Document:

exhibit102

Exhibit 10.2    LUMENTUM HOLDINGS INC.  CHANGE IN CONTROL AND SEVERANCE BENEFITS PLAN  AS AMENDED AND RESTATED    1. Introduction.   This Lumentum Holdings Inc. (“Company”) Change in Control and Severance Benefits  Plan (the “Plan”) is established effective April 14, 2015, as amended and restated on June 2, 2021  (the “Effective Date”).  (a) Purpose.  The purpose of the Plan is to provide certain benefits to Eligible  Executives (as defined below) whose employment is terminated in connection with or unrelated to  a Change in Control (as defined below).  (b) Participants.  Each Eligible Executive shall be a “Participant” in the Plan.  2. Definition of Terms.  The following capitalized terms used in this Plan shall have  the following meanings:  (a) “Cause” means (i) gross negligence or willful misconduct in the  performance of a Participant’s duties to Employer; (ii) a material and willful violation of any  federal or state law by a Participant that if made public would injure the business or reputation of  Employer; (iii) refusal or willful failure by a Participant to comply with any specific lawful  direction or order of Employer or the material policies and procedures of Employer, including but  not limited to Employer’s Code of Business Conduct and Inside Information and Securities  Transactions policy, as well as any obligations concerning proprietary rights and confidential  information of Employer; (iv) conviction (including a plea of nolo contendere) of a Participant of  a felony, or of a misdemeanor that would have a material adverse effect on Employer’s goodwill  if such Participant were to be retained as an employee of Employer; or (v) substantial and  continuing willful refusal by a Participant to perform duties ordinarily performed by an employee  in the same position and having similar duties as such Participant; in each case as reasonably  determined by the Committee or the Board of Directors of Company or Employer or the successor  to Company or Employer.  (b) “Change in Control” means the occurrence of one or more of the following  with respect to Company:  (i) the acquisition by any person (or related group of persons), whether  by tender or exchange offer made directly to Company’s stockholders, open market purchases or  any other transaction or series of transactions, of stock of Company that, together with stock of  Company held by such person or group, constitutes more than fifty percent (50%) of the total fair  market value or total voting power of the then outstanding stock of Company entitled to vote  generally in the election of the members of Company’s Board of Directors;  (ii) a merger or consolidation in which Company is not the surviving  entity, except for a transaction in which both (A) securities representing more than fifty percent  (50%) of the total combined voting power of the surviving entity are beneficially owned (within  the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934), directly or  

 

   2  indirectly, immediately after such merger or consolidation by persons who beneficially owned  Company common stock immediately prior to such merger or consolidation and (B) the members  of Company’s Board of Directors immediately prior to the transaction (the “Existing Board”)  constitute a majority of the Board of Directors of the surviving entity or its parent entity  immediately after such merger or consolidation;  (iii) any reverse merger in which Company is the surviving entity but in  which either (A) persons who beneficially owned, directly or indirectly, Company common stock  immediately prior to such reverse merger do not retain immediately after such reverse merger  direct or indirect beneficial ownership of securities representing more than fifty percent (50%) of  the total combined voting power of Company’s outstanding securities or (B) the members of the  Existing Board do not constitute a majority of the Board of Directors of the Company’s parent  entity immediately after such reverse merger; or  (iv) the sale, transfer or other disposition of all or substantially all of the  assets of Company (other than a sale, transfer or other disposition to one or more subsidiaries of  Company).  Notwithstanding the foregoing, to the extent that any amount constituting nonqualified  deferred compensation within the meaning of Section 409A of the Internal Revenue Code (the  “Code”) (including any applicable final, proposed or temporary regulations and other  administrative guidance promulgated thereunder) would become payable under this Plan by reason  of a Change in Control, such amount shall become payable only if the event constituting a Change  in Control would also constitute a change in ownership or effective control of Company or a  change in the ownership of a substantial portion of the assets of Company within the meaning of  Section 409A of the Code.  (c) “Committee” means the Compensation Committee of the Board of  Directors of Company or a successor to Company.  (d) “Coverage Period” with respect to a Participant means the period (i)  beginning upon the public announcement by Company of its intent to consummate a Change in  Control and (ii) ending twelve (12) months following the consummation of such Change in  Control, as applicable.  (e) “Disability” means a mental or physical disability, illness or injury,  evidenced by medical reports from a duly qualified medical practitioner, which renders a  Participant unable to perform any one or more of the essential duties of his or her position after  the provision of reasonable accommodation, if applicable, for a period of greater than ninety (90)  days within a one-year period.  “Disabled” has a corresponding meaning.    (f) “Eligible Executive” means an individual employed by Company or any of  its subsidiaries in the United States or Canada and on a United States or Canada payroll who  (i)  is the Chief Executive Officer, (ii) is an Executive Vice President, (iii) is a Senior Vice President,  (iv) is a Section 16 “Officer” within the meaning of 17 C.F.R. § 240.16a-1(f) or (v) is designated  in writing by the Chief Executive Officer as being an Eligible Executive, subject to subsequent  review and ratification by the Committee at its discretion.  

 

   3  (g) “Employer” with respect to a Participant means Company and each  subsidiary of Company employing or formerly employing Participant, and each successor to  Company or subsidiary of Company.  (h) “Good Reason” means a Participant’s resignation from Employer within  ninety (90) days following the occurrence of any of the following events with respect to such  Participant:  (i) without Participant’s express written consent, a material adverse  change in Participant’s duties, authority, responsibilities, job title or reporting relationships relative  to Participant’s duties, authority, responsibilities, job title, or reporting relationships as in effect  immediately prior to such change in Participant’s duties, authority, responsibilities, job title, or  reporting relationships; provided, however, that the occurrence of a Change in Control shall not,  in and of itself, constitute a material adverse change in Participant’s duties, authority,  responsibilities, job title or reporting relationships;  (ii) a material reduction by Employer in the base salary of Participant as  in effect immediately prior to such reduction;  (iii) a material reduction by Employer in Participant’s annual bonus  opportunity as in effect immediately prior to such reduction;  (iv) the relocation of Participant’s principal work location to a facility or  a location more than fifty (50) miles from Participant’s then present principal work location,  without Participant’s express written consent; or  (v) the failure of Company or Employer to obtain agreement from any  successor contemplated in Section 6 below to provide the benefits provided for in this Plan, as it  exists as the time of succession.  (i) “Separation from Service” means a separation from service (as such term  is defined under Treasury Regulations Section 1.409A-1(h), without regard to any alternate  definitions thereunder) with Company, each subsidiary of Company, and each successor to  Company.  (j) “Termination Date” means the date of a Participant’s Separation from  Service.   3. Eligibility for Severance and Other Benefits.  Participants will receive the benefits  described herein under the following circumstances:   (a) Termination in Connection with a Change in Control.  In the event of a  Participant’s Separation from Service either by Employer without Cause or by such Participant for  Good Reason, in either case, at any time during the Coverage Period applicable to a Change in  Control, then, conditioned upon Participant’s execution and delivery of a release of claims against  Company, Employer and related parties that releases Company, Employer and such parties from  any claims whatsoever arising from or related to Participant’s employment relationship with  Employer, including the termination of that relationship, in a form reasonably acceptable to  

 

