Document:

2010 Employee, Director and Consultant Equity Incentive Plan

 Exhibit 10.1 
 MYRIAD GENETICS, INC. 
 2010 EMPLOYEE, DIRECTOR AND CONSULTANT EQUITY
INCENTIVE PLAN, AS AMENDED 
 (as last amended December 2, 2011) 

 

	1.	DEFINITIONS. 

 Unless
otherwise specified or unless the context otherwise requires, the following terms, as used in this Myriad Genetics, Inc. 2010 Employee, Director and Consultant Equity Incentive Plan, as amended, have the following meanings: 

Administrator means the Board of Directors, unless it has delegated power to act on its behalf to the Committee, in which case the
Administrator means the Committee. 
 Affiliate means a corporation which, for purposes of Section 424 of the Code,
is a parent or subsidiary of the Company, direct or indirect. 
 Agreement means an agreement between the Company and a
Participant delivered pursuant to the Plan and pertaining to a Stock Right, in such form as the Administrator shall approve. 

Board of Directors means the Board of Directors of the Company. 

Cause means, with respect to a Participant (a) dishonesty with respect to the Company or any Affiliate,
(b) insubordination, substantial malfeasance or non-feasance of duty, (c) unauthorized disclosure of confidential information, (d) breach by a Participant of any provision of any employment, consulting, advisory, nondisclosure,
non-competition or similar agreement between the Participant and the Company or any Affiliate, and (e) conduct substantially prejudicial to the business of the Company or any Affiliate; provided, however, that any provision in an agreement
between a Participant and the Company or an Affiliate, which contains a conflicting definition of Cause for termination and which is in effect at the time of such termination, shall supersede this definition with respect to that Participant. The
determination of the Administrator as to the existence of Cause will be conclusive on the Participant and the Company. 

Change of Control means the occurrence of any of the following events: 

 

	 	(i)	 Ownership. Any “Person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “Beneficial
Owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities 

	 	
of the Company representing 50% or more of the total voting power represented by the Company’s then outstanding voting securities (excluding for this purpose any such voting securities held
by the Company or its Affiliates or by any employee benefit plan of the Company) pursuant to a transaction or a series of related transactions which the Board of Directors does not approve; or 

 

	 	(ii)	Merger/Sale of Assets. (A) A merger or consolidation of the Company whether or not approved by the Board of Directors, other than a merger or consolidation
which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or the parent of such
corporation) more than 50% of the total voting power represented by the voting securities of the Company or such surviving entity or parent of such corporation, as the case may be, outstanding immediately after such merger or consolidation; or
(B) the sale or disposition by the Company of all or substantially all of the Company’s assets in a transaction requiring stockholder approval; or 

 

	 	(iii)	“Change of Control” shall be interpreted, if applicable, in a manner, and limited to the extent necessary, so that it will not cause adverse tax consequences
under Section 409A. 

 Code means the United States Internal Revenue Code of 1986, as amended including
any successor statute, regulation and guidance thereto. 
 Committee means the committee of the Board of Directors to
which the Board of Directors has delegated power to act under or pursuant to the provisions of the Plan. 
 Common Stock
means shares of the Company’s common stock, $.01 par value per share. 
 Company means Myriad Genetics, Inc., a
Delaware corporation. 
 Consultant means any natural person who is an advisor or consultant that provides bona fide
services to the Company or its Affiliates, provided that such services are not in connection with the offer or sale of securities in a capital raising transaction, and do not directly or indirectly promote or maintain a market for the Company’s
or its Affiliates’ securities. 
 Disability or Disabled means permanent and total disability as defined in
Section 22(e)(3) of the Code. 
 Employee means any employee of the Company or of an Affiliate (including, without
limitation, an employee who is also serving as an officer or director of the Company or of an Affiliate), designated by the Administrator to be eligible to be granted one or more Stock Rights under the Plan. 

  
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 Exchange Act means the Securities Exchange Act of 1934, as amended. 

Fair Market Value of a Share of Common Stock means: 

(1) If the Common Stock is listed on a national securities exchange or traded in the over-the-counter market and sales
prices are regularly reported for the Common Stock, the closing or, if not applicable, the last price of the Common Stock on the composite tape or other comparable reporting system for the trading day on the applicable date and if such applicable
date is not a trading day, the last market trading day prior to such date; 
 (2) If the Common Stock is not
traded on a national securities exchange but is traded on the over-the-counter market, if sales prices are not regularly reported for the Common Stock for the trading day referred to in clause (1), and if bid and asked prices for the Common
Stock are regularly reported, the mean between the bid and the asked price for the Common Stock at the close of trading in the over-the-counter market for the trading day on which Common Stock was traded on the applicable date and if such applicable
date is not a trading day, the last market trading day prior to such date; and 
 (3) If the Common Stock is
neither listed on a national securities exchange nor traded in the over-the-counter market, such value as the Administrator, in good faith, shall determine. 
 ISO means an option intended to qualify as an incentive stock option under Section 422 of the Code. 
 Non-Qualified Option means an option which is not intended to qualify as an ISO. 
 Option means an ISO or Non-Qualified Option granted under the Plan. 

Participant means an Employee, director or Consultant of the Company or an Affiliate to whom one or more Stock Rights are granted
under the Plan. As used herein, “Participant” shall include “Participant’s Survivors” where the context requires. 
 Plan means this Myriad Genetics, Inc. 2010 Employee, Director and Consultant Equity Incentive Plan, as amended. 
 Securities Act means the Securities Act of 1933, as amended. 
 Shares
means shares of the Common Stock as to which Stock Rights have been or may be granted under the Plan or any shares of capital stock into which the Shares are changed or for which they are exchanged within the provisions of Paragraph 3 of the
Plan. The Shares issued under the Plan may be authorized and unissued shares or shares held by the Company in its treasury, or both. 

  
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 Stock Appreciation Right means a Stock-Based Award providing for the right to receive
an amount equal to the excess of the Fair Market Value of the Shares on the date of exercise over the exercise price of the Stock Appreciation Right, which exercise price shall not be less than the Fair Market Value of the Shares on the date of
grant and a term of not more than ten years. 
 Stock-Based Award means a grant by the Company under the Plan of an equity
award or an equity based award which is not an Option or a Stock Grant. 
 Stock Grant means a grant by the Company of
Shares under the Plan. 
 Stock Right means a right to Shares or the value of Shares of the Company granted pursuant to
the Plan — an ISO, a Non-Qualified Option, a Stock Grant or a Stock-Based Award. 
 Survivor means a deceased
Participant’s legal representatives and/or any person or persons who acquired the Participant’s rights to a Stock Right by will or by the laws of descent and distribution. 

 

	2.	PURPOSES OF THE PLAN. 

The Plan is intended to encourage ownership of Shares by Employees and directors of and certain Consultants to the Company and its
Affiliates in order to attract and retain such people, to induce them to work for the benefit of the Company or of an Affiliate and to provide additional incentive for them to promote the success of the Company or of an Affiliate. The Plan provides
for the granting of ISOs, Non-Qualified Options, Stock Grants and Stock-Based Awards. 
  

	3.	SHARES SUBJECT TO THE PLAN. 

 (a) The number of Shares which may be issued from time to time pursuant to this Plan shall not exceed (i) 7,678,6541/ shares of Common Stock plus (ii) any shares of Common Stock that are represented by options previously granted under
the Company’s (x) 2002 Amended and Restated Employee, Director and Consultant Stock Option Plan and (y) 2003 Employee, Director and Consultant Stock Option Plan, as amended, that expire or are cancelled without delivery of shares of
Common Stock on or after September 22, 2011, or the equivalent of such number of Shares after the Administrator, in its sole discretion, has interpreted the effect of any stock split, stock dividend, combination, recapitalization or similar
transaction in accordance with Paragraph 24 of this Plan; provided, however, that no more than 12,699,9112/ Shares shall be added to the Plan pursuant to subsection (ii). 
  

	1/	 This number
consists of (i) 3,500,000 shares approved by the Company’s stockholders on December 3, 2010, (ii) 3,500,000 shares approved by the Company’s stockholders on December 2, 2011, and (iii) 678,654 shares transferred
into the Plan, pursuant to this Section 3(a), as of September 21, 2011 that were cancelled or expired under the Company’s 2002 Amended and Restated Stock Option Plan (the “2002 Plan”) and 2003 Employee, Director, and
Consultant Plan (the “2003 Plan”). 

	2/	 This number
consists of options to purchase 12,016,282 and 683,629 shares of common stock that are outstanding under the 2003 Plan and 2002 Plan, respectively, as of September 21, 2011. 

  
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 (b) The grant of any Stock Right other than an Option or a Stock Appreciation Right shall
for purposes of Paragraph 3(a), reduce the number of Shares available for issuance under this Plan by 2 Shares for each such Share actually subject to the Stock Right and shall be deemed for purposes of this Paragraph 3, as a Stock Right of 2 Shares
for each such Share actually subject to the Stock Right. The grant of an Option or a Stock Appreciation Right shall be deemed for purposes of this Paragraph 3, as a Stock Right for one Share for each such Share actually subject to the Stock Right.

 (c) If an Option ceases to be “outstanding”, in whole or in part (other than by exercise), or if the Company shall
reacquire (at not more than its original issuance price) any Shares issued pursuant to a Stock Grant or Stock-Based Award, or if any Stock Right expires or is forfeited, cancelled, or otherwise terminated or results in any Shares not being issued,
the unissued or reacquired Shares which were subject to such Stock Right shall again be available for issuance from time to time pursuant to this Plan and in accordance with the provisions of Paragraph 3(b) above. Notwithstanding the foregoing, if a
Stock Right is exercised, in whole or in part, by tender of Shares or if the Company or an Affiliate’s tax withholding obligation is satisfied by withholding Shares, the number of Shares deemed to have been issued under the Plan for purposes of
the limitation set forth in Paragraph 3(a) above shall be the number of Shares that were subject to the Stock Right or portion thereof, and not the net number of Shares actually issued and any Stock Appreciation Right to be settled in shares of
Common Stock shall be counted in full against the number of Shares available for issuance under the Plan, regardless of the number of exercise gain Shares issued upon the settlement of the Stock Appreciation Right. However, in the case of ISOs, the
foregoing provisions shall be subject to any limitations under the Code. 
  

	4.	ADMINISTRATION OF THE PLAN. 

 The Administrator of the Plan will be the Board of Directors, except to the extent the Board of Directors delegates its authority to the Committee, in which case the Committee shall be the Administrator.
Subject to the provisions of the Plan, the Administrator is authorized to: 
 (a) Interpret the provisions of the
Plan and all Stock Rights and to make all rules and determinations which it deems necessary or advisable for the administration of the Plan; 
 (b) Determine which Employees, directors and Consultants shall be granted Stock Rights; 
 (c) Determine the number of Shares for which a Stock Right or Stock Rights shall be granted, provided, however, that in no event shall Stock Rights with respect to more than 1,000,000 Shares be granted to
any Participant in any fiscal year; 

  
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 (d) Specify the terms and conditions upon which a Stock Right or Stock
Rights may be granted; 
 (e) Make changes to any outstanding Stock Right, including, without limitation, to
reduce or increase the exercise price or purchase price, accelerate the vesting schedule or extend the expiration date, provided that no such change shall impair the rights of a Participant under any grant previously made without such
Participant’s consent and further provided that without the prior approval of the Company’s shareholders, Options and Stock Appreciation Rights issued will not be repriced, replaced, or regranted through cancellation, or by lowering the
exercise price of a previously granted award; and 
 (f) Adopt any sub-plans applicable to residents of any
specified jurisdiction as it deems necessary or appropriate in order to comply with or take advantage of any tax or other laws applicable to the Company, any Affiliate or to Participants or to otherwise facilitate the administration of the Plan,
which sub-plans may include additional restrictions or conditions applicable to Stock Rights or Shares issuable pursuant to a Stock Right; 

provided, however, that all such interpretations, rules, determinations, terms and conditions shall be made and prescribed in the context of not causing
any adverse tax consequences under Section 409A of the Code and preserving the tax status under Section 422 of the Code of those Options which are designated as ISOs. Subject to the foregoing, the interpretation and construction by the
Administrator of any provisions of the Plan or of any Stock Right granted under it shall be final, unless otherwise determined by the Board of Directors, if the Administrator is the Committee. In addition, if the Administrator is the Committee, the
Board of Directors may take any action under the Plan that would otherwise be the responsibility of the Committee. 
 To the
extent permitted under applicable law, the Board of Directors or the Committee may allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any portion of its responsibilities and
powers to any other person selected by it. The Board of Directors or the Committee may revoke any such allocation or delegation at any time. Notwithstanding the foregoing, only the Board of Directors or the Committee shall be authorized to grant a
Stock Right to any director of the Company or to any “officer” of the Company (as defined by Rule 16a-1 under the Exchange Act). 
  

	5.	ELIGIBILITY FOR PARTICIPATION. 

 The Administrator will, in its sole discretion, name the Participants in the Plan; provided, however, that each Participant must be an Employee, director or Consultant of the Company or of an Affiliate at
the time a Stock Right is granted. Notwithstanding the foregoing, the Administrator may authorize the grant of a Stock Right to a person not then an Employee, director or Consultant of the Company or of an Affiliate; provided, however, that the
actual grant of such Stock Right shall be conditioned upon such person becoming eligible to become a Participant at or prior to the time of the execution of the Agreement evidencing such Stock Right. ISOs may be granted only to Employees who are
deemed to be residents of the United States for tax purposes. Non-Qualified Options, Stock Grants and Stock-Based Awards may be granted to any Employee, director or Consultant of the Company or an Affiliate. The granting of

  
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any Stock Right to any individual shall neither entitle that individual to, nor disqualify him or her from, participation in any other grant of Stock Rights or any grant under any other benefit
plan established by the Company or any Affiliate for Employees, directors or Consultants. 
  

