Document:

EX-10.1

 Exhibit 10.1 
 NAVIGATOR HOLDINGS LTD. 
 2013 LONG-TERM INCENTIVE PLAN 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 1. Purpose
	  	 	1	  
		
	 2. Definitions
	  	 	1	  
		
	 3. Administration
	  	 	5	  
	 (a) Authority of the Committee
	  	 	5	  
	 (b) Limitation of Liability
	  	 	6	  
		
	 4. Stock Subject to Plan
	  	 	6	  
	 (a) Overall Number of Shares Available for Delivery
	  	 	6	  
	 (b) Application of Limitation to Grants of Awards
	  	 	6	  
	 (c) Availability of Shares Not Issued under Awards
	  	 	7	  
	 (d) Stock Offered
	  	 	7	  
		
	 5. Eligibility
	  	 	7	  
		
	 6. Specific Terms of Awards
	  	 	7	  
	 (a) General
	  	 	7	  
	 (b) Options
	  	 	7	  
	 (c) Stock Appreciation Rights
	  	 	8	  
	 (d) Restricted Stock
	  	 	10	  
	 (e) Restricted Stock Units
	  	 	10	  
	 (f) Bonus Stock and Awards in Lieu of Obligations
	  	 	11	  
	 (g) Dividend Equivalents
	  	 	11	  
	 (h) Other Awards
	  	 	11	  
		
	 7. Certain Provisions Applicable to Awards
	  	 	12	  
	 (a) Termination of Employment
	  	 	12	  
	 (b) Stand-Alone, Additional, Tandem, and Substitute Awards
	  	 	12	  
	 (c) Term of Awards
	  	 	12	  
	 (d) Form and Timing of Payment under Awards; Deferrals
	  	 	12	  
	 (e) Non-Competition Agreement
	  	 	13	  
		
	 8. Performance and Annual Incentive Awards
	  	 	13	  
	 (a) Performance Conditions
	  	 	13	  
	 (b) Performance Awards
	  	 	13	  
	 (c) Annual Incentive Awards
	  	 	14	  
	 (d) Written Determinations
	  	 	15	  
		
	 9. Subdivision or Consolidation; Recapitalization; Change in Control; Reorganization
	  	 	15	  
	 (a) Existence of Plans and Awards
	  	 	15	  
	 (b) Subdivision or Consolidation of Shares
	  	 	16	  
	 (c) Corporate Recapitalization
	  	 	17	  
	 (d) Additional Issuances
	  	 	17	  

  
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	 (e) Change in Control
	  	 	17	  
	 (f) Change in Control Price
	  	 	18	  
	 (g) Impact of Corporate Events on Awards Generally
	  	 	18	  
		
	 10. General Provisions
	  	 	18	  
	 (a) Transferability
	  	 	18	  
	 (b) Taxes
	  	 	20	  
	 (c) Changes to this Plan and Awards
	  	 	20	  
	 (d) Limitation on Rights Conferred under Plan
	  	 	21	  
	 (e) Unfunded Status of Awards
	  	 	21	  
	 (f) Nonexclusivity of this Plan
	  	 	21	  
	 (g) Fractional Shares
	  	 	22	  
	 (h) Severability
	  	 	22	  
	 (i) Governing Law
	  	 	22	  
	 (j) Conditions to Delivery of Stock
	  	 	22	  
	 (k) Section 409A of the Code
	  	 	23	  
	 (l) Data Protection
	  	 	23	  
	 (m) Plan Effective Date and Term
	  	 	23	  

  
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 NAVIGATOR HOLDINGS LTD. 

2013 Long-Term Incentive Plan 
 1. Purpose. The purpose of the Navigator Holdings Ltd. 2013 Long-Term Incentive Plan (the “Plan”) is to provide a means through which Navigator Holdings Ltd., a Marshall Islands
corporation (the “Company”), and its Subsidiaries may attract and retain able persons as employees, directors and consultants of the Company, and its Subsidiaries, and to provide a means whereby those persons upon whom the responsibilities
of the successful administration and management of the Company, and its Subsidiaries, rest, and whose present and potential contributions to the welfare of the Company, and its Subsidiaries, are of importance, can acquire and maintain stock
ownership or awards, the value of which is tied to the performance of the Company, thereby strengthening their concern for the welfare of the Company, and its Subsidiaries, and their desire to remain employed. A further purpose of this Plan is to
provide such employees, directors and consultants with additional incentive and reward opportunities designed to enhance the profitable growth of the Company. Accordingly, this Plan primarily provides for the granting of Incentive Stock Options,
options which do not constitute Incentive Stock Options, Restricted Stock Awards, Restricted Stock Units, Stock Appreciation Rights, Dividend Equivalents, Bonus Stock, Other Stock-Based Awards, Annual Incentive Awards, Performance Awards, or any
combination of the foregoing, as is best suited to the circumstances of the particular individual as provided herein. 
 2.
Definitions. For purposes of this Plan, the following terms shall be defined as set forth below, in addition to such terms defined in Section 1 hereof: 
 (a) “Annual Incentive Award” means a conditional right granted to an Eligible Person under Section 8(c) hereof to receive a cash payment, Stock or other Award, unless otherwise determined
by the Committee, after the end of a specified year. 
 (b) “Award” means any Option, SAR, Restricted Stock Award,
Restricted Stock Unit, Bonus Stock, Dividend Equivalent, Other Stock-Based Award, Performance Award or Annual Incentive Award, together with any other right or interest granted to a Participant under this Plan. 

(c) “Beneficiary” means one or more persons, trusts or other entities which have been designated by a Participant, in his or her
most recent written beneficiary designation filed with the Committee, to receive the benefits specified under this Plan upon such Participant’s death or to which Awards or other rights are transferred if and to the extent permitted under
Section 10(a) hereof. If, upon a Participant’s death, there is no designated Beneficiary or surviving designated Beneficiary, then the term Beneficiary means the persons, trusts or other entities entitled by will or the laws of descent and
distribution to receive such benefits. 
 (d) “Board” means the Company’s Board of Directors. 

(e) “Bonus Stock” means Stock granted as a bonus pursuant to Section 6(f). 

  
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 (f) “Business Day” means any day other than a Saturday, a Sunday, or a day on
which banking institutions in the state of New York are authorized or obligated by law or executive order to close. 
 (g)
“Change in Control” means, except as otherwise provided in an Award agreement, the occurrence of any of the following events: 
 (i) A “change in the ownership of the Company” which shall occur on the date that any one person, or more than one person acting as a group, acquires ownership of stock in the Company that,
together with stock held by such person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of the Company; however, if any one person or more than one person acting as a group, is considered to own
more than 50% of the total fair market value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons will not be considered a “change in the ownership of the Company” (or to
cause a “change in the effective control of the Company” within the meaning of Section 2(g)(ii) below) and an increase of the effective percentage of stock owned by any one person, or persons acting as a group, as a result of a
transaction in which the Company acquires its stock in exchange for property will be treated as an acquisition of stock for purposes of this paragraph; provided, further, however, that for purposes of this Section 2(g)(i), the following
acquisitions shall not constitute a Change in Control: (A) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company, or (B) any acquisition by investors
(immediately prior to such acquisition) in the Company for financing purposes, as determined by the Committee in its sole discretion. This Section 2(g)(i) applies only when there is a transfer of the stock of the Company (or issuance of stock)
and stock in the Company remains outstanding after the transaction. 
 (ii) A “change in the effective control of the
Company” which shall occur on the date that either (A) any one person, or more than one person acting as a group, acquires (or has acquired during the twelve month period ending on the date of the most recent acquisition by such person or
persons) ownership of stock of the Company possessing 35% or more of the total voting power of the stock of the Company, except for (1) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or
any entity controlled by the Company, or (2) any acquisition by investors (immediately prior to such acquisition) in the Company for financing purposes, as determined by the Committee in its sole discretion; or (B) a majority of the
members of the Board are replaced during any twelve-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purposes of a “change in
the effective control of the Company,” if any one person, or more than one person acting as a group, is considered to effectively control the Company within the meaning of this Section 2(g)(ii), the acquisition of additional control of the
Company by the same person or persons is not considered a “change in the effective control of the Company,” or to cause a “change in the ownership of the Company” within the meaning of Section 2(g)(i) above. 

