Document:

EX-10.1

 Exhibit 10.1 

 
  

FORM OF 
 LAIRD
SUPERFOOD, INC. 
 2020 OMNIBUS INCENTIVE PLAN 
  

 

 TABLE OF CONTENTS 

 

											
	 	 	 	  	 	  	 	  	Page	 
	 1.
	 	 PURPOSE
	  	 	1	 
			
	 2.
	 	 DEFINITIONS
	  	 	1	 
			
	 3.
	 	 ADMINISTRATION OF THE PLAN
	  	 	8	 
		 	 3.1
	  	 Committee
	  	 	8	 
		 		  	 3.1.1
	  	 Powers and Authorities
	  	 	8	 
		 		  	 3.1.2
	  	 Composition of the Committee
	  	 	8	 
		 		  	 3.1.3
	  	 Other Committees
	  	 	9	 
		 	 3.2
	  	 Board
	  		  	 	9	 
		 	 3.3
	  	 Terms of Awards
	  	 	9	 
		 		  	 3.3.1
	  	 Committee Authority
	  	 	9	 
		 		  	 3.3.2
	  	 Forfeiture; Recoupment
	  	 	10	 
		 	 3.4
	  	 No Repricing Without Stockholder Approval
	  	 	10	 
		 	 3.5
	  	 Deferral Arrangement
	  	 	10	 
		 	 3.6
	  	 Registration; Share Certificates
	  	 	11	 
			
	 4.
	 	 STOCK SUBJECT TO THE PLAN
	  	 	11	 
		 	 4.1
	  	 Number of Shares of Stock Available for Awards
	  	 	11	 
		 	 4.2
	  	 Adjustments in Authorized Shares of Stock
	  	 	11	 
		 	 4.3
	  	 Share Usage
	  	 	12	 
			
	 5.
	 	 TERM; AMENDMENT AND TERMINATION
	  	 	12	 
		 	 5.1
	  	 Term
	  		  	 	12	 
		 	 5.2
	  	 Amendment, Suspension, and Termination
	  	 	12	 
			
	 6.
	 	 AWARD ELIGIBILITY AND LIMITATIONS
	  	 	13	 
		 	 6.1
	  	 Eligible Grantees
	  	 	13	 
		 	 6.2
	  	 Non-Employee Director Compensation
	  	 	13	 
		 	 6.3
	  	 Stand-Alone, Additional, Tandem, and Substitute Awards
	  	 	13	 
			
	 7.
	 	 AWARD AGREEMENT
	  	 	14	 
			
	 8.
	 	 TERMS AND CONDITIONS OF OPTIONS
	  	 	14	 
		 	 8.1
	  	 Option Price
	  	 	14	 
		 	 8.2
	  	 Vesting and Exercisability
	  	 	14	 
		 	 8.3
	  	 Term
	  		  	 	14	 
		 	 8.4
	  	 Termination of Service
	  	 	14	 
		 	 8.5
	  	 Limitations on Exercise of Option
	  	 	15	 
		 	 8.6
	  	 Method of Exercise
	  	 	15	 
		 	 8.7
	  	 Rights of Holders of Options
	  	 	15	 
		 	 8.8
	  	 Delivery of Stock
	  	 	15	 
		 	 8.9
	  	 Transferability of Options
	  	 	15	 
		 	 8.10
	  	 Family Transfers
	  	 	15	 
		 	 8.11
	  	 Limitations on Incentive Stock Options
	  	 	16	 
		 	 8.12
	  	 Notice of Disqualifying Disposition
	  	 	16	 

  
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	9.	 	 TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS
	 	16
		 	 9.1
	  	 Right to Payment and SAR Price
	 	16
		 	 9.2
	  	 Other Terms
	 	16
		 	 9.3
	  	 Term
	  		 	17
		 	 9.4
	  	 Rights of Holders of SARs
	 	17
		 	 9.5
	  	 Transferability of SARs
	 	17
		 	 9.6
	  	 Family Transfers
	 	17
			
	 10.
	 	TERMS AND CONDITIONS OF RESTRICTED STOCK, RESTRICTED STOCK UNITS, AND DEFERRED STOCK UNITS	 	18
		 	 10.1
	  	 Grant of Restricted Stock, Restricted Stock Units, and Deferred Stock
Units
	 	18
		 	 10.2
	  	 Restrictions
	 	18
		 	 10.3
	  	 Registration; Restricted Stock Certificates
	 	18
		 	 10.4
	  	 Rights of Holders of Restricted Stock
	 	18
		 	 10.5
	  	 Rights of Holders of Restricted Stock Units and Deferred Stock Units
	 	19
		 		  	 10.5.1
	  	 Voting and Dividend Rights
	 	19
		 		  	 10.5.2
	  	 Creditor’s Rights
	 	19
		 	 10.6
	  	 Termination of Service
	 	19
		 	 10.7
	  	 Purchase of Restricted Stock and Shares of Stock Subject to Restricted Stock Units
and Deferred Stock Units
	 	19
		 	 10.8
	  	 Delivery of Shares of Stock
	 	20
			
	 11.
	 	TERMS AND CONDITIONS OF UNRESTRICTED STOCK AWARDS AND OTHER EQUITY-BASED AWARDS	 	20
		 	 11.1
	  	 Unrestricted Stock Awards
	 	20
		 	 11.2
	  	 Other Equity-Based Awards
	 	20
			
	 12.
	 	 TERMS AND CONDITIONS OF DIVIDEND EQUIVALENT RIGHTS
	 	20
		 	 12.1
	  	 Dividend Equivalent Rights
	 	20
		 	 12.2
	  	 Termination of Service
	 	21
			
	 13.
	 	 TERMS AND CONDITIONS OF PERFORMANCE-BASED AWARDS
	 	21
		 	 13.1
	  	 Grant of Performance-Based Awards
	 	21
		 	 13.2
	  	 Value of Performance-Based Awards
	 	21
		 	 13.3
	  	 Earning of Performance-Based Awards
	 	21
		 	 13.4
	  	 Form and Timing of Payment of Performance-Based Awards
	 	21
		 	 13.5
	  	 Performance Conditions
	 	22
		 	 13.6
	  	 Evaluation of Performance
	 	22
			
	 14.
	 	 FORMS OF PAYMENT
	 	22
		 	 14.1
	  	 General Rule
	 	22
		 	 14.2
	  	 Surrender of Shares of Stock
	 	23
		 	 14.3
	  	 Cashless Exercise
	 	23
		 	 14.4
	  	 Other Forms of Payment
	 	23
			
	 15.
	 	 REQUIREMENTS OF LAW
	 	23
		 	 15.1
	  	 General
	  		 	23
		 	 15.2
	  	 Rule 16b-3
	 	24

  
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	 16.
	 	 EFFECT OF CHANGES IN CAPITALIZATION
	 	24
		 	 16.1
	  	 Changes in Stock
	 	24
		 	 16.2
	  	Reorganization in Which the Company Is the Surviving Entity Which Does not Constitute a Change in Control	 	25
		 	 16.3
	  	 Change in Control in which Awards are not Assumed
	 	25
		 	 16.4
	  	 Change in Control in which Awards are Assumed
	 	26
		 	 16.5
	  	 Adjustments
	 	27
		 	 16.6
	  	 No Limitations on Company
	 	27
			
	 17.
	 	 PARACHUTE LIMITATIONS
	 	27
			
	 18.
	 	 GENERAL PROVISIONS
	 	28
		 	 18.1
	  	 Disclaimer of Rights
	 	28
		 	 18.2
	  	 Nonexclusivity of the Plan
	 	28
		 	 18.3
	  	 Withholding Taxes
	 	28
		 	 18.4
	  	 Captions
	 	28
		 	 18.5
	  	 Construction
	 	28
		 	 18.6
	  	 Other Provisions
	 	29
		 	 18.7
	  	 Number and Gender
	 	29
		 	 18.8
	  	 Severability
	 	29
		 	 18.9
	  	 Governing Law
	 	29
		 	 18.10
	  	 Foreign Jurisdictions
	 	29
		 	 18.11
	  	 Section 409A of the Code
	 	29
		 	 18.12
	  	 Limitation on Liability
	 	30

  
 iii 

 LAIRD SUPERFOOD, INC. 

2020 OMNIBUS INCENTIVE PLAN 
  

	1.	 PURPOSE 

The Plan is intended to (a) provide eligible individuals with an incentive to contribute to the success of the Company and to operate and
manage the Company’s business in a manner that will provide for the Company’s long-term growth and profitability and that will benefit its stockholders and other important stakeholders, including its employees and customers, and
(b) provide a means of recruiting, rewarding, and retaining key personnel. To this end, the Plan provides for the grant of Awards of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Deferred Stock Units,
Unrestricted Stock, Dividend Equivalent Rights, Performance Shares and other Performance-Based Awards, Other Equity-Based Awards, and cash bonus awards. Any of these Awards may, but need not, be made as performance incentives to reward the holders
of such Awards for the achievement of performance goals in accordance with the terms of the Plan. Options granted under the Plan may be Nonqualified Stock Options or Incentive Stock Options, as provided herein. 

 

	2.	 DEFINITIONS 

For purposes of interpreting the Plan documents, including the Plan and Award Agreements, the following capitalized terms shall have the
meanings specified below, unless the context clearly indicates otherwise: 
 2.1     “Affiliate”
shall mean any Person that controls, is controlled by, or is under common control with the Company within the meaning of Rule 405 of Regulation C under the Securities Act, including any Subsidiary. For purposes of grants of Options or Stock
Appreciation Rights, an entity may not be considered an Affiliate unless the Company holds a Controlling Interest in such entity. 

2.2     “Applicable Laws” shall mean the legal requirements relating to the Plan and the Awards
under (a) applicable provisions of the Code, the Securities Act, the Exchange Act, any rules or regulations thereunder, and any other laws, rules, regulations, and government orders of any jurisdiction applicable to the Company or its
Affiliates, (b) applicable provisions of the corporate, securities, tax, and other laws, rules, regulations, and government orders of any jurisdiction applicable to Awards granted to residents thereof, and (c) the rules of any Stock
Exchange or Securities Market on which the Stock is listed or publicly traded. 
 2.3    
“Award” shall mean a grant under the Plan of an Option, a Stock Appreciation Right, Restricted Stock, a Restricted Stock Unit, a Deferred Stock Unit, Unrestricted Stock, a Dividend Equivalent Right, a Performance Share or other
Performance-Based Award, an Other Equity-Based Award, or cash. 
 2.4     “Award Agreement”
shall mean the written agreement, in such written, electronic, or other form as determined by the Committee, between the Company and a Grantee that evidences and sets forth the terms and conditions of an Award. 

2.5     “Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the Exchange Act.

 2.6     “Benefit Arrangement” shall mean any formal or informal plan or other arrangement for
the direct or indirect provision of compensation to a Grantee (including groups or classes of Grantees or beneficiaries of which the Grantee is a member), whether or not such compensation is deferred, is in cash, or is in the form of a benefit to or
for the Grantee. 

  
 1 

 2.7     “Board” shall mean the Board of
Directors of the Company. 
 2.8     “Cause” shall have the meaning set forth in an applicable
agreement between a Grantee and the Company or an Affiliate, and in the absence of any such agreement, shall mean, with respect to any Grantee and as determined by the Committee, (a) gross negligence or willful misconduct in connection with the
performance of duties; (b) conviction of, or pleading guilty or nolo contendere to, a criminal offense (other than minor traffic offenses); or (c) material breach of any term of any employment, consulting or other services,
confidentiality, intellectual property, or non-competition agreements, if any, between such Grantee and the Company or an Affiliate. Any determination by the Committee regarding whether an event constituting Cause shall have occurred shall be final,
binding, and conclusive. 
 2.9     “Capital Stock” shall mean, with respect to any Person, any
and all shares, interests, participations, or other equivalents (however designated, whether voting or non-voting) in equity of such Person, whether outstanding on the Effective Date or issued thereafter, including, without limitation, all shares of
Stock. 
 2.10     “Change in Control” shall mean, subject to Section 18.11, the
occurrence of any of the following: 
 (a)     A transaction or a series of related transactions whereby
any Person or Group (other than the Company or any Affiliate) becomes the Beneficial Owner of more than fifty percent (50%) of the total voting power of the Voting Stock of the Company, on a Fully Diluted Basis; 

(b)     Individuals who, as of the Effective Date, constitute the Board (the “Incumbent
Board”) (together with any new directors whose election by such Incumbent Board or whose nomination by such Incumbent Board for election by the stockholders of the Company was approved by a vote of at least a majority of the members of such
Incumbent Board then in office who either were members of such Incumbent Board or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the members of such Board then in office; 

(c)     The Company consolidates with, or merges with or into, any Person, or any Person consolidates with,
or merges with or into, the Company (regardless of whether the Company is the surviving Person), other than any such transaction in which the Prior Stockholders own directly or indirectly at least a majority of the voting power of the Voting Stock
of the surviving Person in such reorganization, merger, or consolidation transaction immediately after such transaction; 

(d)     The consummation of any direct or indirect sale, lease, transfer, conveyance, or other disposition
(other than by way of reorganization, merger, or consolidation), in one transaction or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any Person or Group (other
than the Company or any Affiliate); or 
 (e)     The stockholders of the Company adopt a plan or
proposal for the liquidation, winding up, or dissolution of the Company. 

  
 2 

 The Board shall have full and final authority, in its sole discretion, to determine
conclusively whether a Change in Control has occurred pursuant to the above definition, the date of the occurrence of such Change in Control, and any incidental matters relating thereto. 

2.11     “Code” shall mean the Internal Revenue Code of 1986, as amended, as now in effect or as
hereafter amended, and any successor thereto. References in the Plan to any Code Section shall be deemed to include, as applicable, regulations and guidance promulgated under such Code Section. 

2.12     “Committee” shall mean a committee of, and designated from time to time by resolution of,
the Board, which shall be constituted as provided in Section 3.1.2 and Section 3.1.3 (or, if no Committee has been so designated, the Board). 

2.13     “Company” shall mean Laird Superfood, Inc. and any successor thereto. 

2.14     “Controlling Interest” shall have the meaning set forth in Treasury Regulation
Section 1.414(c)-2(b)(2)(i); provided that (a) except as specified in clause (b) below, an interest of “at least 50 percent” shall be used instead of an interest of “at least 80 percent” in each case where “at
least 80 percent” appears in Treasury Regulation Section 1.414(c)-2(b)(2)(i), and (b) where a grant of Options or Stock Appreciation Rights is based upon a legitimate business criterion, an interest of “at least 20 percent”
shall be used instead of an interest of “at least 80 percent” in each case where “at least 80 percent” appears in Treasury Regulation Section 1.414(c)-2(b)(2)(i). 

2.15     “Deferred Stock Unit” shall mean a Restricted Stock Unit, the terms of which provide for
delivery of the underlying shares of Stock, cash, or a combination thereof subsequent to the date of vesting, at a time or times consistent with the requirements of Code Section 409A. 

2.16     “Disability” shall mean the inability of a Grantee to perform each of the essential
duties of such Grantee’s position by reason of a medically determinable physical or mental impairment which is potentially permanent in character or which can be expected to last for a continuous period of not less than twelve (12) months;
provided that, with respect to rules regarding the expiration of an Incentive Stock Option following termination of a Grantee’s Service, Disability shall mean the inability of such Grantee to engage in any substantial gainful activity by reason
of a medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve (12) months. 

2.17     “Disqualified Individual” shall have the meaning set forth in Code Section 280G(c).

 2.18     “Dividend Equivalent Right” shall mean a right, granted to a Grantee pursuant to
Article 12, entitling the Grantee thereof to receive, or to receive credits for the future payment of, cash, Stock, other Awards, or other property equal in value to dividend payments or distributions, or other periodic payments,
declared or paid with respect to a number of shares of Stock specified in such Dividend Equivalent Right (or other Award to which such Dividend Equivalent Right relates) as if such shares of Stock had been issued to and held by the Grantee of such
Dividend Equivalent Right as of the record date. 
 2.19     “Effective Date” shall mean the
date the Plan is adopted by the Board, subject to approval of the Plan by the Company’s stockholders prior to the IPO. 

2.20     “Employee” shall mean, as of any date of determination, an employee (including an
officer) of the Company or an Affiliate. 

  
 3 

 2.21     “Exchange Act” shall mean the
Securities Exchange Act of 1934, as amended, as now in effect or as hereafter amended, and any successor thereto. 

2.22     “Fair Market Value” shall mean the fair market value of a share of Stock for purposes of
the Plan, which shall be, as of any date of determination: 
 (a)     If on such date the shares of Stock
are listed on a Stock Exchange, or are publicly traded on another Securities Market, the Fair Market Value of a share of Stock shall be the closing price of the Stock as reported on such Stock Exchange or such Securities Market (provided that, if
there is more than one such Stock Exchange or Securities Market, the Committee shall designate the appropriate Stock Exchange or Securities Market for purposes of the Fair Market Value determination). If there is no such reported closing price on
such date, the Fair Market Value of a share of Stock shall be the closing price of the Stock on the next preceding day on which any sale of Stock shall have been reported on such Stock Exchange or such Securities Market. 

(b)     If on such date the shares of Stock are not listed on a Stock Exchange or publicly traded on a
Securities Market, the Fair Market Value of a share of Stock shall be the value of the Stock as determined by the Committee by the reasonable application of a reasonable valuation method, in a manner consistent with Code Section 409A. 

Notwithstanding this Section 2.22 or Section 18.3, for purposes of determining taxable income and the amount of the
related tax withholding obligation pursuant to Section 18.3, the Fair Market Value will be determined by the Committee in good faith using any reasonable method as it deems appropriate, to be applied consistently with respect to
Grantees, and in a manner consistent with applicable provisions of the Code. 
 Notwithstanding the foregoing, with respect to any Award
granted on or after the IPO Effective Date but prior to the first date following the IPO upon which Stock is listed (or approved for listing) upon notice of issuance on any Stock Exchange or designated (or approved for designation) upon notice of
issuance on any Securities Market, the Fair Market Value shall mean the price per share of Stock as set forth in the purchase agreement between the Company and the underwriters for the IPO that establishes the price of the Stock to be sold in the
IPO. 
 2.23     “Family Member” shall mean, with respect to any Grantee as of any date of
determination, (a) a Person who is a spouse, former spouse, child, stepchild, grandchild, parent, stepparent, grandparent, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother, sister, brother-in-law, or
sister-in-law, including adoptive relationships, of such Grantee, (b) any Person sharing such Grantee’s household (other than a tenant or employee), (c) a trust in which any one or more of the Persons specified in clauses (a) and
(b) above (and such Grantee) own more than fifty percent (50%) of the beneficial interest, (d) a foundation in which any one or more of the Persons specified in clauses (a) and (b) above (and such Grantee) control the
management of assets, and (e) any other entity in which one or more of the Persons specified in clauses (a) and (b) above (and such Grantee) own more than fifty percent (50%) of the voting interests. 

