Document:

EX-10.32

 Exhibit 10.32 

ALLEGRO MICROSYSTEMS, INC. 

2020 OMNIBUS INCENTIVE COMPENSATION PLAN 

Effective as of the Effective Date (as defined below), the Allegro MicroSystems, Inc. 2020 Omnibus Incentive Compensation Plan (the
“Plan”) is hereby established. 
 The purpose of the Plan is to provide employees of Allegro MicroSystems, Inc. (the
“Company”) and its subsidiaries, certain consultants and advisors who perform services for the Company or its subsidiaries, and non-employee members of the Board of Directors of the Company
with the opportunity to receive grants of incentive stock options, nonqualified stock options, stock appreciation rights, stock awards, stock units, other stock-based awards, and cash awards. 

The Company believes that the Plan will encourage the Participants to contribute materially to the growth of the Company, thereby benefitting
the Company’s stockholders, and will align the economic interests of the Participants with those of the stockholders. 
 Definitions

 The following terms shall have the meanings set forth below for purposes of the Plan: 

(a)    “Board” shall mean the Board of Directors of the Company. 

(b)    “Cash Award” shall mean a cash incentive payment awarded under this Plan as described under
Section 11. 
 (c)     “Cause” shall have the meaning given to that term in any written employment
agreement, offer letter or severance agreement between the Employer and the Participant, or if no such agreement exists or if such term is not defined therein, and unless otherwise defined in the Grant Instrument, Cause shall mean (i) any act
of personal dishonesty in connection with a Participant’s responsibilities as an officer or employee of the Employer; (ii) a Participant’s commission of a felony; (iii) an act of a Participant that constitutes misconduct and
which is injurious to an Employer or which violates an Employer’s written policies or procedures applicable to the Participant; (iv) the breach by the Participant of any written agreement between the Participant and the Employer,
including, but not limited to, an employment agreement or offer letter of employment or (v) following written demand for performance from the Employer which describes the basis for the Employer’s belief that the Participant has not
substantially performed his or her duties, continued violations of Participant’s obligations to the Employer. 

(d)    “CEO” shall mean the Chief Executive Officer of the Company. 

(e)    Unless otherwise set forth in a Grant Instrument, a “Change of Control” shall be deemed to have
occurred if: 
 (i)    Any “person” (as such term is used in sections 13(d) and 14(d) of the Exchange Act)
becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of the voting

 
power of the then outstanding securities of the Company; provided that a Change of Control shall not be deemed to occur as a result of a transaction in which the Company becomes a subsidiary of
another corporation and in which the stockholders of the Company, immediately prior to the transaction, will beneficially own, immediately after the transaction, shares entitling such stockholders to more than 50% of all votes to which all
stockholders of the parent corporation would be entitled in the election of directors. 
 (ii)    The consummation of
(A) a merger or consolidation of the Company with another corporation where, immediately after the merger or consolidation, the stockholders of the Company, immediately prior to the merger or consolidation, will not beneficially own, in
substantially the same proportion as ownership immediately prior to the merger or consolidation, shares entitling such stockholders to more than 50% of all votes to which all stockholders of the surviving corporation would be entitled in the
election of directors, or where the members of the Board, immediately prior to the merger or consolidation, will not, immediately after the merger or consolidation, constitute a majority of the board of directors of the surviving corporation or
(B) a sale or other disposition of all or substantially all of the assets of the Company. 
 (iii)    A change in
the composition of the Board over a period of 12 consecutive months or less such that a majority of the Board members ceases, by reason of one or more contested elections, or threatened election contests, for Board membership, to be comprised of
individuals who either (A) have been Board members continuously since the beginning of such period or (B) have been elected or nominated for election as Board members during such period by at least a majority of the Board members described
in clause (A) who were still in office at the time the Board approved such election or nomination. 
 (iv)    The
consummation of a complete dissolution or liquidation of the Company. 
 The Committee may modify the definition of Change of Control for a
particular Grant as the Committee deems appropriate to comply with section 409A of the Code or otherwise. Notwithstanding the foregoing, if a Grant constitutes deferred compensation subject to section 409A of the Code and the Grant provides for
payment upon a Change of Control, then, for purposes of such payment provisions, no Change of Control shall be deemed to have occurred upon an event described in items (i) – (iv) above unless the event would also constitute a change in
ownership or effective control of, or a change in the ownership of a substantial portion of the assets of, the Company under section 409A of the Code. 

(f)    “Code” shall mean the Internal Revenue Code of 1986, as amended, and the regulations promulgated
thereunder. 
 (g)    “Committee” shall mean the Compensation Committee of the Board or another
committee appointed by the Board to administer the Plan. The Committee shall also consist of directors who are “non-employee directors” as defined under Rule
16b-3 promulgated under the Exchange Act and “independent directors,” as determined in accordance with the independence standards established by the stock exchange on which the Company Stock is at
the time primarily traded. 

  
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 (h)    “Company” shall mean Allegro MicroSystems, Inc.
and shall include its successors. 
 (i)    “Company Stock” shall mean common stock of the Company.

 (j)    “Disability” or “Disabled” shall mean, with respect to a Participant, unless
otherwise set forth in the Grant Instrument, that the Participant has been determined to be (1) disabled and entitled to receive benefits under the Company’s long-term disability plan and (2) disabled under Treasury Regulation Section 1.409A-3(i)(4) or its successor. The date on which a Participant shall be deemed to have incurred a Disability shall be the first date both requirements are satisfied as determined by the Committee or
its designee. 
 (k)    “Dividend Equivalent” shall mean an amount determined by multiplying the number
of shares of Company Stock subject to a Stock Unit or Other Stock-Based Award by the per-share cash dividend paid by the Company on its outstanding Company Stock, or the
per-share Fair Market Value of any dividend paid on its outstanding Company Stock in consideration other than cash. If interest is credited on accumulated divided equivalents, the term “Dividend
Equivalent” shall include the accrued interest. 
 (l)    “Effective Date” shall mean the business
day immediately preceding the date at which the registration statement for the public offering of the Company Stock is declared effective by the Securities and Exchange Commission and the Company Stock is priced for the public offering of such
Company Stock, subject to approval of the Plan by the stockholders of the Company. 
 (m)    “Employee”
shall mean an employee of the Employer (including an officer or director who is also an employee), but excluding any person who is classified by the Employer as a “contractor” or “consultant,” no matter how characterized by the
Internal Revenue Service, other governmental agency or a court. Any change of characterization of an individual by the Internal Revenue Service or any court or government agency shall have no effect upon the classification of an individual as an
Employee for purposes of this Plan, unless the Committee determines otherwise. 
 (n)    “Employed by, or
providing service to, the Employer” shall mean employment or service as an Employee, Key Advisor or member of the Board (so that, for purposes of exercising Options and SARs and satisfying conditions with respect to Stock Awards, Stock
Units, Other Stock-Based Awards, and Cash Awards, a Participant shall not be considered to have terminated employment or service until the Participant ceases to be an Employee, Key Advisor and member of the Board), unless the Committee determines
otherwise. If a Participant’s relationship is with a subsidiary of the Company and that entity ceases to be a subsidiary of the Company, the Participant will be deemed to cease employment or service when the entity ceases to be a subsidiary of
the Company, unless the Participant transfers employment or service to an Employer. 

(o)    “Employer” shall mean the Company and its subsidiaries. 

(p)    “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

  
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 (q)    “Exercise Price” shall mean the per share price
at which shares of Company Stock may be purchased under an Option, as designated by the Committee. 

(r)    “Fair Market Value” shall mean: 

(i)    If the Company Stock is publicly traded, the Fair Market Value per share shall be determined as follows:
(A) if the principal trading market for the Company Stock is a national securities exchange, the closing sales price during regular trading hours on the relevant date or, if there were no trades on that date, the latest preceding date upon
which a sale was reported, or (B) if the Company Stock is not principally traded on any such exchange, the last reported sale price of a share of Company Stock during regular trading hours on the relevant date, as reported by the OTC Bulletin
Board. 
 (ii)    If the Company Stock is not publicly traded or, if publicly traded, is not subject to reported
transactions as set forth above, the Fair Market Value per share shall be determined by the Committee through any reasonable valuation method authorized under the Code. 

(iii)    If a Grant is made effective on the date that the registration statement for the initial public offering of the
Company Stock is declared effective by the Securities and Exchange Commission and the Company Stock is priced for the initial public offering of such Company Stock, then the Fair Market Value per share shall be equal to the per share price of
Company Stock offered to the public in such initial public offering. 
 (s)    “GAAP” shall mean United
States Generally Accepted Accounting Principles. 
 (t)    “Grant” shall mean an Option, SAR, Stock
Award, Stock Unit, Other Stock-Based Award, or Cash Award granted under the Plan. 
 (u)    “Grant
Instrument” shall mean the written agreement that sets forth the terms and conditions of a Grant, including all amendments thereto. 

