Document:

EX-10.5

 Exhibit 10.5 

WALKER & DUNLOP, INC. 

2015 EQUITY INCENTIVE PLAN 

RESTRICTED STOCK AGREEMENT 

COVER SHEET 
 (Directors)

 Walker & Dunlop, Inc., a Maryland corporation (the “Company”), hereby grants restricted shares of the
Company’s common stock, par value $0.01 per share (the “Stock”), to the Grantee named below, subject to the vesting and other conditions set forth below (the “Restricted Stock”). Additional terms and conditions
of the Restricted Stock are set forth on this cover sheet and in the attached Restricted Stock Agreement (together, the “Agreement”) and in the Company’s 2015 Equity Incentive Plan (as amended from time to time, the
“Plan”). 
  

			
	Grant Date:		  

		
	Name of Grantee:		  

		
	Last Four Digits of Grantee’s Social Security Number:		  

		
	Number of Shares of Restricted Stock:		  

		
	Purchase Price per Share of Stock:		 $0.01

		
	Vesting Schedule:		All of the shares of Restricted Stock shall vest in full on: [●].

 You agree to all of the terms and conditions described in this Agreement and in the Plan (a copy of
which is also posted) unless you deliver a notice in writing within thirty (30) days of receipt of this Agreement to the Company stating that you do not accept the terms and conditions described in this 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. 

Attachment 
 This
is not a stock certificate or a negotiable instrument. 

 WALKER & DUNLOP, INC. 

2015 EQUITY INCENTIVE PLAN 

RESTRICTED STOCK AGREEMENT 
  

			
	Restricted Stock		This Agreement evidences an award of shares of Restricted Stock in the number set forth on the cover sheet and subject to the terms and conditions set forth in the Agreement, the Plan, and on the cover sheet. The Purchase Price is
deemed paid by your prior Services to the Company.
		
	Transfer of Unvested Restricted Stock		Shares of Restricted Stock may not be sold, assigned, transferred, pledged, hypothecated, or otherwise encumbered, whether by operation of law or otherwise, nor may the shares of Restricted Stock be made subject to execution,
attachment, or similar process. If you attempt to do any of these things, you will immediately and automatically forfeit your Restricted Stock.
		
	Issuance and Vesting		 The Company will issue your shares of Restricted Stock in the name set forth on the cover sheet.

 
 Your Restricted Stock will vest in accordance with the vesting schedule set forth on the
cover sheet of this Agreement, so long as you continue in Service on the applicable vesting date set forth on the cover sheet.
  

Notwithstanding your vesting schedule, the shares of Restricted Stock will become 100% vested upon your termination of Service due to your death or
Disability.

		
	Change in Control		Notwithstanding the vesting schedule set forth above, upon the consummation of a Change in Control, the shares of Restricted Stock will become 100% vested.
		
	Evidence of Issuance		The issuance of the shares of Stock with respect to the Restricted Stock will be evidenced in such a manner as the Company, in its discretion, deems appropriate, including, without limitation, book-entry, registration, or issuance
of one or more share certificates, with any unvested shares of Restricted Stock bearing the appropriate restrictions imposed by this Agreement. As your interest in the shares of Restricted Stock vests, the recordation of the number of shares of
Restricted Stock attributable to you will be appropriately modified if necessary.
		
	Forfeiture of Unvested Restricted Stock		Unless the termination of your Service triggers accelerated vesting of your shares of Restricted Stock or other treatment pursuant to the terms of this Agreement, the Plan, or any other written agreement between

  
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			the Company or any Affiliate, as applicable, and you, you will immediately and automatically forfeit to the Company all of the unvested shares of Restricted Stock in the event your Service terminates for any reason.
		
	Code Section 83(b) Election		 Under Code Section 83, the difference between the Purchase Price paid for the shares of Restricted Stock and their Fair Market Value on the
date any forfeiture restrictions applicable to such shares lapse will be reportable as ordinary income at that time. For this purpose, “forfeiture restrictions” include the forfeiture as to unvested shares of Restricted Stock described
above. You may elect to be taxed at the time the shares of Restricted Stock are acquired, rather than when such shares cease to be subject to such forfeiture restrictions, by filing an election under Code Section 83(b) with the Internal Revenue
Service within thirty (30) days after the Grant Date. You will have to make a tax payment to the extent the Purchase Price is less than the Fair Market Value of the shares on the Grant Date. No tax payment will have to be made to the extent the
Purchase Price is at least equal to the Fair Market Value of the shares on the Grant Date. The form for making this election is attached as Exhibit A hereto. Failure to make this filing within the thirty (30)-day period will result in
the recognition of ordinary income by you (in the event the Fair Market Value of the shares as of the vesting date exceeds the Purchase Price) as the forfeiture restrictions lapse.

