Document:

HOMESTREET, INC. 2011 MANAGEMENT/SUPPORT PERFORMANCE BASED ANNUAL INCENTIVE PLAN

 Exhibit 10.32 
 2011 HomeStreet Bank 
 Management/Support Performance-Based

 Annual Incentive Compensation Plan 
 HomeStreet (the “Company”) provides annual cash incentive opportunities for eligible employees through the use of a performance-based incentive compensation plan (the “Plan”). The
annual incentive awards will provide a payment based upon attainment of specified goals that align the interests of employees with the interests of the Company. 
 PARTICIPATION & ELIGIBILITY 
 The Plan is limited to selected employees of the
Company. Each Plan participant shall be notified of eligibility for participation in the Plan. Additional eligibility requirements are the following: 
  

	 	•	 	 New employees must be employed by September 30 in a given Plan Year to be eligible for an award related to performance in that Plan Year.

  

	 	•	 	 Employees hired after September 30 must wait until the next fiscal year to be eligible for an award. 

 

	 	•	 	 Employees who become a Plan participant during the year and work a partial year, will receive pro-rated awards based on actual earned base salary
during the partial Plan Year. 

  

	 	•	 	 A Plan participant must be an active employee as of the award payout date to earn and receive an award, except for partial awards available in limited
circumstances as outlined in this Plan . 

  

	 	•	 	 Plan participants must not be on active written counseling of any kind at the time the award is to be paid in order to earn an award; otherwise the
award is neither earned, nor will be paid. 

  

	 	•	 	 Plan participants must receive a minimum performance rating of “meets expectations” for the Plan Year, in order to earn any award.

  

	 	•	 	 Participants will not earn incentive pay if the Participant’s conduct during the Plan Year or before the award is paid is considered by the
Company to be a violation of applicable laws or regulations or in violation of the Company’s professional or ethical standards. 

 PLAN YEAR & PERFORMANCE PERIOD 
 The Plan operates on a calendar year basis
(January 1 to December 31), which is the same as the Performance Period. Plan payouts covering the Performance Period will generally be made after Company financials have been audited and award amounts have been reviewed by the Compensation
Committee of the Board of Directors. The Company will attempt to complete this process no later than March 15. 
 PLAN DESIGN

 The Plan design incorporates a tiered approach with annual incentive awards that are linked to the achievement of pre-defined corporate,
department and individual performance goals. The pre-defined corporate goals are reviewed and approved by the Compensation Committee of the Board of Directors. The incentive ranges (as a percent of salary) are designed to provide market competitive
payouts for the achievement of target and maximum performance goals. 
 PERFORMANCE OBJECTIVES 

The Plan will provide annual incentive awards to Plan participants based on overall Company, department and/or individual performance goals. 

 

	 	•	 	 Company Performance Goals – The Company’s goals are determined by using performance history, peer data, market data and management’s
judgment of what reasonable levels can be reached, based on previous experience and projected market conditions. Once the target performance is established, the minimum, target and maximum performance and payout levels will also be determined. The
specific 

	 	 
Company performance criteria for Plan participants will be recommended by management subject to approval by the Compensation Committee. 

 

	 	•	 	 Department and/or Individual Performance – Certain Plan participants may have a portion of their annual incentive award based on a combination of
department and/or individual performance criteria. The number of performance criteria included, the specific type of performance criteria to use, and the weighting of each criterion for the overall incentive award will vary based on the position and
role of each Plan participant. 

 AWARD OPPORTUNITIES & CALCULATION 

Award opportunity levels, expressed as a percent of salary, will be set for each eligible employee for each Plan Year. The actual payouts will be
calculated as a proportion of minimum, target and maximum performance levels. 
  

	 	•	 	 Minimum Performance – The minimum level of performance needed to begin to be eligible to earn and receive an incentive award.

  

	 	•	 	 Target Performance – The expected level of performance based upon both historical performance and management’s best judgment of expected
performance during the performance period. 

  

	 	•	 	 Maximum Performance – The level of performance, which based upon historical performance and management’s judgment, would be exceptional or
significantly beyond the expected. 

