EX-10.11



 Exhibit 10.11 
  

			
	 Notice of Grant of Stock Option (the “Grant Notice”) and

Stock Option Agreement
	  	 PayPal Holdings, Inc.

2211 North First Street

San Jose, California 95131
 Company Tax
ID: [ • ]


  

					
	%%FIRST_NAME%-% %%LAST_NAME%-%	  	Award Number:	  	%%OPTION_NUMBER%-%
	%%ADDRESS_LINE_1%-%	  	Plan:	  	2015
	%%ADDRESS_LINE_2%-%	  	Type:	  	NQ
	%%ADDRESS_LINE_3%-%	  		  	
	%%CITY%-%, %%STATE%-% %%ZIPCODE%-%	  		  	
	%%COUNTRY%-%	  		  	

 Effective as of %%OPTION_DATE%-% (the “Grant Date”), PayPal Holdings, Inc., a Delaware corporation
(the “Company”), pursuant to its 2015 Equity Incentive Award Plan, as amended from time to time (the “Plan”), hereby grants to the individual noted above (the “Participant”) a
Non-Qualified Stock Option (the “Option”) to purchase %%TOTAL_SHARES_GRANTED%-% shares of the Company’s common stock (the “Stock”) at US $%%OPTION_PRICE%-% per share (the “Exercise
Price”). This Option is subject to all of the terms and conditions set forth in this Grant Notice, the Stock Option Agreement attached hereto as Exhibit A (the “Agreement”), the special provisions for the
Participant’s country, if any, attached hereto as Exhibit B and the Plan, all of which are incorporated herein by reference. Any capitalized terms used in this Grant Notice without definition shall have the meanings ascribed to such
terms in the Plan. 
 The Option will vest in increments on the date(s) shown. 
  

							
	 Shares of Stock
	  	 Vest Type
	  	 Full Vest *
	  	 Expiration

	 %%SHARES_
 PERIOD1%-%
	  	 %%VEST_TYPE_
 PERIOD1%-%
	  	 %%VEST_DATE_
 PERIOD1%-%
	  	 %%EXPIRE_DATE_
 PERIOD1%-%

				
	 %%SHARES_
 PERIOD2%-%
	  	 %%VEST_TYPE_
 PERIOD2%-%
	  	 %%VEST_DATE_
 PERIOD2%-%
	  	 %%EXPIRE_DATE_
 PERIOD2%-%

				
	 %%SHARES_
 PERIOD3%-%
	  	 %%VEST_TYPE_
 PERIOD3%-%
	  	 %%VEST_DATE_
 PERIOD3%-%
	  	 %%EXPIRE_DATE_
 PERIOD3%-%

				
	 %%SHARES_
 PERIOD4%-%
	  	 %%VEST_TYPE_
 PERIOD4%-%
	  	 %%VEST_DATE_
 PERIOD4%-%
	  	 %%EXPIRE_DATE_
 PERIOD4%-%

				
	 %%SHARES_
 PERIOD5%-%
	  	 %%VEST_TYPE_
 PERIOD5%-%
	  	 %%VEST_DATE_
 PERIOD5%-%
	  	 %%EXPIRE_DATE_
 PERIOD5%-%


  

	*	Vesting ceases upon the Participant’s Termination of Service, as further described in the Agreement. 

 By
the Participant’s signature and the Company’s signature below, the Participant agrees to be bound by the terms and conditions of the Plan and this Grant Notice which includes Exhibit A (the Agreement) and Exhibit B (the
special provisions for the Participant’s country, if any). The Participant has reviewed and fully understands all provisions of the Plan and this Grant Notice in their entirety, including Exhibits A and B, and has had an
opportunity to obtain the advice of counsel prior to executing this Grant Notice. The Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Company upon any questions arising under the Plan and
this Grant Notice, including Exhibits A and B. 