(v)    “Incentive Stock Option” shall mean an Option that is intended to meet the requirements of an
incentive stock option under section 422 of the Code. 
 (w)    “Key Advisor” shall mean a consultant
or advisor of the Employer. 
 (x)    “Non-Employee Director”
shall mean a member of the Board who is not an Employee. 
 (y)    “Nonqualified Stock Option” shall
mean an Option that is not intended to be taxed as an incentive stock option under section 422 of the Code. 

(z)    “Option” shall mean an option to purchase shares of Company Stock, as described in Section 6.

  
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 (aa)    “Other Stock-Based Award” shall mean any Grant
based on, measured by or payable in Company Stock (other than an Option, Stock Unit, Stock Award, or SAR), as described in Section 10. 

(bb)    “Participant” shall mean an Employee, Key Advisor or
Non-Employee Director designated by the Committee to participate in the Plan. 

(cc)    “Performance Goals” shall mean performance goals that may include, but are not limited to, one or
more of the following criteria: cash flow; free cash flow; earnings (including gross margin, earnings before interest and taxes, earnings before taxes, earnings before interest, taxes, depreciation, amortization and charges for stock-based
compensation, earnings before interest, taxes, depreciation and amortization, adjusted earnings before interest, taxes, depreciation and amortization and net earnings); earnings per share; growth in earnings or earnings per share; book value growth;
stock price; return on equity or average stockholder equity; total stockholder return or growth in total stockholder return either directly or in relation to a comparative group; return on capital; return on assets or net assets; revenue, growth in
revenue or return on sales; sales; expense to revenue ratio; income, net income or adjusted net income; operating income, net operating income, adjusted operating income or net operating income after tax; operating profit or net operating profit;
operating margin; gross profit margin; return on operating revenue or return on operating profit; growth in stockholder value relative to established indexes, or another peer group or peer group index; and other similar criteria as determined by the
Committee. Performance goals applicable to a Grant shall be determined by the Committee, and may differ from Participant to Participant and from Grant to Grant, may be established on an absolute or relative basis and may be established on a
corporate-wide basis or with respect to one or more business units, divisions, subsidiaries or business segments. Relative performance may be measured against a group of peer companies, a financial market index or other objective and quantifiable
indices. The Committee may make adjustments to the Performance Goals in its discretion. 

(dd)    “Plan” shall mean this Allegro MicroSystems, Inc. 2020 Omnibus Incentive Compensation Plan. 

(ee)    “Restriction Period” shall have the meaning given that term in Section 7(a). 

(ff)    “Retirement” shall mean a voluntary termination of employment or service with the Employer after
the Participant has attained age sixty-two (as of the Participant’s most recent birthday), has completed a minimum of five years of employment or service with the Employer (as measured by the
Participant’s most recent employment or service anniversary with the Employer), and has provided the Employer at least three months’ prior written notice of the Participant’s termination of employment or service with the Employer.

 (gg)    “SAR” shall mean a stock appreciation right, as described in Section 9. 

(hh)    “Stock Award” shall mean an award of Company Stock, as described in Section 7. 

(ii)    “Stock Unit” shall mean an award of a phantom unit representing a share of Company Stock, as
described in Section 8. 

  
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 (jj)    “Substitute Awards” shall have the meaning
given that term in Section 4(b). 
 Section 2.    Administration 

(a)    Committee. The Plan shall be administered and interpreted by the Committee; provided, however, that any
Grants to members of the Board must be authorized by a majority of the Board. The Committee may delegate authority to one or more subcommittees, as it deems appropriate. Subject to compliance with applicable law and the applicable stock exchange
rules, the Board, in its discretion, may perform any action of the Committee hereunder. To the extent that the Board, a subcommittee or the CEO, as described below administers the Plan, references in the Plan to the “Committee”
shall be deemed to refer to the Board or such subcommittee or the CEO. 
 (b)    Delegation to CEO. Subject to
compliance with applicable law and applicable stock exchange requirements, the Committee may delegate all or part of its authority and power to the CEO, as it deems appropriate, with respect to Grants to Employees or Key Advisors who are not
executive officers under section 16 of the Exchange Act. 
 (c)    Committee Authority. The Committee shall have
the sole authority to (i) determine the individuals to whom Grants shall be made under the Plan, (ii) determine the type, size, terms and conditions of the Grants to be made to each such individual, (iii) determine the time when the
Grants will be made and the duration of any applicable exercise or restriction period, including the criteria for vesting and exercisability and the acceleration of vesting and exercisability, (iv) amend the terms of any previously issued
Grant, subject to the provisions of Section 18 below, (v) determine and adopt terms, guidelines, and provisions, not inconsistent with the Plan and applicable law, that apply to individuals working or residing outside of the United States
who receive Grants under the Plan, (vi) correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Grant Instrument, and (vii) deal with any other matters arising under the Plan. 

(d)    Committee Determinations. The Committee shall have full power and express discretionary authority to
administer and interpret the Plan, to make factual determinations and to adopt or amend such rules, regulations, agreements and instruments for implementing the Plan and for the conduct of its business as it deems necessary or advisable, in its sole
discretion. The Committee’s interpretations of the Plan and all determinations made by the Committee pursuant to the powers vested in it hereunder shall be conclusive and binding on all persons having any interest in the Plan or in any awards
granted hereunder. All powers of the Committee shall be executed in its sole discretion, in the best interest of the Company, not as a fiduciary, and in keeping with the objectives of the Plan and need not be uniform as to similarly situated
individuals. 
 (e)    Indemnification. No member of the Committee or the Board, and no employee of the Company
shall be liable for any act or failure to act with respect to the Plan, except in circumstances involving his or her bad faith or willful misconduct, or for any act or failure to act hereunder by any other member of the Committee or employee or by
any agent to whom duties in connection with the administration of this Plan have been delegated. The Company shall indemnify members of the Committee and the Board and any agent of the Committee or the Board who is an employee of the Company or a
subsidiary against any and all liabilities or expenses to which they may be subjected by reason of any act or failure to act with respect to their duties on behalf of the Plan, except in circumstances involving such person’s bad faith or
willful misconduct. 

  
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 Section 3.    Grants 

Grants under the Plan may consist of Options as described in Section 6, Stock Awards as described in Section 7, Stock Units as
described in Section 8, SARs as described in Section 9, Other Stock-Based Awards as described in Section 10, and Cash Awards as described in Section 11. All Grants shall be subject to the terms and conditions set forth herein and
to such other terms and conditions consistent with this Plan as the Committee deems appropriate and as are specified in writing by the Committee to the individual in the Grant Instrument. All Grants shall be made conditional upon the
Participant’s acknowledgement, in writing or by acceptance of the Grant, that all decisions and determinations of the Committee shall be final and binding on the Participant, his or her beneficiaries and any other person having or claiming an
interest under such Grant. Grants under a particular Section of the Plan need not be uniform as among the Participants. 

Section 4.    Shares Subject to the Plan 

(a)    Shares Authorized. Subject to adjustment as described below in Sections 4(b) and 4(e) below, the aggregate
number of shares of Company Stock that may be issued or transferred under the Plan shall be 5,827,400 shares of Company Stock outstanding. The aggregate number of shares of Company Stock that may be issued or transferred under the Plan pursuant to
Incentive Stock Options shall not exceed 100,000,000 shares of Company Stock outstanding on the Effective Date. In addition, as of the first trading day of January during the term of the Plan (excluding any extensions), beginning with calendar year
2021, an additional positive number of shares of Company Stock shall be added to the number of shares of Company Stock authorized to be issued or transferred under the Plan, equal to three percent (3%) of the total number of shares of Company Stock
outstanding on the last trading day in December of the immediately preceding calendar year or such lesser amount as determined by the Board.  

(b)    Source of Shares; Share Counting. Shares issued or transferred under the Plan may be authorized but unissued
shares of Company Stock or reacquired shares of Company Stock, including shares purchased by the Company on the open market for purposes of the Plan. If and to the extent Options or SARs granted under the Plan, expire or are canceled, forfeited,
exchanged or surrendered without having been exercised, or if any Stock Awards, Stock Units or Other Stock-Based Awards are forfeited, terminated or otherwise not paid in full, the shares subject to such Grants shall again be available for purposes
of the Plan. If shares of Company Stock otherwise issuable under the Plan are surrendered in payment of the Exercise Price of an Option, then the number of shares of Company Stock available for issuance under the Plan shall be reduced only by the
net number of shares actually issued by the Company upon such exercise and not by the gross number of shares as to which such Option is exercised. Upon the exercise of any SAR under the Plan, the number of shares of Company Stock available for
issuance under the Plan shall be reduced by only by the net number of shares actually issued by the Company upon such 

  
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exercise. If shares of Company Stock otherwise issuable under the Plan are withheld by the Company in satisfaction of the withholding taxes incurred in connection with the issuance, vesting or
exercise of any Grant or the issuance of Company Stock thereunder, then the number of shares of Company Stock available for issuance under the Plan shall be reduced by the net number of shares issued, vested or exercised under such Grant, calculated
in each instance after payment of such share withholding. To the extent any Grants are paid in cash, and not in shares of Company Stock, any shares previously subject to such Grants shall again be available for issuance or transfer under the Plan.

