Document:

Form of Change in Control Agreement

 EXHIBIT 10.3 

FORM OF VERDE REALTY SEVERANCE AND 

CHANGE IN CONTROL AGREEMENT 

THIS SEVERANCE AND CHANGE IN CONTROL AGREEMENT (this “Agreement”), dated as of [date] (the “Effective Date”), by and
between Verde Realty, a Maryland Real Estate Investment Trust (the “Company”), and [name] (the “Executive”). 

WHEREAS, the Board of Trustees of the Company (the “Board”), has determined that it is in the best interests of the Company and
its stockholders to assure that the Company will have the continued dedication of the Executive, notwithstanding the possibility of severance from employment or the occurrence of a Change in Control (as defined below). The Board believes it is
imperative to diminish the inevitable distraction of the Executive by virtue of the possibility of severance from employment and the personal uncertainties and risks created by a pending or threatened Change in Control and to encourage the
Executive’s full attention and dedication to the Company in the event of possible severance or a pending Change in Control, and to provide the Executive with compensation and benefits arrangements upon a severance prior to or following a Change
in Control that ensure that the compensation and benefits expectations of the Executive will be satisfied and that provide the Executive with compensation and benefits arrangements that are competitive with those of other corporations. Therefore, in
order to accomplish these objectives, the Board has caused the Company to enter into this Agreement. 
 NOW, THEREFORE, IT IS
HEREBY AGREED AS FOLLOWS: 
 Section 1. Certain Definitions.  

(a) “Affiliated Company” means any company controlled by, controlling or under common control with the Company.

 (b) “Change in Control” means the first to occur of: 

(1) individuals who, on April 30, 2010, constitute the Board (the “Incumbent Trustees”) cease for any
reason to constitute at least a majority of the Board, provided that any person becoming a trustee thereafter whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent Trustees then on the Board (either
by a specific vote or by approval of a proxy statement of the Company, if applicable, in which such person is named as a nominee for trustee, without written objection to such nomination) shall be an Incumbent Trustee; 

(2) any person or business entity is or becomes a “beneficial owner” (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of securities of the Company representing more than 30% of the total voting power represented by then outstanding voting securities of Verde Realty (or any Subsidiary that employs the Executive);
provided, however, that the event described in this paragraph (2) shall not be deemed to be a Change in Control by virtue of any of the following acquisitions: (A) by the Company or any Subsidiary, (B) by any
employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary, or (C) by any underwriter temporarily holding securities pursuant to an offering of such securities; or 

 (3) there shall be consummated a merger of Verde Realty (or any Subsidiary
that employs the Executive), the sale or disposition by Verde Realty of all or substantially all of its assets (or the assets of any Subsidiary that employs the Executive) within a 12-month period, or any other business combination of Verde Realty
(or any Subsidiary that employs the Executive) with any other corporation or business entity, but not including any merger or business combination of Verde Realty which would result in the voting securities of Verde Realty (or any Subsidiary that
employs the Executive) outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the total voting power represented by the
voting securities of Verde Realty, any Subsidiary that employs the Executive, or such surviving entity outstanding immediately after such merger or business combination. 

Notwithstanding anything herein to the contrary, in no event shall shareholder approval of a transaction which, if consummated, would constitute a Change
in Control constitute a Change in Control. 
 (c) “Change in Control Date” means the first date during the Term of
Agreement (as defined herein) on which a Change in Control occurs. 
 (d) “Change in Control Protection Period” means
the period commencing on the Change in Control Date and ending on the second anniversary of the Change in Control Date. 
 (e)
“Code” means the Internal Revenue Code of 1986, as amended. 
 (f) “Subsidiary” means any corporation or
other entity in which the Company has a direct or indirect ownership interest of 50% or more of the total combined voting power of the then outstanding securities or interests of such corporation or other entity entitled to vote generally in the
election of directors or in which the Company has the right to receive 50% or more of the distribution of profits or 50% of the assets or liquidation or dissolution. 

(g) “Term of Agreement” means the period commencing on the Effective Date and ending on the second anniversary of the date
hereof; provided, however, that, commencing on the second anniversary of the Effective Date, and on each anniversary of the Effective Date thereafter (such date and each annual anniversary thereof, the “Renewal Date”), unless
previously terminated, the Term of Agreement shall be automatically extended so as to terminate one year from such Renewal Date, unless, at least 60 days prior to the Renewal Date, the Company shall give notice to the Executive that the Term of
Agreement shall not be so extended. Notwithstanding the foregoing, upon a Change in Control Date, the Term of Agreement shall be automatically extended to the second anniversary of the Change in Control Date. 

Section 2. Termination of Employment during Term of Agreement. In the event Executive’s employment is
terminated during the Term of Agreement, the Executive shall be eligible to receive the payments and benefits as set forth below. 

(a) Death or Disability. The Executive’s employment shall terminate automatically if the Executive dies during
the Term of Agreement. If the Company determines in good faith that the Disability (as defined herein) of the Executive has occurred during the Term of Agreement (pursuant to the definition of “Disability”), it may give to the Executive
written notice in 
  

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accordance with Section 9(b) of its intention to terminate the Executive’s employment. In such event, the Executive’s employment with the Company shall terminate effective thirty
(30) days after receipt of such notice by the Executive (the “Disability Effective Date”), provided that, during such thirty (30) day period, the Executive shall not have returned to full-time performance of the
Executive’s duties. “Disability” means the absence of the Executive from the Executive’s duties with the Company on a full-time basis for 180 consecutive business days as a result of incapacity due to mental or physical illness
that is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Executive or the Executive’s legal representative (such agreement as to acceptability not to be unreasonably withheld).

 (b) Cause. The Company may terminate the Executive’s employment during the Term of the Agreement with or
without Cause. “Cause” means: 
 (1) the willful and continued failure of the Executive to perform
substantially the Executive’s duties with the Company or any Affiliated Company (other than any such failure resulting from incapacity due to physical or mental illness or following the Executive’s delivery of a Notice of Termination for
Good Reason), after a written demand for substantial performance is delivered to the Executive by the Board or the Chief Executive Officer of the Company that specifically identifies the manner in which the Board or the Chief Executive Officer of
the Company believes that the Executive has not substantially performed the Executive’s duties, 
 (2) the
willful engaging by the Executive in illegal conduct or gross misconduct that is materially and demonstrably injurious to the Company, or 

(3) the Executive’s conviction of, or plea of guilty or nolo contendere to, a felony. 

For purposes of this Section 2(b), no act, or failure to act, on the part of the Executive shall be considered “willful” unless it is
done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best interests of the Company. Any act, or failure to act, based upon (A) authority given pursuant
to a resolution duly adopted by the Board, or if the Company is not the ultimate parent corporation of the Affiliated Companies and is not publicly-traded, the board of trustees of the ultimate parent of the Company (the “Applicable
Board”), (B) the instructions of the Chief Executive Officer of the Company or a senior officer of the Company or (C) the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the
Executive in good faith and in the best interests of the Company. The cessation of employment of the Executive shall not be deemed to be for Cause unless and until there shall have been delivered to the Executive a copy of a resolution duly adopted
by the affirmative vote of not less than three-quarters of the entire membership of the Applicable Board (excluding the Executive, if the Executive is a member of the Applicable Board) at a meeting of the Applicable Board called and held for such
purpose (after reasonable notice is provided to the Executive and the Executive is given an opportunity, together with counsel for the Executive, to be heard before the Applicable Board), finding that, in the good faith opinion of the Applicable
Board, the Executive is guilty of the conduct described in Section 2(b)(1) or 2(b)(2), and specifying the particulars thereof in detail. 
  

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 (c) Good Reason. The Executive’s employment may be terminated during the
Term of the Agreement by the Executive for Good Reason or by the Executive voluntarily without Good Reason. “Good Reason” means: 

(1) the assignment to the Executive of duties materially inconsistent with the Executive’s position (including
offices, titles and reporting requirements), authority, duties or responsibilities, a material diminution in such position, authority, duties or responsibilities, or a material diminution in the budget over which the Executive retains authority;

 (2) a material diminution in the authorities, duties or responsibilities of the person to whom the Executive
is required to report, including a requirement that the Executive report to an officer or employee instead of reporting directly to the Applicable Board; 

(3) a material reduction in base salary or annual cash bonus opportunity; 

