Document:

EX-10.3

 Exhibit 10.3 

[Form of Restricted Stock Unit Agreement 

under 2017 Stock Incentive Plan] 

VERITONE, INC. 

RESTRICTED STOCK UNIT AGREEMENT 

RECITALS 
 A. The Board has adopted
the Plan for the purpose of retaining the services of selected Employees, non-employee members of the Board or the board of directors of any Parent or Subsidiary and consultants and other independent advisors
in the service of the Corporation (or any Parent or Subsidiary). 
 B. The Participant is to render valuable services to the Corporation (or
a Parent or Subsidiary), and this Agreement is executed pursuant to, and is intended to carry out the purposes of, the Plan in connection with the Corporation’s grant of an award of restricted stock units to the Participant. 

C. All capitalized terms in this Agreement shall have the meaning assigned to them in Paragraph 15. 

NOW, THEREFORE, it is hereby agreed as follows: 

1. Grant of RSUs. The Corporation hereby grants to the Participant, as of the Grant Date, an award of restricted stock units
(“RSUs”) under the Plan (the “Award”). Each RSU represents the right to receive one share of Common Stock (the “Share”) on the specified issuance date following the vesting of that RSU. The number of RSUs subject to the
Award, the applicable vesting schedule for those RSUs, the date on which Shares underlying those vested RSUs shall become issuable to the Participant and the remaining terms and conditions governing the Award shall be as set forth in this Agreement.

 AWARD SUMMARY 
  

			
		
	Participant:	  	[PARTICIPANT NAME]
		
	Grant Date:	  	[GRANT DATE]
		
	 Number of RSUs
 Subject to
Award:
	  	[NO. OF RSUs]
		
	Vesting Schedule:	  	[DESCRIPTION OF VESTING SCHEDULE]

			
		
	Issuance Schedule:	  	The Shares underlying the RSUs in which the Participant vests in accordance with the vesting schedule above shall be issued on the date those particular RSUs vest or as soon after that scheduled vesting date as administratively
practicable, but in no event later than the later of (i) the close of the calendar year in which such vesting date occurs or (ii) the fifteenth day of the third calendar month following such vesting date (the “Issue
Date”).

 2. Limited Transferability. Prior to the actual issuance of the Shares pursuant to RSUs which
vest hereunder, the Participant may not transfer any interest in the Award or the underlying Shares; provided, however, any Shares issuable pursuant to vested RSUs hereunder but which otherwise remain unissued at the time of the
Participant’s death may be transferred pursuant to the provisions of the Participant’s will or the laws of inheritance or to the Participant’s designated beneficiary or beneficiaries of this Award. 

3. Cessation of Service. Should Participant’s Service cease for any reason prior to vesting in one or more RSUs subject to
this Award, then the Award will be immediately cancelled with respect to those unvested RSUs, and the number of RSUs will be reduced accordingly. The Participant shall thereupon cease to have any right or entitlement to receive any Shares under
those cancelled RSUs. 
 4. Stockholder Rights. The Participant shall not have any stockholder rights, including voting or
dividend rights, with respect to the Shares underlying the RSUs subject to the Award until the Participant becomes the record holder of those Shares following their actual issuance. 

5. Change in Control. 

(a) Should a Change in Control occur during the Participant’s period of Service, then this Award may, as determined by the Plan
Administrator in its sole discretion, be (i) assumed by the successor corporation (or parent thereof), (ii) canceled and substituted with an award granted by the successor corporation (or parent thereof), (iii) otherwise continued in full force
and effect pursuant to the terms of the Change in Control transaction or (iv) replaced with a cash retention program of the Corporation or any successor corporation (or parent thereof) which preserves the value of the RSUs that have not vested
at the time of the Change in Control and provides for subsequent payout of such value. Notwithstanding the foregoing, no such cash retention program shall be established for this Award to the extent such program would otherwise be deemed to
constitute a deferred compensation arrangement subject to the requirements of Code Section 409A and the Treasury Regulations thereunder. 

(b) To the extent this Award is not assumed, substituted, continued or replaced in accordance with Paragraph 5(a), the RSUs shall
automatically vest in full immediately prior to the effective date of the Change in Control. The Shares subject to those vested RSUs will be issued immediately at that time or as soon as administratively practicable thereafter, but in no event more
than fifteen (15) business days after the closing of the Change in Control transaction. Alternatively, the Participant’s right to the Shares may be converted into the right to receive the same consideration per share of Common Stock
payable to the other stockholders of the Corporation in consummation of the Change in Control and distributed at the same time as such stockholder payments. 

  
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 (c) The Plan Administrator shall have the authority to provide that any escrow, holdback, earn-out or similar provisions in the definitive agreement effecting the Change in Control shall apply to any cash payment made under Paragraph 5(a) or Paragraph 5(b) above to the same extent and in the same manner
as such provisions apply to a holder of a share of Common Stock. 
 (d) Immediately following the consummation of the Change in Control,
this Award shall terminate and cease to be outstanding, except to the extent assumed by the successor corporation (or parent thereof) or otherwise continued in full force and effect pursuant to the terms of the Change in Control transaction. 

