EX-10.2





 Exhibit 10.2 

BILL.COM, INC. 
 2006
EQUITY INCENTIVE PLAN 
 As Adopted by the Board on April 21, 2006 and amended through October 22, 2015 

1. PURPOSE. The purpose of this Plan is to provide incentives to attract, retain and motivate eligible persons
whose present and potential contributions are important to the success of the Company its Parent and any Subsidiaries, by offering them an opportunity to participate in the Company’s future performance through awards of Options and Restricted
Stock. Capitalized terms not defined elsewhere in the text are defined in Section 22 hereof. Although this Plan is intended to be a written compensatory benefit plan within the meaning of Rule 701 promulgated under the Securities Act,
Awards may be granted which do not qualify for exemption under Rule 701 or Section 25102(o) of the California Corporations Code (“Section 25102(o)”). Any requirement of this Plan legally
required only because of Section 25102(o) need not apply if the Committee so determines pursuant to a duly adopted resolution recorded in its minutes. 

2. SHARES SUBJECT TO THE PLAN. 

2.1 Number of Shares Available. Subject to Sections 2.2 and 17 hereof, the total number of Shares reserved and
available for grant and issuance pursuant to this Plan will be 14,943,073 Shares or such lesser number of Shares as permitted by applicable law. 

Subject to Sections 2.2, 5.10 and 17 hereof, if Shares: (a) are subject to an Award that terminates without such Shares being issued, or (b) are
issued pursuant to an Award, but are forfeited or repurchased by the Company at the original issue price; then such Shares will again be available for grant and issuance under this Plan. At all times the Company will reserve and keep available the
number of Shares necessary to satisfy the requirements of all Awards then outstanding under this Plan. 
 To the extent required by applicable law, in no
event shall the total number of Shares issued (counting each reissuance of a Share that was previously issued and then forfeited or repurchased by the Company as a separate issuance) under the Plan upon exercise of ISOs (defined in Section 5
below) exceed 29,886,146 Shares (adjusted in proportion to any adjustments under Section 2.2 hereof) over the term of the Plan. 

2.2 Adjustment of Shares. In the event that the number of outstanding shares of the Company’s common stock is
changed by a stock dividend, recapitalization, stock split, reverse stock split, subdivision, combination, reclassification, spin-off or similar change in the capital structure of the Company without
consideration, then (a) the number of Shares reserved for issuance under this Plan, and (b) the Exercise Prices and Purchase Prices of, and number of Shares subject to, then outstanding Awards will be proportionately adjusted, subject to
any required action by the Board or the stockholders of the Company and compliance with applicable securities laws; provided, however, that fractions of a Share will not be issued but will either be paid in cash at the Fair Market Value of such
fraction of a Share or will be rounded down to the nearest whole Share, as determined by the Committee; and provided, further, that the Exercise Price per share of any Option may not be decreased to below the par value of a Share. 












 3. ELIGIBILITY. ISOs (as defined in Section 5 hereof) may
be granted only to employees (including officers and directors who are also employees) of the Company or of a Parent or Subsidiary. All other types of Award may be granted to any employee, officer, director or consultant of the Company or any Parent
or Subsidiary; provided with respect to any consultant, however, that such consultant is a natural person and the Award is in full or partial compensation for bona fide services unconnected with any offer and sale of securities in a capital-raising
transaction. Any Participant may be granted more than one Award under this Plan. 
 4. ADMINISTRATION. 

4.1 Authority. The Committee will administer this Plan. Subject to the general purposes, terms and conditions of this
Plan, and to the direction of the Board, the Committee will have full power to implement and carry out this Plan. Without limitation, the Committee will have the authority to: 

(a) construe and interpret this Plan, any Award Agreement and any other agreement or document executed pursuant to this Plan; 

(b) prescribe, amend and rescind rules and regulations relating to this Plan; 

(c) approve persons to receive Awards; 

(d) determine the form and terms of Awards; 

(e) determine the number of Shares or other consideration subject to Awards; 

(f) determine whether Awards will be granted singly, in combination with, in tandem with, in replacement of, or as alternatives to, other
Awards or awards under any other incentive or compensation plan of the Company or any Parent or Subsidiary; 
 (g) determine whether
Section 25102(o) is to apply to an Award; 
 (h) grant waivers of any conditions of this Plan or any Award; 

(i) determine the terms of vesting, exercisability and payment of Awards; 

(j) correct any defect, supply any omission, or reconcile any inconsistency in this Plan, any Award, any Award Agreement or any Exercise
Agreement; 
 (k) determine whether an Award has been earned; 

(l) delegate to one or more officers of the Company the authority to grant Awards within parameters established by the Committee, provided
each such officer is a member of the Board and subject to applicable law (for example, the corporate governance laws of the state of the Company’s incorporation); 

  
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 (m) delegate authority to grant Awards to a committee comprised solely of two, or more,
“outside directors” (as defined in the regulations promulgated under Section 162(m) of the Code); make all other determinations necessary or advisable for the administration of this Plan; and 

(n) extend the vesting period beyond a Participant’s Termination Date. 

4.2 Committee Discretion. Any determination made by the Committee with respect to any Award will be made in its sole
discretion, provided such determination does not contravene any other express term of this Plan or direction of the Board, either: (a) at the time of grant of the Award, or (b) at any later time, subject to Section 5.9 hereof and
provided such determination does not contravene any express term of such Award. Any such determination will be final and binding on the Company and on all persons having an interest in any Award affected by such determination. Unless the Committee
determines in writing that Section 409A of the Code is to apply with respect to a particular Award granted to a Participant, the terms of each Award granted hereunder shall be such as shall not cause such Award to be subject to
Section 409A of the Code. Any term in any such Award that causes it to be subject to Section 409A may, at the election of the Committee acting in its sole discretion, be modified so as to cause the Award not to be subject to
Section 409A and if such modification is not possible then the Committee shall determine in its sole discretion whether such provision shall be void and without effect or the entire Award shall be rescinded and void. 

5. OPTIONS. The Committee will determine at, or prior to, the date of grant of each Option whether such Option
will be an “incentive stock option” within the meaning of Section 422 of the Code (“ISO”) or a nonqualified stock option (“NQSO”), the number of Shares subject to the Option, the
Exercise Price of the Option, the period during which the Option may be exercised, and all other terms and conditions of the Option, subject to the following: 

5.1 Form of Option Grant. Each Option granted under this Plan will be evidenced by an Award Agreement, expressly
identifying the Option as an ISO or an NQSO (“Stock Option Agreement”), which will: (a) be in such form and contain such provisions (which need not be the same for each Participant) as the Committee may from time to time
approve, and (b) comply with and be subject to the terms and conditions of this Plan. 
 5.2 Date of Grant. The
date of grant of an Option will be the date on which the Committee makes the determination to grant such Option, unless a later date of grant is specified by the Committee. The Stock Option Agreement and a copy of this Plan must be delivered to the
Participant within a reasonable time after the date of grant of the Option. 
 5.3 Exercise Period. Options may be
exercisable immediately but subject to repurchase pursuant to Section 11 hereof or may be exercisable within the times or upon the events determined by the Committee as set forth in the Stock Option Agreement governing such Option; but in no
event shall an Option granted to an employee who is a non-exempt employee for purposes of overtime pay under the Fair Labor Standards Act of 1938, be exercisable earlier than six (6) months after its date
of grant. The Committee also may provide for Options to become 

  
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exercisable at one time or from time to time, periodically or otherwise, in such number of Shares or percentage of Shares as the Committee determines. Subject to earlier termination of the Option
as provided herein, to the extent Section 25102(o) is intended to apply, each Participant who is not an officer, director or consultant of the Company or of a Parent or Subsidiary shall have the right to exercise an Option granted hereunder at
the rate of no less than twenty percent (20%) per year over five (5) years from the date such Option is granted. 
 (a) Subject to the
terms of this Plan, any Option will expire no later than the latest date set forth in the Stock Option Agreement for the Option. 
 (b) Any
Option which is an ISO, or to which Section 25102(o) is to apply, will expire and cease to be exercisable on the date that is the tenth anniversary of the date the Option is granted. 

(c) Any ISO granted to a Ten Percent Stockholder will expire and cease to be exercisable on the date that is the fifth anniversary of the date
the ISO is granted. 
 (d) Any Option held by a Participant who is Terminated for Cause will expire and cease to be exercisable on such
Participant’s Termination Date unless determined otherwise by the Committee. 
 5.4 Exercise Price. The Exercise
Price of an Option will be determined by the Committee when the Option is granted, subject to the following: 
 (a) If the Option is one to
which Section 25102(o) is to apply, then the Exercise Price shall not be less than eighty-five percent (85%) of the Fair Market Value of the Shares on the date of grant and if granted to a Ten Percent Stockholder, then the Exercise Price shall
not be less than one hundred ten percent (110%) of the Fair Market Value of the Shares on the date of grant; 
 (b) Otherwise, if the Option
is an ISO granted to a Ten Percent Stockholder, then the Exercise Price shall not be less than one hundred ten percent (110%) of the Fair Market Value of the Shares on the date of grant. 

5.5 Method of Exercise. Options may be exercised only by delivery to the Company of a written stock option exercise
agreement (the “Exercise Agreement”) in a form approved by the Committee (which need not be the same for each Participant). The Exercise Agreement will state (a) the number of Shares being purchased, (b) the
restrictions imposed on the Shares purchased under such Exercise Agreement, if any, and (c) such representations and agreements regarding Participant’s investment intent and access to information and other matters, if any, as may be
required or desirable by the Company to comply with applicable securities laws. Participant shall execute and deliver to the Company the Exercise Agreement together with payment in full of the Exercise Price, and any applicable taxes, for the number
of Shares being purchased. 

  
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 5.6 Termination. Subject to earlier termination pursuant to Sections 17
and 18 hereof and unless a different exercise period is expressly set forth in the Stock Option Agreement, the exercise period of an Option is always subject to the following: 

(a) If the Participant is Terminated for any reason other than death, Disability or for Cause, then the Participant may exercise such
Participant’s Options only to the extent that such Options are exercisable as to Vested Shares upon the Termination Date or as otherwise determined by the Committee. Such Options must be exercised by the Participant, if at all, within three
(3) months after the Termination Date (or within such longer or shorter time period (not less than thirty (30) days if granted to a non-officer employee to whom Section 25102(o) is applicable)
after the Termination Date as may be determined by the Committee, with any exercise occurring three (3) months after the Termination Date deemed to be exercise of an NQSO) but in any event, no later than the applicable expiration date
determined under Section 5.3 above. 
 (b) If the Participant is Terminated because of Participant’s death or Disability (or the
Participant dies within three (3) months after a Termination other than for Cause), then Participant’s Options may be exercised only to the extent that such Options are exercisable as to Vested Shares by Participant on the Termination Date
or as otherwise determined by the Committee. Such options must be exercised by Participant (or Participant’s legal representative or authorized assignee), if at all, within twelve (12) months after the Termination Date (or within such
shorter time period, not less than six (6) months if granted to a non-officer employee to whom Section 25102(o) is applicable). The post-termination exercise period for Termination due to death or
Disability may be for a longer time period than twelve (12) months, but shall not exceed five (5) years, after the Termination Date, if so determined by the Committee. In no event, however, shall the post-termination exercise period extend
beyond the applicable expiration date determined under Section 5.3 above. 
 (c) In the case of an ISO however, any exercise beyond
(a) three (3) months after the Termination Date when the Termination is for any reason other than the Participant’s death or “permanent and total disability”, within the meaning of Section 22(e)(3) of the Code, or
(b) twelve (12) months after the Termination Date when the Termination is for Participant’s “permanent and total disability” (within the meaning of Section 22(e)(3) of the Code, shall be deemed to be exercise of an
NQSO. 
 (d) When a Participant is Terminated for Cause, such Participant’s Options, may be exercised to no extent greater than such
Options are exercisable as to Vested Shares upon the Termination Date and such Options shall expire as determined under Section 5.3 above. 

5.7 Limitations on Exercise. The Committee may specify a reasonable minimum number of Shares that may be purchased on any
exercise of an Option, provided that such minimum number will not prevent Participant from exercising the Option for the full number of Shares for which it is then exercisable. 

