Document:

EX-10.3

 Exhibit 10.3 

SNAP INC. 
 STOCK OPTION
GRANT NOTICE 
 (AMENDED AND RESTATED 2012 EQUITY INCENTIVE PLAN) 

Snap Inc. (the “Company”), pursuant to its Amended and Restated 2012 Equity Incentive Plan (the
“Plan”), hereby grants to Optionholder an option to purchase the number of shares of the Company’s Common Stock set forth below. This option is subject to all of the terms and conditions as set forth herein and in the Option
Agreement, the Plan, and the Notice of Exercise, all of which are attached hereto and incorporated herein in their entirety. 
  

			
	Optionholder:	  	 
	Date of Grant:	  	 
	Vesting Commencement Date:	  	 
	Number of Shares Subject to Option:	  	 
	Exercise Price (Per Share):	  	 
	Total Exercise Price:	  	 
	Expiration Date:	  	 

  

	 Type of Grant: 
	 ☐ Incentive Stock
Option1            ☐ Nonstatutory Stock Option 

 

	 Exercise Schedule: 
	 ☐ Same as Vesting Schedule        ☐ Early Exercise Permitted 

 

	 Vesting Schedule: 
	 [1/4th of the shares vest one year after the Vesting Commencement Date; the balance
of the shares vest in a series of thirty-six (36) successive equal monthly installments measured from the first anniversary of the Vesting Commencement Date.] 

 

	 Payment: 
	 By one or a combination of the following items (described in the Option Agreement): 

 

	 	 ☒ By cash or check 

 

	 	 ☒ Pursuant to a Regulation T Program if the Shares are publicly traded 

 

	 	 ☒ By delivery of already-owned shares if the Shares are publicly traded 

 

	 	 ☐ By deferred payment 

 

	 	 ☐ By net exercise2 

Additional Terms/Acknowledgements: The undersigned Optionholder acknowledges receipt of, and understands and agrees to, this Stock
Option Grant Notice, the Option Agreement and the Plan. Optionholder acknowledges and agrees that this Stock Option Grant Notice and the Option Agreement may not be modified, amended or revised except in a writing signed by Optionholder and a duly
authorized officer of the Company. Optionholder further acknowledges that as of the 
  

	1 	 If this is an Incentive Stock Option, it (plus other outstanding Incentive Stock Options) cannot be first
exercisable for more than $100,000 in value (measured by exercise price) in any calendar year. Any excess over $100,000 is a Nonstatutory Stock Option. 

	2 	 An Incentive Stock Option may not be exercised by a net exercise arrangement. 

	

	

 
Date of Grant, this Stock Option Grant Notice, the Option Agreement, and the Plan set forth the entire understanding between Optionholder and the Company regarding the acquisition of stock in the
Company and supersede all prior oral and written agreements, promises and/or representations on that subject with the exception of (i) options previously granted and delivered to Optionholder under the Plan, and (ii) the following
agreements only: 
  

			
	                        OTHER AGREEMENTS:	  	 
		  	 

  

									
	SNAP INC.	 		 	OPTIONHOLDER:
					
	By:	 	 	 		 	By:	 	 
		 	Signature	 		 		 	Signature

									
					
	Title:	 	 	 		 	Date:	 	 
					
	Date:	 	 	 		 		 	

  

	ATTACHMENTS:	 Option Agreement, Snap Inc. Amended and Restated 2012 Equity Incentive Plan and Notice of Exercise

 ATTACHMENT I 

OPTION AGREEMENT 

 SNAP INC. 

AMENDED AND RESTATED 

2012 EQUITY INCENTIVE PLAN 

OPTION AGREEMENT 

(INCENTIVE STOCK OPTION OR NONSTATUTORY STOCK
OPTION) 
 Pursuant to your Stock Option Grant Notice (“Grant Notice”) and this
Option Agreement, Snap Inc. (the “Company”) has granted you an option under its Amended and Restated 2012 Equity Incentive Plan (the “Plan”) to purchase the number of shares of the Company’s
Common Stock indicated in your Grant Notice at the exercise price indicated in your Grant Notice. Defined terms not explicitly defined in this Option Agreement but defined in the Plan shall have the same definitions as in the Plan. 