(e) If this Award is assumed in connection with a Change in Control or otherwise continued in effect, then this Award shall be appropriately
adjusted, immediately after such Change in Control, to apply to the number and class of securities which would have been issuable to the Participant in consummation of such Change in Control, had the RSU vested immediately prior to such Change in
Control. To the extent that the actual holders of the Corporation’s outstanding Common Stock receive cash consideration for their Common Stock in consummation of the Change in Control, the successor corporation (or parent thereof) may in
connection with the assumption or continuation of this option and subject to the Plan Administrator’s approval, substitute one or more shares of its own common stock with a fair market value equivalent to the cash consideration paid per share
of Common Stock in such Change in Control, provided such common stock is readily traded on an established U.S. securities market. 
 (f)
This Agreement shall not in any way affect the right of the Corporation to adjust, reclassify, reorganize or otherwise change its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its
business or assets. 
 6. Adjustment in Shares. Should any change be made to the outstanding Common Stock by reason of any
stock split, stock dividend, recapitalization, combination of shares, exchange of shares, spin-off transaction or other change affecting the outstanding Common Stock as a class without the Corporation’s
receipt of consideration, or should the value of outstanding shares of Common Stock be substantially reduced as a result of a spin-off transaction or an extraordinary dividend or distribution, or should there
occur any merger, consolidation, reincorporation or other reorganization, then equitable adjustments shall be made to the total number and/or class of securities issuable pursuant to this Award in such manner as the Plan Administrator deems
appropriate in order to reflect such change, and those adjustments shall be final, binding and conclusive. 
 7. Issuance of
Shares. 
 (a) Upon the applicable Issue Date, the Corporation shall issue to or on behalf of the Participant a certificate (which
may be in electronic form) for the applicable number of Shares. 

  
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 (b) Except as otherwise provided in Paragraph 5, the settlement of all RSUs which vest under the
Award shall be made solely in Shares. In no event, however, shall any fractional Shares be issued. Accordingly, the total number of Shares to be issued pursuant to the Award shall, to the extent necessary, be rounded down to the next whole Share in
order to avoid the issuance of a fractional Share. 
 8. Compliance with Laws and Regulations. 

(a) The issuance of Shares pursuant to the Award shall be subject to compliance by the Corporation and the Participant with all applicable
requirements of law relating thereto and with all applicable regulations of any Stock Exchange on which the Common Stock may be listed for trading at the time of such issuance. 

(b) The inability of the Corporation to obtain approval from any regulatory body having authority deemed by the Corporation to be necessary to
the lawful issuance and sale of any Common Stock pursuant to this Award shall relieve the Corporation of any liability with respect to the non-issuance or sale of the Common Stock as to which such approval
shall not have been obtained. The Corporation, however, shall use its best efforts to obtain all such approvals. 
 9. Successors and
Assigns. Except to the extent otherwise provided in this Agreement, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the Corporation and its successors and assigns and the Participant, the
Participant’s assigns and the legal representatives, heirs and legatees of the Participant’s estate and any beneficiaries of the Award designated by the Participant. 

10. Notices. Any notice required to be given or delivered to the Corporation under the terms of this Agreement shall be in
writing and addressed to the Corporation at its principal corporate offices. Any notice required to be given or delivered to the Participant shall be in writing and addressed to the Participant at the address indicated below the Participant’s
signature line on this Agreement. All notices shall be deemed effective upon personal delivery or upon deposit in the U.S. mail, postage prepaid and properly addressed to the party to be notified. 

11. Construction. This Agreement and the Award evidenced hereby are made and granted pursuant to the Plan and are in all respects
limited by and subject to the terms of the Plan. All decisions of the Plan Administrator with respect to any question or issue arising under the Plan or this Agreement shall be conclusive and binding on all persons having an interest in this Award.
To the extent there is any ambiguity as to whether any provision of this Agreement would otherwise contravene one or more applicable requirements or limitations of Code Section 409A and the Treasury Regulations thereunder, such provision shall
be interpreted and applied in a manner that complies with the applicable requirements of Code Section 409A and the Treasury Regulations thereunder. For purposes of Code Section 409A, each installment distribution of Shares (or other
installment distribution hereunder) shall be treated as a separate payment, and the Participant’s right to receive each such installment of shares (or other installment distribution hereunder) shall accordingly be treated as a right to receive
a series of separate payments. 

  
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 12. Governing Law. The interpretation, performance and enforcement of this
Agreement shall be governed by the laws of the State of Delaware without resort to that state’s conflict-of-laws rules. 

13. Stockholder Approval. If the Shares covered by this Agreement exceed, as of the Grant Date, the number of shares of Common
Stock which may be issued under the Plan as last approved by the stockholders, then this Award shall be void with respect to such excess Shares, unless stockholder approval of an amendment sufficiently increasing the number of shares of Common Stock
issuable under the Plan is obtained in accordance with the provisions of the Plan. 
 14. No Impairment of Rights. This
Agreement shall not in any way affect the right of the Corporation to adjust, reclassify, reorganize or otherwise make changes in its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of
its business or assets. In addition, this Agreement shall not in any way be construed or interpreted so as to affect adversely or otherwise impair the right of the Corporation or its shareholders to remove the Participant from the Board at any time
in accordance with the provisions of applicable law. 
 15. Employment at Will. Nothing in this Agreement or in the Plan shall
confer upon the Participant any right to continue in Service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Corporation (or any Parent or Subsidiary employing or retaining the Participant) or
of the Participant, which rights are hereby expressly reserved by each, to terminate the Participant’s Service at any time for any reason, with or without cause. 

16. Definitions. The following definitions shall be in effect under the Agreement: 

(a) Agreement shall mean this Restricted Stock Unit Agreement. 

(b) Award shall mean the award of RSUs made to the Participant pursuant to the terms of this Agreement. 

(c) Board shall mean the Corporation’s Board of Directors. 

