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ALASKA AIR GROUP, INC.
2016 PERFORMANCE INCENTIVE PLAN
(as amended and restated effective March 18, 2021)

1.PURPOSE OF PLAN
The purpose of this Alaska Air Group, Inc. 2016 Performance Incentive Plan (this “Plan”) of Alaska Air Group, Inc., a Delaware corporation (the “Corporation”), is to promote the success of the Corporation by providing an additional means through the grant of awards to attract, motivate, retain and reward selected employees and other eligible persons and to enhance the alignment of the interests of the selected participants with the interests of the Corporation’s stockholders. 
2.ELIGIBILITY
The Administrator (as such term is defined in Section 3.1) may grant awards under this Plan only to those persons that the Administrator determines to be Eligible Persons.  An “Eligible Person” is any person who is either: (a) an officer (whether or not a director) or employee of the Corporation or one of its Subsidiaries; (b) a director of the Corporation or one of its Subsidiaries; or (c) an individual consultant or advisor who renders or has rendered bona fide services (other than services in connection with the offering or sale of securities of the Corporation or one of its Subsidiaries in a capital-raising transaction or as a market maker or promoter of securities of the Corporation or one of its Subsidiaries) to the Corporation or one of its Subsidiaries and who is selected to participate in this Plan by the Administrator; provided, however, that a person who is otherwise an Eligible Person under clause (c) above may participate in this Plan only if such participation would not adversely affect either the Corporation’s eligibility to use Form S-8 to register under the Securities Act of 1933, as amended (the “Securities Act”), the offering and sale of shares issuable under this Plan by the Corporation or the Corporation’s compliance with any other applicable laws.  An Eligible Person who has been granted an award (a “participant”) may, if otherwise eligible, be granted additional awards if the Administrator shall so determine.  As used herein, “Subsidiary” means any corporation or other entity a majority of whose outstanding voting stock or voting power is beneficially owned directly or indirectly by the Corporation; and “Board” means the Board of Directors of the Corporation.
3.PLAN ADMINISTRATION
a.    The Administrator.  This Plan shall be administered by and all awards under this Plan shall be authorized by the Administrator.  The “Administrator” means the Board or one or more committees (or subcommittees, as the case may be) appointed by the Board or another committee (within its delegated authority) to administer all or certain aspects of this Plan.  Any such committee shall be comprised solely of one or more directors or such number of directors as may be required under applicable law.  A committee may delegate some or all of its authority to another committee so constituted.  The Board or a committee comprised solely of directors may also delegate, to the extent permitted by applicable law, to one or more officers of the Corporation, its authority under this Plan.  The Board or another committee (within its delegated authority) may delegate different levels of authority to different committees or persons with administrative and grant authority under this Plan.  Unless otherwise provided in the Bylaws of the Corporation or the applicable charter of any Administrator: (a) a majority of the members of the acting Administrator shall constitute a quorum, and (b) the vote of a majority of the members present assuming the presence of a quorum or the unanimous written consent of the members of the Administrator shall constitute action by the acting Administrator.

b.    Powers of the Administrator.  Subject to the express provisions of this Plan, the Administrator is authorized and empowered to do all things necessary or desirable in connection with the authorization of awards and the administration of this Plan (in the case of a committee or delegation to one or more officers, within any express limits on the authority delegated to that committee or person(s)), including, without limitation, the authority to:
(a)    determine eligibility and, from among those persons determined to be eligible, determine the particular Eligible Persons who will receive an award under this Plan;
(b)    grant awards to Eligible Persons, determine the price (if any) at which securities will be offered or awarded and the number of securities to be offered or awarded to any of such persons (in the case of securities-based awards), determine the other specific terms and conditions of awards consistent with the express limits of this Plan, establish the installment(s) (if any) in which such awards shall become exercisable or shall vest (which may include, without limitation, performance and/or time-based schedules), or determine that no delayed exercisability or vesting is required, establish any applicable performance-based exercisability or vesting requirements, determine the circumstances in which any performance-based goals (or the applicable measure of performance) will be adjusted and the nature and impact of any such adjustment, determine the extent (if any) to which any applicable exercise and vesting requirements have been satisfied, establish the events (if any) on which exercisability or vesting may accelerate (which may include, without limitation, retirement and other specified terminations of employment or services, or other circumstances), and establish the events (if any) of termination, expiration or reversion of such awards;
(c)    approve the forms of any award agreements (which need not be identical either as to type of award or among participants);
(d)    construe and interpret this Plan and any agreements defining the rights and obligations of the Corporation, its Subsidiaries, and participants under this Plan, make any and all determinations under this Plan and any such agreements, further define the terms used in this Plan, and prescribe, amend and rescind rules and regulations relating to the administration of this Plan or the awards granted under this Plan;
(e)    cancel, modify, or waive the Corporation’s rights with respect to, or modify, discontinue, suspend, or terminate any or all outstanding awards, subject to any required consent under Section 8.6.5;
(f)    accelerate, waive or extend the vesting or exercisability, or modify or extend the term of, any or all such outstanding awards (in the case of options or stock appreciation rights, within the maximum term of such awards) in such circumstances as the Administrator may deem appropriate (including, without limitation, in connection with a retirement or other termination of employment or services, or other circumstances) subject to any required consent under Section 8.6.5;
(g)    adjust the number of shares of Common Stock subject to any award, adjust the price of any or all outstanding awards or otherwise waive or change previously imposed terms and conditions, in such circumstances as the Administrator may 
			
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deem appropriate, in each case subject to Sections 4 and 8.6 (and subject to the no repricing provision below);
(h)    determine the date of grant of an award, which may be a designated date after but not before the date of the Administrator’s action to grant the award (unless otherwise designated by the Administrator, the date of grant of an award shall be the date upon which the Administrator took the action granting an award);
(i)    determine whether, and the extent to which, adjustments are required pursuant to Section 7.1 hereof and take any other actions contemplated by Section 7 in connection with the occurrence of an event of the type described in Section 7;
(j)    acquire or settle (subject to Sections 7 and 8.6) rights under awards in cash, stock of equivalent value, or other consideration (subject to the no repricing provision below); and
(k)    determine the fair market value of the Common Stock or awards under this Plan from time to time and/or the manner in which such value will be determined.
c.    Prohibition on Repricing.  Notwithstanding anything to the contrary in Section 3.2 and except for an adjustment pursuant to Section 7.1 or a repricing approved by stockholders, in no case may the Administrator (1) amend an outstanding stock option or SAR to reduce the exercise price or base price of the award, (2) cancel, exchange, or surrender an outstanding stock option or SAR in exchange for cash or other awards for the purpose of repricing the award, or (3) cancel, exchange, or surrender an outstanding stock option or SAR in exchange for an option or SAR with an exercise or base price that is less than the exercise or base price of the original award.
d.    Binding Determinations.  Any determination or other action taken by, or inaction of, the Corporation, any Subsidiary, or the Administrator relating or pursuant to this Plan (or any award made under this Plan) and within its authority hereunder or under applicable law shall be within the absolute discretion of that entity or body and shall be conclusive and binding upon all persons.  Neither the Board nor any other Administrator, nor any member thereof or person acting at the direction thereof, shall be liable for any act, omission, interpretation, construction or determination made in good faith in connection with this Plan (or any award made under this Plan), and all such persons shall be entitled to indemnification and reimbursement by the Corporation in respect of any claim, loss, damage or expense (including, without limitation, attorneys’ fees) arising or resulting therefrom to the fullest extent permitted by law and/or under any directors and officers liability insurance coverage that may be in effect from time to time.  Neither the Board nor any other Administrator, nor any member thereof or person acting at the direction thereof, nor the Corporation or any of its Subsidiaries, shall be liable for any damages of a participant should an option intended as an ISO (as defined below) fail to meet the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to ISOs, should any other award(s) fail to qualify for any intended tax treatment, should any award grant or other action with respect thereto not satisfy Rule 16b-3 promulgated under the Securities Exchange Act of 1934, as amended, or otherwise for any tax or other liability imposed on a participant with respect to an award.
e.    Reliance on Experts.  In making any determination or in taking or not taking any action under this Plan, the Administrator may obtain and may rely upon the advice of experts, including employees and professional advisors to the Corporation.  No director, 
			
