Document:

2.0% Senior Convertible Subordinated Debenture dated June 18, 2003

 Exhibit 4.3 
  

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO CV THERAPEUTICS, INC. (OR ITS
SUCCESSOR) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, CONVERSION OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  
 THIS DEBENTURE
(OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES ACT”), AND THIS DEBENTURE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE
OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS DEBENTURE IS HEREBY NOTIFIED THAT THE SELLER OF THIS DEBENTURE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE
144A THEREUNDER. 
  
 THE HOLDER OF THIS DEBENTURE AGREES FOR THE
BENEFIT OF CV THERAPEUTICS, INC. THAT (A) THIS DEBENTURE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) IN THE UNITED STATES TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (III) PURSUANT TO AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), OR (IV) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (IV) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES, (B) THE HOLDER WILL NOT, DIRECTLY OR INDIRECTLY, ENGAGE IN ANY HEDGING TRANSACTION WITH REGARD TO THIS SECURITY OR ANY COMMON STOCK ISSUABLE UPON CONVERSION OF THIS SECURITY EXCEPT IN COMPLIANCE WITH THE SECURITIES
ACT AND (C) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS DEBENTURE FROM IT OF THE RESTRICTIONS REFERRED TO IN (A) AND (B) ABOVE. 

 CV THERAPEUTICS, INC. 
  
 2.0% Senior Subordinated Convertible Debenture due 2023 
  
 CUSIP NO. 126667302 
  

	 No. 001
	  	$100,000,000

  
 CV THERAPEUTICS, INC.,
a Delaware corporation (the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or its registered assigns, the principal sum
of ONE HUNDRED MILLION U.S. Dollars ($100,000,000) on May 16, 2023. 
  
 Interest
Payment Dates: May 16 and November 16, commencing November 16, 2003. 
  
 Regular
Record Dates: May 2 and November 2. 
  
 Reference is hereby made
to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
  
 IN WITNESS WHEREOF, the Company has caused this Security to be duly executed manually or by facsimile by its duly authorized
officers. 
  

	 Dated:  June 18, 2003
	 	 	 	 CV THERAPEUTICS, INC.

					
	 	 	 	 	 	 	By:	 	 /s/    LOUIS G. LANGE, M.D., PH.D.

	 	 	 	 	 	 	 	 	 Name: Louis G. Lange, M.D., Ph.D.

	 	 	 	 	 	 	 	 	 Title: Chairman and Chief Executive Officer

					
	 	 	 	 	 	 	By:	 	 /s/    DANIEL K. SPIEGELMAN

	 	 	 	 	 	 	 	 	 Name: Daniel K. Spiegelman

	 	 	 	 	 	 	 	 	 Title: Senior Vice President and Chief Financial Officer

  
 Trustee’s
Certificate of Authentication 
  
 This is one of the 2.0%
Senior Subordinated Convertible Debentures due 2023 described in the within-named Indenture. 
  

	 WELLS FARGO BANK MINNESOTA, N. A., as Trustee

		
	 By:
	 	 /s/    MICHAEL T.
LECHNER        

	 	 	Authorized Signatory

  
 Dated:  June 18, 2003 

 CV THERAPEUTICS, INC. 
  
 2.0% Senior Subordinated Convertible Debenture due 2023 
  
 Capitalized terms used herein but not defined shall have the meanings assigned to them in the Indenture referred to below
unless otherwise indicated. 
  
 1. Principal and Interest.
CV Therapeutics, Inc., a Delaware corporation (the “Company”), promises to pay interest on the principal amount of this Security at the Interest Rate from the date of issuance until repayment at Maturity, redemption or repurchase. The
Company shall pay interest on this Security semiannually in arrears on May 16 and November 16 of each year (each an “Interest Payment Date”), commencing November 16, 2003. 
  
 Interest on this Security shall be computed on the basis of a 360-day year of twelve 30-day months and for any period
shorter than a full semiannual period for which interest is calculated, on the basis of a 30-day month and, for such periods of less than a month, the actual number of days elapsed over a 30-day month. 
  
 A Holder of any Security at the close of business on a Regular Record Date
shall be entitled to receive interest on such Security on the corresponding Interest Payment Date. A Holder of any Security which is converted after the close of business on a Regular Record Date and prior to the corresponding Interest Payment Date
(other than any Security whose Maturity is prior to such Interest Payment Date) shall be entitled to receive interest (including Liquidated Damages, if any) on the principal amount of such Security, notwithstanding the conversion of such Security
prior to such Interest Payment Date. However, any such Holder which surrenders any such Security for conversion during the period between the close of business on such Regular Record Date and ending with the opening of business on the corresponding
Interest Payment Date shall be required to pay the Company an amount equal to the interest (including Liquidated Damages, if any) on the principal amount of such Security so converted (but excluding any overdue interest on the principal amount of
such Security so converted that exists at the time such Holder surrenders such Security for conversion), which is payable by the Company to such Holder on such Interest Payment Date, at the time such Holder surrenders such Security for conversion.
Notwithstanding the foregoing, any such Holder which surrenders for conversion any Security (a) which has been called for redemption by the Company in a notice of redemption given by the Company pursuant to Section 10.4 of the Indenture on a
Redemption Date after such Regular Record Date and on or prior to the next succeeding Interest Payment Date or (b) with respect to which the Company has specified a Repurchase Date that is after such Regular Record Date and on or prior to the next
succeeding Interest Payment Date, in either case, shall be entitled to receive (and retain) such interest (including Liquidated Damages, if any) and need not pay the Company an amount equal to the interest (including Liquidated Damages, if any) on
the principal amount of such Security so converted at the time such Holder surrenders such Security for conversion. 
  
 In accordance with the terms of the Registration Rights Agreement, during the first 90 days following a Registration Default (as defined in the
Registration Rights Agreement), the Interest Rate borne by this Security shall be increased by 0.25% on: 
  
 (A) October 17, 2003, if the shelf registration statement (the “Shelf Registration Statement”) is not filed prior to or on
October 16, 2003; 
  
 (B) January 15, 2003, if
the Shelf Registration Statement is not declared effective by the Securities and Exchange Commission prior to or on January 14, 2003; 
  
 (C) the day after the fifth Business Day after the Shelf Registration Statement previously declared effective ceases to be effective or
fails to be usable, if a post-effective amendment (or report filed pursuant to the Exchange Act) that cures the Shelf Registration Statement is not filed with the Securities and Exchange Commission during such five Business Day period; or

  
 (D) the day following the 45th or 60th day,
as the case may be, of any period that the prospectus contained in the Shelf Registration Statement has been suspended, if such suspension has not been terminated. 

 From and after the 91st day following such Registration Default, the Interest Rate borne by this Security shall be
increased by 0.50%. In no event shall the Interest Rate borne by this Security be increased by more than 0.50%. 
  
 Any amount of additional interest shall be payable in cash semiannually, in arrears, on each Interest Payment Date and shall cease to accrue on the date
the Registration Default is cured. The Holder of this Security is entitled to the benefits of the Registration Rights Agreement. 
  
 2. Method of Payment. Interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be
paid to the person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest. 
  
 Principal of, and premium, if any, and interest on, Global Securities shall be payable to the Depositary in immediately
available funds. 
  
 Principal of and premium, if any, on Physical
Securities shall be payable at the office or agency of the Company maintained for such purpose, initially the Corporate Trust Office of the Trustee. Interest on Physical Securities shall be payable by (i) U.S. Dollar check drawn on a bank located in
the city where the Corporate Trust Office of the Trustee is located mailed to the address of the Person entitled thereto as such address shall appear in the Register, or (ii) upon application to the Registrar not later than the relevant Record Date
by a Holder of an aggregate principal amount of Securities in excess of $5,000,000, wire transfer in immediately available funds. 
  
 3. Paying Agent and Registrar. Initially, Wells Fargo Bank Minnesota, National Association, the Trustee under the Indenture, will act as Paying
Agent and Registrar. The Company may change the Paying Agent or Registrar without notice to any Holder. 
  
 4. Indenture. The Company issued this Security under an Indenture, dated as of June 18, 2003 (the “Indenture”), between the Company and
Wells Fargo Bank Minnesota, National Association, as trustee (the “Trustee”). The terms of this Security include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended
(“TIA”). This Security is subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of all such terms. To the extent permitted by applicable law, in the event of any inconsistency between the terms of
this Security and the terms of the Indenture, the terms of the Indenture shall control. 
  
 5. Optional Redemption. This Security is not redeemable prior to May 16, 2006. This Security may be redeemed in whole or in part, upon not less than 20 nor more than 60 days’ notice, at any time on or
after May 16, 2006, at the option of the Company, at the redemption prices (expressed as a percentage of the principal amount) set forth below if redeemed during the 12-month period beginning May 16 of the years indicated and ending May 15 of the
years indicated, plus any interest accrued but not paid prior to the Redemption Date. 
  

