Document:

Letter Agreement between John Dulchinos and Adept Technology

 EXHIBIT 10.50 
  

			
	

	  	Intelligent robotics for the global economy.

 September 2, 2008 
 John Dulchinos 
 Dear John, 
 On behalf of Adept Technology, Inc., I am pleased to offer you the position of President and Chief Executive Officer, and Assistant Secretary reporting to the Adept Board of Directors as of September 3, 2008, subject to approval of the
Board of Directors. Your bi-weekly rate of base salary for this full-time position will be $10,962, which when annualized is $285,000. 
 In addition to your
base salary compensation, you will be eligible to receive incentives in the form of restricted stock and cash pursuant to, and subject to the terms of, the Adept Technology, Inc. 2009 Executive and Senior Management Payment Plan, which incentives
currently contemplate a total value of $142,500 at plan for FY09. You shall continue to be subject to the company’s policies and practices with respect to vacation and employee benefits. You will not be eligible for any other consideration
payable to directors for service as a member of the Board of Directors. 
 Subject to approval by the
Board of Directors you will receive the grant of 100,000 options for shares of stock. The option exercise price will be set at the fair market price as of the grant date and the shares will vest over a period of 48 months from the date of grant
linearly at 1/48th of the total number of shares per month so long as you remain an employee of the company. 
 Adept Technology and you agree that your employment with Adept can be terminated “at will” by either party at any time, with or without notice, and for any
reason, with or without cause. This provision for at-will employment may not be modified by anyone on behalf of Adept Technology except pursuant to a writing signed by an authorized officer of the Company. 
 You will at all times comply with and be subject to such policies and procedures as the Adept Technology may establish from time to time for the company’s executive
employees, including, without limitation, expense reimbursement policies which require submission of expenses and approval by the Chairman of the Board or Lead Independent Director for reimbursement, the terms of the Adept Proprietary Agreement and
Code of Business Conduct as adopted by Adept Technology as amended from time to time. 
 This offer letter supersedes all prior agreements, understandings or
representations between you and Adept Technology with respect to the terms and conditions of employment. 
 To indicate your acceptance of this offer, please
return one original of this signed offer letter and the original signed Adept Proprietary Agreement no later than 5 p.m. (PDT) on Tuesday, September 2, 2008. 
 Adept Technology, Inc.      —      3011 Triad Drive      —
      Livermore, CA 94551      —      Tel 925.245.3400      —      www.adept.com 

 John, it is a pleasure to welcome you to your new executive role at Adept Technology. Your many years of service have
uniquely qualified you to assume this leadership role of the corporation. The Board of Directors looks forward to supporting your success in your new role. 
 Sincerely, 

	
	
	/s/ Michael P. Kelly
	Michael P. Kelly
	Chairman of the Board

 I have read, understand, and accept the offer of employment as stated above: 
  

					
			
	/s/ John Dulchinos	 		 	9/2/2008
	Signature	 		 	Date of Signature
			
	9/3/08	 		 	 
	Proposed Start DateLetter Agreement between Robert Bucher and Adept Technology

 EXHIBIT 10.51 
  

			
	

	  	Intelligent robotics for the global economy.

