2010 Employee Stock Purchase Plan



 Exhibit 10.6 
 ZOGENIX, INC. 
 2010 EMPLOYEE STOCK PURCHASE PLAN 

ARTICLE I 

PURPOSE 

The purposes of this Zogenix, Inc. 2010 Employee Stock Purchase Plan (the “Plan”) are to assist Eligible
Employees of Zogenix, Inc., a Delaware corporation (the “Company”) and its Designated Subsidiaries in acquiring a stock ownership interest in the Company pursuant to a plan which is intended to qualify as an “employee
stock purchase plan” within the meaning of Section 423(b) of the Code, and to help Eligible Employees provide for their future security and to encourage them to remain in the employment of the Company and its Designated Subsidiaries.

 All numbers of shares of Stock set forth in the Plan give effect to the reverse stock split to be implemented by the Company
in connection with its initial public offering. 
 ARTICLE II 

DEFINITIONS AND CONSTRUCTION 
 Wherever the following terms are used in the Plan they shall have the meanings specified below, unless the context clearly indicates otherwise. The singular pronoun shall include the plural where the
context so indicates. 
 2.1 “Administrator” shall mean the entity that conducts the general
administration of the Plan as provided herein. The term “Administrator” shall refer to the Committee unless the Board has assumed the authority for administration of the Plan generally as provided in Article 3. 

2.2 “Board” shall mean the Board of Directors of the Company. 

2.3 “Change in Control” shall mean and include each of the following: 

(a) A transaction or series of transactions (other than an offering of Stock to the general public through a registration statement filed
with the Securities and Exchange Commission) whereby any “person” or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the Company, any of its
Subsidiaries, an employee benefit plan maintained by the Company or any of its Subsidiaries or a “person” that, prior to such transaction, directly or indirectly controls, is controlled by, or is under common control with, the Company)
directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more than 50% of the total combined voting power of the Company’s securities outstanding
immediately after such acquisition; or 
 (b) During any period of two consecutive years, individuals who, at the beginning of
such period, constitute the Board together with any new director(s) (other than a director designated by a person who shall have entered into an agreement with the Company to effect a transaction described in clause (a) above or clause
(c) below) whose election by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the two year
period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or 







 (c) The consummation by the Company (whether directly involving the Company or indirectly
involving the Company through one or more intermediaries) of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other disposition of all or substantially all of the Company’s assets in any single
transaction or series of related transactions or (z) the acquisition of assets or stock of another entity, in each case other than a transaction: 
 (i) Which results in the Company’s voting securities outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting
securities of the Company or the person that, as a result of the transaction, controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s assets or otherwise succeeds to the business
of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly, at least a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the
transaction, and 
 (ii) After which no person or group beneficially owns voting securities representing 50% or more of the
combined voting power of the Successor Entity; provided, however, that no person or group shall be treated for purposes of this clause (ii) as beneficially owning 50% or more of combined voting power of the Successor Entity solely as a
result of the voting power held in the Company prior to the consummation of the transaction. 
 The Administrator shall have
full and final authority, which shall be exercised in its discretion, to determine conclusively whether a Change in Control of the Company has occurred pursuant to the above definition, and the date of the occurrence of such Change in Control and
any incidental matters relating thereto. 
 2.4 “Code” shall mean the Internal Revenue Code of 1986, as
amended from time to time, and the regulations issued thereunder. 
 2.5 “Committee” shall mean the
committee of the Board described in Article 3. 
 2.6 “Company” shall mean Zogenix, Inc., a Delaware
corporation. 
 2.7 “Compensation” of an Eligible Employee shall mean the gross base compensation
received by such Eligible Employee as compensation for services to the Company or any Designated Subsidiary, excluding overtime payments, sales commissions, incentive compensation, bonuses, expense reimbursements, fringe benefits and other special
payments. 
 2.8 “Designated Subsidiary” shall mean any Subsidiary designated by the Administrator in
accordance with Section 3.3(b). 
 2.9 “Eligible Employee” shall mean an Employee of the Company or
a Designated Subsidiary: (a) who does not, immediately after any rights under this Plan are granted, own (directly or through attribution) stock possessing 5% or more of the total combined voting power or value of all classes of Stock or other
stock of the Company, a Parent or a Subsidiary (as determined under Section 423(b)(3) of the Code); (b) whose customary employment is for more than twenty hours per week; and (c) whose customary employment is for more than five months
in any calendar year; provided, however, that the Administrator may provide in an Offering Document that (i) Employees who are highly compensated employees within the meaning of Section 423(b)(4)(D) of the Code, and/or
(ii) Employees who have not met a service requirement designated by the Administrator pursuant to Section 423(b)(4)(A) of the Code (which service requirement may not exceed two years), shall not be eligible to participate in an Offering
Period. For purposes of clause (a) above, the rules of Section 424(d) of the Code with regard to the 