2.24     “Fully Diluted Basis” shall mean, as of any date of determination, the sum of
(x) the number of shares of Voting Stock outstanding as of such date of determination plus (y) the number of shares of Voting Stock issuable upon the exercise, conversion, or exchange of all then-outstanding warrants, options, convertible
Capital Stock or indebtedness, exchangeable Capital Stock or indebtedness, or other rights exercisable for or convertible or exchangeable into, directly or indirectly, shares of Voting Stock, whether at the time of issue or upon the passage of time
or upon the occurrence of some future event, and whether or not in-the-money as of such date of determination. 

  
 4 

 2.25     “Grant Date” shall mean, as determined
by the Committee, the latest to occur of (a) the date as of which the Committee approves the Award, (b) the date on which the recipient of an Award first becomes eligible to receive an Award under Article 6 hereof (e.g., in the case
of a new hire, the first date on which such new hire performs any Service), or (c) such subsequent date specified by the Committee in the corporate action approving the Award. 

2.26     “Grantee” shall mean a Person who receives or holds an Award under the Plan. 

2.27     “Group” shall have the meaning set forth in Sections 13(d) and 14(d)(2) of the Exchange
Act. 
 2.28     “Incentive Stock Option” shall mean an “incentive stock option”
within the meaning of Code Section 422. 
 2.29     “Initial Public Offering” or
“IPO” shall mean the initial underwritten registered public offering by the Company of the Stock. 
 2.30
    “IPO Effective Date” shall mean the date on which the Company and the underwriters for the IPO enter into a purchase agreement establishing the price of the Stock to be sold in the IPO. 

2.31     “Nonqualified Stock Option” shall mean an Option that is not an Incentive Stock Option.

 2.32     “Non-Employee Director” shall have the meaning set forth in Rule 16b-3 under the
Exchange Act. 
 2.33     “Officer” shall have the meaning set forth in Rule 16a-1(f) under the
Exchange Act. 
 2.34     “Option” shall mean an option to purchase one or more shares of Stock
at a specified Option Price awarded to a Grantee pursuant to Article 8. 
 2.35     “Option
Price” shall mean the per share exercise price for shares of Stock subject to an Option. 
 2.36
    “Other Agreement” shall mean any agreement, contract, or understanding heretofore or hereafter entered into by a Grantee with the Company or an Affiliate, except an agreement, contract, or understanding
that expressly addresses Code Section 280G and/or Code Section 4999. 
 2.37     “Other
Equity-Based Award” shall mean an Award representing a right or other interest that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to Stock, other than an Option, a Stock
Appreciation Right, Restricted Stock, a Restricted Stock Unit, a Deferred Stock Unit, Unrestricted Stock, a Dividend Equivalent Right, or a Performance Share or other Performance-Based Award. 

2.38     “Parachute Payment” shall mean a “parachute payment” within the meaning of Code
Section 280G(b)(2). 
 2.39     “Performance-Based Award” shall mean an Award of Options,
Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Deferred Stock Units, Performance Shares, Other Equity-Based Awards, or cash made subject to the achievement of Performance Measures (as provided in Article 13) over a
Performance Period specified by the Committee. 

  
 5 

 2.40     “Performance Measures” shall mean
objective performance criteria on which performance goals under Performance-Based Awards are based, such as: (a) net earnings or net income; (b) operating earnings or income; (c) pretax earnings; (d) earnings per share;
(e) share price, including growth and capitalization measures and total stockholder return; (f) earnings before interest and taxes; (g) earnings before interest, taxes, depreciation and/or amortization; (h) sales or revenue
growth or targets; (i) gross or operating margins; (j) return measures, including return on assets, capital, investment, equity, sales or revenue; (k) cash flow, including operating cash flow, free cash flow, cash flow return on
equity and cash flow return on investment; (l) productivity ratios; (m) expense targets; (n) costs, reductions in cost, and cost control measures; (o) market or market segment share or penetration; (p) financial ratios as
provided in credit agreements or indentures of the Company and its Subsidiaries; (q) debt rating targets; (r) working capital targets; (s) completion of acquisitions or divestitures of businesses, assets, companies or stores;
(t) product quality metrics; (u) employee retention and recruiting metrics, including turnover; and (v) any combination of any of the foregoing business criteria. 

2.41     “Performance Period” shall mean the period of time, up to ten (10) years, during or
over which the Performance Measures under Performance-Based Awards must be met in order to determine the degree of payout and/or vesting with respect to any such Performance-Based Awards. 

2.42     “Performance Shares” shall mean a Performance-Based Award representing a right or other
interest that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to Stock, made subject to the achievement of Performance Measures (as provided in Article 13) over a Performance
Period of up to ten (10) years. 
 2.43     “Person” shall mean an individual, a
corporation, a partnership, a limited liability company, an association, a trust, or any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof; provided that, for purposes of
Section 2.10(a) and Section 2.10(d), Person shall have the meaning set forth in Sections 13(d) and 14(d)(2) of the Exchange Act. 

2.44     “Plan” shall mean this Laird Superfood, Inc. 2020 Omnibus Incentive Plan, as amended from
time to time. 
 2.45     “Prior Plans” shall mean the 2016 Stock Incentive Plan and the 2018
Equity Incentive Plan, as amended from time to time. 
 2.46     “Prior Stockholders” shall mean
the holders of equity securities that represented one hundred percent (100%) of the Voting Stock of the Company immediately prior to a reorganization, merger, or consolidation involving the Company (or other equity securities into which such
equity securities are converted as part of such reorganization, merger, or consolidation transaction). 
 2.47
    “Restricted Period” shall mean a period of time established by the Committee during which an Award of Restricted Stock, Restricted Stock Units, or Deferred Stock Units is subject to restrictions. 

2.48     “Restricted Stock” shall mean shares of Stock awarded to a Grantee pursuant to
Article 10. 

  
 6 

 2.49     “Restricted Stock Unit” shall mean a
bookkeeping entry representing the equivalent of one (1) share of Stock awarded to a Grantee pursuant to Article 10 that may be settled, subject to the terms and conditions of the applicable Award Agreement, in shares of Stock, cash, or
a combination thereof. 
 2.50     “SAR Price” shall mean the per share exercise price of a SAR.

 2.51     “Securities Act” shall mean the Securities Act of 1933, as amended, as now in effect
or as hereafter amended, and any successor thereto. 
 2.52     “Securities Market” shall mean
an established securities market. 
 2.53     “Separation from Service” shall have the meaning
set forth in Code Section 409A. 
 2.54     “Service” shall mean service qualifying a
Grantee as a Service Provider to the Company or an Affiliate. Unless otherwise provided in the applicable Award Agreement, a Grantee’s change in position or duties shall not result in interrupted or terminated Service, so long as such Grantee
continues to be a Service Provider to the Company or an Affiliate. Subject to the preceding sentence, any determination by the Committee whether a termination of Service shall have occurred for purposes of the Plan shall be final, binding, and
conclusive. If a Service Provider’s employment or other Service relationship is with an Affiliate and the applicable entity ceases to be an Affiliate, a termination of Service shall be deemed to have occurred when such entity ceases to be an
Affiliate unless the Service Provider transfers his or her employment or other Service relationship to the Company or any other Affiliate. 

2.55     “Service Provider” shall mean (a) an Employee or director of the Company or an
Affiliate, or (b) a consultant or adviser to the Company or an Affiliate (i) who is a natural person, (ii) who is currently providing bona fide services to the Company or an Affiliate, and (iii) whose services are not in
connection with the Company’s sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Company’s Capital Stock. 

2.56     “Service Recipient Stock” shall have the meaning set forth in Code Section 409A.

 2.57     “Share Limit” shall have the meaning set forth in Section 4.1. 

2.58     “Short-Term Deferral Period” shall have the meaning set forth in Code Section 409A.

 2.59     “Stock” shall mean the common stock, par value $0.001 per share, of the Company, or
any security into which shares of Stock may be changed or for which shares of Stock may be exchanged as provided in Section 16.1. 

2.60     “Stock Appreciation Right” or “SAR” shall mean a right granted to a Grantee
pursuant to Article 9. 
 2.61     “Stock Exchange” shall mean the New York Stock
Exchange, the NASDAQ Capital Market, the NASDAQ Global Market, the NASDAQ Global Select Market, NYSE American, or another established national or regional stock exchange. 

2.62     “Subsidiary” shall mean any corporation (other than the Company) or non-corporate entity
with respect to which the Company owns, directly or indirectly, fifty percent (50%) or more of the total combined voting power of all classes of Voting Stock. In addition, any other entity may be designated by the

  
 7 

 
Committee as a Subsidiary, provided that (a) such entity could be considered as a subsidiary according to generally accepted accounting principles in the United States of America and
(b) in the case of an Award of Options or Stock Appreciation Rights, such Award would be considered to be granted in respect of Service Recipient Stock under Code Section 409A. 

2.63     “Substitute Award” shall mean an Award granted upon assumption of, or in substitution
for, outstanding awards previously granted under a compensatory plan of the Company, an Affiliate, or a business entity acquired or to be acquired by the Company or an Affiliate or with which the Company or an Affiliate has combined or will combine.

 2.64     “Ten Percent Stockholder” shall mean a natural Person who owns more than ten percent
(10%) of the total combined voting power of all classes of Voting Stock of the Company, the Company’s parent (if any), or any of the Company’s Subsidiaries. In determining stock ownership, the attribution rules of Code
Section 424(d) shall be applied. 
 2.65     “Unrestricted Stock” shall mean Stock that is
free of any restrictions. 
 2.66     “Voting Stock” shall mean, with respect to any Person,
Capital Stock of any class or kind ordinarily having the power to vote for the election of directors, managers, or other voting members of the governing body of such Person. 
  

	3.	 ADMINISTRATION OF THE PLAN 

 

	 	3.1	 Committee. 

 

	 	3.1.1	 Powers and Authorities. 

The Committee shall administer the Plan and shall have such powers and authorities related to the administration of the Plan as are consistent
with the Company’s certificate of incorporation and bylaws and Applicable Laws. Without limiting the generality of the foregoing, the Committee shall have full power and authority to take all actions and to make all determinations required or
provided for under the Plan, any Award, or any Award Agreement and shall have full power and authority to take all such other actions and to make all such other determinations not inconsistent with the specific terms and provisions of the Plan which
the Committee deems to be necessary or appropriate to the administration of the Plan, any Award, or any Award Agreement. Unless otherwise expressly determined by the Board, the Committee shall have the authority to interpret and construe all
provisions of the Plan, any Award, and any Award Agreement, and any such interpretation or construction, and any other determination contemplated to be made under the Plan or any Award Agreement, by the Committee shall be final, binding, and
conclusive on all Persons, whether or not expressly provided for in any provision of the Plan, such Award, or such Award Agreement. 
 In
the event that the Plan, any Award, or any Award Agreement provides for any action to be taken by the Board or any determination to be made by the Board, such action may be taken or such determination may be made by the Committee constituted in
accordance with this Section 3.1 if the Board has delegated the power and authority to do so to such Committee. 
  

	 	3.1.2	 Composition of the Committee. 

The Committee shall be a committee composed of not fewer than two (2) directors of the Company designated by the Board to administer the
Plan. Each member of the Committee shall be (a) a Non-Employee Director and (b) an independent director in accordance with the rules of any Stock Exchange on which the 

  
 8 

 
Stock is listed; provided that any action taken by the Committee shall be valid and effective whether or not members of the Committee at the time of such action are later determined not to have
satisfied the requirements for membership set forth in this Section 3.1.2 or otherwise provided in any charter of the Committee. Without limiting the generality of the foregoing, the Committee may be the Compensation Committee of the
Board or a subcommittee thereof if the Compensation Committee of the Board or such subcommittee satisfies the foregoing requirements. 
  

	 	3.1.3	 Other Committees. 

To the extent Applicable Laws permit, the Board may delegate any or all of its powers under the Plan to one or more Committees or officers of
the Company or any of its Subsidiaries. The Board may abolish any Committee or re-vest in itself any previously delegated authority at any time. 
  

	 	3.2	 Board. 

The Board, from time to time, may exercise any or all of the powers and authorities related to the administration and implementation of the
Plan, as set forth in Section 3.1 and other applicable provisions of the Plan, as the Board shall determine, consistent with the Company’s certificate of incorporation and bylaws and Applicable Laws. 

 

	 	3.3	 Terms of Awards. 

 

	 	3.3.1	 Committee Authority. 

Subject to the other terms and conditions of the Plan, the Committee shall have full and final authority to: 

(a)     designate Grantees; 

(b)     determine the type or types of Awards to be made to a Grantee; 

(c)     determine the number of shares of Stock to be subject to an Award or to which an Award relates; 

(d)     establish the terms and conditions of each Award (including the Option Price, the SAR Price, and the purchase
price for applicable Awards; the nature and duration of any restriction or condition (or provision for lapse thereof) relating to the vesting, exercise, transfer, or forfeiture of an Award or the shares of Stock subject thereto; the treatment of an
Award in the event of a Change in Control (subject to applicable agreements); and any terms or conditions that may be necessary to qualify Options as Incentive Stock Options); 

(e)     prescribe the form of each Award Agreement evidencing an Award; 

(f)     subject to the limitation on repricing in Section 3.4, amend, modify, or supplement the terms of any
outstanding Award, which authority shall include the authority, in order to effectuate the purposes of the Plan but without amending the Plan, to make Awards or to modify outstanding Awards made to eligible natural Persons who are foreign nationals
or are natural Persons who are employed outside the United States to reflect differences in local law, tax policy, or custom; provided that, notwithstanding the foregoing, no amendment, modification, or supplement of the terms of any outstanding
Award shall, without the consent of the Grantee thereof, impair such Grantee’s rights under such Award; and 

  
 9 

 (g)     make Substitute Awards. 

 

	 	3.3.2	 Forfeiture; Recoupment. 

The Committee may reserve the right in an Award Agreement to cause a forfeiture of the gain realized by a Grantee with respect to an Award
thereunder on account of actions taken by, or failed to be taken by, such Grantee in violation or breach of, or in conflict with, any (a) employment agreement, (b) non-competition agreement, (c) agreement prohibiting solicitation of
Employees or clients of the Company or an Affiliate, (d) confidentiality obligation with respect to the Company or an Affiliate, (e) Company or Affiliate policy or procedure, (f) other agreement, or (g) other obligation of such
Grantee to the Company or an Affiliate, as and to the extent specified in such Award Agreement. If the Grantee of an outstanding Award is an Employee of the Company or an Affiliate and such Grantee’s Service is terminated for Cause, the
Committee may annul such Grantee’s outstanding Award as of the date of the Grantee’s termination of Service for Cause. 
 All
Awards (including any proceeds, gains or other economic benefit the Grantee actually or constructively receives upon receipt or exercise of any Award or the receipt or resale of any shares underlying the Award) will be subject to any Company
claw-back policy, including any claw-back policy adopted to comply with Applicable Laws (including the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder) as set forth in such claw-back
policy or the Award Agreement. 
  

	 	3.4	 No Repricing Without Stockholder Approval. 

Except in connection with a corporate transaction involving the Company (including, without limitation, any stock dividend, distribution
(whether in the form of cash, shares of Stock, other securities, or other property), stock split, extraordinary dividend, recapitalization, Change in Control, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or
exchange of shares of Stock, or other securities or similar transaction), the Company may not: (a) amend the terms of outstanding Options or SARs to reduce the Option Price or SAR Price, as applicable, of such outstanding Options or SARs;
(b) cancel outstanding Options or SARs in exchange for or substitution of Options or SARs with an Option Price or SAR Price, as applicable, that is less than the Option Price or SAR Price, as applicable, of the original Options or SARs; or
(c) cancel outstanding Options or SARs with an Option Price or SAR Price, as applicable, above the current Fair Market Value in exchange for cash or other securities, in each case, unless such action (i) is subject to and approved by the
Company’s stockholders or (ii) would not be deemed to be a repricing under the rules of any Stock Exchange or Securities Market on which the Stock is listed or publicly traded. 

 

	 	3.5	 Deferral Arrangement. 

The Committee may permit or require the deferral of any payment pursuant to any Award into a deferred compensation arrangement, subject to such
rules and procedures as it may establish, which may include provisions for the payment or crediting of interest or Dividend Equivalent Rights and, in connection therewith, provisions for converting such credits into Deferred Stock Units and for
restricting deferrals to comply with hardship distribution rules affecting tax-qualified retirement plans subject to Code Section 401(k)(2)(B)(IV); provided that no Dividend Equivalent Rights may be granted in connection with, or related to, an
Award of Options or SARs. Any such deferrals shall be made in a manner that complies with Code Section 409A, including, if applicable, with respect to when a Separation from Service occurs. 

  
 10 

	 	3.6	 Registration; Share Certificates. 

Notwithstanding any provision of the Plan to the contrary, the ownership of the shares of Stock issued under the Plan may be evidenced in such
a manner as the Committee, in its sole discretion, deems appropriate, including by book-entry or direct registration (including transaction advices) or the issuance of one or more share certificates. 

 

	4.	 STOCK SUBJECT TO THE PLAN 

 

	 	4.1	 Number of Shares of Stock Available for Awards. 

Subject to adjustment pursuant to Article 16, the maximum number of shares of Stock reserved for issuance under the Plan shall be the
sum of (a)                     shares of Stock, and (b) an annual increase on the first day of each calendar year beginning January 1,
2021 and ending on and including January 1, 2030, equal to the lesser of (i) 4% of the aggregate number of shares of Stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares
of Stock as is determined by the Company (collectively the “Share Limit”). Such shares of Stock may be authorized and unissued shares of Stock, treasury shares of Stock, or any combination of the foregoing, as may be determined from
time to time by the Board or by the Committee. Any of the shares of Stock reserved and available for issuance under the Plan may be used for any type of Award under the Plan, and
                    of the shares of Stock reserved for issuance under the Plan shall be available for issuance pursuant to Incentive Stock Options.

