Document:

EX-10.14

 Exhibit 10.14 

 

PLANET LABS PBC 

2021 EMPLOYEE STOCK PURCHASE PLAN 

ARTICLE I. 
 PURPOSE

 The purpose of this Plan is to assist Eligible Individuals of the Company and its Designated Subsidiaries in acquiring a stock
ownership interest in the Company. 
 The Plan consists of two components: (i) the Section 423 Component and (ii) the Non-Section 423 Component. The Section 423 Component is intended to qualify as an “employee stock purchase plan” under Section 423 of the Code and shall be administered, interpreted and construed
in a manner consistent with the requirements of Section 423 of the Code. The Non-Section 423 Component authorizes the grant of rights which need not qualify as rights granted pursuant to an “employee
stock purchase plan” under Section 423 of the Code. Rights granted under the Non-Section 423 Component shall be granted pursuant to separate Offerings containing such
sub-plans, appendices, rules or procedures as may be adopted by the Administrator and designed to achieve tax, securities laws or other objectives for Eligible Individuals and Designated Subsidiaries but shall
not be intended to qualify as an “employee stock purchase plan” under Section 423 of the Code. Except as otherwise determined by the Administrator or provided herein, the Non-Section 423
Component will operate and be administered in the same manner as the Section 423 Component. Offerings intended to be made under the Non-Section 423 Component will be designated as such by the
Administrator at or prior to the time of such Offering. 
 For purposes of this Plan, the Administrator may designate separate Offerings
under the Plan in which Eligible Individuals will participate. The terms of these Offerings need not be identical, even if the dates of the applicable Offering Period(s) in each such Offering are identical, provided that the terms of participation
are the same within each separate Offering under the Section 423 Component (as determined under Section 423 of the Code). Solely by way of example and without limiting the foregoing, the Company could, but shall not be required to, provide
for simultaneous Offerings under the Section 423 Component and the Non-Section 423 Component of the Plan. 

ARTICLE II. 
 DEFINITIONS
AND CONSTRUCTION 
 Wherever the following terms are used in the Plan they shall have the meanings specified below, unless the context
clearly indicates otherwise. 
 2.1 “Administrator” means the entity that conducts the general administration of the
Plan as provided in Article XI. 
 2.2 “Agent” means the brokerage firm, bank or other financial
institution, entity or person(s), if any, engaged, retained, appointed or authorized to act as the agent of the Company or an Employee or Consultant with regard to the Plan. 

2.3 “Applicable Law” means the requirements relating to the administration of equity incentive plans under U.S.
federal and state securities, tax and other applicable laws, rules and regulations, the applicable rules of any stock exchange or quotation system on which Shares are listed or quoted and the applicable laws and rules of any foreign country or other
jurisdiction where rights under this Plan are granted. 

 2.4 “Board” means the Board of Directors of the Company. 

2.5 “Class A Common Stock” means the Class A common stock of the Company, par
value of $0.0001 per share. 
 2.6 “Class B Common Stock” means the Class B
common stock of the Company, par value of $0.0001 per share. 
 2.7 “Code” means the U.S. Internal Revenue Code of
1986, as amended, and the regulations issued thereunder. 
 2.8 “Common Stock” means the Class A Common Stock of
the Company and such other securities of the Company that may be substituted therefore. 
 2.9 “Company” means Planet
Labs PBC, a Delaware public benefit corporation, or any successor. 
 2.10 “Compensation” means, unless otherwise
determined by the Administrator: (i) with respect to an Eligible Individual who is an Employee, the gross cash compensation paid by the Company or its Subsidiary (as applicable) to such Eligible Individual as compensation for services to the
Company or any Designated Subsidiary, including for clarity, any prior-week adjustments; commissions; cash incentive compensation and one-time bonuses (e.g., retention or sign on bonuses); overtime payments;
or compensation paid by the Company or any Designated Subsidiary in respect of periods of absence from work; and excluding any education or tuition reimbursements; travel expenses; business and moving reimbursements; income received in connection
with any stock options, stock appreciation rights, restricted stock, restricted stock units or other compensatory equity awards; fringe benefits; other special payments and all contributions made by the Company or any Designated Subsidiary for the
Employee’s benefit under any employee benefit plan now or hereafter established; and (ii) with respect to an Eligible Individual who is a Consultant, the gross cash compensation paid to such Eligible Individual as compensation for services
to the Company or any Designated Subsidiary, including for clarity, any prior-week adjustments; commissions; cash incentive compensation and one-time bonuses (e.g., retention or sign on bonuses); overtime
payments; or compensation paid by such Consultant’s employer in respect of periods of absence from work; and excluding any education or tuition reimbursements; travel expenses; business and moving reimbursements; income received in connection
with any stock options, stock appreciation rights, restricted stock, restricted stock units or other compensatory equity awards; fringe benefits; other special payments and all contributions made by such Consultant’s employer for the
Consultant’s benefit under any employee benefit plan now or hereafter established. 
 2.11 “Consultant” means
any consultant or advisor engaged by the Company or any Designated Subsidiary to render services to such entity that qualifies as a consultant or advisor under the applicable rules of Form S-8 Registration
Statements. For purposes of a Consultant’s participation in, or other rights under, the Plan, all determinations by the Company shall be final, binding and conclusive, notwithstanding that any court of law or governmental agency subsequently
makes a contrary determination. 
 2.12 “Designated Beneficiary” means the beneficiary or beneficiaries the
Participant designates, in a manner the Administrator determines, to receive amounts due or exercise the Participant’s rights if the Participant dies or becomes incapacitated. Without a Participant’s effective designation, “Designated
Beneficiary” will mean the Participant’s estate. 

  
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 2.13 “Designated Subsidiary” means any Subsidiary designated by the
Administrator in accordance with Section 11.2(b), such designation to specify whether such participation is in the Section 423 Component or Non-Section 423 Component. A Designated Subsidiary may
participate in either the Section 423 Component or Non-Section 423 Component, but not both. 

2.14 “Effective Date” means the date on which the Company’s stockholders approve the Plan. 

2.15 “Eligible Individual” means an Employee (or, solely with respect to the
Non-Section 423 Component, a Consultant) who does not, immediately after any rights under this Plan are granted, own (directly or through attribution) stock possessing 5% or more of the total combined voting
power or value of all classes of stock and other securities of the Company, a Parent or a Subsidiary (as determined under Section 423(b)(3) of the Code). For purposes of the foregoing, the rules of Section 424(d) of the Code with regard to
the attribution of stock ownership shall apply in determining the stock ownership of an individual, and stock that an Employee or Consultant, as applicable, may purchase under outstanding options shall be treated as stock owned by the Employee or
Consultant. Notwithstanding the foregoing, the Administrator may provide in an Offering Document that an Employee shall not be eligible to participate in an Offering Period under the Section 423 Component if: (a) such Employee is a highly
compensated employee within the meaning of Section 423(b)(4)(D) of the Code; (b) such Employee has not met a service requirement designated by the Administrator pursuant to Section 423(b)(4)(A) of the Code (which service requirement
may not exceed two years); (c) such Employee’s customary employment is for 20 hours per week or less; (d) such Employee’s customary employment is for less than five months in any calendar year; and/or (e) such Employee is a
citizen or resident of a foreign jurisdiction and the grant of a right to purchase Shares under the Plan to such Employee would be prohibited under the laws of such foreign jurisdiction or the grant of a right to purchase Shares under the Plan to
such Employee in compliance with the laws of such foreign jurisdiction would cause the Plan to violate the requirements of Section 423 of the Code, as determined by the Administrator in its sole discretion; provided, that any exclusion
in clauses (a), (b), (c), (d) or (e) shall be applied in an identical manner under each Offering Period to all Employees, in accordance with Treasury Regulation Section 1.423-2(e). 

