Document:

EX-10.9

 Exhibit 10.9 

FORM OF TIME-BASED OPTION AWARD UNDER THE 

MANAGEMENT EQUITY INCENTIVE PLAN 

THIS AGREEMENT, made as of this      day of          20     
between ASC Acquisition LLC (the “Company”) and                      (the “Participant”). 

WHEREAS, the Company has adopted and maintains the ASC Acquisition LLC Management Equity Incentive Plan, as amended from time to time in
accordance with its terms (the “Plan”), to promote the interests of the Company and its Affiliates and Unit Holders by providing the Company’s key employees and others with an appropriate incentive to encourage them to continue in the
employ of and provide services for the Company or its Affiliates and to improve the growth and profitability of the Company; and 
 WHEREAS,
the Plan provides for the Grant to Participants of Options to purchase Membership Units of the Company. 
 NOW, THEREFORE, in consideration
of the premises and the mutual covenants hereinafter set forth, the parties hereto hereby agree as follows: 
  

	1.	Grant of Options. Pursuant to, and subject to, the terms and conditions set forth herein and in the Plan, the Company hereby grants to the Participant an option (the “Option”) with respect to
         Membership Units of the Company. 

  

	2.	Grant Date. The Grant Date of the Option hereby granted is                     . 

 

	3.	Incorporation of Plan. All terms, conditions and restrictions of the Plan are incorporated herein and made part hereof as if stated herein. If there is any conflict between the terms and conditions of the Plan and this
Agreement, the terms and conditions of this Plan, as interpreted by the Committee, shall govern, except to the extent this Agreement expressly changes the default provisions contained in the Plan, in which case the provisions of this Agreement shall
govern. Except as otherwise expressly provided in this Agreement, all capitalized terms used and not defined herein shall have the meaning given to such terms in the Plan. 

 

	4.	Exercise Price. The exercise price of each Membership Unit underlying the Option hereby granted is $        . 

 

	5.	Vesting. The Option will vest and become exercisable with respect to twenty-five percent (25%) on each of the first four anniversaries of the Grant Date, until 100% of the Option is fully vested and exercisable,
subject in all cases to the continued Employment of the Participant through the applicable vesting date. 

  

	6.	 Expiration. The Option, or portion thereof, which has not become exercisable shall expire on the date the Participant’s Employment is terminated
for any reason. The Option, or any portion thereof, which has become exercisable on or before the date the Participant’s Employment is terminated (or that become exercisable as a result of such termination) shall

	 	
expire on the earliest of (i) the commencement of business on the date the Participant’s Employment is terminated for Cause; (ii) 90 days after the date the Participant’s
Employment is terminated for any reason other than Cause, death or Disability; (iii) one year after the date the Participant’s Employment is terminated by reason of death or Disability; or (iv) the 10th anniversary of the Grant Date. Notwithstanding the foregoing, the Option, whether vested or unvested and to the extent that such Option has not expired sooner, shall expire on the 10th anniversary of the Grant Date. 

  

	7.	Employment. For purposes of the Option, references herein and in the Plan to Employment, Employee and Employed shall mean employment with the Company or any Affiliate and shall include the provision of services by the
Participant as a consultant of the Company. 

  

	8.	Construction of Agreement. Any provision of this Agreement (or portion thereof) which is deemed invalid, illegal or unenforceable in any jurisdiction shall, as to that jurisdiction and subject to this section, be
ineffective to the extent of such invalidity, illegality or unenforceability, without affecting in any way the remaining provisions thereof in such jurisdiction or rendering that or any other provisions of this Agreement invalid, illegal, or
unenforceable in any other jurisdiction. If any covenant should be deemed invalid, illegal or unenforceable because its scope is considered excessive, such covenant shall be modified so that the scope of the covenant is reduced only to the minimum
extent necessary to render the modified covenant valid, legal and enforceable. No waiver of any provision or violation of this Agreement by the Company shall be implied by the Company’s forbearance or failure to take action. This Agreement is
intended to comply with Section 409A of the Code and any guidance issued thereunder and shall be interpreted, operated and administered accordingly. 

  

	9.	Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party hereto upon any breach or default of any party under this Agreement, shall impair any such right, power or remedy of
such party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring nor shall any waiver of any single breach or default be deemed a waiver of
any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party or any
provisions or conditions of this Agreement, shall be in writing and shall be effective only to the extent specifically set forth in such writing. 

  

	10.	Limitation on Transfer. The Option shall be exercisable only by the Participant or the Participant’s Permitted Transferee(s), as determined in accordance with the terms of the Plan (including without limitation the
requirement that the Participant obtain the prior written approval by the Committee of any proposed Transfer to a Permitted Transferee during the lifetime of the Participant). Each Permitted Transferee shall be subject to all the restrictions,
obligations, and responsibilities as apply to the Participant under the Plan and this Unit Option Grant Agreement and shall be entitled to all the rights of the Participant under the Plan, provided that in respect of any Permitted Transferee which
is a trust or custodianship, the Option shall become exercisable and/or expire based on the Employment and termination of Employment of the Participant. All Membership Units obtained pursuant to the Option granted herein shall not be transferred
except as provided in the Plan and, where applicable, the Management Unit Holders’ Agreement. 