 September 2, 2008 
 Robert Bucher 
 Dear Rob, 
 On
behalf of the Adept Technology, Inc., Board of Directors, I wish to confirm the following terms in accordance with our discussions regarding your new role. Effective immediately your role will change from Chief Executive Officer to Adept’s
Executive Chairman of the Board of Directors. Your employment will not terminate with your resignation as Chief Executive Officer, and it is contemplated that you will remain a employee of the company for a one year period on an at-will basis. You
may choose to terminate your employment with Adept, which will otherwise continue during this period unless earlier terminated by Adept Technology. A determination will be made jointly at the start of the next fiscal year as to whether your role
will continue for an additional one year period. Your new role will be comprised of activities designated by Adept’s CEO and assignments provided by the Board of Directors, including, without limitation, contribution to the development and
execution of the growth strategy of the company through assessment of the company’s strategic direction, expanding and maintaining strategic relationships, and determining introductions into new verticals. 
 As discussed, your new compensation is factored as follows: 50% of your current base salary (or $170,000) will be provided for your service for a period six
(6) months for services to the company on a half-time (24 hours per week) basis. Subsequently, for a period of up to an additional six (6) months, your base salary will be 25% or $85,000 for services to the company on a part-time basis.
You shall not be eligible to participate in the Adept Technology, Inc. 2009 Executive and Senior Management Payment for such service by the company. No severance payment is to be made to you upon termination of your employment with the company. You
will not be eligible for any other consideration payable to directors for service as a member of the Board of Directors. 
 Your Adept insurance benefits
program will remain in full force while you are employed for a period of up to one (1) year as follow: During the first six (6) months while your contribution is half time (24 or more hours per week) Adept will make usual payments on
premiums; for the second six (6) month period, when your schedule reduces to below 24 hours per week, Adept will engage COBRA continuation coverage on your behalf and make payments for up to six (6) months, providing employment with the
company continues. At such point that your employment is terminated, your insured benefits terminate correspondingly. At that time you may choose to assume responsibility for the COBRA continuation coverage premiums. Except as otherwise stated in
this letter, you shall continue to be subject to the company’s policies and practices with respect to vacation and employee benefits, reflecting the reduced schedule as set forth in this letter. 
 With regard to other paid time-off benefits such as vacation and holidays and in accordance with Adept’s policy, these benefits will be prorated to correspond with
your reducing schedule. For example, a 50% schedule provides 50% of prorated benefit and a 25% schedule provides 25% benefit. 
 Your stock options will
continue to vest during the term of your employment with the company and upon termination of employment from Adept other than termination by Adept for cause, you will receive an additional 12 months of vesting of any restricted shares granted to you
in 2008 as an award of a performance bonus under the Fiscal 2008 Executive and Senior Management Payment Plan subject to your execution of a waiver and release agreement in form reasonably acceptable to the Adept. New options, to the extent granted
at the discretion of the Board, will either be time-based or restricted stock. 
 Adept Technology, Inc.      —      3011 Triad Drive      —      Livermore, CA 94551      —      Tel
925.245.3400      —      www.adept.com 

 Adept Technology and you agree that your employment with Adept can be terminated “at will” by either party at
any time, with or without notice, and for any reason, with or without cause. This provision for at-will employment may not be modified by anyone on behalf of Adept Technology except pursuant to a writing signed by an authorized officer or director
of the company. 
 You will at all times comply with and be subject to such policies and procedures as the Adept Technology may establish from time to time
for the company’s employees, including, without limitation, expense reimbursement policies which require submission of expenses and approval by the Chief Executive Officer for reimbursement, and the terms of the Adept Proprietary Agreement and
Code of Business Conduct and the Board of Directors’ Corporate Governance Guidelines as adopted by Adept Technology as amended from time to time. 
 This offer letter is the complete statement of the terms and conditions of your employment with the Adept Technology and supersedes all prior agreements, understandings or representations between you and Adept Technology. 
 Your execution of this letter shall constitute your resignation as Chief Executive Officer and Assistant Secretary of Adept Technology effective on September 3,
2008. To indicate your acceptance of this offer, please return one original of this signed offer letter and the original signed Adept Proprietary Agreement no later than 5 p.m. (PDT) on Tuesday, September 2, 2008. 
 Rob, we look forward to your continued strong contribution to Adept Technology. The Board of Directors welcomes you in this new capacity and fully supports your success.

