Document:

Exhibit 10.15 -- Forms of Change in Control Severance Agreement

 Exhibit 10.15 
 CHANGE IN CONTROL SEVERANCE AGREEMENT 
 This CHANGE IN CONTROL SEVERANCE AGREEMENT (this
“Agreement”) is made as of the 2nd day of January, 2008, between Under Armour, Inc., a corporation organized under the laws of the State of Maryland (together with its affiliates, the “Company”), and Peter Mahrer (the
“Executive”). 
 WITNESSETH THAT: 
 WHEREAS, should Under Armour, Inc. or shareholders of Under Armour, Inc. receive any proposal from a third person regarding a possible Change in Control, the Board of Directors of Under Armour, Inc. (the “Board”) believes it is
important that the Company should be able to rely upon the Executive to continue in his position until after such Change in Control and that Under Armour, Inc. be able to receive and rely upon the Executive’s advice, if requested, as to the
best interest of Under Armour, Inc. and its shareholders in connection with any such Change in Control, without concern that the Executive might be distracted or his advice affected by the personal uncertainties and risks created by such a Change in
Control. 
 NOW THEREFORE, in order to provide an incentive to the Executive for the continued dedication of Executive and the availability
of his advice and counsel notwithstanding the possibility of a Change in Control, and to encourage Executive to remain in the employ of the Company, and for other good and valuable consideration, the Company and Executive hereby agree as follows:

 1. Definitions. 
 (i)
“Accrued Obligations” shall mean the sum of the following: (a) the full base salary earned by the Executive through the Termination Date and unpaid as of the Termination Date, calculated at the highest rate of base salary in effect at
any time during the twelve (12) months immediately preceding the Termination Date; (b) the amount of any base 
  
 PRIVATE AND CONFIDENTIAL 
  

 1 

 
salary attributable to vacation earned by the Executive but not taken before the Termination Date; (c) any Bonus accrued to the Executive with respect
to the calendar year preceding the termination of employment and unpaid as of the Termination Date; (d) a pro-rata Bonus for the year in which the Change in Control occurs, equal to the Bonus times a fraction, the numerator of which is the
number of days during the calendar year preceding the Termination Date and the denominator of which is 365; and (e) all other amounts earned by the Executive and unpaid as of the Termination Date. 
 (ii) “Bonus” shall mean the greater of: (a) the annual average of the Executive’s bonus paid to the Executive with respect to
the two (2) calendar years prior to Executive’s termination of employment with the Company or (b) the Executive’s target bonus for the year of such termination of employment. 
 (iii) “Cause” shall mean the occurrence of any of the following: (a) the Executive’s material misconduct or neglect in the
performance of his duties; (b) the Executive’s commission of any felony; offense punishable by imprisonment in a state or federal penitentiary; any offense, civil or criminal, involving material dishonesty, fraud, moral turpitude or
immoral conduct; or any crime of sufficient import to potentially discredit or adversely affect the Company’s ability to conduct its business in the normal course; (c) the Executive’s use of illegal drugs or abusive use of
prescription drugs; (d) the Executive’s material breach of the Company’s written Code of Conduct, as in effect from time to time; (e) the Executive’s commission of any act that results in severe harm to the Company excluding
any act taken by the Executive in good faith that he reasonably believed was in the best interests of the Company; or (f) the Executive’s material breach of this Agreement, including, but not limited to, a material breach of the Employee
Confidentiality, Non-Competition, Side Activities, Intellectual Property and Non-Solicitation Agreement attached hereto as Attachment A. 
 (iv) “Change in Control” shall mean the occurrence of any of the following: 
  

	 	a.	Any ‘person’ (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) becomes the ‘beneficial owner’ (as defined in
Rule 13d-3 under said Act), directly or indirectly, of securities of Under Armour, Inc. representing fifty percent (50%) or more of the total voting power represented by Under Armour Inc.’s then-outstanding voting securities,
provided, 

  
 PRIVATE AND
CONFIDENTIAL 
  

 2 

	 	 
however that a Change in Control shall not be deemed to occur if an employee benefit plan (or a trust forming a part thereof) maintained by Under Armour,
Inc., and/or Kevin Plank and/or his immediate family members, directly or indirectly, become the beneficial owner, of more than fifty percent (50%) of the then-outstanding voting securities of Under Armour, Inc. after such acquisition;

  

	 	b.	A change in the composition of the Board occurring within a two-year period, as a result of which fewer than a majority of the directors are Incumbent
Directors. ‘Incumbent Directors’ shall mean directors who either (A) are directors of Under Armour, Inc. as of the date hereof, or (B) are elected, or nominated for election, to the Board with the affirmative votes of at
least a majority of the Incumbent Directors at the time of such election or nomination (but shall not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of
directors to Under Armour, Inc.); 

  

	 	c.	The consummation of a merger or consolidation of Under Armour, Inc. with any other corporation, other than a merger or consolidation which would result in (a) the voting
securities of Under Armour, Inc. outstanding immediately prior thereto continuing to represent (either by remaining outstanding or being converted into voting securities of the surviving entity) at least fifty percent (50%) of the total voting
power represented by the voting securities of Under Armour, Inc. or such surviving entity outstanding immediately after such merger or consolidation in substantially the same proportion as prior to such merger or consolidation; or (b) the
directors of Under Armour, Inc. immediately prior thereto continuing to represent at least fifty percent (50%) of the directors of Under Armour, Inc. or such surviving entity immediately after such merger or consolidation; or

  

	 	d.	The consummation of the sale or disposition by Under Armour, Inc. of all or substantially all of Under Armour Inc.’s assets. 

  
 PRIVATE AND CONFIDENTIAL 
  

 3 

 (v) “Contract Period” shall mean the period staring on the date hereof and ending on the second
anniversary of the date hereof. The Company, in its sole discretion, shall have the right to extend the Contract Period. 
 (vi)
“Disability” shall mean a physical or mental incapacity of the Executive which entitles the Executive to benefits at least as favorable as the benefits provided under the long term disability plan applicable to and maintained by the
Company as in effect immediately prior to the Change in Control. 
 (vii) “Good Reason” shall mean the occurrence of any of the
following events: (a) a diminishment in the scope of the Executive’s duties or responsibilities with the Company; (b) a reduction in the Executive’s current base salary, bonus opportunity or a material reduction in the aggregate
benefits or perquisites; (c) a requirement that the Executive relocate more than fifty (50) miles from his primary place of business as of the date of a Change in Control, or a significant increase in required travel as part of the
Executive’s duties and responsibilities with the Company; (d) a failure by any successor to the Company to assume this Agreement pursuant to Section 5(a) hereof; or (e) a material breach by the Company of any of the terms of this
Agreement. 
 (vii) “Protection Period” shall mean the twelve (12) month period following a Change in Control. 
 (viii) “Termination Date” shall mean the effective date as provided hereunder of the termination of Executive’s Employment. 
 (ix) “Without Cause” shall mean the termination of the Executive’s employment by the Company other than for Cause or death. 
 2. Application of this Agreement. This Agreement shall apply if and only if: (a) the Executive’s employment terminates during the
Protection Period and (b) the Change in Control occurs during the Contract Period. This Agreement shall not apply to any termination of the Executive’s employment other than what is described in the preceding sentence. Notwithstanding
the foregoing, if three (3) months prior to the date on which a Change in Control occurs, the Executive’s employment with the Company is terminated by the Company other than by reason of the Executive’s death, Disability or
circumstances that would constitute Cause or the 
  
 PRIVATE
AND CONFIDENTIAL 
  

 4 

 
terms and conditions of the Executive’s employment are adversely changed in a manner which would constitute grounds for a termination of employment by
the Executive for Good Reason, and it is reasonably demonstrated that such termination of employment or adverse change (i) was at the request of a third party who has taken steps reasonably calculated to effect the Change in Control, or
(ii) otherwise arose in connection with or in anticipation of the Change in Control, then for all purposes of this Agreement such termination of employment shall be deemed to have occurred during the Protection Period and shall be considered
either termination of the Executive’s employment Without Cause by the Company or termination of the Executive’s employment by the Executive for Good Reason, as the case may be. 
 3. Termination of Employment of Executive. The Executive’s employment may be terminated by following the procedures specified in this
Section 3. 
 (i) Cause. The Executive may not be terminated for Cause unless and until a notice of intent to terminate the
Executive’s employment for Cause, specifying the particulars of the conduct of the Executive forming the basis for such termination, is given to the Executive by the Company and, subsequently, a majority of the Board finds, after reasonable
notice to the Executive (but in no event less than fifteen (15) days prior notice) and an opportunity for the Executive and his counsel to be heard by the Board, that termination of the Executive’s employment for Cause is
justified. Termination of the Executive’s employment for Cause shall become effective after such finding has been made by the Board and five (5) business days after the Board gives to the Executive notice thereof, specifying in detail
the particulars of the conduct of the Executive found by the Board to justify termination for Cause. It shall not constitute Good Reason to the Executive to the extent the Executive is relieved of any duties and responsibilities during the period
the Board is considering whether such termination for Cause is justified. 
 (ii) Termination Without Cause. At all times, the Company
shall have the right by notice to the Executive of the Company’s intention to terminate Executive’s employment Without Cause. Termination of Executive’s employment by the Company Without Cause shall become effective immediately
upon the receipt by the Executive of such notice. 
 (iii) Voluntary Termination by the Executive. The Executive may terminate his
employment with the Company by giving a notice of voluntary termination to the Company, and if such termination is for Good Reason, such notice shall set forth in reasonable detail the acts and circumstances claimed by the Executive to constitute
Good Reason. Termination of the 
  
