Document:

EX-10.20

 Exhibit 10.20 
 BLACKHAWK NETWORK HOLDINGS, INC. 
 SECOND AMENDED AND RESTATED 2006
RESTRICTED STOCK AND RESTRICTED STOCK UNIT PLAN 
 Restricted Stock Unit Award Grant Notice 

Blackhawk Network Holdings, Inc., a Delaware corporation, (the “Company”), pursuant to its Second Amended and Restated
2006 Restricted Stock and Restricted Stock Unit Plan, as amended from time to time (the “Plan”), hereby grants to the individual set forth below (“Holder”), an award of restricted stock units (“Restricted
Stock Units” or “RSUs”). Each Restricted Stock Unit represents the right to receive one share of Common Stock (as defined in the Plan) upon vesting of such Restricted Stock Unit. This award of Restricted Stock Units is
subject to all of the terms and conditions set forth herein and in the Restricted Stock Unit Award Agreement attached hereto as Exhibit A (the “Agreement”) and the Plan, each of which are incorporated herein by reference.
Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Restricted Stock Unit Award Grant Notice (the “Grant Notice”) and the Agreement. 

 

			
	Holder:	  	[                              
          ]
		
	Grant Date:	  	[                    ]
		
	Total Number of RSUs:	  	[                    ]
		
	Vesting Commencement Date:	  	[                    ]
		
	Vesting Schedule:	  	 Subject to Holder remaining an Employee, the RSUs shall vest as follows:

 
 (i)     20% of the
RSUs on [                    ],
  

(ii)    20% of the RSUs on
[                    ],
  

(iii)   20% of the RSUs on
[                    ],
  

(iv)   20% of the RSUs on
[                    ], and
  

(v)    20% of the RSUs on
[                    ].
  
 In no event, however, shall the RSUs vest for any additional shares of Common Stock following the Holder’s Termination of Employment.

		
	Termination:	  	If Holder experiences a Termination of Employment, all RSUs that have not become vested on or prior to the date of such Termination of Employment will be automatically forfeited by
Holder without payment of any consideration therefor.

 By his or her signature and the Company’s signature below, Holder agrees to be bound by the terms
and conditions of the Plan, the Agreement, the Stockholders’ Agreement and this Grant Notice. Holder has reviewed the Restricted Stock Unit Award Agreement, the Plan and this Grant Notice in their entirety, has had an opportunity to obtain the
advice of counsel prior to executing this Grant Notice and fully understands all provisions of this Grant Notice, the Agreement, the Stockholders’ Agreement and the Plan. Holder also agrees that the Company, in its sole discretion, may instruct
a broker on Holder’s behalf to sell shares of Common Stock otherwise issuable to Holder upon vesting of the RSUs and submit the proceeds of such sale to the Company in satisfaction of any withholding obligations in accordance with
Section 6 of the Agreement or may satisfy such obligations using any other method permitted by Section 6 or the Plan. Holder hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator
upon any questions arising under the Plan, this Grant Notice or the Agreement. PLEASE BE SURE TO READ ALL OF EXHIBIT A AND THE 

 
PLAN, WHICH CONTAIN THE SPECIFIC TERMS AND CONDITIONS OF THE RESTRICTED STOCK UNITS. If Holder is married, his or her spouse has signed the Consent of Spouse attached to this Grant Notice as
Exhibit B. 
  

									
	BLACKHAWK NETWORK HOLDINGS, INC. 	 		 	HOLDER:	 	
					
	By:	 	  
	 		 	By:	 	  

	Print Name:	 	  
	 		 	Print Name:	 	  

	Title:	 	  
	 		 		 	
	Address:	 	  
	 		 	Address:	 	  

		 	  
	 		 		 	  

  

			
	Attachments:	  	Restricted Stock Unit Award Agreement (Exhibit A)
		  	Consent of Spouse (Exhibit B)
		  	Blackhawk Network Holdings, Inc. Second Amended and Restated Amended and Restated 2006 Restricted Stock and Restricted Stock Unit Plan (Exhibit C)
		  	Third Amended and Restated Stockholders’ Agreement (Exhibit D)

 EXHIBIT A 
 TO RESTRICTED STOCK UNIT AWARD GRANT NOTICE 
 BLACKHAWK NETWORK HOLDINGS,
INC. RESTRICTED STOCK UNIT AWARD AGREEMENT 
 1. Grant. Pursuant to this Agreement, in consideration of Holder’s
past and/or continued employment with the Company or a Subsidiary and for other good and valuable consideration, effective as of the Grant Date set forth in the Grant Notice (the “Grant Date”), the Company grants to Holder an award
of RSUs as set forth in the Grant Notice, upon the terms and conditions set forth in the Plan and this Agreement. Holder has agreed to enter into this Agreement and the Stockholders’ Agreement, each of which sets forth the rights and
obligations of the parties thereto with respect to the shares of Common Stock to be issued pursuant to the RSUs. 
 2. Plan
Governs. The RSUs are issued pursuant to, and the terms of this Agreement are subject to, all terms and provisions of the Plan. In the event of a conflict between one or more provisions of this Agreement and one or more provisions of the Plan,
the provisions of the Plan will govern. All capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Plan or the Grant Notice. 

3. Company’s Obligation to Pay. Each RSU represents the right to receive payment, in accordance with Section 6 below, of
one (1) share of Common Stock. Unless and until an RSUs vests, Holder will have no right to payment of such RSU. Prior to actual payment of any vested RSU, such RSU will represent an unsecured obligation of the Company, payable (if at all) only
from the general assets of the Company. Each RSU has a value equal to the Fair Market Value of a share of Common Stock on the date the shares subject thereto are distributed. 
 4. Vesting Schedule. Subject to Section 5 below, the RSUs awarded by this Agreement will vest in accordance with the Vesting Schedule set forth in the Grant Notice, subject to Holder’s
remaining an Employee through such vesting period(s) or date(s). 
 5. Forfeiture upon Termination of Service. Except as
provided in the Plan, and notwithstanding any contrary provision of this Agreement, if Holder experiences a Termination of Employment for any or no reason, the then-unvested RSUs will thereupon be forfeited at no cost to the Company and Holder shall
have no further rights thereunder. 
 6. Payment after Vesting. 