					
	  
				 %%OPTION DATE%-%

	PayPal Holdings, Inc.				Date
	  
				  

	%%FIRST_NAME%-% %%LAST_NAME%-%, the				Date

 EXHIBIT A 

TO NOTICE OF GRANT OF STOCK OPTION

 UNDER THE PAYPAL HOLDINGS, INC. 2015
EQUITY INCENTIVE AWARD PLAN 
 STOCK OPTION
AGREEMENT 
 (NON-QUALIFIED STOCK OPTION) 

Pursuant to the Notice of Grant of Stock Options (the “Grant Notice”) to which this Non-Qualified Stock Option Agreement (this “Agreement”) is attached, PayPal Holdings, Inc., a Delaware corporation (the “Company”), has granted to the Participant an
option under the Company’s 2015 Equity Incentive Award Plan (the “Plan”) to purchase the number of shares of Stock indicated in the Grant Notice. Capitalized terms not specifically defined herein shall have the meanings
specified in the Plan and the Grant Notice, as applicable. The Option is subject to the terms and conditions of the Plan, which are incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of
the Plan shall control. 
 GRANT OF OPTION 

1.1 Grant of Option. Effective as of the Grant Date set forth in the Grant Notice (the “Grant Date”), the
Company grants to the Participant the Option to purchase any part or all of an aggregate of the number of shares of Stock set forth in the Grant Notice, upon the terms and conditions set forth in the Plan, this Agreement and the Grant Notice
(including all exhibits thereto). 
 1.2 Exercise Price. The Exercise Price of the shares of Stock subject to the Option shall be as
set forth in the Grant Notice; provided, however, that the price per share of the shares of Stock subject to the Option shall not be less than 100% of the Fair Market Value of a share of Stock on the Grant Date. 

PERIOD OF EXERCISABILITY 

2.1 Commencement of Exercisability. Subject to Sections 2.2, 2.3, 4.13 and 4.15 of this Agreement, the Option shall become vested and
exercisable in such amounts and at such times as are set forth in the Grant Notice. 
 2.2 Effect of Termination of Service on
Exercisability. 
 (a) No portion of the Option which has not become vested and exercisable as of the date of the Participant’s
Termination of Service shall thereafter become vested and exercisable, as further described in Section 4.5(l) below. 
 (b) In the event
of the Participant’s Termination of Service for any reason except the Participant’s death, Disability or for Cause, the portion of the Option which has become vested and exercisable as of the date of the
Participant’s Termination of Service may be exercised by the Participant for a period of three (3) months as measured from the date of Termination of Service, as further described in Section 4.5(l) below. 

(c) In the event of the Participant’s Termination of Service because of death or Disability (or in the event the
Participant dies within three (3) months after Termination of Service other than for Cause or because of Disability), the portion of the Option which has become vested and exercisable as of the date of the Participant’s
Termination of Service may be exercised by the Participant (or by the Participant’s personal representative or by any person empowered to do so under the deceased Participant’s will or under the then applicable laws of descent
and distribution, in the case of the Participant’s death) for a period of one (1) year as measured from the date of Termination of Service.

  
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 (d) In the event of the Participant’s Termination of Service for Cause or for a
reason that is comparable to Cause under local law as determined by the Committee at its sole discretion, this Option will expire on the date of the Participant’s Termination of Service, as further described in
Section 4.5(l) below, and no portion of the Option may be exercised thereafter. For purposes of this provision, “Cause” shall mean any of the following: the commission of an act of theft, embezzlement, fraud, dishonesty, material
violation of corporate policy, or a breach of fiduciary duty to the Company or a Subsidiary. The Company shall have the sole discretion to determine whether any Participant has been terminated for Cause, and its decision shall be final and binding.

 (e) Notwithstanding the above provisions, no portion of the Option may be exercised by anyone after the expiration of the
Option described in Section 2.3(a) below. 
 2.3 Expiration of Option. The Option may not be exercised to any extent by
anyone after the first to occur of the following events: 
 (a) The expiration of seven (7) years from the Grant Date; 

(b) The expiration of three (3) months from the date of the Participant’s Termination of Service, unless such termination occurs by
reason of the Participant’s death or Disability or for Cause; 
 (c) The expiration of one (1) year from the date of the
Participant’s Termination of Service by reason of the Participant’s death or Disability; or 
 (d) The date of the
Participant’s Termination of Service for Cause. 
 EXERCISE OF OPTION 