 
 YOU ACKNOWLEDGE THAT IT IS YOUR SOLE RESPONSIBILITY, AND NOT THE COMPANY’S, TO
FILE A TIMELY ELECTION UNDER CODE SECTION 83(b), EVEN IF YOU REQUEST THE COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON YOUR BEHALF. YOU ARE RELYING SOLELY ON YOUR OWN ADVISORS WITH RESPECT TO THE DECISION AS TO WHETHER OR NOT TO FILE ANY
CODE SECTION 83(b) ELECTION.

		
	Withholding		You agree as a condition of this grant of Restricted Stock that you will make acceptable arrangements to pay any withholding or other taxes that may be due as a result of the vesting or the receipt of the shares of Restricted Stock.
In the event that the Company or any Affiliate determines that any federal, state, local, or foreign tax or withholding payment is required relating to the shares of Restricted Stock, the Company or any Affiliate, shall have the right to require
such payments from you or withhold such amounts from other payments due to you from the Company or any Affiliate, as applicable, or withhold the delivery of vested shares of Stock otherwise deliverable under this Agreement. You may elect to satisfy
such obligations, in whole or in part, (i) by causing the Company or any Affiliate to withhold shares of

  
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			Stock otherwise issuable to you or (ii) by delivering to the Company or any Affiliate shares of Stock already owned by you. The shares of Stock so withheld will have an aggregate Fair Market Value equal to such withholding
obligations.
		
	Retention Rights		This Agreement and the grant of Restricted Stock evidenced by this Agreement do not give you the right to be retained by the Company or any Affiliate in any capacity. Unless otherwise specified in an employment or other written
agreement between the Company or any Affiliate, as applicable, and you, the Company or any Affiliate, as applicable, reserves the right to terminate your Service with the Company or an Affiliate at any time and for any reason.
		
	Stockholder Rights		 You have the right to vote the shares of Restricted Stock and to receive any dividends declared or paid on such shares. Any stock
distributions you receive with respect to unvested shares of Restricted Stock as a result of any stock split, stock dividend, combination of shares, or other similar transaction shall be deemed to be a part of the Restricted Stock and subject to the
same conditions and restrictions applicable thereto. Any cash dividends paid on unvested shares of Restricted Stock you hold on the record date for such dividend shall be paid to you in cash at the same time paid to other stockholders of the
Company as of the record date for such dividend and shall not be subject to the conditions and restrictions applicable to the unvested shares of Restricted Stock. Except as described in the Plan, no adjustments are made for dividends or other
rights if the applicable record date occurs before an appropriate book entry is made (or your certificate is issued).
  

Your Restricted Stock grant shall be subject to the terms of any applicable agreement of merger, liquidation, or reorganization in the event the Company is
subject to such corporate activity, consistent with Section 17 of the Plan.

		
	Legends		 If and to the extent that the shares of Restricted Stock are represented by certificates rather than book entry, all certificates
representing the shares of Restricted Stock issued under this grant shall, where applicable, have endorsed thereon the following legends:
  

“THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN VESTING, FORFEITURE, AND OTHER RESTRICTIONS ON TRANSFER SET FORTH IN AN AGREEMENT
BETWEEN THE COMPANY AND THE REGISTERED HOLDER, OR HIS OR HER PREDECESSOR IN INTEREST. A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY BY THE HOLDER
OF RECORD OF THE SHARES REPRESENTED BY THIS CERTIFICATE.”

  
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			To the extent the shares of Restricted Stock are represented by a book entry, such book entry will contain an appropriate legend or restriction similar to the foregoing.
		
