Document:

EX-10.1

 Exhibit 10.1 

MAYVILLE ENGINEERING COMPANY, INC. 

2019 OMNIBUS INCENTIVE PLAN 

1. Purposes, History and Effective Date.  

(a) Purpose. The Mayville Engineering Company, Inc. 2019 Omnibus Incentive Plan (the “Plan”) has two complementary purposes:
(i) to attract and retain outstanding individuals to serve as officers, directors, employees, and consultants, and (ii) to increase shareholder value. The Plan will provide participants incentives to increase shareholder value by offering
the opportunity to acquire shares of the Company’s common stock, receive monetary payments based on the value of such common stock, or receive other incentive compensation, on the potentially favorable terms that this Plan provides. 

(b) Effective Date. The Plan will come into existence on the Effective Date; provided that no Award may be granted as of a
date prior to the IPO Date. In addition, no Options or Stock Appreciation Rights will be exercised; no Restricted Stock, Restricted Stock Units, Performance Shares, Performance Units valued in relating to Shares or other Stock-based awards will be
granted; and no Cash Incentive Award will be paid unless and until the Plan has been approved by the shareholders of the Company, which approval must occur on or within twelve (12) months after the Effective Date. The Plan will terminate as
provided in Section 15. 
 2. Definitions. Capitalized terms used and not otherwise defined in this
Plan or in any Award agreement have the following meanings:  
 (a) “Administrator” means the Board or the
Committee; provided that, to the extent the Board or the Committee has delegated authority and responsibility as an Administrator of the Plan to one or more committees or officers of the Company as permitted by Section 3(b), the
term “Administrator” shall also mean such committee(s) and/or officer(s). 
 (b) “Affiliate” has the meaning
ascribed to such term in Rule 12b-2 under the Exchange Act. Notwithstanding the foregoing, for purposes of determining those individuals to whom an Option or a Stock Appreciation Right may be granted, the term
“Affiliate” means any entity that, directly or through one or more intermediaries, is controlled by or is under common control with, the Company within the meaning of Code Sections 414(b) or (c); provided that, in applying such
provisions, the phrase “at least 20 percent” shall be used in place of “at least 80 percent” each place it appears therein. 

(c) “Applicable Exchange” means the national securities exchange or automated trading system on which the Stock is
principally traded at the applicable time. 
 (d) “Award” means a grant of Options, Stock Appreciation Rights, Performance
Shares, Performance Units, Stock, Restricted Stock, Restricted Stock Units, a Cash Incentive Award, or any other type of award permitted under this Plan. 

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

(f) “Cash Incentive Award” means the right to receive a cash payment to the extent Performance Goals are achieved (or other
requirements are met), as described in Section 10. 
 (g) “Cause” means, with respect to a Participant, one of the
following, which are listed in order of priority: 

  
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 (i) the meaning given in a Participant’s employment, retention, change
of control, severance or similar agreement with the Company or any Affiliate; or if none then 
 (ii) the meaning given in
the Award agreement; or if none then 
 (iii) the meaning given in the Company’s employment policies as in effect at the
time of the determination (or if the determination of Cause is being made within two years following a Change of Control, the meaning given in the Company’s employment policies as in effect immediately prior to the Change of Control); or if
none then 
 (iv) the occurrence of any of the following: (x) the repeated failure or refusal of the Participant to
follow the lawful directives of the Company or an Affiliate (except due to sickness, injury or disabilities), (y) gross inattention to duty or any other willful, reckless or grossly negligent act (or omission to act) by the Participant, which, in
the good faith judgment of the Company, could result in a material injury to the Company or an Affiliate including but not limited to the repeated failure to follow the policies and procedures of the Company, or (z) the commission by the
Participant of a felony or other crime involving moral turpitude or the commission by the Participant of an act of financial dishonesty against the Company or an Affiliate. 

(h) A “Change of Control” shall have the meaning given in an Award agreement, or if none, shall be deemed to exist if: 

(i) a Person acquires fifty percent (50%) or more of the combined voting power of the outstanding securities of the Company
having a right to vote in elections of directors; or 
 (ii) Continuing Directors shall for any reason cease to constitute a
majority of the Board; or 
 (iii) the Company disposes of all or substantially all of the business of the Company to a party
or parties other than a subsidiary or other affiliate of the Company pursuant to a partial or complete liquidation of the Company, sale of assets (including stock of a subsidiary of the Company) or otherwise; or 

(iv) there is consummated a merger, consolidation or share exchange of the Company with any other corporation or the issuance
of voting securities of the Company in connection with a merger, consolidation or share exchange of the Company (or any direct or indirect subsidiary of the Company), other than (A) a merger, consolidation or share exchange which would result
in the voting securities of the Company outstanding immediately prior to such merger, consolidation or share exchange continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or
any parent thereof) at least fifty percent (50%) of the combined voting power of the voting securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger, consolidation or share exchange, or
(B) a merger, consolidation or share exchange effected to implement a recapitalization of the Company (or similar transaction) in which no Person (other than an Excluded Person) is or becomes the beneficial owner, directly or indirectly, of
securities of the Company (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or its Affiliates after the Effective Date pursuant to express authorization by the Board) representing
fifty percent (50%) or more of either the then outstanding shares of Stock or the Company or the combined voting power of the Company’s then outstanding voting securities. 

  
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 For purposes of this Plan, (x) the term “Continuing Director” shall mean a
member of the Board who either was a member of the Board on the Effective Date or who subsequently became a Director and whose election, or nomination for election, was approved by a vote of at least
two-thirds (2/3) of the Continuing Directors then in office, and (y) the term “Excluded Person” shall mean (A) the Company or its subsidiaries, (B) a trustee or other fiduciary holding
securities under any employee benefit plan of the Company or its subsidiaries, including, for the avoidance of doubt, one or more employee stock ownership plans, (C) an underwriter temporarily holding securities pursuant to an offering of such
securities, or (D) a corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of stock in the Company. 

If an Award is considered deferred compensation subject to the provisions of Code Section 409A, then the foregoing definition shall be
deemed amended to the minimum extent necessary to comply with Code Section 409A, and the Administrator may include such amended definition in the Award agreement issued with respect to such Award. 

(i) “Code” means the Internal Revenue Code of 1986, as amended. Any reference to a specific provision of the Code includes
any successor provision and the regulations promulgated under such provision. 
 (j) “Committee” means the Compensation
Committee of the Board, any successor committee thereto or such other committee of the Board that is designated by the Board with the same or similar authority. The Committee shall consist only of Non-Employee
Directors (not fewer than two (2)) who also qualify as Outside Directors to the extent necessary for the Plan and Awards to comply with Rule 16b-3 promulgated under the Exchange Act. 

(k) “Company” means Mayville Engineering Company, Inc., a Wisconsin corporation, or any successor thereto. 

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

(m) “Dividend Equivalent Unit” means the right to receive a payment, in cash or Shares, equal to the cash dividends or other
cash distributions paid with respect to a Share. 
 (n) “Effective Date” means the day the Board adopts the Plan. 