(iii) A “change in the ownership of a substantial portion of the Company’s assets” which shall occur on the date that any
one person, or more than one person acting as a group, acquires (or has acquired during the twelve month period ending on the date of the most recent acquisition by such person or persons) assets of the Company that have a total

  
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gross fair market value equal to or more than 40% of the total gross fair market value of all the assets of the Company immediately prior to such acquisition or acquisitions. For this purpose,
gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. Any transfer of assets to an entity that is controlled by
the shareholders of the Company immediately after the transfer, as provided in guidance issued pursuant to the Nonqualified Deferred Compensation Rules, shall not constitute a Change in Control. 

For purposes of this Section 2(g), the provisions of section 318(a) of the Code regarding the constructive ownership of stock will
apply to determine stock ownership; provided, that, stock underlying unvested options (including options exercisable for stock that is not substantially vested) will not be treated as owned by the individual who holds the option. In addition,
for purposes of this Section 2(g) and except as otherwise provided in an Award agreement, “Company” includes (x) the Company, (y) the entity for whom a Participant performs the services for which an Award is granted, and
(z) an entity that is a stockholder owning more than 50% of the total fair market value and total voting power (a “Majority Shareholder”) of the Company or the entity identified in (y) above, or any entity in a chain of entities
in which each entity is a Majority Shareholder of another entity in the chain, ending in the Company or the entity identified in (y) above. 
 (h) “Code” means the Internal Revenue Code of 1986, as amended from time to time, including regulations thereunder and successor provisions and regulations thereto. 

(i) “Committee” means a committee of two or more directors designated by the Board to administer this Plan. 

(j) “Dividend Equivalent” means a right, granted to an Eligible Person under Section 6(g), to receive cash, Stock, other
Awards or other property equal in value to dividends paid with respect to a specified number of shares of Stock, or other periodic payments. 
 (k) “Effective Date” means October 22, 2013. 
 (l) “Eligible
Person” means all officers and employees of the Company or of any of its Subsidiaries, and other persons who provide services to the Company or any of its Subsidiaries, including directors of the Company. An employee on leave of absence may be
considered as still in the employ of the Company or any of its Subsidiaries for purposes of eligibility for participation in this Plan. Notwithstanding the foregoing, no individual or entity shall qualify as an “Eligible Person” at any
time where their participation in any Award would contravene, and/or would not be exempted from contravening, the provisions of the United Kingdom’s Financial Services and Markets Act 2000, to the extent applicable. 

(m) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, including rules thereunder and
successor provisions and rules thereto. 
 (n) “Fair Market Value” means, as of any specified date, (i) if the
Stock is listed on a national securities exchange, the closing sales price of the Stock, as reported on the stock exchange composite tape on that date (or if no sales occur on that date, on the last preceding date on which such sales of the Stock
are so reported); (ii) if the Stock is not traded on 

  
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a national securities exchange but is traded over the counter at the time a determination of its fair market value is required to be made under the Plan, the average between the reported high and
low bid and asked prices of Stock on the most recent date on which Stock was publicly traded; or (iii) in the event Stock is not publicly traded at the time a determination of its value is required to be made under the Plan, the amount
determined by the Committee in its discretion in such manner as it deems appropriate, taking into account all factors the Committee deems appropriate including, without limitation, the Nonqualified Deferred Compensation Rules. 

(o) “Incentive Stock Option” or “ISO” means any Option intended to be and designated as an incentive stock option
within the meaning of section 422 of the Code or any successor provision thereto. 
 (p) “Incumbent Board” means the
portion of the Board constituted of the individuals who are members of the Board as of the Effective Date and any other individual who becomes a director of the Company after the Effective Date and whose election or appointment by the Board or
nomination for election by the Company’s stockholders was approved by a vote of at least a majority of the directors then comprising the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office
occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Incumbent Board.

 (q) “Nonqualified Deferred Compensation Rules” means the limitations or requirements of section 409A of the Code and
the guidance and regulations promulgated thereunder. 
 (r) “Option” means a right, granted to an Eligible Person under
Section 6(b) hereof, to purchase Stock or other Awards at a specified price during specified time periods. 
 (s)
“Other Stock-Based Awards” means Awards granted to an Eligible Person under Section 6(h) hereof. 
 (t)
“Participant” means a person who has been granted an Award under this Plan which remains outstanding, including a person who is no longer an Eligible Person. 
 (u) “Performance Award” means a right, granted to an Eligible Person under Section 8 hereof, to receive Awards based upon performance criteria specified by the Committee. 

(v) “Person” means any person or entity of any nature whatsoever, specifically including an individual, a firm, a company, a
corporation, a partnership, a limited liability company, a trust or other entity; a Person, together with that Person’s Affiliates and Associates (as those terms are defined in Rule 12b-2 under the Exchange Act, provided that
“registrant” as used in Rule 12b-2 shall mean the Company), and any Persons acting as a partnership, limited partnership, joint venture, association, syndicate or other group (whether or not formally organized), or otherwise acting jointly
or in concert or in a coordinated or consciously parallel manner (whether or not pursuant to any express agreement), for the purpose of acquiring, holding, voting or disposing of securities of the Company with such Person, shall be deemed a single
“Person.” 

  
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 (w) “Restricted Stock” means Stock granted to an Eligible Person under
Section 6(d) hereof, that is subject to certain restrictions and to a risk of forfeiture. 
 (x) “Restricted Stock
Unit” means a right, granted to an Eligible Person under Section 6(e) hereof, to receive Stock, cash or a combination thereof at the end of a specified deferral period. 

(y) “Securities Act” means the Securities Act of 1933 and the rules and regulations promulgated thereunder, or any successor
law, as it may be amended from time to time. 
 (z) “Stock” means the Company’s Common Stock, par value $0.01 per
share, and such other securities as may be substituted (or resubstituted) for Stock pursuant to Section 9. 
 (aa)
“Stock Appreciation Rights” or “SAR” means a right granted to an Eligible Person under Section 6(c) hereof. 
 (bb) “Subsidiary” means with respect to the Company, any corporation or other entity of which a majority of the voting power of the voting equity securities or equity interest is owned, directly
or indirectly, by the Company. 
 (cc) “Tax Liability” means the total of (i) any United Kingdom income tax and
primary class 1 (employee) national insurance contributions (or their equivalents in any jurisdiction) for which any employer (or former employer) of the Participant is or may be liable to account (or reasonably believes it is or may be liable to
account) as a result of any Award made under the Plan; and (ii) any United Kingdom secondary class 1 (employer) national insurance contributions (or the equivalent in any jurisdiction) that any employer (or former employer) of the Participant
is or may be liable to pay (or reasonably believes it is or may be liable to pay) as a result of any Award made under the Plan which can be recovered lawfully from the Participant (“Employer NICs”). 

In interpreting any terms defined in this Plan the term shall, where it appears appropriate to do so, be taken to include in each case the equivalent in
any other jurisdiction. 
 3. Administration.  

(a) Authority of the Committee. This Plan shall be administered by the Committee except to the extent the Board elects to
administer this Plan, in which case references herein to the “Committee” shall be deemed to include references to the “Board.” The Committee shall have the authority, in its sole and absolute discretion, to (i) adopt, amend,
and rescind administrative and interpretive rules and regulations relating to the Plan; (ii) determine the Eligible Persons to whom, and the time or times at which, Awards shall be granted; (iii) determine the amount of cash and/or the
number of shares of Stock, as applicable Stock Appreciation Rights, Restricted Stock Units, Restricted Stock Awards, Dividend Equivalents, Bonus Stock, Other Stock-Based Awards, Annual Incentive Awards, Performance Awards, or

  
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any combination thereof, that shall be the subject of each Award; (iv) determine the terms and provisions of each Award agreement (which need not be identical), including provisions defining
or otherwise relating to (A) the term and the period or periods and extent of exercisability of the Options, (B) the extent to which the transferability of shares of Stock issued or transferred pursuant to any Award is restricted,
(C) except as otherwise provided herein, the effect of termination of employment, or the service relationship with the Company, of a Participant on the Award, and (D) the effect of approved leaves of absence (consistent with any applicable
regulations of the Internal Revenue Service); (v) accelerate the time of vesting or exercisability of any Award that has been granted; (vi) construe the respective Award agreements and the Plan; (vii) make determinations of the Fair
Market Value of the Stock pursuant to the Plan; (viii) delegate its duties under the Plan (including, but not limited to, the authority to grant Awards) to such agents as it may appoint from time to time, provided that the Committee may not
delegate its duties where such delegation would violate state corporate law; (ix) subject to Section 10(c), terminate, modify or amend the Plan; (x) adopt sub-plans, not inconsistent with the Plan, in jurisdictions where it appears
appropriate to do so; and (xi) make all other determinations, perform all other acts, and exercise all other powers and authority necessary or advisable for administering the Plan, including the delegation of those ministerial acts and
responsibilities as the Committee deems appropriate. The Committee may correct any defect, supply any omission, or reconcile any inconsistency in the Plan, in any Award, or in any Award agreement in the manner and to the extent it deems necessary or
desirable to carry the Plan into effect, and the Committee shall be the sole and final judge of that necessity or desirability. The determinations of the Committee on the matters referred to in this Section 3(a) shall be final and conclusive.