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officer or agent of the Corporation or any of its Subsidiaries shall be liable for any such action or determination taken or made or omitted in good faith.
f.    Delegation.  The Administrator may delegate ministerial, non-discretionary functions to individuals who are officers or employees of the Corporation or any of its Subsidiaries or to third parties.
4.SHARES OF COMMON STOCK SUBJECT TO THE PLAN; SHARE LIMITS
a.    Shares Available.  Subject to the provisions of Section 7.1, the capital stock that may be delivered under this Plan shall be shares of the Corporation’s authorized but unissued Common Stock and any shares of its Common Stock held as treasury shares.  For purposes of this Plan, “Common Stock” shall mean the common stock of the Corporation and such other securities or property as may become the subject of awards under this Plan, or may become subject to such awards, pursuant to an adjustment made under Section 7.1.
b.    Share Limits.  Effective as of the date of this amended and restated version of this Plan first set forth above (the “Amendment Effective Date”) and subject to Section 4.3, the maximum number of shares of Common Stock that may be delivered on and after the Amendment Effective Date pursuant to awards (including awards outstanding on the Amendment Effective Date) granted to Eligible Persons under this Plan (the “Share Limit”) is equal to the sum of the following:  
(1)    6,253,381 shares (which represents the sum of 2,700,000 shares, plus the number of shares available for new grants of full-value awards under this Plan on the Amendment Effective Date (giving effect to the fungible-share ratio applicable to such awards in effect immediately prior to the Amendment Effective Date), plus the number of shares subject to outstanding Plan awards on the Amendment Effective Date), plus  
(2)    the number of any shares subject to stock options granted under the Corporation’s 2008 Performance Incentive Plan and outstanding on the Amendment Effective Date, which expire, or for any reason are cancelled or terminated, after the Amendment Effective Date without being exercised.
The following limits also apply with respect to awards granted under this Plan:
(a)    The maximum number of shares of Common Stock that may be delivered pursuant to options qualified as incentive stock options granted under this Plan is 6,000,000 shares. 
(b)    The maximum number of shares of Common Stock subject to those awards that are granted under this Plan during any one calendar year to an individual who, on the grant date of the award, is a non-employee director is the number of shares that produce a grant date fair value for the award that, when combined with the grant date fair value of any other awards granted under this Plan during that same calendar year to that individual in his or her capacity as a non-employee director, is $300,000.  For purposes of this Section 4.2(b), a “non-employee director” is an individual who, on the grant date of the award, is a member of the Board who is not then an officer or employee of the Corporation or one of its Subsidiaries.  For purposes of this Section 4.2(b), “grant date fair value” means the value of the award as of the date of grant of the award and as determined using the equity award valuation principles applied in the Corporation’s financial reporting.  The 
			
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limits of this Section 4.2(b) do not apply to, and shall be determined without taking into account, any award granted to an individual who, on the grant date of the award, is an officer or employee of the Corporation or one of its Subsidiaries.  The limits of this Section 4.2(b) apply on an individual basis and not on an aggregate basis to all non-employee directors as a group.
Each of the foregoing numerical limits is subject to adjustment as contemplated by Section 4.3, Section 7.1, and Section 8.10.
c.    Awards Settled in Cash, Reissue of Awards and Shares.  Except as provided in the next sentence, shares that are subject to or underlie awards granted under this Plan which expire or for any reason are cancelled or terminated, are forfeited, fail to vest, or for any other reason are not paid or delivered under this Plan shall not be counted against the Share Limit and shall be available for subsequent awards under this Plan.  Shares that are exchanged by a participant or withheld by the Corporation as full or partial payment in connection with any award under this Plan, as well as any shares exchanged by a participant or withheld by the Corporation or one of its Subsidiaries to satisfy the tax withholding obligations related to any award, shall be counted against the Share Limit and shall not be available for subsequent awards under this Plan.  To the extent that an award granted under this Plan is settled in cash or a form other than shares of Common Stock, the shares that would have been delivered had there been no such cash or other settlement shall not be counted against the Share Limit and shall be available for subsequent awards under this Plan.  In the event that shares of Common Stock are delivered in respect of a dividend equivalent right granted under this Plan, the number of shares delivered with respect to the award shall be counted against the Share Limit.  (For purposes of clarity, if 1,000 dividend equivalent rights are granted and outstanding when the Corporation pays a dividend, and 50 shares are delivered in payment of those rights with respect to that dividend, 50 shares shall be counted against the Share Limit).  To the extent that shares of Common Stock are delivered pursuant to the exercise of a stock appreciation right or stock option granted under this Plan, the number of underlying shares as to which the exercise related shall be counted against the Share Limit, as opposed to only counting the shares issued.  (For purposes of clarity, if a stock appreciation right relates to 100,000 shares and is exercised at a time when the payment due to the participant is 15,000 shares, 100,000 shares shall be charged against the Share Limit with respect to such exercise.)  Except as otherwise provided by the Administrator, shares delivered in respect of a dividend equivalent right shall not count against any individual award limit under this Plan other than the aggregate Share Limit.  Refer to Section 8.10 for application of the foregoing share limits with respect to assumed awards.   
d.    No Fractional Shares; Minimum Issue.  Unless otherwise expressly provided by the Administrator, no fractional shares shall be delivered under this Plan.  The Administrator may pay cash in lieu of any fractional shares in settlements of awards under this Plan.  The Administrator may from time to time impose a limit (of not greater than 100 shares) on the minimum number of shares that may be purchased or exercised as to awards (or any particular award) granted under this Plan unless (as to any particular award) the total number purchased or exercised is the total number at the time available for purchase or exercise under the award. 
5.AWARDS
a.    Type and Form of Awards.  The Administrator shall determine the type or types of award(s) to be made to each selected Eligible Person.  Awards may be granted singly, in combination or in tandem.  Awards also may be made in combination or in tandem with, in 
			
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replacement of, as alternatives to, or as the payment form for grants or rights under any other employee or compensation plan of the Corporation or one of its Subsidiaries.  The types of awards that may be granted under this Plan are:
i..Stock Options.  A stock option is the grant of a right to purchase a specified number of shares of Common Stock during a specified period as determined by the Administrator.  An option may be intended as an incentive stock option within the meaning of Section 422 of the Code (an “ISO”) or a nonqualified stock option (an option not intended to be an ISO).  The award agreement for an option will indicate if the option is intended as an ISO; otherwise it will be deemed to be a nonqualified stock option.  The maximum term of each option (ISO or nonqualified) shall be ten (10) years.  The per share exercise price for each option shall be not less than 100% of the fair market value of a share of Common Stock on the date of grant of the option.  When an option is exercised, the exercise price for the shares to be purchased shall be paid in full in cash or such other method permitted by the Administrator consistent with Section 5.4. 
ii..Additional Rules Applicable to ISOs.  To the extent that the aggregate fair market value (determined at the time of grant of the applicable option) of stock with respect to which ISOs first become exercisable by a participant in any calendar year exceeds $100,000, taking into account both Common Stock subject to ISOs under this Plan and stock subject to ISOs under all other plans of the Corporation or one of its Subsidiaries (or any parent or predecessor corporation to the extent required by and within the meaning of Section 422 of the Code and the regulations promulgated thereunder), such options shall be treated as nonqualified stock options.  In reducing the number of options treated as ISOs to meet the $100,000 limit, the most recently granted options shall be reduced first.  To the extent a reduction of simultaneously granted options is necessary to meet the $100,000 limit, the Administrator may, in the manner and to the extent permitted by law, designate which shares of Common Stock are to be treated as shares acquired pursuant to the exercise of an ISO.  ISOs may only be granted to employees of the Corporation or one of its subsidiaries (for this purpose, the term “subsidiary” is used as defined in Section 424(f) of the Code, which generally requires an unbroken chain of ownership of at least 50% of the total combined voting power of all classes of stock of each subsidiary in the chain beginning with the Corporation and ending with the subsidiary in question).  No ISO may be granted to any person who, at the time the option is granted, owns (or is deemed to own under Section 424(d) of the Code) shares of outstanding Common Stock possessing more than 10% of the total combined voting power of all classes of stock of the Corporation, unless the exercise price of such option is at least 110% of the fair market value of the stock subject to the option and such option by its terms is not exercisable after the expiration of five years from the date such option is granted.   If an otherwise-intended ISO fails to meet the applicable requirements of Section 422 of the Code, the option shall be a nonqualified stock option.  
iii..Stock Appreciation Rights.  A stock appreciation right or “SAR” is a right to receive a payment, in cash and/or Common Stock, equal to the excess of the fair market value of a specified number of shares of Common Stock on the date the SAR is exercised over the “base price” of the award, which base price shall be set forth in the applicable award agreement and shall be not less than 100% of 
			
