Document:

2010 Stock Incentive Plan and form of agreements thereunder

 Exhibit 10.3 
 MERU NETWORKS, INC. 
 2010 STOCK INCENTIVE PLAN 

 (Adopted by the Board of Directors on March 11, 2010) 
  

 MERU NETWORKS, INC. 
 2010 STOCK INCENTIVE PLAN 

 Table of Contents 
  

					
	 	  	 	  	Page
			
	SECTION 1.	  	ESTABLISHMENT AND PURPOSE.	  	1
			
	SECTION 2.	  	DEFINITIONS.	  	1
			
	(a)	  	“Affiliate”	  	1
			
	(b)	  	“Award”	  	1
			
	(c)	  	“Board of Directors”	  	1
			
	(d)	  	“Change in Control”	  	1
			
	(e)	  	“Code”	  	2
			
	(f)	  	“Committee”	  	3
			
	(g)	  	“Company”	  	3
			
	(h)	  	“Consultant”	  	3
			
	(i)	  	“Employee”	  	3
			
	(j)	  	“Exchange Act”	  	3
			
	(k)	  	“Exercise Price”	  	3
			
	(l)	  	“Fair Market Value”	  	3
			
	(m)	  	“ISO”	  	3
			
	(n)	  	“Nonstatutory Option” or “NSO”	  	4
			
	(o)	  	“Offeree”	  	4
			
	(p)	  	“Option”	  	4
			
	(q)	  	“Optionee”	  	4
			
	(r)	  	“Outside Director”	  	4
			
	(s)	  	“Parent”	  	4
			
	(t)	  	“Participant”	  	4
			
	(u)	  	“Plan”	  	4
			
	(v)	  	“Purchase Price”	  	4
			
	(w)	  	“Restricted Share”	  	4
			
	(x)	  	“Restricted Share Agreement”	  	4
			
	(y)	  	“SAR”	  	4
			
	(z)	  	“SAR Agreement”	  	4
			
	(aa)	  	“Service”	  	4
			
	(bb)	  	“Share”	  	5
			
	(cc)	  	“Stock”	  	5
			
	(dd)	  	“Stock Option Agreement”	  	5
			
	(ee)	  	“Stock Unit”	  	5

  

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	(ff)	  	“Stock Unit Agreement”	  	5
			
	(gg)	  	“Subsidiary”	  	5
			
	(hh)	  	“Total and Permanent Disability”	  	5
			
	SECTION 3.	  	ADMINISTRATION.	  	5
			
	(a)	  	Committee Composition	  	5
			
	(b)	  	Committee for Non-Officer Grants	  	5
			
	(c)	  	Committee Procedures	  	6
			
	(d)	  	Committee Responsibilities	  	6
			
	SECTION 4.	  	ELIGIBILITY.	  	7
			
	(a)	  	General Rule	  	7
			
	(b)	  	Ten-Percent Stockholders	  	7
			
	(c)	  	Attribution Rules	  	7
			
	(d)	  	Outstanding Stock	  	7
			
	SECTION 5.	  	STOCK SUBJECT TO PLAN.	  	8
			
	(a)	  	Basic Limitation	  	8
			
	(b)	  	Additional Shares	  	8
			
	SECTION 6.	  	RESTRICTED SHARES.	  	8
			
	(a)	  	Restricted Stock Agreement	  	8
			
	(b)	  	Payment for Awards	  	9
			
	(c)	  	Vesting	  	9
			
	(d)	  	Voting and Dividend Rights	  	9
			
	(e)	  	Restrictions on Transfer of Shares	  	9
			
	SECTION 7.	  	TERMS AND CONDITIONS OF OPTIONS.	  	9
			
	(a)	  	Stock Option Agreement	  	9
			
	(b)	  	Number of Shares	  	9
			
	(c)	  	Exercise Price	  	9
			
	(d)	  	Withholding Taxes	  	10
			
	(e)	  	Exercisability and Term	  	10
			
	(f)	  	Exercise of Options	  	10
			
	(g)	  	Effect of Change in Control	  	10
			
	(h)	  	No Rights as a Stockholder	  	10
			
	(i)	  	Modification, Extension and Renewal of Options	  	10
			
	(j)	  	Restrictions on Transfer of Shares	  	11
			
	(k)	  	Buyout Provisions	  	11
			
	SECTION 8.	  	PAYMENT FOR SHARES.	  	11
			
	(a)	  	General Rule	  	11
			
	(b)	  	Surrender of Stock	  	11

  

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	(c)	  	Services Rendered	  	11
			
	(d)	  	Cashless Exercise	  	11
			
	(e)	  	Exercise/Pledge	  	11
			
	(f)	  	Promissory Note	  	11
			
	(g)	  	Other Forms of Payment	  	12
			
	(h)	  	Limitations under Applicable Law	  	12
			
	SECTION 9.	  	STOCK APPRECIATION RIGHTS.	  	12
			
	(a)	  	SAR Agreement	  	12
			
	(b)	  	Number of Shares	  	12
			
	(c)	  	Exercise Price	  	12
			
	(d)	  	Exercisability and Term	  	12
			
	(e)	  	Effect of Change in Control	  	12
			
	(f)	  	Exercise of SARs	  	12
			
	(g)	  	Modification or Assumption of SARs	  	13
			
	(h)	  	Buyout Provisions	  	13
			
	SECTION 10.	  	STOCK UNITS.	  	13
			
	(a)	  	Stock Unit Agreement	  	13
			
	(b)	  	Payment for Awards	  	13
			
	(c)	  	Vesting Conditions	  	13
			
	(d)	  	Voting and Dividend Rights	  	13
			
	(e)	  	Form and Time of Settlement of Stock Units	  	13
			
	(f)	  	Death of Recipient	  	14
			
	(g)	  	Creditors’ Rights	  	14
			
	SECTION 11.	  	ADJUSTMENT OF SHARES.	  	14
			
	(a)	  	Adjustments	  	14
			
	(b)	  	Dissolution or Liquidation	  	15
			
	(c)	  	Reorganizations	  	15
			
	(d)	  	Reservation of Rights	  	15
			
	SECTION 12.	  	DEFERRAL OF AWARDS.	  	15
			
	(a)	  	Committee Powers	  	15
			
	(b)	  	General Rules	  	16
			
	SECTION 13.	  	AWARDS UNDER OTHER PLANS.	  	16
			
	SECTION 14.	  	PAYMENT OF DIRECTOR’S FEES IN SECURITIES.	  	16
			
	(a)	  	Effective Date	  	16
			
	(b)	  	Elections to Receive NSOs, Restricted Shares or Stock Units	  	16
			
	(c)	  	Number and Terms of NSOs, Restricted Shares or Stock Units	  	16
			
	SECTION 15.	  	LEGAL AND REGULATORY REQUIREMENTS.	  	17

  

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	SECTION 16.	  	WITHHOLDING TAXES.	  	17
			
	(a)	  	General	  	17
			
	(b)	  	Share Withholding	  	17
			
	SECTION 17.	  	OTHER PROVISIONS APPLICABLE TO AWARDS.	  	17
			
	(a)	  	Transferability	  	17
			
	(b)	  	Substitution and Assumption of Awards	  	17
			
	(c)	  	Qualifying Performance Criteria	  	18
			
	SECTION 18.	  	NO EMPLOYMENT RIGHTS.	  	19
			
	SECTION 19.	  	DURATION AND AMENDMENTS.	  	19
			
	(a)	  	Right to Amend or Terminate the Plan	  	19
			
	(b)	  	Effect of Termination	  	19
			
	SECTION 20.	  	EXECUTION.	  	20

  

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 2010 STOCK INCENTIVE PLAN 
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 MERU NETWORKS, INC. 
 2010 STOCK INCENTIVE PLAN 
 SECTION 1. ESTABLISHMENT AND PURPOSE.

 The Plan was adopted by the Board of Directors on March 11, 2010, and shall be effective immediately prior to the
closing of the initial offering of Stock to the public pursuant to a registration statement filed by the Company with the Securities and Exchange Commission (the “Effective Date”). The purpose of the Plan is to promote the long-term
success of the Company and the creation of stockholder value by (a) encouraging Employees, Outside Directors and Consultants to focus on critical long-range objectives, (b) encouraging the attraction and retention of Employees, Outside
Directors and Consultants with exceptional qualifications and (c) linking Employees, Outside Directors and Consultants directly to stockholder interests through increased stock ownership. The Plan seeks to achieve this purpose by providing for
Awards in the form of restricted shares, stock units, options (which may constitute incentive stock options or nonstatutory stock options) or stock appreciation rights. All references to a specific number of shares herein give effect to the
Company’s 1-for-13 reverse stock split effective on March 12, 2010. 
 SECTION 2. DEFINITIONS. 
 (a) “Affiliate” shall mean any entity other than a Subsidiary, if the Company and/or one or more Subsidiaries own not less
than 50% of such entity. 
 (b) “Award” shall mean any award of an Option, a SAR, a Restricted Share or a Stock
Unit under the Plan. 
 (c) “Board of Directors” shall mean the Board of Directors of the Company, as
constituted from time to time. 
 (d) “Change in Control” shall mean the occurrence of any of the following
events: 
  

	 	(i)	A change in the composition of the Board of Directors occurs, as a result of which fewer than one-half of the incumbent directors are directors who either:

 (A) Had been directors of the Company on the “look-back date” (as defined below) (the
“original directors”); or 
 (B) Were elected, or nominated for election, to the Board of Directors
with the affirmative votes of at least a majority of the aggregate of the original directors who were still in office at the time of the election or nomination and the directors whose election or nomination was previously so approved (the
“continuing directors”); or 
  

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	 	(ii)	Any “person” (as defined below) who by the acquisition or aggregation of securities, is or becomes the “beneficial owner” (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities ordinarily (and apart from rights accruing under special
circumstances) having the right to vote at elections of directors (the “Base Capital Stock”); except that any change in the relative beneficial ownership of the Company’s securities by any person resulting solely from a reduction in
the aggregate number of outstanding shares of Base Capital Stock, and any decrease thereafter in such person’s ownership of securities, shall be disregarded until such person increases in any manner, directly or indirectly, such person’s
beneficial ownership of any securities of the Company; or 

  

	 	(iii)	The consummation of a merger or consolidation of the Company with or into another entity or any other corporate reorganization, if persons who were not stockholders of
the Company immediately prior to such merger, consolidation or other reorganization own immediately after such merger, consolidation or other reorganization 50% or more of the voting power of the outstanding securities of each of (A) the
continuing or surviving entity and (B) any direct or indirect parent corporation of such continuing or surviving entity; or 

  

	 	(iv)	The sale, transfer or other disposition of all or substantially all of the Company’s assets. 

