Document:

Exhibit 10.5

 

NON-QUALIFIED
STOCK OPTION AGREEMENT

PURSUANT
TO THE

INTERNATIONAL
GENERAL INSURANCE HOLDINGS LTD. 2020 OMNIBUS INCENTIVE PLAN

 

*
  *   *   *   *

 

Participant:
_____________________

 

Grant
Date: _____________________

 

Per
Share Exercise Price: $_____

 

Number
of Shares subject to this Option:  _____________________

 

*
  *   *   *   *

 

THIS
NON-QUALIFIED STOCK OPTION AWARD AGREEMENT (this “Agreement”), dated as of the Grant Date specified above,
is entered into by and between International General Insurance Holdings Ltd., a Bermuda exempted company (the “Company”),
and the Participant specified above, pursuant to the International General Insurance Holdings Ltd. 2020 Omnibus Incentive Plan,
as in effect and as amended from time to time (the “Plan”), which is administered by the Committee; and

 

WHEREAS,
it has been determined under the Plan that it would be in the best interests of the Company to grant the Non-Qualified Stock Option
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 Award provided 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. Any capitalized term not defined in this Agreement
shall have the same meaning as is ascribed thereto in the Plan. 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. No part of the Option granted
hereby is intended to qualify as an “incentive stock option” under Section 422 of the Code.

 

     

     

    

 

2.
Grant of Option. The Company hereby grants to the Participant, as of the Grant Date specified above, a Non-Qualified
Stock Option (this “Option”) to acquire from the Company at the Per Share Exercise Price specified above, the
aggregate number of Common Shares specified above (the “Option Shares”). Except as otherwise provided by the
Plan, the Participant agrees and understands that nothing contained in this Agreement provides, or is intended to provide, the
Participant with any protection against potential future dilution of the Participant’s interest in the Company for any reason.
The Participant shall have no rights as a shareholder with respect to any of the Common Shares covered by the Option unless and
until the Participant has become the holder of record of such shares, and no adjustments shall be made for dividends in cash or
other property, distributions or other rights in respect of any such shares, except as otherwise specifically provided for in
the Plan or this Agreement.

 

3.
Vesting and Exercise.

 

(a)
Vesting. Subject to the provisions of Sections 3(b) and 3(c) hereof, the Option shall vest and become exercisable as follows,
provided that the Participant has not incurred a Termination prior to each such vesting date:

 

	Vesting Date	 	Number of Shares
	[●]	 	[●]
	[●]	 	[●]
	[●]	 	[●]
	[●]	 	[●]

 

There
shall be no proportionate or partial vesting in the periods prior to each vesting date and all vesting shall occur only on the
appropriate vesting date, subject to the Participant’s continued service with the Company or any of its Subsidiaries on
each applicable vesting date. Upon expiration of the Option, the Option shall be cancelled and no longer exercisable.

 

(b)
Committee Discretion to Accelerate Vesting. Notwithstanding the foregoing, the Committee may, in its sole discretion, provide
for accelerated vesting of the Option at any time and for any reason.

 

(c)
[Termination Following a Change in Control. The Option shall become fully vested upon the occurrence of the Participant’s
Termination, other than for Cause, during the 12-month period following a Change in Control.]

 

(d)
Expiration. Unless earlier terminated in accordance with the terms and provisions of the Plan and/or this Agreement, all
portions of the Option (whether vested or not vested) shall expire and shall no longer be exercisable after the expiration of
ten (10) years from the Grant Date.

 

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4.
Termination. Subject to the terms of the Plan and this Agreement, the Option, to the extent vested at the time of
the Participant’s Termination, shall remain exercisable as follows:

 

(a)
Termination due to Death or Disability. In the event of the Participant’s Termination by reason of death or Disability,
the vested portion of the Option shall remain exercisable until the earlier of (i) one (1) year from the date of such Termination,
and (ii) the expiration of the stated term of the Option pursuant to Section 3(d) hereof; provided, however, that
in the case of a Termination due to Disability, if the Participant dies within such one (1) year exercise period, any unexercised
Option held by the Participant shall thereafter be exercisable by the legal representative of the Participant’s estate,
to the extent to which it was exercisable at the time of death, for a period of one (1) year from the date of death, but in no
event beyond the expiration of the stated term of the Option pursuant to Section 3(d) hereof.

 

(b)
Involuntary Termination Without Cause. In the event of the Participant’s involuntary Termination by the Company without
Cause, the vested portion of the Option shall remain exercisable until the earlier of (i) ninety (90) days from the date of such
Termination, and (ii) the expiration of the stated term of the Option pursuant to Section 3(d) hereof.

 

(c)
Voluntary Resignation. In the event of the Participant’s voluntary Termination (other than a voluntary Termination
described in Section 4(d) hereof), the vested portion of the Option shall remain exercisable until the earlier of (i) ninety (90)
days from the date of such Termination, and (ii) the expiration of the stated term of the Option pursuant to Section 3(d) hereof.

 

(d)
Termination for Cause. In the event of the Participant’s Termination for Cause or in the event of the Participant’s
voluntary Termination (as provided in Section 4(c) hereof) after an event that would be grounds for a Termination for Cause, the
Participant’s entire Option (whether or not vested) shall terminate and expire upon such Termination.

 

(e)
Treatment of Unvested Options upon Termination. Any portion of the Option that is not vested as of the date of the Participant’s
Termination for any reason shall terminate and expire as of the date of such Termination.

 

5.
Method of Exercise and Payment. Subject to Section 8 hereof, to the extent that the Option has become vested and
exercisable with respect to a number of Common Shares as provided herein, the Option 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 Option as provided herein and in accordance
with Sections 6.4(c) and 6.4(d) of the Plan, including, without limitation, by the filing of any written form of exercise notice
as may be required by the Committee and payment in full of the Per Share Exercise Price specified above multiplied by the number
of Common Shares underlying the portion of the Option exercised.

