EX-10.5



 Exhibit 10.5 
 AUDIENCE, INC. 
 2011 EMPLOYEE STOCK PURCHASE PLAN 

(as amended April 29, 2013) 
 1. Purpose. The purpose of the Plan is to provide employees of the Company, its Designated Subsidiaries, and its Designated Non-U.S. Affiliates with an opportunity to purchase Common Stock through
accumulated Contributions. The Plan has a Code Section 423(b) Component and an International Component. The Code Section 423(b) Component is intended to qualify as an “employee stock purchase plan” under Section 423 of the
Code. The International Component may, but is not required to, qualify as an “employee stock purchase plan” under Section 423 of the Code. 
 2. Definitions. 
 (a) “Administrator” means the Board or
any Committee designated by the Board to administer the Plan pursuant to Section 14. 
 (b) “Applicable
Laws” means the requirements relating to the administration of equity-based awards under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed
or quoted and the applicable laws of any foreign country or jurisdiction where options are, or will be, granted under the Plan. 

(c) “Board” means the Board of Directors of the Company. 

(d) “Change in Control” means the occurrence of any of the following events: 

(i) A change in the ownership of the Company which occurs on the date that any one person, or more than one person acting as a group
(“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than fifty percent (50%) of the total voting power of the stock of the Company; provided, however,
that for purposes of this subsection, the acquisition of additional stock by any one Person, who is considered to own more than fifty percent (50%) of the total voting power of the stock of the Company will not be considered a Change in
Control; or 
 (ii) A change in the effective control of the Company which occurs on the date that a majority of members of the
Board is replaced during any twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purposes of this clause (ii), if
any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change in Control; or 







 (iii) A change in the ownership of a substantial portion of the Company’s assets which
occurs on the date that any Person acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value
equal to or more than fifty percent (50%) of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection, the following
will not constitute a change in the ownership of a substantial portion of the Company’s assets: (A) a transfer to an entity that is controlled by the Company’s stockholders immediately after the transfer, or (B) a transfer of
assets by the Company to: (1) a stockholder of the Company (immediately before the asset transfer) in exchange for or with respect to the Company’s stock, (2) an entity, fifty percent (50%) or more of the total value or voting
power of which is owned, directly or indirectly, by the Company, (3) a Person, that owns, directly or indirectly, fifty percent (50%) or more of the total value or voting power of all the outstanding stock of the Company, or (4) an
entity, at least fifty percent (50%) of the total value or voting power of which is owned, directly or indirectly, by a Person described in this subsection (iii)(B)(3). For purposes of this subsection, gross fair market value means the value of
the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. 
 For purposes of this definition, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or
similar business transaction with the Company. 
 Notwithstanding the foregoing, a transaction will not be deemed a Change in
Control unless the transaction qualifies as a change in control event within the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed or final U.S. Treasury Regulations and Internal Revenue Service
guidance that has been promulgated or may be promulgated thereunder from time to time. 
 Further and for the avoidance of
doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the state of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially
the same proportions by the persons who held the Company’s securities immediately before such transaction. 
 (e)
“Code” means the U.S. Internal Revenue Code of 1986, as amended. Reference to a specific section of the Code or U.S. Treasury Regulation thereunder will include such section or regulation, any valid regulation or other official
applicable guidance promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation. 

(f) “Code Section 423(b) Component” means an employee stock purchase plan which is designed to meet the
requirements set forth in Section 423(b) of the Code. The provisions of the Code Section 423(b) Component shall be construed, administered and enforced in accordance with Section 423(b) of the Code. 

  
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 (g) “Committee” means a committee of the Board appointed in accordance with
Section 14 hereof. 
 (h) “Common Stock” means the common stock of the Company. 

(i) “Company” means Audience, Inc., a Delaware corporation, or any successor thereto. 

(j) “Compensation” means an Eligible Employee’s base straight time gross earnings, commissions (to the extent such
commissions are an integral, recurring part of compensation), payments for overtime and shift premium, but exclusive of payments for incentive compensation, bonuses and other similar compensation. The Administrator, in its discretion, may, on a
uniform and nondiscriminatory basis, establish a different definition of Compensation for a subsequent Offering Period. 
 (k)
“Contributions” means the payroll deductions and other additional payments that the Company may permit to be made by a Participant to fund the exercise of options granted pursuant to the Plan. 

(l) “Designated Non-U.S. Affiliate” shall mean any corporation, partnership, joint venture or other business entity, of
which not less than 50% of the voting shares are held by the Company or a Subsidiary, or any branch of any such entity, domestic or foreign, whether or not such entity now exists or is hereafter organized or acquired by the Company or an affiliate
which: (i) has been designated by the Administrator from time to time in its sole discretion as eligible to participate in the International Component; and (ii) has Employees working outside of the United States. The Administrator may in
its sole discretion provide from time to time that a Designated Non-U.S. Affiliate shall cease to be a Designated Non-U.S. Affiliate. 
 (m) “Designated Subsidiary” means any Subsidiary that has been designated by the Administrator from time to time in its sole discretion as eligible to participate in the Plan. 

(n) “Director” means a member of the Board. 
 (o) “Eligible Employee” means any individual who is an employee of an Employer that is the Company, a Designated Subsidiary or a Designated Non-U.S. Affiliate and, for purposes of
participation in the Code Section 423 Component, is customarily employed for at least twenty (20) hours per week and more than five (5) months in any calendar year by the Employer. For purposes of the Plan, the employment relationship
will be treated as continuing intact while the individual is on sick leave or other leave of absence that the Employer approves or is legally protected under Applicable Laws. Where the period of leave exceeds three (3) months and the
individual’s right to reemployment is not guaranteed either by statute or by contract, the employment relationship will be deemed to have terminated three (3) months and one (1) day following the commencement of such leave. The
Administrator, in its discretion, from time to time may, prior to an Enrollment Date for all options to be granted on such Enrollment Date in an Offering, determine (on a uniform and nondiscriminatory basis or as otherwise permitted by Treasury
Regulation Section 1.423-2) that the definition of Eligible Employee will or will not include an individual if he or she: (i) has not completed at least two (2) years of service since his or her last hire date (or such lesser period
of time as may be determined by the Administrator in its discretion), (ii) customarily works not more than twenty (20) hours per week (or such lesser period of 

  
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time as may be determined by the Administrator in its discretion), (iii) customarily works not more than five (5) months per calendar year (or such lesser period of time as may be
determined by the Administrator in its discretion), (iv) is a highly compensated employee within the meaning of Section 414(q) of the Code, or (v) is a highly compensated employee within the meaning of Section 414(q) of the Code
with compensation above a certain level or is an officer or subject to the disclosure requirements of Section 16(a) of the Exchange Act, provided the exclusion is applied with respect to each Offering in an identical manner to all highly
compensated individuals of the Employer whose Employees are participating in that Offering. Each exclusion shall be applied with respect to an Offering in a manner complying with U.S. Treasury Regulation Section 1.423-2(e)(2)(ii). 

