Document:

Employment Agreement, dated September 20, 2006,

 Exhibit 10.37 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this
“Agreement”) is made and entered into between The telx Group, Inc., a Delaware corporation (the “Company”), and Michael Terlizzi (“Employee”), and shall be
effective as of the Effective Time (as defined in that certain Agreement and Plan of Merger, dated as of September 20, 2006, by and among GI Partners Fund II, L.P., GI Partners Side Fund II, L.P., Tantamount Acquisition Sub LLC, the Company and
J. Todd Raymond, as Representative of the Company Holders (the date on which this Agreement becomes effective being hereinafter referred to as the “Effective Date”)). 
 1.0 RECITALS. 
 1.1 The Company desires to employ Employee, and Employee desires to be so employed by the Company, on the terms and subject to the conditions set forth in this Agreement; and 
 1.2 As an officer of the Company, Employee shall have access to valuable confidential and proprietary information used
in the business of the Company, including financial data, customer data, operational data, trade secrets and other intellectual property that if disclosed to or used by competitors or potential competitors would cause irreparable harm to the
Company, and as a result, Employee and the Company desire to provide the Company with adequate protection from the unauthorized disclosure or use of the Company’s confidential and proprietary information. 
 NOW, THEREFORE, in consideration of the foregoing facts, the mutual covenants and agreements contained herein and other good and valuable
consideration, the Company and Employee agree as follows: 
 2.0 DEFINITIONS. 
 2.1 Affiliate: “Affiliate” means, with respect to any party, any corporation, limited
liability company, partnership, joint venture, firm and/or other entity which Controls, is Controlled by or is under common Control with such party. 
 2.2 Board of Directors: “Board of Directors” shall mean the board of directors of the Company. 
 2.3 Business: “Business” means the operation of “MEET-ME-ROOMs” and network
interconnection facilities. 
 2.4 Code: “Code” means the Internal Revenue Code of
1986, as amended. 
 2.5 Common Stock: “Common Stock” means common stock, par
value $0.00001 per share, of the Company. 

 2.6 Confidential and Proprietary Information:
“Confidential and Proprietary Information” means all proprietary trade secrets and/or proprietary information and any information, concept or idea in whatever form, tangible or intangible, pertaining in any manner to the business of
the Company or any Affiliate of the Company, or to the Company’s (or any of the Company’s Affiliates’) customers, clients, consultants, Referral Sources (as defined below) or business associates, unless the information
(a) is or becomes publicly known through lawful means (other than disclosure by Employee, unless such disclosure by Employee is made in good faith in the course of performing Employee’s duties under this Agreement, or with the express
written consent of the Board of Directors) or (b) was known to Employee, or lawfully received by Employee from a third party, without obligation of confidentiality. As used herein, “Referral Source” means any person or entity
that, directly or indirectly, refers customers or business to the Company. 
 2.7 Control:
“Control” means (i) in the case of corporate entities, direct or indirect ownership of at least fifty percent (50%) of the stock or participating assets entitled to vote for the election of directors; and (ii) in the
case of non-corporate entities (such as individuals, limited liability companies, partnerships or limited partnerships), either (A) direct or indirect ownership of at least fifty percent (50%) of the equity interest, or (B) the power
to direct the management and policies of the noncorporate entity. 
 2.8 Covered Entity:
“Covered Entity” means every Affiliate of Employee, and every business, association, trust, corporation, partnership, limited liability company, proprietorship or other entity in which Employee has invested in (whether through debt
or equity securities), or has contributed any capital or made any advances to, or in which any Affiliate of Employee has an ownership interest or profit sharing percentage, or a firm from which Employee or any Affiliate of Employee receives or is
entitled to receive income, compensation or consulting fees or in which Employee or any Affiliate of Employee has an interest as a lender (other than solely as a trade creditor for the sale of goods or provision of services that do not otherwise
violate the provisions of this Agreement). The agreements of Employee contained herein specifically apply to each entity which is presently a Covered Entity or which becomes a Covered Entity subsequent to the date of this Agreement. Notwithstanding
anything contained in the foregoing provisions to the contrary, the term “Covered Entity” shall not include the Company, any subsidiary of the Company, or any Affiliate of the Company or any such subsidiary. 
 2.9 Disability: “Disability” shall mean a good faith determination by the Board of Directors
that Employee is unable to substantially perform the duties and responsibilities contemplated by this Agreement as a result of physical or mental incapacity, whether total or partial, which inability continues for a period exceeding 90 consecutive
days or shorter periods exceeding 90 days in the aggregate during any period of 180 consecutive days. 
 2.10 Discharge For Cause: “Discharge For Cause” shall mean termination of Employee’s employment by the Company for any one or more of the following: (i) gross negligence or willful misfeasance
demonstrated by Employee in the performance of his duties; (ii) refusal to perform, or the willful and continued failure by Employee to substantially perform, any duty or obligation commensurate with Employee’s position assigned to
Employee (other

  

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than any such failure to perform resulting from Employee’s incapacity due to physical or mental illness), that, in the case of a failure to perform, continues uncured for thirty
(30) days following receipt of written notice from the Company that specifically identifies the manner in which the Company believes Employee has not substantially performed any of his duties or obligations hereunder; (iii) Employee
engaging in any act of fraud or embezzlement; (iv) Employee engaging in any act of dishonesty or moral turpitude which causes material injury to the Company or any of its Affiliates; (v) Employee willfully breaching in any material respect
any material provision of this Agreement or any material employee policy or procedure of the Company, which breach is not cured within thirty (30) days after receipt of written notice from the Company that specifically identifies the manner in
which the Company believes Employee has breached any such provision, policy, or procedure (it being understood that (y) each provision of Section 5 is a material provision of this Agreement, and (z) such cure period shall not apply to
any breach of any provision of Section 5); (vi) Employee committing, or entering into a plea of guilty or nolo contendere (or its equivalent) to, a felony; or (vii) Employee’s violation of any federal, state or local law
applicable to the Company, an Affiliate or their respective businesses which causes material injury to the Company or any of its Affiliates. For purposes of this paragraph, no act, or failure to act, on Employee’s part shall be considered
“willful” unless done, or omitted to be done, by him not in good faith and without reasonable belief that his action or omission was in the best interest of the Company. 
 2.11 Discharge Without Cause: “Discharge Without Cause” shall mean the Company’s
termination of Employee’s employment hereunder for any reason other than a (i) Discharge For Cause, (ii) termination for Disability or (iii) due to Employee’s death. 
 2.12 Subsidiary: “Subsidiary” shall mean any corporation, trust, general or limited
partnership, limited liability company, limited liability partnership, firm, company or other business enterprise which is Controlled by the Company through direct ownership of the stock or other proprietary interests of such business enterprise or
indirectly through the ownership of stock or other proprietary interests in one (1) or more other business enterprises which are connected with the Company by means of one (1) or more chains of business enterprises that are connected by ownership of
stock or other proprietary interests. 
 2.13 Termination For Good Reason: “Termination For
Good Reason” shall mean termination by Employee of his employment hereunder as a result of (i) any reduction in Employee’s salary below the Base Salary Amount or failure to timely pay any due and payable portion thereof,
(ii) any reduction in the maximum target amount of either the Annual Bonus or the Stretch Bonus or failure to timely pay any due and payable portion thereof, (iii) any material breach by the Company of Section 6.3, Section 6.4,
Section 6.6 or Section 6.7, (iv) any material breach by the Company of any indemnification provisions benefiting Employee set forth in the Company’s bylaws or certificate of incorporation in effect on the date of this Agreement
(it being understood that such indemnification provisions shall be applicable to Employee regardless of any subsequent amendment or other modification of such provisions, except to the extent that any subsequent amendment or modification of such
provisions is required under applicable law) or any indemnification agreement entered into between the Company and Employee from time to time for the benefit of Employee, or (v) any permanent relocation of Employee’s principal place of
work specified in Section 3.4. 
  

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 2.14 Termination Without Good Reason: “Termination
Without Good Reason” shall mean termination by Employee of his employment hereunder for any reason other than a Termination For Good Reason. 
 2.15 Territory: “Territory” means each and every state, county, city or other political
subdivision or geographic location in the United States. 
 3.0 CAPACITIES AND DUTIES. 
 3.1 Positions: Employee is hereby employed in the capacity of Executive Vice President, Operations of the
Company. Employee will at all times abide by the Company’s written personnel policies applicable to similarly situated employees of the Company as in effect from time to time and previously provided to Employee, and will faithfully and to the
best of Employee’s ability, experience and talents perform all of the duties that maybe required of and from Employee pursuant to the terms hereof, provided that such duties are consistent with Employee’s positions and level of authority
with the Company. 
 3.2 Exclusive Services: While employed hereunder, Employee agrees to devote
Employee’s reasonable best efforts and full business time to rendering services to the Company. Employee is specifically restricted from being employed by any other company, other than a Subsidiary or an Affiliate of the Company, while under
the Company’s employ pursuant to this Agreement. Notwithstanding the foregoing, Employee shall be permitted to devote not more than five hours a month to family businesses, provided that such activities do not substantially interfere with his
duties hereunder. 
 3.3 Inventions Assignment: Employee will be required, as a condition of his
continued employment with the Company, to sign the inventions assignment agreement attached hereto as Annex A. 
 3.4 Place of Employment: Employee’s principal place of work shall be located in the Borough of Manhattan, New York, New York. 
 4.0 EMPLOYMENT AND TERMINATION. 
 4.1
Employment at Will: Subject to the notice and other applicable provisions set forth in this Agreement, both the Company and Employee shall have the right to terminate Employee’s employment with the Company at any time, whether or not as
a result of a Discharge for Cause or Termination For Good Reason, and without prior notice. If Employee’s employment with the Company is terminated, Employee will be eligible to receive severance benefits only to the extent provided in this
Agreement. 
 4.2 Discharge For Cause or Termination Without Good Reason: Upon a Discharge for
Cause or Termination Without Good Reason, the Company shall have no obligation to Employee except for payment of any Base Salary, bonus, benefits, and expense reimbursement accrued and unpaid to the effective date of termination and except as
otherwise required by law (the “Accrued Obligations”), but any Discharge for Cause shall be without prejudice to the right of Employee to dispute the propriety of such termination. Termination of

