Document:

Exhibit 10.3

 

KULR TECHNOLOGY CORPORATION

CONSULTING AGREEMENT

 

This Consulting Agreement (this "Agreement")
is entered into effective as of April 15th, 2013 (the “Effective Date”), between KULR Technology Corporation, a Delaware
corporation (the "Company"), and Energy Science Laboratories, Inc. (the "Consultant" or “ESLI”).

 

The parties wish to provide for the engagement
of the Consultant to perform consulting services for the Company on the terms and conditions contained in this Agreement.

 

The Consultant wishes to receive compensation
from the Company for the Consultant's services, and the Company desires reasonable protection of its confidential business and
technical information that has been acquired and is being developed by the Company at substantial expense.

 

ACCORDINGLY, THE PARTIES HEREBY AGREE AS
FOLLOWS:

 

SECTION 1. ENGAGEMENT AND TERM.

 

1.1 The Engagement. Subject to the
terms and conditions hereof: (i) the Company hereby engages the Consultant to perform consulting services for the Company in accordance
with provisions hereof and Exhibit A attached hereto and in exchange for the compensation provided in Exhibit A (the "Engagement");
and (ii) the Consultant hereby accepts the Engagement and agrees to perform such consulting services and its obligations as provided
herein.

 

1.2 Engagement for Unspecified Term.
The Engagement shall be for a term as specified in Exhibit A.

 

1.3 Independent Contractors. The
relationship between the Company and the Consultant is that of independent contractors; and neither party is the legal representative,
agent, joint venturer, partner, or employee of the other party for any purpose whatsoever. Neither party has any right or authority
hereunder to assume or create any obligation of any kind or to make any representation or warranty on behalf of the other, whether
express or implied, or to bind the other party in any respect.

 

SECTION 2. CONSULTING SERVICES.

 

2.1 Description of the Consulting Services
and Duties. The Consultant shall perform the duties generally described in the Description of Duties on Exhibit A attached
hereto and incorporated herein by this reference. The Consultant also shall perform such specific consulting services for the Company
as the Company may reasonably request from time to time during the Engagement.

 

2.2 Standard of Care. The Consultant
shall perform the consulting services hereunder and perform all of its responsibilities and obligations hereunder with at least
the care, skill, prudence, and diligence that a prudent person acting in a like capacity and experienced in the industry would
use under like circumstances. The Consultant shall at all times perform such services loyally and conscientiously.

 

2.3 Rules and Policies. While at
the Company's offices and while performing consulting services for the Company, the Consultant shall comply with all applicable
rules and policies of the Company as established from time to time.

 

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2.4 Offices. The Consultant shall
perform the consulting services as directed by the Company from time to time. However, the Consultant may be required to travel
from time to time in the performance of the consulting services.

 

2.5 Time and Best Efforts. During
the Engagement, the Consultant will devote the Consultant's time and best efforts to the performance of the duties hereunder and
to the business and affairs of the Company. During the Engagement, the Consultant shall disclose any other business activities
(other than passive investment activities not prohibited by Section 5) and obtain prior written consent from the Company for such
business activities.

 

2.6 Consent to Use of Name. The Consultant
consents to the use of the Consultant's name, without prior written approval, in appropriate Company materials such as, but not
limited to, offering memoranda related to financing activities of the Company.

 

SECTION 3. COMPENSATION. The compensation for the consulting
services to be performed hereunder by the Consultant shall be as follows:

 

3.1 Compensation. The Company shall
pay the Consultant a fee as described in Exhibit A for services requested by the Company under this Agreement.

 

3.2 Hours per Week. The Consultant
shall perform consulting services for the number of hours per week as requested from time to time by the Company or as specified
in Exhibit A.

 

3.3 Timecards; Payment of Compensation.
If the Company so requires, for each week of the Engagement, the Consultant shall submit to the Company a timecard and invoice
for such week. Such timecard and invoice shall be submitted to the Company on the day specified by the Company immediately following
such week.

 

3.4 Benefits. The Consultant shall
not be entitled to any of the Company's employee benefits, including without limitation, medical, dental, vision, vacation pay,
sick leave, group insurance, and other fringe benefits. The Consultant acknowledges that it is the Consultant's responsibility
(financial and otherwise) to obtain its own medical, dental, vision, and liability insurance. The Consultant shall not be compensated
for any holidays or vacation days.

 

SECTION 4. EXPENSES.

 

4.1 Reimbursement of Business Expenses.
Subject to the conditions hereof and the expense reimbursement policies of the Company in effect from time to time, the Company
will reimburse the Consultant for pre-approved, actual reasonable business expenses incurred by the Consultant in the course of
performing the services hereunder.

 

4.2 Adequate Records. No such expenditure
will be reimbursable unless the Consultant furnishes to the Company adequate records and other documentary evidence required under
the tax laws for substantiation of such expenditure as an income tax deduction.

 

4.3 Repayment of Disallowed Expenses.
In the event that any expenses paid for the Consultant or any reimbursement of expenses paid to the Consultant are disallowed as
an income tax deduction on an income tax return of the Company, the Consultant will immediately repay to the Company the amount
of such disallowed expenses.

 

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SECTION 5. CONFLICT OF INTEREST.

 

5.1 Activities. During the Engagement,
the Consultant shall not: (i) directly or indirectly, engage, participate, or assist in any business which competes with, or is
preparing to compete with, the Company in any manner whatsoever in any line of business engaged in or for which the Company is
preparing to engage; or (ii) entice, induce, or encourage, directly or indirectly, any of the Company's employees or consultants
to engage in any activity which, were it done by the Consultant, would violate this Agreement.

 

5.2 Capacities. This Section 5 applies
to any activity as an employee, employer, consultant, agent, principal, partner, shareholder (other than as a holder of less than
1% of the stock of a public corporation), officer, director, or any other individual or representative capacity.

 

SECTION 6. TERMINATION OF ENGAGEMENT.

 

6.1 Termination Without Cause. Either
party may terminate the Engagement without cause by giving the other party a written notice of termination as specified in Exhibit
A.

 

6.2 Termination With Cause. In the
event that either party commits any material breach of any of the terms of this Agreement, then the other party may terminate the
Engagement immediately upon written notice to the breaching party specifying the cause.

 

6.3 Death or Disability. The Engagement
will terminate immediately upon the Consultant's death or in the event of the Consultant's disability that prevents the Consultant
from performing the consulting services under this Agreement.

