Document:

EXHIBIT 10.3

 

QUAINT OAK BANK

EMPLOYEE SURVIVOR INCOME AGREEMENT

THIS EMPLOYEE SURVIVOR INCOME AGREEMENT (this "Agreement") is made as of this 14th day of January, 2015 by and between Quaint Oak Bank, a Pennsylvania-chartered savings bank with its main office in Southampton, Pennsylvania (the "Bank") and Curt Schulmeister, the Bank's Chief Lending Officer  (the "Employee").

WHEREAS, to encourage the Employee to remain an employee of the Bank, the Bank is willing to provide benefits to the Employee's beneficiary(ies) in the amount listed in ARTICLE 2 of this Agreement.  The Bank will pay the benefits from its general assets if both of the following conditions (a and b) are met:

(a) (1) If the Employee dies while employed by the Bank, or (2) if the Employee dies within 24 months after Termination of Employment because of Disability.

(b) The Bank still owns the following insurance policies (Bank Owned Life Insurance policies) on the life of the above listed employee:

1.  Northwestern Mutual policy #__________

2.  Mass Mutual policy # ___________

NOW THEREFORE, in consideration of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Bank and the Employee hereby agree as follows.

ARTICLE 1

DEFINITIONS

Whenever used in this Agreement, the following words and phrases shall have the meanings specified:

1.1            "Disability" means the Employee (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Bank.  In the event of any dispute between the Employee and the Bank as to the Employee's Disability, the matter shall be decided by a majority vote of a panel of physicians, one of whom shall be selected by the Employee, one of whom shall be selected by the Bank, and one of whom shall be selected by the other two physicians.  The physicians' fees and any other costs associated with the resolution of said dispute shall be borne by the Bank.

1.2            "Termination for Cause" means the definition of termination for cause specified in any employment or severance agreement existing on the date hereof or hereafter entered into between the Employee and the Bank. If the Employee is not a party to an employment or severance agreement containing a definition of termination for cause, Termination for Cause means the Bank terminates the Employee's employment for any of the following reasons:

(a)            gross negligence or gross neglect of duties,

(b)            commission of a felony or commission of a misdemeanor involving moral turpitude,

 

(c)            fraud, disloyalty, or willful violation of any law or significant Bank policy committed in connection with the Employee's employment and resulting in an adverse effect on the Bank, or

(d)            the Employee's failure to correct material deficiencies in the performance of assigned duties promptly after such deficiencies are described in a writing delivered by the Bank to the Employee.

 

  

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1.3            "Termination of Employment" with the Bank means that the Employee shall have ceased to be employed by the Bank for any reason whatsoever, excepting a leave of absence approved by the Bank. For purposes of this Agreement, if there is a dispute over the employment status of the Employee or the date of termination of the Employee's employment, the Bank shall have the sole and absolute right to decide the dispute, unless a Change in Control shall have occurred.

ARTICLE 2

ENTITLEMENT TO BENEFIT

2.1            Pre-Termination of Employment Survivor Income Benefit. If the Employee dies in active service to the Bank, the Bank shall pay to the Employee's designated beneficiary(ies) a survivor income benefit of $100,000.00. The survivor income benefit shall be paid in a single lump sum within 90 days after submission of proof of a claim substantiating the Employee's death.

2.2            Disability Benefit. If the Employee terminates employment due to Disability, the Bank shall pay to the Employee's designated beneficiary in a single lump sum the survivor income benefit described in Section 2.3 if the Employee dies within 24 months after the Termination of Employment.

2.3            Amount of Benefits. If the Employee was no longer employed by the Bank at the time of death but benefits are nevertheless payable under Section 2.2, the Bank, or any successor, shall pay to the Employee's beneficiary a survivor income benefit of $100,000.00. The survivor income benefit shall be paid in a single lump sum within 90 days after submission of proof of a claim substantiating the Employee's death.

ARTICLE 3

BENEFICIARIES

3.1            Beneficiary Designations. The Employee shall designate a beneficiary by filing a written designation with the Bank. The Employee's beneficiary designation shall be deemed automatically revoked if the beneficiary predeceases the Employee or if the Employee names a spouse as beneficiary and the marriage is subsequently dissolved. If the Employee dies without a valid beneficiary designation, all payments shall be made to the Employee's estate.

3.2            Facility of Payment. If a benefit is payable to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of his or her property, the Bank may pay such benefit to the guardian, legal representative, or person having the care or custody of such minor, incompetent person or incapable person. The Bank may require proof of incompetence, minority, or guardianship as it may deem appropriate before distribution of the benefit. Such distribution shall completely discharge the Bank from all liability for such benefit.

ARTICLE 4

GENERAL LIMITATIONS

4.1            Termination for Cause. Notwithstanding any provision of this Agreement to the contrary, the Bank shall not pay any benefit under this Agreement if Termination of Employment is due to the Employee's actions resulting in Termination for Cause.

4.2            Suicide or Misstatement. Notwithstanding any provision of this Agreement to the contrary, the Bank shall not pay any benefit under this Agreement if the Employee commits suicide within three years after the date of this Agreement. In addition, the Bank shall not pay any benefit under this Agreement if the Employee has made any material misstatement of fact on any application or resume provided to the Bank, or on any application for any benefits provided by the Bank to the Employee.

4.3            Removal. Notwithstanding any provision of this Agreement to the contrary, if the Employee is removed from office or permanently prohibited from participating in the conduct of the Bank's affairs by an order issued under section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. 1818(e)(4) or (g)(1), all obligations of the Bank under this Agreement shall terminate as of the effective date of the order.

 

  

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4.4            Termination of Participation. Notwithstanding any provision of this Agreement to the contrary, this Agreement shall terminate if the Employee's employment with the Bank terminates, except as provided in Section 2.2 (termination because of Disability).

ARTICLE 5

CLAIMS AND REVIEW PROCEDURES

5.1            Claims Procedure. A participant or beneficiary ("claimant") who has not received benefits under this Agreement that he or she believes should be paid shall make a claim for such benefits as follows:

5.1.1            Initiation of Written Claim. The claimant initiates a claim by submitting to the Bank a written claim for the benefits.

5.1.2            Timing of Bank Response. The Bank shall respond to such claimant within 90 days after receiving the claim. If the Bank determines that special circumstances require additional time for processing the claim, the Bank can extend the response period by an additional 90 days by notifying the claimant in writing, prior to the end of the initial 90-day period that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Bank expects to render its decision.

5.1.3            Notice of Decision. If the Bank denies part or all of the claim, the Bank shall notify the claimant in writing of such denial. The Bank shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth:

(a)            the specific reasons for the denial,

(b)            a reference to the specific provisions of this Agreement on which the denial is based,

(c)            a description of any additional information or material necessary for the claimant to perfect the claim and an explanation of why it is needed,

(d)            an explanation of this Agreement's review procedures and the time limits applicable to such procedures, and

(e)            a statement of the claimant's right to bring a civil action under Section 502(a) of the Employee Retirement Income Security Act of 1974 ("ERISA") following an adverse benefit determination on review.

5.2              Review Procedure. If the Bank denies part or all of the claim, the claimant shall have the opportunity for a full and fair review by the Bank of the denial, as follows:

5.2.1            Initiation of Written Request. To initiate the review, the claimant must file with the Bank a written request for review within 60 days after receiving the Bank's notice of denial.

5.2.2            Additional Submissions for Information Access. The claimant shall then have the opportunity to submit written comments, documents, records, and other information relating to the claim. The Bank shall also provide the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant (as defined in applicable ERISA regulations) to the claimant's claim for benefits.

5.2.3            Considerations on Review. In considering the review, the Bank shall take into account all materials and information the claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.

5.2.4            Timing of Bank Response. The Bank shall respond in writing to such claimant within 60 days after receiving the request for review. If the Bank determines that special circumstances require additional time for processing the claim, the Bank can extend the response period by an additional 60 days by notifying the claimant in writing, prior to the end of the initial 60-day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Bank expects to render its decision.

 

  

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5.2.5            Notice of Decision. The Bank shall notify the claimant in writing of its decision on review. The Bank shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth:

(a)            the specific reasons for the denial,

(b)            a reference to the specific provisions of this Agreement on which the denial is based,

(c)            a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant (as defined in applicable ERISA regulations) to the claimant's claim for benefits, and

(d)            a statement of the claimant's right to bring a civil action under ERISA Section 502(a).

ARTICLE 6

MISCELLANEOUS

6.1            Amendment and Termination. The Bank may amend or terminate this Agreement at any time if, because of legislative, judicial, or regulatory action, continuation of this Agreement would (a) cause benefits to be taxable to the Employee before actual receipt, or (b) result in significant financial penalties or other significantly detrimental consequences to the Bank (other than the financial impact of paying the benefits).

6.2            Binding Effect. This Agreement shall bind the Employee and the Bank and their beneficiaries, survivors, executors, administrators, and transferees.

6.3            No Guarantee of Employment. This Agreement is not a contract for employment. It does not give the Employee the right to remain an employee of the Bank, nor does it interfere with the Bank's right to discharge the Employee. This Agreement does not affect the employment status of the Employee, whether the Employee is an employee at will or otherwise. It also does not require the Employee to remain an employee nor interfere with the Employee's right to terminate employment at any time.

6.4            Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached, or encumbered in any manner.

6.5            Successors; Binding Agreement. By an assumption agreement in form and substance satisfactory to the Employee, the Bank will require any successor (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all of the business or assets of the Bank to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Bank would be required to perform this Agreement if no such succession had occurred.

6.6            Tax Withholding. The Bank shall withhold any taxes that are required to be withheld from the benefits provided under this Agreement.

6.7            Applicable Law. Except to the extent preempted by the laws of the United States of America, the validity, interpretation, construction, and performance of this Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania, without giving effect to the principles of conflict of laws of such state.

