Document:

EX-10.7

 EXHIBIT 10.7 

RECAPITALIZATION AGREEMENT 

This Recapitalization Agreement (this “Agreement”), dated as of July
            , 2017, is entered into by and among PetIQ, Inc., a Delaware corporation (“PetIQ Corporation”), PetIQ Holdings, LLC, a Delaware limited liability company
(“PetIQ LLC”), the Continuing LLC Owners (as defined herein), the C-Corp LLC Owners (as defined herein) and the C-Corp LLC Owner Parents (as defined herein). The parties hereto are collectively referred to herein as the
“Parties.” 
 WHEREAS, the Board of Directors of PetIQ Corporation (the “Board”) has determined to effect
an underwritten initial public offering (the “IPO”) of shares of PetIQ Corporation’s Class A Common Stock (as defined herein); 

WHEREAS, the Parties desire to and hereby agree to effect the Recapitalization Transactions (as defined herein) immediately prior to the
Pricing (as defined herein), subject to the terms and conditions herein; 
 WHEREAS, in connection with the consummation of the
Recapitalization Transactions and in contemplation of the IPO, the applicable Parties hereto shall enter into the Recapitalization Documents (as defined herein); and 

WHEREAS, the Parties intend to treat the exchanges of assets for stock of PetIQ Corporation and other consideration (including any relevant
Preference Notes (as defined herein)) pursuant to this Agreement as exchanges governed by Section 351 of the Code (as defined herein). 

NOW, THEREFORE, in consideration of the promises and the mutual covenants and agreements set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 
  

	1.	Definitions. As used herein, the following terms shall have the following meanings: 

“Affiliate” when used with reference to another Person means any Person directly or indirectly, through one or more
intermediaries, controlling, controlled by, or under common control with, such other Person. In addition, Affiliates of any Person that is an entity shall include all the directors, managers, officers and employees of such entity in their capacities
as such. 
 “Agreement” has the meaning set forth in the preamble hereof. 

“Board” has the meaning set forth in the Recitals hereof. 

“C-Corp Contribution” has the meaning set forth in Section 3(a)(iii) hereof. 

“C-Corp LLC Owner Parents” means Eos Partners, L.P., Eos Capital Partners IV, L.P. and Highland Consumer Fund I-B Limited
Partnership. 

  

 “C-Corp LLC Owners” means ECP IV TS Investor Co., Eos TS Investor Co. and HCP
– TS Blocker Corp. 
 “Class A Common Stock” shall mean Class A Common Stock, par value $0.0001 per share, of
PetIQ Corporation. 
 “Class B Common Stock” shall mean Class B Common Stock, par value $0.0001 per share, of PetIQ
Corporation. 
 “Class A Units” means the Class A Units of PetIQ LLC as defined in the Existing LLC Agreement. 

“Class B Units” means the Class B Units of PetIQ LLC as defined in the Existing LLC Agreement. 

“Class C Units” means the Class C Units of PetIQ LLC as defined in the Existing LLC Agreement. 

“Class D Units” means the Class D Units of PetIQ LLC as defined in the Existing LLC Agreement. 

“Class E Units” means the Class E Units of PetIQ LLC as defined in the Existing LLC Agreement. 

“Class F Units” means the Class F Units of PetIQ LLC as defined in the Existing LLC Agreement. 

“Class P Units” means the Class P Units of PetIQ LLC as defined in the Existing LLC Agreement. 

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

“Common Units” means the common units of PetIQ LLC following the Reclassification. 

“Continuing LLC Owner Sale Agreement” means the Continuing LLC Owner Sale Agreement, dated [ ], 2017, by and between PetIQ
Corporation and the Continuing LLC Owners. 
 “Continuing LLC Owners” means the holders of Common Units other than PetIQ
Corporation and the C-Corp LLC Owners. 
 “Contribution Agreement” means the Contribution Agreement, dated [ ], 2017, by and
between PetIQ Corporation and the C-Corp LLC Owner Parents. 
 “Exchange Act” means the Securities Exchange Act of 1934, as
amended. 
 “Existing LLC Agreement” means the Fifth Amended and Restated Limited Liability Company Agreement of PetIQ LLC,
dated as of December 8, 2014. 

  
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 “Form 8-A Effective Time” means the date and time on which the Form 8-A
Registration Statement becomes effective. 
 “Form 8-A Registration Statement” means the registration statement on Form 8-A
filed by PetIQ Corporation under the Exchange Act with the SEC to register the Class A Common Stock. 
 “IPO” has the
meaning set forth in the Recitals hereof. 
 “New LLC Agreement” means the Sixth Amended and Restated Limited Liability
Company Agreement of PetIQ LLC, dated as of the date hereof. 
 “Parties” has the meaning set forth in the preamble hereof.

 “Person” means an individual, a partnership, a joint venture, an association, a corporation, a trust, an estate, a
limited liability company, a limited liability partnership, an unincorporated entity of any kind, a governmental entity or any other legal entity. 

“PetIQ Corporation” has the meaning set forth in the preamble hereof. 

“PetIQ Corporation Charter” has the meaning set forth in Section 3(a)(i) hereof. 

“PetIQ LLC” has the meaning set forth in the preamble hereof. 

“Preference Note” means a note issued by PetIQ Corporation representing the amount to be paid to a C-Corp LLC Owner Parent or
Continuing LLC Owner, as applicable, immediately upon the consummation of the IPO. 
 “Pricing” means such date and time as
the Board or the pricing committee thereof determines the pricing of the IPO. 
 “Recapitalization Documents” means the
agreements and documents identified in Section 3 hereof and all other agreements and documents entered into in connection with the Recapitalization Transactions identified by the board of managers of PetIQ LLC. 

“Recapitalization Transactions” has the meaning set forth in Section 3 hereof. 

“Reclassification” has the meaning set forth in Section 3(b)(i) hereof. 

“Registration Rights Agreement” has the meaning set forth in Section 3(e) hereof. 

“SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended. 

 

	2.	Other Definitional Provisions. In this Agreement, unless otherwise specified or where the context otherwise requires: 

  
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	 	a.	the headings of particular provisions of this Agreement are inserted for convenience only and will not be construed as a part of this Agreement or serve as a limitation or expansion on the scope of any term or provision
of this Agreement; 

  

	 	b.	words importing any gender shall include other genders; 

  

	 	c.	words importing the singular only shall include the plural and vice versa; 

  

	 	d.	the words “include,” “includes” or “including” shall be deemed to be followed by the words “without limitation”; 

 

	 	e.	the words “hereof,” “herein” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular
provision of this Agreement; 

  

	 	f.	references to “Sections” shall be to Sections of or to this Agreement; 

  

	 	g.	references to any Person include the successors and permitted assigns of such Person; 

  

	 	h.	the use of the words “or,” “either” and “any” shall not be exclusive; 

  

	 	i.	wherever a conflict exists between this Agreement and any other agreement among parties hereto, this Agreement shall control but solely to the extent of such conflict; 

 

	 	j.	references to “$” or “dollars” means the lawful currency of the United States of America; 

  

	 	k.	references to any agreement, contract or schedule, unless otherwise stated, are to such agreement, contract or schedule as amended, modified or supplemented from time to time in accordance with the terms hereof and
thereof; and 

  

	 	l.	the parties hereto have participated collectively in the negotiation and drafting of this Agreement; accordingly, in the event an ambiguity or question of intent or interpretation arises, it is the intention of the
parties that this Agreement shall be construed as if drafted collectively by the parties hereto, and that no presumption or burden of proof shall arise favoring or disfavoring any party hereto by virtue of the authorship of any provisions of this
Agreement. 

 3. Recapitalization. Subject to the terms and conditions set forth herein, and on the basis of and in reliance upon the
representations, warranties, covenants and agreements set forth herein, the Parties hereby agree to take the following actions described in this Section 3 in the order in which they appear below (collectively, the
“Recapitalization Transactions”), which the Parties agree shall occur immediately prior to the Pricing. 

  
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	 	a.	Adoption of Charter and Bylaws; Contribution of the C-Corp LLC Owners. 

  

	 	i.	PetIQ Corporation shall adopt and file with the Secretary of State of the State of Delaware an amended and restated certificate of incorporation, substantially in the form attached hereto as Exhibit A (the
“PetIQ Corporation Charter”). 

  

	 	ii.	PetIQ Corporation shall adopt bylaws, substantially in the form attached hereto as Exhibit B. 

  

	 	iii.	Pursuant to the Contribution Agreement: the C-Corp LLC Owner Parents shall contribute each C-Corp LLC Owner to PetIQ Corporation (the “C-Corp Contribution”), and as consideration for the C-Corp
Contribution, each C-Corp LLC Owner Parent shall receive (A) a Preference Note from PetIQ Corporation in the amount set forth on Schedule I and (B) a number of shares of Class A Common Stock as set forth on Schedule I.

  

	 	b.	Reclassification; Amendment and Restatement of Existing LLC Agreement. 

  

	 	i.	Immediately following the C-Corp Contribution, the issued and outstanding Class A Units, Class B Units, Class C Units, Class D Units, Class E Units, Class F Units and Class P Units shall be reclassified into a
number of Common Units as calculated by the board of managers of PetIQ LLC (the “Reclassification”); provided, however, that any Common Units reclassified from Class P Units subject to vesting conditions as of the date
hereof will be subject to such same vesting conditions. In connection with the Reclassification, each Continuing LLC Owner shall receive a number of Common Units as set forth on Schedule II. 

 

	 	ii.	No fractional Common Units shall be issued. In lieu of fractional Common Units, a Party otherwise entitled to a fractional interest in a Common Unit shall receive the nearest whole number of Common Units (with fractions
equal to exactly 0.5 being rounded up). 

  

	 	iii.	The board of managers of PetIQ LLC shall adopt the New LLC Agreement, substantially in the form attached hereto as Exhibit C, to give effect to the foregoing and, among other things, appoint PetIQ Corporation as
the sole managing member of PetIQ LLC. Upon the New LLC Agreement having become effective, each of the Parties hereto irrevocably and unconditionally waives any rights or claims it had pursuant to the Existing LLC Agreement. 

 

	 	c.	Continuing LLC Owner Sale Agreement. Immediately following Reclassification, pursuant to the Continuing LLC Owner Sale Agreement: certain Continuing LLC Owners shall sell certain units of PetIQ LLC to PetIQ
Corporation, as consideration and in exchange for each Continuing LLC Owner receiving a Preference Note from PetIQ Corporation in the amount set forth on Schedule I. 

  
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	 	d.	Issuance of Class B Common Stock. Immediately following the Reclassification and pursuant to the PetIQ Corporation Charter, PetIQ Corporation will issue to each holder of Common Units (other than any holder of
Common Units that is PetIQ Corporation or a C-Corp LLC Owner) a number of shares of Class B Common Stock (equal to the number of Common Units then held by such holder) as set forth on Schedule I in exchange for $0.001 of cash per Class B
Common Stock. 