 (b) Limitation of Liability. The Committee and each member thereof shall be entitled to, in good faith, rely or act
upon any report or other information furnished to him or her by any officer or employee of the Company or any of its Subsidiaries, the Company’s legal counsel, independent auditors, consultants or any other agents assisting in the
administration of this Plan. Members of the Committee and any officer or employee of the Company or any of its Subsidiaries acting at the direction or on behalf of the Committee shall not be personally liable for any action or determination taken or
made in good faith with respect to this Plan, and shall, to the fullest extent permitted by law, be indemnified and held harmless by the Company with respect to any such action or determination. 

4. Stock Subject to Plan.  
 (a) Overall Number of Shares Available for Delivery. Subject to adjustment in a manner consistent with any adjustment made pursuant to Section 9, the total number of shares of Stock reserved
and available for issuance in connection with Awards under this Plan shall not exceed 3,000,000 shares, and such total will be available for the issuance of Incentive Stock Options. 

(b) Application of Limitation to Grants of Awards. Subject to Section 4(c), no Award may be granted if the number of shares of
Stock to be delivered in connection with such Award exceeds the number of shares of Stock remaining available under this Plan minus the number of shares of Stock issuable in settlement of or relating to then-outstanding Awards. The Committee may
adopt reasonable counting procedures to ensure appropriate counting, avoid double counting (as, for example, in the case of tandem or substitute awards) and make adjustments if the number of shares of Stock actually delivered differs from the number
of shares previously counted in connection with an Award. 

  
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 (c) Availability of Shares Not Issued under Awards. Shares of Stock subject to an
Award under this Plan that expire or are canceled, forfeited, exchanged, settled in cash or otherwise terminated, including (i) shares forfeited with respect to Restricted Stock, (ii) the number of shares withheld in payment of any
exercise or purchase price of an Award or taxes relating to Awards, and (iii) the number of shares surrendered in payment of any exercise or purchase price of an Award or taxes relating to any Award, will again be available for Awards under
this Plan, except that if any such shares could not again be available for Awards to a particular Participant under any applicable law or regulation, such shares shall be available exclusively for Awards to Participants who are not subject to such
limitation. 
 (d) Stock Offered. The shares to be delivered under the Plan shall be made available from
(i) authorized but unissued shares of Stock, (ii) Stock held in the treasury of the Company, or (iii) previously issued shares of Stock reacquired by the Company, including shares purchased on the open market. 

5. Eligibility. Awards may be granted under this Plan only to Persons who are Eligible Persons at the time of grant
thereof, and any Award granted or purported to be granted to any Person who is not an Eligible Person at the time of the grant thereof shall be void and deemed never to have been granted. 

6. Specific Terms of Awards.  
 (a) General. Awards may be granted on the terms and conditions set forth in this Section 6. In addition, the Committee may impose on any Award or the exercise thereof, at the date of grant or
thereafter (subject to Section 10(c)), such additional terms and conditions, not inconsistent with the provisions of this Plan, as the Committee shall determine, including terms requiring forfeiture of Awards in the event of termination of
employment by the Participant, or termination of the Participant’s service relationship with the Company, and terms permitting a Participant to make elections relating to his or her Award. The Committee shall retain full power and discretion to
accelerate, waive or modify, at any time, any term or condition of an Award that is not mandatory under this Plan; provided, however, that the Committee shall not have any discretion to accelerate the terms of payment of any Award that
provides for a deferral of compensation under the Nonqualified Deferred Compensation Rules if such acceleration would subject a Participant to additional taxes under the Nonqualified Deferred Compensation Rules. 

(b) Options. The Committee is authorized to grant Options to Eligible Persons on the following terms and conditions: 

(i) Exercise Price. Each Option agreement shall state the exercise price per share of Stock (the “Exercise Price”);
provided, however, that the Exercise Price per share of Stock subject to an ISO shall not be less than the greater of (A) the par value per share of the Stock or (B) 100% of the Fair Market Value per share of the Stock as of
the date of grant 

  
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of the Option (or in the case of an individual who owns stock possessing more than 10 percent of the total combined voting power of all classes of stock of the Company or its parent or any
subsidiary, 110% of the Fair Market Value per share of the Stock on the date of grant). 
 (ii) Time and Method of
Exercise. The Committee shall determine the time or times at which or the circumstances under which an Option may be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements), the
methods by which such Exercise Price may be paid or deemed to be paid, the form of such payment, including without limitation cash, Stock, other Awards or awards granted under other plans of the Company or any Subsidiary, or other property
(including notes or other contractual obligations of Participants to make payment on a deferred basis), and the methods by or forms in which Stock will be delivered or deemed to be delivered to Participants, including, but not limited to, the
delivery of Restricted Stock subject to Section 6(d). In the case of an exercise whereby the Exercise Price is paid with Stock, such Stock shall be valued as of the date of exercise. 

(iii) ISOs. The terms of any ISO granted under this Plan shall comply in all respects with the provisions of section 422 of the
Code. Except as otherwise provided in Section 9, no term of this Plan relating to ISOs (including any SAR in tandem therewith) shall be interpreted, amended or altered, nor shall any discretion or authority granted under this Plan be exercised,
so as to disqualify either this Plan or any ISO under section 422 of the Code, unless the Participant has first requested the change that will result in such disqualification. ISOs shall not be granted more than ten years after the earlier of the
adoption of this Plan or the approval of this Plan by the Company’s stockholders. Notwithstanding the foregoing, the Fair Market Value of shares of Stock subject to an ISO and the aggregate Fair Market Value of shares of stock of any parent or
subsidiary corporation (within the meaning of sections 424(e) and (f) of the Code) subject to any other ISO (within the meaning of section 422 of the Code)) of the Company or a parent or subsidiary corporation (within the meaning of sections
424(e) and (f) of the Code) that first becomes purchasable by a Participant in any calendar year may not (with respect to that Participant) exceed $100,000, or such other amount as may be prescribed under section 422 of the Code or applicable
regulations or rulings from time to time. As used in the previous sentence, Fair Market Value shall be determined as of the date the ISOs are granted. Failure to comply with this provision shall not impair the enforceability or exercisability of any
Option, but shall cause the excess amount of shares to be reclassified in accordance with the Code. 
 (c) Stock Appreciation
Rights. The Committee is authorized to grant SARs to Eligible Persons on the following terms and conditions: 
 (i) Right
to Payment. An SAR shall confer on the Participant to whom it is granted a right to receive, upon exercise thereof, the excess of (A) the Fair Market Value of one share of Stock on the date of exercise over (B) the grant price of the
SAR as determined by the Committee. 
 (ii) Rights Related to Options. An SAR granted pursuant to an Option shall entitle
a Participant, upon exercise, to surrender that Option or any portion thereof, to the extent unexercised, and to receive payment of an amount computed pursuant to Section 6(c)(ii)(B). That Option shall then cease to be exercisable to the extent
surrendered. SARs granted in connection with an Option shall be subject to the terms of the Award agreement governing the Option, which shall comply with the following provisions in addition to those applicable to Options: 

  
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 (A) An SAR granted in connection with an Option shall be exercisable only at such time or
times and only to the extent that the related Option is exercisable and shall not be transferable except to the extent that the related Option is transferable. 
 (B) Upon the exercise of an SAR related to an Option, a Participant shall be entitled to receive payment from the Company of an amount determined by multiplying: 

