Document:

Form of Executive Officer Restricted Stock Agreement

 Exhibit 10.32 

FORM OF EXECUTIVE OFFICER 

RESTRICTED STOCK AGREEMENT 

This Restricted Stock Agreement (the “Agreement”) is entered into this
11th day of May, 2010 between Marchex, Inc., a Delaware
corporation (the “Company”) and                              (the
“Participant”). 
 WITNESSETH: 

WHEREAS, the Compensation Committee of the Company has agreed to grant to the Participant,
             shares of the Company’s Class B common stock, par value $0.01 per share (the “Shares” or “Common Stock”) in accordance with the
terms and conditions of the Company’s 2003 Amended and Restated Stock Incentive Plan, as amended to date (the “Plan”); and 

WHEREAS, the Shares are subject to certain restrictions; and 

WHEREAS, a condition to the grant of the Shares to the Participant is that the Participant execute this Agreement. 

NOW, THEREFORE, in consideration of the foregoing, the mutual covenants contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 1. Grant of
Shares. Subject to the terms, conditions and restrictions of the Plan and this Agreement, the Company hereby awards to the Participant,              Shares on May 11,
2010 (the “Grant Date”). To the extent required by law, the Participant shall pay the Company the par value ($0.01) (the “Purchase Price”) for each Share awarded to the Participant simultaneously with the execution
of this Agreement in cash or cash equivalents payable to the order of the Company. Pursuant to the Plan and Section 4 of this Agreement, the Shares are subject to certain restrictions, which restrictions shall expire in accordance with the
provisions of the Plan and Section 4 hereof. While such restrictions are in effect, the Shares subject to such restrictions shall be referred to herein as “Restricted Stock”, and Shares as to which such restrictions have
expired shall be referred to herein as “Vested Shares.” 
 2. Right to Repurchase Upon Termination of
Employment Relationship. In the event Participant’s employment relationship with the Company terminates, for any reason whatsoever, whether due to voluntary or involuntary action, death, disability or otherwise, the Company shall have the
right to repurchase at the original price paid therefor all or any portion of the Restricted Stock, which right may be exercised at any time and from time to time within ninety (90) days after the date of such termination. 

3. Exercise of Right of Repurchase. The Company may exercise its right of repurchase by providing written notice to the
Participant stating the number of Shares of Restricted Stock to be repurchased, the aggregate price to be paid (the “Repurchase Price”) and the date (the “Repurchase Date”) such repurchase shall occur (which shall
be a date not fewer than ten (10) and not more than thirty (30) days from the date of such notice). On the 

 
Repurchase Date, the Company shall deliver the Repurchase Price to the Participant, by check or wire of immediately available funds, against delivery of the certificate or certificates
representing the Shares to be repurchased and duly endorsed stock powers. 
 4. Vesting of Shares. So long as the
Participant continues to remain as an employee of the Company, the Shares will be deemed to become “Vested Shares” as follows: 25% of the total Shares shall vest on each of the first, second, third and fourth annual anniversaries,
respectively, of the Grant Date such that the Shares shall be vested in full on the fourth anniversary of the Grant Date. One hundred percent (100%) of the Shares not already vested as of the date thereof, shall become immediately vested upon
the occurrence of both (a) a Change of Control, (b) followed by (i) a termination without cause of the Participant’s employment by the Company or any successor thereto, (ii) a Diminution in Duties with respect to the
Participant, or (iii) the 12 month anniversary of the occurrence of the Change of Control. 
 For the purposes hereof,
“Change of Control” shall mean the occurrence of any of the following events: 
  

	 	(i)	an acquisition (other than directly from the Company) of any voting securities of the Company (the “Voting Securities”) by any
“Person” or “Group” (as such terms are used for the purposes of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) immediately after which such
Person or Group has Beneficial Ownership (within the meaning of Rule l3d-3 promulgated under the Exchange Act) of fifty percent (50%) or more of the combined voting power of the Company’s then-outstanding Voting Securities; provided,
however, in determining whether or not a Change of Control has occurred, Voting Securities which are acquired in a “Non-Control Acquisition” (as hereinafter defined) shall not constitute an acquisition which would constitute a
Change of Control. A “Non-Control Acquisition” shall mean an acquisition by (i) any employee benefit plan (or related trust) sponsored or maintained by the Company or any affiliate of the Company, (ii) the Company,
(iii) any Person in connection with a Non-Control Transaction (as hereinafter defined), or (iv) any holder of the Company’s Class A Common Stock as of the date hereof; 

 