	6.	TERMS AND CONDITIONS OF OPTIONS. 

 Each Option shall be set forth in writing in an Option Agreement, duly executed by the Company and, to the extent required by law or requested by the Company, by the Participant. The Administrator may
provide that Options be granted subject to such terms and conditions, consistent with the terms and conditions specifically required under this Plan, as the Administrator may deem appropriate including, without limitation, subsequent approval by the
shareholders of the Company of this Plan or any amendments thereto. The Option Agreements shall be subject to at least the following terms and conditions: 
 (a) Non-Qualified Options: Each Option intended to be a Non-Qualified Option shall be subject to the terms and conditions which the Administrator determines to be appropriate and in the best
interest of the Company, subject to the following minimum standards for any such Non-Qualified Option: 
  

	 	(i)	Exercise Price: Each Option Agreement shall state the exercise price (per share) of the Shares covered by each Option, which exercise price shall be determined
by the Administrator and shall be at least equal to the Fair Market Value per share of the Common Stock on the date of grant of the Option. 

  

	 	(ii)	Number of Shares: Each Option Agreement shall state the number of Shares to which it pertains. 

 

	 	(iii)	Option Periods: Each Option Agreement shall state the date or dates on which it first is exercisable and the date after which it may no longer be exercised,
provided that each Non-Qualified Option shall terminate not more than ten years from the date of grant. Each Option Agreement may provide that the Option rights accrue or become exercisable in installments over a period of months or years, or upon
the occurrence of certain conditions or the attainment of stated goals or events. 

  

	 	(iv)	Option Conditions: Exercise of any Option may be conditioned upon the Participant’s execution of a Share purchase agreement in form satisfactory to the
Administrator providing for certain protections for the Company and its other shareholders, including requirements that: 

  

	 	A.	The Participant’s or the Participant’s Survivors’ right to sell or transfer the Shares may be restricted; and 

  
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	 	B.	The Participant or the Participant’s Survivors may be required to execute letters of investment intent and must also acknowledge that the Shares will bear legends
noting any applicable restrictions. 

 (b) ISOs: Each Option intended to be an ISO shall be
issued only to an Employee who is deemed to be a resident of the United States for tax purposes, and shall be subject to the following terms and conditions, with such additional restrictions or changes as the Administrator determines are appropriate
but not in conflict with Section 422 of the Code and relevant regulations and rulings of the Internal Revenue Service: 
  

	 	(i)	Minimum standards: The ISO shall meet the minimum standards required of Non-Qualified Options, as described in Paragraph 6(a) above, except for clause
(i) thereunder. 

  

	 	(ii)	Exercise Price: Immediately before the ISO is granted, if the Participant owns, directly or by reason of the applicable attribution rules in Section 424(d)
of the Code: 

  

	 	A.	10% or less of the total combined voting power of all classes of stock of the Company or an Affiliate, the exercise price per share of the Shares covered by each
ISO shall not be less than 100% of the Fair Market Value per share of the Common Stock on the date of grant of the Option; or 

  

	 	B.	More than 10% of the total combined voting power of all classes of stock of the Company or an Affiliate, the exercise price per share of the Shares covered by each ISO
shall not be less than 110% of the Fair Market Value per share of the Common Stock on the date of grant of the Option. 

  

	 	(iii)	Term of Option: For Participants who own: 

  

	 	A.	10% or less of the total combined voting power of all classes of stock of the Company or an Affiliate, each ISO shall terminate not more than ten years from the
date of the grant or at such earlier time as the Option Agreement may provide; or 

  

	 	B.	More than 10% of the total combined voting power of all classes of stock of the Company or an Affiliate, each ISO shall terminate not more than five years from the date
of the grant or at such earlier time as the Option Agreement may provide. 

  

	 	(iv)	Limitation on Yearly Exercise: The Option Agreements shall restrict the amount of ISOs which may become exercisable in any calendar year (under this or any other
ISO plan of the Company or an Affiliate) so that the aggregate Fair Market Value (determined on the date each ISO is granted) of the stock with respect to which ISOs are exercisable for the first time by the Participant in any calendar year does not
exceed $100,000. 

  
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	7.	TERMS AND CONDITIONS OF STOCK GRANTS. 

 Each Stock Grant to a Participant shall state the principal terms in an Agreement duly executed by the Company and, to the extent required by law or requested by the Company, by the Participant. The
Agreement shall be in a form approved by the Administrator and shall contain terms and conditions which the Administrator determines to be appropriate and in the best interest of the Company, subject to the following minimum standards: 

(a) Each Agreement shall state the purchase price per share, if any, of the Shares covered by each Stock Grant, which
purchase price shall be determined by the Administrator but shall not be less than the minimum consideration required by the Delaware General Corporation Law, if any, on the date of grant of the Stock Grant; 

(b) Each Agreement shall state the number of Shares to which the Stock Grant pertains; and 

(c) Each Agreement shall include the terms of any right of the Company to restrict or reacquire the Shares subject to the
Stock Grant, including the time and events upon which such rights shall accrue and the purchase price therefor, if any. 
  

	8.	TERMS AND CONDITIONS OF OTHER STOCK-BASED AWARDS. 

 The Administrator shall have the right to grant other Stock-Based Awards based upon the Common Stock having such terms and conditions as the Administrator may determine, including, without limitation, the
grant of Shares based upon certain conditions, the grant of securities convertible into Shares and the grant of Stock Appreciation Rights, phantom stock awards or stock units. The principal terms of each Stock-Based Award shall be set forth in an
Agreement, duly executed by the Company and, to the extent required by law or requested by the Company, by the Participant. The Agreement shall be in a form approved by the Administrator and shall contain terms and conditions which the Administrator
determines to be appropriate and in the best interest of the Company. 
 The Company intends that the Plan and any Stock-Based
Awards granted hereunder be exempt from the application of Section 409A of the Code or meet the requirements of paragraphs (2), (3) and (4) of subsection (a) of Section 409A of the Code, to the extent applicable, and be
operated in accordance with Section 409A so that any compensation deferred under any Stock-Based Award (and applicable investment earnings) shall not be included in income under Section 409A of the Code. Any ambiguities in the Plan shall
be construed to effect the intent as described in this Paragraph 8. 

  
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	9.	EXERCISE OF OPTIONS AND ISSUE OF SHARES. 

 An Option (or any part or installment thereof) shall be exercised by giving written notice to the Company or its designee (in a form acceptable to the Administrator, which may include electronic notice),
together with provision for payment of the aggregate exercise price in accordance with this Paragraph for the Shares as to which the Option is being exercised, and upon compliance with any other condition(s) set forth in the Option Agreement. Such
notice shall be signed by the person exercising the Option (which signature may be provided electronically in a form acceptable to the Administrator), shall state the number of Shares with respect to which the Option is being exercised and shall
contain any representation required by the Plan or the Option Agreement. Payment of the exercise price for the Shares as to which such Option is being exercised shall be made (a) in United States dollars in cash or by check, or (b) at the
discretion of the Administrator, through delivery of shares of Common Stock held for at least six months (if required to avoid negative accounting treatment) having a Fair Market Value equal as of the date of the exercise to the aggregate cash
exercise price for the number of Shares as to which the Option is being exercised, or (c) at the discretion of the Administrator, by having the Company retain from the Shares otherwise issuable upon exercise of the Option, a number of Shares
having a Fair Market Value equal as of the date of exercise to the aggregate exercise price for the number of Shares as to which the Option is being exercised, or (d) at the discretion of the Administrator, in accordance with a cashless
exercise program established with a securities brokerage firm, and approved by the Administrator, or (e) at the discretion of the Administrator, by any combination of (a), (b), (c) and (d) above or (f) at the discretion of the
Administrator, by payment of such other lawful consideration as the Administrator may determine. Notwithstanding the foregoing, the Administrator shall accept only such payment on exercise of an ISO as is permitted by Section 422 of the Code.

 The Company shall then reasonably promptly deliver the Shares as to which such Option was exercised to the Participant (or to
the Participant’s Survivors, as the case may be). In determining what constitutes “reasonably promptly,” it is expressly understood that the issuance and delivery of the Shares may be delayed by the Company in order to comply with any
law or regulation (including, without limitation, state securities or “blue sky” laws) which requires the Company to take any action with respect to the Shares prior to their issuance. The Shares shall, upon delivery, be fully paid,
non-assessable Shares. 
 The Administrator shall have the right to accelerate the date of exercise of any installment of any
Option; provided that the Administrator shall not accelerate the exercise date of any installment of any Option granted to an Employee as an ISO (and not previously converted into a Non-Qualified Option pursuant to Paragraph 27) without the prior
approval of the Employee if such acceleration would violate the annual vesting limitation contained in Section 422(d) of the Code, as described in Paragraph 6(b)(iv). 
 The Administrator may, in its discretion, amend any term or condition of an outstanding Option provided (i) such term or condition as amended is permitted by the Plan, (ii) any such amendment
shall be made only with the consent of the Participant to whom the Option was granted, or in the event of the death of the Participant, the Participant’s Survivors, if the amendment is adverse to the Participant, and (iii) any such
amendment of any Option shall be made only after the Administrator determines whether such amendment would constitute a 

  
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“modification” of any Option which is an ISO (as that term is defined in Section 424(h) of the Code) or would cause any adverse tax consequences for the holder of any Option
including, but not limited to, pursuant to Section 409A of the Code. 
  

	10.	ACCEPTANCE OF STOCK GRANTS AND STOCK-BASED AWARDS AND ISSUE OF SHARES. 

 A Stock Grant or Stock-Based Award (or any part or installment thereof) shall be accepted by executing the applicable Agreement and delivering it to the Company or its designee, together with provision
for payment of the purchase price, if any, in accordance with this Paragraph for the Shares as to which such Stock Grant or Stock-Based Award is being accepted, and upon compliance with any other conditions set forth in the applicable Agreement.
Payment of the purchase price for the Shares as to which such Stock Grant or Stock-Based Award is being accepted shall be made (a) in United States dollars in cash or by check, or (b) at the discretion of the Administrator, through
delivery of shares of Common Stock held for at least six months (if required to avoid negative accounting treatment) and having a Fair Market Value equal as of the date of acceptance of the Stock Grant or Stock Based-Award to the purchase price of
the Stock Grant or Stock-Based Award, or (c) at the discretion of the Administrator, by any combination of (a) and (b) above; or (c) at the discretion of the Administrator, by payment of such other lawful consideration as the
Administrator may determine. 
 The Company shall then, if required by the applicable Agreement, reasonably promptly deliver the
Shares as to which such Stock Grant or Stock-Based Award was accepted to the Participant (or to the Participant’s Survivors, as the case may be), subject to any escrow provision set forth in the applicable Agreement. In determining what
constitutes “reasonably promptly,” it is expressly understood that the issuance and delivery of the Shares may be delayed by the Company in order to comply with any law or regulation (including, without limitation, state securities or
“blue sky” laws) which requires the Company to take any action with respect to the Shares prior to their issuance. 

The Administrator may, in its discretion, amend any term or condition of an outstanding Stock Grant, Stock-Based Award or applicable
Agreement provided (i) such term or condition as amended is permitted by the Plan, (ii) any such amendment shall be made only with the consent of the Participant to whom the Stock Grant or Stock-Based Award was made, if the amendment is
adverse to the Participant, and (iii) any such amendment shall be made only after the Administrator determines whether such amendment would cause any adverse tax consequences to the Participant, including, but not limited to, pursuant to
Section 409A of the Code. 
  

	11.	RIGHTS AS A SHAREHOLDER. 

No Participant to whom a Stock Right has been granted shall have rights as a shareholder with respect to any Shares covered by such Stock
Right, except after due exercise of the Option or acceptance of the Stock Grant or as set forth in any Agreement, and tender of the aggregate exercise or purchase price, if any, for the Shares being purchased pursuant to such exercise or acceptance
and registration of the Shares in the Company’s share register in the name of the Participant. 

  
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	12.	ASSIGNABILITY AND TRANSFERABILITY OF STOCK RIGHTS. 

 By its terms, a Stock Right granted to a Participant shall not be transferable by the Participant other than (i) by will or by the laws of descent and distribution, or (ii) as approved by the
Administrator in its discretion and set forth in the applicable Agreement provided that no Stock Right may be transferred by a Participant for value. Notwithstanding the foregoing, an ISO transferred except in compliance with clause (i) above
shall no longer qualify as an ISO. The designation of a beneficiary of a Stock Right by a Participant, with the prior approval of the Administrator and in such form as the Administrator shall prescribe, shall not be deemed a transfer prohibited by
this Paragraph. Except as provided above, a Stock Right shall only be exercisable or may only be accepted, during the Participant’s lifetime, by such Participant (or by his or her legal representative) and shall not be assigned, pledged or
hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar process. Any attempted transfer, assignment, pledge, hypothecation or other disposition of any Stock Right or of any
rights granted thereunder contrary to the provisions of this Plan, or the levy of any attachment or similar process upon a Stock Right, shall be null and void. 
  

