Document:

EX-10.9

 Exhibit 10.9 
  

 
 November 4, 2021 
 Navam
Welihinda 
 Re: Confirmatory Employment Letter 
 Dear
Navam: 
 This confirmatory employment letter agreement (the “Agreement”) is entered into between Navam Welihinda
(“you”) and HashiCorp, Inc. (the “Company” or “we”), effective as of the date of this Agreement as first set forth above (the “Effective Date”), to confirm the terms and conditions
of your employment with the Company as of the Effective Date. 
 1. Title; Position; Location. You will continue to serve in a
full-time capacity as the Company’s Chief Financial Officer. You also will continue to report to the Company’s Chief Executive Officer and will perform the duties and responsibilities customary for such position and such other related
duties as are reasonably assigned by the Chief Executive Officer. 
 2. Base Salary. As of the Effective Date, your annual base
salary will continue to be $300,000. As of the effective date of the Company’s S-1 registration statement (the “IPO”), your annual base salary will be increased to $370,000. Your base
salary will be payable, less any applicable withholdings, in accordance with the Company’s normal payroll practices. Your base salary will be subject to review and adjustment from time to time by our Board of Directors (the
“Board”) or its Compensation Committee (the “Committee”) as applicable, in its sole discretion. 

3. Annual Bonus. You will be eligible for a target annual cash bonus opportunity equal to thirty-three percent (33%) of your
annual base salary for the Company’s 2022 fiscal year, provided that upon the IPO, such target bonus opportunity will be increased to sixty-two percent (62%) of your annual base salary for the
Company’s 2022 fiscal year. Any annual bonus will be subject to performance and other criteria established by the Board or the Committee, as applicable, in its sole discretion. Your annual bonus opportunity and the applicable terms and
conditions may be adjusted from time to time by our Board or the Committee, as applicable, in its sole discretion, and no amount of any annual bonus is guaranteed. In addition, the Board or the Committee, as applicable and in its sole discretion,
may approve that the Company grant additional discretionary bonus amounts to you. 
 4. Equity Awards. You will be eligible to
receive awards of stock options or other equity awards pursuant to such plans or arrangements as the Company may have in effect from time to time. The Board or Committee, as applicable, will determine in its sole discretion whether you will be
granted any such equity awards and the terms of any such award in accordance with the terms of any applicable plan or arrangement that may be in effect from time to time. 

 5. Employee Benefits. You will continue to be eligible to participate in the benefit
plans and programs established by the Company for its employees from time to time, subject to their applicable terms and conditions, including without limitation any eligibility requirements. The Company will reimburse you for reasonable travel or
other expenses incurred by you in the furtherance of or in connection with the performance of your duties under this Agreement, pursuant to the terms of the Company’s expense reimbursement policy as may be in effect from time to time. The
Company reserves the right to modify, amend, suspend or terminate the benefit plans, programs, and arrangements it offers to its employees at any time. 

6. Severance. The Board has approved your eligibility to enter into the Change in Control and Severance Agreement attached as
Exhibit A to this Agreement (the “CIC and Severance Agreement”). The CIC and Severance Agreement provides for severance payments and benefits upon certain qualifying terminations of your employment, subject to the terms and
conditions of the CIC and Severance Agreement. These protections supersede all other severance payments and benefits to which you otherwise may be entitled, or may become entitled in the future, under any plan, program or policy that the Company may
have in effect from time to time. For purposes of clarification, any severance benefits or arrangements that may have applied to you before the effective date of the CIC and Severance Agreement no longer will apply and you will have no rights or
entitlements under any such plans, programs, agreements or arrangements. 
 7. Confidentiality Agreement. As an employee of the
Company, you will continue to have access to certain confidential information of the Company and, during the course of your employment, you may develop certain information or inventions that will be the property of the Company. To protect the
interests of the Company, your acceptance of this Agreement confirms that the terms of the Confidential Information and Invention Assignment Agreement between you and the Company dated February 27, 2017, as may be amended or amended and
restated from time to time (the “Confidentiality Agreement”) still apply. 
 8.
At-Will Employment. This Agreement does not imply any right to your continued employment for any period with the Company or any parent, subsidiary, or other affiliate of the Company. Your employment
with the Company is for no specified period and will continue to constitute at-will employment. As a result, you are free to resign at any time, for any reason or for no reason. Similarly, the Company is free
to conclude its employment relationship with you at any time, with or without cause, and with or without notice. We request that, in the event of resignation, you give the Company at least two weeks’ notice. 

