Document:

EX-10.3(d)

 Exhibit 10.3(d) 

STOCK APPRECIATION RIGHTS AGREEMENT 
 PURSUANT TO THE 
 MASONITE INTERNATIONAL CORPORATION 2012 EQUITY INCENTIVE
PLAN 
 FOR UNITED STATES EMPLOYEES 
 * * * * * 
 Participant:
                                 

Grant Date:
                                 

Base Price: $             
 Number of Shares subject to this SAR:
                                         
        
 * * * * * 

THIS STOCK APPRECIATION RIGHTS AGREEMENT (the “Agreement”), dated as of the Grant Date specified above, is entered into
by and between Masonite International Corporation, a British Columbia corporation (the “Company”), and the Participant specified above, pursuant to the Masonite International Corporation 2012 Equity Incentive Plan (the
“Plan”), as in effect and as amended from time to time, which is administered by the Committee; and 
 WHEREAS,
it has been determined under the Plan that the Company will grant the stock appreciation rights (“SARs”) provided for herein to the Participant; 
 NOW, THEREFORE, in consideration of the mutual covenants and promises hereinafter set forth and for other good and valuable consideration, the parties hereto hereby mutually covenant and agree as follows:

 1. Incorporation By Reference; Plan Document Receipt. This Agreement is subject in all respects to the terms and
provisions of the Plan (including, without limitation, any amendments thereto adopted at any time and from time to time unless such amendments are expressly intended not to apply to the grant of the SAR hereunder), all of which terms and provisions
are made a part of and incorporated in this Agreement as if they were each expressly set forth herein. The Participant hereby acknowledges receipt of a true copy of the Plan and that the Participant has read the Plan carefully and fully understands
its content. In the event of any conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall control. 
 2. Grant of SAR. The Company hereby grants to the Participant, as of the Grant Date, a SAR on the number of Shares specified above. This SAR represents the right, upon exercise, to receive a
number of Shares with a Fair Market Value on the date of exercise equal to the product of (i) the aggregate number of Shares with respect to which this SAR is exercised and (ii) the excess of (A) the Fair Market Value of a Share as of
the date of exercise over (B) the SAR Base Price specified above. 

 3. Vesting and Exercisability of SAR. 

(a) Vesting. Except as otherwise provided in this Section 3, the SAR subject to this grant shall vest as follows, provided
that the Participant is then employed by the Company and/or one of its Subsidiaries or Affiliates on each such vesting date: [TBD at time of grant] To the extent that the SARs have become vested with respect to a percentage of the SARs
granted, the SARs may thereafter be exercised by the Participant, in whole or in part, at any time or from time to time prior to the expiration of the SAR. 
 (b) Certain Terminations. Any unvested portion of this SAR shall immediately become vested upon a Termination due to (i) the Participant’s death or (ii) the Participant’s
Disability. 
 (c) Change in Control. Any unvested portion of this SAR shall immediately become vested upon the six
(6) month anniversary of a Change in Control; provided the Participant is continuously employed by the Company or its Subsidiaries through such date; provided further that if the Company terminates the Participant’s employment without
Cause during such six (6) month period, any unvested portion of this SAR shall immediately become vested upon the date of such Termination. 
 (d) Expiration. Unless earlier terminated in accordance with the terms and provisions of the Plan and/or this Agreement, this SAR shall expire and shall no longer be exercisable after the
expiration of ten (10) years from the Grant Date. 
 (e) Committee Discretion to Accelerate Vesting. Notwithstanding
the foregoing, the Committee may, in its sole discretion, provide for accelerated vesting of the SAR at any time and for any reason. 
 4. Termination. 
 (a) Termination by Reason of Death or
Disability. If a Participant’s Termination is by reason of death or Disability, any portion of this SAR that is held by such Participant that is vested and exercisable at the time of the Participant’s Termination may be exercised by
the Participant (or, in the case of death, by the legal representative of the Participant’s estate) at any time within a one (1) year period from the date of such Termination but in no event beyond the expiration of the stated term of this
SAR; provided, however, if the Participant dies within such exercise period, all unexercised SARs held by such Participant shall thereafter be exercisable, to the extent to which they were exercisable at the time of death, for a period of one
(1) year from the date of such death, but in no event beyond the expiration of the stated term of this SAR. 
 (b)
Termination Other Than for Cause or by Reason of Death or Disability. If a Participant’s Termination is for any reason other than for Cause, or due to the Participant’s death or Disability, any portion of this SAR that is held by
such Participant that is vested and exercisable at the time of the Participant’s Termination may be exercised by the Participant at any time within a period of ninety (90) days from the date of such Termination but in no event beyond the
expiration of the stated term of this SAR. 

  
 2 

 (c) Termination for Cause. If a Participant’s Termination is for Cause, any
portion of this SAR, whether vested or unvested, that is held by such Participant shall thereupon terminate and expire as of the date of such Termination. 
 (d) Unvested SARs. Any portion of this SAR that is not vested as of the date of a Participant’s Termination for any reason shall terminate and expire as of the date of such Termination.

 5. Dividends and Other Distributions. If the Company makes an Extraordinary Distribution then, to reflect such
Extraordinary Distribution, this SAR shall be adjusted to retain the pre-Extraordinary Distribution spread by (i) decreasing the Base Price, in a manner consistent with Section 409A of the Code or (ii) if the Base Price, as adjusted,
would be less than twenty-five (25%) of the value of the Company’s Common Stock post-Extraordinary Distribution, the Participant shall be granted dividend equivalent rights for the balance of the lost spread, such rights to be payable in
cash upon vesting of the related SAR. Any adjustment described in clause (i) shall be implemented in accordance with, and to the extent permitted by, Treasury Regulation § 1.409A-1(b)(5)(v)(D). 

6. Method of Exercise and Payment. 
 (a) Exercise. Subject to Section 14.4 of the Plan, this SAR shall be exercised by the Participant by delivering to the Company or its designated agent on any business day a written notice, in
such manner and form as may be required by the Company, specifying the number of Shares subject to this SAR the Participant then desires to exercise (the “Exercise Notice”). The Company shall have thirty (30) days from the date
of receipt of the Participant’s Exercise Notice, to deliver to the Participant the Shares underlying the exercised SARs. This obligation to deliver is subject to Sections 7 and 14 hereof. In connection with the delivery of the Shares pursuant
to this Agreement, the Participant agrees to execute any documents reasonably requested by the Company. 
 (b) Blackout
Periods. If the Participant is subject to any Company “blackout” policy or other trading restriction imposed by the Company on the date of exercise, the Company may elect to delay such distribution until the date the Participant is not
subject to any such policy or restriction or such earlier or later date as required by applicable law. 
 7. Forfeiture
and Clawback. In the event the Company determines that the Participant has materially violated any of the provisions set forth in Section 8 hereto, and has failed to cure such violation within fifteen (15) days of written notice
that is given within thirty (30) days of the Company becoming aware of such violation, unless otherwise determined by the Company, the following shall result: 
 (a) any outstanding portion of this SAR, whether vested or unvested, shall immediately be terminated and forfeited for no consideration, 

  
 3 

 (b) if the Participant has been distributed Shares under this SAR award and the Participant
no longer holds some or all of such Shares, the Participant shall repay to the Company, in cash, within five (5) business days after demand is made therefore by the Company (which must be made within thirty (30) days of such failure to
cure), an amount equal to the sum of (I) the total amount of any cash previously paid to the Participant hereunder; and (II) the total amount of any value received by the Participant upon any disposition of any Shares paid to the Participant
hereunder; and 
 (c) if the Participant has been distributed Shares under this SAR award and the Participant (or any Participant
Entities or Permitted Transferees (as such terms are defined in Annex A attached hereto)), continues to hold some or all of such Shares, the Participant shall forfeit and transfer to the Company for no consideration such Shares. If the Participant
fails to deliver all or any of the Shares within the time period set forth under this Section 7(c) or under Section 6 of Annex A, then the Secretary of the Company shall be authorized to effect the Company’s repurchase of such Shares
on the Company’s books and records, without further notice with zero value being paid to the Participant. 
 8.
Restrictive Covenants. As a condition to the receipt of the SARs and/or exercise of the SARs, the Participant agrees as follows: 
 (a) Confidentiality, Non-Disclosure and Non-Competition Agreement. The Company and the Participant acknowledge and agree that during the Participant’s employment with the Company, the
Participant will have access to and may assist in developing Confidential Information and will occupy a position of trust and confidence with respect to the affairs and business of the Company and its Affiliates. The Participant agrees that the
obligations set forth in this Section 8 are necessary to preserve the confidential and proprietary nature of Confidential Information and to protect the Company and its Affiliates against harmful solicitation of employees and customers, harmful
competition and other actions by the Participant that would result in serious adverse consequences for the Company and its Affiliates. 
 (b) Non-Disclosure. During and after the Participant’s employment with the Company, the Participant will not use, disclose, copy or transfer any Confidential Information other than as
authorized in writing by the Company or within the scope of the Participant’s duties with the Company as determined reasonably and in good faith by the Participant. Anything herein to the contrary notwithstanding, the provisions of this
Section 8(b) shall not apply (i) when disclosure is required by law or by any court, arbitrator, mediator or administrative or legislative body (including any committee thereof) with actual or apparent jurisdiction to order the Participant
to disclose or make accessible any information; provided that prior to any such disclosure the Participant shall provide the Company with reasonable notice of the requirements to disclose and an opportunity to object to such disclosure and the
Participant shall cooperate with the Company in filing such objection; or (ii) as to information that becomes generally known to the public or within the relevant trade or industry other than due to the Participant’s violation of this
Section 8(b). 
 (c) Materials. The Participant will use Confidential Information only for normal and customary use
in the Company’s business, as determined reasonably and in good faith by the Company. The Participant will return to the Company all Confidential Information 

  
 4 

 
and copies thereof and all other property of the Company or any of its Affiliate at any time upon the request of the Company and in any event immediately after termination of Participant’s
employment. The Participant agrees to identify and return to the Company any copies of any Confidential Information after the Participant ceases to be employed by the Company. Anything to the contrary notwithstanding, nothing in this Section 8
shall prevent the Participant from retaining a home computer (provided all Confidential Information has been removed), papers and other materials of a personal nature, including diaries, calendars and Rolodexes, information relating to his/her
compensation or relating to reimbursement of expenses, information that may be needed for tax purposes, and copies of plans, programs and agreements relating to his/her employment. 

(d) No Solicitation or Hiring of Employees. During the Non-Compete Period, the Participant shall not solicit, entice, persuade or
induce any individual who is employed by the Company or its Affiliates (or who was so employed within twelve (12) months prior to the Participant’s action) to terminate or refrain from continuing such employment or to become employed by or
enter into contractual relations with any other individual or entity other than the Company or its Affiliates, and the Participant shall not hire, directly or indirectly, for himself or any other person, as an employee, consultant or otherwise, any
such person. Anything to the contrary notwithstanding, the Company agrees that (i) the Participant’s responding to an unsolicited request from any former employee of the Company for advice on employment matters, and (ii) the
Participant’s responding to an unsolicited request for an employment reference regarding any former employee of the Company from such former employee, or from a third party, by providing a reference setting forth his/her personal views about
such former employee, shall not be deemed a violation of this Section 8(d); in each case, to the extent the Participant does not encourage the former employee to become employed by a company or business that employs the Participant or with
which the Participant is otherwise associated (including, but not limited to, association as a sole proprietor, owner, employer, partner, principal, investor, joint venturer, shareholder, associate, employee, member, consultant, contractor, director
or otherwise). 
 (e) Non-Competition. 
 (i) During the Non-Compete Period, the Participant shall not, directly or indirectly, (A) solicit, service, or assist any other individual, person, firm or other entity in soliciting or servicing any
Customer for the purpose of providing and/or selling any products that are provided and/or sold by the Company or its Subsidiaries, or performing any services that are performed by the Company or its Subsidiaries, (B) interfere with or damage
(or attempt to interfere with or damage) any relationship and/or agreement between the Company or its Subsidiaries and any Customer or (C) associate (including, but not limited to, association as a sole proprietor, owner, employer, partner,
principal, investor, joint venturer, shareholder, associate, employee, member, consultant, contractor, director or otherwise) with any Competitive Enterprise; provided, however, that Participant may own, as a passive investor, securities of any such
entity that has outstanding publicly traded securities so long as his/her direct holdings in any such entity shall not in the aggregate constitute more than 1% of the voting power of such entity. The Participant agrees that, before providing
services, whether as an employee or consultant, to any entity during the Non-Compete Period, he/she will provide a copy of this Agreement to such entity, and such entity shall acknowledge to the Company in writing

  
 5 

 
that it has read this Agreement. The Participant acknowledges that this covenant has a unique, very substantial and immeasurable value to the Company, that the Participant has sufficient assets
and skills to provide a livelihood for the Participant while such covenant remains in force and that, as a result of the foregoing, in the event that the Participant breaches such covenant, monetary damages would be an insufficient remedy for the
Company and equitable enforcement of the covenant would be proper. 
 (ii) If the restrictions contained in Section 8(e)(i)
shall be determined by any court of competent jurisdiction to be unenforceable by reason of their extending for too great a period of time or over too great a geographical area or by reason of their being too extensive in any other respect,
Section 8(e)(i) shall be modified to be effective for the maximum period of time for which it may be enforceable and over the maximum geographical area as to which it may be enforceable and to the maximum extent in all other respects as to
which it may be enforceable. 
 (f) Conflicting Obligations and Rights. The Participant agrees to inform the Company of
any apparent conflicts between the Participant’s work for the Company and any obligations the Participant may have to preserve the confidentiality of another’s proprietary information or related materials before using the same on the
Company’s behalf. The Company shall receive such disclosures in confidence and consistent with the objectives of avoiding any conflict of obligations and rights or the appearance of any conflict of interest. 

(g) Enforcement. The Participant acknowledges that in the event of any breach or threatened breach of this Section 8, the
business interests of the Company and its Affiliates will be irreparably injured, the full extent of the damages to the Company and its Affiliates will be impossible to ascertain, monetary damages will not be an adequate remedy for the Company and
its Affiliates, and the Company will be entitled to enforce this Agreement by a temporary, preliminary and/or permanent injunction or other equitable relief, without the necessity of posting bond or security, which the Participant expressly waives.
The Participant understands that the Company may waive some of the requirements expressed in this Agreement, but that, for such a waiver to be effective, it must be made in writing and should not in any way be deemed a waiver of the Company’s
right to enforce any other requirements or provisions of this Agreement. The Participant agrees that each of the Participant’s obligations specified in this Agreement is a separate and independent covenant and that the unenforceability of any
of them shall not preclude the enforcement of any other covenants in this Agreement. 
 9. Conditions. In
consideration of this SAR award, the Participant acknowledges and agrees to be bound by the terms of Annex A attached hereto, which is incorporated in, and made a part of, this Agreement. 

10. Non-transferability. 
 (a) Restriction on Transfers. Except as provided in Section 10(b) below, this SAR, and any rights or interests therein, (i) shall not be sold, exchanged, transferred, assigned or
otherwise disposed of in any way at any time by the Participant (or any beneficiary(ies) of the Participant), other than by testamentary disposition by the Participant or by the laws of descent and distribution, (ii) shall not be pledged or
encumbered in any way at any time by the 

  
 6 

 
Participant (or any beneficiary(ies) of the Participant) and (iii) shall not be subject to execution, attachment or similar legal process. Any attempt to sell, exchange, pledge, transfer,
assign, encumber or otherwise dispose of this SAR, or the levy of any execution, attachment or similar legal process upon this SAR, contrary to the terms of this Agreement and/or the Plan, shall be null and void and without legal force or effect.

