Document:

Escrow Agreement

 Exhibit 10.1 
 Execution Version 
 ESCROW AGREEMENT 

ESCROW AGREEMENT (this “Agreement”), dated as of August 22, 2012, among U.S. Bank National Association, as escrow
agent and securities intermediary (in such capacities, the “Escrow Agent”), U.S. Bank National Association, as Trustee (in such capacity, the “Trustee”) under the Indenture (as defined herein), and Caesars Escrow
Corporation, a Delaware corporation, and Caesars Operating Escrow LLC, a Delaware limited liability company (each an “Issuer” and together the “Issuers”). 

R E C I T A L S 
 WHEREAS, this Agreement is being entered into in connection with the Purchase Agreement (the “Purchase Agreement”) dated August 15, 2012, among the Issuers, Caesars
Entertainment Corporation, a Delaware corporation (“Parent”), and the Representative (as defined therein) of the initial purchasers listed on Schedule I to the Purchase Agreement (collectively, the “Initial
Purchasers”) and in connection with the Indenture (the “Indenture”) dated as of August 22, 2012 (the “Issue Date”) among the Issuers, Parent and the Trustee, relating to the Securities (as defined
below) (for the avoidance of doubt U.S. Bank National Association, whether in its capacity as Escrow Agent, Trustee, Securities Intermediary or Collateral Agent is not a party to the Purchase Agreement, shall have no duties or obligations hereunder
and shall not be deemed to have knowledge of its terms); 
 WHEREAS, pursuant to the terms of the Indenture and Purchase
Agreement, the Issuers are selling $750,000,000 aggregate principal amount of their 9% Senior Secured Notes due 2020 (the “Securities”); 
 WHEREAS, concurrently with the closing of the sale of the Securities, the Initial Purchasers, on behalf of the Issuers, will deposit with the Escrow Agent, as hereinafter provided, the gross
proceeds (which, for the avoidance of doubt, shall equal $750,000,000) thereof, which together with the Additional Amount (as defined below) deposited directly by or on behalf of the Issuers (in both cases, in the form of immediately available
funds, Treasury Securities (as defined below) or Cash Equivalents (as defined below)) shall equal an amount sufficient to pay when due the Escrow Redemption Price (as defined below), assuming redemption of the Securities occurs on the Escrow
Redemption Date (as defined below); 
 WHEREAS, such funds will be used (i) (A) upon satisfaction of the
conditions set forth in Section 3(a), by Caesars Entertainment Operating Company, Inc., a Delaware corporation (the “Company”), for the purposes set forth in Section 3(a) or (B) to fund the Escrow Redemption Price,
and (ii) to pay all reasonable out-of-pocket expenses incurred by the Initial Purchasers in connection with the purchase and sale of the Securities pursuant to the terms of the Purchase Agreement (for the avoidance of doubt U.S. Bank National
Association, whether in its capacity as Escrow Agent, Trustee, Securities Intermediary or Collateral Agent is not a party to the Purchase Agreement, shall have no duties or obligations hereunder and shall not be deemed to have knowledge of its
terms); 
 WHEREAS, as security for its obligations under the Securities and the Indenture, the Issuers hereby grant to
the Trustee, for the sole and exclusive benefit of the holders of the Securities, a first priority security interest in and lien on the Escrow Account (as defined herein) and the Collateral (as defined herein); and 

WHEREAS, the parties have entered into this Agreement in order to set forth the conditions upon which, and the manner in which,
funds will be held in and disbursed from the Escrow Account and released from the security interest and lien described above. 

 A G R E E M E N T 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows: 
 1. Defined Terms. All terms used but not defined herein shall have the meanings
ascribed to them in the Indenture. Unless the context otherwise requires, references herein to the “Issuer” shall mean (x) prior to the Assumption Date, Caesars Escrow Corporation and Caesars Operating Escrow LLC and (y) as of
the Assumption Date, all of the Company, Caesars Escrow Corporation and Caesars Operating Escrow LLC. In addition to any other defined terms used herein, the following terms shall constitute defined terms for purposes of this Agreement and shall
have the meanings set forth below: 
 “Additional Amount” means an amount of cash, Treasury Securities or Cash
Equivalents or any combination thereof, which will, with the gross proceeds of the offering and with the anticipated income thereon, provide cash to the Escrow Agent in an amount sufficient to pay the Escrow Redemption Price (which, for the
avoidance of doubt, assuming a redemption date of September 5, 2012, shall equal $2,625,000). 
 “Assumption
Date” means the date on which the Assumption Documents become effective in accordance with their terms. 

“Assumption Documents” means each of the Joinder Agreement, the Supplemental Indenture and the Registration Rights
Agreement Joinder (each as defined in the Purchase Agreement) and the joinders and consents to the Second Lien Intercreditor Agreement (as defined in the Indenture) and to the Security Documents (as defined in the Indenture) and such other documents
necessary to effect the CEOC Assumption (as defined below). 
 “Business Day” means a day other than a
Saturday, Sunday or other day on which banking institutions are authorized or required by law to close in New York City. 

“Cash Equivalents” means any investment in time deposits, demand deposits, certificates of deposit or money market
deposits maturing on or before the Conditions Precedent Date, entitled to U.S. Federal deposit insurance for the full amount thereof or issued by a bank or trust company that is organized under the laws of the United States of America or any state
thereof having capital in excess of $500.0 million, so long as such investment is convertible into cash on not more than one Business Day’s notice. The Escrow Agent may purchase from or sell to itself or an Affiliate, as principal or agent,
securities herein authorized. 
 “CEOC Assumption” means the Company’s assumption of the various
obligations of the Issuers under the Securities pursuant to the Assumption Documents. 
 “Collateral” see
Section 6(a). 
 “Collateral Agreement” means the collateral agreement, dated as of January 28, 2008,
as amended and restated as of June 10, 2009, by and among the Company, the subsidiary pledgors party thereto and Bank of America, N.A., as amended and supplemented from time to time. 

“Conditions Precedent Date” means the earlier of (x) the date on which the Company determines in its sole
discretion that any of the Escrow Conditions cannot be satisfied and (y) November 15, 2012. 

  
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 “Escrow Account” means the escrow account established pursuant to
Section 2. 
 “Escrow Funds” see Section 2(a)(i). 

“Escrow Redemption” means the obligation of the Issuer to redeem all of the Securities, pursuant to Section 3.09 of
the Indenture if the assumption is not consummated by the Conditions Precedent Date. 
 “Escrow Redemption
Date” means a day selected by the Issuers that is not more than 30 days following the Conditions Precedent Date. 

“Escrow Redemption Price” means 100% of the gross proceeds received from the sale of the Securities, plus accrued and
unpaid interest on the Securities from the date hereof to, but not including, the Escrow Redemption Date. 

“Indemnified Person” see Section 5. 
 “Notes Collateral” means all property subject or purported to be subject, from time to time, to a lien under the Security Documents. 

“Release Date” shall mean the date when all of the conditions precedent to the release of the Escrowed Property
described in Section 3(a) hereof are satisfied. 
 “Release Request” means an Officer’s Certificate
requesting release of the Escrow Funds signed by Officers of the Issuer in the form attached hereto as Annex I, certifying as to the matters specified therein. 
 “Representative Officer” means any officer of the Escrow Agent who has direct responsibility for the administration of this Agreement and shall also mean any other officer of
the Escrow Agent to whom any matter related to this Agreement is referred because of such person’s knowledge of and familiarity with the particular subject matter. 
 “Secured Obligations” see Section 6(a). 
 “Security
Documents” means the Collateral Agreement and the security agreements, pledge agreements, collateral assignments, mortgages and related agreements, mortgages and related agreements, as amended, supplemented, restated, renewed, refunded,
replaced, restructured, repaid, refinanced or otherwise modified from time to time, creating a security interest in the collateral as contemplated in the Indenture. 
 “Treasury Securities” means any of the following that may be convertible into cash on not more than one Business Day’s notice: (i) debt obligations issued or guaranteed by the
government of the United States of America or any agency thereof for which the full faith and credit of the United States of America is pledged to secure payment in full at maturity and which are not redeemable at the option of the Issuers prior to
maturity, (ii) repurchase agreements with respect to debt obligations referred to in clause (i) above and (iii) money market accounts that invest solely in the debt obligations referred to in clause (i) above and/or repurchase
agreements referred to in clause (ii) above. 
 “UCC” means the Uniform Commercial Code as in effect in
the State of New York. 

  
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 2. Escrow Account; Escrow Agent. 

(a) Establishment of Escrow Account. 
 (i) Concurrently with the execution and delivery hereof, (A) the Escrow Agent shall establish an escrow account in the name of the Trustee entitled “Escrow Account of U.S. Bank National
Association, as Trustee” (the “Escrow Account”) at its office located at 60 Livingston Avenue St. Paul, Minnesota 55107, (B) the Initial Purchasers at the direction of the Issuer will deposit with the Escrow Agent the
gross proceeds from the sale of the Securities and (C) the Issuers (or the Company on behalf of the Issuers) shall deposit with the Escrow Agent the Additional Amount (the amounts referred to in clauses (B) through (C) the
“Escrow Funds”). 
 (ii) The Escrow Agent shall accept the Escrow Funds and shall hold such securities, funds
and the proceeds thereof in the Escrow Account. All amounts so deposited, and the interest on, and dividends, distributions and other payments or proceeds in respect of, any such deposits, less any amounts released pursuant to the terms of this
Agreement, shall constitute the “Escrowed Property.” The Escrow Agent shall invest any portion of the Escrowed Property that is cash in cash, in Treasury Securities or Cash Equivalents as may be directed by the Issuer in writing
from time to time. If and until the Trustee receives such a written direction the funds in the escrow account shall remain uninvested. In selecting any Treasury Securities or Cash Equivalents, the Issuer shall determine that the proceeds thereof at
maturity, when added to the balance of the Escrowed Property without the reinvestment thereof or sale prior to maturity, provide funds to the Escrow Agent in an amount at least equal to the Escrow Redemption Price on the assumed Escrow Redemption
Date. All such property shall be held in the Escrow Account until disbursed in accordance with the terms hereof. The Escrow Account and all property held therein by the Escrow Agent shall be under the control (within the meaning of
Section 9-104 of the UCC) of the Trustee for the benefit of the holders of the Securities. 
 (iii) The obligation and
liability of the Escrow Agent to make the payments and transfers required by this Agreement shall be limited to the Escrowed Property and any other moneys on deposit with it pursuant to this Agreement, including any interest accruing thereon. The
Escrow Agent shall not be liable for any loss resulting from any investment made pursuant to this Agreement in compliance with the provisions hereof or from the sale of any Treasury Securities or Cash Equivalents required by the terms hereof or any
shortfall in the value of the Escrowed Property that might result therefrom. 
 (b) Security Interest in Escrow Funds. On
the Issue Date, each of the Trustee and the Escrow Agent shall receive an opinion of counsel to the Issuer, which shall comply with Section 13.04 of the Indenture. 
 (c) Escrow Agent Compensation; Expense Reimbursement. 
 (i) The Issuer
shall pay to Escrow Agent for services to be performed by it under this Agreement in accordance with the Escrow Agent’s fee schedule attached hereto as Exhibit I. The Escrow Agent shall be paid any compensation owed to it directly by the
Issuer and shall not disburse from the Escrow Account any such amounts, nor shall the Escrow Agent have any interest in the Escrow Account with respect to such amounts. The provisions of this clause (i) shall survive the termination of this
Agreement and survive the resignation or removal of the Escrow Agent. 
 (ii) The Issuer shall reimburse the Escrow Agent upon
request for all reasonable expenses, disbursements and advances incurred or made by the Escrow Agent in implementing any of the provisions of this Agreement, including compensation and the reasonable expenses and disbursements of its counsel. The
Escrow Agent shall be paid any such expenses owed to it directly by the Issuer and shall 

