Document:

EX-10.9

 Exhibit 10.9 

NAVIENT CORPORATION 

2014 OMNIBUS INCENTIVE PLAN 

 NAVIENT CORPORATION 

2014 OMNIBUS INCENTIVE PLAN 

Table of Contents 
  

							
	 	  	 	  	Page	 
			
	1.	  	Plan	  	 	1	  
			
	2.	  	Objectives	  	 	1	  
			
	3.	  	Definitions	  	 	1	  
			
	4.	  	Eligibility	  	 	5	  
			
	5.	  	Common Stock Available for Awards	  	 	6	  
			
	6.	  	Administration	  	 	6	  
			
	7.	  	Delegation of Authority	  	 	8	  
			
	8.	  	Employee Awards	  	 	8	  
			
	9.	  	Director Awards	  	 	12	  
			
	10.	  	Award Payment; Dividends and Dividend Equivalents	  	 	12	  
			
	11.	  	Option Exercise	  	 	12	  
			
	12.	  	Taxes	  	 	13	  
			
	13.	  	Amendment, Modification, Suspension or Termination	  	 	13	  
			
	14.	  	Assignability	  	 	13	  
			
	15.	  	Adjustments	  	 	14	  
			
	16.	  	Restrictions	  	 	15	  
			
	17.	  	Unfunded Plan	  	 	15	  
			
	18.	  	Code Section 409A	  	 	15	  
			
	19.	  	Awards to Foreign Nationals and Employees Outside the United States	  	 	16	  
			
	20.	  	Governing Law	  	 	16	  
			
	21.	  	Right to Continued Service or Employment	  	 	16	  
			
	22.	  	Usage	  	 	17	  
			
	23.	  	Headings	  	 	17	  
			
	24.	  	Effectiveness	  	 	17	  

  
 i 

 NAVIENT CORPORATION 

2014 OMNIBUS INCENTIVE PLAN 
  

	 	1.	Plan 

 Navient Corporation, a Delaware corporation (the
“Company”), established this Navient Corporation 2014 Omnibus Incentive Plan (this “Plan”), effective as of April 30, 2014 (the “Effective Date”). This Plan shall continue in effect for a term of 10 years after the
Effective Date unless sooner terminated by action of the Board of Directors of the Company. 
  

	 	2.	Objectives 

 This Plan is designed to attract and retain employees
of the Company and its Subsidiaries (as defined herein), to attract and retain qualified non-employee directors of the Company, to encourage the sense of proprietorship of such employees and directors and to stimulate the active interest of such
persons in the development and financial success of the Company and its Subsidiaries. These objectives are to be accomplished by making Awards under this Plan and thereby providing Participants (as defined herein) with a proprietary interest in the
growth and performance of the Company and its Subsidiaries. 
  

	 	3.	Definitions 

 As used herein, the terms set forth below shall have
the following respective meanings: 
 “Authorized Officer” means the Chairman of the Board, the Chief
Executive Officer of the Company or the senior human resources officer of the Company (or any other senior officer of the Company to whom any of such individuals shall delegate the authority to execute any Award Agreement). 

“Award” means the grant of any Option, Stock Appreciation Right, Stock Award, or Cash Award, any of which may
be structured as a Performance Award, whether granted singly, in combination or in tandem, to a Participant pursuant to such applicable terms, conditions, and limitations as the Committee may establish in accordance with the objectives of this Plan.

 “Award Agreement” means the document (in written or electronic form) communicating the terms, conditions
and limitations applicable to an Award. The Committee may, in its discretion, require that the Participant execute such Award Agreement, or may provide for procedures through which Award Agreements are made available but not executed. Any
Participant who is granted an Award and who does not affirmatively reject the applicable Award Agreement shall be deemed to have accepted the terms of Award as embodied in the Award Agreement. 

“Board” means the Board of Directors of the Company. 

“Cash Award” means an Award denominated in cash. 

  
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 “Change in Control” means an occurrence of any of the following
events: (a) an acquisition (other than directly from the Company) of any voting securities of the Company (the “Voting Securities”) by any “person or group” (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Exchange Act) other than an employee benefit plan of the Company, immediately after which such person or group has “Beneficial Ownership” (within the meaning of Rule 13d-3 under the Exchange Act) of more than fifty percent (50%) of
the combined voting power of the Company’s then outstanding Voting Securities; or (b) the consummation of (i) a merger, consolidation or reorganization involving the Company, unless the Company resulting from such merger,
consolidation or reorganization (the “Surviving Company”) shall adopt or assume this Plan and a Participant’s Awards under the Plan and either (A) the stockholders of the Company immediately before such merger, consolidation or
reorganization own, directly or indirectly immediately following such merger, consolidation or reorganization, at least seventy-five percent (75%) of the combined voting power of the Surviving Company in substantially the same proportion as
their ownership immediately before such merger, consolidation or reorganization, or (B) at least a majority of the members of the Board of Directors of the Surviving Company were directors of the Company immediately prior to the execution of
the agreement providing for such merger, consolidation or reorganization, or (ii) a complete liquidation or dissolution of the Company. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Committee” means the Compensation and Personnel Committee of the Board, and any successor committee thereto
or such other committee of the Board as may be designated by the Board to administer this Plan in whole or in part including any subcommittee of the Board as designated by the Board. 

“Common Stock” means the Common Stock, par value $0.01 per share, of the Company. 

“Company” means Navient Corporation, a Delaware corporation, or any successor thereto. 

“Covered Employee” means any Employee who is or may be a “covered employee,” as defined in Code
Section 162(m). 
 “Director” means an individual serving as a member of the Board who is not an Employee
and an individual who has agreed to become a director of the Company or any of its Subsidiaries and actually becomes such a director following such date of agreement. 

“Director Award” means the grant of any Award (other than an Incentive Stock Option), whether granted singly,
in combination, or in tandem, to a Participant who is a Director pursuant to such applicable terms, conditions, and limitations established by the Board. 

  
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 “Disability” means (1) if the Participant is an Employee, a
disability that entitles the Employee to benefits under the Company’s long-term disability plan, as may be in effect from time to time, as determined by the plan administrator of the long-term disability plan or (2) if the Participant is a
Director, a disability whereby the Director is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months. Notwithstanding the foregoing, if an Award is subject to Code Section 409A, the definition of Disability shall conform to the requirements of Treasury Regulation § 1.409A-3(i)(4)(i). 

“Dividend Equivalents” means, in the case of Restricted Stock Units or Performance Units, an amount equal to
all dividends and other distributions (or the economic equivalent thereof) that are payable to stockholders of record during the Restriction Period or performance period, as applicable, on a like number of shares of Common Stock that are subject to
the Award. 
 “Employee” means (i) an employee of the Company or any of its Subsidiaries, (ii) an
employee or former employee of the former parent of the Company, SLM Corporation, a Delaware corporation (“SLM”), but only with respect to Awards made in connection with the separation of the Company from SLM, and (iii) an individual
who has agreed to become an employee of the Company or any of its Subsidiaries and actually becomes such an employee following such date of agreement. 

“Employee Award” means the grant of any Award, whether granted singly, in combination, or in tandem, to an
Employee pursuant to such applicable terms, conditions, and limitations established by the Committee. 
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time. 
 “Exercise Price”
means the price at which a Participant may exercise his right to receive cash or Common Stock, as applicable, under the terms of an Award. 

“Fair Market Value” of a share of Common Stock means, as of a particular date, (1) if shares of Common
Stock are listed on a national securities exchange, the closing sales price per share of Common Stock on the consolidated transaction reporting system for the principal national securities exchange on which shares of Common Stock are listed on that
date, or, if there shall have been no such sale so reported on that date, on the last preceding date on which such a sale was so reported, (2) if the Common Stock is not so listed, the average of the closing bid and asked price on that date,
or, if there are no quotations available for such date, on the last preceding date on which such quotations shall be available, as reported by an inter-dealer quotation system, (3) if shares of Common Stock are not publicly traded, the most
recent value determined by an independent appraiser appointed by the Committee for such purpose, or (4) if none of the above are applicable, the fair market value of a share of Common Stock as determined in good faith by the Committee. 

  
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 “Grant Date” means the date an Award is granted to a Participant
pursuant to this Plan. 
 “Incentive Stock Option” means an Option that is intended to comply with the
requirements set forth in Code Section 422. 
 “Nonqualified Stock Option” means an Option that is not
intended to comply with the requirements set forth in Code Section 422. 
 “Option” means a right to
purchase a specified number of shares of Common Stock at a specified Exercise Price, which is either an Incentive Stock Option or a Nonqualified Stock Option. 

“Participant” means an Employee or Director to whom an Award has been made under this Plan. 

“Performance Award” means an Award made pursuant to this Plan to a Participant which is subject to the
attainment of one or more Performance Goals. 
 “Performance Goal” means one or more standards established
by the Committee to determine in whole or in part whether a Performance Award shall be earned. 
 “Performance
Unit” means a unit evidencing the right to receive in specified circumstances an amount of cash or one share of Common Stock or equivalent value in cash, the value of which at the time it is settled is determined as a function of the extent
to which established performance criteria have been satisfied. 
 “Performance Unit Award” means an Award in
the form of Performance Units. 
 “Qualified Performance Awards” has the meaning set forth in Paragraph
8(a)(vii)(B). 
 “Restricted Stock” means a share of Common Stock that is restricted or subject to
forfeiture provisions. 
 “Restricted Stock Award” means an Award in the form of Restricted Stock. 

“Restricted Stock Unit” means a unit evidencing the right to receive in specified circumstances one share of
Common Stock or equivalent value in cash that is restricted or subject to forfeiture provisions. 
 “Restricted Stock
Unit Award” means an Award in the form of Restricted Stock Units. 

  
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 “Restriction Period” means a period of time beginning as of the
date upon which a Restricted Stock Award or Restricted Stock Unit Award is made pursuant to this Plan and ending as of the date upon which such Award is no longer restricted or subject to forfeiture provisions. 