 (b) Permissible Transfers. During the Participant’s lifetime, the Participant may, with the consent of the
Committee, transfer without consideration all or any portion of this SAR to one or more Family Members, to a trust established for the exclusive benefit of one or more Family Members, to a partnership in which all the partners are Family Members, or
to a limited liability company in which all the members are Family Members. 
 (c) Company Rights. Notwithstanding
anything herein to the contrary, the Participant, and any permitted transferee, shall be subject to the Company’s call rights set forth in Annex A. 
 11. Entire Agreement; Amendment. This Agreement, together with the Plan contains the entire agreement between the parties hereto with respect to the subject matter contained herein, and
supersedes all prior agreements or prior understandings, whether written or oral, between the parties relating to such subject matter. The Committee shall have the right, in its sole discretion, to modify or amend this Agreement from time to time in
accordance with and as provided in the Plan. This Agreement may also be modified or amended by a writing signed by both the Company and the Participant. The Company shall give written notice to the Participant of any such modification or amendment
of this Agreement as soon as practicable after the adoption thereof. 
 12. Acknowledgment of Employee. The award
of this SAR does not entitle the Participant to any benefit other than that granted under this Agreement. Any benefits granted under this Agreement are not part of the Participant’s ordinary salary, and shall not be considered as part of such
salary in the event of severance, redundancy or resignation. The Participant understands and accepts that the benefits granted under this Agreement are entirely at the discretion of the Company and that the Company retains the right to amend or
terminate this Agreement and the Plan at any time, at its sole discretion and without notice. 
 13. Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida, without reference to the principles of conflict of laws thereof. 

14. Withholding of Tax. 
 (a) General. As a condition to the distribution of Shares to the Participant, the Participant shall be required to pay in cash, or to make other arrangements satisfactory to the Company (including,
without limitation, authorizing withholding from payroll and any other amounts payable to the Participant), the minimum amount sufficient to satisfy any federal, provincial, state, local and foreign tax withholdings of any kind (including, but not
limited to, the Participant’s FICA and SDI obligations) which the Company, in its sole discretion, deems necessary to comply with the Code and/or any other applicable law, rule or regulation with respect to the SAR. Unless the tax withholding
obligations of the Company are satisfied, the Company shall have no obligation to issue a certificate or book-entry transfer for such Shares. 

  
 7 

 (b) Shares Not Publicly Traded. Notwithstanding anything to the contrary in
Section 14(a), in the event the Shares are not listed for trading on an established securities exchange on the date the SARs are required to be settled, then the Company shall, at the request of the Participant, deduct or withhold Shares having
a Fair Market Value equal to the minimum amount required to be withheld to satisfy any federal, state, local and foreign tax of any kind (including, but not limited to, the Participant’s FICA and SDI obligations) which the Company, in its sole
discretion, deems necessary to comply with the Code and/or any other applicable law, rule or regulation with respect to this SAR. 
 15. No Right to Employment. Any questions as to whether and when there has been a termination of such employment and the cause of such termination shall be determined in the sole discretion
of the Committee. Nothing in this Agreement shall interfere with or limit in any way the right of the Company to terminate the Participant’s employment or service at any time, for any reason and with or without cause. 

16. Transfer of Personal Data. The Participant authorizes, agrees and unambiguously consents to the transmission by
the Company (or any Subsidiary) of any personal data information related to the SAR awarded under this Agreement for legitimate business purposes (including, without limitation, the administration of the Plan). This authorization and consent is
freely given by the Participant. 
 17. Notices. Any Exercise Notice or other notice which may be required or
permitted under this Agreement shall be in writing, and shall be delivered in person or via facsimile transmission, overnight courier service or certified mail, return receipt requested, postage prepaid, properly addressed as follows: 

(a) If such notice is to the Company, to the attention of the General Counsel of the Company or at such other address as the Company, by
notice to the Participant, shall designate in writing from time to time. 
 (b) If such notice is to the Participant, at his/her
address as shown on the Company’s records, or at such other address as the Participant, by notice to the Company, shall designate in writing from time to time. 
 18. Compliance with Laws. The issuance of this SAR (and the Shares upon exercise of this SAR) pursuant to this Agreement shall be subject to and shall comply with any applicable requirements
of any foreign and U.S. federal and state securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act, as amended, the Exchange Act and in each case any respective rules and regulations promulgated
thereunder) and any other law or regulation applicable thereto. The Company shall not be obligated to issue this SAR or any of the Shares pursuant to this Agreement if any such issuance would violate any such requirements. 

19. Binding Agreement; Assignment. This Agreement shall inure to the benefit of, be binding upon, and be enforceable by the
Company and its successors and assigns. The Participant shall not assign (except as provided by Section 10 hereof) any part of this Agreement without the prior express written consent of the Company. 

  
 8 

 20. Counterparts. This Agreement may be executed in one or more counterparts,
each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument. 
 21.
Headings. The titles and headings of the various sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of this Agreement. 

22. Further Assurances. Each party hereto shall do and perform (or shall cause to be done and performed) all such further
acts and shall execute and deliver all such other agreements, certificates, instruments and documents as either party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the Plan and the
consummation of the transactions contemplated thereunder. 
 23. Severability. The invalidity or unenforceability
of any provisions of this Agreement, including, without limitation, Section 8, in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or
enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law. 

24. Compensatory Arrangements; Rule 701 Exemption. The Company and the Participant hereby acknowledge and agree that this
Agreement has been executed and delivered, and the SARs, and the Shares acquired upon exercise, have been issued hereunder, in connection with and as a part of the compensation and incentive arrangements between the Company and its Subsidiaries, on
the one hand, and the Participant, on the other hand. Each of the SARs granted hereunder, and the Shares acquired upon exercise, is intended to qualify for an exemption from the registration requirements under the Securities Act, and under similar
exemptions pursuant to Rule 701 under applicable state securities laws (collectively, the “Exemption”). In the event that any provision of this Agreement would cause the SARs granted hereunder, or the Shares acquired upon exercise,
not to qualify for the Exemption or any other applicable exemption from registration under the Securities Act, the Participant and the Company agree that this Agreement shall be deemed automatically amended to the extent necessary to cause the SARs,
or the Shares acquired upon exercise, to qualify for the Exemption. 
 25. Definitions. Any capitalized term not
defined in this Agreement shall have the same meaning as is ascribed thereto in the Plan. For purposes of this Agreement, the following words and phrases shall have the following meanings, unless a different meaning is plainly required by the
context: 
 (a) “Base Price” means the price at which a SAR may be exercised with respect to a Share.

  
 9 

 (b) “Competitive Enterprise” means a business enterprise that engages in,
or owns or controls a significant interest in any entity that engages in the sale or manufacture of entryway doors or door components or other products that are manufactured and sold by the Company and its Subsidiaries during the time the
Participant was employed by the Company or its Subsidiaries, and does business (the “Company’s Business”) (a) in the United States of America, (b) Canada or (c) any other country where the Company or its
Subsidiaries operates facilities or sells products, but only if the Participant had operational, financial reporting, marketing or other responsibility or oversight for the facility or business in the respective country. Notwithstanding the
foregoing, in the event a business enterprise has one (1) or more lines of business that do not involve the Company’s Business, the Participant shall be permitted to associate with such business enterprise if, and only if, the Participant
does not participate in, or have supervisory authority with respect to, any line of business involving the Company’s Business. 
 (c) “Confidential Information” means all non-public information concerning trade secrets, know-how, software, developments, inventions, processes, technology, designs, financial data,
strategic business plans or any proprietary or confidential information, documents or materials in any form or media, including any of the foregoing relating to research, operations, finances, current and proposed products and services, vendors,
customers, advertising and marketing, and other non-public, proprietary, and confidential information of the Company or its Affiliates. Notwithstanding anything to the contrary contained herein, the general skills, knowledge and experience gained
during the Participant’s employment with the Company, information publicly available or generally known within the industry or trade in which the Company competes and information or knowledge possessed by the Participant prior to his/her
employment by the Company shall not be considered Confidential Information. 
 (d) “Customer” means any person,
firm, corporation or other entity whatsoever to whom the Company or its Subsidiaries provided services or sold any products to within a twelve (12) month period on, before or after the Participant’s date of Termination. 

(e) “Non-Compete Period” means, (i) in the event the Participant is a party to an employment agreement between the
Participant and the Company on the Grant Date (the “Employment Agreement”), the period during which the Participant is subject to the non-competition covenant set forth in the Employment Agreement or, (ii) if the Employment
Agreement is not in effect on the Participant’s date of Termination or if the Participant is not a party to the Employment Agreement or such Employment Agreement does not contain a non-competition covenant, “Non-Compete Period” shall
mean the period commencing on the Grant Date and ending twelve (12) months after the Participant’s date of Termination or (iii) if after Termination of employment the Participant enters into a consulting agreement, the
“Non-Compete Period” shall mean the period commencing on the Grant Date and ending twelve (12) months after the termination of the consulting arrangement unless the consulting agreement specified a different time period. 

(f) “Shares” means the shares of Common Stock. 
 [Remainder of Page Intentionally Left Blank] 

  
 10 

 IN WITNESS WHEREOF, the parties have executed this Agreement on the date and year first
above written. 
  

					
	MASONITE INTERNATIONAL CORPORATION
			
		 	By:	 	
		
		 	Name: Frederick J. Lynch
		
		 	Title: President and Chief Executive Officer
	
	PARTICIPANT
	
	 
		 		 	
	Name:	 	 

  
 11 

 ANNEX A 

(US Management Equity Grants) 
 As a condition to (i) receiving an Award under the Plan and (ii) receiving any Stock in settlement of an Award, the Participant hereby agrees that the Participant will be bound by and will
comply with the provisions of this Annex A. 
 1. Definitions. Capitalized terms not otherwise defined herein shall have
the meaning assigned to them in the Masonite International Corporation’s 2012 Equity Incentive Plan (the “Plan”). 
 2. Issuance of Stock and Awards. Subject to the terms and conditions hereinafter set forth and as set forth in the Plan or any other Company plan providing for the grant, purchase or award of Stock
and the Award Agreement(s), as of the Effective Date, the Company is issuing Awards to the Participant. The Parties are entering into Award Agreement(s) concurrently with the issuance of the Awards and the execution and delivery of this Agreement.

 3. Participant’s Representations, Warranties and Agreements. 

(a) In addition to agreeing to and acknowledging the restrictions on Transfer of the Stock set forth in Section 4, prior to the date
on which the Company becomes subject to the reporting requirements under the Exchange Act (or otherwise becomes a reporting company under the Exchange Act), if the Participant is an Affiliate of the Company, the Participant also agrees and
acknowledges that notwithstanding the provisions in Section 4, the Participant will not Transfer any shares of Stock to any Person, except as otherwise agreed to by the Board, unless counsel for the Participant (which counsel shall be
reasonably acceptable to the Company) shall have furnished the Company with an opinion, reasonably satisfactory in form and substance to the Company, that registration of such Transfer is not required under applicable law because of the availability
of an exemption from registration under applicable law. 
 Notwithstanding the foregoing, the Company acknowledges and agrees that no opinion of
counsel is required in connection with: (x) a Transfer permitted by or made pursuant to Sections 4(a), 5, or 6 hereof, Section 4 of the Shareholders Agreement, or Section 21 of the Articles, or (y) a Transfer permitted upon
the death or Disability of the Participant to the Participant’s Estate or a Transfer permitted to the executors, administrators, testamentary trustees, legatees or beneficiaries of a person who has become a holder of the Stock in accordance
with the terms of this Agreement; provided that it is expressly understood that any such transferee shall be bound by the provisions of this Agreement. 
 (b) From and after the date hereof and until such time as the Transfer restrictions set forth in Section 4 no longer apply to such Stock and the Company has reissued a certificate representing such
Stock, in addition to any other requirements set forth in the Shareholders Agreement or in any other applicable document, the certificate (or certificates), which may be in electronic or book entry form, representing the shares of Stock shall bear
(or be deemed to bear) legends in substantially the following form: 

  
 12 

 THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND WERE ISSUED PURSUANT TO AN EXEMPTION FROM REGISTRATION AND PROSPECTUS REQUIREMENTS UNDER APPLICABLE CANADIAN SECURITIES LAWS, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED,
HYPOTHECATED OR OTHERWISE TRANSFERRED UNLESS (A) THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR A PROSPECTUS UNDER APPLICABLE CANADIAN SECURITIES LAWS COVERING OR QUALIFYING SUCH SECURITIES, OR (B) THE SALE IS MADE IN
ACCORDANCE WITH RULE 144 OR RULE 701 UNDER THE ACT OR PURSUANT TO A TRANSACTION WHICH IS EXEMPT FROM REGISTRATION AND PROSPECTUS REQUIREMENTS UNDER APPLICABLE CANADIAN SECURITIES LAWS, AND (C) IN EACH CASE IN COMPLIANCE WITH APPLICABLE U.S. AND
CANADIAN SECURITIES LAWS, AS APPLICABLE; PROVIDED THAT THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF THESE SECURITIES REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM
THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT AND, IN EACH CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS AND/OR APPLICABLE CANADIAN SECURITIES LAWS. 

THE SHARES REPRESENTED BY THIS CERTIFICATE MAY NOT BE TRANSFERRED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF UNLESS
SUCH TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION COMPLIES WITH THE PROVISIONS OF THE AWARD AGREEMENT AND, A SHAREHOLDER AGREEMENT ENTERED INTO IN JUNE 9, 2009, AS AMENDED. ANY BUYER WHO IS NOT ALREADY A SIGNATORY TO THE
SHAREHOLDER AGREEMENT MUST SIGN AND SUBMIT TO THE COMPANY A JOINDER AGREEMENT. 
 (c) The Participant acknowledges that he/she
has been advised that (i) a restrictive legend in the form heretofore set forth shall be placed (or shall be deemed to be placed) on the certificates representing the shares of Stock and (ii) a notation shall be made in the appropriate
records of the Company indicating that the Stock is subject to restrictions on Transfer and appropriate stop Transfer restrictions will, if applicable, be issued to the Company’s transfer agent with respect to the Stock. The Participant
acknowledges that the Stock may be subject to restricted periods or seasonings periods under applicable securities legislation, regulations and rules of each of the provinces and territories in Canada and the blanket rulings, orders, policy
statements and written interpretations issued by the regulatory authorities administering such legislation (collectively, “Canadian Securities Laws”) and that he or she must not transfer, sell or otherwise trade the Stock unless
permitted under Canadian Securities Laws. If a Participant is an Affiliate of the Company, the Participant also acknowledges that (1) the Stock must be held indefinitely and the Participant must continue to bear the economic risk of the
investment in the Stock unless it is subsequently registered under the Securities Act and any other applicable securities laws or an exemption from such registration is available, (2) when and if the Stock may be disposed of without
registration in reliance on Rule 144 of the rules and regulations promulgated under the Securities Act, such 

  
 13 

 
disposition can be made only in limited amounts in accordance with the terms and conditions of such rule and (3) if the Rule 144 exemption is not available, public sale without
registration will require compliance with some other exemption under the Securities Act and any other applicable securities laws. 
 (d) If any shares of Stock are to be disposed of in accordance with an applicable resale exemption or otherwise, the Participant shall promptly notify the Company of such intended disposition in
accordance with Section 4 and shall deliver to the Company at, or prior to, the time of such disposition such other documentation as the Company may reasonably request in connection with such sale and, in the case of a disposition pursuant to
Rule 144, shall deliver to the Company an executed copy of any notice on Form 144 required to be filed with the SEC. 

(e) The Participant agrees that, if any shares of Stock are offered in a Public Offering (other than registration of securities issued on
Form S-8, S-4 or any successor or similar form), the Participant will not affect any public sale or distribution of any shares of Stock (except pursuant to the prospectus or registration statement for such Public Offering) during the “Lock-Up
Period,” unless otherwise agreed to in writing by the Company. The “Lock-Up Period” is the period (i) beginning on the date of the receipt of a notice from the Company that the Company has filed, or imminently intends to file, a
prospectus or registration statement for a Public Offering and (ii) ending 180 days (or such shorter period as may be consented to by the managing underwriter or underwriters) in the case of the initial Public Offering and ninety
(90) days (or such shorter period as may be consented to by the managing underwriter or underwriters, if any) in the case of any other Public Offering after, the effective date of the applicable registration statement. 

