Document:

Employment Agreement, dated as of September 26, 2007

 Exhibit 10.25 
 September 26, 2007 
 Mr. Michael D. Schoeb 
 3333 N. 6th
Street 
 Wausau, WI 54403 
 Dear Mike, 
 I am pleased to extend to you an offer of employment as President and Chief Operating Officer of Alliance Laundry Systems LLC (together with its affiliates “Alliance
Laundry Systems” or the “Company”). This letter outlines the basic provisions and conditions of your employment offer as well as standard stipulations that apply to all Company employees. This offer also includes the supplemental
items outlined in the attached Alliance Laundry: Management Employment Term Sheet. 
 The summary of this offer is as follows: 
  

	 	•	 	 Your employment with Alliance Laundry Systems will begin as soon as possible on a mutually agreed upon date. 

  

	 	•	 	 Should you accept our offer, your starting salary will be $27,562.50 per month, which is equivalent to $330,750 per year. 

  

	 	•	 	 You are eligible for relocation assistance as outlined in the enclosed Relocation Policy. It is an expectation of the Company that you will market your residence in
Wisconsin as soon as possible, so that your relocation is completed no later than March 1, 2008. Should the “cost basis” for your home be more than the actual selling price, the Company will reimburse you for up to one-hundred
thousand dollars ($100,000) of said difference, which will be “grossed-up” to help offset the tax impact of such proceeds. The “cost basis” is defined as your original actual purchase price plus appreciating enhancements –
not including routine maintenance and upkeep. In consideration of receiving these relocation benefits, you are required to sign the enclosed Relocation Expense Agreement. 

	 	•	 	 You will be eligible for four (4) weeks of vacation. For 2007 you will earn prorated vacation. You will also be entitled to paid holidays according to the
Company holiday policy. 

  

	 	•	 	 You will also be eligible for the other Company benefit programs as outlined in the enclosed benefit summary. This benefit package includes health and dental
insurance coverage available on your first day of employment. 

  

	 	•	 	 This offer is contingent on you providing proof of your ability to work in the United States under the provisions of the Immigration & Reform Control act
and your successful passing of Alliance Laundry Systems’ pre-employment screening process. This process includes, but is not limited to, a criminal background check, employment/education verification, reference checks and a company-sponsored
drug screen at a facility selected by the Company. 

  

	 	•	 	 It is a condition of employment that you agree that all inventions, patents, and information obtained or created regarding the design, manufacture, use, purchase or
sale of Company products are and shall be solely owned by Alliance Laundry Systems. Likewise, as a further condition of your employment, you agree that any and all confidential or proprietary information of Alliance Laundry Systems shall not be
disclosed by you to any third party unless you obtain prior specific written authorization to do so by an officer of Alliance Laundry Systems. 

  

	 	•	 	 It is also a condition of employment that you read and become familiar with the enclosed Alliance Laundry Systems’ Code of Business Conduct and Ethics and
acknowledge by signing the acknowledgement form and returning it to Human Resources upon employment. 

 It is our expectation that you will
invest a minimum of three-hundred thousand dollars ($300,000) in an equity purchase. 
 As part of our Company Policy, I am required to notify you that
employees are employed at the will of the Company and are subject to termination at any time, for any reason, with or without cause or notice. At the same time, such employees may terminate their employment at any time for any reason. 
 We would like your decision on this offer by the close of business on Thursday, October 4, 2007. In order to verify that you have accepted our offer of employment,
please sign the bottom of this letter and return one copy to our Director of Human Resources in the enclosed envelope. You will also find a second copy of this letter to retain for your records. As we discussed, specific provisions of the offer are
contingent upon the ALH Holdings Inc. Board of Directors formally enacting the necessary corporate actions that are within its purview. 
  

 Page 2 of 3 

 Mike, we look forward to you joining Alliance Laundry Systems and becoming a valued member of our team. If you have any
questions regarding the benefit programs or any of the points discussed above, please give me a call at 920-748-1730. 
  

	
	Sincerely,
	
	 /s/ Thomas F. L’Esperance

	Thomas F. L’Esperance
	CEO and President
	Alliance Laundry Systems LLC

 Offer Accepted: 
  

					
	 /s/ Michael D. Schoeb
	 		 	9/27/2007
	Signature	 		 	Date

  

					
	Enclosures (5)	 	–	 	Alliance Laundry: Management Employment Term Sheet
		 		 	Salaried Benefit Summary
		 		 	What to bring on your first day
		 		 	Code of Business Conduct and Ethics
		 		 	Relocation Policy

  

 Page 3 of 3 

 September 25, 2007 
 Company Private 
 Alliance Laundry: Management Employment Term Sheet 

Michael D. Schoeb 
 This
term sheet summarizes certain principal terms with respect to the employment of Mike Schoeb (“Executive”) by Alliance Laundry Systems (the “Company”). This term sheet is an expression of intention only. No legally binding
obligations on any parties will be created until the Company has completed its customary background checks and until appropriate documents in final form are executed regarding the subject matter of this term sheet and containing all other essential
terms of an agreed upon transaction. 
  

