Document:

Sales Contract

 Exhibit 10.38 

Contract Number: (DQMK20100925) 

Contract Date: (2010/09/25) 

Contract Location: Wanzhou, Chongqing, China 

SALES CONTRACT 

Chongqing Daqo New Energy Co., Ltd. 

And 

Jiangsu Meike Silicon Energy Co,. Ltd 

(One of MEMC Affiliates) 

 THE BUYER 

Jiangsu Meike Silicon Energy Co,. Ltd (an affiliate of MEMC) 

Registered Address: JiangSu Yangzhong Development zone, GangLong Road. 

legal representative: Wu Mei Rong 
 Opening Bank:
Agriculture Bank of China, Yangzhong City, Changwang Branch 
 Account: 10-333601040009808 

Tel: (86) 13952984619 
 Fax: (86) 0511 8852 2821

 (Hereinafter referred to as the “BUYER”) 

THE SELLER 
 Chongqing Daqo New Energy
Co., Ltd. 
 Form of enterprise: limited liability company 

Registered Address: Wanzhou Industry Park, Chongqing City 

legal representative: Guangfu Xu 
 Opening Bank:
China Construction Bank Wanzhou Department 
 Account: 50001303600050207456 

Tel: 023 — 64866666 
 Fax: 023 —
64866688 
 (Hereinafter referred to as the “DAQO”) 

Based on the laws of Hong Kong Special Administrative Region, in equality, voluntariness, fairness, based on the spirit of long-term
cooperation and common development, JIANGSU MEIKE SILICON ENERGY CO. LTD (an affiliate of MEMC and thereafter referred to as “BUYER”) and CHONGQING DAQO NEW ENERGY CO., LTD (herein referred to as “DAQO”) agreed through
consultation to sign this Contract and joint compliance in the following areas: 
  

	1	SCOPE OF CONTRACT 

  

	 	1.1	The following provisions govern the Contractual relationship with respect to the sale of solar grade polysilicon (the “Goods”) between DAQO and BUYER. Under
this Contract, the DAQO agrees to sell Goods, and BUYER agrees to purchase Products. Any other conditions of BUYER are hereby declared non-applicable. Exceptions may be made upon written confirmation of DAQO. Upon conclusion of the Contract, the
BUYER and DAQO shall accept the following terms and conditions. 

	2	QUANTITY, PRICES AND DELIVERY 

Under this Contract, DAQO will supply BUYER 600 MT of Goods for 2011 and 600MT of Goods for 2012 at BUYER’s option.
It is the Parties’ intention for the sale of Contract to have a total volume of 1200MT, if the Parties are able to mutually agree to the unit price for 2012. The unit price of Goods, monthly shipment quantity, and delivery are set in Sales
Order. 
  

	3	PAYMENT TERMS 

 BUYER agrees to
make a Refundable Deposit to DAQO to secure DAQO’s Goods commitment as outlined in this Contract and the Sales Order. Detailed conditions and all other payment terms are defined in the Sales Orders. 

 

	4	PACKAGE, LABELING, AND DELIVERY 

  

	 	4.1	Packaging: Packaging suitable for long-distance transportation by road is included within the agreed sales price, and covered by DAQO per BUYER’s specification
upon mutual agreement. 

  

	 	4.2	Product labeling: Labeling on outer and inner packaging shall indicate the name of manufacturer, product lot number and weight. 

 

	 	4.3	Place of Delivery: A location to be designated by BUYER within the mainland of People’s Republic of China. 

 

	 	4.4	Delivery terms: DAQO deliver the Products to the location designated by BUYER. 

 

	 	4.5	Point of Transfer: After delivery of Goods to the location designated by BUYER, the ownership of Goods is transferred to BUYER and the BUYER will assume the risk of
damage and loss of the Goods. 

  

	5	QUALITY ASSURANCE 

  

	 	5.1	The quality of the Goods under this Contract is N-type, direct-use, solar grade polysilicon with resistivity of 50-ohm-cm according to PV industry practice with
specifications attached herein Appendix A – Poly Specification. Daqo shall supply not less than 50% of Grade I and not more than 50% of Grade II polysilicon in each shipment to BUYER. 