 

6.
Non-Transferability. The Option, and any rights and interests with respect thereto, issued under this Agreement
and the Plan shall not be sold, exchanged, transferred, assigned or otherwise disposed of in any way by the Participant (or any
beneficiary of the Participant), other than by testamentary disposition by the Participant or the laws of descent and distribution.
Notwithstanding the foregoing, the Committee may, in its sole discretion, permit the Option to be Transferred to a Family Member
for no value, provided that such Transfer shall only be valid upon execution of a written instrument in form and substance acceptable
to the Committee in its sole discretion evidencing such Transfer and the transferee’s acceptance thereof signed by the Participant
and the transferee, and provided, further, that the Option may not be subsequently Transferred other than by will or by the laws
of descent and distribution or to another Family Member (as permitted by the Committee in its sole discretion) in accordance with
the terms of the Plan and this Agreement, and shall remain subject to the terms of the Plan and this Agreement. Any attempt to
sell, exchange, transfer, assign, pledge, encumber or otherwise dispose of or hypothecate in any way the Option, or the levy of
any execution, attachment or similar legal process upon the Option, contrary to the terms and provisions of this Agreement and/or
the Plan shall be null and void and without legal force or effect.

 

    3

     

    

 

7.
Governing Law. All questions concerning the construction, validity and interpretation of this Agreement shall be
governed by, and construed in accordance with, the laws of the State of Delaware, without regard to the choice of law principles
thereof.

 

8.
Withholding of Tax. The Company shall have the power and the right to deduct or withhold, or require the Participant
to remit to the Company, an amount sufficient to satisfy any federal, state, local and foreign taxes of any kind which the Company,
in its sole discretion, deems necessary to be withheld or remitted to comply with any applicable law, rule or regulation with
respect to the Option and, if the Participant fails to do so, the Company may otherwise refuse to issue or transfer any Common
Shares otherwise required to be issued pursuant to this Agreement. Any minimum statutorily required withholding obligation with
regard to the Participant may, with the consent of the Committee, be satisfied by reducing the amount of cash or of Common Shares
otherwise deliverable upon exercise of the Option.

 

9.
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.

 

10.
Notices. Any notice hereunder by the Participant shall be given to the Company in writing and such notice shall
be deemed duly given only upon receipt thereof by the General Counsel of the Company. Any notice hereunder by the Company shall
be given to the Participant in writing and such notice shall be deemed duly given only upon receipt thereof at such address as
the Participant may have on file with the Company.

 

11.
No Right to Employment. Any questions as to whether and when there has been a Termination 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, its Subsidiaries or its Affiliates to terminate the Participant’s employment or service
at any time, for any reason and with or without Cause.

 

12.
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 Option 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.

 

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13.
Compliance with Laws. The issuance of the Option (and the Option Shares upon exercise of the Option) 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, 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 the Option or any of the Option Shares pursuant to this Agreement if any such issuance
would violate any such requirements.

 

14.
Section 409A. Notwithstanding anything herein or in the Plan to the contrary, the Option is intended to be exempt
from the applicable requirements of Section 409A of the U.S. Internal Revenue Code and shall be limited, construed and interpreted
in accordance with such intent.

 

15.
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 in accordance with Section 6 hereof) any
part of this Agreement without the prior express written consent of the Company.

 

16.
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.

 

17.
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.

 

18.
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.

 

19.
Severability. The invalidity or unenforceability of any provisions of this Agreement 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.

 

20.
Acquired Rights. The Participant acknowledges and agrees that: (a) the Company, acting through its Board of Directors,
may terminate or amend the Plan at any time; (b) the award of the Option made under this Agreement is completely independent of
any other award or grant and is made at the sole discretion of the Committee; (c) no past grants or awards (including, without
limitation, the Option awarded hereunder) give the Participant any right to any grants or awards in the future whatsoever; and
(d) 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.

 

[Remainder
of Page Intentionally Left Blank]

 

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IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

 

	 	INTERNATIONAL
GENERAL INSURANCE HOLDINGS LTD.
	 	 	                      
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	PARTICIPANT
	 	 	 
	 	 
	 	 	 
	 	Name:	 

 

 

6EX-4.2

 Exhibit 4.2 

CNH INDUSTRIAL N.V. 
 EQUITY
INCENTIVE PLAN 

 CNH INDUSTRIAL N.V. EQUITY INCENTIVE PLAN 

1. Introduction and Purpose. This CNH Industrial N.V. Equity Incentive Plan was adopted by the CNH Industrial N.V. (the
“Company”) Board of Directors by written resolution dated February 27, 2014 and was subsequently ratified and approved by the Company shareholders at the Annual General Meeting of the Company’s stockholders held on April 16,
2014. The Plan was amended by the Board on March 3, 2020 (the “Amendment Date”), as a result of which the number of shares of Stock available for grant in Section 5 following the Amendment Date is 50,000,000 of which 7,000,000
are, as approved by the Company’s shareholders at the Annual General Meeting of the Company’s stockholders on April 16, 2020, available for grant to Executive Directors. Terms capitalized but not defined shall have the definitions set
forth in Section 2. 
 The purpose of the Plan is to set forth principles and rules, which govern the grant of Stock-based awards to
eligible top performers and key leaders of the Company (and its Subsidiaries), in order to foster a strong performance culture, to reward the best performers, and to align management and shareholders’ interests in achieving the Company’s
financial and other objectives. The Company believes that the Plan will also assist in attracting and retaining individuals of outstanding training, experience and ability, and will also ultimately promote the long-term success of the Company. 

2. Definitions. Unless the context clearly indicates otherwise, the following terms shall have the following meanings: 

(a) “Award” means the grant of a right or potential right, as applicable, to a Participant to receive incentive compensation under
the Plan. An Award shall be earned and vested only to the extent its terms and conditions are satisfied. 
 (b) “Award Agreement”
means the written or electronic agreement between the Company and the Participant that sets forth the applicable terms, conditions, and limitations with respect to a particular Award, together with any amendments thereto. Each Award Agreement shall
be in such form and shall contain such terms and conditions as determined by the Committee in its sole discretion. 
 (c) “Board”
means the board of directors of the Company. 
 (d) “Change of Control” means an event described in Section 12 hereof. 

