Document:

EX-10.6

 Exhibit 10.6 

CRESCENT ENERGY COMPANY 

2021 EQUITY INCENTIVE PLAN 

 ARTICLE I 

DEFINITIONS 
 As used herein, the following
terms shall have the meanings set forth below: 
  

	1.01.	 Affiliate 

“Affiliate” means, with respect to any entity, any other entity, whether now or hereafter existing, which controls, is
controlled by, or is under common control with, the first entity (including, but not limited to, joint ventures, limited liability companies and partnerships). For this purpose, the term “control” (including the correlative meanings of the
terms “controlled by” and “under common control with”) shall mean ownership, directly or indirectly, of fifty percent (50%) or more of the total combined voting power of all classes of voting securities issued by such entity, or
the possession, directly or indirectly, of the power to direct the management and policies of such entity, by contract or otherwise. Notwithstanding the foregoing, (a) the Manager shall be deemed an Affiliate of the Company for purposes of the
Plan for so long as the Manager serves as the external manager of the Company and (b) the Operating Company shall be deemed an Affiliate of the Company for purposes of the Plan for so long as the Company or a wholly-owned subsidiary of the
Company serves as the sole managing member of the Operating Company. 
  

	1.02.	 Agreement 

“Agreement” means a written agreement (including any amendment or supplement thereto) between the Company and a Participant
specifying the terms and conditions of an Award. 
  

	1.03.	 Award 

“Award” means any Option, SAR, Stock Award, award of Restricted Stock Units, Other Equity-Based Award, Incentive Award, Cash
Award, Performance Award or Substitute Award, together with any other right or interest, granted to a Participant pursuant to the Plan. 
  

	1.04.	 Board 

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

 

	1.05.	 Cash Award  

“Cash Award” means an Award denominated in cash and granted under Article XII. 

 

	1.06.	 Change in Control 

“Change in Control” means and includes each of the following: 

(a) The acquisition, either directly or indirectly, by any individual, entity or group (within the meaning of Sections 13(d) and 14(d)(2) of
the Exchange Act) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act), of more than fifty percent (50%) of either (i) the then outstanding Common Stock of the
Company, taking into account as outstanding for this purpose such Common Stock issuable upon the exercise of options 

  
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or warrants, the conversion of convertible shares or debt, and the exercise of any similar right to acquire such Common Stock (the “Outstanding Company Common Stock”) or
(ii) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of trustees or directors (the “Outstanding Company Voting Securities”); provided,
however, that the following acquisitions shall not constitute a Change in Control: (A) any acquisition by the Company, the Manager or any of their respective Affiliates, (B) any acquisition by a trustee or other fiduciary holding the
Company’s securities under an employee benefit plan sponsored or maintained by the Company or any of its Affiliates, (C) any acquisition by an underwriter, initial purchaser or placement agent temporarily holding the Company’s
securities pursuant to an offering of such securities or (D) any acquisition by an entity owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of the then Outstanding Company
Common Stock. 
 (b) Individuals who constitute Incumbent Directors at the beginning of any two (2)-consecutive-year period, together with
any new Incumbent Directors who become members of the Board during such two (2)-year period, cease to be a majority of the Board at the end of such two (2)-year period. 

(c) The consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving
the Company that requires the approval of the Company’s stockholders, whether for such transaction or the issuance of securities in the transaction (a “Business Combination”), in each case, unless following such Business
Combination: 
 (i) the individuals and entities who were the beneficial owners of the Outstanding Company Voting Securities
immediately prior to such Business Combination, beneficially own, directly or indirectly, more than fifty percent (50%) of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of members of
the board of directors (or the analogous governing body) of the entity resulting from such Business Combination (the “Successor Entity”) (or, if applicable, the ultimate parent entity that directly or indirectly has beneficial
ownership of sufficient voting securities to elect a majority of the members of the board of directors (or the analogous governing body) of the Successor Entity (the “Parent Company”)); 

(ii) no Person beneficially owns (within the meaning of Rule 13d-3 promulgated under
the Exchange Act), directly or indirectly, more than fifty percent (50%) of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of members of the board of directors (or the analogous
governing body) of the Parent Company (or, if there is no Parent Company, the Successor Entity); and 
 (iii) at least a
majority of the members of the board of directors (or the analogous governing body) of the Parent Company (or, if there is no Parent Company, the Successor Entity) following the consummation of the Business Combination were Incumbent Directors at
the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination. 

  
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 (d) The direct or indirect sale, transfer, conveyance or other disposition (other than by
way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries, taken as a whole, to any Person that is not a subsidiary of the Company, the
Manager or any of their respective Affiliates. 
 In addition, if a Change in Control (as defined in clauses (a) through
(d) above) constitutes a payment event with respect to any Award that provides for the deferral of compensation and is subject to Section 409A, no payment will be made under that Award on account of a Change in Control unless the event
described in clause (a), (b), (c) or (d) above, as applicable, constitutes a “change in control event” as defined in Section 409A. 

 

	1.07.	 Code 

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

 

	1.08.	 Committee 

“Committee” means the Board or a committee of two or more members of the Board designated by the Board to administer the
Plan. Unless otherwise determined by the Board, the Committee shall consist solely of two or more non-employee members of the Board, each of whom is intended to qualify as a
“non-employee director” as defined by Rule 16b-3 promulgated under the Exchange Act or any successor rule and an “independent director” under the
rules of any exchange or automated quotation system on which the Common Stock is listed, traded or quoted; provided, however, that any action taken by the Committee shall be valid and effective, whether or not the members of the
Committee at the time of such action are later determined not to have satisfied the foregoing requirements or other requirements provided in any charter of the Committee; provided further that with respect to awards made to a member of the
Board who is not an employee of the Company, the Manager, the Operating Company or one of their respective Affiliates, “Committee” means the Board. 
  

	1.09.	 Common Stock 

“Common Stock” means the Class A common stock, $0.0001 par value per share, of the Company. 

 

	1.10.	 Company 

“Company” means Crescent Energy Company, a Delaware corporation. 

 

	1.11.	 Control Change Date 

“Control Change Date” means the date on which a Change in Control occurs. If a Change in Control occurs on account of a
series of transactions, the “Control Change Date” is the date determined by the Committee as the date upon which the last of such transactions occurs. 

  
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	1.12.	 Corresponding SAR 

“Corresponding SAR” means an SAR that is granted in relation to a particular Option and that can be exercised only upon the
surrender to the Company, unexercised, of that portion of the Option to which the SAR relates. 
  

	1.13.	 Dividend Equivalent Right 

“Dividend Equivalent Right” means the right, subject to the terms and conditions prescribed by the Committee, of a
Participant to receive (or have credited) cash, securities or other property in amounts equivalent to the cash, securities or other property dividends declared on Common Stock with respect to a specified Restricted Stock Unit, Other Equity-Based
Award, Incentive Award or Performance Award denominated in Common Stock or other Company securities, as determined by the Committee in its sole discretion. Dividend Equivalent Rights payable on a Restricted Stock Unit award, an Other Equity-Based
Award, an Incentive Award or a Performance Award that does not become non-forfeitable solely on the basis of continued employment or service shall be accumulated and distributed, without interest, only when,
and to the extent that, the underlying Award is vested and earned. The Committee may provide that Dividend Equivalent Rights (if any) shall be automatically reinvested in additional shares of Common Stock or otherwise reinvested, applied to the
purchase of additional Awards under the Plan or deferred without interest to the date of vesting of the associated Award. 
  

	1.14.	 Effective Date 

“Effective Date” means December 6, 2021. 
  

	1.15.	 Exchange Act 

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

 

	1.16.	 Fair Market Value 

“Fair Market Value” means, on any given date, the reported “closing” price of a share of Common Stock on the stock
exchange on which the Common Stock is listed for trading for such date (or, if there is no closing price for a share of Common Stock on the date in question, the closing price for a share of Common Stock on the last preceding date for which such
quotation exists) or, if the Common Stock is not listed on any exchange, the amount determined by the Committee using any reasonable method in good faith and in accordance with Section 409A. 

 

	1.17.	 Grant Date 

“Grant Date” means the date specified by the Committee on which a grant of an Award shall become effective, which shall not
be earlier than the date on which the Committee takes action with respect thereto. 

  
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	1.18.	 Incentive Award 

“Incentive Award” means an award granted under Article XI which, subject to the terms and conditions prescribed by the
Committee, entitles the Participant to receive a payment from the Company or an Affiliate of the Company. 
  

	1.19.	 Incumbent Director 

“Incumbent Director” means (a) each individual serving on the Board as of the Effective Date during the period of such
individual’s continuous service on the Board from and after the Effective Date or during any period such individual qualifies as an Incumbent Director pursuant to clause (b) of this Section 1.19 and
(b) those individuals elected to the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director without objection to such nomination) and whose election or
nomination for election to the Board was approved by a vote of at least two-thirds (2/3) of the directors serving on the Board at the time of the election or nomination, as applicable. No individual designated
to serve as a director by a Person who shall have entered into an agreement with the Company to effect a transaction described in Section 1.06 and no individual initially elected or nominated as a director of the Company as
a result of an actual or threatened election contest with respect to directors shall be an Incumbent Director. 
  