6.8            Unfunded Arrangement. The Employee's beneficiary(ies) are general unsecured creditors of the Bank for the payment of benefits under this Agreement. The benefits represent the mere promise by the Bank to pay such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Employee's life is a general asset of the Bank to which the Employee and the Employee's beneficiary(ies) have no preferred or secured claim.

6.9            Entire Agreement. This Agreement constitutes the entire agreement between the Bank and the Employee concerning the subject matter hereof. No rights are granted to the Employee's beneficiary(ies) under this Agreement other than those specifically set forth herein.

 

  

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6.10            Administration. The Bank shall have all powers that are necessary to administer this Agreement, including but not limited to:

(a)            interpreting the provisions of this Agreement,

(b)            establishing and revising the method of accounting for this Agreement,

(c)            maintaining a record of benefit payments, and

(d)            establishing rules and prescribing any forms necessary or desirable to administer this Agreement.

6.11            Named Fiduciary. For purposes of ERISA, if applicable, the Bank shall be the named fiduciary and plan administrator under this Agreement. The named fiduciary may delegate to others certain aspects of the management and operation responsibilities of the plan including the employment of advisors and the delegation of ministerial duties to qualified individuals.

6.12            Severability. If for any reason any provision of this Agreement is held invalid, such invalidity shall not affect any other provision of this Agreement not held invalid, and each such other provision shall continue in full force and effect to the full extent consistent with law. If any provision of this Agreement is held invalid in part, such invalidity shall not affect the remainder of such provision not held invalid, and the remainder of such provision, together with all other provisions of this Agreement, shall continue in full force and effect to the full extent consistent with law.

6.13            Headings. The captions and section headings in this Agreement are included solely for convenience of reference and shall not affect the meaning or interpretation of any provision of this Agreement.

6.14            Notices. All notices, requests, demands, and other communications hereunder shall be in writing and shall be deemed to have been duly given if delivered by hand or mailed, certified or registered mail, return receipt requested, with postage prepaid, to the following addresses or to such other address as either party may designate by like notice.

(a)            If to the Bank:                                        Board of Directors

Quaint Oak Bank

501 Knowles Avenue

Southampton, Pennsylvania 18966

(b)            If to the Employee:                           Curt Schulmeister

At the address last appearing on the

Personnel records of the Bank

and to such other or additional person or persons as either party shall have designated to the other party in writing by like notice.

IN WITNESS WHEREOF, the Employee and a duly authorized Bank officer have executed this Agreement as of the date first written above.

 

	
EMPLOYEE

	 	
QUAINT OAK BANK

	 	 	 
				
	/s/Curt Schulmeister		By:	 /s/Robert T. Strong
	Curt Schulmeister	
 

	
Robert T. Strong

	
 

	 	
President and Chief Executive Officer

 

 

 

 

 

 

5

BENEFICIARY DESIGNATION

QUAINT OAK BANK

EMPLOYEE INCOME SURVIVOR AGREEMENT

I designate the following as beneficiary(ies) of benefits under this Agreement payable after my death:

	 
	 
	 	 	 	 
	
Name of Primary Beneficiary #1

	
Date of Birth

	
Relationship

	
Social Security Number

	 	 	 	 
	 	 	 	 
	
Name of Primary Beneficiary #2

	
Date of Birth

	
Relationship

	
Social Security Number

	 	 	 	 
	
If there are no primary beneficiaries living at the time of my death, I designate the following beneficiaries.

	 
	 	 	 	 
	 	 	 	 
	
Name of Contingent Beneficiary #1

	
Date of Birth

	
Relationship

	
Social Security Number

	 	 	 	 
	 	 	 	 
	
Name of Contingent Beneficiary #2

	
Date of Birth

	
Relationship

	
Social Security Number

If you name more than one primary or contingent beneficiary, the beneficiaries will share equally in any benefits unless a specific percentage is provided.

Note: To name a trust as beneficiary, please provide the name of the trustee(s) and the exact name and date of the trust agreement.

I understand that I may change these beneficiary designations by filing a new written designation with the Bank. I further understand that the designations will be automatically revoked if the beneficiary predeceases me, or if I have named my spouse as beneficiary and our marriage is subsequently dissolved.

	
Signature

	
____________________________________________________

		Date:	___________________________________________________________		
 

	
 

	
Curt Schulmeister

		
 

	
 

	
 

		
 

	
 

	
 

		
 

	
Received by the Bank this _____ day of ______ 201_.

		
 

	
 

	
 

		
 

				
	By:	____________________________________________________			
	
 

	
Robert T. Strong

		
 

	
 

	
President and Chief Executive Officer

		
 

 

 

 

 

 

 

6Prepared by R.R. Donnelley Financial -- EX-10.1

 Exhibit 10.1 

Martin B. Anstice Employment Agreement 

EMPLOYMENT AGREEMENT 

Effective January 1, 2015 

This Employment Agreement (the “Agreement”) is made and entered into between Martin B. Anstice (the “Executive”) and Lam
Research Corporation, a Delaware corporation (the “Company”). 
 R E C I T A L S 

A. The Company and Executive desire to enter into this Agreement with respect to the Executive’s employment with the Company. 

In consideration of the mutual covenants herein contained, and in consideration of the employment of Executive by the Company, the parties
agree as follows: 
 1. Duties and Scope of Employment. 

(a) Position. During the Employment Period (as defined in Section 2(a) below), the Executive shall serve as Chief Executive
Officer of the Company and in such capacity the Executive shall perform the duties and responsibilities as the Board of Directors of the Company (the “Board”) may, from time to time, reasonably assign to Executive, in all cases to be
consistent with Executive’s office and position. 
 (b) Executive’s Obligations. Executive shall comply with all of the
Company’s policies and procedures governing employment and service on the Board, including but not limited to resignation from the Board upon termination of employment. During the Employment Period, the Executive shall devote his full business
efforts and time to the Company. The foregoing, however, shall not preclude the Executive from engaging in such activities and services as do not interfere or conflict with his responsibilities to the Company. 

2. Employment Period. 

(a) Term. The Company shall employ the Executive, on the terms and subject to the conditions set forth in this Agreement, for the
period commencing on January 1, 2015 and ending on December 31, 2017 (such period, the “Employment Period”). 
 (b)
Termination. This Agreement will terminate at the conclusion of the Employment Period unless the parties agree to extend it. The Board will provide notice of the Company’s intent whether to renew or enter into a new employment agreement
with the Executive twelve (12) months prior to the end of the Employment Period. If the Board provides notice of the Company’s intent to renew or enter into a new employment agreement with the Executive, the Company and the Executive will
enter into good faith negotiations. Neither (i) providing a notice of intent not to renew or enter into a new employment agreement nor (ii) the failure to renew or enter into a new employment agreement will be considered an Involuntary

  
 January 1, 2015 

 Martin B. Anstice Employment Agreement 

 

 
Termination as defined in Section 7(c). Nothing contained in this Agreement alters the “at will” nature of the Executive’s employment with the Company. In addition, this
Agreement may be terminated prior to expiration of the Employment Period as follows: 
 (i) By the Company. The Company may terminate
the Executive’s employment for Cause (as defined in Section 7(a) below), by giving the Executive thirty (30) days’ advance written notice, subject, however, to the cure provisions of such Section. The Company may terminate the
Executive’s employment with the Company for any reason (other than due to the Executive’s death or Disability, which are addressed in Sections 2(c) and 2(d) below) by giving the Executive ninety (90) days’ advance notice in
writing, although the Company may pay to the Executive the compensation Executive would have otherwise received during such period in lieu of such notice. Unless such termination by the Company is a termination for Cause or due to the
Executive’s death or Disability, it shall be regarded as an Involuntary Termination of the Executive. Any waiver of notice shall be valid only if it is made in writing and expressly refers to the applicable notice requirement of this
Section 2(b). 
 (ii) By the Executive. The Executive may terminate his employment with the Company by reason of Involuntary
Termination (as defined in Section 7(c) below) by giving the Company thirty (30) days’ advance written notice, subject, however, to the cure provisions of such Section. The Executive may tender his Voluntary Resignation (as defined in
this Agreement) by giving the Company ninety (90) days’ advance written notice, which period may be waived or reduced at the Company’s option, although the Company may choose to pay the Executive, in lieu of such notice period the
amounts that would otherwise be due to the Executive during such period. Any waiver or reduction of notice shall be valid only if it is made in writing and expressly refers to the applicable notice requirement of this Section 2(b). 

(c) Death. The Executive’s employment shall terminate immediately in the event of his death. 

(d) Disability. The Executive’s employment shall terminate in the event of his Disability (as defined in Section 7(b) below).

 (e) Priority of Rights and Obligations upon Termination. If any event leading to or permitting termination of this Agreement, or
providing notice thereof, occurs at approximately the same time as any other termination event or during any termination notice period, and those events invoke different notice periods or different severance or other benefit arrangements, the
deadlines, obligations, rights and benefits applicable to the termination event having the highest priority shall control. The priority of termination events (from highest to lowest priority) is as follows: (1) termination for Cause; (2)
Voluntary Resignation; (3) Involuntary Termination; (4) Disability; and (5) death. For example, if Executive gives notice of his Voluntary Resignation and, before the 90 day notice period has expired, he is subject to an Involuntary
Termination, only the rights and benefits available to him for Voluntary Resignation apply since the provisions governing Voluntary Resignation have a higher priority than those 

  

					
		  	- 2 -	  	January 1, 2015

 Martin B. Anstice Employment Agreement 

 

 
applicable to Involuntary Termination. Similarly, if the Executive has been subject to an Involuntary Termination and dies during the notice period, he shall have the rights and benefits
available to his estate as one subject to an Involuntary Termination. Expiration of this Agreement prevails over all termination events. 