(a) Shares of Common Stock subject to any RSUs that vest in accordance with the Vesting Schedule set forth in the Grant Notice will be
issued to Holder (or in the event of the Holder’s death, to his or her estate) in whole shares of Common Stock on or within thirty (30) days following the applicable vesting date (each a “Distribution Date”), without
regard to whether the Holder is an Employee on such Distribution Date). 
 (b) The Company shall have the authority and the
right to deduct or withhold, or to require Holder to remit to the Company, in such form of consideration as the Administrator may deem acceptable, an amount sufficient to satisfy all applicable federal, state and local taxes (including Holder’s
employment tax obligations, if any) required by law to be withheld with respect to any taxable event arising in connection with the RSUs. Any such taxes up to the minimum amount required by statute may

  
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be satisfied by reducing the number of shares of Common Stock issued to Holder if issued prior to the date on which the Common Stock becomes publicly traded or, if issued on or after the date on
which the Common Stock becomes publicly traded, only if and to the extent determined appropriate by the Administrator. 
 (c)
Notwithstanding anything to the contrary in this Agreement, the Company shall be entitled to require payment by Holder the minimum statutory amount of any sums required by applicable law to be withheld with respect to the grant of RSUs or the
issuance of shares of Common Stock. Such payment shall be made by reducing the number of shares of Common Stock issued to Holder. Notwithstanding the foregoing, the Company may require withholding taxes to be paid by deduction from other
compensation payable to Holder or in such other form of consideration acceptable to the Company which may include, in the sole discretion of the Administrator: 
 (i) cash or check; 
 (ii) surrender of shares of Common Stock held for such
period of time as may be required by the Administrator in order to avoid adverse accounting consequences and having a Fair Market Value on the date of delivery equal to the minimum amount required to be withheld by statute; 

(iii) other property acceptable to the Administrator (including, without limitation, through the delivery of a notice that Holder has
placed a market sell order with a broker with respect to shares of Common Stock then issuable under the RSUs, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of its
withholding obligations; provided that payment of such proceeds is then made to the Company at such time as may be required by the Company, but in any event not later than the settlement of such sale); or 

(iv) any combination thereof. 
 The Company shall not be obligated to deliver any new certificate representing shares of Common Stock to Holder or Holder’s legal representative or enter such Share in book entry form unless and
until Holder or Holder’s legal representative shall have paid or otherwise satisfied in full the amount of all federal, state and local taxes applicable to the taxable income of Holder arising in connection with the RSUs. 

7. Rights as Stockholder. Neither Holder nor any person claiming under or through Holder will have any of the rights or
privileges of a stockholder of the Company in respect of any shares of Common Stock deliverable hereunder unless and until such shares of Common Stock have been issued, recorded on the records of the Company or its transfer agents or registrars, and
delivered in certificate or book entry form to Holder or any person claiming under or through Holder.  
 8. No Effect
on Employment. This Agreement is not an employment contract, and nothing herein shall be deemed to create in any way whatsoever any obligation on the Holder’s part to remain an Employee, or of the Company to continue the Holder’s
Employee status. The Company will have the right, which is hereby expressly reserved, to terminate or change the terms of the employment or other service of the Holder at any time for any reason whatsoever, with or without good cause. 

9. Address for Notices. Any notice to be given to the Company under the terms of this Agreement will be addressed to the Company
at its principal place of business, or at such other address as 

  
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the Company may hereafter designate in writing. Any notices provided for in this Agreement or the Plan shall be given in writing and shall be deemed effectively given upon receipt or, in the case
of notices delivered by the Company to the Holder, five (5) days after deposit in the United States mail, postage prepaid, addressed to the Holder at the address specified on the first page of this Agreement or at such other address as the
Holder may hereafter designate by written notice to the Company. 
 10. Transferability. Except as to the limited extent
provided in Section 6 above, the RSUs and the rights and privileges conferred hereby, including without limitation the shares of Common Stock issuable following the vesting of the RSUs, will not be transferred, assigned, pledged or hypothecated
in any way (whether by operation of law or otherwise) and will not be subject to sale under execution, attachment or similar process until, with respect to whole shares of Common Stock issuable following the vesting of the RSUs, such shares of
Common Stock are issued pursuant to Section 6 above. Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of this grant, or any right or privilege conferred hereby, or upon any attempted sale under any execution,
attachment or similar process, this grant and the rights and privileges conferred hereby immediately will become null and void; provided, however, that this Section 10 shall not prevent transfers by will or the applicable
laws of descent and distribution. Any shares of Common Stock issued to Holder following the vesting of the RSUs shall be subject to the terms and conditions of the Stockholders’ Agreement. 

11. Binding Agreement. Subject to the limitations on the transferability of the RSUs contained herein, this Agreement will be
binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 
 12. Additional Conditions to Issuance of Stock. As a condition of acquiring Common Stock, the Administrator may require Holder to execute, deliver and deposit with the Secretary of the Company, or
such other person designated by the Administrator, (a) the Stockholders’ Agreement and (b) a written representation of Holder that the shares of Common Stock are being acquired by him for investment and with no present intention of
selling or transferring them and that he will not sell or otherwise transfer the shares except in compliance with all applicable securities laws. If at any time the Company will determine, in its discretion, that the listing, registration or
qualification of the shares of Common Stock upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory authority, is necessary or desirable as a condition to the issuance of shares of
Common Stock to the Holder (or his or her estate), such issuance will not occur unless and until such listing, registration, qualification, consent or approval will have been effected or obtained free of any conditions not acceptable to the Company.
The Company will make all reasonable efforts to meet the requirements of any such state or federal law or securities exchange and to obtain any such consent or approval of any such governmental authority. 