“Stock Appreciation Right” or “SAR” means a right to receive a payment, in cash or Common
Stock, equal to the excess of the Fair Market Value of a specified number of shares of Common Stock on the date the right is exercised over a specified Exercise Price. 

“Stock Award” means an Award in the form of shares of Common Stock, including a Restricted Stock Award, and a
Restricted Stock Unit Award or Performance Unit Award that may be settled in shares of Common Stock, and excluding Options and SARs. 

“Stock-Based Award Limitations” has the meaning set forth in Paragraph 5. 

“Subsidiary” means (1) in the case of a corporation, any corporation of which the Company directly or
indirectly owns shares representing 50% or more of the combined voting power of the shares of all classes or series of capital stock of such corporation which have the right to vote generally on matters submitted to a vote of the stockholders of
such corporation, and (2) in the case of a partnership or other business entity not organized as a corporation, any such business entity of which the Company directly or indirectly owns 50% or more of the voting, capital or profits interests
(whether in the form of partnership interests, membership interests or otherwise). 
  

	 	4.	Eligibility 

 (a) Employees. All Employees
are eligible for Employee Awards under this Plan, provided, however, that if the Committee makes an Employee Award to an individual whom it expects to become an Employee following the Grant Date of such Award, such Award shall be subject to
(among other terms and conditions) the individual actually becoming an Employee. 
 (b) Directors. All Directors are
eligible for Director Awards under this Plan, provided, however, that if the Board makes a Director Award to an individual whom it expects to become a Director following the Grant Date of such Award, such Award shall be subject to (among
other terms and conditions) the individual actually becoming a Director. 
 The Committee (or the Board, in the case of Director Awards)
shall determine the type or types of Awards to be made under this Plan and shall designate from time to time the Employees or Directors who are to be granted Awards under this Plan. 

  
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	 	5.	Common Stock Available for Awards 

 Subject to the provisions of Paragraph 15
hereof, there shall be available for Awards under this Plan granted wholly or partly in Common Stock (including rights or Options that may be exercised for or settled in Common Stock) an aggregate of 45,000,000 shares of Common Stock (the
“Maximum Share Limit”), all of which shall be available for Incentive Stock Options. Each Stock Award granted under this Plan shall be counted against the Maximum Share Limit as one share of Common Stock; each Option and SAR shall be
counted against the Maximum Share Limit as one share of Common Stock. 
 Awards settled in cash shall not reduce the Maximum Share Limit
under the Plan. If an Award expires or is terminated, cancelled or forfeited, the shares of Common Stock associated with the expired, terminated, cancelled or forfeited Awards shall again be available for Awards under the Plan, and the Maximum Share
Limit shall be increased by the same amount as such shares were counted against the Maximum Share Limit (i.e., increased by one share of Common Stock, if a Stock Award, and one share of Common Stock, if an Option or SAR). The following shares
of Common Stock shall not become available again for issuance under the Plan: 
 (a) Shares of Common Stock that have been
retained or withheld by the Company in payment or satisfaction of the Exercise Price, purchase price or tax withholding obligation of an Award; and 

(b) Shares of Common Stock that have been delivered (either actually or by attestation) to the Company in payment or
satisfaction of the Exercise Price, purchase price or tax withholding obligation of an Award. 
 The Board and the appropriate officers of
the Company shall from time to time take whatever actions are necessary to file any required documents with governmental authorities, stock exchanges and transaction reporting systems to ensure that shares of Common Stock are available for issuance
pursuant to Awards. 
 Notwithstanding anything to the contrary contained in this Plan, the following limitations shall apply to any Awards
made hereunder: 
 (a) No Employee may be granted during any calendar year Awards exercisable, covering or relating to more
than 1,250,000 shares of Common Stock (the “Stock-Based Award Limitation”); and 
 (b) No Employee may be granted
during any calendar year (1) Cash Awards or (2) Restricted Stock Unit Awards or Performance Unit Awards that may be settled solely in cash, having a value determined on the Grant Date in excess of $5,000,000. 

 

	 	6.	Administration 

 (a) Authority of the Committee. Except as
otherwise provided in this Plan with respect to actions or determinations by the Board, this Plan shall be administered by the Committee; provided, however, that (i) any and all members of the Committee shall satisfy any independence
requirements prescribed by any stock exchange on which the 

  
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Company lists its Common Stock; (ii) Awards may be granted to individuals who are subject to Section 16(b) of the Exchange Act only if the Committee is comprised solely of two or more
“Non-Employee Directors” as defined in Securities and Exchange Commission Rule 16b-3 (as amended from time to time, and any successor rule, regulation or statute fulfilling the same or similar function); and (iii) any Award intended
to qualify for the “performance-based compensation” exception under Code Section 162(m) shall be granted only if the Committee is comprised solely of two or more “outside directors” within the meaning of Code
Section 162(m) and regulations pursuant thereto. Subject to the provisions hereof, the Committee shall have full and exclusive power and authority to administer this Plan and to take all actions that are specifically contemplated hereby or are
necessary or appropriate in connection with the administration hereof. The Committee shall also have full and exclusive power to interpret this Plan and to adopt such rules, regulations and guidelines for carrying out this Plan as it may deem
necessary or proper, all of which powers shall be exercised in the best interests of the Company and in keeping with the objectives of this Plan. Subject to Paragraph 6(c) hereof, the Committee may, in its discretion, (x) provide for the
extension of the exercisability of an Award, or (y) in the event of death, Disability, retirement or Change in Control, accelerate the vesting or exercisability of an Award, eliminate or make less restrictive any restrictions contained in an
Award, waive any restriction or other provision of this Plan or an Award or otherwise amend or modify an Award in any manner that is, in either case, (1) not adverse to the Participant to whom such Award was granted, (2) consented to by
such Participant or (3) authorized by Paragraph 15(c) hereof; provided, however, that no such action shall permit the term of any Option to be greater than 10 years from its Grant Date. The Committee may correct any defect or supply
any omission or reconcile any inconsistency in this Plan or in any Award Agreement in the manner and to the extent the Committee deems necessary or desirable to further this Plan’s purposes. Any decision of the Committee in the interpretation
and administration of this Plan shall lie within its sole and absolute discretion and shall be final, conclusive and binding on all parties concerned. The Board shall have the same powers as the Committee with respect to Director Awards. 

(b) Indemnity. No member of the Board or the Committee or officer of the Company to whom the Committee has delegated
authority in accordance with the provisions of Paragraph 7 of this Plan shall be liable for anything done or omitted to be done by him, by any member of the Board or the Committee or by any officer of the Company in connection with the
performance of any duties under this Plan, except for his own willful misconduct or as expressly provided by statute. 

(c) Prohibition on Repricing of Awards. Subject to the provisions of Paragraph 15 hereof, the terms of
outstanding Award Agreements may not be amended without the approval of the Company’s stockholders so as to (i) reduce the Exercise Price of any outstanding Options or SARs or (ii) cancel any outstanding Options or SARs in exchange
for cash or other Awards, or Options or SARs with an Exercise Price that is less than the Exercise Price of the original Options or SARs. 

  
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	 	7.	Delegation of Authority 

 The Committee may delegate any of its
authority to grant Awards to Employees who are not subject to Section 16(b) of the Exchange Act, subject to Paragraph 6(a) above, to the Board or to any other committee of the Board, provided such delegation is made in writing and specifically
sets forth such delegated authority. The Committee may also delegate to an Authorized Officer authority to execute on behalf of the Company any Award Agreement. The Committee and the Board, as applicable, may engage or authorize the engagement of a
third party administrator to carry out administrative functions under this Plan. Any such delegation hereunder shall only be made to the extent permitted by applicable law. 
  

	 	8.	Employee Awards 

 (a) The Committee shall determine
the type or types of Employee Awards to be made under this Plan and shall designate from time to time the Employees who are to be the recipients of such Awards. Each Award shall be embodied in an Award Agreement, which shall contain such terms,
conditions and limitations as shall be determined by the Committee, in its sole discretion, and, if required by the Committee, shall be signed by the Participant to whom the Award is granted and by an Authorized Officer for and on behalf of the
Company. Awards may consist of those listed in this Paragraph 8(a) hereof and may be granted singly, in combination or in tandem. Awards may also be made in combination or in tandem with, in replacement of, or as alternatives to, grants or
rights under this Plan or any other plan of the Company or any of its Subsidiaries, including the plan of any acquired entity; provided, however, that, except as contemplated in Paragraph 15 hereof, no Option or SAR may be issued in exchange
for the cancellation of an Option or SAR with a higher Exercise Price nor may the Exercise Price of any Option or SAR be reduced. All or part of an Award may be subject to conditions established by the Committee. Upon the termination of employment
by a Participant who is an Employee, any unexercised, unvested or unpaid Awards shall be treated as set forth in the applicable Award Agreement or in any other written agreement the Company has entered into with the Participant. 

(i) Options. An Employee Award may be in the form of an Option. An Option awarded pursuant to this Plan may consist of
either an Incentive Stock Option or a Nonqualified Stock Option. The price at which shares of Common Stock may be purchased upon the exercise of an Option shall be not less than the Fair Market Value of the Common Stock on the Grant Date. The term
of an Option shall not exceed 10 years from the Grant Date. Options may not include provisions that “reload” the Option upon exercise. Subject to the foregoing provisions, the terms, conditions and limitations applicable to any Option,
including, but not limited to, the term of any Option and the date or dates upon which the Option becomes vested and exercisable, shall be determined by the Committee. 