   4  Employer and Participant (the “Release”), and provided that any statutory revocation period has  expired without the Release having been revoked so that the Release becomes effective on or  before the sixtieth (60th) day following the Termination Date (such 60th day being the “Release  Deadline Date”), Participant will receive the following:   (i) Participant’s right, title and entitlement to any and all unvested  Company equity-based awards that have been granted or issued to Participant as of the  Termination Date by Company will become 100% vested and fully exercisable effective as of the  later of the date of termination or the date of the consummation of the Change in Control (and with  respect to any Company performance-based equity awards, for which the applicable performance  period has (x) been completed as of Participant’s termination date, based on actual achievement  of the applicable performance objectives or (y) not been completed as of Participant’s termination  date, assuming achievement of the applicable performance objectives at target).  Such acceleration  of vesting and exercisability shall be effective upon the later of the Release Deadline Date or the  consummation of the Change in Control.  Notwithstanding any other provision in the relevant  equity incentive plan and/or notice of grant and grant agreement to the contrary, all such equity- based awards which are stock options shall remain fully exercisable for the shorter of (a) two (2)  years from the Termination Date, or (b) the remaining term of the stock option as provided in the  relevant notice of grant and grant agreement.  In all other respects, Participant’s equity-based  awards shall continue to be subject to the terms of the applicable equity incentive plan, notice of  grant and grant agreement.   (ii) a lump sum cash payment within ten (10) days following the later  of the Release Deadline Date or the consummation of the Change in Control in an amount equal  to the sum of  (A) two hundred percent (200%) of Participant’s annual base salary as of the  Termination Date (without taking into account any reduction in base salary that could trigger  Participant’s resignation for Good Reason), plus (B) two hundred percent (200%) of the greater of  (1) Participant’s target annual bonus as in effect for the fiscal year in which the Separation from  Service occurs, or (2) the mean average of Participant’s performance bonuses paid for the three  (3) fiscal years preceding the fiscal year in which the Separation from Service occurs (such period  the “Measurement Period”) (or, if Participant was employed with the Employer for only a portion  of the Measurement Period, the average of Participant’s performance bonuses paid for the number  of fiscal years preceding the fiscal year in which the Separation from Service occurs for which  Participant was employed with Employer), less applicable withholding taxes or other withholding  obligations of Employer and less any amounts to which Participant is otherwise entitled under any  statutory or Employer long-term or short-term disability plan; and   (iii) if Participant elects benefits continuation under the Consolidated  Omnibus Budget Reconciliation Act of 1985 (“COBRA”) following Separation from Service,  payment of the full monthly cost of such benefits (either directly to Participant, including  reimbursement for the cost of such benefits paid by Participant prior to the commencement of  Employer-paid benefits, or to the appropriate carrier or administrator at Employer’s election) for  a period of eighteen (18) months following the Termination Date until such time as Participant  becomes ineligible for continued benefits under COBRA (the period of such payments the “COC  COBRA Payment Period”), provided that, in the event Employer determines, in its sole  discretion, that the payment of the COBRA premiums pursuant to this subsection would result in  a violation of the nondiscrimination rules of Section 105(h)(2) of the Code or any statute or  

 

   5  regulation of similar effect (including but not limited to the 2010 Patient Protection and Affordable  Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of  providing the COBRA premiums, Employer, in its sole discretion, may elect to instead pay such  Participant on or before the first day of each month of the COC COBRA Payment Period, a fully  taxable cash payment equal to the COBRA premiums for that month, subject to applicable tax  withholdings (such amount, the “COC Additional Severance Payment”), for the remainder of  the COC COBRA Payment Period.  Such Participant may, but is not obligated to, use such COC  Additional Severance Payment toward the cost of COBRA premiums.  (b) Voluntary Resignation; Termination for Cause.  If a Participant’s  employment terminates by reason of voluntary resignation (which is not for Good Reason), or if a  Participant is terminated for Cause, then such Participant shall not be entitled to receive any  compensation or benefits under this Plan.  (c) Disability.  If a Participant suffers from a Disability, Employer may  terminate such Participant’s employment to the extent permitted by law and, if such Separation  from Service occurs (a) within twelve (12) months following a Change in Control, then, Employer  shall provide to Participant or Participant’s estate, as applicable, the compensation and benefits at  the time and in the manner set forth in Section 3(a), or (b) not within twelve (12) months following  a Change in Control, then Employer shall provide to Participant’s estate the compensation and  benefits at the time and in the manner set forth in Section 3(a)(i), in each case, subject to  satisfaction of the Release conditions described in Section 3(a) by Participant (or, in the event of  Participant’s death or incapacity, Participant’s executor, representative or guardian, as applicable).  (d) Death.  If a Participant’s employment is terminated due to the death of such  Participant (a) within twelve (12) months following a Change in Control, then, Employer shall  provide to Participant’s estate the compensation and benefits at the time and in the manner set  forth in Section 3(a), or (b) not within twelve (12) months following a Change in Control, then  Employer shall provide to Participant’s estate the compensation and benefits at the time and in the  manner set forth in Section 3(a)(i), in each case, subject to satisfaction of the Release conditions  described in Section 3(a) by Participant’s executor or representative.  (e) Termination Not in Connection With a Change in Control.  In the event of  a Participant’s Separation from Service either by Employer without Cause or by such Participant  for Good Reason, in either case, at any time outside the Coverage Period applicable to a Change  in Control, then, conditioned upon Participant’s execution and delivery of a Release, and provided  that any statutory revocation period has expired without the Release having been revoked so that  the Release becomes effective on or before the Release Deadline Date, Participant will receive the  following:   (i) Participant’s right, title and entitlement to any and all unvested  Company equity-based awards that have been granted or issued to Participant as of the  Termination Date by Company that are subject to time-based vesting conditions (other than Earned  Awards) shall automatically be accelerated so that the number of shares subject to such awards  that would have vested over the 9-month period following the Termination Date will become  immediately and completely vested and exercisable.  Such acceleration of vesting and  exercisability shall be effective upon the Release Deadline Date.  In all other respects, Participant’s  

 

   6  equity-based awards subject to time-based vesting conditions shall continue to be subject to the  terms of the applicable equity incentive plan, notice of grant and grant agreement;  (ii) with respect to Participant’s outstanding Company performance  equity-based awards: the sum of: (A) if the Termination Date occurs before the end of the  applicable performance period that relates to a portion of such Company performance equity  award, then Participant will vest in the product of (1) the target number of units or shares subject  to such portion of the Company performance equity-based award, as applicable, multiplied by (2)  the quotient derived from the number of full months Participant remained in continuous service to  the Employer from the beginning of the performance period through the Termination Date, over  the total months from the beginning of the performance period through the end of the applicable  vesting period for such portion, plus (B) if the Termination Date occurs on or after the end of the  applicable performance period that relates to a portion of such Company performance equity-based  award (each such portion, an “Earned Award”), then Participant will vest in the number of units  or shares subject to such Earned Award, as applicable, which have been earned, but not yet vested  as of the Termination Date (or in the event that the determination of the achievement for such  completed performance period has not yet been approved by the Committee as of the Termination  Date, then the number of units or shares subject to such Earned Award that will be earned as of  the date the Committee determines the achievement of the performance objectives for such  performance period).  Such acceleration of vesting and exercisability shall be effective upon the  Release Deadline Date, except for any Earned Award for which achievement has not been  determined, in which case, the shares or units subject to such Earned Award, as applicable, will  vest on the date the Committee makes its determination regarding performance condition  achievement.  In all other respects, Participant’s Company performance equity-based awards shall  continue to be subject to the terms of the applicable equity incentive plan, notice of grant and grant  agreement;  (iii) a lump sum cash payment within ten (10) days following the Release  Deadline Date in an amount equal to the sum of (A) 100% of Participant’s annual base salary as  of the Termination Date (without taking into account any reduction in base salary that could trigger  Participant’s resignation for Good Reason), plus (B) one hundred percent (100%) of the greater of  (1) Participant’s target annual bonus as in effect for the fiscal year in which the Separation from  Service occurs, or (2) the mean average of Participant’s performance bonuses paid for the  Measurement Period (or, if Participant was employed with the Employer for only a portion of the  Measurement Period, the average of Participant’s performance bonuses paid for the number of  fiscal years preceding the fiscal year in which the Separation from Service occurs for which  Participant was employed with Employer), less applicable withholding taxes or other withholding  obligations of Employer and less any amounts to which Participant is otherwise entitled under any  statutory or Employer long-term or short-term disability plan; and   (iv) if Participant elects benefits continuation under the COBRA  following Separation from Service, payment of the full monthly cost of such benefits (either  directly to Participant, including reimbursement for the cost of such benefits paid by Participant  prior to the commencement of Employer-paid benefits, or to the appropriate carrier or  administrator at Employer’s election) for a period of twelve (12) months following the Termination  Date until such time as Participant becomes ineligible for continued benefits under COBRA (the  period of such payments the “Non-CIC COBRA Payment Period”), provided that, in the event  

 