	 	(ii)	individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the
Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then
comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened
election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or 

 

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	 	(iii)	the consummation of: 

  

	 	(a)	A merger, consolidation or reorganization with or into the Company or in which securities of the Company are issued, unless such merger, consolidation or reorganization
is a “Non-Control Transaction”. A “Non-Control Transaction” is a merger, consolidation or reorganization with or into the Company or in which securities of the Company are issued where: 

 

	 	A.	the shareholders, of the Company immediately before such merger, consolidation, or reorganization, own, directly or indirectly, at least fifty-one percent (51%) of
the combined voting power of the outstanding voting securities of the corporation resulting form such merger, consolidation or reorganization (the “Surviving Corporation”) in substantially the same proportion as their ownership of
the Voting Securities immediately before such merger, consolidation or reorganization, 

  

	 	B.	the individuals who were members of the Incumbent Board immediately prior to the execution of the agreement providing for such merger, consolidation or reorganization
constitute at least a majority of the members of the board of directors of the Surviving Corporation or a corporation owning directly or indirectly fifty-one percent (51%) or more of the Voting Securities of the Surviving Corporation, and

  

	 	C.	no Person or Group, other than (i) the Company, (ii) any subsidiary of the Company, (iii) any employee benefit plan (or any trust forming a part thereof)
maintained by the Company immediately prior to such merger, consolidation, or reorganization, or (iv) any holder of the Company’s Class A Common Stock as of the date hereof, owns twenty percent (20%) or more of the combined
voting power of the Surviving Corporation’s then-outstanding voting securities; or 

  

	 	(b)	a complete liquidation or dissolution of the Company; or 

  

	 	(c)	the sale of disposition of all or substantially all of the assets of the Company to any Person. 

Notwithstanding the foregoing, a Change of Control shall not be deemed to occur solely because any Person (the “Subject
Person”) acquired Beneficial Ownership of more than the permitted amount of the outstanding Voting Securities as a result of the acquisition of Voting Securities by the Company which, by reducing the number of Voting Securities outstanding,
increases the proportional number of shares Beneficially Owned by the Subject Person, provided 
  

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that if a Change of Control would occur (but for the operation of this sentence) and after such acquisition of Voting Securities by the Company, the Subject Person becomes the Beneficial Owner of
any additional Voting Securities, then a Change of Control shall occur. 
 For the purposes hereof, “Diminution in
Duties” shall mean the occurrence of any of the following events without the Participant’s express written consent; 
  

	 	(i)	a material diminution in the nature or scope of the Participant’s duties, responsibilities, authority, powers or functions as compared to the Participant’s
duties, responsibilities, authority, powers or functions immediately prior to the Change of Control; 

  

	 	(ii)	if the Participant is no longer (a) an executive officer of a publicly-traded company, or (b) a Section 16 reporting person under the 1934 Act;

  

	 	(iii)	a reduction in the Participant’s Annual Salary; or 

  

	 	(iv)	the relocation of Participant’s office at which he is to perform his duties and responsibilities hereunder to a location more than sixty (60) miles from
Seattle, Washington. 

 There shall be no proportionate or partial vesting in the periods prior to the applicable
vesting dates and all vesting shall occur only on the appropriate vesting date. The Compensation Committee may, in its sole discretion, provide for accelerated vesting of the Shares at any time. 

5. Transfers. No Participant shall, directly or indirectly, sell, assign, transfer, pledge, hypothecate, mortgage, encumber or
dispose of (either voluntarily or by operation of law or otherwise) all or any of his Restricted Stock (or any interest therein or any option, warrant or other right with respect thereto). 

6. Rights as a Holder of Restricted Stock. From and after the Grant Date, the Participant shall have, with respect to the
Restricted Stock, all of the rights of a holder of shares of Common Stock, including, without limitation, the right to receive and retain all regular cash dividends payable to holders of shares of record on and after the Grant Date (although such
dividends will be treated, to the extent required by applicable law, as additional compensation for tax purposes), voting rights and to exercise all other rights, powers and privileges of a holder of shares with respect to the Restricted Stock, with
the exceptions that (i) the Participant shall not be entitled to delivery of the stock certificate or certificates representing the Restricted Stock until such shares are no longer Restricted Stock; and (ii) the Company (or its designated
agent) will retain custody of the stock certificate or certificates representing the Restricted Stock. 
 7. Taxes;
Section 83(b) Election. The Participant acknowledges that (i) no later than the date on which any Restricted Stock shall have become vested or upon the filing of an election under Section 83(b) as provided below, the
Participant shall pay to the Company, or make arrangements satisfactory to the Company regarding payment of, any federal, state or local taxes of any kind required by law to be withheld with respect to any Restricted Stock which shall have become so
vested; and (ii) the Company shall, to the extent permitted by law, have the right to 
  