9. Taxes. The Company (or its affiliate, as applicable) will have the right and authority to deduct from any payments or
benefits under this Agreement all applicable federal, state, and local taxes or other required withholdings and payroll deductions (“Withholdings”). Prior to the payment of any amounts or provision of any benefits under this
Agreement, the Company (and its affiliate, as applicable) is permitted to deduct or withhold, or require you to remit to the Company, an amount sufficient to satisfy any applicable Withholdings with respect to such payments and benefits. The
payments and benefits under this Agreement are intended to be exempt from, or otherwise to comply with, Section 409A of the Internal Revenue Code of 1986, 

  
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as amended, and any regulations and other formal guidance promulgated thereunder (“Section 409A”) so that none of the payments and benefits under this
Agreement will be subject to the additional tax imposed under Section 409A, and any ambiguities and ambiguous terms herein will be interpreted to be exempt or to so comply. Any taxable reimbursements payable to you under this Agreement will be
paid, less applicable withholdings, only with respect to expenses incurred while you are employed with the Company, no later than the last day of your taxable year immediately following your taxable year in which the expense was incurred by you. No
such amounts reimbursable to you in one taxable year of yours will affect the amounts reimbursable to you in another taxable year of yours. Annual bonuses (if any) will be paid no later than the fifteenth (15th) day of the third (3rd) month following the later of (x) the end of the Company’s fiscal year or (y) the end of the calendar year,
in which the bonus is earned. Notwithstanding any contrary Agreement provision, the Company reserves the right to amend the Agreement as it deems necessary or advisable, in its sole discretion and without your consent or the consent of any other
person or entity, to comply with Section 409A or to avoid income recognition under Section 409A or to otherwise avoid the imposition of additional tax under Section 409A prior to the actual payment or provision of any payments or
benefits under this Agreement. In no event will you have any discretion to choose your taxable year in which any payments or benefits are provided under this Agreement. In no event will the Company, or any parent, subsidiary or other affiliate of
the Company have any responsibility, liability or obligation to reimburse or indemnify you or hold you harmless for any taxes imposed, or other costs incurred, as a result of Section 409A. 

10. Additional Employment Provisions. During the term of your employment with the Company, you agree to perform your duties
faithfully and to the best of your abilities and will devote your full business efforts and time to rendering services to the Company hereunder. Moreover, you agree that, during the term of your employment with the Company, you will not engage in
any other employment, occupation, consulting or other business activity directly related to the business in which the Company is now involved or becomes involved during the term of your employment, nor will you engage in any other activities that
conflict with your obligations to the Company. Subject to the Company’s Code of Business Conduct and Ethics, with which you agree to continue to comply, nothing in this Agreement will prohibit you from (a) making and managing passive
investments, or (b) participating in professional and charitable organizations in an unpaid capacity, in a manner, and to an extent, that will not interfere with your duties or obligations to the Company, including under the Confidentiality
Agreement. You agree not to bring any third party confidential information to the Company, including that of any of your former employers, and that in performing your duties for the Company you will not in any way use any such information. You agree
that in the rendering of all services to the Company and in all aspects of employment with the Company, you will comply in all material respects with all lawful directives, policies, rules, standards and regulations from time to time established by
the Company. 
 11. Protected Activity Not Prohibited. Notwithstanding any contrary provision of the Agreement or the Confidentiality
Agreement, nothing in this Agreement, or the Confidentiality Agreement will prohibit or impede you from engaging in any Protected Activity. For purposes of this Agreement, “Protected Activity” will mean communicating, cooperating or
filing a complaint with any U.S. federal, state or local governmental or law enforcement branch, agency or entity, including, but not limited to, the Securities and Exchange Commission, the Equal Employment Opportunity Commission, the Occupational
Safety and Health Administration, and the National Labor Relations Board (collectively, a “Governmental Entity”) with respect to possible 

