Document:

EX-10.12

 Exhibit 10.12 

2020 Performance RSUs 

RESTRICTED STOCK UNIT GRANT NOTICE 

UNDER THE 
 ACADEMY SPORTS
AND OUTDOORS, INC. 
 2020 OMNIBUS INCENTIVE PLAN 

Academy Sports and Outdoors, Inc. (the “Company”), pursuant to its 2020 Omnibus Incentive Plan, as it may be amended and
restated from time to time (the “Plan”), hereby grants to the Participant set forth below the number of Restricted Stock Units set forth below. The Restricted Stock Units are subject to all of the terms and conditions as set forth
herein, in the Restricted Stock Unit Agreement (attached hereto or previously provided to the Participant in connection with a prior grant), and in the Plan, all of which are incorporated herein in their entirety. Capitalized terms not otherwise
defined herein shall have the meaning set forth in the Plan. 
  

					
	Participant:	  	[First Name] [Last Name]	  	
			
	Date of Grant:	  	[__]	  	
			
	Number of	  		  	
			
	Restricted Stock Units:	  	[Insert Number of Restricted Stock Units Granted]	  	
			
	Vesting Commencement Date:	  	[_____]1	  	
			
	Expiration Date:	  	The earlier to occur of: (a) the date on which settlement of all vested Restricted Stock Units granted hereunder occurs and (b) the tenth (10th) anniversary of the Date of Grant.	  	

 Earning: 

Only “Earned Restricted Stock Units” are eligible to become vested in accordance with the vesting schedule set forth below.
Restricted Stock Units become “Earned Restricted Stock Units” based on (i) the Company’s level of achievement of consolidated annual EBITDA for the Grant Year, or (ii) the Company’s achievement of the Target
Share Price, or (iii) a Change in Control occurring during the Grant Year, in each case in accordance with the terms set forth on Appendix A attached hereto. 

Vesting: 
 Settlement of Earned
Restricted Stock Units is conditioned on satisfaction of a time and service based requirement (the “Time and Service Based Requirement”) before the tenth (10th) anniversary of the Date of Grant: 

Provided that Participant is in continuous service with the Company and its Subsidiaries on each applicable vesting date described below, the
Time and Service Based Requirement will be satisfied as to the following percentages of the Earned Restricted Stock Units: 
  

	1 	 This will be the first day of the fiscal year in which the grant is made. 

	 	i.	 Twenty-five percent (25%) on or after the date of determination by the Committee of the Company’s actual
consolidated annual EBITDA for the Grant Year but prior to the second anniversary of the Vesting Commencement Date, 

  

	 	ii.	 Fifty percent (50%) on or after the second anniversary of the Vesting Commencement Date but prior to the third
anniversary of the Vesting Commencement Date, 

  

	 	iii.	 Seventy-five percent (75%) on or after third anniversary of the Vesting Commencement Date but prior to the
fourth anniversary of the Vesting Commencement Date, and 

  

	 	iv.	 One hundred percent (100%) on or after the fourth anniversary of the Vesting Commencement Date;

 provided, that, if a Change in Control occurs and, during the 24 month period following such Change in Control,
the Participant’s service is terminated by the Service Recipient without Cause or due to the Participant’s resignation for Good Reason (as defined below), then the Time and Service Based Requirement will thereupon be satisfied as to one
hundred percent (100%) of the Earned Restricted Stock Units upon the date of the Participant’s Termination. 
 If application of a
vesting percentage would cause vesting of a fractional share, then such vesting shall be rounded down to the nearest whole share and such fractional share shall cumulate with any other fractional shares and such fractions shall vest as they
aggregate into a whole share. 
 Definitions: 

“Cause” means, as to the Participant, (i) “Cause,” as defined in any employment or consulting agreement between the Participant and
the Service Recipient in effect at the time of the Participant’s Termination [FOR NON-EXECUTIVE COMMITTEE EMPLOYEES: (except that any provision of such “Cause” definition relating to
Participant’s unsatisfactory performance shall not apply for purposes of this Restricted Stock Unit Agreement)]; or (ii) in the absence of any such employment or consulting agreement (or the absence of any definition of “Cause”
contained therein), the Participant’s (A) willful neglect in the performance of the Participant’s duties for the Service Recipient or willful or repeated failure or refusal to perform such duties; (B) engagement in conduct in
connection with the Participant’s employment or service with the Service Recipient, which results in, or could reasonably be expected to result in, material harm to the business or reputation of the Company or any other member of the Company
Group; (C) conviction of, or plea of guilty or no contest to, (I) any felony; or (II) any other crime that results in, or could reasonably be expected to result in, material harm to the business or reputation of the Company or any
other member of the Company Group; (D) material violation of the written policies of the Service Recipient, including, but not limited to, those relating to sexual harassment or the disclosure or misuse of confidential information, or those set
forth in the manuals or statements of policy of the Service Recipient; (E) fraud or misappropriation, embezzlement or misuse of funds or property belonging to the Company or any other member of the Company Group; or (F) act of personal
dishonesty that involves personal profit in connection with the Participant’s employment or service to the Service Recipient. 

“EBITDA” means operating earnings before interest, taxes, depreciation and amortization, excluding transaction, management and/or similar
fees paid to Kohlberg Kravis Roberts & Co. L.P. and/or its affiliates. The Committee shall, fairly and appropriately, adjust the calculation of EBITDA to reflect, to the extent not contemplated in the management plan, the following:
acquisitions, divestitures, any change required by GAAP relating to stock-based compensation or for other changes in GAAP promulgated by accounting standard setters and any extraordinary items that, in each case, the Committee in good faith
determines require adjustment of EBITDA. The Committee’s determination of such adjustment shall be based on the Company’s accounting as set forth in its books and records and on the financial plan of the Company pursuant to which the
performance target was originally established. 

 “Good Reason” shall have the meaning given to such term in any employment or consulting
agreement between the Participant and the Service Recipient in effect at the time of the Participant’s Termination. In the absence of any such employment or consulting agreement or the absence of any definition of “Good Reason”
contained therein, “Good Reason” means the occurrence of one or more of the following events arising without the express written consent of the Participant, but only if the Participant notifies the Service Recipient in writing of the event
within 60 days following the occurrence of the event, the event remains uncured after the expiration of 30 days from receipt of such notice, and the Participant resigns effective no later than 30 days following the Service Recipient’s failure
to cure the event: (i) a material diminution in the Participant’s base salary or target bonus opportunity, (ii) the relocation of the Participant’s principal place of employment or service to a location more than 35 miles from
the Participant’s then current principal place of employment or service, if a move to such other location materially increases the Participant’s commute, or (iii) any material breach by the Company or the Service Recipient of this
Restricted Stock Unit Agreement or the Participant’s offer letter or employment agreement with the Service Recipient. 

*     *     * 

	
	ACADEMY SPORTS AND OUTDOORS, INC. 
	
	  

	By:
	Title:

 THE UNDERSIGNED PARTICIPANT ACKNOWLEDGES RECEIPT OF THIS RESTRICTED STOCK UNIT GRANT NOTICE, THE
RESTRICTED STOCK UNIT AGREEMENT AND THE PLAN, AND, AS AN EXPRESS CONDITION TO THE GRANT OF RESTRICTED STOCK UNITS HEREUNDER, AGREES TO BE BOUND BY THE TERMS OF THIS RESTRICTED STOCK UNIT GRANT NOTICE, THE RESTRICTED STOCK UNIT AGREEMENT AND THE
PLAN. 
 PARTICIPANT2 
  

 
  

	2 	 To the extent that the Company has established, either itself or through a third-party plan administrator, the
ability to accept this award electronically, such acceptance shall constitute the Participant’s signature hereto. 

 Appendix A 

Performance Targets 

Restricted Stock Units shall become Earned Restricted Stock Units based on the Company’s level of achievement of consolidated annual
EBITDA for the [____] fiscal year, which shall be the [__]-week period ending on [_____] (such [__]-week period, the “Grant Year”), in accordance with the following terms and conditions. 