(p) “Employer” means the employer of the applicable Eligible Employee(s). 

(q) “Enrollment Date” means the first Trading Day of each Offering Period. 

(r) “Exchange Act” means the Securities Exchange Act of 1934, as amended, including the rules and regulations
promulgated thereunder. 
 (s) “Exercise Date” means the first Trading Day on or after May 16 and
November 16 of each Purchase Period. Notwithstanding the foregoing, the first Exercise Date under the Plan will be November 16, 2012. 
 (t) “Fair Market Value” means, as of any date and unless the Administrator determines otherwise, the value of Common Stock determined as follows: 

(i) If the Common Stock is listed on any established stock exchange its Fair Market Value will be the closing sales price for such stock
as quoted on such exchange or system on the date of determination (or the closing bid, if no sales were reported), as reported in The Wall Street Journal or such other source as the Administrator deems reliable; 

(ii) If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair Market
Value will be the mean between the high bid and low asked prices for the Common Stock on the date of determination (or if no bids and asks were reported on that date, as applicable, on the last Trading Day such bids and asks were reported), as
reported in The Wall Street Journal or such other source as the Administrator deems reliable; 
 (iii) In the absence of
an established market for the Common Stock, the Fair Market Value thereof will be determined in good faith by the Administrator; or 
 (iv) For purposes of the Enrollment Date of the first Offering Period under the Plan, the Fair Market Value will be the initial price to the public as set forth in the final prospectus included within the
registration statement on Form S-1 filed with the Securities and Exchange Commission for the initial public offering of the Common Stock (the “Registration Statement”). 

  
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 (u) “Fiscal Year” means the fiscal year ending each December 31 of
each year or such other fiscal year as established by the Company. 
 (v) “International Component” means an
employee stock purchase plan which may, but is not required to, meet the requirements set forth in Section 423(b) of the Code. The terms of the International Component are set forth in this document and any other applicable sub-plan.

 (w) “New Exercise Date” means a new Exercise Date if the Administrator shortens any Offering Period then in
progress. 
 (x) “Offering” means an offer under the Plan of an option that may be exercised during an Offering
Period as further described in Section 4. For purposes of the International Component, unless the Administrator determines otherwise, the Employees participating in the International Component will participate in a separate Offering from the
Offering in which employees in the Code Section 423(b) Component participate, even if the dates of the applicable Offering Period of each such Offering are identical. In addition, for purposes of the International Component, if the
Administrator so determines, the Administrator may further designate additional separate Offerings under the International Component in which Employees of one or more Employers will participate, even if the dates of the applicable Offering Period of
each such Offering are identical. 
 (y) “Offering Period” means the period of approximately six
(6) months during which an option granted pursuant to the Plan may be exercised (i) commencing on the first Trading Day on or after May 16 and November 16 of each year and (ii) terminating on the first Trading Day on or
after November 16 and May 16, approximately six (6) months later; provided, however, that the first Offering Period under the Plan will commence with the first Trading Day on or after the date on which the Securities and Exchange
Commission declares the Company’s Registration Statement effective and will end on the first Trading Day on or after November 16, 2012, and provided, further, that the second Offering Period under the Plan will commence on the first
Trading Day on or after November 16, 2012. The duration and timing of Offering Periods may be changed pursuant to Sections 4 and 20. 
 (z) “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code. 

(aa) “Participant” means an Eligible Employee that participates in the Plan. 

(bb) “Plan” means this Audience, Inc. 2011 Employee Stock Purchase Plan. 

(cc) “Purchase Period” means the approximately six (6) month period commencing after one Exercise Date and ending
with the next Exercise Date, except that the first Purchase Period of any Offering Period will commence on the Enrollment Date and end with the next Exercise Date. 
 (dd) “Purchase Price” means an amount equal to eighty-five percent (85%) of the Fair Market Value of a share of Common Stock on the Enrollment Date or on the Exercise Date, whichever
is lower; provided however, that the Purchase Price may be determined for subsequent Offering Periods by 

  
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the Administrator subject to compliance with Section 423 of the Code (or any successor rule or provision or any other applicable law, regulation or stock exchange rule) or pursuant to
Section 20. 
 (ee) “Subsidiary” means a “subsidiary corporation,” whether now or hereafter
existing, as defined in Section 424(f) of the Code. 
 (ff) “Trading Day” means a day on which the
national stock exchange upon which the Common Stock is listed is open for trading. 
 (gg) “U.S. Treasury
Regulations” means the Treasury regulations of the Code. Reference to a specific Treasury Regulation or Section of the Code shall include such Treasury Regulation or Section, any valid regulation promulgated under such Section, and any
comparable provision of any future legislation or regulation amending, supplementing or superseding such Section or regulation. 

3. Eligibility. 
 (a) First Offering Period. Any individual who is an Eligible Employee immediately prior to the first Offering Period will be automatically enrolled in the first Offering Period. 

(b) Subsequent Offering Periods. Any Eligible Employee on a given Enrollment Date subsequent to the first Offering Period will be
eligible to participate in the Plan, subject to the requirements of Section 5. 
 (c) U.S and Non-U.S. Employees. An
Eligible Employee of a Designated Subsidiary that is not a Designated Non-U.S. Affiliate shall participate in the Code Section 423(b) Component. An Eligible Employee of a Designated Non-U.S. Affiliate shall participate in the International
Component. Employees who are located outside the U.S. may be excluded from the Plan if their participation is prohibited under the laws of the applicable jurisdiction or if complying with the laws of the applicable jurisdiction would cause the Code
Section 423(b) Component to violate Section 423 of the Code. 
 (d) Limitations. Any provisions of the Plan to
the contrary notwithstanding, no Eligible Employee will be granted an option under the Plan (i) to the extent that, immediately after the grant, such Eligible Employee (or any other person whose stock would be attributed to such Eligible
Employee pursuant to Section 424(d) of the Code) would own capital stock of the Company or any Parent or Subsidiary of the Company and/or hold outstanding options to purchase such stock possessing five percent (5%) or more of the total
combined voting power or value of all classes of the capital stock of the Company or of any Parent or Subsidiary of the Company, or (ii) to the extent that his or her rights to purchase stock under all employee stock purchase plans (as defined
in Section 423 of the Code) of the Company or any Parent or Subsidiary of the Company accrues at a rate, which exceeds twenty-five thousand dollars ($25,000) worth of stock (determined at the Fair Market Value of the stock at the time such
option is granted) for each calendar year in which such option is outstanding at any time, as determined in accordance with Section 423 of the Code and the regulations thereunder. 