  
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not disburse from the Escrow Account any such amounts, nor shall the Escrow Agent have any interest in the Escrow Account with respect to such amounts. The provisions of this clause (ii)
shall survive the termination of this Agreement and survive the resignation or removal of the Escrow Agent. 
 (d)
Substitution of Escrow Agent. The Escrow Agent may resign by giving no less than 30 Business Days’ prior written notice to the Issuer and the Trustee. Such resignation shall take effect upon the later to occur of (i) delivery of all
Escrowed Property maintained by the Escrow Agent hereunder and copies of all books, records, plans and other documents in the Escrow Agent’s possession relating to such funds, or this Agreement, to a successor escrow agent mutually approved by
the Issuer and the Trustee (which approvals shall not be unreasonably withheld or delayed) and (ii) the Issuer, the Trustee and such successor escrow agent entering into this Agreement or any written successor agreement no less favorable to the
interests of the holders of the Securities and the Trustee than this Agreement. The Escrow Agent shall thereupon be discharged of all obligations under this Agreement and shall have no further duties, obligations or responsibilities in connection
herewith, except to the limited extent set forth in Section 4. If a successor escrow agent has not been appointed or has not accepted such appointment within 30 Business Days after notice of resignation is given to the Issuer, the Escrow
Agent may apply to a court of competent jurisdiction for the appointment of a successor escrow agent. 
 3. Release of
Escrowed Property. 
 (a) If at any time on or prior to the Conditions Precedent Date, the Escrow Agent receives a
Release Request from the Issuer that includes the following (i) as of the Release Date, no Event of Default under the Indenture has occurred and is continuing; (ii) the Company has received approval from the applicable gaming authorities
for the offering of the Securities; (iii) the CEOC Assumption has been consummated; and (iv) concurrently with the release of the Escrowed Property to the Company (the “Release”): (A) the Assumption Documents will
have been executed and delivered by all parties thereto; (B) the Escrow Funds will be used to pay the fees and expenses related to the issuance and sale of the Securities (including the Deferred Discount (as defined in the Purchase Agreement)
and the out of pocket expenses of the Initial Purchasers payable by the Issuers pursuant to the terms of the Purchase Agreement, if any), as set forth in a written direction to the Escrow Agent substantially as set forth in Annex I, the Escrow Agent
will release all Escrowed Property then held by it to or for the account of the Issuer, upon presentation of a Release Request no later than 3 p.m. Eastern on the business day prior to such Release. 

(b) If the Escrow Agent receives a written notice from the Issuer or the Trustee substantially in the form of Annex II that the
conditions specified in 3(a) will not be satisfied and/or that the Escrow Redemption is to occur, which notice shall state the Escrow Redemption Date and the Escrow Redemption Price, the Escrow Agent will on or before the Business Day prior to the
Escrow Redemption Date release to the Paying Agent an amount of Escrowed Property in cash equal to the Escrow Redemption Price specified in such notice from the Issuer or the Trustee. Concurrently with such release to the Paying Agent, the Escrow
Agent shall release any excess of Escrowed Property over the Escrow Redemption Price to the Company. 
 (c) Notwithstanding
paragraphs 3(a) and (b) above, if the Escrow Agent receives a notice from the Trustee or the Issuer or otherwise has actual knowledge that a Default has occurred and is continuing, the Escrow Agent will not release any Escrowed Property to the
Issuer unless and until the Escrow Agent receives a notice from the Trustee that such Default is not continuing. 
 (d) If the
Escrow Agent receives a notice from the Trustee that the principal of and accrued interest on the Securities (the “Default Amount”) has become immediately due and payable pursuant to Section 6.02 of the Indenture (an
“Acceleration Event”) and either (i) a court of competent jurisdiction by final and nonappealable judgment determines that the acceleration of the Securities was 

  
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appropriate as a result of a bona fide Event of Default under the Indenture or (ii) such acceleration is not rescinded on or prior to the Conditions Precedent Date (either such event, a
“Remedies Trigger Event”), the Escrow Agent will liquidate all Escrowed Property then held by it within one Business Day after it receives notice of such court determination or on the Business Day after the Conditions Precedent
Date, as the case may be, and will release to the Paying Agent for payment to the holders of the Securities an amount of Escrowed Property sufficient to pay the Default Amount. The Escrow Agent will release all remaining Escrowed Property in excess
of such Default Amount to the Company. 
 If the Escrow Agent receives a notice that an Escrow Redemption is to occur, this
Section 3(d) and Section 3(c) shall be of no further effect and all Escrowed Property then held by the Escrow Agent shall be released in accordance with Section 3(b). 

4. Limitation of Escrow Agent’s Liability; Responsibilities of Escrow Agent. The Escrow Agent’s responsibility
and liability under this Agreement shall be limited as follows: (i) the Escrow Agent does not represent, warrant or guaranty to the Trustee or the holders of the Securities from time to time the performance of the Issuer; (ii) the Escrow
Agent shall have no responsibility to the Issuer or the Trustee or the holders of the Securities from time to time as a consequence of performance or non-performance by the Escrow Agent hereunder, except for any gross negligence or willful
misconduct of the Escrow Agent; (iii) the Issuer shall remain solely responsible for all aspects of the Issuer’s business and conduct; and (iv) the Escrow Agent shall not be obligated to supervise, inspect or inform the Issuer or any
third party of any matter referred to above. In no event shall the Escrow Agent be liable (i) for relying upon any judicial or administrative order or judgment, upon any opinion of counsel or upon any certification, instruction, notice, or
other writing delivered to it by the Issuer or the Trustee in compliance with the provisions of this Agreement, (ii) for acting in accordance with or relying upon any instruction, notice, demand, certificate or document believed by it in good
faith to be genuine and to have been signed or presented by the proper person, (iii) for any consequential, punitive or special damages, (iv) for the acts or omissions of its nominees, correspondents, designees, subagents or subcustodians
or (v) for an amount in excess of the value of the Escrow Account, valued as of the date of deposit. 
 The rights and
powers granted to the Escrow Agent hereunder are being granted in order to preserve and protect the Trustee’s and the holders’ of Securities security interest in and to the Collateral granted hereby and shall not be interpreted to, and
shall not, impose any duties on the Escrow Agent in connection therewith other than those imposed under applicable law. The Escrow Agent shall exercise the same degree of care in the custody and preservation of the Collateral in its possession as it
exercises toward its own similar property and shall not be held to any higher standard of care under this Agreement, nor be deemed to owe any fiduciary duty to the Issuers or any other party. 

At any time the Escrow Agent may request in writing an instruction in writing from the Issuer (other than any disbursement pursuant to
Section 6(b)(iii)), and may at its own option include in such request the course of action it proposes to take and the date on which it proposes to act, regarding any matter arising in connection with its duties and obligations hereunder;
provided, however, that the Escrow Agent shall state in such request that it believes in good faith that such proposed course of action is not contrary to another identified provision of this Agreement. The Escrow Agent shall not be
liable to the Issuer for acting without the Issuer’s consent in accordance with such a proposal on or after the date specified therein if (i) the specified date is at least five Business Days after the Issuers receive the Escrow
Agent’s request for instructions and its proposed course of action, and (ii) prior to so acting, the Escrow Agent has not received the written instructions requested from the Issuer. 

At the expense of the Issuer, the Escrow Agent may act pursuant to the advice of counsel chosen by it with respect to any matter relating
to this Agreement and shall not be liable for any action taken or omitted in accordance with such advice, except for any such action taken or omitted in bad faith. 

  
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 In the event of any ambiguity in the provisions of this Agreement with respect to any funds,
securities or property deposited hereunder, or instruction, notice or certification delivered hereunder, the Escrow Agent shall be entitled to refuse to comply with any and all claims, demands or instructions with respect to such funds, securities
or property, and the Escrow Agent shall not be or become liable for its failure or refusal to comply with conflicting claims, demands or instructions. The Escrow Agent shall be entitled to refuse to act until either any conflicting or adverse claims
or demands shall have been finally determined by a court of competent jurisdiction or settled by agreement between the conflicting claimants as evidenced in a writing reasonably satisfactory to the Escrow Agent, or the Escrow Agent shall have
received security or an indemnity satisfactory to the Escrow Agent sufficient to save the Escrow Agent harmless from and against any and all loss, liability or expense which the Escrow Agent may incur by reason of its acting. The Escrow Agent may in
addition elect in its sole option to commence an interpleader action or seek other judicial relief or orders as the Escrow Agent may deem necessary. The costs and expenses (including reasonable attorney’s fees and expenses) incurred in
connection with such proceedings shall be paid by, and shall be deemed an obligation of the Issuer. 
 No provision of this
Agreement shall require the Escrow Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder. 
 The Escrow Agent shall not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility hereunder by reason of any occurrence beyond the control of the Escrow Agent
(including but not limited to any act or provision of any present or future law or regulation or governmental authority, any act of God, terrorism or war, the failure or malfunction of communication or computer systems, or the unavailability of the
Federal Reserve Bank wire or telex or other wire or communication facility). 
 5. Indemnity. The Issuer shall
indemnify, hold harmless and defend the Trustee and the Escrow Agent and their respective directors, officers, agents, employees and controlling persons, (each, an “Indemnified Person”) from and against any and all claims, actions,
obligations, liabilities and expenses, including reasonable defense costs, reasonable investigative fees and costs, reasonable legal fees, and claims for damages, arising from the Trustee’s or the Escrow Agent’s performance or
non-performance, or in connection with the Escrow Agent’s acceptance of appointment as the Escrow Agent under this Agreement, except to the extent that such liability, expense or claim is solely and directly attributable to the gross negligence
or willful misconduct of any such Indemnified Person. The provisions of this Section 5 shall survive any termination, satisfaction or discharge of this Agreement as well as the resignation or removal of the Escrow Agent. 

