Document:

Exhibit 4.1

 

FOURTH SUPPLEMENTAL INDENTURE

Dated as of October 1, 2020

to

INDENTURE

Dated as of March 11, 2011

Between

 

BEST BUY CO., INC.,

as Issuer

and

U.S. Bank National Association,

as Truste

 

 

 

1.950% Notes due 2030

 

 

 

    	 	 	 

    	 	 	 

    

 

TABLE OF CONTENTS

 

Page

 

	ARTICLE 1. DEFINITIONS	2
	 	 
	Section 1.1.   Definition of Terms	2
	 	 
	ARTICLE 2. TERMS AND CONDITIONS OF NOTES	2
	 	 
	Section 2.1.   Designation and Principal Amount	2
	Section 2.2.   Maturity	2
	Section 2.3.   Further Issues	2
	Section 2.4.   Payment	2
	Section 2.5.   Global Securities	3
	Section 2.6.   Interest	3
	Section 2.7.   Authorized Denominations	3
	Section 2.8.   Redemption; Purchase and Sinking Fund	3
	Section 2.9.   Ranking	3
	Section 2.10. Appointments	3
	Section 2.11. Defeasance	3
	Section 2.12. Guarantees	3
	 	 
	ARTICLE 3. FORM OF NOTES	3
	 	 
	Section 3.1.   Form of Notes	3
	 	 
	ARTICLE 4. ORIGINAL ISSUE OF NOTES	4
	 	 
	Section 4.1.   Original Issue of Notes	4
	 	 
	ARTICLE 5. AMENDMENTS	4
	 	 
	Section 5.1.   Event of Default	4
	Section 5.2.   Definition of Indebtedness	4
	 	 
	ARTICLE 6. MISCELLANEOUS	4
	 	 
	Section 6.1.   Ratification of Indenture	4
	Section 6.2.   Trustee Not Responsible for Recitals	4
	Section 6.3.   Governing Law	4
	Section 6.4.   Separability	4
	Section 6.5.   Counterparts	5
	 	 
	EXHIBIT A – Form of Notes	A-1

 

    	 	 	 

    	 	 	 

    

 

FOURTH
SUPPLEMENTAL INDENTURE, dated as of October 1, 2020 (this “Supplemental Indenture”), between BEST BUY
CO., INC., a corporation duly organized and existing under the laws of the State of Minnesota (the “Company”),
and U.S. Bank National Association, a national banking association duly organized and existing under the laws of the United States,
as successor Trustee (the “Trustee”).

 

RECITALS OF THE COMPANY

 

WHEREAS, the Company executed and delivered
to Wells Fargo Bank, N.A., as initial trustee the Indenture, dated as of March 11, 2011 (the “Indenture”), to
provide for the issuance of the Company’s debt securities (the “Securities”), to be issued in one or more
series;

 

WHEREAS, pursuant to the terms of the Indenture,
the Company desires to provide for the establishment of a new series of its Securities under the Indenture to be known as its “1.950%
Notes due 2030” (the “Notes”), the form and substance and the terms, provisions and conditions thereof
to be set forth as provided in the Indenture and this Supplemental Indenture;

 

WHEREAS, the financing committee of the Finance
& Investment Policy Committee of the Board of Directors of the Company by duly adopted resolutions has authorized the proper
officers of the Company to, among other things, determine the terms of the Securities to be issued under the Indenture and execute
any and all appropriate documents necessary or appropriate to effect each such issuance;

 

WHEREAS, this Supplemental Indenture is being
entered into pursuant to the provisions of Section 901(8) of the Indenture;

 

WHEREAS,
the Company has requested that the Trustee execute and deliver this Supplemental Indenture; and

 

WHEREAS,
all things necessary to make this Supplemental Indenture a valid agreement of the Company, in accordance with its terms, and to
make the Notes, when executed and delivered by the Company and authenticated by the Trustee, the valid obligations of the Company,
have been performed, and the execution and delivery of this Supplemental Indenture has been duly authorized in all respects.

 

NOW, THEREFORE,
THIS SUPPLEMENTAL INDENTURE WITNESSETH:

 

For
and in consideration of the premises and the purchase of the Notes by the Holders thereof, and for the purpose of setting
forth, as provided in the Indenture, the forms and terms of the Notes, the Company covenants and agrees with the Trustee, as follows:

 

    	 	 	 

    	 	 	 

    

 

ARTICLE
1.

 

DEFINITIONS

 

Section 1.1.         
Definition of Terms. Unless the context otherwise requires:

 

(a)           each term defined in the Indenture has the same meaning when used in this Supplemental Indenture;

 

(b)           the singular includes the plural, and vice versa; and

 

(c)           headings are for convenience of reference only and do not affect interpretation.

 

ARTICLE
2.

TERMS AND CONDITIONS OF NOTES

 

Section 2.1.        Designation and Principal Amount(a). There is hereby authorized and established a series of Securities under the
Indenture, designated as the “1.950% Notes due 2030,” which is initially limited in aggregate principal amount to $650,000,000
(except upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section 304, 305, 306, 906
or 1107 of the Indenture and except for any Notes which, pursuant to Section 303 of the Indenture, are deemed never to have been
authenticated and delivered).

 

Section 2.2.        Maturity. The Stated Maturity of principal of the Notes shall be October 1, 2030.

 

Section 2.3.        Further Issues. The Company may at any time and from time to time, without the consent of the Holders of the Notes,
issue additional Notes; provided that any such additional Notes shall be fungible for U.S. federal income tax purposes with the
Notes issued hereunder. Any such additional Notes shall have the same ranking, interest rate, maturity date and other terms as
the Notes. Any such additional Notes, together with the Notes herein provided for, shall constitute a single series of Securities
under the Indenture.

 

Section 2.4.        Payment. Principal of and interest on the Notes shall be payable in U.S. dollars in immediately available funds at
the office or agency of the Company maintained for such purpose, which shall initially be at the Corporate Trust Office of the
Trustee; provided, however, that payment of interest may be made at the option of the Company through the Paying
Agent by check mailed to the Holder at such address as shall appear in the Security Register at the close of business on the Record
Date for such Holder or by wire transfer to an account appropriately designated by the Holder to the Company and the Trustee; and
provided, further, that the Company through the Paying Agent shall pay principal of and interest on the Notes in
the form of Global Securities registered in the name of Cede & Co. (or such other nominee requested by The Depository Trust
Company (“DTC”) or such other Depositary as any Officer of the Company may from time to time designate, or its
respective nominee, by wire transfer in immediately available funds to such Depositary or its nominee, as the case may be, as the
registered holder of such Notes in the form of Global Securities.

 

    	 	2	 

    	 	 	 

    

 

Section 2.5.        Global Securities. Upon the original issuance, the Notes will be represented by Global Securities registered in
the name of Cede & Co., the nominee of DTC. The Company will deposit the Global Securities with DTC or its custodian and register
the Global Securities in the name of Cede & Co.

 

Section 2.6.        Interest. The Notes shall bear interest (computed on the basis of a 360-day year consisting of twelve 30-day months)
from October 1, 2020 at the rate of 1.950% per annum, payable semi-annually in arrears. Interest payable on each Interest Payment
Date shall include interest accrued from October 1, 2020, or from the most recent Interest Payment Date to which interest has been
paid or duly provided for. The Interest Payment Dates on which such interest shall be payable are April 1 and October 1, commencing
on April 1, 2021; and the Record Date for the interest payable on any Interest Payment Date is the close of business on March 15
or September 15, as the case may be, next preceding the relevant Interest Payment Date.

 

Section 2.7.        Authorized Denominations. The Notes shall be issuable in denominations of $2,000 and integral multiples of $1,000
in excess thereof.

 

Section 2.8.        Redemption; Purchase and Sinking Fund. The Notes shall not be redeemable at the option of the Company or the Holders
except as set forth in Paragraph 3 of the Notes. The Company shall be required to purchase the Notes in accordance with the provisions
of Paragraph 2 of the Notes. The Notes shall not be entitled to the benefit of any sinking fund.

 

Section 2.9.        Ranking. The Notes shall be senior unsecured debt securities of the Company, ranking equally with the Company’s
other unsecured and unsubordinated Indebtedness.

 

Section 2.10.      Appointments.
The Trustee shall be the initial Security Registrar and initial Paying Agent for the Notes.

 

Section 2.11.      Defeasance.
The Company may elect, at its option at any time, pursuant to Section 1301 of the Indenture, to have Section 1302 or Section 1303
in the Indenture, or both, apply to the Notes, or any principal amount thereof.

 

Section 2.12.      Guarantees.
The Notes shall not be guaranteed by any Person.

 

ARTICLE
3.

FORM OF NOTES

 

Section 3.1.        Form of Notes. The Notes and the Trustee’s certificate of authentication thereon shall to be substantially
in the form set forth in Exhibit A hereto.

 

    	 	3	 

    	 	 	 

    

 

ARTICLE
4.

 

ORIGINAL ISSUE OF NOTES

 

Section 4.1.        Original Issue of Notes. The Notes may, upon execution of this Supplemental Indenture, be executed by the Company
and delivered to the Trustee for authentication, and the Trustee shall, upon Company Order, authenticate and deliver such Notes
as in such Company Order provided.

 

ARTICLE
5.

AMENDMENTS

 

Section 5.1.        Event
of Default. For purposes of this series of Notes, Section 501(5)(A) and (B) of the Indenture are amended to
replace “$150 million” with “$250 million.”

 

Section 5.2         Definition of Indebtedness. For purposes
of this series of Notes, the definition of “Indebtedness” in Section 101 of the Indenture is amended to replace “February
26, 2011” with “August 1, 2020.”

 

ARTICLE
6.

MISCELLANEOUS

 

Section 6.1.        Ratification of Indenture. The Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified
and confirmed, and this Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and
therein provided; provided, however, that the provisions of this Supplemental Indenture shall apply solely with respect
to the Notes and not to any other series of Securities issued under the Indenture.

 

Section 6.2.        Trustee Not Responsible for Recitals. The recitals herein contained are made by the Company and not by the Trustee,
and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or
sufficiency of this Supplemental Indenture.

 

Section 6.3.        Governing Law. This Supplemental Indenture and the Notes shall be governed by, and construed in accordance with,
the law of the State of New York.

 

Section 6.4.        Separability. In case any one or more of the provisions contained in the Indenture, this Supplemental Indenture or
the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provisions of the Indenture, this Supplemental Indenture or the Notes, but the Indenture, this Supplemental
Indenture and the Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein
or therein.

 

    	 	4	 

    	 	 	 

    

 

Section 6.5.        Counterparts.
This Supplemental Indenture may be executed in any number of counterparts (which may include counterparts delivered by any
standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and
the same instrument. Delivery of an executed counterpart of a signature page to this Supplemental Indenture by telecopier,
facsimile or other electronic transmission (i.e., a “pdf” or “tif”) shall be effective as delivery of
a manually executed counterpart thereof. The words “execution,” “signed,” “signature,”
“delivery,” and words of like import in or relating to this Supplemental Indenture or any document to be signed
in connection with this Supplemental Indenture shall be deemed to include electronic signatures, deliveries or the keeping of
records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually
executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the
parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

 

[Signature
page follows]

 

    	 	5	 

    	 	 	 

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Fourth Supplemental Indenture to be duly executed, as of the date first above written.

 

	 	BEST BUY CO., INC.
	 	 	 	 
	 	By:	/s/ Chris Samson
	 		 Name:	Chris Samson
	 		Title:	Vice President, Treasurer

 

    	 	 	 

    	 	 	 

    

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 	 	 
	 	By:	/s/ Donald T. Hurrelbrink
	 		 Name:	Donald T. Hurrelbrink
	 		Title:	Vice President

 

    	 	 	 

    	 	 	 

    

 

EXHIBIT A

 

[FORM OF NOTE]

 

UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE
& CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL
SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

THIS NOTE IS A GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO ON THE REVERSE HEREOF AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR
A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE
OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

    A-1

     

    

 

BEST BUY CO., INC.

 

1.950% Notes due 2030

 

CUSIP No.: 08652B AB5

ISIN: US08652BAB53

 

	No. A-1	$500,000,000

 

BEST BUY CO., INC., a corporation duly
incorporated under the laws of the State of Minnesota (the “Company,” which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of $500,000,000 (FIVE HUNDRED MILLION DOLLARS), as revised by the Schedule of Increases
and Decreases attached hereto, on October 1, 2030, and to pay interest thereon from October 1, 2020 or from the most recent
Interest Payment Date to which interest has been paid or duly provided for, semi-annually on April 1 and October 1 of each
year, commencing on April 1, 2021, at the rate of 1.950% per annum, until the principal hereof is paid or made available for
payment; provided that any principal and premium, and any such installment of interest, which is overdue shall bear
interest at the rate of 1.950% per annum (to the extent permitted by applicable law), from the dates such amounts are due
until they are paid or made available for payment, and such interest shall be payable on demand. The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person
in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record
Date for such interest, which shall be the March 15 or September 15 (whether or not a Business Day), as the case may be, next
preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to
be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or one or
more Predecessor Securities) is registered at the close of business on a “Special Record Date” for the
payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of the Notes not less
than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in the Indenture.

 

Reference is hereby made to the further
provisions of the Notes set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as
if set forth at this place.

 

Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    A-2

     

    

 

IN WITNESS WHEREOF, the Company has caused
this Note to be duly executed.

 

Dated: October 1, 2020

 

	 	BEST BUY CO., INC.
	 	 	 	 
	 	By:	
	 		 Name:	Chris Samson
	 		Title:	Vice President, Treasurer

 

    A-3

     

    

 

This Note is one of the Securities of the
series designated therein referred to in the within-mentioned Indenture.

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	    as Trustee
	 	 	 
	 	By:	
	 	 	Donald T. Hurrelbrink

 

Dated: October 1, 2020

 

    A-4

     

    

 

[REVERSE OF NOTE]

 

1.            This Note is one of a duly authorized issue of Securities of the Company (the “Notes”), issued and to
be issued in one or more series under the Indenture, dated as of March 11, 2011, and a supplemental indenture relating to
the Notes dated as of October 1, 2020 (together, the “Indenture”), between the Company and U.S. Bank National
Association, as Trustee (the “Trustee,” which term includes any successor trustee under the Indenture), and
reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated
and delivered. This Note is one of the series designated on the face hereof, such series initially limited in aggregate principal
amount to $650,000,000; provided that the Company may at any time and from time to time, without the consent of any Holder,
issue additional Notes of this series.