  
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attribution of stock ownership shall apply in determining the stock ownership of an individual, and stock which an Employee may purchase under outstanding options shall be treated as stock owned
by the Employee. For purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual is on sick leave or other leave of absence approved by the Company or a Designated Subsidiary and meeting the
requirements of Treasury Regulation Section 1.421-7(h)(2). 
 In addition, “Eligible Employee”
shall not include any Employee of a Designated Subsidiary who is a citizen or resident of a foreign jurisdiction if the grant of a right to purchase Stock under the Plan to such Employee would be prohibited under the laws of such foreign
jurisdiction or the grant of an option to such Employee in compliance with the laws of such foreign jurisdiction would cause the Plan to violate the requirements of Section 423 of the Code, as determined by the Administrator in its sole
discretion. 
 2.10 “Employee” shall mean any officer or other employee (as defined in accordance with
Section 3401(c) of the Code) of the Company or any Designated Subsidiary. 
 2.11 “Enrollment Date”
shall mean the first day of each Offering Period. 
 2.12 “Exchange Act” shall mean the Securities
Exchange Act of 1934, as amended from time to time. 
 2.13 “Fair Market Value” means, as of any given
date, the fair market value of a share of Stock on the date determined as follows: 
 (a) If the Stock is listed on any
(i) established securities exchange (such as the New York Stock Exchange, the NASDAQ Global Market and the NASDAQ Global Select Market), (ii) national market system or (iii) automated quotation system on which the Stock is listed,
quoted or traded, its Fair Market Value shall be the closing sales price for a share of Stock as quoted on such exchange or system for such date or, if there is no closing sales price for a share of Stock on the date in question, the closing sales
price for a share of Stock on the last preceding date for which such quotation exists, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; 

(b) If the Stock is not listed on an established securities exchange, national market system or automated quotation system, but the Stock
is regularly quoted by a recognized securities dealer, its Fair Market Value shall be the mean of the high bid and low asked prices for such date or, if there are no high bid and low asked prices for a share of Stock on such date, the high bid and
low asked prices for a share of Stock on the last preceding date for which such information exists, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or 

(c) If the Stock is neither listed on an established securities exchange, national market system or automated quotation system nor
regularly quoted by a recognized securities dealer, its Fair Market Value shall be established by the Administrator in good faith, as of any given date, the fair market value of a share of Stock on the date determined by such methods or procedures
as may be established from time to time by the Administrator. 
 2.14 “Offering Document” shall have the
meaning given to such term in Section 5.1. 
 2.15 “Offering Period” shall mean each Offering
Period designated by the Administrator in the applicable Offering Document pursuant to Section 5.1. 

  
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 2.16 “Parent” shall mean any corporation, other than the Company, in
an unbroken chain of corporations ending with the Company if, at the time of the determination, each of the corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of
the other corporations in such chain. 
 2.17 “Participant” shall mean any Eligible Employee who has
executed a subscription agreement and been granted rights to purchase Stock pursuant to the Plan. 
 2.18
“Plan” shall mean this Zogenix, Inc. 2010 Employee Stock Purchase Plan, as it may be amended from time to time. 
 2.19 “Purchase Date” shall mean the last day of each Purchase Period. 
 2.20 “Purchase Period” shall mean each Purchase Period designated by the Administrator in the applicable Offering Document pursuant to Section 5.1. A new Purchase Period will
begin on the day immediately following a Purchase Date. 
 2.21 “Purchase Price” shall mean the purchase
price designated by the Administrator in the applicable Offering Document (which purchase price shall not be less than 85% of the Fair Market Value of a share of Stock on the Enrollment Date or on the Purchase Date, whichever is lower);
provided, however, that, in the event no purchase price is designated by the Administrator in the applicable Offering Document, the purchase price for the Offering Periods covered by such Offering Document shall be 85% of the Fair
Market Value of a share of Stock on the Enrollment Date or on the Purchase Date, whichever is lower; provided, further, that the Purchase Price may be adjusted by the Administrator pursuant to Article 9; provided,
further, that the Purchase Price shall not be less than the par value of a share of Stock. 
 2.22 “Securities
Act” shall mean the Securities Act of 1933, as amended from time to time. 
 2.23 “Stock”
shall mean the common stock of the Company and such other securities of the Company that may be substituted for Stock pursuant to Article 9. 
 2.24 “Subsidiary” shall mean any corporation, other than the Company, in an unbroken chain of corporations beginning with the Company if, at the time of the determination, each of
the corporations other than the last corporation in an unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 