6. Grant of Security Interest; Instructions to Escrow Agent. 

(a) The Issuer hereby irrevocably grants a first priority security interest in and lien on, and pledges, assigns, transfers and sets over
to the Trustee for its own benefit and the benefit of the holders of the Securities, all of its respective right, title and interest in, to the extent applicable, (i) the Escrow Account, and all financial assets (as such term is defined in
Section 8-102(a) of the UCC) and other property now or hereafter placed or deposited in, or delivered to the Escrow Agent for placement or deposit in, the Escrow Account, including, without limitation, all funds held therein, and all Treasury
Securities or Cash Equivalents held by (or otherwise maintained in the name of) the Escrow Agent pursuant to Section 2; (ii) all security entitlements (as such term is defined in Section 8-102(a) of the UCC) from time to time credited
to the Escrow Account; (iii) all claims and rights of whatever nature which the Issuer may now have or hereafter acquire against any third party in respect of any of the Collateral described in this Section 6 (including any claims or
rights in respect of any security entitlements credited to an account of the Escrow Agent maintained at The Depository Trust Company or any other clearing corporation) or any other securities intermediary (as such terms are defined in
Section 8-102(a) of the UCC); (iv) all rights 

  
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which the Issuer has under this Agreement and all rights it may now have or hereafter acquire against the Escrow Agent in respect of its holding and managing all or any part of the Collateral;
and (v) all proceeds (as such term is defined in Section 9-102(a) of the UCC) of any of the foregoing (collectively, the “Collateral”), in order to secure all obligations and indebtedness of the Issuer under the Indenture,
the Securities and any other obligation, now or hereafter arising, of every kind and nature, owed by the Issuer under the Indenture or the Securities to the holders of the Securities or to the Trustee or any predecessor Trustee (collectively, the
“Secured Obligations”). The Escrow Agent hereby acknowledges the Trustee’s security interest and lien as set forth above. The Issuer shall take all actions and shall direct the Trustee in writing to take all actions necessary
on its part to insure the continuance of a perfected first priority security interest in the Collateral in favor of the Trustee in order to secure all Secured Obligations. The Issuer shall not grant or cause or permit any other person to obtain a
security interest, encumbrance, lien or other claim, direct or indirect, in the Issuer’s right, title or interest in the Escrow Account or any Collateral. 
 (b) The Issuer and the Trustee hereby irrevocably instruct the Escrow Agent to, and the Escrow Agent shall: 
 (i) maintain the Escrow Account for the sole and exclusive benefit of the Trustee on its behalf and on behalf of the holders of the Securities to the extent specifically required herein; treat all
property in the Escrow Account as financial assets (as defined in Section 8-102(a) of the UCC); take all steps reasonably specified in writing by the Issuer pursuant to this Section 6 to cause the Trustee to enjoy continuous perfected
first priority security interest under the UCC, any other applicable statutory or case law or regulation of the State of New York and any applicable law or regulation of the United States in the Collateral and except as otherwise required by law,
maintain the Collateral free and clear of all liens, security interests, safekeeping or other charges, demands and claims of any nature now or hereafter existing in favor of anyone other than the Trustee; 

(ii) promptly notify the Trustee if a Representative Officer of the Escrow Agent receives written notice that any Person
other than the Trustee has or purports to have a lien or security interest upon any portion of the Collateral; and 
 (iii) in addition to disbursing amounts held in escrow pursuant to and in accordance with Section 3, upon receipt of written notice from the Trustee of the acceleration of the maturity of the
Securities and direction from the Trustee to disburse the Escrow Funds to the Trustee, as promptly as practicable, disburse all funds and other Collateral held in the Escrow Account to or as directed by the Trustee and, to the extent permissible by
applicable law, transfer title to all Cash Equivalents held by the Escrow Agent hereunder to or as directed by the Trustee. In addition, upon an Event of Default and for so long as such Event of Default continues, the Trustee may, and the Escrow
Agent shall on behalf of the Trustee when instructed by the Trustee, exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a secured party
under the UCC or other applicable law. 
 The lien and security interest provided for in this Section 6 shall automatically
terminate and cease as to, and shall not extend or apply to, and the Trustee and the Escrow Agent shall have no security interest in, any funds disbursed by the Escrow Agent to the Issuer pursuant to this Agreement to the extent not inconsistent
with the terms hereof. The Escrow Agent shall not have any right to receive compensation from the Trustee and shall have no authority to obligate the Trustee or to compromise or pledge its security interest hereunder. Accordingly, the Escrow Agent
is hereby directed to cooperate with the Trustee in the exercise of its rights in the Collateral provided for herein. 

  
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 (c) Any money collected by the Trustee pursuant to Section 6(b)(iii) shall be applied
as provided in Section 6.10 of the Indenture. Any surplus of such cash or cash proceeds held by the Trustee and remaining after indefeasible payment in full of all the obligations under the Indenture shall be paid over to the Company promptly
or as a court of competent jurisdiction may direct. Neither the Trustee nor the Escrow Agent shall have any liability for any shortfall to the extent of Escrow Redemption Price. 

(d) The Issuer will execute and deliver or cause to be executed and delivered, or use its reasonable best efforts to procure, all
assignments, instruments and other documents, deliver any instruments to the Trustee and take any other actions that are necessary or desirable to perfect, continue the perfection of, or protect the first priority of the Trustee’s security
interest in and to the Collateral, to protect the Collateral against the rights, claims, or interests of third persons or to effect the purposes of this Agreement. The Issuer also hereby authorizes the Trustee to file any financing or continuation
statements with respect to the Collateral without their respective signature (to the extent permitted by applicable law). The Issuer shall pay all reasonable costs incurred in connection with any of the foregoing, it being understood that the
Trustee shall have no duty to determine whether to file or record any document or instrument relating to Collateral. Neither the Trustee nor the Escrow Agent shall have any duty or obligation to file or record any document or otherwise to see to the
grant or perfection of any security interest granted hereunder. 
 (e) The Issuer hereby appoints the Trustee as
attorney-in-fact with full power of substitution to do any act that the Issuer is obligated hereby to do, and the Trustee may, but shall not be obligated to, exercise such rights as the Issuer might exercise with respect to the Collateral and take
any action in the Issuer’s or the Company’s name to protect the Trustee’s security interest hereunder. 
 (f) If
at any time the Escrow Agent shall receive any “entitlement order” (as such term is defined in Section 8-102(a)(8) of the UCC) or any other instructions issued by the Trustee directing the disposition of funds in the Escrow Account or
otherwise related to the Escrow Account, the Escrow Agent shall comply with such instructions without further consent by the Issuer or any other person. 
 (g) The Escrow Agent represents that it is a “securities intermediary” and that the Escrow Account is a “securities account” (as each such term is defined in the UCC). 

(h) The Issuer hereby confirms that the arrangements established under this Section 6 constitute “control” by the Trustee
of the Escrow Account, as each of those terms is defined in Article 9 of the UCC as adopted in the State of New York. The Escrow Agent and the Issuer have not entered and will not enter into any other agreement with respect to control of the Escrow
Account or purporting to limit or condition the obligation of the Escrow Agent to comply with any orders or instructions of the Trustee with respect to the Escrow Account as set forth in this Section 6. In the event of any conflict with respect
to control over the Escrow Account between this Agreement (or any portion hereof) and any other agreement now existing or hereafter entered into, the terms of this Agreement shall prevail. 

(i) The Escrow Agent hereby agrees that any security interest in, lien on, encumbrance, claim or right of setoff against, the Escrow
Account or any funds therein that it now has or subsequently obtains shall be subordinate to the security interest of the Trustee in the Escrow Account and the funds therein or credited thereto. The Escrow Agent agrees not to exercise any present or
future right of recoupment or set-off against the Escrow Account or to assert against the Escrow Account any present or future security interest, banker’s lien or any other lien or claim (including claim for penalties) that the Escrow Agent may
at any time have against or in the Escrow Account or any funds therein. 
 7. Termination. This Agreement and the
security interest in the Escrowed Property evidenced by this Agreement shall terminate automatically and be of no further force or effect upon the 

  
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distribution of all Escrowed Property in accordance with Section 3 hereof; provided, however, that the obligations of the Issuer under Section 2(c) and Section 5 (and
any existing claims thereunder) shall survive termination of this Agreement and the resignation or removal of the Escrow Agent. At such time, upon the written request of the Issuer, the Escrow Agent shall deliver to the Issuer all of the Escrowed
Property hereunder that has not been disbursed or applied by the Escrow Agent in accordance with the terms of this Agreement and the Indenture. Such delivery shall be without warranty by or recourse to the Escrow Agent in its capacity as such,
except as to the absence of any liens on the Escrowed Property created by the Escrow Agent, and shall be at the sole expense of the Issuer. 
 8. Security Interest Absolute. All rights of the Trustee for its own benefit and the benefit of the holders of the Notes and security interests hereunder, and all obligations of the Issuer
hereunder, shall be absolute and unconditional irrespective of: 
 (a) any lack of validity or enforceability of
the Indenture or any other agreement or instrument relating thereto; 
 (b) any change in the time, manner or
place of payment of, or in any other term of, all or any of the Secured Obligations, or any other amendment or waiver of or any consent to any departure from the Indenture; 

(c) any exchange, surrender, release or non-perfection of any Liens on any other collateral for all or any of the Secured
Obligations; or 
 (d) to the extent permitted by applicable law, any other circumstance which might otherwise
constitute a defense available to, or a discharge of, the Issuer in respect of the Secured Obligations or of this Agreement. 

9. Miscellaneous. 
 (a) Waiver. Any party hereto may specifically waive any breach of this Agreement by any other party, but no such waiver shall be deemed to have been given unless such waiver is in writing, signed
by the waiving party and specifically designating the breach waived, nor shall any such waiver constitute a continuing waiver of similar or other breaches. 
 (b) Invalidity. If for any reason whatsoever any one or more of the provisions of this Agreement shall be held or deemed to be inoperative, unenforceable or invalid in a particular case or in all
cases, such circumstances shall not have the effect of rendering any of the other provisions of this Agreement inoperative, unenforceable or invalid, and the inoperative, unenforceable or invalid provision shall be construed as if it were written so
as to effectuate, to the maximum extent possible, the parties’ intent. 
 (c) Assignment. This Agreement is personal
to the parties hereto, and the rights and duties of the Issuer hereunder shall not be assignable except with the prior written consent of the other parties. Notwithstanding the foregoing, this Agreement shall inure to and be binding upon the parties
and their successors and permitted assigns. 
 (d) Benefit. This Agreement shall be binding upon the parties hereto and
their successors and permitted assigns. Nothing in this Agreement, express or implied, shall give to any person, other than the parties hereto and their successors hereunder any benefit or any legal or equitable right, remedy or claim under this
Agreement. 

  
 -10-

 (e) Entire Agreement; Amendments. This Agreement and the Indenture contain the entire
agreement among the parties with respect to the subject matter hereof and supersede any and all prior agreements, understandings and commitments, whether oral or written. Any amendment or waiver of any provision of this Agreement and any consent to
any departure by the Issuer from any provision of this Agreement shall be effective only if made or duly given in compliance with all of the terms and provisions of the Indenture, and neither the Escrow Agent nor the Trustee shall be deemed, by any
act, delay, indulgence, omission or otherwise, to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default or in any breach of any of the terms and conditions hereof. No single or partial exercise of any
right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by the Escrow Agent or the Trustee of any right or remedy hereunder on any one occasion shall
not be construed as a bar to any right or remedy that the Escrow Agent or the Trustee would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive
of any rights or remedies provided by law. 
 (f) Notices. All notices and other communications required or permitted to
be given or made under this Agreement shall be in writing and shall be deemed to have been duly given and received when actually received (i) on the day of delivery; (ii) three business days following the day sent, when sent by United
States certified mail, postage and certification fee prepaid, return receipt requested, addressed as set forth below; (iii) when transmitted by telecopy to the telecopy number set forth below with verbal confirmation of receipt by the telecopy
operator; or (iv) one business day following the day timely delivered to a next-day air courier addressed as set forth below: 
 To the Escrow Agent: 
 US Bank -Corporate Trust Services 

EP-MN-WS3C 
 60
Livingston Avenue 
 St. Paul MN 55107-1419 
 Attention: Raymond S. Haverstock 
 Facsimile: (651) 466-7430 

To the Trustee: 

US Bank -Corporate Trust Services 
 EP-MN-WS3C 
 60 Livingston Avenue 

St. Paul MN 55107-1419 
 Attention: Raymond S. Haverstock 
 Facsimile: (651) 466-7430 

To the Issuer: 

Caesars Escrow Corporation 
 Caesars Operating Escrow LLC 
 c/o Caesars Entertainment Corporation 

One Caesars Palace Drive 
 Las Vegas, Nevada 89109 
 Attention: General Counsel 

Facsimile: (702) 407-6418 

  
 -11-

 With a copy to: 
 Paul, Weiss, Rifkind, Wharton & Garrison LLP 
 1285 Avenue of the
Americas 
 New York, New York 10019-6064 
 Attention: Monica K. Thurmond, Esq. 
 Facsimile: (212) 492-0055 

or at such other address as the specified entity most recently may have designated in writing in accordance with this Section 13(f). Notwithstanding
the foregoing, notices and other communications to the Trustee or the Escrow Agent pursuant to clauses (ii) and (iv) of this Section 13(f) shall not be deemed duly given and received until actually received by the Trustee or the
Escrow Agent, as applicable, at its address set forth above. 
 (g) Counterparts. This Agreement may be executed in one
or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 
 (h) Captions. Captions in this Agreement are for convenience only and shall not be considered or referred to in resolving questions of interpretation of this Agreement. 

