Document:

FCStone Group, Inc. 2006 Equity Incentive Plan

 Exhibit 4.3 
 FCSTONE GROUP, INC. 
 2006 EQUITY INCENTIVE PLAN 
 SECTION 1 
 INTRODUCTION 
  

	1.1	Establishment. FCStone Group, Inc., a corporation organized and existing under the laws of the state of Iowa (the “Company”), hereby establishes the FCStone Group,
Inc. 2006 Equity Incentive Plan (the “Plan”) for certain employees and non-employee directors of the Company. 

  

	1.2	Purpose. The purpose of this Plan is to encourage employees of the Company and its affiliates and subsidiaries to acquire a proprietary and vested interest in the growth and
performance of the Company. The Plan is also designed to assist the Company in attracting and retaining employees and non-employee directors by providing them with the opportunity to participate in the success and profitability of the Company.

  

	1.3	Duration. The Plan shall commence on the Effective Date and shall remain in effect, subject to the right of the Board to amend or terminate the Plan at any time pursuant to
Section 15 hereof, until all Shares subject to it shall have been issued, purchased or acquired according to the Plan’s provisions. Unless the Plan shall be reapproved by the stockholders of the Company and the Board renews the
continuation of the Plan, no Awards shall be issued pursuant to the Plan after the tenth (10th) anniversary of
the Plan’s Effective Date. 

 SECTION 2 
 DEFINITIONS 
  

	2.1	The following terms shall have the meanings set forth below. 

  

	 	(a)	“1933 Act” means the Securities Act of 1933. 

  

	 	(b)	“1934 Act” means the Securities Exchange Act of 1934. 

  

	 	(c)	“Affiliate” of the Company means any Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by, or is under common
Control with the Company. 

  

	 	(d)	“Award” means a grant made under this Plan in any form which may include but is not limited to Stock Options, Restricted Stock, Restricted Stock Units, Performance
Shares, Stock Appreciation Rights and Performance Units. 

  

	 	(e)	“Award Agreement” means a written agreement or instrument between the Company and a Holder evidencing an Award. 

  

 1 

	 	(f)	“Beneficiary” means the person, persons, trust or trusts which have been designated by a Holder in his or her most recent written beneficiary designation filed with
the Company to receive the benefits specified under this Plan upon the death of the Holder, or, if there is no designated Beneficiary or surviving designated Beneficiary, then the Person or Persons entitled by will or the laws of descent and
distribution to receive such benefits. 

  

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

  

	 	(h)	“Cause” means, unless otherwise defined in an Award Agreement, 

  

	 	(i)	Participant’s conviction of, plea of guilty to, or plea of nolo contendere to a felony or other crime that involves fraud or dishonesty, 

  

	 	(ii)	Any willful action or omission by a Participant which would constitute grounds for immediate dismissal under the employment policies of the Company by which Participant is employed,
including intoxication with alcohol or illegal drugs while on the premises of the Company, or violation of sexual harassment laws or the internal sexual harassment policy of the Company by which Participant is employed, 

  

	 	(iii)	Participant’s habitual neglect of duties, including repeated absences from work without reasonable excuse, or 

  

	 	(iv)	Participant’s willful and intentional material misconduct in the performance of his duties that results in financial detriment to the Company; 

 provided, however, that for purposes of clauses (ii), (iii) and (iv), Cause shall not include any one or more of the following: bad judgment,
negligence or any act or omission believed by the Participant in good faith to have been in or not opposed to the interest of the Company (without intent of the Participant to gain, directly or indirectly, a profit to which the Participant was not
legally entitled). A Participant who agrees to resign from his affiliation with the Company in lieu of being terminated for Cause may be deemed, in the sole discretion of the Committee, to have been terminated for Cause for purposes of this Plan.

  

	 	(i)	“Change in Control” means the first to occur of the following events: 

  

	 	(i)	Any Person is or becomes the Beneficial Owner (within the meaning set forth in Rule 13d-3 under the 1934 Act), directly or indirectly, of securities of the Company (not including in
the securities beneficially owned by such Person any securities acquired directly from the Company or its Affiliates or held by an employee benefit plan of the Company) representing 50% or more of the combined voting power of the Company’s then
outstanding securities, excluding any Person who becomes such a Beneficial Owner in connection with a transaction described in clause (x) of paragraph (iii) of this Section 2.1(i); or 

	 	(ii)	The following individuals cease for any reason to constitute a majority of the number of directors then serving: individuals who, on the Effective Date, constitute the Board and any
new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including a consent solicitation, relating to the election of directors of the Company) whose appointment or
election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors on the date hereof or whose appointment, election or
nomination for election was previously so approved or recommended; or 

  

	 	(iii)	There is consummated a merger or consolidation of the Company with any other corporation, OTHER THAN (x) a merger or consolidation which would result in the voting securities
of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof), in combination with
the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Company at least 50% of the combined voting power of the securities of the Company or such surviving entity or any parent thereof outstanding
immediately after such merger or consolidation, or (y) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of
securities of the Company (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or its Affiliates other than in connection with the acquisition by the Company or its Affiliates of a
business) representing 50% or more of the combined voting power of the Company’s then outstanding securities; or 

  

	 	(iv)	The stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by the Company
of all or substantially all of the Company’s assets, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least 50% of the combined voting power of the voting securities of
which are owned by stockholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale. 

 Notwithstanding the foregoing, a “Change in Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the
record holders of the Company’s common stock immediately prior to such 

 
transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the
Company’s assets immediately following such transaction or series of transactions. 
  

	 	(j)	“Code” means the Internal Revenue Code of 1986, as it may be amended from time to time, and the rules and regulations promulgated thereunder.

  

	 	(k)	“Committee” means (i) the Board, or (ii) one or more committees of the Board to whom the Board has delegated all or part of its authority under this Plan.
Initially, the Committee under clause (ii) above shall be the Compensation Committee of the Board which is delegated all of the Board’s authority under this Plan. 

  

	 	(l)	“Company” means FCStone Group, Inc., an Iowa corporation, and any successor thereto. 

  

	 	(m)	“Continuing Director” means any person who was a member of the Board as of the Effective Date, and any person who subsequently becomes a member of such Board if
such person’s appointment, election or nomination for election to such Board is recommended or approved by a majority of the then Continuing Directors, unless the Continuing Directors designate such person as not a Continuing Director.

  

	 	(n)	“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person, whether through
the ownership of voting securities, by contract or otherwise. 

  

	 	(o)	“Covered Employee” means an Employee that meets the definition of “covered employee” under Section 162(m)(3) of the Code. 

 

	 	(p)	“Date of Grant” or “Grant Date” means, with respect to any Award, the date as of which such Award is granted under the Plan. 

  

	 	(q)	“Disabled” or “Disability” means an individual (i) is unable to engage in any substantial gainful activity by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months or (ii) is, by reason of any medically determinable physical or mental impairment
which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than 3 months under a Company-sponsored accident and
health plan. Notwithstanding the above, with respect to an Incentive Stock Option and the period after time following a separation from service a Holder has to exercise such Incentive Stock Option, “disabled” shall have the same meaning as
defined in Code section 22(e)(3). 

  

	 	(r)	“Effective Date” means May 2, 2006. 

	 	(s)	“Eligible Employees” means key Employees (including officers and directors who are also employees) of the Company or an Affiliate upon whose judgment, initiative
and efforts the Company is, or will be, important to the successful conduct of its business. 

  

	 	(t)	“Employee” means a common law of the Company or an Affiliate. 

  

	 	(u)	“Executive Officer” means (i) the president of the Company, any vice president of the Company in charge of a principal business unit, division or function
(such as sales, administration, or finance), any other officer who performs a policy making function or any other person who performs similar policy making functions for the Company and (ii) Executive Officers (as defined in part (i) of
this definition) of subsidiaries of the Company who perform policy making functions for the Company. 

  

	 	(v)	“Fair Market Value” means, as of any date, the value of the Stock determined in good faith, from time to time, by the Committee in its sole discretion and the
Committee may adopt such formulas as in its opinion shall reflect the true fair market value of such stock from time to time and may rely on such independent advice with respect to such fair market value as the Committee shall deem appropriate. In
the event that the Shares of the Company are traded on a national securities exchange, the Committee may determine that the Fair Market Value of the Stock shall be based upon the last sale before or the first sale after the Grant Date, the closing
price on the trading day before or the trading day of the grant, or any other reasonable basis using actual transactions in such Stock as reported in The Wall Street Journal and consistently applied. The determination of Fair Market Value
also may be based upon an average selling price during a specified period that is within 30 days before or 30 days after the Grant Date, provided that the commitment to grant the stock right based on such valuation method must be irrevocable before
the beginning of the specified period, and such valuation method must be used consistently for all grants of Awards under this Plan and substantially similar programs. 

  

	 	(w)	“Freestanding SAR” means any SAR that is granted independently of any Option. 