 (c)    Substitute Awards. Shares issued or transferred under Grants made pursuant to an assumption,
substitution or exchange for previously granted awards of a company acquired by the Company in a transaction (“Substitute Awards”) shall not reduce the number of shares of Company Stock available under the Plan and available shares
under a stockholder approved plan of an acquired company (as appropriately adjusted to reflect the transaction) may be used for Grants under the Plan and shall not reduce the Plan’s share reserve (subject to applicable stock exchange listing
and Code requirements). 
 (d)    Director Limits. Subject to adjustment as described below in Section 4(e),
the maximum aggregate grant date value of shares of Company Stock subject to Grants granted to any Non-Employee Director during any calendar year, taken together with any cash fees earned by such Non-Employee Director for services rendered during the calendar year, shall not exceed $750,000 in total value. For purposes of this limit, the value of such Grants shall be calculated based on the grant date fair
value of such Grants for financial reporting purposes. 
 (e)    Adjustments. If there is any change in the
number or kind of shares of Company Stock outstanding by reason of (i) a stock dividend, spinoff, recapitalization, stock split, or combination or exchange of shares, (ii) a merger, reorganization or consolidation, (iii) a
reclassification or change in par value, or (iv) any other extraordinary or unusual event affecting the outstanding Company Stock as a class without the Company’s receipt of consideration, or if the value of outstanding shares of Company
Stock is substantially reduced as a result of a spinoff or the Company’s payment of an extraordinary dividend or distribution, the maximum number and kind of shares of Company Stock available for issuance under the Plan, the maximum number and
kind of shares of Company Stock for which any individual may receive Grants in any year, the number and kind of shares covered by outstanding Grants, the number and kind of shares issued and to be issued under the Plan, and the price per share or
the applicable market value of such Grants shall be equitably adjusted by the Committee to reflect any increase or decrease in the number of, or change in the kind or value of, the issued shares of Company Stock to preclude, to the extent
practicable, the enlargement or dilution of rights and benefits under the Plan and such outstanding Grants; provided, however, that any fractional shares resulting from such adjustment shall be eliminated. In addition, in the event of a Change of
Control, the provisions of Section 13 of the Plan shall apply. Any adjustments to outstanding Grants shall be consistent with section 409A or 424 of the Code, to the extent applicable. The adjustments of Grants under this Section 4(e)
shall include adjustment of shares, Exercise Price of Stock Options, base amount of SARs, performance goals or other terms and conditions, as the Committee deems appropriate. The Committee shall have the sole discretion and authority to determine
what appropriate adjustments shall be made and any adjustments determined by the Committee shall be final, binding and conclusive. 

  
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 Section 5.    Eligibility for
Participation 
 (a)    Eligible Persons. All Employees and
Non-Employee Directors shall be eligible to participate in the Plan. Key Advisors shall be eligible to participate in the Plan if the Key Advisors render bona fide services to the Employer, the services are
not in connection with the offer and sale of securities in a capital-raising transaction and the Key Advisors do not directly or indirectly promote or maintain a market for the Company’s securities. 

(b)    Selection of Participants. The Committee shall select the Employees,
Non-Employee Directors and Key Advisors to receive Grants and shall determine the number of shares of Company Stock subject to a particular Grant in such manner as the Committee determines. 

Section 6.    Options 

The Committee may grant Options to an Employee, Non-Employee Director or Key Advisor upon such terms as
the Committee deems appropriate. The following provisions are applicable to Options: 
 (a)    Number of Shares.
The Committee shall determine the number of shares of Company Stock that will be subject to each Grant of Options to Employees, Non-Employee Directors and Key Advisors. 

(b)    Type of Option and Exercise Price. 

(i)    The Committee may grant Incentive Stock Options or Nonqualified Stock Options or any combination of the two, all
in accordance with the terms and conditions set forth herein. Incentive Stock Options may be granted only to employees of the Company or its parent or subsidiary corporations, as defined in section 424 of the Code. Nonqualified Stock Options may be
granted to Employees, Non-Employee Directors and Key Advisors. 
 (ii)    The
Exercise Price of Company Stock subject to an Option shall be determined by the Committee and shall be equal to or greater than the Fair Market Value of a share of Company Stock on the date the Option is granted, unless otherwise determined by the
Committee. However, an Incentive Stock Option may not be granted to an Employee who, at the time of grant, owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company, or any parent or subsidiary
corporation of the Company, as defined in section 424 of the Code, unless the Exercise Price per share is not less than 110% of the Fair Market Value of a share of Company Stock on the date of grant. 

(c)    Option Term. The Committee shall determine the term of each Option. The term of any Option shall not exceed
ten years from the date of grant. However, an Incentive Stock Option that is granted to an Employee who, at the time of grant, owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company, or any
parent or subsidiary corporation of the Company, as defined in section 424 of the Code, may not have a term that exceeds five years from the date of grant. 

(d)    Exercisability of Options. Options shall become exercisable in accordance with such terms and conditions,
consistent with the Plan, as may be determined by the Committee and specified in the Grant Instrument. The Committee may accelerate the exercisability of any or all outstanding Options at any time for any reason. 

  
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 (e)    Grants to Non-Exempt
Employees. Notwithstanding the foregoing, Options granted to persons who are non-exempt employees under the Fair Labor Standards Act of 1938, as amended, may not be exercisable for at least six months
after the date of grant (except that such Options may become exercisable, as determined by the Committee, upon the Participant’s death, Disability or retirement, or upon a Change of Control or other circumstances permitted by applicable
regulations). 
 (f)    Termination of Employment or Service. Except as provided in the Grant Instrument, an
Option may only be exercised while the Participant is employed by, or providing services to, the Employer. The Committee shall determine in the Grant Instrument under what circumstances and during what time periods a Participant may exercise an
Option after termination of employment or service. 
 (g)    Exercise of Options. A Participant may exercise an
Option that has become exercisable, in whole or in part, by delivering a notice of exercise to the Company. The Participant shall pay the Exercise Price for an Option as specified by the Committee (i) in cash, (ii) unless the Committee
determines otherwise, by delivering shares of Company Stock owned by the Participant and having a Fair Market Value on the date of exercise at least equal to the Exercise Price or by attestation (on a form prescribed by the Committee) to ownership
of shares of Company Stock having a Fair Market Value on the date of exercise at least equal to the Exercise Price, (iii) by payment through a broker in accordance with procedures permitted by Regulation T of the Federal Reserve Board,
(iv) if permitted by the Committee, by withholding shares of Company Stock subject to the exercisable Option, which have a Fair Market Value on the date of exercise equal to the Exercise Price, or (v) by such other method as the Committee
may approve. Shares of Company Stock used to exercise an Option shall have been held by the Participant for the requisite period of time necessary to avoid adverse accounting consequences to the Company with respect to the Option. Payment for the
shares to be issued or transferred pursuant to the Option, and any required withholding taxes, must be received by the Company by the time specified by the Committee depending on the type of payment being made, but in all cases prior to the issuance
or transfer of such shares. 
 (h)    Limits on Incentive Stock Options. Each Incentive Stock Option shall
provide that, if the aggregate Fair Market Value of the Company Stock on the date of the grant with respect to which Incentive Stock Options are exercisable for the first time by a Participant during any calendar year, under the Plan or any other
stock option plan of the Company or a parent or subsidiary, exceeds $100,000, then the Option, as to the excess, shall be treated as a Nonqualified Stock Option. 

  
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 Section 7.    Stock Awards 

The Committee may issue or transfer shares of Company Stock to an Employee, Non-Employee Director or
Key Advisor under a Stock Award, upon such terms as the Committee deems appropriate. The following provisions are applicable to Stock Awards: 

(a)    General Requirements. Shares of Company Stock issued or transferred pursuant to Stock Awards may be issued
or transferred for consideration or for no consideration, and subject to restrictions or no restrictions, as determined by the Committee. The Committee may, but shall not be required to, establish conditions under which restrictions on Stock Awards
shall lapse over a period of time or according to such other criteria as the Committee deems appropriate, including, without limitation, restrictions based upon the achievement of specific Performance Goals. The period of time during which the Stock
Awards will remain subject to restrictions will be designated in the Grant Instrument as the “Restriction Period.” 