Further notwithstanding the foregoing, with respect to the Non-Section 423 Component, the first
sentence in this definition shall apply in determining who is an “Eligible Individual,” except (i) the Administrator may further limit eligibility within the Company or within a Designated Subsidiary so as to only designate certain
Employees or Consultants of the Company or of a Designated Subsidiary as “Eligible Individuals”, and (ii) to the extent the restrictions in the first sentence in this definition are not consistent with any applicable local law, such
applicable local law shall control. 
 2.16 “Employee” means any individual who renders services to the Company or
any Designated Subsidiary in the status of an employee, and, with respect to the Section 423 Component, a person who is an employee of the Company or any Designated Subsidiary within the meaning of Section 3401(c) of the Code. For purposes
of an Employee’s participation in, or other rights under the Plan, all determinations by the Company shall be final, binding and conclusive, notwithstanding that any court of law or governmental agency subsequently makes a contrary
determination. For purposes of the Plan, the employment relationship shall be treated as continuing intact while the Employee is on sick leave or other leave of absence approved by the Company or Designated Subsidiary and meeting the requirements of
Treasury Regulation Section 1.421-1(h)(2). Where the period of leave exceeds three months and the Employee’s right to reemployment is not guaranteed either by statute or by contract, the employment
relationship shall be deemed to have terminated on the first day immediately following such three-month period. 
 2.17
“Enrollment Date” means the first Trading Day of each Offering Period. 

  
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 2.18 “Fair Market Value” means, as of any date, the value of Shares
determined as follows: (a) if the Shares are listed on any established stock exchange, its Fair Market Value will be the closing sales price for such Shares as quoted on such exchange for such date, or if no sale occurred on such date, the last
day preceding such date during which a sale occurred, as reported in The Wall Street Journal or another source the Administrator deems reliable; (b) if the Shares are not traded on a stock exchange but are quoted on a national market or other
quotation system, the closing sales price on such date, or if no sales occurred on such date, then on the last date preceding such date during which a sale occurred, as reported in The Wall Street Journal or another source the Administrator
deems reliable; or (c) without an established market for the Shares, the Administrator will determine the Fair Market Value in its discretion. 

2.19 “Non-Section 423 Component” means those Offerings under the Plan, together
with the sub-plans, appendices, rules or procedures, if any, adopted by the Administrator as a part of this Plan, in each case, pursuant to which rights to purchase Shares during an Offering Period may be
granted to Eligible Individuals who are Employees or Consultants that need not satisfy the requirements for rights to purchase Shares granted pursuant to an “employee stock purchase plan” that are set forth under Section 423 of the
Code. 
 2.20 “Offering” means an offer by the Company under the Plan to Eligible Individuals of a right to purchase
Shares that may be exercised during an Offering Period, as further described in Article IV hereof. Unless otherwise specified by the Administrator, each Offering to the Eligible Individuals of the Company or a Designated Subsidiary shall be deemed a
separate Offering, even if the dates and other terms of the applicable Offering Periods of each such Offering are identical, and the provisions of the Plan will separately apply to each Offering. To the extent permitted by Treasury Regulation §
1.423-2(a)(1), the terms of each separate Offering under the Section 423 Component need not be identical, provided that the terms of the Section 423 Component and an Offering thereunder together
satisfy Treasury Regulation § 1.423-2(a)(2) and (a)(3). 
 2.21 “Offering
Document” has the meaning given to such term in Section 4.1. 
 2.22 “Offering Period” has the
meaning given to such term in Section 4.1. 
 2.23 “Parent” means any corporation, other than the Company, in an
unbroken chain of corporations ending with the Company if, at the time of the determination, each of the corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the
other corporations in such chain. 
 2.24 “Participant” means any Eligible Individual who is an Employee or, solely
in respect of the Non-Section 423 Component, a Consultant, in each case, who has executed a subscription agreement and been granted rights to purchase Shares pursuant to the Plan. 

2.25 “Plan” means this 2021 Employee Stock Purchase Plan, including both the Section 423 Component and Non-Section 423 Component and any other sub-plans or appendices hereto, as amended from time to time. 

2.26 “Purchase Date” means the last Trading Day of each Purchase Period or such other date as determined by the
Administrator and set forth in the Offering Document. 
 2.27 “Purchase Period” shall refer to one or more specified
periods within an Offering Period, as designated in the applicable Offering Document; provided, however, that, if no Purchase Period is designated by the Administrator in the applicable Offering Document, the Purchase Period for each Offering
Period covered by such Offering Document shall be the same as the applicable Offering Period. 

  
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 2.28 “Purchase Price” means the purchase price designated by the
Administrator in the applicable Offering Document (which purchase price, for purposes of the Section 423 Component, shall not be less than 85% of the Fair Market Value of a Share on the Enrollment Date or on the Purchase Date, whichever is
lower); provided, however, that, if no purchase price is designated by the Administrator in the applicable Offering Document, the purchase price for the Offering Periods covered by such Offering Document shall be 85% of the Fair Market Value
of a Share on the Enrollment Date or on the Purchase Date, whichever is lower; provided, further, that the Purchase Price may be adjusted by the Administrator pursuant to Article VIII and shall not be less than the par value of a Share.

 2.29 “Section 423 Component” means those Offerings under the Plan, together with
the sub-plans, appendices, rules or procedures, if any, adopted by the Administrator as a part of this Plan or any Offering(s), in each case, pursuant to which rights to purchase Shares during an Offering
Period may be granted to Eligible Individuals who are Employees that are intended to satisfy the requirements for rights to purchase Shares granted pursuant to an “employee stock purchase plan” that are set forth under Section 423 of
the Code. 
 2.30 “Securities Act” means the U.S. Securities Act of 1933, as amended. 

2.31 “Share” means a share of Common Stock. 

2.32 “Subsidiary” means any corporation, other than the Company, in an unbroken chain of corporations beginning with
the Company if, at the time of the determination, each of the corporations other than the last corporation in an unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other
corporations in such chain; provided, however, that a limited liability company or partnership may be treated as a Subsidiary to the extent either (a) such entity is treated as a disregarded entity under Treasury Regulation Section 301.7701-3(a) by reason of the Company or any other Subsidiary that is a corporation being the sole owner of such entity, or (b) such entity elects to be classified as a corporation under Treasury
Regulation Section 301.7701-3(a) and such entity would otherwise qualify as a Subsidiary. In addition, with respect to the Non-Section 423 Component, Subsidiary
shall include any corporate or non-corporate entity in which the Company has a direct or indirect equity interest or significant business relationship. 

2.33 “Trading Day” means a day on which national stock exchanges in the United States are open for trading. 