	Clawback		The Restricted Stock are subject to mandatory repayment by you to the Company to the extent you are or in the future become subject to any Company “clawback” or recoupment policy or Applicable Laws that require the
repayment by you to the Company of compensation paid by the Company to you in the event that you fail to comply with, or violate, the terms or requirements of such policy or Applicable Laws.
		
	Applicable Law		This Agreement will be interpreted and enforced under the laws of the State of Maryland, 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 into 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 shares of Restricted Stock. Any prior agreements, commitments, or negotiations concerning the Restricted Stock are superseded; except that any written employment, consulting,
confidentiality, non-competition, non-solicitation, and/or severance agreement between you and the Company or any Affiliate, as applicable, shall supersede this Agreement with respect to its subject matter.

		
	Data Privacy		To administer the Plan, the Company may process personal data about you. Such data includes, but is not limited to, information provided in this Agreement and any changes thereto, other appropriate personal and financial data about
you, such as your contact information and any other information that might be deemed appropriate by the Company to facilitate the administration of the Plan. By accepting the Restricted Stock, you give explicit consent to the Company to process any
such personal data.
		
	Electronic Delivery		By accepting the grant of Restricted Stock, you consent to receive documents related to the shares of Restricted Stock by electronic delivery and, if requested, agree to participate in the Plan through an on-line or electronic
system established and maintained by the

  
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			Company or another third party designated by the Company, and your consent shall remain in effect throughout your term of Service and thereafter until you withdraw such consent in writing to the Company.
		
	Code Section 409A		The grant of Restricted Stock under this Agreement is intended to comply with Code Section 409A (“Section 409A”) to the extent subject thereto, and, accordingly, to the maximum extent permitted, this Agreement will
be interpreted and administered to be in compliance with Section 409A. Notwithstanding anything to the contrary in the Plan or this Agreement, neither the Company, its Affiliates, the Board, nor the Committee will have any obligation to take any
action to prevent the assessment of any excise tax or penalty on you under Section 409A, and neither the Company, its Affiliates, the Board, nor the Committee will have any liability to you for such tax or penalty.

 By accepting this Agreement, you agree to all of the terms and conditions described above and in the
Plan. 

  
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 EXHIBIT A 

ELECTION UNDER SECTION 83(b) OF 

THE INTERNAL REVENUE CODE 

The undersigned hereby makes an election pursuant to Section 83(b) of the Internal Revenue Code with respect to the property described
below and supplies the following information in accordance with the regulations promulgated thereunder: 
  

	 	1.	The name, address, and social security number of the undersigned taxpayer: 

  

			
	Name:		  

		
	Address:		  

		
			  

		
	Social Security Number:		  

  

	2.	Description of property with respect to which the election is being made: 

                shares of common stock, par value $0.01 per
share, of Walker & Dunlop, Inc., a Maryland corporation (the “Company”). 
  

	3.	The date on which the property was transferred is:             , 20    . 

 

	4.	The taxable year to which this election relates is calendar year: 20    . 

  

	5.	Nature of restrictions to which the property is subject: 

 The shares of common stock are
subject to the provisions of a Restricted Stock Agreement between the undersigned taxpayer and the Company. The shares of common stock are subject to forfeiture under the terms of the Restricted Stock Agreement. 

 

	6.	The fair market value of the property at the time of transfer (determined without regard to any lapse restriction) was:
$                per share, for a total of $        . 

 

	7.	The amount paid by taxpayer for the property was: $        . 

  

	8.	A copy of this statement has been furnished to the Company. 

 Dated:
            , 20     
  

			
	  

		
	Print Name:		
           

 PROCEDURES FOR MAKING ELECTION 

UNDER INTERNAL REVENUE CODE SECTION 83(b) 

The following procedures must be followed with respect to the attached form for making an election under Internal Revenue Code section 83(b)
in order for the election to be effective: 
 1. You must file one copy of the completed election form with the IRS Service Center where you file your
federal income tax returns within thirty (30) days after the Grant Date of your Restricted Stock. 
 2. At the same time you file the election form
with the IRS, you must also give a copy of the election form to the Stock Plan Administrator of the Company. 
 3. You must file another copy of the
election form with your federal income tax return (generally, Form 1040) for the taxable year in which the Restricted Stock is transferred to you.EX-10.6

 Exhibit 10.6 

WALKER & DUNLOP, INC. 