(b)    Number of Shares. The Committee shall determine the number of shares of Company Stock to be issued or
transferred pursuant to a Stock Award and the restrictions applicable to such shares. 
 (c)    Requirement of
Employment or Service. If the Participant ceases to be employed by, or provide service to, the Employer during a period designated in the Grant Instrument as the Restriction Period, or if other specified conditions are not met, the Stock Award
shall terminate as to all shares covered by the Grant as to which the restrictions have not lapsed, and those shares of Company Stock must be immediately returned to the Company. The Committee may, however, provide for complete or partial exceptions
to this requirement as it deems appropriate. 
 (d)    Restrictions on Transfer and Legend on Stock Certificate.
During the Restriction Period, a Participant may not sell, assign, transfer, pledge or otherwise dispose of the shares of a Stock Award except under Section 16 below. Unless otherwise determined by the Committee, the Company will retain
possession of certificates for shares of Stock Awards until all restrictions on such shares have lapsed. Each certificate for a Stock Award, unless held by the Company, shall contain a legend giving appropriate notice of the restrictions in the
Grant. The Participant shall be entitled to have the legend removed from the stock certificate covering the shares subject to restrictions when all restrictions on such shares have lapsed. The Committee may determine that the Company will not issue
certificates for Stock Awards until all restrictions on such shares have lapsed. 
 (e)    Right to Vote and to
Receive Dividends. Unless the Committee determines otherwise, during the Restriction Period, the Participant shall have the right to vote shares of Stock Awards and to receive any dividends or other distributions paid on such shares, subject to
any restrictions deemed appropriate by the Committee, including, without limitation, the achievement of specific Performance Goals. Dividends with respect to Stock Awards that vest based on performance shall vest if and to the extent
that the underlying Stock Award vests, as determined by the Committee. 
 (f)    Lapse of Restrictions. All
restrictions imposed on Stock Awards shall lapse upon the expiration of the applicable Restriction Period and the satisfaction of all conditions, if any, imposed by the Committee. The Committee may determine, as to any or all Stock Awards, that the
restrictions shall lapse without regard to any Restriction Period. 

  
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 Section 8.    Stock Units 

The Committee may grant Stock Units, each of which shall represent one hypothetical share of Company Stock, to an Employee, Non-Employee Director or Key Advisor upon such terms and conditions as the Committee deems appropriate. The following provisions are applicable to Stock Units: 

(a)    Crediting of Units. Each Stock Unit shall represent the right of the Participant to receive a share of
Company Stock or an amount of cash based on the value of a share of Company Stock, if and when specified conditions are met. All Stock Units shall be credited to bookkeeping accounts established on the Company’s records for purposes of the
Plan. 
 (b)    Terms of Stock Units. The Committee may grant Stock Units that vest and are payable if specified
Performance Goals or other conditions are met, or under other circumstances. Stock Units may be paid at the end of a specified performance period or other period, or payment may be deferred to a date authorized by the Committee. The Committee may
accelerate vesting or payment, as to any or all Stock Units at any time for any reason, provided such acceleration complies with section 409A of the Code. The Committee shall determine the number of Stock Units to be granted and the requirements
applicable to such Stock Units. 
 (c)    Requirement of Employment or Service. If the Participant ceases to be
employed by, or provide service to, the Employer prior to the vesting of Stock Units, or if other conditions established by the Committee are not met, the Participant’s Stock Units shall be forfeited. The Committee may, however, provide for
complete or partial exceptions to this requirement as it deems appropriate. 
 (d)    Payment With Respect to Stock
Units. Payments with respect to Stock Units shall be made in cash, Company Stock or any combination of the foregoing, as the Committee shall determine. 

Section 9.    Stock Appreciation Rights 

The Committee may grant SARs to an Employee, Non-Employee Director or Key Advisor separately or in
tandem with any Option. The following provisions are applicable to SARs: 
 (a)    General Requirements. The
Committee may grant SARs to an Employee, Non-Employee Director or Key Advisor separately or in tandem with any Option (for all or a portion of the applicable Option). Tandem SARs may be granted either at the
time the Option is granted or at any time thereafter while the Option remains outstanding; provided, however, that, in the case of an Incentive Stock Option, SARs may be granted only at the time of the grant of the Incentive Stock Option. The
Committee shall establish the base amount of the SAR at the time the SAR is granted. The base amount of each SAR shall be equal to or greater than the Fair Market Value of a share of Company Stock as of the date of grant of the SAR. The term of any
SAR shall not exceed ten years from the date of grant. Notwithstanding the foregoing, in the event that on the last business day of the term of a SAR, the exercise of the SAR is prohibited by applicable law,

  
 -12- 

 
including a prohibition on purchases or sales of Company Stock under the Company’s insider trading policy, the term shall be extended for a period of 30 days following the end of the legal
prohibition, unless the Committee determines otherwise. 
 (b)    Tandem SARs. In the case of tandem SARs, the
number of SARs granted to a Participant that shall be exercisable during a specified period shall not exceed the number of shares of Company Stock that the Participant may purchase upon the exercise of the related Option during such period. Upon the
exercise of an Option, the SARs relating to the Company Stock covered by such Option shall terminate. Upon the exercise of SARs, the related Option shall terminate to the extent of an equal number of shares of Company Stock. 

(c)    Exercisability. An SAR shall be exercisable during the period specified by the Committee in the Grant
Instrument and shall be subject to such vesting and other restrictions as may be specified in the Grant Instrument. The Committee may accelerate the exercisability of any or all outstanding SARs at any time for any reason. SARs may only be exercised
while the Participant is employed by, or providing service to, the Employer or during the applicable period after termination of employment or service as specified by the Committee. A tandem SAR shall be exercisable only during the period when the
Option to which it is related is also exercisable. 
 (d)    Grants to
Non-Exempt Employees. Notwithstanding the foregoing, SARs granted to persons who are non-exempt employees under the Fair Labor Standards Act of 1938, as
amended, may not be exercisable for at least six months after the date of grant (except that such SARs may become exercisable, as determined by the Committee, upon the Participant’s death, Disability or retirement, or upon a Change of Control
or other circumstances permitted by applicable regulations). 
 (e)    Value of SARs. When a Participant
exercises SARs, the Participant shall receive in settlement of such SARs an amount equal to the value of the stock appreciation for the number of SARs exercised. The stock appreciation for an SAR is the amount by which the Fair Market Value of the
underlying Company Stock on the date of exercise of the SAR exceeds the base amount of the SAR as described in subsection (a). 

(f)    Form of Payment. The appreciation in an SAR shall be paid in shares of Company Stock, cash or any
combination of the foregoing, as the Committee shall determine. For purposes of calculating the number of shares of Company Stock to be received, shares of Company Stock shall be valued at their Fair Market Value on the date of exercise of the SAR.

 Section 10.    Other Stock-Based Awards 

The Committee may grant Other Stock-Based Awards, which are awards (other than those described in Sections 6, 7, 8 and 9 of the Plan) that are
based on or measured by Company Stock, to any Employee, Non-Employee Director or Key Advisor, on such terms and conditions as the Committee shall determine. Other Stock-Based Awards may be awarded subject to
the achievement of Performance Goals or other criteria or other conditions and may be payable in cash, Company Stock or any combination of the foregoing, as the Committee shall determine. 

  
 -13- 

 Section 11.    Cash Awards 

The Committee may grant Cash Awards to Participants. The Committee shall determine the terms and conditions applicable to Cash Awards,
including the criteria for the vesting and payment of Cash Awards. Cash Awards shall be based on such measures as the Committee deems appropriate and need not relate to the value of shares of Company Stock. 

Section 12.    Dividend Equivalents 

The Committee may grant Dividend Equivalents in connection with Stock Units or Other Stock-Based Awards. Dividend Equivalents may be paid
currently or accrued as contingent cash obligations and may be payable in cash or shares of Company Stock, and upon such terms and conditions as the Committee shall determine. Dividend Equivalents with respect to Stock Units or Other Stock-Based
Awards that vest based on performance shall vest and be paid only if and to the extent the underlying Stock Units or Other Stock-Based Awards vest and are paid, as determined by the Committee. 

