Document:

1st Amendment to 2nd Amended and Restated Loan and Security Agreement

 Exhibit 10.8 
 FIRST AMENDMENT TO SECOND AMENDED AND RESTATED 
 LOAN AND SECURITY
AGREEMENT 
 THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this
“Amendment”), dated as of June 11, 2012, is entered into by and among the Lenders (as defined below) signatory hereto, BANK OF AMERICA, N.A., as administrative agent and as security trustee for the Lenders (in such
capacity, “Agent”), CALLAWAY GOLF COMPANY, a Delaware corporation (“Parent”), CALLAWAY GOLF SALES COMPANY, a California corporation (“Callaway Sales”), CALLAWAY GOLF BALL
OPERATIONS, INC., a Delaware corporation (“Callaway Operations”, and together with Parent and Callaway Sales, collectively, “U.S. Borrowers”), CALLAWAY GOLF CANADA LTD., a Canada corporation
(“Canadian Borrower”), CALLAWAY GOLF EUROPE LTD., a company organized under the laws of England (registered number 02756321) (“U.K. Borrower” and together with the U.S. Borrowers and the Canadian Borrower,
collectively, “Borrowers”), and the other Obligors party hereto. 
 RECITALS 

A. Borrowers, the other Obligors party thereto, Agent, and the financial institutions signatory thereto from time to time (each a
“Lender” and collectively the “Lenders”) have previously entered into that certain Second Amended and Restated Loan and Security Agreement dated as of December 22, 2011 (as amended, supplemented, restated and
modified from time to time, the “Loan Agreement”), pursuant to which the Lenders have made certain loans and financial accommodations available to Borrowers. Terms used herein without definition shall have the meanings ascribed to
them in the Loan Agreement. 
 B. Obligors have requested that Agent and the Required Lenders amend the Loan Agreement, which
Agent and the Required Lenders are willing to do pursuant to the terms and conditions set forth herein. 
 C. Obligors are
entering into this Amendment with the understanding and agreement that, except as specifically provided herein, none of Agent’s or any Lender’s rights or remedies as set forth in the Loan Agreement or any of the other Loan Documents are
being waived or modified by the terms of this Amendment. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 1.
Amendments to Loan Agreement. 
 (a) The following definitions are hereby added to Section 1.1 of the Loan Agreement
in their proper alphabetical order: 
 “2012 Acquisition: as defined in Section 10.2.2(j).” 

“2012 Debt: as defined in the definition of Excluded Stock Repurchase.” 

“2012 Debt Reserve: a reserve established by Agent in an initial amount not to exceed the net proceeds of the 2012 Debt
received by Parent (after giving effect to all fees, expenses, premiums and other amounts paid by any Obligor in connection therewith or in connection with any Preferred Stock Repurchases 

 
made substantially contemporaneously with the incurrence of such Debt and excluding, for the avoidance of doubt, any 2012 Debt that is exchanged for Parent’s outstanding 7.50% Series B
Cumulative Perpetual Convertible Preferred Stock). The 2012 Debt Reserve: (a) shall be reduced on a dollar for dollar basis for any amounts expended in connection with any Preferred Stock Repurchases made in accordance with
Section 10.2.6(h); and (b) may be reduced from time to time upon Parent’s written request; provided, however, that once reduced, the 2012 Debt Reserve may not be increased. The parties agree that the 2012 Debt
Reserve (x) shall never be less than zero (-0-), and (y) shall be included in the calculation of the U.S. Availability Reserve.” 
 “First Amendment Effective Date: June 11, 2012.” 
 (b) The
definition of “Excluded Stock Repurchases” in Section 1.1 of the Loan Agreement is hereby amended and restated in its entirety as follows: 
 “Excluded Stock Repurchases: any: (a) Preferred Stock Repurchases, and (b) repurchases or redemptions of the Parent’s common stock to the extent consummated when the Parent does
not have any outstanding 7.50% Series B Cumulative Perpetual Convertible Preferred Stock, $0.01 par value; provided, however, that the aggregate amount under clauses (a) and (b) which shall be deemed Excluded Stock
Repurchases shall not exceed $140,000,000 (the “Excluded Repurchase Cap”); provided further, however, that if Parent has incurred at least $100,000,000 of Debt under Section 10.2.3(m) within three
hundred sixty five days (365) days of the First Amendment Effective Date or such later date as may be agreed by the Administrative Agent with the consent of the Required Lenders (the “2012 Debt”), the Excluded Repurchase Cap
shall be $160,000,000.” 
 (c) Section 10.2.2 of the Loan Agreement is hereby amended by: 