3.1 Person Eligible to Exercise. During the Participant’s lifetime, only the Participant may exercise the Option or any portion
thereof. After the death of the Participant, any exercisable portion of the Option may, prior to the time when the Option becomes unexercisable under Section 2.3 above, be exercised by the Participant’s personal representative or by any
person empowered to do so under the deceased Participant’s will or under the then applicable laws of descent and distribution. 
 3.2
Manner of Exercise. The Option, or any exercisable portion thereof, may be exercised solely by delivery to the Secretary of the Company (or any third party administrator or other person or entity designated by the Company) of all of the
following: 
 (a) An exercise notice in a form specified by the Company, stating that the Option or portion thereof is thereby exercised,
such notice complying with all applicable rules established by the Company; 
 (b) The receipt by the Company of full payment of the Exercise
Price for the shares of Stock with respect to which the Option or portion thereof is exercised, which may be in one or more of the forms of consideration permitted under Section 3.3 below, as well as payment of any Tax-Related Items as defined
in Section 4.4 below; 
 (c) Any other written representations as may be required in the Company’s reasonable discretion to
evidence compliance with the Securities Act or any other applicable law, rule, or regulation. 
 Notwithstanding any of the foregoing, the Company shall
have the right to specify all conditions of the manner of exercise, which conditions may vary by country and which may be subject to change from time to time. 

  
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 3.3 Method of Payment. Payment of the Exercise Price may be by any of the following, or a
combination thereof: 
 (a) Cash (or cash equivalent acceptable to the Committee); or 

(b) Delivery of a notice that the Participant has placed a market sell order with a broker with respect to shares of Stock then issuable upon
exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the aggregate payment required; provided, that payment of such proceeds is then made
to the Company upon settlement of such sale (a “cashless exercise” or “same day sale”); or 
 (c) With the consent of the
Committee, shares of Stock (including shares of Stock issuable pursuant to the exercise of the Option) having a Fair Market Value on the date of delivery equal to the aggregate payment required. 

The Company reserves the right to restrict the available methods of payment to the extent it determines in its sole discretion that such restriction is
required to comply with local law or desirable for the administration of the Plan, or to otherwise modify the available methods of payment to the extent permitted under the terms of the Plan. 

3.4 Conditions to Issuance of Stock Certificates. The shares of Stock deliverable upon the exercise of the Option, or any portion
thereof, may be either previously authorized but unissued shares of Stock or issued shares of Stock which have then been reacquired by the Company. Such shares of Stock shall be fully paid and nonassessable. The Company shall not be required to
issue or deliver any shares of Stock purchased upon the exercise of the Option or portion thereof prior to fulfillment of all of the following conditions: 

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

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

(c) The obtaining of any approval or other clearance from any local, state, federal or foreign governmental agency which the Company shall, in
its absolute discretion, determine to be necessary or advisable; 
 (d) The receipt by the Company of full payment of the Exercise Price for
such shares of Stock and full payment of any Tax-Related Items; and 
 (e) The lapse of such reasonable period of time following the exercise
of the Option as the Company may from time to time establish for reasons of administrative convenience. 
 3.5 Rights as Stockholder.
The holder of the Option shall not be, nor have any of the rights or privileges of, a stockholder of the Company in respect of any shares of Stock purchasable upon the exercise of any part of the Option unless and until such shares of Stock shall
have been issued by the Company to such holder (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment will be made for a dividend or other right for which the record
date is prior to the date the shares of Stock are issued, except as provided in Section 12.1 of the Plan. 

  
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 OTHER PROVISIONS 

4.1 Administration. The Committee or its delegates shall have the power to interpret the Plan and this Agreement and to adopt such
rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules. All actions taken and all interpretations and determinations made in good faith by the Committee
or its delegates shall be final and binding upon the Participant, the Company and all other interested persons. No member of the Committee or the Board (or their delegates) shall be personally liable for any action, determination or interpretation
made in good faith with respect to the Plan, this Agreement or the Option. 
 4.2 Option Not Transferable. Unless otherwise permitted
by the Committee in accordance with Section 10.4 of the Plan, this Option may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution. 