   7  Employer determines, in its sole discretion, that the payment of the COBRA premiums pursuant  to this subsection would result in a violation of the nondiscrimination rules of Section 105(h)(2)  of the Code or any statute or regulation of similar effect (including but not limited to the 2010  Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education  Reconciliation Act), then in lieu of providing the COBRA premiums, Employer, in its sole  discretion, may elect to instead pay such Participant on or before the first day of each month of the  Non-CIC COBRA Payment Period, a fully taxable cash payment equal to the COBRA premiums  for that month, subject to applicable tax withholdings (such amount, the “Non-CIC Additional  Severance Payment”), for the remainder of the COBRA payment period.  Such Participant may,  but is not obligated to, use such Non-CIC Additional Severance Payment toward the cost of  COBRA premiums.  (f) Coordination with Other Change in Control Benefits, Severance Benefits or  Debts.  If a Participant is entitled to cash payments, accelerated vesting of equity-based awards, or  any other benefits from Company or Employer following the termination of such Participant’s  employment under any other agreement, plan, policy or law, then the benefits received by that  Participant under this Plan shall be reduced by the benefits received by Participant from Company  or Employer under such other plans, programs, arrangements, agreements or requirements.  If a  Participant is indebted to Company or Employer at the time of a termination that would give rise  to severance benefits under Section 3(a) or Section 3(e), as applicable, Company or Employer  reserves the right to offset such severance benefits under the Plan by the amount of such  indebtedness (but only to the extent that such offset would not result in additional tax under Section  409A of the Code).  4. At-Will Employment.  Subject only to any individual written agreement between  Employer and a Participant to the contrary, each Participant’s employment is and shall continue to  be at-will, as defined under applicable law.  If a Participant’s employment terminates for any  reason other than as specified in Section 3, such Participant shall not be entitled to any benefits,  damages, awards or compensation under this Plan.   5. Tax Matters.   (a) Section 409A. Payments and benefits that may be provided pursuant to this  Plan are intended to be exempt from treatment as deferred compensation subject to Section 409A  of the Code by reason of the short-term deferral exception described in Treasury Regulation  Section 1.409A-1(b)(4), the involuntary separation pay plan exception described in Treasury  Regulation Section 1.409A-1(b)(9)(iii), or otherwise.  Notwithstanding any inconsistent provision  of this Plan, to the extent Employer determines in good faith that (a) one or more of the payments  or benefits received or to be received by a Participant pursuant to this Plan in connection with such  Participant's termination of employment would constitute deferred compensation subject to the  rules of Section 409A, and (b) that Participant is a “specified employee” under Section 409A, then  only to the extent required to avoid Participant's incurrence of any additional tax or interest under  Section 409A of the Code, such payment or benefit will be delayed until the date which is six (6)  months after Participant's Separation from Service (the “Delayed Payment Date”).  All such  amounts that would, but for this Section, become payable prior to the Delayed Payment Date will  be accumulated and paid in a lump sum on the Delayed Payment Date.  Thereafter, any payments  that remain outstanding as of the day immediately following the Delayed Payment Date shall be  

 

   8  paid without delay over the time period originally scheduled, in accordance with the terms of this  Plan.  (b) Section 280G.  In the event that any payments or other benefits provided for  in this Plan or otherwise to a Participant would (i)  constitute “parachute payments” within the  meaning of Section 280G of the Code and (ii) become subject to the excise tax imposed by  Section 4999 of the Code (or any corresponding provisions of state tax law), then, notwithstanding  the other provisions of this Plan, such Participant’s compensation and benefits under Section 3 will  not exceed the amount which produces the greatest after-tax benefit to Participant.  For purposes  of the foregoing, the greatest after-tax benefit will be determined by Participant in his/her sole  discretion on or before the later of thirty (30) days after the Termination Date or ten (10) days after  the consummation of the Change in Control.  If no such determination is made by Participant  within such period, then Company or Employer will pay the benefits as provided in Section 3.  (c) Tax Withholding.  Employer may withhold from any amounts payable  under the Plan such federal, state and local taxes as may be required to be withheld.  6. Company’s Successors.  Company shall require that any successor to Company  (whether direct or indirect and whether by purchase, merger, consolidation, liquidation or  otherwise) to all or substantially all of Company’s business and/or assets shall agree to perform in  accordance with this Plan in the same manner and to the same extent as Company would be  required to perform such obligations in the absence of a succession.  7. Exclusive Benefits.  Participants shall not be entitled to any payments,  compensation, benefits or other consideration from Company or Employer, apart from those  identified in Section 3, on account of a termination of employment as described therein.  8. Severability, Enforcement.  If any provision of this Plan, or the application thereof  to any person, place or circumstance, shall be held by a court of competent jurisdiction to be  invalid, unenforceable or void, the remainder of this Plan and such provisions as applied to other  persons, places and circumstances shall remain in full force and effect.  9. Claim for Benefits.  (a) ERISA Plan.  This Plan is intended to be (a) an employee welfare benefit  plan as defined in Section 3(1) of the Employee Retirement Income Security Act of 1974, as  amended (“ERISA”), and (b) a “top-hat” plan maintained for the benefit of a select group of  management or highly compensated employees of Company and its subsidiaries.  (b) Application for Benefits.  All applications for payments and/or benefits  under the Plan (“Benefits”) shall be submitted to Company’s Vice President, Human Resources  (the “Claims Administrator”), with a copy to Company’s Chief Financial Officer.  Applications  for Benefits must be in writing on forms acceptable to the Claims Administrator and must be signed  by the Participant or beneficiary.  The Claims Administrator reserves the right to require the  Participant or beneficiary to furnish such other proof of the Participant’s expenses, including  without limitation, receipts, canceled checks, bills, and invoices as may be required by the Claims  Administrator.  

 

   9  (c) Appeal of Denial of Claim.  (i) If a claimant’s claim for Benefits is denied, the Claims  Administrator shall provide notice to the claimant in writing of the denial within ninety (90) days  after its submission.  The notice shall be written in a manner calculated to be understood by the  claimant and shall include:  (A) The specific reason or reasons for the denial;  (B) References to the specific Plan provisions on which the  denial is based;  (C) A description of any additional material or information  necessary for the applicant to perfect the claim and an explanation of why such material or  information is necessary; and  (D) An explanation of the Plan’s claims review procedures and  time limits applicable to such procedures, including a statement of claimant’s right to bring a civil  action under ERISA Section 502(a) following an adverse benefit determination.  (ii) If special circumstances require an extension of time for processing  the initial claim, a written notice of the extension and the reason therefor shall be furnished to the  claimant before the end of the initial ninety (90) day period.  In no event shall such extension  exceed ninety (90) days.  (iii) If a claim for Benefits is denied, the claimant, at the claimant’s sole  expense, may appeal the denial to the Committee (the “Appeals Administrator”) within sixty  (60) days of the receipt of written notice of the denial.  In pursuing such appeal the claimant or his  or her duly authorized representative:  (A) may request in writing that the Appeals Administrator  review the denial;  (B) may review pertinent documents; and  (C) may submit issues and comments in writing.  (iv) The decision on review shall be made within sixty (60) days of  receipt of the request for review, unless special circumstances require an extension of time for  processing, in which case a decision shall be rendered as soon as possible, but not later than one  hundred twenty (120) days after receipt of the request for review.  If such an extension of time is  required, written notice of the extension shall be furnished to the claimant before the end of the  original sixty (60) day period.  The decision on review shall be made in writing, shall be written  in a manner calculated to be understood by the claimant, and, if the decision on review is a denial  of the claim for Benefits, shall include:    (A) The specific reason or reasons for the denial;  

 