4. Offering Periods. The Plan will be implemented by consecutive Offering Periods with a new Offering Period commencing on the
first Trading Day on or after May 16 and November 16 each year, or on 

  
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such other date as the Administrator will determine; provided, however, that the first Offering Period under the Plan will commence with the first Trading Day on or after the date upon which the
Company’s Registration Statement is declared effective by the Securities and Exchange Commission and end on the first Trading Day on or after November 16, 2012, and provided, further, that the second Offering Period under the Plan
will commence on the first Trading Day on or after November 16, 2012. The Administrator will have the power to change the duration of Offering Periods (including the commencement dates thereof) with respect to future Offerings without
stockholder approval if such change is announced prior to the scheduled beginning of the first Offering Period to be affected thereafter. 
 5. Participation. 
 (a) First Offering Period. An Eligible Employee
will be entitled to continue to participate in the first Offering Period pursuant to Section 3(a) only if such individual submits a subscription agreement authorizing payroll deductions in a form determined by the Administrator (which may be
similar to the form attached hereto as Exhibit A) to the Company’s designated plan administrator (i) no earlier than the effective date of the Form S-8 registration statement with respect to the issuance of Common Stock under this
Plan and (ii) no later than May 23, 2012 (the “Enrollment Window”). An Eligible Employee’s failure to submit the subscription agreement during the Enrollment Window will result in the automatic termination of such
individual’s participation in the first Offering Period. 
 (b) Subsequent Offering Periods. An Eligible Employee
may participate in the Plan pursuant to Section 3(b) by (i) submitting to the Company’s stock administration office (or its designee), on or before a date determined by the Administrator prior to an applicable Enrollment Date, a
properly completed subscription agreement authorizing Contributions in the form provided by the Administrator for such purpose, or (ii) following an electronic or other enrollment procedure determined by the Administrator. 

6. Contributions. 
 (a) At the time a Participant enrolls in the Plan pursuant to Section 5, he or she will elect to have payroll deductions made on each pay day or other Contributions (to the extent permitted by the
Administrator) made during the Offering Period in an amount not exceeding fifteen percent (15%) of the Compensation, which he or she receives on each pay day during the Offering Period; provided, however, that should a pay day occur on an
Exercise Date, a Participant will have any payroll deductions made on such day applied to his or her account under the subsequent Purchase Period or Offering Period. The Administrator, in its sole discretion, may permit all Participants in a
specified Offering to contribute amounts to the Plan through payment by cash, check or other means set forth in the subscription agreement prior to each Exercise Date of each Purchase Period. A Participant’s subscription agreement will remain
in effect for successive Offering Periods unless terminated as provided in Section 10 hereof. 
 (b) Payroll deductions for
a Participant will commence on the first pay day following the Enrollment Date and will end on the last pay day prior to the Exercise Date of such Offering Period to which such authorization is applicable, unless sooner terminated by the Participant
as provided in Section 10 

  
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hereof; provided, however, that for the first Offering Period, payroll deductions will commence on the first pay day on or following the end of the Enrollment Window. 

(c) All Contributions made for a Participant will be credited to his or her account under the Plan and payroll deductions will be made in
whole percentages only. A Participant may not make any additional payments into such account. 
 (d) A Participant may
discontinue his or her participation in the Plan as provided in Section 10. Unless the Administrator provides otherwise in its sole discretion, a Participant may decrease the rate of his or her Contributions during the Offering Period only once
during an Offering Period (and no increases in the rate of Contributions will be permitted after an Offering Period has commenced) by (i) properly completing and submitting to the Company’s stock administration office (or its designee), on
or before a date determined by the Administrator prior to an applicable Exercise Date, a new subscription agreement authorizing the change in Contribution rate in the form provided by the Administrator for such purpose, or (ii) following an
electronic or other procedure prescribed by the Administrator. If a Participant has not followed such procedures to change the rate of Contributions, the rate of his or her Contributions will continue at the originally elected rate throughout the
Offering Period and future Offering Periods (unless terminated as provided in Section 10). The Administrator may, in its sole discretion, limit the nature and/or number of Contribution rate changes that may be made by Participants during any
Offering Period, and may establish such other conditions or limitations as it deems appropriate for Plan administration. Any change in payroll deduction rate made pursuant to this Section 6(d) will be effective as of the first full payroll
period following five (5) business days after the date on which the change is made by the Participant (unless the Administrator, in its sole discretion, elects to process a given change in payroll deduction rate more quickly). 

(e) Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b)(8) of the Code and Section 3(b), a
Participant’s Contributions may be decreased to zero percent (0%) at any time during a Purchase Period. Subject to Section 423(b)(8) of the Code and Section 3(b) hereof, Contributions will recommence at the rate originally elected by
the Participant effective as of the beginning of the first Purchase Period scheduled to end in the following calendar year, unless terminated by the Participant as provided in Section 10. 