ARTICLE III 
 ADMINISTRATION 
 3.1 Administrator. The Administrator of the Plan
shall be the Compensation Committee of the Board (or another committee or a subcommittee of the Board to which the Board delegates administration of the Plan) (such committee, the “Committee”), which Committee shall consist
solely of two or more members of the Board each of whom is a “non-employee director” within the meaning of Rule 16b-3 which has been adopted by the Securities and Exchange Commission under the Exchange Act and which Committee is otherwise
constituted to comply with applicable law. The Board may abolish the Committee at any time and vest in the Board the administration of the Plan. 

  
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 3.2 Action by the Administrator. A majority of the Administrator shall constitute a
quorum. The acts of a majority of the members present at any meeting at which a quorum is present, and, subject to applicable law and the Bylaws of the Company, acts approved in writing by a majority of the Administrator in lieu of a meeting, shall
be deemed the acts of the Administrator. Each member of the Administrator is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of the Company or any Designated
Subsidiary, the Company’s independent certified public accountants, or any executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan. 

3.3 Authority of Administrator. The Administrator shall have the power, subject to, and within the limitations of, the express
provisions of the Plan: 
 (a) To determine when and how rights to purchase Stock shall be granted and the provisions of each
offering of such rights (which need not be identical). 
 (b) To designate from time to time which Subsidiaries of the Company
shall be Designated Subsidiaries, which designation may be made without the approval of the shareholders of the Company. 
 (c)
To construe and interpret the Plan and rights granted under it, and to establish, amend and revoke rules and regulations for its administration. The Administrator, in the exercise of this power, may correct any defect, omission or inconsistency in
the Plan, in a manner and to the extent it shall deem necessary or expedient to make the Plan fully effective. 
 (d) To amend
the Plan as provided in Article 10. 
 (e) Generally, to exercise such powers and to perform such acts as the Administrator
deems necessary or expedient to promote the best interests of the Company and its Subsidiaries and to carry out the intent that the Plan be treated as an “employee stock purchase plan” within the meaning of Section 423 of the Code.

 3.4 Decisions Binding. The Administrator’s interpretation of the Plan, any rights granted pursuant to the Plan,
any subscription agreement and all decisions and determinations by the Administrator with respect to the Plan are final, binding, and conclusive on all parties. 
 ARTICLE IV 
 SHARES SUBJECT TO THE PLAN 

4.1 Number of Shares. Subject to Article 9, the aggregate number of shares of Stock which may be issued pursuant to rights granted
under the Plan shall be 500,000 shares. In addition to the foregoing, subject to Article 9, commencing on the first January 1 following the Effective Date, and on each January 1 thereafter during the term of the Plan, the number of shares
of Stock which shall be made available for sale under the Plan shall be increased by that number of shares of Stock equal to the least of (a) 1% of the Company’s outstanding shares on such date, (b) 250,000 shares, or (c) a
lesser amount determined by the Board. Accordingly, the number of shares of Stock which shall be available for sale under the Plan shall be subject to increase under the preceding sentence only on the first January 1 following the Effective
Date and on each subsequent January 1 through and including January 1, 2020. If any right granted under the Plan shall for any reason terminate without having been exercised, the Stock not purchased under such right shall again become
available for the Plan. Notwithstanding anything in this Section 4.1 to the contrary, the number of shares of Stock that may be issued or transferred pursuant to rights granted under the Plan shall not exceed an aggregate of 3,000,000 shares,
subject to Article 9. 