ARTICLE III. 
 SHARES
SUBJECT TO THE PLAN 
 3.1 Number of Shares. Subject to Article VIII, the aggregate number of Shares that may be issued
pursuant to rights granted under the Plan shall be 8,137,683 Shares. In addition to the foregoing, subject to Article VIII, on the first day of each Company fiscal year beginning on February 1, 2022 and ending on and including February 1,
2031, the number of Shares available for issuance under the Plan shall be increased by that number of Shares equal to the lesser of (a) 1% of the aggregate number of shares of Class A Common Stock and Class B Common Stock outstanding on
the final day of the immediately preceding Company fiscal year and (b) such smaller number of Shares as determined by the Board. If any right granted under the Plan shall for any reason terminate without having been exercised, the Shares not
purchased under such right shall again become available for issuance under the Plan. Notwithstanding anything in this Section 3.1 to the contrary, the number of Shares that may be issued or transferred pursuant to the rights granted under the
Section 423 Component of the Plan shall not exceed an aggregate of 14,240,945 Shares, subject to Article VIII. 

  
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 3.2 Shares Distributed. Any Shares distributed pursuant to the Plan may consist, in
whole or in part, of authorized and unissued Shares, treasury shares or Shares purchased on the open market. 
 ARTICLE IV. 

OFFERING PERIODS; OFFERING DOCUMENTS; PURCHASE DATES 

4.1 Offering Periods. The Administrator may from time to time grant or provide for the grant of rights to purchase Shares under the
Plan to Eligible Individuals during one or more periods (each, an “Offering Period”) selected by the Administrator. The terms and conditions applicable to each Offering Period shall be set forth in an “Offering
Document” adopted by the Administrator from time to time, which Offering Document shall be in such form and shall contain such terms and conditions as the Administrator shall deem appropriate and shall be incorporated by reference into
and made part of the Plan. The Administrator shall establish in each Offering Document one or more Purchase Periods within such Offering Period during which rights granted under the Plan shall be exercised and purchases of Shares carried out in
accordance with such Offering Document and the Plan. The provisions of separate Offerings or Offering Periods under the Plan may be partially or wholly concurrent and need not be identical. 

4.2 Offering Documents. Each Offering Document with respect to an Offering Period shall specify (through incorporation of the provisions
of this Plan by reference or otherwise): 
 (a) the length of the Offering Period, which period shall not exceed 27 months; 

(b) the length of the Purchase Period(s) within the Offering Period, which period(s), in the absence of a contrary designation by the
Administrator, shall not exceed six months; 
 (c) in connection with each Offering Period that contains more than one Purchase Period, the
maximum aggregate number of Shares which may be purchased by any Eligible Individual during each Purchase Period (if applicable), which, in the absence of a contrary designation by the Administrator, shall be 5,000 Shares (and which, for the
Section 423 Component Offering Periods, shall be subject to the limitations described in Section 5.5 below); 
 (d) the maximum
number of Shares that may be purchased by any Eligible Individual during such Offering Period (if applicable), which, in the absence of a contrary designation by the Administrator, shall be 20,000 Shares (and which, for the Section 423
Component Offering Periods, shall be subject to the limitations described in Section 5.5 below); and 
 (e) such other provisions as the
Administrator determines are appropriate, subject to the Plan. 
 ARTICLE V. 

ELIGIBILITY AND PARTICIPATION 

5.1 Eligibility. Any Eligible Individual who is serving as an Employee or Consultant on a given Enrollment Date for an Offering Period
shall be eligible to participate in the Plan during such Offering Period, subject to the requirements of this Article V and, for the Section 423 Component, the limitations imposed by Section 423(b) of the Code; provided, however, that
any Eligible Individual who is a Consultant shall only participate in the Non-Section 423 Component of the Plan. 

  
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 5.2 Enrollment in Plan. 

(a) Except as otherwise set forth herein or in an Offering Document or determined by the Administrator, an Eligible Individual may become a
Participant in the Plan for an Offering Period by delivering a subscription agreement to the Company by such time prior to the Enrollment Date for such Offering Period (or such other date specified in the Offering Document) designated by the
Administrator and in such form as the Company provides. 
 (b) Except as otherwise determined by the Administrator, each subscription
agreement shall designate either a whole dollar amount or a whole percentage of such Eligible Individual’s Compensation to be withheld by the Company or the Designated Subsidiary employing or engaging such Eligible Individual on each payday
during the Offering Period as payroll deductions under the Plan. The dollar amount or percentage of Compensation designated as payroll deductions by an Eligible Individual may not be less than 1% of such Eligible Individual’s Compensation and
may not be more than the maximum percentage specified by the Administrator in the applicable Offering Document (which maximum percentage shall be 15% in the absence of any such designation); provided that, in no event shall the actual amount
withheld on any payday hereunder exceed the net amount payable to the Eligible Individual on such payday after taxes and any other applicable deductions therefrom (and if amounts to be withheld hereunder would otherwise result in a negative payment
to the Eligible Individual on such payday, the amount to be withheld hereunder shall instead be reduced by the least amount necessary to avoid a negative payment amount for the Eligible Individual on such payday, as determined by the Administrator).
The payroll deductions made for each Participant shall be credited to an account for such Participant under the Plan and shall be deposited with the general funds of the Company. 

(c) Unless otherwise provided in the terms of an Offering Document, a Participant may decrease the dollar amount or percentage of Compensation
designated in his or her subscription agreement, subject to the limits of this Section 5.2, or may suspend his or her payroll deductions, in any case, at any time during an Offering Period; provided, however, that the Administrator may
limit or eliminate the type or number of changes a Participant may make to his or her payroll deduction elections during each Offering Period in the applicable Offering Document (and in the absence of any specific designation by the Administrator, a
Participant shall be allowed to decrease (but not increase) or suspend his or her payroll deduction elections, in either case, once during each Purchase Period). Any such change or suspension of payroll deductions shall be effective with the first
full payroll period starting as soon as reasonably practicable after, but in no event later than one full payroll period following, the Company’s receipt of the new subscription agreement (or such shorter or longer period as may be specified by
the Administrator in the applicable Offering Document). If a Participant suspends his or her payroll deductions during an Offering Period, such Participant’s cumulative unapplied payroll deductions prior to the suspension (if any) shall remain
in his or her account and shall be applied to the purchase of Shares on the next occurring Purchase Date (and shall not be paid to Participant unless he or she withdraws from participation in the Plan pursuant to Article VII). For clarity, if a
Participant who suspends participation in an Offering Period ceases to be an Eligible Individual or he or she withdraws from participation in such Offering Period, in either case, prior to the Purchase Date next-following his or her suspension of
participation in the Offering Period, in any case, such Participant’s cumulative unapplied payroll deductions shall be returned to him or her in accordance with Article VII. 

(d) Except as otherwise set forth in herein or in an Offering Document or as otherwise determined by the Administrator, a Participant may
participate in the Plan only by means of payroll deduction and may not make contributions by lump sum payment for any Offering Period. 
 5.3
Payroll Deductions. Except as otherwise provided herein or in the applicable Offering Document, payroll deductions for a Participant shall commence on the first payday following the Enrollment Date and shall end on the last payday in the
Offering Period to which the Participant’s authorization is applicable, unless sooner terminated by the Participant as provided in Article VII or 

  
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suspended by the Participant or the Administrator as provided in Section 5.2 and Section 5.6, respectively. Notwithstanding any other provisions of the Plan to the contrary, in any non-U.S. jurisdiction where participation in the Plan through payroll deductions is prohibited, the Administrator may provide that an Eligible Individual may elect to participate through contributions to the
Participant’s account under the Plan in a form acceptable to the Administrator in lieu of or in addition to payroll deductions; provided, however, that, for any Offering under the Section 423 Component, the Administrator shall take
into consideration any limitations under Section 423 of the Code when applying an alternative method of contribution. 
 5.4 Effect
of Enrollment. A Participant’s completion of a subscription agreement will enroll such Participant in the Plan for each subsequent Offering Period on the terms contained therein until the Participant either submits a new subscription
agreement, withdraws from participation under the Plan as provided in Article VII or otherwise becomes ineligible to participate in the Plan. 