(o) “Exchange Act” means the Securities Exchange Act of 1934, as amended. Any reference to a specific provision of the
Exchange Act includes any successor provision and the regulations and rules promulgated under such provision. 
 (p) “Fair Market
Value” means a price that is based on the opening, closing, actual, high or low sale price, or the arithmetic mean of selling prices of, a Share, on the Applicable Exchange on the applicable date, the preceding trading day, the next
succeeding trading day, or the arithmetic mean of selling prices on all trading days over a specified averaging period weighted by volume of trading on each trading day in the period that is within 30 days before or 30 days after the applicable
date, as determined by the Board or the Committee in its discretion; 

  
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provided that, if an arithmetic mean of prices is used to set a grant price or an exercise price for an Option or Stock Appreciation Right, the commitment to grant the applicable Award based on
such arithmetic mean must be irrevocable before the beginning of the specified averaging period in accordance with Treasury Regulation §1.409A-1(b)(5)(iv)(A). The method of determining Fair Market Value
with respect to an Award shall be determined by the Board or the Committee and may differ depending on whether Fair Market Value is in reference to the grant, exercise, vesting, settlement, or payout of an Award; provided that, if the Board or the
Committee does not specify a different method, the Fair Market Value of a Share as of a given date shall be the closing sale price as of the trading day immediately preceding the date as of which Fair Market Value is to be determined or, if there
shall be no such sale on such date, the next preceding day on which such a sale shall have occurred. If the Stock is not traded on an established stock exchange, the Committee shall determine in good faith the Fair Market Value in whatever manner it
considers appropriate, but based on objective criteria. Notwithstanding the foregoing, in the case of an actual sale of Shares, the actual sale price shall be the Fair Market Value of such Shares. 

(q) “IPO Date” means the date of the underwriting agreement between the Company and the underwriter(s) managing the initial
public offering of Stock, pursuant to which Stock is priced for the initial public offering. 
 (r)
“Non-Employee Director” means a Director who is not also an employee of the Company or its Subsidiaries. 

(s) “Option” means the right to purchase Shares at a stated price for a specified period of time. 

(t) “Participant” means an individual selected by the Administrator to receive an Award. 

(u) “Performance Goals” means any objective or subjective goals the Administrator establishes with respect to an Award.
Performance Goals may include, but are not limited to, the performance of the Company or any one or more of its Subsidiaries, Affiliates or other business units with respect to the following measures: net sales; cost of sales; gross income; gross
revenue; revenue; operating income; earnings before taxes; earnings before interest and taxes; earnings before interest, taxes, depreciation and amortization; earnings before interest, taxes, depreciation, amortization and exception items; income
from continuing operations; net income; earnings per share; diluted earnings per share; total shareholder return; Fair Market Value; cash flow; net cash provided by operating activities; net cash provided by operating activities less net cash used
in investing activities; ratio of debt to debt plus equity; return on shareholder equity; return on invested capital; return on average total capital employed; return on net capital employed; return on assets; return on net assets employed before
interest and taxes; operating working capital; average accounts receivable (calculated by taking the average of accounts receivable at the end of each month); average inventories (calculated by taking the average of inventories at the end of each
month); economic value added; succession planning; manufacturing return on assets; manufacturing margin; and customer satisfaction. Performance Goals may also relate to a Participant’s individual performance. 

The Administrator reserves the right to adjust Performance Goals, or modify the manner of measuring or evaluating a Performance Goal, for any reason the
Administrator determines is appropriate, including but not limited to: (i) by excluding the effects of charges for reorganizing and restructuring; discontinued operations; asset write-downs; gains or losses on the disposition

  
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of a business; or mergers, acquisitions or dispositions; and extraordinary, unusual and/or non-recurring items of gain or loss; (ii) excluding the
costs of litigation, claims, judgments or settlements; (iii) excluding the effects of changes laws or regulations affecting reported results, or changes in tax or accounting principles, regulations or law; and (iv) excluding any accruals
of amounts related to payments under the Plan or any other compensation arrangement maintained by the Company or an Affiliate. 
 The inclusion in an Award
agreement of specific adjustments or modifications shall not be deemed to preclude the Administrator from making other adjustments or modifications, in its discretion, as described herein, unless the Award agreement provides that the adjustments or
modifications described in such agreement shall be the sole adjustments or modifications. 
 (v) “Performance Shares” means
the right to receive Shares to the extent Performance Goals are achieved (or other requirements are met). 
 (w) “Performance
Unit” means the right to receive a cash payment and/or Shares valued in relation to a unit that has a designated dollar value or the value of which is equal to the Fair Market Value of one or more Shares, to the extent Performance Goals are
achieved (or other requirements are met). 
 (x) “Person” has the meaning given in Section 3(a)(9) of the Exchange
Act, as modified and used in Sections 13(d) and 14(d) thereof, or any group of Persons acting in concert that would be considered “persons acting as a group” within the meaning of Treas. Reg. §
1.409A-3(i)(5). 
 (y) “Plan” means this Mayville Engineering Company, Inc. 2019
Omnibus Incentive Plan, as it may be amended from time to time. 
 (z) “Restricted Stock” means Shares that are subject to
a risk of forfeiture or restrictions on transfer, or both a risk of forfeiture and restrictions on transfer, which may lapse upon the achievement or partial achievement of Performance Goals or upon the completion of a period of service, or both.

 (aa) “Restricted Stock Unit” means the right to receive a Share or a cash payment the value of which is equal to the
Fair Market Value of one Share. 
 (bb) “Section 16 Participants” means Participants who are subject to
the provisions of Section 16 of the Exchange Act. 
 (cc) “Share” means a share of Stock. 

(dd) “Stock” means the common stock of the Company, no par value. 

(ee) “Stock Appreciation Right” or “SAR” means the right to receive a cash payment, and/or Shares with a
Fair Market Value, equal to the appreciation of the Fair Market Value of a Share during a specified period of time. 
 (ff)
“Subsidiary” means any corporation, limited liability company or other limited liability entity in an unbroken chain of entities beginning with the Company if each of the entities (other than the last entities in the chain) owns the
stock or equity interest possessing more than fifty percent (50%) of the total combined voting power of all classes of stock or other equity interests in one of the other entities in the chain. 

  
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 3. Administration.  

(a) Administration. In addition to the authority specifically granted to the Administrator in this Plan, the Administrator has full
discretionary authority to administer this Plan, including but not limited to the authority to: (i) interpret the provisions of this Plan or any agreement covering an Award; (ii) prescribe, amend and rescind rules and regulations relating
to this Plan; (iii) correct any defect, supply any omission, or reconcile any inconsistency in the Plan, any Award or any agreement covering an Award in the manner and to the extent it deems desirable to carry this Plan or such Award into
effect; and (iv) make all other determinations necessary or advisable for the administration of this Plan. All Administrator determinations shall be made in the sole discretion of the Administrator and are final and binding on all interested
parties. 
 (b) Delegation to Other Committees or Officers. To the extent applicable law permits, the Board may delegate to another
committee of the Board, or the Committee may delegate to a subcommittee of the Committee or to one or more officers of the Company, any or all of their respective authority and responsibility as an Administrator of the Plan; provided that no
such delegation is permitted with respect to Stock-based Awards made to Section 16 Participants at the time any such delegated authority or responsibility is exercised unless the delegation is to another committee of the Board consisting
entirely of Non-Employee Directors. If the Board or the Committee has made such a delegation, then all references to the Administrator in this Plan include such other committee, subcommittee or one or more
officers to the extent of such delegation. 
 (c) No Liability; Indemnification. No member of the Board or the Committee, and no
officer or member of any other committee to whom a delegation under Section 3(b) has been made, will be liable for any act done, or determination made, by the individual in good faith with respect to the Plan or any Award. The Company will
indemnify and hold harmless each such individual as to any acts or omissions, or determinations made, in each case done or made in good faith, with respect to this Plan or any Award to the maximum extent that the law and the Company’s By-Laws permit. 
 4. Eligibility; Participant Award Limits. 