(i) Choice of Law; Submission to Jurisdiction. THE EXISTENCE, VALIDITY, CONSTRUCTION, OPERATION AND EFFECT OF ANY AND ALL TERMS
AND PROVISIONS OF THIS AGREEMENT SHALL BE DETERMINED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. THE PARTIES TO THIS AGREEMENT HEREBY AGREE THAT JURISDICTION OVER SUCH PARTIES AND OVER THE SUBJECT MATTER OF ANY ACTION OR
PROCEEDING ARISING UNDER THIS AGREEMENT MAY BE EXERCISED BY A COMPETENT COURT OF THE CITY AND STATE OF NEW YORK, OR BY A COMPETENT UNITED STATES COURT, SITTING IN NEW YORK CITY. THE ISSUER, THE TRUSTEE AND THE ESCROW AGENT HEREBY SUBMITS TO THE
PERSONAL JURISDICTION OF SUCH COURTS. EACH OF THE PARTIES HERETO WAIVES THE RIGHT TO A TRIAL BY JURY AND TO ASSERT COUNTERCLAIMS OTHER THAN MANDATORY COUNTERCLAIMS IN ANY ACTION OR PROCEEDING RELATING TO OR ARISING FROM, DIRECTLY OR INDIRECTLY, THIS
AGREEMENT. THE ISSUER HEREBY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO SERVICE OF PROCESS BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, DIRECTED TO IT AT THE ADDRESS LAST SPECIFIED FOR NOTICES HEREUNDER, AND SUCH SERVICE SHALL
BE DEEMED COMPLETED TEN (10) CALENDAR DAYS AFTER THE SAME IS SO MAILED. FOR PURPOSES OF THE UNIFORM COMMERCIAL CODE, NEW YORK SHALL BE THE ESCROW AGENT’S JURISDICTION. 

(j) Representations and Warranties of Issuers. Each Issuer hereby represents and warrants that this Agreement has been duly
authorized, executed and delivered on its behalf and constitutes its legal, valid and binding obligation, enforceable in accordance with its terms (except as the enforcement thereof may be limited by bankruptcy, reorganization, insolvency (including
without limitation, all laws relating to fraudulent transfers), moratorium or other laws relating to or affecting creditors’ rights and remedies generally and except as the enforcement thereof is subject to equitable principles regardless of
whether enforcement is considered in a proceeding at law or in equity). The execution, delivery and performance of this Agreement by the Issuers does not violate any applicable law or regulation to which the Issuers are subject and does not require
the consent of any governmental or other regulatory body to which the Issuer is subject, except for such consents and approvals as have been obtained and are in full force and effect. The Issuers are, with respect to the Collateral they are
delivering pursuant to this 

  
 -12-

 
Agreement, the beneficial owners of such Collateral, free and clear of any Lien or claims of any Person (except for the security interest granted under this Agreement) and are the only
entitlement holders (as defined in Section 8-102(a)(7) of the UCC) of the Escrow Account and the financial assets (as defined in Section 8-102(a) of the UCC). 
 (k) Representations and Warranties of Escrow Agent and Trustee. The Escrow Agent hereby represents and warrants that this Agreement has been duly authorized, executed and delivered on its behalf
and constitutes its legal, valid and binding obligation enforceable in accordance with its terms. The Trustee hereby represents and warrants that the person executing this Agreement is duly authorized to so execute this Agreement, and that this
Agreement has been duly executed and delivered on its behalf. 
 (l) No Adverse Interpretation of Other Agreements. This
Agreement may not be used to interpret another pledge, security or debt agreement of any Issuer or any subsidiary thereof. No such pledge, security or debt agreement may be used to interpret this Agreement. 

(m) Interpretation of Agreement. All terms not defined herein or in the Indenture shall have the meaning set forth in the UCC,
except where the context otherwise requires. To the extent a term or provision of this Agreement relating to the Trustee or the Issuer conflicts with the Indenture, the Indenture shall control with respect to the subject matter of such term or
provision. Acceptance of or acquiescence in a course of performance rendered under this Agreement shall not be relevant to determine the meaning of this Agreement even though the accepting or acquiescing party had knowledge of the nature of the
performance and opportunity for objection. 
 (n) Survival of Provisions. All representations, warranties and covenants
of the Issuer contained herein shall survive the execution and delivery of this Agreement, and shall terminate only upon the termination of this Agreement. 
 (o) Patriot Act. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that
identifies each person who opens an account. For a non-individual person such as a business entity, a charity, a Trust or other legal entity Agent will ask for documentation to verify its formation and existence as a legal entity. Agent may also ask
to see financial statements, licenses, identification and authorization documents from individuals claiming authority to represent the entity or other relevant documentation. 
 (p) Security Advice. The Issuers acknowledge that regulations of the Comptroller of the Currency grant the Issuers the right to receive brokerage confirmations of the security transactions as they
occur. The Issuers specifically waive such notification to the extent permitted by law and will receive periodic cash transaction statements that will detail all investment transactions. 

[Remainder of Page Intentionally Left Blank] 

  
 -13-

 IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the
day first above written. 
 [Signature Pages Follow] 

  
 S-1

 
					
	U.S. BANK NATIONAL ASSOCIATION,
	 as Escrow Agent

		
	By:	 	 /s/ JOSHUA A. HAHN

		 	Name:	 	Joshua A. Hahn
		 	Title:	 	Assistant Vice President

 [Signature page to Escrow Agreement] 

 
					
	U.S. BANK NATIONAL ASSOCIATION,
	 not in its individual capacity but solely as Trustee

		
	By:	 	 /s/ JOSHUA A. HAHN

		 	Name:	 	Joshua A. Hahn
		 	Title:	 	Assistant Vice President

 [Signature page to Escrow Agreement] 

 
					
	CAESARS OPERATING ESCROW LLC
	
	By: Caesars Entertainment Operating Company, Inc., as sole member
		
	By:	 	 /s/ MICHAEL D. COHEN

		 	Name:	 	Michael D. Cohen
		 	Title:	 	Senior Vice President, Deputy General Counsel and Corporate Secretary
	
	CAESARS ESCROW CORPORATION
		
	By:	 	 /s/ MICHAEL D. COHEN

		 	Name:	 	Michael D. Cohen
		 	Title:	 	Secretary

 [Signature page to Escrow Agreement] 

 ANNEX I 
 FORM OF OFFICER’S CERTIFICATE - RELEASE REQUEST 
 CAESARS ESCROW CORPORATION

 CAESARS OPERATING ESCROW LLC 
 c/o CAESARS ENTERTAINMENT CORPORATION 
 One Caesars Palace Drive 

Las Vegas, Nevada 89109 
 [            ], 2012 

[            ] as Escrow Agent 
 [            ] 

[        ] 
 Attention: [            ] 
 Re: Release Request Officer’s Certificate 
 Ladies and Gentlemen: 

We refer to the Escrow Agreement, dated as of August 22, 2012 (the “Escrow Agreement”), among you (the
“Escrow Agent”), the Trustee under the indenture dated as of August 22, 2012 (the “Indenture”), and Caesars Escrow Corporation, a Delaware corporation, and Caesars Operating Escrow LLC, a Delaware limited
liability company (each, an “Issuer” and together, the “Issuers”). Capitalized terms used herein shall have the meaning given in the Escrow Agreement. 

This Officer’s Certificate constitutes the Release Request under the Escrow Agreement. 

The Issuers and the Company hereby notify you and certify to you as follows pursuant to Section 3(a) of the Escrow Agreement:

 1. As of the date hereof, no Event of Default under the Indenture has occurred and is continuing. 

2. As of the date hereof, the Company has assumed the obligations of the Issuers under the Securities (the CEOC Assumption”)
pursuant to the Assumption Documents and has executed and delivered each Assumption Document to the Trustee and the Initial Purchasers. 
 3. As of the date hereof, the Company has received approval from the applicable gaming authorities for the offering of the Securities. 

4. Concurrently with the release of the Escrow Funds to the Company, the Assumption Documents will have been executed and delivered by
all parties thereto. 

  
 II-1

 5. Concurrently with the release of the Escrow Funds to the Company, the Escrow Funds will
be used to pay the fees and expenses related to the issuance and sale of the Securities (including the out of pocket expenses of the Initial Purchasers, if any). 
 6. The Release Documents (as defined in the Purchase Agreement) have been executed by all parties thereto and delivered to the Trustee and the Initial Purchasers pursuant to Section 5(d) of the
Purchase Agreement (attached hereto as Annex A). 
 7. The opinions of counsel contemplated by Section 5(c) of the
Purchase Agreement (attached hereto as Annex A) have been furnished to the Trustee and the Initial Purchasers. 

[SIGNATURE PAGES FOLLOW] 

  
 II-2

 The Issuers hereby notify you and certify to you that the release of the entire amount of
funds from the Escrow Account is currently permitted in accordance with Section 3 of the Escrow Agreement and requests that you release such amount as set forth on Schedule A hereto. The Escrow Agent is entitled to rely on the foregoing
in disbursing Escrow Funds as specified in this Release Request. 
  

			
	CAESARS ESCROW CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  
 II-2

 
			
	CAESARS OPERATING ESCROW LLC
		
	By:	 	  

		 	Name:
		 	Title:

  
 II-3

 Schedule A 

WIRE INSTRUCTIONS 
  

			
	[Company]	  	
		
	Proceeds to be delivered:	  	[                    ]
	Name of Bank:	  	[                    ]
	ABA Number of Bank:	  	[                    ]
	Account Number at Bank:	  	[                    ]
	Name of Account:	  	[                    ]
	OBI Field F/F/C #:	  	[                    ]
	Attention:	  	[                    ]
		
	[Initial Purchasers]	  	
		
	Proceeds to be delivered:	  	[                    ]
	Name of Bank:	  	[                    ]
	ABA Number of Bank:	  	[                    ]
	Account Number at Bank:	  	[                    ]
	Name of Account:	  	[                    ]
	OBI Field F/F/C #:	  	[                    ]
	Attention:	  	[                    ]

  
 II-1

 ANNEX II 
 FORM OF FAILURE OF CONDITION NOTICE 
 CAESARS ESCROW CORPORATION 

CAESARS OPERATING ESCROW LLC 
 c/o CAESARS ENTERTAINMENT CORPORATION 
 One Caesars Palace Drive 

Las Vegas, Nevada 89109 
 [            ], 2012 

[            ] as Escrow Agent 
 [            ] 

[        ] 
 Attention: [            ] 
 Re: Failure of Conditions 
 Ladies and Gentlemen: 

We refer to the Escrow Agreement, dated as of August 22, 2012 (the “Escrow Agreement”), among you (the
“Escrow Agent”), the Trustee under the indenture dated as of August 22, 2012 (the “Indenture”), and Caesars Escrow Corporation, a Delaware corporation, and Caesars Operating Escrow LLC, a Delaware limited
liability company (each, an “Issuer” and together, the “Issuers”). Capitalized terms used herein shall have the meaning given in the Escrow Agreement. 

