Document:

EX-10.1

 Exhibit 10.1 

TREX COMPANY, INC. 
 2014
STOCK INCENTIVE PLAN 
 STOCK APPRECIATION RIGHTS AGREEMENT 

Trex Company, Inc., a Delaware corporation (the “Company”), hereby grants stock appreciation rights (SARs) relating to its common
stock, $.01 par value, (the “Stock”) to the Grantee named below. The terms and conditions of the SARs are set forth in this cover sheet, in the attachment, and in the Company’s 2014 Stock Incentive Plan (the “Plan”). 

Grant Date:                      

Name of Grantee:
                                         
                                        

Number of Shares of Stock Subject to the SARs:
                     
 SAR Grant Price per
Share: $             
  

							
	Vesting Schedule:	 	 Vesting Date
	  	 Number of Shares
	  	 
		 	        Vest 1	  	#	  	
		 	        Vest 2	  	#	  	
		 	        Vest 3	  	#	  	
			
	Last Date to Exercise:                     1	  	 	  	 

 By signing this cover sheet, you agree to all of the terms and conditions described in the attached Agreement and in the
Plan. You acknowledge that you have carefully reviewed the Plan, and agree that the Plan will control in the event any provision of this Agreement should appear to be inconsistent. 

 

					
	 Grantee:
	  	  
	  	
		  	(Signature)	  	
			
	 Company:
	  	  
	  	
		  	 William R. Gupp
	  	
		  	 Senior Vice President, General Counsel and Secretary
	  	
			
	 Attachments:
	  	            Stock Appreciation Rights Agreement	  	

 Please sign, return one copy of this Agreement to Corporate Human Resources, and retain the second copy for your records. 

This is not a stock certificate or a negotiable instrument. 
  

 

	1 	Certain events can cause an earlier termination of the SAR. See “Effects of Changes in Capitalization” in the Plan. This date shall be extended for one (1) year in the event your employment terminates due to
your death during the tenth year of the term. 

 TREX COMPANY, INC. 

2014 STOCK INCENTIVE PLAN 

STOCK APPRECIATION RIGHTS AGREEMENT 
  

			
	Vesting	  	 The SARS are only exercisable before the Last Date to Exercise (noted on the cover sheet) and then only with respect
to the vested portion of the SARs. Subject to the preceding sentence, you may exercise the SARs, in whole or in part, by following the procedures set forth in the Plan and below in this Agreement. For the purpose of this Agreement,
“Service” means service as an employee of the Company or any Affiliate or service as Service Provider.
  

Your right to exercise the SARs vests as to thirty three and one-third percent
(331/3%) of the total number of shares of Stock subject to the SARs, on each anniversary of the grant, as shown on the cover sheet, provided that you then continue in service on each such vesting
date. The resulting aggregate number of vested shares of Stock will be rounded to the nearest whole number, and you may not vest in more than the number of shares of Stock shown on the cover sheet.

 
 Except as otherwise provided herein, no SARs will vest after your
Service has terminated for any reason.
  
 Notwithstanding the
foregoing or any other provision herein to the contrary, SARS shall vest according to the terms and conditions, if so provided, in any separate agreement between you and the Company, including but not limited to any Employment Agreement, Severance
Agreement or Change in Control Severance Agreement.

		
	Regular Termination	  	 If your Service terminates for any reason, other than death, Retirement, Disability or by the Company without Cause,
then your unvested SARs will expire immediately and your vested SARs will expire at the close of business at Company headquarters on the 90th day after your termination date (or, if such 90th day is a Saturday, Sunday or holiday, at the close of
business on the next preceding day that is not a Saturday, Sunday or holiday); but in any event no later than the Last Date to Exercise.
  

For the purpose of this Agreement, Disability means “permanent and total disability” (within the meaning of Section 22(e)(3) of
the Code) and “Cause” means, as determined by the Board, (i) gross negligence or willful misconduct in connection with the performance of duties; (ii) conviction of a criminal offense (other than minor traffic offenses); or (iii) material
breach of any term of any employment, consulting or other services, confidentiality, intellectual property or non-competition agreements.