2015 EQUITY INCENTIVE PLAN 

MANAGEMENT DEFERRED STOCK UNIT PURCHASE MATCHING PROGRAM 
  

	1.	INTRODUCTION 

 (a) Adoption of the Program. The Compensation Committee (the
“Committee”) of the Board of Directors (the “Board”) of Walker & Dunlop, Inc. (the “Company”) adopted the Company’s Management Deferred Stock Unit Purchase
Matching Program (the “Program”), effective January 10, 2013 (the “Effective Date”), to make matching awards covering shares of common stock, par value $0.01 per share (the
“Stock”), in connection with Stock purchases made by eligible executives and its Affiliates under the Walker & Dunlop, Inc. Management Deferred Stock Unit Purchase Plan (the “Purchase Plan”).
The Program was originally established under the Walker & Dunlop, Inc. 2010 Equity Incentive Plan, as amended (the “2010 Plan”) and shall continue under the Walker & Dunlop, Inc. 2015 Equity Incentive Plan
(as may be amended from time to time, the “2015 Plan”), which is an amendment and restatement of the 2010 Plan. Unless otherwise defined in the Program, capitalized terms will have the meanings set forth in the 2015 Plan.

 (b) Purpose of the Program. Eligible executives who purchase shares of Stock under the Purchase Plan will automatically receive an
award of Restricted Stock Units or Deferred Stock Units under the Program (as described in Section 4(f)). A “Restricted Stock Unit” is a right to receive one share of Stock subject to terms and conditions, such as a
time-based vesting condition. A “Deferred Stock Unit” is a right to receive one share of Stock, which provides for delivery of the underlying share of Stock after the date of vesting, at a time or times consistent with the
requirements of Section 409A of the Code and all regulations, guidance, and other interpretive authority issued thereunder (collectively, “Section 409A”). Restricted Stock Units and Deferred Stock Units are referred to
together as “Stock Units.” 
  

	2.	ADMINISTRATION; AMENDMENT AND TERMINATION 

 (a) The Committee. The Program will be
administered under the supervision of the Committee. The Committee will prescribe guidelines and forms for the implementation and administration of the Program, interpret the terms of the Program, and make all other substantive decisions regarding
the operation of the Program. The Committee’s decisions in its administration of the Program are final, binding, and conclusive on all persons. 

(b) Amendment and Termination. The Committee may amend, suspend, or terminate the Program at any time and for any reason. No amendment,
suspension, or termination will, without the consent of the Participant (as defined below), impair rights or obligations under any Stock Units previously awarded to the Participant under the Program. 

 

	3.	PARTICIPATION 

 Each executive of the Company and its Affiliates who is a Participant in
the Purchase Plan will be a participant in the Program (the “Participant”) and will also be a Grantee under the 2015 Plan with respect to the award of Stock Units under the Program. 

  
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	4.	PROGRAM AWARDS 

 (a) Matching Award. Subject to Section 4(b), each
Participant will automatically receive an award of Stock Units equal to 50% of the Deferred Stock Units purchased by the Participant under the Purchase Plan, rounded down to the nearest whole Stock Unit (the “Matching
Award”). No fractional Stock Units will be awarded. The Matching Award will be determined on the date that the Participant’s annual incentive bonus and/or Eligible Sales Commissions (the “Bonus”) are paid
(the “Award Date”). “Eligible Sales Commissions” are the sales commissions for the calendar year that exceed the minimum established by the Company in an individual’s Election Agreement (as
defined below) and include only sales commissions the individual actually receives by December 31 of the calendar year in which the sales commissions are earned. For purposes of a Bonus that consists of Eligible Sales Commissions, the Eligible
Sales Commissions shall be treated as paid in the calendar year following the calendar year in which the Eligible Sales Commissions are earned and on the same Award Date as a Bonus that consists of an annual incentive bonus. Notwithstanding the
foregoing, the maximum number of Stock Units with respect to a Matching Award that a Participant will receive on an Award Date equals $500,000 divided by the Fair Market Value of a share of Stock on the Award Date, rounded down to the nearest whole
Stock Unit. The Stock Units granted with respect to the Matching Award will be credited to a bookkeeping account established and maintained for the Participant (an “Account”). 