(e) “Cause” shall mean, unless otherwise defined in the applicable Award Agreement or an employment agreement between the
Participant and the Company (or any Subsidiary or Joint Venture, as applicable): (i) a Participant engaging (or about to engage) in willful misconduct that is injurious to the Company or its Subsidiaries or Joint Ventures, (ii) a Participant
embezzling or misappropriating funds or property of the Company or its Subsidiaries or Joint Ventures, or a Participant’s conviction of a felony or the Participant’s entry of a plea of guilty or nolo contendere to a felony,
(iii) a Participant’s willful failure or refusal to substantially perform his or her duties or responsibilities that continues after being 

 
brought to the attention of the Participant, or (iv) a Participant’s violation of any restrictive covenants entered into between the Participant and the Company (or any Subsidiary or
Joint Venture, as applicable) or the Company’s (or any Subsidiary’s or Joint Venture’s) code of conduct or written policies or any crime involving a material element of fraud or dishonesty. Any determination of Cause shall be made by
the Committee in its sole discretion. Any such determination shall be final and binding on a Participant.  
 (f) “Code”
means the U.S. Internal Revenue Code of 1986, as amended from time to time. Any reference in the Plan to a specific Section of the Code shall include such Section, any valid regulation and other applicable authorities promulgated thereunder, and any
comparable provision of any future legislation amending, supplementing, or superseding such Section of the Code. 
 (g)
“Committee” means the Compensation Committee of the Board. 
 (h) “Company” means CNH Industrial N.V., a public
limited liability company, incorporated in and under the laws of The Netherlands, or any successor thereto. 
 (i) “Exchange Act”
means the U.S. Securities Exchange Act of 1934, as amended from time to time. Any reference in the Plan to a specific Section of the Exchange Act shall include such Section, any valid regulation and other applicable authorities promulgated
thereunder, and any comparable provision of any future legislation amending, supplementing, or superseding such Section of the Exchange Act. 

(j) “Executive Director” means a member of the Board having responsibility for day-to-day management of the Company. 
 (k) “Fair Market Value” means a price that is
based on the opening selling price, closing selling price, actual high, low, or average of the actual high and low selling price, or average selling prices (weighted or unweighted based on the volume of trading) of Stock reported on the New York
Stock Exchange, or such other established securities market on the applicable date, the trading day immediately preceding the applicable date, the trading day next succeeding the applicable date, or during a specified period before or after the
applicable date, all as determined by the Committee in its sole discretion, or such other price as required by applicable law or regulation. 

(l) “Incentive Stock Option” means a Stock Option designed to meet the requirements of Code Section 422. 

(m) “Joint Venture” means a joint venture, corporation or partnership, or comparable entity, in which the Company or a Subsidiary
has a material equity interest. 
 (n) “Nonqualified Stock Option” means a Stock Option that is not an Incentive Stock Option.

 (o) “Participant” means (i) an employee of the Company, its Subsidiaries or Joint Ventures or (ii) an
individual providing services to the Company or its Subsidiaries, including Executive Directors, who, in each case (A) has been selected by the Committee to receive an Award under the Plan and (B) to the extent required by the Committee,
has executed an Award Agreement. 

  
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 (p) “Performance Criteria” means one or more
pre-established objective performance goals established by the Committee in its sole discretion, which may be based on one or more of business criteria, including, but not limited to: trading profit (or
operating profit after restructuring); trading cash flow; revenue; revenue growth; earnings before interest and taxes; earnings before interest, taxes, depreciation and amortization; earnings per share; operating income; pre- or after-tax income; net operating profit after taxes; economic value added (or an equivalent metric); ratio of operating earnings to capital spending; cash flow (before
or after dividends); cash-flow per share (before or after dividends); net earnings; net sales; sales growth; share price performance; return on assets or net assets; return on shareholder equity; return on capital (including return on total capital
or return on invested capital); cash flow return on investment; total shareholder return; cumulative return on net assets employed; improvement in or attainment of expense levels; market share; and improvement in or attainment of working capital
levels or other business criteria. Performance Criteria may (i) be based on one or more business criteria that apply to the Participant, the Company as a whole, or any Subsidiary, business unit, division, segment of the Company, or any
combination thereof, (ii) include or exclude (or be adjusted to include or exclude) extraordinary items, the impact of charges for restructurings, discontinued operations and other unusual and
non-recurring items, and the cumulative effects of tax or accounting changes, each determined based on International Financial Reporting Standards (“IFRS”), as in effective from time to time,
generally accepted accounting principles in the United States of America, as in effect from time to time (“GAAP”), or on a non-GAAP basis and/or (iii) reflect absolute entity performance or a
relative comparison of entity performance to the performance of a peer group, index, or other external measure, in each case as determined by the Committee in its sole discretion. 

(q) “Performance Period” means the period during which the Performance Criteria must be attained, as designated by the Committee in
its sole discretion. 
 (r) “Performance Share” means an Award providing the Participant with a designated number of shares of
Stock subject to the attainment of Performance Criteria within the Performance Period and the satisfaction of such other terms and conditions, as specified by the Committee in the Award Agreement in accordance with Section 10 hereof. 

(s) “Performance Share Unit” means an Award, designated as a unit, providing a Participant with the right to receive a designated
number of shares of Stock or cash in an amount determined as a function of a designated number of shares of Stock at a date on or after, and subject to, the attainment of Performance Criteria within the Performance Period and the satisfaction of
such other terms and conditions, as specified by the Committee in the Award Agreement in accordance with Section 10 hereof. 
 (t)
“Person” means any individual, entity or group, including any “person” within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act. 

  
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 (u) “Plan” means the CNH Industrial N.V. Equity Incentive Plan, as may be amended
from time to time, including any and all component plans and programs established hereunder pursuant to which Awards are granted. 
 (v)
“Restricted Stock” means an Award providing a Participant with a designated number of shares of Stock subject to the satisfaction of vesting conditions and such other terms and conditions, as specified by the Committee in the Award
Agreement in accordance with Section 9 hereof. 
 (w) “Restricted Stock Unit” means an Award, designated as a unit, providing
a Participant with the right to receive a designated number of shares of Stock or cash in an amount determined as a function of a designated number of shares of Stock at a date on or after, and subject to, the satisfaction of vesting conditions and
such other terms and conditions, as specified by the Committee in the Award Agreement in accordance with Section 9 hereof. 
 (x)
“SAR” means an Award of a stock appreciation right granted to a Participant pursuant to Section 8 hereof. 
 (y)
“Stock” means a common share of the Company, nominal value EUR 0.01. 
 (z) “Stock Option” means an Award
providing a Participant with the right to acquire a designated number of shares of Stock at a certain price that is granted pursuant to Section 7 hereof. The term Stock Option includes both Incentive Stock Options and Nonqualified Stock
Options. 
 (aa) “Subsidiary” or “Subsidiaries” means any corporation or entity of which the Company owns directly or
indirectly, at least 50% of the total voting power or in which it has at least a 50% economic interest, and which is authorized by the Committee to participate in the Plan. 

