Document:

EX-10.1

 Exhibit 10.1 

Conformed Copy 
 ENVESTNET,
INC. 
 2010 LONG-TERM INCENTIVE PLAN 

(as amended by the First, Second, Third, Fourth and Fifth Amendment) 

SECTION 1 
 GENERAL

 1.1 Purpose. Envestnet, Inc., a Delaware corporation (the “Company”), has established the Plan to: 

 

	 	(a)	 attract and retain key employees and other persons providing services to the Company and the Related Companies;

  

	 	(b)	 motivate Participants by means of appropriate incentives to achieve long-range goals; 

 

	 	(c)	 provide incentive compensation opportunities that are competitive with those of other similar corporations; and

  

	 	(d)	 further align Participants’ interests with those of the Company’s stockholders through compensation
that is based on the Company’s common stock, 

 and thereby to promote the long-term financial interest of the Company and the
Related Companies, including the growth in value of the Company’s equity and enhancement of long-term stockholder return. 
 1.2
Defined Terms. The meaning of capitalized terms used in the Plan are set forth in Section 7. 
 1.3 Participation. For
purposes of the Plan, a “Participant” is any Eligible Individual to whom an Award is granted under the Plan. Subject to the terms and conditions of the Plan, the Committee shall determine and designate, from time to time, from among the
Eligible Individuals those persons who will be granted one or more Awards under the Plan and, subject to the terms and conditions of the Plan, a Participant may be granted any Award permitted under the provisions of the Plan and more than one Award
may be granted to a Participant. Except as otherwise agreed by the Company and the Participant, or except as otherwise provided in the Plan, an Award under the Plan shall not affect any previous Award under the Plan or an award under any other plan
maintained by the Company or the Related Companies. 

 SECTION 2 

OPTIONS 
 2.1
Definitions. 
  

	 	(a)	 The grant of an “Option” under the Plan entitles the Participant to purchase shares of Stock at an
Exercise Price fixed by the Committee at the time the Option is granted. Options granted under this Section 2 may be either Incentive Stock Options or Non-Qualified Stock Options, as determined in
the discretion of the Committee. Options granted to Participants who are not employees of the Company and its Subsidiaries shall be Non-Qualified Stock Options. To the extent that an Option that is intended to
constitute an Incentive Stock Option does not satisfy the requirements of section 422 of the Code, such Option shall be treated as a Non-Qualified Stock Option. 

 

	 	(b)	 A grant of a “stock appreciation right” or “SAR” entitles the Participant to receive, in
cash or shares of Stock (as determined in accordance with the terms of the Plan) value equal to the excess of: (i) the Fair Market Value of a specified number of shares of Stock at the time of exercise; over (ii) the Exercise Price
established by the Committee at the time of grant. 

  

	 	(c)	 An Option may but need not be in tandem with an SAR, and an SAR may but need not be in tandem with an Option
(in either case, regardless of whether the original award was granted under this Plan or another plan or arrangement.) If an Option is in tandem with an SAR, the exercise price of both the Option and SAR shall be the same, and the exercise of the
Option or SAR with respect to a share of Stock shall cancel the corresponding tandem SAR or Option right with respect to such share. If an SAR is in tandem with an Option but is granted after the grant of the Option, or if an Option is in tandem
with an SAR but is granted after the grant of the SAR, the later granted tandem Award shall have the same exercise price as the earlier granted Award, but in no event less than the Fair Market Value of a share of Stock at the time of such grant.

 2.2 Eligibility. The Committee shall designate the Participants to whom Options or SARs are to be granted under
this Section 2 and shall determine the number of shares of Stock subject to each such Option or SAR and the other terms and conditions thereof, not inconsistent with the Plan. No dividend equivalents (current or deferred) with respect to any
Option or SAR shall be granted under the Plan. 
 2.3 Exercise Price. The “Exercise Price” of an Option or SAR shall be
established by the Committee at the time the Option or SAR is granted; provided, however, that in no event shall such price be less than 100% of the Fair Market Value of a share of Stock on such date (or, if greater, the par value of a share of
Stock on such date). 
 2.4 Exercise/Vesting. Except as otherwise expressly provided in the Plan, an Option or SAR granted under the
Plan shall be exercisable in accordance with the following: 
  

	 	(a)	 The terms and conditions relating to exercise and vesting of an Option or SAR shall be established by the
Committee to the extent not inconsistent with the Plan, and may include, without limitation, conditions relating to completion of a specified period of service, achievement of performance standards prior to exercise or the achievement of Stock
ownership objectives by the Participant. 

	 	
Notwithstanding the foregoing, and subject to subsection 5.3(b), in no event shall an Option or SAR granted to any Participant become exercisable or vested prior to the first anniversary of the
date on which it is granted (subject to acceleration of exercisability and vesting, to the extent permitted by the Committee, in the event of the Participant’s death, Disability, Change in Control or involuntary termination). 

 

	 	(b)	 No Option or SAR may be exercised by a Participant after the Expiration Date applicable to that Option or SAR.

 2.5 Payment of Exercise Price. The payment of the Exercise Price of an Option granted under this Section 2
shall be subject to the following: 
  

	 	(a)	 Subject to the following provisions of this subsection 2.5, the full Exercise Price of each share of Stock
purchased upon the exercise of any Option shall be paid at the time of such exercise (except that, in the case of an exercise through the use of cash equivalents, payment may be made as soon as practicable after the exercise) and, as soon as
practicable thereafter, a certificate representing the shares of Stock so purchased shall be delivered to the person entitled thereto. 