Section 13.    Consequences of a Change of Control 

(a)    Assumption of Outstanding Grants. Upon a Change of Control where the Company is not the surviving corporation
(or survives only as a subsidiary of another corporation), unless the Committee determines otherwise, all outstanding Grants that are not exercised or paid at the time of the Change of Control shall be assumed by, or replaced with grants that have
comparable terms by, the surviving corporation (or a parent or subsidiary of the surviving corporation). After a Change of Control, references to the “Company” as they relate to employment matters shall include the successor employer in
the transaction, subject to applicable law. 
 (b)    Vesting Upon Certain Terminations of Employment. Unless the
Grant Instrument provides otherwise, if a Participant’s employment or service is terminated by the Employer without Cause upon or within 12 months following a Change of Control, the Participant’s outstanding Grants shall become fully
vested as of the date of such termination; provided that if the vesting of any such Grants is based, in whole or in part, on performance, the applicable Grant Instrument shall specify how the portion of the Grant that becomes vested pursuant to this
Section 13(b) shall be calculated. 
 (c)    Other Alternatives. In the event of a Change of Control, if any
outstanding Grants are not assumed by, or replaced with grants that have comparable terms by, the surviving corporation (or a parent or subsidiary of the surviving corporation), the Committee may take any of the following actions with respect to any
or all outstanding Grants, without the consent of any Participant: (i) the Committee may determine that outstanding Stock Options and SARs shall automatically accelerate and become fully exercisable and the restrictions and conditions on
outstanding Stock Awards, Stock Units, Cash Awards, and Dividend Equivalents shall immediately lapse; (ii) the Committee may determine that Participants shall receive a payment in settlement of outstanding Stock Units, Cash Awards, or Dividend
Equivalents, in such amount and form as may be determined by the Committee; (iii) the Committee may require that Participants surrender their outstanding Stock Options and SARs in exchange for a payment by the Company,

  
 -14- 

 
in cash or Company Stock as determined by the Committee, in an amount equal to the amount, if any, by which the then Fair Market Value of the shares of Company Stock subject to the
Participant’s unexercised Stock Options and SARs exceeds the Stock Option Exercise Price or SAR base amount, and (iv) after giving Participants an opportunity to exercise all of their outstanding Stock Options and SARs, the Committee may
terminate any or all unexercised Stock Options and SARs at such time as the Committee deems appropriate. Such surrender, termination or payment shall take place as of the date of the Change of Control or such other date as the Committee may specify.
Without limiting the foregoing, if the per share Fair Market Value of the Company Stock does not exceed the per share Stock Option Exercise Price or SAR base amount, as applicable, the Company shall not be required to make any payment to the
Participant upon surrender of the Stock Option or SAR. 
 (d)    Release. The Committee may condition the payment
made pursuant to the terms of the Plan as a result of a Change of Control upon the execution of a Release by the Participant in a form established by the Company. 

Section 14.    Deferrals 

The Committee may permit or require a Participant to defer receipt of the payment of cash or the delivery of shares that would otherwise be due
to such Participant in connection with any Grant. If any such deferral election is permitted or required, the Committee shall establish rules and procedures for such deferrals and may provide for interest or other earnings to be paid on such
deferrals. The rules and procedures for any such deferrals shall be consistent with applicable requirements of section 409A of the Code. 

Section 15.    Withholding of Taxes 

(a)    Required Withholding. All Grants under the Plan shall be subject to applicable United States federal
(including FICA), state and local, foreign country or other tax withholding requirements. The Employer may require that the Participant or other person receiving Grants or exercising Grants pay to the Employer an amount sufficient to satisfy such
tax withholding requirements with respect to such Grants, or the Employer may deduct from other wages and compensation paid by the Employer the amount of any withholding taxes due with respect to such Grants. 

(b)    Share Withholding. The Committee may permit or require the Employer’s tax withholding obligation with
respect to Grants paid in Company Stock to be satisfied by having shares withheld up to an amount that does not exceed the Participant’s applicable withholding tax rate for United States federal (including FICA), state and local, foreign
country or other tax liabilities. The Committee may, in its discretion, and subject to such rules as the Committee may adopt, allow Participants to elect to have such share withholding applied to all or a portion of the tax withholding obligation
arising in connection with any particular Grant. Unless the Committee determines otherwise, share withholding for taxes shall not exceed the Participant’s minimum applicable tax withholding amount. 

  
 -15- 

 Section 16.    Transferability of
Grants 
 (a)    Nontransferability of Grants. Except as described in subsection (b) below, only the
Participant may exercise rights under a Grant during the Participant’s lifetime. A Participant may not transfer those rights except (i) by will or by the laws of descent and distribution or (ii) with respect to Grants other than
Incentive Stock Options, pursuant to a domestic relations order. When a Participant dies, the personal representative or other person entitled to succeed to the rights of the Participant may exercise such rights. Any such successor must furnish
proof satisfactory to the Company of his or her right to receive the Grant under the Participant’s will or under the applicable laws of descent and distribution. 

(b)    Transfer of Nonqualified Stock Options. Notwithstanding the foregoing, the Committee may provide, in a Grant
Instrument, that a Participant may transfer Nonqualified Stock Options to family members, or one or more trusts or other entities for the benefit of or owned by family members, consistent with the applicable securities laws, according to such terms
as the Committee may determine; provided that the Participant receives no consideration for the transfer of an Option and the transferred Option shall continue to be subject to the same terms and conditions as were applicable to the Option
immediately before the transfer. 
 Section 17.    Requirements for Issuance or Transfer of
Shares 
 No Company Stock shall be issued or transferred in connection with any Grant hereunder unless and until all legal requirements
applicable to the issuance or transfer of such Company Stock have been complied with to the satisfaction of the Committee. The Committee shall have the right to condition any Grant on the Participant’s undertaking in writing to comply with such
restrictions on his or her subsequent disposition of the shares of Company Stock as the Committee shall deem necessary or advisable, and certificates representing such shares may be legended to reflect any such restrictions. Certificates
representing shares of Company Stock issued or transferred under the Plan may be subject to such stop-transfer orders and other restrictions as the Committee deems appropriate to comply with applicable laws, regulations and interpretations,
including any requirement that a legend be placed thereon. 
 Section 18.    Amendment and
Termination of the Plan 
 (a)    Amendment. The Board may amend or terminate the Plan at any time; provided,
however, that the Board shall not amend the Plan without stockholder approval if such approval is required in order to comply with the Code or other applicable law, or to comply with applicable stock exchange requirements. 

(b)    No Repricing of Options or SARs. Except in connection with a corporate transaction involving the Company
(including, without limitation, any stock dividend, distribution (whether in the form of cash, Company Stock, other securities or property), stock split, extraordinary cash dividend, recapitalization, change in control, reorganization, merger,
consolidation, split-up, spin-off, combination, repurchase or exchange of shares of Company Stock or other securities, or similar transactions), the Company may not,
without obtaining stockholder approval, (i) amend the terms of outstanding Stock Options or SARs to reduce the Exercise Price of such outstanding Stock Options or base price of such SARs, (ii) cancel outstanding Stock

  
 -16- 

 
Options or SARs in exchange for Stock Options or SARs with an Exercise Price or base price, as applicable, that is less than the Exercise Price or base price of the original Stock Options or SARs
or (iii) cancel outstanding Stock Options or SARs with an Exercise Price or base price, as applicable, above the current stock price in exchange for cash or other securities. 

(c)    Termination of Plan. The Plan shall terminate on the day immediately preceding the tenth anniversary of its
Effective Date, unless the Plan is terminated earlier by the Board or is extended by the Board with the approval of the stockholders. 

(d)    Termination and Amendment of Outstanding Grants. A termination or amendment of the Plan that occurs after a
Grant is made shall not materially impair the rights of a Participant unless the Participant consents or unless the Committee acts under Section 19(f) below. The termination of the Plan shall not impair the power and authority of the Committee
with respect to an outstanding Grant. Whether or not the Plan has terminated, an outstanding Grant may be terminated or amended under Section 19(f) below or may be amended by agreement of the Company and the Participant consistent with the
Plan. 
 Section 19.    Miscellaneous 

(a)    Grants in Connection with Corporate Transactions and Otherwise. Nothing contained in the Plan shall be
construed to (i) limit the right of the Committee to make Grants under the Plan in connection with the acquisition, by purchase, lease, merger, consolidation or otherwise, of the business or assets of any corporation, firm or association,
including Grants to employees thereof who become Employees, or (ii) limit the right of the Company to grant stock options or make other awards outside of the Plan. The Committee may make a Grant to an employee of another corporation who becomes
an Employee by reason of a corporate merger, consolidation, acquisition of stock or property, reorganization or liquidation involving the Company, in substitution for a stock option or a stock award grant made by such corporation. Notwithstanding
anything in the Plan to the contrary, the Committee may establish such terms and conditions of the new Grants as it deems appropriate, including setting the Exercise Price of Options or the base price of SARs at a price necessary to retain for the
Participant the same economic value as the prior options or rights. 
 (b)    Governing Document. The Plan shall
be the controlling document. No other statements, representations, explanatory materials or examples, oral or written, may amend the Plan in any manner. The Plan shall be binding upon and enforceable against the Company and its successors and
assigns. 
 (c)    Funding of the Plan. The Plan shall be unfunded. The Company shall not be required to
establish any special or separate fund or to make any other segregation of assets to assure the payment of any Grants under the Plan. 