 PRIVATE AND
CONFIDENTIAL 
  

 5 

 
Executive’s employment by the Executive without Good Reason shall be effective five (5) business days after the Executive gives notice thereof to
the Company. The Company shall have twenty (20) days after receipt of such notice from the Executive of claimed Good Reason to cure any Good Reason. If the Company is unable to cure the Good Reason during such cure period, termination of the
Executive’s employment by the Executive for Good Reason shall be effective five (5) business days after the expiration of such cure period. 
 (iv) Death. Termination of the Executive’s employment for death shall be effective on the date of the Executive’s death. 
 Pursuant to the disability law of The Netherlands and the Executive’s employment agreement with the Under Armour Europe, B.V., upon the Executive’s Disability, the Company shall continue to employ the
Executive for two years at his then current salary. 
 4. Benefits Upon Termination of Employment. 
 (i) Termination Without Cause or by the Executive for Good Reason. Upon the termination of the employment of Executive Without Cause by the Company
or by the Executive for Good Reason, the Company shall pay or provide to the Executive: 
  

	 	(a)	a lump sum payment equal to the sum of the following: 

  

	 	1.	the Accrued Obligations; and 

  

	 	2.	an amount equal to the sum of the annual base salary inclusive holiday allowance of the Executive at the highest rate in effect during the Protection Period and the Bonus.

 The payment described in this Section 4(i)(a) shall be made by the Company not later than the earlier of the date
required by applicable law or five (5) days following the Termination Date. Executive shall not be required to mitigate the amount of the payment provided for in this Section 4(i)(a) by seeking other employment or otherwise. The
amount of the payment provided for in this Section 4(i)(a) shall not be reduced by any compensation or other amounts paid to or 
  
 PRIVATE AND CONFIDENTIAL 
  

 6 

 
earned by Executive as the result of employment with another employer after the date on which his employment with the Company terminates or otherwise.

 (b) the continuance of the Executive’s life, medical, dental, prescription drug and long and short-term disability plans, programs or
arrangements, whether group or individual, of the Company in which the Executive was entitled to participate at any time during the twelve (12) month period prior to the Termination Date until the earliest to occur of (1) one (1) year
after the Termination Date; (2) the Executive’s death (provided that compensation and benefits payable to his beneficiaries shall not terminate upon his death); or (3) with respect to any particular plan, program or arrangement, the
date the Executive is afforded a comparable benefit at a comparable cost to the Executive by a subsequent employer. In the event that the Executive’s participation in any such plan, program or arrangement of the Company is prohibited, the
Company shall arrange to provide the Executive with compensation and benefits substantially similar to those which the Executive is entitled to receive under such plan, program or arrangement for such period. 
 (ii) Death. Upon a termination of the Executive’s employment on account of the Executive’s death, the Company shall pay to his estate or
beneficiary, the Accrued Obligations within five (5) days of the Termination Date and the Company shall provide to his estate or beneficiary such benefits that the Company provides in the event of an employee’s death. 
 (iii) Cause, Voluntary Termination by the Executive. Upon the termination of the Executive’s employment by the Company for Cause or by the
Executive without Good Reason, the Company shall pay to the Executive the Accrued Obligations within five (5) days of the Termination Date. 
  
 PRIVATE AND CONFIDENTIAL 
  

 7 

 (iv) Effect of Stock Options and Other Equity Awards. The terms and conditions of the
Executive’s award agreements or employment agreement (as applicable to such Executive) shall govern the effect of termination of the Executive’s employment on equity awards granted by the Company and held by the Executive as of the
Termination Date. 
 (v) Conditions to Receiving Benefits. The benefits described in Sections 4(i)(a)(2) and 4(i)(b) shall be subject
to the Executive’s execution of the Employee Confidentiality, Non-Competition, Side Activities, Intellectual Property and Non-Solicitation Agreement attached hereto as Attachment A and the benefits described in Sections 4(i)(a)(2) and 4(i)(b)
will not be paid to the Executive unless and until the Executive executes the release attached hereto as Attachment B, and such release becomes effective and irrevocable. 
 (vi) No Further Payments due to Executive. Except as provided in this Section 4, the Company shall have no obligation to make any other payment, in the nature of severance or termination pay unless
required by applicable law(s). 
 (vii) Exception to Benefit Entitlements. The Executive shall not receive the payments and benefits
under this Agreement if the Executive has executed an individually negotiated employment contract, agreement or offer letter with the Company relating to severance benefits that is in effect on the Termination Date, unless the Executive waives any
such severance benefits under such contract, agreement or letter. 
 (viii) Retirement Payments. No amounts paid pursuant to this
Agreement will constitute compensation for any purpose under any retirement plan or other employee benefit plan, program, arrangement or agreement of the Company or any of its affiliates, unless such plan, program, arrangement or agreement
specifically so provides. 
 5. Successors; Binding Agreement. 
 (a) This Agreement shall be binding upon any successor (whether direct or indirect, by purchase, merger, consolidation, liquidation or otherwise) to all
or substantially all of the business and/or assets of Under Armour, Inc. Additionally, Under Armour, Inc. shall require any such successor expressly to agree to assume and to assume of the obligations of the Company 
  
 PRIVATE AND CONFIDENTIAL 
  

 8 

 
under this Agreement upon or prior to such succession taking place. A copy of such assumption and agreement shall be delivered to the Executive promptly
after its execution by the successor. 
 (b) This Agreement is personal to the Executive and the Executive may not assign or transfer any
part of his rights or duties hereunder, or any payments due to the Executive hereunder, to any other person, except that this Agreement shall inure to the benefit of and be enforceable by Executive’s personal or legal representatives,
executors, administrators, heirs, distributees, devisees, legatees or beneficiaries. No payment pursuant to any will or the laws of descent and distribution shall be made hereunder unless the Company shall have been furnished with a copy of
such will and/or such other evidence as the Board may deem necessary to establish the validity of the payment. 
 6. Modification;
Waiver. No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in a writing signed by Executive and by an officer of the Company thereunto expressly authorized by the
Board. Waiver by any party of any breach of or failure to comply with any provision of this Agreement by the other party shall not be construed as, or constitute, a continuing waiver of such provision, or a waiver of any other breach of, or
failure to comply with, any other provision of this Agreement. 
 7. Disputes. Any disagreement, dispute, controversy or claim arising
out of or relating to this Agreement and the interpretation or validity thereof shall be exclusively adjudicated by the competent court in The Netherlands. 
 8. Notice. All notices, requests, demands and other communications required or permitted to be given by either party to the other party to this Agreement (including, without limitation, any notice of
termination of employment and any notice of an intention to arbitrate) shall be in writing and shall be deemed to have been duly given when delivered personally or received by certified or registered mail, return receipt requested, postage
prepaid, at the address of the other party, as follows: 
  
 PRIVATE
AND CONFIDENTIAL 
  

 9 

			
	If to the Company, to:	  	If to the Executive, to:
		
	Under Armour, Inc.	  	  

	Attn: Vice President,	  	  

	Human Resources	  	  

	1020 Hull Street	  	
	Baltimore, Maryland 21230	  	
		
	With a copy to:	  	With a copy to:
		
	Under Armour, Inc.	  	  

	Attn: Legal Department	  	  

	1020 Hull Street	  	  

	Baltimore, Maryland 21230	  	

 Either party hereto may change its address for purposes of this Section 8 by giving fifteen
(15) days’ prior notice to the other party hereto. 
 9. Severability. If any term or provision of this Agreement or
the application thereof to any person or circumstance shall to any extent be invalid or unenforceable, the remainder of this Agreement or the application of such term or provision to persons or circumstances other than those as to which it is held
invalid or unenforceable shall not be affected thereby, and each term and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 
 10. Headings. The headings in this Agreement are inserted for convenience of reference only and shall not be a part of or control or affect
the meaning of this Agreement. 
 11. Counterparts. This Agreement may be executed in several counterparts, each of which shall
be deemed an original. 
 12. Governing Law. This Agreement shall in all respects be governed by, and construed and enforced in
accordance with, the laws of The Netherlands without reference to its principles of conflicts of law. 
 13. Certain
Withholdings. The Company shall withhold from any amounts payable to Executive hereunder all applicable taxes and withholdings that the Company determines are required to be withheld pursuant to the applicable law or regulation. 

 
 PRIVATE AND CONFIDENTIAL 
  

 10 

 14. Entire Agreement. This Agreement supersedes any and all other oral or written agreements
heretofore made relating to amounts payable pursuant to a change in control and constitutes the entire agreement relating to such change in control. Any existing employment agreement is hereby superseded only with regard to amounts payable pursuant
to a change in control. 
 This Agreement together with the Employee Confidentiality, Non-Competition, Side Activities, Intellectual Property and
Non-Solicitation Agreement (Attachment A) and the Release Agreement (Attachment B) form an integral part of the Employment Agreement between the Executive and Under Armour Europe B.V. 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 
  

					
	UNDER ARMOUR, INC.
			
	 /s/ Melissa A. Wallace
	 		 	 /s/ Peter Mahrer

	By: Melissa A. Wallace	 		 	By: Peter Mahrer
			
	  
	 		 	  

	Title: Vice President of Human Resources	 		 	Title: President and Managing Director of Under Armour Europe, B.V.