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the fair market value of a share of Common Stock on the date of grant of the SAR.  The maximum term of a SAR shall be ten (10) years.
iv..Other Awards; Dividend Equivalent Rights.  The other types of awards that may be granted under this Plan include: (a) stock bonuses, restricted stock, performance stock, stock units, restricted stock units, deferred shares, phantom stock or similar rights to purchase or acquire shares, whether at a fixed or variable price (or no price) or fixed or variable ratio related to the Common Stock, and any of which may (but need not) be fully vested at grant or vest upon the passage of time, the occurrence of one or more events, the satisfaction of performance criteria or other conditions, or any combination thereof; or (b) cash awards.  The types of cash awards that may be granted under this Plan include the opportunity to receive a payment for the achievement of one or more goals established by the Administrator, on such terms as the Administrator may provide, as well as discretionary cash awards.  Dividend equivalent rights may be granted as a separate award or in connection with another award under this Plan; provided, however, that dividend equivalent rights may not be granted as to a stock option or SAR granted under this Plan.  In addition, any dividends and/or dividend equivalents as to the portion of an award that is subject to unsatisfied vesting requirements will be subject to termination and forfeiture to the same extent as the corresponding portion of the award to which they relate in the event the applicable vesting requirements are not satisfied.
b.    Award Agreements.  Each award shall be evidenced by a written or electronic award agreement or notice in a form approved by the Administrator (an “award agreement”), and, in each case and if required by the Administrator, executed or otherwise electronically accepted by the recipient of the award in such form and manner as the Administrator may require.  
c.    Deferrals and Settlements.  Payment of awards may be in the form of cash, Common Stock, other awards or combinations thereof as the Administrator shall determine, and with such restrictions (if any) as it may impose.  The Administrator may also require or permit participants to elect to defer the issuance of shares or the settlement of awards in cash under such rules and procedures as it may establish under this Plan.  The Administrator may also provide that deferred settlements include the payment or crediting of interest or other earnings on the deferral amounts, or the payment or crediting of dividend equivalents where the deferred amounts are denominated in shares.
d.    Consideration for Common Stock or Awards.  The purchase price (if any) for any award granted under this Plan or the Common Stock to be delivered pursuant to an award, as applicable, may be paid by means of any lawful consideration as determined by the Administrator, including, without limitation, one or a combination of the following methods:
◦services rendered by the recipient of such award;
◦cash, check payable to the order of the Corporation, or electronic funds transfer;
◦notice and third party payment in such manner as may be authorized by the Administrator;
◦the delivery of previously owned shares of Common Stock;
			
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◦by a reduction in the number of shares otherwise deliverable pursuant to the award; or
◦subject to such procedures as the Administrator may adopt, pursuant to a “cashless exercise” with a third party who provides financing for the purposes of (or who otherwise facilitates) the purchase or exercise of awards.
In no event shall any shares newly-issued by the Corporation be issued for less than the minimum lawful consideration for such shares or for consideration other than consideration permitted by applicable state law.  The Corporation will not be obligated to deliver any shares unless and until it receives full payment of the exercise or purchase price therefor and any related withholding obligations under Section 8.5 and any other conditions to exercise or purchase have been satisfied.  Unless otherwise expressly provided in the applicable award agreement, the Administrator may at any time eliminate or limit a participant’s ability to pay any purchase or exercise price of any award or shares by any method other than cash payment to the Corporation.
e.    Definition of Fair Market Value.  For purposes of this Plan, “fair market value” shall mean, unless otherwise determined or provided by the Administrator in the circumstances, the closing price (in regular trading) for a share of Common Stock on the New York Stock Exchange (the “Exchange”) for the date in question or, if no sales of Common Stock were reported on the Exchange on that date, the closing price (in regular trading) for a share of Common Stock on the Exchange on the last day preceding the date in question on which sales of Common Stock were reported on the Exchange.  The Administrator may, however, provide with respect to one or more awards that the fair market value shall equal the closing price (in regular trading) for a share of Common Stock on the Exchange on the last trading day preceding the date in question or the average of the high and low trading prices of a share of Common Stock on the Exchange for the date in question or the most recent trading day.  If the Common Stock is no longer listed or is no longer actively traded on the Exchange as of the applicable date, the fair market value of the Common Stock shall be the value as reasonably determined by the Administrator for purposes of the award in the circumstances.  The Administrator also may adopt a different methodology for determining fair market value with respect to one or more awards if a different methodology is necessary or advisable to secure any intended favorable tax, legal or other treatment for the particular award(s) (for example, and without limitation, the Administrator may provide that fair market value for purposes of one or more awards will be based on an average of closing prices (or the average of high and low daily trading prices) for a specified period preceding the relevant date).  
f.    Transfer Restrictions.
i..Limitations on Exercise and Transfer.  Unless otherwise expressly provided in (or pursuant to) this Section 5.6 or required by applicable law: (a) all awards are non-transferable and shall not be subject in any manner to sale, transfer, anticipation, alienation, assignment, pledge, encumbrance or charge; (b) awards shall be exercised only by the participant; and (c) amounts payable or shares issuable pursuant to any award shall be delivered only to (or for the account of) the participant.
ii..Exceptions.  The Administrator may permit awards to be exercised by and paid to, or otherwise transferred to, other persons or entities pursuant to such conditions and procedures, including limitations on subsequent transfers, as the Administrator may, in its sole discretion, establish in writing.  Any permitted transfer shall be subject to compliance with applicable federal and state securities laws and shall not be for value (other than nominal consideration, 
			
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settlement of marital property rights, or for interests in an entity in which more than 50% of the voting interests are held by the Eligible Person or by the Eligible Person’s family members).
iii..Further Exceptions to Limits on Transfer.  The exercise and transfer restrictions in Section 5.6.1 shall not apply to: 
(a)    transfers to the Corporation (for example, in connection with the expiration or termination of the award),
(b)    the designation of a beneficiary to receive benefits in the event of the participant’s death or, if the participant has died, transfers to or exercise by the participant’s beneficiary, or, in the absence of a validly designated beneficiary, transfers by will or the laws of descent and distribution,
(c)    subject to any applicable limitations on ISOs, transfers to a family member (or former family member) pursuant to a domestic relations order if received by the Administrator,
(d)    if the participant has suffered a disability, permitted transfers or exercises on behalf of the participant by his or her legal representative, or
(e)    the authorization by the Administrator of “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 any limitations imposed by the Administrator.
g.    International Awards.  One or more awards may be granted to Eligible Persons who provide services to the Corporation or one of its Subsidiaries outside of the United States.  Any awards granted to such persons may be granted pursuant to the terms and conditions of any applicable sub-plans, if any, appended to this Plan and approved by the Administrator from time to time.  The awards so granted need not comply with other specific terms of this Plan, provided that stockholder approval of any deviation from the specific terms of this Plan is not required by applicable law or any applicable listing agency.
6.EFFECT OF TERMINATION OF EMPLOYMENT OR SERVICE ON AWARDS
a.    General.  The Administrator shall establish the effect (if any) of a termination of employment or service on the rights and benefits under each award under this Plan and in so doing may make distinctions based upon, inter alia, the cause of termination and type of award.  If the participant is not an employee of the Corporation or one of its Subsidiaries, is not a member of the Board, and provides other services to the Corporation or one of its Subsidiaries, the Administrator shall be the sole judge for purposes of this Plan (unless a contract or the award otherwise provides) of whether the participant continues to render services to the Corporation or one of its Subsidiaries and the date, if any, upon which such services shall be deemed to have terminated.
b.    Events Not Deemed Terminations of Service.  Unless the express policy of the Corporation or one of its Subsidiaries, or the Administrator, otherwise provides, or except as otherwise required by applicable law, the employment relationship shall not be considered terminated in the case of (a) sick leave, (b) military leave, or (c) any other leave of absence authorized by the Corporation or one of its Subsidiaries, or the Administrator; provided that, unless reemployment upon the expiration of such leave is 
			