  

	 	(b)	 Subject to applicable law, the Exercise Price shall be payable in cash or cash equivalents, by tendering, by
actual delivery or by attestation, shares of Stock (including shares of Stock that would otherwise be distributable upon the exercise of the Option) valued at Fair Market Value as of the day of exercise or by a combination thereof, as approved by
the Committee. 

  

	 	(c)	 Subject to applicable law, the Committee may permit a Participant to elect to pay the Exercise Price upon the
exercise of an Option by irrevocably authorizing a third party to sell shares of Stock (or a sufficient portion of the shares) acquired upon exercise of the Option and remit to the Company a sufficient portion of the sale proceeds to pay the entire
Exercise Price and any tax withholding resulting from such exercise. 

 2.6 Post-Exercise Limitations. The
Committee, in its discretion, may impose such restrictions on shares of Stock acquired pursuant to the exercise of an Option as it determines to be desirable, including, without limitation, restrictions relating to disposition of the shares and
forfeiture restrictions based on service, performance, Stock ownership by the Participant and such other factors as the Committee determines to be appropriate. 

2.7 No Repricing. Except for either adjustments pursuant to subsection 4.3 (relating to the adjustment of shares), or reductions of the
Exercise Price approved by the Company’s stockholders, the Exercise Price for any outstanding Option or SAR may not be decreased after the date of grant nor may an outstanding Option or SAR granted under the Plan be surrendered to the Company
as consideration for the grant of a replacement Option or SAR with a lower exercise price. Except as approved by the Company’s stockholders, in no event shall any Option or SAR granted under the Plan be surrendered to the Company in
consideration for a cash payment or the grant of any other Award if, at the time of such surrender, the exercise price of the Option or SAR is greater than the then current Fair Market Value of a share. In addition, no repricing of an Option or SAR
shall be permitted without the approval of the Company’s stockholders if such approval is required under the rules of any stock exchange on which Stock is listed. 

 2.8 Tandem Grants of Options and SARs. An Option may but need not be in tandem with
an SAR, and an SAR may but need not be in tandem with an Option (in either case, regardless of whether the original award was granted under this Plan or another plan or arrangement). If an Option is in tandem with an SAR, the exercise price of both
the Option and SAR shall be the same, and the corresponding tandem SAR or Option shall cancel the corresponding tandem SAR or Option right with respect to such share. 

2.9 Expiration Date. The “Expiration Date” with respect to an Option or SAR means the date established as the Expiration Date
by the Committee at the time of the grant; provided, however, that unless determined otherwise by the Committee at the time of grant, the Expiration Date with respect to any Option or SAR shall not be later than the earliest to occur of: 

 

	 	(a)	 the ten-year anniversary of the date on which the Option or SAR is
granted; 

  

	 	(b)	 if the Participant’s Termination Date occurs by reason of death or Disability, the six-month year anniversary of such Termination Date; 

  

	 	(c)	 if the Participant’s Termination Date occurs for reasons of Cause, such Termination Date; and

  

	 	(d)	 if the Participant’s Termination Date occurs for reasons other than death, Disability or Cause, the
three-month anniversary of such Termination Date. 

 In no event shall the Expiration Date of an Option or SAR be later than the ten-year anniversary of the date on which the Option or SAR is granted. Any Option or SAR that is not vested on the Participant’s Termination Date shall be forfeited and shall not thereafter be exercisable.

 SECTION 3 
 FULL
VALUE AWARDS AND CASH INCENTIVE AWARDS 
 3.1 Definitions. 

 

	 	(a)	 A “Full Value Award” is a grant of one or more shares of Stock or a right to receive one or more
shares of Stock in the future, with such grant subject to one or more of the following, as determined by the Committee: 

  

	 	(i)	 The grant shall be in consideration of a Participant’s previously performed services, or surrender of
other compensation that may be due. 

  

	 	(ii)	 The grant shall be contingent on the achievement of performance or other objectives during a specified period.

	 	(iii)	 The grant shall be subject to a risk of forfeiture or other restrictions that will lapse upon the achievement
of one or more goals relating to completion of service by the Participant or achievement of performance or other objectives. 

  

	 	(iv)	 The grant of Full Value Awards may also be subject to such other conditions, restrictions and contingencies, as
determined by the Committee, including provisions relating to dividend or dividend equivalent rights and deferred payment or settlement; provided, however, that no dividend or dividend equivalents granted in relation to Full Value Awards shall be
settled prior to the date that such Full Value Award (or applicable portion thereof) becomes vested and is settled. 

  

	 	(b)	 A Cash Incentive Award is the grant of a right to receive a payment of cash (or in the discretion of the
Committee, shares of Stock having value equivalent to the cash otherwise payable) that is contingent on achievement of performance objectives over a specified period established by the Committee. The grant of Cash Incentive Awards may also be
subject to such other conditions, restrictions and contingencies, as determined by the Committee, including provisions relating to deferred payment. 

3.2 Special Vesting Rules. 
  

	 	(a)	 Subject to subsection 5.3(b), if a Participant’s right to become vested in a Full Value Award (other than
a Full Value Award held by an Outside Director) is conditioned on the completion of a specified period of service with the Company or the Related Companies, without achievement of performance targets or other performance objectives (whether or not
related to performance measures) being required as a condition of vesting, and without it being granted in lieu of other compensation, then the required period of service for full vesting shall be not less than three years (subject, to the extent
provided by the Committee, to pro rated vesting over the course of such three year period (provided that no portion of such pro rated Full Value Award shall become vested prior to the first anniversary of the date on which it is granted) and to
acceleration of vesting in the event of the Participant’s death, Disability, Change in Control or involuntary termination). The foregoing requirements shall not apply to grants that are a form of payment of earned performance awards or other
incentive compensation. 