  
 PRIVATE
AND CONFIDENTIAL 
  

 11 

 ATTACHMENT A 
 EMPLOYEE CONFIDENTIALITY, NON-COMPETITION, SIDE ACTIVITIES, 
 INTELLECTUAL PROPERTY AND 
 NON-SOLICITATION AGREEMENT 
 This Confidentiality, Non-Competition, and Non-Solicitation Agreement (“Agreement”) is entered into this      day of
                    ,         , by and between Under Armour, Inc. (together with its affiliates, the
“Company”) and                      (the “Employee”). 
 EXPLANATORY NOTE 
 The Employee recognizes that the Employee has had and will continue to have access
to confidential proprietary information during the course of his or her employment and that the Employee’s subsequent employment by a competitor would inevitably result in the disclosure of that information and, thereby, create unfair
competition and would likely to cause substantial loss and harm to the Company. The Employee further acknowledges that employment with the Company is based on the Employee’s agreement to abide by the covenants contained herein. 

NOW THEREFORE, for good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties agree as follows:

 1. Confidentiality. Employee acknowledges Employee’s fiduciary duty and duty of loyalty to the Company. Further,
Employee acknowledges that the Company, in reliance of this Agreement, will provide Employee access to trade secrets, customers, proprietary data and other confidential information. Employee agrees to retain said information as confidential and
not to use said information for self or disclose same to any third party, except when required to do so to properly perform duties to the Company. Further, as a condition of employment, during the time Employee is employed by the Company and
continuing after any termination of the Employee’s employment with the Company, Employee agrees to protect and hold in a fiduciary capacity for the benefit of the Company all Confidential Information, as defined below, unless the Employee is
required to disclose Confidential Information pursuant to the terms of a valid and effective order issued by a court of competent jurisdiction or a governmental authority. The Employee shall use Confidential Information solely for the purpose
of carrying out those duties assigned Employee as an employee of the Company and not for any other purpose. The disclosure of Confidential Information to the Employee shall not be construed as granting to the Employee any 
  
 PRIVATE AND CONFIDENTIAL 
  

 12 

 
license under any copyright, trade secret, or any right of ownership or right to use the Confidential Information whatsoever. In the event that Employee
is compelled, pursuant to a subpoena or order of a court or other body having jurisdiction over such matter, to produce any Confidential Information or other information relevant to the Company, Employee agrees to promptly provide the Company with
written notice of such subpoena or order so that the Company may timely move to quash if appropriate. 
 (a) For the purposes of this
Agreement, “Confidential Information” shall mean all information related to the Company’s business that is not generally known to the public. Confidential Information shall include, but shall not be limited to: any financial (whether
historical, projections or forecasts), pricing, cost, business, planning, operations, services, potential services, products, potential products, technical information, intellectual property, trade secrets and/or know-how, formulas, production,
purchasing, marketing, sales, personnel, customer, supplier, or other information of the Company; any papers, data, records, processes, methods, techniques, systems, models, samples, devices, equipment, compilations, invoices, customer lists, or
documents of the Company; any confidential information or trade secrets of any third party provided to the Company in confidence or subject to other use or disclosure restrictions or limitations; this Agreement and its terms; and any other
information, written, oral or electronic, whether existing now or at some time in the future, whether pertaining to current or future developments or prospects, and whether accessed prior to the Employee’s tenure with the Company or to be
accessed during Employee’s future employment or association with the Company, which pertains to the Company’s affairs or interests or with whom or how the Company does business. The Company acknowledges and agrees that Confidential
Information shall not include information which is or becomes publicly available other than as a result of a disclosure by the Employee. 
 (b) The Employee shall promptly notify the Company if he has reason to believe that the unauthorized use, possession, or disclosure of any Confidential Information has occurred or may occur. 
 (c) All physical items containing Confidential Information, including, but not limited to, the business plan, know-how, collection methods and
procedures, advertising techniques, marketing plans and methods, sales techniques, documentation, contracts, reports, letters, notes, any computer media, customer lists and all other information and materials of the Company’s business and
operations, shall remain the exclusive and confidential property of the 
  
 PRIVATE AND CONFIDENTIAL 
  

 13 

 
Company and shall be returned, along with any copies or notes that the Employee made thereof or therefrom, to the Company when the Employee ceases employment
with the Company. The Employee further agrees to return copies of any Confidential Information contained on Employee’s home computer, portable computer or other similar device. Employee also agrees to allow the Company, upon
reasonable belief and with appropriate notice, access to any home computer, portable computer or other similar device maintained by Employee, including but not limited to, for the purpose of determining whether said Confidential Information has been
misappropriated. The Employee further agrees to promptly return all other property belonging to the Company upon the termination of Employee’s employment. 
 2. Side activities. The Employee shall not perform any paid or unpaid activities without prior permission (in writing) of the Company. Nor shall the Employee accept any money or remuneration from third parties
in connection with his work for the Company and/or its affiliated companies. 
 3. Intellectual property. The Employee shall disclose
promptly and fully to the Company in writing, and hereby assigns, and binds his heirs, executors, and administrators to assign, to the Company any and all inventions, discoveries, ideas, concepts, improvements, copyrightable works, and other
developments conceived, made, discovered or developed by him, solely or jointly with others, during the employment with the Company, whether during or outside of usual working hours, that relate in any manner to the past, present or anticipated
business of the Company. All work products created by the Employee representing the Company, solely or jointly with others, shall be owned entirely by the Company. Any and all such developments shall be the sole and exclusive property of the
Company, whether patentable, copyrightable, or neither, and the Employee shall assist and fully cooperate in every way, at the Company’s expense, in securing, maintaining, and enforcing, for the benefit of the Company or its designee, patents,
copyrights or other types of proprietary or intellectual property protection for such developments in any and all countries. 
 4.
Non-Competition. Except as otherwise provided in this Agreement, without the prior written consent of the Company, the Employee hereby covenants and agrees that at no time during the Employee’s employment with the Company and for a
period of one (1) year immediately following termination of Employee’s employment with the Company, whether voluntary or involuntary, shall the Employee: 
  
 PRIVATE AND CONFIDENTIAL 
  

 14 

 (a) directly or indirectly work for or engage in any capacity in any activities or provide strategic
advice to Competitor Businesses. Competitor Businesses shall be defined as (i) any business that is involved in the manufacture, sale, development of fabrications or manufacturing methods, or marketing of: athletic apparel or footwear
(e.g., Reebok, Nike, Adidas); sporting goods; tactical (military and/or law enforcement) apparel; hunting and fishing apparel; mountain sports apparel; accessories of such industries; or any business substantially similar to the present business of
the Company or such other business activity in which the Company may substantially engage; and (ii) retail enterprises which sell products that compete with the Company’s products; 
 (b) act in any way, directly or indirectly, with the purpose or effect of soliciting, diverting or taking away any business, customer, client or any
supplier of the Company; or 
 (c) otherwise compete with Company in the sale or licensing, directly or indirectly, as principal, agent or
otherwise, of any products competitive with the products, or services competitive with the services, developed or marketed by Company. 
 Written request for consent to be released from the Non-Competition provisions of this Agreement may be submitted by the Employee to the Company following the termination of Employee’s employment and must include all available
information described in Section 4 below. The Company will respond to the request for such consent within two (2) weeks of the request, except as provided in Section 4. In the Company’s sole discretion, it may release
Employee from the Non-Competition provisions of this Agreement, or reduce the non-competition period from a period of one (1) year immediately following Employee’s termination (“Non-Competition Period”) to a shorter
duration. In the event the Company does not release the Employee from the Non-Competition provision, for the duration of the Non-Competition period, the Company will pay Employee an amount equal to sixty percent (60%) of Employee’s
base salary as of the date of the termination of Employee’s employment, in accordance with the Company’s customary pay practices in effect at the time each payment is made. This amount shall be reduced by (a) the amount of any
severance Employee receives from the Company; and (b) the amount of any salary received during the Non-Competition period from employment in any capacity with an entity that is not a Competitor Business. 
  
 PRIVATE AND CONFIDENTIAL 
  

 15 

 5. Non-Solicitation and Non-Interference. The Employee hereby covenants and agrees
that at no time during the Employee’s employment with Company and for a period of one (1) year immediately following termination of Employee’s employment with the Company, whether voluntary or involuntary, shall the Employee:

 (a) solicit (other than on behalf of the Company) business or contracts for any products or services of the type provided, developed or
under development by the Company during the Employee’s employment by the Company, from or with any person or entity which was a customer of the Company for such products or services, or any prospective customer which the Company had solicited
as of, or within one year prior to, the Employee’s termination of employment with the Company; or directly or indirectly contract with any such customer or prospective customer for any product or service of the type provided, developed or which
was under development by the Company during the Employee’s employment with the Company; or 
 (b) knowingly interfere or attempt to
interfere with any transaction, agreement or business relationship in which the Company was involved during the Employee’s employment with the Company, nor will the Employee act in any way with the purpose or effect of hiring anyone who has
been an employee of the Company, its divisions or subsidiaries; or soliciting, recruiting or encouraging, directly or indirectly, any of the Company’s employees to leave the employ of the Company, its divisions or its subsidiaries. 