 For purposes of subsection (d)(i) above, the term “look-back” date shall mean the later of (1) the Effective Date or
(2) the date 24 months prior to the date of the event that may constitute a Change in Control. 
 For purposes of
subsection (d)(ii)) above, the term “person” shall have the same meaning as when used in Sections 13(d) and 14(d) of the Exchange Act but shall exclude (1) a trustee or other fiduciary holding securities under an employee benefit plan
maintained by the Company or a Parent or Subsidiary and (2) a corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of the Stock. 
 Any other provision of this Section 2(d) notwithstanding, a transaction shall not constitute a Change in Control if its sole purpose is
to change the state of the Company’s incorporation or 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, and a Change
in Control shall not be deemed to occur if the Company files a registration statement with the United States Securities and Exchange Commission for the initial offering of Stock to the public. 
 (e) “Code” shall mean the Internal Revenue Code of 1986, as amended. 
  

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 (f) “Committee” shall mean the Compensation Committee as designated by the
Board of Directors, which is authorized to administer the Plan, as described in Section 3 hereof. 
 (g)
“Company” shall mean Meru Networks, Inc., a Delaware corporation. 
 (h) “Consultant” shall mean
a consultant or advisor who provides bona fide services to the Company, a Parent, a Subsidiary or an Affiliate as an independent contractor (not including service as a member of the Board of Directors) or a member of the board of directors of a
Parent or a Subsidiary, in each case who is not an Employee. 
 (i) “Employee” shall mean any individual who is
a common-law employee of the Company, a Parent, a Subsidiary or an Affiliate. 
 (j) “Exchange Act” shall mean
the Securities Exchange Act of 1934, as amended. 
 (k) “Exercise Price” shall mean, in the case of an Option,
the amount for which one Share may be purchased upon exercise of such Option, as specified in the applicable Stock Option Agreement. “Exercise Price,” in the case of a SAR, shall mean an amount, as specified in the applicable SAR
Agreement, which is subtracted from the Fair Market Value of one Share in determining the amount payable upon exercise of such SAR. 
 (l) “Fair Market Value” with respect to a Share, shall mean the market price of one Share, determined by the Committee as follows: 
  

	 	(i)	If the Stock was traded over-the-counter on the date in question, then the Fair Market Value shall be equal to the last transaction price quoted for such date by the
OTC Bulletin Board or, if not so quoted, shall be equal to the mean between the last reported representative bid and asked prices quoted for such date by the principal automated inter-dealer quotation system on which the Stock is quoted or, if the
Stock is not quoted on any such system, by the Pink Quote system; 

  

	 	(ii)	If the Stock was traded on any established stock exchange (such as the New York Stock Exchange, The Nasdaq Global Market or The Nasdaq Global Select Market) or national
market system on the date in question, then the Fair Market Value shall be equal to the closing price reported for such date by the applicable exchange or system; and 

  

	 	(iii)	If none of the foregoing provisions is applicable, then the Fair Market Value shall be determined by the Committee in good faith on such basis as it deems appropriate.

 In all cases, the determination of Fair Market Value by the Committee shall be conclusive and binding on all persons.

 (m) “ISO” shall mean an employee incentive stock option described in Section 422 of the Code.

  

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 (n) “Nonstatutory Option” or “NSO” shall mean an employee
stock option that is not an ISO. 
 (o) “Offeree” shall mean an individual to whom the Committee has offered
the right to acquire Shares under the Plan (other than upon exercise of an Option). 
 (p) “Option” shall mean
an ISO or Nonstatutory Option granted under the Plan and entitling the holder to purchase Shares. 
 (q)
“Optionee” shall mean an individual or estate who holds an Option or SAR. 
 (r) “Outside
Director” shall mean a member of the Board of Directors who is not a common-law employee of, or paid consultant to, the Company, a Parent or a Subsidiary. 
 (s) “Parent” shall mean any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, if each of the corporations other than the Company owns
stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of a Parent on a date after the adoption of the Plan shall be a Parent
commencing as of such date. 
 (t) “Participant” shall mean an individual or estate who holds an Award.

 (u) “Plan” shall mean this 2010 Stock Incentive Plan of Meru Networks, Inc., as amended from time to time.

 (v) “Purchase Price” shall mean the consideration for which one Share may be acquired under the Plan (other
than upon exercise of an Option), as specified by the Committee. 
 (w) “Restricted Share” shall mean a Share
awarded under the Plan. 
 (x) “Restricted Share Agreement” shall mean the agreement between the Company and
the recipient of a Restricted Share which contains the terms, conditions and restrictions pertaining to such Restricted Shares. 
 (y) “SAR” shall mean a stock appreciation right granted under the Plan. 
 (z) “SAR
Agreement” shall mean the agreement between the Company and an Optionee which contains the terms, conditions and restrictions pertaining to his or her SAR. 
 (aa) “Service” shall mean service as an Employee, Consultant or Outside Director, subject to such further limitations as may be set forth in the Plan or the applicable Stock Option
Agreement, SAR Agreement, Restricted Share Agreement or Stock Unit Agreement. Service does not terminate when an Employee goes on a bona fide leave of absence, that was approved by the Company in writing, if the terms of the leave provide for
continued Service crediting, or when continued Service crediting is required by applicable law. However, for purposes of determining whether an Option is entitled to ISO status, an Employee’s employment will be treated as terminating three
months after such Employee went on leave, unless such Employee’s right to return to active work is guaranteed by law or by a contract. Service terminates in any

  

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event when the approved leave ends, unless such Employee immediately returns to active work. The Company determines which leaves of absence count toward Service, and when Service terminates for
all purposes under the Plan. 
 (bb) “Share” shall mean one share of Stock, as adjusted in accordance with
Section 11 (if applicable). 
 (cc) “Stock” shall mean the Common Stock of the Company. 
 (dd) “Stock Option Agreement” shall mean the agreement between the Company and an Optionee that contains the terms,
conditions and restrictions pertaining to such Option. 
 (ee) “Stock Unit” shall mean a bookkeeping entry
representing the Company’s obligation to deliver one Share (or distribute cash) on a future date in accordance with the provisions of a Stock Unit Agreement. 
 (ff) “Stock Unit Agreement” shall mean the agreement between the Company and the recipient of a Stock Unit which contains the terms, conditions and restrictions pertaining to such Stock
Unit. 
 (gg) “Subsidiary” shall mean any corporation, if the Company and/or one or more other Subsidiaries own
not less than 50% of the total combined voting power of all classes of outstanding stock of such corporation. A corporation that attains the status of a Subsidiary on a date after the adoption of the Plan shall be considered a Subsidiary commencing
as of such date. 
 (hh) “Total and Permanent Disability” shall mean any permanent and total disability as
defined by section 22(e)(3) of the Code. 
 SECTION 3. ADMINISTRATION. 
 (a) Committee Composition. The Plan shall be administered by the Board or a Committee appointed by the Board. The Committee shall
consist of two or more directors of the Company. In addition, to the extent required by the Board, the composition of the Committee shall satisfy (i) such requirements as the Securities and Exchange Commission may establish for administrators
acting under plans intended to qualify for exemption under Rule 16b-3 (or its successor) under the Exchange Act; and (ii) such requirements as the Internal Revenue Service may establish for outside directors acting under plans intended to
qualify for exemption under Section 162(m)(4)(C) of the Code. 
 (b) Committee for Non-Officer Grants. The Board may
also appoint one or more separate committees of the Board, each composed of one or more directors of the Company who need not satisfy the requirements of Section 3(a), who may administer the Plan with respect to Employees who are not considered
officers or directors of the Company under Section 16 of the Exchange Act, may grant Awards under the Plan to such Employees and may determine all terms of such grants. Within the limitations of the preceding sentence, any reference in the Plan
to the Committee shall include such committee or committees appointed pursuant to the preceding sentence. To the extent permitted by applicable laws, the Board of Directors may also authorize

  

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one or more officers of the Company to designate Employees, other than officers under Section 16 of the Exchange Act, to receive Awards and/or to determine the number of such Awards to be
received by such persons; provided, however, that the Board of Directors shall specify the total number of Awards that such officers may so award. 
 (c) Committee Procedures. The Board of Directors shall designate one of the members of the Committee as chairman. The Committee may hold meetings at such times and places as it shall determine. The
acts of a majority of the Committee members present at meetings at which a quorum exists, or acts reduced to or approved in writing (including via email) by all Committee members, shall be valid acts of the Committee. 
 (d) Committee Responsibilities. Subject to the provisions of the Plan, the Committee shall have full authority and discretion to take
the following actions: 
  

	 	(i)	To interpret the Plan and to apply its provisions; 

  

	 	(ii)	To adopt, amend or rescind rules, procedures and forms relating to the Plan; 

  

	 	(iii)	To adopt, amend or terminate sub-plans established for the purpose of satisfying applicable foreign laws including qualifying for preferred tax treatment under
applicable foreign tax laws; 

  

	 	(iv)	To authorize any person to execute, on behalf of the Company, any instrument required to carry out the purposes of the Plan; 