  
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violations of any U.S. federal, state or local law or regulation, or otherwise making disclosures to any Governmental Entity, in each case, that are protected under the whistleblower provisions
of any such law or regulation; provided that, in each case, such communications and disclosures are consistent with applicable law. Notwithstanding the foregoing, you agree to take all reasonable precautions to prevent any unauthorized use or
disclosure of any information that may constitute Company confidential information (as defined in the Confidentiality Agreement or any other agreement between you and the Company or any parent, subsidiary or other affiliate of the Company relating
to the protection of confidential information) in a manner not protected by applicable law (each, a “Confidential Information Agreement”) to any parties other than the Governmental Entities. You further understand that Protected
Activity does not include disclosure of any Company attorney-client privileged communications or attorney work product. Any language in the Confidentiality Agreement or any Confidential Information Agreement that conflicts with, or is contrary to,
this paragraph is superseded by this Agreement. You understand and acknowledge that pursuant to the Defend Trade Secrets Act of 2016 (a) an individual will not be held criminally or civilly liable under any Federal or State trade secret law for the
disclosure of a trade secret that is made (i) in confidence to a Federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (ii) in a complaint or
other document filed in a lawsuit or other proceeding, if such filing is made under seal and (b) an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the
attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except pursuant to court order. 

12. Miscellaneous. This Agreement, together with the Confidentiality Agreement, the CIC and Severance Agreement, and the Company’s
2014 Stock Plan and award agreements thereunder pursuant to which you were granted your outstanding equity awards, constitute the entire agreement between you and the Company regarding the material terms and conditions of your employment, and
they supersede and replace all prior negotiations, representations or agreements between you and the Company. This Agreement will be governed by the laws of the state in which you reside, without regard to conflicts of law provisions. This Agreement
may be modified only by a written agreement signed by a duly authorized officer of the Company (other than yourself) and you. 

[Signature page follows] 

  
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 To confirm the terms and conditions of your employment with the Company, please sign and
date in the spaces indicated and return this Agreement to me. 
  

			
	Sincerely,
	
	HASHICORP, INC.
		
	By:	 	 /s/ David McJannet

		 	David McJannet
		 	Chief Executive Officer

  

			
	Agreed to and accepted:
	
	 /s/ Navam Welihinda

	Navam Welihinda
		
	Dated:	 	November 4, 2021

 [Signature page to Confirmatory Employment Letter] 

  
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 EXHIBIT A 

Change in Control and Severance AgreementEX-10.10

 Exhibit 10.10 

HASHICORP, INC. 

EXECUTIVE INCENTIVE COMPENSATION PLAN 

1.    Purposes of the Plan. The Plan is intended to increase stockholder value and the success of the Company by
motivating Employees to (a) perform to the best of their abilities and (b) achieve the Company’s objectives. 

2.    Definitions. 

2.1    “Actual Award” means as to any Performance Period, the actual award (if any) payable to a
Participant for the Performance Period, subject to the authority of the Administrator (as defined in Section 3) under Section 4.4. 

2.2    “Affiliate” means any corporation or other entity (including, but not limited to, partnerships and
joint ventures) that, from time to time and at the time of any determination, directly or indirectly, is in control of or is controlled by the Company. 

2.3    “Board” means the Board of Directors of the Company. 

2.4    “Bonus Pool” means the pool of funds available for distribution to Participants. Subject to the
terms of the Plan, the Administrator establishes the Bonus Pool for each Performance Period. 

2.5    “Code” means the U.S. Internal Revenue Code of 1986, as amended. Reference to a specific
section of the Code or regulation thereunder will include such section or regulation, any valid regulation or formal guidance of general or direct applicability promulgated under such section or regulation, and any comparable provision of any future
legislation or regulation amending, supplementing or superseding such section or regulation. 

2.6    “Committee” means a committee appointed by the Board (pursuant to Section 3) to administer
the Plan. 
 2.7    “Company” means HashiCorp, Inc., a Delaware corporation, or any successor thereto.

 2.8    “Company Group” means the Company and any Parents, Subsidiaries, and Affiliates. 

2.9    “Disability” means a permanent and total disability determined in accordance with uniform and
nondiscriminatory standards adopted by the Administrator from time to time. 
 2.10    “Employee” means
any executive, officer, or other employee of the Company Group, whether such individual is so employed at the time the Plan is adopted or becomes so employed subsequent to the adoption of the Plan. 

2.11    “Fiscal Year” means the fiscal year of the Company. 