(f) At the time the option is exercised, in whole or in part, or at the time some or all of the Common Stock issued under the Plan is
disposed of (or any other time that a taxable event related to the Plan occurs), the Participant must make adequate provision for the Company’s or Employer’s federal, state, local or any other tax liability payable to any authority
including taxes imposed by jurisdictions outside of the U.S., national insurance, social security or other tax withholding obligations, if any, which arise upon the exercise of the option or the disposition of the Common Stock (or any other time
that a taxable event related to the Plan occurs). At any time, the Company or the Employer may, but will not be obligated to, withhold from the Participant’s compensation the amount necessary for the Company or the Employer to meet applicable
withholding obligations, including any withholding required to make available to the Company or the Employer any tax deductions or benefits attributable to sale or early disposition of Common Stock by the Eligible Employee. In addition, the Company
or the Employer may, but will not be obligated to, 

  
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withhold from the proceeds of the sale of Common Stock or any other method of withholding the Company or the Employer deems appropriate to the extent permitted by U.S. Treasury Regulation
Section 1.423-2(f). 
 7. Grant of Option. On the Enrollment Date of each Offering Period, each Eligible Employee
participating in such Offering Period will be granted an option to purchase on each Exercise Date during such Offering Period (at the applicable Purchase Price) up to a number of shares of Common Stock determined by dividing such Eligible
Employee’s Contributions accumulated prior to such Exercise Date and retained in the Eligible Employee’s account as of the Exercise Date by the applicable Purchase Price; provided that in no event will an Eligible Employee be permitted to
purchase during each Purchase Period more than 2,000 shares of Common Stock (subject to any adjustment pursuant to Section 19) and provided further that such purchase will be subject to the limitations set forth in Sections 3(c) and 13. The
Eligible Employee may accept the grant of such option (i) with respect to the first Offering Period by submitting a properly completed subscription agreement in accordance with the requirements of Section 5 on or before the last day of the
Enrollment Window, and (ii) with respect to any subsequent Offering Period under the Plan, by electing to participate in the Plan in accordance with the requirements of Section 5. The Administrator may, for future Offering Periods,
increase or decrease, in its absolute discretion, the maximum number of shares of Common Stock that an Eligible Employee may purchase during each Purchase Period of an Offering Period. Exercise of the option will occur as provided in Section 8,
unless the Participant has withdrawn pursuant to Section 10. The option will expire on the last day of the Offering Period. 
 8. Exercise of Option. 
 (a) Unless a Participant withdraws from the Plan
as provided in Section 10, his or her option for the purchase of shares of Common Stock will be exercised automatically on the Exercise Date, and the maximum number of full shares subject to the option will be purchased for such Participant at
the applicable Purchase Price with the accumulated Contributions from his or her account. No fractional shares of Common Stock will be purchased; any Contributions accumulated in a Participant’s account, which are not sufficient to purchase a
full share will be retained in the Participant’s account for the subsequent Purchase Period or Offering Period, subject to earlier withdrawal by the Participant as provided in Section 10. Any other funds left over in a Participant’s
account after the Exercise Date will be returned to the Participant. During a Participant’s lifetime, a Participant’s option to purchase shares hereunder is exercisable only by him or her. 

(b) If the Administrator determines that, on a given Exercise Date, the number of shares of Common Stock with respect to which options
are to be exercised may exceed (i) the number of shares of Common Stock that were available for sale under the Plan on the Enrollment Date of the applicable Offering Period, or (ii) the number of shares of Common Stock available for sale
under the Plan on such Exercise Date, the Administrator may in its sole discretion (x) provide that the Company will make a pro rata allocation of the shares of Common Stock available for purchase on such Enrollment Date or Exercise Date, as
applicable, in as 

  
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uniform a manner as will be practicable and as it will determine in its sole discretion to be equitable among all Participants exercising options to purchase Common Stock on such Exercise Date,
and continue all Offering Periods then in effect or (y) provide that the Company will make a pro rata allocation of the shares available for purchase on such Enrollment Date or Exercise Date, as applicable, in as uniform a manner as will be
practicable and as it will determine in its sole discretion to be equitable among all participants exercising options to purchase Common Stock on such Exercise Date, and terminate any or all Offering Periods then in effect pursuant to
Section 20. The Company may make a pro rata allocation of the shares available on the Enrollment Date of any applicable Offering Period pursuant to the preceding sentence, notwithstanding any authorization of additional shares for issuance
under the Plan by the Company’s stockholders subsequent to such Enrollment Date. 
 9. Delivery. As soon as
reasonably practicable after each Exercise Date on which a purchase of shares of Common Stock occurs, the Company will arrange the delivery to each Participant of the shares purchased upon exercise of his or her option in a form determined by the
Administrator (in its sole discretion) and pursuant to rules established by the Administrator. The Company may permit or require that shares be deposited directly with a broker designated by the Company or to a designated agent of the Company, and
the Company may utilize electronic or automated methods of share transfer. The Company may require that shares be retained with such broker or agent for a designated period of time and/or may establish other procedures to permit tracking of
disqualifying dispositions of such shares. No Participant will have any voting, dividend, or other stockholder rights with respect to shares of Common Stock subject to any option granted under the Plan until such shares have been purchased and
delivered to the Participant as provided in this Section 9. 
 10. Withdrawal. 

(a) A Participant may withdraw all but not less than all the Contributions credited to his or her account and not yet used to exercise
his or her option under the Plan at any time by (i) submitting to the Company’s stock administration office (or its designee) a written notice of withdrawal in the form determined by the Administrator for such purpose, or
(ii) following an electronic or other withdrawal procedure determined by the Administrator. All of the Participant’s Contributions credited to his or her account will be paid to such Participant promptly after receipt of notice of
withdrawal and such Participant’s option for the Offering Period will be automatically terminated, and no further Contributions for the purchase of shares will be made for such Offering Period. If a Participant withdraws from an Offering
Period, Contributions will not resume at the beginning of the succeeding Offering Period, unless the Participant re-enrolls in the Plan in accordance with the provisions of Section 5. 

(b) A Participant’s withdrawal from an Offering Period will not have any effect upon his or her eligibility to participate in any
similar plan that may hereafter be adopted by the Company or in succeeding Offering Periods that commence after the termination of the Offering Period from which the Participant withdraws. 

11. Termination of Employment; Transfer of Employment. 
 (a) Upon a Participant’s ceasing to be an Eligible Employee, for any reason, he or she will be deemed to have elected to withdraw from the Plan and the Contributions credited to such
Participant’s account during the Offering Period but not yet used to purchase shares of Common Stock under the Plan will be returned to such Participant or, in the case of his or her death, to the person or persons entitled thereto under
Section 15, and such Participant’s option will be automatically terminated. 