(1) the difference obtained by subtracting the Exercise Price with respect to a share of Stock specified in the related Option from the
Fair Market Value of a share of Stock on the date of exercise of the SAR, by 
 (2) the number of shares as to which that SAR
has been exercised. 
 (iii) Right Without Option. An SAR granted independent of an Option shall be exercisable as
determined by the Committee and set forth in the Award agreement governing the SAR, which Award agreement shall comply with the following provisions: 
 (A) Each Award agreement shall state the total number of shares of Stock to which the SAR relates. 
 (B) Each Award agreement shall state the time or periods in which the right to exercise the SAR or a portion thereof shall vest and the number of shares of Stock for which the right to exercise the SAR
shall vest at each such time or period. 
 (C) Each Award agreement shall state the date at which the SARs shall expire if not
previously exercised. 
 (D) Each SAR shall entitle a Participant, upon exercise thereof, to receive payment of an amount
determined by multiplying: 
 (1) the difference obtained by subtracting the Fair Market Value of a share of Stock on the date
of grant of the SAR from the Fair Market Value of a share of Stock on the date of exercise of that SAR, by 
 (2) the number of
shares as to which the SAR has been exercised. 
 (iv) Terms. Except as otherwise provided herein, the Committee shall
determine at the date of grant or thereafter, the time or times at which and the circumstances under which an SAR may be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements), the
method of exercise, method of settlement, form of consideration payable in settlement, method by or forms in which Stock will 

  
 9 

 
be delivered or deemed to be delivered to Participants, whether or not an SAR shall be in tandem or in combination with any other Award, and any other terms and conditions of any SAR. SARs may be
either freestanding or in tandem with other Awards. 
 (d) Restricted Stock. The Committee is authorized to grant
Restricted Stock to Eligible Persons on the following terms and conditions: 
 (i) Grant and Restrictions. Restricted
Stock shall be subject to such restrictions on transferability, risk of forfeiture and other restrictions, if any, as the Committee may impose, which restrictions may lapse separately or in combination at such times, under such circumstances
(including based on achievement of performance goals and/or future service requirements), in such installments or otherwise, as the Committee may determine at the date of grant or thereafter. During the restricted period applicable to the Restricted
Stock, the Restricted Stock may not be sold, transferred, pledged, hypothecated, margined or otherwise encumbered by the Participant. 
 (ii) Certificates for Stock. Restricted Stock granted under this Plan may be evidenced in such manner as the Committee shall determine. If certificates representing Restricted Stock are registered
in the name of the Participant, the Committee may require that such certificates bear an appropriate legend referring to the terms, conditions and restrictions applicable to such Restricted Stock, that the Company retain physical possession of the
certificates, and that the Participant deliver a stock power to the Company, endorsed in blank, relating to the Restricted Stock. 
 (iii) Dividends and Splits. As a condition to the grant of an Award of Restricted Stock, the Committee may require or permit a Participant to elect that any cash dividends paid on a share of
Restricted Stock be automatically reinvested in additional shares of Restricted Stock, applied to the purchase of additional Awards under this Plan or deferred without interest to the date of vesting of the associated Award of Restricted Stock;
provided, that, to the extent applicable, any such election shall comply with the Nonqualified Deferred Compensation Rules. Unless otherwise determined by the Committee, Stock distributed in connection with a Stock split or Stock dividend,
and other property (other than cash) distributed as a dividend, shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock with respect to which such Stock or other property has been distributed. 

(e) Restricted Stock Units. The Committee is authorized to grant Restricted Stock Units, which are rights to receive Stock or cash
(or a combination thereof) at the end of a specified deferral period (which may or may not be coterminous with the vesting schedule of the Award), to Eligible Persons, subject to the following terms and conditions: 

(i) Award and Restrictions. Settlement of an Award of Restricted Stock Units shall occur upon expiration of the deferral period
specified for such Restricted Stock Unit by the Committee (or, if permitted by the Committee, as elected by the Participant). In addition, Restricted Stock Units shall be subject to such restrictions (which may include a risk of forfeiture) as the
Committee may impose, if any, which restrictions may lapse at the expiration of the deferral period or at earlier specified times (including based on achievement of performance goals and/or future service requirements), separately or in combination,
in 

  
 10 

 
installments or otherwise, as the Committee may determine. Restricted Stock Units shall be satisfied by the delivery of cash or Stock in the amount equal to the Fair Market Value of the specified
number of shares of Stock covered by the Restricted Stock Units, or a combination thereof, as determined by the Committee at the date of grant or thereafter. 
 (ii) Dividend Equivalents. Unless otherwise determined by the Committee at date of grant, Dividend Equivalents on the specified number of shares of Stock covered by an Award of Restricted Stock
Units shall be either (A) paid with respect to such Restricted Stock Units on the dividend payment date in cash or in shares of unrestricted Stock having a Fair Market Value equal to the amount of such dividends, or (B) deferred with
respect to such Restricted Stock Units and the amount or value thereof automatically deemed reinvested in additional Restricted Stock Units. 
 (f) Bonus Stock and Awards in Lieu of Obligations. The Committee is authorized to grant Stock as a bonus, or to grant Stock or other Awards in lieu of obligations to pay cash or deliver other
property under this Plan or under other plans or compensatory arrangements. Stock or Awards granted hereunder shall be subject to such other terms as shall be determined by the Committee. In the case of any grant of Stock to an officer of the
Company or any of its Subsidiaries in lieu of salary or other cash compensation, the number of shares granted in place of such compensation shall be reasonable, as determined by the Committee. 

(g) Dividend Equivalents. The Committee is authorized to grant Dividend Equivalents to a Participant, entitling the Participant to
receive cash, Stock, other Awards, or other property equal in value to dividends paid with respect to a specified number of shares of Stock, or other periodic payments. Dividend Equivalents may be awarded on a free-standing basis or in connection
with another Award. The Committee may provide that Dividend Equivalents shall be paid or distributed when accrued or shall be deemed to have been reinvested in additional Stock, Awards, or other investment vehicles, and subject to such restrictions
on transferability and risks of forfeiture, as the Committee may specify. 
 (h) Other Awards. The Committee is
authorized, subject to limitations under applicable law, to grant to Participants such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Stock, as deemed by the
Committee to be consistent with the purposes of this Plan, including without limitation convertible or exchangeable debt securities, other rights convertible or exchangeable into Stock, purchase rights for Stock, Awards with value and payment
contingent upon performance of the Company or any other factors designated by the Committee, and Awards valued by reference to the book value of Stock or the value of securities of or the performance of specified Subsidiaries of the Company. The
Committee shall determine the terms and conditions of such other Stock-Based Awards. Stock delivered pursuant to an Award in the nature of a purchase right granted under this Section 6(h) shall be purchased for such consideration, paid for at
such times, by such methods, and in such forms, including, without limitation, cash, Stock, other Awards, or other property, as the Committee shall determine. Cash awards, as an element of or supplement to any other Award under this Plan, may also
be granted pursuant to this Section 6(h). 

  
 11 

 7. Certain Provisions Applicable to Awards.  

(a) Termination of Employment. Except as provided herein, the treatment of an Award upon a termination of employment or any other
service relationship by and between a Participant and the Company or any Subsidiary shall be specified in the agreement controlling such Award. 
 (b) Stand-Alone, Additional, Tandem, and Substitute Awards. Awards granted under this Plan may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with, or in
substitution or exchange for, any other Award or any award granted under another plan of the Company, or any of its Subsidiaries, or of any business entity to be acquired by the Company or any of its Subsidiaries, or any other right of an Eligible
Person to receive payment from the Company or any of its Subsidiaries. Such additional, tandem and substitute or exchange Awards may be granted at any time. If an Award is granted in substitution or exchange for another Award, the Committee shall
require the surrender of such other Award in consideration for the grant of the new Award. Awards under this Plan may be granted in lieu of cash compensation, including in lieu of cash amounts payable under other plans of the Company or any of its
Subsidiaries, in which the value of Stock subject to the Award is equivalent in value to the cash compensation, or in which the exercise price, grant price or purchase price of the Award in the nature of a right that may be exercised is equal to the
Fair Market Value of the underlying Stock minus the value of the cash compensation surrendered. Awards granted pursuant to the preceding sentence shall be designed, awarded and settled in a manner that does not result in additional taxes under the
Nonqualified Deferred Compensation Rules. 
 (c) Term of Awards. Except as specified herein, the term of each Award shall
be for such period as may be determined by the Committee; provided, that in no event shall the term of any Option or SAR exceed a period of ten years (or such shorter term as may be required in respect of an ISO under section 422 of the
Code). 
 (d) Form and Timing of Payment under Awards; Deferrals. Subject to the terms of this Plan and any applicable
Award agreement, payments to be made by the Company or any of its Subsidiaries upon the exercise of an Option or other Award or settlement of an Award may be made in such forms as the Committee shall determine, including without limitation cash,
Stock, other Awards or other property, and may be made in a single payment or transfer, in installments, or on a deferred basis; provided, however, that any such deferred payment will be set forth in the agreement evidencing such Award
and/or otherwise made in a manner that will not result in additional taxes under the Nonqualified Deferred Compensation Rules. Except as otherwise provided herein, the settlement of any Award may be accelerated, and cash paid in lieu of Stock in
connection with such settlement, in the discretion of the Committee or upon occurrence of one or more specified events (in addition to a Change in Control). Installment or deferred payments may be required by the Committee (subject to
Section 10(c) of this Plan, including the consent provisions thereof in the case of any deferral of an outstanding Award not provided for in the original Award agreement) or permitted at the election of the Participant on terms and conditions
established by the Committee and in compliance with the Nonqualified Deferred Compensation Rules. Payments may include, without limitation, provisions for the payment or crediting of reasonable interest on installment