  

	 	(b)	 Subject to subsections 5.3(b), if a Participant’s right to become vested in a Full Value Award or Cash
Incentive Award (other than a Full Value Award or Cash Incentive Award held by an Outside Director) is conditioned on the achievement of performance targets or other performance objectives (whether or not related to performance measures), then the
required performance period for determining the achievement of such performance targets or other performance objectives for vesting shall be not less than one year (subject, to the extent provided by the Committee, to acceleration of vesting in the
event of the Participant’s death, Disability, Change in Control or involuntary termination). 

	 	(c)	 Notwithstanding subsections 3.2(a) and (b), if an Outside Director’s right to become vested in any Full
Value Award or Cash Incentive Award is conditioned either on completion of a specified period of service or the achievement of performance targets or other performance objectives, then the required period of service or performance period for
determining the achievement of such performance targets or other performance objectives for vesting shall be not less than one year (subject, to the extent provided by the Committee, to acceleration of vesting in the event of the Participant’s
death, Disability, Change in Control or involuntary termination). 

 SECTION 4 

OPERATION AND ADMINISTRATION 

4.1 Effective Date. The Plan became effective as of the date of the initial public offering of Stock of the Company on July 28,
2010 (the “Effective Date”). The Plan has been amended by the First, Second, Third and Fourth Amendment to the Plan. The Fifth Amendment, which increases the shares of Stock reserved under the Plan and makes certain other revisions, is
contingent on shareholder approval by the Company’s shareholders at the 2021 annual meeting. To the extent not prohibited by applicable law or the applicable rules of any stock exchange, Awards which are to use shares of Stock reserved under
the Plan that are contingent on the approval by the Company’s shareholders may be granted prior to that meeting contingent on such approval. The Plan shall be unlimited in duration and, in the event of Plan termination, shall remain in effect
as long as any Awards under it are outstanding; provided, however, that no Awards may be granted under the Plan after the ten-year anniversary of May 12, 2021, which is the date on which the shareholders
approved the Plan as amended by the Fifth Amendment to increase the reserved shares of Stock. 
 4.2 Stock and Other Amounts Subject to
the Plan. The shares of Stock for which Awards may be granted under the Plan shall be subject to the following: 
  

	 	(a)	 The shares of Stock with respect to which Awards may be made under the Plan shall be shares currently
authorized but unissued or currently held or subsequently acquired by the Company as treasury shares, including shares purchased in the open market or in private transactions. 

 

	 	(b)	 Subject to the provisions of subsection 4.3, the number of shares of Stock which may be issued with respect to
Awards under the Plan shall be equal to (i) 12,375,000 shares of Stock (which number includes all shares available for delivery under this clause (i) since the establishment of the Plan in 2010, determined in accordance with the terms of the
Plan); and (ii) any shares of Stock that are represented by awards granted under the Envestnet Asset Management Group, Inc. 2004 Stock Incentive Plan (the “Prior Plan”) that are forfeited, expire or are canceled after the Effective
Date without delivery of shares of Stock or which result in the forfeiture of the shares of Stock back to the Company to the 

	 	
extent that such shares would have been added back to the reserve under the terms of the applicable Prior Plan. Shares of Stock issued by the Company in connection with awards that are assumed or
substituted in connection with a merger, acquisition or other corporate transaction shall not be counted against the number of shares of Stock that may be issued with respect to Awards under the Plan. 

 

	 	(c)	 Shares of Stock with respect to an Award will be treated as delivered for purposes of the determination under
paragraph (b) above subject to the following: 

  

	 	(i)	 To the extent any shares of Stock covered by an Award are not delivered to a Participant or beneficiary because
the Award is forfeited or canceled, such shares shall not be deemed to have been delivered for purposes of the determination under paragraph (b) above. 

  

	 	(ii)	 Subject to the provisions of paragraph (i) above, the total number of shares covered by an Award will be
treated as delivered for purposes of paragraph (b) above to the extent payments or benefits are delivered to the Participant with respect to such shares. Accordingly (A) if shares covered by an Award are withheld or tendered to satisfy the
applicable tax withholding obligation, the number of shares held back by the Company or tendered by the Participant to satisfy such withholding obligation shall be considered to have been delivered; (B) if the exercise price of any Option
granted under the Plan is satisfied by tendering shares of Stock to the Company (by either actual delivery or by attestation (including shares of Stock that would otherwise be distributable upon the exercise of the Option)), the number of shares
tendered to satisfy such exercise price shall be considered to have been delivered; and (C) if shares of Stock are withheld in settlement of the exercise of an SAR, the total number of shares with respect to which such SAR is exercised shall be
deemed delivered. 

  

	 	(d)	 Except as expressly provided by the terms of this Plan, the issuance by the Company of shares of stock of any
class, or securities convertible into shares of stock of any class, for cash or property or for labor or services, either upon direct sale, upon the exercise of rights or warrants to subscribe therefor or upon conversion of shares or obligations of
the Company convertible into such shares or other securities, shall not affect, and no adjustment by reason thereof, shall be made with respect to Awards then outstanding hereunder. 

 

	 	(e)	 To the extent provided by the Committee, any Award may be settled in cash rather than in shares.

