EX-10.3



 Exhibit 10.3 

NUVASIVE, INC. 
 NOTICE
OF GRANT OF PERFORMANCE RESTRICTED STOCK UNITS 
 NuVasive, Inc. (the “Company”) has granted to the participant
identified below (the “Participant”) an award (the “Award”) of the number of performance restricted stock units specified below in this Grant Notice (each, a “Performance Restricted Stock
Unit” or “PRSU”) pursuant to the 2014 Equity Incentive Plan of NuVasive, Inc. (the “Plan”). This Award is subject to all of the terms and conditions set forth in the Performance Restricted
Stock Unit Agreement attached hereto (together with this Grant Notice, the “Agreement”) and the Plan, each of which is incorporated herein by reference. Unless otherwise defined herein, capitalized terms shall have the
meanings assigned to such terms in the Plan or the Agreement, as appropriate, and, in the event of any inconsistency between the Plan and the Agreement, the terms of the Plan shall control. 

 

					
	Participant:		 Gregory T. Lucier
		
Participant ID:                        
            

		
	Date of Grant:		 May 22, 2015

		
	Number of PRSUs:		 156,775 subject to adjustment as provided by the Agreement.

		
	Performance Period:		 May 1, 2015 – April 30, 2019 (or (i) in the event of a Change in Control, ending the day prior to such transaction, or (ii) in the event of
a termination of employment not for cause (as defined below), ending on the date that the Participant’s Service to the Company ends following or due to such termination of employment).

		
	Vesting Schedule:		 Subject to the terms and conditions of the Agreement (including, without limitation, conditions requiring continued Service with the Company
through the applicable date), all of the PRSUs vest on May 22, 2019 (the “Scheduled Vesting Date”).


 By electronically accepting the Award according to the instructions in the Participant’s E*TRADE account
(pursuant to which the Participant received this Grant Notice), the Participant agrees that the Award is governed by this Grant Notice and by the provisions of the Plan and the Agreement, both of which are made a part of this document. 

The Participant acknowledges that copies of the Plan, the Agreement, and the prospectus for the Plan are available via the Participant’s
E*TRADE account. 
 The Participant represents that the Participant has read and is familiar with the provisions of the Plan and the
Agreement, and hereby accepts the Award subject to all of their terms and conditions. 







 NUVASIVE, INC. 

PERFORMANCE RESTRICTED STOCK UNIT AGREEMENT 

NuVasive, Inc. has granted to the Participant named in the Notice of Grant of Performance Restricted Stock Units (the
“Grant Notice”) to which this Performance Restricted Stock Unit Agreement is attached (together, the Performance Restricted Stock Unit Agreement and the Grant Notice being referred to collectively herein as this
“Agreement”) an Award consisting of Performance Restricted Stock Units (“PRSUs”) subject to the terms and conditions set forth in this Agreement. The Award has been granted pursuant to, and shall - in
all respects - be subject to the terms and conditions of, the 2014 Equity Incentive Plan of NuVasive, Inc. (the “Plan”), as amended from time-to-time, the provisions of which are incorporated herein by reference. By
electronically accepting the Award (as provided in the Grant Notice), the Participant: (a) acknowledges receipt of, and represents that the Participant has read and is familiar with, this Agreement, the Plan and the prospectus for the Plan
prepared in connection with the registration with the Securities and Exchange Commission of the shares of Stock issuable pursuant to the Award (the “Plan Prospectus”), (b) accepts the Award subject to all of the terms
and conditions of this Agreement and the Plan, and (c) agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee or its delegate (to the extent delegation is permitted under the Plan) in the event any
questions arise (and/or interpretation may be required) regarding this Agreement or the Plan. 
 1.
DEFINITIONS AND CONSTRUCTION. 
 1.1
Definitions. Unless otherwise defined herein, capitalized terms shall have the meanings assigned to such terms in the Grant Notice or the Plan. 