  
 12 

 
or deferred payments or the grant or crediting of Dividend Equivalents or other amounts in respect of installment or deferred payments denominated in Stock. Any deferral shall only be allowed as
is provided in a separate deferred compensation plan adopted by the Company and shall be made pursuant to the Nonqualified Deferred Compensation Rules. This Plan shall not constitute an “employee benefit plan” for purposes of section 3(3)
of the Employee Retirement Income Security Act of 1974, as amended. 
 (e) Non-Competition Agreement. Each Participant to
whom an Award is granted under this Plan may be required to agree in writing as a condition to the granting of such Award not to engage in conduct in competition with the Company or any of its Subsidiaries for a period after the termination of such
Participant’s employment with the Company and its Subsidiaries as determined by the Committee (a “Non-Competition Agreement”); provided, however, to the extent a legally binding right to an Award within the meaning of the Nonqualified
Deferred Compensation Rules is created with respect to a Participant, the Non-Competition Agreement must be entered into by such Participant within 30 days following the creation of such legally binding right. 

8. Performance and Annual Incentive Awards.  
 (a) Performance Conditions. The right of an Eligible Person to receive a grant, and the right of a Participant to exercise or receive a grant or settlement of any Award, and the timing thereof, may
be subject to such performance conditions as may be specified by the Committee. The Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing any performance conditions, and may exercise
its discretion to reduce or increase the amounts payable under any Award subject to performance conditions. 
 (b) Performance
Awards. If the Committee determines that a Performance Award is to be granted to an Eligible Person, the grant, exercise and/or settlement of such Performance Award may be contingent upon achievement of performance goals and other terms set
forth in this Section 8(b). 
 (i) Performance Goals Generally. The performance goals for such Performance Awards
shall consist of one or more business criteria or individual performance criteria and a targeted level or levels of performance with respect to each of such criteria, as specified by the Committee consistent with this Section 8(b). The
Committee may determine that such Performance Awards shall be granted, exercised, and/or settled upon achievement of any one performance goal or that two or more of the performance goals must be achieved as a condition to grant, exercise and/or
settlement of such Performance Awards. Performance goals may differ for Performance Awards granted to any one Participant or to different Participants. 
 (ii) Business and Individual Performance Criteria 
 (A) Business Criteria.
One or more of the following business criteria for the Company, on a consolidated basis, and/or for specified Subsidiaries or business or geographical units of the Company (except with respect to the total stockholder return and earnings per share
criteria), shall be used by the Committee in establishing performance goals for 

  
 13 

 
such Performance Awards: (1) earnings per share; (2) increase in revenues; (3) increase in cash flow; (4) increase in cash flow from operations; (5) increase in cash flow
return; (6) return on net assets; (7) return on assets; (8) return on investment; (9) return on capital; (10) return on equity; (11) economic value added; (12) operating margin; (13) contribution margin;
(14) net income; (15) net income per share; (16) pretax earnings; (17) pretax earnings before interest, depreciation and amortization; (18) pretax operating earnings after interest expense and before incentives, service
fees, and extraordinary or special items; (19) total stockholder return; (20) debt reduction; (21) market share; (22) change in the Fair Market Value of the Stock; (23) operating income; and (24) any of the above goals
determined on an absolute or relative basis or as compared to the performance of a published or special index deemed applicable by the Committee including, but not limited to, the Standard & Poor’s 500 Stock Index or a group of
comparable companies. 
 (B) Individual Performance Criteria. The grant, exercise and/or settlement of Performance Awards
may also be contingent upon individual performance goals established by the Committee. 
 (iii) Performance Period; Timing
for Establishing Performance Goals. Achievement of performance goals in respect of such Performance Awards shall be measured over a performance period of up to ten years, as specified by the Committee. 

(iv) Performance Award Pool. The Committee may establish a Performance Award pool, which shall be an unfunded pool, for purposes
of measuring performance of the Company in connection with Performance Awards. The amount of such Performance Award pool shall be based upon the achievement of a performance goal or goals based on one or more of the criteria set forth in
Section 8(b)(ii) hereof during the given performance period, as specified by the Committee in accordance with Section 8(b)(iii) hereof. The Committee may specify the amount of the Performance Award pool as a percentage of any of such
criteria, a percentage thereof in excess of a threshold amount, or as another amount which need not bear a strictly mathematical relationship to such criteria. 
 (v) Settlement of Performance Awards; Other Terms. After the end of each performance period, the Committee shall determine the amount, if any, of (A) the Performance Award pool, and the
maximum amount of the potential Performance Award payable to each Participant in the Performance Award pool, or (B) the amount of the potential Performance Award otherwise payable to each Participant. Settlement of such Performance Awards shall
be in cash, Stock, other Awards or other property, in the discretion of the Committee. The Committee shall specify the circumstances in which such Performance Awards shall be paid or forfeited in the event of termination of employment by the
Participant prior to the end of a performance period or settlement of Performance Awards. 
 (c) Annual Incentive Awards.
If the Committee determines that an Annual Incentive Award is to be granted to an Eligible Person, the grant, exercise and/or settlement of such Annual Incentive Award shall be contingent upon achievement of performance goals and other terms set
forth in this Section 8(c). 

  
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 (i) Potential Annual Incentive Awards. The Committee shall determine the Eligible
Persons who will potentially receive Annual Incentive Awards, and the amounts potentially payable thereunder, for that fiscal year, either out of an Annual Incentive Award pool or as individual Annual Incentive Awards. The amount potentially
payable, with respect to Annual Incentive Awards, shall be based upon the achievement of a performance goal or goals based on one or more of the business criteria set forth in Section 8(b)(ii) hereof in the given performance year, as specified
by the Committee. 
 (ii) Annual Incentive Award Pool. The Committee may establish an Annual Incentive Award pool, which
shall be an unfunded pool, for purposes of measuring performance of the Company in connection with Annual Incentive Awards. The amount of such Annual Incentive Award pool shall be based upon the achievement of a performance goal or goals based on
one or more of the business criteria set forth in Section 8(b)(ii) hereof during the given performance period, as specified by the Committee in accordance with Section 8(b)(iii) hereof. The Committee may specify the amount of the Annual
Incentive Award pool as a percentage of any of such business criteria, a percentage thereof in excess of a threshold amount, or as another amount which need not bear a strictly mathematical relationship to such business criteria. 