  

	 	(f)	 Subject to the following provisions of this subsection 4.2, the maximum number of shares of Stock that may be
delivered to Participants and their Beneficiaries with respect to Incentive Stock Options under the Plan shall be 12,375,000; provided, however, that to the extent that shares not delivered must be counted against this limit as a condition of
satisfying the rules applicable to Incentive Stock Options, such rules shall apply to the limit on Incentive Stock Options granted under the Plan. 

	 	(g)	 The maximum number of shares that may be covered by Awards granted to any one Participant during any one
calendar-year period pursuant to Section 2 (relating to Options and SARs) shall be 500,000 shares. For purposes of this subsection 4.2(g), if an Option is in tandem with an SAR, such that the exercise of the Option or SAR with respect to a
share of Stock cancels the tandem SAR or Option right, respectively, with respect to such share, the tandem Option and SAR rights with respect to each share of Stock shall be counted as covering but one share of Stock for purposes of applying the
limitations of this subsection 4.2(g). 

  

	 	(h)	 The maximum number of shares that may be covered by Awards granted to any one Participant who is a member of
the Board but who is not an employee of the Company or a Related Company during any one calendar-year period pursuant to Section 2 (relating to Options and SARs) shall be 25,000 shares. The maximum number of shares that may be covered by Full
Value Awards granted to any one Participant who is a member of the Board but who is not an employee of the Company or a Related Company during any one calendar-year period shall be 25,000 shares. 

 

	 	(i)	 For Full Value Awards, no more than 500,000 shares of Stock may be delivered pursuant to such Awards granted to
any one Participant during any one-calendar-year period (regardless of whether settlement of the Award is to occur prior to, at the time of, or after the time of vesting). 

4.3 Adjustments to Shares. In the event of a corporate transaction involving the Company (including, without limitation, any stock
dividend, stock split, extraordinary cash dividend, recapitalization, reorganization, merger, amalgamation, consolidation, split-up, spin-off, sale of assets or
subsidiaries, combination or exchange of shares), the Committee shall, in the manner it determines equitable in its sole discretion, adjust Awards to reflect the transactions. Action by the Committee may include, in its sole discretion:
(a) adjustment of the number and kind of shares which may be delivered under the Plan (including adjustments to the number and kind of shares that may be granted to an individual during any specified time as described in subsection 4.2); (b)
adjustment of the number and kind of shares subject to outstanding Awards; (c) adjustment of the Exercise Price of outstanding Options and SARs; and (d) any other adjustments that the Committee determines to be equitable (which may
include, without limitation, (i) replacement of Awards with other Awards which the Committee determines have comparable value and which are based on stock of a company resulting from the transaction, and (ii) cancellation of the Award in
return for cash payment of the current value of the Award, determined as though the Award is fully vested at the time of payment, provided that in the case of an Option or SAR, the amount of such payment may be the excess of value of the shares of
Stock subject to the Option or SAR at the time of the transaction over the exercise price). 

 4.4 Change in Control. 

 

	 	(a)	 In the event that (a) a Participant’s employment or service, as applicable, is terminated by the
Company or the successor to the Company (or a Related Company which is his or her employer) for reasons other than Cause within 24 months following a Change in Control, or (b) the Plan is terminated by the Company or its successor following a
Change in Control without provision for the continuation of outstanding Awards hereunder, all Options, SARs and related Awards which have not otherwise expired shall become immediately exercisable and all other Awards shall become fully vested. If a
Participant’s right to become vested in an Award following a Change in Control as described in the prior sentence is conditioned on the achievement of performance targets or other performance objectives (whether or not related to performance
measures), the Committee may make such determination either based on the determination of the satisfaction of the applicable performance goal based on actual performance through the date of such Change in Control or based on assumed performance at
the target level through the date of such Change in Control. 

  

	 	(b)	 If, upon a Change in Control, awards in other shares or securities are substituted for outstanding Awards
pursuant to subsection 4.3, and immediately following the Change in Control the Participant becomes employed (if the Participant was an employee immediately prior to the Change in Control) or a board member (if the Participant was an Outside
Director immediately prior to the Change in Control) of the entity into which the Company merged, or the purchaser of substantially all of the assets of the Company, or a successor to such entity or purchaser, the Participant shall not be treated as
having terminated employment or service for purposes of this subsection 4.4(b) until such time as the Participant terminates employment or service with the merged entity or purchaser (or successor), as applicable. 

4.5 Limit on Distribution. Distribution of shares of Stock or other amounts under the Plan shall be subject to the following: 

 

	 	(a)	 Notwithstanding any other provision of the Plan, the Company shall have no liability to deliver any shares of
Stock under the Plan or make any other distribution of benefits under the Plan unless such delivery or distribution would comply with all applicable laws and the applicable requirements of any securities exchange or similar entity.

  

	 	(b)	 In the case of a Participant who is subject to Section 16(a) and 16(b) of the Exchange Act, the Committee
may, at any time, add such conditions and limitations to any Award to such Participant, or any feature of any such Award, as the Committee, in its sole discretion, deems necessary or desirable to comply with Section 16(a) or 16(b) and the rules
and regulations thereunder or to obtain any exemption therefrom. 

  

	 	(c)	 To the extent that the Plan provides for issuance of certificates to reflect the transfer of shares of Stock,
the transfer of such shares of Stock may be effected on a non-certificated basis, to the extent not prohibited by applicable law or the rules of any stock exchange. 