 

	 	(i)	deleting the “and” at the end of clause (g) thereof, 

  

	 	(ii)	amending and restating the beginning of clause (h) thereof through and including the defined term “Investment Cap” (it being understood that everything
after the defined term “Investment Cap” shall remain in effect unless otherwise expressly provided below): 

 “so long as no Event of Default has occurred and is continuing or would result therefrom, any other Investments (other than an Acquisition) in an aggregate amount not to exceed $25,000,000 during the
term of the Agreement (such limitation, the “Investment Cap”);” 
  

	 	(iii)	deleting the “.” at the end of clause (h) thereof; 

  

	 	(iv)	adding the following new clauses (i) and (j) thereto: 

 “(i) Investments by a U.S. Domiciled Obligor in any Subsidiary that is not a Borrower or Guarantor to the extent such Investments are in the form of a transfer of assets (other than any Collateral)
of such U.S. Domiciled Obligor so long as: (A) such assets are in existence as of the First Amendment Effective Date, and (B) such assets are predominantly used in connection with the golf ball manufacturing operations of Parent; and

  
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 (j) Investments by a U.S. Domiciled Obligor in connection with an Acquisition in an
aggregate amount not to exceed $5,000,000 (the “2012 Acquisition”), provided that (x) all of the conditions set forth in the definition of “Permitted Acquisition” shall have been satisfied (other than the condition in
clause (i)(D) of the provisos to each of clauses (e) and (h) in the definition of “Permitted Acquisition”) and (y) for the avoidance of doubt, the 2012 Acquisition shall not count towards the Acquisition Cap.”

 (d) Section 10.2.6 of the Loan Agreement is hereby amended by: 

 

	 	(i)	deleting the “and” at the end of clause (d) thereof, 

  

	 	(ii)	deleting the “.” at the end of clause (e) thereof and inserting a “;” in lieu thereof, and 

 

	 	(iii)	adding the following new clauses (f), (g), and (h) thereto: 

 “(f) so long as no Event of Default has occurred and is continuing or would result therefrom, Parent may make cash payments in lieu of issuance of fractional shares in connection with the conversion
of any convertible stock or debt securities of Parent, in an aggregate amount not to exceed $5,000,000 for all such payments; 

(g) so long as no Event of Default has occurred and is continuing or would result therefrom, Parent may make Preferred Stock Repurchases
to the extent (i) such Preferred Stock Repurchases are made solely using the proceeds of Debt incurred under Section 10.2.3(m) or made in the form of exchanges for such debt, and (ii) such Preferred Stock Repurchases are made
substantially contemporaneously with the incurrence of such Debt; and 
 (h) Parent may make Preferred Stock Repurchases so long
as: (i) no Event of Default has occurred and is continuing or would result therefrom, and (ii) the amount expended in connection with any such Preferred Stock Repurchase does not exceed the 2012 Debt Reserve in effect immediately prior to
giving effect to any such expenditures.” 
 2. Amendment Fees. The U.S. Borrowers shall pay to Agent, for the
benefit of each Lender who executes and delivers this Amendment on or before the date hereof, a non-refundable amendment fee equal to 0.10% of the aggregate amount of each such Lender’s Commitment, which amendment fees shall be fully earned and
due and payable on the date hereof. 
 3. Effectiveness of this Amendment. The following shall have occurred before this
Amendment is effective: 
 (a) Amendment. Agent shall have received this Amendment, executed by Agent, each Obligor and
the Required Lenders in a sufficient number of counterparts for distribution to all parties. 
 (b) Amendment Fee Letter.
Agent shall have received an Amendment Fee Letter, in form and substance satisfactory to Agent, executed by U.S. Borrowers. 

  
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 (c) Representations and Warranties. The representations and warranties set forth
herein must be true and correct. 
 (d) No Default. No event has occurred and is continuing that constitutes an Event of
Default. 
 (e) Other Required Documentation. All other documents and legal matters in connection with the transactions
contemplated by this Amendment shall have been delivered or executed or recorded and shall be in form and substance satisfactory to Agent. 
 4. Representations and Warranties. Each Obligor represents and warrants as follows: 
 (a) Authority. Each Obligor has the requisite corporate power and authority to execute and deliver this Amendment, and to perform its obligations hereunder and under the Loan Documents (as amended
or modified hereby) to which it is a party. The execution, delivery and performance by each Obligor of this Amendment have been duly approved by all necessary corporate action and no other corporate proceedings are necessary to consummate such
transactions. 
 (b) Enforceability. This Amendment has been duly executed and delivered by each Obligor. This Amendment
and each Loan Document to which any Obligor is a party (as amended or modified hereby) is the legal, valid and binding obligation of such Obligor, enforceable against such Obligor in accordance with its terms, except as enforceability may be limited
by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability, and is in full force and effect. 

