Document:

EX-10.3

 Exhibit 10.3 

LENSAR, INC. 
 PHANTOM
STOCK PLAN 
 The purpose of the LENSAR, Inc. Phantom Stock Plan is to promote the long-term financial interests and growth of LENSAR,
Inc., a Delaware corporation (the “Company”), by attracting and retaining personnel with the training, experience and ability to enable them to make a substantial contribution to the success of the businesses of the Company
and its subsidiaries. The Plan is effective as of December 11, 2017 (the “Effective Date”). 
 ARTICLE I

 DEFINITIONS 
 1.1
“Administrator” means the Board of Directors or a committee of one or more members of the Board of Directors appointed to serve as the administrator of the Plan pursuant to Article II. 

1.2 “Award” means a grant of Phantom Stock. 

1.3 “Award Agreement” means an agreement entered into between the Company and a Participant evidencing the terms of
Phantom Stock. 
 1.4 “Base Price” of an Award means the base price per share of Phantom Stock subject to such
Award, if any, as determined by the Administrator and set forth in the Award Agreement. 
 1.5 “Board of Directors”
means the Board of Directors of the Company as it may be constituted from time to time. 
 1.6 “Change in Control”
means the first to occur of one of the following events following the Effective Date: 
 (a) any “person” (as such term is used in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), other than Parent, any of its subsidiaries, an employee benefit plan maintained by Parent or any of its subsidiaries or a
“person” that, prior to such transaction, directly or indirectly controls, is controlled by, or is under common control with, Parent), becomes the “beneficial owner” (as defined in Rule
13d-3 promulgated under the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of (i) the outstanding shares of common stock of the Company or
(ii) the combined voting power of the Company’s then-outstanding securities entitled to vote generally in the election of directors; or 

(b) the Company (i) is party to a merger, consolidation or exchange of securities which results in Parent, or any of its subsidiaries or
a “person” that, prior to such transaction, directly or indirectly controls, is controlled by, or is under common control with, Parent, directly or indirectly, failing to continue to hold at least fifty percent (50%) of the combined voting
power of the voting securities of the Company, the surviving entity or a parent of the surviving entity outstanding immediately after such merger, consolidation or exchange, or (ii) sells or disposes of all or substantially all of the
Company’s assets (or any transaction or combination of transactions having similar effect is consummated) (other than a sale to Parent or any of its subsidiaries or a “person” that, prior to such transaction, directly or indirectly
controls, is controlled by, or is under common control with, Parent). 

 Notwithstanding the foregoing, the following events shall not constitute a
“Change in Control”: (i) a transaction in which Parent or any of its subsidiaries or a “person” that, prior to such transaction, directly or indirectly controls, is controlled by, or is under common control with,
Parent hold, directly or indirectly, at least a majority of the voting securities in the Company, any successor corporation or its parent immediately after the transaction; (ii) a sale, lease, exchange or other transaction in one transaction or
a series of related transactions of all or substantially all of the Company’s assets to Parent or any of its subsidiaries or a “person” that, prior to such transaction, directly or indirectly controls, is controlled by, or is under
common control with, Parent; (iii) an initial public offering of any of the Company’s securities; (iv) a reincorporation of the Company solely to change its jurisdiction; or (v) a transaction undertaken for the primary purpose of
creating a holding company that will be owned in substantially the same proportion by the persons who held the Company’s securities immediately before such transaction. 

Notwithstanding the foregoing, if a Change in Control would give rise to a payment or settlement event with respect to any Award that
constitutes “nonqualified deferred compensation,” the transaction or event constituting the Change in Control must also constitute a “change in control event” (as defined in Treasury Regulation
§1.409A-3(i)(5)) in order to give rise to the payment or settlement event for such Award, to the extent required by Section 409A. 

1.7 “Code” means the Internal Revenue Code of 1986, as amended. 

1.8 “Common Stock” means the common stock of the Company, as adjusted as provided in Section 7.1. 

1.9 “Consultant” means an individual who renders consulting services to the Company or a subsidiary of the Company if:
(i) the individual renders bona fide services to the Company or a subsidiary of the Company; (ii) the services rendered by the individual are not in connection with the offer or sale of securities in a capital-raising transaction
and do not directly or indirectly promote or maintain a market for the Company’s securities; and (iii) the individual is a natural person. 

1.10 “Director” means a member of the Board. 

1.11 “Employee” means any person employed by the Company or one of its subsidiaries. 

1.12 “Equity Restructuring” means, as determined by the Administrator, a stock dividend or stock split that
affects the shares of Common Stock or the share price of Common Stock and causes a change in the per share value of the Common Stock. 

1.13 “Fair Market Value” means, as of any determination date, the fair market value per share of the Common Stock on
such date, as determined by the Administrator in good faith based on an independent third party valuation. For purposes of determining the Fair Market Value as of any determination date, the fair market value of the Company shall be based on the
LENSAR Stand-Alone Value as of such date. 
 1.14 “Grant Date” means, with respect to an Award, the date on which
such Award is granted under the Plan, as set forth in the applicable Award Agreement. 
 1.15 “LENSAR Stand-Alone
Value” means, as of any determination date, the fair market value of the Company on such date, as determined by the Administrator based on an independent third party valuation, exclusive of any value attributable to (a) PDL
Investment Holdings, LLC or (b) any tax attributes in the form of net operating losses of the Company. 
 1.16
“Parent” means PDL BioPharma, Inc., a Delaware corporation. 

  
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 1.17 “Participant” means an Employee, Consultant or Director who has
received an Award which has not been settled, cancelled or forfeited. 
 1.18 “Payout Value” of a share of Phantom
Stock means (a) the Fair Market Value per share of the Common Stock on the applicable Settlement Date, less (b) the Base Price per share of the Phantom Stock subject to the Award, if any. The Payout Value shall be determined by the
Administrator in good faith on such basis as it deems appropriate consistent with this Plan. 
 1.19 “Phantom Stock”
means a hypothetical share of the Company representing the contractual right to receive compensation equal to the Payout Value on the Settlement Date as set forth in Article IV. 

1.20 “Initial Public Offering” means the initial public offering of the Common Stock pursuant to an effective
registration statement of the Company filed by the Company pursuant to the Securities Act of 1933, as amended (the “Securities Act”). 

1.21 “Service” means service as an Employee, Consultant or Director. The Administrator, in its sole discretion, shall
determine the effect of all matters and questions relating to terminations of Service, including, without limitation, the question of whether and when a termination of Service occurred, and all questions of whether particular changes in status or
leaves of absence constitute a termination of Service, provided that, unless otherwise determined by the Administrator, a termination of Service shall not be deemed to occur in the event of a termination where there is simultaneous commencement by
the Participant of a relationship with the Company or a subsidiary of the Company as an Employee, Director or Consultant. 
 1.22
“Settlement Date” means the date set forth in the Award Agreement on which a Participant becomes entitled to payment for the Participant’s Phantom Stock. 

ARTICLE II 

ADMINISTRATION OF THE PLAN 

2.1 Plan Administrator. The Plan will be administered by the Administrator. The Administrator may adopt its own rules of procedure, and
the action of a majority of the members of the Administrator, taken at a meeting or, to the extent permitted by law, taken without a meeting by a writing signed by such majority (or by all or such greater proportion of the members thereof if
required by law), shall constitute action by the Administrator. The Administrator shall have the power, authority and the discretion to administer, construe and interpret the Plan and Award Agreements, including without limitation, the discretion to
determine which Employees, Consultants and Directors shall be Participants and the terms and conditions, subject to the Plan, of the individual Award Agreements. The decisions and interpretations of the Administrator with respect to any matter
concerning the Plan shall be final, conclusive and binding on all parties who have an interest in the Plan. Any such interpretations, rules, and administration shall be consistent with the basic purposes of the Plan. No member of the Administrator
shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan, any Award Agreement or the Phantom Stock. 

2.2 Delegation of Authority. To the extent permitted by applicable law, the Board may delegate any or all of its powers under
the Plan to one or more committees. The Board may abolish any such committee at any time and re-vest in itself any previously delegated authority. 

  
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 ARTICLE III 

PHANTOM STOCK AUTHORIZED 

The aggregate number of shares of Common Stock that may be subject to Awards of Phantom Stock under this Plan at any time shall be determined
from time to time by the Administrator. 
 ARTICLE IV 

GRANT AND VESTING AWARDS 

4.1 Grant of Awards. The Administrator may, in its sole discretion, at any time and from time to time, grant Phantom Stock to any
Employee, Consultant or Director and determine the number of shares Phantom Stock to be granted, the Base Price, if any, of such Phantom Stock, the vesting conditions applicable to such Phantom Stock, the settlement terms applicable to such Phantom
Stock and the other terms and conditions of any such Awards. Each Award of Phantom Stock will be evidenced by an Award Agreement containing such terms and conditions, not inconsistent with the Plan, as the Administrator will approve. 

4.2 Vesting of Awards. Each Award shall vest as specified by the Administrator in the applicable Award Agreement. Unless otherwise
provided in an Award Agreement, as determined in the sole discretion of the Administrator, each Award shall vest on the date of a Change in Control or an Initial Public Offering, subject to and conditioned upon the Participant’s continued
Service through the applicable vesting date. 
 ARTICLE V 

SETTLEMENT OF PHANTOM STOCK 

5.1 Settlement of Awards. Each vested Award shall become payable on such Settlement Date(s) as are set forth in the applicable Award
Agreement, but payment of such Phantom Stock shall be subject to the terms and conditions set forth in Sections 5.2 and 5.3 below. 
 5.2
Settlement of Phantom Stock. Except as otherwise provided in an Award Agreement, a Participant shall be entitled to receive the Payout Value on the Settlement Date for each vested share of Phantom Stock held by the Participant on such date.
Except as otherwise provided in an Award Agreement, any payment due to a Participant in accordance with this Section 5.2 shall be paid within thirty (30) days following the applicable Settlement Date; provided, however,
except as otherwise provided in an Award Agreement, in the event the Settlement Date is the date of a Change in Control, the Phantom Stock shall be paid immediately prior to or upon the consummation of such Change in Control. Such payment shall be
made by the Company in one of the following forms, with the form of payment to be made at the election of the Participant (which election must be made in writing by Participant and delivered to the Company at least five (5) days prior to the
applicable Settlement Date or, subject to applicable law, at such other time as may be provided by the Administrator): 
 (a) in cash; 

(b) with the consent of the Board and subject to applicable laws, in such number of shares of Common Stock as is equal to the number of vested
shares of Phantom Stock to be settled on such Settlement Date; or 
 (c) any other valid consideration determined by the Administrator and
set forth in the applicable Award Agreement. 