3. Administration. The Plan will be administered by the Committee consisting of two or more directors of the Company as the Board may designate
from time to time, each of whom shall satisfy such requirements under applicable law. 
 The Committee shall have the discretionary
authority to select those individuals who are eligible to participate in the Plan, to determine the number, type, and amount of Awards to be granted to Participants, to construe and interpret the Plan and any Awards granted thereunder, to establish
and amend rules for Plan administration, to change the terms and conditions of Awards at or after grant (subject to the provisions of Section 18 hereof), to correct any defect or supply any omission or reconcile any inconsistency in the Plan or
in any Award granted under the Plan, and to make all other determinations which it deems necessary or advisable for the administration of the Plan. 

The Committee or the Board may authorize one or more officers of the Company to select individuals to participate in the Plan and to determine
the number, type, and amount of Awards to be granted to such Participants. Any reference in the Plan to the Committee shall include such authorized officer or officers. 

  
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 The determinations of the Committee shall be made in accordance with their judgment as to
the best interests of the Company and its shareholders and in accordance with the purposes of the Plan. Any determination of the Committee under the Plan may be made without notice or meeting of the Committee, if in a writing signed by all the
Committee members, and shall be final and binding on all interested Persons to the maximum extent permitted under applicable law. 
 4.
Participants. Participants may consist of any or all employees of, and individuals providing services to, the Company, its Subsidiaries and Joint Ventures. Designation of a Participant in any year shall not require the Committee to designate
that individual to receive an Award in any other year or to receive the same type or amount of Award as granted to the Participant in any other year or as granted to any other Participant in any year. The Committee shall consider all factors that it
deems relevant in selecting Participants and in determining the type and amount of their respective Awards. 
 5. Shares Available under the
Plan. Effective as of Amendment Date, the maximum aggregate number of shares of Stock available for grant pursuant to Awards under the Plan is 50,000,000, of which no more than 7,000,000 of shares of Stock are available for Awards made to
Executive Directors. The following shares of Stock related to Awards under the Plan may again be available for issuance under the Plan: (a) any shares of Stock covered by an Award which are settled in cash and (b) any shares of Stock
related to Stock Option or other Awards that expire, lapse, are forfeited or cancelled or terminate for any other reason without issuance of shares of Stock. Further, any shares of Stock subject to a SAR shall be counted as used only to the extent
shares of Stock are actually issued to the Participant upon exercise of the SAR. Any shares of Stock retained by the Company to comply with applicable income tax or social tax withholding requirements or withheld to facilitate payment of the
exercise price of a Stock Option, shall be deemed delivered for purposes of the Plan and will not be deemed to be Stock available for Awards under the Plan. 

All Stock issued under the Plan may be either authorized and unissued Stock or issued Stock reacquired by the Company (including treasury
shares). Stock Options and unissued Stock may only be issued if authorized pursuant to a resolution of the general meeting of shareholders of the Company (or, if authorized to do so by the general meeting of shareholders, by the Board) authorizing
such issuance and excluding preference rights for existing shareholders if applicable. The authorization shall not be applicable to the issuing of Stock to Participants who exercise a Stock Option. 

The Stock reserved for issuance and the other limitations set forth above shall be subject to adjustment in accordance with Section 13(a)
hereof. 

  
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 6. Types of Awards, Payments, and Limitations. Awards shall consist of Stock Options, SARs,
Restricted Stock, Restricted Stock Units, Performance Shares, Performance Share Units, and other Stock-based Awards, all as described below. Payment of Awards may be in the form of cash, Stock, other Awards or combinations thereof as the Committee
shall determine, and with the expectation that any Award of Stock shall be styled to preserve such restrictions as it may impose. The Committee need not require the execution of any such agreement by a Participant. Acceptance of the Award by the
applicable Participant shall constitute agreement by the Participant to the terms and conditions of the Award. 
 The Committee may (but
need not) provide that any Awards earn dividends or dividend equivalents and interest on such dividends or dividend equivalents. Such dividends or dividend equivalents may be paid currently or may be credited to a Participant’s Plan account and
are subject to the same terms and conditions, including, without limitation, the attainment of Performance Criteria, as the underlying Award. Any crediting of dividends or dividend equivalents may be subject to such terms and conditions as the
Committee may establish, including reinvestment in additional Stock or Stock equivalents. 
 Awards shall be evidenced by an Award Agreement
that sets forth the terms, conditions and limitations of such Award. Such terms may include, but are not limited to, the term of the Award, the provisions applicable in the event the Participant’s employment terminates, and the Company’s
authority (subject to the provisions of Section 18 hereof) to unilaterally or bilaterally amend, modify, suspend, cancel or rescind any Award, including, without limitation, the ability to amend such Awards to comply with changes in applicable
law. An Award may also be subject to other provisions (whether or not applicable to similar Awards granted to other Participants) as the Committee determines appropriate, including provisions intended to comply with applicable securities laws, stock
exchange and other regulatory requirements, understandings or conditions as to the Participant’s employment, requirements or inducements for continued ownership of Stock after exercise or vesting of Awards, or forfeiture of Awards in the event
of termination of employment shortly after exercise or vesting, or breach of noncompetition, non-solicitation, confidentiality or other covenants following termination of employment. 

The Committee may make retroactive adjustments to and the Participant shall reimburse to the Company any cash or equity based incentive
compensation paid to the Participant where such compensation was predicated upon achieving certain financial results that were substantially the subject of an accounting restatement, and as a result of such accounting restatement it is determined
that the Participant otherwise would not have been paid such compensation, regardless of whether or not the accounting restatement resulted from the Participant’s fraud or misconduct. In each such instance, the Company will, to the extent
practicable, seek to recover (a) the amount by which the Participant’s cash or equity based incentive compensation for the relevant period exceeded the lower payment, if any, that would have been made based on the restated financial
results, or (b) if in the Committee’s view the Participant engaged in fraud or misconduct that caused or partially caused the need for the accounting restatement, the total amount of the Participant’s cash or equity based incentive
compensation for the relevant period, plus a reasonable rate of interest. In addition to (and not in derogation of) the foregoing: (y) to the extent required under Section 304 of the Sarbanes-Oxley Act of 2002, as amended, if the Company
is required to prepare an accounting restatement due to its material noncompliance, as a result of misconduct, with any financial reporting requirement under applicable securities laws, the 