3. Compensation and Benefits. 

(a) Base Compensation. During the term of this Agreement, the Company shall pay the Executive as compensation for services a base
salary at the annual rate of $900,000. The independent members of the Board, at least annually, will review, and potentially adjust, such base salary on a prospective basis, reasonably taking into account Executive’s performance and prevailing
compensation for executives at similar levels in similar sized companies in the industry. Such salary shall be paid periodically in accordance with normal Company payroll. The annual compensation specified in this Section 3(a) is referred to in
this Agreement as “Base Compensation.” 
 (b) Variable Compensation. Executive shall be entitled to participate in any
short-term or long-term variable compensation programs offered by the Company to its executive officers generally (collectively, such programs are referred to in this Agreement as the “Combined Programs” and which are currently the Annual
Incentive Program and the Long-Term Incentive Program), subject to the generally applicable terms and conditions of the program in question and to the determination of the independent members of the Board. 

(c) Deferred Compensation. The Executive shall be entitled to participate in the Company’s Elective Deferred Compensation Plan
pursuant to the terms thereof. 
 (d) Benefits. During the Employment Period, the Executive shall be eligible to participate in the
benefit plans and compensation programs maintained by the Company of general applicability to other executive officers of the Company, including (without limitation) retirement plans, savings or profit-sharing plans, deferred compensation plans,
supplemental retirement or excess-benefit plans, equity award, life, disability, health, accident and other insurance programs, paid time off (as Executive’s schedule permits), and similar plans or programs, subject in each case to the
generally applicable terms and conditions of the plan or program in question and to the determination of the independent members of the Board or the Compensation Committee or any committee administering such plan or program, as appropriate. 

(e) Reimbursement of Business Expenses. The Company shall reimburse the Executive for all reasonable and necessary business expenses
incurred by the Executive in the performance of his duties hereunder upon proper submission of expense reports in accordance with Company policies regarding such reimbursement. 

(f) Compensation Recovery. Any compensation that is paid to the Executive by the Company shall be subject to any applicable
compensation recovery policy. 

  

					
		  	- 3 -	  	January 1, 2015

 Martin B. Anstice Employment Agreement 

 

 4. Section 162(m). Executive and the Company agree to use reasonable good faith
efforts, to the extent reasonably practicable and not materially adverse to the Executive, to structure payment of all amounts of Executive’s compensation from the Company so as to avoid non-deductibility of any such amounts under
Section 162(m) of the Internal Revenue Code (the “Code”) or any successor provision. 
 5. Benefits Upon a Change in
Control. 
 (a) If a Change in Control (as defined in this Agreement) occurs during the Employment Period, and an Involuntary
Termination of Executive’s employment occurs on or after the date of the initial public announcement of such Change in Control but within eighteen (18) months following a Change in
Control1 (the “Change in Control Protection Period”), then: 
 (i) Within 60
days following the Termination Date, the Company shall pay Executive a lump sum equal to (A) twenty-four (24) months of Base Compensation (without giving effect to any salary reduction program then in effect), plus (B) the product of
(x) two and (y) an amount equal to the average of the annual short-term variable compensation program (currently the Annual Incentive Program, and together with any future short-term variable compensation program, collectively hereinafter
referred to as the “Short Term Program”) payments earned by the Executive over the last five (5) years in which the Executive was employed with the Company on December 31st of
such year (the “Five Year Average Amount”), plus (C) a pro-rata amount (based on the number of full months worked during the calendar year during which the Termination Date occurs) of the Five Year Average Amount. 

(ii) If at the Termination Date, payment has not been made under the Short Term Program that was in effect during the calendar year prior to
the year in which the Termination Date occurs, the Company shall pay the Executive, not later than March 15th of the year in which the Termination Date occurs, the full amount he would have
earned under such prior-year program (based on the performance results achieved under such program), as if his employment had not been terminated. 

(iii) If the Executive qualifies for participation in the Company’s Retiree Health Plan prior to the Termination Date, then the
Executive will receive the benefits he qualifies for under the Retiree Health Plan or, if such plan has been terminated prior to the Termination Date, within sixty (60) days following the Termination Date, the Company shall pay the Executive a
lump sum amount (the “Medical Plan Payment”) equal to the present value of the benefits for which the Executive qualified prior to the termination of such plan. The present 

 

	1 	For purposes of clarity, the Change in Control Protection Period prior to a Change in Control applies to a Termination Date (as defined in Section 7(d) for an Involuntary Termination) that is scheduled to occur on
or after the date of the initial public announcement of a Change in Control but prior to the date of such Change of Control. In addition, the Change in Control Protection Period following a Change in Control applies to a notice of the Involuntary
Termination (in accordance with Section 9) that is given or received by the Company, as applicable, within eighteen (18) months following the Change in Control. 

  

					
		  	- 4 -	  	January 1, 2015

 Martin B. Anstice Employment Agreement 

 

 
value of such benefits shall be determined actuarially based on the actual cost of replacing the benefits as of the Termination Date. If the Executive does not qualify for participation in the
Retiree Health Plan prior to the Termination Date, within sixty (60) days following the Termination Date, the Company shall pay in a lump sum any COBRA premiums the Executive would be required to pay for the COBRA benefits selected by Executive
for twelve (12) months after the Executive’s Termination Date if Executive has provided less than twenty (20) years of service to the Company and for eighteen (18) months after Executive’s Termination Date if Executive has
provided twenty (20) or more years of service to the Company. All Company 401(k) Plan benefits, Elective Deferred Compensation Plan benefits and other benefits not specifically addressed in this Agreement shall be treated in accordance with the
terms of such plans and benefits. 
 (iv) Except as provided in Section 5(f) below, the unvested portion(s) of any stock
options/Restricted Stock Units (“RSUs”), which are solely service based, that were granted to Executive prior to the Change in Control shall automatically be accelerated in full so as to become completely vested as of the Termination Date.
The stock options shall remain exercisable for two years following the Termination Date unless they are earlier exercised or expire pursuant to their original terms or unless they are exchanged for cash in connection with any Change in Control. The
Company will issue the shares underlying the RSUs within sixty (60) days of the Termination Date. 
 (b) In the event of a Change in
Control, for any long-term cash-based variable compensation program (currently the Long-Term Incentive Program, and together with any future long-term cash-based variable compensation program, hereinafter the “Long Term Cash Program”)
awards outstanding (which may include more than one Long Term Cash Program performance cycle) at the time of the Change in Control, performance cycles under such programs shall cease as of the date of the Change in Control. The Company shall pay
Executive, subject to the payout dates and restrictions below, all accrued amounts as of the last full completed quarter as of the date of the Change in Control, under each performance cycle of such program, plus the Remaining Target Amount for each
performance cycle under each such program (together, the “Payment Amounts”). The Remaining Target Amount shall equal, for each performance cycle under each program, the target amount multiplied by the number of quarters in the performance
cycle that end after the time of the Change in Control, divided by the total number of quarters in the full performance cycle2. Payment shall be made at the times specified below, and pending
payment, the Company shall hold such amount in a book account for the Executive. 
 (i) Change in Control, Involuntary Termination.
In the case of a Change in Control where the Executive’s employment terminates due to an Involuntary Termination during the Change in Control Protection Period, the Payment Amounts shall be paid out to the Executive within sixty (60) days
following the Termination Date. 
  

	2 	For the avoidance of doubt, the Executive will only receive the accrued amounts since the final Long Term Cash Program performance cycle will end on December 31, 2014 (unless the Company offers a Long Term Cash
Program again in the future). 

  

					
		  	- 5 -	  	January 1, 2015

 Martin B. Anstice Employment Agreement 

 

 (ii) Change in Control, No Termination. In the case of a Change in Control where the
Executive’s employment does not terminate during the Change in Control Protection Period, the Executive shall receive the Payment Amounts when ordinarily paid out. For avoidance of doubt, if there are multiple Long Term Cash Program performance
cycles, portions of the Payment Amounts may be paid in different years, each in accordance with the terms of the relevant performance cycle. 

(c) No Change in Control benefits under Sections 5(a) or 5(b) will apply if the Change in Control or Involuntary Termination occurs after the
Executive has (i) given notice of Voluntary Resignation or (ii) been given notice of termination for Cause by the Company, unless that notice of termination for Cause is subsequently withdrawn (in writing) by the Company and
Executive’s employment does not terminate as a result of such notice. 
 (d) Except as provided in Section 5(f) below, if the
Company is acquired by another entity in connection with a Change in Control and there is or will be no market for the Common Stock of the Company, the vesting of all Executive’s stock options/RSUs, which are solely service based, that are
granted prior to the Change in Control, will accelerate immediately prior to the Change in Control (and, for stock options, be immediately exercisable) if the acquiring company does not provide Executive with stock options/RSUs comparable to the
unvested stock options/RSUs granted Executive by the Company, regardless of whether the Executive’s employment is terminated. 
 (e)
These Section 5 benefits upon a Change in Control shall be the sole benefits that the Executive is entitled to under this Agreement (i.e., the Executive is not also entitled to any additional benefits provided in Section 6(b), below). 

(f) In the event of a Change in Control, for any Market-Based Performance RSU, a type of RSU provided by the Company to the Executive with the
number of shares paid based on the relative performance of the total stockholder return of the Company’s common stock compared to that of a designated comparison group, (“mPRSU”)/performance-based RSU, which is a performance-based RSU
other than a mPRSU (“PRSU”), awards outstanding at the time of the Change in Control, the mPRSUs/PRSUs shall be converted into a Cash Award as determined under the terms of the mPRSU/PRSU Award Agreement. For the avoidance of doubt,
mPRSUs/PRSUs shall not receive the treatment outlined in Sections 5(a)(iv) or 5(d) of the Employment Agreement, which applies to stock options and RSUs that are –solely service based. 