  
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 4.2 Stock Distributed. Any Stock distributed pursuant to the Plan may consist, in
whole or in part, of authorized and unissued Stock, treasury stock or Stock purchased on the open market. 
 ARTICLE V

 OFFERING PERIODS; OFFERING DOCUMENTS; PURCHASE DATES 

5.1 Offering Periods. The Administrator may from time to time grant or provide for the grant of rights to purchase Stock of the
Company under the Plan to Eligible Employees during one or more periods (each, an “Offering Period”) selected by the Administrator commencing on such dates (each, an “Enrollment Date”) selected by the
Administrator. The terms and conditions applicable to each Offering Period shall be set forth in an “Offering Document” adopted by the Administrator, which Offering Document shall be in such form and shall contain such terms
and conditions as the Administrator shall deem appropriate and shall be incorporated by reference into and made part of the Plan and shall be attached hereto as part of the Plan. The Administrator shall establish in each Offering Document one or
more dates during an Offering Period (the “Purchase Date(s)”) on which rights granted under the Plan shall be exercised and purchases of Stock carried out during such Offering Period in accordance with such Offering Document
and the Plan. The provisions of separate Offering Periods under the Plan need not be identical. 
 5.2 Offering
Documents. Each Offering Document with respect to an Offering Period shall specify (through incorporation of the provisions of this Plan by reference or otherwise): 
 (a) the length of the Offering Period, which period shall not exceed twenty-seven months; 
 (b) the Enrollment Date for such Offering Period; 
 (c) the Purchase Date(s)
during such Offering Period; 
 (d) the maximum number of shares that may be purchased by any Eligible Employee during such
Offering Period, which, in the absence of a contrary designation by the Administrator, shall be 20,000 shares; 
 (e) in
connection with each Offering Period that contains more than one Purchase Date, the maximum aggregate number of shares which may be purchased by any Eligible Employee on any given Purchase Date during the Offering Period, which, in the absence of a
contrary designation by the Administrator, shall be 20,000 shares; and 
 (f) such other provisions as the Administrator
determines are appropriate, subject to the Plan. 
 ARTICLE VI 

PARTICIPATION 
 6.1 Eligibility. Any Eligible Employee who shall be employed by the Company or a Designated Subsidiary on the day immediately preceding a given Enrollment Date for an Offering Period shall be
eligible to participate in the Plan during such Offering Period, subject to the requirements of this Article 6 and the limitations imposed by Section 423(b) of the Code. 

  
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 6.2 Enrollment in Plan. Except as otherwise set forth in an Offering Document, an
Eligible Employee may become a Participant in the Plan for an Offering Period by delivering a subscription agreement to the Company prior to the Enrollment Date for such Offering Period (or such other date specified in the Offering Document), in
such form as the Administrator provides. Each such agreement shall designate a whole percentage of such Eligible Employee’s Compensation to be withheld by the Company or the Designated Subsidiary employing such Eligible Employee on each payday
during the Offering Period as payroll deductions under the Plan. An Eligible Employee may designate any whole percentage of Compensation which is not less than 1% and not more than the maximum percentage specified by the Administrator in the
applicable Offering Document (which percentage shall be 20% in the absence of any such designation) as payroll deductions. The payroll deductions made for each Participant shall be credited to an account for such Participant under the Plan and shall
be deposited with the general funds of the Company. A Participant may reduce (but not increase) the percentage of Compensation designated in his or her subscription agreement, subject to the limits of this Section 6.2 at any time during an
Offering Period; provided, however, that the Administrator may limit the number of changes a Participant may make to his or her payroll deduction elections during each Offering Period and/or Purchase Period in the applicable Offering
Document (and in the absence of any specific designation by the Administrator, a Participant shall be allowed two changes to his or her payroll deduction elections during each Offering Period). Any such change to payroll deductions shall be
effective with the first full payroll period following five business days after the Company’s receipt of the new subscription agreement (or such shorter or longer period as may be specified by the Administrator in the applicable Offering
Document). Except as otherwise set forth in an Offering Document, a Participant may participate in the Plan only by means of payroll deduction and may not make contributions by lump sum payment for any Offering Period. 

6.3 Payroll Deductions. Except as otherwise provided in the applicable Offering Document, payroll deductions for a Participant
shall commence on the first payroll following the Enrollment Date and shall end on the last payroll in the Offering Period to which his or her authorization is applicable, unless sooner terminated by the Participant as provided in Article 9.

 6.4 Effect of Enrollment. A Participant’s completion of a subscription agreement will enroll such Participant in
the Plan for each successive Purchase Period and each subsequent Offering Period on the terms contained therein until the Participant either submits a new subscription agreement, withdraws from participation under the Plan as provided in Article 8
or otherwise becomes ineligible to participate in the Plan. 
 6.5 Limitation on Purchase of Stock. An Eligible Employee
may be granted rights under the Plan only if such rights, together with any other rights granted to such Eligible Employee under “employee stock purchase plans” of the Company, any Parent or any Subsidiary, as specified by
Section 423(b)(8) of the Code, do not permit such employee’s rights to purchase stock of the Company or any Parent or Subsidiary to accrue at a rate which exceeds $25,000 of fair market value of such stock (determined as of the first day
of the Offering Period during which such rights are granted) for each calendar year in which such rights are outstanding at any time. This limitation shall be applied in accordance with Section 423(b)(8) of the Code. 