 

SECTION 7. CONFIDENTIAL INFORMATION.

 

7.1 Company Information. The Consultant
shall at all times during the term of the Consultant's engagement with the Company and thereafter hold in strictest confidence,
and shall not use or disclose to any person, firm, or corporation without written authorization of an Officer of the Company (the
"Officer"), any trade secrets, confidential knowledge, data, or other proprietary information relating to products, services,
processes, know-how, designs, formulas, developmental or experimental work, computer programs, data bases, other original works
of authorship, customer lists, business plans, financial information, or other subject matter pertaining to any business of the
Company or any of its clients, consultants, or licensees.

 

7.2 Former Employer Information.
The Consultant represents that the Consultant’s engagement by the Company does not and will not breach any agreement with
any former employer, including any noncompete agreement or any agreement to keep in confidence information acquired by the Consultant
in confidence or trust prior to the Consultant’s engagement by the Company. The Consultant further represent that the Consultant
has not entered into, and will not enter into, any agreement, either written or oral, in conflict with this Agreement. During the
Consultant’s engagement by the Company, the Consultant will not improperly use or disclose any confidential information or
trade secrets of any former employer or other third party to whom the Consultant has an obligation of confidentiality, and the
Consultant will not bring onto the premises of the Company or use any unpublished documents or any property belonging to any former
employer or other third party to whom the Consultant has an obligation of confidentiality, unless consented to in writing by that
former employer or person. The Consultant will use in the performance of his or her duties only information that is generally known
and is common knowledge in the industry or otherwise legally in the public domain, or is otherwise provided or developed by the
Company. The Consultant shall not, during the Engagement, improperly use or disclose any proprietary information or trade secrets
of former or concurrent employers or companies, if any.

 

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7.3 Third Party Information. The
Consultant recognizes that the Company has received and in the future will receive from third parties their confidential or proprietary
information subject to a duty on the Company's part to maintain the confidentiality of such information and to use it only for
certain limited purposes. The Consultant agrees that the Consultant owes the Company and such third parties, during the Engagement
and thereafter, a duty to hold all such confidential or proprietary information in the strictest confidence and not to disclose
it to any person, firm, or corporation (except as necessary in carrying out the Consultant's work for the Company consistent with
the Company's agreement with such third party) or to use it for the benefit of anyone other than for the Company or such third
party (consistent with the Company's agreement with such third party) without the express written authorization of an Officer.

 

7.4 Incorporation of Open Source Code.
In addition, the Consultant agrees that the Consultant will not, without Company’s prior written consent, incorporate into
any Company products or technologies, or otherwise deliver to the Company any software code licensed under the GNU, GPL, or LGPL
or any other license that, by its terms, requires or conditions the use or distribution of such code on the disclosure, licensing,
or distribution of any source code owned or licensed by the Company.

 

SECTION 8. RETAINING AND ASSIGNING INVENTIONS.

 

8.1 Inventions and Intellectual Property
Rights. As used in this Agreement, the term "Invention" means any ideas, concepts, information, materials, processes,
data, programs, know-how, improvements, discoveries, developments, designs, artwork, formulae, copyrightable works, and techniques
and all Intellectual Property Rights therein. The term "Intellectual Property Rights" means all trade secrets, copyrights,
trademarks, mask work rights, patents and other intellectual property rights recognized by the laws of any jurisdiction or country.

 

8.2 Inventions and Original Works Assigned
to the Company. The Consultant shall promptly make full written disclosure to the Company, shall hold in trust for the sole
right and benefit of the Company, and hereby assigns, and agrees to have any and all Invention upon creation be automatically assigned
to the Company all of the Consultant's rights, title, and interest in and to any and all Inventions and Intellectual Property Rights
which the Consultant may solely or jointly conceive or develop or reduce to practice, or cause to be conceived or developed or
reduced to practice, during the Engagement.

 

The Consultant acknowledges that all original
works of authorship which are made by the Consultant (solely or jointly with others) within the scope of the Consultant's Engagement
and which are protectable by copyright are "works made for hire", as that term is defined in the United States Copyright
Act (17 USCA, Section 101).

 

8.3 Maintenance of Records. The Consultant
agrees to keep and maintain adequate and current written records of all Inventions and original works of authorship (assigned or
assignable under Section 2.2) made by the Consultant (solely or jointly with others) during the Engagement. The records shall be
in the form of notes, sketches, drawings, and any other format that may be specified by the Company. The records shall be available
to and remain the sole property of the Company at all times.

 

8.4 Inventions Assigned to the United
States. The Consultant hereby assigns to the United States government all of the Consultant’s right, title, and interest
in and to any and all Inventions, original works of authorship, developments, improvements, or trade secrets whenever such full
title is required to be in the United States by a contract between the Company and the United States or any of its agencies.

 

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8.5 Enforcement of Intellectual Property
Rights and Assistance. The Consultant agrees that the Consultant's obligation to assist the Company to obtain and enforce United
States or foreign letters patent and copyright registrations covering inventions and original works of authorship assigned hereunder
to the Company shall continue beyond the termination of the Engagement, but the Company shall compensate the Consultant at a reasonable
rate for time actually spent by the Consultant at the Company's request on such assistance. If the Company is unable because of
the Consultant's mental or physical incapacity, the Consultant's unwillingness, or for any other reason to secure the Consultant's
signature to apply for or to pursue any application for any United States or foreign letters patent or copyright registrations
covering inventions or original works of authorship assigned to the Company as above, then the Consultant hereby irrevocably designates
and appoints the Company and its duly authorized officers and agents as the Consultant's agent and attorney in fact, to act for
and in the Consultant's behalf and stead to execute and file any such applications and to do all other lawfully permitted acts
to further the prosecution and issuance of letters patent or copyright registrations thereon with the same legal force and effect
as if executed by the Consultant. The Consultant hereby waives and quitclaims to the Company any and all claims, of any nature
whatsoever, which the Consultant now or may hereafter have for infringement of any patents or copyright resulting from any such
application for letters patent or copyright registrations assigned hereunder to the Company.