  

	 	(x)	“Holder” means a Participant, Beneficiary or Permitted Transferee who is in possession of an Award Agreement representing an Award that (i) in the case of a
Participant has been granted to such individual, (ii) in the case of a Beneficiary has transferred to such person under the laws of descent and distribution or (iii) in the case of a Permitted Transferee, has been transferred to such
person as permitted by the Committee, and, with respect to all of the above cases (i), (ii) and (iii), such Award Agreement has not expired, been canceled or terminated. 

  

	 	(y)	“Incentive Stock Option” means any Option designated as such and granted in accordance with the requirements of Section 422 of the Code.

	 	(z)	“Nonqualified Stock Option” means any Option to purchase Shares that is not an Incentive Stock Option. 

  

	 	(aa)	“Option” means a right to purchase Stock at a stated price for a specified period of time. Such definition includes both Nonqualified Stock Options and Incentive
Stock Options. 

  

	 	(bb)	“Option Agreement” or “Option Award Agreement” means a written agreement or instrument between the Company and a Holder evidencing an Option.

  

	 	(cc)	“Option Exercise Price” means the price at which Shares subject to an Option may be purchased, determined in accordance with Section 6.2(b).

  

	 	(dd)	“Option Holder” shall have the meaning as set forth in Section 6.2. For the avoidance of any doubt, in situations where the Option has been transferred to a
Permitted Transferee or passed to a Beneficiary in accordance with the laws of descent and distribution, the Option Holder will not be the same person as the Holder of the Option. 

  

	 	(ee)	“Participant” means a Service Provider of the Company designated by the Committee from time to time during the term of the Plan to receive one or more Awards under
the Plan. 

  

	 	(ff)	“Performance Award” means any Award that will be issued or granted, or become vested or payable, as the case may be, upon the achievement of certain performance
goals (as described in Section 10) to a Participant pursuant to Section 10. 

  

	 	(gg)	“Performance Period” means the period of time as specified by the Committee over which Performance Units are to be earned. 

  

	 	(hh)	“Performance Shares” means an Award made pursuant to Section 9 which entitles a Holder to receive Shares, their cash equivalent, or a combination thereof based
on the achievement of performance targets during a Performance Period. 

  

	 	(ii)	“Performance Units” means an Award made pursuant to Section 9 which entitles a Holder to receive cash, Stock or a combination thereof based on the achievement
of performance targets during a Performance Period. 

  

	 	(jj)	“Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the 1934 Act and used in Sections 13(d) and 14(d) thereof, including
“group” as defined in Section 13(d) thereof. 

  

	 	(kk)	“Plan” means the FCStone Group, Inc. 2006 Equity Incentive Plan, as set forth in this instrument and as hereafter amended from time to time.

	 	(ll)	“Restricted Stock” means Stock granted under Section 8 that is subject those restrictions set forth therein and the Award Agreement. 

 

	 	(mm)	“Restricted Stock Unit” means an Award granted under Section 8 evidencing the Holder’s right to receive a Share (or cash payment equal to the Fair Market
Value of a Share) at some future date and that is subject those restrictions set forth therein and the Award Agreement. 

  

	 	(nn)	“Rule 16b-3” means Rule 16b-3 promulgated under the 1934 Act. 

  

	 	(oo)	“SAR” or “Stock Appreciation Right” means an Award, granted either alone or in connection with an Option, that is designated as a SAR pursuant to
Section 7. 

  

	 	(pp)	“SAR Holder” shall have the meaning as set forth in Section 7.2. 

  

	 	(qq)	“Section 16 Person” means a Person who is subject to obligations under Section 16 of the 1934 Act with respect to transactions involving equity securities of
the Company. 

  

	 	(rr)	“Service Provider” means an Eligible Employee or a non-employee director of the Company. 

  

	 	(ss)	“Share” means a share of Stock. 

  

	 	(tt)	“Stock” means authorized and issued or unissued common stock of the Company, at such par value as may be established from time to time. 

  

	 	(uu)	“Subsidiary” means (i) in the case of an Incentive Stock Option a “subsidiary corporation,” whether now or hereafter existing, as defined in section
424(f) of the Code, and (ii) in the case of any other type of Award, in addition to a subsidiary corporation as defined in (i), a limited liability company, partnership or other entity in which the Company controls fifty percent (50%) or
more of the voting power or equity interests. 

  

	 	(vv)	“Tandem SAR” means a SAR which is granted in connection with, or related to, an Option, and which requires forfeiture of the right to purchase an equal number of
Shares under the related Option upon the exercise of such SAR; or alternatively, which requires the cancellation of an equal amount of SARs upon the purchase of the Shares subject to the Option. 

  

	 	(ww)	“Vested Option” means any Option, or portion thereof, which is exercisable by the Holder. Vested Options remain exercisable only for that period of time as provided
for under this Plan and any applicable Option Award Agreement. Once a Vested Option is no longer exercisable after otherwise having been exercisable, the Option shall become null and void. 

	2.2	General Interpretive Principles. (i) Words in the singular shall include the plural and vice versa, and words of one gender shall include the other gender, in each case,
as the context requires; (ii) the terms “hereof,” “herein,” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Plan and not to any particular provision of this
Plan, and references to Sections and Appendices are references to the Sections of and Appendices to this Plan unless otherwise specified; (iii) the word “including” and words of similar import when used in this Plan shall mean
“including, without limitation,” unless otherwise specified; and (iv) any reference to any U.S. federal, state, or local statute or law shall be deemed to also refer to all amendments or successor provisions thereto, as well as all
rules and regulations promulgated under such statute or law, unless the context otherwise requires. 

 SECTION 3 
 PLAN ADMINISTRATION 
  

	3.1	Composition of Committee. The Plan shall be administered by the Committee. To the extent the Board considers it desirable for transactions relating to Awards to be eligible
to qualify for an exemption under Rule 16b-3, the Committee shall consist of two or more directors of the Company, all of whom qualify as “non-employee directors” within the meaning of Rule 16b-3. To the extent the Board considers it
desirable for compensation delivered pursuant to Awards to be eligible to qualify for an exemption from the limit on tax deductibility of compensation under section 162(m) of the Code, the Committee shall consist of two or more directors of the
Company, all of whom shall qualify as “outside directors” within the meaning of Code section 162(m). 

  

	3.2	Authority of Committee. Subject to the terms of the Plan and applicable law, and in addition to other express powers and authorizations conferred on the Committee by the
Plan, the Committee shall have full power and authority to: 

  

	 	(a)	select the Service Providers to whom Awards may from time to time be granted hereunder; 

  

	 	(b)	determine the type or types of Awards to be granted to eligible Service Providers; 

  

	 	(c)	determine the number of Shares to be covered by, or with respect to which payments, rights, or other matters are to be calculated in connection with, Awards;

  

	 	(d)	determine the terms and conditions of any Award; 

  

	 	(e)	determine whether, and to what extent, and under what circumstances Awards may be settled or exercised in cash, Shares, other securities, other Awards or other property;

  

	 	(f)	determine whether, and to what extent, and under what circumstance Awards may be canceled, forfeited, or suspended and the method or methods by which Awards may be settled,
exercised, canceled, forfeited, or suspended; 

	 	(g)	correct any defect, supply an omission, reconcile any inconsistency and otherwise interpret and administer the Plan and any instrument or Award Agreement relating to the Plan or any
Award hereunder; 

  

	 	(h)	modify and amend the Plan, establish, amend, suspend, or waive such rules, regulations and procedures of the Plan, and appoint such agents as it shall deem appropriate for the
proper administration of the Plan; and 

  

	 	(i)	make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan. 

  

	3.3	Committee Delegation. The Committee may delegate to any member of the Board or committee of Board members such of its powers as it deems appropriate, including the power to
sub-delegate, except that only a member of the Board (or a committee thereof) may grant Awards from time to time to specified categories of Service Providers in amounts and on terms to be specified by the Board; provided that no such grants shall be
made other than by the Board or the Committee to individuals who are then Section 16 Persons or other than by the Committee to individuals who are then or are deemed likely to become a “covered employee” within the meaning of Code
Section 162(m). A majority of the members of the Committee may determine its actions and fix the time and place of its meetings. 

  

	3.4	Determination Under the Plan. Unless otherwise expressly provided in the Plan, all designations, determinations, adjustments, interpretations, and other decisions under or
with respect to the Plan, any Award or Award Agreement shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive, and binding upon all persons, including the Company, any Participant, any Holder,
and any stockholder. No member of the Committee shall be liable for any action, determination or interpretation made in good faith, and all members of the Committee shall, in addition to their rights as directors, be fully protected by the Company
with respect to any such action, determination or interpretation. 