  

	
	Sincerely,
	
	/s/ Michael P. Kelly
	Michael P. Kelly
	Chairman of the Board

 I have read, understand, and accept the resignation and offer of employment as stated above: 
  

					
			
	/s/ Robert H. Bucher	 		 	9/3/2008
	Signature	 		 	Date of Signature
			
	9/3/08	 		 	 
	Proposed Start Date2008 Employee Stock Purchase Plan

 EXHIBIT 10.52 
 ADEPT TECHNOLOGY, INC. 
 2008 EMPLOYEE STOCK PURCHASE PLAN 
 The following constitute the provisions of the 2008 Employee Stock Purchase Plan of Adept Technology, Inc. 
 1. Purpose. The purpose of the Plan is to provide employees of the Company and its Designated Subsidiaries with an opportunity to purchase Common
Stock of the Company through accumulated payroll deductions. It is the intention of the Company to have the Plan qualify as an “Employee Stock Purchase Plan” under Section 423 of the Internal Revenue Code of 1986, as amended. The
provisions of the Plan, accordingly, shall be construed so as to extend and limit participation in a manner consistent with the requirements of that section of the Code. 
 2. Definitions. 
 (a) “Board” shall mean the Board of Directors of
the Company. 
 (b) “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 (c) “Committee” shall mean a committee of members of the Board appointed by the Board to administer the Plan. 

(d) “Common Stock” shall mean the common stock of the Company, subject to adjustment as provided in Section 19
hereof. 
 (e) “Company” shall mean Adept Technology, Inc. and any Designated Subsidiary of the Company.

 (f) “Compensation” shall mean all base straight time gross earnings, commissions, and payments for
overtime. 
 (g) “Designated Subsidiaries” shall mean the Subsidiaries which have been designated by the
Board from time to time in its sole discretion as eligible to participate in the Plan. 
 (h) “Employee”
shall mean any individual who is an employee of the Company for tax purposes whose customary employment with the Company is at least twenty (20) hours per week and more than two (2) months in any calendar year. Individuals classified as
independent contractors, consultants, or members of the Board or board of directors of a Designated Subsidiary are not considered “Employees” solely by virtue of such stations. For purposes of the Plan, the employment relationship shall be
treated as continuing intact while the individual is on sick leave or other leave of absence approved by the Company. Where the period of leave exceeds 90 days and the individual’s right to reemployment is not guaranteed either by statute or by
contract, the employment relationship will be deemed to have terminated on the 91st day of such leave. 
 (i)
“Enrollment Date” shall mean the first Trading Day of each Offering Period. 
 (j) “Exercise
Date” shall mean the last Trading Day of each Purchase Period. 
 (k) “Fair Market Value” shall
mean, as of any date, the value of Common Stock determined as follows: 
 (1) If the Common Stock is listed on any established
stock exchange or a national market system, including without limitation The Nasdaq Global Market or The Nasdaq Capital Market, its Fair Market Value shall be the closing sale price for the Common Stock (or the mean of the closing bid and asked
prices, if no sales were reported), as quoted on such exchange or system for the last market trading day on the date of such determination, as reported in The Wall Street Journal or such other source as the Board deems reliable; or

 (2) If the Common Stock is regularly quoted by a recognized securities dealer but selling
prices are not reported, its Fair Market Value shall be the mean of the closing bid and asked prices for the Common Stock on the date of such determination, as reported in The Wall Street Journal or such other source as the Board deems
reliable; or 
 (3) In the absence of an established market for the Common Stock, the Fair Market Value thereof shall be
determined in good faith by the Board. 
 (l) “Offering Period” shall mean, unless and until the Board or the
Committee determines otherwise, commencing September 1, 2008, the period of approximately twenty-four (24) months during which an option granted pursuant to the Plan may be exercised, commencing on the first Trading Day on or after
March 1 and September 1 of each year and terminating on the last Trading Day in the period ending twenty-four (24) months later. The duration and timing of Offering Periods may be changed pursuant to Section 4 of this Plan.

 (m) “Plan” shall mean this 2008 Employee Stock Purchase Plan. 
 (n) “Purchase Period” shall mean, unless and until the Board or the Committee determines otherwise, the approximately six
month period commencing after one Exercise Date and ending with the next Exercise Date, except that the first Purchase Period of any Offering Period shall commence on the Enrollment Date and end with the next Exercise Date. 
 (o) “Purchase Price” shall mean, unless and until the Board or the Committee determines otherwise, 85% of the Fair Market
Value of a share of Common Stock on the Enrollment Date or on the Exercise Date, whichever is lower; provided however, that the Purchase Price may be adjusted by the Board pursuant to Section 20. 
 (p) “Reserves” shall mean the number of shares of Common Stock covered by each option under the Plan which have not yet
been exercised and the number of shares of Common Stock which have been authorized for issuance under the Plan but not yet placed under option. 
 (q) “Subsidiary” shall mean any corporation having a relationship with the Company described in Section 424(f) of the Code. 
 (r) “Trading Day” shall mean a day on which national stock exchanges and the Nasdaq System are open for trading.