5.8 Limitations on ISOs. The aggregate Fair Market Value (determined as of the date of grant) of Shares with respect to
which ISOs are exercisable for the first time by a Participant during any calendar year (under this Plan or under any other incentive stock option plan of the Company or any Parent or Subsidiary) will not exceed One Hundred Thousand Dollars
($100,000). If the Fair Market Value of Shares on the date of grant with respect to which ISOs are exercisable for the first time by a Participant during any calendar year exceeds One Hundred Thousand Dollars ($100,000), then the Options for the
first One Hundred Thousand Dollars 

  
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($100,000) worth of Shares to become exercisable in such calendar year will be ISOs and the Options for the amount in excess of One Hundred Thousand Dollars ($100,000) that become exercisable in
that calendar year will be NQSOs and such distinction shall be documented in separate Stock Option Agreements per Section 5.1 above. In the event that the Code or the regulations promulgated thereunder are amended after the Effective Date to
provide for a different limit on the Fair Market Value of Shares permitted to be subject to ISOs, then such different limit will be automatically incorporated herein and will apply to any Options granted after the effective date of such amendment.

 5.9 Modification, Extension or Renewal. The Committee may modify, extend or renew outstanding Options and authorize
the grant of new Options in substitution therefor, provided that any such action may not, without the written consent of a Participant, impair any of such Participant’s rights under any Option previously granted. Any outstanding ISO that is
modified, extended, renewed or otherwise altered will be treated in accordance with Section 424(h) of the Code. Subject to Section 5.10 hereof, the Committee may reduce the Exercise Price of outstanding Options without the consent of
Participants by a written notice to them; provided, however, that the Exercise Price may not be reduced below the minimum Exercise Price that would be permitted under Section 5.4 hereof for Options granted on the date the action is taken to
reduce the Exercise Price; provided, further, that the Exercise Price per share will not be reduced below the par value, if any, of a Share. 

5.10 No Disqualification. Notwithstanding any other provision in this Plan, no term of this Plan relating to ISOs will be
interpreted, amended or altered, nor will any discretion or authority granted under this Plan be exercised, so as to disqualify this Plan under Section 422 of the Code or, without the consent of the Participant, to disqualify any
Participant’s ISO under Section 422 of the Code. 
 6. RESTRICTED STOCK AWARDS. A Restricted Stock
Award is an Award made in the form of a thirty-day offer by the Company to sell Shares that are subject to certain specified restrictions. The Committee will determine all the terms and conditions of the
Restricted Stock Award (such as, the number of Shares, the Purchase Price and the restrictions to which the Shares will be subject) subject to the following: 

6.1 Restricted Stock Purchase Agreement. All purchases under a Restricted Stock Award will be evidenced by an Award
Agreement (“Restricted Stock Purchase Agreement”) that will be in such form (which need not be the same for each Participant) as the Committee will from time to time approve, and will comply with and be subject to the terms
and conditions of this Plan. The Participant’s acceptance of the Restricted Stock Award is accomplished by the Participant’s execution and delivery of the Restricted Stock Purchase Agreement and full payment for the Shares to the Company
within thirty (30) days from the date the Restricted Stock Purchase Agreement is delivered to the person. If such person does not execute and deliver the Restricted Stock Purchase Agreement along with full payment (made in accordance with
Section 8.1 hereof) for the Shares to the Company within such thirty (30) days, then such Restricted Stock Award will terminate, unless otherwise determined by the Committee. 

  
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 6.2 Purchase Price. The Purchase Price of Shares sold pursuant to a
Restricted Stock Award will be determined by the Committee and if Section 25102(o) is applicable, then the Purchase Price will be at least equal to eighty-five percent (85%) of the Fair Market Value of the Shares on the date the Restricted
Stock Award is granted or at the time the purchase is consummated, except in the case of a sale to a Ten Percent Stockholder, in which case the Purchase Price will be one hundred percent (100%) of the Fair Market Value on the date the Restricted
Stock Award is granted or at the time the purchase is consummated. 
 6.3 Restrictions. Restricted Stock Awards may be
subject to the restrictions set forth in Section 11 hereof or such other restrictions determined by the Committee or required by law (including the restrictions required by Section 25102(o) when intended to apply). 

7. PAYMENT FOR SHARE PURCHASES. 

7.1 Payment. Payment for Shares purchased pursuant to this Plan may be made in cash (including by check) or, where
expressly approved for the Participant by the Committee and permitted by law: 
 (a) by cancellation of indebtedness of the Company owed to
the Participant; 
 (b) by surrender of shares that: (i) either (A) have been paid for within the meaning of SEC Rule 144
(and, if such shares were purchased from the Company by use of a promissory note, such note has been fully paid with respect to such shares) or (B) were obtained by Participant in the public market and (ii) are clear of all liens, claims,
encumbrances or security interests; 
 (c) by tender of a full recourse promissory note having such terms as may be approved by the
Committee and bearing interest at a rate sufficient to avoid (i) imputation of income under Sections 483 and 1274 of the Code and (ii) unfavorable accounting treatment as determined by the Committee in its sole discretion; provided,
however, that Participants who are not employees or directors of the Company will not be entitled to purchase Shares with a promissory note unless the note is adequately secured by collateral other than the Shares; provided, further, that the
portion of the Exercise Price or Purchase Price, as the case may be, equal to the par value of the Shares must be paid in cash or other legal consideration permitted by Delaware General Corporation Law, to the extent that Delaware General
Corporation Law is applicable; 
 (d) by waiver of compensation due or accrued to the Participant from the Company for services rendered;

 (e) with respect only to purchases upon exercise of an Option, and provided that a public market for the Company’s stock exists:

 (i) through a “same day sale” commitment from the Participant and a broker-dealer that is a member of the National Association
of Securities Dealers (an “NASD Dealer”) whereby the Participant irrevocably elects to exercise the Option and to sell a portion of the Shares so purchased sufficient to pay the total Exercise Price, and whereby the NASD
Dealer irrevocably commits upon receipt of such Shares to forward the total Exercise Price directly to the Company; or 

  
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 (ii) through a “margin” commitment from the Participant and an NASD Dealer
whereby the Participant irrevocably elects to exercise the Option and to pledge the Shares so purchased to the NASD Dealer in a margin account as security for a loan from the NASD Dealer in the amount of the total Exercise Price, and whereby the
NASD Dealer irrevocably commits upon receipt of such Shares to forward the total Exercise Price directly to the Company; or 
 (f) by any
combination of the foregoing. 
 7.2 Loan Guarantees. The Committee may, in its sole discretion, elect to assist the
Participant in paying for Shares purchased under this Plan by authorizing a guarantee by the Company of a third-party loan to the Participant. 

8. WITHHOLDING TAXES. 

8.1 Withholding Generally. Whenever Shares are to be issued in satisfaction of Awards granted under this Plan, the Company
may require the Participant to remit to the Company an amount sufficient to satisfy any foreign, federal, state and local tax withholding requirements prior to the delivery of any certificate or certificates for such Shares. Whenever, under this
Plan, payments in satisfaction of Awards are to be made in cash by the Company, such payment will be net of an amount sufficient to satisfy any foreign, federal, state, and local tax withholding requirements. 

8.2 Stock Withholding. When, under applicable tax laws, a Participant incurs tax liability in connection with the exercise
or vesting of any Award that is subject to tax withholding and the Participant must pay the Company the amount required to be withheld, the Committee may in its sole discretion allow the Participant to satisfy the minimum tax withholding obligation
by electing to have the Company withhold from the Shares to be issued that minimum number of Shares having a Fair Market Value equal to the minimum amount required to be withheld, determined on the date that the amount of tax to be withheld is to be
determined; but in no event will the Company withhold Shares if such withholding would result in adverse accounting consequences to the Company. Any election by any Participant to have Shares withheld for this purpose must be in writing on a form
made in accordance with the requirements established by the Committee for such election. 
 9. PRIVILEGES OF STOCK
OWNERSHIP. 
 9.1 Voting and Dividends. No Participant will have any of the rights of a stockholder with respect
to any Shares until the date of issuance of Shares to the Participant as recorded in the stockholder records of the Company. After Shares are issued to the Participant, the Participant will be a stockholder and have all the rights of a stockholder
with respect to such Shares, including the right to vote and receive all dividends or other distributions made or paid with respect to such Shares; provided, that if such Shares are Restricted Stock, then any new, additional or different securities
the Participant may become entitled to receive with respect to such Shares by virtue of a stock dividend, stock split or any other change in the corporate or capital structure of the Company will be subject to the same restrictions as the Restricted
Stock. The Participant will have no right to retain such stock dividends or stock distributions with respect to Unvested Shares that are repurchased pursuant to Section 11 hereof. To the extent required, the Company will comply with
Section 260.140.1 of Title 10 of the California Code of Regulations with respect to the voting rights of common stock. 

  
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 9.2 Financial Statements. For each Participant who holds an Award the
Company exempts from qualification under Section 25102(o), and for whom such is required by Section 25102(o), the Company will provide financial statements annually during the period such Participant holds such Award, or as otherwise
required under Section 260.140.46 of Title 10 of the California Code of Regulations. Notwithstanding the foregoing, the Company will not be required to provide such financial statements to those Participants who are key employees whose
services in connection with the Company assure them access to equivalent information. 
 10. TRANSFERABILITY.
Except as permitted by the Committee, Awards granted under this Plan, and any interest therein, will not be transferable or assignable by Participant, other than by will or by the laws of descent and distribution, and, with respect to NQSOs, by
instrument to an inter vivos or testamentary trust in which the Options are to be passed to beneficiaries upon the death of the trustor (settlor), or by gift to “immediate family” as that term is defined in 17 C.F.R. 240.16a-1(e), and may not be made subject to execution, attachment or similar process. During the lifetime of the Participant an Award will be exercisable only by the Participant or Participant’s legal
representative and any elections with respect to an Award may be made only by the Participant or Participant’s legal representative. 

11. RESTRICTIONS ON SHARES. 

11.1 Right of First Refusal. At the discretion of the Committee, the Company may reserve to itself and/or its assignee(s)
in the Award Agreement a right of first refusal to purchase all Shares that a Participant (or a subsequent transferee) may propose to transfer to a third party, except as prohibited by Section 25102(o) when Section 25102(o) is intended to
apply, provided that such right of first refusal terminates upon the Company’s initial public offering of common stock pursuant to an effective registration statement filed under the Securities Act. 

11.2 Right of Repurchase. At the discretion of the Committee, the Company may reserve to itself and/or its assignee(s) in
the Award Agreement a right to repurchase Unvested Shares held by a Participant for cash and/or cancellation of purchase money indebtedness owed to the Company by the Participant following such Participant’s Termination at any time within the
later of ninety (90) days after the Participant’s Termination Date and the date the Participant purchases such Shares under the Plan at the Participant’s Exercise Price or Purchase Price, as the case may be, provided that to the
extent Section 25102(o) is intended to apply, unless the Participant is an officer, director or consultant of the Company or of a Parent or Subsidiary, such right of repurchase lapses at the rate of no less than twenty percent (20%) per year
over five (5) years from: (a) the date of grant of the Option or (b) in the case of Restricted Stock, the date the Participant purchases the Shares. 

12. CERTIFICATES. All certificates for Shares or other securities delivered under this Plan will be subject to
such stock transfer orders, legends and other restrictions as the Committee may deem necessary or advisable, including restrictions under any applicable federal, state or foreign securities law, or any rules, regulations and other requirements of
the SEC or any stock exchange or automated quotation system upon which the Shares may be listed or quoted. 

