Document:

EX-10.3

 Exhibit 10.3 

Loan Number: 1019791 
 Execution
Version 
 FIRST AMENDMENT TO CREDIT AGREEMENT 

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) dated as of September 30, 2020, by and among PREIT
ASSOCIATES, L.P., a Delaware limited partnership (“PREIT”), PREIT-RUBIN, INC., a Pennsylvania corporation (“PREIT-RUBIN”), PENNSYLVANIA REAL ESTATE INVESTMENT TRUST, a Pennsylvania business trust (the
“Parent”; together with PREIT and PREIT-RUBIN each individually, a “Borrower” and collectively, the “Borrower”), each of the Lenders (as defined below) and WELLS FARGO BANK, NATIONAL ASSOCIATION
(the “Administrative Agent”). 
 WHEREAS, the Borrower, each of the financial institutions initially a signatory thereto
together with their assignees pursuant to Section 11.6.(b) (the “Lenders”), and the Administrative Agent have entered into that certain Credit Agreement, dated as of August 11, 2020 (the
“Existing Bridge Credit Agreement”); and 
 WHEREAS, the Borrower, the Lenders and the Administrative Agent desire to amend
certain provisions of the Existing Bridge Credit Agreement to (i) extend the Term Loan Maturity Date to October 31, 2020, and (ii) to provide that the Commitments may be increased by up to $25,000,000, in each case subject to the
terms and conditions contained herein (the Existing Bridge Credit Agreement, as amended pursuant to this Amendment and as hereafter further amended, restated, supplemented or otherwise modified from time to time, the “Bridge Credit
Agreement”); and 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by the parties hereto, the parties hereto hereby agree as follows: 

Section 1    Amendments to Bridge Credit Agreement. Upon the effectiveness of this
Amendment, the parties hereto agree that the Existing Bridge Credit Agreement is amended as follows: 

(a)    Section 1.1 of the Bridge Credit Agreement is amended by adding the following defined terms thereto
in alphabetical order: 
 “First Amendment” means that certain First Amendment to Credit Agreement, dated as of
September 30, 2020, among the Borrower, the Lenders and the Administrative Agent. 
 “First Amendment Effective Date”
means September 30, 2020. 
 “Eighth Amendment to Existing Term Loan Agreement” means that certain Eighth Amendment to
Seven-Year Term Loan Agreement, dated as of the First Amendment Effective Date, by and among PREIT, PREIT-RUBIN, the Parent, the financial institutions party thereto as “Lenders”, Wells Fargo, as Administrative Agent, and the other parties
thereto. 
 “Third Amendment to Existing Revolving Credit Agreement” means that certain Third Amendment to Amended and
Restated Credit Agreement, dated as of the First Amendment Effective Date, by and among PREIT, PREIT-RUBIN, the Parent, the financial institutions party thereto as “Lenders”, Wells Fargo, as Administrative Agent, and the other parties
thereto. 

 Loan Number: 1019791 

 

 (b)     The following defined terms in Section 1.1
of the Bridge Credit Agreement are hereby amended and restated in their entirety to read as follows: 
 “Existing Term Loan
Agreement” means that certain Seven-Year Term Loan Agreement, dated as of January 8, 2014 (as amended, amended and restated, supplemented or otherwise modified from time to time), by and among PREIT, PREIT-RUBIN, the Parent, the
financial institutions party thereto as “Lenders”, Wells Fargo, as Administrative Agent, and the other parties thereto. 

“Existing Revolving Credit Agreement” means that certain Amended and Restated Credit Agreement, dated as of May 24, 2018
(as amended, amended and restated, supplemented or otherwise modified from time to time), by and among PREIT, PREIT-RUBIN, the Parent, the financial institutions party thereto as “Lenders”, Wells Fargo, as Administrative Agent, and the
other parties thereto. 
 “Term Loan Maturity Date” means the date that is the earlier of (a) October 31, 2020, or
(b) the date the Obligations have been accelerated in accordance with the terms herein. 

(c)    All references in the Bridge Credit Agreement to “the Existing Revolving Credit Agreement as of
the date hereof after giving effect to the Second Amendment to Existing Revolving Credit Agreement” shall hereafter be references to “the Existing Revolving Credit Agreement as of the First Amendment Effective Date after giving effect to
the Third Amendment to Existing Revolving Credit Agreement”. 
 (d)    Section 7.3(b) of the Bridge
Credit Agreement is hereby deleted in its entirety and replaced with “[Reserved].”. 
 (e) Section 8.2 of the
Bridge Credit Agreement is hereby deleted in its entirety and replaced with “[Reserved].”. 

Section 2    Increase in Commitments. The Borrower shall have the right to request, on or
after October 8, 2020, up to two increases in the aggregate amount of the Commitments by up to Twenty Five Million Dollars ($25,000,000). The Administrative Agent, in consultation with the Borrowers, shall manage all aspects of the syndication
of such increases in the Commitments, which may only be provided by an existing Lender, and the allocations of the increases in the Commitments among such existing Lenders. No Lender shall be obligated in any way whatsoever to increase its
Commitment. If any existing Lender is increasing its Commitment, such Lender shall on the date it increases its Commitment (and as a condition thereto) purchase from the other Lenders its Pro Rata Share (determined with respect to the Lenders’
relative Commitments and after giving effect to the increase of Commitments) of any outstanding principal of the Loans, by making available to the Administrative Agent for the account of such other Lenders, in same day funds, an amount equal to the
sum of: (a) the portion of the outstanding principal amount of the Loan to be purchased by such Lender; plus (b) interest accrued and unpaid to and as of such date on such portion of the outstanding principal amount of the Loan. Effecting
the increase of the Commitments under this Section is subject to the following conditions precedent (together with any other conditions precedent imposed by Administrative Agent and the Lenders in their sole and absolute discretion): (i) no Default
or Event of Default shall be in existence on the effective date of such increase; (ii) the Administrative Agent shall have consented to the increase in the Commitments in its sole and absolute discretion; (iii) the representations and
warranties made or deemed made by the Borrower and any other Loan Party in any Loan Document shall be true and correct in all material respects (except in the case of a representation or warranty qualified by

  
 - 2 - 

 Loan Number: 1019791 

 

 
materiality, in which case such representation and warranty shall be true and correct in all respects) except to the extent that such representations and warranties expressly relate solely to an
earlier date (in which case such representations and warranties shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case, such representation or warranty shall be
true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances not prohibited under the Loan Documents; (iv) the Administrative Agent shall have received each of the following, in form and
substance satisfactory to the Administrative Agent: (A) such agreements, amendments, promissory notes, documents, certificates and instruments as the Administrative Agent shall reasonably require to evidence the increase in the Commitments;
(B) an acknowledgement and ratification by each Guarantor of its obligations under the Guaranty and the Security Documents substantially in the form of Annex A attached hereto; (C) if reasonably requested by the Administrative Agent, an
opinion of counsel to the Borrower and each Guarantor, and addressed to the Administrative Agent and the Lenders covering such matters as reasonably requested by the Administrative Agent; and (D) if available and reasonably requested by the
Administrative Agent, endorsements to the title policies issued by the Title Company dating down the effective date of such title policies and increasing the aggregate insured amount of such title policies by the amount of such increase in the
Commitments. 
 Section 3    Conditions Precedent. The effectiveness of this Amendment
is subject to receipt by the Administrative Agent of each of the following, each in form and substance satisfactory to the Administrative Agent: 

(a)    a counterpart of this Amendment duly executed by the Borrower and the Administrative Agent and each
of the Lenders; 
 (b)    a Guarantor Acknowledgement substantially in the form of Annex A attached
hereto, executed by each Guarantor; 
 (c)    payment by the Borrower to the Administrative Agent, for
the ratable benefit of each Lender, an extension fee in an amount equal to 0.05% of the sum of (x) the aggregate amount of the Term Loan Commitments of all Lenders plus (y) the aggregate amount of all outstanding Term Loans; 

(d)    if available and reasonably requested by the Administrative Agent, a modification endorsement to
each title insurance policy insuring the continued enforceability of the Mortgages and first priority of the Liens created under the Mortgages free of any other Liens except for Permitted Liens; 

(e)    each Lender shall have completed its internal flood compliance requirements; 

(f)    copies certified by the Secretary or Assistant Secretary (or other individual performing similar
functions) of the Borrower, each other Loan Party of all corporate, partnership, member or other necessary action taken by each such Loan Party to authorize the execution, delivery and performance of this Amendment and the other Loan Documents to
which it is a party; 
 (g)    evidence that all other fees, expenses and reimbursement amounts due and
payable to the Administrative Agent and any of the Lenders, including, without limitation, the fees and expenses of counsel to the Administrative Agent, have been paid; 

  
 - 3 - 

 Loan Number: 1019791 

 

 (h)    with respect to each Mortgaged Property, duly
executed and delivered modifications to each Mortgage, to the extent reasonably required by the Administrative Agent, in form and substance reasonably acceptable to the Administrative Agent, which shall have been submitted for recordation in the
appropriate county recorder’s office, and all applicable fees and taxes (including any documentary stamp taxes and mortgage recording taxes) shall have been paid in connection therewith; and 

(i)    each of the Eighth Amendment to Existing Term Loan Agreement and the Third Amendment to Existing
Revolving Credit Agreement shall have become effective in accordance with the terms thereto. 

Section 4    Representations. Each Borrower represents and warrants to the Administrative
Agent and the Lenders that: 
 (a)    Authorization. Each Borrower has the right and power, and
has taken all necessary action to authorize, execute and deliver this Amendment and the other Loan Documents to which such Borrower is a party and being executed and delivered in connection with this Amendment (together with this Amendment,
collectively the “Amendment Documents”) and to perform its obligations under the Amendment Documents and under the Existing Bridge Credit Agreement, as amended by this Amendment, in accordance with their respective terms. Each
Amendment Document has been duly executed and delivered by a duly authorized signatory of each Borrower or a general partner of such Borrower, as applicable and the Amendment Documents and the Existing Bridge Credit Agreement, as amended by this
Amendment, are legal, valid and binding obligations of each Borrower and are enforceable against such Persons in accordance with their respective terms, except as the same may be limited by bankruptcy, insolvency, fraudulent conveyance and other
similar laws affecting the rights of creditors generally and the availability of equitable remedies for the enforcement of certain obligations (other than the payment of principal) contained in the Amendment Documents or in the Bridge Credit
Agreement may be limited by equitable principles generally. 
 (b)    Compliance with Laws, etc.
The execution and delivery by each Borrower of the Amendment Documents and the performance by each Borrower of the Amendment Documents and the Existing Bridge Credit Agreement, as amended by this Amendment, in accordance with their respective terms,
do not and will not, by the passage of time, the giving of notice, or both: (i) require any Governmental Approval or violate any Applicable Law (including all Environmental Laws) relating to any Loan Party or any other Subsidiary;
(ii) result in a breach of or constitute a default under the declaration of trust, certificate or articles of incorporation, bylaws, partnership agreement or other organizational documents of any Loan Party or any other Subsidiary, or any
indenture, agreement or other instrument to which any Loan Party or any other Subsidiary is a party or by which it or any of its respective properties may be bound; or (iii) result in or require the creation or imposition of any Lien upon or
with respect to any property now owned or hereafter acquired by any Loan Party or any other Subsidiary other than in favor of the Administrative Agent for the benefit of the Lenders. 

