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Exhibit 10.48

Workhorse Group Inc. 2019 Incentive Stock Plan

PERFORMANCE SHARE UNIT AWARD AGREEMENT

1.Grant of Performance Share Unit Award.  In accordance with, and subject to, the terms and conditions of (a) the Workhorse Group Inc. 2019 Incentive Stock Plan, as it may be amended from time to time (the “Plan”), and (b) this Performance Share Unit Award Agreement (the “Agreement”), Workhorse Group Inc. (the “Company”) grants to the Grantee identified on Schedule 1 attached hereto (the “Grantee”) an award for a target number of Performance Share Units set forth on Schedule 1 (the “Target Award”).  The Performance Share Units awarded under this Agreement shall be deemed to have been granted on the date set forth on Schedule 1 (the “Grant Date”).  The number of Performance Share Units to which the Grantee actually becomes entitled for the Performance Period will be determined by the level of achievement of the Performance Objectives as set forth on Exhibit A.  The Performance Share Units shall be credited to a separate notional account maintained for the Grantee on the books and records of the Company.  Schedule 1 and Exhibit A are incorporated into and form a part of this Agreement. 
2.Definitions. Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in the Plan. The following capitalized terms shall have the following meanings:
a.“Adjusted EBITDA” means, for any calendar year, the Company’s earnings before interest expense, income taxes and non-controlling interests, and depreciation and amortization expenses, as determined in accordance with normal business practices, adjusted for any non-recurring items as deemed appropriate by the Committee or the Board.
b.“Change of Control” means:
i.    any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) becomes the “beneficial owner” (as defined in Rule I3d-3 promulgated under the Exchange Act), directly or indirectly, of securities of the Company representing fifty (50%) percent or more of (A) the outstanding shares of common stock of the Company, or (B) the combined voting power of the Company's outstanding securities;
ii.    the Company is party to a merger or consolidation, or series of related transactions, which results in the voting securities of the Company outstanding immediately prior thereto failing to continue to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity), directly or indirectly, more than fifty (50%) percent of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or
iii.    the sale or disposition of all or substantially all of the Company's assets, or consummation of any transaction, or series of related transactions, having similar effect (other than to a subsidiary of the Company).
c.“Market Value Price” means the latest available closing price of a Share or of a share of common stock of a company in the Peer Group, as the case may be, on the National Association of Security Dealers Automated Quotations (NASDAQ), the New York 
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Exhibit 10.48

Stock Exchange, or other recognized market if the stock does not trade on either such exchanges at the relevant time.
d.“Peer Group” means the group of companies established by the Board or the Committee and reported to the Board, as set forth on Exhibit B attached hereto.
e.“Performance Objectives” means the predetermined goals of the Company established by the Board or the Committee and reported to the Board, as more particularly set forth on Exhibit A attached hereto.
f.“Performance Period” means the period commencing on January 1, 2022 and ending on December 31, 2024.
g.“Performance Share Unit” means the right to receive one (1) Share or the value thereof in the future based upon the satisfaction of the Performance Objectives during the Performance Period, as determined by the Board or the Committee.
h.“Share” means a share of Stock.
i.“Total Shareholder Return” or “TSR” means with respect to the Company or a company in the Peer Group, as applicable, the cumulative return to shareholders during the  Performance Period, measured by the change in Market Value Price plus dividends (or other distributions) reinvested over the Performance Period, determined on January 1, 2022 and the last business day of the Performance Period.  Total Shareholder Return shall be calculated (i) using a 30-day trading average of the stock price ending on (A) January 1, 2022, and (B) the last business day of the Performance Period, and (ii) assuming all dividends declared during the Performance Period are reinvested at the closing Market Value Price on the applicable ex-dividend date.
3.Acceptance by Grantee.  The Grantee is required to accept the award of Performance Share Units granted pursuant to this agreement.  If the Grantee does not accept this Agreement and comply with its terms, including the condition that the Grantee enter into that certain Employee Non-Compete Agreement (the “Non-Compete Agreement”) described in Section 11, as evidenced by the Grantee’s execution of Schedule 1 to this Agreement and the Non-Compete Agreement, and the delivery of an executed copy of such instruments to the Company by June 30, 2022 (the “Acceptance Date”), all Performance Share Units subject to this Agreement shall be automatically forfeited and the Grantee shall have no further rights under or with respect to such Performance Share Units.  The Grantee hereby acknowledges receipt of a copy of the Plan and this Agreement.  By executing Schedule 1 to this Agreement, the Grantee represents that the Grantee has read and understands the provisions hereof, and accepts the Performance Share Units subject to all of the terms, conditions, restrictions and limitations of the Plan and this Agreement.
4.Performance Objectives.  Except as otherwise provided in Section 5:
a.The number of Performance Share Units to which the Grantee actually will be entitled for the Performance Period will be determined at the end of the Performance Period based on the level of achievement of the Performance Objectives in accordance with Exhibit A.  All determinations of whether the Performance Objectives have been achieved and the level of any such achievement, the number of Performance Share Units to which the Grantee will be entitled, and all other matters related to this Section 4 shall be made by the Board or the Committee in its sole discretion.
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Exhibit 10.48