• If the Company’s actual consolidated annual EBITDA for the Grant Year is equal to or greater than $[_____] million, which amount
is the Company’s target consolidated annual EBITDA for the Grant Year (such amount, the “Grant Year High Performance Target”), then one hundred percent (100%) of the Restricted Stock Units shall be Earned Restricted Stock
Units. 
 • If the Company’s actual consolidated annual EBITDA for the Grant Year is less than the Grant Year High Performance
Target but equal to or greater than $[_____] million (such amount, the “Grant Year Low Performance Target”), then the portion of the Restricted Stock Units that shall be Earned Restricted Stock Units shall be equal to a percentage,
rounded to two decimal places (the “Earned Percentage”), calculated based on a fraction wherein the numerator is equal to the difference between (i) the Company’s actual consolidated annual EBITDA for the Grant Year and
(ii) $[_____] million, which amount was the Company’s consolidated annual EBITDA for the [_____] fiscal year (the “Prior Year Performance Amount”), and the denominator is equal to the difference between (i) the Grant Year
High Performance Target and (ii) the Prior Year Performance Amount. The number of Restricted Stock Units that shall become Earned Restricted Stock Units shall be equal to an amount determined by multiplying (x) the Earned Percentage, by
(y) the number of Restricted Stock Units granted (rounded down to the nearest whole Restricted Stock Unit). 
 The
illustrative example below assumes that the Company’s actual consolidated annual EBITDA for the Grant Year is equal to $[_____] million. Based on such assumption, [_____]% of the Restricted Stock Units shall become Earned Restricted Stock
Units. 
  

							
	(Actual consolidated annual EBITDA for the Grant Year	  		  	($[_____]–	  	
	– Prior Year Performance Amount)	  		  	$[_____])	  	
		  	or	  	÷	  	=    [_____]%
	(Grant Year High Performance Target –	  		  	([_____]–	  	
	Prior Year Performance Amount)	  		  	$[_____])	  	

 • If the Company’s actual consolidated annual EBITDA for the Grant Year is less than the Grant Year
Low Performance Target, then none (0.00%) of the Restricted Stock Units shall become Earned Restricted Stock Units. 
 • All
determinations and interpretations relating to the Company’s achievement of the Grant Year Low Performance Target and/or the Grant Year High Performance Target and the Fair Market Value of each share of Common Stock shall be made in good faith
by the Committee, and all determinations and interpretations made in good faith by the Committee shall be final and binding upon Participant and all other interested persons. 

 Notwithstanding the foregoing, if prior to consummation of a Change in Control (i) any
Restricted Stock Units that have not become Earned Restricted Stock Units remain outstanding and unvested as of [_____], and (ii) the Committee determines that the Fair Market Value of a share of Common Stock as of such date equals or exceeds
$[_____] (as such amount may be equitably adjusted by the Committee to reflect stock splits, reverse stock splits and other Adjustment Events pursuant to Section 9(a) of the Plan, the “Target Share Price”), then one hundred
percent (100%) of the Restricted Stock Units that have not become Earned Restricted Stock Units as of such date shall become Earned Restricted Stock Units immediately upon such determination by the Committee. For the avoidance of doubt, no
Restricted Stock Units may become Earned Restricted Stock Units pursuant to this paragraph following a Termination of Participant’s employment for any reason or following the consummation of a Change in Control. 

Notwithstanding the foregoing, (i) if a Change in Control occurs during the Grant Year, then all outstanding Restricted Stock Units shall
automatically become Earned Restricted Stock Units immediately prior to such Change in Control and (ii) if a Change in Control occurs following the Grant Year, any Restricted Stock Units that are not Earned Restricted Stock Units as of
immediately prior to such Change in Control shall be automatically forfeited upon the consummation of such Change in Control. 

 RESTRICTED STOCK UNIT AGREEMENT 

UNDER THE 
 ACADEMY SPORTS
AND OUTDOORS, INC. 
 2020 OMNIBUS INCENTIVE PLAN 

Pursuant to the Restricted Stock Unit Grant Notice (the “Grant Notice”) delivered to the Participant (as defined in the Grant
Notice), and subject to the terms of this Restricted Stock Unit Agreement (this “Restricted Stock Unit Agreement”) and the Academy Sports and Outdoors, Inc. 2020 Omnibus Incentive Plan, as it may be amended and restated from time to
time (the “Plan”), Academy Sports and Outdoors, Inc. (the “Company”) and the Participant agree as follows. Capitalized terms not otherwise defined herein shall have the same meaning as set forth in the Plan. 

1. Grant of Restricted Stock Units. Subject to the terms and conditions set forth herein and in the Plan, the Company hereby
grants to the Participant the number of Restricted Stock Units provided in the Grant Notice (with each Restricted Stock Unit representing an unfunded, unsecured right to receive one share of Common Stock). The Company may make one or more additional
grants of Restricted Stock Units to the Participant under this Restricted Stock Unit Agreement by providing the Participant with a new Grant Notice, which may also include any terms and conditions differing from this Restricted Stock Unit Agreement
to the extent provided therein. The Company reserves all rights with respect to the granting of additional Restricted Stock Units hereunder and makes no implied promise to grant additional Restricted Stock Units. 

2. Vesting. Subject to the conditions contained herein and in the Plan, the Restricted Stock Units shall vest as provided in the
Grant Notice. 
 3. Settlement of Earned Restricted Stock Units. Subject to any election by the Committee pursuant to
Section 9(d)(ii) of the Plan, the Company will deliver to the Participant, without charge, as soon as reasonably practicable (and, in any event, within two and one-half months) following the applicable
vesting date, one share of Common Stock for each Earned Restricted Stock Unit (as adjusted under the Plan, as applicable) which becomes vested hereunder and such vested Earned Restricted Stock Unit shall be cancelled upon such delivery. The Company
shall either (a) deliver, or cause to be delivered, to the Participant a certificate or certificates therefor, registered in the Participant’s name or (b) cause such shares of Common Stock to be credited to the Participant’s
account at the third party plan administrator. Notwithstanding anything in this Restricted Stock Unit Agreement to the contrary, the Company shall have no obligation to issue or transfer any shares of Common Stock as contemplated by this Restricted
Stock Unit Agreement unless and until such issuance or transfer complies with all relevant provisions of law and the requirements of any stock exchange on which the Company’s shares of Common Stock are listed for trading. 

4. Treatment of Restricted Stock Units Upon Termination. Except as otherwise provided in the Grant Notice or as otherwise may be
provided by the Committee, in the event of a Participant’s Termination for any reason prior to the time that such Participant’s Restricted Stock Units have vested, (A) all vesting with respect to such Participant’s Restricted
Stock Units shall cease and (B) unvested Restricted Stock Units shall be forfeited to the Company by the Participant for no consideration as of the date of such Termination. 

5. Conditions to Issuance of Common Stock. The Company shall not be required to record the ownership by the Participant of shares
of Common Stock issued upon the settlement of vested Earned Restricted Stock Units prior to fulfillment of all of the following conditions: (i) the obtaining of approval or other clearance from any federal, state, local or non-U.S. governmental agency which the Committee shall, in its reasonable and good faith discretion, determine to be necessary; (ii) the lapse of such reasonable period of time following the vesting of the
Earned Restricted Stock Units as may otherwise be required by applicable law; and (iii) the execution and delivery to the Company, to the extent not so previously executed and delivered, of such other documents and instruments as may be
reasonably required by the Committee. 