 SECTION 4 
 STOCK SUBJECT TO THE PLAN 
  

	4.1	 Number of Shares. Subject to adjustment as provided in Section 4.3 and subject to the maximum amount of Shares that may be granted to an individual in a
calendar year as set forth in Section 5.5, no more than a total of Seven Hundred Fifty Thousand (750,000) Shares are authorized for issuance under the Plan in accordance with the provisions of the Plan and subject to such restrictions or
other provisions as the Committee may from time to time deem necessary. Any Shares issued hereunder may consist, in whole or in part, of authorized and unissued shares or treasury shares. The Shares may be divided among the various Plan components
as the Committee shall determine. Shares that are subject to an underlying Award and Shares that are issued pursuant to the exercise of an Award shall be applied to reduce the maximum number of Shares remaining available for use under the Plan. The
Company shall at all times during the term of the Plan and while any 

 
Awards are outstanding retain as authorized and unissued Stock, or as treasury Stock, at least the number of Shares from time to time required under the
provisions of the Plan, or otherwise assure itself of its ability to perform its obligations hereunder. 
  

	4.2	Unused and Forfeited Stock. Any Shares that are subject to an Award under this Plan that are not used because the terms and conditions of the Award are not met, including any
Shares that are subject to an Award that expires or is terminated for any reason, any Shares that are used for full or partial payment of the purchase price of Shares with respect to which an Option is exercised and any Shares retained by the
Company pursuant to Section 15.2 shall automatically become available for use under the Plan. Notwithstanding the foregoing, any Shares used for full or partial payment of the purchase price of the Shares with respect to which an Option is
exercised and any Shares retained by the Company pursuant to Section 15.2 that were originally Incentive Stock Option Shares must still be considered as having been granted for purposes of determining whether the Share limitation provided for
in Section 4.1 has been reached for purposes of Incentive Stock Option grants. 

  

	4.3	Adjustments in Authorized Shares. If, without the receipt of consideration therefore by the Company, the Company shall at any time increase or decrease the number of its
outstanding Shares or change in any way the rights and privileges of such Shares such as, but not limited to, the payment of a stock dividend or any other distribution upon such Shares payable in Stock, or through a stock split, subdivision,
consolidation, combination, reclassification or recapitalization involving the Stock, such that any adjustment is determined by the Committee to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits
intended to be made available under the Plan then in relation to the Stock that is affected by one or more of the above events, the numbers, rights and privileges of (i) the Shares as to which Awards may be granted under the Plan, and
(ii) the Shares then included in each outstanding Award granted hereunder, shall be increased, decreased or changed in like manner as if they had been issued and outstanding, fully paid and non assessable at the time of such occurrence.

  

	4.4	General Adjustment Rules. 

  

	 	(a)	If any adjustment or substitution provided for in this Section 4 shall result in the creation of a fractional Share under any Award, such fractional Share shall be rounded to
the nearest whole Share and fractional Shares shall not be issued. 

  

	 	(b)	In the case of any such substitution or adjustment affecting an Option or a SAR (including a Nonqualified Stock Option) such substitution or adjustments shall be made in a manner
that is in accordance with the substitution and assumption rules set forth in Treasury Regulations 1.424-1 and the applicable guidance relating to Code section 409A. 

 SECTION 5 
 PARTICIPATION 
  

	5.1	Basis of Grant. Participants in the Plan shall be those Service Providers, who, in the judgment of the Committee, have performed, are performing, or during the term of their
incentive arrangement will perform, important services in the management, operation and development of the Company, and significantly contribute, or are expected to significantly contribute, to the achievement of long-term corporate economic
objectives. 

  

	5.2	Types of Grants; Limits. Participants may be granted from time to time one or more Awards; provided, however, that the grant of each such Award shall be separately approved
by the Committee or its designee, and receipt of one such Award shall not result in the automatic receipt of any other Award. Written notice shall be given to such Person, specifying the terms, conditions, right and duties related to such Award.
Under no circumstance shall Incentive Stock Options be granted to (i) non-employee directors or (ii) any person not permitted to receive Incentive Stock Options under the Code. 

  

	5.3	Award Agreements. Each Participant shall enter into an Award Agreement(s) with the Company, in such form as the Committee shall determine and which is consistent with the
provisions of the Plan, specifying such terms, conditions, rights and duties. Unless otherwise explicitly stated in the Award Agreement, Awards shall be deemed to be granted as of the date specified in the grant resolution of the Committee, which
date shall be the date of any related agreement(s) with the Participant. Unless explicitly provided for in a particular Award Agreement that the terms of the Plan are being superseded, in the event of any inconsistency between the provisions of the
Plan and any such Award Agreement(s) entered into hereunder, the provisions of the Plan shall govern. 

  

	5.4	Restrictive Covenants. The Committee may, in its sole and absolute discretion, place certain restrictive covenants in an Award Agreement requiring the Participant to agree to
refrain from certain actions. Such Restrictive Covenants, if contained in the Award Agreement, will be binding on the Participant. 

  

	5.5	Maximum Annual Award. The maximum number of Shares with respect to which an Award or Awards may be granted to any Participant in any one taxable year of the Company (the
“Maximum Annual Participant Award”) shall not exceed Two Hundred Thousand (200,000) Shares (subject to adjustment pursuant to Section 4.3). If an Option is in tandem with a SAR, such that the exercise of the Option or SAR with
respect to a Share cancels the tandem SAR or Option right, respectively, with respect to each Share, the tandem Option and SAR rights with respect to each Share shall be counted as covering but one Share for purposes of the Maximum Annual
Participant Award. 

 SECTION 6 
 STOCK OPTIONS 
  

	6.1	 Grant of Options. A Participant may be granted one or more Options. The Committee in its sole discretion shall designate whether an Option is an Incentive
Stock Option or a 

 
Nonqualified Stock Option. The Committee may grant both an Incentive Stock Option and a Nonqualified Stock Option to the same Participant at the same time or
at different times. Incentive Stock Options and Nonqualified Stock Options, whether granted at the same or different times, shall be deemed to have been awarded in separate grants, shall be clearly identified, and in no event shall the exercise of
one Option affect the right to exercise any other Option or affect the number of Shares for which any other Option may be exercised. 
  

	6.2	Option Agreements. Each Option granted under the Plan shall be evidenced by a written Option Award Agreement which shall be entered into by the Company and the Participant to
whom the Option is granted (the “Option Holder”), and which shall contain, or be subject to, the following terms and conditions, as well as such other terms and conditions not inconsistent therewith, as the Committee may consider
appropriate in each case. 

  

	 	(a)	Number of Shares. Each Option Award Agreement shall state that it covers a specified number of Shares, as determined by the Committee. To the extent that the aggregate Fair
Market Value of Shares with respect to which Options designated as Incentive Stock Options are exercisable for the first time by any Option Holder during any calendar year exceeds $100,000 or, if different, the maximum limitation in effect at the
time of grant under section 422(d) of the Code, such Options in excess of such limit shall be treated as Nonqualified Stock Options. The foregoing shall be applied by taking Options into account in the order in which they were granted. For the
purposes of the foregoing, the Fair Market Value of any Share shall be determined as of the time the Option with respect to such Share is granted. In the event the foregoing results in a portion of an Option designated as an Incentive Stock Option
exceeding the $100,000 limitation, only such excess shall be treated as a Nonqualified Stock Option. 

  

	 	(b)	Price. Each Option Award Agreement shall state the Option Exercise Price at which each Share covered by an Option may be purchased. Such Option Exercise Price shall be
determined in each case by the Committee, but in no event shall the Option Exercise Price for each Share covered by an Option be less than the Fair Market Value of the Stock on the Option’s Grant Date, as determined by the Committee; provided,
however, that the Option Exercise Price for each Share covered by an Incentive Stock Option granted to an Eligible Employee who then owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or any
parent or Subsidiary corporation of the Company must be at least 110% of the Fair Market Value of the Stock subject to the Incentive Stock Option on the Option’s Grant Date. 

  

	 	(c)	 Duration of Options. Each Option Award Agreement shall state the period of time, determined by the Committee, within which the Option may be exercised by the
Option Holder (the “Option Period”). The Option Period must expire, in all cases, not more than ten years from the Option’s Grant Date; provided, however, that the Option Period of an Incentive Stock Option granted to an Eligible
Employee who then owns Stock possessing more than 10% of the total combined 

 
voting power of all classes of Stock of the Company must expire not more than five years from the Option’s Grant Date. Each Option Award Agreement shall
also state the periods of time, if any, as determined by the Committee, when incremental portions of each Option shall become exercisable. If any Option or portion thereof is not exercised during its Option Period, such unexercised portion shall be
deemed to have been forfeited and have no further force or effect. 
  

	 	(d)	Termination of Service, Death, Disability, etc. Each Option Agreement shall state the period of time, if any, determined by the Committee, within which the Vested Option may
be exercised after an Option Holder ceases to be a Service Provider on account of the Participant’s death, Disability, voluntary resignation, retirement, cessation as a director, or the Company having terminated such Option Holder’s
employment with or without Cause. 