	13.	EFFECT ON OPTIONS OF TERMINATION OF SERVICE OTHER THAN FOR CAUSE OR DEATH OR DISABILITY. 

Except as otherwise provided in a Participant’s Option Agreement, in the event of a termination of service (whether as an Employee,
director or Consultant) with the Company or an Affiliate before the Participant has exercised an Option, the following rules apply: 
 (a) A Participant who ceases to be an Employee, director or Consultant of the Company or of an Affiliate (for any reason other than termination for Cause, Disability, or death for which events there are
special rules in Paragraphs 14, 15, and 16, respectively), may exercise any Option granted to him or her to the extent that the Option is exercisable on the date of such termination of service, but only within such term as the Administrator has
designated in a Participant’s Option Agreement. 
 (b) Except as provided in Subparagraph (c) below, or
Paragraph 15 or 16, in no event may an Option intended to be an ISO, be exercised later than three months after the Participant’s termination of employment. 

(c) The provisions of this Paragraph, and not the provisions of Paragraph 15 or 16, shall apply to a Participant who
subsequently becomes Disabled or dies after the termination of employment, director status or consultancy; provided, however, in the case of a Participant’s Disability or death within three months after the termination of employment, director
status or consultancy, the Participant or the Participant’s Survivors may exercise the Option within one year after the date of the Participant’s termination of service, but in no event after the date of expiration of the term of the
Option. 

  
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 (d) Notwithstanding anything herein to the contrary, if subsequent to a
Participant’s termination of employment, termination of director status or termination of consultancy, but prior to the exercise of an Option, the Administrator determines that, either prior or subsequent to the Participant’s termination,
the Participant engaged in conduct which would constitute Cause, then such Participant shall forthwith cease to have any right to exercise any Option. 

(e) A Participant to whom an Option has been granted under the Plan who is absent from the Company or
an Affiliate because of temporary disability (any disability other than a Disability as defined in Paragraph 1 hereof), or who is on leave of absence for any purpose, shall not, during the period of any such absence, be deemed, by virtue of such
absence alone, to have terminated such Participant’s employment, director status or consultancy with the Company or with an Affiliate, except as the Administrator may otherwise expressly provide; provided, however, that, for ISOs, any leave of
absence granted by the Administrator of greater than ninety days, unless pursuant to a contract or statute that guarantees the right to reemployment, shall cause such ISO to become a Non-Qualified Option on the 181st day following such leave of absence. 

(f) Except as required by law or as set forth in a Participant’s Option Agreement, Options granted under the Plan
shall not be affected by any change of a Participant’s status within or among the Company and any Affiliates, so long as the Participant continues to be an Employee, director or Consultant of the Company or any Affiliate. 

 

	14.	EFFECT ON OPTIONS OF TERMINATION OF SERVICE FOR CAUSE. 

 Except as otherwise provided in a Participant’s Option Agreement, the following rules apply if the Participant’s service (whether as an Employee, director or Consultant) with the Company or an
Affiliate is terminated for Cause prior to the time that all his or her outstanding Options have been exercised: 

(a) All outstanding and unexercised Options as of the time the Participant is notified his or her service is terminated
for Cause will immediately be forfeited. 
 (b) Cause is not limited to events which have occurred prior to a
Participant’s termination of service, nor is it necessary that the Administrator’s finding of Cause occur prior to termination. If the Administrator determines, subsequent to a Participant’s termination of service but prior to the
exercise of an Option, that either prior or subsequent to the Participant’s termination the Participant engaged in conduct which would constitute Cause, then the right to exercise any Option is forfeited. 

 

	15.	EFFECT ON OPTIONS OF TERMINATION OF SERVICE FOR DISABILITY. 

 Except as otherwise provided in a Participant’s Option Agreement: 
 (a) A Participant who ceases to be an Employee, director or Consultant of the Company or of an Affiliate by reason of Disability may exercise any Option granted to such Participant: 

  
 13 

	 	(i)	To the extent that the Option has become exercisable but has not been exercised on the date of the Participant’s termination of service due to Disability; and

  

	 	(ii)	In the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through the date of the Participant’s termination of service
due to Disability of any additional vesting rights that would have accrued on the next vesting date had the Participant not become Disabled. The proration shall be based upon the number of days accrued in the current vesting period prior to the date
of the Participant’s termination of service due to Disability. 

 (b) A Disabled Participant
may exercise the Option only within (i) if the Option is an ISO, the period ending one year after the date of the Participant’s termination due to Disability or, if earlier, within the originally prescribed term of the Option, or
(ii) if the Option is a Non-Qualified Option, within the remaining term of the Option, notwithstanding that the Participant might have been able to exercise the Option as to some or all of the Shares on a later date if the Participant had not
become Disabled and had continued to be an Employee, director or Consultant. 
 (c) The Administrator shall make
the determination both of whether Disability has occurred and the date of its occurrence (unless a procedure for such determination is set forth in another agreement between the Company and such Participant, in which case such procedure shall be
used for such determination). If requested, the Participant shall be examined by a physician selected or approved by the Administrator, the cost of which examination shall be paid for by the Company. 

 

	16.	EFFECT ON OPTIONS OF DEATH WHILE AN EMPLOYEE, DIRECTOR OR CONSULTANT. 

 Except as otherwise provided in a Participant’s Option Agreement: 
 (a) In the event of the death of a Participant while the Participant is an Employee, director or Consultant of the Company or of an Affiliate, such Option shall become fully exercisable as of the date of
the Participant’s death. 
 (b) If the Participant’s Survivors wish to exercise the Option, they must
take all necessary steps to exercise the Option within the originally prescribed term of the Option. 
  

	17.	EFFECT OF TERMINATION OF SERVICE ON UNACCEPTED STOCK GRANTS. 

 In the event of a termination of service (whether as an Employee, director or Consultant) with the Company or an Affiliate for any reason before the Participant has accepted a Stock Grant, such offer
shall terminate. 

  
 14 

 For purposes of this Paragraph 17 and Paragraph 18 below, a Participant to whom a Stock
Grant has been offered and accepted under the Plan who is absent from work with the Company or with an Affiliate because of temporary disability (any disability other than a Disability as defined in Paragraph 1 hereof), or who is on leave of absence
for any purpose, shall not, during the period of any such absence, be deemed, by virtue of such absence alone, to have terminated such Participant’s employment, director status or consultancy with the Company or with an Affiliate, except as the
Administrator may otherwise expressly provide. 
 In addition, for purposes of this Paragraph 17 and Paragraph 18 below, any
change of employment or other service within or among the Company and any Affiliates shall not be treated as a termination of employment, director status or consultancy so long as the Participant continues to be an Employee, director or Consultant
of the Company or any Affiliate. 
  

	18.	EFFECT ON STOCK GRANTS OF TERMINATION OF SERVICE OTHER THAN FOR CAUSE OR DEATH OR DISABILITY. 

Except as otherwise provided in a Participant’s Stock Grant Agreement, in the event of a termination of service (whether as an
Employee, director or Consultant), other than termination for Cause, Disability, or death for which events there are special rules in Paragraphs 19, 20, and 21, respectively, before all forfeiture provisions or Company rights of repurchase shall
have lapsed, then the Company shall have the right to cancel or repurchase that number of Shares subject to a Stock Grant as to which the Company’s forfeiture or repurchase rights have not lapsed. 

 

	19.	EFFECT ON STOCK GRANTS OF TERMINATION OF SERVICE FOR CAUSE. 

 Except as otherwise provided in a Participant’s Stock Grant Agreement, the following rules apply if the Participant’s service (whether as an Employee, director or Consultant) with the Company or
an Affiliate is terminated for Cause: 
 (a) All Shares subject to any Stock Grant that remain subject to forfeiture provisions
or as to which the Company shall have a repurchase right shall be immediately forfeited to the Company as of the time the Participant is notified his or her service is terminated for Cause. 

(b) Cause is not limited to events which have occurred prior to a Participant’s termination of service, nor is it necessary that the
Administrator’s finding of Cause occur prior to termination. If the Administrator determines, subsequent to a Participant’s termination of service, that either prior or subsequent to the Participant’s termination the Participant
engaged in conduct which would constitute Cause, then all Shares subject to any Stock Grant that remained subject to forfeiture provisions or as to which the Company had a repurchase right on the date of termination shall be immediately forfeited to
the Company. 

  
 15 

	20.	EFFECT ON STOCK GRANTS OF TERMINATION OF SERVICE FOR DISABILITY. 

 Except as otherwise provided in a Participant’s Stock Grant Agreement, the following rules apply if a Participant ceases to be an Employee, director or Consultant of the Company or of an Affiliate by
reason of Disability: to the extent the forfeiture provisions or the Company’s rights of repurchase have not lapsed on the date of the Participant’s termination due to Disability, they shall be exercisable; provided, however, that in the
event such forfeiture provisions or rights of repurchase lapse periodically, such provisions or rights shall lapse to the extent of a pro rata portion of the Shares subject to such Stock Grant through the date of the Participant’s termination
due to Disability as would have lapsed had the Participant not been terminated due to Disability. The proration shall be based upon the number of days accrued prior to the date of the Participant’s termination due to Disability. 

The Administrator shall make the determination both as to whether Disability has occurred and the date of its occurrence (unless a
procedure for such determination is set forth in another agreement between the Company and such Participant, in which case such procedure shall be used for such determination). If requested, the Participant shall be examined by a physician selected
or approved by the Administrator, the cost of which examination shall be paid for by the Company. 
  

	21.	EFFECT ON STOCK GRANTS OF DEATH WHILE AN EMPLOYEE, DIRECTOR OR CONSULTANT. 

 Except as otherwise provided in a Participant’s Stock Grant Agreement, the following rules apply in the event of the death of a Participant while the Participant is an Employee, director or
Consultant of the Company or of an Affiliate: to the extent the forfeiture provisions or the Company’s rights of repurchase have not lapsed on the date of death, they shall lapse in full on the Participant’s date of death. 

 

	22.	PURCHASE FOR INVESTMENT. 

Unless the offering and sale of the Shares to be issued upon the particular exercise or acceptance of a Stock Right shall have been
effectively registered under the Securities Act, the Company shall be under no obligation to issue the Shares covered by such exercise unless and until the following conditions have been fulfilled: 

(a) The person who exercises or accepts such Stock Right shall warrant to the Company, prior to the receipt of such
Shares, that such person is acquiring such Shares for his or her own account, for investment, and not with a view to, or for sale in connection with, the distribution of any such Shares, in which event the person acquiring such Shares shall be bound
by the provisions of the following legend (or a legend in substantially similar form) which shall be endorsed upon the certificate evidencing the Shares issued pursuant to such exercise or such grant: 

  
 16 

 “The shares represented by this certificate have been taken for investment and they
may not be sold or otherwise transferred by any person, including a pledgee, unless (1) either (a) a Registration Statement with respect to such shares shall be effective under the Securities Act of 1933, as amended, or (b) the
Company shall have received an opinion of counsel satisfactory to it that an exemption from registration under such Act is then available, and (2) there shall have been compliance with all applicable state securities laws.” 

(b) At the discretion of the Administrator, the Company shall have received an opinion of its counsel that the Shares may
be issued upon such particular exercise or acceptance in compliance with the Securities Act without registration thereunder. 
  

	23.	DISSOLUTION OR LIQUIDATION OF THE COMPANY. 

 Upon the dissolution or liquidation of the Company, all Options granted under this Plan which as of such date shall not have been exercised and all Stock Grants and Stock-Based Awards which have not been
accepted will terminate and become null and void; provided, however, that if the rights of a Participant or a Participant’s Survivors have not otherwise terminated and expired, the Participant or the Participant’s Survivors will have the
right immediately prior to such dissolution or liquidation to exercise or accept any Stock Right to the extent that the Stock Right is exercisable or subject to acceptance as of the date immediately prior to such dissolution or liquidation. Upon the
dissolution or liquidation of the Company, any outstanding Stock-Based Awards shall immediately terminate unless otherwise determined by the Administrator or specifically provided in the applicable Agreement. 