  
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 6.6 Decrease or Suspension of Payroll Deductions. Notwithstanding the foregoing, to
the extent necessary to comply with Section 423(b)(8) of the Code and Section 6.5 or the other limitations set forth in this Plan, a Participant’s payroll deductions may be suspended by the Administrator at any time during an Offering
Period. The balance of the amount credited to the account of each Participant which has not been applied to the purchase of shares of Stock by reason of Section 423(b)(8) of the Code, Section 6.5 or the other limitations set forth in this
Plan shall be paid to such Participant in one lump sum in cash as soon as reasonably practicable after the Purchase Date. 
 6.7
Foreign Employees. In order to facilitate participation in the Plan, the Administrator may provide for such special terms applicable to Participants who are citizens or residents of a foreign jurisdiction, or who are employed by a Designated
Subsidiary outside of the United States, as the Administrator may consider necessary or appropriate to accommodate differences in local law, tax policy or custom. Such special terms may not be more favorable than the terms of rights granted under
the Plan to Eligible Employees who are residents of the United States. Moreover, the Administrator may approve such supplements to, or amendments, restatements or alternative versions of, this Plan as it may consider necessary or appropriate for
such purposes without thereby affecting the terms of this Plan as in effect for any other purpose. No such special terms, supplements, amendments or restatements shall include any provisions that are inconsistent with the terms of this Plan as then
in effect unless this Plan could have been amended to eliminate such inconsistency without further approval by the shareholders of the Company. 
 ARTICLE VII 
 GRANT AND EXERCISE OF RIGHTS 

7.1 Grant of Rights. On the Enrollment Date of each Offering Period, each Eligible Employee participating in such Offering Period
shall be granted a right to purchase the maximum number of shares of Stock specified under Section 5.2(d), subject to the limits in Section 6.5, and shall have the right to buy, on each Purchase Date during such Offering Period (at the
applicable Purchase Price), such number of shares of the Company’s Stock as is determined by dividing (a) such Participant’s payroll deductions accumulated prior to such Purchase Date and retained in the Participant’s account as
of the Purchase Date, by (b) the applicable Purchase Price. The right shall expire on the last day of the Offering Period. 

7.2 Exercise of Rights. On each Purchase Date, each Participant’s accumulated payroll deductions and any other additional
payments specifically provided for in the applicable Offering Document will be applied to the purchase of whole shares of Stock of the Company, up to the maximum number of shares permitted pursuant to the terms of the Plan and the applicable
Offering Document, at the Purchase Price. No fractional shares shall be issued upon the exercise of rights granted under the Plan, unless the Offering Document specifically provides otherwise. Any cash in lieu of fractional shares of Stock remaining
after the purchase of whole shares of Stock upon exercise of a purchase right will be credited to a Participant’s account and carried forward and applied toward the purchase of whole shares of Stock for the next following Offering Period.
Shares issued pursuant to the Plan may be evidenced in such manner as the Administrator may determine and may be issued in certificated form or issued pursuant to book-entry procedures. 

7.3 Pro Rata Allocation of Shares. If the Administrator determines that, on a given Purchase Date, the number of shares of Stock
with respect to which rights are to be exercised may exceed (a) the number of shares of Stock that were available for issuance under the Plan on the Enrollment Date of the applicable Offering Period, or (b) the number of shares of Stock
available for issuance under the Plan on such Purchase Date, the Administrator may in its sole discretion provide that the Company shall make a 