  

	 	(e)	Transferability. Except as otherwise determined by the Committee, Options shall not be transferable by the Option Holder except by will or pursuant to the laws of descent and
distribution. Each Vested Option shall be exercisable during the Option Holder’s lifetime only by him or her, or in the event of Disability or incapacity, by his or her guardian or legal representative. Shares issuable pursuant to any Option
shall be delivered only to or for the account of the Option Holder, or in the event of Disability or incapacity, to his or her guardian or legal representative. 

  

	 	(f)	Exercise, Payments, etc. 

  

	 	(i)	Unless otherwise provided in the Option Award Agreement, each Vested Option may be exercised by delivery to the Corporate Secretary of the Company a written notice specifying the
number of Shares with respect to which such Option is exercised and payment of the Option Exercise Price. Such notice shall be in a form satisfactory to the Committee or its designee and shall specify the particular Vested Option that is being
exercised and the number of Shares with respect to which the Vested Option is being exercised. The exercise of the Vested Option shall be deemed effective upon receipt of such notice by the Corporate Secretary and payment to the Company. The
purchase of such Stock shall take place at the principal offices of the Company upon delivery of such notice, at which time the purchase price of the Stock shall be paid in full by any of the methods or any combination of the methods set forth in
(ii) below. 

  

	 	(ii)	The Option Exercise Price may be paid by any of the following methods: 

  

	 	A.	Cash or certified bank check; 

  

	 	B.	 By delivery to the Company Shares then owned by the Holder, the Fair Market Value of which equals the purchase price of the Stock purchased pursuant to the Vested
Option, properly endorsed for 

	 	 
transfer to the Company; provided, however, that Shares used for this purpose must have been held by the Holder for such minimum period of time as may be
established from time to time by the Committee; and provided further that the Fair Market Value of any Shares delivered in payment of the purchase price upon exercise of the Options shall be the Fair Market Value as of the exercise date, which shall
be the date of delivery of the Stock used as payment of the Option Exercise Price; 

 In lieu of actually surrendering to
the Company the Shares then owned by the Holder, the Committee may, in its discretion permit the Holder to submit to the Company a statement affirming ownership by the Holder of such number of Shares and request that such Shares, although not
actually surrendered, be deemed to have been surrendered by the Holder as payment of the exercise price; 
  

	 	C.	For any Holder other than an Executive Officer or except as otherwise prohibited by the Committee, by payment through a broker in accordance with procedures permitted by Regulation
T of the Federal Reserve Board; or 

  

	 	D.	Any combination of the consideration provided in the foregoing subsections (A), (B) and (C). 

  

	 	(iii)	The Company shall not guaranty a third-party loan obtained by a Holder to pay any portion of the entire Option Exercise Price of the Shares. 

  

	 	(g)	Date of Grant. Unless otherwise specifically specified in the Option Award Agreement, an option shall be considered as having been granted on the date specified in the grant
resolution of the Committee. 

  

	 	(h)	Withholding. 

  

	 	(A)	Nonqualified Stock Options. Each Option Award Agreement covering Nonqualified Stock Options shall provide that, upon exercise of the Option, the Option Holder shall make
appropriate arrangements with the Company to provide for the minimum amount of additional withholding required by applicable federal and state income tax and payroll laws, including payment of such taxes through delivery of Stock or by withholding
Stock to be issued under the Option, as provided in Section 15. 

  

	 	(B)	 Incentive Stock Options. In the event that an Option Holder makes a disposition (as defined in Section 424(c) of the Code) of any Stock acquired
pursuant to the exercise of an Incentive Stock Option prior to the later of (i) the expiration of two years from the date on which the Incentive 

	 	 
Stock Option was granted or (ii) the expiration of one year from the date on which the Option was exercised, the Participant shall send written notice
to the Company at its principal office (Attention: Corporate Secretary) of the date of such disposition, the number of shares disposed of, the amount of proceeds received from such disposition, and any other information relating to such disposition
as the Company may reasonably request. The Option Holder shall, in the event of such a disposition, make appropriate arrangements with the Company to provide for the amount of additional withholding, if any, required by applicable Federal and state
income tax laws. 

  

	 	(i)	Adjustment of Options. Subject to the limitations set forth below and those contained in Sections 6 and 15, the Committee may make any adjustment in the Option Exercise
Price, the number of Shares subject to, or the terms of, an outstanding Option and a subsequent granting of an Option by amendment or by substitution of an outstanding Option. Such amendment, substitution, or re-grant may result in terms and
conditions (including Option Exercise Price, number of Shares covered, vesting schedule or exercise period) that differ from the terms and conditions of the original Option; provided, however, the Committee may not, without stockholder approval
(i) amend an Option to reduce its Option Exercise Price, (ii) cancel an Option and regrant an Option with a lower Option Exercise Price than the original Option Exercise Price of the cancelled Option, or (iii) take any other action
(whether in the form of an amendment, cancellation or replacement grant) that has the effect of “repricing” an Option, as defined under applicable NASDAQ rules or the rules of the established stock exchange or quotation system on which the
Company Stock is then listed or traded. The Committee also may not adversely affect the rights of any Option Holder to previously granted Options without the consent of such Option Holder. If such action is affected by the amendment, the effective
date of such amendment shall be the date of the original grant. Any adjustment, modification, extension or renewal of an Option shall be effected such that the Option is either exempt from, or is compliant with, Code section 409A.

  

	6.3	Stockholder Privileges. No Holder shall have any rights as a stockholder with respect to any Shares covered by an Option until the Holder becomes the holder of record of such
Stock, and no adjustments shall be made for dividends or other distributions or other rights as to which there is a record date preceding the date such Holder becomes the holder of record of such Stock, except as provided in Section 4.

 SECTION 7 
 STOCK
APPRECIATION RIGHTS 
  

	7.1	Grant of SARs. Subject to the terms and conditions of this Plan, a SAR may be granted to a Participant at any time and from time to time as shall be determined by the
Committee in its sole discretion. The Committee may grant Freestanding SARs or Tandem SARs, or any combination thereof. 

	 	(a)	Number of Shares. The Committee shall have complete discretion to determine the number of SARs granted to any Participant, subject to the limitations imposed in this Plan and
by applicable law. 

  

	 	(b)	Exercise Price and Other Terms. All SARs shall be granted with an exercise price no less than the Fair Market Value of the underlying Shares on the SARs’ Date of Grant.
The Committee, subject to the provisions of this Plan, shall have complete discretion to determine the terms and conditions of SARs granted under this Plan. The exercise price per Share of Tandem SARs shall equal the exercise price per Share of the
related Option. 

  

	7.2	SAR Award Agreement. Each SAR granted under the Plan shall be evidenced by a written SAR Award Agreement which shall be entered into by the Company and the Participant to
whom the SAR is granted (the “SAR Holder”), and which shall specify the exercise price per share, the terms of the SAR, the conditions of exercise, and such other terms and conditions as the Committee in its sole discretion shall
determine. 

  

	7.3	Exercise of Tandem SARs. Tandem SARs may be exercised for all or part of the Shares subject to the related Option upon the surrender of the right to exercise the equivalent
portion of the related Option. A Tandem SAR may be exercised only with respect to the Shares for which its related Option is then exercisable. With respect to a Tandem SAR granted in connection with an Incentive Stock Option: (a) the Tandem SAR
shall expire no later than the expiration of the underlying Incentive Stock Option; (b) the value of the payout with respect to the Tandem SAR shall be for no more than one hundred percent (100%) of the difference between the Exercise
Price per Share of the underlying Incentive Stock Option and the Fair Market Value per Share of the Shares subject to the underlying Incentive Stock Option at the time the Tandem SAR is exercised; and (c) the Tandem SAR shall be exercisable
only when the Fair Market Value per Share of the Shares subject to the Incentive Stock Option exceeds the per share Option Price per Share of the Incentive Stock Option. 

  

	7.4	Exercise of Freestanding SARs. Freestanding SARs shall be exercisable on such terms and conditions as the Committee in its sole discretion shall determine; provided, however,
that no Freestanding SAR granted to a Section 16 Person shall be exercisable until at least six (6) months after the Date of Grant or such shorter period as may be permissible while maintaining compliance with Rule 16b-3.

  

	7.5	 Expiration of SARs. Each SAR Award Agreement shall state the period of time, if any, determined by the Committee, within which the SAR may be exercised after
a SAR Holder ceases to be a Service Provider on account of the Participant’s death, Disability, voluntary resignation, cessation as a director, or the Company having terminated such SAR Holder’s employment with or without Cause. Unless
otherwise specifically provided for in the SAR Award agreement, a Tandem SAR granted under this Plan shall be exercisable at such time or times and only to the extent that the related Option is exercisable. The Tandem SAR shall terminate and no
longer be exercisable upon the termination or exercise of the related Options, except that Tandem SARs granted with 

 
respect to less than the full number of shares covered by a related Option shall not be reduced until the exercise or termination of the related Option
exceeds the number of Shares not covered by the SARs. 
  