	1.20.	 Initial Value 

“Initial Value” means, with respect to a Corresponding SAR, the Option price per share of the related Option and, with
respect to an SAR granted independently of an Option, the price per share of Common Stock as determined by the Committee on the date of grant; provided, however, that the price shall not be less than the Fair Market Value on the date of grant
(or one hundred ten percent (110%) of the Fair Market Value on the date of grant in the case of a Corresponding SAR that relates to an incentive stock option granted to a Ten Percent Stockholder). Except as provided in Articles XIV, XV
and XVIII, without the approval of stockholders (a) the Initial Value of an outstanding SAR may not be reduced (by amendment, cancellation and new grant or otherwise) and (b) no payment shall be made in cancellation of an SAR if, on
the date of amendment, cancellation, new grant or payment, the Initial Value exceeds Fair Market Value. 
  

	1.21.	 Manager 

“Manager” means KKR Energy Assets Manager LLC, a Delaware limited liability company, the Company’s external manager, or
any entity that subsequently becomes the Company’s external manager. 
  

	1.22.	 Non-Employee Director 

“Non-Employee Director” means a member of the Board who is not an employee or officer
of the Company or any of its Affiliates (other than the Manager). 

  
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	1.23.	 Operating Company 

“Operating Company” means IE OpCo LLC, a Delaware limited liability company, which is the Company’s operating company as
of the Effective Date, or any entity that becomes the Company’s operating company. 
  

	1.24.	 Option 

“Option” means a stock option that entitles the holder to purchase from the Company a stated number of shares of Common Stock
at the price set forth in an Agreement. 
  

	1.25.	 Other Equity-Based Award 

“Other Equity-Based Award” means any Award other than an Incentive Award, Option, SAR, Stock Award, award of Restricted Stock
Units or Performance Award, which, subject to such terms and conditions as may be prescribed by the Committee, entitles a Participant to receive Common Stock or rights or units valued in whole or in part by reference to, or otherwise based on,
Common Stock (including securities convertible into Common Stock) or other equity interests. 
  

	1.26.	 Participant 

“Participant” means an employee or officer of the Company or an Affiliate of the Company, a member of the Board, or an
individual who provides services to the Company or an Affiliate of the Company (including an individual who provides services to the Company or an Affiliate of the Company by virtue of employment with, or providing services to, the Manager or the
Operating Company or an Affiliate of the Manager or the Operating Company), and who satisfies the requirements of Article IV and is selected by the Committee to receive one or more Awards. 

 

	1.27.	 Performance Award 

“Performance Award” means an Award granted to a Participant under Article XIII that is based upon one or more
performance goals or objectives specified by the Committee. The Committee may adjust any of such performance goals or objectives as it deems equitable. 
  

	1.28.	 Person 

“Person” means any firm, corporation, partnership, or other entity. “Person” also includes any individual, firm,
corporation, partnership, or other entity as defined in Sections 13(d)(3) and 14(d)(2) of the Exchange Act. Notwithstanding the preceding sentences, the term “Person” does not include (a) the Company or any of its subsidiaries,
(b) any director or other fiduciary holding securities under an employee benefit plan of the Company or any of its Affiliates, (c) any underwriter temporarily holding securities pursuant to an offering of such securities or (d) any
corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of the Common Stock. 

  
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	1.29.	 Plan 

“Plan” means this Crescent Energy Company 2021 Equity Incentive Plan, as amended from time to time. 

 

	1.30.	 Restricted Stock 

“Restricted Stock” means a share of Common Stock granted to a Participant that is subject to certain restrictions and a risk
of forfeiture. 
  

	1.31.	 Restricted Stock Unit 

“Restricted Stock Unit” means a right granted to a Participant under Article IX entitling the Participant to receive a
payment (in cash, shares of Common Stock or a combination thereof) on a specified settlement date equal to the value of a share of Common Stock. 
  

	1.32.	 SAR 

“SAR” means a stock appreciation right that in accordance with the terms of an Agreement entitles the holder to receive, with
respect to each share of Common Stock encompassed by the exercise of the SAR, the excess, if any, of the Fair Market Value at the time of exercise over the Initial Value. References to “SARs” include both Corresponding SARs and SARs
granted independently of Options, unless the context requires otherwise. 
  

	1.33.	 Section 409A 

“Section 409A” means Section 409A of the Code, as amended from time to time, including the guidance
and regulations promulgated thereunder and successor provisions, guidance and regulations thereto. 
  

	1.34.	 Stock Award 

“Stock Award” means Restricted Stock or unrestricted Common Stock awarded to a Participant under Article VIII. 

 

	1.35.	 Substitute Award 

“Substitute Award” means an Award granted in substitution for a similar award as a result of certain business transactions.

  

	1.36.	 Ten Percent Stockholder 

“Ten Percent Stockholder” means any individual owning more than ten percent (10%) of the total combined voting power of all
classes of stock of the Company or of a “parent corporation” or “subsidiary corporation” (as such terms are defined in Section 424 of the Code) of the Company. An individual shall be considered to own any voting shares owned
(directly or indirectly) by or for his or her brothers, sisters, spouse, ancestors or lineal descendants and shall be considered to own proportionately any voting shares owned (directly or indirectly) by or for a corporation, partnership, estate or
trust of which such individual is a stockholder, partner or beneficiary. 

  
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 ARTICLE II 

PURPOSES 
 The Plan is
intended to assist the Company and its Affiliates in recruiting and retaining employees, members of the Board and other individuals who provide services to the Company, the Manager, the Operating Company or any Affiliates of the Company, the Manager
or the Operating Company with ability and initiative by enabling such Persons to participate in the future success of the Company and its Affiliates and to associate their interests with those of the Company and its stockholders. The Plan is
intended to permit the grant of both Options qualifying under Section 422 of the Code (“incentive stock options”) and Options not so qualifying, and the grant of SARs, Stock Awards, awards of Restricted Stock Units, Other Equity-Based
Awards, Incentive Awards, Cash Awards, Performance Awards and Substitute Awards in accordance with the Plan and any procedures that may be established by the Committee. No Option that is intended to be an incentive stock option shall be invalid for
failure to qualify as an incentive stock option. 
 ARTICLE III 

ADMINISTRATION 
  

	3.01.	 General 

The Plan shall be administered by the Committee. The Committee shall have authority to grant Awards upon such terms (not inconsistent with the
provisions of the Plan), as the Committee may consider appropriate. Such terms may include conditions (in addition to those contained in the Plan), on the transferability, forfeitability and exercisability of all or any part of an Award. The
Committee may, in its discretion, make any amendments, modifications or adjustments to outstanding Awards and the terms thereof. In addition, the Committee shall have complete authority to interpret all provisions of the Plan; to prescribe the form
of Agreements; to adopt, amend, and rescind rules and regulations pertaining to the administration of the Plan (including rules and regulations that require or allow Participants to defer the payment of benefits under the Plan); and to make all
other determinations necessary or advisable for the administration of the Plan. 
 The Committee’s determinations under the Plan
(including without limitation, determinations of the individuals to receive Awards, the form, amount and timing of Awards, and the terms and provisions of Awards and the Agreements) need not be uniform and may be made by the Committee selectively
among individuals who receive, or are eligible to receive, Awards, whether or not such persons are similarly situated. The express grant in the Plan of any specific power to the Committee with respect to the administration or interpretation of the
Plan shall not be construed as limiting any power or authority of the Committee with respect to the administration or interpretation of the Plan. Any decision made, or action taken, by the Committee in connection with the administration of the Plan
shall be final and conclusive. The members of the Committee shall not be liable for any act done in good faith with respect to the Plan or any Agreement or Award. All expenses of administering the Plan shall be borne by the Company. 

  
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	3.02.	 Delegation of Authority 

The Committee may delegate any or all of its powers and duties under the Plan to a subcommittee of directors or to any officer of the Company,
including the power to perform administrative functions and grant Awards; provided, however, that such delegation does not (i) violate state or corporate law or (ii) result in the loss of an exemption under Rule 16b-3(d)(1) for Awards granted to Participants subject to Section 16 of the Exchange Act in respect of the Company. Upon any such delegation, all references in the Plan to the “Committee,” other than
in Articles XV and XVIII, shall be deemed to include any subcommittee or officer of the Company to whom such powers have been delegated by the Committee. Any such delegation shall not limit the right of such subcommittee members or
such an officer to receive Awards; provided, however, that such subcommittee members and any such officer may not grant Awards to himself or herself, a member of the Board, or any executive officer of the Company or an Affiliate of the
Company, or take any action with respect to any Award previously granted to himself or herself, a member of the Board, or any executive officer of the Company or an Affiliate of the Company. The Committee may also appoint agents who are not
executive officers of the Company or members of the Board to assist in administering the Plan, provided that such individuals may not be delegated the authority to grant or modify any Awards that will, or may, be settled in Common Stock. 

