Document:

EX-10.1

 Exhibit 10.1 

VERU INC. 
 2018 EQUITY
INCENTIVE PLAN 
 (as amended and restated effective March 26, 2019) 

 VERU INC. 

2018 EQUITY INCENTIVE PLAN 
  

							
	1.	 	 Purpose
	  	 	1	 
			
	2.	 	 Definitions
	  	 	1	 
			
	3.	 	 Administration
	  	 	6	 
			
	4.	 	 Shares Subject to Plan
	  	 	7	 
			
	5.	 	 Eligibility; Per-Participant Limitations
	  	 	8	 
			
	6.	 	 Specific Terms of Awards
	  	 	8	 
			
	7.	 	 Certain Provisions Applicable to Awards
	  	 	14	 
			
	8.	 	 Change of Control
	  	 	16	 
			
	9.	 	 General Provisions
	  	 	19	 

 VERU INC. 

2018 EQUITY INCENTIVE PLAN 

(as amended and restated effective March 26, 2019) 

1.    Purpose. The purpose of this VERU INC. 2018 EQUITY INCENTIVE PLAN (the “Plan”) is to assist
Veru Inc. (the “Company”) and its Related Entities (as hereinafter defined) in attracting, motivating, retaining and rewarding high-quality executives and other employees, officers, directors, consultants and other persons who provide
services to the Company or its Related Entities by enabling such persons to acquire or increase a proprietary interest in the Company in order to strengthen the mutuality of interests between such persons and the Company’s stockholders, and
providing such persons with performance incentives to expend their maximum efforts in the creation of stockholder value. 

2.    Definitions. For purposes of the Plan, the following terms shall be defined as set forth below, in
addition to such terms defined in Section 1 hereof and elsewhere herein. 

(a)    “Award” means any Option, Stock Appreciation Right, Restricted Stock Award,
Restricted Stock Unit Award, Share granted as a bonus or in lieu of another Award, Dividend Equivalent, Other Stock-Based Award or Performance Award, together with any other right or interest relating to
Shares or other property (including cash), granted to a Participant under the Plan. 
 (b)    “Award
Agreement” means any written agreement, contract or other instrument or document evidencing any Award granted by the Committee hereunder. 

(c)    “Beneficiary” means the person, persons, trust or trusts that have been
designated by a Participant in his or her most recent written beneficiary designation filed with the Committee to receive the benefits specified under the Plan upon such Participant’s death or to which Awards or other rights are transferred if
and to the extent permitted under Section 9(b) hereof. If, upon a Participant’s death, there is no designated Beneficiary or surviving designated Beneficiary, then the term Beneficiary means the person, persons, trust or trusts entitled by
will or the laws of descent and distribution to receive such benefits. 
 (d)    “Beneficial
Owner” and “Beneficial Ownership” shall have the meaning ascribed to such term in Rule 13d-3 under the Exchange Act and any
successor to such Rule. 
 (e)    “Board” means the Company’s Board of
Directors. 
 (f)    “Cause” shall, with respect to any Participant, have the
meaning specified in the Award Agreement. In the absence of any definition in the Award Agreement, “Cause” shall have the equivalent meaning or the same meaning as “cause” or “for cause” set forth in any employment,
consulting, or other agreement for the performance of services between the Participant and the Company or a Related Entity or, in the absence of any such agreement or any such definition in such agreement, such term shall mean (i) the failure
by the Participant to perform, in a reasonable manner, his or her duties as assigned by the Company or a Related Entity, (ii) any violation or breach by the Participant of his or her employment, consulting or other similar agreement with the
Company or a Related Entity, if any, (iii) any violation or breach by the Participant of any non-competition, non-solicitation,
non-disclosure and/or other 

 
similar agreement with the Company or a Related Entity, (iv) any act by the Participant of dishonesty or bad faith with respect to the Company or a Related Entity, (v) use of alcohol,
drugs or other similar substances in a manner that adversely affects the Participant’s work performance, or (vi) the commission by the Participant of any act, misdemeanor or crime reflecting unfavorably upon the Participant or the Company
or any Related Entity. The good faith determination by the Committee of whether the Participant’s Continuous Service was terminated by the Company for “Cause” shall be final and binding for all purposes hereunder. 

(g)    “Change of Control” means a Change of Control as defined in Section 8(b)
of the Plan. 
 (h)    “Code” means the Internal Revenue Code of 1986, as amended
from time to time, including regulations thereunder and successor provisions and regulations thereto. 

(i)    “Committee” means a committee designated by the Board to administer the Plan;
provided, however, that if the Board fails to designate a committee or if there are no longer any members on the committee so designated by the Board, or for any other reason determined by the Board, then the Board shall serve as the Committee. The
Committee shall consist of at least two directors, each of whom shall be (i) a “non-employee director” within the meaning of Rule 16b-3 (or any
successor rule) under the Exchange Act, unless administration of the Plan by “non-employee directors” is not then required in order for exemptions under
Rule l6b-3 to apply to transactions under the Plan and (ii) “Independent.” 

(j)    “Consultant” means any consultant or advisor who is a natural person and who
provides services to the Company or any Subsidiary, so long as such person (i) renders bona fide services that are not in connection with the offer and sale of the Company’s securities in a
capital-raising transaction, (ii) does not directly or indirectly promote or maintain a market for the Company’s securities and (iii) otherwise qualifies as a de facto employee or
consultant under the applicable rules of the Securities and Exchange Commission for registration of shares of stock on a Form S-8 registration statement. 

(k)    “Continuous Service” means the uninterrupted provision of services to the
Company or any Related Entity in any capacity of Employee, Director, Consultant or other service provider. Continuous Service shall not be considered to be interrupted in the case of (i) any approved leave of absence, (ii) transfers among
the Company, any Related Entities or any successor entities, in any capacity of Employee, Director, Consultant or other service provider, or (iii) any change in status as long as the individual remains in the service of the Company or a Related
Entity in any capacity of Employee, Director, Consultant or other service provider (except as otherwise provided in the Award Agreement). An approved leave of absence shall include sick leave, military leave or any other authorized personal leave.

 (l)    “Director” means a member of the Board or the board of directors of any
Related Entity. 
 (m)    “Disability” means a permanent and total disability,
(within the meaning of Section 22(e) of the Code), as determined by a medical doctor satisfactory to the Committee. 

  
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 (n)    “Dividend Equivalent” means
a right, granted to a Participant under Section 6(g) hereof, to receive cash, Shares, other Awards or other property equal in value to dividends paid with respect to a specified number of Shares. 

(o)    “Effective Date” means the effective date of the Plan, which shall be
March 20, 2018. 
 (p)    “Eligible Person” means each officer, Director,
Employee, Consultant and other person who provides services to the Company or any Related Entity. The foregoing notwithstanding, only Employees of the Company, or any parent corporation or subsidiary corporation of the Company (as those terms are
defined in Sections 424(e) and (f) of the Code, respectively), shall be Eligible Persons for purposes of receiving any Incentive Stock Options. An Employee on leave of absence may, in the discretion of the Committee, be considered as still
in the employ of the Company or a Related Entity for purposes of eligibility for participation in the Plan. 

(q)    “Employee” means any person, including an officer or Director, who is an
employee of the Company or any Subsidiary, or is a prospective employee of the Company or any Subsidiary (conditioned upon, and effective not earlier than, such person becoming an employee of the Company or any Subsidiary). The payment of a
director’s fee by the Company or a Subsidiary shall not be sufficient to constitute “employment” by the Company. 

(r)    “Exchange Act” means the Securities Exchange Act of 1934, as amended from time
to time, including rules thereunder and successor provisions and rules thereto. 
 (s)    “Fair Market
Value” means, as of any date, the value of a Share determined as follows: 
 (i)    if a Share is
listed on any national securities exchange, including, without limitation, the NASDAQ Stock Market, its Fair Market Value shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange for
the day of determination, as reported in The Wall Street Journal or such other source as the Committee deems reliable; 

(ii)    if a Share is regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair
Market Value of a Share shall be the mean between the high bid and low asked prices for such Share for the day of determination, as reported in The Wall Street Journal or such other source as the Committee deems reliable; or 

(iii)    in the absence of an established market for a Share, the Fair Market Value shall be determined in good faith by
the Committee. 
 (t)    “Incentive Stock Option” means any Option intended to be
designated as an incentive stock option within the meaning of Section 422 of the Code or any successor provision thereto. 

(u)    “Independent”, when referring to either the Board or members of the
Committee, shall have the same meaning as used in the rules of the Listing Market. 

  
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 (v)    “Incumbent Board” means the
Incumbent Board as defined in Section 8(b)(ii) hereof. 
 (w)    “Listing
Market” means the national securities exchange on which any securities of the Company are listed for trading, and if not listed for trading, by the rules of the Nasdaq Stock Market. 

(x)    “Option” means a right granted to a Participant under Section 6(b)
hereof, to purchase Shares or other Awards at a specified price during specified time periods. 

(y)    “Optionee” means a person to whom an Option is granted under this Plan or any
person who succeeds to the rights of such person under this Plan. 
 (z)    “Other Stock-Based Awards” means Awards granted to a Participant under Section 6(i) hereof. 

(aa)    “Participant” means a person who has been granted an Award under the Plan
which remains outstanding, including a person who is no longer an Eligible Person. 

(bb)    “Performance Award” means any Award of Performance Shares or Performance
Units granted pursuant to Section 6(h) hereof. 
 (cc)    “Performance Period”
means that period established by the Committee at the time any Award is granted or at any time thereafter during which any performance goals specified by the Committee with respect to such Award are to be measured. 

(dd)    “Performance Share” means any grant pursuant to Section 6(h) hereof of a
unit valued by reference to a designated number of Shares, which value may be paid to the Participant by delivery of such property as the Committee shall determine, including cash, Shares, other property or any combination thereof, upon achievement
of such performance goals during the Performance Period as the Committee shall establish at the time of such grant or thereafter. 

(ee)    “Performance Unit” means any grant pursuant to Section 6(h) hereof of a
unit valued by reference to a designated amount of property (including cash) other than Shares, which value may be paid to the Participant by delivery of such property as the Committee shall determine, including cash, Shares, other property or any
combination thereof, upon achievement of such performance goals during the Performance Period as the Committee shall establish at the time of such grant or thereafter. 

(ff)    “Person” shall have the meaning ascribed to such term in Section 3(a)(9)
of the Exchange Act and used in Sections 13(d) and 14(d) thereof, and shall include a “group” as defined in Section 13(d) thereof. 

(gg)    “Related Entity” means any Subsidiary, and any business, corporation,
partnership, limited liability company or other entity designated by the Board, in which the Company or a Subsidiary holds a substantial ownership interest, directly or indirectly. 

  
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 (hh)    “Restricted Stock” means
any Share issued with such risks of forfeiture and other restrictions as the Committee, in its sole discretion, may impose (including any restriction on the right to vote such Share and the right to receive any dividends), which restrictions may
lapse separately or in combination at such time or times, in installments or otherwise, as the Committee may deem appropriate. 

(ii)    “Restricted Stock Award” means an Award granted to a Participant under
Section 6(d) hereof. 
 (jj)    “Restricted Stock Unit” means a right to
receive Shares, including Restricted Stock, cash measured based upon the value of Shares or a combination thereof, at the end of a specified deferral period. 

(kk)    “Restricted Stock Unit Award” means an Award of Restricted Stock Unit granted
to a Participant under Section 6(e) hereof. 
 (ll)    “Restriction Period”
means the period of time specified by the Committee that Restricted Stock Awards shall be subject to such restrictions on transferability, risk of forfeiture and other restrictions, if any, as the Committee may impose. 

(mm)    “Rule 16b-3” means Rule 16b-3, as from time to time in effect and applicable to the Plan and Participants, promulgated by the Securities and Exchange Commission under Section 16 of the Exchange Act. 

(nn)    “Shares” means the shares of common stock of the Company and such other
securities as may be substituted (or resubstituted) for Shares pursuant to Section 9(c) hereof. 

(oo)    “Stock Appreciation Right” means a right granted to a Participant under
Section 6(c) hereof. 
 (pp)    “Subsidiary” means any corporation or other
entity in which the Company has a direct or indirect ownership interest of 50% or more of the total combined voting power of the then outstanding securities or interests of such corporation or other entity entitled to vote generally in the election
of directors or in which the company has the right to receive 50% or more of the distribution of profits or 50% or more of the assets, as that term is defined in Rule 405 of under the Securities Act of 1933, controlled by the Company directly,
or indirectly, through one or more intermediaries. 
 (qq)    “Substitute Awards”
means Awards granted or Shares issued by the Company in assumption of, or in substitution or exchange for, Awards previously granted, or the right or obligation to make future Awards, by a company (i) acquired by the Company or any Related
Entity; (ii) which becomes a Related Entity after the date hereof or (iii) with which the Company or any Related Entity combines. 

  
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 3.    Administration. 

(a)    Authority of the Committee. The Plan shall be administered by the Committee; provided, however, that
except as otherwise expressly provided in this Plan, the Board may exercise any power or authority granted to the Committee under this Plan and, in that case, references herein shall be deemed to include references to the Board. The Committee shall
have full and final authority, subject to and consistent with the provisions of the Plan, to select Eligible Persons to become Participants; grant Awards; determine the type, number and other terms and conditions of, and all other matters relating
to, Awards; prescribe Award Agreements (which need not be identical for each Participant) and rules and regulations for the administration of the Plan; construe and interpret the Plan and Award Agreements and correct defects, supply omissions or
reconcile inconsistencies therein; and to make all other decisions and determinations as the Committee may deem necessary or advisable for the administration of the Plan. In exercising any discretion granted to the Committee under the Plan or
pursuant to any Award, the Committee shall not be required to follow past practices, act in a manner consistent with past practices, or treat any Eligible Person or Participant in a manner consistent with the treatment of any other Eligible Persons
or Participants. Decisions of the Committee shall be final, conclusive and binding on all persons or entities, including the Company, any Subsidiary or any Participant or Beneficiary, or any transferee under Section 9(b) hereof or any other
person or entity claiming rights from or through any of the foregoing persons or entities. 
 (b)    Manner of
Exercise of Committee Authority. 
 (i)    The Committee, and not the Board, shall exercise sole and exclusive
discretion on any matter relating to a Participant then subject to Section 16 of the Exchange Act with respect to the Company to the extent necessary in order that transactions by such Participant shall be exempt under Rule 16b-3 under the Exchange Act. 
 (ii)    Any action of the Committee shall
be final, conclusive and binding on all Persons, including the Company, its Related Entities, Eligible Persons, Participants, Beneficiaries, transferees under Section 9(b) hereof or other persons claiming rights from or through a Participant,
and stockholders. The express grant of any specific power to the Committee, and the taking of any action by the Committee, shall not be construed as limiting any power or authority of the Committee. The Committee may delegate to members of the
Board, or officers or managers of the Company or any Related Entity, or committee thereof, the authority subject to such terms and conditions as the Committee shall determine, to perform such functions, including administrative functions, as the
Committee may determine to the extent that such delegation will not result in the loss of an exemption under Rule 16b-3(d)(1) of the Exchange Act for Awards granted to Participants subject to
Section 16 of the Exchange Act in respect of the Company. The Committee may appoint agents to assist it in administering the Plan. 