b.Promptly following completion of the Performance Period (and no later than sixty (60) days following the end of the Performance Period), the Board or the Committee will review and certify in writing (i) whether, and to what extent, the Performance Objectives for the Performance Period have been achieved, and (ii) the number of Performance Share Units to which the Grantee will be entitled for the Performance Period, if any, subject to the requirements of Section 5.  Such certification shall be final, conclusive, and binding on the Grantee, and on all other persons, to the maximum extent permitted by law.
5.Vesting of Performance Share Units.
a.The Performance Share Units are subject to forfeiture until they vest.  Except as otherwise provided herein, provided that the Grantee remains in continuous service as an employee of the Company (“Continuous Service”) from the Grant Date through the last day of the Performance Period, and further provided that the “Threshold” level of the Performance Objectives set forth in Exhibit A has been achieved, the Performance Share Units will vest as of the last day of the Performance Period (the “Vesting Date”).  The number of Performance Share Units that vest and become nonforfeitable under this Agreement shall be determined by the Board or the Committee in its discretion based on the level of achievement of the Performance Objectives set forth in Exhibit A and shall be rounded to the nearest whole Performance Share Unit.  
b.In the event that a Change of Control occurs prior to the Vesting Date and prior to the date on which the Grantee’s Continuous Service has terminated, the Performance Share Units shall vest upon the Change of Control at the target level of achievement of the Performance Objectives set forth in Exhibit A and the date of the Change of Control will be the “Vesting Date” for purposes of this Agreement.  
c.Unless otherwise determined by the Board or the Committee in the exercise of its discretion under the Plan and except as otherwise expressly provided in this Agreement, if the Grantee’s Continuous Service terminates for any reason at any time prior to the Vesting Date, the Grantee’s Performance Share Units shall be automatically forfeited upon such termination of Continuous Service and the Company shall have no further obligations to the Grantee under this Agreement.  If the Board or the Committee exercises discretion to vest any of the Performance Share Units upon or in connection with the Grantee’s termination of Continuous Service, the date of termination (or, if later, the vesting date determined at the time of the exercise of the Board’s or the Committee’s discretion and based on the terms of the discretionary vesting) will be the “Vesting Date” for purposes of this Agreement. 
d.In the event that any of the terms contained in this Section 5 conflict with any employment agreement in effect between the Company and the Grantee, then the terms of the employment agreement shall govern if such terms are more favorable to the Grantee. 
6.Restrictions.  Subject to any exceptions set forth in this Agreement or the Plan, during the Performance Period and until such time as the Performance Share Units are settled in accordance with Section 8, the Performance Share Units or the rights relating thereto may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Grantee.  Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Performance Share Units or the rights relating thereto shall be wholly ineffective and, if any such attempt is made, the Performance Share Units will be forfeited by the Grantee and all of the Grantee’s rights to such units shall immediately terminate without any payment or consideration by the Company.
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Exhibit 10.48

7.Rights as Shareholder; Dividend Equivalents.
a.The Grantee shall not have any rights of a shareholder with respect to the Shares underlying the Performance Share Units unless and until the Performance Share Units vest and are settled by the issuance of such Shares.
b.Upon and following the settlement of the Performance Share Units in Shares, the Grantee shall be the record owner of the Shares underlying the Performance Share Units unless and until such Shares are sold or otherwise disposed of, and as record owner shall be entitled to all rights of a shareholder of the Company (including voting rights).
c.The Grantee shall not be entitled to any dividend equivalents with respect to the Performance Share Units to reflect any dividends payable on Shares.
8.Settlement of Performance Share Units.
a.Subject to Section 9, promptly following the Vesting Date, and in any event no later than March 15 of the calendar year following the calendar year in which such Vesting Date occurs (the date on which such settlement occurs being referred to herein as the “Settlement Date”), the Company shall pay to the Grantee, in cash, an amount equal to the fair market value (determined as of the Settlement Date) of the number of Shares represented by the Performance Share Units that vested as of the applicable Vesting Date.  
b.Notwithstanding the provisions of Section 8(a) but subject to Section 9, the Board or the Committee in its sole discretion and for any reason may elect to settle the vested Performance Share Units (in whole or in part) in the form of Shares rather than cash.  If and to the extent that the Board or the Committee exercises its discretion pursuant to this Section 8(b), as of the Settlement Date the Company shall (i) issue and deliver to the Grantee a share certificate evidencing the number of Shares equal to the number of vested Performance Share Units that are to be settled in Shares, and (ii) enter the Grantee's name on the books and records of the Company as the shareholder of record with respect to such Shares delivered to the Grantee.  In lieu of the issuance of a share certificate evidencing Shares, the Company may use a “book entry” system in which a computerized or manual entry is made in the books and records of the Company to evidence the issuance of such Shares. Such Company books and records are, absent manifest error, binding on all parties.
9.Payment of Taxes.  The Grantee understands that he will have to pay income and employment taxes on the fair market value of the vested Performance Share Units at the time of settlement of such Performance Share Units (whether in cash or Shares).  The Company’s obligation to deliver Shares or cash, as applicable, in settlement of the vested Performance Share Units shall be subject to the Grantee’s satisfaction of all applicable federal, state, and local income and employment tax withholding obligations.  If tax withholding attributable to the settlement of the vested Performance Share Units is required by the Company, then, at the Board’s discretion, the Company may satisfy such tax obligations by reducing the number of Shares otherwise deliverable (if the units are to be settled in Shares) or by accepting the delivery to the Company of Shares previously owned and unencumbered by the Grantee.  Any withholding with respect to cash payments will be made by a reduction of the cash payment otherwise to be paid to the Grantee.  The Company shall also have the right to withhold from any salary, bonus or other payments due the Grantee the amount necessary to satisfy any tax withholding obligations related to the settlement of the vested Performance Share Units.
10.Nonassignability.  Except as otherwise provided herein and in the Plan, the Performance Share Units and the rights relating thereto shall not be assignable or transferable by the Grantee other than to a designated beneficiary upon the Grantee’s death pursuant to his will 
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Exhibit 10.48