4.3 Adjustments. The Participant acknowledges that the Option is subject to modification and termination in certain events as provided
in this Agreement and the Plan. 
 4.4 Responsibility for Taxes. The Participant acknowledges that, regardless of any action taken by
the Company or the Participant’s employer (the “Employer”), the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other
tax-related items related to the Participant’s participation in the Plan and legally applicable to the Participant as a result of participation in the Plan (“Tax-Related Items”), is and
remains the Participant’s responsibility and may exceed the amount (if any) withheld by the Company or the Employer. The Participant further acknowledges that the Company and/or the Employer (a) make no representations or undertakings
regarding the treatment of any Tax-Related Items in connection with any aspect of the Option, including, but not limited to, the grant, vesting or exercise of the Option, the subsequent sale of shares of Stock acquired pursuant to such exercise and
the receipt of any dividends; and (b) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Option to reduce or eliminate the Participant’s liability for Tax-Related Items or achieve any
particular tax result. Further, if the Participant has become subject to Tax-Related Items in more than one jurisdiction, the Participant acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to
withhold or account for Tax-Related Items in more than one jurisdiction. 
 Prior to the relevant taxable or tax withholding event, as
applicable, the Participant agrees to make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. In this regard, the Participant authorizes the Company and/or the Employer, or their respective
agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following: (i) withholding from the Participant’s wages or other cash compensation paid to the Participant by the
Company and/or the Employer; (ii) withholding from proceeds of the sale of shares of Stock acquired upon exercise of the Option either through a voluntary sale or through a mandatory sale arranged by the Company (on the Participant’s
behalf pursuant to this authorization); or (iii) withholding in shares of Stock to be issued at exercise of the Option. 
 Depending on
the withholding method, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding amounts or other applicable withholding rates, including maximum applicable rates in which case the Participant
will receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent in shares of Stock. If the obligation for Tax-Related Items is satisfied by withholding in shares of Stock, for tax purposes the Participant
will be deemed to have been issued the full number of shares of Stock subject to the exercised portion of the Option, notwithstanding that a number of the shares of Stock are held back solely for the purpose of paying the Tax-Related Items. 

Finally, the Participant shall pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be
required to withhold or account for as a result of the 

  
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Participant’s participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to honor the exercise and refuse to issue or deliver the shares of
Stock or the proceeds of the sale of shares of Stock if the Participant fails to comply with the Participant’s obligations in connection with the Tax-Related Items. 

4.5 Nature of Grant. In accepting the Option, the Participant acknowledges, understands and agrees that: 

(a) the Plan is established voluntarily by the Company, it is discretionary in nature, and may be amended, suspended or terminated by the
Company at any time; 
 (b) the grant of the Option is voluntary and occasional and does not create any contractual or other right to receive
future grants of options, or benefits in lieu of options, even if options have been granted repeatedly in the past; 
 (c) all decisions with
respect to future option grants, if any, will be at the sole discretion of the Company; 
 (d) the Participant is voluntarily participating
in the Plan; 
 (e) the grant of the Option and the Participant’s participation in the Plan shall not create a right to employment or
service or be interpreted as forming an employment or service contract with the Company, the Employer or any Subsidiary and shall not interfere with the ability of the Company, the Employer or any Subsidiary, as applicable, to terminate the
Participant’s employment or service relationship (if any); 
 (f) the Option and any shares of Stock subject to the Option are not
intended to replace any pension rights or compensation; 
 (g) the Option and any shares of Stock subject to the Option, and the income and
value of same, are not part of normal or expected compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, holiday pay, pension or retirement or
welfare benefits or similar mandatory payments; 
 (h) the future value of the shares of Stock subject to the Option is unknown and cannot be
predicted with certainty; 
 (i) if the shares of Stock subject to the Option do not increase in value, the Option will have no value; 

(j) if the Participant exercises the Option and acquires shares of Stock, the value of such Stock may increase or decrease, even below the
Exercise Price; 
 (k) no claim or entitlement to compensation or damages shall arise from forfeiture of the Option resulting from the
Participant’s Termination of Service by the Company, the Employer or any Subsidiary (for any reason whatsoever and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Participant is employed or
providing services or the terms of the Participant’s employment agreement or service contract, if any) and in consideration of the grant of the Option to which the Participant is otherwise not entitled, the Participant irrevocably agrees never
to institute any claim against the Company, the Employer or any Subsidiary, waives his or her ability, if any, to bring any such claim, and releases the Company, the Employer and any Subsidiary from any such claim; if, notwithstanding the foregoing,
any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, the Participant shall be deemed irrevocably to have agreed not to pursue 

  
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such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal of such claims; 

