Document:

EX-10.31

 EXHIBIT 10.31 

CITIZENS FINANCIAL GROUP, INC. 

2014 NON-EMPLOYEE DIRECTORS COMPENSATION PLAN 

RSU Award Agreement 

[Service Vesting] 
 Citizens
Financial Group, Inc. (the “Company”) hereby grants to [Full Name] a restricted share unit award (this “Award”) on the following terms and subject to the provisions of Attachment A and the Citizens Financial Group,
Inc. 2014 Non-Employee Directors Compensation Plan (the “Plan”). Unless defined in this Award agreement (including Attachment A, this “Award Agreement”), capitalized terms will have the meanings assigned to them in
the Plan. In the event of a conflict among the provisions of the Plan, this Award Agreement and any descriptive materials provided in connection herewith, the provisions of the Plan will prevail. 

 

			
	Participant	  	[Full Name] (the “Participant”)
		
	Number of Restricted Share Units	  	[—] Restricted Share Units (the “RSUs” or “Restricted Share Units”)
		
	Grant Date	  	[—] (the “Grant Date”)
		
	Vesting	  	Subject to Section 5 of Attachment A, the RSUs shall fully vest on [the earlier of the first anniversary of the Grant Date or the date of the annual shareholders meeting]1 [the
first anniversary of the Grant Date]2 (the “Vesting Date”),3 provided that the Participant does not experience a
separation of service from the Board prior to the [applicable] Vesting Date or as otherwise set forth below. [Any fractional stock units resulting from the application of the vesting schedule will be aggregated and will vest on the last scheduled
Vesting Date, if there is more than one Vesting Date.]

  

	1 	To be included for IPO Awards. 

	2 	To be included for annual Awards to directors following the IPO. 

	3 	The vesting schedule presented in this Form of Award Agreement is indicative. The vesting schedule applicable to Awards may vary. 

 Attachment A 

CITIZENS FINANCIAL GROUP, INC. 

2014 NON-EMPLOYEE DIRECTOR COMPENSATION PLAN 

RSU Award Agreement 

Terms and Conditions 

Grant to: [Full Name] 

Section 1. Grant of RSU Award. Subject to the terms and conditions of the Plan and this Award Agreement, the Company hereby grants
this Award to the Participant on the Grant Date on the terms set forth on the cover page of this Award Agreement, as more fully described in this Attachment A. This Award is granted under the Plan, which is incorporated herein by reference and made
a part of this Award Agreement. 
 Section 2. Issuance of RSUs. Each RSU shall represent the right to receive one Share upon the
vesting of such RSU, as determined in accordance with and subject to the terms of this Award Agreement and the Plan. 
 Section 3.
Rights as a Shareholder; Dividend Equivalents. 
 (a) The Participant shall have no voting rights or any other rights as a
shareholder of the Company with respect to the RSUs unless and until the Participant becomes the record owner of the Shares, including Dividend Shares (as defined below) to the extent applicable, underlying such RSUs. 

(b) If a dividend is paid on Shares during the period commencing on the Grant Date and ending on the date on which the Shares underlying RSUs
are distributed to the Participant pursuant to Section 6, the Participant shall be eligible to receive an amount equal to the dividend that the Participant would have received had the Shares underlying the RSUs been distributed to the Participant as
of the time at which such dividend is paid; provided, however, that no such amount shall be payable with respect to any RSUs that are forfeited. Such amount shall be paid to the Participant on the date on which the Shares underlying
the RSUs are distributed to the Participant in the same form (cash, Shares or other property) in which such dividend is paid to holders of Shares generally. Any Shares that the Participant is eligible to receive pursuant to this Section 3(b) are
referred to herein as “Dividend Shares.” 
 Section 4. Restrictions on Transferability. The RSUs granted
hereunder shall not be assigned, sold, exchanged, pledged, hypothecated, transferred, alienated or otherwise disposed of or hedged, in any manner (including through the use of any cash-settled instrument), whether voluntarily or involuntarily, and
whether by operation of law or otherwise, other than by will or by the laws of descent and distribution, by the Participant. Any sale, exchange, transfer, assignment, pledge, hypothecation, or other disposition in violation of the provisions of this
Section 4 will be null and void and any RSU which is hedged in any manner will immediately be forfeited. All of the terms and conditions of the Plan and this Award Agreement will be binding upon any permitted successors and assigns. 

  
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 Section 5. Change of Control; Accelerated Vesting and Forfeiture Upon a Separation from
Service. 
 (a) Change of Control. In the event of the Change of Control, the RSUs shall fully vest on the date of such Change of
Control and shall be distributed to the Participant pursuant to Section 6. 
 (b) Accelerated Vesting Upon Separation From Service.
In the event of the Participant’s separation from service from the Board for any reason (other than under circumstances which would constitute “cause” under the terms of the Company’s bylaws or applicable law), the RSUs shall
fully vest on the date of the Participant’s separation from service from the Board and shall be distributed to the Participant pursuant to Section 6. 

(c) Forfeiture. In the event of the Participant’s separation from service from the Board under circumstances which would
constitute “cause” under the terms of the Company’s bylaws or applicable law, any unvested RSUs shall be forfeited in their entirety without any payment to the Participant. 