		
	Termination for Cause	  	 If your Service is terminated for Cause, then you will immediately forfeit all rights to your SARs and the SARs will immediately expire.

		
	Death	  	 If your Service terminates because of your death, then your SARs shall fully vest and will expire at the close of
business at Company headquarters on the date five (5) years after the date of your death (but not later than the Last Date to Exercise). During that five year period (but not later than the Last Date to Exercise), your estate or heirs may exercise
your SARs.
  
 In addition, notwithstanding any provision herein to
the contrary, if you die during the 90-day period described in connection with a regular termination

			
		  	(i.e., a termination of your Service not on account of your death, Retirement, Disability or Cause), and a vested portion of your SARs has not yet been exercised, then your SARs will instead expire on the date two (2) years after
your termination date (but not later than the Last Date to Exercise). In such a case, during the period following your death up to the date two (2) years after your termination date (but not later than the Last Date to Exercise), your estate or
heirs may exercise the vested portion of your SARs.
		
	Disability or Retirement	  	 If your Service terminates because of your Disability or Retirement, then your SARs shall fully vest and your SARs will expire at the close of business
at Company headquarters on the date five (5) years after your termination date (but not later than the Last Date to Exercise).

		
	Leaves of Absence	  	 For purposes of this award of SARs, your Service does not terminate when you go on a bona fide employee leave
of absence that was approved by the Company in writing, if the terms of the leave provide for continued Service crediting, or when continued Service crediting is required by applicable law. However, your Service will be treated as terminating 90
days after you went on employee leave, unless your right to return to active work is guaranteed by law or by a contract. Your Service terminates in any event when the approved leave ends unless you immediately return to active employee work.

 
 The Company determines, in its sole discretion, which leaves count
for this purpose, and when your Service terminates for all purposes under the Plan.

		
	Notice of Exercise	  	 When you wish to exercise this award of SARs, you must notify the Company by filing the proper “Notice of
Exercise” form at the address given on the form. All exercises must take place before, and your SARs will expire on, the Last Date to Exercise (shown on the cover sheet), or such earlier date following your death, disability, retirement or
other termination of your service as otherwise provided herein. Your notice must specify how many SARs you wish to exercise. Your notice must also specify how the shares of Stock received on the exercise of your SARs should be registered (in your
name only or in your and your spouse’s names as joint tenants with right of survivorship). The notice will be effective when it is received by the Company.
  

If someone else wants to exercise the SARs after your death, that person must prove to the Company’s satisfaction that he or she is
entitled to do so.

		
	Payment for SARs	  	 Upon your exercise of the SARs, the Company will pay you in shares of Stock an amount equal to the positive difference (if any) between the Fair Market
Value of a share of Stock on the exercise date and the SAR Grant Price, multiplied by the number of SARs being exercised. Any fractional shares of Stock will be paid to you in cash.

		
	Withholding Taxes	  	 You will not be allowed to exercise the SARs unless you make acceptable arrangements to pay any withholding or other taxes that may be due as a result of
the exercise of the SARs. In the event that the Company determines that any federal, state, local or foreign tax or withholding payment is required relating to the exercise or sale of shares arising from this grant, the Company shall have the right
to require such payments from you, withhold such amount from the proceeds of the exercise of your SARs, or withhold such amounts from other payments due to you from the Company or any Affiliate.

		
	Transfer of SARs	  	 Other than as provided in Section 10.2 of the Plan, during your lifetime, only you (or, in the event of your legal incapacity or incompetency,
your

			
		  	 guardian or legal representative) may exercise the SARs, and you cannot transfer or assign the SARs. For instance, you may not sell the
SARs or use them as security for a loan. If you attempt to do any of these things, the SARs will immediately become invalid. You may, however, dispose of the SARS in your will or the SARs may be transferred upon your death by the laws of descent and
distribution.
  