  
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 Any such election by a Participant shall be made on such terms and conditions as are
determined by the Administrator and set forth in the applicable Award Agreement or otherwise provided by the Administrator to the Participant. In the event a Participant fails to make a timely election as to the form of payment of the Phantom Stock,
the Phantom Stock shall be paid in cash. 
 5.3 Termination of Awards. Except for the Company’s payment obligations described in
Section 5.2, if any, following the Settlement Date, a Participant shall have no right to any payment or any other interest arising in connection with any Phantom Stock, and the Company and its subsidiaries shall have no further obligation with
respect to such Phantom Stock. 
 5.4 Restrictions on Shares; Claw-Back Provisions. Any shares of Common Stock or Parent
common stock acquired in respect of Awards shall be subject to such terms and conditions as the Administrator shall determine. Such terms and conditions may be additional to those contained in the Plan and may, as determined by the Administrator, be
contained in the applicable Award Agreement or in such other agreement as the Administrator shall determine, in each case in a form determined by the Administrator. The issuance of such shares, if any, shall be conditioned on the Participant’s
consent to such terms and conditions and the Participant’s entering into such agreement or agreements. All Awards (including any proceeds, gains or other economic benefit actually or constructively received by Participant upon any settlement of
any Award or upon the receipt or resale of any shares issued upon settlement of the Award) shall be subject to the provisions of any claw-back policy implemented by Parent or the Company, including, without limitation, any claw-back policy adopted
to comply with the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder, to the extent set forth in such claw-back policy and/or in the applicable Award Agreement.
Notwithstanding the foregoing, it shall be a condition to the issuance of any Common Stock pursuant to an Award under this Plan that the Participant shall agree in writing to be bound by the terms and conditions of, and become a party to, any
shareholders agreement maintained by the Company. 
 ARTICLE VI 

AMENDMENT AND TERMINATION 

The Administrator reserves the right to amend or alter, retroactively or prospectively, or suspend or terminate this Plan or any Award
Agreement at any time; provided, however, that no such amendment, suspension or termination shall impair the rights and obligations under any outstanding Award, except in the case of any amendments pursuant to Section 7.1 or 7.11 hereof
or with the written consent of the affected Participant. Notwithstanding the foregoing, the Administrator may amend this Plan without Participant consent to the extent such an amendment is required by law or is necessary or desirable to prevent
adverse tax or accounting consequences to the Company, Parent or the Participants. The Plan shall automatically terminate when all amounts under the Plan have been paid. 

ARTICLE VII 

MISCELLANEOUS PROVISIONS 

7.1 Dilution and Other Adjustments. 

(a) In the event of any change in the outstanding shares of Common Stock by reason of any stock dividend or split, recapitalization, merger,
consolidation, spin-off, reorganization, combination or exchange of shares or other similar corporate change, the Administrator may make such adjustments, if any, as it in its sole discretion deems necessary
or appropriate in the number of shares of Common Stock with respect to which an Award held by any Participant is referenced, the Base Price, if any, of any Award, and/or the terms and conditions of outstanding Awards, such adjustments to be
conclusive and binding upon all parties concerned. 

  
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 (b) In connection with the occurrence of any Equity Restructuring, and notwithstanding
anything to the contrary in this Section 7.1, the Administrator will equitably adjust each outstanding Award, which adjustments may include adjustments to the number and type of securities subject to each outstanding Award and/or the Base Price
thereof, if applicable, the grant of new Awards to Participants, and/or the making of a cash payment to Participants, as the Administrator deems appropriate to reflect such Equity Restructuring. The adjustments provided under this
Section 7.1(b) shall be nondiscretionary and shall be final and binding on the affected Participant and the Company; provided that whether an adjustment is equitable shall be determined by the Administrator. 

7.2 Phantom Stock Not Transferable. No Award may be sold, pledged, assigned or transferred in any manner other than by will or the laws
of descent and distribution. Neither the Phantom Stock, nor any interest or right therein shall be liable for the debts, contracts or engagements of Participant or his or her successors in interest or shall be subject to disposition by transfer,
alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings
(including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence. 

7.3 Successors and Assigns. The Company may assign any of its rights under the Plan or any Award Agreement to single or multiple
assignees, and the Plan and such Award Agreements shall inure to the benefit of the successors and assigns of the Company. Subject to the foregoing, the terms and provisions of the Plan and any Award Agreements shall be binding upon any successor to
the Company (including without limitation, any acquirer), and such successor shall accordingly be liable for the payment of the Phantom Stock which become due and payable hereunder with respect to the Participants. For all purposes hereunder,
references to the Company shall be deemed to include any successor thereto. Subject to the restrictions on transfer herein set forth, the Plan and any Award Agreement shall be binding upon a Participant and his or her heirs, executors,
administrators, successors and assigns. 
 7.4 No Employment Rights. No Employee, Consultant or Director or other person will have
any claim or right to be granted an Award. Neither the Plan nor any action taken hereunder shall be construed to give any Participant any right to continue in the employ or service of the Company or shall interfere with or restrict in any way the
rights of the Company, which are expressly reserved, to discharge a Participant at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Company and a
Participant. 
 7.5 Taxes. All amounts payable hereunder shall be subject to applicable state, federal and local income, employment,
excise and other tax withholding. The Company will have the right to deduct and/or withhold from payment of an Award any taxes required by law to be withheld from a Participant with respect to such payment. None of the Company, the Board or the
Administrator makes any commitment or guarantee that any federal, state or local tax treatment will (or will not) apply or be available to any Participant. Each Participant, by acceptance of an Award, is deemed to represent that the Participant has
consulted with any tax consultants that he or she deems advisable in connection with the Award and that the Participant is not relying on the Company, the Administrator or any officer, Director or Employee of the Company or its subsidiaries for tax
advice. 
 7.6 Compliance With Law. The Plan, the granting and vesting of Phantom Stock under the Plan and any payment in respect of
Phantom Stock are subject to compliance with all applicable federal and state laws, rules and regulations and to such approvals by any listing, regulatory or governmental 

  
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authority as may, in the opinion of counsel for the Company, be necessary or advisable in connection therewith. Any equity securities that may become deliverable under the Plan (if any) shall be
subject to the foregoing restrictions and the person acquiring any such equity securities shall, if requested by the Company, provide such assurances and representations as the Company may deem necessary or desirable to assure compliance with all
applicable legal requirements. If the Company is unable to obtain from any regulatory commission or agency having authority over the Plan the authority which counsel for the Company deems necessary for the lawful issuance of Phantom Stock under the
Plan, the Company shall be relieved from any liability for failure to issue Phantom Stock or provide for its settlement unless and until such authority is obtained. To the extent permitted by applicable law, the Plan and any Phantom Stock awarded
hereunder shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. 
 7.7 No Stockholder
Rights. A Participant will not have any dividend, voting or other rights of a shareholder by reason of a grant of an Award or settlement of an Award. No Participant or successor in interest shall be deemed to be a member of the Company or have
any right to receive any securities of the Company by virtue of the Plan or any Award. Phantom Stock represents only a potential payment in cash or securities that may become payable on the terms and conditions set forth in the Plan. Awards under
the Plan shall not represent actual units or other equity interests in the Company or a security interest in any of the assets held by the Company. Notwithstanding the foregoing or anything to the contrary contained herein or in any Award Agreement,
if the Administrator determines that an Award or the form of payment with respect to an Award shall constitute a security of the Company, its successors, or any other entities, no such security shall be issued to any Participant unless such security
is then registered under the Securities Act and applicable state securities laws or, if such security is not then so registered, the Administrator has determined that such issuance would be exempt from the registration requirements of the Securities
Act and applicable state securities laws. 
 7.8 Governing Law. To the extent not superseded by the laws of the United States, the
Plan will be governed by and construed in accordance with the laws of the State of Delaware without regard to principles of conflicts of laws. 

7.9 Unfunded Status of Awards. Nothing in the Plan or any Award Agreement shall entitle a Participant to payment of any specified
property or payment out of a trust fund or other security device created for the benefit of Participants. Any claim to payment which a Participant has with respect to Phantom Stock shall be only as a general creditor of the Company. The
Company’s obligations under the Plan are both unfunded and unsecured and shall not be construed to cause a Participant to recognize taxable income prior to the time that a payment is actually paid to that Participant in accordance with the
Plan. The liability for payment with respect to Phantom Stock is a liability of the Company alone and not of any Employee, officer, Director, member or affiliate of the Company. 

7.10 Special Incentive Compensation. By acceptance of an Award hereunder, each Participant shall be deemed to have agreed that such
Award is special incentive compensation that will not be taken into account, in any manner, as salary, compensation or bonus in determining the amount of any payment under any pension, retirement, life insurance, disability, severance or other
employee benefit plan of the Company or any of its affiliates. 
 7.11 Internal Revenue Code. The payments and benefits payable under
the Plan and the Awards granted hereunder are intended to be exempt from or to comply with the requirements of Section 409A of the Code. The Plan and the Awards granted hereunder will be interpreted in accordance with the foregoing intent. To
the extent the payments and benefits under the Plan and the Awards granted hereunder are subject to Section 409A of the Code, the Plan and the Awards granted hereunder will be interpreted, construed and administered in a manner that satisfies
the requirements of Sections 

  
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409A(a)(2), (3) and (4) of the Code and the Treasury Regulations thereunder. If the Administrator determines that any compensation or benefits payable under this Plan or the Awards hereunder
may be or become subject to Section 409A of the Code and related Department of Treasury guidance, or any other provision of the Code purporting to govern the taxation of the Awards, the Administrator may amend this Plan or such Awards, or take
such other actions as the Administrator deems necessary or appropriate, to comply with the requirements of Section 409A of the Code and related Department of Treasury guidance, or such other Code provisions, or an exemption therefrom and
thereby avoid the application of penalty taxes thereunder or the inclusion of income for tax purposes prior to payment or settlement of the Awards, including, without limitation, termination of the Plan and such Awards if the Administrator
determines that such action is necessary or appropriate to avoid adverse tax consequences and/or taxable income inclusion prior to payment to the Participants or the Company. For purposes of Section 409A of the Code (including, without
limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), each payment that a Participant may be eligible to receive under this Agreement shall be treated as a separate and distinct
payment.  
 7.12 No Limitations on Company Action. For the avoidance of doubt, neither the existence of the Plan nor any
Award hereunder shall create or be deemed to create any obligation on the part of the Company to seek the consent of any Participant or any other Person in order to take any corporate action. 

