Document:

Registration Rights Agreement

 Exhibit 10.15 
 EXECUTION DRAFT 
 REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of October 17, 2007, by and between Giant Interactive Group Inc., an
exempted company duly incorporated and validly existing under the laws of the Cayman Islands (the “Company”) and Standard Chartered Private Equity Limited, a company incorporated in the Hong Kong Special Administrative Region of the
People’s Republic of China (the “Investor”). The Company and the Investor are referred to herein collectively as “Parties” and individually as a “Party.” 
 RECITALS 
  

	A.	The Company and the Investor have entered into a Subscription Agreement dated the date hereof (the “Subscription Agreement”). 

  

	B.	In connection with the Subscription Agreement and in order to induce the Investor to purchase ordinary shares from the Company, the Company and the Investors have agreed to enter
into this Agreement pursuant to which the Company grants registration rights with respect to the Common Shares as set forth in this Agreement and which shall become effective as provided in Section 1.3. 

 WITNESSETH 
 NOW, THEREFORE, in
consideration of the premises set forth above, the mutual promises and covenants set forth herein and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties agree as follows: 
 1. Interpretation; Effectiveness. 
 1.1
Definitions. The following terms shall have the meanings ascribed to them below: 
 “Applicable Securities
Laws” means the securities law of the United States, including the Exchange Act and the Securities Act, and any applicable securities law of any state of the United States. 
 “Board” or “Board of Directors” means the board of directors of the Company. 
 “Business Day” means any day that is not a Saturday, Sunday, public holiday or other day on which commercial banks are
required or authorized by law to be closed in the PRC, the Cayman Islands or The City of New York. 
 “Commission” means the Securities and Exchange Commission of the United States or any other federal agency at the time administering the Securities Act. 
 “Common Shares” means the ordinary shares, par value US$0.0000002, of the Company. 
 “Exchange Act” means the United States Securities Exchange Act of 1934, as amended. 
  

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 “Form F-3” means Form F-3 promulgated by the Commission under the
Securities Act or any successor form or substantially similar form then in effect. 
 “Form S-3” means Form
S-3 promulgated by the Commission under the Securities Act or any successor form or substantially similar form then in effect. 
 “Governmental Authority” means any nation or government or any nation, province or state or any other political subdivision thereof; any entity, authority or body exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to government, including any government authority, agency, department, board, commission or instrumentality of the PRC or any other country, or any political subdivision thereof, any court, tribunal or
arbitrator, and any self-regulatory organization. 
 “IPO” means the Company’s underwritten registered
public offering pursuant to a Registration Statement first filed with the Commission on October 9, 2007. 
 “Law” means any constitutional provision, statute or other law, rule, regulation, official policy or interpretation of any Governmental Authority and any injunction, judgment, order, ruling, assessment or writ issued by any
Governmental Authority. 
 “Person” means any individual, corporation, partnership, limited partnership,
proprietorship, association, limited liability company, firm, trust, estate or other enterprise or entity. 
 “PRC” means the People’s Republic of China, but solely for the purposes of this Agreement, excluding the Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan. 
 “Pre-IPO Shareholder” means any holder of Common Shares, other than the Investor, who (a) beneficially owned Common
Shares immediately prior to completion of the IPO and (b) has been approved by the Board to participate in a Registration pursuant to this Agreement. 
 “Registration” means a registration effected by preparing and filing a Registration Statement and the declaration or ordering of the effectiveness of that Registration Statement; and the terms
“Register” and “Registered” have meanings concomitant with the foregoing. 
 “Registration
Statement” means a registration statement prepared on Form F-1, F-2, F-3, S-1, S-2 or S-3 under the Securities Act (including, without limitation, Rule 415 under the Securities Act). 
 “Securities Act” means the United States Securities Act of 1933, as amended. 
 “U.S.” means the United States of America. 
 1.2 Interpretation. For all purposes of this Agreement, except as otherwise expressly provided, (i) the terms defined in this Section 1 shall have the meanings assigned to them in this
Section 1 and include the plural as well as the singular, (ii) all references in this Agreement to designated “Sections” and other subdivisions are to the designated Sections and other subdivisions of the body of this
Agreement, (iii) pronouns of either gender or neuter shall 

  

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include, as appropriate, the other pronoun forms, (iv) the words “herein,” “hereof” and “hereunder” and other words of
similar import refer to this Agreement as a whole and not to any particular Section or other subdivision (v) all references in this Agreement to designated schedules, exhibits and annexes are to the schedules, exhibits and annexes attached to
this Agreement unless explicitly stated otherwise, (vi) “or” is not exclusive, (vii) the term “including” will be deemed to be followed by “, but not limited to,”; (viii) the terms “shall,”
“will,” and “agrees” are mandatory, and the term “may” is permissive; (ix) the term “day” means “calendar day.” 
 1.3 Effectiveness; Additional Ordinary Shareholder Signatories. This Agreement shall take effect upon the closing of the Company’s IPO. 
 2. Demand Registration. 
 2.1 Registration Other Than on Form F-3 or Form S-3. Subject to the
terms of this Agreement, at any time or from time to time after the date that is six (6) months after the closing of the IPO, the Investor may request in writing that the Company effect a Registration in respect of Common Shares having an
aggregate gross offering price of at least US$12,500,000 purchased by the Investor in conjunction with the IPO. Upon receipt of such a request, the Company shall (x) promptly give written notice of the proposed Registration to Pre-IPO
Shareholders and (y) as soon as practicable, use its reasonable best efforts to cause the Common Shares specified in the request, together with any Common Shares of any Pre-IPO Shareholder who requests in writing to join such Registration
within fifteen (15) days after the Company’s delivery of written notice, to be Registered and/or qualified for sale and distribution in such jurisdiction as the Investor may request. Notwithstanding the foregoing, the Company shall not be
obligated to make any Registration pursuant to this Section 2.1 to the extent a demand can be made pursuant to Section 2.2 below. The expenses of any Registration pursuant to this Section 2.1 shall be borne by the
Investor and Pre-IPO Shareholder(s) participating in such demand Registration. 
 2.2 Registration on Form F-3 or Form S-3. Subject to
the terms of this Agreement, if the Company qualifies for registration on Form F-3 or Form S-3, the Investor may request the Company to file a Registration Statement on Form F-3 or Form S-3 in connection with Common Shares having an aggregate gross
offering price of at least US$12,500,000 purchased by the Investor. Upon receipt of such a request, the Company shall (i) promptly give written notice of the proposed Registration to Pre-IPO Shareholders and (ii) as soon as practicable,
use its reasonable best efforts to cause the Common Shares specified in the request, together with any Common Shares of any Pre-IPO Shareholder who requests in writing to join such Registration within fifteen (15) days after the Company’s
delivery of written notice, to be Registered. The expenses of any Registration pursuant to this Section 2.2 shall be borne by the Investor and Pre-IPO Shareholder(s) participating in such demand Registration. 
 2.3 Number of Demand Registrations. The Company shall be obligated to effect no more than a combined total of two (2) Registrations pursuant
to Section 2.1 and Section 2.2 that have been declared and ordered effective. 
 2.4 Right of Deferral.

  

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 (a) The Company shall not be obligated to Register or qualify Common Shares pursuant to this
Section 2: 
 (i) if, within ten (10) days of the receipt of any request of the Investor to Register any Common Shares under
Section 2.1 or Section 2.2, the Company gives notice to the Investor of its bona fide intention to effect the filing for its own account of a Registration Statement of Common Shares within ninety (90) days of receipt of
that request; provided, that the Investor is entitled to join such Registration subject to Section 3; or 
 (ii) during
the period starting with the date of filing by the Company of, and ending three (3) months following the effective date of any Registration Statement pertaining to Common Shares of the Company; provided, that the Investor is entitled to
join such Registration subject to Section 3 (other than a registration of securities in a transaction under Rule 145 of the Securities Act or with respect to an employee benefit plan). 
 (b) If, after receiving a request from the Investor pursuant to Section 2.1 or Section 2.2 hereof, the Company furnishes to the
Investor a certificate signed by the chief executive officer of the Company stating that, in the good faith judgment of the Board, there is a reasonable likelihood that it would be materially detrimental to the Company or its members for a
Registration Statement to be filed in the near future, then the Company shall have the right to defer such filing for a period during which such filing would be materially detrimental; provided, that the Company may not Register any other
Common Shares during such period (except for Registrations contemplated by Section 3.4). 
 2.5 Underwritten Offerings.
If, in connection with a request to Register Common Shares under Section 2.1 or Section 2.2, the Investor seeks to distribute such Common Shares in an underwritten offering, it shall so advise the Company as a part of the
request. In such event, the right of the Investor to include its Common Shares in such Registration shall be conditioned upon its participation in such underwritten offering and the inclusion of its Common Shares in the underwritten offering to the
extent provided herein. The Investor shall enter into an underwriting agreement in customary form with the underwriter or underwriters of internationally recognized standing selected for such underwritten offering by the Company. Notwithstanding any
other provision of this Agreement, if the managing underwriter advises the Company that marketing factors (including without limitation the aggregate number of securities requested to be Registered, the general condition of the market, and the
status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of Common Shares to be underwritten in a Registration pursuant to Section 2.1 or 2.2, the underwriters may exclude
Common Shares requested to be Registered; provided, however, that (i) the Common Shares of all shareholders other than the Investor shall be excluded from the Registration first; and (ii) the Common Shares to be included in the
Registration on behalf of the non-excluded shareholders (other than the Investor) are otherwise allocated among all shareholders in proportion, as nearly as practicable, to the respective amounts of Common Shares requested by such shareholders to be
included. Any Common Shares excluded or withdrawn from such underwritten offering shall be withdrawn from the Registration. 
 3.
Piggyback Registrations. 
 3.1 Registration of the Company’s Securities. Subject to the terms of this Agreement, if the
Company proposes to Register for its own account any of its Common Shares, or for the account of any shareholder (other than the Investor) of Common Shares any of such shareholder’s Common Shares, in connection with the public offering of such