The details of your option are as follows: 

1. VESTING. Subject to the limitations contained herein, your option will vest as provided in
your Grant Notice, provided that vesting will cease upon the termination of your Continuous Service. 
 2.
NUMBER OF SHARES AND EXERCISE PRICE. The number of shares of Common Stock subject to your option and your exercise price per share referenced in your Grant
Notice may be adjusted from time to time for Capitalization Adjustments. 
 3. EXERCISE
RESTRICTION FOR NON-EXEMPT EMPLOYEES. In the event that you are an Employee eligible for overtime compensation under the Fair Labor Standards Act of 1938, as amended
(i.e., a “Non-Exempt Employee”), you may not exercise your option until you have completed at least six (6) months of Continuous Service measured from the Date of Grant specified in your Grant Notice,
notwithstanding any other provision of your option. 
 4. EXERCISE PRIOR TO
VESTING (“EARLY EXERCISE”). If permitted in your Grant Notice (i.e., the “Exercise Schedule” indicates “Early Exercise Permitted”) and subject to the provisions of
your option, you may elect at any time that is both (i) during the period of your Continuous Service and (ii) during the term of your option, to exercise all or part of your option, including the unvested portion of your option;
provided, however, that: 
 (a) a partial exercise of your option shall be deemed to cover first vested shares
of Common Stock and then the earliest vesting installment of unvested shares of Common Stock; 
 (b) any shares of
Common Stock so purchased from installments that have not vested as of the date of exercise shall be subject to the purchase option in favor of the Company as described in the Company’s form of Early Exercise Stock Purchase Agreement; 

  
 1. 

 (c) you shall enter into the Company’s form of Early Exercise Stock
Purchase Agreement with a vesting schedule that will result in the same vesting as if no early exercise had occurred; and 

(d) if your option is an Incentive Stock Option, then, to the extent that the aggregate Fair Market Value (determined
at the time of grant) of the shares of Common Stock with respect to which your option plus all other Incentive Stock Options you hold are exercisable for the first time by you during any calendar year (under all plans of the Company and its
Affiliates) exceeds one hundred thousand dollars ($100,000), your option(s) or portions thereof that exceed such limit (according to the order in which they were granted) shall be treated as Nonstatutory Stock Options. 

5. METHOD OF PAYMENT. Payment of the exercise price is due in full upon
exercise of all or any part of your option. You may elect to make payment of the exercise price in cash or by check or in any other manner permitted by your Grant Notice, which may include one or more of the following: 

(a) Provided that at the time of exercise the Common Stock is publicly traded and quoted regularly in The Wall Street
Journal, pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of Common Stock, 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. 
 (b) Provided that at the
time of exercise the Common Stock is publicly traded and quoted regularly in The Wall Street Journal, by delivery to the Company (either by actual delivery or attestation) of already-owned shares of Common Stock that are owned free and clear of any
liens, claims, encumbrances or security interests, and that are valued at Fair Market Value on the date of exercise. Notwithstanding the foregoing, you may not exercise your option by tender to the Company of Common Stock to the extent such tender
would violate the provisions of any law, regulation or agreement restricting the redemption of the Company’s stock. 

6. WHOLE SHARES. You may exercise your option only for whole shares of Common Stock. 

7. SECURITIES LAW COMPLIANCE. Notwithstanding anything to the contrary
contained herein, you may not exercise your option unless the shares of Common Stock issuable upon such exercise are then registered under the Securities Act or, if such shares of Common Stock are not then so registered, the Company has determined
that such exercise and issuance would be exempt from the registration requirements of the Securities Act. The exercise of your option also must comply with other applicable laws and regulations governing your option, and you may not exercise your
option if the Company determines that such exercise would not be in material compliance with such laws and regulations. 

8. TERM. You may not exercise your option before the commencement or after
the expiration of its term. The term of your option commences on the Date of Grant and expires upon the earliest of the following: 

  
 2. 

 (a) three (3) months after the termination of your Continuous Service
for any reason other than your Disability or death, provided that if during any part of such three (3) month period your option is not exercisable solely because of the condition set forth in the section above relating to “Securities Law
Compliance,” your option shall not expire until the earlier of the Expiration Date or until it shall have been exercisable for an aggregate period of three (3) months after the termination of your Continuous Service; 

(b) twelve (12) months after the termination of your Continuous Service due to your Disability; 

(c) eighteen (18) months after your death if you die during your Continuous Service; 

(d) the Expiration Date indicated in your Grant Notice; or 

(e) the day before the tenth (10th) anniversary of the Date of Grant. 

Notwithstanding the foregoing, if you die during the period provided in Section 8(a) or 8(b) above, the term of your
option shall not expire until the earlier of eighteen (18) months after your death, the Expiration Date indicated in your Grant Notice, or the day before the tenth (10th) anniversary of the Date of Grant. 