  
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pro rata allocation of the shares of Stock available for purchase on such Enrollment Date or Purchase Date, as applicable, in as uniform a manner as shall be practicable and as it shall determine
in its sole discretion to be equitable among all Participants for whom rights to purchase Stock are to be exercised pursuant to this Article 7 on such Purchase Date, and shall either (a) continue all Offering Periods then in effect, or
(b) terminate any or all Offering Periods then in effect pursuant to Article 10. The Company may make pro rata allocation of the shares available on the Enrollment Date of any applicable Offering Period pursuant to the preceding sentence,
notwithstanding any authorization of additional shares for issuance under the Plan by the Company’s shareholders subsequent to such Enrollment Date. The balance of the amount credited to the account of each Participant which has not been
applied to the purchase of shares of Stock shall be paid to such Participant in one lump sum in cash as soon as reasonably practicable after the Purchase Date. 
 7.4 Withholding. At the time a Participant’s rights under the Plan are exercised, in whole or in part, or at the time some or all of the Stock issued under the Plan is disposed of, the
Participant must make adequate provision for the Company’s federal, state, or other tax withholding obligations, if any, which arise upon the exercise of the right or the disposition of the Stock. At any time, the Company may, but shall not be
obligated to, withhold from the Participant’s compensation the amount necessary for the Company to meet applicable withholding obligations, including any withholding required to make available to the Company any tax deductions or benefits
attributable to sale or early disposition of Stock by the Participant. 
 7.5 Conditions to Issuance of Stock. The
Company shall not be required to issue or deliver any certificate or certificates for, or make any book entries evidencing, shares of Stock purchased upon the exercise of rights under the Plan prior to fulfillment of all of the following conditions:

 (a) The admission of such shares to listing on all stock exchanges, if any, on which the Stock is then listed; and

 (b) The completion of any registration or other qualification of such shares under any state or federal law or under the
rulings or regulations of the Securities and Exchange Commission or any other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or advisable; and 

(c) The obtaining of any approval or other clearance from any state or federal governmental agency which the Administrator shall, in its
absolute discretion, determine to be necessary or advisable; and 
 (d) The payment to the Company of all amounts which it is
required to withhold under federal, state or local law upon exercise of the rights, if any; and 
 (e) The lapse of such
reasonable period of time following the exercise of the rights as the Administrator may from time to time establish for reasons of administrative convenience. 
 ARTICLE VIII 
 WITHDRAWAL; TERMINATION OF EMPLOYMENT OR ELIGIBILITY

 8.1 Withdrawal. A Participant may withdraw all but not less than all of the payroll deductions credited to his or
her account and not yet used to exercise his or her rights under the Plan at any time by giving written notice to the Company in a form acceptable to the Administrator no later than 

  
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one (1) week prior to the end of the Offering Period. All of the Participant’s payroll deductions credited to his or her account during an Offering Period shall be paid to such
Participant as soon as reasonably practicable after receipt of notice of withdrawal and such Participant’s rights for the Offering Period shall be automatically terminated, and no further payroll deductions for the purchase of shares shall be
made for such Offering Period. If a Participant withdraws from an Offering Period, payroll deductions shall not resume at the beginning of the next Offering Period unless the Participant delivers to the Company a new subscription agreement.

 8.2 Future Participation. A Participant’s withdrawal from an Offering Period shall not have any effect upon his
or her eligibility to participate in any similar plan which may hereafter be adopted by the Company or a Designated Subsidiary or in subsequent Offering Periods which commence after the termination of the Offering Period from which the Participant
withdraws. 
 8.3 Cessation of Eligibility. Upon a Participant’s ceasing to be an Eligible Employee for any reason,
he or she shall be deemed to have elected to withdraw from the Plan pursuant to this Article 8 and the payroll deductions credited to such Participant’s account during the Offering Period shall be paid to such Participant or, in the case of his
or her death, to the person or persons entitled thereto under Section 12.4, as soon as reasonably practicable, and such Participant’s rights for the Offering Period shall be automatically terminated. 

ARTICLE IX 

ADJUSTMENTS UPON CHANGES IN STOCK 
 9.1 Changes in Capitalization. Subject to Section 9.3, in the event of any stock dividend, stock split, combination or exchange of shares, merger, consolidation, spin-off, recapitalization,
distribution of Company assets to shareholders (other than normal cash dividends), or any other corporate event affecting the Stock or the share price of the Stock, the Administrator may make such proportionate adjustments, if any, as the
Administrator in its discretion may deem appropriate to reflect such change with respect to (a) the aggregate number and type of shares of Stock (or other securities or property) that may be issued under the Plan (including, but not limited to,
adjustments of the limitations in Section 4.1 and the limitations established in each Offering Document pursuant to Section 5.2 on the maximum number of shares of Stock that may be purchased); (b) the class(es) and number of shares
and price per share of Stock subject to outstanding rights; and (c) the Purchase Price with respect to any outstanding rights. 
 9.2 Other Adjustments. Subject to Section 9.3, in the event of any transaction or event described in Section 9.1 or any unusual or nonrecurring transactions or events affecting the
Company, any affiliate of the Company, or the financial statements of the Company or any affiliate (including without limitation any Change in Control), or of changes in applicable laws, regulations or accounting principles, and whenever the
Administrator determines that such action is appropriate in order to prevent the dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to any right under the Plan, to facilitate
such transactions or events or to give effect to such changes in laws, regulations or principles, the Administrator, in its sole discretion and on such terms and conditions as it deems appropriate, is hereby authorized to take any one or more of the
following actions: 