 

	24.	ADJUSTMENTS. 

 Upon the
occurrence of any of the following events, a Participant’s rights with respect to any Stock Right granted to him or her hereunder shall be adjusted as hereinafter provided, unless otherwise specifically provided in a Participant’s
Agreement: 
 (a) Stock Dividends and Stock Splits. If (i) the shares of Common Stock shall be
subdivided or combined into a greater or smaller number of shares or if the Company shall issue any shares of Common Stock as a stock dividend on its outstanding Common Stock, or (ii) additional shares or new or different shares or other
securities of the Company or other non-cash assets are distributed with respect to such shares of Common Stock, the number of shares of Common Stock deliverable upon the exercise of an Option or acceptance of a Stock Grant shall be appropriately
increased or decreased proportionately, and appropriate adjustments shall be made including, in the exercise or purchase price per share, to reflect such events. The number of Shares subject to the limitations in Paragraph 3(a) and 4(c) shall also
be proportionately adjusted upon the occurrence of such events. 
 (b) Corporate Transactions. If the
Company is to be consolidated with or acquired by another entity in a merger, consolidation, or sale of all or substantially all of the Company’s 

  
 17 

 
assets other than a transaction to merely change the state of incorporation (a “Corporate Transaction”), the Administrator or the board of directors of any entity assuming the
obligations of the Company hereunder (the “Successor Board”), shall, as to outstanding Options, either (i) make appropriate provision for the continuation of such Options by substituting on an equitable basis for the Shares then
subject to such Options either the consideration payable with respect to the outstanding shares of Common Stock in connection with the Corporate Transaction or securities of any successor or acquiring entity; or (ii) upon written notice to the
Participants, provide that such Options must be exercised (either (A) to the extent then exercisable or, (B) at the discretion of the Administrator, including upon a Change of Control of the Company, any such Options being made fully
exercisable for purposes of this Subparagraph), within a specified number of days of the date of such notice, at the end of which period such Options which have not been exercised shall terminate; or (iii) terminate such Options in exchange for
payment of an amount equal to the consideration payable upon consummation of such Corporate Transaction to a holder of the number of shares of Common Stock into which such Option would have been exercisable (either (A) to the extent then
exercisable or, (B) at the discretion of the Administrator, any such Options being made fully exercisable for purposes of this Subparagraph) less the aggregate exercise price thereof. For purposes of determining the payments to be made
pursuant to Subclause (iii) above, in the case of a Corporate Transaction the consideration for which, in whole or in part, is other than cash, the consideration other than cash shall be valued at the fair value thereof as determined in good
faith by the Board of Directors. 
 With respect to outstanding Stock Grants, the Administrator or the Successor Board, shall
make appropriate provision for the continuation of such Stock Grants on the same terms and conditions by substituting on an equitable basis for the Shares then subject to such Stock Grants either the consideration payable with respect to the
outstanding Shares of Common Stock in connection with the Corporate Transaction or securities of any successor or acquiring entity. In lieu of the foregoing, in connection with any Corporate Transaction, the Administrator may provide that, upon
consummation of the Corporate Transaction, each outstanding Stock Grant shall be terminated in exchange for payment of an amount equal to the consideration payable upon consummation of such Corporate Transaction to a holder of the number of shares
of Common Stock comprising such Stock Grant (to the extent such Stock Grant is no longer subject to any forfeiture or repurchase rights then in effect or, at the discretion of the Administrator, all forfeiture and repurchase rights being waived upon
such Corporate Transaction). 
 In taking any of the actions permitted under this Paragraph 24(b), the Administrator shall not
be obligated by the Plan to treat all Stock Rights, all Stock Rights held by a Participant, or all Stock Rights of the same type, identically. 
 (c) Recapitalization or Reorganization. In the event of a recapitalization or reorganization of the Company other than a Corporate Transaction pursuant to which securities of the Company or of
another corporation are issued with respect to the outstanding shares of Common Stock, a Participant upon exercising an Option or accepting a Stock Grant after the recapitalization or reorganization shall be entitled to receive for the price paid
upon such exercise or acceptance if any, the number of replacement securities which would have been received if such Option had been exercised or Stock Grant accepted prior to such recapitalization or reorganization. 

  
 18 

 (d) Adjustments to Stock-Based Awards. Upon the happening of any of
the events described in Subparagraphs (a), (b) or (c) above, any outstanding Stock-Based Award shall be appropriately adjusted to reflect the events described in such Subparagraphs. The Administrator or the Successor Board shall determine
the specific adjustments to be made under this Paragraph 24, including, but not limited to the effect of any, Corporate Transaction or Change of Control and, subject to Paragraph 4, its determination shall be conclusive. 

(e) Modification of Options. Notwithstanding the foregoing, any adjustments made pursuant to Subparagraph (a),
(b) or (c) above with respect to Options shall be made only after the Administrator determines whether such adjustments would constitute a “modification” of any ISOs (as that term is defined in Section 424(h) of the Code) or
would cause any adverse tax consequences for the holders of Options, including, but not limited to, pursuant to Section 409A of the Code. If the Administrator determines that such adjustments made with respect to Options would constitute a
modification or other adverse tax consequence, it may refrain from making such adjustments, unless the holder of an Option specifically agrees in writing that such adjustment be made and such writing indicates that the holder has full knowledge of
the consequences of such “modification” on his or her income tax treatment with respect to the Option. This paragraph shall not apply to the acceleration of the vesting of any ISO that would cause any portion of the ISO to violate the
annual vesting limitation contained in Section 422(d) of the Code, as described in Paragraph 6(b)(iv). 
  

	25.	ISSUANCES OF SECURITIES. 

Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of
stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares subject to Stock Rights. Except as expressly provided herein, no adjustments shall be made for dividends paid in cash
or in property (including without limitation, securities) of the Company prior to any issuance of Shares pursuant to a Stock Right. 
  

	26.	FRACTIONAL SHARES. 

 No
fractional shares shall be issued under the Plan and the person exercising a Stock Right shall receive from the Company cash in lieu of such fractional shares equal to the Fair Market Value thereof. 

 

	27.	CONVERSION OF ISOS INTO NON-QUALIFIED OPTIONS; TERMINATION OF ISOS. 

 The Administrator, at the written request of any Participant, may in its discretion take such actions as may be necessary to convert such Participant’s ISOs (or any portions thereof) that have not
been exercised on the date of conversion into Non-Qualified Options at any time prior to the expiration of such ISOs, regardless of whether the Participant is an Employee of the Company or an Affiliate at the time of such conversion. At the time of
such conversion, the 

  
 19 

 
Administrator (with the consent of the Participant) may impose such conditions on the exercise of the resulting Non-Qualified Options as the Administrator in its discretion may determine,
provided that such conditions shall not be inconsistent with this Plan. Nothing in the Plan shall be deemed to give any Participant the right to have such Participant’s ISOs converted into Non-Qualified Options, and no such conversion shall
occur until and unless the Administrator takes appropriate action. The Administrator, with the consent of the Participant, may also terminate any portion of any ISO that has not been exercised at the time of such conversion. 

 

	28.	WITHHOLDING. 

 In the
event that any federal, state, or local income taxes, employment taxes, Federal Insurance Contributions Act (“F.I.C.A.”) withholdings or other amounts are required by applicable law or governmental regulation to be withheld from the
Participant’s salary, wages or other remuneration in connection with the exercise or acceptance of a Stock Right or in connection with a Disqualifying Disposition (as defined in Paragraph 29) or upon the lapsing of any forfeiture provision or
right of repurchase or for any other reason required by law, the Company may withhold from the Participant’s compensation, if any, or may require that the Participant advance in cash to the Company, or to any Affiliate of the Company which
employs or employed the Participant, the statutory minimum amount of such withholdings unless a different withholding arrangement, including the use of shares of the Company’s Common Stock or a promissory note, is authorized by the
Administrator (and permitted by law). For purposes hereof, the fair market value of the shares withheld for purposes of payroll withholding shall be determined in the manner set forth under the definition of Fair Market Value provided in Paragraph 1
above, as of the most recent practicable date prior to the date of exercise. If the Fair Market Value of the shares withheld is less than the amount of payroll withholdings required, the Participant may be required to advance the difference in cash
to the Company or the Affiliate employer. The Administrator in its discretion may condition the exercise of an Option for less than the then Fair Market Value on the Participant’s payment of such additional withholding. 

 

	29.	NOTICE TO COMPANY OF DISQUALIFYING DISPOSITION. 

 Each Employee who receives an ISO must agree to notify the Company in writing immediately after the Employee makes a Disqualifying Disposition of any Shares acquired pursuant to the exercise of an ISO. A
Disqualifying Disposition is defined in Section 424(c) of the Code and includes any disposition (including any sale or gift) of such Shares before the later of (a) two years after the date the Employee was granted the ISO, or (b) one
year after the date the Employee acquired Shares by exercising the ISO, except as otherwise provided in Section 424(c) of the Code. If the Employee has died before such Shares are sold, these holding period requirements do not apply and no
Disqualifying Disposition can occur thereafter. 
  

	30.	TERMINATION OF THE PLAN. 

The Plan will terminate on September 15, 2020, the date which is ten years from the earlier of the date of its adoption by the
Board of Directors and the date of its approval by the 

  
 20 

 
shareholders of the Company. The Plan may be terminated at an earlier date by vote of the shareholders or the Board of Directors of the Company; provided, however, that any such earlier
termination shall not affect any Agreements executed prior to the effective date of such termination. Termination of the Plan shall not affect any Stock Rights theretofore granted. 

 

	31.	AMENDMENT OF THE PLAN AND AGREEMENTS. 

 The Plan may be amended by the shareholders of the Company. The Plan may also be amended by the Administrator, including, without limitation, to the extent necessary to qualify any or all outstanding
Stock Rights granted under the Plan or Stock Rights to be granted under the Plan for favorable federal income tax treatment as may be afforded incentive stock options under Section 422 of the Code (including deferral of taxation upon exercise),
and to the extent necessary to qualify the shares issuable upon exercise or acceptance of any outstanding Stock Rights granted, or Stock Rights to be granted, under the Plan for listing on any national securities exchange or quotation in any
national automated quotation system of securities dealers. Any amendment approved by the Administrator which the Administrator determines is of a scope that requires shareholder approval shall be subject to obtaining such shareholder approval. Any
modification or amendment of the Plan shall not, without the consent of a Participant, adversely affect his or her rights under a Stock Right previously granted to him or her. With the consent of the Participant affected, the Administrator may amend
outstanding Agreements in a manner which may be adverse to the Participant but which is not inconsistent with the Plan. In the discretion of the Administrator, outstanding Agreements may be amended by the Administrator in a manner which is not
adverse to the Participant. 
  

	32.	EMPLOYMENT OR OTHER RELATIONSHIP. 

 Nothing in this Plan or any Agreement shall be deemed to prevent the Company or an Affiliate from terminating the employment, consultancy or director status of a Participant, nor to prevent a Participant
from terminating his or her own employment, consultancy or director status or to give any Participant a right to be retained in employment or other service by the Company or any Affiliate for any period of time. 

 

	33.	GOVERNING LAW. 

 This Plan
shall be construed and enforced in accordance with the law of the State of Delaware. 

  
 21Employment Agreement with Stephen G. Newberry, effective January 1, 2012

 Exhibit 10.158 
 Stephen G. Newberry Employment Agreement 
 EMPLOYMENT AGREEMENT 

Effective January 1, 2012 
 This Employment Agreement (the “Agreement”) is made and entered into between Stephen G. Newberry (the “Vice Chairman”) and Lam Research Corporation, a Delaware corporation (the
“Company”). 
 R E C I T A L S 
 A. The Company and Vice Chairman desire to enter into this Agreement with respect to the Vice Chairman’s employment with the Company, which supersedes the Employment Agreements between the parties
dated January 1, 2003 as amended December 17, 2008 (the “Original Agreement”) and the Employment Agreement effective July 1, 2009, as amended (the “Second Agreement”). 

In consideration of the mutual covenants herein contained, and in consideration of the employment of Vice Chairman by the Company, the
parties agree as follows: 
 1. Duties and Scope of Employment. 

(a) Position. During the Employment Period (as defined in Section 2(a) below), the Vice Chairman shall serve as the Vice
Chairman of the Company, and in such capacity the Vice Chairman shall perform the duties and responsibilities as Vice Chairman of the Company, including: (i) working with the Company’s Chief Executive Officer and senior management team;
(ii) periodically meeting with customers and investors; and (iii) other duties and as the Board of Directors of the Company (the “Board”) may, from time to time, reasonably assign to Vice Chairman, in all cases to be consistent
with Vice Chairman’s position. 
 (b) Vice Chairman’s Obligations. Vice Chairman shall comply with all of the
Company’s policies and procedures governing employment. During the Employment Period, the Vice Chairman shall not devote substantial business efforts and time to another for profit company except as authorized by the lead independent Director.
The foregoing, however, shall not preclude the Vice Chairman from engaging in such activities and services as do not interfere or conflict with his responsibilities to the Company, such as serving on the Board of Directors of another for profit
company. 
 2. Employment Period. 
 (a) Term. The Company shall employ the Vice Chairman for the period commencing on January 1, 2012, and ending on December 31, 2014 (such period, the “Employment Period”) on the
terms and subject to the conditions set forth in this Agreement. 
 (b) Termination. This Agreement will terminate at the
conclusion of the Employment Period unless the parties agree to extend it. The failure to renew or enter into a new employment agreement will not be considered an Involuntary Termination as defined in Section 7(c). Nothing contained in this
Agreement alters the “at will” nature of the Vice Chairman’s 

 
employment with the Company. In addition, this Agreement may be terminated prior to expiration of the Employment Period as follows: 

(i) By the Company. The Company may terminate the Vice Chairman’s employment for Cause (as defined in Section 7(a)
below), by giving the Vice Chairman thirty (30) days’ advance written notice, subject, however, to the cure provisions of such Section. The Company may terminate the Vice Chairman’s employment with the Company for any reason (other
than due to the Vice Chairman’s death or Disability, which are addressed in Sections 2(c) and 2(d) below) by giving the Vice Chairman ninety (90) days’ advance notice in writing, although the Company may pay to the Vice Chairman the
compensation Vice Chairman would have otherwise received during such period in lieu of such notice. Unless such termination by the Company is a termination for Cause or due to the Vice Chairman’s death or Disability, it shall be regarded as an
Involuntary Termination of the Vice Chairman. Any waiver of notice shall be valid only if it is made in writing and expressly refers to the applicable notice requirement of this Section 2(b). 