(ii) Stock Appreciation Rights. An Employee Award may be in the form of an SAR. The Exercise Price for an SAR shall not
be less than the Fair Market Value of the Common Stock on the Grant Date. The holder of a tandem 

  
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SAR may elect to exercise either the Option or the SAR, but not both. The exercise period for an SAR shall extend no more than 10 years after the Grant Date. SARs may not include provisions that
“reload” the SAR upon exercise. Subject to the foregoing provisions, the terms, conditions, and limitations applicable to any SAR, including, but not limited to, the term of any SAR and the date or dates upon which the SAR becomes vested
and exercisable, shall be determined by the Committee. 
 (iii) Stock Awards. An Employee Award may be in the form of
a Stock Award. The terms, conditions and limitations applicable to any Stock Award, including, but not limited to, vesting or other restrictions, shall be determined by the Committee, and subject to the minimum Restriction Period and performance
period requirements and any other applicable requirements described in this Paragraph 8(a) hereof. 
 (iv) Restricted
Stock Unit Awards. An Employee Award may be in the form of a Restricted Stock Unit Award. The terms, conditions and limitations applicable to a Restricted Stock Unit Award, including, but not limited to, the Restriction Period and the right to
receive Dividend Equivalents, if any, shall be determined by the Committee. Subject to the terms of this Plan, the Committee, in its sole discretion, may settle Restricted Stock Units in the form of cash or in shares of Common Stock (or in a
combination thereof) equal to the value of the vested Restricted Stock Units. 
 (v) Performance Unit Awards. An
Employee Award may be in the form of a Performance Unit Award. Each Performance Unit shall have an initial value that is established by the Committee on the Grant Date. Subject to the terms of this Plan, after the applicable performance period has
ended, the Participant shall be entitled to receive settlement of the value and number of Performance Units earned by the Participant over the performance period, to be determined as a function of the extent to which the corresponding performance
goals have been achieved. Settlement of earned Performance Units shall be as determined by the Committee and as evidenced in an Award Agreement. Subject to the terms of this Plan, the Committee, in its sole discretion, may settle earned Performance
Units in the form of cash or in shares of Common Stock (or in a combination thereof) equal to the value of the earned Performance Units as soon as practicable after the end of the performance period and following the Committee’s determination
of actual performance against the performance measures and related goals established by the Committee. The terms, conditions and limitations applicable to a Performance Unit Award, including, but not limited to, the Restriction Period and the right
to Dividend Equivalents, if any, shall be determined by the Committee. 
 (vi) Cash Awards. An Employee Award may be
in the form of a Cash Award. The terms, conditions and limitations applicable to a Cash Award, including, but not limited to, vesting or other restrictions, shall be determined by the Committee. 

  
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 (b) Performance Awards. Without limiting the type or number of Awards that
may be made under the other provisions of this Plan, any Employee Award granted under this Plan may be structured as a Performance Award. The terms, conditions and limitations applicable to an Award that is a Performance Award shall be determined by
the Committee. The Committee shall set Performance Goals in its discretion which, depending on the extent to which they are met, will determine the value and/or amount of Performance Awards that will be paid out to the Participant and/or the portion
of an Award that may be exercised. 
 (i) Nonqualified Performance Awards. Performance Awards granted to Employees
that are not intended to qualify as qualified performance-based compensation under Code Section 162(m) shall be based on achievement of such Performance Goals and be subject to such terms, conditions and restrictions as the Committee or its
delegate shall determine. 
 (ii) Qualified Performance Awards. Performance Awards granted to Employees under this
Plan that are intended to qualify as qualified performance-based compensation under Code Section 162(m) shall be paid, vested or otherwise deliverable solely on account of the attainment of one or more pre-established, objective Performance
Goals established by the Committee prior to the earlier to occur of (1) 90 days after the commencement of the period of service to which the Performance Goal relates and (2) the lapse of 25% of the period of service (as scheduled in good
faith at the time the goal is established), and in any event while the outcome is substantially uncertain. A Performance Goal is objective if a third party having knowledge of the relevant facts could determine whether the goal is met. One or more
of such goals may apply to the Employee, one or more business units, divisions or sectors of the Company, or the Company as a whole, and if so desired by the Committee, by comparison with a peer group of companies. A Performance Goal shall include
one or more of the following: (a) cash flow (including operating cash flow, free cash flow, cash flow return on capital, or cash flow per share), (b) core cash earnings per share (including earnings before interest, taxes, depreciation and
amortization), (c) return measures (including return on assets, capital, equity, or sales), (d) total stockholder return, (e) productivity ratios, (f) expense targets or ratios, (g) revenue, (h) core cash income or net
income, (i) core cash operating income or net operating income, (j) operating profit or net operating profit, (k) gross or operating margin, (l) return on operating revenue, (m) market share, (n) loan volume,
(o) overhead or other expense reduction, (p) charge-off levels, (q) deposit growth, (r) margins, (s) operating efficiency, (t) economic value added, (u) customer or employee satisfaction, (v) debt reduction,
(w) capital targets, (x) consummation of acquisitions, dispositions, projects or other specific events or transactions, (y) liquidity, (z) capital adequacy, (aa) ratio of nonperforming to performing assets, (bb) ratio of common
equity to total assets, or (cc) regulatory compliance metrics. 

  
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 Unless otherwise stated, such a Performance Goal need not be based upon an increase or positive
result under a particular business criterion and could include, for example, maintaining the status quo or limiting economic losses (measured, in each case, by reference to specific business criteria). In interpreting Plan provisions applicable to
Qualified Performance Awards, it is the intent of this Plan to conform with the standards of Code Section 162(m) and Treasury Regulation § 1.162-27(e)(2)(i), as to grants to Covered Employees and the Committee in establishing such goals
and interpreting this Plan shall be guided by such provisions. Prior to the payment of any compensation based on the achievement of Performance Goals applicable to Qualified Performance Awards, the Committee must certify in writing that applicable
Performance Goals and any of the material terms thereof were, in fact, satisfied. For this purpose, approved minutes of the Committee meeting in which the certification is made shall be treated as such written certification. Subject to the foregoing
provisions, the terms, conditions and limitations applicable to any Qualified Performance Awards made pursuant to this Plan shall be determined by the Committee. The Committee may provide in any such Performance Award that any evaluation of
performance may include or exclude certain events that occur during a Performance Period including but not limited to: (i) amortization, depreciation or impairment of tangible or intangible assets, (ii) litigation or claim judgments or
settlements, (iii) the effect of changes in tax law, accounting principles or other laws or provisions affecting reported results, (iv) accruals for reorganization and restructuring programs or reductions in force or early retirement
programs, (v) any extraordinary non-recurring items that may be defined in an objective and non-discretionary manner under or by reference to U.S. Generally Accepted Accounting Principles, accounting standards or other applicable accounting
standards in effect from time to time and/or in management’s discussion and analysis of financial condition and results of operations appearing in the Company’s annual report to stockholders for the applicable year, (vi) the sale of
investments or non-core assets; (vii) discontinued operations, categories or segments; (viii) investments, acquisitions or dispositions; (ix) political, legal and other business interruptions (such as due to war, insurrection, riot,
terrorism, confiscation, expropriation, nationalization, deprivation, seizure, and regulatory requirements); (x) natural catastrophes; (xi) currency fluctuations; (xii) stock based compensation expense; (xiii) early retirement of
debt; (xiv) conversion of convertible debt securities; and (xv) termination of real estate leases. 

  
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 (iii) Adjustment of Performance Awards. Awards that are intended to
qualify as Performance Awards may not be adjusted upward. The Committee may retain the discretion to adjust such Performance Awards downward, either on a formula or discretionary basis or any combination, as the Committee determines. 

 

	 	9.	Director Awards 

 The Board has the sole authority to grant Director
Awards from time to time in accordance with this Paragraph 9. Director Awards may consist of the forms of Award described in Paragraph 8, with the exception of Incentive Stock Options, may be granted singly, in combination, or in tandem and shall be
granted subject to such terms and conditions as specified in Paragraph 8. Each Director Award may, in the discretion of the Board, be embodied in an Award Agreement, which shall contain such terms, conditions, and limitations as shall be determined
by the Board, in its sole discretion. 
  

	 	10.	Award Payment; Dividends and Dividend Equivalents 

 (a)
General. Payment of Awards may be made in the form of cash or Common Stock, or a combination thereof, and may include such restrictions as the Committee (or the Board, in the case of Director Awards) shall determine, including, but not
limited to, in the case of Common Stock, restrictions on transfer and forfeiture provisions. For a Restricted Stock Award, the certificates evidencing the shares of such Restricted Stock (to the extent that such shares are so evidenced) shall
contain appropriate legends and restrictions that describe the terms and conditions of the restrictions applicable thereto. For a Restricted Stock Unit Award that may be settled in shares of Common Stock, the shares of Common Stock that may be
issued at the end of the Restriction Period shall be evidenced by book entry registration or in such other manner as the Committee may determine. 

(b) Dividends and Dividend Equivalents. Dividends and/or Dividend Equivalents shall not be made part of any Options or
SARs. Rights to (1) dividends will be extended to and made part of any Restricted Stock Award and (2) Dividend Equivalents may be extended to and made part of any Restricted Stock Unit Award and Performance Unit Award, subject in each case
to such terms, conditions and restrictions as the Committee may establish; provided, however, that any such dividends or Dividend Equivalents paid with respect to unvested Stock Awards, including Stock Awards subject to Performance Goals
shall be subject to the same restrictions and/or Performance Goals as applicable, as the underlying Stock Award. 
  

	 	11.	Option Exercise 

 The Exercise Price shall be paid in full at the
time of exercise in cash or, if permitted by the Committee and elected by the Participant, the Participant may purchase such shares by means of the Company withholding shares of Common Stock otherwise deliverable on exercise of the Award or
tendering Common Stock valued at Fair Market Value on the date of exercise, or any combination thereof. The Committee, in its sole discretion, shall determine acceptable methods for Participants to tender Common Stock or other Awards. The Committee
may provide for procedures to permit the exercise or purchase of such Awards by use of the proceeds to be 

  
 12 

 
received from the sale of Common Stock issuable pursuant to an Award (including cashless exercise procedures approved by the Committee involving a broker or dealer approved by the Committee). The
Committee may adopt additional rules and procedures regarding the exercise of Options from time to time, provided that such rules and procedures are not inconsistent with the provisions of this Paragraph 11. 