(iii) Payout of Annual Incentive Awards. After the end of each applicable year, the Committee shall determine the amount, if any,
of (A) the Annual Incentive Award pool, and the maximum amount of the potential Annual Incentive Award payable to each Participant in the Annual Incentive Award pool, or (A) the amount of the potential Annual Incentive Award otherwise
payable to each Participant. The Committee may, in its discretion, determine that the amount payable to any Participant as a final Annual Incentive Award shall be reduced from the amount of his or her potential Annual Incentive Award, including a
determination to make no final Award whatsoever. The Committee shall specify the circumstances in which an Annual Incentive Award shall be paid or forfeited in the event of termination of employment by the Participant prior to the end of the
applicable year or settlement of such Annual Incentive Award. 
 (d) Written Determinations. All determinations by the
Committee as to the establishment of performance goals, the amount of any Performance Award pool or potential individual Performance Awards, the achievement of performance goals relating to and final settlement of Performance Awards under
Section 8(b), the amount of any Annual Incentive Award pool or potential individual Annual Incentive Awards, the achievement of performance goals relating to and final settlement of Annual Incentive Awards under Section 8(c) shall be made
in writing unless the Committee determines otherwise. The Committee may not delegate any responsibility relating to such Performance Awards or Annual Incentive Awards. 
 9. Subdivision or Consolidation; Recapitalization; Change in Control; Reorganization.  
 (a) Existence of Plans and Awards. The existence of this Plan and the Awards granted hereunder shall not affect in any way the right or power of the Board or the stockholders of the Company to make
or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, any merger or 

  
 15 

 
consolidation of the Company, any issue of debt or equity securities ahead of or affecting Stock or the rights thereof, the dissolution or liquidation of the Company or any sale, lease, exchange
or other disposition of all or any part of its assets or business or any other corporate act or proceeding. In no event will any action taken by the Committee pursuant to this Section 9 result in the creation of deferred compensation within the
meaning of section 409A of the Code and the regulations and other guidance promulgated thereunder. 
 (b) Subdivision or
Consolidation of Shares. The terms of an Award and the number of shares of Stock authorized pursuant to Section 4 for issuance under the Plan shall be subject to adjustment from time to time, in accordance with the following provisions:

 (i) If at any time, or from time to time, the Company shall subdivide as a whole (by reclassification, by a Stock split, by
the issuance of a distribution on Stock payable in Stock, or otherwise) or in the event the Company distributes an extraordinary cash dividend the number of shares of Stock then outstanding into a greater number of shares of Stock, then, as
appropriate (A) the maximum number of shares of Stock available for the Plan or in connection with Awards as provided in Section 4 shall be increased proportionately, and the kind of shares or other securities available for the Plan shall
be appropriately adjusted, (B) the number of shares of Stock (or other kind of shares or securities) that may be acquired under any then outstanding Award shall be increased proportionately, and (C) the price (including the exercise price)
for each share of Stock (or other kind of shares or securities) subject to then outstanding Awards shall be reduced proportionately, without changing the aggregate purchase price or value as to which outstanding Awards remain exercisable or subject
to restrictions. 
 (ii) If at any time, or from time to time, the Company shall consolidate as a whole (by reclassification, by
reverse Stock split, or otherwise) the number of shares of Stock then outstanding into a lesser number of shares of Stock, (A) the maximum number of shares of Stock for the Plan or available in connection with Awards as provided in Sections 4
and 5 shall be decreased proportionately, and the kind of shares or other securities available for the Plan shall be appropriately adjusted, (B) the number of shares of Stock (or other kind of shares or securities) that may be acquired under
any then outstanding Award shall be decreased proportionately, and (C) the price (including the exercise price) for each share of Stock (or other kind of shares or securities) subject to then outstanding Awards shall be increased
proportionately, without changing the aggregate purchase price or value as to which outstanding Awards remain exercisable or subject to restrictions. 
 (iii) Whenever the number of shares of Stock subject to outstanding Awards and the price for each share of Stock subject to outstanding Awards are required to be adjusted as provided in this
Section 9(b), the Committee shall promptly prepare a notice setting forth, in reasonable detail, the event requiring adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and the change in price and the
number of shares of Stock, other securities, cash, or property purchasable subject to each Award after giving effect to the adjustments. The Committee shall promptly provide each affected Participant with such notice. 

(iv) Adjustments under Sections 9(b)(i) and (ii) shall be made by the Committee, and its determination as to what adjustments shall
be made and the extent thereof shall be final, binding, and conclusive. No fractional interest shall be issued under the Plan on account of any such adjustments. 

  
 16 

 (c) Corporate Recapitalization. If the Company recapitalizes, reclassifies its
capital stock, or otherwise changes its capital structure (a “recapitalization”) without the occurrence of a Change in Control, the number and class of shares of Stock covered by an Option or an SAR theretofore granted shall be adjusted so
that such Option or SAR shall thereafter cover the number and class of shares of stock and securities to which the holder would have been entitled pursuant to the terms of the recapitalization if, immediately prior to the recapitalization, the
holder had been the holder of record of the number of shares of Stock then covered by such Option or SAR and the share limitations provided in Sections 4 and 5 shall be adjusted in a manner consistent with the recapitalization. 

(d) Additional Issuances. Except as hereinbefore expressly provided, the issuance by the Company of shares of stock of any class or
securities convertible into shares of stock of any class, for cash, property, labor or services, upon direct sale, upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares or obligations of the Company convertible
into such shares or other securities, and in any case whether or not for fair value, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number of shares of Stock subject to Awards theretofore granted or the
purchase price per share, if applicable. 
 (e) Change in Control. Upon a Change in Control the Committee, acting in its
sole discretion without the consent or approval of any holder, shall affect one or more of the following alternatives, which may vary among individual holders and which may vary among Options or SARs (collectively “Grants”) held by any
individual holder: (i) accelerate the time at which Grants then outstanding may be exercised so that such Grants may be exercised in full for a limited period of time on or before a specified date (before or after such Change in Control) fixed
by the Committee, after which specified date all unexercised Grants and all rights of holders thereunder shall terminate, (ii) require the mandatory surrender to the Company by selected holders of some or all of the outstanding Grants held by
such holders (irrespective of whether such Grants are then exercisable under the provisions of this Plan) as of a date, before or after such Change in Control, specified by the Committee, in which event the Committee shall thereupon cancel such
Grants and pay to each holder an amount of cash (or other consideration including securities or other property) per share equal to the excess, if any, of the amount calculated in Section 9(f) (the “Change in Control Price”) of the
shares subject to such Grants over the Exercise Price(s) under such Grants for such shares (except that to the extent the Exercise Price under any such Grant is equal to or exceeds the Change in Control Price, in which case no amount shall be
payable with respect to such Grant), or (iii) make such adjustments to Grants then outstanding as the Committee deems appropriate to reflect such Change in Control; provided, however, that the Committee may determine in its sole
discretion that no adjustment is necessary to Grants then outstanding; provided, further, however, that the right to make such adjustments shall include, but not require or be limited to, the modification of Grants such that the holder of the
Grant shall be entitled to purchase or receive (in lieu of the total number of shares of Stock as to which an Option or SAR is exercisable (the “Total Shares”) or other consideration that the holder would otherwise be entitled to purchase
or receive under the Grant (the “Total Consideration”)), the number of shares of stock, other securities, cash or property to 

  
 17 

 
which the Total Consideration would have been entitled to in connection with the Change in Control (A) (in the case of Options), at an aggregate exercise price equal to the exercise price
that would have been payable if the Total Shares had been purchased upon the exercise of the Grant immediately before the consummation of the Change in Control and (B) in the case of SARs, if the SARs had been exercised immediately before the
occurrence of the Change in Control. 
 (f) Change in Control Price. The “Change in Control Price” shall equal
the amount determined in the following clause (i), (ii), (iii), (iv) or (v), whichever is applicable, as follows: (i) the price per share offered to holders of Stock in any merger or consolidation, (ii) the per share Fair Market Value
of the Stock immediately before the Change in Control without regard to assets sold in the Change in Control and assuming the Company has received the consideration paid for the assets in the case of a sale of the assets, (iii) the amount
distributed per share of Stock in a dissolution transaction, (iv) the price per share offered to holders of Stock in any tender offer or exchange offer whereby a Change in Control takes place, or (v) if such Change in Control occurs other
than pursuant to a transaction described in clauses (i), (ii), (iii), or (iv) of this Section 9(f), the Fair Market Value per share of the Stock that may otherwise be obtained with respect to such Grants or to which such Grants track, as
determined by the Committee as of the date determined by the Committee to be the date of cancellation and surrender of such Grants. In the event that the consideration offered to stockholders of the Company in any transaction described in this
Section 9(f) or in Section 9(e) consists of anything other than cash, the Committee shall determine the fair cash equivalent of the portion of the consideration offered which is other than cash and such determination shall be binding on
all affected Participants to the extent applicable to Awards held by such Participants. 
 (g) Impact of Corporate Events on
Awards Generally. In the event of a Change in Control or changes in the outstanding Stock by reason of a recapitalization, reorganization, merger, consolidation, combination, exchange or other relevant change in capitalization (including an
extraordinary repurchase of Stock by the Company) occurring after the date of the grant of any Award and not otherwise provided for by this Section 9, any outstanding Awards and any Award agreements evidencing such Awards shall be subject to
adjustment by the Committee at its discretion, which adjustment may, in the Committee’s discretion, be described in the Award agreement and may include, but not be limited to, adjustments as to the number and price of shares of Stock or other
consideration subject to such Awards, accelerated vesting (in full or in part) of such Awards, conversion of such Awards into awards denominated in the securities or other interests of any successor Person, or the cash settlement of such Awards in
exchange for the cancellation thereof. In the event of any such change in the outstanding Stock, the aggregate number of shares of Stock available under this Plan may be appropriately adjusted by the Committee, whose determination shall be
conclusive. 
 10. General Provisions.  
 (a) Transferability. 
 (i) Permitted Transferees. The Committee may, in its
discretion, permit a Participant to transfer all or any portion of an Option or SAR, or authorize all or a portion of an Option or SAR to be granted to an Eligible Person to be on terms which permit