(a) Eligibility. The Administrator may designate any of the following as a Participant from time to time, to the extent of the
Administrator’s authority: any officer or other employee of the Company or its Affiliates; any individual that the Company or an Affiliate has engaged to become an officer or employee; any consultant or advisor who provides services to the
Company or its Affiliates; or any Director, including a Non-Employee Director. The Administrator’s designation of, or granting of an Award to, a Participant will not require the Administrator to designate
such individual as a Participant or grant an Award to such individual at any future time. The Administrator’s granting of a particular type of Award to a Participant will not require the Administrator to grant any other type of Award to such
individual. 

  
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 (b) Participant Award Limits.
Subject to adjustment as provided in Section 17, no Participant may be granted Awards that could result in such Participant: 

(i) receiving Options for, and/or Stock Appreciation Rights with respect to, more than 400,000 Shares (or 15,000 Shares, in the
case of a Non-Employee Director) during any fiscal year of the Company; 
 (ii)
receiving Awards of Restricted Stock and/or Restricted Stock Units, and/or other Stock-based Awards pursuant to Section 12, relating to more than 400,000 Shares (or 15,000 Shares, in the case of a
Non-Employee Director) during any fiscal year of the Company; 
 (iii) receiving
Awards of Performance Shares, and/or Awards of Performance Units the value of which is based on the Fair Market Value of Shares, for more than 800,000 Shares (or 30,000 Shares, in the case of a Non-Employee
Director) in respect of any period of two consecutive fiscal years of the Company, or of more than 1,200,000 Shares (or 45,000 Shares, in the case of a Non-Employee Director) in respect of any period of three
consecutive fiscal years of the Company; 
 (iv) receiving Cash Incentive Award(s) that could result in a payment of more
than $4,000,000 (or a payment of more than $200,000, in the case of a Non-Employee Director) with respect to any fiscal year of the Company; 

(v) receiving Award(s) of Performance Units the value of which is not based on the Fair Market Value of a Share in respect of
any period of two fiscal years of the Company that could result in a payment of more than $8,000,000 (or a payment of more than $400,000, in the case of a Non-Employee Director), or in respect of any three
fiscal years of the Company that could result in the payment of $12,000,000 (or a payment of more than $600,000, in the case of a Non-Employee Director); or 

(vi) receiving other Stock-based Awards pursuant to Section 12, or Dividend Equivalent Units, relating to more than
400,000 Shares (or 15,000 Shares, in the case of a Non-Employee Director) during any fiscal year of the Company. 

5. Types of Awards. Subject to the terms of this Plan, the Administrator may grant any type of Award to any
Participant it selects, but only employees of the Company or a Subsidiary may receive grants of incentive stock options within the meaning of Code Section 422. Awards may be granted alone or in addition to, in tandem with, or (subject to the
prohibition on repricing set forth in Section 15(e)) in substitution for any other Award (or any other award granted under another plan of the Company or any Affiliate, including the plan of an acquired entity). 

6. Shares Reserved under this Plan.  

(a) Plan Reserve. Subject to adjustment as provided in Section 17, an aggregate of Two Million (2,000,000) Shares are reserved for
issuance under this Plan, all of which may be issued pursuant to the exercise of incentive stock options. The Shares reserved for issuance may be either authorized and unissued Shares or Shares reacquired at any time and now or hereafter held as
treasury stock. 
 (b) Depletion and Replenishment of Shares Under this Plan. 

(i) The aggregate number of Shares reserved under Section 6(a) shall be depleted on the date of grant of an Award by the
maximum number of Shares, if any, with respect to which such Award is granted. Notwithstanding the foregoing, an Award that may be settled solely in cash shall not cause any depletion of the Plan’s Share reserve at the time such Award is
granted. 

  
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 (ii) To the extent (A) an Award lapses, expires, terminates or is
cancelled without the issuance of Shares under the Award (whether due currently or on a deferred basis) or is settled in cash, (B) it is determined during or at the conclusion of the term of an Award that all or some portion of the Shares with
respect to which the Award was granted will not be issuable on the basis that the conditions for such issuance will not be satisfied, (C) Shares are forfeited under an Award, (D) Shares are issued under any Award and the Company
subsequently reacquires them pursuant to rights reserved upon the issuance of the Shares, (E) Shares are tendered or withheld in payment of the exercise price of an Option or as a result of the net settlement of an outstanding Stock
Appreciation Right or (F) Shares are tendered or withheld to satisfy federal, state or local tax withholding obligations, then such Shares shall be recredited to the Plan’s reserve and may again be used for new Awards under this Plan, but
Shares recredited to the Plan’s reserve pursuant to clause (D), (E) or (F) may not be issued pursuant to incentive stock options. 

7. Options. Subject to the terms of this Plan, the Administrator will determine all terms and conditions of each
Option, including but not limited to: (a) whether the Option is an “incentive stock option” which meets the requirements of Code Section 422, or a “nonqualified stock option” which does not meet the requirements of Code
Section 422; (b) the grant date, which may not be any day prior to the date that the Administrator approves the grant; (c) the number of Shares subject to the Option; (d) the exercise price, which may never be less than the Fair
Market Value of the Shares subject to the Option as determined on the date of grant; (e) the terms and conditions of vesting and exercise; (f) the term, except that an Option must terminate no later than ten (10) years after the date
of grant; and (g) the manner of payment of the exercise price. In all other respects, the terms of any incentive stock option should comply with the provisions of Code Section 422 except to the extent the Administrator determines
otherwise. If an Option that is intended to be an incentive stock option fails to meet the requirements thereof, the Option shall automatically be treated as a nonqualified stock option to the extent of such failure. To the extent previously
approved by the Administrator (which approval may be set forth in an Award agreement or in administrative rules), and subject to such procedures as the Administrator may specify, the payment of the exercise price of Options may be made by
(i) delivery of cash or other Shares or other securities of the Company (including by attestation) having a then Fair Market Value equal to the purchase price of such Shares, (ii) by delivery (including by fax) to the Company or its
designated agent of an executed irrevocable option exercise form together with irrevocable instructions to a broker-dealer to sell or margin a sufficient portion of the Shares and deliver the sale or margin loan proceeds directly to the Company to
pay for the exercise price, (iii) by surrendering the right to receive Shares otherwise deliverable to the Participant upon exercise of the Award having a Fair Market Value at the time of exercise equal to the total exercise price, or
(iv) by any combination of (i), (ii) and/or (iii). Except to the extent otherwise set forth in an Award agreement, a Participant shall have no rights as a holder of Stock as a result of the grant of an Option until the Option is exercised, the
exercise price and applicable withholding taxes are paid and the Shares subject to the Option are issued thereunder. 