 2.12    “Parent” means a “parent
corporation,” whether now or hereafter existing, as defined in Code Section 424(e), in relation to the Company. 

2.13    “Participant” means as to any Performance Period, an Employee who has been selected by the
Administrator for participation in the Plan for that Performance Period. 
 2.14    “Performance
Period” means such period of time for the measurement of any performance criteria that must be met to receive an Actual Award, as determined by the Administrator. A Performance Period may be divided into one or more shorter periods if, for
example, but not by way of limitation, the Administrator desires to measure some performance criteria over twelve (12) months and other criteria over three (3) months. 

2.15    “Plan” means this Executive Incentive Compensation Plan (including any appendix attached hereto),
as may be amended from time to time. 
 2.16    “Section 409A” means
Section 409A of the Code and the U.S. Treasury Regulations and guidance thereunder, and any applicable state law equivalent, as each may be promulgated, amended or modified from time to time. 

2.17    “Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as
defined in Code Section 424(f), in relation to the Company. 
 2.18    “Target Award” means the
target award, at one hundred percent (100%) of target level performance achievement, payable under the Plan to a Participant for a Performance Period, as determined by the Administrator in accordance with Section 4.2. 

2.19    “Tax Withholdings” means tax, social insurance and social security liability or premium
obligations in connection with the awards under the Plan, including without limitation: (a) all federal, state, and local income, employment and any other taxes (including the Participant’s U.S. Federal Insurance Contributions Act (FICA)
obligation) that are required to be withheld by the Company Group, (b) the Participant’s and, to the extent required by the Company Group, the fringe benefit tax liability of the Company Group associated with an award under the Plan, and
(c) any other taxes or social insurance or social security liabilities or premium the responsibility for which the Participant has, or has agreed to bear, with respect to such award under the Plan. 

2.20    “Termination of Employment” means a cessation of the employee-employer relationship between an
Employee and the Company Group, including without limitation a termination by resignation, discharge, death, Disability, retirement, or the disaffiliation of a Parent, Subsidiary or Affiliate. For purposes of the Plan, transfer of employment of a
Participant between any members of the Company Group (for example, between the Company and a Subsidiary) will not be deemed a Termination of Employment. 

2.21    “U.S. Treasury Regulations” means the Treasury Regulations of the Code. Reference to a specific
section of the Code will include the Treasury Regulation section or sections applicable to such section of the Code, any valid regulation promulgated under such section of the Code, and any comparable provision of any future legislation or
regulation amending, supplementing, or superseding such Treasury Regulation section or section of the Code. 

  
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 3.    Administration of the Plan. 

3.1    Administrator. The Plan will be administered by the Board or a Committee (the
“Administrator”). To the extent necessary or desirable to satisfy applicable laws, the Committee acting as the Administrator will consist of not less than two (2) members of the Board. The members of any Committee will be
appointed from time to time by, and serve at the pleasure of, the Board. The Board may retain the authority to administer the Plan concurrently with a Committee and may revoke the delegation of some or all authority previously delegated. Different
Administrators may administer the Plan with respect to different groups of Employees. Unless and until the Board otherwise determines, the Board’s Compensation Committee will administer the Plan. 

3.2    Administrator Authority. It will be the duty of the Administrator to administer the Plan in accordance with
the Plan’s provisions. The Administrator will have all powers and discretion necessary or appropriate to administer the Plan and to control its operation, including, but not limited to, the power to (a) determine which Employees will be
granted awards, (b) prescribe the terms and conditions of awards, (c) interpret the Plan and the awards, (d) adopt such procedures and sub-plans as are necessary or appropriate to permit
participation in the Plan by Employees who are non-U.S. nationals or employed outside of the U.S. or to qualify awards for special tax treatment under the laws of jurisdictions other than the U.S.,
(e) adopt rules for the administration, interpretation and application of the Plan as are consistent therewith, and (f) interpret, amend or revoke any such rules. Any determinations and decisions made or to be made by the Administrator
pursuant to the provisions of the Plan, unless specified otherwise by the Administrator, will be in the Administrator’s sole discretion. 

3.3    Decisions Binding. All determinations and decisions made by the Administrator and/or any delegate of the
Administrator pursuant to the provisions of the Plan will be final, conclusive, and binding on all persons, and will be given the maximum deference permitted by law. 