(i) Change in Control, Involuntary Termination. In the case of a Change in Control where the Executive’s employment terminates
due to an Involuntary Termination during the Change in Control Protection Period, the Cash Award (as defined in the mPRSU/PRSU Award Agreement), shall be paid out to the Executive within sixty (60) days following the Termination Date. 

  

					
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 Martin B. Anstice Employment Agreement 

 

 (ii) Change in Control, No Termination. In the case of a Change in Control where the
Executive’s employment does not terminate during the Change in Control Protection Period, the Executive shall receive the Cash Award when ordinarily paid out (under the mPRSU/PRSU Award Agreement). 

6. Severance Benefits other than in a Change in Control. 

(a) Benefits; Miscellaneous. In the event of any termination of Executive’s employment at any time during the term of this
Agreement, (1) the Company shall pay the Executive any unpaid Base Compensation due for periods prior to the Termination Date; and (2) following submission of proper expense reports by the Executive (or his estate), the Company shall
reimburse the Executive for all expenses reasonably and necessarily incurred by the Executive in connection with the business of the Company. These payments shall be made promptly at the Company’s next scheduled payroll date. 

(b) In the event of a termination other than one described in Section 5, Executive shall be entitled to severance benefits that vary
depending upon the reason for termination. Such benefits shall be as follows (and no others): 
 (i) Voluntary Resignation Severance
Benefits. 
 (A) Base Compensation shall cease on the Termination Date. Executive shall not be entitled to any further payment pursuant
to the Short Term Program or the Long Term Cash Program following termination. 
 (B) All medical and health benefits shall cease on the
Termination Date, except as specified in any then existing Retiree Health Plan for which Executive qualifies. All Company 401(k) Plan benefits, Elective Deferred Compensation Plan benefits and other benefits not specifically addressed in this
Agreement shall be treated in accordance with the terms of such plans and benefits. 
 (C) Stock options will cease to vest on the
Termination Date and will be cancelled ninety (90) days after the Termination Date (unless they are exercised or expire pursuant to their terms before cancellation). RSUs (whether mPRSUs, PRSUs or otherwise) will be cancelled on the Termination
Date. 
 (ii) Involuntary Termination Severance Benefits. 

(A) Within sixty (60) days following the Termination Date, the Company shall pay Executive a lump sum equal to (x) eighteen
(18) months of Base Compensation (without giving effect to any salary reduction program then in effect), plus (y) an amount equal to the Five Year Average Amount (as defined in Section 5). 

  

					
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 Martin B. Anstice Employment Agreement 

 

 (B) At the time that the Company makes payments to other executive officers under the Short
Term Program that is in effect during the calendar year in which the Termination Date occurs, the Company shall pay the Executive a pro-rata portion of the amount he would have earned under such program had his employment continued until the end of
such calendar year, such pro-rata portion to be calculated based on the performance results achieved under such program and the number of full months elapsed prior to the Termination Date. 

(C) If at the Termination Date, payment has not been made under the Short Term Program that was in effect during the calendar year prior to
the year in which the Termination Date occurs, the Company shall pay the Executive, not later than March 15th of the year in which the Termination Date occurs, the full amount he would have
earned under such prior-year program (based on the performance results achieved under such program), as if his employment had not been terminated. 

(D) If the Executive qualifies for participation in the Company’s Retiree Health Plan prior to the Termination Date, then the Executive
will receive the benefits he qualifies for under the Retiree Health Plan, or if such plan has been terminated prior to the Termination Date, within sixty (60) days following the Termination Date, the Company shall pay the Executive the Medical
Plan Payment. If the Executive does not qualify for participation in the Retiree Health Plan prior to the Termination Date, within sixty (60) days following the Termination Date, the Company shall pay in a lump sum any COBRA premiums the
Executive would be required to pay for the COBRA benefits selected by Executive for twelve (12) months after the Executive’s Termination Date if Executive has provided less than twenty (20) years of service to the Company and for
eighteen (18) months after Executive’s Termination Date if Executive has provided twenty (20) or more years of service to the Company. All Company 401(k) Plan benefits, Elective Deferred Compensation Plan benefits and other benefits
not specifically addressed in this Agreement shall be treated in accordance with the terms of such plans and benefits. 
 (E) Except as
provided in Section 6(b)(ii)(G) below, for any stock options/RSUs, which are solely service based, that are granted to the Executive twelve (12) months or more before the Termination Date, a number of shares shall vest (and for stock
options, become exercisable as of the Termination Date) such that the total number of shares vested on the Termination Date shall equal a pro-rata percentage of the total number of shares subject to such grant (based on the number of full months
worked during the vesting schedule)3. 
  

	3 	For example, if a stock option has a four (4) year vesting schedule where 25% of the options vest on each anniversary of the grant date, an Executive whose Termination Date is twenty seven (27) months and a
day after grant will already have vested in 50% of the total option, and will vest in an additional 6.25% (3/48) of the total option by virtue of this section. No additional vesting shall occur beyond this additional amount. 

  

					
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The stock options shall remain exercisable for two years following the Termination Date unless they are earlier exercised or expire pursuant to their original terms or unless they are exchanged
for cash in connection with any Change in Control. The Company will issue the shares underlying the RSUs to the Executive within sixty (60) days following the Termination Date. In addition, the independent members of the Board may, in their
discretion, accelerate the vesting of additional stock options or RSUs held by the Executive. 
 (F) Any Long Term Cash Program awards,
which are accrued as of the last full completed quarter prior to the Termination Date, shall be paid to the Executive within sixty (60) days following the Termination Date. 

(G) In the event of an Involuntary Termination prior to the end of the mPRSU/PRSU Performance Period (as defined in the mPRSU/PRSU Award
Agreement), a portion of the mPRSUs/PRSUs shall convert into a cash payment (the “Cash Payment”). The Cash Payment shall be determined by multiplying the Target Number of mPRSUs/PRSUs (as set forth in the mPRSU/PRSU Award Agreement) by the
total number of days from the Grant Date (as defined in the mPRSU/PRSU Award Agreement) until the Termination Date divided by the number of days in the Performance Period (as defined in the mPRSU/PRSU Award Agreement) (the “Termination Target
Shares”). The Company’s performance under the Vesting Formula (as set forth in the mPRSU/PRSU Award Agreement from the first day of the Performance Period until the Termination Date shall be applied to the Termination Target Shares to
determine the number of shares to convert into the Cash Payment. This number of shares shall be multiplied by the closing price of the Company’s common stock as of the Termination Date to determine the dollar amount of the Cash Payment. The
Cash Payment will be paid to the Executive within sixty (60) days following the Termination Date. Any remaining portion of the mPRSUs/PRSUs that are not converted into a Cash Payment shall be cancelled. 

For the avoidance of doubt, mPRSUs/PRSUs shall not receive the treatment outlined in Section 6(b)(ii)(E) of the Employment Agreement,
which applies to stock options and RSUs that are not service based. 
 (iii) Severance Benefits following a termination for Cause.

 (A) Base Compensation shall cease on the Termination Date. Executive shall not be entitled to any further payment pursuant to the Short
Term Program or the Long Term Cash Program following termination. 

  

					
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 Martin B. Anstice Employment Agreement 

 

 (B) All medical and health benefits shall cease on the Termination Date, except as specified
in any then existing Retiree Health Plan for which Executive qualifies. All Company 401(k) Plan benefits, Elective Deferred Compensation Plan benefits and other benefits not specifically addressed in this Agreement shall be treated in accordance
with the terms of such plans and benefits. 
 (C) Stock options will cease to vest on the Termination Date and will be cancelled thirty
(30) days after the Termination Date (unless they are exercised or expire pursuant to their terms before cancellation). RSUs (whether mPRSUs, PRSUs or otherwise) will be cancelled on the Termination Date. 

(iv) Death Severance Benefits. Executive’s employment shall terminate immediately in the event of his death. 

(A) At the time that the Company makes payments to other executive officers under the Short Term Program that is in effect during the
calendar year in which the Termination Date occurs, the Company shall pay the Executive’s estate a pro-rata portion of the amount he would have earned under such program had his employment continued until the end of such calendar year, such
pro-rata portion to be calculated based on the performance results achieved under such program and the number of full months elapsed prior to the Termination Date. 

(B) If at the Termination Date, payments have not been made under the Short Term Program that was in effect during the calendar year prior to
the year in which the Termination Date occurs, the Company shall pay the Executive’s estate, not later than March 15th of the year in which the Termination Date occurs, the full amount
he would have earned under such prior-year program (based on the performance results achieved under such program), as if his employment had not been terminated. 

(C) If the Executive qualifies for participation in the Company’s Retiree Health Plan prior to the Termination Date, then the
Executive’s eligible dependents will receive the benefits they qualify for under the Retiree Health Plan, or if such plan has been terminated prior to the Termination Date, within sixty (60) days following the Termination Date, the Company
shall pay the eligible dependents the Medical Plan Payment. If the Executive does not qualify for participation in the Retiree Health Plan prior to the Termination Date, within sixty (60) days following the Termination Date, the Company shall
pay in a lump sum any COBRA premiums the Executive’s estate would be required to pay for the COBRA benefits selected by Executive’s estate for Executive’s eligible dependents for twelve (12) months after the Executive’s
Termination Date if Executive has provided less than twenty (20) years of service to the Company and for eighteen (18) months after Executive’s Termination Date if Executive has provided twenty (20) or more years of service to
the Company. All Company 401(k) Plan benefits, Elective Deferred Compensation Plan benefits and other benefits not specifically addressed in this Agreement shall be treated in accordance with the terms of such plans and benefits. 