	 	5.2	BUYER should inspect the Goods within 14 days of the arrival. In case of question on quantity and quality of the Goods, BUYER must provide DAQO with written
notification within 14 days after arrival. In the absence of written notification from BUYER, the Goods supplied by DAQO are deemed to conform to the requirements on quantity and quality as laid out in this Contract. Upon the receiving the written
notification from BUYER, DAQO shall investigate and provide conclusion of the discrepancy with 14 days. 

  

	 	5.2.1	If the discrepancy is a shortage, DAQO may, at DAQO’s option, ship the shortage amount to BUYER immediately or ship the shortage amount with the next scheduled
shipment. 

  

	 	5.2.2	If the discrepancy is an overage, BUYER may, at BUYER’s option, return the overage amount to DAQO immediately or deduct the overage amount from the next scheduled
shipment. 

  

	 	5.2.3	If quality of the Goods do not meet the specifications attached herein, DAQO shall immediately replace the shipment within 7 days. 

 

	6	TERM OF THE CONTRACT AND TERMINATION 

  

	 	6.1	This Contract shall become effective on the date it is signed and stamped by both Parties. 

 

	 	6.2	Under the circumstance that either Party fails to perform its obligations under this Contract, and fail to make remedy within 15 days after the other Party’s
written request for such remedy, the other Party has the right to terminate this Contract with a written notification. 

  

	 	6.3	The confidentiality, breach and dispute solution items are not influenced by the termination or invalidation of the Contract. 

 

	7	RESPONSIBILITY FOR THE BREACH OF CONTRACT 

  

	 	7.1	Responsibility of DAQO for the breach of Contract 

  

	 	7.1.1	DAQO shall bear the responsibility for the breach of Contract if DAQO cannot deliver according to the terms laid out in this Contract. 

 

	 	7.1.2	It shall be considered as breach the Contract by DAQO if DAQO fails to deliver the Goods more than 10 days from agreed delivery date. 1‰ of the value of the
undelivered Goods shall be paid to BUYER from DAQO as penalty for each overdue date. The total penalty is capped to 5% of the value of the undelivered Goods. 

 

	 	7.2	Responsibility of BUYER for the breach of Contract 

  

	 	7.2.1	BUYER shall bear the responsibility for the breach of Contract if BUYER cannot fulfill the Contract. 

	 	7.2.2	It shall be considered as breach the Contract by BUYER if BUYER fails to accept the delivery of the Goods more than 10 days from agreed delivery date. 1% of the value
of the delivered Goods should be paid to BUYER from DAQO as penalty for each passed date. The total penalty is capped to 5% of the value of the delivered Goods. 

 

	 	7.3	Others 

  

	 	7.3.1	It shall not be considered to be breach of the Contract if BUYER and DAQO both agree to change or terminate the Contract 

 

	 	7.3.2	All applicable penalty and remedy compensation should be sent to the other Party within 10 days after the responsibility has arisen and receipt of demand for payment of
penalty. 

  

	 	7.3.3	Any other situation shall follow Contract Law of Hong Kong. 

  

	 	7.3.4	Both Daqo and BUYER agree that Daqo Polysilicon will need to pass BUYER’s qualification, failure of which is not considered a breach of Contract and Daqo shall
refund BUYER the Refundable Deposit within 10 days. Both Parties shall work together (within 30 days) to find solutions to pass the qualification. Quantities needed for the qualifications are not included in this Contract and any payment will based
on a purchase order with price not higher than the stated price in this Contract. 

  

	8	CONFIDENTIALITY 

  

	 	8.1	DAQO and BUYER shall strictly keep all information related to this Contract confidential, including: 

 

	 	8.1.1	The existence of the business relationship within the Contract; 

  

	 	8.1.2	All the articles of the Contract and the negotiation referred to within the Contract; 

 

	 	8.1.3	The objective and quantity of the Contract; 

  

	 	8.1.4	Any commercial and technical information thereby referred to whilst fulfilling the Contract. 

 

	 	8.2	Only under the following conditions, can both Parties disclose information described in 8.1: 

 

	 	8.2.1	Any mandatory requirements of laws applicable to both Parties; 

  

	 	8.2.2	Any mandatory requirements of government authorities, regulatory bodies applicable to either Party 

	 	8.2.3	Either Party can disclose above information to its professional consultants or lawyers with their Commitment to confidentiality; 

 

	 	8.2.4	Information released into the public domain due to fault of neither Party; 

 

	 	8.2.5	After receiving the written consent from the other Party. 

  

	9	FORCE MAJEURE 

  

	 	9.1	Where circumstances, which are unforeseeable at the date this Contract is signed and which are beyond either Party’s reasonable control, cause delay in or failure
of a Party’s performance of its obligations pursuant to this Contract, such Party shall not be considered in breach of this Contract or be liable to the other Party, and the term of implementation of such Party’s respective obligation may
be extended by mutual consent of the Parties accordingly. The aforementioned circumstances include, but shall not be limited to, natural disaster, earthquake, war, typhoon, fire, severe snow storm, flood. 

