Document:

EX-10.3

 Exhibit 10.3 

 

			
	

	 	 Codexis, Inc.
 200 Penobscot
Drive
 Redwood City, CA 94063
 Tel:
650.421.8100
 Fax: 650.421-8135

www.codexis.com

  

 August 29, 2012 
 David O’Toole 
 [ADDRESS] 
 Dear David: 
 On behalf of Codexis, I am pleased to extend to you this offer of employment as
Senior Vice President and Chief Financial Officer reporting to John Nicols. Your position is a full-time position located in Redwood City, California. 
 Your employment is subject to proof of your legal right to work in the United States, and to your completing the United States Citizenship and Immigration Service Employment Eligibility Verification Form
I-9. Your employment is also subject to successful completion of your professional references, background and drug screening, as well as the execution of your Employee Confidential Information and Inventions Assignment Agreement, which is attached
to this offer letter as Attachment A. 
 Compensation 
 If you accept this offer and you begin employment with Codexis, you will receive an initial base salary of $325,000 per year, payable semi-monthly, which will be subject to all applicable withholdings.

 You will also be eligible to participate in the Codexis Executive Incentive Compensation Plan (the “Incentive
Plan”). Your Incentive Plan target will be 40% of your Codexis base salary earnings. Any Incentive Plan payout you receive will be prorated based on your service during 2012 as a percentage of the full year; and no bonus will be
paid unless you commence employment with Codexis on or before October 1, 2012, and you must be an employee of Codexis on the date the bonus is paid. The form of payout under the Incentive Plan, if any, can be equity, cash or a combination
of equity and cash, at the sole discretion of our Board of Directors’ (the “Board”). Any payout will be subject to all applicable withholdings. If Codexis meets all of its corporate goals for 2013, and you also
perform well against your individual and group goals, to be established with your supervisor, you can expect to receive an Incentive Plan payout at or near the 40% target after our Board approval of our 2013 year-end financial statements. Based
on Codexis’ performance and your individual and group’s goal performance, your actual bonus may be more or less than this target, and under certain circumstances there may be no payout. Please also note that the Incentive Plan does not
constitute a contract of employment or alter the “at will” status of your employment. In addition, Codexis reserves the right to modify or terminate the Incentive Plan at any time and for any reason without your consent.

You will also receive a sign-on bonus of $50,000. The sign-on bonus will be subject to all applicable withholdings and will be paid out in your first 30
days of employment. If within one 

  

					
		 	1	 	Initial: DDT    

			
	

	 	 Codexis, Inc.
 200 Penobscot
Drive
 Redwood City, CA 94063
 Tel:
650.421.8100
 Fax: 650.421-8135

www.codexis.com

  

 
year of your employment start date (i) you choose to resign employment or (ii) your employment is terminated for Cause (as defined below), you will be required to repay this sign-on
bonus within 30 days of your termination. The gross (before withholding) amount of the sign-on bonus that must be repaid will be determined by the following repayment guidelines, which are based on the amount of time that has lapsed between your
employment start date and your termination date: 
  

	 	a)	within six months of your employment start date : 100% 

  

	 	b)	between six and twelve months: prorated monthly. 

“Cause” shall mean: (i) the willful and continued failure to substantially perform your duties with Codexis (other than as a result of
physical or mental disability) after a written demand for substantial performance is delivered to you by Codexis, which demand specifically identifies the manner in which Codexis believes that you have not substantially performed your duties and
that has not been cured within fifteen (15) days following receipt by you of the written demand; (ii) commission of a felony (other than a traffic-related offense) that in the written determination of Codexis is likely to cause or has
caused material injury to Codexis’s business; (iii) dishonesty with respect to a significant matter relating to Codexis’s business; or (iv) material breach of any agreement by and between you and Codexis, which material breach
has not been cured within fifteen (15) days following receipt by you of written notice from Codexis identifying such material breach. 

Equity Grants 
 Subject to approval by
the Board or the Compensation Committee of the Board, you will be granted an option to purchase 200,000 shares of common stock of Codexis (the “Option”) with a per share exercise price equal to the closing trading price per share of
Codexis common stock on the date the option is granted. The shares subject to the Option will vest and become exercisable with respect to one fourth or 25% of the total number of shares subject to the Option on the first anniversary of your
employment start date and thereafter will vest and become exercisable with respect to 1/48th of the total number of shares subject to the Option per month for the following 36 months until the option is 100% vested on the four-year anniversary of
your employment start date. Vesting is contingent upon your continued employment through the applicable vesting date. Your Option will be subject to the terms of the plan pursuant to which it is granted and/or an option agreement to be entered into
between you and Codexis. 
 Subject to approval by the Board or the Compensation Committee of the Board, you will be
granted an award of 50,000 shares of restricted common stock of Codexis (the “Restricted Stock Award”) on or as soon as administratively practicable after your employment start date. The Restricted Stock Award shall vest, and the
restrictions thereon shall lapse, with respect to twenty five percent (25%) of the total number of shares of restricted stock subject thereto on each anniversary of your employment start date, such that the Restricted Stock shall be fully
vested, and the restrictions thereon shall have fully lapsed, on the fourth (4th) anniversary of your employment start date, subject to your continuous service to Codexis through the applicable vesting date. The Restricted Stock Award shall otherwise be subject to the terms of
the plan pursuant to which it is granted and/or an award agreement to be entered into between you and Codexis. 