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guaranteed by contract or law or the Administrator otherwise provides, such leave is for a period of not more than three months.  In the case of any employee of the Corporation or one of its Subsidiaries on an approved leave of absence, continued vesting of the award while on leave from the employ of the Corporation or one of its Subsidiaries may be suspended until the employee returns to service, unless the Administrator otherwise provides or applicable law otherwise requires.  In no event shall an award be exercised after the expiration of any applicable maximum term of the award.
c.    Effect of Change of Subsidiary Status.  For purposes of this Plan and any award, if an entity ceases to be a Subsidiary of the Corporation a termination of employment or service shall be deemed to have occurred with respect to each Eligible Person in respect of such Subsidiary who does not continue as an Eligible Person in respect of the Corporation or another Subsidiary that continues as such after giving effect to the transaction or other event giving rise to the change in status unless the Subsidiary that is sold, spun-off or otherwise divested (or its successor or a direct or indirect parent of such Subsidiary or successor) assumes the Eligible Person’s award(s) in connection with such transaction.
7.ADJUSTMENTS; ACCELERATION
a.    Adjustments.  Subject to Section 7.2, upon (or, as may be necessary to effect the adjustment, immediately prior to): any reclassification, recapitalization, stock split (including a stock split in the form of a stock dividend) or reverse stock split; any merger, combination, consolidation, conversion or other reorganization; any spin-off, split-up, or similar extraordinary dividend distribution in respect of the Common Stock; or any exchange of Common Stock or other securities of the Corporation, or any similar, unusual or extraordinary corporate transaction in respect of the Common Stock; then the Administrator shall equitably and proportionately adjust (1) the number and type of shares of Common Stock (or other securities) that thereafter may be made the subject of awards (including the specific share limits, maximums and numbers of shares set forth elsewhere in this Plan), (2) the number, amount and type of shares of Common Stock (or other securities or property) subject to any outstanding awards, (3) the grant, purchase, or exercise price (which term includes the base price of any SAR or similar right) of any outstanding awards, and/or (4) the securities, cash or other property deliverable upon exercise or payment of any outstanding awards, in each case to the extent necessary to preserve (but not increase) the level of incentives intended by this Plan and the then-outstanding awards.
Without limiting the generality of Section 3.4, any good faith determination by the Administrator as to whether an adjustment is required in the circumstances pursuant to this Section 7.1, and the extent and nature of any such adjustment, shall be conclusive and binding on all persons.
b.    Corporate Transactions - Assumption and Termination of Awards.  Upon any event in which the Corporation does not survive, or does not survive as a public company in respect of its Common Stock (including, without limitation, a dissolution, merger, combination, consolidation, conversion, exchange of securities, or other reorganization, or a sale of all or substantially all of the business, stock or assets of the Corporation, in any case, in connection with which the Corporation does not survive or does not survive as a public company in respect of its Common Stock), then the Administrator may make provision for a cash payment in settlement of, or for the termination, assumption, substitution or exchange of any or all outstanding awards or the cash, securities or property deliverable to the holder of any or all outstanding awards, based upon, to the extent relevant under the circumstances, the distribution or consideration payable to 
			
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holders of the Common Stock upon or in respect of such event.  Upon the occurrence of any event described in the preceding sentence, in connection with which the Administrator has made a provision for the award to be terminated (and the Administrator has not made a provision for the substitution, assumption, exchange or other continuation or settlement of the award): (1) unless otherwise provided in the applicable award agreement, each then-outstanding option and SAR shall become fully vested, all shares of restricted stock then outstanding shall fully vest free of restrictions, and each other award granted under this Plan that is then outstanding shall become payable to the holder of such award (with any performance goals applicable to the award in each case being deemed met, unless otherwise provided in the award agreement, at the “target” performance level); and (2) each award (including any award or portion thereof that, by its terms, does not accelerate and vest in the circumstances) shall terminate upon the related event; provided that the holder of an option or SAR shall be given reasonable advance notice of the impending termination and a reasonable opportunity to exercise his or her outstanding vested options and SARs (after giving effect to any accelerated vesting required in the circumstances) in accordance with their terms before the termination of such awards (except that in no case shall more than ten days’ notice of the impending termination be required and any acceleration of vesting and any exercise of any portion of an award that is so accelerated may be made contingent upon the actual occurrence of the event).
Without limiting the preceding paragraph, in connection with any event referred to in the preceding paragraph or any change in control event defined in any applicable award agreement, the Administrator may, in its discretion, provide for the accelerated vesting of any award or awards as and to the extent determined by the Administrator in the circumstances.
For purposes of this Section 7.2, an award shall be deemed to have been “assumed” if (without limiting other circumstances in which an award is assumed) the award continues after an event referred to above in this Section 7.2, and/or is assumed and continued by the surviving entity following such event (including, without limitation, an entity that, as a result of such event, owns the Corporation or all or substantially all of the Corporation’s assets directly or through one or more subsidiaries (a “Parent”)), and confers the right to purchase or receive, as applicable and subject to vesting and the other terms and conditions of the award, for each share of Common Stock subject to the award immediately prior to the event, the consideration (whether cash, shares, or other securities or property) received in the event by the stockholders of the Corporation for each share of Common Stock sold or exchanged in such event (or the consideration received by a majority of the stockholders participating in such event if the stockholders were offered a choice of consideration); provided, however, that if the consideration offered for a share of Common Stock in the event is not solely the ordinary common stock of a successor corporation or a Parent, the Administrator may provide for the consideration to be received upon exercise or payment of the award, for each share subject to the award, to be solely ordinary common stock of the successor corporation or a Parent equal in fair market value to the per share consideration received by the stockholders participating in the event.
The Administrator may adopt such valuation methodologies for outstanding awards as it deems reasonable in the event of a cash or property settlement and, in the case of options, SARs or similar rights, but without limitation on other methodologies, may base such settlement solely upon the excess if any of the per share amount payable upon or in respect of such event over the exercise or base price of the award. In the case of an option, SAR or similar right as to which the per share amount payable upon or in respect of such event is less than or equal to the exercise or base price of the award, the 
			
	11 | Page

Administrator may terminate such award in connection with an event referred to in this Section 7.2 without any payment in respect of such award.
In any of the events referred to in this Section 7.2, the Administrator may take such action contemplated by this Section 7.2 prior to such event (as opposed to on the occurrence of such event) to the extent that the Administrator deems the action necessary to permit the participant to realize the benefits intended to be conveyed with respect to the underlying shares.  Without limiting the generality of the foregoing, the Administrator may deem an acceleration and/or termination to occur immediately prior to the applicable event and, in such circumstances, will reinstate the original terms of the award if an event giving rise to an acceleration and/or termination does not occur. 
Without limiting the generality of Section 3.4, any good faith determination by the Administrator pursuant to its authority under this Section 7.2 shall be conclusive and binding on all persons. 
c.    Other Acceleration Rules.  The Administrator may override the provisions of Section 7.2 by express provision in the award agreement and may accord any Eligible Person a right to refuse any acceleration, whether pursuant to the award agreement or otherwise, in such circumstances as the Administrator may approve.  The portion of any ISO accelerated in connection with an event referred to in Section 7.2 (or such other circumstances as may trigger accelerated vesting of the award) shall remain exercisable as an ISO only to the extent the applicable $100,000 limitation on ISOs is not exceeded.  To the extent exceeded, the accelerated portion of the option shall be exercisable as a nonqualified stock option under the Code.
a.    Definition of Change in Control.  With respect to a particular award granted under this Plan, a “Change in Control” shall be deemed to have occurred as of the first day, after the date of grant of the particular award, that any one or more of the following conditions shall have been satisfied:
(i)    the consummation of: 
(A)    any consolidation or merger of the Corporation in which the Corporation is not the continuing or surviving corporation or pursuant to which shares of common stock of the Corporation would be converted into cash, securities or other property, other than a merger of the Corporation in which the holders of common stock of the Corporation immediately prior to the merger have the same proportionate ownership of common stock of the surviving corporation immediately after the merger; or
(B)    any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, the assets of the Corporation.
(ii)    at any time during a period of twenty-four (24) months, fewer than a majority of the members of the Board are Incumbent Directors.  For these purposes, “Incumbent Directors” means (A) individuals who constitute the Board at the beginning of such period; and (B) individuals who were nominated or elected by all of, or a committee composed entirely of, the individuals described in (A); and (C) individuals who were nominated or elected by individuals described in (B).
(iii)    any Person (meaning any individual, entity or group within the meaning of Section 13(d)(3) or 14(d) of the Exchange Act) shall, as a result of a tender or exchange 
			