   10  (B) References to the specific Plan provisions on which the  denial is based;  (C) A statement that the claimant is entitled to receive, upon  request and free of charge, reasonable access to, and copies of, the Plan and all documents, records  and other information relevant to his or her claim for benefits; and  (D) A statement of claimant’s right to bring a civil action under  ERISA Section 502(a) following an adverse benefit determination.  (d) Exhaustion of Administrative Remedies.  The exhaustion of these claims  procedures is mandatory for resolving every claim and dispute arising under the Plan.  As to such  claims and disputes:  (i) No claimant shall be permitted to commence any legal action to  recover benefits or to enforce or clarify rights under the Plan under Section 502 or Section 510 of  ERISA or under any other provision of law, whether or not statutory, until these claims procedures  have been exhausted in their entirety; and  (ii) In any such legal action, all explicit and implicit determinations by  the Claims Administrator (including, but not limited to, determinations as to whether the claim, or  a request for a review of a denied claim, was timely filed) shall be afforded the maximum deference  permitted by law.  10. General.  (a) Administration.  Except as otherwise specifically set forth in this Plan, the  Committee has full discretionary authority to administer and interpret this Plan, including (without  limitation) discretionary authority to determine eligibility for benefits and the amount of benefits.   Decisions of the Committee made in good faith upon any matter within the scope of its authority  shall be final, conclusive and binding upon all persons.  (b) Unfunded Obligations.  The amounts to be paid to Participants under the  Plan are unfunded obligations of Company.  Company is not required to segregate any monies or  other assets from its general funds with respect to these obligations.  Participants shall not have  any preference or security interest in any assets of the Company other than as a general unsecured  creditor.  (c) Benefits Not Assignable.  Neither a Participant nor any other person shall  have any right to sell, assign, transfer, pledge, anticipate or otherwise encumber, transfer,  hypothecate or convey any amounts payable under the Plan prior to the date that such amounts are  paid.  (d) Clawback.  Without the consent of any Participant, the obligations of  Company to make a payment pursuant to this Plan shall be subject to (i) the terms and conditions  of a policy on the recoupment of incentive compensation as shall be adopted by Company to  implement the requirements of Section 954 of the Dodd-Frank Wall Street Reform and Consumer  Protection Act (the “Dodd-Frank Act”) or other mandate under law applicable to such payment,  

 

   11  or (ii) a determination by the Committee that an action with regard to such payment is appropriate  after obtaining in connection with a Change in Control a stockholder advisory vote required by  Section 951 of the Dodd-Frank Act, or any successor provision, on golden parachute compensation  arrangements, provided that such payment is a subject of that advisory vote.  (e) Notice.  Notices and all other communications contemplated by this Plan  shall be in writing and shall be deemed to have been duly given either (i) when personally delivered  or sent by facsimile or (ii) five (5) days after being mailed by U.S. registered or certified mail,  return receipt requested and postage prepaid.  In the case of a Participant, mailed notices shall be  addressed to him or her at the home address or facsimile number which he or she most recently  communicated to Employer in writing.  In the case of Employer, mailed notices or notices sent by  facsimile shall be addressed to its corporate headquarters, and all notices shall be directed to the  attention of its General Counsel or Chief Financial Officer.   (f) Amendment.  Prior to a Change in Control, Company reserves the right to  amend or terminate this Plan upon written notice to Participants.  Upon a Change in Control, this  Plan will become non-modifiable without the consent of the affected Participant(s).  (g) Governing Law.  To the extent not pre-empted by federal law, the Plan shall  be construed in accordance with and governed by the laws of the State of California without regard  to conflicts of law principles.  (c) Plan Termination.  The Plan shall terminate on June 30, 2023 (the “Plan  Termination Date”), provided that the Plan shall not terminate, and shall continue in full force  and effect and not shall not be terminable by any action of Company or a successor in interest to  Company (i) in the event of the occurrence of a Change in Control on or before the Plan  Termination Date or (ii) with respect to any Participant whose Separation from Service occurs  prior to a Change in Control entitling such Participant to severance benefits under Section 3(a) or  Section 3(e), as applicable, and for which such severance benefits are not fully-paid as of the Plan  Termination Date.  11. Execution.  To record the adoption of the Plan as set forth herein, effective as of  June 2, 2021, Lumentum Holdings Inc. has caused its duly authorized officer to execute the same.         LUMENTUM HOLDINGS INC.      By:  /s/ Judy Hamel         Name: Judy Hamel           Title: Senior Vice President, General Counsel and SecretaryDocument

EXHIBIT 10.1
MICROCHIP TECHNOLOGY INCORPORATED
2004 EQUITY INCENTIVE PLAN
As Amended and Restated on October 12, 20211
1.Purposes of the Plan.  The purposes of this 2004 Equity Incentive Plan are:
•to attract and retain the best available personnel,
•to provide additional incentive to Service Providers, and
•to promote the success of the Company’s business.
Awards granted under the Plan may be Nonstatutory Stock Options, Restricted Stock, Stock Appreciation Rights, Performance Shares, Performance Units or Deferred Stock Units, as determined by the Administrator at the time of grant.
2.Definitions.  As used herein, the following definitions shall apply:
(a)“Administrator” means the Board or any of its Committees as shall be administering the Plan, in accordance with Section 4 of the Plan.
(b)“Applicable Laws” means the legal requirements relating to the administration of equity compensation plans under state and federal corporate and securities laws and the Code.
(c)“Award” means, individually or collectively, a grant under the Plan of Options, Restricted Stock, Stock Appreciation Rights, Performance Shares, Performance Units or Deferred Stock Units.
(d)“Award Agreement” means the written agreement setting forth the terms and provisions applicable to each Award granted under the Plan.  The Award Agreement is subject to the terms and conditions of the Plan.
(e)“Awarded Stock” means the Common Stock subject to an Award.
(f)“Board” means the Board of Directors of the Company.
(g)“Change of Control” means the occurrence of any of the following events, in one or a series of related transactions:
(1)any “person,” as such term is used in Sections 13(d) and 14(d) of the Exchange Act, other than the Company, a subsidiary of the Company or a Company employee benefit plan, including any trustee of such plan acting as trustee, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the combined voting power of the Company’s then outstanding securities entitled to vote generally in the election of directors; or
(2)a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or
(3)the sale or disposition by the Company of all or substantially all of the Company’s assets; or
(4)a change in the composition of the Board, as a result of which fewer than a majority of the directors are Incumbent Directors.  “Incumbent Directors” shall mean directors who either (A) are Directors as of the date this Plan is approved by the Board, or (B) are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors and whose election or nomination was not in connection with any transaction described in (1) or (2) above or in connection with an actual or threatened proxy contest relating to the election of directors of the Company.
1 Adjusted to reflect the two-for-one stock split effected on October 12, 2021, and all prior stock splits.