(b) Condition to Receipt of Matching Award. Notwithstanding anything to the contrary in the Program, in the event that the
Participant’s actual Bonus (i) for purposes of a Bonus that consists of an annual incentive bonus, is less than 51% of such Participant’s target annual incentive bonus for a calendar year under the applicable incentive arrangement
with the Company or any Affiliate or (ii) for purposes of a Bonus that consists of Eligible Sales Commissions, is equal to or less than the Eligible Sales Commissions threshold (as that threshold is set by the Company or an Affiliate in the
applicable agreement designating the individual as eligible to participate in the Plan), the Participant will not receive a Matching Award with respect to such calendar year. 

(c) Vesting of the Matching Award; Forfeiture. Subject to the Participant’s continued Service from the Award Date through the
vesting date, the Matching Award will vest in full on March 15 of the third calendar year following the Award Date (the “Vesting Date”). The Participant will automatically forfeit to the Company all of the unvested Stock
Units in his or her Account underlying Matching Awards made to the Participant under the Program on the date of the Participant’s termination of Service. Notwithstanding the foregoing vesting schedule, the Stock Units will become 100% vested
upon the termination of the Participant’s Service due to the Participant’s death or Disability. In addition, notwithstanding the foregoing vesting schedule and provided that the Participant’s Service continues from the Award Date
through the consummation of a Change in Control (as defined in Section 4(g)), the Stock Units will become 100% vested (i) if the Stock Units are not assumed, or equivalent awards are not substituted for the Stock Units, by the Company or
its successor, or (ii) if assumed or substituted for, upon the Participant’s involuntary dismissal by the Company or its successor for reasons other than Cause, or the Participant’s voluntary resignation for Good Reason (as defined
below), provided that such termination is effective within 24 months following the Change in Control. For purposes of the Program, “Good Reason” will have the meaning assigned to such term in any applicable written employment
or severance agreement, plan, or arrangement between the Company or an Affiliate and the Participant, or if none, means the occurrence of one or more of the following without the Participant’s express written consent: (A) the assignment of
substantial duties or responsibilities inconsistent with the Participant’s position at the Company or an Affiliate, or any other action by the Company or an Affiliate that results in a substantial diminution of the Participant’s duties or
responsibilities; (B) a requirement that the Participant work principally from a location outside the 20-mile radius from the Company’s or the 

  
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Affiliate’s principal place of business; or (C) a substantial reduction in the Participant’s aggregate base salary and other compensation taken as a whole, excluding any reductions
caused by the failure to achieve performance targets. To qualify as a voluntary resignation for Good Reason, the Participant must (I) provide notice to the Company or the Affiliate of any of the foregoing occurrences within 90 days of the
initial occurrence, and the Company or the Affiliate will have 30 days to remedy such occurrence, and (II) terminate the Participant’s Service at a time agreed reasonably with the Company or the Affiliate, but in any event within 120 days from
the initial occurrence of any of the foregoing events. 
 (d) Election. In connection with the Participant’s purchase of
Deferred Stock Units under the Purchase Plan, each Participant will file a completed Bonus Deferral Election Agreement or Sales Commission Deferral Election Agreement (each, an “Election Agreement”) with the Company, on a
form prescribed by the Committee, during the Open Enrollment Period. For purposes of the Plan, “Open Enrollment Period” means (i) the period of time beginning on December 1 and ending on December 31 of the
calendar year preceding the calendar year for which a Bonus is earned, or (ii) if otherwise determined by the Committee or an officer of the Company designated by the Committee, a period of 30 consecutive days ending no later than
December 31 of the calendar year preceding the calendar year for which a Bonus is earned. For purposes of a Bonus that consists of Eligible Sales Commissions, the Bonus is treated as earned in the calendar year in which the transaction giving
rise to the sales commission is rate locked and delivered to the investor. The “Election Date” is the last day of the Open Enrollment Period of the applicable calendar year. 

