Document:

Form of Manager Equity Plan

 Exhibit 10.4 
 ARBOLADA CAPITAL MANAGEMENT COMPANY 
 FORM OF MANAGER EQUITY PLAN

 ARBOLADA CAPITAL MANAGEMENT COMPANY 

FORM OF MANAGER EQUITY PLAN 
  

					
	Section	 	 	 	Page
			
	 1.
	 	Purpose; Types of Awards.	 	1
			
	 2.
	 	Definitions.	 	1
			
	 3.
	 	Administration.	 	3
			
	 4.
	 	Eligibility.	 	4
			
	 5.
	 	Stock Subject to the Plan.	 	4
			
	 6.
	 	Terms of Awards.	 	5
			
	 7.
	 	Termination of Management Agreement.	 	7
			
	 8.
	 	Change in Control.	 	8
			
	 9.
	 	General Provisions.	 	8

 ARBOLADA CAPITAL MANAGEMENT COMPANY 

FORM OF MANAGER EQUITY PLAN 
 1. Purpose; Types of Awards. 
 The purpose of the Arbolada Capital
Management Company Manager Equity Plan (the “Plan”) is to issue equity-based incentives to Arbolada Management LLC, a Delaware limited liability company (the “Manager”), which may in turn issue incentives to the directors,
officers, employees of, or advisors or consultants to, the Manager or an Affiliate (as defined in Section 2) of the Manager, in order to increase their efforts on behalf of the Company and to promote the success of the Company’s business.
The Plan provides for the grant of stock options, restricted stock and restricted stock units. 
 2. Definitions.

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

(a) “Affiliate” means (i) any Person directly or indirectly controlling, controlled by, or under common control with the
Manager, (ii) any executive officer or general partner of the Manager and (iii) any legal entity for which the Manager acts as an executive officer or general partner. 

(b) “Award” means any Option, Stock, Restricted Stock or Restricted Stock Unit Award granted under the Plan. 

(c) “Award Agreement” means any written agreement, contract or other instrument or document evidencing an Award. 

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

(e) “Change of Control” means a change in ownership or effective control of the Company, or a change in the ownership of a
substantial portion of the assets of the Company, in any case, within the meaning of Section 409A of the Code; provided, however, that a transaction or series of transactions effected with the Manager and/or any Affiliate of the Manager,
through the acquisition of Stock or other Company securities (regardless of the form of such transaction or series of transactions), changes to the membership of the Board or otherwise, shall not constitute a Change of Control for purposes of the
Plan or any Award. 
 (f) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules
and regulations promulgated thereunder. 
 (g) “Committee” means the committee established by the Board to administer
the Plan, the composition of which shall at all times consist of “non-employee directors” within the meaning of Rule 16b-3 under the Exchange Act. 

 (h) “Company” means Arbolada Capital Management Company, a Delaware corporation,
or any successor corporation. 
 (i) “Effective Date” means April [•], 2011, the date on which the Plan was
adopted by the Board, subject to obtaining the approval of the Company’s stockholders. 
 (j) “Exchange Act” means
the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations promulgated thereunder. 
 (k)
“Fair Market Value” means, with respect to Stock or other property, the fair market value of such Stock or other property determined by such methods or procedures as shall be established from time to time by the Board. Unless otherwise
determined by the Board in good faith, the per share Fair Market Value of Stock as of a particular date shall mean (i) the closing sales price per share of Stock on the national securities exchange on which the Stock is principally traded, for
the last preceding date on which there was a sale of such Stock on such exchange; (ii) if the shares of Stock are then traded in an over-the-counter market, the average of the closing bid and asked prices for the shares of Stock in such
over-the-counter market for the last preceding date on which there was a sale of such Stock in such market; or (iii) if the shares of Stock are not then listed on a national securities exchange or traded in an over-the-counter market, such
value as the Board, in its sole discretion, shall determine. 
 (l) “Management Agreement” means the Management
Agreement, to be dated as of April [•], 2011, by and between the Company and the Manager, as such may be amended from time to time. 
 (m) “Manager” means Arbolada Management LLC, a Delaware limited liability company. 
 (n) “Option” means a right, granted to the Manager under Section 6(b)(i), to purchase shares of Stock. 
 (o) “Person” means any natural person, corporation, partnership, association, limited liability company, estate, trust, joint venture, any federal, state or municipal government or any bureau,
department or agency thereof or any other legal entity and any fiduciary acting in such capacity on behalf of the foregoing. 

(p) “Plan” means this Arbolada Capital Management Company Manager Equity Plan, as amended from time to time. 

(q) “Restricted Stock” means an Award of shares of Stock to the Manager under Section 6(b)(ii) that may be subject to
certain restrictions and to a risk of forfeiture. 
 (r) “Restricted Stock Unit” or “RSU” means a right
granted to the Manager under Section 6(b)(iii) to receive Stock, cash or other property at the end of 

  
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a specified period, which right may be conditioned on the satisfaction of specified performance or other criteria. 
 (s) “Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated thereunder. 

(t) “Stock” means shares of the common stock, par value $0.01 per share, of the Company. 