(4) the Company’s requiring the Executive to be based at any office or location resulting in a material increase in
the Executive’s commute to and from the Executive’s primary residence (for this purpose an increase in the Executive’s commute by 30 miles or more shall be deemed material); provided, however, that relocation of the Company’s
headquarters from El Paso, Texas to Houston, Texas and the relocation of the VAC headquarters from Dallas, Texas to Houston, Texas within 24 months after the Effective Date and requiring the Executive to be based at such new headquarters shall not
constitute Good Reason for purposes of this Agreement; 
 (5) any other action or inaction that constitutes a
material breach by the Company of this Agreement; or 
 (6) any failure by the Company to comply with and satisfy
Section 8(c). 
 In order to invoke a termination for Good Reason, the Executive shall provide written notice to the
Company of the existence of one or more of the conditions described in clauses (1) through (5) within 90 days following the Executive’s knowledge of the initial existence of such condition or conditions, specifying in reasonable
detail the conditions constituting Good Reason, and the Company shall have 30 days following receipt of such written notice (the “Cure Period”) during which it may remedy the condition. In the event that the Company fails to remedy the
condition constituting Good Reason during the applicable Cure Period, the Executive’s “separation from service” (within the meaning of Section 409A of the Code) must occur, if at all, within thirty (30) days following such
Cure Period in order for such termination as a result of such condition to constitute a termination for Good Reason. 
 (d)
Notice of Termination. Any termination by the Company for Cause, or by the Executive for Good Reason, shall be communicated by Notice of Termination to the other party hereto given in accordance with Section 9(b). “Notice of
Termination” means a written notice that (1) indicates the specific termination provision in this Agreement relied upon, (2) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a
basis for termination of the Executive’s employment under the provision so indicated and (3) if the Date of Termination (as defined herein) is other than the date of receipt of such notice, specifies the Date of Termination (which Date of
Termination shall be not more than 30 days after the giving of such notice). The failure by the Executive or the Company to set forth in the Notice of Termination any fact or circumstance that contributes to a showing of Good Reason or Cause shall
not waive any right of the Executive or the Company, respectively, hereunder or preclude the Executive or the Company, respectively, from asserting such fact or circumstance in enforcing the Executive’s or the Company’s respective rights
hereunder. 
  

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 (e) Date of Termination. “Date of Termination” means (1) if the
Executive’s employment is terminated by the Company for Cause, or by the Executive for Good Reason, the date of receipt of the Notice of Termination or such later date specified in the Notice of Termination, as the case may be, (2) if the
Executive’s employment is terminated by the Company other than for Cause or Disability, the date on which the Company notifies the Executive of such termination, (3) if the Executive resigns without Good Reason, the date on which the
Executive notifies the Company of such termination and (4) if the Executive’s employment is terminated by reason of death or Disability, the date of death of the Executive or the Disability Effective Date, as the case may be. 

Section 3. Obligations of the Company upon Termination. 

(a) By the Executive for Good Reason; By the Company Other Than for Cause, Death or Disability. If, during the Term of
Agreement, the Company terminates the Executive’s employment other than for Cause, Death or Disability or the Executive terminates employment for Good Reason: 

(1) the Company shall pay to the Executive, in a lump sum in cash within 60 days after the Date of Termination (subject to
the Executive’s execution and non-revocation, within fifty-two (52) days after the Date of Termination, of the general release attached hereto as Appendix A), the aggregate of the following amounts set forth in clauses (A)-(C), as
applicable and shall provide the Executive the benefit described in clause (D): 
 (A) the sum of (i) the
Executive’s Annual Base Salary through the Date of Termination to the extent not theretofore paid, (ii) the Executive’s business expenses that are reimbursable pursuant to the Company’s expense reimbursement policy, as in effect
from time to time but have not been reimbursed by the Company as of the Date of Termination; (iii) the Executive’s Annual Bonus for the fiscal year immediately preceding the fiscal year in which the Date of Termination occurs, if such
bonus has been determined but not paid as of the Date of Termination; (iv) any accrued paid time off to the extent not theretofore paid (the sum of the amounts described in subclauses (i), (ii), (iii) and (iv), the “Accrued
Obligations”) and (v) a pro-rata bonus for the year of termination, based on the Highest Annual Bonus and (the “Pro Rata Bonus”); provided, that notwithstanding the foregoing, if the Executive has made an irrevocable
election under any deferred compensation arrangement subject to Section 409A of the Code to defer any portion of the Annual Bonus described in clause (iii) above, then for all purposes of this Section 3 (including, without limitation,
Sections 3(b) through 3(d)), such deferral election, and the terms of the applicable arrangement shall apply to the same portion of the amount described in such clause (iii), and such portion shall not be considered as part of the “Accrued
Obligations” but shall instead be an “Other Benefit” (as defined below); 

(B) if such termination of employment occurs during the CIC Protection Period, the amount equal to the
product of (i) one and one-half (1 1/2) and
(ii) the sum of the Executive’s then current annual base salary and the target annual bonus opportunity; provided, however, that if the Executive is terminating employment due to a Good 

  

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Reason event described in Section 2(c)(3) above, the amount of such annual base salary and the target annual bonus opportunity shall be at the rate in effect immediately prior to the event
giving rise to such Good Reason event, and the Executive shall not be eligible to receive the payments set forth in Section 3(a)(1)(C) below; 

(C) if such termination of employment occurs during the Term of Agreement at any time other than
during a CIC Protection Period, the amount equal to the product of (i) one and one-half
(1 1/2) and (ii) the sum of the
Executive’s then current annual base salary the target and the annual bonus opportunity; provided, however, that if the Executive is terminating employment due to a Good Reason event described in Section 2(c)(3) above, the amount of such
annual base salary and the target annual bonus opportunity shall be at the rate in effect immediately prior to the event giving rise to such Good Reason event, and the Executive shall not be eligible to receive the payments set forth in
Section 3(a)(1)(B) above; and 
 (D) each equity-based award that is outstanding as of the Date of
Termination shall vest on the Date of Termination and shall remain exercisable in the case of stock options and stock appreciation rights until expiration of its original term. 

(2) for eighteen (18) months after the Executive’s Date of Termination, or such longer period as may be provided
by the terms of the appropriate plan, program, practice or policy (the “Benefit Continuation Period”), the Company shall provide health care, life insurance benefits and long-term disability benefits to the Executive and/or the
Executive’s family on the same basis (including, but not limited to, payment by the Executive of any employee premium and other costs) as such benefits are provided to other employees of the Company from time to time; provided,
however, that if the Executive becomes re-employed with another employer and is eligible to receive health care under another employer-provided plan, the health care provided hereunder shall be secondary to those provided under such other plan
during such applicable period of eligibility. The health care benefits provided during the Benefit Continuation Period hereunder shall be provided concurrently with any health care benefits that may be provided during such period pursuant to
Section 4980B of the Code; and 
 (3) except as otherwise set forth in the last sentence of Section 4,
to the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive any Other Benefits (as defined in Section 4) in accordance with the terms of the underlying plans or agreements. 

(b) Death. If the Executive’s employment is terminated by reason of the Executive’s death during the Term of
Agreement, the Company shall provide the Executive’s estate or beneficiaries with the Accrued Obligations (subject to the proviso set forth in Section 3(a)(1)(A) to the extent applicable) and the Pro Rata Bonus and the timely payment or
delivery of the Other Benefits (subject to the proviso set forth in Section 3(a)(1)(A) to the extent applicable), and shall have no other severance obligations under this Agreement. The Accrued Obligations and the Pro Rata Bonus shall be paid
to the Executive’s estate or beneficiary, as applicable, in a lump sum in cash within 30 days of the Date of Termination. In the event the Executive’s death occurs during a Change in Control Protection Period, with respect to the provision
of the Other Benefits, the term “Other Benefits” as utilized in this Section 3(b) shall include, without limitation, and the 

 

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Executive’s estate and/or beneficiaries shall be entitled to receive, benefits at least equal to the most favorable benefits provided by the Company and the Affiliated Companies to the
estates and beneficiaries of peer executives of the Company and the Affiliated Companies under such plans, programs, practices and policies relating to death benefits, if any, as in effect with respect to other peer executives and their
beneficiaries at any time during the 120-day period immediately preceding the Change in Control Date or, if more favorable to the Executive’s estate and/or the Executive’s beneficiaries, as in effect on the date of the Executive’s
death with respect to other peer executives of the Company and the Affiliated Companies and their beneficiaries. 
 (c)
Disability. If the Executive’s employment is terminated by reason of the Executive’s Disability during the Term of Agreement, the Company shall provide the Executive with the Accrued Obligations and Pro Rata Bonus and the
timely payment or delivery of the Other Benefits (subject to the proviso set forth in Section 3(a)(1)(A) to the extent applicable) in accordance with the terms of the underlying plans or agreements, and shall have no other severance obligations
under this Agreement. The Accrued Obligations (subject to the proviso set forth in Section 3(a)(1)(A) to the extent applicable) and the Pro Rata Bonus shall be paid to the Executive in a lump sum in cash within 30 days of the Date of
Termination. In the event such Disability occurs during a Change in Control Protection Period, with respect to the provision of the Other Benefits, the term “Other Benefits” as utilized in this
 Section 3(c) shall include, and the
Executive shall be entitled after the Disability Effective Date to receive, disability and other benefits at least equal to the most favorable of those generally provided by the Company and the Affiliated Companies to disabled executives and/or
their families in accordance with such plans, programs, practices and policies relating to disability, if any, as in effect generally with respect to other peer executives and their families at any time during the 120-day period immediately
preceding the Change in Control Date or, if more favorable to the Executive and/or the Executive’s family, as in effect at any time thereafter generally with respect to other peer executives of the Company and the Affiliated Companies and their
families. 
 (d) Cause; Other Than for Good Reason. If the Executive’s employment is terminated for Cause
during the Term of Agreement, the Company shall provide the Executive with the Executive’s Annual Base Salary through the Date of Termination, and the timely payment or delivery of the Other Benefits (subject to the proviso set forth in
Section 3(a)(1)(A) to the extent applicable), and shall have no other severance obligations under this Agreement. If the Executive voluntarily terminates employment during the Term of Agreement, excluding a termination for Good Reason, the
Company shall provide to the Executive the Accrued Obligations and the Pro Rata Bonus and the timely payment or delivery of the Other Benefits, subject to the proviso set forth in Section 3(a)(1)(A) to the extent applicable, and shall have no
other severance obligations under this Agreement. In such case, all the Accrued Obligations and the Pro Rata Bonus shall be paid to the Executive in a lump sum in cash within 30 days of the Date of Termination. 

