Document:

Executive Severance Agreement

 Exhibit 10.2 
 EXECUTIVE SEVERANCE AGREEMENT 
 THIS EXECUTIVE SEVERANCE AGREEMENT
(“Agreement”) by and between ModusLink Global Solutions, Inc., a Delaware corporation (the “Company”), and John J. Boucher (the “Executive”), is made as of the 28th of January, 2013. 

WHEREAS, the Executive and the Company have executed an offer letter dated January 13, 2013, setting forth certain terms and
conditions of the Executive’s employment with the Company (“Offer Letter”); and 
 WHEREAS, in connection with
the Executive’s employment, the parties desire to enter into this Executive Severance Agreement; 
 NOW, THEREFORE, as an
inducement for and in consideration of the Executive entering into its employ, the Company agrees that the Executive shall be eligible to receive the severance payments and benefits set forth in this Agreement in the event the Executive’s
employment with the Company is terminated under the circumstances described and subject to the conditions below and shall be entitled to certain other rights and benefits provided herein; and for good and valuable consideration, the receipt of which
is hereby acknowledged, the parties agree as follows: 
 1. Term of Agreement. The term of this Agreement shall be from
the date hereof through the last day of Executive’s employment with the Company (the “Termination Date”). 
 2.
Not an Employment Contract. The Executive acknowledges that this Agreement does not constitute a contract of employment or impose on the Company any obligation to retain the Executive as an employee and that this Agreement does not prevent
the Executive from terminating his employment. Executive understands and acknowledges that he is an employee at will and that either he or the Company may terminate the employment relationship between them at any time and for any reason. 

3. Severance Payment. 
 (a) In the event the employment of the Executive is terminated by the Company for a reason other than for Cause (as defined below) or by the Executive for Good Reason (as defined below), the Company shall
pay to the Executive (as severance pay), the sum of his base salary and target annual bonus as in effect on the Executive’s last day of employment (exclusive of any other compensation), in regular bi-weekly payments for twelve (12) months
following the Termination Date (the “Severance Pay”). In addition, the Company shall pay the Executive in monthly installments the difference between the premium Executive is required to pay for COBRA continuation benefits under the same
type of coverage he (and if applicable his dependents) had immediately 

 
prior to the Termination Date and the amount Executive would have paid as an active employee of the Company for twelve (12) months, or if earlier, the date Executive no longer receives COBRA
coverage. In the event that the Executive is entitled to severance benefits under Section 3(b) below, this Section 3(a) shall not apply and shall have no further force or effect. 

(b) In the event the employment of the Executive is terminated by the Company for a reason other than for Cause or by the Executive for
Good Reason, within twelve (12) months following a Change of Control (as defined below) of the Company, (i) the Company shall pay to the Executive (as severance pay), the Change of Control Severance (as defined below) in regular bi-weekly
payments over the Severance Period (as defined below) and (ii) all of the Executive’s stock options and/or restricted stock which vest solely based on continued service and not based on performance, which are then outstanding shall be
immediately vested, such vested awards that were granted as restricted stock shall be free of restrictions and such vested awards that were granted as options shall remain exercisable for a period of 6 months following the Executive’s last day
of employment (but not to exceed the original term of such awards). Additionally, notwithstanding anything to the contrary in the Company’s 2010 Incentive Award Plan or any successor plan thereto regarding full vesting of options or restricted
stock under certain circumstances following a Change of Control, which the Executive hereby waives, Executive agrees that the Performance Options (as defined in the Offer Letter) shall vest only in 20% installments for each Price Performance
Threshold (as defined in the Offer Letter) which has been met at the time of the Change of Control, and any other performance based restricted stock will vest pro rata based on the proportion of the performance period completed through the
Termination Date, and at the target performance level. In addition, the Company shall pay the Executive in monthly installments the difference between the premium Executive is required to pay for COBRA continuation benefits under the same type of
coverage he (and if applicable his dependents) had immediately prior to the Termination Date and the amount Executive would have paid as an active employee of the Company for the Severance Period, or if earlier, the date Executive no longer receives
COBRA coverage. 
 (c) The Executive agrees that after the Termination Date, but prior to payment of the
severance pay called for by Section 3(a) or Section 3(b), as the case may be, he shall execute a waiver and release (including confidentiality and non-disparagement provisions), in the form attached hereto as Exhibit A, of any and
all claims he may have against the Company and its officers, employees, directors, parents, subsidiaries and affiliates. Executive understands and agrees that the payment of the severance benefits called for by this Agreement are contingent upon his
execution and delivery to the Company of the previously described release of claims and such release being effective and not revoked on the sixtieth (60th) day following the Termination Date. The severance payable under Section 3(a) or Section 3(b), as
applicable shall commence with the first payroll following the date the release of claims described above is effective ; provided, that if the period in which Executive may sign and return the release spans more than one taxable year, payment will
not commence until the later taxable year. If the release of claims is not effective on the sixtieth (60th) day after the Termination Date no severance 

  
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benefits will be payable. Executive’s rights to the severance under Section 3(a) or Section 3(b) shall constitute the sole remedy of the Executive in the event of termination of
the Executive’s employment. For purposes of this Agreement the Executive’s termination of employment shall mean his “separation from service” within the meaning of Treasury Regulation Section 1.409A-1(h). 

(d) Payments to the Executive under Sections 3(a) and 3(b) shall be bifurcated into two portions, consisting of the portion, if any, that
includes the maximum amount of the payments that does not constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the portion, if
any, that includes the excess of the total payments that does constitute nonqualified deferred compensation. Payments hereunder shall first be made from the portion that does not consist of nonqualified deferred compensation until such portion is
exhausted and then shall be made from the portion that does constitute nonqualified deferred compensation. Notwithstanding the foregoing, if the Executive is a “specified employee” as defined in Section 409A(a)(3)(B)(i) of the Code,
the commencement of the delivery of the portion that constitutes nonqualified deferred compensation will be delayed to the date that is 6 months and one day after the Executive’s termination of employment (the “Earliest Payment
Date”). Any payments that are delayed pursuant to the preceding sentence shall be paid pro rata during the period beginning on the Earliest Payment Date and ending on the date that is 12 months following termination of the Executive’s
employment. The determination of whether, and the extent to which, any of the payments to be made to the Executive hereunder are nonqualified deferred compensation shall be made after the application of all applicable exclusions under Treasury Reg.
§ 1.409A-1(b)(9). Any payments that are intended to qualify for the exclusion for separation pay due to involuntary separation from service set forth in Treasury Regulation Section 1.409A-1(b)(9)(iii) must be paid no later than the last
day of the second taxable year of the Executive following the taxable year of the Executive in which the Executive’s termination of employment occurs. 
 (e) (i) Notwithstanding any other provision of this Agreement, except as set forth in Section 3(e)(ii), in the event that the Company undergoes a “Change in Ownership or Control” (as
defined below), the Company shall not be obligated to provide to the Executive a portion of any “Contingent Compensation Payments” (as defined below) that the Executive would otherwise be entitled to receive to the extent necessary to
eliminate any “excess parachute payments” (as defined in Section 280G(b)(1) of the Code) for the Executive. For purposes of this Section 3(e), the Contingent Compensation Payments so eliminated shall be referred to as the
“Eliminated Payments” and the aggregate amount (determined in accordance with Treasury Regulation Section 1.280G-1, Q/A-30 or any successor provision) of the Contingent Compensation Payments so eliminated shall be referred to as the
“Eliminated Amount.” 
 (ii) Notwithstanding the provisions of Section 3(e)(i), no such reduction in Contingent
Compensation Payments shall be made if (i) the Eliminated Amount (computed without regard to this sentence) exceeds (ii) the aggregate present value (determined in accordance with Treasury Regulation Section 1.280G-1, Q/A-31 and
Q/A-32 or any successor provisions) of the amount of any additional taxes that would 

  
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be incurred by the Executive if the Eliminated Payments (determined without regard to this sentence) were paid to him (including, state and federal income taxes on the Eliminated Payments, the
excise tax imposed by Section 4999 of the Code payable with respect to all of the Contingent Compensation Payments in excess of the Executive’s “base amount” (as defined in Section 280G(b)(3) of the Code), and any
withholding taxes). The override of such reduction in Contingent Compensation Payments pursuant to this Section 3(e)(ii) shall be referred to as a “Section 3(e)(ii) Override.” For purposes of this paragraph, if any federal or
state income taxes would be attributable to the receipt of any Eliminated Payment, the amount of such taxes shall be computed by multiplying the amount of the Eliminated Payment by the maximum combined federal and state income tax rate provided by
law. 
 (iii) For purposes of this Section 3(e), the following terms shall have the following respective meanings:

 (A) “Change in Ownership or Control” shall mean a change in the ownership or effective control of the Company or
in the ownership of a substantial portion of the assets of the Company determined in accordance with Section 280G(b)(2) of the Code. 
 (B) “Contingent Compensation Payment” shall mean any payment (or benefit) in the nature of compensation that is made or made available (under this Agreement or otherwise) to a “disqualified
individual” (as defined in Section 280G(c) of the Code) and that is contingent (within the meaning of Section 280G(b)(2)(A)(i) of the Code) on a Change in Ownership or Control of the Company. 