ARTICLE IV 
 ELIGIBILITY

 Any officer or employee of the Company or any Affiliate of the Company (including a trade or business that becomes an Affiliate of
the Company after the adoption of the Plan) and any member of the Board is eligible to participate in the Plan. In addition, any other individual who provides services to the Company or an Affiliate of the Company (including an individual who
provides services to the Company or an Affiliate of the Company by virtue of employment with, or providing services to, the Manager or an Affiliate of the Manager) is eligible to participate in the Plan if the Committee, in its sole reasonable
discretion, determines that the participation of such individual is in the best interest of the Company. Notwithstanding anything contained herein to the contrary, any individual who is employed by the Manager or one of its parents as of the
Effective Date is not eligible to participate in the Plan unless such individual is providing services as a Non-Employee Director. 

  
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 ARTICLE V 

COMMON STOCK SUBJECT TO PLAN 
  

	5.01.	 Common Stock Issued 

Upon the grant, exercise or settlement of an Award, the Company may deliver to the Participant Common Stock from its authorized but unissued
Common Stock, shares held in the treasury of the Company, shares purchased on the open market or by private purchase or a combination of the foregoing. 
  

	5.02.	 Aggregate Limit 

Subject to adjustment as provided under Article XV, the maximum aggregate number of shares of Common Stock that may be delivered with
respect to Awards under the Plan (and the maximum aggregate number of shares of Common Stock that may be issued under the Plan through incentive stock options granted under the Plan) is equal to a number of shares of Common Stock equal to 861,349
(the “Aggregate Limit”). 
  

	5.03.	 Reallocation of Shares 

If any Award expires, is forfeited or is terminated without having been exercised or is paid in cash without a requirement for the delivery of
shares of Common Stock, then any shares covered by such lapsed, cancelled, expired, unexercised or cash-settled portion of such Award (including (a) shares of Common Stock forfeited with respect to Restricted Stock and (b) shares of Common
Stock withheld or surrendered to the Company in payment of any exercise or purchase price of an Award or taxes relating to Awards) shall be available for the grant of other Awards under the Plan. If shares of Common Stock are issued in settlement of
an SAR granted under the Plan, the number of shares of Common Stock available under the Plan shall be reduced by the number of shares of Common Stock for which the SAR was exercised rather than the number of shares of Common Stock issued in
settlement of the SAR. To the extent permitted by applicable law or the rules of any exchange on which the Common Stock is listed for trading, Common Stock issued in assumption of, or in substitution for, any outstanding awards of any entity
acquired in any form of combination by the Company or any Affiliate of the Company shall not reduce the number of shares of Common Stock available for issuance under the Plan. 

 

	5.04.	 Maximum Calendar Year Award 

No Non-Employee Director may receive in any one calendar year more than $1,000,000 in the aggregate in
(a) Awards (as calculated by the Award’s fair value as determined in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718, or any successor thereto as of the Grant Date) and (b) cash
compensation (including, retainers and cash-based awards). For any calendar year in which a Non-Employee Director (i) first commences service on the Board, (ii) serves on a special committee of the
Board, or (iii) serves as lead director or chairman of the Board, additional Awards, including Cash Awards or other cash compensation whether or not paid pursuant to the Plan, may be granted to such
Non-Employee Director in excess of such limit. Further, the limit set forth in this Section 5.04 shall be applied without regard to grants of (x) Awards, if any, including Cash
Awards or other cash compensation whether or not paid pursuant to the Plan, made to a Non-Employee Director during any period in which such 

  
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individual was an employee of the Company or any Affiliate of the Company or was otherwise providing services to the Company or to any Affiliate of the Company (including by virtue of employment
with, or providing services to, the Manager or an Affiliate of the Manager) other than in the capacity as a director of the Company or (y) Substitute Awards granted to any Non-Employee Director. 

ARTICLE VI 
 OPTIONS

 6.01. Award 
 In
accordance with the provisions of Articles III and IV, the Committee will designate each individual to whom an Option is to be granted and will specify the number of shares of Common Stock covered by such Awards and the terms and
conditions of such Awards. 
 6.02. Option Price 

The price per share of Common Stock purchased on the exercise of an Option shall be determined by the Committee on the date of grant, but
shall not be less than the Fair Market Value on the date the Option is granted. Notwithstanding the preceding sentence, the price per share of Common Stock purchased on the exercise of any Option that is an incentive stock option granted to an
individual who is a Ten Percent Stockholder on the date such Option is granted, shall not be less than one hundred ten percent (110%) of the Fair Market Value on the date the Option is granted. Except as provided in Articles XIV, XV
and XVIII, the price per share of Common Stock of an outstanding Option may not be reduced (by amendment, cancellation and new grant or otherwise) without the approval of stockholders. In addition, no payment shall be made in cancellation of
an Option without the approval of stockholders if, on the date of cancellation, the Option price exceeds Fair Market Value. 
 6.03. Maximum Option
Period 
 The maximum period in which an Option may be exercised shall be determined by the Committee on the date of grant, except
that no Option shall be exercisable after the expiration of ten (10) years from the date such Option was granted. In the case of an incentive stock option granted to a Participant who is a Ten Percent Stockholder on the date of grant, such
Option shall not be exercisable after the expiration of five (5) years from the date of grant. The terms of any Option may provide that it is exercisable for a period less than such maximum period. 

6.04. Incentive Stock Options 

Incentive stock options may only be granted to employees of the Company or its “parent” and “subsidiaries” (as such terms
are defined in Section 424 of the Code). For purposes of determining the applicability of Section 422 of the Code (relating to incentive stock options), the Committee may decide to what extent leaves of absence for governmental or military
service, illness, temporary disability, or other reasons shall not be deemed interruptions of continuous employment or service. 

  
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 6.05. Exercise 

Subject to the provisions of the Plan and the applicable Agreement, an Option may be exercised in whole at any time or in part from time to
time at such times and in compliance with such requirements as the Committee shall determine; provided, however, that to the extent that the aggregate Fair Market Value (determined as of the date an Option is granted) of the Common Stock with
respect to which incentive stock options (granted under the Plan and all plans of the Company and its “parents” and “subsidiaries” (as such terms are defined in Section 424 of the Code)) are exercisable for the first time by
an individual during any calendar year exceeds one hundred thousand dollars ($100,000), such Options shall be treated as Options that do not qualify as incentive stock options. An Option granted under the Plan may be exercised with respect to any
number of whole shares of Common Stock less than the full number for which the Option could be exercised. A partial exercise of an Option shall not affect the right to exercise the Option from time to time in accordance with the Plan and the
applicable Agreement with respect to the remaining shares of Common Stock subject to the Option. The exercise of an Option shall result in the termination of any Corresponding SAR to the extent of the number of shares of Common Stock with respect to
which the Option is exercised. 
 6.06. Payment 

Subject to rules established by the Committee and unless otherwise provided in an Agreement, payment of all or part of the Option price may be
made in cash, certified check, by tendering Common Stock, by attestation of ownership of Common Stock, by a broker-assisted cashless exercise or in such other form or manner acceptable to the Committee. If Common Stock is used to pay all or part of
the Option price, the sum of the cash and cash equivalent and the Fair Market Value (determined on the date of exercise) of the Common Stock so surrendered or other consideration paid must not be less than the Option price of the shares for which
the Option is being exercised. 
 6.07. Stockholder Rights 

No Participant shall have any rights as a stockholder with respect to shares of Common Stock subject to an Option until the date of exercise
of such Option. 
 6.08. Disposition of Shares 

A Participant shall notify the Company of any sale or other disposition of Common Stock acquired pursuant to an Option that was an incentive
stock option if such sale or disposition occurs (a) within two years of the grant of an Option or (b) within one year of the issuance of the Common Stock to the Participant. Such notice shall be in writing and directed to the Secretary of
the Company. 

  
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 ARTICLE VII 

SARS 
 7.01. Award 

In accordance with the provisions of Articles III and IV, the Committee will designate each individual to whom SARs are to be
granted and will specify the number of shares of Common Stock covered by such Awards and the terms and conditions of such Awards. 
 7.02. SAR
Price 
 The price per share of Common Stock purchased on the exercise of an SAR shall be determined by the Committee on the date of
grant, but shall not be less than the Fair Market Value on the date the SAR is granted. Except as provided in Articles XIV, XV and XVIII, the price per share of Common Stock of an outstanding Option may not be reduced (by
amendment, cancellation and new grant or otherwise) without the approval of stockholders. In addition, no payment shall be made in cancellation of an SAR without the approval of stockholders if, on the date of cancellation, the SAR price exceeds
Fair Market Value. 
 7.03. Maximum SAR Period 

The term of each SAR shall be determined by the Committee on the date of grant, except that no SAR shall have a term of more than ten
(10) years from the date of grant. In the case of a Corresponding SAR that is related to an incentive stock option granted to a Participant who is a Ten Percent Stockholder on the date of grant, such Corresponding SAR shall not be exercisable
after the expiration of five (5) years from the date of grant. The terms of any SAR may provide that it has a term that is less than such maximum period. 