 The Company’s performance will be based on the Company’s success as measured
by criteria determined by the Compensation Committee of the Board of Directors, with input from the CEO. The department and/or individual performance will be based on the department and/or Plan participant’s individual success as measured
against the predetermined goals. The percentage of payout for overall Company performance and for department and/or individual performance will be allocated based on the specific weighting of the goals, the participant’s annual incentive award
tier, and the actual performance compared to the pre-determined Minimum, Target and Maximum performance levels. 
 ALLOWANCE FOR
DISCRETION
 Incentive programs allow for final payouts to be discretionarily adjusted based on factors not specifically measured (e.g., the
quality of the job being performed, performance sacrifices in other areas). 
 PLAN TRIGGER 

In order for there to be any payout to employees under the Plan, the Company must achieve sufficient net income as established by the Compensation
Committee to fund the Plan. A specified pre-tax income threshold must be met for the Corporate component of the Plan to pay awards. Participants may be eligible to receive a portion of the department and/or individual award at the discretion of the
Compensation Committee, with input from the CEO if the Company pre-tax income threshold is not met. 
 PROVISION FOR AWARD ADJUSTMENT

 This clause applies to those officers classified as Senior Vice President and above. The Compensation Committee reserves the right
to make an adjustment to a participant’s award under the following circumstances: 
  

	 	•	 	 Materially inaccurate financial information was used in determining or setting such incentive award. The claw-back period will be a rolling three year
look back. 

  

	 	•	 	 A participant’s activities posed material risk to the organization. The claw-back period will be a rolling three year look back. In other words,
if the participant’s activities at any time in the preceding three years posed material risk to the Bank, the Bank may claw-back or recover the amount paid to him/her as a result of the material risk. 

The Compensation Committee shall determine the amount of any such award paid as a result of the inaccurate information (the “overpayment
amount”) or the amount of loss resulting from the material risk presented by the 

  
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participant’s activities and shall send the participant a notice of recovery, which will specify the overpayment amount or loss and the terms for repayment. 

TERMINATION OF EMPLOYMENT/PARTIAL YEAR PAYMENTS 
 A participant must be an active employee on the date the incentive is paid to earn and receive an award. However, there are exceptions for terminations as a result of the circumstances identified below:

  

	 	•	 	 Eligible employees whose performance otherwise qualifies them for an annual incentive award and whose employment is terminated due to disability can
receive a pro-rata award for the Plan Year, even if they are not employed as of the award payout date. 

  

	 	•	 	 Eligible employees whose performance otherwise qualifies them for an annual incentive award, attains age 65 (or greater) and voluntarily retires will
receive payment for a pro-rata portion of the award based on their retirement date. 

  

	 	•	 	 In the event of death, the Company will pay to the participant’s beneficiary the pro-rata portion of the award that had been earned by the
participant in the Plan year. The beneficiary will be the person or entity named on the employee’s life insurance beneficiary form, unless otherwise designated in writing by the employee. 

 

	 	•	 	 In the event Plan participant’s employment is terminated as part of a reduction in force or other elimination of his/her position.

  

	 	•	 	 For any Plan participant with a written employment agreement that specifically provides benefits upon termination by HomeStreet without Cause or
terminated by the Plan participant for Good Reason, then upon any termination without Cause or by the Plan participant with Good Reason, as those terms are defined in the employment agreement. 