	12 | Page

offer, open market purchases, privately-negotiated purchases or otherwise, become the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act), directly or indirectly, of the then-outstanding securities of the Corporation ordinarily (and apart from rights accruing under special circumstances) having the right to vote in the election of members of the Board (“Voting Securities” to be calculated as provided in paragraph (d) of Rule 13d-3 in the case of rights to acquire common stock of the Corporation) representing 20% or more of the combined voting power of the then-outstanding Voting Securities.
(iv)    approval by the stockholders of the Corporation of any plan or proposal for the liquidation or dissolution of the Corporation.
Unless the Board shall determine otherwise, a Change of Control shall not be deemed to have occurred by reason of any corporate reorganization, merger, consolidation, transfer of assets, liquidating distribution or other transaction entered into solely by and between the Corporation and any affiliate thereof, provided such transaction has been approved by at least two-thirds (2/3) of the Incumbent Directors (as defined above) then in office and voting.
8.OTHER PROVISIONS
a.    Compliance with Laws.  This Plan, the granting and vesting of awards under this Plan, the offer, issuance and delivery of shares of Common Stock, and/or the payment of money under this Plan or under awards are subject to compliance with all applicable federal, state, local and foreign laws, rules and regulations (including but not limited to state and federal securities law and federal margin requirements) and to such approvals by any listing, regulatory or governmental authority as may, in the opinion of counsel for the Corporation, be necessary or advisable in connection therewith.  The person acquiring any securities under this Plan will, if requested by the Corporation or one of its Subsidiaries, provide such assurances and representations to the Corporation or one of its Subsidiaries as the Administrator may deem necessary or desirable to assure compliance with all applicable legal and accounting requirements.
b.    No Rights to Award.  No person shall have any claim or rights to be granted an award (or additional awards, as the case may be) under this Plan, subject to any express contractual rights (set forth in a document other than this Plan) to the contrary.
c.    No Employment/Service Contract.  Nothing contained in this Plan (or in any other documents under this Plan or in any award) shall confer upon any Eligible Person or other participant any right to continue in the employ or other service of the Corporation or one of its Subsidiaries, constitute any contract or agreement of employment or other service or affect an employee’s status as an employee at will, nor shall interfere in any way with the right of the Corporation or one of its Subsidiaries to change a person’s compensation or other benefits, or to terminate his or her employment or other service, with or without cause.  Nothing in this Section 8.3, however, is intended to adversely affect any express independent right of such person under a separate employment or service contract other than an award agreement.
d.    Plan Not Funded.  Awards payable under this Plan shall be payable in shares or from the general assets of the Corporation, and no special or separate reserve, fund or deposit shall be made to assure payment of such awards.  No participant, beneficiary or other person shall have any right, title or interest in any fund or in any specific asset (including shares of Common Stock, except as expressly otherwise provided) of the Corporation or one of its Subsidiaries by reason of any award hereunder.  Neither the 
			
	13 | Page

provisions of this Plan (or of any related documents), nor the creation or adoption of this Plan, nor any action taken pursuant to the provisions of this Plan shall create, or be construed to create, a trust of any kind or a fiduciary relationship between the Corporation or one of its Subsidiaries and any participant, beneficiary or other person.  To the extent that a participant, beneficiary or other person acquires a right to receive payment pursuant to any award hereunder, such right shall be no greater than the right of any unsecured general creditor of the Corporation.
e.    Tax Withholding.  Upon any exercise, vesting, or payment of any award, or upon the disposition of shares of Common Stock acquired pursuant to the exercise of an ISO prior to satisfaction of the holding period requirements of Section 422 of the Code, or upon any other tax withholding event with respect to any award, arrangements satisfactory to the Corporation shall be made to provide for any taxes the Corporation or any of its Subsidiaries may be required or permitted to withhold with respect to such award event or payment.  Such arrangements may include (but are not limited to) any one of (or a combination of) the following:
(a)    The Corporation or one of its Subsidiaries shall have the right to require the participant (or the participant’s personal representative or beneficiary, as the case may be) to pay or provide for payment of the amount of any taxes which the Corporation or one of its Subsidiaries may be required or permitted to withhold with respect to such award event or payment.
(b)    The Corporation or one of its Subsidiaries shall have the right to deduct from any amount otherwise payable in cash (whether related to the award or otherwise) to the participant (or the participant’s personal representative or beneficiary, as the case may be) the amount of any taxes which the Corporation or one of its Subsidiaries may be required or permitted to withhold with respect to such award event or payment.
(c)    In any case where a tax is required to be withheld in connection with the delivery of shares of Common Stock under this Plan, the Administrator may in its sole discretion (subject to Section 8.1) require or grant (either at the time of the award or thereafter) to the participant the right to elect, pursuant to such rules and subject to such conditions as the Administrator may establish, that the Corporation reduce the number of shares to be delivered by (or otherwise reacquire) the appropriate number of shares, valued in a consistent manner at their fair market value or at the sales price in accordance with authorized procedures for cashless exercises, necessary to satisfy the applicable withholding obligation on exercise, vesting or payment.  In no event shall the shares withheld exceed the minimum whole number of shares required for tax withholding under applicable law to the extent the Corporation determines that withholding at any greater level would result in an award otherwise classified as an equity award under ASC Topic 718 being classified as a liability award under ASC Topic 718.     
f.    Effective Date, Termination and Suspension, Amendments.
i..Effective Date.  This Plan is effective as of February 10, 2016, the date of its approval by the Board (the “Effective Date”).  This Plan shall be submitted for and subject to stockholder approval no later than twelve months after the Effective Date.  Unless earlier terminated by the Board and subject to any extension that may be approved by stockholders, this Plan shall terminate at the close of business on March 17, 2031.  After the termination of this Plan either upon such stated termination date or its earlier termination by the Board, no additional 
			
	14 | Page

awards may be granted under this Plan, but previously granted awards (and the authority of the Administrator with respect thereto, including the authority to amend such awards) shall remain outstanding in accordance with their applicable terms and conditions and the terms and conditions of this Plan.
ii..Board Authorization.  The Board may, at any time, terminate or, from time to time, amend, modify or suspend this Plan, in whole or in part.  No awards may be granted during any period that the Board suspends this Plan.
iii..Stockholder Approval.  To the extent then required by applicable law, or deemed necessary or advisable by the Board, any amendment to this Plan shall be subject to stockholder approval.
iv..Amendments to Awards.  Without limiting any other express authority of the Administrator under (but subject to) the express limits of this Plan, the Administrator by agreement or resolution may waive conditions of or limitations on awards to participants that the Administrator in the prior exercise of its discretion has imposed, without the consent of a participant, and (subject to the requirements of Sections 3.2 and 8.6.5) may make other changes to the terms and conditions of awards.  Any amendment or other action that would constitute a repricing of an award is subject to the no-repricing provisions of Section 3.3.
v..Limitations on Amendments to Plan and Awards.  No amendment, suspension or termination of this Plan or amendment of any outstanding award agreement shall, without written consent of the participant, affect in any manner materially adverse to the participant any rights or benefits of the participant or obligations of the Corporation under any award granted under this Plan prior to the effective date of such change.  Changes, settlements and other actions contemplated by Section 7 shall not be deemed to constitute changes or amendments for purposes of this Section 8.6.
g.    Privileges of Stock Ownership.  Except as otherwise expressly authorized by the Administrator, a participant shall not be entitled to any privilege of stock ownership as to any shares of Common Stock not actually delivered to and held of record by the participant.  Except as expressly required by Section 7.1 or otherwise expressly provided by the Administrator, no adjustment will be made for dividends or other rights as a stockholder for which a record date is prior to such date of delivery.
h.    Governing Law; Severability.
i..Choice of Law.  This Plan, the awards, all documents evidencing awards and all other related documents shall be governed by, and construed in accordance with the laws of the State of Delaware, notwithstanding any Delaware or other conflict of law provision to the contrary.
ii..Severability.  If a court of competent jurisdiction holds any provision invalid and unenforceable, the remaining provisions of this Plan shall continue in effect.
i.    Captions.  Captions and headings are given to the sections and subsections of this Plan solely as a convenience to facilitate reference.  Such headings shall not be deemed in any way material or relevant to the construction or interpretation of this Plan or any provision thereof.
			