  

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Employee’s employment resulting from a Discharge for Cause shall be communicated by delivery to Employee of a written notice from the Company to Employee specifically identifying the grounds
under which the Company has concluded that Employee is subject to a Discharge for Cause. The date of Discharge for Cause shall be the date specified in the written notice of Discharge For Cause from the Company to Employee. The date of a Termination
Without Good Reason by Employee shall be the date specified in a written notice of resignation from Employee to the Company, provided that Employee shall provide at least 30 days’ advance written notice of his resignation. 
 4.3 Discharge Without Cause or Termination For Good Reason: Upon a Discharge Without Cause or Termination For
Good Reason, (a) Employee shall receive payment of his Accrued Obligations and (b) subject to Employee’s delivery and nonrevocation of an executed, effective general release in the form that is attached hereto as Annex B and
continued compliance with the restrictive covenants set forth in Section 5 hereof, Employee shall be entitled to the following benefits (the “Severance Package”): (i) Employee shall receive an amount equal to
(A) twice Employee’s Base Salary (if the Discharge Without Cause or Termination For Good Reason occurs during the twelve (12)-month period commencing on the Effective Date) or (B) Employee’s Base Salary (if the Discharge Without
Cause or Termination For Good Reason occurs after the twelve (12)-month period commencing on the Effective Date), which in either case shall payable in twelve (12) equal installments during the twelve (12)-month period commencing on the date of
Discharge Without Cause or Termination For Good Reason (the “Severance Period”) and (ii) to the extent Employee elects to continue his medical and dental benefits pursuant to the Consolidated Omnibus Budget Reconciliation Act
of 1985, as amended (“COBRA Coverage”) under the Company’s group health plan, the Company shall pay for the cost to continue COBRA Coverage for Employee and his eligible dependents who participated in Employee’s medical
and dental plans on the date immediately preceding the date of the Covered Termination, during the Severance Period, or until Employee becomes eligible to participate in another employer health plan, whichever occurs first. Other than the foregoing,
Employee shall not be entitled to any payment hereunder for subsequent periods upon Employee’s termination of employment upon a Discharge Without Cause or Termination For Good Reason. The monthly payments payable under this Section shall be
payable to Employee in accordance with the Company’s general payroll practices as the same may exist from time to time following a Discharge Without Cause or Termination For Good Reason. Termination of Employee’s employment resulting from
a Termination For Good Reason shall be communicated by delivery to the Company of a written notice from Employee which shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for such termination. The date of
Termination For Good Reason shall be the date specified in the written notice of Termination For Good Reason. The date of Employee’s Discharge Without Cause shall be the date specified in a written notice of termination to Employee. 

4.4 Termination Due to Disability: In the event of Employee’s Disability, the Company shall be entitled
to terminate his employment upon written notice by the Company to Employee. In the case that the Company terminates Employee’s employment due to Disability, the Company shall have no further obligations to Employee, except for payment of the
Accrued Obligations through the date of termination. 
  

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 4.5 Termination Upon Death: This Agreement shall immediately
terminate without action or notice by either party upon the death of Employee and without further obligation by the Company, except for payment of the Accrued Obligations through the effective date of termination. 
 5.0 COVENANTS OF EMPLOYEE 
 5.1 Confidential and Proprietary Information: While employed with the Company or any of its Affiliates and for a period of twenty-four (24) months thereafter, Employee agrees that he
will not, either directly or indirectly, and Employee will not permit any Covered Entity which is Controlled by Employee to, either directly or indirectly, divulge to any person or entity or use any of the Confidential and Proprietary Information,
except (i) as required in connection with the performance of such Employee’s duties to the Company, (ii) as required to be included in any report, statement or testimony requested by any municipal, state or national regulatory body
having jurisdiction over Employee or any Covered Entity which is Controlled by Employee, (iii) as required in response to any summons or subpoena or in connection with any litigation, (iv) to the extent necessary in order to comply with
any law, order, regulation, ruling or governmental request applicable to Employee or any Covered Entity which is Controlled by Employee, (v) as required in connection with audits or regulatory inquiries, (vi) as is necessary to enforce
this Agreement, (vii) to attorneys and other professional advisors for the purpose of seeking their advice, or (viii) with the express written consent of the Board of Directors. In the event that Employee or any such Covered Entity which
is Controlled by Employee is required to disclose Confidential and Proprietary Information pursuant to the foregoing exceptions, Employee shall promptly notify the Company of such pending disclosure and assist the Company (at the Company’s
expense) in seeking a protective order or in objecting to such request, summons or subpoena with regard to the Confidential and Proprietary Information. If the Company does not obtain such relief after a period that is reasonable under the
circumstances, Employee (or such Covered Entity) may disclose that portion of the Confidential and Proprietary Information that such party is advised by counsel that it is legally compelled to disclose. In such cases, Employee shall promptly provide
the Company with a copy of the Confidential and Proprietary Information so disclosed. Employee shall return all tangible evidence of Confidential and Proprietary Information to the Company prior to or at the termination of his employment, other than
copies of records relating to Employee’s compensation, benefits, and similar matters. 
 5.2
Non-Compete and Non-Solicitation: 
 (a) Except as otherwise explicitly permitted by the last sentence of
this Section 5.2(a), while employed with the Company or any of its Affiliates and for a period of twelve (12) months thereafter, Employee shall not, either directly or indirectly, individually or by or through any Covered Entity,
participate in, assist, aid or advise in any way, any business or enterprise that competes with the Business in the Territory (including, without limitation, providing services to any customer or other person or entity in the Territory). Except as
otherwise explicitly permitted by the last sentence of this Section 5.2(a), while employed with the Company or any of its Affiliates and for a period of twelve (12) months thereafter, Employee shall not, either directly or indirectly,
individually or by or through any Covered Entity, invest in

  

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(whether through debt or equity securities), contribute any capital or make any advances to, take an ownership interest or profit-sharing percentage in, seek to purchase or acquire, or receive
income, compensation or consulting fees from, any entity or person involved in the Business in the Territory. Notwithstanding the foregoing, nothing contained in this Section 5.2(a) shall prohibit Employee or any Affiliate of Employee from
owning less than five percent (5%) of any class of voting securities publicly held and quoted on a recognized securities exchange or inter-deal quotation system, of any issuer, and no such issuer shall be considered a Covered Entity solely by
virtue of such ownership or the incidents thereof. 
 (b) While employed with the Company or any of its
Affiliates and for a period of twenty-four (24) months thereafter, Employee shall not, either directly or indirectly and shall not permit any Covered Entity which is Controlled by Employee to, either directly or indirectly, (i) solicit, or
take any other action that is intended to solicit, the business of any customers or Referral Sources with which the Company or any of its Affiliates conducts business or receives referrals or has conducted business or received referrals within the
12 months preceding such solicitation or other action; or (ii) hire, solicit, take away, or attempt to hire, solicit or take away (either on such Employee’s behalf or on behalf of any other person or entity) any person (A) who is then
an employee of the Company or any Affiliate of the Company or (B) who has terminated his or her employment with the Company or any Affiliate of the Company within the 12 months preceding such hiring, solicitation or other action. 
 (c) Employee hereby acknowledges and agrees that the payment of any amount under the Severance Package is conditioned upon
Employee’s compliance with the covenants in this Section 5, and that the Company will have the right to withhold payment if Employee is in breach of any of the covenants in this Section 5. 
 5.3 Enforcement; Remedies: Employee agrees and acknowledges that the Company has a valid and legitimate
business interest in protecting the Business in the Territory from any activity prohibited by Section 5 hereof. Employee acknowledges that Employee’s expertise in the Business is of a special and unique character which gives this expertise
a particular value, and that a breach of Section 5 hereof by Employee will cause serious and irreparable harm to the Company. Employee therefore acknowledges that a breach of Section 5 hereof by Employee cannot be adequately compensated in
an action for damages at law, and equitable relief would be necessary to protect the Company from a violation of this Agreement and from the harm which this Agreement is intended to prevent. By reason thereof, Employee acknowledges that the Company
is entitled, in addition to any other remedies it may have under this Agreement or otherwise, to preliminary and permanent injunctive and other equitable relief to prevent or curtail any breach of this Agreement without any requirement to prove
actual damages or post a bond. Employee acknowledges, however, that no specification in this Agreement of a particular legal or equitable remedy may be construed as a waiver of or prohibition against pursuing other legal or equitable remedies in the
event of a breach of this Agreement by Employee. 
 5.4 Severability and Modification of Any
Unenforceable Covenant. It is the parties’ intent that each of the covenants under this Section 5 be read and interpreted with every reasonable inference given to its enforceability. However, it is also the parties’ intent that if
any

  