5.5 Limitation on Purchase of Shares. An Eligible Individual who is an Employee may be granted rights under the Section 423
Component only if such rights, together with any other rights granted to such Eligible Individual under “employee stock purchase plans” of the Company, any Parent or any Subsidiary, as specified by Section 423(b)(8) of the Code, do
not permit such Eligible Individual’s rights to purchase stock of the Company or any Parent or Subsidiary to accrue at a rate that exceeds $25,000 of the fair market value of such stock (determined as of the first day of the Offering Period
during which such rights are granted) for each calendar year in which such rights are outstanding at any time. This limitation shall be applied in accordance with Section 423(b)(8) of the Code. 

5.6 Suspension of Payroll Deductions. Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b)(8) of
the Code and Section 5.5 (with respect to the Section 423 Component) or the other limitations set forth in this Plan, a Participant’s payroll deductions may be suspended by the Administrator at any time during an Offering Period. The
balance of the amount credited to the account of each Participant that has not been applied to the purchase of Shares by reason of Section 423(b)(8) of the Code, Section 5.5 or the other limitations set forth in this Plan shall be paid to
such Participant in one lump sum in cash within 30 days after the Purchase Date. 
 5.7 Foreign Employees and Consultants. In
order to facilitate participation in the Plan, the Administrator may provide for such special terms, rules and procedures applicable to Participants who are citizens or residents of a foreign jurisdiction, or who are employed or engaged outside of
the United States, as the Administrator may consider necessary or appropriate to accommodate differences in local law, tax policy or custom. Except as permitted by Section 423 of the Code, with respect to the Section 423 Component, such
special terms may not be more favorable than the terms of rights granted under the Section 423 Component to Eligible Individuals who are Employees and residents of the United States. Such special terms may be set forth in an addendum to the
Plan in the form of an appendix or sub-plan (which appendix or sub-plan may be designed to govern Offerings under the Section 423 Component or the Non-Section 423 Component, as determined by the Administrator). To the extent that the terms and conditions set forth in an appendix or sub-plan conflict with any provisions
of the Plan, the provisions of the appendix or sub-plan shall govern except as otherwise set forth therein. The adoption of any such appendix or sub-plan shall be
pursuant to Section 11.2(f) and any other applicable provision herein. Without limiting the foregoing, the Administrator is specifically authorized to adopt rules and procedures, with respect to Participants who are foreign nationals or
employed or engaged in non-U.S. jurisdictions, regarding the exclusion of particular Subsidiaries from participation in the Plan, eligibility to participate, the definition of Compensation, handling of payroll
deductions or other contributions by Participants, payment of interest, conversion of local currency, data privacy security, payroll tax, withholding procedures, establishment of bank or trust accounts to hold payroll deductions or contributions.

  
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 5.8 Leave of Absence. During leaves of absence approved by the Company meeting the
requirements of Treasury Regulation Section 1.421-1(h)(2) under the Code, unless otherwise set forth in the terms of an Offering Document, a Participant may continue participation in the Plan by making
cash payments to the Company on his or her normal payday equal to the Participant’s authorized payroll deduction.  
 ARTICLE
VI. 
 GRANT AND EXERCISE OF RIGHTS 

6.1 Grant of Rights. On the Enrollment Date of each Offering Period, each Eligible Individual participating in such Offering Period
shall be granted a right to purchase the maximum number of Shares specified under Section 4.2, subject to the limits in Section 5.5, and shall have the right to buy, on each Purchase Date during such Offering Period (at the applicable
Purchase Price), such number of whole Shares as is determined by dividing (a) such Participant’s payroll deductions accumulated prior to such Purchase Date and retained in the Participant’s account as of the Purchase Date, by
(b) the applicable Purchase Price (rounded down to the nearest Share). The right shall expire on the last day of the Offering Period, or if earlier, the date on which the Participant withdraws in accordance with Section 7.1 or
Section 7.3. 
 6.2 Exercise of Rights. On each Purchase Date, each Participant’s accumulated payroll deductions and any
other additional payments specifically provided for herein or in the applicable Offering Document will be applied to the purchase of whole Shares, up to the maximum number of Shares permitted pursuant to the terms of the Plan and the applicable
Offering Document, at the Purchase Price. No fractional Shares shall be issued upon the exercise of rights granted under the Plan, unless the Offering Document specifically provides otherwise. Any cash in lieu of fractional Shares remaining after
the purchase of whole Shares upon exercise of a purchase right will be credited to a Participant’s account and carried forward and applied toward the purchase of whole Shares for the next following Offering Period. Shares issued pursuant to the
Plan may be evidenced in such manner as the Administrator may determine and may be issued in certificated form or issued pursuant to book-entry procedures. 

6.3 Pro Rata Allocation of Shares. If the Administrator determines that, on a given Purchase Date, the number of Shares with respect to
which rights are to be exercised may exceed (a) the number of Shares that were available for issuance under the Plan on the Enrollment Date of the applicable Offering Period, or (b) the number of Shares available for issuance under the
Plan on such Purchase Date, the Administrator may in its sole discretion provide that the Company shall make a pro rata allocation of the Shares available for purchase on such Enrollment Date or Purchase Date, as applicable, in as uniform a manner
as shall be practicable and as it shall determine in its sole discretion to be equitable among all Participants for whom rights to purchase Shares are to be exercised pursuant to this Article VI on such Purchase Date, and shall either
(i) continue all Offering Periods then in effect, or (ii) terminate any or all Offering Periods then in effect pursuant to Article IX. The Company may make pro rata allocation of the Shares available on the Enrollment Date of any
applicable Offering Period pursuant to the preceding sentence, notwithstanding any authorization of additional Shares for issuance under the Plan by the Company’s stockholders subsequent to such Enrollment Date. The balance of the amount
credited to the account of each Participant that has not been applied to the purchase of Shares shall be paid to such Participant without interest in one lump sum in cash as soon as reasonably practicable after the Purchase Date, or such earlier
date as determined by the Administrator. 
 6.4 Withholding. At the time a Participant’s rights under the Plan are exercised, in
whole or in part, or at the time some or all of the Shares issued under the Plan is disposed of, the Participant must make adequate provision for the Company’s federal, state, or other tax withholding obligations, if any, that arise upon the
exercise of the right or the disposition of the Shares. At any time, the Company may, but shall not be obligated to, withhold from the Participant’s compensation or Shares received pursuant to the Plan the amount necessary for the Company to
meet applicable withholding obligations, including any withholding required to make available to the Company any tax deductions or benefits attributable to sale or early disposition of Shares by the Participant.  