  

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securities solely for cash (except as set forth in Section 3.4), the Company shall promptly give the Investor written notice of such Registration
and, upon the written request of the Investor given within fifteen (15) days after delivery of such notice, the Company shall use commercially reasonable efforts to include in such Registration any Common Shares thereby requested to be
Registered by the Investor. If the Investor decides not to include all or any of its Common Shares in such Registration by the Company, the Investor shall nevertheless continue to have the right to include any Common Shares in any subsequent
Registration Statement or Registration Statements as may be filed by the Company, all upon the terms and conditions set forth herein. 
 3.2 Right to Terminate Registration. The Company shall have the right to terminate or withdraw any Registration initiated by it under Section 3.1 prior to the effectiveness of such Registration, whether or not the
Investor has elected to participate therein. The expenses of such withdrawn Registration shall be borne by the Company in accordance with Section 4.3. 
 3.3 Underwriting Requirements. 
 (a) In connection with any offering involving an underwriting of the
Company’s Common Shares solely for cash, the Company shall not be required to Register the Common Shares of the Investor under this Section 3 unless the Investor’s Common Shares are included in the underwritten offering and the
Investor enters into an underwriting agreement in customary form with the underwriter or underwriters of internationally recognized standing selected by the Company and setting forth such terms for the underwritten offering as have been agreed upon
between the Company and the underwriters. In the event the underwriters advise the Investor seeking Registration of Common Shares pursuant to this Section 3 in writing that market factors (including the aggregate number of Common Shares
requested to be Registered, the general condition of the market, and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of Common Shares to be underwritten, the underwriters may
exclude Common Shares requested to be Registered; provided, however, that (i) the Company shall be entitled to include up to 30% of the Common Shares included in such Registration Statement; (ii) the Common Shares of all
shareholders other than the Investor shall be excluded from the Registration first; and (iii) the Common Shares to be included in the Registration on behalf of the non-excluded shareholders (other than the Investor) are otherwise allocated
among all shareholders in proportion, as nearly as practicable, to the respective amounts of Common Shares requested by such shareholders to be included. 
 (b) If the Investor disapproves the terms of any underwriting, the Investor may elect to withdraw therefrom by written notice to the Company and the underwriters delivered at least ten (10) days prior to the
effective date of the Registration Statement. Any Common Shares excluded or withdrawn from the underwritten offering shall be withdrawn from the Registration. 
 3.4 Exempt Transactions. The Company shall have no obligation to Register any Common Shares under this Section 3 in connection with a Registration by the Company (i) relating solely to the sale
of securities to participants in a Company share plan, or (ii) relating to a corporate reorganization or other transaction under Rule 145 of the Securities Act (or comparable provision under the Laws of another jurisdiction, as applicable);
(iii) on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Common Shares, or (iv) relating to 

  

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a registration in which the only Common Shares being registered are Common Shares issuable upon conversion of debt securities that are also being registered.

 4. Registration Procedures. 
 4.1
Registration Procedures and Obligations. Whenever required under this Agreement to effect the Registration of any Common Shares held by the Investor, the Company shall, as expeditiously as reasonably possible: 
 (a) Prepare and file with the Commission a Registration Statement with respect to those Common Shares and use commercially reasonable efforts to cause
that Registration Statement to become effective, and, upon the request of the Investor Registered thereunder, keep the Registration Statement effective for up to thirty (30) days or, if earlier, until the distribution thereunder has been
completed; provided, however, that such thirty (30) day period shall be extended for a period of time equal to the period the Investor refrains from selling any Common Shares included in such Registration at the written request of
the underwriter(s) for such Registration; 
 (b) Prepare and file with the Commission amendments and supplements to that Registration
Statement and the prospectus used in connection with the Registration Statement as may be necessary to comply with the provisions of Applicable Securities Laws with respect to the disposition of all Common Shares covered by the Registration
Statement; 
 (c) Furnish to the Investor the number of copies of a prospectus, including a preliminary prospectus, required by Applicable
Securities Laws, and any other documents as they may reasonably request in order to facilitate the disposition of Common Shares owned by them; 
 (d) In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in customary form reasonably acceptable to the Company, with the managing underwriter(s) of the offering. Each
shareholder participating in the underwritten offering shall also enter into and perform its obligations under such an agreement; 
 (e)
Notify the Investor at any time when a prospectus relating thereto is required to be delivered under Applicable Securities Laws of (i) the issuance of any stop order by the Commission, or (ii) the happening of any event as a result of
which any prospectus included in the Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not
misleading in the light of the circumstances then existing; 
 (f) Take all reasonable action necessary to list the Common Shares on the New
York Stock Exchange, the primary exchange on which the Company’s securities will be traded. 
 4.2 Information from the Investor.
It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Agreement with respect to the Common Shares owned by the Investor that the Investor shall furnish to the Company such information regarding
itself, the Common Shares owned by it, and the intended method of disposition of such Common Shares as shall be required to effect the Registration of the Investor’s Common Shares. 
  

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 4.3 Expenses of Registration. All expenses, other than the underwriting discounts and selling
commissions applicable to the sale of Common Shares pursuant to this Agreement (which shall be borne by the shareholders requesting Registration on a pro rata basis in proportion to their respective numbers of Common Shares sold in such
Registration), incurred in connection with Registrations, filings or qualifications pursuant to this Agreement shall be borne by the (i) the shareholders participating in any Registration pursuant to Section 2.1 or
Section 2.2 or (ii) by the Company and/or the shareholder(s) on a pro rata basis pursuant to Section 3.1. 
 5. Additional
Registration-Related Undertakings. 
 5.1 Reports under the Exchange Act. With a view to making available to the Investor the
benefits of Rule 144 promulgated under the Securities Act and any comparable provision of any Applicable Securities Laws that may at any time permit the Investor to sell securities of the Company to the public without Registration or pursuant to a
Registration on Form F-3 or Form S-3, the Company agrees to: 
 (a) make and keep public information available, as those terms are understood
and defined in Rule 144, at all times following ninety (90) days after the effective date of the first Registration under the Securities Act filed by the Company for an offering of its securities to the general public; 
 (b) file with the Commission in a timely manner all reports and other documents required of the Company under all Applicable Securities Laws; and

 (c) at any time following ninety (90) days after the effective date of the first Registration under the Securities Act filed by the
Company for an offering of its securities to the general public by the Company, promptly furnish to the Investor (if it still owns Common Shares) upon written request (i) a written statement by the Company that it has complied with the
reporting requirements of all Applicable Securities Laws at any time after it has become subject to such reporting requirements or, at any time after so qualified, that it qualifies as a registrant whose securities may be resold pursuant to Form F-3
or Form S-3, (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents as filed by the Company with the Commission, and (iii) such other information as may be reasonably requested in
availing the Investor (if it still owns Common Shares) of any rule or regulation of the Commission, that permits the selling of any such securities without Registration or pursuant to Form F-3 or Form S-3. 
 5.2 Termination of Registration Rights. The rights set forth in Section 2 and Section 3 of this Agreement shall terminate
on the date that is the two (2) year anniversary of the date of the closing of the IPO. Notwithstanding the foregoing, (i) the right of the Investor to require registration of its Common Shares shall lapse at such time that the Investor
may sell all its Common Shares under Rule 144 of the Securities Act during any ninety (90) day period and (ii) the right of the Investor to require registration shall terminate if Company counsel (assuming receipt of customary Investor
representations) is prepared to deliver a customary opinion to the Investor and the Depositary for the Company’s ADS facility that the Shares may be deposited into the ADS facility. 
 6. Miscellaneous. 
 6.1 Governing Law. This Agreement shall be governed by and construed under

  

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the Laws of the State of New York, without regard to principles of conflicts of law thereunder. 
 6.2 Dispute Resolution. 
 (a) Any
dispute, controversy or claim arising out of or relating to this Agreement, or the interpretation, breach, termination or validity hereof, shall first be subject to resolution through consultation of the parties to such dispute, controversy or
claim. Such consultation shall begin within three days after one Party hereto has delivered to the other Party hereto a written request for such consultation (the “Consultation Request”). If within thirty (30) days following
the date on which the Consultation Request is delivered the dispute cannot be resolved, the dispute shall be submitted to arbitration upon the request of either Party with notice to the other (the “Notice”). 
 (b) The arbitration shall be conducted in Hong Kong under the auspices of the Hong Kong International Arbitration Centre (the “Centre”).
There shall be three arbitrators. The Party initiating the arbitration shall appoint one (1) arbitrator in the Notice. The other Party to the arbitration shall select one (1) arbitrator within thirty (30) days after receiving the
Notice. The Chairman of the Centre shall select the third arbitrator, who shall be qualified to practice law in New York. Such arbitrators shall be freely selected, and the Parties and the Chairman of the Centre shall not be limited in their
selection to any prescribed list. If either Party does not appoint an arbitrator who has consented to participate within thirty (30) days after selection of the first arbitrator, the relevant appointment shall be made by the Chairman of the
Centre. 
 (c) The arbitration proceedings shall be conducted in English. The arbitration tribunal shall apply the United Nations Commission
on International Trade Law Arbitration Rules pursuant to the Centre procedures for the administration of international arbitration in effect at the time of the Notice. However, if such rules are in conflict with the provisions of this
Section 6.2, including the provisions concerning the appointment of arbitrators, the provisions of this Section 6.2 shall prevail. 
 (d) Each Party hereto shall cooperate with the other in making full disclosure of and providing complete access to all information and documents requested by the other in connection with such arbitration proceedings,
subject only to any confidentiality obligations binding on such Party. 
 (e) The award of the arbitration tribunal shall be final and
binding upon the disputing Parties, and either Party may apply to a court of competent jurisdiction for enforcement of such award. 
 (f)
Either Party shall be entitled to seek preliminary injunctive relief, if possible, from any court of competent jurisdiction pending the constitution of the arbitral tribunal. 
 6.3 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Facsimile and e-mailed copies of signatures shall be deemed to be originals for purposes of the effectiveness of this Agreement. 
 6.4 Notices. Any notice required or permitted pursuant to this Agreement shall be given in writing and shall be given either personally or by
sending it by next-day or second-day 