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(h)“Code” means the Internal Revenue Code of 1986, as amended.
(i)“Committee” means a committee appointed by the Board in accordance with Section 4 of the Plan.
(j)“Common Stock” means the common stock of the Company.
(k)“Company” means Microchip Technology Incorporated.
(l)“Consultant” means any person, including an advisor, engaged by the Company or a Parent or Subsidiary to render services and who is compensated for such services.  The term Consultant shall not include Directors who are compensated by the Company only for their service as Directors.
(m)“Deferred Stock Unit” means a deferred stock unit Award granted to a Participant pursuant to Section 13.
(n)“Director” means a member of the Board.
(o)“Disability” means total and permanent disability as defined in Section 22(e)(3) of the Code.
(p)“Employee” means any person, including Officers and Directors, employed by the Company or any Parent or Subsidiary of the Company.  A Service Provider shall not cease to be an Employee in the case of (i) any leave of absence approved by the Company or (ii) transfers between locations of the Company or between the Company, its Parent, any Subsidiary, or any successor.  Neither service as a Director nor payment of a director’s fee by the Company shall be sufficient to constitute “employment” by the Company.
(q)“Exchange Act” means the Securities Exchange Act of 1934, as amended.
(r)“Fair Market Value” means, as of any date, the value of Common Stock determined as follows:
(1)If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the Nasdaq Global Select Market, the Nasdaq Global Market, or the Nasdaq Capital Market of The Nasdaq Stock Market, the Fair Market Value of a Share of Common Stock shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such system or exchange (or the exchange with the greatest volume of trading in Common Stock) on the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable;
(2)If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value of a Share of Common Stock shall be the mean between the high bid and low asked prices for the Common Stock on the last market trading day prior to the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or
(3)In the absence of an established market for the Common Stock, the Fair Market Value shall be determined in good faith by the Administrator.
(s)“Fiscal Year” means a fiscal year of the Company.
(t)“Fiscal Quarter” means a fiscal quarter of the Company.
(u)“Non-Employee Director” means a member of the Board who is not an Employee.
(v)“Nonstatutory Stock Option” means an Option not intended to qualify as an incentive stock option under Section 422 of the Code and regulations promulgated thereunder.
(w)“Notice of Grant” means a written or electronic notice evidencing certain terms and conditions of an individual Award.  The Notice of Grant is part of the Option Agreement.
(x)“Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder.
(y)“Option” means a stock option granted pursuant to the Plan.
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(z)“Option Agreement” means a written or electronic agreement between the Company and a Participant evidencing the terms and conditions of an individual Option grant.  The Option Agreement is subject to the terms and conditions of the Plan.
(aa)“Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code.
(bb)“Participant” means the holder of an outstanding Award granted under the Plan.
(cc)“Performance Share” means a performance share Award granted to a Participant pursuant to Section 11.
(dd)“Performance Unit” means a performance unit Award granted to a Participant pursuant to Section 12.
(ee)“Plan” means this 2004 Equity Incentive Plan, as amended and restated.
(ff)“Restricted Stock” means Shares granted pursuant to Section 10 of the Plan.
(gg)“Rule 16b-3” means Rule 16b-3 of the Exchange Act or any successor to Rule 16b-3, as in effect when discretion is being exercised with respect to the Plan.
(hh)“Section 16(b)” means Section 16(b) of the Exchange Act, as amended.
(ii)“Service Provider” means an Employee, Consultant or Non-Employee Director.
(jj)“Share” means a share of the Common Stock, as adjusted in accordance with Section 19 of the Plan.
(kk)“Stock Appreciation Right” or “SAR” means an Award granted pursuant to Section 9 of the Plan.
(ll)“Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code.
3.Stock Subject to the Plan.  Subject to the provisions of Section 19 of the Plan, the maximum aggregate number of Shares which may be issued under the Plan is 72,775,774.
The Shares may be authorized, but unissued, or reacquired Common Stock.
If an Award expires or becomes unexercisable without having been exercised in full, or with respect to Restricted Stock, Performance Shares, Performance Units or Deferred Stock Units, is forfeited to or repurchased by the Company, the unpurchased Shares (or for Awards other than Options and SARs, the forfeited or repurchased Shares) which were subject thereto shall become available for future grant or sale under the Plan (unless the Plan has terminated).  With respect to SARs, the gross Shares issued (i.e., Shares actually issued pursuant to a Stock Appreciation Right, as well as the Shares that represent payment of the exercise price and any applicable tax withholdings) pursuant to a SAR will cease to be available under the Plan.  Shares that have actually been issued under the Plan under any Award shall not be returned to the Plan and shall not become available for future distribution under the Plan; provided, however, that if Shares of Restricted Stock, Performance Shares, Performance Units or Deferred Stock Units are repurchased by the Company at their original purchase price or are forfeited to the Company, such Shares shall become available for future grant under the Plan.  Shares used to pay the exercise price or purchase price, if applicable, of an Award shall become available for future grant or sale under the Plan.  To the extent an Award under the Plan is paid out in cash rather than stock, such cash payment shall not result in reducing the number of Shares available for issuance under the Plan.
4.Administration of the Plan.
(a)Procedure.
(1)Multiple Administrative Bodies.  The Plan may be administered by different Committees with respect to different groups of Service Providers.
(2)Reserved.
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(3)Rule 16b-3.  To the extent desirable to qualify transactions hereunder as exempt under Rule 16b-3, the transactions contemplated hereunder shall be structured to satisfy the requirements for exemption under Rule 16b-3.
(4)Other Administration.  Other than as provided above, the Plan shall be administered by (A) the Board or (B) a Committee, which committee shall be constituted to satisfy Applicable Laws.
(b)Powers of the Administrator.  Subject to the provisions of the Plan, and in the case of a Committee, subject to the specific duties delegated by the Board to such Committee, the Administrator shall have the authority, in its discretion:
(1)to determine the Fair Market Value of the Common Stock, in accordance with Section 2(r) of the Plan;
(2)to select the Service Providers to whom Awards may be granted hereunder (other than the automatic grants to Non-Employee Directors provided for in Section 17 of the Plan);
(3)to determine whether and to what extent Awards or any combination thereof, are granted under the Plan;
(4)to determine the number of shares of Common Stock or equivalent units to be covered by each Award granted under the Plan;
(5)to approve forms of agreement for use under the Plan;
(6)to determine the terms and conditions, not inconsistent with the terms of the Plan, of any award granted under the Plan.  Such terms and conditions include, but are not limited to, the exercise price, the time or times when Options or SARs may be exercised or other Awards vest (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding any Award or the shares of Common Stock relating thereto, based in each case on such factors as the Administrator, in its sole discretion, shall determine;
(7)to construe and interpret the terms of the Plan and Awards;
(8)to prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to sub-plans established for the purpose of qualifying for preferred tax treatment under foreign tax laws;
(9)to modify or amend each Award (subject to Sections 8(c), 9(b) and 21(c) of the Plan), including the discretionary authority to extend the post-termination exercisability period of Options and SARs longer than is otherwise provided for in the Plan;
(10)to authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously granted by the Administrator;
(11)to allow Participants to satisfy withholding tax obligations by electing to have the Company withhold from the Shares or cash to be issued upon exercise or vesting of an Award (or distribution of a Deferred Stock Unit) that number of Shares or cash having a Fair Market Value equal to the minimum amount required to be withheld, or such greater amount as the Administrator may determine if such amount would not have adverse accounting consequences, as the Administrator determines in its sole discretion, but not to exceed the amount determined by using the maximum federal, state or local marginal income tax rates applicable to the Participant with respect to the Award on the date that the amount of tax to be withheld is to be determined. The Fair Market Value of any Shares to be withheld shall be determined on the date that the amount of tax to be withheld is to be determined.  All elections by a Participant to have Shares or cash withheld for this purpose shall be made in such form and under such conditions as the Administrator may deem necessary or advisable;
(12)to determine the terms and restrictions applicable to Awards; and
(13)to make all other determinations deemed necessary or advisable for administering the Plan.
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(c)Effect of Administrator’s Decision.  The Administrator’s decisions, determinations and interpretations shall be final and binding on all Participants and any other holders of Awards.
5Eligibility.  Restricted Stock, Performance Shares, Performance Units, Stock Appreciation Rights, Deferred Stock Units and Nonstatutory Stock Options may be granted to Service Providers.  Non-Employee Directors shall only receive Awards pursuant to Section 17 of the Plan.
6Limitations.
(a)Nonstatutory Stock Option.  Each Option shall be designated in the Notice of Grant as a Nonstatutory Stock Option.
(b)No Employment Rights.  Neither the Plan nor any Award shall confer upon a Participant any right with respect to continuing the Participant’s employment with the Company or its Subsidiaries, nor shall they interfere in any way with the Participant’s right or the Company’s or Subsidiary’s right, as the case may be, to terminate such employment at any time, with or without cause or notice.
(c)Annual Limitations.  The following limitations shall apply to grants of Options and Stock Appreciation Rights to Participants:
(1)No Participant shall be granted, in any Fiscal Year, Options and Stock Appreciation Rights to purchase more than 3,000,000 Shares; provided, however, that such limit shall be 8,000,000 Shares in the Participant’s first Fiscal Year of Company service.