 Regardless of any marital property settlement
agreement, the Company is not obligated to honor a notice of exercise from your spouse, nor is the Company obligated to recognize your spouse’s interest in your SARs in any other way.

		
	Retention Rights	  	 Neither your SARs nor this Agreement give you the right to be retained by the Company (or any of its Affiliates) in any capacity. The Company (and any of
its Affiliates) reserves the right to terminate your Service at any time and for any reason.

		
	Shareholder Rights	  	 You, or your estate or heirs, have no rights as a shareholder of the Company until a certificate for shares of Stock received pursuant to the exercise of
your SARS has been issued (or an appropriate book entry has been made). No adjustments are made for dividends or other rights if the applicable record date occurs before your stock certificate is issued (or an appropriate book entry has been made),
except as described in the Plan.

		
	Adjustments	  	 In the event of a stock split, a stock dividend or a similar change in the Stock, the number of shares covered by the SARs and the SAR Grant Price per
share shall be adjusted (and rounded down to the nearest whole number) if required pursuant to the Plan. Your SARs shall be subject to the terms of the agreement of merger, liquidation or reorganization in the event the Company is subject to such
corporate activity.

		
	Applicable Law	  	 This Agreement will be interpreted and enforced under the laws of the State of Delaware, other than any conflicts or choice of law rule or principle that
might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction.

		
	The Plan	  	 The text of the Plan is incorporated in this Agreement by reference. Certain capitalized terms used in this Agreement
are defined in the Plan, and have the meaning set forth in the Plan.
  

This Agreement and the Plan constitute the entire understanding between you and the Company regarding the SARs. Any prior agreements,
commitments or negotiations concerning the SARs are superseded.

		
	Data Privacy	  	 In order to administer the Plan, the Company may process personal data about you. Such data includes but is not
limited to the information provided in this Agreement and any changes thereto, other appropriate personal and financial data about you such as home address and business addresses and other contact information, payroll information and any other
information that might be deemed appropriate by the Company to facilitate the administration of the Plan.
  

By accepting the SARs, you give explicit consent to the Company to process any such personal data. You also give explicit consent to the
Company to transfer any such personal data outside the country in which you work or are employed, including, with respect to non-U.S. resident Grantees, to the United States, to transferees who shall include the Company and other persons who are
designated by the Company to administer the Plan.

			
	Consent to Electronic Delivery	  	 The Company may choose to deliver certain statutory materials relating to the Plan in electronic form. By accepting the SARs you agree that the Company
may deliver the Plan prospectus and the Company’s annual report to you in an electronic format. If at any time you would prefer to receive paper copies of these documents, as you are entitled to, the Company would be pleased to provide copies.
Please contact Corporate Human Resources to request paper copies of these documents.EX-10.2

 Exhibit 10.2 

TREX COMPANY, INC. 

AMENDED AND RESTATED 

1999 INCENTIVE PLAN FOR OUTSIDE DIRECTORS 

 TABLE OF CONTENTS 

 

