Document:

KAR Auction Services, Inc. Stock Incentive Plan

 Exhibit 10.1 
 KAR Holdings, Inc. 
 Stock Incentive Plan

 SECTION 1. 
 PURPOSE 
 The purpose of this Plan (as such term and any other capitalized terms
used herein without definition are defined in Section 2) is to foster and promote the long-term financial success of the Company and the Subsidiaries and materially increase stockholder value by (a) motivating superior performance
by means of service- and performance-related incentives, (b) encouraging and providing for the acquisition of an ownership interest in the Company by Employees and (c) enabling the Company and the Subsidiaries to attract and
retain the services of an outstanding management team upon whose judgment, interest and special effort the successful conduct of its and their operations is largely dependent. 
 SECTION 2. 
 DEFINITIONS 
 Whenever used herein, the following terms shall have the respective meanings set forth below: 
 Act: the Securities Act of 1933, as amended. 
 Adjustment Event: shall mean any stock dividend, stock split or share combination of, or extraordinary cash dividend on, the Common Stock, or any recapitalization, reorganization, merger,
consolidation, split-up, spin-off, combination or exchange of shares affecting the Common Stock, or any issuance of any warrants or rights offering (other than any such issuance or offering under the Plan) to purchase Common Stock at a price
materially below Fair Market Value, or any other similar event affecting the Common Stock. 
 Award: shall mean
individually or collectively, a grant of Options or Restricted Stock under the Plan. 

 Award Agreement: any written agreement, contract, or other instrument or document
evidencing an Award. 
 Board: the Board of Directors of the Company. 
 Cause: (i) the refusal or neglect of the Participant to perform substantially his or her employment-related duties,
(ii) the Participant’s personal dishonesty, incompetence, willful misconduct or breach of fiduciary duty, (iii) the Participant’s indictment for, conviction of or entering a plea of guilty or nolo
contendere to a crime constituting a felony or his or her willful violation of any applicable law (other than a traffic violation or other offense or violation outside of the course of employment which in no way adversely affects the Company
and its Subsidiaries or their reputation or the ability of the Participant to perform his or her employment-related duties or to represent the Company or any Subsidiary of the Company that employs such Participant), (iv) the
Participant’s failure to reasonably cooperate, following a request to do so by the Company, in any internal or governmental investigation of the Company or any of its Subsidiaries or (v) the Participant’s material breach of any
written covenant or agreement with the Company or any of its Subsidiaries not to disclose any information pertaining to the Company or such Subsidiary or not to compete or interfere with the Company or such Subsidiary; provided that, with
respect to any Participant who is party to an employment agreement with the Company or any Subsidiary, “Cause” shall have the meaning specified in such Participant’s employment agreement or, in the case of any such Participant who is
not party to an employment agreement but is a party to the Shareholders Agreement, “Cause” shall have the meaning specified in the Shareholders Agreement. 
 Code: the Internal Revenue Code of 1986, as amended. 
 Committee:
the Compensation Committee of the Board or, if there shall not be any such committee then serving or, if so determined by the Board, the Board. 
 Common Stock: the common stock of the Company, par value $.01 per share. 
 Company: KAR Holdings, Inc., a Delaware corporation, and any successor thereto. 
 Disability: the
termination of a Participant’s employment with the Company or any Subsidiary as a result of such Participant’s incapacity due to reasonably documented physical or mental illness that shall have prevented such Participant from performing
his duties for the Company on a full-time basis for more than six months and within 30 days after written notice of termination has been given to such Participant, such Participant shall not have returned to the full time performance of his duties.
The date of

  

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termination in the case of a termination due to “Disability” shall be deemed to be the last day of the aforementioned 30-day period. Notwithstanding the foregoing, (i) with
respect to any Participant who is a party to an employment agreement with the Company or any Subsidiary, “Disability” shall have the meaning, if any, specified in such Participant’s employment agreement or, with respect to any such
Participant who is not party to an employment agreement but is a party to the Shareholders Agreement, “Disability” shall have the meaning, if any, specified in the Shareholders Agreement, and (ii) in the event a Participant
whose employment with the Company terminates due to Disability continues to serve as a director of or a consultant to the Company, such Participant’s employment with the Company shall not be deemed to have terminated for purposes of the Plan or
any Award Agreement evidencing Awards granted to such Participant until the date as of which such Participant’s services as a director of and consultant to the Company shall have also terminated. 
 Employee: any officer or other key employee of the Company or any Subsidiary. 
 Exit Event: shall mean an “Exit Event” as defined in the KAR LLC Agreement. 
 Exit Event Price: the price per share of Common Stock paid in conjunction with any transaction resulting in an Exit Event (as
determined in good faith by the Committee if any part of the price is paid other than in cash). 
 Fair Market Value: if
no Initial Public Offering has occurred, the fair market value of a share of Common Stock as determined in accordance with the Shareholders Agreement. Following an Initial Public Offering, the Fair Market Value, on any date of determination, shall
mean the average of the closing sales prices for a share of Common Stock as reported on a national exchange for each of the ten business days preceding the date of determination or the average of the last transaction prices for a share of Common
Stock as reported on a nationally recognized system of price quotation for each of the ten business days preceding the date of determination. In the event that there are no Common Stock transactions reported on such exchange or system on such
business day, Fair Market Value shall mean the closing price on the immediately preceding date on which Common Stock transactions were so reported. 
 Good Reason: the termination of a Participant’s employment with the Company or any Subsidiary shall be for “Good Reason” if such Participant voluntarily terminates his or her
employment with the Company or any Subsidiary as a result of either of the following: (i) without such Participant’s prior written consent, a significant reduction by the Company or any Subsidiary of his or her current salary, other
than any such reduction which is (A) required by law or (B) part of a general salary reduction or other concessionary arrangement affecting all employees or affecting the group of

  

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employees of which the Participant is a member (after receipt by the Company or such Subsidiary of written notice and the expiration of a 20-day cure period) or (ii) the taking of any
action by the Company or any Subsidiary that would substantially diminish the aggregate value of the benefits provided him or her under the Company’s or such Subsidiary’s accident, disability, life insurance and any other employee benefit
plans in which he or she was participating on the date of his or her execution of the applicable Award agreement, other than any such reduction which is (A) required by law, (B) implemented in connection with a general reduction
affecting all employees or affecting the group of employees of which the Participant is a member (after receipt by the Company of written notice from such Participant and a 20-day cure period), (C) generally applicable to all beneficiaries of
such plans (after receipt by the Company of written notice from such Participant and a 20-day cure period) or (D) in accordance with the terms of any such plan; provided that, with respect to any Participant who is party to an
employment agreement with the Company or any Subsidiary, “Good Reason” shall have the meaning, if any, specified in such Participant’s employment agreement or, in the case of any such Participant who is not party to an employment
agreement but is a party to the Shareholders Agreement, “Good Reason” shall have the meaning, if any, specified in the Shareholders Agreement. 
 Initial Public Offering: shall mean an “Initial Public Offering” as defined in the Shareholders Agreement. 
 Investor Members: shall mean “Investor Members” as defined in the KAR LLC Agreement. 
 KAR LLC Agreement: the second amended and restated limited liability company agreement of KAR Holdings II, LLC, as amended from time to time. 
 Option: the right to purchase Common Stock pursuant to the terms of the Plan at a stated price for a specified period of time. For
purposes of the Plan, an Option may be either (i) an “Incentive Stock Option” within the meaning of Section 422 of the Code (an “Incentive Stock Option”) or (ii) an Option which is not
an Incentive Stock Option (a “Non-Qualified Stock Option”). 
 Participant: any Employee
designated by the Committee to receive an Award under the Plan. 
 Permitted Transferee: a transferee permitted under
Section 1.3 or 1.4 of the Shareholders Agreement. 
 Plan: this KAR Holdings, Inc. Stock Incentive Plan, as set
forth herein and as the same may be amended from time to time in accordance with its terms. 
  

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 Registration Rights Agreement: the Registration Rights Agreement, dated as of
April 20, 2007, among the Company, KAR Holdings II, LLC and certain other stockholders of the Company, as it may be amended from time to time. 
 Restricted Stock: a share of Common Stock that is subject to restrictions set forth in the Plan or any Award Agreement. 
 Retirement: the voluntary termination of a Participant’s employment with the Company or any Subsidiary (other than for Cause) on
or after the date the Participant attains age 65. Notwithstanding the foregoing, (i) with respect to any Participant who is a party to an employment agreement with the Company or any Subsidiary, “Retirement” shall have the
meaning, if any, specified in such Participant’s employment agreement or, with respect to any such Participant who is not party to an employment agreement but is a party to the Shareholders Agreement, “Retirement” shall have the
meaning, if any, specified in the Shareholders Agreement, and (ii) in the event a Participant whose employment with the Company terminates due to Retirement continues to serve as a director of or a consultant to the Company, such
Participant’s employment with the Company shall not be deemed to have terminated for purposes of the Plan or any Option agreement evidencing Options granted to such Participant until the date as of which such Participant’s services as a
director of and consultant to the Company shall have also terminated, at which time the Participant shall be deemed to have terminated employment due to retirement. 
 Shareholders Agreement: the Shareholders Agreement, dated as of April 20, 2007, among the Company, KAR Holdings II, LLC and certain other stockholders of the Company, as it may be amended from
time to time. 
 Subsidiary: any corporation a majority of whose outstanding voting securities is owned, directly or
indirectly, by the Company. 
 Voluntary Resignation: the termination of a Participant’s employment with the Company
or any Subsidiary by the Participant other than for Good Reason (provided that the time of such termination the Company does not have the right to terminate the Participant for Cause); provided that, with respect to any Participant who is a
party to an employment agreement with the Company or any Subsidiary, “Voluntary Resignation” shall have the meaning, if any, specified in such Participant’s employment agreement. 
  