  

	 	(v)	To determine when Awards are to be granted under the Plan; 

  

	 	(vi)	To select the Offerees and Optionees; 

  

	 	(vii)	To determine the number of Shares to be made subject to each Award; 

  

	 	(viii)	To prescribe the terms and conditions of each Award, including (without limitation) the Exercise Price and Purchase Price, and the vesting or duration of the Award
(including accelerating the vesting of Awards, either at the time of the Award or thereafter, without the consent of the Participant), to determine whether an Option is to be classified as an ISO or as a Nonstatutory Option, and to specify the
provisions of the agreement relating to such Award; 

  

	 	(ix)	To amend any outstanding Award agreement, subject to applicable legal restrictions and to the consent of the Participant if the Participant’s rights or obligations
would be materially impaired; 

  

	 	(x)	To prescribe the consideration for the grant of each Award or other right under the Plan and to determine the sufficiency of such consideration;

  

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	 	(xi)	To determine the disposition of each Award or other right under the Plan in the event of a Participant’s divorce or dissolution of marriage;

  

	 	(xii)	To determine whether Awards under the Plan will be granted in replacement of other grants under an incentive or other compensation plan of an acquired business;

  

	 	(xiii)	To correct any defect, supply any omission, or reconcile any inconsistency in the Plan or any Award agreement; 

  

	 	(xiv)	To establish or verify the extent of satisfaction of any performance goals or other conditions applicable to the grant, issuance, exercisability, vesting and/or ability
to retain any Award; and 

  

	 	(xv)	To take any other actions deemed necessary or advisable for the administration of the Plan. 

 Subject to the requirements of applicable law, the Committee may designate persons other than members of the Committee to carry out its responsibilities and may prescribe such conditions and limitations
as it may deem appropriate, except that the Committee may not delegate its authority with regard to the selection for participation of or the granting of Options or other rights under the Plan to persons subject to Section 16 of the Exchange
Act. All decisions, interpretations and other actions of the Committee shall be final and binding on all Offerees, all Optionees, and all persons deriving their rights from an Offeree or Optionee. No member of the Committee shall be liable for any
action that he has taken or has failed to take in good faith with respect to the Plan, any Option, or any right to acquire Shares under the Plan. 
 SECTION 4. ELIGIBILITY. 
 (a) General Rule. Only common-law employees of the Company, a Parent or a
Subsidiary shall be eligible for the grant of ISOs. Only Employees, Consultants and Outside Directors shall be eligible for the grant of Restricted Shares, Stock Units, Nonstatutory Options or SARs. 
 (b) Ten-Percent Stockholders. An Employee who owns more than 10% of the total combined voting power of all classes of outstanding
stock of the Company, a Parent or Subsidiary shall not be eligible for the grant of an ISO unless such grant satisfies the requirements of Section 422(c)(5) of the Code. 
 (c) Attribution Rules. For purposes of Section 4(c) above, in determining stock ownership, an Employee shall be deemed to own
the stock owned, directly or indirectly, by or for such Employee’s brothers, sisters, spouse, ancestors and lineal descendants. Stock owned, directly or indirectly, by or for a corporation, partnership, estate or trust shall be deemed to be
owned proportionately by or for its stockholders, partners or beneficiaries. 
 (d) Outstanding Stock. For purposes of
Section 4(c) above, “outstanding stock” shall include all stock actually issued and outstanding immediately after the grant. “Outstanding stock” shall not include shares authorized for issuance under outstanding options held
by the Employee or by any other person. 
  

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 SECTION 5. STOCK SUBJECT TO PLAN. 
 (a) Basic Limitation. Shares offered under the Plan shall be authorized but unissued Shares or treasury Shares. The aggregate number
of Shares authorized for issuance as Awards under the Plan shall not exceed 1,846,154 Shares, plus (x) any Shares subject to outstanding options or forfeiture restrictions under the Company’s 2002 Stock Incentive Plan (the
“Predecessor Plan”) on the effective date of this Plan that are subsequently forfeited or terminated for any reason before being exercised, such number of additional Shares not to exceed an aggregate of 2,000,000 Shares, and (y) an
annual increase on the first day of each fiscal year beginning in 2011 and ending in 2020, in an amount equal to the lesser of (i) 4% of the outstanding Shares on the last day of the immediately preceding year or (ii) an amount determined
by the Board and (z) any reserved shares not issued or subject to outstanding grants under the Predecessor Plan on the effective date of this Plan. No more than 10,000,000 Shares may be delivered in the aggregate pursuant to the exercise of
ISOs granted under the Plan plus, to the extent allowable under Section 422 of the Code and the Treasury Regulations promulgated thereunder, any Shares that become available for issuance under the Plan pursuant to Section 5(b). The
limitations of this Section 5(a) shall be subject to adjustment pursuant to Section 11. The number of Shares that are subject to Options or other Awards outstanding at any time under the Plan shall not exceed the number of Shares which
then remain available for issuance under the Plan. The Company, shall at all times reserve and keep available sufficient Shares to satisfy the requirements of the Plan. 
 (b) Additional Shares. If Restricted Shares or Shares issued upon the exercise of Options are forfeited, then such Shares shall again become available for Awards under the Plan. If Stock Units,
Options or SARs are forfeited or terminate for any reason before being exercised or settled, or an Award is settled in cash without the delivery of Shares to the holder, then any Shares subject to the Award shall again become available for Awards
under the Plan. Only the number of Shares (if any) actually issued in settlement of Awards shall reduce the number available in Section 5(a) and the balance shall again become available for Awards under the Plan. Any Shares withheld to satisfy
the grant or exercise price or tax withholding obligation pursuant to any Award shall again become available for Awards under the Plan. Notwithstanding the foregoing provisions of this Section 5(b), Shares that have actually been issued shall
not again become available for Awards under the Plan, except for Shares that are forfeited and do not become vested. 
 SECTION 6. RESTRICTED
SHARES. 
 (a) Restricted Stock Agreement. Each grant of Restricted Shares under the Plan shall be evidenced by a
Restricted Stock Agreement between the recipient and the Company. Such Restricted Shares shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the Plan. The provisions of the
various Restricted Stock Agreements entered into under the Plan need not be identical. 
  

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 (b) Payment for Awards. Restricted Shares may be sold or awarded under the Plan for
such consideration as the Committee may determine, including (without limitation) cash, cash equivalents, full-recourse promissory notes, past services and future services. 
 (c) Vesting. Each Award of Restricted Shares may or may not be subject to vesting. Vesting shall occur, in full or in installments,
upon satisfaction of the conditions specified in the Restricted Stock Agreement. A Restricted Stock Agreement may provide for accelerated vesting in the event of the Participant’s death, disability or retirement or other events. The Committee
may determine, at the time of granting Restricted Shares of thereafter, that all or part of such Restricted Shares shall become vested in the event that a Change in Control occurs with respect to the Company. 
 (d) Voting and Dividend Rights. The holders of Restricted Shares awarded under the Plan shall have the same voting, dividend and
other rights as the Company’s other stockholders. A Restricted Stock Agreement, however, may require that the holders of Restricted Shares invest any cash dividends received in additional Restricted Shares. Such additional Restricted Shares
shall be subject to the same conditions and restrictions as the Award with respect to which the dividends were paid. 
 (e)
Restrictions on Transfer of Shares. Restricted Shares shall be subject to such rights of repurchase, rights of first refusal or other restrictions as the Committee may determine. Such restrictions shall be set forth in the applicable Restricted
Stock Agreement and shall apply in addition to any general restrictions that may apply to all holders of Shares. 
 SECTION 7. TERMS AND
CONDITIONS OF OPTIONS. 
 (a) Stock Option Agreement. Each grant of an Option under the Plan shall be evidenced by a
Stock Option Agreement between the Optionee and the Company. Such Option shall be subject to all applicable terms and conditions of the Plan and may be subject to any other terms and conditions which are not inconsistent with the Plan and which the
Committee deems appropriate for inclusion in a Stock Option Agreement. The Stock Option Agreement shall specify whether the Option is an ISO or an NSO. The provisions of the various Stock Option Agreements entered into under the Plan need not be
identical. 
 (b) Number of Shares. Each Stock Option Agreement shall specify the number of Shares that are subject to
the Option and shall provide for the adjustment of such number in accordance with Section 11. 
 (c) Exercise Price.
Each Stock Option Agreement shall specify the Exercise Price. The Exercise Price of an ISO shall not be less than 100% of the Fair Market Value of a Share on the date of grant, except as otherwise provided in 4(c), and the Exercise Price of an NSO
shall not be less 100% of the Fair Market Value of a Share on the date of grant. Notwithstanding the foregoing, Options may be granted with an Exercise Price of less than 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. Subject to the foregoing in this Section 7(c), the Exercise Price under any Option shall be determined by the Committee in its sole discretion. The
Exercise Price shall be payable in one of the forms described in Section 8. 
  