7.13 Severability. If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any
jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Administrator, such provision shall be construed or deemed amended to conform to the applicable law or, if it cannot be
construed or deemed amended without, in the determination of the Administrator, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person or Award and the remainder of the Plan and any
such Award shall remain in full force and effect. 
 7.14 Entire Agreement. This Plan, together with any Award Agreements, contains
the entire agreement of the parties relating to the subject matter hereof. 
 7.15 No Strict Construction. No rule of strict
construction will be applied against the Company, the Administrator or any other person in the interpretation of any of the terms of the Plan, any Award or any rule or procedure established by the Administrator. 

7.16 Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this
Agreement. 
 * * * * * 

  
 8EX-10.4

 Exhibit 10.4 

LENSAR, INC. 
 2020
INCENTIVE AWARD PLAN 
 ARTICLE I. 

PURPOSE 
 The Plan’s
purpose is to enhance the Company’s ability to attract, retain and motivate persons who make (or are expected to make) important contributions to the Company by providing these individuals with equity ownership opportunities. Capitalized terms
used in the Plan are defined in Article XI. 
 ARTICLE II. 

ELIGIBILITY 
 Service
Providers are eligible to be granted Awards under the Plan, subject to the limitations described herein. 
 ARTICLE III. 

ADMINISTRATION AND DELEGATION 

3.1 Administration. The Plan is administered by the Administrator. The Administrator has authority to determine which Service Providers
receive Awards, grant Awards and set Award terms and conditions, subject to the conditions and limitations in the Plan. The Administrator also has the authority to take all actions and make all determinations under the Plan, to interpret the Plan
and Award Agreements and to adopt, amend and repeal Plan administrative rules, guidelines and practices as it deems advisable. The Administrator may correct defects and ambiguities, supply omissions and reconcile inconsistencies in the Plan or any
Award as it deems necessary or appropriate to administer the Plan and any Awards. The Administrator’s determinations under the Plan are in its sole discretion and will be final and binding on all persons having or claiming any interest in the
Plan or any Award. 
 3.2 Appointment of Committees. To the extent Applicable Laws permit, the Board may delegate any or all of its
powers under the Plan to one or more Committees or officers of the Company. The Board may abolish any Committee or re-vest in itself any previously delegated authority at any time. 

ARTICLE IV. 
 STOCK
AVAILABLE FOR AWARDS 
 4.1 Number of Shares. Subject to adjustment under Article VIII and the terms of this Article IV,
Awards may be made under the Plan covering up to the Overall Share Limit. Shares issued under the Plan may consist of authorized but unissued Shares or Shares purchased on the open market or treasury Shares. 

4.2 Share Recycling. If all or any part of an Award expires, lapses or is terminated, exchanged for cash, surrendered, repurchased,
canceled without having been fully exercised or forfeited, in any case, in a manner that results in the Company acquiring Shares covered by the Award at a price not greater than the price (as adjusted to reflect any Equity Restructuring) paid by the
Participant for such Shares or not issuing any Shares covered by the Award, the unused Shares covered by the Award will, as applicable, become or again be available for Award grants under the Plan. Further, Shares delivered (either by actual
delivery or attestation) to the Company by a Participant to satisfy the applicable exercise or purchase price of an Award and/or to satisfy any applicable tax withholding obligation (including Shares retained by the

  
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Company from the Award being exercised or purchased and/or creating the tax obligation) will, as applicable, become or again be available for Award grants under the Plan. The payment of Dividend
Equivalents in cash in conjunction with any outstanding Awards shall not count against the Overall Share Limit. 
 4.3 Incentive Stock
Option Limitations. Notwithstanding anything to the contrary herein, no more than 200,000,000 Shares may be issued pursuant to the exercise of Incentive Stock Options.  

4.4 Substitute Awards. In connection with an entity’s merger or consolidation with the Company or the Company’s acquisition
of an entity’s property or stock, the Administrator may grant Awards in substitution for any options or other stock or stock-based awards granted before such merger or consolidation by such entity or its affiliate. Substitute Awards may be
granted on such terms as the Administrator deems appropriate, notwithstanding limitations on Awards in the Plan. Substitute Awards will not count against the Overall Share Limit (nor shall Shares subject to a Substitute Award be added to the Shares
available for Awards under the Plan as provided above), except that Shares acquired by exercise of substitute Incentive Stock Options will count against the maximum number of Shares that may be issued pursuant to the exercise of Incentive Stock
Options under the Plan. Additionally, in the event that a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines has shares available under a pre-existing plan
approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent
appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition or
combination) may be used for Awards under the Plan and shall not reduce the Shares authorized for grant under the Plan (and Shares subject to such Awards shall not be added to the Shares available for Awards under the Plan as provided above);
provided that Awards using such available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and
shall only be made to individuals who were not Employees or Directors prior to such acquisition or combination. 
 4.5 Non-Employee Director Compensation. Notwithstanding any provision to the contrary in the Plan, the Administrator may establish compensation for non-employee Directors from
time to time, subject to the limitations in the Plan. The Administrator will from time to time determine the terms, conditions and amounts of all such non-employee Director compensation in its discretion and
pursuant to the exercise of its business judgment, taking into account such factors, circumstances and considerations as it shall deem relevant from time to time, provided that, commencing with the first calendar year following the calendar year in
which the Public Trading Date occurs, the sum of any cash compensation, or other compensation, and the value (determined as of the grant date in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718, or any
successor thereto) of Awards granted to a non-employee Director as compensation for services as a non-employee Director during any calendar year of the Company may not
exceed $750,000 (increased to $1,000,000 in the calendar year of a non-employee Director’s initial service as a non-employee Director) (which limits shall not apply
to the compensation for any non-employee Director of the Company who serves in any capacity in addition to that of a non-employee Director for which he or she receives
additional compensation). The Administrator may make exceptions to this limit for individual non-employee Directors in extraordinary circumstances, as the Administrator may determine in its discretion. 

ARTICLE V. 
 STOCK
OPTIONS AND STOCK APPRECIATION RIGHTS 
 5.1 General. The Administrator may grant Options or Stock Appreciation Rights to Service
Providers subject to the limitations in the Plan, including any limitations in the Plan that apply to Incentive 

  
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Stock Options. The Administrator will determine the number of Shares covered by each Option and Stock Appreciation Right, the exercise price of each Option and Stock Appreciation Right and the
conditions and limitations applicable to the exercise of each Option and Stock Appreciation Right. A Stock Appreciation Right will entitle the Participant (or other person entitled to exercise the Stock Appreciation Right) to receive from the
Company upon exercise of the exercisable portion of the Stock Appreciation Right an amount determined by multiplying the excess, if any, of the Fair Market Value of one Share on the date of exercise over the exercise price per Share of the Stock
Appreciation Right by the number of Shares with respect to which the Stock Appreciation Right is exercised, subject to any limitations of the Plan or that the Administrator may impose and payable in cash, Shares valued at Fair Market Value or a
combination of the two as the Administrator may determine or provide in the Award Agreement. 
 5.2 Exercise Price. The Administrator
will establish each Option’s and Stock Appreciation Right’s exercise price and specify the exercise price in the Award Agreement. The exercise price will not be less than 100% of the Fair Market Value on the grant date of the Option or
Stock Appreciation Right. 
 5.3 Duration. Each Option or Stock Appreciation Right will be exercisable at such times and as specified
in the Award Agreement, provided that the term of an Option or Stock Appreciation Right will not exceed ten years. Notwithstanding the foregoing and unless determined otherwise by the Company, in the event that on the last business day of the term
of an Option or Stock Appreciation Right (other than an Incentive Stock Option) (i) the exercise of the Option or Stock Appreciation Right is prohibited by Applicable Law, as determined by the Company, or (ii) Shares may not be purchased
or sold by the applicable Participant due to any Company insider trading policy (including blackout periods) or a “lock-up” agreement undertaken in connection with an issuance of securities by the
Company, the term of the Option or Stock Appreciation Right shall be extended until the date that is thirty days after the end of the legal prohibition, black-out period or
lock-up agreement, as determined by the Company; provided, however, in no event shall the extension last beyond the ten year term of the applicable Option or Stock Appreciation Right. 

5.4 Exercise. Options and Stock Appreciation Rights may be exercised by delivering to the Company a written notice of exercise, in a
form the Administrator approves (which may be electronic), signed by the person authorized to exercise the Option or Stock Appreciation Right, together with, as applicable, payment in full (i) as specified in Section 5.5 for the number of
Shares for which the Award is exercised and (ii) as specified in Section 9.5 for any applicable taxes. Unless the Administrator otherwise determines, an Option or Stock Appreciation Right may not be exercised for a fraction of a Share.

 5.5 Payment Upon Exercise. Subject to Section 10.8, any Company insider trading policy (including blackout periods) and
Applicable Laws, the exercise price of an Option must be paid by: 
 (a) cash, wire transfer of immediately available funds or by check
payable to the order of the Company, provided that the Company may limit the use of one of the foregoing payment forms if one or more of the payment forms below is permitted; 

(b) if there is a public market for Shares at the time of exercise, unless the Company otherwise determines, (A) delivery (including
electronically or telephonically to the extent permitted by the Company) of an irrevocable and unconditional undertaking by a broker acceptable to the Company to deliver promptly to the Company sufficient funds to pay the exercise price, or
(B) the Participant’s delivery to the Company of a copy of irrevocable and unconditional instructions to a broker acceptable to the Company to deliver promptly to the Company cash or a check sufficient to pay the exercise price; provided
that such amount is paid to the Company at such time as may be required by the Administrator; 

  
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 (c) to the extent permitted by the Administrator, delivery (either by actual delivery or
attestation) of Shares owned by the Participant valued at their Fair Market Value; 
 (d) to the extent permitted by the Administrator,
surrendering Shares then issuable upon the Option’s exercise valued at their Fair Market Value on the exercise date; 
 (e) to the
extent permitted by the Administrator, delivery of a promissory note or any other property that the Administrator determines is good and valuable consideration; or 

(f) to the extent permitted by the Company, any combination of the above payment forms approved by the Administrator. 