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deduct from any payment of any kind otherwise due to the Participant any federal, state or local taxes of any kind required by law to be withheld with respect to any Restricted Stock which shall
have become so vested or other withholding taxes that are required by law, including that the Company may, but shall not be required to, sell a number of Shares sufficient to cover applicable withholding taxes. Subject to the Participant’s
compliance with the Company’s policy on Insider Trading (as in effect from time to time), the Participant may elect to pay the Company his or her obligations for the payment of such taxes through a special sale and remittance procedure commonly
referred to as a “cashless exercise” or “sell to cover” transaction pursuant to which the Participant shall concurrently provide irrevocable written instructions: (i) to the Company’s designated stock plan
administrator to effect the immediate sale of a sufficient number of the Shares acquired upon the vesting of the Shares to enable the Company’s designated stock plan administrator to remit, out of the sales proceeds available upon the
settlement date, sufficient funds to the Company to cover all applicable federal, state and local income and employment taxes required to be withheld by the Company by reason of such vesting and/or sale; and (ii) to the Company to deliver any
certificate(s) or other evidence of ownership for such sold Shares directly to the Company’s designated stock plan administrator in order to complete the sale transaction. The Participant also acknowledges that it is his or her sole
responsibility, and not the Company’s, to file timely and properly any election under Section 83(b) of the Internal Revenue Code of 1986, as amended (the “Code”), and any corresponding provisions of state tax laws, if the
Participant wishes to utilize such election. 
 8. Legend. In the event that a certificate evidencing Restricted Stock is
issued, the certificate representing the Shares shall have endorsed thereon the following legend: 
 “THE ANTICIPATION,
ALIENATION, ATTACHMENT, SALE, TRANSFER, ASSIGNMENT, PLEDGE, ENCUMBRANCE OR CHARGE OF THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE) OF THE MARCHEX, INC. (THE “COMPANY”) 2003
AMENDED AND RESTATED STOCK INCENTIVE PLAN, AS AMENDED TO DATE (THE “PLAN”) AND AN AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND THE COMPANY DATED AS OF THE
11th DAY OF MAY, 2010. COPIES OF SUCH PLAN AND AGREEMENT
ARE ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY.” 
 9. Recapitalizations, Reorganizations, Changes in Control and
the Like. Adjustments and certain other matters relating to recapitalizations, reorganizations, sale of the assets of the Company, changes in control and the like shall be made and determined in accordance with Section 16 of the Plan, as in
effect on the date of this Agreement. 
 10. Failure to Deliver Shares. If the Participant becomes obligated to sell any
Shares to the Company under this Agreement and fails to deliver such Shares in accordance with the terms of this Agreement, the Company may, at its option, in addition to all other remedies it may have, send to the defaulting Participant the
Purchase Price for such Shares as is herein specified. Thereupon, the Company, upon written notice to the defaulting Participant, shall cancel on its books the certificate or certificates representing the Shares to be sold, and all of the defaulting
Participant’s rights in and to such Shares shall terminate. 
  

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 11. Specific Enforcement. The Participant expressly agrees that the Company may be
irreparably damaged if this Agreement is not specifically enforced. Upon a breach or threatened breach of the terms, covenants and/or conditions of this Agreement by Participant, the Company shall, in addition to all other remedies, each be entitled
to apply for a temporary or permanent injunction, and/or a decree for specific performance, in accordance with the provisions hereof. 

12. No Special Employment or Other Contract Rights. Nothing contained in this Agreement shall be construed or deemed by any person
under any circumstances to bind the Company to continue the employment relationship of the Participant for the period within which the Shares shall vest. 