  

	 	e.	Execution of Registration Rights Agreement. Immediately following the Reclassification and the issuance of Class B Common Stock, PetIQ Corporation, the Continuing LLC Owners and the C-Corp LLC Owner Parents shall
enter into the Registration Rights Agreement, substantially in the form attached hereto as Exhibit D (the “Registration Rights Agreement”). 

4.     Consent to the Recapitalization Transactions and the IPO. 

 

	 	a.	Each of the Parties hereto hereby acknowledges, agrees and consents to all of the Recapitalization Transactions. Each of the Parties hereto shall take all action necessary or appropriate in order to effect, or cause to
be effected, to the extent within its control, each of the Recapitalization Transactions and the IPO. 

  

	 	b.	The Parties hereto shall deliver to each other, as applicable, prior to the Form 8-A Effective Time executed original copies of each of the Recapitalization Documents to which it is a Party, together with any other
documents and instruments necessary or desirable to be delivered in connection with the Recapitalization Transactions. 

5.     No Liabilities in Event of Termination; Certain Covenants. In the event that PetIQ Corporation determines to abandon the IPO
(whether before or after the Pricing) or in the event that the Pricing does not occur by December 31, 2017, after the occurrence of some or all of the events described in Section 3, the Parties agree, as applicable, (a) to
amend the applicable Recapitalization Documents so that the governance, transfer restrictions, liquidity rights and other provisions therein with respect to PetIQ Corporation and each of its respective direct and indirect subsidiaries correspond in
the aggregate in all substantive respects with the provisions contained in the Existing LLC Agreement and (b) to the extent possible and without material adverse effect on any Party, to rescind the other transfers, exchanges and other actions
described in Section 3 and consummated prior to such abandonment or such failure of the Pricing to occur, as applicable. Notwithstanding anything to the contrary herein, each of the Parties hereto hereby agrees that in the event PetIQ
Corporation undergoes a stock split or a reverse stock split prior to the closing of the IPO, Schedule I hereto shall automatically be amended to reflect such stock split or reverse stock split by adjusting the number of Common Units and the
shares of Class B Common Stock in the same proportion as such stock split or reverse stock split. 

  
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	6.	Representations, Warranties and Agreements. 

  

	 	a.	Representations and Warranties. Each Party hereby represents and warrants to all of the other Parties hereto as follows as of the date of this Agreement, and as of the date of the Recapitalization Transactions:

  

	 	i.	To the extent such Party is not an individual, such Party (A) is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization or incorporation, (B) has duly
authorized by all necessary action the execution, delivery and performance of this Agreement and the applicable Recapitalization Documents and (C) has the requisite power, authority and legal right to execute and deliver this Agreement and each
of the Recapitalization Documents, to the extent a Party thereto, and to consummate the transactions contemplated hereby and thereby, as the case may be. 

  

	 	ii.	To the extent such Party is an individual, such Party (A) has duly authorized by all necessary action the execution, delivery and performance of this Agreement and the applicable Recapitalization Documents and
(B) has the requisite capacity, power, authority and legal right to execute and deliver this Agreement and each of the Recapitalization Documents, to the extent a Party thereto, and to consummate the transactions contemplated hereby and
thereby, as the case may be. 

  

	 	iii.	This Agreement and each of the Recapitalization Documents to which it is a Party has been (or when executed will be) duly executed and delivered by such Party and constitute the legal, valid and binding obligation of
such Party, enforceable against such Party in accordance with its terms, subject to (A) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’
rights generally, (B) general equitable principles (whether considered in a proceeding in equity or at law) and (C) an implied covenant of good faith and fair dealing. 

 

	 	iv.	Neither the execution, delivery and performance by such Party of this Agreement and the applicable Recapitalization Documents, to the extent a Party thereto, nor the consummation by such Party of the transactions
contemplated hereby, nor compliance by such Party with the terms and provisions hereof, will, directly or indirectly (with or without notice or lapse of time or both), (A) contravene or conflict with, or result in a breach or termination of, or
constitute a default under (or with notice or lapse of time or both, result in the breach or termination of or constitute a default under) the organization documents of such Party (to the extent such Party is not an individual), (B) constitute
a violation by such Party of any existing requirement of law applicable to such Party or any of its properties, rights or assets or (C) require the consent or approval of any Person, except in the case of clauses (B) and (C), as would not
reasonably be expected to result in, individual or in the aggregate, a material adverse effect on the ability of such Party to consummate the transaction contemplated by this Agreement. 

  
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	 	v.	Such Party (either alone or together with its advisors) has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the Recapitalization Transactions. Such
Party has had the opportunity to ask questions and receive answers concerning the terms and conditions of the Recapitalization Transactions and has had full access to such other information concerning the Recapitalization Transactions as it has
requested. Such Party has received all information that it believes is necessary or appropriate in connection with the Recapitalization Transactions. Such Party is an informed and sophisticated party and has engaged, to the extent such Party deems
appropriate, expert advisors experienced in the evaluation of transactions of the type contemplated hereby. Such Party is an accredited investor as that term is defined in Regulation D under the Securities Act. Such Party understands that the
securities acquired hereunder have not been registered and agrees to resell such securities pursuant to registration under the Securities Act, pursuant to an available exemption from registration, or, if applicable, in accordance with the provisions
of Regulation S under the Securities Act. 

  

	 	vi.	Such Party acknowledges that (A) Schedule I and Schedule II state the consideration such Party received in connection with the Recapitalization Transactions and set forth the capitalization of each of
PetIQ Corporation and PetIQ LLC immediately after the consummation of the IPO (exclusive of, in the case of PetIQ Corporation, shares offered to the public), (B) Schedule I and Schedule II are based on an agreed-to hypothetical
valuation of PetIQ LLC that is fair and reasonable and (C) the price per share offered in the IPO may be higher or lower than the implied valuation set forth herein. Such Party agrees that Schedule I and Schedule II are accurate,
final, binding and non-appealable as to the matters set forth thereon. 

  

	 	b.	Certain Agreements. Each holder of Common Units hereby agrees: 

  

	 	i.	not to transfer shares of Class B Common Stock except when transferring a corresponding number of Common Units in accordance with the New LLC Agreement. 

 

	 	ii.	Certificates or book entries evidencing the shares of Class B Common Stock may bear such restrictive legends as PetIQ Corporation may deem necessary or advisable under applicable law or pursuant to this Agreement,
including, without limitation, the following legends: 

  
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 “THE TRANSFER OF SHARES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS SPECIFIED
IN THE RECAPITALIZATION AGREEMENT, DATED AS OF JUNE [ ], 2017, BY AND AMONG PetIQ, INC. AND THE OTHER PARTIES LISTED THEREIN, AS IT MAY BE AMENDED, SUPPLEMENTED AND/OR RESTATED FROM TIME TO TIME. 

THE TRANSFER OF THE SHARES REPRESENTED BY THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE, AND ARE BEING OFFERED AND SOLD IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE SECURITIES ACQUIRED HEREUNDER MAY NOT BE TRANSFERRED OR RESOLD
EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND OTHER APPLICABLE LAWS PURSUANT TO REGISTRATION OR EXEMPTION FROM REGISTRATION REQUIREMENTS THEREUNDER.” 

7.     Tax Matters. Each Party hereto intends that the transfer of any asset to PetIQ Corporation in exchange for stock of PetIQ
Corporation and any other consideration (including any Preference Notes) pursuant to this Agreement be treated as a transfer governed by Section 351 of the Code and, unless otherwise required by applicable law, shall file all tax returns
consistently with such intent. 
  

	8.	Miscellaneous. 

  

	 	a.	Amendments and Waivers. This Agreement may be modified, amended or waived only with the written approval of the Board; provided, however, that an amendment or modification that would affect any
other Party in a manner materially and disproportionately adverse to such Party shall be effective against such Party so materially and adversely affected only with the prior written consent of such Party, such consent not to be unreasonably
withheld or delayed. The failure of any Party to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of such Party thereafter to enforce each and every provision
of this Agreement in accordance with its terms. 

  

	 	b.	Successors, Assigns and Transferees. This Agreement shall bind and inure to the benefit of and be enforceable by the Parties hereto and their respective successors and assigns. 

 

	 	c.	 Notices. All notices and other communications required or permitted hereunder shall be in writing and
shall be deemed effectively given: (i) upon personal delivery to the Party to be notified; (ii) when sent by confirmed facsimile if sent 

  
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during normal business hours of the recipient, if not, then on the next business day, provided that a copy of such notice is also sent via nationally recognized overnight courier, specifying next
day delivery, with written verification of receipt; (iii) three days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv) one business day after deposit with a nationally recognized
overnight courier, specifying next day delivery with written verification of receipt. All communications shall be sent to such Party’s address as set forth below or at such other address as the Party shall have furnished to each other Party in
writing in accordance with this provision: 

 If to PetIQ Corporation or PetIQ LLC, to it at: 

PetIQ, Inc. 
 500 E. Shore
Drive, Suite 120 
 Eagle, Idaho 83616 

Email: rmooney@truescience.com 

Attn: Robert P. K. Mooney, General Counsel 

with a copy (which shall not constitute notice) to: 

Winston & Strawn LLP 

200 Park Avenue 
 New York, NY
10166 
 Attention: Dominick P. DeChiara 

Email: ddechiara@winston.com 

Facsimile: (212) 294-4700 

and 
 Winston & Strawn
LLP 
 35 West Wacker Drive 

Chicago, Illinois 60601 
 Fax:
(312) 558-5700 
 Email: jjunewicz@winston.com 

Attn: James J. Junewicz 
  

	 	d.	Further Assurances. At any time or from time to time after the date hereof, the Parties agree to cooperate with each other, and at the request of any other Party, to execute and deliver any further instruments or
documents and to take all such further action as another Party may reasonably request in order to evidence or effectuate the consummation of the transactions contemplated hereby and to otherwise carry out the intent of the Parties hereunder.

  

	 	e.	Entire Agreement. Except as otherwise expressly set forth herein, this Agreement, together with the Recapitalization Documents, embodies the complete agreement and understanding among the Parties hereto with
respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or among the Parties, written or oral, that may have related to the subject matter hereof in any way. 

  
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	 	f.	Governing Law; Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by the laws of the state of Delaware. To the fullest extent permitted by law, no suit, action or proceeding with respect to this
Agreement may be brought in any court or before any similar authority other than in the Delaware Chancery Court, and the Parties hereto hereby submit to the exclusive jurisdiction of such courts for the purpose of such suit, proceeding or judgment.
To the fullest extent permitted by law, each Party hereto irrevocably waives any right it may have had to bring such an action in any other court, domestic or foreign, or before any similar domestic or foreign authority. Each of the Parties hereto
hereby irrevocably and unconditionally waives trial by jury in any legal action or proceeding in relation to this Agreement and for any counterclaim herein. 