3. Administration. 
 The Plan shall be administered by the Board. Except with respect to the amendment, modification, suspension or early termination of the Plan, the Board may appoint a Committee to administer all or a
portion of the Plan. To the extent that the Board so delegates its authority, references herein to the Board shall be deemed references to the Committee. The Board may delegate to one or more agents such administrative duties as it may deem
advisable, and the Committee or any other person to whom the Board has delegated duties as aforesaid may employ one or more persons to render advice with respect to any responsibility the Board or such Committee or person may have under the Plan. No
member of the Board or Committee shall be liable for any action taken or determination made in good faith with respect to the Plan or any Award granted hereunder. 
 The Board shall have the authority in its discretion, subject to and not inconsistent with the express provisions of the Plan, to administer the Plan and to exercise all the powers and authorities either
specifically granted to it under the Plan or necessary or advisable in the administration of the Plan, including, without limitation, the authority to: (i) grant Awards; (ii) determine the type and number of Awards to be granted, the
number of shares of Stock to which an Award may relate and the terms, conditions, restrictions and performance criteria relating to any Award; (iii) determine whether, to what extent, and under what circumstances an Award may be settled,
cancelled, forfeited, exchanged, or surrendered; (iv) make adjustments in the terms and conditions of Awards; (vi) construe and interpret the Plan and any Award; (vii) prescribe, amend and rescind rules and regulations relating to the
Plan; (viii) determine the terms and provisions of the Award Agreements (which need not be identical for each grant); and (ix) make all other determinations deemed necessary or advisable for the administration of the Plan. All decisions,
determinations and interpretations of the Board shall be final and binding on all persons, including but not limited to the Company, any parent or subsidiary of the Company, the Manager (or any person claiming any rights under the Plan from or
through the Manager) and any stockholder. Notwithstanding any provision of the Plan or any Award Agreement to the contrary, except as provided in the second paragraph of Section 5, neither the Board nor the Committee may take any action which
would have the effect of reducing the aggregate exercise, base or purchase price of any Award without obtaining the approval of the Company’s stockholders. 

  
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 4. Eligibility. 

Awards under the Plan may be granted only to the Manager, although, as described in Section 1, the Manager may in turn provide rights
with regard to Awards granted to the Manager to the directors, officers or employees of, or advisors or consultants to, the Manager or its Affiliates. In determining the type of Award to be granted and the terms and conditions of such Award
(including the number of shares to be covered by such Award), the Board shall take into account such factors as the Board shall deem relevant in connection with accomplishing the purposes of the Plan. 

5. Stock Subject to the Plan. 
 The maximum number of shares of Stock reserved for the grant of Awards under the Plan shall be equal to [    ]% of the number of shares of common stock outstanding as of January 1 of the then-current calendar year, subject to
adjustment as provided herein. Stock issued under the Plan may, in whole or in part, be authorized but unissued shares or shares that shall have been or may be reacquired by the Company in the open market, in private transactions or otherwise. If
any vested Award granted under the Plan is paid or otherwise settled without the issuance of shares of Stock, or if shares of Stock are surrendered to or withheld by the Company as payment of either the exercise price of an Award and/or withholding
taxes in respect of an Award, the shares of Stock that were subject to such Award shall not again be available for Awards under the Plan. If any shares subject to an Award are forfeited, cancelled, exchanged or surrendered or if an Award terminates
or expires without a distribution of shares to the Manager (other than as provided in the immediately preceding sentence), the shares of Stock with respect to such Award shall, to the extent of any such forfeiture, cancellation, exchange, surrender,
termination or expiration, again be available for Awards under the Plan. Upon the exercise of any Award granted in tandem with any other Award, such related Award shall be cancelled to the extent of the number of shares of Stock as to which the
Award is exercised and, notwithstanding the foregoing, such number of shares shall no longer be available for Awards under the Plan. 
 In the event that the Board shall determine that any dividend or other distribution (whether in the form of cash, Stock, or other property), recapitalization, Stock split, reverse split, reorganization,
merger, consolidation, spin-off, combination, repurchase, or share exchange, or other similar corporate transaction or event, affects the Stock such that an adjustment is appropriate in order to prevent dilution or enlargement of the rights of the
Manager under the Plan, then the Board shall make equitable changes or adjustments to any or all of: (i) the number and kind of shares of Stock or other property (including cash) that may thereafter be issued in connection with Awards;
(ii) the number and kind of shares of Stock or other property (including cash) issued or issuable in respect of outstanding Awards; (iii) the exercise price, base price or purchase price relating to any Award and (iv) the performance
goals, if any, applicable to 
  

  
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outstanding Awards. In addition, the Board may determine that any such equitable adjustment may be accomplished by making a payment to the Award holder, in the form of cash or other property
(including but not limited to shares of Stock). 
 6. Terms of Awards. 