7.04. Exercise 
 Subject to the
provisions of the Plan and the applicable Agreement, an SAR may be exercised in whole at any time or in part from time to time at such times and in compliance with such requirements as the Committee shall determine; provided, however, that a
Corresponding SAR that is related to an incentive stock option may be exercised only to the extent that the related Option is exercisable and only when the Fair Market Value exceeds the Option price of the related Option. An SAR granted under the
Plan may be exercised with respect to any number of whole shares less than the full number for which the SAR could be exercised. A partial exercise of an SAR shall not affect the right to exercise the SAR from time to time in accordance with the
Plan and the applicable Agreement with respect to the remaining shares of Common Stock subject to the SAR. The exercise of a Corresponding SAR shall result in the termination of the related Option to the extent of the number of shares of Common
Stock with respect to which the SAR is exercised. 
 7.05. Settlement 

At the Committee’s discretion, the amount payable as a result of the exercise of an SAR may be settled in cash, Common Stock, or a
combination of cash and Common Stock. 
 7.06. Stockholder Rights 

No Participant shall have any rights as a stockholder with respect to shares of Common Stock subject to an SAR until the date that the SAR is
exercised and then only to the extent that the SAR is settled by the issuance of Common Stock. 

  
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 ARTICLE VIII 

STOCK AWARDS 
 8.01. Award

 In accordance with the provisions of Articles III and IV, the Committee will designate each individual to whom a Stock
Award (either in the form of Restricted Stock or unrestricted Common Stock) is to be made and will specify the number of shares of Restricted Stock or Common Stock covered by such Stock Award and the terms and conditions of such Stock Award. 

8.02. Vesting 
 The Committee, on
the date of the Stock Award, may prescribe that a Participant’s rights in a Stock Award shall be forfeitable or otherwise restricted for a period of time or subject to such conditions as may be set forth in the Agreement. By way of example and
not of limitation, the Committee may prescribe that a Participant’s rights in a Stock Award shall be forfeitable or otherwise restricted subject to continued employment or service, the attainment of performance objectives, including objectives
stated with reference to one or more performance goals or objectives, or both. 
 8.03. Stockholder Rights 

Unless otherwise specified in accordance with the applicable Agreement, while the shares of Restricted Stock granted pursuant to the Stock
Award may be forfeited or are non-transferable, a Participant will have all rights of a stockholder with respect to a Stock Award, including the right to receive dividends (in respect of which the Committee
may allow a Participant to elect, or may require, that any cash dividends paid on a share of Restricted Stock be automatically reinvested in additional shares of Restricted Stock, applied to the purchase of additional Awards under the Plan or
deferred without interest to the date of vesting of the associated Award of Restricted Stock, provided that any such election is intended to comply with Section 409A) and vote the shares of Common Stock; provided, however, that, unless
otherwise specified in accordance with the applicable Agreement, dividends payable on shares of Restricted Stock subject to a Stock Award that does not become non-forfeitable solely on the basis of continued
employment or service shall be accumulated and paid, without interest, when and to the extent that the underlying Stock Award becomes non-forfeitable; and provided further, that during the period that
the Stock Award may be forfeited or is non-transferable (a) a Participant may not sell, transfer, pledge, exchange, hypothecate, or otherwise dispose of shares of Restricted Stock granted pursuant to a
Stock Award, (b) the Committee may postpone the distribution of dividends until and to the extent that the Stock Award becomes transferable and non-forfeitable, (c) the Company shall retain custody
of any certificates representing shares of Restricted Stock granted pursuant to a Stock Award, and (d) the Participant will deliver to the Company a stock power, endorsed in blank, with respect to each Stock Award. The limitations set forth in
the preceding sentence shall not apply after the shares of Restricted Stock granted under the Stock Award are transferable and are no longer forfeitable. 

  
 14 

 ARTICLE IX 

RESTRICTED STOCK UNITS 
 9.01.
Award 
 In accordance with the provisions of Articles III and IV, the Committee will designate each individual
to whom an award of Restricted Stock Units is to be made and specify the number of Restricted Stock Units covered by such Awards and the terms and conditions of such Awards. The Committee also will specify whether Dividend Equivalent Rights are
granted in conjunction with the award of Restricted Stock Units. 
 9.02. Terms and Conditions 

The Committee, at the time an award of Restricted Stock Units is made, shall specify the terms and conditions which govern the Award. The
terms and conditions of an award of Restricted Stock Units may prescribe that a Participant’s rights in the Restricted Stock Units shall be forfeitable, non-transferable or otherwise restricted for a
period of time, which may lapse at the expiration of the deferral period or at earlier specified times, or may be subject to such other conditions as may be determined by the Committee, in its discretion and set forth in the Agreement. By way of
example and not of limitation, the Committee may prescribe that a Participant’s rights in an award of Restricted Stock Units shall be forfeitable or otherwise restricted subject to continued employment or service, the attainment of performance
objectives, including objectives stated with respect to one or more performance goals or objectives, or both. An award of Restricted Stock Units may be granted to Participants, either alone or in addition to other Awards granted under the Plan, and
an award of Restricted Stock Units may be granted in the settlement of other Awards granted under the Plan. 
 9.03. Payment or Settlement

 Settlement of an award of Restricted Stock Units shall occur upon expiration of the deferral period specified for each Restricted Stock
Unit by the Committee (or, if permitted by the Committee, as elected by the Participant). Restricted Stock Units shall be satisfied by the delivery of (a) a number of shares of Common Stock equal to the number of Restricted Stock Units vesting
on such date or (b) an amount in cash equal to the Fair Market Value of a specified number of shares of Common Stock covered by the vesting Restricted Stock Units, or a combination thereof, as determined by the Committee at the date of grant or
thereafter. 
 9.04. Stockholder Rights 

A Participant, as a result of receiving an award of Restricted Stock Units, shall not have any rights as a stockholder until, and then only to
the extent that, the award of Restricted Stock Units is earned and settled in shares of Common Stock (to the extent applicable). 

  
 15 

 ARTICLE X 

OTHER EQUITY–BASED AWARDS 
 10.01.
Award 
 In accordance with the provisions of Articles III and IV, the Committee will designate each individual
to whom an Other Equity-Based Award is to be made and will specify the number of shares of Common Stock or other equity interests covered by such Awards and the terms and conditions of such Awards. The Committee also will specify whether Dividend
Equivalent Rights are granted in conjunction with the Other Equity-Based Award. 
 10.02. Terms and Conditions 

The Committee, at the time an Other Equity-Based Award is made, shall specify the terms and conditions which govern the award. The terms and
conditions of an Other Equity-Based Award may prescribe that a Participant’s rights in the Other Equity-Based Award shall be forfeitable, non-transferable or otherwise restricted for a period of time or
subject to such other conditions as may be determined by the Committee, in its discretion and set forth in the Agreement. By way of example and not of limitation, the Committee may prescribe that a Participant’s rights in an Other Equity-Based
Award shall be forfeitable or otherwise restricted subject to continued employment or service, the attainment of performance objectives, including objectives stated with respect to one or more performance goals or objectives, or both. Other
Equity-Based Awards may be granted to Participants, either alone or in addition to other Awards granted under the Plan, and Other Equity-Based Awards may be granted in the settlement of other Awards granted under the Plan. 

10.03. Payment or Settlement 

Other Equity-Based Awards valued in whole or in part by reference to, or otherwise based on, Common Stock, shall be payable or settled in
shares of Common Stock, cash or a combination of shares of Common Stock and cash, as determined by the Committee in its discretion. Other Equity-Based Awards denominated as equity interests other than Common Stock may be paid or settled in shares or
units of such equity interests or cash or a combination of both as determined by the Committee in its discretion. 
 10.04. Stockholder Rights

 A Participant, as a result of receiving an Other Equity-Based Award, shall not have any rights as a stockholder until, and then only to
the extent that, the Other Equity-Based Award is earned and settled in shares of Common Stock. 

  
 16 

 ARTICLE XI 

INCENTIVE AWARDS 
 11.01.
Award 
 In accordance with the provisions of Articles III and IV, the Committee will designate each eligible
Person to whom an Incentive Award is to be made and will specify the terms and conditions of such Award. The Committee also will specify whether Dividend Equivalent Rights are granted in conjunction with the Incentive Award. 

11.02. Terms and Conditions 
 The
Committee, at the time an Incentive Award is made, shall specify the terms and conditions that govern the Award. 
 11.03. Settlement 

An Incentive Award that is earned shall be settled with a single lump sum payment which may be in cash, Common Stock or a combination of cash
and Common Stock, as determined by the Committee. 
 11.04. Stockholder Rights 

No Participant shall, as a result of receiving an Incentive Award, have any rights as a stockholder until the date that the Incentive Award is
settled and then only to the extent that the Incentive Award is settled by the issuance of shares of Common Stock. 
 ARTICLE XII 

CASH AWARDS 
 The Committee
is authorized to grant Cash Awards, on a free-standing basis or as an element of, a supplement to, or in lieu of any other Award under the Plan to Participant in such amounts and subject to such other terms as the Committee in its discretion
determines to be appropriate. 
 ARTICLE XIII 

PERFORMANCE AWARDS 
 13.01.
Award 
 In accordance with the provisions of Articles III and IV, the Committee will designate each individual
to whom a Performance Award is to be made and will specify the number of shares of Common Stock or other securities or property covered by such Award and the terms and conditions of such Award. The Committee also will specify whether Dividend
Equivalent Rights are granted in conjunction with the Performance Award. 