(e) Distribution Election; Issuance of Shares. The Election Agreement for each Participant will specify a distribution date for
Deferred Stock Units purchased under the Purchase Plan (the “Distribution Date”), which Distribution Date will also apply to the Stock Units awarded under the Program. Any election of a Distribution Date is irrevocable as of
the Election Date. The Company will issue to the Participant one share of Stock for each vested Stock Unit on the Distribution Date. Notwithstanding anything to the contrary in the Plan, if the Distribution Date for a Stock Unit is the effective
date of the Participant’s Separation from Service from the Company, and on the date of the Participant’s Separation from Service, the Participant is a “specified employee” within the meaning of Section 409A, the shares will
be issued on the later to occur of (A) the scheduled Distribution Date and (B) the first day of the seventh month following the date of the Participant’s Separation from Service or, if earlier, the date of the Participant’s
death. 
 (f) Election of Matching Award Type. The type of Matching Award granted to the Participant will be determined based on the
Participant’s Distribution Date election under the Purchase Plan. If the Participant elects a Termination Date Election or a Deferred Distribution Date Election (as these terms are defined in the Purchase Plan), the Participant will receive a
Matching Award of Deferred Stock Units. If the Participant elects a Vesting Date Election (as defined under the Purchase Plan), the Participant will receive a Matching Award of Restricted Stock Units. 

(g) Change in Control. 

(i) The Program and Stock Units that are outstanding will continue in the manner and under the terms so provided in the event of any Change in
Control (as defined below) to the extent that provision is made in writing in connection with such Change in Control for the assumption or continuation of the Stock Units or for the substitution of the Stock Units for new common stock units relating
to the stock of a successor entity, or a parent or subsidiary thereof, with appropriate adjustments as to the number of shares underlying the award (disregarding any consideration that is not common stock). 

(ii) Upon the occurrence of a Change in Control (as defined below) in which outstanding Stock Units are not being assumed or continued, shares
of Stock subject to such Stock Units will be delivered immediately prior to the occurrence of the Change in Control. 

  
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 For purposes of the Program, “Change in Control” will have the same
meaning as defined in the 2015 Plan. Notwithstanding the foregoing, for purposes of the Program, in no event will a Change in Control be deemed to have occurred if the transaction is not also a “change in the ownership or effective control
of” the Company or “a change in the ownership of a substantial portion of the assets of” the Company as determined under Treasury Regulation Section 1.409A-3(i)(5) (without regard to any alternative definition thereunder). 

(h) Award Agreements. Each award of Stock Units granted under the Program will be evidenced by an Award Agreement between the Company
and the Participant memorializing the terms and conditions of the Stock Units. 
  

	5.	ISSUANCE OF SHARES OF STOCK DUE TO UNFORESEEABLE EMERGENCY 

 (a) Request for
Issuance. If a Participant suffers an Unforeseeable Emergency (as defined below), he or she may submit a written request to the Committee for the issuance of the shares of Stock underlying vested Deferred Stock Units in the Participant’s
Account. For purposes of the Program, “Unforeseeable Emergency” means a severe financial hardship of the Participant resulting from (i) an illness or accident of the Participant, the Participant’s spouse, or the
Participant’s dependent; (ii) a loss of the Participant’s property due to casualty; or (iii) such other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, as
determined in the sole discretion of the Committee and in accordance with the requirements of Section 409A. 
 (b) No Payment if
Other Relief is Available. The Committee will evaluate the Participant’s request for payment due to an Unforeseeable Emergency taking into account the Participant’s and the requirements of Section 409A. In no event will shares of
Stock be issued under this Section 5 to the extent the Participant’s hardship can be relieved: (i) through reimbursement or compensation by insurance or otherwise; or (ii) by liquidation of the Participant’s assets, to the
extent that liquidation of the Participant’s assets would not itself cause severe financial hardship. 
 (c) Limitation on Issuance
of Shares of Stock. The number of shares of Stock issued on account of an Unforeseeable Emergency will not exceed the amount reasonably necessary to satisfy the Participant’s financial need, including amounts necessary to pay any federal,
state, local, or foreign taxes or penalties reasonably anticipated to result from the issuance of shares of Stock, as determined by the Committee. 

(d) Cancellation of Deferrals. If a Participant receives an issuance of shares of Stock on account of an Unforeseeable Emergency, the
Participant’s Election Agreement for the Election Date in the same calendar year as the date of such issuance will be cancelled, and no deferrals will be made with respect to such Election Agreement. 