  

	 	g.	Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held invalid,
illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this Agreement shall be reformed,
construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

  

	 	h.	Enforcement. Each Party hereto acknowledges that money damages would not be an adequate remedy in the event that any of the covenants or agreements in this Agreement are not performed in accordance with its
terms, and it is therefore agreed that in addition to and without limiting any other remedy or right it may have, the non-breaching Party will have the right to an injunction, temporary restraining order or other equitable relief in any court of
competent jurisdiction enjoining any such breach and enforcing specifically the terms and provisions hereof. 

  

	 	i.	No Third-Party Beneficiaries. This Agreement shall be solely for the benefit of the Parties and no other Person or entity shall be a third Party beneficiary hereof. 

 

	 	j.	Counterparts; Electronic Signatures. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument. A
facsimile signature page (or signature page in similar electronic form) hereto shall be treated by the parties for all purposes as equivalent to a manually signed signature page. 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 

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

			
	PetIQ CORPORATION
	
	PetIQ, INC.

 
			
		
	By:	 	  

 
			
	Name:
	Title:
	
	PetIQ LLC
	
	PetIQ HOLDINGS, LLC

 
			
		
	By:	 	  

	Name:
	Title:

 Signature Page to Recapitalization Agreement 

 
			
	CONTINUING LLC OWNERS
	
	HIGHLAND CONSUMER FUND I LIMITED PARTNERSHIP

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

 
			
	
	HIGHLAND CONSUMER ENTREPRENEURS FUND I LIMITED PARTNERSHIP

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

  
 Signature Page to
Recapitalization Agreement 

 
			
	ROCKHURST LLC

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

  
 Signature Page to
Recapitalization Agreement 

 
			
	LABORE ET HONORE, LLC

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

  
 Signature Page to
Recapitalization Agreement 

 
	
	GLEN MOORE
	
	  

  
 Signature Page to
Recapitalization Agreement 

 
	
	NATE SMITH
	
	  

  
 Signature Page to
Recapitalization Agreement 

 
	
	RONALD KENNEDY
	
	  

  
 Signature Page to
Recapitalization Agreement 

 
			
	CHRISTENSEN CLASS F, LLC
		
	By:	 	  

	Name:
	Title:

  
 Signature Page to
Recapitalization Agreement 

 
	
	TOVEY CALL
	
	  

  
 Signature Page to
Recapitalization Agreement 

 
	
	JEFF CAYWOOD
	
	  

  
 Signature Page to
Recapitalization Agreement 

 
	
	ADAM FELLERS
	
	  

  
 Signature Page to
Recapitalization Agreement 

 
	
	PEARL KUNZ
	
	  

  
 Signature Page to
Recapitalization Agreement 

 
	
	ROBERT MOONEY
	
	  

  
 Signature Page to
Recapitalization Agreement 

 
	
	JOHN NEWLAND
	
	  

  
 Signature Page to
Recapitalization Agreement 

 
	
	BOBBY WREN
	
	  

  
 Signature Page to
Recapitalization Agreement 

 
	
	TRUE SCIENCE FOUNDERS, LLC
	
	By:                                     
                                         
                  
	Name:
	Title:

  
 Signature Page to
Recapitalization Agreement 

 
	
	CHRISTENSEN VENTURES LLC
	
	  

	Name:
	Title:

  
 Signature Page to
Recapitalization Agreement 

 
	
	SCOTT ADCOCK
	
	  

  
 Signature Page to
Recapitalization Agreement 

 
	
	THE JNC 101 TRUST
	
	By:                                     
                                        
                   
	Name:
	Title:
	
	JAMES N. CLARKE IRREVOCABLE TRUST
	
	By:                                     
                                         
                  
	Name:
	Title:
	
	ANDREA M. CLARKE IRREVOCABLE TRUST
	
	By:                                     
                                         
                  
	Name:
	Title:

  
 Signature Page to
Recapitalization Agreement 

 
			
	JW OPPORTUNITIES FUND LLC

 
			
		
	By:	 	  

	Name:
	Title:

 
			
	
	JW PARTNERS, LP

 
			
		
	By:	 	  

	Name:
	Title:

  
 Signature Page to
Recapitalization Agreement 

 
			
	C-CORP LLC OWNERS
	
	ECP IV TS INVESTOR CO.

 
			
		
	By:	 	  

	Name:
	Title:

 
			
	
	EOS TS INVESTOR CO.

 
			
		
	By:	 	  

	Name:
	Title:

  
 Signature Page to
Recapitalization Agreement 

 
			
	HCP – TS BLOCKER CORP.

 
			
		
	By:	 	  

	Name:
	Title:

  
 Signature Page to
Recapitalization Agreement 

 
			
	C-CORP LLC OWNER PARENTS
	
	EOS PARTNERS, L.P.

 
			
		
	By:	 	  

	Name:
	Title:

 
			
	
	EOS CAPITAL PARTNERS IV, L.P.

 
			
		
	By:	 	  

	Name:
	Title:

  
 Signature Page to
Recapitalization Agreement 

 
	
	HIGHLAND CONSUMER FUND I-B LIMITED PARTNERSHIP
	
	By:                                     
                                         
                  
	Name:
	Title:

  
 Signature Page to
Recapitalization AgreementEX-10.11

 EXHIBIT 10.11 

EXECUTION COPY 
 PETIQ,
INC. 
 2017 OMNIBUS INCENTIVE PLAN 

Section 1. General. 
 The name
of the Plan is the PetIQ, Inc. 2017 Omnibus Incentive Plan (the “Plan”). The Plan intends to: (i) encourage the profitability and growth of the Company through short-term and long-term
incentives that are consistent with the Company’s objectives; (ii) give Participants an incentive for excellence in individual performance; (iii) promote teamwork among Participants; and
(iv) give the Company a significant advantage in attracting and retaining key Employees, Directors and Consultants. To accomplish such purposes, the Plan provides that the Company may grant Options, Stock Appreciation
Rights, Restricted Shares, Restricted Stock Units, Performance-Based Awards (including performance-based Restricted Shares and Restricted Stock Units), Other Stock-Based Awards, Other Cash-Based Awards or any
combination of the foregoing.  
 Section 2. Definitions. 

For purposes of the Plan, the following terms shall be defined as set forth below: 

(a) “Administrator” means the Board, or, if and to the extent the Board does not administer the Plan, the Committee appointed
by the Board to administer the Plan in accordance with Section 3 of the Plan. 
 (b) “Affiliate” means a Person that
directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the Person specified. An entity shall be deemed an Affiliate of the Company for purposes of this definition only for such
periods as the requisite ownership or control relationship is maintained. 
 (c) “Approval Date” means the date on which the
Plan is approved by the Company’s stockholders. 
 (d) “Articles of Incorporation” means the articles of incorporation
of the Company, as may be amended and/or restated from time to time. 
 (e) “Automatic Exercise Date” means, with respect to
an Option or a Stock Appreciation Right, the last business day of the applicable term of the Option pursuant to Section 7(d) or the Stock Appreciation Right pursuant to Section 8(g). 

(f) “Award” means any Option, Stock Appreciation Right, Restricted Share, Restricted Stock Unit, Performance-Based Award,
Other Stock-Based Award or Other Cash-Based Award granted under the Plan. 
 (g) “Award
Agreement” means any agreement, contract or other instrument or document evidencing an Award. Evidence of an Award may be in written or electronic form, may be limited to notation on the books and records of the Company and, with the
approval of the Administrator, need not be signed by a representative of the Company or a Participant. Any Shares that become deliverable to the Participant pursuant to the Plan may be issued in certificate form in the name of the Participant or in
book-entry form in the name of the Participant. 
 (h) “Bylaws” means the bylaws of the Company, as may be amended and/or
restated from time to time. 
 (i) “Beneficial Owner” (or any variant thereof) has the meaning defined in Rule 13d-3
under the Exchange Act. 
 (j) “Board” means the Board of Directors of the Company. 

(k) “Cause” shall have the meaning assigned to such term in any Company or Affiliate employment, severance, or similar
agreement or Award Agreement with the Participant or, if no such agreement exists or the agreement does not define “Cause,” Cause means (i) any conduct, action or behavior by a Participant, whether or not

 
in connection with the Participant’s employment, including, without limitation, the commission of any felony or a lesser crime involving dishonesty, fraud, misappropriation, theft, wrongful
taking of property, embezzlement, bribery, forgery, extortion or other crime of moral turpitude, that has or may reasonably be expected to have a material adverse effect on the reputation or business of the Company, its Subsidiaries and Affiliates
or which results in gain or personal enrichment of the Participant to the detriment of the Company, its Subsidiaries and Affiliates; (ii) a governmental authority, including, without limitation, the Environmental Protection Agency or the
Food and Drug Administration, has prohibited the Participant from working or being affiliated with the Company, its Subsidiaries and Affiliates or the business conducted thereby; (iii) the commission of any act by the Participant of
gross negligence or malfeasance, or any willful violation of law, in each case, in connection with the Participant’s performance of his or her duties with the Company or a Subsidiary or Affiliate thereof; (iv) performance of the
Participant’s duties in an unsatisfactory manner after a written warning and a ten (10) day opportunity to cure or failure to observe material policies generally applicable to employees after a written warning and a ten (10) day
opportunity to cure; (v) breach of the Participant’s duty of loyalty to the Company Group; (vi) chronic absenteeism; (vii) substance abuse, illegal drug use or habitual insobriety; or
(viii) violation of obligations of confidentiality to any third party in the course of providing services to the Company, its Subsidiaries and Affiliates. 