Section 6. Distribution on Vesting. Subject to the provisions of this Award Agreement, upon the vesting of any of the RSUs, the Company
shall deliver to the Participant, as soon as reasonably practicable after the [applicable] Vesting Date (or the date of the Participant’s separation of service, as applicable), one Share for each such RSU and the number of Dividend Shares (as
determined in accordance with Section 3(b)), provided that such delivery of Shares shall be made no later than March 15 of the calendar year immediately following the year in which the [applicable] Vesting Date (or the date of the
Participant’s separation of service, as applicable) occurs. Upon such delivery, such Shares (including Dividend Shares) shall be fully assignable, saleable and transferable by the Participant, provided that any such assignment, sale,
transfer or other alienation with respect to such Shares shall be in accordance with applicable securities laws. 
 Section 7. Tax
Liability; Withholding Requirements. The Participant shall be solely responsible for any applicable taxes (including, without limitation, income and excise taxes) and penalties, and any interest that accrues thereon, that the Participant incurs
in connection with the receipt, vesting or settlement of any RSU granted hereunder. 
 Section 8. Recoupment/Clawback. This Award may
be subject to recoupment or “clawback” as may be required by applicable law, stock exchange rules or by any applicable Company policy or arrangement, as it may be established or amended from time to time. 

Section 9. No Right to Continued Service on the Board. Neither the Plan nor this Award Agreement shall confer upon the Participant
any right to be retained as a Non-Employee Director of the Company or in any other capacity, and the receipt of this Award does not confer any rights on the Participant other than those expressly set forth in this Award Agreement or the Plan. 

  
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 Section 10. Section 409A of the Code. This Award Agreement is intended to comply
with the requirements of Section 409A of the Code and the regulations thereunder, and the provisions of this Award Agreement shall be interpreted in a manner that satisfies the requirements of Section 409A of the Code, and the Award
Agreement shall be operated accordingly. If any provision of the Award Agreement or any term or condition of the RSUs would otherwise frustrate or conflict with this intent, the provision, term or condition shall be interpreted and deemed amended so
as to avoid this conflict. Notwithstanding anything else in this Award Agreement, if the Board considers a Participant to be a “specified employee” under Section 409A of the Code at the time of such Participant’s “separation
from service” (as defined in Section 409A of the Code), and the amount hereunder is “deferred compensation” subject to Section 409A of the Code any distribution that otherwise would be made to such Participant with respect
to RSUs as a result of such separation from service shall not be made until the date that is six months after such separation from service, except to the extent that earlier distribution would not result in such Participant’s incurring interest
or additional tax under Section 409A of the Code. If the Award includes a “series of installment payments” (within the meaning of Section 1.409A-2(b)(2)(iii) of the Treasury Regulations), the Participants’ right to the
series of installment payments shall be treated as a right to a series of separate payments and not as a right to a single payment and if the Award includes “dividend equivalents” (within the meaning of Section 1.409A-3(e) of the
Treasury Regulations), the Participant’s right to the dividend equivalents shall be treated separately from the right to other amounts under the Award. Notwithstanding the foregoing, the tax treatment of the benefits provided under this Award
Agreement is not warranted or guaranteed, and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with
Section 409A of the Code. 
 Section 11. Miscellaneous. 

(a) Notices. All notices, requests and other communications under this Award Agreement shall be in writing and shall be delivered in
person (by courier or otherwise), mailed by certified or registered mail, return receipt requested, or sent by facsimile transmission, as follows: 

if to the Company, to: 
 Citizens
Financial Group, Inc. 
 600 Washington Blvd. 

Stamford, CT 06901 
 Attention:
Corporate Secretary 
 if to the Participant, to the address that the Participant most recently provided to the Company, 

  
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 or to such other address or facsimile number as such party may hereafter specify for the purpose by notice to the
other parties hereto. All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. on a business day in the place of receipt. Otherwise, any such notice,
request or communication shall be deemed received on the next succeeding business day in the place of receipt. 
 (b) Entire
Agreement. This Award Agreement, the Plan and any other agreements, schedules, exhibits and other documents referred to herein or therein constitute the entire agreement and understanding between the parties in respect of the subject matter
hereof and supersede all prior and contemporaneous arrangements, agreements and understandings, both oral and written, whether in term sheets, presentations or otherwise, between the parties with respect to the subject matter hereof. 

(c) Severability. If any provision of this Award Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any
jurisdiction, or would disqualify the Plan or this Award Agreement under any law deemed applicable by the Board, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended
without, in the determination of the Board, materially altering the intent of this Award Agreement, such provision shall be stricken as to such jurisdiction, and the remainder of this Award Agreement shall remain in full force and effect. 

(d) Amendment; Waiver. No amendment or modification of any provision of this Award Agreement that has a material adverse effect on the
Participant shall be effective unless signed in writing by or on behalf of the Company and the Participant, provided that the Company may amend or modify this Award Agreement without the Participant’s consent in accordance with the
provisions of the Plan or as otherwise set forth in this Award Agreement. No waiver of any breach or condition of this Award Agreement shall be deemed to be a waiver of any other or subsequent breach or condition, whether of like or different
nature. Any amendment or modification of or to any provision of this Award Agreement, or any waiver of any provision of this Award Agreement, shall be effective only in the specific instance and for the specific purpose for which made or given. 