3.4    Delegation by Administrator. The Administrator, on such terms and conditions as it may provide, may delegate
all or part of its authority and powers under the Plan to one or more directors and/or officers of the Company. Such delegation may be revoked at any time. 

3.5    Indemnification. Each person who is or will have been a member of the Administrator will be indemnified and
held harmless by the Company against and from (a) any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she
may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan or any award, and (b) from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or
paid by him or her in satisfaction of any judgment in any such claim, action, suit, or proceeding against him or her, provided he or she will give the Company an opportunity, at its own expense, to handle and defend the same before he or she
undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification will not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Certificate of
Incorporation or Bylaws, by contract, as a matter of law, or otherwise, or under any power that the Company may have to indemnify them or hold them harmless. 

  
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 4.    Selection of Participants and Determination of Awards. 

4.1    Selection of Participants. The Administrator will select the Employees who will be Participants for any
Performance Period. Participation in the Plan will be on a Performance Period by Performance Period basis. Accordingly, an Employee who is a Participant for a given Performance Period in no way is guaranteed or assured of being selected for
participation in any subsequent Performance Period or Performance Periods. No Employee will have the right to be selected to receive an award under this Plan or, if so selected, to be selected to receive a future award. 

4.2    Determination of Target Awards. The Administrator may establish a Target Award for each Participant (which
may be expressed as a percentage of a Participant’s average annual base salary for the Performance Period or a fixed dollar amount or such other amount or based on such other formula or factors as the Administrator determines). 

4.3    Bonus Pool. Each Performance Period, the Administrator may establish a Bonus Pool, which pool may be
established before, during or after the applicable Performance Period. Actual Awards will be paid from the Bonus Pool (if a Bonus Pool has been established). 

4.4    Discretion to Modify Awards. Notwithstanding any contrary provision of the Plan, the Administrator, at any
time prior to payment of an Actual Award, may: (a) increase, reduce or eliminate a Participant’s Actual Award, and/or (b) increase, reduce or eliminate the amount allocated to the Bonus Pool. The Actual Award may be below, at or above
the Target Award, as determined by the Administrator. The Administrator may determine the amount of any increase, reduction, or elimination based on such factors as it deems relevant, and will not be required to establish any allocation or weighting
with respect to the factors it considers. 
 4.5    Discretion to Determine Criteria. Notwithstanding any
contrary provision of the Plan, the Administrator will determine the performance goals, if any, applicable to any Target Award (or portion thereof) which may include, without limitation, goals related to: attainment of research and development
milestones; sales bookings; business divestitures and acquisitions; capital raising; cash flow; cash position; contract awards or backlog; corporate transactions; customer renewals; customer retention rates from an acquired company, subsidiary,
business unit or division; earnings (which may include any calculation of earnings, including but not limited to earnings before interest and taxes, earnings before taxes, earnings before interest, taxes, depreciation and amortization and net
taxes); earnings per share; expenses; financial milestones; gross margin; growth in stockholder value relative to the moving average of the S&P 500 Index or another index; internal rate of return; leadership development or succession planning;
license or research collaboration arrangements; market share; net income; net profit; net sales; new product or business development; new product invention or innovation; number of customers; operating cash flow; operating expenses; operating
income; operating margin; overhead or other expense reduction; patents; procurement; product defect measures; product release timelines; productivity; profit; regulatory milestones or regulatory-related goals; retained earnings; return on assets;
return on capital; return on equity; return on investment; return on sales; revenue; revenue 

  
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growth; sales results; sales growth; savings; stock price; time to market; total stockholder return; working capital; unadjusted or adjusted actual contract value; unadjusted or adjusted total
contract value; and individual objectives such as peer reviews or other subjective or objective criteria. As determined by the Administrator, the performance goals may be based on U.S. generally accepted accounting principles
(“GAAP”) or non-GAAP results and any actual results may be adjusted by the Administrator for one-time items or unbudgeted or unexpected items and/or
payments of Actual Awards under the Plan when determining whether the performance goals have been met. The performance goals may be based on any factors the Administrator determines relevant, including without limitation on an individual,
divisional, portfolio, project, business unit, segment or Company-wide basis. Any criteria used may be measured on such basis as the Administrator determines, including without limitation: (a) in absolute terms, (b) in combination with
another performance goal or goals (for example, but not by way of limitation, as a ratio or matrix), (c) in relative terms (including, but not limited to, results for other periods, passage of time and/or against another company or companies or
an index or indices), (d) on a per-share basis, (e) against the performance of the Company as a whole or a segment of the Company and/or (f) on a pre-tax
or after-tax basis. The performance goals may differ from Participant to Participant and from award to award. Failure to meet the applicable performance goals will result in a failure to earn the Target Award,
except as provided in Section 4.4. The Administrator also may determine that a Target Award (or portion thereof) will not have a performance goal associated with it but instead will be granted (if at all) as determined by the Administrator.