  

	 	4.2	 Adjustments in Authorized Shares of Stock. 

In connection with an entity’s merger or consolidation with the Company or the Company’s acquisition of an entity’s property or
stock, the Committee may grant Awards in substitution for any options or other stock or stock-based awards granted before such merger or consolidation by such entity or its affiliate. Substitute Awards may be granted on such terms as the Committee
deems appropriate, notwithstanding limitations on Awards in the Plan. Substitute Awards will not count against the Share Limit (nor shall shares of Stock subject to a Substitute Award be added to the shares of Stock available for Awards under the
Plan as provided above), except that shares of Stock acquired by exercise of substitute Incentive Stock Options will count against the maximum number of shares of Stock that may be issued pursuant to the exercise of Incentive Stock Options under the
Plan. Additionally, in the event that a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines has shares of stock available under a pre-existing plan approved by stockholders and not adopted in
contemplation of such acquisition or combination, the shares of stock available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or
formula used in such acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the shares of
Stock authorized for grant under the Plan (and shares of Stock subject to such Awards shall not be added to the shares of Stock available for Awards under the Plan as provided above); provided that Awards using such available shares of stock shall
not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not Employees or Non-Employee Directors prior to such
acquisition or combination. 

  
 11 

	 	4.3	 Share Usage. 

(a)     Shares of Stock covered by an Award shall be counted as used as of the Grant Date for purposes of calculating the
number of shares of Stock available for issuance under Section 4.1. 
 (b)     Any shares of Stock that are
subject to Awards, including shares of Stock acquired through dividend reinvestment pursuant to Article 10, will be counted against the Share Limit set forth in Section 4.1 as one (1) share of Stock for every one
(1) share of Stock subject to an Award. The number of shares of Stock subject to an Award of SARs will be counted against the Share Limit set forth in Section 4.1 as one (1) share of Stock for every one (1) share of Stock
subject to such Award regardless of the number of shares of Stock actually issued to settle such SARs upon the exercise of the SARs. A number of shares of Stock at least equal to the target number of shares issuable under a Performance Share grant
shall be counted against the Share Limit set forth in Section 4.1 as of the Grant Date, but such number shall be adjusted to equal the actual number of shares issued upon settlement of the Performance Shares to the extent different from
such number of shares. 
 (c)     If any shares of Stock covered by an Award are not purchased or are forfeited or
expire or if an Award otherwise terminates without delivery of any Stock subject thereto or is settled in cash in lieu of shares, then the number of shares of Stock counted against the Share Limit with respect to such Award shall, to the extent of
any such forfeiture, termination, expiration, or settlement, again be available for making Awards under the Plan. 

(d)     The number of shares of Stock available for issuance under the Plan will also be increased by the number of shares
of Stock (i) tendered, withheld, or subject to an Award granted under the Plan surrendered in connection with the purchase of shares of Stock upon exercise of an Option, (ii) that were not issued upon the net settlement or net exercise of
a Stock-settled SAR granted under the Plan, or (iii) deducted or delivered from payment of an Award granted under the Plan in connection with the Company’s tax withholding obligations as provided in Section 18.3. 

 

	5.	 TERM; AMENDMENT AND TERMINATION 

 

	 	5.1	 Term. 

The Plan shall become effective as of the Effective Date; provided, however, that the IPO Effective Date shall be the earliest Grant Date under
the Plan. Following the Effective Date, no awards shall be made under the Prior Plans. Notwithstanding the foregoing, shares of Stock reserved under the Prior Plans to settle awards, including performance-based awards, which are made under the Prior
Plans prior to the Effective Date may be issued and delivered following the Effective Date to settle such awards. The Plan shall terminate on the first to occur of (a) the tenth (10th) anniversary of the Effective Date, (b) the date
determined in accordance with Section 5.2, and (c) the date determined in accordance with Section 16.3; provided, however, that Incentive Stock Options may not be granted under the Plan after the tenth
(10th) anniversary of the date of the Board’s adoption of the Plan. Upon such termination of the Plan, all outstanding Awards shall continue to have full force and effect in accordance with the provisions of the terminated Plan and the
applicable Award Agreement (or other documents evidencing such Awards). 
  

	 	5.2	 Amendment, Suspension, and Termination. 

The Board may, at any time and from time to time, amend, suspend, or terminate the Plan; provided that, with respect to Awards theretofore
granted under the Plan, no amendment, suspension, or termination of 

  
 12 

 
the Plan shall, without the consent of the Grantee, impair the rights or obligations under any such Award. The effectiveness of any amendment to the Plan shall be contingent on approval of such
amendment by the Company’s stockholders to the extent provided by the Board or required by Applicable Laws; provided that no amendment shall be made to the no-repricing provisions of Section 3.4, the Option pricing provisions of
Section 8.1, or the SAR pricing provisions of Section 9.1 without the approval of the Company’s stockholders. 
  

	6.	 AWARD ELIGIBILITY AND LIMITATIONS 

 

	 	6.1	 Eligible Grantees. 

Subject to this Article 6, Awards may be made under the Plan to (a) any Service Provider, as the Committee shall determine and
designate from time to time, and (b) any other individual whose participation in the Plan is determined to be in the best interests of the Company by the Committee. 
  

	 	6.2	 Non-Employee Director Compensation. 

The sum of any cash compensation, or other compensation, and the value (determined as of the grant date in accordance with Financial Accounting
Standards Board Accounting Standards Codification Topic 718, or any successor thereto) of Awards granted to a Non-Employee Director as compensation for services as a Non-Employee Director during any fiscal year of the Company may not exceed
$500,000, increased to $750,000 in the fiscal year in which the Plan’s Effective Date occurs or in the fiscal year of a Non-Employee Director’s initial service as a Non-Employee Director. The Committee may make exceptions to this limit for
individual Non-Employee Directors in extraordinary circumstances, as the Committee may determine in its discretion, provided that the Non-Employee Director receiving such additional compensation may not participate in the decision to award such
compensation or in other contemporaneous compensation decisions involving Non-Employee Directors. 
  

	 	6.3	 Stand-Alone, Additional, Tandem, and Substitute Awards. 

Subject to Section 3.4, Awards granted under the Plan may, in the discretion of the Committee, be granted either alone or in
addition to, in tandem with, or in substitution or exchange for, (a) any other Award, (b) any award granted under another plan of the Company, an Affiliate, or any business entity that has been a party to a transaction with the Company or
an Affiliate, or (c) any other right of a Grantee to receive payment from the Company or an Affiliate. Such additional, tandem, exchange, or Substitute Awards may be granted at any time. If an Award is granted in substitution or exchange for
another Award, or for an award granted under another plan of the Company, an Affiliate, or any business entity that has been a party to a transaction with the Company or an Affiliate, the Committee shall require the surrender of such other Award or
award under such other plan in consideration for the grant of such exchange or Substitute Award. In addition, Awards may be granted in lieu of cash compensation, including in lieu of cash payments under other plans of the Company or an Affiliate.
Notwithstanding Section 8.1 and Section 9.1, but subject to Section 3.4, the Option Price of an Option or the SAR Price of a SAR that is a Substitute Award may be less than one hundred percent (100%) of the
Fair Market Value of a share of Stock on the original Grant Date; provided that such Option Price or SAR Price is determined in accordance with the principles of Code Section 424 for any Incentive Stock Option and consistent with Code
Section 409A for any other Option or SAR. 

  
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	7.	 AWARD AGREEMENT 

Each Award granted pursuant to the Plan shall be evidenced by an Award Agreement, which shall be in such form or forms as the Committee shall
from time to time determine. Award Agreements utilized under the Plan from time to time or at the same time need not contain similar provisions but shall be consistent with the terms of the Plan. Each Award Agreement evidencing an Award of Options
shall specify whether such Options are intended to be Nonqualified Stock Options or Incentive Stock Options, and, in the absence of such specification, such Options shall be deemed to constitute Nonqualified Stock Options. In the event of any
inconsistency between the Plan and an Award Agreement, the provisions of the Plan shall control. 
  

	8.	 TERMS AND CONDITIONS OF OPTIONS 

 

	 	8.1	 Option Price. 

The Option Price of each Option shall be fixed by the Committee and stated in the Award Agreement evidencing such Option. Except in the case of
Substitute Awards, the Option Price of each Option shall be at least the Fair Market Value of one (1) share of Stock on the Grant Date; provided that, in the event that a Grantee is a Ten Percent Stockholder, the Option Price of an Option
granted to such Grantee that is intended to be an Incentive Stock Option shall be not less than one hundred ten percent (110%) of the Fair Market Value of one (1) share of Stock on the Grant Date. In no case shall the Option Price of any
Option be less than the par value of one (1) share of Stock. 
  

	 	8.2	 Vesting and Exercisability. 

Subject to Sections 8.3 and 16.3, each Option granted under the Plan shall become vested and/or exercisable at such times and
under such conditions as shall be determined by the Committee and stated in the Award Agreement, in another agreement with the Grantee, or otherwise in writing; provided that no Option shall be granted to Grantees who are entitled to overtime under
Applicable Laws that will vest or be exercisable within a six (6)-month period starting on the Grant Date. 
  

	 	8.3	 Term. 

Each Option granted under the Plan shall terminate, and all rights to purchase shares of Stock thereunder shall cease, on the tenth
(10th) anniversary of the Grant Date of such Option, or under such circumstances and on such date prior thereto as is set forth in the Plan or as may be fixed by the Committee and stated in the Award Agreement relating to such Option; provided
that, in the event that the Grantee is a Ten Percent Stockholder, an Option granted to such Grantee that is intended to be an Incentive Stock Option shall not be exercisable after the fifth (5th) anniversary of the Grant Date of such Option;
and provided, further, that, to the extent deemed necessary or appropriate by the Committee to reflect differences in local law, tax policy, or custom with respect to any Option granted to a Grantee who is a foreign national or is a natural Person
who is employed outside the United States, such Option may terminate, and all rights to purchase shares of Stock thereunder may cease, upon the expiration of a period longer than ten (10) years from the Grant Date of such Option as the
Committee shall determine. 
  

	 	8.4	 Termination of Service. 

Each Award Agreement with respect to the grant of an Option shall set forth the extent to which the Grantee thereof, if at all, shall have the
right to exercise such Option following termination of such Grantee’s Service. Such provisions shall be determined in the sole discretion of the Committee, need not be uniform among all Options issued pursuant to the Plan, and may reflect
distinctions based on the reasons for termination of Service. 

  
 14 

	 	8.5	 Limitations on Exercise of Option. 

Notwithstanding any provision of the Plan to the contrary, in no event may any Option be exercised, in whole or in part, after the occurrence
of an event referred to in Article 16 which results in the termination of such Option. 
  

	 	8.6	 Method of Exercise. 

Subject to the terms of Article 14 and Section 18.3, an Option that is exercisable may be exercised by the
Grantee’s delivery to the Company or its designee or agent of notice of exercise on any business day, at the Company’s principal office or the office of such designee or agent, on the form specified by the Company and in accordance with
any additional procedures specified by the Committee. Such notice shall specify the number of shares of Stock with respect to which such Option is being exercised and shall be accompanied by payment in full of the Option Price of the shares of Stock
for which such Option is being exercised, plus the amount (if any) of federal and/or other taxes which the Company may, in its judgment, be required to withhold with respect to the exercise of such Option. 

 

	 	8.7	 Rights of Holders of Options. 

Unless otherwise stated in the applicable Award Agreement, a Grantee or other Person holding or exercising an Option shall have none of the
rights of a stockholder of the Company (for example, the right to receive cash or dividend payments or distributions attributable to the shares of Stock subject to such Option, to direct the voting of the shares of Stock subject to such Option, or
to receive notice of any meeting of the Company’s stockholders) until the shares of Stock subject thereto are fully paid and issued to such Grantee or other Person. Except as provided in Article 16, no adjustment shall be made for
dividends, distributions, or other rights with respect to any shares of Stock subject to an Option for which the record date is prior to the date of issuance of such shares of Stock. 

 

	 	8.8	 Delivery of Stock. 

Promptly after the exercise of an Option by a Grantee and the payment in full of the Option Price with respect thereto, such Grantee shall be
entitled to receive such evidence of such Grantee’s ownership of the shares of Stock subject to such Option as shall be consistent with Section 3.6. 
  

	 	8.9	 Transferability of Options. 

Except as provided in Section 8.10, during the lifetime of a Grantee of an Option, only such Grantee (or, in the event of such
Grantee’s legal incapacity or incompetency, such Grantee’s guardian or legal representative) may exercise such Option. Except as provided in Section 8.10, no Option shall be assignable or transferable by the Grantee to whom it
is granted, other than by will or the laws of descent and distribution. 
  

	 	8.10	 Family Transfers. 

If authorized in the applicable Award Agreement and by the Committee, in its sole discretion, a Grantee may transfer, not for value, all or
part of an Option which is not an Incentive Stock Option to any Family Member. For the purpose of this Section 8.10, a transfer “not for value” is a transfer which is (a) a gift, (b) a transfer under a domestic
relations order in settlement of marital property rights, or (c) unless 

  
 15 

 
Applicable Laws do not permit such transfer, a transfer to an entity in which more than fifty percent (50%) of the voting interests are owned by Family Members (and/or the Grantee) in
exchange for an interest in such entity. Following a transfer under this Section 8.10, any such Option shall continue to be subject to the same terms and conditions as were applicable immediately prior to such transfer. Subsequent
transfers of transferred Options shall be prohibited except to Family Members of the original Grantee in accordance with this Section 8.10 or by will or the laws of descent and distribution. The provisions of Section 8.4
relating to termination of Service shall continue to be applied with respect to the original Grantee of the Option, following which such Option shall be exercisable by the transferee only to the extent, and for the periods specified, in
Section 8.4. 
  

	 	8.11	 Limitations on Incentive Stock Options. 

An Option shall constitute an Incentive Stock Option only (a) if the Grantee of such Option is an Employee of the Company or any corporate
Subsidiary, (b) to the extent specifically provided in the related Award Agreement, and (c) to the extent that the aggregate Fair Market Value (determined at the time such Option is granted) of the shares of Stock with respect to which all
Incentive Stock Options held by such Grantee become exercisable for the first time during any calendar year (under the Plan and all other plans of the Company and its Affiliates) does not exceed one hundred thousand dollars ($100,000). Except to the
extent provided in the regulations under Code Section 422, this limitation shall be applied by taking Options into account in the order in which they were granted. 
  

	 	8.12	 Notice of Disqualifying Disposition. 

If any Grantee shall make any disposition of shares of Stock issued pursuant to the exercise of an Incentive Stock Option under the
circumstances provided in Code Section 421(b) (relating to certain disqualifying dispositions), such Grantee shall notify the Company of such disposition immediately but in no event later than ten (10) days thereafter. 

 

	9.	 TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS 

 

	 	9.1	 Right to Payment and SAR Price. 

A SAR shall confer on the Grantee to whom it is granted a right to receive, upon exercise thereof, the excess of (a) the Fair Market Value
of one (1) share of Stock on the date of exercise, over (b) the SAR Price as determined by the Committee. The Award Agreement for a SAR shall specify the SAR Price, which shall be no less than the Fair Market Value of one (1) share of
Stock on the Grant Date of such SAR. SARs may be granted in tandem with all or part of an Option granted under the Plan or at any subsequent time during the term of such Option, in combination with all or any part of any other Award, or without
regard to any Option or other Award; provided that a SAR that is granted in tandem with all or part of an Option will have the same term, and expire at the same time, as the related Option; provided, further, that a SAR that is granted subsequent to
the Grant Date of a related Option must have a SAR Price that is no less than the Fair Market Value of one (1) share of Stock on the Grant Date of such SAR. 
  

	 	9.2	 Other Terms. 

The Committee shall determine, on the Grant Date or thereafter, the time or times at which, and the circumstances under which, a SAR may be
exercised in whole or in part (including based on achievement of performance goals and/or future Service requirements); the time or times at which SARs shall cease to be or become exercisable following termination of Service or upon other
conditions; the method of exercise, method 

  
 16 

 
of settlement, form of consideration payable in settlement, method by or forms in which shares of Stock shall be delivered or deemed to be delivered to Grantees, whether or not a SAR shall be
granted in tandem or in combination with any other Award; and any and all other terms and conditions of any SAR; provided that no SARs shall be granted to Grantees who are entitled to overtime under Applicable Laws that will vest or be exercisable
within a six (6)-month period starting on the Grant Date. 
  

	 	9.3	 Term. 

Each SAR granted under the Plan shall terminate, and all rights thereunder shall cease, on the tenth (10th) anniversary of the Grant Date
of such SAR or under such circumstances and on such date prior thereto as is set forth in the Plan or as may be fixed by the Committee and stated in the Award Agreement relating to such SAR. 

 

	 	9.4	 Rights of Holders of SARs. 

Unless otherwise stated in the applicable Award Agreement, a Grantee or other Person holding or exercising a SAR shall have none of the rights
of a stockholder of the Company (for example, the right to receive cash or dividend payments or distributions attributable to the shares of Stock underlying such SAR, to direct the voting of the shares of Stock underlying such SAR, or to receive
notice of any meeting of the Company’s stockholders) until the shares of Stock underlying such SAR, if any, are issued to such Grantee or other Person. Except as provided in Article 16, no adjustment shall be made for dividends,
distributions, or other rights with respect to any shares of Stock underlying a SAR for which the record date is prior to the date of issuance of such shares of Stock, if any. 

 

	 	9.5	 Transferability of SARs. 

Except as provided in Section 9.6, during the lifetime of a Grantee of a SAR, only the Grantee (or, in the event of such
Grantee’s legal incapacity or incompetency, such Grantee’s guardian or legal representative) may exercise such SAR. Except as provided in Section 9.6, no SAR shall be assignable or transferable by the Grantee to whom it is
granted, other than by will or the laws of descent and distribution. 
  