(iv) Any payments or other benefits otherwise due to the Executive following a Change in Ownership or Control that could reasonably be
characterized (as determined by the Company) as Contingent Compensation Payments (the “Potential Payments”) shall not be made until the dates provided for in this Section 3(e)(iv). Within 30 days after each date on which the Executive
first becomes entitled to receive (whether or not then due) a Contingent Compensation Payment relating to such Change in Ownership or Control, the Company shall determine and notify the Executive (with reasonable detail regarding the basis for its
determinations) (i) which Potential Payments constitute Contingent Compensation Payments, (ii) the Eliminated Amount and (iii) whether the Section 3(e)(ii) Override is applicable. Within 30 days after delivery of such notice to
the Executive, the Executive shall deliver a response to the Company (the “Executive Response”) stating either (A) that he agrees with the Company’s determination pursuant to the preceding sentence, in which case he shall
indicate, if applicable, which Contingent Compensation Payments, or portions thereof (the aggregate amount of which, determined in accordance with Treasury Regulation Section 1.280G-1, Q/A-30 or any successor provision, shall be equal to the
Eliminated Amount), shall be treated as Eliminated Payments or (B) that he disagrees with such determination, in which case he shall set forth (i) which Potential Payments should be characterized as Contingent Compensation Payments,
(ii) the Eliminated Amount, (iii) whether the Section 3(e)(ii) Override is applicable, and (iv) which (if any) Contingent Compensation Payments, or portions thereof (the aggregate amount of which, determined in accordance

  
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with Treasury Regulation Section 1.280G-1, Q/A-30 or any successor provision, shall be equal to the Eliminated Amount, if any), shall be treated as Eliminated Payments. In the event that the
Executive fails to deliver an Executive Response on or before the required date, the Company’s initial determination shall be final and the Contingent Compensation Payments that shall be treated as Eliminated Payments shall be determined by the
Company in its absolute discretion. If the Executive states in the Executive Response that he agrees with the Company’s determination, the Company shall make the Potential Payments to the Executive within three business days following delivery
to the Company of the Executive Response (except for any Potential Payments which are not due to be made until after such date, which Potential Payments shall be made on the date on which they are due). If the Executive states in the Executive
Response that he disagrees with the Company’s determination, then, for a period of 60 days following delivery of the Executive Response, the Executive and the Company shall use good faith efforts to resolve such dispute. If such dispute is not
resolved within such 60-day period, such dispute shall be settled exclusively by arbitration in Boston, Massachusetts, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the
arbitrator’s award in any court having jurisdiction. The Company shall, within three business days following delivery to the Company of the Executive Response, make to the Executive those Potential Payments as to which there is no dispute
between the Company and the Executive regarding whether they should be made (except for any such Potential Payments which are not due to be made until after such date, which Potential Payments shall be made on the date on which they are due). The
balance of the Potential Payments shall be made within three business days following the resolution of such dispute. 
 (v) The
provisions of this Section 3(e) are intended to apply to any and all payments or benefits available to the Executive under this Agreement or any other agreement or plan of the Company under which the Executive receives Contingent Compensation
Payments. 
 4. Definitions. For purposes of this Agreement, the following terms shall have the following meanings:

 (a) “Cause” shall mean a good faith finding by a majority of the members of the Board of Directors of the Company,
after giving the Executive an opportunity to be heard, of: (i) gross negligent or willful misconduct by the Executive in connection with his employment duties, (ii) failure by the Executive (other than due to disability) to perform his
duties or responsibilities required pursuant to his employment, after written notice and an opportunity to cure, (iii) misappropriation by the Executive of the assets or business opportunities of the Company, or its affiliates,
(iv) embezzlement or other financial or other fraud committed by the Executive, (v) the Executive knowingly allowing any third party to commit any of the acts described in any of the preceding clauses (iii) or (iv), or (vi) the
Executive’s indictment for, conviction of, or entry of a plea of no contest with respect to, any felony or any crime involving moral turpitude. 
 (b) “Good Reason” shall mean: (i) the unilateral relocation by the Company of the Executive’s principal work place for the Company to a site more than 60 miles from the
Executive’s principal office, (ii) a material reduction in the Executive’s then-current 

  
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salary without the Executive’s consent or (iii) material diminution of the Executive’s duties, authority or responsibilities, without the Executive’s consent. In order to
establish “Good Reason” for a termination, the Executive must provide notice to the Company of the existence of the condition giving rise to the “Good Reason” within 90 days following the initial existence of the condition, and
the Company has 30 days following receipt of such notice to remedy such condition. 
 (c) “Change of Control” shall
mean the first to occur of any of the following: 
 (A) the acquisition by an individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934 (the “Exchange Act”)) (a “Person”) of beneficial ownership of any capital stock of the Company if, after such acquisition, such Person beneficially owns
(within the meaning of Rule 13d-3 promulgated under the Exchange Act) 50% or more of either (x) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (y) the combined voting power
of the then-outstanding securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (A), any acquisition directly
from the Company shall not constitute a Change in Control; or 
 (B) such time as the Continuing Directors (as defined below) do
not constitute a majority of the Board of Directors of the Company (the “Board”) (or, if applicable, the Board of Directors of a successor corporation to the Company), where the term “Continuing Director” means at any date a
member of the Board (x) who was a member of the Board on the date of this Agreement or (y) who was nominated or elected subsequent to such date by at least a majority of the directors who were Continuing Directors at the time of such
nomination or election or whose election to the Board was recommended or endorsed by at least a majority of the directors who were Continuing Directors at the time of such nomination or election; provided, however, that there shall be excluded from
this clause (y) any individual whose initial assumption of office occurred as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or
consents, by or on behalf of a person other than the Board; or 
 (C) the consummation of a merger, consolidation,
reorganization, recapitalization or share exchange involving the Company or a sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), unless, immediately following such Business
Combination, each of the following two conditions is satisfied: (x) all or substantially all of the individuals and entities who were the beneficial owners of the Outstanding Company Common Stock and Outstanding Company Voting Securities
immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding securities entitled to vote generally in the
election of directors, respectively, of the resulting or acquiring corporation in such Business Combination (which shall include, without limitation, a corporation which as a result of such transaction owns the Company or substantially all of the
Company’s assets either directly or through one or more subsidiaries) (such 

  
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resulting or acquiring corporation is referred to herein as the “Acquiring Corporation”) in substantially the same proportions as their ownership of the Outstanding Company Common Stock
and Outstanding Company Voting Securities, respectively, immediately prior to such Business Combination and (y) no Person (excluding any employee benefit plan (or related trust) maintained or sponsored by the Company or by the Acquiring
Corporation) beneficially owns, directly or indirectly, 40% or more of the then-outstanding shares of common stock of the Acquiring Corporation, or of the combined voting power of the then-outstanding securities of such corporation entitled to vote
generally in the election of directors (except to the extent that such ownership existed prior to the Business Combination); or 

(D) the liquidation or dissolution of the Company. 
 (d) “Change of Control Severance” means: 
 (i) if the Change of Control
occurs on or prior to July 31, 2013, 1.5 times the sum of (A) Executive’s annual base salary as in effect on the Termination Date, plus (B) Executive’s target bonus for the fiscal year of the Termination Date; or 

(ii) if the Change of Control occurs after July 31, 2013, then 2 times the sum of (A) Executive’s base salary as in effect
on the Termination Date, plus (B) Executive’s target bonus for the fiscal year of the Termination Date. 
 (e)
“Severance Period” means (i) 18 months if the Change in Control occurs on or prior to July 31, 2013 and (ii) 24 months if the Change in Control occurs after July 31, 2013. 