  
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 (b) In the event that a Participant who is an Eligible Employee of a Designated Non-U.S.
Affiliate is transferred and becomes an employee of the Company or a Designated Subsidiary that is not a Designated Non-U.S. Affiliate during an Offering Period under the International Component, such individual shall continue to be eligible to
participate in the International Component for the duration of that Offering Period subject to the terms and conditions of the International Component. 
 (c) In the event that an employee of the Company or a Designated Subsidiary that is not a Designated Non-U.S. Affiliate who is a participant in the Code Section 423(b) Component is transferred and
becomes an employee of a Designated Non-U.S. Affiliate during an Offering Period in effect under the Plan, such individual shall continue to be eligible to participate in the Code Section 423(b) Component for the duration of that Offering
Period subject to the terms and conditions of the Code Section 423(b) Component, but only if the Designated Non-U.S. Affiliate qualifies as a Subsidiary. 
 12. Interest. No interest will accrue on the Contributions of a participant in the Plan, except as may be required by Applicable Law, as determined by the Company. 

13. Stock. 
 (a) Subject to adjustment upon changes in capitalization of the Company as provided in Section 19 hereof, the maximum number of shares of Common Stock that will be made available for sale under the
Plan will be 451,764 shares of Common Stock, plus an annual increase to be added on the first day of each Fiscal Year beginning with the 2013 Fiscal Year equal to the least of (i) 249,328 shares of Common Stock, (ii) one percent
(1%) of the outstanding shares of Common Stock on such date, or (iii) an amount determined by the Administrator. 

(b) Until the shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent
of the Company), a Participant will only have the rights of an unsecured creditor with respect to such shares, and no right to vote or receive dividends or any other rights as a stockholder will exist with respect to such shares. 

(c) Shares of Common Stock to be delivered to a Participant under the Plan will be registered in the name of the Participant or in the
name of the Participant and his or her spouse. 
 14. Administration. 

(a) The Plan will be administered by the Board or a Committee appointed by the Board, which Committee will be constituted to comply with
Applicable Laws. 
 (b) The Administrator will have full and exclusive discretionary authority to construe, interpret and apply
the terms of the Plan, to designate separate Offerings under the Plan, to determine eligibility, to adjudicate all disputed claims filed under the Plan and to establish such procedures that it deems necessary for the administration of the Plan
(including, without limitation, to adopt such procedures and sub-plans as are necessary or appropriate to permit the participation in the Plan by employees who are foreign nationals or employed outside the U.S., the terms of which sub-plans may take
precedence over other provisions of this Plan, with the exception of Section 13(a) hereof, but unless otherwise superseded by 

  
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the terms of such sub-plan, the provisions of this Plan shall govern the operation of such sub-plan). Unless otherwise determined by the Administrator, the Employees eligible to participate in
each sub-plan will participate in a separate Offering. Without limiting the generality of the foregoing, the Administrator is specifically authorized to adopt rules and procedures regarding eligibility to participate, the definition of Compensation,
handling of Contributions, making of Contributions to the Plan (including, without limitation, in forms other than payroll deductions), establishment of bank or trust accounts to hold Contributions, payment of interest, conversion of local currency,
obligations to pay payroll tax, determination of beneficiary designation requirements, withholding procedures and handling of stock certificates that vary with applicable local requirements. 

(c) In order to comply with Applicable Laws, including procedures of applicable jurisdictions of Designated Non-U.S. Affiliates, the
Participant may be required to retain the shares of Common Stock purchased on his or her behalf in an account maintained by the Company or a Designated Non-U.S. Affiliate or an account at a broker designated by the Company until the sale of such
shares. 
 15. Designation of Beneficiary. 
 (a) If permitted by the Administrator, a Participant may file a designation of a beneficiary who is to receive any shares of Common Stock and cash, if any, from the Participant’s account under the
Plan in the event of such Participant’s death subsequent to an Exercise Date on which the option is exercised but prior to delivery to such Participant of such shares and cash. In addition, if permitted by the Administrator, a Participant may
file a designation of a beneficiary who is to receive any cash from the Participant’s account under the Plan in the event of such Participant’s death prior to exercise of the option. If a Participant is married and the designated
beneficiary is not the spouse, spousal consent will be required for such designation to be effective. 
 (b) Such designation of
beneficiary may be changed by the Participant at any time by notice in a form determined by the Administrator. In the event of the death of a Participant and in the absence of a beneficiary validly designated under the Plan who is living at the time
of such Participant’s death, the Company will deliver such shares and/or cash to the executor or administrator of the estate of the Participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the
Company, in its discretion, may deliver such shares and/or cash to the spouse or to any one or more dependents or relatives of the Participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company
may designate. 
 (c) All beneficiary designations will be in such form and manner as the Administrator may designate from time
to time. Notwithstanding Sections 15(a) and (b) above, the Company and/or the Administrator may decide not to permit such designations by Participants in the International Component. 

16. Transferability. Neither Contributions credited to a Participant’s account nor any rights with regard to the exercise of
an option or to receive shares of Common Stock under the Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and distribution or as provided in Section 15 hereof) by the
Participant. Any such attempt at assignment, 

  
 12 









 
transfer, pledge or other disposition will be without effect, except that the Company may treat such act as an election to withdraw funds from an Offering Period in accordance with
Section 10 hereof. 
 17. Use of Funds. The Company may use all Contributions received or held by it under the Plan
for any corporate purpose, and the Company will not be obligated to segregate such Contributions except under Offerings in which applicable local law requires that Contributions to the Plan by Participants be segregated from the Company’s
general corporate funds and/or deposited with an independent third party for Participants in the International Component. Until shares of Common Stock are issued, Participants will only have the rights of an unsecured creditor with respect to such
shares. 
 18. Reports. Individual accounts will be maintained for each Participant in the Plan. Statements of account
will be given to participating Eligible Employees at least annually, which statements will set forth the amounts of Contributions, the Purchase Price, the number of shares of Common Stock purchased and the remaining cash balance, if any. 