Section 4. Non-exclusivity of Rights. Nothing in this Agreement shall prevent or limit the Executive’s continuing
or future participation in any plan, program, policy or practice provided by the Company or the Affiliated Companies and for which the Executive may qualify, nor, subject to Section 9(f), shall anything herein limit or otherwise affect such
rights as the Executive may have under any other contract or agreement with the Company or the Affiliated Companies. Amounts that are vested benefits or that the Executive is otherwise entitled to

  

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receive under any plan, policy, practice or program of or any other contract or agreement with the Company or the Affiliated Companies at or subsequent to the Date of Termination (“Other
Benefits”) shall be payable in accordance with such plan, policy, practice or program or contract or agreement, except as explicitly modified by this Agreement. Without limiting the generality of the foregoing, the Executive’s resignation
under this Agreement with or without Good Reason, shall in no way affect the Executive’s ability to terminate employment by reason of the Executive’s “retirement” under, or to be eligible to receive benefits under, any
compensation and benefits plans, programs or arrangements of the Company or any of the Affiliated Companies, including without limitation any retirement or pension plans or arrangements or substitute plans adopted by the Company, any of the
Affiliated Companies or any of their respective successors, and any termination which otherwise qualifies as Good Reason shall be treated as such even if it is also a “retirement” for purposes of any such plan. Notwithstanding the
foregoing, if the Executive receives payments and benefits pursuant to Section 3(a) of this Agreement, the Executive shall not be entitled to any severance pay or benefits under any severance plan, program or policy of the Company and the
Affiliated Companies, unless otherwise specifically provided therein in a specific reference to this Agreement. 

Section 5. Full Settlement; Legal Fees. The Company’s obligation to make the payments provided for in this
Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense, or other claim, right or action that the Company may have against the Executive or others. In no event shall the
Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and except as specifically provided in Section 3(a)(2), such
amounts shall not be reduced whether or not the Executive obtains other employment. The Company agrees to pay as incurred (within 10 days following the Company’s receipt of an invoice from the Executive), at any time following an applicable
Change in Control Date, to the full extent permitted by law, all legal fees and expenses that the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company, the Executive or others of the validity
or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, in each case,
interest on any delayed payment at the applicable federal rate provided for in Section 7872(f)(2)(A) of the Code (“Interest”) determined as of the date such legal fees and expenses were incurred. In order to comply with
Section 409A of the Code, in no event shall the payments by the Company under this Section 5 be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred, provided,
that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred. The amount of such legal fees and
expenses that the Company is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company is obligated to pay in any other calendar year, and the Executive’s right to have the Company pay such legal
fees and expenses may not be liquidated or exchanged for any other benefit. 
  

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 Section 6. Treatment of Payments in Excess of Code Section 280G Safe
Harbor.  
 (a) Anything in this Agreement to the contrary notwithstanding, in the event it shall be determined that
(i) any Payment (or any acceleration of any Payment) to or for the benefit of Executive would be subject to the Excise Tax, and (ii) the reduction of the amounts payable to Executive under this Agreement to the Safe Harbor Amount would
provide the Executive with a greater after-tax amount than if such amounts were not reduced, then the amounts payable to Executive under this Agreement shall be reduced (but not below zero) by an amount sufficient to reduce the Parachute Value of
the Payments to the Safe Harbor Amount. The reduction of the Parachute Value of the Payments, if applicable, shall be made by reducing the payments and benefits under the following sections of this Agreement in the following order:
(i) Section 3(a)(1)(B) or Section 3(a)(1)(C) hereof, as applicable, (ii) Section 3(a)(1)(A)(v) hereof, and (iii) Section 3(a)(2) hereof; unless an alternative method of reduction was elected by Executive on or
prior to the Effective Date of this Agreement. If the reductions described in the preceding sentence are not sufficient to reduce the Parachute Value of the Payments to the Safe Harbor Amount, further reduction of the Parachute Value of the Payments
shall be made in the manner which has the least economic cost to the Executive. 
 (b) All determinations required to be made
under this Section 6, including the Safe Harbor Amount, whether and when an Excise Tax is due, the amount of Excise Tax and the assumptions to be utilized in arriving at such determinations, shall be made by such nationally recognized certified
public accounting firm as may be designated by the Company (the “Accounting Firm”). The Accounting Firm shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of the receipt of notice
from the Executive that there has been a Payment or such earlier time as is requested by the Company. In the event that the Accounting Firm is serving as accountant or auditor for the individual, entity or group effecting the change of control, the
Executive may appoint another nationally recognized accounting firm to make the determinations required hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall
be borne solely by the Company. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. If the Accounting Firm determines that no Excise Tax is payable by Executive, it shall furnish Executive with a written
opinion to such effect, and to the effect that failure to report the Excise Tax, if any, on Executive’s applicable federal income tax return will not result in the imposition of a negligence or similar penalty. In the event the Accounting Firm
determines that the Parachute Value of the Payments shall be reduced to the Safe Harbor Amount, it shall furnish Executive with a written opinion to such effect. The determination by the Accounting Firm shall be binding upon the Company and
Executive (except as provided in paragraph (c) below). 
 (c) If it is established pursuant to a final determination of a
court or the Internal Revenue Service (the “IRS”) proceeding, which has been finally and conclusively resolved, that Payments have been made to, or provided for the benefit of, Executive by the Company, which are in excess of the
limitations provided in this Section 6 (hereinafter referred to as an “Excess Payment”), such Excess Payment shall be deemed for all purposes to be a loan to Executive made on the date Executive received the Excess Payment and
Executive shall repay the Excess Payment to the Company on demand, together with interest on the Excess Payment at the applicable federal rate (as defined in Section 1274(d) of the Code) from the date of Executive’s receipt of such Excess
Payment until the date of such repayment. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the determination, it is possible that Payments which will not have been made by the Company should have been
made (an “Underpayment”), consistent with the calculations required to be made under this Section 6. 

 

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In the event that it is determined (i) by the Accounting Firm, the Company (which shall include the position taken by the Company, or together with its consolidated group, on its federal
income tax return) or the IRS or (ii) pursuant to a determination by a court, that an Underpayment has occurred, the Company shall pay an amount equal to such Underpayment to Executive within ten (10) days of such determination together
with interest on such amount at the applicable federal rate from the date such amount would have been paid to Executive until the date of payment. Executive shall cooperate, to the extent his or her expenses are reimbursed by the Company, with any
reasonable requests by the Company in connection with any contests or disputes with the IRS in connection with the Excise Tax or the determination of the Excess Payment. 

(d) Definitions. The following terms shall have the following meanings for purposes of this Section 6. 

(i) “Excise Tax” shall mean the excise tax imposed by Section 4999 of the Code, together with any interest
or penalties imposed with respect to such excise tax. 
 (ii) “Parachute Value” of a Payment shall mean
the present value as of the date of the change of control for purposes of Section 280G of the Code of the portion of such Payment that constitutes a “parachute payment” under Section 280G(b)(2), as determined by the Accounting
Firm for purposes of determining whether and to what extent the Excise Tax will apply to such Payment. 
 (iii) A
“Payment” shall mean any payment or distribution in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of the Executive, whether paid or payable pursuant to this Agreement or
otherwise. 
 (iv) The “Safe Harbor Amount” means 2.99 times the Executive’s “base
amount,” within the meaning of Section 280G(b)(3) of the Code. 
 Section 7. Noncompetition;
Nonsolicitation; Confidential Information. (a) The Executive agrees that the Executive shall not, during the Noncompete Period (as defined below), directly or indirectly engage in a Competitive Activity, whether as an individual or as
an owner, principal, employee, officer, independent contractor, representative, financial backer, agent, partner, advisor or lender of any individual, partnership, corporation or other organization that is engaged in a Competitive Activity. For
purposes of this Agreement, (i) “Competitive Activity” shall mean ownership, acquisition and management of multifamily rental properties and industrial distribution facilities and (ii) “Noncompete Period” shall mean the
period beginning on the date hereof and ending on (A) the fifteen (15) month anniversary of the Date of Termination if the Date of Termination occurs prior to a Change in Control and (B) the twelve (12) month anniversary of the
Date of Termination if the Date of Termination occurs on or after a Change in Control. Notwithstanding the foregoing, the Executive may make and retain investments during the Noncompete Period in two percent (2%) or less of the equity of any
entity engaged in a Competitive Activity, if such equity is listed on a national securities exchange or regularly traded in an over-the-counter market. The Executive further agrees that he shall not, during the Noncompete Period, directly or
indirectly, alone or with others, on his own behalf or on behalf of another, induce or solicit (or aid or assist any person to induce or solicit) any 