  
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	11.	Integration. This Agreement, and the other documents referred to herein or delivered pursuant hereto which form a part hereof contain the entire understanding of the parties with respect to its subject matter. There are
no restrictions, agreements, promises, representations, warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth herein and in the Plan. This Agreement, including without limitation the
Plan, supersedes all prior agreements and understandings between the parties with respect to its subject matter, except to the extent of any conflict between the provisions hereof and an employment agreement effective on the date hereof.

  

	12.	Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. 

 

	13.	Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware without regard to the provisions governing conflict of laws. 

 

	14.	Participant Acknowledgment. The Participant hereby acknowledges receipt of a copy of the Plan. The Participant hereby acknowledges that all decisions, determinations and interpretations of the Committee in respect of
the Plan, this Agreement and the Option shall be final and conclusive. The Participant further acknowledges that, prior to the existence of a Public Market, no exercise of the Option or any portion thereof shall be effective unless and until the
Participant has executed the Management Unit Holders’ Agreement and the Participant hereby agrees to be bound thereby. 

  
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 IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by its duly
authorized officer and said Participant has hereunto signed this Agreement on his own behalf, thereby representing that he has carefully read and understands this Agreement, the Plan and the Management Unit Holders’ Agreement as of the day and
year first written above. 
  

									
	ASC Acquisition LLC	  		  		  	Participant
					
	By:	  	  
	  		  		  	  

		  	Richard L. Sharff, Jr.	  		  		  	Signature
		  	Authorized Representative	  		  		  	
					
		  		  		  		  	  

		  		  		  		  	Print Name

  
 4EX-10.10

 Exhibit 10.10 

ASC ACQUISITION LLC 

DIRECTORS AND CONSULTANTS EQUITY INCENTIVE PLAN 

Adopted June 24, 2008 (the “Effective Date”), as amended September 9, 2008 

(Conformed through February 8, 2011) 
  

	 	1.	Purpose of the Plan 

 The purpose of the ASC Acquisition LLC Directors and
Consultants Equity Incentive Plan (the “Plan”) is to promote the interests of the Company and its members by providing the key directors and consultants of the Company and its Affiliates with an appropriate incentive to encourage
them to continue to provide Services to the Company or any of its Affiliates and to improve the growth and profitability of the Company. 
  

	 	2.	Definitions 

 As used in this Plan, the following capitalized terms shall have the
following meanings: 
 (a) “Affiliate” shall mean the Company and any of its direct or indirect subsidiaries. 

(b) “Board” shall mean the Board of Directors of Surgical Care Affiliates LLC, or any committee appointed by the Board to
administer the Plan pursuant to Section 3; provided that the actions of the Board are in all cases subject to the approval of the Managing Member of the Company. 

(c) “Cause” shall mean, when used in connection with the termination of a Participant’s Services, unless otherwise
provided in the Participant’s Unit Option Grant Agreement, the termination of the Participant’s Services with the Company and all Affiliates on account of (i) a failure of the Participant to perform his or her duties (other than as a
result of physical or mental illness or injury); (ii) the Participant’s willful misconduct or gross negligence which is injurious to the Company, any of its Affiliates, the Majority Unit Holder or any of its affiliates (whether
financially, reputationally or otherwise); (iii) a breach by a Participant of the Participant’s fiduciary duty or duty of loyalty to the Company or its Affiliates; (iv) the Participant’s unauthorized removal from the premises of
the Company or an Affiliate of any document (in any medium or form) relating to the Company or an Affiliate, the Majority Unit Holder, or the customers of the Company or an Affiliate; or (v) the commission by the Participant of any felony or
other serious crime involving moral turpitude. If, subsequent to the termination of Services, it is discovered that such Participant’s Services could have been terminated for Cause, as such term is defined above (unless otherwise defined in a
Unit Option Grant Agreement), the Participant’s Services shall, at the election of the Committee, in its sole discretion, be deemed to have been terminated for Cause retroactively to the date the events giving rise to Cause occurred. 