13. Administrator Authority. The Administrator will have the power to interpret the Plan and this Agreement and to adopt such
rules for the administration, interpretation and application of the Plan and this Agreement as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any RSUs have
vested). All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Holder, the Company and all other interested persons. No member of the Administrator will be personally
liable for any action, determination or interpretation made in good faith with respect to the Plan or this Agreement. 

  
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 14. Captions. Captions provided herein are for convenience only and are not to serve
as a basis for interpretation or construction of this Agreement. 
 15. Agreement Severable. In the event that any
provision in this Agreement will be held invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Agreement. 

16. Amendment. The Administrator may amend this Agreement in any respect to the extent determined necessary or desirable by the
Administrator in its discretion. Notwithstanding the foregoing, except as set forth in Section 19 of this Agreement, no such amendment shall impair the rights of Holder hereunder without Holder’s prior written consent. 

17. Transfer Restrictions. 
 (a) Securities Laws Compliance. Holder agrees and acknowledges that he will not transfer in any manner the shares of Common Stock issued pursuant to this Agreement unless (i) the transfer is
pursuant to an effective registration statement under the Securities Act, or the rules and regulations in effect thereunder or (ii) counsel for the Company shall have reasonably concluded that no such registration is required because of the
availability of an exemption from registration under the Securities Act. To the extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.

 (b) Legend. Any certificate representing the shares of Common Stock issued pursuant to this Agreement prior to the
date on which the Common Stock becomes publicly traded shall bear the following legend, in addition to any other legend required by law or otherwise: 
 “THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD OR
TRANSFERRED UNLESS (X) THE SALE OR TRANSFER IS COVERED BY AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND COMPLIES WITH APPLICABLE STATE SECURITIES LAWS, (Y) THE SALE OR TRANSFER IS IN COMPLIANCE WITH RULE 144 UNDER THE ACT AND
COMPLIES WITH APPLICABLE STATE SECURITIES LAWS OR (Z) THE COMPANY RECEIVES AN OPINION OF COUNSEL (WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE COMPANY) STATING THAT THE SALE OR TRANSFER IS EXEMPT FROM THE REGISTRATION AND
PROSPECTUS DELIVERY REQUIREMENTS OF THE ACT AND APPLICABLE STATE SECURITIES LAWS. 
 THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND OTHER RESTRICTIONS SET FORTH IN A STOCKHOLDERS’ AGREEMENT BY AND AMONG SAFEWAY INC., THE COMPANY, THE STOCKHOLDER AND CERTAIN HOLDERS OF COMMON STOCK OF THE COMPANY. SUCH TRANSFER
RESTRICTIONS AND REPURCHASE RIGHTS ARE BINDING ON TRANSFEREES OF THESE 

  
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SHARES. A COPY OF SUCH AGREEMENT AS IN EFFECT FROM TIME TO TIME MAY BE OBTAINED WITHOUT CHARGE UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.” 

18. Governing Law. The laws of the State of Delaware shall govern the interpretation, validity, administration, enforcement and
performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws. 

19. Section 409A. The RSUs are not intended to constitute “nonqualified deferred compensation” within the meaning
of Section 409A of the Code (together with any Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the date hereof,
“Section 409A”). However, notwithstanding any other provision of the Plan, the Grant Notice or this Agreement, if at any time the Administrator determines that the RSUs (or any portion thereof) may be subject to Section 409A,
the Administrator shall have the right in its sole discretion (without any obligation to do so or to indemnify Holder or any other person for failure to do so) to adopt such amendments to the Plan, the Grant Notice or this Agreement, or adopt other
policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as the Administrator determines are necessary or appropriate to provide for either the RSUs to be exempt from the application
of Section 409A or to comply with the requirements of Section 409A. 
 20. Tax Consultation. Holder understands
that Holder may suffer adverse tax consequences in connection with the RSUs granted pursuant to this Agreement. Holder represents that Holder has consulted with any tax consultant(s) that Holder deems advisable in connection with the RSUs and that
Holder is not relying on the Company for tax advice. 

  
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 EXHIBIT B 
 TO RESTRICTED STOCK UNIT AWARD GRANT NOTICE 
 CONSENT OF SPOUSE

 I,
                                        , spouse
of                                         , have
read and approve the foregoing Blackhawk Network Holdings, Inc. Restricted Stock Unit Agreement (the “Agreement”), dated as of
                    , by and between Blackhawk Network Holdings, Inc., a Delaware corporation and
                    . In consideration of issuing to my spouse the shares of the common stock of Blackhawk Network Holdings, Inc. set forth in the
Agreement, I hereby appoint my spouse as my attorney-in-fact in respect to the exercise of any rights under the Agreement and agree to be bound by the provisions of the Agreement insofar as I may have any rights in said Agreement or any shares
issued pursuant thereto under the community property laws or similar laws relating to marital property in effect in the state of our residence as of the date of the signing of the foregoing Agreement. 

 

			
	Dated:             , 20    
		
	Signature of Spouse	 	  

 EXHIBIT C 
 TO RESTRICTED STOCK UNIT AWARD GRANT NOTICE 
 SECOND AMENDED AND RESTATED
RESTRICTED STOCK AND RESTRICTED STOCK UNIT PLAN 

 EXHIBIT D 
 TO RESTRICTED STOCK UNIT AWARD GRANT NOTICE 
 THIRD AMENDED AND RESTATED
STOCKHOLDERS’ AGREEMENTEX-10.21

 Exhibit 10.21 
 BLACKHAWK NETWORK HOLDINGS, INC. 
 SECOND AMENDED AND RESTATED 2006
RESTRICTED STOCK AND RESTRICTED STOCK UNIT PLAN 
 RESTRICTED STOCK AWARD GRANT NOTICE AND RESTRICTED STOCK AGREEMENT

 Blackhawk Network Holdings, Inc., a Delaware corporation (the “Company”), pursuant to its Second Amended
and Restated 2006 Restricted Stock and Restricted Stock Unit Plan (the “Plan”), hereby grants to the individual listed below (“Employee”), the right to purchase the number of shares of the Company’s common
stock, par value $0.001 per share, set forth below (the “Restricted Shares”) at the purchase price set forth below. This restricted stock award is subject to all of the terms and conditions as set forth herein and in the Restricted
Stock Agreement attached hereto as Exhibit “A” (the “Restricted Stock Agreement”) and the Plan, each of which are incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have
the same defined meanings in this Grant Notice and the Restricted Stock Agreement. 
  