(c)    No Default. As of the date hereof, after giving effect to this Amendment, no Default or Event
of Default has occurred and is continuing. 
 Section 5    Reaffirmation of
Representations. Each Borrower hereby certifies that as of the date hereof the representations and warranties made or deemed made by such Borrower to the Administrative Agent and the Lenders in the Existing Bridge Credit Agreement and the other
Loan Documents to which the Parent or such Borrower is a party are true and correct in all material respects 

  
 - 4 - 

 Loan Number: 1019791 

 

 
(except in the case of a representation or warranty qualified by materiality, in which case such representation and warranty is true and correct in all respects) except to the extent that such
representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties were true and correct in all material respects (except in the case of a representation or warranty qualified by materiality,
in which case, such representation or warranty was true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances not prohibited under the Loan Documents; provided, that the representation in
Section 6.1(l) of the Existing Revolving Credit Agreement, incorporated by reference in the Bridge Credit Agreement, shall be deemed to be qualified by the information disclosed in writing to the Administrative Agent and in the Borrower’s
reports filed or furnished with the Securities Exchange Commission, in each case, on or before the effective date of this Amendment. 

Section 6    Release of Claims. 

(a)    Each of the Borrower and the Parent hereby ratifies, reaffirms and acknowledges that the Loan
Documents and this Amendment represent their valid, enforceable and collectible obligations, and that they have no existing claims, defenses (personal or otherwise) or rights of setoff with respect thereto. Each of the Borrower and the Parent hereby
acknowledges and agrees that, through the date hereof, each of the Administrative Agent and the Lenders has acted in good faith and has conducted itself in a commercially reasonable manner in its relationships with the Borrower, the Parent and
Guarantor in connection with the Loans. Each of the Borrower and the Parent hereby releases Administrative Agent, Lenders, and their respective parent corporations, subsidiaries and affiliates, any holder of or participant in a Loan, and each of
their respective present and former officers, directors, shareholders, representatives, consultants, attorneys, employees and agents thereof, and their respective heirs, personal representatives, successors and assigns (collectively, the
“Released Parties”), from any and all claims, liabilities, damages, actions and causes of action of every nature or character (collectively, the “Claims”), known or unknown, direct or indirect, at law or in equity,
for or because of any matter or things done, omitted or suffered to be done by any of the Released Parties prior to and including the date hereof, relating to the Loans, the administration of the Loans, the Bridge Credit Agreement, any of the other
Loan Documents or the modifications described in this Amendment. 
 (b)    In entering into this
Amendment, each of the Borrower and the Parent has consulted with, and been represented by, legal counsel and expressly disclaims any reliance on any representations, acts or omissions by any of the Released Parties and hereby agrees and
acknowledges that the validity and effectiveness of the releases set forth above do not depend in any way on any such representations, acts and/or omissions or the accuracy, completeness or validity hereof. The provisions of this
Section 6 shall survive the termination of the Bridge Credit Agreement, the other Loan Documents, and the payment in full of the Obligations under the Bridge Credit Agreement. 

Section 7    Certain References. Each reference to the Bridge Credit Agreement in any of
the Loan Documents shall be deemed to be a reference to the Existing Bridge Credit Agreement as amended by this Amendment. This Amendment is a Loan Document. 

Section 8    Expenses. The Borrower shall reimburse the Administrative Agent upon demand
for all reasonable costs and expenses (including reasonable attorneys’ fees) incurred by the Administrative Agent in connection with the preparation, negotiation and execution of this Amendment and the other agreements and documents executed
and delivered in connection herewith. 

  
 - 5 - 

 Loan Number: 1019791 

 

 Section 9    Benefits. This Amendment
shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns. 

Section 10    GOVERNING LAW. THIS AMENDMENT AND ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE
OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON OR ARISING OUT OF THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

Section 11    Effect. Except as expressly herein amended, the terms and conditions of the
Existing Bridge Credit Agreement and the other Loan Documents remain in full force and effect. The amendments contained herein shall be deemed to have prospective application only from the date as of which this Amendment is dated. The Existing
Bridge Credit Agreement, as amended hereby, is hereby ratified and confirmed in all respects. Nothing in this Amendment shall limit, impair or constitute a waiver of the rights, powers or remedies available to the Administrative Agent or the Lenders
under the Bridge Credit Agreement or any other Loan Document. 

Section 12    Counterparts. This Amendment may be executed in any number of counterparts,
each of which shall be deemed to be an original and shall be binding upon all parties, their successors and assigns. 

Section 13    Definitions. All capitalized terms not otherwise defined herein are used
herein with the respective definitions given them in the Bridge Credit Agreement. 
 [Remainder of Page Intentionally Left Blank]

  
 - 6 - 

 Loan Number: 1019791 

 

 IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to Credit
Agreement to be executed by their authorized officers all as of the day and year first above written. 
  

					
	PREIT ASSOCIATES, L.P.
		
	By:	 	Pennsylvania Real Estate Investment Trust,
		 	its general partner
			
		 	By:	 	 /s/ Andrew Ioannou

		 	Name:	 	Name: Andrew Ioannou
		 	Title:    Executive Vice President, Finance & Acquisitions and Treasurer
	
	PREIT-RUBIN, INC.
		
	By:	 	 /s/ Andrew Ioannou

	Name:	 	Name: Andrew Ioannou
	Title:	 	Executive Vice President, Finance & Acquisitions and Treasurer
	
	PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
		
	By:	 	 /s/ Andrew Ioannou

	Name:	 	Name: Andrew Ioannou
	Title:	 	Executive Vice President, Finance & Acquisitions and Treasurer

 [Signatures Continue on Following Page] 

 Loan Number: 1019791 

 

 [Signature Page to First Amendment to Credit Agreement 

with PREIT Associates, L.P. et al.] 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent and as a Lender
		
	By:	 	 /s/ Ryan Sansavera

	Name:	 	Ryan Sansavera
	Title:	 	Senior Vice President

 [Signatures Continue on Following Page] 

 Loan Number: 1019791 

 

 [Signature Page to First Amendment to Credit Agreement 

with PREIT Associates, L.P. et al.] 
  

			
	MANUFACTURERS AND TRADERS TRUST COMPANY,
as a Lender

			
		
	By:	 	 /s/ Glenn L. Best

	Name:	 	Glenn L. Best
	Title:	 	Vice President

 [Signatures Continue on Following Page] 

 Loan Number: 1019791 

 

 [Signature Page to First Amendment to Credit Agreement 

with PREIT Associates, L.P. et al.] 
  

			
	CITIZENS BANK, NATIONAL ASSOCIATION,
as a Lender
		
	By:	 	 /s/ Adrienne Bain

	Name:	 	Adrienne Bain
	Title:	 	Authorized Signer

 [Signatures Continue on Following Page] 

 Loan Number: 1019791 

 

 [Signature Page to First Amendment to Credit Agreement 

with PREIT Associates, L.P. et al.] 
  

			
	 PNC BANK, NATIONAL ASSOCIATION,

as a Lender

		
	By:	 	 /s/ Shari L. Reams-Henofer

	Name:	 	Shari L. Reams-Henofer
	Title:	 	Senior Vice President

 Exhibit 10.3 

Loan Number: 1019791 
  

 ANNEX A 

FORM OF GUARANTOR ACKNOWLEDGEMENT 

THIS GUARANTOR ACKNOWLEDGEMENT dated as of September 30, 2020 (this “Acknowledgement”) executed by each of the
undersigned (the “Guarantors”) in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”), and each “Lender” a party to the Credit Agreement referred to
below (collectively, the “Lenders”). 
 WHEREAS, PREIT ASSOCIATES, L.P., a Delaware limited partnership
(“PREIT”), PREIT-RUBIN, INC., a Pennsylvania corporation, PENNSYLVANIA REAL ESTATE INVESTMENT TRUST, a Pennsylvania business trust (the “Parent”; together with PREIT and PREIT-RUIBN each individually, a
“Borrower” and collectively, the “Borrower”), the Lenders, the Administrative Agent and certain other parties have entered into that certain Credit Agreement dated as of August 11, 2020 (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”); 
 WHEREAS, each of the Guarantors is a
party to that certain Guaranty dated as of August 11, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”) pursuant to which they guarantied, among other things, the Borrower’s
obligations under the Credit Agreement on the terms and conditions contained in the Guaranty; 
 WHEREAS, the Borrower, the Administrative
Agent and the Lenders are to enter into an First Amendment to Credit Agreement, dated as of the date hereof (the “Amendment”), to amend the terms of the Credit Agreement on the terms and conditions contained therein; and 

WHEREAS, it is a condition precedent to the effectiveness of the Amendment that the Guarantors execute and deliver this Acknowledgement. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the
parties hereto agree as follows: 
 Section 1. Reaffirmation. Each Guarantor hereby reaffirms its continuing obligations to the
Administrative Agent and the Lenders under the Guaranty and agrees that the transactions contemplated by the Amendment shall not in any way affect the validity and enforceability of the Guaranty, or reduce, impair or discharge the obligations of
such Guarantor thereunder. Each Guarantor which is a party to any of the Security Documents hereby reaffirms its continuing obligations under such Security Documents and agrees that the transactions contemplated by the Amendment shall not in any way
affect the validity and enforceability of any of the Security Documents, or reduce, impair or discharge the obligations of such Guarantor thereunder. 

Section 2. Governing Law. THIS ACKNOWLEDGEMENT AND ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT
OR OTHERWISE) BASED UPON OR ARISING OUT OF THIS ACKNOWLEDGMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

  
 Annex A – Form of
Guarantor Acknowledgement 

 Loan Number: 1019791 

 

 Section 3. Release of Claims. 

(a)    Guarantor hereby ratifies, reaffirms and acknowledges that the Guaranty represents its valid, enforceable and
collectible obligations, and that it has no existing claims, defenses (personal or otherwise) or rights of setoff with respect thereto. Guarantor hereby acknowledges and agrees that, through the date hereof, each of the Administrative Agent and the
Lenders has acted in good faith and has conducted itself in a commercially reasonable manner in its relationships with the Borrower, the Parent and Guarantor in connection with the Loans. Guarantor hereby releases the Administrative Agent, Lenders,
and their respective parent corporations, subsidiaries and affiliates, any holder of or participant in a Loan, and each of their respective present and former officers, directors, shareholders, representatives, consultants, attorneys, employees and
agents thereof, and their respective heirs, personal representatives, successors and assigns (collectively, the “Released Parties”), from any and all claims, liabilities, damages, actions and causes of action of every nature or
character (collectively, the “Claims”), known or unknown, direct or indirect, at law or in equity, for or because of any matter or things done, omitted or suffered to be done by any of the Released Parties prior to and including the
date hereof, relating to the Loans, the Guaranty, the administration of the Loans, the Credit Agreement, any of the other Loan Documents or the modifications described in the Amendment. 