This Officer’s Certificate constitutes notice that the required conditions set forth in Section 3(a) shall not be satisfied on
or prior to the Escrow Redemption Date. 
 Escrow Redemption Date:
[            ], 2012 
 Escrow Redemption Price:
$[            ] 
  

			
	CAESARS ESCROW CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  
 II-2

 
			
	CAESARS OPERATING ESCROW LLC
		
	By:	 	  

		 	Name:
		 	Title:

  
 II-3

 EXHIBIT I 
 FUNDS TO BE WIRED 
  

									
	 Description
	  	Amount	 	 	 Instructions

				
	 Escrow Fee
	  	$	[            	] 	 	 RBK:
	  	 U.S. Bank, N.A.

		  				 	 ABA:
	  	
[                    ]

		  				 	 BNF:
	  	
[                    ]

		  				 	 BNF ACCT:
	  	
[                    ]

		  				 	 OBI:
	  	
[                    ]

		  				 	 REF#:
	  	
[                    ]

		  				 	 ATTN:
	  	
[                    ]

		  				 		  	
[                    ]

  
 II-4Novellus Systems, Inc. 2011 Stock Incentive Plan

 Exhibit 10.172 
 LAM RESEARCH CORPORATION (NOVELLUS SYSTEMS, INC.) 
 2011 STOCK INCENTIVE
PLAN 
 (AS AMENDED) 
 1. Purposes of the Plan. The purposes of this Stock Incentive Plan are to attract and retain the best available personnel, to provide additional incentives to Employees, Directors and Consultants
and to promote the success of the Company’s business. This Stock Incentive Plan is hereby amended and restated as of July 18, 2012 to reflect its adoption by Lam Research Corporation (the “Company”) pursuant to the terms of the
Agreement and Plan of Merger among Lam Research Corporation, BLMS, Inc. and Novellus Systems, Inc. (“Novellus”), dated as of December 14, 2011, and to reflect changes to certain non-material terms of the Plan authorized by the Board
of Directors of the Company. Effective as of the same date, this Stock Incentive Plan shall be renamed the “Lam Research Corporation (Novellus Systems, Inc.) 2011 Stock Incentive Plan (As Amended).” 

2. Definitions. The following definitions shall apply as used herein and in the individual Award Agreements except as defined
otherwise in an individual Award Agreement. In the event a term is separately defined in an individual Award Agreement, such definition shall supersede the definition contained in this Section 2. 

(a) “Administrator” means the Board or any of the Committees appointed to administer the Plan.

 (b) “Affiliate” and “Associate” shall have the respective meanings ascribed
to such terms in Rule 12b-2 promulgated under the Exchange Act. 
 (c) “Applicable Laws”
means the legal requirements relating to the Plan and the Awards under applicable provisions of federal securities laws, state corporate and securities laws, the Code, the rules of any applicable stock exchange or national market system, and the
rules of any foreign jurisdiction applicable to Awards granted to residents therein. 
 (d)
“Assumed” means that pursuant to a Corporate Transaction either (i) the Award is expressly affirmed by the Company or (ii) the contractual obligations represented by the Award are expressly assumed (and not simply by
operation of law) by the successor entity or its Parent in connection with the Corporate Transaction with appropriate adjustments to the number and type of securities of the successor entity or its Parent subject to the Award and the exercise or
purchase price thereof which at least preserves the compensation element of the Award existing at the time of the Corporate Transaction as determined in accordance with the instruments evidencing the agreement to assume the Award. 

(e) “Award” means the grant of an Option, Restricted Stock or Restricted Stock Unit under the Plan.

 (f) “Award Agreement” means the written agreement evidencing the grant of an Award executed
by the Company and the Grantee, including any amendments thereto. 
 (g) “Board” means the Board
of Directors of the Company. 
 (h) “Code” means the Internal Revenue Code of 1986, as amended.

 (i) “Committee” means any committee appointed by the Board or Compensation Committee to
administer the Plan or any aspect of the Plan, and may include a committee of Officers or employees of the Company where permitted under Applicable Laws. 
 (j) “Common Stock” means the common stock of the Company. 
 (k) “Company” means Lam Research Corporation, a Delaware corporation, or any successor entity that adopts the Plan in connection with a Corporate Transaction. 

  
 1 

 (l) “Consultant” means any person (other than an Employee
or a Director, solely with respect to rendering services in such person’s capacity as a Director) who is engaged by the Company or any Related Entity to render consulting or advisory services to the Company or such Related Entity. 

(m) “Continuous Service” means that the provision of services to the Company or a Related Entity in any
capacity of Employee, Director or Consultant is not interrupted or terminated. In jurisdictions requiring notice in advance of an effective termination as an Employee, Director or Consultant, Continuous Service shall be deemed terminated upon the
actual cessation of providing services to the Company or a Related Entity notwithstanding any required notice period that must be fulfilled before a termination as an Employee, Director or Consultant can be effective under Applicable Laws. A
Grantee’s Continuous Service shall be deemed to have terminated either upon an actual termination of Continuous Service or upon the entity for which the Grantee provides services ceasing to be a Related Entity. Continuous Service shall not be
considered interrupted in the case of (i) any approved leave of absence, unless otherwise provided in the applicable Award Agreement for Awards granted after July 18, 2012, (ii) transfers among the Company, any Related Entity, or any
successor, in any capacity of Employee, Director or Consultant, or (iii) any change in status as long as the individual remains in the service of the Company or a Related Entity in any capacity of Employee, Director or Consultant (except as
otherwise provided in the Award Agreement). An approved leave of absence shall include sick leave, military leave, or any other authorized personal leave. For purposes of each Incentive Stock Option granted under the Plan, if such leave exceeds
three (3) months, and reemployment upon expiration of such leave is not guaranteed by statute or contract, then the Incentive Stock Option shall be treated as a Nonstatutory Stock Option on the day three (3) months and one (1) day
following the expiration of such three (3) month period. 
 (n) “Corporate Transaction”
means (i) for any grants of Awards made prior to July 18, 2012, any of the following transactions: 
  

	 	(A)	a merger or consolidation in which the Company is not the surviving entity, except for a transaction the principal purpose of which is to change the state in which the
Company is incorporated; 

  

	 	(B)	the sale, transfer or other disposition of all or substantially all of the assets of the Company (including the capital stock of the Company’s subsidiary
corporations); 

  

	 	(C)	approval by the Company’s shareholders of any plan or proposal for the complete liquidation or dissolution of the Company; 

 

	 	(D)	any reverse merger or series of related transactions culminating in a reverse merger (including, but not limited to, a tender offer followed by a reverse merger) in
which the Company is the surviving entity but (A) the shares of Common Stock outstanding immediately prior to such merger are converted or exchanged by virtue of the merger into other property, whether in the form of securities, cash or
otherwise, or (B) in which securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities are transferred to a person or persons different from those who held such
securities immediately prior to such merger or the initial transaction culminating in such merger; or 

  

	 	(E)	acquisition in a single or series of related transactions by any person or related group of persons (other than the Company or by a Company-sponsored employee benefit
plan) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities but excluding any
such transaction or series of related transactions that the Administrator determines shall not be a Corporate Transaction. 

  
 2 

 and (ii) for any grants of Awards made on or after July 18, 2012, any of the
following transactions: 
  

	 	(A)	a merger or consolidation in which the Company is not the surviving entity or survives only as a subsidiary of another entity whose shareholders did not own all or
substantially all of the Common Stock in substantially the same proportions as immediately prior to such transaction (which transaction shall not include a merger or consolidation with a wholly-owned subsidiary, a reincorporation of the Company in a
different jurisdiction, or other transaction in which there is no substantial change in the stockholders of the Company or their relative stock holdings and the Awards granted under this Plan are assumed, converted or replaced by the successor
corporation, which assumption shall be binding on all participants); 

  

	 	(B)	the sale, transfer or other disposition of all or substantially all of the assets of the Company, including a liquidation or dissolution of the Company; or

  

	 	(C)	the acquisition, sale, or transfer of more than fifty percent (50%) of the outstanding shares of the Company by tender offer or similar transaction.

 (o) “Covered Employee” means an Employee who is a “covered employee”
under Section 162(m)(3) of the Code. 
 (p) “Director” means a member of the Board or the
board of directors of any Related Entity. 
 (q) “Disability” means: 

(i) for any grants of Awards made prior to July 18, 2012, a Grantee would qualify for benefit payments under the
long-term disability policy of the Company or the Related Entity to which the Grantee provides services regardless of whether the Grantee is covered by such policy. If the Company or the Related Entity to which the Grantee provides service does not
have a long-term disability plan in place, “Disability” means that a Grantee is permanently unable to carry out the responsibilities and functions of the position held by the Grantee by reason of any medically determinable physical or
mental impairment. A Grantee will not be considered to have incurred a Disability unless he or she furnishes proof of such impairment sufficient to satisfy the Administrator in its discretion; and 

(ii) for any grants of Awards made on or after July 18, 2012, as determined by the Administrator with respect to all
Awards other than Incentive Stock Options and as defined by Section 22(e) of the Code with respect to Incentive Stock Options. 
 (r) “Employee” means any person, including an Officer or Director, who (i) was an employee of Novellus or one of its subsidiaries as of June 4, 2012 and is currently an employee
of the Company or any Related Entity or (ii) is an employee of the Company or any Related Entity who is hired by the Company or such Related Entity after June 4, 2012. The payment of a director’s fee by the Company or a Related Entity
shall not be sufficient to constitute “employment” by the Company. 
 (s) “Exchange
Act” means the Securities Exchange Act of 1934, as amended. 
 (t) “Fair Market Value”
means, that as of any date, the value of Common Stock determined as follows: 
 (i) If the Common Stock is listed
on one or more established stock exchanges or national market systems, including without limitation The NASDAQ Global Select Market, The NASDAQ Global Market or The NASDAQ Capital Market of The NASDAQ Stock Market LLC, its Fair Market Value shall be
the closing sales price for such stock (or the closing bid, if no sales 

  
 3 

 
were reported) as quoted on the principal exchange or system on which the Common Stock is listed (as determined by the Administrator) on the date of determination (or, if no closing sales price
or closing bid was reported on that date, as applicable, on the last trading date such closing sales price or closing bid was reported), as reported in The Wall Street Journal or such other source as the Administrator deems reliable; 

(ii) If the Common Stock is regularly quoted on an automated quotation system (including the OTC Bulletin Board) or by a
recognized securities dealer, its Fair Market Value shall be the closing sales price for such stock as quoted on such system or by such securities dealer on the date of determination, but if selling prices are not reported, the Fair Market Value of
a share of Common Stock shall be the mean between the high bid and low asked prices for the Common Stock on the date of determination (or, if no such prices were reported on that date, on the last date such prices were reported), as reported in The
Wall Street Journal or such other source as the Administrator deems reliable; or 
 (iii) In the absence of an
established market for the Common Stock of the type described in (i) and (ii), above, the Fair Market Value thereof shall be determined by the Administrator in good faith. 