5. Termination of Employment. Upon termination of Executive’s employment with the Company for any reason, in addition to any
severance payments which may be payable under this Agreement, Executive shall be entitled to receive all salary and benefits through the Termination Date. 
 6. Miscellaneous. 
 (a) Notices. Any notices delivered under this
Agreement shall be deemed duly delivered four business days after it is sent by registered or certified mail, return receipt requested, postage prepaid, or one business day after it is sent for next-business day delivery via a reputable nationwide
overnight courier service, in each case to the address of the recipient set forth in the introductory paragraph hereto. Either party may change the address to which notices are to be delivered by giving notice of such change to the other party. All
notices to the Company shall also be addressed to the Company’s General Counsel. 
 (b) Pronouns. Whenever the
context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular forms of nouns and pronouns shall include the plural, and vice versa. 

  
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 (c) Entire Agreement. This Agreement shall constitute the entire agreement between
the parties regarding the matters addressed herein and supersede all prior agreements and understandings, whether written or oral, relating to the subject matter of such agreements. If there shall be any inconsistency (including, without limitation,
identical capitalized terms with less than identical meanings) between the Agreement, and any other agreement (including the Offer Letter), plan, award, program or practice of the Company whether now existing or hereafter adopted or amended, then
this Agreement shall control, unless the Executive and the Company hereafter have agreed otherwise in writing and such other agreement, plan, program or practice specifically refers to the provision of the Agreements affected thereby. 

(d) Section 409A. This Agreement is intended to comply with the provisions of Section 409A and the Agreement shall, to
the extent practicable, be construed in accordance therewith. Terms defined in the Agreement shall have the meanings given such terms under Section 409A if and to the extent required in order to comply with Section 409A. No payments
to be made under this Agreement may be accelerated or deferred except as specifically permitted under Section 409A. In the event that the Agreement shall be deemed not to comply with Section 409A, then neither the Company, the Board nor
its or their designees or agents shall be liable to the Executive or other person for actions, decisions or determinations made in good faith. 
 (e) Amendment. This Agreement may be amended or modified only by a written instrument executed by both the Company and the Executive. 

(f) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of
Massachusetts. Any action, suit or other legal arising under or relating to any provision of this Agreement shall be commenced only in a court of the Commonwealth of Massachusetts (or, if appropriate, a federal court located within Massachusetts),
and the Company and the Executive each consents to the jurisdiction of such a court. The Company and the Executive each hereby irrevocably waive any right to a trial by jury in any action, suit or other legal proceeding arising under or relating to
any provision of this Agreement. 
 (g) Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of both parties and their respective successors and assigns, including any corporation with which or into which the Company may be merged or which may succeed to its assets or business, provided, however, that the obligations of the
Executive are personal and shall not be assigned by him. 
 (h) Waivers. No delay or omission by the Company in
exercising any right under this Agreement shall operate as a waiver of that or any other right. A waiver or consent given by the Company on any one occasion shall be effective only in that instance and shall not be construed as a bar or waiver of
any right on any other occasion. 

  
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 (i) Captions. The captions of the sections of this Agreement are for convenience of
reference only and in no way define, limit or affect the scope or substance of any section of this Agreement. 
 (j)
Severability. In case any provision of this Agreement shall be invalid, illegal or otherwise unenforceable, the validity, legality and enforceability of the remaining provisions shall in no way be affected or impaired thereby. 

* * * * * 
 THE
EXECUTIVE ACKNOWLEDGES THAT HE HAS CAREFULLY READ THIS AGREEMENT AND UNDERSTANDS AND AGREES TO ALL OF THE PROVISIONS IN THIS AGREEMENT. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year set forth above. 

 

					
	ModusLink Global Solutions, Inc.
		
	By:	 	 /s/ Peter L. Gray

	Name:	 	Peter L. Gray
	Title:	 	Executive Vice President, Chief Administrative Officer and General Counsel
	
	Executive
	
	 /s/ John J. Boucher

	Name:	 	John J. Boucher

  
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 Exhibit A 
 FORM OF AGREEMENT AND GENERAL RELEASE LETTER IN CONNECTION WITH TERMINATION OF EMPLOYMENT 

[The language in
this Release may change based on legal developments and evolving best practices; this form is provided as an example of what will be included in the final Release
document.] 
 [DATE]

 John J. Boucher 
 [Address]

 Dear John, 

In connection with the termination of your employment with ModusLink Global Solutions, Inc. (the “Company”) effective
[DATE] (the “Termination Date”), you are eligible to receive certain benefits described in Section 3[(c) or (b)] (the “Severance Benefits”) of that the Executive Severance Agreement dated January     ,
2013 by and between you and the Company (the “Severance Agreement”) as set forth on Appendix A hereto, if you sign and return this letter agreement (the “Agreement”) to the [TITLE] of the Company by [DATE 53 DAYS AFTER
TERMINATION DATE]. By signing and returning this Agreement, you will be entering into a binding agreement with the Company and will be agreeing to the terms and conditions set forth in the numbered paragraphs below, including the release of
claims set forth in Section 2 and the covenant not to sue in Section 3. Therefore, you are advised to consult with your attorney before signing this Agreement and you may take up [twenty-one (21) or forty-five (45)]1 to do so. If you sign this Agreement, you may change your mind and
revoke your agreement during the seven (7) day period after you have signed it. If you do not so revoke, this Agreement will become a binding agreement between you and the Company upon the expiration of the seven (7) day revocation period.

 If you choose not to sign and return this Agreement by [DATE 53 DAYS AFTER TERMINATION DATE], you shall not receive from the
Company any of the Severance Benefits. You will, however, receive payment of all wages and accrued but unused vacation time through the Termination Date. Also, regardless of signing this Agreement, you may elect to continue receiving group medical
insurance pursuant to the federal “COBRA” law, 29 U.S.C. § 1161 et seq. Except as specifically set forth in the Severance Agreement, all premium costs shall be paid by you on a monthly basis for as long as, and

  

	1 	 21 days applies to one off terminations and 45 days to termination of employee 40 years or older in a layoff, restructuring or other job action
affecting 2 or more persons (a “group termination”) 

  
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to the extent that, you remain eligible for COBRA continuation. You should consult the COBRA materials to be provided by the Company for details regarding benefits. All other benefits, including
life insurance and long term disability, will cease upon your Termination Date. 
 The following numbered paragraphs set forth
the terms and conditions which will apply if you timely sign and return this Agreement and you do not revoke it within the seven (7) day period: 
  

	 	1.	Description of Severance Benefits - If you timely sign and return this Agreement and do not revoke it within the seven (7) day revocation period, you
will receive the Severance Benefits. You and the Company acknowledge and agree that the Severance Benefits are accurately described on Appendix A hereto and include all benefits due and owing to you under the Severance Agreement; provided that you
are only entitled to the Severance Benefits if you timely sign and return this Agreement and do not revoke it within the seven (7) day revocation period, and then only in accordance with this Agreement. 

 

	 	2.	 Release - In consideration of the payment of the Severance Benefits, which you acknowledge you would not otherwise be entitled to
receive, you, on behalf of yourself and any past, present or future heirs, executors, administrators, or assigns (the “Releasing Parties”) hereby fully, forever, irrevocably and unconditionally release, remise and discharge the Company,
its officers, directors, stockholders, corporate affiliates (that is, entities controlling, controlled by or under common control with the Company), subsidiaries, parent companies, agents and employees (each in their individual and corporate
capacities) (hereinafter, the “Released Parties”) from any and all claims, charges, complaints, demands, actions, causes of action, suits, rights, debts, sums of money, costs, accounts, reckonings, covenants, contracts, agreements,
promises, doings, omissions, damages, executions, obligations, liabilities, complaints and expenses (including attorneys’ fees and costs), of every kind and nature, whether known or unknown, which you or the Releasing Parties ever had or now
have through the date you sign this Agreement, against the Released Parties, including but not limited to, (a) all claims arising out of your employment with, compensation during and/or separation from the Company, other than the claims for
Severance Benefits (b) all employment discrimination claims under Title VII of the Civil Rights Act of 1964, 42 U.S.C. §2000e et seq., the Age Discrimination in Employment Act and the Older Worker Benefit Protection Act, 29
U.S.C. §621 et seq., arising before the execution of this Agreement, the Americans With Disabilities Act of 1990, 42 U.S.C., §12101 et seq., all as amended, and any other similar state laws, (c) all claims arising out of
the Family and Medical Leave Act, 29 U.S.C. § 2601 et seq., the Fair Credit Reporting Act, 15 U.S.C. §1681 et seq., the Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. § 1001
et seq., the Worker Adjustment and Retraining Notification Act, 29 U.S.C. § 2101 et seq., all as amended, the 