(c) Representations and Warranties. The representations and warranties contained in each Loan Document to which any Obligor is a
party (other than any such representations or warranties that, by their terms, are specifically made as of a date other than the date hereof) are correct on and as of the date hereof as though made on and as of the date hereof. 

(d) Due Execution. The execution, delivery and performance of this Amendment are within the power of each Obligor, have been duly
authorized by all necessary corporate action, have received all necessary governmental approval, if any, and do not contravene any law or any contractual restrictions binding on any Obligor. 

(e) No Default. No event has occurred and is continuing that constitutes an Event of Default. 

5. Choice of Law. The validity of this Amendment, its construction, interpretation and enforcement, the rights of the parties
hereunder, shall be determined under, governed by, and construed in accordance with the internal laws of the State of New York, without giving effect to any conflict of law principles (but giving effect to Section 5-1401 of the New York General
Obligation Law and Federal laws relating to national banks). The consent to forum and judicial reference provisions set forth in Section 14.15 of the Loan Agreement are hereby incorporated in this Amendment by reference. 

6. Counterparts. This Amendment may be executed in any number of counterparts and by different parties and separate counterparts,
each of which when so executed and delivered, shall be deemed an original, and all of which, when taken together, shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by
telefacsimile or a substantially similar electronic transmission shall have the same force and effect as the delivery of an original executed counterpart of this Amendment. Any party delivering an executed counterpart of this Amendment by
telefacsimile or a substantially similar electronic transmission shall also deliver an original executed counterpart, but the failure to do so shall not affect the validity, enforceability or binding effect of such agreement. 

  
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 7. Reference to and Effect on the Loan Documents. 

(a) Upon and after the effectiveness of this Amendment, each reference in the Loan Agreement to “this Agreement”,
“hereunder”, “hereof” or words of like import referring to the Loan Agreement, and each reference in the other Loan Documents to “the Loan Agreement”, “thereof” or words of like import referring to the Loan
Agreement, shall mean and be a reference to the Loan Agreement as modified and amended hereby. 
 (b) Except as specifically
amended above, the Loan Agreement and all other Loan Documents are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed and shall constitute the legal, valid, binding and enforceable obligations of
Obligors to Agent and the Lenders. 
 (c) The execution, delivery and effectiveness of this Amendment shall not, except as
expressly provided herein, operate as a waiver of any right, power or remedy of Agent or any Lender under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. 

(d) To the extent that any terms and conditions in any of the Loan Documents shall contradict or be in conflict with any terms or
conditions of the Loan Agreement, after giving effect to this Amendment, such terms and conditions are hereby deemed modified or amended accordingly to reflect the terms and conditions of the Loan Agreement as modified or amended hereby. 

8. Ratification. Each Obligor hereby restates, ratifies and reaffirms each and every term and condition set forth in the Loan
Agreement, as amended hereby, and the Loan Documents effective as of the date hereof. 
 9. Estoppel. To induce Lenders
to enter into this Amendment and to continue to make advances to Borrowers under the Loan Agreement, each Obligor hereby acknowledges and agrees that, as of the date hereof, there exists no right of offset, defense, counterclaim or objection in
favor of any Obligor as against Agent or any Lender with respect to the Obligations. 
 10. Integration. This Amendment,
together with the other Loan Documents, incorporates all negotiations of the parties hereto with respect to the subject matter hereof and is the final expression and agreement of the parties hereto with respect to the subject matter hereof.

 11. Severability. In case any provision in this Amendment shall be invalid, illegal or unenforceable, such provision
shall be severable from the remainder of this Amendment and the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

[Remainder of Page Left Intentionally Blank] 

  
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 IN WITNESS WHEREOF, the parties have entered into this Amendment as of the date first above
written. 
  