(c)    Limitation of Liability. The Committee and the Board and each member thereof shall be entitled to, in
good faith, rely or act upon any report or other information furnished to him or her by any officer or Employee, the Company’s independent auditors, Consultants or any other agents assisting in the administration of the Plan. Members of the
Committee and the Board, and any officer or Employee acting at the direction or on behalf of the 

  
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Committee or the Board, shall not be personally liable for any action or determination taken or made in good faith with respect to the Plan, and shall, to the extent permitted by law, be fully
indemnified and protected by the Company with respect to any such action or determination. 
 4.    Shares Subject
to Plan. 
 (a)    Limitation on Overall Number of Shares Available for Delivery under the Plan.
Subject to adjustment as provided in Section 9(c) hereof, the total number of Shares reserved and available for delivery under the Plan shall be 6,000,000. Any Shares delivered under the Plan may consist, in whole or in part, of authorized and
unissued shares or treasury shares. 
 (b)    Application of Limitation to Grants of Awards. No Award may
be granted if the number of Shares to be delivered in connection with such an Award exceeds the number of Shares remaining available for delivery under the Plan, minus the number of Shares deliverable in settlement of or relating to then outstanding
Awards. The Committee may adopt reasonable counting procedures to ensure appropriate counting, avoid double counting (as, for example, in the case of tandem or substitute awards) and make adjustments if the number of Shares actually delivered
differs from the number of Shares previously counted in connection with an Award. 
 (c)    Availability of Shares
Not Delivered under Awards and Adjustments to Limits. 
 (i)    If any Shares subject to an Award, on or after
the Effective Date, are forfeited, expire or otherwise terminate without issuance of such Shares, or any Award, on or after the Effective Date, is settled for cash, or otherwise does not result in the issuance of all or a portion of the Shares
subject to such Award, the Shares to which those Awards were subject shall, to the extent of such forfeiture, expiration, termination, non-issuance or cash settlement, again be available for delivery with
respect to Awards under the Plan, subject to Section 4(c)(iv) below. 
 (ii)    Substitute Awards shall not reduce
the Shares authorized for delivery under the Plan or authorized for delivery to a Participant in any period. 

(iii)    Any Share that again becomes available for delivery pursuant to this Section 4(c) shall be added back as one
Share. 
 (iv)    Notwithstanding anything to the contrary contained herein, Shares subject to an Award under the Plan
shall not again be made available for issuance or delivery under the Plan if such Shares are (A) Shares tendered in payment of an Option, (B) Shares delivered or withheld by the Company to satisfy any tax withholding obligation or
(C) Shares covered by a stock-settled Stock Appreciation Right or other Awards that were not issued upon the settlement of the Award. 

(v)    Notwithstanding anything in this Section 4(c) to the contrary, but subject to adjustment as provided in
Section 9(c) hereof, the maximum aggregate number of Shares that may be delivered under the Plan as a result of the exercise of the Incentive Stock Options shall be 2,000,000 Shares. In no event shall any Incentive Stock Options be granted
under the Plan after the tenth anniversary of the date on which the Board adopts the Plan. 

  
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 5.    Eligibility;
Per-Participant Limitations. Awards may be granted under the Plan only to Eligible Persons. Subject to adjustment as provided in Section 9(c) of this Plan, in any fiscal year of the
Company during any part of which the Plan is in effect, no Participant may be granted Awards with respect to more than 400,000 Shares. Subject to adjustment as provided in Section 9(c) of this Plan, in any fiscal year of the Company during any
part of which the Plan is in effect, any Director who is not an Employee may not be granted Awards with respect to more than 55,000 Shares. 

6.    Specific Terms of Awards. 

(a)    General. Awards may be granted on the terms and conditions set forth in this Section 6. In
addition, the Committee may impose on any Award, or the exercise thereof, at the date of grant or thereafter (subject to Section 9(e)), such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee
shall determine, including terms requiring forfeiture of Awards in the event of termination of the Participant’s Continuous Service and terms permitting a Participant to make elections relating to his or her Award. Except as otherwise expressly
provided herein, the Committee shall retain full power and discretion to accelerate, waive or modify, at any time, any term or condition of an Award that is not mandatory under the Plan. Except in cases in which the Committee is authorized to
require other forms of consideration under the Plan, or to the extent other forms of consideration must be paid to satisfy the requirements of applicable law, no consideration other than services may be required for the grant (as opposed to the
exercise) of any Award. 
 (b)    Options. The Committee is authorized to grant Options to any Eligible
Person on the following terms and conditions: 
 (i)    Exercise Price. Other than in connection with
Substitute Awards, the exercise price per Share purchasable under an Option shall be determined by the Committee, provided that such exercise price shall not be less than 100% of the Fair Market Value of a Share on the date of grant of the Option
and shall not, in any event, be less than the par value of a Share on the date of grant of the Option. If an Employee owns or is deemed to own (by reason of the attribution rules applicable under Section 424(d) of the Code) more than 10% of the
combined voting power of all classes of stock of the Company (or any parent corporation or subsidiary corporation of the Company, as those terms are defined in Sections 424(e) and (f) of the Code, respectively) and an Incentive Stock
Option is granted to such Employee, the exercise price of such Incentive Stock Option (to the extent required by the Code at the time of grant) shall be no less than 110% of the Fair Market Value of a Share on the date such Incentive Stock Option is
granted. The Committee shall not be permitted to (A) lower the exercise price per Share of an Option after it is granted, (B) cancel an Option when the exercise price per Share exceeds the Fair Market Value of the underlying Shares in
exchange for cash or another Award (other than in connection with Substitute Awards), (C) cancel an outstanding Option in exchange for an Option with an exercise price that is less than the exercise price of the original Options or
(D) take any other action with respect to an Option that may be treated as a repricing pursuant to the applicable rules of the Listing Market, without approval of the Company’s stockholders. 

  
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 (ii)    Time and Method of Exercise. The Committee shall
determine the time or times at which or the circumstances under which an Option may be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements), the method by which notice of exercise is
to be given and the form of exercise notice to be used, the time or times at which Options shall cease to be or become exercisable following termination of Continuous Service or upon other conditions, the methods by which the exercise price may be
paid or deemed to be paid (including in the discretion of the Committee a cashless exercise procedure), the form of such payment, including, without limitation, cash, Shares (including without limitation the withholding of Shares otherwise
deliverable pursuant to the Award), other Awards or awards granted under other plans of the Company or a Related Entity, or other property (including notes, or other contractual obligations of Participants to make payment on a deferred basis
provided that such deferred payments are not in violation of Section 13(k) of the Exchange Act, any rule or regulation adopted thereunder or any other applicable law), and the methods by or forms in which Shares will be delivered or deemed to
be delivered to Participants. 
 (iii)    Form of Settlement. The Committee may, in its sole discretion,
provide that the Shares to be issued upon exercise of an Option shall be in the form of Restricted Stock, or other similar securities. 

(iv)    Incentive Stock Options. The terms of any Incentive Stock Option granted under the Plan shall comply
in all respects with the provisions of Section 422 of the Code. Anything in the Plan to the contrary notwithstanding, no term of the Plan relating to Incentive Stock Options (including any Stock Appreciation Right issued in tandem therewith)
shall be interpreted, amended or altered, nor shall any discretionary authority granted under the Plan be exercised, so as to disqualify either the Plan or any Incentive Stock Option under Section 422 of the Code, unless the Participant has
first requested, or consents to, the change that will result in such disqualification. Thus, if and to the extent required to comply with Section 422 of the Code, Options granted as Incentive Stock Options shall be subject to the following
special terms and conditions: 
 (A)    the Option shall not be exercisable for more than ten years after the date
such Incentive Stock Option is granted; provided, however, that if a Participant owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code) more than 10% of the combined voting power of all classes of stock of
the Company (or any parent corporation or subsidiary corporation of the Company, as those terms are defined in Sections 424(e) and (f) of the Code, respectively) and the Incentive Stock Option is granted to such Participant, the term of the
Incentive Stock Option shall be (to the extent required by the Code at the time of the grant) for no more than five years from the date of grant; 

(B)    the aggregate Fair Market Value (determined as of the date the Incentive Stock Option is granted) of the Shares
with respect to which Incentive Stock Options granted under the Plan and all other option plans of the Company (and any parent corporation or subsidiary corporation of the Company, as those terms are defined in Sections 424(e) and (f) of
the Code, respectively) that become exercisable for the first time by the Participant during any calendar year shall not (to the extent required by the Code at the time of the grant) exceed $100,000; and 

  
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 (C)    if Shares acquired by exercise of an Incentive Stock Option are
disposed of within two years following the date the Incentive Stock Option is granted or one year following the transfer of such Shares to the Participant upon exercise, the Participant shall, promptly following such disposition, notify the
Company in writing of the date and terms of such disposition and provide such other information regarding the disposition as the Committee may reasonably require. 

(c)    Stock Appreciation Rights. The Committee may grant Stock Appreciation Rights to any Eligible Person in
conjunction with all or part of any Option granted under the Plan or at any subsequent time during the term of such Option (a “Tandem Stock Appreciation Right”), or without regard to any Option (a
“Freestanding Stock Appreciation Right”), in each case upon such terms and conditions as the Committee may establish in its sole discretion, not inconsistent with the provisions of the Plan, including the following: 

(i)    Right to Payment. A Stock Appreciation Right shall confer on the Participant to whom it is granted a
right to receive, upon exercise thereof, the excess of (A) the Fair Market Value of one Share on the date of exercise over (B) the grant price of the Stock Appreciation Right as determined by the Committee. The grant price of a Stock
Appreciation Right shall not be less than 100% of the Fair Market Value of a Share on the date of grant. The Committee shall not be permitted to (A) lower the grant price per Share of a Stock Appreciation Right after it is granted,
(B) cancel a Stock Appreciation Right when the grant price per Share exceeds the Fair Market Value of the underlying Shares in exchange for another Award (other than in connection with Substitute Awards), (C) cancel an outstanding Stock
Appreciation Right in exchange for a Stock Appreciation Right with a grant price that is less than the grant price of the original Stock Appreciation Right or (D) take any other action with respect to a Stock Appreciation Right that may be
treated as a repricing pursuant to the applicable rules of the Listing Market, without stockholder approval. 

(ii)    Other Terms. The Committee shall determine the date of grant or thereafter the time or times at
which and the circumstances under which a Stock Appreciation Right may be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements), the time or times at which Stock Appreciation Rights
shall cease to be or become exercisable following termination of Continuous Service or upon other conditions, the method of exercise, method of settlement, form of consideration payable in settlement, method by or forms in which Shares will be
delivered or deemed to be delivered to Participants, whether or not a Stock Appreciation Right shall be in tandem or in combination with any other Award and any other terms and conditions of any Stock Appreciation Right. 

(iii)    Tandem Stock Appreciation Rights. Any Tandem Stock Appreciation Right may be granted at the same
time as the related Option is granted or, for Options that are not Incentive Stock Options, at any time thereafter before exercise or expiration of such Option. Any Tandem Stock Appreciation Right related to an Option may be exercised only when the
related Option would be exercisable and the Fair Market Value of the Shares subject to the related Option exceeds the exercise price at which Shares can be acquired pursuant to the Option. In addition, if a Tandem Stock Appreciation Right exists
with respect to less than the full number of Shares covered by a related Option, then an exercise or termination of such Option shall not reduce the number of Shares to which the Tandem Stock Appreciation Right

  
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applies until the number of Shares then exercisable under such Option equals the number of Shares to which the Tandem Stock Appreciation Right applies. Any Option related to a Tandem Stock
Appreciation Right shall no longer be exercisable to the extent the Tandem Stock Appreciation Right has been exercised, and any Tandem Stock Appreciation Right shall no longer be exercisable to the extent the related Option has been exercised. 

(d)    Restricted Stock Awards. The Committee is authorized to grant Restricted Stock Awards to any Eligible
Person on the following terms and conditions: 
 (i)    Grant and Restrictions. Restricted Stock Awards
shall be subject to such restrictions on transferability, risk of forfeiture and other restrictions, if any, as the Committee may impose, or as otherwise provided in this Plan during the Restriction Period. The terms of any Restricted Stock Award
granted under the Plan shall be set forth in a written Award Agreement which shall contain provisions determined by the Committee and not inconsistent with the Plan. The restriction may lapse separately or in combination at such times, under such
circumstances (including based on achievement of performance goals and/or future service requirements), in such installments or otherwise, as the Committee may determine at the date of grant or thereafter. Except to the extent restricted under the
terms of the Plan and any Award Agreement relating to a Restricted Stock Award, a Participant granted Restricted Stock shall have all of the rights of a stockholder, including the right to vote the Restricted Stock and the right to receive dividends
thereon, provided that any dividends with respect to a Restricted Stock Award shall be withheld by the Company for the account of the Participant holding such Restricted Stock Award, and interest may be credited on the amount of the dividends
withheld at a rate and subject to such terms as determined by the Committee. The dividends so withheld by the Company and attributable to any particular share of Restricted Stock (and earnings thereon, if applicable) shall be subject to the
restrictions and a risk of forfeiture to the same extent as the share of Restricted Stock, shall be distributed to the Participant upon the release of restrictions on such share and, if such share is forfeited, the Participant shall have no right to
such dividends. During the period that the Restricted Stock Award is subject to a risk of forfeiture, subject to Section 9(b) below and except as otherwise provided in the Award Agreement, the Restricted Stock may not be sold, transferred,
pledged, hypothecated, margined or otherwise encumbered by the Participant or Beneficiary. 