(a) “Beginning Period Price” means the closing price per share of the respective company on
May 1, 2015. 
 (b) “Dividend Equivalent Units” mean any additional Performance Restricted
Stock Units credited pursuant to Section 3.4. 
 (c) “Ending Period Average Price” means the
average official closing price per share of the respective company over the fifteen consecutive trading days ending with and including the last day of the Performance Period (as respectively defined) (if the applicable day is not a trading day, the
immediately preceding trading day). 
 (d) “Performance Multiplier” means the respective percentage
calculated using (or as identified in) the table below, subject to the Value Cap limitations provided below: 
  

					
	  

TSR Percentile Ranking
  
		  

% Goal Achieved
  
		  

Performance Multiplier*
  

	  

75th Percentile

 
		  
 150.0%

 
		  

200.0%
  

	  

70th Percentile

 
		  
 140.0%

 
		  

180.0%
  

	  

65th Percentile

 
		  
 130.0%

 
		  

160.0%
  

	  

60th Percentile

 
		  
 120.0%

 
		  

140.0%
  

	  

55th Percentile

 
		  
 110.0%

 
		  

120.0%
  

	  

50th Percentile

 
		  
 100.0%

 
		  

100.0%
  

	  

40th Percentile

 
		  
 80.0%

 
		  

50.0%
  

	  

35th Percentile

 
		  
 70.0%

 
		  

25.0%
  

	  

<35th Percentile

 
		  
 <70.0%

 
		  

No Payout
  


 If the Company achieves a TSR Percentile Ranking that falls between the foregoing levels above
the 35th percentile level and below the 75th percentile level, the Performance Multiplier will be determined by linear interpolation between
such two levels and using the following guiding principles: 








	 	•	 	 a 5.0% decrease in funding for each TSR percentile ranking below the 50th percentile and above
the 35th percentile (e.g., a TSR percentile ranking of 49th = a Performance Multiplier of 95.0% and a TSR percentile ranking of 36th = a Performance Multiplier of 30.0%), with a Performance Multiplier of 0.0% for any TSR percentile ranking below the 35th percentile; and



  

	 	•	 	 a 4.0% increase in funding for each TSR percentile ranking above the 50th percentile (e.g., a
TSR percentile ranking of 99th = a Performance Multiplier of 198% and a TSR percentile ranking of 51st = a Performance Multiplier of 102.0%),
with a Performance Multiplier of 200.0% for any TSR percentile ranking at or above the 75th percentile. 



In each case, the Performance Multiplier shall be rounded up to the nearest tenth of a percent. 

 

	*	 Notwithstanding anything to the contrary in this Agreement, at no point shall the Performance Multiplier result in the aggregate value of the
Shares issued upon settlement of the PRSUs issued hereunder (including after applying the Performance Multiplier and any credited dividend equivalents that may vest pursuant to such units under this Agreement) exceeding an amount in the aggregate
equal to the product of (x) the Fair Market Value of a Share on the Date of Grant times (y) the number of PRSUs issued under this Award (156,775) times (z) five and a half (5.5) (the “Valuation
Cap”). In furtherance thereof, the Performance Multiplier shall be limited such that, in the event the Valuation Cap would otherwise be exceeded, the number of Shares to be issued hereunder in the aggregate shall be determined by
dividing the aggregate Valuation Cap by the Fair Market Value of a Share on the determination date under Section 3.2 below (without any further crediting of dividend equivalents that may vest pursuant to such units under this Agreement.