Calculation of Partial Year Payment. In the event that a Plan participant qualifies for a partial year payment, the Plan Administrator, in
consultation with the Plan participant’s manager(s) and the Compensation Committee of the Board of Directors shall have the discretion to determine the amount of the payout. As a guideline for such determination, the following principles will
be taken into consideration: (a) the participant’s Target Incentive shall be multipled by the fraction of the Plan Year that the participant worked, and the Plan participant’s award shall be no more than the product of that
calculation; and (b) any portion of the participant’s Target Incentive Award attributable to individual performance shall be set based on evaluation of the individual participant’s performance using input from the participant’s
managers. Final calculations of the Partial Year Payment shall be completed after the end of the Plan Year. 
 Timing of Payment. The
partial year payout shall be made at the same time that other Plan participants receive their payments after the end of the Plan Year. This shall generally occur no later than March 15 after the end of the Plan Year, but in no event later than
May 15 (or for “specified employees” as defined under Code section 409A, six months after termination of employment, whichever occurs later). 
 Notwithstanding any other documents or communications to the contrary, employment with the Company is terminable at will, meaning that either the employee or the Company may terminate employment at any
time, for any reason, with or without cause and with or without prior notice. 
 DISPUTES 

If there is any dispute about the application of the Plan or any claim or controversy arising out of or relating to the employee-employer relationship
that cannot be resolved by negotiation or mediation, the dispute or claim will be resolved by binding arbitration using the most current rules for resolution of employment disputes published by the American Arbitration Association (AAA). The
arbitration would take place in the state in which the employee was employed, and would be resolved by an arbitrator that is mutually selected or is designated by the AAA. The arbitrator fees will be paid by the Company. Either party is free to use
legal counsel, although that would be at the expense of each party. The arbitrator has the right to impose a remedy that he or she believes is appropriate for the situation, which could include an award of attorneys’ fees and costs to the
prevailing party. The statute of limitations that would apply to any claim in arbitration is the same as would apply under federal or state law. In addition, the prevailing party may go to court to enforce the arbitrator’s award of decision.

 MISCELLANEOUS 
 The Company
shall withhold any taxes that are required to be withheld from the awards provided under the Plan. 

  
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 Employee’s benefits under this Plan cannot be sold, transferred, assigned, pledged, attached or
encumbered in any manner. 
 Plan payouts will be made in a manner that will comply with the Internal Revenue Code Section 409A (which
means no later than two-and-a-half months after the end of the year in which it was earned). 
 The Plan is designed to comply with Internal
Revenue Code Section 162(m), but if any amount payable as part of this Plan would not be deductible by the Company because of the limitations of that section, the payment shall be made in the next year in which the deduction is allowed.

 The Plan and all rights hereunder shall be governed by the laws of the State of Washington, except to the extent preempted by federal law.

 If any provision of this Plan is determined to be void or otherwise unenforceable, such determination shall not affect the validity of the
remainder of this Plan. Waiver by either party of any breach of this Plan shall not operate or be construed as a waiver of any subsequent breach, or of the condition itself. 
 This Plan constitutes the entire Plan between the Company and the Plan participant as to the subject matter hereof. No rights are granted to the Plan participant by virtue of this Plan other than those
specifically set forth herein. 
 This Plan replaces and supersedes any prior agreements between you and HomeStreet. The Plan may be amended or
suspended at any time at the discretion of the Board of Directors. Employment with HomeStreet is terminable at will. 
  

 
  
 ACKNOWLEDGMENT 
 I have read, understand and accept all of the terms of this Plan.

  

					
	 	  	 	 	 
	Printed Name	  	Signature	 	Date

  
 Page 4 of 4HOMESTREET, INC. DIRECTOR EQUITY INCENTIVE PLAN

 Exhibit 10.34 
 HOMESTREET, INC. 2011 DIRECTOR EQUITY COMPENSATION PLAN 
 (Effective as of
[—], 2011) 
 1. Purpose 

The purpose of the Plan is to give the Company a competitive position in attracting, retaining and motivating outside directors and to provide a means
whereby outside directors of the Company and its Affiliates can acquire and maintain Common Stock ownership, thereby strengthening their commitment to the welfare of the Company and its Affiliates and promoting an identity of interest between
shareholders and these persons while preserving the capital of the Company. 
 So that the appropriate incentive can be provided, the Plan
provides for granting unrestricted Stock Payment Awards in lieu of a portion of directors’ fees. 
 2. Definitions 

For purposes of this Plan, the following terms are defined as set forth below: 
 (a) “Affiliate” means, with respect to any specified entity, any other entity that directly or indirectly is controlled by, controls, or is under common control with such specified entity.