 

	 	12.	Taxes 

 The Company shall have the right to deduct applicable taxes from any Award
payment and withhold, at the time of delivery or vesting of cash or shares of Common Stock under this Plan, an appropriate amount of cash or number of shares of Common Stock or a combination thereof for payment of required withholding taxes or to
take such other action as may be necessary in the opinion of the Company to satisfy all obligations for withholding of such taxes; provided, however, that the number of shares of Common Stock withheld for payment of required withholding taxes
must equal no more than the required minimum withholding taxes. The Committee may also permit withholding to be satisfied by the transfer to the Company of shares of Common Stock theretofore owned by the holder of the Award with respect to which
withholding is required. If shares of Common Stock are used to satisfy tax withholding, such shares shall be valued based on the Fair Market Value when the tax withholding is required to be made. 

 

	 	13.	Amendment, Modification, Suspension or Termination 

 The Board may amend, modify,
suspend or terminate this Plan (and the Committee may amend an Award Agreement) for the purpose of meeting or addressing any changes in legal requirements or for any other purpose permitted by law, except that (1) no amendment or alteration
that would adversely affect the rights of any Participant under any Award previously granted to such Participant shall be made without the consent of such Participant and (2) no amendment or alteration shall be effective prior to its approval
by the stockholders of the Company to the extent stockholder approval is otherwise required by applicable legal requirements or the requirements of the securities exchange on which the Company’s stock is listed, including any amendment that
expands the types of Awards available under this Plan, materially increases the number of shares of Common Stock available for Awards under this Plan, materially expands the classes of persons eligible for Awards under this Plan, materially extends
the term of this Plan, materially changes the method of determining the Exercise Price of Options, deletes or limits any provisions of this Plan that prohibit the repricing of Options or SARs, or decreases any minimum vesting requirements for any
Stock Award. 
  

	 	14.	Assignability 

 Unless otherwise determined by the Committee (or the Board in the
case of Director Awards) and expressly provided for in an Award Agreement, no Award or any other benefit under this Plan shall be assignable or otherwise transferable except (1) by will or the laws of descent and distribution or
(2) pursuant to a domestic relations order issued by a court of competent jurisdiction that is not contrary to the terms and conditions of this Plan or applicable Award and in a form acceptable to the Committee. The Committee may prescribe and
include in applicable Award Agreements other restrictions on transfer. Any attempted assignment of an Award or any other benefit under this Plan in violation of this Paragraph 14 shall be null and void. Notwithstanding the foregoing, no Award may be
transferred for value or consideration. 

  
 13 

	 	15.	Adjustments 

 (a) The existence of outstanding Awards shall not
affect in any manner the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the capital stock of the Company or its business or any merger or
consolidation of the Company, or any issue of bonds, debentures, preferred or prior preference stock (whether or not such issue is prior to, on a parity with or junior to the Common Stock) or the dissolution or liquidation of the Company, or any
sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding of any kind, whether or not of a character similar to that of the acts or proceedings enumerated above. 

(b) In the event of any subdivision or consolidation of outstanding shares of Common Stock, declaration of a dividend payable
in shares of Common Stock or other stock split, then (1) the number of shares of Common Stock reserved under this Plan, (2) the number of shares of Common Stock covered by outstanding Awards in the form of Common Stock or units denominated
in Common Stock, (3) the Exercise Price or other price in respect of such Awards, (4) the Stock-Based Award Limitations, and (5) the appropriate Fair Market Value and other price determinations for such Awards shall each be
proportionately adjusted by the Committee as appropriate to reflect such transaction. In the event of any other recapitalization or capital reorganization of the Company, any consolidation or merger of the Company with another corporation or entity,
the adoption by the Company of any plan of exchange affecting the Common Stock or any distribution to holders of Common Stock of securities or property (other than normal cash dividends or dividends payable in Common Stock), the Committee shall make
appropriate adjustments to (i) the number and kind of shares of Common Stock covered by Awards in the form of Common Stock or units denominated in Common Stock, (ii) the Exercise Price or other price in respect of such Awards,
(iii) the appropriate Fair Market Value and other price determinations for such Awards, and (iv) the Stock-Based Award Limitations to reflect such transaction; provided that such adjustments shall only be such as are necessary to maintain
the proportionate interest of the holders of the Awards and preserve, without increasing, the value of such Awards. 
 (c) In
the event of a corporate merger, consolidation, acquisition of property or stock, separation, reorganization or liquidation, the Committee may make such adjustments to Awards or other provisions for the disposition of Awards as it deems equitable,
and shall be authorized, in its discretion, (1) to provide for the substitution of a new Award or other arrangement (which, if applicable, may be exercisable for such property or stock as the Committee determines) for an Award or the assumption
of the Award, regardless of whether in a transaction to which Code Section 424(a) applies, (2) to provide, prior to the transaction, for the acceleration of the vesting and exercisability of, or lapse of restrictions with respect to, the
Award and, if the transaction is a cash merger, provide for the termination of any portion of the Award that remains unexercised at the time of such transaction, or (3) to cancel any such Awards and to

  
 14 

 
deliver to the Participants cash in an amount that the Committee shall determine in its sole discretion is equal to the fair market value of such Awards on the date of such event, which in the
case of Options or Stock Appreciation Rights shall be the excess of the Fair Market Value of Common Stock on such date over the Exercise Price of such Award. 

(d) No adjustment or substitution pursuant to this Paragraph 15 shall be made in a manner that results in noncompliance with
the requirements of Code Section 409A, to the extent applicable. 
  

	 	16.	Restrictions 

 No Common Stock or other form of payment shall be issued with
respect to any Award unless the Company shall be satisfied based on the advice of its counsel that such issuance will be in compliance with applicable federal and state securities laws. Certificates evidencing shares of Common Stock delivered under
this Plan (to the extent that such shares are so evidenced) may be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations and other requirements of the Securities and Exchange
Commission, any securities exchange or transaction reporting system upon which the Common Stock is then listed or to which it is admitted for quotation and any applicable federal or state securities law. The Committee may cause a legend or legends
to be placed upon such certificates (if any) to make appropriate reference to such restrictions. 
  

	 	17.	Unfunded Plan 

 This Plan is unfunded. Although bookkeeping accounts may be
established with respect to Participants who are entitled to cash, Common Stock or rights thereto under this Plan, any such accounts shall be used merely as a bookkeeping convenience. The Company shall not be required to segregate any assets that
may at any time be represented by cash, Common Stock or rights thereto, nor shall this Plan be construed as providing for such segregation, nor shall the Company, the Board or the Committee be deemed to be a trustee of any cash, Common Stock or
rights thereto to be granted under this Plan. Any liability or obligation of the Company to any Participant with respect to an Award of cash, Common Stock or rights thereto under this Plan shall be based solely upon any contractual obligations that
may be created by this Plan and any Award Agreement, and no such liability or obligation of the Company shall be deemed to be secured by any pledge or other encumbrance on any property of the Company. None of the Company, the Board or the Committee
shall be required to give any security or bond for the performance of any obligation that may be created by this Plan. With respect to this Plan and any Awards granted hereunder, Participants are general and unsecured creditors of the Company and
have no rights or claims except as otherwise provided in this Plan or any applicable Award Agreement. 
  

	 	18.	Code Section 409A 

 (a) Awards made under this Plan are
intended to comply with or be exempt from Code Section 409A, and ambiguous provisions hereof, if any, shall be construed and interpreted in a manner consistent with such intent. No payment, benefit or consideration shall be substituted for an
Award if such action would result in the 

  
 15 

 
imposition of taxes under Code Section 409A. Notwithstanding anything in this Plan to the contrary, if any Plan provision or Award under this Plan would result in the imposition of an
additional tax under Code Section 409A, that Plan provision or Award shall be reformed, to the extent permissible under Code Section 409A, to avoid imposition of the additional tax, and no such action shall be deemed to adversely affect
the Participant’s rights to an Award. 
 (b) Unless the Committee provides otherwise in an Award Agreement, each
Restricted Stock Unit Award, Performance Unit Award or Cash Award (or portion thereof if the Award is subject to a vesting schedule) shall be settled no later than the 15th day of the third month after the end of the first calendar year in which the
Award (or such portion thereof) is no longer subject to a “substantial risk of forfeiture” within the meaning of Code Section 409A. If the Committee determines that a Restricted Stock Unit Award, Performance Unit Award or Cash Award
is intended to be subject to Code Section 409A, the applicable Award Agreement shall include terms that are designed to satisfy the requirements of Code Section 409A. 

(c) If the Participant is identified by the Company as a “specified employee” within the meaning of Code
Section 409A(a)(2)(B)(i) on the date on which the Participant has a “separation from service” (other than due to death) within the meaning of Treasury Regulation § 1.409A-1(h), any Award payable or settled on account of a
separation from service that is deferred compensation subject to Code Section 409A shall be paid or settled on the earliest of (1) the first business day following the expiration of six months from the Participant’s separation from
service, (2) the date of the Participant’s death, or (3) such earlier date as complies with the requirements of Code Section 409A. 
  

	 	19.	Awards to Foreign Nationals and Employees Outside the United States 

 The
Committee may, without amending this Plan, (1) establish special rules applicable to Awards granted to Participants who are foreign nationals, are employed or otherwise providing services outside the United States, or both, including rules that
differ from those set forth in this Plan, and (2) grant Awards to such Participants in accordance with those rules. 
  

	 	20.	Governing Law 

 This Plan and all determinations made and actions taken pursuant
hereto, to the extent not otherwise governed by mandatory provisions of the Code or the securities laws of the United States, shall be governed by and construed in accordance with the laws of the State of Delaware. 

 

	 	21.	Right to Continued Service or Employment 

 Nothing in this Plan or an Award
Agreement shall interfere with or limit in any way the right of the Company or any of its Subsidiaries to terminate any Participant’s employment or other service relationship with the Company or its Subsidiaries at any time, nor confer upon any
Participant any right to continue in the capacity in which he is employed or otherwise serves the Company or its Subsidiaries. 

  
 16 

	 	22.	Usage 

 Words used in this Plan in the singular shall include the plural and in
the plural the singular, and the gender of words used shall be construed to include whichever may be appropriate under any particular circumstances of the masculine, feminine or neuter genders. 