	7.6	Payment of SAR Amount. Upon exercise of a SAR, a Holder shall be entitled to receive payment from the Company in an amount determined by multiplying (i) the positive
difference between the Fair Market Value of a Share on the date of exercise over the exercise price per Share by (ii) the number of Shares with respect to which the SAR is exercised. The payment upon a SAR exercise may be in whole Shares of
equivalent value, cash, or a combination of whole Shares and cash. Fractional Shares shall be rounded down to the nearest whole Share. 

 SECTION 8 
 AWARDS OF RESTRICTED STOCK AND RESTRICTED STOCK UNITS 
  

	8.1	Restricted Stock Awards Granted by Committee. Coincident with or following designation for participation in the Plan and subject to the terms and provisions of the Plan, the
Committee, at any time and from time to time, may grant Restricted Stock to any Service Provider in such amounts as the Committee shall determine. 

  

	8.2	Restricted Stock Unit Awards Granted by Committee. Coincident with or following designation for participation in the Plan and subject to the terms and provisions of the Plan,
the Committee may grant a Service Provider Restricted Stock Units in connection with or separate from a grant of Restricted Stock. Upon the vesting of Restricted Stock Units, the Holder shall be entitled to receive the full value of the Restricted
Stock Units payable in either Shares or cash. 

  

	8.3	Restrictions. A Holder’s right to retain Shares of Restricted Stock or be paid with respect to Restricted Stock Units shall be subject to such restrictions, including
him or her continuing to perform as a Service Provider for a restriction period specified by the Committee, or the attainment of specified performance goals and objectives, as may be established by the Committee with respect to such Award. The
Committee may in its sole discretion require different periods of service or different performance goals and objectives with respect to (i) different Holders, (ii) different Restricted Stock or Restricted Stock Unit Awards, or
(iii) separate, designated portions of the Shares constituting a Restricted Stock Award. Any grant of Restricted Stock or Restricted Stock Units shall contain terms such that the Award is either exempt from Code section 409A or complies with
such section. 

  

	8.4	 Privileges of a Stockholder, Transferability. Unless otherwise provided in the Award Agreement, a Participant shall have all voting, dividend, liquidation
and other rights with respect to Shares of Restricted Stock, provided however that any dividends paid on Shares of Restricted Stock prior to such Shares becoming vested shall be held in escrow by the Company and subject to the same restrictions on
transferability and forfeitability as the underlying Shares of Restricted Stock. Any voting, dividend, liquidation or other rights shall accrue to the benefit of a Holder only with respect to Shares of Restricted 

 
Stock held by, or for the benefit of, the Holder on the record date of any such dividend or voting date. A Participant’s right to sell, encumber or
otherwise transfer such Restricted Stock shall, in addition to the restrictions otherwise provided for in the Award Agreement, be subject to the limitations of Section 12.2 hereof. The Committee may determine that a Holder of Restricted Stock
Units is entitled to receive dividend equivalent payments on such units. If the Committee determines that Restricted Stock Units shall receive dividend equivalent payments, such feature will be specified in the applicable Award Agreement. Restricted
Stock Units shall not have any voting rights. 
  

	8.5	Enforcement of Restrictions. The Committee may in its sole discretion require one or more of the following methods of enforcing the restrictions referred to in
Section 8.2 and 8.3: 

  

	 	(a)	placing a legend on the stock certificates, or the Restricted Stock Unit Award Agreement, as applicable, referring to restrictions; 

  

	 	(b)	requiring the Holder to keep the stock certificates, duly endorsed, in the custody of the Company while the restrictions remain in effect; 

  

	 	(c)	requiring that the stock certificates, duly endorsed, be held in the custody of a third party nominee selected by the Company who will hold such Shares of Restricted Stock on behalf
of the Holder while the restrictions remain in effect; or 

  

	 	(d)	inserting a provision into the Restricted Stock Award Agreement prohibiting assignment of such Award Agreement until the terms and conditions or restrictions contained therein have
been satisfied or released, as applicable. 

  

	8.6	Termination of Service, Death, Disability, etc. In the event of the death or Disability of a Participant, all service period and other restrictions applicable to Restricted
Stock Awards then held by him or her shall lapse, and such Awards shall become fully nonforfeitable. Subject to Section 10, in the event a Participant ceases to be a Service Provider for any other reason, any Restricted Stock Awards as to which
the service period or other vesting conditions for have not been satisfied shall be forfeited. 

 SECTION 9 
 PERFORMANCE SHARES AND PERFORMANCE UNITS 
  

	9.1	Awards Granted by Committee. Coincident with or following designation for participation in the Plan, a Participant may be granted Performance Shares or Performance Units.

  

	9.2	Terms of Performance Shares or Performance Units. The Committee shall establish maximum and minimum performance targets to be achieved during the applicable Performance
Period. Each grant of a Performance Share or Performance Unit Award shall be subject to additional terms and conditions not inconsistent with the provisions of the Plan. The Committee shall determine what, if any, payment is due with respect to an
Award and whether such payment shall be made in cash, Stock or some combination. 

 SECTION 10 
 PERFORMANCE AWARDS; SECTION 162(M) PROVISIONS 
  

	10.1	Terms of Performance Awards. Except as provided in Section 11, Performance Awards will be issued or granted, or become vested or payable, only after the end of the relevant
Performance Period. The performance goals to be achieved for each Performance Period and the amount of the Award to be distributed upon satisfaction of those performance goals shall be conclusively determined by the Committee. When the Committee
determines whether a performance goal has been satisfied for any Performance Period, the Committee, where the Committee deems appropriate, may make such determination using calculations which alternatively include and exclude one, or more than one,
“extraordinary items” as determined under U.S. generally accepted accounting principles, and the Committee may determine whether a performance goal has been satisfied for any Performance Period taking into account the alternative which the
Committee deems appropriate under the circumstances. The Committee also may take into account any other unusual or non-recurring items, including the charges or costs associated with restructurings of the Company, discontinued operations, and the
cumulative effects of accounting changes and, further, may take into account any unusual or non-recurring events affecting the Company, changes in applicable tax laws or accounting principles or such other factors as the Committee may determine
reasonable and appropriate under the circumstances (including any factors that could result in the Company’s paying non-deductible compensation to an Employee or non-employee director). 

  

	10.2	Performance Goals. If an Award is subject to this Section 10, then the lapsing of restrictions thereon, or the vesting thereof, and the distribution of cash, Shares or other
property pursuant thereto, as applicable, shall be subject to the achievement of one or more objective performance goals established by the Committee, which shall be based on the attainment of one or any combination of the following metrics, and
which may be established on an absolute or relative basis for the Company as a whole or any of its subsidiaries, operating divisions or other operating units: 

  

	 	(a)	Earnings (either in the aggregate or on a per-Share basis); 

  

	 	(b)	Growth or rate of growth in earnings (either in the aggregate or on a per-Share basis); 

  

	 	(c)	Net income or loss (either in the aggregate or on a per-Share basis); 

  

	 	(d)	Cash flow provided by operations, either in the aggregate or on a per-Share basis; 

  

	 	(e)	Growth or rate of growth in cash flow (either in the aggregate or on a per-Share basis); 

  

	 	(f)	Free cash flow (either in the aggregate on a per-Share basis); 

  

	 	(g)	Reductions in expense levels, determined either on a Company-wide basis or in respect of any one or more business units; 

	 	(h)	Operating and maintenance cost management and employee productivity; 

  

	 	(i)	Stockholder returns (including return on assets, investments, equity, or gross sales); 

  

	 	(j)	Return measures (including return on assets, equity, or sales); 

  

	 	(k)	Growth or rate of growth in return measures (including return on assets, equity, or sales); 

  

	 	(l)	Share price (including attainment of a specified per-Share price during the Performance Period; growth measures and total stockholder return or attainment by the Shares of a
specified price for a specified period of time); 

  

	 	(m)	Strategic business criteria, consisting of one or more objectives based on meeting specified revenue, market share, market penetration, geographic business expansion goals,
objectively identified project milestones, production volume levels, cost targets, and goals relating to acquisitions or divestitures; and/or 

  

	 	(n)	Achievement of business or operational goals such as market share and/or business development; 

 provided that applicable performance goals may be applied on a pre- or post-tax basis; and provided further that the Committee may, when the applicable
performance goals are established, provide that the formula for such goals may include or exclude items to measure specific objectives, such as losses from discontinued operations, extraordinary gains or losses, the cumulative effect of accounting
changes, acquisitions or divestitures, foreign exchange impacts and any unusual, nonrecurring gain or loss. In addition to the foregoing performance goals, the performance goals shall also include any performance goals which are set forth in a
Company bonus or incentive plan, if any, which has been approved by the Company’s stockholders, which are incorporated herein by reference. Such performance goals shall be set by the Committee within the time period prescribed by, and shall
otherwise comply with the requirements of, Code Section 162(m). 
  