(ii)    Forfeiture. Except as otherwise determined by the Committee, upon termination of a
Participant’s Continuous Service during the applicable Restriction Period, the Participant’s Restricted Stock that is at that time subject to a risk of forfeiture that has not lapsed or otherwise been satisfied shall be forfeited and
reacquired by the Company; provided that the Committee may provide, by resolution or other action or in any Award Agreement, or may determine in any individual case, that forfeiture conditions relating to Restricted Stock Awards shall be waived in
whole or in part in the event of terminations resulting from specified causes, and the Committee may in other cases waive in whole or in part the forfeiture of Restricted Stock. 

(iii)    Certificates for Stock. Restricted Stock granted under the Plan may be evidenced in such manner as
the Committee shall determine. If certificates representing Restricted Stock are registered in the name of the Participant, the Committee may require that such certificates bear an appropriate legend referring to the terms, conditions and
restrictions applicable to such Restricted Stock, that the Company retain physical possession of the certificates and that the Participant deliver a stock power to the Company, endorsed in blank, relating to the Restricted Stock. 

  
 11 

 (e)    Restricted Stock Unit Award. The Committee is
authorized to grant Restricted Stock Unit Awards to any Eligible Person on the following terms and conditions: 

(i)    Award and Restrictions. Satisfaction of a Restricted Stock Unit Award shall occur upon expiration of
the deferral period specified for such Restricted Stock Unit Award by the Committee (or, if permitted by the Committee, as elected by the participant in a manner that does not violate the requirements of Section 409A of the Code). In addition,
a Restricted Stock Unit Award shall be subject to such restrictions (which may include a risk of forfeiture) as the Committee may impose, if any, which restrictions may lapse at the expiration of the deferral period or at other specified times
(including based on achievement of performance goals and/or future service requirements), separately or in combination, in installments or otherwise as the Committee may determine. A Restricted Stock Unit Award may be satisfied by delivery of
Shares, cash equal to the Fair Market Value of the specified number of Shares covered by the Restricted Stock Units, or a combination thereof, as determined by the Committee at the date of grant or thereafter. Prior to satisfaction of a Restricted
Stock Unit Award, a Restricted Stock Unit Award carries no voting or dividend or other rights associated with Share ownership. Prior to satisfaction of a Restricted Stock Unit Award, except as otherwise provided in an Award Agreement and as
permitted under Section 409A of the Code, a Restricted Stock Unit Award may not be sold, transferred, pledged, hypothecated, margined or otherwise encumbered by the Participant or any Beneficiary. 

(ii)    Forfeiture. Except as otherwise determined by the Committee, upon termination of a
Participant’s Continuous Service during the applicable deferral period or portion thereof to which forfeiture conditions apply (as provided in the Award Agreement evidencing the Restricted Stock Unit Award), the Participant’s Restricted
Stock Unit Award that is at that time subject to a risk of forfeiture that has not lapsed or otherwise been satisfied shall be forfeited; provided that the Committee may provide, by resolution or other action or in any Award Agreement, or may
determine in any individual case, that forfeiture conditions relating to a Restricted Stock Unit Award shall be waived in whole or in part in the event of terminations resulting from specified causes, and the Committee may in other cases waive in
whole or in part the forfeiture of any Restricted Stock Unit Award. 
 (f)    Bonus Stock and Awards in Lieu of
Obligations. The Committee is authorized to grant Shares to any Eligible Persons as a bonus, or to grant Shares or other Awards in lieu of obligations to pay cash or deliver other property under the Plan or under other plans or compensatory
arrangements, provided that, in the case of Eligible Persons subject to Section 16 of the Exchange Act, the amount of such grants remains within the discretion of the Committee to the extent necessary to ensure that acquisitions of Shares or
other Awards are exempt from liability under Section 16(b) of the Exchange Act. Shares or Awards granted hereunder shall be subject to such other terms as shall be determined by the Committee. 

(g)    Dividend Equivalents. The Committee is authorized to grant Dividend Equivalents to any Eligible Person
entitling the Eligible Person to receive cash, Shares, other 

  
 12 

 
Awards or other property equal in value to the dividends paid with respect to a specified number of Shares. Dividend Equivalents may be awarded on a free-standing basis or in connection with
another Award. Notwithstanding anything in the Plan to the contrary, any cash, Shares, other Awards or other property otherwise payable with respect to Dividend Equivalents as to any Award to the extent such Award has not vested shall be withheld by
the Company for the account of the Participant holding such Award, and interest may be credited on the amount withheld at a rate and subject to such terms as determined by the Committee. The cash, Shares, other Awards or other property so withheld
by the Company and attributable to any particular Award, and any interest thereon, shall be subject to the restrictions and a risk of forfeiture to the same extent as such Award, shall be distributed to the Participant upon the vesting of such Award
and, if such Award is forfeited prior to its vesting, the Participant shall have no right to such cash, Shares, other Awards or other property or any interest thereon. 

(h)    Performance Awards. The Committee is authorized to grant Performance Awards to any Eligible Person
payable in cash, Shares or other Awards, on terms and conditions established by the Committee. The performance criteria to be achieved during any Performance Period and the length of the Performance Period shall be determined by the Committee upon
the grant of each Performance Award; provided, however, that a Performance Period shall not be shorter than twelve (12) months nor longer than five (5) years. Except as provided in Section 9 or as may be provided in an Award
Agreement, Performance Awards will be distributed only after the end of the relevant Performance Period. The performance goals to be achieved for each Performance Period shall be conclusively determined by the Committee and may be based upon any
criteria that the Committee, in its sole discretion, shall determine should be used for that purpose. The amount of the Award to be distributed shall be conclusively determined by the Committee. Performance Awards may be paid in a lump sum or in
installments following the close of the Performance Period or, in accordance with procedures established by the Committee, on a deferred basis in a manner that does not violate the requirements of Section 409A of the Code. 

(i)    Other Stock-Based Awards. The Committee is authorized, subject to limitations under applicable law, to
grant to any Eligible Person such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares, as deemed by the Committee to be consistent with the purposes of the
Plan. Other Stock-Based Awards may be granted to Participants either alone or in addition to other Awards granted under the Plan, and such Other Stock-Based Awards shall also be available as a form of payment in the settlement of other Awards
granted under the Plan. The Committee shall determine the terms and conditions of such Awards. Shares delivered pursuant to an Award in the nature of a purchase right granted under this Section 6(i) shall be purchased for such consideration,
(including without limitation loans from the Company or a Related Entity provided that such loans are not in violation of the Sarbanes Oxley Act of 2002, as amended, or any rule or regulation adopted thereunder or any other applicable law) paid for
at such times, by such methods, and in such forms, including, without limitation, cash, Shares, other Awards or other property, as the Committee shall determine. 

  
 13 

 7.    Certain Provisions Applicable to Awards. 

(a)    Stand-Alone, Additional, Tandem and Substitute Awards. Awards granted under the Plan may, in the
discretion of the Committee, be granted either alone or in addition to, in tandem with or in substitution or exchange for, any other Award or any award granted under another plan of the Company, any Related Entity or any business entity to be
acquired by the Company or a Related Entity, or any other right of a Participant to receive payment from the Company or any Related Entity. Subject to compliance with the Code, such additional, tandem and substitute or exchange Awards may be granted
at any time. If an Award is granted in substitution or exchange for another Award or award, the Committee shall require the surrender of such other Award or award in consideration for the grant of the new Award. In addition, Awards may be granted in
lieu of cash compensation, including in lieu of cash amounts payable under other plans of the Company or any Related Entity, in which the value of Shares subject to the Award is equivalent in value to the cash compensation (for example, Restricted
Stock or Restricted Stock Units), or in which the exercise price, grant price or purchase price of the Award in the nature of a right that may be exercised is equal to the Fair Market Value of the underlying Shares minus the value of the cash
compensation surrendered (for example, Options or Stock Appreciation Right granted with an exercise price or grant price “discounted” by the amount of the cash compensation surrendered), provided that any such determination to grant an
Award in lieu of cash compensation must be made in a manner intended to be exempt from or comply with Section 409A of the Code. 

(b)    Term of Awards. The term of each Award shall be for such period as may be determined by the Committee
provided that in no event shall the term of any Option or Stock Appreciation Right exceed a period of ten years (or in the case of an Incentive Stock Option such shorter term as maybe required under Section 422 of the Code). 

(c)    Form and Timing of Payment Under Awards; Deferrals. Subject to the terms of the Plan and any
applicable Award Agreement, payments to be made by the Company or a Related Entity upon the exercise of an Option or other Award or settlement of an Award may be made in such form as the Committee shall determine, including, without limitation,
cash, Shares, other Awards or other property, and may be made in a single payment or transfer, in installments or on a deferred basis, provided that any determination to pay in installments or on a deferred basis shall be made by the Committee at
the date of grant. Any installment or deferral provided for in the preceding sentence shall, however, subject to the terms of the Plan, be subject to the Company’s compliance with the provisions of the Sarbanes Oxley Act of 2002, as amended,
the rules and regulations adopted by the Securities and Exchange Commission thereunder, all applicable rules of the Listing Market, and in a manner intended to be exempt from or otherwise satisfy the requirements of Section 409A of the Code.
Subject to Section 7(e) of this Plan, any such settlement shall be at a value determined by the Committee in its sole discretion, which, without limitation, may in the case of an Option or Stock Appreciation Right be limited to the amount if
any by which the Fair Market Value of a Share on the settlement date exceeds the exercise or grant price. Installment or deferred payments may be required by the Committee (subject to Section 7(e) of this Plan, including the consent provisions
thereof in the case of any deferral of an outstanding Award not provided for in the original Award Agreement) or permitted at the election of the Participant on terms and conditions established by the Committee. The acceleration of the settlement of
any Award, and the payment of any Award in 

  
 14 

 
installments or on an deferred basis, shall be done all in a manner that is intended to be exempt from or otherwise satisfy the requirements of Section 409A of the Code. The Committee may,
without limitation, make provision for the payment or crediting of a reasonable interest rate on installment or deferred payments or the grant or crediting of Dividend Equivalents or other amounts in respect of installment or deferred payments
denominated in Shares. 
 (d)    Exemptions from Section 16(b) Liability.
It is the intent of the Company that the grant of any Awards to, or other transaction by, a Participant who is subject to Section 16 of the Exchange Act shall be exempt from Section 16 pursuant to an applicable exemption (except for
transactions acknowledged in writing to be non-exempt by such Participant). Accordingly, if any provision of this Plan or any Award Agreement does not comply with the requirements of Rule 16b-3 then applicable to any such transaction, such provision shall be construed or deemed amended to the extent necessary to conform to the applicable requirements of
Rule 16b-3 so that such Participant shall avoid liability under Section 16(b). 

(e)    Code Section 409A. 

(i)    The Award Agreement for any Award that the Committee reasonably determines to constitute a “nonqualified
deferred compensation plan” under Section 409A of the Code (a “Section 409A Plan”), and the provisions of the Section 409A Plan applicable to that Award, shall be construed in a
manner consistent with the applicable requirements of Section 409A of the Code, and the Committee, in its sole discretion and without the consent of any Participant, may amend any Award Agreement (and the provisions of the Plan applicable
thereto) if and to the extent that the Committee determines that such amendment is necessary or appropriate to comply with the requirements of Section 409A of the Code. 

(ii)    If any Award constitutes a Section 409A Plan, then the Award shall be subject to the following additional
requirements if, and to the extent, required to comply with Section 409A of the Code. 
 (A)    Payments under the
Section 409A Plan may be made only upon [i] the Participant’s “separation from service”, [ii] the date the Participant becomes “disabled”, [iii] the Participant’s death, [iv] a specified time
(or pursuant to a fixed schedule) specified in the Award Agreement at the date of the deferral of such compensation, [v] a “change in the ownership or effective control of the corporation, or in the ownership of a substantial portion of
the assets” of the Company or [vi] the occurrence of an “unforeseeable emergency”; 
 (B)    The
time or schedule for any payment of the deferred compensation may not be accelerated, except to the extent provided in applicable Treasury Regulations or other applicable guidance issued by the Internal Revenue Service; 

(C)    Any elections, with respect to the deferral of such compensation or the time and form of distribution of such
deferred compensation shall comply with the requirements of Section 409A(a)(4) of the Code; and 
 (D)    In the
case of any Participant who is “specified employee”, a distribution on account of a “separation from service” may not be made before the date which is six months after the date of the Participant’s “separation from
service” (or, if earlier, the date of the Participant’s death). 

  
 15 

 For purposes of the foregoing, the terms in quotations shall have the same meanings as those terms have for
purposes of Section 409A of the Code and the Treasury Regulations promulgated thereunder, and the limitations set forth herein shall, be applied in such manner (and only to the extent) as shall be necessary to comply with any requirements of
Section 409A of the Code that are applicable to the Award. 
 (iii)    Notwithstanding the foregoing, or any
provision of this Plan or any Award Agreement, the Company does not make any representation to any Participant or Beneficiary that any Awards made pursuant to this Plan are exempt from, or satisfy the requirements of, Section 409A of the Code,
and the Company shall have no liability or other obligation to indemnify or hold harmless the Participant or any Beneficiary for any tax, additional tax, interest or penalties that the Participant or any Beneficiary may incur in the event that any
provision of this Plan, or any Award Agreement, or any amendment or modification thereof, or any other action taken with respect thereto, is deemed to violate any of the requirements of Section 409A of the Code. 