  
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 8. Stock Appreciation Rights. Subject to the terms of this Plan,
the Administrator will determine all terms and conditions of each SAR, including but not limited to: (a) the grant date, which may not be any day prior to the date that the Administrator approves the grant; (b) the number of Shares to which the
SAR relates; (c) the grant price, which may never be less than the Fair Market Value of the Shares subject to the SAR as determined on the date of grant; (d) the terms and conditions of exercise or maturity, including vesting; (e) the
term, provided that an SAR must terminate no later than ten (10) years after the date of grant; and (f) whether the SAR will be settled in cash, Shares or a combination thereof. 

9. Performance and Stock Awards. Subject to the terms of this Plan, the Administrator will determine all terms and
conditions of each award of Shares, Restricted Stock, Restricted Stock Units, Performance Shares or Performance Units, including but not limited to: (a) the number of Shares and/or units to which such Award relates; (b) whether, as a
condition for the Participant to realize all or a portion of the benefit provided under the Award, one or more Performance Goals must be achieved during such period as the Administrator specifies; (c) the length of the vesting and/or
performance period and, if different, the date on which payment of the benefit provided under the Award will be made; (d) with respect to Performance Units, whether to measure the value of each unit in relation to a designated dollar value or
the Fair Market Value of one or more Shares; and (e) with respect to Restricted Stock Units and Performance Units, whether to settle such Awards in cash, in Shares (including Restricted Stock), or in a combination of cash and Shares; provided
that no dividends or Dividend Equivalent Units shall be paid on Performance Shares or Performance Units prior to their vesting.  

10. Cash Incentive Awards. Subject to the terms of this Plan, the Administrator will determine all terms and
conditions of a Cash Incentive Award, including but not limited to the Performance Goals, performance period, the potential amount payable, and the timing of payment. 

11. Dividend Equivalent Units. Subject to the terms of this Plan, the Administrator will determine all terms and
conditions of each award of Dividend Equivalent Units, including but not limited to whether: (a) such Award will be granted in tandem with another Award; (b) payment of the Award will be made concurrently with dividend payments or credited
to an account for the Participant which provides for the deferral of such amounts until a stated time; (c) the Award will be settled in cash or Shares; and (d) as a condition for the Participant to realize all or a portion of the benefit
provided under the Award, one or more Performance Goals must be achieved during such period as the Administrator specifies; provided that Dividend Equivalent Units may not be granted in connection with an Option or Stock Appreciation Right;
and provided further that no Dividend Equivalent Unit shall provide for payment on Performance Shares or Performance Units prior to their vesting. 

12. Other Stock-Based Awards. Subject to the terms of this Plan, the Administrator may grant to a Participant
shares of unrestricted Stock as replacement for other compensation to which the Participant is entitled, such as in payment of director fees, in lieu of cash compensation, in exchange for cancellation of a compensation right, or as a bonus. 

13. Discretion to Accelerate Vesting. The Administrator may accelerate the vesting of an Award or deem an Award to be
earned, in whole or in part, in the event of a Participant’s death, disability (as defined by the Administrator), retirement, or termination without cause, or as provided in Section 17(c) or upon any other event as determined by the
Administrator in its sole and absolute discretion. 

  
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 14. Transferability. Awards are not transferable,
including to any financial institution, other than by will or the laws of descent and distribution, unless and to the extent the Administrator allows a Participant to: (a) designate in writing a beneficiary to exercise the Award or receive
payment under the Award after the Participant’s death; (b) transfer an Award to the former spouse of the Participant as required by a domestic relations order incident to a divorce; or (c) transfer an Award; provided,
however, that with respect to clause (c) above the Participant may not receive consideration for such a transfer of an Award. 

15. Termination and Amendment of Plan; Amendment, Modification or Cancellation of Awards.  

(a) Term of Plan. Unless the Board earlier terminates this Plan pursuant to Section 15(b), this Plan will terminate when all
Shares reserved for issuance have been issued. If the term of this Plan extends beyond ten (10) years from the Effective Date, no incentive stock options may be granted after such time unless the shareholders of the Company have approved an
extension of this Plan for such purpose. 
 (b) Termination and Amendment. The Board or the Administrator may amend, alter, suspend,
discontinue or terminate this Plan at any time, subject to the following limitations: 
 (i) the Board must approve any
amendment of this Plan to the extent the Company determines such approval is required by: (A) prior action of the Board, (B) applicable corporate law, or (C) any other applicable law; 

(ii) shareholders must approve any amendment of this Plan (which may include an amendment to materially increase any number of
Shares specified in Section 6(a), except as permitted by Section 17) to the extent the Company determines such approval is required by: (A) Section 16 of the Exchange Act, (B) the Code, (C) the listing requirements of
any principal securities exchange or market on which the Shares are then traded, or (D) any other applicable law; and 

(iii) shareholders must approve an amendment that would diminish the protections afforded by Section 4(b) or
Section 15(e). 
 (c) Amendment, Modification, Cancellation and Disgorgement of Awards. 

(i) Except as provided in Section 15(e) and subject to the requirements of this Plan, the Administrator may modify, amend
or cancel any Award, or waive any restrictions or conditions applicable to any Award or the exercise of the Award; provided that, except as otherwise provided in the Plan or the Award agreement, any modification or amendment that materially
diminishes the rights of the Participant, or the cancellation of an Award, shall be effective only if agreed to by the Participant or any other person(s) as may then have an interest in such Award, but the Administrator need not obtain Participant
(or other interested party) consent for the modification, amendment or cancellation of an Award pursuant to the provisions of subsection (ii) or Section 17 or as follows: (A) to the extent the Administrator deems such action necessary
to comply with any applicable law or the listing requirements of any principal securities exchange or market on which the Shares are then traded; (B) to the extent the Administrator deems necessary to preserve favorable accounting or tax
treatment of any Award for the Company; or (C) to the extent the Administrator determines that such action does not materially and adversely affect the value of an Award or that such action is in the best interest of the affected Participant
(or any other person(s) as may then have an interest in the Award). Notwithstanding the foregoing, unless determined otherwise by the Administrator, any such amendment shall be made in a manner that will enable an Award intended to be exempt from
Code Section 409A to continue to be so exempt, or to enable an Award intended to comply with Code Section 409A to continue to so comply. 

  
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 (ii) Notwithstanding anything to the contrary in an Award agreement, the
Administrator shall have full power and authority to terminate or cause the Participant to forfeit the Award, and require the Participant to disgorge to the Company any gains attributable to the Award, if the Participant engages in any action
constituting, as determined by the Administrator in its discretion, Cause for termination, or a breach of a material Company policy, any Award agreement or any other agreement between the Participant and the Company or an Affiliate concerning
noncompetition, nonsolicitation, confidentiality, trade secrets, intellectual property, nondisparagement or similar obligations. 