 

	 	9.2	When a Party’s performance of its obligations pursuant to this Contract is delayed or rendered impossible due to the aforementioned circumstances, such Party shall
immediately inform the other Party of the cessation of the respective circumstances and continue to fully perform its obligations pursuant to the provisions of this Contract, and make all reasonable efforts to minimize the effect of the
aforementioned circumstances on the performance of its obligations. Furthermore, such Party shall provide the other Party with detail description and evidence documentation from government authorities of the aforementioned circumstances within 15
days of the event. By providing the detail description and evidence documentation above, a moratorium, partial performance or non-performance of the contract shall be allowed for the Party in breach, and based on the underlying circumstances be
exempt from part or all penalty. 

  

	10	GOVERNING LAW AND DISPUTE SETTLEMENT 

  

	 	10.1	All aspects of this Contract will be governed and interpreted in accordance with the laws of Hong Kong . Each of the Parties hereby irrevocably consents and agrees that
any legal action or proceedings brought to enforce this Contract may be brought to a competent court in Hong Kong. 

  

	 	10.2	If there’s any dispute between the two Parties on the interpretation of this Contract or performance obligation, both Parties should first make efforts to reach a
settlement by friendly negotiation. In case a settlement can be reached with 30 days, either Party can proceed legal action again the other Party. 

	 	10.3	Between the time the dispute has occurred and resolved, except for the matters in dispute, the two Parties shall continue to fulfill other outstanding rights and ,
obligations of the Contract. 

  

	11	OTHERS 

  

	 	11.1	The Contract is drafted in both English and Chinese in two original copies, each Party holds one. The version in English shall prevail if there are any inconsistencies
between the English and Chinese version. The Contract and all its attachment constitute the entire agreement The Contract and all its attachment constitute the entire agreement of the Contract objective. 

 

	 	11.2	Any Attachments to this Contract shall be incorporated into the Contract, and have the same legal effect with the articles in the body of the Contract. If there’s
conflicting items between the Contract and the attachment, the terms specified in the Contract shall take precedence over attachments. 

  

	 	11.3	For any modification or amendment to this Contract, the two Parties shall friendly consultation to conclude a supplementary Contract, which has the same legal effect
with this Contract. 

  

									
	SELLER:	 	Chongqing Daqo New Energy Co., Ltd
		
		 	 (Stamp)

					
	Signature:	 	 /s/ Tracy Zhou
	 		 	Date:	 	 September 25, 2010

	Name:	 	 Tracy Zhou
	 		 	Title:	 	 CTO

		
	BUYER:	 	Jiangsu Meike Silicon Energy Co,. Ltd
		
		 	(stamp)
					
	Signature:	 	 /s/ Xu Yong
	 		 	Date:	 	 September 25, 2010

	Name:	 	 Xu Yong
	 		 	Title:	 	  

 APPENDIX A 

POLY SPECIFICATION 

SOLAR GRADE CHUNK POLYSILICON 

Standard 
 This
specification compliances to the following standards: 
  

			
	GB/T XXX	  	Solar grade polycrystalline silicon (un-released)
		
	GB/T 1550	  	Standard methods for measuring conductivity type of extrinsic semiconducting materials
		
	GB/T 1552	  	Test method for measuring resistivity of mono-crystal silicon and germanium with a collinear four-probe array
		
	GB/T 1553	  	Standard test methods for minority carrier lifetime in bulk germanium and silicon by measurement of photoconductivity decay
		
	GB/T 1557	  	The method of determining interstitial oxygen content in silicon by infrared absorption
		
	SEMI MF1391	  	Test method for substitutional atomic carbon content of silicon by infrared absorption
		
	SEMI MF1630	  	Test method for low temperature FT-IR analysis of single crystal silicon for III-V impurities
		
	SEMI MF1723	  	Practice for evaluation of polycrystalline silicon rods by float-zone crystal growth and spectroscopy
		
	SEMI MF1724	  	Test method for measuring surface metal contamination of polycrystalline silicon by acid extraction atomic absorption spectroscopy

 Description 

Medium to extra large solar-grade polysilicon chunks made from dedicated Siemens reactor runs. Breaking into chunks and packaging are
performed in clean room environment and care is taken to minimize introduction of surface contamination during the breaking/packaging processes. 