ARTICLE VI. 
 RESTRICTED
STOCK; RESTRICTED STOCK UNITS 
 6.1 General. The Administrator may grant Restricted Stock, or the right to purchase Restricted
Stock, to any Service Provider, subject to the Company’s right to repurchase all or part of such shares at their issue price or other stated or formula price from the Participant (or to require forfeiture of such shares) if conditions the
Administrator specifies in the Award Agreement are not satisfied before the end of the applicable restriction period or periods that the Administrator establishes for such Award. In addition, the Administrator may grant to Service Providers
Restricted Stock Units, which may be subject to vesting and forfeiture conditions during the applicable restriction period or periods, as set forth in an Award Agreement. The Administrator will determine and set forth in the Award Agreement the
terms and conditions for each Restricted Stock and Restricted Stock Unit Award, subject to the conditions and limitations contained in the Plan. 

6.2 Restricted Stock. 

(a) Dividends. Participants holding shares of Restricted Stock will be entitled to all ordinary cash dividends paid with respect to
such Shares, unless the Administrator provides otherwise in the Award Agreement. In addition, unless the Administrator provides otherwise, if any dividends or distributions are paid in Shares, or consist of a dividend or distribution to holders of
Common Stock of property other than an ordinary cash dividend, the Shares or other property will be subject to the same restrictions on transferability and forfeitability as the shares of Restricted Stock with respect to which they were paid. 

(b) Stock Certificates. The Company may require that the Participant deposit in escrow with the Company (or its designee) any stock
certificates issued in respect of shares of Restricted Stock, together with a stock power endorsed in blank. 
 6.3 Restricted Stock
Units. 
 (a) Settlement. The Administrator may provide that settlement of Restricted Stock Units will occur upon or as soon as
reasonably practicable after the Restricted Stock Units vest or will instead be deferred, on a mandatory basis or at the Participant’s election, in a manner intended to comply with Section 409A. 

(b) Stockholder Rights. A Participant will have no rights of a stockholder with respect to Shares subject to any Restricted Stock Unit
unless and until the Shares are delivered in settlement of the Restricted Stock Unit. 

  
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 (c) Dividend Equivalents. If the Administrator provides, a grant of Restricted Stock
Units may provide a Participant with the right to receive Dividend Equivalents. Dividend Equivalents may be paid currently or credited to an account for the Participant, settled in cash or Shares and subject to the same restrictions on
transferability and forfeitability as the Restricted Stock Units with respect to which the Dividend Equivalents are granted and subject to other terms and conditions as set forth in the Award Agreement. 

ARTICLE VII. 
 OTHER
STOCK OR CASH BASED AWARDS 
 Other Stock or Cash Based Awards may be granted to Participants, including Awards entitling Participants
to receive Shares to be delivered in the future and including annual or other periodic or long-term cash bonus awards (whether based on specified Performance Criteria or otherwise), in each case subject to any conditions and limitations in the Plan.
Such Other Stock or Cash Based Awards will also be available as a payment form in the settlement of other Awards, as standalone payments and as payment in lieu of compensation to which a Participant is otherwise entitled. Other Stock or Cash Based
Awards may be paid in Shares, cash or other property, as the Administrator determines. Subject to the provisions of the Plan, the Administrator will determine the terms and conditions of each Other Stock or Cash Based Award, including any purchase
price, performance goal (which may be based on the Performance Criteria), transfer restrictions, and vesting conditions, which will be set forth in the applicable Award Agreement. 

ARTICLE VIII. 

ADJUSTMENTS FOR CHANGES IN COMMON STOCK 

AND CERTAIN OTHER EVENTS 

8.1 Equity Restructuring. In connection with any Equity Restructuring, notwithstanding anything to the contrary in this
Article VIII, the Administrator will equitably adjust each outstanding Award as it deems appropriate to reflect the Equity Restructuring, which may include adjusting the number and type of securities subject to each outstanding Award and/or the
Award’s exercise price or grant price (if applicable), granting new Awards to Participants, and making a cash payment to Participants. The adjustments provided under this Section 8.1 will be nondiscretionary and final and binding on the
affected Participant and the Company; provided that the Administrator will determine whether an adjustment is equitable. 
 8.2 Corporate
Transactions. In the event of any dividend or other distribution (whether in the form of cash, Common Stock, other securities, or other property), reorganization, merger, consolidation, combination, amalgamation, repurchase, recapitalization,
liquidation, dissolution, or sale, transfer, exchange or other disposition of all or substantially all of the assets of the Company, or sale or exchange of Common Stock or other securities of the Company, Change in Control, issuance of warrants or
other rights to purchase Common Stock or other securities of the Company, other similar corporate transaction or event, other unusual or nonrecurring transaction or event affecting the Company or its financial statements or any change in any
Applicable Laws or accounting principles, the Administrator, on such terms and conditions as it deems appropriate, either by the terms of the Award or by action taken prior to the occurrence of such transaction or event (except that action to give
effect to a change in Applicable Law or accounting principles may be made within a reasonable period of time after such change) and is hereby authorized, without the Participant’s express prior written consent, to take any one or more of the
following actions whenever the Administrator determines that such action is appropriate in order to (x) prevent dilution or enlargement of the benefits or potential benefits intended by the Company to be made available under the Plan or with
respect to any Award granted or issued under the Plan, (y) to facilitate such transaction or event or (z) give effect to such changes in Applicable Laws or accounting principles: 

(a) To provide for the cancellation of any such Award in exchange for either an amount of cash or other property or any combination thereof
with a value equal to the amount that could have been obtained upon the exercise or settlement of the vested portion of such Award or realization of the Participant’s rights under the vested portion of such Award, as applicable; provided that,
if the amount that could have been obtained upon the exercise or settlement of the vested portion of such Award or realization of the Participant’s rights, in any case, is equal to or less than zero, then the Award may be terminated without
payment; 

  
 5 

 (b) To provide that such Award shall vest and, to the extent applicable, be exercisable as
to all shares covered thereby, notwithstanding anything to the contrary in the Plan or the provisions of such Award; 
 (c) To provide that
such Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted for by awards covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate
adjustments as to the number and kind of shares and/or applicable exercise or purchase price, in all cases, as determined by the Administrator; 

(d) To make adjustments in the number and type of shares of Common Stock (or other securities or property) subject to outstanding Awards
and/or with respect to which Awards may be granted under the Plan (including, but not limited to, adjustments of the limitations in Article IV hereof on the maximum number and kind of shares which may be issued) and/or in the terms and
conditions of (including the grant or exercise price), and the criteria included in, outstanding Awards; 
 (e) To replace such Award with
other rights or property selected by the Administrator; and/or 
 (f) To provide that the Award will terminate and cannot vest, be exercised
or become payable after the applicable event. 
 8.3 Effect of Non-Assumption in a Change in
Control. 
 (a) Notwithstanding the provisions of Section 8.2, if a Change in Control occurs and a Participant’s Awards are
not continued, converted, assumed, or replaced with a substantially similar award by (i) the Company, or (ii) a successor entity or its parent or subsidiary (an “Assumption”), and provided that the Participant has
not had a Termination of Service, then, immediately prior to the Change in Control, such Awards shall become fully vested, exercisable and/or payable, as applicable, and all forfeiture, repurchase and other restrictions on such Awards shall lapse,
in which case, such Awards shall be canceled upon the consummation of the Change in Control in exchange for the right to receive the Change in Control consideration payable to other holders of Common Stock (i) which may be on such terms and
conditions as apply generally to holders of Common Stock under the Change in Control documents (including, without limitation, any escrow, earn-out or other deferred consideration provisions) or such other
terms and conditions as the Administrator may provide, and (ii) determined by reference to the number of shares subject to such Awards and net of any applicable exercise price; provided that to the extent that any Awards constitute
“nonqualified deferred compensation” that may not be paid upon the Change in Control under Section 409A without the imposition of taxes thereon under Section 409A, the timing of such payments shall be governed by the applicable
Award Agreement (subject to any deferred consideration provisions applicable under the Change in Control documents); and provided, further, that if the amount to which a Participant would be entitled upon the settlement or exercise of such Award at
the time of the Change in Control is equal to or less than zero, then such Award may be terminated without payment. The Administrator shall determine whether an Assumption of an Award has occurred in connection with a Change in Control. 

  
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 (b) For the purposes of this Section 8.3, an Assumption of an Award shall be considered
to have occurred in the Award is assumed or substituted for 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 transaction constituting a Change in Control by holders of Shares for each Share held on the effective date of such 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 transaction constituting a Change in Control is not solely common stock of the
successor entity or its parent or subsidiary, the Administrator may, with the consent of the successor entity, provide that the consideration to be received upon the exercise or vesting of an Award, for each Share subject thereto, will be solely
common stock of the successor entity or its parent or subsidiary substantially equal in fair market value to the per Share consideration received by holders of Shares in the transaction constituting a Change in Control.

8.4 Administrative Stand Still. In the event of any pending stock dividend, stock split, combination or exchange of shares, merger,
consolidation or other distribution (other than normal cash dividends) of Company assets to stockholders, or any other extraordinary transaction or change affecting the Shares or the share price of Common Stock, including any Equity Restructuring or
any securities offering or other similar transaction, for administrative convenience, the Administrator may refuse to permit the exercise of any Award for up to sixty days before or after such transaction. 

8.5 General. Except as expressly provided in the Plan or the Administrator’s action under the Plan, no Participant will have any
rights due to any subdivision or consolidation of Shares of any class, dividend payment, increase or decrease in the number of Shares of any class or dissolution, liquidation, merger, or consolidation of the Company or other corporation. Except as
expressly provided with respect to an Equity Restructuring under Section 8.1 or the Administrator’s action under the Plan, no issuance by the Company of Shares of any class, or securities convertible into Shares of any class, will affect,
and no adjustment will be made regarding, the number of Shares subject to an Award or the Award’s grant or exercise price. The existence of the Plan, any Award Agreements and the Awards granted hereunder will not affect or restrict in any way
the Company’s right or power to make or authorize (i) any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, (ii) any merger, consolidation, dissolution or liquidation
of the Company or sale of Company assets or (iii) any sale or issuance of securities, including securities with rights superior to those of the Shares or securities convertible into or exchangeable for Shares. The Administrator may treat
Participants and Awards (or portions thereof) differently under this Article VIII. 
 ARTICLE IX. 