 

All terms which are used but not defined
in this Note and which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

2.            If a Change of Control Triggering Event occurs, unless the Company has exercised its option to redeem the Notes pursuant
to Paragraph 3 hereof, the Company shall make an offer (the “Change of Control Offer”) to each Holder of Notes
to purchase all or any part (equal to $2,000 or any integral multiple of $1,000 in excess thereof) of such Holder’s Notes
on the terms set forth herein.

 

In such Change of Control Offer, the Company
shall offer payment in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal amount
of the Notes to be purchased, plus accrued and unpaid interest, if any, on the Notes up to, but not including, the date of purchase.

 

Within 30 days following any Change of Control
Triggering Event or, at the Company’s option, prior to any Change of Control, but after public announcement of the transaction
that constitutes or may constitute the Change of Control, the Company shall send notice of such Change of Control Offer by first-class
mail, with a copy to the Trustee, to each Holder of Notes describing the transaction that constitutes or may constitute the Change
of Control Triggering Event and offering to purchase the Notes on the date specified in the notice, which date shall be no earlier
than 30 days and no later than 60 days from the date such notice is delivered or, if the notice is delivered prior to the Change
of Control, no earlier than 30 days and no later than 60 days from the date on which the Change of Control Triggering Event occurs
(the “Change of Control Payment Date”). The notice shall, if delivered prior to the date of consummation of
the Change of Control, state that the offer to purchase is conditioned on the Change of Control Triggering Event occurring on or
prior to the Change of Control Payment Date.

 

On the Change of Control Payment Date, the
Company shall, to the extent lawful:

 

(a)           accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer;

 

(b)           deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of Notes or portions of Notes
properly tendered; and

 

    A-5

     

    

 

(c)           deliver
or cause to be delivered to the Trustee the Notes properly accepted together with an Officer’s Certificate stating the aggregate
Principal Amount of Notes or portions of Notes being repurchased.

 

The Company shall publicly announce the
results of the Change of Control Offer on, or as soon as possible after, the date of purchase.

 

The Company shall not be required to make
a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third party makes such an offer in the
manner, at the time and otherwise in compliance with the requirements for an offer made by the Company and the third party purchases
all Notes properly tendered and not withdrawn under its offer. In addition, the Company shall not purchase any Notes if there has
occurred and is continuing on the Change of Control Payment Date an Event of Default under the Indenture, other than a default
in the payment of the Change of Control Payment upon a Change of Control Triggering Event.

 

The Company shall comply in all material
respects with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations thereunder to
the extent those laws and regulations are applicable in connection with the purchase of the Notes as a result of a Change of Control
Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with these Change of Control
Offer provisions, the Company shall comply with those securities laws and regulations and shall not be deemed to have breached
its obligations under the Change of Control Offer provisions by virtue of any such conflict.

 

For purposes of this Paragraph 2, the following
terms shall have the following specified meanings:

 

“Change of Control”
means the occurrence of any of the following:

 

(1)           the
consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any person
(other than the Company or a Subsidiary) becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act),
directly or indirectly, of more than 50% of the Company’s outstanding Voting Stock or other Voting Stock into which the Company’s
Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of securities; provided,
however, that a person shall not be deemed beneficial owner of, or to own beneficially any securities, (A) tendered pursuant
to a tender or exchange offer made by or on behalf of such person or any of such person’s affiliates until such tendered
securities are accepted for purchase or exchange thereunder or (B) if such beneficial ownership (i) arises solely as a result of
a revocable proxy delivered in response to a proxy or consent solicitation made pursuant to the applicable rules and regulations
under the Exchange Act and (ii) is not also then reportable on Schedule 13D (or any successor schedule) under the Exchange Act;

 

    A-6

     

    

 

(2)           the
direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or
a series of related transactions, of all or substantially all of the Company’s assets and the assets of the
Subsidiaries, taken as a whole, to one or more persons (other than to the Company or a Subsidiary); provided, however,
that none of the circumstances in this clause (2) shall be a Change of Control if the persons that beneficially own the
Company’s Voting Stock immediately prior to the transaction own, directly or indirectly, shares with a majority of the
total voting power of all of the outstanding Voting Stock of the surviving or transferee person immediately after the
transaction;

 

(3)           the
Company consolidates with, or merges with or into, any person or any such person consolidates with, or merges with or into, the
Company, in either case, pursuant to a transaction in which any of the Company’s outstanding Voting Stock or the Voting Stock
of such other person is converted into or exchanged for cash, securities or other property, other than pursuant to a transaction
in which shares of the Company’s Voting Stock outstanding immediately prior to the transaction constitute, or are converted
into or exchanged for, a majority of the Voting Stock of the surviving person immediately after giving effect to such transaction;
or

 

(4)           the
adoption of a plan relating to the Company’s liquidation or dissolution.

 

Notwithstanding the foregoing,
a transaction shall not be deemed to involve a Change of Control if (a) the Company becomes a direct or indirect wholly-owned subsidiary
of a holding company (i.e., a parent company) and (b)(1) the direct or indirect holders of the Voting Stock of such holding
company immediately following that transaction are substantially the same as the holders of the Company’s Voting Stock immediately
prior to that transaction or (2) immediately following that transaction no person (other than a holding company satisfying the
requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding
company; provided that any series of related transactions shall be treated as a single transaction. The term “person,”
as used in this definition, has the meaning given thereto in Section 13(d)(3) of the Exchange Act.

 

“Change of Control Triggering
Event” means the occurrence of both a Change of Control and a Rating Event.

 

“Investment Grade Rating”
means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, and the
equivalent investment grade credit rating from any additional Rating Agency or Rating Agencies selected by the Company.

 

“Moody’s”
means Moody’s Investors Service, Inc., or any successor thereto.

 

“Rating Agencies”
means each of Moody’s and S&P and, if any of Moody’s or S&P ceases to rate the Notes or fails to make a rating
of the Notes publicly available for reasons outside of the control of the Company, a “nationally recognized statistical rating
organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company (as certified by a Board
Resolution) as a replacement agency for Moody’s or S&P, or all of them, as the case may be.

 

    A-7

     

    

 

“Rating Event”
means the Notes are rated below an Investment Grade Rating by each of the Rating Agencies on any day during the period commencing
on the earlier of the date of the first public notice of the occurrence of a Change of Control or the Company’s intention
to effect a Change of Control and ending 60 days following consummation of such Change of Control (which period shall be extended
so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies).

 

“S&P” means
S&P Global Ratings, a division of the S&P Global Inc. or any successor thereto.

 

“Voting Stock”
means, with respect to any specified “person” (as that term is used in Section 13(d) of the Exchange Act) as of any
date, the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors
or equivalent body of such person.

 

3.            The Notes shall be redeemable before the Par Call Date, at any time or from time to time, in a whole or in part, at the
Company’s option, on at least 10 days’ but not more than 60 days’ prior notice delivered to the registered address
of each Holder of Notes to be redeemed (the “Redemption Date”), at a redemption price (the “Redemption
Price”) equal to the greater of: (i) 100% of the principal amount of the Notes to be redeemed and (ii) the sum of
the present values of the remaining scheduled payments of interest and principal on the Notes to be redeemed (exclusive of interest
accrued and unpaid to, but not including, the Redemption Date) from the Redemption Date to the Par Call Date, in each case discounted
to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate
plus 25 basis points.

 

At any time on or after the Par Call Date,
the Company shall have the right at its option to redeem the Notes, in whole or in part, at any time and from time to time, on
at least 10 days’ but not more than 60 days’ notice, at a redemption price equal to 100% of the principal amount of
the Notes to be redeemed.

 

Pursuant to Section 1104 of the Indenture,
any notice of redemption of the Notes may, at the Company’s discretion, be subject to one or more conditions precedent, including
completion of a corporate transaction. In that case, the notice of redemption shall state the nature of such condition precedent
and, if applicable, shall state that, at the Company’s discretion, the date of redemption may be delayed until such time
(including more than 60 days after the notice of redemption was given) as any or all such conditions shall be satisfied or waived,
or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been
satisfied (or waived by the Company in its sole discretion) by the date of redemption, or by the date of redemption as so delayed.

 

The Redemption Price for any Notes redeemed
pursuant to this Paragraph 3 shall include accrued and unpaid interest, if any, on the principal amount of such Notes up to, but
not including, the Redemption Date.

 

    A-8

     

    

 

 

For purposes of this Paragraph 3, the following
terms shall have the following specified meanings:

 

“Comparable Treasury
Issue” means the United States Treasury security or securities selected by an Independent Investment Banker as having
an actual or interpolated maturity comparable to the remaining term of the Notes that would be utilized, at the time of selection
and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity
to the remaining term of the Notes (assuming, for this purpose, the Notes mature on the Par Call Date).

 

“Comparable Treasury
Price” means, with respect to any Redemption Date, (A) the arithmetic average of the Reference Treasury Dealer Quotations
for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Company
obtains fewer than four such Reference Treasury Dealer Quotations, the arithmetic average of all such quotations for such Redemption
Date.

 

“Independent Investment
Banker” means one of the Reference Treasury Dealers appointed by the Company.

 

“Par Call Date” means
July 1, 2030.

 

“Reference Treasury Dealer”
means each of Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, or their respective affiliates,
which are primary U.S. government securities dealers in the United States of America, and their respective successors plus one
other primary U.S. government securities dealer in the United States of America designated by the Company; provided, however,
that if any of the foregoing shall cease to be a primary U.S. government securities dealer in the United States of America (a “Primary
Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer.

 

“Reference Treasury Dealer
Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date, the arithmetic average, as
determined by the Company, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as
a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 3:30 p.m. (New York
City time) on the third Business Day preceding such Redemption Date.

 

“Treasury Rate”
means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity or interpolated
maturity (on a day count basis) of the applicable Comparable Treasury Issue, assuming a price for such Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for such Redemption Date.

 

The provisions of Article XI of the Indenture
shall apply to any redemption of the Notes.

 

The Notes are not entitled to the benefit
of any sinking fund.

 

    A-9

     

    

 

4.                 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Company and the rights of the Holders of the Notes under the Indenture and the Notes at any time by the
Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Notes at the time Outstanding.
The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Notes
at the time Outstanding, on behalf of the Holders of all Notes, to waive compliance by the Company with certain provisions of the
Indenture and the Notes and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the
Holders of Notes shall be conclusive and binding upon such Holders and upon all future Holders of the Notes and of any Notes issued
upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver
is made upon this Note.

 

5.                 
If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared,
or shall immediately become, due and payable in the manner and with the effect provided in the Indenture.

 

As provided in and subject to the provisions
of the Indenture, the Holders of the Notes shall not have the right to institute any proceeding with respect to the Indenture or
for the appointment of a receiver or trustee or for any other remedy thereunder or hereunder, unless such Holder shall have previously
given the Trustee written notice of a continuing Event of Default with respect to the Notes, the Holders of not less than 25% in
aggregate principal amount of the Notes at the time Outstanding shall have made written request to the Trustee to institute proceedings
in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received
from the Holders of a majority in aggregate principal amount of the Notes at the time Outstanding a direction inconsistent with
such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer
of indemnity. The foregoing shall not apply to any suit instituted by the Holder of the Notes for the enforcement of any payment
of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.

 

No reference herein to the Indenture and
no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.

 

6.                 
The Indenture contains provisions for defeasance at any time of the entire indebtedness of the Notes or certain restrictive
covenants and Events of Default with respect to such Notes, in each case upon compliance with certain conditions set forth in the
Indenture.

 

7.                  As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in
the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any
place where the principal of and any interest on this Note are payable, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or
his attorney duly authorized in writing, and thereupon one or more new Notes and of like tenor, of authorized denominations
and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

 

    A-10

     

    

 

The Notes are issuable only in registered
form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture
and subject to certain limitations therein set forth, Notes are exchangeable for a like principal amount of Notes of like tenor
of a different authorized denomination, as requested by the Holder surrendering the same.

 

No service charge shall be made for any
such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

 

Prior to due presentment of this Note for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name
this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

 

This Note is a Global Security and is subject
to the provisions of the Indenture relating to Global Securities, including the limitations in Section 305 thereof on transfers
and exchanges of Global Securities.

 

8.                 
This Note and the Indenture shall be governed by, and construed in accordance with, the law of the State of New York.

 

    A-11

     

    

 

SCHEDULE OF INCREASES OR DECREASES

 

The following increases or decreases in
this Global Security have been made:

 

	Date of 

Transfer or

 Exchange	Amount of decrease

 in Principal 

Amount of this

 Global Security	Amount of increase

 in Principal 

Amount of this 

Global Security	Principal Amount

 of this Global 

Security following

 such decrease or

 increase	Signature of

 authorized 

signatory of Trustee 

or Security

 Registrar
	
 

	
 

	
 

	
 

	
 

 

    A-12

     

    

 

[FORM OF NOTE]

 

UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE
& CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL
SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

THIS NOTE IS A GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO ON THE REVERSE HEREOF AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR
A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE
OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

BEST BUY CO., INC.

 

1.950% Notes due 2030

 

CUSIP No.: 08652B AB5

ISIN: US08652BAB53

 

	No. A-2	$150,000,000

 

    A-13

     

    

 

BEST BUY CO., INC., a corporation duly
incorporated under the laws of the State of Minnesota (the “Company,” which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of $150,000,000 (ONE HUNDRED FIFTY MILLION DOLLARS), as revised by the Schedule of
Increases and Decreases attached hereto, on October 1, 2030, and to pay interest thereon from October 1, 2020 or from the
most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on April 1 and October
1 of each year, commencing on April 1, 2021, at the rate of 1.950% per annum, until the principal hereof is paid or made
available for payment; provided that any principal and premium, and any such installment of interest, which is overdue
shall bear interest at the rate of 1.950% per annum (to the extent permitted by applicable law), from the dates such amounts
are due until they are paid or made available for payment, and such interest shall be payable on demand. The interest so
payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid
to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest, which shall be the March 15 or September 15 (whether or not a Business Day), as the
case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will
forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name
this Note (or one or more Predecessor Securities) is registered at the close of business on a “Special Record
Date” for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to
Holders of the Notes not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful
manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such
notice as may be required by such exchange, all as more fully provided in the Indenture.