19. Adjustments, Dissolution, Liquidation, Merger or Change in Control. 

(a) Adjustments. In the event that any dividend or other distribution (whether in the form of cash, Common Stock, other
securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Common Stock or other securities of the Company, or other change
in the corporate structure of the Company affecting the Common Stock occurs, the Administrator, in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, will, in such manner as
it may deem equitable, adjust the number and class of Common Stock that may be delivered under the Plan, the Purchase Price per share and the number of shares of Common Stock covered by each option under the Plan that has not yet been exercised, and
the numerical limits of Sections 7 and 13. 
 (b) Dissolution or Liquidation. In the event of the proposed dissolution or
liquidation of the Company, any Offering Period then in progress will be shortened by setting a New Exercise Date, and will terminate immediately prior to the consummation of such proposed dissolution or liquidation, unless provided otherwise by the
Administrator. The New Exercise Date will be before the date of the Company’s proposed dissolution or liquidation. The Administrator will notify each Participant in writing or electronically, prior to the New Exercise Date, that the Exercise
Date for the Participant’s option has been changed to the New Exercise Date and that the Participant’s option will be exercised automatically on the New Exercise Date, unless prior to such date the Participant has withdrawn from the
Offering Period as provided in Section 10 hereof. 
 (c) Merger or Change in Control. In the event of a merger or
Change in Control, each outstanding option will be assumed or an equivalent option substituted by the successor corporation or a Parent or Subsidiary of the successor corporation. In the event that the successor corporation refuses to assume or
substitute for the option, the Offering Period with respect to which such option relates will be shortened by setting a New Exercise Date on which such Offering Period shall end. The New Exercise Date will occur before the date of the Company’s
proposed merger or Change in Control. The Administrator will notify each Participant in writing or electronically prior to the New Exercise Date, that the Exercise Date for 

  
 13 









 
the Participant’s option has been changed to the New Exercise Date and that the Participant’s option will be exercised automatically on the New Exercise Date, unless prior to such date
the Participant has withdrawn from the Offering Period as provided in Section 10 hereof. 
 20. Amendment or
Termination. 
 (a) The Administrator, in its sole discretion, may amend, suspend, or terminate the Plan, or any part
thereof, at any time and for any reason. If the Plan is terminated, the Administrator, in its discretion, may elect to terminate all outstanding Offering Periods either immediately or upon completion of the purchase of shares of Common Stock on the
next Exercise Date (which may be sooner than originally scheduled, if determined by the Administrator in its discretion), or may elect to permit Offering Periods to expire in accordance with their terms (and subject to any adjustment pursuant to
Section 19). If the Offering Periods are terminated prior to expiration, all amounts then credited to Participants’ accounts that have not been used to purchase shares of Common Stock will be returned to the Participants (without
interest thereon, except as otherwise required under local laws, as further set forth in Section 12 hereof) as soon as administratively practicable. 
 (b) Without stockholder consent and without limiting Section 20(a), the Administrator will be entitled to change the Offering Periods or Purchase Periods, designate separate Offerings, limit the
frequency and/or number of changes in the amount withheld during an Offering Period, establish the exchange ratio applicable to amounts withheld in a currency other than U.S. dollars, permit payroll withholding in excess of the amount designated by
a Participant in order to adjust for delays or mistakes in the Company’s processing of properly completed withholding elections, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that
amounts applied toward the purchase of Common Stock for each Participant properly correspond with Contribution amounts, and establish such other limitations or procedures as the Administrator determines in its sole discretion advisable that are
consistent with the Plan. 
 (c) In the event the Administrator determines that the ongoing operation of the Plan may result in
unfavorable financial accounting consequences, the Administrator may, in its discretion and, to the extent necessary or desirable, modify, amend or terminate the Plan to reduce or eliminate such accounting consequence including, but not limited to:

 (i) amending the Plan to conform with the safe harbor definition under the Financial Accounting Standards Board Accounting
Standards Codification Topic 718 (or any successor thereto), including with respect to an Offering Period underway at the time; 
 (ii) altering the Purchase Price for any Offering Period or Purchase Period including an Offering Period or Purchase Period underway at the time of the change in Purchase Price; 

(iii) shortening any Offering Period or Purchase Period by setting a New Exercise Date, including an Offering Period or Purchase Period
underway at the time of the Administrator action; 

  
 14 









 (iv) reducing the maximum percentage of Compensation a Participant may elect to set aside
as Contributions; and 
 (v) reducing the maximum number of Shares a Participant may purchase during any Offering Period or
Purchase Period. 
 Such modifications or amendments will not require stockholder approval or the consent of any Plan Participants. 

21. Notices. All notices or other communications by a Participant to the Company under or in connection with the Plan will be
deemed to have been duly given when received in the form and manner specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 

22. Conditions Upon Issuance of Shares. Shares of Common Stock will not be issued with respect to an option unless the exercise of
such option and the issuance and delivery of such shares pursuant thereto will comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act of 1933, as amended, the Exchange Act, the rules and
regulations promulgated thereunder, and the requirements of any stock exchange upon which the shares may then be listed, and will be further subject to the approval of counsel for the Company with respect to such compliance. 

As a condition to the exercise of an option, the Company may require the person exercising such option to represent and warrant at the
time of any such exercise that the shares are being purchased only for investment and without any present intention to sell or distribute such shares if, in the opinion of counsel for the Company, such a representation is required by any of the
aforementioned applicable provisions of law. 
 23. Code Section 409A. The Plan is exempt from the application of
Code Section 409A and any ambiguities herein will be interpreted to so be exempt from Code Section 409A. In furtherance of the foregoing and notwithstanding any provision in the Plan to the contrary, if the Administrator determines that an
option granted under the Plan may be subject to Code Section 409A or that any provision in the Plan would cause an option under the Plan to be subject to Code Section 409A, the Administrator may amend the terms of the Plan and/or of an
outstanding option granted under the Plan, or take such other action the Administrator determines is necessary or appropriate, in each case, without the Participant’s consent, to exempt any outstanding option or future option that may be
granted under the Plan from or to allow any such options to comply with Code Section 409A, but only to the extent any such amendments or action by the Administrator would not violate Code Section 409A. Notwithstanding the foregoing, the
Company shall have no liability to a Participant or any other party if the option to purchase Common Stock under the Plan that is intended to be exempt from or compliant with Code Section 409A is not so exempt or compliant or for any action
taken by the Administrator with respect thereto. The Company makes no representation that the option to purchase Common Stock under the Plan is compliant with Code Section 409A. 

  
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 24. Term of Plan. The Plan will become effective upon the earlier to occur of its
adoption by the Board or its approval by the stockholders of the Company. It will continue in effect for a term of twenty (20) years, unless sooner terminated under Section 20. 

25. Stockholder Approval. The Plan will be subject to approval by the stockholders of the Company within twelve (12) months
after the date the Plan is adopted by the Board. Such stockholder approval will be obtained in the manner and to the degree required under Applicable Laws. 
 26. Governing Law. The Plan shall be governed by, and construed in accordance with, the laws of the State of California (except its choice-of-law provisions). 