13. Attorneys-in-Fact. Each Participant hereby irrevocably appoints each person who may from time to time serve as Chief
Executive Officer, Chief Financial Officer or General Counsel of the Company as his or her attorney-in-fact with specific authority to execute, acknowledge, swear to, file, and deliver all consents, elections, instruments, certificates, and other
documents and to take any other action requisite to carrying out the intention and purpose of this Agreement. 
 14.
Provisions of Plan Control. This Agreement is subject to all the terms, conditions and provisions of the Plan, including, without limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the
Plan as may be adopted by the Compensation Committee and as may be in effect from time to time. The Plan is incorporated herein by reference. A copy of the Plan has been delivered to the Participant. If and to the extent that this Agreement
conflicts or is inconsistent with the terms, conditions and provisions of the Plan, the Plan shall control, and this Agreement shall be deemed to be modified accordingly. Unless otherwise indicated, any capitalized term used but not defined herein
shall have the meaning ascribed to such term in the Plan. This Agreement and the Plan, together with any employment, service or other agreement between the Participant and the Company or an Affiliate applicable to the award, shall constitute the
entire understanding and agreement of the Participant and the Company or an Affiliate with respect to the subject matter contained herein or therein and supersede any prior agreements, understandings, restrictions, representations, or warranties
among the Participant and the Company and its Affiliate with respect to such subject matter other than those as set forth or provided for herein or therein. 

15. Governing Law; Successors and Assigns. This Agreement shall be governed by the internal and substantive laws of the State of
Delaware without giving effect to the conflicts of laws principles thereof and, except as otherwise provided herein, shall be binding upon the heirs, personal representatives, executors, administrators, successors and assigns of the parties. Each
party hereby consents to the personal jurisdiction of the State of Delaware, acknowledges that venue is proper in any state or Federal court in the State of Delaware, agrees that any action related to this Agreement must be brought in a state or
Federal court in the State of Delaware and waives any objection that may exist, now or in the future, with respect to any of the foregoing. 

16. Attorney’s Fees. In the event that any suit or action is instituted to enforce any provision in this Agreement, the
prevailing party in such dispute shall be entitled to recover from the losing party all fees, costs and expenses of enforcing any right of such prevailing party under or with respect to this Agreement, including without limitation, such reasonable
fees and 
  

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expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses of appeals. Except as otherwise permitted by the requirements of Section 409A of
the Code, and the Treasury Regulations issued thereunder (“Section 409A”), any reimbursement to which Participant is entitled pursuant to this Section 17 shall (a) be paid no later than the last day of Participant’s
taxable year following the taxable year in which the expense was incurred, (b) not be affected by the amount of expenses eligible for reimbursement in any other taxable year, and (c) not be subject to liquidation or exchange for another
benefit. 
 17. Notices. Any notices or other communications required to be given hereunder shall be given by hand
delivery or by first class mail with all fees prepaid and addressed, if to the Company, to it at its principal place of business, Attn: General Counsel, and if to Participant, to him, her or it at the address set forth in the signature page hereto.

 18. Severability. If any provision of this Agreement shall be held to be illegal, invalid or unenforceable, such
illegality, invalidity or unenforceability shall attach only to such provision and shall not in any manner affect or render illegal, invalid or unenforceable any other provision of this Agreement, and this Agreement shall be carried out as if any
such illegal, invalid or unenforceable provision were not contained herein. 
 19. Captions. Captions are for convenience
only and are not deemed to be part of this Agreement. 
 20. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

21. Compliance with Section 409A. The Company intends that income provided to Participant pursuant to this Agreement will not
be subject to taxation under Section 409A. The provisions of this Agreement shall be interpreted and construed in favor of satisfying any applicable requirements of Section 409A. However, the Company does not guarantee any particular tax
effect for income provided to Participant pursuant to this Agreement. In any event, except for the responsibility of the Company to withhold applicable income and employment taxes from compensation paid or provided to Participant, the Company shall
not be responsible for the payment of any applicable taxes incurred by Participant on compensation paid or provided to Participant pursuant to this Agreement. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 

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 MARCHEX, INC. 

Restricted Stock Agreement 

Counterpart Signature Page 

IN WITNESS WHEREOF, this Agreement has been executed as an instrument under seal of the date and year first above written. 

 

			
	COMPANY:
	
	MARCHEX, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	PARTICIPANT:
	
	  

	Name:
	  
 Address:

 

 -8-Form of Executive Officer Restricted Stock Units Agreement

 Exhibit 10.33 

FORM OF EXECUTIVE OFFICER 

RESTRICTED STOCK UNITS AGREEMENT 

Marchex, Inc. has granted to the Participant named in the Notice of Grant of Restricted Stock Units (the “Grant
Notice”) to which this Restricted Stock Units Agreement (the “Agreement”) is attached an award (the “Award”) consisting of Restricted Stock Units (the
“Units”) subject to the terms and conditions set forth in the Grant Notice and this Agreement. The Award has been granted pursuant to and shall in all respects be subject to the terms and conditions of the
Marchex, Inc. 2003 Amended and Restated Stock Incentive Plan, as amended to the Grant Date (the “Plan”), the provisions of which are incorporated herein by reference. By signing the Grant Notice, the
Participant: (a) acknowledges receipt of and represents that the Participant has read and is familiar with the Grant Notice, this Agreement, the Plan and a prospectus for the Plan prepared in connection with the registration with the Securities
and Exchange Commission of the Shares issuable pursuant to the Award (the “Plan Prospectus”), (b) accepts the Award subject to all of the terms and conditions of the Grant Notice, this Agreement and the
Plan, and (c) agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Grant Notice, this Agreement or the Plan. 