	 During the Twelve Months Commencing

	  	Redemption Price

	 
		
	 May 16, 2006 through May 15, 2007
	  	101.143	%
	 May 16, 2007 through May 15, 2008
	  	100.857	%
	 May 16, 2008 through May 15, 2009
	  	100.571	%
	 May 16, 2009 through May 15, 2010
	  	100.286	%
	 May 16, 2010 and thereafter
	  	100.000	%

  
 If fewer than all the
Securities are to be redeemed, the Trustee shall select the particular Securities to be redeemed from the Outstanding Securities by the methods as provided in the Indenture. If any Security selected for partial redemption is converted in part before
termination of the conversion right with respect to the portion of the Security so selected, the converted portion of such Security shall be deemed to be the portion selected for redemp- 

 
tion (provided, however, that the Holder of such Security so converted and deemed redeemed shall not be entitled to any additional interest
payment as a result of such deemed redemption than such Holder would have otherwise been entitled to receive upon conversion of such Security). Securities which have been converted during a selection of Securities to be redeemed may be treated by
the Trustee as Outstanding for the purpose of such selection. 
  
 On and after the Redemption Date, interest shall cease to accrue on Securities or portions of Securities called for redemption, unless the Company defaults in the payment of the Optional Redemption Price and accrued and unpaid interest.

  
 Notice of redemption shall be given by the Company to the
Holders as provided in the Indenture. 
  
 6. Repurchase
Rights. 
  
 (a) Repurchase Right Upon a Change of
Control. If a Change in Control occurs, the Holder of Securities, at the Holder’s option, shall have the right, in accordance with the provisions of the Indenture, to require the Company to repurchase the Securities (or any portion of the
principal amount hereof that is at least $1,000 or an integral multiple thereof; provided, however, that the portion of the principal amount of this Security to be Outstanding after such repurchase is at least equal to $1,000) at a
purchase price equal to 100% of the principal amount of the Securities to be repurchased (the “Repurchase Price”), plus interest accrued and unpaid to, but excluding, the Repurchase Date. 
  
 A Company Notice shall be given by the Company to the Holders as provided in
the Indenture. To exercise a Repurchase Right, a Holder must deliver to the Trustee a written notice as provided in the Indenture. 
  
 (b) Repurchase by the Company at the Option of the Holder. Subject to the terms and conditions of the Indenture, each Holder shall have the right
to require the Company to repurchase all or a portion of their Securities on May 16, 2010, May 16, 2013 and May 16, 2018 (or, if any such date is not a Business Day, on the immediately succeeding Business Day) (each, a “Put Repurchase
Date”), at 100% of the principal amount of the Securities to be so repurchased, plus accrued and unpaid interest, if any, to, but excluding, such Put Repurchase Date (the “Put Repurchase Price”). On or before the twenty-third (23rd)
Business Day prior to each Put Repurchase Date, the Company shall provide to the Trustee, the Paying Agent and to all Holders at their respective addresses as shown on the Register, and to beneficial owners of the Securities where required by
applicable law, a notice as provided in the Indenture. The Company will be required to repurchase only Securities with respect to which a Holder has delivered a Purchase Notice in accordance with the terms and conditions of the Indenture and subject
to the satisfaction of the other conditions set forth in the Indenture. 
  
 (c) Payment of Repurchase Price and Put Repurchase Price. Subject to the fulfillment by the Company of the conditions set forth in the Indenture, the Company may elect to pay the Repurchase Price or the Put Repurchase Price, as the
case may be, by delivering the number of shares of Common Stock equal to (i) the Repurchase Price or the Put Repurchase Price, as the case may be, divided by (ii) 95% of the average of the daily volume-weighted average price of the Common Stock for
the twenty consecutive Trading Days immediately preceding and including the third Business Day prior to the Repurchase Date or the Put Repurchase Date, as the case may be, (if the third Business Day prior to the applicable Repurchase Date or Put
Repurchase Date, as the case may be, is a Trading Day, or if not, then on the last Trading Day prior to the third Business Day), appropriately adjusted to take into account the occurrence, during the period commencing on the first Trading Day during
the twenty Trading-Day period and ending on the Repurchase Date or the Put Repurchase Date, as the case may be, of any event that would result in an adjustment to the conversion rate set forth in the Indenture. No fractional shares of Common Stock
will be issued upon repurchase of any Securities. Instead of any fractional share of Common Stock which would otherwise be issued upon conversion of such Securities, the Company shall pay a cash adjustment as provided in the Indenture. 

 
 7. Conversion Rights. (a) Subject to and upon compliance with the
provisions of the Indenture and the occurrence of one or more of the conditions set forth in clause (d) of this paragraph 7, the Holder of Securities shall be entitled, at such Holder’s option, at any time before the close of business on May
16, 2023, to convert the Holder’s Securities (or any portion of the principal amount hereof which is $1,000 or an integral multiple thereof), at 

 
the principal amount thereof or of such portion thereof, into duly authorized, fully paid and nonassessable shares of Common Stock of the Company at the
Conversion Price in effect at the time of conversion. 
  
 (b) In
the case of a Security (or a portion thereof) called for redemption, such conversion right in respect of the Security (or such portion thereof) so called shall expire at the close of business on the Business Day immediately preceding the Redemption
Date, unless the Company defaults in making the payment due upon redemption. In the case of a Change of Control for which the Holder exercises its Repurchase Right or Put Repurchase Right with respect to a Security (or a portion thereof), such
conversion right in respect of such Security (or portion thereof) shall expire at the close of business on the Business Day preceding the Repurchase Date or Put Repurchase Date, as applicable. 
  
 (c) The Conversion Price shall be initially equal to $47.58 per share of
Common Stock. The Conversion Price shall be adjusted under certain circumstances as provided in the Indenture. 
  
 (d) Holders may surrender their Securities for conversion into shares of the Company’s Common Stock prior to Stated Maturity in only the following
circumstances: 
  
 (i) Conversion Upon
Satisfaction of Sale Price Condition. 
  
 (A)
A Holder may surrender any of its Securities for conversion into shares of the Company’s Common Stock in any calendar quarter (and only during such calendar quarter) after the quarter ending September 30, 2003 if the sale price of the
Company’s Common Stock, for at least 20 Trading Days during the period of 30 consecutive Trading Days ending on the last Trading Day of the previous calendar quarter, is greater than or equal to 120% of the applicable conversion price per share
of the Company’s Common Stock on such last Trading Day. 
  
 (B) The “sale price” of the Company’s Common Stock on any date means the closing sale price per share (or if no closing sale price is reported, the average of the bid and asked prices or, if more than
one in either case, the average of the average bid and the average asked prices) on that date as reported in transactions for the principal U.S. securities exchange on which the Company’s Common Stock is traded or, if the Company’s Common
Stock is not listed on a U.S. national or regional securities exchange, as reported by the Nasdaq National Market. The sale price shall be determined without reference to after-hours or extended market trading. If the Company’s Common Stock is
not listed for trading on a U.S. national or regional securities exchange and not reported by the Nasdaq National Market on the relevant date, the “sale price” shall be the last quoted bid price for the Company’s Common Stock in the
over-the-counter market on the relevant date as reported by the National Quotation Bureau or similar organization. If the Company’s Common Stock is not so quoted, the “sale price” shall be the average of the mid-point of the last bid
and asked prices for the Company’s Common Stock on the relevant date from each of at least three nationally recognized independent investment banking firms selected by the Company for this purpose. 
  
 (ii) Conversion Upon Satisfaction of Trading Price
Condition. 
  
 (A) A Holder may surrender its
Securities for conversion into the Company’s Common Stock during the five Business Days immediately following any five consecutive Trading-Day period in which the Trading Price per $1,000 principal amount of Securities (as determined following
a request by a Holder of the Securities in accordance with the procedures described below) for each day of that period was less than 97% of the product of the sale price of the Company’s Common Stock and the then applicable conversion rate (the
“97% Trading Exception”); provided, however, that if, on the date of any conversion of the Securities pursuant to the 97% Trading Exception that is on or after May 16, 2018, the sale price of the Company’s Common Stock
is greater than the applicable Conversion Price for the Securities, then the Holder shall receive upon conversion of the Securities, in lieu of Common Stock based on the then applicable conversion rate for the Holder’s Securities, cash, Common
Stock or a combination of cash and Common Stock, at the Company’s option, with a value equal to the principal amount of the 

 
Holder’s Security plus accrued and unpaid interest, if any, as of the conversion date, which is referred to as a “principal value conversion.”
If the Holder surrenders its Securities for conversion and it is a principal value conversion, the Company shall notify the Holder by the second Trading Day following the date of conversion whether the Company shall pay the Holder the principal
amount plus accrued and unpaid interest, if any, in cash, Common Stock or a combination of cash and Common Stock, and in what percentage. Any Common Stock delivered upon a principal value conversion shall be valued at the greater of the then
applicable Conversion Price on the conversion date and the sale price on the third Trading Day after the conversion date. The Company shall pay the Holder any portion of the principal amount plus accrued and unpaid interest, if any, to be paid in
cash on the third Trading Day after the conversion date. With respect to any portion of the principal amount plus accrued and unpaid interest, if any, to be paid in Common Stock, the Company shall deliver the Common Stock to the Holder on the fifth
Trading Day following the conversion date. 
  