 

Reference is hereby made to the further
provisions of the Notes set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as
if set forth at this place.

 

Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    A-14

     

    

 

IN WITNESS WHEREOF, the Company has caused
this Note to be duly executed.

 

	Dated: October 1, 2020	 	 
	 	BEST BUY CO., INC.
	 	 	 
		By:	 
	 	 	Name: Chris Samson
	 	 	Title: Vice President, Treasurer

 

    A-15

     

    

 

This Note is one of the Securities of the
series designated therein referred to in the within-mentioned Indenture.

  

	 	U.S. BANK NATIONAL ASSOCIATION,

as Trustee
	 	 
	 	By:	 
	 		Donald T. Hurrelbrink
	Dated: October 1, 2020	 	 

 

    A-16

     

    

 

[REVERSE OF NOTE]

 

1.                 
This Note is one of a duly authorized issue of Securities of the Company (the “Notes”), issued and to
be issued in one or more series under the Indenture, dated as of March 11, 2011, and a supplemental indenture relating to
the Notes dated as of October 1, 2020 (together, the “Indenture”), between the Company and U.S. Bank National
Association, as Trustee (the “Trustee,” which term includes any successor trustee under the Indenture), and
reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated
and delivered. This Note is one of the series designated on the face hereof, such series initially limited in aggregate principal
amount to $650,000,000; provided that the Company may at any time and from time to time, without the consent of any Holder,
issue additional Notes of this series.

 

All terms which are used but not defined
in this Note and which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

2.                 
If a Change of Control Triggering Event occurs, unless the Company has exercised its option to redeem the Notes pursuant
to Paragraph 3 hereof, the Company shall make an offer (the “Change of Control Offer”) to each Holder of Notes
to purchase all or any part (equal to $2,000 or any integral multiple of $1,000 in excess thereof) of such Holder’s Notes
on the terms set forth herein.

 

In such Change of Control Offer, the Company
shall offer payment in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal amount
of the Notes to be purchased, plus accrued and unpaid interest, if any, on the Notes up to, but not including, the date of purchase.

 

Within 30 days following any Change of Control
Triggering Event or, at the Company’s option, prior to any Change of Control, but after public announcement of the transaction
that constitutes or may constitute the Change of Control, the Company shall send notice of such Change of Control Offer by first-class
mail, with a copy to the Trustee, to each Holder of Notes describing the transaction that constitutes or may constitute the Change
of Control Triggering Event and offering to purchase the Notes on the date specified in the notice, which date shall be no earlier
than 30 days and no later than 60 days from the date such notice is delivered or, if the notice is delivered prior to the Change
of Control, no earlier than 30 days and no later than 60 days from the date on which the Change of Control Triggering Event occurs
(the “Change of Control Payment Date”). The notice shall, if delivered prior to the date of consummation of
the Change of Control, state that the offer to purchase is conditioned on the Change of Control Triggering Event occurring on or
prior to the Change of Control Payment Date.

 

On the Change of Control Payment Date, the
Company shall, to the extent lawful:

 

(d)              
accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer;

 

(e)              
deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of Notes or portions of Notes
properly tendered; and

 

    A-17

     

    

 

(f)               
 deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officer’s Certificate
stating the aggregate Principal Amount of Notes or portions of Notes being repurchased.

 

The Company shall publicly announce the
results of the Change of Control Offer on, or as soon as possible after, the date of purchase.

 

The Company shall not be required to make
a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third party makes such an offer in the
manner, at the time and otherwise in compliance with the requirements for an offer made by the Company and the third party purchases
all Notes properly tendered and not withdrawn under its offer. In addition, the Company shall not purchase any Notes if there has
occurred and is continuing on the Change of Control Payment Date an Event of Default under the Indenture, other than a default
in the payment of the Change of Control Payment upon a Change of Control Triggering Event.

 

The Company shall comply in all material
respects with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations thereunder to
the extent those laws and regulations are applicable in connection with the purchase of the Notes as a result of a Change of Control
Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with these Change of Control
Offer provisions, the Company shall comply with those securities laws and regulations and shall not be deemed to have breached
its obligations under the Change of Control Offer provisions by virtue of any such conflict.

 

For purposes of this Paragraph 2, the following
terms shall have the following specified meanings:

 

“Change of Control”
means the occurrence of any of the following:

 

(1)       the
consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any person
(other than the Company or a Subsidiary) becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act),
directly or indirectly, of more than 50% of the Company’s outstanding Voting Stock or other Voting Stock into which the Company’s
Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of securities; provided,
however, that a person shall not be deemed beneficial owner of, or to own beneficially any securities, (A) tendered pursuant
to a tender or exchange offer made by or on behalf of such person or any of such person’s affiliates until such tendered
securities are accepted for purchase or exchange thereunder or (B) if such beneficial ownership (i) arises solely as a result of
a revocable proxy delivered in response to a proxy or consent solicitation made pursuant to the applicable rules and regulations
under the Exchange Act and (ii) is not also then reportable on Schedule 13D (or any successor schedule) under the Exchange Act;

 

(2)       the
direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or
a series of related transactions, of all or substantially all of the Company’s assets and the assets of the
Subsidiaries, taken as a whole, to one or more persons (other than to the Company or a Subsidiary); provided, however,
that none of the circumstances in this clause (2) shall be a Change of Control if the persons that beneficially own the
Company’s Voting Stock immediately prior to the transaction own, directly or indirectly, shares with a majority of the
total voting power of all of the outstanding Voting Stock of the surviving or transferee person immediately after the
transaction;

 

    A-18

     

    

 

(3)       the
Company consolidates with, or merges with or into, any person or any such person consolidates with, or merges with or into, the
Company, in either case, pursuant to a transaction in which any of the Company’s outstanding Voting Stock or the Voting Stock
of such other person is converted into or exchanged for cash, securities or other property, other than pursuant to a transaction
in which shares of the Company’s Voting Stock outstanding immediately prior to the transaction constitute, or are converted
into or exchanged for, a majority of the Voting Stock of the surviving person immediately after giving effect to such transaction;
or

 

(4)       the
adoption of a plan relating to the Company’s liquidation or dissolution.

 

Notwithstanding the foregoing,
a transaction shall not be deemed to involve a Change of Control if (a) the Company becomes a direct or indirect wholly-owned subsidiary
of a holding company (i.e., a parent company) and (b)(1) the direct or indirect holders of the Voting Stock of such holding
company immediately following that transaction are substantially the same as the holders of the Company’s Voting Stock immediately
prior to that transaction or (2) immediately following that transaction no person (other than a holding company satisfying the
requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding
company; provided that any series of related transactions shall be treated as a single transaction. The term “person,”
as used in this definition, has the meaning given thereto in Section 13(d)(3) of the Exchange Act.

 

“Change of Control Triggering
Event” means the occurrence of both a Change of Control and a Rating Event.

 

“Investment Grade Rating”
means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, and the
equivalent investment grade credit rating from any additional Rating Agency or Rating Agencies selected by the Company.

 

“Moody’s”
means Moody’s Investors Service, Inc., or any successor thereto.

 

“Rating Agencies”
means each of Moody’s and S&P and, if any of Moody’s or S&P ceases to rate the Notes or fails to make a rating
of the Notes publicly available for reasons outside of the control of the Company, a “nationally recognized statistical rating
organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company (as certified by a Board
Resolution) as a replacement agency for Moody’s or S&P, or all of them, as the case may be.

 

    A-19

     

    

 

“Rating Event”
means the Notes are rated below an Investment Grade Rating by each of the Rating Agencies on any day during the period commencing
on the earlier of the date of the first public notice of the occurrence of a Change of Control or the Company’s intention
to effect a Change of Control and ending 60 days following consummation of such Change of Control (which period shall be extended
so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies).

 

“S&P” means
S&P Global Ratings, a division of the S&P Global Inc. or any successor thereto.

 

“Voting Stock”
means, with respect to any specified “person” (as that term is used in Section 13(d) of the Exchange Act) as of any
date, the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors
or equivalent body of such person.

 

3.                 
The Notes shall be redeemable before the Par Call Date, at any time or from time to time, in a whole or in part, at the
Company’s option, on at least 10 days’ but not more than 60 days’ prior notice delivered to the registered address
of each Holder of Notes to be redeemed (the “Redemption Date”), at a redemption price (the “Redemption
Price”) equal to the greater of: (i) 100% of the principal amount of the Notes to be redeemed and (ii) the sum of
the present values of the remaining scheduled payments of interest and principal on the Notes to be redeemed (exclusive of interest
accrued and unpaid to, but not including, the Redemption Date) from the Redemption Date to the Par Call Date, in each case discounted
to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate
plus 25 basis points.

 

At any time on or after the Par Call Date,
the Company shall have the right at its option to redeem the Notes, in whole or in part, at any time and from time to time, on
at least 10 days’ but not more than 60 days’ notice, at a redemption price equal to 100% of the principal amount of
the Notes to be redeemed.

 

Pursuant to Section 1104 of the Indenture,
any notice of redemption of the Notes may, at the Company’s discretion, be subject to one or more conditions precedent, including
completion of a corporate transaction. In that case, the notice of redemption shall state the nature of such condition precedent
and, if applicable, shall state that, at the Company’s discretion, the date of redemption may be delayed until such time
(including more than 60 days after the notice of redemption was given) as any or all such conditions shall be satisfied or waived,
or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been
satisfied (or waived by the Company in its sole discretion) by the date of redemption, or by the date of redemption as so delayed.

 

The Redemption Price for any Notes redeemed
pursuant to this Paragraph 3 shall include accrued and unpaid interest, if any, on the principal amount of such Notes up to, but
not including, the Redemption Date.

 

    A-20

     

    

 

For purposes of this Paragraph 3, the following
terms shall have the following specified meanings:

 

“Comparable Treasury
Issue” means the United States Treasury security or securities selected by an Independent Investment Banker as having
an actual or interpolated maturity comparable to the remaining term of the Notes that would be utilized, at the time of selection
and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity
to the remaining term of the Notes (assuming, for this purpose, the Notes mature on the Par Call Date).

 

“Comparable Treasury
Price” means, with respect to any Redemption Date, (A) the arithmetic average of the Reference Treasury Dealer Quotations
for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Company
obtains fewer than four such Reference Treasury Dealer Quotations, the arithmetic average of all such quotations for such Redemption
Date.

 

“Independent Investment
Banker” means one of the Reference Treasury Dealers appointed by the Company.

 

“Par Call Date” means
July 1, 2030.

 

“Reference Treasury Dealer”
means each of Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, or their respective affiliates,
which are primary U.S. government securities dealers in the United States of America, and their respective successors plus one
other primary U.S. government securities dealer in the United States of America designated by the Company; provided, however,
that if any of the foregoing shall cease to be a primary U.S. government securities dealer in the United States of America (a “Primary
Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer.

 

“Reference Treasury Dealer
Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date, the arithmetic average, as
determined by the Company, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as
a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 3:30 p.m. (New York
City time) on the third Business Day preceding such Redemption Date.

 

“Treasury Rate”
means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity or interpolated
maturity (on a day count basis) of the applicable Comparable Treasury Issue, assuming a price for such Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for such Redemption Date.

 

The provisions of Article XI of the Indenture
shall apply to any redemption of the Notes.

 

The Notes are not entitled to the benefit
of any sinking fund.

 

    A-21

     

    

 

4.                 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Company and the rights of the Holders of the Notes under the Indenture and the Notes at any time by the
Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Notes at the time Outstanding.
The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Notes
at the time Outstanding, on behalf of the Holders of all Notes, to waive compliance by the Company with certain provisions of the
Indenture and the Notes and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the
Holders of Notes shall be conclusive and binding upon such Holders and upon all future Holders of the Notes and of any Notes issued
upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver
is made upon this Note.

 

5.                 
If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared,
or shall immediately become, due and payable in the manner and with the effect provided in the Indenture.

 

As provided in and subject to the provisions
of the Indenture, the Holders of the Notes shall not have the right to institute any proceeding with respect to the Indenture or
for the appointment of a receiver or trustee or for any other remedy thereunder or hereunder, unless such Holder shall have previously
given the Trustee written notice of a continuing Event of Default with respect to the Notes, the Holders of not less than 25% in
aggregate principal amount of the Notes at the time Outstanding shall have made written request to the Trustee to institute proceedings
in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received
from the Holders of a majority in aggregate principal amount of the Notes at the time Outstanding a direction inconsistent with
such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer
of indemnity. The foregoing shall not apply to any suit instituted by the Holder of the Notes for the enforcement of any payment
of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.

 

No reference herein to the Indenture and
no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.

 

6.                 
The Indenture contains provisions for defeasance at any time of the entire indebtedness of the Notes or certain restrictive
covenants and Events of Default with respect to such Notes, in each case upon compliance with certain conditions set forth in the
Indenture.

 

7.                  As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in
the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any
place where the principal of and any interest on this Note are payable, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or
his attorney duly authorized in writing, and thereupon one or more new Notes and of like tenor, of authorized denominations
and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

 

    A-22

     

    

 

The Notes are issuable only in registered
form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture
and subject to certain limitations therein set forth, Notes are exchangeable for a like principal amount of Notes of like tenor
of a different authorized denomination, as requested by the Holder surrendering the same.

 

No service charge shall be made for any
such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

 

Prior to due presentment of this Note for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name
this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

 

This Note is a Global Security and is subject
to the provisions of the Indenture relating to Global Securities, including the limitations in Section 305 thereof on transfers
and exchanges of Global Securities.

 

8.                 
This Note and the Indenture shall be governed by, and construed in accordance with, the law of the State of New York.

 

    A-23

     

    

SCHEDULE OF INCREASES OR DECREASES

 

The following increases or decreases in
this Global Security have been made:

 

	Date of

 Transfer or

 Exchange	Amount of decrease 

in Principal

 Amount of this

 Global Security	Amount of increase

 in Principal 

Amount of this 

Global Security	Principal Amount 

of this Global 

Security following 

such decrease or 

increase	Signature of 

authorized 

signatory of Trustee

 or Security

 Registrar
	
 

	
 

	
 

	
 

	
 

 

    A-24EX-10.1

 Exhibit 10.1 
  

SONIM TECHNOLOGIES, INC. 