 

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customer of the Company or any Affiliated Company, or any person that was a customer of the Company or any Affiliated Company during or within the six-month period prior to the Noncompete Period,
for the benefit or account of any person that is actively engaged in a Competitive Activity. 
 (b) The Executive agrees that
the Executive shall not, during the Noncompete Period, employ or offer to employ, solicit, actively interfere with the Company’s or any Affiliated Company’s relationship with, or attempt to divert or entice away, any officer or employee of
the Company or any Affiliated Company. 
 (c) The Executive shall hold in a fiduciary capacity for the benefit of the Company
all secret or confidential information, knowledge or data relating to the Company or the Affiliated Companies, and their respective businesses, which information, knowledge or data shall have been obtained by the Executive during the
Executive’s employment by the Company or the Affiliated Companies and which information, knowledge or data shall not be or become public knowledge (other than by acts by the Executive or representatives of the Executive in violation of this
Agreement). After termination of the Executive’s employment with the Company, the Executive shall not, without the prior written consent of the Company or as may otherwise be required by law or legal process, communicate or divulge any such
information, knowledge or data to anyone other than the Company and those persons designated by the Company. In no event following a Change in Control Date shall an asserted violation of the provisions of this Section 7 constitute a basis for
deferring or withholding any amounts otherwise payable to the Executive under this Agreement. 
 Section 8.
Successors. (a) This Agreement is personal to the Executive, and, without the prior written consent of the Company, shall not be assignable by the Executive other than by will or the laws of descent and distribution. This Agreement
shall inure to the benefit of and be enforceable by the Executive’s legal representatives. 
 (b) This Agreement shall
inure to the benefit of and be binding upon the Company and its successors and assigns. Except as provided in Section 8(c), without the prior written consent of the Executive this Agreement shall not be assignable by the Company. 

(c) The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place.
“Company” means the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid that assumes and agrees to perform this Agreement by operation of law or otherwise. 

Section 9. Miscellaneous. (a) This Agreement shall be governed by and construed in accordance with the laws of
the State of Delaware, without reference to principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. Subject to the last sentence of Section 9(g), this Agreement may
not be amended or modified other than by a written agreement executed by the parties hereto or their respective successors and legal representatives. 
  

 11 

 (b) All notices and other communications hereunder shall be in writing and shall be given by
hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 

if to the Executive: 

At the most recent address on file at the Company. 

if to the Company: 

Verde Realty 

Attention: Corporate Secretary 

201 East Main Drive 

El Paso, Texas 79901, 

or to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be
effective when actually received by the addressee. 
 (c) The invalidity or unenforceability of any provision of this Agreement
shall not affect the validity or enforceability of any other provision of this Agreement. 
 (d) The Company may withhold from
any amounts payable under this Agreement such United States federal, state or local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. 

(e) The Executive’s or the Company’s failure to insist upon strict compliance with any provision of this Agreement or the
failure to assert any right the Executive or the Company may have hereunder shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement. 

(f) The Executive and the Company acknowledge that, except as may otherwise be provided under any other written agreement between the
Executive and the Company, the employment of the Executive by the Company is “at will”. From and after the Effective Date, except as specifically provided herein, this Agreement shall supersede any other agreement between the parties with
respect to the subject matter hereof in effect immediately prior to the execution of this Agreement. 
 (g) The Agreement is
intended to be exempt from, or to comply with, the requirements of Section 409A of the Code or an exception or exclusion therefrom and shall in all respects be administered in accordance with Section 409A of the Code. Severance payments
shall be made under the “separation pay” exception under Section 409A of the Code, to the maximum extent possible, and then under the “short-term deferral” exclusion Section 409A of the Code or another applicable
exception. Within the time period permitted by the applicable Treasury Regulations or other guidance, the Company may, in consultation with the Executive, modify the Agreement, in the least restrictive manner necessary and without any diminution in
the value of the payments to the Executive, in order to cause the provisions of the Agreement to comply with the requirements of Section 409A of the Code, so as to avoid the imposition of taxes and penalties on the Executive pursuant to
Section 409A of the Code. 
 Section 10. Survivorship. Upon the expiration or other termination of this
Agreement or the Executive’s employment, the respective rights and obligations of the parties hereto shall survive to the extent necessary to carry out the intentions of the parties under this Agreement. 

 

 12 

 IN WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and, pursuant
to the authorization from the Board, the Company has caused these presents to be executed in its name on its behalf, all as of the day and year first above written. 

 

			
	VERDE REALTY
	
	 
		
	Name: 	 	 
	Title:	 	 

  

	
	
	 
	[Executive]

  

 13 

 APPENDIX A 

FORM OF GENERAL RELEASE 

THIS RELEASE (this “Release”) is granted effective as of the [    ] day of
[                    ], 20[    ], by Executive (the “Executive”) in favor of
Verde Realty (the “Company”). This is the release referred to in that certain Severance and Change in Control Agreement dated as of [date] by and between the Company and the Executive (the “Severance and CIC Agreement”). The
Executive gives this Release in consideration of the Company’s promises and covenants as recited in the Severance and CIC Agreement, with respect to which this Release is an integral part. 

Section 1. Release of the Company. The Executive, for himself/herself, his/her successors, assigns, attorneys and all
those entitled to assert his/her rights, now and forever hereby releases and discharges the Company and its respective officers, stockholders, trustees, employees, agents, parent corporations, subsidiaries, affiliates, estates, successors, assigns
and attorneys (the “Released Parties”), from any and all claims, actions, causes of action, sums of money due, suits, debts, liens, covenants, contracts, obligations, costs, expenses, damages, judgments, agreements, promises, demands,
claims for attorney’s fees and costs or liabilities whatsoever, in law or in equity, which the Executive ever had or now has against the Released Parties, including any claims arising by reason of or in any way connected with any employment
relationship which existed between the Company or any of its parents, subsidiaries, affiliates, or predecessors and the Executive. It is understood and agreed that this Release is intended to cover all actions, causes of action, claims or demands
for any damage, loss or injury, which may be traced either directly or indirectly to the aforesaid employment relationship, or the termination of that relationship, that the Executive has, had or purports to have, from the beginning of time to the
date of this Release, whether known or unknown, that now exists, no matter how remotely they may be related to the aforesaid employment relationship including but not limited to claims for employment discrimination under federal or state law, except
as provided in Paragraph 2; claims arising under Title VII of the Civil Rights Act, 42 U.S.C. § 2000(e), et seq. or the Americans With Disabilities Act, 42 U.S.C. § 12101 et seq.; claims for statutory or common law
wrongful discharge, including any claims arising under the Fair Labor Standards Act, 29 U.S.C. § 201 et seq.; claims for attorney’s fees, expenses and costs; claims for defamation; claims for wages or paid time off; claims
for benefits, including any claims arising under the Employee Retirement Income Security Act, 29 U.S.C. § 1001, et seq.; and provided, however, that nothing herein shall release the Company of its obligations to
the Executive under the Severance and CIC Agreement or any other contractual obligations between the Company or its affiliates and the Executive, or any indemnification obligations to Executive under the Company’s bylaws, declaration of trust,
Maryland law or otherwise. 
 Section 2. Release of Claims Under Age Discrimination in Employment Act.
Without limiting the generality of the foregoing, the Executive agrees that by executing this Release, he/she has released and waived any and all claims he/she has or may have as of the date of this Release for age discrimination under the Age
Discrimination in Employment Act, 29 U.S.C. § 621, et seq. It is understood that the Executive is advised to consult with an attorney prior to executing this Release; that the Executive in fact has consulted a knowledgeable,
competent attorney regarding this Release; that the Executive may, before executing this Release, consider 
  

 14 

 
this Release for a period of forty-five (45) calendar days calendar days; and that the consideration the Executive receives for this Release is in addition to amounts to which the Executive
was already entitled. It is further understood that this Release is not effective until seven (7) calendar days after the execution of this Release and that the Executive may revoke this Release within seven (7) calendar days from the date
of execution hereof. 
 The Executive agrees that he/she has carefully read this Release and is signing it voluntarily. The
Executive acknowledges that he/she has had forty-five (45) days from receipt of this Release to review it prior to signing or that, if the Executive is signing this Release prior to the expiration of such 45-day period, the Executive is waiving
his/her right to review the Release for such full 45-day period prior to signing it. The Executive has the right to revoke this release within seven (7) days following the date of its execution by him/her. 