  
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 6.5 Conditions to Issuance of Shares. The Company shall not be required to
issue or deliver any certificate or certificates for, or make any book entries evidencing, Shares purchased upon the exercise of rights under the Plan prior to fulfillment of all of the following conditions: (a) the admission of such Shares to
listing on all stock exchanges, if any, on which the Shares are then listed; (b) the completion of any registration or other qualification of such Shares under any state or federal law or under the rulings or regulations of the Securities and
Exchange Commission or any other governmental regulatory body, that the Administrator shall, in its absolute discretion, deem necessary or advisable; (c) the obtaining of any approval or other clearance from any state or federal governmental
agency that the Administrator shall, in its absolute discretion, determine to be necessary or advisable; (d) the payment to the Company of all amounts that it is required to withhold under federal, state or local law upon exercise of the
rights, if any; and (e) the lapse of such reasonable period of time following the exercise of the rights as the Administrator may from time to time establish for reasons of administrative convenience. 

ARTICLE VII. 

WITHDRAWAL; CESSATION OF ELIGIBILITY 

7.1 Withdrawal. A Participant may withdraw all but not less than all of the payroll deductions credited to his or her account and not
yet used to exercise his or her rights under the Plan at any time by giving written notice to the Company in a form acceptable to the Company no later than one day prior to the end of the then-applicable Purchase Period (or such shorter or longer
period as may be specified by the Administrator in the applicable Offering Document). All of the Participant’s payroll deductions credited to his or her account during such Purchase Period and not yet used to exercise rights under the Plan
shall be paid to such Participant as soon as reasonably practicable after receipt of notice of withdrawal, such Participant’s rights for the Offering Period shall be automatically terminated, and no further payroll deductions for the purchase
of Shares shall be made for such Offering Period. If a Participant withdraws from an Offering Period, payroll deductions shall not resume at the beginning of any subsequent Offering Period unless the Participant is an Eligible Individual and timely
delivers to the Company a new subscription agreement by the applicable enrollment deadline for any such subsequent Offering Period, as determined by the Administrator. 

7.2 Future Participation. A Participant’s withdrawal from an Offering Period shall not have any effect upon his or her eligibility
to participate in any similar plan that may hereafter be adopted by the Company or a Designated Subsidiary or in any subsequent Offering Period that commences on or after the Participant’s withdrawal from any Offering Period. 

7.3 Cessation of Eligibility. Upon a Participant’s ceasing to be an Eligible Individual for any reason, he or she shall be deemed
to have elected to withdraw from the Plan pursuant to this Article VII and the payroll deductions credited to such Participant’s account during the then-current Purchase Period shall be paid to such Participant or, in the case of his or
her death, to the Participant’s Designated Beneficiary, within 30 days following such Participant’s ceasing to be an Eligible Individual, and such Participant’s rights for the Offering Period shall be automatically terminated. For
clarity, if a Participant transfers employment or engagement from the Company or any Designated Subsidiary participating in either the Section 423 Component or Non-Section 423 Component to any Designated
Subsidiary that is neither participating in the Section 423 Component nor the Non-Section 423 Component, then, in any case, such transfer shall be treated as a termination of employment or engagement
under the Plan and the Participant shall be deemed to have withdrawn from the Plan pursuant to this Article VII and the payroll deductions credited to such Participant’s account during the then-current Purchase Period shall be paid to

  
 10 

 
such Participant or, in the case of his or her death, to the Participant’s Designated Beneficiary, within 30 days following such Participant’s transfer of employment or engagement, and
such Participant’s participation in the Offering Period shall be automatically terminated. If a Participant transfers employment or engagement from the Company or any Designated Subsidiary participating in the Section 423 Component to any
Designated Subsidiary participating in the Non-Section 423 Component, such transfer shall not be treated as a termination of employment or engagement under the Plan, but the Participant shall immediately cease
to participate in the Section 423 Component; however, any contributions made for the then-current Purchase Period in which such transfer occurs shall be transferred to the Non-Section 423 Component, and
such Participant shall immediately join the then-current Offering under the Non-Section 423 Component upon the same terms and conditions in effect for the Participant’s participation in the
Section 423 Component, except for such modifications otherwise applicable for Participants in such Offering. A Participant who transfers employment or engagement from any Designated Subsidiary participating in the
Non-Section 423 Component to the Company or any Designated Subsidiary participating in the Section 423 Component shall not be treated as terminating the Participant’s employment or engagement under
the Plan and shall remain a Participant in the Non-Section 423 Component until the earlier of (i) the end of the current Offering Period under the Non-Section 423
Component or (ii) the Enrollment Date of the first Offering Period in which the Participant is eligible to participate following such transfer. Notwithstanding the foregoing, the Administrator may establish different rules to govern transfers
of employment or engagement between entities participating in the Section 423 Component and the Non-Section 423 Component, consistent with the applicable requirements of Section 423 of the Code or
other Applicable Law. 
 ARTICLE VIII. 

ADJUSTMENTS UPON CHANGES IN SHARES 

8.1 Changes in Capitalization. Subject to Section 8.3, in the event that the Administrator determines that any dividend or other
distribution (whether in the form of cash, Shares, other securities, or other property), change in control, reorganization, merger, amalgamation, consolidation, combination, repurchase, redemption, recapitalization, liquidation, dissolution, or
sale, transfer, exchange or other disposition of all or substantially all of the assets of the Company, or sale or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares or other securities of
the Company, or other similar corporate transaction or event, as determined by the Administrator, affects the Shares such that an adjustment is determined by the Administrator to be appropriate in order to prevent dilution or enlargement of the
benefits or potential benefits intended by the Company to be made available under the Plan or with respect to any outstanding purchase rights under the Plan, the Administrator shall make equitable adjustments, if any, to reflect such change with
respect to (a) the aggregate number and type of Shares (or other securities or property) that may be issued under the Plan (including, but not limited to, adjustments of the limitations in Section 3.1 and the limitations established in
each Offering Document pursuant to Section 4.2 on the maximum number of Shares that may be purchased); (b) the class(es) and number of Shares and price per Share subject to outstanding rights; and (c) the Purchase Price with respect to any
outstanding rights. 
 8.2 Other Adjustments. Subject to Section 8.3, in the event of any transaction or event described in
Section 8.1 or any unusual or nonrecurring transactions or events affecting the Company, any affiliate of the Company, or the financial statements of the Company or any affiliate, or of changes in Applicable Law or accounting principles, the
Administrator, in its discretion, and on such terms and conditions as it deems appropriate, is hereby authorized to take any one or more of the following actions whenever the Administrator determines that such action is appropriate in order to
prevent the dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to any right under the Plan, to facilitate such transactions or events or to give effect to such changes in laws,
regulations or principles: 

  
 11 

 (a) To provide for either (i) termination of any outstanding right in exchange for an
amount of cash, if any, equal to the amount that would have been obtained upon the exercise of such right had such right been currently exercisable or (ii) the replacement of such outstanding right with other rights or property selected by the
Administrator in its sole discretion; 
 (b) To provide that the outstanding rights under the Plan shall be assumed by the successor or
survivor corporation, or a parent or subsidiary thereof, or shall be substituted for by similar rights covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number and
kind of shares and prices; 
 (c) To make adjustments in the number and type of Shares (or other securities or property) subject to
outstanding rights under the Plan and/or in the terms and conditions of outstanding rights and rights that may be granted in the future; 

(d) To provide that Participants’ accumulated payroll deductions may be used to purchase Shares prior to the next occurring Purchase Date
on such date as the Administrator determines in its sole discretion and the Participants’ rights under the ongoing Offering Period(s) shall be terminated; and 

(e) To provide that all outstanding rights shall terminate without being exercised. 