(2)The foregoing limitations shall be adjusted proportionately in connection with any change in the Company’s capitalization as described in Section 19(a).
(d)Minimum Vesting Requirements.  
(1)General.  Except as specified in Section 6(d)(2), Awards will vest no earlier than the one (1)-year anniversary of such Award’s grant date (except if accelerated pursuant to a Change of Control or a termination of the Participant’s status as a Service Provider due to a Participant’s death, or a Participant’s Disability) (each, an “Acceleration Event”).
(2)Exception.  Awards may be granted to any Service Provider without regard to the minimum vesting requirements set forth in Section 6(d)(1) if the Shares subject to such Awards would not result in more than five percent (5%) of the maximum aggregate number of Shares reserved for issuance pursuant to all outstanding Awards granted under the Plan (the “5% Limit”).  Any Awards that have their vesting discretionarily accelerated (except if accelerated pursuant to an Acceleration Event) are subject to the 5% Limit.  For purposes of clarification, the Administrator may accelerate the vesting of any Awards pursuant to an Acceleration Event without such vesting acceleration counting toward the 5% Limit.  The 5% Limit applies in the aggregate to Awards that do not satisfy the minimum vesting requirements as set forth in Section 6(d)(1) and to the discretionary vesting acceleration of Awards specified in this Section 6(d)(2).
7.Term of Plan.  The Plan is effective as of October 1, 2004 (the “Effective Date”).  It shall continue in effect until August 24, 2031, unless sooner terminated under Section 21 of the Plan.
8.Stock Options.
(a)Term.  The term of each Option shall be stated in the Notice of Grant; provided, however, that the term shall be ten (10) years from the date of grant or such shorter term as may be provided in the Notice of Grant.
(b)Option Exercise Price.  The per share exercise price for the Shares to be issued pursuant to exercise of an Option shall be determined by the Administrator and shall be no less than 100% of the Fair Market Value per share on the date of grant.
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(c)No Repricing.  The exercise price for an Option may not be reduced.  This shall include, without limitation, a repricing of the Option as well as an Option exchange program whereby the Participant agrees to cancel an existing Option in exchange for an Option, SAR, other Award or cash.
(d)Waiting Period and Exercise Dates.  At the time an Option is granted, the Administrator shall fix the period within which the Option may be exercised and shall determine any conditions which must be satisfied before the Option may be exercised.  In so doing, the Administrator may specify that an Option may not be exercised until the completion of a service period.
(e)Form of Consideration.  The Administrator shall determine the acceptable form of consideration for exercising an Option, including the method of payment.  Subject to Applicable Laws, such consideration may consist entirely of:
(1)cash;
(2)check;
(3)other Shares which (A) in the case of Shares acquired upon exercise of an option have been owned by the Participant for more than six months on the date of surrender, and (B) have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which said Option shall be exercised;
(4)delivery of a properly executed exercise notice together with such other documentation as the Administrator and the broker, if applicable, shall require to effect an exercise of the Option and delivery to the Company of the sale proceeds required to pay the exercise price;
(5)any combination of the foregoing methods of payment; or
(6)such other consideration and method of payment for the issuance of Shares to the extent permitted by Applicable Laws.
(f)Exercise of Option.
Any Option granted hereunder shall be exercisable according to the terms of the Plan and at such times and under such conditions as determined by the Administrator and set forth in the Option Agreement.
An Option may not be exercised for a fraction of a Share.
An Option shall be deemed exercised when the Company receives: (i) written or electronic notice of exercise (in accordance with the Option Agreement) from the person entitled to exercise the Option, and (ii) full payment for the Shares with respect to which the Option is exercised.  Full payment may consist of any consideration and method of payment authorized by the Administrator and permitted by the Option Agreement and the Plan.  Shares issued upon exercise of an Option shall be issued in the name of the Participant or, if requested by the Participant, in the name of the Participant and his or her spouse.  Until the stock certificate evidencing such Shares is issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the optioned stock, notwithstanding the exercise of the Option.  The Company shall issue (or cause to be issued) such stock certificate promptly after the Option is exercised.  No adjustment will be made for a dividend or other right for which the record date is prior to the date the stock certificate is issued, except as provided in Section 19 of the Plan.
Exercising an Option in any manner shall decrease the number of Shares thereafter available for sale under the Option, by the number of Shares as to which the Option is exercised.
(g)Termination of Relationship as a Service Provider.  If a Participant ceases to be a Service Provider, other than upon the Participant’s misconduct, death or Disability, the Participant may exercise his or her Option within such period of time as is specified in the Option Agreement to the extent that the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Option Agreement).  In the absence of a specified time in the Option Agreement, the Option shall remain exercisable for three (3) months following the Participant’s termination.  
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If, on the date of termination, the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option shall revert to the Plan.  If, after termination, the Participant does not exercise his or her Option within the time specified by the Administrator, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.
(h)Disability.  If a Participant ceases to be a Service Provider as a result of the Participant’s Disability, the Participant may exercise his or her Option within such period of time as is specified in the Option Agreement to the extent the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Option Agreement).  In the absence of a specified time in the Option Agreement, the Option shall remain exercisable for six (6) months following the Participant’s termination.  If, on the date of termination, the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option shall revert to the Plan.  If, after termination, the Participant does not exercise his or her Option within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.
(i)Death of Participant.  If a Participant dies while a Service Provider, the Option may be exercised following the Participant’s death within such period of time as is specified in the Option Agreement (but in no event may the option be exercised later than the expiration of the term of such Option as set forth in the Option Agreement), by the personal representative of the Participant’s estate, provided such representative has been designated prior to Participant’s death in a form acceptable to the Administrator.  If no such representative has been designated by the Participant, then such Option may be exercised by the person(s) to whom the Option is transferred pursuant to the Participant’s will or in accordance with the laws of descent and distribution.  In the absence of a specified time in the Option Agreement, the Option shall remain exercisable for twelve (12) months following Participant’s death.  If the Option is not so exercised within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.
9.Stock Appreciation Rights.
(a)Grant of SARs.  Subject to the terms and conditions of the Plan, SARs may be granted to Participants at any time and from time to time as shall be determined by the Administrator, in its sole discretion.  The Administrator shall have complete discretion to determine the number of SARs granted to any Participant.
(b)Exercise Price and Other Terms.  Subject to Section 4(c) of the Plan, the Administrator, subject to the provisions of the Plan, shall have complete discretion to determine the terms and conditions of SARs granted under the Plan; provided, however, that no SAR may have a term of more than ten (10) years from the date of grant.  The per share exercise price for the Shares or cash to be issued pursuant to exercise of an SAR shall be determined by the Administrator and shall be no less than 100% of the Fair Market Value per share on the date of grant.  The exercise price may not be reduced.  This shall include, without limitation, a repricing of the SAR as well as an SAR exchange program whereby the Participant agrees to cancel an existing SAR in exchange for an Option, SAR, other Award or cash.
(c)Payment of SAR Amount.  Upon exercise of an SAR, a Participant shall be entitled to receive payment from the Company in an amount determined by multiplying:
(1)the difference between the Fair Market Value of a Share on the date of exercise over the exercise price; times
(2)the number of Shares with respect to which the SAR is exercised.
With respect to SARs settled in Shares, until the stock certificate evidencing such Shares is issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the SAR, notwithstanding the exercise of the SAR.
(d)Payment Upon Exercise of SAR.  At the discretion of the Administrator, payment for an SAR may be in cash, Shares or a combination thereof.
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(e)SAR Agreement.  Each SAR grant shall be evidenced by an Award Agreement that shall specify the exercise price, the term of the SAR, the conditions of exercise, and such other terms and conditions as the Administrator, in its sole discretion, shall determine.
(f)Expiration of SARs.  An SAR granted under the Plan shall expire upon the date determined by the Administrator, in its sole discretion, and set forth in the Award Agreement.
(g)Termination of Relationship as a Service Provider.  If a Participant ceases to be a Service Provider, other than upon the Participant’s death or Disability termination, the Participant may exercise his or her SAR within such period of time as is specified in the SAR Agreement to the extent that the SAR is vested on the date of termination (but in no event later than the expiration of the term of such SAR as set forth in the SAR Agreement).  In the absence of a specified time in the SAR Agreement, the SAR shall remain exercisable for three (3) months following the Participant’s termination.  If, on the date of termination, the Participant is not vested as to his or her entire SAR, the Shares covered by the unvested portion of the SAR shall revert to the Plan.  If, after termination, the Participant does not exercise his or her SAR within the time specified by the Administrator, the SAR shall terminate, and the Shares covered by such SAR shall revert to the Plan.