(ii) By the Vice Chairman. The Vice Chairman may terminate his employment with the Company by reason of Involuntary Termination
(as defined in Section 7(c) below) by giving the Company thirty (30) days’ advance written notice, subject, however, to the cure provisions of such Section. The Vice Chairman may tender his Voluntary Resignation (as defined in this
Agreement) by giving the Company ninety (90) days’ advance written notice, which period may be waived or reduced at the Company’s option, although the Company may choose to pay the Vice Chairman, in lieu of such notice period the
amounts that would otherwise be due to the Vice Chairman during such period. Any waiver or reduction of notice shall be valid only if it is made in writing and expressly refers to the applicable notice requirement of this Section 2(b).

 (c) Death. The Vice Chairman’s employment shall terminate immediately in the event of his death. 

(d) Disability. The Vice Chairman’s employment shall terminate in the event of his Disability (as defined in Section 7(b)
below). 
 (e) Priority of Rights and Obligations upon Termination. If any event leading to or permitting termination of
this Agreement, or providing notice thereof, occurs at approximately the same time as any other termination event or during any termination notice period, and those events invoke different notice periods or different severance or other benefit
arrangements, the deadlines, obligations, rights and benefits applicable to the termination event having the highest priority shall control. The priority of termination events (from highest to lowest priority) is as follows: (1) termination for
Cause; (2) Voluntary Resignation; (3) Involuntary Termination; (4) Disability; and (5) death. For example, if Vice Chairman gives notice of his Voluntary Resignation and, before the 90 day notice period has expired, he is subject
to an Involuntary Termination, only the rights and benefits available to him for Voluntary Resignation apply since the provisions governing Voluntary Resignation have a higher priority than those applicable to Involuntary Termination. Similarly, if
the Vice Chairman has been subject to an Involuntary Termination and dies during the notice period, he shall have the rights 

  
 - 2 -

 
and benefits available to his estate as one subject to an Involuntary Termination. Expiration of this Agreement prevails over all termination events. 

3. Compensation and Benefits. 
 (a) Base Compensation. During the term of this Agreement, the Company shall pay the Vice Chairman as compensation for services a base salary at the annual rate of $500,000. For 2012, such amount
will be paid solely in cash. For 2013 and 2014, the Vice Chairman will receive a portion of his compensation in restricted stock units, as described in Section 3(c) below, and a portion of his compensation as a cash retainer for Vice
Chairman’s service as a Director. The cash retainer will be in the same amount, and payable at the same time, as non-employee Directors. In 2013 and 2014, the cash portion of the Vice Chairman’s base compensation will be determined by
subtracting the restricted stock unit grant value and the cash retainer from the annual base compensation rate. All cash base compensation will be payable in regular installments in accordance with normal Company payroll. In addition, Vice Chairman
will be entitled to such increases in Vice Chairman’s base compensation, if any, as may be determined from time to time in the sole discretion of the Board. The annual compensation specified in this Section 3(a) is referred to in this
Agreement as “Base Compensation.” During the Employment Period, the Vice Chairman shall serve as a member of the Board without additional compensation. 
 (b) Variable Compensation. Vice Chairman shall not be entitled to participate in any short-term or long-term variable compensation plans offered by the Company to its executive officers generally
(collectively, such plans are referred to in this Agreement as the “Combined Plans” and which are currently the Annual Incentive Plan and the Long-Term Incentive Plan, which includes the Multi-Year Incentive Plan and the equity components
of the Long-Term Incentive Plan), subject to the generally applicable terms and conditions of the plan in question and to the determination of the independent members of the Board. Vice Chairman will continue to vest in his current 2011/2012
Long-Term Incentive Plan but will not be eligible for future awards under the Combined Plans. 
 (c) Restricted Stock
Units. In 2013 and 2014, the Vice Chairman will receive a portion of his compensation as a restricted stock unit grant. For 2013, the restricted stock unit grant will have a value equal to one-half of the grant value of the annual non-employee
director restricted stock unit award and, for 2014, the restricted stock unit grant will have a value equal to the grant value of the annual non-employee director restricted stock unit award. In these cases, the number of shares underlying the
restricted stock units shall be determined by dividing (x) the grant value by (y) the price of the Company’s common stock on the date of grant (which may be a closing price or an average price over a designated period, determined in
the same manner as calculated for the Company’s non-employee directors). The Vice Chairman’s restricted stock units will be granted on the same date, and have the same terms, as restricted stock units granted to non-employee directors of
the Company for his service as a Director. Vice Chairman shall not be entitled to receive any other stock option grants or other equity based compensation except as may be granted to him in the discretion of the independent members of the Board.

 (d) Deferred Compensation. The Vice Chairman shall be entitled to participate in the Company’s Elective Deferred
Compensation Plan pursuant to the terms thereof. 

  
 - 3 -

 (e) Benefits. During the Employment Period, the Vice Chairman shall be eligible to
participate in the benefit plans and compensation programs maintained by the Company of general applicability to executive officers of the Company, including (without limitation) retirement plans, savings or profit-sharing plans, deferred
compensation plans, supplemental retirement or excess-benefit plans, equity award, life, disability, health, accident and other insurance programs, paid vacations (but accruing at not less than three weeks per year), and similar plans or programs,
subject in each case to the generally applicable terms and conditions of the plan or program in question and to the determination of the independent members of the Board or the Compensation Committee or any committee administering such plan or
program, as appropriate. 
 (f) Reimbursement of Business Expenses. The Company shall reimburse the Vice Chairman for all
reasonable and necessary business expenses incurred by the Vice Chairman in the performance of his duties hereunder upon proper submission of expense reports in accordance with Company policies regarding such reimbursement. Reasonable and necessary
business expenses shall include travel expenses between Vice Chairman’s principal location of employment (Montana and Cabo San Lucas) and Company headquarters as well as travel to other locations on Company business. 

(g) Administrative Support. During the Employment Period, the Company will provide the Vice Chairman with a reasonable level of
administrative support acceptable to the Vice Chairman. This may either be provided by the Company directly or may be reimbursed by the Company pursuant to appropriately incurred expenses by the Vice Chairman. 

4. Section 162(m). Vice Chairman and the Company, to the extent applicable, agree to use reasonable good faith efforts, to
the extent reasonably practicable and not materially adverse to the Vice Chairman, to structure payment of all amounts of Vice Chairman’s compensation from the Company so as to avoid non-deductibility of any such amounts under
Section 162(m) of the Internal Revenue Code (the “Code”) or any successor provision. 
 5. Benefits Upon a
Change in Control. 
 (a) If a Change in Control (as defined in this Agreement) occurs during the
Employment Period, and an Involuntary Termination of Vice Chairman’s employment occurs either in contemplation of such Change in Control1 or within twelve (12) months following a Change in
Control2, then: 

 
  

	1 	 For purposes of this Agreement, “occurring in contemplation of a Change in Control” means an Involuntary Termination occurring within one
(1) month prior to an actual Change in Control. It shall also include any termination if the termination was a condition of a party other than the Company to entry into an agreement, the consummation of which would cause a Change in Control (an
“Acquisition Agreement”), whether or not such person actually enters into such agreement. Finally, it shall also include any Involuntary Termination if the actions constituting grounds for Involuntary Termination were taken at the request
or direction of a person who has entered into an Acquisition Agreement. 

  

	2 	 For purposes of clarity, (1) the Termination Date (as defined in Section 7(d)) applicable to the Involuntary Termination must occur in
contemplation of a Change in Control or (2) notice of the Involuntary Termination, in accordance with Section 9, must be given or received by the Company, as applicable, within twelve (12) months following the Change in Control.

  
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 (i) Within ten (10) days following the Termination Date, the Company shall pay Vice
Chairman a lump sum equal to twelve (12) months of Base Compensation. 
 (ii) If at the Termination Date, payment has not
been made under the Short Term Plan that was in effect during the 2011 calendar year, the Company shall pay the Vice Chairman, not later than March 15, 2012, the full amount he would have earned under such 2011 plan (based on the performance
results achieved under such plan), as if his employment had not been terminated. 
 (iii) The Vice Chairman will receive the
benefits he qualifies for under the Executive Retiree Medical Benefit Plan, or if such plan has been terminated prior to the Termination Date, within ten (10) days following the Termination Date the Company shall pay the Vice Chairman a lump
sum amount (the “Medical Plan Payment”) equal to the present value of the benefits for which the Vice Chairman qualified prior to the termination of such plan. The present value of such benefits shall be determined actuarially based on the
actual cost of replacing the benefits as of the Termination Date. 
 (iv) The unvested portion(s) of any stock
options/Restricted Stock Units (“RSUs”) that were granted to Vice Chairman prior to the Change in Control shall automatically be accelerated in full so as to become completely vested as of the Termination Date. The stock options shall
remain exercisable for two years following the Termination Date unless they are earlier exercised or expire pursuant to their original terms, or unless they are exchanged for cash in connection with any Change in Control. The Company will issue the
shares underlying the RSUs to the Vice Chairman within ten (10) days following the Termination Date. 
 (b) In the event of
a Change in Control, for any long-term cash-based variable compensation plan (currently the Multi-Year Incentive Plan, and together with any future long-term cash-based variable compensation plan, hereinafter the “Long Term Cash Plan”)
awards outstanding (which would potentially include only the 2011/2012, if unpaid, Long Term Cash Plan performance cycles) at the time of the Change in Control, performance cycles under such plans shall cease as of the date of the Change in Control.
The Company shall pay Vice Chairman, subject to the payout dates and restrictions below, all accrued amounts as of the last full completed quarter as of the date of the Change in Control plus the Remaining Target Amount (together, the “Payment
Amounts”). The Remaining Target Amount shall equal the target amount multiplied by the number of quarters in the performance cycle that end after the time of the Change in Control, divided by the total number of quarters in the full performance
cycle. Payment shall be made at the times specified below, and pending payment, the Company shall hold such amount in a book account for the Vice Chairman. 
 (i) Change in Control, Involuntary Termination. In the case of a Change in Control where the Vice Chairman’s employment terminates due to an Involuntary Termination prior to twelve
(12) months following the Change in Control or in contemplation of 

  
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a Change in Control, the Payment Amounts shall be paid out to the Vice Chairman within ten (10) days following the Termination Date. 

(ii) Change in Control, No Termination. In the case of a Change in Control where the Vice Chairman’s employment does not
terminate within twelve (12) months following the Change in Control or in contemplation of a Change in Control, the Vice Chairman shall receive the Payment Amounts when ordinarily paid out. 

(c) No Change in Control benefits under Sections 5(a) or 5(b) will apply if the Change in Control or Involuntary Termination occurs after
the Vice Chairman has (i) given notice of Voluntary Resignation or (ii) been given notice of termination for Cause by the Company, unless that notice of termination for Cause is subsequently withdrawn (in writing) by the Company and Vice
Chairman’s employment does not terminate as a result of such notice. 
 (d) If the Company is acquired by another entity in
connection with a Change in Control and there is or will be no market for the Common Stock of the Company, the vesting of all Vice Chairman’s stock options/RSUs, granted prior to the Change in Control, will accelerate immediately prior to the
Change in Control (and, for stock options, be immediately exercisable) if the acquiring company does not provide Vice Chairman with stock options/RSUs comparable to the unvested stock options/RSUs granted Vice Chairman by the Company, regardless of
whether the Vice Chairman’s employment is terminated. 
 (e) These Section 5 benefits upon a Change in Control shall be
the sole benefits that the Vice Chairman is entitled to under this Agreement (i.e., the Vice Chairman is not also entitled to any additional benefits provided in Section 6(b), below). 

6. Severance Benefits other than in a Change in Control. 
 (a) Benefits; Miscellaneous. In the event of any termination of Vice Chairman’s employment at any time during the term of this Agreement, (1) the Company shall pay the Vice Chairman any
unpaid Base Compensation due for periods prior to the Termination Date; (2) the Company shall pay the Vice Chairman all of the Vice Chairman’s accrued and unused vacation through the Termination Date; and (3) following submission of
proper expense reports by the Vice Chairman (or his estate), the Company shall reimburse the Vice Chairman for all expenses reasonably and necessarily incurred by the Vice Chairman in connection with the business of the Company. These payments shall
be made promptly at the Company’s next scheduled payroll date. 
 (b) In the event of a termination other than one described
in Section 5, Vice Chairman shall be entitled to severance benefits that vary depending upon the reason for termination. Such benefits shall be as follows (and no others): 

(i) Voluntary Resignation Severance Benefits. 
 (A) Base Compensation shall cease on the Termination Date. Vice Chairman shall not be entitled to any further payment pursuant to the Short Term Plan or the 2011/2012 Long Term Cash Plan following
termination. 

  
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 (B) All medical and health benefits shall cease on the Termination Date, except as
specified in any then existing Executive Retiree Medical Benefit Plan for which Vice Chairman qualifies. All Company 401(k) Plan benefits, Elective Deferred Compensation Plan benefits and other benefits not specifically addressed in this Agreement
shall be treated in accordance with the terms of such plans and benefits. 
 (C) Stock options will cease to vest on the
Termination Date and will be cancelled ninety (90) days after the Termination Date (unless they are exercised or expire pursuant to their terms before cancellation). RSUs will be cancelled on the Termination Date. 

(ii) Involuntary Termination Severance Benefits. 
 (A) Within ten (10) days following the Termination Date, the Company shall pay Vice Chairman a lump sum equal to twelve (12) months of Base Compensation. 