(d) Change in Control shall mean a change in ownership or control of the Corporation effected through any of the following
transactions: 
 (i) a merger, consolidation or other reorganization approved by the Corporation’s stockholders, unless
securities representing more than fifty percent (50%) of the total combined voting power of the voting securities of the successor corporation are immediately thereafter beneficially owned, directly or indirectly and in substantially the same
proportion, by the persons who beneficially owned the Corporation’s outstanding voting securities immediately prior to such transaction; 

  
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 (ii) a stockholder-approved sale, transfer or other disposition of all or
substantially all of the Corporation’s assets in liquidation or dissolution of the Corporation; 
 (iii) the
acquisition, directly or indirectly by any person or related group of persons (other than the Corporation or a person that directly or indirectly controls, is controlled by, or is under common control with, the Corporation), of beneficial ownership
(within the meaning of Rule 13d-3 of the 1934 Act) of securities possessing more than fifty percent (50%) of the total combined voting power of the Corporation’s outstanding securities pursuant to a
tender or exchange offer made directly to the Corporation’s stockholders; or 
 (iv) a change in the composition of the
Board over a period of twelve (12) consecutive months or less such that a majority of the Board members ceases to be comprised of individuals who either (I) have been Board members continuously since the beginning of such period
(“Incumbent Directors”) or (II) have been elected or nominated for election as Board members during such period by at least a majority of the Incumbent Directors who were still in office at the time the Board approved such election or
nomination; provided that any individual who becomes a Board member subsequent to the beginning of such period and whose election or nomination was approved by two-thirds of the Board members then comprising
the Incumbent Directors will be considered an Incumbent Director. 
 (a) Code shall mean the Internal Revenue Code of 1986, as
amended. 
 (b) Common Stock shall mean the Corporation’s common stock. 

(c) Corporation shall mean Veritone, Inc., a Delaware corporation, and any corporate successor to all or substantially all of
the assets or voting stock of Veritone, Inc. 
 (d) Grant Date shall mean the date the RSUs are awarded to Participant
pursuant to the Agreement and shall be the date indicated in Paragraph 1 of the Agreement. 
 (e) Issue Date shall have the
meaning indicated in Paragraph 1 of the Agreement. 
 (f) 1934 Act shall mean the Securities Exchange Act of 1934, as amended.

 (g) Parent shall mean any corporation (other than the Corporation) in an unbroken chain of corporations ending with the
Corporation, provided each corporation in the unbroken chain (other than the Corporation) owns, at the time of the determination, stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the
other corporations in such chain. 
 (h) Participant shall mean the person to whom the Award is made pursuant to the
Agreement. 

  
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 (i) Plan shall mean the Corporation’s 2017 Stock Incentive Plan. 

(j) Plan Administrator shall mean either the Board or a committee of the Board acting in its capacity as administrator of the
Plan. 
 (k) RSU shall have the meaning set forth in Paragraph 1 of the Agreement. 

(l) Service shall mean the Participant’s performance of services for the Corporation (or any Parent or Subsidiary, whether
now existing or subsequently established) in the capacity of an Employee, a non-employee member of the board of directors or a consultant or independent advisor. For purposes of this Agreement, the Participant
shall be deemed to cease Service immediately upon the occurrence of either of the following events: (i) the Participant no longer performs services in any of the foregoing capacities for the Corporation or any Parent or Subsidiary or
(ii) the entity for which the Participant is performing such services ceases to remain a Parent or Subsidiary of the Corporation, even though the Participant may subsequently continue to perform services for that entity. Service shall not be
deemed to cease during a period of military leave, sick leave or other personal leave approved by the Corporation. 
 (m) Stock
Exchange shall mean the American Stock Exchange, the Nasdaq Global or Global Select Market or the New York Stock Exchange. 
 (n)
Subsidiary shall mean any corporation (other than the Corporation) in an unbroken chain of corporations beginning with the Corporation, provided each corporation (other than the last corporation) in the unbroken chain owns, at the time
of the determination, stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 

IN WITNESS WHEREOF, the parties have executed this Agreement on the respective dates indicated below. 

 

					
	Dated: [DATE]	 	VERITONE, INC.
			
		 	By:	 	     

			
		 	Name:	 	  

			
		 	Title:	 	  

		
		 	  

		 	[PARTICIPANT NAME]

  
 7EX-10.01

 Exhibit 10.01 
 

 
  
  

Form of Centuri Construction Group, Inc. 

Short-Term Incentive Plan (STIP) For Exempt Executive Employees 

 TABLE OF CONTENTS 

 

					
		
	SECTION	  	PAGE	 
		
	 PLAN OBJECTIVES
	  	 	1	 
		
	 ELIGIBILITY AND TARGET SHORT-TERM INCENTIVE OPPORTUNITY
	  	 	1	 
		
	 PLAN DESIGN WITH PERFORMANCE MEASURES & GOALS
	  	 	2	 
		
	 STIP AWARD BONUS CALCULATION EXAMPLE
	  	 	3	 
		
	 VESTING AND PAYMENT
	  	 	4	 
		
	 DEFERRAL OF A STIP AWARD BONUS PAYMENT AND PAYMENT OF DEFERRED AMMOUNTS
	  	 	6	 
		
	 TERMS AND CONDITIONS
	  	 	6	 
		
	 GOVERNING TERMS AND CONDITIONS
	  	 	6	 

 Plan Objectives 

 
 This Plan applies to Centuri
Construction Group, Inc. and its subsidiaries (collectively referred to herein as “Centuri” unless the Committee determines that a reference to Centuri is intended to refer only to Centuri Construction Group, Inc.). As used herein:
“Plan Year” means the [applicable] calendar year; the term “CEO” means Centuri’s President & CEO; and the term “Committee” means Centuri’s Compensation Steering Committee, which
group shall be comprised of the CEO, Centuri’s Executive Vice-President/Chief Financial Officer, and Centuri’s Senior Vice-President of Human Resources (“SVPHR”), along with such others as the CEO may appoint as Committee
members from time to time. The CEO may remove one or more Committee members at any time. 
 The objectives of this Plan are to: 

 

	 	•	 	 Retain exempt executive employees. 