(f) The Participant represents and warrants that (i) with respect to the Awards, the Participant has received and reviewed the
information relating to the Stock, including having received and reviewed the documents thereto, certain of which documents set forth the rights, preferences and restrictions relating to the Awards and the Stock underlying the Awards and
(ii) the Participant has been given the opportunity to obtain any additional information or documents and to ask questions and receive answers about such information, the Company and the business and prospects of the Company which it deems
necessary to evaluate the merits and risks related to his/her investment in the Stock and to verify the information contained in the information received as indicated in this Section 3(f), and the Participant has relied solely on such
information. 
 (g) The Participant further represents and warrants that (i) his/her financial condition will be such that
the Participant can afford to bear the economic risk of holding the Stock for an indefinite period of time and will have adequate means for providing for his/her current needs and personal contingencies, (ii) the Participant can afford to
suffer a complete loss of his/her investment in the Stock, (iii) the Participant understands and has taken cognizance of all risk factors related to the Stock and (iv) his/her knowledge and experience in financial and business matters are
such that the Participant is capable of evaluating the merits and risks of his/her acquisition of the Stock as contemplated by the Plan. 
 4. Transferability of Stock/Awards. 
 (a) The Participant agrees that the
Participant may Transfer shares of Stock pursuant to one of the following: (i) Transfers permitted by this Section 4, (ii) Transfers permitted by Section 5 hereof, Section 4 of the Shareholders Agreement, or Section

  
 14 

 
21 of the Articles, (iii) Transfers pursuant to a (final) prospectus under Canadian Securities Laws or pursuant to an effective registration statement under the Securities Act and has been
registered under all applicable securities laws, or (iv) other Transfers permitted by the Board. No Transfer of Stock in violation hereof shall be made or recorded on the books of the Company and any such Transfer shall be void ab initio and of
no effect. 
 (b) Notwithstanding the foregoing, no Participant shall Transfer any Stock to any Person: 

(i) if the Company reasonably determines that such Transfer would, if effected, result in the Company having more than 1,990 holders of
record (excluding employees who received securities pursuant to compensation plans) provided that not more than 490 of the 1,990 are not accredited investors (as such concepts are understood for purposes of Section 12(g) of the Exchange Act and
any relevant rules promulgated thereunder), unless the Company is already subject to the reporting obligations under Section 13 or 15(d) of the Exchange Act and any relevant rules promulgated thereunder; and 

(ii) unless (A) the certificates representing such Stock bear legends as provided in Section 3(b) for so long as such legends
are applicable, and (B) such transferee (1) shall have executed and delivered to the Company, as a condition precedent to any acquisition of such shares of Stock, an instrument in form and substance satisfactory to the Company confirming
that such transferee takes such shares of Stock subject to all the terms and conditions of this Agreement and (2) agrees to be bound by the terms of this Agreement. 
 The Company shall not transfer upon its books any Stock to any Person except in accordance with this Agreement. 
 (c) Authority of Board. Nothing contained in this Section 4 shall limit the authority of the Board to take such other action to the extent permitted by law as it deems necessary or advisable
to preserve the Company’s status as a non-reporting company under the Exchange Act. 
 5. The Participant’s Right
to Resell Stock and Awards to the Company. 
 (a) Except as otherwise provided herein and for the purpose of providing a
market for the Common Stock or Awards for the applicable Participant Entities, if, prior to a Qualified Public Offering, the Participant is still in the employ of the Company (and/or, if applicable, its subsidiaries) and the Participant’s
employment is terminated as a result of the death or cessation of active employment due to Disability of the Participant, then the applicable Participant Entity, shall, for one year (the “Put Period”) following the date of such
termination, have the right to: 
 (i) With respect to the Stock, sell to the Company, and the Company shall be required to
purchase, on one occasion, all of the Stock then held by the applicable Participant Entities at a per share of Stock price equal to the Fair Value Per share of Stock on the applicable repurchase date (the “Section 5 Repurchase
Price”). 
 (ii) With respect to Stock Options or SARs, receive from the Company, on one occasion, in exchange for all
of the vested and/or exercisable Stock Options or SARs then held by the applicable Participant Entities, if any, a number of shares of Stock equal to the quotient of (x) the product of (A) the excess, if any, of the Section 5
Repurchase Price over the option exercise price or SAR base price, as applicable, and (B) the 

  
 15 

 
number of vested and/or exercisable shares of Stock underlying the Stock Options or SARs, divided (y) the Section 5 Repurchase Price, which Awards shall be terminated in exchange for
such payment (the “Net Settled Stock”). In the event the foregoing Awards have a zero value, all outstanding exercisable Awards shall be automatically terminated without any payment in respect thereof. In the event that the
Participant Entities do not exercise the foregoing rights, all exercisable but unvested and/or unexercised Awards shall terminate pursuant to the terms of the Award Agreement. All unvested and/or unexercisable Awards held by the applicable
Participant Entities shall terminate without payment immediately upon termination of employment. 
 (b) For thirty (30) days
following the date that is six (6) months after the receipt by the applicable Participant Entities of the Net Settled Stock (the “Settled Stock Put Period”) (which period may, for the avoidance of doubt, extend after the
expiration of the Put Period), sell to the Company, and the Company shall be required to purchase, on one occasion, all such Net Settled Stock held by the applicable Participant Entities, at a per share price equal to the Section 5 Repurchase
Price. 
 (c) In the event the applicable Participant Entities intend to exercise their rights pursuant to Section 5(a), the
Participant Entities shall send written notice to the Company, (i) at any time during the Put Period, of their intention to sell Stock in exchange for the payment referred to in Section 5(a)(i) and/or to exchange such Awards for Net
Settled Stock or (ii) at any time during the Settled Stock Put Period, of their intention to sell the Net Settled Stock in exchange for the payment referred to in Section 5(a)(ii)(the “Redemption Notice”). The completion
of the purchases or exchanges shall take place at the principal office of the Company on the tenth (10th) business day after the giving of the Redemption Notice. The Section 5 Repurchase Price shall be paid by delivery to the applicable
Participant Entities of a certified bank check or checks in the appropriate amount payable to the order of each of the applicable Participant Entities (or by wire transfer of immediately available funds, if the Participant Entities provide to the
Company wire transfer instructions) and the Net Settled Stock shall be delivered to the applicable Participant Entities, both against delivery of certificates or other instruments representing the Stock so purchased and appropriate documents
canceling the Awards so terminated appropriately endorsed or executed by the applicable Participant Entities or any duly authorized representative. 
 (d) Notwithstanding anything in Section 5(a) to the contrary and subject to Section 11, if there exists and is continuing a default or an event of default on the part of the Company or any
subsidiary of the Company under any loan, guarantee or other agreement under which the Company or any subsidiary of the Company has borrowed money or if the repurchase by the Company referred to in Section 5(a) would result in a default or an
event of default on the part of the Company or any subsidiary of the Company under any such agreement or if a repurchase would not be permitted under Section 30(2) of the Canada Business Corporations Act or would otherwise violate the Canada
Business Corporations Act (or if the Company reincorporates in another jurisdiction, any applicable statutes of such jurisdiction) (each such occurrence being an “Event”), the Company shall not be obligated to repurchase any of the
Stock from the applicable Participant Entities until the first business day which is ten (10) calendar days after all of the foregoing Events have ceased to exist (the “Repurchase Eligibility Date”); provided, however, that
(i) the number of shares of Stock subject to repurchase under this Section 5(d) shall be that number of shares of Stock as specified in the Redemption Notice and held by the applicable Participant Entities at the time of delivery of the
Redemption Notice in accordance with Section 5(c) hereof. Notwithstanding the foregoing and subject to Section 6(d), if an Event exists and is continuing for ninety (90) days, the Participant Entities shall be permitted by written
notice to rescind any Redemption Notice. 

  
 16 

 6. The Company’s Option to Purchase Stock and Awards of Participant Upon Certain
Terminations. 
 (a) Termination for Cause. Except as otherwise provided herein, if, prior to a Qualified IPO,
(1) the Participant’s employment is terminated by the Company for Cause, (2) the beneficiaries of the Participant’s Trust shall include any person or entity other than the Participant, his/her spouse (or ex-spouse) or his/her
Family Members or (3) the Participant shall otherwise effect a Transfer of any of the shares of Stock other than as permitted in this Agreement (other than as may be required by applicable law or an order of a court having competent
jurisdiction) after notice from the Company of such impermissible Transfer and a reasonable opportunity to cure such Transfer (each, a “Section 6(a) Call Event”): 

(i) With respect to the Stock, the Company may purchase all or any portion of the Stock then held by the applicable Participant Entities
at a per share purchase price equal to the lesser of (x) the Fair Value per Share and (y) the per Share amount paid by the Participant Entities to the Company to acquire such Share (any such applicable repurchase price (the
“Section 6(a) Repurchase Price”); and 
 (ii) All unvested and/or unexercised Awards held by the
applicable Participant Entities shall terminate, without payment, immediately upon the occurrence of a Section 6(a) Call Event or on such other date provided in the Award Agreement. 

(b) Termination for Other than Cause. Except as otherwise provided herein, if, prior to a Qualified IPO, the Participant’s
employment is terminated for a reason other than by the Company for Cause (each, a “Section 6(b) Call Event”), with respect to Stock held by the Participant, the Company may purchase all or any portion of the shares of Stock
then held by the applicable Participant Entities at a per share price equal to the Fair Value per share on the date the Call Notice is given, (the “Section 6(b) Repurchase Price”). 

(c) Call Notice. The Company shall have a period (the “Call Period”) of ninety (90) days from the six
(6) month anniversary of the last date of delivery to the Participant of any Share deliverable pursuant to any outstanding Award (or, if later, with respect to a Section 6(a) Call Event, the date after discovery of, and the applicable cure
period for, an impermissible Transfer constituting a Section 6(a) Call Event) in which to give notice in writing to the Participant of its election to exercise its rights and obligations pursuant to this Section 6 (a “Call
Notice”). The completion of the purchases pursuant to the Call Notice shall take place at the principal office of the Company on the tenth (10th) business day after delivery of such Call Notice. The applicable Repurchase Price
(including any payment with respect to Awards described in this Section 6) shall be paid by delivery to the applicable Participant Entities of a certified bank check or checks in the appropriate amount payable to the order of each of the
applicable Participant Entities (or by wire transfer of immediately available funds, if the Participant Entities provide to the Company wire transfer instructions) against delivery of certificates or other instruments representing the Stock so
purchased and appropriate documents canceling the Awards so terminated, appropriately endorsed or executed by the applicable Participant Entities or any duly authorized representative. 

  
 17 

 (d) Delay of Call. Notwithstanding any other provision of this Section 6 to the
contrary and subject to Section 11, if there exists and is continuing a default or an event of default on the part of the Company or any subsidiary of the Company under any bona fide loan, guarantee or other agreement with an independent third
party under which the Company or any subsidiary of the Company has borrowed money which prohibits the Company from purchasing any of the Stock or the Awards or if the repurchase referred to in Section 6(a) and Section 6(b) would result in
a default or an event of default on the part of the Company or any subsidiary of the Company under any such agreement or if a repurchase would not be permitted if there exists and is continuing any Event, the Company shall be entitled to delay the
repurchase of any of the Stock or the Awards (pursuant to a Call Notice timely given in accordance with Section 6(c) hereof) from the applicable Participant Entities until the first business day which is ten (10) calendar days after such
Event has ceased to exist; provided, however, that the number of shares of Stock subject to repurchase under this Section 6 shall be that number of shares of Stock held by the applicable Participant Entities at the time of
delivery of (and as set forth in) a Call Notice in accordance with Section 6(c) hereof. All unvested and/or unexercisable Awards as of the date of a Call Notice shall continue to vest and/or become exercisable until the repurchase of such
Awards pursuant to such Call Notice; provided that to the extent that any Awards vest and/or are exercised after the date of such Call Notice, the number of shares of Stock subject to repurchase shall be increased by the same proportion of
Stock subject to the Call Notice calculated by multiplying (x) the number of shares of Stock that are acquired after the date of the Call Notice by (y) the quotient of (I) the number of shares of Stock to set forth in the Call Notice
over (II) the aggregate number of shares of Stock held by the Participant on the date of the Call Notice. Notwithstanding the foregoing, if an Event exists and is continuing for ninety (90) days, the Participant Entities shall be
permitted by written notice to cause the Company to rescind any Call Notice but the Company shall have another thirty (30) days from the date of such the Event ceases to exist to give another Call Notice on the terms applicable to the first
Call Notice. 
 7. Adjustment of Repurchase Price; Definitions. 

(a) Adjustment of Repurchase Price. In determining the Repurchase Price of the Stock and Awards, appropriate adjustments shall be
made for any stock dividends, splits, combinations, recapitalizations or any other adjustment in the number of outstanding shares of Stock and Common Stock in order to maintain, as nearly as practicable, the intended operation of the provisions of
Section 6. 
 (b) Definitions. All capitalized terms used in this Agreement and not defined herein shall have such
meaning as such terms are defined in the Plan. Terms used herein and as listed below shall be defined as follows: 

“Agreement” means this Annex A. 
 “Articles” means the Masonite International Corporation Notice of Amended and Restated Articles of Amalgamation, as the same may be amended from time to time. 

“Award(s)” means equity awards, including, without limitation, SARs and RSUs, which may be settled in shares of Common
Stock and granted to the Participant after the Effective Date under the Plan or any other Company plan providing for the grant, purchase or award of Common Stock. 

  
 18 

 “Award Agreement” means an agreement entered into by and between the
Company and the Participant in respect of Awards. 
 “Call Events” shall mean, collectively, Section 6(a)
Call Events and Section 6(b) Call Events. 
 “Call Notice” shall have the meaning set forth in
Section 6(c) hereof. 
 “Call Period” shall have the meaning set forth in Section 6(c) hereof.

 “Canadian Securities Laws” shall have the meaning set forth in Section 3(c) hereof. 

“Common Stock” means the Company’s common stock or any security issued by Masonite International Corporation or any
successor in exchange or in substitution therefore. 
 “Contingent Awards” shall have the meaning set forth in
Section 8(a). 
 “Event” shall have the meaning set forth in Section 5(d) hereof. 

“Excess Price” shall mean the difference between (x) the Fair Value on the relevant date and, (y) the exercise
price, with respect to a Stock Option, or the base price, with respect to a SAR. 
 “Exchange Act” shall mean
the Securities Exchange Act of 1934, as amended and the rules and regulations of the SEC promulgated thereunder. 

“Fair Value” shall mean, prior to an initial Public Offering, the fair market value of the Stock as determined in good
faith by the Board (or a consultant, financial advisor or such other entity retained by the Board to make such determination). Upon request, the Company will provide to the Participant, strictly for use in determining whether to seek an appraisal
its calculation of Fair Value, a description of the methodology and metrics utilized by the Company in making such determination. If the Participant believes that the amount determined by the Board to be the Fair Value is less than the amount that
the Participant believes to be the Fair Value and the aggregate amount in dispute exceeds $50,000, the Participant may elect to direct the Company to obtain an appraisal of the Fair Value, which appraisal shall be prepared by a qualified independent
appraiser, mutually selected by the Company and the Participant. If the Company and the Participant are unable to agree on such appraiser, they shall each select a qualified independent appraiser, and the two such appraisers shall select a third
qualified independent appraiser who has not provided any services to either of the Company or the Participant within twenty-four (24) months preceding the engagement for such appraisal, which third appraiser shall prepare the determination of
Fair Value. Such election must be in writing and given to the Company within fifteen (15) days after the Participant receives the Board’s determination of Fair Value. The determination of the appraiser shall be a final and binding
determination of Fair Value. If such appraiser determines Fair Value to be 105% or more of the Fair Value determined by the Board, then the Company shall pay the cost of all such appraisers. If such appraiser determines the Fair Value to be less
than 105% of the Fair Value determined by the Board, then the Participant shall pay the cost of all such appraisers. 

  
 19 

 “Group” shall mean “group,” as such term is used for purposes of
Section 13(d) or 14(d) of the Exchange Act. 
 “Lock-Up Period” shall have the meaning set forth in
Section 3(e) hereof. 
 “Maximum Repurchase Amount” shall have the meaning set forth in Section 11
hereof. 
 “Net Settled Stock” shall have the meaning set forth in Section 5(a)(ii) hereof. 

“Other Stockholder” shall mean the persons that own Common Stock, other than the Participant. 