  
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 (a) To provide for
either (i) termination of any outstanding right in exchange for an amount of cash, if any, equal to the amount that would have been obtained upon the exercise of such right had such right been currently exercisable or (ii) the replacement
of such outstanding right with other rights or property selected by the Administrator in its sole discretion; 
 (b) To provide
that the outstanding rights under the Plan shall be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted for by similar rights covering the stock of the successor or survivor corporation, or a
parent or subsidiary thereof, with appropriate adjustments as to the number and kind of shares and prices; and 
 (d) To make
adjustments in the number and type of shares of Stock (or other securities or property) subject to outstanding rights under the Plan and/or in the terms and conditions of outstanding rights and rights which may be granted in the future; 

(d) To provide that Participants’ accumulated payroll deductions may be used to purchase Stock prior to the next occurring Purchase
Date on such date as the Administrator determines in its sole discretion and the Participants’ rights under the ongoing Offering Period(s) terminated; and 
 (e) To provide that all outstanding rights shall terminate without being exercised. 
 9.3 No Adjustment Under Certain Circumstances. No adjustment or action described in this Article 9 or in any other provision of the Plan shall be authorized to the extent that such adjustment or
action would cause the Plan to fail to satisfy the requirements of Section 423 of the Code. 
 9.4 No Other Rights.
Except as expressly provided in the Plan, no Participant shall have any rights by reason of any subdivision or consolidation of shares of stock of any class, the payment of any dividend, any increase or decrease in the number of shares of stock of
any class or any dissolution, liquidation, merger, or consolidation of the Company or any other corporation. Except as expressly provided in the Plan or pursuant to action of the Administrator under the Plan, no issuance by the Company of shares of
stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of shares of Stock subject to an Award or the grant or exercise price of any
Award. 
 ARTICLE X 
 AMENDMENT, MODIFICATION AND TERMINATION 
 10.1 Amendment, Modification
and Termination. The Administrator may amend, suspend or terminate the Plan at any time and from time to time; provided, however, that approval by a vote of the holders of the outstanding shares of the Company’s capital stock
entitled to vote shall be required to amend the Plan to: (a) change the aggregate number or type of shares that may be sold pursuant to rights under the Plan under Section 4.1 (other than any adjustment as provided by Article 9);
(b) change the corporations or classes of corporations whose employees may be granted rights under the Plan; or (c) change the Plan in any manner that would cause the Plan to no longer be an “employee stock purchase plan” within
the meaning of Section 423(b) of the Code. 
 10.2 Rights Previously Granted. Except as provided in Article 9 or
this Article 10, no termination, amendment or modification may make any change in any right theretofore granted which adversely affects the rights of any Participant without the consent of such Participant, provided that an Offering Period
may be terminated, amended or modified by the Administrator if the Administrator determines that the termination of the Offering Period or the Plan is in the best interests of the Company and its shareholders. 

  
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 10.3 Certain Changes to Plan. Without shareholder consent and without regard to
whether any Participant rights may be considered to have been adversely affected, to the extent permitted by Section 423 of the Code, the Administrator shall be entitled to change the Offering Periods, limit the frequency and/or number of
changes in the amount withheld during an Offering Period, establish the exchange ratio applicable to amounts withheld in a currency other than U.S. dollars, permit payroll withholding in excess of the amount designated by a Participant in order to
adjust for delays or mistakes in the Company’s processing of properly completed withholding elections, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the
purchase of Stock for each Participant properly correspond with amounts withheld from the Participant’s Compensation, and establish such other limitations or procedures as the Administrator determines in its sole discretion advisable which are
consistent with the Plan. 
 ARTICLE XI 
 TERM OF PLAN 
 The Plan shall be effective on the business day immediately
preceding the date on which the Registration Statement filed with respect to the Plan becomes effective (the “Effective Date”). The effectiveness of the Plan shall be subject to approval of the Plan by the stockholders of the
Company within twelve months following the date the Plan is first approved by the Board. No right may be granted under the Plan prior to such stockholder approval. The Plan shall be in effect until the tenth anniversary of the date this Plan is
first approved by the Board, unless sooner terminated under Article 10. No rights may be granted under the Plan during any period of suspension of the Plan or after termination of the Plan. 