 

	 	•	 	 Connect short-term compensation to Centuri’s business goals and performance. 

Plan Status 
  

The Plan is a bonus plan and has been designed to fit into the Department of Labor Regulation
Section 2510.3-2(c) bonus program exception to an employee pension benefit plan status under the Employee Retirement Income Security Act of 1974, as amended. The Plan generally pays bonus compensation
shortly after the year in which it is earned and vested. A STIP award bonus for the Plan Year may be deferred and as such will be subject to Section 409A of the Internal Revenue Code of 1986, (the “Code”) as amended. For
purposes of this Plan, Code Section 409A, and the rules, regulations, and published guidance of the Internal Revenue Service promulgated for Code Section 409A, are hereinafter collectively referred to as
“Section 409A.” 
 Eligibility and Target Short-Term Incentive Opportunity 

 
 Employees eligible for participation
under this Plan are employees (1) whose jobs are designated by Centuri to receive compensation at or above Centuri’s Salary Grade 15 or 16, (2) whose jobs are deemed to be exempt positions as defined by the Fair Labor Standards Act (FSLA),
and (3) who are designated to participate in the Plan by the Committee; eligibility starts upon hire or promotion into a Plan-designated position (subject to written confirmation by the CEO, the SVPHR, or the designee of either, by way of an
offer letter or notice of Plan eligibility). 
 A Centuri employee shall not be eligible to receive a Plan award bonus for the Plan Year
under this Plan if the employee is eligible for a bonus for the Plan Year under any other Centuri short-term incentive plan. A Plan award bonus earned by an eligible employee/participant in the Plan Year will be paid to such eligible
employee/participant only if employee remains actively employed by the Centuri at the time of payout. 
 An employee eligible to
participate in the STIP must be employed by Centuri on January 1 [of the Plan Year]. Notwithstanding the foregoing, during the Plan Year, the CEO may designate one or more other employees as eligible to participate in the STIP; provided,
however, that any STIP award bonus payable to such a designated employee shall be prorated awards, as determined by the Committee, with such proration based on the portion of the Plan Year in which the designated employee actually participates in
the STIP. 

  

					
	  

	CENTURI CONSTRUCTION GROUP	  	STIP EXECUTIVE	  	P A G E | 1

 Plan bonus payouts are salary-based (and subject to the goals attainment, measures and weightings
discussed elsewhere in this Plan), and the base salary used for such shall be pegged to an employee’s base salary as of October 1st of the Plan Year. For purposes of this Plan, the term
“Base Salary” means a STIP participant’s base salary as shown on the Centuri payroll system; provided, however, that in no event will “Base Salary” include overtime pay, disability pay, bonuses or any other type
incentive pay, cash or non-cash taxable or non-taxable fringe benefits including but not limited to car, club or other allowances, or any other supplemental
compensation. 
 Plan Design with Performance Measures and Goals 

 
 The purpose of the STIP is to align
the interests (and motivate the actions) of Centuri’s exempt employees with the interests of Centuri’s owners in growing Centuri’s earnings, profitability, safety and business. 

Notwithstanding any other provision in this Plan to the contrary, if Centuri does not achieve a required minimum level of annual net profit
before incentives and taxes for the Plan Year, the Plan will not pay any bonuses for the Plan Year. The required minimum level of annual net profit before incentives and taxes for the Plan Year will be set forth in the Target, Threshold and Maximum
for Centuri Pre-Tax Income Measure. 
 The calculation of the bonus, if any, payable under this Plan
to a Plan participant for the Plan Year will be determined based on the participant’s bonus award opportunity (determined using the STIP Target Award as a Percentage of Base Salary and the STIP Award Opportunity Schedule (as a Percentage of
Target Based on Achievement) in combination with the following four performance measures or components: 
  

	 	1.	 Target, Threshold, and Maximum for Centuri Pre-Tax Income Measure;

  

	 	2.	 Target, Threshold, and Maximum for Centuri Safety Measure; and 

 

	 	3.	 Weighting of Measures for Area, Region and Division; and 

 

	 	4.	 Individual Goals Achievement Score and Award Matrix. 

The Target, Threshold and Maximum for Centuri Pre-Tax Income Measure will establish the corporate
profitability goal (on a consolidated basis) for the Plan Year. 
 The Target, Threshold, and Maximum for Centuri Safety Measure will be
based on the American Gas Association (“AGA”) industry days away from work, restricted or transferred (“DART”) incident rate standard measurement for safety. 

The Weighting of Measures for Area, Region and Division establishes the weighting of the measures in determining the award bonus payable to a
participant. 

  

					
	  

	CENTURI CONSTRUCTION GROUP	  	STIP EXECUTIVE	  	P A G E | 2

 The Individual Goals Achievement Score and Award Matrix is used to determine the percentage of
the award bonus payable to the participant. 
 STIP Award Bonus Calculation Example 

 
 Example: 

Assume an employee (“Employee A”) is a Plan participant and has a Base Salary of $100,000. Pursuant to the STIP Target Award
as a Percentage of Base Salary and the STIP Award Opportunity Schedule (as a Percentage of Target Based on Achievement), Employee A has a target award opportunity of 50% of Employee A’s $100,000 in Base Salary, i.e., a target award opportunity
of ($100,000 x 50%) = $50,000. 
 Assume for the Plan Year that profit achievement is 110% of the net profit goal and safety achievement is
135% of the safety goal. Based on these facts, Employee A’s 2018 STIP bonus award would be calculated as follows: 
  

	 	1.	 Target, Threshold, and Maximum for Centuri Pre-Tax Income Measure;

  

	 	2.	 Target, Threshold, and Maximum for Centuri Safety Measure; and 

 

					
	 Step One:
	  	 Calculate STIP target opportunity: $100,000 x 50% = $50,000.