or by the laws of descent and distribution.  Any such assignment or transfer shall be null and void and without effect upon any attempted assignment or transfer, except as provided herein or in the Plan, including, without limitation, any purported assignment, whether voluntary or by operation of law, pledge, hypothecation, or other disposition contrary to the provisions hereof, or levy of execution, attachment, trustee process, or similar process, whether legal or equitable, upon the Performance Share Units.
11.Conditions of Granting Award.  The Grantee understands and agrees that, as a condition to the Company granting the Performance Share Units under this Agreement, he must execute and deliver the Non-Compete Agreement by the Acceptance Date.  The Grantee further understands that the Non-Compete Agreement shall become effective upon the Grantee’s execution and delivery thereof and that it shall remain in effect for the period described therein, which period would include a period following the Grantee’s termination of employment with the Company irrespective of the whether or not the Grantee becomes vested in the Performance Share Units in accordance with this Agreement.
12.Compliance with Law.  The issuance and delivery of Shares pursuant to this Agreement shall be subject to compliance by the Company and the Grantee with all applicable requirements of federal and state securities laws and with all applicable requirements of any stock exchange on which the Company’s Shares may be listed.  No Shares shall be issued pursuant to this Agreement unless and until any then applicable requirements of state or federal laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel.  The Grantee understands that the Company is under no obligation to register the Shares with the Securities and Exchange Commission, any state securities commission, or any stock exchange to effect such compliance.
13.Adjustments.  The Performance Share Units may be adjusted or terminated in any manner as contemplated by Section 8 of the Plan.
14.No Right to Continued Employment.  Nothing contained in the Plan or in this Agreement, nor any action taken by the Board, shall confer upon the Grantee any right with respect to continuation of employment by the Company as an employee or service as an officer or director nor interfere in any way with the right of the Company to terminate the Grantee’s employment or other service as an employee, officer or director at any time with or without Cause, including during the Performance Period.
15.Governing Law; Venue; Dispute.  This Agreement has been granted, executed and delivered in the State of Ohio, and the interpretation and enforcement shall be governed by the laws thereof without regard to conflict of laws principles, and subject to the exclusive jurisdiction of the courts therein.  Any dispute regarding the interpretation of this Agreement shall be submitted by the Grantee or the Company to the Board for review.  The resolution of such dispute by the Board shall be final, binding and conclusive on the Grantee and the Company.
16.Notices.  Any notice required to be given pursuant to this Agreement or the Plan shall be in writing and shall be deemed to be delivered upon receipt or, in the case of notices by the Company, five (5) days after deposit in the U.S. mail, postage prepaid, addressed to the Grantee at the address last provided by the Grantee for the Grantee’s service provider records. Any notice to the Company shall be addressed to the chief financial officer or to the chief legal officer of the Company.  Either party may designate another address in writing (or by such other method approved by the Company) from time to time.
17.Agreement Subject to Plan.  This Agreement is made pursuant to the Plan and shall be interpreted to comply therewith. A copy of the Plan is available to the Grantee, at no 
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Exhibit 10.48

charge, at the principal office of the Company. The provisions of the Plan, as they may be amended from time to time, are hereby incorporated herein by reference. In the event of a conflict between any provision contained herein and a provision of the Plan, the applicable provisions of the Plan will govern and prevail. 
18.Successors and Assigns.  The Company may assign any of its rights under this Agreement.  This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company.  Subject to the restrictions on assignment and transfer set forth herein, this Agreement will be binding upon the Grantee and the Grantee’s beneficiaries, executors, administrators and the person(s) to whom the Performance Share Units may be transferred by will or the laws of descent or distribution.
19.Severability.  The invalidity or unenforceability of any provision of the Plan or this Agreement shall not affect the validity or enforceability of any other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement shall be severable and enforceable to the extent permitted by law.
20. Discretionary Nature of Plan.  The Plan is discretionary and may be amended, cancelled or terminated by the Board at any time, in its discretion.  The grant of the Performance Share Units pursuant to this Agreement does not create any contractual right or other right to receive any Performance Share Units or other Grants in the future.  Future Grants, if any, will be at the sole discretion of the Board or the Committee.  Any amendment, modification, or termination of the Plan shall not constitute a change or impairment of the terms and conditions of the Grantee’s employment or other service with the Company.
21.Amendment.  The Board has the right to amend, alter, suspend, discontinue or cancel the Plan, prospectively or retroactively; provided, that, no such amendment shall alter or impair the Grantee’s material rights and obligations under this Agreement without the Grantee’s written consent.
22.Section 409A of the Code.  It is intended that any payments with respect to Performance Share Units shall either be exempt from or comply with section 409A of the Code.  The provisions of this Agreement shall be construed and interpreted in accordance with section 409A of the Code.  Notwithstanding any other provision of this Agreement to the contrary, if any payment or benefit hereunder is subject to section 409A of the Code, and if such payment or benefit is to be paid or provided on account of the Grantee’s termination of employment (or other separation from service):
a.and if the Grantee is a specified employee (within the meaning of section 409A(a)(2)(B) of the Code) and if any such payment or benefit is required to be made or provided prior to the first day of the seventh month following the Grantee’s separation from service or termination of employment, such payment or benefit shall be delayed until the first day of the seventh month following the Grantee’s termination of employment or separation from service; and 
b.the determination as to whether the Grantee has had a termination of employment (or separation from service) shall be made in accordance with the provisions of section 409A of the Code and the guidance issued thereunder without application of any alternative levels of reductions of bona fide services permitted thereunder.
23.No Effect on Other Benefits.  The value of the Grantee’s Performance Share Units is not part of the Grantee’s normal or expected compensation for purposes of calculating any 
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Exhibit 10.48