 4.6 Liability for Cash Payments. Subject to the provisions of this Section 4,
each Related Company shall be liable for payment of cash due under the Plan with respect to any Participant to the extent that such benefits are attributable to the service rendered for that Related Company by the Participant. Any disputes relating
to liability of a Related Company for cash payments shall be resolved by the Committee. 
 4.7 Withholding. All Awards and other
payments under the Plan are subject to withholding of all applicable taxes, which withholding obligations may be satisfied, with the consent of the Committee, through the surrender of shares of Stock which the Participant already owns or to which a
Participant is otherwise entitled under the Plan; provided, however, that the amount withheld in the form of previously-owned shares of Stock that have been held by the Participant or shares of Stock to which the Participant is entitled under the
Plan may not exceed the maximum individual tax rate for the Participant in applicable jurisdictions for such Participant (based on the applicable rates of the relevant tax authorities (for example, federal, state and local), including the
Participant’s share of payroll or similar taxes, as provided in tax law, regulations, or the authority’s administrative practices, not to exceed the highest statutory rate in that jurisdiction, even if that rate exceeds the highest rate
that may be applicable to the specific Participant. 
 4.8 Transferability. Awards under the Plan are not transferable except as
designated by the Participant by will or by the laws of descent and distribution or, to the extent provided by the Committee, pursuant to a qualified domestic relations order (within the meaning of the Code and applicable rules thereunder). To the
extent that the Participant who receives an Award under the Plan has the right to exercise such Award, the Award may be exercised during the lifetime of the Participant only by the Participant. Notwithstanding the foregoing provisions of this
subsection 4.8, the Committee may permit Awards under the Plan to be transferred to or for the benefit of the Participant’s family (including, without limitation, to a trust or partnership for the benefit of a Participant’s family),
subject to such procedures as the Committee may establish. In no event shall an Incentive Stock Option be transferable to the extent that such transferability would violate the requirements applicable to such option under section 422 of the Code.

 4.9 Notices. Any notice or document required to be filed with the Committee under the Plan will be properly filed if delivered or
mailed by registered mail, postage prepaid, to the Committee, in care of the Company or the Related Company, as applicable, at its principal executive offices. The Committee may, by advance written notice to affected persons, revise such notice
procedure from time to time. Any notice required under the Plan (other than a notice of election) may be waived by the person entitled to notice. 

4.10 Form and Time of Elections. Unless otherwise specified herein, each election required or permitted to be made by any Participant
or other person entitled to benefits under the Plan, and any permitted modification or revocation thereof, shall be in writing filed with the applicable Committee at such times, in such form, and subject to such restrictions and limitations, not
inconsistent with the terms of the Plan, as the Committee shall require. 

 4.11 Agreement With the Company or Related Company. At the time of an Award to a
Participant under the Plan, the Committee may require a Participant to enter into an agreement with the Company or the Related Company, as applicable (the “Agreement”), in a form specified by the Committee, agreeing to the terms and
conditions of the Plan and to such additional terms and conditions, not inconsistent with the Plan, as the Committee may, in its sole discretion, prescribe. 

4.12 Limitation of Implied Rights. 
  

	 	(a)	 Neither a Participant nor any other person shall, by reason of the Plan, acquire any right in or title to any
assets, funds or property of the Company or any Related Company whatsoever, including, without limitation, any specific funds, assets, or other property which the Company or any Related Company, in its sole discretion, may set aside in anticipation
of a liability under the Plan. A Participant shall have only a contractual right to the amounts, if any, payable under the Plan, unsecured by any assets of the Company and any Related Company. Nothing contained in the Plan shall constitute a
guarantee by the Company or any Related Company that the assets of such companies shall be sufficient to pay any benefits to any person. 

  

	 	(b)	 The Plan does not constitute a contract of employment or continued service, and selection as a Participant will
not give any employee the right to be retained in the employ or service of the Company or any Related Company, nor any right or claim to any benefit under the Plan, unless such right or claim has specifically accrued under the terms of the Plan.
Except as otherwise provided in the Plan, no Award under the Plan shall confer upon the holder thereof any right as a stockholder of the Company prior to the date on which he fulfills all service requirements and other conditions for receipt of such
rights and shares of Stock are registered in his name. 

 4.13 Evidence. Evidence required of anyone under the Plan
may be by certificate, affidavit, document or other information which the person acting on it considers pertinent and reliable, and signed, made or presented by the proper party or parties. 

4.14 Action by the Company or Related Company. Any action required or permitted to be taken by the Company or any Related Company shall
be by resolution of its board of directors, as applicable, or by action of one or more members of the board (including a committee of the board) who are duly authorized to act for the board or (except to the extent prohibited by applicable law or
the rules of any stock exchange) by a duly authorized officer of the Company. 
 4.15 Gender and Number. Where the context admits,
words in any gender shall include any other gender, words in the singular shall include the plural and the plural shall include the singular. 

4.16 Applicable Law. The provisions of the Plan shall be construed in accordance with the laws of the State of Delaware, without giving
effect to choice of law principles. 

 4.17 Foreign Employees. Notwithstanding any other provision of the Plan to the
contrary, the Committee may grant Awards to eligible persons who are foreign nationals on such terms and conditions different from those specified in the Plan as may, in the judgment of the Committee, be necessary or desirable to foster and promote
achievement of the purposes of the Plan. In furtherance of such purposes, the Committee may make such modifications, amendments, procedures and subplans as may be necessary or advisable to comply with provisions of laws in other countries or
jurisdictions in which the Company or a Related Company operates or has employees. 
 SECTION 5 

COMMITTEE 
 5.1
Administration. The authority to control and manage the operation and administration of the Plan shall be vested in the Compensation Committee of the Board (the “Committee”) unless otherwise provided by the Board. If the Committee
does not exist, or for any other reason determined by the Board, the Board may take any action under the Plan that would otherwise be the responsibility of the Committee. 