			
	Position:	  	President and Chief Operating Officer of the Company, reporting to the Chief Executive Officer. Position will require Executive to relocate to a place near Ripon, Wisconsin.
		
	Duration:	  	3-year initial term, plus successive one-year renewal terms unless written notice by either party is given at least 90 days prior to the then current termination date.
		
	Base Salary:	  	$330,750 per year, or such higher rate as may be determined from time to time. We expect that the Company will pay compensation that is competitive with standards within the Company’s
industry.
		
	Annual Bonus:	  	 Annual performance bonus plan established by the Compensation Committee and/or Board of Directors. Executive’s target bonus opportunity as a
percentage of his salary will be 50% of your base salary.
 Your participation in the Company’s Annual Metric Bonus Program will begin in 2008 (payable
in early 2009). This program is based on Company EBITDA performance against Board of Director approved targets. Inclusion in the Company’s Annual Metric Bonus Program is subject to the annual approval of the Compensation Committee of the Board
of Directors.

		
	Stock Option Grant:	  	 Executive will be granted stock options to acquire 1.25% of the Company’s shares.
  
 60% of the options will be service options that vest in five equal annual installments on the
anniversaries of the grant date.
  
 40% of the options will be performance options that
vest upon the achievement of the following objectives: (Performance targets to be established by the Compensation Committee, CEO and the Executive).

			
	Equity Purchase:	  	Executive will be provided the opportunity to purchase shares of common stock, with the expectation being that he will invest a minimum of $300,000.
		
	Benefits, etc:	  	Executive will be eligible to participate in employee benefit programs in which senior executives of the Company are generally eligible. Executive shall be entitled to 4 weeks vacation per year.
The Company will reimburse Executive for all reasonable business expenses.
		
	Relocation Expenses:	  	The position requires relocation to a place near Ripon, Wisconsin. Reasonable costs of relocation will be reimbursed by the Company. Should Executive voluntarily resign or be terminated for
Cause within 18 months of signing an employment agreement, Executive will be required to repay the Company for his relocation costs.
		
	Change in Control:	  	 Upon a change in control:
  
 •     Service options vest and are cashed out.
  
 •     Performance options that
are vested prior to or upon the CIC are cashed out, and unvested performance options are canceled.
  
 •     Cash settlement right is subject to the Comp Committee’s determination that the
successor should assume the options or provide substitute awards that are substantially equivalent or better.
  
 •     Acceleration and cash out of options are subject to 280G cut-back (if necessary, Company will
use reasonable efforts to obtain shareholder approval to avoid cut-back).

		
	Termination for Cause:	  	 Upon a termination for Cause (as defined in the Company’s stock incentive plan; see Annex A):
  
 •     Executive will receive
base salary through his date of termination.
  
 •     All options, whether or not vested, will be canceled.

  

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	Termination without Cause:	  	 Upon a termination without Cause:
  
 •     Executive will receive base salary through his date of termination.
  
 •     Executive will receive
one year of base salary paid according the Company’s normal payroll practices.
  
 •     Executive will receive a pro rata portion of the bonus he would have otherwise earned, paid
on the normal payment date for annual bonuses.
  
 •     Executive will be eligible to continue to participate at the Company’s expense in employee benefits plans for the following year.
  
 •     Unvested options will be
canceled; vested options may be exercised within 60 days of termination.
  
 All severance
payments and benefits are contingent upon Executive’s execution of a general release and continued compliance with confidentiality, non-compete and non-solicitation provisions.

		
	Voluntary resignation:	  	 Upon a termination by Executive’s voluntary resignation:
  
 •     Executive will receive
base salary through his date of termination.
  
 •     Unvested options will be canceled; vested options may be exercised within 60 days of termination.

		
	Termination Because of Death or Disability:	  	 Upon a termination because of Executive’s death or Disability (as defined in the Company’s stock incentive plan; see Annex A):

  
 •     Executive
will receive base salary through his date of termination.
  
 •     Unvested options will be canceled; vested options may be exercised within one year of the date of termination.

		
	Repurchase of Shares Upon Termination of Employment	  	Upon a termination of Executive’s employment for any reason prior to an IPO, the Company has the right to repurchase Executive’s shares (including any shares acquired by
exercise of options). The repurchase price depends on the circumstances of termination:
				
	 	  	 Termination Event
	 	 	  	 Repurchase Price

		  	 •     By the Company w/o Cause
  
 •     By the Company for Cause

  
 •     Death or
Disability
  
 •     Approved resignation
  
 •     Unapproved resignation
  
	 		  	 Fair Market Value (FMV)
  
 Lesser of FMV and Executive’s cost
  
 FMV
  
 FMV
  
 Lesser of FMV and Executive’s cost

		  	The fair market value of shares of common stock is determined by the Board.
		
	Confidential Information:	  	No disclosure of confidential matters during or after term. Executive shall disclose to the Company and the Company will own all right, title and interest in, all intellectual
property.

  

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	 Non-Competition and
 Non-Solicitation:
	  	During employment term and the one-year period following any termination of employment, Executive shall not directly or indirectly compete with the Company’s business, have any financial
interests in suppliers or services purchased by the Company, or solicit any suppliers, customers or other business relations of the Company, or any employees of the Company; except the Executive may be passive owner of not more than 2% of any
publicly traded stock.
		