(iii) Any Awards granted pursuant to this Plan, and any Stock issued or cash paid pursuant to an Award, shall be subject to any
recoupment or clawback policy that is adopted by, or any recoupment or similar requirement otherwise made applicable by law, regulation or listing standards to, the Company from time to time. 

(d) Survival of Authority and Awards. Notwithstanding the foregoing, the authority of the Board and the Administrator under this
Section 15 and to otherwise administer the Plan with respect to then-outstanding Awards will extend beyond the date of this Plan’s termination. In addition, termination of this Plan will not affect the rights of Participants with respect
to Awards previously granted to them, and all unexpired Awards will continue in force and effect after termination of this Plan except as they may lapse or be terminated by their own terms and conditions. 

(e) Repricing and Backdating Prohibited. Notwithstanding anything in this Plan to the contrary, and except for the adjustments provided
for in Section 17, neither the Administrator nor any other person may (i) amend the terms of outstanding Options or SARs to reduce the exercise or grant price of such outstanding Options or SARs; (ii) cancel outstanding Options or
SARs in exchange for Options or SARs with an exercise or grant price that is less than the exercise or grant price of the original Options or SARs; or (iii) cancel outstanding Options or SARs with an exercise or grant price above the current
Fair Market Value of a Share in exchange for cash or other securities. In addition, the Administrator may not make a grant of an Option or SAR with a grant date that is effective prior to the date the Administrator takes action to approve such
Award. 
 (f) Foreign Participation. To assure the viability of Awards granted to Participants employed or residing in foreign
countries, the Administrator may provide for such special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy, accounting or custom. Moreover, the Administrator may approve such supplements to, or
amendments, restatements or alternative versions of, this Plan as it determines is necessary or appropriate for such purposes. Any such amendment, restatement or alternative versions that the Administrator approves for purposes of using this Plan in
a foreign country will not affect the terms of this Plan for any other country. In addition, all such supplements, amendments, restatements or alternative versions must comply with the provisions of Section 15(b)(ii). 

  
 11 

 16. Taxes.  

(a) Withholding. In the event the Company or one of its Affiliates is required to withhold any Federal, state or local taxes or other
amounts in respect of any income recognized by a Participant as a result of the grant, vesting, payment or settlement of an Award or disposition of any Shares acquired under an Award, the Company may satisfy such obligation by: 

(i) If cash is payable under an Award, deducting (or requiring an Affiliate to deduct) from such cash payment the amount needed
to satisfy such obligation; 
 (ii) If Shares are issuable under an Award, then to the extent previously approved by the
Administrator (which approval may be set forth in an Award agreement or in administrative rules), and subject to such procedures as the Administrator may specify, (A) withholding Shares having a Fair Market Value equal to such obligations; or
(B) allowing the Participant to elect to (1) have the Company or its Affiliate withhold Shares otherwise issuable under the Award, (2) tender back Shares received in connection with such Award or (3) deliver other previously
owned Shares, in each case having a Fair Market Value equal to the amount to be withheld; provided that the amount to be withheld under this clause (ii) may not exceed the total maximum statutory tax withholding obligations
associated with the transaction to the extent needed for the Company and its Affiliates to avoid an accounting charge. If an election is provided, the election must be made on or before the date as of which the amount of tax to be withheld is
determined and otherwise as the Administrator requires; or 
 (iii) Deducting (or requiring an Affiliate to deduct) the
amount needed to satisfy such obligation from any wages or other payments owed to the Participant, requiring such Participant to pay to the Company or its Affiliate, in cash, promptly on demand, or make other arrangements satisfactory to the Company
or its Affiliate regarding the payment to the Company or its Affiliate of the amount needed to satisfy such obligation. 
 (b) No
Guarantee of Tax Treatment. Notwithstanding any provisions of this Plan to the contrary, the Company does not guarantee to any Participant or any other Person with an interest in an Award that (i) any Award intended to be exempt from Code
Section 409A shall be so exempt, (ii) any Award intended to comply with Code Section 409A or Code Section 422 shall so comply, or (iii) any Award shall otherwise receive a specific tax treatment under any other applicable
tax law, nor in any such case will the Company or any Affiliate be required to indemnify, defend or hold harmless any individual with respect to the tax consequences of any Award. 

17. Adjustment and Change of Control Provisions.  

(a) Adjustment of Shares. If (i) the Company shall at any time be involved in a merger or other transaction in which the Shares
are changed or exchanged; (ii) the Company shall subdivide or combine the Shares or the Company shall declare a dividend payable in Shares, other securities (other than stock purchase rights issued pursuant to a shareholder rights agreement) or
other property; (iii) the Company shall effect a cash dividend the amount of which, on a per Share basis, exceeds ten percent (10%) of the Fair Market Value of a Share at the time the dividend is declared, or the Company shall effect any other
dividend or other distribution on the Shares in the form of cash, or a repurchase of Shares, that the Board 

  
 12 

 
determines by resolution is special or extraordinary in nature or that is in connection with a transaction that the Company characterizes publicly as a recapitalization or reorganization
involving the Shares; or (iv) any other event shall occur, which, in the case of this clause (iv), in the judgment of the Administrator necessitates an adjustment to prevent dilution or enlargement of the benefits or potential benefits intended
to be made available under this Plan, then the Administrator shall, in such manner as it may deem equitable to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under this Plan, adjust any or all of:
(A) the number and type of Shares subject to this Plan (including the number and type of Shares described in Sections 6(a) and (b)) and which may after the event be made the subject of Awards; (B) the number and type of Shares subject to
outstanding Awards; (C) the grant, purchase, or exercise price with respect to any Award; and (D) the Performance Goals of an Award. In any such case, the Administrator may also (or in lieu of the foregoing) make provision for a cash
payment to the holder of an outstanding Award in exchange for the cancellation of all or a portion of the Award (without the consent of the holder of an Award) in an amount determined by the Administrator effective at such time as the Administrator
specifies (which may be the time such transaction or event is effective). However, in each case, with respect to Awards of incentive stock options, no such adjustment may be authorized to the extent that such authority would cause this Plan to
violate Code Section 422(b). Further, the number of Shares subject to any Award payable or denominated in Shares must always be a whole number. In any event, previously granted Options or SARs are subject to only such adjustments as are
necessary to maintain the relative proportionate interest the Options and SARs represented immediately prior to any such event and to preserve, without exceeding, the value of such Options or SARs. 

Without limitation, in the event of any reorganization, merger, consolidation, combination or other similar corporate transaction or event,
whether or not constituting a Change of Control (other than any such transaction in which the Company is the continuing corporation and in which the outstanding Stock is not being converted into or exchanged for different securities, cash or other
property, or any combination thereof), the Administrator may substitute, on an equitable basis as the Administrator determines, for each Share then subject to an Award and the Shares subject to this Plan (if the Plan will continue in effect), the
number and kind of shares of stock, other securities, cash or other property to which holders of Stock are or will be entitled in respect of each Share pursuant to the transaction. 

