Document:

ex10-29.htm

Exhibit 10.29

INTERNAP NETWORK SERVICES CORPORATION

2011 SHORT TERM INCENTIVE PLAN

Establishment of Plan

Internap Network Services Corporation (the “Corporation”) has established the 2011 Short Term Incentive Plan (the “2011 Plan”) to provide for the payment of bonuses to eligible participants based upon the financial performance of the Corporation in the fiscal year ended December 31, 2011. The 2011Plan supersedes all prior versions of any Short Term Incentive Plan but does not supersede the Corporation’s Employment Security Plan or any terms thereof.  

Purpose of 2011 Plan

The purpose of the 2011 Plan is to:

	  	  	  
	  	
●

	
Align participants’ actions with the accomplishment of key corporate financial and operational goals;

	  	
●

	
Encourage and reward individuals for the achievement of specific personal and/or business unit objectives in support of the corporate financial and operational goals; and

	  	
●

	
Provide a range of incentive compensation opportunities for each position.

Effective Date

The 2011 Plan is effective as of January 1, 2011 and will expire on December 31, 2011 if not sooner terminated as provided herein.

Administration

The Compensation Committee (the “Committee”) administers the 2011 Plan. The Committee may delegate any functions to designated individuals who may be employees of the Corporation.  Except as limited herein, the Committee has full authority and discretion to interpret the 2011 Plan and to make all other determinations deemed necessary or advisable for the administration of the 2011 Plan. All disputes associated with interpretation of the 2011 Plan or payments hereunder shall be submitted to the Senior Vice President of Human Resources.

Participation

Eligibility to participate in the 2011 Plan for Section 16 officers (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934) is at the discretion of the Compensation Committee of the Board of Directors.  Eligibility to participate in the 2011 Plan for all other employees is at the discretion and invitation of the President and Chief Executive Officer.  Employees participating in the 2011 Sales Incentive Plan for Commissionable Sales Professionals are not eligible to participate in the 2011 Plan.

Employees joining the Corporation after January 1, 2011 may be eligible to participate in the 2011 Plan in the Committee’s discretion (in the case of Section 16 officers) or of the Chief Executive Officer (in the case of other employees). Any award made to an employee who participates for less than the full year will be prorated based on the employee’s partial year service.

Key Terms and Definitions

Awards are based on achievement of individual and/or corporate goals. Individual goals are specific and predefined for each participant (“Individual Targets”). Corporate goals are specific revenue and EBTIDA targets approved by the Committee (each, a “Corporate Financial Target”).

1

  

  

The split between Corporate Financial Targets and Individual Targets differs by position.  The following table reflects the weightings of each component for each position:

 

	  	
STIP Incentive Component Weighting 

Percentage By Position

	  	
CEO/CFO

	
SVP/VP

	
All Other Staff

	
Corporate Financial Target: Revenue

	
40

	
30

	
20

	
Corporate Financial Target: EBITDA

	
60

	
40

	
30

	
Individual Targets

	
NA

	
30

	
50

	
Total

	
100

	
100

	
100

 

The table below identifies the target incentives as a percentage of Base Salary based on a participant’s position and the split between Corporate Financial Targets and Individual Targets.

 

	
 Position 

 Grouping

	
Target Incentive 

(Varies by Role)

	
Corporate Financial 

Targets

	
Individual

Targets

 

	
 CEO/CFO

	
Up to 100%

	
100

	
n/a

	
 

 SVP/VP

 

	
Up to 50%

	
70

	
30

	
 Directors and 

 other exempt

 employees

	
Up to 25%

	
50

	
50

	
 Non-exempt

 employees

	
Up to 10%

	
Discretionary

	
Discretionary

 

Base Salary is defined as actual base salary earned during 2011, which would exclude any bonuses, incentives or other allowances which may have been earned or received during 2011.

 

Determination and Payment of Awards

The Committee retains the discretion to determine payment relative to Corporate Financial Targets for all participants and the Individual Targets established for participants at the Vice President level and above, after consideration of any recommendation by the Chief Executive Officer.  The Committee recommends to the full Board of Directors, for their approval, any award to the Chief Executive Officer.

Any payment of the Individual Target component for participants who are exempt employees below the Vice President level is based on management’s assessment of the level of achievement of the participant’s specific Individual Target.