  

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courier service, fax, electronic mail or similar means to the address as shown below the signature of such Party on the signature page of this Agreement (or
at such other address as such Party may designate by fifteen (15) days’ advance written notice to the other Parties to this Agreement given in accordance with this Section). Where a notice is sent by next-day or second-day courier service,
service of the notice shall be deemed to be effected by properly addressing, pre-paying and sending by next-day or second-day service through an internationally-recognized courier a letter containing the notice, with a confirmation of delivery, and
to have been effected at the expiration of two days after the letter containing the same is sent as aforesaid. Where a notice is sent by fax or electronic mail, service of the notice shall be deemed to be effected by properly addressing, and sending
such notice through a transmitting organization, with a written confirmation of delivery, and to have been effected on the day the same is sent as aforesaid. 
 6.5 Headings and Titles. Headings and titles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 
 6.6 Expenses. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing Party shall be
entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled. 
 6.7 Entire Agreement: Amendments and Waivers. This Agreement (including any Schedules or Exhibits hereto) constitutes the full and entire understanding and agreement among the Parties with regard to the subjects hereof and thereof,
and supersedes all other agreements between or among any of the Parties with respect to the subject matter hereof. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a
particular instance and either retroactively or prospectively), only with the written consent of both Parties. 
 6.8 Severability. If
a provision of this Agreement is held to be unenforceable under applicable Laws, such provision shall be excluded from this Agreement and the remainder of the Agreement shall be interpreted as if such provision were so excluded and shall be
enforceable in accordance with its terms. 
 6.9 Further Assurances. The Parties agree to execute such further instruments and to take
such further action as may be reasonably necessary to carry out the intent of this Agreement. 
 6.10 Rights Cumulative. Each and all
of the various rights, powers and remedies of a Party hereto will be considered to be cumulative with and in addition to any other rights, powers and remedies which such Party may have at law or in equity in the event of the breach of any of the
terms of this Agreement. The exercise or partial exercise of any right, power or remedy will neither constitute the exclusive election thereof nor the waiver of any other right, power or remedy available to such Party. 
 6.11 No Waiver. Failure to insist upon strict compliance with any of the terms, covenants, or conditions hereof will not be deemed a waiver of
such term, covenant, or condition, nor will any waiver or relinquishment of, or failure to insist upon strict compliance with, any right, power or remedy power hereunder at any one or more times be deemed a waiver or relinquishment of such right,
power or remedy at any other time or times. 
  

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 6.12 No Presumption. The Parties acknowledge that any applicable Law that would require
interpretation of any claimed ambiguities in this Agreement against the Party that drafted it has no application and is expressly waived. If any claim is made by a Party relating to any conflict, omission or ambiguity in the provisions of this
Agreement, no presumption or burden of proof or persuasion will be implied because this Agreement was prepared by or at the request of any Party or its counsel. 
 [The remainder of this page has been intentionally left blank.] 
  

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

					
	COMPANY:	 	GIANT INTERACTIVE GROUP INC.
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

					
		 	Address:	  	2/F No. 29 Building
		 		  	396 Guilin Road
		 		  	Shanghai 200233
		 		  	People’s Republic of China
		 		  	Attn: Eric He, Chief Financial Officer
			
		 		  	Facsimile:
		
		 	With a copy to:
			
		 		  	O’MELVENY & MYERS LLP
		 		  	Plaza 66, 37th Floor
		 		  	1266 Nanjing Road West
		 		  	Shanghai 200040
		 		  	People’s Republic of China
		 		  	Attn: Kurt J. Berney, Esq.
			
		 		  	Facsimile: (86 21) 2307-7300

  

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

					
	INVESTOR:	 	STANDARD CHARTERED PRIVATE EQUITY LIMITED
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

					
		  	Address:	  	
			
		  	Attention:	  	
			
		  	Facsimile:	  	
		
		  	With a copy to:
			
		  		  	LATHAM & WATKINS LLP
		  		  	41st Floor, One Exchange Square
		  		  	8 Connaught Road Central
		  		  	Hong Kong
		  		  	Attention: David Zhang, Esq.
			
		  		  	Facsimile: (852) 2522-7006

  

 A-1LUMBER LIQUIDATORS 2007 EQUITY COMPENSATION PLAN

 Exhibit 10.10 
 LUMBER LIQUIDATORS, INC. 
 2007 Equity Compensation Plan 
 SECTION 1. GENERAL PURPOSE OF THE PLAN: DEFINITIONS 
 The name of the plan is the Lumber Liquidators, Inc. 2007 Equity Compensation Plan (the “Plan”). The purpose of the Plan is to encourage and enable the employees, Non-Employee Directors and other Service Providers of Lumber
Liquidators, Inc., a Massachusetts corporation (the “Company”), and its Related Companies, upon whose judgment, initiative and efforts the Company largely depends for the successful conduct of its business, to acquire a proprietary
interest in the Company. It is anticipated that providing such persons with a direct stake in the Company’s welfare will assure a closer identification of their interests with those of the Company, thereby stimulating their efforts on the
Company’s behalf and strengthening their desire to remain with the Company and its Related Companies. 
 The following terms shall be
defined as set forth below: 
 Act means the Securities Act of 1933, as amended, and the rules and regulations thereunder. 

Award or Awards, except where referring to a particular category of grant under the Plan, shall include Stock Options, Restricted Stock
Awards, Unrestricted Stock Awards, Restricted Stock Unit Awards, Stock Appreciation Rights or any combination of the foregoing. 
 Award
Agreement means a written agreement evidencing the Award. 
 Board means the Board of Directors of the Company or its successor
entity. 
 Change in Control means, with respect to a Service Provider, the date on which the Service Recipient for which the Service
Provider is providing services at the time of the event, or (if applicable) any Related Company that is a majority shareholder of such Service Recipient, or any corporation (including the Company) in a chain of corporations in which each corporation
is a majority shareholder of another corporation in the chain ending with such Service Recipient (the “Affected Corporation”), experiences any of the following events: 
 (i) any person, including a “group” as defined below, acquires ownership of the Affected Corporation stock that, together with
the Affected Corporation stock already held by such person or group, represents more than 50% or more of the total fair market value or total voting power of the then outstanding Affected Corporation stock; 
 (ii) any person, including a “group” as defined below, acquires (or has acquired during the 12-month period ending on the date
of the most recent acquisition by such person or persons) ownership of Affected Corporation stock possessing 30% or more or more of the total voting power of the Affected Corporation stock; 

 (iii) a majority of members of the Board is replaced during a twelve-month period by
directors whose appointment or election is not endorsed by a majority of the members of the Board prior to such appointment or election; or 
 (iv) any person, including a “group” as defined below, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the
Affected Corporation having a total gross fair market value of 40% or more or more of the total gross fair market value of all of the assets of the Affected Corporation immediately prior to such acquisition or acquisitions. 
 With respect to (iii), the term “Board” intentionally refers to the board of directors of the Company alone and not of any Related Company. The
term “Service Recipient” means the Company or any Related Company. The term “group” shall have the same meaning as in Section 13(d)(3) of the Act, modified as may be necessary to comply with the requirements of
Section 1.409A-3(i)(5)(v) of the Treasury Regulations. This definition of “Change of Control” is intended to satisfy the requirements of Section 1.409A-3(i)(5) of the Treasury Regulations, the terms of which are incorporated
herein by reference. 
 Code means the Internal Revenue Code of 1986, as amended, and any successor Code, and related rules,
regulations and interpretations. 
 Committee has the meaning specified in Section 2. 
 Date of Grant means, with respect to all Awards other than Stock Options and Stock Appreciation Rights, the date on which the Committee grants an
Award. With respect to Stock Options and Stock Appreciation Rights, Date of Grant means the date on which the Committee completes the corporate action constituting an offer of stock for sale to a Participant under the terms and conditions of the
Stock Option or Stock Appreciation Right. 
 Disability means, as to an Incentive Stock Option, a Disability within the meaning of
Code section 22(e)(3). As to all other Awards, Disability means a Disability within the meaning of Code section 409A(2)(C) and applicable Treasury Regulations issued thereunder. The Committee shall determine whether a Disability exists and the
determination shall be conclusive. 
 Exchange Act means the Securities Exchange Act of 1934, as amended, and the rules and
regulations thereunder. 
 Fair Market Value of the Stock on any given date means the fair market value of the Stock determined in
good faith by the Committee using a reasonable application of a reasonable valuation method; provided, however, that (i) if the Stock trades on a national securities exchange, the Fair Market Value on any given date is the closing
sale price on such date; (ii) if the Stock does not trade on any national securities exchange but is admitted to trading on the National Association of Securities Dealers, Inc. Automated Quotation System (“NASDAQ”), the Fair Market
Value on any given date is the closing sale price as reported by NASDAQ on such 