severance, retirement, welfare, insurance or similar employee benefit, unless the express provisions of a written service provider benefit provides otherwise.
24.Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.
IN WITNESS WHEREOF, the parties hereto have caused this Performance Share Unit Award Agreement to be executed as of the date set forth on Schedule 1 to this Agreement.

[Schedule 1 follows]

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Exhibit 10.48

Schedule 1
Performance Share Unit Award Agreement
Name of Grantee:    ___________________

Target Award:     __________ Performance Share Units (“Target Units”)

TSR Target Award:     50% of the Target Units 

Adjusted EBITDA Target Award:     50% of Target Units

Grant Date:    _____________, 2022

The undersigned agrees to the terms and conditions of the Plan and Performance Share Unit Award Agreement of which this Schedule 1 is a part.
						
		
		
	GRANTEE:	

By:                 
    (signature)

Date:                

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Exhibit 10.48

Exhibit A
Performance Objectives
A.    TSR Target Award.  The Performance Share Units subject to the TSR Target Award (the “TSR Performance Share Units”) that shall become vested for the Performance Period shall be determined by reference to the Company’s TSR over the Performance Period relative to the TSR of each of the entities in the Peer Group.  Except as otherwise provided in the Plan or the Agreement, the number of TSR Performance Share Units that may become vested with respect to the Performance Period shall be determined as follows:
						
	Percentile Rank of Company’s TSR Compared to the TSR of the Peer Group Entities	TSR Performance Share Units Vested as a Percentage of the TSR Target Award
	Less than 25th percentile
	0%
	25th percentile (Threshold)
	50% of TSR Target Award
	50th percentile (Target)
	100% of TSR Target Award
	75th percentile (Maximum)
	200% of TSR Target Award

With respect to both the stock of the Company and the stock of each of the companies that comprise the Peer Group, TSR shall be calculated (a) using a 30-day trading average of the stock price ending on January 1, 2022 and on the last day of the Performance Period, and (b) assuming all dividends declared during the Performance Period are reinvested at the closing price on the applicable ex-dividend date.  
In the event the level of achievement falls between the Threshold percentile and Target percentile or between the Target percentile and Maximum percentile, the percentage of the Target Award earned will be interpolated on a straight-line basis between such applicable percentiles.
Depending on the Company’s TSR over the Performance Period relative to the TSR of the companies that comprise the Peer Group, between 0% and 200% of the Performance Share Units subject to the TSR Target Award may become vested.  In the event the level of achievement of the Performance Objective is in excess of the Maximum percentile, the Grantee shall not be entitled to any Performance Share Units in excess of 200% of the TSR Target Award.
B.    Adjusted EBITDA Target Award.  The Performance Share Units subject to the Adjusted EBITDA Target Award (“Adjusted EBITDA Performance Share Units”) shall become vested based on the sum of the Company’s Adjusted EBITDA for each calendar year of the Performance Period (“Cumulative Adjusted EBITDA”) based on the Adjusted EBITDA Performance Objective established for the Performance Period.  For each year during the Performance Period, the Committee or the Board shall establish a Threshold level of Adjusted EBITDA performance, a Target level of Adjusted EBITDA performance and a Maximum level of Adjusted EBITDA performance.  The sum of the applicable level of Adjusted EBITDA performance for each year of the Performance Period shall be the applicable EBIDTA Performance Objective for the Performance Period.  Specifically, for the Performance Period, the sum of the Threshold EBIDTA level of performance for each of the three years of the Performance Period shall be the “EBIDTA Threshold Level,” the sum of the Target Adjusted EBITDA level of Performance shall be the “EBIDTA Target Level” and the sum of the 
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Exhibit 10.48

Maximum Adjusted EBITDA level of performance shall be the “EBIDTA Maximum Level”.  If the Company’s Adjusted EBITDA performance for any calendar year during the Performance Period is above the Maximum level of performance for that year, the Board or Committee may determine, in its discretion, that only the portion of Adjusted EBITDA up to that year’s Adjusted EBITDA Maximum Level shall be taken into account for purposes of determining the level of Adjusted EBITDA performance for the Performance Period.
Except as otherwise provided in the Plan or the Agreement, the number of Adjusted EBITDA Performance Share Units that may become vested with respect to the Performance Period shall be determined as follows as of the end of the Performance Period by reference to the Company’s Cumulative Adjusted EBITDA for the Performance Period:  

						
	Company’s Cumulative Adjusted EBITDA for Performance Period	Adjusted EBITDA Performance Share Units Vested as a Percentage of the Adjusted EBITDA Target Award
	Less than the EBIDTA Threshold Level	0%
	At least equal to the EBIDTA Threshold Level but less than the EBIDTA Target Level	50% of Adjusted EBITDA Target Award
	At least equal to the EBIDTA Target Level but less than the Adjusted EBITDA Maximum Level	100% of Adjusted EBITDA Target Award
	At least equal to the EBIDTA Target Level	200% of Adjusted EBITDA Target Award

In the event that the level of achievement falls between the Threshold percentile and Target percentile or between the Target percentile and Maximum percentile, the percentage of the Target Award earned will be interpolated on a straight-line basis between such applicable percentiles.
In the event that Adjusted EBITDA for any calendar year during the Performance Period is to be determined based on a period other than a full calendar year Adjusted EBITDA for such calendar year shall be calculated on a pro rata basis to reflect the portion of the calendar year elapsed through the date of the calculation.  