	Restrictions on Shares:	  	 Shares, including shares acquired on the exercise of options, will be subject to terms of a management subscription agreement and the stockholders
agreement. As is generally applicable to management shares, prior to an IPO shares cannot be transferred except:
  
 •     For approved estate planning purposes.
  
 •     Pursuant to tag-along
and drag-along rights.
  
 •     For the payment of the exercise price of options.
  
 •     With the consent of the Board.

		
	Governing Law; Arbitration:	  	Agreement governed by laws of Wisconsin. Any controversy or claim will be settled by arbitration in Chicago, Illinois, according to the rules of the AAA, except that Executive’s breach
of provisions relating to confidential information, non-solicitation and non-compete may be enforced by specific performance in any court of competent jurisdiction.

  

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 Annex A 
 “Cause” means (i) the commission of a felony or the commission of any act or omission involving moral turpitude, dishonesty, disloyalty or fraud, (ii) conduct tending to bring the Company or any of its affiliates into
public disgrace or disrepute, (iii) gross negligence or willful misconduct with respect to the Company or any of its affiliates, (iv) failure to accept and cooperate with actions and initiatives assigned to the Executive by the Board of
Directors of the Company, the Chief Executive Officer, or the Executive’s direct supervisor, or (v) the Executive or any member of the Executive’s family shall engage in any Restricted Activity with any customer, supplier or other
person having a business relation with the Company, without the prior written approval of the Board of Directors of the Company. 
 “Disability”
means a physical or mental impairment that renders an Executive unable to perform the essential functions of the Executive’s position even with reasonable accommodation (that does not impose an undue hardship on the Company), and which has
lasted at least sixty (60) consecutive days. A physician selected by the Company or its insurers, and consented to by the Participant or the Executive’s personal representative shall make the determination of the existence of a Disability.
Consent by the Participant or the Executive personal representative shall not be unreasonably withheld. 
  

 5Amended and Restated ALH Holding Inc. Stock Incentive Plan

 Exhibit 10.26 
 Amended and Restated ALH Holding Inc. 
 Stock
Incentive Plan1 
 SECTION 1. 
 PURPOSE 
 The purpose of this Plan (as such term and any other capitalized terms used herein without definition are defined in Section 2) is to foster and
promote the long-term financial success of the Company and the Subsidiaries and materially increase stockholder value by (a) motivating superior performance by means of service- and performance-related incentives,
(b) encouraging and providing for the acquisition of an ownership interest in the Company by Employees and (c) enabling the Company and the Subsidiaries to attract and retain the services of an outstanding management team
upon whose judgment, interest and special effort the successful conduct of its and their operations is largely dependent. 
 SECTION 2.

 DEFINITIONS 
 Whenever used
herein, the following terms shall have the respective meanings set forth below: 
 Act: the Securities Act of 1933, as amended.

 Adjustment Event: shall mean (i) any stock dividend, stock split or share combination affecting the Common Stock,
(ii) any recapitalization, reorganization or exchange of shares affecting the Common Stock, or (iii) any other similar event affecting the Common Stock. 
 Board: the Board of Directors of the Company. 
 Cause: shall mean (i) the commission of a felony or the commission of any act or omission involving moral turpitude, dishonesty, disloyalty or fraud, (ii) conduct tending to bring the Company or any
of its affiliates into public disgrace or disrepute, (iii) gross negligence or willful misconduct with respect to the Company or any 
  

	 1
	 The Plan was adopted on January 27, 2005. It was amended and restated on January 31, 2008. 

 
of its affiliates, (iv) failure to accept and cooperate with actions and initiatives assigned to the Participant by the Board of Directors of the
Company, the Chief Executive Officer, or the Participant’s direct supervisor, or (v) the Participant or any member of the Participant’s family shall engage in any Restricted Activity with any customer, supplier or other person having
a business relation with the Company, without the prior written approval of the Board of Directors of the Company. 
 CEO: the Chief
Executive Officer of the Company or, if such position is not then occupied, the Committee. 
 Change in Control: a transaction which,
when aggregated with all prior transactions occurring after the Effective Date, 
 (i) involves the sale, exchange, transfer or other
disposition by OTPP to one or more persons or entities that are not, immediately prior to such sale, affiliates of the Company or OTPP, of more than 50% of the Common Stock of the Company beneficially owned by OTPP as of the Effective Date, together
with all purchases or other acquisitions by OTPP of the Common Stock occurring after Effective Date; or 
 (ii) involves the sale, exchange,
transfer or other disposition of more than 50% of all of the assets of the Company and the Subsidiaries, taken as a whole, to one or more persons or entities that are not, immediately prior to such sale, transfer or other disposition, affiliates of
the Company or OTPP. 
 For purposes of this definition, a Public Offering shall not be a Change in Control; provided that, any Common Stock sold, exchanged,
transferred or otherwise disposed of by OTPP in a Public Offering shall be counted for purposes of determining whether a Change in Control shall have occurred in connection with any other sale, exchange, transfer or other disposition of the Common
Stock by OTPP. 
 Change in Control Price: the price per share of Common Stock paid in conjunction with any transaction resulting in a
Change in Control (as determined in good faith by the Committee if any part of the offered price is payable other than in cash). 
 Code: the Internal Revenue Code of 1986, as amended. 
 Committee: the Compensation Committee of the Board or, if
there shall not be any committee then serving, the Board. 
 Common Stock: the Common Stock of the Company, par value $.01 per share.