(a) General. The term of each Award shall be for such period as may be determined by the Board. Subject to the terms of the Plan
and any applicable Award Agreement, payments to be made by the Company upon the grant, vesting, maturation or exercise of an Award may be made in such forms as the Board shall determine at the date of grant or thereafter, including, without
limitation, cash, Stock or other property, and may be made in a single payment or transfer, in installments or on a deferred basis. The Board may make rules relating to installment or deferred payments with respect to Awards, including the rate of
interest to be credited with respect to such payments. In addition to the foregoing, the Board may impose on any Award or the exercise thereof, at the date of grant or thereafter, such additional terms and conditions, not inconsistent with the
provisions of the Plan, as the Board shall determine. 
 (b) Terms of Specified Awards. The Board is authorized to grant
the Awards described in this Section 6(b), under such terms and conditions as deemed by the Board to be consistent with the purposes of the Plan. Such Awards may be granted with vesting, value and/or and payment contingent upon attainment of
one or more performance goals. Except as otherwise set forth herein or as may be determined by the Board, each Award granted under the Plan shall be evidenced by an Award Agreement containing such terms and conditions applicable to such Award as the
Board shall determine at the date of grant or thereafter. 
 (i) Options. The Board is authorized to grant
Options to the Manager on the following terms and conditions: 
 (A) Exercise Price. The exercise price
per share of Stock purchasable under an Option shall be determined by the Board, but in no event shall the per share exercise price of any Option be less than 100% of the Fair Market Value of a share of Stock on the date of grant of such Option. The
exercise price for Stock subject to an Option may be paid in cash or by an exchange of Stock previously owned by the Manager, through a “broker cashless exercise” procedure approved by the Board (to the extent permitted by law) or a
combination of the above, in any case in an amount having a combined value equal to such exercise price; provided that the Board may require that any Stock exchanged by the Manager have been owned by the Manager for at least six months as of the
date of exercise. An Award Agreement may provide that the Manager may pay all or a portion of the aggregate exercise price by having shares of Stock with a Fair Market Value on the date of exercise equal to the aggregate exercise price withheld by
the Company. 

  
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 (B) Term and Exercisability of Options. The date on which the Board
adopts a resolution expressly granting an Option shall be considered the day on which such Option is granted. Options shall be exercisable over the exercise period (which shall not exceed ten years from the date of grant), at such times and upon
such conditions as the Board may determine, as reflected in the Award Agreement; provided, that the Board shall have the authority to accelerate the exercisability of any outstanding Option at such time and under such circumstances as it, in its
sole discretion, deems appropriate. An Option may be exercised to the extent of any or all full shares of Stock as to which the Option has become exercisable, by giving written notice of such exercise to the Board or its designated agent.

 (C) Other Provisions. Options may be subject to such other conditions including, but not limited to,
restrictions on transferability of the shares acquired upon exercise of such Options, as the Board may prescribe in its discretion or as may be required by applicable law. 

(ii) Restricted Stock. The Board is authorized to grant Restricted Stock to the Manager on the following terms and
conditions: 
 (A) Issuance and Restrictions. Restricted Stock shall be subject to such restrictions on
transferability and other restrictions, if any, as the Board may impose at the date of grant or thereafter, which restrictions may lapse separately or in combination at such times, under such circumstances, in such installments, or otherwise, as the
Board may determine. The Board may place restrictions on Restricted Stock that shall lapse, in whole or in part, only upon the attainment of one or more performance goals. Unless otherwise determined by the Board, following a grant of Restricted
Stock, the Manager shall have all of the rights of a stockholder including, without limitation, the right to vote Restricted Stock and the right to receive dividends thereon. 

(B) Certificates for Stock. Restricted Stock granted under the Plan may be evidenced in such manner as the Board
shall determine. If certificates representing Restricted Stock are registered in the name of the Manager, such certificates shall bear an appropriate legend referring to the terms, conditions and restrictions applicable to such Restricted Stock, and
the Company shall retain physical possession of the certificate. 
 (C) Dividends/Distributions. Unless
otherwise determined by the Board, dividends and distributions paid on Restricted Stock shall be paid at the dividend or distribution 

  
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payment date, provided that such payments may be deferred to such date as determined by the Board, and in any event shall be payable in cash or in shares of Stock having a Fair Market Value equal
to the amount of such dividends or distributions. Unless otherwise determined by the Board, Stock distributed in connection with a stock split or stock dividend, and other property distributed as a dividend or distribution, shall be subject to
restrictions and a risk of forfeiture to the same extent as the Restricted Stock with respect to which such Stock or other property has been distributed. 
 (iii) Restricted Stock Units. The Board is authorized to grant RSUs to the Manager, subject to the following terms and conditions: 

(A) Award and Restrictions. Delivery of Stock, cash or other property, as determined by the Board, will occur upon
expiration of the period specified for RSUs by the Board during which forfeiture conditions apply, or such later date as the Board shall determine. The Board may place restrictions on RSUs that shall lapse, in whole or in part, only upon the
attainment of one or more performance goals. 
 (B) Dividend/Distribution Equivalents. The Board is
authorized to grant to the Manager the right to receive dividend equivalent payments and/or distribution equivalent payments for the period prior to settlement of the RSU. Dividend equivalents or distribution equivalents may be paid currently or
credited to an account for the Manager, and may be settled in cash or Stock, as determined by the Board. Any such settlements, and any such crediting of dividend equivalents or distribution equivalents or reinvestment in Stock, may be subject to
such conditions, restrictions and contingencies as the Board shall establish, including the reinvestment of such credited amounts in Stock equivalents. Unless otherwise determined by the Board, any such dividend equivalents or distribution
equivalents shall be paid or credited, as applicable, on the dividend payment date to the Manager as though each RSU held by such Manager were a share of outstanding Stock. 
 7. Termination of Management Agreement. Upon termination of the Management Agreement either (i) by the Company for “cause” (as defined in the Management Agreement) or (ii) by
the Manager for any reason other than for “cause” (as defined in the Management Agreement) or other than due to an adverse change in the Manager’s compensation thereunder, all unvested Awards then held by the Manager and all accrued
and unpaid dividends or dividend equivalents related thereto shall be immediately cancelled and forfeited without consideration. Upon termination of the Management Agreement for any reason other than as enumerated in the immediately

  
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preceding sentence, any Award that was not previously vested will become fully vested and/or payable, and any performance conditions imposed with respect to the Award will be deemed to be fully
achieved; provided, however, that for any Award subject to Section 409A of the Code, no payment may be made to the Manager unless the termination of the Management Agreement also constitutes a “separation from service” within the
meaning of Section 409A of the Code. 
 8. Change in Control. In the event of a Change in Control, any Award that
was not previously vested will become fully vested and/or payable, and any performance conditions imposed with respect to the Award will be deemed to be fully achieved; provided, however, that for any Award subject to Section 409A of the Code,
no payment may be made to the Manager unless the transaction constituting a Change in Control also constitutes, within the meaning of Section 409A of the Code, 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. 
 9. General Provisions.