(l) “Change in Capitalization” means any (i) merger, consolidation, reclassification, recapitalization, spin-off,
spin-out, repurchase or other reorganization or corporate transaction or event, (ii) extraordinary dividend (whether in the form of cash, Common Stock or other property), stock split or reverse stock split, (iii) combination
or exchange of shares, (iv) other change in corporate structure or (v) payment of any other distribution, which, in any such case, the Administrator determines, in its sole discretion, affects the Shares such that an
adjustment pursuant to Section 5 of the Plan is appropriate. 
 (m) “Change in Control” shall be deemed to have
occurred if an event set forth in any one of the following paragraphs shall have occurred following the Effective Date: 

(i) any Person, other than (A) Eos Partners, L.P. and Eos Capital Partners IV, L.P., and their respective
Affiliates and successors, or (B) the Company or a trustee or other fiduciary holding securities under an employee benefit plan of the Company, becomes the Beneficial Owner, directly or indirectly, of securities of the Company
representing more than thirty percent (30%) of the combined voting power of the Company’s then outstanding securities, excluding any Person who becomes such a Beneficial Owner in connection with a transaction described in clause
(A) of paragraph (iii) below or any acquisition directly from the Company; or 
 (ii) the following
individuals cease for any reason to constitute a majority of the number of Directors then serving on the Board: individuals who, during any period of two (2) consecutive years, constitute the Board and any new Director (other than a Director
whose initial assumption of office is in connection with an actual or threatened election contest, including, but not limited to, a consent solicitation, relating to the election of Directors of the Company) whose appointment or election by the
Board or nomination for election by the Company’s stockholders was approved or recommended by a vote of at least two-thirds
(2/3) of the Directors then still in office who either were Directors at the beginning of the two (2) year period or whose
appointment, election or nomination for election was previously so approved or recommended; or 
 (iii) there is consummated
a merger or consolidation of the Company or any Subsidiary thereof with any other corporation, other than a merger or consolidation (A) that results in the voting securities of the Company outstanding immediately prior thereto continuing
to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least fifty percent (50%) of the combined voting power of the voting securities of the Company (or such surviving entity or,
if the Company or the entity surviving such merger is then a subsidiary, the ultimate parent thereof)) outstanding immediately after such merger or consolidation, and (B) immediately following which the individuals who comprise the Board
immediately prior thereto constitute at least a majority of the Board of the entity surviving such merger or consolidation or, if the Company or the entity surviving such merger is then a subsidiary, the ultimate parent thereof; or 

  
 2 

 (iv) the consummation of a plan of complete liquidation or dissolution of the
Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than (A) a sale or disposition by the Company of all or substantially all of the
Company’s assets to an entity, at least fifty percent (50%) of the combined voting power of the voting securities of which are owned directly or indirectly by stockholders of the Company following the completion of such transaction in
substantially the same proportions as their ownership of the Company immediately prior to such sale or (B) a sale or disposition of all or substantially all of the Company’s assets immediately following which the individuals who
comprise the Board immediately prior thereto constitute at least a majority of the board of directors of the entity to which such assets are sold or disposed or, if such entity is a subsidiary, the ultimate parent thereof. 

For each Award that constitutes deferred compensation under Code Section 409A, a Change in Control (where applicable) shall be deemed to
have occurred under the Plan with respect to such Award only if a change in the ownership or effective control of the Company or a change in ownership of a substantial portion of the assets of the Company shall also constitute a “change in
control event” under Code Section 409A. 
 Notwithstanding the foregoing, a “Change in Control” shall not be deemed to
have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the holders of Common Stock immediately prior to such transaction or series of transactions continue to have
substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of the Company immediately following such transaction or series of transactions. 

(n) “Change in Control Price” shall have the meaning set forth in Section 12 of the Plan. 

(o) “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto. Any reference in
the Plan to any section of the Code shall be deemed to include any regulations or other interpretative guidance under such section, and any amendments or successor provisions to such section, regulations or guidance. 

(p) “Committee” means any committee or subcommittee the Board may appoint to administer the Plan. Subject to the discretion of
the Board, the Committee shall be composed entirely of individuals who meet the qualifications of a “non-employee director” within the meaning of Rule 16b-3 under the Exchange Act and any other qualifications required by the
applicable stock exchange on which the Common Stock is traded. With respect to the approval and payment of any Award intended to be “qualified performance-based compensation” under Code
Section 162(m), the Committee shall be composed entirely of individuals each of whom is considered to be an “outside director” within the meaning of Code Section 162(m). If at any time or to any extent the Board shall not
administer the Plan, then the functions of the Administrator specified in the Plan shall be exercised by the Committee. Except as otherwise provided in the Company’s Articles of Incorporation or Bylaws, or any charter establishing the Committee
any action of the Committee with respect to the administration of the Plan shall be taken by a majority vote at a meeting at which a quorum is duly constituted or unanimous written consent of the Committee’s members. 

(q) “Common Stock” means the Class A common stock, par value $0.001 per share, of the Company. 

(r) “Company” means PetIQ, Inc., a Delaware corporation (or any successor corporation, except as the term “Company”
is used in the definition of “Change in Control” above). 
 (s) “Consultant” means any consultant or independent
contractor of the Company or an Affiliate thereof, in each case, who is not an Employee, Executive Officer or non-employee Director. 
 (t)
“Covered Employee” shall have the meaning set forth in Code Section 162(m). 
 (u) “Disability” shall
have the meaning assigned to such term in any individual employment, severance or similar agreement or Award Agreement with the Participant or, if no such agreement exists or the agreement does not define “Disability,” Disability means,
with respect to any Participant, that such 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 to result in death or can be
expected to last for a continuous period of not less than twelve (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 twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering Employees of the Company or an Affiliate thereof. 

  
 3 

 (v) “Director” means any individual who is a member of the Board on or after the
Effective Date. 
 (w) “Effective Date” shall have the meaning set forth in Section 19 of the Plan. 

(x) “Eligible Recipient” means: (i) an Employee; (ii) a non-employee Director; or (iii) a
Consultant, in each case, who has been selected as an eligible recipient under the Plan by the Administrator. Notwithstanding the foregoing, to the extent required to avoid the imposition of additional taxes under Code Section 409A,
“Eligible Recipient” means: an (1) Employee; (2) a non-employee Director; or (3) a Consultant, in each case, of the Company or a Subsidiary thereof, who has been selected as an eligible recipient
under the Plan by the Administrator. 
 (y) “Employee” shall mean an employee of the Company or an Affiliate thereof, as
described in Treasury Regulation Section 1.421-1(h), including an Executive Officer or Director who is also treated as an employee. 

(z) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. 

(aa) “Executive Officer” means each Participant who is an executive officer (within the meaning of Rule 3b-7 under the
Exchange Act) of the Company. 
 (bb) “Exercise Price” means, with respect to any Award under which the holder may purchase
Shares, the price per share at which a holder of such Award granted hereunder may purchase Shares issuable upon exercise of such Award. 

(cc) “Fair Market Value” as of a particular date shall mean: (i) if the Common Stock is admitted to trading on a
national securities exchange, the fair market value of a Share on any date shall be the closing sale price reported for such share on such exchange on such date or, if no sale was reported on such date, on the last day preceding such date on which a
sale was reported; (ii) if the Shares are not then listed on a national securities exchange, the average of the highest reported bid and lowest reported asked prices for the Shares as reported by the National Association of Securities
Dealers, Inc. Automated Quotations System or other such quotations system for the last preceding date on which there was a sale of such stock; or (iii) if the Shares are not then listed on a national securities exchange or traded in
an over-the-counter market or the value of such Shares is not otherwise determinable, such value as determined by the Committee in good faith and in a manner not inconsistent with Code Section 409A. 

(dd) “Free Standing Rights” shall have the meaning set forth in Section 8(a) of the Plan. 

(ee) “Incentive Stock Option” means an Option that is intended to satisfy the requirements applicable to an “incentive
stock option” described in Code Section 422. 
 (ff) “Initial Public Offering” means an initial public offering of
the Company’s Common Stock pursuant to an effective registration statement filed with the U.S. Securities and Exchange Commission. 

(gg) “Nonqualified Stock Option” means an Option that is not intended to be an Incentive Stock Option. 

(hh) “Option” means an option to purchase Shares granted pursuant to Section 7 of the Plan. 

(ii) “Other Cash-Based Award” means a cash Award granted to a Participant under Section 11 of the Plan, including cash
awarded as a bonus or upon the attainment of Performance Goals or otherwise as permitted under the Plan. 

  
 4 

 (jj) “Other Stock-Based Award” means a
right or other interest granted to a Participant under the Plan that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Common Stock, including, but not limited to, unrestricted Shares
or dividend equivalents, each of which may be subject to the attainment of Performance Goals or a period of continued employment or other terms or conditions as permitted under the Plan. 

(kk) “Participant” means any Eligible Recipient selected by the Administrator, pursuant to the Administrator’s authority
provided for in Section 3 of the Plan, to receive grants of Options, Stock Appreciation Rights, Restricted Shares, Restricted Stock Units, Other Stock-Based Awards, Other Cash-Based Awards or any
combination of the foregoing, and, upon his or her death, his or her successors, heirs, executors and administrators, as the case may be, solely with respect to any Awards outstanding at the date of the Eligible Recipient’s death. 

(ll) “Performance-Based Award” means any Award granted under the Plan that is subject to one or more performance goals. Any
dividends or dividend equivalents payable or credited to a Participant with respect to any unvested Performance-Based Award shall be subject to the same performance goals as the Shares or units underlying the Performance-Based Award. 

(mm) “Performance Goals” means performance goals based on one or more of the following criteria: (i) earnings
before interest and taxes; (ii) earnings before interest, taxes, depreciation and amortization; (iii) net operating profit after tax; (iv) cash flow; (v) revenue; (vi) net revenues;
(vii) sales; (viii) days sales outstanding; (ix) scrap rates; (x) income; (xi) net income; (xii) operating income; (xiii) net operating income;
(xiv) operating margin; (xv) earnings; (xvi) earnings per share; (xvii) return on equity; (xviii) return on investment; (xix) return on capital; (xx) return on
assets; (xxi) return on net assets; (xxii) total shareholder return; (xxiii) economic profit; (xxiv) market share; (xxv) appreciation in the fair market value, book value or other measure
of value of the Company’s Common Stock; (xxvi) expense or cost control; (xxvii) working capital; (xxviii) volume or production; (xxix) new products; (xxx) customer satisfaction;
(xxxi) brand development; (xxxii) employee retention or employee turnover; (xxxiii) employee satisfaction or engagement; (xxxiv) environmental, health or other safety goals;
(xxxv) individual performance; (xxxvi) strategic objective milestones; (xxxvii) days inventory outstanding; and (xxxviii) any combination of, or as applicable, a specified increase or decrease in, any
of the foregoing. Where applicable, the Performance Goals may be expressed in terms of attaining a specified level of the particular criteria or the attainment of a percentage increase or decrease in the particular criteria, and may be applied to
one or more of the Company or an Affiliate thereof, or a division or strategic business unit of the Company, or may be applied to the performance of the Company relative to a market index, a group of other companies or a combination thereof, all as
determined by the Committee. The Performance Goals may include a threshold level of performance below which no payment shall be made (or no vesting shall occur), levels of performance at which specified payments shall be made (or specified vesting
shall occur), and a maximum level of performance above which no additional payment shall be made (or at which full vesting shall occur). With respect to Awards that are intended to be “qualified performance-based compensation” under Code
Section 162(m), each of the foregoing Performance Goals shall be subject to certification by the Committee; provided, however, that at the time such an Award is granted, the Committee may specify any reasonable definition of the
Performance Goals it uses. Such definitions may provide for equitable adjustments to the Performance Goals in recognition of unusual or non-recurring events affecting the Company or an Affiliate thereof or the financial statements of the Company or
an Affiliate thereof, in response to changes in applicable laws or regulations, or to account for items of gain, loss or expense determined to be unusual in nature, infrequent in occurrence or unusual in nature and infrequent in occurrence or
related to the disposal of a segment of a business or related to a change in accounting principles (in each case, to the extent not inconsistent with Code Section 162(m), if applicable). 