GENERAL PROVISIONS APPLICABLE TO AWARDS 

9.1 Transferability. Except as the Administrator may determine or provide in an Award Agreement or otherwise for Awards other than
Incentive Stock Options, Awards may not be sold, assigned, transferred, pledged or otherwise encumbered, either voluntarily or by operation of law, except by will or the laws of descent and distribution, or, subject to the Administrator’s
consent, pursuant to a domestic relations order, and, during the life of the Participant, will be exercisable only by the Participant. References to a Participant, to the extent relevant in the context, will include references to a
Participant’s authorized transferee that the Administrator specifically approves. 

  
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 9.2 Documentation. Each Award will be evidenced in an Award Agreement, which may be
written or electronic, as the Administrator determines. Each Award may contain terms and conditions in addition to those set forth in the Plan. 

9.3 Discretion. Except as the Plan otherwise provides, each Award may be made alone or in addition or in relation to any other Award.
The terms of each Award to a Participant need not be identical, and the Administrator need not treat Participants or Awards (or portions thereof) uniformly. 

9.4 Termination of Status. The Administrator will determine how the disability, death, retirement, authorized leave of absence or any
other change or purported change in a Participant’s Service Provider status affects an Award and the extent to which, and the period during which, the Participant, the Participant’s legal representative, conservator, guardian or Designated
Beneficiary may exercise rights under the Award, if applicable. 
 9.5 Withholding. Each Participant must pay the Company, or make
provision satisfactory to the Administrator for payment of, any taxes required by law to be withheld in connection with such Participant’s Awards by the date of the event creating the tax liability. The Company may deduct an amount sufficient
to satisfy such tax obligations based on the applicable statutory withholding rates (or such other rate as may be determined by the Company after considering any accounting consequences or costs) from any payment of any kind otherwise due to a
Participant. In the absence of a contrary determination by the Company (or, with respect to withholding pursuant to clause (ii) below with respect to Awards held by individuals subject to Section 16 of the Exchange Act, a contrary
determination by the Administrator), all tax withholding obligations will be calculated based on the minimum applicable statutory withholding rates. Subject to Section 10.8 and any Company insider trading policy (including blackout periods),
Participants may satisfy such tax obligations (i) in cash, by wire transfer of immediately available funds, by check made payable to the order of the Company, provided that the Company may limit the use of the foregoing payment forms if one or
more of the payment forms below is permitted, (ii) to the extent permitted by the Administrator, in whole or in part by delivery of Shares, including Shares delivered by attestation and Shares retained from the Award creating the tax
obligation, valued at their Fair Market Value on the date of delivery, (iii) if there is a public market for Shares at the time the tax obligations are satisfied, unless the Company otherwise determines, (A) delivery (including
electronically or telephonically to the extent permitted by the Company) of an irrevocable and unconditional undertaking by a broker acceptable to the Company to deliver promptly to the Company sufficient funds to satisfy the tax obligations, or
(B) delivery by the Participant to the Company of a copy of irrevocable and unconditional instructions to a broker acceptable to the Company to deliver promptly to the Company cash or a check sufficient to satisfy the tax withholding; provided
that such amount is paid to the Company at such time as may be required by the Administrator, or (iv) to the extent permitted by the Company, any combination of the foregoing payment forms approved by the Administrator. Notwithstanding any
other provision of the Plan, the number of Shares which may be so delivered or retained pursuant to clause (ii) of the immediately preceding sentence shall be limited to the number of Shares which have a Fair Market Value on the date of
delivery or retention no greater than the aggregate amount of such liabilities based on the maximum individual statutory tax rate in the applicable jurisdiction at the time of such withholding (or such other rate as may be required to avoid the
liability classification of the applicable award under generally accepted accounting principles in the United States of America)); provided, however, that, any such Shares delivered or retained shall be rounded up to the nearest whole Share to the
extent rounding up to the nearest whole Share does not result in the liability classification of the applicable Award under generally accepted accounting principles in the United States of America. If any tax withholding obligation will be satisfied
under clause (ii) above by the Company’s retention of Shares from the Award creating the tax obligation and there is a public market for Shares at the time the tax obligation is satisfied, the Company may elect to instruct any brokerage
firm determined acceptable to the Company for such purpose to sell on the applicable Participant’s behalf some or all of the Shares retained and to remit the proceeds of the sale to the Company or its designee, and each

  
 8 

 
Participant’s acceptance of an Award under the Plan will constitute the Participant’s authorization to the Company and instruction and authorization to such brokerage firm to complete
the transactions described in this sentence. 
 9.6 Amendment of Award; Repricing. The Administrator may amend, modify or terminate
any outstanding Award, including by substituting another Award of the same or a different type, changing the exercise or settlement date, and converting an Incentive Stock Option to a Non-Qualified Stock
Option. The Participant’s consent to such action will be required unless (i) the action, taking into account any related action, does not materially and adversely affect the Participant’s rights under the Award, or (ii) the
change is permitted under Article VIII or pursuant to Section 10.6. Notwithstanding the foregoing or anything in the Plan to the contrary, the Administrator may, without the approval of the stockholders of the Company, reduce the exercise
price per share of outstanding Options or Stock Appreciation Rights or cancel outstanding Options or Stock Appreciation Rights in exchange for cash, other Awards or Options or Stock Appreciation Rights with an exercise price per share that is less
than the exercise price per share of the original Options or Stock Appreciation Rights. 
 9.7 Conditions on Delivery of Stock. The
Company will not be obligated to deliver any Shares under the Plan or remove restrictions from Shares previously delivered under the Plan until (i) all Award conditions have been met or removed to the Company’s satisfaction, (ii) as
determined by the Company, all other legal matters regarding the issuance and delivery of such Shares have been satisfied, including any applicable securities laws and stock exchange or stock market rules and regulations, and (iii) the
Participant has executed and delivered to the Company such representations or agreements as the Administrator deems necessary or appropriate to satisfy any Applicable Laws. The Company’s inability to obtain authority from any regulatory body
having jurisdiction, which the Administrator determines is necessary to the lawful issuance and sale of any securities, will relieve the Company of any liability for failing to issue or sell such Shares as to which such requisite authority has not
been obtained. 
 9.8 Acceleration. The Administrator may at any time provide that any Award will become immediately vested and fully
or partially exercisable, free of some or all restrictions or conditions, or otherwise fully or partially realizable. 
 9.9 Additional
Terms of Incentive Stock Options. The Administrator may grant Incentive Stock Options only to employees of the Company, any of its present or future parent or subsidiary corporations, as defined in Sections 424(e) or (f) of the Code,
respectively, and any other entities the employees of which are eligible to receive Incentive Stock Options under the Code. If an Incentive Stock Option is granted to a Greater Than 10% Stockholder, the exercise price will not be less than 110% of
the Fair Market Value on the Option’s grant date, and the term of the Option will not exceed five years. All Incentive Stock Options will be subject to and construed consistently with Section 422 of the Code. By accepting an Incentive
Stock Option, the Participant agrees to give prompt notice to the Company of dispositions or other transfers (other than in connection with a Change in Control) of Shares acquired under the Option made within (i) two years from the grant date
of the Option or (ii) one year after the transfer of such Shares to the Participant, specifying the date of the disposition or other transfer and the amount the Participant realized, in cash, other property, assumption of indebtedness or other
consideration, in such disposition or other transfer. Neither the Company nor the Administrator will be liable to a Participant, or any other party, if an Incentive Stock Option fails or ceases to qualify as an “incentive stock option”
under Section 422 of the Code. Any Incentive Stock Option or portion thereof that fails to qualify as an “incentive stock option” under Section 422 of the Code for any reason, including becoming exercisable with respect to Shares
having a fair market value exceeding the $100,000 limitation under Treasury Regulation Section 1.422-4, will be a Non-Qualified Stock Option. 

  
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 ARTICLE X. 

MISCELLANEOUS 
 10.1 No
Right to Employment or Other Status. No person will have any claim or right to be granted an Award, and the grant of an Award will not be construed as giving a Participant the right to continued employment or any other relationship with the
Company. The Company expressly reserves the right at any time to dismiss or otherwise terminate its relationship with a Participant free from any liability or claim under the Plan or any Award, except as expressly provided in an Award Agreement.

 10.2 No Rights as Stockholder; Certificates. Subject to the Award Agreement, no Participant or Designated Beneficiary will have
any rights as a stockholder with respect to any Shares to be distributed under an Award until becoming the record holder of such Shares. Notwithstanding any other provision of the Plan, unless the Administrator otherwise determines or Applicable
Laws require, the Company will not be required to deliver to any Participant certificates evidencing Shares issued in connection with any Award and instead such Shares may be recorded in the books of the Company (or, as applicable, its transfer
agent or stock plan administrator). The Company may place legends on stock certificates issued under the Plan that the Administrator deems necessary or appropriate to comply with Applicable Laws. 

10.3 Effective Date and Term of Plan. Unless earlier terminated by the Board, the Plan will become effective on July 21, 2020,
following its adoption and approval by the Board. The Plan will remain in effect until the tenth anniversary of the earlier of (a) the date the Board adopted the Plan or (b) the date the Company’s stockholders approved the Plan, but
Awards previously granted may extend beyond that date in accordance with the Plan. The Plan will be submitted for the approval of the Company’s stockholders within twelve months after the date of the Board’s adoption of the Plan. Awards
may be granted or awarded prior to such stockholder approval; provided that no Award shall become exercisable, vested or realizable, as applicable to such Award, unless the Plan has been approved by the Company’s stockholders within
twelve months before or after the date the Plan was adopted by the Board; and provided, further, that if such approval has not been obtained at the end of said twelve-month period, all Awards previously granted or awarded under the Plan shall
thereupon be canceled and become null and void. 
 10.4 Amendment of Plan. The Administrator may amend, suspend or terminate the Plan
at any time; provided that no amendment, other than an increase to the Overall Share Limit, may materially and adversely affect any Award outstanding at the time of such amendment without the affected Participant’s consent. No Awards may be
granted under the Plan during any suspension period or after the Plan’s termination. Awards outstanding at the time of any Plan suspension or termination will continue to be governed by the Plan and the Award Agreement, as in effect before such
suspension or termination. The Board will obtain stockholder approval of any Plan amendment to the extent necessary to comply with Applicable Laws. 

10.5 Provisions for Foreign Participants. The Administrator may modify Awards granted to Participants who are foreign nationals or
employed outside the United States or establish subplans or procedures under the Plan to address differences in laws, rules, regulations or customs of such foreign jurisdictions with respect to tax, securities, currency, employee benefit or other
matters. 
 10.6 Section 409A.  