 Company: ALH Holding Inc., a Delaware corporation, and any successor thereto. 
  

 2 

 Disability: shall mean a physical or mental impairment that renders a Participant unable to
perform the essential functions of the Participant’s position even with reasonable accommodation (that does not impose an undue hardship on the Company), and which has lasted at least sixty (60) consecutive days. A physician selected by
the Company or its insurers, and consented to by the Participant or the Participant’s personal representative shall make the determination of the existence of a Disability. Consent by the Participant or the Participant personal representative
shall not be unreasonably withheld. 
 Effective Date: the “Closing Date” as defined in the Unit Purchase Agreement dated as
of December 7, 2004, by and among Alliance Laundry Holdings LLC, its Securityholders and the Company. 
 Employee: any officer or
other key employee of the Company or any Subsidiary. 
 Fair Market Value: if no Public Offering has occurred, the fair market value
of a share of Common Stock as determined in accordance with the Stockholders Agreement. Following a Public Offering, the Fair Market Value, on any date of determination, shall mean the average of the closing sales prices for a share of Common Stock
as reported on a national exchange for each of the ten business days preceding the date of determination or the average of the last transaction prices for a share of Common Stock as reported on a nationally recognized system of price quotation for
each of the ten business days preceding the date of determination. In the event that there are no Common Stock transactions reported on such exchange or system on such date, Fair Market Value shall mean the closing price on the immediately preceding
date on which Common Stock transactions were so reported. 
 Marketable Securities: any securities that are (i) of a class
listed on a national exchange or on NASDAQ, (ii) freely tradable on such national exchange or on NASDAQ, or not freely tradable but for which registration rights are currently available, and (iii) not subject to any
contractual restriction on transfer. 
 Option: the right to purchase Common Stock pursuant to the terms of the Plan at a stated price
for a specified period of time. For purposes of the Plan, an Option may be either (i) an “Incentive Stock Option” within the meaning of section 422 of the Code (an “Incentive Stock Option”) or
(ii) an Option which is not an Incentive Stock Option (a “Non-Qualified Stock Option”). 
 OTPP:
Ontario Teachers’ Pension Plan Board, an entity without share capital organized under the laws of Ontario, Canada. 
  

 3 

 Participant: any Employee designated by the Committee to receive an award of Options under the
Plan. 
 Permitted Transferee: a transferee permitted under Section 1.1 of the Stockholders Agreement. 
 Plan: this ALH Holding Inc. Stock Incentive Plan, as set forth herein and as the same may be amended from time to time in accordance with its
terms. 
 Public Offering: a public offering pursuant to an effective registration statement filed with the Securities and Exchange
Commission that covers shares of Common Stock that, after the closing of such public offering, will be traded on the New York Stock Exchange, the American Stock Exchange or the National Association of Securities Dealers Automated Quotation System.

 Registration Rights Agreement: the Registration Rights Agreement, dated as of the Effective Date, among the Company, OTPP and
certain other stockholders of the Company, as it may be amended from time to time. 
 Restricted Activity means directly or indirectly
owning any interest in, managing, controlling, participating in, consulting with, rendering services for, or in any manner engaging in any business with any customer, supplier or other person having a business relation with the Company; provided
however that the term Restricted Activity shall not include passive ownership of less than 2% of the outstanding stock of any class of a corporation which is publicly traded, so long as the you have no active participation in the business of that
corporation. 
 Retirement: means resignation by Executive from his position at or after age sixty-two with ten or more years of prior
service with the Company or its Subsidiaries. 
 Stockholders Agreement: the Stockholders Agreement, dated as of the Effective Date,
among the Company, OTPP and certain other stockholders of the Company, as it may be amended from time to time. 
 Subsidiary: any
corporation a majority of whose outstanding voting securities is owned, directly or indirectly, by the Company. 
 Voluntary
Resignation: the termination of a Participant’s employment with the Company or any Subsidiary due to such Participant’s voluntary resignation other than due to Retirement or Disability. 
  