  

					
		 	2	 	Initial: DDT    

			
	

	 	 Codexis, Inc.
 200 Penobscot
Drive
 Redwood City, CA 94063
 Tel:
650.421.8100
 Fax: 650.421-8135

www.codexis.com

  

 Change of Control Benefits 
 You will be eligible for certain change of control benefits, which are set forth in the Change of Control Severance Agreement attached to this offer letter as Attachment B. Any change of control
benefits will be subject to the terms and conditions of the Change of Control Severance Agreement and are conditioned on your entry into the Change of Control Severance Agreement with Codexis. 

Relocation Assistance 
 To ensure that
your transition to the Bay Area is as smooth as possible, Codexis will provide you relocation assistance. You must use this relocation assistance within six months of your employment start date. Please see the attached relocation document attached
to this offer letter as Attachment C). 
 If within eighteen months of your employment start date (i) you choose to resign
employment or (ii) your employment is terminated for Cause; you will be required to reimburse Codexis for the expenses related to your relocation, prorated by the number of full months of employment. The gross (before withholding) amount of the
relocation that must be repaid will be determined by the following repayment guidelines, which are based on the amount of time that has lapsed between your employment start date and your termination date: 

 

	 	a)	within six months of your employment start date : 100% 

  

	 	b)	between six and eighteen months: prorated monthly. 

 Employee Benefits 
 As a full-time employee, you will be eligible for the Codexis employee
benefit plans, which currently include medical, dental, vision, long-term disability and life insurance, as well as a 401(k) plan and flexible time off that allows full-time employees to accrue 20 days of flexible time off each year of employment.
For employees working greater than or equal to 20 hours and less than 40 hours per week flexible time off is prorated. Codexis reserves the right to modify or terminate any of these plans and benefits at any time and for any reason. 

Other Terms and Conditions of Employment 

Your employment with Codexis is at will. “Employment at will” means that you are free to resign from your employment at any time, for any reason
or no reason at all, with or without cause and with or without notice. Similarly, Codexis may terminate your employment at any time for any legal reason, with or without cause and with or without notice. By accepting this offer of employment, you
agree that your employment is at will, and acknowledge that no one, other than the President and CEO of Codexis, has the authority to promise you, either orally or in writing, anything to the contrary. Any such agreement must be in writing and
signed by both you and the CEO to be effective. 

  

					
		 	3	 	Initial: DDT    

			
	

	 	 Codexis, Inc.
 200 Penobscot
Drive
 Redwood City, CA 94063
 Tel:
650.421.8100
 Fax: 650.421-8135

www.codexis.com

  

 Employment with any other entity or for yourself in competition with Codexis, or any direct or indirect
subsidiary of Codexis, is not permitted. If you want to take an outside job, please discuss the opportunity with your manager and the Human Resources Department in advance so that a determination can be made if any actual or potential conflict of
interest exists. 
 During the course of your employment you may create, develop or have access to confidential information belonging to
Codexis, including technical, research, financial, business, commercial, personnel or operational information, and/or ideas, trade secrets, know-how, procedures, strategies or plans. You agree that as a condition of your employment with Codexis, you
will sign and comply with the Codexis Employee Confidential Information and Inventions Assignment Agreement, a copy of which is attached to this letter as Attachment A. 
 Arbitration of Disputes 
 You agree that, except as described below, any dispute relating to
your employment or the termination of your employment with Codexis, including any claims related to any bonus, relocation payments or other compensation, shall be finally settled by binding arbitration in San Mateo County, California conducted by
Judicial Arbitration and Mediation Services, Inc. (“JAMS”) under the applicable JAMS employment rules. Claims subject to arbitration will include, but will not be limited to, claims under Title VII of the Civil Rights Act of 1964 (as
amended) and other civil rights statutes of the United States, the Age Discrimination in Employment Act, the Americans with Disabilities Act, the Family and Medical Leave Act, the Employee Retirement Income Security Act of 1974, the California Fair
Employment and Housing Act, the California Labor Code, and any other federal, state or local statute or regulation, and the common law of contract and tort. However, this agreement to arbitrate will not apply to claims (a) for workers’
compensation, (b) for unemployment compensation or (c) injunctive relief, pending arbitration, arising out of or related to misappropriation of trade secrets or misuse or improper disclosure of confidential information, unfair competition
or breach of any non-competition or non-solicitation agreement between you and Codexis. 
 The arbitrator shall: (i) have the authority to
compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; and (ii) issue a written arbitration decision, to include the arbitrator’s essential findings and conclusions and
a statement of the award. The arbitrator shall be authorized to award any or all remedies that you or Codexis would be entitled to seek in a court of law. 
 You understand that by this agreement, you and Codexis are waiving your respective rights to trial by jury, and that judgment upon any arbitration award may be entered in any court having jurisdiction of
the matter. Any controversy or claim subject to arbitration will be waived and forever barred if arbitration is not initiated within one year following the date the controversy or claim first arose, or if statutory rights are involved, within the
time limit established by the applicable statute of limitations. 
 With regard to statutory claims, you and Codexis will have the same remedies
available in arbitration as those available had the claim been filed in a court of law, including, where authorized by statute, compensatory and punitive damages, injunctive relief and attorneys’ fees.