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 (d) Withholding Taxes. As a condition to the exercise of an Option, the Optionee
shall make such arrangements as the Committee may require for the satisfaction of any federal, state, local or foreign withholding tax obligations that may arise in connection with such exercise. The Optionee shall also make such arrangements as the
Committee may require for the satisfaction of any federal, state, local or foreign withholding tax obligations that may arise in connection with the disposition of Shares acquired by exercising an Option. 
 (e) Exercisability and Term. Each Stock Option Agreement shall specify the date when all or any installment of the Option is to
become exercisable. The Stock Option Agreement shall also specify the term of the Option; provided that the term of an ISO shall in no event exceed 10 years from the date of grant (five years for ISOs granted to Employees described in
Section 4(c)). A Stock Option Agreement may provide for accelerated exercisability in the event of the Optionee’s death, disability, or retirement or other events and may provide for expiration prior to the end of its term in the event of
the termination of the Optionee’s Service. Options may be awarded in combination with SARs, and such an Award may provide that the Options will not be exercisable unless the related SARs are forfeited. Subject to the foregoing in this
Section 7(e), the Committee at its sole discretion shall determine when all or any installment of an Option is to become exercisable and when an Option is to expire. 
 (f) Exercise of Options. Each Stock Option Agreement shall set forth the extent to which the Optionee shall have the right to exercise the Option following termination of the Optionee’s
Service with the Company and its Subsidiaries, and the right to exercise the Option of any executors or administrators of the Optionee’s estate or any person who has acquired such Option(s) directly from the Optionee by bequest or inheritance.
Such provisions shall be determined in the sole discretion of the Committee, need not be uniform among all Options issued pursuant to the Plan, and may reflect distinctions based on the reasons for termination of Service. 
 (g) Effect of Change in Control. The Committee may determine, at the time of granting an Option or thereafter, that such Option shall
become exercisable as to all or part of the Shares subject to such Option in the event that a Change in Control occurs with respect to the Company. 
 (h) No Rights as a Stockholder. An Optionee, or a transferee of an Optionee, shall have no rights as a stockholder with respect to any Shares covered by his Option until the date of the issuance of
a stock certificate for such Shares. No adjustments shall be made, except as provided in Section 11. 
 (i)
Modification, Extension and Renewal of Options. Within the limitations of the Plan, the Committee may modify, extend or renew outstanding options or may accept the cancellation of outstanding options (to the extent not previously exercised),
whether or not granted hereunder, in return for the grant of new Options for the same or a different number of Shares and at the same or a different Exercise Price, or in return for the grant of a different Award for the same or a different number
of Shares. The foregoing notwithstanding, no modification of an Option shall, without the consent of the Optionee, materially impair his or her rights or obligations under such Option. 
  

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 (j) Restrictions on Transfer of Shares. Any Shares issued upon exercise of an Option
shall be subject to such special forfeiture conditions, rights of repurchase, rights of first refusal and other transfer restrictions as the Committee may determine. Such restrictions shall be set forth in the applicable Stock Option Agreement and
shall apply in addition to any general restrictions that may apply to all holders of Shares. 
 (k) Buyout Provisions.
The Committee may at any time (a) offer to buy out for a payment in cash or cash equivalents an Option previously granted or (b) authorize an Optionee to elect to cash out an Option previously granted, in either case at such time and based
upon such terms and conditions as the Committee shall establish. 
 SECTION 8. PAYMENT FOR SHARES. 
 (a) General Rule. The entire Exercise Price or Purchase Price of Shares issued under the Plan shall be payable in lawful money of the
United States of America at the time when such Shares are purchased, except as provided in Section 8(b) through Section 8(g) below. 
 (b) Surrender of Stock. To the extent that a Stock Option Agreement so provides, payment may be made all or in part by surrendering, or attesting to the ownership of, Shares which have already been
owned by the Optionee or his representative. Such Shares shall be valued at their Fair Market Value on the date when the new Shares are purchased under the Plan. The Optionee shall not surrender, or attest to the ownership of, Shares in payment of
the Exercise Price if such action would cause the Company to recognize compensation expense (or additional compensation expense) with respect to the Option for financial reporting purposes. 
 (c) Services Rendered. At the discretion of the Committee, Shares may be awarded under the Plan in consideration of services rendered
to the Company or a Subsidiary. If Shares are awarded without the payment of a Purchase Price in cash, the Committee shall make a determination (at the time of the Award) of the value of the services rendered by the Offeree and the sufficiency of
the consideration to meet the requirements of Section 6(b). 
 (d) Cashless Exercise. To the extent that a Stock
Option Agreement so provides, payment may be made all or in part by delivery (on a form prescribed by the Committee) of an irrevocable direction to a securities broker to sell Shares and to deliver all or part of the sale proceeds to the Company in
payment of the aggregate Exercise Price. 
 (e) Exercise/Pledge. To the extent that a Stock Option Agreement so provides,
payment may be made all or in part by delivery (on a form prescribed by the Committee) of an irrevocable direction to a securities broker or lender to pledge Shares, as security for a loan, and to deliver all or part of the loan proceeds to the
Company in payment of the aggregate Exercise Price. 
 (f) Promissory Note. To the extent that a Stock Option Agreement
or Restricted Stock Agreement so provides, payment may be made all or in part by delivering (on a form prescribed by the Company) a full-recourse promissory note. 
  

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 (g) Other Forms of Payment. To the extent that a Stock Option Agreement or Restricted
Stock Agreement so provides, payment may be made in any other form that is consistent with applicable laws, regulations and rules. 
 (h) Limitations under Applicable Law. Notwithstanding anything herein or in a Stock Option Agreement or Restricted Stock Agreement to the contrary, payment may not be made in any form that is unlawful, as determined by the Committee
in its sole discretion. 
 SECTION 9. STOCK APPRECIATION RIGHTS. 
 (a) SAR Agreement. Each grant of a SAR under the Plan shall be evidenced by a SAR Agreement between the Optionee and the Company. Such
SAR shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the Plan. The provisions of the various SAR Agreements entered into under the Plan need not be identical. 
 (b) Number of Shares. Each SAR Agreement shall specify the number of Shares to which the SAR pertains and shall provide for the
adjustment of such number in accordance with Section 11. 
 (c) Exercise Price. Each SAR Agreement shall specify the
Exercise Price. The Exercise Price of a SAR shall not be less than 100% of the Fair Market Value of a Share on the date of grant. Notwithstanding the foregoing, SARs may be granted with an Exercise Price of less than 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. Subject to the foregoing in this Section 9(c), the Exercise Price under any SAR shall be determined by the
Committee in its sole discretion. 
 (d) Exercisability and Term. Each SAR Agreement shall specify the date when all or
any installment of the SAR is to become exercisable. The SAR Agreement shall also specify the term of the SAR. A SAR Agreement may provide for accelerated exercisability in the event of the Optionee’s death, disability or retirement or other
events and may provide for expiration prior to the end of its term in the event of the termination of the Optionee’s service. SARs may be awarded in combination with Options, and such an Award may provide that the SARs will not be exercisable
unless the related Options are forfeited. A SAR may be included in an ISO only at the time of grant but may be included in an NSO at the time of grant or thereafter. A SAR granted under the Plan may provide that it will be exercisable only in the
event of a Change in Control. 
 (e) Effect of Change in Control. The Committee may determine, at the time of granting a
SAR or thereafter, that such SAR shall become fully exercisable as to all Common Shares subject to such SAR in the event that a Change in Control occurs with respect to the Company. 
 (f) Exercise of SARs. Upon exercise of a SAR, the Optionee (or any person having the right to exercise the SAR after his or her
death) shall receive from the Company (a) Shares, (b) cash or (c) a combination of Shares and cash, as the Committee shall determine. The amount of cash and/or the Fair Market Value of Shares received upon exercise of SARs shall, in
the aggregate, be equal to the amount by which the Fair Market Value (on the date of surrender) of the Shares subject to the SARs exceeds the Exercise Price. 
  

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 (g) Modification or Assumption of SARs. Within the limitations of the Plan, the
Committee may modify, extend or assume outstanding SARs or may accept the cancellation of outstanding SARs (whether granted by the Company or by another issuer) in return for the grant of new SARs for the same or a different number of shares and at
the same or a different exercise price, or in return for the grant of a different Award for the same or a different number of Shares. The foregoing notwithstanding, no modification of a SAR shall, without the consent of the holder, materially impair
his or her rights or obligations under such SAR. 
 (h) Buyout Provisions. The Committee may at any time (a) offer
to buy out for a payment in cash or cash equivalents a SAR previously granted, or (b) authorize an Optionee to elect to cash out a SAR previously granted, in either case at such time and based upon such terms and conditions as the Committee
shall establish. 
 SECTION 10. STOCK UNITS. 
 (a) Stock Unit Agreement. Each grant of Stock Units under the Plan shall be evidenced by a Stock Unit Agreement between the recipient and the Company. Such Stock Units shall be subject to all
applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the Plan. The provisions of the various Stock Unit Agreements entered into under the Plan need not be identical. 
 (b) Payment for Awards. To the extent that an Award is granted in the form of Stock Units, no cash consideration shall be required of
the Award recipients. 
 (c) Vesting Conditions. Each Award of Stock Units may or may not be subject to vesting. Vesting
shall occur, in full or in installments, upon satisfaction of the conditions specified in the Stock Unit Agreement. A Stock Unit Agreement may provide for accelerated vesting in the event of the Participant’s death, disability or retirement or
other events. The Committee may determine, at the time of granting Stock Units or thereafter, that all or part of such Stock Units shall become vested in the event that a Change in Control occurs with respect to the Company. 
 (d) Voting and Dividend Rights. The holders of Stock Units shall have no voting rights. Prior to settlement or forfeiture, any Stock
Unit awarded under the Plan may, at the Committee’s discretion, carry with it a right to dividend equivalents. Such right entitles the holder to be credited with an amount equal to all cash dividends paid on one Share while the Stock Unit is
outstanding. Dividend equivalents may be converted into additional Stock Units. Settlement of dividend equivalents may be made in the form of cash, in the form of Shares, or in a combination of both. Prior to distribution, any dividend equivalents
which are not paid shall be subject to the same conditions and restrictions (including without limitation, any forfeiture conditions) as the Stock Units to which they attach. 
 (e) Form and Time of Settlement of Stock Units. Settlement of vested Stock Units may be made in the form of (a) cash,
(b) Shares or (c) any combination of both, as determined by

  

 MERU NETWORKS, INC. 
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the Committee. The actual number of Stock Units eligible for settlement may be larger or smaller than the number included in the original Award, based on predetermined performance factors.
Methods of converting Stock Units into cash may include (without limitation) a method based on the average Fair Market Value of Shares over a series of trading days. A Stock Unit Agreement may provide that vested Stock Units may be settled in a lump
sum or in installments. A Stock Unit Agreement may provide that the distribution may occur or commence when all vesting conditions applicable to the Stock Units have been satisfied or have lapsed, or it may be deferred to any later date. The amount
of a deferred distribution may be increased by an interest factor or by dividend equivalents. Until an Award of Stock Units is settled, the number of such Stock Units shall be subject to adjustment pursuant to Section 11. 
 (f) Death of Recipient. Any Stock Units Award that becomes payable after the recipient’s death shall be distributed to the
recipient’s beneficiary or beneficiaries. Each recipient of a Stock Units Award under the Plan shall designate one or more beneficiaries for this purpose by filing the prescribed form with the Company. A beneficiary designation may be changed
by filing the prescribed form with the Company at any time before the Award recipient’s death. If no beneficiary was designated or if no designated beneficiary survives the Award recipient, then any Stock Units Award that becomes payable after
the recipient’s death shall be distributed to the recipient’s estate. 
 (g) Creditors’ Rights. A holder
of Stock Units shall have no rights other than those of a general creditor of the Company. Stock Units represent an unfunded and unsecured obligation of the Company, subject to the terms and conditions of the applicable Stock Unit Agreement.