  
 17 

 13.02. Performance Goals Generally 

The Committee, on the date of the grant of a Performance Award, shall prescribe that the Performance Award will be earned, and the Participant
will be entitled to receive payment pursuant to the Performance Award, based on the satisfaction of one or more performance conditions or goals and a targeted level or levels of performance with respect to each of such conditions or goals, subject
to, if applicable, continued employment or service. The Committee may establish any such performance conditions or goals based on individual criteria or one or more business criteria for the Company, on a consolidated basis, and/or for specified
Affiliates of the Company or business or geographical units of the Company, or other measures of performance, as determined to be appropriate by the Committee in its discretion, which performance conditions or goals may be determined on an absolute
or relative basis or as compared to the performance of a published or special index deemed applicable by the Committee, in its discretion. Performance conditions or goals may differ for Performance Awards granted to any one Participant or to
different Participants. The performance period applicable to any Performance Award shall be set by the Committee in its discretion but shall not exceed ten (10) years. 
  

	13.03.	 Settlement 

At or following the end of the applicable performance period for a Performance Award, the Committee shall determine the amount, if any, of
such Performance Award that will become vested, exercisable and/or settled. Settlement of such Performance Award shall be in shares of Common Stock or other securities or property or a combination of the foregoing, in the discretion of the
Committee. The Committee may, in its discretion, reduce or increase the amount of vesting, exercisability and/or settlement otherwise to be made in connection with such Performance Award. 

13.04. Stockholder Rights 
 No
Participant shall, as a result of receiving an Performance Award, have any rights as a stockholder until the date that the Performance Award is settled and then only to the extent that the Performance Award is settled by the issuance of shares of
Common Stock. 
 ARTICLE XIV 

SUBSTITUTE AWARDS 
 Awards
may be granted in substitution or exchange for any other Award granted under the Plan or under another plan of the Company or any other right of a Participant to receive payment from the Company. Awards may be also be granted under the Plan in
substitution for similar awards held by individuals who become Participants as a result of a merger, consolidation or acquisition of another entity or the assets of another entity by or with the Company or an Affiliate of the Company.
Notwithstanding anything contained in the Plan to the contrary, such Substitute Awards referred to in the immediately preceding sentence that are Options or SARs may have an exercise price that is less than the Fair Market Value of a share of Common
Stock on the date of the substitution if such substitution complies with Section 409A and other applicable laws and exchange rules. Except as provided in this Article XIV or in Articles XV or XVIII hereof, the terms of
outstanding Awards may not be amended to reduce the exercise price or grant price of outstanding Options or SARs or to cancel outstanding Options and SARs in exchange for cash, other Awards or Options or SARs with an exercise price or grant price
that is less than the exercise price or grant price of the original Options or SARs without the approval of the stockholders of the Company. 

  
 18 

 ARTICLE XV 

ADJUSTMENT UPON CHANGE IN COMMON STOCK 

The Aggregate Limit, the maximum number of shares Common Stock that may be issued under the Plan through incentive stock options, the
individual grant limitations of Section 5.04 and the terms of outstanding Awards granted under the Plan shall be adjusted as the Board determines is equitably required in the event that (a) the Company (i) effects
one or more nonreciprocal transactions between the Company and its stockholders such as a stock dividend, extra-ordinary cash dividend, stock split, subdivision or consolidation of shares of Common Stock that affects the number or kind of shares of
Common Stock (or other securities of the Company) or the Fair Market Value (or the value of other Company securities) and causes a change in the Fair Market Value of the shares of Common Stock subject to outstanding Awards or (ii) engages in a
transaction to which Section 424 of the Code applies or (b) there occurs any other event which, in the judgment of the Board necessitates such action. Any determination made under this Article XV by the Board shall be
nondiscretionary, final and conclusive. 
 The issuance by the Company of any class of Common Stock, or securities convertible into any
class of Common Stock, for cash or property, or for labor or services, either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of Common Stock or obligations of the Company convertible into such
Common Stock or other securities, shall not affect, and no adjustment by reason thereof shall be made with respect to, the Aggregate Limit, the maximum number of Common Stock that may be issued under the Plan through incentive stock options, the
individual grant limitations of Section 5.04 or the terms of outstanding Awards under the Plan. 
 The Committee
may make Awards under the Plan in substitution for performance shares, phantom shares, share awards, stock options, stock appreciation rights, or similar awards held by an individual who becomes an employee of the Company or an Affiliate of the
Company in connection with a transaction described in the first paragraph of this Article XV. Notwithstanding any provision of the Plan, the terms of such substituted Awards granted under the Plan shall be as the Committee,
in its discretion, determines is appropriate. 
 ARTICLE XVI 

COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES 

No Option or SAR shall be exercisable, no shares of Common Stock shall be issued, no certificates for shares of Common Stock shall be
delivered, and no payment shall be made under the Plan except in compliance with all applicable federal, state and foreign laws and regulations (including, without limitation, withholding tax requirements), any listing agreement to which the Company
is a party, and the rules of all stock exchanges on which the Common Stock may be listed. The Company shall have the right to rely on an opinion of its counsel as to such compliance. Any certificate issued to represent shares of Common Stock when an
Award is granted, settled or exercised may bear such legends and statements as the Committee may deem advisable to assure compliance with federal, state and foreign laws and regulations. No Award shall be granted, settled or exercised until the
Company has obtained such consent or approval as the Committee may deem advisable from regulatory bodies having jurisdiction over such matters. 

  
 19 

 ARTICLE XVII 

GENERAL PROVISIONS 
 17.01.
General 
 Awards granted under the Plan may, in the discretion of the Committee, be granted either alone, in addition to, or
in tandem with any other Award. In addition, the Committee may impose on any Award or the exercise thereof, at the date of grant or thereafter (subject to Article XIX), such additional terms and conditions, not inconsistent with the
provisions of the Plan, as the Committee shall determine. Without limiting the scope of the preceding sentence, the Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing any performance
goals applicable to an Award, and any such performance goals may differ among Awards granted to any one Participant or to different Participants. Except as otherwise provided in an Agreement, the Committee may exercise its discretion to reduce
or increase the amounts payable under any Award. 
 17.02. Effect on Employment and Service; Employee Status 

Neither the adoption of the Plan, its operation, the grant of any Award, nor any documents describing or referring to the Plan (or any part
thereof), shall confer upon any individual or entity any right to continue in the employ or service of the Company or an Affiliate of the Company or in any way affect any right and power of the Company or an Affiliate of the Company to terminate the
employment or service of any individual or entity at any time with or without assigning a reason therefor. If the terms of any Award provide that (a) it may be earned or exercised, (b) shares may become transferable and non-forfeitable thereunder, or (c) payment will be made thereunder, in each case, only after completion of a specified period of employment or continuous service only during employment or continued service or
within a specified period of time after termination of employment or continued service, the Committee may decide to what extent leaves of absence for governmental or military service, illness, temporary disability or other reasons shall not be
deemed interruptions of continuous employment or service. 
 17.03. Unfunded Plan 

The Plan, insofar as it provides for grants, shall be unfunded, and the Company shall not be required to segregate any assets that may at any
time be represented by grants under the Plan. Any liability of the Company to any person with respect to any grant under the Plan shall be based solely upon any contractual obligations that may be created pursuant to the Plan. No such obligation of
the Company shall be deemed to be secured by any pledge of, or other encumbrance on, any property of the Company. 
 17.04. Rules of
Construction 
 (a) Headings are given to the articles and sections of the Plan solely as a convenience to facilitate reference. The
reference to any statute, regulation, or other provision of law shall be construed to refer to any amendment to or successor of such provision of law. 

  
 20 

 (b) All Awards are intended to comply with, or otherwise be exempt from, Section 409A.
The Plan and all Agreements shall be administered, interpreted and construed in a manner consistent with that intent. Nevertheless, the tax treatment of the benefits provided under the Plan or any Agreement is not warranted or guaranteed. Neither
the Company, its Affiliates nor their respective directors or trustees, officers, employees or advisors (other than in his or her individual capacity as a Participant with respect to his or her individual liability for taxes, interest, penalties or
other monetary amounts) shall be held liable for any taxes, interest, penalties or other monetary amounts owed by any Participant or any other taxpayer as a result of the Plan or any Agreement. If any provision of the Plan or any Agreement is found
not to comply with, or otherwise not be exempt from, the provisions of Section 409A, it may be modified and given effect, in the sole discretion of the Committee and without requiring the Participant’s consent, in such manner as the
Committee determines to be necessary or appropriate to comply with, or effectuate an exemption from, Section 409A. Each payment under an Award granted under the Plan shall be treated as a separate identified payment for purposes of
Section 409A. 
 (c) If a payment obligation under an Award or an Agreement arises on account of the Participant’s termination of
employment and such payment obligation constitutes “deferred compensation” (as defined under Section 409A), it shall be payable only after the Participant’s “separation from service” (as defined under
Section 409A); provided, however, that if the Participant is a “specified employee” (as defined under Section 409A) then, subject to any permissible acceleration of payment by the Committee under Section 409A, any
such payment that is scheduled to be paid within six (6) months after such separation from service shall accrue without interest and shall be paid on the first (1st) day of the seventh (7th) month beginning after the date of the
Participant’s separation from service or, if earlier, within fifteen (15) days after the appointment of the personal representative or executor of the Participant’s estate following the Participant’s death. 