2019 EQUITY INCENTIVE PLAN 

ADOPTED BY THE BOARD OF DIRECTORS:
MARCH 2019 
 APPROVED BY THE STOCKHOLDERS:
MAY 2019 
 IPO DATE/EFFECTIVE DATE: MAY 9, 2019

 AMENDED BY THE BOARD OF DIRECTORS:
MAY 31, 2020 
 APPROVED BY THE STOCKHOLDERS:
SEPTEMBER 29, 2020 
 1.    GENERAL. 

(a)    Successor to and Continuation of Prior Plan. The Plan is the successor to and continuation of the
Sonim Technologies, Inc. 2012 Equity Incentive Plan (the “Prior Plan”). From and after 12:01 a.m. Pacific time on the Effective Date, no additional stock awards will be granted under the Prior Plan. All Awards granted on or
after 12:01 a.m. Pacific Time on the Effective Date will be granted under this Plan. All stock awards granted under the Prior Plan will remain subject to the terms of the Prior Plan. 

(i)    Any shares that would otherwise remain available for future grants under the Prior Plan as of 12:01 a.m.
Pacific Time on the Effective Date (the “Prior Plan’s Available Reserve”) will cease to be available under the Prior Plan at such time. Instead, that number of shares of Common Stock equal to the Prior Plan’s
Available Reserve will be added to the Share Reserve (as further described in Section 3(a) below) and will be immediately available for grants and issuance pursuant to Stock Awards hereunder, up to the maximum number set forth in
Section 3(a) below. 
 (ii)    In addition, from and after 12:01 a.m. Pacific Time on the Effective Date,
with respect to the aggregate number of shares of Common Stock subject, at such time, to outstanding stock awards granted under the Prior Plan that (1) expire or terminate for any reason prior to exercise; (2) are forfeited or repurchased
because of the failure to meet a contingency or condition required to vest such shares or otherwise return to the Company; or (3) are reacquired, withheld (or not issued) to satisfy a tax withholding obligation in connection with an award (such
shares the “Returning Shares”) will immediately be added to the Share Reserve as shares of Common Stock (as further described in Section 3(a) below) as and when such a share becomes a Returning Share, up to the maximum
number set forth in Section 3(a) below. 
 (b)    Eligible Award Recipients. Employees, Directors and
Consultants are eligible to receive Awards. 
 (c)    Available Awards. The Plan provides for the grant of
the following Awards: (i) Incentive Stock Options, (ii) Nonstatutory Stock Options, (iii) Stock Appreciation Rights (iv) Restricted Stock Awards, (v) Restricted Stock Unit Awards, (vi) Performance Stock Awards,
(vii) Performance Cash Awards, and (viii) Other Stock Awards. 
 (d)    Purpose. The Plan,
through the grant of Awards, is intended to help the Company secure and retain the services of eligible award recipients, provide incentives for such persons to exert maximum efforts for the success of the Company and any Affiliate, and provide a
means by which the eligible recipients may benefit from increases in value of the Common Stock. 

  
 1. 

 2.    ADMINISTRATION. 

(a)    Administration by Board. The Board will administer the Plan. The Board may delegate administration of
the Plan to a Committee or Committees, as provided in Section 2(c). 
 (b)    Powers of Board. The
Board will have the power, subject to, and within the limitations of, the express provisions of the Plan: 

(i)    To determine: (A) who will be granted Awards; (B) when and how each Award will be granted;
(C) what type of Award will be granted; (D) the provisions of each Award (which need not be identical), including when a person will be permitted to exercise or otherwise receive cash or Common Stock under the Award; (E) the number of
shares of Common Stock subject to, or the cash value of, an Award; and (F) the Fair Market Value applicable to a Stock Award. 

(ii)    To construe and interpret the Plan and Awards granted under it, and to establish, amend and revoke rules
and regulations for administration of the Plan and Awards. The Board, in the exercise of these powers, may correct any defect, omission or inconsistency in the Plan or in any Award Agreement or in the written terms of a Performance Cash Award, in a
manner and to the extent it will deem necessary or expedient to make the Plan or Award fully effective. 

(iii)    To settle all controversies regarding the Plan and Awards granted under it. 

(iv)    To accelerate, in whole or in part, the time at which an Award may be exercised or vest (or the time at
which cash or shares of Common Stock may be issued in settlement thereof). 
 (v)    To suspend or terminate the
Plan at any time. Except as otherwise provided in the Plan or an Award Agreement, suspension or termination of the Plan will not impair a Participant’s rights under the Participant’s then-outstanding Award without the Participant’s
written consent, except as provided in subsection (viii) below. 
 (vi)    To amend the Plan in any respect
the Board deems necessary or advisable, including, without limitation, by adopting amendments relating to Incentive Stock Options and certain nonqualified deferred compensation under Section 409A of the Code and/or to make the Plan or Awards
granted under the Plan compliant with the requirements for Incentive Stock Options or exempt from, or compliant with, the requirements for nonqualified deferred compensation under Section 409A of the Code, subject to the limitations, if any, of
applicable law. If required by applicable law or listing requirements, and except as provided in Section 9(a) relating to Capitalization Adjustments, the Company will seek stockholder approval of any amendment of the Plan that
(A) materially increases the number of shares of Common Stock available for issuance under the Plan, (B) materially expands the class of individuals eligible to receive Awards under the Plan, (C) materially increases the benefits
accruing to Participants under the Plan, (D) materially reduces the price at which shares of Common Stock may be issued or purchased under the Plan, (E) materially extends the term of the Plan, or (F) materially expands the types of
Awards available for issuance under the Plan. Except as provided in the Plan (including subsection (viii) below) or an Award Agreement, no amendment of the Plan will impair a Participant’s rights under an outstanding Award unless
(1) the Company requests the consent of the affected Participant, and (2) such Participant consents in writing. 

(vii)    To submit any amendment to the Plan for stockholder approval, including, but not limited to, amendments
to the Plan intended to satisfy the requirements of (A) Section 422 of the Code regarding “incentive stock options” or (B) Rule 16b-3. 

  
 2. 

 (viii)    To approve forms of Award Agreements for use under the
Plan and to amend the terms of any one or more Awards, including, but not limited to, amendments to provide terms more favorable to the Participant than previously provided in the Award Agreement, subject to any specified limits in the Plan that are
not subject to Board discretion; provided, however, that a Participant’s rights under any Award will not be impaired by any such amendment unless (A) the Company requests the consent of the affected Participant, and (B) such
Participant consents in writing. Notwithstanding the foregoing, (1) a Participant’s rights will not be deemed to have been impaired by any such amendment if the Board, in its sole discretion, determines that the amendment, taken as a
whole, does not materially impair the Participant’s rights, and (2) subject to the limitations of applicable law, if any, the Board may amend the terms of any one or more Awards without the affected Participant’s consent (A) to
maintain the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code; (B) to change the terms of an Incentive Stock Option, if such change results in impairment of the Award solely because it impairs the
qualified status of the Award as an Incentive Stock Option under Section 422 of the Code; (C) to clarify the manner of exemption from, or to bring the Award into compliance with, Section 409A of the Code; or (D) to comply with
other applicable laws or listing requirements. 
 (ix)    Generally, to exercise such powers and to perform such
acts as the Board deems necessary or expedient to promote the best interests of the Company and that are not in conflict with the provisions of the Plan or Awards. 

(x)    To adopt such rules, procedures and sub-plans related to the
operation and administration of the Plan as are necessary or appropriate under local laws and regulations to permit participation in the Plan by Employees, Directors or Consultants who are foreign nationals or employed outside the United States
(provided that Board approval will not be necessary for immaterial modifications to the Plan or any Award Agreement made to ensure or facilitate compliance with the laws or regulations of the relevant foreign jurisdiction). 

(xi)    To effect, with the consent of any adversely affected Participant, (A) the reduction of the exercise,
purchase or strike price of any outstanding Stock Award; (B) the cancellation of any outstanding Stock Award and the grant in substitution therefor of a new (1) Option or SAR, (2) Restricted Stock Award, (3) Restricted Stock Unit
Award, (4) Other Stock Award, (5) cash and/or (6) other valuable consideration determined by the Board, in its sole discretion, with any such substituted award (x) covering the same or a different number of shares of Common Stock
as the cancelled Stock Award and (y) granted under the Plan or another equity or compensatory plan of the Company; or (C) any other action that is treated as a repricing under generally accepted accounting principles (collectively
(A) through (C), an “Exchange Program”). 
 (c)    Delegation to Committee. 

(i)    General. The Board may delegate some or all of the administration of the Plan to a Committee or
Committees. If administration of the Plan is delegated to a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore possessed by the Board that have been delegated to the Committee, including the
power to delegate to a subcommittee of the Committee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board will thereafter be to the Committee or subcommittee, as applicable). Any
delegation of administrative powers will be reflected in resolutions, not inconsistent with the provisions of the Plan, adopted from time to time by the Board or Committee (as applicable). The Board may retain the authority to concurrently
administer the Plan with the Committee and may, at any time, revest in the Board some or all of the powers previously delegated. 

  
 3. 

 (ii)    Rule 16b-3
Compliance. The Committee may consist solely of two or more Non-Employee Directors, in accordance with Rule 16b-3. 

(d)    Delegation to an Officer. The Board may delegate to one (1) or more Officers the authority to do
one or both of the following (i) designate Employees who are not Officers to be recipients of Options and SARs (and, to the extent permitted by applicable law, other Stock Awards) and, to the extent permitted by applicable law, the terms of
such Awards, and (ii) determine the number of shares of Common Stock to be subject to such Stock Awards granted to such Employees; provided, however, that the Board resolutions regarding such delegation will specify the total
number of shares of Common Stock that may be subject to the Stock Awards granted by such Officer and that such Officer may not grant a Stock Award to himself or herself. Any such Stock Awards will be granted on the form of Stock Award Agreement most
recently approved for use by the Committee or the Board, unless otherwise provided in the resolutions approving the delegation authority. The Board may not delegate authority to an Officer who is acting solely in the capacity of an Officer (and not
also as a Director) to determine the Fair Market Value pursuant to Section 13(x)(iii) below. 

(e)    Effect of Board’s Decision. All determinations, interpretations and constructions made by the
Board in good faith will not be subject to review by any person and will be final, binding and conclusive on all persons. 

3.    SHARES SUBJECT TO THE
PLAN. 
 (a)    Share Reserve. 

(i)    Subject to Section 9(a) relating to Capitalization Adjustments, and the following sentence regarding
the annual increase, the aggregate number of shares of Common Stock that may be issued pursuant to Stock Awards will not exceed 5,340,678, which number is the sum of (A) 1,885,039 shares that were approved in connection with the initial adoption of
the Plan on the Effective Date, plus (B) the number of shares that remained available for issuance under the Prior Plan’s Available Reserve as of the initial adoption of the Plan on the Effective Date, plus (C) the Returning Shares,
if any, which become available for grant under this Plan from time to time, plus (D) 3,000,000 shares that were approved at the Company’s 2020 Annual Meeting of Stockholders (such aggregate number of shares described in (A), (B), (C) and
(D) above, the “Share Reserve”). In addition, the Share Reserve will automatically increase on January 1st of each calendar year, beginning on January 1 in the calendar year following the calendar year in which the
IPO Date occurs and ending on (and including) January 1, 2029 (each, an “Evergreen Date”) in an amount equal to five percent (5%) of the total number of shares of Capital Stock outstanding on the last day of the
preceding calendar year. Notwithstanding the foregoing, the Board may act prior to the Evergreen Date of a given year to provide that there will be no increase in the Share Reserve for such year or that the increase in the Share Reserve for such
year will be a lesser number of shares of Common Stock than would otherwise occur pursuant to the preceding sentence. 

(i)    For clarity, the Share Reserve in this Section 3(a) is a limitation on the number of shares of Common
Stock that may be issued pursuant to the Plan. As a single share may be subject to grant more than once (e.g., if a share subject to a Stock Award is forfeited, it may be made subject to grant again as provided in Section 3(b) below), the Share
Reserve is not a limit on the number of Stock Awards that can be granted. 
 (ii)    Shares may be issued in
connection with a merger or acquisition as permitted by NASDAQ Listing Rule 5635(c) or, if applicable, NYSE Listed Company Manual Section 303A.08, AMEX Company Guide Section 711 or other applicable rule, and such issuance will not reduce
the number of shares available for issuance under the Plan. 

  
 4. 

 (b)    Reversion of Shares to the Share Reserve. If a
Stock Award or any portion thereof (i) expires or otherwise terminates without all of the shares covered by such Stock Award having been issued or (ii) is settled in cash (i.e., the Participant receives cash rather than stock), such
expiration, termination or settlement will not reduce (or otherwise offset) the number of shares of Common Stock that may be available for issuance under the Plan. If any shares of Common Stock issued pursuant to a Stock Award are forfeited back to
or repurchased by the Company because of the failure to meet a contingency or condition required to vest such shares in the Participant or shares of Common Stock that are surrendered to the Company pursuant to an Exchange Program, then the shares
that are forfeited, repurchased or so surrendered will again become available for issuance under the Plan. Any shares reacquired by the Company in satisfaction of tax withholding obligations on a Stock Award or as consideration for the exercise or
purchase price of a Stock Award will again become available for issuance under the Plan. 
 (c)    Incentive
Stock Option Limit. Subject to the provisions of Section 9(a) relating to Capitalization Adjustments, the aggregate maximum number of shares of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options will be will
be a number of shares of Common Stock equal to three (3) multiplied by the Share Reserve. 

(d)    Limitation on Compensation of Non-Employee Directors. During
any one calendar year, no Non-Employee Director may receive Stock Awards under the Plan that, when combined with cash compensation received for service as a Non-Employee
Director, exceeds $600,000 in a calendar year, increased to $1,000,000 in the calendar year of his or her initial services as a Non-Employee Director (calculating the value of any such Stock Awards based on
the grant date fair value of such Stock Awards for financial reporting purposes). Stock Awards granted to an individual while he or she was serving in the capacity as an Employee or Consultant but not a
Non-Employee Director will not count for purposes of the limitations set forth in this Section 3(d). 

(e)    Source of Shares. The stock issuable under the Plan will be shares of authorized but unissued or
reacquired Common Stock, including shares repurchased by the Company on the open market or otherwise. 