  
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Equal Pay Act, the Massachusetts Fair Employment Rights Act; (k) the Annotated Laws of Massachusetts at Part I, Title XXI, Chapter 149 and any similar state laws, (d) all common law
claims including, but not limited to, actions in tort, defamation, libel, slander, breach of contract, fraud, misrepresentation, harassment, retaliation, violation of public policy, wrongful dismissal or discharge, implied covenant of good faith and
fair dealing (e) all claims to any non-vested ownership interest in the Company or its affiliates, contractual or otherwise, including, but not limited to, claims to stock or stock options, (f) all claims arising out of or related to the
payment or non-payment of wages, expense and the provision of breaks, and (g) any claim or damage, including without limitation, compensatory dames, punitive damages, injunctive relief or attorneys’ fees arising out of, or otherwise
occurring during, your employment with or separation from the Company (including a claim for retaliation) under any common law theory or any federal, state or local statute or ordinance not expressly referenced above; provided, however, that nothing
in this Agreement prevents you from filing, cooperating with, or participating in any proceeding before the Equal Employment Opportunity Commission or a state fair employment practices agency (except that you acknowledge that you may not be able to
recover any monetary benefits in connection with any such claim, charge or proceeding). This Release (i) does not waive any rights or claims that you may have that arise after the date you sign this Agreement (ii) shall not constitute a
waiver of any rights to indemnification that you may have, including under the Company’s charter, bylaws or under any applicable insurance policy, (iii) rights you may have as a shareholder of the Company, (iv) claims for unemployment
compensation pursuant to the terms of applicable state law, or (v) any claims that cannot be waived by law. 

  

	 	3.	 Covenant Not to Sue. You hereby agree and acknowledge that you will not sue, commence, assert, bring or file in any court or other
tribunal, in any jurisdiction, any suit, action, litigation, complaint, cross-complaint, counterclaim, third-party complaint, petition or other pleading or proceeding, or otherwise seek affirmative relief against any Released Party on account of any
and all claims released pursuant to Section 2 hereof. You intend in granting this release that it shall be effective as a bar to each and every such claim, and expressly consents that the release in Section 2 shall be given full force and
effect according to its terms and provisions, including those relating to unknown and unsuspected claims, if any (notwithstanding any federal, state or local law that expressly limits the effectiveness of a general release of unknown, unsuspected
and unanticipated claims), as well as those relating to any other claims described or implied above. You further agree that in the event that you or any Releasing Party brings any claim in which you or any Releasing Party seeks damages against any
Released Party or in the event you or any Releasing Party seeks to recover against any Released Party in any claim brought by a governmental agency on your behalf or on behalf of any Releasing Party, this Agreement shall serve as a complete defense
to such claims. You understand and agree that this Agreement and the transactions 

  
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contemplated hereby are not in any way to be interpreted as admissions by any Released Party that you or any Releasing Party has any viable claims against any Released Party.

  

	 	4.	Representation and Warranties. You hereby represent and warrant that there has been, and there will be, no assignment or other transfer of any right or
interest in any claims released pursuant to this Agreement, and that you hereby agree to indemnify and hold each Released Party harmless from and against any claims, costs, expenses and attorney’s fees directly or indirectly incurred by any of
the Released Parties as a result of any person or entity asserting any right or interest pursuant to your assignment or transfer of any such claims. You also represent and agree that you: (i) have been paid and/or have received all
compensation, wages, bonuses, and/or benefits to which you may be entitled and that no other amounts and/or benefits are due to you except as provided in this Agreement; (ii) have no known workplace injuries or occupational diseases and you
either have been provided or you have not been denied any leave requested under the Family and Medical Leave Act; (iii) are not eligible to receive payments or benefits under any other severance pay, policy, plan, practice or arrangement of any
of the Released Parties; (iv) have not complained of and you are not aware of any fraudulent activity or any act(s) which would form the basis of a claim of fraudulent or illegal activity by the Company or any other Released Party; and
(v) you have not filed any complaint, charge, claim or proceeding, against any of the Released Parties before any local, state, federal or foreign agency, court or other body and you are not aware of any basis on which any such a complaint,
charge, claim or proceeding could reasonably be instituted. 

  

	 	5.	Non-Disclosure, Non-Competition and Non-Solicitation - You acknowledge your obligation to keep confidential all non-public information concerning the
Company and its affiliates which you acquired during the course of your employment with the Company, as stated more fully in any non-disclosure agreement you executed at the inception of your employment, or during your employment, any of which
remain in full force and effect. You further acknowledge and reaffirm your obligations under any non-competition agreement, to the extent enforceable under applicable state law, non-solicitation agreement, or any other agreement regarding your
commitments to the Company that by its terms survives termination of your employment, that you previously executed for the benefit of the Company at the inception of your employment, or during your employment, any of which also remains in full force
and effect. 

  

	 	6.	Waiver of Unknown Claims - It is the intention of the parties hereto that the foregoing release shall be construed in the broadest sense possible
and shall be effective as a prohibition to all claims, charges, actions, suits, demands, obligations, damages, injuries, liabilities, losses, and causes of action of every character, nature, kind or description, known or unknown, and suspected or
unsuspected, that you may have against the Released Parties. 

  
 13 

	 	7.	Return of Company Property - Regardless of whether or not you execute this Agreement, you agree to return and you are obligated to return within seven
(7) days of your termination of employment all Company property including, but not limited to, keys, files, records (and copies thereof), computer hardware and software, cellular phones, pagers, and Company vehicle, which is in your possession
or control. You further agree to leave intact all electronic Company documents, including those which you developed or help develop during your employment. You further confirm that you have cancelled all accounts for your benefit, if any, in the
Company’s or its affiliates’ names, including, but not limited to, credit cards, telephone charge cards, cellular phone and/or pager accounts and computer accounts. You hereby certify that you have not retained any confidential Company
information and have not downloaded or otherwise preserved any confidential Company information. 

  

	 	8.	Cooperation - You agree to cooperate fully with the Company and its affiliates in the defense or prosecution of any claims or actions now in existence or
which may be brought in the future (whether before or after the Termination Date) against or on behalf of the Company or its affiliates relating to events or occurrences that transpired during your employment with the Company and its affiliates.
Your full cooperation in connection with such claims or actions shall include, but not be limited to, meeting with counsel to prepare for trial, cooperating in discovery and providing affidavits and testimony as may be required or deemed necessary
by the Company. If it is necessary for you to travel in fulfilling your obligation to cooperate, the Company shall authorize reimbursement for all travel expenses in accordance with the Company’s policies, including lodging, which you incur,
subject to your provision of all documentation requested by the Company. 

  

	 	9.	Non-Disparagement - You understand and agree that as a condition for payment to you of the consideration herein described, you shall not make any false,
disparaging or derogatory statements to any media outlet, industry group, financial institution or current or former employee, consultant, client or customer of the Company regarding the Company or any of the Released Parties, including without
limitation, its directors, officers, employees, agents or representatives or about the Company’s business affairs and financial condition. 

  

	 	10.	Amendment - This Agreement shall be binding upon the parties and may not be modified in any manner, except by an instrument in writing of concurrent or
subsequent date signed by duly authorized representatives of the parties hereto. This Agreement is binding upon and shall inure to the benefit of the parties and their respective agents, assigns, heirs, executors, successors and administrators.

  

	 	11.	 Waiver of Rights - No delay or omission by the Company in exercising any right under this Agreement shall operate as a waiver of that or
any other right. 

  
 14 

	 	
A waiver or consent given by the Company on any one occasion shall be effective only in that instance and shall not be construed as a bar or waiver of any right on any other occasion.

  

	 	12.	Validity - Should any provision of this Agreement be declared or be determined by any court of competent jurisdiction to be illegal or invalid, the
validity of the remaining parts, terms or provisions shall not be affected thereby and said illegal or invalid part, term or provision shall be deemed not to be a part of this Agreement. 

 

	 	13.	Violation - You understand and agree that, in the event you violate any of your commitments set forth in this Agreement, including but not limited to,
those set forth in paragraphs 3, 5, 6, 7, 8 and 9, all Severance Benefits will cease immediately. 