Section 3. Certain Exceptions. Notwithstanding any provision of the Severance and CIC Agreement to the contrary, this
Release shall not affect and expressly excludes any claim relating to: (1) obligations under the Severance and CIC Agreement; (2) obligations that, in each case, by their terms are to be performed after the date hereof (including, without
limitation, obligations to the Executive under any equity compensation awards or agreements or obligations under any pension plan or other benefit or deferred compensation plan, all of which shall remain in effect in accordance with their terms);
(3) obligations to indemnify the Executive respecting acts or omissions in connection with the Executive’s service as a trustee, director, officer or employee of the Company or any Affiliated Company (as defined in the Severance and CIC
Agreement); (4) obligations with respect to insurance coverage under any trustees’, directors’ and officers’ liability insurance policies; (5) Executive’s rights to obtain contribution in the event of the entry of
judgment against Executive as a result of any act or failure to act for which both the Executive and the Company or any Affiliated Company (as defined in the Severance and CIC Agreement) are jointly responsible; (6) any rights that the
Executive may have as a stockholder of the Company; and (7) on facts or circumstances arising after the date hereof. 
 THE
EXECUTIVE HAS CAREFULLY READ THIS RELEASE AND ACKNOWLEDGES THAT IT CONSTITUTES A GENERAL RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS AGAINST THE COMPANY UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT. THE EXECUTIVE ACKNOWLEDGES THAT HE/SHE HAS HAD A
FULL OPPORTUNITY TO CONSULT WITH AN ATTORNEY OR OTHER ADVISOR OF THE EXECUTIVE’S CHOOSING CONCERNING HIS/HER EXECUTION OF THIS RELEASE AND THAT HE/SHE IS SIGNING THIS RELEASE VOLUNTARILY AND WITH THE FULL INTENT OF RELEASING THE COMPANY FROM
ALL SUCH CLAIMS. 
  

	
	
	 
	[Executive]

  

 15Amended and Restated 2006 Stock Incentive Plan

 Exhibit 4.1 

PIXELWORKS, INC. 

AMENDED AND RESTATED 2006 STOCK INCENTIVE PLAN 

1. Purposes of the Plan. The purposes of this Stock Incentive Plan are to attract, retain and reward individuals who can and do contribute to the
Company’s success by providing Employees and Consultants an opportunity to share in the equity of the Company and to more closely align their interests with the Company and its shareholders. 

2. Definitions. As used herein, the following definitions shall apply: 

2.1. Administrator” shall mean the Board or any of its Committees appointed to administer the Plan, in accordance with
Section 4.1. 
 2.2. “Award” shall mean an award of an Option, SAR or Sale of Shares under the Plan.

 2.3. “Award Agreement” shall mean a written agreement between the Company and a Grantee evidencing the terms
and conditions of an individual Award grant. The Award Agreement is subject to the terms and conditions of the Plan.
 2.4.
“Board” shall mean the Board of Directors of the Company. 
 2.5. “Code” shall mean the
Internal Revenue Code of 1986, as amended. 
 2.6. “Committee” shall mean a committee appointed by the Board in
accordance with Section 4.1 of the Plan. 
 2.7. “Common Stock” shall mean the common stock of the
Company. 
 2.8. “Company” shall mean Pixelworks, Inc., an Oregon corporation. 

2.9. “Consultant” shall mean any non-Employee who is engaged by the Company or any Parent or Subsidiary to render
consulting services and is compensated for such consulting services and any Director of the Company whether compensated for such services or not. 

2.10. “Continuous Status as an Employee or Consultant” shall mean the absence of any interruption or termination of
service as an Employee or Consultant. Continuous Status as an Employee or Consultant shall not be considered interrupted in the case of: (i) any sick leave, military leave, or any other leave of absence approved by the Company; provided,
however, that for purposes of Incentive Stock Options, any such leave is for a period of not more than ninety days or reemployment upon the expiration of such leave is guaranteed by contract or statute, provided, further, that on the ninety-first
day of such leave (where re-employment is not guaranteed by contract or statute) the Grantee’s Incentive Stock Option shall automatically convert to a Nonqualified Stock Option; or (ii) transfers between locations of the Company or between
the Company, its Parent, its Subsidiaries or its successor. 
 2.11. “Director” shall mean a member of the
Board. 

 2.12. “Disability” shall mean total and permanent disability as defined in
Section 22(e)(3) of the Code. 
 2.13. “Employee” shall mean any person, including Officers and Directors,
employed by the Company or any Parent or Subsidiary. Neither the payment of a director’s fee by the Company nor service as a Director or Consultant shall be sufficient to constitute “employment” by the Company. 

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

2.15. “Fair Market Value” shall mean, as of any date, the value of a Share determined as follows: 

2.15.1. If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the
Nasdaq National Market or the Nasdaq SmallCap Market of the Nasdaq Stock Market, Fair Market Value shall be the closing sales price for a Share (or the closing bid, if no sales were reported) as quoted on such exchange or system on the date of
determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; provided, if the date of determination does not fall on a day on which the Common Stock has traded on such securities exchange or
market system, the date on which the Fair Market Value shall be established shall be the last day on which the Common Stock was so traded prior to the date of determination, or such other appropriate day as shall be determined by the Administrator,
in its sole discretion; 
 2.15.2. If the Common Stock is regularly quoted by a recognized securities dealer but selling prices
are not reported, Fair Market Value shall be the mean between the high bid and low asked prices for a Share on the date of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable;
provided, if the date of determination does not fall on a day on which the Common Stock has been so quoted, the date on which the Fair Market Value shall be established shall be the last day on which the Common Stock was so quoted prior to the date
of determination, or such other appropriate day as shall be determined by the Administrator, in its sole discretion; 
 2.15.3.
In the absence of an established market for the Common Stock, the Fair Market Value of a Share shall be determined in good faith by the Administrator. 

2.16. “Grantee” shall mean an Employee or Consultant who has been granted an Award hereunder, or the permitted successor
or legal representative of such Employee or Consultant. 
 2.17. “Incentive Stock Option” shall mean an Option
intended to qualify as an incentive stock option within the meaning of Section 422 of the Code. 
 2.18.
“Nonqualified Stock Option” shall mean an Option not intended to qualify as an incentive stock option within the meaning of Section 422 of the Code. 

2.19. “Notice of Grant” shall mean a written notice evidencing certain terms and conditions of an individual Award. The
Notice of Grant is part of the Award Agreement. 
 2.20. “Officer” shall mean a person who is an officer of the
Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder. 

 2.21. “Option” shall mean an Incentive Stock Option or a Nonqualified Stock
Option granted pursuant to the Plan. 
 2.22. “Optioned Stock” shall mean the Shares subject to an Option or
Stock Appreciation Right. 
 2.23. “Parent” shall mean a “parent corporation,” whether now or
hereafter existing, as defined in Section 424(e) of the Code. 
 2.24. “Plan” shall mean this Amended and
Restated 2006 Stock Incentive Plan. 
 2.25. “Rule 16b-3” shall mean Rule 16b-3 of the Exchange Act
or any successor to Rule 16b-3, as in effect when discretion is being exercised with respect to the Plan. 
 2.26.
“Sale” or “Sold” shall include, with respect to the sale of Shares under the Plan, the sale of Shares for any form of consideration specified in Section 8.2, as well as a grant of Shares for consideration in
the form of past or future services. For purposes of clarity, a “Sale” of Shares or Shares “Sold” shall include, without limitation, awards of stock bonuses, restricted stock, stock units, performance stock, performance units or
similar rights to acquire Shares, whether upon the passage of time, the occurrence of one or more events, the satisfaction of performance criteria or other conditions, or any combination thereof. 

2.27. “Share” shall mean a share of the Common Stock, as adjusted in accordance with Section 11 of the Plan.

 2.28. “Stock Appreciation Right” or “SAR” shall mean a right to receive from the Company,
with respect to each Share as to which the SAR is exercised, payment in an amount equal to the excess of the Share’s Fair Market Value on the exercise date over its Fair Market Value on the date the SAR was granted. Such payment will be made
solely in Shares valued at Fair Market Value on the exercise date. 
 2.29. “Subsidiary” shall mean a
“subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code. 
 3. Stock Subject to
the Plan. 
 3.1. Subject to the provisions of Section 3.2 below and the provisions of Section 11 of the Plan, the
maximum aggregate number of Shares which may be subject to Awards under the Plan is 4,483,333 shares. (All share limits in the Plan are presented after giving effect to the Company’s 1-for-3 stock split in June 2008.) The Shares may be
authorized, but unissued, or reacquired Common Stock. Shares issued in respect of any “full-value award” granted under the Plan shall be counted against the foregoing share limit for the Plan as 1.33 shares for every one share issued in
connection with such award. (For example, if a stock bonus of 100 shares of Common Stock is granted under the Plan, 133 shares shall be charged against the share limit in connection with that award.) For this purpose, a “full-value award”
means any Award under the Plan that is not an Option or SAR. 
 3.2. If an Option or SAR should expire, or become
unexercisable for any reason, or is otherwise terminated or forfeited, without having been exercised in full, the Optioned Stock which was subject thereto shall, unless the Plan shall have been terminated, become available for future Option or SAR
grants and/or Sales under the Plan. If any Shares issued pursuant to a Sale 

 
or exercise of an Option or SAR shall be reacquired, canceled or forfeited for any reason, such Shares shall become available for future Option or SAR grants and/or Sales under the Plan, unless
the Plan shall have been terminated. If any reacquired, canceled or forfeited Shares were originally issued upon exercise of an Incentive Stock Option, then once so reacquired, canceled or forfeited, such Shares shall not be considered to have been
issued for purposes of applying the limitation set forth in Section 3.3 below. Notwithstanding the foregoing, the following shares of Stock may not again be made available for issuance as awards under the Plan: (i) shares of Stock not
issued or delivered as a result of the net settlement of an outstanding Option or SAR, (ii) shares of Stock used to pay the exercise price or withholding taxes related to an outstanding award, or (iii) shares of Stock repurchased on the
open market with the proceeds of the exercise price of an Option. 
 3.3. Notwithstanding any other provision of this
Section 3, the maximum number of Shares that may be issued upon the exercise of Incentive Stock Options shall be 4,483,333. 
 4.
Administration of the Plan. 
 4.1. Procedure. 