8.3 No Adjustment Under Certain Circumstances. Unless determined otherwise by the Administrator, no adjustment or action described in
this Article VIII or in any other provision of the Plan shall be authorized to the extent that such adjustment or action would cause the Section 423 Component of the Plan to fail to satisfy the requirements of Section 423 of the Code.

 8.4 No Other Rights. Except as expressly provided in the Plan, no Participant shall have any rights by reason of any subdivision or
consolidation of shares of stock of any class, the payment of any dividend, any increase or decrease in the number of shares of stock of any class or any dissolution, liquidation, merger, or consolidation of the Company or any other corporation.
Except as expressly provided in the Plan or pursuant to action of the Administrator under the Plan, 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 of Shares subject to outstanding rights under the Plan or the Purchase Price with respect to any outstanding rights. 

ARTICLE IX. 
 AMENDMENT,
MODIFICATION AND TERMINATION 
 9.1 Amendment, Modification and Termination. The Administrator may amend, suspend or terminate
the Plan at any time and from time to time; provided, however, that approval of the Company’s stockholders shall be required to amend the Plan to increase the aggregate number, or change the type, of shares that may be sold pursuant to
rights under the Plan under Section 3.1 (other than an adjustment as provided by Article VIII) or as may otherwise be required under Section 423 of the Code. 

9.2 Certain Changes to Plan. Without stockholder consent and without regard to whether any Participant rights may be considered to have
been adversely affected (and, with respect to the Section 423 Component of the Plan, to the extent permitted by Section 423 of the Code), the Administrator shall be entitled to change or terminate the Offering Periods, limit the frequency
and/or number of changes in the amount withheld from Compensation during an Offering Period, establish the exchange ratio applicable to amounts withheld in a currency other than U.S. dollars, permit payroll withholding in excess of the amount
designated by a Participant in order to adjust for delays or mistakes in the Company’s processing of payroll withholding elections, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that
amounts applied toward the purchase of Shares for each Participant properly correspond with amounts withheld from the Participant’s Compensation, and establish such other limitations or procedures as the Administrator determines in its sole
discretion to be advisable that are consistent with the Plan. 

  
 12 

 9.3 Actions In the Event of Unfavorable Financial Accounting Consequences. In the
event the Administrator determines that the ongoing operation of the Plan may result in unfavorable financial accounting consequences, the Administrator may, in its discretion and, to the extent necessary or desirable, modify or amend the Plan to
reduce or eliminate such accounting consequence including, but not limited to: 
 (a) altering the Purchase Price for any Offering Period
including an Offering Period underway at the time of the change in Purchase Price; 
 (b) shortening any Offering Period so that the Offering
Period ends on a new or earlier Purchase Date, including an Offering Period underway at the time of the Administrator action; 
 (c)
allocating Shares; and 
 (d) such other changes and modifications as the Administrator determines are necessary or appropriate. 

Such modifications or amendments shall not require stockholder approval or the consent of any Participant. 

9.4 Payments Upon Termination of Plan. Upon termination of the Plan, the balance in each Participant’s Plan account shall be
refunded as soon as practicable after such termination, without any interest thereon, or if the Administrator so determines, the Offering Period may be shortened so that the purchase of Shares occurs prior to the termination of the Plan. 

ARTICLE X. 
 TERM OF PLAN

 The Plan shall become effective on the Effective Date and shall continue until terminated by the Board in accordance with
Section 9.1. No right may be granted under the Plan prior to the Effective Date. No rights may be granted under the Plan during any period of suspension of the Plan or after termination of the Plan. 

ARTICLE XI. 

ADMINISTRATION 
 11.1
Administrator. Unless otherwise determined by the Board, the Administrator of the Plan shall be the Compensation Committee of the Board (or another committee or a subcommittee of the Board to which the Board delegates administration of the
Plan). The Board may at any time vest in the Board any authority or duties for administration of the Plan. The Administrator may delegate administrative tasks under the Plan to the services of an Agent or employees to assist in the administration of
the Plan, including establishing and maintaining an individual securities account under the Plan for each Participant. 

  
 13 

 11.2 Authority of Administrator. The Administrator shall have the power, subject to,
and within the limitations of, the express provisions of the Plan: 
 (a) To determine when and how rights to purchase Shares shall be
granted and the provisions of each offering of such rights (which need not be identical). 
 (b) To designate from time to time which
Subsidiaries of the Company shall be Designated Subsidiaries, which designation may be made without the approval of the stockholders of the Company. 

(c) To impose a mandatory holding period pursuant to which Participants may not dispose of or transfer Shares purchased under the Plan for a
period of time determined by the Administrator in its discretion. 
 (d) To construe and interpret the Plan and rights granted under it, and
to establish, amend and revoke rules and regulations for its administration. The Administrator, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan, in a manner and to the extent it shall deem necessary or
expedient to make the Plan fully effective. 
 (e) To amend, suspend or terminate the Plan as provided in Article IX. 

(f) Generally, to exercise such powers and to perform such acts as the Administrator deems necessary or expedient to promote the best interests
of the Company and its Subsidiaries and to carry out the intent that the Plan be treated as an “employee stock purchase plan” within the meaning of Section 423 of the Code for the Section 423 Component. 

(g) The Administrator may adopt annexes or sub-plans applicable to particular Designated Subsidiaries
or locations, which annexes or sub-plans may be designed to be outside the scope of Section 423 of the Code. The rules of such annexes or sub-plans may take
precedence over other provisions of this Plan, with the exception of Section 3.1 hereof, but unless otherwise superseded by the terms of such annex or sub-plan, the provisions of this Plan shall govern the operation of such annex or sub-plan.

 11.3 Decisions Binding. The Administrator’s interpretation of the Plan, any rights granted pursuant to the Plan, any
subscription agreement and all decisions and determinations by the Administrator with respect to the Plan are final, binding, and conclusive on all parties. 

ARTICLE XII. 

MISCELLANEOUS 
 12.1
Restriction upon Assignment. A right granted under the Plan shall not be transferable other than by will or the Applicable Laws of descent and distribution, and is exercisable during the Participant’s lifetime only by the
Participant. Except in the case of a Participant’s death, a right under the Plan may not be exercised to any extent except by the Participant. The Company shall not recognize and shall be under no duty to recognize any assignment or alienation
of the Participant’s interest in the Plan, the Participant’s rights under the Plan or any rights thereunder. 

  
 14 

 12.2 Rights as a Stockholder. With respect to Shares subject to a right granted under
the Plan, no Participant or Designated Beneficiary shall be deemed to be a stockholder of the Company, and no Participant or Designated Beneficiary shall have any of the rights or privileges of a stockholder, until such Shares have been issued to
the Participant or the Designated Beneficiary following exercise of the Participant’s rights under the Plan. No adjustments shall be made for dividends (ordinary or extraordinary, whether in cash securities, or other property) or distribution
or other rights for which the record date occurs prior to the date of such issuance, except as otherwise expressly provided herein or as determined by the Administrator. 