(u) “Grantee” means an Employee, Director or Consultant who receives an Award pursuant to an Award
Agreement under the Plan. 
 (v) “Incentive Stock Option” means an Option intended to qualify as
an incentive stock option within the meaning of Section 422 of the Code. 
 (w) “Nonstatutory Stock
Option” means an Option not intended to qualify as an Incentive Stock Option. 
 (x)
“Officer” means a person who is an officer of the Company or a Related Entity within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder. 

(y) “Option” means an option to purchase Shares pursuant to an Award Agreement granted under the Plan.

 (z) “Outside Director” means a Director who is not an Employee. 

(aa) “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in
Section 424(e) of the Code. 
 (bb) “Performance-Based Compensation” means compensation
qualifying as “performance-based compensation” under Section 162(m) of the Code. 
 (cc)
“Plan” means this 2011 Stock Incentive Plan, as adopted by the Company and as amended and restated as of July 18, 2012. 
 (dd) “Related Entity” means any Parent, Subsidiary and any business, corporation, partnership, limited liability company or other entity in which the Company, a Parent or a Subsidiary
holds a substantial ownership interest, directly or indirectly. 
 (ee) “Related Entity
Disposition” means the sale, distribution or other disposition by the Company, a Parent or a Subsidiary of all or substantially all of the interests of the Company, a Parent or a Subsidiary in any Related Entity effected by a sale, merger
or consolidation or other transaction involving that Related Entity or the sale of all or substantially all of the assets of that Related Entity, other than any Related Entity Disposition to the Company, a Parent or a Subsidiary. 

  
 4 

 (ff) “Restricted Stock” means Shares issued under the Plan
to the Grantee for such consideration, if any, and subject to such restrictions on transfer, rights of first refusal, repurchase provisions, forfeiture provisions, and other terms and conditions as established by the Administrator. 

(gg) “Restricted Stock Units” means an Award which may be earned in whole or in part upon the passage of
time or the attainment of performance criteria established by the Administrator and which may be settled for cash, Shares or other securities or a combination of cash, Shares or other securities as established by the Administrator. 

(hh) “Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor thereto.

 (ii) “Share” means a share of the Common Stock. 

(jj) “Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as
defined in Section 424(f) of the Code. 
 3. Stock Subject to the Plan. 

(a) Subject to the provisions as set forth in Section 10, below, the maximum aggregate number of Shares which may be
issued pursuant to all Awards is 14,394,511 Shares. In addition, any Shares that would otherwise return to the Novellus Systems, Inc. 2001 Stock Incentive Plan (the “2001 SIP”) as a result of the forfeiture, termination or expiration of
awards previously granted under the 2001 SIP or any other Company equity plan with regards to which Shares would otherwise return to the 2001 SIP as a result of the forfeiture, termination or expiration of awards granted under such Company equity
plan as of May 10, 2011 (ignoring for this purpose the expiration of the 2001 SIP or such other Company equity plan) shall become available under the Plan. The maximum aggregate number of Shares which may be issued pursuant to all Awards of
Incentive Stock Options granted prior to June 4, 2012 is 9,796,984 Shares, and the Company must receive shareholder approval of the Plan before granting Awards of Incentive Stock Options on or after June 4, 2012. Any Shares subject to
Awards granted under the Plan other than Options shall be counted against the limit set forth herein as two (2) Shares for every one (1) Share subject to such Award (and shall be counted as two (2) Shares for every one (1) Share
returned to the Plan pursuant to Section 3(b), below, in connection with Awards other than Options). Options shall be counted against the limit set forth herein as one (1) Share subject to such Award (and shall be counted as one
(1) Share returned to the Plan pursuant to Section 3(b), below, in connection with Options (whether Nonstatutory Stock Options or Incentive Stock Options)). Notwithstanding the foregoing, any Shares that again become available for grant
upon the forfeiture, termination or expiration of an award that originally counted as one and six-tenths (1.6) Shares upon grant under the 2001 SIP shall be counted as one and six-tenths (1.6) Shares for every one Share that returns to the
Plan (ignoring for this purpose the expiration of the 2001 SIP or any other Company equity plan with regards to which Shares would otherwise return to the 2001 SIP). The Shares to be issued pursuant to Awards may be authorized, but unissued, or
reacquired Common Stock. 
 (b) Any Shares covered by an Award (or portion of an Award) which is forfeited,
canceled or expires (whether voluntarily or involuntarily) shall be deemed not to have been issued for purposes of determining the maximum aggregate number of Shares which may be issued under the Plan. Shares that actually have been issued under the
Plan pursuant to an Award shall not be returned to the Plan and shall not become available for future issuance under the Plan, except that if unvested Shares are forfeited, or repurchased by the Company at the lower of their original purchase price
or their Fair Market Value at the time of repurchase, such Shares shall become available for future grant under the Plan. Notwithstanding anything to the contrary contained herein: (i) Shares tendered or withheld in payment of an Option
exercise price shall not be returned to the Plan and shall not become available for future issuance under the Plan; and (ii) Shares withheld by the Company to satisfy any tax withholding obligation shall not be returned to the Plan and shall
not become available for future issuance under the Plan. 

  
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 4. Administration of the Plan. 

(a) Plan Administrator. 
 (i) Administration with Respect to Directors and Officers. With respect to grants of Awards to Directors or Employees who are also Officers or Directors of the Company, the Plan shall be
administered by (A) the Board or (B) a Committee designated by the Board, which Committee shall be constituted in such a manner as to satisfy the Applicable Laws and to permit such grants and related transactions under the Plan to be
exempt from Section 16(b) of the Exchange Act in accordance with Rule 16b-3. Once appointed, such Committee shall continue to serve in its designated capacity until otherwise directed by the Board. 

(ii) Administration With Respect to Consultants and Other Employees. With respect to grants of Awards to Employees
or Consultants who are neither Directors nor Officers of the Company, the Plan shall be administered by (A) the Board or (B) a Committee that shall be constituted in such a manner as to satisfy the Applicable Laws. Once appointed, such
Committee shall continue to serve in its designated capacity until otherwise directed by the delegating authority. 
 (iii) Administration With Respect to Covered Employees. Notwithstanding the foregoing, grants of Awards to any Covered Employee intended to qualify as Performance-Based Compensation shall be made
only by a Committee (or subcommittee of a Committee) which is comprised solely of two or more Directors eligible to serve on a committee making Awards qualifying as Performance-Based Compensation. In the case of such Awards granted to Covered
Employees, references to the “Administrator” or to a “Committee” shall be deemed to be references to such Committee or subcommittee. 
 (iv) Administration Errors. In the event an Award is granted in a manner inconsistent with the provisions of this subsection (a), such Award shall be presumptively valid as of its grant date
to the extent permitted by the Applicable Laws. 
 (b) Powers of the Administrator. Subject to Applicable
Laws and the provisions of the Plan (including any other powers given to the Administrator hereunder), and except as otherwise provided by the Board or the Compensation Committee, the Administrator shall have the authority, in its discretion:

 (i) to select the Employees, Directors and Consultants to whom Awards may be granted from time to time
hereunder; 
 (ii) to determine whether and to what extent Awards are granted hereunder; 

(iii) to determine the number of Shares or the amount of other consideration to be covered by each Award granted
hereunder; 
 (iv) to approve forms of Award Agreements for use under the Plan; 

(v) to determine the terms and conditions of any Award granted hereunder; 

(vi) for any grants of Awards made prior to July 18, 2012, to amend the terms of any outstanding Award granted under
the Plan, provided that (A) any amendment that would adversely affect the Grantee’s rights under an outstanding Award shall not be made without the Grantee’s written consent, provided, however, that an amendment or modification that
may cause an Incentive Stock Option to become a Non-Qualified Stock Option shall not be treated as adversely affecting the rights of the Grantee, (B) the reduction of the exercise price of any Option awarded under the Plan shall be subject to
shareholder approval, and (C) canceling an Option at a time when its exercise price exceeds the Fair Market Value of the underlying Shares, in exchange for another Option, Restricted Stock, other Award or for cash shall be subject to
shareholder approval, unless the cancellation and exchange occurs in connection with a Corporate Transaction; and 

  
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 for any grants of Awards made on or after July 18, 2012, to amend the
terms of any outstanding Award granted under the Plan, provided that no modification of any Award, even in the absence of an amendment, suspension, or termination of this Plan, shall impair any existing contractual rights of any Grantee unless
(A) the affected Grantee consents to the amendment, suspension, termination, or modification or (B) no consent is required if the Board determines, in its sole and absolute discretion, that the amendment, suspension, termination, or
modification: (1) is required or advisable in order for the Company, this Plan or the Award to satisfy Applicable Laws, to meet the requirements of any accounting standard or to avoid any adverse accounting treatment, or (2) in connection
with any Corporate Transaction, is in the best interests of the Company or its shareholders; 
 (vii) to construe
and interpret the terms of the Plan and Awards granted pursuant to the Plan, including without limitation, any notice of Award or Award Agreement, granted pursuant to the Plan; 

(viii) to grant Awards to Employees, Directors and Consultants employed outside the United States on such terms and
conditions different from those specified in the Plan as may, in the judgment of the Administrator, be necessary or desirable to further the purpose of the Plan; and 

(ix) to take such other action, not inconsistent with the terms of the Plan, as the Administrator deems appropriate.