 

SECTION 9. CONFLICTING ENGAGEMENT OR CONSULTING, ETC.
The Consultant agrees that, during the Engagement, the Consultant shall not engage in any other employment, occupation, consulting,
or other business activity directly related to the business in which the Company is involved or planned to be involved, and the
Consultant shall not engage in any other activities that conflict with the Consultant's obligations to the Company. The Consultant
agrees that prior to engaging in any other employment, occupation, consulting, or other business activity, the Consultant shall
notify the Company in writing of such planned activity.

 

SECTION 10. COMPANY DOCUMENTS AND PROPERTY. The Consultant
agrees that, at the time of termination of the Engagement, the Consultant shall deliver to the Company (and shall not keep in the
Consultant's possession or deliver to anyone else) any and all devices, records, data, notes, reports, proposals, lists, correspondence,
specifications, drawings, blueprints, sketches, materials, equipment, other documents or property, or reproductions of any of these
items belonging to the Company, its subsidiaries, affiliates, successors, or assigns.

 

SECTION 11. REPRESENTATIONS. The Consultant agrees to
execute any proper oath or verify any proper document necessary or appropriate to carry out the terms of this Agreement. The Consultant
represents that the Consultant’s performance of all the terms of this Agreement will not breach any agreement to keep in
confidence proprietary information acquired by the Consultant in confidence or in trust prior to the Consultant’s Engagement.
The Consultant has not entered into, and the Consultant shall not enter into, any oral or written agreement in conflict herewith.

 

SECTION 12. POST-EMPLOYMENT ACTIVITIES.

 

12.1 Conflict of Interest. During
the one year period following Termination, the Consultant will not:

 

a.          solicit any of the Company’s employees for a
competing business or otherwise induce or attempt to induce such employees to terminate their employment with the Company;

b.          contact or communicate with any customer of the Company
for the purpose of offering for sale any products or services that are the same as or similar to those offered by the Company or
assist any other person or business to do so;

c.          solicit, divert or take away from the Company any
customer of the Company or suppliers of the Company or assist any other person or business to do so; or

d.          provide services or otherwise enter into contractual
relations with, any customer of the Company or assist any other person or business to do so.

 

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SECTION 13. GENERAL PROVISIONS.

 

13.1 Governing Law, Jurisdiction, and
Venue. This Agreement shall be governed by and construed according to the laws of the State of California, excluding its conflict
of laws rules to the extent such rules would apply the law of another jurisdiction. The parties hereto consent to the jurisdiction
of all federal and state courts in California, and agree that venue shall lie exclusively in Santa Clara County, California.

 

13.2 Entire Agreement; Amendment.
This Agreement and the Proprietary Information Agreement constitute the entire agreement between the parties with respect to the
Consultant's engagement with the Company. Such agreements supersede all prior agreements, understandings, and communications between
the parties with respect to such subject matter. Any amendment of this Agreement shall be effective only if in writing and signed
by the party to be charged.

 

13.3 Assignment. This Agreement and
the rights and obligations hereof may be assigned by the Company to a successor entity. Except as provided in the preceding sentence,
this Agreement and the rights and obligations hereof may not be assigned by either party.

 

13.4 Construction. In the event that
any of the provisions contained in this Agreement shall, for any reason, be held to be invalid, illegal, or unenforceable in any
respect, then such invalidity, illegality, or unenforceability shall not affect the other provisions of this Agreement, and this
Agreement shall be construed as if such invalid, illegal, or unenforceable provision had never been contained herein. If any of
the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope,
activity or subject, it shall be construed by limiting and reducing it, so as to be enforceable to the extent compatible with the
then applicable law.

 

13.5 Notices. Any notice which a
party is required or permitted to give to another party shall be given by personal delivery or registered or certified mail, return
receipt requested, addressed to the other party at the appropriate address set forth at the end of this Agreement, or at such other
address as the other party may from time to time designate in writing. The date of personal delivery or the date of mailing of
any such notice shall be deemed to be the date of delivery thereof.

 

13.6 Waivers. No failure or delay
on the part of either party in the exercise of any right hereunder shall operate as a waiver thereof. Any waiver of any right hereunder
shall be effective only if in writing. Any single or partial waiver of any right hereunder shall not operate as a waiver of any
preceding or succeeding such right or any other right.

 

13.7 Attorneys' Fees. If any party
brings any suit, action, counterclaim, or arbitration to enforce or interpret the provisions of this Agreement, then the prevailing
party therein shall be entitled to recover a reasonable allowance for attorneys' fees and litigation expenses in addition to court
costs (and in addition to any other rights and remedies it may have). The term "prevailing party" as used in this Section
includes without limitation a party who agrees to dismiss an action or proceeding upon the other's payment of the sums allegedly
due or performance of the obligation allegedly breached, or who obtains substantially the relief it seeks.

 

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13.8 Specific Performance; Remedies Cumulative.
The Consultant acknowledges that a breach of this Agreement cannot be adequately compensated for by money damages, and agrees that
specific performance is an appropriate remedy for any breach or threatened breach hereof. The Consultant acknowledges that compliance
with the provisions of this Agreement is necessary in order to protect the proprietary rights of the Company. The Consultant further
acknowledges that any unauthorized use or disclosure to any third party in breach of this Agreement will result in irreparable
and continuing damage to the Company. Accordingly, the Consultant hereby: (i) consents to the issuance of any injunctive relief
or the enforcement of other equitable remedies against it at the suit of the Company (without bond or other security), to compel
performance of any of the terms of this Agreement; and (ii) waives any defenses thereto, including without limitation the defenses
of failure of consideration, breach of any other provision of this Agreement, and availability of relief in damages. All remedies,
whether under this Agreement, provided by law, or otherwise, shall be cumulative and not alternative.

 

13.9 Counterparts. This Agreement
may be executed in any number of counterparts, each of which shall be deemed an original, and all of which together shall constitute
one instrument.

 

13.10 Survival. Sections 1.3, 4,
5, 6, 8, 10, 11, 12 and 13 shall survive the termination of the Engagement and the assignment of this Agreement by the Company
to any successor-in-interest or other assignee and be binding upon the heirs and legal representatives of the Consultant.

 

[Remainder of the page intentionally
left blank.]

 

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Executed effective as of the date first
set forth above.

 

	THE COMPANY:	KULR Technology Corporation
	 	 	 
	 	By:	 
	 	Name:	Michael Mo
	 	Title:	President
	 	Address:	5339 Prospect Road. #180
	 	 	San Jose, CA 95129. USA
	 	 	 
	THE CONSULTANT:	Energy Science Laboratories, Inc.
	 	 	 
