to such Awards. In any such case, the Board shall have all the authority granted to the Committee under the Plan. 

5. Grant of Awards; Shares Subject to the Plan; Limitations. 

(a) The Committee may, from time to time, grant Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Stock Bonus
Awards, Dividend Equivalents and/or Performance Compensation Awards to one or more Eligible Persons. 
 (b) Awards granted under the Plan
shall be subject to the following limitations: (i) subject to Section 12 of the Plan, the Committee is authorized to deliver under the Plan [—] shares of Common Stock; provided,
however, no more than [—] shares of Common Stock may be issued upon the exercise of Incentive Stock Options; (ii) subject to Section 12 of the Plan, grants of Options or SARs under
the Plan in respect of no more than [—] shares of Common Stock may be made to any single Participant during any calendar year; (iii) subject to Section 12 of the Plan, no more than [—] shares of Common Stock may be earned in respect of Performance Compensation Awards granted pursuant to Section 11 of the Plan to any single Participant for a single calendar year during a
Performance Period, or in the event such Performance Compensation Award is paid in cash, other securities, other Awards or other property, no more than the Fair Market Value of [—] shares of Common
Stock on the last day of the Performance Period to which such Award relates; and (iv) the maximum amount that can be paid to any single Participant pursuant to a cash bonus Award described in Section 11(a) of the Plan with respect to a
Performance Period that is 12 months or less shall be $[—], and with respect to a Performance Period that is more than 12 months shall be $[—].

 (c) Shares of Common Stock used to pay the required Exercise Price or tax obligations, or shares not issued in connection with the
settlement of an Option or SAR or that are used or withheld to satisfy tax obligations of the Participant shall, notwithstanding anything herein to the contrary, be available again for other Awards under the Plan. Shares underlying Awards under this
Plan that are forfeited, cancelled, expire unexercised, or are settled in cash will be available again for Awards under the Plan. 

  
 9 

 (d) Shares of Common Stock delivered by the Company in settlement of Awards may be authorized
and unissued shares, shares held in the treasury of the Company, shares purchased on the open market or by private purchase, or a combination of the foregoing. 

(e) Awards may, in the sole discretion of the Committee, be granted under the Plan in assumption of, or in substitution for, outstanding
awards previously granted by an entity acquired by the Company or its Affiliates or with which the Company or its Affiliates combines (“Substitute Awards”). The number of shares of Common Stock underlying any Substitute Awards shall
not be counted against the aggregate number of shares of Common Stock available for Awards under the Plan. 
 (f) Following the later of
(i) the execution and delivery of the underwriting agreement relating to the Initial Public Offering and (ii) the filing of a Registration Statement on Form S-8 covering shares to be issued under the Plan, each employee of Mercury Payment
Systems, LLC (the “LLC”) who holds an option to acquire Class C non-voting units of the LLC (the “LLC Option”) that was previously granted under the Mercury Payment Systems, LLC 2010 Unit Incentive Plan (the
“Prior Plan”) will receive a Replacement Option as a result of the conversion of LLC Options into Replacement Options, and such LLC Option will be cancelled in connection with the reorganization of the LLC in all events prior to the
issuance of any such Replacement Option therefor, in each case, pursuant to the Reorganization Agreement, dated as of [            ], 2014, by and among the Company, the LLC and certain
other parties named therein, and the Assignment and Assumption Agreement, dated as of [            ], 2014, by and between the Company and the LLC. For purposes of the Plan, a
“Replacement Option” is an Option granted under the Plan as a replacement for a LLC Option that was previously granted under the Prior Plan. The number of shares of Common Stock subject to and the exercise price per share of a
Replacement Option granted to a Participant will be the same as the number of Class C non-voting units of the LLC subject to and the exercise price per unit of the LLC Option held by such Participant that is outstanding and in effect immediately
prior to such conversion and cancellation. In no event shall any provision of the Plan be applied or interpreted in a manner that will result in an “additional benefit” to any Replacement Option under Treasury Regulation
Section 1.424-1, a new equity grant for purposes of applicable accounting principles or both. For purposes of Section 5(b) above, Replacement Options shall be taken into account in applying the share reserve but shall be excluded in
calculating individual grant limitations. 
 (g) The terms of the Plan shall be applied and interpreted consistent with the intention that
each Substitute Award or Replacement Option, as applicable, will not be treated as the grant of a new stock right or a change in the form of payment for purposes of Treasury Regulation Section 1.409A-1(b)(5)(v)(D) regarding substitutions and
assumptions of stock rights by reason of a restructuring or other corporate transaction. 
 6. Eligibility. Participation
shall be limited to Eligible Persons who have entered into an Award Agreement or who have received written notification from the Committee, or from a person designated by the Committee, that they have been selected to participate in the Plan. 

  
 10 

 7. Options. 

(a) Generally. Each Option granted under the Plan shall be evidenced by an Award Agreement. Each Option so granted shall be
subject to the conditions set forth in this Section 7, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. All Options granted under the Plan shall be Nonqualified Stock Options
unless the applicable Award Agreement expressly states that the Option is intended to be an Incentive Stock Option. Incentive Stock Options shall be granted only to Eligible Persons who are employees of the Company or any “parent
corporation” or “subsidiary corporation” thereof within the meaning of Section 424(e) and 424(f), respectively, of the Code, and no Incentive Stock Option shall be granted to any Eligible Person who is ineligible to receive an
Incentive Stock Option under the Code. No Option shall be treated as an Incentive Stock Option unless the Plan has been approved by the stockholders of the Company in a manner intended to comply with the stockholder approval requirements of
Section 422(b)(1) of the Code, provided, that any Option intended to be an Incentive Stock Option shall not fail to be effective solely on account of a failure to obtain such approval, but rather such Option shall be treated as a
Nonqualified Stock Option unless and until such approval is obtained. In the case of an Incentive Stock Option, the terms and conditions of such grant shall be subject to and comply with such rules as may be prescribed by Section 422 of the
Code. If for any reason an Option intended to be an Incentive Stock Option (or any portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such non-qualification, such Option or portion thereof shall be regarded as a
Nonqualified Stock Option appropriately granted under the Plan. 
 (b) Exercise Price. Except as otherwise provided by the
Committee in the case of Substitute Awards, the exercise price (“Exercise Price”) per share of Common Stock for each Option shall not be less than 100% of the Fair Market Value of such share (determined as of the Date of Grant);
provided, however, that in the case of an Incentive Stock Option granted to an employee who, at the time of the grant of such Option, owns stock representing more than 10% of the voting power of all classes of stock of the Company or
any “parent corporation” or “subsidiary corporation” thereof within the meaning of Section 424(e) and 424(f), respectively, of the Code, the Exercise Price per share shall not be less than 110% of the Fair Market Value per
share on the Date of Grant; and provided, further, that a Nonqualified Stock Option may be granted with an Exercise Price lower than that set forth herein if such Option is granted pursuant to an assumption or substitution for another
option in a manner satisfying the provisions of Section 424(a) and Section 409A of the Code. 
 (c) Vesting and
Expiration. Options shall vest and become exercisable in such manner and on such date or dates determined by the Committee and shall expire after such period, not to exceed ten years, as may be determined by the Committee (the
“Option Period”); provided, that if the Option Period (other than in the case of an Incentive Stock Option) would expire at a time when trading in the shares of Common Stock is prohibited by the Company’s insider trading
policy (or Company-imposed “blackout period”), the Option Period shall be automatically extended until the 30th day following the expiration of such prohibition; provided, however, that the Option Period shall not exceed five
years from the Date of Grant in the case of an Incentive Stock Option granted to a Participant who on the Date of Grant owns stock representing more than 10% of the voting power of all classes of stock of the Company or any of its Affiliates;
provided, further, that notwithstanding any vesting dates set by the Committee, the Committee may, in its sole discretion, accelerate the exercisability of any Option. 