(B) If at the Termination Date, payment has not been made under the Short Term Plan that was in effect during the 2011 calendar year
prior to the year in which the Termination Date occurs, the Company shall pay the Vice Chairman, not later than March 15, 2012, the full amount he would have earned under such prior-year plan (based on the performance results achieved under
such plan), as if his employment had not been terminated. 
 (C) The Vice Chairman will receive the benefits he qualifies for
under the Executive Retiree Medical Benefit Plan, or if such plan has been terminated prior to the Termination Date, within ten (10) days following the Termination Date the Company shall pay the Vice Chairman the Medical Plan Payment.

 (D) For any stock options/RSUs granted to the Vice Chairman twelve (12) months or more before
the Termination Date, a number of shares shall vest (and for stock options, become exercisable as of the Termination Date) such that the total number of shares vested on the Termination Date shall equal a pro-rata percentage of the total number of
shares subject to such grant (based on the number of full months worked during the vesting schedule) 3. The stock options shall remain exercisable for two years following the Termination Date unless they are earlier exercised or expire pursuant to their original terms, or unless they are exchanged for
cash in connection with any Change in Control. The Company will issue the shares underlying the RSUs to the Vice Chairman within ten (10) days following the Termination Date. In addition, the independent members of the Board may, in their
discretion, accelerate the vesting of additional stock options or RSUs held by the Vice Chairman. 
 (E) Any 2011/2012 Long
Term Cash Plan awards, which are accrued as of the last full completed quarter prior to the Termination Date, shall be paid to the Vice Chairman within ten (10) days following the Termination Date. 

(iii) Severance Benefits following a termination for Cause. 

 
  

	3 	 For example, if a stock option has a four (4) year vesting schedule where 25% of the options vest on each anniversary of the grant date, an
Executive whose Termination Date is twenty seven (27) months and a day after grant will already have vested in 50% of the total option, and will vest in an additional 6.25% (3/48) of the total option by virtue of this section. No
additional vesting shall occur beyond this additional amount. 

  
 - 7 -

 (A) Base Compensation shall cease on the Termination Date. Vice Chairman shall not be
entitled to any further payment pursuant to the Short Term Plan or the 2011/2012 Long Term Cash Plan following termination. 

(B) All medical and health benefits shall cease on the Termination Date, except as specified in any then existing Executive Retiree
Medical Benefit Plan for which Vice Chairman qualifies. All Company 401(k) Plan benefits, Elective Deferred Compensation Plan benefits and other benefits not specifically addressed in this Agreement shall be treated in accordance with the terms of
such plans and benefits. 
 (C) Stock options will cease to vest on the Termination Date and will be cancelled thirty
(30) days after the Termination Date (unless they are exercised or expire pursuant to their terms before cancellation). RSUs will be cancelled on the Termination Date. 
 (iv) Death Severance Benefits. Vice Chairman’s employment shall terminate immediately in the event of his death. 
 (A) Within sixty (60) days following the Termination Date, the Company shall pay to Vice Chairman’s estate a lump sum equal to twelve (12) months of Base Compensation, minus any amount
payable from an insurance company to the Vice Chairman or his beneficiaries pursuant to a Company provided death benefit. 
 (B)
If at the Termination Date, payment has not been made under the Short Term Plan that was in effect during the 2011 calendar year, the Company shall pay the Vice Chairman’s estate, not later than March 15, 2012, the full amount he would
have earned under such 2011 plan (based on the performance results achieved under such plan), as if his employment had not been terminated. 
 (C) The Vice Chairman’s eligible dependents will receive the benefits they qualify for under the Executive Retiree Medical Benefit Plan, or if such plan has been terminated prior to the Termination
Date, within sixty (60) days following the Termination Date the Company shall pay the eligible dependents the Medical Plan Payment. 
 (D) For any stock options/RSUs granted to the Vice Chairman before the Termination Date, a number of shares shall vest so that the greater of (x) 50% of the shares in each grant are immediately
vested (and, for stock options, become exercisable) or (y) the total number of shares vested (and for stock options, become exercisable) on the Termination Date shall equal a pro-rata percentage of the total number of shares subject to such
grant (based on the number of full months worked during the vesting schedule). The stock options shall remain exercisable for two years following the Termination Date unless they are earlier exercised or expire pursuant to their original terms, or
unless they are exchanged for cash in connection with any Change in Control. The Company will issue the shares underlying the RSUs to the Vice Chairman’s estate within ten (10) days following the Termination Date. In addition, the
independent members of the Board may, in their discretion, accelerate the vesting of additional stock options or RSUs held by the Vice Chairman. 

  
 - 8 -

 (E) Any 2011/2012 Long Term Cash Plan awards, which are accrued as of the last full
completed quarter prior to the Termination Date, shall be paid to Vice Chairman’s estate within sixty (60) days following the Termination Date. 
 (v) Disability Severance Benefits. 
 (A) Within sixty (60) days
following the Termination Date, the Company shall pay Vice Chairman a lump sum equal to twelve (12) months of Base Compensation, minus any payment due to Vice Chairman from an insurance company pursuant to a Company provided disability benefit.

 (B) If at the Termination Date, payment has not been made under the Short Term Plan that was in effect during the 2011
calendar year, the Company shall pay Vice Chairman, not later than March 15, 2012, the full amount he would have earned under such 2011 plan (based on the performance results achieved under such plan), as if his employment had not been
terminated. 
 (C) The Vice Chairman will receive the benefits he qualifies for under the Executive Retiree Medical Benefit
Plan, or if such plan has been terminated prior to the Termination Date, within sixty (60) days following the Termination Date the Company shall pay the Vice Chairman the Medical Plan Payment. 

(D) For any stock options/RSUs granted to the Vice Chairman before the Termination Date, a number of shares shall vest so that the
greater of (x) 50% of the shares in each grant are immediately vested (and, for stock options, become exercisable) or (y) the total number of shares vested (and for stock options, become exercisable) on the Termination Date shall equal a
pro-rata percentage of the total number of shares subject to such grant (based on the number of full months worked during the vesting schedule). The stock options shall remain exercisable for two years following the Termination Date unless they are
earlier exercised or expire pursuant to their original terms, or unless they are exchanged for cash in connection with any Change in Control. The Company will issue the shares underlying the RSUs to the Vice Chairman within ten (10) days
following the Termination Date. In addition, the independent members of the Board may, in their discretion, accelerate the vesting of additional stock options or RSUs held by the Vice Chairman. 

(F) Any 2011/2012 Long Term Cash Plan awards which are accrued as of the last full completed quarter prior to the Termination Date, shall
be paid to Vice Chairman within sixty (60) days following the Termination Date. 
 7. Definition of Terms. The
following terms referred to in this Agreement shall have the following meanings: 
 (a) Cause. “Cause” shall
mean: (1) Vice Chairman’s willful and continued failure to perform the duties and responsibilities of his position after there has been delivered to Vice Chairman a written demand for performance from the Board which describes the basis
for the Board’s belief that Vice Chairman has not substantially performed his duties and responsibilities and provides Vice Chairman with thirty (30) days to take corrective action; (2) Any act of personal dishonesty knowingly taken
by Vice Chairman in connection with his 

  
 - 9 -

 
responsibilities as an employee of the Company with the intention or reasonable expectation that such action may result in substantial financial enrichment of Vice Chairman; (3) Vice
Chairman’s conviction of, or plea of guilty or nolo contendere to, a felony; (4) a willful and knowing act by the executive which constitutes gross misconduct; or (5) A willful breach of a material provision of this Agreement by the
Vice Chairman. Termination for Cause shall not be deemed to have occurred unless, by the affirmative vote of all of the members of the Board (excluding the Vice Chairman), at a meeting called and held for that purpose (after reasonable notice to the
Vice Chairman and his counsel and after allowing the Vice Chairman and his counsel to be heard before the Board), a resolution is adopted finding that in the good faith opinion of such Board members the Vice Chairman was guilty of conduct set forth
in (1), (2), (3), (4) or (5) of this Section 7(a), specifying the particulars thereof. 
 (b) Disability.
“Disability” shall mean that the Vice Chairman is unable to engage in any substantial gainful activity by reasons of any readily determinable physical or mental impairment that can be expected to result in death or can be expected to last
for a continuing period of not less than twelve (12) months. A Disability must be certified by an approved Company physician. The date of Disability is the date on which the Disability is incurred. 

(c) Involuntary Termination. “Involuntary Termination” shall mean: 

(i) a material reduction of the Vice Chairman’s duties or responsibilities as Vice Chairman (other than for Cause or as a result of
death or Disability); 
 (ii) a material reduction in the Vice Chairman’s Base Compensation and benefits package, other
than a reduction in Base Compensation which is part of, and generally consistent with, a general reduction of salaries of all executive officers of the Company and of any party acquiring control of the Company in a Change in Control, or other than a
change in Vice Chairman’s benefits package that continues to provide Vice Chairman with comparable benefits to those enjoyed prior to the change; 
 (iii) a material reduction by the Company in the Vice Chairman’s current Target Total Direct Compensation, other than: (A) any such reduction applicable to all executive officers of the Company
and any party acquiring control of the Company in a Change in Control generally, (B) any such reduction resulting from a drop in the Company’s stock price or (C) unless in connection with a Change in Control, in which case this clause
(C) shall not apply, any such reduction that is based on a good faith market review of executive compensation conditions and levels (for similar positions in comparable companies) conducted in accordance with the normal compensation evaluation
process applicable to executive officers of the Company generally. For purposes of the foregoing, Target Total Direct Compensation means current annual Base Compensation (determined in the same manner as in Section 7(c)(ii)) plus current annual
benefits and the 2011/2012 Long-Term Incentive Plan, if unpaid), and to the extent that Target Direct Compensation includes equity awards, the value of such equity shall be determined at the time of grant based on the total stock compensation
expense (under U.S. generally accepted accounting principles) associated with that award; 

  
 - 10 -

 (iv) the relocation of the Company’s principal executive office to a location more
than fifty (50) miles from its present location but only if the Vice Chairman is required to change his principal place of employment to such new location; 
 (v) any termination of the Vice Chairman’s employment by or at the request of the Company other than for Cause, Disability or death; 

(vi) the failure of the Company to obtain the assumption of this Agreement by any successors contemplated in Section 8 below; or

 (vii) any material breach by the Company of any material provision of this Agreement; 

subject to the following: (A) None of the foregoing actions shall constitute Involuntary Termination if the Vice Chairman has agreed thereto.
(B) The Board providing notice of its intent not to enter into, renew or extend this Agreement pursuant to Section 2(b) hereof shall not be considered an Involuntary Termination (although any of the foregoing actions which occurs after the
Board provides notice of its intent not to enter into, renew or extend this Agreement may constitute an Involuntary Termination). (C) Except with respect to an event described in Section 7(c)(v), the foregoing actions shall constitute
Involuntary Termination only if and to the extent that (x) within 90 days of the occurrence of the events giving rise to an Involuntary Termination, the Vice Chairman provides written notice to the Company setting forth in reasonable detail
such facts which Vice Chairman believes constitute Involuntary Termination, (y) any circumstances constituting Involuntary Termination remain uncured for a period of thirty (30) days following the Company’s receipt of such written
notice, and (z) the Termination Date occurs within one hundred and eighty (180) days following the initial existence of the event giving rise to an Involuntary Termination. 

(d) Termination Date. “Termination Date” shall mean: 

(i) In the case of a termination for Cause, the last day of the thirty (30) day notice period, unless the reason for such
termination is cured by the Vice Chairman prior to the end of the thirty (30) day period; 
 (ii) In the case of a Company
initiated Involuntary Termination (under Section 2(b)(i) of this Agreement), the last day of the ninety (90) day notice period required under such section, or such earlier date at which the Company waives notice and pays the Vice Chairman
in lieu of such notice; 
 (iii) In the case of the Vice Chairman’s Voluntary Resignation or of an Involuntary Termination
initiated by the Vice Chairman (each under Section 2(b)(ii) of this Agreement), the last day of the applicable notice period required under such section, or such earlier date at which the Company waives notice and pays the Vice Chairman in lieu
of such notice; 
 (iv) In the case of Vice Chairman’s death, the date of such death; and 

  
 - 11 -

 (v) In the case of Vice Chairman’s Disability, the date of such Disability.

 Notwithstanding the foregoing, in the event of an Involuntary Termination occurring in contemplation of a Change in Control,
if the Termination Date would otherwise have occurred prior to the Change in Control, the Termination Date shall take place on the date of the Change in Control. If more than one Termination Date may apply, then the priority provisions of
Section 2(e) of this Agreement shall determine which Termination Date controls. The Company and the Vice Chairman shall take all steps necessary to ensure that any termination described in this Agreement constitutes a “separation from
service” within the meaning of Section 409A of the Code, and notwithstanding anything to the contrary, the date on which such separation from service takes place shall be the Termination Date. 