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 SECTION 3. 
 ELIGIBILITY AND PARTICIPATION 
 Participants in the Plan shall be those Employees
selected by the Committee to participate in the Plan. The selection of an Employee as a Participant shall neither entitle such Employee to, nor disqualify such Employee from, participation in any other award or incentive plan of the Company or any
Subsidiary. 
 SECTION 4. 
 ADMINISTRATION 
 4.1. Power to Grant and Establish Terms of Awards. The
Committee shall have the discretionary authority, subject to the terms of the Plan, to determine the Employees to whom Awards shall be granted (which may include Employees who are members of the Committee) and the terms and conditions of any and all
Awards, including, but not limited to, the number of shares of Common Stock covered by each Option, the time or times at which Awards shall be granted and the terms and provisions of the instruments by which Awards shall be evidenced and to
designate Options as Incentive Stock Options or Non-Qualified Stock Options. The Committee may condition the grant of an Award upon a Participant’s execution of the Shareholders Agreement and Registration Rights Agreement. The proper officers
of the Company may suggest to the Committee the Participants who should receive Awards. The terms and conditions of each Award grant shall be determined by the Committee at the time of grant. The Committee may establish different terms and
conditions for different Participants receiving Awards and for the same Participant for each Award such Participant may receive, whether or not granted at the same or different times. The grant of any Award to any Employee shall neither entitle such
Employee to, nor disqualify him from, the grant of any other Award. 
 4.2. Substitute Awards. The Committee shall have
the right to grant, in substitution for outstanding Awards, replacement Awards which may contain terms more favorable to the Participant than the Awards they replace and to cancel replaced Awards. 
 4.3. Administration. The Committee shall be responsible for the administration of the Plan. Any Awards granted by the Committee may
be subject to such conditions, not inconsistent with the terms of the Plan, as the Committee shall determine, in its sole discretion. The Committee shall have discretionary authority to prescribe, amend and rescind rules and regulations relating to
the Plan, to provide for conditions deemed necessary or advisable to protect the interests of the Company, to interpret the Plan and to make all other determinations necessary or advisable for the

  

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administration and interpretation of the Plan and to carry out its provisions and purposes. Determinations, interpretations or other actions made or taken by the Committee pursuant to the
provisions of the Plan shall be final, binding and conclusive for all purposes and upon all persons and shall be given deference in any proceeding with respect thereto. The Committee may consult with legal counsel, who may be counsel to the Company,
and shall not incur any liability for any action taken in good faith in reliance upon the advice of counsel. 
 SECTION 5.

 STOCK SUBJECT TO PLAN 
 5.1. Number. Subject to the provisions of Section 5.3, the number of shares of Common Stock subject to Awards under the Plan may not exceed 786,259.04 shares. The shares of Common Stock to be
delivered under the Plan may consist, in whole or in part, of shares held in treasury or authorized but unissued shares not reserved for any other purpose. All shares available for issuance under the Plan may be made subject to the grant of
Incentive Stock Options. 
 5.2. Cancelled, Terminated or Forfeited Awards. Any shares of Common Stock subject to an
Award which for any reason expires or is cancelled, terminated, forfeited, exchanged, surrendered, substituted for or otherwise settled without the issuance of such shares of Common Stock shall again be available for grant under the Plan.

 5.3. Adjustment in Capitalization. The aggregate number of shares of Common Stock available for grants of Awards under
Section 5.1 or subject to outstanding Award grants and the respective prices and/or vesting criteria applicable to outstanding Awards shall be proportionately adjusted to reflect, as deemed equitable and appropriate by the Committee, each
Adjustment Event. To the extent deemed equitable and appropriate by the Committee, in its good faith judgment, and subject to any required action by stockholders, in any stock dividend, stock split, recapitalization, merger, consolidation,
reorganization, liquidation, dissolution or other similar transaction (other than an Exit Event), any Award granted under the Plan shall pertain to the securities or other property to which a holder of the number of shares of Common Stock covered by
the Award would have been entitled to receive in connection with such event. 
  

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 SECTION 6. 
 STOCK OPTIONS 
 6.1. Grant of Options. Options may be granted to
Participants at such time or times as shall be determined by the Committee, provided that any such grants are conditioned upon the Participant’s execution of the Registration Rights Agreement and Shareholders Agreement. Options granted pursuant
to this Plan may be of two types: (i) Incentive Stock Options and (ii) Non-Qualified Stock Options. The date of grant of an Option under the Plan will be the date on which the Option is awarded by the Committee or, if so
determined by the Committee on the date of award of an Option, the date on which occurs any event the occurrence of which is an express condition precedent to the grant of the Option. The Committee shall determine the number of Options, if any, to
be granted to a Participant. Each Option shall be evidenced by an Option agreement that shall specify the type of Option granted, the exercise price, the duration of the Option, the number of shares of Common Stock to which the Option pertains, the
conditions upon which the Options or any portion thereof shall become vested or exercisable and otherwise shall be in substantially the form of the Option agreement attached hereto as Exhibit A, subject to such changes not inconsistent with the Plan
as the Committee shall determine, in its good faith judgment, to be equitable and appropriate. 
 6.2. Option Price.
Non-Qualified Stock Options and Incentive Stock Options granted pursuant to the Plan shall have an exercise price per share of Common Stock determined by the Committee; provided that such per share exercise price may not be less than the Fair
Market Value of a share of Common Stock on the date the Option is granted. No Incentive Stock Option shall be granted to any employee of the Company or any of its Subsidiaries if such employee owns, immediately prior to the grant of the Incentive
Stock Option, stock representing more than 10 percent of the voting power or more than 10 percent of the value of all classes of stock of the Company or a Subsidiary, unless the purchase price for the stock under the Incentive Stock Option shall be
at least 110 percent of its Fair Market Value at the time such Incentive Stock Option is granted and the Incentive Stock Option, by its terms, shall not be exercisable more than five years from the date it is granted. In determining the stock
ownership under the paragraph, the provisions of Section 424(d) of the Code shall be controlling. 
 6.3. Exercise of
Options. Options awarded to a Participant under the Plan shall be exercisable at such times and shall be subject to such restrictions and conditions, including the performance of a minimum period of service or the satisfaction of performance
goals, as the Committee may impose at the time of grant of such Options, subject to the Committee’s right to accelerate the exercisability of such Options in its discretion. Notwithstanding the foregoing, no Option shall be exercisable on or
after the tenth anniversary of the date on which it is granted. Except as may be provided in any provision approved by the Committee pursuant to this Section 6.3, after becoming

  

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exercisable, each installment of an Option shall remain exercisable until expiration, termination or cancellation of the Option. Subject to Section 10.7, an Option may be exercised from time
to time, in whole or in part, up to the total number of shares of Common Stock with respect to which it is then exercisable. 
 6.4. Payment. The Committee shall establish procedures governing the exercise of Options, which shall require that (x) as a condition to the issuance of any shares of Common Stock upon the exercise of the Options prior to
an Initial Public Offering, the Participant (or any other person or entity entitled to exercise the Options) become a party to the Shareholders Agreement and the Registration Rights Agreement with respect to such shares, (y) written
notice of exercise be given to the Company and (z) the Option exercise price be paid in full at the time of exercise in one of the following ways: (i) in cash or cash equivalents, (ii) with the consent of the
Committee, in shares of Common Stock, valued at the Fair Market Value on the date of exercise, or (if permitted by the Committee and subject to such terms and conditions as it may determine) by surrender of outstanding Awards under the Plan, or
(iii) the Committee may permit such payment of exercise price by any other method it deems satisfactory in its discretion (including by permitting broker’s cashless exercise procedure). Subject to Section 10.4, as soon as practicable
after receipt of a written exercise notice, payment of the Option exercise price and receipt of evidence of the Participant’s execution of the Shareholders Agreement and the Registration Rights Agreement in accordance with this
Section 6.4, the Company shall deliver to the Participant a certificate or certificates representing the acquired shares of Common Stock. 
 6.5. Repurchase of Options. Upon any termination of a Participant’s employment with the Company or any Subsidiary, the Company may repurchase all or any portion of the Options then held by
such Participant in accordance with the terms of the Shareholders Agreement. 
 6.6. Termination of Unvested Options.
Subject to Section 6.10, upon the termination of a Participant’s employment, any Options that are not then exercisable shall terminate and be cancelled effective upon the date of such termination. 
 6.7. Termination of Employment Without Cause or for Good Reason. Unless otherwise provided in an Award and subject to Sections 6.5
and 6.10, in the event a Participant’s employment with the Company or any Subsidiary is terminated by the Company without Cause or by the Participant for Good Reason, any Options granted to such Participant which, on or prior to the date of
such termination, have become exercisable in accordance with Section 6.3, may be exercised at any time during the 90 day period following the Participant’s termination of employment or the expiration of the term of the Options, whichever
period is shorter, and shall terminate immediately thereafter. 
  