Any payment for a participant who is a non-exempt employee is based on management’s discretionary evaluation of the participant’s individual performance.

2

  

  

 

Manner and Timing of Payment

All awards granted pursuant to this 2011 Plan shall be paid in cash (local currency).  If the Compensation Committee determines to pay an award, the Corporation will make any such payment not later than March 15, 2012.

Recoupment of Payment

If the Committee determines that any 2011 Plan participant has engaged in fraud or intentional misconduct that has caused a restatement of the Corporation’s financial statements, the Committee will review the STIP payment received by that participant on the basis of the Corporation’s performance during the periods affected by the restatement.  If the STIP payment would have been lower if it had been based on the restated results, the Committee may seek recoupment of the STIP payment.

Termination of Employment

If a participant is no longer an employee, for whatever reason, on the date awards from the 2011 Plan are paid, the participant shall forfeit all rights to any payments under the 2011 Plan.  Awards from the Plan are not earned until they are paid.

 If an employee’s termination is due to either death or disability, the Committee may, at its discretion, determine whether any payment will be made to the participant under the 2011 Plan.  If the Committee determines to pay an award, the Corporation will make any such payment not later than March 15, 2012.

In no event will payments under this 2011 Plan be either postponed or accelerated in the event of termination of employment.

Plan Termination and Amendment

The Committee may amend, modify, terminate or suspend operation of the 2011 Plan at any time.  Notice of any such changes will be communicated to participants.  In no event, however, will payments under the 2011 Plan be either postponed or accelerated in the event that the 2011 Plan is terminated.

General Provisions

Benefits Not Guaranteed. Neither the establishment of the 2011 Plan nor participation in the 2011 Plan shall provide any guarantee or other assurance that an award will be payable under the 2011 Plan. There is no obligation of uniformity of treatment of employees or participants under the 2011 Plan.

No Employment Right. Participation in the 2011 Plan does not constitute a commitment, guarantee or agreement that the Corporation will continue to employ any individual and this 2011 Plan shall not be construed or applied as an employment contract or obligation.

Governing Law. The validity, construction and effect of the 2011 Plan shall be determined in accordance with the laws of the State of Georgia without giving effect to conflicts of law principles.

Severability. In the event any provision of the 2011 Plan shall be held illegal or invalid for any reason, the remaining provisions of the 2011 Plan shall not be affected and the 2011 Plan shall be construed and enforced as if the illegal or invalid provision had not been included.

3Form of Market Stock Unit Agreement (non-CEO Officer)

 Exhibit 10.1 
 ALIGN TECHNOLOGY, INC. 
 AMENDED AND RESTATED 2005 INCENTIVE PLAN

 NOTICE OF GRANT OF MARKET STOCK UNITS 
 Unless otherwise defined herein, the terms defined in the Amended and Restated 2005 Incentive Plan (the “Plan”) will have the same defined meanings in this Notice of Grant of Market Stock Units
(the “Notice of Grant”). 
 Participant: 

Address: 

You (the “Participant”) have been granted an award (“Award”) of market-performance based Restricted Stock Units
(“Market Stock Units”), subject to the terms and conditions of the Plan, this Notice of Grant and the Market Stock Unit Agreement attached hereto as Exhibit A (the “Agreement”) as follows: 

 

			
	Date of Grant:	  	[DATE]
		
	Target Number of Market Stock Units:	  	[NUMBER] (the “Target Number of Market Stock Units”)
		
	Maximum Number of Market Stock Units:	  	[NUMBER] (the “Maximum Number of Market Stock Units”)
		
	Performance Period:	  	Three years (subject to Sections 4 and 5 of Exhibit A (the “Performance Period”)).
		
	Performance Matrix:	  	The number of Market Stock Units in which Participant may vest in accordance with the Vesting Schedule will depend upon the Company’s Stock Price Performance (as defined
below) as compared to the NASDAQ Composite Stock Price Performance (as defined below) for the Performance Period and will be determined in accordance with Section 1 of Exhibit A.
		
	Vesting Schedule:	  	Subject to Sections 4 and 5 of Exhibit A and the terms of the Plan, the Participant will vest in his or her Calculated Market Stock Units (as defined below) on the last day of
the second year of the Performance Period (the “First Vesting Date”) or the last day of the Performance Period (“Second Vesting Date”).