1. DEFINITIONS AND CONSTRUCTION. 

1.1 Definitions. Unless otherwise defined herein, capitalized terms shall have the meanings assigned in the Grant
Notice or the Plan. 
 1.2 Construction. Captions and titles contained herein are for convenience only and
shall not affect the meaning or interpretation of any provision of this Agreement. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term “or” is not
intended to be exclusive, unless the context clearly requires otherwise. 
 2.
ADMINISTRATION. 
 All questions of interpretation concerning the Grant Notice, this
Agreement and the Plan shall be determined by the Committee. All determinations by the Committee shall be final and binding upon all persons having an interest in the Award as provided by the Plan. Any officer shall have the authority to act on
behalf of the Company with respect to any matter, right, obligation, or election which is the responsibility of or which is allocated to the Company herein, provided the officer has apparent authority with respect to such matter, right, obligation,
or election. 
 3. THE AWARD. 

3.1 Grant of Units. On the Grant Date, the Participant shall acquire, subject to the provisions of this Agreement, the Number of
Restricted Stock Units set forth in the Grant Notice, subject to adjustment as provided in Section 9. Each Unit represents a right to receive on a date determined in accordance with the Grant Notice and this Agreement one (1) Share.

 3.2 No Monetary Payment Required. The Participant is not required to make any
monetary payment (other than applicable tax withholding, if any) as a condition to receiving the Units or /s issued upon settlement of the Units, the consideration for which shall be past services actually rendered and/or future services to be
rendered to the Company or an Affiliate or for its benefit. Notwithstanding the foregoing, if required by applicable state corporate law, the Participant shall furnish consideration in the form of cash or past services rendered having a value not
less than the par value of the Shares issued upon settlement of the Units. 
 4. VESTING OF
UNITS. 
 The Units shall vest and become Vested Units as provided in the Grant Notice.

 5. COMPANY REACQUISITION RIGHT. 

5.1 Grant of Company Reacquisition Right. Except to the extent otherwise provided in an employment agreement between the Company or
an Affiliate and the Participant, in the event that the Participant’s service to the Company and its Affiliates terminates for any reason or no reason, with or without cause, the Participant shall forfeit and the Company shall automatically
reacquire all Units which are not, as of the time of such termination, Vested Units (“Unvested Units”), and the Participant shall not be entitled to any payment therefor (the “Company Reacquisition
Right”). 
 5.2 Adjustments. Upon the occurrence of any adjustment upon a change in the
capital structure of the Company as described in Paragraph 16 of the Plan, any and all new, substituted or additional securities or other property to which the Participant is entitled by reason of the Participant’s Unvested Units shall be
immediately subject to the Company Reacquisition Right and included in the terms “Units” and “Unvested Units” for all purposes of the Company Reacquisition Right with the same force and effect as the Unvested Units immediately
prior to the adjustment. 
 6. SETTLEMENT OF THE
AWARD. 
 6.1 Issuance of Shares of Stock. Subject to the provisions
of Sections 6.3 and 6.4 below, the Company shall issue to the Participant on the Settlement Date with respect to each Vested Unit to be settled on such date one (1) Share. Shares issued in settlement of Units shall not be subject to any
restriction on transfer other than any such restriction as may be required pursuant to Section 6.4, Section 7 or the Company’s Insider Trading Policy. 

6.2 Beneficial Ownership of Shares; Certificate Registration. The Participant hereby authorizes the Company, in its
sole discretion, to deposit for the benefit of the Participant with any broker with which the Participant has an account relationship of which the Company has notice any or all Shares acquired by the Participant pursuant to the settlement of the
Award. Except as provided by the preceding sentence, a certificate for the Shares as to which the Award is settled shall be registered in the name of the Participant, or, if applicable, in the names of the heirs of the Participant. 