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 6.8. Termination of Employment Due to Death, Disability or Retirement. Subject to
Sections 6.5 and 6.10, in the event a Participant’s employment with the Company or any Subsidiary terminates by reason of Retirement, death or Disability, any Options granted to such Participant which on or prior to the date of such
termination, have become exercisable in accordance with Section 6.3, may be exercised by the Participant or the Participant’s designated beneficiary (or, if no such beneficiary is named, in accordance with Section 10.2) at any time
prior to the first anniversary of the Participant’s termination of employment or the expiration of the term of the Options, whichever period is shorter, and shall terminate immediately thereafter. 
 6.9. Termination of Employment For Cause or Due to Voluntary Resignation. Subject to Section 6.5, in the event a
Participant’s employment with the Company or any Subsidiary is terminated for Cause or due to Voluntary Resignation, all Options granted to such Participant which are then outstanding (whether or not exercisable on or prior to the date of such
termination) shall be immediately forfeited and cancelled. 
 6.10. Committee Discretion. Notwithstanding anything else
contained in this Section 6 to the contrary, the Committee may permit all or any portion of any Options to be exercised following a Participant’s termination of employment for any reason on such terms and subject to such conditions not
less favorable to such Participant than those terms and conditions provided for herein or in the Option agreement evidencing the grant to such Participant of the applicable Options, as the Committee shall determine for a period up to and including,
but not beyond, the expiration of the term of such Options. 
 SECTION 7. 
 RESTRICTED STOCK 
 7.1. Grant of Restricted Stock. The Committee may grant Awards of Restricted Stock, subject to such restrictions, terms and conditions, as the Committee shall determine in its sole discretion and as shall be evidenced by the
applicable Award Agreement (provided that any such Award is subject to the vesting requirements described herein). The Committee shall determine the price, which, to the extent required by law, shall not be less than par value of the Stock, to be
paid by the Participant for each share of Restricted Stock subject to the Award. Each Award Agreement with respect to such Award shall set forth the amount (if any) to be paid by the Participant with respect to such Award and when and under what in
circumstances such payment is required to be made. 
  

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 7.2. Vesting. The vesting of a Restricted Stock Award granted under the Plan may be
conditioned upon the completion of a specified period of employment or service with the Company or any Subsidiary or affiliate, upon the attainment of specified performance goals, and/or upon such other criteria as the Committee may determine in its
sole discretion. 
 7.3. Stock Certificates. The Committee may, upon such terms and conditions as the Committee
determines, provide that a certificate or certificates representing the shares underlying a Restricted Stock Award shall be registered in the Participant’s name and bear an appropriate legend specifying that such shares are not transferable and
are subject to the provisions of the Plan, the Shareholders Agreement and Registration Rights Agreement and the restrictions, terms and conditions set forth in the applicable Award Agreement, and that such certificate or certificates shall be held
in escrow by the Company on behalf of the Participant until such shares become vested or are forfeited. 
 7.4. Voting /
Dividends. If and to the extent that the applicable Award Agreement may so provide, a Participant shall have the right to vote and receive dividends on Restricted Stock granted under the Plan. Unless otherwise provided in the applicable Award
Agreement, any Common Stock received as a dividend on or in connection with a stock split of the shares of Common Stock underlying a Restricted Stock Award shall be subject to the same restrictions as the shares of Common Stock underlying such
Restricted Stock Award. 
 7.5. Termination of Employment for Cause or Voluntary Resignation. Unless otherwise determined
by the Committee at the time of grant, in the event a Participant’s employment with the Company or any Subsidiary is terminated by the Company for Cause or by the Participant by Voluntary Resignation, any Restricted Stock granted to such
Participant shall be forfeited. 
 7.6. Termination of Employment Without Cause, for Good Reason or Due to Death, Disability
or Retirement. Unless otherwise determined by the Committee at the time of grant, in the event a Participant’s employment with the Company or any Subsidiary is terminated by the Company without Cause, by the Participant for Good Reason or
terminates by reason of Retirement, death or Disability, all outstanding shares of Restricted Stock shall immediately vest. 
  

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 SECTION 8. 
 EXIT EVENT 
 8.1. Accelerated Vesting and Payment. Unless otherwise
determined by the Committee at the time of grant, but subject to Section 8.2, in the event of an Exit Event, all Awards of Restricted Stock shall vest and each Option that, by its terms, becomes exercisable solely upon the completion of a
stated period of service (whether or not then exercisable), together with any outstanding Options that, prior to or in connection with such Exit Event, have become exercisable in connection with the attainment of performance objectives, shall be
cancelled in exchange for a payment in cash by the Company to each Option holder of an amount equal to the excess (if any) of the Exit Event Price over the exercise price for such Option. Any other Options shall be cancelled, forfeited and of no
further effect. 
 8.2. Alternative Awards. If provided in the Option agreement evidencing the Options, no cancellation
or cash settlement or other payment shall occur with respect to any Option that would otherwise have been cancelled pursuant to Section 8.1 if the Committee reasonably determines in good faith prior to the occurrence of an Exit Event that such
Option shall be honored or assumed, or new rights substituted therefor (such honored, assumed or substituted award hereinafter called an “Alternative Award”) by a Participant’s employer (or the parent or a subsidiary of
such employer) immediately following the Exit Event, provided that any such Alternative Award must: 
 (i) provide such
Participant (or each Participant in a class of Participants) with rights and entitlements substantially equivalent to or better than the rights applicable under such Option, including, but not limited to, a substantially similar or better exercise
or vesting schedule and substantially similar or better timing and methods of payment; and 
 (ii) have substantially equivalent
economic value to such Option (determined at the time of the Exit Event). 
 8.3. Conflict with Option Agreement. With
respect to any Options granted hereunder that may become exercisable upon the attainment of performance objectives (including, without limitation, specified returns with respect to the Investor Members’ (as defined in the KAR LLC Agreement)
investment, directly or indirectly, in the Company and its affiliates), in the event of a conflict between this Section 8 and the terms and conditions set forth in the Award Agreement evidencing such Options, the terms and conditions set forth
in the Award Agreement evidencing such Options shall control. 
  

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 8.4. Limitation on Benefits. Notwithstanding anything contained in the Plan or an
Option agreement to the contrary if, whether as a result of accelerated vesting, the grant of an Alternative Award or otherwise, a Participant would receive any payment, deemed payment or other benefit as a result of the operation of
Section 8.1 or Section 8.2 that, together with any other payment, deemed payment or other benefit a Participant may receive under any other plan, program, policy or arrangement, would constitute an “excess parachute payment”
under Section 280G of the Code, then, notwithstanding anything in this Plan to the contrary, the payments, deemed payments or other benefits such Participant would otherwise receive under Section 8.1 or Section 8.2 shall be reduced to
the extent necessary to eliminate any such excess parachute payment and such Participant shall have no further rights or claims with respect thereto. If the preceding sentence would result in a reduction of the payments, deemed payments or other
benefits a Participant would otherwise receive, the Company will use its good faith efforts to seek the approval of the Company’s shareholders in the manner provided for in Section 280G(b)(5) of the Code and the regulations thereunder with
respect to such reduced payments or other benefits (if the Company is eligible to do so), so that such payments would not be treated as “parachute payments” for these purposes (and therefore would cease to be subject to reduction pursuant
to this Section 8.4). 
 SECTION 9. 
 AMENDMENT, MODIFICATION, AND TERMINATION OF PLAN 
 9.1. In General. The
Committee may at any time and from time to time alter, amend, suspend, or terminate the Plan in whole or in part; provided, however, that unless otherwise determined by the Committee, an amendment that requires shareholder approval in
order for the Plan to continue to comply with Section 162(m) or any other law, regulation or stock exchange requirement shall not be effective unless approved by the requisite vote of stockholders. Notwithstanding the foregoing, no amendment to
or termination of the Plan shall affect adversely any of the rights of any Participant, without such Participant’s consent, under any Award theretofore granted under the Plan. 
 9.2. Public Offering. Unless otherwise determined by the Committee, in the event of an Initial Public Offering, the Committee shall
have the authority to amend any outstanding Options to provide for (i) subject to Section 9.1 above, the substitution of the exercisability criteria that may relate to the Investor Members (as defined in the KAR LLC Agreement)
return on their investment with criteria based on stock price and (ii) the imposition of certain blackout periods, in each case, as the Committee shall determine to be appropriate; provided that such amendments shall preserve the
economic value of the Options, as determined by the Committee in its sole good faith discretion. 
  