  

					
		 	4	 	Initial: DDT    

			
	

	 	 Codexis, Inc.
 200 Penobscot
Drive
 Redwood City, CA 94063
 Tel:
650.421.8100
 Fax: 650.421-8135

www.codexis.com

  

 
Although Codexis will pay all costs of the JAMS and the arbitrator, you agree to pay all costs you would otherwise be required to pay were your claims litigated in a court of law, such as costs
of your attorney, deposition transcripts and expert witness fees and expenses. 
 The terms described in this letter supersede and replace all
prior agreements, understandings, and promises between Codexis and you concerning the terms and conditions of your employment with Codexis. 

We hope that your association with Codexis will be mutually successful and rewarding, and we look forward to welcoming you aboard. Please indicate your
acceptance of this offer by initialing each page and signing this letter below and returning the letter to me by 09/05/2012. A copy of the letter is enclosed for your records. 

 

			
	Sincerely,
	
	Codexis, Inc.
		
	By:	 	 /s/ John Nicols

		 	John Nicols
		 	President & CEO

 I understand and agree to the foregoing terms and conditions of employment with Codexis. 

 

					
	 /s/ David O’Toole

		
	8/31/2012	 	9/1/2012
	Date	 	/	 	    Start Date

  

					
		 	5EX-10.4

 Exhibit 10.4 
 CODEXIS, INC. 
 DAVID O’TOOLE 

STOCK OPTION GRANT NOTICE AND 
 STOCK OPTION AGREEMENT 
 Codexis, Inc., a Delaware corporation, (the
“Company”) hereby grants to the holder listed below (“Participant”), an option to purchase the number of shares of the Company’s common stock (“Stock”), set forth below (the
“Option”). This Option is subject to all of the terms and conditions set forth herein and the Stock Option Agreement attached hereto as Exhibit A (the “Stock Option Agreement”), which is incorporated herein
by reference. Unless otherwise defined herein, the terms are defined in Article 1 of the Stock Option Agreement. 
  

			
	Participant:	  	David O’Toole
		
	Grant Date:	  	September 10, 2012
		
	Exercise Price per Share:	  	$2.72
		
	Total Exercise Price:	  	$544,000.00
		
	 Total Number of Shares

Subject to the Option:
	  	200,000 shares
		
	Expiration Date:	  	September 9, 2022
		
	Vesting Schedule:	  	The shares subject to this Option shall vest and become exercisable as to 25% of the total number of shares subject to the Option on September 4, 2013, and 1/48th of the total number of shares subject to the Option shall vest and
become exercisable monthly thereafter, such that the Option would be fully vested and exercisable on September 4, 2016, subject to Participant’s continued service with the Company through each such vesting date.
		
	Type of Option:	  	This Option is a Non-Qualified Stock Option

 By executing this Grant Notice below, Participant agrees to be bound by the terms and conditions of the
Stock Option Agreement and this Grant Notice. Participant has reviewed the Stock Option Agreement and this Grant Notice in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully
understands all provisions of this Grant Notice and the Stock Option Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under this Grant
Notice or the Stock Option Agreement. 
  

									
	CODEXIS, INC.:	 		 	PARTICIPANT:
					
	By:	 	 /s/ Douglas T. Sheehy
	 		 	By:	 	 /s/ David O’Toole

	Print Name:	 	Douglas T. Sheehy	 		 	Print Name:	 	David O’Toole
	Title:	 	Senior Vice President, General Counsel and Secretary	 		 		 	
	Address:	 	[ADDRESS]	 		 	Address:	 	[ADDRESS]

 EXHIBIT A 
 TO DAVID O’TOOLE STOCK OPTION GRANT NOTICE 
 STOCK OPTION AGREEMENT

 Pursuant to the Stock Option Grant Notice (the “Grant Notice”) to which this Stock Option Agreement
(this “Agreement”) is attached, Codexis, Inc., a Delaware corporation (the “Company”), has granted to Participant an Option to purchase the number of shares of Stock indicated in the Grant Notice. 

ARTICLE 1. 