 (B) In connection with any conversion upon satisfaction of the condition set forth in clause (A) above, the Trustee shall have no obligation to determine the Trading Price of the Securities unless the Company has requested such
determination, and the Company shall have no obligation to make such request unless the Holder provides the Company with reasonable evidence that the Trading Price per $1,000 principal amount of the Securities would be less than 97% of the product
of the sale price of the Company’s Common Stock and the then applicable conversion rate; at which time the Company shall instruct the Trustee to determine the Trading Price of the Securities beginning on the next Trading Day and on each
successive Trading Day until the trading price is greater than or equal to 97% of the product of the sale price of the Company’s Common Stock and the then applicable conversion rate. 
  
 (iii) Conversion Upon Notice of Redemption. If the
Company calls any or all of the Securities for redemption pursuant to the provisions of Article 10 of the Indenture, Holders may convert Securities into the Company’s Common Stock at any time prior to the close of business on the Business Day
immediately preceding the Redemption Date, even if the Securities are not otherwise convertible at such time. If a Holder already has delivered a purchase notice with respect to a Security, however, the Holder may not surrender that Security for
conversion until the Holder has withdrawn the purchase notice in accordance with this Indenture. 
  
 (iv) Conversion Upon Specified Corporate Transactions. 
  
 (A) If the Company elects to: (1) distribute to all holders of the Company’s Common Stock rights
entitling them to purchase, for a period expiring within 45 days after the date of the distribution, shares of the Company’s Common Stock at less than the sale price of a share of the Company’s Common Stock on the Trading Day immediately
preceding the declaration date of the distribution, or (2) distribute to all holders of the Company’s Common Stock the Company’s assets, debt securities or rights to purchase the Company’s securities, which distribution has a per
share value as determined by the Company’s board of directors exceeding 15% of the sale price of a share of the Company’s Common Stock on the Trading Day immediately preceding the declaration date of the distribution, the Company must
notify the Holders of the Securities at least 20 Business Days prior to the ex-dividend date for such distribution. Upon such notice, Holders may surrender their Securities for conversion at any time until the earlier of the close of business on the
Business Day immediately prior to the ex-dividend date or the Company’s announcement that such distribution will not take place, even if the Securities are not otherwise convertible at such time. No Holder may exercise this right to convert if
the Holder otherwise may participate in the distribution without conversion. The ex-dividend date is the first date upon which a sale of the Common Stock does not automatically transfer the right to receive the relevant distribution from the seller
of the Common Stock to its buyer. 
  
 (B) If the
Company is a party to a consolidation, merger or binding share exchange pursuant to which the Company’s Common Stock would be converted into cash or property other than securities, a Holder may surrender Securities for conversion at any time
from and after the 

 
date that is 15 days prior to the anticipated effective date of the transaction until 15 days after the actual effective date of such transaction. If the
Company engages in a reclassification of the Company’s Common Stock or is a party to a consolidation, merger, binding share exchange or transfer of all or substantially all of the Company’s assets pursuant to which the Company’s
Common Stock is converted into cash, securities or other property, then at the effective time of the transaction, the right to convert a Security into the Company’s Common Stock shall be changed into a right to convert a Security into the kind
and amount of cash, securities or other property that the Holder would have received if the Holder had converted its Securities immediately prior to the applicable record date for such transaction. If the transaction also constitutes a Change of
Control, a Holder may require the Company to purchase all or a portion of its Securities as set forth in Article 11 of the Indenture. 
  
 (e) To exercise the conversion right, the Holder must surrender this Security (or portion thereof) duly endorsed or assigned to the Company or in blank,
at the office of the Conversion Agent, accompanied by a duly signed conversion notice to the Company. Any Security surrendered for conversion during the period between the close of business on any Regular Record Date and the opening of business on
the corresponding Interest Payment Date (other than any Security whose Maturity is prior to such Interest Payment Date) shall be accompanied by payment in New York Clearing House funds or other funds acceptable to the Company of an amount equal to
the interest (including Liquidated Damages, if any) payable on such Interest Payment Date by the Company on the principal amount of the Security being surrendered for conversion (but excluding any overdue interest on the principal amount of such
Security so converted that exists at the time such Holder surrenders such Security for conversion). Notwithstanding the foregoing, any such Holder which surrenders for conversion any Security (a) which has been called for redemption by the Company
in a notice of redemption given by the Company pursuant to Section 10.4 of the Indenture on a Redemption Date after such Regular Record Date and on or prior to the next succeeding Interest Payment Date or (b) with respect to which the Company has
specified a Repurchase Date that is after such Regular Record Date and on or prior to the next succeeding Interest Payment Date, in either case, need not pay the Company an amount equal to the interest (including Liquidated Damages, if any) on the
principal amount of such Security so converted at the time such Holder surrenders such Security for conversion. 
  
 (f) No fractional shares of Common Stock shall be issued upon conversion of any Securities. Instead of any fractional share of Common Stock which would
otherwise be issued upon conversion of such Securities, the Company shall pay a cash adjustment as provided in the Indenture. 
  
 8. Subordination. The Indebtedness evidenced by this Security is, to the extent and in the manner provided in the Indenture, subordinated and
subject in right of payment to the prior payment in full of all amounts then due on all Senior Debt of the Company; provided, however, that the Securities, the Indebtedness represented thereby and the payment of the principal of and premium,
if any, and interest on the Securities in all respects shall rank equally with, or prior to, all existing and future Indebtedness of the Company that is expressly subordinated to any Senior Debt, and this Security is issued subject to such
provisions of the Indenture with respect thereto. Each Holder of this Security, by accepting the same, (a) agrees to and shall be bound by such provisions, (b) authorizes and directs the Trustee on such Holder’s behalf to take such action as
may be necessary or appropriate to effectuate the subordination so provided and (c) appoints the Trustee such Holder’s attorney-in-fact for any and all such purposes. 
  
 9. Denominations; Transfer; Exchange. The Securities are issuable in registered form, without coupons, in
denominations of $1,000 and integral multiples of $1,000 in excess thereof. A Holder may register the transfer or exchange of Securities in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. 
  
 In the event of a redemption in part, the Company shall not be required (a) to register the transfer of, or exchange, Securities for a period of 15 days
immediately preceding the date notice is given identifying the serial numbers of the Securities called for such redemption, or (b) to register the transfer of, or exchange, any such Securities, or portion thereof, called for redemption. 

 In the event of redemption, conversion or repurchase of the Securities in part only, a new Security or
Securities for the unredeemed, unconverted or unrepurchased portion thereof shall be issued in the name of the Holder hereof. 
  
 10. Persons Deemed Owners. The registered Holder of this Security shall be treated as its owner for all purposes. 
  
 11. Unclaimed Money. The Trustee and the Paying Agent shall pay to the
Company any money held by them for the payment of principal, premium, if any, or interest that remains unclaimed for two years after the date upon which such payment shall have become due. After payment to the Company, Holders entitled to the money
must look to the Company for payment as general creditors unless an applicable abandoned property law designates another Person, and all liability of the Trustee and the Paying Agent with respect to such money shall cease. 
  
 12. Discharge Prior to Redemption or Maturity. Subject to certain
conditions contained in the Indenture, the Company may discharge its obligations under the Securities and the Indenture if (1) (a) all of the Outstanding Securities shall become due and payable at their scheduled Maturity within one year or (b) all
of the Outstanding Securities are scheduled for redemption within one year, and (2) the Company shall have deposited with the Trustee money and/or U.S. Government Obligations sufficient to pay the principal of, and premium, if any, and interest on,
all of the Outstanding Securities on the date of Maturity or redemption, as the case may be. 
  
 13. Amendment; Supplement; Waiver. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders of the Securities under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Outstanding Securities (or such lesser amount as shall have acted at a
meeting pursuant to the provisions of the Indenture). The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities at the time Outstanding, on behalf of the Holders of all the
Securities, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding
upon such Holder and upon all future Holders of this Security and of any Security issued upon registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security or
such other Security. 
  
 No reference herein to the Indenture and
no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and premium, if any, and interest (including Liquidated Damages, if any) on this
Security at the times, places and rate, and in the coin or currency, herein prescribed or to convert this Security (or pay cash in lieu of conversion) as provided in the Indenture. 
  
 14. Defaults and Remedies. The Indenture provides that an Event of Default with respect to the Securities occurs when
any of the following occurs: 
  
 (a) the Company
defaults in the payment of the principal of or premium, if any, on any of the Securities when it becomes due and payable, at Maturity, upon redemption or exercise of a Repurchase Right or Put Repurchase Right or otherwise, whether or not such
payment is prohibited by the subordination provisions of Article 13 of the Indenture; or 
  
 (b) the Company defaults in the payment of interest on any of the Securities when it becomes due and payable and such default continues
for a period of 30 days, whether or not such payment is prohibited by the subordination provisions of Article 13 of the Indenture; provided, however, that the Company’s failure to pay interest (including Liquidated Damages, if
any) on any of the Securities within five Business Days of any Interest Payment Date prior to and including May 16, 2006 shall constitute an immediate Event of Default; or 
  
 (c) the Company fails to deliver shares of Common Stock, together with cash instead of fractional shares,
when those shares of Common Stock or cash instead of fractional shares is required to be delivered following conversion of a Security in accordance with the provisions of Article 12 of the Indenture; or 

 (d) the Company fails to perform or observe any other term, covenant or agreement
contained in the Securities or the Indenture and such default continues for a period of 60 days after written notice of such failure is given as specified in the Indenture; or 
  
 (e) (i) the Company fails to make any payment by the end of the applicable grace period, if any, after the
maturity of any Indebtedness for borrowed money in an amount in excess of $5,000,000, or (ii) there is an acceleration of any Indebtedness for borrowed money in an amount in excess of $5,000,000 because of a default with respect to such Indebtedness
without such Indebtedness having been discharged or such acceleration having been cured, waived, rescinded or annulled, in the case of either clause (i) or (ii) above, for a period of 30 days after written notice is given to the Company as specified
in the Indenture; or 
  
 (f) there are certain
events of bankruptcy, insolvency or reorganization of the Company; or 
  
 (g) the Pledge and Escrow Agreement ceases to be in full force and effect or enforceable prior to its expiration in accordance with its terms. 
  