 (b) “Applicable Exchange” means the securities exchange as may at the applicable time be the principal market for
the Common Stock. 
 (c) “Award” means a stock grant issued under Section 7 of the Plan. 

(d) “Board” means the Board of Directors of the Company. 

(e) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto, the Treasury
Regulations thereunder and other relevant interpretive guidance issued by the Internal Revenue Service or the Treasury Department. Reference in the Plan to any specific section of the Code shall be deemed to include any amendments or successor
provisions to such section and any regulations and guidance under such section. 
 (f) “Committee” means a committee
of at least two people as the Board may appoint to administer the Plan or, if no such committee has been appointed by the Board, the Board. 
 (g) “Common Stock” means the common stock of the Company, and any stock into which such common stock may be converted or into which it may be exchanged. 

(h) “Company” means HomeStreet, Inc., or its successor. 

(i) “Date of Grant” means the date on which the granting of an Award is authorized, or such other date as may be specified in
such authorization. 
 (j) “Effective Date” means [—], 2011.

 (k) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

 (l) “Fair Market Value” means, as of a given date, the closing price of the Common
Stock on the Applicable Exchange on that date, or if no prices are reported on that date, on the last preceding date on which such prices of the Common Stock are so reported. If the Common Stock is not then listed on any national securities exchange
but is traded over the counter at the time determination of its Fair Market Value is required to be made, its Fair Market Value shall be deemed to be equal to the average between the reported high and low sales prices of Common Stock on the most
recent date on which the Common Stock was publicly traded. If the Common Stock is not publicly traded at the time a determination of its Fair Market Value is made, the Committee shall determine its Fair Market Value in good faith in such manner as
it deems appropriate (such determination to be made in a manner that satisfies Section 409A of the Code (to the extent applicable). 
 (m) “Participant” means any director of the Company or any of its Subsidiaries or Affiliates who is not also an employee of the Company or its Subsidiaries or Affiliates. 

(n) “Person” shall mean an individual or a corporation, association, partnership, limited liability company, joint venture,
organization, business, trust, or any other entity or organization, including a government or any subdivision or agency thereof. 
 (o) “Plan” means this HomeStreet, Inc. 2011 Director Equity Compensation Plan, as amended from time to time. 
 (p) “Securities Act” means the Securities Act of 1933, as amended. 
 (q)
“Subsidiary” means any corporation, partnership, joint venture, limited liability company or other entity during any period in which at least a 50% voting or profits interest is owned, directly or indirectly, by the Company or any
successor to the Company. 
 3. Effective Date, Duration and Shareholder Approval  

The Plan was effective upon its adoption by the Board on the Effective Date. No Awards will be granted under the Plan unless and until the Plan has been
approved by the shareholders of the Company, prior to the first anniversary date of the Effective Date, by the affirmative vote of the holders of a majority of the combined voting power of the outstanding voting securities of the Company present, or
represented by proxy, and entitled to vote, at a meeting of the Company’s shareholders or by written consent in accordance with the laws of the State of Washington. 
 The expiration date of the Plan, on and after which no Awards may be granted hereunder, shall be the tenth anniversary of the Effective Date (the “Expiration Date”); provided, however, that the
administration of the Plan shall continue in effect until all matters relating to Awards previously granted have been settled. Awards outstanding as of the Expiration Date shall not be affected or impaired by termination of the Plan 

4. Administration 
 (a)
The Plan shall be administered by the Committee or such other committee of the Board as the Board may from time to time designate. The Committee may only act by a majority 