 5.    Payment of Awards. 

5.1    Right to Receive Payment. Each Actual Award will be paid solely from the general assets of the Company
Group. Nothing in this Plan will be construed to create a trust or to establish or evidence any Participant’s claim of any right other than as an unsecured general creditor with respect to any payment to which the Participant may be entitled.

 5.1    Timing of Payment. Payment of each Actual Award will be made as soon as practicable after the end of
the Performance Period to which the Actual Award relates and after the Actual Award is approved by the Administrator, but in no event after the later of (a) the fifteenth (15th) day of
the third (3rd) month of the Fiscal Year immediately following the Fiscal Year in which the Participant’s Actual Award first becomes no longer subject to a substantial risk of
forfeiture, and (b) March 15 of the calendar year immediately following the calendar year in which the Participant’s Actual Award first becomes no longer subject to a substantial risk of forfeiture. Unless otherwise determined by the
Administrator, to earn an Actual Award a Participant must be employed by the Company Group on the date the Actual Award is paid, and in all cases subject to the Administrator’s discretion pursuant to Section 4.4. 

5.2    Form of Payment. Each Actual Award generally will be paid in cash (or its equivalent) in a single lump sum.
The Administrator reserves the right to settle an Actual Award with a grant of an equity award with such terms and conditions, including any vesting requirements, as determined by the Administrator. 

5.3    Payment in the Event of Death or Disability. If a Termination of Employment occurs due to a
Participant’s death or Disability prior to payment of an Actual Award that the Administrator has determined will be paid for a prior Performance Period, then the Actual Award will be paid to the Participant or the Participant’s estate, as
the case may be, subject to the Administrator’s discretion pursuant to Section 4.4. 

  
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 6.    General Provisions. 

6.1    Tax Matters. 

6.1.1    Section 409A. It is the intent that this Plan be exempt from or comply with the requirements of
Section 409A so that none of the payments to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms will be interpreted to be so exempt or so comply. Each payment
under this Plan is intended to constitute a separate payment for purposes of U.S. Treasury Regulations Section 1.409A-2(b)(2). In no event will the Company Group have any liability, obligation, or
responsibility to reimburse, indemnify or hold harmless any Participant or other Employee for any taxes, penalties or interest imposed, or other costs incurred, as a result of Section 409A. 

6.1.2    Tax Withholdings. The Company Group will have the right and authority to deduct from any Actual Award all
applicable Tax Withholdings. Prior to the payment of an Actual Award or such earlier time as any Tax Withholdings are due, the Company Group is permitted to deduct or withhold, or require a Participant to remit to the Company Group, an amount
sufficient to satisfy any Tax Withholdings with respect to such Actual Award. 
 6.2    No Effect on Employment or
Service. Neither the Plan nor any award under the Plan will confer upon a Participant any right regarding continuing the Participant’s relationship as an Employee or other service provider to the Company Group, nor will they interfere with
or limit in any way the right of the Company Group or the Participant to terminate such relationship at any time, free from any liability or claim under the Plan. 