DEFINED TERMS 
 Wherever the following terms are used in this Agreement, they shall have the meanings specified below. 
 1.1 “Administrator” shall mean the Committee. 
 1.2
“Board” shall mean the Board of Directors of the Company. 
 1.3 “Change in Control” shall
mean and includes each of the following: 
 (a) A transaction or series of transactions (other than an offering of Stock to the
general public through a registration statement filed with the Securities and Exchange Commission) whereby any “person” or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the
Exchange Act) (other than the Company, any of its parents or subsidiaries, an employee benefit plan maintained by the Company or any of its subsidiaries or a “person” that, prior to such transaction, directly or indirectly controls, is
controlled by, or is under common control with, the Company) directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more than 50% of the total combined
voting power of the Company’s securities outstanding immediately after such acquisition; or 
 (b) During any period of two
consecutive years, individuals who, at the beginning of such period, constitute the Board together with any new director(s) (other than a director designated by a person who shall have entered into an agreement with the Company to effect a
transaction described in Section 1.2(a) or Section 1.2(c)) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who
either were directors at the beginning of the two-year period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or 

(c) The consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more
intermediaries) of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other disposition of all or substantially all of the Company’s assets in any single transaction or series of related transactions
or (z) the acquisition of assets or stock of another entity, in each case other than a transaction: 
 (i) Which results
in the Company’s voting securities outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the
transaction, controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the 

  
 A-1

 
Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly, at least a majority of
the combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction, and 

(ii) After which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the
Successor Entity; provided, however, that no person or group shall be treated for purposes of this Section 1.2(c)(ii) as beneficially owning 50% or more of combined voting power of the Successor Entity solely as a result of the voting
power held in the Company prior to the consummation of the transaction; or 
 (d) The Company’s stockholders approve a
liquidation or dissolution of the Company. 
 The Administrator shall have full and final authority, which shall be exercised in its discretion,
to determine conclusively whether a Change in Control of the Company has occurred pursuant to the above definition, and the date of the occurrence of such Change in Control and any incidental matters relating thereto. 

1.4 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. 

1.5 “Committee” shall mean the Compensation Committee of the Board. 

1.6 “Consultant” shall mean any consultant or adviser engaged to provide services to the Company or any Subsidiary that
qualifies as a consultant under the applicable rules of the Securities and Exchange Commission for registration of shares on a Form S-8 Registration Statement. 
 1.7 “Employee” shall mean any officer or other employee (as determined in accordance with Section 3401(c) of the Code and the Treasury Regulations thereunder) of the Company or of
any Subsidiary. 
 1.8 “Equity Restructuring” shall mean a nonreciprocal transaction between the Company and
its stockholders, such as a stock dividend, stock split, spin-off, rights offering or recapitalization through a large, nonrecurring cash dividend, that affects the number or kind of shares of Stock (or other securities of the Company) or the share
price of Stock (or other securities) and causes a change in the per share value of the Stock underlying the Option. 
 1.9
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time. 
 1.10
“Fair Market Value” shall mean, as of any given date, the value of a share of Stock determined as follows: 

(a) If the Stock is listed on any established stock exchange (such as the New York Stock Exchange, the NASDAQ Global Market and the NASDAQ
Global Select Market) or national market system, its Fair Market Value shall be the closing sales price for a share of Stock as quoted on such exchange or system for such date or, if there is no closing sales price for a share of Stock on the date
in question, the closing sales price for a share of Stock on the last preceding date for which such quotation exists, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; 

(b) If the Stock is not listed on an established stock exchange or national market system, but the Stock is regularly quoted by a
recognized securities dealer, its Fair Market Value shall be 

  
 A-2

 
the mean of the high bid and low asked prices for such date or, if there are no high bid and low asked prices for a share of Stock on such date, the high bid and low asked prices for a share of
Stock on the last preceding date for which such information exists, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or 
 (c) If the Stock is neither listed on an established stock exchange or a national market system nor regularly quoted by a recognized securities dealer, its Fair Market Value shall be established by the
Administrator in good faith. 
 1.11 “Non-Employee Director” shall mean a Director of the Company who is not an
Employee. 
 1.12 “Non-Qualified Stock Option” shall mean a stock option not described in Sections 422(b) or
423(b) of the Code. 
 1.13 “Subsidiary” means any entity (other than the Company), whether domestic or
foreign, in an unbroken chain of entities beginning with the Company if each of the entities other than the last entity in the unbroken chain beneficially owns, at the time of the determination, securities or interests representing more than 50% of
the total combined voting power of all classes of securities or interests in one of the other entities in such chain. 
 1.14
“Termination of Service” shall mean the time when the employee-employer relationship between Participant and the Company or any Subsidiary is terminated for any reason, including, without limitation, a termination by resignation,
discharge, death, disability or retirement; but excluding terminations where Participant simultaneously commences or remains in employment or service with the Company or any Subsidiary. The Administrator, in its sole discretion, shall determine the
effect of all matters and questions relating to a Termination of Service, including, without limitation, the question of whether a Termination of Service resulted from a discharge for cause and all questions of whether particular leaves of absence
constitute a Termination of Service. 
 ARTICLE 2. 