 6. Participant. Whenever the word “Participant” is used in any
provision of this Restricted Stock Unit Agreement under circumstances where the provision should logically be construed to apply to the executors, the administrators, or the person or persons to whom the Restricted Stock Units may be transferred in
accordance with Section 14(b) of the Plan, the word “Participant” shall be deemed to include such person or persons. 
 7.
Non-Transferability. The Restricted Stock Units are not transferable by the Participant except to Permitted Transferees in accordance with Section 14(b) of the Plan. Except as otherwise
provided herein, no assignment or transfer of the Restricted Stock Units, or of the rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise, shall vest in the assignee or transferee any interest or right herein
whatsoever, but immediately upon such assignment or transfer the Restricted Stock Units shall terminate and become of no further effect. 
 [FOR IPO
GRANTS AND GRANTS MADE WITHIN 180 DAYS FOLLOWING IPO: The Participant further hereby agrees that the Participant shall, without further action on the part of the Participant, be bound by the provisions of the
lock-up agreements executed by the executive officers of the Company to the same extent as if the Participant had directly executed such lock-up agreement himself or
herself. Such lock-up agreement will provide that the Participant shall not, subject to certain customary exceptions, dispose of or hedge any shares of Common Stock or securities convertible into or
exchangeable for shares of Common Stock during the period from the date of the final prospectus relating to initial public offering of the Company and continuing through the date one hundred eighty (180) days following the date of such
prospectus, except with the prior consent of the representative(s) of the underwriters.] 
 8. Rights as Shareholder. The
Participant or a Permitted Transferee of the Restricted Stock Units shall have no rights as a shareholder with respect to any share of Common Stock underlying a Restricted Stock Unit unless and until the Participant shall have become the holder of
record or the beneficial owner of such share of Common Stock, and no adjustment shall be made for dividends or distributions or other rights in respect of such share of Common Stock for which the record date is prior to the date upon which the
Participant shall become the holder of record or the beneficial owner thereof. 
 9. Tax Withholding. The Participant may be
required to pay to the Company or the Service Recipient and the Company shall have the right and is hereby authorized to withhold, any applicable withholding taxes in respect of the Restricted Stock Units, their vesting or settlement or any payment
or transfer with respect to the Restricted Stock Units at the minimum applicable statutory rates, and to take such action as may be necessary in the opinion of the Committee to satisfy all obligations for the payment of such withholding taxes. The
Committee may, in its sole discretion, permit the Participant to satisfy such withholding tax obligations, in whole or in part, by delivering shares of Common Stock, including shares of Common Stock received upon settlement of Restricted Stock Units
pursuant to this Restricted Stock Unit Agreement. 
 10. Notice. Every notice or other communication relating to this
Restricted Stock Unit Agreement between the Company and the Participant shall be in writing, and shall be mailed to or delivered to the party for whom it is intended at such address as may from time to time be designated by such party in a notice
mailed or delivered to the other party as herein provided; provided, that, unless and until some other address be so designated, all notices or communications by the Participant to the 

 
Company shall be mailed or delivered to the Company at its principal executive office, to the attention of the Company’s Compensation Department, and all notices or communications by the
Company to the Participant may be given to the Participant personally or may be mailed to the Participant at the Participant’s last known address, as reflected in the Company’s records. Notwithstanding the above, all notices and
communications between the Participant and any third-party plan administrator shall be mailed, delivered, transmitted or sent in accordance with the procedures established by such third-party plan administrator and communicated to the Participant
from time to time. 
 11. No Right to Continued Service. This Restricted Stock Unit Agreement does not confer upon the
Participant any right to continue as an employee or other service provider to the Company or any of its Subsidiaries. 
 12. Binding
Effect. This Restricted Stock Unit Agreement shall be binding upon the heirs, executors, administrators and successors of the parties hereto. 

13. Waiver and Amendments. Except as otherwise set forth in Section 13 of the Plan, any waiver, alteration, amendment or
modification of any of the terms of this Restricted Stock Unit Agreement shall be valid only if made in writing and signed by the parties hereto; provided, that any such waiver, alteration, amendment or modification is consented to on the
Company’s behalf by the Committee. No waiver by either of the parties hereto of their rights hereunder shall be deemed to constitute a waiver with respect to any subsequent occurrences or transactions hereunder unless such waiver specifically
states that it is to be construed as a continuing waiver. 
 14. Clawback; Forfeiture. Notwithstanding anything to the contrary
contained herein or in the Plan, if the Participant has engaged in or engages in any Detrimental Activity, then the Committee may, in its sole discretion, take actions permitted under the Plan, including: (a) canceling the Restricted Stock
Units, or (b) requiring that the Participant forfeit any gain realized on the disposition of any shares of Common Stock received in settlement of any Restricted Stock Units, and repay such gain to the Company. In addition, if the Participant
receives any amount in excess of what the Participant should have received under the terms of this Restricted Stock Unit Agreement for any reason (including without limitation by reason of a financial restatement, mistake in calculations or other
administrative error), then the Participant shall be required to repay any such excess amount to the Company. Without limiting the foregoing, all Restricted Stock Units shall be subject to reduction, cancellation, forfeiture or recoupment to the
extent necessary to comply with applicable law. “Detrimental Activity” means any, offset of the following: (i) unauthorized disclosure of any confidential or proprietary information of any member of the Company Group;
(ii) any activity that would be grounds to terminate the Participant’s employment or service with the Service Recipient for Cause; (iii) a breach by the Participant of any restrictive covenant by which such Participant is bound,
including, without limitation, any covenant not to compete or not to hire or solicit, in any agreement with any member of the Company Group; or (iv) fraud, gross negligence or conduct contributing to any financial restatements or
irregularities, as determined by the Committee in its sole discretion. 
 15. Governing Law; Venue. This Restricted Stock Unit
Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware, without regard to the principles of conflicts of law thereof. Notwithstanding anything contained in this Restricted Stock Unit Agreement, the Grant
Notice or the Plan to the contrary, if any suit or claim is instituted by the Participant or the Company relating to this Restricted Stock Unit Agreement, the Grant Notice or the Plan, the Participant hereby submits to the exclusive jurisdiction of
and venue in the courts of Houston, Texas. 

 16. Award Subject to Plan. The Restricted Stock Units granted hereunder, and
the shares of Common Stock issued to the Participant upon settlement of vested Earned Restricted Stock Units, are subject to the Plan and the terms of the Plan are hereby incorporated into this Restricted Stock Unit Agreement. By accepting the
Restricted Stock Units, the Participant acknowledges that the Participant has received and read the Plan and agrees to be bound by the terms, conditions, and restrictions set forth in the Plan, this Restricted Stock Unit Agreement, and the
Company’s policies, as in effect from time to time, relating to the Plan. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern
and prevail. The provisions of this Restricted Stock Unit Agreement shall survive the termination of this Award to the extent consistent with, or necessary to carry out, the purposes thereof. 

17. Section 409A. It is intended that the Restricted Stock Units granted hereunder shall be
exempt from Section 409A of the Code pursuant to the “short-term deferral” rule applicable to such section, as set forth in the regulations or other guidance published by the Internal Revenue Service thereunder. 

18. Imposition of Other Requirements. The Company reserves the right to impose other requirements on the Participant’s
participation in the Plan, on the Restricted Stock Units and on any shares of Common Stock acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the Participant
to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. 
 19. Transmission
Acknowledgement. To the extent necessary, the Participant authorizes, agrees and unambiguously consents to the transmission by the Company or any other member of the Company Group of any of the Participant’s personal data related to the
Award for legitimate business purposes (including, without limitation, the administration of the Plan). The Participant confirms and acknowledges that the Participant gives this authorization and consent freely. 

20. Electronic Delivery and Acceptance. The Company may, in its sole discretion, decide to deliver any documents related to
current or future participation in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or
electronic system established and maintained by the Company or a third party designated by the Company. In the event that any information regarding the Restricted Stock Units provided to the Participant through the third-party stock plan
administrator’s web portal or otherwise conflicts with any of the terms and conditions of this Restricted Stock Unit Agreement or the Plan (collectively, the “Restricted Stock Unit Governing Documents”), the Restricted Stock
Unit Governing Documents shall control. 
 21. Entire Agreement. The Restricted Stock Unit Governing Documents constitute the
entire agreement of the parties hereto in respect of the subject matter contained herein and supersede all prior agreements and understandings of the parties, oral and written, with respect to such subject matter.EX-10.34

 Exhibit 10.34 

ACADEMY SPORTS AND OUTDOORS, INC. 