(d)    Rights of Participants. Nothing in the Plan shall entitle any Employee,
Non-Employee Director, Key Advisor or other person to any claim or right to receive a Grant under the Plan. Neither the Plan nor any action taken hereunder shall be construed as giving any individual any
rights to be retained by or in the employ of the Employer or any other employment rights. 

  
 -17- 

 (e)    No Fractional Shares. No fractional shares of Company
Stock shall be issued or delivered pursuant to the Plan or any Grant. Except as otherwise provided under the Plan, the Committee 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. 

(f)    Compliance with Law. 

(i)    The Plan, the exercise of Options and SARs and the obligations of the Company to issue or transfer shares of
Company Stock under Grants shall be subject to all applicable laws and regulations, and to approvals by any governmental or regulatory agency as may be required. With respect to persons subject to section 16 of the Exchange Act, it is the intent of
the Company that the Plan and all transactions under the Plan comply with all applicable provisions of Rule 16b-3 or its successors under the Exchange Act. In addition, it is the intent of the Company that
Incentive Stock Options comply with the applicable provisions of section 422 of the Code, and that, to the extent applicable, Grants comply with the requirements of section 409A of the Code. To the extent that any legal requirement of section 16 of
the Exchange Act or section 422 or 409A of the Code as set forth in the Plan ceases to be required under section 16 of the Exchange Act or section 422 or 409A of the Code, that Plan provision shall cease to apply. The Committee may revoke any Grant
if it is contrary to law or modify a Grant to bring it into compliance with any valid and mandatory government regulation. The Committee may also adopt rules regarding the withholding of taxes on payments to Participants. The Committee may, in its
sole discretion, agree to limit its authority under this Section. 
 (ii)    The Plan is intended to comply with the
requirements of section 409A of the Code, to the extent applicable. Each Grant shall be construed and administered such that the Grant either (A) qualifies for an exemption from the requirements of section 409A of the Code or (B) satisfies
the requirements of section 409A of the Code. If a Grant is subject to section 409A of the Code, (I) distributions shall only be made in a manner and upon an event permitted under section 409A of the Code, (II) payments to be made upon a
termination of employment or service shall only be made upon a “separation from service” under section 409A of the Code, (III) unless the Grant specifies otherwise, each installment payment shall be treated as a separate payment for
purposes of section 409A of the Code, and (IV) in no event shall a Participant, directly or indirectly, designate the calendar year in which a distribution is made except in accordance with section 409A of the Code. 

(iii)    Any Grant that is subject to section 409A of the Code and that is to be distributed to a Key Employee (as
defined below) upon separation from service shall be administered so that any distribution with respect to such Grant shall be postponed for six months following the date of the Participant’s separation from service, if required by section 409A
of the Code. If a distribution is delayed pursuant to section 409A of the Code, the distribution shall be paid within 15 days after the end of the six-month period. If the Participant dies during such six-month period, any postponed amounts shall be paid within 90 days of the Participant’s death. The determination of “Key Employees”, including the number and identity of persons considered
Key Employees and the identification date, shall be made by the Committee or its delegate each year in accordance with section 416(i) of the Code and the “specified employee” requirements of section 409A of the Code. 

  
 -18- 

 (iv)    Notwithstanding anything in the Plan or any Grant Instrument to
the contrary, each Participant shall be solely responsible for the tax consequences of Grants under the Plan, and in no event shall the Company or any subsidiary or affiliate of the Company have any responsibility or liability if a Grant does not
meet any applicable requirements of section 409A of the Code. Although the Company intends to administer the Plan to prevent taxation under section 409A of the Code, the Company does not represent or warrant that the Plan or any Grant complies with
any provision of federal, state, local or other tax law. 
 (g)    Establishment of Subplans. The Committee may
from time to time establish one or more sub-plans under the Plan for purposes of satisfying the requirements of local law or to obtain more favorable tax or other treatment with respect to grants to
participants who reside or work outside of the United States. The Committee shall establish such sub-plans by adopting supplements to the Plan setting forth such additional terms and conditions not otherwise
inconsistent with the Plan as the Committee shall deem necessary. All supplements adopted by the Committee shall be deemed to be part of the Plan. 

(h)    Clawback Rights. Subject to the requirements of applicable law, and to the extent the Company has not
implemented a clawback or recoupment policy outside of the Plan that is applicable to the Participant, if a Participant breaches any restrictive covenant agreement between the Participant and the Employer (which may be, but is not required to be,
set forth in any Grant Instrument) (i) by contributing to an event in which the Company is required to prepare an accounting restatement due to its material noncompliance with any financial reporting requirement under United States securities
laws either while employed by, or providing service to, the Employer or within three years thereafter, or (ii) otherwise engages in activities that constitute Cause either while employed by, or providing service to, the Employer or within
twelve (12) months thereafter, all Grants held by the Participant shall terminate, and the Company may rescind any exercise of an Option or SAR and the vesting of any other Grant and delivery of shares upon such exercise or vesting (including
pursuant to dividends and Dividend Equivalents), as applicable on such terms as the Committee shall determine, including the right to require that in the event of any such rescission, (A) the Participant shall return to the Company the shares
received upon the exercise of any Option or SAR and/or the vesting and payment of any other Grant (including pursuant to dividends and Dividend Equivalents) or, (B) if the Participant no longer owns the shares, the Participant shall pay to the
Company the amount of any gain realized or payment received as a result of any sale or other disposition of the shares (or, in the event the Participant transfers the shares by gift or otherwise without consideration, the Fair Market Value of the
shares on the date of the breach of the restrictive covenant agreement (including a Participant’s Grant Instrument containing restrictive covenants) or activity constituting Cause), net of the price originally paid by the Participant for the
shares. Payment by the Participant shall be made in such manner and on such terms and conditions as may be required by the Committee. The Employer shall be entitled to set off against the amount of any such payment any amounts otherwise owed to the
Participant by the Employer. In addition, all Grants under the Plan shall be subject to any applicable share trading policies and other policies that may be implemented by the Board from time to time. 

(i)    Governing Law. The validity, construction, interpretation and effect of the Plan and Grant Instruments
issued under the Plan shall be governed and construed by and determined in accordance with the laws of the State of Delaware, without giving effect to the conflict of laws provisions thereof. 

* * * * * * * 

  
 -19- 

 ALLEGRO MICROSYSTEMS, INC. 

2020 OMNIBUS INCENTIVE COMPENSATION PLAN (THE “PLAN”) 

SUB-PLAN FOR U.K. EMPLOYEES (THE
“SUB-PLAN”) 
 This Sub-Plan is a sub-plan of the Plan, and has been created and approved in accordance with the provisions of Section 19(g) of the Plan. Terms defined in the Plan shall have the same meanings in this Sub-Plan unless otherwise defined in this Sub-Plan. 

Section 1.    Definitions. As used in this
Sub-Plan and/or any Grant Instrument under this Sub-Plan, the following terms shall have the meanings set forth below. 

(a)    “Employer’s NICs” means the amount of secondary Class 1 national insurance contributions
payable in respect of any Grant. 
 (b)    “FPO” means the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 of the United Kingdom (as may be amended from time to time). 

(c)    “FSMA” means the Financial Services and Markets Act 2000 of the United Kingdom (as may be amended
from time to time). 
 (d)    “Group” has the meaning given to that term under FSMA. 

(e)    “U.K. Employee” means an employee of the Company or of any subsidiary (provided that such
subsidiary is a member of the Company’s Group) who is resident in the United Kingdom. 

Section 2.    Purpose. 

(a)    The purpose of this Sub-Plan is primarily to establish a sub-plan under the auspices of the Plan which will apply to Grants to be made to U.K. Employees. As a result: 

(i)    All Grants to U.K. Employees shall be made under this Sub-Plan; 

(ii)    No Grants shall be made under this Sub-Plan to any person other than a
U.K. Employee, and this Sub-Plan shall not apply to any Grants made under the Plan to any such other person; and 

(iii)    Section 5 of the Plan shall be deemed amended accordingly insofar as it applies to this Sub-Plan. 
 (b)    The provisions of the
Sub-Plan vary from those applicable under the Plan so as to: 
 (i)    enable
the Sub-Plan (and any Grants made or proposed to be made under the Sub-Plan, and communications concerning those Grants) to take advantage of certain exemptions
available in the United Kingdom from certain prohibitions and restrictions which might otherwise apply to such grants and communications in the United Kingdom under the regulatory regime established under FSMA; and 

 (ii)    take account of United Kingdom tax treatment of the Grants.