 SECTION 11. ADJUSTMENT OF SHARES. 
 (a) Adjustments. In the event of a subdivision of the outstanding Stock, a declaration of a dividend payable in Shares, a declaration of a dividend payable in a form other than Shares in an amount
that has a material effect on the price of Shares, a combination or consolidation of the outstanding Stock (by reclassification or otherwise) into a lesser number of Shares, a recapitalization, a spin-off or a similar occurrence, the Committee shall
make appropriate and equitable adjustments in: 
  

	 	(i)	The number of Options, SARs, Restricted Shares and Stock Units available for future Awards under Section 5; 

  

	 	(ii)	The limitations set forth in Sections 5(a) and (b); 

  

	 	(iii)	The number of Shares covered by each outstanding Option and SAR; 

  

	 	(iv)	The Exercise Price under each outstanding Option and SAR; and 

  

	 	(v)	The number of Stock Units included in any prior Award which has not yet been settled. 

  

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 (b) Dissolution or Liquidation. To the extent not previously exercised or settled,
Options, SARs and Stock Units shall terminate immediately prior to the dissolution or liquidation of the Company. 
 (c)
Reorganizations. In the event that the Company is a party to a merger or other reorganization, outstanding Awards shall be subject to the agreement of merger or reorganization. Subject to compliance with Section 409A of the Code, such
agreement shall provide for: 
  

	 	(i)	The continuation of the outstanding Awards by the Company, if the Company is a surviving corporation; 

  

	 	(ii)	The assumption of the outstanding Awards by the surviving corporation or its parent or subsidiary; 

  

	 	(iii)	The substitution by the surviving corporation or its parent or subsidiary of its own awards for the outstanding Awards; 

  

	 	(iv)	Full exercisability or vesting and accelerated expiration of the outstanding Awards; or 

  

	 	(v)	Settlement of the intrinsic value of the outstanding Awards in cash or cash equivalents followed by cancellation of such Awards. 

 (d) Reservation of Rights. Except as provided in this Section 11, a Participant shall have no rights by reason of any
subdivision or consolidation of shares of stock of any class, the payment of any dividend or any other increase or decrease in the number of shares of stock of any class. Any issue by the Company of shares of stock of any class, or securities
convertible into shares of stock of any class, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number or Exercise Price of Shares subject to an Award. The grant of an Award pursuant to the Plan shall not
affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structure, to merge or consolidate or to dissolve, liquidate, sell or transfer all or any part of its
business or assets. In the event of any change affecting the Shares or the Exercise Price of Shares subject to an Award, including a merger or other reorganization, for reasons of administrative convenience, the Company in its sole discretion may
refuse to permit the exercise of any Award during a period of up to thirty (30) days prior to the occurrence of such event. 
 SECTION
12. DEFERRAL OF AWARDS. 
 (a) Committee Powers. Subject to compliance with Section 409A of the Code, the
Committee (in its sole discretion) may permit or require a Participant to: 
  

	 	(i)	Have cash that otherwise would be paid to such Participant as a result of the exercise of a SAR or the settlement of Stock Units credited to a deferred compensation
account established for such Participant by the Committee as an entry on the Company’s books; 

  

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	 	(ii)	Have Shares that otherwise would be delivered to such Participant as a result of the exercise of an Option or SAR converted into an equal number of Stock Units; or

  

	 	(iii)	Have Shares that otherwise would be delivered to such Participant as a result of the exercise of an Option or SAR or the settlement of Stock Units converted into
amounts credited to a deferred compensation account established for such Participant by the Committee as an entry on the Company’s books. Such amounts shall be determined by reference to the Fair Market Value of such Shares as of the date when
they otherwise would have been delivered to such Participant. 

 (b) General Rules. A deferred compensation
account established under this Section 12 may be credited with interest or other forms of investment return, as determined by the Committee. A Participant for whom such an account is established shall have no rights other than those of a
general creditor of the Company. Such an account shall represent an unfunded and unsecured obligation of the Company and shall be subject to the terms and conditions of the applicable agreement between such Participant and the Company. If the
deferral or conversion of Awards is permitted or required, the Committee (in its sole discretion) may establish rules, procedures and forms pertaining to such Awards, including (without limitation) the settlement of deferred compensation accounts
established under this Section 12. 
 SECTION 13. AWARDS UNDER OTHER PLANS. 
 The Company may grant awards under other plans or programs. Such awards may be settled in the form of Shares issued under this Plan. Such
Shares shall be treated for all purposes under the Plan like Shares issued in settlement of Stock Units and shall, when issued, reduce the number of Shares available under Section 5. 
 SECTION 14. PAYMENT OF DIRECTOR’S FEES IN SECURITIES. 
 (a) Effective Date. No provision of this Section 14 shall be effective unless and until the Board has determined to implement such provision. 
 (b) Elections to Receive NSOs, Restricted Shares or Stock Units. An Outside Director may elect to receive his or her annual retainer
payments and/or meeting fees from the Company in the form of cash, NSOs, Restricted Shares or Stock Units, or a combination thereof, as determined by the Board. Such NSOs, Restricted Shares and Stock Units shall be issued under the Plan. An election
under this Section 14 shall be filed with the Company on the prescribed form. 
 (c) Number and Terms of NSOs,
Restricted Shares or Stock Units. The number of NSOs, Restricted Shares or Stock Units to be granted to Outside Directors in lieu of annual retainers and meeting fees that would otherwise be paid in cash shall be calculated in a manner
determined by the Board. The terms of such NSOs, Restricted Shares or Stock Units shall also be determined by the Board. 
  

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 SECTION 15. LEGAL AND REGULATORY REQUIREMENTS. 
 Shares shall not be issued under the Plan unless the issuance and delivery of such Shares complies with (or is exempt from) all applicable
requirements of law, including (without limitation) the Securities Act of 1933, as amended, the rules and regulations promulgated thereunder, state securities laws and regulations and the regulations of any stock exchange on which the Company’s
securities may then be listed, and the Company has obtained the approval or favorable ruling from any governmental agency which the Company determines is necessary or advisable. The Company shall not be liable to a Participant or other persons as
to: (a) the non-issuance or sale of Shares as to which the Company has not obtained from any regulatory body having jurisdiction the authority deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares
under the Plan; and (b) any tax consequences expected, but not realized, by any Participant or other person due to the receipt, exercise or settlement of any Award granted under the Plan. 
 SECTION 16. WITHHOLDING TAXES. 
 (a) General. To the extent required by applicable federal, state, local or foreign law, a Participant or his or her successor shall make arrangements satisfactory to the Company for the satisfaction of any withholding tax obligations
that arise in connection with the Plan. The Company shall not be required to issue any Shares or make any cash payment under the Plan until such obligations are satisfied. 
 (b) Share Withholding. The Committee may permit a Participant to satisfy all or part of his or her withholding or income tax
obligations by having the Company withhold all or a portion of any Shares that otherwise would be issued to him or her or by surrendering all or a portion of any Shares that he or she previously acquired. Such Shares shall be valued at their Fair
Market Value on the date when taxes otherwise would be withheld in cash. In no event may a Participant have Shares withheld that would otherwise be issued to him or her in excess of the number necessary to satisfy the minimum legally required tax
withholding. 
 SECTION 17. OTHER PROVISIONS APPLICABLE TO AWARDS. 
 (a) Transferability. Unless the agreement evidencing an Award (or an amendment thereto authorized by the Committee) expressly provides
otherwise, no Award granted under this Plan, nor any interest in such Award, may be sold, assigned, conveyed, gifted, pledged, hypothecated or otherwise transferred in any manner (prior to the vesting and lapse of any and all restrictions applicable
to Shares issued under such Award), other than by will or the laws of descent and distribution; provided, however, that an ISO may be transferred or assigned only to the extent consistent with Section 422 of the Code. Any purported assignment,
transfer or encumbrance in violation of this Section 17(a) shall be void and unenforceable against the Company. 
 (b)
Substitution and Assumption of Awards. The Committee may make Awards under the Plan by assumption, substitution or replacement of stock options, stock appreciation rights, stock units or similar awards granted by another entity (including a
Parent or Subsidiary), if such assumption, substitution or replacement is in connection with an asset acquisition, stock

  