(e) Assignment. Neither this Award Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall
be assignable by the Participant. 
 (f) Successors and Assigns; No Third-Party Beneficiaries. This Award Agreement shall inure to
the benefit of and be binding upon the Company and the Participant and their respective heirs, successors, legal representatives and permitted assigns. Nothing in this Award Agreement, express or implied, is intended to confer on any Person other
than the Company and the Participant, and their respective heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Award Agreement. 

  
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 (g) Governing Law; Waiver of Jury Trial. This Award Agreement shall be governed by the
laws of the State of Delaware, without application of the conflicts of law principles thereof. By signing this Award Agreement (either manually or electronically), the Participant waives any right that the Participant may have to trial by jury in
respect of any litigation based on, arising out of, under or in connection with this Award Agreement or the Plan. 
 (h) Discretionary
Nature. The grant of the RSUs in this Award Agreement does not create any contractual right or other right in the Participant to receive any RSUs or other Awards in the future. Future grants of Awards, if any, will be at the sole discretion of
the Company. 
 (i) Participant Undertaking; Acceptance. The Participant agrees to take whatever additional action and execute
whatever additional documents the Company may deem necessary or advisable to carry out or give effect to any of the obligations or restrictions imposed on either the Participant or the RSUs pursuant to the provisions of this Award Agreement. The
Participant acknowledges receipt of a copy of the Plan and this Award Agreement and understands that material definitions and provisions concerning the RSUs and the Participant’s rights and obligations with respect thereto are set forth in the
Plan. The Participant has read carefully, and understands, the provisions of this Award Agreement and the Plan. 
 (j) Dispute
Resolution. Except as provided in the last sentence of this paragraph to the fullest extent permitted by law, the Company and each Participant agree to waive their rights to seek remedies in court, including but not limited to rights to a trial
by jury. The Company and each Participant agree that any dispute between or among them and/or their affiliates arising out of, relating to or in connection with this Plan will be resolved in accordance with a confidential two-step dispute resolution
procedure involving: (a) Step One: non-binding mediation, and (b) Step Two: binding arbitration under the Federal Arbitration Act, 9 U.S.C. § 1, et. seq., or state law, whichever is applicable. Any such mediation or arbitration
hereunder shall be under the auspices of the American Arbitration Association (“AAA”) pursuant to its then current AAA Commercial Arbitration Rules. No arbitration shall be initiated or take place with respect to a given dispute if
the parties have successfully achieved a mutually agreed to resolution of the dispute as a result of the Step One mediation. The mediation session(s) and, if necessary, the arbitration hearing shall be held in the city/location selected by the
Company in its sole discretion. The arbitration (if the dispute is not resolved by mediation) will be conducted by a single AAA arbitrator, selected by the Company in its sole discretion. Any award rendered by the arbitrator, including with respect
to responsibility for AAA charges (including the costs of the mediator and arbitrator), will be final and binding, and judgment may be entered on it in any court of competent jurisdiction. In the unlikely event the AAA refuses to accept jurisdiction
over a dispute, the Company and each Grantee agree to submit to JAMS mediation and arbitration applying the JAMS equivalent of the AAA Commercial Arbitration Rules. If AAA and JAMS refuse to accept jurisdiction, the parties may litigate in a court
of competent jurisdiction. 

  
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 (k) Captions. Captions provided herein are for convenience only and shall not affect the
scope, meaning, intent or interpretation of the provisions of this Award Agreement. 
 (l) Counterparts. This Award Agreement may be
signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

  
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 IN WITNESS WHEREOF, the Company has executed and delivered this Award Agreement as of the Grant
Date. 
  

			
	CITIZENS FINANCIAL GROUP, INC.
		
	By:	 	  

		 	Name:
		 	Title:EX-10.32

 EXHIBIT 10.32 

CITIZENS FINANCIAL GROUP, INC. 

2014 EMPLOYEE STOCK PURCHASE PLAN 

Section 1. Purpose. The purpose of the Plan (as defined below) is to facilitate Employee participation in the
ownership and economic progress of the Company and its Subsidiaries by providing Employees with an opportunity to purchase Shares of the Company. It is the intention of the Company to have the Plan qualify as an “Employee Stock Purchase
Plan” under Section 423 of the Code. The provisions of the Plan shall, accordingly, be administered, interpreted and construed so as to extend and limit participation in a manner consistent with the requirements of that Section of the
Code. 
 Section 2. Definitions. As used in the Plan, the following terms shall have the meanings set forth
below: 
 (a) “AAA” shall have the meaning specified in Section 33. 

(b) “Beneficiary” shall mean a person or entity entitled to receive payments or other benefits or exercise
rights that are available under the Plan in the event of a Participant’s death. If no such person or entity is named by a Participant, or if no Beneficiary designated by such Participant is eligible to receive payments or other benefits or
exercise rights that are available under the Plan at the Participant’s death, such Participant’s Beneficiary shall be such Participant’s estate. 