 (a) Nontransferability. Awards granted to the Manager under the Plan shall not be transferable by Manager and shall be
exercisable only by the Manager. 
 (b) No Right to Continued Service. Nothing in the Plan or in any Award, any Award
Agreement or other agreement entered into pursuant hereto shall confer upon the Manager the right to continue to provide services to the Company or any parent or subsidiary of the Company or to be entitled to any remuneration or benefits not set
forth in the Plan or such Award Agreement or other agreement or to interfere with or limit in any way the right of the Company to terminate the Management Agreement in accordance with its terms. 

(c) Taxes. The Company or any parent or subsidiary of the Company is authorized to withhold from any Award granted, any payment
relating to an Award under the Plan, including from a distribution of Stock, or any other payment to the Manager, amounts of withholding and other taxes due in connection with any transaction involving an Award, and to take such other action as the
Board may deem advisable to enable the Company and the Manager to satisfy obligations for the payment of withholding taxes and other tax obligations relating to any Award. 
 (d) Effective Date; Amendment and Termination. 
 (i) The
Plan shall take effect upon the Effective Date, subject to the approval of the Company’s stockholders. 

(ii) The Board may at any time and from time to time terminate, amend, modify or suspend the Plan in whole or in part;

  
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provided, however, that unless otherwise determined by the Board, an amendment that requires stockholder approval in order for the Plan to comply with any law, regulation or stock exchange
requirement shall not be effective unless approved by the requisite vote of stockholders. The Board may at any time and from time to time amend any outstanding Award in whole or in part. Notwithstanding the foregoing sentence of this clause (ii), no
amendment or modification to or suspension or termination of the Plan or amendment of any Award shall affect adversely any of the rights of the Manager, without the Manager’s consent, under any Award theretofore granted under the Plan.

 (e) Expiration of Plan. Unless earlier terminated by the Board pursuant to the provisions of the Plan, the Plan shall
expire on the tenth anniversary of the Effective Date. No Awards shall be granted under the Plan after such expiration date. The expiration of the Plan shall not affect adversely any of the rights of the Manager, without the Manager’s consent,
under any Award theretofore granted. 
 (f) No Rights to Awards; No Stockholder Rights. The Manager shall have no
claim to be granted any Award under the Plan. Each Award may be subject to different terms and conditions, as determined by the Board. Except as provided specifically herein, the Manager shall have no rights as a stockholder with respect to any
shares covered by an Award until the date of the issuance of a stock certificate to the Manager for such shares. 
 (g)
Unfunded Status of Awards. The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation. With respect to any payments not yet made to the Manager pursuant to an Award, nothing contained in the Plan
or any Award shall give the Manager any rights that are greater than those of a general creditor of the Company. 
 (h) No
Fractional Shares. No fractional shares of Stock shall be issued or delivered pursuant to the Plan or any Award. The Board shall determine whether cash, other Awards or other property shall be issued or paid in lieu of such fractional shares or
whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated. 
 (i) Regulations and Other
Approvals. 
 (i) The obligation of the Company to sell or deliver Stock with respect to any Award granted
under the Plan shall be subject to all applicable laws, rules and regulations, including all applicable federal and state securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by
the Board. 
 (ii) Each Award is subject to the requirement that, if at any time the Board determines, in its
absolute discretion, that the listing, 

  
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registration or qualification of Stock issuable pursuant to the Plan is required by any securities exchange or under any state or federal law, or the consent or approval of any governmental
regulatory body is necessary or desirable as a condition of, or in connection with, the grant of an Award or the issuance of Stock, no such Award shall be granted or payment made or Stock issued, in whole or in part, unless listing, registration,
qualification, consent or approval has been effected or obtained free of any conditions not acceptable to the Board. 
 (iii) In the event that the disposition of Stock acquired pursuant to the Plan is not covered by a then-current registration statement under the Securities Act and is not otherwise exempt from such
registration, such Stock shall be restricted against transfer to the extent required by the Securities Act or regulations thereunder, and the Board may require the Manager receiving Stock pursuant to the Plan, as a condition precedent to receipt of
such Stock, to represent to the Company in writing that the Stock acquired by the Manager is acquired for investment only and not with a view to distribution. 
 (iv) The Board may require the Manager, as a condition precedent to receipt of an Award or of shares of Stock, to enter into a stockholder agreement or “lock-up” agreement in such form as the
Board shall determine is necessary or desirable to further the Company’s interests. 
 (j) Governing Law. The Plan
and all determinations made and actions taken pursuant hereto shall be governed by the laws of Delaware without giving effect to the conflict of laws principles thereof. 
 (k) Section 409A. It is intended that the payments and benefits under the Plan comply with, or as applicable, constitute a short-term deferral or otherwise be exempt from, the provisions of
Section 409A of the Code. The Plan will be administered and interpreted in a manner consistent with this intent, and any provision that would cause the Plan or any Award to fail to satisfy Section 409A of the Code will have no force and
effect until amended to comply therewith (which amendment may be retroactive to the extent permitted by Section 409A of the Code). To the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the
Code, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Plan during the six-month period immediately following Participant’s termination of employment shall instead be paid on the first
business day after the date that is six months following Participant’s termination of employment (or upon Participant’s death, if earlier). 