If your option is an Incentive Stock Option, note that to obtain the federal income tax advantages associated with an
Incentive Stock Option, the Code requires that at all times beginning on the date of grant of your option and ending on the day three (3) months before the date of your option’s exercise, you must be an employee of the Company or an
Affiliate, except in the event of your death or Disability. The Company has provided for extended exercisability of your option under certain circumstances for your benefit but cannot guarantee that your option will necessarily be treated as an
Incentive Stock Option if you continue to provide services to the Company or an Affiliate as a Consultant or Director after your employment terminates or if you otherwise exercise your option more than three (3) months after the date your
employment with the Company or an Affiliate terminates. 
 9. EXERCISE. 

(a) You may exercise the vested portion of your option (and the unvested portion of your option if your Grant Notice so
permits) during its term by delivering a Notice of Exercise (in a form designated by the Company) together with the exercise price to the Secretary of the Company, or to such other person as the Company may designate, during regular business hours,
together with such additional documents as the Company may then require. 
 (b) By exercising your option you agree
that, as a condition to any exercise of your option, the Company may require you to enter into an arrangement providing for the payment by you to the Company of any tax withholding obligation of the Company arising by reason of (1) the exercise
of your option, (2) the lapse of any substantial risk of forfeiture to which the shares of Common Stock are subject at the time of exercise, or (3) the disposition of shares of Common Stock acquired upon such exercise. 

  
 3. 

 (c) If your option is an Incentive Stock Option, by exercising your option
you agree that you will notify the Company in writing within fifteen (15) days after the date of any disposition of any of the shares of the Common Stock issued upon exercise of your option that occurs within two (2) years after the date
of your option grant or within one (1) year after such shares of Common Stock are transferred upon exercise of your option. 

(d) By exercising your option you agree that you shall not sell, dispose of, transfer, make any short sale of, grant
any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any shares of Common Stock or other securities of the Company held by you, for a period of one hundred eighty (180) days
following the effective date of a registration statement of the Company filed under the Securities Act or such longer period as necessary to permit compliance with NASD Rule 2711 or NYSE Member Rule 472 and similar rules and regulations (the
“Lock-Up Period”); provided, however, that nothing contained in this section shall prevent the exercise of a repurchase option, if any, in favor of the Company during the Lock-Up Period. You further agree to
execute and deliver such other agreements as may be reasonably requested by the Company and/or the underwriter(s) that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing
covenant, the Company may impose stop-transfer instructions with respect to your shares of Common Stock until the end of such period. The underwriters of the Company’s stock are intended third party beneficiaries of this Section 9(d) and
shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. 
 10.
TRANSFERABILITY. Your option is not transferable, except by will or by the laws of descent and distribution, and is exercisable during your life only by you. Notwithstanding the foregoing, by
delivering written notice to the Company, in a form satisfactory to the Company, you may designate a third party who, in the event of your death, shall thereafter be entitled to exercise your option. In addition, if permitted by the Company you may
transfer your option to a trust if you are considered to be the sole beneficial owner (determined under Section 671 of the Code and applicable state law) while the option is held in the trust, provided that you and the trustee enter into a
transfer and other agreements required by the Company. 
 11. RIGHT OF FIRST
REFUSAL. Shares of Common Stock that you acquire upon exercise of your option are subject to any right of first refusal that may be described in the Company’s bylaws in effect at such time the Company elects to exercise its
right; provided, however, that if your option is an Incentive Stock Option and the right of first refusal described in the Company’s bylaws in effect at the time the Company elects to exercise its right is more beneficial to you than the
right of first refusal described in the Company’s bylaws on the Date of Grant, then the right of first refusal described in the Company’s bylaws on the Date of Grant shall apply. The Company’s right of first refusal shall expire on
the first date upon which any security of the Company is listed (or approved for listing) upon notice of issuance on a national securities exchange or quotation system. 

12. RIGHT OF REPURCHASE. To the extent
provided in the Company’s bylaws in effect at such time the Company elects to exercise its right, the Company shall have the right to repurchase all or any part of the shares of Common Stock you acquire pursuant to the exercise of your option.

  
 4. 