 (e) “Index Companies” mean the companies that are included in the S&P 500
Index continuously from the beginning through the end of the Performance Period. The Committee shall have the authority to make appropriate adjustments to the extent necessary to account for extraordinary, unusual and infrequently occurring events
and transactions involving an Index Company. 
 (f) “PRSUs” mean the Performance Restricted Stock
Units originally granted pursuant to the Award and any Dividend Equivalent Units credited pursuant to the Award, as each may be adjusted from time-to-time pursuant to Section 4.4 (Adjustments for Changes in Capital Structure) or
Section 4.5 (Assumption or Substitution of Awards) of the Plan. 
 (g) “TSR” means total
shareholder return as determined by dividing (i) the sum of (A) the Ending Period Average Price minus the Beginning Period Price plus (B) all dividends and other distributions paid on a company’s shares during the Performance
Period by (ii) the Beginning Period Price. In calculating TSR, all dividends are assumed to have been reinvested in shares when paid. The Committee shall have the authority to make appropriate equitable adjustments to account for extraordinary
items affecting a company’s TSR for the Performance Period. 
 (h) “TSR Percentile Ranking”
means the Company’s percentile ranking relative to the Index Companies, based on TSR. TSR Percentile Ranking is determined by ordering the Index Companies (plus the Company if the Company is not one of the Index Companies) from highest to
lowest based on TSR for the Performance Period and counting down from the company with the highest TSR (ranked first) to the Company’s position on the list. (If two companies are ranked equally, the ranking of the next company shall account for
the tie, so that if one company is ranked first, and two companies are tied for second, the next company is ranked fourth.) After this ranking, the TSR Percentile Ranking will be calculated using the following formula, rounded to the nearest whole
percentile by application of regular rounding: 
  

									
			 TSR Percentile Ranking =
		
    (N – R)    
		  * 100
		
			(N – 1)		

 “N” represents the number of Index Companies for the Performance Period (plus
one if the Company is not one of the Index Companies for the Performance Period). 
 “R” represents the
Company’s ranking among the Index Companies (including the Company if the Company is not one of the Index Companies for the Performance Period). 

For example, if there are 100 Index Companies (including the Company), and the Company ranked 40th, the TSR Percentile Ranking would be the 61st percentile (61% = (100 – 40)/(100 – 1) * 100, rounded to the nearest whole percentile by
application of regular rounding). 
 1.2 Construction. Captions and titles contained herein are for
convenience only and shall not affect the meaning or interpretation of any provision of this Agreement. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term
“or” is not intended to be exclusive, unless the context clearly requires otherwise. 







 2. ADMINISTRATION. 

2.1 Committee Actions. All questions of interpretation concerning this Agreement, the Plan or any other
form of agreement or other document employed by the Company in the administration of the Plan or the Award shall be determined by the Committee or its delegate. All such determinations by the Committee or its delegate shall be final, binding and
conclusive upon all persons having an interest in the Award, unless fraudulent or made in bad faith. Any and all actions, decisions and determinations taken or made by the Committee in the exercise of its discretion pursuant to the Plan or the Award
or other agreement thereunder (other than determining questions of interpretation pursuant to the preceding sentence) shall be final, binding and conclusive upon all persons having an interest in the Award. 

2.2 Express Authority Required. Only individuals expressly designated by the Committee shall have the
authority to act on behalf of the Committee with respect to certain of the matters, rights, obligations, modifications, or elections allocated to the Company herein (or in the Plan). 

3. THE AWARD; PAYMENT. 

3.1 Grant of PRSUs. On the Date of Grant, the Participant shall acquire, subject to the provisions of this Agreement,
the Number of PRSUs set forth in the Grant Notice, subject to (a) determination as set forth in Section 3.2 (Amount of Payment) below, and (b) adjustment as provided in Section 4.4 (Adjustments for Changes in Capital Structure)
or Section 4.5 (Assumption or Substitution of Awards) of the Plan. 
 3.2 Amount of Payment. Subject to
certification by the Committee in writing of the number of shares of Stock (if any) that are payable under this Agreement, which certification and determination shall be made by the Committee in accordance with Section 5.1(a) following the end
of the Performance Period, and except as otherwise specified in subsections (a), (b), and (c) immediately below), the number of shares of Stock that shall be issued in settlement of this Award on the date specified in Section 4.1 below,
shall be equal to the Number of PRSUs multiplied by the Performance Multiplier (applying the Value Cap if needed), rounding up to the nearest whole share of Stock (unless doing so would cause the aggregate value delivered hereunder to exceed the
Value Cap, in which case, there shall be no such rounding up). If the Performance Multiplier is 0%, all PRSUs are forfeited and no shares will be paid. 

(a) Death or Disability. Upon the Participant’s death or termination of Service due to Disability, the
number of shares of Stock that shall be issued in full settlement of this Award on the date specified in Section 4.1 below shall be the Number of PRSUs (as provided in the Notice of Grant, with no application of the Performance Multiplier).