  
 11 

 (d) Method of Exercise and Form of Payment. No shares of Common Stock shall be
delivered pursuant to any exercise of an Option until payment in full of the Exercise Price therefor is received by the Company and the Participant has paid to the Company an amount equal to any federal, state, local and non-U.S. income and
employment taxes required to be withheld. Options that have become exercisable may be exercised by delivery of written or electronic notice of exercise to the Company in accordance with the terms of the Option accompanied by payment of the Exercise
Price. The Exercise Price shall be payable (i) in cash, check, cash equivalent and/or shares of Common Stock valued at the Fair Market Value at the time the Option is exercised (including, pursuant to procedures approved by the Committee, by
means of attestation of ownership of a sufficient number of shares of Common Stock in lieu of actual delivery of such shares to the Company); provided, that such shares of Common Stock are Mature Shares; or (ii) by such other method as
the Committee may permit in its sole discretion, including without limitation: (A) in other property having a fair market value on the date of exercise equal to the Exercise Price, (B) if there is a public market for the shares of Common
Stock at such time, by means of a broker-assisted “cashless exercise” pursuant to which the Company is delivered a copy of irrevocable instructions to a stockbroker to sell the shares of Common Stock otherwise deliverable upon the exercise
of the Option and to deliver promptly to the Company an amount equal to the Exercise Price, or (C) by a “net exercise” method whereby the Company withholds from the delivery of the shares of Common Stock for which the Option was
exercised that number of shares of Common Stock having a Fair Market Value equal to the aggregate Exercise Price for the shares of Common Stock for which the Option was exercised. Any fractional shares of Common Stock shall be settled in cash.
Notwithstanding the foregoing, if on the last day of the Option Period, the Fair Market Value exceeds the Exercise Price and the Participant has not exercised the Option, the Option shall be deemed to have been exercised by the Participant on such
last day and the Company shall make the appropriate payment therefor. 
 (e) Notification upon Disqualifying Disposition of an
Incentive Stock Option. Each Participant awarded an Incentive Stock Option under the Plan shall notify the Company in writing immediately after the date he makes a disqualifying disposition of any Common Stock acquired pursuant to the
exercise of such Incentive Stock Option. A disqualifying disposition is any disposition (including, without limitation, any sale) of such Common Stock before the later of (A) two years after the Date of Grant of the Incentive Stock Option or
(B) one year after the date of exercise of the Incentive Stock Option. 
 (f) Compliance With Laws, etc. Notwithstanding
the foregoing, in no event shall a Participant be permitted to exercise an Option in a manner that the Committee determines would violate the Sarbanes-Oxley Act of 2002, or any other applicable law or the applicable rules and regulations of the SEC
or the applicable rules and regulations of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or traded. 

8. Stock Appreciation Rights. 

(a) Generally. Each SAR granted under the Plan shall be evidenced by an Award Agreement. Each SAR so granted shall be subject
to the conditions set forth in this Section 8, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. Any Option granted under the Plan may include tandem SARs. The Committee also may
award SARs to Eligible Persons independent of any Option. 

  
 12 

 (b) Vesting and Expiration. A SAR granted in connection with an Option shall
become exercisable and shall expire according to the same vesting schedule and expiration provisions as the corresponding Option. A SAR granted independent of an Option shall vest and become exercisable and shall expire in such manner and on such
date or dates determined by the Committee and shall expire after such period, not to exceed ten years, as may be determined by the Committee (the “SAR Period”); provided, however, that notwithstanding any vesting dates
set by the Committee, the Committee may, in its sole discretion, accelerate the exercisability of any SAR. 
 (c) Method of
Exercise. SARs that have become exercisable may be exercised by delivery of written or electronic notice of exercise to the Company in accordance with the terms of the Award, specifying the number of SARs to be exercised and the date on
which such SARs were awarded. Notwithstanding the foregoing, if on the last day of the Option Period (or in the case of a SAR independent of an option, the SAR Period), the Fair Market Value exceeds the Strike Price, the Participant has not
exercised the SAR or the corresponding Option (if applicable), and neither the SAR nor the corresponding Option (if applicable) has expired, such SAR shall be deemed to have been exercised by the Participant on such last day and the Company shall
make the appropriate payment therefor. 
 (d) Payment. Upon the exercise of a SAR, the Company shall pay to the Participant
an amount equal to the number of shares subject to the SAR that are being exercised multiplied by the excess, if any, of the Fair Market Value of one share of Common Stock on the exercise date over the Strike Price, less an amount equal to any
federal, state, local and non-U.S. income and employment taxes required to be withheld. The Company shall pay such amount in cash, in shares of Common Stock valued at Fair Market Value, or any combination thereof, as determined by the Committee at
the Date of Grant. Any fractional shares of Common Stock shall be settled in cash. 
 9. Restricted Stock and Restricted Stock
Units. 
 (a) Generally. Each grant of Restricted Stock and Restricted Stock Units shall be evidenced by an Award
Agreement. Each such grant shall be subject to the conditions set forth in this Section 9, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. 