(h)Disability.  If a Participant ceases to be a Service Provider as a result of the Participant’s Disability, the Participant may exercise his or her SAR within such period of time as is specified in the SAR Agreement to the extent the SAR is vested on the date of termination (but in no event later than the expiration of the term of such SAR as set forth in the SAR Agreement).  In the absence of a specified time in the SAR Agreement, the SAR shall remain exercisable for six (6) months following the Participant’s termination.  If, on the date of termination, the Participant is not vested as to his or her entire SAR, the Shares covered by the unvested portion of the SAR shall revert to the Plan.  If, after termination, the Participant does not exercise his or her SAR within the time specified herein, the SAR shall terminate, and the Shares covered by such SAR shall revert to the Plan.
(i)Death of Participant.  If a Participant dies while a Service Provider, the SAR may be exercised following the Participant’s death within such period of time as is specified in the SAR Agreement (but in no event may the SAR be exercised later than the expiration of the term of such SAR as set forth in the SAR Agreement), by the personal representative of the Participant’s estate, provided such representative has been designated prior to Participant’s death in a form acceptable to the Administrator.  If no such representative has been designated by the Participant, then such SAR may be exercised by the person(s) to whom the SAR is transferred pursuant to the Participant’s will or in accordance with the laws of descent and distribution.  In the absence of a specified time in the SAR Agreement, the SAR shall remain exercisable for twelve (12) months following Participant’s death.  If the SAR is not so exercised within the time specified herein, the SAR shall terminate, and the Shares covered by such SAR shall revert to the Plan.
10.Restricted Stock.
(a)Grant of Restricted Stock.  Subject to the terms and conditions of the Plan, Restricted Stock may be granted to Participants at any time as shall be determined by the Administrator, in its sole discretion.  The Administrator shall have complete discretion to determine (i) the number of Shares subject to a Restricted Stock award granted to any Participant (provided that during any Fiscal Year, no Participant shall be granted more than 600,000 Shares of Restricted Stock); provided, however, that such limit shall be 1,500,000 Shares in the Participant’s first Fiscal Year of Company service, and (ii) the conditions that must be satisfied, which typically will be based principally or solely on continued provision of services but may include a performance-based component, upon which is conditioned the grant or vesting of Restricted Stock.
(b)Restricted Stock Units.  Restricted Stock may be granted in the form of Restricted Stock or units to acquire Shares.  Each such unit shall be the equivalent of one Share for purposes of determining the number of Shares subject to an Award.  With respect to the units to acquire Shares, until the Shares are issued, no right to vote or receive dividends or any other rights as a stockholder shall exist.
(c)Other Terms.  The Administrator, subject to the provisions of the Plan, shall have complete discretion to determine the terms and conditions of Restricted Stock granted under the Plan.  Restricted Stock grants shall be subject to the terms, conditions, and restrictions determined by the Administrator at the time the stock is awarded.  The Administrator may 
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require the recipient to sign a Restricted Stock Award agreement as a condition of the award.  Any certificates representing the Shares of stock awarded shall bear such legends as shall be determined by the Administrator.
(d)Restricted Stock Award Agreement.  Each Restricted Stock grant shall be evidenced by an agreement that shall specify the purchase price (if any) and such other terms and conditions as the Administrator, in its sole discretion, shall determine; provided, however, that if the Restricted Stock grant has a purchase price, such purchase price must be paid no more than ten (10) years following the date of grant.
(e)Dividends and Other Distributions.  Until the restrictions set forth in the Restricted Stock Award agreement, including Award agreements for units to acquire Shares described in Section 10(b), have lapsed, Service Providers holding Shares of Restricted Stock will not be entitled to receive dividends and other distributions paid with respect to such Shares or units.  However, to the extent the restrictions in the Restricted Stock Award have lapsed, Service Providers holding Shares of Restricted Stock will be entitled to receive dividends, even if there are other restrictions on the Shares of Restricted Stock (e.g., a lock up period due to a public offering or a restriction due to possession of material nonpublic information).
11.Performance Shares.
(a)Grant of Performance Shares.  Subject to the terms and conditions of the Plan, Performance Shares may be granted to Participants at any time as shall be determined by the Administrator, in its sole discretion.  The Administrator shall have complete discretion to determine (i) the number of Shares subject to a Performance Share award granted to any Participant (provided that during any Fiscal Year, no Participant shall be granted more than 600,000 units of Performance Shares); provided, however, that such limit shall be 1,500,000 Shares in the Participant’s first Fiscal Year of Company service, and (ii) the conditions that must be satisfied, which typically will be based principally or solely on achievement of performance milestones but may include a service-based component, upon which is conditioned the grant or vesting of Performance Shares.  Performance Shares shall be granted in the form of units to acquire Shares.  Each such unit shall be the equivalent of one Share for purposes of determining the number of Shares subject to an Award.  Until the Shares are issued, no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the units to acquire Shares.
(b)Other Terms.  The Administrator, subject to the provisions of the Plan, shall have complete discretion to determine the terms and conditions of Performance Shares granted under the Plan.  Performance Share grants shall be subject to the terms, conditions, and restrictions determined by the Administrator at the time the stock is awarded, which may include such performance-based milestones as are determined appropriate by the Administrator.  The Administrator may require the recipient to sign a Performance Shares agreement as a condition of the award.  Any certificates representing the Shares of stock awarded shall bear such legends as shall be determined by the Administrator.
(c)Performance Share Award Agreement.  Each Performance Share grant shall be evidenced by an agreement that shall specify such other terms and conditions as the Administrator, in its sole discretion, shall determine.
12.Performance Units.
(a)Grant of Performance Units.  Performance Units are similar to Performance Shares, except that they shall be settled in a cash equivalent to the Fair Market Value of the underlying Shares, determined as of the vesting date.  Subject to the terms and conditions of the Plan, Performance Units may be granted to Participants at any time and from time to time as shall be determined by the Administrator, in its sole discretion.  The Administrator shall have complete discretion to determine the conditions that must be satisfied, which typically will be based principally or solely on achievement of performance milestones but may include a service-based component, upon which is conditioned the grant or vesting of Performance Units.  Performance Units shall be granted in the form of units to acquire Shares.  Each such unit shall be the cash equivalent of one Share of Common Stock.  No right to vote or receive dividends or any other rights as a stockholder shall exist with respect to Performance Units or the cash payable thereunder.
(b)Number of Performance Units.  The Administrator will have complete discretion in determining the number of Performance Units granted to any Participant, provided that during any Fiscal Year, no Participant shall receive Performance Units having an initial value greater than $1,500,000, provided, however, that such limit shall be $4,000,000 in the Participant’s first Fiscal Year of Company service.
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(c)Other Terms.  The Administrator, subject to the provisions of the Plan, shall have complete discretion to determine the terms and conditions of Performance Units granted under the Plan.  Performance Unit grants shall be subject to the terms, conditions, and restrictions determined by the Administrator at the time the stock is awarded, which may include such performance-based milestones as are determined appropriate by the Administrator.  The Administrator may require the recipient to sign a Performance Unit agreement as a condition of the award.  Any certificates representing the Shares awarded shall bear such legends as shall be determined by the Administrator.
(d)Performance Unit Award Agreement.  Each Performance Unit grant shall be evidenced by an agreement that shall specify such terms and conditions as the Administrator, in its sole discretion, shall determine.
13.Deferred Stock Units.
(a)Description.  Deferred Stock Units shall consist of a Restricted Stock, Performance Share or Performance Unit Award that the Administrator, in its sole discretion permits to be paid out in installments or on a deferred basis, in accordance with rules and procedures established by the Administrator.  Deferred Stock Units shall remain subject to the claims of the Company’s general creditors until distributed to the Participant.
(b)Annual Limits.  Deferred Stock Units shall be subject to the annual limits applicable to the underlying Restricted Stock, Performance Share or Performance Unit Award.
14.Death of Participant.  In the event that a Participant dies while a Service Provider, then 100% of his or her Awards shall immediately vest.
15.Leaves of Absence.  Unless the Administrator provides otherwise or as otherwise required by Applicable Laws, vesting of Awards granted hereunder shall cease commencing on the first day of any unpaid leave of absence and shall only recommence upon return to active service.
16.Misconduct.  Should (i) the Participant’s service be terminated for misconduct (including, but not limited to, any act of dishonesty, willful misconduct, fraud or embezzlement), or (ii) the Participant makes any unauthorized use or disclosure of confidential information or trade secrets of the Company or any Parent or Subsidiary, then in any such event all outstanding Awards held by the Participant under the Plan shall terminate immediately and cease to be outstanding, including as to both vested and unvested Awards.
17.Non-Employee Director Awards. 