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 SECTION 10. 
 MISCELLANEOUS PROVISIONS 
 10.1. Nontransferability of Awards. Unless the
Committee shall permit (on such terms and conditions as it shall establish) an Award to be transferred to a Permitted Transferee, no Award granted under the Plan may be sold, transferred, pledged, assigned or otherwise alienated or hypothecated,
other than by will or by the laws of descent and distribution. All rights with respect to any Option granted to a Participant under the Plan shall be exercisable during his lifetime only by such Participant or, if permitted by the Committee, any
such Permitted Transferee. 
 10.2. Beneficiary Designation. Each Participant under the Plan may from time to time name
any beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under the Plan is to be paid or by whom any right under the Plan is to be exercised in case of his death. Each designation will revoke all prior
designations by the same Participant, shall be in a form prescribed by the Committee and will be effective only when filed by the Participant in writing with the Committee during his lifetime. In the absence of any such designation, benefits
remaining unpaid or Options outstanding at the Participant’s death shall be paid to or exercisable by the Participant’s surviving spouse, if any, or otherwise to or by his estate. 
 10.3. No Guarantee of Employment or Participation; No Additional Compensation for Loss of Rights Under Plan. Nothing in the Plan
shall interfere with or limit in any way the right of the Company or any Subsidiary to terminate any Participant’s employment at any time, nor confer upon any Participant any right to continue in the employ of the Company or any Subsidiary. No
Employee shall have a right to be selected as a Participant, or, having been so selected, to receive any future Option grants. If any Participant’s employment with the Company or any Subsidiary shall be terminated for any reason, such
Participant shall not be entitled to any compensation or other form of remuneration with respect to such termination (except as otherwise provided herein) to compensate such Participant for the loss of any rights under the Plan notwithstanding any
provision to the contrary in his or her contract of employment. 
 10.4. Tax Withholding. The Company or any Subsidiary
shall have the power to withhold, or require a Participant to remit to the Company or such Subsidiary promptly upon notification of the amount due, an amount sufficient to satisfy the statutory minimum federal, state, local and foreign withholding
tax requirements with respect to any Option and the Company or such Subsidiary may defer payment of cash or issuance or delivery of Common Stock until such requirements are satisfied. 
  

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 10.5. Indemnification. Each person who is or shall have been a member of the Board or
the Committee (an “Indemnified Person”) shall, to the maximum extent provided under the Company’s By-Laws as in effect on the effective date of the Plan, be indemnified and held harmless by the Company against and from
any loss, cost, liability or expense that may be imposed upon or reasonably incurred by such Indemnified Person in connection with or resulting from any claim, action, suit or proceeding to which such Indemnified Person may be made a party or in
which such Indemnified Person may be involved by reason of any action taken or failure to act under the Plan (or any option agreement) and against and from any and all amounts paid by such Indemnified Person in settlement thereof, with the
Company’s approval, or paid by such Indemnified Person in satisfaction of any judgment in any such action, suit or proceeding against such Indemnified Person; provided that such Indemnified Person shall give the Company an opportunity,
at its own expense, to handle and defend the same before such Indemnified Person undertakes to handle and defend the same on such Indemnified Person’s own behalf. The foregoing right of indemnification shall not be exclusive and shall be
independent of any other rights of indemnification to which such Indemnified Person may be entitled under the Company’s Certificate of Incorporation or By-laws, by contract, as a matter of law or otherwise. 
 10.6. No Limitation on Compensation. Nothing in the Plan shall be construed to limit the right of the Company to establish other
plans or to pay compensation to its employees in cash or property. 
 10.7. Requirements of Law. The granting of Awards,
the exercisability of any Options and the issuance of shares of Common Stock shall be subject to all applicable laws, rules, and regulations and to such approvals by any governmental agencies or national securities exchanges as may be required.

 10.8. Governing Law. The Plan, and all agreements hereunder, shall be construed in accordance with and governed by the
laws of the State of Delaware. 
 10.9. No Impact On Benefits. Awards granted under the Plan are not compensation for
purposes of calculating an Employee’s rights under any employee benefit plan. 
 10.10. Securities Law Compliance.
Instruments evidencing the grant of Awards may contain such other provisions, not inconsistent with the Plan, as the Committee deems advisable, including a requirement that a Participant represent to the Company in writing, when such Participant
receives Restricted Stock or shares upon exercise of an Option (or at such other time as the Committee deems appropriate) that such Participant is acquiring such shares (unless they are then covered by an effective registration statement filed under
the Act) for such Participant’s own account for investment only and with no present intention to transfer, sell or otherwise dispose of

  

 15 

 
such shares except such disposition by a legal representative as shall be required by will or the laws of any jurisdiction in winding up the estate of such Participant. Such shares shall be
transferable only if the proposed transfer shall be permissible pursuant to the Plan and if, in the opinion of counsel satisfactory to the Company, such transfer at such time will be in compliance with all applicable securities laws. 
 10.11. Freedom of Action. Subject to Section 8, nothing in the Plan or any agreement entered into pursuant to this Plan shall be
construed as limiting or preventing the Company or any Subsidiary from taking any action with respect to the operation or conduct of its business that it deems appropriate or in its best interest. 
 10.12. No Fiduciary Relationship. Nothing contained in the Plan and no action taken pursuant to the Plan shall create or be construed
to create a trust of any kind or any fiduciary relationship between the Company or any Subsidiary and any Participant or executor, administrator or other personal representative or designated beneficiary of such Participant, or any other persons.

 10.13. No Right to Particular Assets. Any reserves that may be established by the Company in connection with this Plan
shall continue to be held as part of the general funds of the Company, and no individual or entity other than the Company shall have any interest in such funds until paid to a Participant. 
 10.14. Unsecured Creditor. To the extent that any Participant or his executor, administrator or other personal representative, as the
case may be, acquires a right to receive any payment from the Company pursuant to this Plan, such right shall be no greater than the right of an unsecured general creditor of the Company. 
 10.15. Code Section 409A Compliance. Notwithstanding any provision of the Plan, to the extent that any Award would be subject to
Section 409A of the Code, no such Award may be granted if it would fail to comply with the requirements set forth in Section 409A of the Code. To the extent that the Committee determines that the Plan or any Award is subject to
Section 409A of the Code and fails to comply with the requirements of Section 409A of the Code, notwithstanding anything to the contrary contained in the Plan or in any Award Agreement, the Committee reserves the right to amend or
terminate the Plan and/or amend, restructure, terminate or replace the Award in order to cause the Award to either not be subject to Section 409A of the Code or to comply with the applicable provisions of such section. 
 10.16. Severability of Provisions. If any provision of this Plan shall be held invalid or unenforceable, such invalidity or
unenforceability shall not affect any other provisions hereof, and this Plan shall be construed and enforced as if such provision had not been included. 
  

 16 

 10.17. Term of Plan. This Plan shall be effective as of the date of its adoption by
the Board and shall expire on the tenth anniversary of such date (except as to Options outstanding on that date), unless sooner terminated pursuant to Section 9. 
  

 17KAR Auction Services, Inc. 2009 Omnibus Stock and Incentive Plan

 Exhibit 10.2 
 KAR AUCTION SERVICES, INC. 
 2009 OMNIBUS STOCK AND
INCENTIVE PLAN 
 Section 1.    Purpose of Plan. 
 The name of the Plan is the KAR Auction Services, Inc. 2009 Omnibus Stock and Incentive Plan (the “Plan”). The purpose of
the Plan is to provide an additional incentive to selected management employees, directors, independent contractors, and consultants of the Company or its Affiliates (as hereinafter defined) whose contributions are essential to the growth and
success of the Company’s business, in order to strengthen the commitment of such persons to the Company and its Subsidiaries, motivate such persons to faithfully and diligently perform their responsibilities and attract and retain competent and
dedicated persons whose efforts will result in the long-term growth and profitability of the Company. To accomplish such purposes, the Plan provides that the Company may grant Options, Share Appreciation Rights, Restricted Shares, Other Share-Based
Awards, Other Cash-Based Awards or any combination of the foregoing. 
 Section 2.    Definitions. 

For purposes of the Plan, the following terms shall be defined as set forth below: 
 (a) “Administrator” means the Board, or, if and to the extent the Board does not administer the Plan, the Committee in
accordance with Section 3 hereof. 
 (b) “Affiliate” means a Person that directly, or indirectly through
one or more intermediaries, controls, or is controlled by, or is under common control with, the Person specified. An entity shall be deemed an Affiliate of the Company for purposes of this definition only for such periods as the requisite ownership
or control relationship is maintained. 
 (c) “Award” means any Option, Share Appreciation Right, Restricted
Share, Other Share-Based Award or Other Cash-Based Award granted under the Plan. 
 (d) “Award Agreement” means
any written agreement, contract or other instrument or document evidencing an Award. 
 (e) “Bylaws” mean the
amended and restated bylaws of the Company, as may be amended and/or restated from time to time. 
 (f) “Beneficial
Owner” (or any variant thereof) has the meaning defined in Rule 13d-3 under the Exchange Act. 
 (g)
“Board” means the Board of Directors of the Company. 