 If an Event of Default shall occur and be continuing, the principal of all the Securities may be declared due and payable in
the manner and with the effect provided in the Indenture. 
  
 15.
Authentication. This Security shall not be valid until the Trustee (or authenticating agent) executes the certificate of authentication on the other side of this Security. 
  
 16. Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (=
tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian) and U/G/M/A (= Uniform Gifts to Minors Act). 
  
 17. Additional Rights of Holders of Transfer Restricted Securities. In
addition to the rights provided to Holders under the Indenture, Holders of Transfer Restricted Securities shall have all the rights set forth in the Registration Rights Agreement. 
  
 18. CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Company has caused CUSIP numbers to be printed on this Security and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as
printed on this Security or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
  
 19. Governing Law. The Indenture and this Security shall be governed by, and construed in accordance with, the law of the State of New York.

  
 20. Successor Corporation. In the event a successor
corporation assumes all the obligations of the Company under this Security, pursuant to the terms hereof and of the Indenture, the Company shall be released from all such obligations. 

 ASSIGNMENT FORM 
  
 To assign this Security, fill in the form below and have your signature guaranteed: (I) or (we) assign and transfer this Security to:

  

	 	  	  

	  	 
	 	  	(Insert assignee’s soc. sec. or tax I.D. no.)	  	 
			
	 	  	  

	  	 
	 	  	(Print or type assignee’s name, address and zip code)	  	 

  
 and irrevocably appoint
                                       
                                        
                                        
                                        
          to transfer this Security on the books of the Company. The agent may substitute another to act for him. 
  

	 Dated:
	 	  

	 	 	 	 Your Name:
	 	 
	 	 	 	 	 	 	 	 	
 (Print your name exactly as it appears on the
face
 of this Security)

					
	 	 	 	 	 	 	 Your Signature:
	 	 
	 	 	 	 	 	 	 	 	
 (Sign exactly as your name appears on the
face
 of this Security)

  
 Signature
Guarantee*: 
  

	*	 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 In connection with any transfer of this Security occurring prior to the end of the period
referred to in Rule 144(k) under the Securities Act, the undersigned confirms that without utilizing any general solicitation or general advertising: 
  
 [Check One] 
  
  ̈ (a) this Security is being transferred in compliance with the exemption from registration under the Securities
Act of 1933, as amended, provided by Rule 144A thereunder. 
  
 or 
  
  ̈ (b) this Security is being transferred in compliance with the exemption from registration under the Securities Act of 1933, as amended, provided by Regulation S thereunder. 
  
 or 
  

 ̈ (c) this Security is being transferred other than in
accordance with (a) or (b) above and documents are being furnished which comply with the conditions of transfer set forth in this Security and the Indenture. 
  
 If none of the foregoing boxes is checked, the Trustee or other Registrar shall not be obligated to register this Security in the name of any Person other than the Holder
hereof unless the conditions to any such transfer of registration set forth herein and in Sections 2.7, 2.8 and 2.9 of the Indenture shall have been satisfied. 
  

Dated:                      

 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within-mentioned
instrument in every particular, without alteration or any change whatsoever. 
  

	 Signature Guarantee:
	  	  

	  	 
	 	  	 Signature must be guaranteed by a participant in a recognized signature
 guaranty medallion program or other signature guarantor acceptable to the
 Trustee.

  
 TO BE COMPLETED BY PURCHASER IF (a)
ABOVE IS CHECKED. 
  
 The undersigned represents and warrants that it is
purchasing this Security for its own account or an account with respect to which it exercises sole investment discretion, in each case for investment and not with a view to distribution, and that it and any such account is a “Qualified
Institutional Buyer” within the meaning of Rule 144A under the Securities Act of 1933 and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the
undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from
registration provided by Rule 144A. 
  
 Dated:
                     
  
 NOTICE: To be executed by an executive officer 
  

TO BE COMPLETED BY PURCHASER IF (b) ABOVE IS CHECKED. 
  
 The undersigned represents and warrants that the transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and,
accordingly, the undersigned further certifies that (A) the transfer is not being made to a person in the United States and (1) at the time the buy order was originated, the transferee was outside the United States or such transferor and any Person
acting on its behalf reasonably believed and believes that the transferee was outside the United States or (2) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such transferor nor
any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States; (B) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the
Securities Act; (C) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and (D) if the proposed transfer is not being made prior to the expiration of the Restricted Period, the transfer is
not being made to a U.S. Person. 
  
 Dated:
                     
  
 NOTICE: To be executed by an executive officer 

 CONVERSION NOTICE 
  
 TO: CV THERAPEUTICS, INC. 
 3172 Porter Drive 
 Palo Alto, California 94304 
 Attention: General Counsel 
  
 The undersigned registered owner of this Security hereby irrevocably exercises the option to convert this Security, or the portion hereof (which is $1,000 principal
amount or an integral multiple thereof) below designated, into shares of Common Stock in accordance with the terms of the Indenture referred to in this Security, and directs that the shares issuable and deliverable upon such conversion, together
with any check in payment for fractional shares and any Securities representing any unconverted principal amount hereof, be issued and delivered to the registered holder hereof unless a different name has been indicated below. If shares or any
portion of this Security not converted is to be issued in the name of a person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto. Any amount required to be paid to the undersigned on account of
interest (including Liquidated Damages, if any) accompanies this Security. 
  

	 	 	 Dated:
	 	 	 	 Your Name:
	 	 
	 	 	 	 	 	 	 	 	
 (Print your name exactly as it appears on the face
 of this Security)

					
	 	 	 	 	 	 	 Your Signature:
	 	 
	 	 	 	 	 	 	 	 	
 (Sign exactly as your name appears on the face of this Security)

					
	 	 	 	 	 	 	 Signature Guarantee*:
	 	  

				
	 	 	 	 	 	 	 Social Security or other Taxpayer

	 	 	 	 	 	 	 Identification Number:
	 	  

  
 Principal amount to be converted (if
less than all): $                     
  

	*	 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 Fill in for registration of shares (if to be issued) and Securities (if to be delivered)
other than to and in the name of the registered holder: 
  

	 	 	  

	 	 
	 	 	(Name)	 	 
	 	 	  

	 	 
	 	 	(Street Address)	 	 
	 	 	  

	 	 
	 	 	(City, State and Zip Code)	 	 

 NOTICE OF EXERCISE OF REPURCHASE RIGHT 
  
 TO: CV THERAPEUTICS, INC. 
 3172 Porter Drive 
 Palo Alto, California 94304 
 Attention: General Counsel 
  
 The undersigned registered owner of this Security hereby irrevocably acknowledges receipt of
a notice from CV Therapeutics, Inc. (the “Company”) as to the occurrence of a Change of Control with respect to the Company and requests and instructs the Company to repay the entire principal amount of this Security, or the portion
thereof (which is $1,000 principal amount or an integral multiple thereof) below designated, in accordance with the terms of the Indenture referred to in this Security, together with interest (including Liquidated Damages, if any) accrued and unpaid
to, but excluding, such date, to the registered holder hereof, in cash. 
  

	 	 	 Dated:
	 	 	 	 Your Name:
	 	 
	 	 	 	 	 	 	 	 	
 (Print your name exactly as it appears on the face of this Security)

					
	 	 	 	 	 	 	 Your Signature:
	 	 
	 	 	 	 	 	 	 	 	
 (Sign exactly as your name appears
 on the face of this Security)

					
	 	 	 	 	 	 	 Signature Guarantee*:
	 	  

				
	 	 	 	 	 	 	 Social Security or other Taxpayer

	 	 	 	 	 	 	 Identification Number:
	 	  

  
 Principal amount to be repaid (if less
than all): $                      
  

	*	 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

 SCHEDULE OF EXCHANGES FOR PHYSICAL SECURITIES(2) 
  
 The following exchanges of a part of this Global Security for Physical Securities have been
made: 
  

	 Date of Exchange

	 	 Amount of
 decrease in
 Principal Amount
 of this Global
 Security

	 	 Amount of increase
 in Principal
 Amount of this
 Global Security

	  	 Principal Amount
 of this Global
 Security following
 such decrease (or
increase)

	  	 Signature of
 authorized officer
 of Trustee

	(2)	 	This schedule should be included only if the Security is issued in global form.CV Therapeutics, Inc.  Long-Term Incentive Plan

 Exhibit 10.63 
  
 CV THERAPEUTICS, INC. 
 LONG-TERM INCENTIVE PLAN 
  
 ARTICLE I. 
 Purpose 
  
 The purpose of this Plan is to provide specified benefits to a select group of management or highly compensated employees who contribute materially to the
continued growth, development and future success of CV Therapeutics, Inc. a Delaware corporation, and its subsidiaries, if any, that sponsor this Plan. This Plan shall be unfunded for tax purposes and for purposes of Title I of ERISA. 
  