  
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Company’s chief executive officer and chief financial officer shall reimburse the Company for (i) any bonus or other incentive-based or equity-based compensation received by that
individual from the Company during the 12-month period following the first public issuance or filing with the U.S. Securities and Exchange Commission (whichever first occurs) of the financial document
embodying such financial reporting requirement, and (ii) any profits realized from the sale of securities of the Company during that 12-month period, and (z) to the extent required under
Section 10D of the Exchange Act, effective on or after July 22, 2010, in the event that the Company is required to prepare an accounting restatement due to its material noncompliance with any financial reporting requirement under
applicable securities laws, the Company will recover from any current or former executive officer of the Company who received incentive based compensation (including Stock Options awarded as compensation) during the
3-year period preceding the date on which the Company is required to prepare an accounting restatement, the excess of the amount of such incentive based compensation received based on the erroneous data over
what would have been paid to the executive officer under the accounting restatement. 
 The Committee, in its sole discretion, either at the
time of grant or by subsequent amendment, and subject to the provisions of Sections 18 and 23 hereof, may, except in the case of Stock Options and SARs, require or permit a Participant to elect to defer amounts or Stock that otherwise would be paid
or delivered to the Participant as a result of the exercise or settlement of an Award under such rules and procedures as the Committee may establish under the Plan, and to have any such deferred amounts or Stock credited to one or more accounts
established for the Participant by the Committee on the Company’s books of account. 
 7. Stock Options. Stock Options may be awarded to
Participants under such terms and conditions as may be established by the Committee, except that reload options may not be granted under the Plan. The Committee shall determine the number of shares of Stock subject to each Stock Option and whether
the Stock Option is an Incentive Stock Option. All of the available Stock under the Plan may, but need not, be issued pursuant to the exercise of Incentive Stock Options; provided, however, notwithstanding a Stock Option’s designation, to the
extent that Incentive Stock Options are exercisable for the first time by the Participant during any calendar year with respect to Stock whose aggregate Fair Market Value exceeds US$100,000, such Stock Options shall be treated as Nonqualified Stock
Options. The exercise price for each Stock Option shall be determined by the Committee but shall not be less than the higher of (i) EUR 0.01 or (ii) 100% of the Fair Market Value of the Stock on the date the Stock Option is granted unless the
Stock Option is a substitute or assumed Stock Option granted pursuant to Section 14 hereof. Each Stock Option shall expire at such time as the Committee shall determine at the time of grant. Stock Options shall be exercisable at such time and
subject to such terms and conditions as the Committee shall determine; provided, however, that no Stock Option shall be exercisable later than the tenth anniversary of its grant. The exercise price, upon exercise of any Stock Option, shall be
payable by or on behalf of the applicable Participant to the Company in full by: (a) cash payment or its equivalent; (b) tendering previously acquired Stock purchased on the open market having a Fair Market Value at the time of exercise
equal to the exercise price or certification of 

  
 -7- 

 
ownership of such previously-acquired Stock; (c) to the extent permitted by applicable law, delivery of a properly executed exercise notice, together with irrevocable instructions to a
broker to promptly deliver to the Company the amount of sale proceeds from the Stock Option shares or loan proceeds to pay the exercise price and any withholding taxes due to the Company; and (d) such other methods of payment as the Committee,
in its sole discretion, deems appropriate. Upon exercise of any Stock Option, the Stock will be issued in the manner as the Company may deem appropriate. 

8. Stock Appreciation Rights. SARs may be awarded to Participants under such terms and conditions as may be established by the Committee.
Notwithstanding any other provision of the Plan, the Committee may, in its sole discretion, substitute SARs which can be settled only in Stock for outstanding Stock Options. The grant price of a substitute SAR shall be equal to the exercise price of
the related Stock Option and the substitute SAR shall have substantive terms (e.g., duration) that are equivalent to the related Stock Option. The grant price of any other SAR shall be equal to the Fair Market Value of the Stock on the date
of its grant unless the SARs are substitute or assumed SARs granted pursuant to Section 14 hereof. A SAR may be exercised upon such terms and conditions and for the term the Committee in its sole discretion determines, as specified by the
Committee in the Award Agreement; provided, however, that the term shall not exceed the Stock Option term in the case of a substitute SAR or ten years in the case of any other SAR, and the terms and conditions applicable to a substitute SAR shall be
substantially the same as those applicable to the Stock Option which it replaces. Upon exercise of a SAR, the Participant shall be entitled to receive payment from the Company in an amount determined by multiplying (a) the excess (if any) of
the Fair Market Value of a share of Stock on the date of exercise over the grant price of the SAR by (b) the number of shares of Stock with respect to which the SAR is exercised. The payment may be made in cash or Stock, or any combination
thereof, at the discretion of the Committee, except in the case of a substitute SAR payment which may be made only in Stock. 
 9. Restricted
Stock and Restricted Stock Units. Restricted Stock and Restricted Stock Units may be awarded to Participants under such terms and conditions as shall be established by the Committee. Restricted Stock and Restricted Stock Units shall be subject
to vesting conditions and such other terms and conditions as the Committee determines, including, without limitation, any of the following: 

(a) a prohibition against sale, assignment, transfer, pledge, hypothecation or other encumbrance for a specified period; and 

(b) a requirement that the holder forfeit the Restricted Stock or Restricted Stock Units in the event of termination of employment during the
period of restriction. 
 All restrictions shall expire and the Award shall vest at such times as the Committee shall specify. 

  
 -8- 

 10. Performance Shares and Performance Share Units. Performance Shares and Performance Share
Units may be awarded to Participants under such terms and conditions as shall be established by the Committee. Performance Shares and Performance Share Units shall be subject to the attainment of Performance Criteria during the applicable
Performance Period and the satisfaction of such vesting conditions and other terms and conditions established by the Committee. 

Notwithstanding the satisfaction of any Performance Criteria, the Performance Criteria for the applicable Performance Period and the number of
shares of Stock issued or the amount of cash paid in respect of a Performance Shares Award or Performance Share Units Award may be adjusted by the Committee on the basis of such further consideration as the Committee in its sole discretion shall
determine. 
 11. Other Stock-Based Awards. In addition to the incentives described in Sections 6 through 10 hereof, the Committee may grant
other Stock-based incentives payable in cash, Stock, or any combination thereof, under the Plan as it determines to be in the best interests of the Company and subject to such other terms and conditions as it deems appropriate, as specified by the
Committee in the applicable Award Agreement. 
 12. Change of Control. 

