Document:

ex105

  Exhibit 10.5   1.                                                                              SEAGEN INC.  AMENDED AND RESTATED 2007 EQUITY INCENTIVE PLAN  STOCK OPTION AGREEMENT FOR NON-US PARTICIPANTS   THIS STOCK OPTION AGREEMENT (the “Agreement”) dated  %%OPTION_DATE,’MM/DD/YYYY’%-% (“Grant Date”) between Seagen Inc., a  Delaware corporation (the “Company”), and %%FIRST_NAME%-%  %%MIDDLE_NAME%-% %%LAST_NAME%-% (“Optionee”), is entered into as follows:   WITNESSETH:    WHEREAS, the Company has established the Amended and Restated 2007 Equity  Incentive Plan (the “Plan”); and    WHEREAS, the Compensation Committee of the Board of Directors of the Company or  its delegates (the “Committee”) has determined that Optionee shall be granted an option under the  Plan as hereinafter set forth;    The parties hereby agree that the Company grants, effective as of the Grant Date, Optionee  a Nonstatutory Stock Option (this “Option”) to purchase  %%TOTAL_SHARES_GRANTED,’999,999,999’%-% shares of its $0.001 par value  Common Stock (the “Shares”) upon the terms and conditions set forth in this Agreement  (including any special terms and conditions for Optionee’s country set forth in the attached  appendix (the “Appendix”)).   1. Plan Award.  This Option is granted under and pursuant to the Plan and is subject to each  and all of the provisions thereof.     2. Exercise Price.  The exercise price applicable to this Option (meaning, the price Optionee  must pay in order to purchase any Shares hereunder) shall be  %%OPTION_PRICE,’$999,999,999.99’%-% per Share.     3. Vesting and Exercise of Option.  Subject to Optionee’s not experiencing a Termination  of Employment during the following vesting period, Optionee shall vest in and earn the right to  exercise this Option as follows: One-fourth (1/4th) of the total number of Shares subject to the  Option shall vest on the first anniversary of the earlier of the Grant Date or the Vesting  Commencement Date, if any, and one thirty-sixth (1/36th) of the remaining Shares subject to the  Option shall vest each month thereafter until all Shares are fully vested.  By accepting the grant of  this Option, Optionee acknowledges and agrees that the terms set forth in this Section 3 supersede  any contrary terms regarding the vesting of this Option set forth in any notice or other  communication that Optionee receives from, or that is displayed by, E*TRADE or other third party  designated by the Company.  This Option may be exercised in whole or in part.      Notwithstanding the foregoing or anything in this Agreement to the contrary, in the event  of Optionee’s Termination of Employment as a result of Optionee’s death or Disability, the vesting  

 

 2.     and exercisability of this Option shall accelerate such that this Option shall become vested and  exercisable as to an additional twelve (12) months, effective as of the date of such Termination of  Employment, to the extent that this Option is outstanding on such date.    4. Expiration.  This Option will expire ten (10) years from the Grant Date, unless sooner  terminated or canceled in accordance with the provisions of the Plan.  This means that (subject to  the continuing service requirement set forth in Section 3 above and subject to earlier termination  upon certain other events as set forth in the Plan) this Option must be exercised, if at all, on or  before %%EXPIRE_DATE_PERIOD1,’MM/DD/YYYY’%-% (the “Expiration Date”).  If  this Option expires on a stock exchange holiday or weekend day, this Option will expire on the  last trading day prior to the holiday or weekend.  Optionee shall be solely responsible for  exercising this Option, if at all, prior to its Expiration Date.  The Company shall have no obligation  to notify Optionee of this Option’s expiration.     5. Exercise Mechanics.  This Option may be exercised by delivering to the Stock Plan  Administrator at the Company’s head office a written or electronic notice stating the number of  Shares as to which the Option is exercised or by any other method the Committee has approved.   The notice must be accompanied by the payment of the full Option exercise price of such Shares.   Exercise shall not be deemed to have occurred unless and until Optionee has delivered to the  Company (or its authorized representative) an approved notice of exercise, full payment of the  exercise price for the Shares being exercised and payment of any applicable withholding taxes in  accordance with Section 8 below.  Payment of the Option exercise price may be in cash (including  check or wire transfer); through an approved cashless-brokered exercise program, with Shares  (subject to the Company’s discretion to withhold approval for such payment method at any time);  through a cashless “net exercise” arrangement pursuant to which the Company will reduce the  number of Shares issued upon exercise by the largest whole number of Shares having an aggregate  fair market value that does not exceed the aggregate exercise price, provided the Company shall  accept a cash or other payment from Optionee to the extent of any remaining balance of the  exercise price not satisfied by such reduction in the number of whole Shares to be issued; or a  combination thereof to the extent permissible under Applicable Law; provided, however, that any  permitted method of payment shall be in strict compliance with all procedural rules established by  the Committee.     6. Termination of Employment.  All rights of Optionee in this Option, to the extent that it  has not previously become vested and been exercised, shall terminate upon Optionee’s  Termination of Employment except as set forth in Section 3 and this Section 6.  The portion of the  Option that relates to any Shares that were unvested and unexercisable as of the date of Optionee’s  Termination of Employment shall terminate and expire effective immediately upon such date.   With respect to the vested and exercisable portion of the Option, such portion shall be exercisable  as set forth under this Section 6 below; provided, however, that in no event may an Option be  exercised, even as to vested and otherwise exercisable Shares, after the Expiration Date set forth  in Section 4 above.     (i) In the event of Termination of Employment other than as a result of Optionee's  death, Disability or Retirement (as defined below), Optionee shall have three months from the date  of such Termination of Employment to exercise the Option as to the Shares subject to the Option  

 

 3.     that were vested and exercisable as of the date of Termination of Employment; provided, however,  that (A) if during any part of such three month period, the Option is not exercisable because the  issuance of the Shares would violate the registration requirements under the Securities Act (or  other applicable securities laws in the case of Optionees not subject to U.S. securities laws), the  Option shall not expire until the Option shall have been exercisable for an aggregate of three  months after the date of Termination of Employment (but in no event may the Option be exercised  more than one year after the date of Termination of Employment), and (B) if on the date of such  Termination of Employment, the Shares issued upon exercise of the Option may not be sold  because Optionee has material nonpublic information regarding the Company or is otherwise  subject to a trading blackout period under the Company’s Insider Trading Policy, the Option shall  not expire until the five month period following the date of Termination of Employment has  elapsed;      (ii) In the event of Termination of Employment as a result of Optionee’s Disability,  Optionee shall have 12 months from the date of such Termination of Employment to exercise the  Option as to the Shares subject to the Option that were vested and exercisable as of the date of  Termination of Employment;      (iii) In the event of Termination of Employment as a result of Optionee’s death or in the  event of Optionee’s death within 30 days following Optionee’s Termination of Employment,  Optionee’s estate, any person who acquired the right to exercise the Option by bequest or  inheritance, or any person designated to exercise the Option upon Optionee’s death shall have 12  months following Optionee’s death to exercise the Option as to the Shares subject to the Option  that were vested and exercisable as of the date of Optionee’s death; and    (iv) In the event of Termination of Employment as a result of Optionee’s Retirement  (as defined below), Optionee shall have 12 months from the date of such Termination of  Employment to exercise the Option as to the Shares subject to the Option that were vested and  exercisable as of the date of Termination of Employment.    For purposes of the Option, Optionee will be considered to experience a Termination of  Employment (regardless of the reason of termination, whether or not later found to be invalid or  in breach of employment or other laws or rules in the jurisdiction where Optionee is providing  services or the terms of Optionee’s employment or service agreement, if any) effective as of the  date that Optionee ceases to actively provide services to the Company or any Affiliate and will not  be extended by any notice period (e.g., employment or service would not include any contractual  notice period or any period of “garden leave” or similar period mandated under employment or  other laws in the jurisdiction where Optionee is employed or providing services or the terms of  Optionee’s employment or service agreement, if any). The Administrator shall have exclusive  discretion to determine when Optionee is no longer actively employed or providing services for  purposes of the Plan (including whether Optionee still may be considered to be providing services  while on a leave of absence).    “Retirement” means Optionee’s voluntary Termination of Employment, other than as a result of  Optionee’s death, Disability or Termination of Employment for Cause, after the attainment of age  55, provided that Optionee has been an Employee for at least ten years and the combination of  

 

 4.     Optionee’s age and his or her length of service as an Employee together is equal to at least 65.  For  clarity, (1) if Optionee has a Termination of Employment at age 55 and has been an Employee for  less than 10 years, such Termination of Employment will not constitute Retirement and (2) if  Optionee has a Termination of Employment at age 65 and has been an Employee for less than ten  years, such Termination of Employment will not constitute Retirement.      Notwithstanding anything to the contrary in the Agreement, if the Company receives a legal  opinion that there has been a legal judgment and/or legal development in Optionee’s jurisdiction  that likely would result in the favorable treatment (i.e., 12 month exercise period from the date of  Termination of Employment) that applies to the Option in the event of Optionee’s Retirement  being deemed unlawful and/or discriminatory, the provisions of the Agreement regarding the  treatment of the Option in the event of Optionee’s Retirement shall not be applicable to Optionee.    7. Transferability.  This Option is not transferable by Optionee otherwise than by will or the  laws of descent and distribution, and is exercisable only by Optionee during Optionee’s lifetime.    8. Tax Obligations.  By accepting this Option, Optionee acknowledges that, regardless of  any action the Company or Optionee’s employer (the “Employer”) takes with respect to any or all  income tax, social security, fringe benefit tax, payroll tax, payment on account or other tax-related  items related to the Optionee’s participation in the Plan and legally applicable to Optionee (“Tax- Related Items”), the ultimate liability for all Tax-Related Items is and remains Optionee’s  responsibility and may exceed the amount, if any, actually withheld by the Company or the  Employer.  Optionee further acknowledges that the Company and/or the Employer (i) make no  representations nor undertakings regarding the treatment of any Tax-Related Items in connection  with any aspect of this Option, including the grant, vesting or exercise of this Option, the  subsequent sale of Shares acquired pursuant to such exercise and receipt of any dividends; and  (ii) do not commit to and are under no obligation to structure the terms or the grant or any aspect  of this Option to reduce or eliminate Optionee’s liability for Tax-Related Items.  If Optionee fails  to make satisfactory arrangements for the payment of any required Tax-Related Items hereunder  at the time of the applicable taxable event, Optionee acknowledges and agrees that the Company  may refuse to issue or deliver the Shares or the proceeds of the sale of Shares.    Prior to the relevant taxable or tax withholding event, as applicable, Optionee agrees to make  adequate arrangements satisfactory to the Company or the Employer to satisfy all Tax-Related  Items.  In this regard, Optionee authorizes the Company and the Employer, or their respective  agents, at their discretion, to satisfy their withholding obligations with regard to all Tax-Related  Items, if any, by withholding from Optionee’s wages or other cash compensation paid to Optionee  by the Company and/or the Employer or from proceeds of the sale of Shares.  Alternatively, or in  addition, if permissible under Applicable Laws, the Company may (but shall not be obligated to):   (1) sell or arrange for the sale of Shares that Optionee acquires to meet the withholding obligation  for Tax-Related Items, and/or (2) withhold in Shares to meet the withholding obligation for Tax- Related Items.  In addition, Optionee shall pay the Company or the Employer any amount of Tax- Related Items that the Company or the Employer may be required to withhold as a result of  Optionee’s participation in the Plan or Optionee’s purchase of Shares that cannot be satisfied by  the means previously described, and if Optionee does not otherwise so pay the Company or the  Employer, then the Company or the Employer may withhold amounts from Optionee’s cash  compensation to satisfy such withholding obligation.   