17.05. Withholding Taxes 
 Each
Participant shall be responsible for satisfying any income, employment and other tax withholding obligations attributable to participation in the Plan. Unless otherwise provided by the Agreement, any such withholding tax obligations may be satisfied
in cash (including from any cash payable in settlement of an Award) or a cash equivalent acceptable to the Committee. Except to the extent prohibited by Section 409A, any statutory federal, state, district, city or foreign withholding tax
obligations also may be satisfied (a) by surrendering to the Company shares of Common Stock previously acquired by the Participant; (b) by authorizing the Company to withhold or reduce the number of shares of Common Stock otherwise
issuable to the Participant upon the grant, vesting, settlement and/or exercise of an Award; or (c) by any other method as may be approved by the Committee. If shares of Common Stock are used to pay all or part of such tax withholding
obligation, the Fair Market Value of the shares of Common Stock surrendered, withheld or reduced shall be determined as of the date of surrender, withholding or reduction and the maximum number of shares of Common Stock which may be withheld,
surrendered or reduced shall be the number of shares of Common Stock which have a Fair Market Value on the date of surrender, withholding or reduction equal to the aggregate amount of such tax liabilities determined based on the greatest withholding
rates for federal, state, foreign and/or local tax purposes, including payroll taxes, that may be utilized (and which may be limited to flat rate withholding) without creating adverse accounting, tax or other consequences to the Company or any of
its Affiliates, as determined by the Committee in its sole discretion. 

  
 21 

 17.06. Fractional Shares 

No fractional share of Common Stock shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine in its
sole discretion whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional share of Common Stock or whether such fractional share of Common Stock or any rights thereto shall be canceled, terminated, or
otherwise eliminated with or without consideration. 
 17.07. Governing Law 

All questions arising with respect to the provisions of the Plan and Awards shall be determined by application of the laws of the State of
Delaware, without giving effect to any conflict of law provisions thereof, except to the extent Delaware law is preempted by federal law. The obligation of the Company to sell and deliver shares of Common Stock hereunder is subject to applicable
federal and state laws and to the approval of any governmental authority required in connection with the authorization, issuance, sale, or delivery of such shares of Common Stock. 

17.08. Clawback 
 The Plan is
subject to any written clawback policies that the Company, with the approval of the Board, may adopt. Any such policy may subject a Participant’s Awards and amounts paid or realized with respect to Awards under the Plan to reduction,
cancelation, forfeiture or recoupment if certain specified events or wrongful conduct occur, including but not limited to an accounting restatement due to the Company’s material noncompliance with financial reporting regulations or other events
or wrongful conduct specified in any such clawback policy adopted to conform to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and rules promulgated thereunder by the Securities and Exchange Commission and that the Company
determines should apply to the Plan. 
 17.09. Nontransferability 

(a) Except as provided in Sections 17.09(c) and (d), each Option and SAR shall be exercisable only by the Participant during the
Participant’s lifetime, or by the person to whom the Participant’s rights shall pass by will or the laws of descent and distribution. Notwithstanding anything to the contrary in this Section 17.09, an incentive
stock option shall not be transferable other than by will or the laws of descent and distribution. 
 (b) Except as provided in Sections
17.09(a), (c) and (d), no Award, other than a Stock Award (in the form of unrestricted Common Stock), and no right under any such Award, may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by
a Participant and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate. 

(c) To the extent specifically provided by the Committee, an Award may be transferred by a Participant without consideration to immediate
family members or related family trusts, limited partnerships or similar entities or on such terms and conditions as the Committee may from time to time establish. 

(d) An Award may be transferred pursuant to a domestic relations order entered or approved by a court of competent jurisdiction upon delivery
to the Company of a written request for such transfer and a certified copy of such order. 

  
 22 

 ARTICLE XVIII 

CHANGE IN CONTROL 
 18.01. Impact of
Change in Control 
 In the event of a Change in Control, the Committee is authorized, in its discretion, to cause (a) all
outstanding Options and SARs to become fully vested and exercisable immediately prior to such Change in Control and (b) all other outstanding Awards to become earned and non-forfeitable in their entirety
upon such Change in Control. 
 18.02. Assumption Upon Change in Control 

In the event of a Change in Control, the Committee, in its discretion and without the need for a Participant’s consent, may provide that
an outstanding Award shall be assumed by, or a substitute award shall be granted by the surviving entity resulting from a transaction described in Section 1.06 (including, if applicable, the ultimate parent entity that
directly or indirectly has beneficial ownership of sufficient voting securities to elect a majority of the members of the board of directors (or analogous governing body) of such entity). The assumed or substituted award shall have a value, as of
the Control Change Date, that is substantially equal to the value of the original Award as of such date as the Committee determines is equitably required, and the assumed or substituted award shall have such other terms and conditions as may be
prescribed by the Committee. 
 18.03. Cash-Out Upon Change in Control 

If an Award is not assumed or replaced with a substitute award in accordance with Section 18.02, upon a Change in
Control, the Committee, in its discretion and without the need of a Participant’s consent, may provide that each Award shall be cancelled in exchange for a payment. The payment may be in cash, shares of Common Stock or other securities or
consideration received by stockholders in the Change in Control transaction. The amount of the payment shall be an amount that is substantially equal to (a) if the Award is denominated or to be settled in cash, the entire amount that can be
paid under the Award (which, with respect to a Performance Award, unless a greater amount is otherwise provided by the Committee or an Agreement, shall be the greater of the target performance or actual performance determined at the time of the
Change in Control) or (b) (i) the amount by which the price per share received by stockholders in the Change in Control for each share of Common Stock exceeds the Option price or Initial Value in the case of an Option and SAR, or (ii) for
each share of Common Stock subject to an Award denominated in Common Stock or valued in reference to Common Stock, the price per share received by stockholders or (iii) for each other Award denominated in other securities or property, the value
of such other securities or property, in each case as determined by the Committee. If the Option price or Initial Value exceeds the price per share received by stockholders in the Change in Control transaction, the Option or SAR may be cancelled
under this Section 18.03 without any payment to the Participant. 

  
 23 

 ARTICLE XIX 

AMENDMENT 
 The Board may
amend or terminate the Plan at any time; provided, however, that no amendment may adversely impair the rights of Participants with respect to outstanding Awards; provided further, any adjustments made pursuant to Article XIV,
XV or XVIII will not be deemed to adversely impair the rights of Participants with respect to outstanding Awards. In addition, an amendment will be contingent on approval of the Company’s stockholders if such approval is required
by law or the rules of any exchange on which the shares of Common Stock are listed or if the amendment would materially increase the benefits accruing to Participants under the Plan, materially increase the aggregate number of shares of Common Stock
that may be issued under the Plan (except as provided in Article XV) or materially modify the requirements as to eligibility for participation in the Plan. For the avoidance of doubt, the Board may not (except pursuant to Article XIV,
XV or XVIII) without the approval of stockholders, (a) reduce the Option price per share of an outstanding Option or the Initial Value of an outstanding SAR, (b) make a payment to cancel an outstanding Option or SAR when the
Option price or Initial Value, as applicable, exceeds the Fair Market Value or (c) take any other action with respect to an outstanding Option or SAR that may be treated as a repricing of the Award under the rules and regulations of the
principal securities exchange on which the shares of Common Stock are listed for trading. 
 ARTICLE XX 

EFFECTIVENESS AND DURATION OF PLAN 

Awards may be granted under the Plan on and after the Effective Date. No Award may be granted under the Plan on and after the tenth (10th)
anniversary of the Effective Date. Awards granted before such date shall remain valid in accordance with their terms. 

  
 24EX-10.7

 Exhibit 10.7 

FORM 
 CRESCENT
ENERGY COMPANY 
 2021 EQUITY INCENTIVE PLAN 

RESTRICTED STOCK UNIT GRANT NOTICE 

Pursuant to the terms and conditions of the Crescent Energy Company 2021 Equity Incentive Plan, as amended from time to time (the
“Plan”), Crescent Energy Company (the “Company”) hereby grants to the individual listed below (“you” or the “Participant”) the number of Restricted Stock Units (the
“RSUs”) set forth below. This award of RSUs (this “Award”) is subject to the terms and conditions set forth herein and in the Restricted Stock Unit Agreement attached hereto as Exhibit A (the
“Agreement”) and the Plan, each of which is incorporated herein by reference. Capitalized terms used but not defined herein shall have the meanings set forth in the Plan. 