4.1.1. Multiple Administrative Committees. If permitted by Rule 16b-3, the Plan may be administered by different Committees
with respect to Directors, Officers who are not Directors, and Employees who are neither Directors nor Officers. 
 4.1.2.
Administration With Respect to Directors and Officers Subject to Section 16(b). With respect to Award grants to Employees who are also Officers or Directors subject to Section 16(b) of the Exchange Act, the Plan shall be administered
by (A) the Board, if the Board may administer the Plan in compliance with the rules governing a plan intended to qualify as a discretionary plan under Rule 16b-3, or (B) a Committee designated by the Board to administer the Plan,
which Committee shall be constituted to comply with the rules, if any, governing a plan intended to qualify as a discretionary plan under Rule 16b-3. Once appointed, such Committee shall continue to serve in its designated capacity until
otherwise directed by the Board. From time to time the Board may increase the size of the Committee and appoint additional members, remove members (with or without cause) and substitute new members, fill vacancies (however caused), and remove all
members of the Committee and thereafter directly administer the Plan, all to the extent permitted by the rules, if any, governing a plan intended to qualify as a discretionary plan under Rule 16b-3. With respect to persons subject to
Section 16 of the Exchange Act, transactions under the Plan are intended to comply with all applicable conditions of Rule 16b-3. To the extent any provision of the Plan or action by the Administrator fails to so comply, it shall be deemed
null and void, to the extent permitted by law and deemed advisable by the Administrator. 
 4.1.3. Administration With
Respect to Other Persons. With respect to Award grants to Employees or Consultants who are neither Directors nor Officers of the Company, the Plan shall be administered by the Board or a Committee designated by the Board, which Committee shall
be constituted to satisfy the legal requirements relating to the administration of stock option plans under applicable corporate and securities laws and the Code. Once appointed, such Committee shall serve in its designated capacity until otherwise
directed by the Board. The Board may increase the size of the Committee and appoint additional members, remove members (with or without cause) and substitute new members, fill vacancies (however caused), and remove all members of the Committee and
thereafter directly administer the Plan, all to the extent permitted by the legal requirements relating to the administration of stock option plans under state corporate and securities laws and the Code. 

 4.2. Powers of the Administrator. Subject to the provisions of the Plan, and in the
case of a Committee, subject to the specific duties delegated by the Board to such Committee, the Administrator shall have the authority, in its discretion: 

4.2.1. to grant Awards or SARs; 

4.2.2. to authorize Sales of Shares hereunder; 

4.2.3. to determine, upon review of relevant information, the Fair Market Value of a Share; 

4.2.4. to determine the exercise/purchase price per Share of Options or SARs to be granted or Shares to be Sold, which exercise/purchase
price shall be determined in accordance with Section 8.1 of the Plan; 
 4.2.5. to determine the Employees or Consultants
to whom, and the time or times at which, Options or SARs shall be granted and the number of Shares to be represented by each Option or SAR; 

4.2.6. to determine the Employees or Consultants to whom, and the time or times at which, Shares shall be Sold and the number of Shares
to be Sold; 
 4.2.7. to administer and interpret the Plan; 

4.2.8. to prescribe, amend and rescind rules and regulations relating to the Plan; 

4.2.9. to determine the terms and provisions of each Option or SAR granted (which need not be identical) and, with the consent of the
holder thereof, modify or amend each Option or SAR; 
 4.2.10. to determine the terms and provisions of each Sale of Shares
(which need not be identical) and, with the consent of the purchaser thereof, modify or amend each Sale; 
 4.2.11. to
accelerate (with the consent of the Grantee) the exercise date of any Option; 
 4.2.12. to accelerate (with the consent of the
Grantee or purchaser of Shares) the vesting restrictions applicable to Shares Sold or Options or SARs granted under the Plan; 

4.2.13. to authorize any person to execute on behalf of the Company any instrument required to effectuate the grant of an Option, SAR or
Sale of Shares previously granted or authorized by the Administrator; 
 4.2.14. to determine the transfer or vesting
restrictions, repurchase rights or other restrictions applicable to Shares issued under the Plan; 
 4.2.15. to establish, on a
case-by-case basis, different terms and conditions pertaining to exercise or vesting rights upon termination of employment, but only at the time of an Option or SAR grant or Sale of Shares; 

4.2.16. to approve forms for use under the Plan; and 

 4.2.17. to make all other determinations deemed necessary or advisable for the
administration of the Plan. 
 Notwithstanding any other provision herein, except in connection with a corporate transaction involving the
Company (including, without limitation, any stock dividend, stock split, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination, or exchange of shares), the terms of outstanding awards
may not be amended to reduce the exercise price of outstanding Options or SARs or cancel outstanding Options or SARs in exchange for cash, other awards or Options or SARs with an exercise price that is less than the exercise price of the original
Options or SARs without shareholder approval. 
 4.3. Effect of Administrator’s Decision. All decisions,
determinations and interpretations of the Administrator shall be final and binding on all Grantees and any other holders of any Shares Sold under the Plan. 

5. Eligibility. 
 5.1.
Persons Eligible. Awards may be granted only to Employees and Consultants. Incentive Stock Options may be granted only to Employees. An Employee or Consultant who has been granted an Award may, if he or she is otherwise eligible, be granted
additional Awards. 
 5.2. ISO Limitation. To the extent that the aggregate Fair Market Value of Shares subject to a
Grantee’s Incentive Stock Options granted by the Company, any Parent or Subsidiary which become exercisable for the first time during any calendar year (under all plans of the Company or any Parent or Subsidiary) exceeds $100,000, such excess
Options shall be treated as Nonqualified Stock Options. For purposes of this Section 5.2, Incentive Stock Options shall be taken into account in the order in which they were granted, and the Fair Market Value of the Shares shall be determined
as of the time of grant. 
 5.3. Section 5.2 Limitations. Section 5.2 of the Plan shall apply only to an Option
evidenced by an Award Agreement which sets forth the intention of the Company and the Grantee that such Option shall qualify as an Incentive Stock Option. Section 5.2 of the Plan shall not apply to any Option evidenced by an Award Agreement
which sets forth the intention of the Company and the Grantee that such Option shall be a Nonqualified Stock Option. 
 5.4.
No Right to Continued Employment. The Plan shall not confer upon any Grantee any right with respect to continuation of employment or consulting relationship with the Company, nor shall it interfere in any way with his or her right or the
Company’s right to terminate their employment or consulting relationship at any time, with or without cause. 
 5.5.
Other Limitations. The following limitations shall apply to grants of Options or SARs to Employees: 
 5.5.1. No Employee
shall be granted, in any fiscal year of the Company, Options or SARs to acquire more than 250,000 Shares. 
 5.5.2. In
connection with his or her initial employment, an Employee may be granted Options or SARs for up to an additional 250,000 Shares which shall not count against the limit set forth in subsection 5.5.1 above. 

 5.5.3. The foregoing limitations shall be adjusted proportionately in connection with any
change in the Company’s capitalization as described in Section 11. 
 6. Term of Plan. The Plan shall become effective upon the
earlier to occur of its adoption by the Board or its approval by the shareholders of the Company as described in Section 17 of the Plan. It shall continue in effect for a term of ten (10) years, unless sooner terminated under
Section 13 of the Plan. However, if the Company’s shareholders approve an increase in the number of Shares available for issuance under section 3.1, such approval shall be deemed the adoption of a new plan with respect to the increased
number of Shares, which may be issued for a term of ten (10) years following the date of such shareholder approval. 
 7. Term of
Options and SARs. The term of each Option and SAR shall be stated in the Notice of Grant; provided, however, that in no event shall the term of any Option or SAR exceed six (6) years from the date of grant. However, in the case of an
Incentive Stock Option granted to a Grantee who, on the date the Incentive Stock Option is granted, owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the
term of the Incentive Stock Option shall be five (5) years from the date of grant thereof or such shorter term as may be provided in the Notice of Grant. 