 

 5.       Further, depending on the withholding method, the Company or the Employer may withhold or  account for Tax-Related Items by considering applicable statutory rates or other applicable  withholding rates, including the maximum rates applicable in Optionee’s jurisdiction, in which  case Optionee may receive a refund of any over-withheld amount in cash and will have no  entitlement to the Common Stock equivalent. If the obligation for Tax-Related Items is satisfied  by withholding a number of Shares, for tax purposes, Optionee will be deemed to have been issued  the full number of Shares subject to the Option, notwithstanding that a number of the Shares is  held back solely for the purpose of paying the Tax-Related Items.    The Company may refuse to honor the exercise and refuse to deliver the Shares if Optionee fails  to comply with Optionee’s obligations in connection with the Tax-Related Items (including if  Optionee’s cash compensation is not sufficient to satisfy such obligations).      9. No Advice Regarding Grant.  The Company is not providing any tax, legal or financial  advice, nor is the Company making any recommendations regarding participation in the Plan, or  Optionee’s acquisition or sale of the underlying Shares.  Optionee is hereby advised to consult  with his or her own personal tax, financial and/or legal advisors regarding the consequences of  accepting this Optionee and by accepting the Option, Option has agreed that Optionee has done so  or knowingly and voluntarily declined to do so.      10. Nature of Grant.  In accepting the Option, Optionee acknowledges, understands and  agrees that:    (a) the Plan is established voluntarily by the Company, it is discretionary in nature and  may be modified, amended, suspended or terminated by the Company at any time to  the extent permitted under the Plan;    (b) the Option grant is exceptional, voluntary and occasional and does not create any  contractual or other right to receive future Option grants (whether on the same or  different terms), or benefits in lieu of an Option, even if an Option has been granted in  the past;    (c) all decisions with respect to future Option grants or other grants, if any, will be at the  sole discretion of the Company    (d) Optionee is voluntarily participating in the Plan;    (e) this Option and any Shares acquired under the Plan, and the income from and value of  same, are not intended to replace any pension rights or compensation;    (f) Optionee’s participation in the Plan shall not create a right to employment with  Employer and shall not interfere with the ability of Employer to terminate Optionee’s  employment relationship;    

 

 6.     (g) if the Shares subject to this Option do not increase in value, this Option will have no  value;    (h) this Option is an extraordinary item that does not constitute compensation of any kind  for services of any kind rendered to the Company or the Employer prior to the Grant  Date, and is outside the scope of Optionee’s employment contract, if any;      (i) this Option and the Shares subject to the Option, and the income from and value of  same, are not part of normal or expected compensation for any purpose, including,  without limitation, calculating any severance, resignation, termination, redundancy,  dismissal, end-of-service payments, bonuses, long-service awards, holiday pay,  pension or retirement or welfare benefits or similar payments;    (j) this Option and the Shares subject to this Option, and the income from and value of  same, shall not be included as compensation, earnings, salaries or other similar terms  used when calculating Optionee’s benefits under any benefit plan sponsored by the  Company, except as such plan otherwise expressly provides.  The Company expressly  reserves its rights to amend, modify, or terminate any of the Company’s benefit plans;    (k) in the event that Optionee is not an employee of the Company, this Option grant will  not be interpreted to form an employment contract or relationship with the Company,  the Employer or any Subsidiary or Affiliate of the Company;    (l) the future value of the underlying Shares is unknown, may increase or decrease in the  future, and cannot be predicted with certainty;    (m) in consideration of the grant of this Option, no claim or entitlement to compensation or  damages shall arise from termination of this Option or diminution in value of this  Option or Shares purchased through exercise of this Option resulting from Optionee’s  Termination of Employment by the Company or the Employer (for any reason  whatsoever and whether or not in breach of Applicable Laws);    (n) unless otherwise provided herein, in the Plan or by the Company in its discretion, the  Option and the benefits evidenced by this Agreement do not create any entitlement to  have the Option or any such benefits transferred to, or assumed by, another company  nor to be exchanged, cashed out or substituted for, in connection with any corporate  transaction affecting the Shares;    (o) unless otherwise agreed with the Company, the Option and the Shares subject to the  Option, and the income from and value of same, are not granted as consideration for,  or in connection with, the service Optionee may provide as a director of an Affiliate;  and    (p) none of the Company, the Employer or any Subsidiary or Affiliate of the Company  shall be liable for any foreign exchange rate fluctuations between Optionee’s local  currency and the United States Dollar that may affect the value of this Option or of any  

 

 7.     amounts due to Optionee pursuant to the exercise of this Option or the subsequent sale  of the Shares acquired upon exercise.    11. Data Privacy.  To participate in the Plan, Optionee will need to review the information  provided in this Section and, where applicable, declare Optionee’s consent to the processing of  personal data by the Company and third parties noted below.   (a) EEA+ Controller and Representative.  If Optionee are based in the European  Union (“EU”), the European Economic Area, Switzerland or, if and when the United Kingdom  leaves the European Union, the United Kingdom (collectively “EEA+”), Optionee should note  that the Company, with its registered address at 21823 30th Drive SE Bothell, Washington 98021,  United States of America, is the controller responsible for the processing of Optionee’s personal  data in connection with the Agreement and the Plan. The Company’s representative in the EU  is Seagen Netherlands B.V., located at Evert van de Beekstraat 1, -140 1118CL Schiphol,  Netherlands with office phone: +31 207 99 15 60.  (b) Data Collection and Usage. In connection with the administration of the Plan,  the Company collects, processes, uses and transfers certain personally-identifiable information  about Optionee, which may include Optionee’s name, home address and telephone number,  email address, date of birth, social insurance, passport number or other identification number,  salary, nationality, job title, details of all Options or any other entitlement to Shares awarded,  canceled, exercised, settled, vested, unvested or outstanding in Optionee’s favor and additional  similar or related data, which the Company receives from Optionee’s or the entity that employs  Optionee (“Personal Data”).  Specifically, the Company collects, processes and uses Personal  Data for the purposes of performing its contractual obligations under this Agreement,  implementing, administering and managing Optionee’s participation in the Plan and  facilitating compliance with applicable tax and securities law.   If Optionee is based in the EEA+, the legal basis, where required, for the processing of Personal  Data by the Company is the necessity for the Company to (i) perform its contractual obligations  under this Agreement, (ii) comply with legal obligations established in the EEA+, and/or (iii)  pursue the legitimate interest of complying with legal obligations established outside of the  EEA+.    If Optionee is based outside of the EEA+, the legal basis, where required, for the processing of  Data by the Company is Optionee’s consent, as further described below.  (c) Stock Plan Administration Service Providers. The Company transfers Personal  Data to E*TRADE Corporate Financial Services, Inc., and E*TRADE Securities LLC  (collectively, “E*TRADE”) and certain of its affiliated companies and successors (the “Stock  Plan Provider”), an independent service provider which assists the Company with the  implementation, administration and management of the Plan, including providing ancillary  services related to stock plan administration.  The Company may select a different service  provider or additional service providers and share Personal Data with such other provider  serving in a similar manner.  The processing of Personal Data will take place through both  electronic and non-electronic means. Personal Data will only be accessible by those individuals  requiring access to it for purposes of implementing, administering and operating the Plan,  

 

 8.     including providing ancillary services related to stock plan administration.  You may be asked  to agree on separate terms and data processing practices with the Stock Plan Provider, with  such agreement being a condition to the ability to participate in the Plan.  (d) International Data Transfers. The Company and the Stock Plan Provider are  based in the United States. The country where Optionee lives may have different data privacy  laws and protections than the United States. In particular, the United States does not have the  same level of protections for personal data as countries in the EEA+.  The European  Commission requires U.S. companies to protect personal data leaving the EEA+ by  implementing safeguards such as the Standard Contractual Clauses adopted by the EU  Commission.   If Optionee is based in the EEA+, Personal Data will be transferred from the EEA+ to the  Company and onward from the Company to the Stock Plan Provider, or if applicable, another  service provider, based on the EU Standard Contractual Clauses. Optionee may request a copy  of the Standard Contractual Clauses by contacting dataprotection@seagen.com.  If Optionee is based in a jurisdiction outside of the EEA+, Personal Data will be transferred  from Optionee’s jurisdiction to the Company and onward from the Company to the Stock Plan  Provider, or if applicable, another service provider, based on Optionee’s consent, as further  described in (h) below.  (e) Data Retention. The Company will use Personal Data only as long as necessary  to implement, administer and manage Optionee’s participation in the Plan, or as required to  comply with legal or regulatory obligations, including tax and securities laws.  When the  Company no longer needs Personal Data for any of these purposes, the Company will remove it  from its systems.  (f) Voluntariness and Consequences of Consent Denial or Withdrawal.  Participation in the Plan is voluntary and Optionee is providing the consents herein on a purely  voluntary basis. Optionee may withdraw his or her consent at any time, with future effect and  for any or no reason. If Optionee does not consent, or if Optionee later seeks to withdraw his or  her consent, Optionee’s salary from or employment or service relationship with Optionee’s  employer will not be affected. The only consequence of denying or withdrawing consent is that  the Company would not be able to grant the Option to Optionee under the Plan or administer  or maintain Optionee’s participation in the Plan. If Optionee withdraws his or her consent, the  Company will stop processing Optionee’s Personal Data for the purposes stated in section (b)  above unless to the extent necessary to comply with tax or other legal obligations in connection  with the Option granted before Optionee withdrew his or her consent.  (g) Data Subject Rights. Optionee may have a number of rights under data privacy  laws in Optionee’s jurisdiction.  Subject to the conditions set out in the applicable law and  depending on where Optionee is based, such rights may include the right to (i) request access  to, or copies of, Personal Data processed by the Company, (ii) rectification of incorrect Personal  Data, (iii) deletion of Personal Data, (iv) restrict the processing of Personal Data, (v) object to  the processing of Personal Data for legitimate interests, (vi) portability of Personal Data, (vii)  lodge complaints with competent authorities in Optionee’s jurisdiction, and/or to (viii) receive a  

 

 9.     list with the names and addresses of any potential recipients of Personal Data. To receive  clarification regarding these rights or to exercise these rights, Optionee can contact  dataprotection@seagen.com.   (h) Necessary Disclosure of Personal Data. Optionee understands that providing the  Company with Personal Data is necessary for the performance of this Agreement and that  Optionee’s refusal to provide Personal Data would make it impossible for the Company to  perform its contractual obligations and would affect Optionee’s ability to participate in the Plan.  (i) Declaration of Consent (if Optionee is outside the EEA+). By clicking on the “I  accept” button on the Acknowledge Grant screen on the stock plan administration site, Optionee  is declaring that Optionee unambiguously consents to the collection, use and transfer, in  electronic or other form, of Optionee’s Personal Data, as described above and in any other grant  materials, by and among, as applicable, the entity that employs Optionee, the Company, any  Affiliate and any service provider involved in stock plan administration including but not limited  to the Stock Plan Provider for the exclusive purpose of implementing, administering and  managing Optionee’s participation in the Plan, including providing ancillary services related to  stock plan administration. Optionee understands that Optionee may, at any time, refuse or  withdraw the consents herein, in any case without cost, by contacting in writing the Seagen Inc.  Director of Privacy Law.  If Optionee does not consent or later seek to revoke Optionee’s  consent, Optionee’s employment status or service with the entity that employs Optionee will not  be affected; the only consequence of refusing or withdrawing consent is that the Company  would not be able to grant this Option or any other equity award to Optionee or administer or  maintain such awards.  Therefore, Optionee understands that refusing or withdrawing consent  will affect Optionee’s ability to participate in the Plan.  For more information on the  consequences of refusal to consent or withdrawal of consent, Optionee should contact the  Company’s stock Plan Administrator.  12. Notices; Electronic Delivery and Acceptance.  Any notices provided for in this Option  or the Plan shall be given in writing and shall be deemed effectively given upon receipt or, in the  case of notices delivered by the Company to Optionee, five (5) days after deposit in the United  States mail, postage prepaid, addressed to Optionee at the last address Optionee provided to the  Company.  Notwithstanding the foregoing, the Company may, in its sole discretion, decide to  deliver any documents related to participation in the Plan and this Option by electronic means or  to request Optionee’s consent to participate in the Plan by electronic means.  Optionee hereby  consents to receive such documents by electronic delivery and, if requested, to agree to participate  in the Plan through an on-line or electronic system established and maintained by the Company or  another third party designated by the Company and agrees notice shall be provided upon posting  to Optionee’s electronic account held by the Company or another third party designated by the  Company.  You hereby acknowledge that delivery, execution and acceptance of this or any other  such documents by electronic means constitutes valid and effective delivery, execution and  acceptance and shall be legally effective to create a valid and binding agreement.    13. Clawback/Recoupment.  This Option will be subject to recoupment, rescission, payback,  cancelation or other action, in each case, in accordance with (i) any clawback policy adopted by  the Company (whether such policy is adopted on or after the date of this Agreement or required  under applicable law) providing for the recovery of Awards, Shares, proceeds, or payments to you  

 