 

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 6.3 Postponement of Settlement Date. Notwithstanding the
provisions set forth in Section 6.1, in the event that a Settlement Date would occur on a date on which a sale by the Participant of the Shares to be issued in settlement of the Units on such Settlement Date would violate the Insider Trading
Policy of the Company, such Settlement Date shall be postponed until the first to occur of (a) the next business day on which a sale by the Participant of such Shares would not violate the Insider Trading Policy; and
(b) March 15th of the calendar year following
the calendar year in which the Vesting Date occurred. 
 6.4 Restrictions on Grant of the Award and Issuance of
Shares. The grant of the Award and issuance of Shares upon settlement of the Award shall be subject to compliance with all applicable requirements of federal, state or foreign law with respect to such securities. No Shares may be
issued hereunder if the issuance of such Shares would constitute a violation of any applicable federal, state or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Shares may
then be listed. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful issuance of any Shares subject to the Award shall
relieve the Company of any liability in respect of the failure to issue such Shares as to which such requisite authority shall not have been obtained. As a condition to the settlement of the Award, the Company may require the Participant to satisfy
any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect thereto as may be requested by the Company. 

6.5 Fractional Shares. The Company shall not be required to issue fractional Shares upon the settlement of the
Award. 
 7. TAX WITHHOLDING. 

7.1 In General. At the time the Grant Notice is executed, or at any time thereafter as requested by the Company, the Participant
hereby authorizes withholding from payroll and any other amounts payable to the Participant, and otherwise agrees to make adequate provision for, any sums required to satisfy the federal, state, local and foreign tax (including any social insurance)
withholding obligations of the Company (or its Affiliates), if any, which arise in connection with the Award, the vesting of Units or the issuance of Shares in settlement thereof. The Company shall have no obligation to deliver Shares until such tax
withholding obligations have been satisfied by the Participant. 
 7.2 Assignment of Sale Proceeds; Payment of Tax
Withholding by Check. Subject to compliance with applicable law and the Company’s Insider Trading Policy, the Company may permit the Participant to satisfy the tax withholding obligations in accordance with procedures established by the
Company providing for either (i) delivery by the Participant to the Company or a broker approved by the Company of properly executed instructions, in a form approved by the Company, providing for the assignment to the Company of the proceeds of
a sale with respect to some or all of the Shares being acquired upon settlement of Units, or (ii) payment by check. The Participant shall deliver written notice of any such permitted election to the Company on a form specified by the Company
for this purpose at least thirty (30) days (or such other period established by the Company) prior to such Settlement Date. If the Participant 

 

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elects payment by check, the Participant agrees to deliver a check for the full amount of the required tax withholding to the Company (or its Affiliates, if applicable) on or before the third
business day following the Settlement Date. If the Participant elects to payment by check but fails to make such payment as required by the preceding sentence, the Company is hereby authorized, at its discretion, to satisfy the tax withholding
obligations through any means authorized by this Section 7, including by directing a sale for the account of the Participant of some or all of the Shares being acquired upon settlement of Units from which the required taxes shall be withheld,
by withholding from payroll and any other amounts payable to the Participant or by withholding Shares in accordance with Section 7.3. 

7.3 Withholding in Shares. The Company may require the Participant to satisfy all or any portion of a Participating Company’s
tax withholding obligations by deducting from the Shares otherwise deliverable to the Participant in settlement of the Award a number of whole Shares having a fair market value, as determined by the Company as of the date on which the tax
withholding obligations arise, not in excess of the amount of such tax withholding obligations determined by the applicable minimum statutory withholding rates. 

8. EFFECT OF CORPORATE TRANSACTION ON
AWARD.  
 In the event of a Corporate
Transaction, the surviving, continuing, successor, or purchasing corporation or other business entity or parent thereof, as the case may be (the “Acquiror”), may, without the consent of the Participant, assume or continue the
Company’s rights and obligations with respect to all or any portion of the outstanding Units or substitute for all or any portion of the outstanding Units substantially equivalent rights with respect to the Acquiror’s stock. For purposes
of this Section, a Unit shall be deemed assumed if, following the Corporate Transaction, the Unit confers the right to receive, subject to the terms and conditions of the Plan and this Agreement, the consideration (whether stock, cash, other
securities or property or a combination thereof) to which a holder of a Share on the effective date of the Corporate Transaction was entitled; provided, however, that if such consideration is not solely common stock of the Acquiror, the Committee
may, with the consent of the Acquiror, provide for the consideration to be received upon settlement of the Unit to consist solely of common stock of the Acquiror equal in Fair Market Value to the per share consideration received by holders of Shares
pursuant to the Corporate Transaction. Any Unit or portion thereof which is neither assumed or continued by the Acquiror in connection with the Corporate Transaction shall terminate and cease to be outstanding effective as of the consummation of the
Corporate Transaction. 
 9. ADJUSTMENTS FOR CHANGES IN
CAPITAL STRUCTURE. 
 Subject to any required action by the stockholders of
the Company and, to the extent applicable, the requirements of Section 409A of the Code to the extent applicable, in the event of any change in the Shares effected without receipt of consideration by the Company, whether through merger,
consolidation, reorganization, reincorporation, recapitalization, reclassification, stock dividend, stock split, reverse stock split, split-up, split-off, spin-off, combination of shares, exchange of shares, or similar change in the capital
structure of the Company, or in the event of payment of a dividend or distribution to the stockholders of the Company in a form other than Shares (excepting normal cash dividends) that has a material