	 	9.6	 Family Transfers. 

If authorized in the applicable Award Agreement and by the Committee, in its sole discretion, a Grantee may transfer, not for value, all or
part of a SAR to any Family Member. For the purpose of this Section 9.6, a transfer “not for value” is a transfer which is (a) a gift, (b) a transfer under a domestic relations order in settlement of marital property
rights, or (c) unless Applicable Laws do not permit such transfer, a transfer to an entity in which more than fifty percent (50%) of the voting interests are owned by Family Members (and/or the Grantee) in exchange for an interest in such
entity. Following a transfer under this Section 9.6, any such SAR shall continue to be subject to the same terms and conditions as were in effect immediately prior to such transfer. Subsequent transfers of transferred SARs shall be
prohibited except to Family Members of the original Grantee in accordance with this Section 9.6 or by will or the laws of descent and distribution. 

  
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	10.	 TERMS AND CONDITIONS OF RESTRICTED STOCK, RESTRICTED STOCK UNITS, AND DEFERRED STOCK UNITS

  

	 	10.1	 Grant of Restricted Stock, Restricted Stock Units, and Deferred Stock Units. 

Awards of Restricted Stock, Restricted Stock Units, and Deferred Stock Units may be made for consideration or for no consideration, other than
the par value of the shares of Stock, which shall be deemed paid by past Service or, if so provided in the related Award Agreement or a separate agreement, the promise by the Grantee to perform future Service to the Company or an Affiliate. 

 

	 	10.2	 Restrictions. 

At the time a grant of Restricted Stock, Restricted Stock Units, or Deferred Stock Units is made, the Committee may, in its sole discretion,
(a) establish a Restricted Period applicable to such Restricted Stock, Restricted Stock Units, or Deferred Stock Units and (b) prescribe restrictions in addition to or other than the expiration of the Restricted Period, including the
achievement of corporate or individual performance goals, which may be applicable to all or any portion of such Restricted Stock, Restricted Stock Units, or Deferred Stock Units as provided in Article 13. Awards of Restricted Stock,
Restricted Stock Units, and Deferred Stock Units may not be sold, transferred, assigned, pledged, or otherwise encumbered or disposed of during the Restricted Period or prior to the satisfaction of any other restrictions prescribed by the Committee
with respect to such Awards. 
  

	 	10.3	 Registration; Restricted Stock Certificates. 

Pursuant to Section 3.6, to the extent that ownership of Restricted Stock is evidenced by a book-entry registration or direct
registration (including transaction advices), such registration shall be notated to evidence the restrictions imposed on such Award of Restricted Stock under the Plan and the applicable Award Agreement. Subject to Section 3.6 and the
immediately following sentence, the Company may issue, in the name of each Grantee to whom Restricted Stock has been granted, certificates representing the total number of shares of Restricted Stock granted to the Grantee, as soon as reasonably
practicable after the Grant Date of such Restricted Stock. The Committee may provide in an Award Agreement with respect to an Award of Restricted Stock that either (a) the Secretary of the Company shall hold such certificates for such
Grantee’s benefit until such time as such shares of Restricted Stock are forfeited to the Company or the restrictions applicable thereto lapse and such Grantee shall deliver a stock power to the Company with respect to each certificate, or
(b) such certificates shall be delivered to such Grantee, provided that such certificates shall bear legends that comply with Applicable Laws and make appropriate reference to the restrictions imposed on such Award of Restricted Stock under the
Plan and such Award Agreement. 
  

	 	10.4	 Rights of Holders of Restricted Stock. 

Unless the Committee provides otherwise in an Award Agreement and subject to the restrictions set forth in the Plan, any applicable Company
program, and the applicable Award Agreement, holders of Restricted Stock shall have the right to vote such shares of Restricted Stock and the right to receive any dividend payments or distributions declared or paid with respect to such shares of
Restricted Stock. The Committee may provide in an Award Agreement evidencing a grant of Restricted Stock that (a) any cash dividend payments or distributions paid on Restricted Stock shall be reinvested in shares of Stock, which may or may not
be subject to the same vesting conditions and restrictions as applicable to such underlying shares of Restricted Stock or (b) any dividend payments or distributions declared or paid on shares of Restricted Stock shall only be made or paid upon
satisfaction of the vesting conditions and restrictions applicable to such shares 

  
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of Restricted Stock. Dividend payments or distributions declared or paid on shares of Restricted Stock which vest or are earned based upon the achievement of performance goals shall not vest
unless such performance goals for such shares of Restricted Stock are achieved, and if such performance goals are not achieved, the Grantee of such shares of Restricted Stock shall promptly forfeit and, to the extent already paid or distributed,
repay to the Company such dividend payments or distributions. All stock dividend payments or distributions, if any, received by a Grantee with respect to shares of Restricted Stock as a result of any stock split, stock dividend, combination of
stock, or other similar transaction shall be subject to the same vesting conditions and restrictions as applicable to such underlying shares of Restricted Stock. 
  

	 	10.5	 Rights of Holders of Restricted Stock Units and Deferred Stock Units. 

 

	 	10.5.1	 Voting and Dividend Rights. 

Holders of Restricted Stock Units and Deferred Stock Units shall have no rights as stockholders of the Company (for example, the right to
receive dividend payments or distributions attributable to the shares of Stock underlying such Restricted Stock Units and Deferred Stock Units, to direct the voting of the shares of Stock underlying such Restricted Stock Units and Deferred Stock
Units, or to receive notice of any meeting of the Company’s stockholders). 
  

	 	10.5.2	 Creditor’s Rights. 

A holder of Restricted Stock Units or Deferred Stock Units shall have no rights other than those of a general unsecured creditor of the
Company. Restricted Stock Units and Deferred Stock Units represent unfunded and unsecured obligations of the Company, subject to the terms and conditions of the applicable Award Agreement. 

 

	 	10.6	 Termination of Service. 

Unless the Committee provides otherwise in an Award Agreement, in another agreement with the Grantee, or otherwise in writing after such Award
Agreement is issued, but prior to termination of Grantee’s Service, upon the termination of such Grantee’s Service, any Restricted Stock, Restricted Stock Units, or Deferred Stock Units held by such Grantee that have not vested, or with
respect to which all applicable restrictions and conditions have not lapsed, shall immediately be deemed forfeited. Upon forfeiture of such Restricted Stock, Restricted Stock Units, or Deferred Stock Units, the Grantee thereof shall have no further
rights with respect thereto, including any right to vote such Restricted Stock or any right to receive dividends or Dividend Equivalent Rights, as applicable, with respect to such Restricted Stock, Restricted Stock Units, or Deferred Stock Units.

  

	 	10.7	 Purchase of Restricted Stock and Shares of Stock Subject to Restricted Stock Units and Deferred Stock
Units. 

 The Grantee of an Award of Restricted Stock, vested Restricted Stock Units, or vested Deferred Stock Units
shall be required, to the extent required by Applicable Laws, to purchase such Restricted Stock or the shares of Stock subject to such vested Restricted Stock Units or Deferred Stock Units from the Company at a purchase price equal to the greater of
(x) the aggregate par value of the shares of Stock represented by such Restricted Stock or such vested Restricted Stock Units or Deferred Stock Units or (y) the purchase price, if any, specified in the Award Agreement relating to such
Restricted Stock or such vested Restricted Stock Units or Deferred Stock Units. Such purchase price shall be payable in a form provided in Article 14 or, in the sole discretion of the Committee, in consideration for Service rendered or
to be rendered by the Grantee to the Company or an Affiliate. 

  
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	 	10.8	 Delivery of Shares of Stock. 

Upon the expiration or termination of any Restricted Period and the satisfaction of any other conditions prescribed by the Committee,
including, without limitation, any performance goals or delayed delivery period, the restrictions applicable to Restricted Stock, Restricted Stock Units, or Deferred Stock Units settled in shares of Stock shall lapse, and, unless otherwise provided
in the applicable Award Agreement, a book-entry or direct registration (including transaction advices) or a certificate evidencing ownership of such shares of Stock shall, consistent with Section 3.6, be issued, free of all such
restrictions, to the Grantee thereof or such Grantee’s beneficiary or estate, as the case may be. Neither the Grantee, nor the Grantee’s beneficiary or estate, shall have any further rights with regard to a Restricted Stock Unit or
Deferred Stock Unit once the shares of Stock represented by such Restricted Stock Unit or Deferred Stock Unit have been delivered in accordance with this Section 10.8. 

 

	11.	 TERMS AND CONDITIONS OF UNRESTRICTED STOCK AWARDS AND OTHER EQUITY-BASED AWARDS 

 

	 	11.1	 Unrestricted Stock Awards. 

The Committee may, in its sole discretion, grant (or sell at the par value of a share of Stock or at such other higher purchase price as shall
be determined by the Committee) an Award to any Grantee pursuant to which such Grantee may receive shares of Unrestricted Stock under the Plan. Awards of Unrestricted Stock may be granted or sold to any Grantee as provided in the immediately
preceding sentence in respect of Service rendered or, if so provided in the related Award Agreement or a separate agreement, to be rendered by the Grantee to the Company or an Affiliate or other valid consideration, in lieu of or in addition to any
cash compensation due to such Grantee. 
  

	 	11.2	 Other Equity-Based Awards. 

The Committee may, in its sole discretion, grant Awards in the form of Other Equity-Based Awards, as deemed by the Committee to be consistent
with the purposes of the Plan. Awards granted pursuant to this Section 11.2 may be granted with vesting, value, and/or payment contingent upon the achievement of one or more performance goals. The Committee shall determine the terms and
conditions of Other Equity-Based Awards on the Grant Date or thereafter. Unless the Committee provides otherwise in an Award Agreement, in another agreement with the Grantee, or otherwise in writing after such Award Agreement is issued, but prior to
termination of Grantee’s Service, upon the termination of a Grantee’s Service, any Other Equity-Based Awards held by such Grantee that have not vested, or with respect to which all applicable restrictions and conditions have not lapsed,
shall immediately be deemed forfeited. Upon forfeiture of any Other Equity-Based Award, the Grantee thereof shall have no further rights with respect to such Other Equity-Based Award. 

 

	12.	 TERMS AND CONDITIONS OF DIVIDEND EQUIVALENT RIGHTS 

 

	 	12.1	 Dividend Equivalent Rights. 

A Dividend Equivalent Right may be granted hereunder, provided that no Dividend Equivalent Rights may be granted in connection with, or related
to, an Award of Options or SARs. The terms and conditions of Dividend Equivalent Rights shall be specified in the Award Agreement therefor. Dividend equivalents credited to the holder of a Dividend Equivalent Right may be paid currently (with or
without being subject to forfeiture or a repayment obligation) or may be deemed to be reinvested in additional shares of Stock or Awards, which may thereafter accrue additional Dividend Equivalent Rights (with or without being subject to forfeiture
or a repayment obligation). Any such reinvestment shall be at the Fair Market Value thereof on the 

  
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date of such reinvestment. Dividend Equivalent Rights may be settled in cash, shares of Stock, or a combination thereof, in a single installment or in multiple installments, all as determined in
the sole discretion of the Committee. A Dividend Equivalent Right granted as a component of another Award may (a) provide that such Dividend Equivalent Right shall be settled upon exercise, settlement, or payment of, or lapse of restrictions
on, such other Award and that such Dividend Equivalent Right shall expire or be forfeited or annulled under the same conditions as such other Award or (b) contain terms and conditions which are different from the terms and conditions of such
other Award, provided that Dividend Equivalent Rights credited pursuant to a Dividend Equivalent Right granted as a component of another Award which vests or is earned based upon the achievement of performance goals shall not vest unless such
performance goals for such underlying Award are achieved, and if such performance goals are not achieved, the Grantee of such Dividend Equivalent Rights shall promptly forfeit and, to the extent already paid or distributed, repay to the Company
payments or distributions made in connection with such Dividend Equivalent Rights. 
  

	 	12.2	 Termination of Service. 

Unless the Committee provides otherwise in an Award Agreement, in another agreement with the Grantee, or otherwise in writing after such Award
Agreement is issued, a Grantee’s rights in all Dividend Equivalent Rights shall automatically terminate upon such Grantee’s termination of Service for any reason. 
  

	13.	 TERMS AND CONDITIONS OF PERFORMANCE-BASED AWARDS 

 

	 	13.1	 Grant of Performance-Based Awards. 

Subject to the terms and provisions of the Plan, the Committee, at any time and from time to time, may grant Performance-Based Awards in such
amounts and upon such terms as the Committee shall determine. 
  

	 	13.2	 Value of Performance-Based Awards. 

Each grant of a Performance-Based Award shall have an initial cash value or an actual or target number of shares of Stock that is established
by the Committee as of the Grant Date. The Committee shall set performance goals in its discretion which, depending on the extent to which they are achieved, shall determine the value and/or number of shares of Stock subject to a Performance-Based
Award that will be paid out to the Grantee thereof. 
  

	 	13.3	 Earning of Performance-Based Awards. 

Subject to the terms of the Plan, after the applicable Performance Period has ended, the Grantee of a Performance-Based Award shall be entitled
to receive a payout of the value and/or the number shares of Stock subject to such Performance-Based Award by such Grantee over such Performance Period. 
  

	 	13.4	 Form and Timing of Payment of Performance-Based Awards. 

Payment of the value earned under a Performance-Based Award shall be made, as determined by the Committee, in the form, at the time, and in the
manner described in the applicable Award Agreement. Subject to the terms of the Plan, the Committee, in its sole discretion, (a) may pay the value earned under a Performance-Based Award in the form of cash, shares of Stock, other Awards, or a
combination thereof, including shares of Stock and/or Awards that are subject to any restrictions deemed appropriate by the Committee, and (b) shall pay the value earned under a Performance-Based Award at the close of the applicable Performance
Period, or as soon as reasonably practicable after the Committee has determined that the 

  
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performance goal or goals relating thereto have been achieved; provided that, unless specifically provided in the Award Agreement for such a Performance-Based Award, such payment shall occur no
later than the fifteenth (15th) day of the third (3rd) month following the end of the calendar year in which such Performance Period
ends. Any shares of Stock paid out under a Performance-Based Award may be granted subject to any restrictions deemed appropriate by the Committee. The determination of the Committee with respect to the form of payout of such Awards shall be set
forth in the Award Agreement for the Performance-Based Award. 
  

	 	13.5	 Performance Conditions. 

The right of a Grantee to exercise or receive a grant or settlement of any Performance-Based Award, and the timing thereof, may be subject to
the achievement of such Performance Measures as may be specified by the Committee. The Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing any performance conditions. Performance
under any of the Performance Measures (a) may be used to measure the performance of (i) the Company, its Subsidiaries and other Affiliates as a whole, (ii) the Company, any Subsidiary, and/or any other Affiliate or any combination
thereof, or (iii) any one or more business units or operating segments of the Company, any Subsidiary, and/or any other Affiliate, in each case as the Committee, in its sole discretion, deems appropriate and (b) may be compared to the
performance of one or more other companies, or one or more published or special indices designated or approved by the Committee for such comparison, as the Committee, in its sole discretion, deems appropriate. In addition, the Committee, in its sole
discretion, may select a Performance Measure specified in Section 2.40(e) for comparison to performance under one or more stock market indices designated or approved by the Committee. The Committee also shall have the authority to
provide for accelerated vesting of any Performance-Based Award based on the achievement of performance goals pursuant to the Performance Measures specified in this Section 13. For the avoidance of doubt, nothing herein is intended to
prevent the Committee from granting Awards subject to subjective performance conditions (including individual performance conditions); provided, that such Awards shall not be considered Performance-Based Awards under the Plan. 

 

	 	13.6	 Evaluation of Performance. 

The Committee may provide in any Performance-Based Award that any evaluation of performance may include or exclude any of the following events
that occur during a Performance Period: (a) asset write-downs; (b) litigation or claims, judgments or settlements; (c) the effect of changes in tax laws, accounting principles, or other laws or provisions affecting reported results;
(d) any reorganization or restructuring events or programs; (e) extraordinary, non-core, non-operating, or non-recurring items and items that are either of an unusual nature or of a type that indicates infrequency of occurrence as a
separate component of income from continuing operations; (f) acquisitions or divestitures; (g) foreign exchange gains and losses; (h) impact of shares of Stock purchased through share repurchase programs; (i) tax valuation
allowance reversals; (j) impairment expense; and (k) environmental expense 
  

	14.	 FORMS OF PAYMENT 

 

	 	14.1	 General Rule. 

Payment of the Option Price for the shares of Stock purchased pursuant to the exercise of an Option or the purchase price, if any, for
Restricted Stock, vested Restricted Stock Units, and/or vested Deferred Stock Units shall be made in cash or in cash equivalents acceptable to the Company. 

  
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	 	14.2	 Surrender of Shares of Stock. 

To the extent that the applicable Award Agreement so provides, payment of the Option Price for shares of Stock purchased pursuant to the
exercise of an Option or the purchase price, if any, for Restricted Stock, vested Restricted Stock Units, and/or vested Deferred Stock Units may be made all or in part through the tender or attestation to the Company of shares of Stock, which shall
be valued, for purposes of determining the extent to which such Option Price or purchase price has been paid thereby, at their Fair Market Value on the date of such tender or attestation. 

 

	 	14.3	 Cashless Exercise. 

To the extent permitted by Applicable Laws and to the extent the Award Agreement so provides, payment of the Option Price for shares of Stock
purchased pursuant to the exercise of an Option may be made all or in part by delivery (on a form acceptable to the Committee) of an irrevocable direction to a licensed securities broker acceptable to the Company to sell shares of Stock and to
deliver all or part of the proceeds of such sale to the Company in payment of such Option Price and/or any withholding taxes described in Section 18.3. 
  

	 	14.4	 Other Forms of Payment. 

To the extent that the applicable Award Agreement so provides and/or unless otherwise specified in an Award Agreement, payment of the Option
Price for shares of Stock purchased pursuant to exercise of an Option or the purchase price, if any, for Restricted Stock, vested Restricted Stock Units, and/or vested Deferred Stock Units may be made in any other form that is consistent with
Applicable Laws, including (a) with respect to Restricted Stock, vested Restricted Stock Units, and/or vested Deferred Stock Units only, Service rendered or to be rendered by the Grantee thereof to the Company or an Affiliate and (b) with
the consent of the Company, by withholding the number of shares of Stock that would otherwise vest or be issuable in an amount equal in value to the Option Price or purchase price and/or the required tax withholding amount. 