 10.     in the event of fraud or as required by applicable law or governance considerations or in other  similar circumstances and (ii) any such other clawback, recovery or recoupment provisions set  forth in an individual written agreement between the Company and Optionee.  No recovery of  compensation under such a clawback policy will be an event giving rise to Optionee’s right to  resign for “good reason” or “constructive termination” (or similar term) under any plan of, or  agreement with, the Company.    14. Copies of Plan Materials.  Optionee acknowledges that Optionee has received copies of  the Plan and the Plan prospectus from the Company and agrees to receive stockholder information,  including copies of any annual report, proxy statement and periodic report, from the Company’s  website at  https://investor.seagen.com/overview/default.aspx (under the “Financial information”  tab).  Optionee acknowledges that copies of the Plan, Plan prospectus, Plan information and  stockholder information are also available upon written or telephonic request to the Stock Plan  Administrator.    15. Insider Trading Restrictions/Market Abuse Laws.  Optionee acknowledges that,  depending on Optionee’s country, Optionee may be subject to insider trading restrictions and/or  market abuse laws, which may affect Optionee’s ability to acquire or sell the Shares under the Plan  during such times as Optionee is considered to have “inside information” regarding the Company  (as defined by the laws in Optionee’s country).  Any restrictions under these laws or regulations  are separate from and in addition to any restrictions that may be imposed under any applicable  Company insider trading policy.  Optionee acknowledges that it is Optionee’s responsibility to  comply with any applicable restrictions, and Optionee is advised to speak to a personal advisor on  this matter.    16. Foreign Asset/Account and Tax Reporting, Exchange Controls.  Optionee’s country  may have certain foreign asset, account and/or tax reporting requirements and exchange controls  which may affect Optionee’s ability to acquire or hold Shares under the Plan or cash received from  participating in the Plan (including from any dividends received or sale proceeds arising from the  sale of Shares) in a brokerage or bank account outside Optionee’s country.  Optionee understands  that Optionee may be required to report such accounts, assets or transactions to the tax or other  authorities in Optionee’s country.  Optionee also may be required to repatriate sale proceeds or  other funds received as a result of participation in the Plan to Optionee’s country through a  designated bank or broker and/or within a certain time after receipt.  In addition, Optionee may be  subject to tax payment and/or reporting obligations in connection with any income realized under  the Plan and/or from the sale of Shares.  Optionee acknowledges that Optionee is responsible for  complying with all such requirements, and that Optionee should consult his or her personal legal  and tax advisors, as applicable, to ensure compliance.    17. Waiver.  Optionee acknowledges that a waiver by the Company of a breach of any  provision of this Agreement shall not operate or be construed as a waiver of any other provision  of this Agreement, or of any subsequent breach of this Agreement.    18. Language.  Optionee acknowledges that Optionee is sufficiently proficient in the English  language, or have consulted with an advisor who is proficient in English, so as to allow Optionee  to understand the terms and conditions of this Agreement.  If Optionee has received this  

 

 11.     Agreement, or any other document related to this Option and/or the Plan translated into a language  other than English and if the meaning of the translated version is different than the English version,  the English version will control.  Optionee acknowledges that Optionee is sufficiently proficient  in English to understand the terms and conditions of this Agreement.    19. Appendix.  Notwithstanding any provisions in this Agreement, this Option shall be subject  to the special terms and conditions for Optionee’s country set forth in the Appendix attached to  this Agreement.  Moreover, if Optionee relocates to one of the countries included therein, the terms  and conditions for such country will apply to Optionee to the extent the Company determines that  the application of such terms and conditions is necessary or advisable for legal or administrative  reasons.  The Appendix constitutes part of this Agreement.    20. Imposition of Other Requirements.  The Company reserves the right to impose other  requirements on Optionee’s participation in the Plan, on any Shares purchased under the Plan, to  the extent the Company determines it is necessary or advisable for legal or administrative reasons,  and to require Optionee to sign any additional agreements or undertakings that may be necessary  to accomplish the foregoing.    21. Governing Law/Venue.  The interpretation, performance and enforcement of this  Agreement will be governed by the law of the State of Delaware without regard to that state’s  conflicts of laws rules.  For purposes of any action, lawsuit or other proceedings brought due to  Optionee’s participation in the Plan, relating to it, or arising from it, Optionee hereby submits to  and consent to the sole and exclusive jurisdiction of the United States District Court for the  Southern District of New York (or should such court lack jurisdiction to hear such action, suit or  proceeding, in a New York state court in the County of New York), and no other courts, where  this Option is granted and/or to be performed.    22. Severability.  If all or any part of this Agreement or the Plan is declared by any court or  governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not  invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid. Any  Section of this Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if  possible, be construed in a manner which will give effect to the terms of such Section or part of a  Section to the fullest extent possible while remaining lawful and valid.     23. Entire Agreement; Plan Controls.  The Plan is incorporated herein by reference.  The  Plan and this Agreement (including the Appendix) constitute the entire agreement of the parties  with respect to the subject matter hereof and supersede in their entirety all prior undertakings and  agreements of the Company and Optionee with respect to the subject matter hereof, with the  exception of any arrangement that would provide for vesting acceleration of this Option upon the  terms and conditions set forth therein.  In the event of any conflict between the terms and  provisions of the Plan and this Agreement, the Plan terms and provisions shall govern.  Capitalized  terms used but not defined in this Agreement have the meanings assigned to them in the Plan.   Certain other important terms governing this Agreement are contained in the Plan.    24. Severability.  If all or any part of this Agreement or the Plan is declared by any court or  governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not  invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid.  Any  

 

 12.     Section of this Agreement (or part of such a Section) so declared to be unlawful or invalid shall,  if possible, be construed in a manner which will give effect to the terms of such Section or part  of a Section to the fullest extent possible while remaining lawful and valid.    25. Amendment.  This Agreement may not be modified, amended or terminated except by  an instrument in writing, signed by Optionee and by a duly authorized representative of the  Company.  Notwithstanding the foregoing, this Agreement may be amended solely by the  Administrator by a writing which specifically states that it is amending this Agreement, so long  as a copy of such amendment is delivered to Optionee, and provided that no such amendment  adversely affecting Optionee’s rights hereunder may be made without Optionee’s written  consent, except as otherwise provided in the Plan.  Without limiting the foregoing, the  Administrator reserves the right to change, by written notice to Optionee, the provisions of this  Agreement in any way it may deem necessary or advisable to carry out the purpose of the grant  as a result of any change in applicable laws or regulations or any future law, regulation, ruling, or  judicial decision, provided that any such change shall be applicable only to rights relating to that  portion of the Option which is then subject to restrictions as provided herein.        Optionee’s electronic acceptance shall signify Optionee’s execution of this Agreement and  understanding that this Option is granted and governed under the terms and conditions set forth  herein.             SEAGEN INC.      Clay B. Siegall  President & CEO      PLEASE PRINT AND RETAIN THIS AGREEMENT FOR OPTIONEE’S RECORDS  

 

 13.     SEAGEN INC.   APPENDIX TO STOCK OPTION AGREEMENT FOR NON-US PARTICIPANTS  Capitalized terms used but not defined in this Appendix have the meanings set forth in the Plan  and/or in the Agreement.  Terms and Conditions   This Appendix includes additional terms and conditions that govern this Option if Optionee resides  and/or works in one of the countries listed below.    If Optionee is a citizen or resident of a country other than the one in which the Optionee is currently  residing and/or working, transfer employment and/or residency to another country after the Award  is granted, or are considered a resident of another country for local law purposes, the Company  shall, in its discretion, determine to what extent the terms and conditions herein will apply to  Optionee.  Notifications   This Appendix also includes information regarding exchange controls and certain other issues of  which Optionee should be aware with respect to participation in the Plan.  The information is based  on the securities, exchange control and other laws in effect in the respective countries as of August  2021.  Such laws are often complex and change frequently.  As a result, the Company strongly  recommends that Optionee not rely on the information in this Appendix as the only source of  information relating to the consequences of Optionee’s participation in the Plan because the  information may be out of date at the time that Optionee acquires Shares or sells Shares acquired  under the Plan.  In addition, the information contained herein is general in nature and may not apply to Optionee’s  particular situation and the Company is not in a position to assure him or her of any particular  result.  Accordingly, Optionee acknowledges that Optionee should seek appropriate professional  advice as to how the relevant laws in Optionee’s country may apply to Optionee’s situation.    Finally, Optionee acknowledges that if Optionee is a citizen or resident of a country other than the  one in which Optionee is currently residing and/or working, transfers employment and/or  residency to another country after the Option is granted, or is considered a resident of another  country for local law purposes, the information contained herein may not be applicable to  Optionee.     

 

 14.     AUSTRIA  Notifications  Exchange Control Information.  If Optionee holds securities (including Shares acquired under  the Plan) or cash (including proceeds from the sale of Shares) outside of Austria, Optionee may be  subject to reporting obligations to the Austrian National Bank.  If the value of the Shares meets or  exceeds a certain threshold, Optionee must report the securities held on a quarterly basis to the  Austrian National Bank as of the last day of the quarter, on or before the 15th day of the month  following the end of the calendar quarter.  In all other cases, an annual reporting obligation applies  and the report has to be filed as of December 31 on or before January 31 of the following year  using the form P2.  Where the cash amount held outside of Austria meets or exceeds a certain  threshold, monthly reporting obligations apply as explained in the next paragraph.    In connection with the sale of Shares or receipt any cash dividends, Optionee may have exchange  control obligations if Optionee holds the cash proceeds outside of Austria. If the transaction  volume of all of Optionee’s accounts abroad meets or exceeds a certain threshold, Optionee must  report to the Austrian National Bank the movements and balances of all accounts on a monthly  basis, as of the last day of the month, on or before the 15th day of the following month, on the  prescribed form (Meldungen SI-Forderungen und/oder SI-Verpflichtungen).    BELGIUM  Terms and Conditions  Timing of Acceptance.  Optionee agrees that he or she will not accept the Option until a date that  is on or after the 61st day on which it is offered to Optionee. The date of offer is the date on which  the Company communicates the material terms (i.e., the Exercise Price and number of Shares  subject to the Option) to Optionee. Any acceptance inadvertently given by Optionee before the  61st day following the offer date shall be considered effective as of the 61st day following the  offer date.   Notifications   Foreign Asset / Account Reporting.  Belgian residents are required to report any security (e.g.,  Shares acquired under the Plan) or bank account established outside of Belgium on their annual  tax return.  In a separate report, Belgian residents are also required to provide the National Bank  of Belgium with certain details regarding such foreign accounts (including the account number,  bank name and country in which any such account was opened).  The forms to complete this report  are available on the website of the National Bank of Belgium.  Belgian residents should consult  with their personal tax advisors to determine their personal reporting obligations.  Annual Securities Accounts Tax. If the value of securities held in a Belgian or foreign securities  account exceeds €1 million, a new “annual securities account tax” applies. Belgian residents  should consult with their personal tax advisor regarding the new tax.    

 

 15.     CANADA  Terms and Conditions  Method of Payment.  Notwithstanding Section 5 of the Agreement, Optionee is prohibited from  paying the exercise price applicable to this Option using Shares or by a cashless “net exercise”  arrangement.  IMPORTANT ACKNOWLEDGMENT.  In accepting this Award, Optionee acknowledges  that Optionee has received a copy of the Plan and the Agreement and reviewed the Plan and  the Agreement in their entirety and fully understands and accepts all provisions of the Plan  and the Agreement.  OPTIONEE FURTHER SPECIFICALLY ACKNOWLEDGES THAT OPTIONEE HAS  READ AND EXPRESSLY ACCEPTS SECTION 6 (TERMINATION OF EMPLOYMENT)  OF THIS AGREEMENT, AS AMENDED BY THE FOLLOWING APPENDIX  PROVISION:  Termination of Employment.  This provision replaces the fifth paragraph of Section 6 of the  Agreement:  For purposes of the Option, and notwithstanding anything to the contrary in the Agreement or the  Plan, Optionee will be deemed to experience a Termination of Employment (and Optionee’s right  to vest in the Option will terminate effective as of) the date that is the earlier of:  (1)  the date Optionee ceases to be an Employee or Consultant;   (2)  the date on which Optionee receives written notice of termination; or   (3)  the date Optionee is no longer actively providing services to the Company or any  other Affiliate (except where such inactive service results from a leave of absence  that is required to be provided to Optionee under Applicable Law),   and in each case:  (i) regardless of the reason of such cessation or termination;  (ii) whether or not  such cessation or termination is (or is later found to be) unlawful, or invalid, or in breach of  Applicable Laws (including, but not limited to, employment-related statutory and/or common  and/or civil law, or other laws or rules in the jurisdiction where Optionee is providing services),  or in breach of the terms of Optionee’s employment or service agreement, if any.      For clarity, in each case, such date will be determined regardless of (and will not be extended by)  any notice period or severance period or period of “garden leave” or period of reasonable notice  or period covered by compensation/indemnity/damages in lieu of reasonable notice, or any similar  period to which Optionee claims to be entitled, whether mandated under Applicable Laws  (including, but not limited to, employment-related statutory law and/or common law and/or civil  law), or claimed by Optionee under the terms of Optionee’s employment or service agreement (if  any), or claimed by Optionee on any other basis whatsoever.  The Administrator shall have  exclusive discretion to determine when Optionee ceases to be an Employee or Consultant or is no  longer actively employed for purposes of Optionee’s participation in the Plan (including whether  Optionee may still be considered to be providing services while on a leave of absence that is not  required to be provided to Optionee under Applicable Law).    