ARTICLE XII 
 MISCELLANEOUS 
 12.1 Restriction upon Assignment. A right
granted under the Plan shall not be transferable other than by will or the laws of descent and distribution, and is exercisable during the Participant’s lifetime only by the Participant. Except as provided in Section 12.4 hereof, a right
under the Plan may not be exercised to any extent except by the Participant. The Company shall not recognize and shall be under no duty to recognize any assignment or alienation of the Participant’s interest in the Plan, the Participant’s
rights under the Plan or any rights thereunder. 
 12.2 Rights as a Shareholder. With respect to shares of Stock
subject to a right granted under the Plan, a Participant shall not be deemed to be a shareholder of the Company, and the Participant shall not have any of the rights or privileges of a shareholder, until such shares have been issued to the
Participant or his or her nominee following exercise of the Participant’s rights under the Plan. No adjustments shall be made for dividends (ordinary or extraordinary, whether in cash securities, or other property) or distribution or other
rights for which the record date occurs prior to the date of such issuance, except as otherwise expressly provided herein. 

12.3 Interest. No interest shall accrue on the payroll deductions or lump sum contributions of a Participant under the
Plan. 

  
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 12.4 Designation of Beneficiary. 

(a) A Participant may, in the manner determined by the Administrator, file a written designation of a beneficiary who is to receive any
shares and cash, if any, from the Participant’s account under the Plan in the event of such Participant’s death subsequent to a Purchase Date on which the Participant’s rights are exercised but prior to delivery to such Participant of
such shares and cash. In addition, a Participant may file a written designation of a beneficiary who is to receive any cash from the Participant’s account under the Plan in the event of such Participant’s death prior to exercise of the
Participant’s rights under the Plan. If the Participant is married and resides in a community property state, a designation of a person other than the Participant’s spouse as his or her beneficiary shall not be effective without the prior
written consent of the Participant’s spouse. 
 (b) Such designation of beneficiary may be changed by the Participant at
any time by written notice to the Company. In the event of the death of a Participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such Participant’s death, the Company shall deliver such
shares and/or cash to the executor or administrator of the estate of the Participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such shares and/or cash
to the spouse or to any one or more dependents or relatives of the Participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate. 

12.5 Notices. All notices or other communications by a Participant to the Company under or in connection with the Plan shall be
deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 
 12.6 Equal Rights and Privileges. Subject to Section 6.7, all Eligible Employees of the Company or any Designated Subsidiary will have equal rights and privileges under this Plan so that this
Plan qualifies as an “employee stock purchase plan” within the meaning of Section 423 of the Code. Subject to Section 6.7, any provision of this Plan that is inconsistent with Section 423 of the Code will, without further
act or amendment by the Company, the Board or the Administrator, be reformed to comply with the equal rights and privileges requirement of Section 423 of the Code. 
 12.7 Use of Funds. All payroll deductions received or held by the Company under the Plan may be used by the Company for any corporate purpose, and the Company shall not be obligated to segregate
such payroll deductions. 
 12.8 Reports. Statements of account shall be given to participating Employees at least
annually, which statements shall set forth the amounts of payroll deductions, the Purchase Price, the number of shares purchased and the remaining cash balance, if any. 
 12.9 No Employment Rights. Nothing in the Plan shall be construed to give any person (including any Eligible Employee or Participant) the right to remain in the employ of the Company or any Parent
or Subsidiary or to affect the right of the Company or any Parent or Subsidiary to terminate the employment of any person (including any Eligible Employee or Participant) at any time, with or without cause. 

  
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 12.10 Notice of Disposition of Shares. Each Participant shall give prompt notice to
the Company of any disposition or other transfer of any shares of stock purchased upon exercise of a right under the Plan if such disposition or transfer is made: (a) within two years from the Enrollment Date of the Offering Period in which the
shares were purchased or (b) within one year after the Purchase Date on which such shares were purchased. Such notice shall specify the date of such disposition or other transfer and the amount realized, in cash, other property, assumption of
indebtedness or other consideration, by the Participant in such disposition or other transfer. 
 12.11 Governing Law.
The validity and enforceability of this Plan shall be governed by and construed in accordance with the laws of the State of California without regard to otherwise governing principles of conflicts of law. 

  
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