	10.3	Adjustments. Notwithstanding any provision of the Plan other than Section 4.3 or Section 11, with respect to any Award that is subject to this Section 10, the
Committee may not adjust upwards the amount payable pursuant to such Award, nor may it waive the achievement of the applicable performance goals except in the case of the death or Disability of the Participant. 

  

	10.4	Other Restrictions. The Committee shall have the power to impose such other restrictions on Awards subject to this Section 10 as it may deem necessary or appropriate to insure
that such Awards satisfy all requirements for “performance-based compensation” within the meaning of Code Section 162(m)(4)(B). 

  

	10.5	 Section 162(m) Limitations. Notwithstanding any other provision of this Plan, if the Committee determines at the time any Award is granted to a Participant
that such 

 
Participant is, or is likely to be at the time he or she recognizes income for federal income tax purposes in connection with such Award, a Covered Employee,
then the Committee may provide that this Section 10 is applicable to such Award. 
 SECTION 11 
 REORGANIZATION, CHANGE IN CONTROL OR LIQUIDATION 
 Except as
otherwise provided in an Award Agreement or other agreement approved by the Committee to which any Participant is a party, in the event that the Company undergoes a Change in Control, each Option, share of Restricted Stock and/or other Award shall
without regard to any vesting schedule, restriction or performance target, automatically become fully exercisable, fully vested or fully payable, as the case may be, as of the date of such Change in Control. In addition to the foregoing, in the
event the Company undergoes a Change in Control or in the event of a corporate merger, consolidation, major acquisition of property (or stock), separation, reorganization or liquidation in which the Company is a party and in which a Change in
Control does not occur, the Committee, or the board of directors of any corporation assuming the obligations of the Company, shall have the full power and discretion to prescribe and amend the terms and conditions for the exercise, or modification,
of any outstanding Awards granted hereunder. The Committee may remove restrictions on Restricted Stock and Restricted Stock Units and may modify the performance requirements for any other Awards. The Committee may provide that Options or other
Awards granted hereunder must be exercised in connection with the closing of such transactions, and that if not so exercised such Awards will expire. Any such determinations by the Committee may be made generally with respect to all Participants, or
may be made on a case-by-case basis with respect to particular Participants. Notwithstanding the foregoing, any transaction undertaken for the purpose of reincorporating the Company under the laws of another jurisdiction, if such transaction does
not materially affect the beneficial ownership of the Company’s capital stock, such transaction shall not constitute a merger, consolidation, major acquisition of property for stock, separation, reorganization, liquidation, or Change in
Control. 
 SECTION 12 
 RIGHTS OF
EMPLOYEES; PARTICIPANTS 
  

	12.1	Employment. Nothing contained in the Plan or in any Award granted under the Plan shall confer upon any Participant any right with respect to the continuation of his or her
services as a Service Provider or interfere in any way with the right of the Company, subject to the terms of any separate employment or consulting agreement to the contrary, at any time to terminate such services or to increase or decrease the
compensation of the Participant from the rate in existence at the time of the grant of an Award. Whether an authorized leave of absence, or absence in military or government service, shall constitute a termination of Participant’s services as a
Service Provider shall be determined by the Committee at the time. 

  

	12.2	 Nontransferability. Except as provided in Section 12.3, no right or interest of any Holder in an Award granted pursuant to the Plan shall be assignable
or transferable during the lifetime of the Participant, either voluntarily or involuntarily, or be subjected to any lien, 

 
directly or indirectly, by operation of law, or otherwise, including execution, levy, garnishment, attachment, pledge or bankruptcy. In the event of a
Participant’s death, a Holder’s rights and interests in all Awards shall, to the extent not otherwise prohibited hereunder, be transferable by testamentary will or the laws of descent and distribution, and payment of any amounts due under
the Plan shall be made to, and exercise of any Options or SARs may be made by, the Holder’s legal representatives, heirs or legatees. If, in the opinion of the Committee, a person entitled to payments or to exercise rights with respect to the
Plan is disabled from caring for his or her affairs because of a mental condition, physical condition or age, payment due such person may be made to, and such rights shall be exercised by, such person’s guardian, conservator, or other legal
personal representative upon furnishing the Committee with evidence satisfactory to the Committee of such status. “Transfers” shall not be deemed to include transfers to the Company or “cashless exercise” procedures with third
parties who provide financing for the purpose of (or who otherwise facilitate) the exercise of Awards consistent with applicable laws and the authorization of the Committee. 
  

	12.3	Permitted Transfers. Pursuant to conditions and procedures established by the Committee from time to time, the Committee may permit Awards to be transferred to, exercised by
and paid to certain persons or entities related to a Participant, including members of the Participant’s immediate family, charitable institutions, or trusts or other entities whose beneficiaries or beneficial owners are members of the
Participant’s immediate family and/or charitable institutions (a “Permitted Transferee”). In the case of initial Awards, at the request of the Participant, the Committee may permit the naming of the related person or entity as the
Award recipient. Any permitted transfer shall be subject to the condition that the Committee receive evidence satisfactory to it that the transfer is being made for estate and/or tax planning purposes on a gratuitous or donative basis and without
consideration (other than nominal consideration). Notwithstanding the foregoing, Incentive Stock Options shall only be transferable to the extent permitted in Section 422 of the Code, or such successor provision thereto, and the treasury
regulations thereunder. 

 SECTION 13 
 GENERAL RESTRICTIONS 
  

	13.1	Investment Representations. The Company may require any person to whom an Option or other Award is granted, as a condition of exercising such Option or receiving Stock under
the Award, to give written assurances in substance and form satisfactory to the Company and its counsel to the effect that such person is acquiring the Stock subject to the Option or the Award for his own account for investment and not with any
present intention of selling or otherwise distributing the same, and to such other effects as the Company deems necessary or appropriate in order to comply with federal and applicable state securities laws. Legends evidencing such restrictions may
be placed on the certificates evidencing the Stock. 

	13.2	Compliance with Securities Laws. 

  

	 	(a)	Each Award shall be subject to the requirement that, if at any time counsel to the Company shall determine that the listing, registration or qualification of the Shares subject to
such Award upon any securities exchange or under any state or federal law, or the consent or approval of any governmental or regulatory body, is necessary as a condition of, or in connection with, the issuance or purchase of Shares thereunder, such
Award may not be accepted or exercised in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained on conditions acceptable to the Committee. Nothing herein shall be deemed to
require the Company to apply for or to obtain such listing, registration or qualification. 

  

	 	(b)	Each Holder who is a director or an Executive Officer is restricted from taking any action with respect to any Award if such action would result in a (i) violation of
Section 306 of the Sarbanes-Oxley Act of 2002, and the regulations promulgated thereunder, whether or not such law and regulations are applicable to the Company, or (ii) any policies adopted by the Company restricting transactions in the
Stock. 

  

	13.3	Stock Restriction Agreement. The Committee may provide that Shares issuable upon the exercise of an Option shall, under certain conditions, be subject to restrictions whereby
the Company has (i) a right of first refusal with respect to such shares, (ii) specific rights or limitations with respect to the Participant’s ability to vote such shares, or (iii) a right or obligation to repurchase all or a
portion of such shares, which restrictions may survive a Participant’s cessation or termination as a Service Provider. 

 SECTION 14 
 OTHER EMPLOYEE BENEFITS 
 The amount of any compensation deemed to be received by a Participant as a result of the exercise of an Option or the grant, payment or vesting of any other Award shall not constitute “earnings” with respect to which any other
benefits of such Participant are determined, including benefits under (a) any pension, profit sharing, life insurance or salary continuation plan or other employee benefit plan of the Company or (b) any agreement between the Company and
the Participant, except as such plan or agreement shall otherwise expressly provide. 
 SECTION 15 
 PLAN AMENDMENT, MODIFICATION AND TERMINATION 
  

	15.1	Amendment, Modification, and Termination. The Board may at any time terminate, and from time to time may amend or modify, the Plan; provided, however, that no amendment or
modification may become effective without approval of the amendment or modification by the stockholders if stockholder approval is required to enable the Plan to satisfy any applicable statutory or regulatory requirements, to comply with the
requirements for listing on any exchange where the Shares are listed, or if the Company, on the advice of counsel, determines that stockholder approval is otherwise necessary or desirable. 

	15.2	Adjustment Upon Certain Unusual or Nonrecurring Events. The Board may make adjustments in the terms and conditions of Awards in recognition of unusual or nonrecurring events
(including the events described in Section 4.3) affecting the Company or the financial statements of the Company or of changes in applicable laws, regulations, or accounting principles, whenever the Board determines that such adjustments are
appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan. 