“Participant Company” means any entity controlled by the Participant that is a party to, or member of, a Service
Agreement. 
 “Participant Entities” shall mean the Participant’s Trust, the Participant and the
Participant’s Estate, collectively. 
 “Participant’s Estate” shall mean the conservators, guardians,
executors, administrators, testamentary trustees, legatees or beneficiaries of the Participant. 
 “Participant’s
Trust” shall mean a partnership, limited liability company, corporation, trust or custodianship, the beneficiaries of which may include only the Participant, his/her spouse (or ex-spouse) or his/her parents’ lineal descendants
(including adopted) or, if at any time after any such Transfer there shall be no then living spouse or lineal descendants, then to the ultimate beneficiaries of any such trust or to the estate of a deceased beneficiary. 

“Party(ies)” means the Company and the Participant. 

“Permitted Transferee” means any person who could be a beneficiary under the Participant’s Trust. 

“Person” means a “person,” as such term is used for purposes of Section 13(d) or 14(d) of the Exchange
Act. 
 “Plan” shall have the meaning set forth in Section 1 hereof. 

“Public Offering” shall mean any sale of Stock to the public subsequent to the date hereof pursuant to a (final)
prospectus under Canadian Securities Laws or pursuant to an effective registration statement under the Securities Act which has been declared effective by the SEC (other than a registration statement on Form S-4, S-8 or any other similar form).

 “Put Period” shall have the meaning set forth in Section 5(a) hereof. 

“Qualified IPO” means the first underwritten Public Offering pursuant to a (final) prospectus under Canadian Securities
Laws or pursuant to an effective registration statement under the Securities Act covering a sale of Stock to the public, that (A) results in gross proceeds to the Company of not less than $50 million, (B) is led by a nationally recognized
investment bank, and (C) results in the Stock being listed on a national securities exchange or quoted on NASDAQ. 

  
 20 

 “Redemption Notice” shall have the meaning set forth in Section 5(c)
hereof. 
 “Rejected Awards” shall have the meaning set forth in Section 8(d). 

“Repurchase Eligibility Date” shall have the meaning set forth in Section 5(d) hereof. 

“Repurchase Price” shall mean the amount to be paid in respect of the Stock and Awards to be purchased by the Company
pursuant to Section 6(a) or 6(b), as applicable. 
 “Restricted Stock” means restricted stock granted
pursuant to the Plan or any other plan of the Company or its Affiliates. 
 “RSU” means a restricted stock unit
granted pursuant to the Plan or any other plan of the Company or its Affiliates. 
 “SAR” means a stock
appreciation right granted pursuant to the Plan or any other plan of the Company or its Affiliates. 
 “SEC”
shall mean the Securities and Exchange Commission. 
 “Section 5 Repurchase Price” shall have the meaning set
forth in Section 5(a)(i) hereof. 
 “Section 6(a) Call Event” shall have the meaning set forth in
Section 6(a) hereof. 
 “Section 6(b) Call Event” shall have the meaning set forth in Section 6(b)
hereof. 
 “Section 6(a) Repurchase Price” shall have the meaning set forth in Section 6(a) hereof.

 “Section 6(b) Repurchase Price” shall have the meaning set forth in Section 6(b) hereof. 

“Section 409A Deferred Compensation” shall have the meaning set forth in Section 8(a). 

“Section 409A Safe Harbor Date” shall have the meaning set forth in Section 8(c). 

“Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Separate Agreement” shall have the meaning set forth in Section 19 hereof. 

“Service Agreement” means a contract by and between the Company or any Company Affiliate and the Participant or
Participant Company pursuant to which the Company provides services to the Participant or the Participant Company. 

“Settled Stock Put Period” shall have the meaning set forth in Section 5(b) hereof. 

  
 21 

 “Shareholders Agreement” shall mean the agreement entered into among the
shareholders of Masonite International Corporation as amended from time to time Shareholders Agreement. 

“Stock” shall have the meaning set forth in Section 4(a) hereof. 

“Stock-Based Awards” means the right of any kind to receive Stock or benefits measured by the value of a number of
shares of Common Stock, and each award of any kind consisting of Stock, in each case, granted pursuant to the Plan or any other plan of the Company or its Affiliates. 
 “Stock Option” means a non-qualified stock option or incentive stock option granted pursuant to the Plan or any other plan of the Company or its Affiliates. 

“Transfer” shall have the meaning set forth in Section 4(a) hereof. 

“Unaffiliated Person” shall mean any Person or Group who is not an Affiliate of the Company. 

8. Tag-Along and Drag-Along Rights. 
 (a) The Participant shall be deemed to be a Management Tag Along Holder (as such term is defined in the Articles) for purposes of the Articles, such that the Participant shall be entitled to receive a Tag
Along Notice (as such term is defined in the Articles) and otherwise participate in the provisions of the Tag Along Sale as set out in the Articles with respect to (i) the vested portion of any Award and (ii) with respect to the unvested
portion of any Award, the portion of such Award that would vest under Section 3 of the Award Agreement to which this Annex A is attached in connection with such Tag Along Sale (i.e., where such Tag Along Sale is also a Change in Control),
provided that such portion of the Award shall not vest until immediately prior to the consummation of such transaction (“Contingent Awards”), and, for purposes of the Articles, Eligible Convertible Securities shall include both
vested Awards and Contingent Awards. In such event, the Shares underlying vested Awards and Contingent Awards shall be permitted to be sold pursuant to such Tag Along Sale by the Participant in its capacity as a Management Tag Along Holder. The
proceeds from such Tag Along Sale with respect to Contingent Awards shall (A) be deposited into escrow, (B) vest in accordance with the terms of the Applicable Award Agreement (or otherwise) and (C) be distributed to the Participant
when the underlying portion of the Award otherwise vests (or in the case of any Contingent Award that is considered to be non-qualified deferred compensation subject to Section 409A of the Code (“Section 409A Deferred
Compensation”), when permitted by Section 409A without penalty to the Participant). 
 (b) The Participant shall be
deemed to be a Management Drag Along Holder (as such term is defined in the Articles) for purposes of the Articles, such that the Participant shall be entitled to receive a Drag Along Sale Notice (as such term is defined in the Articles) and
otherwise be required to participate in the provisions of the Drag Along Sale as set out in the Articles with respect to (i) the vested portion of any Award and (ii) Contingent Awards, and, for purposes of the Articles, Eligible
Convertible Securities shall include both vested Awards and Contingent Awards. In such event, the Shares underlying vested Awards and Contingent Awards shall be permitted to be sold pursuant to such Drag Along Sale by the Participant in its capacity
as a Management Drag Along Holder. The 

  
 22 

 
proceeds from such Drag Along Sale with respect to Contingent Awards shall be (A) deposited into escrow (B) vest in accordance with the terms of the Applicable Award Agreement (or
otherwise) and (C) be distributed to the Participant when the underlying portion of the Award otherwise vests (or in the case of any Contingent Award that is considered to be Section 409A Deferred Compensation, when permitted by
Section 409A without penalty to the Participant). 
 (c) In the event a Contingent Award is not otherwise intended to be
Section 409A Deferred Compensation and the applicability of this Section 8 would cause it to be considered to be Section 409A Deferred Compensation, this Section 8 shall be applied in accordance with its terms; provided that the
proceeds from the Tag Along Sale or Drag Along Sale, as applicable, shall be distributed to such Participant by no later than the earlier of (i) the applicable date specified in Section 8(a) or Section 8(b) and (ii) the later of
the end of the calendar year in which such Tag Along Sale or Drag Along Sale is consummated and 2.5 months after the consummation of the Tag Along Sale or Drag Along Sale (the date referred to in this clause (ii), the “Section 409A Safe
Harbor Date”). In the event proceeds are distributed on the Section 409A Safe Harbor Date prior to the date they otherwise would have vested, the Participant may retain an amount of such distribution sufficient to pay all federal,
state, local and employment taxes due on such amount and the balance of such distribution shall be held in escrow until the date such distribution would otherwise have vested in accordance with the Award Agreement or otherwise. In the event such
distribution would have been forfeited under the Award Agreement, the amount held in escrow shall be returned to the Company and the Participant shall be required to pay the Company any tax benefit the Participant is entitled to receive with respect
to the deduction of any amount repaid to the Company. 
 (d) In the event the prospective selling shareholder declines to include
in the Tag Along Sale any Contingent Award that would be permitted to be included in such Tag Along Sale that the Participant has elected to be included in such Tag Along Sale (the “Rejected Awards”), the Company and/or its
Subsidiaries shall purchase the Rejected Awards for cash in an amount equal to the Fair Value of the proceeds the Participant would have received with respect to such Rejected Awards in such Tag Along Sale. The distribution of such cash payment
shall be subject to the terms and conditions of this Section 8. 
 9. Termination. This Agreement shall terminate
upon consummation of a Qualified IPO. Upon termination hereof, no Party shall have any right or obligation hereunder; provided that Section 3(e) shall continue to apply to the Participant through the end of the applicable Lock-Up Period.

 10. The Company’s Agreements. If the Company becomes subject to the reporting requirements of Section 12 of
the Exchange Act, the Company will file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder, to the extent required from time to time to enable the
Participant to sell Stock or shares of Common Stock without registration under the Exchange Act within the limitations of the exemptions provided by (A) Rule 144 under the Securities Act, as such rule may be amended from time to time, or
(B) any similar rule or regulation hereafter adopted by the SEC. Notwithstanding anything contained in this Section 10, the Company may de-register under Section 12 of the Exchange Act if it is then permitted to do so pursuant to the
Exchange Act and the rules and regulations thereunder and, in such circumstances, shall not be required hereby to file any reports which may be necessary in order for Rule 144 or any similar rule or regulation under the Securities Act to be
available. Nothing in this Section 10 shall be deemed to limit in any manner the restrictions on sales of Stock contained in this Agreement. 

  
 23 

 11. Pro Rata Repurchase. Notwithstanding anything to the contrary contained in
Section 6, if at any time consummation of any purchase or payment to be made by the Company pursuant to this Agreement would result in an Event, then the Company shall make purchases from, and payments to, the Participant pro rata (on the basis
of the proportion of the number of shares of Stock each the Participant and all Other Participants have elected or are required to sell to the Company) for the maximum number of shares of Stock permitted without resulting in an Event (the
“Maximum Repurchase Amount”). The provisions of Section 6(d) shall apply in their entirety to payments and repurchases with respect to Stock which may not be made due to the limits imposed by the Maximum Repurchase Amount under
this Section 11. Until such Stock is purchased and paid for by the Company, the Participant and the Other Participants whose Stock is not purchased in accordance with this Section 11 shall have priority, on a pro rata basis, over other
purchases of Stock by the Company pursuant to this Agreement. 
 12. Rights to Negotiate Repurchase Price. Nothing in
this Agreement shall be deemed to restrict or prohibit the Company from purchasing, redeeming or otherwise acquiring for value Stock or Awards from any Participant, at any time, upon such terms and conditions, and for such price, as may be mutually
agreed upon in writing between the Company and the Participant holding such Stock hereto, whether or not at the time of such purchase, redemption or acquisition circumstances exist which specifically grant the Company the right to purchase, or the
Participant the right to sell, Stock or any Awards under the terms of this Agreement; provided that no such purchase, redemption or acquisition shall be consummated, and no agreement with respect to any such purchase, redemption or
acquisition shall be entered into, without the prior approval of the Board. 
 13. Notice of Change of Beneficiary.
Immediately prior to any Transfer of Stock to the Participant’s Trust, the Participant shall provide the Company with a copy of the instruments creating the Participant’s Trust and with the identity of the beneficiaries of the
Participant’s Trust. The Participant shall notify the Company as soon as practicable prior to any change in the identity of any beneficiary of the Participant’s Trust. 

14. Recapitalizations, etc. In the event that any capital stock or other securities are issued in respect of, in exchange for, or
in substitution of, Stock or Awards by reason of any reorganization, recapitalization, reclassification, merger, consolidation, spin-off, partial or complete liquidation, stock dividend, split-up, sale of assets, distribution to stockholders or
combination of Common Stock or any other change in the Company’s capital structure, appropriate adjustments shall be made to the provisions of this Agreement so as to fairly and equitably preserve, as far as practicable, the original rights and
obligations of the parties hereto under this Agreement. 
 15. Participant’s Employment with the Company. Nothing
contained in this Agreement or in any other agreement entered into by the Company and the Participant, including without limitation, a Service Agreement, (subject to, and except as set forth in, the applicable provisions of any offer letter or
letter of employment provided to the Participant by the Company or any employment agreement entered by and between the Participant and the Company) (i) obligates the Company or any subsidiary of the Company to employ the Participant in any
capacity whatsoever or (ii) prohibits or restricts the Company (or any such subsidiary) from terminating the employment of the Participant at any time or for any reason 

  
 24 

 
whatsoever, with or without Cause, and the Participant hereby acknowledges and agrees that neither the Company nor any other person has made any representations or promises whatsoever to the
Participant concerning the Participant’s employment or continued employment by the Company or any subsidiary of the Company. 
 16. Binding Effect. The provisions of this Agreement shall be binding upon and accrue to the benefit of the Parties hereto and their respective heirs, legal representatives, successors and assigns.
In the case of a transferee permitted under clause (y) of Section 3(a) or Section 4(a) hereof, such transferee shall be deemed the Participant hereunder; provided, however, that no transferee (including without
limitation, transferees referred to in Section 3(a) or Section 4 hereof) shall derive any rights under this Agreement unless and until such transferee has delivered to the Company a valid undertaking and becomes bound by the terms of this
Agreement. 
 17. Amendment. This Agreement may be amended only by a written instrument signed by the parties hereto or
as permitted under the Plan. 
 18. Closing. Except as otherwise provided herein, the closing of each purchase and sale
of Stock pursuant to this Agreement shall take place at the principal office of the Company on the tenth (10th) business day following delivery of the notice by either Party to such purchase and sale to the other of its exercise of the right to
purchase or sell such Stock hereunder. 
 19. Applicable Law; Jurisdiction; Arbitration; Legal Fees. 

(a) This Agreement shall be governed by and construed in accordance with the laws of the State of Florida, without regard to conflicts of
law principles thereof that would require the application of the laws of another jurisdiction. 
 (b) Any controversy, dispute or
claim arising out of or relating to this Agreement shall first be attempted to be settled through good faith negotiation. If a settlement is not reached, any and all disputes arising out of, relating to or in connection with this Agreement,
including, but not limited to, disputes relating to the validity, negotiation, execution, interpretation, performance or non-performance of the Agreement (including the validity, scope and enforceability of this arbitration provision), shall be
exclusively resolved by a single arbitrator selected in accordance with the American Arbitration Association Rules, at an arbitration to be conducted in Tampa, Florida, with the arbitrator applying the substantive law of the State of Florida.