 
date; or if no such closing sale price information is available, the average of the highest bid and lowest asked prices for the Stock reported on such date.
For any date that is not a trading day, the Fair Market Value of the Stock for such date will be determined by using the closing sale price or the average of the highest bid and lowest asked prices, as appropriate, for the immediately preceding
trading day. The Committee can substitute a particular time of day or other measure of closing sale price if appropriate because of changes in exchange or market procedures. Notwithstanding the foregoing, if the date for which Fair Market Value is
determined is the first day when Trading prices for the Stock are reported on NASDAQ or trading on a national securities exchange, the Fair Market Value shall be the “Price to the Public” (or equivalent) set forth on the cover page for the
final prospectus relating to the Company’s Initial Public Offering. 
 Incentive Stock Option means any Stock Option designated
and qualified as an “incentive stock option” as defined in Code section 422. 
 Initial Public Offering means the
consummation of the first fully underwritten, firm commitment public offering pursuant to an effective registration statement under the Act covering the offer and sale by the Company of its equity securities, as a result of or following which the
Stock shall be publicly held. 
 Non-Employee Director means a member of the Board who is not an employee of the Company or any
Related Company. 
 Non-Statutory Stock Option means any Stock Option that is not an Incentive Stock Option. 
 Performance Criteria means the criteria selected by the Committee to measure performance for a Plan Year from among one or more of the following:
(i) pre-tax earnings, as shown in the Company’s annual report to shareholders, calculated in accordance with generally accepted accounting principles consistently applied by the Company; (ii) earnings per share, as shown in the
Company’s annual report to shareholders, calculated in accordance with generally accepted accounting principles consistently applied by the Company; (iii) earnings before interest, taxes, depreciation and amortization (EBITDA) calculated
in accordance with generally accepted accounting principles consistently applied by the Company; (iv) sales; (v) market share; (vi) stock price; (vii) cash flow(s) (including operating or net cash flow(s)); (viii) financial
return ratios; (ix) return measures, including return or net return on assets, net assets, equity, capital or gross sales; (x) adjusted pre-tax margin; (xi) operating margins, operating profits, and/or operating expenses;
(xii) dividends; (xiii) net income or net operating income; (xiv) value of assets; (xv) market penetration with respect to specific designated products or product groups and/or specific geographic areas; (xvi) aggregate
product price and other product measures; (xvii) expense or cost levels; (xviii) reduction of losses, loss ratios or expense ratios; (xix) reduction in fixed costs; (xx) operating cost management; (xxi) cost of capital;
(xxii) debt reduction; (xxiii) productivity improvements; (xxiv) average inventory turnover; (xxv) satisfaction of specified business expansion goals or goals relating to acquisitions or divestitures; (xxvi) advertising
efficiency; (xxvii) customer satisfaction based on specified objective goals or a Company-sponsored customer survey; (xxviii) employee diversity goals or employee turnover; (xxix) supervision of litigation and information technology;
and (xxx) goals relating to 

 
acquisitions or divestitures of subsidiaries or joint ventures. The targeted level or levels of performance with respect to such business criteria may be
established at such levels and in such terms as the Committee may determine, in its discretion, including in absolute terms, on a per share basis (either basic or diluted), as a goal relative to performance in prior periods, or as a goal compared to
the performance of one or more comparable companies or an index covering multiple companies. 
 Performance Goal means an objectively
determinable performance goal established by the Committee with respect to a given Award that relates to one or more Performance Criteria. 
 Plan Year means the calendar year. 
 Related Company means, as to an Incentive Stock Option, any “subsidiary
corporation” within the meaning of Code section 424(f) or “parent corporation” within the meaning of Code section 424(e) with respect to the Company. As to all other Awards, Related Company means any corporation or other entity in a
chain of corporations or other entities in which each corporation or other entity has a controlling interest in another corporation or other entity in the chain, beginning with the corporation or other entity in which the Company has a controlling
interest. For this purpose, “controlling interest” is intended to have the same meaning as in Section 1.409A-1(b)(5)(E)(1) of the Treasury Regulations. 
 Restricted Stock Award means Awards granted pursuant to Section 6. 
 Restricted Stock Unit
Award means Awards granted pursuant to Section 8. 
 Service Provider means an employee, director, advisor, consultant or
other natural person employed by or providing bona fide services to the Company or a Related Company, provided such person would satisfy the definition of “employee” as provided in Section A.1.(a)(1) of the General Instructions to Form S-8
under the Securities Act of 1933. 
 Stock means the Common Stock, without par value, of the Company, subject to adjustments
pursuant to Section 3. 
 Stock Option means any option to purchase shares of Stock granted pursuant to Section 5.

 Treasury Regulations mean the final, temporary or proposed regulations issued by the Treasury Department and/or Internal Revenue
Service as codified in Title 26 of the United States Code of Federal Regulations. 
 Unrestricted Stock Award means any Award granted
to pursuant to Section 7. 
 SECTION 2. ADMINISTRATION OF PLAN; COMMITTEE AUTHORITY TO SELECT GRANTEES AND DETERMINE AWARDS 
 (a) Administration of the Plan. This Plan shall be administered by the Compensation Committee of the Company’s Board of Directors (the
“Committee”), as appointed from time to time by the Board of Directors. The Board of Directors, in its sole discretion, may exercise any authority of the Committee under this Plan in lieu of the Committee’s exercise thereof and in
such instances references herein to the Committee shall refer to the Board. Unless otherwise provided by the Board: 
 (i)
with respect to any Award that the Committee intends to be exempted by Rule 16b-3(d)(1) or (e) of the Exchange Act, the Committee shall consist of the Board of Directors or of two or more directors each of whom is a “non-employee
director” (as such term is defined in Rule 16b-3 promulgated under the Exchange Act, as such Rule may be amended from time to time); 

 (ii) with respect to any Award that the Committee intends to qualify as
“performance-based compensation” under Code section 162(m), the Committee shall consist of two or more directors, each of whom is an “outside director” (as such term is defined under Code section 162(m)); and 
 (iii) with respect to any other Award, the Committee may appoint one or more separate committees (any such committee, a
“Subcommittee”) composed of one or more directors of the Company (who may but need not be members of the Committee) or to the extent permitted under Massachusetts law, officers of the Company, and may delegate to any such Subcommittee(s)
the authority to grant Awards under this Plan to eligible Service Providers, to determine all terms of such Awards, and/or to administer this Plan or any aspect of it. Any action by any such Subcommittee within the scope of such delegation shall be
deemed for all purposes to have been taken by the Committee. 
 (b) Powers of Committee. The Committee shall have the power and
authority to administer the Plan, including without limitation the power and authority: 
 (i) to select the individual
Service Providers to whom Awards may from time to time be granted; 
 (ii) to determine the time or times of grant, and the
extent, if any, of Stock Options, Restricted Stock Awards, Unrestricted Stock Awards, Restricted Stock Unit Awards, Stock Appreciation Rights, Other Stock Awards or any combination of the foregoing, granted to any one or more grantees; 

(iii) subject to the limits contained in this Plan, to determine the number of shares of Stock to be covered by any Award; 

(iv) to determine and modify from time to time the terms and conditions, including restrictions, not inconsistent with the terms of the
Plan, of any Award, which terms and conditions may differ among individual Awards and grantees, and to approve the form of written instruments evidencing the Awards, provided that such modifications would not result in penalties imposed by Code
section 409A; 
 (v) to accelerate at any time the exercisability or vesting of all or any portion of any Award; 

 (vi) to impose any limitations on Awards granted under the Plan, including limitations on
transfers, repurchase provisions and the like and to exercise repurchase rights or obligations; 
 (vii) subject to the
provisions of Section 5(e), to extend at any time the period in which Stock Options or Stock Appreciation Rights may be exercised; 
 (viii) to determine at any time whether, to what extent, and under what circumstances distribution or the receipt of Stock and other amounts payable with respect to an Award shall be deferred either automatically or
at the election of the grantee and whether and to what extent the Company shall pay or credit amounts constituting interest (at rates determined by the Committee) or dividends or deemed dividends on such deferrals; and 
 (ix) at any time to adopt, alter and repeal such rules, guidelines and practices for administration of the Plan and for its own acts and
proceedings as it shall deem advisable; to interpret the terms and provisions of the Plan and any Award (including related written agreements evidencing Awards); to make all determinations under the Plan; to decide all disputes arising in connection
with the Plan and any Award (including related written agreements evidencing Awards); and to otherwise administer or supervise the administration of the Plan. 
 All decisions and interpretations of the Committee shall be binding on all persons, including the Company, Plan grantees and their heirs and beneficiaries. 
 (c) Indemnification. Neither the Board nor the Committee, nor any member of either or any delegate thereof shall be liable for any act, omission,
interpretation, construction or determination made in good faith in connection with the Plan, and the members of the Board and the Committee (and any delegate thereof) shall be entitled in all cases to indemnification and reimbursement by the
Company in respect of any claim, loss, damage or expense (including, without limitation, reasonable attorney’s fees) arising or resulting therefrom to the fullest extent permitted by law and/or under any directors’ and officers’
liability insurance coverage which may be in effect from time to time. 
 SECTION 3. STOCK ISSUABLE UNDER THE PLAN; MERGERS; PUBLIC OFFERINGS;
SUBSTITUTION 
 (a) Stock Issuable. The maximum number of shares of Stock reserved and available for issuance under the Plan
shall be four million three hundred thousand (4,300,000) shares of Common Stock, reduced by (i) any shares of Common Stock that have been issued under either the Lumber Liquidators, Inc. 2004 Stock Option and Grant Plan and the Lumber
Liquidators, Inc. 2006 Equity Plan for Non-Employee Directors (collectively, the “Prior Plans”), and (ii) any shares that are subject to outstanding awards under the Prior Plans that have not been forfeited or cancelled. Such shares
shall be subject to adjustment as provided in Section 3(c). For purposes of this limitation, the shares of Stock underlying any Awards under the Plan or the Prior Plans which are forfeited, canceled, reacquired by the Company, satisfied without
the issuance of Stock, exchanged by a Service Provider as full or partial payment to the Company of the exercise price under a Stock Option, retained by the Company in satisfaction of a Service Provider’s 