 4 

 SECTION 3. 
 ELIGIBILITY AND PARTICIPATION 
 Subject to the approval of the Committee, which shall not be unreasonably
withheld, Participants in the Plan shall be those Employees selected by the Committee or other authorized person to participate in the Plan and receive Options (which may include Employees who are members of the Committee). The selection of an
Employee as a Participant shall neither entitle such Employee to, nor disqualify such Employee from, participation in any other award or incentive plan of the Company or any Subsidiary. 
 SECTION 4. 
 ADMINISTRATION 
 4.1. Power to Grant and Establish Terms of Options. The Committee shall have the discretionary authority, subject to the terms of the Plan, to
determine the Employees to whom Options shall be granted (which may include Employees who are members of the Committee) and the terms and conditions of any and all Options, including, but not limited to, the number of shares of Common Stock covered
by each Option, the time or times at which Options shall be granted and the terms and provisions of the instruments by which Options shall be evidenced and to designate Options as Incentive Stock Options or Non-Qualified Stock Options. Subject to
the terms of the Plan, the terms and conditions of each Option grant shall be determined by the Committee at the time of grant and, subject to Section 8, such terms and conditions shall not be subsequently changed in a manner which would be
adverse to the Participant without the consent of the Participant to whom such Option has been granted, even if this Plan shall be subsequently amended. The Committee may establish different terms and conditions for different Participants receiving
Options and for the same Participant for each Option such Participant may receive, whether or not granted at the same or different times. The grant of any Option to any Employee shall neither entitle such Employee to, nor disqualify him from, the
grant of any other Options. 
 4.2. Substitute Options. The Committee shall have the right, subject to the consent of Participants to
whom Options have been granted, to grant in substitution for outstanding Options, replacement Options which may contain terms more favorable to the Participant than the Options they replace, including, without limitation, a lower exercise price
(subject to Section 6.2), and to cancel replaced Options. 
 4.3. Administration. The Committee shall be responsible for the
administration of the Plan. Any Options granted by the Committee may be subject to such conditions, not inconsistent with the terms of the Plan, as the Committee shall 

  

 5 

 
determine, in its sole discretion. The Committee shall have discretionary authority to prescribe, amend and rescind rules and regulations relating to the
Plan, to provide for conditions deemed necessary or advisable to protect the interests of the Company, to interpret the Plan and to make all other determinations necessary or advisable for the administration and interpretation of the Plan and to
carry out its provisions and purposes. Any determination, interpretation or other action made or taken (including any failure to make any determination or interpretation, or take any other action) by the Committee pursuant to the provisions of the
Plan shall be final, binding and conclusive for all purposes and upon all persons and shall be given deference in any proceeding with respect thereto. The Committee may consult with legal counsel, who may be counsel to the Company, and shall not
incur any liability for any action taken in good faith in reliance upon the advice of counsel. 
 SECTION 5. 
 STOCK SUBJECT TO PLAN 
 5.1. Number.
Subject to the provisions of Section 5.3, the number of shares of Common Stock subject to Options under the Plan may not exceed 140,000 shares. The shares of Common Stock to be delivered under the Plan may consist, in whole or in part, of
shares held in treasury or authorized but unissued shares not reserved for any other purpose. 
 5.2. Canceled, Terminated or Forfeited
Awards. Any shares of Common Stock subject to an Option which for any reason expires or is canceled, terminated, forfeited, substituted for or otherwise settled without the issuance of such shares of Common Stock shall again be available for
grant under the Plan. 
 5.3. Adjustment in Capitalization. The aggregate number of shares of Common Stock available for grants of
Options under Section 5.1 or subject to outstanding Option grants and the respective prices and/or vesting criteria applicable to outstanding Options shall be proportionately adjusted to reflect, as deemed equitable and appropriate by the
Committee, each Adjustment Event. To the extent deemed equitable and appropriate by the Committee, in its good faith judgment, and subject to any required action by stockholders, in any corporate transaction constituting an Adjustment Event (other
than a Change in Control), any Option granted under the Plan shall pertain to the securities or other property to which a holder of the number of shares of Common Stock covered by the Option would have been entitled to receive in connection with
such event. 
  

 6 

 SECTION 6. 
 STOCK OPTIONS 
 6.1. Grant of Options. Options may be granted to Participants at such time or times
as shall be determined by the Committee. Options pursuant to this Plan may be of two types: (i) Incentive Stock Options and (ii) Non-Qualified Stock Options. The date of grant of an Option under the Plan will be the date on
which the Option is awarded by the Committee or, if so determined by the Committee on the date of award of an Option, the date on which occurs any event the occurrence of which is an express condition precedent to the grant of the Option. The
Committee shall determine the number of Options, if any, to be granted to a Participant. Each Option shall be evidenced by an Option agreement that shall specify the type of Option granted, the exercise price, the duration of the Option, the number
of shares of Common Stock to which the Option pertains, the conditions upon which the Options or any portion thereof shall become vested or exercisable and otherwise shall be in substantially the form of the Option agreement attached hereto as
Exhibit A, subject to such changes not inconsistent with the Plan as the Committee shall determine, in its good faith judgment, to be equitable and appropriate. 
 6.2. Option Price. Non-Qualified Stock Options and Incentive Stock Options granted pursuant to the Plan shall have an exercise price per share of Common Stock determined by the Committee, provided that
such per share exercise price may not be less than the Fair Market Value of a share of Common Stock on the date the Option is granted. 
 6.3. Exercise of Options. Options awarded to a Participant under the Plan shall be exercisable at such times and shall be subject to such restrictions and conditions, including the performance of a minimum period of service or the
satisfaction of performance goals, as the Committee may impose at the time of grant of such Options, subject to the Committee’s right to accelerate the exercisability of such Options in its discretion. Notwithstanding the foregoing, no Option
shall be exercisable on or after the tenth anniversary of the date on which it is granted. Except as may be provided in any provision approved by the Committee pursuant to this Section 6.3, after becoming exercisable each installment of an
Option shall remain exercisable until expiration, termination or cancellation of the Option. Subject to Section 9.7, an Option may be exercised from time to time, in whole or in part, up to the total number of shares of Common Stock with
respect to which it is then exercisable. 
 6.4. Payment. The Committee shall establish procedures governing the exercise of Options,
which shall require that (x) as a condition to the issuance of any shares of Common Stock upon the exercise of the Options prior to a Public Offering, the Participant become a party to the Stockholders Agreement and the Registration
Rights 