GRANT OF OPTION 
 2.1 Grant of Option. In consideration of Participant’s agreement to commence and continue in the employ of the Company or a Subsidiary and for other good and valuable consideration, effective
as of the Grant Date set forth in the Grant Notice (the “Grant Date”), the Company grants to Participant the Option to purchase any part or all of an aggregate of the number of shares of Stock set forth in the Grant Notice, upon the
terms and conditions set forth in this Agreement, subject to adjustments as provided in Section 5.1 hereof. This Option shall be a Non-Qualified Stock Option. 
 2.2 Exercise Price. The exercise price of the shares of Stock subject to the Option shall be as set forth in the Grant Notice, without commission or other charge; provided, however,
that the price per share of the shares of Stock subject to the Option shall not be less than 100% of the Fair Market Value of a share of Stock on the Grant Date. 
 2.3 Consideration to the Company. In consideration of the grant of the Option by the Company, Participant agrees to render faithful and efficient services to the Company or any Subsidiary. Nothing
in this Agreement shall confer upon Participant any right to continue in the employ of the Company or any Subsidiary or shall interfere with or restrict in any way the rights of the Company and its Subsidiaries, which rights are hereby expressly
reserved, to discharge or terminate the services of Participant at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and
Participant. 

  
 A-3

 ARTICLE 3. 
 PERIOD OF EXERCISABILITY 
 3.1 Commencement of Exercisability.

 (a) Subject to Sections 3.2, 3.3, 5.10 and 5.15 hereof, the Option shall become vested and exercisable in such amounts and at
such times as are set forth in the Grant Notice. 
 (b) No portion of the Option which has not become vested and exercisable at
the date of Participant’s Termination of Service shall thereafter become vested and exercisable, except as may be otherwise provided by the Administrator or as set forth in a written agreement between the Company and Participant. 

(c) Notwithstanding Sections 3.1(a) hereof and the Grant Notice, but subject to Section 3.1(b) hereof, pursuant to Section 5.1
hereof, the Option shall become fully vested and exercisable with respect to all shares of Stock covered thereby in the event of a Change in Control, in connection with which the successor corporation does not assume the Option or substitute an
equivalent right for the Option. Should the successor corporation assume the Option or substitute an equivalent right, then no such acceleration shall apply. 
 3.2 Duration of Exercisability. The installments provided for in the vesting schedule set forth in the Grant Notice are cumulative. Each such installment which becomes vested and exercisable
pursuant to the vesting schedule set forth in the Grant Notice shall remain vested and exercisable until it becomes unexercisable under Section 3.3 hereof. The vesting of the Option may be accelerated by the Administrator at such times and in
such amounts as it shall determine in its sole discretion, as otherwise provided for in this Agreement or as set forth in a written agreement between the Company and Participant. 

3.3 Expiration of Option. The Option may not be exercised to any extent by anyone after the first to occur of the following
events: 
 (a) The Expiration Date set forth in the Grant Notice, which shall in no event be more than ten (10) years from
the Grant Date; 
 (b) The expiration of three (3) months from the date of Participant’s Termination of Service,
unless such termination occurs by reason of Participant’s death or disability or the exercise period is extended by the Administrator until a date not later than the Expiration Date of the Option; or 

(c) The expiration of one (1) year from the date of Participant’s Termination of Service by reason of Participant’s death
or disability, unless the exercise period is extended by the Administrator until a date not later than the Expiration Date of the Option. 
 (d) Unvested Options shall terminate immediately upon Participant’s Termination of Services. 

  
 A-4

 3.4 Tax Indemnity. 

(a) The Participant agrees to indemnify and keep indemnified the Company, any Subsidiary and his/her employing company, if different, from
and against any liability for or obligation to pay any Tax Liability (a “Tax Liability” being any liability for income tax, withholding tax and any other employment related taxes or social security contributions in any jurisdiction)
that is attributable to (1) the grant or exercise of, or any benefit derived by the Participant from, the Option, (2) the acquisition by the Participant of the Stock on exercise of the Option, or (3) the disposal of any Stock.

 (b) The Option cannot be exercised until the Participant has made such arrangements as the Company may require for the
satisfaction of any Tax Liability that may arise in connection with the exercise of the Option and/or the acquisition of the Stock by the Participant. The Company shall not be required to issue, allot or transfer Stock until the Employee has
satisfied this obligation. 
 ARTICLE 4. 
 EXERCISE OF OPTION 
 4.1 Person Eligible to Exercise. During the
lifetime of Participant, only Participant may exercise the Option or any portion thereof. After the death of Participant, any exercisable portion of the Option may, prior to the time when the Option becomes unexercisable under Section 3.3
hereof, be exercised by Participant’s personal representative or by any person empowered to do so under the deceased Participant’s will or under the then applicable laws of descent and distribution. 