8. Exercise/Purchase Price and Consideration. 

8.1. Exercise/Purchase Price. The per Share exercise/purchase price for the Shares to be issued pursuant to exercise of an Option
or SAR or a Sale of Shares shall be such price as is determined by the Administrator, but shall be subject to the following: 

8.1.1. In the case of an Incentive Stock Option 

(1) granted to an Employee who, at the time of the grant of such Incentive Stock Option, owns more than ten percent (10%) of the
voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price shall be at least one hundred ten percent (110%) of the Fair Market Value on the date of the grant. 

(2) granted to any other Employee, the per Share exercise price shall be at least one hundred percent (100%) of the Fair Market
Value on the date of grant. 
 8.1.2. In the case of a Nonqualified Stock Option, SAR or Sale, the per Share exercise/purchase
price shall be at least one hundred percent (100%) of the Fair Market Value on the date of grant or Sale, as the case may be. 

8.2. Consideration. The consideration to be paid for the Shares to be issued upon exercise of an Option or pursuant to a Sale,
including the method of payment, shall be determined by the Administrator. In the case of an Incentive Stock Option, the Administrator shall determine the acceptable form of consideration at the time of grant. Such consideration may consist of:

 8.2.1. cash; 

8.2.2. check; 

8.2.3. promissory note; 

 8.2.4. transfer to the Company of Shares which 

(1) in the case of Shares acquired upon exercise of an Option, have been owned by the Grantee for more than six months on the date of
transfer, and 
 (2) have a Fair Market Value on the date of transfer equal to the aggregate exercise price of the Shares to be
acquired; 
 8.2.5. if and so long as the Common Stock is registered under Section 12(b) or 12(g) of the Exchange Act,
delivery of a properly executed exercise notice together with irrevocable instructions to a broker to promptly deliver to the Company the amount of sale or loan proceeds required to pay the exercise price; 

8.2.6. such other consideration and method of payment for the issuance of Shares to the extent permitted by legal requirements relating
to the administration of stock option plans and issuances of capital stock under applicable corporate and securities laws and the Code; or 

8.2.7. any combination of the foregoing methods of payment. 

If the Fair Market Value of the number of whole Shares transferred or the number of whole Shares surrendered is less than the total
exercise price of the Option, the shortfall must be made up in cash or by check. Notwithstanding the foregoing provisions of this Section 8.2, the consideration for Shares to be issued pursuant to a Sale may not include, in whole or in part,
the consideration set forth in subsection 8.2.5 above. 
 9. Exercise of Option or SAR. 

9.1. Procedure for Exercise; Rights as a Shareholder. Any Option or SAR granted hereunder shall be exercisable at such times and
under such conditions as determined by the Administrator, including performance criteria with respect to the Company and/or the Grantee, and as shall be permissible under the terms of the Plan. 

An Option or SAR may not be exercised for a fraction of a Share. If the exercise of a SAR would result in the issuance of a fractional
Share, the Shares to be issued shall be rounded to the nearest whole Share. 
 An Option or SAR shall be deemed to be exercised
when written notice of such exercise has been given to the Company in accordance with the terms of the Option or SAR by the Grantee and full payment for the Shares with respect to which the Option is exercised has been received by the Company. Full
payment may, as authorized by the Administrator, consist of any consideration and method of payment allowable under the Award Agreement and Section 8.2 of the Plan. Each Grantee who exercises an Option or SAR shall, upon notification of the
amount due (if any) and prior to or concurrent with delivery of the certificate representing the Shares, pay to the Company amounts necessary to satisfy applicable federal, state and local tax withholding requirements. A Grantee must also provide a
duly executed copy of any stock transfer agreement then in effect and determined to be applicable by the Administrator. Until the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of
the Company) of the stock certificate evidencing such Shares, no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Optioned Stock represented by such stock certificate, notwithstanding the
exercise of the Option or SAR. No adjustment will be made for a dividend or other right for which the record date is prior to the date the stock certificate is issued, except as provided in Section 11 of the Plan. Subject to section 3, exercise
of an Option or settlement of a SAR shall decrease the number of Shares thereafter available, both for purposes of the Plan and for issuance under the Option or SAR by the number of Shares issued upon such exercise. 

 9.2. Termination of Employment or Consulting Relationship. In the event that a
Grantee’s Continuous Status as an Employee or Consultant terminates (other than upon the Grantee’s death or Disability), the Grantee may exercise his or her Option or SAR, but only within such period of time as is determined by the
Administrator, and only to the extent that the Grantee was entitled to exercise it at the date of termination (but in no event later than the expiration of the term of such Option or SAR as set forth in the Notice of Grant). In the case of an
Incentive Stock Option, the Administrator shall determine such period of time (in no event to exceed three (3) months from the date of termination) when the Option is granted. If, at the date of termination, the Grantee is not entitled to
exercise his or her entire Option or SAR, the unexercisable portion of the Option or SAR shall, unless otherwise expressly provided by the Administrator, terminate on the date of such termination and the Shares covered by such portion shall revert
to the Plan. If, after termination, the Grantee does not exercise the remaining portion of his or her Option or SAR within the time specified by the Administrator, such portion of the Option or SAR shall terminate, and the Shares covered by such
portion shall revert to the Plan. 
 9.3. Disability of Grantee. In the event that a Grantee’s Continuous Status as
an Employee or Consultant terminates as a result of the Grantee’s Disability, the Grantee may exercise his or her Option or SAR at any time within twelve (12) months from the date of such termination, but only to the extent that the
Grantee was entitled to exercise it at the date of such termination (but in no event later than the expiration of the term of such Option or SAR as set forth in the Notice of Grant). If, at the date of termination, the Grantee is not entitled to
exercise his or her entire Option or SAR, the unexercisable portion of the Option or SAR shall, unless otherwise expressly provided by the Administrator, terminate on the date of such termination and the Shares covered by such portion shall revert
to the Plan. If, after termination, the Grantee does not exercise the remaining portion of his or her Option or SAR within the time specified herein, such portion of the Option or SAR shall terminate, and the Shares covered by such portion shall
revert to the Plan. 
 9.4. Death of Grantee. In the event of the death of a Grantee, the Option or SAR may be exercised
at any time within twelve (12) months following the date of death (but in no event later than the expiration of the term of such Option or SAR as set forth in the Notice of Grant), by the Grantee’s estate or by a person who acquired the
right to exercise the Option or SAR by bequest or inheritance, but only to the extent that the Grantee was entitled to exercise the Option or SAR at the date of death. If, at the time of death, the Grantee was not entitled to exercise his or her
entire Option or SAR, the unexercisable portion of the Option or SAR shall, unless otherwise expressly provided by the Administrator, terminate on the date of such termination and the Shares covered by such portion shall revert to the Plan. If,
after death, the Grantee’s estate or a person who acquired the right to exercise the Option or SAR by bequest or inheritance does not exercise the remaining portion of the Option or SAR within the time specified herein, such portion of the
Option or SAR shall terminate, and the Shares covered by such portion shall revert to the Plan. 
 9.5. Rule 16b-3.
Options or SARs, as well as Sales of Shares, granted to persons subject to Section 16(b) of the Exchange Act must comply with Rule 16b-3 and shall contain such additional conditions or restrictions as may be required thereunder to qualify
for the maximum exemption from Section 16 of the Exchange Act with respect to Plan transactions. 

 10. Nontransferability of Awards. Except as otherwise specifically provided in the Award Agreement,
an Award may not be sold, pledged, assigned, hypothecated, transferred or disposed of in any manner other than by will, or by the laws of descent and distribution, and may be exercised during the lifetime of the Grantee only by the Grantee or, if
incapacitated, by his or her legal guardian or legal representative. 
 11. Adjustments Upon Changes in Capitalization or Merger.

 11.1. Changes in Capitalization. Subject to any required action by the shareholders of the Company, the number of
shares of Common Stock covered by each outstanding Award and the number of shares of Common Stock which have been authorized for issuance under the Plan but as to which no Awards have yet been granted or which have been returned to the Plan upon
cancellation or expiration of an Award, as well as the price per share of Common Stock covered by each such outstanding Award, shall be proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock resulting
from a stock split, reverse stock split, stock dividend, combination or reclassification of the Common Stock, or any other increase or decrease in the number of issued shares of Common Stock effected without receipt of consideration by the Company;
provided, however, that conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.” Such adjustment shall be made by the Administrator, whose determination in that
respect shall be final, binding and conclusive. 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 an Award. 
 11.2. Dissolution or
Liquidation. In the event of the proposed dissolution or liquidation of the Company, each outstanding Award will terminate immediately prior to the consummation of such proposed action, unless otherwise provided by the Administrator. The
Administrator may, in the exercise of its sole discretion in such instances, declare that any Award shall terminate as of a date fixed by the Board and, in the case of Options and SARs, give each Grantee the right to exercise Grantee’s Option
or SAR as to all or any part of the Optioned Stock subject to the Option or SAR, including Shares as to which the Option or SAR would not otherwise be exercisable. 