  

 7 

 
Agreement with respect to such shares, (y) written notice of exercise be given to the Company and (z) the Option exercise price be
paid in full at the time of exercise in one of the following ways: (i) in cash or cash equivalents, or (ii) in unencumbered shares of Common Stock which have been owned by the Participant for at least six months (or such
longer period as is required by applicable accounting standards to avoid a charge to earnings) having an aggregate Fair Market Value on the date of exercise equal to such aggregate Option exercise price or in a combination of cash and such
unencumbered shares of Common Stock. Subject to Section 9.4, as soon as practicable after receipt of a written exercise notice, payment of the Option exercise price and receipt of evidence of the Participant’s execution of the Stockholders
Agreement and the Registration Rights Agreement in accordance with this Section 6.4, the Company shall deliver to the Participant a certificate or certificates representing the acquired shares of Common Stock. 
 6.5. Incentive Stock Options. Notwithstanding anything in the Plan to the contrary, no term of the Plan relating to Incentive Stock Options shall
be interpreted, amended or altered, nor shall any discretion or authority granted under the Plan be so exercised, so as to disqualify the Plan under section 422 of the Code, or, without the consent of any Participant affected thereby, to cause any
Incentive Stock Option previously granted to fail to qualify for the federal income tax treatment afforded under section 421 of the Code. 
 6.6. Termination of Employment Due to Death, Disability or Retirement. Unless otherwise determined by the Committee at the time of grant, in the event a Participant’s employment with the Company or any Subsidiary terminates by
reason of death or Disability, any Options granted to such Participant which, on or prior to the date of such termination, have become exercisable in accordance with Section 6.3, may be exercised by the Participant or the Participant’s
designated beneficiary (or, if no such beneficiary is named, in accordance with Section 9.2) at any time prior to the first anniversary of the Participant’s termination of employment or the expiration of the term of the Options, whichever
period is shorter. 
 6.7. Termination of Employment For Cause. Unless otherwise determined by the Committee at the time of grant, in
the event a Participant’s employment with the Company or any Subsidiary is terminated for Cause, all Options granted to such Participant which are then outstanding (whether or not exercisable on or prior to the date of such termination) shall
be immediately forfeited and canceled. 
 6.8. Termination of Employment Due to Voluntary Resignation or For Any Other Reason. Unless
otherwise determined by the Committee at or after the time of grant, in the event the Participant’s employment with the Company or any Subsidiary terminates due to Voluntary Resignation or for any reason other than one described in Sections 6.6
or 6.7, any Options granted to such Participant which, on or prior to the date of such termination, have become exercisable in accordance with Section 6.3, may be exercised at any time during the 60 day period following the Participant’s
termination of employment or the expiration of the term of such Options, whichever period is shorter. 
  

 8 

 6.9. Termination of Options. Unless otherwise determined by the Committee at the date of grant,
upon the termination of a Participant’s employment, any Options that are not then exercisable shall terminate and be canceled effective upon the date of such termination. 
 6.10. Committee Discretion. Notwithstanding anything else contained in this Section 6 to the contrary, the Committee may permit all or any
portion of any Options to be exercised following a Participant’s termination of employment for any reason on such terms and subject to such conditions not less favorable to such Participant than those terms and conditions provided for herein or
in the Option agreement evidencing the grant to such Participant of the applicable Options, as the Committee shall determine for a period up to and including, but not beyond, the expiration of the term of such Options. 
 SECTION 7. 
 CHANGE IN CONTROL 
 7.1. Accelerated Vesting and Payment. Unless otherwise determined by the Committee at the time of grant, in the event of a Change in Control, each
Option that, by its terms, becomes exercisable solely upon the completion of a stated period of service (whether or not then exercisable), together with any outstanding Options that, prior to or in connection with such Change in Control, have become
exercisable in connection with the attainment of performance objectives, shall be canceled in exchange for a payment in cash by the Company to each Option holder of an amount equal to the excess of the Change in Control Price over the exercise price
for such Option (except as provided in Section 7.2 below). 
 7.2. Alternative Awards. Notwithstanding Section 7.1, if
provided in the Option agreement evidencing the Options, no cancellation, cash settlement or other payment shall occur with respect to any Option that would otherwise have been canceled pursuant to Section 7.1 if the Committee reasonably
determines in good faith prior to the occurrence of a Change in Control that such Option shall be honored or assumed, or new rights substituted therefor (such honored, assumed or substituted award hereinafter called an “Alternative
Award”) by a Participant’s employer (or the parent or a subsidiary of such employer) immediately following the Change in Control, provided that any such Alternative Award must: 
 (i) provide for the accelerated vesting of such Options that would otherwise have been canceled pursuant to Section 7.1 (to the extent not previously
vested at the time of the Change in Control); 
  