(b)    In entering into this Acknowledgement, the Guarantor has consulted with, and been represented by, legal counsel and
expressly disclaims any reliance on any representations, acts or omissions by any of the Released Parties and hereby agrees and acknowledges that the validity and effectiveness of the releases set forth above do not depend in any way on any such
representations, acts and/or omissions or the accuracy, completeness or validity hereof. The provisions of this Section 3 shall survive the termination of the Credit Agreement, the other Loan Documents, and the payment in
full of the Obligations under the Credit Agreement. 
 Section 4. Counterparts. This Acknowledgement may be executed in any
number of counterparts, each of which shall be deemed to be an original and shall be binding upon all parties, their successors and assigns. 

[Signatures Appear on Following Page] 

  
 Annex A – Form of
Guarantor Acknowledgement 

 Loan Number: 1019791 

 

 IN WITNESS WHEREOF, each Guarantor has duly executed and delivered this Guarantor
Acknowledgement as of the date and year first written above. 
  

							
	“GUARANTORS”
	
	PR CHERRY HILL OFFICE GP, LLC
	By:	 	PREIT Associates, L.P., sole member
	BALA CYNWYD ASSOCIATES, L.P.
	By:	 	PR Cherry Hill Office GP, LLC, general partner
		 	By:	 	PREIT Associates, L.P., sole member
	PR MOORESTOWN ANCHOR-M, LLC
	By:	 	PREIT Associates, L.P., sole member
	PR MOORESTOWN LLC
	By:	 	PREIT Associates, L.P., sole member
	PR MOORESTOWN LIMITED PARTNERSHIP
	By:	 	PR Moorestown LLC, general partner
		 	By:	 	PREIT Associates, L.P., sole member
	MOORESTOWN MALL LLC
	By:	 	PR Moorestown Limited Partnership, sole member
		 	By:	 	PR Moorestown LLC, general partner
		 		 	By:	 	PREIT Associates, L.P., sole member
	PLYMOUTH GROUND ASSOCIATES LLC
	By:	 	PREIT Associates, L.P., sole member
	PLYMOUTH GROUND ASSOCIATES LP
	By:	 	Plymouth Ground Associates LLC, general partner
		 	By:	 	PREIT Associates, L.P., sole member
	PR AEKI PLYMOUTH LLC
	By:	 	PREIT Associates, L.P., sole member
	PR AEKI PLYMOUTH, L.P.
	By:	 	PR AEKI Plymouth LLC, general partner
		 	By:	 	PREIT Associates, L.P., sole member
	PR BVM, LLC
	By:	 	PREIT Associates, L.P., sole member
	PR CUMBERLAND OUTPARCEL LLC
	By:	 	PREIT Associates, L.P., sole member
	PR VALLEY VIEW OP-DSG/CEC, LLC
	By:	 	PREIT Associates, L.P., sole member
	PR MOORESTOWN ANCHOR-L&T, LLC
	By:	 	PREIT Associates, L.P., sole member
		
	By:  	 	Pennsylvania Real Estate Investment Trust, general partner
			
		 	By:	 	 /s/ Andrew Ioannou

		 	Name:	 	Andrew Ioannou
		 	Title:	 	Executive Vice President, Finance & Acquisitions and Treasurer

 [Signatures Continued on Next Page] 

  
 Annex A – Form of
Guarantor Acknowledgement 

 Exhibit 10.3 

Loan Number: 1019791 
  

									
	PR EXTON LLC
	By:	 	PREIT Associates, L.P., sole member
	PR EXTON LIMITED PARTNERSHIP
	By:    	 	PR Exton LLC, general partner
		 	By:	 	PREIT Associates, L.P., sole member
	PR EXTON OUTPARCEL GP, LLC
	By:	 	PREIT Associates, L.P., sole member
	PR EXTON OUTPARCEL HOLDINGS, LP
	By:	 	PR Exton Outparcel GP, LLC, general partner
		 	By:	 	PREIT Associates, L.P., sole member
	PR EXTON OUTPARCEL LIMITED PARTNERSHIP
	By:	 	PR Exton Outparcel GP, LLC, general partner
		 	By:	 	PREIT Associates, L.P., sole member
	XGP LLC
	By:	 	PR Exton Limited Partnership, sole member
		 	By:	 	PR Exton LLC, general partner
		 	By:	 	PREIT Associates, L.P., sole member
	PR EXTON SQUARE PROPERTY L.P.
	By:	 	XGP LLC, general partner
		 	By:	 	PR Exton Limited Partnership, sole member
		 		 	By:  	 	PR Exton LLC, general partner
		 		 		 	By:  	 	PREIT Associates, L.P., sole member
	PR FIN DELAWARE, LLC
	By:	 	PREIT Associates, L.P., sole member
	PR FINANCING II LLC
	By:	 	PREIT Associates, L.P., sole member
	PR FINANCING I LLC
	By:	 	PREIT Associates, L.P., member and
		 	By:	 	PR Financing II LLC, member
		 		 	By:	 	PREIT Associates, L.P., sole member
	PR FINANCING LIMITED PARTNERSHIP,
	By:	 	PR Financing I LLC, general partner
		 	By:	 	PREIT Associates, L.P., member and
		 	By:	 	PR Financing II LLC, member
		 		 	By:	 	PREIT Associates, L.P., sole member
	PR GAINESVILLE LLC
	By:	 	PREIT Associates, L.P., sole member
	PR GAINESVILLE LIMITED PARTNERSHIP
	By: PR Gainesville LLC, general partner
		 	By:	 	PREIT Associates, L.P., sole member
		
	By:	 	Pennsylvania Real Estate Investment Trust, general partner
			
		 	By:	 	 /s/ Andrew Ioannou

		 	Name:	 	Andrew Ioannou
		 	Title:	 	Executive Vice President, Finance & Acquisitions and Treasurer

 [Signatures Continued on Next Page] 

  
 Annex A – Form of
Guarantor Acknowledgement 

 Loan Number: 1019791 

 

									
	PR GV LLC
	By:	 	PREIT Associates, L.P., sole member
	PR GV LP
	By:	 	PR GV LLC, general partner
		 	By:	 	PREIT Associates, L.P., sole member
	PR PRINCE GEORGE’S PLAZA LLC
	By:	 	PREIT Associates, L.P., sole member
	PR HYATTSVILLE LLC
	By:	 	PR Prince George’s Plaza LLC, sole member
		 		 	By:	 	PREIT Associates, L.P., sole member
	PR JK LLC
	By:	 	PREIT Associates, L.P., sole member
	PR JACKSONVILLE LLC
	By:	 	PREIT Associates, L.P. member and
		 	By:	 	PR JK LLC, member
	By: PREIT Associates, L.P., sole member
	PR JACKSONVILLE LIMITED PARTNERSHIP
	By:    	 	PR Jacksonville LLC, general partner
		 	By:	 	PREIT Associates, L.P., member and
		 		 	By:  	 	PR JK LLC, member
		 		 		 	By:  	 	PREIT Associates, sole member
	PR MAGNOLIA LLC
	By:	 	PREIT Associates, L.P., sole member
	PR VALLEY ANCHOR-S, LLC
	By:	 	PREIT Associates, L.P., sole member
	PR WOODLAND ANCHOR-S, LLC
	By:	 	PREIT Associates, L.P., sole member
		
	By:	 	Pennsylvania Real Estate Investment Trust, general partner
			
		 	By:	 	 /s/ Andrew Ioannou

		 	Name:	 	Andrew Ioannou
		 	Title:	 	Executive Vice President, Finance & Acquisitions and Treasurer

 [Signatures Continued on Next Page] 

  
 Annex A – Form of
Guarantor Acknowledgement 

 Loan Number: 1019791 

 

					
	PR PLYMOUTH ANCHOR-M, LLC
	By:	 	PREIT Associates, L.P., sole member
	PR PLYMOUTH ANCHOR-M, L.P.
	By:	 	PR Plymouth Anchor-M, LLC, general partner
		 	By:	 	PREIT Associates, L.P., sole member
	PR PM PC ASSOCIATES LLC
	By:	 	PREIT Associates, L.P., sole member
	PR PLYMOUTH MEETING ASSOCIATES PC LP
	By:	 	PR PM PC Associates LLC, general partner
		 	By:	 	PREIT Associates, L.P., sole member
	PR PLYMOUTH MEETING LLC
	By:	 	PREIT Associates, L.P., sole member
	PR PLYMOUTH MEETING LIMITED PARTNERSHIP
	By:	 	PR Plymouth Meeting LLC, general partner
		 	By:	 	PREIT Associates, L.P., sole member
	PR PM PC ASSOCIATES LP
	By:	 	PR PM PC Associates LLC, general partner
		 	By:	 	PREIT Associates, L.P., sole member
		
	By:    	 	Pennsylvania Real Estate Investment Trust, general partner
			
		 	By:	 	 /s/ Andrew Ioannou

		 	Name:	 	Andrew Ioannou
		 	Title:	 	Executive Vice President, Finance & Acquisitions and Treasurer

 [Signatures Continued on Next Page] 

  
 Annex A – Form of
Guarantor Acknowledgement 

 Loan Number: 1019791 

 

							
	PR SPRINGFIELD TOWN CENTER LLC
		 	By:	 	PREIT Associates, L.P., sole member
	PR SWEDES SQUARE LLC
		 	By:	 	PREIT Associates, L.P., sole member
	PR TP LLC
		 	By:	 	PREIT Associates, L.P., sole member
	PR TP LP
		 	By:	 	PR TP LLC, general partner
		 		 	By:	 	PREIT Associates, L.P., sole member
	PR VALLEY ANCHOR-M, LLC
		 	By:	 	PREIT Associates, L.P., sole member
	PR VALLEY ANCHOR-M LIMITED PARTNERSHIP
		 	By:	 	PR Valley Anchor-M, LLC, general partner
		 		 	By:	 	PREIT Associates, L.P., sole member
	PR VALLEY LLC
	By:	 	 PREIT Associates, L.P., sole member

	PR VALLEY LIMITED PARTNERSHIP
	By:	 	 PR Valley LLC, its general partner

		 	By:	 	 PREIT Associates, L.P., sole member

	PR VALLEY VIEW ANCHOR-M, LLC
		 	By:	 	PREIT Associates, L.P., sole member
	PR VALLEY VIEW ANCHOR-M LIMITED PARTNERSHIP
		 	By:	 	PR Valley View Anchor-M, LLC, its general partner
		 		 	By:    	 	PREIT Associates, L.P., sole member
		
	By:    	 	Pennsylvania Real Estate Investment Trust, general partner
			
		 	By:	 	 /s/ Andrew Ioannou

		 	Name:	 	Andrew Ioannou
		 	Title:	 	Executive Vice President, Finance & Acquisitions and Treasurer

 [Signatures Continued on Next Page] 

  
 Annex A – Form of
Guarantor Acknowledgement 

 Loan Number: 1019791 

 

					
	PR SUNRISE OUTPARCEL 2, LLC
	PR VALLEY SOLAR LLC
		
		 	By: PREIT – RUBIN, Inc., sole member
			
		 	By:	 	 /s/ Andrew Ioannou

		 	Name:	 	Andrew Ioannou
		 	Title:	 	Executive Vice President, Finance & Acquisitions and Treasurer
	
	PREIT – RUBIN, INC.
		