 ARTICLE II. 
 Definitions 
  
 As used within this document, the following words and phrases have the meanings described in this Article II unless a different meaning is required by the context. Some of the words and phrases used in the Plan are not defined in this
Article II, but for convenience, are defined as they are introduced into the text. Any headings used are included for ease of reference only and are not to be construed so as to alter any of the terms of the Plan. 
  
 2.1 Base Salary. A Participant’s annual cash compensation
relating to services performed during any calendar year, whether or not paid in such calendar year or included on the Federal Income Tax form W-2 for such calendar year, excluding bonuses, commissions, overtime, fringe benefits, stock options,
relocation expenses, incentive payments, non-monetary awards, directors fees and other fees, automobile and other allowances paid to a Participant for employment services rendered (whether or not such allowances are included in the
Participant’s gross income). 
  
 2.2 Beneficiary. An
individual or entity designated by a Participant in accordance with Section 12.7. 
  
 2.3 Board or Board of Directors. The Board of Directors of the Corporation. 
  
 2.4 Bonus. Cash earnings awarded to a Participant as incentive compensation at the option of any Employer which may or may not occur during each
Plan Year. 
  
 2.5 Change in Control. The occurrence of any
of the following: 
  
 (a) a sale of substantially all of
the assets of the Corporation; 
  
 (b) a merger or
consolidation in which the Corporation is not the surviving corporation (other than a merger or consolidation in which shareholders immediately before the 
  

 1 

 
merger or consolidation have, immediately after the merger or consolidation, equal or greater stock voting power); 
  
 (c) a reverse merger in which the Corporation is the surviving
corporation but the shares of the Company’s common stock outstanding immediately preceding the merger are converted by virtue of the merger into other property, whether in the form of securities, cash or otherwise (other than a reverse merger
in which shareholders immediately before the merger have, immediately after the merger, greater stock voting power); or 
  
 (d) any transaction or series of related transactions in which in excess of fifty percent (50%) of the Corporation’s voting power is
transferred. 
  
 2.6 Code. The Internal Revenue Code of
1986, as amended. Reference to a section of the Code shall include that section and any comparable section or sections of any future legislation that amends, supplements or supersedes such section. 
  
 2.7 Committee. The Compensation Committee of the Board of Directors.

  
 2.8 Contribution Account. The account established for a
Participant pursuant to Section 5.1 of the Plan, which account shall reflect the contributions made by him or her or on his or her behalf by his or her Employer under Section 4 and shall be credited (or charged, as the case may be) with the
hypothetical or deemed investment earnings and losses determined pursuant to Section 5.3, and charged with distributions made to or with respect to him or her. 
  

2.9 Corporation. CV Therapeutics, Inc., a Delaware corporation. 
  
 2.10 Deferral Election. The election made by the Participant pursuant to Section 4.1 of the Plan. 
  
 2.11 Deferral Period. The Plan Year, or in the case of a newly hired
or promoted employee who becomes an Eligible Employee during a Plan Year, the remaining portion of the Plan Year. 
  
 2.12 Disability. Any physical or mental condition which renders a Participant incapable of performing duties of his or her customary position of
employment (or is unable to engage in any substantial gainful activity) for an indefinite period which his or her Employer considers will be of continued duration. The Disability of a Participant shall be determined by the Plan Administrator in its
sole discretion, in accordance with uniform principles consistently applied, upon the basis of such evidence as the Plan Administrator deems necessary and advisable. 
  
 2.13 Effective Date. May 1, 2003. 
  
 2.14 Eligible Employee. Any person who is an employee of any Employer and who is designated by the Chief Executive
Officer of the Corporation as being eligible to participate in the Plan. The Chief Executive Officer of the Corporation is automatically an Eligible Employee for purposes of the Plan. 
  

 2 

 2.15 Employer. The Corporation and/or any of its subsidiaries (now in existence or hereafter
formed or acquired) that have been selected by the Board to participate in the Plan and have adopted the Plan as a sponsor. 
  
 2.16 ERISA. The Employee Retirement Income Security Act of 1974, as amended. Reference to a section of ERISA shall include that section and any
comparable section or sections of any future legislation that amends, supplements or supersedes such section. 
  
 2.17 IRS. The Internal Revenue Service. 
  
 2.18 Measurement Fund. An investment fund or funds selected by the Plan Administrator, in its sole discretion, from time to time. 
  
 2.19 Normal Retirement Age. Sixty-five (65) years. 
  
 2.20 Normal Retirement Date. The date on which a Participant reaches
Normal Retirement Age. 
  
 2.21 Participant. Any Eligible
Employee (i) who is selected to participate in the Plan, and (ii) who commences participation in the Plan. If required by the Plan Administrator, a Participant shall sign a Participant Agreement and Election Form and submit such form for acceptance
by the Plan Administrator. 
  
 2.22 Participant Agreement and
Election Form. The written agreement made by a Participant. Such written agreement shall be in a format designated by the Plan Administrator. 
  
 2.23 Plan. The CV Therapeutics, Inc. Long-Term Incentive Plan. 
  
 2.24 Plan Administrator. The Committee or such other persons to whom the Committee has delegated its duties as Plan
Administrator. 
  
 2.25 Plan Year. For the initial Plan
Year, the period beginning January 28, 2003, and ending on December 31, 2003. Thereafter, “Plan Year” means the 12-month period beginning each January 1 and ending on the following December 31. 
  
 2.26 Trust. The agreement of trust between any Employer(s) and the
trustee under which the assets of the Plan are held, administered and managed, as amended from time to time. 
  
 2.27 Valuation Date. Each business day of the Plan Year. 
  

ARTICLE III. 
 Eligibility and Participation

  
 3.1 Participation for Employer Contributions -
Eligibility. Participation in the Plan is open only to Eligible Employees. Upon being designated as an Eligible Employee by the Chief Executive Officer of the Corporation, an employee shall be eligible to receive Employer contributions under
Section 4.3 as of the Effective Date. Any employee designated as an 
  

 3 

 
Eligible Employee by the Chief Executive Officer of the Corporation after the Effective Date shall automatically become eligible to receive Employer
contributions under Section 4.3 as of the date he or she is selected as an Eligible Employee. 
  
 3.2 Employee Deferrals Not Currently Permitted. Notwithstanding anything in the Plan to the contrary, Base Salary and/or Bonus deferrals under the Plan by Eligible Employees are not permitted as of the
Effective Date. The Board may, at any time or from time to time after the Effective Date, amend the Plan to permit Base Salary and/or Bonus deferrals under the Plan. In the event of such Board action, any employee designated as an Eligible Employee
by the Chief Executive Officer of the Corporation may become a Participant with respect to Base Salary and/or Bonus deferrals under Sections 4.1 and 4.2 for the remaining portion of the Deferral Period (or other period specified by the Plan
Administrator) for a Plan Year if he or she submits a properly completed Participant Agreement and Election Form to the Plan Administrator prior to the date specified by the Plan Administrator in its discretion, which shall in no event be after the
commencement of the remaining portion of the Deferral Period (or other period) for which such Participant Agreement and Deferral Election is to be effective. 
  
 3.3 Participation - Subsequent Entry into Plan. Any employee designated as an Eligible Employee by the Chief Executive Officer of the Corporation
who does not elect to participate with respect to Base Salary and/or Bonus deferrals under Sections 4.1 and 4.2 at the time of such designation as set forth in Section 3.2 shall remain eligible to become a Participant with respect to Base Salary
and/or Bonus deferrals in subsequent Plan Years as long as he or she continues his or her status as an Eligible Employee. In such event, the Eligible Employee may become a Participant with respect to Base Salary and/or Bonus deferrals under Sections
4.1 and 4.2 by submitting a properly executed Participant Agreement and Election Form prior to January 1 of the Plan Year for which it is effective. 
  
 ARTICLE IV. 
 Contributions 
  
 4.1 Deferral Election. Provided that Base Salary and/or Bonus
deferrals under the Plan are permitted under Section 3.2, before the first day of each Plan Year, an Eligible Employee may file with the Plan Administrator a Deferral Election Form indicating the amount of Base Salary and/or Bonus deferrals for that
Plan Year. An Eligible Employee shall not be obligated to make a Deferral Election for any Plan Year. After a Plan Year commences, such Deferral Election shall be irrevocable and shall continue for the entire Plan Year and subsequent years except
that it shall terminate upon the execution and timely submission of a newly completed Deferral Election Form or termination of employment. 
  
 4.2 Maximum Deferral Election. Provided that Base Salary and/or Bonus deferrals under the Plan are permitted under Section 3.2, an Eligible
Employee may elect to defer such portion of his or her Base Salary and/or Bonus earned during the corresponding Deferral Period as determined by the Plan Administrator from time to time. A Deferral Election may be automatically reduced if the Plan
Administrator determines that such action is necessary to meet Federal or State tax withholding obligations. 
  