 

	 Step Two:
	  	 Calculate amount for each component using the Weighting of Measures for Area, Region, and Division (Appendix
E)

		  	 Profit
	  	 $50,000 x 70% Weight = $35,000

		  	 Safety
	  	 $50,000 x 20% Weight = $10,000

		  	 Individual Performance
	  	 $50,000 x 10% Weight = $ 5,000

		
	 Step Three:
	  	 Determine achievement and award percentages on Target, Threshold, and Maximum for Centuri Pre-Tax Income Measure, Target, Threshold, and Maximum for Centuri Safety Measure and Individual Performance.

			
		  	 Profit
	  	 110% Achievement = 128% Award

		  	 Safety
	  	 135% Achievement = 170% Award

		  	 Individual Performance
	  	 100% Achievement = 100% Award

			
	 Step Four:
	  	 Calculate STIP award bonus:
	  	
		  	 Profit
	  	 $35,000 x 128% = $44,800

		  	 Safety
	  	 $10,000 x 170% = $17,000

		  	 Individual Performance
	  	 $5,000 x 100% = $5,000

			
	 Total earned
	  	 = $66,800
	  	

  

					
	  

	CENTURI CONSTRUCTION GROUP	  	STIP EXECUTIVE	  	P A G E | 3

 Vesting and Payment 

 
 Vesting: 

Subject to the special vesting rules for a Plan participant (a “Participant”) that Centuri classifies at any time during the
Plan Year as a Grade Level 15 employee or Grade Level 16 employee (collectively the “GL 15/16 Employees”), a Participant must remain employed at Centuri, or one of its affiliated companies, on the date that all or any
portion of such Participant’s STIP Plan award bonus is paid to the Participant. Until that date, the Participant’s STIP award bonus will remain 0% vested. 

As discussed further below, the STIP award bonus payable to GL 15/16 Employees is divided up into an annual incentive amount paid during the
calendar year following the Plan Year and a retention incentive amount paid in two equal installments during the second and third calendar years following the Plan Year. 

Payment of Award Bonuses and Interest on Delayed Payments to GL 15/16 Employees: 

All STIP award bonus payments for the Plan Year are taxable and subject to payroll withholding taxes when paid. 

Provided that a Participant has complied with the non-solicitation, non-compete, non-disparagement, and confidentiality requirements described in Section 3.12 of the Governing Terms and Conditions of this Plan (see page 8) (the “Requirements”), any full, partial, or
prorated 2018 STIP award bonus payable with respect to the Participant will (subject to the Specified Employee rule and the payout rule for GL 15/16 Employees set forth below) be paid in one lump sum payment to the Participant during the first six
calendar months immediately following the end of the Plan Year. 
 Notwithstanding the forgoing payment provisions, if (1)a Participant is a
Specified Employee as of the date of his or her Separation from Service, and (2) a Plan payment to the employee is subject to Section 409A, no distribution on account of the employee’s Separation From Service, due to Retirement, may
be made with respect to such employee before the date that is six months after the employee’s Separation From Service (or, if earlier than the end of the six-month period, the date of the employee’s
death). In such case, any payment that would be made within such six-month period will be accumulated and paid in a single lump sum on the earliest business day that complies with the requirements of
Section 409A. The term “Specified Employee” means, for any year in which Centuri (or a Code Section 414(b-c) controlled group member of Centuri) is publicly traded, any employee who is
determined to be a “key employee” (as defined under Code Section 416(i) without regard to paragraph (5) thereof) for the applicable period, as determined by the Committee in accordance with Section 409A and in particular,
Treasury Regulations Section 1.409A-1(i) Specified Employees. 
 Notwithstanding the forgoing
payment provisions, each of the GL 15/16 Employees, who as of the applicable payment date has satisfied the Requirements, shall be paid his/her STIP award bonus for the Plan Year in three payments, described in the next paragraph, assuming that the
employee vests in each such payment by remaining a Centuri employee on the payment date: 

  

					
	  

	CENTURI CONSTRUCTION GROUP	  	STIP EXECUTIVE	  	P A G E | 4

 For Grade Level 15 employees, the total target STIP award bonus is 35% of Base Salary
(comprised of a 25% of Base Salary target annual incentive amount and a 10% target retention incentive amount). For Grade Level 16 employees, the total target STIP award bonus is 50% of Base Salary (comprised of a 35% of Base Salary target
annual incentive amount and a 15% target retention incentive amount). Actual STIP award bonus payments will vary from target awards based on Centuri performance. The annual incentive portion of the STIP award bonus payable to GL 15/16 Employees
shall be paid during the calendar year following the Plan Year and the retention incentive portion of the STIP award bonus payable to GL 15/16 Employees shall be paid in two equal installments during the second and third calendar years following the
Plan Year. Each of the GL 15/16 Employees shall be 0% vested in each of the three annual payments of their STIP award bonus unless they remain employed by the Centuri on the payment date for such payment.

The second and third STIP award bonus payment to GL 15/16 Employees (the retention incentive portion) shall be credited with five percent (5%)
interest so that (1) the second payment is one hundred and five percent (105%) of the payment otherwise due, and (2) the third payment is 110.25% of the payment otherwise due. 