27. Severability. If any provision of the Plan is or becomes or is deemed to be invalid, illegal, or unenforceable for any reason
in any jurisdiction or as to any Participant, such invalidity, illegality or unenforceability shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as to such jurisdiction or Participant as if the invalid,
illegal or unenforceable provision had not been included. 
  

  
 16 









 EXHIBIT A 

AUDIENCE, INC. 
 2011 EMPLOYEE STOCK PURCHASE PLAN 
 SUBSCRIPTION AGREEMENT 

 

									
	  
	  	Original Application	  		  	Offering Date:	  	  


             Change in Payroll Deduction Rate

 1.             hereby elects to participate in the
Audience, Inc. 2011 Employee Stock Purchase Plan (the “Plan”) and subscribes to purchase shares of the Company’s Common Stock in accordance with this Subscription Agreement and the Plan. 

2. I hereby authorize payroll deductions from each paycheck in the amount of     % of my Compensation on each
payday (from 0 to 15%) during the Offering Period in accordance with the Plan. (Please note that no fractional percentages are permitted.) 
 3. I understand that said payroll deductions will be accumulated for the purchase of shares of Common Stock at the applicable Purchase Price determined in accordance with the Plan. I understand that if I
do not withdraw from an Offering Period, any accumulated payroll deductions will be used to automatically exercise my option and purchase Common Stock under the Plan. 
 4. I have received a copy of the complete Plan and its accompanying prospectus. I understand that my participation in the Plan is in all respects subject to the terms of the Plan. 

5. Shares of Common Stock purchased for me under the Plan should be issued in the name(s) of
            (Eligible Employee or Eligible Employee and Spouse only). 
 6. I understand that if I dispose of any shares received by me pursuant to the Plan within two (2) years after the Offering Date (the first day of the Offering Period during which I purchased such
shares) or one (1) year after the Exercise Date, I will be treated for federal income tax purposes as having received ordinary income at the time of such disposition in an amount equal to the excess of the fair market value of the shares at the
time such shares were purchased by me over the price that I paid for the shares. I hereby agree to notify the Company in writing within thirty (30) days after the date of any disposition of my shares and I will make adequate provision for
Federal, state or other tax withholding obligations, if any, which arise upon the disposition of the Common Stock. The Company may, but will not be obligated to, withhold from my compensation the amount necessary to meet any applicable
withholding obligation including any withholding necessary to make available to the Company any tax deductions or benefits attributable to sale 
  







 
or early disposition of Common Stock by me. If I dispose of such shares at any time after the expiration of the two (2)-year and one (1)-year holding periods, I understand that I will
be treated for federal income tax purposes as having received income only at the time of such disposition, and that such income will be taxed as ordinary income only to the extent of an amount equal to the lesser of (a) the excess of the fair
market value of the shares at the time of such disposition over the purchase price which I paid for the shares, or (b) 15% of the fair market value of the shares on the first day of the Offering Period. The remainder of the gain, if any,
recognized on such disposition will be taxed as capital gain. 
 7. I hereby agree to be bound by the terms of the Plan. The
effectiveness of this Subscription Agreement is dependent upon my eligibility to participate in the Plan. 
  

							
	Employee’s Social	  		  		  	
				
	Security Number:	  		  	  
	  	
				
	Employee’s Address:	  		  	  
	  	
				
		  		  	  
	  	
				
		  		  	  
	  	

 I UNDERSTAND THAT THIS SUBSCRIPTION AGREEMENT WILL REMAIN IN EFFECT THROUGHOUT SUCCESSIVE OFFERING PERIODS UNLESS
TERMINATED BY ME. 
  

							
	 Dated:
	 	                             
                            	 		 	  

		 		 		 	Signature of Employee


  
 2 








 EXHIBIT B 

AUDIENCE, INC. 
 2011 EMPLOYEE STOCK PURCHASE PLAN 
 NOTICE OF WITHDRAWAL 

The undersigned participant in the Offering Period of the Audience, Inc. 2011 Employee Stock Purchase Plan that began on
                ,          (the “Offering Date”) hereby notifies the Company that he or she hereby
withdraws from the Offering Period. He or she hereby directs the Company to pay to the undersigned as promptly as practicable all the payroll deductions credited to his or her account with respect to such Offering Period. The undersigned understands
and agrees that his or her option for such Offering Period will be automatically terminated. The undersigned understands further that no further payroll deductions will be made for the purchase of shares in the current Offering Period and the
undersigned will be eligible to participate in succeeding Offering Periods only by delivering to the Company a new Subscription Agreement. 
  

			
	Name and Address of Participant:
	  

	  

 

	
	Signature:
		
	Date:	 	  




  
 19 









 (For use outside the United States) 

AUDIENCE, INC. 
 2011 EMPLOYEE STOCK PURCHASE PLAN 
 SUBSCRIPTION AGREEMENT 

1. I hereby elect to participate in the Audience, Inc. 2011 Employee Stock Purchase Plan (the “Plan”) and subscribe to
purchase shares of the Company’s Common Stock via online enrollment as provided by the Company and its agents and in accordance with this Subscription Agreement and the Plan. I understand that my enrollment in the Plan shall become effective
only upon my providing an executed copy of this Subscription Agreement to the Company. 
 2. I hereby authorize payroll
deductions from each paycheck in an amount (from 0 to 15%) from my Compensation on each payday during the Offering Period as specified by my online enrollment and in accordance with the Plan. (Please note that no fractional percentages are
permitted.) 
 3. I understand that said payroll deductions will be accumulated for the purchase of shares of Common Stock at
the applicable Purchase Price determined in accordance with the Plan. I understand that if I do not withdraw from an Offering Period, any accumulated payroll deductions will be used to automatically exercise my option and purchase Common Stock under
the Plan. 
 4. I have received a copy of the complete Plan and its accompanying prospectus. I understand that my participation
in the Plan is in all respects subject to the terms of the Plan. 
 5. Shares of Common Stock purchased for me under the Plan
should be issued in the name of Eligible Employee. 
 6. The Company shall assess tax and social insurance liability and
requirements in connection with my participation in the Plan, including, without limitation, tax liability associated with the subscription, purchase, or sale of shares acquired under the Plan (the “Tax Liability”). These requirements may
change from time to time as laws or interpretations change. Regardless of the Company’s actions in this regard, I hereby acknowledge and agree that the Tax Liability shall be my responsibility and liability. 