6. Notification of New Employment. Employee acknowledges and agrees that for a period of one (1) year following the date of
termination of Employee’s employment with the Company, Employee will inform the Company, prior to the acceptance of any job or any work as an independent contractor, of the identify of any new employer or other entity to which Employee is
providing consulting or other services, along with Employee’s starting date, title, job description, salary, and any other information which the Company may reasonably request to confirm Employee’s compliance with the terms of this
Agreement. If Employee does not provide all information reasonably requested by the Company as provided in this Section, the Company’s time to respond to a request for release from the Non-Competition provision under Section 2 will be
extended to six (6) weeks, or until such time as the information is provided for the Company to make an informed decision. 
 7.
Reasonableness of Restrictions. Employee acknowledges and agrees that the restrictions imposed by this Agreement are fair and reasonably required for the protection of the 
  
 PRIVATE AND CONFIDENTIAL 
  

 16 

 
Company, and will not preclude Employee from becoming gainfully employed following the termination, for any reason, of employment with the Company. The
Employee acknowledges that employee will provide unique services to the Company and that this covenant has unique, substantial, and immeasurable value to the Company. In the event that the provisions of this Agreement should ever be deemed to
exceed the limitations permitted by applicable laws, Employee and the Company agree that such provisions shall be reformed to the maximum limitations permitted by the applicable laws. The Employee further acknowledges that the decision whether
to consent to release Employee from the provisions of this Agreement is within the sole discretion of the Company. 
 8. Injunctive
Relief. Employee acknowledges and agrees that in the event of a violation or threatened violation of any provision of this Agreement, the Company will sustain irreparable harm and will have the full right to seek injunctive relief, in
addition to any other legal remedies available, without the requirement of posting bond. 
 9. Survivability. This Agreement
shall remain binding in the event of the termination, for any reason, of employment with the Company. 
 10. Governing Law. The
formation, construction and interpretation of this Agreement shall at all times and in all respects be governed by the laws of The Netherlands. 
 11. Severable Provisions. The provisions of this Agreement are severable, and if any court determines that any provision of this Agreement is invalid or unenforceable, in whole or in part, any invalidity or unenforceability
shall affect only that provision, and shall not make any other provision of this Agreement invalid or unenforceable; and this Agreement shall be narrowed by the court to the extent required to be valid and enforceable. 
 12. Breach of contract. In the event of a breach of the provisions of this Agreement the Employee shall forfeit to the benefit of the Company, in
variance from the provision of Section 7:650, subsections 3, 4 and 5 of the Dutch Civil Code, without any prior notice or judicial intervention being required, an immediately payable penalty of EUR 10,000 for any such breach, to be increased by
EUR 1,000 for each day that any such breach shall continue, and without prejudice to the right of the Company to demand compensation of the entire loss in lieu of the penalty. Payment of the penalty referred to in this Section shall not
discharge the Employee from his obligations under this Agreement. 
  
 PRIVATE AND CONFIDENTIAL 
  

 17 

 13. Entire Agreement. This Agreement, together with a separate Stock Option Grant Agreement
and Buy-Sell Agreement entered into between the parties, constitutes the entire agreement between the parties with respect to the subject matter contained herein, and may not be modified except in a written document signed by each of the parties
hereto. No waiver of any breach of any provision of this Agreement shall constitute a waiver of any other breach of that or any other provision hereof. 
 IN WITNESS WHEREOF, the parties have executed the Agreement as of the date first above written. 
  

					
	  
	 		 	  

	By:	 		 	By:
			
	  
	 		 	  

	Title:	 		 	Title:

  
 PRIVATE
AND CONFIDENTIAL 
  

 18 

 ATTACHMENT B 
 RELEASE AGREEMENT 
 I understand and agree completely to the terms set forth in the Under Armour, Inc
Change in Control Severance Agreement (the “Agreement”). 
 I understand that this Release, together with the Agreement,
constitutes the complete, final and exclusive embodiment of the entire agreement between the Under Armour Europe B.V. (the “Company”) and me with regard to the subject matter hereof. I am not relying on any promise or representation
by the Company that is not expressly stated therein. Certain capitalized terms used in this Release are defined in the Agreement. 
 I
hereby confirm my obligations under the Company’s Employee Confidentiality, Non-Competition, Side Activities, Intellectual Property and Non-Solicitation Agreement. 
 Except as otherwise set forth in this Release, I hereby generally and completely release the Company and its parents, subsidiaries, successors, predecessors and affiliates, and its and their partners, members,
directors, officers, employees, stockholders, shareholders, agents, attorneys, predecessors, insurers, affiliates and assigns, from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related
to events, acts, conduct, or omissions occurring at any time prior to and including the date I sign this Release. This general release includes, but is not limited to: (a) all claims arising out of or in any way related to my
employment with the Company or the termination of that employment; (b) all claims related to my compensation or benefits, including bonuses, commissions, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other
ownership interests in the Company (other than compensation and benefits accrued before any termination of employment or any rights you may have under stock option grants); (c) all claims for breach of contract, wrongful termination, and breach
of the implied covenant of good faith and fair dealing; (d) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (e) all federal, state, and local statutory claims,
including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 
  
 PRIVATE AND CONFIDENTIAL 
  

 19 

 
1990 (as amended), the federal Age Discrimination in Employment Act (as amended), and the federal Employee Retirement Income Security Act of 1974 (as
amended). 
 I understand that I may consider whether to agree to the terms contained herein for a period of twenty-one days after the date
hereof. Accordingly, I will sign and return the acknowledgment copy of this Release to acknowledge my understanding of and agreement with the foregoing. Prior to my signing this Release, I was advised to consult with an attorney.

 This Release will become effective, enforceable and irrevocable seven days after the date on which I sign it. During the seven-day period
prior to this date, I may revoke this Release to accept the terms hereof by indicating in writing to the Company my intention to revoke. I understand that if I exercise my right to revoke hereunder, I will forfeit my right to receive any of the
special benefits offered to me under the Agreement, and to the extent such payments have already been made, I agree that I will immediately reimburse the Company for the amounts of such payment. 
  

			
	By:	 	  

		
	Date:	 	  

  
 PRIVATE
AND CONFIDENTIAL 
  

 201995 Stock Incentive Plan, as amended and restated as of February 18, 2009

 Exhibit 10.1 
 FEI COMPANY 
 1995 STOCK INCENTIVE PLAN, AS AMENDED 
 As amended effective February 18, 2009 
 1. Purpose. The purpose of this Stock Incentive Plan (the “Plan”) is to enable FEI Company (the “Company”) to attract and retain the services of (1) selected employees, officers and directors of the Company
or of any subsidiary of the Company and (2) selected non-employee agents, consultants, advisors, persons involved in the sale or distribution of the Company’s products and independent contractors of the Company or any subsidiary.

 2. Shares Subject to the Plan. Subject to adjustment as provided below and in paragraph 14, the shares to be offered under the
Plan shall consist of Common Stock of the Company, and the total number of shares of Common Stock that may be issued under the Plan shall not exceed 9,500,000 shares. The shares issued under the Plan may be authorized and unissued shares or
reacquired shares. If an option, stock appreciation right, restricted stock unit or performance unit granted under the Plan expires, terminates or is canceled, the unissued shares subject to such option, stock appreciation right, restricted stock
unit or performance unit shall again be available under the Plan. If shares sold or awarded as a bonus under the Plan are forfeited to the Company or repurchased by the Company, the number of shares forfeited or repurchased shall again be available
under the Plan. 
 3. Effective Date and Duration of Plan. 
 (a) Effective Date. The Plan shall become effective as of April 21, 1995. No option, stock appreciation right,
restricted stock unit or performance unit granted under the Plan shall become exercisable, however, until the Plan is approved by the affirmative vote of the holders of a majority of the shares of Common Stock represented at a shareholders meeting
at which a quorum is present and any such awards under the Plan prior to such approval shall be conditioned on and subject to such approval. Subject to this limitation, options, stock appreciation rights, restricted stock units and performance units
may be granted and shares may be awarded as bonuses or sold under the Plan at any time after the effective date and before termination of the Plan. 
 (b) Duration. The Plan shall continue in effect until all shares available for issuance under the Plan have been issued and all restrictions on such shares have lapsed. The Board of Directors may suspend
or terminate the Plan at any time except with respect to options, performance units, restricted stock units and shares subject to restrictions then outstanding under the Plan. Termination shall not affect any outstanding options, any right of the
Company to repurchase shares or the forfeitability of shares issued under the Plan. 
 4. Administration. 
 (a) Board of Directors. The Plan shall be administered by the Board of Directors of the Company, which shall determine and
designate from time to time the individuals to whom awards shall be made, the amount of the awards and the other terms and conditions of the awards. Subject to the provisions of the Plan, the Board of Directors may from time to time adopt and amend
rules and regulations relating to administration of the Plan, advance the lapse of any waiting period, accelerate any exercise date, waive or modify any restriction applicable to shares (except those restrictions imposed by law) and make all other
determinations in the judgment of the Board of Directors necessary or desirable for the administration of the Plan. The interpretation and construction of the provisions of the Plan and related agreements by the Board of Directors shall be final and
conclusive. The Board of Directors may correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any related agreement in the manner and to the extent it shall deem expedient to carry the Plan into effect, and it
shall be the sole and final judge of such expediency. 
 (b) Committee. The Board of Directors may delegate to a
committee of the Board of Directors or specified officers of the Company, or both (the “Committee”) any or all authority for administration of the Plan. If authority is delegated to a Committee, all references to the Board of Directors in
the Plan shall mean and relate to the Committee except (i) as otherwise provided by the Board of Directors, (ii) that only the Board of Directors may amend or terminate the Plan as provided in paragraphs 3 and 15 and (iii) that a
Committee including officers of the Company shall not be permitted to grant options to persons who are officers of the Company. To the extent that the Board of 

 
Directors determines it to be desirable to qualify awards granted hereunder as “performance-based compensation” within the meaning of
Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), the Plan shall be administered by a Committee of two or more “outside directors” within the meaning of Section 162(m) of the Code.