6.3    Forfeiture Events. 

6.3.1    Clawback Policy; Applicable Laws. All awards under the Plan will be subject to reduction,
cancellation, forfeiture, recoupment, reimbursement, or reacquisition in accordance with any clawback policy of the Company Group as may be established and/or amended from time to time to comply with applicable laws, including without limitation
pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. In addition, the
Administrator may impose such other clawback, reduction, recovery, forfeiture, recoupment, reimbursement or reacquisition provisions with respect to an award under the Plan as the Administrator determines necessary or appropriate, including without
limitation a reacquisition right in respect of previously acquired cash, stock, or other property provided with respect to an award, or upon specified events which may include (without limitation) termination of a Participant’s status as an
employee or other service provider for cause or any specified action or inaction by a Participant, whether before or after such termination of employment or other service, that would constitute cause for termination of such Participant’s status
as an employee or other service provider. Unless this Section 6.3.1 is specifically mentioned and waived in a written agreement between a Participant and a member of the Company Group or other document, no recovery of compensation under a
clawback policy or 

  
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otherwise will constitute an event that triggers or contributes to any right of the Participant to resign for “good reason” or “constructive termination” (or similar term)
under any agreement with a member of the Company Group. 
 6.3.2    Additional Forfeiture Terms. The
Administrator may specify when providing for an award under the Plan that the Participant’s rights, payments, and benefits with respect to the award will be subject to reduction, cancellation, forfeiture, or recoupment upon the occurrence of
specified events, in addition to any otherwise applicable vesting or performance conditions of the award. Such events may include, without limitation, termination of the Participant’s status as an Employee for “cause” or any act by a
Participant, whether before or after the Participant’s status as an Employee terminates, that would constitute “cause.” 

6.3.3    Accounting Restatements. If the Company is required to prepare an accounting restatement due to the
material noncompliance of the Company, as a result of misconduct, with any financial reporting requirement under the securities laws, then any Participant who knowingly or through gross negligence engaged in the misconduct, or who knowingly or
through gross negligence failed to prevent the misconduct, and any Participant who is one of the individuals subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002, will reimburse the Company Group the amount of any
payment with respect to an award earned or accrued during the twelve (12) month period following the first public issuance or filing with the U.S. Securities and Exchange Commission (whichever first occurred) of the financial document embodying
such financial reporting requirement. 
 6.4    Successors. All obligations of the Company under the Plan, with
respect to awards under the Plan, will be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the
business or assets of the Company. 
 6.5    Nontransferability of Awards. No award under the Plan may be sold,
transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution, and except as provided in Section 5.3. All rights with respect to an award granted to a Participant will be
available during his or her lifetime only to the Participant. 
 7.    Amendment, Termination, and Duration. 

7.1    Amendment, Suspension, or Termination. The Administrator may modify, amend, suspend or terminate the Plan,
or any part thereof, at any time and for any reason. The modification, amendment, suspension or termination of the Plan will not, without the consent of the Participant, materially alter or materially impair any rights or obligations under any
Actual Award earned by such Participant. No award may be granted during any period of suspension or after termination of the Plan. 

7.2    Duration of Plan. The Plan will commence on the date first adopted by the Board or the Compensation
Committee of the Board, and subject to Section 7.1 (regarding the Administrator’s right to amend or terminate the Plan), will remain in effect thereafter until terminated. 

  
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 8.    Legal Construction. 

8.1    Gender and Number. Unless otherwise indicated by the context, any feminine term used herein also will
include the masculine and any masculine term used herein also will include the feminine; the plural will include the singular and the singular will include the plural. 

8.2    Severability. If any provision of the Plan is or becomes or is deemed to be invalid, illegal, or
unenforceable for any reason in any jurisdiction or as to any Participant, such invalidity, illegality, or unenforceability will not affect the remaining parts of the Plan, and the Plan will be construed and enforced as if the invalid, illegal, or
unenforceable provision had not been included. 
 8.3    Governing Law. The Plan and all awards will be construed
in accordance with and governed by the laws of the State of California, but without regard to its conflict of law provisions. For purposes of litigating any dispute that arises under this Plan, a Participant’s acceptance of an award is his or
her consent to the jurisdiction of the State of California, and agreement that any such litigation will be conducted in San Francisco County, California, or the federal courts for the United States for the Northern District of California, and no
other courts, regardless of where a Participant’s services are performed. 
 8.4    Bonus Plan. The Plan is
intended to be a “bonus program” as defined under U.S. Department of Labor regulations section 2510.3-2(c) and will be construed and administered in accordance with such intention. 

8.5    Headings. Headings are provided herein for convenience only, and will not serve as a basis for
interpretation or construction of the Plan. 
 9.    Compliance with Applicable Laws. Awards under the Plan
(including without limitation the granting of such awards) will be subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 

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