 

	15.	 REQUIREMENTS OF LAW 

 

	 	15.1	 General. 

The Company shall not be required to offer, sell, or issue any shares of Stock under any Award, whether pursuant to the exercise of an Option,
a SAR, or otherwise, if the offer, sale, or issuance of such shares of Stock would constitute a violation by the Grantee, the Company, an Affiliate, or any other Person of any provision of the Company’s certificate of incorporation or bylaws or
of Applicable Laws, including any federal or state securities laws or regulations. If at any time the Company shall determine, in its discretion, that the listing, registration, or qualification of any shares of Stock subject to an Award upon any
Stock Exchange or Securities Market or under any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the offering, sale, issuance, or purchase of shares of Stock in connection with any Award, no shares of
Stock may be offered, sold, or issued to the Grantee or any other Person under such Award, whether pursuant to the exercise of an Option, a SAR, or otherwise, unless such listing, registration, or qualification shall have been effected or obtained
free of any conditions not acceptable to the Company, and any delay caused thereby shall in no way affect the date of termination of such Award. Without limiting the generality of the foregoing, upon the exercise of any Option or any SAR that may be
settled in shares of Stock or the delivery of any shares of Stock underlying an Award, unless a registration statement under the Securities Act is in effect with respect to the shares of Stock subject to such Award, the

  
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Company shall not be required to offer, sell, or issue such shares of Stock unless the Committee shall have received evidence satisfactory to it that the Grantee or any other Person exercising
such Option or SAR or accepting delivery of such shares may acquire such shares of Stock pursuant to an exemption from registration under the Securities Act. Any determination by the Committee in connection with the foregoing shall be final,
binding, and conclusive. The Company may register, but shall in no event be obligated to register, any shares of Stock or other securities issuable pursuant to the Plan pursuant to the Securities Act. The Company shall not be obligated to take any
affirmative action in order to cause the exercise of an Option or a SAR or the issuance of shares of Stock or other securities issuable pursuant to the Plan or any Award to comply with any Applicable Laws. As to any jurisdiction that expressly
imposes the requirement that an Option or SAR that may be settled in shares of Stock shall not be exercisable until the shares of Stock subject to such Option or SAR are registered under the securities laws thereof or are exempt from such
registration, the exercise of such Option or SAR under circumstances in which the laws of such jurisdiction apply shall be deemed conditioned upon the effectiveness of such registration or the availability of such an exemption. 

 

	 	15.2	 Rule 16b-3. 

During any time when the Company has any class of common equity securities registered under Section 12 of the Exchange Act, it is the
intention of the Company that Awards pursuant to the Plan and the exercise of Options and SARs granted hereunder that would otherwise be subject to Section 16(b) of the Exchange Act shall qualify for the exemption provided by Rule 16b-3 under
the Exchange Act. To the extent that any provision of the Plan or action by the Committee does not comply with the requirements of such Rule 16b-3, such provision or action shall be deemed inoperative with respect to such Awards to the extent
permitted by Applicable Laws and deemed advisable by the Committee and shall not affect the validity of the Plan. In the event that such Rule 16b-3 is revised or replaced, the Committee may exercise its discretion to modify the Plan in any respect
necessary or advisable in its judgment to satisfy the requirements of, or to permit the Company to avail itself of the benefits of, the revised exemption or its replacement. 
  

	16.	 EFFECT OF CHANGES IN CAPITALIZATION 

 

	 	16.1	 Changes in Stock. 

If the number of outstanding shares of Stock is increased or decreased or the shares of Stock are changed into or exchanged for a different
number of shares or kind of Capital Stock or other securities of the Company on account of any recapitalization, reclassification, stock split, reverse stock split, spin-off, combination of stock, exchange of stock, stock dividend or other
distribution payable in capital stock, or other increase or decrease in shares of Stock effected without receipt of consideration by the Company occurring after the Effective Date, the number and kinds of shares of Capital Stock for which grants of
Options and other Awards may be made under the Plan, including the Share Limit set forth in Section 4.1, shall be adjusted proportionately and accordingly by the Committee. In addition, the number and kind of shares of Capital Stock for
which Awards are outstanding shall be adjusted proportionately and accordingly by the Committee so that the proportionate interest of the Grantee therein immediately following such event shall, to the extent practicable, be the same as immediately
before such event. Any such adjustment in outstanding Options or SARs shall not change the aggregate Option Price or SAR Price payable with respect to shares that are subject to the unexercised portion of such outstanding Options or SARs, as
applicable, but shall include a corresponding proportionate adjustment in the per share Option Price or SAR Price, as the case may be. The conversion of any convertible securities of the Company shall not be treated as an increase in shares effected
without receipt of consideration. Notwithstanding the foregoing, in the event of any distribution to the Company’s stockholders of securities of any other entity or other assets (including an extraordinary dividend, but excluding a
non-extraordinary dividend, declared and paid by the Company) without receipt of 

  
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consideration by the Company, the Board or the Committee constituted pursuant to Section 3.1.2 shall, in such manner as the Board or the Committee deems appropriate, adjust
(a) the number and kind of shares of Capital Stock subject to outstanding Awards and/or (b) the aggregate and per share Option Price of outstanding Options and the aggregate and per share SAR Price of outstanding SARs as required to
reflect such distribution. 
  

	 	16.2	 Reorganization in Which the Company Is the Surviving Entity Which Does not Constitute a Change in
Control. 

 Subject to Section 16.3, if the Company shall be the surviving entity in any reorganization,
merger, or consolidation of the Company with one or more other entities which does not constitute a Change in Control, any Award theretofore granted pursuant to the Plan shall pertain to and apply to the Capital Stock to which a holder of the number
of shares of Stock subject to such Award would have been entitled immediately following such reorganization, merger, or consolidation, with a corresponding proportionate adjustment of the per share Option Price or SAR Price of any outstanding Option
or SAR so that the aggregate Option Price or SAR Price thereafter shall be the same as the aggregate Option Price or SAR Price of the shares of Stock remaining subject to the Option or SAR as in effect immediately prior to such reorganization,
merger, or consolidation. Subject to any contrary language in an Award Agreement, in another agreement with the Grantee, or as otherwise set forth in writing, any restrictions applicable to such Award shall apply as well to any replacement shares of
Capital Stock subject to such Award, or received by the Grantee, as a result of such reorganization, merger, or consolidation. In the event of any reorganization, merger, or consolidation of the Company referred to in this Section 16.2,
Performance-Based Awards shall be adjusted (including any adjustment to the Performance Measures applicable to such Awards deemed appropriate by the Committee) so as to apply to the Capital Stock that a holder of the number of shares of Stock
subject to the Performance-Based Awards would have been entitled to receive immediately following such reorganization, merger, or consolidation. 
  

	 	16.3	 Change in Control in which Awards are not Assumed. 

Except as otherwise provided in the applicable Award Agreement, in another agreement with the Grantee, or as otherwise set forth in writing,
upon the occurrence of a Change in Control in which outstanding Awards are not being assumed or continued, the following provisions shall apply to such Award, to the extent not assumed or continued: 

(a)     Immediately prior to the occurrence of such Change in Control, in each case with the exception of
Performance-Based Awards, all outstanding shares of Restricted Stock and all Restricted Stock Units, Deferred Stock Units, and Dividend Equivalent Rights shall be deemed to have vested, and all shares of Stock and/or cash subject to such Awards
shall be delivered; and either or both of the following two (2) actions shall be taken: 
 (i)    
At least fifteen (15) days prior to the scheduled consummation of such Change in Control, all Options and SARs outstanding hereunder shall become immediately exercisable and shall remain exercisable for a period of fifteen (15) days. Any
exercise of an Option or SAR during this fifteen (15)-day period shall be conditioned upon the consummation of the applicable Change in Control and shall be effective only immediately before the consummation thereof, and upon consummation of such
Change in Control, the Plan and all outstanding but unexercised Options and SARs shall terminate, with or without consideration (including, without limitation, consideration in accordance with clause (ii) below) as determined by the Committee
in its sole discretion. The Committee shall send notice of an event that shall result in such a termination to all Persons who hold Options and SARs not later than the time at which the Company gives notice thereof to its stockholders; and/or 

  
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 (ii)     The Committee may elect, in its sole
discretion, to cancel any outstanding Awards of Options, SARs, Restricted Stock, Restricted Stock Units, Deferred Stock Units, and/or Dividend Equivalent Rights and pay or deliver, or cause to be paid or delivered, to the holder thereof an amount in
cash or Capital Stock having a value (as determined by the Committee acting in good faith), in the case of Restricted Stock, Restricted Stock Units, Deferred Stock Units, and Dividend Equivalent Rights (for shares of Stock subject thereto), equal to
the formula or fixed price per share paid to holders of shares of Stock pursuant to such Change in Control and, in the case of Options or SARs, equal to the product of the number of shares of Stock subject to such Options or SARs multiplied by the
amount, if any, by which (x) the formula or fixed price per share paid to holders of shares of Stock pursuant to such transaction exceeds (y) the Option Price or SAR Price applicable to such Options or SARs. 

(b)     For Performance-Based Awards, if less than half of the Performance Period has lapsed, such Performance-Based
Awards shall be treated as though target performance has been achieved. If at least half of the Performance Period has lapsed, actual performance to date shall be determined as of a date reasonably proximal to the date of consummation of the Change
in Control as determined by the Committee, in its sole discretion, and that level of performance thus determined shall be treated as achieved immediately prior to occurrence of the Change in Control. For purposes of the preceding sentence, if, based
on the discretion of the Committee, actual performance is not determinable, the Performance-Based Awards shall be treated as though target performance has been achieved. After application of this Section 16.3(b), if any Awards arise from
application of this Article 16, such Awards shall be settled under the applicable provision of Section 16.3(a). 

(c)     Other Equity-Based Awards shall be governed by the terms of the applicable Award Agreement. 

 

	 	16.4	 Change in Control in which Awards are Assumed. 

Except as otherwise provided in the applicable Award Agreement, in another agreement with the Grantee, or as otherwise set forth in writing,
upon the occurrence of a Change in Control in which outstanding Awards are being assumed or continued, the following provisions shall apply to such Award, to the extent assumed or continued: 

The Plan and the Options, SARs, Restricted Stock, Restricted Stock Units, Deferred Stock Units, Dividend Equivalent Rights, and Other
Equity-Based Awards granted under the Plan shall continue in the manner and under the terms so provided in the event of any Change in Control to the extent that provision is made in writing in connection with such Change in Control for the
assumption or continuation of such Options, SARs, Restricted Stock, Restricted Stock Units, Deferred Stock Units, Dividend Equivalent Rights, and Other Equity-Based Awards, or for the substitution for such Options, SARs, Restricted Stock, Restricted
Stock Units, Deferred Stock Units, Dividend Equivalent Rights, and Other Equity-Based Awards of new stock options, stock appreciation rights, restricted stock, restricted stock units, deferred stock units, dividend equivalent rights, and other
equity-based awards relating to the Capital Stock of a successor entity, or a parent or subsidiary thereof, with appropriate adjustments as to the number of shares (disregarding any consideration that is not common stock) and exercise prices of
options and stock appreciation rights. 

  
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	 	16.5	 Adjustments. 

Adjustments under this Article 16 related to shares of Stock or other Capital Stock of the Company shall be made by the Committee,
whose determination in that respect shall be final, binding, and conclusive. No fractional shares or other securities shall be issued pursuant to any such adjustment, and any fractions resulting from any such adjustment shall be eliminated in each
case by rounding downward to the nearest whole share. The Committee may provide in the applicable Award Agreement as of the Grant Date, in another agreement with the Grantee, or otherwise in writing at any time thereafter with the consent of the
Grantee, for different provisions to apply to an Award in place of those provided in Sections 16.1, 16.2, 16.3, and 16.4. This Article 16 shall not limit the Committee’s ability to provide for alternative treatment of
Awards outstanding under the Plan in the event of a change in control event involving the Company that is not a Change in Control. 
  

	 	16.6	 No Limitations on Company. 

The making of Awards pursuant to the Plan shall not affect or limit in any way the right or power of the Company to make adjustments,
reclassifications, reorganizations, or changes of its capital or business structure or to merge, consolidate, dissolve, or liquidate, or to sell or transfer all or any part of its business or assets (including all or any part of the business or
assets of any Subsidiary or other Affiliate) or to engage in any other transaction or activity. 
  

	17.	 PARACHUTE LIMITATIONS 

If any Grantee is a Disqualified Individual, then, notwithstanding any other provision of the Plan or of any Other Agreement to the contrary
and notwithstanding any Benefit Arrangement, any right of the Grantee to any exercise, vesting, payment, or benefit under the Plan shall be reduced or eliminated: 

(a)     to the extent that such right to exercise, vesting, payment, or benefit, taking into account all other rights,
payments, or benefits to or for the Grantee under the Plan, all Other Agreements, and all Benefit Arrangements, would cause any exercise, vesting, payment, or benefit to the Grantee under the Plan to be considered a Parachute Payment; and 

(b)     if, as a result of receiving such Parachute Payment, the aggregate after-tax amounts received by the Grantee from
the Company under the Plan, all Other Agreements, and all Benefit Arrangements would be less than the maximum after-tax amount that could be received by the Grantee without causing any such payment or benefit to be considered a Parachute Payment.

 Except as required by Code Section 409A or to the extent that Code Section 409A permits discretion, the Committee shall have
the right, in the Committee’s sole discretion, to designate those rights, payments, or benefits under the Plan, all Other Agreements, and all Benefit Arrangements that should be reduced or eliminated so as to avoid having such rights, payments,
or benefits be considered a Parachute Payment; provided, however, to the extent any payment or benefit constitutes deferred compensation under Code Section 409A, in order to comply with Code Section 409A, the Company shall instead
accomplish such reduction by first reducing or eliminating any cash payments (with the payments to be made furthest in the future being reduced first), then by reducing or eliminating any accelerated vesting of Performance-Based Awards, then by
reducing or eliminating any accelerated vesting of Options or SARs, then by reducing or eliminating any accelerated vesting of Restricted Stock, Restricted Stock Units, or Deferred Stock Units, then by reducing or eliminating any other remaining
Parachute Payments. 

  
 27 

	18.	 GENERAL PROVISIONS 

 

	 	18.1	 Disclaimer of Rights. 

No provision in the Plan, any Award, or any Award Agreement shall be construed (a) to confer upon any individual the right to remain in
the Service of the Company or an Affiliate, (b) to interfere in any way with any contractual or other right or authority of the Company or an Affiliate either to increase or decrease the compensation or other payments to any Person at any time,
or (c) to terminate any Service or other relationship between any Person and the Company or an Affiliate. In addition, notwithstanding any provision of the Plan to the contrary, unless otherwise stated in the applicable Award Agreement, in
another agreement with the Grantee, or otherwise in writing, no Award granted under the Plan shall be affected by any change of duties or position of the Grantee thereof, so long as such Grantee continues to provide Service. The obligation of the
Company to pay any benefits pursuant to the Plan shall be interpreted as a contractual obligation to pay only those amounts provided herein, in the manner and under the conditions prescribed herein. The Plan and Awards shall in no way be interpreted
to require the Company to transfer any amounts to a third-party trustee or otherwise hold any amounts in trust or escrow for payment to any Grantee or beneficiary under the terms of the Plan. 

 

	 	18.2	 Nonexclusivity of the Plan. 

Neither the adoption of the Plan nor the submission of the Plan to the stockholders of the Company for approval shall be construed as creating
any limitations upon the right and authority of the Board or the Committee to adopt such other incentive compensation arrangements (which arrangements may be applicable either generally to a class or classes of individuals or specifically to a
particular individual or particular individuals) as the Board or the Committee in their discretion determine desirable. 
  

	 	18.3	 Withholding Taxes. 

No shares of Stock shall be delivered under the Plan to any Grantee until such Grantee has made arrangements acceptable to the Company or an
Affiliate, as the case may be, for the satisfaction of any income and employment tax withholding obligations under Applicable Laws. The Company or such Affiliate shall have the authority and the right to deduct or withhold, or require a Grantee to
remit to the Company or such Affiliate, an amount sufficient to satisfy all applicable taxes (including the Grantee’s payroll tax obligations) required or permitted by Applicable Laws to be withheld with respect to any taxable event concerning
a Grantee arising as a result of this Plan. The Company or such Affiliate may in its discretion and in satisfaction of the foregoing requirement allow a Grantee to elect to have the Company or such Affiliate withhold shares of Stock otherwise
issuable under an Award (or allow the return of shares of Stock) having a Fair Market Value equal to the sums required to be withheld. A Grantee who has made an election pursuant to this Section 18.3 may satisfy such Grantee’s
withholding obligation only with shares of Stock that are not subject to any repurchase, forfeiture, unfulfilled vesting, or other similar requirements. 
  

	 	18.4	 Captions. 

The use of captions in the Plan or any Award Agreement is for convenience of reference only and shall not affect the meaning of any provision
of the Plan or such Award Agreement. 
  

	 	18.5	 Construction. 

Unless the context otherwise requires, all references in the Plan to “including” shall mean “including without limitation.”

  
 28 

	 	18.6	 Other Provisions. 

Each Award granted under the Plan may contain such other terms and conditions not inconsistent with the Plan as may be determined by the
Committee, in its sole discretion. 
  

	 	18.7	 Number and Gender. 

With respect to words used in the Plan, the singular form shall include the plural form, and the masculine gender shall include the feminine
gender, as the context requires. 
  

	 	18.8	 Severability. 

If any provision of the Plan or any Award Agreement shall be determined to be illegal or unenforceable by any court of law in any jurisdiction,
the remaining provisions hereof and thereof shall be severable and enforceable in accordance with their terms, and all provisions shall remain enforceable in any other jurisdiction. 

 

	 	18.9	 Governing Law. 

The validity and construction of the Plan and the instruments evidencing the Awards hereunder shall be governed by, and construed and
interpreted in accordance with, the laws of the State of Delaware, other than any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan and the instruments evidencing the Awards granted
hereunder to the substantive laws of any other jurisdiction. 
  