 
obligations to pay applicable withholding taxes, covered by an Award that is settled in cash or otherwise terminated (other than by exercise) shall be added
back to the shares of Stock available for issuance under the Plan. Subject to such overall limitation, shares of Stock may be issued up to such maximum number pursuant to any type or types of Award; provided, however that from and after the date the
Company becomes subject to the deduction limit imposed by Code section 162(m), Awards covering no more than four-hundred thousand (400,000) shares of Stock may be granted to any one individual grantee during any one Plan Year. All of the shares
of Stock that may be issued under this Plan may be issued upon the exercise of Stock Options that qualify as Incentive Stock Options. No more than one million five hundred thousand (1,500,000) shares may be issued as Restricted Stock(either as
a separate award or to settle Restricted Stock Units) or Unrestricted Stock, provided that any shares of Restricted Stock that are forfeited or withheld to satisfy any tax withholding requirement shall not count against this limit. Any shares
covered by a Stock Appreciation Right shall be counted as used only to the extent shares are actually issued when the Stock Appreciation Right is exercised. The Committee is expressly authorized to make an Award conditioned upon the surrender for
cancellation of a Stock Option granted under an existing Award, provided that, without prior shareholder approval, the Committee is expressly prohibited from repricing a Stock Option if the exercise price of the new Stock Option would be less than
the exercise price of the Stock Option under the existing Award surrendered for cancellation. Reload Stock Options issued on the exercise of a Stock Option or otherwise are expressly prohibited. The shares available for issuance under the Plan maybe
authorized but unissued shares of Stock or shares of Stock reacquired by the Company and held in its treasury. 
 (b) Upon approval of the
Plan by the stockholders of the Company, (i) no further awards shall be granted under the Prior Plans and (ii) the Prior Plans shall become null and void, provided, however, that any outstanding awards made under the Prior Plans shall
continue in accordance with their terms. 
 (c) Changes in Stock. Subject to Section 3(d) hereof, if, as a result of a
reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other similar change in the Company’s capital stock, the outstanding shares of Stock are increased or decreased or are exchanged for a
different number or kind of shares or other securities of the Company, or additional shares or new or different shares or other securities of the Company or other non-cash assets are distributed with respect to such shares of Stock or other
securities, or, if as a result of any merger, consolidation or sale of all or substantially all of the assets of the Company, the outstanding shares of Stock are converted into or exchanged for a different number or kind of securities of the Company
or any successor entity (or a parent or subsidiary thereof), the Committee shall make a proportionate adjustment in (i) the maximum number of shares reserved for issuance under the Plan, (ii) the number of Stock Options that can be granted
to any one individual grantee, (iii) the number and kind of shares or other securities subject to any then outstanding Awards under the Plan, (iv) the repurchase price per share subject to each outstanding Restricted Stock Award, and
(v) the exercise price and/or exchange price for each share subject to any then outstanding Stock Options under the Plan, without changing the aggregate exercise price (i.e., the exercise price multiplied by the number of Stock Options) as to
which such Stock Options remain exercisable. Such adjustment of any outstanding Stock Option must satisfy the requirements of Treasury Regulation § 1.424-1 and Code section 409A. The adjustment by the Committee shall be final, binding and
conclusive. No fractional shares of Stock shall be issued under the Plan resulting from any such adjustment, but the Committee in its discretion may make a cash payment in lieu of fractional shares. 

 The Committee shall also proportionately adjust the number of shares subject to outstanding Awards and
the exercise price and the terms of outstanding Awards to take into consideration material changes in accounting practices or principles, extraordinary dividends, acquisitions or dispositions of stock or property or any other event if it is
determined by the Committee that such adjustment is appropriate to avoid distortion in the operation of the Plan, provided that no such adjustment shall be made in the case of an Incentive Stock Option, without the consent of the
grantee, if it would constitute a modification, extension or renewal of the Stock Option within the meaning of Code section 424(h) or in the case of any Stock Option, except as permitted by Code section 409A. 
 (d) Mergers and Other Sale Events. In the case of and subject to the consummation of (i) the dissolution or liquidation of the Company,
(ii) the sale of all or substantially all of the assets of the company on a consolidated basis to an unrelated person or entity, (iii) a merger, reorganization or consolidation in which the Company is not the surviving corporation or in
which the Company is the surviving corporation but the holders of shares of Stock receive securities of another corporation and/or other property, including cash in respect of their shares of Stock, (iv) the sale of all or a majority of the
outstanding capital stock of the Company to an unrelated person or entity or (v) any other transaction in which, the owners of the Company’s outstanding voting power prior to such transaction do not own at least a majority of the
outstanding voting power of the successor entity immediately upon completion of the transaction (in each case, regardless of the form thereof, a “Sale Event”), unless otherwise provided in the Award Agreement, the Plan and all outstanding
Awards issued hereunder shall terminate upon the effective time of any such Sale Event, unless provision is made in connection with such transaction in the sole discretion of the parties thereto for the assumption or continuation of Awards
theretofore granted (after taking into account any acceleration hereunder) by the successor entity, or the substitution of such Awards with new Awards of the successor entity or a parent or subsidiary thereof, with such adjustment as to the number
and kind of shares and the per share exercise prices as such parties shall agree (after taking into account any acceleration if any, hereunder). Such adjustment of any outstanding Stock Option must satisfy the requirements of Treasury Regulation
§ 1.424-1 and Code section 409A. In the event of such termination, each grantee shall be permitted, within a specified period of time prior to the consummation of the Sale Event as determined by the Committee to exercise all outstanding Stock
Options held by such grantee which are then exercisable or will become exercisable as of the effective time of the Sale Event; provided, however, that the exercise of Stock Options not exercisable prior to the Sale Event shall be
subject to the consummation of the Sale Event. All other terminated Awards shall be settled in cash or stock as provided the Award Agreement and subject to the consummation of the Sale Event. Notwithstanding the foregoing, the Company’s Initial
Public Offering or any subsequent public offering shall not be considered a Sale Event. 
 (e) Substitute Awards. The Committee may
grant Awards under the Plan in substitution for stock and stock based awards held by Service Providers of another corporation in connection with a merger or consolidation of the service recipient corporation with the Company or a Related Company or
the acquisition by the Company or a Related Company of property or stock of the service recipient corporation. The Committee may direct that the substitute awards 

 
be granted on such terms and conditions as the Committee considers appropriate in the circumstances. Such substitution of any outstanding Stock Option must
satisfy the requirements of Treasury Regulation § 1.424-1 and Code section 409A. Any substitute Awards granted under the Plan shall not count against the share limitation set forth in Section 3(a). 
 SECTION 4. ELIGIBILITY 
 (a) Eligible
Service Providers. Eligible Service Providers will be such full or part-time officers, employees, directors, consultants and other key persons (including prospective Service Providers) of the Company and its Related Companies who are responsible
for, or contribute to, the management, growth or profitability of the Company and its Related Companies as are selected from time to time by the Committee in its sole discretion. 
 (b) Less Than Full-Time Employment or Services. The Committee shall determine the effect, if any, on the vesting, exercisability, retention and/or
forfeiture of an Award as a result of any decreased level of employment or services during any period in which a Service Provider is on an approved leave of absence or is employed or providing services on a less than full time basis, and the
Committee may take into consideration any accounting consequences to the Company in making any such adjustment. 
 (c) Separation from
Service. For purposes of this Plan, “separation from service” (and variations thereof) shall have the same meaning as under Section 1.409A-1(h) of the Treasury Regulations. To the extent consistent with the preceding sentence, for
purposes of the Plan, the following events shall not be deemed a separation from service: 
 (i) a transfer to the employment
of the Company from a Related Company or from the Company to a Related Company, or from one Related Company to another, or 
 (ii) an approved leave of absence for military service or sickness, or for any other purpose approved by the Company, if the Service Provider’s right to return to service is guaranteed either by a statute of by contract or under the
policy pursuant to which the leave of absence was granted or if the Committee otherwise so provides in writing. 
 Notwithstanding the foregoing, if a Service Provider is employed by a subsidiary of the Company and the subsidiary of the Company is subsequently sold, for purposes of the Plan, the Service Provider is deemed to have had a separation from
service. 
 (d) No Right to Continued Service. The grant of an Award shall not obligate the Company or any Related Company to pay a
Service Provider any particular amount of remuneration, to continue the employment or services of the Service Provider after the grant or to make further grants to the Service Provider at any time thereafter. 
 SECTION 5. STOCK OPTIONS 
 Any Stock Option
granted under the Plan shall be pursuant to a Stock Option agreement which shall be in such form as the Committee may from time to time approve. Each Stock Option agreement shall contain provisions regarding (i) the number of shares of Stock
that may be issued upon exercise of the Stock Option, (ii) the purchase price of the Stock and the means of 