(l) in the event of the Participant’s Termination of Service (whether or not later found to be invalid or in breach of employment laws in
the jurisdiction where the Participant is employed or providing services or the terms of the Participant’s employment agreement or service contract, if any), unless otherwise provided by this Agreement or determined by the Company the
Participant’s right to vest in the Option, if any, will terminate effective as of the date that the Participant is no longer actively providing services and will not be extended by any notice period (e.g., active service would not
include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where the Participant is employed or providing services or the terms of the Participant’s
employment agreement or service contract, if any); furthermore, in the event of the Participant’s Termination of Service (whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Participant is
employed or providing services or the terms of the Participant’s employment agreement or service contract, if any), the Participant’s right to exercise the Option after Termination of Service, if any, will be measured by the date that the
Participant is no longer actively providing services and will not be extended by any notice period; the Committee shall have the exclusive discretion to determine when the Participant is no longer actively providing services for purposes of the
Option; and 
 (m) neither the Company, the Employer nor any Subsidiary will be liable for any foreign exchange rate fluctuation between the
Participant’s local currency and the United States Dollar that may affect the value of the Option or any amounts due to the Participant pursuant to the exercise of the Option or the subsequent sale of any shares of Stock acquired under the
Plan. 
 4.6 No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any
recommendations regarding the Participant’s participation in the Plan or the Participant’s acquisition or sale of the shares of Stock subject to the Option. The Participant is hereby advised to consult with his or her own personal tax,
legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan. 
 4.7 Insider
Trading Restrictions/Market Abuse Laws. The Participant acknowledges that he or she is subject to any applicable Company insider trading policy. In addition, depending on his or her country of residence, the Participant may be subject to
additional insider trading restrictions and/or market abuse laws, which may affect his or her ability to acquire or sell shares of Stock or rights to shares of Stock (e.g., Options) under the Plan during such times as the Participant is
considered to have “inside information” regarding the Company (as defined by the laws in the Participant’s country). Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may
be imposed under any applicable Company insider trading policy. The Participant acknowledges that it is the Participant’s responsibility to comply with any applicable Company insider trading policy and any additional restrictions that may
apply due to local insider trading restrictions or market abuse laws. The Participant is advised to speak to his or her personal legal advisor regarding any applicable local insider trading restrictions or market abuse laws. 

4.8 Data Privacy. The Participant hereby voluntarily consents to the collection, use and transfer, in electronic or
other form, of the Participant’s personal data as described in this Agreement and any other Option grant materials by and among, as applicable, the Employer, the Company and its Subsidiaries for the exclusive purpose of implementing,
administering and managing the Participant’s participation in the Plan. 
 The Participant understands that the Company,
the Employer and any Subsidiary may hold certain personal information about the Participant, including, but not limited to, the Participant’s name, home address and telephone number, date of birth, social insurance number or other
identification number, salary, nationality, job title, any shares of stock or directorships held in the 

  
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Company, details of all Options or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in the Participant’s favor, for the exclusive
purpose of implementing, administering and managing the Plan (“Data”). 
 The Participant understands that Data will
be transferred to E*Trade Corporate Financial Services, Inc. and or its affiliates or such other stock plan service provider as may be selected by the Company in the future (the “Plan Service Provider”), which is assisting the Company with
the implementation, administration and management of the Plan. The Participant understands that the recipients of Data may be located in the United States or elsewhere, and that the recipient’s country may have different data privacy laws and
protections than the Participant’s country. The Participant authorizes the Company, the Plan Service Provider and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and
managing the Plan to receive, possess, use, retain and transfer Data, in electronic or other form, for the purpose of implementing, administering and managing his or her participation in the Plan including any requisite transfer of such Data as may
be required to a broker or other third party until which the Participant may elect to deposit any shares of Stock received upon exercise of the Option. The Participant understands that he or she may request a list with the names and addresses of any
potential recipients of Data by contacting the Participant’s regional human resources (“MyHR”) representative. The Participant understands that Data will be held only as long as is necessary to implement, administer and manage the
Participant’s participation in the Plan. The Participant understands that he or she may, at any time, request access to Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or
refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her MyHR representative. Further, the Participant understands that the Participant is providing the consents herein on a purely voluntary basis. If the
Participant does not consent, or if the Participant later seeks to revoke his or her consent, the Participant’s employment status or service with the Employer will not be adversely affected; the only consequence of refusing or withdrawing
consent is that the Company would not be able to grant options or other equity awards to the Participant or administer or maintain such awards. Therefore, the Participant understands that refusing or withdrawing his or her consent may affect the
Participant’s ability to participate in the Plan. For more information on the consequences of the Participant’s refusal to consent or withdrawal of consent, the Participant understands that he or she may contact his or her MyHR
representative. 
 4.9 Notices. Notices required or permitted hereunder shall be given in writing and shall be deemed
effectively given upon personal delivery or upon deposit in the post by certified mail, or its non-U.S. equivalent, with postage and fees prepaid, addressed to Participant at his or her address shown in the Company records, and to the Company at its
principal executive office. 
 4.10 Titles. Section titles are provided herein for convenience only and are not to serve as a basis
for interpretation or construction of this Agreement. 
 4.11 Governing Law; Choice of Venue. The laws of the State of Delaware shall
govern the interpretation, validity, administration, enforcement and performance of the terms of the Grant Notice, this Agreement and the special provisions for Participants outside the U.S. attached to the Grant Notice as Exhibit B, regardless of
the law that might be applied under such state’s conflict of laws rules. 
 For purposes of litigating any dispute that arises directly
or indirectly in respect of the Option, the parties hereby submit to and consent to the exclusive jurisdiction of the State of California and agree that such litigation shall be conducted only in the courts of Santa Clara County, California, or the
federal courts for the United States for the Northern District of California, and no other courts, where this grant is made and/or to be performed. 