  
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 13. ESCROW; PLEDGE OF SHARES. To enforce any restrictions on a
Participant’s Shares set forth in Section 11 hereof, the Committee may require the Participant to deposit all certificates representing Shares, together with stock powers or other instruments of transfer approved by the Committee,
appropriately endorsed in blank, with the Company or an agent designated by the Company to hold in escrow until such restrictions have lapsed or terminated. The Committee may cause a legend or legends referencing such restrictions to be placed on
the certificates. Any Participant who is permitted to execute a promissory note as partial or full consideration for the purchase of Shares under this Plan will be required to pledge and deposit with the Company all or part of the Shares so
purchased as collateral to secure the payment of Participant’s obligation to the Company under the promissory note; provided, however, that the Committee may require or accept other or additional forms of collateral to secure the payment of
such obligation and, in any event, the Company will have full recourse against the Participant under the promissory note notwithstanding any pledge of the Participant’s Shares or other collateral. In connection with any pledge of the Shares,
Participant will be required to execute and deliver a written pledge agreement in such form as the Committee will from time to time approve. The Shares purchased with the promissory note may be released from the pledge on a pro rata basis as the
promissory note is paid. 
 14. EXCHANGE AND BUYOUT OF AWARDS. The repricing of Options is permitted without
prior stockholder approval. The Committee may, at any time or from time to time, authorize the Company, with the consent of the respective Participants, to issue new Awards in exchange for the surrender and cancellation of any, or all, outstanding
Awards. The Committee may at any time buy from a Participant an Award previously granted with payment in cash, shares of common stock of the Company (including Restricted Stock) or other consideration, based on such terms and conditions as the
Committee and the Participant may agree. 
 15. SECURITIES LAW AND OTHER REGULATORY COMPLIANCE. Although this
Plan is intended to be a written compensatory benefit plan within the meaning of Rule 701 promulgated under the Securities Act, grants may be made pursuant to this Plan which do not qualify for exemption under Rule 701 or Section 25102(o).
Any requirement of this Plan which is required in law only because of Section 25102(o) need not apply if the Committee so determines or Section 25102(o) is actually inapplicable. An Award will not be effective unless such Award is in
compliance with all applicable federal and state securities laws, rules and regulations of any governmental body, and the requirements of any stock exchange or automated quotation system upon which the Shares may then be listed or quoted, as they
are in effect on the date of grant of the Award and also on the date of exercise or other issuance. Notwithstanding any other provision in this Plan, the Company will have no obligation to issue or deliver certificates for Shares under this Plan
prior to (a) obtaining any approvals from governmental agencies that the Company determines are necessary or advisable, and/or (b) compliance with any exemption, completion of any registration or other qualification of such Shares under
any state or federal law or ruling of any governmental body that the Company determines to be necessary or advisable. The Company will be under no obligation to register the Shares with the SEC or to effect compliance with the exemption,
registration, qualification or listing requirements of any state securities laws, stock exchange or automated quotation system, and the Company will have no liability for any inability or failure to do so. 

  
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 16. NO OBLIGATION TO EMPLOY. Nothing in this Plan or any Award
granted under this Plan will confer or be deemed to confer on any Participant any right to continue as an employee, director or consultant with, the Company or any Parent or Subsidiary or limit in any way the right of the Company or any Parent or
Subsidiary to terminate such service at any time, with or without Cause. 
 17. CORPORATE TRANSACTIONS. 

17.1 Assumption or Replacement of Awards by Successor or Acquiring Company. In the event of (a) a dissolution
or liquidation of the Company, (b) any reorganization, consolidation, merger or similar transaction or series of related transactions (each, a “combination transaction”)) in which the Company is a constituent corporation
or is a party if, as a result of such combination transaction, the voting securities of the Company that are outstanding immediately prior to the consummation of such combination transaction (other than any such securities that are
held by an “Acquiring Stockholder”, as defined below) do not represent, or are not converted into, securities of the surviving corporation of such combination transaction (or such surviving corporation’s parent corporation if the
surviving corporation is owned by the parent corporation) that, immediately after the consummation of such combination transaction, together possess at least fifty percent (50%) of the total voting power of all securities of such surviving
corporation (or its parent corporation, if applicable) that are outstanding immediately after the consummation of such combination transaction, including securities of such surviving corporation (or its parent corporation, if applicable) that are
held by the Acquiring Stockholder; or (c) a sale of all or substantially all of the assets of the Company, that is followed by the distribution of the proceeds to the Company’s stockholders, any of the outstanding Awards, or all
outstanding Awards, may be assumed, converted or replaced by the successor or acquiring corporation (if any), which assumption, conversion or replacement will be binding on all Participants. In the alternative, the successor or acquiring corporation
may substitute equivalent Awards or provide substantially similar consideration to Participants as was provided to stockholders of the Company (after taking into account the existing provisions of the Awards). The successor or acquiring corporation
may also substitute by issuing, in place of outstanding Shares of the Company held by the Participant, substantially similar shares or other property subject to repurchase restrictions and other provisions no less favorable to the Participant than
those which applied to such outstanding Shares immediately prior to such transaction described in this Section 17.1. For purposes of this Section 17.1, an “Acquiring Stockholder” means a stockholder or stockholders
of the Company that (a) merges or combines with the Company in such combination transaction or (b) owns or controls a majority of another corporation that merges or combines with the Corporation in such combination transaction. In the
event such successor or acquiring corporation (if any) refuses to assume, convert, replace or substitute Awards, as provided above, pursuant to a transaction described in this Section 17.1, then notwithstanding any other provision in this Plan
to the contrary, those Awards that are not assumed, converted, replaced or substituted will expire with respect to unissued Shares subject to such Awards, at such time and on such conditions as the Board will determine, but no later than immediately
prior to consummation of such transaction.  
 17.2 Other Treatment of Awards. Notwithstanding the provisions of
Section 17.1, in the event of the occurrence of any transaction described in Section 17.1 hereof, all outstanding Awards will be treated as provided in the applicable agreement or plan of reorganization, merger, consolidation, dissolution,
liquidation or sale of assets. 

  
 11 













 17.3 Assumption of Awards by the Company. The Company, from time to
time, also may substitute or assume outstanding awards granted by another company, whether in connection with an acquisition of such other company or otherwise, by either (a) granting an Award under this Plan in substitution of such other
company’s award or (b) assuming such award as if it had been granted under this Plan if the terms of such assumed award could be applied to an Award granted under this Plan. Such substitution or assumption will be permissible if the holder
of the substituted or assumed award would have been eligible to be granted an Award under this Plan if the other company had applied the rules of this Plan to such grant. In the event the Company assumes an award granted by another company, the
terms and conditions of such award will remain unchanged (except that the exercise price and the number and nature of shares issuable upon exercise of any such award that is an “incentive stock option” under Section 422 of the Code
will be adjusted pursuant to Section 424(a) of the Code to preserve such status). If the Company elects to grant a new Option rather than assuming an existing option, such new Option may be granted with a similarly adjusted Exercise Price. 

18. ADOPTION AND STOCKHOLDER APPROVAL. This Plan takes effect on the Date. To permit the grant of ISOs and the
coverage of Section 25102(o) when desirable, this Plan must be approved by the stockholders of the Company (excluding Shares issued pursuant to this Plan from the determination of whether such approval has been obtained), consistent with
applicable laws, within twelve (12) months before or after the date the Plan is approved by the Board. Commencing on the Effective Date, the Board may grant Awards pursuant to this Plan; provided, however, that: (a) no Option may be
exercisable prior to initial stockholder approval of this Plan; (b) no Option granted pursuant to an increase in the number of Shares approved by the Board shall be exercisable prior to the time such increase has been approved by the
stockholders of the Company; and (c) with respect to Awards to which Section 25102(o) is intended to apply if the necessary stockholder approval is not obtained within the required time period, then all such Awards granted hereunder shall
automatically expire, any Shares issued pursuant to any such Award shall automatically be canceled and any purchase of such Shares shall be rescinded. 

19. TERM OF PLAN/GOVERNING LAW. Unless earlier terminated as provided herein, this Plan will terminate ten
(10) years from the Effective Date or, if earlier, the date of stockholder approval. This Plan and all agreements hereunder shall be governed by and construed in accordance with the laws of the State of California. 

20. AMENDMENT OR TERMINATION OF PLAN. Subject to Section 5.9 hereof, the Board may at any time terminate or amend
this Plan in any respect, including without limitation amendment of any form of Award Agreement or instrument to be executed pursuant to this Plan; provided, however, that the Board will not, without the approval of the stockholders of the Company,
amend this Plan in any manner that requires such stockholder approval pursuant to Section 25102(o) or the Code or the regulations promulgated thereunder as such provisions apply to ISO plans. 

21. NONEXCLUSIVITY OF THE PLAN. Neither the adoption of this Plan by the Board, the submission of this Plan to the
stockholders of the Company for approval, nor any provision of this Plan will be construed as creating any limitations on the power of the Board to adopt such additional compensation arrangements as it may deem desirable, including, without
limitation, the granting of stock options and other equity awards otherwise than under this Plan, and such arrangements may be either generally applicable or applicable only in specific cases. 

  
 12 













 22. DEFINITIONS. As used in this Plan, the following terms will
have the following meanings: 
 “Award” means any award under this Plan, including any Option or Restricted Stock
Award. 
 “Award Agreement” means, with respect to each Award, the signed written agreement between the Company and
the Participant setting forth the terms and conditions of the Award, including the Stock Option Ageement and Restricted Stock Purchase Agreement. 

“Board” means the Board of Directors of the Company. 

“Cause” means Termination because of (a) any willful, material violation by the Participant of any law or
regulation applicable to the business of the Company or a Parent or Subsidiary, the Participant’s conviction for, or guilty plea to, a felony or a crime involving moral turpitude, or any willful perpetration by the Participant of a common law
fraud, (b) the Participant’s commission of an act of personal dishonesty which involves personal profit in connection with the Company or any other entity having a business relationship with the Company, (c) any material breach by the
Participant of any provision of any agreement or understanding between the Company or any Parent or Subsidiary and the Participant regarding the terms of the Participant’s service as an employee, officer, director or consultant to the Company
or a Parent or Subsidiary, including without limitation, the willful and continued failure or refusal of the Participant to perform the material duties required of such Participant as an employee, officer, director or consultant of the Company or a
Parent or Subsidiary, other than as a result of having a Disability, or a breach of any applicable invention assignment and confidentiality agreement or similar agreement between the Company or a Parent or Subsidiary and the Participant,
(d) Participant’s disregard of the policies of the Company or any Parent or Subsidiary so as to cause loss, damage or injury to the property, reputation or employees of the Company or a Parent or Subsidiary, or (e) any other
misconduct by the Participant which is materially injurious to the financial condition or business reputation of, or is otherwise materially injurious to, the Company or a Parent or Subsidiary. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Committee” means the committee created and appointed by the Board to administer this Plan, or if no committee is
created and appointed, the Board. 
 “Company” means Bill.com, Inc., a Delaware corporation, or any successor
corporation. 
 “Disability” means a disability, whether temporary or permanent, partial or total, as determined by
the Committee. 
 “Effective Date” means the date designated by the Board (as recorded in the minutes of the Board)
for this Plan to take effect. 
 “Exercise Price” means the price at which a holder of an Option may purchase the
Shares issuable upon exercise of the Option. 

  
 13 













 “Fair Market Value” means, as of any date, the value of a share of
the Company’s common stock determined as follows: 
 (a) if such common stock is then quoted on the Nasdaq National Market, its closing
price on the Nasdaq National Market on the date of determination as reported in The Wall Street Journal; 
 (b) if such common stock
is publicly traded and is then listed on a national securities exchange, its closing price on the date of determination on the principal national securities exchange on which the common stock is listed or admitted to trading as reported in The
Wall Street Journal; 
 (c) if such common stock is publicly traded but is not quoted on the Nasdaq National Market nor listed or
admitted to trading on a national securities exchange, the average of the closing bid and asked prices on the date of determination as reported by The Wall Street Journal (or, if not so reported, as otherwise reported by any newspaper or
other source as the Board may determine); or 
 (d) if none of the foregoing is applicable, by the Committee in good faith. 

“Option” means an award of an option to purchase Shares pursuant to Section 5 hereof. 

“Parent” means any corporation (other than the Company) in an unbroken chain of corporations ending with the Company
if each of such corporations other than the Company owns stock representing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 

“Participant” means a person who receives an Award under this Plan. 

“Plan”means this Bill.com, Inc. 2006 Equity Incentive Plan, as amended from time to time. 

“Purchase Price” means the price at which a Participant may purchase Restricted Stock. 

“Restricted Stock” means Shares purchased pursuant to a Restricted Stock Award. 

“Restricted Stock Award” means an Award made pursuant to Section 6 hereof. 

“SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Shares” means shares of the Company’s common stock ($0.00001 par value per share), reserved for issuance under
this Plan, as adjusted pursuant to Sections 2 and 17 hereof, and any successor security. 

  
 14 













 “Subsidiary” means any corporation (other than the Company) in an
unbroken chain of corporations beginning with the Company if each of the corporations other than the last corporation in the unbroken chain owns stock representing fifty percent (50%) or more of the total combined voting power of all classes of
stock in one of the other corporations in such chain. 
 “Ten Percent Stockholder” means any person who directly or
by attribution (determined under Section 422 of the Code) owns more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of any Parent or Subsidiary. 