 (h) “Cause” shall have the meaning assigned to such term in any individual
employment or severance agreement or Award Agreement with the Participant or, if no such agreement exists or the agreement does not define “Cause,” Cause shall mean (i) the refusal or neglect of the Participant to perform
substantially his or her employment-related duties, (ii) the Participant’s personal dishonesty, incompetence, willful misconduct or breach of fiduciary duty, (iii) the Participant’s indictment for, conviction of or
entering a plea of guilty or nolo contendere to a crime constituting a felony or his or her willful violation of any applicable law (other than a traffic violation or other offense or violation outside of the course of employment which
in no way adversely affects the Company and its Subsidiaries or their reputation or the ability of the Participant to perform his or her employment-related duties or to represent the Company or any Subsidiary of the Company that employs such
Participant), (iv) the Participant’s failure to reasonably cooperate, following a request to do so by the Company, in any internal or governmental investigation of the Company or any of its Subsidiaries or (v) the
Participant’s material breach of any written covenant or agreement with the Company or any of its Subsidiaries not to disclose any information pertaining to the Company or such Subsidiary or not to compete or interfere with the Company or such
Subsidiary. 
 (i) “Change in Capitalization” means any (i) merger, consolidation,
reclassification, recapitalization, spin-off, spin-out, repurchase or other reorganization or corporate transaction or event, (ii) dividend (whether in the form of cash, Common Stock or other property), stock split or reverse stock
split, (iii) combination or exchange of shares, (iv) other change in corporate structure or (v) declaration of a special dividend (including a cash dividend) or other distribution, which, in any such case, the
Administrator determines, in its sole discretion, affects the Shares such that an adjustment pursuant to Section 5 hereof is appropriate. 
 (j) “Change in Control” shall be deemed to have occurred if an event set forth in any one of the following paragraphs shall have occurred: 
 (1) any Person, other than the Investor or its Affiliates, is or becomes the Beneficial Owner, directly or indirectly, of securities of the
Company (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or any Affiliate thereof) representing fifty percent (50%) or more of the combined voting power of the Company’s
then outstanding securities; or 
 (2) the following individuals cease for any reason to constitute a majority of the number of
directors then serving on the Board: individuals who, on the date hereof, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including,
but not limited to, a consent solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s shareholders was approved or recommended by a vote of at
least two-thirds (2/3) of the directors then still in office who either were directors on the date hereof or whose appointment, election or nomination for election was previously so approved or recommended; or 
  

 2 

 (3) there is consummated a merger or consolidation of the Company or any Subsidiary thereof
with any other corporation, other than a merger or consolidation immediately following which the individuals who comprise the Board immediately prior thereto constitute at least a majority of the Board of the entity surviving such merger or
consolidation or, if the Company or the entity surviving such merger is then a subsidiary, the ultimate parent thereof; or 
 (4) the shareholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company’s
assets, other than (A) a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least fifty percent (50%) of the combined voting power of the voting securities of which are owned
by shareholders of the Company following the completion of such transaction in substantially the same proportions as their ownership of the Company immediately prior to such sale or (B) a sale or disposition of all or substantially all
of the Company’s assets immediately following which the individuals who comprise the Board immediately prior thereto constitute at least a majority of the board of directors of the entity to which such assets are sold or disposed or, if such
entity is a subsidiary, the ultimate parent thereof. 
 For each Award that constitutes deferred compensation under Code Section 409A, a
Change in Control shall be deemed to have occurred under the Plan with respect to such Award only if a change in the ownership or effective control of the Company or a change in ownership of a substantial portion of the assets of the Company shall
also be deemed to have occurred under Code Section 409A. 
 Notwithstanding the foregoing, a “Change in Control” shall not be
deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the holders of Common Stock immediately prior to such transaction or series of transactions continue to have
substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of the Company immediately following such transaction or series of transactions. 
 (k) “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto. 
 (l) “Committee” means any committee or subcommittee the Board may appoint to administer the Plan. Subject to the discretion
of the Board, the Committee shall be composed entirely of individuals who meet the qualifications of an “outside director” within the meaning of Code Section 162(m), a “non-employee director” within the meaning of Rule 16b-3
under the Exchange Act and any other qualifications required by the applicable stock exchange on which the Common Stock is traded. If at any time or to any extent the Board shall not administer the Plan, then the functions of the Administrator
specified in the Plan shall be exercised by the Committee. Except as otherwise provided in the Articles of Incorporation or Bylaws, any action of the Committee with respect to the administration of the Plan shall be taken by a majority vote at a
meeting at which a quorum is duly constituted or unanimous written consent of the Committee’s members. 
  

 3 

 (m) “Common Stock” means the common stock, par value $.01 per share, of the
Company. 
 (n) “Company” means KAR Auction Services, Inc., a Delaware corporation (or any successor
corporation, except as the term “Company” is used in the definition of “Change in Control” above). 
 (o)
“Covered Employee” shall have the meaning set forth in Code Section 162(m). 
 (p)
“Disability” shall have the meaning assigned to such term in any individual employment or severance agreement or Award Agreement with the Participant or, if no such agreement exists or the agreement does not define
“Disability,” Disability means, with respect to any Participant, that such Participant (i) as determined by the Administrator in its sole discretion, is unable to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than six (6) months, or (ii) is, by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than six (6) months, receiving income replacement benefits for a period of not less than three (3) months
under an accident and health plan covering employees of the Company or an Affiliate thereof. 
 (q) “Eligible
Recipient” means an employee, director, independent contractor or consultant of the Company or any Affiliate of the Company who has been selected as an eligible participant by the Administrator; provided, however, to the extent required to
avoid the imposition of additional taxes under Code Section 409A, an Eligible Recipient means an employee, director, independent contractor or consultant of the Company or any Subsidiary of the Company who has been selected as an eligible
participant by the Administrator. 
 (r) “Exchange Act” shall mean the Securities Exchange Act of 1934, as
amended from time to time. 
 (s) “Exercise Price” means, with respect to any Award under which the holder may
purchase Shares, the per share price at which a holder of such Award granted hereunder may purchase Shares issuable upon exercise of such Award. 
 (t) “Fair Market Value” as of a particular date shall mean the fair market value of a share of Common Stock as determined by the Administrator in its sole discretion; provided,
however, that (i) if the Common Stock is admitted to trading on a national securities exchange, the fair market value of a share of Common Stock on any date shall be the closing sale price reported for such share on such exchange
on such date or, if no sale was reported on such date, on the last day preceding such date on which a sale was reported, or (ii) if the shares of Common Stock are not then listed on the New

  

 4 

 
York Stock Exchange, the average of the highest reported bid and lowest reported asked prices for the shares of Common Stock as reported by the National Association of Securities Dealers, Inc.
Automated Quotations System for the last preceding date on which there was a sale of such stock in such market, or (3) if the shares of Common Stock are not then listed on a national securities exchange or traded in an over-the-counter market
or the value of such shares is not otherwise determinable, such value as determined by the Committee in good faith and in accordance with Code Section 409A. 
 (u) “Investor” means KAR Holdings II, LLC, a Delaware limited liability company. 
 (v) “Option” means an option to purchase shares of Common Stock granted pursuant to Section 7 hereof. 
 (w) “Other Cash-Based Award” means a cash Award granted to a Participant under Section 10 hereof, including cash awarded as a bonus or upon the attainment of Performance Goals or
otherwise as permitted under the Plan. 
 (x) “Other Share-Based Award” means a right or other interest granted
to a Participant under the Plan that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Common Stock, including, but not limited to, unrestricted Shares, restricted stock units,
dividend equivalents or performance units, each of which may be subject to the attainment of Performance Goals or a period of continued employment or other terms or conditions as permitted under the Plan. 
 (y) “Participant” means any Eligible Recipient selected by the Administrator, pursuant to the Administrator’s
authority provided for in Section 3 below, to receive grants of Options, Share Appreciation Rights, Restricted Shares, Other Share-Based Awards, Other Cash-Based Awards or any combination of the foregoing, and, upon his or her death, his or her
successors, heirs, executors and administrators, as the case may be. 
 (z) “Performance Goals” means
performance goals based on one or more of the following criteria: (i) earnings, including one or more of operating income, earnings before or after taxes, earnings before or after interest, depreciation, amortization, adjusted EBITDA,
economic earnings, or extraordinary or special items or book value per share (which may exclude nonrecurring items); (ii) pre-tax income or after-tax income; (iii) earnings per Share (basic or diluted);
(iv) operating profit; (v) revenue, revenue growth or rate of revenue growth; (vi) return on assets (gross or net), return on investment, return on capital, or return on equity; (vii) returns on sales
or revenues; (viii) operating expenses; (ix) stock price appreciation; (x) cash flow, free cash flow, cash flow return on investment (discounted or otherwise), net cash provided by operations, or cash flow in
excess of cost of capital; (xi) implementation or completion of critical projects or processes; (xii) cumulative earnings per share growth; (xiii) operating margin or profit margin; (xiv) cost targets,
reductions and savings, productivity and efficiencies; (xv) strategic business criteria, consisting of one or more objectives based on meeting

  

 5 

 
specified market penetration, geographic business expansion, customer satisfaction, employee satisfaction, human resources management, supervision of litigation, information technology, and goals
relating to acquisitions, divestitures, joint ventures and similar transactions, and budget comparisons; (xvi) personal professional objectives, including any of the foregoing performance goals, the implementation of policies and plans,
the negotiation of transactions, the development of long term business goals, formation of joint ventures, research or development collaborations, and the completion of other corporate transactions; and (xvii) any combination of, or a
specified increase in, any of the foregoing. Where applicable, the Performance Goals may be expressed in terms of attaining a specified level of the particular criteria or the attainment of a percentage increase or decrease in the particular
criteria, and may be applied to one or more of the Company or Affiliate thereof, or a division or strategic business unit of the Company, or may be applied to the performance of the Company relative to a market index, a group of other companies or a
combination thereof, all as determined by the Committee. The Performance Goals may include a threshold level of performance below which no payment shall be made (or no vesting shall occur), levels of performance at which specified payments shall be
made (or specified vesting shall occur), and a maximum level of performance above which no additional payment shall be made (or at which full vesting shall occur). Each of the foregoing Performance Goals shall be subject to certification by the
Committee; provided, that the Committee shall have the authority to make equitable adjustments to the Performance Goals in recognition of unusual or non-recurring events affecting the Company or any Affiliate thereof or the financial
statements of the Company or any Affiliate thereof, in response to changes in applicable laws or regulations, or to account for items of gain, loss or expense determined to be extraordinary or unusual in nature or infrequent in occurrence or related
to the disposal of a segment of a business or related to a change in accounting principles (in each case, to the extent not inconsistent with Section 162(m) of the Code, if applicable). 
 (aa) “Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections
13(d) and 14(d) thereof, except that such term shall not include (i) the Company or any Subsidiary thereof, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary
thereof, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same
proportions as their ownership of stock of the Company. 
 (bb) “Restricted Shares” means Shares granted
pursuant to Section 9 below subject to certain restrictions that lapse at the end of a specified period or periods. 
 (cc)
“Retirement” means a termination of a Participant’s employment, other than for Cause, on or after the attainment of age 65. 
 (dd) “Section 162(m) Grandfathering Period” shall mean the period beginning on the Effective Date and ending on the earliest to occur of (i) the expiration of the Plan;
(ii) an amendment of the Plan that results in a material modification; (iii) the issuance of all Common Stock that has been allocated under the Plan; or (iv) the first

  

 6 

 
meeting of shareholders at which directors of the Company are to be elected that occurs after the close of the third calendar year following the calendar year in which the Effective Date occurs.