 (c) Notwithstanding the foregoing, the Company may bring an action or special proceeding in any court of competent
jurisdiction, whether or not an arbitration proceeding has theretofore been initiated, for the purpose of seeking temporary or preliminary relief enforcing the provisions of this Agreement pending resolution of a dispute between the Parties,
compelling the Participant to arbitrate, and/or enforcing an arbitration award. 
 (d) The Parties hereby irrevocably submit to
the exclusive jurisdiction of the courts of the State of Florida and the courts of the United States of America located in the State of Florida for the purpose of any judicial proceeding brought in accordance with the provisions of
Section 19(c), or any judicial proceeding ancillary to an arbitration or contemplated arbitration arising out of or relating to or concerning the Agreement. Such 

  
 25 

 
ancillary judicial proceedings include any suit, action or proceeding to compel arbitration, to obtain temporary or preliminary judicial relief in aid of arbitration, or to confirm an arbitration
award. The Parties acknowledge that the forum designated by this Section 19(d) have a reasonable relationship to the Agreement, and to the Parties’ relationship with one another, and the Parties hereby waive, to the fullest extent
permitted by applicable law, any objection which they now or hereafter may have to personal jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred to in this Section 19(d), and the
Parties agree not to plead or claim the same. 
 (e) In the event of any arbitration or other disputes with regard to this
Agreement or any other document or agreement referred to herein, each Party shall pay its own legal fees and expenses, unless otherwise determined by the arbitrator. 
 Notwithstanding anything herein to the contrary, if there is a separate employment, change in control or severance agreement in effect between the Participant and the Company or any of its subsidiaries or
Affiliates (“Separate Agreement”) that contains an arbitration or a dispute resolution provision similar to the provisions contained herein, the provision in that Separate Agreement shall govern any controversy hereunder as opposed
to the provisions set forth herein. 
 20. Remedies. Each of the Parties to this Agreement shall be entitled to enforce
its rights under this Agreement specifically, to recover damages and costs (including reasonable attorney’s fees) caused by any breach of any provision of this Agreement and to exercise all other rights existing in its favor. The Parties hereto
agree and acknowledge that money damages would not be an adequate remedy for any breach of the provisions of this Agreement and that any Party may in its sole discretion apply to any court of law or equity of competent jurisdiction (without posting
any bond or deposit) for specific performance and/or other injunctive relief in order to enforce or prevent any violations of the provisions of this Agreement. 
 21. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement
is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this Agreement
shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 
 22. Counterparts. This Agreement may be executed in two or more counterparts, any one of which need not contain the signatures of more than one Party, but all such counterparts taken together shall
constitute one and the same Agreement. 
 23. Assignability of Certain Rights by the Company. The Company shall have the
right to assign any or all of its rights or obligations to purchase Stock pursuant to Sections 5 and 6 hereof. 
 24.
Miscellaneous. 
 (a) In this Agreement all references to the masculine pronoun shall include the feminine and neuter, and
the singular the plural, where the context so indicates 

  
 26 

 (b) If any provision of this Agreement shall be declared illegal, void or unenforceable by
any court of competent jurisdiction, the other provisions shall not be affected, but shall remain in full force and effect. 

(c) If any payment of money, delivery of Stock or other benefits due to the Participant hereunder could cause the application of an
accelerated or additional tax under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), such payment, delivery of shares or other benefits shall be deferred if deferral will make such payment, delivery
of shares or other benefits compliant under Section 409A of the Code, otherwise such payment, delivery of shares or other benefits shall be restructured, to the extent possible, in a manner, determined by the Company and reasonably acceptable
to the Participant, that does not cause such an accelerated or additional tax. 
 25. Withholding. The Company or its
subsidiaries shall have the right to deduct from any cash payment made under this Agreement to the applicable Participant Entities any federal, state or local income or other taxes required by law to be withheld with respect to such payment.

 26. Notices. All notices and other communications provided for herein shall be in writing. Any notice or other
communication hereunder shall be deemed duly given (i) upon electronic confirmation of facsimile, (ii) one (1) business day following the date when sent by overnight delivery and (iii) five (5) business days following the
date mailed when mailed by registered or certified mail return receipt requested and postage prepaid, in each case as follows: 
  

	 	(a)	If to the Company, to it at the following address: 

 Masonite International Corporation 
 1820 Matheson Boulevard 

Mississauga, Ontario L4W 0B3, Canada 
 Attention: General Counsel 
 And 

Masonite International Corporation 
 One Tampa City Center, Suite 300 
 201 N. Franklin Ave., Suite 300Tampa, Florida
33602 
 Attention: General Counsel 
 with copies to: 
 Benjamin Panter 

Kirkland & Ellis LLP 
 Citicorp Center 
 153 East 53rd Street 

New York, NY 10022 
 (b) If to the Participant, to him/her at the address set forth below under his/her signature; or at such other address as either party shall have specified by notice in writing to the other. 

  
 27 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date written below.

  

			
	MASONITE INTERNATIONAL CORPORATION
	
	 
	By: Frederick J. Lynch
	Title: Chief Executive Officer and President

  

			
	PARTICIPANT:
	
	 
	Name:	 	

  

			
	ADDRESS:
	
	 
	
	 
	
	 

  
 SAR
Agreement Signature PageEX-10.4(a)

 Exhibit 10.4(a) 

MASONITE WORLDWIDE HOLDINGS INC. 
 2009 EQUITY INCENTIVE PLAN 
 ARTICLE I 

PURPOSE 

Purpose of the Plan. The Plan shall be known as the Masonite Worldwide Holdings Inc. 2009 Equity Incentive Plan (the
“Plan”). The Plan is intended to further the growth and profitability of the Company by increasing incentives and encouraging Share ownership on the part of the Employees, Members of the Board, and Independent Contractors of
Masonite Worldwide Holdings Inc., a British Columbia corporation (the “Company”) and its Subsidiaries. The Plan is intended to permit the grant of Awards that constitute Incentive Stock Options, Non-Qualified Stock Options, Stock
Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Awards and Other Stock Awards, cash payments and such other forms as the Committee in its discretion deems appropriate, including any combination of the above. 

ARTICLE II DEFINITIONS 
 The following words and phrases shall have the following meanings unless a different meaning is plainly required by the context: 
 “1934 Act” means the Securities Exchange Act of 1934, as amended. Reference to a specific section of the 1934 Act or regulation thereunder shall include such section or regulation, any
valid regulation or interpretation promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation. 

“Affiliate” means any corporation or any other entity (including, but not limited to, partnerships and joint ventures)
directly or indirectly controlled by the Company. 
 “Award” means, individually or collectively, a grant under
the Plan of Incentive Stock Options, Non-Qualified Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Awards and Other Stock Awards, cash payments and such other forms as the Committee in its discretion
deems appropriate. 
 “Award Agreement” means the written agreement setting forth the terms and conditions
applicable to an Award. 
 “Base Price” means the price at which a SAR may be exercised with respect to a
Share. 
 “Board” means the Company’s Board of Directors, as constituted from time to time. 

“Cause” means with respect to a Participant’s Termination from and after the date hereof, the following:
(a) in the case where there is no employment agreement, consulting agreement, change in control agreement or similar agreement in effect between the Company or an Affiliate and the Participant at the time of the grant of the Award (or where
there is such an agreement but it does not define “cause” (or words of like import)), termination due to: (i) the commission by a Participant of any indictable offense which carries a maximum penalty of imprisonment;
(ii) perpetration by a Participant of an illegal act, or fraud which could cause 

 
significant economic injury to the Company; (iii) continuing failure by the Participant to perform the Participant’s duties in any material respect, provided that the Participant is
given notice and an opportunity to effectuate a cure as determined by the Committee; or (iv) a Participant’s willful misconduct with regard to the Company that could have a material adverse effect on the Company; or (b) in the case
where there is an employment agreement, consulting agreement, change in control agreement or similar agreement in effect between the Company or an Affiliate and the Participant at the time of the grant of the Award that defines “cause” (or
words of like import), “cause” as defined under such agreement; provided, however, that with regard to any agreement under which the definition of “cause” only applies on occurrence of a change in control, such definition of
“cause” shall not apply until a change in control actually takes place and then only with regard to a termination thereafter. With respect to a Participant’s Termination of Directorship, “cause” means an act or failure to
act that constitutes cause for removal of a director under applicable law. 
 “Change in Control” means the
occurrence of any one or more of the following events to the extent such event also constitutes a “change in control event” within the meaning of Section 409A of the Code: 
 (a) any “person” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) (other than the Company, any trustee or other fiduciary
holding securities under any employee benefit plan of the Company, or any company owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of Common Stock of the Company or any person
who owns five percent (5%) or more of the Common Stock of the Company on the date of the Company’s emergence from Chapter 11 bankruptcy proceedings (a “Five Percent Owner”)), becoming the beneficial owner (as defined in Rule
13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities; 
 (b) any “person” as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than the Company, any trustee or other fiduciary holding securities under any employee benefit plan
of the Company, any company owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of Common Shares of the Company or a Five Percent Owner), becoming the beneficial owner (as
defined in Rule 13d-3 under the Exchange Act) in one or a series of related transactions during any 12-month period, directly or indirectly, of securities of the Company representing 30% or more of the combined voting power of the Company’s
then outstanding securities; 
 (c) during any one-year period, individuals who at the beginning of such period constitute the Board, and any new
director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in paragraph (a), (b), (d) or (e) of this definition of “Change in Control” or a director
whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such term is used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies
or consents by or on behalf of a person other than the Board) whose election by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least two-thirds of the directors then still in office who either
were directors at the beginning of the one-year period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the Board; 

(d) a merger or consolidation of the Company or a direct or indirect subsidiary of the Company with any other corporation, other than a merger or
consolidation which would result in either (I) a Fiver Percent Owner beneficially owning more than fifty percent (50%) of the combined voting power of the voting securities of the Company or the surviving entity (or the ultimate parent
corporation of the Company of the surviving entity) or (II) the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the
surviving entity) more than 50% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation (or the ultimate parent company of the Company or such surviving
entity); provided, however, that a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no person (other than those covered by the exceptions in subparagraphs (b) and (c)) acquires
more than 50% of the combined voting power of the Company’s then outstanding securities shall not constitute a Change in Control; or 

 (e) the consummation of a sale or disposition of assets of the Company and/or its direct and indirect
subsidiaries having a value constituting at least 40% of the total gross fair market value of all of the assets of the Company and its direct and indirect subsidiaries (on a consolidated basis) immediately prior to such transaction, other than the
sale or disposition of all or substantially all of the assets of the Company to a Five Percent Owner or a person or persons who beneficially own, directly or indirectly, more than 50% of the combined voting power of the outstanding voting securities
of the Company at the time of the sale. 
 “Code” means the Internal Revenue Code of 1986, as amended.
Reference to a specific section of the Code or regulation thereunder shall include such section or regulation, any valid regulation or other guidance promulgated under such section, and any comparable provision of any future legislation or
regulation amending, supplementing or superseding such section or regulation. 
 “Committee” means at least one
committee, as described in Article III., appointed by the Board from time to time to administer the Plan and to perform the functions set forth herein. 
 “Disability” means with respect to a Participant’s Termination, a permanent and total disability as defined in Section 22(e)(3) of the Code. A Disability shall only be deemed to
occur at the time of the determination by the Committee of the Disability. Notwithstanding the foregoing, for Awards that are subject to Section 409A of the Code, Disability shall mean that a Participant is disabled under
Section 409A(a)(2)(C)(i) or (ii) of the Code. 
 “Eligible Individual” means any of the following
individuals who is designated by the Committee in its discretion as eligible to receive Awards subject to the conditions set forth herein: 

(a) any Member of the Board, officer or Employee of the Company or a Subsidiary of the Company, (b) any individual to whom the Company, or a
Subsidiary of the Company, has extended a formal offer of employment, so long as the grant of any Award shall not become effective until the individual commences employment or (c) any Independent Contractor or advisor of the Company or a
Subsidiary. 
 “Employee” means an employee of the Company or a Subsidiary. Notwithstanding anything to the
contrary contained herein, the Committee may grant Awards to an individual who has been extended an offer of employment by the Company or a Subsidiary; provided that any such Award shall be subject to forfeiture if such individual does not commence
employment by a date established by the Committee. 
 “Exercise Price” means the price at which a Share subject
to an Option may be purchased upon the exercise of the Option. 
 “Fair Market Value” means, except as
otherwise specified in a particular Award Agreement, (a) while the Shares are readily traded on an established national or regional securities exchange, the closing transaction price of such a Share as reported by the principal exchange on
which such Shares are traded on the date as of which such value is being determined or, if there were no reported transaction for such date, the opening transaction price as reported by exchange for the first trading date following the date by which
such value is being determined on the next preceding date for which a transaction was reported, (b) if the Shares are not readily traded on an established national or regional securities exchange, the average of the bid and ask prices for such
a Share on the date as of which such value is being determined, where quoted for such Shares, or (c) if Fair Market Value cannot be determined under clause (a) or clause (b) above, or if the Board determines in its sole discretion
that the Shares are too thinly traded for Fair Market Value to be determined pursuant to clause (a) or clause (b), the value as determined by the Board, in its sole discretion, on a good faith basis. 

 “Good Reason” means, unless otherwise agreed to in writing by the
Participant, the following: (a) in the case where there is no employment agreement, consulting agreement, change in control agreement or similar agreement in effect between the Company or an Affiliate and the Participant at the time of the
grant of the Award (or where there is such an agreement but it does not define “good reason” (or words of like import)), termination due to: (i) any material diminution or adverse change in the Participant’s titles, duties or
authorities; (ii) a material reduction in the Participant’s base salary; (iii) a material adverse change in the Participant’s reporting responsibilities; (iv) the assignment of duties inconsistent with the Participant’s
position or status with the Company as of the time of the grant of the Award; or (v) a relocation of the Participant’s primary place of employment to a location more than twenty-five (25) miles further from the Participant’s
primary residence than the location of the Company’s offices at the time of the grant of the Award; provided that in order to invoke a termination for Good Reason, (A) the Participant must provide written notice within ninety
(90) days of the occurrence of any event of “Good Reason,” (B) the Company must fail to cure such event within ten (10) days of the giving of such notice, and (C) the Participant must terminate employment within thirty
(30) days following the expiration of the Company’s cure period; or (b) in the case where there is an employment agreement, consulting agreement, change in control agreement or similar agreement in effect between the Company or an
Affiliate and the Participant at the time of the grant of the Award that defines “good reason” (or words of like import), “good reason” as defined under such agreement; provided, however, that with regard to any agreement under
which the definition of “good reason” only applies on occurrence of a change in control, such definition of “good reason” shall not apply until a change in control actually takes place and then only with regard to a termination
thereafter. 
 “Grant Date” means the date that the Award is granted. 

“Immediate Family” means the Participant’s children, stepchildren, grandchildren, parents, stepparents,
grandparents, spouse, siblings (including half-brothers and half-sisters), in-laws (including all such relationships arising because of legal adoption) and any other person required under applicable law to be accorded a status identical to any of
the foregoing. 
 “Incentive Stock Option” means an Option that is designated as an Incentive Stock Option and
is intended by the Committee to meet the requirements of Section 422 of the Code. 
 “Independent
Contractor” means an independent contractor or consultant of the Company or a Subsidiary. Notwithstanding anything to the contrary contained herein, the Committee may grant Awards to an individual who has been extended an offer to become an
independent contractor or consultant by the Company or a Subsidiary; provided that any such Award shall be subject to forfeiture if such individual does not commence his or her duties by a date established by the Committee. 

“Member of the Board” means an individual who is a member of the Board or of the board of directors of a Subsidiary.

 “Non-Qualified Stock Option” means an Option that is not an Incentive Stock Option. 

“Option” means an option to purchase Shares granted pursuant to Article VII. 

“Other Stock-Based Award” means an Award under Article XI of this Plan that is valued in whole or in part by reference
to, or is payable in or otherwise based on, Shares including, without limitation, an Award valued by reference to an Affiliate. 

“Participant” means an Employee, Independent Contractor, or Member of the Board with respect to whom an Award has been
granted and remains outstanding. 

 “Performance Award” means an Award granted to a Participant pursuant to
Article X hereof contingent upon achieving certain Performance Goals. 
 “Performance Goals” means goals
established by the Committee as contingencies for Awards to vest and/or become exercisable or distributable. 

“Performance Period” means the designated period during which the Performance Goals must be satisfied with respect to
the Award to which the Performance Goals relate. 
 “Period of Restriction” means the period during which
Awards are subject to forfeiture and/or restrictions on transferability. 
 “Restricted Stock” means a Stock
Award granted pursuant to Article VIII under which the Shares are subject to forfeiture upon such terms and conditions as specified in the relevant Award Agreement. 
 “Restricted Stock Unit” or “RSU” means a Stock Award granted pursuant to Article VIII subject to a period or periods of time after which the Participant will receive
Shares if the conditions contained in such Stock Award have been met. 
 “Share” means the Company’s
common shares, or any security issued by the Company or any successor in exchange or in substitution therefore. 

“Stock Appreciation Right” or “SAR” means an Award granted pursuant to Article IX, granted alone or in
tandem with a related Option which is designated by the Committee as a SAR. 
 “Stock Award” means an Award of
Restricted Stock or an RSU pursuant to Article VIII. 
 “Subsidiary” means, with respect to any person, any
corporation, limited liability company, partnership, association or other business entity of which (a) if a corporation, a majority of the total voting power of shares entitled (without regard to the occurrence of any contingency) to vote in
the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that person or one or more of the other Subsidiaries of that person or a combination thereof, or (b) if a limited liability
company, partnership, association or other business entity, a majority of the limited liability company, partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by any person or one or more
Subsidiaries of that person or a combination thereof. For purposes hereof, person or persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity if such person or
persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or control the managing director or general partner of such limited liability company, partnership,
association or other business entity. 
 “Ten Percent Holder” means an Employee (together with persons whose
stock ownership is attributed to the Employee pursuant to Section 424(d) of the Code) who, at the time an Option is granted, owns shares representing more than ten percent of the voting power of all classes of securities of the Company.