“Termination” or “Terminated” means, for purposes of this Plan with respect to a Participant,
that the Participant has for any reason ceased to provide services as an employee, officer, director or consultant to the Company or a Parent or Subsidiary. A Participant will not be deemed to have ceased to provide services in the case of
(a) sick leave, (b) military leave, or (c) any other leave of absence approved by the Committee, provided that such leave is for a period of not more than ninety (90) days unless: (i) reinstatement (or, in the case of an
employee with an ISO, reemployment) upon the expiration of such leave is guaranteed by contract or statute, or (ii) provided otherwise pursuant to formal policy adopted from time to time by the Company’s Board and issued and promulgated in
writing. In the case of any Participant on (A) sick leave, (B) military leave or (C) an approved leave of absence, the Committee may make such provisions respecting suspension of vesting of the Award while on leave from the Company or
a Parent or Subsidiary as it may deem appropriate, except that in no event may an Option be exercised after the expiration of the term set forth in the Stock Option Agreement. The Committee will have sole discretion to determine whether a
Participant has ceased to provide services and the effective date on which the Participant ceased to provide services (the “Termination Date”). 

“Unvested Shares” means “Unvested Shares” as defined in the Award Agreement. 

“Vested Shares” means “Vested Shares” as defined in the Award Agreement. 

  
 15 













 OPTION GRANT NO. _____ 

BILL.COM, INC. 
 NOTICE
OF STOCK OPTION GRANT 
 You (the “Participant”) are hereby granted an option (the
“Option”) pursuant to the Company’s 2006 Equity Incentive Plan, as may be amended from time to time (the “Plan”), to purchase up to the total number of shares of Common Stock of Bill.com,
Inc. (the “Company”) set forth below opposite “Number of Shares Subject to Option” (the “Shares”) as described below. 

 

			
	 Participant’s Name:
	 	  

		
	 Number of Shares Subject to Option:
	 	  

		
	 Exercise Price Per Share:
	 	 $

		
	 Date of Grant:
	 	  

		
	 Vesting Commencement Date:
	 	  


 Vesting Schedule: Provided you continue to provide services to the Company or any Subsidiary or Parent
of the Company and have not been Terminated (as defined in the Plan), the Option will become vested as to portions of the total “Number of Shares Subject to Option” set forth above as follows: 

 

	 	(a)	 The Option will become vested as to 1/4th of such Shares on the one (1) year anniversary of the Vesting
Commencement Date (the “First Vesting Date”); and 


  

	 	(b)	 The Option will become vested as to 1/48th of such Shares at the end of each full month succeeding the First
Vesting Date until all of the Shares are vested. 


  

			
	Exercise Schedule: ☐ Same as Vesting Schedule    ☐ Early Exercise Permitted

  

			
		
	Option Expiration Date:	 	The date ten (10) years after the Date of Grant, with earlier expiration in the event of Termination of service as provided in Section 3 of the Stock Option Agreement.
		
	Tax Status of Option:	 	☐ Incentive (To extent permitted by law) ☐ Nonqualified (Check one).
		 	(The Option is a nonqualified stock option if neither box is checked).

 Additional Terms: ☐ If this boxed is checked, the additional terms and conditions set forth on
Attachment 1 hereto (which must be executed by the Company and the Participant) are applicable and are incorporated herein by reference. (No document need be attached as Attachment 1 if the box is not checked.) 

By their signatures below, the Company and the Participant agree that the Option is granted under and governed by this Notice and by the
provisions of the Plan and the Stock Option Agreement attached hereto as Attachment 2. The Plan and the Stock Option Agreement are incorporated herein by reference. Capitalized terms not defined herein shall have the meanings ascribed to them
in the Plan or in the Stock Option Agreement, as applicable. The Participant acknowledges receipt of a copy of the Plan and the Stock Option Agreement, represents that the Participant has carefully read and is familiar with their provisions, and
hereby accepts the Option subject to all of its terms and conditions. The Participant acknowledges that there may be adverse tax consequences upon exercise of the Option or disposition of the Shares and that Participant should consult a tax adviser
prior to such exercise or disposition. In the event of any conflict between this Notice of Stock Option Grant or Attachment 1 and either of the Plan or the Stock Option Agreement, the terms of the Plan and/or Stock Option Agreement shall control.

  

			
	BILL.COM, INC.	 	PARTICIPANT
		
	 By:
                                         
                                         
                   
	 	
		 	  
 Signature

		
	 Its:
                                         
                                         
                   
	 	

  

			
	 ATTACHMENTS:
	  	 Attachment 1 (if applicable) – Additional terms and conditions

		  	Attachment 2 – Stock Option Agreement (with Exercise Agreement attached thereto)
		  	Attachment 3 – 2006 Equity Incentive Plan













 Attachment 1 to Notice of Stock Option Grant 

BILL.COM, INC. 

ADDITIONAL TERMS AND CONDITIONS TO OPTION 
  

			
	Participant:	 	  

		
	Number of Shares:	 	  

		
	Date of Grant:	 	  


 The following terms and conditions apply to the Option described above and granted pursuant to the Notice of Stock Option
Grant to which this Attachment 1 is attached: 
 By their signatures below, the Company and the Participant agree that the Notice of Stock Option Grant and
the Stock Option Agreement are only modified or supplemented hereby to the extent expressly provided for above. 
  

							
	BILL.COM, INC.	 	    	  	PARTICIPANT
				
	By:	 	
                     
            
	 		  	  

		 		 		  	Signature
				
	Its:	 	
                     
    
	 		  	













 Attachment 2 to Notice of Stock Option Grant 

BILL.COM, INC. 
 2006
EQUITY INCENTIVE PLAN 
 STOCK OPTION AGREEMENT 

1. GRANT OF OPTION. Pursuant to the Notice of Stock Option Grant (the “Grant Notice”) and this
Stock Option Agreement, Bill.com, Inc.(the “Company”) has granted to the Participant an option (the “Option”) to purchase up to the total number of shares of Common Stock of the Company set forth in
the Grant Notice (the “Shares”) at the Exercise Price Per Share set forth in the Grant Notice (the “Exercise Price”), subject to all of the terms and conditions of the Grant Notice, this Stock Option
Agreement and the Plan. Capitalized terms not defined herein shall have the meanings ascribed to them in the Company’s 2006 Equity Incentive Plan, as may be amended from time to time (the “Plan”), or in the Grant Notice,
as applicable. If designated as an Incentive Stock Option in the Grant Notice, the Option is intended to qualify as an “incentive stock option” (an “ISO”) within the meaning of Section 422 of the Internal
Revenue Code of 1986, as amended (the “Code”). 
 2. VESTING AND EXERCISE. 

2.1 Vesting Period of Option. The Option will become vested during its term as to portions of the Shares in accordance
with the Vesting Schedule set forth in the Grant Notice. If application of the applicable vesting fraction causes a fractional share, such share shall be rounded down to the nearest whole share for each month except for the last month in such
vesting period, at the end of which last month the Option shall become exercisable for the full remainder of the Shares.    Shares that are vested pursuant to the Vesting Schedule set forth in the Grant Notice are
“Vested Shares.” Shares that are not vested pursuant to the Vesting Schedule set forth in the Grant Notice are “Unvested Shares.” 

2.2 Exercise Period of Option. The Option will become exercisable during its term as to all Shares that are or become
Vested Shares. In addition, if the Exercise Schedule contained in the Grant Notice indicates that “Early Exercise” of this Option is permitted, this Option may be exercised as to all or a portion of the Shares, including Unvested Shares,
at any time prior to Participant’s Termination Date (any such exercise that includes Unvested Shares, an “Early Exercise”). If Participant elects to make an Early Exercise of this Option, the Company, or its assignee, shall have the
option to repurchase Participant’s Unvested Shares on the terms and conditions set forth in the Exercise Agreement (the “Repurchase Option”) if Participant is Terminated (as defined in the Plan) for any reason, or no reason, including
without limitation Participant’s death, Disability (as defined in the Plan), voluntary resignation or termination by the Company with or without Cause. A partial Early Exercise of this Option shall be deemed to cover first all Vested Shares and
then the earliest vesting installment of Unvested Shares. 
 2.3 Expiration. The Option shall expire on the Option
Expiration Date set forth in the Grant Notice or earlier as provided in Section 3 below or pursuant to Section 5.6 of the Plan. 

3. TERMINATION. 

3.1 Termination for Any Reason Except Death, Disability or Cause. If Participant is Terminated for any reason, except
death, Disability or for Cause, the Option, to the extent (and only to the extent) that it would have been exercisable by Participant on the Termination Date, may be exercised by Participant no later than three months after the Termination Date, but
in any event no later than the Expiration Date. 

  
 1 













 3.2 Termination Because of Death or Disability. If Participant is
Terminated because of death or Disability of Participant (or Participant dies within three (3) months of Termination when Termination is for any reason other than Participant’s Disability or for Cause), the Option, to the extent that it is
exercisable by Participant on the Termination Date, may be exercised by Participant (or Participant’s legal representative) no later than twelve (12) months after the Termination Date, but in any event no later than the Expiration Date.
Any exercise beyond (i) three (3) months after the Termination Date when the Termination is for any reason other than the Participant’s death or disability, within the meaning of Section 22(e)(3) of the Code; or (ii) twelve
(12) months after the Termination Date when the termination is for Participant’s disability, within the meaning of Section 22(e)(3) of the Code, is deemed to be an NQSO. 

3.3 Termination for Cause.    If the Participant is Terminated for Cause, then the Participant’s
Options shall expire on such Participant’s Termination Date and the Participant must exercise such Participant’s Options, if at all, by no later than such Termination Date, but not to an extent greater than such Options are exercisable as
to Vested Shares upon the Termination Date; provided, however, that the Committee may elect waive or modify such conditions. 
 3.4
No Obligation to Employ. Nothing in the Plan or this Stock Option Agreement shall confer on Participant any right to continue in the employ of, or other relationship with, the Company or any Parent or Subsidiary of the Company, or
limit in any way the right of the Company or any Parent or Subsidiary of the Company to terminate Participant’s employment or other relationship at any time, with or without Cause. 

4. MANNER OF EXERCISE. 

4.1 Stock Option Exercise Agreement. To exercise the Option, Participant (or in the case of exercise after
Participant’s death or incapacity, Participant’s executor, administrator, heir or legatee, as the case may be) must deliver to the Company an executed stock option exercise agreement (with Notice of Exercise of Stock Option) in the form
attached hereto as Exhibit A, or in such other form as may be approved by the Committee from time to time (the “Exercise Agreement”), which shall set forth, inter alia,
(i) Participant’s election to exercise the Option, (ii) the number of Shares being purchased, (iii) any restrictions imposed on the Shares and (iv) any representations, warranties and agreements regarding Participant’s
investment intent and access to information as may be required by the Company to comply with applicable securities laws. If someone other than Participant exercises the Option, then such person must submit documentation reasonably acceptable to the
Company verifying that such person has the legal right to exercise the Option and such person shall be subject to all of the restrictions contained herein as if such person were the Participant. 

4.2 Limitations on Exercise. The Option may not be exercised unless such exercise is in compliance with all applicable
federal and state securities laws, as they are in effect on the date of exercise. The Option may not be exercised as to fewer than one hundred (100) Shares unless it is exercised as to all Shares as to which the Option is then exercisable. 

4.3 Payment. The Exercise Agreement shall be accompanied by full payment of the Exercise Price for the shares being
purchased in cash (by check), or where permitted by law: 
 (a) by cancellation of indebtedness of the Company to the Participant; 

(b) by waiver of compensation due or accrued to Participant for services rendered; 

(c) any other form of consideration approved by the Committee; or 

(d) by any combination of the foregoing. 

  
 2 













 4.4 Tax Withholding. Prior to the issuance of the Shares upon exercise
of the Option, Participant must pay or provide for any applicable foreign, federal, state and local withholding obligations of the Company. If the Committee permits, Participant may provide for payment of withholding taxes upon exercise of the
Option by requesting that the Company retain the minimum number of Shares with a Fair Market Value equal to the minimum amount of taxes required to be withheld; but in no event will the Company withhold Shares if such withholding would result in
adverse accounting consequences to the Company. In such case, the Company shall issue the net number of Shares to the Participant by deducting the Shares retained from the Shares issuable upon exercise. 