 MERU NETWORKS, INC. 
 2010 STOCK INCENTIVE PLAN 
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acquisition, merger, consolidation or similar transaction involving the Company (and/or its Parent or Subsidiary) and such other entity (and/or its affiliate). Notwithstanding any provision of
the Plan (other than the maximum number of Shares that may be issued under the Plan), the terms of such assumed, substituted or replaced Awards shall be as the Committee, in its discretion, determines is appropriate. 
 (c) Qualifying Performance Criteria. The number of Shares or other benefits granted, issued, retainable and/or vested under an Award
may be made subject to the attainment of performance goals. The Committee may utilize any performance criteria selected by it in its sole discretion to establish performance goals; provided, however, that where any Award is intended to qualify for
exemption from the deduction limitation of Section 162(m) of the Code as “qualified performance-based compensation,” the following conditions shall apply: 
 (i) The amount potentially available under an Award shall be subject to the attainment of pre-established, objective
performance goals relating to a specified period of service based on one or more of the following performance criteria: (a) cash flow, (b) earnings per share, (c) earnings before interest, taxes and amortization, (d) return on
equity, (e) total stockholder return, (f) share price performance, (g) return on capital, (h) return on assets or net assets, (i) revenue, (j) income or net income, (k) operating income or net operating income,
(l) operating profit or net operating profit, (m) operating margin or profit margin, (n) return on operating revenue, (o) return on invested capital, (p) market segment shares, (q) costs, (r) expenses,
(s) regulatory body approval for commercialization of a product, or (t) implementation or completion of critical projects (“Qualifying Performance Criteria”), any of which may be measured either individually, alternatively or in
any combination, applied to either the Company as a whole or to a business unit or Subsidiary, either individually, alternatively or in any combination, and measured either annually or cumulatively over a period of years, on an absolute basis or
relative to a pre-established target, to previous years’ results or to a designated comparison group or index, in each case as specified by the Committee in the Award; 
 (ii) The Committee may appropriately adjust any evaluation of performance under a Qualifying Performance Criteria to exclude
any of the following events that occurs during a performance period: (i) asset write-downs, (ii) litigation or claim judgments or settlements, (iii) the effect of changes in tax law, accounting principles or other such laws or
provisions affecting reported results, (iv) accruals for reorganization and restructuring programs and (v) any extraordinary nonrecurring items as described in Accounting Principles Board Opinion No. 30 and/or in managements’
discussion and analysis of financial condition and results of operations appearing in the Company’s annual report to stockholders for the applicable year, in each case within the time prescribed by, and otherwise in compliance with,
Section 162(m) of the Code; 
 (iii) The Committee shall establish the applicable
performance goals in writing and an objective method for determining the Award earned by a Participant if the goals are attained, while the outcome is substantially uncertain and not later than the 90th day of the performance period (but in no event after 25% of the period of service with respect to which
the performance goals relate has elapsed), and shall determine and certify in writing, for each Participant, the extent to which the performance goals have been met prior to payment or vesting of the Award; and 
  

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 (iv) The Committee may not in any event increase the amount of compensation
payable under the Plan upon the attainment of the pre-established performance goals to a Participant who is a “covered employee” within the meaning of Section 162(m) of the Code. 
 SECTION 18. NO EMPLOYMENT RIGHTS. 
 No provision of the Plan, nor any Award granted under the Plan, shall be construed to give any person any right to become, to be treated as, or to remain an Employee or Consultant. The Company and its Subsidiaries reserve the right to
terminate any person’s Service at any time and for any reason, with or without notice. 
 SECTION 19. DURATION AND AMENDMENTS.

 (a) Right to Amend or Terminate the Plan. The Board of Directors may amend or terminate the Plan at any time and
from time to time. Rights and obligations under any Award granted before amendment of the Plan shall not be materially impaired by such amendment, except with consent of the Participant. An amendment of the Plan shall be subject to the approval of
the Company’s stockholders only to the extent required by applicable laws, regulations or rules. 
 (b) Effect of
Termination. No Awards shall be granted under the Plan after the termination thereof. The termination of the Plan shall not affect Awards previously granted under the Plan. 
 (c) Plan Term Applicable to ISOs. ISOs may only be granted within ten years from the date the Plan was adopted by the Board of
Directors. 
 [Remainder of this page intentionally left blank] 
  

 MERU NETWORKS, INC. 
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 SECTION 20. EXECUTION. 
 To record the adoption of the Plan by the Board of Directors, the Company has caused its authorized officer to execute the same. 
  

			
	MERU NETWORKS, INC.
		
	By	 	  

	Name	 	  

	Title	 	  

  

 MERU NETWORKS, INC. 
 2010 STOCK INCENTIVE PLAN 
 - 20 -2010 Employee Stock Purchase Plan

 Exhibit 10.10 
 MERU NETWORKS, INC. 
 2010 EMPLOYEE STOCK PURCHASE PLAN

 Table of Contents 
  

			
	 	  	Page
	 SECTION 1          Purpose Of The Plan.
	  	1
		
	 SECTION 2          Definitions.
	  	1
	 (a) “Board”
	  	1
	 (b) “Code”
	  	1
	 (c) “Committee”
	  	1
	 (d) “Company”
	  	1
	 (e) “Compensation”
	  	1
	 (f) “Corporate Reorganization”
	  	1
	 (g) “Eligible Employee”
	  	1
	 (h) “Exchange Act”
	  	2
	 (i) “Fair Market Value”
	  	2
	 (j) “IPO”
	  	2
	 (k) “Offering”
	  	2
	 (l) “Offering Date”
	  	2
	 (m) “Offering Period”
	  	2
	 (n) “Participant”
	  	2
	 (o) “Participating Company”
	  	2
	 (p) “Plan”
	  	2
	 (q) “Plan Account”
	  	2
	 (r) “Purchase Date”
	  	3
	 (s) “Purchase Period”
	  	3
	 (t) “Purchase Price”
	  	3
	 (u) “Stock”
	  	3
	 (v) “Subsidiary”
	  	3
	 (r) “ Trading Day”
	  	3
		
	 SECTION 3          Administration Of The Plan.
	  	3
	 (a) Committee Composition
	  	3
	 (b) Committee Responsibilities
	  	3
		
	 SECTION 4          Enrollment And Participation.
	  	4
	 (a) Offering Periods
	  	4
	 (b) Enrollment
	  	4
	 (c) Duration of Participation
	  	4
		
	 SECTION 5          Employee Contributions.
	  	4
	 (a) Frequency of Payroll Deductions
	  	4
	 (b) Amount of Payroll Deductions
	  	5
	 (c) Changing Withholding Rate
	  	5
	 (d) Discontinuing Payroll Deductions
	  	5
		
	 SECTION 6          Withdrawal From The Plan.
	  	5
	 (a) Withdrawal
	  	5
	 (b) Re-enrollment After Withdrawal
	  	5

			
	 SECTION 7          Change In Employment Status.
	  	5
	 (a) Termination of Employment
	  	5
	 (b) Leave of Absence
	  	6
	 (c) Death
	  	6
		
	 SECTION 8          Plan Accounts And Purchase Of Shares.
	  	6
	 (a) Plan Accounts
	  	6
	 (b) Purchase Price
	  	6
	 (c) Number of Shares Purchased
	  	6
	 (d) Available Shares Insufficient
	  	6
	 (e) Issuance of Stock.
	  	7
	 (f) Unused Cash Balances
	  	7
	 (g) Stockholder Approval
	  	7
		
	 SECTION 9          Limitations On Stock Ownership.
	  	7
	 (a) Five Percent Limit
	  	7
	 (b) Dollar Limit
	  	7
		
	 SECTION 10        Rights Not Transferable.
	  	8
		
	 SECTION 11        No Rights As An Employee
	  	8
		
	 SECTION 12        No Rights As A Stockholder.
	  	8
		
	 SECTION 13        Securities Law Requirements.
	  	8
		
	 SECTION 14        Stock Offered Under The Plan.
	  	8
		
	 (a) Authorized Shares
	  	8
	 (b) Antidilution Adjustments
	  	9
	 (c) Reorganizations
	  	9
		
	 SECTION 15        Amendment Or Discontinuance.
	  	9
		
	 SECTION 16        Execution.
	  	10

 MERU NETWORKS, INC. 
 EMPLOYEE STOCK PURCHASE PLAN 
 SECTION 1 Purpose Of The Plan.

 The Plan was adopted by the Board on March 11, 2010, effective on the date on which the IPO is effective (the
“Effective Date”). The purpose of the Plan is to provide Eligible Employees with an opportunity to increase their proprietary interest in the success of the Company by purchasing Stock from the Company on favorable terms and to pay for
such purchases through payroll deductions. The Plan is intended to qualify under section 423 of the Code. All references to a specific number of shares herein give effect to the Company’s 1-for-13 reverse stock split effective
March 12, 2010. 
 SECTION 2 Definitions. 
 (a) “Board” means the Board of Directors of the Company, as constituted from time to time. 
 (b) “Code” means the Internal Revenue Code of 1986, as amended. 
 (c) “Committee” means a committee designated by the Board, as described in Section 3. 
 (d)
“Company” means Meru Networks, Inc., a Delaware corporation. 
 (e) “Compensation” means the
base salary and wages paid in cash to a Participant by a Participating Company, without reduction for any pre-tax contributions made by the Participant under sections 401(k) or 125 of the Code. “Compensation” shall exclude variable
compensation (including bonuses, incentive compensation, commissions, overtime pay and shift premiums), all non-cash items, moving or relocation allowances, cost-of-living equalization payments, car allowances, tuition reimbursements, imputed income
attributable to cars or life insurance, severance pay, fringe benefits, contributions or benefits received under employee benefit plans, income attributable to the exercise of stock options, and similar items. The Committee shall determine whether a
particular item is included in Compensation. 
 (f) “Corporate Reorganization” means: 
 (i) The consummation of a merger or consolidation of the Company with or into another entity, or any other corporate
reorganization; or 
 (ii) The sale, transfer or other disposition of all or substantially all of the
Company’s assets or the complete liquidation or dissolution of the Company. 
 (g) “Eligible Employee”
means any employee of a Participating Company whose customary employment is for more than five months per calendar year and for more than 20 hours per week. 
  