 5. Types of Awards; Eligibility. The Board of Directors may, from time to time, take the following action, separately or in
combination, under the Plan: (i) grant Incentive Stock Options, as defined in section 422 of the Code, as provided in paragraphs 6(a) and 6(b); (ii) grant options other than Incentive Stock Options (“Non-Statutory Stock
Options”) as provided in paragraphs 6(a) and 6(c); (iii) award stock bonuses as provided in paragraph 7; (iv) sell shares subject to restrictions as provided in paragraph 8; (v) grant stock appreciation rights as
provided in paragraph 9; (vi) grant cash bonus rights as provided in paragraph 10; (vii) grant performance units as provided in paragraph 11; (viii) grant foreign qualified awards as provided in paragraph 12; and
(ix) grant restricted stock units as provided in paragraph 13. Any such awards may be made to employees, including employees who are officers or directors, and to other individuals described in paragraph 1 who the Board of Directors
believes have made or will make an important contribution to the Company or any subsidiary of the Company; provided, however, that only employees of the Company shall be eligible to receive Incentive Stock Options under the Plan. The Board of
Directors shall select the individuals to whom awards shall be made and shall specify the action taken with respect to each individual to whom an award is made. At the discretion of the Board of Directors, an individual may be given an election to
surrender an award in exchange for the grant of a new award. 
 6. Option Grants. 
 (a) General Rules Relating to Options. 
 (i) Terms of Grant. The Board of Directors may grant options under the Plan. With respect to each option grant, the Board of
Directors shall determine the number of shares subject to the option, the option price, the period of the option, the time or times at which the option may be exercised and whether the option is an Incentive Stock Option or a Non-Statutory Stock
Option. At the time of the grant of an option or at any time thereafter, the Board of Directors may provide that an optionee who exercised an option with Common Stock of the Company shall automatically receive a new option to purchase additional
shares equal to the number of shares surrendered and may specify the terms and conditions of such new options. 
 (ii)
Exercise of Options. Except as provided in paragraph 6(a)(iv) or as determined by the Board of Directors, no option granted under the Plan may be exercised unless at the time of such exercise the optionee is employed by or in the service
of the Company or any subsidiary of the Company and shall have been so employed or provided such service continuously since the date such option was granted. Absence on leave or on account of illness or disability under rules established by the
Board of Directors shall not, however, be deemed an interruption of employment or service for this purpose. Unless otherwise determined by the Board of Directors, vesting of options shall not continue during an absence on leave (including an
extended illness) or on account of disability. Except as provided in paragraphs 6(a)(iv) and 14, options granted under the Plan may be exercised from time to time over the period stated in each option in such amounts and at such times as shall
be prescribed by the Board of Directors, provided that options shall not be exercised for fractional shares. Unless otherwise determined by the Board of Directors, if the optionee does not exercise an option in any one year with respect to the full
number of shares to which the optionee is entitled in that year, the optionee’s rights shall be cumulative and the optionee may purchase those shares in any subsequent year during the term of the option. 
 (iii) Nontransferability. Each Incentive Stock Option and, unless otherwise determined by the Board of Directors, each other option
granted under the Plan by its terms shall be nonassignable and nontransferable by the optionee, either voluntarily or by operation of law, except by will or by the laws of descent and distribution of the state or country of the optionee’s
domicile at the time of death. 
 (iv) Termination of Employment or Service. 
  

 -2- 

 (A) General Rule. Unless otherwise determined by the Board of Directors, in the
event the employment or service of the optionee with the Company or a subsidiary terminates for any reason other than because of physical disability or death as provided in subparagraphs 6(a)(iv)(B) and (C), the option may be exercised at any
time prior to the expiration date of the option or the expiration of 30 days after the date of such termination, whichever is the shorter period, but only if and to the extent the optionee was entitled to exercise the option at the date of such
termination. 
 (B) Termination Because of Total Disability. Unless otherwise determined by the Board of Directors, in
the event of the termination of employment or service because of total disability, the option may be exercised at any time prior to the expiration date of the option or the expiration of 12 months after the date of such termination, whichever is the
shorter period, but only if and to the extent the optionee was entitled to exercise the option at the date of such termination. The term “total disability” means a medically determinable mental or physical impairment which is expected to
result in death or which has lasted or is expected to last for a continuous period of 12 months or more and which causes the optionee to be unable, in the opinion of the Company and two independent physicians, to perform his or her duties as an
employee, director, officer or consultant of the Company and to be engaged in any substantial gainful activity. Total disability shall be deemed to have occurred on the first day after the Company and the two independent physicians have furnished
their opinion of total disability to the Company. 
 (C) Termination Because of Death. Unless otherwise determined by
the Board of Directors, in the event of the death of an optionee while employed by or providing service to the Company or a subsidiary, the option may be exercised at any time prior to the expiration date of the option or the expiration of 12 months
after the date of death, whichever is the shorter period, for any portion of the option exercisable as of the date of death and any outstanding unvested portion of the option, which shall become fully vested and immediately exercisable as of the
date of death, and only by the person or persons to whom such optionee’s rights under the option shall pass by the optionee’s will or by the laws of descent and distribution of the state or country of domicile at the time of death.

 (D) Amendment of Exercise Period Applicable to Termination. The Board of Directors, at the time of grant or, with
respect to an option that is not an Incentive Stock Option, at any time thereafter, may extend the 30-day and 12-month exercise periods any length of time not longer than the original expiration date of the option, and may increase the portion of an
option that is exercisable, subject to such terms and conditions as the Board of Directors may determine. 
 (E) Failure
to Exercise Option. To the extent that the option of any deceased optionee or of any optionee whose employment or service terminates is not exercised within the applicable period, all further rights to purchase shares pursuant to such option
shall cease and terminate. 
 (v) Purchase of Shares. Unless the Board of Directors determines otherwise, shares may be
acquired pursuant to an option granted under the Plan only upon receipt by the Company of notice in writing from the optionee of the optionee’s intention to exercise, specifying the number of shares as to which the optionee desires to exercise
the option and the date on which the optionee desires to complete the transaction, and if required in order to comply with the Securities Act of 1933, as amended, containing a representation that it is the optionee’s present intention to
acquire the shares for investment and not with a view to distribution. Unless the Board of Directors determines otherwise, on or before the date specified for completion of the purchase of shares pursuant to an option, the optionee must have paid
the Company the full purchase price of such shares in cash (including, with the consent of the Board of Directors, cash that may be the proceeds of a loan from the Company (provided that, with respect to an Incentive Stock Option, such loan is
approved at the time of option grant)) or, with the consent of the Board of Directors, in whole or in part, in Common Stock of the Company valued at fair market value, restricted stock, performance units or other contingent awards denominated in
either stock or cash, promissory notes and other forms of consideration. The fair market value of Common Stock provided in payment of the purchase price shall be determined by the Board of Directors. If the Common Stock of the Company is not
publicly traded on the date the option is exercised, the Board of Directors may consider any valuation methods it deems appropriate and may, but is not required to, obtain one or more independent appraisals of the Company. If the Common Stock of the
Company is publicly traded on the date the option is exercised, the fair market value of Common Stock provided in payment of the purchase price shall be the closing price of the Common Stock as reported in The Wall Street Journal on the last
trading day preceding the date the option is exercised, or such other reported value of the Common Stock as shall be specified by the Board of Directors. No shares shall be issued until full payment for the shares has been made. With the consent of
the Board of Directors (which, in 

  