For purposes of this Plan, the term “Retirement” means a Separation from Service arising from: 

 

	 	(1)	 the termination, with approval from the CEO, of a Participant’s employment with Centuri, or one of its
affiliated companies, after the Participant has both attained age 59 1⁄2, and completed 12 complete calendar months of employment with Centuri, or one of its
affiliated companies, or 

  

	 	(2)	 the termination by a Participant’s of his/her employment with Centuri, or one of its affiliated
companies, after the Participant has attained age 65. 

 For purposes of this Plan, the term “Separation from
Service” shall have the meaning given to such term by Treasury Regulation Section 1.409A-1(h). 

  

					
	  

	CENTURI CONSTRUCTION GROUP	  	STIP EXECUTIVE	  	P A G E | 5

 Deferral of a STIP Award Bonus Payment and Payment of Deferred Amounts. 

 
 Payment of a Participant’s STIP
award bonus for the Plan Year may be deferred if and only if the Participant makes a timely and proper deferral election pursuant to the rules in the Centuri Construction Group, Inc. Executive Deferred Compensation Plan (the “Centuri DC
Plan”) and such election is compliant with the election requirements of Treasury Regulation Section 1.409A-2 and Section 409A. If a deferral election is made, the amount deferred shall be
paid out at the times and in the manner dictated by the terms of such election and the payment provisions of the Centuri DC Plan. 
 Terms and
Conditions 
  
 STIP adoption,
amendment or termination is at the sole discretion of the Board. Plan administration and interpretation is at the sole discretion of the Committee. Nothing herein should be interpreted to communicate any manner of a promise; no obligations are
created beyond those expressly stated in this document, subject to the above-reserved discretion and all other reservations herein made. Neither this document (nor the STIP it describes) amount to, or result in, any manner of an employment contract
or rights to continued employment. 
 The STIP, and any participation thereto, is also subject to the additional terms and conditions
contained in the following section, Governing Terms and Conditions. 
 Governing Terms and Conditions 

 
  

	1.	 STIP Amendment and Termination. 

The Board may, at any time, and in its discretion, alter, amend, modify, suspend or terminate the STIP or any portion thereof; provided,
however, that no such amendment, modification, suspension or termination shall, without the consent of a Participant adversely affect such Participant’s rights with respect to future payouts of a STIP award bonus that the employee has become
vested in, and provided further that no payment of benefits shall occur upon termination of the STIP unless Section 409A does not apply to the Plan or, if Section 409A does apply to the Plan, the requirements of Section 409A have been
met. 
  

	2.	 Plan Administration. 

 

	 	2.1	 Administration by Committee. The STIP shall be administered by the Committee or its express delegate,
which shall have the authority to: 

  

	 	(a)	 construe and interpret the STIP and apply its provisions; 

 

	 	(b)	 promulgate, amend and rescind rules and regulations relating to the administration of the STIP;

  

	 	(c)	 authorize any person to execute, on behalf of the Centuri, any instrument required to carry out the purposes
of the STIP; 

  

					
	  

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	 	(d)	 determine minimum or maximum Awards and payouts under the STIP; 

 

	 	(e)	 select, subject to the limitations set forth in the STIP, those employees who shall be Participants;

  

	 	(f)	 interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in the
STIP and any instrument or agreement relating to the STIP; and 

  

	 	(g)	 exercise discretion to make any and all other determinations which it determines to be necessary or advisable
for the administration of the STIP. 

  

	 	2.2	 Non-Uniform Treatment. Board/Committee determinations under the
STIP need not be uniform and any such determinations may be made selectively among Participants. 

  

	 	2.3	 Board Decisions Final. All decisions made by the Board pursuant to the provisions of the STIP shall be
final and binding on the employees participating in the STIP. 

  

	3.	 Miscellaneous. 

 

	 	3.1	 No Employment or Other Service Rights. Nothing in the STIP or any instrument executed pursuant thereto
shall confer upon any Participant any right to continue to be employed by Centuri or interfere in any way with the right of Centuri to terminate the Participant’s employment or service at any time with or without notice and with or without
cause. 

  

	 	3.2	 Tax Withholding. Centuri shall have the right to deduct from any amounts otherwise payable under the
STIP any federal, state, local, provincial or other applicable taxes required to be withheld. 

  

	 	3.3	 Governing Law. The STIP shall be administered, construed and governed in all respects under and by the
laws of Arizona, without reference to the principles of conflicts of law (except and to the extent preempted by applicable Federal law). 

  

	 	3.4	 Section 409A. The payments and benefits provided hereunder are intended to be
structured in a manner to avoid imposition of any penalty taxes under Section 409A. In no event shall Centuri or any of its affiliates be liable for any additional tax, interest or penalties that may be imposed on a Participant as a result of
Section 409A or any damages for failing to comply with Section 409A (other than for withholding obligations or other obligations applicable to employers, if any, under Section 409A). Notwithstanding any provision in the Agreement to
the contrary: 

  

					
	  

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	 	(a)	 If any STIP payment is determined to be subject to Section 409A, the STIP shall be interpreted and
administered such that such payments comply to the fullest extent possible with Section 409A. 

  

	 	(b)	 Each payment hereunder shall be deemed to be a separate and distinct payment for purposes of
Section 409A. 

  

	 	3.5	 General Assets/Trust. All amounts provided under the STIP shall be paid from the general assets of
Centuri and no separate fund shall be established to secure payment. 

  

	 	3.6	 No Warranties. Neither Centuri nor the Board warrants or represents that the value of any
Participant’s potential payout. 

  

	 	3.7	 Beneficiary Designation. Reserved. 

 

	 	3.8	 No Assignment and Unsecured Creditor. Neither a Participant nor any other person shall have any right
to sell, assign, transfer, pledge, anticipate or otherwise encumber, transfer, hypothecate or convey any amounts payable hereunder prior to the date that such amounts are paid, except for the designation of beneficiaries. A Participant’s rights
to Plan benefits represent rights only of a Centuri general unsecured creditor. The Plan constitutes a mere promise by Centuri to make benefit payments in the future. It is the intention of Centuri that the Plan be unfunded for tax purposes and for
purposes of Title I of ERISA. 