2020 EMPLOYEE STOCK PURCHASE PLAN 

1. Purpose. The purpose of the Plan is to provide Eligible Employees (as defined below) with an opportunity to purchase Common
Stock through accumulated Contributions. The Company intends for the Plan to have two components: a Code Section 423 Component (“423 Component”) and a non-Code Section 423
Component (“Non-423 Component”). The Company intends to have the 423 Component of the Plan qualify as an “employee stock purchase plan” under Section 423 of the Code. The
provisions of the 423 Component, accordingly, will be construed so as to extend and limit Plan participation in a uniform and nondiscriminatory basis consistent with the requirements of Section 423 of the Code. In addition, the Plan authorizes
the grant of an option to purchase shares of Common Stock under the Non-423 Component that does not qualify as an “employee stock purchase plan” under Section 423 of the Code; such an option
will be granted pursuant to rules, procedures or sub-plans adopted by the Administrator designed to achieve tax, securities laws or other objectives for Eligible Employees and the Company. Except as otherwise
provided herein, the Non-423 Component will operate and be administered in the same manner as the 423 Component. 

2. Definitions. 
 (a)
“423 Component” is defined in Section 1 of the Plan. 
 (b) “Administrator” means the
Committee or the Board. 
 (c) “Affiliate” means any entity, other than a Subsidiary, that is an
“affiliate” within the meaning of Rule 12b-2 promulgated under Section 12 of the Exchange Act. 

(d) “Applicable Laws” means the requirements relating to the administration of equity-based awards and the related
issuance of shares of Common Stock under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable securities and exchange
control laws of any foreign country or jurisdiction where options are, or will be, granted under the Plan. 
 (e) “Beneficial
Owner” means a beneficial owner as determined under Rule 13d-3 under the Exchange Act. 

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

(g) “Change in Control” shall have the meaning given such term in the Academy Sports and Outdoors, Inc. 2020 Omnibus
Incentive Plan or any successor plan thereto, in each case, as amended and/or restated from time to time. 
 (h)
“Code” means the U.S. Internal Revenue Code of 1986, as amended. References to a specific Section of the Code or U.S. Treasury Regulation thereunder will include such Section or regulation, any valid regulation or other
official applicable guidance promulgated under such Section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such Section or regulation. 

(i) “Committee” means the Compensation Committee of the Board, and any successor committee thereto or such other
committee of the Board as may be designated by the Board to administer the Plan in whole or in part, including any subcommittee of the Board as designated by the Board in accordance with Section 14 hereof. 

 (j) “Common Stock” means the common stock of the Company, par value
$0.01 per share (and any stock or other securities into which such Common Stock may be converted or into which it may be exchanged). 
 (k)
“Company” means Academy Sports and Outdoors, Inc., a Delaware corporation, and any successor thereto. 
 (l)
“Compensation” means an Eligible Employee’s base salary or hourly wages. The Administrator, in its discretion, may, on a uniform and nondiscriminatory basis, establish a different definition of Compensation for a
subsequent Offering Period. 
 (m) “Contributions” means the payroll deductions and other additional payments that
the Company may permit to be made by a Participant to fund the exercise of options granted pursuant to the Plan. 
 (n)
“Designated Company” means any Subsidiary or Affiliate that has been designated by the Administrator from time to time in its sole discretion as eligible to participate in the Plan. For purposes of the 423 Component, only the
Company and its Subsidiaries may be Designated Companies; provided, that at any given time, a Subsidiary that is a Designated Company under the 423 Component shall not be a Designated Company under the
Non-423 Component. The Designated Companies under the Plan are set forth in Exhibit A attached hereto. 

(o) “Director” means a member of the Board. 

(p) “Eligible Employee” means any individual who is a common law employee providing services to the Company or a
Designated Company and has completed at least twelve (12) consecutive calendar months of service since his or her last hire date (or such lesser period of time as may be determined by the Administrator in its discretion). For purposes of the
Plan, the employment relationship will be treated as continuing intact while the individual is on sick leave or other leave of absence that the Employer approves or is legally protected under applicable laws. Where the period of leave exceeds three
(3) months and the individual’s right to reemployment is not guaranteed either by statute or by contract, the employment relationship will be deemed to have terminated three (3) months and one (1) day following the commencement
of such leave. The Administrator, in its discretion, from time to time may, prior to an Enrollment Date for all options to be granted on such Enrollment Date in an Offering, determine (for each Offering under the 423 Component, on a uniform and
nondiscriminatory basis or as otherwise permitted by Treasury Regulation Section 1.423-2) that the definition of Eligible Employee will or will not include an individual if he or she: (i) is a highly
compensated employee within the meaning of Section 414(q) of the Code, or (ii) is a highly compensated employee within the meaning of Section 414(q) of the Code with compensation above a certain level or is an officer or subject to
the disclosure requirements of Section 16(a) of the Exchange Act; provided, that the exclusion is applied with respect to each Offering under the 423 Component in an identical manner to all highly compensated employees of the Employer
whose employees are participating in that Offering. Each exclusion shall be applied with respect to an Offering under a 423 Component in a manner complying with U.S. Treasury Regulation
Section 1.423-2(e)(2)(ii). Such exclusions may be applied with respect to an Offering under the Non-423 Component without regard to the limitations of Treasury
Regulation Section 1.423-2. 
 (q) “Employer” means the employer of the
applicable Eligible Employee(s). 
 (r) “Enrollment Date” means the first Trading Day of each Offering Period. 

(s) “Enrollment Window” is defined in Section 5(a) of the Plan. 

  
 2 

 (t) “Exchange Act” means the U.S. Securities Exchange Act of 1934,
as amended, including the rules and regulations promulgated thereunder. 
 (u) “Exercise Date” means the last
Trading Day of each Purchase Period. 
 (v) “Fair Market Value” means, on a given date: (i) if the Common Stock
is listed on a national securities exchange, the closing sales price of the Common Stock reported on the primary exchange on which the Common Stock is listed and traded on such date, or, if there are no such sales on that date, then on the last
preceding date on which such sales were reported; (ii) if the Common Stock is not listed on any national securities exchange but is quoted in an inter-dealer quotation system on a last-sale basis, the average between the closing bid price and
ask price reported on such date, or, if there is no such sale on that date, then on the last preceding date on which a sale was reported; or (iii) if the Common Stock is not listed on a national securities exchange or quoted in an inter-dealer
quotation system on a last-sale basis, the amount determined by the Board in good faith to be the fair market value of the Common Stock. 

(w) “Fiscal Year” means the fiscal year of the Company. 

(x) “Group” shall have the meaning given the term for purposes of Section 13(d)(3) of the Exchange Act. 

(y) “New Exercise Date” means a new Exercise Date if the Administrator shortens any Offering Period then in progress.

 (z) “Non-423 Component” is defined in Section 1 of the Plan. 

(aa) “Offering” means an offer under the Plan of an option that may be exercised during an Offering Period as further
described in Section 4 of the Plan. For purposes of the Plan, the Administrator may designate separate Offerings under the Plan (the terms of which need not be identical) in which Eligible Employees of one or more Employers will participate,
even if the dates of the applicable Offering Periods of each such Offering are identical and the provisions of the Plan will separately apply to each Offering. To the extent permitted by U.S. Treasury Regulation
Section 1.423-2(a)(1), the terms of each Offering need not be identical; provided, that the terms of the Plan and an Offering together satisfy U.S. Treasury Regulation Section 1.423-2(a)(2) and (a)(3). 
 (bb) “Offering Periods” means the
periods of approximately six (6) months or such other period or periods set by the Administrator during which an option may be granted pursuant to the Plan and may be exercised, as determined under Section 4 of the Plan. The duration and
timing of Offering Periods may be changed pursuant to Sections 4 and 20 of the Plan. 
 (cc) “Other Extraordinary
Event” is defined in Section 19(a) of the Plan. 
 (dd) “Parent” means a “parent
corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code. 
 (ee)
“Participant” means an Eligible Employee that participates in the Plan. 
 (ff) “Person”
means an individual, entity or group. 
 (gg) “Plan” means this Academy Sports and Outdoors, Inc. 2020 Employee
Stock Purchase Plan. 

  
 3 

 (hh) “Proceeding” is defined in Section 30 of the Plan. 