5.2 Selection of Committee. So long as the Company is subject to Section 16 of the Exchange Act, the Committee shall be selected
by the Board and shall consist of not fewer than two members of the Board or such greater number as may be required for compliance with Rule 16b-3 issued under the Exchange Act and shall be comprised of
persons who are independent for purposes of applicable stock exchange listing requirements. Notwithstanding any other provision of the Plan to the contrary, with respect to any Awards to Outside Directors, the Committee shall be the Board. 

5.3 Powers of Committee. The authority to manage and control the operation and administration of the Plan shall be vested in the
Committee, subject to the following: 
  

	 	(a)	 Subject to the provisions of the Plan, the Committee will have the authority and discretion to select
individuals who shall be Eligible Individuals and who, therefore are eligible to receive Awards under the Plan. The Committee shall have the authority to determine the time or times of receipt, to determine the types of Awards and the number of
shares of Stock covered by the Awards, to establish the terms, conditions, performance targets, restrictions, and other provisions of such Awards, to cancel or suspend Awards, and to accelerate the exercisability or vesting of any Award under
circumstances designated by it. In making such Award determinations, the Committee may take into account the nature of services rendered by the respective employee, the individual’s present and potential contribution to the Company’s or a
Related Company’s success and such other factors as the Committee deems relevant. 

	 	(b)	 Notwithstanding the provisions of subsections 2.4(a), 3.2(a) and 3.2(b) of the Plan, the Committee may grant
Awards that are not subject to the minimum vesting limitations of subsection 2.4(a) (with respect to Options and SARs) and of subsections 3.2(a) and 3.2(b) (with respect to Full Value Awards); provided, however, that the aggregate number of shares
of Stock subject to Options, SARs and Full Value Awards granted pursuant to the Plan that are not subject to the minimum vesting limitations of subsections 2.4(a), 3.2(a) and 3.2(b) (excluding any such Awards to the extent that they have been
forfeited or cancelled) may not exceed 5% of the limit imposed by subsection 4.2(b) (relating to the limit on shares of Stock granted under the Plan). 

  

	 	(c)	 Subject to the provisions of the Plan, the Committee will have the authority and discretion to conclusively
interpret the Plan, to establish, amend and rescind any rules and regulations relating to the Plan, to determine the terms and provisions of any agreements made pursuant to the Plan and to make all other determinations that may be necessary or
advisable for the administration of the Plan. 

  

	 	(d)	 Any interpretation of the Plan by the Committee and any decision made by it under the Plan is final and binding
on all persons. 

  

	 	(e)	 Except as otherwise expressly provided in the Plan, where the Committee is authorized to make a determination
with respect to any Award, such determination shall be made at the time the Award is made, except that the Committee may reserve the authority to have such determination made by the Committee in the future (but only if such reservation is made at
the time the Award is granted is expressly stated in the Agreement reflecting the Award and is permitted by applicable law). 

 Without
limiting the generality of the foregoing, it is the intention of the Company that, to the extent that any provisions of this Plan or any Awards granted hereunder are subject to section 409A of the Code, the Plan and the Awards comply with the
requirements of section 409A of the Code and that the Plan and Awards be administered in accordance with such requirements and the Committee shall have the authority to amend any outstanding Awards to conform to the requirements of section 409A.

 5.4 Delegation by Committee. Except to the extent prohibited by applicable law or the rules of any stock exchange or NASDAQ (if
appropriate), the Committee may allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any part of its responsibilities and powers to any person or persons selected by it. Any such
allocation or delegation may be revoked by the Committee at any time. 
 5.5 Information to be Furnished to Committee. The Company
and the Related Companies shall furnish the Committee such data and information as may be required for it to discharge its duties. The records of the Company and the Related Companies as to an employee’s or Participant’s employment or
provision of services, termination of employment or cessation of the provision of services, leave of absence, reemployment and compensation shall be conclusive on all persons unless determined to be incorrect. Participants and other persons entitled
to benefits under the Plan must furnish the Committee such evidence, data or information as the Committee consider desirable to carry out the terms of the Plan. 

 5.6 Liability and Indemnification of Committee. No member or authorized delegate of
the Committee shall be liable to any person for any action taken or omitted in connection with the administration of the Plan unless attributable to his own fraud or willful misconduct; nor shall the Company or any Related Company be liable to any
person for any such action unless attributable to fraud or willful misconduct on the part of a director or employee of the Company or Related Company. The Committee, the individual members thereof, and persons acting as the authorized delegates of
the Committee under the Plan, shall be indemnified by the Company against any and all liabilities, losses, costs and expenses (including legal fees and expenses) of whatsoever kind and nature which may be imposed on, incurred by or asserted against
the Committee or its members or authorized delegates by reason of the performance of a Committee function if the Committee or its members or authorized delegates did not act dishonestly or in willful violation of the law or regulation under which
such liability, loss, cost or expense arises. This indemnification shall not duplicate but may supplement any coverage available under any applicable insurance. 