(c) “Board” shall mean the Board of Directors of the Company. 

(d) “Code” shall mean the Internal Revenue Code of 1986, as amended. 

(e) “Committee” shall mean the Compensation Committee of the Board or a subcommittee thereof formed by the
Compensation Committee to act as the Committee hereunder. 
 (f) “Company” shall mean Citizens Financial
Group, Inc., and any and all successor entities. 
 (g) “Continuous Status as an Employee” shall mean the
absence of any interruption or termination of service as an Employee. Continuous status as an Employee shall not be considered interrupted in the case of a leave of absence except as provided in Section 11(b). 

(h) “Designated Subsidiary” shall mean each Subsidiary as may be designated by the Board or the Committee from
time to time among a group consisting of the Company and its Subsidiaries, including corporations that become Subsidiaries after the Effective Date. 

 (i) “Effective Date” shall mean the effective date of the
Company’s initial public offering. 
 (j) “Eligible Compensation” for an Offering Period shall mean
(i) base salary received during such Offering Period by an Eligible Employee for services to the Employer and (ii) commissions or commission income received during such Offering Period by an Eligible Employee. For the avoidance of doubt,
Eligible Compensation shall not include overtime, severance pay, hiring and relocation bonuses, pay in lieu of vacation, sick leave, any other bonus, incentive or other special payments (other than commissions described in clause (ii) above) or
any other form of compensation that may be paid from time to time to the Employee from the Employer. Eligible Compensation for Participants shall be pro-rated based upon the Eligible Compensation which he or she receives on each pay date during such
Offering Period. 
 (k) “Eligible Employee” shall have the meaning specified in Section 3(a). 

(l) “Employee” shall mean any officer or other employee (as defined in accordance with Section 3401(c) of
the Code) of the Employer. 
 (m) “Employer” shall mean, with respect to an Offering Period, the Company and
each of its Designated Subsidiaries. 
 (n) “Enrollment Date” shall mean the first day of each Offering
Period. 
 (o) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

(p) “Exercise Date” shall mean the last day of each Offering Period. 

(q) “Exercise Price” shall have the meaning specified in Section 7(b). 

(r) “Fair Market Value” shall mean the closing price of a Share on the date in question (or, if there is no
reported sale on such date, on the last preceding date on which such price is reported) on the principal stock market or exchange on which the Shares are quoted or traded, or if Shares are not so quoted or traded, fair market value of a Share as
determined by the Committee. 
 (s) “Offering Period” shall mean the period described in Section 4. 

(t) “Parent” shall mean any corporation which constitutes a “parent” of the Company, within the
meaning of Section 424(e) of the Code. 
 (u) “Participant” shall mean an Eligible Employee who has
elected to participate in the Plan. 

  
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 (v) “Participant Account” shall mean that separate account
maintained under the Plan to record the amount that a Participant has contributed to the Plan during an Offering Period. 

(w) “Plan” shall mean the Citizens Financial Group, Inc. 2014 Employee Stock Purchase Plan. 

(x) “Share” shall mean a share of the Company’s common stock, $0.01 par value. 

(y) “Stock Administrator” shall mean the administrator appointed by the Board or the Committee pursuant to
Section 15 to administer the Plan. 
 (z) “Subscription Agreement” shall have the meaning specified in
Section 5. 
 (aa) “Subsidiary” shall mean a corporation, domestic or foreign, of which at the time of the
granting of an option pursuant to Section 7, not less than 50% of the total combined voting power of all classes of stock are held by the Company or a Subsidiary, whether or not such corporation now exists or is hereafter organized or acquired by
the Company or a Subsidiary. 
 Section 3. Eligibility. 

(a) General Rule. Any full or part time Employee (i) whose customary employment is at least 20 hours per week,
(ii) who has completed 30 days of service with the Employer as of any Enrollment Date, (iii) whose customary employment is for more than five months in any calendar year and (iv) who satisfies any additional criteria that the
Committee may determine, in its sole discretion, from time to time shall be eligible to participate as an “Eligible Employee” during the Offering Period beginning on such Enrollment Date, subject to the requirements of Section 5 and
the limitations imposed by Section 423(b) of the Code; provided, however, that, subject to Section 423 of the Code, an Employee of a Designated Subsidiary who is a citizen or resident of a foreign jurisdiction shall not be an
“Eligible Employee” if the grant of an option under the Plan to such Employee would be prohibited under the laws of such foreign jurisdiction or the grant of an option to such Employee in compliance with the laws of such foreign
jurisdiction would cause the Plan to violate the requirements of Section 423 of the Code, as determined by the Committee in its sole discretion. 

(b) Exceptions. Notwithstanding any provisions of the Plan to the contrary, no Employee shall be granted an option to
purchase Shares under the Plan if: 
 (i) Immediately after the grant, such Employee (or any other person whose stock would
be attributed to such Employee pursuant to Section 424(d) of the Code) would own stock (including for purposes of this Section 3(b) any stock he or she holds outstanding options to 

  
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purchase) possessing 5% or more of the total combined voting power or value of all classes of stock of the Company or of any Parent or Subsidiary computed in accordance with
Section 423(b)(3) of the Code, or 
 (ii) Such option would permit such Employee’s right to purchase stock under
all employee stock purchase plans (described in Section 423 of the Code) of the Company, its Parent and Subsidiaries to accrue at a rate which exceeds $25,000 of fair market value of such stock (determined at the time such option is granted)
for each calendar year in which such option is outstanding at any time, in accordance with the provisions of Section 423(b)(8) of the Code. 