  

	15.3	Awards Previously Granted. Notwithstanding any other provision of the Plan to the contrary (but subject to Section 2.1(h) and Section 15.2), no termination,
amendment or modification of the Plan shall adversely affect in any material way any Award previously granted under the Plan, without the written consent of the Holder of such Award. 

 SECTION 16 
 WITHHOLDING 
  

	16.1	Withholding Requirement. The Company’s obligations to deliver Shares upon the exercise of an Option, or upon the vesting of any other Award, shall be subject to the
Holder’s satisfaction of all applicable federal, state and local income and other tax withholding requirements. 

  

	16.2	Withholding with Stock. At the time the Committee grants an Award, it may, in its sole discretion, grant the Holder an election to pay all minimum required amounts of tax
withholding, or any part thereof, by electing to transfer to the Company, or to have the Company withhold from Shares otherwise issuable to the Holder, Shares (which have been held by the Participant for more than six (6) months in the case of
a transfer of currently owned shares) having a value equal to the minimum amount required to be withheld under federal, state or local law or such lesser amount as may be elected by the Holder. All elections shall be subject to the approval or
disapproval of the Committee. The value of Shares to be withheld shall be based on the Fair Market Value of the Stock on the date that the amount of tax to be withheld is to be determined (the “Tax Date”), as determined by the Committee.
Any such elections by Holder to have Shares withheld for this purpose will be subject to the following restrictions: 

  

	 	(a)	All elections must be made prior to the Tax Date; 

  

	 	(b)	All elections shall be irrevocable; and 

  

	 	(c)	If the Holder is an officer or director of the Company within the meaning of Section 16 of the 1934 Act (“Section 16”), the Holder must satisfy the requirements of
such Section 16 and any applicable rules thereunder with respect to the use of Stock to satisfy such tax withholding obligation. 

 SECTION 17 
 NONEXCLUSIVITY OF THE PLAN 
  

	17.1	Neither the adoption of the Plan by the Board nor the submission of the Plan to stockholders of the Company for approval shall be construed as creating any limitations on the power
or authority of the Board to continue to maintain or adopt such other or additional incentive or other compensation arrangements of whatever nature as the Board may deem necessary or desirable or preclude or limit the continuation of any other plan,
practice or arrangement for the payment of compensation or fringe benefits to employees, or non-employee directors generally, or to any class or group of employees, or non-employee directors, which the Company now has lawfully put into effect,
including any retirement, pension, savings and stock purchase plan, insurance, death and disability benefits and executive short-term incentive plans. 

 SECTION 18 
 REQUIREMENTS OF LAW 
  

	18.1	Requirements of Law. The issuance of Stock and the payment of cash pursuant to the Plan shall be subject to all applicable laws, rules and regulations, and to such approvals
by any governmental agencies or stock exchanges as may be required. Notwithstanding any provision of the Plan or any Award, Holders shall not be entitled to exercise, or receive benefits under any Award, and the Company shall not be obligated to
deliver any Shares or other benefits to a Holder, if such exercise or delivery would constitute a violation by the Holder or the Company of any applicable law or regulation. 

  

	18.2	Code Section 409A. This Plan is intended to meet or be exempt from the requirements of Section 409A of the Code and may be administered in a manner that is intended
to meet those requirements and shall be construed and interpreted in accordance with such intent. Any provision of this Plan that would cause an Award to fail to satisfy Section 409A of the Code shall be amended (in a manner that as closely as
practicable achieves the original intent of this Plan) to comply with Section 409A of the Code on a timely basis, which may be made on a retroactive basis, in accordance with regulations and other guidance issued under Section 409A of the
Code. 

  

	18.3	Rule 16b-3. Transactions under the Plan and to the extent even applicable, within the scope of Rule 16b-3 are intended to comply with all applicable conditions of Rule 16b-3.
To the extent any provision of the Plan or any action by the Committee under the Plan fails to so comply, such provision or action shall, without further action by any person, be deemed to be automatically amended to the extent necessary to effect
compliance with Rule 16b-3; provided, however, that if such provision or action cannot be amended to effect such compliance, such provision or action shall be deemed null and void to the extent permitted by law and deemed advisable by the Committee.

  

	18.4	Governing Law. The Plan and all agreements hereunder shall be construed in accordance with and governed by the laws of the state of the Company’s incorporation without
giving effect to the principles of the conflict of laws to the contrary.Form of Nonqualified Stock Option Agreement - Employees

 Exhibit 10.1 
 FCSTONE GROUP, INC. 
 2006 EQUITY INCENTIVE PLAN 
 NONQUALIFIED STOCK OPTION AGREEMENT 
 (Employee) 
  

					
	 Date of Grant:
	 		  	                               , 2006
			
	 Number of Shares to
 Which Option
Relates:
	 		  	                                      
     
		
	 Option Price per Share:
 (Representing 100%
of the Fair Market Value on the Date of Grant)
	  	$                                      
  

 THIS NONQUALIFIED STOCK OPTION AGREEMENT (this “Option Agreement”) is entered on
                    , 20    , by and between FCSTONE GROUP, INC., an Iowa corporation (the “Company”),
and
                                        ,
an individual residing in the State of
                                        
     (the “Option Holder”). 
 RECITALS: 
 1. Effective May 2, 2006, the Company established the FCStone Group, Inc. 2006 Equity Incentive Plan (the “Plan”) under which the Company
may grant to Participants options for shares of the Company’s common stock. 
 2. The Option Holder is an employee of the Company and an
eligible Participant under the Plan, and the Company desires to encourage Option Holder to own Shares and to give Option Holder added incentive to advance the interests of the Company. Accordingly, the Company desires to grant the Option Holder a
Stock Option to purchase Shares of Stock of the Company under the terms and conditions reflected in this Option Agreement and as otherwise established by the Committee. 
 AGREEMENT: 
 In consideration of the mutual premises and covenants contained herein and other good
and valuable consideration paid by the Option Holder to the Company, Option Holder and the Company agree as follows: 
 1. Incorporation of
Plan 
 All provisions of this Option Agreement and the rights of the Option Holder hereunder are subject in all respects to the
provisions of the Plan and the powers of the Committee therein provided. Capitalized terms used in this Option Agreement but not defined shall have the meaning set forth in the Plan. 

 2. Grant of Nonqualified Stock Option 
 As of the Date of Grant identified above, the Company grants to Option Holder, subject to the terms and conditions set forth herein and in the Plan, the
right, privilege and option (the “Option”) to purchase that number of Shares of Stock identified above opposite the heading “Number of Shares to Which Option Relates” (the “Option Shares”), at the per Share price
specified above opposite the heading “Option Price per Share”. 
 3. Exercisability of Option 
 During the Option Holder’s lifetime, this Option may be exercised only by the Option Holder, or in the event of Disability or incapacity, by Option
Holder’s guardian or legal representative. This Option, except as specifically provided elsewhere under the terms of the Plan, shall be fully exercisable as of the Date of Grant. 
 4. Method of Exercise 
 Provided this
Option has not expired, been terminated or cancelled in accordance with the terms of the Plan, this Option may be exercised in whole or in part, from time to time by delivery to the Company or its designee a written notice in substantially the same
form as the Notice of Exercise attached hereto which shall: 
 4.1. set forth the number of Shares with respect to which the
Option is to be exercised (such number must be in a minimum amount of 10 Shares); 
 4.2. if the person exercising this Option
is not the Option Holder, be accompanied by satisfactory evidence of such person’s right to exercise this Option; and 
 4.3. be accompanied by payment in full of the Option Price in the form of cash, or a certified bank check made payable to the order of the Company. 
 5. Expiration of Option 
 Unless terminated earlier in accordance with the terms of this Option
Agreement or the Plan, the Option granted herein shall expire at 5:00 P.M., Central Standard Time, on the 10th Anniversary of the Date of Grant (the “Expiration Date”). If the Expiration Date is not a business day, then the Option granted
herein shall expire, unless earlier terminated in accordance with the terms of this Option Agreement or the Plan, at 5:00 P.M., Central Standard Time, on the first business day before such Expiration Date. 
  