  
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of its members then in office, except that the Committee may, except to the extent prohibited by applicable law or the listing standards of the Applicable Exchange, allocate all or any portion of
its responsibilities and powers to any one or more of its members. Any power of the Committee may also be exercised by the Board, except to the extent that the grant or exercise of such authority would cause any Award or transaction to become
subject to (or lose an exemption under) the short-swing profit recovery provisions of Section 16 of the Securities Exchange Act of 1934. The Committee may by resolution authorize one or more officers of the Company to perform any or all things
that the Committee is authorized and empowered to do or perform under the Plan, and for all purposes under this Plan, such officer or officers shall be treated as the Committee; provided, however, that the resolution so authorizing such officer or
officers shall specify the total number of shares of Common Stock subject to Awards (if any) such officer or officers may award pursuant to such delegated authority. The Board hereby designates the Secretary of the Company and the head of the
Company’s human resource function to assist the Committee in the administration of the Plan and execute agreements evidencing Awards made under this Plan or other documents entered into under this Plan on behalf of the Committee or the Company.
In addition, the Committee may delegate any or all aspects of the day-to-day administration of the Plan to one or more officers or employees of the Company or any Subsidiary, and/or to one or more agents. 

(b) Subject to the terms and conditions of the Plan and applicable law, the Committee shall have, in addition to other express powers and
authorizations conferred on the Committee by the Plan, the power to: (i) determine the number of shares of Common Stock to be covered by Awards based on the formula set forth in Section 7 below; (ii) interpret, administer, reconcile
any inconsistency, correct any defect and/or supply any omission in the Plan and any instrument or agreement relating to, or Award granted under, the Plan; (iii) establish, amend, suspend or waive such rules and regulations and appoint such
agents as it shall deem appropriate for the proper administration of the Plan; (iv) establish any “blackout” period that the Committee in its sole discretion deems necessary or advisable; and (v) make any other determination and
take any other action specified under the Plan or that the Committee deems necessary or desirable for the administration of the Plan. 
 (c) All designations, determinations, interpretations, and other decisions under or with respect to the Plan or any Award or any documents evidencing Awards granted pursuant to the Plan shall be within
the sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon all parties, including, without limitation, the Company, any Affiliate, any Participant, any holder or beneficiary of any Award and any
shareholder. 
 5. Shares Subject to the Plan 
 (a) Subject to Section 9, the maximum number of shares of Common Stock that may be issued under the Plan is 105,000 shares of the Company’s outstanding shares of Common Stock. 

(b) If the tax withholding obligations relating to any Award are satisfied by the Participant delivering shares of Common Stock to the
Company (by either actual delivery or by attestation), only the number of shares of Common Stock issued net of the shares of Common Stock delivered or attested to shall be deemed delivered for purposes of determining the maximum numbers of shares of
Common Stock available for delivery under the Plan. To the extent any shares of Common Stock subject to an Award are not delivered because such shares 

  
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are withheld to satisfy the tax withholding obligations relating to such Award, such shares shall not be deemed to have been delivered for purposes of determining the maximum number of shares of
Common Stock available for delivery under the Plan. 
 (c) Common Stock delivered by the Company in settlement of Awards may be
authorized and unissued Common Stock, Common Stock purchased on the open market or by private purchase or a combination of the foregoing. 

6. Eligibility 
 All non-employee
directors of the Company will automatically be deemed to be Participants in the Plan. 
 7. Stock Payment Awards 

The Committee shall issue unrestricted Common Stock under the Plan to the Participants in an amount equal to one-half of the annual retainer portion of
directors’ fees to be paid to such Participants determined based on the Fair Market Value of the Common Stock and rounded down to the nearest whole share, with a cash payment of any remainder to be paid to such Participants at the time such
Stock Payment Award is made. Directors’ fees shall be set by the Committee from time to time. 
 8. General 