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Exhibit 10.48

Exhibit B
Peer Group
The following companies shall comprise the Company’s Peer Group for purposes of this Performance Share Unit Award:
1.ELMS (ticker symbol ELMS)
2.Lordstown Motors (RIDE)
3.Shyft Group (SHYF)
4.Arrival (ARVL)
5.Canoo (GOEV)
6.Lion Electric Company (LEV)
7.Lightning Motors (ZEV)
8.REE Automotive (REE)
9.Nikola Automotive (NKLA)
10.Proterra (PRTA)
11.XL Fleet (XL)
12.Fisker (FSR)
    The Peer Group of 12 companies listed above shall not be adjusted during the Performance Period except to exclude one or more of the companies listed above that during the Performance Period (i) cease to be publicly traded (other than as a result of a bankruptcy proceeding or other similar reorganization) or (ii) have experienced a major restructuring by reason of a spin-off of more than 50% of any such company’s assets.

11EX-4.1

 Exhibit 4.1 

DESCRIPTION OF SECURITIES 

The following summary of certain provisions of the Company’s securities does not purport to be complete and is subject to the Certificate
of Incorporation, the Bylaws and the provisions of applicable law. 
 Authorized Capitalization 

General 
 The total amount of our
authorized share capital consists of 5,000,000,000 shares of common stock and 100,000,000 shares of preferred stock. 
 The following
summary describes all material provisions of our capital stock. 
 Common Stock 

Voting rights. Each holder of common stock is entitled to one (1) vote for each share of common stock held of record by such
holder on all matters voted upon by our stockholders, provided, however, that, except as otherwise required in the Certificate of Incorporation or by applicable law, the holders of common stock are not entitled to vote on any amendment to the
Certificate of Incorporation that alters or changes the powers, preferences, rights or other terms of one or more outstanding series of preferred stock if the holders of such affected series are entitled, either separately or together with the
holders of one or more other such series, to vote thereon pursuant to the Certificate of Incorporation (including any certificate of designation relating to any series of preferred stock) or pursuant to the Delaware General Corporation Law (the
“DGCL”). 
 Dividend rights. Subject to any other provisions of the Certificate of Incorporation, as it may be
amended from time to time, holders of common stock are entitled to receive such dividends and other distributions in cash, stock or property of the Company when, as and if declared thereon by the board, in its discretion, from time to time out of
assets or funds of the Company legally available therefor. 
 Rights upon liquidation. Subject to the rights of holders of
preferred stock, in the event of any liquidation, dissolution or winding up of our affairs, whether voluntary or involuntary, after payment or provision for payment of our debts and any other payments required by law and amounts payable upon shares
of preferred stock ranking senior to the shares of common stock upon such dissolution, liquidation or winding up, if any, the Company’s remaining net assets will be distributed to the holders of common stock and the holders of any other class
or series of capital stock ranking equally with the common stock upon such dissolution, liquidation or winding up, equally on a per share basis. 

Other rights. No holder of common stock is entitled to preemptive or subscription rights contained in the Certificate of
Incorporation or in the Bylaws. There are no redemption or sinking fund provisions applicable to the common stock. The rights, preferences and privileges of holders of the common stock will be subject to those of the holders of the preferred stock
that the Company may issue in the future. 
 Preferred Stock 

The board has the authority to issue shares of preferred stock from time to time on terms it may determine, to divide shares of preferred stock
into one or more series and to fix the designations, preferences, privileges, and restrictions of preferred stock, including dividend rights, conversion rights, voting rights, terms of redemption, liquidation preference, sinking fund terms and the
number of shares constituting any series or the designation of any series to the fullest extent permitted by the DGCL. The issuance of preferred stock could have the effect of decreasing the trading price of common stock, restricting dividends on
the capital stock of the Company, diluting the voting power of the common stock, impairing the liquidation rights of the capital stock of the Company, or delaying or preventing a change in control of the Company. 

 Election of Directors and Vacancies 

Subject to the rights of the holders of any series of preferred stock to elect additional directors under specified circumstances and the terms
and conditions of the Amended and Restated Registration and Shareholder Rights Agreement, the number of directors of the board shall be fixed solely and exclusively by resolution duly adopted from time to time by the board, but initially consists of
nine (9) directors, which are divided into three (3) classes, designated Class I, II and III, respectively, with Class I consisting of three (3) directors, Class II consisting of three (3) directors and
Class III consisting of three (3) directors. 
 Under the Bylaws, at all meetings of stockholders called for the election of
directors, a plurality of the votes properly cast will be sufficient to elect such directors to the board. 
 Except as the DGCL or the
Amended and Restated Registration and Shareholder Rights Agreement may otherwise require and subject to the rights, if any, of the holders of any series of preferred stock, in the interim between annual meetings of stockholders or special meetings
of stockholders called for the election of directors and/or the removal of one or more directors and the filling of any vacancy in that connection, newly created directorships and any vacancies on the board, including unfilled vacancies resulting
from the removal of directors, may be filled only by the affirmative vote of a majority of the remaining directors then in office, although less than a quorum, or by the sole remaining director. All directors will hold office until the expiration of
their respective terms of office and until their successors will have been elected and qualified. A director elected or appointed to fill a vacancy resulting from the death, resignation or removal of a director or a newly created directorship will
serve for the remainder of the full term of the class of directors in which the new directorship was created or the vacancy occurred and until his or her successor will have been elected and qualified. 