 

 16.     The following provisions apply only if Optionee resides in Quebec:   Language Consent.  The parties acknowledge that it is their express wish that the Agreement as  well as all documents, notices and legal proceedings entered into, given or instituted pursuant  hereto or relating directly or indirectly hereto, be drawn up in English.   Les parties reconnaissent avoir exigé la rédaction en anglais de cette convention («Agreement»),  ainsi que cette Annexe, ainsi que de tous documents, avis et procédures judiciaires, exécutés,  donnés ou intentés en vertu de, ou liés directement ou indirectement à, la présente convention.  Data Privacy.  This provision supplements Section 11 of the Agreement:  Optionee hereby authorize the Company and the Company’s representatives to discuss with and  obtain all relevant information from all personnel, professional or not, involved in the  administration and operation of the Plan.  Optionee further authorizes the Company, the Employer  and/or any other Affiliate to disclose and discuss such information with their advisors.  Optionee  also authorizes the Company, the Employer and/or any other Affiliate to record such information  and to keep such information in Optionee’s employee file.  Notifications  Securities Law Information.  Optionee understands that Optionee is permitted to sell Shares  acquired pursuant to the Plan through the designated broker appointed under the Plan, if any,  provided the sale of the Shares acquired pursuant to the Plan takes place outside of Canada through  the facilities of a stock exchange on which the shares are listed, and the Company is not a reporting  issuer in any jurisdiction of Canada at the time of sale.  Foreign Asset/Account Reporting Information.  Specified Foreign property, including Options,  Shares acquired under the Plan and other rights to receive shares of a non-Canadian company held  by a Canadian resident must generally be reported annually on a Form T1135 (Foreign Income  Verification Statement) if the total cost of the specified foreign property exceeds C$100,000 at any  time during the year. Thus, if the C$100,000 cost threshold is exceeded by other foreign specified  property held by the individual, the award of this Option must be reported (generally at a nil cost).   For purposes of such reporting, Shares acquired under the Plan may be reported at their adjusted  cost basis.  The adjusted cost basis of a Share is generally equal to the fair market value of such  Share at the time of acquisition; however, if Optionee owns other Shares (e.g., acquired under  other circumstances or at another time), the adjusted cost basis may have to be averaged with the  adjusted cost bases of the other Shares.  Optionee should consult with his or her personal tax  advisor to determine the applicable reporting requirements.  DENMARK  Terms and Conditions  Danish Stock Option Act.  By accepting this Award, Optionee acknowledges that Optionee  received an Employer Statement, translated into Danish, which is being provided to comply with  the Danish Stock Option Act.    

 

 17.     Notifications  Foreign Asset/Account Reporting Information.  If Optionee establishes an account holding  shares or cash outside of Denmark, Optionee must report the account to the Danish Tax  Administration.  The form which should be used to make the report can be obtained from a local  bank.       

 

 18.     SPECIAL NOTICE FOR EMPLOYEES IN DENMARK  EMPLOYER STATEMENT    Pursuant to Section 3(1) of the Act on Stock Options in employment relations, as amended January  1, 2019 (the “Stock Option Act”), you are entitled to receive the following information regarding  the stock options granted to you by Seagen Inc. (the “Company”) under the Seagen Inc. Amended  and Restated 2007 Equity Incentive Plan (the “Plan”) in a written statement.    This statement contains information applicable to Optionee’s participation in the Plan, as required  under the Stock Option Act, while the other terms and conditions of Optionee’s stock options  (“Options”) are described in detail in the Plan and the Stock Option Agreement (the “Agreement”),  both of which have been made available to you.  Capitalized terms used but not defined herein  shall have the same meanings given to them in the Plan or the Agreement, as applicable.    Section 1 of the Stock Option Act provides that the Stock Option Act only applies to employees.  Employees are defined in section 2 of the Stock Option Act as persons who receive remuneration  for their personal services in an employment relationship. Persons, including managers, who are  not regarded as employees under the Stock Option Act, will not be subject to the Stock Option  Act.  If you are not an employee within the meaning of the Stock Option Act, the Company  therefore has no obligation to issue an employer information statement to you and you will not be  able to rely on this statement for legal purposes, since only the terms and conditions set out in the  Plan apply.    1. Date of grant    The date of grant of Optionee’s Options is the date that the Administrator approved a grant  for you and determined it would be effective, which is set forth in the Agreement.    2. Terms or conditions for Option grant     The grant of Options under the Plan is made at the sole discretion of the Company.   Employees, Directors and Consultants of the Company and its Affiliates, are eligible to  receive grants under the Plan.  The Administrator has broad discretion to determine who will  receive Options and to set the terms and conditions of the Options.  The Company may  decide, in its sole discretion, not to make any grants of Options to you in the future.  Under  the terms of the Plan and the Agreement, you have no entitlement or claim to receive future  grants of Options.    3. Exercise date or period      The options will vest and become exercisable over a period of time (as set forth in the  Agreement), subject to Optionee’s continuous employment through the applicable vesting  date and other conditions set forth in the Plan and Agreement, and subject to Section 5 of  this statement.    4. Exercise Price  

 

 19.        During the exercise period, the Options can be exercised to purchase shares of common stock  of the Company at a price per share not less than the fair market value of the stock on the  date the Option is granted, as determined in accordance with the Plan.    5. Your rights upon termination of employment    Subject to the provisions below regarding accelerated vesting and post-termination exercise  in certain circumstances, vesting will cease upon Optionee’s Termination of Employment  and the Options that were not vested and exercised on the date of such termination will be  forfeited at no cost to the Company and you will have no further right, title or interest in or  to such Options or the Shares underlying such Option.   Notwithstanding the foregoing or anything in the Agreement to the contrary, in the event of  Optionee’s Termination of Employment as a result of Optionee’s death or Disability, the  vesting and exercisability of the Option shall accelerate such that the Option shall become  vested and exercisable as to an additional twelve (12) months, effective as of the date of such  Termination of Employment, to the extent that the Option is outstanding on such date.    The portion of the Option that relates to any Shares that were unvested and unexercisable as  of the date of Optionee’s Termination of Employment shall terminate and expire effective  immediately upon such date.  With respect to the vested and exercisable portion of the  Option, such portion shall be exercisable as set forth below; provided, however, that in no  event may an Option be exercised, even as to vested and otherwise exercisable Shares, after  the Expiration Date:    (i) In the event of Termination of Employment other than as a result of Optionee’s  death, Disability or Retirement (as defined below), Optionee shall have three months  from the date of such Termination of Employment to exercise the Option as to the shares  subject to the Option that were vested and exercisable as of the date of Termination of  Employment; provided, however, that (A) if during any part of such three month period,  the Option is not exercisable because the issuance of the shares would violate the  registration requirements under the Securities Act (or other applicable securities laws in  the case of Optionees not subject to U.S. securities laws), the Option shall not expire until  the Option shall have been exercisable for an aggregate of three months after the date of  Termination of Employment (but in no event may the Option be exercised more than one  year after the date of Termination of Employment), and (B) if during any part of such  three month period, the shares issued upon exercise of the Option may not be sold  because Optionee has material nonpublic information regarding the Company or is  otherwise subject to a trading blackout period under the Company’s Insider Trading  Policy, the Option shall not expire until Optionee shall have had an aggregate of three  months after the date of Termination of Employment during which Optionee can sell the  Shares without being subject to such restrictions arising under insider trading laws or  Company policy (but in no event may the Option be exercised more than one year after  the date of Termination of Employment);     

 

 20.     (ii) In the event of Termination of Employment as a result of Optionee’s Disability,  Optionee shall have 12 months from the date of such Termination of Employment to  exercise the Option as to the Shares subject to the Option that were vested and exercisable  as of the date of Termination of Employment;     (iii) In the event of Termination of Employment as a result of Optionee’s death or in the  event of Optionee’s death within 30 days following Optionee’s Termination of  Employment, Optionee’s estate, any person who acquired the right to exercise the Option  by bequest or inheritance, or any person designated to exercise the Option upon  Optionee’s death shall have 12 months following Optionee’s death to exercise the Option  as to the Shares subject to the Option that were vested and exercisable as of the date of  Optionee’s death; and    (iv) In the event of Termination of Employment as a result of Optionee’s Retirement  (as defined below), Optionee shall have 12 months from the date of such Termination of  Employment to exercise the Option as to the Shares subject to the Option that were vested  and exercisable as of the date of Termination of Employment.    Notwithstanding the above, in no event may an Option be exercised, even as to vested and  otherwise exercisable Shares, after the Expiration Date  6. Financial aspects of participating in the Plan    The grant of stock options has no immediate financial consequences for you.  The value of  the options is not taken into account when calculating holiday allowances, pension  contributions or other statutory consideration calculated on the basis of salary.    Shares of stock are financial instruments and investing in stock will always have financial  risk.  The future value of Company shares is unknown and cannot be predicted with certainty.    Seagen Inc.  21823 - 30th Drive S.E.  Bothell, Washington 98021  U.S.A.     

 

 21.     SÆRLIG MEDDELELSE TIL MEDARBEJDERE I DANMARK  ARBEJDSGIVERERKLÆRING    I henhold til § 3, stk. 1, i lov om brug af køberet eller tegningsret m.v. i ansættelsesforhold som  ændret 1. januar 2019 ("Aktieoptionsloven") er du berettiget til i en skriftlig erklæring at modtage  følgende oplysninger om de aktieoptioner, som du modtager fra Seagen Inc. (“Selskabet”) i  henhold til Seagen Inc.'s "Amended and Restated 2007 Equity Incentive Plan" ("Ordningen").     Denne erklæring indeholder de oplysninger, der  i henhold til Aktieoptionsloven gælder for  Optionsmodtagerens deltagelse i Ordningen, mens de øvrige vilkår og betingelser for  Optionsmodtagerens aktieoptioner ("Optioner") er nærmere beskrevet i Ordningen og i  Aktieoptionsaftalen ("Aftalen"), som begge er udleveret til dig.  Begreber, der står med stort  begyndelsesbogstav i denne arbejdsgivererklæring, men som ikke er defineret heri, har den i  Ordningen eller Aftalen anførte betydning.    I henhold til Aktieoptionslovens § 1 finder loven kun anvendelse for lønmodtagere. Lønmodtagere  er defineret i Aktieoptionslovens § 2 som personer, der modtager vederlag for personligt arbejde i  tjenesteforhold. Personer, herunder direktører, som ikke anses for at være lønmodtagere i  Aktieoptionslovens forstand, er ikke omfattet af Aktieoptionsloven. Hvis du ikke er lønmodtager  i Aktieoptionslovens forstand, er Selskabet derfor ikke forpligtet til at udstede en  arbejdsgivererklæring til dig, og du vil ikke i juridisk henseende kunne henholde dig til denne  arbejdsgivererklæring, da det alene er bestemmelserne i Ordningen, der er gældende.    1. Tildelingstidspunkt    Tidspunktet for tildelingen af Optionsmodtagerens Optioner er den dag, hvor  Administratoren godkendte tildelingen og besluttede, at den skulle træde i kraft. Tidspunktet  fremgår af Aftalen.    2. Vilkår og betingelser for Optionstildelingen     Tildelingen af Optioner i henhold til Ordningen sker efter Selskabets eget skøn. Tildeling  kan i henhold til Ordningen ske til Medarbejdere, Bestyrelsesmedlemmer og Konsulenter i  Selskabet og dets Tilknyttede Selskaber. Administratoren har vide beføjelser til at bestemme,  hvem der skal modtage Optioner og på hvilke vilkår. Selskabet kan efter eget skøn vælge  fremover ikke at tildele dig nogen Optioner. I henhold til bestemmelserne i Ordningen og  Aftalen har du ikke hverken ret til eller krav på fremover at få tildelt Optioner.    3. Udnyttelsesdato eller -periode      Optionerne modnes over en periode (som anført i Aftalen), forudsat at Optionsmodtageren  fortsat er ansat på modningsdatoen, og at de øvrige betingelser i Ordningen og i Aftalen er  opfyldt, dog med forbehold for pkt. 5 nedenfor.    4. Udnyttelseskurs    

 