(a) Additional Provisions of an Award. Awards to a Participant under the Plan also may be subject to such other provisions,
restrictions, conditions or limitations (whether or not applicable to Awards granted to any other Participant) as the Committee determines appropriate including, without limitation, provisions to comply with federal and state securities laws and
federal and state tax withholding requirements. Without limiting the foregoing, additional restrictions may address the timing and manner of any resales by the Participant or other subsequent transfers by the Participant of any shares issued under
an Award, including without limitation (A) restrictions under an insider trading policy or pursuant to applicable law, (B) restrictions designed to delay and/or coordinate the timing and manner of sales by Participant and holders of other
Company equity compensation arrangements, and (C) restrictions as to the use of a specified brokerage firm for such resales or other transfers. 
 (b) Privileges of Stock Ownership. Except as otherwise specifically provided in the Plan, no person shall be entitled to the privileges of ownership in respect of shares of Common Stock that are
subject to Awards hereunder until such shares have been issued to that person. 
 (c) Conditions for Issuance. The
obligation of the Company to issue Awards in Common Stock shall be subject to all applicable laws, rules and regulations and to such approvals by governmental agencies as may be required. Notwithstanding any other provision of the Plan or agreements
made pursuant thereto, the Company shall not be required to issue or deliver any certificate or certificates for Common Stock under the Plan prior to fulfillment of all of the following conditions: (i) listing or approval for listing upon
notice of issuance, of such Common Stock on the Applicable Exchange; (ii) any registration or other qualification of such Common Stock of the Company under any state or federal law or regulation, or the maintaining

  
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in effect of any such registration or other qualification that the Committee shall, in its absolute discretion upon the advice of counsel, deem necessary or advisable; and (iii) obtaining
any other consent, approval or permit from any state or federal governmental agency that the Committee shall, in its absolute discretion after receiving the advice of counsel, determine to be necessary or advisable. The Company shall be under no
obligation to register for sale under the Securities Act any of the shares of Common Stock awarded under the Plan. If the shares of Common Stock awarded under the Plan are offered or sold pursuant to an exemption from registration under the
Securities Act, the Company may restrict the transfer of such shares and may legend the Common Stock certificates representing such shares in such manner as it deems advisable to ensure the availability of any such exemption. 

(d) Tax Withholding.  
 (i) A Participant may be required to pay to the Company or any Affiliate and the Company or any Affiliate shall have the right and is hereby authorized to withhold from any shares of Common Stock
deliverable under any Award or from any compensation or other amounts owing to a Participant the amount (in cash, Common Stock or other property) of any required income tax withholding and payroll taxes in respect of an Award, and to take such other
action as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such withholding and taxes. 
 (ii) Without limiting the generality of clause (i) above, the Committee may, in its sole discretion, permit a Participant to satisfy, in whole or in part, the foregoing withholding liability (but no
more than the minimum required withholding liability) by (A) delivery of shares of Common Stock owned by the Participant with a Fair Market Value equal to such withholding liability or (B) having the Company withhold from the number of
shares of Common Stock otherwise issuable pursuant to the Award a number of shares with a Fair Market Value equal to such withholding liability. 
 (e) Claim to Employment Rights. Neither the Plan nor any action taken hereunder shall be construed as giving any Participant any right to be retained in the service of the Company or an Affiliate.

 (f) No Liability of Committee Members. No member of the Committee shall be personally liable by reason of any contract
or other instrument executed by such member or on his behalf in his capacity as a member of the Committee nor for any mistake of judgment made in good faith, and the Company shall indemnify and hold harmless each member of the Committee and each
other employee, officer or director of the Company to whom any duty or power relating to the administration or interpretation of the Plan may be allocated or delegated against any cost or expense (including counsel fees) or liability (including any
sum paid in settlement of a claim) arising out of any act or omission to act in connection with the Plan unless arising out of such person’s own fraud or willful bad faith; provided, however, that approval of the Board shall be required for the
payment of any amount in settlement of a claim against any such person. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Articles or
Certificate of Incorporation or By-Laws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 