 

	 	23.	Headings 

 The headings in this Plan are inserted for convenience of reference
only and shall not affect the meaning or interpretation of this Plan. 
  

	 	24.	Effectiveness 

 This Plan, as approved by the Board on April 7, 2014, shall be
effective as of the Effective Date. This Plan shall continue in effect for a term of 10 years commencing on the Effective Date, unless earlier terminated by action of the Board. 

The stockholder of the Company approved this Plan on April 8, 2014. 

  
 17EX-10.15

 Exhibit 10.15 

K2M GROUP HOLDINGS, INC. 

2014 EMPLOYEE STOCK PURCHASE PLAN 
  

 
 ARTICLE I — PURPOSE

  

	1.01	Purpose 

 The K2M Group Holdings, Inc. 2014 Employee Stock Purchase Plan is
intended to provide a method whereby employees of the Company and its Corporate Affiliates will have an opportunity to acquire a proprietary interest in the Company through the purchase of Stock. It is the intention of the Company to have the Plan
qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code of 1986, as amended. The provisions of the Plan shall be construed so as to extend and limit participation in a manner consistent with the
requirements of Code Section 423. 
 The Plan was adopted by the Board and ratified by the Company’s stockholders on April 21, 2014
(the “Effective Date”) and shall continue in force and effect until terminated under Section 10.04. 

ARTICLE II — DEFINITIONS 
  

	2.01	Base Pay 

 “Base Pay” shall mean regular straight time earnings annualized
as of the relevant Offering Commencement Date, excluding payments, if any, for overtime, incentive compensation, commissions, incentive payments, premiums, bonuses, and any other special remuneration; provided, however, that for a Participant for
whom Sales-related Compensation accounts for 35% or more of total compensation (regular straight time earnings plus Sales-Related Compensation) of the Participant as of the Offering Commencement Date of the relevant Offering, “Base Pay”
shall mean 65% of the sum of regular straight time earnings annualized as of the relevant Offering Commencement Date, excluding payments, if any, for overtime, incentive compensation, commissions (other than as stated above), incentive payments,
premiums, bonuses and any other special remuneration, plus Sales-Related Compensation. 
  

	2.02	Beneficial Owner 

 “Beneficial Owner” shall have the meaning ascribed to
such term in Rule 13d-3 under the Exchange Act (or any successor rule thereto). 
  

	2.03	Board 

 “Board” means the Board of Directors of the Company. 

 

	2.04	Change in Control 

 “Change in Control” of the Company shall mean the
occurrence of any of the following events: 
 (i) the acquisition (whether by purchase, merger, consolidation, combination or
other similar transaction) by any Person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 40% (on a fully diluted basis) of either (A) the then outstanding shares of Common Stock, taking
into account as outstanding for this purpose such Common Stock issuable upon the exercise of options or warrants, the conversion of convertible stock or debt, and the exercise of any similar right to acquire such Common Stock (the
“Outstanding Company Common Stock”); or (B) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting
Securities”); provided, however, that for purposes of this Plan, the following acquisitions shall not constitute a Change in Control: (I) any acquisition by the Company or any Corporate Affiliate; (II) any acquisition by any
employee benefit plan sponsored or maintained by the Company or any Corporate Affiliate; or (III) in respect of an Award held by a particular Participant, any acquisition by the Participant or any group of persons including the Participant (or any
entity controlled by the Participant or any group of persons including the Participant); 

  
 2 

 

 (ii) during any period of 24 months, individuals who, at the beginning of such
period, constitute the Board (the “Incumbent Directors”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the date hereof, whose election or nomination
for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without
written objection to such nomination) shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest, as such terms are
used in Rule 14a-12 of Regulation 14A promulgated under the Exchange Act, with respect to directors or as a result of any other actual or threatened solicitation of proxies or consents by or on behalf of any person other than the Board shall be
deemed to be an Incumbent Director; or 
 (iii) the sale, transfer or other disposition of all or substantially all of the
assets of the Company to any Person that is not a Corporate Affiliate. 
  

	2.05	Code 

 “Code” shall mean the Internal Revenue Code of 1986, as amended.

  

	2.06	Committee 

 “Committee” shall mean the individuals appointed by the
Company to administer the Plan as described in Article IX. 
  

	2.07	Company 

 “Company” shall mean K2M Group Holdings, Inc. 

  
 2 

  
 3 

 

	2.08	Corporate Affiliate 

 “Corporate Affiliate” shall mean any parent or
subsidiary corporation or limited liability company of the Company (as determined in accordance with Code section 424), whether now existing or subsequently established, and as designated as a ‘Corporate Affiliate’ by the Committee. 

 

	2.09	Eligible Director 

 “Eligible Director” means a person who is a
“non-employee director” within the meaning of Rule 16b-3 under the Exchange Act. 
  

	2.10	Eligible Employee 

 “Eligible Employee” means, unless the Committee
determines otherwise in a manner that complies with Section 423(b)(4) and the Treasury Regulations promulgated thereunder, any individual in an employment relationship (as determined under Treasury Regulations section 1.421-1(h)) with a
Participating Company whose customary employment is more than 20 hours per week. 
  

	2.11	Enrollment Period 

 “Enrollment Period” shall mean with respect to all
Offerings other than the First Offering, the period designated by the Committee prior to such Offering during which Eligible Employees may authorize payroll deductions through a Subscription. Unless the Committee determines otherwise, the Enrollment
Period with respect to any Offering shall end on the fifteenth day of the month immediately preceding the Offering Commencement Date and any Subscription received after such date shall be deemed to be an enrollment in the next following Offering. In
the case of the First Offering, all Eligible Employees shall be automatically deemed to have entered a Subscription, as provided in Section 3.01. 
  

	2.12	Exchange Act 

 “Exchange Act” shall mean the Securities Exchange Act of
1934, as amended from time to time, or any successor thereto. 
  

	2.13	Fair Market Value 

 The “Fair Market Value” of a share of Stock on a given
day shall be the closing sales price of a share of Stock on the primary exchange on which the Stock is traded on such date or, in the event that the Stock is not traded on such date, then the immediately preceding trading date. 

 

	2.14	First Offering 

 “First Offering” shall mean the first Offering under this
Plan, starting on the date set by the Committee in its sole discretion. 

  
 3 

  
 4 

 

	2.15	Initial Public Offering 

 “Initial Public Offering” shall mean the
Company’s underwritten initial public offering of shares of Stock on the NASDAQ Global Market pursuant to an effective registration statement under the Securities Act. 
  

	2.16	Offering 

 “Offering” shall mean the offerings of the Company’s Stock
under this Plan (including the First Offering), the duration of which shall generally be six (6) months, but shall not exceed twenty seven (27) months. 
  

	2.17	Offering Commencement Date 

 “Offering Commencement Date” shall mean the
day the underwriting agreement is executed in connection the Company’s Initial Public Offering and, unless determined otherwise by the Committee, the first day of each Offering thereafter, as established by the Committee. 

 

	2.18	Offering End Date 

 “Offering End Date” shall mean, with respect to the
First Offering, December 31,2014, and with respect to each successive Offering under this Plan, such date as is established by the Committee. 
  

	2.19	Participant 

 “Participant” shall mean an Eligible Employee who has
elected to participate in an Offering by entering a Subscription during the Enrollment Period for such Offering. In the case of the First Offering, “Participant” shall mean an Eligible Employee who does not timely file an election to
terminate his or her automatic Subscription in the First Offering as provided in Section 3.04(a). 
  

	2.20	Participating Company 

 “Participating Company” shall mean the Company and
each Corporate Affiliate as may be authorized from time to time by the Committee to extend the benefits of the Plan to their Eligible Employees. 
  

	2.21	Person 

 “Person” shall have the meaning ascribed to such term in
Section 13(d) or 14(d) of the Exchange Act (or any successor section thereto). 
  

	2.22	Plan 

 “Plan” shall mean the K2M Group Holdings, Inc. 2014 Employee Stock
Purchase Plan, as amended from time to time. 
  

	2.23	Purchase Date 

 “Purchase Date” shall mean with respect to any Offering,
the Offering End Date associated with such Offering (or such other dates determined by the Committee prior to the Offering Commencement Date or pursuant to Section 6.04); provided, however, if any such day is not a business day, the Purchase
Date shall be the next preceding business date on which shares of Stock are traded. 

  
 4 

  
 5 

 

	2.24	Reserves 

 “Reserves” shall have the definition set forth in
Section 10.03(a). 
  

	2.25	Rule 16b-3 

 “Rule 16b-3” shall mean Rule 16b-3 promulgated under the
Exchange Act. 
  

	2.26	Sales-Related Compensation 

 “Sales-Related Compensation” shall mean a
Participant’s targeted level (at “plan”) of commission-based incentive pay related directly to sales volume credited to an Employee, measured as of the Offering Commencement Date for the relevant Offering. 

 

	2.27	Securities Act 

 “Securities Act” shall mean the Securities Act of 1933,
as amended. 
  

	2.28	Stock 

 “Stock” shall mean the common stock, par value $0.001, of the
Company. 
  

	2.29	Subscription 

 “Subscription” shall mean an Eligible Employee’s
authorization for payment to be made by the Eligible Employee for Stock purchases under this Plan in the form and manner specified by the Committee (which may include enrollment by submitting forms, by voice response, internet access or other
electronic means). Except as provided in Section 3.04, and unless withdrawn earlier in accordance with Section 6.02, each Subscription shall be in effect for the duration of the Offering to which it applies. No more than one Subscription
may be in effect for an Eligible Employee with respect to any Offering. 
 ARTICLE III — ELIGIBILITY AND PARTICIPATION 

 

	3.01	Initial Eligibility 

 Except as provided otherwise by the Committee, any individual
who is an Eligible Employee as of the first Offering Commencement Date (in conjunction with the Initial Public Offering) shall be deemed eligible to participate in the First Offering, and shall further be deemed to have entered a Subscription for
the First Offering equal to 2% of the Participant’s Base Pay, according to the terms and provisions of Section 3.04(a). Except as provided otherwise by the Committee, any individual who is an Eligible Employee on an Offering Commencement
Date with respect to Offerings after the First Offering shall be eligible to participate in the Offering commencing on such date, subject to the terms and conditions of the Plan. 