  
 10Form of Non-Employee Director Stock Plan

 Exhibit 10.5 
 ARBOLADA CAPITAL MANAGEMENT COMPANY 
 FORM OF NON-EMPLOYEE DIRECTOR STOCK
PLAN 

 ARBOLADA CAPITAL MANAGEMENT COMPANY 

FORM OF NON-EMPLOYEE DIRECTOR STOCK PLAN 
  

					
	Section	 	 	  	Page
			
	 1.
	 	 Purpose; Types of Awards; Construction.
	  	1
			
	 2.
	 	 Definitions.
	  	1
			
	 3.
	 	 Administration.
	  	3
			
	 4.
	 	 Eligibility.
	  	3
			
	 5.
	 	 Stock Subject to the Plan.
	  	4
			
	 6.
	 	 Terms of Awards.
	  	4
			
	 7.
	 	 Change in Control.
	  	7
			
	 8.
	 	General Provisions.	  	7

 ARBOLADA CAPITAL MANAGEMENT COMPANY 

FORM OF NON-EMPLOYEE DIRECTOR STOCK PLAN 
 1. Purpose; Types of Awards. 
 The purposes of the Arbolada Capital
Management Company Non-Employee Director Stock Plan (the “Plan”) are to afford an incentive to the non-executive directors of Arbolada Capital Management Company (the “Company”) to continue as directors, to increase their efforts
on behalf of the Company and to promote the success of the Company’s business. The Plan provides for the grant of stock, restricted stock, and restricted stock units. The Plan is also intended to implement the Company’s non-employee
director program for the payment of fees in shares of Stock. 
 2. Definitions. 

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

(a) “Affiliate” means (i) any Person directly or indirectly controlling, controlled by, or under common control with the
Manager, (ii) any executive officer or general partner of the Manager and (iii) any legal entity for which the Manager acts as an executive officer or general partner. 

(b) “Award” means any award of Stock, Restricted Stock or Restricted Stock Unit granted under the Plan. 

(c) “Award Agreement” means any written agreement, contract or other instrument or document evidencing an Award. 

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

(e) “Change of Control” means a change in ownership or effective control of the Company, or a change in the ownership of a
substantial portion of the assets of the Company, in any case, within the meaning of Section 409A of the Code; provided, however, that a transaction or series of transactions effected with the Manager and/or any Affiliate of the Manager,
through the acquisition of Stock or other Company securities (regardless of the form of such transaction or series of transactions), changes to the membership of the Board or otherwise, shall not constitute a Change of Control for purposes of the
Plan or any Award. 
 (f) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules
and regulations promulgated thereunder. 
 (g) “Committee” means the committee established by the Board to administer
the Plan, the composition of which shall at all times consist of “non-employee directors” within the meaning of Rule 16b-3 under the Exchange Act. 

 (h) “Company” means Arbolada Capital Management Company, a Delaware corporation,
or any successor corporation. 
 (i) “Effective Date” means April [•] 2011, the date on which the Plan was
adopted by the Board, subject to obtaining the approval of the Company’s stockholders. 
 (j) “Exchange Act”
means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations promulgated thereunder. 

(k) “Fair Market Value” means, with respect to Stock or other property, the fair market value of such Stock or other property
determined by such methods or procedures as shall be established from time to time by the Board. Unless otherwise determined by the Board in good faith, the per share Fair Market Value of Stock as of a particular date shall mean (i) the closing
sales price per share of Stock on the national securities exchange on which the Stock is principally traded, for the last preceding date on which there was a sale of such Stock on such exchange; (ii) if the shares of Stock are then traded in an
over-the-counter market, the average of the closing bid and asked prices for the shares of Stock in such over-the-counter market for the last preceding date on which there was a sale of such Stock in such market; or (iii) if the shares of Stock
are not then listed on a national securities exchange or traded in an over-the-counter market, such value as the Board, in its sole discretion, shall determine. 
 (l) “Manager” means Arbolada Management Company, LLC, a Delaware limited liability company. 
 (m) “Participant” means an eligible person who has been granted an Award under the Plan. 
 (n) “Plan” means this Arbolada Capital Management Company Non-Employee Director Stock Plan, as amended from time to time. 

(o) “Restricted Stock” means an Award of shares of Stock to a Participant under Section 6(b)(i) that may be subject to
certain restrictions and to a risk of forfeiture. 
 (p) “Restricted Stock Unit” or “RSU” means a right
granted to a Participant under Section 6(b)(ii) to receive Stock, cash or other property at the end of a specified period, which right may be conditioned on the satisfaction of specified performance or other criteria. 

(q) “Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated
thereunder. 
 (r) “Separation from Service” shall have the meaning attributed to such term under Section 409A of
the Code. 