  

	 	3.9	 Expenses. The costs of administering the STIP shall be paid by Centuri. 

 

	 	3.10	 Severability. If any provision of the STIP is held to be invalid, illegal or unenforceable, whether in
whole or in part, such provision shall be deemed modified to the extent of such invalidity, illegality or unenforceability and the remaining provisions shall not be affected. 

 

	 	3.11	 Headings and Subheadings. Headings and subheadings in the STIP are for convenience only and are not to
be considered in the construction of the provisions hereof. 

  

	 	3.12	 Obligations of Non-Solicitation/Non-Compete/Non-Disparagement/Confidentiality 

  

	 	(a)	 A precondition to eligibility under the STIP and payment of STIP award(s) shall be that of the Participant
agreeing to the following obligations (which agreement shall be evidenced by Participant’s signature to the “congratulations” letter (issued by the CEO, the VPHR, or the designee of either) with which the STIP was submitted for
Participant’s review): 

  

					
	  

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	 	(1)	 For purposes of the Section 3.12, the term “Centuri” shall include its subsidiaries. At no
time during Participant’s employment at Centuri (or any affiliate) or within a period of one year immediately following termination of same (for any reason and no matter by whom) shall Participant in any way: 

 

	 	A.	 solicit or persuade any officer, employee, consultant or agent of Centuri to leave the services thereof or, if
Participant is no longer employed at Centuri, hire any such individual who was a Centuri employee at the time of such solicitation or hiring. 

  

	 	B.	 solicit or persuade any customer, prospective customer, licensee, vendor, consultant, referral source or other
account of Centuri to not purchase, or reduce or discontinue purchasing any products or services from Centuri, or from providing any products or services to Centuri. 

 

	 	C.	 organize or operate in any way (or assist any person, organization or entity in organizing and operating) any
business in the United States or Canada that in any way competes, directly or indirectly, with the products or services of Centuri. 

  

	 	(2)	 Participant shall make no statement, orally or in writing, that in any manner disparages or impugns the
reputation or goodwill of Centuri and/or any of its affiliates (subject to such rights as are protected under applicable law, such as but not intended to be limited to participant’s Section 7 rights under the National Labor Relations Act
of 1935). 

  

	 	(3)	 Participant also acknowledges that, irrespective of his or her eligibility under the STIP, and at all times
while employed at Centuri and for all times after termination (voluntarily or involuntarily, with or without cause) he or she has an ongoing obligation to neither disclose nor use any confidential, trade secret and/or proprietary information (as
hereinafter defined, any and all of which is also referred to herein as “Protected Information”) belonging to Centuri or any Customer, except as done in the course of Participant’s employment with Centuri or as expressly
authorized by Centuri, it being understood and agreed: 

  

	 	A.	 Centuri’s Protected Information is one of its most important assets, the unauthorized disclosure or use
of which would be highly detrimental to Centuri’s interests, and any and all such information is Centuri’s exclusive property having independent economic value. 

  

					
	  

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	 	B.	 As an employee of Centuri, Participant will be exposed to Protected Information in the course of day to day
business activities, inasmuch as such exposure is essential to the performance of Participant’s job duties. The provisions of this Section 3.12 and each of its subparts are a condition of Participant’s continued employment with
Centuri, and Participant’s employment and compensation by Centuri are induced by and in consideration of Participant’s acknowledgement and fulfillment of his or her obligations described within this Section 3.12 and each of its
subparts (and, if in supplementation, as stated elsewhere by Centuri, such as but not limited to its policies and procedures and its Code of Business Conduct and Ethics). 

 

	 	C.	 The business of Centuri and the nature of Participant’s employment will also permit access to protected
information belonging to Customers, which is the Customer’s property and the unauthorized disclosure or use of which would be highly detrimental to Centuri, as well as the Customer. 

 

	 	D.	 At no time shall Participant disclose or use, directly or indirectly, any Protected Information, except as
approved by Participant’s supervisor and done in the course of Participant’s employment with Centuri, or as expressly authorized by Centuri. 

  

	 	E.	 Should Participant’s employment at Centuri be terminated (for voluntarily or involuntarily, with or
without cause), Participant shall immediately return to Centuri any and all documents and tangible items (and all copies, facsimiles and specimens thereof) embodying or containing any Protected Information belonging to Centuri or any Customer or
both, along with all copies, facsimiles and specimens thereof, and at no time following Participant’s termination shall he or she disclose or use any Protected Information belonging to Centuri or the Customer, it being expressly understood that
Participant has no right to use, practice or disclose the Protected Information for Participant’s own benefit or for the benefit of any third party. 

 

	 	(4)	 As used in this Section 3.12, “Customer” shall mean any person or entity for whom
Centuri performs services or from whom Centuri, its employees, agents and consultants obtain protected information. “Confidential, Trade Secret and/or Proprietary Information” shall mean any information not generally known in the
industries in which Centuri or any Customer is engaged 

  

					
	  

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in, and includes but is not limited to information relating to any existing or contemplated services, costing data of any sort, technology, concepts, processes, methods, techniques, know-how, business plans, sales or marketing methods of doing business, customer lists, customer usages or requirements, or supplier/subcontractor information, which is owned or licensed by Centuri or its Customer,
or is held by Centuri or its Customer in confidence and, to the extent not covered by the foregoing, includes the following: 

  

	 	A.	 technical information and know-how on all Centuri products, equipment,
processes, services, and systems; 

  

	 	B.	 Centuri business planning information, such as new services, customer strategy, expansion plans, relocation,
downsizing, acquisition and mergers; 

  

	 	C.	 financial information on costs, investments, profit, margins and forecasts; 

 

	 	D.	 problems in any area of Centuri’s business; 

 

	 	E.	 Centuri production information, progress reports and other productivity information; 

 

	 	F.	 marketing strategies, pricing, supplier/subcontractor information, bid information and Centuri developed bid
programs; 

  

	 	G.	 quality and improvement program results; and 

 

	 	H.	 Centuri employee information (such as, but not limited to changes in staffing, relocation, wages and salaries,
and bonus program results). 