8.    Change of Control. 

(a)    Effect of “Change of Control.” If, and only to the extent, determined by the Committee in
its sole discretion and without any requirement that each Participant be treated consistently upon the occurrence of a “Change of Control,” as defined in Section 8(b): 

(i)    Any Option or Stock Appreciation Right that was not previously vested and exercisable as of the time of the Change
of Control, shall become immediately vested and exercisable, subject to applicable restrictions set forth in Section 9(a) hereof. 

(ii)    Any restrictions, deferral of settlement and forfeiture conditions applicable to a Restricted Stock Award,
Restricted Stock Unit Award or an Other Stock-Based Award subject only to future service requirements granted under the Plan shall lapse and such Awards shall be deemed fully vested as of the time of the
Change of Control, except to the extent of any waiver by the Participant and subject to applicable restrictions set forth in Section 9(a) hereof. 

(iii)    With respect to any outstanding Award subject to achievement of performance goals and conditions under the Plan,
the Committee may, in its discretion, consider such Awards to have been earned and payable based on achievement of performance goals or based upon target performance (either in full or pro-rata based on the
portion of the Performance Period completed as of the Change of Control). 
 Notwithstanding the foregoing or any provision in any Award
Agreement to the contrary, and unless the Committee otherwise determines in a specific instance, or as is provided in any employment or other agreement between the Participant and the Company any Subsidiary, and unless the Committee otherwise
determines, in a specific instance, each outstanding Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award, Performance Award or Other Stock-Based Award shall not be accelerated
as described in 

  
 16 

 
Sections 8(a)(i), (ii) and (iii), if either (A) the Company is the surviving entity in the Change of Control and the Option, Stock Appreciation Right, Restricted Stock Award, Restricted
Stock Unit Award, Performance Award or Other Stock-Based Award continues to be outstanding after the Change of Control on substantially the same terms and conditions as were applicable immediately prior to the
Change of Control or (B) the successor company or its parent company assumes or substitutes for the applicable Award, as determined in accordance with Section 9(c)(ii) hereof. For the purposes of this Agreement, an Option, Stock
Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award or Other Stock-Based Award shall be considered assumed or substituted for if, following the Change of Control, the Award confers the
right to purchase or receive for each Share subject to the Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award or Other Stock-Based Award immediately prior to the Change of
Control, on substantially the same vesting and other terms and conditions as were applicable to the Award immediately prior to the Change of Control, the consideration (whether stock, cash or other securities or property) received in the transaction
constituting a Change of Control by holders of Shares for each Share held on the effective date of such transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the
outstanding shares); provided, however, that if such consideration received in the transaction constituting a Change of Control is not solely common stock of the successor company or its parent or subsidiary, the Committee may, with the consent of
the successor company or its parent or subsidiary, provide that the consideration to be received upon the exercise or vesting of an Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award or Other Stock-Based Award, for each Share subject thereto, will be solely common stock of the successor company or its parent or subsidiary substantially equal in fair market value to the per share consideration received by
holders of Shares in the transaction constituting a Change of Control. The determination of such substantial equality of value of consideration shall be made by the Committee in its sole discretion and its determination shall be conclusive and
binding. 
 (b)    Definition of “Change of Control.” Unless otherwise specified in any
employment or other agreement for services between the Participant and the Company or any Subsidiary, or in an Award Agreement, a “Change of Control” shall mean the occurrence of any of the following: 

(i)    The acquisition by any Person of Beneficial Ownership (within the meaning of
Rule 13d-3 promulgated under the Exchange Act) of more than fifty percent (50%) of either (A) the value of then outstanding equity securities of the Company (the “Outstanding Company
Stock”) or (B) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”) (the
foregoing Beneficial Ownership hereinafter being referred to as a “Controlling Interest”); provided, however, that for purposes of this Section 8(b), the following acquisitions shall not constitute or result in a Change
of Control: (v) any acquisition directly from the Company; (w) any acquisition by the Company; (x) any acquisition by any Person that as of the Effective Date owns Beneficial Ownership of a Controlling Interest; (y) any
acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Related Entity; or (z) any acquisition by any entity pursuant to a transaction which complies with clauses (A) or (B) of
subsection (iii) below; or 

  
 17 

 (ii)    During any period of two (2) consecutive years (not
including any period prior to the Effective Date) individuals who constitute the Board on the Effective Date (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that
any individual becoming a director subsequent to the Effective Date whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board
shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect
to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or 

(iii)    Consummation of (A) a reorganization, merger, statutory share exchange or consolidation or similar
transaction involving (x) the Company or (y) any of its Subsidiaries, but in the case of this clause (y) only if equity securities of the Company are issued or issuable in connection with the transaction (each of the events referred
to in this clause (A) being hereinafter referred to as a “Business Reorganization”), or (B) a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or
equity of another entity by the Company or any of its Subsidiaries (each an “Asset Sale”), in each case, unless, following such Business Reorganization or Asset Sale, (1) all or substantially all of the individuals and
entities who were the Beneficial Owners, respectively, of the Outstanding Company Stock and Outstanding Company Voting Securities immediately prior to such Business Reorganization or Asset Sale beneficially own, directly or indirectly, more than
fifty percent (50%) of the value of the then outstanding equity securities and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of members of the board of directors (or comparable
governing body of an entity that does not have such a board), as the case may be, of the entity resulting from such Business Reorganization or Asset Sale (including, without limitation, an entity which as a result of such transaction owns the
Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) (the “Continuing Entity”) in substantially the same proportions as their ownership, immediately prior to
such Business Reorganization or Asset Sale, of the Outstanding Company Stock and Outstanding Company Voting Securities, as the case may be (excluding any outstanding equity or voting securities of the Continuing Entity that such Beneficial Owners
hold immediately following the consummation of the Business Reorganization or Asset Sale as a result of their ownership, prior to such consummation, of equity or voting securities of any company or other entity involved in or forming part of such
Business Reorganization or Asset Sale other than the Company); (2) no Person (excluding any employee benefit plan (or related trust) of the Company or any Continuing Entity, or any entity controlled by the Continuing Corporation or any Person
that as of the Effective Date owns Beneficial Ownership of a Controlling Interest) beneficially owns, directly or indirectly, fifty percent (50%) or more of the value of the then outstanding equity securities of the Continuing Entity or the combined
voting power of the then outstanding voting Securities of the Continuing Entity except to the extent that such ownership existed prior to the Business Reorganization or Asset Sale and (3) at least a majority of the members of the Board of
Directors or other governing body of the Continuing Entity were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Reorganization or Asset Sale; or 

(iv)    Approval by the stockholders of the Company of a complete liquidation or dissolution of the Company. 

  
 18 

 9.    General Provisions. 

(a)    Compliance With Legal and Other Requirements. The Company may, to the extent deemed necessary or
advisable by the Committee, postpone the issuance or delivery of Shares or payment of other benefits under any Award until completion of such registration or qualification of such Shares or other required action under any federal or state law, rule
or regulation, listing or other required action with respect to the Listing Market, or compliance with any other obligation of the Company, as the Committee may consider appropriate, and may require any Participant to make such representations,
furnish such information and comply with or be subject to such other conditions as it may consider appropriate in connection with the issuance or delivery of Shares or payment of other benefits in compliance with applicable laws, rules, regulations,
listing requirements or other obligations. 
 (b)    Limits on Transferability; Beneficiaries. No Award or
other right or interest granted under the Plan shall be pledged, hypothecated or otherwise encumbered or subject to any lien, obligation or liability of such Participant to any party, or assigned or transferred by such Participant other than by will
or the laws of descent and distribution or to a Beneficiary upon the death of a Participant, and such Awards or rights that may be exercisable shall be exercised during the lifetime of the Participant only by the Participant or his or her guardian
or legal representative, except that Awards and other rights (other than Incentive Stock Options and Stock Appreciation Rights in tandem therewith) may be transferred to one or more Beneficiaries or other transferees during the lifetime of the
Participant, and may be exercised by such transferees in accordance with the terms of such Award, but only if and to the extent such transfers are permitted by the Committee pursuant to the express terms of an Award Agreement (subject to any terms
and conditions which the Committee may impose thereon), are by gift or pursuant to a domestic relations order, and are to a “Permitted Assignee” that is a permissible transferee under the applicable rules of the Securities and Exchange
Commission for registration of shares of stock on a Form S-8 registration statement. For this purpose, a Permitted Assignee shall mean (i) the Participant’s spouse, children or grandchildren
(including any adopted and step children or grandchildren), parents, grandparents or siblings, (ii) a trust for the benefit of one or more of the Participant or the persons referred to in clause (i), (iii) a partnership, limited
liability company or corporation in which the Participant or the persons referred to in clause (i) are the only partners, members or stockholders or (iv) a foundation in which any person or entity designated in clauses (i), (ii) or
(iii) above control the management of assets. A Beneficiary, transferee or other person claiming any rights under the Plan from or through any Participant shall be subject to all terms and conditions of the Plan and any Award Agreement
applicable to such Participant, except as otherwise determined by the Committee, and to any additional terms and Conditions deemed necessary or appropriate by the Committee. 

(c)    Adjustments.  

(i)    Adjustments to Awards. In the event that any extraordinary dividend or other distribution (whether in
the form of cash, Shares or other property), recapitalization, forward or reverse split, reorganization, merger, consolidation, spin-off, 

  
 19 

 
combination, repurchase, share exchange, liquidation, dissolution or other similar corporate transaction or event affects the Shares and/or such other securities of the Company or any other
issuer, then the Committee shall, in such manner as it may deem appropriate and equitable (and subject to compliance with Section 409A of the Code), substitute, exchange or adjust any or all of (A) the number and kind of Shares which may
be delivered in connection with Awards granted thereafter, (B) the number and kind of Shares by which annual per person Award limitations are measured under Section 4 hereof, (C) the number and kind of Shares subject to or deliverable
in respect of outstanding Awards, (D) the exercise price, grant price or purchase price relating to any Award and/or make provision for payment of cash or other property in respect of any outstanding Award and (E) any other aspect of any
Award that the Committee determines to be appropriate. 
 (ii)    Adjustments in Case of Certain
Transactions. In the event of any merger, consolidation or other reorganization which the Company does not survive, or in the event of any Change of Control (and subject to the provisions of Section 8 of this Plan relating to the
vesting of Awards in the event of any Change of Control), any outstanding Awards may be dealt with in accordance with any of the following approaches, without the requirement of obtaining any consent or agreement of a Participant as such, as
determined by the agreement effectuating the transaction or, if and to the extent not so determined, as determined by the Committee: (A) the continuation of the outstanding Awards by the Company, if the Company is a surviving entity,
(B) the assumption or substitution for, as those terms are defined below, the outstanding Awards by the surviving entity or its parent or subsidiary, (C) full exercisability or vesting and accelerated expiration of the outstanding Awards
or (D) settlement of the value of the outstanding Awards in cash or cash equivalents or other property followed by cancellation of such Awards (which value, in the case of Options or Stock Appreciation Rights, shall be measured by the amount,
if any, by which the Fair Market Value of a Share exceeds the exercise or grant price of the Option or Stock Appreciation Right as of the effective date of the transaction). For the purposes of this Plan, an Option, Stock Appreciation Right,
Restricted Stock Award, Restricted Stock Unit Award or Other Stock-Based Award shall be considered assumed or substituted for if, following the applicable transaction, the Award confers the right to purchase
or receive, for each Share subject to the Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award or Other Stock-Based Award immediately prior to the applicable transaction, or
substantially the same vesting and other terms and conditions as were applicable to the Award immediately prior to the applicable transaction, the consideration (whether stock, cash or other securities or property) received in the applicable
transaction by holders of Shares for each Share held on the effective date of such transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares);
provided, however, that if such consideration received in the applicable transaction is not solely common stock of the successor company or its parent or subsidiary, the Committee may, with the consent of the successor company or its parent or
subsidiary, provide that the consideration to be received upon the exercise or vesting an Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award or Other Stock-Based Award, for
each Share thereto, will be solely common stock of the successor company or its parent or subsidiary substantially equal in fair market value to the per share consideration received by holders of Shares in the applicable transaction. The
determination of such substantial equality of value of consideration shall be made by the Committee in its sole discretion and its determination shall be conclusive and binding. The Committee shall give

  
 20 

 
written notice of any proposed transaction referred to in this Section 9(c)(ii) a reasonable period of time prior to the closing date for such transaction (which notice may be given either
before or after the approval of such transaction), in order that Participants may have a reasonable period of time prior to the closing date of such transaction within which to exercise any Awards that are then exercisable (including any Awards that
may become exercisable upon the closing date of such transaction). A Participant may condition his or her exercise of any Awards upon the consummation of the transaction. 

(iii)    Other Adjustments. Subject to compliance with the Code, the Committee is authorized to make
adjustments in the terms and conditions of, and the criteria included in, Awards (including Awards subject to satisfaction of performance goals, or performance goals and conditions relating thereto) in recognition of unusual or nonrecurring events
(including, without limitation, acquisitions and dispositions of businesses and assets) affecting the Company, any Related Entity or any business unit, or the financial statements of the Company or any Related Entity, or in response to changes in
applicable laws, regulations, accounting principles, tax rates and regulations or business conditions or in view of the Committee’s assessment of the business strategy of the Company, any Related Entity or business unit thereof, performance of
comparable organizations, economic and business conditions, personal performance of a Participant and any other circumstances deemed relevant. Adjustments permitted hereby may include, without limitation, increasing the exercise price of Options and
Stock Appreciation Rights, increasing performance goals or other adjustments that may be adverse to the Participant. 

(d)    Award Agreements. Each Award Agreement shall either be (i) in writing in a form approved by the
Committee and executed by the Company by an officer duly authorized to act on its behalf or (ii) an electronic notice in a form approved by the Committee and recorded by the Company (or its designee) in an electronic recordkeeping system used
for the purpose of tracking one or more types of Awards as the Committee may provide; in each case and if required by the Committee, the Award Agreement shall be executed or otherwise electronically accepted by the recipient of the Award in such
form and manner as the Committee may require. The Committee may authorize any officer of the Company to execute any or all Award Agreements on behalf of the Company. The Award Agreement shall set forth the material terms and conditions of the Award
as established by the Committee consistent with the provisions of the Plan. 
 (e)    Taxes. The Company
and any Related Entity are authorized to withhold from any Award granted, any payment relating to an Award under the Plan, including from a distribution of Shares, or any payroll or other payment to a Participant, amounts of withholding and other
taxes due or potentially payable in connection with any transaction involving an Award, and to take such other action as the Committee may deem advisable to enable the Company or any Related Entity and Participants to satisfy obligations for the
payment of withholding taxes and other tax obligations relating to any Award. This authority shall include authority to withhold or receive Shares or other property and to make cash payments in respect thereof in satisfaction of a Participant’s
tax obligations, either on a mandatory or elective basis in the discretion of the Committee. The amount of withholding tax paid with respect to an Award by the withholding of Shares otherwise deliverable pursuant to the Award or by deliveringShares
already owned shall not exceed the minimum statutory withholding required with respect to that Award. 