			
	OBLIGORS:
	
	 CALLAWAY GOLF COMPANY,
 a Delaware corporation

		
	By:	 	 /s/ Bradley J. Holiday

	Name:	 	 Bradley J. Holiday

	Title:	 	 Senior Executive Vice President and CFO

	
	 CALLAWAY GOLF SALES COMPANY,
 a California corporation

		
	By:	 	 /s/ Bradley J. Holiday

	Name:	 	 Bradley J. Holiday

	Title:	 	 Director

	
	 CALLAWAY GOLF BALL OPERATIONS, INC.,
 a Delaware corporation

		
	By:	 	 /s/ Bradley J. Holiday

	Name:	 	 Bradley J. Holiday

	Title:	 	 Director

	
	 CALLAWAY GOLF CANADA LTD.,
 a Canada corporation

		
	By:	 	 /s/ Bradley J. Holiday

	Name:	 	 Bradley J. Holiday

	Title:	 	 Director

	
	 CALLAWAY GOLF EUROPE LTD.,
 a company organized under the laws of England and Wales

		
	By:	 	 /s/ Bradley J. Holiday

	Name:	 	 Bradley J. Holiday

	Title:	 	 Director

  
 6 

 
			
	 CALLAWAY GOLF INTERACTIVE, INC.
 a Texas corporation

		
	By:	 	 /s/ Bradley J. Holiday

	Name:	 	 Bradley J. Holiday

	Title:	 	 Director

	
	 CALLAWAY GOLF INTERNATIONAL SALES COMPANY,
 a California corporation

		
	By:	 	 /s/ Bradley J. Holiday

	Name:	 	 Bradley J. Holiday

	Title:	 	 Director and President

	
	 CALLAWAY GOLF EUROPEAN HOLDING COMPANY LIMITED,
 a company limited by shares incorporated under the laws of England and Wales

		
	By:	 	 /s/ Neil Howie

	Name:	 	 Neil Howie

	Title:	 	 Director

	
	AGENT AND LENDERS
	
	BANK OF AMERICA, N.A., as Agent and as a Lender
		
	By:	 	 /s/ Monirah J. Masud

	Name:	 	Monirah J. Masud
	Title:	 	SVP
	
	 BANK OF AMERICA, N.A.
 (acting through its Canada branch), as a Canadian Lender

		
	By:	 	 /s/ Medina Sales De Andrade

	Name:	 	 Medina Sales De Andrade

	Title:	 	 Vice President

  
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	 BANK OF AMERICA, N.A.
 (acting through its London branch), as a U.K. Lender

		
	By:	 	 /s/ Monirah J. Masud

	Name:	 	 Monirah J. Masud

	Title:	 	 SVP

	
	 UBS LOAN FINANCE LLC,
 as a U.S. Lender and a U.K. Lender

		
	By:	 	 /s/ Mary E. Evans

	Name:	 	 Mary E. Evans

	Title:	 	 Associate Director Banking Products Services, US

		
	By:	 	 /s/ Irja R. Orsa

	Name:	 	 Irja R. Orsa

	Title:	 	  

Associate Director Banking Products Services, US

	
	 UBS AG CANADA BRANCH,
 as a Canadian Lender

		
	By:	 	 /s/ Mary E. Evans

	Name:	 	 Mary E. Evans

	Title:	 	 Associate Director Banking Products Services, US

		
	By:	 	 /s/ Irja R. Orsa

	Name:	 	 Irja R. Orsa

	Title:	 	 Associate Director Banking Products Services, US

	
	 WELLS FARGO BANK, N.A.,
 as a U.S. Lender

		
	By:	 	 /s/ Thomas Forbath

	Name:	 	 Thomas Forbath

	Title:	 	 Vice President

  
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	WELLS FARGO CAPITAL FINANCE CORPORATION CANADA, as a Canadian Lender
		