 (ee) “Shares” means shares of Common Stock reserved for issuance under the Plan, as adjusted pursuant to the
Plan, and any successor (pursuant to a merger, consolidation or other reorganization) security. 
 (ff) “Share
Appreciation Right” means the right pursuant to an Award granted under Section 8 below to receive an amount equal to the excess, if any, of (i) the aggregate Fair Market Value, as of the date such Award or portion thereof
is surrendered, of the Shares covered by such Award or such portion thereof, over (ii) the aggregate Exercise Price of such Award or such portion thereof. 
 (gg) “Subsidiary” means, with respect to any Person, as of any date of determination, any other Person as to which such first Person owns or otherwise controls, directly or indirectly,
more than 50% of the voting shares or other similar interests or a sole general partner interest or managing member or similar interest of such other Person. An entity shall be deemed a Subsidiary of the Company for purposes of this definition only
for such periods as the requisite ownership or control relationship is maintained. 
 Section 3.    Administration.

 (a) The Plan shall be administered by the Administrator and shall be administered in accordance with the requirements of
Code Section 162(m) (but only to the extent necessary and desirable to maintain qualification of awards under the Plan under Code Section 162(m)) and, to the extent applicable, Rule 16b-3 under the Exchange Act (“Rule
16b-3”). The Plan is intended to comply, and shall be administered in a manner that is intended to comply, with Code Section 409A and shall be construed and interpreted in accordance with such intent. To the extent that an Award,
issuance and/or payment is subject to Code Section 409A, it shall be awarded and/or issued or paid in a manner that will comply with Code Section 409A, including any applicable regulations or guidance issued by the Secretary of the
Treasury and the Internal Revenue Service with respect thereto. 
 (b) Pursuant to the terms of the Plan, the Administrator,
subject, in the case of any Committee, to any restrictions on the authority delegated to it by the Board, shall have the power and authority, without limitation: 
 (1) to select those Eligible Recipients who shall be Participants; 
 (2) to
determine whether and to what extent Options, Share Appreciation Rights, Restricted Shares, Other Share-Based Awards, Other Cash-Based Awards or a combination of any of the foregoing, are to be granted hereunder to Participants; 
  

 7 

 (3) to determine the number of Shares to be covered by each Award granted hereunder;

 (4) to determine the terms and conditions, not inconsistent with the terms of the Plan, of each Award granted hereunder
(including, but not limited to, (i) the restrictions applicable to Restricted Shares and the conditions under which restrictions applicable to such Restricted Shares shall lapse, (ii) the Performance Goals and periods
applicable to Awards (if any), (iii) the Exercise Price of each Award, (iv) the vesting schedule applicable to each Award, (v) the number of Shares subject to each Award and (vi) subject to the
requirements of Code Section 409A (to the extent applicable), any amendments to the terms and conditions of outstanding Awards, including, but not limited to, extending the exercise period of such Awards and accelerating the vesting schedule of
such Awards; 
 (5) to determine the terms and conditions, not inconsistent with the terms of the Plan, which shall govern all
written instruments evidencing Options, Share Appreciation Rights, Restricted Shares or Other Share-Based Awards, Other Cash-Based Awards or any combination of the foregoing granted hereunder; 
 (6) to determine the Fair Market Value; 
 (7) to determine the duration and purpose of leaves of absence which may be granted to a Participant without constituting termination of the Participant’s employment for purposes of Awards granted
under the Plan; 
 (8) to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it
shall from time to time deem advisable; and 
 (9) to construe and interpret the terms and provisions of the Plan and any award
issued under the Plan (and any Award Agreement relating thereto), and to otherwise supervise the administration of the Plan and to exercise all powers and authorities either specifically granted under the Plan or necessary and advisable in the
administration of the Plan. 
 (c) All decisions made by the Administrator pursuant to the provisions of the Plan shall be
final, conclusive and binding on all persons, including the Company and the Participants. No member of the Board or the Committee, nor any officer or employee of the Company or any Subsidiary thereof acting on behalf of the Board or the Committee,
shall be personally liable for any action, omission, determination, or interpretation taken or made in good faith with respect to the Plan, and all members of the Board or the Committee and each and any officer or employee of the Company and of any
Subsidiary thereof acting on their behalf shall, to the maximum extent permitted by law, be fully indemnified and protected by the Company in respect of any such action, omission, determination or interpretation. 
  

 8 

 Section 4.    Shares Reserved for Issuance Under the Plan. 
 (a) Subject to Section 5 hereof, the number of shares of Common Stock that are reserved and available for issuance pursuant to Awards
granted under the Plan is 6,492,683 shares. Following expiration of the Section 162(m) Grandfathering Period, the aggregate Awards granted during any fiscal year to any single individual shall not exceed (i) 600,000 shares subject
to Options or Share Appreciation Rights and (ii) 300,000 shares subject to Restricted Shares or Other Share-Based Awards (other than Stock Appreciation Rights), in each case subject to adjustment as provided in Section 5 herein.

 (b) Shares issued under the Plan may, in whole or in part, be authorized but unissued Shares or Shares that shall have been
or may be reacquired by the Company in the open market, in private transactions or otherwise. If any Shares subject to an Award are forfeited, cancelled, exchanged or surrendered or if an Award otherwise terminates or expires without a distribution
of shares to the Participant, the Shares with respect to such Award shall, to the extent of any such forfeiture, cancellation, exchange, surrender, termination or expiration, again be available for Awards under the Plan. Notwithstanding the
foregoing, Shares surrendered or withheld as payment of either the exercise price of an Award (including Shares otherwise underlying an Award of a Share Appreciation Right that are retained by the Company to account for the grant price of such Share
Appreciation Right) and/or withholding taxes in respect of an Award shall no longer be available for grant under the Plan. 
 Section 5.    Equitable Adjustments. 
 In the event of any Change in Capitalization, an
equitable substitution or proportionate adjustment shall be made, in each case, as may be determined by the Administrator, in its sole discretion, in (i) the aggregate number of shares of Common Stock reserved for issuance under the Plan
and the maximum number of Shares that may be subject to Awards granted to any Participant in any calendar or fiscal year, (ii) the kind, number and Exercise Price subject to outstanding Options and Share Appreciation Rights granted under
the Plan, and (iii) the kind, number and purchase price of Shares subject to outstanding Restricted Shares or Other Share-Based Awards granted under the Plan, in each case as may be determined by the Administrator, in its sole
discretion, provided, however, that any fractional shares resulting from the adjustment shall be eliminated. Such other equitable substitutions or adjustments shall be made as may be determined by the Administrator, in its sole
discretion. Without limiting the generality of the foregoing, in connection with a Change in Capitalization, the Administrator may provide, in its sole discretion, for the cancellation of any outstanding Award granted hereunder in exchange for
payment in cash or other property having an aggregate Fair Market Value of the Shares covered by such award, reduced by the aggregate Exercise Price or purchase price thereof, if any. The Administrator’s determinations pursuant to this
Section 5 shall be final, binding and conclusive. 
  