 (b) Change in Control. Upon any Change in Control, the number of shares of Stock that shall be issued in
full settlement of this Award shall be equal to the greater of (i) the number of PRSUs (as set forth in the Notice of Grant), or (ii) such number of PRSUs multiplied by the Performance Multiplier (determined using a Performance Period that
ends on the day prior to such Change in Control transaction), rounding up to the nearest whole share of Stock. 
 (c)
Involuntary Separation of Employment Not for Cause. In the event that the Participant’s employment with the Company is terminated not for “cause” (as defined below), the number of shares of Stock that shall be issued in
full settlement of this Award shall be equal to (i) the product of (x) the number of PRSUs initially awarded hereunder (i.e., a number of units equal to the number set forth in the Notice of Grant) times (y) the result of a fraction,
the numerator of which shall be the number of full months that the Participant provided Service to the Company during the Performance Period and the denominator of which shall be forty-eight (48), multiplied by (ii) the Performance Multiplier
determined using a Performance Period that ends on the date that the Participant’s Service to the Company ends, with the resultant number of shares of Stock (if any) rounded-up to the nearest whole share of Stock. 

For purposes of this Agreement, “cause” shall mean the following: 

 

	 	A.	 Participant’s willful and repeated failure to satisfactorily perform executive’s job duties; 



 

	 	B.	 Participant’s willful and repeated refusal or failure to follow the reasonable and lawful directions of or the Company’s Board of
Directors, as applicable; 


  

	 	C.	 Participant’s conviction of a crime involving moral turpitude; or 



 

	 	D.	 Participant engaging in acts or omissions constituting gross negligence, recklessness or willful misconduct on the part of the executive with
respect to his/her obligations or otherwise relating to the business of Company, its affiliates or customers. 









 Notwithstanding the forgoing, the Participant must be provided a period of at
least sixty (60) days following receipt of written notice outlining with specificity all acts or omissions that the Company alleges give rise to a termination for cause pursuant to Section 3.2(c)(A) or (B) above, during which
Participant may effect a cure of any remediable actions or omissions forming the basis for the termination for cause. 
 In
addition, a resignation by the Participant within ninety (90) days of the Company’s failure to nominate Participant for membership to the Company’s Board shall be deemed an involuntary termination by the Company for purposes of this
Agreement effective as of the date of such resignation. 
 For purposes of this definition, no act or failure to act shall
be deemed “willful” unless effected by Participant not in good faith and without a reasonable belief that such action or failure to act was in or not opposed to the Company’s best interests. 

3.3 No Monetary Payment Required. The Participant is not required to make any monetary payment (other than applicable
tax withholding, if any) as a condition to receiving the PRSUs or any shares of Stock issued upon settlement of Vested PRSUs (as defined in Section 4.1 below), the consideration for which shall be the Participant rendering Service as provided
in this Agreement to a Participating Company or for its benefit. 
 3.4 Dividend Equivalent Units. On the date that
the Company pays a cash dividend to holders of Stock generally, if any, the Participant shall be credited with a number of additional whole Dividend Equivalent Units determined by dividing (a) the product of (i) the dollar amount of the
cash dividend paid per share of Stock on such date, and (ii) the number of PRSUs which have not been settled as of such date, by (b) the Fair Market Value per share of Stock on such date. Any resulting fractional Dividend Equivalent
Unit shall be rounded to the nearest whole number. Any such additional Dividend Equivalent Units shall be added to the Number of PRSUs specified in the Grant Notice and shall be subject to the same terms and conditions, and shall be settled or
forfeited in the same manner and at the same time, as the PRSUs with respect to which they have been credited. 
 4.
VESTING; FORFEITURE. 
 4.1 Vesting of PRSUs.
Provided that the Participant’s Service has not terminated prior to the applicable date, any PRSUs achieved pursuant to the Award shall become vested upon the earliest date to occur of the following (the “Vesting Date”):

  

	 	(a)	 the Scheduled Vesting Date (as provided in the Grant Notice); 



 

	 	(b)	 the Participant’s death; 


  

	 	(c)	 termination of the Participant’s Service due to Disability; 



 

	 	(d)	 termination of the Participant’s Service following or due to termination of employment not for cause and 



 

	 	(e)	 immediately before any Change in Control. 