  

	 	14.	Nature of Agreement - You understand and agree that this Agreement sets forth certain agreements in relation to the termination of your employment, but
does not constitute an admission of liability or wrongdoing on the part of the Company, or any other person. 

  

	 	15.	Acknowledgments - The general release above includes a waiver of rights and claims which you may have arising under the Age Discrimination in
Employment Act of 1967 (Title 29, United States Code, Sections 621, et seq.) (“ADEA”). You are advised to consult with your attorney regarding your waiver of rights and claims under the ADEA. You understand that by signing this
Agreement, you waive your rights or claims under the ADEA and that you have received consideration beyond that to which you were previously entitled. You further understand that you are not waiving rights or claims under that ADEA that may arise
after the effective date of this fully executed Agreement. 

 You further understand that: 

(a) i. You have a period of up to twenty-one (21) days from receipt of this Agreement to consider whether you wish
to execute this Agreement and that the Company advised you to consult with any attorney of your own choosing to consider whether you wish to execute this Agreement; and 
 ii. You have a period of seven (7) days, commencing with the day after the date of your signature on this Agreement, to revoke your signature and cancel your agreement to waive your rights under the
ADEA. To revoke, you must notify [TITLE] [ADDRESS], in writing of the revocation within the seven (7) day period. You understand that this Agreement will not be effective until the seven-day period has expired without revocation.

  
 15 

	 	16.	Voluntary Assent - You affirm that no other promises or agreements of any kind have been made to or with you by any person or entity whatsoever to cause
you to sign this Agreement, and that you fully understand the meaning and intent of this Agreement. You state and represent that you have had an opportunity to fully discuss and review the terms of this Agreement with an attorney. You further state
and represent that you have carefully read this Agreement, including its attachments, understand the contents herein, freely and voluntarily assent to all of the terms and conditions hereof, and sign your name of your own free act.

  

	 	17.	Applicable Law - This Agreement shall be interpreted and construed by the laws of the Commonwealth of Massachusetts, without regard to conflict of
law provisions. You hereby irrevocably submit to and acknowledge and recognize the jurisdiction of the courts of the Commonwealth of Massachusetts or if appropriate, a federal court located in the Commonwealth of Massachusetts, (which courts,
for purposes of this Agreement, are the only courts of competent jurisdiction), over any suit, action or other proceeding arising out of, under or in connection with this Agreement or the subject matter hereof. 

 

	 	18.	Entire Agreement - This Agreement, including its attachments, contains and constitutes the entire understanding and agreement between the parties hereto
with respect to your benefits in connection with termination and the settlement of claims against the Company and its affiliates and cancels all previous oral and written negotiations, agreements, commitments, writings in connection therewith.
Nothing in this paragraph, however, shall modify, cancel or supersede your obligations set forth in paragraph 3. 

If you have any questions about the matters covered in this Agreement, please call [NAME AND NUMBER]. 

 

			
	Very truly yours,
		
	By:	 	  

		 	[NAME]
		 	[TITLE]

 I hereby agree to the terms and conditions set forth. I have been given at least twenty-one
(21) days to consider this Agreement (including its attachments) and I have chosen to execute this Agreement on the date below. I intend that this Agreement will become a binding agreement between me and the Company if I do not revoke my
acceptance in seven (7) days. 
  

					
	  
	 		  	Date
	  
	 		  	
	John J. Boucher	 		  	

 To be returned by [DATE 53 DAYS AFTER TERMINATION DATE].  

  
 16 

 ATTACHMENT A 

DESCRIPTION OF SEVERANCE BENEFITS 
 [To be completed at termination based on applicable provisions of Severance Agreement] 

  
 17LAM Research Corporation 1999 Employee Stock Purchase Plan

 Exhibit 4.20 
 LAM RESEARCH CORPORATION 
 1999 EMPLOYEE STOCK PURCHASE PLAN

 Amended and Restated Effective as of November 1, 2012 

 

	1.	Purpose. 

This Amended and Restated Lam Research Corporation 1999 Employee Stock Purchase Plan (“Plan”) is amended and restated as of
November 1, 2012. The Plan is intended to provide employees of the Company and its Designated Subsidiaries with an opportunity to purchase Common Stock of the Company through accumulated payroll deductions. The Company’s intention is to
have the Plan qualify as an “employee stock purchase plan” under Section 423 of the Code (the “423(b) Plan”), although the Company makes no undertaking or representation to maintain such qualification. The provisions of the
423(b) Plan, accordingly, will be construed so as to extend and limit Plan participation in a uniform and nondiscriminatory basis consistent with the requirements of Section 423(b) of the Code. In addition, this Plan document authorizes the
grant of rights to purchase stock pursuant to rules, procedures or sub-plans adopted by the Board or Administrator that are designed to achieve tax, securities law or other Company compliance objectives in particular locations outside the United
States. 
 All grants made to participants outside of the United States shall be deemed to be made under a Non-U.S. Sub-Plan,
unless otherwise designated at the time of grant. 
  

	2.	Definitions. 

(a) “Administrator” means the Board, the Compensation Committee of the Board or any committee the Board may
subsequently appoint to administer the Plan pursuant to Section 14 hereof, if one is appointed. If at any time or to any extent the Board shall not administer the Plan, then the functions of the Board specified in the Plan shall be exercised by
the Administrator. The VP of Human Resources shall administer the Non-U.S. Sub-Plans of the Plan and shall be the “Administrator” for such purposes. 
 (b) “Annual Increase” means the number of shares of Common Stock that, pursuant to Section 13, may annually be added to the number of shares issuable under the Plan. As
of August 27, 2012, this definition is no longer used. 
 (c) “Board” means the Board of
Directors of the Company. 
 (d) “Code” means the Internal Revenue Code of 1986, as amended.

 (e) “Common Stock” means the Common Stock of the Company. 

(f) “Company” means Lam Research Corporation, a Delaware corporation. 

(g) “Compensation” means all regular, straight-time gross earnings, exclusive of payments for overtime,
shift premium, incentive compensation, incentive payments, bonuses, commissions, or other compensation. 

(h) “Continuous Status as an Employee” means the absence of any interruption or termination of service as an
Employee. Continuous Status as an Employee shall not be considered interrupted in the case of a leave of absence agreed to in writing by the Company, provided that such leave is for a period of not more than 90 days or re-employment upon the
expiration of such leave is guaranteed by contract or statute. 
 (i) “Designated Subsidiaries”
means the Subsidiaries that have been designated by the Board or Administrator from time to time in its sole discretion as eligible to participate in this Plan. 
 (j) “Employee” means any person, including an officer or an employee member of the Board of Directors, who is customarily employed for at least 20 hours per week by the
Company or one of its Designated Subsidiaries. For purposes of the 423(b) Plan, whether an individual qualifies as an Employee shall be determined by the Administrator, in its sole discretion, by reference to Section 3401(c) of the Code and the
regulations promulgated thereunder. Unless the Administrator makes a contrary determination, the Employees of the Company shall, for all purposes of the 423(b) Plan, be those individuals who satisfy the customary employment criteria set forth above
and are carried as employees by the Company or a Designated Subsidiary for regular payroll purposes. For purposes of a Non U.S. Sub-Plan, the Administrator may determine that Employees are eligible to participate even if they are employed for less
than twenty (20) hours per week if, in the Administrator’s sole judgment, applicable laws require such a determination. 

 (k) “Exercise Date” means such business days during each
Offering Period of this Plan as may be identified by the Administrator pursuant to Section 8 of this Plan. 

(l) “Interim Offering Date” means the first business day following an Exercise Date other than the last
Exercise Date of an Offering Period. 
 (m) “Maximum Share Amount” means the maximum number of
shares of Common Stock that a Participant can purchase during any single Offering Period as set forth in Section 3(d)(ii) of this Plan. 
 (n) “Non-U.S. Sub-Plan” shall mean a sub-plan of the Plan that does not necessarily meet the requirements set forth in Section 423(b) of the Code, as amended. 

(o) “Offering Date” means the first business day of an Offering Period. 

(p) “Offering Period” means a period established by the Administrator pursuant to Section 4 of this
Plan during which payroll deductions are accumulated from Participants and applied to the purchase of Common Stock. 

(q) “Participant” means an Employee who has elected to participate in this Plan pursuant to Section 5
hereof. 
 (r) “Plan” means this Amended and Restated Lam Research Corporation 1999 Employee Stock
Purchase Plan, including both the 423(b) Plan and any Non-U.S. Sub-Plan unless otherwise indicated. 