4.2 Partial Exercise. Any exercisable portion of the Option or the entire Option, if then wholly exercisable, may be exercised in
whole or in part at any time prior to the time when the Option or portion thereof becomes unexercisable under Section 3.3 hereof. 
 4.3 Manner of Exercise. The Option, or any exercisable portion thereof, may be exercised prior to its expiration to the extent such Option is vested, solely by delivery to the Secretary of the
Company (or any third party administrator or other person or entity designated by the Company), during regular business hours, of all of the following prior to the time when the Option or such portion thereof becomes unexercisable under
Section 3.3 hereof: 
 (a) An exercise notice in a form specified by the Administrator, stating that the Option or portion
thereof is thereby exercised, such notice complying with all applicable rules established by the Administrator. Such notice of exercise shall be executed and delivered by the person exercising such Options; 

(b) The receipt by the Company of full payment for the shares of Stock with respect to which the Option or portion thereof is exercised,
including payment of any applicable withholding tax, which shall be made by deduction from other compensation payable to Participant or in such other form of consideration permitted under Section 4.4 hereof that is acceptable to the Company;

 (c) Any other written representations as may be required in the Administrator’s reasonable discretion to evidence
compliance with the Securities Act of 1933, as amended (the “Securities Act”) or any other applicable law, rule or regulation; and 
 (d) In the event the Option or portion thereof shall be exercised pursuant to Section 4.1 hereof by any person or persons other than Participant, appropriate proof (satisfactory to the Company in its
sole discretion) of the right of such person or persons to exercise the Option. 

  
 A-5

 Notwithstanding any of the foregoing, the Company shall have the right to specify all conditions of the
manner of exercise, which conditions may vary by country and which may be subject to change from time to time. 
 4.4 Method
of Payment. Payment of the exercise price shall be by any of the following, or a combination thereof, at the election of Participant: 
 (a) Cash or check; 
 (b) With the consent of the Administrator, surrender of
shares of Stock (including, without limitation, shares of Stock otherwise issuable upon exercise of the Option) held for such period of time as may be required by the Administrator in order to avoid adverse accounting consequences and having a Fair
Market Value on the date of delivery equal to the aggregate exercise price of the Option or exercised portion thereof; or 
 (c)
Other property acceptable to the Administrator (including, without limitation, through the delivery of a notice that Participant has placed a market sell order with a broker with respect to shares of Stock then issuable upon exercise of the Option,
and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the Option exercise price; provided that payment of such proceeds is then made to the Company at such time as
may be required by the Company, but in any event not later than the settlement of such sale). 
 4.5 Tax Withholding.
Participant shall pay to the Company by one of the permitted payment methods under Section 4.4, promptly upon exercise of an Option or, if later, the date that the amount of such obligations becomes determinable, all applicable federal, state,
local and foreign withholding taxes that the Administrator, in its discretion, determines to result upon exercise of an Option or from a transfer or other disposition of shares of Stock acquired upon exercise of an Option or otherwise related to an
Option or shares of Stock acquired in connection with an Option. The Administrator may in its sole discretion and in satisfaction of the foregoing requirement withhold, or allow Participant to elect to have the Company withhold shares of Stock
otherwise issuable under the Option (or allow the surrender of shares of Stock). Unless determined otherwise by the Administrator, the number of shares of Stock which may be so withheld or surrendered shall be limited to the number of shares which
have a Fair Market Value on the date of withholding or repurchase no greater than the aggregate amount of such liabilities based on the minimum statutory withholding rates for federal, state, local and foreign income tax and payroll tax purposes
that are applicable to such supplemental taxable income. The Administrator shall determine the fair market value of the Stock, consistent with applicable provisions of the Code, for tax withholding obligations due in connection with a
broker-assisted cashless Option exercise involving the sale of shares to pay the Option exercise price or any tax withholding obligation. 
 4.6 Conditions to Issuance of Stock. The shares of Stock deliverable upon the exercise of the Option, or any portion thereof, may be either previously authorized but unissued shares of Stock or
issued shares of Stock which have then been reacquired by the Company. Such shares of Stock shall be fully paid and nonassessable. The Company shall not be required to issue or deliver any shares of Stock purchased upon the exercise of the Option or
portion thereof prior to fulfillment of all of the following conditions: 
 (a) The admission of such shares of Stock to listing
on all stock exchanges on which such Stock is then listed; 

  
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 (b) The completion of any registration or other qualification of such shares of Stock under
any state or federal law or under rulings or regulations of the Securities and Exchange Commission or of any other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or advisable; 

(c) The obtaining of any approval or other clearance from any state or federal governmental agency which the Administrator shall, in its
absolute discretion, determine to be necessary or advisable; 
 (d) The receipt by the Company of a properly completed and
executed notice of exercise, as specified in Section 4.3(a) above, and full payment for such shares of Stock, including payment of any applicable withholding tax, which may be in one or more of the forms of consideration permitted under
Section 4.4 hereof; and 
 (e) The lapse of such reasonable period of time following the exercise of the Option as the
Administrator may from time to time establish for reasons of administrative convenience. 
 4.7 Rights as Stockholder.
The holder of the Option shall not be, nor have any of the rights or privileges of, a stockholder of the Company, including, without limitation, voting rights and rights to dividends, in respect of any shares of Stock purchasable upon the exercise
of any part of the Option unless and until such shares of Stock shall have been issued by the Company and held of record by such holder (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the
Company). No adjustment will be made for a dividend or other right for which the record date is prior to the date the shares of Stock are issued, except as provided in Section 5.1 hereof. 