	15 | Page

j.Stock-Based Awards in Substitution for Stock Options or Awards Granted by Other Corporation.  Awards may be granted to Eligible Persons in substitution for or in connection with an assumption of employee stock options, SARs, restricted stock or other stock-based awards granted by other entities to persons who are or who will become Eligible Persons in respect of the Corporation or one of its Subsidiaries, in connection with a distribution, merger or other reorganization by or with the granting entity or an affiliated entity, or the acquisition by the Corporation or one of its Subsidiaries, directly or indirectly, of all or a substantial part of the stock or assets of the employing entity.  The awards so granted need not comply with other specific terms of this Plan, provided the awards reflect adjustments giving effect to the assumption or substitution consistent with any conversion applicable to the common stock (or the securities otherwise subject to the award) in the transaction and any change in the issuer of the security.  Any shares that are delivered and any awards that are granted by, or become obligations of, the Corporation, as a result of the assumption by the Corporation of, or in substitution for, outstanding awards previously granted or assumed by an acquired company (or previously granted or assumed by a predecessor employer (or direct or indirect parent thereof) in the case of persons that become employed by the Corporation or one of its Subsidiaries in connection with a business or asset acquisition or similar transaction) shall not be counted against the Share Limit or other limits on the number of shares available for issuance under this Plan.
k.Non-Exclusivity of Plan.  Nothing in this Plan shall limit or be deemed to limit the authority of the Board or the Administrator to grant awards or authorize any other compensation, with or without reference to the Common Stock, under any other plan or authority.
l.No Corporate Action Restriction.  The existence of this Plan, the award agreements and the awards granted hereunder shall not limit, affect, or restrict in any way the right or power of the Corporation or any Subsidiary (or any of their respective shareholders, boards of directors or committees thereof (or any subcommittees), as the case may be) to make or authorize: (a) any adjustment, recapitalization, reorganization or other change in the capital structure or business of the Corporation or any Subsidiary, (b) any merger, amalgamation, consolidation or change in the ownership of the Corporation or any Subsidiary, (c) any issue of bonds, debentures, capital, preferred or prior preference stock ahead of or affecting the capital stock (or the rights thereof) of the Corporation or any Subsidiary, (d) any dissolution or liquidation of the Corporation or any Subsidiary, (e) any sale or transfer of all or any part of the assets or business of the Corporation or any Subsidiary, (f) any other award, grant, or payment of incentives or other compensation under any other plan or authority (or any other action with respect to any benefit, incentive or compensation), or (g) any other corporate act or proceeding by the Corporation or any Subsidiary.  No participant, beneficiary or any other person shall have any claim under any award or award agreement against any member of the Board or the Administrator, or the Corporation or any employees, officers or agents of the Corporation or any Subsidiary, as a result of any such action.  Awards need not be structured so as to be deductible for tax purposes.
m.Other Company Benefit and Compensation Programs.  Payments and other benefits received by a participant under an award made pursuant to this Plan shall not be deemed a part of a participant’s compensation for purposes of the determination of benefits under any other employee welfare or benefit plans or arrangements, if any, provided by the Corporation or any Subsidiary, except where the Administrator expressly otherwise provides or authorizes in writing.  Awards under this Plan may be made in addition to, in 
			
	16 | Page

combination with, as alternatives to or in payment of grants, awards or commitments under any other plans, arrangements or authority of the Corporation or its Subsidiaries.
n.Clawback Policy.  The awards granted under this Plan are subject to the terms of the Corporation’s recoupment, clawback or similar policy as it may be in effect from time to time, as well as any similar provisions of applicable law, any of which could in certain circumstances require repayment or forfeiture of awards or any shares of Common Stock or other cash or property received with respect to the awards (including any value received from a disposition of the shares acquired upon payment of the awards).
###
			
	17 | PageExhibit 10.1

 

 

 

May 10, 2021

 

Masoud Toloue

 

Re:      Employment Agreement

 

Dear Masoud:

 

Quanterix Corporation (the “Company”) is pleased
to offer you the full-time position of President of Quanterix Corporation and Diagnostics, reporting to me. Your start date will be on
June 9, 2021. We are excited about the prospect of you joining our team.

 

1.            
Base Salary: The Company will pay you a salary at an annual rate of $525,000.00, paid at a bi-weekly rate of $20,192.31,
subject to periodic review and adjustment at the discretion of the Company.

 

2.            
Bonus: You will be eligible to receive an annual performance bonus beginning with the Company’s 2021 performance
year. Your annual bonus target will be up to $525,000.00 (the “Target Bonus”). The actual amount earned will be subject
to the achievement of the metrics and goals established by the Company. The annual bonus will be subject to approval by and adjustment
at the discretion of the Company, and the terms of any applicable bonus plan or award. Your bonus for 2021 will be determined based on
your actual base salary earned during the year.

 

3.            
Benefits: You will be eligible to participate in the employee benefits and insurance programs generally made available to
its full-time employees, including medical insurance, dental insurance, 401K Plan and match, ESPP, Flexible Spending Account, term life
insurance, and short and long term disability insurance. Details of these benefits programs, including mandatory employee contributions,
will be made available to you when you start. You also will be eligible to receive paid vacation time. You will be eligible for up to
20 days of paid vacation per year, which shall accrue on a prorated basis. Other provisions of the Company’s vacation policy are
set forth in the policy itself.

 

4.             Sign-On
Equity Award: You will be eligible to receive a sign-on equity award consisting of 50,703 restricted stock units (RSUs).
Your sign-on equity award will vest over a three-year period, with one-third vesting on the first anniversary of your actual start
date. The remainder will vest ratably on a monthly basis over the next two years. Your award will also be subject to the terms of
our 2017 Employee, Director and Consultant Equity Incentive Plan and the Company’s form of award agreements. 

 

     

     

    

 

Masoud Toloue

Employment Agreement

Page 2 

 

5.            
Long Term Equity Incentive Award: You will also be eligible to receive an annual equity grant as part of the Company’s
next long term equity incentive award cycle, which we expect to commence in the first quarter of 2022. The Company will target a grant
date fair value of the annual equity awards of up to $1,600,000.00. The value of your award will be discretionary and will be subject
to your achievement of the metrics and goals established by the Company. Your equity grant will be subject to valuation methodologies
and other terms and conditions applicable to other similarly situated executives of the Company, and will be subject to Compensation Committee
approval.

 

6.            
Sign-On Cash Payment: As further inducement to joining our Company and in consideration
of amounts forfeited by leaving your present position, you will be eligible to receive a sign-on cash payment in the amount of $100,000.00,
payable as soon as practicable after your actual start date. You will be required to repay 50% of your sign-on cash payment should you
voluntarily terminate your employment with the Company without Good Reason (as defined below) within one year of your start date.

 

7.            
At-Will Employment; Accrued Obligations: Your employment is “at will,” meaning you or the Company may terminate
your employment at any time for any or no reason. In the event of the termination of your employment for any reason, the Company shall
pay you the “Accrued Obligations,” defined as (1) your base salary through the date of termination; (2) an amount equal
to the value of your accrued unused vacation days; (3) the amount of any expenses properly incurred by you on behalf of the Company prior
to any such termination and not yet reimbursed; and (4) to the extent not theretofore paid or provided,
any other amounts or benefits required to be paid or provided or which you have earned under any plan or agreement of or with the Company
through the date of termination.