(ii) “Purchase Period” means, unless changed by the Administrator, the approximately six (6) month period
commencing after one Exercise Date and ending with the next Exercise Date. Unless otherwise determined by the Administrator, the Purchase Period will have the same duration and coincide with the length of the Offering Period. 

(jj) “Purchase Price” means an amount equal to eighty-five percent (85%) of the Fair Market Value of a share of Common
Stock on the Enrollment Date or on the Exercise Date, whichever is lower; provided, that the Purchase Price may be determined for subsequent Offering Periods by the Administrator subject to compliance with Section 423 of the Code (or any
successor rule or provision or any other Applicable Law, regulation or stock exchange rule) or pursuant to Section 20 of the Plan. 

(kk) “Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined in
Section 424(f) of the Code. 
 (ll) “Trading Day” means a day on which the national stock exchange upon which
the Common Stock is listed is open for trading. 
 (mm) “U.S. Treasury Regulations” means the Treasury regulations
of the Code. References to a specific Treasury Regulation or Section of the Code shall include such Treasury Regulation or Section, any valid regulation promulgated under such Section, and any comparable provision of any future legislation or
regulation amending, supplementing or superseding such Section or regulation. 
 3. Eligibility. 

(a) First Offering Period. Any individual who is an Eligible Employee immediately prior to the first Offering Period will be
automatically enrolled in the first Offering Period, subject to the provisions of Section 5 of the Plan. 
 (b) Subsequent Offering
Periods. Any Eligible Employee on a given Enrollment Date following the first Offering Period will be eligible to participate in the Plan, subject to the requirements of Section 5 of the Plan. 

(c) Non-U.S. Employees. Eligible Employees who are citizens or residents of a non-U.S. jurisdiction (without regard to whether they also are citizens or residents of the United States or resident aliens (within the meaning of Section 7701(b)(1)(A) of the Code)) may be excluded from
participation in the Plan or an Offering if the participation of such Eligible Employees is prohibited under the laws of the applicable jurisdiction or if complying with the laws of the applicable jurisdiction would cause the Plan or an Offering to
violate Section 423 of the Code. In the case of the Non-423 Component, an Eligible Employee may be excluded from participation in the Plan or an Offering if the Administrator has determined that
participation of such Eligible Employee is not advisable or practicable. 
 (d) Limitations. Any provisions of the Plan to the
contrary notwithstanding, no Eligible Employee will be granted an option under the Plan (i) to the extent that, immediately after the grant, such Eligible Employee (or any other Person whose stock would be attributed to such Eligible Employee
pursuant to Section 424(d) of the Code) would own capital stock of the Company or any Parent or Subsidiary of the Company and/or hold outstanding options to purchase such stock possessing five percent (5%) or more of the total combined voting
power or value of all classes of the capital stock of the Company or of any Parent or Subsidiary of the Company, or (ii) to the extent that his or her rights to purchase stock under all employee stock purchase plans (as defined in
Section 423 of the Code) of the 

  
 4 

 
Company or any Parent or Subsidiary of the Company accrues at a rate that exceeds twenty-five thousand dollars ($25,000) worth of stock (determined at the Fair Market Value of the stock at the
time such option is granted) for each calendar year in which such option is outstanding at any time, as determined in accordance with Section 423 of the Code and the regulations thereunder. 

4. Offering Periods. 

(a) Frequency and Duration. The Administrator may establish Offering Periods of such frequency and duration as it may from time to time
determine as appropriate. 
 (b) First Offering Period. The first Offering Period under the Plan shall commence on the date
determined by the Administrator and shall end on the last Trading Day on or immediately preceding the earlier to occur of June 30 or December 31 of the year in which the first Offering Period commences. 

(c) Successive Offering Periods. Unless the Administrator determines otherwise, following the completion of the first Offering Period,
a new Offering Period shall commence on the first Trading Day on or following January 1 and July 1 of each calendar year and end on or following the last Trading Day on or immediately preceding June 30 and December 31,
respectively, approximately six (6) months later. 
 (d) Additional Offering Periods. At the discretion of the Administrator,
additional Offering Periods may be conducted under the Plan. Such additional Offering Periods may, but need not, qualify under Section 423 of the Code. The Administrator shall determine the commencement and duration of each additional Offering
Period, and additional Offering Periods may be consecutive or overlapping. The other terms and conditions of each additional Offering Period shall be those set forth in the Plan document, with such changes or additional features as the Administrator
determines necessary to comply with Section 423 of the Code (or any successor rule or provision or any other Applicable Law, regulation or stock exchange rule). The Administrator shall have the power to change the duration of Offering Periods
(including the commencement dates thereof) with respect to future Offerings without stockholder approval. 
 (e) Offering Period
Limit. No Offering Period may last more than twenty-seven (27) months. 
 (f) Applicable Offering Period. For purposes of
calculating the Purchase Price, the applicable Offering Period shall be determined as follows: Once a Participant is enrolled in the Plan for an Offering Period, such Offering Period shall continue to apply to him or her until the earliest of
(x) the end of such Offering Period, or (y) the end of his or her participation under Section 10 of the Plan. 
 5.
Participation. 
 (a) First Offering Period. An Eligible Employee will be entitled to continue to participate in the first
Offering Period pursuant to Section 3(a) of the Plan only if such individual submits a subscription agreement authorizing Contributions in a form determined by the Administrator (which may be similar to the form attached hereto as Exhibit
A) to the Company’s designated third-party broker/plan administrator (i) no earlier than the effective date of the Form S-8 registration statement that registers the offer and sale of Common
Stock under the Plan and (ii) no later than ten (10) business days following the effective date of such S-8 registration statement or such other period of time as the Administrator may determine (the
“Enrollment Window”). 
 (b) Subsequent Offering Periods. Once an Eligible Employee begins participation in
an Offering Period, then such Eligible Employee will automatically participate in each subsequent Offering 

  
 5 

 
Period unless the Eligible Employee withdraws or is deemed to withdraw from this Plan or terminates further participation in an Offering Period as set forth in Section 10 below. An Eligible
Employee who is continuing participation pursuant to the immediately preceding sentence is not required to file any additional subscription agreement in order to continue participation in this Plan; during each subsequent Offering Period an Eligible
Employee who is not continuing participation pursuant to the immediately preceding sentence is required to file a subscription agreement prior to the commencement of the Offering Period (or such earlier date as the Administrator may determine) to
which such agreement relates in order to participate in such Offering Period. 
 6. Contributions. 

(a) At the time a Participant enrolls in the Plan pursuant to Section 5 of the Plan, he or she will elect to have Contributions (in the
form of payroll deductions or otherwise, to the extent permitted by the Administrator) made on each pay day during the Offering Period in an amount not exceeding fifteen percent (15%) of the Compensation, which he or she receives on each pay day
during the Offering Period (for illustrative purposes, should a pay day occur on an Exercise Date, a Participant will have any payroll deductions made on such day applied to his or her account under the then-current Purchase Period or Offering
Period). The Administrator, in its sole discretion, may permit all Participants in a specified Offering to contribute amounts to the Plan through payment by cash, check or other means set forth in the subscription agreement prior to each Exercise
Date of each Purchase Period. A Participant’s subscription agreement will remain in effect for successive Offering Periods unless terminated as provided in Section 10 hereof. 

(b) In the event Contributions are made in the form of payroll deductions, such payroll deductions for a Participant will commence on the
first day of the payroll cycle following the Enrollment Date and will end on the last pay day prior to the Exercise Date of such Offering Period to which such authorization is applicable, unless sooner terminated by the Participant as provided in
Section 10 hereof; provided, that for the first Offering Period, payroll deductions will commence on the first day of the payroll cycle following the end of the Enrollment Window. 