Section 4. Offering Periods. Each calendar quarter shall be an Offering Period, except the initial Offering Period
shall, subject to shareholder approval of the Plan in accordance with Section 22, be the period beginning on the first subscription date following the Effective Date and ending on the earlier of the last day of the calendar quarter or the calendar
year in which the Effective Date occurs. 
 Section 5. Participation. An Eligible Employee shall become a
Participant by completing a subscription agreement in such form as shall be specified by the Company (“Subscription Agreement”), and returning it to the Stock Administrator prior to the Enrollment Date for the applicable Offering
Period, unless a later time for filing the Subscription Agreement is set by the Committee for all Eligible Employees with respect to such Offering Period. 

Section 6. Payment for Shares. 

(a) At the time a Participant files his or her Subscription Agreement, such Participant shall designate the portion of his or
her Eligible Compensation that he or she elects to have withheld during the applicable Offering Period. Payroll deductions shall be made on each pay date during the Offering Period at a whole percentage rate not to exceed 10% of the Eligible
Compensation which a Participant receives on each pay date during the Offering Period, provided that for the initial Offering Period beginning on the Effective Date such whole percentage shall not exceed 50% of the Eligible Compensation which
a Participant shall receive on each pay date during the initial Offering Period. 
 (b) All deductions during an Offering
Period that are made from a Participant’s Eligible Compensation shall be credited to his or her Participant Account under the Plan on an after-tax basis. A Participant may not make any separate cash payment into his or her Participant Account.

 (c) A Participant may discontinue his or her participation in the Plan as provided in Section 11, but no other change can
be made during an Offering Period and, for the avoidance of doubt, a Participant may not alter the amount of his or her Eligible Compensation deductions for that Offering Period. 

  
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 (d) Unless otherwise specified by a Participant prior to the Enrollment Date of
any subsequent Offering Period by completing a Committee-specified process, a Participant shall be deemed to have elected to participate in each subsequent Offering Period to the same extent and in the same manner as the prior Offering Period,
subject to the terms and conditions of this Plan and the applicable Subscription Agreement. 
 Section 7. Grant of
Option. 
 (a) On the Enrollment Date for each Offering Period, each Participant shall be granted an option to purchase
on the applicable Exercise Date, a maximum number of 5,000 Shares; provided, however, that the number of Shares subject to such option shall be reduced, if necessary, to a number of Shares which would not exceed the limitations
described in Section 3(b) and Section 13(a) hereof. 
 (b) The exercise price per Share offered in a given Offering Period
(the “Exercise Price”) shall be 90% of the Fair Market Value of a Share on the Exercise Date of such Offering Period. 

Section 8. Exercise of Option. The Participant’s option for the purchase of Shares will be exercised
automatically on the Exercise Date of such Offering Period by purchasing the maximum number of Shares subject to such option which may be purchased at the Exercise Price with the funds in his or her Participant Account unless, prior to such Exercise
Date, the Participant has withdrawn from the Offering Period pursuant to Section 11. During a Participant’s lifetime, a Participant’s option to purchase Shares hereunder is exercisable only by such Participant. 

Section 9. Delivery. Unless otherwise provided by the Company, the Stock Administrator shall hold Shares issued
pursuant to the exercise of the option until any such Shares are distributed to the Participant, transferred or sold in accordance with procedures established from time to time by the Company or the Stock Administrator. Shares shall be delivered as
soon as reasonably practicable after termination of a Participant’s Continuous Status as an Employee or receipt of such request by the Participant for delivery of all Shares, subject to compliance with all applicable law. 

Section 10. Dividends. Shares received upon exercise of an option shall be entitled to receive dividends on the
same basis as other outstanding Shares. A Participant will not be entitled to any dividends with respect to options to purchase Shares under the Plan. 

Section 11. Withdrawal; Termination of Employment. 

(a) A Participant may withdraw all, but not less than all, of the payroll deductions credited to his or her Participant Account
for the applicable Offering Period by delivery to the Stock Administrator of notice, in the form specified by 

  
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the Company, on any date up to a certain number of days prior to the Exercise Date to be specified by the Stock Administrator or to be provided for in the applicable Subscription Agreement. All
of the Participant’s payroll deductions credited to his or her Participant Account for such Offering Period will be paid to such Participant as soon as reasonably practicable after receipt of his or her notice of withdrawal. Such withdrawal
shall permanently terminate the Participant’s participation for the Offering Period in which the withdrawal occurs. 