					
	Employee:	 	
		
	Grant Date:	 	
		
	 Purchase Price

per Share:
	 	 $0.001

		
	 Total Number of

Restricted Shares:
	 	                 
shares

		
	Vesting Schedule:	 	As of the Grant Date, 100% of the Restricted Shares shall be subject to the Restrictions (as defined in the Restricted Stock Agreement). Subject to the terms and
conditions of the Plan, this Grant Notice and the Restricted Stock Agreement, the Restrictions shall lapse as to:
			
		 	 (i)
	 	20% of the Restricted Shares on                     ,
			
		 	 (ii)
	 	20% of the Restricted Shares on                     ,
			
		 	 (iii)
	 	20% of the Restricted Shares on                     ,
			
		 	 (iv)
	 	20% of the Restricted Shares on                     ,
			
		 	 (v)
	 	20% of the Restricted Shares on                     .
		
		 	In no event, however, shall the Restrictions lapse as to any additional Restricted Shares after Employee’s Termination of Employment.

 By his or her signature and the Company’s signature below, Employee agrees to be bound by the terms
and conditions of the Plan, the Restricted Stock Agreement, the Third Amended and Restated Stockholders’ Agreement (as it may be amended from time to time) (the “Stockholders’ Agreement”) and this Grant Notice. Employee
has reviewed the Plan, the Restricted Stock Agreement, the Stockholders’ Agreement and this Grant Notice in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and

 
fully understands all provisions of the Plan, the Restricted Stock Agreement, the Stockholders’ Agreement and this Grant Notice. Employee hereby agrees to accept as binding, conclusive and
final all decisions or interpretations of the Administrator of the Plan upon any questions arising under the Plan, the Restricted Stock Agreement or the Grant Notice. If Employee is married, his or her spouse has signed the Consent of Spouse
attached to this Grant Notice as Exhibit “E”. 
  

									
	BLACKHAWK NETWORK HOLDINGS, INC.:	 		 	EMPLOYEE:
					
	By:	 	  
	 		 	By:	 	  

	Print Name:	 		 	
	Title:	 		 	
	Address:	 		 	Address:

  

					
	Attachments:	 	Restricted Stock Agreement (Exhibit A)
		 	Stockholders’ Agreement (Exhibit B)
		 	Assignment Separation from Certificate (Exhibit C)
		 	Joint Escrow Instructions (Exhibit D)
		 	Consent of Spouse (Exhibit E)
		 	Form of Internal Revenue Code Section 83(b) Election and Instructions (Exhibit F)
		 	 -
	 	Election under Internal Revenue Code Section 83(b) (Attachment 1 to Exhibit F)
		 	 -
	 	Sample Cover Letter to Internal Revenue Service (Attachment 2 to Exhibit F)
		 	  
 Blackhawk Network Holdings, Inc. Second Amended and
Restated 2006 Restricted Stock and Restricted Stock Unit Plan (Previously provided to employee. Available upon request.)

  
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 EXHIBIT A 
 TO RESTRICTED STOCK AWARD GRANT NOTICE 
 RESTRICTED STOCK AGREEMENT

 THIS RESTRICTED STOCK AGREEMENT (the “Agreement”), effective as of the Grant Date (the “Grant
Date”) set forth in the Restricted Stock Award Grant Notice (the “Grant Notice”), is made by and between Blackhawk Network Holdings, Inc., a Delaware corporation (the “Company”), and Employee: 

WHEREAS, the Company wishes to carry out the Plan (as defined below) (the terms of which are hereby incorporated by reference and made a
part of this Agreement); and 
 WHEREAS, the Administrator of the Plan has determined that it would be to the advantage and best
interest of the Company and Safeway (as defined below), presently its majority stockholder, to issue the Restricted Shares provided for herein to Employee as an inducement to enter into or remain in the service of the Company or its Subsidiaries and
as an incentive for increased efforts during such service, and other good and valuable consideration provided for herein, and has advised the Company thereof and instructed the undersigned officer to issue said Restricted Shares; 

WHEREAS, as a condition to the purchase of the Restricted Shares, Employee has agreed to enter into this Agreement and that certain Third
Amended and Restated Stockholders’ Agreement, dated as of August 21, 2012, by and among Safeway, the Company, Employee and certain other stockholders of the Company (as amended from time to time, the “Stockholders’
Agreement”), each of which sets forth the rights and obligations of the parties thereto with respect to the Restricted Shares to be issued hereunder. 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto do hereby agree as follows:

 ARTICLE I. 
 DEFINITIONS 
 Whenever the following terms are used in this Agreement they
shall have the meaning specified below unless the context clearly indicates to the contrary. The masculine pronoun shall include the feminine and neuter, and the singular the plural, where the context so indicates. All capitalized terms used herein
without definition shall have the meaning ascribed to such terms in the Plan and the Grant Notice. 
 Section 1.1 -
Administrator. 
 “Administrator” shall mean the Board, except that, if the Board appoints a Committee, the term
“Administrator” shall mean the Committee as to those duties, powers and responsibilities specifically conferred upon the Committee. 

  
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 Section 1.2 - Board. 

“Board” shall mean the Board of Directors of the Company. 
 Section 1.3 - Code. 
 “Code” shall mean the Internal
Revenue Code of 1986, as amended. 
 Section 1.4 - Committee. 

“Committee” shall mean a committee or subcommittee of the Board, appointed as provided in Section 4.1 of the Plan.

 Section 1.5 - Common Stock. 
 “Common Stock” shall mean Common Stock, par value $0.001 per share, of the Company. 

Section 1.6 - Company. 
 “Company” shall mean Blackhawk Network Holdings, Inc., a Delaware corporation. 