(c) All Contributions made for a Participant will be credited to his or her account under the Plan, and Contributions will be made in whole
percentages of Compensation only. A Participant may not make any additional payments into such account. 
 (d) A Participant may discontinue
his or her participation in the Plan as provided in Section 10 of the Plan. If permitted by the Administrator, as determined in its sole discretion, a Participant may, on a single occasion, reduce his or her rate of contribution during an on-going Offering Period by filing with the Company’s designated third-party broker/plan administrator a new authorization for payroll deductions, with the new rate to become effective as soon as reasonably
practicable and continuing for the remainder of the Offering Period. 
 (e) To the extent necessary to comply with Section 423(b)(8) of
the Code and Section 3(d) hereof, a Participant’s Contributions may be decreased to zero percent (0%) at any time during a Purchase Period. Subject to Section 423(b)(8) of the Code and Section 3(d) hereof, Contributions will
recommence at the rate originally elected by the Participant effective as of the beginning of the first Purchase Period scheduled to end in the following calendar year, unless terminated by the Participant as provided in Section 10 of the Plan.

 (f) Notwithstanding any provisions to the contrary in the Plan, the Administrator may allow Eligible Employees to participate in the Plan
via cash contributions instead of payroll deductions if (i) payroll deductions are not permitted under applicable local law, (ii) the Administrator determines that cash contributions are permissible under Section 423 of the Code or
(iii) for Participants participating in the Non-423 Component. 

  
 6 

 (g) At the time the option is exercised, in whole or in part, or at the time some or all of
the Common Stock issued under the Plan is disposed of (or any other time that a taxable event related to the Plan occurs), the Participant must make adequate provision for the Company’s or the Employer’s federal, state, local or any other
tax liability payable to any authority including taxes imposed by jurisdictions outside of the U.S., national insurance, social security or other tax withholding obligations, if any, which arise upon the exercise of the option or the disposition of
the Common Stock (or any other time that a taxable event related to the Plan occurs). At any time, the Company or the Employer may, but will not be obligated to, withhold from the Participant’s compensation the amount necessary for the Company
or the Employer to meet applicable withholding obligations, including any withholding required to make available to the Company or the Employer any tax deductions or benefits attributable to sale or early disposition of Common Stock by the Eligible
Employee. In addition, the Company or the Employer may, but will not be obligated to, withhold from the proceeds of the sale of Common Stock or any other method of withholding the Company or the Employer deems appropriate to the extent permitted by
U.S. Treasury Regulation Section 1.423-2(f). 
 7. Grant of Option. On the
Enrollment Date of an applicable Offering Period, each Eligible Employee participating in such Offering Period will be granted an option to purchase on each Exercise Date during such Offering Period (at the applicable Purchase Price) up to a number
of shares of Common Stock determined by dividing such Eligible Employee’s Contributions accumulated prior to such Exercise Date and retained in the Eligible Employee’s account as of the Exercise Date by the applicable Purchase Price;
provided, that in no event will an Eligible Employee be permitted to purchase during each Purchase Period more than 1,500 shares of Common Stock and, during any one year period, more than 3,000 shares of Common Stock, subject, in each case,
to any adjustment pursuant to Section 19 of the Plan; provided, further, that such purchase will be subject to the limitations set forth in Sections 3(d) and 13 of the Plan. The Eligible Employee may accept the grant of such
option (i) with respect to the first Offering Period by submitting a properly completed subscription agreement in accordance with the requirements of Section 5 of the Plan on or before the last day of the Enrollment Window, and
(ii) with respect to any subsequent Offering Period under the Plan, by continuing to (or electing to, as applicable) participate in the Plan in accordance with the requirements of Section 5 of the Plan. The Administrator may, for future
Offering Periods, increase or decrease, in its absolute discretion, the maximum number of shares of Common Stock that an Eligible Employee may purchase during each Purchase Period of an Offering Period or during any
one-year period. Exercise of the option will occur as provided in Section 8, unless the Participant has withdrawn pursuant to Section 10 of the Plan. To the extent not otherwise exercised in full,
the option will expire on the last day of the Offering Period. 
 8. Exercise of Option. 

(a) Unless a Participant withdraws from the Plan as provided in Section 10 of the Plan, his or her option for the purchase of shares of
Common Stock will be exercised automatically on the Exercise Date, and the maximum number of full shares subject to the option will be purchased for such Participant at the applicable Purchase Price with the accumulated Contributions from his or her
account. No fractional shares of Common Stock will be purchased; any Contributions accumulated in a Participant’s account, which are not sufficient to purchase a full share will be retained in the Participant’s account for the subsequent
Purchase Period or Offering Period, subject to earlier withdrawal by the Participant. Any other funds left over in a Participant’s account after the Exercise Date will also be retained in the Participant’s account for the subsequent
Purchase Period or Offering Period, subject to earlier withdrawal by the Participant. During a Participant’s lifetime, a Participant’s option to purchase shares hereunder is exercisable only by him or her. 

  
 7 

 (b) If the Administrator determines that, on a given Exercise Date, the number of shares of
Common Stock with respect to which options are to be exercised may exceed (i) the number of shares of Common Stock that were available for sale under the Plan on the Enrollment Date of the applicable Offering Period, or (ii) the number of
shares of Common Stock available for sale under the Plan on such Exercise Date, the Administrator may in its sole discretion (x) provide that the Company will make a pro rata allocation of the shares of Common Stock available for purchase on
such Enrollment Date or Exercise Date, as applicable, in as uniform a manner as will be practicable and as it will determine in its sole discretion to be equitable among all Participants exercising options to purchase Common Stock on such Exercise
Date, and continue all Offering Periods then in effect or (y) provide that the Company will make a pro rata allocation of the shares available for purchase on such Enrollment Date or Exercise Date, as applicable, in as uniform a manner as will
be practicable and as it will determine in its sole discretion to be equitable among all participants exercising options to purchase Common Stock on such Exercise Date, and terminate any or all Offering Periods then in effect pursuant to
Section 20 of the Plan. The Company may make a pro rata allocation of the shares available on the Enrollment Date of any applicable Offering Period pursuant to the preceding sentence, notwithstanding any authorization of additional shares for
issuance under the Plan by the Company’s stockholders subsequent to such Enrollment Date. 
 9. Delivery. As soon as
reasonably practicable after each Exercise Date on which a purchase of shares of Common Stock occurs, the Company will arrange the delivery to each Participant of the shares purchased upon exercise of his or her option in a form determined by the
Administrator (in its sole discretion) and pursuant to rules established by the Administrator. The Company may permit or require that shares be deposited directly with a broker designated by the Company or to a designated agent of the Company, and
the Company may utilize electronic or automated methods of share transfer. The Company may require that shares be retained with such broker or agent for a designated period of time and/or may establish other procedures to permit tracking of
disqualifying dispositions of such shares. No Participant will have any voting, dividend, or other stockholder rights with respect to shares of Common Stock subject to any option granted under the Plan until such shares have been purchased and
delivered to the Participant as provided in this Section 9. 
 10. Withdrawal. 

(a) A Participant may withdraw all but not less than all the Contributions credited to his or her account and not yet used to exercise his or
her option under the Plan at any time prior to the last thirty (30) days of the applicable Offering Period by (i) submitting to the Company’s stock administration office (or its designee) a written notice of withdrawal in the form
determined by the Administrator for such purpose (which may be similar to the form attached hereto as Exhibit B), or (ii) following an electronic or other withdrawal procedure determined by the Administrator; provided, that a
Participant may not withdraw during any blackout period applicable to such Participant. All of the Participant’s Contributions credited to his or her account will be paid to such Participant promptly and as soon as administratively feasible
after receipt of notice of withdrawal by the Company’s stock administration office (or its designee) and such Participant’s option for the Offering Period will be automatically terminated, and no further Contributions for the purchase of
shares will be made for such Offering Period. If a Participant withdraws from an Offering Period, Contributions will not resume at the beginning of the succeeding Offering Period, unless the Participant
re-enrolls in the Plan by submitting a subscription agreement to the Company’s designated third-party broker/plan administrator prior to the commencement of such succeeding Offering Period. 

(b) A Participant’s withdrawal from an Offering Period will not have any effect upon his or her eligibility to participate in any similar
plan that may hereafter be adopted by the Company or in succeeding Offering Periods that commence after the termination of the Offering Period from which the Participant withdraws. 