ARTICLE 5. 

OTHER PROVISIONS 
 5.1 Changes in Stock or Assets of the Company, Acquisition or Liquidation of the Company and Other Corporate Events. 
 (a) In the event of any stock dividend, stock split, combination or exchange of shares, merger, consolidation or other distribution (other than normal cash dividends) of Company assets to stockholders, or
any other change affecting the shares of the Company’s stock or the share price of the Company’s stock other than an Equity Restructuring, the Administrator may make equitable adjustments, if any, to reflect such change with respect to
(i) the number and kind of shares of Stock (or other securities or property) subject to the Option; (ii) the terms and conditions of the Option; and (iii) the exercise price per share for the Option. 

(b) In the event of any transaction or event described in Section 5.1(a) or any unusual or nonrecurring transactions or events
affecting the Company, any affiliate of the Company, or the financial statements of the Company or any affiliate, or of changes in applicable laws, regulations or accounting principles, the Administrator, in its sole discretion, and on such terms
and conditions as it deems appropriate, either by the terms of the Option or by action taken prior to the occurrence of such transaction or event and either automatically or upon Participant’s request, is hereby authorized to take any one or
more of the following actions whenever the Administrator determines that such action is appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Agreement. 

  
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 (i) To provide for either (A) termination of the Option in exchange for an amount of
cash, if any, equal to the amount that would have been attained upon the exercise of the Option or realization of Participant’s rights (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction or event described
in this Section 5.1 the Administrator determines in good faith that no amount would have been attained upon the exercise of the Option or realization of Participant’s rights, then the Option may be terminated by the Company without
payment) or (B) the replacement of the Option with other rights or property selected by the Administrator in its sole discretion having an aggregate value not exceeding the amount that could have been attained upon the exercise of the Option or
realization of Participant’s rights had the Option been currently exercisable or payable or fully vested; 
 (ii) To
provide that the Option be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted for by similar options, rights or awards covering the stock of the successor or survivor corporation, or a parent
or subsidiary thereof, with appropriate adjustments as to the number and kind of shares and prices; 
 (iii) To make
adjustments in the number and type of shares of the Company’s stock (or other securities or property) subject to the Option and/or in the terms and conditions of (including the exercise price), and the criteria included in, the Option;

 (iv) To provide that the Option shall be exercisable or payable or fully vested with respect to all shares covered thereby,
notwithstanding anything to the contrary in the Agreement; and 
 (v) To provide that the Option cannot vest, be exercised or
become payable after such event. 
 (c) In connection with the occurrence of any Equity Restructuring, and notwithstanding
anything to the contrary in Sections 5.1(a) and 5.1(b), the number and type of securities subject to the Option and/or the exercise price hereof, if applicable, shall be equitably adjusted. The adjustments provided under this Section 5.1(c)
shall be nondiscretionary and shall be final and binding on Participant and the Company. 
 (d) Notwithstanding any other
provision herein, but subject to Section 5.1(e), in the event of a Change in Control, the Option shall be assumed or an equivalent award substituted by the successor corporation or a parent or subsidiary of the successor corporation.

 (e) In the event that the successor corporation in a Change in Control refuses to assume or substitute for the Option upon a
Change in Control, the Option shall become fully vested and, if applicable, exercisable and all forfeiture restrictions on the Option shall lapse, in each case, as of immediately prior to the consummation of such Change in Control. If the Option is
exercisable in lieu of assumption or substitution in the event of a Change in Control, the Administrator shall notify Participant that the Option shall be fully exercisable for a period of fifteen (15) days from the date of such notice,
contingent upon the occurrence of the Change in Control, and the Option shall terminate upon the expiration of such period. 

(f) No such adjustment or action shall be authorized to the extent such adjustment or action would result in short-swing profits
liability under Section 16 of the Exchange Act or violate the exemptive conditions of Rule 16b-3 of the Exchange Act unless the Administrator determines that the Option is not to comply with such exemptive conditions. 

(g) The existence of the Grant Notice, Agreement and the Option shall not affect or restrict in any way the right or power of the Company
or the stockholders of the Company to make or 

  
 A-8

 
authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, any merger or consolidation of the Company, any issue of stock
or of options, warrants or rights to purchase stock or of bonds, debentures, preferred or prior preference stocks whose rights are superior to or affect the Stock or the rights thereof or which are convertible into or exchangeable for Stock, or the
dissolution or liquidation of the company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise. 