 
payment for the Stock, (iii) the term of the Stock Option, (iv) such terms and conditions on the vesting and/or exercisability of a Stock Option as
may be determined from time to time by the Committee, (v) restrictions on the transfer of the Stock Option and forfeiture provisions and (vi) such further terms and conditions, in each case not inconsistent with this Plan as may be
determined from time to time by the Committee. Stock Option agreements need not be identical. Each Stock Option agreement shall clearly identify each Option as either an Incentive Stock Option or a Non-Statutory Stock Option. Stock Option agreements
evidencing Incentive Stock Options shall contain such terms and conditions as may be necessary to qualify, to the extent determined desirable by the Committee, with the applicable provisions of Code section 422. 
 Stock Options granted under the Plan may be either Incentive Stock Options or Non-Statutory Stock Options. Incentive Stock Options may be granted only to
a Service Provider who is an employee on the Date of Grant. To the extent that any Stock Option does not qualify as an Incentive Stock Option, it shall be deemed a Non-Statutory Stock Option. No Incentive Stock Option shall be granted under the Plan
after the date which is ten years from the date the Plan is approved by the Board. 
 (a) Terms of Stock Options. Stock Options
granted under the Plan shall be subject to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Committee shall deem desirable. 
 (i) Exercise Price. The exercise price per share for the Stock covered by a Stock Option shall be determined by the Committee at
the time of grant but shall not be less than 100 percent of the Fair Market Value on the Date of Grant. If an employee owns or is deemed to own (by reason of the attribution rules of Code Section 424(d)) more than 10 percent of the combined
voting power of all classes of stock of the Company or any Related Company and an Incentive Stock Option is granted to such employee, the option price of such Incentive Stock Option shall be not less than 110 percent of the Fair Market Value on the
Date of Grant. Without prior shareholder approval, the Board is expressly prohibited from repricing a Stock Option if the exercise price of the new Stock Option would be less than the exercise price of the Stock Option under the existing Stock
Option Award, including any Stock Option surrendered for cancellation. 
 (ii) Stock Option Term. The term of each
Stock Option shall be fixed by the Committee, but no Stock Option shall be exercisable more than ten years after the Date of Grant. If an employee owns or is deemed to own (by reason of the attribution rules of Code section 424(d)) more than 10
percent of the combined voting power of all classes of stock of the Company or any Related Company and an Incentive Stock Option is granted to such employee, the term of such Incentive Stock Option shall be no more than five years from the Date of
Grant. 
 (iii) Exercisability; Rights of a Stockholder. Stock Options shall become exercisable at such time or times,
whether or not in installments, as shall be determined by the Committee at or after the Date of Grant. The Committee may at any time accelerate the exercisability of all or any portion of any Stock Option. No Incentive Stock Option may be exercised
after the first to occur of (x) ten years from the Date of Grant, (y) three months following the date of the employee’s retirement or termination of employment with the Company all Related Companies for reasons other than Disability
or death, or (z) one year following the date of the employee’s termination of employment on account of Disability or death. An optionee shall have the rights of a stockholder only as to shares acquired upon the exercise of a Stock Option
and not as to unexercised Stock Options. 

 (iv) Method of Exercise. Stock Options maybe exercised in whole or in part, by
giving written notice of exercise to the Company, specifying the number of shares to be purchased; provided that no partial exercise of an Option shall be for an aggregate price of less than $1,000 or such other amount as the Committee may determine
from time to time. Payment of the purchase price may be made by one or more of the following methods to the extent provided in the Award Agreement or as otherwise provided by the Committee: 
 (A) In cash, by certified or bank check, or other instrument acceptable to the Committee in U.S. funds payable to the order of the Company
in an amount equal to the purchase price of such Option shares; 
 (B) If permitted by the Committee, through the delivery (or
attestation to the ownership) of shares of Stock that have been purchased by the optionee on the open market or are beneficially owned by the optionee and are not then subject to restrictions under any Company plan. Such surrendered shares shall be
valued at Fair Market Value on the exercise date; and 
 (C) If permitted by the Committee and applicable laws and
regulations, by the optionee within the meaning of Section 13(k)(1) of the Exchange Act) delivering to the Company a properly executed exercise notice together with irrevocable instructions to a broker to promptly deliver to the company cash or
a check payable and acceptable to the Company to pay the purchase price; provided that in the event the optionee chooses to pay the purchase price as so provided, the optionee and the broker shall comply with such procedures and enter into
such agreements of indemnity and other agreements as the Committee shall prescribe as a condition of such payment procedures. 
 Payment
instruments will be received subject to collection. No certificates for shares of Stock so purchased will be issued to optionee until the Company has completed all steps required by law to be taken in connection with the issuance and sale of the
shares. The Company may place on any certificate representing Common Stock issued upon the exercise of a Stock Option any legend deemed desirable by the Company’s counsel to comply with federal or state securities laws, and the Company may
require a customary written indication of the optionee’s investment intent. The delivery of certificates representing the shares of Stock to be purchased pursuant to the exercise of a Stock Option will be contingent upon receipt from the
optionee (or a purchaser acting in his or her stead in accordance with the provisions of the Stock Option) by the Company of the full purchase price for such shares and the fulfillment of any other requirements contained in the Award Agreement or
applicable provisions of law. In the event an optionee chooses to pay the purchase price by previously-owned shares of Stock through the attestation method, the shares of Stock transferred to the optionee upon the exercise of the Stock Option shall
be net of the number of shares attested to. 
 The Committee may suspend the right to exercise a Stock Option at any time when the Committee
determines that allowing the exercise and issuance of Stock would violate any federal or state securities or other laws. The Committee may provide that any time periods to exercise the Stock Option are extended during a period of suspension.

 (b) Annual Limit on Incentive Stock Options. To the extent required for “incentive stock
option” treatment under Code section 422, the aggregate Fair Market Value (determined as of the Date of Grant) of the shares of Stock with respect to which Incentive Stock Options granted under thus Plan and any other plan of the Company or its
Related Companies become exercisable for the first time by an optionee during any calendar year shall not exceed $100,000. To the extent that any Stock Option exceeds this limit, it shall constitute a Non-Statutory Stock Option. 
 (c) Non-transferability of Options. Nonstatutory Stock Options may be transferable by an optionee and exercisable by a person other than the
optionee, but only to the extent specifically provided in the Award Agreement. Incentive Stock Options, by their terms, shall not be transferable except by will or by the laws of descent and distribution and shall be exercisable, during the
optionee’s lifetime, only by the optionee. 
 (d) Modifications Generally Prohibited. 
 (i) Notwithstanding anything to the contrary set forth in the Plan, no Stock Option Award or Award Agreement may be amended or modified to
the extent any such amendment or modification would cause the Stock Option Award or Award Agreement to become subject to Section 409A of the Code. 
 (ii) Subject to subsection (iv) below, a “Modification” for purposes of subsection (i) means any change in the terms of the Stock Option (or change in the terms of the Plan or applicable Award
Agreement) that may provide the holder of the Stock Option with a direct or indirect reduction in the exercise price of the Stock Option, regardless of whether the holder in fact benefits from the change in terms. 
 (iii) Subject to subsection (iv) below, an “Extension” for purposes of subsection (i) means (A) the provision to
the holder of an additional period of time within which to exercise the Stock Option beyond the time originally prescribed, (B) the conversion or exchange of the Stock Option for a legally binding right to compensation in a future taxable year,
(C) the addition of any feature for the deferral of compensation to the terms of the Stock Option, or (D) any renewal of the Stock Option that results in (A) through (C) above. 
 (iv) Notwithstanding subsections (ii) and (iii) above, it shall not be a
Modification or an Extension, respectively, to change the terms of a Stock Option in accordance with Section 3 of the Plan, or in any of the other ways or for any of the other purposes provided in applicable Treasury Regulations or other
guidance under Code section 409A as not resulting in a Modification or Extension for purposes of that section. In particular, it shall not be an Extension to extend the exercise period of a Stock Option to a date no later than the earlier of
(A) the latest date upon which the Stock Option could have expired by its original terms under any circumstances or (B) the 10th anniversary of
the original Date of Grant. 

 SECTION 6. STOCK APPRECIATION RIGHTS (SARs) 
 (a) General. Whenever the Committee deems it appropriate, Stock Appreciation Rights may be granted in connection with all or any part of a Stock
Option to an eligible Service Provider or in a separate Award. 
 (b) Separate SARs. The following provisions apply to all Stock
Appreciation Rights that are not granted in connection with Stock Options: 
 (i) Stock Appreciation Rights shall entitle the
grantee, upon exercise of all or any part of the Stock Appreciation Rights, to receive in exchange from the Company an amount equal to the excess of (x) the Fair Market Value on the date of exercise of the Common Stock covered by the
surrendered Stock Appreciation Right over (y) the Fair Market Value of the Common Stock on the Date of Grant of the Stock Appreciation Right. The Committee may limit the amount that the grantee will be entitled to receive upon exercise of Stock
Appreciation Rights. The Committee may not revise or amend a Stock Appreciation Right to reduce the Fair Market Value of Company Stock on the Date of Grant, except as provided in Section 3(c). 
 (ii) A Stock Appreciation Right may only be exercised at a time when the Fair Market Value of the Common Stock covered by the Stock
Appreciation Right exceeds the Fair Market Value of the Common Stock on the Date of Grant of the Stock Appreciation Right. 
 (c) Manner
of Payment. The manner in which the Company’s obligation arising upon the exercise of a Stock Appreciation Right shall be paid shall be determined by the Committee and shall be set forth in the Award Agreement. The Award Agreement may
provide for payment in Common Stock or cash, or a fixed combination of Common Stock or cash, or the Committee may reserve the right to determine the manner of payment at the time the Stock Appreciation Right is exercised. Shares of Common Stock
issued upon the exercise of a Stock Appreciation Right shall be valued at their Fair Market Value on the date of exercise. 
 (d)
Application of Stock Option Terms and Conditions. Stock Appreciation Rights shall otherwise be subject to the terms and conditions of Section 5 of the Plan applicable to Non-Statutory Stock Options. 
 SECTION 7. RESTRICTED STOCK AWARDS 
 (a)
Nature of Restricted Stock Awards. A Restricted Stock Award is an Award pursuant to which the Company may, in its sole discretion, grant or sell, at such purchase price as determined by the Committee, in its sole discretion, shares of Stock
subject to such restrictions and conditions as the Committee may determine at the time of grant (“Restricted Stock”), which purchase price shall be payable in cash or other form of consideration acceptable to the Committee. Conditions may
be based on continuing service on the Board and/or achievement of pre-established Performance Goals. The terms and conditions of each such Restricted Stock Award shall be determined by the Committee, and set forth in an agreement. Such terms and
conditions may differ among individual Awards and grantees. 