Such PRSUs, when so vested, are referred to herein as “Vested PRSUs”. 

4.2 Leaves of Absence. 

(a) If Participant takes an approved medical, FMLA (or other statutorily protected leave), or military leave (each, an
“Approved Leave”) and returns from such leave for at least thirty calendar days, then Participant shall be treated as if the period of such Approved Leave had been a period of continuous Service with the Company or Affiliate, and such
Vested PRSUs shall be settled in accordance with Section 5. 
 (b) In the event the Participant takes a leave of
absence other than an Approved Leave, the number of Vested PRSUs, as determined under Section 3.2, shall be prorated by multiplying the Vested PRSUs by a fraction the numerator of which is the number of whole months during the Performance
Period that Participant had been in continuous Service with the Company or Affiliate, and the denominator of which is the number of months the Performance Period spans, rounding up to the nearest whole number. 

(c) In the event of Participant’s termination of Service during any leave of absence, then the PRSUs shall expire in
accordance with the provisions set forth in Section 4.4 below. 
 4.3 Vesting of Dividend Equivalent Units. Any
Dividend Equivalent Units shall become vested (and also constitute “Vested PRSUs”) at the same time as the PRSUs with respect to which they have been credited. 







 4.4 Forfeiture of PRSUs That Are Not Vested PRSUs Upon Termination of
Service. Except as otherwise provided in Section 4.1, any PRSUs that are not Vested PRSUs will terminate automatically without any further action by the Company and be forfeited without further notice and at no cost to the Company upon
Participant’s termination of Service. 
 5. SETTLEMENT OF VESTED
PRSUS. 
 5.1 Distribution of Shares in Settlement of Vested PRSUs. 

(a) Subject to the terms and conditions of the Plan and this Agreement, any shares of Stock that are determined to be payable
pursuant to Section 3.2 shall be distributed to Participant (or Participant’s estate in the event of death) with respect to Participant’s Vested PRSUs within thirty days following the Vesting Date for such PRSUs, except as otherwise
provided in Section 6.3 or Section 9.1 (the “Settlement Date”). 
 (b) All distributions of shares of
Stock with respect to Participant’s Vested PRSUs shall be made by the Company in the form of whole shares. In lieu of any fractional share of Stock, the Company shall make a cash payment to Participant equal to the Fair Market Value of such
fractional share on the date the PRSUs are settled as provided herein. The Company shall not be required to issue fractional shares of Stock upon the settlement of Vested PRSUs. 

(c) Shares of Stock issued in settlement of Vested PRSUs shall not be subject to any restriction on transfer other than any
such restriction as may be required pursuant to Section 5.3 or the Company’s Insider Trading Policy. 
 5.2
Certificate Registration. The Participant hereby authorizes the Company, in its sole discretion, to deposit any or all shares of Stock acquired by the Participant pursuant to the settlement of Vested PRSUs with the Company’s
transfer agent, including any successor transfer agent, to be held in book entry form, or to deposit such shares for the benefit of the Participant with any broker with which the Participant has an account relationship of which the Company has
notice. Except as provided by the foregoing, a certificate for the shares of Stock acquired by the Participant shall be registered in the name of the Participant, or, if applicable, in the name of the Participant’s estate. 

5.3 Restrictions on Grant of the Award and Issuance of Shares. The grant of the Award and issuance of
shares of Stock upon settlement of Vested PRSUs shall be subject to compliance with all applicable requirements of federal, state or foreign law with respect to such securities. No shares of Stock may be issued hereunder if the issuance of such
shares would constitute a violation of any applicable federal, state or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Stock may then be listed. The inability of the
Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful issuance of any shares of Stock subject to the Award shall relieve the Company of any
liability in respect of the failure to issue such shares as to which such requisite authority shall not have been obtained. As a condition to the settlement of Vested PRSUs, the Company may require the Participant to satisfy any qualifications that
may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect thereto as may be requested by the Company. 