(s) “Purchase Right” means a right to purchase Common Stock granted pursuant to Section 7 of this Plan.

 (t) “Subsidiary” means a corporation, domestic or foreign, of which not less than 50% of the
voting shares are held by the Company or a Subsidiary, whether or not such corporation now exists or is hereafter organized or acquired by the Company or a Subsidiary. 
 (u) “423(b) Plan” means an employee stock purchase plan that is designed to meet the requirements set forth in Section 423(b) of the Code, as amended. The provisions of this
423(b) Plan should be construed, administered and enforced in accordance with Section 423(b) of the Code. 
  

	3.	Eligibility; Accrual and Purchase Limits. 

 (a) Regular Participation. Any person who is, or will be, an Employee on the Offering Date of a given Offering Period shall be eligible to participate in this Plan during such Offering
Period, subject to the requirements of Section 5(a) of this Plan. 
 (b) Interim Participation. Any
person who becomes an Employee after the Offering Date of an Offering Period and before an Interim Offering Date shall be eligible to participate in this Plan during such Offering Period, but only on and beginning with the first Interim Offering
Date on or before which such person becomes an Employee, and subject to the requirements of Section 5(a) of this Plan. 

(c) Exclusion of Five Percent Stockholders. Notwithstanding paragraphs (a) and (b) of this Section 3,
an Employee shall not be eligible to participate in this Plan during an Offering Period to the extent that immediately after the grant of a Purchase Right on an Offering Date or Interim Offering Date, the Employee (or any other person whose stock
would be attributed to the Employee under Section 424(d) of the Code) would own stock and/or hold outstanding purchase rights to purchase stock possessing five percent or more of the total combined voting power or value of all classes of stock
of the Company or of any Subsidiary. 
 (d) Accrual and Purchase Limits. Notwithstanding any other provisions of
this Plan or any subscription agreement or other offering documents, no Participant may (i) accrue rights to purchase stock under all employee stock purchase plans of the Company and its Subsidiaries at a rate that exceeds $25,000 of fair
market value of such stock (determined at the date of grant of those purchase rights) for each calendar year in which the purchase rights would be outstanding at any time; or (ii) purchase more than 10,000 shares of the Company’s Common
Stock during any Offering Period. Notwithstanding the share limit described in clause 3(d)(ii), the Administrator may designate an alternative shares limit (other than zero) in its sole discretion, prior to the commencement of any Offering Period to
which the alternative limit applies. If the Administrator establishes an alternative limit, all participants shall be notified of the alternative limit prior to the commencement of the Offering Period to which the limit first applies. Any
alternative limit set by the Administrator shall continue to apply with respect to all succeeding Exercise Dates and Offering Periods unless revised by the Administrator as provided in this clause 3(d)(ii). 

	4.	Offering Periods. 

 The duration of each Offering Period shall be determined by the Administrator, provided that an Offering Period shall be no shorter than 3 months and no longer than 24 months (measured from the first
business day of the first month to the last business day of the last month) and succeeding Offering Periods shall be the same duration unless otherwise determined by the Administrator pursuant to this Section. Unless otherwise determined by the
Administrator: 
 (a) a new Offering Period shall begin on the first business day after the last Exercise Date of an
Offering Period; 
 (b) a new Offering Period shall begin, and the old Offering Period shall terminate, on the first
business day after an Exercise Date (other than the last Exercise Date of an Offering Period) if the fair market value (as defined in Section 7(b)(i) of this Plan) of a share of Common Stock is less than the fair market value of a share of
Common Stock on the Offering Date of the Offering Period; and 
 (c) an Offering Period shall terminate on the date that
there are no Participants enrolled in it. 
  

	5.	Participation. 

 (a) An Employee may become a Participant in this Plan by completing a subscription agreement, in such form or forms as the Administrator may approve from time to time, and filing it with the
Company’s payroll office within 15 days before the applicable Offering Date or Interim Offering Date, unless another time for filing the subscription agreement is set by the Administrator for all Employees with respect to a given Offering
Period. The subscription agreement shall authorize payroll deductions pursuant to this Plan and shall have such other terms as the Administrator may specify from time to time. 
 (b) At the end of an Offering Period, each Participant in the Offering Period who remains an Employee shall be automatically enrolled in the next succeeding Offering Period (a
“Re-enrollment”) unless, in a manner and at a time specified by the Administrator, but in no event later than the day before the Offering Date of such succeeding Offering Period, the Participant notifies the Administrator in writing that
the Participant does not wish to be re-enrolled. Re-enrollment shall be at the withholding percentage specified in the Participant’s most recent subscription agreement unless the Participant changes that percentage by timely written notice. No
Participant shall be automatically re-enrolled whose participation has terminated by operation of Section 10 of this Plan. 

(c) If an Offering Period commences pursuant to Section 4(b) of this Plan, each Employee on the Offering Date of that Offering
Period shall automatically become a Participant in the commencing Offering Period. Participation shall be at the withholding percentage specified in the Participant’s most recent subscription agreement, unless the Participant notice changes
that percentage by timely written notice. If the Participant has no subscription agreement on file, Participation shall be at a 0% withholding rate until changed by the Participant. No Participant shall be automatically re-enrolled whose
participation has terminated by operation of Section 11 of this Plan. 
  

	6.	Payroll Deductions. 

 (a) Each Participant shall have withheld a percentage of his or her Compensation received during an Offering Period. Withholding shall be in whole percentages, up to a maximum (not to exceed 15%)
established by the Administrator from time to time, as specified by the Participant in his or her subscription agreement. Payroll deductions for a Participant during an Offering Period shall begin with the first payroll following the Offering Date
or Interim Offering Date and shall end on the last Exercise Date of the Offering Period, unless sooner terminated by the Participant as provided in Section 11 of this Plan. 

(b) All payroll deductions made by a Participant shall be credited to the Participant’s account under this Plan. A Participant
may not make any additional payments into such account. 
 (c) A Participant may change the rate of his or her payroll
deductions during an Offering Period by filing with the Administrator a new subscription agreement authorizing the change. The change shall take effect 15 days after the Administrator’s receipt of the new subscription agreement, except that
increases in rate shall take effect on the day after the first Exercise Date on or after the 15th day. 
  

	7.	Purchase Rights. 

 (a) Grant of Purchase Rights. On the Offering Date, or (if applicable) Interim Offering Date of each Offering Period, the Participant shall be granted a Purchase Right to purchase (at
the per-share price) during the Offering Period up to the lesser of (a) the number of shares of Common Stock determined by dividing (i) $25,000 multiplied by the number of (whole or part) calendar years in the Offering Period by
(ii) the fair market value of a share of Common Stock on the Offering Date or Interim Offering Date; or (b) the Maximum Share Amount. 

 (b) Terms of Purchase Rights. Except as otherwise determined by the
Administrator, each Purchase Right shall have the following terms: 
  

	 	(i)	The per-share price of the shares subject to a Purchase Right shall be 85% of the lower of the fair market values of a share of Common Stock on (a) the Offering
Date, or Interim Offering Date, on which the Purchase Right was granted and (b) the Exercise Date. The fair market value of the Common Stock on a given date shall be the closing price as reported in the Wall Street Journal; provided, however,
that if there is no public trading of the Common Stock on that date, then fair market value shall be determined by the Administrator in its discretion. 

  

	 	(ii)	Payment for shares purchased by exercise of Purchase Rights shall be made only through payroll deductions in accordance with Section 6 of this Plan.

  

	 	(iii)	Upon purchase or disposition of shares acquired by exercise of a Purchase Right, the Participant shall pay, or make provision adequate to the Administrator for payment
of, all tax (and similar) withholdings that the Administrator determines, in its discretion, are required due to the acquisition or disposition, including without limitation any such withholding that the Administrator determines in its discretion is
necessary to allow the Company and its Subsidiaries to claim tax deductions or other benefits in connection with the acquisition or disposition. 

  

	 	(iv)	During his or her lifetime, a Participant’s Purchase Right is exercisable only by the Participant. 

 

	 	(v)	The Purchase Rights will in all respects be subject to the terms and conditions of this Plan, as interpreted by the Administrator from time to time.