 -3- 

 
the case of an Incentive Stock Option, shall be given only at the time of option grant), an optionee may request the Company to apply automatically the
shares to be received upon the exercise of a portion of a stock option (even though stock certificates have not yet been issued) to satisfy the purchase price for additional portions of the option. Each optionee who has exercised an option shall
immediately upon notification of the amount due, if any, pay to the Company in cash amounts necessary to satisfy any applicable federal, state and local tax withholding requirements. If additional withholding is or becomes required beyond any amount
deposited before delivery of the certificates, the optionee shall pay such amount to the Company on demand. If the optionee fails to pay the amount demanded, the Company may withhold that amount from other amounts payable by the Company to the
optionee, including salary, subject to applicable law. With the consent of the Board of Directors an optionee may satisfy this obligation, in whole or in part, by having the Company withhold from the shares to be issued upon the exercise that number
of shares that would satisfy the withholding amount due or by delivering to the Company Common Stock to satisfy the withholding amount. Upon the exercise of an option, the number of shares reserved for issuance under the Plan shall be reduced by the
number of shares issued upon exercise of the option. 
 (b) Incentive Stock Options. Incentive Stock Options
shall be subject to the following additional terms and conditions: 
 (i) Limitation on Amount of Grants. No employee
may be granted Incentive Stock Options under the Plan if the aggregate fair market value, on the date of grant, of the Common Stock with respect to which Incentive Stock Options are exercisable for the first time by that employee during any calendar
year under the Plan and under all incentive stock option plans (within the meaning of section 422 of the Code) of the Company or any parent or subsidiary of the Company exceeds $100,000. 
 (ii) Limitations on Grants to 10 Percent Shareholders. An Incentive Stock Option may be granted under the Plan to an employee
possessing more than 10 percent of the total combined voting power of all classes of stock of the Company or of any parent or subsidiary of the Company only if the option price is at least 110 percent of the fair market value, as described in
paragraph 6(b)(iv), of the Common Stock subject to the option on the date it is granted and the option by its terms is not exercisable after the expiration of five years from the date it is granted. 
 (iii) Duration of Options. Subject to paragraphs 66(a)(ii) and 6(b)(ii), Incentive Stock Options granted under the Plan shall
continue in effect for the period fixed by the Board of Directors, except that no Incentive Stock Option shall be exercisable after the expiration of 10 years from the date it is granted. 
 (iv) Option Price. The option price per share shall be determined by the Board of Directors at the time of grant. Except as
provided in paragraph 6(b)(ii), the option price shall not be less than 100 percent of the fair market value of the Common Stock covered by the Incentive Stock Option at the date the option is granted. The fair market value shall be determined
by the Board of Directors. If the Common Stock of the Company is not publicly traded on the date the option is granted, the Board of Directors may consider any valuation methods it deems appropriate and may, but is not required to, obtain one or
more independent appraisals of the Company. If the Common Stock of the Company is publicly traded on the date the option is exercised, the fair market value shall be deemed to be the closing price of the Common Stock as reported in The Wall
Street Journal on the day preceding the date the option is granted, or, if there has been no sale on that date, on the last preceding date on which a sale occurred or such other value of the Common Stock as shall be specified by the Board of
Directors. 
 (v) Limitation on Time of Grant. No Incentive Stock Option shall be granted on or after the tenth
anniversary of the effective date of the Plan. 
 (vi) Conversion of Incentive Stock Options. The Board of Directors
may at any time without the consent of the optionee convert an Incentive Stock Option to a Non-Statutory Stock Option. 
  

 -4- 

 (c) Non-Statutory Stock Options. Non-Statutory Stock Options shall be
subject to the following terms and conditions in addition to those set forth in Section 6(a) above: 
 (i) Option
Price. The option price for Non-Statutory Stock Options shall be determined by the Board of Directors at the time of grant and may be any amount determined by the Board of Directors. Notwithstanding the foregoing, with respect to Non-Statutory
Stock Options intended to qualify as “performance-based compensation” within the meaning of Section 162(m) of the Code, the option price will be no less than 100 percent of the fair market value per share on the date of grant.

 (ii) Duration of Options. Non-Statutory Stock Options granted under the Plan shall continue in effect for the period
fixed by the Board of Directors. 
 7. Stock Bonuses. The Board of Directors may award shares under the Plan as stock bonuses. Shares
awarded as a bonus shall be subject to the terms, conditions, and restrictions determined by the Board of Directors. The restrictions may include restrictions concerning transferability and forfeiture of the shares awarded, together with such other
restrictions as may be determined by the Board of Directors. If shares are subject to forfeiture, all dividends or other distributions paid by the Company with respect to the shares shall be retained by the Company until the shares are no longer
subject to forfeiture, at which time all accumulated amounts shall be paid to the recipient. The Board of Directors may require the recipient to sign an agreement as a condition of the award, but may not require the recipient to pay any monetary
consideration other than amounts necessary to satisfy tax withholding requirements. The agreement may contain any terms, conditions, restrictions, representations and warranties required by the Board of Directors. The certificates representing the
shares awarded shall bear any legends required by the Board of Directors. The Company may require any recipient of a stock bonus to pay to the Company in cash upon demand amounts necessary to satisfy any applicable federal, state or local tax
withholding requirements. If the recipient fails to pay the amount demanded, the Company may withhold that amount from other amounts payable by the Company to the recipient, including salary or fees for services, subject to applicable law. With the
consent of the Board of Directors, a recipient may deliver Common Stock to the Company to satisfy this withholding obligation. Upon the issuance of a stock bonus, the number of shares reserved for issuance under the Plan shall be reduced by the
number of shares issued. 
 8. Restricted Stock. The Board of Directors may issue shares under the Plan for such consideration
(including promissory notes and services) as determined by the Board of Directors. Shares issued under the Plan shall be subject to the terms, conditions and restrictions determined by the Board of Directors. The restrictions may include
restrictions concerning transferability, repurchase by the Company and forfeiture of the shares issued, together with such other restrictions as may be determined by the Board of Directors. If shares are subject to forfeiture or repurchase by the
Company, all dividends or other distributions paid by the Company with respect to the shares shall be retained by the Company until the shares are no longer subject to forfeiture or repurchase, at which time all accumulated amounts shall be paid to
the recipient. All Common Stock issued pursuant to this paragraph 8 shall be subject to a purchase agreement, which shall be executed by the Company and the prospective recipient of the shares prior to the delivery of certificates representing
such shares to the recipient. The purchase agreement may contain any terms, conditions, restrictions, representations and warranties required by the Board of Directors. The certificates representing the shares shall bear any legends required by the
Board of Directors. The Company may require any purchaser of restricted stock to pay to the Company in cash upon demand amounts necessary to satisfy any applicable federal, state or local tax withholding requirements. If the purchaser fails to pay
the amount demanded, the Company may withhold that amount from other amounts payable by the Company to the purchaser, including salary, subject to applicable law. With the consent of the Board of Directors, a purchaser may deliver Common Stock to
the Company to satisfy this withholding obligation. Upon the issuance of restricted stock, the number of shares reserved for issuance under the Plan shall be reduced by the number of shares issued. 
 9. Stock Appreciation Rights. 
 (a) Grant. Stock appreciation rights may be granted under the Plan by the Board of Directors, subject to such rules, terms, and conditions as the Board of Directors prescribes. 
 (b) Exercise. 
  

 -5- 

 (i) Each stock appreciation right shall entitle the holder, upon exercise, to receive
from the Company in exchange therefore an amount equal in value to the excess of the fair market value on the date of exercise of one share of Common Stock of the Company over its fair market value on the date of grant (or, in the case of a stock
appreciation right granted in connection with an option, the excess of the fair market value of one share of Common Stock of the Company over the option price per share under the option to which the stock appreciation right relates), multiplied by
the number of shares covered by the stock appreciation right or the option, or portion thereof, that is surrendered. No stock appreciation right shall be exercisable at a time that the amount determined under this subparagraph is negative. Payment
by the Company upon exercise of a stock appreciation right may be made in Common Stock valued at fair market value, in cash, or partly in Common Stock and partly in cash, all as determined by the Board of Directors. 
 (ii) A stock appreciation right shall be exercisable only at the time or times established by the Board of Directors. If a stock
appreciation right is granted in connection with an option, the following rules shall apply: (1) the stock appreciation right shall be exercisable only to the extent and on the same conditions that the related option could be exercised;
(2) the stock appreciation rights shall be exercisable only when the fair market value of the stock exceeds the option price of the related option; (3) the stock appreciation right shall be for no more than 100 percent of the excess of the
fair market value of the stock at the time of exercise over the option price; (4) upon exercise of the stock appreciation right, the option or portion thereof to which the stock appreciation right relates terminates; and (5) upon exercise
of the option, the related stock appreciation right or portion thereof terminates. 
 (iii) The Board of Directors may
withdraw any stock appreciation right granted under the Plan at any time and may impose any conditions upon the exercise of a stock appreciation right or adopt rules and regulations from time to time affecting the rights of holders of stock
appreciation rights. Such rules and regulations may govern the right to exercise stock appreciation rights granted prior to adoption or amendment of such rules and regulations as well as stock appreciation rights granted thereafter. 
 (iv) For purposes of this paragraph 9, the fair market value of the Common Stock shall be determined as of the date the stock
appreciation right is exercised, under the methods set forth in paragraph 6(b)(iv). 
 (v) No fractional shares shall be
issued upon exercise of a stock appreciation right. In lieu thereof, cash may be paid in an amount equal to the value of the fraction or, if the Board of Directors shall determine, the number of shares may be rounded downward to the next whole
share. 
 (vi) Each stock appreciation right granted in connection with an Incentive Stock Option, and unless otherwise
determined by the Board of Directors, each other stock appreciation right granted under the Plan by its terms shall be nonassignable and nontransferable by the holder, either voluntarily or by operation of law, except by will or by the laws of
descent and distribution of the state or country of the holder’s domicile at the time of death, and each stock appreciation right by its terms shall be exercisable during the holder’s lifetime only by the holder. 
 (vii) Each participant who has exercised a stock appreciation right shall, upon notification of the amount due, pay to the Company in cash
amounts necessary to satisfy any applicable federal, state and local tax withholding requirements. If the participant fails to pay the amount demanded, the Company may withhold that amount from other amounts payable by the Company to the participant
including salary, subject to applicable law. With the consent of the Board of Directors a participant may satisfy this obligation, in whole or in part, by having the Company withhold from any shares to be issued upon the exercise that number of
shares that would satisfy the withholding amount due or by delivering Common Stock to the Company to satisfy the withholding amount. 
 (viii) Upon the exercise of a stock appreciation right for shares, the number of shares reserved for issuance under the Plan shall be reduced by the number of shares issued. Cash payments of stock appreciation rights shall not reduce the
number of shares of Common Stock reserved for issuance under the Plan. 
 10. Cash Bonus Rights. 
 (a) Grant. The Board of Directors may grant cash bonus rights under the Plan in connection with (i) options granted or
previously granted, (ii) stock appreciation rights granted or previously granted, (iii) stock bonuses awarded or previously awarded and (iv) shares sold or previously sold under the Plan. Cash bonus rights will be subject 