  
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 4.12 Conformity to U.S. Securities Laws. The Participant acknowledges that the Plan and
this Agreement are intended to conform to the extent necessary with all provisions of the U.S. Securities Act and the U.S. Exchange Act and any and all regulations and rules promulgated by the U.S. Securities and Exchange Commission thereunder, and
state securities laws and regulations. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Option is granted and may be exercised, only in such a manner as to conform to such laws, rules and regulations. To the
extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. 

4.13 Amendments, Suspension and Termination. To the extent permitted by the Plan, this Agreement (and the Grant Notice and Exhibit B)
may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Committee or the Board, provided, that, except as may otherwise be provided by the Plan, no amendment, modification,
suspension or termination of this Agreement shall adversely effect the Option in any material way without the prior written consent of the Participant. 

4.14 Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this
Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in Section 4.1 above, this Agreement shall be binding upon the Participant and his or her heirs, executors,
administrators, successors and assigns. 
 4.15 Limitations Applicable to Section 16 Persons. Notwithstanding any other provision
of the Plan or this Agreement, if the Participant is subject to Section 16 of the Exchange Act, the Plan, the Option and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under
Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, this Agreement shall be deemed amended to
the extent necessary to conform to such applicable exemptive rule. 
 4.16 Electronic Delivery and Participation. The Company may, in
its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan
through an on-line or electronic system established and maintained by the Company or a third party designated by the Company. 
 4.17
Language. If the Participant has received this Agreement or any other document related to the Option and/or the Plan translated into a language other than English and if the meaning of the translated version is different than the English
version, the English version will control. 
 4.18 Severability. The provisions of this Agreement are severable and if any provision
is determined to be illegal or otherwise unenforceable, then such provision will be enforced to the maximum extent possible and the remaining provisions will be fully effective and enforceable. 

4.19 Exhibit B. The Option shall be subject to any special provisions set forth in Exhibit B for the Participant’s country, if any.
If the Participant relocates to one of the countries included in Exhibit B during the life of the Option or while holding shares of Stock acquired upon exercise of the Option, the special provisions for such country shall apply to the Participant,
to the extent the Company determines that the application of such provisions is necessary or advisable for legal or administrative reasons. Exhibit B constitutes part of this Agreement. 

4.20 Imposition of Other Requirements. The Company reserves the right to impose other requirements on the Option and the shares of Stock
acquired upon exercise of the Option, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the 

  
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Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. 

4.21 Entire Agreement. The Plan and the Grant Notice (including Exhibit B) are incorporated herein by reference and this Agreement
constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Participant with respect to the subject matter hereof. 

4.22 Section 409A. Notwithstanding any other provision of the Plan, this Agreement or the Grant Notice, and to the extent the
Participant is or becomes subject to U.S. federal income taxation, the Plan, this Agreement and the Grant Notice shall be interpreted in accordance with, and incorporate the terms and conditions required by, Section 409A of the U.S. Internal
Revenue Code of 1986, as amended (together with any Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the date hereof,
“Section 409A”) in order for the Option to be exempt from Section 409A. The Committee may, in its discretion, adopt such amendments to the Plan, this Agreement or the Grant Notice or adopt other policies and procedures
(including amendments, policies and procedures with retroactive effect), or take any other actions, as the Committee determines are necessary or appropriate to comply with the exemption requirements under Section 409A. 

4.23 Waiver. The Participant acknowledges that a waiver by the Company of breach of any provision of this Agreement shall not operate or
be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by the Participant or any other participant. 

  
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