 (b) Rights as a Stockholder. Upon execution of the Award Agreement and payment of any applicable
purchase price, a grantee shall have the rights of a stockholder with respect to the voting of the Restricted Stock and the right to receive dividends, subject to such conditions contained in the Award Agreement. Unless the Award Agreement provides
otherwise, (i) dividends or other distributions paid in shares of Stock shall be subject to the same restrictions set forth in paragraph (c) as the shares of Restricted Stock with respect to which the dividends or other distributions have
been paid and (ii) dividends or other distributions paid in cash shall be paid at the same time and under the same conditions as such dividends or other distributions are paid to the shareholders of record of Stock. Unless the Committee shall
otherwise determine, certificates evidencing the Restricted Stock shall remain in the possession of the Company until such Restricted Stock is vested as provided in subsection (d) below of this Section, and the grantee shall be required, as a
condition of the grant, to deliver to the Company a stock power endorsed in blank. 
 (c) Restrictions. Restricted Stock may not be
sold, assigned, transferred, pledged or otherwise encumbered or disposed of except as specifically provided herein or in the Restricted Stock Award Agreement. If a grantee separates from service under the conditions specified in the relevant
instrument relating to the Award, or upon such other event or events as may be stated in the Award Agreement, the Restricted Stock Award may be forfeited without the payment of any consideration by the Company in connection with such forfeiture, or
the Company or its assigns shall have the right or shall agree, as may be specified in the Award Agreement, to repurchase some or all of the shares of Stock subject to the Award at such purchase price as set forth in such agreement. 
 (d) Vesting of Restricted Stock. The Committee at the time of grant shall specify in the Award Agreement the date or dates and/or the attainment
of pre-established Performance Goals, objectives and other conditions on which Restricted Stock shall become vested, subject to such further rights of the Company or its assigns as may be specified in the Award Agreement. Restrictions conditioned on
employment and the passage of time shall not expire less than three years from the Date of Grant of the Restricted Stock except that up to one hundred thousand (100,000) shares of Restricted Stock may be granted with a restriction of no less
than one year. Restrictions conditioned on the achievement of Performance Goals or other performance conditions shall not expire less than one year from the Date of Grant. Notwithstanding the foregoing, the Committee may in its discretion, and
without limitation, provide that restrictions will expire at any time (including less than one year following the Date of Grant of any Award) as a result of the Disability, death or retirement (as determined by the Committee based upon the
Company’s employment policies) of the Service Provider or the occurrence of a Change in Control. 

 (e) Performance-Based Awards. An Award of Restricted Stock or a Restricted Stock Unit Award that
is intended to qualify for the performance-based compensation exemption to the one million dollar deduction limitation in Code section 162(m) (a “Performance-Based Award”) shall be subject to the following terms: 
 (i) The Committee shall establish the Performance Goals for Performance-Based Awards. The Committee shall determine the extent to which
any Performance Criteria shall be used and weighted in determining Performance-Based Awards. The Committee may vary the Performance Criteria, Performance Goals and weightings from Service Provider to Service Provider, Performance-Based Award to
Performance-Based Award, and Plan Year to Plan Year. The Committee may increase, but not decrease, any Performance Goal during a Plan Year. 
 (ii) The Committee shall establish for each Performance-Based Award the amount of Restricted Stock or Restricted Stock Units that vests at specified levels of performance, based on the Performance Goal for each
Performance Criteria. Any Performance-Based Award shall be made not later than 90 days after the start of the period for which the Performance-Based Award relates and shall be made prior to the completion of 25% of the period. All determinations
regarding the achievement of any Performance Goals will be made by the Committee as soon as reasonable possible after the end of the performance period. 
 (iii) The actual amounts of Restricted Stock or Restricted Stock Units that vest under a Performance-Based Award will be calculated by applying the achievement of a Performance Criteria to the Performance Goal as
established in the Performance-Based Award Agreement. All calculations of actual amounts that vest shall be made by the Committee and the Committee shall certify in writing the extent, if any, to which the Performance Goals have been met.

 (iv) Nothing in this section is intended to limit the Committee’s discretion to adopt conditions with respect to any
Award that is not intended to qualify as “performance-based compensation” that relate to performance measures other than the Performance Criteria. In addition, the Committee may, subject to the terms of the Plan, amend previously granted
Awards in a way that disqualifies them as “performance-based compensation.” 
 (v) In the event that the
requirements of Section 162(m) of the Code and the regulations thereunder change to permit the Committee discretion to alter the Performance Criteria without obtaining shareholder approval of such changes, the Committee shall have discretion to
amend the definition of Performance Criteria without obtaining shareholder approval of such amendments. 
 SECTION 8. UNRESTRICTED STOCK AWARDS AND;
OTHER STOCK AWARDS 
 (a) Grant or Sale of Unrestricted Stock. The Committee may, in its sole discretion, grant (or sell at
such purchase price determined by the Committee) an Unrestricted Stock Award to any grantee, pursuant to which such grantee may receive shares of Stock free of any vesting restrictions (“Unrestricted Stock”) under the Plan. Unrestricted
Stock Awards may be granted or sold as described in the preceding sentence in respect of past services or other valid consideration, or in lieu of any cash compensation due to such individual. 
 (b) Elections to Receive Unrestricted Stock in Lieu of Compensation. Upon the request of a grantee and with the consent of the Committee, each
such grantee may, pursuant to an advance written election delivered to the Company no later than the date specified by the Committee, receive a portion of the cash compensation otherwise due to such grantee in the form of shares of Unrestricted
Stock. 

 (c) Other Stock-Based Award. The Committee may grant equity-based or equity-related awards not
otherwise described herein in such amounts and subject to such terms and conditions as the Committee shall determine (any such Award, an “Other Stock-Based Award”). Without limiting the generality of the preceding sentence, each such Other
Stock-Based Award may (i) involve the transfer of actual shares of Stock to Service Providers, either at the time of grant or thereafter, or payment in cash or otherwise of amounts based on the value of shares of Stock, (ii) be subject to
performance-based and/or service-based conditions, (iii) be in the form of cash-settled stock appreciation rights, stock-settled stock appreciation rights, phantom stock, restricted stock, restricted stock units, performance shares, or
share-denominated performance units (iv) be designed to comply with applicable laws of jurisdictions other than the United States, and (v) be designed to qualify as “performance-based compensation” within the meaning of
Section 162(m) of the Code. 
 (d) Performance Based Awards. The vesting terms and conditions with respect to an Award of
Restricted Stock Units may include the achievement of one or more Performance Goal(s), which shall be governed by the provisions of Section 7(e) to the extent that the award is intended to comply with the requirements of Code section 162(m).

 SECTION 9. RESTRICTED STOCK UNITS 
 (a) Nature of Restricted Stock Unit Awards. The Committee may make grants of Restricted Stock Units to eligible Service Providers. Whenever the Committee deems it appropriate to grant Restricted Stock Units, notice shall be given to
the Service Provider stating the number of Restricted Stock Units granted and the terms and conditions to which the Restricted Stock Units are subject. This notice shall be the Award Agreement between the Company and the Service Provider.