4.5 Issuance of Shares. Provided that the Exercise Agreement and payment are in form and substance satisfactory to counsel
for the Company, the Company shall issue the Shares registered in the name of Participant, Participant’s authorized assignee, or Participant’s legal representative, and shall deliver certificates representing the Shares with the
appropriate legends affixed thereto. 
 5. NOTICE OF DISQUALIFYING DISPOSITION OF ISO SHARES. If the Option is
an ISO, and if Participant sells or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date two (2) years after the Date of Grant, and (ii) the date one (1) year after transfer
of such Shares to Participant upon exercise of the Option, Participant shall immediately notify the Company in writing of such disposition. Participant agrees that Participant may be subject to income tax withholding by the Company on the
compensation income recognized by Participant from the early disposition by payment in cash or out of the current wages or other compensation payable to Participant. 

6.
COMPLIANCE WITH LAWS AND REGULATIONS. Unless expressly stated otherwise in the resolutions
approving grant of this Option, the grant of this Option, and its terms, are intended to comply with Section 25102(o) of the California Corporations Code and to avoid the application of Section 409A of the Code. Any provision of this Stock
Option Agreement which is inconsistent with Section 25102(o) or any regulations thereunder shall, without further act or amendment by Participant, the Company or the Committee, be automatically reformed so as to comply with the requirements of
Section 25102(o) and any regulations relating thereto. In addition, to the extent that Section 409A of the Code applies to this Option, the Committee may at any time, acting in its sole discretion, amend any provision of this Option so as
to cause Section 409A not to apply to this Option without any action or other consent of Participant. The exercise of the Option and the issuance and transfer of Shares shall be subject to compliance by the Company and Participant with
all applicable requirements of federal and state securities laws and with all applicable requirements of any stock exchange on which the Company’s Common Stock may be listed at the time of such issuance or transfer. Participant understands that
the Company is under no obligation to register or qualify the Shares with the SEC, any state securities commission or any stock exchange to effect such compliance. 

7. NONTRANSFERABILITY OF OPTION. The Option may
not be transferred in any manner other than by will or by the laws of descent and distribution, and, with respect to NQSOs, by instrument to an inter vivos or testamentary trust in which the options are to be passed to beneficiaries upon the death
of the trustor (settlor), or by gift to a “family member” as that term is defined in 17 C.F.R. 230.701, and may be exercised during the lifetime of Participant only by Participant or in the event of Participant’s incapacity, by
Participant’s legal representative. The terms of the Option shall be binding upon the executors, administrators, successors and assigns of Participant. 

  
 3 













 8. COMPANY’S REPURCHASE OPTION FOR UNVESTED SHARES. The
Company, or its assignee, shall have the option to repurchase Participant’s Unvested Shares (as defined in Section 2.2 of this Agreement) on the terms and conditions set forth in the Exercise Agreement (the
“Repurchase Option”) if Participant is Terminated (as defined in the Plan) for any reason, or no reason, including without limitation Participant’s death, Disability (as defined in the
Plan), voluntary resignation or termination by the Company with or without Cause. Notwithstanding the foregoing, the Company shall retain the Repurchase Option for Unvested Shares only as to that number of Unvested Shares (whether or not exercised)
that exceeds the number of shares which remain unexercised. 
 9. COMPANY’S RIGHT OF FIRST
REFUSAL. Before any Vested Shares held by Participant or any transferee of such Vested Shares may be sold or otherwise transferred (including without limitation a transfer by gift or operation of law), the Company and/or its assignee(s)
shall have an assignable right of first refusal to purchase the Vested Shares to be sold or transferred on the terms and conditions set forth in the Exercise Agreement (the “Right of First Refusal”). The Company’s Right
of First Refusal will terminate when the Company’s securities become publicly traded. 
 10. U.S. TAX
CONSEQUENCES. Set forth below is a brief summary as of the Effective Date of the Plan of some of the federal tax consequences of exercise of the Option and disposition of the Shares. THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE
TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. PARTICIPANT SHOULD CONSULT A TAX ADVISER BEFORE EXERCISING THE OPTION OR DISPOSING OF THE SHARES. 

10.1 Exercise of ISO. If the Option qualifies as an ISO, there will be no regular federal income tax liability upon the
exercise of the Option, although the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price will be treated as a tax preference item for federal alternative minimum tax purposes and may subject the
Participant to the alternative minimum tax in the year of exercise. 
 10.2 Exercise of Nonqualified Stock Option. If
the Option does not qualify as an ISO, there may be a regular federal income tax liability upon the exercise of the Option. Participant will be treated as having received compensation income (taxable at ordinary income tax rates) equal to the
excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price. If Participant is a current or former employee of the Company, the Company may be required to withhold from Participant’s compensation or
collect from Participant and pay to the applicable taxing authorities an amount equal to a percentage of this compensation income at the time of exercise. 

10.3 Disposition of Shares. The following tax consequences may apply upon disposition of the Shares. 

(a) Incentive Stock Options. If the Shares are held for more than twelve (12) months after the date of purchase of the Shares
pursuant to the exercise of an ISO and are disposed of more than two (2) years after the Date of Grant, any gain realized on disposition of the Shares will be treated as long term capital gain for federal income tax purposes. If Vested Shares
purchased under an ISO are disposed of within the applicable one (1) year or two (2) year period, any gain realized on such disposition will be treated as compensation income (taxable at ordinary income rates in the year of the
disposition) to the extent of the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price. To the extent the Shares were exercised prior to vesting coincident with the filing of an 83(b) Election, the
amount taxed because of a disqualifying disposition will be based upon the excess, if any, of the fair market value on the date of vesting over the exercise price. 

  
 4 













 (b) Nonqualified Stock Options. If the Shares are held for more than twelve
(12) months after the date of purchase of the Shares pursuant to the exercise of an NQSO, any gain realized on disposition of the Shares will be treated as long term capital gain. 

(c) Withholding. The Company may be required to withhold from the Participant’s compensation or collect from the Participant and
pay to the applicable taxing authorities an amount equal to a percentage of this compensation income. 
 10.4
Section 83(b) Election for Unvested Shares Purchased by Early Exercise. With respect to Unvested Shares which are subject to the Repurchase Option, unless an election is filed by the Participant
with the Internal Revenue Service (and, if necessary, the proper state taxing authorities), within 30 days of the purchase of the Unvested Shares, electing pursuant to Section 83(b) of the Code (and similar state tax provisions, if applicable)
to be taxed currently on any difference between the Exercise Price of the Unvested Shares and their Fair Market Value on the date of purchase, there may be a recognition of taxable income (including, where applicable, alternative minimum taxable
income) to the Participant, measured by the excess, if any, of the Fair Market Value of the Unvested Shares at the time they cease to be Unvested Shares, over the Exercise Price of the Unvested Shares. 

11. PRIVILEGES OF STOCK OWNERSHIP. Participant shall not have any of the rights of a stockholder with respect to
any Shares until the Shares are issued to Participant. 
 12. INTERPRETATION. Any dispute regarding the
interpretation of this Agreement shall be submitted by Participant or the Company to the Committee for review. The resolution of such a dispute by the Committee shall be final and binding on the Company and Participant. 

13. ENTIRE AGREEMENT. The Plan is incorporated herein by reference. This Stock Option Agreement, the Grant Notice,
the Plan and the exhibits to each of the foregoing constitute the entire agreement of the parties and supersede all prior undertakings and agreements with respect to the subject matter hereof. 

14. NOTICES. Any notice required to be given or delivered to the Company under the terms of this Stock Option
Agreement shall be in writing and addressed to the Corporate Secretary of the Company at its principal corporate offices. Any notice required to be given or delivered to Participant shall be in writing and addressed to Participant at the address
indicated above or to such other address as such party may designate in writing from time to time to the Company. All notices shall be deemed to have been given or delivered upon: (i) at the time of personal delivery, if delivery is in person;
(ii) one (1) business day after deposit with an express overnight courier for United States deliveries, or two (2) business days after such deposit for deliveries outside of the United States, with proof of delivery from the courier
requested; or (iii) three (3) business days after deposit in the United States mail by certified mail (return receipt requested) for United States deliveries. 

15. SUCCESSORS AND ASSIGNS. The Company may assign any of its rights under this Stock Option Agreement, including its
rights to purchase Shares under the Right of First Refusal. This Stock Option Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Stock
Option Agreement shall be binding upon Participant and Participant’s heirs, executors, administrators, legal representatives, successors and assigns. 

  
 5 













 16. SECTION 409A Participant acknowledges that, under Section 409A
of the Code, receipt of a stock option with an exercise price per share that is less than the fair market value of the stock subject to the option at the time of grant can result in significant adverse tax consequences to the Participant, including
without limitation the imputation of taxable income to the Participant on the difference between the exercise price and fair market value as the option vests and the imposition of an additional excise tax on the Participant. The Company does not
make any representation to Participant that the Exercise Price of this Option was equal to the fair market value per share of the Shares as of the Date of Grant. Participant acknowledges and agrees that neither the Company, nor its officers,
directors, stockholders, employees, attorneys, agents, successors or assigns, shall have any liability to Participant should it be determined hereafter that the Exercise Price of this Option is less than the fair market value per share of the Shares
as of the Date of Grant. If Participant desires advice regarding Section 409A of the Code with respect to this Option, Participant should consult with Participant’s own tax and/or financial advisors. Participant acknowledges that
Participant is under no obligation to accept this Option. 
 17. GOVERNING LAW. This Stock Option Agreement
shall be governed by and construed in accordance with the laws of the State of California as such laws are applied to agreements between California residents entered into and to be performed entirely within California. If any provision of this Stock
Option Agreement is determined by a court of law to be illegal or unenforceable, then such provision will be enforced to the maximum extent possible and the other provisions will remain fully effective and enforceable. 

18. ACCEPTANCE. Participant hereby acknowledges receipt of a copy of the Plan and this Stock Option Agreement.
Participant has read and understands the terms and provisions thereof, and accepts the Option subject to all the terms and conditions of the Plan and this Stock Option Agreement. Participant acknowledges that there may be adverse tax consequences
upon exercise of the Option or disposition of the Shares and that Participant should consult a tax adviser prior to such exercise or disposition. 

  
 6 













 Exhibit A to Stock Option Agreement 

FORM OF STOCK OPTION EXERCISE AGREEMENT 

(with Notice of Exercise of Stock Option) 












 Attachment 3 To Notice Of Stock Option Grant 

BILL.COM, INC. 
 2006
EQUITY INCENTIVE PLAN 












 BILL.COM, INC. 

NOTICE OF EXERCISE OF STOCK OPTION 
  

			
	Purchaser’s Name:	 	  

	Date of Option Grant:	 	  

	Option Grant Number:	 	  

	Number of Shares Originally Subject to Option:	 	  

	Exercise Price per Share:	 	  


 1. Exercise. In accordance with the option (the “Option”) to
purchase shares of Common Stock of Bill.com, Inc. (the “Company”) granted to Purchaser on the Date of Option Grant (as set forth above) pursuant to the Company’s 2006 Equity Incentive Plan, as amended (the
“Plan”), the corresponding Notice of Stock Option Grant (the “Grant Notice”) and the Stock Option Agreement attached to the Grant Notice (the “Stock Option Agreement”),
Purchaser hereby elects to exercise the Option to purchase the number of Shares set forth below: 
  

			
	Number of Shares Being Purchased:	 	  

	 Total Exercise Price:
 (Total
Shares Purchased x Exercise Price per Share)
	 	  


 2. Payment. Purchaser hereby encloses payment in full of the Total Exercise Price
for the shares of Common Stock being purchased (the “Shares”) in the following form(s), as authorized by Purchaser’s Stock Option Agreement: 
  

			
		
	☐ BDC / Cash / (by check, with a copy attached hereto):	 	 $

		
	☐ Cancellation of indebtedness of the Company owed to Purchaser:	 	 $

		
	☐ Waiver of compensation due or accrued for services:	 	 $


 3. Purchaser Information.  

 

			
	Purchaser’s address is:	 	  

		 	  

	Purchaser’s Social Security Number is:	 	  


 4. Delivery of Exhibits. Purchaser hereby acknowledges that Purchaser (and
Purchaser’s spouse, if any) have executed two (2) copies of a blank Stock Power and Assignment Separate from Stock Certificate in the form attached as Attachment 1 hereto (the “Stock Powers”) all of which are
delivered herewith to the Company. 