Subject to the rights, if any, of the holders of any series of preferred stock, any director may be removed from office only for cause and
only by the affirmative vote of the holders of not less than two-thirds of the outstanding voting stock (as defined below) of the Company then entitled to vote generally in the election of directors, voting
together as a single class. Any such director proposed to be removed from office is entitled to advance written notice as described in the Certificate of Incorporation. Subject to the terms and conditions of the Amended and Restated Registration and
Shareholder Rights Agreement, in case the board or any one or more directors should be so removed, new directors may be elected at the same time for the unexpired portion of the full term of the director or directors so removed. 

In addition to the powers and authorities hereinbefore or by statute expressly conferred upon them, the directors are hereby empowered to
exercise all such powers and do all such acts and things as may be exercised or done by the Company, subject, nevertheless, to the provisions of the DGCL, the Certificate of Incorporation and to any Bylaws adopted and in effect from time to time;
provided, however, that no Bylaw so adopted will invalidate any prior act of the directors which would have been valid if such Bylaw had not been adopted. 

Notwithstanding the foregoing provisions, any director elected pursuant to the right, if any, of the holders of preferred stock to elect
additional directors under specified circumstances will serve for such term or terms and pursuant to such other provisions as specified in the relevant certificate of designations related to the preferred stock. 

Quorum 
 The holders of a majority of the
voting power of the capital stock issued and outstanding and entitled to vote thereat, present in person or represented by proxy, will constitute a quorum at all meetings of the stockholders for the transaction of business except as otherwise
required by law or provided by the Certificate of Incorporation. If, however, such quorum will not be present or represented at any meeting of the stockholders, the holders of a majority of the voting power present in person or represented by proxy,
have power to adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum will be present or represented. At such adjourned meeting at which a quorum will be present or represented, any business may
be transacted which might have been transacted at the meeting as originally noticed. If the adjournment is for more than thirty (30) days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the
adjourned meeting will be given to each stockholder entitled to vote at such adjourned meeting as of the record date fixed for notice of such adjourned meeting. 

  
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 Anti-takeover Effects of the Certificate of Incorporation and the Bylaws 

The Certificate of Incorporation and the Bylaws contain provisions that may delay, defer or discourage another party from acquiring control of
us. We expect that these provisions, which are summarized below, will discourage coercive takeover practices or inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate
with the board of directors, which we believe may result in an improvement of the terms of any such acquisition in favor of our stockholders. However, they also give the board of directors the power to discourage acquisitions that some stockholders
may favor. 
 Authorized but Unissued Capital Stock 

Delaware law does not require stockholder approval for any issuance of authorized shares. However, the listing requirements of the NYSE, which
apply so long as the common stock (or units or warrants) remains listed on the NYSE, require stockholder approval of certain issuances equal to or exceeding 20% of the then outstanding voting power or then outstanding number of shares of common
stock. Additional shares that may be issued in the future may be used for a variety of corporate purposes, including future public offerings, to raise additional capital or to facilitate acquisitions. 

One of the effects of the existence of unissued and unreserved common stock may be to enable the board to issue shares to persons friendly to
current management, which issuance could render more difficult or discourage an attempt to obtain control of the Company by means of a merger, tender offer, proxy contest or otherwise and thereby protect the continuity of management and possibly
deprive stockholders of opportunities to sell their shares of common stock at prices higher than prevailing market prices. 
 Special Meeting, Action by
Written Consent and Advance Notice Requirements for Stockholder Proposals 
 Unless otherwise required by law, and subject to the rights,
if any, of the holders of any series of preferred stock, special meetings of the stockholders of the Company, for any purpose or purposes, may be called only (i) by a majority of the board or (ii) at any time when no annual meeting has
been held for a period of thirteen (13) months after the Company’s last annual meeting, a special meeting in lieu thereof may be held, and such special meeting shall have, for the purposes of the Bylaws or otherwise, all the force and
effect of an annual meeting. Unless otherwise required by law, written notice of a special meeting of stockholders, stating the time, place and purpose or purposes thereof, shall be given to each stockholder entitled to vote at such meeting, not
less than ten (10) or more than sixty (60) days before the date fixed for the meeting. Business transacted at any special meeting of stockholders will be limited to the purposes stated in the notice. 