											
	 	  	 	  	 	  	 	  	Page	 
			
	1.	  	DEFINITIONS	  	 	1	  
	2.	  	PURPOSE	  	 	3	  
	3.	  	SHARES SUBJECT TO THE PLAN	  	 	3	  
	4.	  	ANNUAL DIRECTOR AND COMMITTEE FEES	  	 	3	  
		  	4.1	  	Annual Director Fee	  	 	3	  
		  		  	4.1.1	  	Cash Portion of the Annual Director Fee	  	 	3	  
		  		  	4.1.2	  	Equity Portion of the Annual Director Fee	  	 	3	  
		  	4.2	  	Annual Committee Fee	  	 	4	  
		  	4.3	  	Election	  	 	4	  
		  	4.4	  	Proration	  	 	4	  
		  	4.5	  	Initial Grant upon Election to Board	  	 	4	  
		  	4.6	  	Equity	  		  	 	4	  
		  		  	4.6.1	  	Form of Equity	  	 	4	  
		  		  	4.6.2	  	Options and SARs	  	 	4	  
		  		  	4.6.3	  	Restricted Stock and Restricted Stock Units	  	 	5	  
	5.	  	GRANT DATE	  	 	5	  
	6.	  	ELECTION TO RECEIVE ADDITIONAL EQUITY	  	 	5	  
		  	6.1	  	Election Form	  	 	5	  
		  	6.2	  	Time for Filing Election Form	  	 	6	  
	7.	  	ADMINISTRATION	  	 	6	  
		  	7.1	  	Committee	  	 	6	  
		  	7.2	  	Rules for Administration	  	 	6	  
		  	7.3	  	Committee Action	  	 	6	  
		  	7.4	  	Delegation	  	 	6	  
		  	7.5	  	Services	  	 	6	  
		  	7.6	  	Indemnification	  	 	6	  
	8.	  	AMENDMENT AND TERMINATION	  	 	7	  
	9.	  	GENERAL PROVISIONS	  	 	7	  
		  	9.1	  	Limitation of Rights	  	 	7	  
		  	9.2	  	No Rights as Stockholders	  	 	7	  
		  	9.3	  	Rights as a Non-Employee Director	  	 	7	  
		  	9.4	  	Assignment, Pledge or Encumbrance	  	 	7	  
		  	9.5	  	Binding Provisions	  	 	7	  
		  	9.6	  	Notices	  	 	7	  
		  	9.7	  	Governing Law	  	 	8	  
		  	9.8	  	Withholding	  	 	8	  
		  	9.9	  	Effective Date	  	 	8	  

  
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	1.	DEFINITIONS 

 To the extent any capitalized words used in this Plan are not defined, they
shall have the definitions stated for them in the Trex Company, Inc. 2014 Stock Incentive Plan. 
 1.1 “Annual Director Fee”
means an annual fee earned by an Eligible Director for service on the Board of Directors. 
 1.2 “Annual Committee Fee”
means an annual fee earned by an Eligible Director for service on various committees of the Board of Directors. 
 1.3 “Board of
Directors” or “Board” means the Board of Directors of the Company. 
 1.4 “Cash Portion of the Annual
Director Fee” means the portion of the Annual Director Fee to be received in cash, or if elected by the Eligible Director, in Equity, as provided in Sections 4.3 and 6 hereof. 

1.5 “Committee” means the Nominating/Corporate Governance Committee which administers the Plan. 

1.6 “Common Stock” means the common stock, par value $0.01 per share, of the Company. 

1.7 “Company” means Trex Company, Inc., a Delaware corporation, or any successor thereto. 

1.8 “Election Form” means the form used by an Eligible Director to elect to receive all or a portion of the Cash Portion of
the Annual Director Fee and the Annual Committee Fee for a Plan Year in the form of Equity. 
 1.9 “Eligible Director” for
each Plan Year means a member of the Board of Directors who is not an employee of the Company or any Subsidiary. 
 1.10
“Equity” means Options, Restricted Stock, Restricted Stock Units or SARs, or any combination thereof, as designated by the Committee from time to time, as provided in Section 4.6. 

1.11 “Equity Portion of the Annual Director Fee” means the portion of the Annual Director Fee to be received in Equity, as
provided in Section 4.1.2 hereof. 
 1.12 “Fair Market Value” means the closing price of a share of Common Stock
reported on the New York Stock Exchange (the “NYSE”) on the date Fair Market Value is being determined, provided that if there is no closing price reported on such date, the Fair Market Value of a share of Common Stock on such date shall
be deemed equal to the closing price as reported by the NYSE for the last preceding date on which sales of shares of Common Stock were reported. Notwithstanding the foregoing, in the event that the shares of Common Stock are listed upon more than
one established stock exchange, “Fair Market Value” means the closing price of the shares of Common Stock reported on the exchange that trades the largest volume of shares of Common Stock on the date Fair Market Value is being determined.
If the Common Stock is not 