	 	By:	 
	 	Name:	Timothy R. Knowles
	 	Title:	President
	 	Address:	6861 Nancy Ridge Dr. Suite B.
	 	 	San Diego, CA 92121-3214

 

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CONSULTING AGREEMENT

EXHIBIT A

 

		1.	Description of the Consulting Services and Duties.

 

	 	1.1	The Consultant shall perform consulting services for the Company generally relating to	 

 

	 	See Exhibit B

 

	 	1.2	Specific Results to be Achieved: 	 

 

	 	See Exhibit B

 

		2.	Engagement for Term.

 

		2.1	The term of the Engagement shall commence effective as of the Effective Date.

 

		2.2	The term of the Engagement shall continue until terminated by Kulr upon 30 days written notice to ESLI.

 

		2.3	After such term and if agreed in writing: (i) the Engagement may continue for an unspecified term, and (ii) either party may
terminate the Engagement with or without cause by giving the other party written notice of termination at least one (1) day prior
to the date of termination.

 

		3.	Compensation.

 

		3.1	Consulting Rate: As agreed to by the parties from
time to time.

 

		3.2	Maximum Number of Hours/Days: As agreed to by the
parties from time to time.

 

		3.3	Maximum Consulting Fee: As agreed to by the parties
from time to time.

 

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EXHIBIT B

DESCRIPTION OF SERVICES TO BE PROVIDED
BY ESLI

 

MHX Development

		·	Complete MHX-03 prototype for demo

		·	Dynatron Blower as the fan source

		·	Performance R < 0.33 C/W

		·	MHX with non-metalic enclosure

		·	Development plan to optimize for MHX customizaton

		·	Total Cost: $50K

 

MHX Customization

		·	Description: Customize MHX size and configuration for customers and partners.

		·	Work Scope:

		o	MHX for Sony Projector

		o	MHX for Intel CPU

		o	MHX for Nvidia GPU

		o	MHX for AMD CPU

		o	MHX for AMD GPU

		·	Development Cost: TBD from ESLI

 

PA-MHX

		·	Description: Next-generation non-metalic fiber-based air-cooled MHX device

		·	Work Scope and schedule:

		o	Design: Oct'13

		o	Prototyping: Nov-'13-Jan'14.

		o	Testing and Tuning

		o	Sample product: Mar'14.

		o	Performance Target: 

		§	R < 0.3 C/W

		§	Area: 2"x2" - 4"x4"

		§	Height: <10mm

		§	Weight: <100g

		·	Development Cost: TBD from ESLI

 

PL-MHX

		·	Description: Next-generation non-metalic fiber-based liquid-cooled MHX device. PL-MHX for chip interface and air-cooled Radiator

		·	Work Scope and schedule:

		o	Design: Based on PA-MHX. 

		o	Prototyping: Need to make PA-MHX water sealed. March'14

		o	Testing and Tuning

		o	Sample product: June'14.

		·	Performance Target: 

		o	R < 0.15 C/W

		o	Area: Any size

		o	Height: 

		o	Weight: <100g without liquid

		·	Development Cost: TBD from ESLI

 

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Carbon Fiber Vapor Chamber (FVC)

		·	Description: Non-metalic fiber based Vapor Chamber heat spreader

		·	Work Scope

		o	Design and prototyping: based on PL-MHX to make it air-tight to make VC

		o	Testing and Tuning

		o	Sample Product

		·	Application:

		o	PV-VC + PA/L-MHX for high perform heat sink application

		·	Performance Target: TBC

		·	Development Cost: TBD from ESLI

 

PV-PCM

		·	Description: Non-metalic fiber based PCM device

		·	Work Scope

		o	Design and prototyping: based on PL-MHX to hold paraffin for PCM.

		o	Testing and Tuning

		o	Sample Product

		·	Application:

		o	PV-PCM + VC + MHX

		·	Performance Target: TBD

		·	Development Cost: TBD from ESLI

Carbon Fiber Thermal Interface Material (FTI)

		·	Description: Fiber-based TIM that goes through adhesive

		·	Performance Target: TBD

		·	Development Cost: TBD from ESLI

 

    	Confidential	Page 11 of 11EX-10.1

 Exhibit 10.1 
  

					
	Notice of Grant of Performance Share Unit Award	  	BROADCOM LIMITED	  	
	Under the Avago Technologies Limited	  	1 Yishun Avenue 7	  	
	2009 Equity Incentive Award Plan	  	Singapore 768923	  	
			
	GRANTEE NAME: Hock E. Tan	  	Grant Date:	  	June 15, 2017
	 GRANTEE ID: Participant ID
 GRANT
NUMBER: Client Grant ID
	  	 Number of
 Performance
Share
 Units:
	  	168,000

 The maximum number of ordinary shares that may be issued in respect of the Performance Share Units is 756,000 shares. 

On the grant date shown above, Broadcom Limited (the “Company”) granted to the grantee identified above
(“you” or the “Participant”) the number of performance share units shown above (the “PSUs” or “Performance Share Units”) under the Avago Technologies
Limited 2009 Equity Incentive Award Plan, as amended (the “Plan”). If and when it vests, each PSU entitles you to receive a number of ordinary shares of the Company (each, an “Ordinary Share”) as
determined in accordance with Exhibit A. By accepting this award of PSUs, you are affirmatively agreeing to the following in respect of these PSUs (a “Sell to Cover”): 

Sell to Cover: Upon vesting of the PSUs and release of the resulting Ordinary Shares, the Company, on your behalf, will
instruct Fidelity Stock Plan Services, LLC or one of its affiliates or such other agent instructed by the Company from time to time (collectively, the “Agent”) to sell that number of such Ordinary Shares determined in
accordance with Section 2.6 of the attached Performance Share Unit Award Agreement (with respect to the PSUs) to satisfy any resulting tax withholding obligations of the Company, and the Agent will remit cash proceeds of such sale to the
Company sufficient to satisfy such tax withholding obligations. The Company or a Subsidiary will then pay the required tax withholding obligations to the appropriate taxing authorities. 

Pursuant to Exhibit A attached hereto, the number of Ordinary Shares issuable upon the Determination Date (as defined in Exhibit A) of each
Performance Period (as defined in Exhibit A) shall be as set forth on Exhibit A if you have not incurred a Termination of Services prior to the end of the applicable Performance Period. 