6. TAX WITHHOLDING. 

6.1 In General. By electronically accepting the Award (as provided in the Grant Notice), the Participant hereby
authorizes withholding from payroll and any other amounts payable to the Participant, including withholding of shares of Stock otherwise issuable to the Participant in settlement of Vested PRSUs, and otherwise agrees to make adequate provision for,
any sums required to satisfy the federal, state, local and foreign tax (including any social insurance) withholding obligations of the Participating Company, if any, which arise in connection with the Award, the vesting of PRSUs or the issuance of
shares of Stock in settlement of Vested PRSUs. The Company shall have no obligation to deliver shares of Stock until the tax withholding obligations of the Participating Company have been satisfied by the Participant. 

6.2 Withholding in Shares. The Company shall have the right, but not the obligation, to require the Participant to
satisfy all or any portion of a Participating Company’s tax withholding obligations by deducting from the shares of Stock otherwise deliverable to the Participant in settlement of Vested PRSUs a number of whole shares of Stock having a Fair
Market Value, as determined by the Company as of the date on which the tax withholding obligations arise, not in excess of the amount of such tax withholding obligations determined by the applicable minimum statutory withholding rates (and
subsequently making a payment of Company cash equal to the amount of any such tax obligation to the respective tax authorities). 

6.3 Assignment of Sale Proceeds. Subject to compliance with applicable law and the Company’s Insider Trading
Policy, if permitted by the Company, the Participant may satisfy the Participating Company’s tax withholding obligations in accordance with procedures established by the Company providing for delivery by the Participant to the Company or a
broker approved by the Company of properly executed instructions, in a form approved by the Company, providing for the assignment to the Company of the proceeds of a sale with respect to some or all of the shares of Stock being acquired upon
settlement of Vested PRSUs. If the Settlement Date would occur on a date on which a sale of the shares of Stock by the Participant would violate the Insider Trading Policy of the Company, the Settlement Date for such Vested PRSUs shall be deferred
until the earlier of (a) the next day on which the sale of shares by the Participant would not violate the Insider Trading Policy, or (b) the 15th day of the third calendar month
following calendar year of the Settlement Date. 







 7. RIGHTS AS A
STOCKHOLDER, DIRECTOR, EMPLOYEE OR CONSULTANT. 

The Participant shall have no rights as a stockholder with respect to any shares of Stock which may be issued in settlement of
Vested PRSUs until the date of the issuance of such shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment shall be made for dividends, distributions or other
rights for which the record date is prior to the date the shares of Stock are issued, except as provided in Section 3.4 of this Agreement and Section 4.4 of the Plan (Adjustments for Changes in Capital Structure). If the Participant is an
Employee, the Participant understands and acknowledges that, except as otherwise provided in a separate, written employment agreement between a Participating Company and the Participant, the Participant’s employment is “at will” and
is for no specified term. Nothing in this Agreement shall confer upon the Participant any right to continue in the Service of a Participating Company or interfere in any way with any right of the Participating Company Group to terminate the
Participant’s Service at any time. 
 8. LEGENDS. 

The Company may at any time place legends referencing any applicable federal, state or foreign securities law restrictions on
all certificates representing shares of Stock issued pursuant to this Agreement. The Participant shall, at the request of the Company, promptly present to the Company any and all certificates representing shares of Stock acquired pursuant to this
Award in the possession of the Participant in order to carry out the provisions of this Section. 
 9.
COMPLIANCE WITH SECTION 409A. 
 It is intended that the settlement
of Vested PRSUs as set forth in this Agreement qualify for exemption from, or comply with, the requirements of Section 409A, and any ambiguities herein will be interpreted to so qualify or comply. Notwithstanding the foregoing, if it is
determined that the PRSUs fail to satisfy the requirements of the “short-term deferral” exemption and are otherwise Section 409A Deferred Compensation, it is intended that any payment or benefit which is made or provided pursuant to
or in connection with this Award shall comply in all respects with the applicable requirements of Section 409A (including applicable regulations or other administrative guidance thereunder, as determined by the Committee in good faith) to avoid
the unfavorable tax consequences provided therein for non-compliance. In connection with effecting such compliance with Section 409A, the following shall apply: 