  
 18 

 
transfer by such Participant; provided that, in either case the transferee or transferees must be any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse,
sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, in each case with respect to the Participant, an individual sharing the Participant’s
household (other than a tenant or employee of the Company), a trust in which any of the foregoing individuals have more than fifty percent of the beneficial interest, a foundation in which any of the foregoing individuals (or the Participant)
control the management of assets, and any other entity in which any of the foregoing individuals (or the Participant) own more than fifty percent of the voting interests (collectively, “Permitted Transferees”); provided further
that, (X) there may be no consideration for any such transfer and (Y) subsequent transfers of Options or SARs transferred as provided above shall be prohibited except subsequent transfers back to the original holder of the Option or SAR
and transfers to other Permitted Transferees of the original holder. Agreements evidencing Options or SARs with respect to which such transferability is authorized at the time of grant must be approved by the Committee, and must expressly provide
for transferability in a manner consistent with this Section 10(a)(i). 
 (ii) Qualified Domestic Relations Orders.
An Option, Stock Appreciation Right, Restricted Stock Unit Award, Restricted Stock Award or other Award may be transferred, to a Permitted Transferee, pursuant to a domestic relations order entered or approved by a court of competent jurisdiction
upon delivery to the Company of written notice of such transfer and a certified copy of such order. 
 (iii) Other
Transfers. Except as expressly permitted by Sections 10(a)(i) and 10(a)(ii), Awards shall not be transferable other than by will or the laws of descent and distribution. Notwithstanding anything to the contrary in this Section 10, an
Incentive Stock Option shall not be transferable other than by will or the laws of descent and distribution. 
 (iv) Effect
of Transfer. Following the transfer of any Award as contemplated by Sections 10(a)(i), 10(a)(ii) and 10(a)(iii), (A) such Award shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer,
provided that the term “Participant” shall be deemed to refer to the Permitted Transferee, the recipient under a qualified domestic relations order, or the estate or heirs of a deceased Participant or other transferee, as applicable, to
the extent appropriate to enable the Participant to exercise the transferred Award in accordance with the terms of this Plan and applicable law and (B) the provisions of the Award relating to exercisability shall continue to be applied with
respect to the original Participant and, following the occurrence of any applicable events described therein the Awards shall be exercisable by the Permitted Transferee, the recipient under a qualified domestic relations order, or the estate or
heirs of a deceased Participant, as applicable, only to the extent and for the periods that would have been applicable in the absence of the transfer. 
 (v) Procedures and Restrictions. Any Participant desiring to transfer an Award as permitted under Sections 10(a)(i), 10(a)(ii) or 10(a)(iii) shall make application therefor in the manner and time
specified by the Committee and shall comply with such other requirements as the Committee may require to assure compliance with all applicable securities laws. The Committee shall not give permission for such a transfer if it may not be made in
compliance with all applicable federal, state and foreign securities laws. 

  
 19 

 (vi) Registration. To the extent the issuance to any Permitted Transferee of any
shares of Stock issuable pursuant to Awards transferred as permitted in this Section 10(a) is not registered pursuant to the effective registration statement of the Company generally covering the shares to be issued pursuant to this Plan to
initial holders of Awards, the Company shall not have any obligation to register the issuance of any such shares of Stock to any such transferee. 
 (b) Taxes. 
 (i) Withholding. The Company and any of its Subsidiaries are
authorized to withhold from any Award granted, or any payment relating to an Award under this Plan, including from a distribution of Stock, amounts of withholding and other taxes due or potentially payable in connection with any transaction
involving an Award, and to take such other action as the Committee may deem advisable to enable the Company and Participants to satisfy obligations for the payment of withholding taxes and other tax obligations relating to any Award. This authority
shall include authority to withhold, sell or receive Stock or other property and to make cash payments in respect thereof in satisfaction of a Participant’s tax obligations, either on a mandatory or elective basis in the discretion of the
Committee. To the extent applicable, each Award shall include a requirement that the Participant irrevocably agree to pay to the Company or the employing Subsidiary (as appropriate) the amount of any Tax Liability or enter into arrangements to the
satisfaction of the Company or his employing Subsidiary (as appropriate) for payment of any Tax Liability. 
 (ii) Tax
Elections. Unless the Company or the employing Subsidiary directs that it shall not, each Award shall include a requirement that the Participant irrevocably agree that the Company or the employing Subsidiary (as appropriate) may recover the
whole or any part of any Employer NICs from the Participant and at the request of the Company or the employing Subsidiary (as appropriate) the Participant shall elect (using a form approved by HM Revenue & Customs) that the whole or any
part of the liability for Employer NICs shall be transferred to the Participant. The Company or the employing Subsidiary may decide to release the Participant from or not to enforce any part of the Participant’s obligations in respect of
Employer NICs under this Section 10(b)(ii). An Award shall include a requirement that the Participant irrevocably agree to enter into a joint election, under section 431(1) or section 431(2) of the United Kingdom Income Tax (Earnings and
Pensions) Act 2003 in respect of the Stock to be acquired pursuant to the Award if required to do so by the Company or the employing Subsidiary before any Stock is acquired. 
 (c) Changes to this Plan and Awards. The Board may amend, alter, suspend, discontinue or terminate this Plan or the Committee’s authority to grant Awards under this Plan without the consent of
stockholders or Participants, except that any amendment or alteration to this Plan, including any increase in any share limitation, shall be subject to the approval of the Company’s stockholders not later than the annual meeting next following
such Board action if such stockholder approval is required by any federal or state law or regulation or the rules of any stock exchange or automated quotation system on which the Stock may then be listed or quoted,

  
 20 

 
and the Board may otherwise, in its discretion, determine to submit other such changes to this Plan to stockholders for approval; provided, that, without the consent of an affected
Participant, no such Board action may materially and adversely affect the rights of such Participant under any previously granted and outstanding Award. The Committee may waive any conditions or rights under, or amend, alter, suspend, discontinue or
terminate any Award theretofore granted and any Award agreement relating thereto, except as otherwise provided in this Plan; provided, however, that, without the consent of an affected Participant, no such Committee action may
materially and adversely affect the rights of such Participant under such Award. For purposes of clarity, any adjustments made to Awards pursuant to Section 9 will be deemed not to materially and adversely affect the rights of any
Participant under any previously granted and outstanding Award and therefore may be made without the consent of affected Participants. 
 (d) Limitation on Rights Conferred under Plan. Neither this Plan nor any action taken hereunder shall be construed as (i) giving any Eligible Person or Participant the right to continue as an
Eligible Person or Participant or in the employ or service of the Company or any of its Subsidiaries, (ii) interfering in any way with the right of the Company or any of its Subsidiaries to terminate any Eligible Person’s or
Participant’s employment or service relationship at any time, (iii) giving an Eligible Person or Participant any claim to be granted any Award under this Plan or to be treated uniformly with other Participants and/or employees and/or other
service providers whether or not that Eligible Person or Participant has previously been granted an Award, (iv) giving an Eligible Person or Participant any rights to compensation or damages on account of any loss in respect of any Award or the
Plan where such loss arises (or is claimed to arise), in whole or in part, from termination of office or employment with or notice to terminate office or employment given by or to the Company or any of its Subsidiaries. This exclusion of liability
shall apply however termination of office or employment, or the giving of notice, is caused, and however compensation or damages may be claimed; or (v) giving an Eligible Person or Participant any rights to compensation or damages on account of
any loss in respect of any Award or the Plan where such loss arises (or is claimed to arise), in whole or in part, from any company ceasing to be a Subsidiary of the Company or the transfer of any business from a Subsidiary to any Person which is
not a Subsidiary. This exclusion of liability shall apply however the change of status of the relevant Subsidiary, or the transfer of the relevant business, is caused, and however compensation or damages may be claimed; or (vi) conferring on a
Participant any of the rights of a stockholder of the Company unless and until the Participant is duly issued or transferred shares of Stock in accordance with the terms of an Award. Furthermore, the rights and obligations of any Eligible Person or
Participant under the terms of that Eligible Person’s or Participant’s office or employment with Company or any Subsidiary shall not be affected by being an Option holder and the value of any benefit realized under the Plan shall not be
taken into account in determining any pension or similar entitlements. 
 (e) Unfunded Status of Awards. This Plan is
intended to constitute an “unfunded” plan for certain incentive awards. 
 (f) Nonexclusivity of this Plan.
Neither the adoption of this Plan by the Board nor its submission to the stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board or a committee thereof to adopt such other incentive
arrangements as it may deem desirable. Nothing contained in this Plan shall be construed to prevent the Company or any of its Subsidiaries from taking any corporate action 