(a)Initial Grants. Each Non-Employee Director who first becomes a Non‐Employee Director on or after August 1, 2021 (excluding any Non‐Employee Director who previously served on the Board and excluding any Non‐Employee Director appointed on the date of the Company’s annual stockholders’ meeting) shall be automatically granted as of the date that the individual first is appointed or elected as a Non-Employee Director that number of Restricted Stock Units equal to (i)(A) $170,000 divided by (B) the Fair Market Value, multiplied by (ii) a fraction (A) the numerator of which is (x) 12 minus (y) the number of months between the date of the Company’s last annual stockholders’ meeting and the date the Non-Employee Director becomes a member of the Board and (B) the denominator of which is 12, rounded down to the nearest whole Share (the “Initial RSU Grant”).  One hundred percent (100%) of the Initial RSU Grant will vest upon the earlier of the date that is one-year following the date of grant or one day prior to the date of the Company’s next annual stockholders’ meeting following the date of grant.  Vesting of the Initial RSU Grant is contingent upon the Non‐Employee Director maintaining continued status as a Non-Employee Director through the vesting date.
(b)Annual Grants.  On the date of the Company’s annual stockholders’ meeting, each Non-Employee Director (including any Non-Employee Director appointed on the date of the Company’s annual stockholders’ meeting) shall be automatically granted that number of Restricted Stock Units equal to $170,000 divided by the Fair Market Value, rounded down to the nearest whole Share (the “Annual RSU Grant”), provided that such Non-Employee Director has been elected by the stockholders to serve as a member of the Board at that annual stockholders’ meeting.  One hundred percent (100%) of the Annual RSU Grant will vest upon the earlier of the date that is one year following the date of grant or one day prior to the date of 
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the Company’s next annual stockholders’ meeting following the date of grant. Vesting of the Annual RSU Grant is contingent upon the Non-Employee Director maintaining continued status as a Non-Employee Director through the applicable vesting date.
18.Non-Transferability of Awards.  Unless determined otherwise by the Administrator, an Award may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the recipient, only by the recipient.  In no event may an Award be transferred in exchange for consideration.  If the Administrator makes an Award transferable, such Award shall contain such additional terms and conditions as the Administrator deems appropriate.
19.Adjustments Upon Changes in Capitalization, Dissolution or Liquidation or Change of Control.
(a)Changes in Capitalization.  Subject to any required action by the stockholders of the Company, the number of shares of Common Stock covered by each outstanding Award, the number of shares of Common Stock which have been authorized for issuance under the Plan but as to which no Awards have yet been granted or which have been returned to the Plan upon cancellation or expiration of an Award, as well as the price per share of Common Stock covered by each such outstanding Award and the Fiscal Year annual share issuance limits under Sections 6(c), 10(a) and 11(a) shall be proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the Common Stock, or any other increase or decrease in the number of issued shares of Common Stock effected without receipt of consideration by the Company; provided, however, that any such change in capitalization shall not affect the number of shares awarded under the automatic grants to Non-Employee Directors described in Sections 17(a) and (b), and provided that conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.”  Such adjustment shall be made by the Committee, whose determination in that respect shall be final, binding and conclusive.  Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock subject to an Award.
(b)Dissolution or Liquidation.  In the event of the proposed dissolution or liquidation of the Company, the Administrator shall notify each Participant as soon as practicable prior to the effective date of such proposed transaction.  The Administrator in its discretion may provide for a Participant to have the right to exercise his or her Option or SAR until ten (10) days prior to such transaction as to all of the Awarded Stock covered thereby, including Shares as to which the Award would not otherwise be exercisable.  In addition, the Administrator may provide that any Company repurchase option or forfeiture rights applicable to any Award shall lapse 100%, and that any Award vesting shall accelerate 100%, provided the proposed dissolution or liquidation takes place at the time and in the manner contemplated.  To the extent it has not been previously exercised (with respect to Options and SARs) or vested (with respect to other Awards), an Award will terminate immediately prior to the consummation of such proposed action.
(c)Change of Control.
(1)Stock Options and SARs.  In the event of a Change of Control, each outstanding Option and SAR shall be assumed or an equivalent option or SAR substituted by the successor corporation or a Parent or Subsidiary of the successor corporation.  In the event that the successor corporation refuses to assume or substitute for the Option or SAR, the Participant shall fully vest in and have the right to exercise the Option or SAR as to all of the Awarded Stock, including Shares as to which it would not otherwise be vested or exercisable.  If an Option or SAR becomes fully vested and exercisable in lieu of assumption or substitution in the event of a Change of Control, the Administrator shall notify the Participant in writing or electronically that the Option or SAR shall be fully vested and exercisable for a period of thirty (30) days from the date of such notice, and the Option or SAR shall terminate upon the expiration of such period.  For the purposes of this paragraph, the Option or SAR shall be considered assumed if, following the Change of Control, the option or stock appreciation right confers the right to purchase or receive, for each Share of Awarded Stock subject to the Option or SAR immediately prior to the Change of Control, the consideration (whether stock, cash, or other securities or property) received in the Change of Control by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration received in the Change of Control is not solely common stock of the successor corporation or its Parent, the 
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Administrator may, with the consent of the successor corporation, provide for the consideration to be received upon the exercise of the Option or SAR, for each Share of Awarded Stock subject to the Option or SAR, to be solely common stock of the successor corporation or its Parent equal in fair market value to the per share consideration received by holders of Common Stock in the Change of Control.
(2)Restricted Stock, Performance Shares, Performance Units and Deferred Stock Units.  In the event of a Change of Control, each outstanding Restricted Stock, Performance Share, Performance Unit and Deferred Stock Unit award shall be assumed or an equivalent Restricted Stock, Performance Share, Performance Unit and Deferred Stock Unit award substituted by the successor corporation or a Parent or Subsidiary of the successor corporation.  In the event that the successor corporation refuses to assume or substitute for the Restricted Stock, Performance Share, Performance Unit or Deferred Stock Unit award, the Participant shall fully vest in the Restricted Stock, Performance Share, Performance Unit or Deferred Stock Unit including as to Shares (or with respect to Performance Units, the cash equivalent thereof) which would not otherwise be vested.  For the purposes of this paragraph, a Restricted Stock, Performance Share, Performance Unit and Deferred Stock Unit award shall be considered assumed if, following the Change of Control, the award confers the right to purchase or receive, for each Share (or with respect to Performance Units, the cash equivalent thereof) subject to the Award immediately prior to the Change of Control, the consideration (whether stock, cash, or other securities or property) received in the Change of Control by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration received in the Change of Control is not solely common stock of the successor corporation or its Parent, the Administrator may, with the consent of the successor corporation, provide for the consideration to be received, for each Share and each unit/right to acquire a Share subject to the Award, to be solely common stock of the successor corporation or its Parent equal in fair market value to the per share consideration received by holders of Common Stock in the Change of Control.
20.Date of Grant.  The date of grant of an Award shall be, for all purposes, the date on which the Administrator makes the determination granting such Award, or such other later date as is determined by the Administrator.  Notice of the determination shall be provided to each Participant within a reasonable time after the date of such grant.
21.Amendment and Termination of the Plan.
(a)Amendment and Termination.  The Board may at any time amend, alter, suspend or terminate the Plan.
(b)Stockholder Approval.  The Company shall obtain stockholder approval of any Plan amendment to the extent necessary and desirable to comply with Section 422 of the Code (or any successor rule or statute or other applicable law, rule or regulation, including the requirements of any exchange or quotation system on which the Common Stock is listed or quoted).  Such stockholder approval, if required, shall be obtained in such a manner and to such a degree as is required by the applicable law, rule or regulation.
(c)Effect of Amendment or Termination.  No amendment, alteration, suspension or termination of the Plan shall impair the rights of any Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing and signed by the Participant and the Company.
22.Conditions Upon Issuance of Shares.
(a)Legal Compliance.  Shares shall not be issued pursuant to the exercise of an Award unless the exercise of the Award or the issuance and delivery of such Shares (or with respect to Performance Units, the cash equivalent thereof) shall comply with Applicable Laws and shall be further subject to the approval of counsel for the Company with respect to such compliance.
(b)Investment Representations.  As a condition to the exercise or receipt of an Award, the Company may require the person exercising or receiving such Award to represent and warrant at the time of any such exercise or receipt that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required.
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23.Liability of Company.
(a)Inability to Obtain Authority.  The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained.
(b)Grants Exceeding Allotted Shares.  If the Awarded Stock covered by an Award exceeds, as of the date of grant, the number of Shares which may be issued under the Plan without additional stockholder approval, such Award shall be void with respect to such excess Awarded Stock, unless stockholder approval of an amendment sufficiently increasing the number of Shares subject to the Plan is timely obtained in accordance with Section 21(b) of the Plan.
24.       Reservation of Shares.  The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as shall be sufficient to satisfy the requirements of the Plan.
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