 

	6.	BENEFICIARY DESIGNATION 

 In the event of a Participant’s death, the Company will
issue the shares of Stock underlying the Stock Units in the Participant’s Account to the Participant’s designated beneficiaries. If the Participant fails to complete a valid beneficiary designation, the Participant’s beneficiary will
be his or her estate. 

  
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	7.	TRANSFERABILITY 

 During a Participant’s lifetime, any issuance of shares of Stock
under the Program will be made only to the Participant. Stock Units may not be transferred, assigned, pledged, or hypothecated, whether by operation of law or otherwise, nor may the Stock Units be made subject to execution, attachment, or similar
process. 
  

	8.	WITHHOLDING 

 In the event that the Company or an Affiliate determines that any federal,
state, local, or foreign tax or withholding payment is required relating to the award of Stock Units under the Program or the issuance of shares with respect to Stock Units under the Program, the Company or an Affiliate will have the right to
(a) require the Participant to tender a cash payment, (b) deduct from payments of any kind otherwise due to a Participant, (c) permit or require the Participant to enter into a “same day sale” commitment with a broker-dealer
that is a member of the Financial Industry Regulatory Authority (a “FINRA Dealer”) whereby the Participant irrevocably elects to sell a portion of the shares of Stock to be delivered in connection with the Stock Units to
satisfy withholding obligations and whereby the FINRA Dealer irrevocably commits to forward the proceeds necessary to satisfy the withholding obligations directly to the Company or an Affiliate, or (d) withhold the delivery of shares of Stock
otherwise deliverable to a Participant under the Program to meet such obligations; provided, that the shares of Stock so withheld will have an aggregate Fair Market Value not exceeding the minimum amount of tax required to be withheld by
Applicable Laws. 
  

	9.	FORFEITURE; RECOUPMENT; CLAWBACK 

 (a) The Committee may reserve the right in an Award
Agreement to cause a forfeiture of the gain realized by a Participant with respect to a Matching Award on account of actions taken by, or failed to be taken by, the Participant in violation or breach of or in conflict with any (i) employment
agreement, (ii) non-competition agreement, (iii) agreement prohibiting solicitation of employees or clients of the Company or any Affiliate, (iv) confidentiality obligation with respect to the Company or an Affiliate, (v) Company
or Affiliate policy or procedure, (vi) other agreement, or (vii) any other obligation of the Participant to the Company or any Affiliate, as and to the extent specified in the Award Agreement. The Committee may annul an outstanding
Matching Award if the Participant is terminated for Cause or for “cause” as defined in any other written agreement between the Company or any Affiliate and the Participant, as applicable. 

(b) Any Matching Award granted under the Program will be subject to mandatory repayment by the Participant to the Company (i) to the
extent set forth in the Plan or an Award Agreement or (ii) to the extent the Participant is, or in the future becomes, subject to (A) any Company or Affiliate “clawback” or recoupment policy that is adopted to comply with the
requirements of any Applicable Laws or otherwise, or (B) any Applicable Laws that impose mandatory recoupment, under circumstances set forth in such Applicable Laws. 

(c) If the Company is required to prepare an accounting restatement due to the material noncompliance of the Company, as a result of
misconduct, with any financial reporting requirement under Applicable Laws, the individuals subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002 and any Participant who knowingly engaged in the misconduct, was
grossly negligent in engaging in the misconduct, knowingly failed to prevent the misconduct, or was grossly negligent in failing to prevent the misconduct, will reimburse the Company the amount of any payment in settlement of a Matching Award earned
or accrued during the 12-month period following the first public issuance or filing with the United States Securities and Exchange Commission (whichever first occurred) of the financial document that contained such material noncompliance. 

(d) Notwithstanding any other provision of the Program or any provision of any Award Agreement, if the Company is required to prepare an
accounting restatement, then Participants will forfeit any Stock received in connection with a Matching Award (or an amount equal to the Fair Market Value of such Stock on the date of delivery if the Participant no longer holds the shares of Stock)
if pursuant to the terms of the Award Agreement for such Matching Award, the Bonus used to purchase Deferred Stock Units under the Purchase Plan for which the Matching Award was based was explicitly based on the achievement of pre-established
performance goals set forth in the applicable arrangement governing the Bonus (including earnings, gains, or other criteria) that are later determined, as a result of the accounting restatement, not to have been achieved. 