  
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at the time listed or admitted to trading on a stock exchange, Fair Market Value means the mean between the lowest reported bid price and highest reported asked price of the Common Stock on the
date in question in the over-the-counter market, as such prices are reported in a publication of general circulation selected by the Board and regularly reporting the market price of Common Stock in such market. If the Common Stock is not listed or
admitted to trading on any stock exchange or traded in the over-the-counter market, Fair Market Value shall be as determined in good faith by the Board. 

1.13 “Grant Date” has the meaning set forth in Section 5 hereof. 

1.14 “Option” means a non-qualified Option granted pursuant to the Trex Company, Inc. 2014 Stock Incentive Plan as may be
amended from time to time. 
 1.15 “Option Agreement” means the written agreement between the Company and the Participant
that evidences and sets out the terms and conditions of the Option. 
 1.16 “Option Price” means the purchase price for each
share of Common Stock subject to an Option. 
 1.17 “Participant” for any Plan Year means an Eligible Director who
participates in the Plan for that Plan Year in accordance with Section 6.1 hereof. 
 1.18 “Plan” means the Trex
Company, Inc. Amended and Restated 1999 Incentive Plan for Outside Directors as set forth herein and as amended from time to time. 
 1.19
“Plan Year” means the twelve-month period beginning on July 1 and ending on June 30. 
 1.20 “Restricted
Stock’’ means shares of Common Stock, issued pursuant to the Trex Company, Inc. 2014 Stock Incentive Plan as may be amended from time to time. 

1.21 “Restricted Stock Agreement” means the written agreement between the Company and the Participant that evidences and sets
out the terms and conditions of the Restricted Stock. 
 1.22 “Restricted Stock Unit” means restricted stock units issued
pursuant to the Trex Company, Inc. 2014 Stock Incentive Plan as may be amended from time to time. 
 1.23 “Restricted Stock Unit
Agreement” means the written agreement between the Company and the Participant that evidences and sets out the terms and conditions of the Restricted Stock Unit. 

1.24 “SAR Agreement” means the written agreement between the Company and the Participant that evidences and sets out the terms
and conditions of the SARs. 
 1.25 “Stock Appreciation Right” or “SAR” means a right granted pursuant to,
and in accordance with the terms of, the Trex Company, Inc. 2014 Stock Incentive Plan to receive, upon exercise thereof, the excess of (x) the Fair Market Value of one share of Common Stock on the date of exercise over (y) the grant price
of the SAR, determined pursuant to Section 4.6.2 hereof. 

  
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 1.26 “SAR Price” means the grant price of the SAR. 

1.27 “Subsidiary” means any “subsidiary corporation” of the Company within the meaning of Section 424(f) of the
Internal Revenue Code of 1986, as amended. 
  

	2.	PURPOSE 

 The purpose of the Plan is to compensate Eligible Directors for service on the
Board of Directors and various committees of the Board, and to provide an incentive for Eligible Directors to increase their equity holdings in the Company so that the financial interests of the Eligible Directors shall be more closely aligned with
the financial interests of the Company’s stockholders. 
  

	3.	SHARES SUBJECT TO THE PLAN 

 The shares of Common Stock issuable
under the Plan shall be issued pursuant to the Trex Company, Inc. 2014 Stock Incentive Plan. 
  