(b) Book Entry and Stock Certificates; Escrow or Similar Arrangement. Upon the grant of Restricted Stock, the Committee shall
cause a stock certificate registered in the name of the Participant to be issued, or shall cause share(s) of Common Stock to be registered in the name of the Participant and held in book-entry form subject to the Company’s directions, and, if
the Committee determines that the Restricted Stock shall be held by the Company or in escrow rather than delivered to the Participant pending the release of the applicable restrictions, the Committee may require the Participant to additionally
execute and deliver to the Company (i) an escrow agreement satisfactory to the Committee, if applicable, and (ii) the appropriate stock 

  
 13 

 
power (endorsed in blank) with respect to the Restricted Stock covered by such agreement. If a Participant shall fail to execute an agreement evidencing an Award of Restricted Stock and, if
applicable, an escrow agreement and blank stock power within the amount of time specified by the Committee, the Award shall be null and void. Subject to the restrictions set forth in this Section 9 and the applicable Award Agreement, the
Participant generally shall have the rights and privileges of a stockholder as to such Restricted Stock, including without limitation the right to vote such Restricted Stock. To the extent shares of Restricted Stock are forfeited, any stock
certificates issued to the Participant evidencing such shares shall be returned to the Company, and all rights of the Participant to such shares and as a stockholder with respect thereto shall terminate without further obligation on the part of the
Company. 
 (c) Vesting. The Restricted Period shall lapse in such manner and on such date or dates determined by the
Committee; provided, however, that notwithstanding any vesting dates set by the Committee, the Committee may, in its sole discretion, accelerate the vesting of any Restricted Stock or Restricted Stock Units. 

(d) Delivery of Restricted Stock and Settlement of Restricted Stock Units. 

(i) Upon the expiration of the Restricted Period with respect to any shares of Restricted Stock, the restrictions set forth in
the applicable Award Agreement shall be of no further force or effect with respect to such shares, except as set forth in the applicable Award Agreement. If an escrow arrangement is used, upon such expiration, the Company shall deliver to the
Participant, or his beneficiary, without charge, the stock certificate evidencing the shares of Restricted Stock that have not then been forfeited and with respect to which the Restricted Period has expired (rounded down to the nearest full share).
Dividends, if any, that may have been withheld by the Committee and attributable to any particular share of Restricted Stock shall be distributed to the Participant in cash or, at the sole discretion of the Committee, in shares of Common Stock
having a Fair Market Value equal to the amount of such dividends, upon the release of restrictions on such share and, if such share is forfeited, the Participant shall have no right to such dividends (except as otherwise set forth by the Committee
in the applicable Award Agreement). 
 (ii) Unless otherwise provided by the Committee in an Award Agreement, upon the
expiration of the Restricted Period with respect to any outstanding Restricted Stock Units, the Company shall deliver to the Participant, or his beneficiary, without charge, one share of Common Stock for each such outstanding Restricted Stock Unit;
provided, however, that the Committee may, in its sole discretion, allow Participants to elect to defer the delivery of Common Stock beyond the expiration of the Restricted Period in compliance with Section 409A of the Code. 

(e) Legends on Restricted Stock. Each certificate representing Restricted Stock awarded under the Plan shall bear a legend
substantially in the form of the following in addition to any other information the Company deems appropriate until the lapse of all restrictions with respect to such Common Stock: 

TRANSFER OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY IS RESTRICTED PURSUANT TO THE TERMS OF THE MERCURY PAYMENT SYSTEMS, INC. 2014 STOCK AWARD PLAN
AND A RESTRICTED STOCK AWARD AGREEMENT, BETWEEN MERCURY PAYMENT SYSTEMS, INC. AND PARTICIPANT. A COPY OF SUCH PLAN AND AWARD AGREEMENT IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF MERCURY PAYMENT SYSTEMS, INC. 

  
 14 

 10. Stock Bonus Awards; Dividend Equivalents. 

(a) Stock Bonus Awards. The Committee may issue unrestricted Common Stock, or other Awards denominated in Common Stock, under
the Plan to Eligible Persons, either alone or in tandem with other awards, in such amounts as the Committee shall from time to time in its sole discretion determine. Each Stock Bonus Award granted under the Plan shall be evidenced by an Award
Agreement. Each Stock Bonus Award so granted shall be subject to such conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. 

(b) Dividend Equivalents. Dividend Equivalents may be granted by the Committee based on dividends declared on the Common Stock,
to be credited as of dividend payment dates during the period between the date an Award is granted to a Participant and the date such Award vests, is exercised, is distributed or expires, as determined by the Committee. Such Dividend Equivalents
shall be converted to cash or additional shares of Common Stock by such formula and at such time and subject to such limitations as may be determined by the Committee. In addition, Dividend Equivalents with respect to an Award with performance-based
vesting that are based on dividends paid prior to the vesting of such Award shall only be paid out to the Participant to the extent that the performance-based vesting conditions are subsequently satisfied and the Award vests. No Dividend Equivalent
shall be payable with respect to any Award unless specified by the Committee in the Award Agreement. 
 11. Performance Compensation
Awards. 
 (a) Generally. The Committee shall have the authority, at the time of grant of any Award described in
Sections 7 through 10 of the Plan, to designate such Award as a Performance Compensation Award intended to qualify as “performance-based compensation” under Section 162(m) of the Code. The Committee shall have the authority to
make an award of a cash bonus to any Participant and designate such Award as a Performance Compensation Award intended to qualify as “performance-based compensation” under Section 162(m) of the Code. Notwithstanding anything to the
contrary in the Plan, the Committee shall have not obligation to grant any Award in the form of “performance-based compensation” under Section 162(m) of the Code. 

(b) Discretion of Committee with Respect to Performance Compensation Awards. With regard to a particular Performance Period,
the Committee shall have sole discretion to select the length of such Performance Period, the type(s) of Performance Compensation Awards to be issued, the Performance Criteria that will be used to establish the Performance Goal(s), the kind(s)
and/or level(s) of the Performance Goals(s) that is (are) to apply and the Performance Formula. Within the first ninety (90) days of a Performance Period 

  
 15 

 
(or, if longer or shorter, within the maximum period allowed under Section 162(m) of the Code), the Committee shall, with regard to the Performance Compensation Awards to be issued for such
Performance Period, exercise its discretion with respect to each of the matters enumerated in the immediately preceding sentence and record the same in writing. 