  
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	10.	GENERAL PROVISIONS 

 (a) Requirements of Law. The Company will not be required to
sell or issue any shares of Stock with respect to a Matching Award if the sale or issuance of such shares of Stock would constitute a violation by the Participant, the Company, an Affiliate, or any other Person of any provision of the Company’s
certificate of incorporation or bylaws or of Applicable Laws, including without limitation any federal or state securities laws or regulations. If at any time the Company determines, in its discretion, that the listing, registration, or
qualification of any shares of Stock with respect to any Matching Award upon any Stock Exchange or Securities Market or under any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the sale, issuance, or
purchase of shares of Stock under the Program, no shares of Stock may be sold or issued to the Participant or any other Person with respect to such Matching Award unless such listing, registration, qualification has been effected or obtained free of
any conditions not acceptable to the Company. The Company may, but will in no event be obligated to, register any Capital Stock covered by the Program pursuant to the Securities Act. The Company is not obligated to take any affirmative action to
cause the issuance of shares of Stock pursuant to the Program to comply with any Applicable Laws. 
 (b) No Right to Continued
Service. No provision in the Program, any Award Agreement, or in any Election Agreement will be construed to confer upon any Person the right to remain in the Service of the Company or any Affiliate, or to interfere in any way with any
contractual or other right or authority of the Company or any Affiliate either to increase or decrease the compensation or other payments to any Person at any time, or to terminate any Service or other relationship between any Persons and the
Company or any Affiliate. 
 (c) Disclaimer of Rights. The obligation of the Company to pay any benefits pursuant to the Program will
be interpreted as a contractual obligation to pay only those amounts described in the Program, in the manner and under the conditions prescribed in the Program. The Program and the award of Stock Units under the Program will in no way be interpreted
to require the Company to transfer any amounts to a third party trustee or otherwise hold any amounts in trust or escrow for payment to any Participant or beneficiary under the Program. Participants in the Program will have no rights under the
Program other than those of a general unsecured creditor of the Company. Stock Units represent unfunded and unsecured obligations of the Company, subject to the terms and conditions of the Program, the applicable Award Agreement, and the Election
Agreement. 
 (d) No Obligation to Minimize Taxes. The Company has no duty or obligation to minimize the tax consequences of a Stock
Unit award under the Program and makes no guarantee regarding the tax treatment of any such Stock Unit award. 
 (e) Other
Provisions. Each Matching Award under the Program may contain such other terms and conditions not inconsistent with the Program as the Committee determines, in its sole discretion, and specifies in the applicable Award Agreement. 

  
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 (f) Severability. If any provision of the Program, any Award Agreement, or any Election
Agreement is determined to be illegal or unenforceable by any court of law in any jurisdiction, the remaining provisions of the Program, the Award Agreement, and the Election Agreement will be severable and enforceable in accordance with their
terms, and all provisions will remain enforceable in any other jurisdiction. 
 (g) Governing Law. The validity and construction of
the Program and the instruments evidencing the Matching Awards granted under the Program will be governed by, and construed and interpreted in accordance with, the laws of the State of Maryland, other than any conflicts or choice of law rule or
principle that might otherwise refer construction or interpretation of the Program and the instruments evidencing the Matching Awards granted under the Program to the substantive laws of any other jurisdiction. 

(h) Section 409A. The Program is intended to comply with Section 409A to the extent subject thereto, and, accordingly, to the
maximum extent permitted, the Program will be interpreted and administered to be in compliance with Section 409A. Notwithstanding anything to the contrary in the Program, neither the Company, its Affiliates, the Board, nor the Committee will
have any obligation to take any action to prevent the assessment of any excise tax or penalty on any Participant under Section 409A, and neither the Company, its Affiliates, the Board, nor the Committee will have any liability to any
Participant for such tax or penalty. 
 (i) Governing Plan Document. The Program is subject to all of the provisions of the 2015 Plan
and is further subject to all interpretations, amendments, rules, and regulations that may from time to time be promulgated and adopted by the Committee, the Board, or the Company pursuant to the 2015 Plan. In the event of any conflict between the
provisions of the Program and those of the 2015 Plan, the provisions of the 2015 Plan will control. 

  
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