  
 21 

 (f)    Changes to the Plan and Awards. The Board may
amend, alter, suspend, discontinue or terminate the Plan, or the Committee’s authority to grant Awards under the Plan, without the consent of stockholders or Participants, except that any amendment or alteration to the Plan shall be subject to
the approval of the Company’s stockholders not later than the annual meeting next following such Board action if such stockholder approval is required by any federal or state law or regulation (including, without limitation, Rule 16b-3) or the rules of the Listing Market, and the Board may otherwise, in its discretion, determine to submit other such changes to the Plan to stockholders for approval; provided that, except as
otherwise permitted by the Plan or Award Agreement, without the consent of an affected Participant, no such Board action may materially and adversely affect the rights of such Participant under the terms of any previously granted and outstanding
Award. The Committee may waive any conditions or rights under, or amend, alter, suspend, discontinue or terminate any Award theretofore granted and any Award Agreement relating thereto, except as otherwise provided in the Plan; provided that, except
as otherwise permitted by the Plan or Award Agreement, without the consent of an affected Participant, no such Committee or the Board action may materially and adversely affect the rights of such Participant under terms of such Award. 

(g)    Clawback of Benefits. 

(i)    The Company may (A) cause the cancellation of any Award, (B) require reimbursement of any Award by a
Participant or Beneficiary and (C) effect any other right of recoupment of equity or other compensation provided under this Plan or otherwise in accordance with any Company policies that currently exist or that may from time to time be adopted
or modified in the future by the Company and/or applicable law (each, a “Clawback Policy”), provided that the following conditions are satisfied: (1) there is an accounting restatement of the Company’s financial
statements or results and (2) the restatement results from a noncompliance by the Company with any requirements under or related to the federal securities laws. In such an event, the clawback will be in an amount of up to the total economic
gain from any stock-based grants within the five-year period preceding the restatement. By accepting an Award, a Participant is also agreeing to be bound by any existing
or future Clawback Policy adopted by the Company, or any amendments that may from time to time be made to the Clawback Policy in the future by the Company in its discretion (including without limitation any Clawback Policy adopted or amended to
comply with applicable laws or stock exchange requirements) and is further agreeing that all of the Participant’s Award Agreements may be unilaterally amended by the Company, without the Participant’s consent, to the extent that the
Company, in its discretion, determines to be necessary or appropriate to comply with any Clawback Policy. 
 (ii)    If
the Participant, without the consent of the Company, while employed by or providing services to the Company or any Subsidiary or after termination of such employment or service, violates a non-competition, non-solicitation or non-disclosure covenant or agreement or otherwise engages in activity that is in conflict with Company’s Corporate Governance Guidelines, Code of
Business Ethics or any other corporate governance materials specified by the SEC or exchange on which common stock of the Company is listed, 

  
 22 

 
then (i) any outstanding, vested or unvested, earned or unearned portion of the Award may, at the Committee’s discretion, be canceled and (ii) the Committee, in its discretion, may
require the Participant or other person to whom any payment has been made or Shares or other property have been transferred in connection with the Award to forfeit and pay over to the Company, on demand, all or any portion of the gain (whether or
not taxable) realized upon the exercise of any Option or Stock Appreciation Right and the value realized (whether or not taxable) on the vesting or payment of any other Award during the time period specified in the Award Agreement or otherwise
specified by the Committee. 
 (h)    Limitation on Rights Conferred Under Plan. Neither the Plan nor any
action taken hereunder or under any Award shall be construed as (i) giving any Eligible Person or Participant the right to continue as an Eligible Person or Participant or in the employ or service of the Company or a Related Entity,
(ii) interfering in any way with the right of the Company or a Related Entity to terminate any Eligible Person’s or Participant’s Continuous Service at any time, (iii) giving an Eligible Person or Participant any claim to be
granted any Award under the Plan or to be treated uniformly with other Participants and Employees or (iv) conferring on a Participant any of the rights of a stockholder of the Company or any Related Entity including, without limitation, any
right to receive dividends or distributions, any right to vote or act by written consent, any right to attend meetings of stockholders or any right to receive any information concerning the Company’s or any Related Entity’s business,
financial condition, results of operation or prospects, unless and until such time as the Participant is duly issued Shares on the stock books of the Company or any Related Entity in accordance with the terms of an Award. None of the Company, its
officers or its directors shall have any fiduciary obligation to the Participant with respect to any Awards unless and until the Participant is duly issued Shares pursuant to the Award on the stock books of the Company in accordance with the terms
of an Award. Neither the Company, nor any Related Entity, nor any of the their respective officers, directors, representatives or agents is granting any rights under the Plan to the Participant whatsoever, oral or written, express or implied, other
than those rights expressly set forth in this Plan or the Award Agreement. 
 (i)    Unfunded Status of Awards;
Creation of Trusts. The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant or obligation to deliver Shares pursuant to an Award,
nothing contained in the Plan or any Award Agreement shall give any such Participant any rights that are greater than those of a general creditor of the Company or Related Entity that issues the Award; provided that the Committee may authorize the
creation of trusts and deposit therein cash, Shares, other Awards or other property, or make other arrangements to meet the obligations of the Company or Related Entity under the Plan. Such trusts or other arrangements shall be consistent with the
“unfunded” status of the Plan unless the Committee otherwise determines with the consent of each affected Participant. The trustee of such trusts may be authorized to dispose of trust assets and reinvest the proceeds in alternative
investments, subject to such terms and conditions as the Committee may specify and in accordance with applicable law. 

(j)    Nonexclusivity of the Plan. Neither the adoption of the Plan by the Board nor its submission to the
stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board or a committee thereof to adopt such other incentive arrangements as it may deem desirable. 

  
 23 

 (k)    Payments in the Event of Forfeitures; Fractional
Shares. Unless otherwise determined by the Committee, in the event of a forfeiture of an Award with respect to which a Participant paid cash or other consideration, the Participant shall be repaid the amount of such cash or other
consideration. No fractional Shares shall be issued or delivered pursuant to the Plan or any Award. The Committee shall determine whether cash, other Awards or other property shall be issued or paid in lieu of such fractional shares or whether such
fractional shares or any rights thereto shall be forfeited or otherwise eliminated. 
 (l)    Governing
Law. Except as otherwise provided in any Award Agreement, the validity, construction and effect of the Plan, any rules and regulations under the Plan and any Award Agreement shall be determined in accordance with the laws of the State of
Wisconsin without giving effect to principles of conflict of laws, and applicable federal law. 
 (m)    Non-U.S. Laws. The Committee shall have the authority to adopt such modifications, procedures and subplans as may be necessary or desirable to comply with provisions of the laws of foreign countries in which
the Company or its Related Entities may operate to assure the viability of the benefits from Awards granted to Participants performing services in such countries and to meet the objectives of the Plan. 

(n)    Construction and Interpretation. Whenever used herein, nouns in the singular shall include the plural
and the masculine pronoun shall include the feminine gender. Headings of Articles and Sections hereof are inserted for convenience and reference and constitute no part of the Plan. 

(o)    Severability. If any provision of the Plan or any Award Agreement shall be determined to be illegal or
unenforceable by any court of law in any jurisdiction, the remaining provisions hereof and thereof shall be severable and enforceable in accordance with their terms, and all provisions shall remain enforceable in any other jurisdiction. 

(p)    Plan Effective Date and Stockholder Approval; Termination of Plan. The Plan shall become effective on
the Effective Date, subject to subsequent approval, within 12 months of its adoption by the Board, by stockholders of the Company eligible to vote in the election of directors, by a vote sufficient to meet the requirements of Code
Section 422, Rule 16b-3 under the Exchange Act (if applicable), applicable requirements under the rules of any stock exchange or automated quotation system on which the Shares may be listed or quoted
and other laws, regulations and obligations of the Company applicable to the Plan. Awards may be granted subject to stockholder approval, but may not be exercised or otherwise settled in the event the stockholder approval is not obtained. The Plan
shall terminate at the earliest of (i) such time as no Shares remain available for issuance under the Plan, (ii) termination of this Plan by the Board or (iii) the tenth anniversary of the Effective Date. Awards outstanding upon
expiration of the Plan shall remain in effect until they have been exercised or terminated, or have expired. 

  
 24Blueprint

 

EXHIBIT 4.1

 

ELDORADO GOLD CORPORATION

 RESTRICTED
SHARE UNIT PLAN

 

for Designated Participants

 amended
and restated as of March 27, 2019

 

1. 

Purposes of the Plan

 

1.1 

The purposes of the
Plan are to:

 

(a) 

promote the
alignment of interests between Designated Participants and the
shareholders of the Company;

 

(b) 

assist the Company
in attracting, retaining and motivating employees and officers of
the Company and of its related entities; and

 

(c) 

provide a
compensation system for Designated Participants that is reflective
of the responsibility, commitment and risk accompanying their
management role over the medium term.

 

2. 

Definitions

 

2.1 

For the purposes of
the Plan, the following terms have the respective meanings set
forth below:

 

(a) 

“Black-Out Period” means that
period during which a trading black-out period is imposed by the
Company to restrict trades in the Company’s securities by a
Designated Participant;

 

(b) 

“Board” means the board of
directors of the Company;

 

(c) 

“Business Combination” has the
meaning ascribed to that term in Subsection 9.7;

 

(d) 

“Cause” means any act, which at
common law in the applicable jurisdiction, would be considered
cause for dismissal without the obligation to provide notice or pay
in lieu of notice;

 

(e) 

“Change of Control”
means:

 

(i) 

an acquisition of
40% or more of the voting rights attached to all outstanding voting
shares of the Company by a person or combination of persons acting
in concert by virtue of an agreement, arrangement, commitment or
understanding, or by virtue of a related series of such events, and
whether by transfer of existing shares or by issuance of shares
from treasury or both; or

 

 

 

 

 

(ii) 

the amalgamation,
consolidation or combination of the Company with, or merger of the
Company into, any other person, whether by way of amalgamation,
arrangement or otherwise, unless (1) the Company is the surviving
person or the person formed by such amalgamation, consolidation or
combination, or into which the Company has merged, is a corporation
and (2) immediately after giving effect to such transaction at
least 60% of the voting rights attached to all outstanding voting
shares of the Company or the corporation resulting from such
amalgamation, consolidation or combination, or into which the
Company is merged, as the case may be are owned by persons who held
the voting rights attached to all outstanding voting shares of the
Company immediately before giving effect to such transaction;
or

 

(iii) 

the direct or
indirect transfer, conveyance, sale, lease or other disposition, by
virtue of a single event or a related series of such events, of 90%
or more of the assets of the Company based on gross fair market
value to any person unless (1) such disposition is to a corporation
and (2) immediately after giving effect to such disposition, at
least 60% of the voting rights attached to all outstanding voting
shares of such corporation are owned by the Company or its related
entities or by persons who held the voting rights attached to all
outstanding voting shares of the Company immediately before giving
effect to such disposition; or

 

(iv) 

at least 50% of the
directors constituting the Board cease to be directors as a result
of, in connection with, or pursuant to a contract relating to (a) a
Change of Control as defined in paragraphs (i), (ii) or (iii), or
(b) an actual or threatened contest with respect to the election or
removal of directors or other actual or threatened solicitation of
proxies by or on behalf of a person or persons (other than a
solicitation that was approved by directors constituting a majority
of the Board);

 

(f) 

“Company” means Eldorado Gold
Corporation;

 

(g) 

“Compensation Committee” means the
compensation committee of the Board and if there is none, means the
full Board;

 

(h) 

“Designated Participant” means such
employees or officers of the Company or a related entity of the
Company as the Board may designate from time to time as eligible to
participate in the Plan;

 

(i) 

“Disability” means a physical or
mental incapacity of a nature which the Board determines prevents
or would prevent the Designated Participant from satisfactorily
performing the substantial and material duties of his or her
position with the Company or the related entity of the Company, as
the case may be;

 

(j) 

“Distributions” means dividends or
other distributions or proceeds received by the Trustee on the
account of the Shares held in trust by the Trustee for the RSU
Plan, and includes proceeds raised by the Trustee on any sale of
rights issued in connection with a rights offering by the
Company;

 

 

 

 

 

 

 

(k) 

“Exchange” means, if the Shares are
listed on the TSX, the TSX and, if the Shares are not listed on the
TSX, any other principal exchange upon which the Shares are
listed;

 

(l) 

“Grant Date” has the meaning
ascribed thereto in Subsection 5.1;

 

(m) 

“Market Value” of a Restricted
Share Unit or a Share means, on any given date, the closing trading
price per share of the Shares on the Exchange on the trading day
immediately preceding the relevant date, provided that if the
Shares are suspended from trading or have not traded on the
Exchange for an extended period of time, then the market value will
be the fair market value of a Share as determined by the Board in
its sole discretion;

 

(n) 

“NI 45-106” means National
Instrument 45-106 – Prospectus and Registration
Exemptions;

 

(o) 

“Plan” or “RSU Plan” means this Restricted
Share Unit Plan of the Company as set forth herein as the same may
be amended and/or restated from time to time;

 

(p) 

“Redemption Date” means, subject to
Subsection 7.3, in respect of an RSU, the earlier of the last
day of the Restricted Period applicable to the RSU and the date of
termination of employment or engagement of the holder of the RSU,
provided that for U.S. Designated Participants Redemption Date
shall have the meaning set forth in Subsection 7.7
hereof;

 

(q) 

“Redemption Notice” means a notice
of redemption substantially in the form of Schedule B –
Redemption Notice;

 

(r) 

“Regulators” has the meaning
ascribed thereto in Subsection 10.1;

 

(s) 

“related entity” has the meaning
ascribed to that term in Section 2.22 of
NI 45-106;

 

(t) 

“Restricted Period” means a period
as specified by the Board in accordance with Subsection 5.1
after the expiration of which and subject to the terms herein, a
Designated Participant may be or becomes entitled to receive Shares
and/or amount payable on account of the redemption of Restricted
Share Units;

 

(u) 

“Restricted Share Unit Account” has
the meaning ascribed thereto in Subsection 6.1;

 

(v) 

“Restricted Share Units” or
“RSUs” means a
bookkeeping entry, denominated in Shares (on a one for one basis),
credited to the Restricted Share Unit Account of a Designated
Participant in accordance with the provisions hereof;

 

 

 

 

 

 

 

(w) 

“RSU Agreement” has the meaning
ascribed thereto in Subsection 5.3;

 

(x) 

“Share” means, subject to
Section 9 hereof, a Common share without par value in the
capital of the Company;

 

(y) 

“Take-Over Bid” has the meaning
ascribed to that term in Subsection 9.6;

 

(z) 

“Trading Day” means any day on
which the Exchange is open for trading of Shares provided that if
the Shares are no longer listed on any stock exchange, means any
day which is a business day in British Columbia;

 

(aa) 

“Trust” means the trust established
in respect of this Plan under the terms of a trust agreement
between the Trustee and the Company;

 

(bb) 

“Trustee” means a qualified trust
company designated by the Board to administer the acquisition of
Shares in the open market for the purposes of the Plan and to hold
Shares purchased in connection with the Plan in trust for the
purposes of the Plan; and

 

(cc) 

“TSX” means the Toronto Stock
Exchange;

 

(dd) 

“U.S. Designated Participant” means
any Designated Participant subject to tax under the United States
Internal Revenue Code of 1986 in respect of compensation from the
Company or its related entity; and

 

(ee) 

“Vested RSU” has the meaning
ascribed to that term in Subsection 7.1.