 22.      I udnyttelsesperioden kan Optionerne udnyttes til køb af ordinære aktier i Selskabet til en  kurs, der som minimum svarer til markedskursen på tidspunktet for tildelingen af Optionen,  som opgjort i henhold til Ordningen.    5. Din retsstilling i forbindelse med fratræden    Med forbehold for bestemmelserne nedenfor vedrørende fremskyndet modning og udnyttelse  efter ansættelsesforholdets ophør vil modningen ophøre ved Optionsmodtagerens  Fratrædelse, og de Optioner, som ikke er modnet og udnyttet på dette tidspunkt, bortfalder  uden omkostninger for Selskabet, og du vil ikke længere have ret eller adkomst til disse  Optioner eller til de bagvedliggende Aktier.   Uanset ovenstående og Aftalens øvrige bestemmelser gælder, at såfremt Optionsmodtageren  Fratræder som følge af Optionsmodtagerens død eller Uarbejdsdygtighed, fremskyndes  modningen af Optionen, således at Optionen modnes, som om Optionsmodtageren havde  været ansat i en periode på yderligere tolv (12) måneder fra Fratrædelsesdatoen, såfremt  Optionen endnu ikke er modnet på dette tidspunkt.  Den andel af Optionen, der vedrører Aktier, som ikke var modnet på Fratrædelsesdatoen,  bortfalder og udløber med øjeblikkelig virkning pr. denne dato.  Med hensyn til den modnede  andel af Optionen kan denne udnyttes som anført nedenfor. Dog kan en Option aldrig  udnyttes efter Udløbsdatoen, heller ikke til køb af Aktier, der er modnet eller i øvrigt kan  udnyttes:    (i) Ved Fratrædelse af andre grunde end Optionsmodtagerens død, Uarbejdsdygtighed  eller Pensionering (som defineret nedenfor) kan Optionsmodtageren inden for en frist på  tre måneder fra Fratrædelsesdatoen udnytte Optionen for de aktier, der er modnet pr.  Fratrædelsesdatoen. Dog gælder, at (A) hvis Optionen ikke kan udnyttes inden for  tremåneders fristen, fordi udstedelse af aktierne vil være i strid med registreringskravene  i den amerikanske Securities Act (eller tilsvarende lovgivning for Optionsmodtagere, der  ikke er omfattet af den amerikanske værdipapirlovgivning), udløber Optionen først, når  den har kunne udnyttes i tre måneder efter Fratrædelsesdatoen (idet Optionen dog i intet  tilfælde kan udnyttes senere end et år efter Fratrædelsesdatoen), og (B) hvis aktierne  udstedt ved udnyttelse af Optionen ikke må sælges inden for tremåneders fristen, fordi  Optionsmodtageren er i besiddelse af væsentlige, ikke-offentliggjorte oplysninger om  Selskabet, eller i øvrigt er omfattet af et handelsforbud i henhold til Selskabets Politik for  Insiderhandel, udløber Optionen først, når Optionsmodtageren har haft i alt tre måneder  efter Fratrædelsesdatoen til at sælge Aktierne uden at være omfattet af sådanne  restriktioner i medfør af lovgivningen om insiderhandel eller Selskabets politik (dog kan  Optionen i intet tilfælde udnyttes senere end et år efter Fratrædelsesdatoen).     (ii) Ved Fratrædelse som følge af Optionsmodtagerens Uarbejdsdygtighed har  Optionsmodtageren en frist på 12 måneder efter Fratrædelsesdatoen til at udnytte  Optionen for de Aktier, der er modnet pr. Fratrædelsesdatoen.     

 

 23.     (iii) Ved Fratrædelse som følge af Optionsmodtagerens død eller i tilfælde af  Optionsmodtagerens død inden for 30 dage efter Fratrædelsesdatoen har  Optionsmodtagerens bo eller den person, som har arvet retten til at udnytte Optionen,  eller den person, som er udpeget til at udnytte Optionen ved Optionsmodtagerens død,  en frist på 12 måneder efter dødsfaldet til at udnytte Optionen for de Aktier, der er modnet  pr. dødsdatoen, og    (iv) Ved Fratrædelse som følge af Optionsmodtagerens Pensionering (som defineret  nedenfor) har Optionsmodtageren en frist på 12 måneder efter Fratrædelsesdatoen til at  udnytte Optionen for de Aktier, der er modnet pr. Fratrædelsesdatoen.    Uanset ovennævnte kan en Option aldrig udnyttes efter Udløbsdatoen, heller ikke til køb af  Aktier, der er modnet eller i øvrigt kan udnyttes.  6. Økonomiske aspekter ved deltagelse i Ordningen    Tildelingen af aktieoptioner har ingen umiddelbare økonomiske konsekvenser for dig.   Værdien af optionerne indgår ikke i beregningen af feriepenge, pensionsbidrag eller andre  lovpligtige, vederlagsafhængige ydelser.    Aktier er finansielle instrumenter, og investering i aktier vil altid være forbundet med en  økonomisk risiko.  Den fremtidige værdi af Selskabets aktier kendes ikke og kan ikke  forudsiges med sikkerhed.    Seagen Inc.  21823 - 30th Drive S.E.  Bothell, Washington 98021  U.S.A.       

 

 24.     FINLAND  There are no country-specific provisions.  FRANCE  Terms and Conditions  Non-Qualified Award. This Option is not intended to qualify for special tax and social security  treatment applicable to Options granted under Sections L.225-177 to L.225-186 and Sections L.  22-10-56 to L. 22-10-58 of the French Commercial Code, as amended.  Consent to Receive Information in English.  By accepting this Option, Optionee confirms having  read and understood the Plan and the Stock Option Agreement which were provided in the English  language.  Optionee accepts the terms of those documents accordingly.  Consentement Relatif à la Langue Utilisée.  En acceptant l’attribution de l’option, vous confirmez  avoir lu et compris le Plan et ce Contrat, qui ont été communiqués en langue anglaise.  Vous  acceptez les termes de ces documents en connaissance de cause.  Notifications  Foreign Asset/Account Reporting Information.  If Optionee holds cash or Shares outside of  France or maintain a foreign bank or foreign bank or brokerage account (including accounts that  were opened and closed during the tax year), Optionee is required to report such assets and  accounts to the French tax authorities on an annual basis on a specified form together with  Optionee’s income tax return.  Failure to complete this reporting can trigger significant penalties.    GERMANY  Notifications  Exchange Control Information.  Cross-border payments in excess of €12,500 must be reported  monthly to the German Federal Bank (Bundesbank).  In case of payments in connection with  securities (including proceeds realized upon the sale of Shares or the receipt of dividends, if any),  the report must be made by the 5th day of the month following the month in which the payment  was received.  The report must be filed electronically and the form of report ("Allgemeine  Meldeportal Statistik") can be accessed via the Bundesbank's website (www.bundesbank.de), in  both German and English.  Optionee is responsible for making this report.    Foreign Asset/Account Reporting Information.  If Optionee’s acquisition of Shares acquired  under the Plan leads to a so-called qualified participation at any point during the calendar year,  Optionee may need to report the acquisition when Optionee files his or her tax return for the  relevant year.  A qualified participation is attained if (i) the value of the Shares exceeds €150,000,  or (ii) in the unlikely event that Optionee holds Shares exceeding 10% of the Company’s share  capital. However, if the Shares are listed on a recognized U.S. stock exchange and Optionee owns  less than 1% of the Company, this requirement will not apply to Optionee.     

 

 25.     ITALY  Terms and Conditions  Method of Payment.  The following provision supplements Section 5 of the Agreement.   Due to local regulatory requirements, Optionee understands that Optionee will be restricted to the  cashless sell-all method of exercise. To complete a cashless sell-all exercise, Optionee understands  that Optionee must instruct the Plan broker to: (i) sell all of the Shares issued upon exercise; (ii)  use the proceeds to pay the exercise price, brokerage fees and any applicable Tax-Related Items;  and (iii) remit the balance in cash to Optionee. Optionee will not be permitted to hold Shares after  exercise. Depending upon the development of laws and Optionee’s status as a national of a country  other than Italy, the Company reserves the right to modify the methods of exercising the Option  and, in its sole discretion, to permit cash exercises, cashless sell-to-cover exercises or any other  method of exercise and payment of Tax-Related Items permitted under the Plan.  Plan Document Acknowledgment.  In accepting the Option, Optionee acknowledges that  Optionee has received a copy of the Plan and the Agreement and reviewed the Plan and the  Agreement in their entirety and fully understand and accept all provisions of the Plan and the  Agreement.  Optionee further acknowledges that Optionee has read and specifically and expressly approves the  following sections of the Agreement and this Appendix: Section 8. Tax Obligations; Section 10.  Nature of Grant; Section 11. Data Privacy; Section 17. Language; Section 19. Imposition of Other  Requirements; Section 20. Governing Law/Venue; and Section 21. Severability.  Notifications  Foreign Asset/Account Reporting Information.  If Optionee is an Italian resident and at any  time during the fiscal year holds investments or financial assets outside of Italy (e.g., cash, Shares)  which may generate income taxable in Italy (or if Optionee is the beneficial owner of such an  investment or asset, even if Optionee does not directly hold the investment or asset under Italian  money laundering provisions), Optionee is required to report such investments or assets on his or  her annual tax return for such fiscal year (on UNICO Form, RW Schedule) or on a special form if  Optionee is not required to file a tax return.  Foreign Financial Assets Tax.  The fair market value of any Shares held outside of Italy is subject  to a foreign assets tax.  Financial assets include Shares acquired under the Plan.  The taxable  amount will be the fair market value of the financial assets assessed at the end of the calendar year.   Optionee should consult with Optionee’s personal tax advisor about the foreign financial assets  tax.  NETHERLANDS  There are no country-specific provisions.    

 

 26.     NORWAY  There are no country-specific provisions.  PORTUGAL  Terms and Conditions  Consent to Receive Information in English.  Optionee hereby expressly declares that Optionee  has full knowledge of the English language and has read, understood and fully accepted and agreed  with the terms and conditions established in the Plan and the Agreement.  Conhecimento da Lingua. Contratado, pelo presente instrumento, declara expressamente que  tem pleno conhecimento da língua inglesa e que leu, compreendeu e livremente aceitou e  concordou com os termos e condições estabelecidas no Plano e no Acordo.  Notifications  Exchange Control Information.  If Optionee receives Shares upon exercise of the Option, the  acquisition of the Shares should be reported to the Banco de Portugal for statistical purposes. If  the Shares are deposited with a commercial bank or financial intermediary in Portugal, such  bank or financial intermediary will submit the report on Optionee’s behalf. If the Shares are not  deposited with a commercial bank or financial intermediary in Portugal, Optionee is responsible  for submitting the report to the Banco de Portugal.  PUERTO RICO  There are no country-specific provisions.  SPAIN  Terms and Conditions  Labor Law Acknowledgment.  The following provisions supplement Section 10 of the  Agreement:  By accepting the Option, Optionee agrees to participation in the Plan and acknowledges that  Optionee has received a copy of the Plan.  Optionee understands and agrees that, except as otherwise provided in the Agreement, Optionee  will forfeit any Options in the event of Optionee’s Termination of Employment by reason of, but  not limited to, resignation, disciplinary dismissal adjudged to be with cause, disciplinary dismissal  adjudged or recognized to be without cause (i.e., subject to a “despido improcedente,” individual  or collective dismissal on objective grounds, whether adjudged or recognized to be with or without  cause, material modification of the terms of employment under Article 41 of the Workers’ Statute,  relocation under Article 40 of the Workers’ Statute, Article 50 of the Workers’ Statute, unilateral  withdrawal by the Service Recipient and  under Article 10.3 of the Royal Decree 1382/1985.   Optionee understands that the Company has unilaterally, gratuitously and discretionally decided  to grant Options under the Plan to individuals who are employees of the Company or its Affiliates  

 

 27.     throughout the world.  The decision is a limited decision that is entered into upon the express  assumption and condition that any grant will not economically or otherwise bind the Company or  any Affiliates on an ongoing basis except as set forth under the terms of the Plan and the  Agreement.  Consequently, Optionee understands that any Award is given on the assumption and  condition that it shall not become a part of any employment contract (either with the Company or  any Affiliates) and shall not be considered a mandatory benefit, salary for any purposes (including  severance compensation) or any other right whatsoever.  Further, Optionee understands and freely  accepts that there is no guarantee that any benefit whatsoever shall arise from any gratuitous and  discretionary grant since the future value of the Option and Shares is unknown and unpredictable  and Optionee may forfeit the Option if Optionee’s Termination of Employment occurs prior to  vesting.  In addition, Optionee understand that this Award would not be made but for the  assumptions and conditions referred to above; thus, Optionee understands, acknowledge and freely  accept that should any or all of the assumptions be mistaken or should any of the conditions not  be met for any reason, then this Award shall be null and void.   Notifications  Exchange Control Information.  The acquisition, ownership and sale of Shares under the Plan  must be declared for statistical purposes to the Spanish Dirección General de Comercio e  Inversiones (the “DGCI”), the Bureau for Commerce and Investments, which is a department of  the Ministry of Industry, Tourism and Commerce.  Generally, the declaration must be made in  January for Shares owned as of December 31 of the prior year and/or Shares acquired or disposed  of during the prior year; however, if the value of Shares acquired or disposed of or the amount of  the sale proceeds exceeds €1,502,530 (or if Optionee holds 10% or more of the share capital of the  Company), the declaration must be filed within one month of the acquisition or disposition, as  applicable.  In addition, Optionee may be required to electronically declare to the Bank of Spain any foreign  accounts (including brokerage accounts held abroad), any foreign instruments (including Shares  acquired under the Plan), and any transactions with non-Spanish residents (including any payments  of Shares made pursuant to the Plan), depending on the balances in such accounts together with  the value of such instruments as of December 31 of the relevant year, or the volume of transactions  with non-Spanish residents during the relevant year.  Foreign Asset/Account Reporting Information.  To the extent that Optionee holds rights or  assets (i.e., cash or Shares held in a bank or brokerage account) outside Spain with a value in  excess of €50,000 per type of right or asset (e.g., Shares, cash, etc.) as of December 31 each year,  Optionee is required to report information on such rights and assets on Optionee’s tax return for  such year. After such rights or assets are initially reported, the reporting obligation will only apply  for subsequent years if the value of any previously-reported rights or assets increases by more  than €20,000.  Optionee should consult with Optionee’s personal tax and legal advisors to ensure  that Optionee is properly complying with Optionee’s reporting obligations.  Securities Law Information.  No “offer of securities to the public,” as defined under Spanish law,  has taken place or will take place in the Spanish territory in connection with the grant of this  Award. The Agreement has not been nor will it be registered with the Comisión Nacional del  Mercado de Valores, and does not constitute a public offering prospectus.  