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 (ii) provide such Participant (or each Participant in a class of Participants) with other rights and
entitlements substantially equivalent to or better than the rights applicable under such Option; and 
 (iii) have substantially equivalent
economic value to such Option (determined at the time of the Change in Control). 
 7.3. Conflict with Option Agreement. With respect
to any Options granted hereunder that may become exercisable upon the attainment of performance objectives, in the event of a conflict between this Section 7 and the terms and conditions set forth in the Option agreement evidencing such
Options, the terms and conditions set forth in the Option agreement evidencing such Options shall control. 
 7.4. Limitation on
Benefits. Notwithstanding anything contained in the Plan or an Option agreement to the contrary (i) to the extent that any of the payments and benefits provided for under the Plan, an applicable Option agreement or any other
agreement or arrangement between the Company and a Participant (collectively, the “Payments”) would constitute a “parachute payment” within the meaning of section 280G of the Code, the amount of such Payments shall be
reduced to the amount that would result in no portion of the Payments being subject to the excise tax imposed pursuant to section 4999 of the Code and (ii) if and to the extent any Payments in respect of the Options that vest based on
the performance of a minimum period of service would, absent application of this clause (ii), be an “excess parachute payment” within the meaning of section 280G of the Code (and the regulations promulgated thereunder), such Options shall
not accelerate in the event of a Change in Control (notwithstanding Section 7.1), and shall be honored, assumed or new rights substituted therefor by a Participant’s employer (or the parent or a subsidiary of such employer) in such Change
in Control in accordance with Section 7.2. If Payments that would otherwise be reduced or eliminated, as the case may be, pursuant to the immediately preceding sentence would not be so reduced or eliminated, as the case may be, if the
shareholder approval requirements of section 280G(b)(5) of the Code are capable of being satisfied, the Company shall use its reasonable best efforts to cause such payments to be submitted for such approval prior to the Change in Control giving rise
to such payments. 
  

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 SECTION 8. 
 AMENDMENT, MODIFICATION, AND TERMINATION OF PLAN 
 8.1. In General. The Committee may at its
discretion at any time and from time to time alter, amend, suspend, or terminate the Plan and any unvested Options (but not any previously granted vested Options) in whole or in part, including without limitation, amending the criteria for vesting
and exercisability set forth in Section 6 hereof (or in any Option agreement), substituting alternative vesting and exercisability criteria and imposing certain blackout periods on Options, provided, however, that (i) such
alteration, amendment, suspension or termination shall preserve the economic value, and vesting and exercisability, as determined by the Committee in its sole good faith discretion, of any previously granted Option and (ii) the Committee
shall only be permitted to alter, amend, suspend or terminate previously granted unvested Options with the consent of the holders of a majority of such Options. 
 8.2. Public Offering. Unless otherwise determined by the Committee, in the event of a Public Offering, the Committee shall have the authority to amend any outstanding Options to provide for
(i) subject to Section 8.1 above, the substitution of the exercisability criteria that may relate to OTPP’s return on its investment with criteria based on stock price and (ii) the imposition of certain blackout
periods, in each case, as the Committee shall determine to be appropriate; provided, however that such amendments shall preserve the economic value, and vesting and exercisability of the Options, as determined by the Committee in its sole good faith
discretion. In exercising its authority pursuant to clause (i) of the immediately preceding sentence, the Committee shall consider the progress made towards achieving the exercisability criteria that may relate to OTPP’s return on its
investment as of the date the Committee exercises such authority. 
 SECTION 9. 
 MISCELLANEOUS PROVISIONS 
 9.1. Nontransferability of Awards. Unless the
Committee shall permit (on such terms and conditions as it shall establish) an Option to be transferred to a Permitted Transferee, no Option granted under the Plan may be sold, transferred, pledged, assigned or otherwise alienated or hypothecated,
other than by will or by the laws of descent and distribution. All rights with respect to any Option granted to a Participant under the Plan shall be exercisable during his lifetime only by such Participant or, if permitted by the Committee, any
such Permitted Transferee. 
  

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 9.2. Beneficiary Designation. Each Participant under the Plan may from time to time name any
beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under the Plan is to be paid or by whom any right under the Plan is to be exercised in case of his death. Each designation will revoke all prior
designations by the same Participant, shall be in a form prescribed by the Committee and will be effective only when filed by the Participant in writing with the Committee during his lifetime. In the absence of any such designation, benefits
remaining unpaid or Options outstanding at the Participant’s death shall be paid to or exercisable by the Participant’s surviving spouse, if any, or otherwise to or by his estate. 
 9.3. No Guarantee of Employment or Participation; No Additional Compensation for Loss of Rights Under Plan. Nothing in the Plan shall interfere
with or limit in any way the right of the Company or any Subsidiary to terminate any Participant’s employment at any time, nor confer upon any Participant any right to continue in the employ of the Company or any Subsidiary. No Employee shall
have a right to be selected as a Participant, or, having been so selected, to receive any future Option grants. If any Participant’s employment with the Company or any Subsidiary shall be terminated for any reason, such Participant shall not be
entitled to any compensation or other form of remuneration with respect to such termination (except as otherwise provided herein) to compensate such Participant for the loss of any rights under the Plan notwithstanding any provision to the contrary
in his or her contract of employment. 
 9.4. Tax Withholding. The Company or any Subsidiary shall have the power to withhold, or
require a Participant to remit to the Company or such Subsidiary promptly upon notification of the amount due, an amount (in cash or in shares of Common Stock otherwise deliverable to a Participant upon Option exercise) sufficient to satisfy the
statutory minimum federal, state, local and foreign withholding tax requirements with respect to any Option and the Company or such Subsidiary may defer payment of cash or issuance or delivery of Common Stock until such requirements are satisfied.