	 	18.10	 Foreign Jurisdictions. 

To the extent the Committee determines that the material terms set by the Committee imposed by the Plan preclude the achievement of the
material purposes of the Plan in jurisdictions outside the United States, the Committee will have the authority and discretion to modify those terms and provide for such additional terms and conditions as the Committee determines to be necessary,
appropriate, or desirable to accommodate differences in local law, policy, or custom or to facilitate administration of the Plan. The Committee may adopt or approve sub-plans, appendices, or supplements to, or amendments, restatements, or
alternative versions of the Plan as in effect for any other purposes. The special terms and any appendices, supplements, amendments, restatements, or alternative versions, however, shall not include any provisions that are inconsistent with the
terms of the Plan as in effect, unless the Plan could have been amended to eliminate such inconsistency without further approval by the Company’s stockholders. 
  

	 	18.11	 Section 409A of the Code. 

The Plan is intended to comply with Code Section 409A to the extent subject thereto, and, accordingly, to the maximum extent permitted,
the Plan will be interpreted and administered to be in compliance with Code Section 409A. Any payments described in the Plan that are due within the Short-Term Deferral Period will not be treated as deferred compensation unless Applicable Laws
require otherwise. Notwithstanding any provision of the Plan to the contrary, to the extent required to avoid accelerated taxation and tax penalties under Code Section 409A, amounts that would otherwise be payable and benefits that would
otherwise be provided pursuant to the Plan during the six (6)-month period immediately following the Grantee’s Separation from Service will instead be paid on the first payroll date after the six (6)-month anniversary of the Grantee’s
Separation from Service (or the Grantee’s death, if earlier). 

  
 29 

 Furthermore, notwithstanding anything in the Plan to the contrary, in the case of an Award
that is characterized as deferred compensation under Code Section 409A, and pursuant to which settlement and delivery of the cash or shares of Stock subject to the Award is triggered based on a Change in Control, in no event will a Change in
Control be deemed to have occurred for purposes of such settlement and delivery of cash or shares of Stock if the transaction is not also a “change in the ownership or effective control of” the Company or “a change in the ownership of
a substantial portion of the assets of” the Company as determined under Treasury Regulation Section 1.409A-3(i)(5) (without regard to any alternative definition thereunder). If an Award characterized as deferred compensation under Code
Section 409A is not settled and delivered on account of the provision of the preceding sentence, the settlement and delivery shall occur on the next succeeding settlement and delivery triggering event that is a permissible triggering event
under Code Section 409A. No provision of this paragraph shall in any way affect the determination of a Change in Control for purposes of vesting in an Award that is characterized as deferred compensation under Code Section 409A. 

Notwithstanding the foregoing, neither the Company nor the Committee will have any obligation to take any action to prevent the assessment of
any excise tax or penalty on any Grantee under Code Section 409A, and neither the Company or an Affiliate nor the Board or the Committee will have any liability to any Grantee for such tax or penalty. 

 

	 	18.12	 Limitation on Liability. 

No member of the Board or the Committee shall be liable for any action or determination made in good faith with respect to the Plan, any Award,
or any Award Agreement. Notwithstanding any provision of the Plan to the contrary, neither the Company, an Affiliate, the Board, the Committee, nor any person acting on behalf of the Company, an Affiliate, the Board, or the Committee will be liable
to any Grantee or to the estate or beneficiary of any Grantee or to any other holder of an Award under the Plan by reason of any acceleration of income, or any additional tax (including any interest and penalties), asserted by reason of the failure
of an Award to satisfy the requirements of Code Section 422 or Code Section 409A or by reason of Code Section 4999, or otherwise asserted with respect to the Award; provided, that this Section 18.12 shall not affect any of
the rights or obligations set forth in an applicable agreement between the Grantee and the Company or an Affiliate. 

  
 30 

 To record adoption of the Plan by the Board as of
            , 2020 and approval of the Plan by the Company’s stockholders as of             , 2020, the Company has caused
its authorized officer to execute the Plan. 
  

	
	LAIRD SUPERFOOD, INC.
	
	
By:                    
                    

	Name:
	Title:

  
 Signature Page to the
Laird Superfood, Inc. 2020 Omnibus Incentive PlanEX-10.6

 Exhibit 10.6 

LAIRD SUPERFOOD, INC. 
 2018
EQUITY INCENTIVE PLAN 
  

	1.	 Purpose 

The purpose of this 2018 Equity Incentive Plan (the “Plan”) of Laird Superfood, Inc., a Delaware corporation (the
“Company”), is to advance the interests of the Company’s stockholders by enhancing the Company’s ability to attract, retain and motivate persons who are expected to make important contributions to the Company and by
providing such persons with equity ownership opportunities and performance-based incentives that are intended to better align the interests of such persons with those of the Company’s stockholders. Except where the context otherwise requires,
the term “Company” shall include any of the Company’s present or future parent or subsidiary corporations as defined in Sections 424(e) or (f) of the Internal Revenue Code of 1986, as amended, and any regulations
thereunder (the “Code”), and any other business venture (including, without limitation, any limited liability company or joint venture) in which the Company has a controlling interest, as determined by the Board of Directors
of the Company (the “Board”). 
  

	2.	 Eligibility 

All of the Company’s employees, officers and directors, as well as consultants and advisors to the Company (as such terms consultants and
advisors are defined and interpreted for purposes of Form S-8 under the Securities Act of 1933, as amended (the “Securities Act”), or any successor form) are eligible to be granted
Awards under the Plan. Each person who is granted an Award under the Plan is deemed a “Participant.” “Award” means Options (as defined in Section 5), SARs (as defined in Section 6),
Restricted Stock (as defined in Section 7), Restricted Stock Units (as defined in Section 7) and Other Stock-Based Awards (as defined in Section 8). 
  

	3.	 Administration and Delegation 

(a)    Administration by Board of Directors. The Plan will be administered by the Board. The Board shall have
authority to grant Awards and to adopt, amend and repeal such administrative rules, guidelines and practices relating to the Plan as it shall deem advisable. The Board may construe and interpret the terms of the Plan and any Award agreements entered
into under the Plan. The Board may correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and to the extent it shall deem expedient and it shall be the sole and final judge of such expediency.
All decisions by the Board shall be made in the Board’s sole discretion and shall be final and binding on all persons having or claiming any interest in the Plan or in any Award. 

(b)    Appointment of Committees. To the extent permitted by applicable law, the Board may delegate any or all of
its powers under the Plan to one or more committees or subcommittees of the Board (a “Committee”). All references in the Plan to the “Board” shall mean the Board or a Committee of the Board or the
officers referred to in Section 3(c) to the extent that the Board’s powers or authority under the Plan have been delegated to such Committee or officers. The Committee may, but is not required to, consist solely of two or more Non-Employee Directors in accordance with Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 

 (c)    Delegation to Officers. Subject to any requirements of
applicable law (including as applicable Sections 152 and 157(c) of the General Corporation Law of the State of Delaware), the Board may delegate to one or more officers of the Company the power to grant Awards (subject to any limitations under the
Plan) to employees or officers of the Company and to exercise such other powers under the Plan as the Board may determine, provided that the Board shall fix the terms of Awards to be granted by such officers, the maximum number of shares subject to
Awards that the officers may grant, and the time period in which such Awards may be granted; and provided further, that no officer shall be authorized to (i) grant Awards to any “executive officer” of the Company (as
defined by Rule 3b-7 under the Exchange Act) or to any “officer” of the Company (as defined by Rule 16a-1(f) under the Exchange Act) or
(ii) to determine the Grant Date Fair Market Value. 
  

	4.	 Stock Available for Awards 

(a)    Number of Shares; Share Counting. 

(1)    Authorized Number of Shares. Subject to adjustment under Section 9, Awards may be made under the Plan
(any or all of which Awards may be in the form of Incentive Stock Options, as defined in Section 5(b)) for 346,148 shares of common stock, $0.001 par value per share, of the Company (the “Common Stock”). Shares issued
under the Plan may consist in whole or in part of authorized but unissued shares or treasury shares. 
 (2)    Share
Counting. For purposes of counting the number of shares of Common Stock available for the grant of Awards under the Plan: 

(A)    if any Award (i) expires or is terminated, surrendered or canceled without having been fully exercised or is
forfeited in whole or in part (including as the result of shares of Common Stock subject to such Award being repurchased by the Company at the original issuance price pursuant to a contractual repurchase right) or (ii) results in any Common
Stock not being issued (including as a result of an SAR that was settleable either in cash or in stock actually being settled in cash), the unused shares of Common Stock covered by such Award shall again be available for the grant of Awards;
provided, however, that (1) in the case of Incentive Stock Options, the foregoing shall be subject to any limitations under the Code, and (2) in the case of the exercise of an SAR, the number of shares counted against the shares of Common
Stock covered by such SAR that are available under the Plan shall be the full number of shares of Common Stock subject to the SAR multiplied by the percentage of the SAR actually exercised, regardless of the number of shares actually used to settle
such SAR upon exercise; and 
 (B)    shares of Common Stock delivered (by actual delivery, attestation, or net
exercise) to the Company by a Participant to (i) purchase shares of Common Stock upon the exercise of an Award or (ii) satisfy tax withholding obligations with respect to Awards (including shares retained from the Award creating the tax
obligation) shall be added back to the number of shares of Common Stock subject to such Award that are available for the future grant of Awards. 

  
 2 

 (b)    Substitute Awards. In connection with a merger or
consolidation of an entity with the Company or the acquisition by the Company of property or stock of an entity, the Board may grant Awards with respect to Common Stock in substitution for any options or other stock or stock-based awards granted by
such entity or an affiliate thereof. Substitute Awards may be granted on such terms as the Board deems appropriate in the circumstances, notwithstanding any limitations on Awards contained in the Plan. Substitute Awards shall not count against the
overall share limit set forth in Section 4(a)(1), except as may be required by reason of Section 422 and related provisions of the Code. 
  

	5.	 Stock Options 

(a)    General. The Board may grant options to purchase Common Stock (each, an “Option”) and
determine the number of shares of Common Stock to be covered by each Option, the exercise price of each Option and the conditions and limitations applicable to the exercise of each Option, including conditions relating to applicable federal or state
securities laws, as it considers necessary or advisable. 
 (b)    Incentive Stock Options. An Option that the
Board intends to be an “incentive stock option” as defined in Section 422 of the Code (an “Incentive Stock Option”) shall only be granted to employees of Laird Superfood, Inc., any of Laird
Superfood, Inc.’s present or future parent or subsidiary corporations (if any) as defined in Sections 424(e) or (f) of the Code, and any other entities the employees of which are eligible to receive Incentive Stock Options under the Code,
and shall be subject to and shall be construed consistently with the requirements of Section 422 of the Code. An Option that is not intended to be an Incentive Stock Option shall be designated a “Nonstatutory Stock
Option.” The Company shall have no liability to a Participant, or any other party, if an Option (or any part thereof) that is intended to be an Incentive Stock Option is not an Incentive Stock Option or if the Company converts an
Incentive Stock Option to a Nonstatutory Stock Option. 
 (c)    Exercise Price. The Board shall establish the
exercise price of each Option or the formula by which such exercise price will be determined. The exercise price shall be specified in the applicable Option agreement. The exercise price shall be not less than 100% of the Grant Date Fair Market
Value (as defined below) of a share of Common Stock on the date the Option is granted; provided that if the Board approves the grant of an Option to a person who owns capital stock (including stock treated as owned under Section 424(d) of the
Code) possessing more than 10% of the total combined voting power of all classes of capital stock of the Company or any subsidiary Company, the exercise price shall not be less than 110% of the Grant Date Fair Market Value of a share of Common Stock
on the date the Option is granted; provided further that if the Board approves the grant of an Option with an exercise price to be determined on a future date, the exercise price shall be not less than 100% of the Grant Date Fair Market Value on
such future date. “Grant Date Fair Market Value” of a share of Common Stock for purposes of the Plan will be determined as follows: 

(1)    if the Common Stock trades on a national securities exchange, the closing sale price (for the primary trading
session) for a share of Common Stock on the date of grant; or 

  
 3 

 (2)    if the Common Stock does not trade on any such exchange, the
average of the closing bid and asked prices for a share of Common Stock on the date of grant as reported by an over-the-counter marketplace designated by the Board; or

 (3)    if the Common Stock is not publicly traded, the Board will determine the Grant Date Fair Market Value of a
share of Common Stock for purposes of the Plan using any measure of value it determines to be appropriate (including, as it considers appropriate, relying on appraisals) in a manner consistent with the valuation principles under Code
Section 409A, except as the Board may expressly determine otherwise. 
 For any date that is not a trading day, the Grant Date Fair Market Value of a
share of Common Stock for such date will be determined by using the closing sale price or average of the bid and asked prices, as applicable, for the immediately preceding trading day and with the timing formulas specified in clauses (1) and
(2) above adjusted accordingly. The Board can substitute a particular time of day or other measure of “closing sale price” or “bid and asked prices” if appropriate because of exchange or market
procedures or can use weighted averages either on a daily basis or such longer period as complies with Code Section 409A. The Board has sole discretion to determine the Grant Date Fair Market Value of a share of Common Stock for purposes of the
Plan, and all Awards are conditioned on the Participants’ agreement that the Board’s determination is conclusive and binding even though others might make a different determination. 

(d)    Duration of Options. Each Option shall be exercisable at such times and subject to such terms and conditions
as the Board may specify in the applicable option agreement; provided, however, that no Option will be granted with a term in excess of 10 years. 

(e)    Exercise of Options. Options may be exercised by delivery to the Company of a notice of exercise in a form
(which may be electronic) approved by the Company, together with payment in full (in the manner specified in Section 5(f)) of the exercise price for the number of shares for which the Option is exercised. Shares of Common Stock subject to the
Option will be delivered by the Company as soon as practicable following exercise. 
 (f)    Payment Upon
Exercise. Common Stock purchased upon the exercise of an Option granted under the Plan shall be paid for as follows: 

(1)    in cash or by check, payable to the order of the Company; 

(2)    delivery of shares of Common Stock owned by the Participant, valued at the Grant Date Fair Market Value; 

(3)    if an Option is a Nonstatutory Stock Option, to the extent provided for in the applicable Option agreement or
approved by the Board, by reduction in the number of shares of Common Stock otherwise deliverable upon exercise of such Option with a Grant Date Fair Market Value equal to the aggregate exercise price at the time of exercise; 

(4)    to the extent permitted by applicable law and provided for in the applicable Option agreement or approved by the
Board, through the sale of the shares of Common Stock acquired on exercise of the Option through a broker-dealer to whom the 

  
 4 

 
Participant has submitted an irrevocable notice of exercise and irrevocable instructions to deliver promptly to the Company the amount of sale proceeds sufficient to pay for such shares of Common
Stock, together with, if requested by the Company, the amount of federal, state, local or foreign withholding taxes payable by Participant by reason of such exercise; or 

(5)    by any combination of the above permitted forms of payment. 

(g)    Limitation on Repricing. Unless such action is approved by the Company’s stockholders, the Company may
not (except as provided for under Section 9): (1) amend any outstanding Option granted under the Plan to provide an exercise price per share that is lower than the then-current exercise price per share of such outstanding Option,
(2) cancel any outstanding option (whether or not granted under the Plan) and grant in substitution therefor new Awards under the Plan (other than Awards granted pursuant to Section 4(b)) covering the same or a different number of shares
of Common Stock and having an exercise price per share lower than the then-current exercise price per share of the cancelled option, (3) cancel in exchange for a cash payment any outstanding Option with an exercise price per share above the
then-current fair market value of the applicable Common Stock (valued in the manner determined by (or in the manner approved by) the Board) or (4) take any other action under the Plan that constitutes a “repricing”
within the meaning of the rules of any exchange or marketplace on which the Common Stock is listed or traded (“Exchange”). 
  

	6.	 Stock Appreciation Rights 

(a)    General. The Board may grant Awards consisting of stock appreciation rights (“SARs”)
entitling the holder, upon exercise, to receive a number of shares of Common Stock or an amount of cash or a combination thereof (such form to be determined by the Board) determined by reference to appreciation, from and after the date of grant, in
the fair market value of a share of Common Stock (valued in the manner determined by (or in the manner approved by) the Board) over the measurement price established pursuant to Section 6(b). The date as of which such appreciation is determined
shall be the exercise date. 
 (b)    Measurement Price. The Board shall establish the measurement price of each
SAR and specify it in the applicable SAR agreement. The measurement price shall not be less than 100% of the Grant Date Fair Market Value of a share of Common Stock covered by the SAR on the date the SAR is granted; provided that if the Board
approves the grant of an SAR effective as of a future date, the measurement price shall be not less than 100% of the Grant Date Fair Market Value on such future date. 

(c)    Duration of SARs. Each SAR shall be exercisable at such times and subject to such terms and conditions as
the Board may specify in the applicable SAR agreement; provided, however, that no SAR will be granted with a term in excess of 10 years. 

(d)    Exercise of SARs. SARs may be exercised by delivery to the Company of a notice of exercise in a form (which
may be electronic) approved by the Company, together with any other documents required by the Board. 

(e)    Limitation on Repricing. Unless such action is approved by the Company’s stockholders, the Company may
not (except as provided for under Section 9): (1) amend any 

  
 5 

 
outstanding SAR granted under the Plan to provide a measurement price per share that is lower than the then-current measurement price per share of such outstanding SAR, (2) cancel any
outstanding SAR (whether or not granted under the Plan) and grant in substitution therefor new Awards under the Plan (other than Awards granted pursuant to Section 4(b)) covering the same or a different number of shares of Common Stock and
having an exercise or measurement price per share lower than the then-current measurement price per share of the cancelled SAR, (3) cancel in exchange for a cash payment any outstanding SAR with a measurement price per share above the
then-current fair market value of the applicable Common Stock (valued in the manner determined by (or in a manner approved by) the Board) or (4) take any other action under the Plan that constitutes a “repricing” within
the meaning of the rules of the Exchange. 
  

	7.	 Restricted Stock; Restricted Stock Units 

(a)    General. The Board may grant Awards entitling recipients to acquire shares of Common Stock
(“Restricted Stock”), subject to the right of the Company to repurchase all or part of such shares at their issue price or other stated or formula price (or to require forfeiture of such shares if issued at no cost) from the
recipient in the event that conditions specified by the Board in the applicable Award are not satisfied prior to the end of the applicable restriction period or periods established by the Board for such Award. The Board may also grant Awards
entitling the recipient to receive shares of Common Stock or cash to be delivered at the time such Award vests or is settled (“Restricted Stock Units”) (Restricted Stock and Restricted Stock Units are each referred to herein
as a “Restricted Stock Award”). 
 (b)    Terms and Conditions for All Restricted Stock
Awards. The Board shall determine the terms and conditions of a Restricted Stock Award, including the conditions for vesting and repurchase (or forfeiture) and the issue price, if any. 