(a) Unless otherwise provided in the Award Agreement, or otherwise determined by the Committee, unless Awards are not assumed, converted or
replaced in connection with a transaction that constitutes a Change of Control (in which case such Awards shall vest immediately prior to the Change of Control and all Performance Criteria, to the extent applicable, shall be deemed achieved at
target levels and all other terms and conditions met on Performance Shares and Performance Share Units), notwithstanding any other provision of the Plan to the contrary, in the event that the employment of the Participant is involuntarily terminated
by the Company, or the applicable Subsidiary or Joint Venture, (or the applicable successor to such entity) other than for Cause within a twenty-four (24) month period following the effective date of a Change of Control (a “Termination
Event”): 
 (i) any Stock Options and SARs outstanding which are not then exercisable and vested shall become fully exercisable and
vested; 
 (ii) subject to Section 12(a)(vi), all restrictions shall lapse and all other terms and conditions shall be deemed met on
Restricted Stock and Performance Shares and such Awards shall be become fully vested and transferable; 
 (iii) subject to
Section 12(a)(vi), all Restricted Stock Units and Performance Share Units shall be considered to be earned and vested and payable in full, and such Awards shall be settled in cash or shares, or in any combination thereof, as determined by the
Committee in its discretion, as promptly as practicable (but in no event later than 60 days following the Termination Event); 

  
 -9- 

 (iv) all other Awards shall be paid out in cash or shares, or in any combination thereof,
as determined by the Committee in its discretion, as promptly as practicable (but in no event later than 60 days following the Termination Event); 

(v) subject to the terms of the Plan, the Committee may also make additional adjustments and/or settlements of outstanding Awards as it deems
appropriate and consistent with the Plan’s purposes and applicable law; and 
 (vi) all Performance Criteria shall be deemed achieved
at target levels and all other terms and conditions met on Performance Shares and Performance Share Units. 
 (b) In the event of a Change
of Control, the Committee may in its discretion and upon at least ten (10) days’ advance notice to the affected Participants, cancel any outstanding Awards and pay to the holders thereof, in cash or shares, or any combination thereof, the
value of such Awards based upon the price per share received or to be received by other shareholders of the Company in the event. 
 (c)
Notwithstanding the foregoing, if any Award is subject to Section 409A of the Code, this Section 12 shall be applicable only to the extent specifically provided in the Award Agreement and in accordance with Section 409A of the Code.

 (d) To the extent the effect of a Change of Control on any Award granted under the Plan is not otherwise addressed in this
Section 12 or the applicable Award Agreement, the Committee may, in its sole discretion, as to any such Award, take any one or more of the following actions: (i) provide for the acceleration of any time periods relating to the vesting,
exercise or realization of any such Award so that such Award may be exercised or realized in full on or before a date fixed by the Committee; (ii) provide for the purchase of any such Award; (iii) make such adjustment to any such Award
then outstanding as the Committee deems appropriate to reflect such Change of Control; (iv) cause any such Award then outstanding to be assumed, or new rights substituted therefor, by the successor company (or a subsidiary or affiliate of such
successor company, as applicable) after such Change of Control; or (v) take any other action with respect to such Award as the Committee may determine is appropriate, in its sole discretion. 

For purposes of the Plan, the term “Change of Control” shall mean: 

(I) the acquisition by any individual, entity or group, including any Person, of beneficial ownership (as defined in Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, of more than 50% of the combined voting power of the then outstanding capital stock of the Company that by its terms may be voted on all matters
submitted to shareholders of the Company generally (“Voting Stock”); provided, however, that the following acquisitions shall not constitute a Change of Control: (i) any acquisition directly from the Company (excluding any acquisition
resulting from the exercise of a conversion or exchange privilege in respect of outstanding convertible or exchangeable securities unless such outstanding convertible or exchangeable securities were acquired

  
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directly from the Company); (ii) any acquisition by the Company; (iii) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by the Company; or (iv) any
acquisition by any entity pursuant to a reorganization, merger or consolidation involving the Company, if, immediately after such reorganization, merger or consolidation, each of the conditions described in clauses (i) and (ii) of subsection
(II) below shall be satisfied; and provided further that, for purposes of clause (ii) above, if (A) any Person (other than the Company or any employee benefit plan (or related trust) sponsored or maintained by the Company) shall
become the beneficial owner of more than 50% of the Voting Stock by reason of an acquisition of Voting Stock by the Company, and (B) such Person shall, after such acquisition by the Company, become the beneficial owner of any additional shares
of the Voting Stock and such beneficial ownership is publicly announced, then such additional beneficial ownership shall constitute a Change of Control; or 

(II) the consummation of a reorganization, merger or consolidation of the Company, or the sale, lease, exchange or other transfer of all or at
least 50% of the total gross fair market value of all of the assets of the Company (with the total gross fair market value of the total assets of the Company and the assets of the Company being sold, leased, exchanged, or transferred each determined
without regard to any liabilities associated with such assets), excluding, however, any such reorganization, merger, consolidation, sale, lease, exchange or other transfer with respect to which, immediately after consummation of such transaction:
(i) all or substantially all of the beneficial owners of the Voting Stock of the Company outstanding immediately prior to such transaction continue to beneficially own, directly or indirectly (either by remaining outstanding or by being
converted into voting securities of the entity resulting from such transaction), more than 50% of the combined voting power of the voting securities of the entity resulting from such transaction (including, without limitation, the Company or an
entity which as a result of such transaction owns the Company or all or at least 50% of the total gross fair market value of all of the assets of the Company (as described in herein), directly or indirectly) (the “Resulting Entity”)
outstanding immediately after such transaction, in substantially the same proportions relative to each other as their ownership immediately prior to such transaction; and (ii) no Person (other than any Person that beneficially owned,
immediately prior to such reorganization, merger, consolidation, sale or other disposition, directly or indirectly, Voting Stock representing more than 50% of the combined voting power of the Company’s then outstanding Voting Stock)
beneficially owns, directly or indirectly, more than 50% of the combined voting power of the then outstanding capital stock of the Resulting Entity; or 

(III) upon the approval of a plan of complete liquidation or dissolution of the Company. 