 By accepting this agreement online, you and the Company agree that this Award is granted under and governed by the terms and conditions of the Plan and the Agreement, each of which are made a part of
this document. You further agree to accept, acknowledge and execute this Agreement as a condition to receiving any Market Stock Units under this Award. 
 Nothing in this Notice of Grant or in the attached Agreement or in the Plan shall confer upon Participant any right to continue in service for any period of specific duration or interfere with or
otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary employing or retaining Participant) or of Participant, which rights are hereby expressly reserved by each, to terminate Participant’s service at any time for
any reason, with or without cause. 
  
  

 EXHIBIT A 

MARKET STOCK UNIT AGREEMENT 
 1. Grant.
 (a) The Company hereby grants to Participant under the Plan an
Award of Market Stock Units, subject to all of the terms and conditions in the Notice of Grant, this Agreement and the Plan. 

(b) The number of Market Stock Units in which the Participant may vest in accordance with the Vesting Schedule set forth in the Notice of
Grant will depend upon the Company’s Stock Price Performance as compared to the NASDAQ Composite Index Performance calculated on both the First Vesting Date and Second Vesting Date with 50% of the Market Stock Units eligible to vest on the
First Vesting Date and 50% of the Market Stock Units eligible to vest on the Second Vesting Date. The actual number of Market Stock Units that will vest on each of the First Vesting Date and Second Vesting Date will be determined as follows:

 (i) Performance Calculation. 
 1. The “Company’s Stock Price Performance” means the percentage increase or decrease in (i) the average adjusted closing price per share of the Company’s common stock for the last
sixty (60) market trading days prior to the commencement of the Performance Period over (ii) the average adjusted closing price of the Company’s common stock for the last sixty (60) market trading days prior to the First Vesting
Date or the Second Vesting Date respectively. Notwithstanding the foregoing, in the event of a Change of Control of the Company, the “Company’s Stock Price Performance” means the percentage increase or decrease in (i) the average
adjusted closing price per share of the Company’s common stock for the last sixty (60) market trading days prior to the commencement of the Performance Period over (ii) the per share value of the Company’s common stock paid to
its stockholders in connection with the Change of Control. 
 2. The “NASDAQ Composite Index Performance” means the
percentage increase or decrease in (i) the adjusted index value of the NASDAQ Composite Index for the last sixty (60) market trading days prior to the commencement of the Performance Period over (ii) the adjusted index value of the
NAQDAQ Composite Index for the last sixty (60) market trading days prior to the First Vesting Date or the Second Vesting Date respectively. 
 3. The Company’s Stock Price Performance will be compared against the NASDAQ Composite Index Performance (each expressed as a growth rate percentage) to result in a growth rate (the “Growth Rate
Delta”) equal to the Company’s Stock Price Performance minus the NASDAQ Composite Index Performance. The Growth Rate Delta will be calculated on both the First Vesting Date and the Second Vesting Date. 

(ii) Market Stock Unit Calculation. 
 1. If the Growth Rate Delta is equal to 0%, the number of Market Stock Units that will be eligible to vest (the “Calculated Market Stock Units”) on the applicable vesting date will equal 50% of
the Target Number of Market Stock Units. 
 2. If the Growth Rate Delta is greater or less than 0%, the number of Market Stock
Units that will be Calculated Market Stock Units on the applicable vesting date will equal: (i) 50% of the Target Number of Market Stock Units, multiplied by (ii) the sum of (A) 100% plus (B) two times the Growth Rate Delta;
provided, however, that in no event will more than 50% of the Maximum Number of Market Stock Units become Calculated Market Stock Units on the applicable vesting date. If the Growth Rate Delta is equal to negative-50%, then the number of Target
Market Stock Units that will become Calculated Market Stock Units on such vesting date will equal 0. 

 (iii) Examples (for illustration purposes only). 