(c)    Additional Provisions Relating to Restricted Stock. 

(1)    Dividends. Unless otherwise provided in the applicable Award agreement, any dividends (whether paid in cash,
stock or property) declared and paid by the Company with respect to shares of Common Stock (“Accrued Dividends”) shall be paid to the Participant only if and when such shares become free from the restrictions on
transferability and forfeitability that apply to such shares. Each payment of Accrued Dividends will be made no later than the end of the calendar year in which the dividends are paid to holders of Common Stock or, if later, the 15th day of the
third month following the lapsing of the restrictions on transferability and the forfeitability provisions applicable to the underlying shares of Restricted Stock. 

(2)    Stock Certificates. The Company may require that any stock certificates issued in respect of shares of
Restricted Stock, as well as dividends or distributions paid on such Restricted Stock, shall be deposited in escrow by the Participant, together with a stock power endorsed in blank, with the Company (or its designee). At the expiration of the
applicable restriction periods, the Company (or such designee) shall deliver the certificates no longer subject to such restrictions to the Participant or if the Participant has died, to his or her Designated Beneficiary. “Designated
Beneficiary” means (i) the beneficiary designated, in a manner determined by the Board, by a Participant to receive amounts due or exercise rights of the Participant in the event of the Participant’s death or (ii) in the
absence of an effective designation by a Participant, the Participant’s estate. 

  
 6 

 (d)    Additional Provisions Relating to Restricted Stock Units.

 (1)    Settlement. Upon the vesting of and/or lapsing of any other restrictions (i.e., settlement) with respect
to each Restricted Stock Unit, the Participant shall be entitled to receive from the Company such number of shares of Common Stock covered by such Award or (if so provided in the applicable Award agreement) an amount of cash equal to the fair market
value (valued in the manner determined by (or in a manner approved by) the Board) of such number of shares of Common Stock covered by the Award as are set forth in the applicable Restricted Stock Unit agreement. The Board may provide that settlement
of Restricted Stock Units shall be deferred, on a mandatory basis or at the election of the Participant in a manner that complies with Section 409A of the Code. 

(2)    Voting Rights. A Participant shall have no voting rights with respect to any Restricted Stock Units. 

(3)    Dividend Equivalents. The Award agreement for Restricted Stock Units may provide Participants with the right
to receive an amount equal to any dividends or other distributions declared and paid on an equal number of outstanding shares of Common Stock covered by such Award (“Dividend Equivalents”). Dividend Equivalents may be settled
in cash and/or shares of Common Stock and shall be subject to the same restrictions on transfer and forfeitability as the Restricted Stock Units with respect to which paid, in each case to the extent provided in the Award agreement. 

 

	8.	 Other Stock-Based Awards 

(a)    General. The Board may grant other Awards of shares of Common Stock, and other Awards that are valued in
whole or in part by reference to, or are otherwise based on, shares of Common Stock or other property (“Other Stock-Based Awards”). Such Other Stock-Based Awards shall also be available as a form of payment in the settlement
of other Awards granted under the Plan or as payment in lieu of compensation to which a Participant is otherwise entitled. Other Stock-Based Awards may be paid in shares of Common Stock or cash, as the Board shall determine. 

(b)    Terms and Conditions. Subject to the provisions of the Plan, the Board shall determine the terms and
conditions of each Other Stock-Based Award, including any purchase price applicable thereto. 
  

	9.	 Adjustments for Changes in Common Stock and Certain Other Events 

(a)    Changes in Capitalization. In the event of any stock split, reverse stock split, stock dividend,
recapitalization, combination of shares, reclassification of shares, spin-off or other similar change in capitalization or event with respect to Common Stock, or any dividend or distribution to holders of
Common Stock other than an ordinary cash dividend, (i) the number and class of securities available under the Plan, (ii) the share counting rules set forth in Section 4(a), (iii) the number and class of securities and exercise price
per share of each outstanding 

  
 7 

 
Option with respect to such Common Stock, (iv) the share and per-share provisions and the measurement price of each outstanding SAR with respect to
such Common Stock, (v) the number of shares subject to and the repurchase price per share subject to each outstanding Restricted Stock Award with respect to such Common Stock and (vi) the share and
per-share-related provisions and the purchase price, if any, of each outstanding Other Stock-Based Award with respect to such Common Stock, shall be equitably adjusted by the Company (or substituted Awards may
be made, if applicable) in the manner determined by the Board. Without limiting the generality of the foregoing, in the event the Company effects a split of its Common Stock by means of a stock dividend and the exercise price of and the number of
shares subject to an outstanding Option are adjusted as of the date of the distribution of the dividend (rather than as of the record date for such dividend), then an optionee who exercises an Option between the record date and the distribution date
for such stock dividend shall be entitled to receive, on the distribution date, the stock dividend with respect to the shares of Common Stock acquired upon such Option exercise, notwithstanding the fact that such shares were not outstanding as of
the close of business on the record date for such stock dividend. 
 (b)    Reorganization Events. 

(1)    Definition. A “Reorganization Event” shall mean: (a) any merger or consolidation
of the Company with or into another entity as a result of which all shares of Common Stock are converted into or exchanged for the right to receive cash, securities or other property or are cancelled, (b) any transfer or disposition of all
shares of Common Stock for cash, securities or other property pursuant to a share exchange or other transaction or (c) any liquidation or dissolution of the Company. 

(2)    Consequences of a Reorganization Event on Awards Other than Restricted Stock. 

(A)    In connection with a Reorganization Event, the Board, in its sole discretion, may take any one or more of the
following actions as to all or any (or any portion of) outstanding Awards, other than Restricted Stock, on such terms as the Board determines (except to the extent specifically provided otherwise in an applicable Award agreement or another agreement
between the Company and the Participant): (i) provide that such Awards shall be assumed, or substantially equivalent Awards shall be substituted, by the acquiring or succeeding corporation (or an affiliate thereof), (ii) upon written notice to a
Participant, provide that all of the Participant’s unvested Awards will be forfeited immediately prior to the consummation of such Reorganization Event and/or unexercised Awards will terminate immediately prior to the consummation of such
Reorganization Event unless exercised by the Participant (to the extent then exercisable) within a specified period following the date of such notice, (iii) provide that outstanding Awards shall become exercisable, realizable or deliverable, or
restrictions applicable to an Award shall lapse, in whole or in part prior to or upon such Reorganization Event, (iv) in the event of a Reorganization Event under the terms of which holders of Common Stock will receive upon consummation thereof
a cash payment for each share surrendered in the Reorganization Event (the “Acquisition Price”), make or provide for a cash payment to Participants with respect to each Award held by a Participant equal to (A) the number
of shares of Common Stock subject to the vested portion of the Award (after giving effect to any acceleration of vesting that occurs upon or immediately prior to such Reorganization Event) 

  
 8 

 
multiplied by (B) the excess, if any, of (I) the Acquisition Price over (II) the exercise, measurement or purchase price of such Award and any applicable tax withholdings, in
exchange for the termination of such Award, (v) provide that, in connection with a liquidation or dissolution of the Company, Awards shall convert into the right to receive liquidation proceeds (if applicable, net of the exercise, measurement
or purchase price thereof and any applicable tax withholdings) and (vi) any combination of the foregoing. In taking any of the actions permitted under this Section 9(b)(2), the Board shall not be obligated by the Plan to treat all Awards,
all Awards held by a Participant, or all Awards of the same type, identically. 
 (B)    Notwithstanding the terms of
Section 9(b)(2)(A), in the case of outstanding Restricted Stock Units that are subject to Section 409A of the Code: (i) if the applicable Restricted Stock Unit agreement provides that the Restricted Stock Units shall be settled upon a
“change in control event” within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(i), and the Reorganization Event constitutes such a “change in control event”, then no
assumption or substitution shall be permitted pursuant to Section 9(b)(2)(A)(i) and the Restricted Stock Units shall instead be settled in accordance with the terms of the applicable Restricted Stock Unit agreement; and (ii) the Board may
only undertake the actions set forth in clauses (iii), (iv) or (v) of Section 9(b)(2)(A) if the Reorganization Event constitutes a “change in control event” as defined under Treasury Regulation Section 1.409A -3(i)(5)(i) and such action is permitted or required by Section 409A of the Code; if the Reorganization Event is not a “change in control event” as so defined or such action is not permitted or
required by Section 409A of the Code, and the acquiring or succeeding corporation does not assume or substitute the Restricted Stock Units pursuant to clause (i) of Section 9(b)(2)(A), then the unvested Restricted Stock Units shall
terminate immediately prior to the consummation of the Reorganization Event without any payment in exchange therefor. 

(C)    For purposes of Section 9(b)(2)(A)(i), an Award (other than Restricted Stock) shall be considered assumed if,
following consummation of the Reorganization Event, such Award confers the right to purchase or receive pursuant to the terms of such Award, for each share of Common Stock subject to the Award immediately prior to the consummation of the
Reorganization Event, the consideration (whether cash, securities or other property) received as a result of the Reorganization Event by holders of shares of Common Stock for each share of Common Stock held immediately prior to the consummation of
the Reorganization Event (and if holders of shares of Common Stock were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares of Common Stock); provided, however, that if the
consideration received as a result of the Reorganization Event is not solely common stock of the acquiring or succeeding corporation (or an affiliate thereof), the Company may, with the consent of the acquiring or succeeding corporation, provide for
the consideration to be received upon the exercise or settlement of the Award to consist solely of such number of shares of common stock of the acquiring or succeeding corporation (or an affiliate thereof) that the Board determines to be equivalent
in value (as of the date of such determination or another date specified by the Board) to the per share consideration received by holders of outstanding shares of Common Stock as a result of the Reorganization Event. 

(3)    Consequences of a Reorganization Event on Restricted Stock. Upon the occurrence of a Reorganization Event
other than a liquidation or dissolution of the Company, the repurchase and other rights of the Company with respect to outstanding Restricted Stock shall 

  
 9 

 
inure to the benefit of the Company’s successor and shall, unless the Board determines otherwise, apply to the cash, securities or other property which the Common Stock was converted into or
exchanged for pursuant to such Reorganization Event in the same manner and to the same extent as they applied to such Restricted Stock; provided, however, that the Board may provide for termination or deemed satisfaction of such repurchase or other
rights under the instrument evidencing any Restricted Stock or any other agreement between a Participant and the Company, either initially or by amendment. Upon the occurrence of a Reorganization Event involving the liquidation or dissolution of the
Company, except to the extent specifically provided to the contrary in the instrument evidencing any Restricted Stock or any other agreement between a Participant and the Company, all restrictions and conditions on all Restricted Stock then
outstanding shall automatically be deemed terminated or satisfied. 
  

	10.	 General Provisions Applicable to Awards 

(a)    Transferability of Awards. Awards shall not be sold, assigned, transferred, pledged or otherwise encumbered
by the Participant, either voluntarily or by operation of law, except by will or the laws of descent and distribution or, other than in the case of an Incentive Stock Option, pursuant to a qualified domestic relations order, and, during the life of
the Participant, shall be exercisable only by the Participant; provided, however, that, except with respect to Awards subject to Section 409A of the Code, the Board may permit or provide in an Award for the gratuitous transfer of the Award by
the Participant to or for the benefit of any immediate family member, family trust or other entity established for the benefit of the Participant and/or an immediate family member thereof if the Company would be eligible to use a Form S-8 under the Securities Act for the registration of the sale of the Common Stock subject to such Award to such proposed transferee; provided further, that the Company shall not be required to recognize any such
permitted transfer until such time as such permitted transferee shall, as a condition to such transfer, deliver to the Company a written instrument in form and substance satisfactory to the Company confirming that such transferee shall be bound by
all of the terms and conditions of the Award. References to a Participant, to the extent relevant in the context, shall include references to authorized transferees. For the avoidance of doubt, nothing contained in this Section 10(a) shall be
deemed to restrict a transfer to the Company. 
 (b)    Documentation. Each Award shall be evidenced in such form
(written, electronic or otherwise) as the Board shall determine. Each Award may contain terms and conditions in addition to those set forth in the Plan. 

(c)    Board Discretion. Except as otherwise provided by the Plan, each Award may be made alone or in addition or
in relation to any other Award. The terms of each Award need not be identical, and the Board need not treat Participants uniformly. 

(d)    Termination of Status. The Board shall determine the effect on an Award of the disability, death,
termination or other cessation of employment, authorized leave of absence or other change in the employment or other status of a Participant and the extent to which, and the period during which, the Participant, or the Participant’s legal
representative, conservator, guardian or Designated Beneficiary, may exercise rights under the Award. 

  
 10 

 (e)    Withholding. The Participant must satisfy all applicable
federal, state, and local or other income and employment tax withholding obligations before the Company will deliver stock certificates or otherwise recognize ownership of shares of Common Stock covered by an Award. The Company may elect to satisfy
the withholding obligations through additional withholding on salary or wages. If the Company elects not to or cannot withhold from other compensation, the Participant must pay the Company the full amount, if any, required for withholding or have a
broker tender to the Company cash equal to the withholding obligations. Payment of withholding obligations is due before the Company will issue any shares on exercise, vesting or release from forfeiture of an Award or at the same time as payment of
the exercise or purchase price, unless the Company determines otherwise. If provided for in an Award or approved by the Board, a Participant may satisfy the tax obligations in whole or in part (i) by delivery (either by actual delivery or
attestation) of shares of Common Stock, including shares retained from the Award creating the tax obligation, or (ii) by reduction in the number of shares of Common Stock otherwise deliverable upon exercise or vesting of an Award, in either
case valued at their fair market value (valued in the manner determined by (or in a manner approved by) the Company); provided, however, except as otherwise provided by the Committee, that the total tax withholding where stock or a reduction in
stock is being used to satisfy such tax obligations cannot exceed the Company’s minimum statutory withholding obligations (based on minimum statutory withholding rates for federal and state tax purposes, including payroll taxes, that are
applicable to such supplemental taxable income), except that, to the extent that the Company is able to retain shares of Common Stock having a fair market value (determined by, or in a manner approved by, the Company) that exceeds the statutory
minimum applicable withholding tax without financial accounting implications or the Company is withholding in a jurisdiction that does not have a statutory minimum withholding tax, the Company may retain such number of shares of Common Stock (up to
the number of shares having a fair market value equal to the maximum individual statutory rate of tax (determined by, or in a manner approved by, the Company)) as the Company shall determine in its sole discretion to satisfy the tax liability
associated with any Award. Shares used to satisfy tax withholding requirements cannot be subject to any repurchase, forfeiture, unfulfilled vesting or other similar requirements. 

(f)    Amendment of Award. Except as otherwise provided in Sections 5(g) and 6(e) with respect to repricings and
Section 11(d) with respect to actions requiring stockholder approval, the Board may amend, modify or terminate any outstanding Award, including but not limited to, substituting therefor another Award of the same or a different type, changing
the date of exercise or realization, and converting an Incentive Stock Option to a Nonstatutory Stock Option. The Participant’s consent to such action shall be required unless (i) the Board determines that the action, taking into account
any related action, does not materially and adversely affect the Participant’s rights under the Plan or (ii) the change is permitted under Section 9. 

(g)     Conditions on Delivery of Stock. The Company will not be obligated to deliver any shares of Common Stock
covered by an Award pursuant to the Plan or to remove restrictions from shares previously issued or delivered under the Plan until (i) all conditions of the Award have been met or removed to the satisfaction of the Company, (ii) in the
opinion of the Company’s counsel, all other legal matters in connection with the issuance and delivery of such shares have been satisfied, including any applicable securities laws and regulations and any applicable stock exchange or stock
market rules and regulations and (iii) the Participant has executed and delivered to the Company such representations or agreements as the Company may consider appropriate to satisfy the requirements of any applicable laws, rules or
regulations. 

  
 11 

 (h)    Acceleration. The Board shall have the power to accelerate
the time at which an Award may first be exercised or the time during which an Award or any part thereof will vest in accordance with the Plan, notwithstanding the provisions in the Award stating the time at which it may first be exercised or the
time during which it will vest. 
 (i)    No Obligation to Notify or Minimize Taxes. The Company will have no
duty or obligation to any Participant to advise such holder as to the tax treatment of an Award. Furthermore, the Company will have no duty or obligation to warn or otherwise advise such holder of a pending termination or expiration of an Award or a
possible period in which the Award may not be exercised. The Company has no duty or obligation to minimize the tax consequences of an Award to the holder of such Award. 

(j)    Securities Registration. No Awards shall be granted under the Plan and no shares of Common Stock shall be
issued and delivered upon the exercise of Options or SARs granted under the Plan unless and until the Company and/or the Participant have complied with all applicable federal and state registration, listing and/or qualification requirements and all
other requirements of law or of any regulatory agencies having jurisdiction. 
 (k)    Representations;
Legends. The Board may, as a condition to the grant of any Award or the exercise of any Option or SARs under the Plan, require a Participant to (i) represent in writing that the shares of Common Stock received in connection with such
Award are being acquired for investment and not with a view to distribution and (ii) make such other representations and warranties as are deemed appropriate by counsel to the Company. Each certificate representing shares of Common Stock
acquired under the Plan shall bear a legend in such form as the Company deems appropriate. 
 (l)    Entry into
Agreements. In connection with the grant, vesting and/or exercise of any Award under the Plan, the Board may require a Participant to execute and become a party to a voting agreement or right of first refusal and
co-sale agreement or similar agreements as a condition of such grant, vesting and/or exercise. Such agreements may contain restrictions on the transferability of shares of Common Stock acquired under the Plan
(such as a right of first refusal or a prohibition on transfer) and such shares may be subject to call rights and drag-along rights of the Company and certain of its investors. The Company shall also have any repurchase rights set forth in such
agreements or any Award agreement. 
  

	11.	 Miscellaneous 

(a)    No Right To Employment or Other Status. No person shall have any claim or right to be granted an Award by
virtue of the adoption of the Plan, and the grant of an Award shall not be construed as giving a Participant the right to continued employment or any other relationship with the Company. The Company expressly reserves the right at any time to
dismiss or otherwise terminate its relationship with a Participant free from any liability or claim under the Plan, except as expressly provided in the applicable Award. 