  
 5 

  
 6 

 

	3.02	Leave of Absence 

 Solely to the extent permitted under Section 423 of the Code
and the Treasury Regulations promulgated thereunder: 
  

	 	(a)	For purposes of participation in the Plan, a Participant on a leave of absence shall be deemed to be an employee for a period of up to 90 days or, if longer, during the period the Participant’s right to
reemployment is guaranteed by statute or contract. 

  

	 	(b)	If the leave of absence is paid, deductions authorized under any Subscription in effect at the time the leave began will continue. 

  

	 	(c)	If the leave of absence is unpaid, no deductions or contributions will be permitted during the leave. If such a Participant returns to active status within 90 days or the guaranteed reemployment period, as applicable,
payroll deductions under the Subscription in effect at the time the leave began will automatically begin again upon the Participant’s return to active status, unless the Subscription has expired. 

 

	 	(d)	If the Participant does not return to active status within 90 days or the guaranteed reemployment period, as applicable, the Participant shall be treated as having terminated employment for all purposes of the Plan. If
such terminated Participant later returns to active employment as an Eligible Employee or if a Participant returns to active employment as an Eligible Employee after the Subscription has expired, such individual will be treated as a new employee and
will be eligible to participate in Offerings commencing after his or her reemployment date by filing a Subscription during the applicable Enrollment Period for such Offering. 

 

	3.03	Restrictions on Participation 

 Notwithstanding any provisions of the Plan to the
contrary, no Eligible Employee shall be granted a right to purchase Stock: 
  

	 	(a)	if, immediately after the grant, such employee would own Stock, and/or hold outstanding options to purchase Stock, possessing 5% or more of the total combined voting power or value of all classes of the Company’s
stock (for purposes of this paragraph, the rules of Section 424(d) of the Code shall apply in determining stock ownership of any employee); or 

  

	 	(b)	 which permits the employee’s rights to purchase Stock under all employee stock purchase plans of the Company to accrue at a rate which exceeds
$25,000 in Fair Market Value of the Stock (determined at the time such right to purchase Stock is granted) for each calendar year in which such right is outstanding. When applying the limitation of this Section 3.03(b), the right to purchase
Stock under an option accrues when the option (or any portion thereof) first becomes exercisable during the calendar year, the right to purchase Stock under an option accrues at the rate provided in the option, but in no case may such rate exceed

  
 6 

  
 7 

 

	 	
$25,000 of Fair Market Value of such Stock (determined at the time such option is granted) for any one calendar year; and a right to purchase Stock that has accrued under one option granted
pursuant to the Plan may not be carried over to any other option to purchase Stock. 

  

	3.04	Commencement of Participation 

  

	 	(a)	Participation in First Offering: Except as otherwise provided by the Committee prior to the Offering Commencement Date associated with the First Offering, all Eligible Employees shall be deemed a Participant in
the First Offering. Each Participant’s Subscription for the First Offering shall automatically be deemed to equal 2% of Base Pay. At any point prior to the Offering End Date of the First Offering, Participants may elect to terminate their
Subscriptions for such First Offering, in which case, such Participants will no longer be eligible to participate in the First Offering. Participants who do not timely elect to terminate their Subscriptions for the First Offering shall continue to
be treated as a Participant through the entire First Offering. Payment of the Purchase Price for Stock purchased in the First Offering shall be made by continuing Participants prior to the end of the First Offering, according to terms established by
the Committee. 

  

	 	(b)	Participation in Offerings after the First Offering: An Eligible Employee may become a Participant in any Offering following the First Offering by entering a Subscription during the Enrollment Period for such
Offering. Payroll deductions for such Offering shall commence on the applicable Offering Commencement Date and shall end on the applicable Offering End Date unless withdrawn by the Participant or sooner terminated in accordance with Article VII.
Only one Subscription may be in effect with respect to any Participant at any one time. A Participant may terminate his or her Subscription associated with an Offering according to the provisions of Section 6.02. 

 

	3.05	Participation After Rehire 

 An Eligible Employee’s Subscription will
automatically terminate on the date he or she is no longer an employee of any Participating Company. If the Eligible Employee terminates employment with a Subscription in effect with respect to an Offering and is rehired prior to the Offering End
Date for that Offering, the Subscription will not be reinstated and the Eligible Employee will not be allowed to again make payroll deductions under such Offering. The Eligible Employee may elect to participate in Offerings commencing after his or
her reemployment date by entering a Subscription during the applicable Enrollment Period for such Offering. Notwithstanding any other provision of this Plan, an Eligible Employee’s transfer from one Participating Company to another shall not
terminate such Eligible Employee’s Subscription. 

  
 7 

  
 8 

 

	3.06	International Employees/International Transfers 

 Eligible Employees who transfer to
a Participating Company may not participate in Offerings which had an Offering Commencement Date prior to such transfer. Subject to Section 10.07, such Eligible Employee may participate in Offerings commencing after such transfer by entering a
Subscription during the applicable Enrollment Period for such Offering. 
 A Participant who transfers from a Participating Company to a Corporate Affiliate
that is not a Participating Company or who is relocated to a jurisdiction in which otherwise Eligible Employees may be excluded from the Plan pursuant to Section 10.07 hereof will be treated as a terminated Participant under this Plan. 

ARTICLE IV — OFFERINGS 
  

	4.01	Offering Periods 

 The Plan will commence with the First Offering and, unless
determined otherwise by the Committee, will continue in operation with new Offerings commencing after the Offering End Date for the First Offering and successive Offerings, upon such schedule as is established by the Committee. Eligible Employees
may not have in effect more than one Subscription with respect to any Offering. 
 With respect to the First Offering, Eligible Employees will be deemed to
have entered a Subscription equal to 2% of their Base Pay. In subsequent Offerings, Participants may subscribe to any Offering by entering a Subscription during the Enrollment Period for such Offering in such manner as the Committee may prescribe
(which may include enrollment by submitting forms, by voice response, internet access or other electronic means). 
 A Subscription that is in effect on an
Offering End Date will automatically be deemed to be a Subscription for the Offering that commences immediately following such Offering End Date, provided that the Participant is still an Eligible Employee and has not withdrawn the Subscription.
Under the foregoing automatic enrollment provisions, payroll deductions will continue at the level in effect immediately prior to the new Offering Commencement Date, unless changed in advance by the Participant in accordance with Section 5.03.

  

	4.02	Purchase Price 

 The purchase price per share of Stock under each Offering shall be
the lower of: 
  

	 	(a)	85% of the Fair Market Value of the Stock on the Offering Commencement Date; or 

  

	 	(b)	85% of the Fair Market Value of the Stock on the Purchase Date. 

 Except as provided in Section 3.04(a) in
connection with the First Offering, such purchase price may only be paid with accumulated payroll deductions in accordance with Article V. 

  
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 9 

 

	4.03	Grant of Option 

 On each Offering Commencement Date, each Participant shall be
deemed to have been granted an option to purchase as many shares of Stock (rounded down to the nearest whole share of Stock) as may be purchased with his or her payroll deductions during the related Offering at the purchase price determined under
Section 4.02; provided, however, that such option shall be subject to the limitations set forth in Section 3.03 and Section 8.01, and may be reduced pursuant to Section 8.01, in each case, if applicable. 

ARTICLE V — PAYROLL DEDUCTIONS 
  

	5.01	Amount of Deduction 

 Except as provided otherwise in connection with the First
Offering, an Eligible Employee’s Subscription shall authorize payroll deductions at a rate, in whole percentages, of no less than 1% and no more than 10% of Base Pay on each payday that the Subscription is in effect. 

 

	5.02	Participant’s Account 

 All payroll deductions made with respect to a
Participant shall be credited to his or her recordkeeping account under the Plan. A Participant may not make any separate cash payment into such account. No interest will accrue or be paid on any amount withheld from a Participant’s pay under
the Plan or credited to the Participant’s account. Except as otherwise provided in this Section 5.02, all amounts in a Participant’s account will be used to purchase whole shares of Stock and no cash refunds shall be made from such
account. Any amounts that are insufficient to purchase whole shares shall be credited to the Participant’s account, and added to any fractional amounts resulting on subsequent Purchase Dates. Upon liquidation or other closing of a
Participant’s account, any fractional amounts shall be paid in cash to the Participant based on the then current Fair Market Value of the Stock. In addition, any amounts that are withheld but unable to be applied to the purchase of Stock
because of the limitations of Section 3.03 shall be returned to the Participant without interest and will not be used to purchase shares with respect to any other Offering under the Plan. 

 

	5.03	No Changes in Payroll Deductions 

 Following the Offering Commencement Date
associated with an Offering, a Participant may withdraw from the Offering (pursuant to Section 7.01), but may not otherwise change his or her level of payroll deduction with respect to such Offering (other than the ability to terminate
Subscriptions within the First Offering, as set forth in Section 3.04(a)). Any such withdrawal shall only be deemed effective if executed pursuant to procedures established by the Committee. 

ARTICLE VI — EXERCISE OF RIGHTS TO PURCHASE STOCK 
  

	6.01	Automatic Exercise 

  

	 	(a)	 Unless a Participant terminates his or her subscription as provided in Section 6.02, a Participant’s right to purchase Stock with respect to
any Offering will be automatically exercised on each Purchase Date for the Offering. Except as provided otherwise in connection with the First Offering, the right to purchase Stock will be exercised by using the accumulated payroll deductions in the

  
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Participant’s account as of each such Purchase Date to purchase the number of whole shares of Stock that may be purchased at the purchase price on such date, determined in accordance with
Section 4.02. Notwithstanding Section 6.03 below, the shares of Stock purchased upon exercise of an option hereunder shall be deemed to be transferred to the Participant as of the Purchase Date. During his or her lifetime, a
Participant’s option to purchase shares of Stock hereunder is exercisable only by him or her. 