	By:	 	 /s/ Katherine Kilbourne

	Name:	 	 Katherine Kilbourne

	Title:	 	 EVP

	
	 WELLS FARGO BANK, N.A.
 (London Branch), as a U.K. Lender

		
	By:	 	 /s/ Anja Best

	Name:	 	 Anja Best

	Title:	 	 Senior Vice President

	
	 SUNTRUST BANK,
 as a U.S. Lender and as a Canadian Lender

		
	By:	 	 /s/ Preston McDonald

	Name:	 	 Preston McDonald

	Title:	 	 Vice President

  
 9EX-10.1

 Exhibit 10.1 
 QLOGIC CORPORATION 
 2005 PERFORMANCE INCENTIVE PLAN 

TERMS AND CONDITIONS OF PERFORMANCE SHARES 
  

	1.	General. 

 Subject
to these Terms and Conditions of Performance Shares (these “Terms”) and the QLogic Corporation 2005 Performance Incentive Plan (including any applicable sub-plan, the “Plan”), QLogic Corporation (including its Subsidiaries, the
“Corporation”) has granted to the Grantee (as defined below) a credit of performance shares under the Plan (the “Performance Share Award” or “Award”) with respect to the number of performance shares provided in the
Notice of Grant Agreement (“Grant Notice”) corresponding to that particular Award grant (subject to adjustment as provided in Section 7.1 of the Plan and to adjustment based on the level of achievement under, and as specified in, the
Performance Objectives) (the “Performance Shares”). As used herein, the term “performance shares” means a non-voting unit of measurement which is deemed for bookkeeping purposes to be equivalent to one outstanding share of the
Corporation’s Common Stock (subject to adjustment as provided in Section 7.1 of the Plan) solely for purposes of the Plan and these Terms. The recipient of the Award identified in the Grant Notice is referred to as the “Grantee.”
The effective date of grant of the Award as set forth on the Grants tab on the CEFS website (www.ubs.com/cefs/qlgc) is referred to as the “Award Date.” Capitalized terms are defined in the Plan if not defined herein. The Award has
been granted to the Grantee in addition to, and not in lieu of, any other form of compensation otherwise payable or to be paid to the Grantee. The Performance Shares shall be used solely as a device for the determination of the payment to eventually
be made to the Participant if such Performance Shares vest pursuant to Section 2. The Performance Shares shall not be treated as property or as a trust fund of any kind. 
 The Grant Notice and these Terms are collectively referred to as the “Performance Share Award Agreement” applicable to the Performance Shares, or this “Performance Share Award
Agreement.” 
  

	2.	Vesting. 

 Subject
to adjustment under Section 7.1 of the Plan and further subject to early termination under Section 6 of these Terms, the Award shall vest and become non-forfeitable as follows: (i) no portion of the Performance Share Award shall be
earned or vest until the Compensation Committee of the Board of Directors (“Compensation Committee”) has approved a calculation of the level of achievement for each of the performance objectives (the “Performance Objectives”) for
the applicable fiscal year, (ii) once the Compensation Committee has approved the level of achievement under each of the Performance Objectives, the Compensation Committee shall approve the related number of Performance Shares earned by each
Grantee based on that level of achievement, (iii) Twenty-Five Percent (25%) of the total number of Performance Shares earned by each Grantee shall vest on the later of (x) the first anniversary of the Award Date and (y) the date
the Compensation Committee approves the calculations set forth in clauses (i) and (ii) of this Section 2 (the “Initial Vesting Date”), and (iv)

  
 1 

 
after the Initial Vesting Date, the remaining unvested Performance Shares shall vest with respect to twenty-five percent (25%) of the total number of Performance Shares earned by each
Grantee on the second, third and fourth anniversaries of the Award Date. The Performance Objectives shall be set forth in a separate written document identifying the objectives approved by the Compensation Committee and assigning a weighting to each
objective, and including any other terms and conditions of the Award. This separate document is incorporated by reference into these Terms and becomes an integral part hereof. 

 

	3.	Continuance of Employment/Service Required; No Employment/Service Commitment. 

The vesting schedule requires continued employment or service through each applicable vesting date as a condition to the vesting of the
applicable installment of the Award and the rights and benefits under this Performance Share Award Agreement. Employment or service for only a portion of the vesting period, even if a substantial portion, will not entitle the Grantee to any
proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a termination of employment or services as provided in Section 6 below or under the Plan. 

Nothing contained in this Performance Share Award Agreement or the Plan constitutes a continued employment or service commitment by the
Corporation, affects the Grantee’s status, if he or she is an employee, as an employee at will who is subject to termination without cause, confers upon the Grantee any right to remain employed by or in service to the Corporation, interferes in
any way with the right of the Corporation at any time to terminate such employment or service, or affects the right of the Corporation to increase or decrease the Grantee’s other compensation. In jurisdictions that do not recognize an at will
employment relationship, the prior sentence is subject to Grantee’s contract of employment and applicable law. 
  

	4.	Dividend and Voting Rights. 

 The Grantee shall have no rights as a stockholder of the Corporation, no dividend rights and no voting rights with respect to the Performance Shares and any shares of Common Stock underlying or issuable
in respect of such Performance Shares until such shares of Common Stock are actually issued to and held of record by the Grantee. No adjustments will be made for dividends or other rights of a holder for which the record date is prior to the date of
issuance of the stock certificate. 
  