 1 

 The foregoing notwithstanding, an individual shall not be considered an Eligible Employee if
his or her participation in the Plan is prohibited by the law of any country which has jurisdiction over him or her. 
 (h)
“Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 (i) “Fair Market
Value” means the fair market value of a share of Stock, determined by the Committee as follows: 
 (i)
If Stock was traded on any established national securities exchange including the New York Stock Exchange or the Nasdaq Global Market on the date in question, then the Fair Market Value shall be equal to the closing price as quoted on such exchange
(or the exchange with the greatest volume of trading in the Stock) on such date; or 
 (ii) If the foregoing
provision is not applicable, then the Fair Market Value shall be determined by the Committee in good faith on such basis as it deems appropriate. 
 For any date that is not a Trading Day, the Fair Market Value of a share of Stock for such date shall be determined by using the closing sale price for the immediately preceding Trading Day. Whenever
possible, the determination of Fair Market Value by the Committee shall be based on the prices reported in the Wall Street Journal or as reported directly to the Company by the stock exchange. Such determination shall be conclusive and
binding on all persons. 
 (j) “IPO” means the initial offering of Stock to the public pursuant to a
registration statement filed by the Company with the Securities and Exchange Commission. 
 (k) “Offering”
means the grant of options to purchase shares of Stock under the Plan to Eligible Employees. 
 (l) “Offering
Date” means the first day of an Offering. 
 (m) “Offering Period” means a period with respect to
which the right to purchase Stock may be granted under the Plan, as determined pursuant to Section 4(a). 
 (n)
“Participant” means an Eligible Employee who elects to participate in the Plan, as provided in Section 4(b). 
 (o) “Participating Company” means (i) the Company and (ii) each present or future Subsidiary designated by the Committee as a Participating Company. 
 (p) “Plan” means this Meru Networks, Inc. Employee Stock Purchase Plan, as it may be amended from time to time. 

(q) “Plan Account” means the account established for each Participant pursuant to Section 8(a). 
  

 2 

 (r) “Purchase Date” means one or more dates during an Offering on which
shares of Stock may be purchased pursuant to the terms of the Offering. 
 (s) “Purchase Period” means one or
more successive periods during an Offering, beginning on the Offering Date or on the day after a Purchase Date, and ending on the next succeeding Purchase Date. 
 (t) “Purchase Price” means the price at which Participants may purchase shares of Stock under the Plan, as determined pursuant to Section 8(b). 
 (u) “Stock” means the Common Stock of the Company. 
 (v) “Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations beginning with the
Company, if each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 
 (r) “Trading Day” means a day on which the national stock exchange on which the Stock is traded is open for trading.

 SECTION 3 Administration Of The Plan. 
 (a) Committee Composition. The Plan shall be administered by the Committee. The Committee shall consist exclusively of one or more directors of the Company, who shall be appointed by the Board.

 (b) Committee Responsibilities. The Committee shall have full power and authority, subject to the provisions of the
Plan, to promulgate such rules and regulations as it deems necessary for the proper administration of the Plan, to interpret the provisions and supervise the administration of the Plan, and to take all action in connection therewith or in relation
thereto as it deems necessary or advisable. Any decision reduced to writing and signed by all of the members of the Committee shall be fully effective as if it had been made at a meeting duly held. The Committee’s determinations under the Plan,
unless otherwise determined by the Board, shall be final and binding on all persons. The Company shall pay all expenses incurred in the administration of the Plan. No member of the Committee shall be personally liable for any action, determination,
or interpretation made in good faith with respect to the Plan, and all members of the Committee shall be fully indemnified by the Company with respect to any such action, determination or interpretation. The Committee may adopt such rules,
guidelines and forms as it deems appropriate to implement the Plan, including sub plans which the Committee may establish for the purpose of qualifying the Plan for preferred tax treatment under foreign tax laws (which at the Committee’s
discretion may provide for allocations of the authorized Shares reserved for issue under the Plan as set forth in Section 14(a)). Notwithstanding anything to the contrary in the Plan, the Board may, in its sole discretion, at any time and from
time to time, resolve to administer the Plan. In such event, the Board shall have all of the authority and responsibility granted to the Committee herein. 
  

 3 

 SECTION 4 Enrollment And Participation. 
 (a) Offering Periods. While the Plan is in effect, the Committee may from time to time grant options to purchase shares of Stock
pursuant to the Plan to Eligible Employees during a specified Offering Period. Each such Offering shall be in such form and shall contain such terms and conditions as the Committee shall determine, subject to compliance with the terms and conditions
of the Plan (which may be incorporated by reference) and the requirements of Section 423 of the Code, including the requirement that all Eligible Employees have the same rights and privileges. The Committee shall specify prior to the
commencement of each Offering (i) the period during which the Offering shall be effective, which may not exceed 27 months from the Offering Date and may include one or more successive Purchase Periods within the Offering, (ii) the Purchase
Dates and Purchase Price for shares of Stock which may be purchased pursuant to the Offering, and (iii) if applicable, any limits on the number of shares purchasable by a Participant, or by all Participants in the aggregate, during any Offering
Period or, if applicable, Purchase Period, in each case consistent with the limitations of the Plan. The Committee shall have the discretion to provide for the automatic termination of an Offering following any Purchase Date on which the Fair Market
Value of a share of Stock is equal to or less than the Fair Market Value of a share of Stock on the Offering Date, and for the Participants in the terminated Offering to be automatically re-enrolled in a new Offering that commences immediately after
such Purchase Date. The terms and conditions of each Offering need not be identical, and shall be deemed incorporated by reference and made a part of the Plan. 
 (b) Enrollment. Any individual who, on the day preceding the first day of an Offering Period, qualifies as an Eligible Employee may elect to become a Participant in the Plan for such Offering
Period by executing the enrollment form prescribed for this purpose by the Company. The enrollment form shall be filed with the Company in accordance with such procedures as may be established by the Company. If the Committee commences an Offering
on the date of the IPO, the Committee may provide for the automatic enrollment of all Eligible Employees in such Offering. 
 (c) Duration of Participation. Once enrolled in the Plan, a Participant shall continue to participate in the Plan until he or she ceases to be an Eligible Employee or withdraws from the Plan under Section 6(a). A Participant who
withdrew from the Plan under Section 6(a) may again become a Participant, if he or she then is an Eligible Employee, by following the procedure described in Subsection (b) above. A Participant whose employee contributions were discontinued
automatically under Section 9(b) shall automatically resume participation at the beginning of the earliest Offering Period ending in the next calendar year, if he or she then is an Eligible Employee. When a Participant reaches the end of an
Offering Period but his or her participation is to continue, then such Participant shall automatically be re-enrolled for the Offering Period that commences immediately after the end of the prior Offering Period. 
 SECTION 5 Employee Contributions. 
 (a) Frequency of Payroll Deductions. A Participant may purchase shares of Stock under the Plan solely by means of payroll deductions; provided, however, that to the extent provided in the terms and
conditions of an Offering, a Participant may also make contributions through payment by cash or check prior to one or more Purchase Dates during the Offering. Payroll deductions, subject to the provisions of Subsection (b) below or as otherwise
provided by the Committee, shall occur on each payday during participation in the Plan. 
  

 4 

 (b) Amount of Payroll Deductions. An Eligible Employee shall designate on the
enrollment form the portion of his or her Compensation that he or she elects to have withheld for the purchase of Stock. Such portion shall be a whole percentage of the Eligible Employee’s Compensation, but not less than 1% nor more than 15%.
However, no payroll deduction will be made unless a Participant timely files the proper form with the Company after a registration statement covering the Stock is filed and effective under the Securities Act of 1933, as amended. 
 (c) Changing Withholding Rate. A Participant may not increase the rate of payroll withholding during the Offering Period, but unless
otherwise provided under the terms and conditions of an Offering, may decrease the rate of payroll withholding to a whole percentage of his or her Compensation that is not less than 1% in accordance with such procedures and subject to such
limitations as the Company may establish for all Participants. A Participant may also increase or decrease the rate of payroll withholding effective for a new Offering Period by filing a new enrollment form with the Company at the prescribed
location and time. The new withholding rate shall be a whole percentage of the Eligible Employee’s Compensation, but not less than 1% nor more than 15%. 
 (d) Discontinuing Payroll Deductions. If a Participant wishes to discontinue employee contributions entirely, he or she may do so by withdrawing from the Plan pursuant to Section 6(a). In
addition, employee contributions may be discontinued automatically pursuant to Section 9(b). 
 SECTION 6 Withdrawal From The
Plan. 
 (a) Withdrawal. A Participant may elect to withdraw from the Plan by filing the prescribed form with the
Company at the prescribed location. Such withdrawal may be elected at any time before the last day of an Offering Period, except as otherwise provided in the Offering. In addition, if payment by cash or check is permitted under the terms and
conditions of an Offering, Participants may be deemed to withdraw from the Plan by declining or failing to remit timely payment to the Company for the shares of Stock. As soon as reasonably practicable thereafter, payroll deductions shall cease and
the entire amount credited to the Participant’s Plan Account shall be refunded to him or her in cash, without interest. No partial withdrawals shall be permitted. 
 (b) Re-enrollment After Withdrawal. A former Participant who has withdrawn from the Plan shall not be a Participant until he or she re-enrolls in the Plan under Section 4(b). Re-enrollment may
be effective only at the commencement of an Offering Period. 
 SECTION 7 Change In Employment Status. 
 (a) Termination of Employment. Termination of employment as an Eligible Employee for any reason, including death, shall be treated as
an automatic withdrawal from the Plan under Section 6(a). A transfer from one Participating Company to another shall not be treated as a termination of employment. 
  