 2 

 6. Effect of Separation from Service  
 6.1. If the Option Holder ceases to be an employee of the Company for any reason, including termination by the Company with or without
Cause, voluntary resignation, retirement, death, or Disability, the effect of such termination on all or any portion of this Option is as provided below. Notwithstanding anything below to the contrary, (i) in no event may the Option be
exercised after the Expiration Date, and (ii) in no event may the Option Period be extended by the Company except if such extension does not extend the below Option Period beyond the later of (i) the fifteenth (15th) day of the third
month following the original Option Period expiration date, or (ii) December 31 of the calendar containing the original Option Period expiration date. 
 6.2. If the Option Holder ceases to be an employee within the Option Period for Cause, the Option shall thereafter be void for all
purposes upon such Option Holder’s cessation from employment. The effect of this Section 6.2 shall be limited to determining the conditions under which an Option may be rendered null and void, and nothing in this Section 6.2 shall
restrict or otherwise interfere with the Company’s discretion with respect to the termination of any employee’s relationship with the Company. 
 6.3. Except as provided in Section 6.4 below, if the Option Holder ceases to be an employee due to the Option Holder’s voluntary resignation or termination of the Option Holder’s employment without
Cause, the Option may be exercised by the Option Holder at any time prior to 5:00 P.M., Central Standard Time, on the ninetieth (90th) calendar day following the last date of the Option Holder’s employment. If such ninetieth (90th) day shall not be a business day, then the Option shall expire at 5:00 P.M., Central Standard Time, on the first (1st) business day immediately following such ninetieth (90th) day. 
 6.4. If the Option
Holder ceases to be an employee due to the Option Holder’s voluntary resignation or termination of the Option Holder’s employment without Cause and as a result of retirement under the then applicable employment policies of the Company, the
Option may be exercised by the Option Holder at any time prior to 5:00 P.M., Central Standard Time, on the third (3rd) anniversary following the last date of the Option Holder’s employment. If such third (3rd) anniversary shall not be a business day, then the Option shall expire at 5:00 P.M., Central Standard Time, on the first (1st) business day immediately following such third (3rd) anniversary. 
 6.5. If the
Option Holder dies or becomes Disabled (A) while he or she is an employee, or (B) within the one hundred eighty day period referred to in clause (b) above, the Option may be exercised by the Option Holder or the Option Holder’s
Beneficiaries entitled to do so at any time prior to 5:00 P.M., Central Standard Time, on the 365th calendar day
following the date of the Option Holder’s death or Disability. If the 365th day is not a business day, then the
Option shall expire at 5:00 P.M., Central Standard Time, on the first (1st) business day immediately following such 365th day. 
 6.6. Notwithstanding the foregoing, if, following termination or cessation of the employment of
Option Holder with the Company, the Board of Directors of the Company has made a determination that the Option Holder has materially breached a contractual obligation or covenant with the Company restricting Option Holder’s competition with the
Company, solicitation of the Company’s employees or customers or disparagement of the Company, the Option shall upon such determination immediately be void for all purposes. 
  

 3 

 7. Nontransferability of Option 
 7.1. Except as provided below in Section 7.2, no portion of the Option granted hereunder may be sold, transferred, pledged, assigned,
or otherwise alienated or hypothecated, other than by will, by the laws of descent and distribution. All rights with respect to the Option granted to the Option Holder shall be available only to the Option Holder and only during his or her lifetime.

 7.2. Pursuant to conditions and procedures established by the Committee from time to time, the Committee may permit the
Option to be transferred to, exercised by and paid to certain persons or entities related to the Option Holder, including but not limited to members of the Option Holder’s immediate family, charitable institutions, or trusts or other entities
whose beneficiaries or beneficial owners are members of the Option Holder’s immediate family and/or charitable institutions. Any permitted transfer shall be subject to the condition that the Committee receive evidence satisfactory to it that
the transfer is being made for estate and/or tax planning purposes on a gratuitous or donative basis and without consideration (other than nominal consideration). 
 8. Status of Option Holder 
 The Option Holder shall not be deemed a shareholder of the Company with
respect to any of the Shares subject to this Option, except for those Shares that have been purchased and issued to him or her. The Company shall not be required to issue or transfer any certificates for Shares purchased upon exercise of this Option
until all applicable requirements of law have been complied with and, if applicable, such Shares shall have been duly listed on any securities exchange on which the Shares may then be listed. 
 9. Adjustments 
 The aggregate number
and class of Shares subject to this Option and the exercise price of this Option may be adjusted by the Committee in accordance with Section 6.2(i) of the Plan. Any fractional share resulting from such adjustment shall be eliminated. If there
is a dispute concerning such adjustment, the decision of the Committee shall be conclusive. 
 10. Change of Control, Reorganization,
Liquidation, Etc. 
 In the event of a Change of Control or in the event that the Company shall become a party to any corporate merger,
consolidation, major acquisition of property for stock, separation, reorganization, liquidation or other similar type of corporate event in which a Change in Control does not occur (a “Non-Change in Control Transaction”), the Committee may
(A) in all such events other than a liquidation, cause this Option to be assumed by the surviving entity in such transaction; (B) in all such events other than a liquidation, require the substitution of a new option for some or all of this
Option held by an Option Holder provided that any replacement or substituted option shall be equivalent in economic value of this Option; (C) in all such events 
  

 4 

 other than a liquidation, require that the Option be exercised in connection with the closing of such transaction, and
that if not so exercised such Option will expire; or (D) in all such events other than a liquidation, make such adjustment to any such Option as the Company deems appropriate to reflect such merger, consolidation, major acquisition of
property for stock, separation, reorganization, or Change in Control. 
 11. Committee Authority 
 Any questions concerning the interpretation of this Option Agreement, any adjustments required to be made under Sections 9 or 10 of this Option Agreement,
any determination of whether a particular termination of employment is for Cause, and any controversy which arises under this Option Agreement shall be decided by the Committee, in its sole discretion, and any such decision shall be conclusive and
non-appealable. 
 12. Withholding 
 As applicable, the Option Holder agrees to make appropriate arrangements with the Company for satisfaction of any minimum applicable Federal, state or local income tax or payroll tax withholding amounts required by
law to be withheld, including the payment to the Company at the time of exercise of all such taxes and requirements. 
 13. Notice

 Whenever any notice is required or permitted hereunder, such notice must be in writing and personally delivered or sent by mail. Any notice
required or permitted to be delivered hereunder shall be deemed to be delivered on the date which it was personally delivered, or, whether actually received or not, on the third business day after it is deposited in the United States mail, certified
or registered, postage prepaid, addressed to the person who is to receive it at the address which such person has theretofore specified by written notice delivered in accordance herewith. The Company or Option Holder may change, at any time and from
time to time, by written notice to the other, the address previously specified for receiving notices. Until changed in accordance herewith, the Company and the Option Holder specify their respective addresses as set forth below: 
  

			
	 The Company:
	 	 FCStone Group, Inc.
 2829 Westown Parkway, Suite 200
 West Des Moines, Iowa 50266
 Attn: Corporate Secretary

		
	 Option Holder:
	 	 [Insert name and address]
  

		
		 	  

		
		 	  

  

 5 

 14. Binding Effect 
 This Option Agreement shall bind, and, except as specifically provided herein, shall inure to the benefit of the respective heirs, legal representatives, successors and assigns of the parties hereto. 
 15. Compliance with Securities Laws 
 If at any time counsel to the Company shall determine that the listing, registration or qualification of the shares subject to the Option upon any securities exchange or under any state or federal law, or the consent or approval of any
governmental or regulatory body, is necessary as a condition of, or in connection with, the issuance or purchase of shares thereunder, the Option may not be accepted or exercised in whole or in part unless such listing, registration, qualification,
consent or approval shall have been effected or obtained on conditions acceptable to the Committee. Nothing herein shall be deemed to require the Company to apply for or to obtain such listing, registration or qualification. Additionally, the Shares
issued upon exercise of this Option may be subject to certain restrictions on transfer provided for in the Bylaws of the Company. 
 16.
Governing Law 
 This Option Agreement and the rights of all persons claiming hereunder shall be construed and determined in accordance
with the laws of the State of Iowa. 
 IN WITNESS WHEREOF, the Company has caused this Option Agreement to be executed and the Option Holder
has hereunto set his or her hand on the day and year first above written. 
  

			
	FCSTONE GROUP, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	OPTION HOLDER
	
	  

	Name:	 	  

  

 6 

 FCSTONE GROUP, INC. 
 2002 EQUITY INCENTIVE PLAN 
 NOTICE OF EXERCISE 
 I,
                        , having received a Non-Qualified Stock Option Agreement (the “Option Agreement”) under
the FCStone Group, Inc. 2006 Equity Incentive Plan (the “Plan”) desire, to the extent I am allowed under the Plan and Option Agreement, to exercise that portion of the option granted under the Option Agreement as set forth immediately
below. 
 OPTION INFORMATION 
  

					
	1.	    	Date of Grant:	  	                    , 2006
	2.	    	Number of Shares to Which Option Relates:	  	                                    
	3.	    	Option Price per Share:	  	$                                
	
	EXERCISE INFORMATION
		
	5.	    	If you are not the original Option Holder please provide your relationship to the Option Holder: ________________
			
	6.	    	Date of Exercise of Option:	  	                                    
			
	7.	    	Number of Shares to Which Option is exercised:	  	                                    
			
	8.	    	Exercise Price Paid per Share:	  	$                                 
			
	9.	    	Total Amount Due at Time of Exercise:	  	
			
		    	(Line 7 multiplied by Line 8)	  	$                                 

  

											
	 Dated:
	 	  
	 		 		  	 Signed:
	 	  

  

 7

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