 

 28.     SWEDEN  There are no country-specific provisions.  SWITZERLAND  Terms and Conditions  Grant of the Option.  The Option granted to a Swiss Optionee is a voluntary gratuity  (Gratifikation) as determined at the Company’s sole discretion which the Optionee has no  entitlement to and which does not constitute an entitlement of the Optionee for a grant of further  Options in the future.     Language Acknowledgement.  Optionee confirms having read and understood the documents  relating to the Plan, including the Option Agreement and all terms and conditions included therein,  which were provided in the English language only. Optionee confirms having sufficient language  capabilities to understand these terms and conditions in full.    Du bestätigst, dass du den Plan sowie die dazugehörigen Dokumente, inklusive der Vereinbarung,  mit all den darin enthaltenen Bedingungen und Voraussetzungen, welche in englischer Sprache  verfasst sind, gelesen und verstanden hast. Du bestätigst dass Deine Sprachkenntnisse genügend  sind, um die Bedingungen und Voraussetzungen zu verstehen.  Notifications  Securities Law Information.  Neither the Agreement nor any other materials relating to this  Option (i) constitutes a prospectus according to articles 35 et seq. of the Swiss Federal Act on  Financial Services (“FinSA”) (ii) may be publicly distributed or otherwise made publicly available  in Switzerland to any person other than an employee of the Company or (iii) has been filed with  approved or supervised by any Swiss reviewing body according to article 51 FinSA or any Swiss  regulatory authority, including the Swiss Financial Market Supervisory Authority FINMA.   UNITED KINGDOM  Terms and Conditions  Tax Obligations.  The following provision supplements Section 8 of the Agreement:   Without limitation to Section 8 of the Agreement, Optionee agrees that Optionee is liable for all  Tax-Related Items and hereby covenant to pay all such Tax-Related Items, as and when requested  by the Company or the Employer or by Her Majesty’s Revenue and Customs (“HMRC”) (or any  other tax authority or any other relevant authority).  Optionee also agrees to indemnify and keep  indemnified the Company and the Employer against any Tax-Related Items that they are required  to pay or withhold or have paid or will pay to HMRC (or any other tax authority or any other  relevant authority) on Optionee’s behalf.    Notwithstanding the foregoing, if Optionee is a director or an executive officer of the Company  (within the meaning of such terms for purposes of Section 13(k) of the Exchange Act), Optionee  acknowledges that Optionee may not be able to indemnify the Company or the Employer for the  

 

 29.     amount of any income tax not collected from or paid by Optionee, as it may be considered a loan.   In this case, the amount of any income tax not collected within 90 days of the end of the U.K. tax  year in which the event giving rise to the Tax-Related Item(s) occurs may constitute an additional  benefit to Optionee on which additional income tax and National Insurance contributions (“NICs”)  may be payable.  Optionee will be responsible for reporting and paying any income tax due on this  additional benefit directly to HMRC under the self-assessment regime and for reimbursing the  Company or the Employer (as appropriate) for the value of any employee NICs due on this  additional benefit, which the Company or the Employer may recover from Optionee by any of the  means referred to in the Plan or Section 8 of the Agreement.  NIC Joint Election.  As a condition of Optionee’s participation in the Plan and the vesting and  settlement of the Options or receipt of any benefit in connection with the Options, Optionee agrees  to accept any liability for secondary Class 1 NICs that may be payable by the Company or the  Employer (or any successor to the Company or the Employer) in connection with the Options and  any event giving rise to Tax-Related Items (the “Employer’s Liability”).  Without prejudice to the  foregoing, Optionee agrees to enter into the following joint election with the Company, the form  of such joint election being formally approved by HMRC (the “Joint Election”), and any other  required consent or elections.  Optionee further agrees to enter into such other Joint Elections as  may be required between Optionee and any successor to the Company and/or the Employer for the  purpose of continuing the effectiveness of the Joint Election.  Optionee further agrees that the  Company and/or the Employer may collect the Employer’s Liability from Optionee by any of the  means set forth in Section 8 of the Agreement.  If Optionee does not enter into the Joint Election prior to the vesting of the Options or any other  event giving rise to Tax-Related Items, Optionee will not be entitled to vest in the Options and  receive Shares (or receive any other benefit in connection with the Options) unless and until  Optionee enters into the Joint Election, and no Shares or other benefit will be issued to Optionee  under the Plan, without any liability to the Company, the Employer or any other service recipient.ex106

  Exhibit 10.6  SEAGEN INC.  STOCK UNIT GRANT NOTICE  (AMENDED AND RESTATED 2007 EQUITY INCENTIVE PLAN)    Seagen Inc. (the “Company”), pursuant to its Amended and Restated 2007 Equity Incentive Plan (the “Plan”), hereby  awards to Participant a Stock Unit Award for the number of stock units set forth below (the “Award”).  The Award is  subject to all of the terms and conditions as set forth herein and in the Plan and the Stock Unit Agreement, both of  which are incorporated herein in their entirety.  Capitalized terms not otherwise defined herein shall have the meanings  set forth in the Plan or the Stock Unit Agreement, as applicable. Except as otherwise explicitly provided herein, in the  event of any conflict between the terms in the Award and the Plan, the terms of the Plan shall control.  Participant: %%FIRST_NAME%-% %%MIDDLE_NAME%-% %%LAST_NAME%-%  Date of Grant: %%OPTION_DATE,'MM/DD/YYYY'%-%   Vesting Commencement Date: %%VEST_BASE_DATE,'MM/DD/YYYY'%-%   Number of Stock Units   Subject to Award: %%TOTAL_SHARES_GRANTED,'999,999,999'%-%  Vesting Schedule: Subject to Section 2 of the Stock Unit Agreement, the Award shall vest on the below  vesting date(s).  Notwithstanding the following, vesting shall terminate upon the Participant’s Termination of Employment.     %%VEST_DATE_PERIOD1,'MM/DD/YYYY'%-% %%SHARES_PERIOD1%-%   %%VEST_DATE_PERIOD2,'MM/DD/YYYY'%-% %%SHARES_PERIOD2%-%   %%VEST_DATE_PERIOD3,'MM/DD/YYYY'%-% %%SHARES_PERIOD3%-%   %%VEST_DATE_PERIOD4,'MM/DD/YYYY'%-% %%SHARES_PERIOD4%-%  Consideration: Participant’s services   Issuance Schedule: The Shares to be issued in respect of the Award will be issued in accordance with the  issuance schedule set forth in Section 7 of the Stock Unit Agreement.  Sell to Cover Election: By accepting this Award, Participant hereby: (1) elects, effective on the date Participant  accepts this Award, to sell Shares issued in respect of the Award in an amount determined  in accordance with Section 11(b) of the Stock Unit Agreement, and to allow the Agent  to remit the cash proceeds of such sale to the Company as more specifically set forth in  Section 11(b) of the Stock Unit Agreement (a “Sell to Cover”); (2) directs the Company  to make a cash payment to satisfy the Withholding Obligation from the cash proceeds of  such sale directly to the appropriate taxing authorities; and (3) represents and warrants  that (i) Participant has carefully reviewed Section 11(b) of the Stock Unit  Agreement, (ii) on the date Participant accepts this Award he or she is not aware of  any material, nonpublic information with respect to the Company or any securities  of the Company, is not subject to any legal, regulatory or contractual restriction  that would prevent the Agent from conducting sales, does not have, and will not  attempt to exercise, authority, influence or control over any sales of Shares effected  by the Agent pursuant to the Stock Unit Agreement, and is entering into the Stock  Unit Agreement and this election to Sell to Cover in good faith and not as part of a  plan or scheme to evade the prohibitions of Rule 10b5-1 (regarding trading of the  Company's securities on the basis of material nonpublic information) under the  Exchange Act, and (iii) it is Participant’s intent that this election to Sell to Cover  and Section 11(b) of the Stock Unit Agreement comply with the requirements of  Rule 10b5-1(c)(1) under the Exchange Act and be interpreted to comply with the  requirements of Rule 10b5-1(c) under the Exchange Act. The Participant further  acknowledges that by accepting this Award, Participant is adopting a 10b5-1 Plan  (as defined in Section 11(b) of the Stock Unit Agreement) to permit Participant to  

 

conduct a Sell to Cover sufficient to satisfy the Withholding Obligation as more  specifically set forth in Section 11(b) of the Stock Unit Agreement.  Additional Terms/Acknowledgements:  Participant acknowledges receipt of, and understands and agrees to, this  Stock Unit Grant Notice, the Stock Unit Agreement (including the provisions of Section 11(b) thereof with respect to  the Sell to Cover) and the Plan. Participant also acknowledges receipt of the Prospectus for the Plan.  Participant  further acknowledges that as of the Date of Grant, this Stock Unit Grant Notice, the Stock Unit Agreement and the  Plan set forth the entire understanding between Participant and the Company regarding the Award and supersede all  prior oral and written agreements on that subject, with the exception of any arrangement that would provide for vesting  acceleration of the Award upon the terms and conditions set forth therein.  Participant’s electronic acceptance shall signify Participant’s execution of this Stock Unit Grant Notice and  understanding that this Award is granted and governed under the terms and conditions set forth herein.   SEAGEN INC.      Clay B. Siegall, Ph.D.  President & CEO      **PLEASE PRINT AND RETAIN THIS AGREEMENT FOR YOUR RECORDS** 

 

   1.  SEAGEN INC.  AMENDED AND RESTATED 2007 EQUITY INCENTIVE PLAN  STOCK UNIT AGREEMENT  Pursuant to the Stock Unit Grant Notice (“Grant Notice”) and this Stock Unit Agreement  (this “Agreement”) and in consideration of your services, Seagen Inc. (the “Company”) has  awarded you a Stock Unit Award (the “Award”) under its Amended and Restated 2007 Equity  Incentive Plan (the “Plan”). Your Award is granted to you effective as of the Date of Grant set  forth in the Grant Notice for this Award.  This Agreement shall be deemed to be agreed to by the  Company and you upon your execution of the Stock Unit Grant Notice to which it is attached.   Capitalized terms not explicitly defined in this Agreement shall have the same meanings given to  them in the Plan or the Grant Notice, as applicable.  Except as otherwise explicitly provided herein,  in the event of any conflict between the terms in this Agreement and the Plan, the terms of the Plan  shall control.  The details of your Award, in addition to those set forth in the Grant Notice and the  Plan, are as follows.  1. GRANT OF THE AWARD.  This Award represents the right to be issued on a future  date the number of Shares that is equal to the number of stock units indicated in the Grant Notice  (the “Stock Units”).  As of the Date of Grant, the Company will credit to a bookkeeping account  maintained by the Company for your benefit (the “Account”) the number of Stock Units subject  to the Award.  This Award is granted in consideration of your services to the Company or an  Affiliate.  Except as otherwise provided herein, you will not be required to make any payment to  the Company (other than past and future services to the Company) with respect to your receipt of  the Award, the vesting of the Stock Units or the delivery of the Shares to be issued in respect of  the Award.   2. VESTING.  Subject to the limitations contained herein, your Award will vest, if at  all, in accordance with the vesting schedule provided in the Grant Notice, provided that you have  not incurred a Termination of Employment before the vesting date set forth in the Grant Notice.   Upon your Termination of Employment, the Stock Units credited to the Account that are not vested  on the date of such Termination of Employment will be forfeited at no cost to the Company and  you will have no further right, title or interest in the Stock Units or the Shares to be issued in  respect of the Award.  By accepting the grant of this Award, you acknowledge and agree that the  terms set forth in this Section 2 supersede any contrary terms regarding the vesting of this Award  set forth in any notice or other communication that you receive from, or that is displayed by,  E*TRADE or other third party designated by the Company.   Notwithstanding the foregoing or anything in this Agreement to the contrary, in the event  of your Termination of Employment as a result of your death or Disability, the vesting of your  Award shall accelerate such that your Award shall become vested as to an additional twelve (12)  months, effective as of the date of such Termination of Employment, to the extent that your Award  is outstanding on such date.  3. FORFEITURE OF AWARD NOT TIMELY ACCEPTED.  The Award is conditioned  upon your electronic acceptance of the Award, as set forth in the Grant Notice. Notwithstanding  