  

	 	(b)	At the time an option granted under the Plan is exercised, in whole or in part, or at the time some or all of the Stock issued to a Participant under the Plan is disposed of, the Participant must make adequate
provisions for any applicable federal, state or other tax withholding obligations, if any, which arise upon the Purchase Date or the disposition of the Stock. At any time, the Company or a Corporate Affiliate may, but will not be obligated to,
withhold from the Participant’s compensation the amount necessary to meet applicable withholding obligations, including any withholding required to make available to the Company any tax deductions or benefits attributable to the sale or
disposition of Stock by the Participant earlier than as described in Section 423(a)(1) of the Code. 

  

	6.02	Termination of Subscription 

 Following the Offering Commencement Date associated
with an Offering, a Participant may terminate his or her Subscription for the Offering (but may not otherwise reduce or increase the scope of elected payroll deductions under the Subscription) prior to the Offering End Date associated with such
Offering. Any such termination shall be executed in conformity with rules established by the Committee or its designee. If a Participant terminates his or her Subscription with respect to any Offering, the accumulated payroll deductions in the
Participant’s account at the time the Subscription is withdrawn will be used to purchase shares of Stock at the next Purchase Date for the Offering to which the Subscription related, in accordance with Section 6.01. 

 

	6.03	Delivery of Stock 

  

	 	(a)	As promptly as practicable after each Purchase Date, the number of shares of Stock purchased by each Participant upon exercise of his or her option shall be deposited into an account established in the
Participant’s name with the broker designated by the Committee for such purpose. 

  

	 	(b)	Stock purchases under the Plan will be held in an account in the Participant’s name in uncertificated form unless certification is requested by the Participant. Furthermore, Stock to be delivered to a Participant
under the Plan will be registered in the name of the Participant. 

  

	6.04	Change in Control 

  

	 	(a)	 Corporate Transactions. In the event of a dissolution or liquidation of the Company, any Offering then in progress will terminate immediately
prior to the consummation of such action, unless otherwise provided by the Board. In the 

  
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event of any other Change in Control, each option outstanding under the Plan shall be assumed or an equivalent option shall be substituted by the successor corporation or a parent or subsidiary
of such successor corporation. In the event that the successor corporation refuses to assume or substitute for outstanding options, each Offering then in progress shall be shortened and a new Purchase Date shall be set (the “New Purchase
Date”), as of which date any Offering then in progress will terminate. The New Purchase Date shall be on or before the date of consummation of the Change in Control and the Board shall notify each Participant in writing, at least ten
days prior to the New Purchase Date, that the Purchase Date for his or her option has been changed to the New Purchase Date and that his or her option will be exercised automatically on the New Purchase Date, unless prior to such date he or she has
withdrawn from the Offering as provided in Section 6.02. For purposes of this Section 6.04(a), an option granted under the Plan shall be deemed to be assumed, without limitation, if, at the time of issuance of the stock or other
consideration upon a Change in Control, each holder of an option under the Plan would be entitled to receive upon exercise of the option the same number and kind of shares of stock or the same amount of property, cash or securities as such holder
would have been entitled to receive upon the occurrence of the transaction if the holder had been, immediately prior to the transaction, the holder of the number of shares of Stock covered by the option at such time (after giving effect to any
adjustments in the number of shares of Stock covered by the option as provided for in Section 10.03); provided, however, that if the consideration received in the transaction is not solely common stock of the successor corporation or its parent
(as defined in Section 424(e) of the Code), the Board may, with the consent of the successor corporation, provide for the consideration to be received upon exercise of the option to be solely common stock of the successor corporation or its
parent equal in Fair Market Value to the per share consideration received by holders of Stock in the transaction. 

  

	 	(b)	Sales of Participating Companies and Corporate Affiliates. In the event the Company consummates the sale or transfer of a Participating Company, Corporate Affiliate, business unit or division to an unaffiliated
person or entity, or the spin-off of a Participating Company, Corporate Affiliate, business unit or division to shareholders during an Offering, the payroll deductions, plus any interest thereon (if any), credited to the account of each Participant
employed by such Participating Company, Corporate Affiliate, business unit or division, as applicable, as of the time of such sale, transfer or spin-off with respect the offering to which such Offering relates, will be returned to the Participant,
and the Participant’s option will be automatically terminated. 

 ARTICLE VII — WITHDRAWAL 

 

	7.01	Procedures for Withdrawal 

 A Participant may withdraw all, but not less than all,
of the accumulated payroll deductions credited to the Participant’s recordkeeping account at any time before a Purchase Date by notifying the Committee or its designee of the Participant’s election to withdraw, pursuant to

  
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rules prescribed by the Committee. If a Participant elects to withdraw, all of the Participant’s accumulated payroll deductions credited to the Participant’s recordkeeping account will
be returned to the Participant and the Participant may not elect to direct further payroll deductions under the Plan for the purchase of Stock during that Offering. 
  

	7.02	Effect on Subsequent Participation 

 The Committee shall have the authority to
decide the Participant’s eligibility to participate in any succeeding Offering if Participant withdraws from any Offering. 
  

	7.03	Termination of Employment 

  

	 	(a)	Termination other than for Death, Disability, or Retirement: If a Participant’s employment with the Company or a Corporate Affiliate terminates for any reason other than death, Disability or Retirement, the
Participant will cease to participate in the Plan, and the Company will refund the balance of accumulated payroll deductions in the Participant’s recordkeeping account. 

For purposes of this Plan, a Participant in the Plan shall be deemed to have a “Disability” if the Participant: (i) is unable to
engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected by the Company, in its reasonable determination, to result in death or can be expected by the Company, in its
reasonable determination, to last for a continuous period of not less than 12 months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company. The term “Retirement” shall have the
meaning ascribed to it by the Committee according to administrative rules promulgated under the Plan. 
  

	 	(b)	Termination for Death, Disability, or Retirement: Upon termination of the Participant’s status as an Eligible Employee prior to a Purchase Date for any reason, including termination of employment or
death, the payroll contributions credited to his or her account will be returned to him or her, and his or her option will be automatically terminated; provided, however, that in the event of the death of a Participant, the Company shall deliver the
payroll contributions, without interest, to the executor or administrator of the estate of the Participant or, if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver
such amounts to the spouse or to any one or more dependents or relatives of the Participant. 

  
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 ARTICLE VIII — STOCK 

 

	8.01	Maximum Shares 

 The maximum number of shares which may be issued under the Plan,
subject to adjustment upon changes in capitalization of the Company as provided in Section 10.03, shall be 411,523 shares. If the total number of shares for which rights to purchase Stock are exercised on any Purchase Date exceeds the maximum
number of shares available for issuance, the Company shall make a pro rata allocation of the shares available for delivery and distribution in as nearly a uniform manner as shall be practicable and as it shall determine to be equitable, the balance
of payroll deductions credited to the account of each Participant under the Plan shall be returned to him or her as promptly as possible, and any or all Offerings then in effect may be terminated pursuant to Section 10.04 below. 

 

	8.02	Participant’s Interest in Rights to Purchase Stock 

 The Participant will have
no interest in Stock covered by a right to purchase Stock under the Plan until such right has been exercised. 
 ARTICLE IX —
ADMINISTRATION 
  

	9.01	Appointment of Committee 

 The Company’s Board of Directors shall appoint a
Committee to administer the Plan. No member of the Committee who is not otherwise an Eligible Employee shall be eligible to purchase Stock under the Plan. 
  

	9.02	Authority of Committee 

  

	 	(a)	To the extent required to comply with the provisions of Rule 16b-3, it is intended that each member of the Committee shall, at the time he or she takes any action with respect to an option granted under the Plan, be an
Eligible Director. However, the fact that a Committee member shall fail to qualify as an Eligible Director shall not invalidate any option granted by the Committee that is otherwise validly granted under the Plan. 

 

	 	(b)	Subject to the provisions of the Plan and applicable law, the Committee shall have the sole and plenary authority, in addition to other express powers and authorizations conferred on the Committee by the Plan, to:
(i) designate Participants; (ii) determine whether, to what extent, and under what circumstances options may be exercised, canceled, forfeited, or suspended and the method or methods by which options may be settled, exercised, canceled,
forfeited, or suspended; (iii) interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan and any instrument or agreement relating to, or option granted under, the Plan;
(iv) establish, amend, suspend, or waive any rules and regulations and appoint such agents as the Committee shall deem appropriate for the proper administration of the Plan; (v) make any other determination and take any other action that
the Committee deems necessary or desirable for the administration of the Plan; (vi) determine procedures for setting or changing payroll deduction percentages and obtaining necessary tax withholdings; (vii) determine if and when the
employees of Corporate Affiliates organized or acquired after the Effective Date shall be eligible for participation in the Plan. 

  
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	 	(c)	Except to the extent prohibited by applicable law or the applicable rules and regulations of any securities exchange or inter-dealer quotation system on which the Stock is listed
or traded, the Committee may allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any part of its responsibilities and powers to any person or persons selected by it. Any such
allocation or delegation may be revoked by the Committee at any time. Without limiting the generality of the foregoing, the Committee may delegate to one or more officers of the Company or any Subsidiary the authority to act on behalf of the
Committee with respect to any matter, right, obligation, or election which is the responsibility of or which is allocated to the Committee herein, and which may be so delegated as a matter of law. 

 

	 	(d)	Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions under or with respect to the Plan or any option or any documents evidencing options granted under
to the Plan shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon all persons or entities, including, without limitation, the Company, any Affiliate, any Participant, any holder
or beneficiary of any option, and any stockholder of the Company. 