The Bylaws also provide that unless otherwise restricted by the Certificate of Incorporation or the Bylaws, any action required or permitted
to be taken at any meeting of the board or of any committee thereof may be taken without a meeting, if all members of the board or of such committee, as the case may be, consent thereto in writing or by electronic transmission, and the writing or
writings or electronic transmission or transmissions are filed with the minutes of proceedings of the board or committee. 
 In addition,
the Bylaws require advance notice procedures for stockholder proposals to be brought before an annual meeting of the stockholders, including the nomination of directors. Stockholders at an annual meeting may only consider the proposals specified in
the notice of meeting or brought before the meeting by or at the direction of the board of directors, or by a stockholder of record on the record date for the meeting, who is entitled to vote at the meeting and who has delivered a timely written
notice in proper form to our secretary, of the stockholder’s intention to bring such business before the meeting. 
 These provisions
could have the effect of delaying until the next stockholder meeting any stockholder actions, even if they are favored by the holders of a majority of our outstanding voting securities. 

  
 3 

 Amendment to Certificate of Incorporation and Bylaws 

The DGCL provides generally that the affirmative vote of a majority of the outstanding stock entitled to vote on amendments to a
corporation’s certificate of incorporation or bylaws is required to approve such amendment, unless a corporation’s certificate of incorporation or bylaws, as the case may be, requires a greater percentage. 

The Certificate of Incorporation provides that the following provisions therein may be amended, altered, repealed or rescinded only by the
affirmative vote of the holders of at least 66-2/3% in voting power of all the then outstanding shares of the Company’s stock entitled to vote thereon and the affirmative vote of at least 66-2/3% of the outstanding shares of each class entitled to vote thereon as a class: 
  

	 	•	 	 the provisions regarding the size of the board and the election of directors pursuant to the Amended and Restated
Registration and Shareholder Rights Agreement; 

  

	 	•	 	 the provisions regarding stockholder actions without a meeting; 

 

	 	•	 	 the provisions regarding calling special meetings of stockholders; 

 

	 	•	 	 the provisions regarding removal of directors; 

 

	 	•	 	 the provisions regarding the limited liability of directors of the Company; 

 

	 	•	 	 the provisions regarding competition and corporate opportunities; and 

 

	 	•	 	 the provisions regarding the election not to be governed by Section 203 of the DGCL. 

The Bylaws may be amended or repealed (A) by the affirmative vote of a majority of the entire board then in office, without the assent or
vote of any stockholder (subject to any bylaw requiring the affirmative vote of a larger percentage of the members of the board) or (B) without the approval of the board, by the affirmative vote of the holders of a majority of the outstanding
voting stock of the Company entitled to vote on such amendment or repeal, voting as a single class, except for the provisions regarding notice of stockholder business and nominations and special meetings of stockholders, which may be amended or
repealed by the affirmative vote of the holders of at least 66-2/3% of the outstanding voting stock of the Company, voting as a single class, and the affirmative vote of the holders of at least 66-2/3% of each class of outstanding voting stock of the Company (provided that if the board recommends that stockholders approve such amendment or repeal at such meeting of stockholders, then such amendment or
repeal only requires the affirmative vote of the majority of the outstanding shares of capital stock entitled to vote on such amendment or repeal, voting as a single class). 

Delaware Anti-Takeover Statute 

Section 203 of the DGCL provides that if a person acquires 15% or more of the voting stock of a Delaware corporation, such person becomes
an “interested stockholder” and may not engage in certain “business combinations” with the corporation for a period of three years from the time such person acquired 15% or more of the corporation’s voting stock, unless:

  

	 	•	 	 the board of directors approves the acquisition of stock or the merger transaction before the time that the
person becomes an interested stockholder; 

  

	 	•	 	 the interested stockholder owns at least 85% of the outstanding voting stock of the corporation at the time the
merger transaction commences (excluding voting stock owned by directors who are also officers and certain employee stock plans); or 

  

	 	•	 	 the merger transaction is approved by the board of directors and at a meeting of stockholders, not by written
consent, by the affirmative vote of 2/3 of the outstanding voting stock which is not owned by the interested stockholder. A Delaware corporation may elect in its certificate of incorporation or bylaws not to be governed by this particular Delaware
law. 

  
 4 

 Under the Certificate of Incorporation, the Company opted out of Section 203 of the
DGCL and therefore is not subject to Section 203. However, the Certificate of Incorporation contains similar provisions providing that the Company may not engage in certain “business combinations” with any “interested
stockholder” for a three-year period following the time that the stockholder became an interested stockholder, unless: 
  

	 	•	 	 prior to such time, our board of directors approved either the business combination or the transaction which
resulted in the stockholder becoming an interested stockholder; 

  

	 	•	 	 upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the
interested stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, excluding certain shares; or 

  

	 	•	 	 at or subsequent to that time, the business combination is approved by our board of directors and by the
affirmative vote of holders of at least 66-2/3% of the outstanding voting stock that is not owned by the interested stockholder. 

Generally, a “business combination” includes a merger, asset or stock sale or other transaction resulting in a financial benefit to
the interested stockholder. Subject to certain exceptions, an “interested stockholder” is a person who, together with that person’s affiliates and associates, owns, or within the previous three years owned, 15% or more of our voting
stock. 
 Under certain circumstances, this provision will make it more difficult for a person who would be an “interested
stockholder” to effect various business combinations with a corporation for a three-year period. This provision may encourage companies interested in acquiring our company to negotiate in advance with our board of directors because the
heightened stockholder approval requirement would be avoided if our board of directors approves either the business combination or the transaction which results in the stockholder becoming an interested stockholder. These provisions also may have
the effect of preventing changes in our board of directors and may make it more difficult to accomplish transactions which stockholders may otherwise deem to be in their best interests. 