Small amount of pop-corn surface is allowed. 

No carbon ends (graphite electrodes) are included. 

Specification 
  

					
	 Definitions

	Poly run lot	    	•	  	 Traceable material coming from polysilicon reactor runs.

The polysilicon resistivity is tested for each

			
	Poly shipment lot	    	•	  	 Set of poly run lots summing up the delivery request

The “Poly shipment lot resistivity” will be evaluated through a weighted average of the resistivity of each individual poly run lot used for one
delivery.

							
	 PARAMETER
	  	GRADE I
SPECIFICATION	 	GRADE II
SPECIFICATION	 	TEST
	 N-type, Resistivity (W•cm)

Poly shipment lot
	  	3 100	 	3 40	 	4-Pts
	 Phosphorous (ppba)
	  	£ 1.5	 	£ 3.76	 	LT-FTIR
	 P-type, Resistivity (W•cm)
	  	3 500	 	3 200	 	4-Pts
	 Boron (ppba)
	  	£ 0.5	 	£ 1.3	 	FTIR
	 Oxygen
(atoms/cm3)
	  	£1.0x1017
	 	£1.0x1017
	 	FTIR
	 Carbon
(atoms/cm3)
	  	£1.0x1017
	 	£1.0x1017
	 	FTIR
	 Surface metals (ppbw)
	  	£ 10	 	£ 50	 	ICP-MS
	 Minority Lifetime (ms)
	  	3 200	 	3 100	 	PCD

 Size Specification

 > 3mm and <200 mm (385% by weight in the range of 25 – 200 mm)

 Quality Assurance 

All above parameters are tested for every production lot. 

Packaging 

Material to be packaged in 5KG per bag and 20KG per carton box. 

Each bag has a label listing lot number and weight. 

Each shipping label lists the manufacturer’s name and address, customer name and address, purchase order number and product lot
number.Form of Del Monte Foods Company Restricted Stock Unit Award Agreement

 DEL MONTE FOODS COMPANY 

2002 STOCK INCENTIVE PLAN 

RESTRICTED STOCK UNIT AWARD AGREEMENT 

Del Monte Foods Company, a Delaware corporation (the “Company”), pursuant to its 2002 Stock Incentive Plan, as
amended and restated effective July 28, 2009 (the “Plan”), hereby grants to the holder listed below (the “Participant”), an award of restricted stock units, each of which is a bookkeeping entry
representing the equivalent in value of one (1) share of Common Stock (“Share”), on the terms and conditions set forth herein, including in Appendix A (the “Award Agreement”) and the Plan, which
are incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in the Award Agreement. 
  

					
	 Participant:
	  		  	  

			
	 Grant Date:
	  		  	  

			
	Number of Restricted Stock Units:	  		  	____________________, subject to adjustment as provided by the Award Agreement.
			
	 Vesting Commencement Date:
	  		  	  

			
	 Vesting Schedule:
	  		  	Except as provided in the Award Agreement and provided that the Participant’s service has not terminated prior to the relevant date, the restricted stock units subject to
this Award Agreement (“RSUs”) shall vest and become nonforfeitable in accordance with the following schedule: twenty-five percent (25%) of the total number of RSUs shall vest on each of the second and third anniversaries of
the Vesting Commencement Date, and 50% of the total number of RSUs shall vest on the fourth anniversary of the Vesting Commencement Date.

By his or her signature below or by electronic acceptance or authentication in a form authorized by the Company, the Participant agrees
to be bound by the terms and conditions of the Plan and the Award Agreement. The Participant has reviewed the Plan and the Award Agreement, has had an opportunity to obtain the advice of counsel prior to executing this Award Agreement, and fully
understands all provisions of this Award Agreement and the Plan. The Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan or relating to the
RSUs. 
  