12.3 Interest. No interest shall accrue on the payroll deductions or contributions of a Participant under the Plan. 

12.4 Notices. All notices or other communications by a Participant to the Company under or in connection with the Plan shall be deemed
to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 

12.5 Equal Rights and Privileges. Subject to Section 5.7, all Eligible Individuals who are Employees will have equal rights and
privileges under the Section 423 Component so that the Section 423 Component of this Plan qualifies as an “employee stock purchase plan” within the meaning of Section 423 of the Code. Subject to Section 5.7, any
provision of the Section 423 Component that is inconsistent with Section 423 of the Code will, without further act or amendment by the Company, the Board or the Administrator, be reformed to comply with the equal rights and privileges
requirement of Section 423 of the Code. Eligible Individuals participating in the Non-Section 423 Component need not have the same rights and privileges as other Eligible Individuals participating in the Non-Section 423 Component or as Eligible Individuals participating in the Section 423 Component. 

12.6 Use of Funds. All payroll deductions received or held by the Company under the Plan may be used by the Company for any corporate
purpose, and the Company shall not be obligated to segregate such payroll deductions. 
 12.7 Reports. Statements of account shall be
given to Participants at least annually, which statements shall set forth the amounts of payroll deductions, the Purchase Price, the number of Shares purchased and the remaining cash balance, if any. 

12.8 No Service Rights. Nothing in the Plan shall be construed to give any person (including any Eligible Individual or Participant) the
right to employment or service (or to remain in the employ or service) with the Company or any Parent or Subsidiary or affect the right of the Company or any Parent or Subsidiary to terminate the employment or service of any person (including any
Eligible Individual or Participant) at any time, with or without cause. 
 12.9 Notice of Disposition of Shares. Each Participant
shall hold any Shares purchased upon exercise of a right under the Section 423 Component of the Plan in such Participant’s stock account provided through the Company’s third party Plan administrator (e.g., E*Trade) until the later of:
(a) two years following the Enrollment Date of the Offering Period in which the Shares were purchased and (b) one year following the Purchase Date on which such Shares were purchased (together, the “Holding
Periods”). Notwithstanding the foregoing, each Participant shall give prompt notice to the Company of any disposition or other transfer of any Shares purchased upon exercise of a right under the Section 423 Component of the Plan
that is made during the Holding Periods. Such notice shall specify the date of such disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness or other consideration, by the Participant in such
disposition or other transfer. 
 12.10 Limitations on Liability. Notwithstanding any other provisions of the Plan, no individual
acting as a director, officer, other employee or agent of the Company or any Subsidiary will be liable to any Participant, former Participant, Designated Beneficiary or any other person for any claim, loss, liability, or expense incurred in
connection with the Plan or any Offering Period, and such individual will not be personally liable with respect to the Plan because of any contract or other instrument executed in his or her capacity as an Administrator, director, officer, other
employee or agent of the Company or any 

  
 15 

 
Subsidiary. The Company will indemnify and hold harmless each director, officer, other employee and agent of the Company or any Subsidiary that has been or will be granted or delegated any
duty or power relating to the Plan’s administration or interpretation, against any cost or expense (including attorneys’ fees) or liability (including any sum paid in settlement of a claim with the Administrator’s approval) arising
from any act or omission concerning this Plan unless arising from such person’s own fraud or bad faith. 
 12.11 Data Privacy. As
a condition for participation in the Plan, each Participant explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of personal data as described in this section by and among the Company and its
Subsidiaries and affiliates exclusively for implementing, administering and managing the Participant’s participation in the Plan. The Company and its Subsidiaries and affiliates may hold certain personal information about a Participant,
including the Participant’s name, address and telephone number; birthdate; social security, insurance number or other identification number; salary; nationality; job title(s); any Shares held in the Company or its Subsidiaries and affiliates;
and participation details, to implement, manage and administer the Plan and any Offering Period(s) (the “Data”). The Company and its Subsidiaries and affiliates may transfer the Data amongst themselves as necessary to
implement, administer and manage a Participant’s participation in the Plan and any Offering Period(s), and the Company and its Subsidiaries and affiliates may transfer the Data to third parties assisting the Company with Plan implementation,
administration and management. These recipients may be located in the Participant’s country, or elsewhere, and the Participant’s country may have different data privacy laws and protections than the recipients’ country. By
participating in any Offering Period under the Plan, each Participant authorizes such recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, to implement, administer and manage the Participant’s
participation in the Plan, including any required Data transfer to a broker or other third party with whom the Company or the Participant may elect to deposit any Shares. The Data related to a Participant will be held only as long as necessary
to implement, administer, and manage the Participant’s participation in the Plan. A Participant may, at any time, view the Data that the Company holds regarding such Participant, request additional information about the storage and
processing of the Data regarding such Participant, recommend any necessary corrections to the Data regarding the Participant or refuse or withdraw the consents in this Section 12.12 in writing, without cost, by contacting the local human
resources representative. If the Participant refuses or withdraws the consents in this Section 12.12, and the Company may cancel Participant’s ability to participate in the Plan or any Offering Period(s). For more information on
the consequences of refusing or withdrawing consent, Participants may contact their local human resources representative. 
 12.12
Severability. If any portion of the Plan or any action taken under it is held illegal or invalid for any reason, the illegality or invalidity will not affect the remaining parts of the Plan, and the Plan will be construed and enforced as if
the illegal or invalid provisions had been excluded, and the illegal or invalid action will be null and void. 
 12.13 Titles and
Headings. The titles and headings in the Plan are for convenience of reference only and, if any conflict, the Plan’s text, rather than such titles or headings, will control. 

12.14 Conformity to Securities Laws. Participant acknowledges that the Plan is intended to conform to the extent necessary with
Applicable Laws. Notwithstanding anything herein to the contrary, the Plan and all Offering Periods will be administered only in conformance with Applicable Laws. To the extent Applicable Laws permit, the Plan and all Offering Periods will
be deemed amended as necessary to conform to Applicable Laws. 
 12.15 Relationship to Other Benefits. No payment under the Plan
will be taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary except as expressly provided in writing in such other plan
or an agreement thereunder. 

  
 16 

 12.16 Governing Law. The Plan and any agreements hereunder shall be administered,
interpreted and enforced in accordance with the laws of the State of Delaware, disregarding any state’s choice of law principles requiring the application of a jurisdiction’s laws other than the State of Delaware. 

12.17 Electronic Forms. To the extent permitted by Applicable Law and in the discretion of the Administrator, an Eligible Individual may
submit any form or notice as set forth herein by means of an electronic form approved by the Administrator. Before the commencement of an Offering Period, the Administrator shall prescribe the time limits within which any such electronic form shall
be submitted to the Administrator with respect to such Offering Period in order to be a valid election. To the extent permitted by Applicable Law, each Eligible Individual hereby consents to the electronic submission of any form or notice by the
Company under or relating to this Plan (including the submission of Internal Revenue Service Form 3922). 
 12.18
Section 409A. The Section 423 Component of the Plan and the rights to purchase Shares granted pursuant to Offerings thereunder are intended to be exempt from the application of Section 409A of the Code and the
U.S. Department of Treasury Regulations and other interpretive guidance issued thereunder (collectively, “Section 409A”). Neither the Non-Section 423
Component nor any right to purchase Shares granted pursuant to an Offering thereunder is intended to constitute or provide for “nonqualified deferred compensation” within the meaning of Section 409A. Notwithstanding any provision of
the Plan to the contrary, if the Administrator determines that any right to purchase Shares granted under the Plan may be or become subject to Section 409A or that any provision of the Plan may cause a right to purchase Shares granted under the
Plan to be or become subject to Section 409A, the Administrator may adopt such amendments to the Plan and/or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions
as the Administrator determines are necessary or appropriate to avoid the imposition of taxes under Section 409A, either through compliance with the requirements of Section 409A or with an available exemption therefrom. 