(h) No action shall be taken under this Section 5.1 which shall cause the Option to fail to comply with Section 409A of the
Code or the Treasury Regulations thereunder, to the extent applicable to the Option. 
 (i) In the event of any pending stock
dividend, stock split, combination or exchange of shares, merger, consolidation or other distribution (other than normal cash dividends) of Company assets to stockholders, or any other change affecting the shares of Stock or the share price of the
Stock including any Equity Restructuring, for reasons of administrative convenience, the Company in its sole discretion may refuse to permit the exercise of the Option during a period of up to thirty (30) days prior to the consummation of any
such transaction. 
 5.2 Administration. The Administrator shall have the power to interpret this Agreement and to adopt
such rules for the administration, interpretation and application of this Agreement as are consistent therewith and to interpret, amend or revoke any such rules. All actions taken and all interpretations and determinations made by the Administrator
in good faith shall be final and binding upon Participant, the Company and all other interested persons. No member of the Administrator shall be personally liable for any action, determination or interpretation made in good faith with respect to
this Agreement or the Option. 
 5.3 Whole Shares. The Option may only be exercised for whole shares of Stock.

 5.4 Option Not Transferable. Subject to Section 4.1 hereof, the Option may not be sold, pledged, assigned or
transferred in any manner other than by will or the laws of descent and distribution, unless and until the shares of Stock underlying the Option have been issued, and all restrictions applicable to such shares of Stock have lapsed. Neither the
Option nor any interest or right therein shall be liable for the debts, contracts or engagements of Participant or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance,
assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition
thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence. 
 5.5 Binding Agreement. Subject to the limitation on the transferability of the Option contained herein, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal
representatives, successors and assigns of the parties hereto. 
 5.6 Notices. Any notice to be given under the terms of
this Agreement to the Company shall be addressed to the Company in care of the Secretary of the Company at the Company’s principal office, and any notice to be given to Participant shall be addressed to Participant at Participant’s last
address reflected on the Company’s records. By a notice given pursuant to this Section 5.6, either party may hereafter designate a different address for notices to be given to that party. Any notice which is required to be given to
Participant shall, if Participant is then deceased, be given to the person entitled to exercise his or her Option pursuant to Section 4.1 hereof by written notice under this Section 5.6.

  
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Any notice shall be deemed duly given when sent via email or when sent by certified mail (return receipt requested) and deposited (with postage prepaid) in a post office or branch post office
regularly maintained by the United States Postal Service. 
 5.7 Titles. Titles are provided herein for convenience only
and are not to serve as a basis for interpretation or construction of this Agreement. 
 5.8 Governing Law. The laws of
the State of Delaware shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws. 

5.9 Conformity to Securities Laws. Participant acknowledges that this Agreement is intended to conform to the extent necessary
with all provisions of the Securities Act and the Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, and state securities laws and regulations. Notwithstanding anything herein to the
contrary, the Option is granted and may be exercised, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, this Agreement shall be deemed amended to the extent necessary to conform to
such laws, rules and regulations. 
 5.10 Amendments, Suspension and Termination. This Agreement may be wholly or
partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Administrator; provided that, except as may otherwise be provided herein, no amendment, modification, suspension or termination of this
Agreement shall adversely affect the Option in any material way without the prior written consent of Participant. 
 5.11
Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on
transfer herein set forth in Section 5.4 hereof, this Agreement shall be binding upon Participant and his or her heirs, executors, administrators, successors and assigns. 
 5.12 Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Option and this
Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of
such exemptive rule. To the extent permitted by applicable law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule. 
 5.13 Not a Contract of Employment. Nothing in this Agreement or in the Grant Notice shall confer upon the Participant any right to continue to serve as an employee or other service provider of the
Company or any of its Subsidiaries. 
 5.14 Entire Agreement. The Grant Notice and this Agreement (including all Exhibits
thereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof. 

5.15 Section 409A. This Option is not intended to constitute “nonqualified deferred compensation” within the
meaning of Section 409A of the Code (together with any Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the date
hereof, “Section 409A”). However, 

  
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notwithstanding any other provision of the Grant Notice or this Agreement (or any Exhibits hereto), if at any time the Administrator determines that the Option (or any portion thereof) may be
subject to Section 409A, the Administrator shall have the right in its sole discretion (without any obligation to do so or to indemnify Participant or any other person for failure to do so) to adopt such amendments to the Grant Notice or this
Agreement (or any Exhibits hereto), or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as the Administrator determines are necessary or appropriate either for
the Option to be exempt from the application of Section 409A or to comply with the requirements of Section 409A. 

5.16 Limitation on Participant’s Rights. The Option confers no rights or interests other than as herein provided. This
Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust. Neither this Agreement nor any underlying program, in and of itself, has any assets. Participant shall
have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Option, and rights no greater than the right to receive the Stock as a general unsecured creditor
with respect to options, as and when exercised pursuant to the terms hereof. 
 5.17 Signature in Counterparts. This
Agreement, if provided for acceptance on a paper copy, may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

  
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