 (d) “Change in Control” shall mean the occurrence of any of the following events
after the Effective Date: (i) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of the Company on a consolidated basis with its Affiliates to any
Person or group of related persons for purposes of Section 13(d) of the Exchange Act (a “Group”), other than to a Majority Unit Holder; (ii) the approval by the holders of the outstanding voting power of the Company of any
plan or proposal for the liquidation or dissolution of the Company; (iii) (A) any Person or Group (other than the Majority Unit Holder) shall become the beneficial owner (within the meaning of Section 13(d) of the Exchange Act),
directly or indirectly, of Membership Units representing more than 40% of the aggregate outstanding voting power of the Company and such Person or Group actually has the power to vote such Membership Units in any such election and (B) the
Majority Unit Holder beneficially owns (within the meaning of Section 13(d) of the Exchange Act), directly or indirectly, in the aggregate a lesser percentage of the voting power of the Company than such other Person or Group; (iv) the
approval by the holders of the outstanding voting power of the Company of a reorganization, merger or consolidation of the Company, unless (A) all or substantially all of such Persons who were beneficial owners of the outstanding Membership
Units immediately prior to such transaction will beneficially own, directly or indirectly, more than 50% of the then outstanding combined voting power of the Company or (B) no Majority Unit Holder beneficially owns, directly or indirectly, more
than a majority of the combined voting power of the then outstanding voting securities of such entity except to the extent that such ownership existed prior to such transaction; or (v) the replacement of a majority of the Board over a two-year
period from the directors who constituted the Board at the beginning of such period, and such replacement shall not have been approved by a vote of at least a majority of the Board then still in office who either were members of such Board at the
beginning of such period or whose election as a member of such Board was previously so approved or who were nominated by, or designees of, a Majority Unit Holder. 

(e) “Code” shall mean the Internal Revenue Code of 1986, as amended. 

(f) “Commission” shall mean the U.S. Securities and Exchange Commission. 

(g) “Committee” shall mean the Compensation Committee of the Board of Directors of Surgical Care Affiliates LLC, provided
that the actions of the Committee are in all cases subject to the approval of the Managing Member of the Company. 
 (h)
“Company” shall mean ASC Acquisition LLC, a Delaware limited liability company. 
 (i) “Confidential
Information” shall mean all information regarding the Company and any of its Affiliates, any Company activity or the activity of any Company Affiliate, Company business or the business of any Company Affiliate or Company physician or the
physicians of any Company Affiliate that is not generally known to Persons not employed or retained (as employees or as independent contractors or agents) by the Company, that is not generally known by the public or disclosed by Company practice or
authority to Persons not employed by the Company and that is the subject of reasonable efforts to keep it confidential. 

  
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 (j) “Disability” shall mean a permanent disability as defined in the
Company’s or an Affiliate’s disability plans, or as defined from time to time by the Company, in its sole discretion, or as specified in the Participant’s Unit Option Grant Agreement. 

(k) “Eligible Service Provider” shall mean any individual performing Services to the Company or an Affiliate who, in the
judgment of the Committee, should be eligible to participate in the Plan due to the services they perform on behalf of the Company or an Affiliate. 

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

(m) “Exercise Date” shall have the meaning set forth in Section 4.10 herein. 

(n) “Exercise Notice” shall have the meaning set forth in Section 4.10 herein. 

(o) “Exercise Price” shall mean the price that the Participant must pay under the Option for each Membership Unit as
determined by the Committee for each Grant and initially specified in the Unit Option Grant Agreement, which shall be no less than the Fair Market Value of a Membership Unit on the Grant Date, subject to any increase or other adjustment that may be
made following the Grant Date in accordance with the Plan. 
 (p) “Fair Market Value” shall mean, as of any date
(1) prior to the existence of a Public Market for the Membership Units of the Company, the value per Membership Unit as determined in good faith by the Board, taking into account the fair market value of the entire equity of the Company
determined on a going concern basis as between a willing buyer and a willing seller, and taking into account any relevant factors determinative of value (based on all available information material to the value of the Company), without, however,
giving effect to any discount for any lack of liquidity attributable to a lack of a Public Market, any block discount or control premiums attributable to the size of any person’s holdings of Membership Units, or any voting rights or lack
thereof; or (2) on which a Public Market for the Membership Units exists, (i) closing price on such day of a Membership Units of the Company as reported on the principal securities exchange on which the Membership Units are then listed or
admitted to trading or (ii) if not so reported, the average of the closing bid and ask prices on such day as reported on the National Association of Securities Dealers Automated Quotation System or (iii) if not so reported, as furnished by
any member of the National Association of Securities Dealers, Inc. (“NASD”) selected by the Board. The Fair Market Value of the Membership Units of the Company as of any such date on which the applicable exchange or inter-dealer
quotation system through which trading in the Membership Units regularly occurs is closed shall be the Fair Market Value determined pursuant to the preceding sentence as of the immediately preceding date on which the common stock is traded, a bid
and ask price is reported or a trading price is reported by any member of NASD selected by the Board. In the event that the price of a share of common stock shall not be so reported or furnished, the Fair Market Value shall be determined by the
Board in good faith. In any case, the Fair Market Value shall be determined in accordance with the requirements of Section 409A of the Code, to the extent applicable. 

  
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 (q) “Grant” shall mean a grant of an Option under the Plan evidenced by a Unit
Option Grant Agreement. 
 (r) “Grant Date” shall mean the Grant Date as defined in Section 4.3 herein. 