SECTION 6 
 AMENDMENT
AND TERMINATION 
 The Board may, at any time, amend or terminate the Plan, and the Board or the Committee may amend any Award
Agreement, provided that no amendment or termination may, in the absence of written consent to the change by the affected Participant (or, if the Participant is not then living, the affected Beneficiary), adversely affect the rights of any
Participant or Beneficiary under any Award granted under the Plan prior to the date such amendment is adopted by the Board (or the Committee, if applicable); and further provided that adjustments pursuant to subsection 4.3 shall not be subject to
the foregoing limitations of this Section 6; and further provided that the provisions of subsection 2.7 (relating to Option and SAR repricing) cannot be amended unless the amendment is approved by the Company’s stockholders. It is the
intention of the Company that, to the extent that any provisions of this Plan or any Awards granted hereunder are subject to section 409A of the Code, the Plan and the Awards comply with the requirements of section 409A of the Code and that the
Board shall have the authority to amend the Plan as it deems necessary to conform to section 409A. 
 SECTION 7 

DEFINED TERMS 
  

	 	(a)	 “Agreement” has the meaning set forth in subsection 4.11. 

 

	 	(b)	 “Approval Date” means the date on which the Plan is approved by the Company’s stockholders.

  

	 	(c)	 “Award” means any award described in Section 2 or 3 of the Plan. 

	 	(d)	 “Beneficiary” means the person or persons the Participant designates to receive the balance of his or
her benefits under the Plan in the event the Participant’s Termination Date occurs on account of death. Any designation of a Beneficiary shall be in writing, signed by the Participant and filed with the Committee prior to the Participant’s
death. A Beneficiary designation shall be effective when filed with the Committee in accordance with the preceding sentence. If more than one Beneficiary has been designated, the balance of the Participant’s benefits under the Plan shall be
distributed to each such Beneficiary per capita. In the absence of a Beneficiary designation or if no Beneficiary survives the Participant, the Beneficiary shall be the Participant’s estate. 

 

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

 

	 	(f)	 “Cause” shall mean, in the reasonable judgment of the Committee (i) the willful and continued
failure by the Participant to substantially perform his duties with the Company or any Related Company (other than any such failure resulting from the Participant’s Disability), (ii) the willful engaging by the Participant in conduct which is
demonstrably injurious to the Company or any Related Company, monetarily or otherwise, (iii) the engaging by the Participant in egregious misconduct involving moral turpitude to the extent that the Participant’s credibility and reputation
no longer conform to the standard for employees, directors or service providers, as applicable, of the Company and Related Companies, or (iv) the Participant is convicted of a felony. For purposes hereof, no act, or failure to act, on the
Participant’s part shall be deemed “willful” unless done, or omitted to be done, by the Participant not in good faith and without reasonable belief that such action was in the best interest of the Company or Related Company.

  

	 	(g)	 “Change in Control” means the first to occur of any of the following: 

 

	 	(i)	 the purchase or other acquisition by any person, entity or group of persons (within the meaning of section
13(d) or 14(d) of the Exchange Act or any comparable successor provisions, other than an acquisition by a trustee or other fiduciary holding securities under an employee benefit plan or similar plan of the Company or a Related Company), of
“beneficial ownership” (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of either the outstanding shares of Stock or the combined voting power of the
Company’s then outstanding voting securities entitled to vote generally; 

  

	 	(ii)	 the consummation of a reorganization, merger or consolidation of the Company, in each case, with respect to
which persons who were stockholders of the Company immediately prior to such reorganization, merger or consolidation do not, immediately thereafter, own more than 50% of the combined voting power entitled to vote generally in the election of
directors of the reorganized, merged or consolidated company’s then outstanding securities; 

  

	 	(iii)	 a liquidation or dissolution of the Company or the sale of substantially all of the Company’s assets; or

	 	(iv)	 at any time during any period of two consecutive years, individuals who at the beginning of such period were
members of the Board cease for any reason to constitute at least a majority thereof (unless the election, or the nomination for election by the Company’s stockholders, of each new director was approved by a vote of at least two-thirds of the directors still in office at the time of such election or nomination who were directors at the beginning of such period). 

 

	 	(h)	 “Code” means the Internal Revenue Code of 1986, as amended. 

 

	 	(i)	 “Committee” has the meaning set forth in subsection 5.1 

 

	 	(j)	 “Disability” means, except as otherwise provided by the Committee, the Participant’s inability,
by reason of a medically determinable physical or mental impairment, to engage in any substantial gainful activity, which condition, in the opinion of a physician selected by the Committee, is expected to have a duration of not less than 120 days.

  

	 	(k)	 “Eligible Individual” means any employee or director of, or other service provider to, the Company or
a Related Company, including any member of the Board who is not an employee of the Company or a Related Company. 

  

	 	(l)	 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

 

	 	(m)	 “Expiration Date” has the meaning set forth in subsection 2.10. 

 

	 	(n)	 “Fair Market Value” of a share of Stock means, as of any date, the value determined in accordance
with the following rules: 

  

	 	(i)	 If the Stock is at the time listed or admitted to trading on any stock exchange, then the Fair Market Value
shall be the closing price per share on such date on the principal exchange on which the Stock is then listed or admitted to trading or, if no such sale is reported on that date, on the last preceding date on which a sale was so reported.

  

	 	(ii)	 If the Stock is not at the time listed or admitted to trading on a stock exchange, the Fair Market Value shall
be the closing price of a share on such date in the over-the-counter market, as such prices are reported in a publication of general circulation selected by the
Committee and regularly reporting the market price of the Stock in such market. 

  

	 	(iii)	 If the Stock is not listed or admitted to trading on any stock exchange or traded in the over-the-counter market, the Fair Market Value shall be as determined by the Committee in good faith by reasonable application of a reasonable valuation method.