By accepting this award electronically through the Plan service provider’s online grant acceptance process: 

(1) You agree that the PSUs are governed by this Notice of Grant and the attached Performance Share Unit Award Agreement (including Exhibit
A thereto and together with the Notice of Grant, the “Agreement”) and the Plan. 
 (2) You have received, read
and understand the Agreement, the Plan and the prospectus for the Plan. 

  
 1 

 (3) You agree to accept as binding all decisions or interpretations of the Administrator or its
delegate regarding any questions relating to the Plan or the Agreement. 
 (4) You have read and agree to comply with the Company’s
Insider Trading Policy. 
 Capitalized terms not specifically defined in this Notice shall have the meanings specified in the Plan or the Agreement. 

  
 2 

 AVAGO TECHNOLOGIES LIMITED 

2009 EQUITY INCENTIVE AWARD PLAN 

PERFORMANCE SHARE UNIT AWARD AGREEMENT 

(SELL TO COVER) 
 Broadcom
Limited, a company organized under the laws of Singapore (the “Company”), pursuant to the Avago Technologies Limited 2009 Equity Incentive Award Plan, as amended from time to time (the “Plan”), has
granted to the grantee indicated in the attached Notice of Grant (the “Notice of Grant”) an award of performance share units (“Performance Share Units” or “PSUs”). The PSUs are
subject to all of the terms and conditions set forth in this Performance Share Unit Award Agreement (including Exhibit A hereto and together with the Notice of Grant, the “Agreement”) and the Plan. 

ARTICLE I 

GENERAL 
 1.1 Defined
Terms. Capitalized terms not specifically defined in this Agreement shall have the meanings specified in the Plan or in the Notice of Grant, unless the context clearly requires otherwise. 

(a) “Permanent Disability” means the Participant is unable to engage in any substantial gainful activity by reason of
any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve (12) months. 

(b) “Termination of Consultancy” shall mean the time when the engagement of Participant as a Consultant to the Company
or a Subsidiary is terminated for any reason, with or without cause, including, but not by way of limitation, by resignation, discharge, death, disability, or retirement, but excluding: (a) terminations where there is a simultaneous employment
or continuing employment of Participant by the Company or any Subsidiary, and (b) terminations where there is a simultaneous re-establishment of a consulting relationship or continuing consulting relationship between Participant and the Company
or any Subsidiary. The Administrator, in its absolute discretion, shall determine the effect of all matters and questions relating to Termination of Consultancy, including, but not by way of limitation, the question of whether a particular leave of
absence constitutes a Termination of Consultancy. Notwithstanding any other provision of the Plan, the Company or any Subsidiary has an absolute and unrestricted right to terminate a Consultant’s service at any time for any reason whatsoever,
with or without cause, except to the extent expressly provided otherwise in writing. 
 (c) “Termination of
Directorship” shall mean the time when Participant, if he or she is or becomes a Non-Employee Director, ceases to be a Director for any reason, including, but not by way of limitation, a termination by resignation, failure to be
elected, death or retirement. The Board, in its sole and absolute discretion, shall determine the effect of all matters and questions relating to Termination of Directorship with respect to Non-Employee Directors. 

  
 1 

 (d) “Termination of Employment” shall mean the time when the
employee-employer relationship between Participant and the Company or any Subsidiary is terminated for any reason, with or without cause, including, but not by way of limitation, a termination by resignation, discharge, death, disability or
retirement; but excluding: (a) terminations where there is a simultaneous reemployment or continuing employment of Participant by the Company or any Subsidiary, and (b) terminations where there is a simultaneous establishment of a
consulting relationship or continuing consulting relationship between Participant and the Company or any Subsidiary. The Administrator, in its absolute discretion, shall determine the effect of all matters and questions relating to Termination of
Employment, including, but not by way of limitation, the question of whether a particular leave of absence constitutes a Termination of Employment. 

(e) “Termination of Services” shall mean Participant’s Termination of Consultancy, Termination of Directorship or
Termination of Employment, as applicable. 
 1.2 General. Each Performance Share Unit represents the right to receive a number of
Ordinary Shares determined in accordance with Exhibit A if and when it vests. The Performance Share Units shall not be treated as property or as a trust fund of any kind. 

1.3 Incorporation of Terms of Plan. PSUs are subject to the terms and conditions of the Plan which are incorporated herein by
reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control. 
 ARTICLE II

 GRANT OF PERFORMANCE SHARE UNITS 

2.1 Grant of PSUs. In consideration of your continued employment with or service to the Company or a Subsidiary and for other good and
valuable consideration, effective as of the Grant Date set forth in the Notice of Grant (the “Grant Date”), the Company granted to you the number of PSUs set forth in the Notice of Grant. 

2.2 Company’s Obligation to Pay. Subject to and until the PSUs will have vested in the manner set forth in Article II hereof, you
will have no right to payment of any such PSUs. Prior to actual payment of any vested PSUs, such PSUs will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company. 

2.3 Vesting Schedule. Subject to Section 2.4, your PSUs will vest and become nonforfeitable according to the vesting schedule set
forth in the Exhibit A as long as you have not had a Termination of Services prior to the end of the applicable Performance Period; provided, that, notwithstanding the foregoing, in the event of your Termination of Services prior to the end
of any Performance Period due to your death or Permanent Disability, 50% of the PSUs subject to each such Performance Period as of the date of your Termination of Services shall automatically become vested and shall convert into 50% of the Target
Share Number (as defined in Exhibit A) for such Performance Period. Unless otherwise determined by the 