13. Adjustment Provisions. 
 (a)
In the event of any change affecting the number, class, market price or terms of the Stock by reason of share dividend, share split, recapitalization, reorganization, merger, consolidation, spin-off,
disaffiliation of a Subsidiary, combination of Stock, exchange of Stock, Stock rights offering, or other similar event, or any distribution to the holders of Stock other than a regular cash dividend, the Committee shall equitably substitute or
adjust the number or class of Stock which may be issued under the Plan in the aggregate or to any one Participant in any calendar year and the number, class, price or terms of shares of Stock subject to outstanding Awards. 

  
 -11- 

 (b) In the event of any merger, consolidation or reorganization of the Company with or into
another corporation which results in the outstanding Stock of the Company being converted into or exchanged for different securities, cash or other property, or any combination thereof, there shall be substituted, on an equitable basis, for each
share of Stock then subject to an Award, the number and kind of shares of stock, other securities, cash or other property to which holders of Stock will be entitled pursuant to the transaction. 

14. Substitution and Assumption of Awards. The Board or the Committee may authorize the issuance of Awards in connection with the assumption of,
or substitution for, outstanding equity awards previously granted to individuals who become employees of the Company or any Subsidiary as a result of any merger, consolidation, acquisition of property or stock, or reorganization, upon such terms and
conditions as the Committee may deem appropriate. 
 15. Nontransferability. Awards shall not be transferable other than by will or the laws
of descent and distribution, and each Stock Option and SAR shall be exercisable during the Participant’s lifetime only by the Participant or, in the event of disability, by the Participant’s personal representative. In the event of the
death of a Participant, exercise of any Award or payment with respect to any Award shall be made only to the executor or administrator of the estate of the deceased Participant or to the Person or Persons to whom the deceased Participant’s
rights under the Award shall pass by will or the laws of descent and distribution. Subject to the approval of the Committee in its sole discretion, Stock Options may be transferable to charity or to members of the immediate family of the Participant
and to one or more trusts for the benefit of such family members, partnerships in which such family members are the only partners, or corporations in which such family members are the only shareholders. Members of the immediate family means the
Participant’s spouse, children, stepchildren, grandchildren, parents, grandparents, siblings (including half brothers and sisters), and individuals who are family members by adoption. 

16. Taxes. The Company, Subsidiary and/or Joint Venture shall be entitled to deduct and withhold from the wages, salary, bonus and other income
paid by the Company, or Joint Venture Subsidiary to the Participant or require a Participant to remit the amount of any federal, state and cantonal, local and social or payroll tax, including social security contributions, attributable to any
amounts payable or Stock deliverable under the Plan., The Company may defer making payment or delivery as to any Award, if any such tax is payable, until indemnified to its satisfaction, and the Company shall have no liability to any Participant for
exercising the foregoing right. The Committee may, in its sole discretion and subject to such rules as it may adopt, permit or require a Participant to pay all of or a portion of the federal, state and cantonal, local and social or payroll tax
arising in connection with the grant, vesting, settlement, or exercise of any Award; by (i) having the Company withhold shares of Stock, (ii) tendering shares of Stock received in connection with such Award back to the Company or
(iii) delivering other previously acquired shares of Stock having a Fair Market Value equal to the amount required to be withheld. 

  
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 17. Duration of the Plan. No Award shall be made under the Plan more than ten years after
April 16, 2020; provided, however, that the terms and conditions applicable to any Award granted on or before such date may thereafter be amended or modified by mutual agreement between the Company and the Participant, or such other Person as
may then have an interest therein. 
 18. Amendment and Termination. The Board or the Committee may amend the Plan from time to time or
terminate the Plan at any time. However, unless expressly provided in an Award Agreement or the Plan, no such action shall reduce the amount of any existing Award or change the terms and conditions thereof without the Participant’s consent;
provided, however, that the Committee may, in its discretion, substitute SARs which can be settled only in Stock for outstanding Stock Options in accordance with Section 8 hereof, and may require an Award be deferred pursuant to Section 6
hereof, without a Participant’s consent; and further provided that the Committee may amend or terminate an Award to comply with changes in applicable law without a Participant’s consent. 

The Company shall obtain shareholder approval of any Plan amendment to the extent necessary to comply with applicable laws, regulations, or
stock exchange rules. 
 19. Other Provisions. 

(a) The Committee may grant Awards to employees or other service providers of the Company, its Subsidiaries and Joint Ventures who reside or
performs services outside the United States. Notwithstanding anything in the Plan to the contrary, the Committee may, in its sole discretion: (a) amend or vary the terms of the Awards in order to conform such terms with the requirements of each
jurisdiction where a Subsidiary or Joint Venture is located; (b) amend or vary the terms of the Plan in each jurisdiction where a Subsidiary is located as it considers necessary or desirable to take into account or to mitigate or reduce the
burden of taxation and social security contributions for Participants and/or the Subsidiary or Joint Venture; or (c) amend or vary the terms of the Plan in a jurisdiction where the Subsidiary or Joint Venture is located as it considers
necessary or desirable to meet the goals and objectives of the Plan. The Committee may where it deems appropriate in its sole discretion, establish one or more sub-plans for these purposes, and establish
administrative rules and procedures to facilitate the operation of the Plan in such jurisdictions. 
 (b) Neither the Plan nor any Award
shall confer upon a Participant any right with respect to continuing the Participant’s employment or service with the Company or any of its Subsidiaries or Joint Ventures; nor interfere in any way with the Participant’s right or the
Company’s or a Subsidiary’s right to terminate such relationship at any time, with or without cause, to the extent permitted by applicable laws and any enforceable agreement between the Participant and the Company or a Subsidiary, as
applicable. 

  
 -13- 

 (c) No fractional shares of Stock shall be issued or delivered pursuant to the Plan or any
Award, and the Committee, in its discretion, shall determine whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional shares of Stock, or whether such fractional shares or any rights thereto shall be
canceled, terminated, or otherwise eliminated. 
 (d) In the event any provision of the Plan shall be held to be illegal or invalid for any
reason, such illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if such illegal or invalid provisions had never been contained in the Plan. 

(e) Notwithstanding any provision to the contrary, the Company shall have no liability to deliver any Award or make any other distribution of
benefits under the Plan unless such delivery or distribution would comply with all applicable laws (including, without limitation, the requirements of the United States Securities Act of 1933, as amended, and the Exchange Act, the Italy Consolidated
Financial Act (Testo Unico delle Disposizioni in materia di intermediazione finanziaria), and the Netherlands Financial Supervision Act (Wet op het financieel toezicht) and rules promulgated thereunder) and the shares of Stock in respect of such
Award are authorized for listing on the New York Stock Exchange or Mercato Telematico Azionario (organized and managed by Borsa Italiana S.p.A.). 