(e) Change in Control. “Change in Control” shall mean the occurrence of any of the following events: 

(i) Any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of
1934, as amended, but excluding any person or group as such terms is used in Rule 13d-1(b) under the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13-d-3 under said Act), directly or indirectly, of securities of
the Company representing forty percent (40%) or more of the total voting power represented by the Company’s then outstanding voting securities; 
 (ii) A change in the composition of the Board occurring within a two-year period, as a result of which fewer than a majority of the directors are Incumbent Directors. “Incumbent Directors” shall
mean directors who either (A) are directors of the Company as of the effective date of this Agreement, or (B) are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors
at the time of such election or nomination (but shall not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of directors to the Company); 

(iii) The stockholders of the Company approve a merger or consolidation of the Company with any other corporation, other than a merger or
consolidation which would result in the voting securities of the Company outstanding immediately prior hereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than
fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or the stockholders of the Company approve a plan of complete
liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all the Company’s assets (other than to a subsidiary or subsidiaries); or 

(iv) Any other event as determined by the independent members of the Board, in the sole discretion of the independent members of the
Board. 

  
 - 12 -

 (f) Voluntary Resignation. “Voluntary Resignation” shall mean Vice
Chairman’s termination of his employment at any time, for any reason, by the Vice Chairman, other than by reason of Involuntary Termination, death or Disability. 
 8. Successors. 
 (a) Company’s Successors. The Company shall
require a successor to the Company (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise) or to all or substantially all of the Company’s business and/or assets (each a “Successor
Company”) to assume the Company’s obligations under this Agreement and agree expressly to perform such obligations in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a
succession. For all purposes under this Agreement, the term “Company” shall include any Successor Company which executes and delivers the assumption agreement described in this subsection (a) or which becomes bound by the terms of
this Agreement by operation of law. 
 (b) Vice Chairman’s Successors. The terms of this Agreement and all rights of
the Vice Chairman hereunder shall inure to the benefit of, and be enforceable by, the Vice Chairman’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

9. Notice. 
 (a) General. Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by Federal
Express or a comparable air courier company. In the case of the Vice Chairman, notices sent by courier shall be addressed to him at the home address that he most recently communicated to the Company in writing. In the case of the Company, notices
sent by courier shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of its Chief Legal Officer. 
 (b) Notice of Termination. Any termination by the Company for Cause or by the Vice Chairman as a result of a Voluntary Resignation or any Involuntary Termination shall be communicated by a notice
of termination to the other party hereto given in accordance with Section 9(a) of this Agreement. Such notice shall indicate the specific termination provision in this Agreement relied upon, shall set forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination under the provision so indicated, and shall specify the Termination Date. 
 10. Non-Compete; Non-Solicit. 
 (a) The parties hereto recognize that the
Vice Chairman’s services are special and unique and that his level of compensation and the provisions herein for compensation upon Involuntary Termination are partly in consideration of and conditioned upon the Vice Chairman’s not
competing with the Company, and that the covenant on his part not to compete and not to solicit as set forth in this Section 10 is essential to protect the business and goodwill of the Company. 

  
 - 13 -

 (b) The Vice Chairman agrees that prior to the Termination Date, the Vice Chairman will not
either directly or indirectly, whether as a director, officer, consultant, employee or advisor or in any other capacity (1) render any planning, marketing or other services respecting the creation, design, manufacture or sale of semiconductor
manufacturing equipment and/or software to any business, agency, partnership or entity (“Restricted Business”) other than the Company, or (2) make or hold any investment in any Restricted Business in the United States other than the
Company, whether such investment be by way of loan, purchase of stock or otherwise, provided that there shall be excluded from the foregoing the ownership of not more than 2% of the listed or traded stock of any publicly held corporation. For
purposes of this Section 10, the term “Company” shall mean and include the Company, any subsidiary or affiliate of the Company, any Successor Company and any other corporation or entity of which the Vice Chairman may serve as a
director, officer or employee at the request of the Company or any Successor Company. 
 (c) Prior to the Termination Date, and
for the period extending six (6) months thereafter, the Vice Chairman will not directly induce or attempt to influence any employee of the Company to leave its employ and join any Restricted Business in or within 50 miles of Fremont,
California. 
 (d) The Vice Chairman agrees that the Company would suffer an irreparable injury if he were to breach the
covenants contained in subparagraphs (b) or (c) and that the Company would by reason of such breach or threatened breach be entitled to injunctive relief in a court of appropriate jurisdiction, and the Vice Chairman hereby stipulates to
the entering of such injunctive relief prohibiting him from engaging in such breach. 
 (e) If any of the restrictions contained
in this Section 10 shall be deemed to be unenforceable by reason of the extent, duration or geographical scope or other provisions thereof, then the parties hereto contemplate that the court shall reduce such extent, duration, geographical
scope or other provisions hereof (but only to the extent necessary to render such restrictions enforceable) and then enforce this Section 10 in its reduced form for all purposes in the manner contemplated hereby. 

11. Existing Confidentiality and Non-Compete Agreements. 
 Vice Chairman represents and warrants (1) that prior to the date hereof he has provided the Company with true and complete copies of any and all written confidentiality and/or non-compete agreements
to which Vice Chairman is a party as of the date hereof (together with a written description of any such oral agreements), and (2) to the best of Vice Chairman’s knowledge, full compliance with the terms of each such agreement will not
materially interfere with Vice Chairman’s duties hereunder (except to the extent that Vice Chairman reasonably may determine to absent himself from certain Company meetings and communication during the first year of the Employment Period). The
Vice Chairman further covenants that he will not willfully and knowingly fail to fully abide by the terms of any and all such agreements and will work in good faith with the Company to avoid any breach thereof. 

12. Arbitration. 

  
 - 14 -

 At the option of either party, any and all disputes or controversies whether of law or fact
and of any nature whatsoever arising from or respecting this Agreement shall be decided by arbitration under the rules of the American Arbitration Association in accordance with the rules and regulations of that Association with the exception of any
claim for temporary, preliminary or permanent injunctive relief arising from or respecting this Agreement which may be brought by the Company in any court of competent jurisdiction irrespective of Vice Chairman’s desire to arbitrate such a
claim. 
 The arbitrator shall be selected as follows. In the event the Company and the Vice Chairman agree on one arbitrator,
the arbitration shall be conducted by such arbitrator. If the parties cannot agree on an arbitrator, the Company and the Vice Chairman shall each select one independent, qualified arbitrator and the two arbitrators so selected shall select the third
arbitrator. The Company reserves the right to object to any individual arbitrator who shall be employed by or affiliated with a competing organization. 
 Arbitration shall take place in San Jose, California, or any other location mutually agreeable to the parties. At the request of either party, arbitration proceedings will be conducted in the utmost
secrecy; in such case all documents, testimony and records shall be received, heard and maintained by the arbitrators in secrecy under seal, available for the inspection only by the Company and the Vice Chairman and their respective attorneys and
their respective experts who shall agree in advance and in writing to receive all such information confidentially and to maintain such information in secrecy unless and until such information shall become generally known. The arbitrator, who, if
more than one, shall act by majority vote, shall have the power and authority to decree any and all relief of an equitable nature including, but not limited to, such relief as a temporary restraining order, a temporary and/or permanent injunction,
and shall also have the power and authority to award damages, with or without an accounting and costs, provided, that punitive damages shall not be awarded, and provided, further, that the Vice Chairman shall be entitled to reimbursement for his
reasonable attorney’s fees to the extent he prevails as to the material issues in such dispute. The reimbursement of attorney’s fees shall be made promptly following delivery of an invoice therefor. The decree or judgment of an award
rendered by the arbitrators may be entered in any court having jurisdiction thereof. 
 Reasonable notice of the time and place
of arbitration shall be given to all persons, other than the parties, as shall be required by law, in which case such persons or those authorized representatives shall have the right to attend and/or participate in all the arbitration hearings in
such a manner as the law shall require. 
 13. Excise Tax on Payments. Notwithstanding anything to the contrary contained
herein, in the event that any payment by the Company to or for the benefit of the Vice Chairman, whether paid or payable, would be subject to the excise tax imposed by Section 4999 of the Code or any comparable federal, state, or local excise
tax (such excise tax, together with any interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), then the Vice Chairman shall receive either the full severance amount or a lesser amount that does not trigger
an excise tax, whichever produces a greater after-tax benefit to the Vice Chairman, as determined by the Company. 
 14.
Miscellaneous Provisions. 

  
 - 15 -

 (a) No Duty to Mitigate. The Vice Chairman shall not be required to mitigate the
amount of any payment contemplated by this Agreement, nor shall any such payment be reduced by any earnings that the Vice Chairman may receive from any other source. 
 (b) Waiver. No provisions of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by the Vice Chairman and by an
authorized officer of the Company (other than the Vice Chairman). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition
or provision or of the same condition or provision at another time. 
 (c) Whole Agreement; Amendment. This Agreement and
the documents expressly referred to herein represent the entire agreement of the parties with respect to the matters set forth herein. This Agreement may not be altered, modified, or amended except by written instrument signed by the parties hereto.
Nothing herein affects the continued enforceability of either the Company’s Employment, Confidential Information and Invention Assignment Agreement previously executed by the Vice Chairman, or the Vice Chairman’s Indemnification Agreement
with the Company. For the avoidance of doubt, the Original and Second Agreements shall be superseded by this Agreement effective January 1, 2012. Any benefit amounts referenced as payable to the Vice Chairman pursuant to this Agreement are the
sole and exclusive amounts payable to the Vice Chairman for the category of benefit addressed by such amounts; provided, however, that this Agreement shall not limit any right of Vice Chairman to receive any payments or benefits under an employee
benefit or employee compensation plan of the Company, initially adopted prior to or after the date hereof, which are expressly contingent thereunder upon the occurrence of a Change in Control (including, but not limited to, the acceleration of any
rights or benefits thereunder). Notwithstanding the foregoing, in no event shall Vice Chairman be entitled to any payment or benefit under this Agreement which duplicates a payment or benefit received or receivable by Vice Chairman under any
severance or similar plan or policy of Company, and in any such case Vice Chairman shall only be entitled to receive the greater of the two payments. 
 (d) Choice of Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the state of California, without regard to conflicts of law
provisions thereof. 
 (e) Severability. If any provision of this Agreement is determined to be invalid or unenforceable,
the Agreement shall remain in full force and effect as to the remaining provisions, and the parties shall replace the invalid or unenforceable provision with one which reflects the parties’ original intent in agreeing to the
invalid/unenforceable one. 
 (f) No Assignment of Benefits. Except as otherwise provided herein, the rights of any person
to payments or benefits under this Agreement shall not be made subject to option or assignment, either by voluntary or involuntary assignment or by operation of law, including (without limitation) bankruptcy, garnishment, attachment or other
creditor’s process, and any action in violation of this subsection (f) shall be void. 

  
 - 16 -

 (g) Withholding Taxes. The Company may withhold from any amounts payable under this
Agreement such Federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation. 
 (h) Section 409A of the Code. Notwithstanding anything herein to the contrary, if at the time of the Vice Chairman’s termination of employment with the Company, the Company has determined
that the Vice Chairman is a “specified employee” as defined in Section 409A of the Code and any severance payments and benefits to Vice Chairman are considered a “deferral of compensation” under Section 409A of the Code
(the “Deferred Payments”), such Deferred Payments that are otherwise payable within the first six months following the Termination Date will become payable on the first business day of the seventh month following the Vice Chairman’s
Termination Date, or if earlier the date of the Vice Chairman’s death. In the event that payments under this Agreement are deferred pursuant to this Section 14(h), then such payments shall be paid at the time specified in this
Section 14(h) without interest. The Company shall consult with the Vice Chairman in good faith regarding the implementation of the provisions of this Section 14(h) provided, that neither the Company nor any of its employees or
representatives shall have any liability to the Vice Chairman with respect thereto. Any amount under this Agreement that satisfies the requirements of the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury
Regulations will not constitute Deferred Payments for purposes of this Agreement. Any amounts scheduled for payment hereunder when they are ordinarily paid out or when they are made to executive officers, will nonetheless be paid to Vice Chairman on
or before March 15th of the year following the year
when the payment is no longer subject to a substantial risk of forfeiture. For purposes of Section 409A of the Code, the right to a series of installment payments under this Agreement shall be treated as a right to a series of separate
payments, and references herein to the Vice Chairman’s termination of employment shall refer to Vice Chairman’s separation of services with the Company within the meaning of Section 409A of the Code. Notwithstanding anything to the
contrary herein, except to the extent any expense, reimbursement or in-kind benefit provided pursuant to this Agreement does not constitute a “deferral of compensation” within the meaning of Section 409A of the Code: (x) the
amount of expenses eligible for reimbursement or in-kind benefits provided to the Vice Chairman during any calendar year will not affect the amount of expenses eligible for reimbursement or in-kind benefits provided to the Vice Chairman in any other
calendar year, (y) the reimbursements for expenses for which the Vice Chairman is entitled to be reimbursed shall be made on or before the last day of the calendar year following the calendar year in which the applicable expense is incurred,
and (z) the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit. 
 (i) Assignment by Company. The Company may assign its rights under this Agreement to an affiliate, and an affiliate may assign its rights under this Agreement to another affiliate of the Company or
to the Company, provided, however, that no assignment shall be made if the net worth of the assignee is less than the net worth of the Company at the time of assignment. In the case of any such assignment, the term “Company” when used in a
section of this Agreement shall mean the corporation that actually employs the Vice Chairman. 

  
 - 17 -

 (j) Counterparts. This Agreement may be executed in counterparts, each of which shall
be deemed an original, but all of which together will constitute one and the same instrument. 
 (k) Survival of
Obligations. Except as otherwise described herein, and except to the extent that as of the Termination Date rights to payment hereunder have accrued, the obligations of Sections 7 through 14 shall survive termination of this Agreement. In the
event that a binding agreement is reached that would result in a Change in Control during the Employment Period, Section 5 of this Agreement shall survive with regard to that Change in Control. 