(s) “Liquidity Event” shall mean the first to occur of (i) a transaction, which when aggregated, if
applicable, with any other transaction (whether or not related) results in the cumulative sale, transfer or other disposition of more than 50% of the Membership Units held by the Majority Unit Holder as of June 29, 2007 and with respect to
which the Majority Unit Holder receives cash for 100% of its proportionate share of the proceeds received in connection with such sale(s), transfer(s) or other disposition(s), as determined by the Board in good faith; (ii) a transaction, which
when aggregated, if applicable, with any other transaction (whether or not related) results in the cumulative sale, transfer or other disposition of more than 50% of the assets of the Company (an “Asset Sale”) determined by value as
of the date or dates of such Asset Sale(s), in which the Majority Unit Holder receives distributions of cash for 100% of its proportionate share of the proceeds received in connection with such Asset Sale(s), as determined by the Board in good
faith; (iii) a transaction where (1) each type of transaction, as contemplated by each of clause (i) and clause (ii) has occurred although less than 50% of the Membership Units of the Majority Unit Holder were transferred and
less than 50% of the assets were sold, and (2) the Board determines, in good faith, that the transactions, if such transactions were either all of the type contemplated in clause (i) or all of the type contemplated in clause (ii), would
have resulted in the occurrence of a Liquidity Event under either clause (i) or clause (ii), as applicable; and (iv) any other transaction or series of transactions (whether or not related) determined by the Board, in its sole discretion,
to constitute a “Liquidity Event”. 
 (t) “Majority Unit Holder” shall mean, collectively or individually as the
context requires, TPG Partners V, L.P., TPG FOF V-A, L.P., TPG FOF V-B, L.P. and/or their respective affiliates. 
 (u) “Majority
Unit Holder Price” shall mean the aggregate purchase price paid by the Majority Unit Holder for its entire interest in the Company. 

(v) “Membership Units” shall mean membership interests in the Company. 

(w) “MoM” shall mean, in connection with the occurrence of a Liquidity Event, the receipt by the Majority Unit Holder of cash
in respect of such Majority Unit Holder’s Membership Units (whether as a result of the transaction or transactions constituting a Liquidity Event or the receipt of distributions of cash with respect to such Membership Units prior thereto by
dividend or otherwise), the aggregate value of which reflects at least a threshold multiple of the Majority Unit Holder Price, as determined in good faith by the Board. 

(x) “Operating Agreement” means the limited liability company agreement of the Company as may be in effect from time to time,
and such other unitholders’ agreement as the Company or the Majority Stockholder may reasonably require. 
 (y)
“Option” shall mean the option to purchase Membership Units granted to any Participant under the Plan. 

  
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 (z) “Participant” shall mean an Eligible Service Provider to whom a Grant of an
Option under the Plan has been made, and, where applicable, shall include Permitted Transferees. 
 (aa) “Performance-Based
Option” shall have the meaning set forth in Section 4.1.2. 
 (bb) “Permitted Transferee” shall have the
meaning set forth in Section 4.6. 
 (cc) “Person” means an individual, partnership, corporation, limited liability
company, unincorporated organization, trust or joint venture, or a governmental agency or political subdivision thereof. 
 (dd)
“Public Market” shall be deemed to exist for purposes of the Plan if any securities of the Company or its Affiliates are registered under Section 12(b) or 12(g) of the Exchange Act and trading regularly occurs in such
securities in, on or through the facilities of securities exchanges and/or inter-dealer quotation systems in the United States (within the meaning of Section 902(n) of the Securities Act) or any designated offshore securities market (within the
meaning of Rule 902(a) of the Securities Act). 
 (ee) “Qualifying Termination” shall mean, with respect to a Participant,
a termination of such Participant’s Services by the Company without Cause within the two-year period following a Change in Control of the Company. 

(ff) “Securities Act” shall mean the Securities Act of 1933, as amended. 

(gg) “Services” shall mean the provision of services as a director or consultant for the Company or any Affiliate. 

(hh) “Time-Based Option” shall have the meaning set forth in Section 4.1.1. 

(ii) “Transfer” shall mean any transfer, sale, assignment, hedge, gift, testamentary transfer, pledge, hypothecation or other
disposition of any interest. “Transferee” and “Transferor” shall have correlative meanings. 
 (jj)
“Unit Holder” shall mean any Person that properly holds one or more Membership Units, regardless of whether such Person is a managing member or member, and regardless of whether such Membership Units were initially acquired from the
Company or by assignment from another Unit Holder. 
 (kk) “Unit Option Grant Agreement” shall mean an agreement,
substantially in the form which is attached hereto as Exhibit A, entered into by each Participant and the Company evidencing the Grant of each Option pursuant to the Plan, provided the Committee may make such changes to the form of Unit Option Grant
Agreement for any particular Grant as the Committee may determine pursuant to its powers set forth in Section 3.1(c) of the Plan. 

(ll) “Vesting Date” shall mean the date an Option becomes exercisable as defined in Section 4.4 herein. 