* * * * * 

  
 17EX-10.21

 Exhibit 10.21 

 
 

 
 OUTSIDE DIRECTOR COMPENSATION POLICY1 

Adopted and approved by the Board of Directors on December 7, 2021 

Planet Labs PBC (the “Company”) believes that providing cash and equity compensation to the members of its Board of Directors
(the “Board,” and members of the Board, the “Directors”) represents an effective tool to attract, retain and reward Directors who are not employees of the Company or any of its parents or subsidiaries
(“Outside Directors”). This Outside Director Compensation Policy (the “Policy”) is intended to formalize the Company’s policy regarding cash compensation and grants of equity to its Outside Directors. The cash
and equity compensation described in this Policy shall be paid or be made, as applicable, automatically as set forth herein and without further action of the Board, to each Outside Director eligible to receive compensation under this Policy, unless
such Outside Director declines the receipt of such cash or equity compensation by written notice to the Company. 
 Unless otherwise defined
herein, capitalized terms used in this Policy will have the meaning given to such terms in the Company’s 2021 Incentive Award Plan (the “2021 Plan”) or any other applicable equity incentive plan then-maintained by the Company
(the 2021 Plan or any other such plan, in each case, as may be amended from time to time, the “Plan”). Each Outside Director will be solely responsible for any tax obligations incurred by such Outside Director as a result of the
equity and cash payments such Outside Director receives under this Policy. 
 This Policy will be effective upon approval of the Board (such
date, the “Effective Date”), and the compensation described herein will commence with the Company’s fiscal year 2023. This Policy shall remain in effect until it is revised or rescinded by further action of the Board. This
Policy may be amended, modified or terminated by the Board at any time in its sole discretion. No Outside Director shall have any rights hereunder, except with respect to equity awards granted pursuant to Section 2 of this Policy. 

1. CASH COMPENSATION 

Annual Cash Retainer 
 Each
Outside Director will be paid an annual cash retainer (the “Annual Cash Retainer”) of $150,000. There are no per-meeting attendance fees for attending Board meetings. 

 

	1 	 NTD: Planet intends to handle cash/equity comp prior to the first annual meeting outside of this Policy.

 Committee Annual Cash Retainers 

Effective as of the Effective Date, each Outside Director who serves as the Lead Independent Director or as the Chairperson of the Audit
Committee, the Compensation Committee or the Nominating and Governance Committee of the Board will be paid additional annual cash retainers (each, a “Committee Annual Cash Retainer”) as follows: 

 

					
	 Lead Independent Director:
	  	$	25,000	 
	 Chairperson of Audit Committee:
	  	$	20,000	 
	 Chairperson of Compensation Committee:
	  	$	12,000	 
	 Chairperson of Nominating and Governance Committee:
	  	$	8,000	 

 Payment of Retainers 

The Annual Cash Retainers and Committee Annual Cash Retainers described in this Section 1 will be paid quarterly in arrears (but not later
than the fifteenth (15th) day following the end of the applicable fiscal quarter) and pro-rated for any partial quarter of service as an Outside Director.

 2. EQUITY COMPENSATION 

Outside Directors will be granted the equity awards (“Awards”) described below. Such Awards shall be granted under and subject
to the applicable terms of the Plan and may be granted subject to the execution and delivery of award agreements, including attached exhibits, in substantially the forms approved by the Board prior to or in connection with such grants. The number of
shares of the Company’s common stock (“Shares”) subject to any Award granted to an Outside Director under this Policy will be determined by dividing the dollar value of the Award (the “Grant Value”) over the
trailing average closing price of the Company’s common stock on the NYSE over the 30 trading days prior to the grant date and rounding to the nearest whole Share. All grants of Awards to Outside Directors pursuant to this Section 2 will be
automatic and nondiscretionary, except as otherwise provided herein, and will be made in accordance with the following provisions: 
 No
Discretion. Except as otherwise provided herein, no person (other than the Board) will have any discretion to select which Outside Directors will be granted any Awards under this Policy or to determine the number of Shares to be covered by such
Awards. 
 Initial Award. Each individual who first becomes an Outside Director on or following the Effective Date will automatically
be granted an Award of restricted stock units (an “Initial Award”) with a Grant Value equal to (x) $200,000 multiplied by (y) the fraction obtained by dividing (A) the number of days during the period beginning on the date
the individual first becomes an Outside Director and ending on the one-year anniversary of the date of the most recent annual meeting of the Company’s stockholders (the “Annual Meeting”)
to occur prior to the grant date by (B) 365. 

 The Initial Award will be granted on the first trading date on or after the date on which
such individual first becomes an Outside Director (or, if later, the first date on which the Company files a Registration on Form S-8 covering the Shares issuable pursuant to the Initial Award), whether
through election by the stockholders of the Company or appointment by the Board to fill a vacancy. If an individual was a member of the Board and also an employee of the Company or a parent or subsidiary thereof, becoming an Outside Director due to
termination of employment will not entitle the Outside Director to an Initial Award. 
 Subject to Section 4 of this Policy, each
Initial Award will vest on the earlier of (i) the one-year anniversary of the date the Initial Award is granted or (ii) the date of the Annual Meeting next following the date the Initial Award is
granted, in each case, subject to the Outside Director continuing to be an Outside Director through the applicable vesting date. 

Annual Award. On the date of each Annual Meeting to occur following the Effective Date, each Outside Director will be automatically
granted an Award of restricted stock units (an “Annual Award”) with a Grant Value equal to $200,000. 
 Subject to
Section 4 of this Policy, each Annual Award will vest on the earlier of (i) the one-year anniversary of the date the Annual Award is granted or (ii) the date of the Annual Meeting next following
the date the Annual Award is granted, in each case, subject to the Outside Director continuing to be an Outside Director through the applicable vesting date. 

3. COMPENSATION ELECTION 

An Outside Director shall have the option to elect, on or prior to December 31st of the
calendar year immediately prior to the calendar year in which the next Annual Meeting occurs, to receive up to the entire amount of his or her Annual Cash Retainer for the period commencing on the date of such next Annual Meeting (the amount subject
to any such election, the “Election Amount”) in the form of Awards of restricted stock units (each, an “Election Award”) having an aggregate Grant Value equal to the dollar value of the Election Amount. Such
Election Awards will be granted at the same time as the Annual Award and, subject to Section 4 of this Policy, will vest in four equal installments on each of September 15, December 15, March 15, and June 15 following the
grant date. Any such elections shall be made in accordance with election procedures established by the Board, as in effect from time to time. 

4. CHANGE IN CONTROL 

In the event of a Change in Control (as defined in the 2021 Plan) (or any similar or like term as defined in the then-applicable Plan), each
Outside Director will fully vest in his or her outstanding Awards, including any Initial Award, Annual Award or Election Award, provided that the Outside Director continues to be an Outside Director until at least immediately prior to such Change in
Control. 
 5. TRAVEL EXPENSES 

Each Outside Director’s reasonable, customary and documented travel expenses to Board meetings will be reimbursed by the Company. 

 6. ADDITIONAL PROVISIONS 

All applicable provisions of the Plan will apply to Awards granted to Outside Directors as if fully set forth herein, and all grants of Awards
hereby are subject in all respects to the terms of the Plan.

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