  

					
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 Martin B. Anstice Employment Agreement 

 

 (D) Except as provided in Section 6(b)(iv)(F) below, for any stock options/RSUs, which
are solely service based, that are granted to the Executive before the Termination Date, a number of shares shall vest so that the greater of (x) 50% of the shares in each grant are immediately vested (and, for stock options, become
exercisable) or (y) the total number of shares vested (and for stock options, become exercisable) on the Termination Date shall equal a pro-rata percentage of the total number of shares subject to such grant (based on the number of full months
worked during the vesting schedule). The stock options shall remain exercisable for two years following the Termination Date unless they are earlier exercised or expire pursuant to their original terms, or unless they are exchanged for cash in
connection with any Change in Control. The Company will issue the shares underlying the RSUs to the Executive’s estate within sixty (60) days following the Termination Date. In addition, the independent members of the Board may, in their
discretion, accelerate the vesting of additional stock options or RSUs held by the Executive. 
 (E) Any Long Term Cash Program awards,
which are accrued as of the last full completed quarter prior to the Termination Date, shall be paid to Executive’s estate within sixty (60) days following the Termination Date. 

(F) A portion of the mPRSUs/PRSUs shall vest on the Termination Date. To determine the applicable Target Number of mPRSUs/PRSUs (as set forth
in the mPRSU/PRSU Award Agreement) shall be multiplied by the total number of days from the Grant Date (as defined in the mPRSU/PRSU Award Agreement) until the Termination Date, divided by the number of days in the Performance Period (as defined in
the mPRSU/PRSU Award Agreement) to determine the “death pro rata” target number of shares. The Company’s performance under the Vesting Formula (as set forth in the mPRSU/PRSU Award Agreement) from the first day of the Performance
Period until the Termination Date shall be applied to the greater of: (i) the “death pro rata” target number of shares or (ii) 50% of the original Target Number of mPRSUs/PRSUs (as set forth in the mPRSU/PRSU Award Agreement), to
determine the number of shares which shall be paid to the Executive’s estate within sixty (60) days of the Termination Date. Any remaining unvested portion of the mPRSUs/PRSUs shall be cancelled. 

(v) Disability Severance Benefits. 

(A) At the time that the Company makes payments to other executive officers under the Short Term Program that is in effect during the
calendar year in which the Termination Date occurs, the Company shall pay the Executive a pro-rata portion of the amount he would have earned under such program had his employment continued until the end of such calendar year, such pro-rata portion
to be calculated based on the performance results achieved under such program and the number of full months elapsed prior to the Termination Date. 

  

					
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 (B) If at the Termination Date, payments have not been made under the Short Term Program
that was in effect during the calendar year prior to the year in which the Termination Date occurs, the Company shall pay Executive, not later than March 15th of the year in which the
Termination Date occurs, the full amount he would have earned under such prior-year program (based on the performance results achieved under such program), as if his employment had not been terminated. 

(C) If the Executive qualifies for participation in the Company’s Retiree Health Plan prior to the Termination Date, then the Executive
will receive the benefits he qualifies for under the Retiree Health Plan or, if such plan has been terminated prior to the Termination Date, within sixty (60) days following the Termination Date, the Company shall pay the Executive the Medical
Plan Payment. If the Executive does not qualify for participation in the Retiree Health Plan prior to the Termination Date, within sixty (60) days following the Termination Date, the Company shall pay in a lump sum any COBRA premiums the
Executive would be required to pay for the COBRA benefits selected by the Executive for twelve (12) months after the Executive’s Termination Date if Executive has provided less than twenty (20) years of service to the Company and for
eighteen (18) months after Executive’s Termination Date if Executive has provided twenty (20) or more years of service to the Company. All Company 401(k) Plan benefits, Elective Deferred Compensation Plan benefits and other benefits
not specifically addressed in this Agreement shall be treated in accordance with the terms of such plans and benefits. 
 (D) Except as
provided in Section 6(b)(v)(F) below, for any stock options/RSUs, which are solely service based, that are granted to the Executive before the Termination Date, a number of shares shall vest so that the greater of (x) 50% of the shares in
each grant are immediately vested (and, for stock options, become exercisable) or (y) the total number of shares vested (and for stock options, become exercisable) on the Termination Date shall equal a pro-rata percentage of the total number of
shares subject to such grant (based on the number of full months worked during the vesting schedule). The stock options shall remain exercisable for two years following the Termination Date unless they are earlier exercised or expire pursuant to
their original terms, or unless they are exchanged for cash in connection with any Change in Control. The Company will issue the shares underlying such RSUs to the Executive within sixty (60) days following the Termination Date. In addition,
the independent members of the Board may, in their discretion, accelerate the vesting of additional stock options or RSUs held by the Executive. 

(E) Any Long Term Cash Program awards which are accrued as of the last full completed quarter prior to the Termination Date, shall be paid to
Executive within sixty (60) days following the Termination Date. 
 (F) A portion of the mPRSUs/PRSUs shall vest on the Termination
Date. To determine the applicable Target Number of mPRSUs/PRSUs (as set forth in the mPRSU/PRSU Award Agreement) shall be multiplied by the total number of days from 

  

					
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the Grant Date (as defined in the mPRSU/PRSU Award Agreement) until the Termination Date, divided by the number of days in the Performance Period (as defined in the mPRSU/PRSU Award Agreement) to
determine the “disability pro rata” target number of shares. The Company’s performance under the Vesting Formula (as set forth in the mPRSU/PRSU Award Agreement) from the first day of the Performance Period until the Termination Date
shall be applied to the greater of: (i) the “disability pro rata” target number of shares or (ii) 50% of the original Target Number of mPRSUs/PRSUs (as set forth in the mPRSU/PRSU Award Agreement), to determine the number of
shares which shall be paid to the Executive within sixty (60) days of the Termination Date. Any remaining unvested portion of the mPRSUs/PRSUs shall be cancelled. 

7. Definition of Terms. The following terms referred to in this Agreement shall have the following meanings: 

(a) Cause. “Cause” shall mean: (1) Executive’s willful and continued failure to perform the duties and
responsibilities of his position after there has been delivered to Executive a written demand for performance from the Board which describes the basis for the Board’s belief that Executive has not substantially performed his duties and
responsibilities and provides Executive with thirty (30) days to take corrective action; (2) Any act of personal dishonesty knowingly taken by Executive in connection with his responsibilities as an employee of the Company with the
intention or reasonable expectation that such action may result in substantial financial enrichment of Executive; (3) Executive’s conviction of, or plea of guilty or nolo contendere to, a felony; (4) a willful and knowing act by the
Executive which constitutes gross misconduct, including any act by the Executive for which the U.S. Securities & Exchange Commission has precluded the Executive from performing his duties; or (5) A willful breach of a material
provision of this Agreement by the Executive. Termination for Cause shall not be deemed to have occurred unless, by the affirmative vote of all of the members of the Board (excluding the Executive and any person who reports to the Executive, if
applicable), at a meeting called and held for that purpose (after reasonable notice to the Executive and his counsel and after allowing the Executive and his counsel to be heard before the Board), a resolution is adopted finding that in the good
faith opinion of such Board members the Executive was guilty of conduct set forth in (1), (2), (3), (4) or (5) of this Section 7(a), specifying the particulars thereof. 

(b) Disability. “Disability” shall mean that the Executive is unable to engage in any substantial gainful activity by reasons
of any readily determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuing period of not less than twelve (12) months. A Disability must be certified by an approved Company
physician. The date of Disability is the date on which the Disability is incurred. 

  

					
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 (c) Involuntary Termination. “Involuntary Termination” shall mean: 

(i) a material reduction of the Executive’s duties or responsibilities as Chief Executive Officer (other than for Cause or as a result of
death or Disability); 
 (ii) a material reduction in the Executive’s Base Compensation and benefits package, other than a reduction
in Base Compensation which is part of, and generally consistent with, a general reduction of salaries of all executive officers of the Company and of any party acquiring control of the Company in a Change in Control, or other than a change in
Executive’s benefits package that continues to provide Executive with comparable benefits to those enjoyed prior to the change; 

(iii) a material reduction by the Company in the Executive’s current Target Total Direct Compensation, other than: (A) any such
reduction applicable to all executive officers of the Company and any party acquiring control of the Company in a Change in Control generally, (B) any such reduction resulting from a drop in the Company’s stock price, or (C) unless in
connection with a Change in Control, in which case this clause (C) shall not apply, any such reduction that is based on a good faith market review of executive compensation conditions and levels (for similar positions in comparable companies)
conducted in accordance with the normal compensation evaluation process applicable to executive officers of the Company generally. For purposes of the foregoing, Target Total Direct Compensation means current annual Base Compensation (determined in
the same manner as in Section 7(c)(ii)) plus current annual benefits plus current annual target amounts under the Combined Programs, and to the extent that Target Direct Compensation includes equity awards, the value of such equity shall be
determined at the time of grant based on the total stock compensation expense (FAS 123R) associated with that award; 
 (iv) the relocation
of the Company’s principal executive office to a location more than fifty (50) miles from its present location but only if the Executive is required to change his principal place of employment to such new location; 

(v) any termination of the Executive’s employment by or at the request of the Company other than for Cause, Disability or death; 

(vi) the failure of the Company to obtain the assumption of this Agreement by any successors contemplated in Section 8 below; or 

(vii) any material breach by the Company of any material provision of this Agreement; subject to the following: (A) None of the
foregoing actions shall constitute Involuntary Termination if the Executive has agreed thereto. (B) The Board providing notice of the Company’s intent not to enter into, renew or extend this Agreement pursuant to Section 2(b) hereof
shall not be considered an Involuntary Termination (although any of the foregoing actions which occurs after the Board provides notice of the Company’s intent not to enter into, renew or 

  

					
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extend this Agreement may constitute an Involuntary Termination). (C) Except with respect to an event described in Section 7(c)(v), the foregoing actions shall constitute Involuntary
Termination only if and to the extent that (x) within 90 days of the occurrence of the events giving rise to an Involuntary Termination, the Executive provides written notice to the Company setting forth in reasonable detail such facts which
Executive believes constitute Involuntary Termination, (y) any circumstances constituting Involuntary Termination remain uncured for a period of thirty (30) days following the Company’s receipt of such written notice, and (z) the
Termination Date occurs within one hundred and eighty (180) days following the initial existence of the event giving rise to an Involuntary Termination. 