  
 2 

 
Administrator, employment or service for a portion, even a substantial portion, of the vesting period will not entitle you to any proportionate vesting or avoid or mitigate a termination of
rights and benefits upon or following a Termination of Services as provided in Section 2.5 below or under the Plan. 
 2.4 Change in
Control Treatment. In the event of a Change in Control prior to the end of any Performance Period, the PSUs shall be converted to an award of time-vesting restricted stock units (the “Time-Vesting RSUs”) covering such
number of Ordinary Shares determined as follows: Each Performance Period then in effect shall be shortened to end at such date within ten (10) days prior to the closing of the Change in Control as determined by the Administrator, and the number
of Ordinary Shares subject to the Time-Vesting RSUs for each Performance Period shall be calculated in accordance with Exhibit A on a date occurring prior to the closing of the Change in Control, as determined by the Administrator, in its
sole discretion, using the price per Ordinary Share be paid to a holder thereof in accordance with the definitive agreement governing the Change in Control as the Average Market Value (as defined in Exhibit A) ending on the last day of the
Performance Period in the calculation of TSR (as defined in Exhibit A). The Time-Vesting RSUs will vest on the last day of the applicable Performance Period, subject to you not experiencing a Termination of Services prior to the applicable
vesting date. For the avoidance of doubt, the Time-Vesting RSUs shall be subject to any accelerated vesting applicable to such Time-Vesting RSUs under any change in control plan you participate in or any change in control agreement you are party to,
in each case, in accordance with the terms thereof. 
 2.5 Forfeiture, Termination and Cancellation upon Termination of Services.
Except as set forth in Section 2.3 in the event of a Termination of Service due to your death or Permanent Disability, upon your Termination of Services prior to the end of a Performance Period for any or no reason, the PSUs subject to such
Performance Period will be automatically forfeited, terminated and cancelled as of the applicable termination date without payment of any consideration by the Company, and you, or your beneficiary or personal representative, as the case may be,
shall have no further rights hereunder. In addition, any PSUs that do not vest in accordance with Exhibit A will be automatically forfeited, terminated and cancelled as of the Determination Date applicable to such PSUs without payment of any
consideration by the Company, and you, or your beneficiary or personal representative, as the case may be, shall have no further rights hereunder. 

2.6 Payment after Vesting. 

(a) On or before the tenth (10th) day following the Determination Date for each
Performance Period, the Company shall deliver to the Participant that number of Ordinary Shares, if any, determined in accordance with Exhibit A for such Performance Period. Notwithstanding the foregoing, in the event Ordinary Shares cannot
be issued because of the failure to meet one or more of the conditions set forth in Section 2.8(a), (b) or (c) hereof, then the Ordinary Shares shall be issued pursuant to the preceding sentence as soon as administratively practicable
after the Administrator determines that Ordinary Shares can again be issued in accordance with Sections 2.8(a), (b) and (c) hereof. Notwithstanding any discretion in the Plan, the Notice of Grant or this Agreement to the contrary, upon
vesting of the PSUs, Ordinary Shares will be issued, if at all, as set forth in this section. In no event will the PSUs be settled in cash. 

  
 3 

 (b) Notwithstanding anything to the contrary in this Agreement, the Company shall be entitled to
require you to pay any sums required by applicable law to be withheld with respect to the PSUs or the issuance of Ordinary Shares. Such payment shall be made by using a Sell to Cover. By accepting this award of PSUs, you agree (with respect to the
PSUs) to Sell to Cover to satisfy any tax withholding obligations and: 
 (i) You hereby appoint the Agent as your agent and direct the
Agent to (1) sell on the open market at the then prevailing market price(s), on your behalf, promptly after the settlement of any PSUs, such number of the Ordinary Shares that are issued in respect of such PSUs as the Agent determines will
generate sufficient proceeds to cover (x) any estimated tax, social insurance, payroll, fringe benefit or similar withholding obligations with respect to such issuance and (y) all applicable fees and commissions due to, or required to be
collected by, the Agent with respect thereto and (2) in the Company’s discretion, apply any remaining funds to your federal tax withholding or remit such remaining funds to you. 

(ii) You hereby authorize the Company and the Agent to cooperate and communicate with one another to determine the number of Ordinary Shares
to be sold pursuant to subsection (i) above. You understand that to protect against declines in the market price of Ordinary Shares, the Agent may determine to sell more than the minimum number of Ordinary Shares needed to generate the required
funds. 
 (iii) You understand that the Agent may effect sales as provided in subsection (i) above in one or more sales and that the
average price for executions resulting from bunched orders will be assigned to your account. In addition, you acknowledge that it may not be possible to sell Ordinary Shares as provided in subsection (i) above due to (1) a legal or
contractual restriction applicable to the Agent, (2) a market disruption, or (3) rules governing order execution priority on the national exchange where the Ordinary Shares may be traded. In the event of the Agent’s inability to sell
Ordinary Shares, you will continue to be responsible for the timely payment to the Company and/or its affiliates of all federal, state, local and foreign taxes that are required by applicable laws and regulations to be withheld, including but not
limited to those amounts specified in subsection (i) above. 
 (iv) You acknowledge that, regardless of any other term or condition of
this Section 2.6(b), neither the Company nor the Agent will have any liability to you for (1) special, indirect, punitive, exemplary, or consequential damages, or incidental losses or damages of any kind, (2) any failure to perform or
for any delay in performance that results from a cause or circumstance that is beyond its reasonable control, or (3) any claim relating to the timing of any Sell to Cover, the price at which Ordinary Shares are sold in any Sell to Cover, or the
timing of the delivery to you of any Ordinary Shares following any Sell to Cover. Regardless of the Company’s or any Subsidiary’s actions in connection with tax withholding pursuant to this Agreement, you acknowledge that the ultimate
responsibility for any and all tax-related items imposed on you in connection with any aspect of the PSUs and any Ordinary Shares issued upon settlement of the PSUs is and remains your responsibility and liability. Except as expressly stated herein,
neither the Company nor any Subsidiary makes any commitment to structure of the PSUs to reduce or eliminate your liability for tax-related items. 

  
 4 

 (v) You hereby agree to execute and deliver to the Agent any other agreements or documents as
the Agent reasonably deems necessary or appropriate to carry out the purposes and intent of this Section 2.6(b). The Agent is a third-party beneficiary of this Section 2.6(b). 

(vi) This Section 2.6(b) shall survive termination of this Agreement until all tax withholding obligations arising in connection with
this Award have been satisfied. 
 The Company shall not be obligated to deliver any Ordinary Shares to you unless and until you have paid
or otherwise satisfied in full the amount of all federal, state, local and foreign taxes required to be withheld in connection with the grant, vesting or settlement of the PSUs. 

2.7 Rights as Shareholder. As a holder of PSUs you are not, and do not have any of the rights or privileges of, a shareholder of the
Company, including, without limitation, any dividend rights or voting rights, in respect of the PSUs and any Ordinary Shares issuable upon vesting or settlement thereof unless and until such Ordinary Shares shall have been actually issued by the
Company to you. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Ordinary Shares are issued, except as provided in Section 14.2 of the Plan. 