 (b) Dividend Equivalents. If (and only if) expressly authorized in the applicable Award Agreement, in the event that the Company
pays any cash or other dividend or makes any other distribution in respect of the Common Stock, a Service Provider will be credited with an additional number of Restricted Stock Units (including fractions thereof) determined by dividing (i) the
amount of cash, or the value (as determined by the Committee) of any securities or other property, paid or distributed in respect of a share by (ii) the Fair Market Value of a share for the date of such payment or distribution, and multiplying
the result of such division by (iii) the number of Restricted Stock Units that were credited to a Service Provider immediately prior to the date of the dividend or other distribution. Credits shall be made effective as of the date of the
dividend or other distribution in respect of the Common Stock to the bookkeeping account to which the Service Provider’s Restricted Stock Units are credited. Dividends credited to a Service Provider shall be subject to the same restrictions as
the underlying Restricted Stock Units. 
 (c) Vesting Conditions. The Committee shall establish as to each award of Restricted Stock
Units the terms and conditions upon which the Restricted Stock Units shall vest. Vesting may be conditioned on employment and the passage of time or upon the achievement of 

 
Performance Goals or any combination thereof. Restrictions conditioned on employment and the passage of time shall not expire less than three years from the
Date of Grant of the Restricted Stock Units except that up to one hundred thousand (100,000) Restricted Stock Units may be granted with a restriction of no less than one year. Restrictions conditioned on the achievement of Performance Goals or
other performance conditions shall not expire less than one year from the Date of Grant. Notwithstanding the foregoing, the Committee may in its discretion, and without limitation, provide that restrictions will expire at any time (including less
than one year following the Date of Grant of any Award) as a result of the Disability, death or retirement (as determined by the Committee based upon the Company’s employment policies) of the Service Provider or the occurrence of a Change in
Control. 
 (d) Performance-Based Awards. The vesting terms and conditions with respect to an Award of Restricted Stock Units may
include the achievement of one or more Performance Goal(s), which shall be governed by the provisions of Section 7(e) to the extent that the award is intended to comply with the requirements of Code section 162(m). 
 (e) Method of Settlement. Restricted Stock Units may be settled in cash, Stock, or a fixed combination of Stock or cash as provided in the Award
Agreement, or the Committee may reserve the right to determine the manner of payment at the time the Restricted Stock Units become payable. 
 (f) No Shareholder Rights. A Participant who receives Restricted Stock Units payable in Stock shall have no rights as a shareholder unless and until Stock is issued to the Participant in settlement of the Restricted Stock Units
pursuant to the terms of the Award Agreement. The Stock may be issued without the payment by the Participant of any cash consideration. 
 (g) Nontransferability. A Participant’s interest in Restricted Stock Units may not be sold, assigned, transferred, pledged, hypothecated, or otherwise encumbered. 
 (h) Timing of Settlement. Unless provided otherwise in the Award Agreement, Restricted Stock Units shall be settled on or after January 1 and
on or before March 15 of the Plan Year immediately following the Plan Year in which the Restricted Stock Units vest. 
 SECTION 10. TAX
WITHHOLDING 
 (a) Payment by Grantee. Each grantee who is an employee shall, no later than the date as of which the value of
an Award or of any Stock or other amounts received under the Plan first becomes includable in the gross income of the grantee for Federal income tax purposes, pay to the Company, any minimum statutory federal, state, or local taxes of any kind
required by law to be withheld with respect to such income. The Company and its Related Companies shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the grantee. The
Company’s obligation to deliver stock certificates to any grantee is subject to and conditioned on tax obligations being satisfied by the grantee. 
 (b) Payment in Stock. Subject to approval by the Committee, a grantee who is an employee may elect to have the minimum statutory required tax withholding obligation satisfied, in whole or in part, by
(i) authorizing the Company to withhold from shares of Stock to be issued 

 
pursuant to any Award a number of shares with an aggregate Fair Market Value (as of the date the withholding is effected) that would satisfy the withholding
amount due, or (ii) transferring to the Company shares of Stock owned by the grantee with an aggregate Fair Market Value (as of the date the withholding is effected) that would satisfy the minimum statutory withholding amount due. 

SECTION 11. AMENDMENTS AND TERMINATION 
 If
not sooner terminated by the Board, this Plan shall terminate at the close of business on the first business day following the tenth anniversary of the Effective Date. No Awards shall be made under the Plan after its termination. The Board may, at
any time, amend or discontinue the Plan and the Committee may, at any time, amend or cancel any outstanding Award (or provide substitute Awards at the same or reduced exercise or purchase price or with no exercise or purchase price in a manner not
inconsistent with the terms of the Plan), but such price, if any, must satisfy the requirements which would apply to the substitute or amended Award if it were then initially granted under this Plan for the purpose of satisfying changes in law or
for any other lawful purpose, but no such action shall adversely affect rights under any outstanding Award without the holder’s consent. No change shall be made that increases the total number of shares of Stock reserved for issuance pursuant
to Awards granted under the Plan (except pursuant to Section 3), materially modifies the requirements as to eligibility for participation in the Plan, or materially increases the benefits accruing to eligible Service Providers under the Plan,
unless the change is authorized by the shareholders of the Company or the Committee determines that no such shareholder approval is required under any applicable law, regulation or rule of a stock exchange applicable to the Plan. Notwithstanding the
foregoing, the Board may unilaterally amend the Plan and Awards as it deems appropriate to ensure compliance with Rule 16b-3 and other applicable federal or state securities laws and to meet the requirements of the Code and regulations thereunder.
Except as provided in the preceding sentence, a termination or amendment of the Plan shall not, without the consent of the grantee, adversely affect a grantee’s rights under an Award previously granted to him or her. Nothing in this
Section 11 shall limit the Board’s or Committee’s authority to take any action permitted pursuant to Section 3. 
 SECTION 12.
STATUS OF PLAN 
 With respect to the portion of any Award that has not been exercised and any payments in cash, Stock or other
consideration not received by a grantee, a grantee shall have no rights greater than those of a general creditor of the Company unless the Committee shall otherwise expressly determine in connection with any Award or Awards. In its sole discretion,
the Committee may authorize the creation of trusts or other arrangements to meet the Company’s obligations to deliver Stock or make payments with respect to Awards hereunder, provided that the existence of such trusts or other
arrangements is consistent with the foregoing sentence. 
 SECTION 13. GENERAL PROVISIONS 
 (a) No Distribution; Compliance with Legal Requirements. The Committee may require each person acquiring Stock pursuant to an Award to represent to
and agree with the Company in writing that such person is acquiring the shares without a view to distribution thereof. No shares of Stock shall be issued pursuant to an Award until all applicable securities law and other legal and stock exchange or
similar requirements have been satisfied. The Committee may require the placing of such stop-orders and restrictive legends on certificates for Stock and Awards as it deems appropriate. 

 (b) Delivery of Stock Certificates. Stock certificates to grantees under this Plan shall be deemed
delivered for all purposes when the Company or a stock transfer agent of the Company shall have mailed such certificates in the United States mail, addressed to the grantee, at the grantee’s last known address on file with the Company.

 (c) Other Compensation Arrangements. Nothing contained in this Plan shall prevent the Board from adopting other or additional
compensation arrangements, including trusts, and such arrangements may be either generally applicable or applicable only in specific cases. 
 (d) Trading Policy Restrictions. Stock Option exercises and the grant, vesting or settlement of other Awards under the Plan shall be subject to such Company’s insider-trading policy-related restrictions, terms and conditions as
may be established by the Committee, or in accordance with policies set by the Committee, from time to time. 
 (e) Designation of
Beneficiary. Each grantee to whom an Award has been made under the Plan may designate a beneficiary or beneficiaries to exercise any Award or receive any payment under any Award payable on or after the grantee’s death. Any such designation
shall be on a form provided for that purpose by the Administrator and shall not be effective until received by the Administrator. If no beneficiary has been designated by a deceased grantee, or if the designated beneficiaries have predeceased the
grantee, the beneficiary shall be the grantee’s estate. Notwithstanding the foregoing, no transfer by will or the laws of descent and distribution of any Award, or the right to exercise any Award, shall be effective to bind the Company unless
the Committee shall have been furnished with (a) written notice thereof and with a copy of the will and/or such evidence as the Committee may deem necessary to establish the validity of the transfer and (b) an agreement by the transferee
to comply with all the terms and conditions of the Award that are or would have been applicable to the Service Provider (other than conditions related to continued employment) and to be bound by the acknowledgments made by the Service Provider in
connection with the grant or exercise of the Award. 
 SECTION 14. EFFECTIVE DATE OF PLAN 
 This Plan shall be effective as of August 10, 2007 (the “Effective Date”) if approved by shareholders of the Company in accordance with
applicable law. Until (i) the Plan has been approved by the Company’s shareholders, and (ii) the requirements of any applicable federal or state securities laws have been met, no Restricted Stock or Unrestricted Stock shall be awarded
that is not contingent on these events, no Stock Option granted shall be exercisable, and no Restricted Stock Units or Stock Appreciation Rights payable in shares of Stock shall be paid. If at any time subsequent to these events the requirements of
any applicable federal or state securities laws fail to be met, no Restricted Stock or Unrestricted Stock shall be awarded, no Stock Option granted shall be exercisable, and no Restricted Stock Units or Stock Appreciation Rights payable in shares of
Company Stock shall be paid, until the Committee has determined that these requirements have again been met. 

 SECTION 15. GOVERNING LAW 
 This Plan and all Awards and actions taken thereunder shall be governed by the laws of the Commonwealth of Virginia, applied without regard to conflict of law principles. In addition, the Plan is intended to operate
in compliance with the provisions of the Exchange Act Rule 16b-3 and to facilitate compliance with, and optimize the benefits from, Code section 162(m) and Code section 409A. The terms of this Plan are subject to all present and future regulations
and rulings of the Secretary of the Treasury of the United States or his or her delegate relating to the qualification of Incentive Stock Options under the Code with respect to Awards intended to qualify as Incentive Stock Options. If any provision
of the Plan conflicts with any such regulation or ruling, then that provision of the Plan shall be void and of no effect with respect to Awards intended to qualify as Incentive Stock Options. 
 SECTION 16. SEVERABILITY; ENTIRE AGREEMENT 
 If
any of the provisions of this Plan or any Award document is finally held to be invalid, illegal or unenforceable (whether in whole or in part), such provision shall be deemed modified to the extent, but only to the extent, of such invalidity,
illegality or unenforceability, and the remaining provisions shall not be affected thereby; provided, that, if any of such provisions is finally held to be invalid, illegal, or unenforceable because it exceeds the maximum scope determined to be
acceptable to permit such provision to be enforceable, such provision shall be deemed to be modified to the minimum extent necessary to modify such scope in order to make such provision enforceable hereunder. The Plan and any Award documents contain
the entire agreement of the parties with respect to the subject matter thereof and supersede all prior agreements, promises, covenants, arrangements, communications, representations and warranties between them, whether written or oral with respect
to the subject matter thereof.

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