9.1 Separation from Service; Required Delay in Payment to Specified Employee. Notwithstanding anything set forth herein
to the contrary, no amount payable pursuant to this Agreement on account of the Participant’s termination of Service which constitutes a “deferral of compensation” within the meaning of the Treasury Regulations issued pursuant to
Section 409A of the Code (the “Section 409A Regulations”) shall be paid unless and until the Participant has incurred a “separation from service” within the meaning of the Section 409A Regulations.
Furthermore, to the extent that the Participant is a “specified employee” within the meaning of the Section 409A Regulations as of the date of the Participant’s separation from service, no amount that constitutes a deferral of
compensation which is payable on account of the Participant’s separation from service shall be paid to the Participant before the date (the “Delayed Payment Date”) which is first day of the seventh month after the date
of the Participant’s separation from service or, if earlier, the date of the Participant’s death following such separation from service. All such amounts that would, but for this Section, become payable prior to the Delayed Payment Date
will be accumulated and paid on the Delayed Payment Date. 
 9.2 Other Changes in Time of Payment. Neither the
Participant nor the Company shall take any action to accelerate or delay the payment of any benefits under this Agreement in any manner which would not be in compliance with the Section 409A Regulations. 

9.3 Amendments to Comply with Section 409A; Indemnification. Notwithstanding any other provision of this Agreement
to the contrary, the Company is authorized to amend this Agreement, to void or amend any election made by the Participant under this Agreement and/or to delay the payment of any monies and/or provision of any benefits in such manner as may be
determined by the Company, in its discretion, to be necessary or appropriate to comply with the Section 409A Regulations without prior notice to or consent of the Participant. The Participant hereby releases and holds harmless the Company, its
directors, officers and stockholders from any and all claims that may arise from or relate to any tax liability, penalties, interest, costs, fees or other liability incurred by the Participant in connection with the Award, including as a result of
the application of Section 409A. 







 9.4 Advice of Independent Tax Advisor. The Company has not obtained a tax
ruling or other confirmation from the Internal Revenue Service with regard to the application of Section 409A to the Award, and the Company does not represent or warrant that this Agreement will avoid adverse tax consequences to the
Participant, including as a result of the application of Section 409A to the Award. The Participant hereby acknowledges that he or she has been advised to seek the advice of his or her own independent tax advisor prior to entering into this
Agreement and is not relying upon any representations of the Company or any of its agents as to the effect of or the advisability of entering into this Agreement. 

10. MISCELLANEOUS PROVISIONS. 

10.1 Termination or Amendment. The Committee may terminate or amend the Plan or this Agreement at any time; provided,
however, that no such termination or amendment may have a materially adverse effect on the Participant’s rights under this Agreement without the consent of the Participant unless such termination or amendment is necessary to comply with
applicable law or government regulation, including, but not limited to, Section 409A. No amendment or addition to this Agreement shall be effective unless in writing. 

10.2 Nontransferability of the Award. Prior to the issuance of shares of Stock on the applicable Settlement Date,
neither this Award nor any PRSUs subject to this Award shall be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the Participant’s
beneficiary, except transfer by will or by the laws of descent and distribution. All rights with respect to the Award shall be exercisable during the Participant’s lifetime only by the Participant or the Participant’s guardian or legal
representative. 
 10.3 Repayment/Forfeiture. Any benefits the Participant may receive hereunder shall be subject to
repayment or forfeiture as may be required to comply with (a) any applicable listing standards of a national securities exchange adopted in accordance with Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act
(regarding recovery of erroneously awarded compensation) and any implementing rules and regulations of the U.S. Securities and Exchange Commission adopted thereunder, (b) similar rules under the laws of any other jurisdiction, and (c) the
Company’s Incentive Compensation Recoupment Policy or any policies adopted by the Company to implement such requirements, all to the extent determined by the Company in its discretion to be applicable to the Participant. 