  
 8 

 11. Termination of Employment. Upon a Participant’s ceasing to be an
Eligible Employee, for any reason, he or she will be deemed to have elected to withdraw from the Plan and the Contributions credited to such Participant’s account during the Offering Period but not yet used to purchase shares of Common Stock
under the Plan will be returned to such Participant or, in the case of his or her death, to the Person or Persons entitled thereto under Section 15 of the Plan, and such Participant’s option will be automatically terminated. Unless
determined otherwise by the Administrator in a manner that, with respect to an Offering under the 423 Component, is permitted by, and compliant with, Section 423 of the Code, a Participant whose employment transfers between entities through a
termination with an immediate rehire (with no break in service) by the Company or a Designated Company shall not be treated as terminated under the Plan; provided, however, that no Participant shall be deemed to switch from an Offering
under the Non-423 Component to an Offering under the 423 Component or vice versa unless (and then only to the extent) such switch would not cause the 423 Component or any Option thereunder to fail to comply
with Section 423 of the Code. 
 12. Interest. No interest will accrue on the Contributions of a participant in the Plan,
except as may be required by Applicable Law, as determined by the Company, and if so required by the laws of a particular jurisdiction, shall, with respect to Offerings under the 423 Component, apply to all Participants in the relevant Offering,
except to the extent otherwise permitted by U.S. Treasury Regulation Section 1.423-2(f). 

13. Stock. 
 (a) Subject
to adjustment upon changes in capitalization of the Company as provided in Section 19 hereof, the aggregate number of shares of Common Stock available for the issuance of shares pursuant to the Plan shall be no more than 1,000,000 shares,
which number shall be automatically increased on the first day of each fiscal year following the fiscal year in which the Effective Date falls in an amount equal to the least of (x) 1,000,000 shares of Common Stock, (y) 2% of the total number
of all classes of the Company’s common stock outstanding on the last day of the immediately preceding fiscal year and (z) a lower number of shares of Common Stock as determined by the Board. 

(b) Until the shares of Common Stock are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized
transfer agent of the Company), a Participant will only have the rights of an unsecured creditor with respect to such shares, and no right to vote or receive dividends or any other rights as a stockholder will exist with respect to such shares. 

(c) Shares of Common Stock to be delivered to a Participant under the Plan will be registered in the name of the Participant or in the name of
the Participant and his or her spouse. 
 14. Administration. The Plan will be administered by the Board or a Committee
appointed by the Board, which Committee will be constituted to comply with Applicable Laws. The Administrator will have full and exclusive discretionary authority to construe, interpret and apply the terms of the Plan, to designate separate
Offerings under the Plan, to designate Subsidiaries and Affiliates as participating in the 423 Component or Non-423 Component, to determine eligibility, to adjudicate all disputed claims filed under the Plan
and to establish such procedures that it deems necessary for the administration of the Plan (including, without limitation, to adopt such procedures and sub-plans as are necessary or appropriate to permit the
participation in the Plan by employees who are foreign nationals or employed outside the U.S., the terms of which sub-plans may take precedence over other provisions of the Plan, with the exception of
Section 13(a) hereof, but unless otherwise superseded by the terms of such sub-plan, the provisions of the Plan shall govern the operation of such sub-plan). Unless
otherwise determined by the Administrator, the employees eligible to participate in each sub-plan will participate in a separate Offering and will be in the Non-423
Component, unless such designation would cause the 423 Component to violate the requirements 

  
 9 

 
of Section 423 of the Code. Without limiting the generality of the foregoing, the Administrator is specifically authorized to adopt rules and procedures regarding eligibility to participate,
the definition of Compensation, handling of Contributions, making of Contributions to the Plan (including, without limitation, in forms other than payroll deductions), establishment of bank or trust accounts to hold Contributions, payment of
interest, conversion of local currency, obligations to pay payroll tax, determination of beneficiary designation requirements, withholding procedures and handling of stock certificates that vary with applicable local requirements. The Administrator
also is authorized to determine that, to the extent permitted by U.S. Treasury Regulation Section 1.423-2(f), the terms of an option granted under the Plan or an Offering to citizens or residents of a non-U.S. jurisdiction will be less favorable than the terms of options granted under the Plan or the same Offering to employees resident solely in the U.S. Every finding, decision and determination made by the
Administrator will, to the full extent permitted by law, be final and binding upon all parties. 
 15. Designation of Beneficiary.

 (a) If permitted by the Administrator, a Participant may file a designation of a beneficiary who is to receive any shares of Common Stock
and cash, if any, from the Participant’s account under the Plan in the event of such Participant’s death subsequent to an Exercise Date on which the option is exercised but prior to delivery to such Participant of such shares and cash. In
addition, if permitted by the Administrator, a Participant may file a designation of a beneficiary who is to receive any cash from the Participant’s account under the Plan in the event of such Participant’s death prior to exercise of the
option. If a Participant is married and the designated beneficiary is not the spouse, spousal consent will be required for such designation to be effective. 

(b) Such designation of beneficiary may be changed by the Participant at any time by notice to the Company’s stock administration office
(or its designee) in a form determined by the Administrator. In the event of the death of a Participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such Participant’s death, the Company
will deliver such shares and/or cash to the executor or administrator of the estate of the Participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such
shares and/or cash to the spouse or to any one or more dependents or relatives of the Participant, or if no spouse, dependent or relative is known to the Company, then to such other Person as the Company may designate. 

(c) All beneficiary designations will be in such form and manner as the Administrator may designate from time to time. Notwithstanding
Sections 15(a) and (b) above, the Company and/or the Administrator may decide not to permit such designations by Participants in non-U.S. jurisdictions to the extent permitted by U.S. Treasury Regulation Section 1.423-2(f). 
 16. Transferability. Neither Contributions credited to a
Participant’s account nor any rights with regard to the exercise of an option or to receive shares of Common Stock under the Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent
and distribution or as provided in Section 15 hereof) by the Participant. Any such attempt at assignment, transfer, pledge or other disposition will be without effect, except that the Company may treat such act as an election to withdraw funds
from an Offering Period in accordance with Section 10 hereof. 
 17. Use of Funds. The Company may use all Contributions
received or held by it under the Plan for any corporate purpose, and the Company will not be obligated to segregate such Contributions except under Offerings or for Participants in the Non-423 Component for
which Applicable Laws require that Contributions to the Plan by Participants be segregated from the Company’s general corporate funds and/or deposited with an independent third party. 

  
 10 

 18. Reports. Individual accounts will be maintained for each Participant in
the Plan. Statements of account will be given to participating Eligible Employees at least annually, which statements will set forth the amounts of Contributions, the Purchase Price, the number of shares of Common Stock purchased and the remaining
cash balance, if any. 
 19. Adjustments, Dissolution, Liquidation, Merger or Change in Control. 

(a) Adjustments. In the event that any subdivision or consolidation of outstanding shares of Common Stock, declaration of a dividend
payable in shares of Common Stock or other stock split, other recapitalization or capital reorganization of the Company, any consolidation or merger of the Company with another corporation or entity, the adoption by the Company of any plan of
exchange affecting the Common Stock or any distribution to holders of Common Stock of securities or property (other than normal cash dividends or dividends payable in Common Stock), the Administrator, in order to prevent dilution or enlargement of
the benefits or potential benefits intended to be made available under the Plan, will, in such manner as it may deem equitable, adjust the number and class of Common Stock that may be delivered under the Plan, the Purchase Price per share and the
number of shares of Common Stock covered by each option under the Plan that has not yet been exercised, and the numerical limits of Sections 7 and 13 of the Plan. 