4.    ELIGIBILITY. 

(a)    Eligibility for Specific Stock Awards. Incentive Stock Options may be granted only to employees of the
Company or a “parent corporation” or “subsidiary corporation” thereof (as such terms are defined in Sections 424(e) and 424(f) of the Code). Stock Awards other than Incentive Stock Options may be granted to Employees, Directors
and Consultants; provided, however, that Stock Awards may not be granted to Employees, Directors and Consultants who are providing Continuous Service only to any “parent” of the Company, as such term is defined in Rule 405 of the
Securities Act, unless (i) the stock underlying such Stock Awards is treated as “service recipient stock” under Section 409A of the Code (for example, because the Stock Awards are granted pursuant to a corporate transaction such
as a spin off transaction), (ii) the Company, in consultation with its legal counsel, has determined that such Stock Awards are otherwise exempt from Section 409A of the Code, or (iii) the Company, in consultation with its legal counsel,
has determined that such Stock Awards comply with the requirements of Section 409A of the Code. 

(b)    Ten Percent Stockholders. A Ten Percent Stockholder will not be granted an Incentive Stock Option
unless the exercise price of such Option is at least 110% of the Fair Market Value on the date of grant and the Option is not exercisable after the expiration of five years from the date of grant. 

  
 5. 

 5.    PROVISIONS
RELATING TO OPTIONS AND STOCK APPRECIATION RIGHTS. 

Each Option or SAR will be in such form and will contain such terms and conditions as the Board deems appropriate. All Options will be
separately designated Incentive Stock Options or Nonstatutory Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates will be issued for shares of Common Stock purchased on exercise of each type of
Option. If an Option is not specifically designated as an Incentive Stock Option, or if an Option is designated as an Incentive Stock Option but some portion or all of the Option fails to qualify as an Incentive Stock Option under the applicable
rules, then the Option (or portion thereof) will be a Nonstatutory Stock Option. The provisions of separate Options or SARs need not be identical; provided, however, that each Award Agreement will conform to (through incorporation of
provisions hereof by reference in the applicable Award Agreement or otherwise) the substance of each of the following provisions: 

(a)    Term. Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, no Option or
SAR will be exercisable after the expiration of ten years from the date of its grant or such shorter period specified in the Award Agreement. 

(b)    Exercise Price. Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders,
the exercise or strike price of each Option or SAR will be not less than 100% of the Fair Market Value of the Common Stock subject to the Option or SAR on the date the Award is granted. Notwithstanding the foregoing, an Option or SAR may be granted
with an exercise or strike price lower than 100% of the Fair Market Value of the Common Stock subject to the Award if such Award is granted pursuant to an assumption of or substitution for another option or stock appreciation right pursuant to a
Corporate Transaction and in a manner consistent with the provisions of Section 409A of the Code and, if applicable, Section 424(a) of the Code. Each SAR will be denominated in shares of Common Stock equivalents. 

(c)    Purchase Price for Options. The purchase price of Common Stock acquired pursuant to the exercise of
an Option may be paid, to the extent permitted by applicable law and as determined by the Board in its sole discretion, by any combination of the methods of payment set forth below. The Board will have the authority to grant Options that do not
permit all of the following methods of payment (or otherwise restrict the ability to use certain methods) and to grant Options that require the consent of the Company to use a particular method of payment. The permitted methods of payment are as
follows: 
 (i)    by cash, check, bank draft or money order payable to the Company; 

(ii)    pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior
to the issuance of the stock subject to the Option, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay the aggregate exercise price to the Company from the sales proceeds; 

(iii)    by delivery to the Company (either by actual delivery or attestation) of shares of Common Stock; 

(iv)    if an Option is a Nonstatutory Stock Option, by a “net exercise” arrangement pursuant to which
the Company will reduce the number of shares of Common Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price; provided, however, that the Company will
accept a cash or other payment from the Participant to the extent of any remaining balance of the aggregate exercise price not satisfied by such reduction in the number of whole shares to be issued. Shares of Common Stock will no longer be subject
to an Option and will not 

  
 6. 

 
be exercisable thereafter to the extent that (A) shares issuable upon exercise are used to pay the exercise price pursuant to the “net exercise,” (B) shares are delivered to the
Participant as a result of such exercise, and (C) shares are withheld to satisfy tax withholding obligations; or 

(v)    in any other form of legal consideration that may be acceptable to the Board and specified in the
applicable Award Agreement. 
 (d)    Exercise and Payment of a SAR. To exercise any outstanding SAR, the
Participant must provide written notice of exercise to the Company in compliance with the provisions of the Stock Appreciation Right Agreement evidencing such SAR. The appreciation distribution payable on the exercise of a SAR will be not greater
than an amount equal to the excess of (A) the aggregate Fair Market Value (on the date of the exercise of the SAR) of a number of shares of Common Stock equal to the number of Common Stock equivalents in which the Participant is vested under
such SAR, and with respect to which the Participant is exercising the SAR on such date, over (B) the aggregate strike price of the number of Common Stock equivalents with respect to which the Participant is exercising the SAR on such date. The
appreciation distribution may be paid in Common Stock, in cash, in any combination of the two or in any other form of consideration, as determined by the Board and contained in the Award Agreement evidencing such SAR. 

(e)    Transferability of Options and SARs. The Board may, in its sole discretion, impose such limitations
on the transferability of Options and SARs as the Board will determine. In the absence of such a determination by the Board to the contrary, the following restrictions on the transferability of Options and SARs will apply: 

(i)    Restrictions on Transfer. An Option or SAR will not be transferable except by will or by the laws of
descent and distribution (or pursuant to subsections (ii) and (iii) below), and will be exercisable during the lifetime of the Participant only by the Participant. The Board may permit transfer of the Option or SAR in a manner that is not
prohibited by applicable laws or regulations. Except as explicitly provided in the Plan, neither an Option nor a SAR may be transferred for consideration. 

(ii)    Domestic Relations Orders. Subject to the approval of the Board or a duly authorized Officer, an
Option or SAR may be transferred pursuant to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument as permitted by Treasury Regulations
Section 1.421-1(b)(2) or comparable non-U.S. law. If an Option is an Incentive Stock Option, such Option may be deemed to be a Nonstatutory Stock Option as a result
of such transfer. 
 (iii)    Beneficiary Designation. Subject to the approval of the Board or a duly
authorized Officer, a Participant may, by delivering written notice to the Company or to any third party designated by the Company, in a form approved by the Company (or the designated broker), designate a third party who, upon the death of the
Participant, will thereafter be entitled to exercise the Option or SAR and receive the Common Stock or other consideration resulting from such exercise. In the absence of such a designation, upon the death of the Participant, the executor or
administrator of the Participant’s estate or the Participant’s legal heirs will be entitled to exercise the Option or SAR and receive the Common Stock or other consideration resulting from such exercise. However, the Company may prohibit
designation of a beneficiary at any time, including due to any conclusion by the Company that such designation would be inconsistent with the provisions of applicable laws. 

(f)    Vesting Generally. The total number of shares of Common Stock subject to an Option or SAR may vest
and become exercisable in periodic installments that may or may not be equal. The Option or SAR may be subject to such other terms and conditions on the time or times when it may or may not be exercised (which may be based on the satisfaction of
Performance Goals or other criteria) as the Board may 

  
 7. 

 
deem appropriate. The vesting provisions of individual Options or SARs may vary. The provisions of this Section 5(f) are subject to any Option or SAR provisions governing the minimum number
of shares of Common Stock as to which an Option or SAR may be exercised. 
 (g)    Termination of Continuous
Service. Except as otherwise provided in the applicable Award Agreement or other agreement between the Participant and the Company, if a Participant’s Continuous Service terminates (other than for Cause and other than upon the
Participant’s death or Disability), the Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise such Award as of the date of termination of Continuous Service) within the period of time
ending on the earlier of (i) the date which occurs three (3) months following the termination of the Participant’s Continuous Service (or such longer or shorter period specified in the applicable Award Agreement), and (ii) the
expiration of the term of the Option or SAR as set forth in the Award Agreement. If, after termination of Continuous Service, the Participant does not exercise his or her Option or SAR (as applicable) within the applicable time frame, the Option or
SAR will terminate. 
 (h)    Extension of Termination Date. Except as otherwise provided in the
applicable Award Agreement or other agreement between the Participant and the Company, if the exercise of an Option or SAR following the termination of the Participant’s Continuous Service (other than for Cause and other than upon the
Participant’s death or Disability) would be prohibited at any time solely because the issuance of shares of Common Stock would violate the registration requirements under the Securities Act, then the Option or SAR will terminate on the earlier
of (i) the expiration of a total period of time (that need not be consecutive) equal to the applicable post termination exercise period after the termination of the Participant’s Continuous Service during which the exercise of the Option
or SAR would not be in violation of such registration requirements, and (ii) the expiration of the term of the Option or SAR as set forth in the applicable Award Agreement. In addition, unless otherwise provided in a Participant’s Award
Agreement, if the sale of any Common Stock received upon exercise of an Option or SAR following the termination of the Participant’s Continuous Service (other than for Cause) would violate the Company’s insider trading policy, then the
Option or SAR will terminate on the earlier of (i) the expiration of the period of months (that need not be consecutive) equal to the applicable post-termination exercise period after the termination of the Participant’s Continuous Service
during which the sale of the Common Stock received upon exercise of the Option or SAR would not be in violation of the Company’s insider trading policy, or (ii) the expiration of the term of the Option or SAR as set forth in the applicable
Award Agreement. 
 (i)    Disability of Participant. Except as otherwise provided in the applicable Award
Agreement or other agreement between the Participant and the Company, if a Participant’s Continuous Service terminates as a result of the Participant’s Disability, the Participant may exercise his or her Option or SAR (to the extent that
the Participant was entitled to exercise such Option or SAR as of the date of termination of Continuous Service), but only within such period of time ending on the earlier of (i) the date which occurs 12 months following such termination of
Continuous Service (or such longer or shorter period specified in the Award Agreement), and (ii) the expiration of the term of the Option or SAR as set forth in the Award Agreement. If, after termination of Continuous Service, the Participant
does not exercise his or her Option or SAR within the applicable time frame, the Option or SAR (as applicable) will terminate. 

(j)    Death of Participant. Except as otherwise provided in the applicable Award Agreement or other
agreement between the Participant and the Company, if (i) a Participant’s Continuous Service terminates as a result of the Participant’s death, or (ii) the Participant dies within the period (if any) specified in the Award
Agreement for exercisability after the termination of the Participant’s Continuous Service for a reason other than death, then the Option or SAR may be exercised (to the extent the Participant was entitled to exercise such Option or SAR as of
the date of death) by the Participant’s estate, by a person who acquired the right to exercise the Option or SAR by bequest or inheritance or by a person designated to exercise the Option or SAR upon the Participant’s death, but only
within the period ending on the earlier 

  
 8. 

 
of (i) the date 18 months following the date of death (or such longer or shorter period specified in the Award Agreement), and (ii) the expiration of the term of such Option or SAR as
set forth in the Award Agreement. If, after the Participant’s death, the Option or SAR is not exercised within the applicable time frame, the Option or SAR (as applicable) will terminate. 

(k)    Termination for Cause. Except as explicitly provided otherwise in the applicable Award Agreement or
other written agreement between the Participant and the Company, if a Participant’s Continuous Service is terminated for Cause, the Option or SAR will terminate immediately upon such Participant’s termination of Continuous Service, and the
Participant will be prohibited from exercising his or her Option or SAR from and after the date of such termination of Continuous Service. If a Participant’s Continuous Service is suspended pending an investigation of the existence of Cause,
all of the Participant’s rights under the Option or SAR will also be suspended during the investigation period. 

(l)    Non-Exempt Employees. If an Option or SAR is granted to an
Employee who is a non-exempt employee for purposes of the U.S. Fair Labor Standards Act of 1938, as amended, the Option or SAR will not be first exercisable for any shares of Common Stock until at least six
months following the date of grant of the Option or SAR (although the Award may vest prior to such date). Consistent with the provisions of the U.S. Worker Economic Opportunity Act, (i) if such non-exempt
Employee dies or suffers a Disability, (ii) upon a Corporate Transaction in which such Option or SAR is not assumed, continued, or substituted, (iii) upon a Change in Control, or (iv) upon the Participant’s retirement (as such
term may be defined in the Participant’s Award Agreement in another agreement between the Participant and the Company, or, if no such definition, in accordance with the Company’s then current employment policies and guidelines), the vested
portion of any Options and SARs may be exercised earlier than six months following the date of grant. The foregoing provision is intended to operate so that any income derived by a non-exempt employee in
connection with the exercise or vesting of an Option or SAR will be exempt from his or her regular rate of pay. To the extent permitted and/or required for compliance with the U.S. Worker Economic Opportunity Act to ensure that any income derived by
a non-exempt employee in connection with the exercise, vesting or issuance of any shares under any other Stock Award will be exempt from the employee’s regular rate of pay, the provisions of this
Section 5(l) will apply to all Stock Awards and are hereby incorporated by reference into such Stock Award Agreements. 

6.    PROVISIONS OF STOCK AWARDS
OTHER THAN OPTIONS AND SARS. 

(a)    Restricted Stock Awards. Each Restricted Stock Award Agreement will be in such form and will contain
such terms and conditions as the Board will deem appropriate. To the extent consistent with the Company’s bylaws, at the Board’s election, shares of Common Stock may be (x) held in book entry form subject to the Company’s
instructions until any restrictions relating to the Restricted Stock Award lapse; or (y) evidenced by a certificate, which certificate will be held in such form and manner as determined by the Board. The terms and conditions of Restricted Stock
Award Agreements may change from time to time, and the terms and conditions of separate Restricted Stock Award Agreements need not be identical. Each Restricted Stock Award Agreement will conform to (through incorporation of the provisions hereof by
reference in the agreement or otherwise) the substance of each of the following provisions: 

(i)    Consideration. A Restricted Stock Award may be awarded in consideration for (A) cash, check,
bank draft or money order payable to the Company, (B) past services to the Company or an Affiliate, or (C) any other form of legal consideration (including future services) that may be acceptable to the Board, in its sole discretion, and
permissible under applicable law. 

  
 9. 

 (ii)    Vesting. Shares of Common Stock awarded under the
Restricted Stock Award Agreement may be subject to forfeiture to the Company in accordance with a vesting schedule to be determined by the Board. 