 (c)    No Grant shall be granted under this Sub-Plan unless such Grant
relates to a type of investment set out or referred to in Article 60(1) of the FPO. Section 3 of the Plan shall be deemed amended accordingly insofar as it applies to this Sub-Plan. 

Section 3.    Interaction With The Plan. 

(a)    This Sub-Plan should be read in conjunction with the Plan and is subject to
the terms and conditions of the Plan except to the extent that the terms and conditions of the Plan differ from or conflict with the terms set out in this Sub-Plan, in which event, the terms set out in this Sub-Plan shall prevail. 
 (b)    Subject to the other provisions of this Sub-Plan, the provisions of the Plan will apply to this Sub-Plan as if references therein to the Plan were references to this Sub-Plan.

 Section 4.    Taxes. 

(a)    All Grants under this Sub-Plan shall be subject to applicable United Kingdom
taxes and national insurance contributions. As a condition to the issuance, vesting, exercise or settlement of any Grant, the Participant shall be required to pay to the Company or any relevant Employer, or make other arrangements satisfactory to
the Company or the relevant Employer to provide for the payment of, any national, federal, state or local or other taxes, social security and employee’s United Kingdom national insurance contributions (“Employment Taxes”) that
the Company or the relevant Employer is required to withhold, or in respect of which the Company or the relevant Employer is required to account to any tax authority including HM Revenue & Customs (“HMRC”), with respect to
any income or gains arising or deemed to arise to the Participant in connection with any Grant (including for the avoidance of doubt in connection with the holding or disposal of any Company Stock received pursuant to any Grant). The Committee, in
its discretion, may permit the satisfaction of such Employment Taxes by having Company Stock withheld from delivery with respect to any Grant up to a value that does not exceed the relevant required amount of Employment Taxes. The Company or the
relevant Employer is authorised to withhold from (i) any Grant made, (ii) any payment relating to a Grant under this Sub-Plan, including from a distribution of Company Stock, or (iii) any
payroll or other payment to a Participant, the amount of required Employment Taxes due or potentially payable in connection with any transaction involving a Grant under this Sub-Plan to the maximum extent
permitted by law and regulation. To the extent any amount is withheld by the Company in accordance with this section, such amount shall either be remitted to the relevant Employer on behalf of the Participant, or deemed to have been so remitted
where the amount is paid to a relevant tax authority on behalf of such relevant Employer. 
 (b)    The Participant may
be required as a condition precedent to acquiring any Company Stock or acquiring or exercising any Option to enter into a joint election under Section 431(1) of the United Kingdom Income Tax (Earnings and Pensions) Act 2003 for the full
disapplication of Chapter 2 of Part 7 of that Act. 

  
 -2- 

 (c)    In accepting any relevant Grant the Participant shall, if so
required by the Company and to the extent lawful, agree with and undertake to the Company and any Employer which is a “secondary contributor” in respect of Class I national insurance contributions payable in respect of the Grant (or
any Company Stock award in connection therewith) that the Company or relevant Employer may recover from the Participant the whole or part of any Employer’s NICs; and the Participant shall either (i) (if so required the Company) join with the
Company or relevant Employer in making an election (in such terms and such form and subject to such approval by HMRC as provided in paragraph 3B of Schedule 1 to the Social Security Contributions and Benefits Act 1992) for the whole or part of any
liability of the Company or relevant Employer for Employer’s NICs to be transferred to the Participant, or (ii) enter into a joint agreement with the Company or relevant Employer at the time of the Grant to arrange for the reimbursement by
the Participant to the Company or relevant Employer for such Employer’s NICs. 
 Section 5.    General.

 (a)    The Sub-Plan, and any Grants granted hereunder, shall be governed,
construed and administered in accordance with the laws of the State of Delaware, without reference to its conflict of laws provisions. 

(b)    The terms and conditions provided in this Sub-Plan are severable and if
(despite the provisions of Section 5(a) of this Sub-Plan) any one or more provisions (or the effect of any such provision) are determined to be subject to any laws of the United Kingdom (or any
constituent part thereof) and to be illegal or otherwise unenforceable under such laws, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. 

  
 -3-EX-10.33

 Exhibit 10.33 

ALLEGRO MICROSYSTEMS, INC. 

2020 OMNIBUS INCENTIVE COMPENSATION PLAN 

RESTRICTED STOCK UNIT AGREEMENT 

This RESTRICTED STOCK UNIT AGREEMENT (the “Agreement”), dated as of [●] (the “Date of Grant”), is
delivered by Allegro MicroSystems, Inc. (the “Company”) to [●] (the “Participant”). 
 RECITALS

 The Allegro MicroSystems, Inc. 2020 Omnibus Incentive Compensation Plan (the “Plan”) provides for the grant of
restricted stock units in accordance with the terms and conditions of the Plan. The Committee has decided to make this grant of restricted stock units as an inducement for the Participant to promote the best interests of the Company and its
stockholders. This Agreement is made pursuant to the Plan and is subject in its entirety to all applicable provisions of the Plan. Capitalized terms used herein and not otherwise defined will have the meanings set forth in the Plan. 

1.    Grant of Stock Units. Subject to the terms and conditions set forth in this Agreement and in the Plan, the Company hereby
grants the Participant [●] restricted stock units, subject to the restrictions set forth below and in the Plan (the “Stock Units”). Each Stock Unit represents the right of the Participant to receive a share of common stock of
the Company (“Company Stock”) if and when the specified conditions are met in Section 3 below, and on the applicable payment date set forth in Section 5 below. 

2.    Stock Unit Account. Stock Units represent hypothetical shares of Company Stock, and not actual shares of stock. The Company
shall establish and maintain a Stock Unit account, as a bookkeeping account on its records, for the Participant and shall record in such account the number of Stock Units granted to the Participant. No shares of Company Stock shall be issued to the
Participant at the time the grant is made, and the Participant shall not be, and shall not have any of the rights or privileges of, a stockholder of the Company with respect to any Stock Units recorded in the Stock Unit account. The Participant
shall not have any interest in any fund or specific assets of the Company by reason of this award or the Stock Unit account established for the Participant. 

3.    Vesting. 

(a)    Subject to the terms of this Section 3, the Stock Units shall become vested according to the vesting schedule
set forth in the notice from the Equity Plan recordkeeper, provided that the Participant continues to be employed by, or provide service to, the Employer from the Date of Grant until the applicable Vesting Date. 

(b)     The vesting of the Stock Units shall be cumulative, but shall not exceed 100% of the Stock Units. If the
foregoing schedule would produce fractional Stock Units, the number of Stock Units that vest shall be rounded down to the nearest whole Stock Unit and the fractional Stock Units will be accumulated so that the resulting whole Stock Units will be
included in the number of Stock Units that become vested on the last Vesting Date. 

 Notwithstanding Section 3(a) above, upon the Participant’s termination of
employment or service from the Employer on account of the Participant’s (i) Disability, (ii) Retirement, (iii) death, or (iv) termination by the Employer without Cause, the Participant shall be treated for vesting purposes as
though the Participant remained employed or providing service to the Employer through the next subsequent Vesting Date following Participant’s termination, meaning the Participant shall vest in the Stock Units that would have otherwise become
vested as of such next subsequent Vesting Date provided, however, the Company has the right to reduce or change the amount depending on the facts and circumstances. 

(c)    Except as otherwise provided in a written employment agreement or severance agreement entered into by and between
the Participant and the Employer, in the event of a Change of Control before all of the Stock Units vest in accordance with Section 3(a) above, the provisions of the Plan applicable to a Change of Control shall apply to the Stock Units, and, in
the event of a Change of Control, the Committee may take such actions with respect to the vesting of the Stock Units as it deems appropriate pursuant to the Plan. 

4.    Termination of Stock Units. Except as set forth in this Agreement, if the Participant ceases to be employed by, or provide
service to, the Employer for any reason before all of the Stock Units vest, any unvested Stock Units shall automatically terminate and shall be forfeited as of the date of the Participant’s termination of employment or service. No payment shall
be made with respect to any unvested Stock Units that terminate as described in this Section 4. 
 5.    Payment of Stock Units
and Tax/Purchase Price Withholding. 
 (a)    If and when the Stock Units vest, the Participant shall purchase the
share of Company Stock underlying each vested Stock Unit for one cent ($0.01) and in exchange the Company shall issue to the Participant one share of Company Stock, subject to applicable tax withholding obligations. Subject to Sections 5(b) and 13
below, the payment and issuance under this Section 5(a) shall be made within 30 days after the first to occur of (i) the Participant’s termination of employment or service with the Employer on account of Participant’s Disability,
Retirement, death, or termination by the Employer without Cause (to the extent the Stock Units vest on one of the foregoing events); and (ii) the applicable Vesting Date. 