	5.	Crediting of Vested Performance Share Awards; Tax Withholding. 

 5.1 Crediting of Vested Performance Share Awards. 
 On or as soon as
administratively practical following each vesting of the applicable portion of the Award pursuant to Section 2 (and in all events not later than two and one-half months after the vesting date), the Corporation shall deliver to the Grantee a
number of shares of Common Stock (either by delivering one or more certificates for such shares or by entering such shares in book entry form, as determined by the Corporation in its discretion) equal to the number of Performance Shares subject to
this Award that vest on the applicable vesting date, unless such Performance Shares terminate prior to the given vesting date pursuant to Section 6. 

  
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The Corporation’s obligation to deliver or credit shares of Common Stock with respect to vested Performance Shares is subject to the condition precedent that the Grantee or other person
entitled under the Plan to receive any shares with respect to the vested Performance Shares (a) deliver to the Corporation any representations or other documents or assurances required pursuant to Section 8.1 of the Plan and (b) make
arrangements satisfactory to the Corporation to pay or otherwise satisfy the tax withholding requirements with respect to the vested Performance Shares. The Grantee shall have no further rights with respect to any Performance Shares that are paid or
that terminate pursuant to Section 6. 
 The Corporation has established a web – based system for managing Performance
Share Awards. Currently, UBS Financial Services, Inc. (“UBS”) manages Performance Share Awards. In the event that the Grantee wishes to sell shares of Common Stock granted pursuant to a vested Performance Share Award, the Grantee must
contact UBS either by logging on to the UBS OneSource website (http://www.ubs.com/onesource/qlgc) or by calling the UBS Call Center at 1-866-756-4421. UBS will request from the Grantee information regarding the Common Stock to be sold and the order
type. 
 5.2 Responsibility for Taxes. The ultimate liability for any and all tax, social insurance and payroll tax
withholding legally payable by an employee under applicable law (including without limitation laws of foreign jurisdictions)(“Tax-Related Items”) is and remains Grantee’s responsibility and liability and the Corporation (a) makes
no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including the grant or vesting of the Award and the subsequent sale of the shares of Common Stock subject to the Award;
and (b) does not commit to structure the terms of the grant or any aspect of the Award to reduce or eliminate Grantee’s liability for Tax-Related Items. 
 Upon the granting of Performance Share Awards or the vesting of shares of the Common Stock in respect of Performance Share Awards, the Corporation shall have the right at its option to (a) require
the Grantee to pay or provide for payment in cash of the amount of any taxes that the Corporation may be required to withhold with respect to such payment and/or distribution, or (b) deduct from any amount payable to the Grantee the amount of
any taxes which the Corporation may be required to withhold with respect to such payment and/or distribution. In any case where a tax is required to be withheld in connection with Performance Share Awards or the delivery of shares of Common Stock
under this Performance Share Award Agreement, the Administrator may, in its sole discretion, direct the Corporation to reduce the number of Performance Share Awards or shares to be delivered by (or otherwise reacquire) the appropriate number of
whole shares, valued at their then fair market value (with the “fair market value” of such shares determined in accordance with the applicable provisions of the Plan), to satisfy such withholding obligation at the minimum applicable
withholding rates. Alternatively, or in addition, if permissible under local law, the Corporation may sell or arrange for the sale of shares of Common Stock that Grantee is due to acquire to meet the minimum withholding obligations for Tax-Related
Items. Finally, Grantee shall pay to the Corporation any amount of any Tax-Related Items that the Corporation may be required to withhold as a result of Grantee’s participation in the Plan or Grantee’s purchase of shares of Common Stock
that cannot be satisfied by the means previously described. 

  
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	6.	Early Termination of Award. 

 The Grantee’s Performance Shares shall terminate to the extent such units have not become vested prior to the first date the Grantee is no longer employed by the Corporation, regardless of the reason
for the termination of the Grantee’s employment with the Corporation, whether with or without cause, voluntarily or involuntarily. If the Grantee is employed by a Subsidiary and that entity ceases to be a Subsidiary, such event shall be deemed
to be a termination of employment of the Grantee for purposes of this Agreement, unless the Grantee otherwise continues to be employed by the Corporation or another of its Subsidiaries following such event. If any unvested Performance Shares are
terminated hereunder, such Performance Shares shall automatically terminate and be cancelled as of the applicable termination date without payment of any consideration by the Corporation and without any other action by the Grantee, or the
Grantee’s beneficiary or personal representative, as the case may be. The Administrator shall be the sole judge of whether the Grantee continues to render employment or services for purposes of this Performance Share Award Agreement; provided,
that the employment relationship shall not be considered terminated in the case of any statutory leave. 
  