 13. OPTION NOT A
SERVICE CONTRACT. Your option is not an employment or service contract, and nothing in your option shall be deemed to create in any way whatsoever any obligation on your part to continue in the employ of the Company
or an Affiliate, or of the Company or an Affiliate to continue your employment. In addition, nothing in your option shall obligate the Company or an Affiliate, their respective stockholders, Boards of Directors, Officers or Employees to continue any
relationship that you might have as a Director or Consultant for the Company or an Affiliate. 
 14.
WITHHOLDING OBLIGATIONS. 
 (a) At the time you exercise your option, in whole or
in part, or at any time thereafter as requested by the Company, you hereby authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for (including by means of a “cashless
exercise” pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board to the extent permitted by the Company), any sums required to satisfy the federal, state, local and foreign tax withholding obligations of
the Company or an Affiliate, if any, which arise in connection with the exercise of your option. 
 (b) Upon your
request and subject to approval by the Company, in its sole discretion, and compliance with any applicable legal conditions or restrictions, the Company may withhold from fully vested shares of Common Stock otherwise issuable to you upon the
exercise of your option a number of whole shares of Common Stock having a Fair Market Value, determined by the Company as of the date of exercise, not in excess of the minimum amount of tax required to be withheld by law (or such lower amount as may
be necessary to avoid classification of your option as a liability for financial accounting purposes). If the date of determination of any tax withholding obligation is deferred to a date later than the date of exercise of your option, share
withholding pursuant to the preceding sentence shall not be permitted unless you make a proper and timely election under Section 83(b) of the Code, covering the aggregate number of shares of Common Stock acquired upon such exercise with respect
to which such determination is otherwise deferred, to accelerate the determination of such tax withholding obligation to the date of exercise of your option. Notwithstanding the filing of such election, shares of Common Stock shall be withheld
solely from fully vested shares of Common Stock determined as of the date of exercise of your option that are otherwise issuable to you upon such exercise. Any adverse consequences to you arising in connection with such share withholding procedure
shall be your sole responsibility. 
 (c) You may not exercise your option unless the tax withholding obligations of
the Company and/or any Affiliate are satisfied. Accordingly, you may not be able to exercise your option when desired even though your option is vested, and the Company shall have no obligation to issue a certificate for such shares of Common Stock
or release such shares of Common Stock from any escrow provided for herein unless such obligations are satisfied. 
 15.
TAX CONSEQUENCES. You hereby agree that the Company does not have a duty to design or administer the Plan or its other compensation programs in a manner that minimizes your tax liabilities. You shall not make any
claim against the Company, or any of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from your option or your other compensation. In particular, you acknowledge that this option is exempt from Section 409A of

  
 5. 

 
the Code only if the exercise price per share specified in the Grant Notice is at least equal to the “fair market value” per share of the Common Stock on the Date of Grant and there is
no other impermissible deferral of compensation associated with the option. Because the Common Stock is not traded on an established securities market, the Fair Market Value is determined by the Board, perhaps in consultation with an independent
valuation firm retained by the Company. You acknowledge that there is no guarantee that the Internal Revenue Service will agree with the valuation as determined by the Board, and you shall not make any claim against the Company, or any of its
Officers, Directors, Employees or Affiliates in the event that the Internal Revenue Service asserts that the valuation determined by the Board is less than the “fair market value” as subsequently determined by the Internal Revenue Service.

 16. NOTICES. Any notices provided for in your option or the Plan shall be given in writing and
shall be deemed effectively given upon receipt or, in the case of notices delivered by mail by the Company to you, five (5) days after deposit in the United States mail, postage prepaid, addressed to you at the last address you provided to the
Company. 
 17. GOVERNING PLAN DOCUMENT. Your option is subject to all
the provisions of the Plan, the provisions of which are hereby made a part of your option, and is further subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant to the Plan.
In the event of any conflict between the provisions of your option and those of the Plan, the provisions of the Plan shall control. 

  
 6. 

 ATTACHMENT II 

SNAP INC. AMENDED AND RESTATED 2012 EQUITY
INCENTIVE PLAN 

 ATTACHMENT III 

NOTICE OF EXERCISE 

 NOTICE OF EXERCISE 

 

			
	 SNAP INC.

63 MARKET STREET

VENICE, CALIFORNIA 90291

ATTN: CHIEF FINANCIAL OFFICER
	  	 Date of Exercise: __________________________

 

 Ladies and Gentlemen: 

This constitutes notice under my stock option that I elect to purchase the number of shares for the price set forth below. 

 

					
	 Type of option (check one):
	  	 Incentive ☐
	  	 Nonstatutory ☐

			
	 Stock option dated:
	  	 _______________
	  	
			
	 Number of shares as to which option is exercised:
	  	 _______________
	  	
			
	 Certificates to be issued in name of:
	  	 _______________
	  	
			
	 Total exercise price:
	  	 $______________
	  	
			
	 Cash payment delivered herewith:
	  	 $______________
	  	

 By this exercise, I agree (i) to provide such additional documents as you may require
pursuant to the terms of the 2012 Equity Incentive Plan, (ii) to provide for the payment by me to you (in the manner designated by you) of your withholding obligation, if any, relating to the exercise of this option, and (iii) if this
exercise relates to an incentive stock option, to notify you in writing within fifteen (15) days after the date of any disposition of any of the shares of Common Stock issued upon exercise of this option that occurs within two (2) years
after the date of grant of this option or within one (1) year after such shares of Common Stock are issued upon exercise of this option. 