(b) In the event of the termination on or before the Exercise Date of the Participant’s Continuous Status as an Employee
for any reason, he or she will be deemed to have elected to withdraw from the Plan, and the Participant or his or her Beneficiary (in the event of such Participant’s death) shall receive any funds in his or her Participant Account as soon as
reasonably practicable after the date of such withdrawal; provided, however, a Participant who goes on a leave of absence shall be permitted to remain in the Plan with respect to an Offering Period which commenced prior to the
beginning of such leave of absence. Eligible Compensation deductions for a Participant who has been on a leave of absence will resume upon return to work at the same rate as in effect prior to such leave unless the leave of absence begins in one
Offering Period and ends in a subsequent Offering Period, in which case the Participant shall not be permitted to re-enter the Plan until a new Subscription Agreement is filed with respect to an Offering Period which commences after such Participant
has returned to work from the leave of absence. 
 (c) A Participant’s withdrawal from one Offering Period will not have
any effect upon his or her eligibility to participate in a different Offering Period or in any similar Plan which may hereafter be adopted by the Company. 

Section 12. Interest. No interest shall accrue on the Eligible Compensation deductions of a Participant or on any
other amounts in his or her Participant Account. 
 Section 13. Shares. 

(a) The maximum number of Shares which shall be made available for sale under the Plan shall be
                 Shares, subject to adjustment upon changes in capitalization of the Company as provided in Section 19. Either authorized and unissued Shares or issued
Shares heretofore or hereafter reacquired by the Company may be made subject to purchase under the Plan, in the sole and absolute discretion of the Board or the Committee. Further, if for any reason any purchase of Shares pursuant to an option under
the Plan is not consummated, the Shares subject to the applicable Subscription Agreement may be made available for sale pursuant to a new Subscription Agreement under the Plan. 

(b) If, on a given Exercise Date, the Shares with respect to which options are to be exercised exceed the Shares then available
under the Plan, the Committee shall make a pro rata allocation of the remaining Shares that are 

  
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available for purchase in as uniform a manner as shall be reasonably practicable and as it shall determine to be equitable. In such event, the Company shall give notice to each Participant of
such reduction in the number of Shares which such Participant shall be allowed to purchase. Notwithstanding anything to the contrary herein, the Company shall not be obligated to issue Shares hereunder if, in the opinion of the Company, such
issuance would constitute a violation of federal or state securities laws or regulations, the regulations of any stock exchange or other securities market on which the Company’s securities may then be traded or the laws of any country. 

Section 14. No Rights as a Shareholder. Neither the Participant nor his or her Beneficiaries will have any interest
or other right in, or dividend or voting rights with respect to, Shares covered by his or her option until such option has been exercised and the related Shares have been purchased under the Plan. 

Section 15. Administration. 

(a) The Plan shall be administered by the Committee, which shall be appointed by the Board; provided, however,
that members of the Board who are Eligible Employees, if any, may not vote on any matter affecting the administration of the Plan or the grant of any option pursuant to the Plan. All decisions of the Committee shall be final, conclusive and binding
upon all parties, including the Company, its shareholders and Participants and any Beneficiaries thereof. The Committee may issue rules and regulations for administration of the Plan. It shall meet at such times and places as it may determine. 

(b) Subject to the terms of the Plan and applicable law, the Committee (or its delegate) shall have the full power and
authority to: (i) subject to Section 423 of the Code, designate Participants; (ii) direct the administration of the Plan by the Stock Administrator in accordance with the provisions herein set forth; (iii) adopt rules of
procedure and regulations necessary for the administration of the Plan, provided that such rules are not inconsistent with the terms of the Plan; (iv) determine, in its sole discretion, all questions with regard to rights of Employees
and Participants under the Plan, including but not limited to, the eligibility of an Employee to participate in the Plan and the range of permissible percentages of Eligible Compensation an Eligible Employee may specify to be withheld and the
maximum amount; (v) enforce the terms of the Plan and the rules and regulations it adopts; (vi) direct or cause the Stock Administrator to direct the distribution of the Shares purchased hereunder; (vii) furnish or cause the Stock
Administrator to furnish the Employer with information which the Employer may require for tax or other purposes; (viii) engage the service of counsel (who may, if appropriate, be counsel for the Employer) and agents whom it may deem advisable
to assist it with the performance of its duties; (ix) prescribe procedures to be followed by Eligible Employees in electing to participate herein; (x) receive from each Employer and from Eligible Employees such information as shall be
necessary for the proper administration of the Plan; (xi) maintain, or cause the Stock Administrator to maintain, separate accounts in the name of each Participant to 

  
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reflect his or her Participant Account under the Plan; (xii) interpret and construe the Plan in its sole discretion; (xiii) correct any defect, supply any omission and reconcile any
inconsistency in the Plan in the manner and to the extent it shall deem desirable to carry the Plan into effect; and (xiv) make any changes or modifications necessary to administer and implement the provisions of the Plan in any foreign country
to the fullest extent possible. Notwithstanding anything to the contrary contained herein, the Board may, in its sole discretion, at any time and from time to time, administer the Plan. In any such case, the Board shall have all of the authority and
responsibility granted to the Committee herein. 
 Section 16. Transferability. Neither any monies credited to a
Participant’s Participant Account nor any rights with regard to the exercise of an option to purchase Shares under the Plan may be assigned, transferred, pledged, or otherwise disposed of in any way (other than by will or by laws of descent and
distribution) by the Participant. Any such attempt at assignment, transfer, pledge, or other disposition shall be without effect, except that the Company shall treat such act as an election to withdraw funds in accordance with Section 11. 