 Purchaser acknowledges and agrees that the Shares are being acquired in accordance with and
subject to the terms, provisions and conditions of the Plan, the Grant Notice, Stock Option Agreement, and the Stock Option Exercise Agreement attached hereto as Attachment 4, including the Right of First Refusal and, if applicable,
Repurchase Option set forth therein. The Plan, the Grant Notice, the Stock Option Agreement, and the Stock Option Exercise Agreement are incorporated herein by reference. Capitalized terms not defined herein shall have the meanings ascribed to them
in the Plan, the Grant Notice, the Stock Option Agreement, or in the Stock Option Exercise Agreement, as applicable. Purchaser acknowledges receipt of a copy of the Plan, the Grant Notice, the Stock Option Agreement, and the Stock Option Exercise
Agreement, represents that Purchaser has carefully read and is familiar with their provisions, including without limitation Purchaser’s investor representations set forth in Section 3 of the Stock Option Exercise Agreement, and hereby
accepts the Shares subject to all of their terms and conditions. Purchaser acknowledges that there may be adverse tax consequences upon exercise of the Option or disposition of the Shares and that Purchaser should consult a tax adviser prior to such
exercise or disposition. 
 This Notice and the Stock Option Exercise Agreement shall be effective as of the later date on which this Notice
is executed by the Company and the Purchaser. 
  

			
	
	PURCHASER:
	
	  

	(Signature)
		
	Date:	 	
                     




 Receipt of the above is hereby acknowledged: 
  

			
	BILL.COM, INC.
		
	By:	 	
                     


		
	Title:	 	  

		
	Dated:	 	          


  

			
	Attachments:	  	Attachment 1 – Stock Power and Assignment Separate from Stock Certificate
		  	Attachment 2 – Copy of Purchaser’s check
		  	Attachment 3 – Section 83(b) Election (if applicable)
		  	Attachment 4 – Stock Option Exercise Agreement


  
 2 













 ATTACHMENT 1 

STOCK POWER AND ASSIGNMENT 

SEPARATE FROM STOCK CERTIFICATE 












 Stock Power And Assignment 

Separate From Stock Certificate 

FOR VALUE RECEIVED and pursuant to that certain Stock Option Exercise Agreement dated as of _______________, _____, (the
“Agreement”), the undersigned hereby sells, assigns and transfers unto _______________________________, __________ shares of the Common Stock, $0.00001 par value per share, of Bill.com, Inc., a Delaware corporation (the
“Company”), standing in the undersigned’s name on the books of the Company represented by Certificate No(s). ______ delivered herewith, and does hereby irrevocably constitute and appoint the Secretary of the Company as
the undersigned’s attorney-in-fact, with full power of substitution, to transfer said stock on the books of the Company. THIS ASSIGNMENT MAY ONLY BE USED AS
AUTHORIZED BY THE AGREEMENT AND ANY EXHIBITS THERETO. 
 Dated:
                         
  

	
	PURCHASER
	
	  
 (Signature)

	
	  
 (Please Print Name)

	
	  
 (Spouse’s Signature, if
any)

	
	  
 (Please Print Spouse’s
Name)



 Instructions to Purchaser: Please do not fill in any blanks other than the signature line. The
purpose of this Stock Power and Assignment is to enable the Company to acquire the shares pursuant to its “Right of First Refusal” and, if applicable, “Repurchase Option,” set forth in the Agreement without requiring additional
signatures on the part of the Purchaser or Purchaser’s Spouse. 












 Stock Power And Assignment 

Separate From Stock Certificate 

FOR VALUE RECEIVED and pursuant to that certain Stock Option Exercise Agreement dated as of _______________, _____, (the
“Agreement”), the undersigned hereby sells, assigns and transfers unto _______________________________, __________ shares of the Common Stock, $0.00001 par value per share, of Bill.com, Inc., a Delaware corporation
(the “Company”), standing in the undersigned’s name on the books of the Company represented by Certificate No(s). ______ delivered herewith, and does hereby irrevocably constitute and appoint the Secretary of the Company
as the undersigned’s attorney-in-fact, with full power of substitution, to transfer said stock on the books of the Company. THIS ASSIGNMENT MAY ONLY BE USED AS
AUTHORIZED BY THE AGREEMENT AND ANY EXHIBITS THERETO. 
 Dated:
                     

	
	
	PURCHASER
	
	  
 (Signature)

	
	  
 (Please Print Name)

	
	  
 (Spouse’s Signature, if
any)

	
	  
 (Please Print Spouse’s
Name)



 Instructions to Purchaser: Please do not fill in any blanks other than the signature line. The
purpose of this Stock Power and Assignment is to enable the Company to acquire the shares pursuant to its “Right of First Refusal” and, if applicable, “Repurchase Option,” set forth in the Agreement without requiring additional
signatures on the part of the Purchaser or Purchaser’s Spouse. 












 ATTACHMENT 2 

COPY OF PURCHASER’S CHECK 












 ATTACHMENT 3 

SECTION 83(B) ELECTION 












 ELECTION UNDER SECTION 83(B) OF THE INTERNAL REVENUE CODE 

The undersigned Taxpayer hereby elects, pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, to include the excess, if any, of the
fair market value of the property described below at the time of transfer over the amount paid for such property, as compensation for services in the calculation of: (1) regular gross income, or (2) alternative minimum taxable income, as
the case may be. 
  

					
			
	1.	  	TAXPAYER’S NAME:	 	  

			
		  	TAXPAYER’S ADDRESS:	 	  

			
		  		 	  

			
		  	SOCIAL SECURITY NUMBER:	 	  


  

	2.	 The property with respect to which the election is made is described as follows: _____________ shares of Common
Stock of Bill.com, Inc., a Delaware corporation (the “Company”) which were transferred upon exercise of an option by Company, which is Taxpayer’s employer or the corporation for whom the Taxpayer performs services.



  

	3.	 The date on which the shares were transferred pursuant to the exercise of the option was ____________________,
_____ and this election is made for calendar year _____. 


  

	4.	 The shares received upon exercise of the option are subject to the following restrictions: The Company may
repurchase all or a portion of the shares at the Taxpayer’s original purchase price under certain conditions at the time of Taxpayer’s termination of employment or services. 



 

	5.	 The fair market value of the shares (without regard to restrictions other than restrictions which by their
terms will never lapse) was $_____ per share at the time of exercise of the option. 


  

	6.	 The amount paid for such shares upon exercise of the option was $_____ per share. 



 

	7.	 The Taxpayer has submitted a copy of this statement to the Company. 



THIS ELECTION MUST BE FILED WITH THE INTERNAL REVENUE SERVICE (“IRS”), AT THE OFFICE WHERE THE TAXPAYER FILES ANNUAL INCOME TAX
RETURNS, WITHIN 30 DAYS AFTER THE DATE OF TRANSFER OF THE SHARES, AND MUST ALSO BE FILED WITH THE TAXPAYER’S INCOME TAX RETURNS FOR THE CALENDAR YEAR. THE ELECTION CANNOT BE REVOKED WITHOUT THE CONSENT OF THE IRS. 

 

							
	Dated:	 	  
	 	    	  	  
 Taxpayer’s Signature


 Please file the 83(b) directly with the IRS and email a copy to stockadmin@hq.bill.com 

The filing address varies based on where you live. Please search online for appropriate address. 












 ATTACHMENT 4 

BILL.COM, INC. 
 2006
EQUITY INCENTIVE PLAN 
 STOCK OPTION EXERCISE AGREEMENT 












 Attachment 4 to Notice of Exercise 

BILL.COM, INC. 
 2006
EQUITY INCENTIVE PLAN 
 STOCK OPTION EXERCISE AGREEMENT 

1. Exercise of Option. Pursuant to the exercise of that certain option (the “Option”) granted to
the Purchaser (the “Purchaser”) named on the Notice of Exercise of Stock Option (the “Exercise Notice”) to which this Stock Option Exercise Agreement is attached, under the 2006 Equity Incentive Plan,
as amended (the “Plan”) of Bill.com, Inc., a Delaware corporation (the “Company”) and subject to the terms and conditions of the Exercise Notice and this Stock Option Exercise Agreement (the
“Exercise Agreement”), the Purchaser hereby purchases from the Company, and the Company hereby sells to the Purchaser, the Number of Shares Being Purchased (set forth in the Exercise Notice) of the Company’s Common Stock
at the Exercise Price per Share set forth in the Exercise Notice. As used in this Exercise Agreement, the term “Shares” refers to the Shares purchased under the Exercise Notice and this Exercise Agreement and includes all
securities received (i) in replacement of the Shares, (ii) as a result of stock dividends or stock splits with respect to the Shares, and (iii) all securities received in replacement of the Shares in a merger, recapitalization,
reorganization or similar corporate transaction. Capitalized terms not defined herein shall have the meanings ascribed to them in the Plan or the Exercise Notice. 

2. Delivery. 

2.1 Deliveries by Purchaser. The Purchaser hereby delivers to the Company (i) the Exercise Notice, (ii) the Stock
Powers, (iii) if applicable, the Spouse Consent, and (iv) the Total Exercise Price and payment or other provision for any applicable tax obligations. 

2.2 Deliveries by the Company. Upon its receipt of the Exercise Price, payment or other provision for any applicable tax
obligations and all the documents to be executed and delivered by the Purchaser to the Company under this Section 2, the Company will issue a duly executed stock certificate evidencing the Shares in the name of the Purchaser to be placed in
escrow as provided in Section 11 until expiration or termination of the Company’s Right of First Refusal and, if applicable, Repurchase Option, described in Sections 8 and 9 below. 

3. Representations and Warranties of Purchaser. Purchaser represents and warrants to the Company that: 

3.1 Agrees to Terms of the Plan. Purchaser has received a copy of the Plan and the Stock Option Agreement, has read and
understands the terms of the Plan, , the Grant Notice, the Stock Option Agreement (both as defined in the Exercise Notice) and this Exercise Agreement, and agrees to be bound by their terms and conditions. Purchaser acknowledges that there may be
adverse tax consequences upon exercise of the Option or disposition of the Shares, and that Purchaser should consult a tax adviser prior to such exercise or disposition. 

3.2 Purchase for Own Account for Investment. Purchaser is purchasing the Shares for Purchaser’s own account for investment
purposes only and not with a view to, or for sale in connection with, a distribution of the Shares within the meaning of the Securities Act. Purchaser has no present intention of selling or otherwise disposing of all or any portion of the Shares and
no one other than Purchaser has any beneficial ownership of any of the Shares. 

  
 1 













 3.3 Access to Information. Purchaser has had access to all information
regarding the Company and its present and prospective business, assets, liabilities and financial condition that Purchaser reasonably considers important in making the decision to purchase the Shares, and Purchaser has had ample opportunity to ask
questions of the Company’s representatives concerning such matters and this investment. 
 3.4 Understanding of Risks.
Purchaser is fully aware of: (i) the highly speculative nature of the investment in the Shares; (ii) the financial hazards involved; (iii) the lack of liquidity of the Shares and the restrictions on transferability of the Shares
(e.g., that Purchaser may not be able to sell or dispose of the Shares or use them as collateral for loans); (iv) the qualifications and backgrounds of the management of the Company; and (v) the tax consequences of investment in the
Shares. Purchaser is capable of evaluating the merits and risks of this investment, has the ability to protect Purchaser’s own interests in this transaction and is financially capable of bearing a total loss of this investment. 

3.5 No General Solicitation. At no time was Purchaser presented with or solicited by any publicly issued or circulated newspaper,
mail, radio, television or other form of general advertising or solicitation in connection with the offer, sale and purchase of the Shares. 