  

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effect on the Fair Market Value of shares of Stock, appropriate and proportionate adjustments shall be made in the number of Units subject to the Award and/or the number and kind of Shares to be
issued in settlement of the Award, in order to prevent dilution or enlargement of the Participant’s rights under the Award. For purposes of the foregoing, conversion of any convertible securities of the Company shall not be treated as
“effected without receipt of consideration by the Company.” Any fractional Share resulting from an adjustment pursuant to this Section shall be rounded down to the nearest whole number. Such adjustments shall be determined by the
Committee, and its determination shall be final, binding and conclusive. 
 10. RIGHTS AS
A STOCKHOLDER OR EMPLOYEE. 
 The Participant
shall have no rights as a stockholder with respect to any Shares which may be issued in settlement of this Award until the date of the issuance of a certificate for such Shares (as evidenced by the appropriate entry on the books of the Company or of
a duly authorized transfer agent of the Company). No adjustment shall be made for dividends, distributions or other rights for which the record date is prior to the date such certificate is issued, except as provided in Section 9. If the
Participant is an Employee, the Participant understands and acknowledges that, except as otherwise provided in a separate, written employment agreement between the Company or an Affiliate and the Participant, the Participant’s employment is
“at will” and is for no specified term. Nothing in this Agreement shall confer upon the Participant any right to continue in the service of the Company or an Affiliate or interfere in any way with any right of the Company or an Affiliate
to terminate the Participant’s service at any time. 
 11. LEGENDS. 

The Company may at any time place legends referencing any applicable federal, state or foreign securities law restrictions on all
certificates representing Shares issued pursuant to this Agreement. The Participant shall, at the request of the Company, promptly present to the Company any and all certificates representing shares acquired pursuant to this Award in the possession
of the Participant in order to carry out the provisions of this Section. 
 12. MISCELLANEOUS
PROVISIONS. 
 12.1 Termination or Amendment. The Committee may terminate or amend
the Plan or this Agreement at any time; provided, however that except as provided in Section 8 in connection with a Corporate Transaction, no such termination or amendment may adversely affect the Participant’s rights under this Agreement
without the consent of the Participant unless such termination or amendment is necessary to comply with applicable law or government regulation, including, but not limited to, Section 409A of the Code. No amendment or addition to this Agreement
shall be effective unless in writing. 
 12.2 Nontransferability of the Award. Prior to the issuance of Shares on the
applicable Settlement Date, neither this Award nor any Units subject to this Award shall be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant
or the Participant’s beneficiary, except transfer by will or by the laws of descent and distribution. All rights with respect to the Award shall be exercisable during the Participant’s lifetime only by the Participant or the
Participant’s guardian or legal representative. 
  

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 12.3 Further Instruments. The parties agree to execute such further instruments and
to take such further action as may reasonably be necessary to carry out the intent of this Agreement. 
 12.4 Binding
Effect. This Agreement shall inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer set forth herein, be binding upon the Participant and the Participant’s heirs, executors,
administrators, successors and assigns. 
 12.5 Delivery of Documents and Notices. Any document relating to participation
in the Plan or any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given (except to the extent that this Agreement provides for effectiveness only upon actual receipt of such notice) upon personal
delivery, electronic delivery at the e-mail address, if any, provided for the Participant by the Company or an Affiliate, or upon deposit in the U.S. Post Office or foreign postal service, by registered or certified mail, or with a nationally
recognized overnight courier service, with postage and fees prepaid, addressed to the other party at the address shown below that party’s signature to the Grant Notice or at such other address as such party may designate in writing from time to
time to the other party. 
 (a) Description of Electronic Delivery. The Plan documents, which may include
but do not necessarily include: the Plan, the Grant Notice, this Agreement, the Plan Prospectus, and any reports of the Company provided generally to the Company’s stockholders, may be delivered to the Participant electronically. In addition,
the Participant may deliver electronically the Grant Notice to the Company or to such third party involved in administering the Plan as the Company may designate from time to time. Such means of electronic delivery may include but do not necessarily
include the delivery of a link to a Company intranet or the Internet site of a third party involved in administering the Plan, the delivery of the document via e-mail or such other means of electronic delivery specified by the Company. 