  
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 (s) “Stock” means shares of the common stock, par value $0.01 per share, of the
Company. 
 3. Administration. 
 The Plan shall be administered by the Board. Except with respect to the amendment, modification, suspension or early termination of the Plan, the Board may appoint a Committee to administer all or a
portion of the Plan. To the extent that the Board so delegates its authority, references herein to the Board shall be deemed references to the Committee. The Board may delegate to one or more agents such administrative duties as it may deem
advisable, and the Committee or any other person to whom the Board has delegated duties as aforesaid may employ one or more persons to render advice with respect to any responsibility the Board or such Committee or person may have under the Plan. No
member of the Board or Committee shall be liable for any action taken or determination made in good faith with respect to the Plan or any Award granted hereunder. Notwithstanding anything to the contrary in the plan, any actions taken by the Board
or Committee pursuant to its administrative authority under the plan shall be subject to the authorization or ratification by an affirmative vote of a majority of the Board members who are not eligible to participate in the plan. 

The Board shall have the authority in its discretion, subject to and not inconsistent with the express provisions of the Plan, to
administer the Plan and to exercise all the powers and authorities either specifically granted to it under the Plan or necessary or advisable in the administration of the Plan, including, without limitation, the authority to: (i) grant Awards;
(ii) determine the persons to whom and the time or times at which Awards shall be granted; (iii) determine the type and number of Awards to be granted, the number of shares of Stock to which an Award may relate and the terms, conditions,
restrictions and performance criteria relating to any Award; (iv) determine whether, to what extent, and under what circumstances an Award may be settled, cancelled, forfeited, exchanged, or surrendered; (v) make adjustments in the terms
and conditions of Awards; (vi) construe and interpret the Plan and any Award; (vii) prescribe, amend and rescind rules and regulations relating to the Plan; (viii) determine the terms and provisions of the Award Agreements (which need
not be identical for each Participant); and (ix) make all other determinations deemed necessary or advisable for the administration of the Plan. All decisions, determinations and interpretations of the Board shall be final and binding on all
persons, including but not limited to the Company, any parent or subsidiary of the Company, any Participant (or any person claiming any rights under the Plan from or through any Participant) and any stockholder. Notwithstanding any provision of the
Plan or any Award Agreement to the contrary, except as provided in the second paragraph of Section 5, neither the Board nor the Committee may take any action which would have the effect of reducing the aggregate exercise, base or purchase price
of any Award without obtaining the approval of the Company’s stockholders. 
 4. Eligibility. 

Awards may be granted, in the discretion of the Board, to directors of the Company who are not officers of the Company. In determining the
persons to whom Awards shall be granted and the type of any Award (including the number of shares to be covered by such Award), the Board shall take into account such factors as the Board shall deem relevant in connection with accomplishing the
purposes of the Plan. 

  
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 5. Stock Subject to the Plan. 

The maximum number of shares of Stock reserved for the grant of Awards under the Non-Employee Director Stock Plan
shall be equal to [    ]% of the
number of shares of common stock outstanding as of January 1 of the then-current calendar year, subject to adjustment as provided herein. Stock issued under the Plan may, in whole or in part, be authorized but unissued shares or shares that shall
have been or may be reacquired by the Company in the open market, in private transactions or otherwise. If any vested Award granted under the plan is paid or otherwise settled without the issuance of shares of Stock, or if shares of Stock are
surrendered to or withheld by the Company as payment of either the exercise price of an Award and/or withholding taxes in respect of an Award, the shares of Stock that were subject to such Award shall not be again available for Awards under the
Plan. If any shares subject to an Award are forfeited, cancelled, exchanged or surrendered or if an Award terminates or expires without a distribution of shares to the Participant, the shares of Stock with respect to such Award shall, to the extent
of any such forfeiture, cancellation, exchange, surrender, withholding, termination or expiration, again be available for Awards under the Plan. 
 In the event that the Board shall determine that any dividend or other distribution (whether in the form of cash, Stock, or other property), recapitalization, Stock split, reverse split, reorganization,
merger, consolidation, spin-off, combination, repurchase, or share exchange, or other similar corporate transaction or event, affects the Stock such that an adjustment is appropriate in order to prevent dilution or enlargement of the rights of
Participants under the Plan, then the Board shall make equitable changes or adjustments to any or all of: (i) the number and kind of shares of Stock or other property (including cash) that may thereafter be issued in connection with Awards;
(ii) the number and kind of shares of Stock or other property (including cash) issued or issuable in respect of outstanding Awards; (iii) the purchase price relating to any Award and (iv) the performance goals, if any, applicable to
outstanding Awards. In addition, the Board may determine that any such equitable adjustment may be accomplished by making a payment to the Award holder, in the form of cash or other property (including but not limited to shares of Stock).

 6. Terms of Awards. 
 (a) General. The term of each Award shall be for such period as may be determined by the Board. Subject to the terms of the Plan and any applicable Award Agreement, payments to be made by the
Company upon the grant, vesting or delivery of an Award may be made in such forms as the Board shall determine at the date of grant or thereafter, including, without limitation, cash, Stock or other property, and may be made in a single payment or
transfer, in installments or on a deferred basis. The Board may make rules relating to installment or deferred payments with respect to Awards, including the rate of interest to be credited with respect to such payments. In addition to the
foregoing, the Board may impose on any Award or the exercise thereof, at the date of grant or thereafter, such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Board shall determine. 