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term, provision or condition of the covenants is held to be invalid, void or unenforceable, the remainder of the provisions thereof shall remain in full force and effect and shall in no way be
affected, impaired or invalidated. It is also the parties’ intent that if it is determined any of the covenants are unenforceable because of overbreadth, then the covenants shall be modified so as to make it reasonable and enforceable under the
prevailing circumstances. 
 5.5 Tolling. In the event of the breach by Employee of any covenant
set forth in Section 5.2 hereof, the running of the period of restriction shall be automatically tolled and suspended for the amount of time that the breach continues, and shall automatically recommence when the breach is remedied so that the
Company shall receive the benefit of Employee’s compliance with the covenants. 
 6.0 COMPENSATION AND
BENEFITS. For Employee’s services, the Company agrees to pay Employee compensation as follows: 
 6.1 Salary: Base salary equal to an annual salary of not less than $160,000 (“Base Salary”) shall be paid to Employee according to the Company’s general payroll practices as same may exist from time to
time. 
 6.2 Annual Bonus: Employee shall be eligible to earn up to an additional $50,000 annually
if the Company achieves certain minimum performance objectives to be mutually agreed on by the Company and Employee. Additionally, Employee shall be eligible to participate in an additional bonus pool (the “Stretch Bonus”), of which
Employee will be eligible to earn up to an additional $50,000 annually. Not more than 60 days after the Effective Date, the parties shall determine the minimum performance objectives for the annual incentive bonus, the formula for calculating the
Stretch Bonus, the periods for which such bonuses are payable, and the payment dates for such bonuses. For purposes of the calculation of Accrued Obligations, a bonus shall be considered accrued and unpaid as of any date only if the period for which
such bonus is payable ends on or prior to such date but such bonus has not yet been paid as of such date. Employee acknowledges that Employee shall not be eligible for any bonus for the fiscal year ended December 31, 2006 because Employee is
receiving such bonus at the Effective Time. 
 6.3 Stock Bonus: Not more than 60 days after the
Effective Date, the Company shall grant Employee shares of Series B Contingent Preferred Stock (the “Series B Shares”) equal to 0.5% of the outstanding equity securities of the Company as of such date (assuming for such purposes
that shares of Series B Shares equal in the aggregate to 15% of the outstanding equity securities of the Company shall be outstanding on such date), such shares to be issued pursuant to the terms and conditions set forth in the agreement evidencing
the grant, a copy of which is attached hereto as Annex C, and subject to the provisions of the Stockholders Agreement, a copy of which is attached hereto as Annex D. 
 6.4 Loans. The Company agrees to make a loan or loans to Employee in an amount that would be necessary for
Employee to pay the tax liability attributable to filing a Section 83(b) election under the Code with respect to the Series B Shares. Employee agrees to make such election in a timely manner. Such loan shall bear interest at the applicable
federal rate (as defined in the Code) in effect at the time such loan is made. Employee shall repay the full amount of any such loan in four equal annual payments of principal and interest, commencing on the first anniversary of the date on which
the loan is furnished. 
  

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 6.5 Reimbursement of Expenses: The Company shall reimburse
Employee for any reasonable business expenses incurred by Employee in the ordinary course of the Company’s business in accordance with the Company’s reimbursement policies then in effect. These expenses shall be substantiated by invoices
and receipts, to be submitted by Employee within thirty (30) days after incurrence. 
 6.6
Benefits: While employed with the Company or any of its Affiliates, Employee shall be entitled to receive all benefits of employment generally available to the Company’s other senior management to the extent Employee is eligible to
receive them, including, medical, dental and disability insurance and participation in the Company’s 401 (k) plan, except to the extent that such participation in any benefits plan would, in the reasonable opinion of the Board of
Directors, materially alter the intended tax treatment of such plan. 
 6.7 Vacation: Employee
shall be entitled to four weeks of vacation per each calendar year of service, which shall be accrued and used in accordance with the policies of the Company as in effect from time to time. 
 6.8 Tax Matters: Employee authorizes the Company to make any and all applicable withholdings of federal and
state taxes and other items the Company may be required to deduct, as such items may exist under this Agreement or otherwise from time to time. 
 7.0 SUCCESSORS AND ASSIGNS. This Agreement is intended to bind and inure to the benefit of and be enforceable by Employee and his heirs, executors, administrators, and permitted assigns and
the Company and its successors and permitted assigns. Except for any assignment of rights to receive consideration hereunder by or to Employee’s estate made upon the death of Employee, Employee shall not have any right to assign or otherwise
transfer this Agreement or any of Employee’s rights, duties or any other interest herein to any party without the prior written consent of the Company, and any such purported assignment shall be null and void. Except for the right to assign any
or all of its rights and obligations under this Agreement to any of its Affiliates or to its lenders as collateral security, the Company shall not have any right to assign or otherwise transfer this Agreement or any of the Company’s rights,
duties or any other interest herein to any party without the prior written consent of Employee, and any such purported assignment shall be null and void. To the extent that the Company assigns its rights and obligations hereunder, the Company shall
not be relieved of its obligations hereunder in respect of any such assignment. 
 8.0 SURVIVAL OF RIGHTS AND
OBLIGATIONS. The rights and obligations of the parties as stated herein shall survive the termination of this Agreement to the extent set forth herein. 
  

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 9.0 ENTIRE AGREEMENT. 
 9.1 Sole Agreement: This Agreement (including any attachments and exhibits hereto) contains the parties’
sole and entire agreement regarding the subject matter hereof, and supersedes any and all other agreements, understandings, statements and representations of the parties, including, but not limited to, any employment agreement or other agreement
regarding Employee’s compensation or terms of employment entered into prior to the Effective Date. 
 9.2 No Other Representations: The parties acknowledge and agree that, except for those representations specifically referenced herein, no party has made any representations (a) concerning the subject matter hereof or
(b) inducing the other party to execute and deliver this Agreement. The parties have relied on their own judgment in entering into this Agreement. 
 10.0 MODIFICATIONS OR WAIVERS. Waivers or modifications of this Agreement, or of any covenant, condition, or limitation contained herein, are valid only if in writing duly executed by the
parties hereto. 
 11.0 GOVERNING LAW. This Agreement shall be governed pursuant to the laws of the State of New
York, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws. 
 12.0
SEVERABILITY. In the event that any provision or term of this Agreement, or any word, phrase, clause, sentence or other portion thereof (including, without limitation, the geographic and temporal restrictions and provisions contained in this
Agreement) is held to be unenforceable or invalid for any reason, such provision or portion thereof will be modified or deleted in such a manner as to make this Agreement, as modified, legal and enforceable to the fullest extent permitted under
applicable laws. 
 13.0 INTERPRETATION; SECTION HEADINGS. The section and subsection heading of this Agreement
are included for purposes of convenience only, and shall not affect the construction or interpretation of any of its provisions. 
 14.0 NOTICES. All notices and other communications under or in connection with this Agreement shall be in writing and shall be deemed given (i) if delivered personally, upon delivery, (ii) if delivered by registered
or certified mail (return receipt requested), upon the earlier of actual delivery or three (3) days after being mailed, (iii) if given by overnight courier with receipt acknowledgment requested, the next business day following the date
sent, or (iv) if given by facsimile or telecopy, upon confirmation of transmission by facsimile or telecopy, in each case to the parties at the following addresses: 
  

			
	To the Company:	  	The telx Group, Inc.
		  	17 State Street
		  	33rd Floor
		  	New York, NY 10004

  

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	with copies to:	  	GI Partners Fund II, L.P.
		  	2730 Sand Hill Road
		  	Suite 280
		  	MenloPark, CA 94025
		  	Facsimile: (650) 233-3601
		  	Attention: Eric Harrison
		
		  	Latham & Watkins LLP
		  	140 Scott Drive
		  	Menlo Park, California 64025
		  	Facsimile: (650) 463-2600
		  	Attention: Robert A. Koenig, Esq.
		
	To Employee:	  	Michael Terlizzi
		  	[Address]
		
	with a copy to:	  	Duane Morris LLP
		  	380 Lexington Avenue
		  	New York, New York 10168
		  	Facsimile: (212) 692-1020
		  	Attention: Robert J. Hasday, Esq.

 15.0
JOINT PREPARATION. All parties to this Agreement have negotiated it at length, and have had the opportunity to consult with and be represented by their own competent counsel. This Agreement is therefore deemed to have been jointly
prepared by the parties, and any uncertainty or ambiguity existing in it shall not be interpreted against any party, but rather shall be interpreted according to the rules generally governing the interpretation of contracts. 
 16.0 THIRD-PARTY BENEFICIARIES. Except as provided in Section 7.0, no term or provision of this Agreement is intended to
be, or shall be, for the benefit of any person, firm, organization, corporation or entity not a party hereto, and no such other person, firm, organization, corporation or entity shall have any right or cause of action hereunder. 
 17.0 ARBITRATION. 
 17.1 Any controversy, claim, cause of action, in law or equity, or dispute involving the parties (or their affiliated persons or entities) directly or indirectly concerning this Agreement, or the
subject matter thereof, including its enforcement, performance, breach, or interpretation, shall be resolved solely and exclusively by final and binding arbitration held in New York, New York by one (1) arbitrator in accordance with the rules
of employment arbitration then followed by the American Arbitration Association or any successor to the functions thereof. The arbitrator shall apply New York law in the resolution of all controversies, claims and disputes and shall have the right
and authority to determine how his or her decision or determination as to each issue or matter in dispute may be implemented or enforced. Any

  

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decision or award of the arbitrator shall be final and conclusive on the parties to this Agreement and their respective Affiliates, and there shall be no appeal therefrom other than from gross
negligence or willful misconduct. Notwithstanding the foregoing, claims regarding worker’s compensation and unemployment compensation benefits shall not be subject to arbitration under this Agreement. Each party in any such arbitration shall be
responsible for its own attorneys’ fees, costs and necessary disbursement; provided, however, that if one party refuses to arbitrate and the other party seeks to compel arbitration by court order, if such other party prevails, it shall be
entitled to recover reasonable attorneys’ fees, costs and necessary disbursements. 
 17.2 The
parties hereto agree that any action to compel arbitration pursuant to this Agreement may be brought in any appropriate state court in New York County, New York, and in connection with such action to compel, the laws of New York shall control.
Application may also be made to such court for confirmation of any decision or award of the arbitrator, for an order of the enforcement and for any other remedies which may be necessary to effectuate such decision or award. The parties hereto hereby
consent to the jurisdiction of the arbitrator and of such court and waive any objection to the jurisdiction of such arbitrator and court. 
 17.3 Notwithstanding the foregoing, (a) the Company and Employee shall be entitled to seek injunctive relief, in any court of competent jurisdiction, to enforce this Agreement, and
(b) this Section 17.0 shall not limit the right of the Company to seek judicial relief pursuant to Section 5.3 of this Agreement without prior arbitration. 
 18.0 COOPERATION AND FURTHER ACTIONS. The parties agree to perform any and all acts and to execute and deliver any and all documents necessary or convenient to carry out the terms of this
Agreement. 
 19.0 COUNTERPARTS. This Agreement may be executed in counterparts, including electronically
transmitted counterparts, each of which shall be deemed an original and both of which shall be considered one and the same instrument. 
 20.0 INTERNAL REVENUE CODE SECTION 409A. The parties hereby acknowledge and agree that, to the extent applicable, this Agreement shall be interpreted in accordance with, and the parties agree to use their best efforts to
achieve timely compliance with, Section 409A of the Internal Revenue Code of 1986, as amended, and the Department of Treasury Regulations and other interpretive guidance issued thereunder (“Section 409A”), including, without
limitation, any such regulations or other guidance that may be issued after the Effective Date, so as to not reduce the economic benefit of this Agreement to Employee as a result of Section 409A. Notwithstanding any provision of this Agreement
to the contrary, in the event that the Company or Employee reasonably determines that Section 409A would reduce the economic benefit of this Agreement to Employee, (a) the Company and Employee shall work together in good faith to amend
this Agreement and to formulate appropriate Company policies and procedures, including amendments and policies with retroactive effect, to eliminate such reduction and (b) the Company shall take such actions as Employee shall reasonably request
to eliminate such reduction, provided that (i) such actions do not result in material additional cost or expense to the Company (the parties agree that the acceleration of payments to Employee shall not constitute material additional cost or
expense to the Company) or (ii) Employee agrees to reimburse the Company for such material additional cost or expense. 
  