 The express grant in the Plan of any specific power to the Administrator shall not be construed as limiting any power or
authority of the Administrator; provided that the Administrator may not exercise any right or power reserved to the Board. Any decision made, or action taken, by the Administrator or in connection with the administration of this Plan shall be final,
conclusive and binding on all persons having an interest in the Plan. 
 5. Eligibility. Awards other than Incentive
Stock Options may be granted to Employees, provided that prior to June 4, 2012, such awards could also be granted to Directors and Consultants of Novellus and its Subsidiaries and Affiliates. Subject to the Company obtaining shareholder
approval of the Plan, Incentive Stock Options may be granted only to Employees of the Company, a Parent or a Subsidiary. An Employee who has been granted an Award may, if otherwise eligible, be granted additional Awards. Awards may be granted to
such Employees who are residing in foreign jurisdictions as the Administrator may determine from time to time. 
 6. Terms
and Conditions of Awards. 
 (a) Types of Awards. The Administrator is authorized under the Plan to
award Options, Restricted Stock and Restricted Stock Units with a fixed or variable price related to the Fair Market Value of the Shares and with an exercise or conversion privilege related to the passage of time, the occurrence of one or more
events, or the satisfaction of performance criteria or other conditions. 
 (b) Designation of Award. Each
Award shall be designated in the Award Agreement. In the case of an Option, the Option shall be designated as either an Incentive Stock Option or a Nonstatutory Stock Option. However, notwithstanding such designation, an Option will qualify as an
Incentive Stock Option under the Code only to the extent the $100,000 dollar limitation of Section 422(d) of the Code is not exceeded. The $100,000 limitation of Section 422(d) of the Code is calculated based on the aggregate Fair Market
Value of the Shares subject to Options designated as Incentive Stock Options which become exercisable for the first time by a Grantee during any calendar year (under all plans of the Company or any Parent or Subsidiary of the Company). For purposes
of this calculation, Incentive Stock Options shall be taken into account in the order in which they were granted, and the Fair Market Value of the Shares shall be determined as of the grant date of the relevant Option. In the event that the Code or
the regulations promulgated thereunder are amended after the date the Plan becomes effective to provide for a different 

  
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limit on the Fair Market Value of the Shares permitted to be subject to Incentive Stock Options, then such different limit will be automatically incorporated herein and will apply to any Options
granted after the effective date of such amendment. 
 (c) Conditions of Award. Subject to the terms of
the Plan, the Administrator shall determine the provisions, terms, and conditions of each Award including, but not limited to, the Award vesting schedule, repurchase provisions, rights of first refusal, forfeiture provisions, form of payment (cash,
Shares, or other consideration) upon settlement of the Award, payment contingencies, and satisfaction of any performance criteria. The performance criteria established by the Administrator may be based on any one of, or combination of, the
following: (i) increase in share price; (ii) earnings per share; (iii) total shareholder return; (iv) operating margin; (v) gross margin; (vi) return on equity; (vii) return on assets; (viii) return on
investment; (ix) operating income; (x) net operating income; (xi) pre-tax profit; (xii) cash flow; (xiii) revenue; (xiv) expenses; (xv) earnings before interest, taxes and depreciation; (xvi) economic value
added; (xvii) market share; (xviii) controllable profits; (xix) customer satisfaction management by objectives; (xx) individual management by objectives; (xxi) net income; (xxii) new orders; (xxiii) pro forma net
income; (xxiv) asset turnover; (xxv) minimum cash balances; and (xxvi) return on sales. For Awards that are not intended to qualify as Performance-Based Compensation, the performance criteria established by the Administrator may be
based on personal management objectives, or other measures of performance selected by the Administrator. The level or levels of performance specified with respect to a performance goal may be GAAP or non-GAAP measures as determined by the
Administrator and may be established in absolute terms, as objectives relative to performance in prior periods, as an objective compared to the performance of one or more comparable companies or an index covering multiple companies, or otherwise as
the Administrator may determine. The performance criteria may be applicable to the Company, Related Entities and/or any individual business units of the Company or any Related Entity. Partial achievement of the specified criteria may result in a
payment or vesting corresponding to the degree of achievement as specified in the Award Agreement. 
 (d)
Acquisitions and Other Transactions. The Administrator may issue Awards under the Plan in settlement, assumption or substitution for, outstanding awards or obligations to grant future awards in connection with the Company or a Related Entity
acquiring another entity, an interest in another entity or an additional interest in a Related Entity whether by merger, stock purchase, asset purchase or other form of transaction. 

(e) Deferral of Award Payment. The Administrator may establish one or more programs under the Plan to permit
selected Grantees the opportunity to elect to defer receipt of consideration upon exercise of an Award, satisfaction of performance criteria, or other event that absent the election would entitle the Grantee to payment or receipt of Shares or other
consideration under an Award. The Administrator may establish the election procedures, the timing of such elections, the mechanisms for payments of, and accrual of interest or other earnings, if any, on amounts, Shares or other consideration so
deferred, and such other terms, conditions, rules and procedures that the Administrator deems advisable for the administration of any such deferral program. 
 (f) Separate Programs. The Administrator may establish one or more separate programs under the Plan for the purpose of issuing particular forms of Awards to one or more classes of Grantees on such
terms and conditions as determined by the Administrator from time to time. 
 (g) Individual Limitations on
Awards. 
 (i) Individual Limit for Options. The maximum number of Shares with respect to which
Options may be granted to any Grantee in any fiscal year of the Company shall be 675,000 Shares. In connection with a Grantee’s commencement of Continuous Service, a Grantee may be granted Options for up to an additional 1,350,000 Shares which
shall not count against the limit set forth in the previous sentence. The foregoing limitations shall be adjusted proportionately in connection with any change in the Company’s capitalization pursuant to Section 10, below. To the extent
required by Section 162(m) of the Code or the regulations thereunder, in applying the foregoing limitations with respect to a Grantee, if any Option is canceled, the canceled Option 

  
 8 

 
shall continue to count against the maximum number of Shares with respect to which Options may be granted to the Grantee. For this purpose, the repricing of an Option shall be treated as the
cancellation of the existing Option and the grant of a new Option. 
 (ii) Individual Limit for Restricted
Stock and Restricted Stock Units. For awards of Restricted Stock and Restricted Stock Units that are intended to be Performance-Based Compensation, the maximum number of Shares with respect to which such Awards may be granted to any Grantee in
any fiscal year of the Company shall be 675,000 Shares. The foregoing limitation shall be adjusted proportionately in connection with any change in the Company’s capitalization pursuant to Section 10, below. 

(h) Deferral. If the vesting or receipt of Shares under an Award is deferred to a later date, any amount (whether
denominated in Shares or cash) paid in addition to the original number of Shares subject to such Award will not be treated as an increase in the number of Shares subject to the Award if the additional amount is based either on a reasonable rate of
interest or on one or more predetermined actual investments such that the amount payable by the Company at the later date will be based on the actual rate of return of a specific investment (including any decrease as well as any increase in the
value of an investment). 
 (i) Early Exercise. The Award Agreement may, but need not, include a provision
whereby the Grantee may elect at any time while an Employee, Director or Consultant to exercise any part or all of the Award prior to full vesting of the Award. Any unvested Shares received pursuant to such exercise may be subject to a repurchase
right in favor of the Company or a Related Entity or to any other restriction the Administrator determines to be appropriate. 
 (j) Term of Award. The term of each Award shall be the term stated in the Award Agreement; provided, however, that the term shall be no more than ten (10) years from the date of
grant thereof. However, in the case of an Incentive Stock Option granted to a Grantee who, at the time the Option is granted, owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or
any Parent or Subsidiary of the Company, the term of the Incentive Stock Option shall be five (5) years from the date of grant thereof or such shorter term as may be provided in the Award Agreement. Notwithstanding the foregoing, the specified
term of any Award shall not include any period for which the Grantee has elected to defer the receipt of the Shares or cash issuable pursuant to the Award. 
 (k) Transferability of Awards. Incentive Stock Options may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or
distribution and may be exercised, during the lifetime of the Grantee, only by the Grantee. Other Awards shall be transferable (i) by will and by the laws of descent and distribution and (ii) during the lifetime of the Grantee, to the
extent and in the manner authorized by the Administrator, but only to the extent such transfers are made to family members, to family trusts, to family controlled entities, to charitable organizations, and pursuant to domestic relations orders or
agreements, in all cases without payment for such transfers to the Grantee. Notwithstanding the foregoing, the Grantee may designate one or more beneficiaries of the Grantee’s Award in the event of the Grantee’s death on a beneficiary
designation form provided by the Administrator. 
 (l) Time of Granting Awards. The date of grant of an
Award shall for all purposes be the date on which the Administrator makes the determination to grant such Award, or such other later date as is determined by the Administrator. Notice of the grant determination shall be given to each Employee,
Director or Consultant to whom an Award is so granted within a reasonable time after the date of such grant. 

  
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 7. Award Exercise or Purchase Price, Consideration and Taxes. 

(a) Exercise or Purchase Price. The exercise or purchase price, if any, for an Award shall be as follows:

 (i) In the case of an Incentive Stock Option granted to an Employee who, at the time of the grant of such
Incentive Stock Option owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price shall be not less than one hundred ten percent
(110%) of the Fair Market Value per Share on the date of grant. 
 (ii) In cases other than the case
described in the preceding paragraph, the per Share exercise price of an Option shall be not less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. 

(iii) In the case of Awards intended to qualify as Performance-Based Compensation, the exercise or purchase price, if any,
shall be not less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. 

(iv) In the case of a Restricted Stock or Restricted Stock Units grant, such price, if any, shall be determined by the
Administrator. 
 (v) Notwithstanding the foregoing provisions of this Section 7(a), in the case of an Award
issued pursuant to Section 6(d), above, the exercise or purchase price for the Award shall be determined in accordance with the provisions of the relevant instrument evidencing the agreement to issue such Award. 

(b) Consideration. Subject to Applicable Laws, the consideration to be paid for the Shares to be issued upon
exercise or purchase of an Award including the method of payment, shall be determined by the Administrator (and, in the case of an Incentive Stock Option, shall be determined at the time of grant). In addition to any other types of consideration the
Administrator may determine, the Administrator is authorized to accept as consideration for Shares issued under the Plan the following: 
 (i) cash; 
 (ii) check; 

(iii) surrender of Shares or delivery of a properly executed form of attestation of ownership of Shares as the
Administrator may require (including withholding of Shares otherwise deliverable upon exercise of the Award) which have a Fair Market Value on the date of surrender or attestation equal to the aggregate exercise price of the Shares as to which said
Award shall be exercised (but only to the extent that such exercise of the Award would not result in an accounting compensation charge with respect to the Shares used to pay the exercise price unless otherwise determined by the Administrator);

 (iv) with respect to Options, payment through a broker-dealer sale and remittance procedure pursuant to which
the Grantee (A) shall provide written instructions to a Company designated brokerage firm to effect the immediate sale of some or all of the purchased Shares and remit to the Company sufficient funds to cover the aggregate exercise price
payable for the purchased Shares and (B) shall provide written directives to the Company to deliver the certificates for the purchased Shares directly to such brokerage firm in order to complete the sale transaction; 

(v) with respect to Options, payment through a “net exercise” such that, without the payment of any funds, the
Grantee may exercise the Option and receive the net number of Shares equal to (i) the number of Shares as to which the Option is being exercised, multiplied by (ii) a fraction, the numerator of which is the Fair Market Value per Share (on
such date as is determined by the Administrator) less the Exercise Price per Share, and the denominator of which is such Fair Market Value per Share (the number of net Shares to be received shall be rounded down to the nearest whole number of
Shares); or 

  
 10 

 (vi) any combination of the foregoing methods of payment. 

The Administrator may at any time or from time to time, by adoption of or by amendment to the standard forms of Award Agreement described
in Section 4(b)(iv), or by other means, grant Awards which do not permit all of the foregoing forms of consideration to be used in payment for the Shares or which otherwise restrict one or more forms of consideration. 

(c) Taxes. No Shares shall be delivered under the Plan to any Grantee or other person until such Grantee or other
person has made arrangements acceptable to the Administrator for the satisfaction of any foreign, federal, state, or local income and employment tax withholding obligations, including, without limitation, obligations incident to the receipt of
Shares. Upon exercise or vesting of an Award, the Company shall withhold or collect from Grantee an amount sufficient to satisfy such tax obligations, including, but not limited to, by surrender of the whole number of Shares covered by the Award
sufficient to satisfy the minimum applicable tax withholding obligations incident to the exercise or vesting of an Award. 
 8.
Exercise of Award. 
 (a) Procedure for Exercise; Rights as a Shareholder. 