 9.5. Indemnification. Each person who is or shall have been a member of the Board or the Committee (an “Indemnified
Person”) shall be indemnified and held harmless by the Company against and from any loss, cost, liability or expense that may be imposed upon or reasonably incurred by such Indemnified Person in connection with or resulting from any
claim, action, suit or proceeding to which such Indemnified Person may be made a party or in which such Indemnified Person may be involved by reason of any action taken or failure to act under the Plan or any option agreement and against and from
any and all amounts paid by such Indemnified Person in settlement thereof, with the Company’s approval, or paid by such Indemnified Person in satisfaction of any judgment in any such action, suit or proceeding against such Indemnified Person;
provided that, such Indemnified Person acted in good faith and in a manner such Indemnified Person 

  

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reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal proceeding had no reasonable cause to
believe his or her conduct was unlawful; provided further that, such Indemnified Person shall give the Company an opportunity, at its own expense, to handle and defend the same before such Indemnified Person undertakes to handle and defend it on
such Indemnified Person’s own behalf. Expenses, including attorneys’ fees, incurred by an Indemnified Person in defending any civil, criminal, administrative or investigative action, suit or proceeding shall be paid by the Company in
advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of the Indemnified Person to repay such amount if it shall ultimately be determined that he or she is not entitled to be indemnified
by the Company. The foregoing right of indemnification shall not be exclusive and shall be independent of any other rights of indemnification to which such Indemnified Person may be entitled under the Company’s Articles of Incorporation or
By-laws, by contract, as a matter of law or otherwise. 
 9.6. No Limitation on Compensation. Nothing in the Plan shall be construed
to limit the right of the Company to establish other plans or to pay compensation to its employees in cash or property. 
 9.7.
Requirements of Law. The granting of Options, the exercisability of any Options and the issuance of shares of Common Stock shall be subject to all applicable laws, rules, and regulations and to such approvals by any governmental agencies or
national securities exchanges as may be required. 
 9.8. Governing Law. The Plan, and all agreements hereunder, shall be governed by
and construed in accordance with the law of the State of Delaware, regardless of the law that might be applied under principles of conflict of laws. 
 9.9. No Impact On Benefits. Options granted under the Plan are not compensation for purposes of calculating an Employee’s rights under any employee benefit plan. 
 9.10. Securities Law Compliance. Instruments evidencing the grant of Options may contain such other provisions, not inconsistent with the Plan, as
the Committee deems advisable, including a requirement that a Participant represent to the Company in writing, when such Participant receives shares upon exercise of an Option (or at such other time as the Committee deems appropriate) that such
Participant is acquiring such shares (unless they are then covered by an effective registration statement filed under the Act) for such Participant’s own account for investment only and with no present intention to transfer, sell or otherwise
dispose of such shares except such disposition by a legal representative as shall be required by will or the laws of any jurisdiction in winding up the estate of such Participant. Such shares shall be transferable only if the proposed transfer shall
be permissible pursuant to the Plan and if, in the opinion of counsel satisfactory to the Company, such transfer at such time will be in compliance with all applicable securities laws. 
  

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 9.11. Freedom of Action. Subject to Section 7, nothing in the Plan or any agreement entered
into pursuant to this Plan shall be construed as limiting or preventing the Company or any Subsidiary from taking any action with respect to the operation or conduct of its business that it deems appropriate or in its best interest. 
 9.12. No Fiduciary Relationship. Nothing contained in the Plan and no action taken pursuant to the Plan shall create or be construed to create a
trust of any kind or any fiduciary relationship between the Company or any Subsidiary and any Participant or executor, administrator or other personal representative or designated beneficiary of such Participant, or any other persons. 
 9.13. No Right to Particular Assets. Any reserves that may be established by the Company in connection with this Plan shall continue to be held as
part of the general funds of the Company, and no individual or entity other than the Company shall have any interest in such funds until paid to a Participant. 
 9.14. Unsecured Creditor. To the extent that any Participant or his executor, administrator or other personal representative, as the case may be, acquires a right to receive any payment from the Company
pursuant to this Plan, such right shall be no greater than the right of an unsecured general creditor of the Company. 
 9.15.
Severability of Provisions. If any provision of this Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof, and this Plan shall be construed and enforced as if such
provision had not been included. 
 9.16. Term of Plan. This Plan shall be effective as of Effective Date and shall expire on the
tenth anniversary of such date (except as to Options outstanding on that date), unless sooner terminated pursuant to Section 8. 
  

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