 -12- 

 [SIGNATURE PAGE FOLLOWS] 
  

 -13- 

 [SIGNATURE PAGE TO EMPLOYMENT AGREEMENT] 
 IN WITNESS WHEREOF, the parties hereto have executed, or caused their duly authorized representatives to execute, this Agreement as of the
Effective Date. 
  

			
	 THE TELX GROUP, INC.
 a Delaware corporation

		
	By:	 	/s/ Rory J. Cutaia
	Name: 	 	Rory J. Cutaia
	Title:	 	President and CEO
	
	EMPLOYEE
	
	/s/ Michael Terlizzi
	Michael TerlizziThe Telx Group, Inc. 2007 Employee Stock Plan

 Exhibit 10.38 
 THE TELX GROUP, INC. 
 2007 EMPLOYEE STOCK PLAN 

 1. DEFINITIONS. Unless otherwise specified or unless the context otherwise requires, the following terms, as used in The Telx
Group, Inc. 2007 Employee Stock Plan, have the following meanings: 
 Administrator means the Board of Directors, unless
it has delegated power to act on its behalf to the Committee, in which case the Administrator means the Committee. 
 Affiliate means a corporation which, for purposes of Section 424 of the Code, is a parent or subsidiary of the Company, direct or indirect. 
 Agreement means an agreement between the Company and a Participant delivered pursuant to the Plan, in such form as the Administrator shall approve. 
 Board of Directors means the Board of Directors of the Company. 
 Code means the United States Internal Revenue Code of 1986, as amended. 
 Committee means the committee of the Board of Directors to which the Board of Directors has delegated power to act under or pursuant
to the provisions of the Plan. 
 Common Stock means shares of the Company’s common stock, par value $0.0001 per
share. 
 Company means The Telx Group, Inc., a Delaware corporation. 
 Disability or Disabled means permanent and total disability as defined in Section 22(e)(3) of the Code. 
 Employee means any employee of the Company or of an Affiliate (including, without limitation, an employee who is also serving as an officer of the Company or of an Affiliate), designated by the
Administrator to be eligible to be granted one or more Stock Rights under the Plan. 
 Fair Market Value of a Share of
Common Stock means: 
  

	 	(a)	If the Common Stock is listed on a national securities exchange or traded in the over-the-counter market and sales prices are regularly reported for the Common Stock,
the closing or last price of the Common Stock on the composite tape or other comparable reporting system for the trading day on the applicable date, and if such applicable date is not a trading day, the last market trading day prior to such date;

  

	 	(b)	If the Common Stock is not traded on a national securities exchange but is traded on the over-the-counter market, if sales prices are not regularly reported for the
Common Stock for the trading day referred to in clause (a), and if bid and asked prices for the Common Stock are regularly reported, the mean between the bid and the asked price for the Common Stock at the close of trading in the over-the-counter
market for the trading day on which Common Stock was traded on the applicable date, and if such applicable date is not a trading day, the last market trading day prior to such date; and 

	 	(c)	If the Common Stock is neither listed on a national securities exchange nor traded in the over-the-counter market, such value as the Administrator, in good faith, shall
determine. 

 ISO means an option meant to qualify as an incentive stock option under Section 422 of
the Code. 
 Non-Qualified Option means an option which is not intended to qualify as an ISO. 
 Option means an ISO or Non-Qualified Option granted under the Plan. 
 Participant means an Employee, director or consultant of the Company or an Affiliate to whom one or more Stock Rights are granted
under the Plan. As used herein, “Participant” shall include “Participant’s Survivors” where the context requires. 
 Plan means The Telx Group, Inc. 2007 Employee Stock Plan. 
 Shares
means shares of the Common Stock as to which Stock Rights have been or may be granted under the Plan or any shares of capital stock into which the Shares are changed or for which they are exchanged pursuant to the provisions of Paragraph 3 of the
Plan. The Shares issued under the Plan may be authorized and unissued shares or shares held by the Company in its treasury, or both. 
 Stock-Based Award means a grant by the Company under the Plan of an equity award or an equity based award which is not an Option or a Stock Grant. 
 Stock Grant means a grant by the Company of Shares under the Plan. 
 Stock Right means a right to Shares or the value of Shares of the Company granted pursuant to the Plan, including an ISO, a Non-Qualified Option, a Stock Grant or a Stock-Based Award. 
 Survivor means a deceased Participant’s legal representatives and/or any person or persons who acquired the Participant’s
rights to a Stock Right by will or by the laws of descent and distribution. 
 2. PURPOSES OF THE PLAN. The Plan is
intended to encourage ownership of Shares by Employees and directors of, and certain consultants, to the Company and its Affiliates in order to attract and retain such people, to induce them to work for the benefit of the Company or of an Affiliate
and to provide additional incentive for them to promote the success of the Company or of an Affiliate. The Plan provides for the granting of ISOs, Non-Qualified Options, Stock Grants and Stock-Based Awards. 
 3. SHARES SUBJECT TO THE PLAN. 
  

	 	(a)	The number of Shares which may be issued from time to time pursuant to this Plan shall be 1,250,000, or the equivalent of such number of Shares after the Administrator,
in its sole discretion, has interpreted the effect of any stock split, stock dividend, combination, recapitalization or similar transaction in accordance with Paragraph 24 of the Plan. 

  

 2 

	 	(b)	If an Option ceases to be “outstanding”, in whole or in part (other than by exercise), or if the Company shall reacquire (at not more than its original
issuance price) any Shares issued pursuant to a Stock Grant or Stock-Based Award, or if any Stock Right expires or is forfeited, cancelled or otherwise terminated or results in any Shares not being issued, the unissued Shares which were subject to
such Stock Right shall again be available for issuance from time to time pursuant to this Plan. Notwithstanding the foregoing, if a Stock Right is exercised, in whole or in part, by tender of Shares or if the Company’s tax withholding
obligation is satisfied by withholding Shares, the number of Shares deemed to have been issued under the Plan for purposes of the limitation set forth in Paragraph 3(a) above shall be the number of Shares that were subject to the Stock Right or
portion thereof, and not the net number of Shares actually issued. 

 4. ADMINISTRATION OF THE PLAN. The
Administrator of the Plan will be the Board of Directors, except to the extent the Board of Directors delegates its authority to the Committee, in which case the Committee shall be the Administrator. Subject to the provisions of the Plan, the
Administrator is authorized to: 
  

	 	(a)	Interpret the provisions of the Plan and all Stock Rights and to make all rules and determinations which it deems necessary or advisable for the administration of the
Plan; 

  

	 	(b)	Determine which Employees, directors and consultants shall be granted Stock Rights; 

  

	 	(c)	Determine the number of Shares for which a Stock Right or Stock Rights shall be granted; 

  

	 	(d)	Specify the terms and conditions upon which a Stock Right or Stock Rights may be granted; 

  

	 	(e)	Make changes to any outstanding Stock Right, including, without limitation, to reduce or increase the exercise price or purchase price, accelerate the vesting schedule
or extend the expiration date, provided that no such change shall impair the rights of a Participant under any grant previously made without such Participant’s consent; 

  

	 	(f)	Buy out for a payment in cash or Shares a Stock Right previously granted and/or cancel any such Stock Right and grant in substitution therefor other Stock Rights
covering the same or a different number of Shares and having an exercise price or purchase price per share which may be lower or higher than the exercise price or purchase price of the cancelled Stock Right, based on such terms and conditions as the
Administrator shall establish and the Participant shall accept; and 

  

	 	(g)	Adopt any sub-plans applicable to residents of any specified jurisdiction as it deems necessary or appropriate in order to comply with or take advantage of any tax or
other laws applicable to the Company or to Plan Participants or to otherwise facilitate the administration of the Plan, which sub-plans may include additional restrictions or conditions applicable to Stock Rights or Shares issuable pursuant to a
Stock Right; 

 provided, however, that all such interpretations, rules, determinations, terms and conditions shall be made and
prescribed in the context of (i) not causing any adverse tax consequences under Section 409A of the Code, and (ii) preserving the tax status under Section 422 of the Code of those Options which are designated as ISOs. Subject to
the foregoing, the interpretation and construction by the Administrator of any provisions of the Plan or of any Stock Right granted under it shall be final, unless otherwise determined by the Board of Directors if the Administrator is the Committee.
In addition, if the Administrator is the Committee, the Board of Directors may take any action under the Plan that would otherwise be the responsibility of the Committee. 
  