(nn) “Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in
Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the Company or any Subsidiary thereof, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or
any Subsidiary thereof, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially
the same proportions as their ownership of stock of the Company. 
 (oo) “Related Rights” shall have the meaning set forth
in Section 8(a) of the Plan. 

  
 5 

 (pp) “Restricted Shares” means an Award of Shares granted pursuant to
Section 9 of the Plan subject to certain restrictions that lapse at the end of a specified period or periods. 
 (qq)
“Restricted Stock Unit” means a notional account established pursuant to an Award granted to a Participant, as described in Section 10 of the Plan, that is (i) valued solely by reference to Shares,
(ii) subject to restrictions specified in the Award Agreement, and (iii) payable in cash or in Shares (as specified in the Award Agreement). The Restricted Stock Units awarded to the Participant will vest according to the
time-based criteria or performance goals criteria specified in the Award Agreement. 
 (rr) “Restricted Period” means the
period of time determined by the Administrator during which an Award or a portion thereof is subject to restrictions or, as applicable, the period of time within which performance is measured for purposes of determining whether an Award has been
earned. 
 (ss) “Retirement” means a termination of a Participant’s employment, other than for Cause and other than by
reason of death or Disability, on or after the attainment of age 65. 
 (tt) “Rule 16b-3” shall have the meaning set forth
in Section 3(a) of the Plan. 
 (uu) “Shares” means shares of Common Stock reserved for issuance under the Plan, as
adjusted pursuant to the Plan, and any successor (pursuant to a merger, consolidation or other reorganization) security. 
 (vv)
“Stock Appreciation Right” means the right pursuant to an Award granted under Section 8 of the Plan to receive an amount equal to the excess, if any, of (i) the aggregate Fair Market Value, as of the date such Award
or portion thereof is surrendered, of the Shares covered by such Award or such portion thereof, over (ii) the aggregate Exercise Price of such Award or such portion thereof. 

(ww) “Subsidiary” means, with respect to any Person, as of any date of determination, any other Person as to which such first
Person owns or otherwise controls, directly or indirectly, more than fifty percent (50%) of the voting shares or other similar interests or a sole general partner interest or managing member or similar interest of such other Person. An entity
shall be deemed a Subsidiary of the Company for purposes of this definition only for such periods as the requisite ownership or control relationship is maintained. Notwithstanding the foregoing, in the case of an Incentive Stock Option or any
determination relating to an Incentive Stock Option, “Subsidiary” means a corporation that is a subsidiary of the Company within the meaning of Code Section 424(f). 

(xx) “Substitute Award” shall mean an Award granted under the Plan upon the assumption of, or in substitution for, outstanding
equity awards granted by a company or other entity in connection with a corporate transaction, such as a merger, combination, consolidation, or acquisition of property or stock; provided, however, that in no event shall the term “Substitute
Award” be construed to refer to an award made in connection with the cancellation and repricing of an Option or Stock Appreciation Right. 

Section 3. Administration. 
 (a) The
Plan shall be administered by the Administrator and shall be administered in accordance with the requirements of Code Section 162(m) (but only to the extent necessary and desirable to maintain qualification of Awards under the Plan under Code
Section 162(m)) and, to the extent applicable, Rule 16b-3 under the Exchange Act (“Rule 16b-3”). 
 (b)
Pursuant to the terms of the Plan, the Administrator, subject, in the case of any Committee, to any restrictions on the authority delegated to it by the Board, shall have the power and authority, without limitation: 

(i) to select those Eligible Recipients who shall be Participants; 

(ii) to determine whether and to what extent Options, Stock Appreciation Rights, Restricted Shares, Restricted Stock Units,
Other Stock-Based Awards, Other Cash-Based Awards or a combination of any of the foregoing, are to be granted hereunder to Participants; 

  
 6 

 (iii) to determine the number of Shares to be covered by each Award granted
hereunder; 
 (iv) to determine the terms and conditions, not inconsistent with the terms of the Plan, of each Award granted
hereunder, including, but not limited to, (A) the restrictions applicable to Restricted Shares and Restricted Stock Units and the conditions under which restrictions applicable to such Restricted Shares and Restricted Stock Units shall
lapse, (B) the Performance Goals and periods applicable to Awards, if any, (C) the Exercise Price of each Award, (D) the vesting schedule applicable to each Award, (E) the number of Shares subject to
each Award and (F) subject to the requirements of Code Section 409A (to the extent applicable), any amendments to the terms and conditions of outstanding Awards, including, but not limited to, extending the exercise period of such
Awards and accelerating the vesting schedule of such Awards; 
 (v) to determine the terms and conditions, not inconsistent
with the terms of the Plan, which shall govern all written instruments evidencing Options, Stock Appreciation Rights, Restricted Shares, Restricted Stock Units or Other Stock-Based Awards, Other Cash-Based
Awards or any combination of the foregoing granted hereunder; 
 (vi) to determine the Fair Market Value; 

(vii) to determine the duration and purpose of leaves of absence which may be granted to a Participant without constituting
termination of the Participant’s employment for purposes of Awards granted under the Plan; 
 (viii) to adopt, alter and
repeal such administrative rules, guidelines and practices governing the Plan as it shall from time to time deem advisable; 

(ix) to reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan, any Award Agreement or
other instrument or agreement relating to the Plan or an Award granted under the Plan; and 
 (x) to construe and interpret
the terms and provisions of the Plan and any Award issued under the Plan (and any Award Agreement relating thereto), and to otherwise supervise the administration of the Plan and to exercise all powers and authorities either specifically granted
under the Plan or necessary and advisable in the administration of the Plan. 
 (c) All decisions made by the Administrator pursuant to the
provisions of the Plan shall be final, conclusive and binding on all persons, including the Company and the Participants. No member of the Board or the Committee, or any officer or employee of the Company or any Subsidiary thereof acting on behalf
of the Board or the Committee, shall be personally liable for any action, omission, determination, or interpretation taken or made in good faith with respect to the Plan, and all members of the Board or the Committee and each and any officer or
employee of the Company and of any Subsidiary thereof acting on their behalf shall, to the maximum extent permitted by law, be fully indemnified and protected by the Company in respect of any such action, omission, determination or interpretation.

 Section 4. Shares Reserved for Issuance Under the Plan. 

(a) Subject to Section 5 of the Plan, the number of Shares that are reserved and available for issuance pursuant to Awards granted under
the Plan is 1,914,047. The maximum number of Shares that may be issued pursuant to Options intended to be Incentive Stock Options is 478,512. 

(b) The aggregate Awards granted during any fiscal year to any Participant shall not exceed, subject to adjustment as provided in
Section 5 of the Plan: (i) 478,512 Shares subject to Options or Stock Appreciation Rights, (ii) 478,512 Shares subject to Restricted Shares, Restricted Stock Units or Other
Stock-Based Awards (other than Stock Appreciation Rights), to the extent such Awards are intended to be “qualified performance-based compensation” under Code Section 162(m), and
(iii) $2,000,000 with respect to Other Cash-Based Awards with a Restricted Period of one (1) year and $2,000,000 with respect to Other Cash-Based Awards with a Restricted Period 

  
 7 

 
greater than one (1) year, in each case, to the extent such Awards are intended to be “qualified performance-based compensation” under Code Section 162(m). Notwithstanding the
foregoing, the maximum number of Shares subject to Awards granted during any fiscal year to any non-employee Director, when taken together with any cash fees paid to such non-employee Director during the fiscal year in respect of his or her service
as a Director, shall not exceed $500,000 in total value (calculating the value of any such Awards based on the grant date Fair Market Value of such Awards for financial reporting purposes). 

(c) Shares issued under the Plan may, in whole or in part, be authorized but unissued Shares or Shares that shall have been or may be
reacquired by the Company in the open market, in private transactions or otherwise. Any Shares subject to an Award under the Plan that, after the Effective Date, are forfeited, canceled, settled or otherwise terminated without a distribution of
Shares to a Participant will thereafter be deemed to be available for Awards. In applying the immediately preceding sentence, if (i) Shares otherwise issuable or issued in respect of, or as part of, any Award are withheld to cover taxes,
such Shares shall be treated as having been issued under the Plan and shall not again be available for issuance under the Plan, (ii) Shares otherwise issuable or issued in respect of, or as part of, any Award of Options or Stock
Appreciation Rights are withheld to cover the Exercise Price, such Shares shall be treated as having been issued under the Plan and shall not be available for issuance under the Plan, and (iii) any Stock-settled Stock Appreciation Rights
are exercised, the aggregate number of Shares subject to such Stock Appreciation Rights shall be deemed issued under the Plan and shall not be available for issuance under the Plan. 

(d) Substitute Awards shall not reduce the Shares authorized for grant under the Plan. In the event that a company acquired by the Company or
any Affiliate or with which the Company or any Affiliate combines has shares available under a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to
the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of
common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized for grant under the Plan; provided that Awards using such available Shares shall not be
made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not employed by or providing services to the Company or its
Affiliates immediately prior to such acquisition or combination. 
 Section 5. Equitable Adjustments. 

In the event of any Change in Capitalization, an equitable substitution or proportionate adjustment shall be made, in each case, as may be
determined by the Administrator, in its sole discretion, in (i) the aggregate number of Shares reserved for issuance under the Plan and the maximum number of Shares that may be subject to Awards granted to any Participant in any calendar
or fiscal year, (ii) the kind, number and Exercise Price subject to outstanding Options and Stock Appreciation Rights granted under the Plan, provided, however, that any such substitution or adjustment with respect to Options and
Stock Appreciation Rights shall occur in accordance with the requirements of Code Section 409A, and (iii) the kind, number and purchase price of Shares subject to outstanding Restricted Shares or Other
Stock-Based Awards granted under the Plan, in each case as may be determined by the Administrator, in its sole discretion; provided, however, that any fractional Shares resulting from the
adjustment shall be eliminated. Such other equitable substitutions or adjustments shall be made as may be determined by the Administrator, in its sole discretion. Without limiting the generality of the foregoing, in connection with a Change in
Capitalization, the Administrator may provide, in its sole discretion, for the cancellation of any outstanding Award granted hereunder in exchange for payment in cash or other property having an aggregate Fair Market Value of the Shares covered by
such Award, reduced by the aggregate Exercise Price or purchase price thereof, if any. Notwithstanding anything contained in the Plan to the contrary, any adjustment with respect to an Incentive Stock Option due to an adjustment or substitution
described in this Section 5 shall comply with the rules of Code Section 424(a), and in no event shall any adjustment be made which would render any Incentive Stock Option granted hereunder to be disqualified as an incentive stock option
for purposes of Code Section 422. The Administrator’s determinations pursuant to this Section 5 shall be final, binding and conclusive. 

  
 8 

 Section 6. Eligibility. 

The Participants under the Plan shall be selected from time to time by the Administrator, in its sole discretion, from among Eligible
Recipients. 
 Section 7. Options. 