 3. Eligibility. 
 (a) Any Employee (as defined in Section 2(h)), who shall be employed by the Company on a given Enrollment Date shall be eligible to participate in the Plan. 
 (b) Any provisions of the Plan to the contrary notwithstanding, no Employee shall be granted an option under the Plan (i) to the
extent that, immediately after the grant, such Employee (or any other person whose stock would be attributed to such Employee pursuant to Section 424(d) of the Code) would own capital stock of the Company and/or hold outstanding options to
purchase such stock possessing five percent (5%) or more of the total combined voting power or value of all classes of the capital stock of the Company or of any Subsidiary, or (ii) to the extent that his or her rights to purchase stock
under all employee stock purchase plans of the Company and its subsidiaries accrues at a rate which exceeds Twenty-Five Thousand Dollars ($25,000) worth of stock (determined at the fair market value of the shares at the time such option is granted)
for each calendar year in which such option is outstanding at any time. 
 4. Offering Periods. The Plan shall be implemented by
consecutive, overlapping Offering Periods with a new Offering Period commencing on the first Trading Day on or after March 1 and September 1 of each year, or on such other date as the Board shall determine, and continuing thereafter until
terminated in accordance with Section 20 hereof. The Board shall have the power to change the duration of Offering Periods (including the 

 
commencement dates thereof) with respect to future offerings without stockholder approval if such change is announced prior to the scheduled beginning of the
first Offering Period to be affected thereafter. 
 5. Participation. 
 (a) An eligible Employee may become a participant in the Plan by completing a subscription agreement authorizing payroll deductions in the
form of Exhibit A to this Plan and filing it with the Company’s payroll office prior to the applicable Enrollment Date. 
 (b) Payroll deductions for a participant shall commence on the first payroll following the Enrollment Date and shall end on the last payroll in the Offering Period to which such authorization is applicable, unless sooner terminated by the
participant as provided in Section 10 hereof. 
 6. Payroll Deductions. 
 (a) At the time a participant files his or her subscription agreement, he or she shall elect to have payroll deductions made on each pay
day during the Offering Period in an amount not exceeding fifteen percent (15%) of the Compensation which he or she receives on each pay day during the Offering Period (unless and until the Board or the Committee determines otherwise),
provided, however, the aggregate of such payroll deductions under two or more employee stock purchase plans of the Company that are overlapping may not exceed fifteen percent (15%) of the participant’s Compensation which he or she receives
on each pay day during the Offering Period. 
 (b) All payroll deductions made for a participant shall be credited to his or
her account under the Plan and will be withheld in whole percentages only. A participant may not make any additional payments into such account. 
 (c) A participant may discontinue his or her participation in the Plan as provided in Section 10 hereof, or may increase or decrease the rate of his or her payroll deductions during the Offering Period by
completing or filing with the Company a new subscription agreement authorizing a change in payroll deduction rate. The Board may, in its discretion, limit the number of participation rate changes during any Offering Period. The change in rate shall
be effective with the first full payroll period following five (5) business days after the Company’s receipt of the new subscription agreement unless the Company elects to process a given change in participation more quickly. A
participant’s subscription agreement shall remain in effect for successive Offering Periods unless terminated as provided in Section 10 hereof. 
 (d) Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b)(8) of the Code and Section 3(b) hereof, a participant’s payroll deductions may be decreased to zero percent (0%)
by the participant at any time during a Purchase Period. Payroll deductions shall recommence at the rate provided in such participant’s subscription agreement at the beginning of the first Purchase Period which is scheduled to end in the
following calendar year, unless terminated by the participant as provided in Section 10 hereof. 
 (e) 
 7. Grant of Option. On the Enrollment Date of each Offering Period, each eligible Employee participating in such Offering Period shall be granted
an option to purchase on each Exercise Date during such Offering Period (at the applicable Purchase Price) up to a number of shares of the Company’s Common Stock determined by dividing such Employee’s payroll deductions accumulated prior
to such Exercise Date and retained in the Participant’s account as of the Exercise Date by the applicable Purchase Price; provided that in no event shall an Employee be permitted to purchase during each Purchase Period more than 1,200 shares of
the Company’s Common Stock (subject to any adjustment pursuant to Section 19, and unless and until the Board or the Committee determines otherwise), and provided further that such purchase shall be subject to the limitations set forth in
Sections 3(b) and 12 hereof. The Board may, for future Offering Periods, increase or decrease, in its absolute discretion, the maximum number of shares of the Company’s Common Stock an Employee may purchase during each Purchase Period of
such Offering Period. Exercise of the option shall occur as provided in Section 8 hereof, unless the participant has withdrawn pursuant to Section 10 hereof, and the option shall expire on the last day of the Offering Period. 