(c) Performance Criteria. The Performance Criteria that will be used to establish the Performance Goal(s) shall be based on the
attainment of specific levels of performance of the Company (and/or one or more of its Affiliates, divisions or operational and/or business units, product lines, brands, business segments, administrative departments or any combination of the
foregoing) and may include any of the following: (i) net earnings or net income (before or after taxes); (ii) basic or diluted earnings per share (before or after taxes); (iii) net revenue or net revenue growth; (iv) gross
revenue or gross revenue growth; (v) gross profit or gross profit growth; (vi) or revenue growth; (vii) net interest margin; (viii) operating profit (before or after taxes); (ix) return measures (including, but not limited
to, return on investment, assets, capital, employed capital, invested capital, equity or sales); (x) cash flow measures (including, but not limited to, operating cash flow, free cash flow or cash flow return on capital), which may but are not
required to be measured on a per-share basis; (xi) earnings before or after taxes, interest, depreciation and/or amortization (including EBIT and EBITDA); (xii) share price (including, but not limited to, growth measures or total
stockholder return); (xiii) expense targets, cost reduction goals or general and administrative expense savings; (xiv) gross or net operating margins; (xv) productivity ratios; (xvi) operating efficiency; (xvii) measures of
economic value added or other “value creation” metrics; (xviii) asset quality; (xix) inventory control; (xx) enterprise value; (xxi) sales; (xxii) stockholder return; (xxiii) client retention;
(xxiv) employee retention; (xxv) competitive market metrics; (xxvi) timely completion of new product rollouts; (xxvii) timely launch of new facilities; (xxviii) measurements relating to a new purchasing “co-op”;
(xxix) objective measures of personal targets, goals or completion of projects (including, but not limited to, succession and hiring projects, completion of specific acquisitions, reorganizations or other corporate transactions or
capital-raising transactions, expansions of specific business operations or meeting divisional or project budgets); (xxx) objective measures of customer satisfaction; (xxxi) working capital targets; (xxxii) asset growth;
(xxxiii) dividend yield; (xxxiv) system-wide revenues; (xxxv) royalty income; (xxxvi) comparisons of continuing operations to other operations; (xxxvii) market share; (xxxviii) cost of capital, debt leverage year-end
cash position or book value; (xxxix) strategic objectives, development of new product lines and related revenue, sales and margin targets, franchisee growth and retention, menu design and growth, co-branding or international operations; or
(xl) any combination of the foregoing. Any one or more of the Performance Criteria may be stated as a percentage of another Performance Criteria, or a percentage of a prior period’s Performance Criteria, or used on an absolute, relative or
adjusted basis to measure the performance of the Company and/or one or more of its Affiliates as a whole or any divisions or operational and/or business units, product lines, brands, business segments, administrative departments of the Company
and/or one or more of its Affiliates or any combination thereof, as the Committee may deem appropriate, or any of the above Performance Criteria may be compared to the performance of a selected group of comparison companies, or a published or
special index that the Committee, in its sole discretion, deems appropriate, or as compared to various stock market indices. The Committee also has the authority to provide for accelerated 

  
 16 

 
vesting of any Award based on the achievement of Performance Goals pursuant to the Performance Criteria specified in this paragraph. To the extent required under Section 162(m) of the Code,
the Committee shall, within the first ninety (90) days of a Performance Period (or, if longer or shorter, within the maximum period allowed under Section 162(m) of the Code), define in an objective fashion the manner of calculating the
Performance Criteria it selects to use for such Performance Period and thereafter promptly communicate such Performance Criteria to the Participant. 

(d) Modification of Performance Goal(s). In the event that applicable tax and/or securities laws change to permit Committee
discretion to alter the governing Performance Criteria without obtaining stockholder approval of such alterations, the Committee shall have sole discretion to make such alterations without obtaining stockholder approval. The Committee is authorized
at any time during the first ninety (90) days of a Performance Period (or, if longer or shorter, within the maximum period allowed under Section 162(m) of the Code), or at any time thereafter to the extent the exercise of such authority at
such time would not cause the Performance Compensation Awards granted to any Participant for such Performance Period to fail to qualify as “performance-based compensation” under Section 162(m) of the Code, in its sole discretion, to
adjust or modify the calculation of a Performance Goal for such Performance Period, based on and in order to appropriately reflect the following events: (i) asset write-downs; (ii) litigation or claim judgments or settlements;
(iii) the effect of changes in tax laws, accounting principles, or other laws or regulatory rules affecting reported results; (iv) any reorganization and restructuring programs; (v) extraordinary nonrecurring items as described in
Accounting Standards Codification Topic 225-20 (or any successor pronouncement thereto) and/or in management’s discussion and analysis of financial condition and results of operations appearing in the Company’s annual report to
stockholders for the applicable year; (vi) acquisitions or divestitures; (vii) any other specific unusual or nonrecurring events, or objectively determinable category thereof; (viii) foreign exchange gains and losses;
(ix) discontinued operations and nonrecurring charges; and (x) a change in the Company’s fiscal year. 
 (e) Payment
of Performance Compensation Awards. 
 (i) Condition to Receipt of Payment. Unless otherwise provided in the
applicable Award Agreement, a Participant must be employed by the Company or its Affiliates on the last day of a Performance Period to be eligible for payment in respect of a Performance Compensation Award for such Performance Period. 

(ii) Limitation. A Participant shall be eligible to receive payment in respect of a Performance Compensation Award only to the
extent that: (A) the Performance Goals for such period are achieved; and (B) all or some of the portion of such Participant’s Performance Compensation Award has been earned for the Performance Period based on the application of the
Performance Formula to such achieved Performance Goals. 
 (iii) Certification. Following the completion of a Performance
Period, the Committee shall review and certify in writing whether, and to what extent, the Performance Goals for the Performance Period have been achieved and, if so, calculate and certify in writing that amount of the Performance Compensation
Awards earned for the period based upon the 

  
 17 

 
Performance Formula. The Committee shall then determine the amount of each Participant’s Performance Compensation Award actually payable for the Performance Period and, in so doing, may
apply Negative Discretion. 
 (iv) Use of Negative Discretion. In determining the actual amount of an individual
Participant’s Performance Compensation Award for a Performance Period that is payable in cash, the Committee may reduce or eliminate the amount of the Performance Compensation Award earned under the Performance Formula in the Performance Period
through the use of Negative Discretion if, in its sole judgment, such reduction or elimination is appropriate. The Committee shall not have the discretion, except as is otherwise provided in the Plan, to (A) grant or provide payment in respect
of Performance Compensation Awards for a Performance Period if the Performance Goals for such Performance Period have not been attained; or (B) increase a Performance Compensation Award above the applicable limitations set forth in
Section 5 of the Plan. 
 (f) Timing of Award Payments. Performance Compensation Awards granted for a Performance Period
shall be paid to Participants as soon as administratively practicable following completion of the certifications required by this Section 11, but in no event later than two-and-one-half months following the end of the fiscal year during which
the Performance Period is completed. 
 12. Changes in Capital Structure and Similar Events. In the event of (a) any
stock dividend, extraordinary cash dividend or other distribution (whether in the form of securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, split-off, combination,
repurchase or exchange of shares of Common Stock or other securities of the Company, issuance of warrants or other rights to acquire shares of Common Stock or other securities of the Company, or other similar corporate transaction or event
(including, without limitation, a Change in Control) that affects the shares of Common Stock, or (b) unusual or nonrecurring events (including, without limitation, a Change in Control) affecting the Company, any of its Affiliates, or the
financial statements of the Company or any of its Affiliates, or changes in applicable rules, rulings, regulations or other requirements of any governmental body or securities exchange or inter-dealer quotation system, accounting principles or law,
such that in either case an adjustment is determined by the Committee in its sole discretion to be necessary or appropriate, then the Committee shall make any such adjustments in such manner as it may deem equitable, including without limitation any
or all of the following: 
 (i) adjusting any or all of (A) the number of shares of Common Stock or other securities of the Company
(or number and kind of other securities or other property) that may be delivered in respect of Awards or with respect to which Awards may be granted under the Plan (including, without limitation, adjusting any or all of the limitations under
Section 5 of the Plan) and (B) the terms of any outstanding Award, including, without limitation, (1) the number of shares of Common Stock or other securities of the Company (or number and kind of other securities or other property)
subject to outstanding Awards or to which outstanding Awards relate, (2) the Exercise Price or Strike Price with respect to any Award or (3) any applicable performance measures (including, without limitation, Performance Criteria and
Performance Goals); 