 “Termination” means (i) in the case of an Employee: (a) a termination of employment of a
Participant from the Company and its Affiliates; or (b) when an entity which is employing a Participant ceases to be a Subsidiary, unless the Participant otherwise is, or thereupon becomes, employed by the Company or another Subsidiary at the
time the entity ceases to be a Subsidiary; (ii) in the case of a Consultant: (x) that the Consultant is no longer acting as a consultant to the Company or a Subsidiary; or (y) when an entity which is retaining a Participant as a Consultant
ceases to be a Subsidiary unless the Participant otherwise is, or thereupon becomes, a Consultant to the Company or another Subsidiary at 

 
the time the entity ceases to be a Subsidiary; or (iii) in the case of a Member of the Board, that individual Director has ceased to be a Member of the Board. Notwithstanding the foregoing,
the Committee may, in its sole discretion, otherwise define Termination in the Award Agreement or, if no rights of a Participant are reduced, may otherwise define Termination thereafter. 

Notwithstanding the foregoing, for Awards that are considered to be “deferred compensation” under Section 409A of the Code
and that are settled or distributed upon a “Termination,” the foregoing definition shall only apply to the extent the applicable event would also constitute a “separation from service” under Code Section 409A 

“Transfer” means: (a) when used as a noun, any direct or indirect transfer, sale, assignment, pledge,
hypothecation, encumbrance or other disposition (including the issuance of equity in a Person), whether for value or no value and whether voluntary or involuntary (including by operation of law), and (b) when used as a verb, to directly or
indirectly transfer, sell, assign, pledge, encumber, charge, hypothecate or otherwise dispose of (including the issuance of equity in a Person) whether for value or for no value and whether voluntarily or involuntarily (including by operation of
law). “Transferred” and “Transferable” shall have a correlative meaning. 
 ARTICLE III ADMINISTRATION

 3.1 The Committee. The Plan shall be administered by the Committee. The Committee shall consist of one (1) or
more Members of the Board and may consist of the entire Board. Unless otherwise determined by the Board, the Committee shall be the Compensation Committee. 
 3.2 Authority and Action of the Committee. It shall be the duty of the Committee to administer the Plan in accordance with the Plan’s provisions. The Committee shall have all powers and
discretion necessary or appropriate to administer the Plan and to control its operation, including, but not limited to, the full and final authority in its discretion to (a) determine which Eligible Individuals shall be eligible to receive
Awards and to grant Awards, (b) prescribe the form, amount, timing and other terms and conditions of each Award, (c) interpret the Plan and the Award Agreements (and any other instrument relating to the Plan), (d) adopt such
procedures as it deems necessary or appropriate to permit participation in the Plan by Eligible Individuals, (e) adopt such rules as it deems necessary or appropriate for the administration, interpretation and application of the Plan,
(f) interpret, amend or revoke any such procedures or rules, (g) correct any technical defect(s) or technical omission(s), or reconcile any technical inconsistency(ies), in the Plan and/or any Award Agreement, (h) accelerate the
vesting of any Award, (i) extend the period during which an Option or SAR may be exercisable, and (j) make all other decisions and determinations that may be required pursuant to the Plan and/or any Award Agreement or as the Committee
deems necessary or advisable to administer the Plan. 
 The acts of the Committee shall be either (i) acts of a majority of
the members of the Committee present at any meeting at which a quorum is present or (ii) acts approved in writing by all of the members of the Committee without a meeting. A majority of the Committee shall constitute a quorum. The
Committee’s determinations under the Plan need not be uniform and may be made selectively among Participants, whether or not such Participants are similarly situated. Each member of the Committee is entitled to, in good faith, rely or act upon
any report or other information furnished to that member by any Employee of the Company or any of its Subsidiaries or Affiliates, the Company’s independent certified public accountants or any executive compensation consultant or other
professional retained by the Company to assist in the administration of the Plan. 

 The Company shall effect the granting of Awards under the Plan, in accordance with the
determinations made by the Committee, by execution of written agreements and/or other instruments in such form as is approved by the Committee. 
 3.3 Delegation by the Committee. 
 3.3.1 The Committee, in its sole
discretion and on such terms and conditions as it may provide, may delegate all or any part of its authority and powers under the Plan to one or more Members of the Board of the Company and/or officers of the Company; provided, however, that the
Committee may not delegate its authority or power if prohibited by applicable law. 
 3.3.2 The Committee may, in its sole
discretion, employ such legal counsel, consultants and agents as it may deem desirable for the administration of this Plan and may rely upon any opinion received from any such counsel or consultant and any computation received from any such
consultant or agent. Expenses incurred by the Committee or the Board in the engagement of any such counsel, consultant or agent shall be paid by the Company. 
 3.4 Indemnification. Each person who is or shall have been a member of the Committee, or of the Board and any person designated pursuant to Section 3.3.1, shall be indemnified and held
harmless by the Company against and from (a) any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she may
be a party or in which he or she may be involved by reason of any good faith action taken or good faith failure to act under the Plan or any Award Agreement, and (b) from any and all amounts paid by him or her in settlement thereof, with the
Company’s approval, or paid by him or her in satisfaction of any judgment in any such claim, action, suit, or proceeding against him or her, provided he or she shall give the Company an opportunity, at its own expense, to handle and defend the
same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s
Notice of Articles or Articles of the Company, by contract, as a matter of law, or otherwise, or under any power that the Company may have to indemnify them or hold them harmless. 

3.5 Decisions Binding. All determinations, decisions and interpretations of the Committee, the Board, and any delegate of the
Committee pursuant to the provisions of the Plan or any Award Agreement shall be final, conclusive, and binding on all persons, and shall be given the maximum deference permitted by law. 

 ARTICLE IV SHARES SUBJECT TO THE PLAN 

4.1 Number of Shares. Subject to adjustment as provided in Section 4.3, the number of Shares available
for delivery pursuant to Awards granted under the Plan shall be
[        ]1
Shares. Shares awarded under the Plan may be; authorized but unissued Shares, authorized and issued Shares reacquired and held as treasury Shares or a combination thereof. To the extent permitted by applicable law or exchange rules, Shares issued in
assumption of, or in substitution for, any outstanding awards of any entity acquired in any form of combination by the Company or any Subsidiary or Affiliate shall not reduce the Shares available for grants of Awards under this Section 4.1. The
maximum number of Shares with respect to which Incentive Stock Options may be granted shall be [        ]. No more than [0.9]% of the Shares reserved for issuance hereunder shall, in the aggregate, be
granted to Members of the Board who are not employees of the Company or any Subsidiary or any Independent Contractor or advisor of the Company or any Subsidiary, with the balance of such shares to be granted to employees of the Company or any
Subsidiary (the “Management Pool”). By no later than the third anniversary of the Company’s emergence from Chapter 11 bankruptcy proceedings, all Shares in the Management Pool shall be subject to an outstanding Award or have
been delivered pursuant to the settlement of an Award. 
 4.2 Lapsed Awards. To the extent that Shares subject to an
outstanding Option (except to the extent Shares are issued or delivered by the Company in connection with the exercise of a tandem SAR) or other Award are not issued or delivered by reason of (i) the expiration, cancellation, forfeiture or
other termination of such Award, (ii) the withholding of such Shares in satisfaction of applicable federal, state or local taxes or (iii) of the settlement of all or a portion of such Award in cash, then such Shares shall again be
available under this Plan. All such Shares subject to an Award made to an Employee of the Company or any Subsidiary shall be included within the Shares considered to be in the Management Pool. 

4.3 Changes in Capital Structure. Unless otherwise provided in the Award Agreement, in the event that any extraordinary dividend
or other extraordinary distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase,
change of control or exchange of Shares or other securities of the Company, or other corporate transaction or event (each a “Corporate Event”) affects the Shares, the Board shall, in such manner as it in good faith deems equitable,
adjust any or all of (i) the number of Shares or other securities of the Company (or number and kind of other securities or property) with respect to which Awards may be granted, (ii) the number of Shares or other securities of the Company
(or number and kind of other securities or property) subject to outstanding Awards, and (iii) the Exercise Price or Base Price with respect to any Award, or make provision for an immediate cash payment to the holder of an outstanding Award in
consideration for the cancellation of such Award. 
 4.3.1 If the Company enters into or is involved in any Corporate Event, the
Board may, prior to such Corporate Event and upon such Corporate Event, take such action as it deems appropriate, including, but not limited to, replacing Awards with substitute awards in respect of the Shares, other securities or other property of
the surviving corporation or any affiliate of the surviving corporation on such terms and conditions, as to the number of Shares, pricing and otherwise, which shall substantially preserve the value, rights and benefits of any affected Awards granted
hereunder as of the date of the consummation of the Corporate Event. Notwithstanding anything to the contrary in the Plan, if a Change in Control occurs, with respect to clauses (a), (d) and (e) of such definition only, the Company shall
have the right, but not the obligation, to cancel each Participant’s Awards immediately prior to such Change in Control and to pay to each affected Participant in connection with the cancellation of such Participant’s Awards, an amount
equal that the Committee, in its sole 
  

	1 	 Represents ten point forty-five percent (10.45%0 of common shares on a fully diluted basis as determined on emergence plus creditors shares of Board
grants. 

 
discretion, in good faith determines to be the equivalent value of such Award (e.g., in the case of an Option or SAR, the amount of the spread), it being understood that the equivalent value of
an Option or SAR with an exercise price greater than or equal to the fair market value of the underlying Shares shall be $0. 

4.3.2 Upon receipt by any affected Participant of any such substitute awards (or payment) as a result of any such Corporate Event, such
Participant’s affected Awards for which such substitute awards (or payment) were received shall be thereupon cancelled without the need for obtaining the consent of any such affected Participant. Any actions or determinations of the Committee
under this Section 4.3 need not be uniform as to all outstanding Awards, nor treat all Participants identically. 
 4.3.3
If the Company (i) makes distributions (by dividend or otherwise), (ii) grants rights to purchase securities, or (iii) issues securities, in the case of clauses (ii) and (iii) at a price below Fair Market Value, and in each
case of clauses (i), (ii) and (iii), (an “Extraordinary Distribution”), then, to reflect such Extraordinary Distribution, (A) SARs and Options shall be adjusted to retain the pre-Extraordinary Distribution spread by
decreasing the base price or exercise price of such SAR and Option awards, respectively, or, if the SAR base price or Option exercise price, as adjusted, would be less than twenty-five (25%) of the value of the Company’s common stock
post-Extraordinary Distribution, holders will be granted dividend equivalent rights for the balance of the lost spread, such rights to be payable in cash when the applicable SAR or Option award vests and (B) holders of Stock Awards will be
granted dividend equivalent rights payable in cash when the applicable Stock Award vests. 
 4.4 Minimum Purchase Price.
Notwithstanding any provision of this Plan to the contrary, if authorized but previously unissued Shares are issued under this Plan, such Shares shall not be issued for a consideration that is less than as permitted under applicable law. 

ARTICLE V EFFECTIVE DATE 
 The Plan has been adopted by the Board on [            ] (the “Effective Date”), subject, only in the case of the
ability to grant ISOs, to the approval of the shareholders of the Company. 

 ARTICLE VI GENERAL REQUIREMENTS FOR AWARDS 

6.1 Awards Under the Plan. Awards under the Plan may be in the form of Incentive Stock Options, Non-Qualified Stock Options, Stock
Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Awards and Other Stock Awards, cash payments and such other forms as the Committee in its discretion deems appropriate, including any combination of the above. No fractional
Shares shall be issued under the Plan nor shall any right be exercised under the Plan with respect to a fractional Share. 
 6.2
General Eligibility. All Eligible Individuals are eligible to be granted Awards, subject to the terms and conditions of this Plan. Eligibility for the grant of Awards and actual participation in this Plan shall be determined by the Committee
in its sole discretion. 
 6.3 Incentive Stock Options. Notwithstanding anything herein to the contrary, only eligible
Employees of the Company, its Subsidiaries and its Parent (if any) are eligible to be granted Incentive Stock Options under this Plan. Eligibility for the grant of an Incentive Stock Option and actual participation in this Plan shall be determined
by the Committee in its sole discretion. 
 ARTICLE VII STOCK OPTIONS 

7.1 Grant of Options. Subject to the provisions of the Plan, Options may be granted to Participants at such times, and subject to
such terms and conditions, as determined by the Committee in its sole discretion. An Award of Options may include Incentive Stock Options, Non-Qualified Stock Options, or a combination thereof; provided, however, that an Incentive Stock Option may
only be granted to an Employee of the Company or a Subsidiary and no Incentive Stock Option shall be granted more than ten years after the earlier of (i) the Effective Date or (ii) the date this Plan is approved by the Company’s
shareholders. 
 7.2 Award Agreement. Each Option shall be evidenced by an Award Agreement that shall specify the
Exercise Price, the expiration date of the Option, the number of Shares to which the Option pertains, any conditions to the exercise of all or a portion of the Option, and such other terms and conditions as the Committee, in its discretion, shall
determine. The Award Agreement pertaining to an Option shall designate such Option as an Incentive Stock Option or a Non-Qualified Stock Option. Notwithstanding any such designation, to the extent that the aggregate Fair Market Value (determined as
of the Grant Date) of Shares with respect to which Options designated as Incentive Stock Options are exercisable for the first time by a Participant during any calendar year (under this Plan or any other plan of the Company, or any parent or
subsidiary as defined in Section 424 of the Code) exceeds $100,000, such Options shall constitute Non-Qualified Stock Options. For purposes of the preceding sentence, Incentive Stock Options shall be taken into account in the order in which
they are granted. 
 7.3 Exercise Price. Subject to the other provisions of this Section, the Exercise Price with respect
to Shares subject to an Option shall be determined by the Committee in its sole discretion; provided, however, that the Exercise Price with respect to an Incentive Stock Option granted to a Ten Percent Holder shall not be less than one hundred and
ten percent (110%) of the Fair Market Value of a Share on the Grant Date. If and to the extent that an Option by its terms purports to be granted at a price lower than that permitted by the Plan, such Option shall be deemed for all purposes to
have been granted at the lowest price that would have in fact have been permitted by the Plan at the time of grant. 
 7.4
Expiration Dates. Each Option shall terminate not later than the expiration date specified in the Award Agreement pertaining to such Option; provided, however, that the expiration date with respect to an Option shall not be later than the
tenth (10th) anniversary of its Grant Date and the expiration date with respect to an Incentive Stock Option granted to a Ten Percent Holder shall not be later than the fifth (5th) anniversary of its Grant Date. 

 7.5 Exercisability of Options. Subject to Section 7.4, Options granted under the
Plan shall be exercisable at such times, and shall be subject to such restrictions and conditions, as the Committee shall determine in its sole discretion. The exercise of an Option is contingent upon payment by the optionee of the amount sufficient
to pay all taxes required to be withheld by any governmental agency. Such payment may be in any form approved by the Committee. 

7.6 Method of Exercise. Options shall be exercised in whole or in part by the Participant’s delivery of a written notice of
exercise to the General Counsel of the Company (or his or her designee), setting forth the number of Shares with respect to which the Option is to be exercised, accompanied by full payment of the Exercise Price with respect to each such Share and an
amount sufficient to pay all taxes required to be withheld by any governmental agency. The Exercise Price shall be payable to the Company in full in cash or its equivalent and no Shares resulting from the exercise of an Option shall be issued until
full payment therefore has been made. The Committee, in its sole discretion, also may permit exercise (a) by tendering previously acquired Shares or (b) by any other means which the Committee, in its sole discretion, determines to both
provide legal consideration for the Shares, and to be consistent with the purposes of the Plan. As soon as practicable after receipt of a written notification of exercise and full payment for the Shares with respect to which the Option is exercised,
the Company shall deliver to the Participant Share certificates (or the equivalent if such Shares are held in book entry form) for such Shares with respect to which the Option is exercised. 