  
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	 	3.	Administration of the Plan 

 The Committee shall administer the Plan. In the
absence of a Committee, the Board shall function as the Committee for all purposes under the Plan, and to the extent that the Board so acts, references in the Plan to the Committee shall refer to the Board as applicable. In addition, the Committee,
in its discretion, may delegate its authority to grant Options to an officer or committee of officers of the Company, subject to reasonable limits and guidelines established by the Committee at the time of such delegation. 

3.1 Powers of the Committee. In addition to the other powers granted to the Committee under the Plan, the Committee shall
have the power: (a) to determine the Eligible Service Providers to whom Grants shall be made; (b) to determine the time or times when Grants shall be made and to determine the number of Membership Units subject to each such Grant;
(c) to prescribe the form of and terms and conditions of any instrument evidencing a Grant, so long as such terms and conditions are not otherwise inconsistent with the terms of the Plan; (d) to adopt, amend and rescind such rules and
regulations as, in its opinion, may be advisable for the administration of the Plan; (e) to construe and interpret the Plan, such rules and regulations and the instruments evidencing Grants; and (f) to make all other determinations
necessary or advisable for the administration of the Plan. 
 3.2 Determinations of the Committee. Any Grant, determination,
prescription or other act of the Committee shall be final and conclusively binding upon all Persons. 
 3.3 Indemnification of the
Committee. No member of the Committee nor the Majority Unit Holder or its employees, partners, directors or associates shall be liable for any action or determination made in good faith with respect to the Plan or any Grant. To the full
extent permitted by law, the Company shall indemnify and hold harmless each Person made or threatened to be made a party to any civil or criminal action or proceeding by reason of the fact that such Person, or such Person’s testator or
intestate, is or was a member of the Committee or is or was a Majority Unit Holder or an employee, partner, director or associate thereof, to the extent such criminal or civil action or proceeding relates to the Plan. 

3.4 Compliance with Applicable Law; Securities Matters; Effectiveness of Option Exercise. The Company shall be under no
obligation to effect the registration pursuant to the Securities Act of any Membership Units to be issued hereunder or to effect similar compliance under any state or non-U.S. laws. Notwithstanding anything herein to the contrary, the Company shall
not be required to issue or deliver any certificates evidencing the Membership Units pursuant to the exercise of any Options, unless and until the Committee has determined, with advice of counsel, that the issuance and delivery of such certificates
is in compliance with all applicable laws, regulations of governmental authorities and, if applicable, the requirements of any exchange on which the Membership Units are listed or traded. In addition to the terms and conditions provided herein, the
Committee may require that a Participant make such reasonable covenants, agreements and representations as the Committee, in its sole discretion, deems advisable in order to comply with any such laws, regulations or requirements. The Company may, in
its sole discretion, defer the effectiveness of an exercise of an Option hereunder or the issuance or transfer of the Membership Units pursuant to any Grant pending or 

  
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to ensure compliance under federal, state or non-U.S. securities laws. The Company shall inform the Participant in writing of its decision to defer the effectiveness of the exercise of an Option
or the issuance or transfer of the Membership Units pursuant to any Grant. During the period that the effectiveness of the exercise of an Option has been deferred, the Participant may, by written notice, withdraw such exercise and obtain the refund
of any amount paid with respect thereto. 
 3.5 Inconsistent Terms. In the event of a conflict between the terms of the Plan,
the terms of the Operating Agreement and the terms of any Unit Option Grant Agreement, the terms of the Plan shall govern except as otherwise provided herein. 

3.6 Plan Term. The Committee shall not Grant any Options under this Plan on or after the seventh anniversary of the Effective
Date. All Options which remain outstanding after such date shall continue to be governed by the Plan. 
  

	 	4.	Options 

 Subject to adjustment as provided in Section 4.12 hereof, the
Committee may grant to Participants Options to purchase up to 5,000,000 Membership Units of the Company. To the extent that any Option granted under the Plan terminates, expires or is canceled without having been exercised, the Membership Units
covered by such Option shall again be available for Grant under the Plan. 
 4.1 Exercise Price. The Exercise Price of any
Option granted under the Plan shall be such price as the Board shall determine (provided that such Exercise Price must be at least equal to the Fair Market Value of a Membership Unit on the Grant Date and must be the minimum price otherwise required
by applicable law) and which shall be specified in the Unit Option Grant Agreement. 
 4.2 Grant Date. The Grant Date of the
Options shall be the date designated by the Committee and specified in the Unit Option Grant Agreement as of the date the Option is granted. 

4.3 Vesting Date of Options. 

4.3.1 Time-Based Option. 

4.3.1.1 Generally. Unless otherwise specified in a Participant’s Unit Option Grant Agreement, 50% of each Option granted under the
Plan (the “Time-Based Option”) shall vest and become exercisable with respect to twenty percent (20%) on each of the first five anniversaries of the Grant Date, until 100% of the Time-Based Option is fully vested and
exercisable, subject in all cases to the Participant’s continuing to provide Services through the applicable Vesting Date. Unless the Committee provides otherwise, the vesting of the Time-Based Option may be suspended during any leave of
absence as may be set forth by Company policy, if any. 