  
 18 

 (ii) subject to any limitations or reductions as may be necessary to comply with
Section 409A of the Code and the regulations thereunder, providing for a substitution or assumption of Awards, accelerating the exercisability of, lapse of restrictions on, or termination of, Awards or providing for a period of time for
exercise prior to the occurrence of such event; and 
 (iii) subject to any limitations or reductions as may be necessary to comply with
Section 409A of the Code and the regulations thereunder, cancelling any one or more outstanding Awards and causing to be paid to the holders thereof, in cash, shares of Common Stock, other securities or other property, or any combination
thereof, the value of such Awards, if any, as determined by the Committee (which if applicable may be based upon the price per share of Common Stock received or to be received by other stockholders of the Company in such event), including without
limitation, in the case of any outstanding Option or SAR, a cash payment in an amount equal to the excess, if any, of the Fair Market Value (as of a date specified by the Committee) of the shares of Common Stock subject to such Option or SAR over
the aggregate Exercise Price or Strike Price of such Option or SAR, respectively (it being understood that, in such event, any Option or SAR having a per share Exercise Price or Strike Price equal to, or in excess of, the Fair Market Value of a
share of Common Stock subject thereto may be canceled and terminated without any payment or consideration therefor), or, in the case of any outstanding Restricted Stock, Restricted Stock Unit, Stock Bonus Award, or other Award denominated in Common
Stock, a cash payment or equity subject to deferred vesting and delivery consistent with the vesting restrictions applicable to such Award or the underlying shares of Common Stock subject thereto. 

For the avoidance of doubt, in the case of any “equity restructuring” (within the meaning of the Financial Accounting Standards Board (FASB)
Statement of Financial Accounting Standards Codification Topic 718, Stock Compensation), the Committee shall make an equitable or proportionate adjustment to outstanding Awards to reflect such equity restructuring. Any adjustment in Incentive Stock
Options under this Section 12 (other than any cancellation of Incentive Stock Options) shall be made only to the extent not constituting a “modification” within the meaning of Section 424(h)(3) of the Code, and any adjustments
under this Section 12 shall be made in a manner that does not adversely affect the exemption provided pursuant to Rule 16b-3 under the Exchange Act, to the extent applicable. The Company shall give each Participant notice of an adjustment
hereunder and, upon notice, such adjustment shall be conclusive and binding for all purposes. 
 13. Effect of Change in
Control. Except to the extent otherwise provided in an Award Agreement, in the event of a Change in Control, notwithstanding any provision of the Plan to the contrary, the Committee may provide that, with respect to all or any portion of a
particular outstanding Award or Awards: 
 (a) the then outstanding Options and SARs shall become immediately exercisable as of a time
prior to the Change in Control; 
 (b) the Restricted Period shall expire as of a time prior to the Change in Control (including without
limitation a waiver of any applicable Performance Goals); 

  
 19 

 (c) Performance Periods in effect on the date the Change in Control occurs shall end on such
date, and (i) determine the extent to which Performance Goals with respect to each such Performance Period have been met based upon such audited or unaudited financial information or other information then available as it deems relevant and
(ii) cause the Participant to receive partial or full payment of Awards for each such Performance Period based upon the Committee’s determination of the degree of attainment of the Performance Goals, or by assuming that the applicable
“target” levels of performance have been attained or on such other basis determined by the Committee; and 
 (d) cause Awards
previously deferred to be settled in full as soon as practicable. 
 To the extent practicable, any actions taken by the Committee under the immediately
preceding clauses (a) through (d) shall occur in a manner and at a time which allows affected Participants the ability to participate in the Change in Control transactions with respect to the Common Stock subject to their Awards. 

14. Amendments and Termination. 

(a) Amendment and Termination of the Plan. The Board may amend, alter, suspend, discontinue, or terminate the Plan or any
portion thereof at any time; provided, that (i) no amendment to Section 4(e) shall apply with respect to any action or omitted to be taken by an Indemnifiable Person under the Plan or any Award Agreement prior to such amendment;
(ii) no amendment to Section 11(c) or Section 14(b) (to the extent required by the proviso in such Section 14(b)) shall be made without stockholder approval and (iii) no such amendment, alteration, suspension,
discontinuation or termination shall be made without stockholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable to the Plan (including, without limitation, as necessary to comply with any rules or
requirements of any securities exchange or inter-dealer quotation system on which the shares of Common Stock may be listed or quoted or to prevent the Company from being denied a tax deduction under Section 162(m) of the Code); provided,
further, that any such amendment, alteration, suspension, discontinuance or termination that would materially and adversely affect the rights of any Participant or any holder or beneficiary of any Award theretofore granted shall not to that
extent be effective without the written consent of the affected Participant, holder or beneficiary. 
 (b) Amendment of Award
Agreements. The Committee may, to the extent consistent with the terms of any applicable Award Agreement, waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore
granted or the associated Award Agreement, prospectively or retroactively; provided, that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would materially and adversely affect the rights of
any Participant with respect to any Award theretofore granted shall not to that extent be effective without the written consent of the affected Participant; provided, further, that without stockholder approval, except as otherwise
permitted under Section 12 of the Plan, (i) no amendment or modification may reduce the Exercise Price of any Option or the Strike Price of any SAR, and (ii) the Committee may not cancel any outstanding Option or SAR in order to
replace it with a new Option, SAR or other 

  
 20 

 
Award, and the Committee may not take any other action that is considered a “repricing” for purposes of the stockholder approval rules of the applicable securities exchange or
inter-dealer quotation system on which the Common Stock is listed or quoted. 
 (c) Extension of Termination Date. If the
exercise of the Option following the termination of the Participant’s employment or service (other than upon the Participant’s death or Disability) would be prohibited at any time solely because the issuance of shares of Common Stock would
violate the registration requirements under the Securities Act, or any other requirements of applicable law, then the Option shall terminate on the earlier of (i) the expiration of the term of the Option set forth in Section 7(c) and
(ii) the expiration of a period of 30 days after the termination of the Participant’s employment or service during which the exercise of the Option would not be in violation of such registration requirements or other applicable
requirements. 
 (d) Restriction on Grant of Awards. No Awards may be granted during any period of suspension or after
termination of the Plan, and in no event may any Award be granted under the Plan after the tenth anniversary of the Effective Date. 