 

			
	Participant:	  	                                      
  
		
	Date of Grant:	  	                                      
  
		
	Total Number of Restricted Stock Units:	  	                                      
  
		
	Vesting Commencement Date:	  	                                      
  
		
	Vesting Schedule:	  	Except as expressly provided in Sections 3 and 4 of the Agreement, the Plan and the other terms and conditions set forth herein, the RSUs shall vest according to the following schedule, so long as you remain
continuously employed by the Company or an Affiliate from the Date of Grant through each vesting date set forth below:

  

									
	 	 	 	 	 Vesting Date
	  	 Portion of RSUs

that Vest
	  	 

  

			
	Settlement:	  	Settlement of the RSUs shall be made solely in shares of Common Stock, which shall be delivered to you in accordance with Section 5 of the Agreement.

 By your signature below, you agree to be bound by the terms and conditions of the Plan, the Agreement and this
Restricted Stock Unit Grant Notice (this “Grant Notice”). You acknowledge that you have reviewed the Agreement, the Plan and this Grant Notice in their entirety and fully understand all provisions of the Agreement, the Plan and this
Grant Notice. You hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Committee regarding any questions or determinations that arise under the Agreement, the Plan or this Grant Notice. This Grant Notice
may be executed in one or more counterparts (including portable document format (.pdf) and facsimile counterparts), each of which shall be deemed to be an original, but all of which together shall constitute one and the same agreement. 

[Signature Page Follows] 

 IN WITNESS WHEREOF, the Company has caused this Grant Notice to be executed by an
officer thereunto duly authorized, and the Participant has executed this Grant Notice, effective for all purposes as provided above. 
  

			
	COMPANY
	
	Crescent Energy Company
		
	By:	 	      

	Name:
	Title:

 
			
	
	PARTICIPANT
		
	Signature:	 	
                 

	Name:

 Signature Page to 

Restricted Stock Unit Grant Notice 

 EXHIBIT A 

RESTRICTED STOCK UNIT AGREEMENT 

This Restricted Stock Unit Agreement (together with the Grant Notice to which this Agreement is attached, this “Agreement”)
is made as of the Date of Grant set forth in the Grant Notice to which this Agreement is attached by and between Crescent Energy Company, a Delaware corporation (the “Company”), and _________ (the “Participant”).
Capitalized terms used but not specifically defined herein shall have the meanings specified in the Plan or the Grant Notice. 
 1.
Award. In consideration of the Participant’s past and/or continued employment with, or service to, the Company or its Affiliates and for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, effective as of the Date of Grant set forth in the Grant Notice (the “Date of Grant”), the Company hereby grants to the Participant the number of RSUs set forth in the Grant Notice on the terms and conditions set forth
in the Grant Notice, this Agreement and the Plan, which is incorporated herein by reference as a part of this Agreement. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control. To the extent
vested, each RSU represents the right to receive one share of Common Stock, subject to the terms and conditions set forth in the Grant Notice, this Agreement and the Plan. Unless and until the RSUs have become vested in the manner set forth in the
Grant Notice, the Participant will have no right to receive any Common Stock or other payments in respect of the RSUs. Prior to settlement of this Award, the RSUs and this Award represent an unsecured obligation of the Company, payable only from the
general assets of the Company. 
 2. Vesting of RSUs. Except as otherwise set forth in Sections 3, and 4, the
RSUs shall vest in accordance with the vesting schedule set forth in the Grant Notice. 
 3. Effect of Termination of
Employment. Except as otherwise set forth in Section 4 or as provided otherwise in any employment agreement between the Participant and the Company or an Affiliate, if the Participant’s employment with the
Company or an Affiliate terminates prior to the date the RSUs vest in accordance with Section 2, then upon the termination of the Participant’s employment with the Company or an Affiliate for any reason, any RSUs that
have not yet vested (and all rights arising from such RSUs and from being a holder thereof), unless otherwise determined by the Committee, will terminate automatically without any further action by the Company and will be forfeited without further
notice and at no cost to the Company. 
 4. Change in Control. If there is both (x) a Change in Control (as defined in the
Plan) of the Company and (y) the Participant’s employment with the Company or an Affiliate is terminated within 12 months of such Change in Control by the Company without Cause (as defined below) or by the Participant for Good Reason (as
defined below), any unvested RSUs shall become fully vested and non-forfeitable upon the date of the termination of the Participant’s employment. 

For purposes of this Agreement, the term “Cause” shall mean “cause” (or a term of like import) as defined under the
Participant’s employment, consulting and/or severance agreement with the Company or, in the absence of such an agreement or definition, shall mean a determination by the Company in its sole discretion that the Participant has: (a) engaged
in gross negligence or willful misconduct in the performance of the Participant’s duties with respect to the Company or an Affiliate, (b) materially breached any material provision of any written agreement between the Participant and the
Company or an Affiliate or corporate policy or code of conduct established by the Company or an Affiliate and applicable to the Participant; (c) willfully engaged in conduct that is materially injurious to the Company or an Affiliate; or
(d) been convicted of, pleaded no contest to or received adjudicated probation or deferred adjudication in connection with, a felony involving fraud, dishonestly or moral turpitude (or a crime of similar import in a foreign jurisdiction). 

  
 Exhibit A-1 

 For purposes of this Agreement, the term “Good Reason” shall mean
“good reason” (or a term of like import) as defined under the Participant’s employment, consulting and/or severance agreement with the Company or, in the absence of such an agreement or definition, shall mean a material diminution in
the Participant’s base salary; provided that, in the case of the Participant’s assertion of Good Reason, (a) the condition described in the foregoing clause must have arisen without the Participant’s consent; (b) the
Participant must provide written notice to the Company of such condition in accordance with this Agreement within 45 days of the initial existence of the condition; (c) the condition specified in such notice must remain uncorrected for 30 days
after receipt of such notice by the Company; and (d) the date of termination of the Participant’s employment or other service relationship with the Company or an Affiliate must occur within 90 days after such notice is received by the
Company. 
 5. Settlement of RSUs. As soon as administratively practicable following the vesting of RSUs pursuant to
Sections 2 or 4, but in no event later than 60 days following such vesting date, the Company shall deliver to the Participant (or the Participant’s permitted transferee, if applicable), a number of shares of Common Stock equal to
the number of RSUs that become vested on such date. All shares of Common Stock, if any, issued hereunder shall be delivered either by delivering one or more certificates for such shares to the Participant or by entering such shares in book-entry
form, as determined by the Committee in its sole discretion. The value of shares of Common Stock shall not bear any interest owing to the passage of time. Neither this Section 5 nor any action taken pursuant to or in
accordance with this Agreement shall be construed to create a trust or a funded or secured obligation of any kind. 
 6. Tax
Withholding. To the extent that the receipt, vesting or settlement of this Award results in compensation income or wages to the Participant for federal, state, local and/or foreign tax purposes, the Participant shall make arrangements
satisfactory to the Company for the satisfaction of obligations for the payment of withholding taxes and other tax obligations relating to this Award, which arrangements include the delivery of cash or cash equivalents, Common Stock (including
previously owned Common Stock, net settlement, a broker-assisted sale, or other cashless withholding or reduction of the amount of shares otherwise issuable or delivered pursuant to this Award), other property, or any other legal consideration the
Committee deems appropriate. If such tax obligations are satisfied through net settlement or the surrender of previously owned Common Stock, the maximum number of shares of Common Stock that may be so withheld (or surrendered) shall be the number of
shares of Common Stock that have an aggregate Fair Market Value on the date of withholding or surrender equal to the aggregate amount of such tax liabilities determined based on the greatest withholding rates for federal, state, local and/or foreign
tax purposes, including payroll taxes, that may be utilized without creating adverse accounting treatment for the Company with respect to this Award, as determined by the Committee. The Participant acknowledges that there may be adverse tax
consequences upon the receipt, vesting or settlement of this Award or disposition of the underlying shares and that the Participant has been advised, and hereby is advised, to consult a tax advisor. The Participant represents that the Participant is
in no manner relying on the Board, the Committee, the Company or an Affiliate or any of their respective managers, directors, officers, employees or authorized representatives (including, without limitation, attorneys, accountants, consultants,
bankers, lenders, prospective lenders and financial representatives) for tax advice or an assessment of such tax consequences. 
 7. Non-Transferability. During the lifetime of the Participant, the RSUs may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution, unless and
until the shares of Common Stock underlying the RSUs have been issued, and all restrictions applicable to such shares have lapsed. Neither the RSUs nor any interest or right therein shall be liable for the debts, contracts or engagements of the
Participant or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means, whether such disposition be voluntary or involuntary or by operation of
law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted
by the preceding sentence. 