 4 

 4.3 Employer Contributions. For any specified period, the Corporation shall contribute such
aggregate amount to the Plan in the form of Employer contributions as is determined by the Chief Executive Officer of the Corporation and approved by the Board or the Committee. The Chief Executive Officer of the Corporation shall allocate such
aggregate amount among the Eligible Employees’ Contribution Accounts; provided, however, that the Committee shall make such allocation with respect to the Contribution Account of the Chief Executive Officer of the Corporation. The
amount so credited to an Eligible Employee’s Contribution Account may be smaller or larger than the amount credited to any other Eligible Employee’s Contribution Account, and the amount credited to any Eligible Employee’s Contribution
Account for any specified period may be zero, even though one or more other Eligible Employees receive an Employer contribution for that period under this Section 4.3. An Employer’s contribution under this Section 4.3, if any, shall be credited
as of such date (or dates) as may be specified by the Plan Administrator in its sole discretion. If an Eligible Employee is not employed by an Employer as of the date on which an Employer’s contributions is credited, his or her contribution
amount under this Section 4.3 shall be zero. An Employer may condition its crediting of any amount to an Eligible Employee’s Contribution Account upon the Eligible Employee’s execution and submission to the Plan Administrator of a
Participant Agreement and Election Form. 
  
 ARTICLE V. 

Accounts 
  
 5.1 Contribution Accounts. Solely for recordkeeping purposes, the Plan Administrator shall establish a Contribution Account for each Participant. A
Participant’s Contribution Account shall be credited with the contributions made by him or her or on his or her behalf by his or her Employer under Section 4 and shall be credited (or charged, as the case may be) with the hypothetical or deemed
investment earnings and losses determined pursuant to Section 5.3, and charged with distributions made to or with respect to him or her. 
  
 5.2 Crediting of Contribution Accounts. Base Salary contributions under Section 4.1 shall be credited to a Participant’s Contribution Account
as of the date on which such contributions were withheld from his or her Base Salary. Bonus contributions under Section 4.1 shall be credited to a Participant’s Contribution Account as of the date on which the contribution would have otherwise
been paid in cash. Employer Contributions under Section 4.3 shall be credited to the Participant’s Contribution Account on the date (or dates) specified by the Plan Administrator in its sole discretion. Any distribution with respect to a
Contribution Account shall be charged to that Contribution Account as of the date such payment is made by the Employer or the trustee of the Trust which may be established for the Plan. 
  
 5.3 Earning Credits or Losses. Amounts credited to a Contribution Account shall be credited with deemed earnings
and/or losses, including deemed net realized and unrealized gains and losses, based on hypothetical investment elections made by the Participant with respect to his or her Contribution Account, on a form designated by the Plan Administrator, from
among the Measurement Funds and pursuant to investment procedures adopted by the Plan Administrator in its sole discretion, from time to time. The performance of each Measurement Fund (either positive or negative) shall be determined by the Plan
Administrator, in its sole 
  

 5 

 
discretion, based on the performance of the Measurement Funds themselves. Participants’ hypothetical investment elections and the Measurement
Funds are to be used for measurement purposes only, and the allocation of a Participant’s Contribution Account balance thereto or the crediting or debiting of amounts to a Participant’s Contribution Account shall not be considered or
construed in any manner as an actual investment of his or her Contribution Account balance in any such Measurement Fund. 
  
 5.4 Hypothetical Nature of Accounts. The Plan constitutes a mere promise by the Employer to make benefit payments in the future. Any Contribution
Account established for a Participant under this Article V shall be hypothetical in nature and shall be maintained for recordkeeping purposes only, so that any contributions can be credited and so that deemed investment earnings and losses on such
amounts can be credited (or charged, as the case may be). Neither the Plan nor any of the Contribution Accounts (or subaccounts) shall hold any actual funds or assets. The right of any individual or entity to receive one or more payments under the
Plan shall be an unsecured claim against the general assets of his or her Employer. Any liability of an Employer to any Participant, former Participant, or Beneficiary with respect to a right to payment shall be based solely upon contractual
obligations created by the Plan. The Corporation, the Board of Directors, the Committee, any Employer and any individual or entity shall not be deemed to be a trustee of any amounts to be paid under the Plan. Nothing contained in the Plan, and no
action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship, between the Corporation and an Employer and a Participant, former Participant, Beneficiary, or any other individual or
entity. An Employer may, in its sole discretion, establish a Trust as a vehicle in which to place funds with respect to this Plan. Neither the Corporation nor any Employer in any way guarantees any Participant’s Contribution Account against
loss or depreciation, whether caused by poor investment performance, insolvency of a deemed investment or by any other event or occurrence. In no event shall any employee, officer, director, or stockholder of the Corporation or any Employer be
liable to any individual or entity on account of any claim arising by reason of the Plan provisions or any instrument or instruments implementing its provisions, or for the failure of any Participant, Beneficiary or other individual or entity to be
entitled to any particular tax consequences with respect to the Plan or any credit or payment thereunder. 
  
 5.5 Statement of Contribution Accounts. The Plan Administrator shall provide from time to time to each Participant statements setting forth the
value of the Contribution Account maintained for such Participant. 
  

 6 

 ARTICLE VI. 
 Vesting 
  
 Employer contributions
credited to a Participant’s Contribution Account under Section 4.3 of the Plan and any deemed investment earnings and losses attributable to these contributions shall become vested or nonforfeitable in accordance with the following schedule:

  
 (a) Ten percent (10%) of each Employer
contribution shall vest on the one year anniversary of the date such Employer contribution was credited to such Participant’s Contribution Account under Section 4.3 of the Plan; 
  
 (b) Twenty percent (20%) of each Employer contribution shall vest on the two year anniversary of the date
such Employer contribution was credited to such Participant’s Contribution Account under Section 4.3 of the Plan (for an aggregate total of thirty percent (30%) vested to date); and 
  
 (c) Seventy percent (70%) of each Employer contribution shall vest on the three year anniversary of the date
such Employer contribution was credited to such Participant’s Contribution Account under Section 4.3 of the Plan (for an aggregate total of one hundred percent (100%) vested to date). 
  
 In addition, a Participant shall be one hundred percent (100%) vested in the
Employer’s contributions, including any deemed investment earnings and losses attributable to these contributions, immediately prior to the effective date of a Change in Control or immediately upon his or her death or Disability while he or she
is actively employed by an Employer. In the event of a Participant’s termination of employment, other than by reason of his or her death or Disability, prior to the date on which all Employer contributions in such Participant’s
Contribution Account have vested pursuant to this Article VI, the unvested portion of such Employer contributions shall be forfeited and no Employer or the Plan shall be liable for the payment of such unvested amounts under the Plan to such
Participant. Any amounts credited to a Participant’s Contribution Account by his or her Employer on his or her behalf which are forfeited by such Participant pursuant to the preceding sentence shall cease to be liabilities of the Employer or
the Plan and such amounts shall be immediately debited from the Participant’s Contribution Account and credited to such Employer. 
  
 ARTICLE VII. 
 Benefits 
  
 7.1 Retirement. Unless benefits have already commenced pursuant to
another section in this Article VII, a Participant shall begin receipt of the vested amount credited to his or her Contribution Account as of the Valuation Date coinciding with his or her Normal Retirement Date. Payment of any amount under this
Section shall commence within thirty (30) days of the Participant’s attainment of Normal Retirement Age and in accordance with the payment method elected by the Participant on his or her Participant Agreement and Election Form; provided that

  

 7 

 
if no payment method has been elected, payments shall be made in the form of a single lump sum. 
  
 7.2 Disability. If a Participant suffers a Disability while employed with an Employer and before he or she is
entitled to benefits under this Article, he or she shall receive the amount credited to his or her Contribution Account as of the Valuation Date coinciding with the Date on which the Participant is determined to have suffered a Disability (after
giving effect to any accelerated vesting as a result of the Participant’s Disability pursuant to Article VI). Payment of any amount under this Section shall commence within thirty (30) days of when the Plan Administrator determines the
existence of the Participant’s Disability and be in accordance with the payment method elected by the Participant on his or her Participant Agreement and Election Form; provided that if no payment method has been elected, payments shall be made
in the form of a single lump sum. 
  
 7.3 Pre-Retirement
Survivor Benefit. If a Participant dies before becoming entitled to benefits under this Article, the Beneficiary or Beneficiaries designated under Section 12.7, shall receive in a single lump sum, a Pre-Retirement Survivor Benefit equal to the
amount credited to the Participant’s Contribution Account as of the Valuation Date coinciding with the date of the Participant’s death (after giving effect to any accelerated vesting as a result of the Participant’s death pursuant to
Article VI). Payment of any amount under this Section shall be made within thirty (30) days of the Participant’s death, or if later, within 30 days of when the Plan Administrator receives notification of or otherwise confirms the
Participant’s death. 
  
 7.4 Post-Retirement Survivor
Benefit. If a Participant dies after benefits have commenced, but prior to receiving complete payment of benefits under this Article, the Beneficiary or Beneficiaries designated under Section 12.7, shall receive in a single lump sum the vested
amount credited to the Participant’s Contribution Account as of the Valuation Date coinciding with the date of the Participant’s death (after giving effect to any accelerated vesting as a result of the Participant’s death pursuant to
Article VI). Payment of any amount under this Section shall be made within thirty (30) days of the Participant’s death, or if later, within 30 days of when the Plan Administrator receives notification of or otherwise confirms the
Participant’s death. 
  