 8. Exercise of Option. 
 (a) Unless a participant withdraws from the Plan as provided in Section 10 hereof, his or her option for the purchase of shares will
be exercised automatically on the Exercise Date, and the maximum number of full shares subject to option shall be purchased for such participant at the applicable Purchase Price with the accumulated payroll deductions in his or her account. No
fractional shares will be purchased; any payroll deductions accumulated in a participant’s account which are not sufficient to purchase a full share shall be retained in the participant’s account for the subsequent Purchase Period or
Offering Period, subject to earlier withdrawal by the participant as provided in Section 10 hereof. Any other monies left over in a participant’s account after the Exercise Date shall be returned to the participant. The participant may
elect to have excess monies rolled-over to the next purchase period. To effect such a request, an ESPP RollOver Election Form must be submitted to Payroll prior to the next payroll processing following the purchase date. During a
participant’s lifetime, a participant’s option to purchase shares hereunder is exercisable only by him or her. 
 (b) If the Board determines that, on a given Exercise Date, the number of shares with respect to which options are to be exercised may exceed: 
 (i) the number of shares of Common Stock that were available for sale under the Plan on the Enrollment Date of the applicable Offering Period, or 
 (ii) the number of shares available for sale under the Plan on such Exercise Date, the Board may in its sole discretion 
 (x) provide that the Company shall make a pro rata allocation of the shares of Common Stock available for purchase on such Enrollment
Date or Exercise Date, as applicable, in as uniform a manner as shall be practicable and as it shall determine in its sole discretion to be equitable among all participants exercising options to purchase Common Stock on such Exercise Date, and
continue all Offering Periods then in effect, or 
 (y) provide that the Company shall make a pro rata allocation of the
shares of Common Stock available for purchase on such Enrollment Date or Exercise Date, as applicable, in as uniform a manner as shall be practicable and as it shall determine in its sole discretion to be equitable among all participants exercising
options to purchase Common Stock on such Exercise Date, and terminate any or all Offering Periods then in effect pursuant to Section 20 hereof. 
 The
Company may make a pro rata allocation of the shares available on the Enrollment Date of any applicable Offering Period pursuant to the preceding sentence, notwithstanding any authorization of additional shares for issuance under the Plan by the
Company’s stockholders subsequent to such Enrollment Date. 
 9. Delivery. As promptly as practicable after each Exercise Date on
which a purchase of shares occurs, the Company shall arrange the delivery to each participant, as appropriate, of a certificate representing the shares purchased upon exercise of his or her option. 
 10. Withdrawal. 
 (a)
A participant may withdraw all but not less than all the payroll deductions credited to his or her account and not yet used to exercise his or her option under the Plan at any time by giving written notice to the Company in the form of
Exhibit B to this Plan. All of the participant’s payroll deductions credited to his or her account will be paid to such participant promptly after receipt of notice of withdrawal and such participant’s option for the Offering Period
will be automatically terminated, and no further payroll deductions for the purchase of shares will be made for such Offering Period. If a participant withdraws from an Offering Period, payroll deductions will not resume at the beginning of the
succeeding Offering Period unless the participant delivers to the Company a new subscription agreement. 