	7.	Restrictions on Transfer. 

 Subject to applicable law, neither the Performance Share Award, nor any interest therein or amount or shares payable in respect thereof may be sold, assigned, transferred, pledged or otherwise disposed
of, alienated or encumbered, either voluntarily or involuntarily. The transfer restrictions in the preceding sentence shall not apply to (a) transfers to the Corporation, or (b) transfers by will or the laws of descent and distribution.

  

	8.	Adjustment. 

 Upon
the occurrence of certain events relating to the Corporation’s stock contemplated by Section 7.1 of the Plan, the Administrator shall make adjustments if appropriate in the number of Performance Shares then outstanding and the number and
kind of securities that may be issued in respect of the Performance Share Award. 
  

	9.	Data Privacy Consent. 

 Grantee explicitly and unambiguously consents to the collection, use, transfer and processing, in electronic or other form, of Grantee’s personal data as described in this document by and among, as
applicable, the Corporation or its affiliates (or their agents) for the exclusive purpose of implementing, administering and managing Grantee’s participation in the Plan. 
 Grantee further understands that the Corporation or its affiliates (or their agents) hold certain personal information about Grantee, including, but not limited to, Grantee’s name, home address and
telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock held in the Corporation and details of all Awards or other entitlements to shares of Common Stock awarded,
canceled, exercised, vested, unvested or outstanding in Grantee’s favor, for the purpose of implementing, administering and managing the Plan (“Data”). Grantee understands that Data may be transferred to any third parties assisting in
the implementation, administration and management of the Plan, that these recipients may be located in Grantee’s country, or elsewhere, and that the recipient’s country 

  
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may not have the same level of data privacy laws and protections as Grantee’s country. Grantee authorizes the recipients to receive, possess, use, retain and transfer the Data, in electronic
or other form, for the purposes of implementing, administering and managing Grantee’s participation in the Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom Grantee may elect to
deposit any shares of Common Stock acquired upon vesting of the Award. Grantee understands that Data will be held only as long as is necessary to implement, administer and manage Grantee’s participation in the Plan. Grantee understands that he
or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or withdraw the consents herein by contacting the Corporation’s human resources department.
Grantee understands that withdrawal of consent may affect Grantee’s ability to exercise or realize benefits from the Award. 
  

	10.	Nature of Grant. 

In accepting the grant of the Award, Grantee acknowledges that: (i) the Plan is established voluntarily by the Corporation, it is
discretionary in nature and it may be modified, suspended or terminated by the Corporation at any time, as provided in the Plan and these Terms; (ii) the grant of the Award is voluntary and occasional and does not create any contractual or
other right to receive future grants of performance shares, or benefits in lieu of performance shares even if performance shares have been granted repeatedly in the past; (iii) all decisions with respect to future grants will be at the sole
discretion of the Corporation; (iv) Grantee’s participation in the Plan shall not create a right to further employment and shall not interfere with the ability of the Corporation to terminate Grantee’s employment relationship at any
time with or without cause (subject to Grantee’s contract of employment, if one exists, and applicable law); (v) Grantee’s participation in the Plan is voluntary; (vi) in the event that Grantee is not an employee of the
Corporation, the Award grant will not be interpreted to form an employment contract or relationship with the Corporation, and furthermore, the Award grant will not be interpreted to form an employment contract with the Corporation and any of its
affiliates; (vii) the future value of the underlying shares of Common Stock is unknown and cannot be predicted with certainty; (viii) if Grantee vests in his or her Award and shares of Common Stock are no longer restricted, the value of
those shares of Common Stock acquired upon vesting may increase or decrease in value, even below the price at which such Award was originally granted; and (ix) no claim or entitlement to compensation or damages arises from termination of the
Award or diminution in value of the Award or shares of Common Stock acquired pursuant to the Award whether such compensation is claimed by way of damages for wrongful dismissal or other breach of contract or by way of compensation for loss of office
or employment or otherwise howsoever. Grantee irrevocably releases the Corporation and its affiliates from any such claim that may arise and Grantee shall not be entitled to any compensation or damages whatsoever or however described by reason of
any termination, withdrawal or alteration of rights or expectations under the Plan. 
  