 5 

 (b) Leave of Absence. For purposes of the Plan, employment shall not be deemed to
terminate when the Participant goes on a military leave, a sick leave or another bona fide leave of absence, if the leave was approved by the Company in writing. Employment, however, shall be deemed to terminate three months after the Participant
goes on a leave, unless a contract or statute guarantees his or her right to return to work. Employment shall be deemed to terminate in any event when the approved leave ends, unless the Participant immediately returns to work. 
 (c) Death. In the event of the Participant’s death, the amount credited to his or her Plan Account shall be paid to the
Participant’s estate. 
 SECTION 8 Plan Accounts And Purchase Of Shares. 
 (a) Plan Accounts. The Company shall maintain a Plan Account on its books in the name of each Participant. Whenever an amount is
deducted from the Participant’s Compensation under the Plan, such amount shall be credited to the Participant’s Plan Account. Amounts credited to Plan Accounts shall not be trust funds and may be commingled with the Company’s general
assets and applied to general corporate purposes. No interest shall be credited to Plan Accounts. 
 (b) Purchase Price.
The Purchase Price for each share of Stock purchased during an Offering Period shall not be less than the lesser of: 
 (i) 85% of the Fair Market Value of such share on the Purchase Date; or 
 (ii) 85% of the Fair Market
Value of such share on the last Trading Day preceding the Offering Date, or in the case of an Offering Period that commences on the IPO, 85% of the price at which one share of Stock is offered to the public in the IPO. 
 (c) Number of Shares Purchased. As of each Purchase Date, each Participant shall be deemed to have elected to purchase the number of
shares of Stock calculated in accordance with this Subsection (c), unless the Participant has previously elected to withdraw from the Plan in accordance with Section 6(a). The amount then in the Participant’s Plan Account shall be
divided by the Purchase Price, and the number of shares that results shall be purchased from the Company with the funds in the Participant’s Plan Account. The foregoing notwithstanding, no Participant shall purchase more than such number of
shares of Stock as may be determined by the Committee with respect to the Offering Period, or Purchase Period, if applicable, nor more than the amounts of Stock set forth in Sections 9(b) and 14(a). For each Offering Period and, if applicable,
Purchase Period, the Committee shall have the authority to establish additional limits on the number of shares purchasable by all Participants in the aggregate. 
 (d) Available Shares Insufficient. In the event that the aggregate number of shares that all Participants elect to purchase during an Offering Period exceeds the maximum number of shares remaining
available for issuance under Section 14(a), or which may be purchased pursuant to any additional aggregate limits imposed by the Committee, then the number of shares to which each Participant is entitled shall be determined by multiplying the
number of shares available for issuance by a fraction, the numerator of which is the number of shares that such Participant has elected to purchase and the denominator of which is the number of shares that all Participants have elected to purchase.

  

 6 

 (e) Issuance of Stock. Certificates representing the shares of Stock purchased by a
Participant under the Plan shall be issued to him or her as soon as reasonably practicable after the applicable Purchase Date, except that the Committee may determine that such shares shall be held for each Participant’s benefit by a broker
designated by the Committee (unless the Participant has elected that certificates be issued to him or her). Shares may be registered in the name of the Participant or jointly in the name of the Participant and his or her spouse as joint tenants with
right of survivorship or as community property. 
 (f) Unused Cash Balances. An amount remaining in the
Participant’s Plan Account that represents the Purchase Price for any fractional share shall be carried over in the Participant’s Plan Account to the next Offering Period or refunded to the Participant in cash, without interest, if his or
her participation is not continued. Any amount remaining in the Participant’s Plan Account that represents the Purchase Price for whole shares that could not be purchased by reason of Subsection (c) or (d) above, Section 9(b) or
Section 14(a) shall be refunded to the Participant in cash, without interest. 
 (g) Stockholder Approval. The Plan
shall be submitted to the stockholders of the Company for their approval within twelve (12) months after the date the Plan is adopted by the Board. Any other provision of the Plan notwithstanding, no shares of Stock shall be purchased under the
Plan unless and until the Company’s stockholders have approved the adoption of the Plan. 
 SECTION 9 Limitations On Stock
Ownership. 
 (a) Five Percent Limit. Any other provision of the Plan notwithstanding, no Participant shall be granted
a right to purchase Stock under the Plan if such Participant, immediately after his or her election to purchase such Stock, would own stock possessing 5% or more of the total combined voting power or value of all classes of stock of the Company or
any parent or Subsidiary of the Company. For purposes of this Subsection (a), the following rules shall apply: 
 (i) Ownership of stock shall be determined after applying the attribution rules of section 424(d) of the Code; 
 (ii) Each Participant shall be deemed to own any stock that he or she has a right or option to purchase under this or any other plan; and 
 (iii) Each Participant shall be deemed to have the right to purchase up to the maximum number of shares of Stock that may be
purchased by a Participant under this Plan under the individual limit specified pursuant to Section 8(c) with respect to each Offering Period. 
 (b) Dollar Limit. Any other provision of the Plan notwithstanding, no Participant shall accrue the right to purchase Stock at a rate which exceeds $25,000 of Fair Market Value of such Stock per
calendar year (under this Plan and all other employee stock purchase plans of the Company or any parent or Subsidiary of the Company), determined in accordance with the provisions of section 423(b)(8) of the Code and applicable Treasury Regulations
promulgated thereunder. 
  

 7 

 For purposes of this Subsection (b), the Fair Market Value of Stock shall be determined
as of the beginning of the Offering Period in which such Stock is purchased. Employee stock purchase plans not described in section 423 of the Code shall be disregarded. If a Participant is precluded by this Subsection (b) from purchasing
additional Stock under the Plan, then his or her employee contributions shall automatically be discontinued and shall resume at the beginning of the earliest Offering Period ending in the next calendar year (if he or she then is an Eligible
Employee). 
 SECTION 10 Rights Not Transferable. 
 The rights of any Participant under the Plan, or any Participant’s interest in any Stock or moneys to which he or she may be entitled under the Plan, shall not be transferable by voluntary or
involuntary assignment or by operation of law, or in any other manner other than by the laws of descent and distribution. If a Participant in any manner attempts to transfer, assign or otherwise encumber his or her rights or interest under the Plan,
other than by the laws of descent and distribution, then such act shall be treated as an election by the Participant to withdraw from the Plan under Section 6(a). 
 SECTION 11 No Rights As An Employee 
 Nothing in the Plan or in any
right granted under the Plan shall confer upon the Participant any right to continue in the employ of a Participating Company for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Participating
Companies or of the Participant, which rights are hereby expressly reserved by each, to terminate his or her employment at any time and for any reason, with or without cause. 
 SECTION 12 No Rights As A Stockholder. 
 A Participant shall have no
rights as a stockholder with respect to any shares of Stock that he or she may have a right to purchase under the Plan until such shares have been purchased on the applicable Purchase Date. 
 SECTION 13 Securities Law Requirements. 
 Shares of Stock shall not be issued under the Plan unless the issuance and delivery of such shares comply with (or are exempt from) all applicable requirements of law, including (without limitation) the
Securities Act of 1933, as amended, the rules and regulations promulgated thereunder, state securities laws and regulations, and the regulations of any stock exchange or other securities market on which the Company’s securities may then be
traded. 
 SECTION 14 Stock Offered Under The Plan. 
 (a) Authorized Shares. The maximum aggregate number of shares of Stock available for purchase under the Plan is 730,770 shares, plus an annual increase to be added on the first day of each of the
Company’s fiscal years, beginning with the fiscal year that begins January 1, 2011, equal to the lesser of (i) one percent (1%) of the outstanding shares of Stock on such date or a lesser amount determined by the Board; provided,
however, that no annual increase shall be added more than ten years after the Effective Date of the Plan. The aggregate number of shares available for purchase under the Plan shall at all times be subject to adjustment pursuant to Section 14.

  

 8 

 (b) Antidilution Adjustments. The aggregate number of shares of Stock offered under
the Plan, the individual and aggregate Participant share limitations described in Section 8(c) and the price of shares that any Participant has elected to purchase shall be adjusted proportionately by the Committee in the event of any change in
the number of issued shares of Stock (or issuance of shares other than Common Stock) by reason of any forward or reverse share split, subdivision or consolidation, or share dividend or bonus issue, recapitalization, reclassification, merger,
amalgamation, consolidation, split-up, spin-off, reorganization, combination, exchange of shares of Stock, the issuance of warrants or other rights to purchase shares of Stock or other securities, or any other change in corporate structure or in the
event of any extraordinary distribution (whether in the form of cash, shares of Stock, other securities or other property). 
 (c) Reorganizations. Any other provision of the Plan notwithstanding, immediately prior to the effective time of a Corporate Reorganization, the Offering Period then in progress shall terminate and shares shall be purchased pursuant
to Section 8, unless the Plan is assumed by the surviving corporation or its parent corporation pursuant to the plan of merger or consolidation. The Plan shall in no event be construed to restrict in any way the Company’s right to
undertake a dissolution, liquidation, merger, consolidation or other reorganization. 
 SECTION 15 Amendment Or Discontinuance.

 The Board (or any committee thereof to which it delegates such authority) shall have the right to amend, suspend or terminate
the Plan at any time and without notice. Upon any such amendment, suspension or termination of the Plan during an Offering Period, the Board (or any committee thereof to which it delegates such authority) may in its discretion determine that the
applicable Offering shall immediately terminate and that all amounts in the Participant Accounts shall be carried forward into a payroll deduction account for each Participant under a successor plan, if any, or promptly refunded to each Participant.
Except as provided in Section 14, any increase in the aggregate number of shares of Stock to be issued under the Plan shall be subject to approval by a vote of the stockholders of the Company. In addition, any other amendment of the Plan shall
be subject to approval by a vote of the stockholders of the Company to the extent required by an applicable law or regulation. This Plan shall continue until the earlier to occur of (a) termination of this Plan pursuant to this Section 15
or (b) issuance of all of the shares of Stock reserved for issuance under this Plan. 
  

 9 

 SECTION 16 Execution. 
 To record the adoption of the Plan by the Board, the Company has caused its authorized officer to execute the same. 
  

			
	MERU NETWORKS, INC.
		
	By:	 	  

		
	Title:	 	  

  

 10

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