I hereby make the following certifications and representations with respect to the number of shares of Common
Stock of the Company listed above (the “Shares”), which are being acquired by me for my own account upon exercise of the Option as set forth above: 

I acknowledge that the Shares have not been registered under the Securities Act of 1933, as amended (the
“Securities Act”), and are deemed to constitute “restricted securities” under Rule 701 and Rule 144 promulgated under the Securities Act. I warrant and represent to the Company that I have no present intention of
distributing or selling said Shares, except as permitted under the Securities Act and any applicable state securities laws. 

  
 1. 

 I further acknowledge that I will not be able to resell the Shares for at
least ninety days (90) after the stock of the Company becomes publicly traded (i.e., subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934) under Rule 701 and that more restrictive
conditions apply to affiliates of the Company under Rule 144. 
 I further acknowledge that all certificates
representing any of the Shares subject to the provisions of the Option shall have endorsed thereon appropriate legends reflecting the foregoing limitations, as well as any legends reflecting restrictions pursuant to the Company’s Articles of
Incorporation, Bylaws and/or applicable securities laws. 
 I further agree that, if required by the Company
(or a representative of the underwriters) in connection with the first underwritten registration of the offering of any securities of the Company under the Securities Act, I will not sell, dispose of, transfer, make any short sale of, grant any
option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any shares of Common Stock or other securities of the Company for a period of one hundred eighty (180) days following the
effective date of a registration statement of the Company filed under the Securities Act or such longer period as necessary to permit compliance with NASD Rule 2711 or NYSE Member Rule 472 and similar rules and regulations (the “Lock-Up
Period”). I further agree to execute and deliver such other agreements as may be reasonably requested by the Company and/or the underwriter(s) that are consistent with the foregoing or that are necessary to give further effect thereto.
In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to securities subject to the foregoing restrictions until the end of such period. 

In the event that (a) the Company’s Board of Directors and (b) the Company’s stockholders
(the “Requisite Stockholders”) approve a sale of the Company or all or substantially all of the Company’s assets (an “Approved Sale”) whether by means of a merger, consolidation or sale of stock
or assets, or otherwise (each, a “Sale of the Company”), (i) if the Approved Sale is structured as a merger or consolidation of the Company, or a sale of all or substantially all of the Company’s assets, I hereby
agree to be present, in person or by proxy, at all meetings for the vote thereon, to vote all shares of the Company’s capital stock held by me for and raise no objections to such Approved Sale, and waive and refrain from exercising any
dissenters rights, appraisal rights or similar rights in connection with such merger, consolidation or asset sale, or (ii) if the Approved Sale is structured as a sale of the stock of the Company, I hereby agree to sell all capital stock then
held by me on the terms and conditions approved by the Requisite Stockholders. I agree that I shall take all necessary and desirable actions approved by the Company’s Board of Directors in connection with the consummation of the Approved Sale,
including the execution of such agreements and such instruments and other actions reasonably necessary to provide the representations, warranties, indemnities, covenants, conditions, non-compete agreements, escrow agreements and other provisions and
agreements relating to such Approved Sale and effectuate the allocation and distribution of the aggregate consideration upon the Approved Sale. To secure my obligations to vote the Company’s capital stock held by me in accordance with this
Agreement, I hereby appoint the Chief Executive Officer or Chief Financial Officer of the Company, or either of them from time to time, or their designees, as my true and lawful proxy and attorney, with the power to act alone and with full power of
substitution, to vote all of the Company’s capital stock then held by me as set forth hereby and to execute all appropriate instruments consistent with this provision on my behalf if, and only if, I fail to vote 

  
 2. 