11.3. Merger or Asset Sale. Except as otherwise provided in an Award Agreement, in the event of a proposed sale of all or
substantially all of the assets of the Company, or the merger of the Company with or into another corporation, each outstanding Award shall be assumed or an equivalent award shall be substituted by such successor corporation or a Parent or
Subsidiary of such successor corporation, unless the Administrator determines, in the exercise of its sole discretion and in lieu of such assumption or substitution, that, in the case of Options and SARs, each Grantee shall have the right to
exercise the Grantee’s Options or SARs as to all or any part of the Optioned Stock subject to the Option or SAR, including Shares as to which the Option or SAR would not otherwise be exercisable. If the Administrator determines that an Option
or SAR shall be exercisable in lieu of assumption or substitution in the event of a merger or sale of assets, the Administrator shall notify the Grantee that the Option or SAR shall be so exercisable for a period of thirty (30) days from the
date of such notice or such shorter period as the Administrator may specify in the notice, and the Option or SAR will terminate upon the expiration of such period. For the purposes of this paragraph, the Option or SAR shall be considered assumed or
substituted if, following the merger or sale of assets, the Option or SAR confers the right to purchase, for each Share of Optioned Stock subject to the Option or SAR immediately prior to the merger or sale of assets, the consideration (whether
stock, cash, or other 

 
securities or property) received in the merger or sale of assets by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of
consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration received in the merger or sale of assets was not solely common stock of the successor corporation
or its Parent, the Administrator may, with the consent of the successor corporation, provide for the consideration to be received upon the exercise of the Option or SAR, for each Share of Optioned Stock subject to the Option or SAR, to be solely
common stock of the successor corporation or its Parent substantially equal in Fair Market Value to the per share consideration received by holders of Common Stock in the merger or sale of assets. The determination of such substantial equality of
value of consideration shall be made by the Administrator and its determination shall be conclusive and binding. 
 12. Time of Granting
Awards. The date of grant of an Award shall, for all purposes, be the date on which the Administrator makes the determination granting such Award (or such later date as the Administrator may establish at the time of granting the Award). Notice
of the determination shall be given to each Grantee within a reasonable time after the date of such grant. 
 13. Amendment and Termination
of the Plan. 
 13.1. Amendment and Termination. The Board may amend or terminate the Plan from time to time in such
respects as the Board may deem advisable. 
 13.2. Shareholder Approval. The Company shall obtain shareholder approval of
any Plan amendment to the extent necessary and desirable to comply with Rule 16b-3 or with Section 422 of the Code (or any successor rule or statute or other applicable law, rule or regulation, including the requirements of any exchange or
quotation system on which the Common Stock is listed or quoted). Such shareholder approval, if required, shall be obtained in such a manner and to such a degree as is required by the applicable law, rule or regulation. 

13.3. Effect of Amendment or Termination. Any such amendment or termination of the Plan shall not affect Awards already granted,
and such Awards shall remain in full force and effect as if this Plan had not been amended or terminated, unless mutually agreed otherwise between the Grantee and the Administrator, which agreement must be in writing and signed by the Grantee and
the Administrator. 
 14. Conditions Upon Issuance of Shares. Shares shall not be issued pursuant to the exercise of an Option, SAR or a
Sale unless the exercise of such Option, SAR or consummation of the Sale and the issuance and delivery of such Shares pursuant thereto shall comply with all relevant provisions of law, including, without limitation, the Securities Act of 1933, as
amended, applicable state securities laws, the Exchange Act, the rules and regulations promulgated thereunder, and the requirements of any stock exchange (including NASDAQ) upon which the Shares may then be listed, and shall be further subject to
the approval of counsel for the Company with respect to such compliance. 
 15. Reservation of Shares. The Company, during the term of
this Plan, will at all times reserve and keep available such number of Shares as shall be sufficient to satisfy the requirements of the Plan. 

 16. Liability of Company. 

16.1. Inability to Obtain Authority. Inability of the Company to obtain authority from any regulatory body having jurisdiction,
which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such
requisite authority shall not have been obtained. 
 As a condition to the exercise of an Option or SAR or a Sale, the Company
may require the person exercising such Option or SAR or to whom Shares are being Sold to represent and warrant at the time of any such exercise or Sale that the Shares are being purchased only for investment and without any present intention to sell
or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required by any of the aforementioned relevant provisions of law. 

16.2. Grants Exceeding Allotted Shares. If the grant of an Award causes the aggregate number of Shares previously issued under the
Plan and subject to then-outstanding Awards under the Plan to exceed, as of the date of grant, the number of Shares which may be issued under the Plan without additional shareholder approval, such Award shall be void with respect to such excess
Shares, unless shareholder approval of an amendment sufficiently increasing the number of Shares subject to the Plan is timely obtained in accordance with Section 13 of the Plan. 

17. Shareholder Approval. Continuance of the Plan shall be subject to approval by the shareholders of the Company within twelve (12) months
before or after the date the Plan is adopted. Such shareholder approval shall be obtained in the manner and to the degree required under applicable federal and state law. 

18. Tax Withholding. Upon any exercise, vesting, or payment of any Award, or upon the disposition of shares of Common Stock acquired pursuant to
the exercise of an Incentive Stock Option prior to satisfaction of the holding period requirements of Section 422 of the Code, or upon any other tax withholding event with respect to any award, the Company or one of its Subsidiaries shall have
the right at its option to: 
 (a) require the Grantee (or the Grantee’s personal representative or beneficiary, as
the case may be) to pay or provide for payment of at least the minimum amount of any taxes which the Company or one of its Subsidiaries may be required to withhold with respect to such Award event or payment; or 

(b) deduct from any amount otherwise payable in cash (whether related to the Award or otherwise) to the Grantee (or the Grantee’s
personal representative or beneficiary, as the case may be) the minimum amount of any taxes which the Company or one of its Subsidiaries may be required to withhold with respect to such Award event or payment. 

In any case where a tax is required to be withheld in connection with the delivery of shares of Common Stock under the Plan, the Administrator may in its
sole discretion (subject to Section 14) require or grant (either at the time of the Award or thereafter) to the Grantee the right to elect, pursuant to such rules and subject to such conditions as the Administrator may establish, that the
Company reduce the number of shares to be delivered by (or otherwise reacquire) the appropriate number of shares, valued in a consistent manner at their Fair Market Value or at the sales price in accordance with authorized procedures for cashless
exercises, necessary to satisfy the minimum applicable withholding obligation on exercise, vesting or payment. In no event shall the shares withheld exceed the minimum whole number of shares required for tax withholding under applicable law.

 19. Plan Not Funded. Awards payable under the Plan shall be payable in shares or from the
general assets of the Company, and no special or separate reserve, fund or deposit shall be made to assure payment of such awards. No Grantee, beneficiary or other person shall have any right, title or interest in any fund or in any specific asset
(including shares of Common Stock, except as expressly otherwise provided) of the Company or one of its Subsidiaries by reason of any Award hereunder. Neither the provisions of the Plan (or of any related documents), nor the creation or adoption of
the Plan, nor any action taken pursuant to the provisions of the Plan shall create, or be construed to create, a trust of any kind or a fiduciary relationship between the Company or one of its Subsidiaries and any Grantee, beneficiary or other
person. To the extent that a Grantee, beneficiary or other person acquires a right to receive payment pursuant to any Award hereunder, such right shall be no greater than the right of any unsecured general creditor of the Company. 

20. Privileges of Stock Ownership. Except as otherwise expressly authorized by the Administrator, a Grantee shall not be entitled to any
privilege of stock ownership as to any shares of Common Stock not actually delivered to and held of record by the participant. Except as expressly required by Section 11.1 or otherwise expressly provided by the Administrator, no adjustment will
be made for dividends or other rights as a shareholder for which a record date is prior to such date of delivery. 
 21. Governing Law;
Severability; Headings. The Plan, the Awards, all documents evidencing awards and all other related documents shall be governed by, and construed in accordance with the laws of the State of Oregon. If a court of competent jurisdiction holds any
provision invalid and unenforceable, the remaining provisions of the Plan shall continue in effect. Captions and headings are given to the sections and subsections of the Plan solely as a convenience to facilitate reference. Such headings shall not
be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof. 
 22. No Corporate
Action Restriction. The existence of the Plan, the Award Agreements and the Awards granted hereunder shall not limit, affect or restrict in any way the right or power of the Board or the shareholders of the Company to make or authorize:
(a) any adjustment, recapitalization, reorganization or other change in the capital structure or business of the Company or any Subsidiary, (b) any merger, amalgamation, consolidation or change in the ownership of the Company or any
Subsidiary, (c) any issue of bonds, debentures, capital, preferred or prior preference stock ahead of or affecting the capital stock (or the rights thereof) of the Company or any Subsidiary, (d) any dissolution or liquidation of the
Company or any Subsidiary, (e) any sale or transfer of all or any part of the assets or business of the Company or any Subsidiary, or (f) any other corporate act or proceeding by the Company or any Subsidiary. No participant, beneficiary
or any other person shall have any claim under any award or award agreement against any member of the Board or the Administrator, or the Company or any employees, officers or agents of the Company or any Subsidiary, as a result of any such action.

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