(a) General. The Company intends that all Awards be structured to comply with, or be exempt from, Section 409A, such that no
adverse tax consequences, interest, or penalties under Section 409A apply. Notwithstanding anything in the Plan or any Award Agreement to the contrary, the 

  
 10 

 
Administrator may, without a Participant’s consent, amend this Plan or Awards, adopt policies and procedures, or take any other actions (including amendments, policies, procedures and
retroactive actions) as are necessary or appropriate to preserve the intended tax treatment of Awards, including any such actions intended to (A) exempt this Plan or any Award from Section 409A, or (B) comply with Section 409A,
including regulations, guidance, compliance programs and other interpretative authority that may be issued after an Award’s grant date. The Company makes no representations or warranties as to an Award’s tax treatment under
Section 409A or otherwise. The Company will have no obligation under this Section 10.6 or otherwise to avoid the taxes, penalties or interest under Section 409A with respect to any Award and will have no liability to any Participant
or any other person if any Award, compensation or other benefits under the Plan are determined to constitute noncompliant “nonqualified deferred compensation” subject to taxes, penalties or interest under Section 409A. 

(b) Separation from Service. If an Award constitutes “nonqualified deferred compensation” under Section 409A, any
payment or settlement of such Award upon a termination of a Participant’s Service Provider relationship will, to the extent necessary to avoid taxes under Section 409A, be made only upon the Participant’s “separation from
service” (within the meaning of Section 409A), whether such “separation from service” occurs upon or after the termination of the Participant’s Service Provider relationship. For purposes of this Plan or any Award Agreement
relating to any such payments or benefits, references to a “termination,” “termination of employment” or like terms means a “separation from service.” 

(c) Payments to Specified Employees. Notwithstanding any contrary provision in the Plan or any Award Agreement, any payment(s) of
“nonqualified deferred compensation” required to be made under an Award to a “specified employee” (as defined under Section 409A and as the Administrator determines) due to his or her “separation from service”
will, to the extent necessary to avoid taxes under Section 409A(a)(2)(B)(i) of the Code, be delayed for the six-month period immediately following such “separation from service” (or, if earlier,
until the specified employee’s death) and will instead be paid (as set forth in the Award Agreement) on the day immediately following such six-month period or as soon as administratively practicable
thereafter (without interest). Any payments of “nonqualified deferred compensation” under such Award payable more than six months following the Participant’s “separation from service” will be paid at the time or times the
payments are otherwise scheduled to be made. 
 10.7 Limitations on Liability. Notwithstanding any other provisions of the Plan, no
individual acting as a director, officer, other employee or agent of the Company or any Subsidiary will be liable to any Participant, former Participant, spouse, beneficiary, or any other person for any claim, loss, liability, or expense incurred in
connection with the Plan or any Award, and such individual will not be personally liable with respect to the Plan because of any contract or other instrument executed in his or her capacity as an Administrator, director, officer, other employee or
agent of the Company or any Subsidiary. The Company will indemnify and hold harmless each director, officer, other employee and agent of the Company or any Subsidiary that has been or will be granted or delegated any duty or power relating to the
Plan’s administration or interpretation, against any cost or expense (including attorneys’ fees) or liability (including any sum paid in settlement of a claim with the Administrator’s approval) arising from any act or omission
concerning this Plan unless arising from such person’s own fraud or bad faith. 
 10.8
Lock-Up Period. The Company may, in connection with registering the offering of any Company securities under the Securities Act, prohibit Participants from, directly or indirectly, selling or otherwise
transferring any Shares or other Company securities during a period of up to one hundred eighty days following the effective date of a Company registration statement filed under the Securities Act, or such shorter or longer period as determined by
the Company. 

  
 11 

 10.9 Right of First Refusal. 

(a) Before any shares of Common Stock held by a Participant or any permitted transferee (each, a “Holder”) may be
sold, pledged, assigned, hypothecated, transferred, or otherwise disposed of (each, a “Transfer”), the Company or its assignee(s) shall have a right of first refusal to purchase the shares of Common Stock proposed to be
Transferred on the terms and conditions set forth in this Section 10.9 (the “Right of First Refusal”). In the event that the Company’s charter, bylaws and/or a stockholders’ agreement applicable to the shares
of Common Stock contain a right of first refusal with respect to the shares of Common Stock, such right of first refusal shall apply to the shares of Common Stock to the extent such provisions are more restrictive than the Right of First Refusal set
forth in this Section 10.9 and the Right of First Refusal set forth in this Section 10.9 shall not in any way restrict the operation of the Company’s charter, bylaws or the operation of any applicable stockholders’ agreement.

 (b) In the event any Holder desires to Transfer any shares of Common Stock, the Holder shall deliver to the Company a written notice (the
“Notice”) stating: (i) the Holder’s bona fide intention to sell or otherwise Transfer such shares of Common Stock; (ii) the name of each proposed purchaser or other transferee (“Proposed
Transferee”); (iii) the number of shares of Common Stock to be Transferred to each Proposed Transferee; and (iv) the price for which the Holder proposes to Transfer the shares of Common Stock (the “Offered
Price”), and the Holder shall offer such shares of Common Stock at the Offered Price to the Company or its assignee(s). 
 (c)
Within twenty-five days after receipt of the Notice, the Company and/or its assignee(s) may elect in writing to purchase all, but not less than all, of the shares of Common Stock proposed to be Transferred to any one or more of the Proposed
Transferees by delivery of a written exercise notice to the Holder (a “Company Notice”). The purchase price (“Purchase Price”) for the shares of Common Stock repurchased under this Section 10.9
shall be the Offered Price. 
 (d) Payment of the Purchase Price shall be made, at the option of the Company or its assignee(s), in cash (by
check or wire transfer), by cancellation of all or a portion of any outstanding indebtedness of the Holder to the Company (or, in the case of repurchase by an assignee, to the assignee), or by any combination thereof, within five days after delivery
of the Company Notice or in the manner and at the times mutually agreed to by the Company and the Holder. Should the Offered Price specified in the Notice be payable in property other than cash, the Company or its assignee shall have the right to
pay the purchase price in the form of cash equal in amount to the value of such property, as determined by the Administrator. 
 (e) If all
or a portion of the shares of Common Stock proposed in the Notice to be Transferred are not purchased by the Company and/or its assignee(s) as provided in this Section 10.9, then the Holder may sell or otherwise Transfer such shares of Common
Stock to that Proposed Transferee at the Offered Price or at a higher price; provided that such sale or other Transfer is consummated within sixty days after the date of the Notice; and provided, further, that any such sale or other Transfer is
effected in accordance with any Applicable Laws and the Proposed Transferee agrees in writing that the provisions of this Plan and the applicable Award Agreement and any other applicable agreements governing the shares of Common Stock to be
Transferred shall continue to apply to the shares of Common Stock in the hands of such Proposed Transferee. If the shares of Common Stock described in the Notice are not Transferred to the Proposed Transferee within such sixty-day period, a new Notice shall be given to the Company, and the Company and/or its assignees shall again be offered the Right of First Refusal, as provided herein, before any shares of Common Stock held by the
Holder may be sold or otherwise Transferred. 
 (f) Anything to the contrary contained in this Section 10.9 notwithstanding and to the
extent permitted by the Administrator, the Transfer of any or all of the shares of Common Stock during a Participant’s lifetime or upon a Participant’s death by will or intestacy to the Participant’s Immediate Family or a trust for
the benefit of the Participant’s Immediate Family shall be exempt from the Right of 

  
 12 

 
First Refusal. As used herein, “Immediate Family” shall mean spouse, lineal descendant or antecedent, father, mother, brother or sister or stepchild (whether or not
adopted). In such case, the transferee or other recipient shall receive and hold the shares of Common Stock so Transferred subject to the provisions of this Plan (including the Right of First Refusal), the applicable Award Agreement and any other
applicable agreements governing the shares of Common Stock to be Transferred, and there shall be no further Transfer of such shares of Common Stock except in accordance with the terms of this Section 10.9 (or otherwise as expressly provided
under the Plan). 
 (g) The Right of First Refusal shall terminate as to all shares of Common Stock upon the occurrence of a Change in
Control or the Public Trading Date. 
 10.10 Data Privacy. As a condition for receiving any Award, each Participant explicitly and
unambiguously consents to the collection, use and transfer, in electronic or other form, of personal data as described in this section by and among the Company and its Parents and Subsidiaries exclusively for implementing, administering and managing
the Participant’s participation in the Plan. The Company and its Parents and Subsidiaries may hold certain personal information about a Participant, including the Participant’s name, address and telephone number; birthdate; social
security, insurance number or other identification number; salary; nationality; job title(s); any Shares held in the Company or its Parent or Subsidiaries; and Award details, to implement, manage and administer the Plan and Awards (the
“Data”). The Company and its Parents and Subsidiaries may transfer the Data amongst themselves as necessary to implement, administer and manage a Participant’s participation in the Plan, and the Company and its Parent or
Subsidiaries may transfer the Data to third parties assisting the Company with Plan implementation, administration and management. These recipients may be located in the Participant’s country, or elsewhere, and the Participant’s country
may have different data privacy laws and protections than the recipients’ country. By accepting an Award, each Participant authorizes such recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, to
implement, administer and manage the Participant’s participation in the Plan, including any required Data transfer to a broker or other third party with whom the Company or the Participant may elect to deposit any Shares. The Data related to a
Participant will be held only as long as necessary to implement, administer, and manage the Participant’s participation in the Plan. A Participant may, at any time, view the Data that the Company holds regarding such Participant, request
additional information about the storage and processing of the Data regarding such Participant, recommend any necessary corrections to the Data regarding the Participant or refuse or withdraw the consents in this Section 10.9 in writing,
without cost, by contacting the local human resources representative. The Company may cancel Participant’s ability to participate in the Plan and, in the Administrator’s discretion, the Participant may forfeit any outstanding Awards if the
Participant refuses or withdraws the consents in this Section 10.9. For more information on the consequences of refusing or withdrawing consent, Participants may contact their local human resources representative. 

10.11 Severability. If any portion of the Plan or any action taken under it is held illegal or invalid for any reason, the illegality
or invalidity will not affect the remaining parts of the Plan, and the Plan will be construed and enforced as if the illegal or invalid provisions had been excluded, and the illegal or invalid action will be null and void. 

10.12 Governing Documents. If any contradiction occurs between the Plan and any Award Agreement or other written agreement between a
Participant and the Company (or any Subsidiary) that the Administrator has approved, the Plan will govern, unless it is expressly specified in such Award Agreement or other written document that a specific provision of the Plan will not apply. 