 (b) A participant’s withdrawal from an Offering Period shall not have any effect
upon his or her eligibility to participate in any similar plan which may hereafter be adopted by the Company or in succeeding Offering Periods which commence after the termination of the Offering Period from which the participant withdraws.

 11. Termination of Employment. 
 Upon a participant’s ceasing to be an Employee (as defined in Section 2(h) hereof), for any reason, he or she will be deemed to have elected to withdraw from the Plan and the payroll deductions credited to such participant’s
account during the Offering Period but not yet used to exercise the option will be returned to such participant or, in the case of his or her death, to the person or persons entitled thereto under Section 15 hereof, and such participant’s
option will be automatically terminated. The preceding sentence notwithstanding, a participant who receives payment in lieu of notice of termination of employment shall be treated as continuing to be an Employee for the participant’s customary
number of hours per week of employment during the period in which the participant is subject to such payment in lieu of notice. 
 12.
Interest. No interest shall accrue on the payroll deductions of a participant in the Plan. 
 13. Stock. 
 (a) Subject to adjustment upon changes in capitalization of the Company as provided in Section 19 hereof, the maximum number of
shares of the Company’s Common Stock which shall be made available for sale under the Plan shall be 200,000 shares, plus (i) an annual increase to be added on the first day of the Company’s fiscal year beginning in July 2008 equal to
the lesser of (x) 50,000 shares or (y) 3% of the outstanding shares on the last day of the prior fiscal year or (z) a lesser amount determined by the Board; and (ii) any shares of Common Stock that were authorized for issuance
under the Company’s 1998 Employee Stock Purchase Plan (the “Prior Plan”) that, as of September 1, 2008, remained available for issuance under the Prior Plan. 
 (b) The participant will have no interest or voting right in shares covered by his option until such option has been exercised.

 (c) Shares to be delivered to a participant under the Plan will be registered in the name of the participant or in the name
of the participant and his or her spouse. 
 14. Administration. 
 (a) The Plan shall be administered by the Board or the Committee. The Board or Committee shall have full and exclusive discretionary
authority to construe, interpret and apply the terms of the Plan, to determine eligibility and to adjudicate all disputed claims filed under the Plan. Every finding, decision and determination made by the Board or Committee shall, to the full extent
permitted by law, be final and binding upon all parties. No member of the Board or Committee shall be personally liable for any action, determination, or interpretation made in good faith with respect to the Plan, and all members of the Board and
Committee shall be fully indemnified by the Company with respect to any such action, determination or interpretation. 
 (b)
The Board or Committee may adopt rules or procedures relating to the operation and administration of the Plan to accommodate the specific requirements of local laws and procedures. Without limiting the generality of the foregoing, the Board or
Committee is specifically authorized to adopt rules and procedures regarding handling of payroll deductions or other contributions by participants, payment of interest, conversion of local currency, data privacy security, payroll tax, withholding
procedures and handling of stock certificates which vary with local requirements; however, if such varying provisions are not in accordance with the provisions of Section 423(b) of the Code, including but not limited to the requirement of
Section 423(b)(5) of the Code that all options granted under the Plan shall have the same rights and privileges unless otherwise provided under the Code and the regulations promulgated thereunder, then the individuals affected by such varying
provisions shall be deemed to be participating under a sub-plan and not in the Plan. The Board or Committee may also adopt subplans applicable to particular Subsidiaries or locations, which sub-plans may be designed to be outside the scope of
Section 423 of the Code and shall be deemed to be outside the scope of Section 423 of the Code unless the terms of 