4. Compliance with Laws and Regulations. Purchaser understands and acknowledges that the Shares have not been registered
with the SEC under the Securities Act and that, notwithstanding any other provision of the Stock Option Agreement to the contrary, the exercise of any rights to purchase any Shares is expressly conditioned upon compliance with the Securities Act and
all applicable state securities laws. Purchaser agrees to cooperate with the Company to ensure compliance with such laws. UNLESS EXPRESSLY STATED OTHERWISE IN THE RESOLUTIONS APPROVING THE GRANT OF THE OPTION (OR OPTIONS) BEING EXERCISED PURSUANT TO
THIS EXERCISE AGREEMENT, THE PLAN, THE GRANT NOTICE, THE STOCK OPTION AGREEMENT, AND THIS EXERCISE AGREEMENT ARE INTENDED TO COMPLY WITH SECTION 25102(o) OF THE CALIFORNIA CORPORATIONS CODE AND TO AVOID THE APPLICATION OF SECTION 409A OF THE CODE.
ANY PROVISION OF THIS EXERCISE AGREEMENT THAT IS INCONSISTENT SECTION 25102(o) SHALL, WITHOUT FURTHER ACT OR AMENDMENT BY THE PARTICIPANT, THE COMPANY OR THE BOARD, BE AUTOMATICALLY REFORMED SO AS TO COMPLY WITH THE REQUIREMENTS OF SECTION
25102(o).    IN ADDITION, TO THE EXTENT THAT SECTION 409A OF THE CODE APPLIES, THE COMPANY MAY AT ANY TIME, ACTING IN ITS SOLE DISCRETION, AMEND ANY PROVISION OF THIS EXERCISE AGREEMENT SO AS TO CAUSE SECTION 409A NOT TO APPLY TO
THIS EXERCISE AGREEMENT WITHOUT ANY ACTION OR OTHER CONSENT OF PARTICIPANT. THE SALE OF THE SECURITIES THAT ARE THE SUBJECT OF THIS EXERCISE AGREEMENT, IF NOT YET QUALIFIED WITH THE CALIFORNIA COMMISSIONER OF CORPORATIONS AND NOT EXEMPT FROM SUCH
QUALIFICATION, IS SUBJECT TO SUCH QUALIFICATION, AND THE ISSUANCE OF SUCH SECURITIES, AND THE RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO SUCH QUALIFICATION IS UNLAWFUL UNLESS THE SALE IS EXEMPT. THE RIGHTS OF THE PARTIES TO THIS
EXERCISE AGREEMENT ARE EXPRESSLY CONDITIONED UPON SUCH QUALIFICATION BEING OBTAINED OR AN EXEMPTION BEING AVAILABLE. 
 5.
Restricted Securities. 
 5.1 No Transfer Unless Registered or Exempt. Purchaser understands that Purchaser may not
transfer any Shares unless such Shares are registered under the Securities Act or qualified under applicable state securities laws or unless, in the opinion of counsel to the Company, exemptions from such registration and qualification requirements
are available. Purchaser understands that only the Company may file a registration statement with the SEC and that the Company is under no obligation to do so with respect to the Shares. Purchaser has also been advised that exemptions from
registration and qualification may not be available or may not permit Purchaser to transfer all or any of the Shares in the amounts or at the times proposed by Purchaser. 

  
 2 













 5.2 SEC Rule 144. In addition, Purchaser has been advised that SEC
Rule 144 promulgated under the Securities Act, which permits certain limited sales of unregistered securities, is not presently available with respect to the Shares and, in any event, requires that the Shares be held for a minimum of one
(1) year, and in certain cases two (2) years, after they have been purchased and paid for (within the meaning of Rule 144). Purchaser understands that Rule 144 may indefinitely restrict transfer of the Shares so long as
Purchaser remains an “affiliate” of the Company or if “current public information” about the Company (as defined in Rule 144) is not publicly available. 

5.3 SEC Rule 701. The Shares are issued pursuant to SEC Rule 701 promulgated under the Securities Act and
may become freely tradeable by non-affiliates (under limited conditions regarding the method of sale) ninety (90) days after the first sale of Common Stock of the Company to the general public pursuant to
a registration statement filed with and declared effective by the SEC, subject to the lengthier market standoff agreement contained in Section 7 of this Exercise Agreement or any other agreement entered into by Purchaser. Affiliates must comply
with the provisions (other than the holding period requirements) of Rule 144. 
 6. Restrictions on Transfers. 

6.1 Disposition of Shares. Purchaser hereby agrees that Purchaser shall make no disposition of the Shares (other than as
permitted by this Exercise Agreement) unless and until: 
 (a) Purchaser shall have notified the Company of the proposed disposition and
provided a written summary of the terms and conditions of the proposed disposition; 
 (b) Purchaser shall have complied with all
requirements of this Exercise Agreement applicable to the disposition of the Shares; 
 (c) Purchaser shall have provided the Company with
written assurances, in form and substance satisfactory to counsel for the Company, that (i) the proposed disposition does not require registration of the Shares under the Securities Act or (ii) all appropriate actions necessary for
compliance with the registration requirements of the Securities Act or of any exemption from registration available under the Securities Act (including Rule 144) have been taken; and 

(d) Purchaser shall have provided the Company with written assurances, in form and substance satisfactory to the Company, that the proposed
disposition will not result in the contravention of any transfer restrictions applicable to the Shares pursuant to the provisions of the Regulations referred to in Section 4 hereof. 

6.2 Restriction on Transfer. Purchaser shall not transfer, assign, grant a lien or security interest in, pledge, hypothecate,
encumber or otherwise dispose of any of the Shares which are subject to the Company’s Right of First Refusal or Repurchase Option described below, except as permitted by this Exercise Agreement. 

6.3 Transferee Obligations. Each person (other than the Company) to whom the Shares are transferred by means of one of the
permitted transfers specified in this Exercise Agreement must, as a condition precedent to the validity of such transfer, acknowledge in writing to the Company that such person is bound by the provisions of this Exercise Agreement and that the
transferred Shares are subject to (i) the Company’s Right of First Refusal granted hereunder and (ii) the market stand-off provisions of Section 7 hereof, to the same extent such Shares
would be so subject if retained by the Purchaser. 

  
 3 













 7. Market Standoff Agreement. Purchaser agrees in connection
with any registration of the Company’s securities that, upon the request of the Company or the underwriters managing any public offering of the Company’s securities, Purchaser will not sell or otherwise dispose of any Shares without the
prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed one hundred eighty (180) days) after the effective date of such registration requested by such managing underwriters and
subject to all restrictions as the Company or the underwriters may specify. Purchaser further agrees to enter into any agreement reasonably required by the underwriters to implement the foregoing. 

8. Company’s Repurchase Option for Unvested Shares. The Company, or its assignee,
shall have the option to repurchase all or a portion of the Shares that are Unvested Shares (as defined in the Stock Option Agreement) on the terms and conditions set forth in this Section (the “Repurchase Option”) if
Purchaser is Terminated (as defined in the Plan) for any reason, or no reason, including without limitation, Purchaser’s death, Disability (as defined in the Plan), voluntary resignation or termination by the Company with or without Cause. 

8.1 Termination and Termination Date. In case of any dispute as to whether Purchaser is Terminated, the Committee shall have
discretion to determine whether Purchaser has been Terminated and the effective date of such Termination (the “Termination Date”). 

8.2 Exercise of Repurchase Option. At any time within ninety (90) days after the Purchaser’s Termination Date (or, in
the case of securities issued upon exercise of an Option after the Purchaser’s Termination Date, within ninety (90) days after the date of such exercise), the Company, or its assignee, may elect to repurchase any or all the Shares that are
Unvested Shares by giving Purchaser written notice of exercise of the Repurchase Option. 
 8.3 Calculation of Repurchase Price for
Unvested Shares. The Company or its assignee shall have the option to repurchase from Purchaser (or from Purchaser’s personal representative as the case may be) the Unvested Shares at the Purchaser’s Exercise Price,
proportionately adjusted for any stock split or similar change in the capital structure of the Company as set forth in Section 2.2 of the Plan (the “Repurchase Price”). 

8.4 Payment of Repurchase Price. The Repurchase Price shall be payable, at the option of the Company or its assignee, by check or
by cancellation of all or a portion of any outstanding purchase money indebtedness owed by Purchaser to the Company or such assignee, or by any combination thereof. The Repurchase Price shall be paid without interest within the term of the
Repurchase Option as described in Section 8.2. 
 8.5 Right of Termination Unaffected. Nothing in this Exercise Agreement
shall be construed to limit or otherwise affect in any manner whatsoever the right or power of the Company (or any Parent or Subsidiary of the Company) to terminate Purchaser’s employment or other relationship with Company (or the Parent or
Subsidiary of the Company) at any time, for any reason or no reason, with or without Cause. 
 9.
Company’s Right of First Refusal. Unvested Shares may not be sold or otherwise transferred by Purchaser without the Company’s prior written consent. Before any Vested Shares held by Purchaser
or any transferee of such Vested Shares (either sometimes referred to herein as the “Holder”) may be sold or otherwise transferred (including, without limitation, a transfer by gift or operation of law), the Company and/or
its assignee(s) will have a right of first refusal to purchase the Vested Shares to be sold or transferred (the “Offered Shares”) on the terms and conditions set forth in this Section (the “Right of First
Refusal”). 

  
 4 













 9.1 Notice of Proposed Transfer. The Holder of the Offered Shares will deliver
to the Company a written notice (the “Notice”) stating: (i) the Holder’s bona fide intention to sell or otherwise transfer the Offered Shares; (ii) the name and address of each proposed purchaser or other transferee (the
“Proposed Transferee”); (iii) the number of Offered Shares to be transferred to each Proposed Transferee; (iv) the bona fide cash price or other consideration for which the Holder proposes to transfer the Offered Shares (the
“Offered Price”); and (v) that the Holder acknowledges this Notice is an offer to sell the Offered Shares to the Company and/or its assignee(s) pursuant to the Company’s Right of First Refusal at the Offered Price as provided for
in this Exercise Agreement. 
 9.2 Exercise of Right of First Refusal. At any time within thirty (30) days after the date
of the Notice, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase all (or, with the consent of the Holder, less than all) the Offered Shares proposed to be transferred to any one or more of the Proposed
Transferees named in the Notice, at the purchase price, determined as specified below. 
 9.3 Purchase Price. The purchase
price for the Offered Shares purchased under this Section will be the Offered Price, provided that if the Offered Price consists of no legal consideration (as, for example, in the case of a transfer by gift) the purchase price will be the fair
market value of the Offered Shares as determined in good faith by the Company’s Board of Directors. If the Offered Price includes consideration other than cash, then the value of the non-cash
consideration, as determined in good faith by the Company’s Board of Directors, will conclusively be deemed to be the cash equivalent value of such non-cash consideration. 

9.4 Payment. Payment of the purchase price for the Offered Shares will be payable, at the option of the Company and/or its
assignee(s) (as applicable), by check or by cancellation of all or a portion of any outstanding purchase money indebtedness owed by the Holder to the Company (or to such assignee, in the case of a purchase of Offered Shares by such assignee) or by
any combination thereof. The purchase price will be paid without interest within sixty (60) days after the Company’s receipt of the Notice, or, at the option of the Company and/or its assignee(s), in the manner and at the time(s) set forth
in the Notice. 
 9.5 Holder’s Right to Transfer. If all of the Offered Shares proposed in the Notice to be transferred to
a given Proposed Transferee are not purchased by the Company and/or its assignee(s) as provided in this Section, then the Holder may sell or otherwise transfer such Offered Shares to each Proposed Transferee at the Offered Price or at a higher
price, provided that (i) such sale or other transfer is consummated within one hundred twenty (120) days after the date of the Notice, (ii) any such sale or other transfer is effected in compliance with all applicable
securities laws, and (iii) each Proposed Transferee agrees in writing that the provisions of this Section will continue to apply to the Offered Shares in the hands of such Proposed Transferee. If the Offered Shares described in the Notice are
not transferred to each Proposed Transferee within such one hundred twenty (120) day period, then a new Notice must be given to the Company pursuant to which the Company will again be offered the Right of First Refusal before any Shares held by
the Holder may be sold or otherwise transferred. 
 9.6 Exempt Transfers. Notwithstanding anything to the contrary in this
Section, the following transfers of Vested Shares will be exempt from the Right of First Refusal: (i) the transfer of any or all of the Vested Shares during Purchaser’s lifetime by gift or on Purchaser’s death by will or intestacy to
Purchaser’s “Immediate Family” (as defined below) or to a trust for the benefit of Purchaser or Purchaser’s Immediate Family, provided that each transferee or other recipient agrees in a writing satisfactory to the Company that
the provisions of this Section will continue to apply to the transferred 

  
 5 













 
Vested Shares in the hands of such transferee or other recipient; (ii) any transfer of Vested Shares made pursuant to a statutory merger or statutory consolidation of the Company with or
into another corporation or corporations (except that the Right of First Refusal will continue to apply thereafter to such Vested Shares, in which case the surviving corporation of such merger or consolidation shall succeed to the rights of the
Company under this Section unless the agreement of merger or consolidation expressly otherwise provides); or (iii) any transfer of Vested Shares pursuant to the winding up and dissolution of the Company. As used herein, the term “Immediate
Family” will mean “family member” as that term is defined in 17 C.F.R. 230.701 (as of the Effective Date the term includes, but is not limited to: Purchaser’s spouse, father, mother, brother or sister, child, adopted child,
grandchild or adopted grandchild). 
 9.7 Termination of Right of First Refusal. The Right of First Refusal will terminate as
to all Shares (i) on the effective date of the first sale of Common Stock of the Company to the general public pursuant to a registration statement filed with and declared effective by the SEC under the 1933 Act (other than a registration
statement relating solely to the issuance of Common Stock pursuant to a business combination or an employee incentive or benefit plan) or (ii) on any transfer or conversion of Shares made pursuant to a statutory merger or statutory
consolidation of the Company with or into another corporation or corporations if the common stock of the surviving corporation or any direct or indirect parent corporation thereof is registered under the Securities Exchange Act of 1934, as amended.