	 	(iv)	 For purposes of determining the Fair Market Value of Stock that is sold pursuant to a cashless exercise
program, Fair Market Value shall be the price at which such Stock is sold. 

  

	 	(o)	 “Full Value Award” has the meaning set forth in Section 3.1 

 

	 	(p)	 “Incentive Stock Option” means an Option that is intended to satisfy the requirements applicable to
an “incentive stock option” described in section 422 of the Code. 

  

	 	(q)	 “Non-Qualified Stock Option” means an Option that is not
intended to be an Incentive Stock Option. 

  

	 	(r)	 “Option” has the meaning set forth in subsection 2.1(a). 

 

	 	(s)	 “Outside Director” means a director of the Company who is not an officer or employee of the Company
or the Related Companies. 

  

	 	(t)	 “Participant” shall have the meaning set forth in subsection 1.3. 

 

	 	(u)	 “Related Company” means any corporation, partnership, joint venture or other entity during any period
in which a controlling interest in such entity is owned, directly or indirectly, by the Company (or by any entity that is a successor to the Company), and any other business venture designated by the Committee in which the Company (or any entity
that is a successor to the Company) has, directly or indirectly, a significant interest (whether through the ownership of securities or otherwise), as determined in the discretion of the Committee. 

 

	 	(v)	 “SAR” or “Stock Appreciation Right” has the meaning set forth in subsection 2.1(b).

  

	 	(w)	 “Stock” means share of common stock, $0.005 par value, of the Company. 

 

	 	(x)	 “Subsidiary” means a subsidiary corporation within the meaning of section 424(f) of the Code.

  

	 	(y)	 “Termination Date” means the date on which a Participant both ceases to be an employee of the Company
and the Related Companies and ceases to perform material services for the Company and the Related Companies (whether as a director or otherwise), regardless of the reason for the cessation; provided that a “Termination Date” shall not be
considered to have occurred during the period in which the reason for the cessation of services is a leave of absence approved by the Company or the Related Company which was the recipient of the Participant’s services; and provided, further
that, with respect to an Outside Director, “Termination Date” means date on which the Outside Director’s service as an Outside Director terminates for any reason. If, as a result of a sale or other transaction, the entity for which
the Participant performs services ceases to be a Related Company (and such entity is or becomes an entity separate from the Company), the occurrence of such transaction shall be the Participant’s Termination Date. 

 SECTION 8 

Notwithstanding any other provision of the Plan to the contrary, to the extent that any Award under the Plan (or any payment or benefit under any Award) is
subject to section 409A of the Code, the following shall apply unless otherwise provided in an Award Agreement: 
  

	 	(a)	 if any payment or benefit under such Award is to be paid on account of the Participant’s Termination Date
(or other separation from service or termination of employment) and if the Participant is a specified employee (within the meaning of section 409A(a)(2)(B) of the Code) and if any such payment or benefit is required to be made or provided prior to
the first day of the seventh month following the Participant’s separation from service or termination of employment, such payment or benefit shall be delayed until the first day of the seventh month following the Participant’s separation
from service; and 

  

	 	(b)	 the determination as to whether the Participant has had a termination of employment (or separation from
service) shall be made in accordance with the provisions of section 409A of the Code and the guidance issued thereunder without application of any alternative levels of reductions of bona fide services permitted thereunder. 

All Awards under the Plan which are subject to section 409A of the Code are intended to comply with section 409A of the Code and will be interpreted and
administered accordingly.EX-4.1

 Exhibit 4.1 
  

									
	     

COMMON
SHARE
CERTIFICATE
	  	 Certificate No.
  

For Nil Common Shares
	 		  	                    From Whom Transferred	  	
Received Certificate No.                    
                  
  

For                         
                                    Shares

	  		 	Issued to	  	             Dated

 
	  	this                         day of         
                           
	  		 	SPECIMEN	  	            No. Original Certificate	  	  

	  		  	            No. Original Shares	  	  

	  	Dated	 		  	            No. of Shares Transferred	  	  

 INCORPORATED UNDER THE LAWS OF THE PROVINCE OF ONTARIO 

 

					
	No.	  	    	  	Nil Shares

 LI-CYCLE HOLDINGS CORP. 

This is to Certify that SPECIMEN 
 is the registered
holder of Nil Common Shares of 
 LI-CYCLE HOLDINGS CORP. 

The class or series of shares represented by this Certificate has rights, privileges, restrictions or conditions attached thereto and the Corporation will
furnish to the holder, on demand and without charge, a full copy of the text of, 
  

	(i)	 the rights, privileges, restrictions and conditions attached to the said shares and, if applicable, to each
class authorized to be issued and to each series insofar as the same have been fixed by the directors, and 

  

	(ii)	 the authority of the directors to fix the rights, privileges, restrictions and conditions of subsequent series,
if applicable. 

 IN WITNESS WHEREOF the Corporation has caused this Certificate to be signed by its duly authorized
officer this              day of
                                    ,
    . 
  

					
	    	  	    	  	     

 CERTIFICATE 

FOR 
 Nil 

Common Shares of 
 LI-CYCLE HOLDINGS CORP. 
 ISSUED TO 

SPECIMEN 
  

 
 DATE 

 
  

 

					
		 	            For Value Received,
                                         
              hereby
assign and transfer unto                                  
                                         
   	 	
		 	  
	 	

		 	                             Shares represented by the within
certificate.	 	
			
		 	                     Dated
                                        

                     In the presence
of

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