  

 -6- 

 
to rules, terms and conditions as the Board of Directors may prescribe. Unless otherwise determined by the Board of Directors, each cash bonus right granted
under the Plan by its terms shall be nonassignable and nontransferable by the holder, either voluntarily or by operation of law, except by will or by the laws of descent and distribution of the state or country of the holder’s domicile at the
time of death. The payment of a cash bonus shall not reduce the number of shares of Common Stock reserved for issuance under the Plan. 
 (b) Cash Bonus Rights in Connection With Options. A cash bonus right granted in connection with an option will entitle an optionee to a cash bonus when the related option is exercised (or terminates in
connection with the exercise of a stock appreciation right related to the option) in whole or in part if, in the sole discretion of the Board of Directors, the bonus right will result in a tax deduction that the Company has sufficient taxable income
to use. If an optionee purchases shares upon exercise of an option and does not exercise a related stock appreciation right, the amount of the bonus, if any, shall be determined by multiplying the excess of the total fair market value of the shares
to be acquired upon the exercise over the total option price for the shares by the applicable bonus percentage. If the optionee exercises a related stock appreciation right in connection with the termination of an option, the amount of the bonus, if
any, shall be determined by multiplying the total fair market value of the shares and cash received pursuant to the exercise of the stock appreciation right by the applicable bonus percentage. The bonus percentage applicable to a bonus right,
including a previously granted bonus right, may be changed from time to time at the sole discretion of the Board of Directors but shall in no event exceed 75 percent. 
 (c) Cash Bonus Rights in Connection With Stock Bonus. A cash bonus right granted in connection with a stock bonus will
entitle the recipient to a cash bonus payable when the stock bonus is awarded or restrictions, if any, to which the stock is subject lapse. If bonus stock awarded is subject to restrictions and is repurchased by the Company or forfeited by the
holder, the cash bonus right granted in connection with the stock bonus shall terminate and may not be exercised. The amount and timing of payment of a cash bonus shall be determined by the Board of Directors. 
 (d) Cash Bonus Rights in Connection With Stock Purchases. A cash bonus right granted in connection with the purchase of
stock pursuant to paragraph 8 will entitle the recipient to a cash bonus when the shares are purchased or restrictions, if any, to which the stock is subject lapse. Any cash bonus right granted in connection with shares purchased pursuant to
paragraph 8 shall terminate and may not be exercised in the event the shares are repurchased by the Company or forfeited by the holder pursuant to applicable restrictions. The amount of any cash bonus to be awarded and timing of payment of a
cash bonus shall be determined by the Board of Directors. 
 (e) Taxes. The Company shall withhold from any cash
bonus paid pursuant to paragraph 10 the amount necessary to satisfy any applicable federal, state and local withholding requirements. 
 11. Performance Units. The Board of Directors may grant performance units consisting of monetary units which may be earned in whole or in part if the Company achieves certain goals established by the Board of Directors over a
designated period of time, but not in any event more than 10 years. The goals established by the Board of Directors may include earnings per share, return on shareholders’ equity, return on invested capital, and such other goals as may be
established by the Board of Directors. In the event that the minimum performance goal established by the Board of Directors is not achieved at the conclusion of a period, no payment shall be made to the participants. In the event the maximum
corporate goal is achieved, 100 percent of the monetary value of the performance units shall be paid to or vested in the participants. Partial achievement of the maximum goal may result in a payment or vesting corresponding to the degree of
achievement as determined by the Board of Directors. Payment of an award earned may be in cash or in Common Stock or in a combination of both, and may be made when earned, or vested and deferred, as the Board of Directors determines. Deferred awards
shall earn interest on the terms and at a rate determined by the Board of Directors. Unless otherwise determined by the Board of Directors, each performance unit granted under the Plan by its terms shall be nonassignable and nontransferable by the
holder, either voluntarily or by operation of law, except by will or by the laws of descent and distribution of the state or country of the holder’s domicile at the time of death. Each participant who has been awarded a performance unit shall,
upon notification of the amount due, pay to the Company in cash amounts necessary to satisfy any applicable federal, state and local tax withholding requirements. If the participant fails to pay the amount demanded, the Company may withhold that
amount from other amounts payable by the Company to the participant, including salary or fees for services, subject to applicable law. With the consent of 

  

 -7- 

 
the Board of Directors a participant may satisfy this obligation, in whole or in part, by having the Company withhold from any shares to be issued that
number of shares that would satisfy the withholding amount due or by delivering Common Stock to the Company to satisfy the withholding amount. The payment of a performance unit in cash shall not reduce the number of shares of Common Stock reserved
for issuance under the Plan. The number of shares reserved for issuance under the Plan shall be reduced by the number of shares issued upon payment of an award. 
 12. Foreign Qualified Grants. Awards under the Plan may be granted to such officers and employees of the Company and its subsidiaries and such other persons described in paragraph 1 residing in foreign
jurisdictions as the Board of Directors may determine from time to time. The Board of Directors may adopt such supplements to the Plan as may be necessary to comply with the applicable laws of such foreign jurisdictions and to afford participants
favorable treatment under such laws; provided, however, that no award shall be granted under any such supplement with terms which are more beneficial to the participants than the terms permitted by the Plan. 
 13. Restricted Stock Units. 
 (a) Grant. Restricted stock units may be granted at any time and from time to time as determined by the Board of Directors. For this purpose, a restricted stock unit shall mean a bookkeeping entry representing an amount equal
to the fair market value of one share of Common Stock, granted pursuant to this paragraph 13. Each restricted stock unit represents an unfunded and unsecured obligation of the Company. Each restricted stock unit grant will be evidenced by an
agreement that will specify such other terms and conditions as the Board of Directors, in its sole discretion, will determine, including all terms, conditions, and restrictions related to the grant, the number of restricted stock units and the form
of payout, which, subject to paragraph 13(d), may be left to the discretion of the Board of Directors. 
 (b)
Vesting Criteria and Other Terms. The Board of Directors will set vesting criteria in its discretion, which, depending on the extent to which the criteria are met, will determine the number of restricted stock units that will be paid
out to the participant. The Board of Directors may set vesting criteria based upon the achievement of Company-wide, business unit, or individual goals (including, but not limited to, continued employment), or any other basis determined by the Board
of Directors in its discretion. 
 (c) Earning Restricted Stock Units. Upon meeting the applicable vesting
criteria, the participant will be entitled to receive a payout as specified in the award agreement. Notwithstanding the foregoing, at any time after the grant of restricted stock units, the Board of Directors, in its sole discretion, may reduce or
waive any vesting criteria that must be met to receive a payout. 
 (d) Form and Timing of Payment. Payment of
earned restricted stock units will be made as soon as practicable after the date(s) set forth in the award agreement. The Board of Directors, in its sole discretion, may pay earned restricted stock units in cash, shares of Common Stock, or a
combination thereof. Shares of Common Stock represented by restricted stock units that are fully paid in cash again will be available for grant under the Plan. 
 (e) Cancellation. On the date set forth in the award agreement, all unearned restricted stock units will be forfeited to the
Company. 
 (f) Transferability. Unless otherwise determined by the Board of Directors, each restricted stock
unit granted under the Plan by its terms shall be nonassignable and nontransferable by the holder, either voluntarily or by operation of law, except by will or by the laws of descent and distribution of the state or country of the holder’s
domicile at the time of death. 
 14. Changes in Capital Structure. 
 (a) Stock Splits; Stock Dividends. If the outstanding Common Stock of the Company is hereafter increased or decreased or
changed into or exchanged for a different number or kind of shares or other securities of the Company by reason of any stock split, combination of shares or dividend payable in shares, recapitalization or reclassification appropriate adjustment
shall be made by the Board of Directors in the number and kind of shares 

  