(l) Company Release. As a condition to the Company’s obligations pursuant to this Agreement, the Vice Chairman agrees to
execute a release of claims against the Company (the “Release”), substantially in the form attached hereto as Exhibit A, by the sixtieth (60th) day following the Vice Chairman’s Termination Date. If the Company has not
received an irrevocable Release by the sixtieth (60th) day following the Termination Date, the Company shall be under no obligation to make payments or provide benefits under this Agreement; provided such sixty (60) day period shall be
tolled during the pendancy of any arbitration proceeding under this Agreement. In the event one or more of the provisions of the Release should, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect any other provisions of the Release, and the Release shall be construed as if such invalid, illegal or unenforceable provision had never been contained therein. 

IN WITNESS WHEREOF, the parties have executed this Agreement. 
  

			
	LAM RESEARCH CORPORATION
		
	By:	 	/s/    Sarah A. O’Dowd
		 	Sarah A. O’ Dowd
	Its:	 	Group Vice President, HR and Chief Legal Officer

 DATED: November 30 , 2011 

 

	
	/s/    Stephen G. Newberry
	Stephen G. Newberry
	
	DATED: November 30, 2011

  
 - 18 -

 Stephen G. Newberry Employment Agreement 

EXHIBIT A 
 COMPANY RELEASE 

 Stephen G. Newberry Employment Agreement 

 
 LAM RESEARCH CORPORATION RELEASE 

This Release (“Release”) constitutes a binding agreement between you,
            [EMP NAME]            , Lam Employee No.
            [EE I.D.]            , and Lam Research Corporation (“Lam” or “the
Company”). Please review the terms carefully. We advise you to consult with an attorney concerning its terms. 
 1. This Release is
provided to Lam pursuant to an Employment Agreement (your “Agreement”) between you and Lam. You understand that if you choose not to sign this Release, as provided in your Agreement Lam has no obligation to make any payments or provide any
benefits provided in your Agreement. 
 2. You understand that your obligations under the Confidential Information and Invention Assignment
Agreement, or similarly titled agreement, you signed at the beginning of your employment with Lam are ongoing and binding and survive the termination of your employment with Lam, regardless of whether you sign this Release. 

3. If you agree to this Release, you will be eligible to receive the payments and benefits provided in your Agreement. You must sign and return
this Release, and it must become irrevocable (as discussed in Sections 4.E. and 8 below), within sixty (60) days of your Termination Date (as defined in your Agreement). You may, at your discretion, sign and return the Release sooner. You are
hereby advised to consider the terms of this Release and consult with an attorney of your choice prior to executing this Release. Lam is under no obligation to pay any amounts or provide any benefits under your Agreement until such release is
irrevocable. Lam will make such payments and provide such benefits under your Agreement as soon as practicable, in accordance with the terms of your Agreement and in accordance with IRC Section 409A and accompanying Treasury Regulations
(although Lam makes no representation about any specific tax treatment applicable to you). Neither Lam nor the Vice Chairman shall have the right to accelerate or defer the delivery of any payments or provision of any benefits except as specifically
permitted or required by Section 409A. 
 4. In exchange for and in consideration of the payments and benefits provided for in your
Agreement, you agree to, and agree to abide by, the following terms: 
  

	 	A.	 Release. You hereby waive and release, and promise never to assert, any and all claims, except workers compensation or unemployment compensation
claims, that you have, or may have at any time, against Lam and its predecessors, subsidiaries, related entities, and their officers, directors, shareholders, agents, attorneys, employees, benefit plans, successors, or assigns (collectively
“Released Parties”) at all or, specifically, arising from or related to your employment with Lam and/or the termination of your employment with Lam. These claims include, but are not limited to, all claims arising under federal, state,
and/or local statutory or common law, including, but not limited to, claims of wrongful or constructive discharge or demotion, breach of contract (written, oral or implied), breach of the covenant of good faith and fair dealing, violation of public
policy, defamation, personal injury, emotional distress, claims under Title VII of the 1964 Civil Rights Act, as amended, the California Fair Employment and Housing Act (or comparable provision under any other state’s law), the Equal Pay Act of
1963, California Labor Code Section 1197.5 (or comparable provision under any other state’s law), the Age Discrimination in Employment Act of 1967, as amended, the Older Workers Benefit Protection Act (OWBPA), the Americans with
Disabilities Act (ADA), the Civil Rights Act of 1866, the Family and Medical Leave Act (FMLA), the Worker Adjustment and Retraining Notification (WARN) Act, California Labor Code Section 1400 et seq., and any other laws, regulations, or
ordinances relating to employment or employment discrimination, and the laws of contract and tort, to the full extent permitted by law. You are, through this Release, releasing the Company from any and all claims you may have against the Company,
including claims under the Age Discrimination in Employment Act of 1967, 29 U.S.C. §621, et seq (ADEA) with the exception of (i) your right to receive the payments provided for in, or to enforce, your Agreement and (ii) any claims you
may have 

	 	
pursuant to any written agreement, the Company’s certificate of incorporation or bylaws, or as mandated by statute, to indemnification as a director or officer of the Company; further,
rights or claims under the Age Discrimination in Employment Act that may arise after the date this Agreement is executed are not waived. 

  

	 	B.	Release of Unknown Claims. You agree to waive and release and promise never to assert any claims or potential claims that you might have against the Released
Parties, whether or not you know or might have reason to know of such claims or potential claims or of the facts potentially giving rise to any such claims or potential claims. Specifically, you agree to waive, and by executing this Release do
waive, your rights under section 1542 of the Civil Code of California, or comparable provision of another state’s law, which states: 

 A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known to him or her must have
materially affected his or her settlement with the debtor. 
  

	 	C.	 Acknowledgment of 21-Day Consideration Period: If you are 40 years of age or older, you acknowledge and agree that you have been given at least
21 days to consider the terms of this Release before signing it1. You knowingly and voluntarily waive the remainder of the 21-day consideration period, if any, following the date (as indicated below) you sign this Release. You affirm that you have not been asked by
the Company to shorten your time period for consideration of whether to sign this Release. You affirm that the Company has not threatened to withdraw or alter the payments or benefits due to you prior to the expiration of the 21-day period nor has
the Company provided different terms to you because you have decided to sign this Release prior to the expiration of the 21-day consideration period. You understand that by your having waived some portion of the 21-day consideration period, the
Company may expedite the processing of some of the payments or benefits provided to you in reliance upon your signing this Release. 

  

	 	D.	No Re-Start of Consideration Period: You agree that any changes to this Release or to the payments or benefits and terms offered or that may be offered to you
after your initial receipt of this Release, whether any such changes (individually or collectively) are material or immaterial, do not and shall not restart the running of the consideration period. 

 

	 	E.	Right to Revoke: You understand that if you sign this Release, you can change your mind and revoke it within seven days after signing it by returning it with
written revocation notice to the Company in the manner described in the notice provision of your Agreement. You understand that the release and waiver set forth above will not be effective until after this seven-day period has expired.

  

	 	F.	Binding Agreement: You understand that following the seven-day revocation period, this Release will be final and binding. You promise that you will not pursue
any claim that you have settled by this Release. If you break this promise, you agree to pay all of the Company’s costs and expenses (including reasonable attorneys’ fees) related to the defense of any claims, except this promise not to
sue does not apply to claims that you may have under the OWBPA and the ADEA. Although you are releasing claims that you may have under the OWBPA and the ADEA, you understand that you may challenge the knowing and voluntary nature of this release
under the OWBPA and the ADEA before a court, the Equal Employment Opportunity Commission (EEOC), the National Labor Relations Board (NLRB), or any other federal, state or local agency charged with the enforcement of any employment laws. You
understand, however, that if you pursue a claim against the Company under the OWBPA and/or the ADEA, a court has the discretion to determine whether the Company is entitled to restitution, recoupment, or set off (hereinafter “reduction”)
against a monetary award obtained by you 

  

 
  

	1 	 Insert 45 day Consideration Period in circumstances required by law. 

  
 - 21 -

 in the court proceeding. A reduction never can exceed the amount you recover, or the
consideration you received for signing this Release, whichever is less. You also recognize that the Company may be entitled to recover costs and attorney’s fees incurred by the Company as specifically authorized under applicable law. You
further understand that nothing in this Release generally prevents you from filing a charge or complaint with or from participating in an investigation or proceeding conducted by the EEOC, NLRB, or any other federal, state or local agency charged
with the enforcement of any employment laws, although by signing this Release you are waiving your right to individual relief based on claims asserted in such a charge or complaint. Nothing in this Agreement shall be construed to waive any
right that is not subject to waiver by private agreement under federal, state or local laws, such as claims for workers compensation or unemployment benefits. 
  

	 	G.	Authorization for Deductions from Paychecks and Other Payments. You hereby authorize Lam to deduct and withhold from your paychecks and from any other payments
of cash compensation due to you, from the date of this Release forward, any and all amounts you may, from time to time, owe to Lam for any reason, including (without limitation) loans or advances to you, reimbursement of paid but unvested signing or
relocation bonuses, amounts due under a promissory note, taxes or tax withholding paid or to be paid by Lam on your behalf. If you owe Lam monies as documented in a promissory note or other written agreement, the repayment terms of that document
will apply. 

  

	 	H.	Confidentiality of Terms of this Release. You agree not to disclose to any other person or entity any information regarding the terms of this Release, or the
fact of its existence, or the amounts of any payments or benefits made to or provided to you, except that you may disclose such information to your immediate family (spouse, children, or parents), attorney, accountant, or other professional advisor
to whom you must make the disclosure in order for such person to render professional services to you, or as you otherwise may be compelled by law. You will instruct any such persons to whom you make such disclosures, however, to maintain the
confidentiality of such information, consistent with your obligations to maintain its confidentiality hereunder. 

  

	 	I.	Non-Solicitation. You agree to comply with the terms set forth in Section 10 of your Agreement. 

 

	 	J.	Non-Disparagement. You hereby agree that you will not disparage, criticize, slander, or libel Lam or any of its products, technologies, policies, actions,
employees, officers, or agents, to any third party or person, including without limitation any supplier, customer, or prospective customer or business partner of Lam. 

 5. To accept this Release, please sign and date it below and provide it to the Company in the manner described in the notice provision of your Agreement. If your Release is not executed, returned
and irrevocable within 60 days from the Termination Date (as defined in your Agreement), the offer of the payments and benefits described in your Agreement shall automatically expire and this offer shall be deemed revoked. 

6. In the event that you breach any of your obligations under this Release or as otherwise imposed by law, Lam will be entitled to recover the payments
and benefits paid under your Agreement and to obtain all other relief provided by law or equity. Lam’s rights and remedies arising hereunder are cumulative of any and all other rights or remedies Lam may have in the event of a breach of this
Release by you. 
 7. By signing this Release, you acknowledge that you have had the opportunity to review this Release carefully with an
attorney of your choice concerning its terms and effect, and that the waivers, settlement, and releases made herein are knowing, voluntary, informed, and consensual. 
 8. You understand that once you have signed this Release, you have an additional seven (7) days to revoke your acceptance by submitting a written notice of your revocation to the Company in the
manner described in the notice provision of your Agreement. If you do not revoke your acceptance within seven (7) days of your acceptance, the Release will be deemed effective, binding and enforceable. Please note that this means your
executed Release must be received by the Chief Legal Officer of the Company, within 53 days of Termination Date (as defined in your Agreement) or the Company shall be under no obligation to make the payments or provide the benefits under your
Agreement. 

  
 - 22 -

 9. This Release shall be construed and enforceable in all respects pursuant to California law,
notwithstanding conflict of laws considerations or the preference, policy or law of any other jurisdiction or forum. Any dispute or action arising from or related to this Release shall be brought in federal or California state court located in the
County of Santa Clara, California, and in no other jurisdiction or venue. The invalidity or unenforceability of any provision(s) of this Agreement shall not affect the validity or enforceability of any other provision hereof, which shall remain in
full force and effect. 
 /// 

  
 - 23 -

 I, THE UNDERSIGNED, HAVE BEEN ADVISED IN WRITING THAT I HAVE HAD AT LEAST TWENTY-ONE (21) DAYS TO
CONSIDER THIS RELEASE AND TO CONSULT WITH AN ATTORNEY CONCERNING ITS TERMS AND EFFECT PRIOR TO EXECUTING THIS RELEASE. 
 I, THE
UNDERSIGNED, HAVE READ THIS RELEASE, UNDERSTAND ITS TERMS, AND UNDERSTAND THAT I ENTER THIS RELEASE INTENDING TO AND DO WAIVE, SETTLE AND RELEASE ALL CLAIMS I HAVE OR MIGHT HAVE AGAINST LAM RESEARCH CORPORATION TO THE FULL EXTENT PERMITTED BY LAW. I
SIGN THIS RELEASE VOLUNTARILY AND KNOWINGLY. 
  

					
	ACKNOWLEDGED, UNDERSTOOD AND AGREED CORPORATION:	 		 	ON BEHALF OF LAM RESEARCH
			
	 	 		 	 
	[EMP NAME]	 		 	Sarah A. O’Dowd
		 		 	Group Vice President, HR & Chief Legal Officer
		 		 	
	Date:
                                         
                                        
   	 		 	Date:
                                         
                                        
   

  
 - 24 -

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