 7.5 Termination. If a
Participant’s employment with an Employer is terminated for any reason other than death, Disability or retirement, in either case before he or she becomes entitled to receive benefits by reason of any of other Sections in this Article VII or
under Article VIII, he or she shall receive in a single lump sum the vested amount credited to his or her Contribution Account as of the Valuation Date coinciding with the date on which the his or her employment terminates. Payment of any amount
under this Section shall be made within thirty (30) days of when the Participant’s termination of employment with an Employer has occurred. 
  
 7.6 Change in Control. In the event of a Change in Control, a Participant shall receive in a single lump sum the vested amount credited to his or
her Contribution Account as of the Valuation Date coinciding with the effective date of such Change in Control (after giving effect to any accelerated vesting as a result of the Change in Control pursuant to Article VI). Payment of any amount under
this Section shall be made immediately prior to the effective date of such Change in Control or, in the discretion of the Plan Administrator, within thirty (30) days 
  

 8 

 
after the Change in Control. In the event of a Change in Control, a Participant shall receive his or her Contribution Account according to this Section 7.6
and without regard to any other payment method designated in Article VII or as elected on his or her Participant Agreement and Election Form. 
  
 7.7 Payment Methods. Unless otherwise provided in this Article VII, a Participant may elect to receive payment of the amount credited to his or her
Contribution Account in a single lump sum or in five (5), or ten (10) annual installments. This election must be made on the Participant Agreement and Election Form for the corresponding Plan Year. A Participant may modify his or her method of
payment election with respect to distributions to be made under this Article VII by submitting a new Participant Agreement and Election Form; provided, that any such modification shall not be effective earlier than one (1) year from January
1st of the Plan Year following the year in which such modification is submitted. Any installment payments shall be
paid annually on the first practicable day after the distributions are scheduled to commence. Each installment payment shall be determined by multiplying the Contribution Account Balance by a fraction, the numerator of which is one and the
denominator of which is the number of remaining installment payments. 
  
 ARTICLE VIII. 
 In- Service Distributions 
  
 8.1 Election of In-Service Distributions. A Participant may elect in each Deferral Period, for that particular Deferral Election or Employer
contribution, to receive in the future an in-service distribution from the vested portion of his or her Contribution Account. Such Deferral Election shall state the percentage or flat dollar amount and date on which such in-service distribution is
to be paid. Each election shall state the date on which such in-service distribution is to be paid; provided that such date is not earlier than one (1) year from January 1st of the Plan Year following the year of said election. For example: The
earliest distribution date for the initial Plan Year ending December 31, 2003 would be January 1, 2005. This is calculated using January 1, 2004 as the “January 1st of the Plan Year following” plus one (1) year. A Participant may modify
the date on which any such in-service distribution is to be paid or revoke a previous election with respect thereto by submitting a new Participant Agreement and Election Form; provided, that any such modification or revocation shall not be
effective earlier than one (1) year from January 1st of the Plan Year following the year in which such modification
or revocation is submitted. 
  
 8.2 Payment of In-Service
Distributions. All in-service distributions shall be made within thirty (30) days of the date stated on the Election Form. Distributions shall be in the form of a single lump sum payment. 
  
 8.3 Termination Prior to In-Service Distribution Date. Notwithstanding
a Participant’s election of an in-service distribution, in the event a Participant’s employment terminates for any reason pursuant to Section VII of the Plan Document and prior to such Participant receiving any in-service distribution, the
Participant shall receive his or her vested Contribution Account balance according to the payment method designated in Article VII or as elected on his or her Participant Agreement and Election Form. 
  

 9 

 ARTICLE IX. 
 Establishment of Trust 
  
 9.1
Establishment of Trust. An Employer may establish a Trust for the Plan. If established, all benefits payable under this Plan to a Participant shall be paid directly by the Employer from the Trust. To the extent that such benefits are not paid
from the Trust, the benefits shall be paid from the general assets of the Employer. The Trust, if any, shall be an irrevocable grantor trust which conforms to the terms of the model trust as described in IRS Revenue Procedure 92-64, I.R.B. 1992-33.
The assets of the Trust are subject to the claims of each Employer’s creditors in the event of its insolvency. Except as provided under the Trust agreement, neither the Corporation nor an Employer shall be obligated to set aside, earmark or
escrow any funds or other assets to satisfy its obligations under this Plan, and the Participant and/or his or her designated Beneficiaries shall not have any property interest in any specific assets of the Corporation or an Employer other than the
unsecured right to receive payments from the Employer, as provided in this Plan. 
  
 ARTICLE X. 
 Plan Administration 
  
 10.1 Plan Administration. The Plan shall be administered by the Plan Administrator, and such Plan Administrator may
designate an agent (or agents) to perform the recordkeeping duties. The Plan Administrator shall construe and interpret the Plan, including disputed and doubtful terms and provisions and, in its sole discretion, decide all questions of eligibility
and determine the amount, manner and time of payment of benefits under the Plan. The determinations and interpretations of the Plan Administrator shall be consistently and uniformly applied to all Participants and Beneficiaries, including but not
limited to interpretations and determinations of amounts due under this Plan, and shall be final and binding on all parties. The Plan at all times shall be interpreted and administered as an unfunded deferred compensation plan, and no provision of
the Plan shall be interpreted so as to give any Participant or Beneficiary any right in any asset of the Corporation or an Employer which is a right greater than the right of a general unsecured creditor of the Corporation or such Employer.

  
 ARTICLE XI. 
 Amendment and Termination 
  
 11.1 Amendment and Termination. The Committee reserves the right to amend or alter, retroactively or prospectively, or discontinue this Plan at any
time. Such action may be taken in writing by any officer of the Committee who has been duly authorized by the Committee to perform acts of such kind. However, no such amendment shall deprive any Participant or Beneficiary of any portion of any
benefit which would have been payable had the Participant’s employment with the Employer terminated on the effective date of such amendment or termination. Notwithstanding the provisions of this Article to the contrary, the Committee may amend
the Plan at any time, in any manner, if the Committee determines any such amendment is required to ensure that the Plan is characterized as providing deferred compensation for a select group of management or highly compensated employees and as
described in ERISA Sections 201(2), 301(a)(3) and 401(a)(1) or to otherwise conform the Plan to 
  

 10 

 
the provisions of any applicable law including ERISA and the Code. 
  

ARTICLE XII. 
 General Provisions 

 
 12.1 Status of Plan. The Plan is intended to be a plan that is not
qualified within the meaning of Code Section 401(a) and that “is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees”
within the meaning of ERISA Sections 201(2), 301(a)(3) and 401(a)(1). The Plan shall be administered and interpreted to the extent possible in a manner consistent with that intent. 
  
 12.2 Good Faith Payment. Any payment made in good faith in accordance with provisions of the Plan shall be a complete
discharge of any liability for the making of such payment under the provisions of this Plan. 
  
 12.3 No Right to Employment. This Plan does not constitute a contract of employment, and participation in the Plan shall not give any Participant the right to be retained in the employment of an Employer.

  
 12.4 Binding Effect. The provisions of this Plan shall
be binding upon the Corporation, each Employer and their respective successors and assigns and upon every Participant and his or her heirs, Beneficiaries, estates and legal representatives. 
  
 12.5 Participant Change of Address. Each Participant entitled to
benefits shall file with the Plan Administrator, in writing, any change of post office address. Any check representing payment and any communication addressed to a Participant or a former Participant at this last address filed with the Plan
Administrator, or if no such address has been filed, then at his or her last address as indicated on the Employer’s records, shall be binding on such Participant for all purposes of the Plan, and neither the Plan Administrator nor the Employer
or other payer shall be obliged to search for or ascertain the location of any such Participant. If the Plan Administrator is in doubt as to the address of any Participant entitled to benefits or as to whether benefit payments are being received by
a Participant, it shall, by registered mail addressed to such Participant at his or her last known address, notify such Participant that: 
  
 (i) All unmailed and future Plan payments shall be withheld until Participant provides the Plan Administrator with evidence of such Participant’s
continued life and proper mailing address; and 
  
 (ii)
Participant’s right to any Plan payment shall, at the option of the Plan Administrator, be canceled forever, if, at the expiration of five (5) years from the date of such mailing, such Participant shall not have provided the Plan Administrator
with evidence of his or her continued life and proper mailing address. 
  
 12.6 Notices. Each Participant shall furnish to the Plan Administrator any information the Plan Administrator deems necessary for purposes of administering the Plan, and the payment 
  

 11 

 
provisions of the Plan are conditional upon the Participant furnishing promptly such true and complete information as the Plan Administrator may request.
Each Participant shall submit proof of his or her age when required by the Plan Administrator. The Plan Administrator shall, if such proof of age is not submitted as required, use such information as is deemed by it to be reliable, regardless of the
lack of proof, or the misstatement of the age of individuals entitled to benefits. Any notice or information which, according to the terms of the Plan or requirements of the Plan Administrator, must be filed with the Plan Administrator, shall be
deemed so filed if addressed and either delivered in person or mailed to and received by the Plan Administrator, in care of the Corporation at the Corporation’s principal place of business. 
  