Notwithstanding the foregoing, in the case of a stock dividend (other than a stock dividend declared in lieu of an ordinary cash dividend) or
subdivision or combination of the Shares (including a reverse stock split), if no action is taken by the Administrator, adjustments contemplated by this subsection that are proportionate shall nevertheless automatically be made as of the date of
such stock dividend or subdivision or combination of the Shares. 
 (b) Issuance or Assumption. Notwithstanding any other provision
of this Plan, and without affecting the number of Shares otherwise reserved or available under this Plan, in connection with any merger, consolidation, acquisition of property or stock, or reorganization, the Administrator may authorize the issuance
or assumption of awards under this Plan upon such terms and conditions as it may deem appropriate. 

  
 13 

 (c) Effect of Change of Control. 

(i) Upon a Change of Control, if the successor or surviving corporation (or parent thereof) so agrees, then, without the
consent of any Participant (or other person with rights in an Award), some or all outstanding Awards may be assumed, or replaced with the same type of award with similar terms and conditions, by the successor or surviving corporation (or parent
thereof) in the Change of Control transaction, subject to the following requirements: 
 (A) Each Award which is assumed by
the successor or surviving corporation (or parent thereof) shall be appropriately adjusted, immediately after such Change of Control, to apply to the number and class of securities which would have been issuable to the Participant upon the
consummation of such Change of Control had the Award been exercised, vested or earned immediately prior to such Change of Control, and such other appropriate adjustments in the terms and conditions of the Award shall be made. 

(B) If the securities to which the Awards relate after the Change of Control are not listed and traded on a national securities
exchange, then (1) the Participant shall be provided the option, upon exercise or settlement of an Award, to elect to receive, in lieu of the issuance of such securities, cash in an amount equal to the fair value equal of the securities that
would have otherwise been issued and (2) for purposes of determining such fair value, no reduction shall be taken to reflect a discount for lack of marketability, minority interest or any similar consideration. 

(C) Upon the Participant’s termination of employment within two years following the Change of Control (1) by the
successor or surviving corporation without Cause, (2) by reason of death or disability, or (3) by the Participant for “good reason,” as defined in any Award agreement or any employment, retention, change of control, severance or
similar agreement between the Participant and the Company or any Affiliate, if any, all of the Participant’s Awards that are in effect as of the date of such termination shall vest in full or be deemed earned in full (assuming target
performance goals provided under such Award were met, if applicable) effective on the date of such termination. In the event of any other termination of employment within two years after a Change of Control that is not described herein, the terms of
the Award agreement shall apply. 
 (ii) To the extent the purchaser, successor or surviving entity (or parent thereof) in
the Change of Control transaction does not assume the Awards or issue replacement awards as provided in clause (i) (including, for the avoidance of doubt, by reason of a Participant’s termination of employment in connection with the Change of
Control), then immediately prior to the date of the Change of Control, unless the Administrator otherwise determines: 
 (A)
Each Option or SAR that is then held by a Participant who is employed by or in the service of the Company or an Affiliate shall become immediately and fully vested, and, unless otherwise determined by the Board or Administrator, all Options and SARs
shall be cancelled on the date of the Change of Control in exchange for a cash payment equal to the excess of the Change of Control Price (as defined below) of the Shares covered by the Option or SAR that is so cancelled over the purchase or grant
price of such Shares under the Award; provided, however, that all Options and SARs that have a purchase or grant price that is greater than the Change of Control Price shall be cancelled for no consideration; 

  
 14 

 (B) Restricted Stock and Restricted Stock Units (that are not Performance
Awards) that are not then vested shall vest in full; 
 (C) All Performance Shares, Performance Units, and Cash Incentive
Awards for which the performance period has expired shall be paid based on actual performance (and assuming all employment or other requirements had been met in full); and all Performance Shares, Performance Units and Cash Incentive Awards for which
the performance period has not expired shall be cancelled in exchange for a cash payment equal to the amount that would have been due under such Award(s), valued assuming that the target Performance Goals had been met at the time of such Change of
Control, but prorated based on the number of full months in the performance period that have elapsed as of the date of the Change of Control; 

(D) All Dividend Equivalent Units that are not vested shall vest (to the same extent as the Award granted in tandem with the
Dividend Equivalent Unit, if applicable) and be paid; and 
 (E) All other Awards that are not vested shall vest and if an
amount is payable under such vested Award, such amount shall be paid in cash based on the value of the Award. 
 “Change of Control
Price” shall mean the per share price paid or deemed paid in the Change of Control transaction, as determined by the Administrator. For purposes of this clause (ii), if the value of an Award is based on the Fair Market Value of a Share, Fair
Market Value shall be deemed to mean the Change of Control Price. 
 (d) Application of Limits on Payments. Except to the extent the
Participant has in effect an employment or similar agreement with the Company or any Affiliate or is subject to a policy that provides for a more favorable result to the Participant upon a Change of Control, in the event that the Company’s
legal counsel determine that any payment, benefit or transfer by the Company under this Plan or any other plan, agreement, or arrangement to or for the benefit of the Participant (in the aggregate, the “Total Payments”) to be subject to
the tax (“Excise Tax”) imposed by Code Section 4999 but for this subsection (d), then, notwithstanding any other provision of this Plan to the contrary, the Total Payments shall be delivered either (i) in full or (ii) in an
amount such that the value of the aggregate Total Payments that the Participant is entitled to receive shall be One Dollar ($1.00) less than the maximum amount that the Participant may receive without being subject to the Excise Tax, whichever of
(i) or (ii) results in the receipt by the Participant of the greatest benefit on an after-tax basis (taking into account applicable federal, state and local income taxes and the Excise Tax). In the event
that (ii) results in a greater after-tax benefit to the Participants, payments or benefits included in the Total Payments shall be reduced or eliminated by applying the following principles, in order:
(A) the payment or benefit with the higher ratio of the parachute payment value to present economic value (determined using reasonable actuarial assumptions) shall be reduced or eliminated before a payment or benefit with a lower ratio;
(B) the payment or benefit with the later possible payment date shall be reduced or eliminated before a payment or benefit with an earlier payment date; 

  
 15 

 
and (C) cash payments shall be reduced prior to non-cash benefits; provided that if the foregoing order of reduction or elimination
would violate Code Section 409A, then the reduction shall be made pro rata among the payments or benefits included in the Total Payments (on the basis of the relative present value of the parachute payments). 