  

	 	(b)	 Nothing contained in this Section 3.12 shall be constructed as precluding the Participant from the use or
practice of any skill or expertise generally associated with his or her employment but not special or unique to Centuri. 

  

	 	(c)	 Any breach of Section 3.12 or any of its subparts shall constitute grounds for termination (if
Participant is still employed at Centuri at time of breach), and shall provide Centuri the basis for obtaining injunctive relief by a court of law (whether permanent or preliminary or a temporary restraining order), and shall entitle Centuri to an
action at law or in equity for any damages related to or arising out of any such breach, and shall automatically cause a forfeiture of any and all amounts paid, and a discontinuance of any and all amounts or otherwise due and owing to Participant
under the STIP, none of which shall require prior notice. 

  

					
	  

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	 	3.13	 Claims Procedures 

 

	 	(a)	 Claims for Benefits. For the purpose of this procedure, a claim for benefits under this Plan is defined
as: (a) a request for withdrawal or distribution of funds; or (b) a request for correction of a perceived administrative error. 

Any claim for benefits under the Plan must be submitted in writing to the Committee within the “applicable limitations
period.” The “applicable limitations period” shall be one year, beginning on the earliest of (a) in the case of any lump-sum payment, the date on which the payment was made, or (b) for
all other claims, the date on which the action complained or grieved occurred. If such claim for benefits is wholly or partially denied, the Committee shall, within a reasonable period of time not to exceed ninety (90) days after receipt of the
claim, notify the Participant or Beneficiary or other party making the claim (the “Claimant”) of the denial of the claim. Such notice of denial (a) shall be in writing, (b) shall be written in a manner calculated to be
understood by the Claimant, and (c) shall contain (1) the specific reason or reasons for denial of the claim, (2) a specific reference to the pertinent Plan provisions upon which the denial is based, (3) a description of any
additional material or information necessary to perfect the claim, along with an explanation of why such material or information is necessary, and (4) an explanation of the claim review procedures and the time limits applicable to such
procedures and a statement of the Claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse benefit determination upon review. The ninety (90) day period may, under special circumstances, be extended up
to an additional ninety (90) days upon written notice of such extension to the Claimant which notice shall specify the special circumstances that require an extension of time and the date by which the Committee expects to communicate to the
Claimant a decision on the claim. If the claim is denied the Claimant may file a request for review as provided in Section 3.13(b). 
  

	 	(b)	 Request for Review. Within sixty (60) days after the receipt of the decision denying a claim by
the Claimant, the Claimant may file a written request with the Committee that it conduct a full and fair review of the denial of the claim for benefits. The Claimant or his/her duly authorized representative may review pertinent documents and submit
issues and comments in writing to the Committee in connection with the review. 

  

	 	(1)	 Decision on Review of Denial. The Committee shall deliver to the Claimant a written decision on the
review of the denial within a reasonable period of time not to exceed sixty (60) days after the receipt of the aforesaid request for review, except that if there are special circumstances (such as the need to hold a hearing, if necessary) which
require an extension of time for 

  

					
	  

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processing, the aforesaid sixty (60) day period shall, upon written notice to the Claimant be extended an additional sixty (60) days. Notice of an extension shall be given within the
initial sixty (60) day review period. The extension notice shall indicate the special circumstances that require an extension of time and the date by which the Committee expects to render a decision upon review. Upon review the Claimant shall
be given the opportunity to (1) submit written comments, documents, records, and other information relating to its claim and (2) request and receive, free of charge, reasonable access to, and copies of, all documents, records, and other
information relevant to the Claimant’s claim for benefits. Whether a document, record, or other information is relevant to a claim for benefits shall be determined by reference to applicable ERISA regulations. The review of a denied claim shall
take into account all comments, documents, records, and other information submitted by the Claimant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. The decision on
review shall be written in a manner calculated to be understood by the Claimant and, if adverse, shall (1) include the specific reason or reasons for the decision, (2) contain a specific reference to the pertinent Plan provisions upon
which the decision is based, (3) contain a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the Claimant’s
claim for benefits (whether a document, record, or other information is relevant to a claim for benefits shall be determined by reference to applicable ERISA regulations), and (4) contain a statement describing the Claimant’s right to
bring an action under ERISA Section 502(a). 

  

	 	(2)	 Notice of Time Limits. When a Participant or a Beneficiary files a claim, the Committee, or its
designee, shall notify him or her of the claim and review procedure including the time periods involved. 

  

	 	3.14	 Limitation on Claims and Venue.  

 

	 	(a)	 No action at law or in equity to recover under this Plan shall be commenced later than one year from
the date of the Committee’s decision on review (or if no decision is furnished within 120 days of the Committee’s receipt of the request for review, one year after the 120th day after
receipt of the request for review). Failure to file suit within this time period shall extinguish any and all rights to benefits under the Plan. Any lawsuit to recover benefits under this Plan shall be filed in Federal District Court in Maricopa
County Arizona. 

  

					
	  

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