 

   2.  the foregoing or anything in this Agreement to the contrary, if you fail to accept the Award prior  to the vesting dates set forth in the Grant Notice, the portion of the Award that otherwise would  have vested on each such date will be forfeited at no cost to the Company, and you will have no  further right, title or interest in such portion. In the event of your Termination of Employment as  a result of your death or Disability prior to acceptance of the Award, the Company will deem  the Award as being accepted.  4. NUMBER OF SHARES.   (a)  The number of Stock Units subject to your Award may be adjusted from  time to time for changes in capitalization, as provided in Section 13 of the Plan.  (b) Any additional Stock Units that become subject to the Award pursuant to  this Section 4 shall be subject, in a manner determined by the Administrator, to the same forfeiture  restrictions, restrictions on transferability, and time and manner of delivery as applicable to the  other Stock Units covered by your Award.  (c) Notwithstanding the provisions of this Section 4, no fractional Shares or  rights for fractional Shares shall be created pursuant to this Section 4.  The Administrator shall, in  its discretion, determine an equivalent benefit for any fractional Shares or fractional Shares that  might be created by the adjustments referred to in this Section 4.  5. SECURITIES LAW COMPLIANCE.  You may not be issued any Shares in respect of  your Award unless either (i) such Shares are registered under the Securities Act; or (ii) the  Company has determined that such issuance would be exempt from the registration requirements  of the Securities Act. Your Award also must comply with other applicable laws and regulations  governing the Award, and you will not receive such Shares if the Company determines that such  receipt would not be in material compliance with such laws and regulations. You represent and  warrant that you (a) have been furnished with a copy of the prospectus for the Plan and all  information deemed necessary to evaluate the merits and risks of receipt of the Award, (b) have  had the opportunity to ask questions concerning the information received about the Award and the  Company, and (c) have been given the opportunity to obtain any information you deem necessary  to verify the accuracy of any information obtained concerning the Award and the Company.  6. TRANSFER RESTRICTIONS.  Your Award is not transferable, except by will or by  the laws of descent and distribution.  In addition to any other limitation on transfer created by  applicable securities laws, you agree not to assign, hypothecate, donate, encumber or otherwise  dispose of any interest in any of the Shares subject to the Award until such Shares are issued to  you in accordance with Section 7 of this Agreement.  After such Shares have been issued to you,  you are free to assign, hypothecate, donate, encumber or otherwise dispose of any interest in such  Shares provided that any such actions are in compliance with the provisions herein and applicable  securities laws.  Notwithstanding the foregoing, by delivering written notice to the Company, in a  form satisfactory to the Company, you may designate a third party who, in the event of your death,  shall thereafter be entitled to receive any distribution of Shares to which you were entitled at the  time of your death pursuant to this Agreement.  

 

   3.  7. DATE OF ISSUANCE.    (a) If the Award is exempt from application of Section 409A of the Code and  any state law of similar effect (collectively “Section 409A”), then, subject to Section 12, the  Company will deliver to you a number of Shares equal to the number of vested Stock Units subject  to your Award, including any additional Stock Units received pursuant to Section 4 above that  relate to those vested Stock Units on or within 60 days following the applicable vesting date (the  “Original Issuance Date”).  However, if the Original Issuance Date falls on a date that is not a  business day, such delivery date shall instead fall on the next following business day.   Notwithstanding the foregoing, if (i) the Original Issuance Date does not occur (1) during an “open  window period” applicable to you, as determined by the Company in accordance with the  Company’s then-effective policy or policies on trading in Company securities or (2) on a date  when you are otherwise permitted to sell Shares on the open market; and (ii) the Company elects,  prior to the Original Issuance Date, (x) not to satisfy the Withholding Obligation (as defined in  Section 11(a) hereof) by withholding Shares from the Shares otherwise due, on the Original  Issuance Date, to you under this Award pursuant to Section 11 hereof, (y) not to permit you to then  effect a Sell to Cover under the 10b5-1 Plan (as defined in Section 11(b) of this Agreement), and  (z) not to permit you to satisfy the Withholding Obligation in cash, then such Shares shall not be  delivered on such Original Issuance Date and shall instead be delivered on the first business day  of the next occurring open window period applicable to you or the next business day when you are  not prohibited from selling Shares on the open market, as applicable (and regardless of whether  there has been a Termination of Employment before such time), but in no event later than the 15th  day of the third calendar month of the calendar year following the calendar year in which the Stock  Units vest.  Delivery of the Shares pursuant to the provisions of this Section 7(a) is intended to  comply with the requirements for the short-term deferral exemption available under Treasury  Regulations Section 1.409A-1(b)(4) and shall be construed and administered in such manner.  The  form of such delivery of the Shares (e.g., a stock certificate or electronic entry evidencing such  Shares) shall be determined by the Company.  (b) The provisions of this Section 7(b) are intended to apply if the Award is  subject to Section 409A because of the terms of a severance arrangement or other agreement  between you and the Company, if any, that provide for acceleration of vesting of the Award upon  your separation from service (as such term is defined in Section 409A(a)(2)(A)(i) of the Code  (“Separation from Service”) and such severance benefit does not satisfy the requirements for an  exemption from application of Section 409A provided under Treasury Regulations Section  1.409A-1(b)(4) or 1.409A-1(b)(9) (“Non-Exempt Severance Arrangement”).  If the Award is  subject to and not exempt from application of Section 409A due to application of a Non-Exempt  Severance Arrangement, the following provisions in this Section 7(b) shall supersede anything to  the contrary in Section 7(a).    (i) If the Award vests in the ordinary course before your Termination  of Employment in accordance with the vesting schedule set forth in the Grant Notice, without  accelerating vesting under the terms of a Non-Exempt Severance Arrangement, in no event will  the Shares to be issued in respect of your Award be issued any later than December 31st of the  calendar year that includes the applicable vesting date.    

 

   4.  (ii) If vesting of the Award accelerates under the terms of a Non-Exempt  Severance Arrangement in connection with your Separation from Service, and such vesting  acceleration provisions  were in effect as of the date of grant of the Award and, therefore, are part  of the terms of the Award as of the date of grant, then the Shares will be earlier issued in respect  of your Award upon your Separation from Service in accordance with the terms of the Non-Exempt  Severance Arrangement, but in no event later than the 60th day that follows the date of your  Separation from Service.  However, if at the time the Shares would otherwise be issued you are  subject to the distribution limitations contained in Section 409A applicable to “specified  employees,” as defined in Section 409A(a)(2)(B)(i) of the Code, such Shares shall instead be  issued on the date that is six months following the date of your Separation from Service, or, if  earlier, the date of your death that occurs within such six-month period.  (iii) If  either (A) vesting of the Award accelerates under the terms of a  Non-Exempt Severance Arrangement in connection with your Separation from Service, and such  vesting acceleration provisions were not in effect as of the date of grant of the Award and,  therefore, are not a part of the terms of the Award on the date of grant, or (B) vesting accelerates  pursuant to Section 4(b) or Section 13 of the Plan, then such acceleration of vesting of the Award  shall not accelerate the issuance date of the Shares (or any substitute property), but such Shares  (or substitute property) shall instead be issued on the same schedule as set forth in the Grant Notice  as if they had vested in the ordinary course before your Termination of Employment,  notwithstanding the vesting acceleration of the Award.  Such issuance schedule is intended to  satisfy the requirements of payment on a specified date or pursuant to a fixed schedule, as provided  under Treasury Regulations Section 1.409A-3(a)(4).  (c) Notwithstanding anything to the contrary set forth herein, the Company  explicitly reserves the right to earlier issue the Shares in respect of the Award to the extent  permitted and in compliance with the requirements of Section 409A, including pursuant to any of  the exemptions available in Treasury Regulations Section 1.409A-3(j)(4)(ix).  (d) The provisions in this Agreement for delivery of the Shares in respect of the  Award are intended either to comply with the requirements of Section 409A or to provide a basis  for exemption from such requirements so that the vesting or delivery of such Shares will not trigger  the additional tax imposed under Section 409A, and any ambiguities herein will be so interpreted.  (e) The Administrator may modify the terms of this Agreement and/or the Plan  without your consent, in the manner that the Administrator may determine to be necessary or  advisable in order to comply with Code Section 409A or to mitigate any additional tax, interest  and/or penalties or other adverse tax consequences that may apply under Code Section 409A if  compliance is not practical. This Section 7(e) does not create an obligation on the part of the  Company to modify the terms of this Agreement or the Plan and does not guarantee that this Award  or the delivery of Shares upon settlement of the Award will not be subject to taxes, interest and  penalties or any other adverse tax consequences under Code Section 409A. Nothing in this  Agreement shall provide a basis for any person to take any action against the Company or any of  its Subsidiaries or Affiliates based on matters covered by Code Section 409A, including the tax  treatment of any amounts paid under this Agreement, and neither the Company nor any of its  Subsidiaries or Affiliates will have any liability under any circumstances to the Participant or any  other party if the Award, the delivery of Shares upon vesting/settlement of the Award or other  

 

   5.  payment or tax event hereunder that is intended to be exempt from, or compliant with, Code  Section 409A, is not so exempt or compliant or for any action taken by the Administrator with  respect thereto.  8. DIVIDENDS.  You shall receive no benefit or adjustment to your Award with respect  to any cash dividend, stock dividend or other distribution that does not result from a change in  capitalization as provided in Section 13 of the Plan; provided, however, that this sentence shall not  apply with respect to any Shares that are delivered to you in connection with your Award after  such Shares have been delivered to you.  9. [RESERVED].  10. AWARD NOT A SERVICE CONTRACT.    (a) Your service with the Company or an Affiliate is not for any specified term  and may be terminated by you or by the Company or an Affiliate at any time, for any reason, with  or without cause and with or without notice.  Nothing in this Agreement (including, but not limited  to, the vesting of your Award pursuant to the schedule set forth in Section 2 herein or the issuance  of the Shares in respect of your Award), the Plan or any covenant of good faith and fair dealing  that may be found implicit in this Agreement or the Plan shall:  (i) confer upon you any right to  continue in the employ of, or affiliation with, the Company or an Affiliate; (ii) constitute any  promise or commitment by the Company or an Affiliate regarding the fact or nature of future  positions, future work assignments, future compensation or any other term or condition of  employment or affiliation; (iii) confer any right or benefit under this Agreement or the Plan unless  such right or benefit has specifically accrued under the terms of this Agreement or Plan; or (iv)  deprive the Company or an Affiliate of the right to terminate you at will and without regard to any  future vesting opportunity that you may have.  (b) By accepting this Award, you acknowledge and agree that the right to  continue vesting in the Award pursuant to the schedule set forth in Section 2 is earned only by  continuing as an employee, director or consultant at the will of the Company (not through the act  of being hired, being granted this Award or any other award or benefit) and that the Company has  the right to reorganize, sell, spin-out or otherwise restructure one or more of its businesses or  Affiliates at any time or from time to time, as it deems appropriate (a “reorganization”).  You  further acknowledge and agree that such a reorganization could result in your Termination of  Employment, or the termination of Affiliate status of your employer and the loss of benefits  available to you under this Agreement, including but not limited to, the termination of the right to  continue vesting in the Award.  You further acknowledge and agree that this Agreement, the Plan,  the transactions contemplated hereunder and the vesting schedule set forth herein or any covenant  of good faith and fair dealing that may be found implicit in any of them do not constitute an express  or implied promise of continued engagement as an employee or consultant for the term of this  Agreement, for any period, or at all, and shall not interfere in any way with your right or the  Company’s right to terminate your service at any time, with or without cause and with or without  notice.  