7.7 Early Exercise. The Committee may provide that an Option include a provision whereby the Participant may elect at any time
before the Participant’s Termination to exercise the Option as to any part or all of the Shares subject to the Option prior to the full vesting of the Option and such Shares shall be subject to the provisions of Article VIII and treated as
Restricted Stock. Any unvested Shares so purchased may be subject to a repurchase option in favor of the Company or to any other restriction the Committee determines to be appropriate. 

7.8 Restrictions on Share Transferability. Incentive Stock Options are not transferable, except by will or the laws of descent.
The Committee may impose such additional restrictions on any Shares acquired pursuant to the exercise of an Option as it may deem advisable, including, but not limited to, restrictions related to applicable federal securities laws, the requirements
of any national securities exchange or system upon which Shares are then listed or traded, or any blue sky or state securities laws. 
 7.9 Cashing Out of Option. Unless otherwise provided in the Award Agreement, on receipt of written notice of exercise, the Committee may elect to cash out all or part of the portion of the Shares
for which an Option is being exercised by paying the optionee an amount, in cash or Shares, equal to the excess of the Fair Market Value of the Shares over the option price times the number of Shares for which the Option is being exercised on the
effective date of such cash-out. 
 7.10 Certain Powers. Notwithstanding anything herein to the contrary, unless
otherwise provided in the Award Agreement, the Committee may, at its sole and absolute discretion, (i) lower the strike price of an Option after it is granted, or take any other action with the effect of lowering the strike price of an Option
after it is granted or (ii) permit Participants to cancel an Option in exchange for another Award. 
 7.11 Incentive
Stock Options. Should any Option granted under this Plan be designated an “Incentive Stock Option,” but fail, for any reason, to meet the requirements of the Code for such a designation, then such Option shall be deemed to be a
Non-Qualified Stock Option and shall be valid as such according to its terms. 

 ARTICLE VIII STOCK AWARDS 

8.1 Grant of Stock Awards. Subject to the provisions of the Plan, Stock Awards may be granted to such Participants at such times,
and subject to such terms and conditions, as determined by the Committee in its sole discretion. Stock Awards may be issued either alone or in addition to other Awards granted under the Plan. 

8.2 Stock Award Agreement. Each Stock Award shall be evidenced by an Award Agreement that shall specify the number of Shares
granted, the price, if any, to be paid for the Shares and the Period of Restriction applicable to a Restricted Stock Award or RSU Award and such other terms and conditions as the Committee, in its sole discretion, shall determine. 

8.3 Acceptance. Awards of Restricted Stock must be accepted within a period of sixty (60) days (or such other period as the Committee may specify)
after the grant date, by executing a Restricted Stock Award Agreement and by paying whatever price (if any) the Committee has designated thereunder. 
 8.4 Transferability/Share Certificates. Shares subject to an Award of Restricted Stock may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated during a Period of
Restriction. During the Period of Restriction, a Restricted Stock Award may be registered in the holder’s name or a nominee’s name at the discretion of the Company and may bear a legend as described in Section 8.5.2. Unless the
Committee determines otherwise, shares of Restricted Stock shall be held by the Company as escrow agent during the applicable Period of Restriction, together with stock powers or other instruments of assignment (including a power of attorney), each
endorsed in blank with a guarantee of signature if deemed necessary or appropriate by the Company, which would permit transfer to the Company of all or a portion of the Shares subject to the Restricted Stock Award in the event such Award is
forfeited in whole or part. 
 8.5 Other Restrictions. The Committee, in its sole discretion, may impose such other
restrictions on Shares subject to an Award of Restricted Stock as it may deem advisable or appropriate. 
 8.5.1 General
Restrictions. The Committee may set restrictions based upon applicable federal or state securities laws, or any other basis determined by the Committee in its discretion. 
 8.5.2 Legend on Certificates. The Committee, in its sole discretion, may legend the certificates representing Restricted Stock during the Period of Restriction to give appropriate notice of such
restrictions. For example, the Committee may determine that some or all certificates representing Shares of Restricted Stock shall bear the following legend: “The sale or other transfer of the shares of stock represented by this certificate,
whether voluntary, involuntary, or by operation of law, is subject to certain restrictions on transfer as set forth in the Masonite Worldwide Holdings Inc. 2009 Equity Incentive Plan (the “Plan”), and in a Restricted Stock Award
Agreement (as defined by the Plan). A copy of the Plan and such Restricted Stock Award Agreement may be obtained from the General Counsel of Masonite Worldwide Holdings Inc.” 

8.6 Removal of Restrictions. Shares of Restricted Stock covered by a Restricted Stock Award made under the Plan shall be released
from escrow as soon as practicable after the termination of the Period of Restriction and, subject to the Company’s right to require payment of any taxes, a certificate or certificates evidencing ownership of the requisite number of Shares
shall be delivered to the Participant. 
 8.7 Voting Rights. During the Period of Restriction, Participants holding
Shares of Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares, unless otherwise provided in the Award Agreement. 

 8.8 Dividends and Other Distributions. Unless otherwise provided in the Award
Agreement, Participants shall be entitled to receive all dividends and other distributions paid with respect to Stock Awards provided, that any such dividends or other distributions will be subject to the same vesting requirements as the underlying
Stock Awards and shall be paid at the time the Stock Award becomes vested. If any dividends or distributions are paid in Shares, such Shares shall be deposited with the Company and shall be subject to the same restrictions on transferability and
forfeitability as the Stock Awards with respect to which they were paid. 
 ARTICLE IX STOCK APPRECIATION RIGHTS

 9.1 Grant of SARs. Subject to the provisions of the Plan, SARs may be granted to such Participants at such times,
and subject to such terms and conditions, as shall be determined by the Committee in its sole discretion. 
 9.2 Base Price
and Other Terms. The Committee, subject to the provisions of the Plan, shall have complete discretion to determine the terms and conditions of SARs granted under the Plan. Without limiting the foregoing, the Base Price with respect to Shares
subject to a tandem SAR shall be the same as the Exercise Price with respect to the Shares subject to the related Option. 
 9.3
SAR Agreement. Each SAR grant shall be evidenced by an Award Agreement that shall specify the Base Price (which shall not be less than one hundred percent (100%) of the Fair Market Value of a Share on the Grant Date), the term of the
SAR, the conditions of exercise, and such other terms and conditions as the Committee, in its sole discretion, shall determine. 

9.4 Expiration Dates. Each SAR shall terminate no later than the tenth (10th) anniversary of its Grant Date; provided,
however, that the expiration date with respect to a tandem SAR shall not be later than the expiration date of the related Option. 
 9.5 Exercisability. 
 9.5.1 Method of Exercise. Unless otherwise
specified in the Award Agreement pertaining to a SAR, a SAR may be exercised (a) by the Participant’s delivery of a written notice of exercise to the General Counsel of the Company (or his or her designee) setting forth the number of whole
SARs which are being exercised, (b) in the case of a tandem SAR, by surrendering to the Company any Options which are cancelled by reason of the exercise of such SAR, and (c) by executing such documents as the Company may reasonably
request. 
 9.5.2 Tandem SARs. Tandem SARs (i.e., SARs issued in tandem with Options) shall be exercisable only at such
time or times and to the extent that the Options to which they relate shall be exercisable in accordance with the provisions of Article VII. The related Options which have been surrendered by the exercise of a tandem SAR, in whole or in part, shall
no longer be exercisable to the extent the related tandem SARs have been exercised. 
 9.5.3 Discretionary Limitations.
If the Committee provides, in its discretion, that any such right is exercisable subject to certain limitations (including, without limitation, that it is exercisable only in installments or within certain time periods), the Committee may waive such
limitations on the exercisability at any time at or after grant in whole or in part (including, without limitation, waiver of the installment exercise provisions or acceleration of the time at which such right may be exercised), based on such
factors, if any, as the Committee shall determine, in its sole discretion. Unless otherwise set forth in an Award Agreement, in the event that a written employment agreement between the Company and a Participant provides for a vesting schedule that
is more favorable than the vesting schedule provided in the form of Award agreement, the vesting schedule in such employment agreement shall govern, provided that such agreement is in effect on the date of grant and applicable to the specific Award.

 9.6 Payment. Except as otherwise provided in the relevant Award Agreement, upon
exercise of a SAR, the Participant shall be entitled to receive payment from the Company in an amount determined by multiplying: (i) the amount by which the Fair Market Value of a Share on the date of exercise exceeds the Base Price specified
in the Award Agreement pertaining to such SAR by (ii) the number of Shares with respect to which the SAR is exercised. 

9.7 Payment Upon Exercise of SAR. Payment to a Participant upon the exercise of the SAR shall be made, as determined by the
Committee in its sole discretion, either (a) in cash, (b) in Shares with a Fair Market Value equal to the amount of the payment or (c) in a combination thereof, as set forth in the applicable Award Agreement. 

ARTICLE X PERFORMANCE AWARDS 
 10.1 General. The Committee may grant a Performance Award to the Participant, payable in any form described in Section 6.1, upon the attainment of specific Performance Goals. If the
Performance Award is payable in shares of Restricted Stock, such shares shall be transferable to the Participant only upon attainment of the relevant Performance Goal in accordance with Article VIII. If the Performance Award is payable in cash, it
may be paid upon attainment of the relevant Performance Goals either in cash or in shares of Restricted Stock (based on the then current Fair Market Value of such Shares), as determined by the Committee, in its sole and absolute discretion. Each
Performance Award shall be evidenced by an Award Agreement in such form that is not inconsistent with the Plan and that the Committee may from time to time approve. Performance Awards granted under the Plan shall be subject to the following terms
and conditions and such additional terms and conditions, not inconsistent with the terms of the Plan, as the Committee shall deem desirable, which additional terms and conditions shall be reflected in the applicable Award Agreement. 

10.2 Performance Goals. Unless otherwise prohibited by applicable law, the Committee shall have the authority to grant Awards
under this Plan that are contingent upon the achievement of Performance Goals. Such Performance Goals are to be specified in the relevant Award Agreement and may be based on such factors including, but not limited to: (a) revenue,
(b) earnings per Share (basic and diluted), (c) net income per Share, (d) Share price, (e) pre-tax profits, (f) net earnings, (g) net income, (h) operating income, (i) cash flow (including, without limitation,
operating cash flow, free cash flow, discounted cash flow, return on investment and cash flow in excess of cost of capital), (j) earnings before interest, taxes, depreciation and amortization, (k) earnings before interest and taxes,
(l) sales, (m) total stockholder return relative to assets, (n) total stockholder return relative to peers, (o) financial returns (including, without limitation, return on assets, return on net assets, return on equity and return
on investment), (p) cost reduction targets, (q) customer satisfaction, (r) customer growth, (s) employee satisfaction, (t) gross margin, (u) revenue growth, (v) market share, (w) book value per share,
(x) expenses and expense ratio management, (y) same-store sales or same-stores sales growth, (z) system-wide sales or system-wide sales growth, (aa) traffic or customer counts, (bb) new product sales, (cc) any combination of the
foregoing or (dd) such other criteria as the Committee may determine. Performance Goals may be in respect of the performance of the Company, any of its Subsidiaries or Affiliates or any combination thereof on either a consolidated, business unit or
divisional level. Performance Goals may be absolute or relative (to prior performance of the Company or to the performance of one or more other entities or external indices) and may be expressed in terms of a progression within a specified range.
Multiple Performance Goals may be established and may have the same or different weighting. 

 10.3 Additional Criteria. The foregoing criteria shall have any reasonable
definitions that the Committee may specify, which may include or exclude any or all of the following items, as the Committee may specify: extraordinary, unusual or non-recurring items; effects of accounting changes; effects of currency fluctuations;
effects of financing activities (e.g., effect on earnings per share of issuing convertible debt securities); expenses for restructuring, productivity initiatives or new business initiatives; non-operating items; acquisition expenses; and effects of
divestitures. Any such performance criterion or combination of such criteria may apply to the Participant’s award opportunity in its entirety or to any designated portion or portions of the award opportunity, as the Committee may specify.

 10.4 Adjustment to Performance Goals. At any time prior to payment of an Award, the Committee may adjust previously
established Performance Goals and other terms and conditions of the Award to reflect major unforeseen events, including, without limitation, changes in laws, regulations or accounting policies or procedures, mergers, acquisitions or divestitures or
extraordinary, unusual or non-recurring items. 
 10.5 Value, Form and Payment of Performance Award. The Committee will
establish the value or range of value of the Performance Award, the form in which the Award will be paid, and the date(s) and timing of payment of the Award. The Participant will be entitled to receive the Performance Award only upon the attainment
of the Performance Goals and such other criteria as may be prescribed by the Committee during the Performance Period. 

ARTICLE XI OTHER STOCK AWARDS 
 11.1 Grant. Subject to the provisions of the Plan, the Committee may grant Other Stock-Based Awards that are payable in, valued in whole or in part by reference to, or otherwise based on or related
to Shares, including, but not limited to, Shares awarded purely as a bonus and not subject to any restrictions or conditions, Shares in payment of the amounts due under an incentive or performance plan sponsored or maintained by the Company or a
Subsidiary, performance units, dividend equivalent units, stock equivalent units, and deferred stock units. To the extent permitted by law, the Committee may, in its sole discretion, permit Eligible Individuals to defer all or a portion of their
cash compensation in the form of Other Stock-Based Awards granted under this Plan, subject to the terms and conditions of any deferred compensation arrangement established by the Company, which shall be intended to comply with Section 409A of
the Code. Other Stock-Based Awards may be granted either alone or in addition to or in tandem with other Awards granted under the Plan. 
 11.2 Non-Transferability. Subject to the applicable provisions of the Award agreement and this Plan, Shares subject to Awards made under this Article XI may not be Transferred prior to the date on
which the Shares are issued, or, if later, the date on which any applicable restriction, performance or deferral period lapses. 

11.3 Dividends. Unless otherwise determined by the Committee at the time of Award, subject to the provisions of the Award
agreement and this Plan, the recipient of an Award under this Article XI shall be entitled to receive all dividends and other distributions paid with respect to such Award provided, that any such dividends or other distributions will be subject to
the same vesting requirements as the underlying Award and shall be paid at the time the Award becomes vested. If any dividends or distributions are paid in Shares, such Shares shall be deposited with the Company and shall be subject to the same
restrictions on transferability and forfeitability as the Award with respect to which they were paid. 

 11.4 Vesting. Any Award under this Article XI and any Shares covered by any such
Award shall vest or be forfeited to the extent so provided in the Award agreement, as determined by the Committee, in its sole discretion. Unless expressly provided otherwise in an Award Agreement, in the event that a written employment agreement
between the Company and a Participant provides for a vesting schedule that is more favorable than the vesting schedule provided in the form of Award agreement, the vesting schedule in such employment agreement shall govern, provided that such
agreement is in effect on the date of grant and applicable to the specific Award. 
 11.5 Price. Shares issued on a bonus
basis under this Article XI may be issued for no cash consideration; Shares purchased pursuant to a purchase right awarded under this Article XI shall be priced, as determined by the Committee in its sole discretion. 

11.6 Payment. The form of payment for the Other Stock-Based Award shall be specified in the Award agreement. 

ARTICLE XII PARTICIPANT TERMINATION 
 12.1 Rules Applicable to Options and SARs. Unless otherwise determined by the Committee in the applicable Award Agreement (or, if no rights of the Participant are reduced, thereafter):

 12.1.1 Termination by Reason of Death or Disability. If a Participant’s Termination is by reason of death or
Disability, all Options or SARs that are held by such Participant that are vested and exercisable at the time of the Participant’s Termination may be exercised by the Participant (or, in the case of death, by the legal representative of the
Participant’s estate) at any time within a one-year period from the date of such Termination, but in no event beyond the expiration of the stated term of such Options or SARs; provided, however, if the Participant dies within such exercise
period, all unexercised Options or SARs held by such Participant shall thereafter be exercisable, to the extent to which they were exercisable at the time of death, for a period of one year from the date of such death, but in no event beyond the
expiration of the stated term of such Options or SARs. 
 12.1.2 Termination Without Cause or For Good Reason. If a
Participant’s Termination is by involuntary termination without Cause or for Good Reason, all Options or SARs that are held by such Participant that are vested and exercisable at the time of the Participant’s Termination may be exercised
by the Participant at any time within a period of 90 days from the date of such Termination, but in no event beyond the expiration of the stated term of such Options or SARs. 
 12.1.3 Termination without Good Reason. If a Participant’s Termination is without Good Reason, all Options or SARs that are held by such Participant that are vested and exercisable at the time
of the Participant’s Termination may be exercised by the Participant at any time within a period of 90 days from the date of such Termination, but in no event beyond the expiration of the stated terms of such Options or SARs. 