(f) Except as otherwise provided in any Award Agreement or as expressly set forth herein, a Participant shall have no rights as a shareholder
of the Company until he or she becomes the holder of record of the shares of Stock. 
 (g) Payments and other benefits received by a
Participant under an Award shall not be deemed a part of a Participant’s compensation for purposes of determining the Participant’s benefits under any other employee benefit plans or arrangements provided by the Company or a Subsidiary,
unless the Committee expressly provides otherwise in writing or unless expressly provided under such other plan or arrangement. 
 20. Governing
Law. Subject to Section 19(a) hereof, the Plan and any actions taken in connection herewith shall be governed by and construed in accordance with applicable federal law of the United States of America and, to the extent not pre-empted thereby or inconsistent therewith, the laws of the State of Delaware, United States of America, without regard to any jurisdiction’s conflict of laws principles. BY ACCEPTING ANY AWARD UNDER THE
PLAN, THE PARTICIPANT EXPRESSLY AND IRREVOCABLY AGREES TO SUBMIT TO THE EXCLUSIVE JURISDICTION OF ANY FEDERAL OR STATE COURT LOCATED IN WILMINGTON, DELAWARE, UNITED STATES OF AMERICA IN RESPECT OF ANY MATTER RELATING THE PLAN THAT IS NOT OTHERWISE
ARBITRATED OR RESOLVED IN ACCORDANCE WITH SECTION 21 HEREOF, INCLUDING, WITHOUT LIMITATION, ANY ACTION OR PROCEEDING TO COMPEL ARBITRATION OR TO ENFORCE AN ARBITRATION AWARD. 

  
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 21. Arbitration. Any and every dispute or difference arising under, or in relation to the
Plan, including any dispute or difference as to the validity, meaning or effect hereof, shall be finally settled by arbitration in Wilmington, Delaware, United States of America under the Rules of the United States Federal Arbitration Act. The
arbitration award shall be final and binding and shall deal with the question of the costs of arbitration and all matters relating thereto. The arbitrator is not empowered to award damages in excess of reasonable actual damages. The dispute shall be
resolved by a single arbitrator appointed by the American Arbitration Association. 
 22. Unfunded Plan. Unless otherwise determined by the
Committee, the Plan shall be unfunded and shall not create (or be construed to create) a trust or a separate fund or funds. The Plan shall not establish a fiduciary relationship between the Company and any Participant or other Person. To the extent
any Person holds any rights by virtue of an Award under the Plan, such right (unless otherwise determined by the Committee) shall be not greater than the right of an unsecured general creditor of the Company. 

23. Code Section 409A. Awards generally are intended to be exempt from Code Section 409A; provided, however,
notwithstanding any contrary provision of the Plan or any agreement or notice governing any Award, the following provisions shall apply if and to the extent any payment made pursuant to an Award is subject to (and not exempt from) Code
Section 409A: 
 (a) Such payment shall comply with Code Section 409A and, accordingly, to the maximum extent permitted, the Plan
shall be interpreted, and such payment shall be made under such other conditions determined by the Committee that cause such payment, to be in compliance with Code Section 409A. 

(b) A termination of employment shall not be deemed to have occurred for purposes of any provision of the Plan or an Award providing for the
payment of any amounts upon or following a Participant’s termination date unless such termination is also a “separation from service” within the meaning of Code Section 409A, applying the default rules thereof. 

(c) With respect to any payment that is otherwise payable upon a Participant’s separation from service, in the event the Participant is a
“specified employee” (as defined in Code Section 409A), any such payment that would otherwise have been payable in the first six months following the Participant’s separation from service date will not be paid to the Participant
until the date that is six months and one day following the Participant’s separation from service date (or, if earlier, the Participant’s date of death), with any such deferred payments being paid in a lump sum; provided that, thereafter,
the remainder of any such payments shall be payable in accordance with the terms of the Plan or the Award Agreement, as the case may be. 

(d) Whenever a payment under the Plan or an Award Agreement specifies a period within which such payment may be made, the actual date of
payment within the specified period shall be within the sole discretion of the Committee. 

  
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 (e) In no event shall any payment under the Plan that constitutes “deferred
compensation” for purposes of Code Section 409A be offset by any other payment pursuant to the Plan or otherwise. 
 (f) To the
extent required under Code Section 409A, (i) any reference herein to the term “Plan” shall mean this Plan and any other plan, agreement, method, program, or other arrangement, with which this Plan is required to be aggregated
under Code Section 409A, and (ii) any reference herein to the term “Company” shall mean the Company and all Persons with whom the Company would be considered a single employer under Code Section 414(b) or 414(c). 

In such case, if the Plan or the terms of an Award Agreement fail to meet the requirements of Code Section 409A with respect to such
Award, then such Award shall remain in effect and be subject to taxation in accordance with Code Section 409A and the Committee may accelerate distribution or settlement of an Award in accordance with Code Section 409A. The Company and its
Subsidiaries shall have no liability for any tax imposed on a Participant under Code Section 409A, and if any tax is imposed on a Participant, the Participant shall have no recourse against the Company, its Subsidiaries and Joint Ventures for
payment of any such tax. Notwithstanding the foregoing, if any modification of an Award causes the Award to be deferred compensation under Code Section 409A, the Committee may rescind such modification in accordance with Code Section 409A.

 Notwithstanding any provisions of this Plan, the Company, its Subsidiaries and Joint Ventures do not guarantee to any Participant or any
other Person with an interest in an Award that any Award intended to be exempt from Code Section 409A shall be so exempt, nor that any Award intended to comply with Code Section 409A or Code Section 422 shall so comply. 

24. Successors and Assigns. The Plan shall be binding on the Company and all Participants and their respective heirs, executors, agents,
trustees, administrators, successors and assigns. 
 25. Gender, Singular, Plural, Captions. Where the context of the Plan permits, words in
the masculine gender shall include the feminine gender, the plural form of a word shall include the singular form, and the singular form of a word shall include the plural form. In addition, the captions of the Sections of the Plan are for
convenience only and shall not control or affect the meaning or construction of any of its provisions. 
 26. Effective Date and
Applicability. This Plan became effective as of February 27, 2014, as adopted by the Board by written resolution, and the provisions contained herein shall apply with respect to any and all Awards granted on or after such date. 

  
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