 3 

 To the extent permitted under applicable law, the Board of Directors or the Committee may allocate all or
any portion of its responsibilities and powers to any one or more of its members and may delegate all or any portion of its responsibilities and powers to any other person selected by it. The Board of Directors or the Committee may revoke any such
allocation or delegation at any time. 
 5. ELIGIBILITY FOR PARTICIPATION. The Administrator will, in its sole discretion, name
the Participants in the Plan; provided, however, that each Participant must be an Employee, director or consultant of the Company or of an Affiliate at the time a Stock Right is granted. Notwithstanding the foregoing, the Administrator may authorize
the grant of a Stock Right to a person not then an Employee, director or consultant of the Company or of an Affiliate; provided, however, that the actual grant of such Stock Right shall be conditioned upon such person becoming eligible to become a
Participant at or prior to the time of the execution of the Agreement evidencing such Stock Right. ISOs may be granted only to Employees. Non-Qualified Options, Stock Grants and Stock-Based Awards may be granted to any Employee, director or
consultant of the Company or an Affiliate. The granting of any Stock Right to any individual shall neither entitle that individual to, nor disqualify him or her from, participation in any other grant of Stock Rights or any grant under any other
benefit plan established by the Company or any Affiliate for Employees, directors or consultants. 
 6. TERMS AND CONDITIONS OF
OPTIONS. Each Option shall be set forth in writing in an Option Agreement, duly executed by the Company and, to the extent required by law or requested by the Company, by the Participant. The Administrator may provide that Options be
granted subject to such terms and conditions, consistent with the terms and conditions specifically required under this Plan, as the Administrator may deem appropriate, including, without limitation, subsequent approval by the stockholders of the
Company of this Plan or any amendments thereto. The Option Agreements shall be subject to at least the following terms and conditions: 
  

	 	(a)	Non-Qualified Options: Each Option intended to be a Non-Qualified Option shall be subject to the terms and conditions which the Administrator determines to be
appropriate and in the best interest of the Company, subject to the following minimum standards for any such Non-Qualified Option: 

  

	 	(i)	Option Price: Each Option Agreement shall state the option price per share of the Shares covered by each Option, which option price shall be determined by the
Administrator but shall not be less than the Fair Market Value per share of Common Stock. 

  

	 	(ii)	Number of Shares: Each Option Agreement shall state the number of Shares to which it pertains. 

  

	 	(iii)	Option Periods: Each Option Agreement shall state the date or dates on which it first is exercisable and the date after which it may no longer be exercised, and
may provide that the Option rights accrue or become exercisable in installments over a period of months or years, or upon the occurrence of certain conditions or the attainment of stated goals or events. 

  

	 	(iv)	Option Conditions: Exercise of any Option may be conditioned upon the Participant’s execution of a Share purchase agreement in form satisfactory to the
Administrator providing for certain protections for the Company and its other stockholders, including requirements that: 

  

	 	(A)	The Participant’s or the Participant’s Survivors’ right to sell or transfer the Shares may be restricted; and 

  

 4 

	 	(B)	The Participant or the Participant’s Survivors may be required to execute letters of investment intent and must also acknowledge that the Shares will bear legends
noting any applicable restrictions. 

  

	 	(b)	ISOs: Each Option intended to be an ISO shall be issued only to an Employee and be subject to the following terms and conditions, with such additional
restrictions or changes as the Administrator determines are appropriate but not in conflict with Section 422 of the Code and relevant regulations and rulings of the Internal Revenue Service: 

  

	 	(i)	Minimum standards: The ISO shall meet the minimum standards required of Non-Qualified Options, as described in Paragraph 6(a) above. 

  

	 	(ii)	Option Price: Immediately before the ISO is granted, if the Participant owns, directly or by reason of the applicable attribution rules in Section 424(d) of
the Code: 

  

	 	(A)	10% or less of the total combined voting power of all classes of stock of the Company or an Affiliate, the Option price per share of the Shares covered by each
ISO shall not be less than 100% of the Fair Market Value per Share on the date of the grant of the Option; or 

  

	 	(B)	More than 10% of the total combined voting power of all classes of stock of the Company or an Affiliate, the Option price per share of the Shares covered by each ISO
shall not be less than 110% of the Fair Market Value per Share on the date of grant of the Option. 

  

	 	(iii)	Term of Option: For Participants who own: 

  

	 	(A)	10% or less of the total combined voting power of all classes of stock of the Company or an Affiliate, each ISO shall terminate not more than ten years from the
date of the grant or at such earlier time as the Option Agreement may provide; or 

  

	 	(B)	More than 10% of the total combined voting power of all classes of stock of the Company or an Affiliate, each ISO shall terminate not more than five years from the date
of the grant or at such earlier time as the Option Agreement may provide. 

  

	 	(iv)	Limitation on Yearly Exercise: The Option Agreements shall restrict the amount of ISOs which may become exercisable in any calendar year (under this or any other
ISO plan of the Company or an Affiliate) so that the aggregate Fair Market Value (determined at the time each ISO is granted) of the stock with respect to which ISOs are exercisable for the first time by the Participant in any calendar year does not
exceed $100,000. 

  

 5 

 7. TERMS AND CONDITIONS OF STOCK GRANTS. Each offer of a Stock Grant to a Participant shall
state the date prior to which the Stock Grant must be accepted by the Participant, and the principal terms of each Stock Grant shall be set forth in an Agreement, duly executed by the Company and, to the extent required by law or requested by the
Company, by the Participant. The Agreement shall be in a form approved by the Administrator and shall contain terms and conditions which the Administrator determines to be appropriate and in the best interest of the Company, subject to the following
minimum standards: 
  

	 	(a)	Each Agreement shall state the purchase price per share, if any, of the Shares covered by each Stock Grant, which purchase price shall be determined by the
Administrator but shall not be less than the minimum consideration required by the Delaware General Corporation Law on the date of the grant of the Stock Grant; 

  

	 	(b)	Each Agreement shall state the number of Shares to which the Stock Grant pertains; and 

  

	 	(c)	Each Agreement shall include the terms of any right of the Company to restrict or reacquire the Shares subject to the Stock Grant, including the time and events upon
which such rights shall accrue and the purchase price therefor, if any. 

 8. TERMS AND CONDITIONS OF OTHER STOCK-BASED
AWARDS. The Administrator shall have the right to grant other Stock-Based Awards based upon the Common Stock having such terms and conditions as the Administrator may determine, including, without limitation, the grant of Shares based
upon certain conditions, the grant of securities convertible into Shares and the grant of stock appreciation rights, phantom stock awards or stock units. The principal terms of each Stock-Based Award shall be set forth in an Agreement, duly executed
by the Company and, to the extent required by law or requested by the Company, by the Participant. The Agreement shall be in a form approved by the Administrator and shall contain terms and conditions which the Administrator determines to be
appropriate and in the best interest of the Company. 
 9. EXERCISE OF OPTIONS AND ISSUE OF SHARES. An Option (or any part or
installment thereof) shall be exercised by giving written notice to the Company or its designee, together with provision for payment of the full purchase price in accordance with this Paragraph for the Shares as to which the Option is being
exercised, and complying with any other condition(s) set forth in the Option Agreement. Such notice shall be signed by the person exercising the Option, shall state the number of Shares with respect to which the Option is being exercised and shall
contain any representation required by the Plan or the Option Agreement. Payment of the purchase price for the Shares as to which such Option is being exercised shall be made (a) in United States dollars in cash or by check, or (b) at the
discretion of the Administrator (or if set forth in the applicable Option Agreement), through delivery of shares of Common Stock having a Fair Market Value equal as of the date of the exercise to the aggregate cash exercise price for the number of
Shares as to which the Option is being exercised and held for at least six months, or (c) at the discretion of the Administrator (or if set forth in the applicable Option Agreement), by having the Company retain from the shares otherwise
issuable upon exercise of the Option, a number of shares having a Fair Market Value equal as of the date of exercise to the aggregate exercise price for the number of Shares as to which the Option is being exercised, or (d) at the discretion of
the Administrator, in accordance with a cashless exercise program established with a securities brokerage firm, and approved by the Administrator, or (e) at the discretion of the Administrator, by any combination of (a), (b), (c) and
(d) above, or (f) at the discretion of the Administrator, by payment of such other lawful consideration as the Administrator may determine. Notwithstanding the foregoing, the Administrator shall accept only such payment on exercise of an
ISO as is permitted by Section 422 of the Code. 
  

 6 

 The Company shall then reasonably promptly deliver the Shares as to which such Option was exercised to the
Participant (or to the Participant’s Survivors, as the case may be). In determining what constitutes “reasonably promptly,” it is expressly understood that the issuance and delivery of the Shares may be delayed by the Company in order
to comply with any law or regulation (including, without limitation, state securities or “blue sky” laws) which requires the Company to take any action with respect to the Shares prior to their issuance. The Shares shall, upon delivery, be
fully paid, non-assessable Shares. 
 The Administrator shall have the right to accelerate the date of exercise of any installment of any
Option; provided that the Administrator shall not accelerate the exercise date of any installment of any Option granted to an Employee as an ISO (and not previously converted into a Non-Qualified Option pursuant to Paragraph 27) without the prior
approval of the Employee if such acceleration would violate the annual vesting limitation contained in Section 422(d) of the Code, as described in Paragraph 6(b)(iv). 
 The Administrator may, in its discretion, amend any term or condition of an outstanding Option provided (i) such term or condition as amended is permitted by the Plan, (ii) any such amendment
shall be made only with the consent of the Participant to whom the Option was granted, or in the event of the death of the Participant, the Participant’s Survivors, if the amendment is adverse to the Participant, and (iii) any such
amendment of any Option shall be made only after the Administrator determines whether such amendment would constitute a “modification” of any Option which is an ISO (as that term is defined in Section 424(h) of the Code) or would
cause any adverse tax consequences for the holder of such Option, including, but not limited to, pursuant to Section 409A of the Code. 
 10. ACCEPTANCE OF STOCK GRANTS AND STOCK-BASED AWARDS AND ISSUE OF SHARES. A Stock Grant or Stock-Based Award (or any part or installment thereof) shall be accepted by executing the applicable Agreement and delivering it to
the Company or its designee, together with provision for payment of the full purchase price, if any, in accordance with this Paragraph for the Shares as to which such Stock Grant or Stock-Based Award is being accepted, and complying with any other
conditions set forth in the applicable Agreement. Payment of the purchase price for the Shares as to which such Stock Grant or Stock-Based Award is being accepted shall be made (a) in United States dollars in cash or by check, or (b) at
the discretion of the Administrator (or if set forth in the applicable Agreement), through delivery of shares of Common Stock held for at least six months and having a Fair Market Value equal as of the date of acceptance of the Stock Grant or Stock
Based-Award to the purchase price of the Stock Grant or Stock-Based Award, or (c) at the discretion of the Administrator (or if set forth in the applicable Agreement), by any combination of (a) and (b) above, or (d) at the
discretion of the Administrator, by payment of such other lawful consideration as the Administrator may determine. 
 The Company shall then, if
required by the applicable Agreement, reasonably promptly deliver the Shares as to which such Stock Grant or Stock-Based Award was accepted to the Participant (or to the Participant’s Survivors, as the case may be), subject to any escrow
provision set forth in the applicable Agreement. In determining what constitutes “reasonably promptly,” it is expressly understood that the issuance and delivery of the Shares may be delayed by the Company in order to comply with any law
or regulation (including, without limitation, state securities or “blue sky” laws) which requires the Company to take any action with respect to the Shares prior to their issuance. 
 The Administrator may, in its discretion, amend any term or condition of an outstanding Stock Grant, Stock-Based Award or applicable Agreement provided
(i) such term or condition as amended is permitted by the Plan, (ii) any such amendment shall be made only with the consent of the Participant to whom the Stock Grant or Stock-Based Award was made, or in the event of death of the
Participant, the Participant’s Survivors, if the amendment is adverse to the Participant, and (iii) any such amendment shall be made only after the Administrator determines whether such amendment would cause any adverse tax consequences to
the Participant, including, but not limited to, pursuant to Section 409A of the Code. 
  