  
 12 

 (b)    No Rights As Stockholder; Clawback Policy. Subject to the
provisions of the applicable Award, no Participant or Designated Beneficiary shall have any rights as a stockholder with respect to any shares of Common Stock to be issued with respect to an Award until becoming the record holder of such shares. In
accepting an Award under the Plan, a Participant agrees to be bound by any clawback policy the Company has in effect or may adopt in the future. 

(c)    Effective Date and Term of Plan. The Plan shall become effective immediately following stockholder approval
of the Plan (the “Effective Date”). No Awards shall be granted under the Plan after the expiration of 10 years from the Effective Date, but Awards previously granted may extend beyond that date. 

(d)    Amendment of Plan. The Board may amend, suspend or terminate the Plan or any portion thereof at any time
provided that no amendment that would require stockholder approval under the rules of the Exchange may be made effective unless and until the Company’s stockholders approve such amendment. In addition, if at any time the approval of the
Company’s stockholders is required as to any other modification or amendment under Section 422 of the Code or any successor provision with respect to Incentive Stock Options, the Board may not effect such modification or amendment without
such approval. Unless otherwise specified in the amendment, any amendment to the Plan adopted in accordance with this Section 11(d) shall apply to, and be binding on the holders of, all Awards outstanding under the Plan at the time the
amendment is adopted, provided the Board determines that such amendment, taking into account any related action, does not materially and adversely affect the rights of Participants under the Plan. No Award shall be made that is conditioned upon
stockholder approval of any amendment to the Plan unless the Award provides that (i) it will terminate or be forfeited if stockholder approval of such amendment is not obtained within no more than 12 months from the date of grant and
(ii) it may not be exercised or settled (or otherwise result in the issuance of Common Stock) prior to such stockholder approval. 

(e)    Authorization of Sub-Plans (including for Grants to non-U.S. Employees). The Board may from time to time establish one or more sub-plans under the Plan for purposes of satisfying applicable securities, tax or other laws of
various jurisdictions or for any other reason determined by the Board. The Board shall establish such sub-plans by adopting supplements to the Plan containing (i) such limitations on the Board’s
discretion under the Plan as the Board deems necessary or desirable or (ii) such additional terms and conditions not otherwise inconsistent with the Plan as the Board shall deem necessary or desirable. All supplements adopted by the Board shall
be deemed to be part of the Plan, but each supplement shall apply only to Participants within the affected jurisdiction and the Company shall not be required to provide copies of any supplement to Participants in any jurisdiction which is not the
subject of such supplement. 
 (f)    Compliance with Section 409A of the Code. If and to the extent (i) any
portion of any payment, compensation or other benefit provided to a Participant pursuant to the Plan in connection with his or her employment termination constitutes “nonqualified deferred compensation” within the meaning of
Section 409A of the Code and (ii) the Participant is a specified employee as defined in Section 409A(a)(2)(B)(i) of the Code, in each case as determined by the Company in accordance with its procedures, by which determinations the

  
 13 

 
Participant (through accepting the Award) agrees that he or she is bound, such portion of the payment, compensation or other benefit shall not be paid before the day that is six months plus one
day after the date of “separation from service” (as determined under Section 409A of the Code) (the “New Payment Date”), except as Section 409A of the Code may then permit. The aggregate of any payments
that otherwise would have been paid to the Participant during the period between the date of separation from service and the New Payment Date shall be paid to the Participant in a lump sum on such New Payment Date, and any remaining payments will be
paid on their original schedule. 
 The Company makes no representations or warranty and shall have no liability to the Participant or any other person if
any provisions of or payments, compensation or other benefits under the Plan are determined to constitute nonqualified deferred compensation subject to Section 409A of the Code but do not to satisfy the conditions of that section. 

(g)    Limitations on Liability. Notwithstanding any other provisions of the Plan, no individual acting as a
director, officer, employee or agent of the Company will be liable to any Participant, former Participant, spouse, beneficiary, or any other person for any claim, loss, liability, or expense incurred in connection with the Plan, nor will such
individual be personally liable with respect to the Plan because of any contract or other instrument he or she executes in his or her capacity as a director, officer, employee or agent of the Company. The Company will indemnify and hold harmless
each director, officer, employee or agent of the Company to whom any duty or power relating to the administration or interpretation of the Plan has been or will be delegated, against any cost or expense (including attorneys’ fees) or liability
(including any sum paid in settlement of a claim with the Board’s approval) arising out of any act or omission to act concerning the Plan unless arising out of such person’s own fraud or bad faith. 

(h)    Governing Law. The provisions of the Plan and all Awards made hereunder shall be governed by and interpreted
in accordance with the laws of the State of Delaware, excluding choice-of-law principles of the law of such state that would require the application of the laws of a
jurisdiction other than the State of Delaware. 

  
 14 

 THE SECURITIES OFFERED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE, AND ANY SALE OF SUCH SECURITIES IS SUBJECT TO COMPLIANCE, OR THE AVAILABILITY OF EXEMPTIONS FROM COMPLIANCE, THE REGISTRATION AND QUALIFICATION REQUIREMENTS OF SUCH ACT AND ANY APPLICABLE
STATE SECURITIES LAWS. THIS INSTRUMENT DOES NOT CONSTITUTE AN OFFER OR SOLICITATION TO ANY PERSON IN ANY JURISDICTION WHERE SUCH OFFER OR SOLICITATION MAY NOT LAWFULLY BE MADE. TRANSFER OF THIS INSTRUMENT AND THE SECURITIES OFFERED HEREBY IS
RESTRICTED AS PROVIDED IN SECTIONS 6 AND 7 BELOW. 
 FORM OF STOCK OPTION AGREEMENT 

THIS STOCK OPTION AGREEMENT (this “Agreement”) is entered into, effective as of __________________ by and between Laird
Superfood, Inc., (the “Company”), and __________ (the “Holder”). 
 R E C I T A L S 

A. The Company has adopted the Laird Superfood, Inc. 2018 Equity Incentive Plan (the “Plan”), a copy of which is attached as
Exhibit A. Capitalized terms that are used but not defined in this Agreement will have the meanings given those terms in the Plan. 

B. The Holder has been designated to receive an option under the Plan. 

NOW, THEREFORE, the Company and the Holder agree as follows: 

1. Grant of the Option. The Company grants to the Holder an option (the “Option”) to acquire from the Company
___________ shares of Common Stock at the price of _________ ($_____) per share (the “Purchase Price”). The Option is [designated as a Nonstatutory Stock Option][intended to qualify as an Incentive Stock Option; provided, however, that to
the extent the aggregate Grant Date Fair Market Value of the shares of Common Stock covered by the Option, plus all other Incentive Stock Options held by the Holder, that are exercisable for the first time by the Holder during any calendar year
(under all plans of the Company and its affiliates) exceeds one hundred thousand dollars ($100,000), the option(s) or portion of the option(s) that exceed such limit (according to the order in which the options were granted) will be treated as
Nonstatutory Stock Options]. 
 2. Term of the Option. The Holder may not exercise the Option before the date of grant or
after its term expires. Unless earlier terminated pursuant to the Plan, the Option will terminate on the earliest to occur of the following: (a) the ________ (____) anniversary of the Date of Grant of the Option; (b) the expiration of
three (3) months following the date of termination of the Holder’s Service for any reason other than death, Disability or Cause; (c) the expiration of one ( 1) year following the date of termination of the Holder’s Service by
reason of death or Disability; and (d) the date of termination of the Holder’s Service for Cause. 
 3. Vesting. The
Options will vest in accordance with the following schedule, subject to the Holder’s continued Service through the applicable vesting date: 
  

			
	 	 	 
	 	 	 

 After the Holder’s Service terminates for any reason, the Option will thereafter be exercisable only for the shares for
which it was vested and exercisable on the date of termination. Vesting of the Option will cease upon the termination of the Holder’s Service for any reason. For purposes of this Agreement, “Service” means the Holder’s service
with the Company, whether as an employee, director, consultant or advisor. 
 4. Provisions of Plan. The Option is subject to
all of the provisions of the Plan. 
 5. Method of Exercise. In order to exercise the Option, the Holder must do the
following: 
  

	 	(a)	 deliver to the Company a written notice, substantially in the form of the attached Exhibit B, specifying
the number of shares of Common Stock for which the Option is being exercised; 

  

	 	(b)	 surrender this Agreement to the Company; 

	 	(c)	 tender payment to the Company of the aggregate Purchase Price for the shares for which the Option is being
exercised, which amount may be paid (i) in cash or by cashier’s check; or, (ii) if authorized in the discretion of the Administrator, by delivery to the Company of other Common Stock, duly endorsed for transfer to the Company, with a
Fair Market Value on the date of delivery equal to the exercise price due for the number of shares being acquired, or by means of attestation whereby the Holder (A) identifies for delivery specific shares of Common Stock that have been held for
more than six months (or such longer or shorter period of time required to avoid a charge to earnings for financial accounting purposes) and that have a Fair Market Value on the date of attestation equal to the exercise price and (B) receives a
number of shares of Common Stock equal to the difference between the number of shares thereby purchased and the number of identified attestation shares of Common Stock (a “Stock for Stock Exchange”); (iii) [to the extent authorized by the
Administrator in its sole discretion, by reduction in the whole number of shares of Common Stock otherwise deliverable upon exercise of the Option with a Fair Market Value less than or equal to the aggregate exercise price at the time of exercise,]
or (iv) such other method as the Administrator shall permit at the time of exercise of the Option; 

  

	 	(d)	 pay, or make arrangements satisfactory to the Administrator for payment to the Company of, all taxes required
to be withheld by the Company in connection with the exercise of the Option; 

  

	 	(e)	 if requested by the Administrator, deliver to the Company, at the Holder’s expense, a legal opinion,
satisfactory in form and substance to the Company, of legal counsel designated by the Holder and satisfactory to the Company, to the effect that exercise of the Option by the Holder, and the acquisition of shares of Common Stock pursuant thereto,
may be effected without registration or qualification of such shares under the Securities Act, or any applicable state securities laws; and 

  

	 	(f)	 execute and deliver to the Company an agreement to be bound by the Company’s contractual commitments
applicable to Holder (e.g., the Company’s voting rights agreement), and any other documents required from time to time by the Administrator, including in order to promote compliance the Company’s contracted obligations with the Securities
Act, applicable state securities laws, or any other applicable law, rule or regulation. 

 Unless the Option has terminated or been
exercised in full, the Company shall affix to this Agreement an appropriate notation indicating the number of shares for which the Option was exercised and return this Agreement to the Holder. 

For purposes of this Agreement, “Administrator” means the Board or the Committee, to the extent the Board has delegated its administrative powers
under the Plan to a Committee. 
 6. Representations and Warranties. By executing this Agreement: 

 

	 	(a)	 The Holder accepts the Option and agrees to comply with and be bound by all of the provisions of this Agreement
and the Plan. 

  

	 	(b)	 The Holder acknowledges that no registration statement under the Securities Act, or under any state securities
laws, has been filed with respect to the Option or any shares of Common Stock that may be acquired upon exercise of the Option, and the Company is under no obligation to do so. 

 

	 	(c)	 The Holder represents and warrants that the Option, and any shares of Common Stock acquired upon exercise of
the Option, will be acquired and held by the Holder for the Holder’s own account, for investment purposes only, and not with a view towards the Distribution or public offering thereof nor with any present intention of reselling or distributing
the same at any particular future time. 

  

	 	(d)	 The Holder agrees not to sell, transfer or otherwise dispose of the Option except as specifically permitted by
this Agreement, the Plan and any applicable securities laws. 

  

	 	(e)	 The Holder agrees not to sell, transfer or otherwise dispose of any shares of Common Stock acquired upon
exercise of the Option unless (i) there is an effective registration statement under the Securities Act covering the proposed disposition and compliance with governing state securities laws, (ii) the Holder delivers to the Company, at the
Holder’s expense, a “no-action” letter or similar interpretative opinion, satisfactory in form and substance to the Company, from the staff of each appropriate securities agency, to the effect
that such shares may be disposed of by the Holder in the manner 

	 	
proposed, or (iii) the Holder delivers to the Company, at the Holder’s expense, a legal opinion, satisfactory in form and substance to the Company, of legal counsel designated by the
Holder and satisfactory to the Company, to the effect that the proposed disposition may be effected without registration or qualification of such shares under the Securities Act or any applicable state securities laws. 

 

	 	(f)	 The Holder agrees that, in the event of an initial public offering (the “Offering”) by the Company of
its Common Stock, that, for a period of 180 days after the effective date of the Registration Statement filed with the Securities and Exchange Commission relating to the Offering, the Holder will not directly or indirectly sell or offer to sell or
otherwise dispose of any shares of Common Stock, or any securities convertible into or exchangeable for, or any rights to purchase or acquire Common Stock owned by the Holder, whether owned on such effective date or thereafter acquired, without the
prior written consent of each managing underwriter in the Offering, which consent may be withheld at the sole discretion of any managing underwriter. 

7. Non-Transferability of Option. This Option may not be transferred in any manner
otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Holder only by Holder. The terms of the Plan and this Agreement shall be binding upon the executors, administrators, heirs, successors and
assigns of the Holder. 
 8. Procedures Upon Permitted Transfer. Prior to any authorized sale, transfer or other disposition
of any shares of Common Stock acquired upon exercise of the Option, the Holder agrees to give written notice to the Company of the Holder’s intention to effect such disposition. The notice must describe the circumstances of the proposed
transfer in reasonable detail and must specify the manner in which the requirements of Section 6(e) above will be satisfied in connection with the proposed disposition. Subject to the Plan, after (a) legal counsel to the Company has
determined that the requirements of Section 6(e) above will be satisfied, (b) the Holder has executed such documentation as may be necessary to effect the proposed disposition, and (c) the Holder has paid, or made arrangements
satisfactory to the Administrator for the payment of any taxes, if any, required to be withheld by the Company in connection with the proposed disposition, and provided that all requirements for transfer under any contractual commitments of the
Company applicable to the Holder have been met, the Company will, as soon as practicable, transfer such shares in accordance with the terms of the notice. Any stock certificate issued upon such transfer will bear a restrictive legend, in the form
approved by the Administrator, unless in the opinion of legal counsel to the Company such legend is not required. 
 9. Rights as
Stockholder. Until the issuance of the shares of Common Stock acquired upon exercise of the Option (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or
receive dividends or any other rights as a stockholder shall exist with respect to the shares underlying the Option, notwithstanding the exercise of the Option. The shares acquired upon exercise of the Option shall be issued to the Holder as soon as
practicable after the Option is exercised. 
 10. Independent Tax Advice. Holder understands that Holder may suffer adverse
tax consequences as a result of Holder’s purchase or disposition any shares of Common Stock acquired upon exercise of the Option. Holder represents that Holder has consulted with any tax consultants Holder deems advisable in connection with the
purchase or disposition of such shares and that Holder is not relying on the Company for any tax advice. 
 11. Entire Agreement;
Amendments; Binding Effect. This Agreement, together with the Plan, constitutes the entire agreement and understanding between the Company and the Holder regarding the subject matter hereof. Except as permitted by the Plan, no amendment of the
Option or this Agreement, or waiver of any provision of this Agreement or the Plan, shall be valid unless in writing and duly executed by the Company and the Holder. The failure of any party to enforce any of that party’s rights against the
other party for breach of any of the terms of this Agreement or the Plan shall not be construed as a waiver of such rights as to any continued or subsequent breach. This Agreement shall be binding upon the Holder and his or her heirs, successors and
assigns. 
 12. Section 409A Compliance. Notwithstanding any provisions in the Plan or this Agreement to the contrary, the
Administrator may, at any time and without the consent of the Holder, modify the terms of the Option as it determines appropriate to avoid the imposition of interest or penalties under Section 409A of the Code. 

(Signature Page Follows) 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first
above written. 
  

	 “Company” 
	LAIRD SUPERFOOD, INC. 

 ________________________________ 

[NAME] 
 DATE: ________________________________ 

________________________________ 
 [HOLDER] 

DATE: ________________________________________ 

 EXHIBIT B 

FORM OF EXERCISE OF OPTION 
 To: Laird Superfood,
Inc. 
 The undersigned holds an Option (the “Option”), represented by a Stock Option Agreement dated effective as of __________ (the
“Agreement’’), granted to the undersigned pursuant to the Laird Superfood, Inc. 2018 Equity Incentive Plan (the “Plan”). The undersigned hereby exercises the Option and elects to purchase ___________ shares (the
“Shares”) of Common Stock of Laird Superfood, Inc. (the “Company”) pursuant to the Option. This notice is accompanied by full payment of the Purchase Price for the Shares in cash or by check or in another manner permitted by
Section 5 of the Agreement. The undersigned has also paid, or made arrangements satisfactory to the Administrator for payment of, all taxes, if any, required to be withheld by the Company in connection with the exercise of the Option. 

The undersigned acknowledges that no registration statement under the Securities Act, or under any state securities laws, has been filed with respect to the
Shares, and the Company is under no obligation to do so. The undersigned represents and warrants that the undersigned is acquiring and will hold the Shares for the undersigned’s own account, for investment purposes only, and not with a view
towards the distribution or public offering of the Shares nor with any present intention of reselling or distributing the Shares at any particular future time. The undersigned consents to the appearance of a restrictive legend, in substantially the
form set forth below, or in any form approved by the Administrator, on the certificate for the Shares: 
 THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE
BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 
 (THE “ACT”) OR ANY STATE SECURITIES LAWS. SUCH
SECURITIES MAY NOT BE SOLD OR OFFERED FOR SALE OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF SUCH REGISTRATION OR AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE
ACT AND ANY STATE SECURITIES LAWS. 
 The undersigned further agrees that upon exercise of the Option the undersigned and the Shares will be subject to and
bound by the Company’s Stockholders’ Agreement, and the undersigned agrees to take such further steps and execute such further instruments, including but not limited to the Consent to be Bound attached hereto, as the Company may reasonably
request to evidence the fact that the undersigned is a party to and is bound by the Stockholders’ Agreement, receipt of a copy of which is hereby acknowledged. 

Date:______________________ 
 __________________________________

 [Holder]

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