 1 

							
	 DEL MONTE FOODS COMPANY
	  		  	PARTICIPANT
			
		  		  	Participant ES
	By:	  	  
	  		  	  

							
	Title:	  	 Executive Vice President and

Chief Human Resources Officer
	  		 	EMPLOYEE NAME

  

 2 

 APPENDIX A 

TERMS AND CONDITIONS OF RESTRICTED STOCK UNITS 
  

	 	1.	The Award; Participant’s Account; Voting Rights. 

1.1    Award. The Company hereby awards to the Participant RSUs under the Plan. Subject to the terms of this
Award Agreement and the Plan, each RSU represents a right to receive one (1) share of Common Stock (a “Share”) on the applicable vesting date. The number of Shares subject to this Incentive Award, the applicable vesting
schedule for the RSUs, the dates on which the Shares underlying the RSUs will be issued, and the remaining terms and conditions are set forth in this Award Agreement. Unless and until the RSUs have vested in accordance with the vesting schedule set
forth herein, the Participant will have no right to settlement of such RSUs. Prior to settlement of any vested RSUs, such RSUs will represent an unfunded and unsecured obligation of the Company. 

1.2    Participant’s Account. The RSUs granted to the Participant shall be entered into an account in
the Participant’s name. This account shall be a bookkeeping entry only and shall be utilized solely as a device for the measurement and determination of the number of shares of Common Stock to be paid to or in respect of the Participant
pursuant to this Agreement. 
 1.3    Voting Rights. Prior to the settlement of the RSUs, the
Participant shall have no voting rights in respect of such RSUs or the Shares issuable under the RSUs. 
  

	 	2.	Vesting of RSUs. 

2.1    Normal Vesting. Except as otherwise provided in this Award Agreement, the RSUs shall vest as provided
on the first page of this Award Agreement. 
 2.2    Early Vesting for Tax Withholding Obligations.
Anything in the foregoing to the contrary notwithstanding, the Company, upon the exercise of its sole discretion, may cause unvested RSUs to vest prior to the applicable vesting dates, and for Shares to become issuable thereunder, in order to
satisfy any tax withholding obligations contemplated under Section 9 hereof that may arise prior to the date the RSUs vest and the underlying Shares become issuable. 

 

	 	3.	Termination of Service. 

3.1    Death or Disability of the Participant. In the event of the Participant’s death or termination of
the Participant’s service upon a Disability, the vesting of any outstanding RSUs shall be accelerated in full and shall be deemed vested effective as of the date of the Participant’s death or termination of service due to Disability.

 3.2    Retirement. In the case of the Participant’s Retirement prior to the applicable
vesting date, any RSUs shall vest upon the Retirement date pursuant to the Company’s pro-rata vesting policy in effect at the time of Retirement. 
  

 3 

 3.3    Other Terminations. Anything herein notwithstanding, in
the event of the termination of the Participant’s employment by the Company for Cause, or upon the termination of the Participant’s employment for any reason other than the Participant’s death, Disability or Retirement, any
outstanding RSUs that are unvested at such time shall be forfeited by the Participant to the Company; provided that, for Participants who, as of the date hereof, are covered under the Executive Severance Policy or are parties to an employment
agreement with the Company or a Subsidiary of the Company, in the case of termination of employment without Cause or resignation for Good Reason (as defined in the Executive Severance Policy or employment agreement, as applicable), the RSUs shall
vest at the time of termination on a pro-rata basis pursuant to the Company’s pro-rata vesting policy in effect at the time of such termination or resignation. 

4.      Change of Control. In the event of a Change of Control, the vesting of any
outstanding RSUs shall be accelerated in full and shall be deemed vested effective as of the date of the Change of Control. 
  

	 	5.	Settlement of RSUs. 

5.1    Issuance of Shares of Common Stock. Subject to the provisions of Section 5.3, 5.4
and Section 9 and, if applicable, Section 6, the Company shall issue to the Participant (or, if applicable, the Participant’s heirs), on the vesting date pursuant to the vesting schedule set forth on the first page of this Award
Agreement or upon an earlier vesting event in connection with the Participant’s death, termination due to Disability or Retirement or in connection with a Change of Control, if applicable, with respect to each Restricted Stock Unit to be
settled on such date or event one (1) Share; Shares issued in settlement of RSUs shall not be subject to any restriction on transfer other than any such restriction as may be required pursuant to Section 5.4. 