  

	8.	Exercise Dates; Purchase of Shares; Refund of Excess Cash. 

 (a) The Administrator shall establish one or more Exercise Dates for each Offering Period. 
 (b) Each Participant’s Purchase Right shall be exercised automatically on each Exercise Date during the Offering Period to purchase the maximum number of full shares up to the Maximum Share
Amount at the applicable price using the Participant’s accumulated payroll deductions. 
 (c) The shares purchased
upon exercise of a Purchase Right shall be deemed to be transferred to the Participant on the Exercise Date. A Participant will have no interest or voting right in shares covered by a Purchase Right until the Purchase Right has been exercised.

 (d) Any cash remaining in a Participant’s payroll deduction account after the purchase of shares on an Exercise
Date shall be carried forward in that account for application on the next Exercise Date; provided that at the termination of an Offering Period, any such cash shall be promptly refunded returned to the Participant. 

 

	9.	Limitations on Aggregate Shares to be Purchased. 

 If the number of shares to be purchased on an Exercise Date by all Participants in this Plan exceeds the number of shares then available for issuance under this Plan, then the Company shall make a pro
rata allocation of the remaining shares in as uniform a manner as shall be reasonably practicable and as the Administrator shall determine to be equitable. In such event, the Company shall give written notice of such reduction of the number of
shares to be purchased under a participant’s option to each participant affected. 
  

	10.	Registration and Delivery of Share Certificates. 

 (a) Shares purchased by a Participant under this Plan will be registered in the name of the Participant, or in the name of the Participant and his or her spouse, or in the name of the Participant and
joint tenant(s) (with right of survivorship), as designated by the Participant. 
 (b) As soon as administratively feasible
after each Exercise Date, the Company shall deliver to the Participant a certificate representing the shares purchased upon exercise of a Purchase Right. If approved by the Administrator in its discretion, the Company may instead (i) deliver a
certificate (or equivalent) to a broker for crediting to the Participant’s account or (ii) make a notation in the Participant’s favor of non-certificated shares on the Company’s stock records. 

	11.	Withdrawal; Termination of Employment. 

 (a) A Participant may withdraw all, but not less than all, of the payroll deductions credited to his account under this Plan at any time before an Exercise Date by giving written notice to the
Administrator in a form the Administrator prescribes from time to time. The Participant’s Purchase Right will automatically terminate on the date of receipt of the notice, all payroll deductions credited to the Participant’s account will
be refunded promptly thereafter, and no further payroll deductions will be made during the Offering Period. 
 (b) Upon
termination of a Participant’s Continuous Status as an Employee for any reason, including retirement or death, the payroll deductions credited to the Participant’s account will be promptly refunded to the Participant or, in the case of
death, to the person or persons entitled thereto under Section 15 of this Plan, and the Participant’s Purchase Right will automatically terminate. 
 (c) If a Participant fails to remain in Continuous Status as an Employee during an Offering Period, the Participant will be deemed to have withdrawn from this Plan, the payroll deductions credited to
the Participant’s account will be promptly refunded, and the Participant’s Purchase Right shall terminate. 

(d) A Participant’s withdrawal from an offering will not affect the Participant’s eligibility to participate in a
succeeding Offering Period or in any similar plan that may be adopted by the Company. 
  

	12.	Use of Funds; No Interest. 

 Amounts withheld from Participants’ Compensation under this Plan shall constitute general funds of the Company and may be used for any corporate purpose, and the Company shall not be obligated to
segregate such payroll deductions. No interest shall accrue on the payroll deductions of a Participant in this Plan. 
  

	13.	Number of Shares Reserved. 

 Subject to adjustment as provided in Section 18, the maximum aggregate number of shares available for issuance under the Plan shall be 24,309,281 shares of Common Stock, which may be newly issued or
treasury shares, or shares acquired on the open market. The maximum aggregate number of shares for issuance under the Plan consists of shares of Common Stock, which were authorized for issuance prior to August 27, 2012. 

 

	14.	Administration. 

 This Plan shall be administered by the Administrator. The administration, interpretation, and application of this Plan by the Administrator shall be final, conclusive, and binding upon all persons.
Neither Members of the Board nor the Administrator shall be liable for any action or determination taken or made in good faith with respect to the Plan, or any shares purchased or issued or Purchase Right exercised thereunder. The
Administrator may also adopt rules, procedures or sub-plans applicable to particular Subsidiaries or locations. Any such sub-plans may be designed to be outside the scope of Section 423(b) of the Code. The rules of such sub-plans may take
precedence over other provisions of this Plan, but unless otherwise superseded by the specific terms of such sub-plan, the provisions of this Plan shall govern the operation of such sub-plan. To the extent inconsistent with the requirements of
Section 423(b), such sub-plan and rights granted thereunder shall not be considered to comply with Section 423(b) of the Code. 
  

	15.	Designation of Beneficiary. 

 (a) A Participant may file a written designation of a beneficiary who is to receive any shares and cash, if any, from the Participant’s account under this Plan in the event of the
Participant’s death. 
 (b) A designation of beneficiary may be changed by the Participant at any time by written
notice. In the event of the death of a Participant, and in the absence of a beneficiary validly designated under this Plan who is living at the time of the Participant’s death, the Administrator shall deliver such shares and/or cash to the
executor or administrator of the Participant’s estate, or if no such executor or administrator has been appointed (to the Administrator’s knowledge), the Administrator, in its discretion, may deliver such shares and/or cash to the spouse
or to any one or more dependents or relatives of the Participant or, if no spouse, dependent, or relative is known to the Administrator, then to such other person as the Administrator may designate. 

 

	16.	Transferability. 

 Neither payroll deductions credited to a Participant’s account nor any rights with regard to the exercise of a Purchase Right or to receive shares under this Plan may be assigned, transferred,
pledged, or otherwise disposed of in any way (other than by will, the laws of descent and distribution, or as provided in Section 15 hereof) by the Participant. Any such attempt at assignment, transfer, pledge, or other disposition shall be
without effect, except that the Administrator may treat such act as an election to withdraw funds in accordance with Section 11 hereof. 

	17.	Reports. 

Individual accounts will be maintained for each Participant in this Plan. Statements of account will be given to participating Employees
promptly following each Exercise Date, which statements will set forth the amounts of payroll deductions, the per share purchase price, the number of shares purchased and the remaining cash balance, if any. 

 

	18.	Adjustments upon Changes in Capitalization. 

 (a) Subject to any required action by the stockholders of the Company, the number of shares of Common Stock covered by each Purchase Right under this Plan that has not yet been exercised and the
number of shares of Common Stock that have been authorized for issuance under this Plan but have not yet been placed under a Purchase Right, including, but not limited to, the Annual Increase (collectively, the “Reserves”),
as well as the price per share of Common Stock covered by each Purchase Right under this Plan that has not yet been exercised, shall be proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock resulting
from a stock split, reverse stock split, stock dividend, combination or reclassification of the Common Stock, or any other increase or decrease in the number of shares of Common Stock effected without receipt of consideration by the Company;
provided, however, that conversion of any convertible securities of the Company and any repurchase of shares of Common Stock pursuant to Section 13 herein shall not be deemed to have been “effected without receipt of consideration.”
Such adjustment shall be made by the Administrator, whose determination shall be final, binding, and conclusive. Except as expressly provided herein, no issue by the Company of shares of stock of any class, or securities convertible into shares of
stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock subject to a Purchase Right. 
 (b) In the event of the proposed dissolution or liquidation of the Company, the then-current Offering Period will terminate immediately before the consummation of such proposed action, unless
otherwise provided by the Board or the Administrator (if the Administrator is not the Board). In the event of a proposed sale of all or substantially all of the assets of the Company, or the merger of the Company with or into another corporation (if
stockholders of the Company own less than 50% of the total outstanding voting power in the surviving entity or a parent of the surviving entity after the merger), each Purchase Right under this Plan shall be assumed or an equivalent purchase right
shall be substituted by the successor corporation or a parent or subsidiary of the successor corporation, unless the successor corporation does not agree to assume the Purchase Right or to substitute an equivalent purchase right, in which case the
Administrator may, in lieu of such assumption or substitution, accelerate the exercisability of Purchase Rights, and allow Purchase Rights to be exercisable (if the Board approves) as to shares as to which the Purchase Right would not otherwise be
exercisable, on terms and for a period that the Administrator determines in its discretion. To the extent that the Administrator accelerates exercisability of Purchase Rights as described above, it shall promptly so notify all Participants in
writing. 
 (c) The Administrator may, in its discretion, also make provision for adjusting the Reserves, as well as the
price per share of Common Stock covered by each outstanding Purchase Right, if the Company effects one or more reorganizations, recapitalizations, rights offerings, or other increases or reductions of shares of its outstanding Common Stock, or if
the Company consolidates with or merges into any other corporation. 
  