Section 1.7 - Dispose or Disposition. 
 “Dispose” or “Disposition” means to directly or indirectly, voluntarily or involuntarily, sell, exchange, transfer, alienate, convey, negotiate, pledge, hypothecate, encumber or assign
or in any other way dispose of any shares. 
 Section 1.8 - Exchange Act. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

Section 1.9 - Fair Market Value. 
 “Fair Market Value” shall have the meaning assigned to such term in the Stockholders’ Agreement. 
 Section 1.10 - Plan. 
 “Plan” shall mean the Blackhawk
Network Holdings, Inc. Second Amended and Restated 2006 Restricted Stock and Restricted Stock Unit Plan. 
 Section 1.11 -
Restrictions. 
 “Restrictions” shall mean the Repurchase Option and the restrictions on sale or other transfer
of the Restricted Shares and other restrictions as set forth in Article III. 

  
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 Section 1.12 - Safeway. 

“Safeway” shall mean Safeway Inc., a Delaware corporation. 
 Section 1.13 - Secretary. 
 “Secretary” shall mean the
Secretary of the Company. 
 Section 1.14 - Securities Act. 

“Securities Act” shall mean the Securities Act of 1933, as amended. 
 Section 1.15 - Subsidiary. 
 “Subsidiary” shall mean
any corporation in an unbroken chain of corporations beginning with the Company if each of the corporations other than the last corporation in the unbroken chain then owns stock possessing 50 percent or more of the total combined voting power of all
classes of stock in one of the other corporations in such chain. 
 Section 1.16 - Termination of Employment. 

“Termination of Employment” shall mean the time when the employee-employer relationship between Employee and the Company or any
Subsidiary is terminated for any reason, with or without cause, including, but not by way of limitation, a termination by resignation, discharge, death, disability or retirement; but excluding (a) terminations where there is a simultaneous
reemployment or continuing employment of Employee by the Company or any Subsidiary, and (b) at the discretion of the Administrator, terminations which result in a temporary severance of the employee-employer relationship. The Administrator, in
its absolute discretion, shall determine the effect of all matters and questions relating to Termination of Employment, including, but not by way of limitation, all questions regarding the nature and reasons for a Termination of Employment, and all
questions of whether particular leaves of absence constitute a Termination of Employment. 
 ARTICLE II. 

ISSUANCE OF RESTRICTED STOCK 
 Section 2.1 - Issuance of Restricted Stock. 
 In consideration
of the recitals, Employee’s agreement to remain in the employ of the Company or a Subsidiary, and for other good and valuable consideration, effective as of the Grant Date, the Company agrees to and does hereby issue to Employee the number of
shares of Common Stock set forth in the Grant Notice upon the terms and conditions set forth in the Plan, the Grant Notice and this Agreement. 

  
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 Section 2.2 - Purchase Price. 

The purchase price of the Restricted Shares shall be as set forth in the Grant Notice without commission or other charge, now due and
payable by Employee in cash or by check, receipt of which is acknowledged. 
 Section 2.3 - Consideration to the Company.

 As partial consideration for the issuance of the Restricted Shares by the Company, Employee agrees to render faithful and
efficient services to the Company or a Subsidiary, with such duties and responsibilities as the Company shall from time to time prescribe. Nothing in this Agreement, the Grant Notice, the Plan or the Stockholders’ Agreement shall confer upon
Employee any right to continue in the employ of the Company or any Subsidiary, or shall interfere with or restrict in any way the rights of the Company and any Subsidiary, which rights are hereby expressly reserved, to discharge Employee at any time
for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written employment agreement between Employee and the Company or any Subsidiary. 
 Section 2.4 - Stockholders’ Agreement. 
 The Restricted
Shares to be issued hereunder shall be subject to the Stockholders’ Agreement. As a condition to the issuance of the Restricted Shares, Employee shall execute, deliver and deposit with the Secretary of the Company, or such other person
designated by the Company, the Stockholders’ Agreement attached as Exhibit “B” to the Grant Notice. 
 Section 2.5 -
Adjustments in Restricted Shares. 
 The Administrator may adjust the Restricted Shares in accordance with the provisions
of Section 5.3 of the Plan. 
 Section 2.6 - Employee’s Representations and Warranties. 

In connection with the acquisition of the Restricted Shares, Employee represents and warrants to the Company and agrees and acknowledges,
that: 
 (a) Employee is acquiring the Restricted Shares for his or her own account, for investment purposes only and not with a
present view toward the distribution thereof or with any present intention of distributing or reselling any such Restricted Shares in violation of the Securities Act or any state securities laws and that, irrespective of any other provisions of this
Agreement or the Stockholders’ Agreement, any Disposition of the Restricted Shares by Employee shall be made only in compliance with all applicable federal and state securities laws, including, without limitation, the Securities Act.

 (b) The Restricted Shares are not registered under the Securities Act and must be held by Employee until the Restricted
Shares are registered under the Securities Act or an exemption from such registration is available; the Company shall (subject to Section 8 of the Stockholders’ Agreement) have no obligation to take any action that may be necessary to make

  
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available any exemption from registration under the Securities Act; and the Company shall give to the party responsible for recording Dispositions of the Restricted Shares “stop
transfer” directions prohibiting Dispositions in violation of the foregoing provisions of this Section 2.6(b). 
 (c)
Employee is familiar with Rule 144 (“Rule 144”) under the Securities Act which establishes guidelines governing, among other things, the resale of “restricted securities” (such as the Restricted Shares). Rule 144 is not
presently available for Dispositions of the Restricted Shares. 
 (d) Employee has had the opportunity to ask questions and
receive answers concerning the terms and conditions of the offering of the Restricted Shares. Employee has had full access to such information and materials concerning the Company as Employee has requested. The Company has answered all inquiries
that Employee has made to the Company relating to the Company or the sale of the Restricted Shares. 
 (e) Employee has such
knowledge and experience in financial and business matters such that Employee is capable of evaluating the merits and risks of investment in the Restricted Shares and of making an informed investment decision with respect thereto or has consulted
with advisors who possess such knowledge and experience. 
 (f) Employee is able to bear the economic risk of his or her
investment in the Restricted Shares for an indefinite period of time because the Restricted Shares have not been registered under the Securities Act and, therefore, cannot be sold unless subsequently registered under the Securities Act or unless an
exemption from such registration is available. 
 (g) Employee is an “accredited investor” as that term is defined
under the Securities Act and the rules and regulations promulgated thereunder. 
 ARTICLE III. 