	By:	 	 /s/ Andrew Ioannou

	Name:	 	Andrew Ioannou
	Title:	 	Executive Vice President, Finance & Acquisitions and Treasurer
	
	PREIT – RUBIN OP, INC.
		
	By:	 	 /s/ Andrew Ioannou

	Name:	 	Andrew Ioannou
	Title:	 	Executive Vice President, and Assistant Treasurer

 [Signatures Continued on Next Page] 

  
 Annex A – Form of
Guarantor Acknowledgement 

 Loan Number: 1019791 

 

									
	PR CAPITAL CITY LIMITED PARTNERSHIP
	By:	 	PR Capital City LLC, general partner
		 	By:	 	PREIT Associates, L.P., its member
		 		 	By:	 	PR CC II LLC, its member
		 		 		 	By:	 	PREIT Associates, L.P., its sole member
	PR CC LIMITED PARTNERSHIP
	By:	 	PR CC I LLC, general partner
		 	By:	 	PREIT Associates, L.P., its member
		 		 	By:	 	PR CC II LLC, its member
		 		 		 	By:	 	PREIT Associates, L.P., its sole member
	PR CAPITAL CITY LLC
	By:	 	PREIT Associates, L.P., its member
		 	By:	 	PR CC II LLC, its member
		 		 	By:	 	PREIT Associates, L.P., its sole member
	PR CC I LLC
	By:    	 	PREIT Associates, L.P., its member
		 	By:	 	PR CC II LLC, its member
		 		 	By:	 	PREIT Associates, L.P., its sole member
	PR CC II LLC
	By:	 	PREIT Associates, L.P., its sole member
		
	By:	 	Pennsylvania Real Estate Investment Trust, its general partner
			
		 	By:	 	 /s/ Andrew Ioannou

		 	Name:	 	Andrew Ioannou
		 	Title:	 	Executive Vice President, Finance & Acquisitions and Treasurer

 Address for Notices for all Guarantors: 

c/o PREIT Associates, L.P. 

2005 Market Street 

Suite 1000 

Philadelphia, PA 19103 

Attention: Andrew Ioannou 

Telephone:    (215) 875-0700 

Telecopy:    (215) 546-7311 

  
 Annex A – Form of
Guarantor AcknowledgementEX-10.1

 Exhibit 10.1 

SOLENO THERAPEUTICS, INC. 

2020 INDUCEMENT EQUITY INCENTIVE PLAN 

1. Purposes of the Plan. The purposes of this Plan are to attract and retain the best available personnel for positions of substantial
responsibility by providing an inducement material to individuals entering into employment with the Company or any Parent or Subsidiary of the Company. The Plan permits the grant of Nonstatutory Stock Options, Restricted Stock, Restricted Stock
Units, Stock Appreciation Rights, Performance Units and Performance Shares. Each Award under the Plan is intended to qualify as an employment inducement grant under Nasdaq Listing Rule 5635(c)(4) and the official regulations thereunder (together,
the “Inducement Listing Rule”) or to qualify under the exception relating to plans or arrangements relating to an acquisition or merger under Nasdaq Listing Rule 5635(c)(3) and the official guidance thereunder. 

2. Definitions. As used herein, the following definitions will apply: 

(a) “Administrator” means the Board or any of its Committees as will be administering the Plan, in accordance with
Section 4 of the Plan. 
 (b) “Applicable Laws” means the requirements relating to the administration of equity-based
awards under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws of any foreign country or jurisdiction where
Awards are, or will be, granted under the Plan. 
 (c) “Award” means, individually or collectively, a grant under the Plan
of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Units or Performance Shares. 
 (d)
“Award Agreement” means the written or electronic agreement setting forth the terms and provisions applicable to each Award granted under the Plan. The Award Agreement is subject to the terms and conditions of the Plan. 

(e) “Board” means the Board of Directors of the Company. 

(f) “Change in Control” means the occurrence of any of the following events: 

(i) A change in the ownership of the Company which occurs on the date that any one person, or more than one person acting as a group
(“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than fifty percent (50%) of the total voting power of the stock of the Company; provided, however,
that for purposes of this subsection, the acquisition of additional stock by any one Person, who is considered to own more than fifty percent (50%) of the total voting power of the stock of the Company will not be considered a Change in
Control; or 

 (ii) A change in the effective control of the Company which occurs on the date that a
majority of members of the Board is replaced during any twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purposes
of this clause (ii), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change in Control; or 

(iii) A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires (or
has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than fifty percent
(50%) of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (iii), the following will not constitute a change in
the ownership of a substantial portion of the Company’s assets: (A) a transfer to an entity that is controlled by the Company’s stockholders immediately after the transfer, or (B) a transfer of assets by the Company to:
(1) a stockholder of the Company (immediately before the asset transfer) in exchange for or with respect to the Company’s stock, (2) an entity, fifty percent (50%) or more of the total value or voting power of which is
owned, directly or indirectly, by the Company, (3) a Person, that owns, directly or indirectly, fifty percent (50%) or more of the total value or voting power of all the outstanding stock of the Company, or (4) an entity, at least
fifty percent (50%) of the total value or voting power of which is owned, directly or indirectly, by a Person described in this subsection (iii)(B)(3). For purposes of this subsection (iii), gross fair market value means the value of the assets
of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. 

For purposes of this definition, persons will be considered to be acting as a group if they are owners of a corporation that enters into a
merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. 
 Notwithstanding the
foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control event within the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed or
final Treasury Regulations and Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder from time to time. 

Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the
state of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such
transaction. 
 (g) “Code” means the Internal Revenue Code of 1986, as amended. Reference to a specific section of the Code
or regulation thereunder will include such section or regulation, any valid regulation promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or
regulation. 

  
 -2- 

 (h) “Committee” means a committee of Directors or of other individuals
satisfying Applicable Laws appointed by the Board, or a duly authorized committee of the Board, in accordance with Section 4 hereof. 

(i) “Common Stock” means the common stock of the Company. 

(j) “Company” means Soleno Therapeutics, Inc., a Delaware corporation, or any successor thereto. 

(k) “Consultant” means any natural person, including an advisor, engaged by the Company or a Parent or Subsidiary to render
bona fide services to such entity, provided the services (i) are not in connection with the offer or sale of securities in a capital-raising transaction, and (ii) do not directly promote or maintain
a market for the Company’s securities, in each case, within the meaning of Form S-8 promulgated under the Securities Act, and provided, further, that a Consultant will include only those persons to whom
the issuance of Shares may be registered under Form S-8 promulgated under the Securities Act. 
 (l)
“Director” means a member of the Board. 
 (m) “Disability” means total and permanent disability, as
determined by the Administrator in its discretion in accordance with uniform and non-discriminatory standards adopted by the Administrator from time to time. 

(n) “Employee” means any person, including Officers and Directors, employed by the Company or any Parent or Subsidiary of the
Company. Neither service as a Director nor payment of a director’s fee by the Company will be sufficient to constitute “employment” by the Company. However, for the avoidance of doubt, although a person who is an Employee also may be
a Director, a person who already is serving as a Director prior to becoming an Employee will not be eligible to be granted an Award under the Plan unless permitted under the Inducement Listing Rule. The Company shall determine in good faith and in
the exercise of its discretion whether an individual has become or has ceased to be an Employee and the effective date of such individual’s employment or termination of employment, as the case may be. For purposes of an individual’s
rights, if any, under the Plan as of the time of the Company’s determination, all such determinations by the Company shall be final, binding and conclusive, notwithstanding that the Company or any court of law or governmental agency
subsequently makes a contrary determination. 
 (o) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 (p) “Exchange Program” means a program under which (i) outstanding Awards are surrendered or cancelled in exchange
for awards of the same type (which may have higher or lower exercise prices and different terms), awards of a different type, and/or cash, (ii) Participants would have the opportunity to transfer any outstanding Awards to a financial
institution or other person or entity selected by the Administrator, and/or (iii) the exercise price of an outstanding Award is increased or reduced. The Administrator will determine the terms and conditions of any Exchange Program in its sole
discretion. 

  
 -3- 

 (q) “Fair Market Value” means, as of any date, the value of Common Stock
determined as follows: 
 (i) If the Common Stock is listed on any established stock exchange or a national market system, including
without limitation the New York Stock Exchange, the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market of The Nasdaq Stock Market, its Fair Market Value will be the closing sales price for such stock (or the closing
bid, if no sales were reported) as quoted on such exchange or system on the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; 

(ii) If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value of
a Share will be the mean between the high bid and low asked prices for the Common Stock on the date of determination (or, if no bids and asks were reported on that date, as applicable, on the last trading date such bids and asks were reported), as
reported in The Wall Street Journal or such other source as the Administrator deems reliable; or 
 (iii) In the absence of an
established market for the Common Stock, the Fair Market Value will be determined in good faith by the Administrator. 
 (r) “Fiscal
Year” means the fiscal year of the Company. 
 (s) “Incentive Stock Option” means an Option that by its terms
qualifies and is intended to qualify as an incentive stock option within the meaning of Section 422 of the Code. 
 (t)
“Nonstatutory Stock Option” means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option. 

(u) “Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and
the rules and regulations promulgated thereunder. 
 (v) “Option” means a stock option granted pursuant to the Plan,
provided that all Options granted under the Plan will be Nonstatutory Stock Options. 
 (w) “Parent” means a “parent
corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code. 
 (x)
“Participant” means the holder of an outstanding Award. 
 (y) “Performance Share” means an Award
denominated in Shares which may be earned in whole or in part upon attainment of performance goals or other vesting criteria as the Administrator may determine pursuant to Section 10. 

(z) “Performance Unit” means an Award which may be earned in whole or in part upon attainment of performance goals or other
vesting criteria as the Administrator may determine and which may be settled for cash, Shares or other securities or a combination of the foregoing pursuant to Section 10. 

  
 -4- 

 (aa) “Period of Restriction” means the period during which the transfer of
Shares of Restricted Stock are subject to restrictions and therefore, the Shares are subject to a substantial risk of forfeiture. Such restrictions may be based on the passage of time, the achievement of target levels of performance, or the
occurrence of other events as determined by the Administrator. 
 (bb) “Plan” means this 2020 Inducement Equity Incentive
Plan. 
 (cc) “Restricted Stock” means Shares issued pursuant to a Restricted Stock award under Section 7 of the Plan,
or issued pursuant to the early exercise of an Option. 
 (dd) “Restricted Stock Unit” means a bookkeeping entry
representing an amount equal to the Fair Market Value of one Share, granted pursuant to Section 8. Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company. 