 9 

 Section 6.    Eligibility. 
 The Participants under the Plan shall be selected from time to time by the Administrator, in its sole discretion, from among Eligible
Recipients. 
 Section 7.    Options. 
 (a) General. Each Participant who is granted an Option shall enter into an Award Agreement with the Company, containing such terms and
conditions as the Administrator shall determine, in its sole discretion, which Award Agreement shall set forth, among other things, the Exercise Price of the Option, the term of the Option and provisions regarding exercisability of the Option
granted thereunder. The provisions of each Option need not be the same with respect to each Participant. More than one Option may be granted to the same Participant and be outstanding concurrently hereunder. Options granted under the Plan shall be
subject to the terms and conditions set forth in this Section 7 and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable and set forth in the applicable Award
Agreement. Each Option granted hereunder is intended to be a non-qualified Option and is not intended to qualify as an “incentive stock option” within the meaning of Code Section 422. 
 (b) Exercise Price. The Exercise Price of Shares purchasable under an Option shall be determined by the Administrator in its sole
discretion at the time of grant, but in no event shall the exercise price of an Option be less than one hundred percent (100%) of the Fair Market Value of the Common Stock on the date of grant. 
 (c) Option Term. The maximum term of each Option shall be fixed by the Administrator, but no Option shall be exercisable more than
ten (10) years after the date such Option is granted. Each Option’s term is subject to earlier expiration pursuant to the applicable provisions in the Plan and the Award Agreement. Notwithstanding the foregoing, the Administrator shall
have the authority to accelerate the exercisability of any outstanding Option at such time and under such circumstances as the Administrator, in its sole discretion, deems appropriate. 
 (d) Exercisability. Each Option shall be exercisable at such time or times and subject to such terms and conditions, including the
attainment of preestablished Performance Goals, as shall be determined by the Administrator in the applicable Award Agreement. The Administrator may also provide that any Option shall be exercisable only in installments, and the Administrator may
waive such installment exercise provisions at any time, in whole or in part, based on such factors as the Administrator may determine in its sole discretion. Notwithstanding anything to the contrary contained herein, an Option may not be exercised
for a fraction of a share. 
 (e) Method of Exercise. Options may be exercised in whole or in part by giving written
notice of exercise to the Company specifying the number of Shares to be purchased, accompanied by payment in full of the aggregate Exercise Price of the Shares so purchased in cash or its equivalent, as determined by the Administrator. As

  

 10 

 
determined by the Administrator, in its sole discretion, with respect to any Option or category of Options, payment in whole or in part may also be made (i) by means of consideration
received under any cashless exercise procedure approved by the Administrator (including the withholding of Shares otherwise issuable upon exercise), (ii) in the form of unrestricted Shares already owned by the Participant which have a
Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which such Option shall be exercised, (iii) any other form of consideration approved by the Administrator and permitted by applicable
law or (iv) any combination of the foregoing. 
 (f) Rights as Shareholder. A Participant shall have no
rights to dividends or any other rights of a shareholder with respect to the Shares subject to an Option until the Participant has given written notice of the exercise thereof, has paid in full for such Shares and has satisfied the requirements of
Section 14 hereof. 
 (g) Termination of Employment or Service. 
 (1) Unless the applicable Award Agreement provides otherwise, in the event that the employment or service of a Participant with the Company
and all Affiliates thereof shall terminate for any reason other than Cause, Retirement, Disability, or death, (A) Options granted to such Participant, to the extent that they are exercisable at the time of such termination, shall remain
exercisable until the date that is ninety (90) days after such termination, on which date they shall expire, and (B) Options granted to such Participant, to the extent that they were not exercisable at the time of such termination,
shall expire at the close of business on the date of such termination. The ninety (90) day period described in this Section 7(g)(1) shall be extended to one (1) year after the date of such termination in the event of the
Participant’s death during such ninety (90) day period. Notwithstanding the foregoing, no Option shall be exercisable after the expiration of its term. 
 (2) Unless the applicable Award Agreement provides otherwise, in the event that the employment or service of a Participant with the Company and all Affiliates thereof shall terminate on account of
Retirement, Disability or the death of the Participant, (A) Options granted to such Participant, to the extent that they were exercisable at the time of such termination, shall remain exercisable until the date that is one (1) year
after such termination, on which date they shall expire and (B) Options granted to such Participant, to the extent that they were not exercisable at the time of such termination, shall expire at the close of business on the date of such
termination. Notwithstanding the foregoing, no Option shall be exercisable after the expiration of its term. 
 (3) In the
event of the termination of a Participant’s employment or service for Cause, all outstanding Options granted to such Participant shall expire at the commencement of business on the date of such termination. 
 (h) Other Change in Employment Status. An Option shall be affected, both with regard to vesting schedule and termination, by leaves
of absence, changes from full-time to part-time employment, partial disability or other changes in the employment status of an Participant, in the discretion of the Administrator. 
  

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 Section 8.    Share Appreciation Rights. 
 (a) General. Share Appreciation Rights may be granted either alone (“Free Standing Rights”) or in conjunction with
all or part of any Option granted under the Plan (“Related Rights”). Related Rights may be granted either at or after the time of the grant of such Option. The Administrator shall determine the Eligible Recipients to whom, and the
time or times at which, grants of Share Appreciation Rights shall be made, the number of Shares to be awarded, the price per Share, and all other conditions of Share Appreciation Rights. Notwithstanding the foregoing, no Related Right may be granted
for more Shares than are subject to the Option to which it relates and any Share Appreciation Right must be granted with an Exercise Price not less than the Fair Market Value of Common Stock on the date of grant. The provisions of Share Appreciation
Rights need not be the same with respect to each Participant. Share Appreciation Rights granted under the Plan shall be subject to the following terms and conditions set forth in this Section 8 and shall contain such additional terms and
conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable, as set forth in the applicable Award Agreement. 
 (b) Awards; Rights as Shareholder. The prospective recipient of a Share Appreciation Right shall not have any rights with respect to such Award, unless and until such recipient has executed an
Award Agreement and delivered a fully executed copy thereof to the Company, within a period of sixty (60) days (or such other period as the Administrator may specify) after the award date. Participants who are granted Share Appreciation Rights
shall have no rights as shareholders of the Company with respect to the grant or exercise of such rights. 
 (c)
Exercisability. 
 (1) Share Appreciation Rights that are Free Standing Rights shall be exercisable at such time or
times and subject to such terms and conditions as shall be determined by the Administrator in the applicable Award Agreement. 
 (2) Share Appreciation Rights that are Related Rights shall be exercisable only at such time or times and to the extent that the Options to which they relate shall be exercisable in accordance with the provisions of Section 7 above and
this Section 8 of the Plan. 
 (d) Payment Upon Exercise. 
 (1) Upon the exercise of a Free Standing Right, the Participant shall be entitled to receive up to, but not more than, that number of
Shares equal in value to the excess of the Fair Market Value as of the date of exercise over the price per share specified in the Free Standing Right multiplied by the number of Shares in respect of which the Free Standing Right is being exercised,
with the Administrator having the right to determine the form of payment. 
  

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 (2) A Related Right may be exercised by a Participant by surrendering the applicable
portion of the related Option. Upon such exercise and surrender, the Participant shall be entitled to receive up to, but not more than, that number of Shares equal in value to the excess of the Fair Market Value as of the date of exercise over the
Exercise Price specified in the related Option multiplied by the number of Shares in respect of which the Related Right is being exercised, with the Administrator having the right to determine the form of payment. Options which have been so
surrendered, in whole or in part, shall no longer be exercisable to the extent the Related Rights have been so exercised. 
 (3) Notwithstanding the foregoing, the Administrator may determine to settle the exercise of a Share Appreciation Right in cash (or in any combination of Shares and cash). 
 (e) Termination of Employment or Service. 
 (1) In the event of the termination of employment or service with the Company and all Affiliates thereof of a Participant who has been granted one or more Free Standing Rights, such rights shall be
exercisable at such time or times and subject to such terms and conditions as shall be determined by the Administrator in the applicable Award Agreement. 
 (2) In the event of the termination of employment or service with the Company and all Affiliates thereof of a Participant who has been granted one or more Related Rights, such rights shall be exercisable
at such time or times and subject to such terms and conditions as set forth in the related Options. 
 (f) Term.

 (1) The term of each Free Standing Right shall be fixed by the Administrator, but no Free Standing Right shall be
exercisable more than ten (10) years after the date such right is granted. 
 (2) The term of each Related Right shall be
the term of the Option to which it relates, but no Related Right shall be exercisable more than ten (10) years after the date such right is granted. 
 Section 9.    Restricted Shares. 
 (a)
General. Restricted Shares may be issued either alone or in addition to other awards granted under the Plan. The Administrator shall determine the Eligible Recipients to whom, and the time or times at which, Restricted Shares shall be made;
the number of Shares to be awarded; the price, if any, to be paid by the Participant for the acquisition of Restricted Shares; the Restricted Period (as defined in paragraph (c) of this Section 9), if any, applicable to Restricted Shares;
the Performance Goals (if any) applicable to Restricted Shares; and all other conditions of the Restricted Shares. If the restrictions, Performance Goals and/or conditions established by the Administrator are not attained, a Participant shall
forfeit his or her Restricted Shares in accordance with the terms of the grant. The provisions of the Restricted Shares need not be the same with respect to each Participant. 
  