10.4 Further Instruments. The parties hereto agree to execute such further instruments and to take such further action
as may reasonably be necessary to carry out the intent of this Agreement. 
 10.5 Binding Effect. This Agreement
shall inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer set forth herein, be binding upon the Participant and the Participant’s heirs, executors, administrators, successors and
assigns. 
 10.6 Delivery of Documents and Notices. Any document relating to participation in the Plan or any notice
required or permitted hereunder shall be given in writing and shall be deemed effectively given (except to the extent that this Agreement provides for effectiveness only upon actual receipt of such notice) upon personal delivery, electronic delivery
at the e-mail address, if any, provided for the Participant by a Participating Company, or upon deposit in the U.S. Post Office or foreign postal service, by registered or certified mail, or with a nationally recognized overnight courier service,
with postage and fees prepaid, addressed to the other party at the address of such party set forth in the Grant Notice or at such other address as such party may designate in writing from time to time to the other party. 

(a) Description of Electronic Delivery. The Plan documents, which may include but do not necessarily include:
the Plan, this Agreement, the Plan Prospectus, and any reports of the Company provided generally to the Company’s stockholders, may be delivered to the Participant electronically. In addition, if permitted by the Company, the Participant may
deliver electronically the Grant Notice to the Company or to such third party involved in administering the Plan as the Company may designate from time to time. Such means of electronic delivery may include but do not necessarily include the
delivery of a link to a Company intranet or the Internet site of a third party involved in administering the Plan, the delivery of the document via e-mail or such other means of electronic delivery specified by the Company. 

(b) Consent to Electronic Delivery. The Participant acknowledges that the Participant has read
Section 10.6(a) of this Agreement and consents to the electronic delivery of the Plan documents and, if permitted by the Company, the delivery of the Grant Notice, as described in Section 10.6(a). The Participant acknowledges that he or
she may receive from the Company a paper copy of any documents delivered electronically at no cost to the Participant by contacting the Company by telephone or in writing. The Participant further acknowledges that the Participant will be provided
with a paper copy of any documents if the attempted electronic delivery of such documents fails. Similarly, the Participant understands that the Participant must provide the Company or any designated third party administrator with a paper copy of
any documents if the attempted electronic delivery of such documents fails. The Participant may revoke his or her consent to the electronic delivery of documents described in Section 10.6(a) or may change the electronic mail address to which
such documents are to be delivered (if Participant has provided an electronic mail address) at any time by notifying the Company of such revoked consent or revised e-mail address by telephone, postal service or electronic mail. Finally, the
Participant understands that he or she is not required to consent to electronic delivery of documents described in Section 10.6(a), but has nevertheless knowingly and voluntarily chosen to do so by electronically accepting the Award (as
provided in the Grant Notice). 







 10.7 Integrated Agreement. This Agreement and the Plan shall constitute
the entire understanding and agreement of the Participant and the Participating Company Group with respect to the subject matter contained herein or therein and supersede any prior agreements, understandings, restrictions, representations, or
warranties among the Participant and the Participating Company Group with respect to such subject matter. To the extent contemplated herein or therein, the provisions of this Agreement and the Plan shall survive any settlement of Vested PRSUs and
shall remain in full force and effect. 
 10.8 Applicable Law. This Agreement shall be governed by the laws of the
State of Delaware as such laws are applied to agreements between Delaware residents entered into and to be performed entirely within the State of Delaware. 

Terms and Conditions Subject to Change in the Event the Participant Transfers Outside of the United States. Should the Participant
transfer his or her residence and/or employment with the Company to another country, the Company, in its sole discretion, shall determine whether application of certain additional and/or supplemental terms and conditions is necessary or advisable in
order to comply with respective laws, rules and regulations or to facilitate the operation and administration of the Award and the Plan. In all circumstances, the Company will provide the Participant with its ordinary-course terms and
conditions for such country(ies) in the form of an amendment and/or addendum, which shall thereafter be part of this Agreement.