(iii)    Termination of Participant’s Continuous Service. If a Participant’s Continuous Service
terminates, the Company may receive through a forfeiture condition or a repurchase right any or all of the shares of Common Stock held by the Participant that have not vested as of the date of termination of Continuous Service under the terms of the
Restricted Stock Award Agreement. 
 (iv)    Transferability. Rights to acquire shares of Common Stock
under the Restricted Stock Award Agreement will be transferable by the Participant only upon such terms and conditions as are set forth in the Restricted Stock Award Agreement, as the Board will determine in its sole discretion, so long as Common
Stock awarded under the Restricted Stock Award Agreement remains subject to the terms of the Restricted Stock Award Agreement. 

(v)    Dividends. A Restricted Stock Award Agreement may provide that any dividends paid on Restricted
Stock will be subject to the same vesting and forfeiture restrictions as apply to the shares of Common Stock subject to the Restricted Stock Award to which they relate. 

(b)    Restricted Stock Unit Awards. Each Restricted Stock Unit Award Agreement will be in such form and
will contain such terms and conditions as the Board will deem appropriate. The terms and conditions of Restricted Stock Unit Award Agreements may change from time to time, and the terms and conditions of separate Restricted Stock Unit Award
Agreements need not be identical. Each Restricted Stock Unit Award Agreement will conform to (through incorporation of the provisions hereof by reference in the Agreement or otherwise) the substance of each of the following provisions: 

(i)    Consideration. At the time of grant of a Restricted Stock Unit Award, the Board will determine the
consideration, if any, to be paid by the Participant upon delivery of each share of Common Stock subject to the Restricted Stock Unit Award. The consideration to be paid (if any) by the Participant for each share of Common Stock subject to a
Restricted Stock Unit Award may be paid in any form of legal consideration that may be acceptable to the Board, in its sole discretion, and permissible under applicable law. 

(ii)    Vesting. At the time of the grant of a Restricted Stock Unit Award, the Board may impose such
restrictions on or conditions to the vesting of the Restricted Stock Unit Award as it, in its sole discretion, deems appropriate. 

(iii)    Payment. A Restricted Stock Unit Award may be settled by the delivery of shares of Common
Stock, their cash equivalent, any combination thereof or in any other form of consideration, as determined by the Board and contained in the Restricted Stock Unit Award Agreement. 

(iv)    Additional Restrictions. At the time of the grant of a Restricted Stock Unit Award, the Board, as
it deems appropriate, may impose such restrictions or conditions that delay the delivery of the shares of Common Stock (or their cash equivalent) subject to a Restricted Stock Unit Award to a time after the vesting of such Restricted Stock Unit
Award. 
 (v)    Dividend Equivalents. Dividend equivalents may be credited in respect of shares of
Common Stock covered by a Restricted Stock Unit Award, as determined by the Board and contained in the Restricted Stock Unit Award Agreement. At the sole discretion of the Board, such dividend equivalents may be converted into additional shares of
Common Stock covered by the Restricted Stock Unit Award in 

  
 10. 

 
such manner as determined by the Board. Any additional shares covered by the Restricted Stock Unit Award credited by reason of such dividend equivalents will be subject to all of the same terms
and conditions of the underlying Restricted Stock Unit Award Agreement to which they relate. 

(vi)    Termination of Participant’s Continuous Service. Except as otherwise provided in
the applicable Restricted Stock Unit Award Agreement, such portion of the Restricted Stock Unit Award that has not vested will be forfeited upon the Participant’s termination of Continuous Service. 

(c)    Performance Awards. 

(i)    Performance Stock Awards. A Performance Stock Award is a Stock Award that is payable
(including that may be granted, may vest or may be exercised) contingent upon the attainment during a Performance Period of certain Performance Goals. A Performance Stock Award may but need not require the Participant’s completion of a
specified period of Continuous Service. The length of any Performance Period, the Performance Goals to be achieved during the Performance Period, and the measure of whether and to what degree such Performance Goals have been attained will be
conclusively determined by the Board or Committee, in its sole discretion. In addition, to the extent permitted by applicable law and the applicable Award Agreement, the Board may determine that cash may be used in payment of Performance Stock
Awards. 
 (ii)    Performance Cash Awards. A Performance Cash Award is a cash award that is
payable contingent upon the attainment during a Performance Period of certain Performance Goals. A Performance Cash Award may also require the completion of a specified period of Continuous Service. At the time of grant of a Performance Cash Award,
the length of any Performance Period, the Performance Goals to be achieved during the Performance Period, and the measure of whether and to what degree such Performance Goals have been attained will be conclusively determined by the Board or
Committee, in its sole discretion. The Board may specify the form of payment of Performance Cash Awards, which may be cash or other property, or may provide for a Participant to have the option for his or her Performance Cash Award, or such portion
thereof as the Board may specify, to be paid in whole or in part in cash or other property. 
 (iii)    Board
Discretion. The Board retains the discretion to adjust or eliminate the compensation or economic benefit due upon attainment of Performance Goals and to define the manner of calculating the Performance Criteria it selects to use for a
Performance Period. 
 (d)    Other Stock Awards. Other forms of Stock Awards valued in whole or in
part by reference to, or otherwise based on, Common Stock, including the appreciation in value thereof (e.g., options or stock rights with an exercise price or strike price less than 100% of the Fair Market Value of the Common Stock at the time of
grant) may be granted either alone or in addition to Stock Awards provided for under Section 5 and the preceding provisions of this Section 6. Subject to the provisions of the Plan, the Board will have sole and complete authority to
determine the persons to whom and the time or times at which such Other Stock Awards will be granted, the number of shares of Common Stock (or the cash equivalent thereof) to be granted pursuant to such Other Stock Awards and all other terms and
conditions of such Other Stock Awards. 
 7.    COVENANTS OF
THE COMPANY. 
 (a)    Availability of Shares. The Company will keep
available at all times the number of shares of Common Stock reasonably required to satisfy then-outstanding Stock Awards. 

  
 11. 

 (b)    Compliance with Law. The Company will seek to
obtain from each regulatory commission or agency, as necessary, such authority as may be required to grant Stock Awards and to issue and sell shares of Common Stock upon exercise or vesting of the Stock Awards; provided, however, that this
undertaking will not require the Company to register under the Securities Act the Plan or other securities or applicable laws, any Stock Award or any Common Stock issued or issuable pursuant to any such Stock Award. If, after reasonable efforts and
at a reasonable cost, the Company is unable to obtain from any such regulatory commission or agency the authority that counsel for the Company deems necessary or advisable for the lawful issuance and sale of Common Stock under the Plan, the Company
will be relieved from any liability for failure to issue and sell Common Stock upon exercise or vesting of such Stock Awards unless and until such authority is obtained. A Participant will not be eligible for the grant of an Award or the subsequent
issuance of cash or Common Stock pursuant to the Award if such grant or issuance would be in violation of any applicable law. 

(c)    No Obligation to Notify or Minimize Taxes. The Company will have no duty or obligation to any
Participant to advise such holder as to the time or manner or tax treatment of exercising such Stock Award. Furthermore, the Company will have no duty or obligation to warn or otherwise advise such holder of a pending termination or expiration of an
Award or a possible period in which the Award may not be exercised. The Company has no duty or obligation to minimize the tax consequences of an Award to the holder of such Award. 

8.    MISCELLANEOUS. 

(a)    Use of Proceeds from Sales of Common Stock. Proceeds from the sale of shares of Common Stock pursuant
to Stock Awards will constitute general funds of the Company. 
 (b)    Corporate Action Constituting Grant of
Awards. Corporate action constituting a grant by the Company of an Award to any Participant will be deemed completed as of the date of such corporate action, unless otherwise determined by the Board, regardless of when the instrument,
certificate, or letter evidencing the Award is communicated to, or actually received or accepted by, the Participant. In the event that the corporate records (e.g., Board consents, resolutions or minutes) documenting the corporate action
constituting the grant contain terms (e.g., exercise price, vesting schedule or number of shares) that are inconsistent with those in the Award Agreement or related grant documents as a result of a clerical error in the papering of the Award
Agreement or related grant documents, the corporate records will control and the Participant will have no legally binding right to the incorrect term in the Award Agreement or related grant documents. 

(c)    Stockholder Rights. No Participant will be deemed to be the holder of, or to have any of the rights
of a holder with respect to, any shares of Common Stock subject to an Award unless and until (i) such Participant has satisfied all requirements for exercise of, or the issuance of shares of Common Stock under, the Award pursuant to its terms,
and (ii) the issuance of the Common Stock subject to such Award has been entered into the books and records of the Company. 

(d)    No Employment or Other Service Rights. Nothing in the Plan, any Award Agreement or any other
instrument executed thereunder or in connection with any Award granted pursuant thereto will confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Award was granted or will
affect the right of the Company or an Affiliate to terminate (i) the employment of an Employee with or without notice and with or without cause, (ii) the service of a Consultant pursuant to the terms of such Consultant’s agreement
with the Company or an Affiliate, or (iii) the service of a Director pursuant to the bylaws of the Company or an Affiliate, and any applicable provisions of the corporate law of the state or foreign jurisdiction in which the Company or the
Affiliate is domiciled or incorporated, as the case may be. Furthermore, to the extent the Company is not the employer of a Participant, the grant of an Award will be not establish an employment or other service relationship between the Company and
the Participant. 

  
 12. 

 (e)    Change in Time Commitment. In the event a
Participant’s regular level of time commitment in the performance of his or her services for the Company and any Affiliates is reduced (for example, and without limitation, if the Participant is an Employee of the Company and the Employee has a
change in status from a full-time Employee to a part-time Employee or takes an extended leave of absence) after the date of grant of any Award to the Participant, the Board has the right in its sole discretion to (x) make a corresponding
reduction in the number of shares or cash amount subject to any portion of such Award that is scheduled to vest or become payable after the date of such change in time commitment, and (y) in lieu of or in combination with such a reduction,
extend the vesting or payment schedule applicable to such Award. In the event of any such reduction, the Participant will have no right with respect to any portion of the Award that is so reduced or extended. 

(f)    Incentive Stock Option Limitations. To the extent that the aggregate Fair Market Value (determined at
the time of grant) of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar year (under all plans of the Company and any Affiliates) exceeds U.S. $100,000 (or such other
limit established in the Code) or otherwise does not comply with the rules governing Incentive Stock Options, the Options or portions thereof that exceed such limit (according to the order in which they were granted) or otherwise do not comply with
such rules will be treated as Nonstatutory Stock Options, notwithstanding any contrary provision of the applicable Option Agreement(s). 

(g)    Investment Assurances. The Company may require a Participant, as a condition of exercising or
acquiring Common Stock under any Award, (i) to give written assurances satisfactory to the Company as to the Participant’s knowledge and experience in financial and business matters and/or to employ a purchaser representative reasonably
satisfactory to the Company who is knowledgeable and experienced in financial and business matters and that such Participant is capable of evaluating, alone or together with the purchaser representative, the merits and risks of exercising the Award;
and (ii) to give written assurances satisfactory to the Company stating that the Participant is acquiring Common Stock subject to the Award for the Participant’s own account and not with any present intention of selling or otherwise
distributing the Common Stock. The foregoing requirements, and any assurances given pursuant to such requirements, will be inoperative if (A) the issuance of the shares upon the exercise or acquisition of Common Stock under the Award has been
registered under a then currently effective registration statement under the Securities Act, or (B) as to any particular requirement, a determination is made by counsel for the Company that such requirement need not be met in the circumstances
under the then applicable securities laws. The Company may, upon advice of counsel to the Company, place legends on stock certificates issued under the Plan as such counsel deems necessary or appropriate in order to comply with applicable securities
laws, including, but not limited to, legends restricting the transfer of the Common Stock. 

(h)    Withholding Obligations. Unless prohibited by the terms of an Award Agreement, the Company may, in
its sole discretion, satisfy any U.S. and non-U.S. federal, state or local tax withholding obligation relating to an Award by any of the following means or by a combination of such means: (i) causing the
Participant to tender a cash payment; (ii) withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to the Participant in connection with the Stock Award; provided, however, that (A) no shares
of Common Stock are withheld with a value exceeding the maximum amount of tax that may be required to be withheld by law (or such other amount as may be permitted while still avoiding classification of the Stock Award as a liability for financial
accounting purposes) ), and (B) with respect to a Stock Award held by any Participant who is subject to the filing requirements of Section 16 of the Exchange Act, any such share withholding must be specifically approved by the Compensation

  
 13. 

 
Committee as the applicable method that must be used to satisfy the tax withholding obligation or such share withholding procedure must otherwise satisfy the requirements for an exempt
transaction under Section 16(b) of the Exchange Act; (iii) withholding cash from a Stock Award settled in cash; (iv) withholding payment from any amounts otherwise payable to the Participant; (v) by means of a “cashless
exercise” pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board, or (vi) by such other method as may be set forth in the Award Agreement. 

(i)    Electronic Delivery. Any reference herein to a “written” agreement or document will include
any agreement or document delivered electronically, filed publicly at www.sec.gov (or any successor website thereto) or posted on the Company’s intranet (or other shared electronic medium controlled by the Company to which the
Participant has access). 
 (j)    Deferrals. To the extent permitted by applicable law, the Board, in its
sole discretion, may determine that the delivery of Common Stock or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Award may be deferred and may establish programs and procedures for deferral elections to be
made by Participants. Deferrals by Participants will be made in accordance with Section 409A of the Code. Consistent with Section 409A of the Code, the Board may provide for distributions while a Participant is still an employee or
otherwise providing services to the Company. The Board is authorized to make deferrals of Awards and determine when, and in what annual percentages, Participants may receive payments, including lump sum payments, following the Participant’s
termination of Continuous Service, and implement such other terms and conditions consistent with the provisions of the Plan and in accordance with applicable law. 