 7 

 11. RIGHTS AS A STOCKHOLDER. No Participant to whom a Stock Right has been granted
shall have rights as a stockholder with respect to any Shares covered by such Stock Right, except after due exercise of the Option or acceptance of the Stock Grant or as set forth in any Agreement, and tender of the full purchase price, if any, for
the Shares being purchased pursuant to such exercise or acceptance and registration of the Shares in the Company’s share register in the name of the Participant. 
 12. ASSIGNABILITY AND TRANSFERABILITY OF STOCK RIGHTS. By its terms, a Stock Right granted to a Participant shall not be transferable by the Participant other than (a) by will or by the
laws of descent and distribution, or (b) as approved by the Administrator in its discretion and set forth in the applicable Agreement. Notwithstanding the foregoing, an ISO transferred except in compliance with clause (a) above shall no
longer qualify as an ISO. The designation of a beneficiary of a Stock Right by a Participant, with the prior approval of the Administrator and in such form as the Administrator shall prescribe, shall not be deemed a transfer prohibited by this
Paragraph. Except as provided above, a Stock Right shall only be exercisable or may only be accepted, during the Participant’s lifetime, by such Participant (or by his or her legal representative) and shall not be assigned, pledged or
hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar process. Any attempted transfer, assignment, pledge, hypothecation or other disposition of any Stock Right or of any
rights granted thereunder contrary to the provisions of this Plan, or the levy of any attachment or similar process upon a Stock Right, shall be null and void. 
 13. EFFECT ON OPTIONS OF TERMINATION OF SERVICE OTHER THAN “FOR CAUSE” OR DEATH OR DISABILITY. Except as otherwise provided in a Participant’s Option Agreement, in the event
of a termination of service (whether as an Employee, director or consultant) with the Company or an Affiliate before the Participant has exercised an Option, the following rules apply: 
  

	 	(a)	A Participant who ceases to be an Employee, director or consultant of the Company or of an Affiliate (for any reason other than termination “for cause”,
Disability or death for which events there are special rules in Paragraphs 14, 15, and 16, respectively), may exercise any Option granted to him or her to the extent that the Option is exercisable on the date of such termination of service, but only
within such term as the Administrator has designated in a Participant’s Option Agreement. 

  

	 	(b)	Except as provided in Subparagraph (c) below, or Paragraph 15 or 16, in no event may an Option intended to be an ISO, be exercised later than three months after
the Participant’s termination of employment. 

  

	 	(c)	The provisions of this Paragraph, and not the provisions of Paragraph 15 or 16, shall apply to a Participant who subsequently becomes Disabled or dies after the
termination of employment, director status or consultancy; provided, however, in the case of a Participant’s Disability or death within three months after the termination of employment, director status or consultancy, the Participant or the
Participant’s Survivors may exercise the Option within one year after the date of the Participant’s termination of service, but in no event after the date of expiration of the term of the Option. 

  

	 	(d)	Notwithstanding anything herein to the contrary, if subsequent to a Participant’s termination of employment, termination of director status or termination of
consultancy, but prior to the exercise of an Option, the Board of Directors determines that, either prior or subsequent to the Participant’s termination, the Participant engaged in conduct which would constitute “cause”, then such
Participant shall forthwith cease to have any right to exercise any Option. 

  

 8 

	 	(e)	A Participant to whom an Option has been granted under the Plan who is absent from the Company or an Affiliate because of temporary disability (any disability other
than a Disability as defined in Paragraph 1 hereof), or who is on leave of absence for any purpose, shall not, during the period of any such absence, be deemed, by virtue of such absence alone, to have terminated such Participant’s employment,
director status or consultancy with the Company or with an Affiliate, except as the Administrator may otherwise expressly provide; provided, however, that, for ISOs, any leave of absence granted by the Administrator of greater than 90 days, unless
pursuant to a contract or statute that guarantees the right to reemployment, shall cause such ISO to become a Non-Qualified Option. 

  

	 	(f)	Except as required by law or as set forth in a Participant’s Option Agreement, Options granted under the Plan shall not be affected by any change of a
Participant’s status within or among the Company and any Affiliates, so long as the Participant continues to be an Employee, director or consultant of the Company or any Affiliate. 

 14. EFFECT ON OPTIONS OF TERMINATION OF SERVICE “FOR CAUSE”. Except as otherwise provided in a Participant’s Option Agreement,
the following rules apply if the Participant’s service (whether as an employee, director or consultant) with the Company or an Affiliate is terminated “for cause” prior to the time that all his or her outstanding Options have been
exercised: 
  

	 	(a)	All outstanding and unexercised Options as of the time the Participant is notified his or her service is terminated “for cause” will immediately be forfeited.

  

	 	(b)	For purposes of this Plan, “cause” shall include (and is not limited to) dishonesty with respect to the Company or any Affiliate, insubordination, substantial
malfeasance or non-feasance of duty, unauthorized disclosure of confidential information, breach by the Participant of any provision of any employment, consulting, advisory, nondisclosure, non-competition or similar agreement between the Participant
and the Company, and conduct substantially prejudicial to the business of the Company or any Affiliate. The determination of the Administrator as to the existence of “cause” will be conclusive on the Participant and the Company.

  

	 	(c)	“Cause” is not limited to events which have occurred prior to a Participant’s termination of service, nor is it necessary that the Administrator’s
finding of “cause” occur prior to termination. If the Administrator determines, subsequent to a Participant’s termination of service but prior to the exercise of an Option, that either prior or subsequent to the Participant’s
termination the Participant engaged in conduct which would constitute “cause”, then such Participant’s right to exercise any Option is forfeited. 

  

	 	(d)	Any provision in an agreement between the Participant and the Company or an Affiliate, which contains a conflicting definition of “cause” for termination and
which is in effect at the time of such termination, shall supersede the definition in this Plan with respect to that Participant. 

 15. EFFECT ON OPTIONS OF TERMINATION OF SERVICE FOR DISABILITY. Except as otherwise provided in a Participant’s Option Agreement: 
  

	 	(a)	A Participant who ceases to be an Employee, director or consultant of the Company or of an Affiliate by reason of Disability may exercise any Option granted to such
Participant: 

  

	 	(i)	To the extent that the Option has become exercisable but has not been exercised on the date of Disability; and 

  

 9 

	 	(ii)	In the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through the date of Disability of any additional vesting rights that
would have accrued on the next vesting date had the Participant not become Disabled. The proration shall be based upon the number of days accrued in the current vesting period prior to the date of Disability. 

  

	 	(b)	A Disabled Participant may exercise such rights only within the period ending one year after the date of the Participant’s Disability, notwithstanding that the
Participant might have been able to exercise the Option as to some or all of the Shares on a later date if the Participant had not become Disabled and had continued to be an Employee, director or consultant or, if earlier, within the originally
prescribed term of the Option. 

  

	 	(c)	The Administrator shall make the determination both of whether Disability has occurred and the date of its occurrence (unless a procedure for such determination is set
forth in another agreement between the Company and such Participant, in which case such procedure shall be used for such determination). If requested, the Participant shall be examined by a physician selected or approved by the Administrator, the
cost of which examination shall be paid for by the Company. 

 16. EFFECT ON OPTIONS OF DEATH WHILE AN EMPLOYEE, DIRECTOR OR
CONSULTANT. Except as otherwise provided in a Participant’s Option Agreement: 
  

	 	(a)	In the event of the death of a Participant while the Participant is an Employee, director or consultant of the Company or of an Affiliate, such Option may be exercised
by the Participant’s Survivors: 

  

	 	(i)	To the extent that the Option has become exercisable but has not been exercised on the date of death; and 

  

	 	(ii)	In the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through the date of death of any additional vesting rights that
would have accrued on the next vesting date had the Participant not died. The proration shall be based upon the number of days accrued in the current vesting period prior to the Participant’s date of death. 

  

	 	(b)	If the Participant’s Survivors wish to exercise the Option, they must take all necessary steps to exercise the Option within one year after the date of death of
such Participant, notwithstanding that the decedent might have been able to exercise the Option as to some or all of the Shares on a later date if he or she had not died and had continued to be an employee, director or consultant or, if earlier,
within the originally prescribed term of the Option. 

 17. EFFECT OF TERMINATION OF SERVICE ON UNACCEPTED STOCK
GRANTS. In the event of a termination of service (whether as an Employee, director or consultant) with the Company or an Affiliate for any reason before the Participant has accepted a Stock Grant, such offer shall terminate. 
  