2.8 Conditions to Delivery of Ordinary Shares. Subject to Section 11.4 of the Plan, the Ordinary Shares deliverable hereunder, or
any portion thereof, may be either previously authorized but unissued Ordinary Shares or issued Ordinary Shares which have then been reacquired by the Company. Such Ordinary Shares shall be fully paid and nonassessable. The Company shall not be
required to issue or deliver any Ordinary Shares deliverable hereunder prior to fulfillment of all of the following conditions: 
 (a) The
admission of such Ordinary Shares to listing on all stock exchanges on which the Ordinary Shares are then listed; 
 (b) The completion of
any registration or other qualification of such Ordinary Shares under any state, federal or foreign law or under rulings or regulations of the Securities and Exchange Commission or of any other governmental regulatory body, which the Administrator
shall, in its absolute discretion, deem necessary or advisable; 
 (c) The obtaining of any approval or other clearance from any state,
federal or foreign governmental agency which the Administrator shall, in its absolute discretion, determine to be necessary or advisable; 

(d) The receipt by the Company of full payment for such Ordinary Shares, including payment of any applicable withholding tax, which may be in
one or more of the forms of consideration permitted under Section 2.6 hereof; and 
 (e) The lapse of such reasonable period of time
following the Determination Date as the Administrator may from time to time establish for reasons of administrative convenience. 

  
 5 

 ARTICLE III 

OTHER PROVISIONS 
 3.1
Administration. The Administrator shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret, amend or
revoke any such rules. All actions taken and all interpretations and determinations made by the Administrator in good faith shall be final and binding upon you, the Company and all other interested persons. No member of the Administrator or the
Board shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan, this Agreement or the PSUs. 

3.2 Adjustments Upon Specified Events. In addition, upon the occurrence of certain events relating to the Ordinary Shares contemplated
by Section 14.2 of the Plan (including, without limitation, an extraordinary cash dividend on such Ordinary Shares), the Administrator shall make such adjustments as the Administrator deems appropriate in the number of Performance Share Units
then outstanding and the number and kind of securities that may be issued in respect of the Performance Share Units. You acknowledge that the PSUs are subject to modification and termination in certain events as provided in this Agreement and
Article 14 of the Plan. 
 3.3 Grant is Not Transferable. Your PSUs may not be transferred, assigned, pledged or hypothecated in any
way (whether by operation of law or otherwise) and will not be subject to sale under execution, attachment or similar process. Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of the PSUs, or any right or privilege
conferred hereby, or upon any attempted sale under any execution, attachment or similar process, the PSUs will terminate immediately and will become null and void. 

3.4 Notices. Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the
Secretary of the Company at the Company’s principal office, and any notice to be given to Participant shall be addressed to Participant at the Participant’s last address reflected on the Company’s records, including any email address.
By a notice given pursuant to this Section 3.4, either party may hereafter designate a different address for notices to be given to that party. Any notice to the Company shall be deemed given when actually received. Any notice given by the
Company shall be deemed given when sent via email or 5 U.S. business days after mailing. 
 3.5 Titles. Titles provided herein are
for convenience only and are not to serve as a basis for interpretation or construction of this Agreement. 
 3.6 Governing Law;
Severability. The laws of the State of California shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of
laws. 

  
 6 

 3.7 Conformity to Securities Laws. You acknowledge that the Plan and this Agreement are
intended to conform to the extent necessary with all provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and any and all regulations and rules
promulgated by the Securities and Exchange Commission thereunder, and state and foreign securities laws and regulations. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the PSUs are granted, only in such a manner
as to conform to such laws, rules and regulations. To the extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. 

3.8 Amendments, Suspension and Termination. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or
otherwise modified, suspended or terminated at any time or from time to time by the Administrator or the Board, provided, that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this
Agreement shall adversely affect the PSUs in any material way without your prior written consent. 
 3.9 Successors and Assigns. The
Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth in
Section 3.3 hereof, this Agreement shall be binding upon Participant and his or her heirs, executors, administrators, successors and assigns. 

3.10 Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if you are
subject to Section 16 of the Exchange Act, the Plan, the PSUs and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to
Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by and necessary to comply with applicable law, this Agreement shall be deemed amended to the extent necessary to conform to
such applicable exemptive rule. 
 3.11 Not a Contract of Employment. Nothing in this Agreement or in the Plan shall confer upon you
any right to continue to serve as an employee or other service provider of the Company or any of its Subsidiaries. 
 3.12 Entire
Agreement. The Plan, the Notice of Grant and this Agreement constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter
hereof. 

  
 7 

 3.13 Section 409A. The PSUs are not intended to constitute “nonqualified
deferred compensation” within the meaning of Section 409A of the Code (together with any Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other
guidance that may be issued after the date hereof, “Section 409A”). However, notwithstanding any other provision of the Plan or this Agreement, if at any time the Administrator determines that the PSUs (or any portion
thereof) may be subject to Section 409A, the Administrator shall have the right in its sole discretion (without any obligation to do so or to indemnify you or any other person for failure to do so) to adopt such amendments to the Plan or this
Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as the Administrator determines are necessary or appropriate either for the PSUs to be exempt from
the application of Section 409A or to comply with the requirements of Section 409A. 
 3.14 Limitation on Participant’s
Rights. Participation in the Plan confers no rights or interests other than as herein provided. Neither the Plan nor any underlying program, in and of itself, has any assets. The Participant shall have only the rights of a general unsecured
creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the PSUs, and rights no greater than the right to receive the Ordinary Shares as a general unsecured creditor with respect to PSUs, as and when
payable hereunder. 
 *  *  *  *  * 

  
 8 

 EXHIBIT A 

TO AVAGO TECHNOLOGIES LIMITED 

2009 EQUITY INCENTIVE AWARD PLAN 

PERFORMANCE SHARE UNIT AWARD AGREEMENT 

PERFORMANCE CRITERIA AND MEASUREMENT 
 1.
Definitions. 
  

	 	a.	“Average Market Value,” with respect to a company, shall mean the average closing trading price of a company’s shares on the principal exchange on which such shares are then traded, during
the 90 consecutive calendar days ending on (and including) a specified date, as reported by the applicable principal exchange on which such company’s shares are listed or quoted (an “Exchange”), or by such other
authoritative source as the Administrator may determine. 