  
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 4.3.1.2 Accelerated Vesting on a Qualifying Termination. Unless otherwise specified in a
Participant’s Unit Option Agreement, in the event that a Participant’s Services are terminated as the result of a Qualifying Termination, 100% of the then outstanding Time-Based Option held by the Participant shall immediately vest and
become exercisable as of such Qualifying Termination. 
 4.3.2 Performance-Based Option. Unless otherwise specified in a
Participant’s Unit Option Grant Agreement, 50% of each Option granted under the Plan (the “Performance-Based Option”) shall vest and become exercisable only upon a Liquidity Event in which the Majority Unit Holder achieves a
minimum MoM, as set forth in this Section 4.3.2, subject to the Participant’s continued provision of Services to the Company up to and through the effective date of a Liquidity Event: (A) 50% of the Performance-Based Option will vest
and become exercisable if the Majority Unit Holder realizes an MoM of at least 2.0 as of (and taking into account) the Liquidity Event, and (B) 100% of the Performance-Based Option will vest and become exercisable if the Majority Unit Holder
realizes an MoM of at least 3.0 as of (and taking into account) the Liquidity Event. Except as otherwise provided in a Participant’s Unit Option Grant Agreement, following a Liquidity Event, any Performance-Based Option that has not vested and
become exercisable upon such Liquidity Event shall be forfeited. Prior to any contemplated Liquidity Event, the Committee shall make a projection using such methodologies and parameters and taking into account such factors as it, in its sole
discretion, deems appropriate with respect to the expected MoM to be achieved upon such Liquidity Event, and, to the extent the projection estimates an MoM that would result in some or all of the Performance-Based Option vesting and becoming
exercisable, the Performance-Based Option shall be deemed vested to the applicable extent and solely for the purpose of permitting the Participant to participate in such Liquidity Event with the Membership Units underlying such Performance-Based
Option. 
 4.4 Expiration of Options. With respect to each Participant, such Participant’s Option(s), or portion thereof,
which have not become exercisable shall expire on the date such Participant ceases to provide Services for any reason unless otherwise specified in the Unit Option Grant Agreement. With respect to each Participant, each Participant’s Option(s),
or any portion thereof, which have become exercisable on or before the date such Participant ceases to provide Services (or that become exercisable as a result of such cessation) shall, unless otherwise provided in the Participant’s Unit Option
Grant Agreement, expire on the earliest of (i) the commencement of business on the date the Participant ceases to provide Services as a result of Cause; (ii) 90 days after the date the Participant ceases to provide Services as a result of
any reason other than Cause, death or Disability; (iii) one year after the date the Participant ceases to provide Services as a result of the Participant’s death or Disability; or (iv) the 7th anniversary of the Grant Date for such
Option(s). Notwithstanding the foregoing, all Options, whether vested or unvested that have not expired sooner, shall expire on the 7th anniversary of the Grant Date unless otherwise provided
in the Participant’s Unit Option Grant Agreement; provided, that such expiration shall occur no later than the 10th anniversary of the Grant Date. Any Option, or portion thereof, that has become exercisable by a Permitted Transferee on
account of the death of a Participant shall expire one year after the date such deceased Participant ceases to provide Services as a result of the Participant’s death, unless otherwise provided in the Participant’s Unit Option Grant
Agreement, and any Option or portion thereof that has been transferred to a Permitted Transferee during the lifetime of a Participant shall expire in connection with the Participant’s ceasing to provide Services at the time set forth under this
Section 4.4 as if the Option were held directly by the Participant, unless otherwise provided in the Participant’s Unit 

  
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Option Grant Agreement. Notwithstanding the foregoing, the Committee may specify in the Unit Option Grant Agreement a different expiration date or period (not to exceed 10 years from the
Grant Date) for any Option granted hereunder, and such expiration date or period shall supersede the foregoing expiration period. 
 4.5
Limitation on Transfer. Each Option granted to a Participant shall be exercisable only by such Participant, except that a Participant may assign or transfer his or her rights with respect to any or all of the Options held by such
Participant to: (i) such Participant’s beneficiaries or estate upon the death of the Participant (by will, by the laws of descent and distribution or otherwise) and (ii) subject to the prior written approval by the Committee and
compliance with all applicable tax, securities and other laws, any trust or custodianship created by the Participant, the beneficiaries of which may include only the Participant, the Participant’s spouse or the Participant’s lineal
descendants (by blood or adoption) (each of (i) and (ii), a “Permitted Transferee”). 
 4.6 Condition Precedent
to Transfer of Any Option. It shall be a condition precedent to any Transfer of any Option by any Participant that the Transferee, shall agree prior to the Transfer in writing with the Company to be bound by the terms of the Plan, the Unit
Option Grant Agreement and the Operating Agreement as if he, she or it had been an original signatory thereto, except that any provisions of the Plan based on the Services (or termination thereof) of the original Participant shall continue to be
based on the Services (or termination thereof) of the original Participant. 
 4.7 Effect of Void Transfers. In the event of
any purported Transfer of any Options in violation of the provisions of the Plan, such purported Transfer shall, to the extent permitted by applicable law, be void and of no effect. 