 

2.2 

Unless otherwise
agreed to in writing by the Board, a reference in respect of
employment or engagement of employees or officers to
“termination”, “termination date”,
“date of termination” or similar terms herein is deemed
to be the day that is the last day of active employment or
engagement with the Company or its related entity, as the case may
be, regardless of any salary continuance or notice period provided
or required under applicable law or the reason for termination of
employment or engagement (whether with or without Cause or with or
without notice). For greater certainty, any such reference to
termination means termination of the last position (whether as an
employee or officer) that the Designated Participant had with the
Company or its related entity, as applicable.

 

2.3 

Unless otherwise
indicated, all dollar amounts referred to in this RSU Plan are in
Canadian funds.

 

2.4 

As used in this
Plan,

 

(a) 

unless the context
otherwise requires, words importing the masculine gender shall
include the feminine and neuter genders, and words importing the
singular shall include the plural and vice versa;

 

(b) 

unless the context
otherwise requires, the expressions “herein”,
“hereto”, “hereof”,” hereunder”
or other similar terms refer to the Plan as a whole, together with
the schedules, and references to a Section, Subsection, paragraph
or Schedule by number or letter or both refer to the Section,
Subsection, paragraph or Schedule, respectively, bearing that
designation in the Plan; and

 

 

 

 

 

 

 

(c) 

the term
“include” (or words of similar import) is not limiting
whether or not non-limiting language (such as “without
limitation” or words of similar import) is used with
reference thereto.

 

3. 

Administration of the Plan

 

3.1 

The Plan shall be
administered by the Compensation Committee.

 

3.2 

The Chief Executive
Officer of the Company or the Chairman of the Board shall
periodically make recommendations to the Compensation Committee as
to the grant of RSUs.

 

3.3 

The Compensation
Committee shall, periodically, after considering the
recommendations of the Chief Executive Officer and the Chairman,
make recommendations to the Board as to the grant of
RSUs.

 

3.4 

In addition to the
powers granted to the Board under the Plan and subject to the terms
of the Plan, the Board shall have full and complete authority to
grant RSUs, to interpret the Plan, to prescribe such rules and
regulations as it deems necessary for the proper administration of
the Plan and to make such determinations and to take such actions
in connection therewith as it deems necessary or advisable. Any
such interpretation, rule, determination or other act of the Board
shall be conclusively binding upon all persons.

 

3.5 

The Board shall
appoint a Trustee:

 

(a) 

to administer the
acquisition of Shares in the open market for the purposes of the
Plan;

 

(b) 

subject to the
terms of the Plan, to hold the Shares acquired in the market in
trust for the Designated Participants entitled to redeem RSUs in
accordance with the terms of the Plan;

 

(c) 

subject to the
terms of the Plan, to hold in trust for, or in respect of Vested
RSUs, pay to, Designated Participants the Distributions received in
respect of the Shares referred to in paragraph 3.5(b) in accordance
with the terms of the Plan;

 

(d) 

upon direction of
the Company, deliver Shares and/or a cash payment to Designated
Participants entitled to redemption of Vested RSUs in accordance
with and subject to the terms of the Plan, pursuant to the terms of
the Plan;

 

(e) 

to record and
provide to the Company all necessary information to permit the
Company to attend to all income tax, social security contributions
withholding and other source deductions and reporting requirements
in respect of the Plan and the Designated Participants, under
applicable income tax legislation social security legislation, or
any income source deduction legislation;

 

 

 

 

 

 

 

(f) 

upon direction of
the Company, attend to the timely filing of a T3 tax return and
other applicable tax returns for the Trust for each calendar year
for which such filing is required and to the payment, when due, of
all taxes payable under such returns, and attend to such other tax
compliance steps within its power as may be requested by the
Company; and

 

(g) 

such other duties
in respect of the administration of the Plan as deemed appropriate
or desirable by the Compensation Committee and as set out in a
trust agreement approved by the Compensation
Committee.

 

3.6 

The Board may
authorize one or more officers of the Company to execute and
deliver and to receive documents on behalf of the
Company.

 

4. 

Shares Subject to the Plan

 

4.1 

The maximum number
of Shares which may be delivered under the Plan shall not exceed
5,000,000 Shares, subject to adjustment as provided in
Section 9.

 

4.2 

The Shares that may
be delivered pursuant to the Plan may be acquired subsequently to
or in anticipation of a redemption hereunder in the open market to
satisfy the redemption requirements under the Plan.

 

4.3 

The Board will
cause and fund the Trustee to arrange for the purchase of a
sufficient number of Shares to satisfy the redemption of
outstanding RSUs granted under the Plan. Any Shares acquired in excess of
the number of Shares required to satisfy redemptions, including
without limitation any Shares that become excess Shares upon
cancellation of an RSU as provided herein shall remain in trust
until the Plan is terminated and, upon termination of the Plan,
such Shares shall be returned to treasury for cancellation. For
greater certainty, no Shares or any Distributions or any interest
thereon will be transferred by the Trustee to the Company or a
related entity of the Company. Subject to Subsections 7.5 and
7.6, unless and until
the RSU granted to a Designated Participant vests and is redeemed
in accordance with the terms herein, the Designated Participant
does not have any right, title or interest in any Shares held by
the Trustee or any proceeds in respect thereof.

 

5. 

Grants of RSUs

 

5.1 

Subject to the
provisions of the Plan, the Board shall have the right to grant, in
its sole discretion and from time to time, to any Designated
Participants RSUs as a discretionary grant in consideration of
services to the Company with such terms and conditions as the Board
may determine. The Board shall also determine, in its sole
discretion, in connection with each grant of RSUs:

 

(a) 

the date on which
such RSUs are to be granted (the “Grant Date”);

 

 

 

 

 

 

 

(b) 

the number of RSUs
to be granted;

 

(c) 

the terms under
which an RSU shall vest;

 

(d) 

the Restricted
Period, provided that the Restricted Period with respect to a grant
of RSUs shall not exceed that period commencing on January 1
coincident with or immediately preceding the grant and ending on
November 30 of the third year following the calendar year in which
such RSUs were granted; and

 

(e) 

any other terms and
conditions (which need not be identical) of all RSUs covered by any
grant.

 

5.2 

If the RSUs are
inadvertently granted during a Black-Out Period, then the Grant
Date shall be deemed to be the first Trading Day following the end
of the Black-Out Period and any adjustment to the terms as may be
required by applicable law shall be made to such
terms.

 

5.3 

Upon the grant of
an RSU, the Designated Participant and the Company shall enter into
an RSU agreement (“RSU
Agreement”) in a form set out in Schedule A1 (for time
based vesting), Schedule A2 (for performance based vesting) or in
such other form as approved by the Board, which shall set out the
name of the Designated Participant, the number of RSUs, the
Restricted Period, the vesting terms, the Grant Date, and such
other terms and conditions as the Board may deem
appropriate.

 

5.4 

An RSU is personal
to the Designated Participant and is non-assignable and
non-transferable other than by will or by the laws governing the
devolution of property in the event of death of the Designated
Participant.

 

6. 

Accounts

 

6.1 

An account, to be
known as a “Restricted Share
Unit Account”, shall be maintained by or on behalf of
the Company for each Designated Participant and shall be credited
with such number of RSUs as are granted to a Designated Participant
from time to time. Each Designated Participant’s Restricted
Share Unit Account shall indicate the number of RSUs which have
been credited to such account from time to time together with the
Restricted Period, vesting terms and, if applicable, any
accumulated Distributions or other rights applicable to such RSU as
expressly provided for herein.

 

6.2 

RSUs that have not
vested in accordance with the Plan prior to the earlier of the last
day of the Restricted Period and the date the relevant termination
event referred to in Section 8 occurred, or that are redeemed
in accordance with the Plan, shall be cancelled and a notation to
such effect shall be recorded in the Designated Participant’s
Restricted Share Unit Account and the Designated Participant will
have no further right, title or interest in such RSUs and, for
greater certainty, in any related payment (cash or Share) or other
right, including any right to Distributions, except in the case of
Vested RSUs that have been redeemed but the payment has not been
paid to the Designated Participant, the right to receive the
payment applicable to the redeemed Vested RSU less any amounts that
may be withheld or deducted hereunder.

 

 

 

 

 

 

 

7. 

Vesting, Redemption and Payment of Restricted Share
Units

 

7.1 

Unless otherwise
specified by the Board, subject to the remaining provisions of this
Section 7, RSUs granted to a Designated Participant shall vest in
accordance with the vesting schedule established by the Board at
the time of the grant or on the achievement of performance vesting
targets as determined by the Board in its sole discretion and in
each case as set out in the Designated Participant's RSU Agreement.
RSUs may not be redeemed until the required period or periods have
elapsed or the performance targets have been met as determined by
the Board in its sole discretion, as the case may be. Except where
the context requires otherwise, each RSU which is vested pursuant
to this Section 7, Subsection 8.5 or as a result of action by the
Board to accelerate the vesting period or waive the vesting terms
pursuant to its authority under Subsections 8.4, 9.6 or 9.7 shall
be referred to herein as a “Vested RSU”.

 

7.2 

Unless previously
redeemed in accordance with Subsection 7.3, subject to
Subsection 11.1, all Vested RSUs shall be redeemed by the
Company on the Redemption Date of the Vested RSU and subject to the
remaining provisions of this Section 7 (including any
withholding requirements) and Section 8, each Designated
Participant shall receive, with respect to all RSUs that are Vested
RSUs, at the election
of the Board in its sole discretion:

 

(a) 

a cash payment
equal to the Market Value of such Vested RSUs as of the Redemption
Date; or

 

(b) 

such number of
Shares delivered by the Trustee, as are equal to the number of such
Vested RSUs; or

 

(c) 

any combination of
the foregoing, such that the cash payment plus such number of
Shares delivered by the Trustee, have a value equal to the Market
Value of such Vested RSUs as of the Redemption Date;

 

in each
case as soon as practicable following the Redemption Date, and in
any event, for non-US Designated Participants, no later than
December 31 of the third calendar year following the calendar year
in which the RSUs were granted, and for US Designated Participants,
no later than 30 days following the Redemption Date.

 

7.3 

Provided that the
RSU has vested, a Designated Participant may elect early redemption
of a Vested RSU by filing a Redemption Notice with the Corporate
Secretary specifying the Redemption Date, which shall not be less
than 5 days after the date the Redemption Notice is received by the
Company, but may not be later than the earlier of the last day of
the Restricted Period applicable to the Vested RSU and the date of
termination of employment or engagement of the holder of the Vested
RSU, which Redemption Notice acknowledges that such Vested RSUs are
to be redeemed. A Redemption Notice shall specify how many Vested
RSUs held by the Designated Participant at the time the Redemption
Notice is filed are to be redeemed, and Subsection 7.2 shall
apply mutatis mutandis to any such early redemption.

 

 

 

 

 

 

 

7.4 

The Company shall not be required to
deliver fractional Shares on account of the redemption of RSUs. If
any fractional interest in a Share would, except for this
provision, be deliverable on account of the redemption of RSUs,
such fractional interest shall be rounded down to the next whole
number of such Shares.

 

7.5 

Upon the redemption
of any Vested RSU, a Designated Participant shall be entitled to be
paid and shall be paid as soon as practicable following redemption,
a pro rata share of any Distributions that have been paid to the
Trustee on account of the Shares held by the Trustee in respect of
the Vested RSUs being redeemed and that have not previously been
distributed to the Designated Participant, less any withholding
taxes, social security contributions and other source deductions
applicable thereon and less the pro rata portion of any taxes paid
by the Trustee in respect of such Distributions. For greater
certainty, the Distributions on a Vested RSU to which a Designated
Participant is entitled under and subject to this Subsection will
be the Distributions that are paid to the Trustee on the Share
which was acquired for and is represented by the Vested RSU being
redeemed for the period commencing on the date of the grant of the
Vested RSU to the Designated Participant and ending on the
redemption of the Vested RSU of the Designated
Participant.