(b)    All obligations of the Company under this Agreement shall be subject to the rights of the Employer as set forth in
the Plan to withhold amounts required to be withheld for any taxes and purchase price, if applicable. At such time as tax withholding and/or purchase price (as applicable) is due, the Participant agrees to sell shares in an amount having an
aggregate Fair Market Value equal to the withholding taxes and/or purchase price (as applicable) including, without limitation, FICA, federal income, state, local and other tax liabilities. To the extent not withheld in accordance with the
immediately preceding sentence, the Participant shall be required to pay to the Employer, or make other arrangements satisfactory to the Employer to provide for the payment of, any purchase price and any federal, state, local or other taxes that the
Employer is required to withhold with respect to the RSUs. 
 With respect to Participants subject to Section 16 of the Securities and
Exchange Act, by accepting this Agreement, Participant hereby: (i) elects, effective on the date Participant accepts this Agreement, to sell shares in an amount having an aggregate Fair Market Value equal to the

  
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withholding taxes, and to allow the designated broker (the “Broker”) to remit the cash proceeds of such sale to the Company (a “Sell to Cover”); (ii) directs the Company to
make a cash payment to satisfy the withholding taxes from the cash proceeds of such sale directly to the appropriate taxing authorities; and (iii) represents and warrants that (1) on the date Participant accepts this Agreement he or she is
not aware of any material, nonpublic information with respect to the Company or any securities of the Company, is not subject to any legal, regulatory or contractual restriction that would prevent the Broker from conducting sales, does not have, and
will not attempt to exercise, authority, influence or control over any sales of shares effected by the Broker pursuant to this Award, (2) is entering into the Agreement and this election to Sell to Cover in good faith and not as part of a plan
or scheme to evade the prohibitions of Rule 10b5-1 (regarding trading of the Company’s securities on the basis of material nonpublic information) under the Exchange Act, and (3) it is
Participant’s intent that this election to Sell to Cover comply with the requirements of Rule 10b5-1(c)(1) under the Exchange Act and be interpreted to comply with the requirements of Rule 10b5-1(c) under the Exchange Act. Participant further acknowledges that by accepting the award under this Agreement, Participant is adopting a 10b5-1 Plan to permit
Participant to conduct a Sell to Cover sufficient to satisfy the withholding taxes. To the extent not paid in accordance with the immediately preceding sentence, Participant shall be required to pay to the Company, or make other arrangements
satisfactory to the Company to provide for the payment of withholding taxes. 
 (c)    The obligation of the Company to
deliver Company Stock shall also be subject to the condition that if at any time the Board shall determine in its discretion that the listing, registration or qualification of the shares upon 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 issuance of shares, the shares may not be issued in whole or in part unless such listing, registration,
qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Board. The issuance of shares, if any, to the Participant pursuant to this Agreement is subject to any applicable taxes and other
laws or regulations of the United States or of any state, municipality or other country having jurisdiction thereof. 
 6.    No
Stockholder Rights; Dividend Equivalents. Neither the Participant, nor any person entitled to receive payment in the event of the Participant’s death, shall have any of the rights and privileges of a stockholder with respect to shares of
Company Stock, including voting or dividend rights, until certificates for shares have been issued, or applicable book entry has been made, upon payment of Stock Units. The Participant acknowledges that no election under Section 83(b) of
the Code is available with respect to Stock Units. Notwithstanding the foregoing, the Committee may grant to the Participant Dividend Equivalents on the shares underlying the Stock Units on the Date of Grant, or at any time prior to the Vesting
Date, which shall be credited to the Stock Unit account for the Participant, will vest on the same schedule as the related Stock Units, and will be paid or distributed in accordance with this Agreement and the Plan. 

7.    Grant Subject to Plan Provisions. This grant is made pursuant to the Plan, the terms of which are incorporated herein by
reference, and in all respects shall be interpreted in accordance with the Plan. The grant and payment of the Stock Units are subject to the provisions of the Plan and to interpretations, regulations and determinations concerning the Plan
established from time to time by the Committee in accordance with the provisions of the Plan, including, but not limited to, provisions pertaining to (a) rights and obligations with respect to withholding taxes, (b) the

  
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registration, qualification or listing of the shares of Company Stock, (c) changes in capitalization of the Company and (d) other requirements of applicable law. The Committee shall
have the authority to interpret and construe the Stock Units pursuant to the terms of the Plan, and its decisions shall be conclusive as to any questions arising hereunder. 

8.    No Employment or Other Rights. The grant of the Stock Units shall not confer upon the Participant any right to be retained by
or in the employ or service of any Employer and shall not interfere in any way with the right of any Employer to terminate the Participant’s employment or service at any time. The right of any Employer to terminate at will the
Participant’s employment or service at any time for any reason is specifically reserved. 
 9.    Assignment and Transfers.
Except as the Committee may otherwise permit pursuant to the Plan, the rights and interests of the Participant under this Agreement may not be sold, assigned, encumbered or otherwise transferred except, in the event of the death of the Participant,
by will or by the laws of descent and distribution. In the event of any attempt by the Participant to alienate, assign, pledge, hypothecate, or otherwise dispose of the Stock Units or any right hereunder, except as provided for in this Agreement, or
in the event of the levy or any attachment, execution or similar process upon the rights or interests hereby conferred, the Company may terminate the Stock Units by notice to the Participant, and the Stock Units and all rights hereunder shall
thereupon become null and void. The rights and protections of the Company hereunder shall extend to any successors or assigns of the Company and to the Company’s parents, subsidiaries, and affiliates. This Agreement may be assigned by the
Company without the Participant’s consent. 
 10.    Applicable Law; Jurisdiction. The validity, construction,
interpretation and effect of this Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to the conflicts of laws provisions thereof. Any action arising out of, or relating to, any of
the provisions of this Agreement shall be brought only in the United States District Court for the District of New Hampshire, or if such court does not have jurisdiction or will not accept jurisdiction, in any court of general jurisdiction in
Manchester, New Hampshire, and the jurisdiction of such court in any such proceeding shall be exclusive. Notwithstanding the foregoing sentence, on and after the date a Participant receives shares of Company Stock hereunder, the Participant will be
subject to the jurisdiction provision set forth in the Company’s bylaws.  
 11.    Notice. Any notice to the
Company provided for in this instrument shall be addressed to the Company in care of the General Counsel at the corporate headquarters of the Company, and any notice to the Participant shall be addressed to such Participant at the current address
shown on the payroll of the Employer. Any notice shall be delivered by hand, or enclosed in a properly sealed envelope addressed as stated above, registered and deposited, postage prepaid, in a post office regularly maintained by the United States
Postal Service or by the postal authority of the country in which the Participant resides or to an internationally recognized expedited mail courier. 

12.    Recoupment Policy. The Participant agrees that, subject to the requirements of applicable law, the Stock Units, and the
right to receive and retain any Company Stock, shall be subject to rescission, cancellation or recoupment, in whole or part, as provided for under the Plan. 

  
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 13.    Application of Section 409A of the Code. This Agreement
is intended to be exempt from or otherwise comply with the provisions of Section 409A of the Code. Notwithstanding the foregoing, if the Stock Units constitute “deferred compensation” under Section 409A of the Code and the Stock
Units become vested and settled upon the Participant’s termination of employment, payment with respect to the Stock Units shall be delayed for a period of six months after the Participant’s termination of employment if the Participant is a
“specified employee” as defined under Section 409A of the Code and if required pursuant to Section 409A of the Code. If payment is delayed, the Stock Units shall be settled and paid within thirty (30) days after the date
that is six (6) months following the Participant’s termination of employment. Payments with respect to the Stock Units may only be paid in a manner and upon an event permitted by Section 409A of the Code, and each payment under the
Stock Units shall be treated as a separate payment, and the right to a series of installment payments under the Stock Units shall be treated as a right to a series of separate payments. In no event shall the Participant, directly or indirectly,
designate the calendar year of payment. The Company may change or modify the terms of this Agreement without the Participant’s consent or signature if the Company determines, in its sole discretion, that such change or modification is necessary
for purposes of compliance with or exemption from the requirements of Section 409A of the Code or any regulations or other guidance issued thereunder. Notwithstanding the previous sentence, the Company may also amend the Plan or this Agreement
or revoke the Stock Units to the extent permitted by the Plan. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the Company has caused its duly authorized officer to execute this
Agreement, and the Participant has executed this Agreement, effective as of the Date of Grant. 
  

	
	ALLEGRO MICROSYSTEMS, INC.
	
	  

	Name:
	Title:

 I hereby accept the award of Stock Units described in this Agreement, and I agree to be bound by the terms of the Plan
and this Agreement. I hereby agree that all decisions and determinations of the Committee with respect to the Stock Units shall be final and binding. 
  

							
	  
	 		  	  
	  	
	 Date
	 		  	 Participant
	  	

  
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