  
 4 

 (b) Terms of Specified Awards. The Board is authorized to grant the Awards described
in this Section 6(b), under such terms and conditions as deemed by the Board to be consistent with the purposes of the Plan. Such Awards may be granted with vesting, value and/or and payment contingent upon attainment of one or more performance
goals. Except as otherwise set forth herein or as may be determined by the Board, each Award granted under the Plan shall be evidenced by an Award Agreement containing such terms and conditions applicable to such Award as the Board shall determine
at the date of grant or thereafter. 
 (i) Restricted Stock. The Board is authorized to grant Restricted
Stock to Participants on the following terms and conditions: 
 (A) Issuance and Restrictions. Restricted
Stock shall be subject to such restrictions on transferability and other restrictions, if any, as the Board may impose at the date of grant or thereafter, which restrictions may lapse separately or in combination at such times, under such
circumstances, in such installments, or otherwise, as the Board may determine. The Board may place restrictions on Restricted Stock that shall lapse, in whole or in part, only upon the attainment of one or more performance goals. Unless otherwise
determined by the Board, a Participant granted Restricted Stock shall have all of the rights of a stockholder including, without limitation, the right to vote Restricted Stock and the right to receive dividends thereon. 

(B) Forfeiture. Subject to Section 7, upon termination of service to the Company during the applicable
restriction period, Restricted Stock and any accrued but unpaid dividends shall be forfeited; provided, that the Board may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that restrictions or
forfeiture conditions relating to Restricted Stock will be waived in whole or in part in the event of terminations resulting from specified causes, and the Board may in other cases waive in whole or in part the forfeiture of Restricted Stock.

 (C) Certificates for Stock. Restricted Stock granted under the Plan may be evidenced in such manner as
the Board shall determine. If certificates representing Restricted Stock are registered in the name of the Participant, such certificates shall bear an appropriate legend referring to the terms, conditions and restrictions applicable to such
Restricted Stock, and the Company shall retain physical possession of the certificate. 
 (D)
Dividends/Distributions. Unless otherwise determined by the Board, except as provided in the immediately following sentence, dividends and distributions paid on Restricted 

  
 5 

 
Stock shall be paid at the dividend or distribution payment date in the same form as dividends and distributions are paid to other Company stockholders. Unless otherwise determined by the Board,
Stock distributed in connection with a stock split or stock dividend, and other property distributed as a dividend or distribution, shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock with respect to
which such Stock or other property has been distributed. 
 (ii) Restricted Stock Units. The Board is
authorized to grant RSUs to Participants, subject to the following terms and conditions: 
 (A) Award and
Restrictions. Delivery of Stock, cash or other property, as determined by the Board, will occur upon expiration of the period specified for RSUs by the Board during which forfeiture conditions apply, or such later date as the Board shall
determine. The Board may place restrictions on RSUs that shall lapse, in whole or in part, only upon the attainment of one or more performance goals. 
 (B) Forfeiture. Subject to Section 7, upon termination of service to the Company prior to the vesting of RSUs, or upon failure to satisfy any other conditions precedent to the delivery of
Stock or cash to which such RSUs relate, all RSUs and any accrued but unpaid dividend equivalents that are then subject to deferral or restriction shall be forfeited; provided, that the Board may provide, by rule or regulation or in any Award
Agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating to RSUs will be waived in whole or in part in the event of termination resulting from specified causes, and the Board may in other cases waive in
whole or in part the forfeiture of RSUs. 
 (C) Dividend/Distribution Equivalents. The Board is authorized
to grant to Participants the right to receive dividend equivalent payments and/or distribution equivalent payments for the period prior to settlement of the RSU. Dividend equivalents or distribution equivalents may be paid currently or credited to
an account for the Participant, and may be settled in cash or Stock, as determined by the Board. Any such settlements, and any such crediting of dividend equivalents or distribution equivalents or reinvestment in Stock, may be subject to such
conditions, restrictions and contingencies as the Board shall establish, including the reinvestment of such credited amounts in Stock equivalents. Unless otherwise determined by the Board, any such dividend equivalents or distribution equivalents
shall be paid or credited, as applicable, on the dividend payment date to the 

  
 6 

 
Participant as though each RSU held by such Participant were a share of outstanding Stock. 
 7. Change in Control. In the event of a Change in Control, any Award that was not previously vested will become fully vested and/or payable, and any performance conditions imposed with respect to
the Award will be deemed to be fully achieved; provided, however, that for any Award subject to Section 409A of the Code, no payment may be made to the holder of such Award unless the transaction constituting a Change in Control also
constitutes, within the meaning of Section 409A of the Code, 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. 

8. General Provisions. 
 (a) Nontransferability. Unless otherwise provided in an Award Agreement, Awards shall not be transferable by a Participant except by will or the laws of descent and distribution and shall be
exercisable during the lifetime of a Participant only by such Participant or his guardian or legal representative. 
 (b) No
Right to Continued Service, etc. Nothing in the Plan or in any Award, any Award Agreement or other agreement entered into pursuant hereto shall confer upon any Participant the right to continue as a director of, or continue to provide services
to, the Company or any parent, subsidiary or Affiliate of the Company or the Manager or to be entitled to any remuneration or benefits not set forth in the Plan or such Award Agreement or other agreement or to interfere with or limit in any way the
right of the Company to terminate such Participant’s service. 
 (c) Taxes. The Company or any parent or subsidiary
of the Company is authorized to withhold from any Award granted, any payment relating to an Award under the Plan, including from a distribution of Stock, or any other payment to a Participant, amounts of withholding and other taxes due in connection
with any transaction involving an Award, and to take such other action as the Board may deem advisable to enable the Company and Participants to satisfy obligations for the payment of withholding taxes and other tax obligations relating to any
Award. This authority shall include authority to withhold or receive Stock or other property and to make cash payments in respect thereof in satisfaction of a Participant’s tax obligations. The Board may provide in the Award Agreement that in
the event that a Participant is required to pay any amount to be withheld in connection with the issuance of shares of Stock in settlement or exercise of an Award, the Participant may satisfy such obligation (in whole or in part) by electing to have
the Company withhold a portion of the shares of Stock to be received upon settlement or exercise of such Award that is equal to the minimum amount required to be withheld. 
 (d) Effective Date; Amendment and Termination. 
 (i) The
Plan shall take effect upon the Effective Date, subject to the approval of the Company’s stockholders. 