(k)    Compliance with Section 409A of the Code. Unless otherwise expressly provided for
in an Award Agreement, the Plan and Award Agreements will be interpreted to the greatest extent possible in a manner that makes the Plan and the Awards granted hereunder exempt from Section 409A of the Code, and, to the extent not so exempt, in
compliance with Section 409A of the Code. If the Board determines that any Award granted hereunder is not exempt from and is therefore subject to Section 409A of the Code, the Award Agreement evidencing such Award will incorporate the
terms and conditions necessary to avoid the consequences specified in Section 409A(a)(1) of the Code, and to the extent an Award Agreement is silent on terms necessary for compliance, such terms are hereby incorporated by reference into the
Award Agreement. Notwithstanding anything to the contrary in this Plan (and unless the Award Agreement specifically provides otherwise), if the shares of Common Stock are publicly traded, and if a Participant holding an Award that constitutes
“deferred compensation” under Section 409A of the Code is a “specified employee” for purposes of Section 409A of the Code, no distribution or payment of any amount that is due because of a “separation from
service” (as defined in Section 409A of the Code without regard to alternative definitions thereunder) will be issued or paid before the date that is six months following the date of such Participant’s “separation from
service” or, if earlier, the date of the Participant’s death, unless such distribution or payment can be made in a manner that complies with Section 409A of the Code, and any amounts so deferred will be paid in a lump sum on the day
after such six month period elapses, with the balance paid thereafter on the original schedule. 

(l)    Exchange Program. Without prior stockholder approval, the Board may engage in an Exchange Program.

 (m)    Clawback/Recovery. All Awards granted under the Plan will be subject to recoupment in accordance
with any clawback policy that the Company is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required by the U.S. Dodd-Frank
Wall Street Reform and Consumer Protection Act or other applicable law. In addition, the Board may impose such other clawback, recovery or recoupment provisions in an Award Agreement as the Board determines necessary or appropriate, including but
not limited to a 

  
 14. 

 
reacquisition right in respect of previously acquired shares of Common Stock or other cash or property upon the occurrence of an event constituting Cause. No recovery of compensation under such a
clawback policy will be an event giving rise to a right to resign for “good reason” or “constructive termination” (or similar term) under any agreement with the Company or an Affiliate. 

9.    ADJUSTMENTS UPON CHANGES IN
COMMON STOCK; OTHER CORPORATE EVENTS. 

(a)    Capitalization Adjustments. In the event of a Capitalization Adjustment, the Board will appropriately
and proportionately adjust: (i) the class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a), (ii) the class(es) and maximum number of securities that may be issued pursuant to the exercise of Incentive Stock
Options pursuant to Section 3(c), and (iii) the class(es) and number of securities and price per share of stock subject to outstanding Stock Awards. The Board will make such adjustments, and its determination will be final, binding and
conclusive. 
 (b)    Dissolution or Liquidation. Except as otherwise provided in the Stock Award
Agreement, in the event of a dissolution or liquidation of the Company, all outstanding Stock Awards (other than Stock Awards consisting of vested and outstanding shares of Common Stock not subject to a forfeiture condition or the Company’s
right of repurchase) will terminate immediately prior to the completion of such dissolution or liquidation, and the shares of Common Stock subject to the Company’s repurchase rights or subject to a forfeiture condition may be repurchased or
reacquired by the Company notwithstanding the fact that the holder of such Stock Award is providing Continuous Service; provided, however, that the Board may, in its sole discretion, cause some or all Stock Awards to become fully vested,
exercisable and/or no longer subject to repurchase or forfeiture (to the extent such Stock Awards have not previously expired or terminated) before the dissolution or liquidation is completed but contingent on its completion. 

(c)    Corporate Transaction. The following provisions will apply to Stock Awards in the event of a
Corporate Transaction unless otherwise provided in the Stock Award Agreement or any other written agreement between the Company or any Affiliate and the Participant or unless otherwise expressly provided by the Board at the time of grant of a Stock
Award. In the event of a Corporate Transaction, then, notwithstanding any other provision of the Plan, the Board may take one or more of the following actions with respect to Stock Awards, contingent upon the closing or completion of the Corporate
Transaction: 
 (i)    arrange for the surviving corporation or acquiring corporation (or the surviving or
acquiring corporation’s parent company) to assume or continue the Stock Award or to substitute a similar stock award for the Stock Award (including, but not limited to, an award to acquire the same consideration paid to the stockholders of the
Company pursuant to the Corporate Transaction); 
 (ii)    arrange for the assignment of any reacquisition or
repurchase rights held by the Company in respect of Common Stock issued pursuant to the Stock Award to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company); 

(iii)    accelerate the vesting, in whole or in part, of the Stock Award (and, if applicable, the time at which
the Stock Award may be exercised) to a date prior to the effective time of such Corporate Transaction as the Board determines (or, if the Board does not determine such a date, to the date that is five days prior to the effective date of the
Corporate Transaction), which exercise is contingent upon the effectiveness of such Corporate Transaction with such Stock Award terminating if not exercised (if applicable) at or prior to the effective time of the Corporate Transaction; provided,
however, that the Board may require Participants to complete and deliver to the Company a notice of exercise before the effective date of a Corporate Transaction 

  
 15. 

 (iv)    arrange for the lapse, in whole or in part, of any
reacquisition or repurchase rights held by the Company with respect to the Stock Award; 
 (v)    cancel or
arrange for the cancellation of the Stock Award, to the extent not vested or not exercised prior to the effective time of the Corporate Transaction, in exchange for such cash consideration, if any, as the Board, in its sole discretion, may consider
appropriate; and 
 (vi)    make a payment, in such form as may be determined by the Board equal to the excess,
if any, of (A) the per share amount (or value of property per share) payable to holders of Common Stock in connection with the Corporate Transaction, over (B) the per share exercise price under the applicable Stock Award, multiplied by the
number of shares subject to the Stock Award. For clarity, this payment may be zero (U.S. $0) if the amount per share (or value of property per share) payable to the holders of the Common Stock is equal to or less than the exercise price of the Stock
Award. In addition, any escrow, holdback, earnout or similar provisions in the definitive agreement for the Corporate Transaction may apply to such payment to the holder of the Stock Award to the same extent and in the same manner as such provisions
apply to the holders of Common Stock. 
 The Board need not take the same action or actions with respect to all Stock Awards or portions
thereof or with respect to all Participants. The Board may take different actions with respect to the vested and unvested portions of a Stock Award. 

(d)    Change in Control. A Stock Award may be subject to additional acceleration of vesting and
exercisability upon or after a Change in Control as may be provided in the Stock Award Agreement for such Stock Award or as may be provided in any other written agreement between the Company or any Affiliate and the Participant, but in the absence
of such provision, no such acceleration will occur. 
 10.    TERMINATION
OR SUSPENSION OF THE PLAN. 
 The Board may suspend or
terminate the Plan at any time. No Incentive Stock Options may be granted after the tenth anniversary of the earlier of (i) the Adoption Date, or (ii) the date the Plan is approved by the stockholders of the Company. No Awards may be
granted under the Plan while the Plan is suspended or after it is terminated. 

11.    EXISTENCE OF THE PLAN;
TIMING OF FIRST GRANT OR EXERCISE. 
 The Plan
will come into existence on the Adoption Date; provided, however, no Stock Award may be granted prior to the IPO Date (that is, the Effective Date). In addition, no Stock Award will be exercised (or, in the case of a Restricted Stock Award,
Restricted Stock Unit Award, Performance Stock Award, or Other Stock Award, will be granted) and no Performance Cash Award will be settled unless and until the Plan has been approved by the stockholders of the Company, which approval will be within
12 months after the Adoption Date. 
 12.    CHOICE OF
LAW. 
 The law of the State of Delaware will govern all questions concerning the construction, validity and
interpretation of this Plan, without regard to that state’s conflict of laws rules. 

13.    DEFINITIONS. As used in the Plan, the following definitions will apply
to the capitalized terms indicated below: 
 (a)    “Adoption Date” means the date the
Plan is adopted by the Board. 

  
 16. 

 (b)    “Affiliate” means, at the time of
determination, any “parent” or “subsidiary” of the Company as such terms are defined in Rule 405 of the Securities Act. The Board will have the authority to determine the time or times at which “parent” or
“subsidiary” status is determined within the foregoing definition. 

(c)    “Award” means a Stock Award or a Performance Cash Award. 

(d)    “Award Agreement” means a written agreement between the Company and a Participant
evidencing the terms and conditions of an Award. 
 (e)    “Board” means the Board of
Directors of the Company. 
 (f)    “Capital Stock” means each and every class of
common stock of the Company, regardless of the number of votes per share. 
 (g)     “Capitalization
Adjustment” means any change that is made in, or other events that occur with respect to, the Common Stock subject to the Plan or subject to any Stock Award after the Adoption Date without the receipt of consideration by the Company
through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash, large nonrecurring cash dividend, stock split, reverse stock split, liquidating dividend, combination of shares,
exchange of shares, change in corporate structure or any similar equity restructuring transaction, as that term is used in Statement of Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto).
Notwithstanding the foregoing, the conversion of any convertible securities of the Company will not be treated as a Capitalization Adjustment. 

(h)    “Cause” will have the meaning ascribed to such term in any written agreement
between the Participant and the Company defining such term and, in the absence of such agreement, such term means, with respect to a Participant, the occurrence of any of the following events: (i) such Participant’s commission of any
felony or any crime involving fraud, dishonesty or moral turpitude under the laws of the United States, any state thereof, or any applicable foreign jurisdiction; (ii) such Participant’s attempted commission of, or participation in, a
fraud or act of dishonesty against the Company or any Affiliate; (iii) such Participant’s intentional, material violation of any contract or agreement between the Participant and the Company or any Affiliate or of any statutory duty owed
to the Company or any Affiliate; (iv) such Participant’s unauthorized use or disclosure of the Company’s or any Affiliate’s confidential information or trade secrets; or (v) such Participant’s gross misconduct. The
determination that a termination of the Participant’s Continuous Service is either for Cause or without Cause shall be made by the Company in its sole discretion. Any determination by the Company that the Continuous Service of a Participant was
terminated by reason of dismissal without Cause for the purposes of outstanding Stock Awards held by such Participant shall have no effect upon any determination of the rights or obligations of the Company or such Participant for any other purpose.

 (i)    “Change in Control” means the occurrence, in a single transaction or in a
series of related transactions, of any one or more of the following events: 
 (i)    any Exchange Act Person
becomes the Owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation or similar transaction.
Notwithstanding the foregoing, a Change in Control will not be deemed to occur (A) on account of the acquisition of securities of the Company directly from the Company, (B) on account of the acquisition of securities of the Company by an
investor, any affiliate thereof or any other Exchange Act Person that 

  
 17. 

 
acquires the Company’s securities in a transaction or series of related transactions the primary purpose of which is to obtain financing for the Company through the issuance of equity
securities, (C) on account of the acquisition of securities of the Company by any individual who is, on the IPO Date, either an executive officer or a Director (either, an “IPO Investor”) and/or any entity in which an
IPO Investor has a direct or indirect interest (whether in the form of voting rights or participation in profits or capital contributions) of more than 50% (collectively, the “IPO Entities”) or on account of the IPO Entities
continuing to hold shares that come to represent more than 50% of the combined voting power of the Company’s then outstanding securities as a result of the conversion of any class of the Company’s securities into another class of the
Company’s securities having a different number of votes per share pursuant to the conversion provisions set forth in the Company’s Amended and Restated Certificate of Incorporation; or (D) solely because the level of Ownership held by
any Exchange Act Person (the “Subject Person”) exceeds the designated percentage threshold of the outstanding voting securities as a result of a repurchase or other acquisition of voting securities by the Company reducing the
number of shares outstanding, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of voting securities by the Company, and after such share acquisition, the Subject Person becomes
the Owner of any additional voting securities that, assuming the repurchase or other acquisition had not occurred, increases the percentage of the then outstanding voting securities Owned by the Subject Person over the designated percentage
threshold, then a Change in Control will be deemed to occur; 
 (ii)    there is consummated a merger,
consolidation or similar transaction involving (directly or indirectly) the Company and, immediately after the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto do not Own,
directly or indirectly, either (A) outstanding voting securities representing more than 50% of the combined outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) more than 50% of the
combined outstanding voting power of the parent of the surviving Entity in such merger, consolidation or similar transaction, in each case in substantially the same proportions as their Ownership of the outstanding voting securities of the Company
immediately prior to such transaction; provided, however, that a merger, consolidation or similar transaction will not constitute a Change in Control under this prong of the definition if the outstanding voting securities representing more
than 50% of the combined voting power of the surviving Entity or its parent are owned by the IPO Entities; 

(iii)    there is consummated a sale, lease, exclusive license or other disposition of all or substantially all of
the consolidated assets of the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries to an Entity, more than 50% of the
combined voting power of the voting securities of which are Owned by stockholders of the Company in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately prior to such sale, lease,
license or other disposition; provided, however, that a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries will not constitute a Change in Control
under this prong of the definition if the outstanding voting securities representing more than 50% of the combined voting power of the acquiring Entity or its parent are owned by the IPO Entities; or 

(iv)    individuals who, on the date the Plan is adopted by the Board, are members of the Board (the
“Incumbent Board”) cease for any reason to constitute at least a majority of the members of the Board; provided, however, that if the appointment or election (or nomination for election) of any new Board member was
approved or recommended by a majority vote of the members of the Incumbent Board then still in office, such new member will, for purposes of this Plan, be considered as a member of the Incumbent Board. 

Notwithstanding the foregoing or any other provision of the Plan, the term Change in Control will not include a sale of assets, merger or
other transaction effected exclusively for the purpose of changing the 

  
 18. 

 
domicile of the Company and the definition of Change in Control (or any analogous term) in an individual written agreement between the Company or any Affiliate and the Participant will supersede
the foregoing definition with respect to Awards subject to such agreement; provided, however, that if no definition of Change in Control or any analogous term is set forth in such an individual written agreement, the foregoing definition will
apply. To the extent required for compliance with Section 409A of the Code, in no event will a Change in Control be deemed to have occurred if such transaction is not also a “change in the ownership or effective control of” the
Company or “a change in the ownership of a substantial portion of the assets of” the Company as determined under Treasury Regulations Section 1.409A-3(i)(5) (without regard to any alternative
definition thereunder). The Board may, in its sole discretion and without a Participant’s consent, amend the definition of “Change in Control” to conform to the definition of “Change in Control” under Section 409A of
the Code, and the regulations thereunder. 
 (j)    “Code” means the Internal Revenue
Code of 1986, as amended, including any applicable regulations and guidance thereunder. 

(k)    “Committee” means a committee of one or more Directors to whom authority has been
delegated by the Board in accordance with Section 2(c). 
 (l)    “Common Stock”
means, as of the IPO Date, the common stock of the Company, having one vote per share. 

(m)    “Company” means Sonim Technologies, Inc., a Delaware corporation. 