  

	 	b.	“Performance Period” shall mean either of Performance Period #1 or Performance Period #2. 

  

	 	c.	“Performance Period #1” shall mean the period commencing on the Vesting Commencement Date and ending on (and including) the day immediately prior to third anniversary of the Vesting Commencement
Date. 

  

	 	d.	“Performance Period #2” shall mean the period commencing on the Vesting Commencement Date and ending on (and including) the day immediately prior to fourth anniversary of the Vesting Commencement
Date. 

  

	 	e.	“Relative TSR” shall mean the Company’s TSR relative to the TSR of the companies that comprise the S&P 500 Index as of the last day of the Performance Period, expressed as a percentile.

  

	 	f.	“Target Share Number” means 84,000 Ordinary Shares for each of Performance Period # 1 and Performance Period #2, subject to Section 2. 

 

	 	g.	“TSR” means the compound annual total shareholder return of the Company (or of a company in the S&P 500 Index, as applicable), as measured by the change in the price of an Ordinary Share (or
the publicly traded securities of a company in the S&P 500 Index, as applicable) over the Performance Period (positive or negative), calculated based on the Average Market Value ending on the first day of the Performance Period as the beginning
share price, and the Average Market Value ending on the last day of the Performance Period as the ending share price, and assuming dividends (if any) are reinvested based on the price of an Ordinary Share (or the publicly traded securities of a
company in the S&P 500 Index, as applicable) in accordance with the “gross” or “total” return methodology as defined by S&P Dow Jones. 

 

	 	h.	“Vesting Commencement Date” means June 15, 2017. 

  
 A-i 

 2. Number of Ordinary Shares That May Be Earned Pursuant to the Award. 

 

	 	a.	Ordinary Shares may be earned at the end of each Performance Period, and will be determined based on TSR and the Relative TSR for such Performance Period. The TSR and Relative TSR for each Performance Period will be
determined by the Administrator as soon as administratively practicable, and in any event within 60 days, following the end of such Performance Period (each such date of determination, a “Determination Date”). The total
number of Ordinary Shares that may be earned in each Performance Period are as set forth in the table below, provided, however, that no more than 756,000 Ordinary Shares may be earned, in aggregate over the course of the two Performance Periods:

  

																					
	 	  	Performance Period #1	 	  	Performance Period #2	 
	 Relative TSR
	  	% of
Target
Share
Number
Earned	 	 	Number of
Shares
Earned	 	  	% of
Target
Share
Number
Earned	 	 	Number of
Shares
Earned	 	  	Maximum
Number of
Catch-Up
Shares
Earned	 
	 Below the 25th Percentile of the S&P 500
Index
	  	 	0	% 	 	 	—  	 	  	 	0	% 	 	 	—  	 	  	 	—  	 
	 At the 25th Percentile of the S&P 500 Index
	  	 	25	% 	 	 	21,000	 	  	 	25	% 	 	 	21,000	 	  	 	21,000	 
	 At the 50th Percentile of the S&P 500 Index
	  	 	100	% 	 	 	84,000	 	  	 	100	% 	 	 	84,000	 	  	 	84,000	 
	 At the 75th Percentile of the S&P 500
Index
	  	 	300	%* 	 	 	252,000	 	  	 	300	%* 	 	 	252,000	 	  	 	252,000	 
	 At or above the 90th Percentile of the
S&P 500 Index
	  	 	300	%* 	 	 	252,000	 	  	 	450	%* 	 	 	378,000	 	  	 	378,000	 

  

	*	In the event the Company’s TSR is negative for any Performance Period, then the maximum % of Target Share Number Earned is capped at 100% or 84,000 Ordinary Shares for such Performance Period. 

Example #1 

Performance Period #1: Relative TSR was 50% and 84,000 shares were earned. 

Performance Period #2: Relative TSR was 50% and 84,000 shares were earned. 

Total number of Ordinary Shares earned pursuant to Award = 84,000 + 84,000 = 168,000 

  
 A-ii 

	 	b.	For the purposes of Performance Period #2 only, additional Ordinary Shares (“Catch-Up Shares”) may be earned, up to the amount set forth in the table above for the Maximum Number of Catch-Up
Shares Earned. The number of Catch-Up Shares earned shall be calculated as any positive amount determined using the following formula: 

  

															
		 	(	 	 % of Target
 Share Number

Earned for
 Performance

Period #2
	  	x	  	 Target Share

Number
 (84,000)
	  	)	  	–	 	 Number of Shares

Earned in Performance

Period #1

 Example #1: 

Performance Period #1: Relative TSR was 50% and 84,000 shares were earned. 

Performance Period #2: Relative TSR was 90%, and TSR was positive. 

Performance Period #2 Shares earned = (450% x 84,000) = 378,000 

Catch-Up Shares earned = (450% x 84,000) – 84,000 = 294,000 

Total number of Ordinary Shares earned pursuant to Award = 84,000 + 378,000 + 294,000 = 756,000 

Example #2: 

Performance Period #1: Relative TSR was 75%, TSR was positive, and 252,000 shares were earned. 

Performance Period #2: Relative TSR was 90% and TSR was positive. 

Performance Period #2 Shares earned = (450% x 84,000) = 378,000 

Catch-Up Shares earned = (450% x 84,000) – 252,000 = 126,000 

Total number of Ordinary Shares earned pursuant to Award = 252,000 + 378,000 + 126,000 = 756,000 

Example #3: 

Performance Period #1: Relative TSR was 75% and 252,000 shares were earned. 

Performance Period #2: Relative TSR was 90%, but TSR was negative. 

Performance Period #2 Shares earned = (100% x 84,000) = 84,000 

Catch-Up Shares earned = (100% x 84,000) – 252,000 = 0 (only has value if positive) 

  
 A-iii 

 Total number of Ordinary Shares earned pursuant to Award = 252,000 + 84,000 = 336,000 

 

	 	3.	If the Relative TSR achieved during Performance Period is between two of the levels set forth in the table above, the number of Ordinary Shares earned for such Performance Period shall be determined using linear
interpolation between percentile targets. For the avoidance of doubt, in the event the Relative TSR for the Performance Period is less than the 25th percentile, the % of Target Share Number Earned
shall be 0% (i.e. no linear interpolation between the two lowest Relative TSR metrics set forth in the table in Section 2(a)). 

  
 A-iv

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