RESTRICTIONS 

Section 3.1 - Repurchase of Restricted Shares. 
 (a) In the event of Employee’s Termination of Employment, the Company shall have the right and option, but not obligation, to purchase from Employee, or Employee’s personal representative, as
the case may be, any or all of the Restricted Shares which are subject to such right and option as of the date of the Termination of Employment, at the lesser of (i) the per share purchase price paid by Employee for such Restricted Shares, or
(ii) the then current Fair Market Value of such Restricted Shares. Such right and option shall be referred to herein as the “Repurchase Option.” The Company shall have the right to assign at any time the Repurchase Option,
whether or not the Repurchase Option is then exercisable, to one or more persons as may be selected by the Company. 
 (b) The
Company (or any assignee thereof) may exercise the Repurchase Option by delivering personally or by registered mail, to Employee (or Employee’s legal representative), within ninety (90) days of the Termination of Employment, a notice in
writing 

  
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indicating the Company’s (or such assignee’s) intention to exercise the Repurchase Option and setting forth a date for closing not later than thirty (30) days from the mailing of
such notice. The closing shall take place at the Company’s (or such assignee’s) office. At the closing, the holder of the certificates for the Restricted Shares being transferred shall deliver the stock certificate or certificates
evidencing the Restricted Shares, and the Company (or such assignee) shall deliver the purchase price therefor to Employee (or Employee’s legal representative). 
 (c) Payment of the purchase price for the Restricted Shares purchased by the Company (or an assignee of the Repurchase Option) upon the exercise of the Repurchase Option shall, at the option of the
Company (or any such assignee), be made in cash, by check or cash equivalent, in immediately available funds. At its option, the Company (or such assignee) may elect to make payment for such Restricted Shares by wire transfer of immediately
available funds to a bank located in the United States and selected by Employee (or Employee’s legal representative). The Company (or such assignee) shall avail itself of this option by a notice in writing to Employee (or such Employee’s
legal representative) stating the Company (or such assignee) is ready to pay by wire transfer, and waiving the closing at the Company’s (or such assignee’s) office, and requesting Employee (or Employee’s legal representative) to
provide the name and address of the bank to which such wire transfer shall be made. 
 (d) If the Company (or an assignee of the
Repurchase Option) does not elect to exercise the Repurchase Option conferred above by giving the requisite notice within ninety (90) days following the date of the Termination of Employment, the Repurchase Option shall terminate. Following the
termination of the Repurchase Option, the Restricted Shares will remain subject to the Stockholders’ Agreement. 
 Section 3.2
- Transferability of the Restricted Shares; Escrow. 
 (a) Except as provided herein, Employee (and Employee’s legal
representative) shall not Dispose of the Restricted Shares subject to the Repurchase Option, or any interest or right with respect thereto. Neither the Restricted Shares subject to the Repurchase Option nor any interest or right therein or part
thereof shall be liable for the debts, contracts, or engagements of Employee or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether
such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy) and any attempted disposition thereof shall be null and void and of no
effect. 
 (b) Employee hereby authorizes and directs the Secretary of the Company, or such other person designated by the
Company, to transfer the Restricted Shares as to which the Repurchase Option has been exercised pursuant to Section 3.1 from Employee (or Employee’s legal representative) to the Company (or the assignee of the Repurchase Option).

 (c) To ensure the availability for delivery of Employee’s Restricted Shares upon repurchase by the Company (or the
assignee of the Repurchase Option) pursuant to the Repurchase Option under Section 3.1, Employee hereby appoints the Secretary of the Company, or any other person designated by the Company as escrow agent, as Employee’s attorney-in-fact to
sell, assign and transfer unto the Company (or such assignee), such Restricted Shares, if any, 

  
 8 

 
purchased by the Company (or such assignee) pursuant to the Repurchase Option and shall, upon execution of the Grant Notice, execute, deliver and deposit with the Secretary of the Company, or
such other person designated by the Company, the share certificate(s) representing the Restricted Shares, together with the Assignment Separate from Certificate duly endorsed in blank, attached as Exhibit “C” to the Grant Notice, and the
Joint Escrow Instructions of the Company and Employee attached as Exhibit “D” to the Grant Notice. The Restricted Shares and Assignment Separate from Certificate shall be held by the Secretary (or other escrow agent) in escrow, pursuant to
Joint Escrow Instructions, until the Company (or such assignee) exercises the Repurchase Option as provided in Section 3.1, until such Restricted Shares (or portion thereof) are no longer subject to the Restrictions, or until such time as this
Agreement no longer is in effect. As a further condition to the Company’s obligations under this Agreement, the spouse of Employee, if any, shall execute and deliver to the Company the Consent of Spouse attached as Exhibit “E” to the
Grant Notice. At such time as the Restrictions lapse as to some or all of the Restricted Shares, the Secretary (or other escrow agent) shall promptly deliver to Employee (or Employee’s legal representative) the certificate or certificates
representing the Restricted Shares that are no longer subject to the Restrictions in the Secretary’s (or other escrow agent’s) possession belonging to Employee, and at such time as there are no longer any Restricted Shares that are subject
to the Restrictions, the Secretary (or other escrow agent) shall promptly deliver to Employee (or Employee’s legal representative) the certificate or certificates representing any remaining Restricted Shares in the escrow agent’s
possession belonging to Employee, and the Secretary (or other escrow agent) shall be discharged of all further obligations hereunder. 
 (d) The Secretary, or other escrow agent, shall not be liable for any act he or she may do or omit to do with respect to holding the Restricted Shares in escrow and while acting in good faith and in the
exercise of his or her judgment. 
 Section 3.3 - Legend. 