7. I agree as a condition of my participation in the Plan to make arrangements satisfactory to the Company to enable it to satisfy all
withholding, payment and/or collection requirements associated with the satisfaction of the Tax Liability, including authorizing the Company to: (i) withhold all applicable amounts from my wages or other cash compensation due to me, in
accordance with any requirements under the laws, rules, and regulations of the country of which I am a resident (“Local Law”), and (ii) act as my agent to sell sufficient shares for the proceeds to settle such requirements.
Furthermore, I agree to pay the Company 







 
any amount the Company may be required to withhold, collect or pay as a result of my participation in the Plan or that cannot be satisfied by deduction from the my wages or other cash
compensation paid to me by the Company or sale of the shares acquired under the Plan. I acknowledge that I may not participate in the Plan unless the tax withholding, payment and/or collection obligations of the Company are satisfied. 

8. I understand that the Company may hold certain personal information about me, including but not limited to my name, home address and
telephone number, date of birth, social security number or other identification number, salary, nationality, job title, any shares or directorships held in the Company, details of all rights to purchase or any other entitlement to shares awarded,
canceled, purchased or outstanding in my favor, for the purpose of implementing, administering or managing the Plan (the “Data”). I further understand that Data may be transferred to any third parties assisting the Company in the
administration of the Plan. I understand that these recipients may be located within or outside my country of residence, or elsewhere, and that the recipient’s country may have different data privacy laws and protections than my country of
residence. I authorize the Company or the recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering or managing my participation in the Plan, including any
requisite transfer of the Data as may be required for the administration of the Plan and/or the subsequent holding of shares on my behalf to a broker or other third party with whom I may elect to deposit any shares acquired pursuant to the Plan. I
understand that the Data will be held only as long as necessary to implement, administer or manage my participation in the Plan. I understand that I may, at any time, review the Data, require any necessary amendments to Data or withdraw the consents
herein in writing by contacting the Company. I understand that withdrawing my consent may affect my ability to participate in the Plan. 
 9. By signing this Subscription Agreement and participating in the Plan, I agree and acknowledge that: (a) the Plan is discretionary in nature and the Company can amend, cancel, or terminate the Plan
at any time; (b) participation in the Plan is voluntary and occasional, and does not create any contractual or other future rights to purchase shares, or benefits in lieu of such rights; (c) my right to purchase shares under the Plan
ceases upon my termination of employment for any reason except as may otherwise be explicitly provided in this Subscription Agreement and the Plan; (d) my right to participate in the Plan and to purchase shares under the Plan, if any, will
cease as of the date that I am no longer actively performing services following the provision of a notification of termination or resignation from employment or services, regardless of any reasonable notice period mandated under local law, without
reference to any other agreement, written or oral, express or implied, including my contract of employment; (e) my participation in the Plan is voluntary; (e) my right to purchase shares under the Plan is an extraordinary item of
compensation, which is outside the scope of my employment agreement, if any; (f) my right to purchase shares under the Plan is not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any
termination, severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits, or similar payments; (g) the future value of the shares purchased under the Plan is unknown and cannot be
predicted with certainty, and the Company makes no express or implied promise about the financial gain or loss to be achieved through participation in the Plan; (h) the right to participate in the Plan has been granted to me in my status as an
employee of my employer and can in no event be understood or interpreted to mean that an entity other 

  
 2 








 
than my employer has an employment relationship with me; (i) no claim or entitlement to compensation or damages arises from the diminution in value of the right to purchase shares under the
Plan, or shares purchased under the Plan, and if I did acquire any such rights, I am deemed to have irrevocably released the Company and/or my employer subsidiary from any such claim or entitlement that may arise by participating in the Plan; and
(j) neither the Plan nor this Subscription Agreement shall obligate my employer to employ me for any particular length of time nor confer any right with respect to continuing my status as an employee. 

10. I understand that the exercise of a purchase right to receive shares under the Plan and the issuance, transfer, assignment, sale, or
other dealings of such shares shall be subject to compliance by the Company and me with all applicable requirements of Local Law. Furthermore, I agree that I will not acquire shares of Common Stock pursuant to the Plan except in compliance with all
requirements of Local Law. 
 11. I agree and acknowledge that I shall bear any and all risk associated with the exchange or
fluctuation of currency in connection with my participation in the Plan, including without limitation the purchase of Shares or the sale of Shares (the “Currency Exchange Risk”). I waive and release the Company and its subsidiaries from
any potential claims arising out of the Currency Exchange Risk. 
 12. I agree and acknowledge that the I shall comply with any
and all exchange control requirements applicable to my participation in the Plan and the sale of Shares and any resulting funds including, without limitation, reporting or repatriation requirements. 

13. I agree that the Company and its subsidiaries are not responsible for my compliance with legal requirements relating to my
participation in the Plan and my subsequent ownership and possible sale of the Shares, including, but not limited to, tax reporting, the exchange of local currency into or from U.S. dollars, the transfer of funds to the U.S., and the opening an
using of a U.S. brokerage account. 
 14. I agree that if at any time the Company will determine, in its discretion, that the
listing, registration or qualification of the Shares upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory authority is necessary or desirable as a condition to the issuance of
Shares to me (or my estate), such issuance will not occur unless and until such listing, registration, qualification, consent or approval will have been effected or obtained free of any conditions not acceptable to the Company. 

15. I agree that if this Subscription Agreement or any other document related to the operation of the Plan is translated into a language
other than English, and if the translated version is different from the English language version, the English language version will take precedence. 
 16. I agree that the Company may, in its sole discretion, decide to deliver any documents related to my participation in the Plan by electronic means or request my consent to participate in the Plan by
electronic means. I hereby consent to receive such documents by electronic delivery and agree to participate in the Plan through any on-line or electronic system established and maintained by the Company or another third party designated by the
Company. 

  
 3 








 17. I hereby agree to be bound by the terms of the Plan. The effectiveness of this
Subscription Agreement is dependent upon my eligibility to participate in the Plan. 
 I UNDERSTAND THAT THIS SUBSCRIPTION AGREEMENT WILL REMAIN
IN EFFECT THROUGHOUT SUCCESSIVE OFFERING PERIODS UNLESS TERMINATED BY ME. 
  

							
	 Dated:
	 	                             
                            	 		 	  

		 		 		 	Signature of Employee


  
 4