(d) Termination Date. “Termination Date” shall mean: 

(i) In the case of a termination for Cause, the last day of the thirty (30) day notice period, unless the reason for such termination is
cured by the Executive prior to the end of the thirty (30) day period; 
 (ii) In the case of a Company initiated Involuntary
Termination (under Section 2(b)(i) of this Agreement), the last day of the ninety (90) day notice period required under such section, or such earlier date at which the Company waives notice and pays the Executive in lieu of such notice;

 (iii) In the case of the Executive’s Voluntary Resignation or of an Involuntary Termination initiated by the Executive (each under
Section 2(b)(ii) of this Agreement), the last day of the applicable notice period required under such section, or such earlier date at which the Company waives notice and pays the Executive in lieu of such notice; 

(iv) In the case of Executive’s death, the date of such death; and 

(v) In the case of Executive’s Disability, the date of such Disability. 

Notwithstanding the foregoing, in the event of an Involuntary Termination occurring as set forth in Section 5, if the Termination Date
would otherwise have occurred prior to the Change in Control, the Termination Date shall take place on the date of the Change in Control. If more than one Termination Date may apply, then the priority provisions of Section 2(e) of this
Agreement shall determine which Termination Date controls. The Company and the Executive shall take all steps necessary to ensure that any termination described in this Agreement constitutes a “separation from service” within the meaning
of Section 409A of the Code, and notwithstanding anything to the contrary, the date on which such separation from service takes place shall be the Termination Date. 

  

					
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 (e) Change in Control. “Change in Control” shall mean the occurrence of any
of the following events: 
 (i) Any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, as amended, but excluding any person or group as such terms is used in Rule 13d-1(b) under the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13-d-3 under said Act), directly or
indirectly, of securities of the Company representing forty percent (40%) or more of the total voting power represented by the Company’s then outstanding voting securities; 

(ii) A change in the composition of the Board occurring within a two-year period, as a result of which fewer than a majority of the directors
are Incumbent Directors. “Incumbent Directors” shall mean directors who either (A) are directors of the Company as of the effective date of this Agreement, or (B) are elected, or nominated for election, to the Board with the
affirmative votes of at least a majority of the Incumbent Directors at the time of such election or nomination (but shall not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to
the election of directors to the Company); 
 (iii) The consummation of a merger or consolidation of the Company with any other
corporation, other than through a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior hereto continuing to represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity) more than fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or the
stockholders of the Company approve a plan of complete liquidation of the Company; or the consummation of a sale or disposition by the Company of all or substantially all the Company’s assets (other than to a subsidiary or subsidiaries); or

 (iv) Any other event as determined by the independent members of the Board, in the sole discretion of the independent members of the
Board. 
 (f) Voluntary Resignation. “Voluntary Resignation” shall mean Executive’s termination of his employment at
any time, for any reason, by the Executive, other than by reason of Involuntary Termination, death or Disability. 
 8. Successors.

 (a) Company’s Successors. The Company shall require a successor to the Company (whether direct or indirect and whether by
purchase, lease, merger, consolidation, liquidation or otherwise) or to all or substantially all of the Company’s business and/or assets (each a “Successor Company”) to assume the Company’s obligations under this Agreement and
agree expressly to perform such obligations in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession. For all purposes under this Agreement, the term “Company”
shall include any Successor Company which executes and delivers the assumption agreement described in this subsection (a) or which becomes bound by the terms of this Agreement by operation of law. 

  

					
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 (b) Executive’s Successors. The terms of this Agreement and all rights of the
Executive hereunder shall inure to the benefit of, and be enforceable by, the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

9. Notice. 
 (a)
General. Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by Federal Express or a comparable air courier company. In
the case of the Executive, notices sent by courier shall be addressed to him at the home address that he most recently communicated to the Company in writing. In the case of the Company, notices sent by courier shall be addressed to its corporate
headquarters, and all notices shall be directed to the attention of its Chief Legal Officer. 
 (b) Notice of Termination. Any
termination by the Company for Cause or by the Executive as a result of a Voluntary Resignation or any Involuntary Termination shall be communicated by a notice of termination to the other party hereto given in accordance with Section 9(a) of
this Agreement. Such notice shall indicate the specific termination provision in this Agreement relied upon, shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so
indicated, and shall specify the Termination Date. 
 10. Non-Compete; Non-Solicit. 

(a) The parties hereto recognize that the Executive’s services are special and unique and that his level of compensation and the
provisions herein for compensation upon Involuntary Termination are partly in consideration of and conditioned upon the Executive’s not competing with the Company, and that the covenant on his part not to compete and not to solicit as set forth
in this Section 10 is essential to protect the business and goodwill of the Company. 
 (b) The Executive agrees that prior to the
Termination Date, the Executive will not either directly or indirectly, whether as a director, officer, consultant, employee or advisor or in any other capacity (1) render any services to any company, business, agency, partnership or entity
engaged in a business competitive with the Company (“Restricted Business”) other than the Company, or (2) make or hold any investment in any Restricted Business in the United States other than the Company, whether such investment be
by way of loan, purchase of stock or otherwise, provided that there shall be excluded from the foregoing the ownership of not more than 2% of the listed or traded stock of any publicly held corporation. For purposes of this Section 10, the term
“Company” shall mean and include the Company, any subsidiary or affiliate 

  

					
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of the Company, any Successor Company and any other corporation or entity of which the Executive may serve as a director, officer or employee at the request of the Company or any Successor
Company. 
 (c) Prior to the Termination Date, and for the period extending six (6) months thereafter, the Executive will not directly
induce or attempt to influence any employee of the Company to leave its employ and join any Restricted Business in or within 50 miles of Fremont, California. 

(d) The Executive agrees that the Company would suffer an irreparable injury if he were to breach the covenants contained in subparagraphs
(b) or (c) and that the Company would by reason of such breach or threatened breach be entitled to injunctive relief in a court of appropriate jurisdiction, and the Executive hereby stipulates to the entering of such injunctive relief
prohibiting him from engaging in such breach. 
 (e) If any of the restrictions contained in this Section 10 shall be deemed to be
unenforceable by reason of the extent, duration or geographical scope or other provisions thereof, then the parties hereto contemplate that the court shall reduce such extent, duration, geographical scope or other provisions hereof (but only to the
extent necessary to render such restrictions enforceable) and then enforce this Section 10 in its reduced form for all purposes in the manner contemplated hereby. 

11. Existing Confidentiality and Non-Compete Agreements. 

Executive represents and warrants (1) that prior to the date hereof he has provided the Company with true and complete copies of any and
all written confidentiality and/or non-compete agreements to which Executive is a party as of the date hereof (together with a written description of any such oral agreements), and (2) to the best of Executive’s knowledge, full compliance
with the terms of each such agreement will not materially interfere with Executive’s duties hereunder (except to the extent that Executive reasonably may determine to absent himself from certain Company meetings and communication during the
first year of the Employment Period). The Executive further covenants that he will not willfully and knowingly fail to fully abide by the terms of any and all such agreements and will work in good faith with the Company to avoid any breach thereof.

 12. Arbitration. 

At the option of either party, any and all disputes or controversies whether of law or fact and of any nature whatsoever arising from or
respecting this Agreement shall be decided by arbitration under the rules of the American Arbitration Association in accordance with the rules and regulations of that Association with the exception of any claim for temporary, preliminary or
permanent injunctive relief arising from or respecting this Agreement which may be brought by the Company in any court of competent jurisdiction irrespective of Executive’s desire to arbitrate such a claim. 

  

					
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 Martin B. Anstice Employment Agreement 

 

 The arbitrator shall be selected as follows. In the event the Company and the Executive agree
on one arbitrator, the arbitration shall be conducted by such arbitrator. If the parties cannot agree on an arbitrator, the Company and the Executive shall each select one independent, qualified arbitrator and the two arbitrators so selected shall
select the third arbitrator. The Company reserves the right to object to any individual arbitrator who shall be employed by or affiliated with a competing organization. 

Arbitration shall take place in San Jose, California, or any other location mutually agreeable to the parties. At the request of either party,
arbitration proceedings will be conducted in the utmost secrecy; in such case all documents, testimony and records shall be received, heard and maintained by the arbitrators in secrecy under seal, available for the inspection only by the Company and
the Executive and their respective attorneys and their respective experts who shall agree in advance and in writing to receive all such information confidentially and to maintain such information in secrecy unless and until such information shall
become generally known. The arbitrator, who, if more than one, shall act by majority vote, shall have the power and authority to decree any and all relief of an equitable nature including, but not limited to, such relief as a temporary restraining
order, a temporary and/or permanent injunction, and shall also have the power and authority to award damages, with or without an accounting and costs, provided, that punitive damages shall not be awarded, and provided, further, that the Executive
shall be entitled to reimbursement for his reasonable attorney’s fees to the extent he prevails as to the material issues in such dispute. The reimbursement of attorney’s fees shall be made promptly following delivery of an invoice
therefor. The decree or judgment of an award rendered by the arbitrators may be entered in any court having jurisdiction thereof. 

Reasonable notice of the time and place of arbitration shall be given to all persons, other than the parties, as shall be required by law, in
which case such persons or those authorized representatives shall have the right to attend and/or participate in all the arbitration hearings in such a manner as the law shall require. 