(ee) “Rule 16b-3” means Rule 16b-3 of the
Exchange Act or any successor to Rule 16b-3, as in effect when discretion is being exercised with respect to the Plan. 

(ff) “Section 16(b)” means Section 16(b) of the Exchange Act. 

(gg) “Service Provider” means an Employee, Director or Consultant. 

(hh) “Securities Act” means the U.S. Securities Act of 1933, as amended. 

(ii) “Share” means a share of the Common Stock, as adjusted in accordance with Section 13 of the Plan. 

(jj) “Stock Appreciation Right” means an Award, granted alone or in connection with an Option, that pursuant to
Section 9 is designated as a Stock Appreciation Right. 
 (kk) “Subsidiary” means a “subsidiary
corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code. 
 3.
Stock Subject to the Plan. 
 (a)
Stock Subject to the Plan. Subject to the provisions of Section 13 of the Plan, the maximum aggregate number of Shares that may be issued under the Plan is
1,500,000 Shares. In addition, Shares may become available for issuance under the Plan pursuant to Section 3(b). The Shares may be authorized, but unissued, or reacquired Common Stock. 

(b) Lapsed Awards. If an Award expires or becomes unexercisable without having been exercised in full, is surrendered pursuant to an
Exchange Program, or, with respect to Restricted Stock, Restricted Stock Units, Performance Units or Performance Shares, is forfeited to, or repurchased by, the Company due to failure to vest, then the unpurchased Shares (or for Awards other than
Options or Stock Appreciation Rights the forfeited or repurchased Shares), which were subject thereto will become available for future grant or sale under the Plan (unless the Plan has terminated). With respect to Stock Appreciation Rights, only
Shares actually issued (i.e., the net Shares issued) pursuant to a Stock Appreciation Right will cease to be available under the Plan; all remaining Shares under Stock Appreciation Rights will remain available for future

  
 -5- 

 
grant or sale under the Plan (unless the Plan has terminated). Shares that actually have been issued under the Plan under any Award will not be returned to the Plan and will not become available
for future distribution under the Plan; provided, however, that if Shares issued pursuant to Awards of Restricted Stock, Restricted Stock Units, Performance Shares or Performance Units are repurchased by the Company or are forfeited to the Company,
such Shares will become available for future grant under the Plan. Shares used to pay the exercise price of an Award or to satisfy the tax withholding obligations related to an Award will become available for future grant or sale under the Plan. To
the extent an Award under the Plan is paid out in cash rather than Shares, such cash payment will not result in reducing the number of Shares available for issuance under the Plan. 

(c) Share Reserve. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as
will be sufficient to satisfy the requirements of the Plan. 
 4. Administration of the Plan. 

(a) Procedure. 
 (i)
Multiple Administrative Bodies. Different Committees with respect to different groups of Employees or Participants may administer the Plan. 

(ii) Rule 16b-3. To the extent desirable to qualify transactions hereunder as exempt under
Rule 16b-3, the transactions contemplated hereunder will be structured to satisfy the requirements for exemption under Rule 16b-3. 

(iii) Other Administration. Other than as provided above, the Plan will be administered by (A) the Board or (B) a Committee,
which committee will be constituted to satisfy Applicable Laws. Until and unless determined otherwise by the Board, the Compensation Committee of the Board will have full authority to act as Administrator. 

(iv) Approval. Awards granted under the Plan must be approved by a majority of the Company’s “Independent Directors”
(as defined under the Nasdaq Listing Rules) or the Compensation Committee of the Board, in each case acting as the Administrator. 
 (b)
Powers of the Administrator. Subject to the provisions of the Plan, and in the case of a Committee, subject to the specific duties delegated by the Board to such Committee, the Administrator will have the authority, in its discretion: 

(i) to determine the Fair Market Value; 

(ii) to select the individuals to whom Awards may be granted hereunder, subject to Section 5 (which Awards will be intended as a
material inducement to the individual becoming an Employee or to otherwise be permitted under Nasdaq Listing Rule 5635(c) and the official guidance thereunder); 

(iii) to determine the number of Shares to be covered by each Award granted hereunder; 

  
 -6- 

 (iv) to approve forms of Award Agreements for use under the Plan; 

(v) to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and
conditions include, but are not limited to, the exercise price, the time or times when Awards may be exercised (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or
limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the Administrator will determine; 

(vi) to institute and determine the terms and conditions of an Exchange Program; provided however, that no Exchange Program may be
implemented without prior approval from the Company’s stockholders; 
 (vii) to construe and interpret the terms of the Plan and
Awards granted pursuant to the Plan; 
 (viii) to prescribe, amend and rescind rules and regulations relating to the Plan, including rules
and regulations relating to sub-plans established for the purpose of satisfying applicable foreign laws or for qualifying for favorable tax treatment under applicable foreign laws; 

(ix) to modify or amend each Award (subject to Section 18 of the Plan), including but not limited to the discretionary authority to
extend the post-termination exercisability period of Awards and to extend the maximum term of an Option; 
 (x) to allow Participants to
satisfy tax withholding obligations in such manner as prescribed in Section 14 of the Plan; 
 (xi) to authorize any person to execute
on behalf of the Company any instrument required to effect the grant of an Award previously granted by the Administrator; 
 (xii) to allow
a Participant to defer the receipt of the payment of cash or the delivery of Shares that otherwise would be due to such Participant under an Award; and 

(xiii) to make all other determinations deemed necessary or advisable for administering the Plan. 

(c) Effect of Administrator’s Decision. The Administrator’s decisions, determinations and interpretations
will be final and binding on all Participants and any other holders of Awards. 
 5. Eligibility. Nonstatutory Stock Options, Stock
Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Shares and Performance Units may be granted to Employees, so long as the following requirements are met: 

(a) The Employee was not previously an Employee or Director, or the Employee is returning to employment of the Company following a bona-fide
period of non-employment; and 

  
 -7- 

 (b) The grant of an Award is an inducement material to the Employee’s entering into
employment with the Company in accordance with the Inducement Listing Rule. 
 Notwithstanding the foregoing, an Employee may be granted an
Award in connection with a merger or acquisition to the extent permitted by Nasdaq Listing Rule 5635(c)(3) and the official guidance thereunder. 

6. Stock Options. 
 (a)
Grant of Options. The Administrator, in its sole discretion and subject to the terms and conditions of the Plan, may grant Options to any individual as a material inducement to the individual becoming an Employee or as otherwise permitted
under Section 5 in connection with a merger or acquisition, in each case, which grant shall become effective only if the individual actually becomes an Employee. Subject to this Section 6 and the other terms and conditions of the Plan, the
Administrator will have complete discretion to determine the number of Shares covered by an Option granted to any Employee. Each Option shall be evidenced by an Award Agreement (which may be in electronic form) that shall specify the exercise price,
the expiration date of the Option, the number of Shares covered by the Option, any conditions to exercise the Option, and such other terms and conditions as the Administrator, in its discretion, shall determine. 

(b) Term of Option. The term of each Option will be stated in the Award Agreement, provided, however, that the term will be no more
than ten (10) years from the date of grant. 
 (c) Option Exercise Price and Consideration. 

(i) Exercise Price. The per share exercise price for the Shares to be issued pursuant to exercise of an Option will be determined by
the Administrator, subject to the following: 
 (1) The per Share exercise price will be no less than one hundred percent (100%) of
the Fair Market Value per Share on the date of grant. 
 (2) Notwithstanding the foregoing, Options may be granted with a per Share
exercise price of less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant pursuant to a transaction described in, and in a manner consistent with, Section 424(a) of the Code. 

(ii) Waiting Period and Exercise Dates. At the time an Option is granted, the Administrator will fix the period within which the
Option may be exercised and will determine any conditions that must be satisfied before the Option may be exercised. 
 (iii) Form of
Consideration. The Administrator will determine the acceptable form of consideration for exercising an Option, including the method of payment. Such consideration may consist entirely of: (1) cash; (2) check; (3) promissory note,
to the extent permitted by Applicable Laws, (4) other Shares, provided that such Shares have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which such Option will be exercised and provided
that accepting such Shares will not result in any adverse 

  
 -8- 

 
accounting consequences to the Company, as the Administrator determines in its sole discretion; (5) consideration received by the Company under a broker-assisted (or other) cashless
exercise program (whether through a broker or otherwise) implemented by the Company in connection with the Plan; (6) by net exercise; (7) such other consideration and method of payment for the issuance of Shares to the extent
permitted by Applicable Laws; or (8) any combination of the foregoing methods of payment. 
 (d) Exercise of Option. 

(i) Procedure for Exercise; Rights as a Stockholder. Any Option granted hereunder will be exercisable according to the terms of the
Plan and at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement. An Option may not be exercised for a fraction of a Share. 

An Option will be deemed exercised when the Company receives: (i) a notice of exercise (in such form as the Administrator may specify
from time to time) from the person entitled to exercise the Option, and (ii) full payment for the Shares with respect to which the Option is exercised (together with applicable withholding taxes). Full payment may consist of any
consideration and method of payment authorized by the Administrator and permitted by the Award Agreement and the Plan. Shares issued upon exercise of an Option will be issued in the name of the Participant or, if requested by the Participant, in the
name of the Participant and his or her spouse. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other
rights as a stockholder will exist with respect to the Shares subject to an Option, notwithstanding the exercise of the Option. The Company will issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment
will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 13 of the Plan. 

Exercising an Option in any manner will decrease the number of Shares thereafter available, both for purposes of the Plan and for sale under
the Option, by the number of Shares as to which the Option is exercised. 
 (ii) Termination of Relationship as a Service Provider.
If a Participant ceases to be a Service Provider, other than upon the Participant’s termination as the result of the Participant’s death or Disability, the Participant may exercise his or her Option within such period of time as is
specified in the Award Agreement to the extent that the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement). In the absence of a specified time in the
Award Agreement, the Option will remain exercisable for three (3) months following the Participant’s termination. Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or her
entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan. If after termination the Participant does not exercise his or her Option within the time specified by the Administrator, the Option will terminate, and
the Shares covered by such Option will revert to the Plan. 

  
 -9- 

 (iii) Disability of Participant. If a Participant ceases to be a Service Provider as
a result of the Participant’s Disability, the Participant may exercise his or her Option within such period of time as is specified in the Award Agreement to the extent the Option is vested on the date of termination (but in no event later than
the expiration of the term of such Option as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement, the Option will remain exercisable for twelve (12) months following the Participant’s termination.
Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan. If after termination the
Participant does not exercise his or her Option within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan. 