5.2    Compliance with Section 409A. For purposes of this Award Agreement, “termination of
service” and Retirement means a “separation from service,” as defined in the regulations under Section 409A of the Code to the extent the RSUs constitute an item of deferred compensation that is subject to Section 409A of
the Code. The Company shall delay the issuance of any Shares under this Section 5 as contemplated under Section 22 of the Plan to the extent necessary to comply with Section 409A(a)(2)(B)(i) of the Code (relating to payments made to
certain “specified employees” of certain publicly-traded companies); in such event, any Shares to which the Participant would otherwise be entitled during the six (6) month period following the date of the Participant’s
separation from service will be issued during the seventh calendar month following the date of termination of service (or, if earlier, upon the Participant’s death). 

5.3    Beneficial Ownership of Shares. The Participant hereby authorizes the Company, in its
sole discretion, to deposit for the benefit of the Participant with a Company-designated brokerage firm or, at the Company’s discretion, any other broker with which the Participant has an account relationship of which the Company has notice any
or all Shares acquired by the Participant pursuant to the settlement of the RSUs. 
  

 4 

 5.4    Fractional Shares. The Company shall not be
required to issue fractional Shares upon the settlement of the RSUs. 

6.      Deferral. The Committee has the right to determine, in its sole discretion, whether
and in what manner Participants shall be permitted to elect to defer the receipt of a distribution of Common Stock in respect of the RSUs under a deferral plan of the Company, in which case, after vesting, the RSUs would be credited as deferred
stock units in the Participant’s account. Stock equivalent units held in the Participant’s account pursuant to this Section 6 shall accrue dividend equivalents that will be credited in the form of additional stock equivalent units to
the Participant’s account, based on the Fair Market Value of Common Stock on the date the dividend is issued. At the end of the deferral period, all stock equivalent units will be converted and distributed to the Participant in the form of
Common Stock. No fractional shares of Common Stock will be issued. If the calculation of the number of shares of Common Stock to be issued results in fractional shares, then the number of shares of Common Stock will be rounded up to the nearest
whole share of Common Stock. For the avoidance of doubt, the distribution events set forth in the deferral plan under which the RSUs are deferred (and not the settlement provisions in this Award Agreement) shall govern the timing of the issuance of
the Common Stock in settlement of the RSU. 
 7.      Designation of Beneficiary.
The Participant may designate a beneficiary or beneficiaries to whom, along with all other grants or awards made to the Participant under the Plan, the Common Stock that is distributed on account of the RSUs that become vested at the
Participant’s death shall be transferred. A Participant shall designate his or her beneficiary by executing the “2002 Stock Incentive Plan Beneficiary Designation and Spousal Consent Form” and returning it to the Corporate Secretary.
Any form so submitted shall replace, in respect of all grants or awards made to the Participant under the Plan, any previous version of the same form the Participant may have submitted to the Corporate Secretary. A Participant shall have the right
to change his or her beneficiary from time to time by executing a subsequent “2002 Stock Incentive Plan Beneficiary Designation and Spousal Consent Form” and otherwise complying with the terms of such form and the Committee’s rules
and procedures, as in effect from time to time. The Committee shall be entitled to rely on the last “2002 Stock Incentive Plan Beneficiary Designation and Spousal Consent Form” submitted by the Participant, and accepted by the Corporate
Secretary, prior to such Participant’s death. In the absence of such designation of beneficiary, Common Stock that is distributed on account of RSUs that become vested at the Participant’s death will be transferred to the
Participant’s surviving spouse, or if none, to the Participant’s estate. If the Committee has any doubt as to the proper beneficiary, the Committee shall have the right, exercisable in its sole discretion, to withhold such payments until
this matter is resolved to the Committee’s satisfaction. 
 8.      Adjustments for
Changes in Capital Structure. The number of Restricted Stock Units awarded pursuant to this Award Agreement is subject to adjustment as provided in Section 10[(b)] of the Plan. 