13. Excise Tax on Payments. Notwithstanding anything to the contrary contained herein, in the event that any payment by the Company to
or for the benefit of the Executive, whether paid or payable, would be subject to the excise tax imposed by Section 4999 of the Code or any comparable federal, state, or local excise tax (such excise tax, together with any interest and
penalties, are hereinafter collectively referred to as the “Excise Tax”), then the Executive shall receive either the full severance amount or a lesser amount that does not trigger an excise tax, whichever produces a greater after-tax
benefit to the Executive, as determined by the Company. 

  

					
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 Martin B. Anstice Employment Agreement 

 

 14. Miscellaneous Provisions. 

(a) No Duty to Mitigate. The Executive shall not be required to mitigate the amount of any payment contemplated by this Agreement, nor
shall any such payment be reduced by any earnings that the Executive may receive from any other source. 
 (b) Waiver. No provisions
of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by the Executive and by an authorized officer of the Company (other than the Executive). No waiver by either
party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

(c) Whole Agreement; Amendment. This Agreement and the documents expressly referred to herein represent the entire agreement of the
parties with respect to the matters set forth herein. This Agreement may not be altered, modified, or amended except by written instrument signed by the parties hereto. Nothing herein affects the continued enforceability of either the Company’s
Employment, Confidential Information and Invention Assignment Agreement previously executed by the Executive, or the Executive’s Indemnification Agreement with the Company. Any benefit amounts referenced as payable to the Executive pursuant to
this Agreement are the sole and exclusive amounts payable to the Executive for the category of benefit addressed by such amounts; provided, however, that this Agreement shall not limit any right of Executive to receive any payments or benefits under
an employee benefit or employee compensation plan of the Company, initially adopted prior to or after the date hereof, which are expressly contingent thereunder upon the occurrence of a Change in Control (including, but not limited to, the
acceleration of any rights or benefits thereunder). Notwithstanding the foregoing, in no event shall Executive be entitled to any payment or benefit under this Agreement which duplicates a payment or benefit received or receivable by Executive under
any severance or similar plan or policy of Company, and in any such case Executive shall only be entitled to receive the greater of the two payments. 

(d) Choice of Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the
state of California, without regard to conflicts of law provisions thereof. 
 (e) Severability. If any provision of this Agreement
is determined to be invalid or unenforceable, the Agreement shall remain in full force and effect as to the remaining provisions, and the parties shall replace the invalid or unenforceable provision with one which reflects the parties’ original
intent in agreeing to the invalid/unenforceable one. 
 (f) No Assignment of Benefits. Except as otherwise provided herein, the
rights of any person to payments or benefits under this Agreement shall not be made subject to option or assignment, either by voluntary or involuntary assignment or by operation of law, including (without limitation) bankruptcy, garnishment,
attachment or other creditor’s process, and any action in violation of this subsection (f) shall be void. 

  

					
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 (g) Withholding Taxes. The Company may withhold from any amounts payable under this
Agreement such Federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation. 
 (h)
Section 409A of the Code. Notwithstanding anything herein to the contrary, if at the time of the Executive’s termination of employment with the Company, the Company has determined that the Executive is a “specified
employee” as defined in Section 409A of the Code and any severance payments and benefits to Executive are considered a “deferral of compensation” under Section 409A of the Code (the “Deferred Payments”), such
Deferred Payments that are otherwise payable within the first six months following the Termination Date will become payable on the first business day of the seventh month following the Executive’s Termination Date, or if earlier the date of the
Executive’s death. In the event that payments under this Agreement are deferred pursuant to this Section 14(h), then such payments shall be paid at the time specified in this Section 14(h) without interest. The Company shall consult
with the Executive in good faith regarding the implementation of the provisions of this Section 14(h) provided, that neither the Company nor any of its employees or representatives shall have any liability to the Executive with respect
thereto. Any amount under this Agreement that satisfies the requirements of the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Payments for purposes of this
Agreement. Any amounts scheduled for payment hereunder when they are ordinarily paid out or when they are made to other executive officers, will nonetheless be paid to Executive on or before
March 15th of the year following the year when the payment is no longer subject to a substantial risk of forfeiture. For purposes of Section 409A of the Code, the right to a series of
installment payments under this Agreement shall be treated as a right to a series of separate payments, and references herein to the Executive’s termination of employment shall refer to Executive’s separation of services with the Company
within the meaning of Section 409A of the Code. Notwithstanding anything to the contrary herein, except to the extent any expense, reimbursement or in-kind benefit provided pursuant to this Agreement does not constitute a “deferral of
compensation” within the meaning of Section 409A of the Code: (x) the amount of expenses eligible for reimbursement or in-kind benefits provided to the Executive during any calendar year will not affect the amount of expenses eligible
for reimbursement or in-kind benefits provided to the Executive in any other calendar year, (y) the reimbursements for expenses for which the Executive is entitled to be reimbursed shall be made on or before the last day of the calendar year
following the calendar year in which the applicable expense is incurred, and (z) the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit. 

(i) Assignment by Company. The Company may assign its rights under this Agreement to an affiliate, and an affiliate may assign its
rights under this Agreement to another affiliate of the Company or to the Company, provided, however, that no assignment shall be 

  

					
		  	- 21 -	  	January 1, 2015

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made if the net worth of the assignee is less than the net worth of the Company at the time of assignment. In the case of any such assignment, the term “Company” when used in a section
of this Agreement shall mean the corporation that actually employs the Executive. 
 (j) Counterparts. This Agreement may be executed
in counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same instrument. 
 (k)
Survival of Obligations. Except as otherwise described herein, and except to the extent that as of the Termination Date rights to payment hereunder have accrued, the obligations of Sections 7 through 14 shall survive termination of this
Agreement. In the event that a binding agreement is reached that would result in a Change in Control during the Employment Period, Section 5 of this Agreement shall survive with regard to that Change in Control. 

  

					
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 Martin B. Anstice Employment Agreement 

 

 (l) Company Release. As a condition to the Company’s obligations pursuant to this
Agreement, the Executive agrees to execute a release of claims against the Company (the “Release”), substantially in the form attached hereto as Exhibit A, by the fifty-third (53rd) day following the Executive’s
Termination Date. If the Company has not received an irrevocable Release by the sixtieth (60th) day following the Termination Date, the Company shall be under no obligation to make payments or provide benefits under this Agreement; provided
such sixty (60) day period shall be tolled during the pendancy of any arbitration proceeding under this Agreement. In the event one or more of the provisions of the Release should, for any reason, be held to be invalid, illegal or unenforceable
in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of the Release, and the Release shall be construed as if such invalid, illegal or unenforceable provision had never been contained therein. 

IN WITNESS WHEREOF, the parties have executed this Agreement. 
  

			
	LAM RESEARCH CORPORATION
		
	By:	 	 /s/ Sarah A. O’Dowd

		 	Sarah A. O’Dowd
	Its:	 	Senior Vice President, Chief Legal Officer

 DATED: January 13, 2015 

 

	
	 /s/ Martin B. Anstice

	Martin B. Anstice
	
	DATED: December 16, 2014

  

					
		  		  	January 1, 2015

 Martin B. Anstice Employment Agreement 

 

 EXHIBIT A 

COMPANY RELEASE 

  

					
		  		  	January 1, 2015

 Martin B. Anstice Employment Agreement 

 

  
 

 
 LAM RESEARCH CORPORATION RELEASE 

This Release (“Release”) constitutes a binding agreement between you,         [EMP
NAME]        , Lam Employee No.     [EE I.D.]    , and Lam Research Corporation (“Lam” or “the Company”). Please review the terms
carefully. We advise you to consult with an attorney concerning its terms. 
 1. This Release is provided to Lam pursuant to an Employment Agreement (your
“Agreement”) between you and Lam. You understand that if you choose not to sign this Release, as provided in your Agreement Lam has no obligation to make any payments or provide any benefits provided in your Agreement. 

2. You understand that your obligations under the Confidential Information and Invention Assignment Agreement, or similarly titled agreement, you signed at
the beginning of your employment with Lam are ongoing and binding and survive the termination of your employment with Lam, regardless of whether you sign this Release. 

3. If you agree to this Release, you will be eligible to receive the payments and benefits provided in your Agreement. You must sign and return this
Release within fifty-three (53) days, and it must become irrevocable (as discussed in Sections 4.E. and 8 below), within sixty (60) days of your Termination Date (as defined in your Agreement). You may, at your discretion, sign and return
the Release sooner. You are hereby advised to consider the terms of this Release and consult with an attorney of your choice prior to executing this Release. Lam is under no obligation to pay any amounts or provide any benefits under your Agreement
until such release is irrevocable. Lam will make such payments and provide such benefits under your Agreement as soon as practicable, in accordance with the terms of your Agreement and in accordance with IRC Section 409A and accompanying
Treasury Regulations (although Lam makes no representation about any specific tax treatment applicable to you). Neither Lam nor the Executive shall have the right to accelerate or defer the delivery of any payments or provision of any benefits
except as specifically permitted or required by Section 409A. 
 4. In exchange for and in consideration of the payments and benefits provided for in
your Agreement, you agree to, and agree to abide by, the following terms: 
  

	 	A.	 Release. You hereby waive and release, and promise never to assert, any and all claims, except workers compensation or unemployment
compensation claims, that you have, or may have at any time, against Lam and its predecessors, subsidiaries, related entities, and their officers, directors, shareholders, agents, attorneys, employees, benefit plans, successors, or assigns
(collectively “Released Parties”) at all or, specifically, arising from or related to your employment with Lam and/or the termination of your employment with Lam. These claims include, but are not limited to, all claims arising under
federal, state, and/or local statutory or common law, including, but not limited to, claims of wrongful or constructive discharge or demotion, breach of contract (written, oral or implied), breach of the covenant of good faith and fair dealing,
violation of public policy, defamation, personal injury, emotional distress, claims under Title VII of the 1964 Civil Rights Act, as amended, the California Fair Employment and Housing Act (or comparable provision under any other state’s law),
the Equal Pay Act of 1963, California Labor Code Section 1197.5 (or comparable provision under any other state’s law), the Age Discrimination in Employment Act of 1967, as amended, the Older Workers Benefit Protection Act (OWBPA), the
Americans with Disabilities Act (ADA), the Civil Rights Act of 1866, the Family and Medical Leave Act (FMLA), the Worker Adjustment and Retraining Notification (WARN) Act, California Labor Code Section 1400 et seq., and any other laws,
regulations, or ordinances relating to employment or employment discrimination, and the laws of contract and tort, to the full extent permitted by law. You are, through this Release, releasing the Company from any and

  

					
		  		  	January 1, 2015

 Martin B. Anstice Employment Agreement 

 

	 	
all claims you may have against the Company, including claims under the Age Discrimination in Employment Act of 1967, 29 U.S.C. §621, et seq (ADEA) with the exception of (i) your right
to receive the payments provided for in, or to enforce, your Agreement and (ii) any claims you may have pursuant to any written agreement, the Company’s certificate of incorporation or bylaws, or as mandated by statute, to indemnification
as a director or officer of the Company; further, rights or claims under the Age Discrimination in Employment Act that may arise after the date this Agreement is executed are not waived. 