(iv) Death of Participant. If a Participant dies while a Service Provider, the Option may be exercised following the
Participant’s death within such period of time as is specified in the Award Agreement to the extent that the Option is vested on the date of death (but in no event may the option be exercised later than the expiration of the term of such Option
as set forth in the Award Agreement), by the Participant’s designated beneficiary, provided such beneficiary has been designated prior to Participant’s death in a form acceptable to the Administrator. If no such beneficiary has been
designated by the Participant, then such Option may be exercised by the personal representative of the Participant’s estate or by the person(s) to whom the Option is transferred pursuant to the Participant’s will or in accordance with
the laws of descent and distribution. In the absence of a specified time in the Award Agreement, the Option will remain exercisable for twelve (12) months following Participant’s death. Unless otherwise provided by the Administrator, if at
the time of death Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will immediately revert to the Plan. If the Option is not so exercised within the time specified herein, the Option
will terminate, and the Shares covered by such Option will revert to the Plan. 
 (v) Tolling Expiration. A Participant’s Award
Agreement may also provide that: 
 (1) if the exercise of the Option following the termination of Participant’s status as a Service
Provider (other than upon the Participant’s death or Disability) would result in liability under Section 16(b), then the Option will terminate on the earlier of (A) the expiration of the term of the Option set forth in the Award
Agreement, or (B) the tenth (10th) day after the last date on which such exercise would result in liability under Section 16(b); or 

(2) if the exercise of the Option following the termination of the Participant’s status as a Service Provider (other than upon the
Participant’s death or Disability) would be prohibited at any time solely because the issuance of Shares would violate the registration requirements under the Securities Act, then the Option will terminate on the earlier of (A) the
expiration of the term of the Option or (B) the expiration of a period of thirty (30) days after the termination of the Participant’s status as a Service Provider during which the exercise of the Option would not be in violation of
such registration requirements. 

  
 -10- 

 7. Restricted Stock. 

(a) Grant of Restricted Stock. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time,
may grant Shares of Restricted Stock to any individual as a material inducement to the individual becoming an Employee or as otherwise permitted under Section 5 in connection with a merger of acquisition, in each case, which grant shall become
effective only if the individual actually becomes an Employee, in such amounts as the Administrator, in its sole discretion, will determine. 

(b) Restricted Stock Agreement. Each Award of Restricted Stock will be evidenced by an Award Agreement that will specify the Period of
Restriction, the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, will determine. Unless the Administrator determines otherwise, the Company as escrow agent will hold Shares of Restricted
Stock until the restrictions on such Shares have lapsed. 
 (c) Transferability. Except as provided in this Section 7 or the
Award Agreement, Shares of Restricted Stock may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction. 

(d) Other Restrictions. The Administrator, in its sole discretion, may impose such other restrictions on Shares of Restricted Stock as
it may deem advisable or appropriate. 
 (e) Removal of Restrictions. Except as otherwise provided in this Section 7, Shares of
Restricted Stock covered by each Restricted Stock grant made under the Plan will be released from escrow as soon as practicable after the last day of the Period of Restriction or at such other time as the Administrator may determine. The
Administrator, in its discretion, may accelerate the time at which any restrictions will lapse or be removed. 
 (f) Voting Rights.
During the Period of Restriction, Participants holding Shares of Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares, unless the Administrator determines otherwise. 

(g) Dividends and Other Distributions. During the Period of Restriction, Participants holding Shares of Restricted Stock will be
entitled to receive all dividends and other distributions paid with respect to such Shares, unless the Administrator provides otherwise. If any such dividends or distributions are paid in Shares, the Shares will be subject to the same restrictions
on transferability and forfeitability as the Shares of Restricted Stock with respect to which they were paid. 
 (h) Return of Restricted
Stock to Company. On the date set forth in the Award Agreement, the Restricted Stock for which restrictions have not lapsed will revert to the Company and again will become available for grant under the Plan. 

8. Restricted Stock Units. 

(a) Grant. Subject to the terms and conditions of the Plan, Restricted Stock Units may be granted at any time and from time to time as
determined by the Administrator to any individual as a material inducement to the individual becoming an Employee or as otherwise 

  
 -11- 

 
permitted under Section 5 in connection with a merger of acquisition, in each case, which grant shall become effective only if the individual actually becomes an Employee. After the
Administrator determines that it will grant Restricted Stock Units under the Plan, it will advise the Participant in an Award Agreement of the terms, conditions, and restrictions related to the grant, including the number of Restricted Stock Units.

 (b) Vesting Criteria and Other Terms. The Administrator will set vesting criteria in its discretion, which, depending on the
extent to which the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant. The Administrator may set vesting criteria based upon the achievement of Company-wide, divisional, business unit, or
individual goals (including, but not limited to, continued employment or service), applicable federal or state securities laws or any other basis determined by the Administrator in its discretion. 

(c) Earning Restricted Stock Units. Upon meeting the applicable vesting criteria, the Participant will be entitled to receive a payout
as determined by the Administrator. Notwithstanding the foregoing, at any time after the grant of Restricted Stock Units, the Administrator, in its sole discretion, may reduce or waive any vesting criteria that must be met to receive a payout. 

(d) Form and Timing of Payment. Payment of earned Restricted Stock Units will be made as soon as practicable after the
date(s) determined by the Administrator and set forth in the Award Agreement. The Administrator, in its sole discretion, may only settle earned Restricted Stock Units in cash, Shares, or a combination of both. 

(e) Cancellation. On the date set forth in the Award Agreement, all unearned Restricted Stock Units will be forfeited to the Company.

 9. Stock Appreciation Rights. 

(a) Grant of Stock Appreciation Rights. Subject to the terms and conditions of the Plan, a Stock Appreciation Right may be granted to
any individual as a material inducement to the individual becoming an Employee or as otherwise permitted under Section 5 in connection with a merger or acquisition, in each case, which grant shall become effective only if the individual
actually becomes an Employee, at any time and from time to time as will be determined by the Administrator, in its sole discretion. 
 (b)
Number of Shares. The Administrator will have complete discretion to determine the number of Stock Appreciation Rights granted to any Employee. 

(c) Exercise Price and Other Terms. The per share exercise price for the Shares to be issued pursuant to exercise of a Stock
Appreciation Right will be determined by the Administrator and will be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. Otherwise, the Administrator, subject to the provisions of the Plan, will
have complete discretion to determine the terms and conditions of Stock Appreciation Rights granted under the Plan. 

  
 -12- 

 (d) Stock Appreciation Right Agreement. Each Stock Appreciation Right grant will be
evidenced by an Award Agreement that will specify the exercise price, the term of the Stock Appreciation Right, the conditions of exercise, and such other terms and conditions as the Administrator, in its sole discretion, will determine. 

(e) Expiration of Stock Appreciation Rights. A Stock Appreciation Right granted under the Plan will expire ten (10) years from the
date of grant or such shorter term as may be provided in the Award Agreement, as determined by the Administrator, in its sole discretion. Notwithstanding the foregoing, the rules of Section 6(d) relating to exercise also will apply to
Stock Appreciation Rights. 
 (f) Payment of Stock Appreciation Right Amount. Upon exercise of a Stock Appreciation Right, a
Participant will be entitled to receive payment from the Company in an amount determined by multiplying: 
 (i) The difference between the
Fair Market Value of a Share on the date of exercise over the exercise price; times 
 (ii) The number of Shares with respect to which the
Stock Appreciation Right is exercised. 
 At the discretion of the Administrator, the payment upon Stock Appreciation Right exercise may be
in cash, in Shares of equivalent value, or in some combination thereof. 
 10. Performance Units and Performance Shares. 

(a) Grant of Performance Units/Shares. Subject to the terms and conditions of the Plan, Performance Units and Performance Shares may be
granted to any individual as a material inducement to the individual becoming an Employee, which grant shall become effective only if the individual actually becomes an Employee or as otherwise permitted under Section 5 in connection with a
merger or acquisition, in each case, at any time and from time to time, as will be determined by the Administrator, in its sole discretion. The Administrator will have complete discretion in determining the number of Performance Units and
Performance Shares granted to each Participant. 
 (b) Value of Performance Units/Shares. Each Performance Unit will have an initial
value that is established by the Administrator on or before the date of grant. Each Performance Share will have an initial value equal to the Fair Market Value of a Share on the date of grant. 

(c) Performance Objectives and Other Terms. The Administrator will set performance objectives or other vesting provisions (including,
without limitation, continued status as a Service Provider) in its discretion which, depending on the extent to which they are met, will determine the number or value of Performance Units/Shares that will be paid out to the Participants. The
time period during which the performance objectives or other vesting provisions must be met will be called the “Performance Period.” Each Award of Performance Units/Shares will be evidenced by an Award Agreement that will specify
the Performance Period, and such other terms and conditions as the Administrator, in its sole discretion, will determine. The 

  
 -13- 

 
Administrator may set performance objectives based upon the achievement of Company-wide, divisional, business unit or individual goals (including, but not limited to, continued employment or
service), applicable federal or state securities laws, or any other basis determined by the Administrator in its discretion. 
 (d)
Earning of Performance Units/Shares. After the applicable Performance Period has ended, the holder of Performance Units/Shares will be entitled to receive a payout of the number of Performance Units/Shares earned by the Participant over the
Performance Period, to be determined as a function of the extent to which the corresponding performance objectives or other vesting provisions have been achieved. After the grant of a Performance Unit/Share, the Administrator, in its sole
discretion, may reduce or waive any performance objectives or other vesting provisions for such Performance Unit/Share. 
 (e) Form and
Timing of Payment of Performance Units/Shares. Payment of earned Performance Units/Shares will be made as soon as practicable after the expiration of the applicable Performance Period. The Administrator, in its sole discretion, may pay earned
Performance Units/Shares in the form of cash, in Shares (which have an aggregate Fair Market Value equal to the value of the earned Performance Units/Shares at the close of the applicable Performance Period) or in a combination thereof. 

(f) Cancellation of Performance Units/Shares. On the date set forth in the Award Agreement, all unearned or unvested Performance
Units/Shares will be forfeited to the Company, and again will be available for grant under the Plan. 
 11. Leaves of Absence/Transfer
Between Locations. Unless the Administrator provides otherwise, vesting of Awards granted hereunder will be suspended during any unpaid leave of absence. A Participant will not cease to be an Employee in the case of (i) any leave of absence
approved by the Company or (ii) transfers between locations of the Company or between the Company, its Parent, or any Subsidiary. 

12. Transferability of Awards. Unless determined otherwise by the Administrator, an Award may not be sold, pledged, assigned,
hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Participant, only by the Participant. If the Administrator makes an Award
transferable, such Award will contain such additional terms and conditions as the Administrator deems appropriate. 
 13. Adjustments;
Dissolution or Liquidation; Change in Control. 
 (a) Adjustments. In the event that any dividend or other distribution (whether
in the form of cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up,
spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs, the Administrator, in order
to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan, will adjust the number and class of Shares that may be delivered under the Plan and/or the number, class, and price of Shares
covered by each outstanding Award, and the numerical Share limit in Section 3 of the Plan. 