 

7.6 

Once an RSU becomes
vested, a Designated Participant shall be entitled to be paid a pro
rata share of any Distributions that have been paid to the Trustee
on Shares held by the Trustee in respect of the Vested RSUs of the
Designated Participant and that have not been previously
distributed to the Designated Participant, less any withholding
taxes, social security contributions and other source deductions
applicable thereon and less the pro rata portion of any taxes paid
by the Trustee in respect of the Distributions. For greater
certainty, the Distributions on a Vested RSU to which a Designated
Participant is entitled under and subject to this Subsection will
be the Distributions that are paid to the Trustee on the Share
which was acquired for and is represented by the RSU that has
vested for the period commencing on the date of the grant of the
Vested RSU to the Designated Participant and ending on the
redemption of the Vested RSU of the Designated Participant.
Payments required to be made under this Subsection shall be made as
soon as practicable and in any event not later than the end of the
calendar year during which the Designated Participant payment
entitlement arises under this Subsection.

 

7.7 

The Redemption Date
for RSUs held by U.S. Designated Participants shall be the date on
which such RSUs become Vested RSUs, provided that the Redemption
Date shall not be later than the earlier of the last day of the
Restricted Period and the date of termination of employment or
engagement. Notwithstanding anything to the contrary in Sections
7.5 and 7.6, for U.S. Designated Participants the payment of
Distributions with respect to Vested RSUs will occur at the time of
the payment on redemption of the Vested RSUs but in any event not
later than the end of the calendar year in which the Redemption
Date occurs. Subsection 7.3 shall not apply to RSUs held by U.S.
Designated Participants.

 

 

 

 

 

8. 

Termination of
Employment and Engagement

 

8.1 

Any Designated
Participant whose employment or engagement with the Company or its
related entity is terminated for any reason whatsoever including
resignation, retirement or Disability, but excluding termination in
the circumstances described in Subsections 8.2 and 8.3, shall
be entitled to have any outstanding RSUs of the Designated
Participant redeemed on the Redemption Date applicable to the RSUs
to the extent such RSUs had vested on the termination date and had
not yet been redeemed and the redemption amount paid to the
Designated Participant in accordance with the terms
herein.

 

8.2 

In the event of the
death of a Designated Participant, either while in the employment
or engagement of the Company, the Designated Participant’s
estate shall be entitled to have any outstanding RSUs of the
Designated Participant redeemed on the Redemption Date applicable
to the RSUs to the extent such RSUs had vested on the date of the
Designated Participant’s death and had not yet been redeemed
and the redemption amount paid to the Designated
Participant’s estate in accordance with the terms herein. The
Designated Participant’s estate shall include only the
executors or administrators of such estate and persons who have
acquired the right to redeem such Vested RSUs directly from the
Designated Participant by bequest or inheritance.

 

8.3 

Notwithstanding any
other provision herein, in the event a Designated
Participant’s employment or engagement is terminated for
Cause, unless the Board, in its sole discretion, determines
otherwise, all outstanding RSUs, whether or not vested, and any and
all rights to a payment with respect to such outstanding RSUs,
including all rights to payment of any Distributions hereunder,
shall be forfeited and cancelled effective as of the termination
date. Any Distributions relinquished and cancelled under this
Subsection less the pro rata portion of any taxes paid by the
Trustee in respect of such Distributions shall be paid to a charity
registered under the Income Tax
Act (Canada) as the Company directs.

 

8.4 

Except as otherwise
determined by the Board and following a termination of employment
or engagement, as the case may be, all rights with respect to RSUs
that are not vested as of the termination date, and any and all
rights to a payment with respect to such outstanding RSUs,
including all rights to payment of any Distribution hereunder, are
relinquished and cancelled. The Board may in its sole discretion
accelerate the vesting period, or otherwise waive the vesting
terms. Any Distributions relinquished and cancelled under this
Subsection less the pro rata portion of any taxes paid by the
Trustee in respect of such Distributions shall be paid to a charity
registered under the Income Tax
Act (Canada) as the Company directs.

 

8.5 

Notwithstanding
Subsection 8.4, above, where any Designated
Participant’s employment or engagement with the Company or
its related entity is terminated:

 

(a) 

by the Company or
its related entity, for any reason other than for Cause, at any
time in the 12 months
following a Change of Control of the Company, or

 

 

 

 

 

(b) 

by the Designated
Participant, if the Company or its related entity makes a material
adverse change in the location, salary, duties or responsibilities
assigned to the Designated Participant, at any time in the
12 months following a
Change of Control of the Company and the Designated Participant has
provided notice in writing to the Company within 30 days of such
material adverse change to terminate employment, engagement or
directorship,

 

then
any outstanding RSUs that have not yet vested on the date of
termination shall be deemed to have vested on such
date.

 

9. 

Adjustment on Alteration of Share Capital

 

9.1 

In the event of a
subdivision, consolidation or reclassification of outstanding
Shares or other capital adjustment, or the payment of a stock
dividend thereon, then the number of Shares equal to an RSU shall
be increased or reduced proportionately and such other adjustments
shall be made as may be deemed necessary or equitable by the Board
in its sole discretion and such adjustment shall be binding for all
purposes.

 

9.2 

In the event of a
change to the Company’s currently authorized Shares which is
limited to a change in the designation thereof, the shares
resulting from any such change shall be deemed to be Shares within
the meaning of the Plan.

 

9.3 

Unless the Board
otherwise determines in good faith, if the Company amalgamates,
consolidates or combines with or merges with or into another body
corporate, whether by way of amalgamation, arrangement or otherwise
(the right to do so being hereby expressly reserved), then the
obligation to deliver a Share pursuant to the redemption of a RSU
under Subsection 7.2 may be satisfied by the delivery of the
securities, property and/or cash which the Designated Participant
would have received upon such amalgamation, consolidation,
combination or merger if the Designated Participant’s RSU was
redeemed immediately prior to the effective date of such
amalgamation, consolidation, combination or merger.

 

9.4 

Unless the Board
otherwise determines in good faith, if the Company amalgamates,
consolidates or combines with or merges with or into another body
corporate, whether by way of amalgamation, arrangement or otherwise
(the right to do so being hereby expressly reserved) or a
successful take-over bid is made for all or substantially all of
the Shares, then for the purposes of determining the cash payment
to be made to a Designated Participant on the redemption of a RSU
under Subsection 7.2, the cash payment shall be equal to the fair
market value on the Redemption Date of the securities, property
and/or cash which the Designated Participant would have received
upon such amalgamation, consolidation, combination or merger if the
Designated Participant’s RSU was redeemed immediately prior
to the effective date of such amalgamation, consolidation,
combination or merger or take-over, as determined in good faith by
the Board in its sole discretion and such determination shall be
binding for all purposes of the Plan.

 

 

 

 

 

 

 

9.5 

In the event of any
other change affecting the Shares, then if deemed necessary or
equitable by the Board in its sole discretion to properly reflect
such change, an adjustment may be made which shall be binding for
all purposes of the Plan.

 

9.6 

If, at any time
when an RSU granted under the Plan has not been redeemed, an offer
(“Take-Over
Bid”) to purchase all or substantially all of the
Shares of the Company is made by a third party by means of a
take-over bid circular, the Company shall use its best efforts to
bring such offer to the attention of the Designated Participant as
soon as practicable and the Board may, in a fair and equitable
manner, in its sole discretion, require the acceleration of the
vesting or redemption of the RSU granted under the Plan and of the
satisfaction of or waiver of the fulfillment of any conditions or
restrictions on such redemption (including without limitation,
vesting requirements).

 

9.7 

Notwithstanding any
other provision herein, if because of a proposed merger,
amalgamation, compulsory acquisition or other corporate arrangement
or reorganization, the exchange or replacement of Shares in the
Company for securities, property or cash in or from another company
is imminent (“Business
Combination”), the Board may, in a fair and equitable
manner in its sole discretion, determine the manner in which all
outstanding RSUs shall be treated including, for example, requiring
the acceleration of the vesting and redemption of the RSU by the
Designated Participant and of the satisfaction of or waiver of the
fulfillment of any conditions or restrictions on such redemption
(including without limitation, vesting requirements) or providing
that any Share which would be receivable by a Designated
Participant in respect of a redemption of an RSU prior to the
effective time of the Business Combination be replaced with the
securities, property or cash which the Designated Participant would
have received if the Designated Participant had redeemed his or her
RSU immediately prior to the effective time of the Business
Combination and received Shares, and make any adjustment as may be
deemed necessary or equitable by the Board in its sole discretion
(including consideration of tax law implications). All
determinations of the Board under this Subsection shall be
binding for all purposes of the Plan.

 

9.8 

In order to permit
Designated Participants to participate in a proposed Take-Over Bid
or a proposed Business Combination that could result in a Change of
Control, the Board may in its sole discretion make appropriate
provisions for the redemption of RSUs (whether vested or not)
conditional upon the Shares resulting therefrom being taken up and
paid for under the Take-Over Bid or the completion of the Business
Combination, as applicable.

 

9.9 

No adjustment
provided in this Section 9 shall require the Company to
deliver a fractional RSU or Share or cash payment in lieu thereof
and the total adjustment with respect to each RSU or Share shall be
limited accordingly.

 

10. 

Regulatory Approval

 

10.1 

Notwithstanding any
of the provisions contained in the Plan, Designated
Participant’s RSU Agreement or any term of an RSU, the
Company’s obligations hereunder including obligations to
grant RSUs, deliver Shares hereunder or make payments to a
Designated Participant hereunder shall be subject to:

 

 

 

 

 

 

 

(a) 

compliance with all
applicable laws, regulations, rules, orders of governmental or
regulatory authorities, including without limitation, any stock
exchange on which the Shares are listed (“Regulators”);

 

(b) 

compliance with the
Company’s insider trading policy; and

 

(c) 

receipt from the
Designated Participant of such covenants, agreements,
representations and undertakings, including as to future dealings
in such RSUs, as the Company determines to be necessary or
advisable in order to safeguard against the violation of the
securities laws of any jurisdiction.

 

If the
Board determines that compliance with all applicable laws,
regulations, rules, orders referenced above (including a
consideration of tax law implications) require changes to the terms
of an RSU, such change shall be determined in good faith by the
Board in its sole discretion.

 

10.2 

Notwithstanding any
provisions in the Plan, Designated Participant’s RSU
Agreement or any term of an RSU, if any amendment, modification or
termination to the provisions hereof or any RSU made pursuant
hereto are required by any Regulator, a stock exchange or a market
as a condition of approval to a distribution to the public of any
Shares or to obtain or maintain a listing or quotation of any
Shares, the Board is authorized to make such amendments as
determined appropriate and in good faith by the Board (including
consideration of tax law implications) and thereupon the terms of
the Plan, Designated Participant’s RSU Agreement and any
RSUs, shall be deemed to be amended accordingly without requiring
the consent or agreement of any Designated Participant or holder of
an RSU.

 

11. 

Miscellaneous

 

11.1 

If a Restricted
Share Unit is to be redeemed during a Black-Out Period imposed by
the Company, then, notwithstanding any other provision of the Plan,
the Restricted Share Unit shall be redeemed immediately after the
Black-Out Period is lifted by the Company.

 

11.2 

The Plan shall not
confer upon any Designated Participant any right with respect to a
continuation of employment with or engagement by, the Company or a
related entity of the Company nor shall it interfere in any way
with the right of the Company or the related entity to terminate
any Designated Participant’s employment or engagement at any
time.

 

11.3 

For greater
certainty, no interest shall accrue to, or be credited to, the
Designated Participant on any amount payable under the
Plan.

 

 

 

 

 

 

 

11.4 

RSUs are not Shares
and the grant of RSUs does not entitle a Designated Participant to
any rights as a shareholder of the Company nor to any rights to the
Shares or any securities of the Company. Except as expressly
provided for in Subsections 7.5 and 7.6, no holder of any RSU
shall be entitled to receive and no adjustment shall be made for
any Distributions or any other rights declared on the
Shares.

 

11.5 

The Company makes
no representation or warranty as to the future market value of any
RSUs or Shares granted or delivered in accordance with the
provisions of the Plan.

 

11.6 (a) If
the Company or any of its related entities shall be required to
withhold any amounts by reason of any federal, provincial, state,
local or other laws of any jurisdiction concerning taxes, social
security contributions or other source deductions in connection
with the grants, redemption, Distributions or other payments
hereunder the Company or any such related entity may deduct and
withhold such amount or amounts from any payment made by the
Company or the related entity to a Designated Participant, whether
or not such payment is made pursuant to this Plan.  In addition, or as an alternative
to such withholding from payments, the Company or any related
entity of the Company having a withholding obligation as described
above may require a Designated Participant, as a condition of the
grant or redemption of an RSU, to pay to the Company or related
entity, or to the Trust, as the case may be, an amount not
exceeding the total of the withholding obligation of the Company or
related entity arising in respect of the issuance or delivery of
Shares or cash payment to the Designated Participant hereunder, or
to reimburse the Company or the related entity for such
amount.

 

(b) 

If the Trustee
shall be required to withhold any amounts by reason of any federal,
provincial, state, local or other rules or regulations of any
jurisdiction concerning taxes, social security contributions or
other source deductions in connection with the redemption of RSUs,
Distributions, distribution of Shares or other property or other
payments hereunder, the Trustee may deduct and withhold such amount
or amounts from any payment made by the Trustee to a Designated
Participant. In addition, or as an alternative to such withholding
from payments, the Trustee may require a Designated Participant, as
a condition of the redemption of an RSU, payment of Distributions,
or distribution of Shares or other property pay to the Trustee an
amount not exceeding the total of the withholding obligation of the
Trustee arising in respect of the issuance or delivery of Shares or
cash payment to the Designated Participant hereunder, or to
reimburse the Trustee for such amount.

 

(c) 

Under no
circumstances shall the Company, any related entity or the Trustee
be responsible for funding the payment of any tax or amount on
account of social security or other source deductions on behalf of
any Designated Participant or for providing any tax advice to any
Designated Participant.

 

12. 

Effective Date, Amendment and Termination

 

12.1 

The Plan is
effective as of March 16, 2011 and amended and restated as of
October 25, 2012, February 21, 2013, February 20, 2014, July 26,
2018 and March 27, 2019.