 10 

 For purposes of this Paragraph 17 and Paragraph 18 below, a Participant to whom a Stock Grant has been
offered and accepted under the Plan who is absent from work with the Company or with an Affiliate because of temporary disability (any disability other than a Disability as defined in Paragraph 1 hereof), or who is on leave of absence for any
purpose, shall not, during the period of any such absence, be deemed, by virtue of such absence alone, to have terminated such Participant’s employment, director status or consultancy with the Company or with an Affiliate, except as the
Administrator may otherwise expressly provide. 
 In addition, for purposes of this Paragraph 17 and Paragraph 18 below, any change of
employment or other service within or among the Company and any Affiliates shall not be treated as a termination of employment, director status or consultancy so long as the Participant continues to be an Employee, director or consultant of the
Company or any Affiliate. 
 18. EFFECT ON STOCK GRANTS OF TERMINATION OF SERVICE OTHER THAN “FOR CAUSE” OR DEATH OR
DISABILITY. Except as otherwise provided in a Participant’s Stock Grant Agreement, in the event of a termination of service (whether as an Employee, director or consultant), other than termination “for cause,” Disability or
death for which events there are special rules in Paragraphs 19, 20 and 21, respectively, before all forfeiture provisions or Company rights of repurchase shall have lapsed, then the Company shall have the right to cancel or repurchase that number
of Shares subject to a Stock Grant as to which the Company’s forfeiture or repurchase rights have not lapsed. 
 19. EFFECT ON STOCK
GRANTS OF TERMINATION OF SERVICE “FOR CAUSE”. Except as otherwise provided in a Participant’s Stock Grant Agreement, the following rules apply if the Participant’s service (whether as an Employee, director or consultant)
with the Company or an Affiliate is terminated “for cause”: 
  

	 	(a)	All Shares subject to any Stock Grant that remain subject to forfeiture provisions or as to which the Company shall have a repurchase right shall be immediately
forfeited to the Company as of the time the Participant is notified his or her service is terminated “for cause.” 

  

	 	(b)	For purposes of this Plan, “cause” shall include (and is not limited to) dishonesty with respect to the employer, insubordination, substantial malfeasance or
non-feasance of duty, unauthorized disclosure of confidential information, breach by the Participant of any provision of any employment, consulting, advisory, nondisclosure, non-competition or similar agreement between the Participant and the
Company, and conduct substantially prejudicial to the business of the Company or any Affiliate. The determination of the Administrator as to the existence of “cause” will be conclusive on the Participant and the Company.

  

	 	(c)	“Cause” is not limited to events which have occurred prior to a Participant’s termination of service, nor is it necessary that the Administrator’s
finding of “cause” occur prior to termination. If the Administrator determines, subsequent to a Participant’s termination of service, that either prior or subsequent to the Participant’s termination the Participant engaged in
conduct which would constitute “cause,” then the Company’s right to repurchase all of such Participant’s Shares shall apply. 

  

	 	(d)	Any provision in an agreement between the Participant and the Company or an Affiliate, which contains a conflicting definition of “cause” for termination and
which is in effect at the time of such termination, shall supersede the definition in this Plan with respect to that Participant. 

  

 11 

 20. EFFECT ON STOCK GRANTS OF TERMINATION OF SERVICE FOR DISABILITY. Except as otherwise
provided in a Participant’s Stock Grant Agreement, if a Participant ceases to be an employee, director or consultant of the Company or of an Affiliate by reason of Disability, to the extent the forfeiture provisions or the Company’s rights
of repurchase have not lapsed on the date of Disability, they shall be exercisable; provided, however, that in the event such forfeiture provisions or rights of repurchase lapse periodically, such provisions or rights shall lapse to the extent of a
pro rata portion of the Shares subject to such Stock Grant through the date of Disability as would have lapsed had the Participant not become Disabled. The proration shall be based upon the number of days accrued prior to the date of Disability.

 The Administrator shall make the determination both as to whether Disability has occurred and the date of its occurrence (unless a procedure
for such determination is set forth in another agreement between the Company and such Participant, in which case such procedure shall be used for such determination). If requested, the Participant shall be examined by a physician selected or
approved by the Administrator, the cost of which examination shall be paid for by the Company. 
 21. EFFECT ON STOCK GRANTS OF DEATH
WHILE AN EMPLOYEE, DIRECTOR OR CONSULTANT. Except as otherwise provided in a Participant’s Stock Grant Agreement, in the event of the death of a Participant while the Participant is an Employee, director or consultant of the Company or
of an Affiliate, to the extent the forfeiture provisions or the Company’s rights of repurchase have not lapsed on the date of death, they shall be exercisable; provided, however, that in the event such forfeiture provisions or rights of
repurchase lapse periodically, such provisions or rights shall lapse to the extent of a pro rata portion of the Shares subject to such Stock Grant through the date of death as would have lapsed had the Participant not died. The proration shall be
based upon the number of days accrued prior to the Participant’s death. 
 22. PURCHASE FOR INVESTMENT. Unless the offering
and sale of the Shares to be issued upon the particular exercise or acceptance of a Stock Right shall have been effectively registered under the Securities Act of 1933, as now in force or hereafter amended (the “1933 Act”), the Company
shall be under no obligation to issue the Shares covered by such exercise unless and until the following conditions have been fulfilled: 
  

	 	(a)	The person who exercises or accepts such Stock Right shall warrant to the Company, prior to the receipt of such Shares, that such persons is acquiring such Shares for
his or her own account, for investment, and not with a view to, or for sale in connection with, the distribution of any such Shares, in which event the person acquiring such Shares shall be bound by the provisions of the following legend which shall
be endorsed upon the certificate(s) evidencing his or her Shares issued pursuant to such exercise or such grant: 

 “THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN TAKEN FOR INVESTMENT AND THEY MAY NOT BE SOLD OR OTHERWISE TRANSFERRED BY ANY PERSON, INCLUDING A PLEDGEE, UNLESS (1) EITHER (A) A REGISTRATION STATEMENT WITH RESPECT TO
SUCH SHARES SHALL BE EFFECTIVE UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) THE COMPANY SHALL HAVE RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO IT THAT AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT IS THEN AVAILABLE, AND
(2) THERE SHALL HAVE BEEN COMPLIANCE WITH ALL APPLICABLE STATE SECURITIES LAWS.” 
  

 12 

	 	(b)	At the discretion of the Administrator, the Company shall have received an opinion of its counsel that the Shares may be issued upon such particular exercise or
acceptance in compliance with the 1933 Act without registration thereunder. 

 23. DISSOLUTION OR LIQUIDATION OF THE
COMPANY. Upon the dissolution or liquidation of the Company, all Options granted under this Plan which as of such date shall not have been exercised and all Stock Grants and Stock-Based Awards which have not been accepted will terminate and
become null and void; provided, however, that if the rights of a Participant or a Participant’s Survivors have not otherwise terminated and expired, the Participant or the Participant’s Survivors will have the right immediately prior to
such dissolution or liquidation to exercise or accept any Stock Right to the extent that the Stock Right is exercisable or subject to acceptance as of the date immediately prior to such dissolution or liquidation. Upon the dissolution or liquidation
of the Company, any outstanding Stock-Based Awards shall immediately terminate unless otherwise determined by the Administrator or specifically provided in the applicable Agreement. 
 24. ADJUSTMENTS. Upon the occurrence of any of the following events, a Participant’s rights with respect to any Stock Right granted to him or her hereunder shall be adjusted as
hereinafter provided, unless otherwise specifically provided in a Participant’s Agreement: 
  

	 	(a)	Stock Dividends and Stock Splits. If (i) the shares of Common Stock shall be subdivided or combined into a greater or smaller number of shares or if the
Company shall issue any shares of Common Stock as a stock dividend on its outstanding Common Stock, or (ii) additional shares or new or different shares or other securities of the Company or other non-cash assets are distributed with respect to
such shares of Common Stock, the number of shares of Common Stock (and/or the amount of such new or different shares or other securities or other non-cash assets) deliverable upon the exercise of an Option or acceptance of a Stock Grant shall be
appropriately increased or decreased proportionately, and appropriate adjustments shall be made including, in the purchase price per share, to reflect such events. The number of Shares subject to the limitations in Paragraph 3(a) shall also be
proportionately adjusted upon the occurrence of such events. 

  

	 	(b)	 Corporate Transactions. If the Company is to be consolidated with or acquired by another entity in a merger, consolidation, sale of all or
substantially all of the Company’s assets or other similar transaction (other than a transaction to merely change the state of incorporation of the Company) (a “Corporate Transaction”), subject to the next preceding sentence of this
Paragraph 24(b), the Administrator or the board of directors of any entity assuming the obligations of the Company hereunder (the “Successor Board”), shall, as to outstanding Options make appropriate provision for the continuation of such
Options by substituting on an equitable basis for the Shares then subject to such Options either the consideration payable with respect to the outstanding shares of Common Stock in connection with the Corporate Transaction or securities of any
successor or acquiring entity; provided, that, in such event, all unvested Options held by a Participant who is an Employee prior to the Corporate Transaction shall vest in full if such Participant is not offered employment (on substantially similar
terms, in a substantially similar position) with the successor or acquiring entity). In lieu of the foregoing, in connection with any Corporate Transaction, the Administrator may (i) upon written notice to the Participants, provide that all
Options must be exercised (all Options being made fully exercisable for purposes of this Subclause), within a specified number of days of the date of such notice or prior to the consummation of the Corporate Transaction, at the end of which period
all Options which have not been exercised shall terminate; or (ii) provide that, upon consummation of the Corporate Transaction, each outstanding Option shall be terminated

  

 13 

	 	 
in exchange for payment of an amount equal to the consideration payable upon consummation of such Corporate Transaction to a holder of the number of shares of Common Stock into which such Option
is exercisable (all Options being made fully exercisable for purposes of this Subparagraph), less the aggregate exercise price of such Option (with no payment being required in the case of Options that have exercise prices in excess of such
consideration). For purposes of determining the payments to be made pursuant to Subclause (ii) above, the following shall apply: (A) in the case of a Corporate Transaction the consideration for which, in whole or in part, is other than
cash, the consideration other than cash shall be valued at the fair value thereof as determined in good faith by the Board of Directors, and (B) in the event that more than one type of consideration is received by holders of Common Stock in
connection with the Corporate Transaction, then the portion of each Share subject to an Option exchangeable into each type of consideration shall correspond to the percentage that each such type represents of the aggregate consideration received by
holders of Common Stock in connection with the Corporate Transaction, less an amount equal to the same percentage of the aggregate exercise price of the Option. 