12.1.4 Termination for Cause. If a Participant’s Termination is for Cause all Options or SARs, whether vested or unvested,
that are held by such Participant shall thereupon terminate and expire as of the date of such Termination. 
 12.1.5 Unvested
Options and SARs. Except as set forth in the applicable Award Agreement, Options or SARs that are not vested as of the date of a Participant’s Termination for any reason shall terminate and expire as of the date of such Termination.

 12.2 Rules Applicable to Stock Awards, Performance Awards and Other Stock-Based
Awards. Unless otherwise determined by the Committee in the applicable Award Agreement (or, if no rights of the Participant are reduced, thereafter), upon a Participant’s Termination for any reason: (i) during the relevant Restriction
Period, all Stock Awards still subject to restriction shall be forfeited; and (ii) any unvested Performance Award or Other Stock-Based Awards shall be forfeited. 
 ARTICLE XIII CHANGE IN CONTROL 
 Unless otherwise provided in an Award
Agreement, in the event of a Change in Control, unless the right to accelerated vesting, the lapse of restrictions or risks of forfeiture, or accelerated delivery or receipt of cash provided for herein is waived or deferred by a Participant and the
Company by written notice prior to the Change in Control, all restrictions and risks of forfeiture on Awards (other than those imposed by law or regulation) shall lapse, and all deferral or vesting periods relating to Awards shall immediately
expire. In the event of a Change in Control, the Board can unilaterally implement or negotiate a procedure with any party to the Change in Control pursuant to which all Participants’ unexercised Options may be cashed out as part of the purchase
transaction, without requiring exercise, for the difference between the purchase price and the Exercise Price. 
 ARTICLE XIV
AMENDMENT, TERMINATION AND DURATION 
 14.1 Amendment, Suspension or Termination. The Board, in its sole discretion,
may amend, suspend or terminate the Plan, or any part thereof, at any time and for any reason, subject to any requirement of stockholder approval required by applicable law, rule or regulation, including, without limitation, Section 422 of the
Code and the rules of the applicable securities exchange; provided, however, the Board may amend the Plan and any Award Agreement without shareholder approval as necessary to avoid the imposition of any taxes under Section 409A of the Code.
Subject to the preceding sentence, the amendment, suspension or termination of the Plan shall not, without the consent of the Participant, materially adversely alter or impair any rights or obligations under any Award theretofore granted to such
Participant. Notwithstanding the foregoing, the Committee may, but shall not be required to, amend or modify any Award to the extent necessary to avoid the imposition of taxes under Section 409A of the Code. The Company intends to administer
the Plan and all Awards granted thereunder in a manner that complies with Code Section 409A, however, the Company shall not be responsible for any additional tax imposed pursuant to Code Section 409A, nor will the Company indemnify or
otherwise reimburse Participant for any liability incurred as a result of Code Section 409A. No Award may be granted during any period of suspension or after termination of the Plan. Section 15.8.2 and the provisions of the Plan dealing
with the Management Pool or Awards in respect of the Management Pool may not be amended without the consent of the Chief Executive Officer of the Company. 
 14.2 Duration of the Plan. The Plan shall, subject to Section 14.1, terminate ten (10) years after adoption by the Board, unless earlier terminated by the Board and no further Awards
shall be granted under the Plan. The termination of the Plan shall not affect any Awards granted prior to the termination of the Plan. 
 ARTICLE XV MISCELLANEOUS 
 15.1 No Effect on Employment or Service.
Nothing in the Plan shall interfere with or limit in any way the right of the Company to terminate any Participant’s employment or service at any time, for any reason and with or without cause. 

15.2 Participation. No person shall have the right to be selected to receive an Award under this Plan, or, having been so
selected, to be selected to receive a future Award. The Committee’s determination under the Plan (including, without limitation, determination of the eligible Employees who shall be granted Awards, the form,

 
amount and timing of such Awards, the terms and provisions of Awards and the Awards Agreements and the establishment of Performance Goals) need not be uniform and may be made by it selectively
among eligible Employees who receive or are eligible to receive Awards under the Plan, ether or not such eligible Employees are similarly situated. 
 15.3 Unfunded Status. The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant by the
Company, nothing set forth herein shall give any Participant any rights that are greater than those of a general creditor of the Company. In its sole and absolute discretion, the Committee may authorize the creation of trusts or other arrangements
to meet the obligations created under the Plan to deliver Shares or payments in lieu of or with respect to Awards hereunder; provided, however, that the existence of such trusts or other arrangements is consistent with the unfunded status of the
Plan. 
 15.4 Successors. All obligations of the Company under the Plan, with respect to Awards granted hereunder, shall
be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation or otherwise, of all or substantially all of the business or assets of the Company. 

15.5 Beneficiary Designations. Subject to the restrictions in Section 15.6 below, a Participant under the Plan may name a
beneficiary or beneficiaries to whom any vested but unpaid Award shall be paid in the event of the Participant’s death. For purposes of this Section, a beneficiary may include a designated trust having as its primary beneficiary a family member
of a Participant. Each such designation shall revoke all prior designations by the Participant and shall be effective only if given in a form and manner acceptable to the Committee. In the absence of any such designation, any vested benefits
remaining unpaid at the Participant’s death shall be paid to the Participant’s estate and, subject to the terms of the Plan and of the applicable Award Agreement, any unexercised vested Award may be exercised by the administrator or
executor of the Participant’s estate. 
 15.6 Nontransferability of Awards. No Award granted under the Plan may be
sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will, by the laws of descent and distribution; provided, however, that except as provided by in the relevant Award Agreement, a Participant may transfer,
without consideration, an Award other than an Incentive Stock Option to one or more members of his or her Immediate Family, to a trust established for the exclusive benefit of one or more members of his or her Immediate Family, to a partnership in
which all the partners are members of his or her Immediate Family, or to a limited liability company in which all the members are members of his or her Immediate Family; provided, further, that any such Immediate Family, and any such trust,
partnership and limited liability company, shall agree to be and shall be bound by the terms of the Plan, and by the terms and provisions of the applicable Award Agreement and any other agreements covering the transferred Awards. All rights with
respect to an Award granted to a Participant shall be available during his or her lifetime only to the Participant and may be exercised only by the Participant or the Participant’s legal representative. 

15.7 No Rights as Shareholder. Except to the limited extent provided in Sections 8.7 and 8.8, no Participant (nor any beneficiary)
shall have any of the rights or privileges of a shareholder of the Company with respect to any Shares issuable pursuant to an Award (or exercise thereof), unless and until certificates representing such Shares, if any, or in the event the Shares are
non-certificate, such other method of recording beneficial ownership, shall have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to the Participant (or beneficiary). 

 15.8 Withholding. 

15.8.1 General. As a condition to the settlement of any Award hereunder, a Participant shall be required to pay in cash, or to make
other arrangements satisfactory to the Company (including, without limitation, authorizing withholding from payroll and any other amounts payable to the Participant), an amount sufficient to satisfy any federal, state, local and foreign taxes of any
kind (including, but not limited to, the Participant’s FICA and SDI obligations) which the Company, in its sole discretion, deems necessary to comply with the Code and/or any other applicable law, rule or regulation with respect to the Award.
Unless the tax withholding obligations of the Company are satisfied, the Company shall have no obligation to issue a certificate or book-entry transfer for such Shares. 
 15.8.2 Shares Not Publicly Traded. Notwithstanding anything to the contrary in Section 15.8.1, in the event the Shares are not listed for trading on an established securities exchange on the
date an Award is required to be settled then the Company shall, at the request of the Participant, deduct or withhold Shares having a Fair Market Value equal to the minimum amount required to be withheld to satisfy any federal, state, local and
foreign taxes of any kind (including, but not limited to, the Participant’s FICA and SDI obligations) which the Company, in its sole discretion, deems necessary to comply with the Code and/or any other applicable law, rule or regulation with
respect to such Award. 
 15.8.3 Company Election to Pay Cash. Notwithstanding anything herein to the contrary, unless
otherwise provided in the Award Agreement, in the event that the settlement of any Award is to be made in Shares and such settlement would result in the Company having more than 290 shareholders, then the Board, in its sole and absolute discretion,
may elect to settle such Award in cash. 
 15.8.4 Withholding Arrangements. The Committee, in its sole discretion and
pursuant to such procedures as it may specify from time to time, may permit or require a Participant to satisfy all or part of the tax withholding obligations in connection with an Award by (a) paying cash, (b) having the Company withhold
otherwise deliverable Shares, (c) delivering to the Company already-owned Shares having a Fair Market Value equal to the tax obligation, or (d) any combination of the foregoing. 

15.9 No Corporate Action Restriction. The existence of the Plan, any Award Agreement and/or the Awards granted hereunder shall not
limit, affect or restrict in any way the right or power of the Board or the shareholders of the Company to make or authorize (a) any adjustment, recapitalization, reorganization or other change in the Company’s or any Subsidiary’s or
Affiliate’s capital structure or business, (b) any merger, consolidation or change in the ownership of the Company or any Subsidiary or Affiliate, (c) any issue of bonds, debentures, capital, preferred or prior preference stocks ahead
of or affecting the Company’s or any Subsidiary’s or Affiliate’s capital stock or the rights thereof, (d) any dissolution or liquidation of the Company or any Subsidiary or Affiliate, (e) any sale or transfer of all or any
part of the Company’s or any Subsidiary’s or Affiliate’s assets or business, or (f) any other corporate act or proceeding by the Company or any Subsidiary or Affiliate. No Participant, beneficiary or any other person shall have
any claim against any Member of the Board or the Committee, the Company or any Subsidiary or Affiliate, or any employees, officers, shareholders or agents of the Company or any Subsidiary or Affiliate, as a result of any such action. 

15.10 Conditions and Restrictions on Shares. Each Participant to whom an Award is made under the Plan shall (i) enter into an Award Agreement
with the Company that shall contain such provisions consistent with the provisions of the Plan, as may be approved by the Committee and (ii) to the extent the Award is made at a time prior to the date Shares are listed for trading on an established
securities exchange, enter into a “Stockholder’s Agreement” that is substantially similar in all material respect to 

 
any stockholder’s agreement entered into by any other employee of the Company or its Subsidiaries in connection with the Award of any equity-based compensation. Each Award made hereunder
shall be subject to the requirement that if at any time the Company determines that the listing, registration or qualification of the Shares subject to such Award upon any securities exchange or under any law, or the consent or approval of any
governmental body, or the taking of any other action is necessary or desirable as a condition of, or in connection with, the exercise or settlement of such Award or the delivery of Shares thereunder, such Award shall not be exercised or settled and
such Shares shall not be delivered unless such listing, registration, qualification, consent, approval or other action shall have been effected or obtained, free of any conditions not acceptable to the Company. The Company may require that
certificates evidencing Shares delivered pursuant to any Award made hereunder bear a legend indicating that the sale, transfer or other disposition thereof by the holder is prohibited except in compliance with the Securities Act of 1933, as amended,
and the rules and regulations thereunder. Finally, no Shares shall be issued and delivered under the Plan, unless the issuance and delivery of those Shares shall comply with all relevant regulations and any registration, approval or action
thereunder. 
 15.11 Gender and Number. Except where otherwise indicated by the context, any masculine term used herein
also shall include the feminine; the plural shall include the singular and the singular shall include the plural. 
 15.12
Severability. In the event any provision of the Plan or of any Award Agreement shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan or the Award Agreement, and the Plan
and/or the Award Agreement shall be construed and enforced as if the illegal or invalid provision had not been included. 

15.13 Requirements of Law. The granting of Awards and the issuance of Shares under the Plan shall be subject to all applicable
laws, rules and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 
 15.14 Governing Law. The Plan and all determinations made and actions taken pursuant hereto to the extent not otherwise governed by the Code or the securities laws of the United States, shall be
governed by the law of the State of Florida and construed accordingly. 
 15.15 Jurisdiction; Waiver of Jury Trial. Any
suit, action or proceeding with respect to this Plan or any Award Agreement, or any judgment entered by any court of competent jurisdiction in respect of any thereof, shall be brought in any Court in the State of Florida, and the Company and each
Participant shall submit to the exclusive jurisdiction of such courts for the purpose of any such suit, action, proceeding or judgment. The Company and each Participant shall irrevocably waive any objections which he, she or it may have to the
laying of the venue of any suit, action or proceeding arising out of or relating to this Plan or any Award Agreement brought in any Court in the State of Florida, and shall further irrevocably waive any claim that any such suit, action or proceeding
brought in any such court has been brought in any inconvenient forum. The Company and each Participant shall waive any right he, she or it may have to trial by jury in respect of any litigation based on, arising out of, under or in connection with
this Plan or any Award Agreement or any course of conduct, course of dealing, verbal or written statement or action of any party to any Award Agreement or relating to this Plan in any way. 

15.16 Captions. Captions are provided herein for convenience only, and shall not serve as a basis for interpretation or
construction of the Plan. 
 15.17 Payments to Minors. Any benefit payable to or for the benefit of a minor, an
incompetent person or other person incapable of receipt thereof shall be deemed paid when paid to such person’s guardian or to the party providing or reasonably appearing to provide for the care of such person, and such payment shall fully
discharge the Committee, the Board, the Company, its Affiliates and their employees, agents and representatives with respect thereto. 

 15.18 Section 409A of the Code. The Plan is intended to comply with the
applicable requirements of Section 409A of the Code and shall be limited, construed and interpreted in accordance with such intent. To the extent that any Award is subject to Section 409A of the Code, it shall be paid in a manner that will
comply with Section 409A of the Code, including proposed, temporary or final regulations or any other guidance issued by the Secretary of the Treasury and the Internal Revenue Service with respect thereto. Notwithstanding anything herein to the
contrary, any provision in the Plan that is inconsistent with Section 409A of the Code shall be deemed to be amended to comply with Section 409A of the Code and to the extent such provision cannot be amended to comply therewith, such
provision shall be null and void. The Company shall have no liability to a Participant, or any other party, if an Award that is intended to be exempt from, or compliant with, Code Section 409A is not so exempt or compliant or for any action
taken by the Committee or the Company and, in the event that any amount or benefit under the Plan becomes subject to penalties under Section 409A, responsibility for payment of such penalties shall rest solely with the affected Participant(s)
and not with the Company. 
 15.19 Section 16(b) of the Exchange Act. All elections and transactions under this Plan
by persons subject to Section 16 of the Exchange Act involving Shares are intended to comply with any applicable exemptive condition under Rule 16b-3. The Committee may, in its sole discretion, establish and adopt written administrative
guidelines, designed to facilitate compliance with Section 16(b) of the Exchange Act, as it may deem necessary or proper for the administration and operation of this Plan and the transaction of business thereunder. 

15.20 Other Benefits. No Award granted or paid out under this Plan shall be deemed compensation for purposes of computing benefits
under any retirement plan of the Company or its Affiliates nor affect any benefits under any other benefit plan now or subsequently in effect under which the availability or amount of benefits is related to the level of compensation. 

15.21 Costs. The Company shall bear all expenses associated with administering this Plan, including expenses of issuing Shares
pursuant to any Awards hereunder. 
 15.22 Award Agreement. Notwithstanding any other provision of the Plan, to the
extent the provisions of any Award Agreement are inconsistent with terms of the Plan and such inconsistency is a result of compliance with laws of the jurisdiction in which the Participant is resident or is related to taxation of such Award in such
jurisdiction, the relevant provisions of the particular Award Agreement shall govern.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00213-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00213-of-00352.parquet"}]]