  

	 	(e)	 No member of the Board, the Committee or any employee or agent of the Company (each such person, an “Indemnifiable
Person”) shall be liable for any action taken or omitted to be taken or any determination made with respect to the Plan or any option hereunder (unless constituting fraud or a willful criminal act or omission). Each
Indemnifiable Person shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense (including attorneys’ fees) that may be imposed upon or incurred by such Indemnifiable Person in connection with
or resulting from any action, suit or proceeding to which such Indemnifiable Person may be a party or in which such Indemnifiable Person may be involved by reason of any action taken or omitted to be taken or determination made under the Plan or any
option agreement and against and from any and all amounts paid by such Indemnifiable Person with the Company’s approval, in settlement thereof, or paid by such Indemnifiable Person in satisfaction of any judgment in any such action, suit or
proceeding against such Indemnifiable Person, and the Company shall advance to such Indemnifiable Person any such expenses promptly upon written request (which request shall include an undertaking by the Indemnifiable Person to repay the amount of
such advance if it shall ultimately be determined as provided below that the Indemnifiable Person is not entitled to be indemnified); provided that the Company shall have the right, at its own expense, to assume and defend any such action, suit or
proceeding and once the Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of the Company’s choice. The foregoing right of indemnification shall not be available to an
Indemnifiable Person to the extent that a final judgment or 

  
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other final adjudication (in either case not subject to further appeal) binding upon such Indemnifiable Person determines that the acts or omissions or determinations of such Indemnifiable Person
giving rise to the indemnification claim resulted from such Indemnifiable Person’s fraud or willful criminal act or omission or that such right of indemnification is otherwise prohibited by law or by the Company’s Certificate of
Incorporation or Bylaws. The foregoing right of indemnification shall not be exclusive of or otherwise supersede any other rights of indemnification to which such Indemnifiable Persons may be entitled under the Company’s Certificate of
Incorporation or Bylaws, as a matter of law, individual indemnification agreement or contract or otherwise, or any other power that the Company may have to indemnify such Indemnifiable Persons or hold them harmless. 

 

	 	(f)	Notwithstanding anything to the contrary contained in the Plan, the Board may, in its sole discretion, at any time and from time to time, grant options and administer the Plan with respect to such options. Any such
actions by the Board shall be subject to the applicable rules of any other securities exchange or inter-dealer quotation system on which the Stock is listed or quoted. In any such case, the Board shall have all the authority granted to the Committee
under the Plan. 

  

	9.03	Rules Governing the Administration of the Committee 

 The Company’s Board of
Directors may from time to time appoint members of the Committee in substitution for or in addition to members previously appointed and may fill vacancies, however caused, in the Committee. The Committee may select one of its members as its Chairman
and shall hold its meetings at such times and places as it shall deem advisable and may hold telephonic meetings. A majority of its members shall constitute a quorum. All determinations of the Committee shall be made by a majority of its members.
The Committee may correct any defect or omission or reconcile any inconsistency in the Plan, in the manner and to the extent it shall deem desirable. Any decision or determination reduced to writing and signed by a majority of the members of the
Committee shall be as fully effective as if it had been made by a majority vote at a meeting duly called and held. The Committee may appoint a secretary and shall make such rules and regulations for the conduct of its business as it shall deem
advisable. 
  

	9.04	Statements 

 Statements of account will be made available to Participants by the
Company or the broker designated by the Committee in the form and manner designated by the Committee. 
 ARTICLE X — MISCELLANEOUS

  

	10.01	Transferability 

 Neither payroll deductions credited to a Participant’s
account nor any rights with regard to the exercise of a right to purchase Stock or to receive Stock under the Plan may be assigned, transferred, pledged, or otherwise disposed of in any way by the Participant other than by will or the laws of
descent and distribution or as provided in Section 7.03. Any such attempted 

  
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assignment, transfer, pledge or other disposition shall be without effect. During a Participant’s lifetime, rights to purchase Stock that are held by such Participant shall be exercisable
only by that Participant. 
  

	10.02	Use of Funds 

 All payroll deductions received or held by the Participating Company
under this Plan may be used by the Participating Company for any corporate purpose and the Participating Company shall not be obligated to segregate such payroll deductions. 
  

	10.03	Adjustment Upon Changes in Capitalization 

  

	 	(a)	Adjustments. Subject to any required action by the stockholders of the Company, (i) the number of shares of Stock covered by each option under the Plan that has not yet been exercised, (ii) the number
of shares of Stock that have been authorized for issuance under the Plan but have not yet been placed under option (collectively, the “Reserves”), and (iii) the number of shares of Stock set forth in Section 8.01
above, shall, if applicable, be proportionately adjusted for any increase or decrease in the number of issued Shares resulting from a stock split, reverse stock split, stock dividend, subdivision, combination or reclassification of the Stock
(including any such change in the number of shares of Stock effected in connection with a change in domicile of the Company), or any other increase or decrease in the number of shares of Stock effected without receipt of consideration by the
Company, or any increase or decrease in the value of a Share resulting from a spinoff or split-up; provided, however, that conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of
consideration.” Such adjustment shall be made by the Committee, whose determination in that respect shall be final, binding and conclusive. Except as expressly provided herein, no issue by the Company of shares of stock of any class, or
securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Stock subject to an option. 

 

	 	(b)	Other Adjustments. The Committee may, if it so determines in the exercise of its sole discretion, also make provision for adjusting the Reserves, as well as the price per share of Stock covered by each
outstanding option, in the event that the Company effects one or more reorganizations, recapitalizations, rights offerings or other increases or reductions of shares of its outstanding Stock, and in the event of the Company’s being consolidated
with or merged into any other corporation. 

  

	10.04	Amendment and Termination 

  

	 	(a)	 The Board may at any time and for any reason terminate the Plan. Except as provided in Sections 10.03 and 6.04, no such termination of the Plan may
affect options previously granted, provided that the Plan or an Offering may be terminated by the Board on a Purchase Date or by the Board’s setting a new Purchase Date with respect to an Offering then in progress if the Board

  
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determines that termination of the Plan and/or the Offering is in the best interests of the Company and the stockholders or if continuation of the Plan and/or the Offering would cause the Company
to incur adverse accounting charges as a result of a change after the effective date of the Plan in the generally accepted accounting principles applicable to the Plan. Either the Board or the Committee may amend the Plan. Except as provided in
Section 10.03 and in this Section 10.04, no amendment to the Plan shall make any change in any option previously granted that adversely affects the rights of any Participant. In addition, to the extent necessary to comply with Rule 16b-3
or Section 423 of the Code (or any successor rule or provision or any applicable law or regulation), the Company shall obtain stockholder approval in such a manner and to such a degree as so required. 

 

	 	(b)	Without stockholder consent and without regard to whether any Participant rights may be considered to have been adversely affected, the Board or the Committee shall be entitled to change the Offering, limit the
frequency and/or number of changes in the amount withheld during an Offering, permit payroll withholding in excess of the amount designated by a Participant in order to adjust for delays or mistakes in the Company’s processing of properly
completed withholding elections, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Stock for each Participant properly correspond with amounts
withheld from the Participant’s compensation, and establish such other limitations or procedures as the Board or the Committee determines in its sole discretion advisable that are consistent with the Plan. 

 

	 	(c)	Upon termination of the Plan, the date of termination shall be considered a Purchase Date, and any cash remaining in Participant accounts will be applied to the purchase of Stock, unless determined otherwise by the
Company’s Board of Directors. Upon termination of the Plan, the Company’s Board of Directors shall have authority to establish administrative procedures regarding the exercise of outstanding rights to purchase Stock or to determine that
such rights shall not be exercised. 

  

	10.05	No Employment Rights 

 The Plan does not, directly or indirectly, create in any
employee or class of employees any right with respect to continuation of employment with the Company or any Corporate Affiliate, and it shall not be deemed to interfere in any way with the right of the Company or any Corporate Affiliate employing
such person to terminate, or otherwise modify, an employee’s employment at any time. 
  

	10.06	Effect of Plan 

 The provisions of the Plan shall, in accordance with its terms, be
binding upon, and inure to the benefit of, all successors of each employee participating in the Plan, including, without limitation, such employee’s estate and the executors, administrators or trustees thereof, heirs and legatees, and any
receiver, trustee in bankruptcy or representative of creditors of such employee. 

  
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	10.07	International Employees 

 Notwithstanding any provision in the Plan to the contrary,
employees of a Participating Company who are citizens or residents of a foreign jurisdiction (without regard to whether they are also citizens of the United States or resident aliens (within the meaning of section 7701(b)(1)(A) of the Code)) may be
excluded from the coverage of the Plan and any Offering thereunder if and to the extent the following apply: 
  

	 	(a)	The grant of an option under the Plan or Offering to a citizen or resident of the foreign jurisdiction is prohibited under the laws of such jurisdiction; or 

 

	 	(b)	Compliance with the laws of the foreign jurisdiction would cause the Plan or Offering to violate the requirements of section 423 of the Code. 

 

	10.08	Governing Law 

 The law of the State of Delaware will govern all matters relating to
this Plan except to the extent it is superseded by the laws of the United States. 
  

	10.09	Miscellaneous 

  

	 	(a)	Notices. All notices or other communications by a Participant to the Company under or in connection with the Plan shall be deemed to have been duly given when received in the form specified by the Company at the
location, or by the person, designated by the Company for the receipt thereof. 

  

	 	(b)	Conditions Upon Issuance of Shares of Stock. Shares of Stock shall not be issued with respect to an option unless the exercise of such option and the issuance and delivery of such Stock pursuant thereto shall
comply with all applicable provisions of law, including, without limitation, the Securities Act, the Exchange Act, the rules and regulations promulgated thereunder, applicable state securities laws and the requirements of any stock exchange upon
which the shares of Stock may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. As a condition to the exercise of an option, the Company may require the person exercising such
option to represent and warrant at the time of any such exercise that the shares of Stock are being purchased only for investment and without any present intention to sell or distribute such Stock if, in the opinion of counsel for the Company, such
a representation is required by any of the aforementioned applicable provisions of law. 

  

	 	(c)	 Additional Restrictions of Rule 16b-3. The terms and conditions of options granted hereunder to, and the purchase of Shares by, persons subject
to Section 16 of the Exchange Act shall comply with the applicable provisions of Rule 16b-3. This Plan shall be deemed to contain, and such options shall contain, and the 

  
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Shares issued upon exercise thereof shall be subject to, such additional conditions and restrictions as may be required by Rule 16b-3 to qualify for the maximum exemption from Section 16 of
the Exchange Act with respect to Plan transactions. 

  
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