1. Example #1: If the Growth Rate Delta on the First Vesting Date equaled 20%, then 140% (equal to 100% plus (2 times 20%)) of 50% of
the Target Number of Market Stock Units would be Calculated Market Stock Units and would vest on the First Vesting Date. 
 2.
Example #2: If the Growth Rate Delta on the Second Vesting Date equaled negative-20%, then 60% (equal to 100% plus 2 times negative-20%)) of 50% of the Target Number of Market Stock Units would be Calculated Market Stock Units and would vest on the
Second Vesting Date. 
 2. Company’s Obligation to Pay. Each Market Stock Unit represents a value equal to the
Fair Market Value of a Share on the date it is granted. Unless and until the Market Stock Units will have vested in the manner set forth in Sections 3, 4 and 5, Participant will have no right to payment of any such Market Stock
Units. Prior to actual payment of any vested Market Stock Units, such Market Stock Unit will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company. Payment of any vested Market Stock
Units will be made in whole Shares only and any fractional Shares will be forfeited at the time of payment. 
 3. Vesting
Schedule. Subject to Section 6, the Market Stock Units awarded by this Agreement will vest in Participant according to the Vesting Schedule set forth on the attached Notice of Grant, subject to Participant continuing to be a Service
Provider through each such date. 
 4. Change of Control. In the event of a Change of Control, the Performance Period
shall be deemed to end upon the closing of the Change of Control for purposes of determining the Company’s Stock Price Performance and the NASDAQ Composite Index Performance and the number of Market Stock Units that are Calculated Market Stock
Units will be determined in accordance with the Performance Matrix and Section 1 of this Exhibit A. The Participant shall vest in the number of Calculated Market Stock Units determined based on the preceding sentence as follows: 

(a) On the date of, and contingent upon, the Change of Control, Participant will vest in that number of Calculated Market Stock Units
equal to (i) (A) the number of calendar months (including any partial month) that have elapsed from the commencement of the Performance Period through the date of the Change of Control, (B) divided by 36, multiplied by (ii) the
number of Calculated Market Stock Units, with the result rounded down to the nearest whole Share. 
 (b) If the Change of Control
occurs prior to the First Vesting Date, the Calculated Market Stock Units that do not vest pursuant to Section 4(a) will vest in equal installments on each of the First Vesting Date and the Second Vesting Date, in each case unless vested
earlier in accordance with the terms of this Award, Section 18 of the Plan or any employment or other change in control agreement by and between the Company and Participant. 

(c) If the Change of Control occurs following the First Vesting Date but prior to the Second Vesting Date, the remaining unvested
Calculated Market Stock Units will vest on the Second Vesting Date, unless vested earlier in accordance with the terms of this Award, Section 18 of the Plan or any employment or other change in control agreement by and between the Company and
Participant. 
 (d) Notwithstanding the foregoing, if Participant’s employment is terminated without Cause or for Good
Reason (as such terms are defined in Participant’s individual employment agreement with the Company) within twelve months following the occurrence of a Change of Control, then 100% of his or her unvested Calculated Market Stock Units will fully
vest, provided the Participant executes and does not revoke a release of claims as provided for in Participant’s employment agreement (as a necessary condition to the receipt of severance thereunder). 

 (e) In accordance with Section 1 of this Exhibit A, the Administrator shall not be
entitled to eliminate or reduce the number of Calculated Market Stock Units determined in accordance with Section 1of Exhibit A following a Change of Control. 
 5. Termination without Cause or a Resignation for Good Reason Not Following a Change of Control. In the event Participant’s employment with the Company is terminated without Cause or if
Participant terminates his or her employment for Good Reason (as such terms are defined in Participant’s individual employment agreement with the Company) and such termination does not occur on or within twelve months following a Change of
Control, the Performance Period shall be deemed to end upon the Participant’s employment termination date for purposes of determining the Company’s Stock Price Performance and the NASDAQ Composite Index Performance and the number of Market
Stock Units that are Calculated Market Stock Units will be determined in accordance with the Performance Matrix and Section 1 of this Exhibit A. Subject to Participant executing and not revoking a release of claims as provided for in
Participant’s employment agreement (as a necessary condition to the receipt of severance thereunder), Participant shall vest in that number of Calculated Market Stock Units equal to (i) (A) the number of months (including any partial
month, expressed as a fraction) that have elapsed from the commencement of the Performance Period through the date of the termination of employment, (B) divided by 36, multiplied by (ii) the number of Calculated Market Stock Units, with
the result rounded down to the nearest whole Share. The remaining unvested Calculated Market Stock Units will be forfeited at no cost to the Company and Participant will have no further rights thereunder. 