  
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 (g) Governing Law. The Plan shall be governed by and construed in accordance with the
internal laws of the State of Washington without regard to the principles of conflicts of law thereof or principles of conflicts of laws of any other jurisdiction that could cause the application of the laws of any jurisdiction other than the State
of Washington. 
 (h) Funding. No provision of the Plan shall require the Company, for the purpose of satisfying any
obligations under the Plan, to purchase assets or place any assets in a trust or other entity or otherwise to segregate any assets, nor shall the Company maintain separate bank accounts, books, records or other evidence of the existence of a
segregated or separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan other than as unsecured general creditors of the Company, except that insofar as they may have become entitled to payment of
additional compensation by performance of services, they shall have the same rights as other employees under general law. 
 (i)
Nontransferability. No Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant other than by will or by the laws of descent and distribution and any such purported assignment,
alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company, Subsidiary or Affiliate. This provision shall not, however, be construed to be a separate limitation on transfer of the shares of
Common Stock issued pursuant to an Award once such shares have been issued to the Participant. 
 (j) Section 409A of
the Code. It is the intention of the Company that no Award shall be “deferred compensation” subject to Section 409A of the Code, and the Plan and the terms and conditions of all Awards shall be interpreted accordingly. All Awards
shall be granted as current compensation for services as a director. 
 (k) Subsidiary Employee. In the case of a grant
of an Award to any director of a Subsidiary of the Company, the Company may, if the Committee so directs, issue or transfer the shares, if any, covered by the Award to the Subsidiary, for such lawful consideration as the Committee may specify, upon
the condition or understanding that the Subsidiary will transfer the shares to the director of such subsidiary in accordance with the terms of the Award specified by the Committee pursuant to the provisions of the Plan. 

(l) Foreign Persons and Foreign Law Considerations. Awards granted to Participants who are foreign nationals, who are located
outside the United States or who are not compensated from a payroll maintained in the United States, or who are otherwise subject to (or could cause the Company to be subject to) legal or regulatory provisions of countries or jurisdictions outside
the United States, may be on such terms and conditions different from those specified in the Plan as may, in the judgment of the Committee, be necessary or desirable to foster and promote achievement of the purposes of the Plan, and, in furtherance
of such purposes, the Committee may make such modifications, amendments, procedures or subplans as may be necessary or advisable to comply with such legal or regulatory. 
 (m) Titles and Headings. The titles and headings of the sections in the Plan are for convenience of reference only and, in the event of any conflict, the text of the Plan, rather than

  
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such titles or headings, shall control. 
 (n) Severability. If any
provision of the Plan or any document evidencing an Award granted pursuant to the Plan is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or as to any person or Award, or would disqualify the Plan or any Award
under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially
altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, person or Award and the remainder of the Plan and any such Award shall remain in full force and effect. 

9. Changes in Capital Structure 
 (a) In the event of a merger, consolidation, acquisition of property or shares, stock rights offering, liquidation, Disaffiliation, or similar event affecting the Company or any of its Subsidiaries (each,
a “Corporate Transaction”), the Committee or the Board shall make such substitutions or adjustments as it deems equitable to (A) the aggregate number and kind of shares of Common Stock reserved for issuance and delivery under the
Plan, (B) the maximum limitation set forth in Section 5, and (C) the number and kind of shares of Common Stock subject to outstanding Awards. 
 (b) In the event of a stock dividend, stock split, reverse stock split, separation, spinoff, reorganization, extraordinary dividend of cash or other property, share combination, or recapitalization or
similar event affecting the capital structure of the Company (each, a “Stock Change”), the Committee or the Board shall make such substitutions or adjustments as it deems equitable to the aggregate number and kind of shares of Common Stock
reserved for issuance and delivery under the Plan and the maximum limitation set forth in Section 5. 
 10. Nonexclusivity of the Plan

 Neither the adoption of this Plan by the Board nor the submission of this Plan to the shareholders of the Company for approval shall be
construed as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of stock options otherwise than under this Plan, and such arrangements
may be either applicable generally or only in specific cases. 
 11. Amendments and Termination of the Plan 

The Board may amend, alter, suspend, discontinue or terminate the Plan or any portion thereof at any time; provided that no such amendment, alteration,
suspension, discontinuation or termination shall be made without shareholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable to the Plan; and provided further that any such amendment, alteration,
suspension, discontinuance or termination that would impair the rights of any Participant or any holder or beneficiary of any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant, holder or
beneficiary, except such an amendment made to comply with applicable law, including, without limitation, Section 409A of the Code, Applicable Exchange rules or accounting rules. 

  
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