 With respect to outstanding Stock Grants, the Administrator or the Successor Board, shall, as to outstanding Stock Grants make appropriate
provision for the continuation of such Stock Grants on the same terms and conditions by substituting on an equitable basis for the Shares then subject to such Stock Grants either the consideration payable with respect to the outstanding shares of
Common Stock in connection with the Corporate Transaction or securities of any successor or acquiring entity; provided, that, in such event, all forfeiture or repurchase rights shall be waived with respect to all Stock Grants held by a Participant
who is an Employee prior to the Corporate Transaction if such Participant is not offered employment (on substantially similar terms, in a substantially similar position) with the successor or acquiring entity). In lieu of the foregoing, in
connection with any Corporate Transaction, the Administrator may (i) upon written notice to the Participants, provide that the purchase price of all Stock Grants must be paid, and any other conditions of ownership satisfied (all forfeiture and
repurchase rights being waived for purposes of this Subclause), within a specified number of days of the date of such notice or prior to the consummation of the Corporate Transaction, at the end of which period all Stock Grants the purchase price
for which have not been paid (or other conditions of ownership have not been satisfied) shall terminate; or (ii) provide that, upon consummation of the Corporate Transaction, each outstanding Stock Grant shall be terminated in exchange for
payment of an amount equal to the consideration payable upon consummation of such Corporate Transaction to a holder of the number of shares of Common Stock comprising such Stock Grant (all forfeiture and repurchase rights being waived for purposes
of this Subclause), less an amount equal to the aggregate purchase price payable in respect thereof (with no payment being required in the case of Stock Grants that have purchase prices in excess of such consideration). For purposes of
determining the payments to be made pursuant to Subclause (ii) above, the following shall apply: (A) in the case of a Corporate Transaction the consideration for which, in whole or in part, is other than cash, the consideration other than
cash shall be valued at the fair value thereof as determined in good faith by the Board of Directors, and (B) in the event that more than one type of consideration is received by holders of Common Stock in connection with the Corporate
Transaction, then the portion of each Share subject to a Stock Grant exchangeable into each type of consideration shall correspond to the percentage that each such type represents of the aggregate consideration received by the holders of Common
Stock in connection with the Corporate Transaction, less an amount equal to the same percentage of the aggregate purchase price payable in respect of such Stock Grant. 
  

 14 

 If determined by the Administrator, in its sole discretion, any substitution, exercise,
termination, exchange, payment of purchase price, waiver or other action taken pursuant to the forgoing Subparagraphs of this Section 24(b) in contemplation of a Corporate Transaction may be made contingent upon the actual consummation of such
Corporate Transaction (any such action, a “Contingent Action”). In the event that a Corporate Transaction is not (and will not be) consummated, in the Administrator’s discretion, then appropriate provisions shall be made to
(i) restore all Options and Stock Grants on the same terms and conditions as in effect prior to the taking of any Contingent Action, and (ii) all such Contingent Actions shall be reversed, rescinded or otherwise terminated and made null
and void (including, without limitation, by returning to any Participant amounts paid in connection with the exercise of Options or as purchase price for Stock Grants). 
  

	 	(c)	Recapitalization or Reorganization. In the event of a recapitalization or reorganization of the Company other than a Corporate Transaction pursuant to which
securities of the Company or of another corporation are issued with respect to the outstanding shares of Common Stock, a Participant upon exercising an Option or accepting a Stock Grant after the recapitalization or reorganization shall be entitled
to receive for the purchase price paid upon such exercise or acceptance, if any, the number of replacement securities which would have been received if such Option had been exercised or Stock Grant accepted prior to such recapitalization or
reorganization. 

  

	 	(d)	Adjustments to Stock-Based Awards. Upon the happening of any of the events described in Subparagraphs a, b or c above, any outstanding Stock-Based Award shall be
appropriately adjusted to reflect the events described in such Subparagraphs. The Administrator or the Successor Board shall determine the specific adjustments to be made under this Paragraph 24, including, but not limited to, the effect if any, of
a Corporate Transaction and, subject to Paragraph 4, its determination shall be conclusive. 

  

	 	(e)	Modification of ISOs. Notwithstanding the foregoing, any adjustments made pursuant to Subparagraph a, b or c above with respect to ISOs shall be made only after
the Administrator determines whether such adjustments would constitute a “modification” of such ISOs (as that term is defined in Section 424(h) of the Code) or would cause any adverse tax consequences for the holders of such ISOs. If
the Administrator determines that such adjustments made with respect to ISOs would constitute a modification of such ISOs, it may refrain from making such adjustments, unless the holder of an ISO specifically agrees in writing that such adjustment
be made and such writing indicates that the holder has full knowledge of the consequences of such “modification” on his or her income tax treatment with respect to the ISO. This paragraph shall not apply to the acceleration of the vesting
of any ISO that would cause any portion of the ISO to violate the annual vesting limitation contained in Section 422(d) of the Code, as described in Paragraph 6b(iv). 

 25. ISSUANCES OF SECURITIES. Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any
class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares subject to Stock Rights. Except as expressly provided herein, no adjustments shall be made for dividends paid in cash or in
property (including, without limitation, securities) of the Company prior to any issuance of Shares pursuant to a Stock Right. 
  

 15 

 26. FRACTIONAL SHARES. No fractional shares shall be issued under the Plan and the person
exercising a Stock Right shall receive from the Company cash in lieu of such fractional shares equal to the Fair Market Value thereof. 
 27.
CONVERSION OF ISOs INTO NON-QUALIFIED OPTIONS; TERMINATION OF ISOs. The Administrator, at the written request of any Participant, may in its discretion take such actions as may be necessary to convert such Participant’s ISOs
(or any portions thereof) that have not been exercised on the date of conversion into Non-Qualified Options at any time prior to the expiration of such ISOs, regardless of whether the Participant is an Employee of the Company or an Affiliate at the
time of such conversion. At the time of such conversion, the Administrator (with the consent of the Participant) may impose such conditions on the exercise of the resulting Non-Qualified Options as the Administrator in its discretion may determine,
provided that such conditions shall not be inconsistent with this Plan. Nothing in the Plan shall be deemed to give any Participant the right to have such Participant’s ISOs converted into Non-Qualified Options, and no such conversion shall
occur until and unless the Administrator takes appropriate action. The Administrator, with the consent of the Participant, may also terminate any portion of any ISO that has not been exercised at the time of such conversion. 
 28. WITHHOLDING. In the event that any federal, state or local income taxes, employment taxes, Federal Insurance Contributions Act
(“F.I.C.A.”) withholdings or other amounts are required by applicable law or governmental regulation to be withheld from the Participant’s salary, wages or other remuneration in connection with the exercise or acceptance of a Stock
Right or in connection with a Disqualifying Disposition (as defined in Paragraph 29), or upon the lapsing of any forfeiture provision or right of repurchase or for any other reason required by law, the Company may withhold from the
Participant’s compensation, if any, or may require that the Participant advance in cash to the Company, or to any Affiliate of the Company which employs or employed the Participant, the statutory minimum amount of such withholdings unless a
different withholding arrangement, including the use of shares of the Company’s Common Stock or a promissory note, is authorized by the Administrator (and permitted by law). For purposes hereof, the Fair Market Value of the shares delivered or
withheld for purposes of payroll withholding shall be determined in the manner provided in Paragraph 1 above, as of the most recent practicable date prior to the date of exercise. If the Fair Market Value of the shares delivered or withheld is less
than the amount of payroll withholdings required, the Participant may be required to advance the difference in cash to the Company or the Affiliate employer. The Administrator, in its discretion, may condition the exercise of an Option for less than
the then Fair Market Value on the Participant’s payment of such additional withholding. 
 29. NOTICE TO COMPANY OF DISQUALIFYING
DISPOSITION. Each Employee who receives an ISO must agree to notify the Company in writing immediately after the Employee makes a Disqualifying Disposition of any Shares acquired pursuant to the exercise of an ISO. A Disqualifying
Disposition is defined in Section 424(c) of the Code and includes any disposition (including any sale or gift) of such Shares before the later of (a) two years after the date the Employee was granted the ISO, or (b) one year after the
date the Employee acquired Shares by exercising the ISO, except as otherwise provided in Section 424(c) of the Code. If the Employee has died before such Shares are sold, these holding period requirements do not apply and no Disqualifying
Disposition can occur thereafter. 
 30. TERMINATION OF THE PLAN. The Plan will terminate on the date which is ten years from the
earlier of the date of its adoption by the Board of Directors and the date of its approval by the stockholders of the Company. The Plan may be terminated at an earlier date by vote of the stockholders or the Board of Directors; provided,
however, that any such earlier termination shall not affect any Agreements executed prior to the effective date of such termination. 
  

 16 

 31. AMENDMENT OF THE PLAN AND AGREEMENTS. The Plan may be amended by the stockholders of the
Company. The Plan may also be amended by the Administrator, including, without limitation, to the extent necessary to qualify any or all outstanding Stock Rights granted under the Plan or Stock Rights to be granted under the Plan for favorable
federal income tax treatment (including deferral of taxation upon exercise) as may be afforded incentive stock options under Section 422 of the Code, and to the extent necessary to qualify the Shares issuable upon exercise or acceptance of any
outstanding Stock Rights granted, or Stock Rights to be granted, under the Plan for listing on any national securities exchange or quotation in any national automated quotation system of securities dealers. Any amendment approved by the
Administrator which the Administrator determines is of a scope that requires stockholder approval shall be subject to obtaining such stockholder approval. Any modification or amendment of the Plan shall not, without the consent of a Participant,
adversely affect his or her rights under a Stock Right previously granted to him or her. With the consent of the Participant affected, the Administrator may amend outstanding Agreements in a manner which may be adverse to the Participant but which
is not inconsistent with the Plan. In the discretion of the Administrator, outstanding Agreements may be amended by the Administrator in a manner which is not adverse to the Participant. 
 32. EMPLOYMENT OR OTHER RELATIONSHIP. Nothing in this Plan or any Agreement shall be deemed to prevent the Company or an Affiliate from terminating the employment, consultancy or director
status of a Participant, nor to prevent a Participant from terminating his or her own employment, consultancy or director status or to give any Participant a right to be retained in employment or other service by the Company or any Affiliate for any
period of time. 
 33. GOVERNING LAW. This Plan shall be construed and enforced in accordance with the law of the State of
Delaware. 
  

 17

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