 
all of the Company’s capital stock then held by me or execute such other instruments in accordance with the provisions hereby within five (5) days of the Company’s or any other
party’s written request for my written consent or signature. The proxy and power granted by me hereby are coupled with an interest and are given to secure the performance of my duties hereunder. The proxy and power will be irrevocable for the
term as set forth below. The proxy and power, so long as I hold shares of the Company’s capital stock as an individual, will survive my death, incompetency and disability, as the case may be, and, so long as I hold shares of the Company’s
capital stock as an entity, will survive the merger or reorganization of such entity. The obligations and proxy under this paragraph will continue in full force and effect from the date hereof through the earliest of the following dates, on which
date it shall terminate in its entirety: (i) the date of the closing of a firmly underwritten public offering of the Company’s Common Stock pursuant to a registration statement filed with the Securities and Exchange Commission, and
declared effective under the Securities Act; (ii) twenty (20) years from the date hereof; (iii) the date of the closing of an Acquisition, as defined in the Company’s Amended and Restated Certificate of Incorporation as in effect
as of the date hereof; or (iv) the date as of which the Company and I mutually agree in writing to terminate the obligations and proxy provided hereunder. This paragraph shall be governed by and construed in accordance with the laws of the
State of Delaware. Furthermore, the I hereby declare that it is impossible to measure in money the damages which will accrue to the Company by reason of a failure by me to perform any of the obligations hereunder and agree that the terms of this
Agreement shall be specifically enforceable by the Company. If the Company institutes any action or proceeding to specifically enforce the provisions hereof, I hereby waive the claim or defense therein that I have an adequate remedy at law, and I
shall not offer in any such action or proceeding the claim or defense that such remedy at law exists. 
  

			
	Very truly yours,
	
	 
		
	Address:	 	 
		
		 	 

  
 3.EX-10.4

 Exhibit 10.4 

SNAP INC. 

RESTRICTED STOCK UNIT GRANT NOTICE 

(AMENDED AND RESTATED 2012 EQUITY INCENTIVE PLAN)

 Snap Inc. (the “Company”), pursuant to its Amended and Restated 2012 Equity Incentive Plan (the
“Plan”), hereby awards to Participant (as of the date indicated below) a Restricted Stock Unit Award for the number of shares of the Company’s Common Stock set forth below (the “Award”). The Award
is subject to all of the terms and conditions as set forth herein and in the Plan and the Restricted Stock Unit Award Agreement, both of which are attached hereto and incorporated herein in their entirety. Capitalized terms not otherwise defined
herein will have the meanings set forth in the Plan or the Restricted Stock Unit Award Agreement. In the event of any conflict between the terms in the Award and the Plan, the terms of the Plan will control. 

 

			
	Participant:	 	 
	Date of Grant:	 	 
	Vesting Commencement Date:	 	 
	Liquidity Event Deadline:	 	 
	Number of Units (“RSUs”) Subject to Award:	 	 

  

			
	Expiration Date:	  	 The Expiration Date for an RSU depends on whether the Service-Based Requirement has been satisfied with respect to that
particular RSU. Where the Service-Based Requirement for a particular RSU has not been satisfied, the Expiration Date is the earlier of: (i) Liquidity Event Deadline or (ii) the date of termination of Participant’s Continuous Service. Where the
Service-Based Requirement for a particular RSU has been satisfied in whole or in part, the Expiration Date is the Liquidity Event Deadline.

		
	Vesting:	  	 Participant will receive a benefit with respect to an RSU only if it vests. Except as explicitly set forth below, two
vesting requirements must be satisfied on or before the applicable Expiration Date specified above in order for an RSU to vest — a time and service-based requirement (the “Service-Based Requirement”) and the
“Liquidity Event Requirement” (described below). An RSU shall actually vest (and therefore becomes a “Vested RSU”) on the first date upon which both the Service-Based Requirement and the
Liquidity Event Requirement are satisfied with respect to that particular RSU (the “Vesting Date”). All RSUs that do not become Vested RSUs on or before the applicable Expiration Date will be immediately forfeited to the
Company upon expiration at no cost to the Company.

		
	Liquidity Event Requirement:	  	  
 The Liquidity Event Requirement will be satisfied as to
any then-outstanding RSUs on the first to occur of: (1) a Change in Control; or (2) the effective date of a registration statement of the Company filed under the Securities Act for the sale of the Company’s Common Stock. Section 2 of the
Restricted Stock Unit Agreement contains additional details on the definition of Change in Control.

  
 1. 

			
	Service-Based Requirement:	  	  
 The Service-Based Requirement will be satisfied in
installments as follows: 10% of the RSUs will have the Service-Based Requirement satisfied once the Participant completes twelve months of Continuous Service from the Vesting Commencement Date; 20% of the RSUs will have the Service-Based Requirement
satisfied in equal quarterly installments during the second 12-month period of Participant’s Continuous Service; 30% of the RSUs will have the Service-Based Requirement satisfied in equal quarterly installments during the third 12-month period
of Participant’s Continuous Service; and 40% of the RSUs will have the Service-Based Requirement satisfied in equal quarterly installments during the fourth twelve-month period of Participant’s Continuous Service. If the Participant dies
while in Continuous Service, the Service-Based Requirement will be satisfied as to 100% of the RSUs for which the Service-Based Requirement otherwise already was not satisfied. For the avoidance of doubt and except as provided in the preceding
sentence, once a Participant’s Continuous Service ends, no additional RSUs will be deemed to have the Service-Based Requirement satisfied with respect to such RSUs.