  
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 (ii) The Board may at any time and from time to time terminate, amend,
modify or suspend the Plan in whole or in part; provided, however, that unless otherwise determined by the Board, an amendment that requires stockholder approval in order for the Plan to comply with any law, regulation or stock exchange requirement
shall not be effective unless approved by the requisite vote of stockholders. The Board may at any time and from time to time amend any outstanding Award in whole or in part. Notwithstanding the foregoing sentence of this clause (ii), no amendment
or modification to or suspension or termination of the Plan or amendment of any Award shall affect adversely any of the rights of any Participant, without such Participant’s consent, under any Award theretofore granted under the Plan.

 (e) Expiration of Plan. Unless earlier terminated by the Board pursuant to the provisions of the Plan, the Plan shall
expire on the tenth anniversary of the Effective Date. No Awards shall be granted under the Plan after such expiration date. The expiration of the Plan shall not affect adversely any of the rights of any Participant, without such Participant’s
consent, under any Award theretofore granted. 
 (f) Deferrals. The Board shall have the authority to establish such
procedures and programs that it deems appropriate to provide Participants with the ability to defer receipt of cash, Stock or other property payable with respect to Awards granted under the Plan. 

(g) No Rights to Awards; No Stockholder Rights. No Participant shall have any claim to be granted any Award under the Plan. There
is no obligation for uniformity of treatment among Participants. Except as provided specifically herein, a Participant or a transferee of an Award shall have no rights as a stockholder with respect to any shares covered by the Award until the date
of the issuance of a stock certificate to him for such shares. 
 (h) Unfunded Status of Awards. The Plan is intended to
constitute an “unfunded” plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award shall give any such Participant any rights
that are greater than those of a general creditor of the Company. 
 (i) No Fractional Shares. No fractional shares of
Stock shall be issued or delivered pursuant to the Plan or any Award. The Board shall determine whether cash, other Awards or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights
thereto shall be forfeited or otherwise eliminated. 
 (j) Regulations and Other Approvals. 

(i) The obligation of the Company to sell or deliver Stock with respect to any Award granted under the Plan shall be
subject to 

  
 8 

 
all applicable laws, rules and regulations, including all applicable federal and state securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary
or appropriate by the Board. 
 (ii) Each Award is subject to the requirement that, if at any time the Board
determines, in its absolute discretion, that the listing, registration or qualification of Stock issuable pursuant to the Plan is required by any securities exchange or under any state or federal law, or the consent or approval of any governmental
regulatory body is necessary or desirable as a condition of, or in connection with, the grant of an Award or the issuance of Stock, no such Award shall be granted or payment made or Stock issued, in whole or in part, unless listing, registration,
qualification, consent or approval has been effected or obtained free of any conditions not acceptable to the Board. 
 (iii) In the event that the disposition of Stock acquired pursuant to the Plan is not covered by a then-current registration statement under the Securities Act and is not otherwise exempt from such
registration, such Stock shall be restricted against transfer to the extent required by the Securities Act or regulations thereunder, and the Board may require a Participant receiving Stock pursuant to the Plan, as a condition precedent to receipt
of such Stock, to represent to the Company in writing that the Stock acquired by such Participant is acquired for investment only and not with a view to distribution. 

(iv) The Board may require a Participant receiving Stock pursuant to the Plan, as a condition precedent to receipt of such
Stock, to enter into a stockholder agreement or “lock-up” agreement in such form as the Board shall determine is necessary or desirable to further the Company’s interests. 

(k) Registration on Form S-8. The Company shall file with the Securities and Exchange Commission a registration statement on Form
S-8 with respect to the securities to be offered to Participants under the Plan and shall during the term of the Plan keep such registration statement effective. 
 (l) Governing Law. The Plan and all determinations made and actions taken pursuant hereto shall be governed by the laws of Delaware without giving effect to the conflict of laws principles thereof.

 (m) Section 409A. It is intended that the payments and benefits under the Plan comply with, or as applicable,
constitute a short-term deferral or otherwise be exempt from, the provisions of Section 409A of the Code. The Plan will be administered and interpreted in a manner consistent with this intent, and any provision that would cause the Plan or any
Award to fail to satisfy Section 409A of the Code will have no force and effect until amended to comply therewith (which amendment may be 

  
 9 

 
retroactive to the extent permitted by Section 409A of the Code). To the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the Code,
amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Plan during the six-month period immediately following Participant’s termination of employment shall instead be paid on the first business
day after the date that is six months following Participant’s termination of employment (or upon Participant’s death, if earlier). 

  
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