 

 

 

 

 

 

 

12.2 

Except as set out
below, the Board may (without Shareholder approval) amend, modify
or terminate any outstanding RSU, including, but not limited to,
substituting another award of the same or of a different type or
changing the date of redemption; provided, however that, the
Designated Participant’s consent to such action shall be
required unless the Board determines that the action, when taken
with any related action, would not materially and adversely affect
the Designated Participant or is specifically permitted
hereunder.

 

12.3 

The Board may
amend, suspend or terminate the Plan at any time. No action by the
Board to terminate the Plan pursuant to this Section 12 shall
affect any RSUs granted pursuant to the Plan prior to such
action.

 

12.4 

In the event that
the Plan is terminated, any assets, excluding the Shares (which are
to be returned to treasury for cancellation in accordance with
Subsection 4.3), but including any assets resulting from the
exchange or replacement of the Shares in connection with a
Take-over Bid or Business Combination, held by the Trustee that are
not required to satisfy obligations to Designated Participants with
respect to outstanding RSUs or to pay any tax liabilities
applicable to the Trust, will be paid to a charity registered under
the Income Tax Act (Canada)
as the Company directs and no Designated Participant will have any
right, title or interest in such assets.

 

 

 

RESTRICTED SHARE UNIT PLAN OF ELDORADO GOLD
CORPORATION

 

SCHEDULE A1

 

DESIGNATED PARTICIPANT’S AGREEMENT FOR TIME BASED
VESTING

 

1. 

Agreement: This agreement
(“Agreement”)
has been entered into by Eldorado Gold Corporation (the
“Company”) and
the Designated Participant as defined below.

 

2. 

Acknowledgment: The Designated
Participant acknowledges having received a copy of the Restricted
Share Unit Plan as amended and/or restated from time to time (the
“Plan”) and that
he or she has read and understands the Plan and agrees that the
terms therein (including any amendments thereto since the date of
grant) govern the grant hereunder.

 

3. 

Grant: Subject to the terms and
conditions of the Plan, the Company grants the Designated
Participant the Restricted Share Units (“RSUs”) set out below on the terms
and conditions set out below.

 

(a) 

Name of Designated
Participant: ______________ (the “Designated
Participant”)

 

(b) 

Date of grant:
_______________

 

(c) 

Number of RSUs:
_______________

 

(d) 

Vesting Terms:
_______________ [insert vesting terms]

 

(e) 

Restricted Period:
_______________ [see paragraph 5.1(d) of Plan]

 

(f) 

Other Terms:
_______________ [insert other terms if applicable]

 

4. 

Representations: The Designated
Participant acknowledges that the Company makes no representation
or warranty as to the future value of any RSU granted in accordance
with the provisions of the Plan.

 

5. 

Withholding Obligations: The Designated
Participant acknowledges and agrees that the Company or a related
entity of the Company or the Trustee may be required to withhold
from the undersigned's cash compensation or entitlements under the
Plan and remit to the Canada Revenue Agency or the tax agency of
the country in which the Designated Participant resides or is
otherwise subject to tax, income taxes, social security
contributions and other required source deductions in respect of
entitlements under the Plan. Under no circumstances shall the
Company, a related entity to the Company or Trustee be responsible
for the payment of any tax, social security contributions or any
other source deductions on behalf of any Designated
Participant.

 

 

 

 

 

 

 

6. 

Tax Advice: The Designated Participant
hereby acknowledges that the grant and redemption of RSUs may be
subject to tax under applicable federal, provincial, state or other
laws of any jurisdiction, that no representation has been made and
he or she has not received any advice from the Company as to tax or
legal ramifications of the grant or redemption of RSUs hereunder
and that he or she has been advised to seek independent tax advice
as he or she deems necessary.

 

7. 

Consent to Use of Personal Information:
The Designated Participant agrees that the Company may collect and
use personal information for any purpose that is permitted by law
to be made without the consent of the Designated Participant, or is
required by law, or by the by-laws, rules, regulations or policies
or any regulatory organization governing the Company and that the
Company may further use or disclose such information for the
following purposes:

 

(a) 

to comply with
securities and tax regulatory requirements;

 

(b) 

to provide the
Trustee with information needed to carry out its duties for the
purposes of the Plan and under the trust agreement with the
Trustee;

 

(c) 

to provide the
Designated Participant with information; and

 

(d) 

to otherwise
administer the Plan.

 

8. 

Compliance with Laws and Policies: The
Designated Participant acknowledges and agrees that the undersigned
will, at all times, act in strict compliance with any and all
applicable laws and any policies of the Company applicable to the
Designated Participant in connection with the Plan.

 

9. 

Terms and Conditions: This Agreement is
subject to the terms and conditions set out in the Plan, and such
terms and conditions are incorporated herein by this reference and
agreed to by the Designated Participant. In the case of any
inconsistency between this Agreement and the Plan, the Plan shall
govern. Unless otherwise indicated, all defined terms shall have
the respective meanings attributed thereto in the
Plan.

 

[Remainder
of page intentionally left blank]

 

 

 

 

 

 

Effective
as of the _____ day of ___________________, 20____.

 

 

	
 

	
 

	

ELDORADO GOLD CORPORATION

 

 

 

	
 

	
 

	
 

	

Per:

	
 

	
 

	
 

	
 

	
 

	

Authorized
Signatory

 

Acknowledged and Agreed to:

 

	
 

	
 

	
 

	
 

	

)

)

)

	
 

	

Signature
of Designated Participant

	

)

	

Signature
of Witness

	
 

	

)

)

)

	
 

	

Name
and Title of Designated Participant

	

)

	

Name of
Witness

 

 

 

 

 

RESTRICTED SHARE UNIT PLAN OF ELDORADO GOLD
CORPORATION

 

SCHEDULE A2

 

DESIGNATED PARTICIPANT’S AGREEMENT FOR

 

PERFORMANCE BASED VESTING

 

 

1. 

Agreement: This agreement
(“Agreement”)
has been entered into by Eldorado Gold Corporation (the
“Company”) and
the Designated Participant as defined below.

 

2. 

Acknowledgment: The Designated
Participant acknowledges having received a copy of the Restricted
Share Unit Plan as amended and/or restated from time to time (the
“Plan”) and that
he or she has read and understands the Plan and agrees that the
terms therein (including any amendments thereto since the date of
grant) govern the grant hereunder.

 

3. 

Grant: Subject to the terms and
conditions of the Plan, the Company grants the Designated
Participant the Restricted Share Units (“RSUs”) set out below on the terms
and conditions set out below.

 

(a) 

Name of Designated
Participant: ______________ (the “Designated
Participant”)

 

(b) 

Date of grant:
____________

 

(c) 

Initial Number of
RSUs: _____________

 

(d) 

Final Number of
RSUs:

 

The
final number of RSUs that are earned and redeemed may be higher or
lower than the number of RSUs initially granted, depending on
Eldorado’s relative 3-year TSR performance over the
Performance Period against the S&P/TSX Global Gold Index
(Index) and Absolute TSR performance, as follows:

 

 

As
shown in the table below, payouts will range from 0% for a 3-year
Relative TSR of less than 75% of the Index, to 200% of Target for a
3-year Relative TSR greater than or equal to 150% of the
Index.

 

 

 

 

 

 

(e) 

Restricted
(Performance) Period: _________________

 

(f) 

Other Terms –
Adjustment to Final Number of RSUs:

 

Notwithstanding the
terms of the Plan, if the Designated Participant’s employment
is terminated due to retirement or if the Designated Participant is
terminated (without Cause) following a Change of Control prior to
the completion of the Performance Period, the RSUs will be treated
as follows:

 

	

Reason
for Termination of Employment

	

Treatment
of RSUs

	

● Retirement

	

In the
event of the retirement of a Designated Participant, the Final
Number of RSUs to be received by the Designated Participant will be
equal to A* (B/C) where:

 

A = the
Final Number of RSUs that the Designated Participant would be
entitled to under Section 3(d) above, had they remained employed
until the end of the Performance Period

 

and

 

B= the
number of days from and including the commencement of the
Performance Period to and including the date of retirement of the
Designated Participant;

 

and

 

C= the
number of days from and including the commencement of the
Performance Period to and including the last day of the Performance
Period.

 

The
Performance Period will be the period set out in Section 3(e)
above, provided that, in the event that there is a Change of
Control following the date of retirement but prior to the expiry of
the Performance Period and the Shares are not listed on the TSX
after such Change of Control, the Performance Period shall be
deemed to have ended on the date of the Change of Control and the
Market Value of the RSUs shall be the higher of the Market Value as
determined under the Plan and the Market Value on the date of the
Change of Control and payment for the redemption of such RSUs shall
be in cash.

 

	

●

Termination of
Employment (other than for Cause) following a Change of Control in
the circumstances identified in Sections 8.5(a) and (b) of the
Plan

	

In the
event that the Designated Participant is terminated in the
circumstances described in Section 8.5 of the Plan, the Designated
Participant will be entitled to the Final Number of RSUs that they
would have been entitled to under Section 3(d) above had they been
employed until the end of the Performance Period.

 

The
Performance Period will be the period set out in Section 3(e)
above, provided that, in the event that there is a Change of
Control prior to the expiry of the Performance Period and the
Shares are not listed on the TSX after such Change of Control, the
Performance Period shall be deemed to have ended on the date of the
Change of Control and the Market Value of the RSUs shall be the
higher of the Market Value as determined under the Plan and the
Market Value on the date of the Change of Control and payment for
the redemption of such RSUs shall be in cash.

 

 

 

 

 

 

 

 

4. 

Representations: The Designated
Participant acknowledges that the Company makes no representation
or warranty as to the future value of any RSU granted in accordance
with the provisions of the Plan.

 

5. 

Withholding Obligations: The Designated
Participant acknowledges and agrees that the Company or a related
entity of the Company or the Trustee may be required to withhold
from the undersigned's cash compensation or entitlements under the
Plan and remit to the Canada Revenue Agency or the tax agency of
the country in which the Designated Participant resides or is
otherwise subject to tax, income taxes, social security
contributions and other required source deductions in respect of
entitlements under the Plan. Under no circumstances shall the
Company, a related entity to the Company or Trustee be responsible
for the payment of any tax, social security contributions or any
other source deductions on behalf of any Designated
Participant.

 

6. 

Tax Advice: The Designated Participant
hereby acknowledges that the grant and redemption of RSUs may be
subject to tax under applicable federal, provincial, state or other
laws of any jurisdiction, that no representation has been made and
he or she has not received any advice from the Company as to tax or
legal ramifications of the grant or redemption of RSUs hereunder
and that he or she has been advised to seek independent tax advice
as he or she deems necessary.

 

7. 

Consent to Use of Personal Information:
The Designated Participant agrees that the Company may collect and
use personal information for any purpose that is permitted by law
to be made without the consent of the Designated Participant, or is
required by law, or by the by-laws, rules, regulations or policies
or any regulatory organization governing the Company and that the
Company may further use or disclose such information for the
following purposes:

 

(a) 

to comply with
securities and tax regulatory requirements;

 

(b) 

to provide the
Trustee with information needed to carry out its duties for the
purposes of the Plan and under the trust agreement with the
Trustee;

 

(c) 

to provide the
Designated Participant with information; and

 

(d) 

to otherwise
administer the Plan.

 

 

 

 

 

8. 

Compliance with Laws and Policies: The
Designated Participant acknowledges and agrees that the undersigned
will, at all times, act in strict compliance with any and all
applicable laws and any policies of the Company applicable to the
Designated Participant in connection with the Plan.

 

9. 

Terms and Conditions: This Agreement is
subject to the terms and conditions set out in the Plan, and such
terms and conditions are incorporated herein by this reference and
agreed to by the Designated Participant. Except with respect to the
terms of Section 3(f) above, in the case of any inconsistency
between this Agreement and the Plan, the Plan shall govern. Unless
otherwise indicated, all defined terms shall have the respective
meanings attributed thereto in the Plan.

 

 

Effective
as of the _____ day of ___________________, 20____.

 

 

	
 

	
 

	

ELDORADO GOLD CORPORATION

	
 

	
 

	
 

	

Per:

	
 

	
 

	
 

	
 

	
 

	

Authorized
Signatory

 

Acknowledged and Agreed to:

 

	
 

	
 

	
 

	
 

	

)

)

)

	
 

	

Signature
of Designated Participant

	

)

	

Signature
of Witness

	
 

	

)

)

)

	
 

	

Name
and Title of Designated Participant

	

)

	

Name of
Witness

 

 

 

 

 

 

 

 

 

RESTRICTED SHARE UNIT PLAN OF ELDORADO GOLD
CORPORATION

 

SCHEDULE B

 

REDEMPTION NOTICE

 

To:            

Eldorado Gold Corporation (the “Company”)

 

   
Attention: Corporate Secretary

 

I
hereby advise the Company that:

 

I wish
the Company to redeem _______________ of the vested RSUs credited
to the account of ____________________ [insert name of Designated
Participant] under the Company’s Restricted Share Unit Plan
as amended from time to time (the “Plan”) on _________________
(insert Redemption Date, which shall be a date no earlier than 5
days after the date this Redemption Notice is received by the
Company and not later than the earlier of the last day of the
Restricted Period applicable to any vested RSU and the date of
termination of my employment or engagement with the
Company1.

 

I
hereby acknowledge and agree that the redemption requested is
subject to the terms and conditions set out in the Plan, and such
terms and conditions are incorporated herein by this reference. In
the case of any inconsistency between this Notice and the Plan, the
Plan shall govern. Unless otherwise indicated, all defined terms
shall have the respective meanings attributed thereto in the
Plan.

 

	
 

	
 

	
 

	

Date

	
 

	

(Signature
of Designated Participant or in the case of an Estate, the
Designated Participant’s legal representative)

 

	
 

	
 

	
 

	
 

	
 

	

(Print
Name of Designated Participant in Block Letters or in the case of
an Estate, the Designated Participant’s legal representative
and the name of the Designated Participant on whose behalf the
legal representative is acting2)

 

 

 

1 

The Redemption Date
must comply with the Plan requirements. This form is not applicable to U.S. Designated
Participants.

2

The signature of the legal representative is to be
supported by the appropriate documents duly appointing the legal
representative.

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