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 (b) Awards and Certificates. The prospective recipient of Restricted Shares shall not
have any rights with respect to any such award, unless and until such recipient has executed an Award Agreement and delivered a fully executed copy thereof to the Company, within a period of sixty (60) days (or such other period as the
Administrator may specify) after the award date. Except as otherwise provided below in Section 9(c), (i) each Participant who is granted an award of Restricted Shares may, in the Company’s sole discretion, be issued a stock
certificate in respect of such Restricted Shares; and (ii) any such certificate so issued shall be registered in the name of the Participant, and shall bear an appropriate legend referring to the terms, conditions, and restrictions
applicable to any such Award. 
 The Company may require that the stock certificates, if any, evidencing Restricted Shares
granted hereunder be held in the custody of the Company until the restrictions thereon shall have lapsed, and that, as a condition of any award of Restricted Shares, the Participant shall have delivered a stock power, endorsed in blank, relating to
the Shares covered by such Award. 
 Notwithstanding anything in the Plan to the contrary, any Restricted Shares (whether before
or after any vesting conditions have been satisfied) may, in the Company’s sole discretion, be issued in uncertificated form pursuant to the customary arrangements for issuing shares in such form. 
 (c) Restrictions and Conditions. The Restricted Shares granted pursuant to this Section 9 shall be subject to the following
restrictions and conditions and any additional restrictions or conditions as determined by the Administrator at the time of grant or, subject to Code Section 409A, thereafter: 
 (1) The Administrator may, in its sole discretion, provide for the lapse of restrictions in installments and may accelerate or waive such
restrictions in whole or in part based on such factors and such circumstances as the Administrator may determine, in its sole discretion, including, but not limited to, the attainment of certain Performance Goals, the Participant’s termination
of employment or service as a director, independent contractor or consultant to the Company or any Affiliate thereof, or the Participant’s death or Disability; provided, however, that this sentence shall not apply to any Award
which is intended to qualify as “performance-based compensation” under Code Section 162(m). Notwithstanding the foregoing, upon a Change in Control, the outstanding Awards shall be subject to Section 11 hereof. 
 (2) Except as provided in Section 15 or in the Award Agreement, the Participant shall generally have the rights of a shareholder of
the Company with respect to Restricted Shares during the Restricted Period. Certificates for Shares of unrestricted Common Stock may, in the Company’s sole discretion, be delivered to the Participant only after the Restricted Period has expired
without forfeiture in respect of such Restricted Shares, except as the Administrator, in its sole discretion, shall otherwise determine. 
  

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 (3) The rights of Participants granted Restricted Shares upon termination of employment or
service as a director, independent contractor, or consultant to the Company or to any Affiliate thereof terminates for any reason during the Restricted Period shall be set forth in the Award Agreement. 
 Section 10.    Other Share-Based or Cash-Based Awards. 
 (a) The Administrator is authorized to grant Awards to Participants in the form of Other Share-Based Awards or Other Cash-Based Awards, as
deemed by the Administrator to be consistent with the purposes of the Plan and as evidenced by an Award Agreement. The Administrator shall determine the terms and conditions of such Awards, consistent with the terms of the Plan, at the date of grant
or thereafter, including any Performance Goals and performance periods. Common Stock or other securities or property delivered pursuant to an Award in the nature of a purchase right granted under this Section 10 shall be purchased for such
consideration, paid for at such times, by such methods, and in such forms, including, without limitation, Shares, other Awards, notes or other property, as the Administrator shall determine, subject to any required corporate action. 
 (b) To the extent that the Plan is subject to Code Section 162(m), no payment shall be made to a Participant that is or is likely to
become a Covered Employee prior to the certification by the Committee that the Performance Goals have been attained. The Committee may establish other rules applicable to the Other Share-Based Awards and the Other Cash-Based Awards, provided,
however, that in the event that the Plan is subject to Code Section 162(m), such rules shall be in compliance with Code Section 162(m) to the extent applicable to any Covered Employee. 
 Section 11.    Accelerated Vesting In Connection With a Change in Control. 
 Unless otherwise determined by the Administrator or as evidenced in an Award Agreement, in the event that a Change in Control occurs, then:

 (1) any unvested or unexercisable portion of any Award carrying a right to exercise shall become fully vested and
exercisable; and 
 (2) the restrictions, deferral limitations, payment conditions and forfeiture conditions applicable to an
Award granted under the Plan shall lapse and such Awards shall be deemed fully vested and any performance conditions imposed with respect to such Awards shall be deemed to be fully achieved. 
 Upon a Change in Control, the Committee may provide for the cancellation of all Awards then outstanding. Upon such cancellation, the Company
shall make, in exchange for each such Award, a payment either in (i) cash, (ii) shares of the successor entity, or (iii) a combination of cash or shares, at the discretion of the Committee, and in each case as the
Committee shall, in its sole discretion determine, in

  

 15 

 
an amount per share subject to such Award equal to the excess, if any, of the Fair Market Value of a share of Common Stock as of the date of the Change in Control over the per share exercise
price, if any, of such Award. 
 Section 12.    Amendment and Termination. 
 The Board may amend, alter or terminate the Plan, but no amendment, alteration, or termination shall be made that would impair the rights of
a Participant under any award theretofore granted without such Participant’s consent. Unless the Board determines otherwise, the Board shall obtain approval of the Company’s shareholders for any amendment that would require such approval
in order to satisfy the requirements of Code Section 162(m), any rules of the stock exchange on which the Common Stock is traded or other applicable law. The Administrator may amend the terms of any Award theretofore granted, prospectively or
retroactively, but, subject to Section 5 of the Plan and the immediately preceding sentence, no such amendment shall impair the rights of any Participant without his or her consent. 
 Section 13.    Unfunded Status of Plan. 
 The Plan
is intended to constitute an “unfunded” plan for incentive compensation. With respect to any payments not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any rights that are greater than
those of a general creditor of the Company. 
 Section 14.    Withholding Taxes. 
 Each Participant shall, no later than the date as of which the value of an Award first becomes includible in the gross income of such
Participant for federal and/or state income tax purposes, pay to the Company, or make arrangements satisfactory to the Administrator regarding payment of, any federal, state, or local taxes of any kind required by law to be withheld with respect to
the Award. The obligations of the Company under the Plan shall be conditional on the making of such payments or arrangements, and the Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind
otherwise due to such Participant. Whenever cash is to be paid pursuant to an award granted hereunder, the Company shall have the right to deduct therefrom an amount sufficient to satisfy any federal, state and local withholding tax requirements
related thereto. Whenever Shares are to be delivered pursuant to an Award, the Company shall have the right to require the Participant to remit to the Company in cash an amount sufficient to satisfy any related federal, state and local taxes to be
withheld and applied to the tax obligations. With the approval of the Administrator, a Participant may satisfy the foregoing requirement by electing to have the Company withhold from delivery of Shares or by delivering already owned unrestricted
shares of Common Stock, in each case, having a value not exceeding the federal, state and local taxes to be withheld and applied to the tax obligations. Such Shares shall be valued at their Fair Market Value on the date of which the amount of tax to
be withheld is determined. Fractional share amounts shall be settled in cash. Such an election may be made with respect to all or any portion of the Shares to be delivered pursuant to an award.

  

 16 

 
The Company may also use any other method of obtaining the necessary payment or proceeds, as permitted by law, to satisfy its withholding obligation with respect to any Option or other Award.

 Section 15.    Transfer of Awards. 
 Until such time as the Awards are fully vested and/or exercisable in accordance with the Plan or an Award Agreement, no purported sale,
assignment, mortgage, hypothecation, transfer, charge, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest in or lien on, any Award or any agreement or commitment to do any of
the foregoing (each, a “Transfer”) by any holder thereof in violation of the provisions of the Plan or an Award Agreement will be valid, except with the prior written consent of the Administrator, which consent may be granted or
withheld in the sole discretion of the Administrator. Any purported Transfer of an Award or any economic benefit or interest therein in violation of the Plan or an Award Agreement shall be null and void ab initio, and shall not create any
obligation or liability of the Company, and any person purportedly acquiring any Award or any economic benefit or interest therein transferred in violation of the Plan or an Award Agreement shall not be entitled to be recognized as a holder of such
Shares. Unless otherwise determined by the Administrator in accordance with the provisions of the immediately preceding sentence, an Option may be exercised, during the lifetime of the Participant, only by the Participant or, during any period
during which the Participant is under a legal disability, by the Participant’s guardian or legal representative. 
 Section 16.    Continued Employment. 
 The adoption of the Plan shall not confer upon
any Eligible Recipient any right to continued employment or service with the Company or any Affiliate thereof, as the case may be, nor shall it interfere in any way with the right of the Company or any Affiliate thereof to terminate the employment
or service of any of its Eligible Recipients at any time. 
 Section 17.    Effective Date. 
 The Plan was adopted by the Board on December 10, 2009, and shall become effective without further action as of the later of
(a) the effectiveness of the Company’s registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission on September 14, 2009, as amended, and (b) the Common Stock being listed or approved
for listing upon notice of issuance on the New York Stock Exchange (the date of such effectiveness, the “Effective Date”). 
 Section 18.    Term of Plan. 
 No award shall be granted pursuant to the Plan on or
after the tenth anniversary of the Effective Date, but awards theretofore granted may extend beyond that date. 
  

 17 

 Section 19.    Code Section 409A.  
 The intent of the parties is that payments and benefits under the Plan comply with Code Section 409A to the extent subject thereto, and,
accordingly, to the maximum extent permitted, the Plan shall be interpreted and be administered to be in compliance therewith. Any payments described in the Plan that are due within the “short-term deferral period” as defined in Code
Section 409A shall not be treated as deferred compensation unless applicable law requires otherwise. Notwithstanding anything to the contrary in the Plan, to the extent required in order to avoid accelerated taxation and/or tax penalties under
Code Section 409A, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to the Plan during the six (6) month period immediately following the Participant’s termination of employment shall
instead be paid on the first business day after the date that is six (6) months following the Participant’s separation from service (or upon the Participant’s death, if earlier). In addition, for purposes of the Plan, each amount to
be paid or benefit to be provided to the Participant pursuant to the Plan, which constitute deferred compensation subject to Code Section 409A, shall be construed as a separate identified payment for purposes of Code Section 409A.

 Section 20.    Governing Law. 
 The Plan shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of law of such state. 
  

 18

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