 
 Notwithstanding the foregoing, if within 12 months following
a Change in Control, (i) Participant’s employment with the Company is involuntarily terminated by the Company without Cause, or (ii) Participant resigns Participant’s employment with the Company for Good Reason (as defined below), and in
either case other than as a result of Participant’s disability, the Service-Based Requirement of the RSUs will be deemed satisfied so that the total number of the RSUs issued to Participant as of Participant’s last day of employment equals
1/16th of the RSUs for each completed quarter of Participant’s Continuous Service. This accelerated vesting is contingent upon (a) Participant’s continuing to comply with his/her
obligations under any agreement between Participant and the Company, including without limitation Participant’s Confidential Information and Inventions Assignment Agreement and (b) Participant’s signing, delivering to the Company and not
revoking an effective separation agreement and general release of claims in favor of the Company in a form acceptable to the Company within 60 days following Participant’s termination date. Any shares that become vested under this paragraph
will be delivered on the day following the end of the 60 day period. For the avoidance of doubt, if a Participant becomes entitled to accelerated vesting in accordance with this paragraph due to a qualifying termination of employment but the
Participant’s Continuous Service does not end upon the termination of employment because the Participant immediately transitions to service as a Consultant or Director, the Participant will continue to be eligible to satisfy the Service-Based
Requirement with respect to any remaining RSUs in accordance with the immediately preceding paragraph.
  

For purposes of the RSUs, “Good Reason” shall mean any of the following actions taken without Cause by the Company or a successor
corporation or entity without Participant’s consent: (w) material reduction of Participant’s base compensation; (x) material reduction of Participant’s authority, duties or responsibilities, provided, however, that a change in job
position (including a change in title) shall not be deemed a “material reduction” unless Participant’s new authority, duties or responsibilities are materially reduced from Participant’s prior authority, duties or
responsibilities; (y) failure or refusal of a successor to the Company to materially assume the Company’s obligations under Participant’s offer letter from the Company in the event of a Change in Control; or (z) relocation of
Participant’s principal place of employment that results in an increase in Participant’s one-way driving distance

  
 2. 

			
		  	 by more than fifty (50) miles from Participant’s then current principal residence. In order to resign for Good Reason,
Participant must provide written notice of the event giving rise to Good Reason to the Board within ninety (90) days after the condition arises, allow the Company thirty (30) days to cure such condition, and if the Company fails to cure the
condition within such period, then Participant’s resignation from all positions Participant then holds with the Company must be effective not later than ninety (90) days after the end of the Company’s cure period.

		
	Settlement:	  	 If an RSU vests as provided for above, the Company will deliver one share of Common Stock for each Vested RSU. The shares
will be issued in accordance with the issuance schedule set forth in Section 5 of the Restricted Stock Unit Award Agreement.

 Additional Terms/Acknowledgements: Participant acknowledges receipt of, and understands and agrees to,
this Restricted Stock Unit Grant Notice, the Restricted Stock Unit Award Agreement and the Plan. Participant further acknowledges that as of the Date of Grant, this Restricted Stock Unit Grant Notice, the Restricted Stock Unit Award Agreement and
the Plan set forth the entire understanding between Participant and the Company regarding this Award and supersede all prior oral and written agreements, offer letters, promises and/or representations on that subject with the exception of
(i) equity awards previously granted and delivered to Participant, (ii) any compensation recovery policy that is adopted by the Company or is otherwise required by applicable law and (iii) any written employment or severance
arrangement that would provide for vesting acceleration of this award upon the terms and conditions set forth therein (provided that if there is any conflict in the vesting and/or acceleration terms, those contained in this Restricted Stock Unit
Grant Notice and Restricted Stock Unit Award Agreement shall control). 
 By accepting the Award, Participant acknowledges having received
and read the Restricted Stock Unit Grant Notice, the Restricted Stock Unit Award Agreement and the Plan (the “Grant Documents”) and agrees to all of the terms and conditions set forth in these documents. Furthermore, by
accepting the Award, Participant consents to receive such documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the
Company. 
 Notwithstanding the above, if Participant has not actively accepted the Award within 90 days of the Date of Grant set forth in
this Restricted Stock Unit Grant Notice, Participant is deemed to have accepted the Award, subject to all of the terms and conditions of the Grant Documents. 
  

									
	SNAP INC.	 		 	PARTICIPANT:
			
	By:                                   
                                         
                  	 		 	By:
                                         
                                         
   
	Signature	 		 	Signature
			
	Name & Title: Chris Handman, General Counsel                    	 		 	Date:
                                         
                                         

				
	Date:
                                         
                                         
       	 		 		 	

  

	ATTACHMENTS:	 Restricted Stock Unit Award Agreement, Amended and Restated 2012 Equity Incentive Plan

  
 3. 