  
 21 

 
which is deemed by the Company or such Subsidiary to be appropriate or in its best interest, whether or not such action would have an adverse effect on this Plan or any Award made under this
Plan. No employee, beneficiary or other person shall have any claim against the Company or any of its Subsidiaries as a result of any such action. 
 (g) Fractional Shares. No fractional shares of Stock shall be issued or delivered pursuant to this Plan or any Award. The Committee shall determine whether cash, other Awards or other property
shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated. 
 (h) Severability. If any provision of this Plan is held to be illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions hereof, but such provision
shall be fully severable and the Plan shall be construed and enforced as if the illegal or invalid provision had never been included herein. If any of the terms or provisions of this Plan or any Award agreement conflict with the requirements of
section 422 of the Code (with respect to Incentive Stock Options), then those conflicting terms or provisions shall be deemed inoperative to the extent they so conflict with the requirements of section 422 of the Code. With respect to Incentive
Stock Options, if this Plan does not contain any provision required to be included herein under section 422 of the Code, that provision shall be deemed to be incorporated herein with the same force and effect as if that provision had been set out at
length herein; provided, further, that, to the extent any Option that is intended to qualify as an Incentive Stock Option cannot so qualify, that Option (to that extent) shall be deemed an Option not subject to section 422 of the Code for all
purposes of the Plan. 
 (i) Governing Law. All questions arising with respect to the provisions of the Plan and Awards
shall be determined by application of the laws of the State of New York, without giving effect to any conflict of law provisions thereof, except to the extent New York law is preempted by federal law. The obligation of the Company to sell and
deliver Stock hereunder is subject to applicable federal and state laws and to the approval of any governmental authority required in connection with the authorization, issuance, sale, or delivery of such Stock. 

(j) Conditions to Delivery of Stock. Nothing herein or in any Award granted hereunder or any Award agreement shall require the
Company to issue any shares with respect to any Award if that issuance would, in the opinion of counsel for the Company, constitute a violation of the Securities Act or any similar or superseding statute or statutes, any other applicable statute or
regulation, or the rules of any applicable securities exchange or securities association, as then in effect. At the time of any exercise of an Option or Stock Appreciation Right, or at the time of any grant of a Restricted Stock Award, Restricted
Stock Unit, or other Award the Company may, as a condition precedent to the exercise of such Option or Stock Appreciation Right or settlement of any Restricted Stock Award, Restricted Stock Unit or other Award, require from the Participant (or in
the event of his or her death, his or her legal representatives, heirs, legatees, or distributees) such written representations, if any, concerning the holder’s intentions with regard to the retention or disposition of the shares of Stock being
acquired pursuant to the Award and such written covenants and agreements, if any, as to the manner of disposal of such shares as, in the opinion of counsel to the Company, may be necessary to ensure that any disposition by that holder (or in the
event of the holder’s death, his or her legal representatives, heirs, legatees, or distributees) will not involve a violation of the 

  
 22 

 
Securities Act or any similar or superseding statute or statutes, any other applicable state or federal statute or regulation, or any rule of any applicable securities exchange or securities
association, as then in effect. No Option or Stock Appreciation Right shall be exercisable and no settlement of any Restricted Stock Award or Restricted Stock Unit shall occur with respect to a Participant unless and until the holder thereof shall
have paid cash or property to, or performed services for, the Company or any of its Subsidiaries that the Committee believes is equal to or greater in value than the par value of the Stock subject to such Award. 

(k) Section 409A of the Code. In the event that any Award granted pursuant to this Plan provides for a deferral of
compensation within the meaning of the Nonqualified Deferred Compensation Rules, it is the general intention, but not the obligation, of the Company to design such Award to comply with the Nonqualified Deferred Compensation Rules and such Award
should be interpreted accordingly. 
 (l) Data Protection. In accepting an Award or by participating in the Plan each
Participant consents to the collection, holding, processing and transfer of his personal data by the Company or any Subsidiary for all purposes connected with the operation of the Plan. The purposes of the Plan include, but are not limited to:
(i) holding and maintaining details of the Participant’s Awards; (ii) transferring the Participant’s personal data to the Company’s registrars or brokers or any administrators of the Plan; (iii) transferring the
Participant’s personal data to a bona fide prospective buyer of the Company or the employing Subsidiary or business unit (or the prospective buyer’s advisers), provided that the prospective buyer, and its advisers, irrevocably agree to use
the Participant’s personal data only in connection with the proposed transaction and in accordance with the data protection principles set out in the United Kingdom Data Protection Act 1998; and (iv) transferring the Participant’s
personal data to a person who is resident in a country or territory outside the European Economic Area that may not provide the same statutory protection for the information as countries within the European Economic Area. 

(m) Plan Effective Date and Term. This Plan was adopted by the Board on the Effective Date, and approved by the stockholders of the
Company on November 5, 2013, to be effective on the Effective Date. No Awards may be granted under this Plan on and after October 22, 2023. 

  
 23EX-10.3

 Exhibit 10.3 

AMENDMENT TO CONSULTING SERVICES AGREEMENT 

This Amendment to Consulting Services Agreement (the “Amendment”) is made and entered into as of October 30, 2013
between QuinStreet, Inc., a Delaware corporation (the “Company”), and Bronwyn Syiek, an individual (“Consultant”). 

WHEREAS, Consultant and the Company entered into that certain Consulting Services Agreement effective as of October 1, 2013 (the
“Agreement”); and 
 WHEREAS, Consultant and the Company wish to amend the Agreement as set forth below. 

NOW, THEREFORE, IN CONSIDERATION of the foregoing premises and the mutual covenants and promises herein contained, the parties hereto
agree as follows: 
  

	 	1.	Definitions. Except as expressly set forth in this Amendment, all capitalized terms shall have the meanings ascribed to them in the Agreement. 

 

	 	2.	Consultant’s Cash Compensation. Section 4(a) of the Agreement shall be amended and restated to read as follows: 

“From October 1, 2013 through October 31, 2013, the Company will pay Consultant $37,400.00 (THIRTY-SEVEN THOUSAND FOUR HUNDRED
DOLLARS) per month, which will be pro-rated for any partial month. After October 31, 2013, Consultant will not earn any cash compensation pursuant to this Agreement.” 

 

	 	3.	Effect of Amendment. This Amendment shall amend the Agreement as of the date hereof, and shall amend, control over and supersede any conflicting terms and provisions contained in the Agreement, and will
supplement any non-conflicting terms and provisions in the Agreement. Except as amended in this Amendment, all terms and provisions set forth in the Agreement shall remain in full force and effect, without modification. 

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first set forth above, notwithstanding the actual date of signing. 

 

			
	 QuinStreet, Inc.
	  	Consultant
		
	 By: /s/ Doug Valenti

Name: Doug Valenti

Title: Chief Executive Officer
	  	 /s/ Bronwyn Syiek
 Bronwyn
Syiek

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