 9.8 Encumbrances on Vested Shares. Purchaser may grant a lien or security interest in, or pledge, hypothecate or encumber
Vested Shares only if each party to whom such lien or security interest is granted, or to whom such pledge, hypothecation or other encumbrance is made, agrees in a writing satisfactory to the Company that: (i) such lien, security interest,
pledge, hypothecation or encumbrance will not apply to such Vested Shares after they are acquired by the Company and/or its assignees under this Section; and (ii) the provisions of this Section will continue to apply to such Vested Shares in
the hands of such party and any transferee of such party. Purchaser may not grant a lien or security interest in, or pledge, hypothecate or encumber, any Unvested Shares. 

10. Rights as a Stockholder. Subject to the terms and conditions of this Exercise Agreement, Purchaser will have
all of the rights of a stockholder of the Company with respect to the Shares from and after the date that Shares are issued to Purchaser until such time as Purchaser disposes of the Shares or the Company and/or its assignee(s) exercise(s) the
Repurchase Option or Right of First Refusal. Upon an exercise of the Repurchase Option or Right of First Refusal, Purchaser will have no further rights as a holder of the Shares so purchased upon such exercise, other than the right to receive
payment for the Shares so purchased in accordance with the provisions of this Exercise Agreement, and Purchaser will promptly surrender the stock certificate(s) evidencing the Shares so purchased to the Company for transfer or cancellation. 

11. Escrow. As security for Purchaser’s faithful performance of this Exercise Agreement, Purchaser agrees,
immediately upon receipt of the stock certificate(s) evidencing the Shares, to deliver such certificate(s), together with the Stock Powers executed by Purchaser and by Purchaser’s spouse, if any (with the date and number of Shares left blank),
to the Secretary of the Company or other designee of the Company (the “Escrow Holder”), who is hereby appointed to hold such certificate(s) and Stock Powers in escrow and to take all such actions and to effectuate all such
transfers and/or releases of such Shares as are in accordance with the terms of this Exercise Agreement. Purchaser and the Company agree that Escrow Holder will not be liable to any party to this Exercise Agreement (or to any other party) for any
actions or omissions unless Escrow Holder is grossly negligent or intentionally fraudulent in carrying out the duties of Escrow Holder under this Exercise Agreement. Escrow Holder may rely upon any letter, notice or other document executed with any
signature purported to be genuine and may rely on the advice of counsel and obey any order of any court with respect to the transactions contemplated by this Exercise Agreement. The Shares will be released from escrow upon termination of the
Repurchase Option and Right of First Refusal. 

  
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 12. Restrictive Legends and Stop-Transfer Orders. 

12.1 Legends. Purchaser understands and agrees that the Company will place the legends set forth below or similar legends on any
stock certificate(s) evidencing the Shares, together with any other legends that may be required by state or U.S. Federal securities laws, the Company’s Certificate of Incorporation or Bylaws, any other agreement between Purchaser and the
Company or any agreement between Purchaser and any third party: 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED
UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE
ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON PUBLIC RESALE AND TRANSFER, INCLUDING THE
REPURCHASE AND RIGHT OF FIRST REFUSAL OPTIONS HELD BY THE ISSUER AND/OR ITS ASSIGNEE(S) AS SET FORTH IN A STOCK OPTION EXERCISE AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL
OFFICE OF THE ISSUER. SUCH PUBLIC SALE AND TRANSFER RESTRICTIONS INCLUDING THE REPURCHASE AND RIGHT OF FIRST REFUSAL OPTIONS ARE BINDING ON TRANSFEREES OF THESE SHARES. 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A 180 DAY MARKET STANDOFF RESTRICTION AS SET FORTH IN A CERTAIN AGREEMENT BETWEEN
THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. AS A RESULT OF SUCH AGREEMENT, THESE SHARES MAY NOT BE TRADED PRIOR TO 180 DAYS AFTER THE EFFECTIVE DATE OF ANY PUBLIC
OFFERING OF THE COMMON STOCK OF THE ISSUER HEREOF. SUCH RESTRICTION IS BINDING ON TRANSFEREES OF THESE SHARES. 
 12.2
Stop-Transfer Instructions. Purchaser agrees that, to ensure compliance with the restrictions imposed by this Exercise Agreement, the Company may issue appropriate “stop-transfer” instructions to its transfer agent, if any, and
if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records. 
 12.3
Refusal to Transfer. The Company will not be required (i) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Exercise Agreement or (ii) to treat as
owner of such Shares, or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares have been so transferred. 

  
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 13. Tax Consequences. PURCHASER UNDERSTANDS THAT PURCHASER MAY
SUFFER ADVERSE TAX CONSEQUENCES AS A RESULT OF PURCHASER’S PURCHASE OR DISPOSITION OF THE SHARES. PURCHASER REPRESENTS: (i) THAT PURCHASER HAS CONSULTED WITH ANY TAX ADVISER THAT PURCHASER DEEMS ADVISABLE IN CONNECTION WITH THE PURCHASE OR
DISPOSITION OF THE SHARES AND (ii) THAT PURCHASER IS NOT RELYING ON THE COMPANY FOR ANY TAX ADVICE. IN PARTICULAR, IF UNVESTED SHARES ARE SUBJECT TO REPURCHASE BY THE COMPANY, PURCHASER REPRESENTS THAT PURCHASER HAS CONSULTED WITH
PURCHASER’S OWN TAX ADVISER CONCERNING THE ADVISABILITY OF FILING AN 83(b) ELECTION WITH THE INTERNAL REVENUE SERVICE WHICH MUST BE FILED WITHIN THIRTY (30) DAYS OF THE PURCHASE OF SHARES TO BE EFFECTIVE. Set forth below is a brief summary
as of the date the Plan was adopted by the Board of some of the U.S. federal tax consequences of exercise of the Option and disposition of the Shares. THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE.
PURCHASER SHOULD CONSULT HIS OR HER OWN TAX ADVISER BEFORE EXERCISING THIS OPTION OR DISPOSING OF THE SHARES. 
 13.1 Exercise of
Incentive Stock Option. If the Option qualifies as an ISO, there will be no regular U.S. federal income tax liability upon the exercise of the Option, although the excess, if any, of the Fair Market Value of the Shares on the date of exercise
over the Exercise Price will be treated as a tax preference item for U.S. Federal alternative minimum tax purposes and may subject Purchaser to the alternative minimum tax in the year of exercise. 

13.2 Exercise of Nonqualified Stock Option. If the Option does not qualify as an ISO, there may be a regular U.S. federal income
tax liability upon the exercise of the Option. Purchaser will be treated as having received compensation income (taxable at ordinary income tax rates) equal to the excess, if any, of the Fair Market Value of the Shares on the date of exercise over
the Exercise Price. If Purchaser is or was an employee of the Company, the Company may be required to withhold from Purchaser’s compensation or collect from Purchaser and pay to the applicable taxing authorities an amount equal to a percentage
of this compensation income at the time of exercise. 
 13.3 Disposition of Shares. The following tax consequences may apply
upon disposition of the Shares. 
 (a) Incentive Stock Options. If the Shares are held for more than twelve (12) months after
the date of purchase of the Shares pursuant to the exercise of an ISO and are disposed of more than two (2) years after the Date of Grant, any gain realized on disposition of the Shares will be treated as long term capital gain for U.S. federal
income tax purposes. If Vested Shares purchased under an ISO are disposed of within the applicable one (1) year or two (2) year period, any gain realized on such disposition will be treated as compensation income (taxable at ordinary
income rates in the year of the disposition) to the extent of the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price. To the extent the Shares were exercised prior to vesting coincident with the
filing of an 83(b) Election, the amount taxed because of a disqualifying disposition will be based upon the excess, if any, of the fair market value on the date of vesting over the exercise price. 

(b) Nonqualified Stock Options. If the Shares are held for more than twelve (12) months after the date of the transfer of the
Shares pursuant to the exercise of an NQSO, any gain realized on disposition of the Shares will be treated as long term capital gain. 
 (c)
Withholding. The Company may be required to withhold from the Purchaser’s compensation or collect from the Purchaser and pay to the applicable taxing authorities an amount equal to a percentage of this compensation income. 

  
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 13.4 Section 83(b) Election for Unvested
Shares. With respect to Unvested Shares, which are subject to the Repurchase Option, unless an election is filed by the Purchaser with the Internal Revenue Service (and, if necessary, the proper state taxing authorities), within 30
days of the purchase of the Unvested Shares, electing pursuant to Section 83(b) of the Code (and similar state tax provisions, if applicable) to be taxed currently on any difference between the Exercise Price of the Unvested Shares and
their Fair Market Value on the date of purchase, there may be a recognition of taxable income (including, where applicable, alternative minimum taxable income) to the Purchaser, measured by the excess, if any, of the Fair Market Value of the
Unvested Shares at the time they cease to be Unvested Shares, over the Exercise Price of the Unvested Shares. 
 14. Compliance
with Laws and Regulations. The issuance and transfer of the Shares will be subject to and conditioned upon compliance by the Company and Purchaser with all applicable state and U.S. federal laws and regulations and with all applicable
requirements of any stock exchange or automated quotation system on which the Company’s Common Stock may be listed or quoted at the time of such issuance or transfer. 

15. Successors and Assigns. The Company may assign any of its rights and obligations under this Exercise
Agreement, including its rights to purchase Shares under the Repurchase Option and Right of First Refusal. No other party to this Exercise Agreement may assign, whether voluntarily or by operation of law, any of its rights and obligations under this
Exercise Agreement, except with the prior written consent of the Company. This Exercise Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth,
this Exercise Agreement will be binding upon Purchaser and Purchaser’s heirs, executors, administrators, legal representatives, successors and assigns. 

16. Governing Law. This Exercise Agreement shall be governed by and construed in accordance with the laws of the
State of California, without giving effect to that body of laws pertaining to conflict of laws. 
 17. Notices.
Any and all notices required or permitted to be given to a party pursuant to the provisions of this Exercise Agreement will be in writing and will be effective and deemed to provide such party sufficient notice under this Exercise Agreement on the
earliest of the following: (i) at the time of personal delivery, if delivery is in person; (ii) one (1) business day after deposit with an express overnight courier for United States deliveries, or two (2) business days after
such deposit for deliveries outside of the United States, with proof of delivery from the courier requested; or (iii) three (3) business days after deposit in the United States mail by certified mail (return receipt requested) for United States
deliveries. 
 18. Further Assurances. The parties agree to execute such further documents and instruments and
to take such further actions as may be reasonably necessary to carry out the purposes and intent of this Exercise Agreement. 
 19.
Titles and Headings. The titles, captions and headings of this Exercise Agreement are included for ease of reference only and will be disregarded in interpreting or construing this Exercise Agreement. Unless otherwise
specifically stated, all references herein to “sections” and “exhibits” will mean “sections” and “exhibits” to this Exercise Agreement. 

20. Entire Agreement. The Plan, the Stock Option Agreement, the Notice (as defined in the Notice of Exercise), the
Exercise Notice and this Exercise Agreement, together with all exhibits thereto, constitute the entire agreement and understanding of the parties with respect to the subject matter of this Exercise Agreement, and supersede all prior understandings
and agreements, whether oral or written, between or among the parties hereto with respect to the specific subject matter hereof. 

  
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 21. Severability. If any provision of this Exercise Agreement is
determined by any court or arbitrator of competent jurisdiction to be invalid, illegal or unenforceable in any respect, such provision will be enforced to the maximum extent possible given the intent of the parties hereto. If such clause or
provision cannot be so enforced, such provision shall be stricken from this Exercise Agreement and the remainder of this Exercise Agreement shall be enforced as if such invalid, illegal or unenforceable clause or provision had (to the extent not
enforceable) never been contained in this Exercise Agreement. Notwithstanding the forgoing, if the value of this Exercise Agreement based upon the substantial benefit of the bargain for any party is materially impaired, which determination as made
by the presiding court or arbitrator of competent jurisdiction shall be binding, then both parties agree to substitute such provision(s) through good faith negotiations. 

  
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