The Certificate of Incorporation provides that (1) any investment fund affiliated with or managed by Advent International Corporation or
any of its affiliates, or any successor, transferee or affiliate thereof, or (2) any person whose ownership of shares in excess of the 15% limitation set forth therein is the result of any action taken solely by the Company (provided, that
such person shall be an “interested stockholder” if thereafter such person acquires additional shares of voting stock of the Company, except as a result of further corporate actions not caused by such person) does not constitute
“interested stockholders” for purposes of this provision. 
 Limitations on Liability and Indemnification of Officers and Directors 

The Certificate of Incorporation limits the liability of the directors of the Company to the fullest extent permitted by law, and the Bylaws
provide that we will indemnify them to the fullest extent permitted by such law. We have entered and expect to continue to enter into agreements to indemnify our directors, executive officers and other employees as determined by our board of
directors. Under the terms of such indemnification agreements, we are required to indemnify each of our directors and officers, to the fullest extent permitted by the laws of the State of Delaware and the Certificated of Incorporation, if the basis
of the indemnitee’s involvement was by reason of the fact that the indemnitee is or was a director or officer of the Company or any of its subsidiaries or was serving at the Company’s request in an official capacity for another entity. We
must indemnify our officers and directors against all reasonable fees, expenses, charges and other costs of any type or nature whatsoever, including any and all expenses and obligations paid or incurred in connection with investigating, defending,
being a witness in, participating in (including on appeal), or preparing to defend, be a witness or participate in any completed, actual, pending or threatened action, suit, claim or proceeding, whether civil, criminal, administrative or
investigative, or establishing or enforcing a right to indemnification under the indemnification agreement. The indemnification 

  
 5 

 
agreements also require us, if so requested, to advance within ten (10) days of such request all reasonable fees, expenses, charges and other costs that any of our directors incurred,
provided that such director will return any such advance if it is ultimately determined that such director is not entitled to indemnification by us. Any claims for indemnification by our directors and officers may reduce our available funds to
satisfy successful third-party claims against us and may reduce the amount of money available to us. 
 Exclusive Forum of Certain Actions 

The Certificate of Incorporation requires, to the fullest extent permitted by law, unless the Company consents in writing to the selection of
an alternative forum, that derivative actions brought in the name of the Company, actions against current or former directors, officers, employees, agents or stockholders for breach of fiduciary duty, actions arising pursuant to any provision of the
DGCL or the Certificate of Incorporation or the Bylaws, actions to interpret, apply, enforce or determine the validity of the Certificate of Incorporation or the Bylaws, actions asserting a claim against the Company or any current or former
director, officer, employee, agent or stockholder arising pursuant to any provision of the DGCL or the Certificate of Incorporation or the Bylaws or as to which the DGCL confers jurisdiction on the Delaware Court of Chancery, and actions asserting a
claim against the Company or any current or former director, officer, employee, agent or stockholder governed by the internal affairs doctrine of the law of the State of Delaware may be brought only in the Court of Chancery in the State of Delaware
(or, if such court lacks subject matter jurisdiction, another state or federal court located within the State of Delaware); provided, however, that the foregoing shall not apply to any claim as to which such court determines that there is an
indispensable party not subject to the jurisdiction of such court (and the indispensable party does not consent to the personal jurisdiction of such court within ten (10) days following such determination), which is vested in the exclusive
jurisdiction of a court or forum other than such court, or for which such court does not have subject matter jurisdiction, or arising under the Securities Act, as to which the federal district courts of the United States of America shall, to the
fullest extent permitted by law, be the sole and exclusive forum unless the Company consents in writing to the selection of an alternative forum. Although we believe this provision benefits the Company by providing increased consistency in the
application of Delaware law in the types of lawsuits to which it applies, the provision may have the effect of discouraging lawsuits against our directors and officers. 

Conflicts of Interest 
 Delaware law
permits corporations to adopt provisions renouncing any interest or expectancy in certain opportunities that are presented to the corporation or its officers, directors or stockholders. The Certificate of Incorporation, to the fullest extent
permitted by law, renounces any interest or expectancy that the Company has in, or right to be offered an opportunity to participate in, specified business opportunities that are from time to time presented to the Company’s directors or their
respective affiliates, other than those directors or affiliates who are the Company’s employees. The Certificate of Incorporation provides that, to the fullest extent permitted by law, none of the
non-employee directors or their respective affiliates will have any duty to refrain from (i) engaging in a corporate opportunity in the same or similar business activities or lines of business in which
the Company or any of its affiliates has historically engaged, now engages or proposes to engage or (ii) otherwise competing with the Company or its affiliates. In addition, to the fullest extent permitted by law, in the event that any non-employee director or his or her affiliates acquires knowledge of a potential transaction or other business opportunity which may be a corporate opportunity for itself, herself or himself and for the Company or
its affiliates, such person will have no duty to communicate or offer such transaction or business opportunity to the Company or any of its affiliates and they may take any such opportunity for themselves or offer it to another person or entity. To
the fullest extent permitted by law, no business opportunity will be deemed to be a potential corporate opportunity for the Company unless the Company is financially or legally able or contractually permitted to undertake such opportunity, the
opportunity, by its nature, would be in the line of the Company’s business or is of some practical advantage to the Company, and the Company has some interest or reasonable expectancy in such opportunity. 

Transfer Agent 
 The transfer agent for
the Company’s common stock is Continental Stock Transfer & Trust Company. 

  
 6

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