6. Forfeiture upon Termination of Status as a Service Provider. Subject to the provisions of Section 4 and 5, if
Participant ceases to be a Service Provider for any or no reason, the then-unvested Market Stock Units awarded by this Agreement will thereupon be forfeited at no cost to the Company and Participant will have no further rights thereunder.

 7. Payment after Vesting. Any Market Stock Units that vest in accordance with Sections 3, 4 and 5 will be paid to
Participant (or in the event of Participant’s death, to his or her estate) in whole Shares, subject to Participant satisfying any applicable tax withholding obligations as set forth in Section 9. Subject to the provisions of
Section 21, any Shares will be issued to Participant as soon as practicable after the relevant vesting date, but in any event, within the period ending on the later to occur of the date that is two-and-one-half months from the end of
(a) Participant’s tax year that includes the vesting date, or (b) the Company’s tax year that includes the vesting date. 
 8. Payments after Death. Any distribution or delivery to be made to Participant under this Agreement will, if Participant is then deceased, be made to Participant’s designated
beneficiary, or if no beneficiary survives Participant, the administrator or executor of Participant’s estate. Any such transferee must furnish the Company with (a) written notice of his or her status as transferee, and
(b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining to said transfer. 
 9. Withholding of Taxes.
  

	 	(a)	Generally. The Participant is ultimately liable and responsible for all taxes owed in connection with the Market Stock Units, regardless of any action the
Company or any of its Subsidiaries takes with respect to any tax withholding obligations that arise in connection with the Market Stock Units. Neither the Company nor any of its Subsidiaries makes any representation or undertaking regarding the
treatment of any tax withholding in connection with the grant or vesting of the Market Stock Units or the subsequent sale of Shares issuable pursuant to the Market Stock Units. The Company and its Subsidiaries do not commit and are under no
obligation to structure the Market Stock Units to reduce or eliminate the Participant’s tax liability. 

  

	 	(b)	 Payment of Withholding Taxes. Notwithstanding any contrary provision of this Agreement, no Shares will be issued to Participant, unless and
until satisfactory arrangements (as determined by the Administrator) will have been made by the Participant with respect to the payment of any taxes which the Company determines must be withheld with respect to the Market Stock Units. The
Administrator, in its sole discretion and pursuant to such procedures 

	 	 
as it may specify from time to time, may satisfy such tax withholding obligations, in whole or in part, by withholding otherwise deliverable Shares having an aggregate Fair Market Value
sufficient to (but not exceeding) the minimum amount required to be withheld. In addition and to the maximum extent permitted by law, the Company has the right to retain without notice from salary or other amounts payable to the Participant, cash
having a value sufficient to satisfy any tax withholding obligations that cannot be satisfied by the withholding of otherwise deliverable Shares. 

 10. Rights as Stockholder. Neither Participant nor any person claiming under or through Participant will have any of the rights or privileges of a stockholder of the Company in respect of any
Shares deliverable hereunder, unless and until certificates representing such Shares will have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to Participant. 

11. No Effect on Service. Participant acknowledges and agrees that the vesting of the Market Stock Units pursuant to Sections
3, 4 or 5 hereof is earned only by Participant continuing to be a Service Provider through the applicable vesting dates (and not through the act of being hired or acquiring Shares hereunder). Participant further acknowledges and agrees that
this Agreement, the transactions contemplated hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of Participant continuing to be a Service Provider for the vesting period, for any period, or at all,
and will not interfere with the Participant’s right or the right of the Company (or the Affiliate employing or retaining Participant) to terminate Participant as a Service Provider at any time, with or without cause. 

12. Address for Notices. Any notice to be given to the Company under the terms of this Agreement will be addressed to the
Company, in care of Stock Administrator at Align Technology, Inc., 2560 Orchard Parkway, San Jose, CA 95131, or at such other address as the Company may hereafter designate in writing. 