10.13 Governing Law. The Plan and all Awards will be governed by and interpreted in accordance with the laws of the State of Delaware,
disregarding any state’s choice-of-law principles requiring the application of a jurisdiction’s laws other than the State of Delaware. 

  
 13 

 10.14 Restrictions on Shares; Claw-Back Provisions. Awards and shares of Common Stock
acquired in respect of Awards shall be subject to such terms and conditions as the Administrator shall determine, including, without limitation, restrictions on the transferability of shares of Common Stock, the right of the Company to repurchase
shares of Common Stock, the right of the Company to require that shares of Common Stock be transferred in the event of certain transactions, tag-along rights, bring-along rights, redemption and co-sale rights and voting requirements. Such terms and conditions may be additional to those contained in the Plan and may, as determined by the Administrator, be contained in the applicable Award Agreement or in an
exercise notice, stockholders’ agreement or in such other agreement as the Administrator shall determine, in each case in a form determined by the Administrator. The issuance of such shares of Common Stock shall be conditioned on the
Participant’s consent to such terms and conditions and the Participant’s entering into such agreement or agreements. All Awards (including any proceeds, gains or other economic benefit actually or constructively received by Participant
upon any receipt or exercise of any Award or upon the receipt or resale of any shares of Common Stock underlying the Award) shall be subject to the provisions of any claw-back policy implemented by the Company, including, without limitation, any
claw-back policy adopted to comply with the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder, to the extent set forth in such claw-back policy and/or in the applicable
Award Agreement. A Participant shall, as a condition to receiving an Award, agree to execute such further instruments and to take such further action as the Company requests to carry out the purposes and intent of this Section 10.14. 

10.15 Titles and Headings. The titles and headings in the Plan are for convenience of reference only and, if any conflict, the
Plan’s text, rather than such titles or headings, will control. 
 10.16 Conformity to Securities Laws. Participant acknowledges
that the Plan is intended to conform to the extent necessary with Applicable Laws. Notwithstanding anything herein to the contrary, the Plan and all Awards will be administered only in conformance with Applicable Laws. To the extent Applicable Laws
permit, the Plan and all Award Agreements will be deemed amended as necessary to conform to Applicable Laws. 
 10.17 Relationship to
Other Benefits. No payment under the Plan will be taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary except as
expressly provided in writing in such other plan or an agreement thereunder. 
 10.18 Broker-Assisted Sales. In the event of a
broker-assisted sale of Shares in connection with the payment of amounts owed by a Participant under or with respect to the Plan or Awards, including amounts to be paid under the final sentence of Section 9.5: (a) any Shares to be sold through
the broker-assisted sale will be sold on the day the payment first becomes due, or as soon thereafter as practicable; (b) such Shares may be sold as part of a block trade with other Participants in the Plan in which all participants receive an
average price; (c) the applicable Participant will be responsible for all broker’s fees and other costs of sale, and by accepting an Award, each Participant agrees to indemnify and hold the Company harmless from any losses, costs, damages,
or expenses relating to any such sale; (d) to the extent the Company or its designee receives proceeds of such sale that exceed the amount owed, the Company will pay such excess in cash to the applicable Participant as soon as reasonably
practicable; (e) the Company and its designees are under no obligation to arrange for such sale at any particular price; and (f) in the event the proceeds of such sale are insufficient to satisfy the Participant’s applicable
obligation, the Participant may be required to pay immediately upon demand to the Company or its designee an amount in cash sufficient to satisfy any remaining portion of the Participant’s obligation. 

  
 14 

 ARTICLE XI. 

DEFINITIONS 
 As used in
the Plan, the following words and phrases will have the following meanings: 
 11.1 “Administrator” means the Board
or a Committee to the extent that the Board’s powers or authority under the Plan have been delegated to such Committee. 
 11.2
“Applicable Laws” means the requirements relating to the administration of equity incentive plans under U.S. federal and state securities, tax and other applicable laws, rules and regulations, the applicable rules of any
stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws and rules of any foreign country or other jurisdiction where Awards are granted. 

11.3 “Award” means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights,
Restricted Stock, Restricted Stock Units or Other Stock or Cash Based Awards. 
 11.4 “Award Agreement” means a
written agreement evidencing an Award, which may be electronic, that contains such terms and conditions as the Administrator determines, consistent with and subject to the terms and conditions of the Plan. 

11.5 “Board” means the Board of Directors of the Company. 

11.6 “Cause,” with respect to a Participant, means “Cause” (or any term of similar effect) as defined in
such Participant’s employment agreement with the Company if such an agreement exists and contains a definition of Cause (or term of similar effect), or, if no such agreement exists or such agreement does not contain a definition of Cause (or
term of similar effect), then Cause shall include, but not be limited to: (i) the Participant’s unauthorized use or disclosure of confidential information or trade secrets of the Company or any material breach of a written agreement
between the Participant and the Company, including without limitation a material breach of any employment, confidentiality, non-compete, non-solicit or similar
agreement; (ii) the Participant’s commission of, indictment for or the entry of a plea of guilty or nolo contendere by the Participant to, a felony under the laws of the United States or any state thereof or any crime involving
dishonesty or moral turpitude (or any similar crime in any jurisdiction outside the United States); (iii) the Participant’s gross negligence or willful misconduct or the Participant’s willful or repeated failure or refusal to substantially
perform assigned duties; (iv) any act of fraud, embezzlement, material misappropriation or dishonesty committed by the Participant against the Company; or (v) any acts, omissions or statements by a Participant which the Company reasonably
determines to be materially detrimental or damaging to the reputation, operations, prospects or business relations of the Company. 
 11.7
(a) Prior to the Public Trading Date, “Change in Control” means the first to occur of one of the following events following the Plan’s effectiveness: (i) any “person” (as such term is used in Sections
13(d) and 14(d) of the Exchange Act), other than PDL, an employee benefit plan maintained by PDL or any of its subsidiaries or a “person” that, prior to such transaction, directly or indirectly controls, is controlled by, or is under
common control with, PDL, becomes the “beneficial owner” (as defined in Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more
of (A) the outstanding shares of Common Stock or (B) the combined voting power of the Company’s then-outstanding securities entitled to vote generally in the election of directors; or (ii) the Company (x) is a party to a
merger, consolidation or exchange of securities which results in PDL, or any of its subsidiaries or a “person” that, prior to such transaction, directly or indirectly controls, is controlled by, or is under common control with, PDL,
directly or indirectly, failing to continue to hold at least 50% of the combined voting power of the voting securities of the Company, the surviving entity or a 

  
 15 

 
parent of the surviving entity outstanding immediately after such merger, consolidation or exchange, or (y) sells or disposes of all or substantially all of the Company’s assets (or any
transaction or combination of transactions having similar effect is consummated) (other than a sale to PDL or any of its subsidiaries or a “person” that, prior to such transaction, directly or indirectly controls, is controlled by, or is
under common control with, PDL). 
 (b) Following the Public Trading Date, “Change in Control” means: 

(i) a transaction or series of transactions (other than an offering of Common Stock to the general public through a registration statement
filed with the Securities and Exchange Commission or a transaction or series of transactions that meets the requirements of clauses (1) and (2) of subsection (iii) below) whereby any “person” or related “group” of
“persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the Company, any of its Parents or Subsidiaries, an employee benefit plan maintained by the Company or any of its Parents or Subsidiaries or
a “person” that, prior to such transaction, directly or indirectly controls, is controlled by, or is under common control with, the Company) directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more than 50% of the total combined voting power of the Company’s securities outstanding immediately after such acquisition; or 

(ii) During any period of two consecutive years, individuals who, at the beginning of such period, constitute the Board together with any new
Director(s) (other than a Director designated by a person who shall have entered into an agreement with the Company to effect a transaction described in subsections (i) or (iii)) whose election by the Board or nomination for election by the
Company’s stockholders was approved by a vote of at least two-thirds of the Directors then still in office who either were Directors at the beginning of the
two-year period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or 

(iii) the consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more
intermediaries) of (x) a merger, consolidation, reorganization, or business combination, (y) a sale or other disposition of all or substantially all of the Company’s assets in any single transaction or series of related transactions,
or (z) the acquisition of assets or stock of another entity, in each case other than a transaction: 
 (1) which results in the
Company’s voting securities outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction,
controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor
Entity”)) directly or indirectly, at least a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction, and 

(2) after which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the Successor
Entity; provided, however, that no person or group shall be treated for purposes of this Section 11.7 as beneficially owning 50% or more of the combined voting power of the Successor Entity solely as a result of the voting power held in the
Company prior to the consummation of the transaction. 
 (c) Notwithstanding the foregoing, if a Change in Control constitutes a payment
event with respect to any Award (or portion of any Award) that provides for the deferral of compensation that is subject to Section 409A, to the extent required to avoid the imposition of additional taxes under

  
 16 

 
Section 409A, the transaction or event described in subsection (a) or (b) with respect to such Award (or portion thereof) shall only constitute a Change in Control for purposes of
the payment timing of such Award if such transaction also constitutes a “change in control event,” as defined in Treasury Regulation Section 1.409A-3(i)(5). The Administrator shall have full and
final authority, which shall be exercised in its discretion, to determine conclusively whether a Change in Control has occurred pursuant to the above definition, the date of the occurrence of such Change in Control and any incidental matters
relating thereto; provided that any exercise of authority in conjunction with a determination of whether a Change in Control is a “change in control event” as defined in Treasury Regulation
Section 1.409A-3(i)(5) shall be consistent with such regulation. Notwithstanding the foregoing, in no event will the Spin-Off constitute a Change in Control. 

11.8 “Code” means the Internal Revenue Code of 1986, as amended, and the regulations issued thereunder. 

11.9 “Committee” means one or more committees or subcommittees of the Board, which may include one or more Company
directors or executive officers, to the extent Applicable Laws permit. To the extent required to comply with the provisions of Rule 16b-3, it is intended that each member of the Committee will be, at the time
the Committee takes any action with respect to an Award that is subject to Rule 16b-3, a “non-employee director” within the meaning of Rule 16b-3; however, a Committee member’s failure to qualify as a “non-employee director” within the meaning of Rule 16b-3
will not invalidate any Award granted by the Committee that is otherwise validly granted under the Plan. 
 11.10 “Common
Stock” means the common stock of the Company. 
 11.11 “Company” means LENSAR, Inc., a Delaware
corporation, or any successor. 
 11.12 “Consultant” means any person, including any adviser, engaged by the Company
or any Parent or Subsidiary to render services to such entity if the consultant or adviser: (a) renders bona fide services to the Company; (b) renders services not in connection with the offer or sale of securities in a capital-raising
transaction and does not directly or indirectly promote or maintain a market for the Company’s securities; and (c) is a natural person. 