(n)    “Consultant” means any person, including an advisor, who is (i) engaged by the
Company or an Affiliate to render consulting or advisory services and is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate and is compensated for such services. However, service solely as a
Director, or payment of a fee for such service, will not cause a Director to be considered a “Consultant” for purposes of the Plan. Notwithstanding the foregoing, a person is treated as a Consultant under this Plan only if a
Form S-8 Registration Statement under the Securities Act is available to register either the offer or the sale of the Company’s securities to such person. 

(o)    “Continuous Service” means that the Participant’s service with the Company or
an Affiliate, whether as an Employee, Director or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee, Consultant or Director or a change in
the entity for which the Participant renders such service, provided that there is no interruption or termination of the Participant’s service with the Company or an Affiliate, will not terminate a Participant’s Continuous Service;
provided, however, that if the Entity for which a Participant is rendering services ceases to qualify as an Affiliate, as determined by the Board, in its sole discretion, such Participant’s Continuous Service will be considered to
have terminated on the date such Entity ceases to qualify as an Affiliate. For example, a change in status from an Employee of the Company to a Consultant of an Affiliate or to a Director will not constitute an interruption of Continuous Service. To
the extent permitted by law, the Board or the chief executive officer of the Company, in that party’s sole discretion, may determine whether Continuous Service will be considered interrupted in the case of (i) any leave of absence approved
by the Board or chief executive officer, including sick leave, military leave or any other personal leave, or (ii) transfers between the Company, an Affiliate, or their successors. Notwithstanding the foregoing, a leave of absence will be
treated as Continuous Service for purposes of vesting in an Award only to such extent as may be provided in the Company’s leave of absence policy, in the written terms of any leave of absence agreement or policy applicable to the Participant,
or as otherwise required by law. In addition, to the extent required for exemption from or compliance with Section 409A of the Code, the determination of whether there has been a termination of Continuous Service will be made, and such term
will be construed, in a manner that is consistent with the definition of “separation from service” as defined under Treasury Regulation Section 1.409A-1(h) (without regard to any alternative
definition thereunder). 

  
 19. 

 (p)    “Corporate Transaction” means the
consummation, in a single transaction or in a series of related transactions, of any one or more of the following events: 

(i)    a sale or other disposition of all or substantially all, as determined by the Board, in its sole
discretion, of the consolidated assets of the Company and its Subsidiaries; 
 (ii)    a sale or other
disposition of more than 50% of the outstanding securities of the Company; 
 (iii)    a merger, consolidation
or similar transaction following which the Company is not the surviving corporation; or 
 (iv)    a merger,
consolidation or similar transaction following which the Company is the surviving corporation but the shares of Common Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of
the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise. 
 If required
for compliance with Section 409A of the Code, in no event will a Corporate Transaction be deemed to have occurred if such transaction is not also a “change in the ownership or effective control of” the Company or “a change in the
ownership of a substantial portion of the assets of” the Company as determined under Treasury Regulation Section 1.409A-3(i)(5) (without regard to any alternative definition thereunder). 

(q)     “Director” means a member of the Board. 

(r)    “Disability” means, with respect to a Participant, the inability of such Participant
to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or that has lasted or can be expected to last for a continuous period of not less than 12
months, as provided in Sections 22(e)(3) and 409A(a)(2)(c)(i) of the Code, and will be determined by the Board on the basis of such medical evidence as the Board deems warranted under the circumstances. 

(s)    “Effective Date” means the IPO Date. 

(t)    “Employee” means any person employed by the Company or an Affiliate. However,
service solely as a Director, or payment of a fee for such services, will not cause a Director to be considered an “Employee” for purposes of the Plan. 

(u)    “Entity” means a corporation, partnership, limited liability company or other
entity. 
 (v)    “Exchange Act” means the U.S. Securities Exchange Act of 1934, as
amended, and the rules and regulations promulgated thereunder. 
 (w)    “Exchange Act
Person” means any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act), except that “Exchange Act Person” will not include (i) the Company or
any Subsidiary of the Company, (ii) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary of the Company,
(iii) an underwriter temporarily holding securities 

  
 20. 

 
pursuant to a registered public offering of such securities, (iv) an Entity Owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their
Ownership of stock of the Company; or (v) any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the Effective Date, is the Owner, directly or indirectly, of
securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities. 

(x)    “Fair Market Value” means, as of any date, the value of the Common Stock determined
as follows: 
 (i)    If the Common Stock is listed on any established stock exchange or traded on any
established market, the Fair Market Value of a share of Common Stock will be, unless otherwise determined by the Board, the closing sales price for such stock as quoted on such exchange or market (or the exchange or market with the greatest volume
of trading in the Common Stock) on the date of determination, as reported in a source the Board deems reliable. 

(ii)    Unless otherwise provided by the Board, if there is no closing sales price for the Common Stock on the
date of determination, then the Fair Market Value will be the closing selling price on the last preceding date for which such quotation exists. 

(iii)    In the absence of such markets for the Common Stock, the Fair Market Value will be determined by the
Board in good faith and in a manner that complies with Sections 409A and 422 of the Code. 

(y)    “Incentive Stock Option” means an option granted pursuant to Section 5 of the
Plan that is intended to be, and qualifies as, an “incentive stock option” within the meaning of Section 422 of the Code. 

(z)    “IPO Date” means the date of the underwriting agreement between the Company and the
underwriter(s) managing the initial public offering of the Common Stock, pursuant to which the Common Stock is priced for the initial public offering. 

(aa)    “Non-Employee Director” means a
Director who either (i) is not a current employee or officer of the Company or an Affiliate, does not receive compensation, either directly or indirectly, from the Company or an Affiliate for services rendered as a consultant or in any capacity
other than as a Director (except for an amount as to which disclosure would not be required under Item 404(a) of Regulation S-K promulgated pursuant to the Securities Act (“Regulation S-K”)), does not possess an interest in any other transaction for which disclosure would be required under Item 404(a) of Regulation S-K, and is not engaged in a
business relationship for which disclosure would be required pursuant to Item 404(b) of Regulation S-K; or (ii) is otherwise considered a “non-employee
director” for purposes of Rule 16b-3. 

(bb)    “Nonstatutory Stock Option” means any Option granted pursuant to Section 5 of
the Plan that does not qualify as an Incentive Stock Option. 
 (cc)    “Officer” means a
person who is an officer of the Company within the meaning of Section 16 of the Exchange Act. 

(dd)    “Option” means an Incentive Stock Option or a Nonstatutory Stock Option to purchase
shares of Common Stock granted pursuant to the Plan. 

  
 21. 

 (ee)    “Option Agreement” means a
written agreement between the Company and an Optionholder evidencing the terms and conditions of an Option grant. Each Option Agreement will be subject to the terms and conditions of the Plan. 

(ff)    “Optionholder” means a person to whom an Option is granted pursuant to the Plan or,
if applicable, such other person who holds an outstanding Option. 
 (gg)    “Other Stock
Award” means an award based in whole or in part by reference to the Common Stock which is granted pursuant to the terms and conditions of Section 6(d). 

(hh)    “Other Stock Award Agreement” means a written agreement between the
Company and a holder of an Other Stock Award evidencing the terms and conditions of an Other Stock Award grant. Each Other Stock Award Agreement will be subject to the terms and conditions of the Plan. 

(ii)     “Own,” “Owned,”
“Owner,” “Ownership” means a person or Entity will be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired
“Ownership” of securities if such person or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting,
with respect to such securities. 
 (jj)    “Parent” means any corporation (other than
the Company) in an unbroken chain of corporations ending with the Company, if each of the corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other
corporations in such chain. A corporation that attains the status of a Parent on a date after the adoption of the Plan shall be considered a Parent commencing as of such date. 

(kk)    “Participant” means a person to whom an Award is granted pursuant to the Plan or,
if applicable, such other person who holds an outstanding Stock Award. 
 (ll)    “Performance Cash
Award” means an award of cash granted pursuant to the terms and conditions of Section 6(c)(ii). 

(mm)    “Performance Criteria” means the one or more criteria that the Board or Committee
(as applicable) will select for purposes of establishing the Performance Goals for a Performance Period. The Performance Criteria that will be used to establish such Performance Goals may be based on any one of, or combination of, the following as
determined by the Board or Committee (as applicable): (1) earnings (including earnings per share and net earnings); (2) earnings before interest, taxes and depreciation; (3) earnings before interest, taxes, depreciation and
amortization; (4) total stockholder return; (5) return on equity or average stockholder’s equity; (6) return on assets, investment, or capital employed; (7) stock price; (8) margin (including gross margin);
(9) income (before or after taxes); (10) operating income; (11) operating income after taxes; (12) pre-tax profit; (13) operating cash flow; (14) sales or revenue targets;
(15) increases in revenue or product revenue; (16) expenses and cost reduction goals; (17) improvement in or attainment of working capital levels; (18) economic value added (or an equivalent metric); (19) market share;
(20) cash flow; (21) cash flow per share; (22) share price performance; (23) debt reduction; (24) implementation or completion of projects or processes; (25) subscriber satisfaction; (26) stockholders’ equity;
(27) capital expenditures; (28) debt levels; (29) operating profit or net operating profit; (30) workforce diversity; (31) growth of net income or operating income; (32) billings; (33) the number of subscribers,
including but not limited to unique subscribers; (34) employee retention; and (35) other measures of performance selected by the Board. 

  
 22. 

 (nn)    “Performance Goals” means, for a
Performance Period, the one or more goals established by the Board or Committee (as applicable) for the Performance Period based upon the Performance Criteria. Performance Goals may be based on a Company-wide basis, with respect to one or more
business units, divisions, Affiliates, or business segments, and in either absolute terms or relative to the performance of one or more comparable companies or the performance of one or more relevant indices. Unless specified otherwise by the Board
or Committee (as applicable) (i) in the Award Agreement at the time the Award is granted or (ii) in such other document setting forth the Performance Goals at the time the Performance Goals are established, the Board or Committee (as
applicable) will appropriately make adjustments in the method of calculating the attainment of Performance Goals for a Performance Period as follows: (1) to exclude restructuring and/or other nonrecurring charges; (2) to exclude exchange
rate effects; (3) to exclude the effects of changes to generally accepted accounting principles; (4) to exclude the effects of items that are “unusual” in nature or occur “infrequently” as determined under generally
accepted accounting principles; (6) to exclude the dilutive effects of acquisitions or joint ventures; (7) to assume that any business divested by the Company achieved performance objectives at targeted levels during the balance of a
Performance Period following such divestiture; (8) to exclude the effect of any change in the outstanding shares of common stock of the Company by reason of any stock dividend or split, stock repurchase, reorganization, recapitalization,
merger, consolidation, spin-off, combination or exchange of shares or other similar corporate change, or any distributions to common stockholders other than regular cash dividends; (9) to exclude the
effects of stock based compensation and the award of bonuses under the Company’s bonus plans; (10) to exclude costs incurred in connection with potential acquisitions or divestitures that are required to be expensed under generally
accepted accounting principles; and (11) to exclude the goodwill and intangible asset impairment charges that are required to be recorded under generally accepted accounting principles. In addition, the Board or Committee (as applicable)
retains the discretion to reduce or eliminate the compensation or economic benefit due upon attainment of Performance Goals and to define the manner of calculating the Performance Criteria it selects to use for such Performance Period. Partial
achievement of the specified criteria may result in the payment or vesting corresponding to the degree of achievement as specified in the Stock Award Agreement or the written terms of a Performance Cash Award. 

(oo)    “Performance Period” means the period of time selected by the Board or Committee
(as applicable) over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to and the payment of a Stock Award or a Performance Cash Award. Performance Periods may be of
varying and overlapping duration, at the sole discretion of the Board or Committee (as applicable). 

(pp)    “Performance Stock Award” means a Stock Award granted under the terms and
conditions of Section 6(c)(i). 
 (qq)    “Plan” means this Sonim Technologies, Inc.
2019 Equity Incentive Plan, as it may be amended from time to time. 
 (rr)    “Restricted Stock
Award” means an award of shares of Common Stock which is granted pursuant to the terms and conditions of Section 6(a). 

(ss)    “Restricted Stock Award Agreement” means a written agreement between the Company
and a holder of a Restricted Stock Award evidencing the terms and conditions of a Restricted Stock Award grant. Each Restricted Stock Award Agreement will be subject to the terms and conditions of the Plan. 

(tt)    “Restricted Stock Unit Award” means a right to receive shares of
Common Stock which is granted pursuant to the terms and conditions of Section 6(b). 

  
 23. 

 (uu)    “Restricted Stock Unit Award
Agreement” means a written agreement between the Company and a holder of a Restricted Stock Unit Award evidencing the terms and conditions of a Restricted Stock Unit Award grant. Each Restricted Stock Unit Award Agreement
will be subject to the terms and conditions of the Plan. 
 (vv)    “Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time.

 (ww)    “Securities Act” means the Securities Act of 1933, as amended. 

(xx)    “Stock Appreciation Right” or “SAR” means a
right to receive the appreciation on Common Stock that is granted pursuant to the terms and conditions of Section 5. 

(yy)    “Stock Appreciation Right Agreement” means a written agreement between the Company
and a holder of a Stock Appreciation Right evidencing the terms and conditions of a Stock Appreciation Right grant. Each Stock Appreciation Right Agreement will be subject to the terms and conditions of the Plan. 

(zz)    “Stock Award” means any right to receive Common Stock granted under the Plan,
including an Incentive Stock Option, a Nonstatutory Stock Option, a Restricted Stock Award, a Restricted Stock Unit Award, a Stock Appreciation Right, a Performance Stock Award or any Other Stock Award. 

(aaa)    “Stock Award Agreement” means a written agreement between the Company and a
Participant evidencing the terms and conditions of a Stock Award grant. Each Stock Award Agreement will be subject to the terms and conditions of the Plan. 

(bbb)    “Subsidiary” means, with respect to the Company, (i) any corporation of which
more than 50% of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, stock of any other class or classes of such corporation will have or
might have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited liability company or other entity in which the Company has a direct or
indirect interest (whether in the form of voting or participation in profits or capital contribution) of more than 50%. 

(ccc)    “Ten Percent Stockholder” means a person who Owns (or is deemed to Own pursuant to
Section 424(d) of the Code) stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or any Affiliate. 

  
 24.

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