13. Grant is Not Transferable. Except to the limited extent provided in Section 8, this grant and the rights and
privileges conferred hereby will not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and will not be subject to sale under execution, attachment or similar process. Upon any attempt to
transfer, assign, pledge, hypothecate or otherwise dispose of this grant, or any right or privilege conferred hereby, or upon any attempted sale under any execution, attachment or similar process, this grant and the rights and privileges conferred
hereby immediately will become null and void. 
 14. Binding Agreement. Subject to the limitation on the
transferability of this grant contained herein, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 

15. Additional Conditions to Issuance of Stock. If at any time the Company will determine, in its discretion, that the
listing, registration or qualification of the Shares upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory authority is necessary or desirable as a condition to the issuance of
shares to Participant (or his estate), such issuance will not occur unless and until such listing, registration, qualification, consent or approval will have been effected or obtained free of any conditions not acceptable to the Company. Where
the Company determines that the delivery of the payment of any Shares will violate federal securities laws or other applicable laws, the Company will defer delivery until the earliest date at which the Company reasonably anticipates that the
delivery of Shares will no longer cause such violation. The Company will make all reasonable efforts to meet the requirements of any such state or federal law or securities exchange and to obtain any such consent or approval of any such
governmental authority. 
 16. Plan Governs. This Agreement is subject to all terms and provisions of the
Plan. In the event of a conflict between one or more provisions of this Agreement and one or more provisions of the Plan, the provisions of the Plan will govern. 
 17. Administrator Authority. The Administrator will have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of
the Plan as are consistent 

 
therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any Market Stock Units have vested). All actions taken and all
interpretations and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company and all other interested persons. No member of the Administrator will be personally liable for any action,
determination or interpretation made in good faith with respect to the Plan or this Agreement. 
 18. Electronic
Delivery. The Company may, in its sole discretion, decide to deliver any documents related to Market Stock Units awarded under the Plan or future Market Stock Units that may be awarded under the Plan by electronic means or request
Participant’s consent to participate in the Plan by electronic means. Participant hereby consents to receive such documents by electronic delivery and agrees 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. 
 19. Captions. Captions provided
herein are for convenience only and are not to serve as a basis for interpretation or construction of this Agreement. 
 20.
Agreement Severable. In the event that any provision in this Agreement will be held invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the
remaining provisions of this Agreement. 
 21. Section 409A. Notwithstanding anything in the Plan or this Agreement
to the contrary, if the vesting of the balance, or some lesser portion of the balance, of the Market Stock Units is accelerated in connection with Participant’s termination as a Service Provider (provided that such termination is a
“separation from service” within the meaning of Section 409A, as determined by the Company), other than due to death, and if (x) Participant is a “specified employee” within the meaning of Section 409A at
the time of such termination as a Service Provider and (y) the payment of such accelerated Market Stock Units will result in the imposition of additional tax under Section 409A if paid to Participant on or within the six (6) month
period following Participant’s termination as a Service Provider, then the payment of such accelerated Market Stock Units will not be made until the date six (6) months and one (1) day following the date of Participant’s
termination as a Service Provider, unless the Participant dies following his or her termination as a Service Provider, in which case, the Market Stock Units will be paid in Shares to the Participant’s estate as soon as practicable following his
or her death. It is the intent of this Agreement to comply with the requirements of Section 409A so that none of the Market Stock Units provided under this Agreement or Shares issuable thereunder will be subject to the additional tax imposed
under Section 409A, and any ambiguities herein will be interpreted to so comply. For purposes of this Agreement, “Section 409A” means Section 409A of the Code, and any proposed, temporary or final Treasury Regulations and
Internal Revenue Service guidance thereunder, as each may be amended from time to time. 
 22. Governing Law. This
Agreement shall be governed by the laws of the State of California, without giving effect to the conflict of law principles thereof. For purposes of litigating any dispute that arises under this Award of Market Stock Units or this Agreement,
the parties hereby submit to and consent to the jurisdiction of the State of California, and agree that such litigation shall be conducted in the courts of Santa Clara County, California, or the federal courts for the United States for
the Northern District of California, and no other courts, where this Award of Market Stock Units is made and/or to be performed. 

[Remainder of Page Intentionally Left Blank] 

 By Participant’s acceptance of this Agreement, Participant represents that he or she
is familiar with the terms and provisions of the Plan, and hereby accepts this Agreement subject to all of the terms and provisions thereof. Participant has reviewed the Plan and this Agreement in their entirety, has had an opportunity to
obtain the advice of counsel prior to executing this Agreement and fully understands all provisions of this Agreement. Participant agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any
questions arising under the Plan or this Agreement. Participant further agrees to notify the Company upon any change in the residence indicated in the Notice of Grant of Market Stock Units.

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