	4.	ANNUAL DIRECTOR AND COMMITTEE FEES 

  

	 	4.1	Annual Director Fee 

 Each Eligible Director shall be entitled to an Annual Director Fee,
which may be adjusted by the Board from time to time, as follows: 
 4.1.1 Cash Portion of the Annual Director Fee. Each Eligible
Director shall receive the amount of fifty thousand dollars ($50,000) (the “Cash Portion of the Annual Director Fee”). The Cash Portion of the Annual Director Fee (after reduction pursuant to Section 4.3 hereof, if any) shall be paid
to an Eligible Director in four equal quarterly installments in arrears on the first business day following the end of each quarter of the Plan Year in which the Eligible Director provided services to the Company. Notwithstanding the foregoing,
(a) any Eligible Director who serves as Chairman of the Board shall receive the amount of sixty thousand dollars ($60,000) in addition to the $50,000 payment referred to above, and (b) any Eligible Director that serves as Lead Independent
Director shall receive the amount of fifteen thousand dollars ($15,000) in addition to the $50,000 payment referred to above, with all other provisions of this subsection being applicable to such Eligible Director(s). 

4.1.2 Equity Portion of the Annual Director Fee. Each Eligible Director shall receive Equity valued at seventy thousand dollars
($70,000) (the “Equity Portion of the Annual Director Fee”). The Equity Portion of the Annual Director Fee shall be paid in arrears as provided in Section 5 below. 

  
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	 	4.2	Annual Committee Fee 

 Each Eligible Director shall be entitled to an Annual Committee
Fee, which may be adjusted by the Board from time to time, as follows (a) twelve thousand five hundred dollars ($12,500) for the Audit Committee Chairman, (b) eight thousand five hundred dollars ($8,500) for each Audit Committee member
(other than the Chairman), (c) nine thousand dollars ($9,000) for the Compensation Committee Chairman, (d) six thousand five hundred dollars ($6,500) for each Compensation Committee member (other than the Chairman), (e) seven thousand
five hundred dollars ($7,500) for the Nominating/Corporate Governance Committee Chairman, and (f) five thousand dollars ($5,000) for each Nominating/Corporate Governance Committee member (other than the Chairman). The Annual Committee Fee shall
be paid to an Eligible Director in four equal quarterly installments in arrears on the first business day following each quarter of the Plan Year in which the Eligible Director served on the applicable committee(s). 

 

	 	4.3	Election 

 Pursuant to Section 6 hereof, an Eligible Director may elect to receive
all or a portion of the Cash Portion of the Annual Director Fee and the Annual Committee Fee in the form of Equity. 
  

	 	4.4	Proration 

 The Cash Portion of the Annual Director Fee, the Equity Portion of the Annual
Director Fee and the Annual Committee Fee shall be prorated for any partial periods served. 
  

	 	4.5	Initial Grant upon Election to Board 

 Upon initial election to the Board (but not
subsequent re-elections), each Eligible Director shall receive Equity valued at fifty five thousand dollars ($55,000). 
  

	 	4.6	Equity 

 4.6.1 Form of Equity. Whenever Equity is to be granted to Eligible
Directors hereunder, the Committee shall, prior to such grant, determine whether such Equity shall be in the form of Options, Restricted Stock, Restricted Stock Units or SARs, or any combination thereof. 

4.6.2 Options and SARs. If Options or SARS are granted, the number of Options or SARs granted shall be determined by dividing the
dollar amount of the grant by the value of each Option or SAR on the Grant Date as determined pursuant to the methodology then in use by the Company’s Finance Department to value Options and SARs granted pursuant to the Trex Company, Inc. 2014
Stock Incentive Plan. The Option Price or SAR Price of Common Stock covered by each SAR or Option, as the case may be, granted under the Plan shall be the Fair Market Value of such Common Stock on the Grant Date. Each Option or SAR, as the case may
be, granted hereunder shall be exercisable in respect of 100 percent (100%) of the number of shares covered by the grant on the date of the grant of such Option or SAR. Any limitation on the exercise of an Option or SAR contained in any Option
or SAR Agreement may be rescinded, modified or waived by the Committee, in its sole discretion, at any time and from time to time after the date of grant of such Option or SAR. The Option or SAR, as the case may be, shall be exercisable, in whole or
in part, at any time and from time to time, prior to the termination of the Option or SAR; provided, that no single exercise of the Option or SAR shall be for 