(i) Any Award granted hereunder shall be exercisable at such times and under such conditions as determined by the
Administrator under the terms of the Plan and specified in the Award Agreement. 
 (ii) An Award shall be deemed
to be exercised when written notice of such exercise has been given to the Company in accordance with the terms of the Award by the person entitled to exercise the Award and full payment for the Shares with respect to which the Award is exercised
has been made, including, to the extent selected, use of the broker-dealer sale and remittance procedure to pay the purchase price as provided in Section 7(b)(iv). 

(iii) Exercise of Award Following Termination of Continuous Service. 

(A) An Award may not be exercised after the termination date of such Award set forth in the Award Agreement and may be
exercised following the termination of a Grantee’s Continuous Service only to the extent provided in the Award Agreement. 
 (B) Where the Award Agreement permits a Grantee to exercise an Award following the termination of the Grantee’s Continuous Service for a specified period, the Award shall terminate to the extent not
exercised on the last day of the specified period or the last day of the original term of the Award, whichever occurs first. 
 (C) Any Award designated as an Incentive Stock Option to the extent not exercised within the time permitted by law for the exercise of Incentive Stock Options following the termination of a Grantee’s
Continuous Service shall convert automatically to a Nonstatutory Stock Option and thereafter shall be exercisable as such to the extent exercisable by its terms for the period specified in the Award Agreement. 

9. Conditions Upon Issuance of Shares. 
 (a) If at any time the Administrator determines that the delivery of Shares pursuant to the exercise, vesting or any other provision of an Award is or may be unlawful under Applicable Laws, the vesting or
right to exercise an Award or to otherwise receive Shares pursuant to the terms of an Award shall be suspended until the Administrator determines that such delivery is lawful and shall be further subject to the approval of counsel for the Company
with respect to such compliance. The Company shall have no obligation to effect any registration or qualification of the Shares under federal or state laws. 

  
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 (b) As a condition to the exercise of an Award, the Company may require the
person exercising such Award to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the
Company, such a representation is required by any Applicable Laws. 
 10. Adjustments Upon Changes in Capitalization.
Subject to any required action by the shareholders of the Company and Section 11 hereof, the number of Shares covered by each outstanding Award, and the number of Shares which have been authorized for issuance under the Plan but as to which no
Awards have yet been granted or which have been returned to the Plan, the exercise or purchase price of each such outstanding Award, the maximum number of Shares with respect to which Awards may be granted to any Grantee in any fiscal year of the
Company, as well as any other terms that the Administrator determines require adjustment shall be proportionately adjusted for (i) any increase or decrease in the number of issued Shares resulting from a stock split, reverse stock split, stock
dividend, combination or reclassification of the Shares, or similar event affecting the Shares, (ii) any other increase or decrease in the number of issued Shares effected without receipt of consideration by the Company, or (iii) any other
transaction with respect to Common Stock including a corporate merger, consolidation, acquisition of property or stock, separation (including a spin-off or other distribution of stock or property), reorganization, liquidation (whether partial or
complete) or any similar transaction; provided, however that conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.” In the event of any distribution of cash or
other assets to shareholders other than a normal cash dividend, the Administrator shall also make such adjustments as provided in this Section 10 or substitute, exchange or grant Awards to effect such adjustments (collectively
“adjustments”). Any such adjustments to outstanding Awards will be effected in a manner that precludes the enlargement of rights and benefits under such Awards. In connection with the foregoing adjustments, the Administrator may, in its
discretion, prohibit the exercise of Awards or other issuance of Shares, cash or other consideration pursuant to Awards during certain periods of time. Except as the Administrator determines, no issuance by the Company of shares of any class, or
securities convertible into shares of any class, shall affect, and no adjustment by reason hereof shall be made with respect to, the number or price of Shares subject to an Award. 

11. Corporate Transactions and Related Entity Dispositions. Except as may be provided in an Award Agreement: 

(a) For grants of Awards made prior to July 18, 2012: 

(i) Termination of Award to Extent Not Assumed in Corporate Transaction. Effective upon the consummation of a
Corporate Transaction, all outstanding Awards under the Plan shall terminate. However, all such Awards shall not terminate to the extent they are Assumed in connection with the Corporate Transaction. 

(ii) Acceleration of Award Upon Corporate Transaction. The Administrator shall have the authority, exercisable
either in advance of any actual or anticipated Corporate Transaction or Related Entity Disposition or at the time of an actual Corporate Transaction or Related Entity Disposition and exercisable at the time of the grant of an Award under the Plan or
any time while an Award remains outstanding, to provide for the full or partial automatic vesting and exercisability of one or more outstanding unvested Awards under the Plan and the full or partial release from restrictions on transfer and
repurchase or forfeiture rights of such Awards in connection with a Corporate Transaction or Related Entity Disposition, on such terms and conditions as the Administrator may specify. The Administrator also shall have the authority to condition any
such Award vesting and exercisability or release from such limitations upon the subsequent termination of the Continuous Service of the Grantee within a specified period following the effective date of the Corporate Transaction or Related Entity
Disposition. The Administrator may provide that any Awards so vested or released from such limitations in connection with a Related Entity Disposition, shall remain fully exercisable until the expiration or sooner termination of the Award.

 (iii) Effect of Acceleration on Incentive Stock Options. Any Incentive Stock Option accelerated under
this Section 11 in connection with a Corporate Transaction or Related Entity 

  
 12 

 
Disposition shall remain exercisable as an Incentive Stock Option under the Code only to the extent the $100,000 dollar limitation of Section 422(d) of the Code is not exceeded. To the
extent such dollar limitation is exceeded, the accelerated excess portion of such Option shall be exercisable as a Nonstatutory Stock Option. 
 (b) For grants of Awards made on or after July 18, 2012: 
 (i)
In the event of a Corporate Transaction, any or all outstanding Awards shall be subject to the definitive agreement governing the Corporate Transaction. Such transaction agreement may provide, without limitation and in a manner that is binding on
all parties, for (A) the assumption, substitution or replacement with equivalent awards of outstanding Awards (but in each case adjusted to reflect the transaction terms) by the surviving corporation or its parent, (B) continuation of
outstanding Awards (but again adjusted to reflect the transaction terms) by the Company if the Company is a surviving corporation, (C) accelerated vesting, or lapse of repurchase rights or forfeiture conditions applicable to, and accelerated
expiration or termination of, the outstanding Awards, or (D) settlement of outstanding Awards (including termination thereof) in cash. Except for adjustments to reflect the transaction terms as referenced above or, to the extent any Award or
Shares are subject to accelerated vesting or lapse of restrictions approved by the Board or Committee upon specific events or conditions (and then only to the extent such acceleration benefits are reflected in the transaction agreement, the
applicable Award Agreement or another written agreement between the participant and the Company), any outstanding Awards that are assumed, substituted, replaced with equivalent awards or continued shall continue following the transaction to be
subject to the same vesting or other restrictions that applied to the original Award. The Administrator need not adopt the same rules or apply the same treatment for each Award or Grantee. 

(ii) Notwithstanding anything herein to the contrary, in the event of a dissolution or liquidation of the Company, to the
extent an Award has not been exercised or the Shares subject thereto have not been issued in full prior to the earlier of the completion of the transaction or the applicable expiration date of the Award, then outstanding Awards shall terminate
immediately prior to the transaction. 
 12. Effective Date and Term of Plan. The Plan became effective on May 10,
2011 and was assumed by the Company on June 4, 2012. It shall continue in effect for a term of ten (10) years from its original effective date unless sooner terminated. Subject to Section 17, below, and Applicable Laws, Awards may be
granted under the Plan upon its becoming effective. 
 13. Amendment, Suspension or Termination of the Plan. 

(a) The Board may at any time amend, suspend or terminate the Plan; provided, however, that no such
amendment shall be made without the approval of the Company’s shareholders to the extent such approval is required by Applicable Laws, or if such amendment would: 

(i) lessen the shareholder approval requirements of Section 4(b)(vi) or this Section 13(a); 

(ii) increase the benefits accrued to participants under the Plan; 

(iii) increase the number of securities which may be issued under the Plan; or 

(iv) modify the requirements for participation in the Plan. 

(b) No Award may be granted during any suspension of the Plan or after termination of the Plan. 

  
 13 

 (c) No suspension or termination of the Plan (including termination of the
Plan under Section 11 above) shall adversely affect any rights under Awards already granted to a Grantee. 
 14.
Reservation of Shares. 
 (a) The Company, during the term of the Plan, will at all times reserve and keep
available such number of Shares as shall be sufficient to satisfy the requirements of the Plan. 
 (b) The
inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of
any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained. 
 15. No Effect on Terms of Employment/Consulting Relationship. The Plan shall not confer upon any Grantee any right with respect to the Grantee’s Continuous Service, nor shall it interfere in
any way with his or her right or the right of the Company or any Related Entity to terminate the Grantee’s Continuous Service at any time, with or without cause. 
 16. No Effect on Retirement and Other Benefit Plans. Except as specifically provided in a retirement or other benefit plan of the Company or a Related Entity, Awards shall not be deemed
compensation for purposes of computing benefits or contributions under any retirement plan of the Company or a Related Entity, and shall not affect any benefits under any other benefit plan of any kind or any benefit plan subsequently instituted
under which the availability or amount of benefits is related to level of compensation. The Plan is not a “Pension Plan” or “Welfare Plan” under the Employee Retirement Income Security Act of 1974, as amended. 

17. Shareholder Approval. The grant of Incentive Stock Options under the Plan after June 4, 2012 shall be subject to approval
by the shareholders of the Company excluding Incentive Stock Options issued in substitution for outstanding Incentive Stock Options pursuant to Section 424(a) of the Code. Such shareholder approval shall be obtained in the degree and manner
required under Applicable Laws. 
 18. Plan History. On April 4, 2011, the Board of Directors of Novellus adopted
the Plan, effective as of the date of shareholder approval, which occurred on May 10, 2011. The Company amended and restated the Plan as of July 18, 2012. 
 19. Unfunded Obligation. Grantees shall have the status of general unsecured creditors of the Company. Any amounts payable to Grantees pursuant to the Plan shall be unfunded and unsecured
obligations for all purposes, including, without limitation, Title I of the Employee Retirement Income Security Act of 1974, as amended. Neither the Company nor any Related Entity shall be required to segregate any monies from its general
funds, or to create any trusts, or establish any special accounts with respect to such obligations. The Company shall retain at all times beneficial ownership of any investments, including trust investments, which the Company may make to fulfill its
payment obligations hereunder. Any investments or the creation or maintenance of any trust or any Grantee account shall not create or constitute a trust or fiduciary relationship between the Administrator, the Company or any Related Entity and a
Grantee, or otherwise create any vested or beneficial interest in any Grantee or the Grantee’s creditors in any assets of the Company or a Related Entity. The Grantees shall have no claim against the Company or any Related Entity for any
changes in the value of any assets that may be invested or reinvested by the Company with respect to the Plan. 
 20.
Construction. Captions and titles contained herein are for convenience only and shall not affect the meaning or interpretation of any provision of the Plan. Except when otherwise indicated by the context, the singular shall include the plural
and the plural shall include the singular. Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise. 
 21. Nonexclusivity of the Plan. Neither the adoption of the Plan by the Board, the submission of the Plan to the shareholders of the Company for approval, nor any provision of the Plan will be
construed as creating any limitations on the power of the Board to adopt such additional compensation arrangements as it may deem desirable, including, without limitation, the granting of Awards otherwise than under the Plan, and such arrangements
may be either generally applicable or applicable only in specific cases. 

  
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