Section 17. Use of Funds. All Eligible Compensation deductions received or held by the Company under the Plan may
be used by the Company for any corporate purpose, and the Company shall not be obligated to segregate such funds. 

Section 18. Reports. Individual Participant Accounts will be maintained for each Participant, and statements will
be given to Participants promptly following an Exercise Date, which statements will set forth the amount of Eligible Compensation deductions for the applicable Offering Period, the per-Share purchase price, the number of Shares purchased, and the
remaining cash balance, if any. 
 Section 19. Adjustments Upon Changes in Capitalization and Certain
Transactions. Except as would cause the Plan to fail to satisfy the requirements of Section 423 of the Code: (a) in the event of any merger, reorganization, consolidation, recapitalization, dividend or distribution (whether in cash,
shares or other property, other than a regular cash dividend), stock split (including a stock split in the form of a stock dividend), reverse stock split, spin-off or similar transaction or other change in corporate structure affecting the Shares or
the value thereof, such adjustments and other substitutions shall be made to the Plan and to outstanding options as the Committee, in its sole discretion, deems equitable or appropriate taking into consideration any applicable accounting and tax
consequences, including such adjustments in the limitations in Section 7(a) and Section 13 and in the class and number of Shares and Exercise Price with respect to outstanding options under the Plan; and (b) in the event of any transaction or
event described in (a) above, or any unusual or nonrecurring transaction or events affecting the Company or any changes in applicable laws, regulations or accounting principles, the Committee, in its sole discretion and on such terms and conditions
as it deems appropriate, is hereby authorized to: (i) provide for either 

  
 8 

 
(X) termination of any outstanding option in exchange for an amount of cash, if any, equal to the amount that would have been obtained upon exercise of such option had such option been currently
exercisable or (Y) the replacement of such outstanding option with other rights or property selected by the Committee in its sole discretion; (ii) provide that the outstanding options under the Plan shall be assumed by the successor or
survivor corporation, or a parent or subsidiary thereof, or shall be substituted for by similar rights covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number and
kind of shares and exercise prices; (iii) make adjustments in the number and type of Shares (or other securities or property) subject to outstanding options under the Plan and/or in the terms and conditions of outstanding options and options
which may be granted in the future; (iv) shorten the Offering Period then in progress and set a new Exercise Date, which shall be a date immediately prior to the date of any transaction or event described in (a) above and provide for any other
necessary procedures to effectuate such actions; and/or (v) provide that all outstanding options shall terminate without being exercised. 
 Except as
expressly provided in the Plan, no Participant shall have any rights by reason of any subdivision or consolidation of shares of stock of any class, the payment of any dividend, any increase or decrease in the number of shares of any class or any
dissolution, liquidation, merger or consolidation of the Company or any other corporation. Except as expressly provided in the Plan or pursuant to action of the Committee, no issuance by the Company or shares of stock of any class, or securities
convertible into stock of any class, shall affect, and no adjustment by reason thereof, shall be made with respect to, the number of Shares subject to an option or the grant or Exercise Price of any option. 

Section 20. Amendment or Termination. 

(a) The Board may amend, alter, suspend, discontinue or terminate the Plan or any portion thereof at any time and for any
reason; provided, however, that the Board (i) shall not, without the approval of the shareholders of the Company, increase the maximum number of Shares which may be issued under the Plan (except pursuant to Section 19) or
(ii) shall otherwise obtain shareholder approval of any amendment, alteration, suspension, discontinuance or termination of the Plan, if, and to the extent, required by applicable law. Except as specifically provided in the Plan, as required to
comply with Section 423 of the Code, or as required to obtain a favorable ruling from the Internal Revenue Service, no such amendment, alteration, suspension, discontinuation or termination of the Plan pursuant to this Section 20 may make any
change in any option theretofore granted which adversely affects the rights of any Participant without the consent of such Participant. 

(b) The Plan shall automatically terminate on the Exercise Date that Participants become entitled to purchase a number of
Shares greater than the number available for purchase under Section 13. 

  
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 Section 21. Notices. 

(a) All notices or other communications by an Eligible Employee or a Participant to the Company under or in connection with the
Plan shall be deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 

(b) All notices or other communications by the Employer, the Company, the Board or the Committee under or in connection with
the Plan shall be deemed to have been duly given when (i) personally delivered, including electronic transmission in such form as the Board or the Committee shall direct, or (ii) placed in the mail of the country of the sender in an
envelope addressed to the last known address of the person to whom the notice is given. 
 Section 22. Shareholder
Approval. The effectiveness of the Plan shall be subject to approval by the shareholders of the Company within 12 months before or after the date the Plan is adopted by the Board. Notwithstanding any provision to the contrary, failure to obtain
such shareholder approval shall void the Plan, any options granted under the Plan, any Share purchases pursuant to the plan, and all rights of all Participants. 