18. Miscellaneous.  

(a) Other Terms and Conditions. The Administrator may provide in any Award agreement such other provisions (whether or not applicable
to the Award granted to any other Participant) as the Administrator determines appropriate to the extent not otherwise prohibited by the terms of the Plan. No provision in an Award agreement shall limit the Administrator’s discretion hereunder
unless such provision specifically so provides for such limitation. 
 (b) Employment and Service. The issuance of an Award shall not
confer upon a Participant any right with respect to continued employment or service with the Company or any Affiliate, or the right to continue as a Director. Unless determined otherwise by the Administrator, for purposes of the Plan and all Awards,
the following rules shall apply: 
 (i) a Participant who transfers employment between the Company and its Affiliates, or
between Affiliates, will not be considered to have terminated employment; 
 (ii) a Participant who ceases to be a Non-Employee Director because he or she becomes an employee of the Company or an Affiliate shall not be considered to have ceased service as a Director with respect to any Award until such Participant’s
termination of employment with the Company and its Affiliates; 
 (iii) a Participant who ceases to be employed by the
Company or an Affiliate and immediately thereafter becomes a Non-Employee Director, a non-employee director of an Affiliate, or a consultant to the Company or any
Affiliate shall not be considered to have terminated employment until such Participant’s service as a director of, or consultant to, the Company and its Affiliates has ceased; and 

(iv) a Participant employed by an Affiliate will be considered to have terminated employment when such entity ceases to be an
Affiliate. 
 Notwithstanding the foregoing, for purposes of an Award that is subject to Code Section 409A, if a Participant’s
termination of employment or service triggers the payment of compensation under such Award, then the Participant will be deemed to have terminated employment or service upon his or her “separation from service” within the meaning of Code
Section 409A. Notwithstanding any other provision in this Plan or an Award to the contrary, if any Participant is a “specified employee” within the meaning of Code Section 409A as of the date of his or her “separation from
service” within the meaning of Code Section 409A, then, to the extent required by Code Section 409A, any payment made to the Participant on account of such separation from service shall not be made before a date that is six months
after the date of the separation from service. 
 (c) No Fractional Shares. No fractional Shares or other securities may be issued or
delivered pursuant to this Plan. Unless otherwise determined by the Administrator or otherwise provided in any Award agreement, all fractional Shares that would otherwise be issuable under the Plan shall be canceled for no consideration. 

  
 16 

 (d) Unfunded Plan; Awards Not Includable for Benefits Purposes. This Plan is unfunded
and does not create, and should not be construed to create, a trust or separate fund with respect to this Plan’s benefits. This Plan does not establish any fiduciary relationship between the Company and any Participant or other person. To the
extent any person holds any rights by virtue of an Award granted under this Plan, such rights are no greater than the rights of the Company’s general unsecured creditors. Income recognized by a Participant pursuant to an Award shall not be
included in the determination of benefits under any employee pension benefit plan (as such term is defined in Section 3(2) of the Employee Retirement Income Security Act of 1974, as amended) or group insurance or other benefit plans applicable
to the Participant which are maintained by the Company or any Affiliate, except as may be provided under the terms of such plans or determined by resolution of the Board. 

(e) Requirements of Law and Securities Exchange. The granting of Awards and the issuance of Shares in connection with an Award are
subject to all applicable laws, rules and regulations and to such approvals by any governmental agencies or national securities exchanges as may be required. Notwithstanding any other provision of this Plan or any award agreement, the Company has no
liability to deliver any Shares under this Plan or make any payment unless such delivery or payment would comply with all applicable laws and the applicable requirements of any securities exchange or similar entity, and unless and until the
Participant has taken all actions required by the Company in connection therewith. The Company may impose such restrictions on any Shares issued under the Plan as the Company determines necessary or desirable to comply with all applicable laws,
rules and regulations or the requirements of any national securities exchanges. 
 (f) Code Section 409A. Any
Award granted under this Plan shall be provided or made in such manner and at such time as to either make the Award exempt from, or comply with, the provisions of Code Section 409A, to avoid a plan failure described in Code
Section 409(a)(1), and the provisions of Code Section 409A are incorporated into this Plan to the extent necessary for any Award that is subject to Code Section 409A to comply therewith. 

(g) Governing Law; Venue. This Plan, and all agreements under this Plan, will be construed in accordance with and governed by the laws
of the State of Wisconsin, without reference to any conflict of law principles. Any legal action or proceeding with respect to this Plan, any Award or any award agreement, or for recognition and enforcement of any judgment in respect of this Plan,
any Award or any award agreement, may only be brought and determined in (i) a court sitting in the State of Wisconsin, and (ii) a “bench” trial, and any party to such action or proceeding shall agree to waive its right to a jury
trial. 
 (h) Limitations on Actions. Any legal action or proceeding with respect to this Plan, any Award or any award agreement,
must be brought within one year (365 days) after the day the complaining party first knew or should have known of the events giving rise to the complaint. 

(i) Construction. Whenever any words are used herein in the masculine, they shall be construed as though they were used in the feminine
in all cases where they would so apply; and wherever any words are used in the singular or plural, they shall be construed as though they were used in the plural or singular, as the case may be, in all cases where they would so apply. Titles of
sections are for general information only, and this Plan is not to be construed with reference to such titles. 

  
 17 

 (j) Severability. If any provision of this Plan or any award agreement or any Award
(i) is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or as to any person or Award, or (ii) would cause this Plan, any award agreement or any Award to violate or be disqualified under any law the
Administrator deems applicable, then such provision should be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Administrator, materially altering the
intent of this Plan, award agreement or Award, then such provision should be stricken as to such jurisdiction, person or Award, and the remainder of this Plan, such award agreement and such Award will remain in full force and effect. 

  
 18EX-10.8

 Exhibit 10.8 

MAYVILLE ENGINEERING COMPANY, INC. 

2019 OMNIBUS INCENTIVE PLAN 

STOCK OPTION AWARD 
 [PARTICIPANTID] 

[FIRSTNAME] [LASTNAME] 
 You have been granted an option (your
“Option”) to purchase shares (“Shares”) of Common Stock of Mayville Engineering Company, Inc. (the “Company”) under the Mayville Engineering Company, Inc. 2019 Omnibus Incentive Plan (the “Plan”), effective as
of the Grant Date, with the following terms and conditions: 
  

			
	Grant Date:	  	[_____________], [___]
		
	Vesting Commencement Date	  	[_____________], [___]
		
	Type of Option:	  	 [Nonqualified Stock Option]
 [Incentive Stock
Option]

		
	Number of Option Shares:	  	[SHARES GRANTED]
		
	Exercise Price per Share:	  	U.S. $[__.__]
		
	Vesting:	  	 The Option will vest and become exercisable with respect to [____] ([___]) of the total Option Shares on each of the first [____]
anniversaries of the Vesting Commencement Date, provided that you remain in continuous employment or service with the Company or an Affiliate until the applicable vesting date.

 
 In the event of your termination of employment or service with the Company or its
Affiliates as a result of your death or disability (as determined by the Administrator), then 100% of this Option will vest in full on the date of such termination.
  

Upon a Change of Control, Section 17(c) of the Plan will apply to this Option.
  

Except as otherwise provided above, upon your termination of employment, or cessation of services to, the Company and its Affiliates prior to the date the
Option is fully vested, you will forfeit the unvested portion of the Option.

		
	Termination Date:	  	 Your Option expires at, and cannot be exercised after, the earliest to occur of:

 
 •  The tenth (10th) anniversary
of the Grant Date;
  
 •  12
months after your termination of employment or service as a result of death or disability (as determined by the Administrator);
  

•  Your termination of employment or service for Cause; or

			
		  	 •  90 days after your termination of employment or service for any other reason,
provided that if you die during this 90-day period, the exercise period will be extended until 12 months after the date of your death.
  