 12.7 Designation of Beneficiary. Each Participant shall designate, by
name, on Beneficiary designation forms provided by the Plan Administrator, the Beneficiary(ies) who shall receive any benefits which might be payable after such Participant’s death. A Beneficiary designation may be changed or revoked without
such Beneficiary’s consent at any time or from time to time in the manner as provided by the Plan Administrator, and the Plan Administrator shall have no duty to notify any individual or entity designated as a Beneficiary of any change in such
designation which might affect such individual or entity’s present or future rights. If the designated Beneficiary does not survive the Participant, all amounts which would have been paid to such deceased Beneficiary shall be paid to any
remaining Beneficiary in that class of beneficiaries, unless the Participant has designated that such amounts go to the lineal descendants of the deceased Beneficiary. If none of the designated primary Beneficiaries survive the Participant, and the
Participant did not designate that payments would be payable to such Beneficiary’s lineal descendants, amounts otherwise payable to such Beneficiaries shall be paid to any successor Beneficiaries designated by the Participant, or if none, to
the Participant’s spouse, or, if the Participant was not married at the time of death, the Participant’s estate. 
  
 No Participant shall designate more than five (5) simultaneous Beneficiaries, and if more than one (1) Beneficiary is named, Participant shall designate
the share to be received by each Beneficiary. Despite the limitation on five (5) Beneficiaries, a Participant may designate more than five (5) Beneficiaries provided such Beneficiaries are the surviving spouse and children of the Participant. If a
Participant designates alternative, successor, or contingent beneficiaries, such Participant shall specify the shares, terms and conditions upon which amounts shall be paid to such multiple, alternative, successor or contingent Beneficiaries. Except
as provided otherwise in this Section, any payment made under this Plan after the death of a Participant shall be made only to the Beneficiary or Beneficiaries designated pursuant to this Section. 
  
 12.8 Nonalienation of Benefits. The interests of Participants and
their Beneficiaries under this Plan are not subject to the claims of their creditors and may not be voluntarily or involuntarily sold, transferred, alienated, assigned, pledged, anticipated, or encumbered, attached or garnished. Any attempt by a
Participant, his or her Beneficiary, or any other individual or entity to sell, transfer, alienate, assign, pledge, anticipate, encumber, attach, garnish, charge or otherwise dispose of any right to benefits payable shall be void. The Employer may
cancel and refuse to pay any portion of a benefit which is sold, transferred, alienated, assigned, pledged, anticipated, encumbered, attached or garnished. The benefits which a Participant may accrue under this Plan are not subject to the terms of
any Qualified Domestic Relations Order (as that term is defined in Section 414(p) of the Code) with respect to any Participant, and the Plan Administrator, Board, Committee, Corporation and Employer shall not be required to comply 
  

 12 

 
with the terms of such order in connection with this Plan. Notwithstanding the foregoing, the withholding of taxes from Plan payments, the recovery of Plan
overpayments of benefits made to a Participant or Beneficiary, the transfer of Plan benefit rights from the Plan to another plan, or the direct deposit of Plan payments to an account in a financial institution (if not actually a part of an
arrangement constituting an assignment or alienation) shall not be construed as an assignment or alienation under this Section 12.8 and shall be permitted under the Plan. 
  
 12.9 Claims. 
  
 (a) Application for Benefits. Applications for benefits and inquiries concerning the Plan (or concerning present or future rights to benefits under
the Plan) shall be submitted to the Plan Administrator in writing. An application for benefits shall be submitted on the prescribed form and shall be signed by the Participant or, in the case of a benefit payable after his or her death, by his or
her Beneficiary. 
  
 (b) Denial of Application. If a claim
is wholly or partially denied, the Plan Administrator shall provide the claimant with a notice of denial, written in a manner calculated to be understood by the claimant, setting forth: 
  
 (i) The specific reason for such denial; 
  
 (ii) Specific references to the Plan provisions on which the denial is based; 
  
 (iii) A description of any additional material or
information necessary for the claimant to perfect the claim with an explanation of why such material or information is necessary; and 
  
 (iv) Appropriate information as to the steps to be taken if the claimant wishes to submit his or her claim for review, including the time
limits applicable to such procedures, and a statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse decision upon review. 
  
 The notice of denial shall be given within a reasonable time period but no later than ninety (90) days after the claim is
filed, unless special circumstances require an extension of time for processing the claim. If such extension is required, written notice shall be furnished to the claimant within ninety (90) days of the date the claim was filed stating the special
circumstances requiring an extension of time and the date by which a decision on the claim can be expected, which shall be no more than one hundred eighty (180) days from the date the claim was filed. 
  
 (c) Review Panel. The Plan Administrator may from time to time appoint
a review panel that may consist of two (2) or more individuals who may, but need not, be Employees of the Corporation (the “Review Panel”). If no such Review Panel is named, the Corporation shall be deemed to be the Review Panel for
purposes of this Section 12.9. The Review Panel shall be the named fiduciary that has the authority to act with respect to any appeal from a denial of benefits or a determination of benefit rights. 
  

 13 

 (d) Request for Review. The claimant and/or his or her representative may request review, in
writing of a denied claim and may: 
  
 (i)
Request upon written application to the Review Panel to review and/or copy free of charge, pertinent Plan documents, records, and other information relevant to the claimant’s claim; and 
  
 (ii) Submit issues and submit documents, records and other
information relating to the claim; 
  
 provided that such appeal specifies each of
claimant’s contentions, the grounds on which each is based, all facts in support of the request, and any other matters which the claimant deems pertinent, and is made within sixty (60) days of the date the claimant receives notification of the
denied claim. The decision on review shall be made by the Review Panel, which may, in its discretion, hold a hearing on the denied claim. The review shall take into account all comments, documents, records and other information submitted by the
claimant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit claim determination. 
  
 (e) Decision on Review. Upon receipt of a request for review, the Review Panel shall provide written notification of its decision to the claimant
stating the specific reasons and referencing specific Plan provisions on which its decision is based, written in a manner calculated to be understood by the claimant and including a statement that the claimant is entitled to receive upon request and
free of charge reasonable access to and copies of all documents, records and other information relevant to the claimant’s claim for benefits, as well as a statement of the claimant’s right to bring an action under Section 502(a) of ERISA.
The decision will ordinarily be made within sixty (60) days after receiving the written request for review unless special circumstances require an extension for processing the review. If such an extension is required, the Review Panel shall notify
the claimant of such special circumstances and of the date, no later than one hundred twenty (120) days after the original date the review was requested, on which the Review Panel will notify the claimant of its decision. In any event, the decision
on review will be delivered to the claimant as soon as possible, but not later than five (5) days after the claim determination is made. 
  
 (f) No Legal Recourse Until Claims Procedure Exhausted. In the event of any dispute over benefits under this Plan, all remedies available to the
disputing individual under this Section 12.9 must be exhausted before legal recourse of any type is sought. 
  
 12.10 Tax Withholding.  
  
 (a) Annual Deferral Amounts. For each Plan Year in which a Participant is making a Base Salary and/or Bonus deferral, the Participant’s Employer
shall be entitled to require payment by the Participant of any sums required by federal, state or local tax law to be withheld with respect to the deferral, in amounts and in a manner to be determined in the sole discretion of the Employer. 

  
 (b) Employer Contributions. When a Participant becomes vested
in a portion of his or her Employer contributions, the Participant’s Employer shall be entitled to require 
  

 14 

 
payment of any sums required by federal, state or local tax law to be withheld with respect to the vesting of such Employer contributions, in amounts and in
a manner to be determined in the sole discretion of the Employer. 
  
 (c) Distributions. The Participant’s Employer, or the trustee of the Trust, shall withhold from any payments made to a Participant under this Plan all federal, state and local income, employment and other
taxes required to be withheld by the Employer, or the trustee of the Trust, in connection with such payments, in amounts and in a manner to be determined in the sole discretion of the Employer and the trustee of the Trust. 
  
 (d) Satisfaction of Tax Obligations. The Plan Administrator, in its sole
discretion, may allow a Participant to pay to his or her Employer any amounts required to be withheld by the Employer in connection with the Plan in cash, by deduction of such amounts from other compensation payable to the Participant, or to have
such amounts withheld from his or her deferrals, vested Contribution Account balance or distributions.  
  
 12.11 Governing Law. To the extent not superseded by the laws of the United States, the laws of the State of California (other than the conflicts
of law provisions thereof) shall be controlling in all matters relating to this Plan. 
  
 12.12 Severability. In the event any provision of this Plan shall be held illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining provisions of the Plan, and the Plan
shall be interpreted and enforced as if such illegal and invalid provisions had never been set forth. 
  

 15 

 IN WITNESS WHEREOF, CV Therapeutics, Inc. has signed this Plan document as of May 1, 2003. 
  

	 CV THERAPEUTICS, INC., a Delaware
 corporation

		
	 By:
	 	 /s/    LOUIS G. LANGE, M.D., PH.D.

		
	 Title:
	 	 Chairman and Chief Executive Officer

  

 16

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