  
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less than 100 shares, unless the number of shares purchased is the total number at the time available for purchase under the Option or SAR. Each Option or SAR, as the case may be, granted under
the Plan shall terminate, and all rights to purchase shares of Common Stock thereunder shall cease, upon the expiration of ten years (eleven years if the service of the Participant as a director of the Company shall terminate due to death in the
tenth year of the Option or SAR term) from the date such Option or SAR is granted. Except as otherwise provided in the Option or SAR Agreement, upon the termination of service (a “Service Termination”) of the Participant as a director of
the Company for any reason, the Participant shall have the right, at any time within five years after the date of such Participant’s Service Termination and prior to termination of the Option or SAR, to exercise any Option or SAR held by such
Participant at the date of such Participant’s Service Termination. After the termination of the Option or SAR, the Participant shall have no further right to purchase shares of Common Stock pursuant to such Option or SAR. 

4.6.3 Restricted Stock and Restricted Stock Units. If Restricted Stock or Restricted Stock Units are granted, the number of shares of
Restricted Stock or Restricted Stock Units shall be determined by dividing the dollar amount of the grant by the Fair Market Value of a share of Common Stock on the Grant Date. Except as otherwise provided in the Restricted Stock Agreement or
Restricted Stock Unit Agreement, each share of Restricted Stock or each Restricted Stock Unit will vest on the first anniversary of the grant, provided that such Restricted Stock or Restricted Stock Unit has not been forfeited, as provided below.
Except as otherwise provided in the Restricted Stock Agreement or Restricted Stock Unit Agreement, (a) in the event of a Service Termination of a Participant due to death, “permanent and total disability” (within the meaning of
Section 22(e)(3) of the Code), or retirement, any unvested Restricted Stock or Restricted Stock Units held by such Participant shall immediately vest, and (b) in the event of a Service Termination for any other reason, any unvested
Restricted Stock or Restricted Stock Unit held by such Participant shall immediately be deemed forfeited. 
  

	5.	GRANT DATE 

 The date of grant for the Equity Portion of the Annual Director Fee shall be
the date of the first regularly scheduled Board of Directors’ Meeting following the end of each Plan Year in which the Eligible Director provided services to the Company, and the date of grant for Equity issued in lieu of the Cash Portion of
the Annual Director Fee and the Annual Committee Fee, as provided in Section 8 hereof, shall be the date such Fees would otherwise be due (each of such dates being referred to as the “Grant Date”). 

 

	6.	ELECTION TO RECEIVE ADDITIONAL EQUITY 

  

	 	6.1	Election Form 

 A Participant who wishes to receive all or any portion of the Cash
Portion of the Annual Director Fee and the Annual Committee Fee in the form of Equity shall file an Election Form with the Company, in the form and manner prescribed by the Committee. Filing of a completed Election Form will authorize the Company to
issue Equity to the Participant in lieu of all or any portion of the Cash Portion of the Annual Director Fee and the Annual Committee Fee, in accordance with the Participant’s instructions on the Election Form. 

  
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	 	6.2	Time for Filing Election Form 

 An Election Form shall be completed and filed by each
newly elected Eligible Director within thirty (30) days after the Participant’s election to the Board, and elections under the Plan made by a newly elected Eligible Director shall apply to the Participant’s Annual Director Fee and
Annual Committee Fee for the remainder of the Plan Year and subsequent Plan Years unless and until a new Election Form is submitted by an Eligible Director to the Corporate Secretary. Notwithstanding the foregoing, a new Election Form may be
submitted by each Eligible Director no more than once each Plan Year, and any new election shall not be effective until the start of the next calendar year. 
  

	7.	ADMINISTRATION 

  

	 	7.1	Committee 

 The general administration of the Plan and the responsibility for carrying
out its provisions shall be placed in the Nominating/Corporate Governance Committee. 
  