(a) General. The Committee may, in its sole discretion, grant Options to Participants. Solely with respect to Participants who are
Employees, the Committee may grant Incentive Stock Options, Nonqualified Stock Options or a combination of both. With respect to all other Participants, the Committee may grant only Nonqualified Stock Options. Each Participant who is granted an
Option shall enter into an Award Agreement with the Company, containing such terms and conditions as the Administrator shall determine, in its sole discretion, which Award Agreement shall specify whether the Option is an Incentive Stock Option or a
Nonqualified Stock Option and shall set forth, among other things, the Exercise Price of the Option, the term of the Option and provisions regarding exercisability of the Option granted thereunder. The provisions of each Option need not be the same
with respect to each Participant. More than one Option may be granted to the same Participant and be outstanding concurrently hereunder. Options granted under the Plan shall be subject to the terms and conditions set forth in this Section 7 and
shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable and set forth in the applicable Award Agreement. The prospective recipient of an Option shall not have any
rights with respect to such Award, unless and until such recipient has received an Award Agreement and, if required by the Administrator in the Award Agreement, executed and delivered a fully executed copy thereof to the Company, within a period of
sixty (60) days (or such other period as the Administrator may specify) after the award date. 
 (b) Limits on Incentive Stock
Options. If the Administrator grants Incentive Stock Options, then to the extent that the aggregate fair market value of Shares with respect to which Incentive Stock Options are exercisable for the first time by any individual during any
calendar year (under all plans of the Company) exceeds $100,000, such Options will be treated as Nonqualified Stock Options to the extent required by Code Section 422. 

(c) Exercise Price. The Exercise Price of Shares purchasable under an Option shall be determined by the Administrator in its sole
discretion at the time of grant; provided, however, that (i) in no event shall the Exercise Price of an Option be less than one hundred percent (100%) of the Fair Market Value of the Common Stock on the date of grant, and
(ii) no Incentive Stock Option granted to a ten percent (10%) stockholder of the Company’s Common Stock (within the meaning of Code Section 422(b)(6)) shall have an exercise price per share less than one-hundred ten
percent (110%) of the Fair Market Value of a Share on such date. 
 (d) Option Term. The maximum term of each Option shall be
fixed by the Administrator, but in no event shall (i) an Option be exercisable more than ten (10) years after the date such Option is granted, and (ii) an Incentive Stock Option granted to a ten percent
(10%) stockholder of the Company’s Common Stock (within the meaning of Code Section 422(b)(6)) be exercisable more than five (5) years after the date such Option is granted. Each Option’s term is subject to earlier
expiration pursuant to the applicable provisions in the Plan and the Award Agreement. Notwithstanding the foregoing, the Administrator shall have the authority to accelerate the exercisability of any outstanding Option at such time and under such
circumstances as the Administrator, in its sole discretion, deems appropriate. Notwithstanding any contrary provision herein, if, on the date an outstanding Option would expire, the exercise of the Option, including by a “net exercise” or
“cashless” exercise, would violate applicable securities laws or any insider trading policy maintained by the Company from time to time, the expiration date applicable to the Option will be extended, except to the extent such extension
would violate Section 409A, to a date that is thirty (30) calendar days after the date the exercise of the Option would no longer violate applicable securities laws or any such insider trading policy. 

(e) Exercisability. Each Option shall be exercisable at such time or times and subject to such terms and conditions, including the
attainment of pre-established Performance Goals, as shall be determined by the Administrator in the applicable Award Agreement. The Administrator may also provide that any Option shall be exercisable only in installments, and the Administrator may
waive such installment exercise provisions at any time, in whole or in part, based on such factors as the Administrator may determine in its sole discretion. Notwithstanding anything to the contrary contained herein, an Option may not be exercised
for a fraction of a share. 

  
 9 

 (f) Method of Exercise. Options may be exercised in whole or in part by giving written
notice of exercise to the Company specifying the number of Shares to be purchased, accompanied by payment in full of the aggregate Exercise Price of the Shares so purchased in cash or its equivalent, as determined by the Administrator. As determined
by the Administrator, in its sole discretion, with respect to any Option or category of Options, payment in whole or in part may also be made (i) by means of consideration received under any cashless exercise procedure approved by the
Administrator (including the withholding of Shares otherwise issuable upon exercise), (ii) in the form of unrestricted Shares already owned by the Participant which have a Fair Market Value on the date of surrender equal to the aggregate
Exercise Price of the Shares as to which such Option shall be exercised, (iii) any other form of consideration approved by the Administrator and permitted by applicable law or (iv) any combination of the foregoing. In
determining which methods a Participant may utilize to pay the Exercise Price, the Administrator may consider such factors as it determines are appropriate; provided, however, that with respect to Incentive Stock Options, all such
discretionary determinations shall be made by the Administrator at the time of grant and specified in the Award Agreement. 
 (g) Rights
as Stockholder. A Participant shall have no rights to dividends or any other rights of a stockholder with respect to the Shares subject to an Option until the Participant has given written notice of the exercise thereof, has paid in full for
such Shares and has satisfied the requirements of Section 15 of the Plan and the Shares have been issued to the Participant. 
 (h)
Termination of Employment or Service. 
 (i) Unless the applicable Award Agreement provides otherwise, in the event
that the employment or service of a Participant with the Company and all Affiliates thereof shall terminate for any reason other than Cause, Retirement, Disability, or death, (A) Options granted to such Participant, to the extent that
they are exercisable at the time of such termination, shall remain exercisable until the date that is ninety (90) days after such termination, on which date they shall expire, and (B) Options granted to such Participant, to the
extent that they were not exercisable at the time of such termination, shall expire at the close of business on the date of such termination. The ninety (90) day period described in this Section 7(h)(i) shall be extended to one
(1) year after the date of such termination in the event of the Participant’s death during such ninety (90) day period. Notwithstanding the foregoing, no Option shall be exercisable after the expiration of its term. 

(ii) Unless the applicable Award Agreement provides otherwise, in the event that the employment or service of a Participant
with the Company and all Affiliates thereof shall terminate on account of Retirement, Disability or the death of the Participant, (A) Options granted to such Participant, to the extent that they were exercisable at the time of such
termination, shall remain exercisable until the date that is one (1) year after such termination, on which date they shall expire and (B) Options granted to such Participant, to the extent that they were not exercisable at the time
of such termination, shall expire at the close of business on the date of such termination. Notwithstanding the foregoing, no Option shall be exercisable after the expiration of its term. 

(iii) In the event of the termination of a Participant’s employment or service for Cause, all outstanding Options granted
to such Participant shall expire at the commencement of business on the date of such termination. 
 (iv) For purposes of
this Section 7(h), Options that are not exercisable solely due to a blackout period shall be considered exercisable. 
 (i) Other
Change in Employment Status. An Option may be affected, both with regard to vesting schedule and termination, by leaves of absence, changes from full-time to part-time employment, partial disability or other changes in the employment status or
service of a Participant, as evidenced in a Participant’s Award Agreement. 
 (j) Change in Control. Notwithstanding anything
herein to the contrary, upon a Change in Control, all outstanding Options shall be subject to Section 12 of the Plan. 

  
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 (k) Automatic Exercise. Unless otherwise provided by the Administrator in an Award
Agreement or otherwise, or as otherwise directed by the Participant in writing to the Company, each vested and exercisable Option outstanding on the Automatic Exercise Date with an Exercise Price per Share that is less than the Fair Market Value per
Share as of such date shall automatically and without further action by the Participant or the Company be exercised on the Automatic Exercise Date. In the sole discretion of the Administrator, payment of the Exercise Price of any such Option shall
be made pursuant to Section 7(f)(i) or (ii) and the Company or any Affiliate shall deduct or withhold an amount sufficient to satisfy all taxes associated with such exercise in accordance with Section 15. Unless otherwise determined
by the Administrator, this Section 7(k) shall not apply to an Option if the Participant’s employment or service has terminated on or before the Automatic Exercise Date. For the avoidance of doubt, no Option with an Exercise Price per Share
that is equal to or greater the Fair Market Value per Share on the Automatic Exercise Date shall be exercised pursuant to this Section 7(k). 

Section 8. Stock Appreciation Rights. 

(a) General. Stock Appreciation Rights may be granted either alone (“Free Standing Rights”) or in conjunction with all
or part of any Option granted under the Plan (“Related Rights”). Related Rights may be granted either at or after the time of the grant of such Option. The Administrator shall determine the Eligible Recipients to whom, and the time
or times at which, grants of Stock Appreciation Rights shall be made, the number of Shares to be awarded, the price per Share, and all other conditions of Stock Appreciation Rights. Notwithstanding the foregoing, no Related Right may be granted for
more Shares than are subject to the Option to which it relates and any Stock Appreciation Right must be granted with an Exercise Price not less than the Fair Market Value of Common Stock on the date of grant. The provisions of Stock Appreciation
Rights need not be the same with respect to each Participant. Stock Appreciation Rights granted under the Plan shall be subject to the following terms and conditions set forth in this Section 8 and shall contain such additional terms and
conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable, as set forth in the applicable Award Agreement. 

(b) Awards; Rights as Stockholder. The prospective recipient of a Stock Appreciation Right shall not have any rights with respect to
such Award, unless and until such recipient has received an Award Agreement and, if required by the Administrator in the Award Agreement, executed and delivered a fully executed copy thereof to the Company, within a period of sixty (60) days
(or such other period as the Administrator may specify) after the award date. Participants who are granted Stock Appreciation Rights shall have no rights as stockholders of the Company with respect to the grant or exercise of such rights. 

(c) Exercisability. 

(i) Stock Appreciation Rights that are Free Standing Rights shall be exercisable at such time or times and subject to such
terms and conditions as shall be determined by the Administrator in the applicable Award Agreement. 
 (ii) Stock
Appreciation Rights that are Related Rights shall be exercisable only at such time or times and to the extent that the Options to which they relate shall be exercisable in accordance with the provisions of Section 7 above and this
Section 8 of the Plan. 
 (d) Payment Upon Exercise. 

(i) Upon the exercise of a Free Standing Right, the Participant shall be entitled to receive up to, but not more than, that
number of Shares, determined using the Fair Market Value, equal in value to the excess of the Fair Market Value as of the date of exercise over the price per share specified in the Free Standing Right multiplied by the number of Shares in respect of
which the Free Standing Right is being exercised. 
 (ii) A Related Right may be exercised by a Participant by surrendering
the applicable portion of the related Option. Upon such exercise and surrender, the Participant shall be entitled to receive up to, but not more than, that number of Shares, determined using the Fair Market Value, equal in value to the excess of the
Fair Market Value as of the date of exercise over the Exercise Price specified in the related Option multiplied by the number of Shares in respect of which the Related Right is being exercised. Options which have been so surrendered, in whole or in
part, shall no longer be exercisable to the extent the Related Rights have been so exercised. 