(b) Consent to Electronic Delivery. The Participant acknowledges that the Participant has read Section 12.5(a) of this
Agreement and consents to the electronic delivery of the Plan documents and Grant Notice, as described in Section 12.5(a). The Participant acknowledges that he or she may receive from the Company a paper copy of any documents delivered
electronically at no cost to the Participant by contacting the Company by telephone or in writing. The Participant further acknowledges that the Participant will be provided with a paper copy of any documents if the attempted electronic delivery of
such documents fails. Similarly, the Participant understands that the Participant must provide the Company or any designated third party administrator with a paper copy of any documents if the attempted electronic delivery of such documents fails.
The Participant may revoke his or her consent to the electronic delivery of documents described in Section 12.5(a) or may change the electronic mail address to which such documents are to be delivered (if Participant has provided an electronic
mail address) at any time by notifying the Company of such revoked consent or revised e-mail address by telephone, postal service or electronic mail. Finally, the Participant understands that he or she is not required to consent to electronic
delivery of documents described in Section 12.5(a). 
  

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 12.6 Integrated Agreement. The Grant Notice, this Agreement and the Plan, together
with any employment, service or other agreement between the Participant and the Company or an Affiliate applicable to the Award, shall constitute the entire understanding and agreement of the Participant and the Company or an Affiliate with respect
to the subject matter contained herein or therein and supersede any prior agreements, understandings, restrictions, representations, or warranties among the Participant and the Company and its Affiliate with respect to such subject matter other than
those as set forth or provided for herein or therein. To the extent contemplated herein or therein, the provisions of the Grant Notice, this Agreement and the Plan shall survive any settlement of the Award and shall remain in full force and effect.

 12.7 Attorneys-in-Fact. Each Participant hereby irrevocably appoints each person who may from time to time serve as
Chief Executive Officer, Chief Financial Officer or General Counsel of the Company as his or her attorney-in-fact with specific authority to execute, acknowledge, swear to, file, and deliver all consents, elections, instruments, certificates, and
other documents and to take any other action requisite to carrying out the intention and purpose of this Agreement. 
 12.8
Severability. If any provision of this Agreement shall be held to be illegal, invalid or unenforceable, such illegality, invalidity or unenforceability shall attach only to such provision and shall not in any manner affect or render illegal,
invalid or unenforceable any other provision of this Agreement, and this Agreement shall be carried out as if any such illegal, invalid or unenforceable provision were not contained herein. 

12.9 Captions. Captions are for convenience only and are not deemed to be part of this Agreement. 

12.10 Attorney’s Fees. In the event that any suit or action is instituted to enforce any provision in this Agreement, the
prevailing party in such dispute shall be entitled to recover from the losing party all fees, costs and expenses of enforcing any right of such prevailing party under or with respect to this Agreement, including without limitation, such reasonable
fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses of appeals. Except as otherwise permitted by the requirements of Section 409A of the Code, and the Treasury Regulations issued
thereunder (“Section 409A”), any reimbursement to which Participant is entitled hereby shall (a) be paid no later than the last day of Participant’s taxable year following the taxable year in which the expense was
incurred, (b) not be affected by the amount of expenses eligible for reimbursement in any other taxable year, and (c) not be subject to liquidation or exchange for another benefit. 

12.11 Compliance with Section 409A. The Company intends that income provided to Participant pursuant to this Agreement will
not be subject to taxation under Section 409A. The provisions of this Agreement shall be interpreted and construed in favor of satisfying any applicable requirements of Section 409A. However, the Company does not guarantee any particular
tax effect for income provided to Participant pursuant to this Agreement. In any event, except for the responsibility of the Company to withhold applicable income and employment 

 

 7 

 
taxes from compensation paid or provided to Participant, the Company shall not be responsible for the payment of any applicable taxes incurred by Participant on compensation paid or provided to
Participant pursuant to this Agreement. 
 12.12 Applicable Law. This Agreement shall be construed and enforced in
accordance with the internal substantive laws of the Sate of Delaware. 
 12.13 Counterparts. The Grant Notice may be
executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

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