4.8 Exercise of Options. A Participant (or his or her Permitted Transferee, guardian or legal representative, if applicable) may
exercise any or all of the vested Options by serving an Exercise Notice on the Company as provided in Section 4.10 hereto. 
 4.9
Method of Exercise. The Option shall be exercised by delivery of written notice to the Company’s principal office (the “Exercise Notice”), to the attention of its Secretary, no less than five business days in
advance of the effective date of the proposed exercise (the “Exercise Date”). Such notice shall (a) specify the number of Membership Units with respect to which the Option is being exercised, the Grant Date of such Option and
the Exercise Date, (b) be signed by the Participant (or his or her Permitted Transferee, guardian or legal representative, if applicable), (c) prior to the existence of a Public Market for the Membership Units of the Company, indicate in
writing that the Participant agrees to be bound by the Operating Agreement, and (d) if the Option is being exercised by the Participant’s Permitted Transferee(s), such Permitted Transferee(s) shall indicate in writing that they agree to
and shall be bound by the Plan and Unit Option Grant Agreement as if they had been original signatories thereto (as provided in Section 4.7 hereof) and, prior to the existence of a Public Market for the Membership Units of the Company, by the
Operating Agreement. The Exercise Notice shall include payment in cash for an amount equal to the Exercise Price multiplied by the number of Membership Units specified in such Exercise Notice or any method otherwise approved by the Committee. In
addition, the Participant shall be responsible for the payment of applicable withholding and other 

  
 9 

 
taxes in cash (or Membership Units if approved by the Committee) that may become due as a result of the exercise of such Option. The Committee may, in its sole discretion, permit the person
exercising an Option to make the above-described payments in forms other than cash. In addition, in the event that a Participant’s Services terminate due to death or Disability or is terminated by the Company without Cause, the Company will
permit such Participant (or his or her Permitted Transferee, guardian or legal representative, if applicable) to exercise all or any portion of his or her then-exercisable Option through cashless exercise (to satisfy both the exercise price and any
applicable withholding taxes), but only to the extent such right or the utilization of such right would not cause the Option to be subject to Section 409A of the Code and to the extent the Committee, in its good faith judgment, determines that
exercise through cashless exercise is permitted by, and will not result in any default under, any agreement to which the Company or its Affiliates is a party and that the Company and its Affiliates have sufficient liquidity. The partial exercise of
the Option, alone, shall not cause the expiration, termination or cancellation of the remaining Options. 
 4.10 Operating
Agreement. Subject to Section 3.4 herein, upon the exercise of the Options in accordance with Section 4. 9 and, prior to the existence of a Public Market, no Membership Units shall be issued to or recorded in the name of any
Participant until such Participant agrees to be bound by and executes the Operating Agreement and any Unit Option Grant Agreement. 
 4.11
Amendment of Terms of Options. The Committee may, in its sole discretion, amend the Plan or terms of any Option, provided, however, that any such amendment shall not impair or adversely affect the Participants’ existing
rights under the Plan or such Option without such Participant’s written consent. 
 4.12 Adjustment Upon Changes in Membership
Units. 
 4.12.1 Increase or Decrease in Issued Membership Units Without Consideration. Subject to any required action by the
Unit Holders of the Company, in the event of any increase or decrease in the number of issued Membership Units resulting from a subdivision or consolidation of Membership Units, or any other increase or decrease in the number of such membership
units effected without receipt of consideration by the Company, the Committee shall make such adjustments to prevent the enlargement or dilution of rights with respect to the number of Membership Units subject to grant under this Plan, the number of
Membership Units subject to the Options and/or the Exercise Price per Membership Unit. 
 4.12.2 Certain Mergers. Subject to any
required action by the Unit Holders of the Company, in the event that the Company shall be the surviving corporation in any merger or consolidation (except a merger or consolidation as a result of which the holders of Membership Units receive
securities of another corporation), the Options outstanding on the date of such merger or consolidation shall pertain to and apply to the securities that a holder of the number of Membership Units subject to any such Option would have received in
such merger or consolidation (it being understood that if, in connection with such transaction, the Unit Holders of the Company retain their Membership Units and are not entitled to any additional or other consideration, the Options shall not be
affected by such transaction). 