  
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 (iii) Notwithstanding the foregoing, the Administrator may determine to settle
the exercise of a Stock Appreciation Right in cash (or in any combination of Shares and cash). 
 (e) Rights as a Stockholder. A
Participant shall have no rights to dividends or any other rights of a stockholder with respect to the Shares subject to a Stock Appreciation Right Option until the Participant has given written notice of the exercise thereof, has satisfied the
requirements of Section 15 of the Plan and the Shares have been issued to the Participant. 
 (f) Termination of Employment or
Service. 
 (i) In the event of the termination of employment or service with the Company and all Affiliates thereof of a
Participant who has been granted one or more Free Standing Rights, such rights shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Administrator in the applicable Award Agreement. 

(ii) In the event of the termination of employment or service with the Company and all Affiliates thereof of a Participant who
has been granted one or more Related Rights, such rights shall be exercisable at such time or times and subject to such terms and conditions as set forth in the related Options. 

(g) Term. 

(i) The term of each Free Standing Right shall be fixed by the Administrator, but no Free Standing Right shall be exercisable
more than ten (10) years after the date such right is granted. 
 (ii) The term of each Related Right shall be the term
of the Option to which it relates, but no Related Right shall be exercisable more than ten (10) years after the date such right is granted. 

(h) Change in Control. Notwithstanding anything herein to the contrary, upon a Change in Control, all outstanding Stock Appreciation
Rights shall be subject to Section 12 of the Plan. 
 (i) Automatic Exercise. Unless otherwise provided by the Administrator in
an Award Agreement or otherwise, or as otherwise directed by the Participant in writing to the Company, each vested and exercisable Stock Appreciation Right outstanding on the Automatic Exercise Date with an Exercise Price per Share that is less
than the Fair Market Value per Share as of such date shall automatically and without further action by the Participant or the Company be exercised on the Automatic Exercise Date. The Company or any Affiliate shall deduct or withhold an amount
sufficient to satisfy all taxes associated with such exercise in accordance with Section 15. Unless otherwise determined by the Administrator, this Section 8(h) shall not apply to an Stock Appreciation Right if the Participant’s
employment or service has terminated on or before the Automatic Exercise Date. For the avoidance of doubt, no Stock Appreciation Right with an Exercise Price per Share that is equal to or greater the Fair Market Value per Share on the Automatic
Exercise Date shall be exercised pursuant to this Section 8(h). 
 Section 9. Restricted Shares. 

(a) General. Restricted Shares may be issued either alone or in addition to other Awards granted under the Plan. The Administrator shall
determine the Eligible Recipients to whom, and the time or times at which, grants of Restricted Shares shall be made; the number of Shares to be awarded; the price, if any, to be paid by the Participant for the acquisition of Restricted Shares; the
Restricted Period, if any, applicable to Restricted Shares; the Performance Goals (if any) applicable to Restricted Shares; and all other conditions of the Restricted Shares. If the restrictions, Performance Goals and/or conditions established by
the Administrator are not attained, a Participant shall forfeit his or her Restricted Shares in accordance with the terms of the grant. The provisions of the Restricted Shares need not be the same with respect to each Participant. 

(b) Awards and Certificates. The prospective recipient of Restricted Shares shall not have any rights with respect to any such Award,
unless and until such recipient has received an Award Agreement and, if required by the Administrator in the Award Agreement, executed and delivered a fully executed copy thereof to the 

  
 12 

 
Company, within a period of sixty (60) days (or such other period as the Administrator may specify) after the award date. Except as otherwise provided in Section 9(c) of the Plan,
(i) each Participant who is granted an award of Restricted Shares may, in the Company’s sole discretion, be issued a stock certificate in respect of such Restricted Shares; and (ii) any such certificate so issued shall
be registered in the name of the Participant, and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to any such Award. 

The Company may require that the stock certificates, if any, evidencing Restricted Shares granted hereunder be held in the custody of the
Company until the restrictions thereon shall have lapsed, and that, as a condition of any award of Restricted Shares, the Participant shall have delivered a stock power, endorsed in blank, relating to the Shares covered by such Award. 

Notwithstanding anything in the Plan to the contrary, any Restricted Shares (whether before or after any vesting conditions have been
satisfied) may, in the Company’s sole discretion, be issued in uncertificated form pursuant to the customary arrangements for issuing shares in such form. 

(c) Restrictions and Conditions. The Restricted Shares granted pursuant to this Section 9 shall be subject to the following
restrictions and conditions and any additional restrictions or conditions as determined by the Administrator at the time of grant or thereafter: 

(i) The Administrator may, in its sole discretion, provide for the lapse of restrictions in installments and may accelerate or
waive such restrictions in whole or in part based on such factors and such circumstances as the Administrator may determine, in its sole discretion, including, but not limited to, the attainment of certain Performance Goals, the Participant’s
termination of employment or service as a non-employee Director or Consultant of the Company or an Affiliate thereof, or the Participant’s death or Disability; provided, however, that with respect to any Award that is intended to
be “qualified performance-based compensation” under Code Section 162(m), such discretion may not be exercised to the extent it would cause such Award to fail to be “qualified
performance-based compensation” under Code Section 162(m). 
 (ii) Except as provided in Section 16 of the
Plan or in the Award Agreement, the Participant shall generally have the rights of a stockholder of the Company with respect to Restricted Shares during the Restricted Period. In the Administrator’s discretion and as provided in the applicable
Award Agreement, a Participant may be entitled to dividends or dividend equivalents on an Award of Restricted Shares, which will be payable in accordance with the terms of such grant as determined by the Administrator. Certificates for Shares of
unrestricted Common Stock may, in the Company’s sole discretion, be delivered to the Participant only after the Restricted Period has expired without forfeiture in respect of such Restricted Shares, except as the Administrator, in its sole
discretion, shall otherwise determine. 
 (iii) The rights of Participants granted Restricted Shares upon termination of
employment or service as a non-employee Director or Consultant of the Company or an Affiliate thereof terminates for any reason during the Restricted Period shall be set forth in the Award Agreement. 

(d) Change in Control. Notwithstanding anything herein to the contrary, upon a Change in Control, all outstanding Restricted Shares
shall be subject to Section 12 of the Plan. 
 Section 10. Restricted Stock Units. 

(a) General. Restricted Stock Units may be issued either alone or in addition to other Awards granted under the
Plan. The Administrator shall determine the Eligible Recipients to whom, and the time or times at which, grants of Restricted Stock Units shall be made; the number of Restricted Stock Units to be awarded; the Restricted Period, if any, applicable to
Restricted Stock Units; the Performance Goals (if any) applicable to Restricted Stock Units; and all other conditions of the Restricted Stock Units. If the restrictions, Performance Goals and/or conditions established by the Administrator are not
attained, a Participant shall forfeit his or her Restricted Stock Units in accordance with the terms of the grant. The provisions of Restricted Stock Units need not be the same with respect to each Participant. 

  
 13 

 (b) Award Agreement. The prospective recipient of Restricted Stock
Units shall not have any rights with respect to any such Award, unless and until such recipient has received an Award Agreement and, if required by the Administrator in the Award Agreement, executed and delivered a fully executed copy thereof to the
Company, within a period of sixty (60) days (or such other period as the Administrator may specify) after the award date.  
 (c)
Restrictions and Conditions. The Restricted Stock Units granted pursuant to this Section 10 shall be subject to the following restrictions and conditions and any additional restrictions or conditions as determined by the Administrator at
the time of grant or, subject to Code Section 409A, thereafter: 
 (i) The Administrator may, in its sole discretion,
provide for the lapse of restrictions in installments and may accelerate or waive such restrictions in whole or in part based on such factors and such circumstances as the Administrator may determine, in its sole discretion, including, but not
limited to, the attainment of certain Performance Goals, the Participant’s termination of employment or service as a non-employee Director or Consultant of the Company or an Affiliate thereof, or the Participant’s death or Disability;
provided, however, that with respect to any Award that is intended to be “qualified performance-based compensation” under Code Section 162(m), such discretion may not be exercised
to the extent it would cause such Award to fail to be “qualified performance-based compensation” under Code Section 162(m). 

(ii) Participants holding Restricted Stock Units shall have no voting rights. A Restricted Stock Unit may, at the
Administrator’s discretion, carry with it a right to dividend equivalents. Such right would entitle the holder to be credited with an amount equal to all cash dividends paid on one Share while the Restricted Stock Unit is outstanding. The
Administrator, in its discretion, may grant dividend equivalents from the date of grant or only after a Restricted Stock Unit is vested. 

(iii) The rights of Participants granted Restricted Stock Units upon termination of employment or service as a non-employee
Director or Consultant of the Company or an Affiliate thereof terminates for any reason during the Restricted Period shall be set forth in the Award Agreement. 

(d) Settlement of Restricted Stock Units. Settlement of vested Restricted Stock Units shall be made to Participants
in the form of Shares, unless the Administrator, in its sole discretion, provides for the payment of the Restricted Stock Units in cash (or partly in cash and partly in Shares) equal to the Fair Market Value of the Shares that would otherwise be
distributed to the Participant.  
 (e) Rights as Stockholder. Except as provided in the Award Agreement in accordance with
Section 10(c)(ii), a Participant shall have no rights to dividends or any other rights of a stockholder with respect to the Shares subject to Restricted Stock Units until the Participant has satisfied all conditions of the Award Agreement and
the requirements of Section 15 of the Plan and the Shares have been issued to the Participant 
 (f) Change in
Control. Notwithstanding anything herein to the contrary, upon a Change in Control, all outstanding Restricted Stock Units shall be subject to Section 12 of the Plan. 

Section 11. Other Stock-Based or Cash-Based Awards. 

(a) The Administrator is authorized to grant Awards to Participants in the form of Other Stock-Based
Awards or Other Cash-Based Awards, as deemed by the Administrator to be consistent with the purposes of the Plan and as evidenced by an Award Agreement. The Administrator shall determine the terms and conditions of such Awards, consistent with the
terms of the Plan, at the date of grant or thereafter, including any Performance Goals and performance periods. Common Stock or other securities or property delivered pursuant to an Award in the nature of a purchase right granted under this
Section 11 shall be purchased for such consideration, paid for at such times, by such methods, and in such forms, including, without limitation, Shares, other Awards, notes or other property, as the Administrator shall determine, subject to any
required corporate action. 
 (b) With respect to Awards that are intended to be “qualified
performance-based compensation” under Code Section 162(m), no payment shall be made to a Participant that is or is likely to become a Covered Employee prior to the certification by the Committee that
the Performance Goals have been attained. The Committee may establish other rules applicable to such Other Stock-Based Awards and the Other Cash-Based Awards; provided, however, that such rules
shall be in compliance with Code Section 162(m). 