15. General. 

(a) Award Agreements. Each Award under the Plan shall be evidenced by an Award Agreement, which shall be delivered to the
Participant (whether in paper or electronic medium (including email or the posting on a web site maintained by the Company or a third party under contract with the Company)) and shall specify the terms and conditions of the Award and any rules
applicable thereto, including without limitation, the effect on such Award of the death, Disability or termination of employment or service of a Participant, or of such other events as may be determined by the Committee. The terms of any Award
issued hereunder shall be binding upon the executors, administrators, beneficiaries, successors and assigns of the Participant. 
 (b)
Nontransferability. 
 (i) Each Award shall be exercisable only by a Participant during the Participant’s lifetime, or,
if permissible under applicable law, by the Participant’s legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant other than by will or by the laws
of descent and distribution and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any of its Affiliates; provided, that the designation of a
beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. 
 (ii) Notwithstanding the
foregoing, the Committee may, in its sole discretion, permit Awards (other than Incentive Stock Options) to be transferred by a Participant, without consideration, subject to such rules as the Committee may adopt consistent with any applicable Award
Agreement to preserve the purposes of the Plan, to: (A) any person who is a “family member” of the Participant, as such term is used in the instructions to Form S-8 under 

  
 21 

 
the Securities Act (collectively, the “Immediate Family Members”); (B) a trust solely for the benefit of the Participant and his or her Immediate Family Members; or
(C) a partnership or limited liability company whose only partners or stockholders are the Participant and his or her Immediate Family Members; or (D) any other transferee as may be approved either (I) by the Board or the Committee in
its sole discretion, or (II) as provided in the applicable Award Agreement (each transferee described in clauses (A), (B) (C) and (D) above is hereinafter referred to as a “Permitted Transferee”); provided,
that the Participant gives the Committee advance written notice describing the terms and conditions of the proposed transfer and the Committee notifies the Participant in writing that such a transfer would comply with the requirements of the Plan.

 (iii) The terms of any Award transferred in accordance with the immediately preceding sentence shall apply to the Permitted Transferee
and any reference in the Plan, or in any applicable Award Agreement, to a Participant shall be deemed to refer to the Permitted Transferee, except that (A) Permitted Transferees shall not be entitled to transfer any Award, other than by will or
the laws of descent and distribution; (B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be in effect a registration statement on an appropriate form covering the shares of Common Stock to be
acquired pursuant to the exercise of such Option if the Committee determines, consistent with any applicable Award Agreement, that such a registration statement is necessary or appropriate; (C) the Committee or the Company shall not be required
to provide any notice to a Permitted Transferee, whether or not such notice is or would otherwise have been required to be given to the Participant under the Plan or otherwise; and (D) the satisfaction of any applicable vesting conditions and
consequences of the termination of the Participant’s employment by, or services to, the Company or one of its Affiliates under the terms of the Plan and the applicable Award Agreement shall continue to be applied with respect to the
Participant, including, without limitation, that an Option or SAR shall be exercisable by the Permitted Transferee only if such Option or SAR has vested due to the Participant’s satisfaction of the applicable vesting criteria and only to the
extent, and for the periods, specified in the Plan and the applicable Award Agreement. 
 (c) Tax Withholding. 

(i) A Participant shall be required to pay to the Company or any of its Affiliates, and the Company or any of its Affiliates shall have the
right and is hereby authorized to withhold, from any cash, shares of Common Stock, other securities or other property deliverable under any Award or from any compensation or other amounts owing to a Participant, the amount (in cash, Common Stock,
other securities or other property) of any required withholding taxes in respect of an Award, its exercise, or any payment or transfer under an Award or under the Plan and to take such other action as may be necessary in the opinion of the Committee
or the Company to satisfy all obligations for the payment of such withholding and taxes. 
 (ii) Without limiting the generality of clause
(i) above, the Committee may, in its sole discretion, permit a Participant to satisfy, in whole or in part, the foregoing withholding liability by (A) the delivery of shares of Common Stock (which are Mature Shares)

  
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owned by the Participant having a Fair Market Value equal to such withholding liability or (B) having the Company withhold from the number of shares of Common Stock otherwise issuable or
deliverable pursuant to the exercise or settlement of the Award a number of shares with a Fair Market Value equal to such withholding liability (but no more than the minimum required statutory withholding liability). 

(d) No Claim to Awards; No Rights to Continued Employment; Waiver. No employee of the Company or any of its Affiliates, or
other person, shall have any claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be selected for a grant of any other Award. There is no obligation for uniformity of treatment of Participants
or holders or beneficiaries of Awards. The terms and conditions of Awards and the Committee’s determinations and interpretations with respect thereto need not be the same with respect to each Participant and may be made selectively among
Participants, whether or not such Participants are similarly situated. Neither the Plan nor any action taken hereunder shall be construed as giving any Participant any right to be retained in the employ or service of the Company or any of its
Affiliates, nor shall it be construed as giving any Participant any rights to continued service on the Board. The Company or any of its Affiliates may at any time dismiss a Participant from employment or discontinue any consulting relationship, free
from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan or any Award Agreement. By accepting an Award under the Plan, a Participant shall thereby be deemed to have waived any claim to continued exercise or
vesting of an Award or to damages or severance entitlement related to non-continuation of the Award beyond the period provided under the Plan or any Award Agreement, notwithstanding any provision to the contrary in any written employment contract or
other agreement between the Company and its Affiliates and the Participant, whether any such agreement is executed before, on or after the Date of Grant. 

(e) International Participants. With respect to Participants who reside or work outside of the United States of America and who
are not (and who are not expect to be) “covered employees” within the meaning of Section 162(m) of the Code, the Committee may in its sole discretion amend the terms of the Plan or outstanding Awards with respect to such Participants
in order to conform such terms with the requirements of local law or to obtain more favorable tax or other treatment for a Participant, the Company or its Affiliates. 