 

	 	B.	Release of Unknown Claims. You agree to waive and release and promise never to assert any claims or potential claims that you might have against the Released Parties, whether or not you know or might have reason
to know of such claims or potential claims or of the facts potentially giving rise to any such claims or potential claims. Specifically, you agree to waive, and by executing this Release do waive, your rights under section 1542 of the Civil Code of
California, or comparable provision of another state’s law, which states: 

 A general release does not extend to
claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known to him or her must have materially affected his or her settlement with the debtor. 

 

	 	C.	Acknowledgment of 21-Day Consideration Period: If you are 40 years of age or older, you acknowledge and agree that you have been given at least 21 days to consider the terms of this Release before signing it1. You knowingly and voluntarily waive the remainder of the 21-day consideration period, if any, following the date (as indicated below) you sign this Release. You affirm that you have not been asked
by the Company to shorten your time period for consideration of whether to sign this Release. You affirm that the Company has not threatened to withdraw or alter the payments or benefits due to you prior to the expiration of the 21-day period nor
has the Company provided different terms to you because you have decided to sign this Release prior to the expiration of the 21-day consideration period. You understand that by your having waived some portion of the 21-day consideration period, the
Company may expedite the processing of some of the payments or benefits provided to you in reliance upon your signing this Release. 

  

	 	D.	No Re-Start of Consideration Period: You agree that any changes to this Release or to the payments or benefits and terms offered or that may be offered to you after your initial receipt of this Release, whether
any such changes (individually or collectively) are material or immaterial, do not and shall not restart the running of the consideration period. 

  

	 	E.	Right to Revoke: You understand that if you sign this Release, you can change your mind and revoke it within seven days after signing it by returning it with written revocation notice to the Company in the manner
described in the notice provision of your Agreement. You understand that the release and waiver set forth above will not be effective until after this seven-day period has expired. 

 

	 	F.	Binding Agreement: You understand that following the seven-day revocation period, this Release will be final and binding. You promise that you will not pursue any claim that you have settled by this Release. If
you break this promise, you agree to pay all of the Company’s costs and expenses (including reasonable attorneys’ fees) related to the defense of any claims, except this promise not to sue does not apply to claims that you may have under
the OWBPA and the ADEA. Although you are releasing claims that you may have under the OWBPA and the ADEA, you understand that you may 

 

	1 	Insert 45 day Consideration Period in circumstances required by law. 

  

					
		  	- 26 -	  	January 1, 2015

 Martin B. Anstice Employment Agreement 

 

	 	
challenge the knowing and voluntary nature of this release under the OWBPA and the ADEA before a court, the Equal Employment Opportunity Commission (EEOC), the National Labor Relations Board
(NLRB), or any other federal, state or local agency charged with the enforcement of any employment laws. You understand, however, that if you pursue a claim against the Company under the OWBPA and/or the ADEA, a court has the discretion to determine
whether the Company is entitled to restitution, recoupment, or set off (hereinafter “reduction”) against a monetary award obtained by you in the court proceeding. A reduction never can exceed the amount you recover, or the consideration
you received for signing this Release, whichever is less. You also recognize that the Company may be entitled to recover costs and attorney’s fees incurred by the Company as specifically authorized under applicable law. You further understand
that nothing in this Release generally prevents you from filing a charge or complaint with or from participating in an investigation or proceeding conducted by the EEOC, NLRB, or any other federal, state or local agency charged with the enforcement
of any employment laws, although by signing this Release you are waiving your right to individual relief based on claims asserted in such a charge or complaint. Nothing in this Agreement shall be construed to waive any right that is not
subject to waiver by private agreement under federal, state or local laws, such as claims for workers compensation or unemployment benefits. 

  

	 	G.	Authorization for Deductions from Paychecks and Other Payments. You hereby authorize Lam to deduct and withhold from your paychecks and from any other payments of cash compensation due to you, from the date of
this Release forward, any and all amounts you may, from time to time, owe to Lam for any reason, including (without limitation) loans or advances to you, reimbursement of paid but unvested signing or relocation bonuses, amounts due under a
promissory note, taxes or tax withholding paid or to be paid by Lam on your behalf. If you owe Lam monies as documented in a promissory note or other written agreement, the repayment terms of that document will apply. 

 

	 	H.	Confidentiality of Terms of this Release. You agree not to disclose to any other person or entity any information regarding the terms of this Release, or the fact of its existence, or the amounts of any payments
or benefits made to or provided to you, except that you may disclose such information to your immediate family (spouse, children, or parents), attorney, accountant, or other professional advisor to whom you must make the disclosure in order for such
person to render professional services to you, or as you otherwise may be compelled by law. You will instruct any such persons to whom you make such disclosures, however, to maintain the confidentiality of such information, consistent with your
obligations to maintain its confidentiality hereunder. 

  

	 	I.	Non-Solicitation. You agree to comply with the terms set forth in Section 10 of your Agreement. 

  

	 	J.	Non-Disparagement. You hereby agree that you will not disparage, criticize, slander, or libel Lam or any of its products, technologies, policies, actions, employees, officers, or agents, to any third party or
person, including without limitation any supplier, customer, or prospective customer or business partner of Lam. 

 5. To accept this
Release, please sign and date it below and provide it to the Company in the manner described in the notice provision of your Agreement. If your Release is not executed and returned within 53 days and irrevocable within 60 days from the
Termination Date (as defined in your Agreement), the offer of the payments and benefits described in your Agreement shall automatically expire and this offer shall be deemed revoked. 

6. In the event that you breach any of your obligations under this Release or as otherwise imposed by law, Lam will be entitled to recover the payments and
benefits paid under your Agreement and to obtain all other relief provided by law or equity. Lam’s rights and remedies arising hereunder are cumulative of any and all other rights or remedies Lam may have in the event of a breach of this
Release by you. 

  

					
		  	- 27 -	  	January 1, 2015

 Martin B. Anstice Employment Agreement 

 

 7. By signing this Release, you acknowledge that you have had the opportunity to review this Release
carefully with an attorney of your choice concerning its terms and effect, and that the waivers, settlement, and releases made herein are knowing, voluntary, informed, and consensual. 

8. You understand that once you have signed this Release, you have an additional seven (7) days to revoke your acceptance by submitting a written
notice of your revocation to the Company in the manner described in the notice provision of your Agreement. If you do not revoke your acceptance within seven (7) days of your acceptance, the Release will be deemed effective, binding and
enforceable. Please note that this means your executed Release must be received by the Chief Legal Officer of the Company, within 53 days of Termination Date (as defined in your Agreement) or the Company shall be under no obligation to make the
payments or provide the benefits under your Agreement. 
 9. This Release shall be construed and enforceable in all respects pursuant to California law,
notwithstanding conflict of laws considerations or the preference, policy or law of any other jurisdiction or forum. Any dispute or action arising from or related to this Release shall be brought in federal or California state court located in the
County of Santa Clara, California, and in no other jurisdiction or venue. The invalidity or unenforceability of any provision(s) of this Agreement shall not affect the validity or enforceability of any other provision hereof, which shall remain in
full force and effect. 
 /// 

  

					
		  	- 28 -	  	January 1, 2015

 Martin B. Anstice Employment Agreement 

 

 I, THE UNDERSIGNED, HAVE BEEN ADVISED IN WRITING THAT I HAVE HAD AT LEAST TWENTY-ONE (21) DAYS TO
CONSIDER THIS RELEASE AND TO CONSULT WITH AN ATTORNEY CONCERNING ITS TERMS AND EFFECT PRIOR TO EXECUTING THIS RELEASE. 
 I, THE UNDERSIGNED, HAVE
READ THIS RELEASE, UNDERSTAND ITS TERMS, AND UNDERSTAND THAT I ENTER THIS RELEASE INTENDING TO AND DO WAIVE, SETTLE AND RELEASE ALL CLAIMS I HAVE OR MIGHT HAVE AGAINST LAM RESEARCH CORPORATION TO THE FULL EXTENT PERMITTED BY LAW. I SIGN THIS RELEASE
VOLUNTARILY AND KNOWINGLY. 
  

									
	ACKNOWLEDGED, UNDERSTOOD AND AGREED ON BEHALF OF LAM RESEARCH CORPORATION:
			
	  
	 		 	  

	[EMP NAME]	 		 		 	Sarah A. O’Dowd
		 		 		 	Senior Vice President, Chief Legal Officer

									
					
	Date:	 		 		 	Date:	 	

  

					
		  	- 29 -	  	January 1, 2015

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