  
 Exhibit A-2 

 8. Compliance with Applicable Law. Notwithstanding any provision of this
Agreement to the contrary, the issuance of Common Stock hereunder will be subject to compliance with all applicable requirements of applicable law with respect to such securities and with the requirements of any stock exchange or market system upon
which the Common Stock may then be listed. No Common Stock will be issued hereunder if such issuance would constitute a violation of any applicable law or regulation or the requirements of any stock exchange or market system upon which the Common
Stock may then be listed. In addition, Common Stock will not be issued hereunder unless (a) a registration statement under the Securities Act of 1933, as amended, is in effect at the time of such issuance with respect to the shares to be issued
or (b) the shares to be issued are permitted to be issued in accordance with the terms of an applicable exemption from the registration requirements of the Securities Act of 1933, as amended. The inability of the Company to obtain from any
regulatory body having jurisdiction the authority, if any, deemed to be necessary for the lawful issuance and sale of any Common Stock hereunder will relieve the Company of any liability in respect of the failure to issue such shares as to which
such requisite authority has not been obtained. As a condition to any issuance of Common Stock hereunder, the Company may require the Participant to satisfy any requirements that may be necessary or appropriate to evidence compliance with any
applicable law or regulation and to make any representation or warranty with respect to such compliance as may be requested by the Company. 

9. Legends. If a stock certificate is issued with respect to Common Stock delivered hereunder, such certificate shall bear such
legend or legends as the Committee deems appropriate in order to reflect the restrictions set forth in this Agreement and to ensure compliance with the terms and provisions of this Agreement, the rules, regulations and other requirements of the
Securities and Exchange Commission, any applicable laws or the requirements of any stock exchange on which the Common Stock is then listed. If the shares of Common Stock issued hereunder are held in book-entry form, then such entry will reflect that
the shares are subject to the restrictions set forth in this Agreement. 
 10. Rights as a Stockholder;
Dividends. The Participant shall have no rights as a stockholder of the Company with respect to any Common Stock that may become deliverable hereunder unless and until the Participant has become the holder of record of such Common
Stock, and no adjustments shall be made for dividends in cash or other property, distributions or other rights in respect of any such Common Stock, except as otherwise specifically provided for in the Plan or this Agreement. The Participant will
have no right to receive any dividends or other distribution with respect to a RSU unless and until shares of Common Stock have been delivered in respect of the RSUs that become vested, if any, in accordance with the terms and conditions of this
Agreement. 
 11. Execution of Receipts and Releases. Any issuance or transfer of shares of Common Stock or other property to
the Participant or the Participant’s legal representative, heir, legatee or distributee, in accordance with this Agreement shall be in full satisfaction of all claims of such person hereunder. As a condition precedent to such payment or
issuance, the Company may require the Participant or the Participant’s legal representative, heir, legatee or distributee to execute (and not revoke within any time provided to do so) a release and receipt therefor in such form as it shall
determine appropriate; provided, however, that any review period under such release will not modify the date of settlement with respect to vested RSUs. 

12. No Right to Continued Employment, Service or Awards. Nothing in the adoption of the Plan, nor the award of the RSUs
thereunder pursuant to the Grant Notice and this Agreement, shall confer upon the Participant the right to continued employment by, or a continued service relationship with, the Company or any Affiliate, or any other entity, or affect in any way the
right of the Company or any such Affiliate, or any other entity to terminate such employment or other service relationship at any time. The grant of the RSUs is a one-time benefit and does not create any
contractual or other right to receive a grant of Awards or benefits in lieu of Awards in the future. Any future Awards will be granted at the sole discretion of the Company. 

  
 Exhibit A-3 

 13. Lock-Up Period. If so requested by
the Company or any representative of the underwriters in connection with any offering of the Company’s securities, the Participant (or other holder) shall not sell or otherwise transfer or distribute any Common Stock or other securities of the
Company (or any securities convertible or exchangeable or exercisable for Common Stock or engage in any hedging transactions relating to Common Stock) during such period as may be requested in writing by such underwriters and agreed to in writing by
the Company. 
 14. Notices. Notices hereunder shall be mailed or delivered to the Company at its principal place of business
and shall be mailed or delivered to the Participant at the address on file with the Company or, in either case, at such other address as one party may subsequently furnish to the other party in writing. Any notice that is delivered personally or by
overnight courier or telecopier in the manner provided herein shall be deemed to have been duly given to the Participant when it is mailed by the Company or, if such notice is not mailed to the Participant, upon receipt by the Participant. Any
notice that is addressed and mailed in the manner herein provided shall be conclusively presumed to have been given to the party to whom it is addressed at the close of business, local time of the recipient, on the fourth day after the day it is so
placed in the mail. 
 15. Consent to Electronic Delivery; Electronic Signature. In lieu of receiving documents in paper
format, the Participant agrees, to the fullest extent permitted by law, to accept electronic delivery of any documents that the Company may be required to deliver (including, but not limited to, prospectuses, prospectus supplements, grant or award
notifications and agreements, account statements, annual and quarterly reports and all other forms of communications) in connection with this and any other Award made or offered by the Company. Electronic delivery may be via a Company electronic
mail system or by reference to a location on a Company intranet to which the Participant has access. The Participant hereby consents to any and all procedures the Company has established or may establish for an electronic signature system for
delivery and acceptance of any such documents that the Company may be required to deliver, and agrees that the Participant’s electronic signature is the same as, and shall have the same force and effect as, the Participant’s manual
signature. 
 16. Agreement to Furnish Information. The Participant agrees to furnish to the Company all information requested
by the Company to enable it to comply with any reporting or other requirement imposed upon the Company by or under any applicable statute or regulation. 

17. Entire Agreement; Amendment. This Agreement constitutes the entire agreement of the parties with regard to the subject matter
hereof, and contains all the covenants, promises, representations, warranties and agreements between the parties with respect to the RSUs granted hereby. Without limiting the scope of the preceding sentence, except as provided therein, all prior
understandings and agreements, if any, among the parties hereto relating to the subject matter hereof are hereby null and void and of no further force and effect. The Committee may, in its sole discretion, amend this Agreement from time to time in
any manner that is not inconsistent with the Plan; provided, however, that except as otherwise provided in the Plan or this Agreement, any such amendment that materially reduces the rights of the Participant shall be effective only if it is in
writing and signed by both the Participant and an authorized officer of the Company. 

  
 Exhibit A-4 

 18. Severability and Waiver. If a court of competent jurisdiction determines
that any provision of this Agreement is invalid or unenforceable, then the invalidity or unenforceability of such provision shall not affect the validity or enforceability of any other provision of this Agreement, and all other provisions shall
remain in full force and effect. Waiver by any party of any breach of this Agreement or failure to exercise any right hereunder shall not be deemed to be a waiver of any other breach or right. The failure of any party to take action by reason of
such breach or to exercise any such right shall not deprive the party of the right to take action at any time while or after such breach or condition giving rise to such rights continues. 

19. Clawback. Notwithstanding any provision in the Grant Notice, this Agreement or the Plan to the contrary, to the extent
required by (a) applicable law, including, without limitation, the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, any Securities and Exchange Commission rule or any applicable securities exchange listing
standards and/or (b) any policy that may be adopted or amended by the Board from time to time, all Common Stock issued hereunder shall be subject to forfeiture, repurchase, recoupment and/or cancellation to the extent necessary to comply with
such law(s) and/or policy. 
 20. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF DELAWARE APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED THEREIN, EXCLUSIVE OF THE CONFLICT OF LAWS PROVISIONS OF DELAWARE LAW. 

21. Successors and Assigns. The Company may assign any of its rights under this Agreement without the Participant’s consent.
This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein and in the Plan, this Agreement will be binding upon the Participant and the
Participant’s beneficiaries, executors, administrators and the person(s) to whom the RSUs may be transferred by will or the laws of descent or distribution. 

22. Headings. Headings are for convenience only and are not deemed to be part of this Agreement. 

23. Section 409A. Notwithstanding anything herein or in the Plan to the contrary, the RSUs
granted pursuant to this Agreement are intended to comply with the applicable requirements of Section 409A of the Code, as amended from time to time, or an exemption thereunder, and the guidance and regulations promulgated thereunder and
successor provisions, guidance and regulations thereto (the “Nonqualified Deferred Compensation Rules”) and shall be construed and interpreted in accordance with such intent. If the Participant is deemed to be a “specified
employee” within the meaning of the Nonqualified Deferred Compensation Rules, as determined by the Committee, at a time when the Participant becomes eligible for settlement of the RSUs upon his “separation from service” within the
meaning of the Nonqualified Deferred Compensation Rules, then to the extent necessary to prevent any accelerated or additional tax under the Nonqualified Deferred Compensation Rules, such settlement will be delayed until the earlier of: (a) the
date that is six months following the Participant’s separation from service and (b) the Participant’s death. Notwithstanding the foregoing, the Company and its Affiliates make no representations that the RSUs provided under this
Agreement are compliant with or exempt from the Nonqualified Deferred Compensation Rules and in no event shall the Company or any Affiliate be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by
the Participant on account of non-compliance with the Nonqualified Deferred Compensation Rules. 

  
 Exhibit A-5

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