	19.	Amendment or Termination. 

 (a) The Board may at any time terminate or amend in any manner this Plan; except, however, that no amendment may be made without prior approval of the stockholders of the Company (obtained in the
manner described in paragraph 21) if it would: 
  

	 	(i)	Increase the number of shares that may be issued under this Plan; 

  

	 	(ii)	Change the designation of the employees (or class of employees) eligible for participation in this Plan; or 

 

	 	(iii)	If the Company has a class of equity securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), at
the time of such amendment, materially increase the benefits that may accrue to Participants under this Plan. 

If any amendment requiring stockholder approval under this paragraph 19 of this Plan is made after the first registration of any class of
equity securities by the Company under Section 12 of the Exchange Act, such stockholder approval shall be solicited as described in paragraph 21 of this Plan. 

 (b) The Board may elect to terminate any or all outstanding Purchase Rights at any
time, except to the extent that exercisability of such Purchase Rights has been accelerated pursuant to Section 18(b) hereof. If this Plan is terminated, the Board may also elect to terminate Purchase Rights upon completion of the next purchase
of shares on the next Exercise Date or to permit Purchase Rights to expire in accordance with their terms (with participation to continue through such expiration dates). If Purchase Rights are terminated before expiration, any funds contributed to
this Plan that have not been used to purchase shares shall be refunded to Participants as soon as administratively feasible. 
  

	20.	Notices. 

All notices or other communications by a Participant to the Company or the Administrator under or in connection with this Plan shall be
deemed to have been duly given when received in the form specified by the Administrator at the location, or by the person, designated by the Administrator for the receipt thereof. 

 

	21.	Stockholder Approval. 

 (a) Any required approval of the stockholders of the Company pursuant to paragraph 19(a) of this Plan shall be solicited substantially in accordance with Section 14(a) of the Exchange Act and
the rules and regulations promulgated thereunder. 
 (b) If any required approval by the stockholders of this Plan itself
or of any amendment thereto is solicited at any time otherwise than in the manner described in Section 21(a) hereof, then the Company shall, at or before the first annual meeting of stockholders held after the later of (i) the first
registration of any class of equity securities of the Company under Section 12 of the Exchange Act or (ii) the granting of a Purchase Right hereunder to an Officer and Director after such registration, do the following: 

 

	 	(i)	furnish in writing to the holders entitled to vote for this Plan substantially the same information that would be required (if proxies to be voted with respect to
approval or disapproval of this Plan or amendment were then being solicited) by the rules and regulations in effect under Section 14(a) of the Exchange Act at the time such information is furnished; and 

 

	 	(ii)	file with, or mail for filing to, the Securities and Exchange Commission four copies of the written information referred to in subsection (i) hereof not later than
the date on which such information is first sent or given to stockholders. 

  

	22.	Conditions upon Issuance of Shares. 

 (a) Shares shall not be issued with respect to a Purchase Right unless the exercise of such Purchase Right and the issuance and delivery of such shares pursuant thereto shall comply with all
applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the rules and regulations promulgated thereunder, and the requirements of any
stock exchange upon which the shares may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. 
 (b) As a condition to the exercise of a Purchase Right, the Company may require the person exercising such Purchase Right to represent and warrant at the time of any such exercise that the shares are
being purchased only for investment and without any present intention to sell or distribute such shares if, in the opinion of counsel for the Company, such a representation is required by any of the aforementioned applicable provisions of law.

  

	23.	Term of Plan. 

 This Plan shall become effective upon the earlier to occur of its adoption by the Board of Directors or its approval by the stockholders of the Company as described in Section 21 hereof. It shall
continue in effect for a term of 20 years unless sooner terminated under Section 19 hereof. 
  

	24.	Additional Restrictions of Rule 16b-3. 

 The terms and conditions of Purchase Rights granted hereunder to, and the purchase of shares by, persons subject to Section 16 of the Securities Exchange Act of 1934 shall comply with the applicable
provisions of Rule 16b-3 of such Act. This Plan shall be deemed to contain, and such Purchase Rights shall contain, and the shares issued upon exercise thereof shall be subject to, such additional conditions and restrictions as may be required by
Rule 16b-3 to qualify for the maximum exemption from Section 16 of the Securities Exchange Act of 1934 with respect to Plan transactions. 

*        
*        * 

The Plan was originally adopted by the Board on September 30, 1998 and was approved by shareholders on November 5,
1998. The Board and the Compensation Committee adopted amendments to the Plan on August 21, 2003 and September 18, 2003, respectively, and shareholders approved those amendments on November 6, 2003. The Compensation
Committee amended and restated the Plan on December 18, 2009. On May 20, 2010, the Compensation Committee further amended and restated the Plan. On August 27, 2012, the Compensation Committee further amended the Plan. On
November 1, 2012, the Compensation Committee further amended and restated the Plan. 

 LAM RESEARCH CORPORATION 

1999 EMPLOYEE STOCK PURCHASE PLAN 
 NON U.S.-SUB-PLANS 
 NON U.S. SUB-PLAN (EU) 

1. The following Subsidiaries are designated as participating in the Non U.S. Sub-Plan (EU): 

Lam Research GmbH (Germany) 
 Lam Research SAS (France) 
 Lam Research S.r.L. (Italy) 

Lam Research (Ireland) Ltd. 
 Lam Research B.V (Netherlands) 
 Lam Research Ltd. (UK) 

Lam Research International Sarl (Switzerland) 
 Lam Research AG (Austria) 
 Novellus Singapore Pte. Ltd., France Branch 

Novellus Systems SARL (France) 
 Novellus Systems GmbH (Germany) 
 Novellus Systems Service GmbH (Germany)

 Novellus Systems Ireland Ltd. 
 Novellus Systems Italy SRL 
 Novellus Systems BV (Netherlands) 

Novellus Systems International BV (Netherlands) 
 2. The following provision shall apply to those entities located in the European Union and European Economic Area which are participating in the Non U.S. Sub-Plan (EU): 

Section 2(j) of the Plan, which defines “Employee,” includes Employees who are customarily employed for
less than 20 hours per week to accommodate local law requirements (and, thus, may be eligible to participate in the Plan subject to the other Plan requirements). 
 NON U.S. SUB-PLAN (OTHER) 
 1. The following Subsidiaries are designated as
participating in the Non U.S. Sub-Plan (Other): 
 Lam Research (Israel) Ltd. 

Lam Research Korea Ltd. (Korea) 
 Lam Research Co., Ltd. (Taiwan) 
 Lam Research Singapore Pte Ltd. (Singapore)

 Novellus Systems (India) Pvt. Ltd. 
 Novellus Systems Israel Ltd. 
 Novellus Korea LLC 

Novellus Singapore Pte. Ltd., Korea Branch 
 Novellus Systems (Malaysia) Sdn. Bhd. 
 Novellus Systems International BV,
Singapore Branch 
 Novellus Systems (H.K.) Limited, Taiwan Branch 

Novellus Systems Service (Hong Kong) Limited, Taiwan Branch 
 2. The following Subsidiaries are designated as eligible to participate in the Non U.S. Sub-Plan (Other) beginning September 1, 2010 provided SAFE approval is received prior to such date: 

Lam Research (Shanghai) Co., Ltd. (China) 
 Lam Research Service Co., Ltd. (China) 
 Lam Research Semiconductor (Suzhou) Co.,
Ltd. (China) 
 Novellus Systems Semiconductor Equipment Shanghai Co. Ltd. (China) 

Novellus Systems International Trading (Shanghai) Co. Ltd. (China) 

 NON U.S. SUB-PLAN (JAPAN) 

1. The following Subsidiaries are designated as participating in the Non-U.S. Sub-Plan (Japan): 

Lam Research Co., Ltd (Japan) 
 Novellus Systems Japan, G.K. 
 Novellus Singapore Pte. Ltd., Japan Branch

 2. The following provision shall apply to those entities located in Japan which are participating in the Non U.S. Sub-Plan
(Japan): 
 In no event will the value of the Shares purchased during a 4-month Offer Period under the Lam Research Corporation
1999 Employee Stock Purchase Plan by employees resident in Japan exceed 24,999,999 Yen. To the extent a 4-month Offer Period is over subscribed pursuant to this limitation, each Participant will have their number of Shares purchased reduced on a pro
rata basis.

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