(a) Except as provided in Section 3.3(b), the share certificate evidencing the Restricted Shares issued hereunder shall be endorsed
with the following legends (in addition to any legend required under applicable state securities laws): 
 THE SECURITIES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND REPURCHASE RIGHTS HELD BY THE ISSUER OR ITS ASSIGNEE(S) AS SET FORTH IN A RESTRICTED STOCK AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON
FILE WITH THE SECRETARY OF THE ISSUER. SUCH TRANSFER RESTRICTIONS AND REPURCHASE RIGHTS ARE BINDING ON TRANSFEREES OF THESE SHARES. 
 THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD OR
TRANSFERRED UNLESS (X) THE SALE OR TRANSFER IS COVERED BY AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND COMPLIES WITH APPLICABLE STATE SECURITIES LAWS, (Y) THE SALE OR 

  
 9 

 
TRANSFER IS IN COMPLIANCE WITH RULE 144 UNDER THE ACT AND COMPLIES WITH APPLICABLE STATE SECURITIES LAWS OR (Z) THE COMPANY RECEIVES AN OPINION OF COUNSEL (WHICH COUNSEL AND OPINION ARE
REASONABLY SATISFACTORY TO THE COMPANY) STATING THAT THE SALE OR TRANSFER IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF THE ACT AND APPLICABLE STATE SECURITIES LAWS. 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND OTHER RESTRICTIONS SET FORTH IN AN
AMENDED AND RESTATED STOCKHOLDERS’ AGREEMENT BY AND AMONG SAFEWAY INC., THE COMPANY, THE STOCKHOLDER AND CERTAIN HOLDERS OF COMMON STOCK OF THE COMPANY. SUCH TRANSFER RESTRICTIONS AND REPURCHASE RIGHTS ARE BINDING ON TRANSFEREES OF THESE
SHARES. A COPY OF SUCH AGREEMENT AS IN EFFECT FROM TIME TO TIME MAY BE OBTAINED WITHOUT CHARGE UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY. 
 (b) The share certificate evidencing the Restricted Shares that are not subject to Restrictions as of the Grant Date shall not be endorsed with the legend provided for in Section 3.3(a) relating to
the Repurchase Option and any other Restrictions. 
 Section 3.4 - Lapse of Restrictions. 

(a) Subject to the terms and conditions of the Plan, the Restrictions applicable to the Restricted Shares shall lapse in accordance with
the Vesting Schedule set forth on the Grant Notice. 
 (b) Upon the lapse of the Restrictions on the Restricted Shares (or
portion thereof), the Company and the escrow agent shall cause new certificates to be issued with respect to such Restricted Shares and delivered to Employee or his or her legal representative, free from the legend provided for in
Section 3.3(a) relating to the Repurchase Option and any other Restrictions. At such time, the Company shall also deliver all other securities and property held in escrow pursuant to Sections 3.2 and 3.5 in respect of the number of shares of
Common Stock as to which the Restrictions have then lapsed. Notwithstanding the foregoing, no such new certificate shall be delivered to Employee or his or her legal representative unless and until Employee or his or her legal representative shall
have paid to the Company in cash the full amount of all federal and state withholding or other employment taxes applicable to the taxable income and wages of Employee resulting from the award of the Restricted Shares or the lapse of the
Restrictions. 
 (c) Notwithstanding anything to the contrary in this Section 3.4, following the lapse of the Restrictions,
the Restricted Shares will remain subject to the Stockholders’ Agreement. 

  
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 Section 3.5 - Restrictions on Distributions, etc. 

In the event of any dividend or other distribution (including ordinary cash dividends, and whether in the form of Common Stock, other
securities, or other property), recapitalization, reclassification, stock split, reverse stock split, reorganization, merger, consolidation, split-off, spin-off, combination, repurchase, liquidation, dissolution, or sale, transfer, exchange or other
disposition of all or substantially all of the assets of the Company, or exchange of Common Stock or other securities of the Company, or issuance of warrants or other rights to purchase Common Stock or other securities of the Company, or other
similar transaction or event, then any new or additional or different shares or securities or property (including cash) which is paid, issued, exchanged or distributed in respect of Restricted Shares then subject to Restrictions shall be considered
to be Restricted Shares and shall be subject to all of the Restrictions, unless the Administrator shall, in its discretion, otherwise provide. 
 ARTICLE IV. 
 MISCELLANEOUS 

Section 4.1 - Administration. 
 The Administrator shall have the power to interpret the Plan, the Grant Notice and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are
consistent therewith and to interpret, amend or revoke any such rules. All actions taken and all interpretations and determinations made by the Administrator in good faith shall be final and binding upon Employee, the Company and all other
interested persons. No member of the Administrator shall be personally liable for any action, determination, or interpretation made in good faith with respect to the Plan or the Restricted Shares. 

Section 4.2 - Conditions to Issuance of Stock Certificates. 
 The Restricted Shares may be either previously authorized but unissued shares or issued shares which have then been reacquired by the Company. Such shares shall be fully paid and nonassessable. The
Company shall not be required to issue or deliver any certificate or certificates for Restricted Shares or other stock pursuant to this Agreement prior to fulfillment of all of the following conditions: 

(a) The receipt by the Company of full payment for such shares, including payment of any applicable withholding tax in
accordance with Section 4.5 below; 
 (b) Employee’s execution and delivery of the Stockholders’
Agreement with respect to such shares; 
 (c) The admission of such shares to listing on all stock exchanges on
which such class of stock is then listed, if applicable; 
 (d) The completion of any registration or other
qualification of such shares under any state or federal law or under rulings or regulations of the Securities and Exchange Commission or of any other governmental regulatory body, if applicable, or

  
 11 

 
the receipt of further representations from Employee as to investment intent or completion of other actions necessary to perfect exemptions, as the Administrator shall, in its absolute
discretion, deem necessary or advisable; 
 (e) The obtaining of any approval or other clearance from any state
or federal governmental agency which the Administrator shall, in its absolute discretion, determine to be necessary or advisable; and 
 (f) The lapse of such reasonable period of time as the Administrator may from time to time establish for reasons of administrative convenience. 
 Section 4.3 - Rights as Stockholder. 
 Except as otherwise
provided herein (including in Section 3.5) and subject to the Stockholders’ Agreement, upon the delivery of Restricted Shares to the Secretary or such other escrow holder as the Administrator may appoint, Employee shall have all the rights
of a stockholder with respect to the Restricted Shares, including the right to vote the Restricted Shares and the right to receive all dividends or other distributions paid or made with respect to the Restricted Shares, subject to Section 3.5.