 -8- 

 
available for grants under the Plan. In addition, the Board of Directors shall make appropriate adjustment in the number and kind of shares as to which
outstanding options, or portions thereof then unexercised, shall be exercisable, so that the optionee’s proportionate interest before and after the occurrence of the event is maintained. Notwithstanding the foregoing, the Board of Directors
shall have no obligation to effect any adjustment that would or might result in the issuance of fractional shares, and any fractional shares resulting from any adjustment may be disregarded or provided for in any manner determined by the Board of
Directors. Any such adjustments made by the Board of Directors shall be conclusive. 
 (b) Mergers, Reorganizations,
Etc. In the event of a merger, consolidation, plan of exchange, acquisition of property or stock, separation, reorganization or liquidation to which the Company or a subsidiary is a party or a sale of all or substantially all of the
Company’s assets (each, a “Transaction”), the Board of Directors shall, in its sole discretion and to the extent possible under the structure of the Transaction, select one of the following alternatives for treating outstanding
options under the Plan: 
 (i) Outstanding options shall remain in effect in accordance with their terms. 
 (ii) Outstanding options shall be converted into options to purchase stock in the corporation that is the surviving or acquiring
corporation in the Transaction. The amount, type of securities subject thereto and exercise price of the converted options shall be determined by the Board of Directors of the Company, taking into account the relative values of the companies
involved in the Transaction and the exchange rate, if any, used in determining shares of the surviving corporation to be issued to holders of shares of the Company. Unless otherwise determined by the Board of Directors, the converted options shall
be vested only to the extent that the vesting requirements relating to options granted hereunder have been satisfied. 
 (iii)
The Board of Directors shall provide a 30-day period prior to the consummation of the Transaction during which outstanding options may be exercised to the extent then exercisable, and upon the expiration of such 30-day period, all unexercised
options shall immediately terminate. The Board of Directors may, in its sole discretion, accelerate the exercisability of options so that they are exercisable in full during such 30-day period. 
 (c) Dissolution of the Company. In the event of the dissolution of the Company, options shall be treated in accordance with
paragraph 14(b)(iii). 
 (d) Rights Issued by Another Corporation. The Board of Directors may also grant
options, stock appreciation rights, performance units, stock bonuses and cash bonuses and issue restricted stock under the Plan having terms, conditions and provisions that vary from those specified in this Plan provided that any such awards are
granted in substitution for, or in connection with the assumption of, existing options, stock appreciation rights, stock bonuses, cash bonuses, restricted stock and performance units granted, awarded or issued by another corporation and assumed or
otherwise agreed to be provided for by the Company pursuant to or by reason of a Transaction. 
 15. Amendment of Plan. The Board of
Directors may at any time, and from time to time, modify or amend the Plan in such respects as it shall deem advisable because of changes in the law while the Plan is in effect or for any other reason. Except as provided in paragraphs 6(a)(iv),
9, 10 and 14, however, no change in an award already granted shall be made without the written consent of the holder of such award. 
 16.
Approvals. The obligations of the Company under the Plan are subject to the approval of state and federal authorities or agencies with jurisdiction in the matter. The Company will use its best efforts to take steps required by state or
federal law or applicable regulations, including rules and regulations of the Securities and Exchange Commission and any stock exchange on which the Company’s shares may then be listed, in connection with the grants under the Plan. The
foregoing notwithstanding, the Company shall not be obligated to issue or deliver Common Stock under the Plan if such issuance or delivery would violate applicable state or federal securities laws. 
 17. Employment and Service Rights. Nothing in the Plan or any award pursuant to the Plan shall (i) confer upon any employee any right to be
continued in the employment of the Company or any subsidiary or interfere in any way with the right of the Company or any subsidiary by whom such employee is employed to terminate such 

  

 -9- 

 
employee’s employment at any time, for any reason, with or without cause, or to decrease such employee’s compensation or benefits, or
(ii) confer upon any person engaged by the Company any right to be retained or employed by the Company or to the continuation, extension, renewal, or modification of any compensation, contract, or arrangement with or by the Company. 

18. Rights as a Shareholder. The recipient of any award under the Plan shall have no rights as a shareholder with respect to any Common Stock
until the date of issue to the recipient of a stock certificate for such shares. Except as otherwise expressly provided in the Plan, no adjustment shall be made for dividends or other rights for which the record date occurs prior to the date such
stock certificate is issued. 
 19. Restricted Stock Unit Grants to Non-Employee Directors. 
 (a) Initial Board Grants. Each Non-Employee Director shall be automatically granted restricted stock units equal to 5,000
shares of Common Stock on the date such person first becomes a Non-Employee Director, whether through election by the shareholders of the Company or appointment by the Board of Directors to fill a vacancy. A “Non-Employee Director” is a
director who is not an officer or employee of the Company or any of its subsidiaries. Notwithstanding the foregoing, a director who ceases to be an employee of the Company but remains a director of the Company and thereby becomes a Non-Employee
Director shall not receive the grant of restricted stock units provided under this paragraph 19(a). 
 (b)
Additional Grants. Each Non-Employee Director shall be automatically granted additional restricted stock units equal to 2,500 shares of Common Stock in each calendar year subsequent to the year in which such person became a
Non-Employee Director, such restricted stock units to be granted as of the date of the Company’s annual meeting of shareholders held in such calendar year, provided that the Non-Employee Director continues to serve in such capacity as of such
date. 
 (c) Terms of Restricted Stock Units. 
 (i) Award Agreement. Each award of restricted stock units granted pursuant to this paragraph 19 shall be evidenced by an
agreement that will specify the number of restricted stock units and such other terms and conditions as the Board of Directors, in its sole discretion, shall determine, including all terms, conditions, and restrictions related to the grant and the
form of payout, which, subject to paragraph 19(c)(iii), may be left tot he discretion of the Board of Directors. 
 (ii)
Vesting. Each award of restricted stock units shall vest as to twenty-five (25%) of the restricted stock units on April 30 of each of the four calendar years following the year in which the award is made provided that, with respect
to the applicable vesting date, the Non-employee Director continues to serve as a director of the Company on such date. Notwithstanding the foregoing, if the Non-employee Director ceases to be a director of the Company due to death, one hundred
percent (100%) of the unvested portion of the restricted stock units subject to the award shall vest on the date of the Non-employee Director’s death. 
 (iii) Form and Timing of Payment. Payment of restricted stock units shall be made as soon as practicable following the date on
which such restricted stock units vest in accordance with paragraph 19(c)(ii). The Board of Directors, in its sole discretion, may pay vested restricted stock units in cash, shares of Common Stock, or a combination thereof. Shares of Common
Stock represented by restricted stock units that are fully paid in cash shall again be available for grant under the Plan. 
 (d) Section 409A Compliance. Unless otherwise determined by the Board of Directors, grants made under this paragraph 19 shall comply with the provisions of Section 409A of the Code. The Board of Directors of the
Company reserves the right to amend this paragraph 19 as it deems necessary or advisable, in its sole discretion and without the consent of the Employee, to comply with Section 409A of the Code or to otherwise avoid imposition of any
additional tax or income recognition under Section 409A of the Code. 
  

 -10- 

 (e) Nontransferability. Each restricted stock unit by its terms shall be
nonassignable and nontransferable by the holder, either voluntarily or by operation of law, except by will or by the laws of descent and distribution of the state or country of the holder’s domicile at the time of death. 
 20. Code Section 162(m) Provisions. 
 (a) Option and SAR Annual Share Limit. No individual shall be granted, in any calendar year, options and stock appreciation rights to purchase more than 250,000 shares of Common Stock; provided, however,
that such limit shall be 200,000 shares of Common Stock in the individual’s first calendar year of Company service. 
 (b) Restricted Stock, Stock Bonus, Restricted Stock Unit and Performance Unit Annual Limits. No individual shall be granted, in any calendar year, more than 75,000 shares of Common Stock in the aggregate of the following:
(i) restricted stock, (ii) stock bonuses, or (iii) restricted stock units. No individual shall be granted, in any calendar year, performance units having an initial value greater than $2,000,000. 
 (c) Section 162(m) Performance Goals. “Performance Goals” shall mean the goal(s) (or combined goal(s))
determined by the Committee (in its discretion) to be applicable to an employee with respect to an award of restricted stock, stock bonuses, restricted stock units and performance units. As determined by the Committee, the Performance Goals
applicable to an award may provide for a targeted level or levels of achievement using one or more of the following measures: (a) Operating Income, (b) Pretax Income, and (c) Return on Sales. The Performance Goals may differ from
employee to employee and from award to award. Any criteria used may be measured, as applicable, (i) in absolute terms, (ii) in relative terms (including, but not limited to, passage of time and/or against another company or companies),
(iii) on a per-share basis, (iv) against the performance of the Company as a whole or of a business unit of the Company, and/or (v) to the extent not otherwise specified by the definition of the Performance Goal, on a pre-tax or
after-tax basis. Prior to the Determination Date, the Committee shall determine whether any element(s) or item(s) shall be included in or excluded from the calculation of any Performance Goal with respect to any Participants. 
 (i) “Operating Income” means the Company’s or a business unit’s income from operations determined in accordance
with generally accepted accounting principles. 
 (ii) “Pretax Income” means the Company’s or a business
unit’s income before taxes, determined in accordance with generally accepted accounting principles. 
 (iii)
“Return on Sales” means the percentage equal to the Company’s or a business unit’s Operating Income before incentive compensation, divided by the Company’s or the business unit’s, as applicable, revenue,
determined in accordance with generally accepted accounting principles. 
 (d) Section 162(m) Performance
Restrictions. For purposes of qualifying grants of restricted stock, stock bonuses, restricted stock units and performance units as “performance-based compensation” under Section 162(m) of the Code, the Committee, in its
discretion, may set restrictions based upon the achievement of Performance Goals. The Performance Goals shall be set by the Committee on or before the latest date permissible to enable the restricted stock, stock bonuses, restricted stock units and
performance units to qualify as “performance-based compensation” under Section 162(m) of the Code. In granting restricted stock, stock bonuses, restricted stock units and performance units which are intended to qualify under
Section 162(m) of the Code, the Committee shall follow any procedures determined by it from time to time to be necessary or appropriate to ensure qualification of the award under Section 162(m) of the Code (e.g., in determining the
Performance Goals). 
 (e) Changes in Capitalization. The numerical limitations in Sections 20(a) and 20(b)
shall be adjusted proportionately in connection with any change in the Company’s capitalization as described in Section 14(a). 
  

 -11- 

 (f) If an award is cancelled in the same calendar year in which it was granted (other
than in connection with a transaction described in Section 14 of the Plan), the cancelled award will be counted against the limits set forth in subsections (a) and (b) above. For this purpose, if the exercise price of an option is
reduced, the transaction will be treated as a cancellation of the option and the grant of a new option. 
 Adopted: April 21, 1995 
 Approved by Shareholders: May 5, 1995 
  

 -12-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00153-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00153-of-00352.parquet"}]]