 

     

     

    

 

Masoud
Toloue

Employment
Agreement

Page 3 

 

8.            
Severance: Without limiting the at-will nature of your employment relationship, if the Company terminates your employment
without Cause, or if you resign for Good Reason, the Company shall provide you with the following
termination benefits (the “Termination Benefits”): 

 

		(a)	Salary Continuation Payments. Continuation of your base salary
for a period of twelve (12) months after the date of termination (the “Severance Period”)
at the salary rate then in effect.

 

		(b)	Target Bonus. An amount equal to your applicable annual target bonus for the year of termination,
paid in one lump sum on the Company’s next regularly-scheduled payroll date following the effective date of the separation agreement
described below.

 

		(c)	Acceleration of Sign-On Equity Award. Notwithstanding anything
to the contrary in the applicable equity plan or the award agreement applicable to your Sign-On Equity Award, any outstanding but unvested
portion of your Sign-On Equity Award that would have vested during the Severance Period had you remained employed during such time shall
accelerate and become fully-vested and exercisable as of the later of (A) the termination date, or (B) the effective date of the separation
agreement described below.

 

		(d)	Health Benefits Continuation. Continuation of group health plan benefits to the extent authorized
by and consistent with 29 U.S.C. § 1161 et seq. (commonly known as “COBRA”), with the cost of the regular premium for
such benefits shared in the same relative proportion by the Company and you as in effect on the date of termination until the earlier
of (i) the end of the Severance Period; or (ii) the date you become eligible for health benefits through another employer or otherwise
become ineligible for COBRA (“Health Benefits Continuation Payments”). Notwithstanding the above, (x) in the event
that the Severance Period extends beyond eighteen (18) months following your date of termination, or (y) if the Company otherwise determines
in its sole discretion that it cannot provide the foregoing Health Benefits Continuation Payments without potentially violating applicable
law (including but not limited to the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education
Reconciliation Act), the Company shall in lieu thereof provide to you a taxable monthly payment in an amount equal to the Company’s
portion of the monthly COBRA premium (as described above) that you would be required to pay to continue your group health coverage in
effect on the date of your termination (which amount shall be based on the premium for the first month of COBRA coverage), which payments
shall be made on the last day of each month regardless of whether COBRA continuation coverage remains available (i.e., in the event that
the Severance Period extends beyond eighteen (18) months following your date of termination) and shall end on the earlier of (1) the end
of the Severance Period, (2) the date you become eligible for health benefits through another employer or otherwise become ineligible
for COBRA; or (3) the last day of the twenty-fourth (24th) calendar month following your termination date.

 

     

     

    

 

Masoud Toloue

Employment Agreement

Page 4

 

If the Company terminates your employment without
Cause, or if you resign for Good Reason, and the effective date of such termination occurs within the 90 day period immediately
preceding or the twelve (12) month period immediately following a Change-in-Control (such period the “Change-in-Control
Period” and such termination a “Change-in-Control Termination”), then in addition to the Termination
Benefits set forth immediately above:

 

Equity Acceleration. Notwithstanding anything
to the contrary in any applicable equity plan or award agreement, all of your outstanding but unvested equity awards shall accelerate
and become fully-vested and exercisable as of the later of (A) the termination date, or (B) the effective date of the separation agreement
described below, or (C) as of the Change-in-Control.

 

Notwithstanding anything to the contrary in this Agreement,
you shall not be entitled to any Termination Benefits unless (a) within 60 days of your date of termination, you first (i) enter into,
do not revoke, and comply with the terms of a separation agreement in a form acceptable to the Company, which shall include a general
release in favor of the Company and related persons and entities, and other provisions regarding non-competition, confidentiality, cooperation,
non-disparagement and the like as may be included in the Company’s then current form of separation agreement (the “Release”);
(ii) resign from any and all positions, including, without implication of limitation, as a director, trustee, and officer, that you then
hold with the Company and any affiliate of the Company; and (iii) return all Company property and comply with any instructions related
to deleting and purging duplicates of such Company property, and (b) you comply with the terms of your Non-Competition, Non-Solicitation,
Confidentiality and Assignment Agreement or any other similar agreements with the Company. The Salary Continuation Payments shall commence
within 60 days after the date of termination and shall be made on the Company’s regular payroll dates; provided, however, that if
the 60-day period begins in one calendar year and ends in a second calendar year, the Salary Continuation Payments shall begin to be paid
in the second calendar year. In the event you miss a regular payroll period between the date of termination and the first Salary Continuation
Payment, the first Salary Continuation Payment shall include a “catch up” payment.

 

For purposes of this Section:

 

“Cause” means
the occurrence of any of the following (and, if applicable, that the Company has complied with the Cause Process (hereinafter
defined) following the occurrence of a circumstance subject to the Cause Process): (i) theft, fraud, embezzlement, misappropriation
of assets or property of the Company, or material violation of your Non-Competition, Non-Solicitation, Confidentiality and
Assignment Agreement; (ii) dishonesty, gross negligence, misconduct, neglect of duties, or breach of fiduciary duty to the Company;
(iii) violation of federal or state securities laws; (iv) breach of an employment, consulting or other agreement with the Company;
(v) the conviction of a felony, or any crime involving moral turpitude, including a plea of guilty or nolo contendere; or
(vi) continued, willful and deliberate non-performance by you of your duties hereunder (other than by reason of your physical or
mental illness, incapacity or disability).

 

     

     

    

 

Masoud Toloue

Employment Agreement

Page 5

 

“Cause Process” means that (1) the
Company has reasonably determined in good faith that a “Cause” condition has occurred; (2) the Company has notified you in
writing of the first occurrence of the Cause condition within 60 days of the first occurrence of such condition; (3) you are provided
a period of 30 days following such notice (the “Cause Cure Period”) to remedy the condition; (4) notwithstanding such
efforts, the Company reasonably and in good faith determines at the end of the Cause Cure Period that the Cause condition continues to
exist; and (5) the Company terminates your employment within 30 days after the end of the Cause Cure Period. If you cure the Cause condition
during the Cause Cure Period, Cause shall be deemed not to have occurred. The Company shall not be required to follow the Cause Process
as to those conditions which it reasonably determines in good faith cannot be cured within the Cause Cure Period. For the avoidance of
doubt, you and the Company acknowledge and agree that clauses (i), (iii) and (v) cannot be cured, and shall not be subject to the requirements
of the Cause Process.

 

“Change-in-Control” means the occurrence
of any of the following events: (i) any “Person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, as amended) becomes the “Beneficial Owner” (as defined in Rule 13d-3 under said Act), directly or indirectly,
of securities of the Company representing fifty percent (50%) or more of the total voting power represented by the Company’s then
outstanding voting securities; (ii) a change in the composition of the Company’s Board of Directors occurring within a two-year
period, as a result of which fewer than a majority of the directors are Incumbent Directors. “Incumbent Directors” will mean
directors who either (A) are directors of the Company as of the date hereof, or (B) are elected, or nominated for election,
to the Board with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election or nomination (but
will not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the
election of directors to the Company); (iii) the consummation of a merger or consolidation of the Company, other than a merger or consolidation
which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity or the parent of such corporation) at least fifty percent
(50%) of the total voting power represented by the voting securities of the Company or such surviving entity or parent of such corporation,
as the case may be, outstanding immediately after such merger or consolidation; or (iv) the consummation of the sale or disposition by
the Company of all or substantially all of the Company’s assets.

 

     

     

    

 

Masoud Toloue

Employment Agreement

Page 6

 

“Good Reason” means that you have
complied with the Good Reason Process following the occurrence of any of the following actions undertaken by the Company without your
express prior written consent: (i) the material diminution in your authority, duties and responsibilities; (ii) a material reduction in
your base salary, provided, however, that Good Reason shall not be deemed to have occurred in the event of a reduction in your base salary
that is pursuant to a salary reduction program affecting or a material portion of the similarly situated senior level employees of the
Company and that does not adversely affect you to a greater extent than such similarly situated employees; and (iii) a change in the geographic
location at which you must regularly report to work and perform services of more than thirty (30) miles, except for required travel on
the Company’s business; or (v) a material breach by the Company of any of its obligations to you under its employment agreements
with you.