 

   6.  11. RESPONSIBILITY FOR TAXES.  (a) Regardless of any action the Company or your employer (the “Employer”)  takes with respect to any or all income tax, social insurance, payroll tax, fringe benefits tax,  payment on account or other tax-related items related to your participation in the Plan and legally  applicable to you (“Tax-Related Items”), you acknowledge that the ultimate liability for all Tax- Related Items is and remains your responsibility and may exceed the amount actually withheld by  the Company or the Employer. You further acknowledges that the Company and/or the Employer  (i) make no representations or undertakings regarding the treatment of any Tax- Related Items in  connection with any aspect of the Stock Units, including, but not limited to, the grant, vesting or  settlement of the Stock Units, the issuance of Shares upon settlement of the Stock Units, the  subsequent sale of Shares acquired pursuant to such issuance and the receipt of any dividends  and/or any dividend equivalents; and (ii) do not commit to and are under no obligation to structure  the terms of the Award or any aspect of the Award to reduce or eliminate your liability for Tax- Related Items or achieve any particular tax result. Further, if you have become subject to Tax- Related Items in more than one jurisdiction, you acknowledge that the Company and/or the  Employer (or former employer, as applicable) may be required to withhold or account for Tax- Related Items in more than one jurisdiction.    (b) By accepting this Award, you hereby (i) acknowledge and agree that you  have elected a Sell to Cover (as defined in the Grant Notice) to permit you to satisfy withholding  for the Tax-Related Items and that the withholding for Tax-Related Items shall be satisfied  pursuant to this Section 11(b) to the fullest extent not otherwise satisfied pursuant to the provisions  of Section 11(c) hereof and (ii) further acknowledge and agree to the following provisions:  (i) You hereby irrevocably appoint E*TRADE, or such other registered  broker-dealer that is a member of the Financial Industry Regulatory Authority as the Company  may select, as your agent (the “Agent”), and you authorize and direct the Agent to:  (1) Sell on the open market at the then prevailing market  price(s), on your behalf, as soon as practicable on or after the date on which the Shares are  delivered to you pursuant to Section 7 hereof in connection with the vesting of the Stock Units,  the number (rounded up to the next whole number) of Shares sufficient to generate proceeds to  cover (A) the satisfaction of the Tax-Related Items arising from the vesting of those Stock Units  and the related issuance of Shares to you that is not otherwise satisfied pursuant to Section 11(c)  hereof and (B) all applicable fees and commissions due to, or required to be collected by, the Agent  with respect thereto;   (2)  Remit directly to the Company and/or any Affiliate the  proceeds necessary to satisfy the Tax-Related Items;  (3) Retain the amount required to cover all applicable fees and  commissions due to, or required to be collected by, the Agent, relating directly to the sale of the  Shares referred to in clause (1) above; and  (4) Remit any remaining funds to you.   

 

   7.  (ii) You acknowledge that your election to Sell to Cover and the  corresponding authorization and instruction to the Agent set forth in this Section 11(b) to sell  Shares to satisfy the Tax-Related Items is intended to comply with the requirements of Rule 10b5- 1(c)(1) under the Exchange Act and to be interpreted to comply with the requirements of Rule  10b5-1(c) under the Exchange Act (your election to Sell to Cover and the provisions of this Section  11(b), collectively, the “10b5-1 Plan”). You acknowledge that by accepting this Award, you are  adopting the 10b5-1 Plan to permit you to satisfy the Tax-Related Items. You hereby authorize the  Company and the Agent to cooperate and communicate with one another to determine the number  of Shares that must be sold pursuant to Section 11(b)(i) to satisfy your obligations hereunder.  (iii) You acknowledge that the Agent is under no obligation to arrange  for the sale of Shares at any particular price under this 10b5-1 Plan and that the Agent may effect  sales as provided in this 10b5-1 Plan in one or more sales and that the average price for executions  resulting from bunched orders may be assigned to your account.  You further acknowledge that  you will be responsible for all brokerage fees and other costs of sale associated with this 10b5-1  Plan, and you agree to indemnify and hold the Company harmless from any losses, costs, damages,  or expenses relating to any such sale.  In addition, you acknowledge that it may not be possible to  sell Shares as provided for in this 10b5-1 Plan due to (i) a legal or contractual restriction applicable  to you or the Agent, (ii) a market disruption, (iii) a sale effected pursuant to this 10b5-1 Plan that  would not comply (or in the reasonable opinion of the Agent’s counsel is likely not to comply)  with the Securities Act, (iv) the Company’s determination that sales may not be effected under this  10b5-1 Plan or (v) rules governing order execution priority on the national exchange where the  Shares may be traded.  In the event of the Agent’s inability to sell Shares, you will continue to be  responsible for the timely payment to the Company 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 Section 11(b)(i)(1) above.  (iv) You acknowledge that regardless of any other term or condition of  this 10b5-1 Plan, the Agent will not be liable to you for (A) special, indirect, punitive, exemplary,  or consequential damages, or incidental losses or damages of any kind, or (B) any failure to  perform or for any delay in performance that results from a cause or circumstance that is beyond  its reasonable control.  (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 10b5-1 Plan.  The Agent is a third-party beneficiary of this Section  11(b) and the terms of this 10b5-1 Plan.  (vi) Your election to Sell to Cover and to enter into this 10b5-1 Plan is  irrevocable. Upon acceptance of the Award, you have elected to Sell to Cover and to enter into  this 10b5-1 Plan, and you acknowledge that you may not change this election at any time in the  future. This 10b5-1 Plan shall terminate not later than the date on which the Tax-Related Items  arising from the vesting of your Stock Units and the related issuance of Shares has been satisfied.  (c) Alternatively, or in addition to or in combination with the Sell to Cover  provided for under Section 11(b), you authorize the Company, at its discretion, to satisfy the Tax- Related Items by the following means (or by a combination of the following means):  

 

   8.  (i) Requiring you to pay to the Company any portion of the Tax- Related Items in cash;  (ii) Withholding from any compensation otherwise payable to you by  the Company; and/or  (iii) Withholding Shares from the Shares issued or otherwise issuable to  you in connection with the Award.    (d) The Company may withhold or account for Tax-Related Items by  considering statutory or other withholding rates, including minimum or maximum rates applicable  in the jurisdictions applicable to you. In the event of over-withholding, you may receive a refund  from the Company of any over-withheld amount in cash (with no entitlement to the equivalent in  Shares), or if not refunded by the Company, you must seek a refund from the local tax authorities  to the extent you wish to recover the over-withheld amount in the form of a refund. If the obligation  for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, you will be deemed  to have been issued the full number of Shares subject to the vested Stock Units, notwithstanding  that a number of the Shares is held back solely for the purpose of paying the Tax-Related Items  due as a result of any aspect of your participation in the Plan.  (e) Unless the Tax-Related Items are satisfied, the Company shall have no  obligation to deliver to you any Shares.  (f) In the event the Tax-Related Items arise prior to the delivery to you of  Shares or it is determined after the delivery of Shares to you that the amount of the Tax-Related  Items was greater than the amount withheld by the Company, you agree to indemnify and hold the  Company harmless from any failure by the Company to withhold the proper amount.  12. UNSECURED OBLIGATION.  Your Award is unfunded, and as a holder of a vested  Award, you shall be considered an unsecured creditor of the Company with respect to the  Company’s obligation, if any, to issue Shares pursuant to this Agreement.  You shall not have  voting or any other rights as a stockholder of the Company with respect to the Shares to be issued  pursuant to this Agreement until such Shares are issued to you pursuant to Section 7 of this  Agreement.   Upon such issuance, you will obtain full voting and other rights as a stockholder of  the Company.  Nothing contained in this Agreement, 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 you  and the Company or any other person.  13. OTHER DOCUMENTS.  You hereby acknowledge receipt or the right to receive a  document providing the information required by Rule 428(b)(1) promulgated under the Securities  Act, which includes the Plan prospectus.  In addition, you acknowledge receipt of the Company’s  policy on trading in Company securities permitting employees to sell Shares only during certain  “window” periods and the Company’s insider trading policy, in effect from time to time.    14. DATA TRANSFER.  You hereby explicitly and unambiguously consent to the  collection, use and transfer, in electronic or other form, of your personal data as described in this  document by and among, as applicable, your employer, and the Company and its Subsidiaries and  Affiliates for the purpose of implementing, administering and managing your participation in the  

 

   9.  Plan.  You understand that the Company, its Affiliates, its Subsidiaries and your employer hold  certain personal information about you, including, but not limited to, your name, home address  and telephone number, date of birth, social security number (or other identification number),  salary, nationality, job title, any shares of stock or directorships held in the Company, details of  all options or any other entitlement to shares of stock awarded, canceled, purchased, exercised,  vested, unvested or outstanding in your favor for the purpose of implementing, managing and  administering the Plan (“Data”).  You understand that the Data may be transferred to any third  parties assisting in the implementation, administration and management of the Plan, including  providing ancillary services related to stock plan administration.  You authorize the recipients to  receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of  implementing, administering and managing your participation in the Plan (including providing  ancillary services related to stock plan administration), including any requisite transfer of such  Data, as may be required to a broker or other third party with whom you may elect to deposit any  shares issued in respect of your Award.  15. NOTICES; ELECTRONIC DELIVERY AND ACCEPTANCE.  Any notices provided for  in your Award or the Plan shall be given in writing and shall be deemed effectively given upon  receipt or, in the case of notices delivered by the Company to you, five (5) days after deposit in  the United States mail, postage prepaid, addressed to you at the last address you provided to the  Company.  Notwithstanding the foregoing, the Company may, in its sole discretion, decide to  deliver any documents related to participation in the Plan and this Award by electronic means or  to request your consent to participate in the Plan by electronic means.  You hereby consent to  receive such documents by electronic delivery and, if requested, to agree to participate in the Plan  through an on-line or electronic system established and maintained by the Company, the Agent or  another third party designated by the Company and agree notice shall be provided upon posting to  your electronic account held by the Company, the Agent or another third party designated by the  Company.  You hereby acknowledge that delivery, execution and acceptance of this or any other  such documents by electronic means constitutes valid and effective delivery, execution and  acceptance and shall be legally effective to create a valid and binding agreement.  16. CLAWBACK/RECOUPMENT.  The Award will be subject to recoupment, rescission,  payback, cancelation or other action, in each case, in accordance with (i) any clawback policy  adopted by the Company (whether such policy is adopted on or after the date of this Agreement or  required under applicable law) providing for the recovery of Awards, Shares, proceeds, or  payments to you in the event of fraud or as required by applicable law or governance considerations  or in other similar circumstances and (ii) any such other clawback, recovery or recoupment  provisions set forth in an individual written agreement between you and the Company.  No  recovery of compensation under such a clawback policy will be an event giving rise to your right  to resign for “good reason” or “constructive termination” (or similar term) under any plan of, or  agreement with, the Company.  17. MISCELLANEOUS.  (a) The rights and obligations of the Company under your Award shall be  transferable by the Company to any one or more persons or entities, and all covenants and  agreements hereunder shall inure to the benefit of, and be enforceable by, the Company’s  

 

   10.  successors and assigns. Your rights and obligations under your Award may only be assigned with  the prior written consent of the Company.   (b) You agree upon request to execute any further documents or instruments  necessary or desirable in the sole determination of the Company to carry out the purposes or intent  of your Award.  (c) You acknowledge and agree that you have reviewed your Award in its  entirety, have had an opportunity to obtain the advice of counsel prior to executing and accepting  your Award, and fully understand all provisions of your Award.  (d) This Agreement shall be subject to all applicable laws, rules, and  regulations, and to such approvals by any governmental agencies or national securities exchanges  as may be required.  (e) All obligations of the Company under the Plan and this Agreement shall be  binding on any successor to the Company, whether the existence of such successor is the result of  a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the  business and/or assets of the Company.  18. GOVERNING PLAN DOCUMENT.  Your Award is subject to all the provisions of the  Plan, the provisions of which are hereby made a part of your Award, and is further subject to all  interpretations, amendments, rules and regulations which may from time to time be promulgated  and adopted pursuant to the Plan.  Except as expressly provided herein, in the event of any conflict  between the provisions of your Award and those of the Plan, the provisions of the Plan shall  control.   19. ENTIRE AGREEMENT.  The Plan, this Agreement and the Grant Notice constitute  the entire agreement of the parties with respect to the subject matter hereof and supersede in their  entirety all prior undertakings and agreements of the Company and you with respect to the subject  matter hereof, with the exception of any arrangement that would provide for vesting acceleration  of this Award upon the terms and conditions set forth therein.  This Agreement is governed by the  laws of the state of Delaware.    20. SEVERABILITY.  If all or any part of this Agreement or the Plan is declared by any  court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall  not invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid.  Any Section of this Agreement (or part of such a Section) so declared to be unlawful or invalid  shall, if possible, be construed in a manner which will give effect to the terms of such Section or  part of a Section to the fullest extent possible while remaining lawful and valid.  21. EFFECT ON OTHER EMPLOYEE BENEFIT PLANS.  The value of the Award subject  to this Agreement shall not be included as compensation, earnings, salaries, or other similar terms  used when calculating your benefits under any employee benefit plan sponsored by the Company  or any Affiliate, except as such plan otherwise expressly provides. The Company expressly  reserves its rights to amend, modify, or terminate any of the Company’s or any Affiliate’s  employee benefit plans.  

 

   11.  22. AMENDMENT.  This Agreement may not be modified, amended or terminated  except by an instrument in writing, signed by you and by a duly authorized representative of the  Company. Notwithstanding the foregoing, this Agreement may be amended solely by the  Administrator by a writing which specifically states that it is amending this Agreement, so long as  a copy of such amendment is delivered to you, and provided that no such amendment materially  adversely affecting your rights hereunder may be made without your written consent, except as  otherwise provided in the Plan. Without limiting the foregoing, the Administrator reserves the right  to change, by written notice to you and without your prior written consent, the provisions of this  Agreement in any way it may deem necessary or advisable to carry out the purpose of the grant to  facilitate compliance with applicable laws or regulations or any future law, regulation, ruling, or  judicial decision.

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