	11.	Clawback Policy. 

Notwithstanding anything else contained herein or in the Plan to the contrary, but subject to applicable law, this Performance Share
Agreement is subject to the Company’s clawback policy, as well as the “clawback” provisions of applicable law, rules and regulations, as each 

  
 5 

 
may be adopted and in effect from time to time (collectively, the “Clawback Policy”). The provisions of the Clawback Policy are in addition to (and not in lieu of) any rights to
repayment the Company may have under Section 304 of the Sarbanes-Oxley Act of 2002 and other applicable laws. 
  

	12.	Notices. 

 Any
notice to be given under the terms of this Performance Share Award Agreement shall be in writing and addressed to the Corporation at its principal office to the attention of the Secretary, and to the Grantee at the address last reflected on the
Corporation’s payroll records or at Grantee’s place of work, or at such other address as either party may hereafter designate in writing to the other. Any such notice shall be delivered in person or by pre-paid post/mail shall be enclosed
in a properly sealed envelope addressed as aforesaid. Any such notice shall be given only when received, but if the Grantee is no longer employed by the Corporation, shall be deemed to have been duly given five business days after the date
posted/mailed in accordance with the foregoing provisions of this Section 12. 
  

	13.	Plan. 

 The Award
and all rights of the Grantee under this Performance Share Award Agreement are subject to the terms and conditions of the Plan, incorporated herein by this reference. The Grantee agrees to be bound by the terms of the Plan and this Performance Share
Award Agreement. The Grantee acknowledges having read and understanding the Plan and this Performance Share Award Agreement. Unless otherwise expressly provided in other sections of this Performance Share Award Agreement, provisions of the Plan that
confer discretionary authority on the Board or the Administrator do not and shall not be deemed to create any rights in the Grantee unless such rights are expressly set forth herein or are otherwise in the sole discretion of the Board or the
Administrator so conferred by appropriate action of the Board or the Administrator under the Plan after the date hereof. 
  

	14.	Entire Agreement. 

This Performance Share Award Agreement and the Plan together constitute the entire agreement and supersede all prior understandings and
agreements, written or oral, of the parties hereto with respect to the subject matter hereof. The Plan and this Performance Share Award Agreement may be amended pursuant to Section 8.6 of the Plan. Such amendment must be in writing and signed
by the Corporation. The Corporation may, however, unilaterally waive any provision hereof in writing to the extent such waiver does not adversely affect the interests of the Grantee hereunder, but no such waiver shall operate as or be construed to
be a subsequent waiver of the same provision or a waiver of any other provision hereof. 
  

	15.	Governing Law. 

This Performance Share Award Agreement shall be governed by and construed and enforced and executed in accordance with the laws of the
State of Delaware without regard to conflict of law principles thereunder. 

  
 6 

	16.	Effect of this Agreement. 

 Subject to the Corporation’s right to terminate the Award pursuant to Section 7.4 of the Plan, this Performance Share Award Agreement shall be assumed by, be binding upon and inure to the
benefit of any successor or successors to the Corporation. 
  

	17.	Limitation on Participant’s Rights.  

 Participation in the Plan confers no rights or interests other than as herein provided. This Performance Share Award Agreement creates only a contractual obligation on the part of the Corporation as to
amounts payable and shall not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. The Grantee shall have only the rights of a general unsecured creditor of the Corporation with respect to
amounts credited and benefits payable, if any, with respect to the Performance Shares, and rights no greater than the right to receive the Common Stock as a general unsecured creditor with respect to Performance Shares, as and when payable
hereunder. 
  

	18.	Section Headings. 

The section headings of this Performance Share Award Agreement are for convenience of reference only and shall not be deemed to alter or
affect any provision hereof. 
  

	19.	Construction.  

 It is intended that the terms of the Award will not result in the imposition of any tax liability pursuant to Section 409A of the Code. The Performance Share Award Agreement shall be construed and
interpreted consistent with that intent. 
  

	20.	Acceptance. 

 In
accepting the grant of the Award, Grantee acknowledges receipt of a copy of the Plan, the Grant Notice and these Terms. Grantee has read and understands the terms and provisions thereof, and has accepted the Award subject to all terms and conditions
of the Plan, the Grant Notice and these Terms. Grantee acknowledges that there may be adverse tax consequences upon vesting of the Award or disposition of the shares of Common Stock acquired upon vesting of the Award and that Grantee should consult
a tax adviser prior to such exercise or disposition. 

  
 7

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