 

“Good Reason Process” means that
(1) you have reasonably determined in good faith that a “Good Reason” condition has occurred; (2) you have notified the Company
in writing of the first occurrence of the Good Reason condition within 30 days of the first occurrence of such condition; (3) the Company
is provided with a period of 30 days following such notice (the “Cure Period”) to remedy the condition; (4) notwithstanding
such efforts, you reasonably and in good faith determine at the end of the Cure Period that the Good Reason condition continues to exist;
and (5) you terminate your employment within 30 days after the end of the Cure Period. If the Company cures the Good Reason condition
during the Cure Period, Good Reason shall be deemed not to have occurred.

 

9.            
Section 280G:

 

		(a)	If any payment or benefit you would receive under this Agreement, when combined with any other payment or
benefit you receive pursuant to a Change-in-Control (for purposes of this Section, a “Payment”) would constitute a
“parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”)
and, but for this sentence, be subject to the excise tax imposed by Code Section 4999 (the “Excise Tax”), then such
Payment shall be either: (i) the full amount of such Payment; or (ii) such lesser amount (a “Reduced Payment”) as would
result in no portion of the Payment being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable
federal, state and local employment taxes, income taxes and the Excise Tax, results in your receipt, on an after-tax basis, of the greater
amount of the Payment notwithstanding that all or some portion of the Payment may be subject to the Excise Tax.

 

		(b) 	With respect to Section 10(a), if there is more than one method of reducing the Reduced Payment amount that
would result in no portion of the Payment being subject to the Excise Tax, then the Payment shall be reduced or eliminated in the following
order: (i) cash payments; (ii) taxable benefits; (iii) nontaxable benefits; and (iv) accelerated vesting of equity awards
in a manner that maximizes the amount to be received by you.

 

     

     

    

 

Masoud Toloue

Employment Agreement

Page 7

 

		(c)	The determination of whether Section 10(a)(i) or (ii) applies, and the calculation of the amount of the Reduced
Payment if applicable, shall be performed by a nationally recognized certified public accounting firm as may be designated by the Company
(the “Accounting Firm”). The Accounting Firm shall provide detailed supporting calculations to both the Company and
you within fifteen (15) business days of the receipt of notice from you that there has been a Payment, or such earlier time as is requested
by the Company, in a form that can be relied upon for tax filing purposes. All fees and expenses of the Accounting Firm shall be borne
solely by the Company.

 

		(d)	You may receive a Payment that is, in the aggregate, either more or less than the amount described in Section
10(a)(i) or (ii) (as applicable, an “Overpayment” or “Underpayment”). If it is finally determined
by a court of competent jurisdiction pursuant to a final non-appealable judgment, or the Internal Revenue Service, or by the Accounting
Firm upon request by either the Company or you, that an Overpayment or Underpayment has been made, then: (i) in the event of an Overpayment,
you shall promptly repay the Overpayment to the Company, together with interest on the Overpayment at the applicable federal rate from
the date of your receipt of such Overpayment until the date of such repayment; and (ii) in the event of an Underpayment, the Company shall
promptly pay an amount equal to the Underpayment to you, together with interest on such amount at the applicable federal rate from the
date such amount would have been paid to you had the provisions of Section 10(a)(ii) not been applied until the date of payment.

 

10.           Section
409A: Anything in this Agreement to the contrary notwithstanding, if at the time of your separation from service within the
meaning of Section 409A of the Code, the Company determines that you are a “specified employee” within the meaning
of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that you become entitled to under this Agreement
on account of your separation from service would be considered deferred compensation subject to the 20 percent additional tax
imposed pursuant to Section 409A(a) of the Code, such payment shall not be payable and such benefit shall not be provided until
the date that is the earlier of (A) six months and one day after your separation from service, or (B) your death. If any
such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering
amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance
of the installments shall be payable in accordance with their original schedule. All in-kind benefits provided and expenses eligible
for reimbursement under this Agreement shall be provided by the Company or incurred by you during the time periods set forth in this
Agreement. All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid
after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits
provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses
eligible for reimbursement in any other taxable year. Such right to reimbursement or in-kind benefits is not subject to liquidation
or exchange for another benefit. To the extent that any payment or benefit described in this Agreement constitutes
“non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or
benefit is payable upon your termination of employment, then such payments or benefits shall be payable only upon your
“separation from service.” The Company and you intend that this Agreement will be administered in accordance with
Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of
the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code. It is
intended that each installment of the severance payments and benefits provided under this Agreement shall be treated as a separate
“payment” for purposes of Section 409A. Neither the Company nor you shall have the right to accelerate or defer the
delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A. The Company makes
no representation or warranty and shall have no liability to you or any other person if any provisions of this Agreement are
determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the
conditions of, such Section.

 

     

     

    

 

Masoud Toloue

Employment Agreement

Page 8

 

11.          
No Guarantee of Tax Consequences: The Company makes no guarantee of any tax consequences
with respect to any payment hereunder, including, without limitation, under Section 409A of the Code.

 

12.         
No Mitigation: In no event, except as set forth expressly in this or another agreement
signed by you, shall you be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to
you under any of the provisions of this Agreement and, subject to the aforesaid exception, such amounts shall not be reduced whether or
not you obtain other employment.

 

13.         
Return of Company Property: Upon termination of employment for any reason, you shall promptly
return to the Company any keys, credit cards, passes, confidential documents or material, computer equipment, or other property belonging
to the Company, and you shall also return all writings, files, records, correspondence, notebooks, notes and other documents and things
(including any copies thereof) containing confidential information or relating to the business or proposed business of the Company or
its affiliated entities or containing any trade secrets relating to the Company or its affiliated entities. For purposes of the preceding
sentence, the term “trade secrets” shall have the meaning ascribed to it under the Uniform Trade Secrets Act. You agree to
represent in writing to the Company upon termination of employment that you have complied with the foregoing provisions of this Section.

 

14.          Assistance
with Claims: You agree that, consistent with your business and personal affairs, during and after your employment by the
Company, you will assist the Company and its affiliated entities in the defense of any claims, or potential claims that may be made
or are threatened to be made against any of them in any action, suit or proceeding, whether civil, criminal, administrative
or investigative (a “Proceeding”), and will assist the Company and its affiliated entities in the prosecution of
any claims that may be made by the Company or its affiliated entities in any Proceeding, to the extent that such claims may relate
to your employment or the period of your employment by the Company. The Company agrees to reimburse you for your reasonable
out-of-pocket expenses associated with such assistance, including travel expenses. Any amounts to be paid to you pursuant to this
Section 15 shall be paid by the Company within no later than thirty (30) days of the date on which you provide
documentation to the Company that such expenses were incurred.

 

     

     

    

 

Masoud
Toloue

Employment Agreement

Page 9

 

15.          
Representation Regarding Other Obligations: This offer is conditioned on your representation that you are not subject
to any confidentiality, non-competition agreement or any other similar type of restriction that may affect your ability to devote full
time and attention to your work at the Company. If you have entered into any agreement that may restrict your activities on behalf of
the Company, please provide me with a copy of the agreement as soon as possible.

 

16.         
Restrictive Covenants: You will be required to sign the Company’s standard “Employee Non-Competition,
Non-Solicitation, Confidentiality and Assignment Agreement” as a condition of your employment. A copy of that Agreement is enclosed.
If the Company elects to enforce a non-competition provision for which post-employment payments are required
under applicable law (“Non-Competition Payment”), the Company may apply the amount of any Non-Competition Payment to
the Termination Benefits.

 

17.         
Other Terms: Your employment with the Company shall be on an at-will basis. In other words, you or the Company may
terminate employment for any reason and at any time, with or without notice. In addition, as with all employees, our offer to you is contingent
on your submission of satisfactory proof of your identity and your legal authorization to work in the United States.

 

We are excited about the opportunity to work with you at Quanterix.
If you have any questions about this information, please do not hesitate to call. Otherwise, please confirm your acceptance of this offer
of employment by signing below and returning a copy to me no later than May 6, 2021.

 

We are confident that with your background and skills, you
will have an immediate positive impact on our organization.

 

[Signature Page Follows]

 

     

     

    

 

Masoud Toloue

Employment Agreement

Page 10

 

	Sincerely,	 
	 	 
	/s/ Kevin Hrusovsky	 
	Kevin Hrusovsky	 
	CEO and Executive Chairman	 
	 	 
	AGREED TO AND ACCEPTED	 
	 	 
	/s/ Masoud Toloue	 
	Masoud Toloue

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