(f) Designation and Change of Beneficiary. Each Participant may file with the Committee a written designation of one or more
persons as the beneficiary(ies) who shall be entitled to receive the amounts payable with respect to an Award, if any, due under the Plan upon his death. A Participant may, from time to time, revoke or change his beneficiary designation without the
consent of any prior beneficiary by filing a new designation with the Committee. The last such designation received by the Committee shall be controlling; provided, however, that no designation, or change or revocation thereof, shall
be effective unless received by the Committee prior to the Participant’s death, and in no event shall it be effective as of a date prior to such receipt. If no beneficiary designation is filed by a Participant, the beneficiary shall be deemed
to be his or her spouse or, if the Participant is unmarried at the time of death, his or her estate. 

  
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 (g) Termination of Employment/Service. Unless determined otherwise by the
Committee: (i) neither a temporary absence from employment or service due to illness, vacation or leave of absence nor a transfer from employment or service with the Company to employment or service with any of its Affiliates (or vice-versa)
shall be considered a termination of employment or service with the Company or such Affiliate; and (ii) if a Participant’s employment with the Company and its Affiliates terminates, but such Participant continues to provide services to the
Company and its Affiliates in a non-employee capacity (or vice-versa), such change in status shall not be considered a termination of employment with the Company and its Affiliates. 

(h) No Rights as a Stockholder. Except as otherwise specifically provided in the Plan or any Award Agreement, no person shall
be entitled to the privileges of ownership in respect of shares of Common Stock that are subject to Awards hereunder until such shares have been issued or delivered to that person or registered in the name of that person in book-entry form. 

(i) Government and Other Regulations. 

(i) The obligation of the Company to settle Awards in Common Stock or other consideration shall be subject to all applicable laws, rules, and
regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall be prohibited from
offering to sell or selling, any shares of Common Stock pursuant to an Award unless such shares have been properly registered for sale pursuant to the Securities Act with the SEC or unless the Company has received an opinion of counsel, satisfactory
to the Company, that such shares may be offered or sold without such registration pursuant to an available exemption therefrom and the terms and conditions of such exemption have been fully complied with. The Company shall be under no obligation to
register for sale under the Securities Act any of the shares of Common Stock to be offered or sold under the Plan. The Committee shall have the authority to provide that all certificates for shares of Common Stock or other securities of the Company
or any of its Affiliates delivered under the Plan shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan, the applicable Award Agreement, the federal securities laws, or the rules,
regulations and other requirements of the SEC, any securities exchange or inter-dealer quotation system upon which such shares or other securities are then listed or quoted and any other applicable federal, state, local or non-U.S. laws, and,
without limiting the generality of Section 9 of the Plan, the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. Notwithstanding any provision in the Plan to the
contrary, the Committee reserves the right to add any additional terms or provisions to any Award granted under the Plan that it in its sole discretion deems necessary or advisable in order that such Award complies with the legal requirements of any
governmental entity to whose jurisdiction the Award is subject. 
 (ii) The Committee may cancel an Award or any portion thereof if it
determines, in its sole discretion, that legal or contractual restrictions and/or blockage and/or other market considerations would make the Company’s acquisition of shares of Common Stock 

  
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from the public markets, the Company’s issuance of Common Stock to the Participant, the Participant’s acquisition of Common Stock from the Company and/or the Participant’s sale of
Common Stock to the public markets, illegal or impractical after the Company has used commercially reasonable efforts to comply with applicable law. If the Committee determines to cancel all or any portion of an Award in accordance with the
foregoing, the Company shall pay to the Participant an amount equal to the excess of (A) the aggregate Fair Market Value of the shares of Common Stock subject to such Award or portion thereof canceled (determined as of the applicable exercise
date, or the date that the shares would have been vested or delivered, as applicable), over (B) the aggregate Exercise Price or Strike Price (in the case of an Option or SAR, respectively) or any amount payable as a condition of delivery of
shares of Common Stock (in the case of any other Award). Such amount shall be delivered to the Participant as soon as practicable following the cancellation of such Award or portion thereof. 

(j) Payments to Persons Other Than Participants. If the Committee shall find that any person to whom any amount is payable
under the Plan is unable to care for his affairs because of illness or accident, or is a minor, or has died, then any payment due to such person or his estate (unless a prior claim therefor has been made by a duly appointed legal representative)
may, if the Committee so directs the Company, be paid to his spouse, child, relative, an institution maintaining or having custody of such person, or any other person deemed by the Committee to be a proper recipient on behalf of such person
otherwise entitled to payment. Any such payment shall be a complete discharge of the liability of the Committee and the Company therefor. 

(k) Nonexclusivity of the Plan. Neither the adoption of this Plan by the Board nor the submission of this Plan to the
stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of stock options or
other awards otherwise than under this Plan, and such arrangements may be either applicable generally or only in specific cases. 
 (l)
No Trust or Fund Created. 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 or any of its Affiliates, on the one hand, and a
Participant or other person or entity, on the other hand. No provision of the Plan or any Award shall require the Company, for the purpose of satisfying any obligations under the Plan, to purchase assets or place any assets in a trust or other
entity to which contributions are made or otherwise to segregate any assets, nor shall the Company maintain separate bank accounts, books, records or other evidence of the existence of a segregated or separately maintained or administered fund for
such purposes. Participants shall have no rights under the Plan other than as unsecured general creditors of the Company, except that insofar as they may have become entitled to payment of additional compensation by performance of services, they
shall have the same rights as other employees under general law. 
 (m) Reliance on Reports. Each member of the Committee and
each member of the Board shall be fully justified in acting or failing to act, as the case may be, and shall not be liable for having so acted or failed to act in good faith, in reliance upon any report made by the

  
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independent public accountant of the Company and its Affiliates and/or any other information furnished in connection with the Plan by any agent of the Company or the Committee or the Board, other
than himself. 
 (n) Relationship to Other Benefits. No payment under the Plan shall be taken into account in determining any
benefits under any pension, retirement, profit sharing, group insurance or other benefit plan of the Company except as otherwise specifically provided in such other plan. 

(o) Governing Law. Except to the extent that provisions of the Plan are governed by applicable provisions of the Code, the
Exchange Act or other substantive provisions of federal law, the Plan shall be governed by and construed in accordance with the internal laws of the State of Delaware applicable to contracts made and performed wholly within the State of Delaware,
without giving effect to the conflict of laws provisions thereof. 
 (p) Severability. If any provision of the Plan or any
Award or Award Agreement is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any person or entity 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 the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision
shall be construed or deemed stricken as to such jurisdiction, person or entity or Award and the remainder of the Plan and any such Award shall remain in full force and effect. 

(q) Obligations Binding on Successors. The obligations of the Company under the Plan shall be binding upon any successor
corporation or organization resulting from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the assets and business of the Company. 