  
 -14- 

 (b) Dissolution or Liquidation. In the event of the proposed dissolution or
liquidation of the Company, the Administrator will notify each Participant as soon as practicable prior to the effective date of such proposed transaction. To the extent it previously has not been exercised, an Award will terminate immediately prior
to the consummation of such proposed action. 
 (c) Change in Control. In the event of a Change in Control, each outstanding Award
will be treated as the Administrator determines, including, without limitation, that (i) Awards may be assumed, or substantially equivalent Awards will be substituted, by the acquiring or succeeding corporation (or an affiliate thereof) with
appropriate adjustments as to the number and kind of shares and prices; (ii) upon written notice to a Participant, that the Participant’s Awards will terminate upon or immediately prior to the consummation of such Change in Control;
(iii) outstanding Awards will vest and become exercisable, realizable, or payable, or restrictions applicable to an Award will lapse, in whole or in part prior to or upon consummation of such Change in Control, and, to the extent the
Administrator determines, terminate upon or immediately prior to the effectiveness of such merger or Change in Control; (iv) (A) the termination of an Award in exchange for an amount of cash and/or property, if any, equal to the amount
that would have been attained upon the exercise of such Award or realization of the Participant’s rights as of the date of the occurrence of the transaction (and, for the avoidance of doubt, if as of the date of the occurrence of the
transaction the Administrator determines in good faith that no amount would have been attained upon the exercise of such Award or realization of the Participant’s rights, then such Award may be terminated by the Company without payment), or
(B) the replacement of such Award with other rights or property selected by the Administrator in its sole discretion; or (v) any combination of the foregoing. In taking any of the actions permitted under this Section 13(c), the
Administrator will not be required to treat all Awards similarly in the transaction. 
 In the event that the successor corporation does not
assume or substitute for the Award, the Participant will fully vest in and have the right to exercise all of his or her outstanding Options and Stock Appreciation Rights, including Shares as to which such Awards would not otherwise be vested or
exercisable, all restrictions on Restricted Stock and Restricted Stock Units will lapse, and, with respect to Awards with performance-based vesting, unless specifically provided otherwise under the applicable Award Agreement, a Company policy
applicable to the Participant, or other written agreement between the Participant and the Company, all performance goals or other vesting criteria will be deemed achieved at one hundred percent (100%) of target levels and all other terms and
conditions met. In addition, if an Option or Stock Appreciation Right is not assumed or substituted in the event of a Change in Control, the Administrator will notify the Participant in writing or electronically that the Option or Stock Appreciation
Right will be exercisable for a period of time determined by the Administrator in its sole discretion, and the Option or Stock Appreciation Right will terminate upon the expiration of such period. 

For the purposes of this subsection (c), an Award will be considered assumed if, following the Change in Control, the Award confers the right
to purchase or receive, for each Share subject to the Award immediately prior to the Change in Control, the consideration (whether stock, cash, or other securities or property) received in the Change in Control by holders of Common Stock for
each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration
received in the Change in 

  
 -15- 

 
Control is not solely common stock of the successor corporation or its Parent, the Administrator may, with the consent of the successor corporation, provide for the consideration to be received
upon the exercise of an Option or Stock Appreciation Right or upon the payout of a Restricted Stock Unit, Performance Unit or Performance Share, for each Share subject to such Award, to be solely common stock of the successor corporation or its
Parent equal in fair market value to the per share consideration received by holders of Common Stock in the Change in Control. 

Notwithstanding anything in this Section 13(c) to the contrary, an Award that vests, is earned or
paid-out upon the satisfaction of one or more performance goals will not be considered assumed if the Company or its successor modifies any of such performance goals without the Participant’s consent;
provided, however, a modification to such performance goals only to reflect the successor corporation’s post-Change in Control corporate structure will not be deemed to invalidate an otherwise valid Award assumption. 

14. Tax. 
 (a)
Withholding Requirements. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise thereof) or such earlier time as any tax withholding obligations are due, the Company will have the power and the right to deduct or
withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, local, foreign or other taxes (including the Participant’s FICA obligation) required to be withheld with respect to such Award (or
exercise thereof). 
 (b) Withholding Arrangements. The Administrator, in its sole discretion and pursuant to such procedures as it
may specify from time to time, may permit a Participant to satisfy such tax withholding obligation, in whole or in part by (without limitation) (i) paying cash, (ii) electing to have the Company withhold otherwise deliverable cash or
Shares having a fair market value not in excess of the maximum statutory amount required to be withheld, or (iii) delivering to the Company already-owned Shares having a fair market value not in excess of the maximum statutory amount required
to be withheld. The fair market value of the Shares to be withheld or delivered will be determined, in good faith by the Administrator, as of the date that the taxes are required to be withheld. 

(c) Compliance With Code Section 409A. Awards will be designed and operated in such a manner that they are either
exempt from the application of, or comply with, the requirements of Code Section 409A such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Code Section 409A, except as
otherwise determined in the sole discretion of the Administrator. The Plan and each Award Agreement under the Plan is intended to meet the requirements of Code Section 409A and will be construed and interpreted in accordance with such intent,
except as otherwise determined in the sole discretion of the Administrator. To the extent that an Award or payment, or the settlement or deferral thereof, is subject to Code Section 409A, the Award will be granted, paid, settled or deferred in
a manner that will meet the requirements of Code Section 409A, such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Code Section 409A. In no event will the Company (or
any Parent or Subsidiary of the Company, as applicable) reimburse a Participant for any taxes imposed or other costs incurred as a result of Section 409A. 

  
 -16- 

 15. No Effect on Employment or Service. Neither the Plan nor any Award will confer
upon a Participant any right with respect to continuing the Participant’s relationship as a Service Provider, nor will they interfere in any way with the Participant’s right or the right of the Company (or any Parent or Subsidiary of the
Company) to terminate such relationship at any time, with or without cause, to the extent permitted by Applicable Laws. 
 16. Date of
Grant. The date of grant of an Award will be, for all purposes, the date on which the Administrator makes the determination granting such Award, or such other later date as is determined by the Administrator. Notice of the determination will be
provided to each Participant within a reasonable time after the date of such grant. 
 17. Term of Plan. The Plan will become
effective upon its adoption by the Board (or its designated committee). It will continue in effect for a term of ten (10) years from the date adopted by the Board, unless terminated earlier under Section 18 of the Plan. 

18. Amendment and Termination of the Plan. 

(a) Amendment and Termination. The Administrator may at any time amend, alter, suspend or terminate the Plan. 

(b) Stockholder Approval. The Company will obtain stockholder approval of any Plan amendment to the extent necessary and desirable to
comply with Applicable Laws. 
 (c) Effect of Amendment or Termination. No amendment, alteration, suspension or termination of the
Plan will materially impair the rights of any Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing and signed by the Participant and the Company. Termination of the Plan will
not affect the Administrator’s ability to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination. 

19. Conditions Upon Issuance of Shares. 

(a) Legal Compliance. Shares will not be issued pursuant to an Award unless the exercise of such Award and the issuance and delivery of
such Shares will comply with Applicable Laws and will be further subject to the approval of counsel for the Company with respect to such compliance. 

(b) Investment Representations. As a condition to the exercise of an Award, the Company may require the person exercising such Award to
represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation
is required. 
 20. Clawback. The Administrator may specify in an Award Agreement that the Participant’s rights, payments,
and/or benefits with respect to an Award will be subject to reduction, cancellation, forfeiture, and/or recoupment upon the occurrence of certain specified events, in addition to any applicable vesting, performance or other conditions and
restrictions of an Award. Notwithstanding any provisions to the contrary under this Plan, an Award granted 

  
 -17- 

 
under the Plan shall be subject to the Company’s clawback policy (if any) as may be established and/or amended from time to time. The Board may require a Participant to forfeit or return to
and/or reimburse the Company all or a portion of the Award and/or Shares issued under the Award, any amounts paid under the Award, and any payments or proceeds paid or provided upon disposition of the Shares issued under the Award, pursuant to the
terms of such Company policy or as necessary or appropriate to comply with Applicable Laws. 
 21. Inability to Obtain Authority. The
inability of the Company to obtain authority from any regulatory body having jurisdiction or to complete or comply with the requirements of any registration or other qualification of the Shares under any state, federal or foreign law or under the
rules and regulations of the Securities and Exchange Commission, the stock exchange on which Shares of the same class are then listed, or any other governmental or regulatory body, which authority, registration, qualification or rule compliance is
deemed by the Company’s counsel to be necessary or advisable for the issuance and sale of any Shares hereunder, will relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite
authority, registration, qualification or rule compliance will not have been obtained. 

  
 -18- 

 SOLENO THERAPEUTICS, INC. 

2020 INDUCEMENT EQUITY INCENTIVE PLAN 

STOCK OPTION AGREEMENT 

Unless otherwise defined herein, the terms defined in the Soleno Therapeutics, Inc. 2020 Inducement Equity Incentive Plan (the
“Plan”) will have the same defined meanings in this Stock Option Agreement (the “Agreement”), including the Notice of Stock Option Grant (the “Notice of Grant”) and Terms and Conditions of Stock Option Grant, attached
hereto as Exhibit A. 
 NOTICE OF STOCK OPTION GRANT 
  

					
	Participant:	  	 
		
	Address:	  	 
		
		  	 

 Participant has been granted an Option to purchase Common Stock of Soleno Therapeutics, Inc. (the
“Company”), subject to the terms and conditions of the Plan and this Agreement, as follows: 
  

					
	Date of Grant	 	 
		
	Vesting Commencement Date	 	 
		
	Number of Shares Granted	 	 
			
	Exercise Price per Share	 	$	  	 
			
	Total Exercise Price	 	$	  	 
		
	Type of Option	 	Nonstatutory Stock Option
		
	Term/Expiration Date	 	 

 Vesting Schedule: 

Subject to accelerated vesting as set forth below or in the Plan, this Option will be exercisable, in whole or in part, in accordance with the
following schedule: 
 [Twenty-five-percent (25%) of the Shares subject to the Option shall vest on the one year anniversary of the Vesting
Commencement Date, and each month thereafter on the same day of the month as the Vesting Commencement Date (and if there is no corresponding day, on the last day of the month), subject to Participant continuing to be a Service Provider through each
such date.] 

 Termination Period: 

This Option will be exercisable for three (3) months after Participant ceases to be a Service Provider, unless such termination is due to
Participant’s death or Disability, in which case this Option will be exercisable for twelve (12) months after Participant ceases to be a Service Provider. Notwithstanding the foregoing sentence, in no event may this Option be exercised
after the Term/Expiration Date as provided above and this Option may be subject to earlier termination as provided in Section 13(c) of the Plan. 

By Participant’s signature and the signature of the Company’s representative below, Participant and the Company agree that this
Option is granted under and governed by the terms and conditions of the Plan and this Agreement, including exhibits hereto, all of which are made a part of this document. Participant has reviewed the Plan and this Agreement in their entirety, has
had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands all provisions of the Plan and Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or
interpretations of the Administrator upon any questions relating to the Plan and Agreement. Participant further agrees to notify the Company upon any change in the residence address indicated below. 

 

					
	PARTICIPANT	 		 	SOLENO THERAPEUTICS, INC.
			