(b) Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, any Offering Period then in
progress will be shortened by setting a New Exercise Date, and will terminate immediately prior to the consummation of such proposed dissolution or liquidation, unless provided otherwise by the Administrator. The New Exercise Date will be before the
date of the Company’s proposed dissolution or liquidation. The Company’s stock administration office (or its designee) will notify each Participant in writing or electronically, prior to the New Exercise Date, that the Exercise Date for
the Participant’s option has been changed to the New Exercise Date and that the Participant’s option will be exercised automatically on the New Exercise Date, unless prior to such date the Participant has withdrawn from the Offering Period
as provided in Section 10 hereof. 
 (c) Merger or Change in Control. In the event of a merger or Change in Control, each
outstanding option will be assumed or an equivalent option substituted by the successor corporation or a Parent or Subsidiary of the successor corporation. In the event that the successor corporation refuses to assume or substitute for the option,
the Offering Period with respect to which such option relates will be shortened by setting a New Exercise Date on which such Offering Period shall end. The New Exercise Date will occur before the date of the Company’s proposed merger or Change
in Control. The Company’s stock administration office (or its designee) will notify each Participant in writing or electronically prior to the New Exercise Date, that the Exercise Date for the Participant’s option has been changed to the
New Exercise Date and that the Participant’s option will be exercised automatically on the New Exercise Date, unless prior to such date the Participant has withdrawn from the Offering Period as provided in Section 10 hereof. 

20. Amendment or Termination. 

(a) The Board or the Administrator, in its sole discretion, may amend, suspend, or terminate the Plan, or any part thereof, at any time and
for any reason. If the Plan is terminated, the Board or the Administrator, in its discretion, may elect to terminate all outstanding Offering Periods either immediately or upon completion of the purchase of shares of Common Stock on the next
Exercise Date (which may be sooner than originally scheduled, if determined by the Administrator in its discretion), or may elect to permit Offering Periods to expire in accordance with their terms (and subject to any adjustment pursuant to
Section 19 hereof). If the Offering Periods are terminated prior to expiration, all amounts then credited to Participants’ accounts that have not been used to purchase shares of Common Stock will be returned to the Participants (without
interest thereon, except as otherwise required under Applicable Laws, as further set forth in Section 12 hereof) as soon as administratively practicable. 

  
 11 

 (b) Without stockholder consent and without limiting Section 20(a) hereof, the
Administrator will be entitled to change the Offering Periods or Purchase Periods, designate separate Offerings, limit the frequency and/or number of changes in the amount withheld during an Offering Period, establish the exchange ratio applicable
to amounts withheld in a currency other than U.S. dollars, permit Contributions in excess of the amount designated by a Participant in order to adjust for delays or mistakes in the Company’s processing of properly completed Contribution
elections, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common Stock for each Participant properly correspond with Contribution amounts, and
establish such other limitations or procedures as the Administrator determines in its sole discretion advisable that are consistent with the Plan. 

(c) In the event the Administrator determines that the ongoing operation of the Plan may result in unfavorable financial accounting
consequences, the Administrator may, in its discretion and, to the extent necessary or desirable, modify, amend or terminate the Plan to reduce or eliminate such accounting consequence including, but not limited to: 

(i) amending the Plan to conform with the safe harbor definition under the Financial Accounting Standards Board Accounting Standards
Codification Topic 718 (or any successor thereto), including with respect to an Offering Period underway at the time; 
 (ii) altering the
Purchase Price for any Offering Period or Purchase Period including an Offering Period or Purchase Period underway at the time of the change in Purchase Price; 

(iii) shortening any Offering Period or Purchase Period by setting a New Exercise Date, including an Offering Period or Purchase Period
underway at the time of the Administrator action; 
 (iv) reducing the maximum percentage of Compensation a Participant may elect to set
aside as Contributions; and 
 (v) reducing the maximum number of shares of Common Stock a Participant may purchase during any Offering
Period or Purchase Period. 
 Such modifications or amendments will not require stockholder approval or the consent of any Plan Participants. 

21. Notices. All notices or other communications by a Participant to the Company under or in connection with the Plan will be
deemed to have been duly given when received by the Company’s stock administration office (or its designee) in the form and manner specified by the Company’s stock administration office (or its designee)at the location, or by the Person,
designated by the Company’s stock administration office (or its designee) for the receipt thereof. 
 22. Conditions Upon Issuance
of Shares. 
 (a) Shares of Common Stock will not be issued with respect to an option unless the exercise of such option and the
issuance and delivery of such shares pursuant thereto will comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act of 1933, as amended, the Exchange Act, the rules and regulations
promulgated thereunder, and the requirements of any stock exchange upon which the shares may then be listed, and will be further subject to the approval of counsel for the Company with respect to such compliance. 

  
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 (b) As a condition to the exercise of an option, the Company may require the Person
exercising such option to represent and warrant at the time of any such exercise that the shares are being purchased only for investment and without any present intention to sell or distribute such shares if, in the opinion of counsel for the
Company, such a representation is required by any of the aforementioned applicable provisions of law. 
 23. Data Protection.
By participating in the Plan or accepting any rights granted under it, each Participant consents to the collection and processing of personal data relating to the Participant so that the Company and its Affiliates can fulfill their obligations and
exercise their rights under the Plan and generally administer and manage the Plan. This data will include, but may not be limited to, data about participation in the Plan and shares offered or received, purchased, or sold under the Plan from time to
time and other appropriate financial and other data about the Participant and the Participant’s participation in the Plan. 

24. Code Section 409A. The 423 Component of the Plan is exempt from the application of Code Section 409A
and any ambiguities herein will be interpreted to so be exempt from Code Section 409A. In furtherance of the foregoing and notwithstanding any provision in the Plan to the contrary, if the Administrator determines that an option granted under
the Plan may be subject to Code Section 409A or that any provision in the Plan would cause an option under the Plan to be subject to Code Section 409A, the Administrator may amend the terms of the Plan and/or of an outstanding option
granted under the Plan, or take such other action the Administrator determines is necessary or appropriate, in each case, without the Participant’s consent, to exempt any outstanding option or future option that may be granted under the Plan
from or to allow any such options to comply with Code Section 409A, but only to the extent any such amendments or action by the Administrator would not violate Code Section 409A. Notwithstanding the foregoing, the Company shall have no
liability to a Participant or any other party if the option to purchase Common Stock under the Plan that is intended to be exempt from or compliant with Code Section 409A is not so exempt or compliant or for any action taken by the
Administrator with respect thereto. The Company makes no representation that the option to purchase Common Stock under the Plan is compliant with Code Section 409A. 

25. Term of Plan. The Plan will become effective upon the earlier to occur of its adoption by the Board or its approval by the
stockholders of the Company (the “Effective Date”). It will continue in effect for a term of ten (10) years, unless sooner terminated under Section 20 of the Plan. 

26. Stockholder Approval. The Plan will be subject to approval by the stockholders of the Company within twelve (12) months
before or after the date the Plan is adopted by the Board. Such stockholder approval will be obtained in the manner and to the degree required under Applicable Laws. 

27. Governing Law. The Plan shall be governed by, and construed in accordance with, the laws of the State of Delaware (except
its choice-of-law provisions). 
 28. No Right to
Employment. Participation in the Plan by a Participant shall not be construed as giving a Participant the right to be retained as an employee of the Company or a Subsidiary or Affiliate, as applicable. Furthermore, the Employer may dismiss a
Participant from employment at any time, free from any liability or any claim under the Plan. 
 29. Severability. If any
provision of the Plan is or becomes or is deemed to be invalid, illegal, or unenforceable for any reason in any jurisdiction or as to any Participant, such invalidity, illegality or 

  
 13 

 
unenforceability shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as to such jurisdiction or Participant as if the invalid, illegal or unenforceable
provision had not been included. 
 30. Compliance with Applicable Laws. The terms of the Plan are intended to comply with all
Applicable Laws and will be construed accordingly. 
 31. Jurisdiction; Waiver of Jury Trial. The Plan shall be governed by
and construed in accordance with the internal laws of the State of Delaware applicable to contracts made and performed wholly within the State of Delaware, without giving effect to the conflict of laws provisions thereof. EACH PARTICIPANT
IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY SUIT, ACTION, OR OTHER PROCEEDING INSTITUTED BY OR AGAINST SUCH PARTICIPANT IN RESPECT OF THE PARTICIPANT’S RIGHTS OR OBLIGATIONS HEREUNDER. 

  
 14 

 EXHIBIT A 

Form of Subscription Agreement 

 EXHIBIT B 

Form of Notice of Withdrawal

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