  
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 4.12.3 Certain Other Transactions. Except as otherwise provided in a Participant’s
Unit Option Grant Agreement, in the event of (i) a dissolution or liquidation of the Company, (ii) a sale of all or substantially all of the Company’s assets, (iii) a merger or consolidation involving the Company in which the
Company is not the surviving corporation or (iv) a merger or consolidation involving the Company in which the Company is the surviving corporation but the holders of Membership Units receive securities of another corporation and/or other
property, including cash, the Committee shall, in its sole discretion, (a) have the power to provide for the exchange of each Option outstanding immediately prior to such event (whether or not then exercisable) for an option on some or all of
the property for which the membership units underlying such Options are exchanged and, incident thereto, make an equitable adjustment, as determined by the Committee, in the exercise price of the options, or the number or kind of securities or
amount of property subject to the options and/or, (b) if appropriate, cancel, effective immediately prior to such event, any outstanding Option (whether or not exercisable or vested) and in full consideration of such cancellation pay to the
Participant an amount in cash, with respect to each underlying Membership Unit, equal to the excess of (1) the value, as determined by the Committee in its sole discretion of securities and/or property (including cash) received by such holders
of Membership Units as a result of such event over (2) the Exercise Price, as the Committee may consider appropriate to prevent dilution or enlargement of rights. 

4.12.4 Other Changes. In the event of any change in the capitalization of the Company or a corporate change other than those
specifically referred to in Sections 4.12.1 through 4.12.3 hereof, or in the event a Public Market exists for the securities of any Affiliate of the Company, the Committee shall, in its good faith discretion, make such adjustments in the number and
kind of shares or securities subject to Options outstanding on the date on which such change occurs and in the per-share Exercise Price of each such Option, as the Committee may consider appropriate, to prevent dilution or enlargement of rights. In
such event, references to Membership Units herein shall be deemed to be a reference to such other kind of shares or securities subject to Options hereunder. 

4.12.5 No Other Rights. Except as expressly provided in the Plan or the Unit Option Grant Agreements evidencing the Options, the
Participants shall not have any rights as a holder of Options by reason of (i) any subdivision or consolidation of Membership Units or any other securities of any class, (ii) the payment of any distribution, any increase or decrease in the
number of Membership Units, or (iii) any dissolution, liquidation, merger or consolidation of the Company or any other corporation. Except as expressly provided in the Plan or the Unit Option Grant Agreements evidencing the Options, no issuance
by the Company of Membership Units or shares of common stock or shares of any class, or securities convertible into Membership Units or shares of common stock or shares of any class, shall affect, and no adjustment by reason thereof shall be made
with respect to, the number of Membership Units subject to the Options or the Exercise Price of such Options. 
 4.12.6 Tax
Requirements. Any adjustments or changes to the Options or Membership Units pursuant to this Section 4.12 shall be made in accordance with any applicable requirements of Section 409A of the Code and any guidance issued
thereunder. 

  
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	 	5.	Miscellaneous 

 5.1 Rights as Unit Holders. The Participants shall
not have any rights as Unit Holders with respect to any Membership Units covered by or relating to the Options granted pursuant to the Plan until the date the Participants become the registered owners of such membership units. Except as otherwise
expressly provided in Sections 4.11 and 4.12 hereof, no adjustment to the Options shall be made for dividends or other rights for which the record date occurs prior to the effective date such stock is registered. 

5.2 No Special Rights. Nothing contained in the Plan shall confer upon the Participants any right with respect to the
continuation of the Services or interfere in any way with the right of the Company or an Affiliate, subject to the terms of any separate agreements to the contrary, at any time to terminate the Services or to increase or decrease the compensation of
the Participants from the rate in existence at the time of the grant of any Option. 
 5.3 No Obligation to Exercise. The
Grant to the Participants of the Options shall impose no obligation upon the Participants to exercise such Options. 
 5.4
Restrictions on Membership Units. The rights and obligations of the Participants with respect to the Membership Units obtained through the exercise of any Option provided in the Plan shall be governed by the terms and conditions of the
Operating Agreement. 
 5.5 Notices. Each notice and other communication hereunder shall be in writing and shall be given and
shall be deemed to have been duly given on the date it is delivered in person, on the next business day if delivered by overnight mail or other reputable overnight courier, or the third business day if sent by registered mail, return receipt
requested, to the parties as follows: 
 If to the Participant: 

To the most recent address shown on records of the Company or its Affiliate. 

If to the Company: 
 ASC
Acquisition LLC 
 301 Commerce Street, Suite 3300 

Fort Worth, TX 76102 
 Attention:
General Counsel 
 With a copy to: 

Cleary Gottlieb Steen & Hamilton LLP 

One Liberty Plaza 
 New York, NY
10006 
 Attention: Robert J. Raymond 

  
 12 

 or to such other address as any party may have furnished to the other in writing in accordance herewith. 

5.6 Descriptive Headings. The headings in the Plan are for convenience of reference only and shall not limit or otherwise affect
the meaning of the terms contained herein. 
 5.7 Severability. In the event that any one or more of the provisions,
subdivisions, words, clauses, phrases or sentences contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such
provision, subdivision, word, clause, phrase or sentence in every other respect and of the remaining provisions, subdivisions, words, clauses, phrases or sentences hereof shall not in any way be impaired, it being intended that all rights, powers
and privileges of the Company and Participants shall be enforceable to the fullest extent permitted by law. 
 5.8 Governing
Law. The Plan shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to the provisions governing conflict of laws. 

  
 13

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