	    	 		 	    
	Signature	 		 	By
			
	    	 		 	    
	Print Name	 		 	Title
			
	Address:	 		 	
			
	    	 		 	    
			
	    	 		 	    

  
 -20- 

 EXHIBIT A 

TERMS AND CONDITIONS OF STOCK OPTION GRANT 

1. Grant of Option. The Company hereby grants to the Participant named in the Notice of Grant (the “Participant”) an option
(the “Option”) to purchase the number of Shares, as set forth in the Notice of Grant, at the exercise price per Share set forth in the Notice of Grant (the “Exercise Price”), subject to all of the terms and conditions in this
Agreement and the Plan, which is incorporated herein by reference. Subject to Section 18(c) of the Plan, in the event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Agreement, the terms and
conditions of the Plan will prevail. 
 2. Vesting Schedule. Except as provided in Section 3, the Option awarded by this
Agreement will vest in accordance with the vesting provisions set forth in the Notice of Grant. Shares scheduled to vest on a certain date or upon the occurrence of a certain condition will not vest in Participant in accordance with any of the
provisions of this Agreement, unless Participant will have been continuously a Service Provider from the Date of Grant until the date such vesting occurs. 

3. Administrator Discretion. The Administrator, in its discretion, may accelerate the vesting of the balance, or some lesser portion of
the balance, of the unvested Option at any time, subject to the terms of the Plan. If so accelerated, such Option will be considered as having vested as of the date specified by the Administrator. 

4. Exercise of Option. 

(a) Right to Exercise. This Option may be exercised only within the term set out in the Notice of Grant, and may be exercised during
such term only in accordance with the Plan and the terms of this Agreement. 
 (b) Method of Exercise. This Option is exercisable by
delivery of an exercise notice, in the form attached as Exhibit B (the “Exercise Notice”) or in a manner and pursuant to such procedures as the Administrator may determine, which will state the election to exercise the Option, the
number of Shares in respect of which the Option is being exercised (the “Exercised Shares”), and such other representations and agreements as may be required by the Company pursuant to the provisions of the Plan. The Exercise Notice will
be completed by Participant and delivered to the Company. The Exercise Notice will be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares together with any applicable tax withholding. This Option will be deemed to be
exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by the aggregate Exercise Price. 
 5. Method of
Payment. Payment of the aggregate Exercise Price will be by any of the following, or a combination thereof, at the election of Participant: 

(a) cash; 
 (b) check; 

  
 -21- 

 (c) consideration received by the Company under a formal cashless exercise program adopted
by the Company in connection with the Plan; or 
 (d) surrender of other Shares which have a Fair Market Value on the date of surrender
equal to the aggregate Exercise Price of the Exercised Shares and that are owned free and clear of any liens, claims, encumbrances, or security interests, provided that accepting such Shares, in the sole discretion of the Administrator, will not
result in any adverse accounting consequences to the Company. 
 6. Tax Obligations. 

(a) Withholding of Taxes. Notwithstanding any contrary provision of this Agreement, no certificate representing the Shares will be
issued to Participant, unless and until satisfactory arrangements (as determined by the Administrator) will have been made by Participant with respect to the payment of income, employment, social insurance, payroll and other taxes which the Company
determines must be withheld with respect to such Shares. To the extent determined appropriate by the Company in its discretion, it will have the right (but not the obligation) to satisfy any tax withholding obligations by reducing the number of
Shares otherwise deliverable to Participant. If Participant fails to make satisfactory arrangements for the payment of any required tax withholding obligations hereunder at the time of the Option exercise, Participant acknowledges and agrees that
the Company may refuse to honor the exercise and refuse to deliver the Shares if such withholding amounts are not delivered at the time of exercise. 

(b) Code Section 409A. Under Code Section 409A, an option that vests after December 31, 2004 (or that
vested on or prior to such date but which was materially modified after October 3, 2004) that was granted with a per Share exercise price that is determined by the Internal Revenue Service (the “IRS”) to be less than the Fair Market
Value of a Share on the date of grant (a “Discount Option”) may be considered “deferred compensation.” A Discount Option may result in (i) income recognition by Participant prior to the exercise of the option, (ii) an
additional twenty percent (20%) federal income tax, and (iii) potential penalty and interest charges. The Discount Option may also result in additional state income, penalty and interest charges to the Participant. Participant acknowledges that
the Company cannot and has not guaranteed that the IRS will agree that the per Share exercise price of this Option equals or exceeds the Fair Market Value of a Share on the Date of Grant in a later examination. Participant agrees that if the IRS
determines that the Option was granted with a per Share exercise price that was less than the Fair Market Value of a Share on the date of grant, Participant will be solely responsible for Participant’s costs related to such a determination.

 7. Rights as Stockholder. Neither Participant nor any person claiming under or through Participant will have any of the rights or
privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares will have been issued, recorded on the records of the Company or its transfer agents or registrars, and
delivered to Participant. After such issuance, recordation and delivery, Participant will have all the rights of a stockholder of the Company with respect to voting such Shares and receipt of dividends and distributions on such Shares. 

  
 -22- 

 8. No Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE
VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) AND NOT THROUGH THE ACT OF BEING HIRED, BEING
GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF
CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING
PARTICIPANT) TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE. 
 9. Address for
Notices. Any notice to be given to the Company under the terms of this Agreement will be addressed to the Company at Soleno Therapeutics, Inc., 203 Redwood Shores Pkwy, Suite 500 Redwood City, CA 94065, or at such other address as the Company
may hereafter designate in writing. 
 10. Non-Transferability of Option. This Option may not
be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Participant only by Participant. 

11. Binding Agreement. Subject to the limitation on the transferability of this grant 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. 
 12.
Additional Conditions to Issuance of Stock. If at any time the Company will determine, in its discretion, that the listing, registration, qualification or rule compliance of the Shares upon any securities exchange or under any state, federal
or foreign law, the tax code and related regulations or the consent or approval of any governmental regulatory authority is necessary or desirable as a condition to the purchase by, or issuance of Shares to, Participant (or his or her estate)
hereunder, such purchase or issuance will not occur unless and until such listing, registration, qualification, rule compliance, consent or approval will have been completed, effected or obtained free of any conditions not acceptable to the Company.
The Company will make all reasonable efforts to meet the requirements of any such state, federal or foreign law or securities exchange and to obtain any such consent or approval of any such governmental authority or securities exchange. Assuming
such compliance, for income tax purposes the Exercised Shares will be considered transferred to Participant on the date the Option is exercised with respect to such Exercised Shares. 

13. Plan Governs. This Agreement is subject to all terms and provisions of the Plan. In the event of a conflict between one or more
provisions of this Agreement and one or more provisions of the Plan, the provisions of the Plan will govern. Capitalized terms used and not defined in this Agreement will have the meaning set forth in the Plan. 

  
 -23- 

 14. Administrator Authority. The Administrator will have the power to interpret the
Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or
not any Shares subject to the Option have vested). All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company and all other interested persons. No
member of the Administrator will be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Agreement. 

15. Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to Options awarded under the
Plan or future options that may be awarded under the Plan by electronic means or request Participant’s consent to participate in the Plan by electronic means. Participant hereby consents to receive such documents by electronic delivery and
agrees to participate in the Plan through any on-line or electronic system established and maintained by the Company or another third party designated by the Company. 

16. Captions. Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of
this Agreement. 
 17. Agreement Severable. In the event that any provision in this Agreement will be held invalid or unenforceable,
such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Agreement. 

18. Modifications to the Agreement. This Agreement constitutes the entire understanding of the parties on the subjects covered.
Participant expressly warrants that he or she is not accepting this Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Agreement or the Plan can be made only in an express
written contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or this Agreement, the Company reserves the right to revise this Agreement as it deems necessary or advisable, in its sole
discretion and without the consent of Participant, to comply with Code Section 409A or to otherwise avoid imposition of any additional tax or income recognition under Section 409A of the Code in connection to this Option. 

19. Amendment, Suspension or Termination of the Plan. By accepting this Award, Participant expressly warrants that he or she has
received an Option under the Plan, and has received, read and understood a description of the Plan. Participant understands that the Plan is discretionary in nature and may be amended, suspended or terminated by the Company at any time. 

20. Governing Law. This Agreement will be governed by the laws of California, without giving effect to the conflict of law principles
thereof. For purposes of litigating any dispute that arises under this Award of an Option or this Agreement, the parties hereby submit to and consent to the jurisdiction of the State of California, and agree that such litigation will be
conducted in the courts of San Mateo County, California, or the federal courts for the United States for the Northern District of California, and no other courts, where this Award of an Option is made and/or to be performed. 

  
 -24- 

 EXHIBIT B 

SOLENO THERAPEUTICS, INC. 

2020 INDUCEMENT EQUITY INCENTIVE PLAN 

EXERCISE NOTICE 
 Soleno Therapeutics,
Inc. 
 203 Redwood Shores Pkwy, Suite 500 
 Redwood City, CA
94065 
 Attention: Stock Administration 
 1.
Exercise of Option. Effective as of today,                             ,
        , the undersigned (“Purchaser”) hereby elects to purchase
                             shares (the “Shares”) of the Common Stock of Soleno
Therapeutics, Inc. (the “Company”) under and pursuant to the 2020 Inducement Equity Incentive Plan (the “Plan”) and the Stock Option Agreement dated
                            ,         , (the
“Agreement”). Unless otherwise defined in this Exercise Notice, capitalized terms have the meanings given to them in the Agreement. 

2. Delivery of Payment. Purchaser herewith delivers to the Company the full purchase price of the Shares and any required tax
withholding to be paid in connection with the exercise of the Option. 
 3. Representations of Purchaser. Purchaser acknowledges that
Purchaser has received, read and understood the Plan and the Agreement and agrees to abide by and be bound by their terms and conditions. 

4. Rights as Stockholder. Until the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly authorized
transfer agent of the Company) of the Shares, no right to vote or receive dividends or any other rights as a stockholder will exist with respect to the Shares subject to the Option, notwithstanding the exercise of the Option. The Shares so acquired
will be issued to Purchaser as soon as practicable after exercise of the Option. No adjustment will be made for a dividend or other right for which the record date is prior to the date of issuance, except as provided in Section 13 of the Plan.

 5. Tax Consultation. Purchaser understands that Purchaser may suffer adverse tax consequences as a result of Purchaser’s
purchase or disposition of the Shares. Purchaser represents that Purchaser has consulted with any tax consultants Purchaser deems advisable in connection with the purchase or disposition of the Shares and that Purchaser is not relying on the Company
for any tax advice. 

 6. Entire Agreement; Governing Law. The Plan and Agreement are incorporated herein by
reference. This Exercise Notice, the Plan and the Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Purchaser
with respect to the subject matter hereof, and may not be modified adversely to the Purchaser’s interest except by means of a writing signed by the Company and Purchaser. This agreement is governed by the internal substantive laws, but not the
choice of law rules, of California. 
  

					
	Submitted by:	 		 	Accepted by:
			
	PURCHASER	 		 	SOLENO THERAPEUTICS, INC.
			
	    	 		 	    
	Signature	 		 	By
			
	    	 		 	    
	Print Name	 		 	Its
			
	Address:	 		 	
			
	    	 		 	    
			
	    	 		 	    
			
	    	 		 	    
		 		 	Date Received

  
 -2-

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