 
the sub-plan provide to the contrary. The rules of such subplans may take precedence over other provisions of this Plan, with the exception of
Section 3, but unless otherwise superseded by the terms of such subplan, the provisions of this Plan shall govern the operation of such subplan. The Board or Committee shall not be required to obtain the approval of stockholders prior to the
adoption, amendment or termination of any subplan unless required by the laws of the foreign jurisdiction in which Eligible Employees participating in the subplan are located. 
 15. Designation of Beneficiary. 
 (a) A participant may file a written designation of a beneficiary who is to receive any shares and cash, if any, from the participant’s account under the Plan in the event of such participant’s death
subsequent to an Exercise Date on which the option is exercised but prior to delivery to such participant of such shares and cash. In addition, a participant may file a written designation of a beneficiary who is to receive any cash from the
participant’s account under the Plan in the event of such participant’s death prior to exercise of the option. If a participant is married and the designated beneficiary is not the spouse, spousal consent shall be required for such
designation to be effective. 
 (b) Such designation of beneficiary may be changed by the participant at any time by written
notice. In the event of the death of a participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such participant’s death, the Company shall deliver such shares and/or cash to the executor or
administrator of the estate of the participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such shares and/or cash to the spouse or to any one or more
dependents or relatives of the participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate. 
 16. Transferability. Neither payroll deductions credited to a participant’s account nor any rights with regard to the exercise of an option or to receive shares under the Plan may be assigned, transferred,
pledged or otherwise disposed of in any way (other than by will, the laws of descent and distribution or as provided in Section 15 hereof) by the participant. Any such attempt at assignment, transfer, pledge or other disposition shall be
without effect, except that the Company may treat such act as an election to withdraw funds from an Offering Period in accordance with Section 10 hereof. 
 17. Use of Funds. All payroll deductions received or held by the Company under the Plan may be used by the Company for any corporate purpose, and the Company shall not be obligated to segregate such payroll
deductions. 
 18. Reports. Individual accounts will be maintained for each participant in the Plan. Statements of account will be
given to participating Employees at least annually, which statements will set forth the amounts of payroll deductions, the Purchase Price, the number of shares purchased and the remaining cash balance, if any. 
 19. Adjustments Upon Changes in Capitalization, Dissolution, Liquidation, Merger or Asset Sale. 
 (a) Changes in Capitalization. Subject to any required action by the stockholders of the Company, the Reserves, the maximum number
of shares each participant may purchase each Purchase Period (pursuant to Section 7), as well as the price per share and the number of shares of Common Stock covered by each option under the Plan which has not yet been exercised shall be
proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the Common Stock, or any other increase or
decrease in the number of shares of Common Stock effected without receipt of consideration by the Company; provided, however, that conversion of any convertible securities of the Company shall not be deemed to have been “effected without
receipt of consideration”. Such adjustment shall be made by the Board, whose determination in that respect shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of stock of any class,
or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock subject to an option. 
 (b) Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Offering Period then in
progress shall be shortened by setting a new Exercise Date (the “New 