  
 14 

 (c) The prospective recipient of an Other Stock-Based Award or Other Cash-Based Award shall not
have any rights with respect to such Award, unless and until such recipient has received an Award Agreement and, if required by the Administrator in the Award Agreement, executed and delivered a fully executed copy thereof to the Company, within a
period of sixty (60) days (or such other period as the Administrator may specify) after the award date. 
 (d) Notwithstanding anything
herein to the contrary, upon a Change in Control, all outstanding Other Stock-Based Awards and Other Cash-Based Awards shall be subject to Section 12 of the Plan. 

Section 12. Change in Control. 
 The
Administrator may provide in the applicable Award Agreement that an Award will vest on an accelerated basis upon the Participant’s termination of employment or service in connection with a Change in Control or upon the occurrence of any other
event that the Administrator may set forth in the Award Agreement. If the Company is a party to an agreement that is reasonably likely to result in a Change in Control, such agreement may provide for: (i) the continuation of any Award by
the Company, if the Company is the surviving corporation; (ii) the assumption of any Award by the surviving corporation or its parent or subsidiary; (iii) the substitution by the surviving corporation or its parent or
subsidiary of equivalent awards for any Award, provided, however, that any such substitution with respect to Options and Stock Appreciation Rights shall occur in accordance with the requirements of Code Section 409A; or
(iv) settlement of any Award for the Change in Control Price (less, to the extent applicable, the per share exercise or grant price), or, if the per share exercise or grant price equals or exceeds the Change in Control Price or if the
Administrator determines that Award cannot reasonably become vested pursuant to its terms, such Award shall terminate and be canceled. To the extent that Restricted Shares, Restricted Stock Units or other Awards settle in Shares in accordance with
their terms upon a Change in Control, such Shares shall be entitled to receive as a result of the Change in Control transaction the same consideration as the Shares held by stockholders of the Company as a result of the Change in Control
transaction. For purposes of this Section 12, “Change in Control Price” shall mean (A) the price per share of Common Stock paid to stockholders of the Company in the Change of Control transaction or (B) the Fair
Market Value of a Share upon a Change in Control as determined by the Administrator. To the extent that the consideration paid in any such Change in Control transaction consists all or in part of securities or other non-cash consideration, the value
of such securities or other non-cash consideration shall be determined in good faith by the Administrator. 
 Section 13. Amendment and Termination.

 (a) The Board or the Committee may amend, alter or terminate the Plan, but no amendment, alteration, or termination shall be made that
would impair the rights of a Participant under any Award theretofore granted without such Participant’s consent. 
 (b) Notwithstanding
the foregoing, approval of the Company’s stockholders shall be obtained to increase the aggregate Share limit and annual Award limits described in Section 4 and for any amendment that would require such approval in order to satisfy the
requirements of Code Section 162(m), any rules of the stock exchange on which the Common Stock is traded or other applicable law. 
 (c)
Subject to the terms and conditions of the Plan, the Administrator may modify, extend or renew outstanding Awards under the Plan, or accept the surrender of outstanding Awards (to the extent not already exercised) and grant new Awards in
substitution of them (to the extent not already exercised). 
 (d) Notwithstanding the foregoing, no alteration, modification or termination
of an Award will, without the prior written consent of the Participant, adversely alter or impair any rights or obligations under any Award already granted under the Plan. 

Section 14. Unfunded Status of Plan. 

The Plan is intended to constitute an “unfunded” plan for incentive compensation. With respect to any payments not yet made or Shares
not yet transferred to a Participant by the Company, nothing contained herein shall give any such Participant any rights that are greater than those of a general creditor of the Company. 

  
 15 

 Section 15. Withholding Taxes. 

Each Participant shall, no later than the date as of which the value of an Award first becomes includible in the gross income of such
Participant for federal, state and/or local income tax purposes, pay to the Company, or make arrangements satisfactory to the Administrator regarding payment of, any federal, state, or local taxes of any kind, domestic or foreign, required by law or
regulation to be withheld with respect to the Award. The obligations of the Company under the Plan shall be conditional on the making of such payments or arrangements, and the Company shall, to the extent permitted by law, have the right to deduct
any such taxes from any payment of any kind otherwise due to such Participant. Whenever cash is to be paid pursuant to an Award granted hereunder, the Company shall have the right to deduct therefrom an amount sufficient to satisfy any federal,
state and local withholding tax requirements related thereto. Whenever Shares are to be delivered pursuant to an Award, the Company shall have the right to require the Participant to remit to the Company in cash an amount sufficient to satisfy any
related federal, state and local taxes, domestic or foreign, to be withheld and applied to the tax obligations. With the approval of the Administrator, a Participant may satisfy the foregoing requirement by electing to have the Company withhold from
delivery of Shares or by delivering already owned unrestricted shares of Common Stock, in each case, having a value equal to the amount required to be withheld or such other greater amount up to the maximum statutory rate under applicable law, as
applicable to such Participant, if such other greater amount would not result in adverse financial accounting treatment, as determined by the Administrator (including in connection with the effectiveness of FASB Accounting Standards Update 2016-09).
Such Shares shall be valued at their Fair Market Value on the date of which the amount of tax to be withheld is determined. Fractional share amounts shall be settled in cash. Such an election may be made with respect to all or any portion of the
Shares to be delivered pursuant to an Award. The Company may also use any other method of obtaining the necessary payment or proceeds, as permitted by law, to satisfy its withholding obligation with respect to any Option or other Award. 

Section 16. Non-United States Employees.  

Without amending the Plan, the Administrator may grant Awards to eligible persons residing in non-United States jurisdictions on such terms and
conditions different from those specified in the Plan, including the terms of any award agreement or plan, adopted by the Company or any Subsidiary thereof to comply with, or take advantage of favorable tax or other treatment available under, the
laws of any non-United States jurisdiction, as may in the judgment of the Administrator be necessary or desirable to foster and promote achievement of the purposes of the Plan and, in furtherance of such purposes the Administrator may make such
modifications, amendments, procedures, subplans and the like as may be necessary or advisable to comply with provisions of laws in other countries or jurisdictions in which the Company or its Subsidiaries operates or has employees. 

Section 17. Transfer of Awards. 
 No
purported sale, assignment, mortgage, hypothecation, transfer, charge, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest in or lien on, any Award or any agreement or commitment
to do any of the foregoing (each, a “Transfer”) by any holder thereof in violation of the provisions of the Plan or an Award Agreement will be valid, except with the prior written consent of the Administrator, which consent may be
granted or withheld in the sole discretion of the Administrator. Any purported Transfer of an Award or any economic benefit or interest therein in violation of the Plan or an Award Agreement shall be null and void ab initio, and shall not
create any obligation or liability of the Company, and any person purportedly acquiring any Award or any economic benefit or interest therein transferred in violation of the Plan or an Award Agreement shall not be entitled to be recognized as a
holder of such Shares. Unless otherwise determined by the Administrator in accordance with the provisions of the immediately preceding sentence, an Option may be exercised, during the lifetime of the Participant, only by the Participant or, during
any period during which the Participant is under a legal disability, by the Participant’s guardian or legal representative. 
 Section 18.
Continued Employment. 
 The adoption of the Plan shall not confer upon any Eligible Recipient any right to continued employment or
service with the Company or an Affiliate thereof, as the case may be, nor shall it interfere in any way with the right of the Company or an Affiliate thereof to terminate the employment or service of any of its Eligible Recipients at any time. 

  
 16 

 Section 19. Effective Date and Approval Date. 

The Plan will be effective as of the date of the effectiveness of the registration statement for the Company’s Initial Public Offering
(the “Effective Date”). The Plan will be unlimited in duration and, in the event of Plan termination, will remain in effect as long as any Shares awarded under it are outstanding and not fully vested; provided, however, that
no Awards will be made under the Plan on or after the tenth anniversary of Effective Date. No Option that is intended to be an Incentive Stock Option may be granted under the Plan until the Approval Date. If the Approval Date does not occur within
twelve (12) months after the Effective Date, then no Options that are intended to be Incentive Stock Options may be granted under the Plan. 

Section 20. Code Section 409A. 

The intent of the parties is that payments and benefits under the Plan comply with Code Section 409A to the extent subject thereto, and,
accordingly, to the maximum extent permitted, the Plan shall be interpreted and be administered to be in compliance therewith. Any payments described in the Plan that are due within the “short-term deferral period” as defined in Code
Section 409A shall not be treated as deferred compensation unless applicable law requires otherwise. Notwithstanding anything to the contrary in the Plan, to the extent required in order to avoid accelerated taxation and/or tax penalties under
Code Section 409A, amounts that would otherwise be payable and benefits that would otherwise be provided upon a “separation from service” to a Participant who is a “specified employee” shall be paid on the first business day
after the date that is six (6) months following the Participant’s separation from service (or upon the Participant’s death, if earlier). In addition, for purposes of the Plan, each amount to be paid or benefit to be provided to the
Participant pursuant to the Plan, which constitute deferred compensation subject to Code Section 409A, shall be construed as a separate identified payment for purposes of Code Section 409A. Nothing contained in the Plan or an Award
Agreement shall be construed as a guarantee of any particular tax effect with respect to an Award. The Company does not guarantee that any Awards provided under the Plan will satisfy the provisions of Code Section 409A, and in no event will the
Company be liable for any or all portion of any taxes, penalties, interest or other expenses that may be incurred by a Participant on account of any non-compliance with Code Section 409A. 

Section 21. Code Section 162(m). 

The Committee may not delegate its authority to establish Performance Goals, certify performance against the Performance Goals or take other
actions with respect to Awards that are intended to be “qualified performance-based compensation” under Code Section 162(m). Performance Goals with respect to such Awards shall be established in
writing before the earlier of (a) the ninetieth (90th) day of the performance period or (b) the date that twenty-five percent (25%) of the performance period has
elapsed. The payment of Awards under the Plan that are subject to the achievement of Performance Goals (including any prorated Awards) shall occur no later than March 15 of the calendar year following the year in which the performance period
ends. With respect to Awards intended to be “qualified performance-based compensation” under Code Section 162(m), (i) the Committee shall not have the discretion to pay in excess of the
amount earned based on the attainment of the Performance Goals as certified by the Committee and (ii) in determining the amount of the Award earned based on the attainment of the Performance Goals, the Committee may, in its sole discretion,
eliminate or reduce the size of such Award in a manner consistent with Code Section 162(m) to the extent the Committee determines that such elimination or reduction is appropriate. 

  
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 Section 22. Erroneously Awarded Compensation. 

The Plan and all Awards issued hereunder shall be subject to any compensation recovery and/or recoupment policy adopted by the Company to
comply with applicable law, including, without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act, or to comport with good corporate governance practices, as such policies may be amended from time to time. 

Section 23. Governing Law. 
 The Plan
shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of law of such state. 

Section 24. Plan Document Controls. 

The Plan and each Award Agreement constitute the entire agreement with respect to the subject matter hereof and thereof; provided that
in the event of any inconsistency between the Plan and such Award Agreement, the terms and conditions of the Plan shall control. 

  
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