(r) Code Section 162(m) Approval. If so determined by the Committee, (i) the Plan shall be approved by the
stockholders of the Company no later than the first meeting of stockholders at which directors are to be elected that occurs not later than the close of the third calendar year following the calendar year in which the Initial Public Offering, if
any, occurs, and (ii) the provisions of the Plan regarding Performance Compensation Awards shall be disclosed and reapproved by stockholders no later than the first stockholder meeting that occurs in the fifth year following the year in which
stockholders previously approved such provisions following the Initial Public Offering, if any, in each case in order for certain Awards granted after such time to be exempt from the deduction limitations of Section 162(m) of the Code. Nothing
in this clause, however, shall affect the validity of Awards granted after such time if such stockholder approval has not been obtained. 

(s) Other Agreements. Notwithstanding the above, the Committee may require, as a condition to the grant of and/or the receipt
of shares of Common Stock under an Award, that the Participant execute lock-up, stockholder or other agreements, as it may determine in its sole and absolute discretion. 

  
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 (t) Payments. Participants shall be required to pay, to the extent required by
applicable law, any amounts required to receive shares of Common Stock under any Award made under the Plan. 
 (u) Non-Qualified
Deferred Compensation. 
 (i) To the extent applicable and notwithstanding any other provision of this Plan, this
Plan and Awards hereunder shall be administered, operated and interpreted in accordance with Section 409A of the Code. Notwithstanding any provision of the Plan to the contrary, in the event that the Committee determines that any amounts
payable hereunder will be taxable to a Participant under Section 409A of the Code prior to the payment and/or delivery to such Participant of such amount, the Company may (i) adopt such amendments to the Plan and related Award Agreement,
and appropriate policies and procedures, including amendments and policies with retroactive effect, that the Committee determines necessary or appropriate to preserve the intended tax treatment of the benefits provided by the Plan and Awards
hereunder and/or (ii) take such other actions as the Committee determines necessary or appropriate to comply with the requirements of Section 409A of the Code. No action shall be taken under this Plan which shall cause an Award to fail to
comply with Section 409A of the Code, to the extent applicable to such Award. However, in no event shall any member of the Board, the Company or any of its Affiliates (including their respective employees, officers, directors or agents) have
any liability to any Participant (or any other person) with respect to this Section 15(u). 
 (ii) With respect to any
Award that is considered “deferred compensation” subject to Section 409A of the Code, references in the Plan to “termination of employment” (and substantially similar phrases) shall mean “separation from service”
within the meaning of Section 409A of the Code. For purposes of Section 409A of the Code, each of the payments that may be made in respect of any Award granted under the Plan are designated as separate payments. 

(iii) Notwithstanding anything in the Plan to the contrary, if a Participant is a “specified employee” within the
meaning of Section 409A(a)(2)(B)(i) of the Code, no payments in respect of any Awards that are “deferred compensation” subject to Section 409A of the Code and which would otherwise be payable upon the Participant’s
“separation from service” (as defined in Section 409A of the Code) shall be made to such Participant prior to the date that is six months after the date of such Participant’s “separation from service” or, if earlier,
the Participant’s date of death. Following any applicable six month delay, all such delayed payments will be paid in a single lump sum, without interest, on the earliest date permitted under Section 409A of the Code that is also a business
day. 
 (v) Market Stand-off Provisions. If the Company or any equity holder of the Company proposes to offer for sale any
equity securities of the Company pursuant to a public offering under the Securities Act and if requested by the Company and/or any underwriter engaged by the Company for a reasonable period of time specified by the Company or such underwriter
following the filing of the registration statement filed with respect to such offering, the Participant shall not, directly or indirectly, offer, sell, transfer, pledge, contract to sell 

  
 27 

 
(including any short sale), grant any option to purchase, or otherwise dispose of, or enter into any hedging or similar transaction with the same economic effect as a sale relating to, any shares
of the Common Stock acquired by the Participant pursuant to an Award or any other securities of the Company held by the Participant, and shall execute and deliver such other agreements as may be reasonably requested by the Company and/or the
underwriter(s) that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company my impose stop transfer instructions with respect to such shares or other securities
until the end of such period. 
 (w) Claw-back Provisions. All Awards (including any proceeds, gains or other economic
benefit actually or constructively received by a Participant upon any receipt or exercise of any Award or upon the receipt or resale of any shares of Common Stock underlying the Award) shall be subject to the provisions of any claw-back policy
implemented by the Company, including, without limitation, any claw-back policy adopted to comply with the requirements of applicable law, including without limitation the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or
regulations promulgated thereunder, to the extent set forth in such claw-back policy and/or in the applicable Award Agreement. The Company shall delay the exercise of its rights under this Section for such period as may be required to preserve
equity accounting treatment. 
 (x) No Liability with Respect to Any Corporate Action. Subject to Section 15(u), nothing
contained in the Plan or in any Award Agreement will be construed to prevent the Company or any of its Affiliates from taking any corporate action which is deemed by the Company or any of its Affiliates to be appropriate or in its best interest, and
no Participant or beneficiary of a Participant will have any claim against the Company or any of its Affiliates as a result of any such corporate action. 

(y) Affiliate Employees. In the case of a grant of an Award to an employee or consultant of any Affiliate of the Company, the
Company may, if the Committee so directs, issue or transfer the shares of Common Stock, if any, covered by the Award to such Affiliate, for such lawful consideration as the Committee may specify, upon the condition or understanding that the
Affiliate will transfer the shares of Common Stock to the employee or consultant in accordance with the terms of the Award specified by the Committee pursuant to the provisions of the Plan. All shares of Common Stock underlying Awards that are
forfeited or canceled shall revert to the Company. 
 (z) Foreign Employees and Foreign Law Considerations. The Committee may
grant Awards to individuals who are eligible to participate in the plan who are foreign nationals, who are located outside the United States or who are not compensated from a payroll maintained in the United States, or who are otherwise subject to
(or could cause the Company to be subject to) legal or regulatory provisions of countries or jurisdictions outside the United States, on such terms and conditions different from those specified in the Plan as may, in the judgment of the Committee,
be necessary or desirable to foster and promote achievement of the purposes of the Plan, and, in furtherance of such purposes, the Committee may make such modifications, amendments, procedures, or subplans as may be necessary or advisable to comply
with such legal or regulatory provisions. 

  
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 (aa) Expenses; Gender; Titles and Headings. The expenses of administering the Plan
shall be borne by the Company and its Affiliates. Masculine pronouns and other words of masculine gender shall refer to both men and women. The titles and headings of the sections in the Plan are for convenience of reference only, and in the event
of any conflict, the text of the Plan, rather than such titles or headings shall control. 

  
 29

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