9.      Taxes. The Company may, in its discretion, make such provisions and take such steps
as it may deem necessary or appropriate for the withholding of all federal, state, local and other taxes required by law to be withheld with respect to the vesting of any RSUs or the distribution of Common Stock on account of the vesting of any
RSUs, or other taxable event, 
  

 5 

 
including, but not limited to, withholding in Shares to be issued upon vesting and settlement of the RSUs equal in value to such withholding taxes, withholding from proceeds of the sale of Common
Stock acquired upon vesting and settlement of the RSUs either through a voluntary sale or through a mandatory sale arranged by the Company (on the Participant’s behalf and pursuant to this authorization) deducting the amount of such withholding
taxes, from any other amount then or thereafter payable to the Participant, or requiring the Participant or the beneficiary or legal representative of the Participant to pay in cash to the Company the amount required to be withheld or to execute
such documents as the Company deems necessary or desirable to enable it to satisfy its withholding obligations. To avoid negative accounting treatment, the Company may withhold or account for tax withholding obligations by considering applicable
minimum statutory withholding amount or other applicable withholding rates. Anything in this Section 9 to the contrary notwithstanding, in order to avoid a prohibited acceleration under Section 409A of the Code, the number of Shares that
the Company shall be permitted to withhold or sell on behalf of the Participant to satisfy any liability for tax withholding obligations that arises prior to the time that the Shares become issuable pursuant to Section 2, 3 or 4 hereof, with
respect to any portion of the RSUs that is considered deferred compensation subject to Section 409A of the Code shall not exceed that number of Shares that equals the aggregate amount of the tax withholding obligations. If tax withholding
obligations are satisfied by withholding Shares, the Participant shall be deemed to have been issued the full number of Shares subject to the RSUs, notwithstanding that a number of Shares is held back in order to satisfy the tax withholding
obligations. The Company shall not be required to issue any Shares pursuant to this Award Agreement unless and until the withholding obligations are satisfied 

10.      Repayment/Forfeiture for Misconduct. Any benefits received hereunder shall be
subject to repayment or forfeiture (i) as provided by Section 15 of the Plan, as may be amended from time to time or (ii) as may be required to comply with the requirements of the SEC or any securities exchange on which shares of
Common Stock are traded, as may be in effect from time to time. 
 11.      No Special
Rights; No Right to Future Awards. Nothing contained in this Agreement shall confer upon any Participant any right with respect to the continuation of his or her service with the Company, or any right to receive any other grant, bonus, or
other award. 
 12.      Address for Notices. Any notice to be given to the Company
under the terms of this Agreement shall be addressed to the Company, in care of its Corporate Secretary, at One Market @ the Landmark, San Francisco, CA 94105, or at such other address as the Company may hereafter designate in writing. 

13.      Rights as a Stockholder. The Participant shall have no rights as a stockholder with
respect to any Shares which may be issued in settlement of the RSUs until the date of the issuance of a certificate for such Shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the
Company). No adjustment shall be made for dividends, dividend equivalents, distributions or other rights for which the record date is prior to the date such certificate is issued, except as provided herein. 

14.      Other Benefits. The benefits provided to the Participant pursuant to this Award
Agreement are in addition to any other benefits available to such Participant under any other plan 
  

 6 

 
or program of the Company. The Award Agreement shall supplement and shall not supersede, modify, or amend any other such plan or program except as may otherwise be expressly provided. 

15.      Plan Governs. This Award Agreement is subject to all of the terms and provisions of
this Plan. In the event of a conflict between one or more provisions of this Award Agreement and one or more provisions of the Plan, the provisions of the Plan shall govern. Capitalized terms and phrases used and not defined in this Award Agreement
shall have the meaning set forth in the Plan 
 16.      Governing Law. This Award
Agreement shall be governed by and construed in accordance with the laws of the State of California, without reference to its principles of conflicts of laws. 

17.      Committee Authority. The Committee shall have all discretion, power, and authority
to interpret the Plan and this Award Agreement and to adopt such rules for the administration, interpretation, and application of the Plan as are consistent therewith. All actions taken and all interpretations and determinations made by the
Committee in good faith shall be final and binding upon the Participant, the Company, and all other interested persons, and shall be given the maximum deference permitted by law. No member of the Committee shall be personally liable for any action,
determination, or interpretation made in good faith with respect to the Plan or this Agreement. 

18.      Captions. The captions provided herein are for convenience only and are not to serve
as a basis for the interpretation or construction of this Award Agreement. 

19.      Agreement Severable. In the event that any provision in this Award Agreement shall
be held invalid or unenforceable, it shall be adjusted rather than voided, in order to achieve the intent of the parties to the greatest extent possible. If such provision may not be adjusted under applicable law as contemplated in the foregoing,
such provision shall be severable from, and such invalidity or unenforceability shall not be construed to have any effect on, the remaining provisions of this Award Agreement, and all other provisions if this Agreement shall be deemed valid and
enforceable to the fullest extent possible. 
  

 7

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