11.13 “Designated Beneficiary” means the beneficiary or beneficiaries the Participant designates, in a manner the
Administrator determines, to receive amounts due or exercise the Participant’s rights if the Participant dies or becomes incapacitated. Without a Participant’s effective designation, “Designated Beneficiary” will mean the
Participant’s estate. 
 11.14 “Director” means a Board member. 

11.15 “Disability” means a permanent and total disability under Section 22(e)(3) of the Code, as amended. 

11.16 “Dividend Equivalents” means a right granted to a Participant under the Plan to receive the equivalent value (in
cash or Shares) of dividends paid on Shares. 
 11.17 “Employee” means any employee of the Company or any Parent or
Subsidiary. 
 11.18 “Equity Restructuring” means, as determined by the Administrator, a non-reciprocal transaction between the Company and its stockholders, such as a stock dividend, stock split, spin-off or recapitalization through a large, nonrecurring cash
dividend, that affects the number or kind of shares of Common Stock (or other securities of the Company) or the share price of Common Stock (or other securities of the Company) and causes a change in the per share value of the Common Stock
underlying outstanding Awards. 

  
 17 

 11.19 “Exchange Act” means the Securities Exchange Act of 1934, as
amended. 
 11.20 “Fair Market Value” means, as of any date, the value of a share of Common Stock determined as
follows: (a) if the Common Stock is listed on any established stock exchange, its Fair Market Value will be the closing sales price for such Common Stock as quoted on such exchange for such date, or if no sale occurred on such date, the last
day preceding such date during which a sale occurred, as reported in The Wall Street Journal or another source the Administrator deems reliable; (b) if the Common Stock is not traded on a stock exchange but is quoted on a national market
or other quotation system, the closing sales price on such date, or if no sales occurred on such date, then on the last date preceding such date during which a sale occurred, as reported in The Wall Street Journal or another source the
Administrator deems reliable; or (c) without an established market for the Common Stock, the Administrator will determine the Fair Market Value in its discretion. Notwithstanding the foregoing, with respect to any Award granted on the pricing
date of the Company’s initial public offering, the Fair Market Value shall mean the initial public offering price of a Share as set forth in the Company’s final prospectus relating to its initial public offering filed with the Securities
and Exchange Commission. 
 11.21 “Good Reason” means (a) if a Participant is a party to a written employment
or consulting agreement with the Company or any of its Subsidiaries or an Award Agreement in which the term “good reason” is defined, “Good Reason” as defined in such agreement, and (b) if no such agreement exists,
(i) a change in the Participant’s position with the Company (or its Subsidiary employing the Participant) that materially reduces the Participant’s authority, duties or responsibilities or the level of management to which he or she
reports, (ii) a material diminution in the Participant’s level of compensation (including base salary, fringe benefits and target bonuses under any corporate performance-based incentive programs) or (iii) a relocation of the
Participant’s place of employment by more than 50 miles, provided that such change, reduction or relocation is effected by the Company (or its Subsidiary employing the Participant) without the Participant’s consent. 

11.22 “Greater Than 10% Stockholder” means an individual then owning (within the meaning of Section 424(d) of the
Code) more than 10% of the total combined voting power of all classes of stock of the Company or its parent or subsidiary corporation, as defined in Section 424(e) and (f) of the Code, respectively. 

11.23 “Incentive Stock Option” means an Option intended to qualify as an “incentive stock option” as defined
in Section 422 of the Code. 
 11.24 “Incumbent Directors” means for any period of 12 consecutive months,
individuals who, at the beginning of such period, constitute the Board together with any new Director(s) (other than a Director designated by a person who shall have entered into an agreement with the Company to effect a transaction described in
Section 11.7 whose election or nomination for election to the Board was approved by a vote of at least a majority (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for
Director without objection to such nomination) of the Directors then still in office who either were Directors at the beginning of the 12-month period or whose election or nomination for election was
previously so approved. No individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to Directors or as a result of any other actual or threatened solicitation of
proxies by or on behalf of any person other than the Board shall be an Incumbent Director. 

  
 18 

 11.25 “Non-Qualified Stock
Option” means an Option not intended or not qualifying as an Incentive Stock Option. 
 11.26 “Option”
means an option to purchase Shares, which will either be an Incentive Stock option or a Non-Qualified Stock Option. 

11.27 “Other Stock or Cash Based Awards” means cash awards, awards of Shares, and other awards valued wholly or
partially by referring to, or are otherwise based on, Shares or other property awarded to a Participant under Article VII. 
 11.28
“Overall Share Limit” means the sum of (a) 30,000,000 Shares; (b) if, on the Public Trading Date, the aggregate number of Shares remaining available for issuance pursuant to Awards which may be granted under the Plan
(not including Shares that are subject to outstanding Awards granted under the Plan) is less than 10% of the total number of Shares outstanding on such date, an increase to the Overall Share Limit on such date in an amount such that the aggregate
number of Shares available for issuance pursuant to Awards which may be granted under the Plan (not including Shares subject to outstanding Awards granted under the Plan) after such increase is equal to the lesser of (i) 10% of the total Shares
outstanding on such date or (ii) such number of Shares determined by the Board; and (c) an annual increase on the first day of each calendar year beginning with the first January 1 occurring following the Public Trading Date and
ending on and including January 1, 2030, equal to the lesser of (i) 5% of the aggregate number of shares of Common Stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of Shares as is
determined by the Board. 
 11.29 “Parent” means any entity whether domestic or foreign, in an unbroken chain of
entities ending with the Company, if each of the entities other the first entity in the unbroken chain beneficially owns, at the time of the determination, securities or interests representing more than 50% of the total combined voting power of all
classes of securities or interests in one of the other entities in such chain. 
 11.30 “Participant” means a
Service Provider who has been granted an Award. 
 11.31 “PDL” means PDL BioPharma, Inc., a Delaware
corporation or any successor thereto. 
 11.32 “Performance Criteria” mean the criteria (and
adjustments) that the Administrator may select for an Award to establish performance goals for a performance period, which may include the following: net earnings or losses (either before or after one or more of interest, taxes, depreciation,
amortization, and non-cash equity-based compensation expense); gross or net sales or revenue or sales or revenue growth; net income (either before or after taxes) or adjusted net income; profits (including but
not limited to gross profits, net profits, profit growth, net operation profit or economic profit), profit return ratios or operating margin; budget or operating earnings (either before or after taxes or before or after allocation of corporate
overhead and bonus); cash flow (including operating cash flow and free cash flow or cash flow return on capital); return on assets; return on capital or invested capital; cost of capital; return on stockholders’ equity; total stockholder
return; return on sales; costs, reductions in costs and cost control measures; expenses; working capital; earnings or loss per share; adjusted earnings or loss per share; price per share or dividends per share (or appreciation in or maintenance of
such price or dividends); regulatory achievements or compliance; implementation, completion or attainment of objectives relating to research, development, regulatory, commercial, or strategic milestones or developments; market share; economic value
or economic value added models; division, group or corporate financial goals; customer satisfaction/growth; customer service; employee satisfaction; recruitment and maintenance of personnel; human resources management; supervision of litigation and
other legal matters; strategic partnerships and transactions; financial ratios (including those measuring liquidity, activity, profitability or leverage); debt levels or reductions; sales-related goals; financing and other capital raising
transactions; cash on hand;  

  
 19 

 
acquisition activity; investment sourcing activity; and marketing initiatives, any of which may be measured in absolute terms or as compared to any incremental increase or decrease. Such
performance goals also may be based solely by reference to the Company’s performance or the performance of a Subsidiary, division, business segment or business unit of the Company or a Subsidiary, or based upon performance relative to
performance of other companies or upon comparisons of any of the indicators of performance relative to performance of other companies. 

11.33 “Plan” means this 2020 Incentive Award Plan. 

11.34 “Public Trading Date” means the earlier of (a) the date of the closing of the Spin-Off or (b) the first date upon which the Company or its successor (i) is required to file periodic reports pursuant to Section 12 of the Exchange Act or (ii) the Common Stock is listed on
one or more National Securities Exchanges (within the meaning of the Exchange Act) or is quoted on NASDAQ or a successor quotation system. 

11.35 “Restricted Stock” means Shares awarded to a Participant under Article VI subject to certain vesting
conditions and other restrictions. 
 11.36 “Restricted Stock Unit” means an unfunded, unsecured right to receive,
on the applicable settlement date, one Share or an amount in cash or other consideration determined by the Administrator to be of equal value as of such settlement date awarded to a Participant under Article VI subject to certain vesting
conditions and other restrictions. 
 11.37 “Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act. 
 11.38
“Section 409A” means Section 409A of the Code and all regulations, guidance, compliance programs and other interpretative authority thereunder. 

11.39 “Securities Act” means the Securities Act of 1933, as amended. 

11.40 “Service Provider” means an Employee, Consultant or Director. Notwithstanding anything to the contrary contained
in the Plan, no person who is an employee of PDL or one of its controlled subsidiaries shall be eligible to receive Awards under the Plan unless he or she is providing direct services to the Company or one of its Subsidiaries on the date of grant of
such Award within the meaning of Treasury Regulation Section 1.409A-1(b)(5)(iii)(E). 
 11.41
“Shares” means shares of Common Stock. 
 11.42
“Spin-Off” means the closing of the transactions contemplated by that certain Separation and Distribution Agreement to be entered into by and between PDL and the Company. 

11.43 “Stock Appreciation Right” means a stock appreciation right granted under Article V. 

11.44 “Subsidiary” means any entity (other than the Company), whether domestic or foreign, in an unbroken chain of
entities beginning with the Company if each of the entities other than the last entity in the unbroken chain beneficially owns, at the time of the determination, securities or interests representing at least 50% of the total combined voting power of
all classes of securities or interests in one of the other entities in such chain. 
 11.45 “Substitute Awards”
shall mean Awards granted or Shares issued by the Company in assumption of, or in substitution or exchange for, awards previously granted, or the right or obligation to make future awards, in each case by a company acquired by the Company or any
Subsidiary or with which the Company or any Subsidiary combines. 

  
 20 

 11.46 “Termination of Service” means the date the Participant ceases
to be a Service Provider. 
 * * * * * 

  
 21

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