If the date this Option terminates as specified above falls on a day on which the stock market is not open for trading or on a date on which you are prohibited
by Company policy (such as an insider trading policy) from exercising the Option, the termination date shall be automatically extended to the first available trading day following the original termination date, but not beyond the tenth (10th)
anniversary of the Grant Date.

		
	Manner of Exercise:	  	 You may exercise your Option only to the extent vested and only if it has not terminated. To exercise your Option, you must complete the
“Notice of Stock Option Exercise” form provided by the Company and return it to the address or send it via facsimile or email as indicated on the form, or use the equity platform procedure prescribed by the Company. The form will be
effective when it is received by the Company, but exercise will not be completed until you pay the total exercise price and all applicable withholding taxes due as a result of the exercise to the Company.

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

Your ability to exercise your Option may be restricted by the Company if required by applicable law.

 
 No fractional Shares shall be issued pursuant to the grant or exercise of this Option.
The Administrator shall determine whether the cash value of such fraction shall be paid or whether the fraction shall be canceled for no consideration.

		
	Market Stand-Off:	  	In connection with any underwritten public offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act of 1933, as amended, you agree that you shall not directly
or indirectly sell, make any short sale of, loan, hypothecate, pledge, offer, grant or sell any option or other contract for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of or transfer or agree to
engage in any of the foregoing transactions with respect to, any Shares acquired under this Stock Option Award without the prior written consent of the Company. Such restriction shall be in effect for such period of time following the date of the
final prospectus for the offering as may be determined by the Company. In no event, however, shall such period exceed one hundred eighty (180) days.

  
 2 

			
		
	Restrictions on Transfer:	  	Your Option and all rights hereunder shall be non-assignable and non-transferable other than by will or the laws of descent and distribution and
shall be exercisable during your lifetime only by you or your guardian or legal representative.
		
	Taxes:	  	 You (and not the Company or any Affiliate) shall be responsible for your federal, state, local or foreign tax liability and any of your
other tax consequences that may arise as a result of the transactions contemplated by this Option. You shall rely solely on the determinations of your own tax advisors or your own determinations, and not on any statements or representations by the
Company or any of its agents, with regard to all such tax matters. To the extent that the receipt, vesting or exercise of this Option, or other event, results in income to you for federal, state or local income tax purposes, you shall deliver to the
Company or its Affiliate at the time the Company or its Affiliate is obligated to withhold taxes in connection with such receipt, vesting, exercise or other event, as the case may be, such amount as the Company or its Affiliate requires to meet its
withholding obligation under applicable tax laws or regulations, and if you fail to do so, the Company shall not be obligated to deliver any Shares to you and shall have the right and authority to deduct or withhold from other compensation payable
to you an amount sufficient to satisfy its withholding obligations.
  
 To the extent
permitted by the Company at the time a tax withholding requirement arises, you may satisfy the withholding requirement in whole or in part, by electing to have the Company withhold for its own account that number of Shares otherwise deliverable to
you upon exercise having an aggregate Fair Market Value on the date the tax is to be determined equal to the tax that the Company must withhold in connection with the exercise; provided that the amount so withheld shall not exceed the maximum
statutory rate to the extent necessary to avoid an accounting charge. The Fair Market Value of any fractional Share not used to satisfy the withholding obligation (as determined on the date the tax is determined) will be paid to you in
cash.

		
	Miscellaneous:	  	 •  Neither the Plan nor the grant of the Option shall constitute or be evidence
of any agreement or understanding, express or implied, that you have a right to continue as an employee of the Company or any of its Affiliates for any period of time, or at any particular rate of compensation.

 
 •  The Plan and this Option
constitute the entire understanding of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements between you and the Company with respect to the subject matter hereof. You expressly
warrant that you are not accepting this Option in reliance on any promises, representations, or inducements other than those contained herein.

  
 3 

			
		 	 •  By accepting the grant of your Option, you agree not to sell any Shares acquired
in connection with your Option other than as set forth in the Plan and at a time when applicable laws, Company policies or an agreement between the Company and its underwriters do not prohibit a sale.

 
 •  As a condition of the
granting of your Option, you agree, for yourself and your legal representatives or guardians, that this Stock Option Award shall be interpreted by the Committee and that any interpretation by the Committee of the terms of this Stock Option Award or
the Plan and any determination made by the Committee pursuant to this Stock Option Award or the Plan shall be final, binding and conclusive.
  

•  Subject to the terms of the Plan, the Committee may modify or amend this Stock Option Award
without your consent as permitted by Section 15(c) of the Plan or: (i) to the extent such action is deemed necessary by the Committee to comply with any applicable law or the listing requirements of any principal securities exchange or
market on which Shares are then traded; (ii) to the extent the action is deemed necessary by the Committee to preserve favorable accounting or tax treatment of any award for the Company; or (iii) to the extent the Committee determines that
such action does not materially and adversely affect the value of this Stock Option Award or that such action is in the best interest of you or any other person who may then have an interest in this Stock Option Award.

 
 •  This Stock Option Award may
be executed in counterparts.

 Your Option is granted under and governed by the terms and conditions of the Plan. The terms of the Plan to the extent not
stated herein are expressly incorporated herein by reference and in the event of any conflict between this Option and the Plan, the terms of the Plan shall govern, control and supersede over the provisions of this Option. Capitalized terms used in
this Option and not defined shall have the meanings given in the Plan. 
 BY ACCEPTING THIS STOCK OPTION AWARD, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS
DESCRIBED HEREIN AND IN THE PLAN. YOU ALSO ACKNOWLEDGE RECEIPT OF THE PLAN. 
  

									
	MAYVILLE ENGINEERING COMPANY, INC.	 		 	OPTIONEE
					
	By: 	 	 	 		 		 	 
		 	[EXECUTIVE]	 		 		 	[OPTIONEE]
		 	[POSITION]	 		 		 	

 Date:
                                         
        

  
 4 

 MAYVILLE ENGINEERING COMPANY, INC. 

NOTICE OF STOCK OPTION EXERCISE 
 Your
completed form should be delivered to: _________________________, ____________________________. 
 Phone: _________________ Fax: ____________________
Email: _____________________ 
 Incomplete forms may cause a delay in processing your option exercise. 

OPTIONEE INFORMATION 
 Please complete the following. PLEASE
WRITE YOUR FULL LEGAL NAME SINCE THIS NAME MAY BE ON YOUR STOCK CERTIFICATE. 
 Name:
______________________________________________________________________ 
 Street Address: _______________________________________________________________

 City: _____________________ State: _________________ Zip Code: _______________ 

Work Phone #: (_____) - _______ - ________ Home Phone #: (_____) - _______ - __________ 

Social Security #: ______ - _____ - _______ 
 DESCRIPTION OF
OPTION(S) BEING EXERCISED 
 Please complete the following for each option that you wish to exercise. 

 

							
	 Grant
Date
	  	 Exercise Price

Per Share
	  	 Number of Option

Shares Being
 Purchased
	  	
Total Exercise Price (multiply Exercise Price Per

Share by Number of Option Shares Being

Purchased)

		  	$	  		  	$
		  	$	  		  	$
		  	$	  		  	$
		  	$	  		  	$
		  	$	  		  	$
	 Aggregate Exercise Price
	  	$

  
 5

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