	 	7.2	Rules for Administration 

 Subject to the limitations of the Plan, the Committee may from
time to time establish such rules and procedures for the administration and interpretation of the Plan and the transaction of its business as the Committee may deem necessary or appropriate. The determination of the Committee as to any disputed
question relating to the administration and interpretation of the Plan shall be conclusive. 
  

	 	7.3	Committee Action 

 Any act which the Plan authorizes or requires the Committee to do may
be done by a majority of its members. The action of such majority, expressed from time to time by a vote at a meeting (i) in person, or (ii) by telephone or other means by which all members can hear one another shall have the same effect
for all purposes as if assented to by all members of the Committee at the time in office. The Committee may also act without a meeting by unanimous written consent. 
  

	 	7.4	Delegation 

 The members of the Committee may authorize one or more of their number to
execute or deliver any instrument, make any payment or perform any other act which the Plan authorizes or requires the Committee to do. 
  

	 	7.5	Services 

 The Committee may employ or retain agents to perform such clerical, accounting
and other services as it may require in carrying out the provisions of the Plan. 
  

	 	7.6	Indemnification 

 The Company shall indemnify and save harmless each member of the
Committee against all expenses and liabilities arising out of membership on the Committee, other than expenses and liabilities arising from the such member’s own gross negligence or willful misconduct, as determined by the Board of Directors.

  
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	8.	AMENDMENT AND TERMINATION 

 The Company, by action of the Board of Directors or the
Committee, may at any time or from time to time modify or amend any or all of the provisions of the Plan, or may at any time terminate the Plan. No such action shall adversely affect the accrued rights of any Participant hereunder without the
Participant’s consent thereto. 
  

	9.	GENERAL PROVISIONS 

  

	 	9.1	Limitation of Rights 

 No Participant shall have any right to any payment or benefit
hereunder except to the extent provided in the Plan. 
  

	 	9.2	No Rights as Stockholders 

 Nothing contained in this Plan shall be construed as giving
any Participant rights as a stockholder of the Company. 
  

	 	9.3	Rights as a Non-Employee Director 

 Nothing contained in this Plan shall be construed as
giving any Participant a right to be retained as a non-employee director of the Company. 
  

	 	9.4	Assignment, Pledge or Encumbrance 

 No assignment, pledge or other encumbrance of any
payments or benefits under the Plan shall be permitted or recognized and, to the extent permitted by law, no such payments or benefits shall be subject to legal process or attachment for the payment of any claim of any person entitled to receive the
same, except to the extent such assignment, pledge or other encumbrance is in favor of the Company to secure a loan or other extension of credit from the Company to the Participant. 

 

	 	9.5	Binding Provisions 

 The provisions of this Plan shall be binding upon each Participant
as a consequence of the Participant’s election to participate in the Plan, upon the Company, upon the Participant’s heirs, executors and administrators and upon the successors and assigns of the Participant and the Company. 

 

	 	9.6	Notices 

 Any election made or notice given by a Participant pursuant to the Plan shall
be in writing to the Committee or to such representative thereof as may be designated by the Committee for such purpose and shall be deemed to have been made or given on the date received by the Committee or its representative. 

  
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	 	9.7	Governing Law 

 The validity and interpretation of the Plan and of any of its provisions
shall be construed under the laws of the State of Delaware without giving effect to the choice of law provisions thereof. 
  

	 	9.8	Withholding 

 The Company shall have the right to deduct from the amounts distributable
hereunder any federal, state or local taxes required by law to be withheld with respect to such distributions, and such additional amounts of withholding as are reasonably requested by the Participant. 

 

	 	9.9	Effective Date 

 This Plan shall be effective as of March 12, 1999. The Plan was
amended and restated effective May 14, 2002, October 24, 2003, July 27, 2004, February 10, 2005, July 21, 2005, February 8, 2006, July 20, 2006 and November 12, 2007. The Plan was
amended on May 5, 2010, July 20, 2010, July 24, 2012, April 30, 2014, February 18, 2015, July 27, 2015, and October 21, 2015. 

  
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