 
Exercise Date”), and shall terminate immediately prior to the consummation of such proposed dissolution or liquidation, unless provided otherwise by the
Board. The New Exercise Date shall be before the date of the Company’s proposed dissolution or liquidation. The Board shall notify each participant in writing, at least ten (10) business days prior to the New Exercise Date, that the
Exercise Date for the participant’s option has been changed to the New Exercise Date and that the participant’s option shall be exercised automatically on the New Exercise Date, unless prior to such date the participant has withdrawn from
the Offering Period as provided in Section 10 hereof. 
 (c) Merger or Asset Sale. In the event of a proposed sale
of all or substantially all of the assets of the Company, or the merger of the Company with or into another corporation, each outstanding option shall be assumed or an equivalent option substituted by the successor corporation or a Parent or
Subsidiary of the successor corporation. In the event that the successor corporation refuses to assume or substitute for the option, any Purchase Periods then in progress shall be shortened by setting a new Exercise Date (the “New Exercise
Date”) and any Offering Periods then in progress shall end on the New Exercise Date. The New Exercise Date shall be before the date of the Company’s proposed sale or merger. The Board shall notify each participant in writing, at least ten
(10) business days prior to the New Exercise Date, that the Exercise Date for the participant’s option has been changed to the New Exercise Date and that the participant’s option shall be exercised automatically on the New Exercise
Date, unless prior to such date the participant has withdrawn from the Offering Period as provided in Section 10 hereof. 
 20.
Amendment or Termination. 
 (a) The Board of Directors of the Company may at any time and for any reason terminate or
amend the Plan. Except as provided in Section 19 hereof, no such termination can affect options previously granted, provided that an Offering Period may be terminated by the Board of Directors on any Exercise Date if the Board determines that
the termination of the Offering Period or the Plan is in the best interests of the Company and its stockholders. Except as provided in Section 19 and this Section 20 hereof, no amendment may make any change in any option theretofore
granted which adversely affects the rights of any participant. To the extent necessary to comply with Section 423 of the Code (or any successor rule or provision or any other applicable law, regulation or stock exchange rule), the Company shall
obtain stockholder approval in such a manner and to such a degree as required. 
 (b) Without stockholder consent and without
regard to whether any participant rights may be considered to have been “adversely affected,” the Board (or its committee) shall be entitled to change the Offering Periods, change the Purchase Price with respect to future Offering Periods,
change the maximum level of payroll deductions that may be elected under the Plan, limit the frequency and/or number of changes in the amount withheld during an Offering Period, establish the exchange ratio applicable to amounts withheld in a
currency other than U.S. dollars, permit payroll withholding in excess of the amount designated by a participant in order to adjust for delays or mistakes in the Company’s processing of properly completed withholding elections, establish
reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common Stock for each participant properly correspond with amounts withheld from the participant’s
Compensation, and establish such other limitations or procedures as the Board (or its committee) determines in its sole discretion advisable which are consistent with the Plan. 
 (c) In the event the Board determines that the ongoing operation of the Plan may result in unfavorable financial accounting consequences,
the Board may, in its discretion and, to the extent necessary or desirable, modify or amend the Plan to reduce or eliminate such accounting consequence including, but not limited to: 
 (1) altering the Purchase Price for any Offering Period including an Offering Period underway at the time of the change in Purchase Price;

 (2) shortening any Offering Period so that the Offering Period ends on a new Exercise Date, including an Offering Period
underway at the time of the Board action; and 
 (3) allocating shares pursuant to Section 8(b) above. 

 Such modifications or amendments shall not require stockholder approval or the consent of any Plan
participants. 
 21. Notices. All notices or other communications by a participant to the Company under or in connection with the Plan
shall be deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 
 22. Conditions Upon Issuance of Shares. Shares shall not be issued with respect to an option unless the exercise of such option and the issuance
and delivery of such shares pursuant thereto shall comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the rules
and regulations promulgated thereunder, and the requirements of any stock exchange upon which the shares may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. 
 As a condition to the exercise of an option, the Company may require the person exercising such option to represent and warrant at the time of any such
exercise that the shares are being purchased only for investment and without any present intention to sell or distribute such shares if, in the opinion of counsel for the Company, such a representation is required by any of the aforementioned
applicable provisions of law. 
 23. Term of Plan. The Plan is effective as of September 1, 2008. The Plan shall be submitted to
the stockholders of the Company for approval within twelve (12) months after the date the Plan is adopted by the Board. The Plan is conditioned upon the approval of the stockholders of the Company, and failure to receive their approval shall
render the Plan and all outstanding options issued thereunder null and void and of no effect. stockholder The Plan shall continue in effect for a term of ten (10) years unless sooner terminated under Section 20 hereof. 
 24. Automatic Transfer to Low Price Offering Period. To the extent permitted by any applicable laws, regulations, or stock exchange rules if the
Fair Market Value of the Common Stock on any Exercise Date in an Offering Period is lower than the Fair Market Value of the Common Stock on the Enrollment Date of such Offering Period, then all participants in such Offering Period shall be
automatically withdrawn from such Offering Period immediately after the exercise of their option on such Exercise Date and automatically re-enrolled in the immediately following Offering Period as of the first day thereof. 
 25. No Employment Rights. Nothing in the Plan shall confer upon any participant the right to continue in the employment of the Company or any
Subsidiary or affect any right which the Company or any Subsidiary may have to terminate the employment of any participant at any time for any reason.

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