Section 23. Conditions Upon Issuance of Shares. Shares shall not be issued with respect to an option unless the
exercise of such option and the issuance and delivery of such Shares pursuant thereto shall comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act of 1933, as amended, the Exchange Act,
the rules and regulations promulgated under both sets of laws and the requirements of any stock exchange upon which the Shares may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such
compliance. As a condition to the exercise of an option, the Company may require the person exercising such option to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any
present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required by any of the aforementioned applicable provisions of law. 

Section 24. Withholding; Disqualifying Disposition. Notwithstanding any other provision of the Plan, at the time a
Participant’s option under the Plan is exercised, in whole or in part, or at the time some or all of the Shares issued under the Plan are disposed of by a Participant, the Participant must make adequate provision for his or her Employer’s
federal, state, or other tax withholding obligations, if any, which arise upon the exercise of the option or the disposition of the Shares. At any time, the Company may, but shall not be obligated to, withhold from the Participant’s
compensation, the amount necessary for the Company to meet applicable tax withholding obligations, including any withholding required to make available to the Company any tax deductions or benefits attributable to a sale or early disposition of
Shares by the Participant. 

  
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 Section 25. Effective Date of the Plan. The Plan shall be effective
as of the Effective Date, subject to its approval by the shareholders of the Company as described in Section 22. 

Section 26. Term of Plan. The Plan shall continue in effect until the earliest to occur of (a) the tenth-year
anniversary of the Effective Date; (b) the maximum number of Shares available for issuance under the Plan have been issued in accordance with Section 20(b); (c) the Board terminates the Plan in accordance with Section 20(a); or
(d) the failure to obtain shareholder approval pursuant to Section 22. 
 Section 27. No Rights Implied.
Nothing contained in the Plan, any modification or amendment to the Plan, or the creation of any Participant Account, the execution of any Subscription Agreement, or the issuance of any Shares, shall give any Employee or Participant any right to
continue his or her employment, any legal or equitable right against the Employer or Company or any officer, director, or employee of the Employer or the Company, or interfere in any way with the Employer’s or the Company’s right to
terminate or otherwise modify an Employee’s employment at any time, except as expressly provided by the Plan. 

Section 28. Severability. If any provision of the Plan is or becomes or is deemed to be invalid, illegal or
unenforceable in any jurisdiction, or as to any person or entity, or would disqualify the Plan under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so
construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan, such provision shall be stricken as to such jurisdiction, person or entity, and the remainder of the Plan shall remain in full
force and effect. 
 Section 29. Waiver of Notice. Any person entitled to notice under the Plan may waive such
notice. 
 Section 30. Successors and Assigns. The Plan shall be binding upon all persons entitled to purchase
Shares under the Plan, their respective heirs, legatees, and legal representatives, including, without limitation, such person’s estate and the executors, any receiver, trustee in bankruptcy or representative of creditors of such person, and
upon the Employer, its successors and assigns. 
 Section 31. Headings. The titles and headings of the sections
are included for convenience of reference only and are not to be considered in construction of the provisions hereof. 

  
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 Section 32. Governing Law. The Plan shall be governed by the laws of
the State of Delaware, without application of the conflicts of law principles thereof, except to the extent Delaware law is preempted by federal law. The obligation of the Employer to sell and deliver Shares under the Plan is subject to applicable
laws and to the approval of any governmental authority required in connection with the authorization, issuance, sale, or delivery of such Shares. 

Section 33. Dispute Resolution. Except as provided in the last sentence of this paragraph to the fullest extent
permitted by law, the Company and each Participant agree to waive their rights to seek remedies in court, including but not limited to rights to a trial by jury. Each Participant hereby irrevocably waives the right to initiate or participate in any
class or collective action with respect to any claim against the Company or any of its affiliates arising out of, relating to or in connection with this Plan. The Company and each Participant agree that any dispute between or among them and/or their
affiliates arising out of, relating to or in connection with this Plan will be resolved in accordance with a confidential two-step dispute resolution procedure involving: (a) Step One: non-binding mediation, and (b) Step Two: binding
arbitration under the Federal Arbitration Act, 9 U.S.C. § 1, et. seq., or state law, whichever is applicable. Any such mediation or arbitration hereunder shall be under the auspices of the American Arbitration Association
(“AAA”) pursuant to its then current AAA Commercial Arbitration Rules. No arbitration shall be initiated or take place with respect to a given dispute if the parties have successfully achieved a mutually agreed to resolution of the
dispute as a result of the Step One mediation. The mediation session(s) and, if necessary, the arbitration hearing shall be held in the city/location selected by the Company in its sole discretion. The arbitration (if the dispute is not resolved by
mediation) will be conducted by a single AAA arbitrator, selected by the Company in its sole discretion. Any award rendered by the arbitrator, including with respect to responsibility for AAA charges (including the costs of the mediator and
arbitrator), will be final and binding, and judgment may be entered on it in any court of competent jurisdiction. In the unlikely event the AAA refuses to accept jurisdiction over a dispute, the Company and each Grantee agree to submit to JAMS
mediation and arbitration applying the JAMS equivalent of the AAA Commercial Arbitration Rules. If AAA and JAMS refuse to accept jurisdiction, the parties may litigate in a court of competent jurisdiction. 

  
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