 Section 4.4 - Section 83(b) Election. 
 Employee shall be permitted, if he or she chooses, to make an election under Section 83(b) of the Code to be taxed with respect to the Restricted Shares as of the date of issuance of the Restricted
Shares rather than as of the date on which Employee would otherwise be taxed under Section 83(a) of the Code. 
 If
Employee makes an election under Section 83(b) of the Code, such election must be made within thirty (30) days of the Grant Date, and Employee shall deliver a copy of such election to the Company. 

Instructions and a form of election under Section 83(b) of the Code are attached as Exhibit “F” to the Grant Notice.
Employee acknowledges that it is Employee’s responsibility to consult with his or her personal tax advisor as to whether or not to make such an election. 
 EMPLOYEE ACKNOWLEDGES THAT IT IS EMPLOYEE’S SOLE RESPONSIBILITY AND NOT THE COMPANY’S TO FILE TIMELY AN ELECTION UNDER SECTION 83(B) OF THE CODE, EVEN IF EMPLOYEE REQUESTS THE COMPANY OR
ITS REPRESENTATIVE TO MAKE THIS FILING ON EMPLOYEE’S BEHALF. EMPLOYEE FURTHER ACKNOWLEDGES THAT EMPLOYEE AND HIS OR HER PERSONAL TAX ADVISOR, AND NOT THE COMPANY, ARE RESPONSIBLE FOR ASSURING THAT ANY SUCH ELECTION COMPLIES WITH THE
REQUIREMENTS OF SECTION 83(B) OF THE CODE. 

  
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 Section 4.5 - No Representations. 

No representation is being made by Safeway, the Company or any Subsidiary regarding the present or future value of the Restricted Shares,
and no person has been authorized by Safeway, the Company or any Subsidiary to make any representation regarding the present or future value of the Restricted Shares. 
 Section 4.6 - Tax Withholding. 
 (a) Subject to
Section 4.6(c), the Company shall be entitled to require payment of any sums required by federal, state or local tax law to be withheld with respect to the issuance of the Restricted Shares or the lapse of the Restrictions with respect to the
Restricted Shares, or any other taxable event related thereto. The Company may permit Employee to make such payment in one or more of the forms specified below: 
 (i) by cash or check made payable to the Company; 
 (ii) by the
deduction of such amount from other compensation payable to Employee; 
 (iii) by tendering Restricted Shares
which are not subject to the Restrictions and which have a then current Fair Market Value not greater than the amount necessary to satisfy the Company’s withholding obligation based on the minimum statutory withholding rates for federal, state
and local income tax and payroll tax purposes; or 
 (iv) in any combination of the foregoing. 

(b) In the event Employee fails to provide timely payment of all sums required by the Company pursuant to Section 4.6(a), the
Company shall have the right and option, but not obligation, to treat such failure as an election by Employee to provide all or any portion of such required payment by means of tendering Restricted Shares in accordance with Section 4.6(a)(iii)
above. 
 (c) In the event Employee makes an election under Section 83(b) of the Code, or any successor section thereto, to
be taxed with respect to the Restricted Shares as of the date of issuance rather than as of the date or dates upon which Employee would otherwise be taxable under Section 83(a) of the Code, the Company shall offer to loan Employee the amount
indicated on the Promissory Note attached as Exhibit “G” to the Grant Notice. Any loan provided under this Section 4.6(c) shall be evidenced by an interest-bearing, recourse promissory note secured by the Restricted Shares and a stock
pledge agreement in substantially the form attached as Exhibit “G” to the Grant Notice. To the extent necessary to satisfy the Company’s federal, state and local income and employment tax withholding obligation with respect to the
Restricted Shares, the Company shall be entitled to withhold the proceeds of any loan under this Section 4.6(c). 

  
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 Section 4.7 - Notices. 

Any notice to be given by Employee under the terms of this Agreement shall be addressed to the Secretary or his or her office. Any notice
to be given to Employee shall be addressed to him at the address given beneath his or her signature on the Grant Notice. By a notice given pursuant to this Section, either party may hereafter designate a different address for notices to be given to
such party. Any notice which is required to be given to Employee shall, if Employee is then deceased, be given to Employee’s personal representative if such representative has previously informed the Company of his or her status and address by
written notice under this Section. Any notice shall be deemed duly given when enclosed in a properly sealed envelope or wrapper addressed as aforesaid, deposited (with postage prepaid) in a post office or branch post office regularly maintained by
the United States Postal Service. 
 Section 4.8 - Titles. 

Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

 Section 4.9 - Construction. 
 This Agreement shall be administered, interpreted and enforced under the internal laws of the State of Delaware (without giving effect to the conflicts of law principles thereof). 

Section 4.10 - Conformity to Securities Laws. 
 Employee acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all provisions of all applicable federal and state laws, rules and regulations (including, but
not limited to the Securities Act and the Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder) and to such rules, regulations and other requirements of any listing, regulatory or other
governmental authority as may, in the opinion of counsel for the Company, be necessary or advisable in connection therewith. Notwithstanding anything herein to the contrary, the Plan and this Agreement shall be administered, and the Restricted
Shares are granted, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, the Plan, this Agreement and the Restricted Shares shall be deemed amended to the extent necessary to conform to
such laws, rules and regulations. 
 Section 4.11 - Amendments. 

This Agreement and the Plan may be amended without the consent of Employee provided that such amendment would not impair any rights of
Employee under this Agreement. No amendment of this Agreement shall, without the consent of Employee, impair any rights of Employee under this Agreement. 

  
 14

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