 ATTACHMENT I 

SNAP INC. 

RESTRICTED STOCK UNIT AWARD AGREEMENT 

(AMENDED AND RESTATED 2012 EQUITY INCENTIVE PLAN)

 Pursuant to the Restricted Stock Unit Grant Notice (the “Grant Notice”) and this Restricted
Stock Unit Award Agreement (the “Agreement”) and in consideration of your services, Snap Inc. (the “Company”) has awarded you a Restricted Stock Unit Award (the “Award”) under
its Amended and Restated 2012 Equity Incentive Plan (the “Plan”). The Award is granted to you effective as of the Date of Grant set forth in the Grant Notice for this Award. Capitalized terms not explicitly defined in this
Agreement will have the same meanings given to them in the Plan and Grant Notice. In the event of any conflict between the terms in this Agreement and the Plan, the terms of the Plan will control. The details of the Award, in addition to those set
forth in the Grant Notice and the Plan, are as follows. 
 1. GRANT OF THE
AWARD. The Award represents the right to be issued on a future date the number of shares of the Company’s Common Stock as indicated in the Grant Notice upon the satisfaction of the terms set forth in this Agreement. Except as
otherwise provided herein, you will not be required to make any payment to the Company with respect to your receipt of the Award, the vesting of the shares or the delivery of the underlying Common Stock. 

2. VESTING. Subject to the limitations contained herein, the Award will vest in accordance with the
vesting schedule provided in the Grant Notice. Upon termination of your Continuous Service, any units or shares that have yet to satisfy any time and service-based requirement, including the Service-Based Requirement, will be forfeited at no cost to
the Company and you will have no further right, title or interest in or to such underlying shares of Common Stock. For purposes of determining whether the Liquidity Event Requirement has been satisfied, Change in Control has the same meaning as in
the Plan except as follows in this Section 2. A transaction in which stockholders of the Company receive consideration in exchange for their shares of Common Stock will not constitute a Change in Control unless at least 50% of the consideration
received by a majority of the stockholders of the Company consists of cash and/or securities that are listed on the New York Stock Exchange, the Nasdaq Stock Market or any other exchange or market of similar stature. Also, a transaction or event
will not constitute a Change in Control unless the transaction or event qualifies as a change in control event within the meaning of Code Section 409A. 

3. NUMBER OF SHARES. 

(a) The number of units/shares subject to the Award may be adjusted from time to time for Capitalization Adjustments,
as provided in the Plan. 
 (b) Any units, shares, cash or other property that become subject to the Award pursuant
to this Section 3 if any, will be subject, in a manner determined by the Board, to the same forfeiture restrictions, restrictions on transferability, and time and manner of delivery as applicable to the other shares covered by the Award. 

  
 1 

 (c) Notwithstanding the provisions of this Section 3, no fractional
shares or rights for fractional shares of Common Stock will be created pursuant to this Section 3. The Board will, in its discretion, determine an equivalent benefit for any fractional shares or fractional shares that might be created by the
adjustments referred to in this Section 3. 
 4. SECURITIES LAW AND
OTHER COMPLIANCE. You may not be issued any shares under the Award unless either (a) the shares are registered under the Securities Act; or (b) the Company has determined that such issuance would be exempt
from the registration requirements of the Securities Act. The Award also must comply with other applicable laws and regulations governing the Award, and you will not receive such shares if the Company determines that such receipt would not be in
material compliance with such laws and regulations. 
 5. DATE OF
ISSUANCE. Subject to the satisfaction of the withholding obligations set forth in Section 14 of this Agreement, the Company will deliver to you a number of shares of the Company’s Common Stock equal to the number of
Vested RSUs subject to the Award, including any additional shares received pursuant to Section 3 above that relate to those Vested Restricted Stock Units on the applicable vesting date(s) as provided in the Grant Notice. However, if a scheduled
delivery date falls on a date that is not a business day, such delivery date will instead fall on the next following business day. The form of such delivery (e.g., a stock certificate or electronic entry evidencing such shares) will be determined by
the Company. In all cases, the delivery of shares under this Award is intended to comply with Treasury Regulation Section 1.409A-1(b)(4) and will be construed and administered in such a manner. 

6. DIVIDENDS. You will receive no benefit or adjustment to your Restricted Stock Units with respect to
any cash dividend, stock dividend or other distribution except as provided in the Plan with respect to a Capitalization Adjustment. 

7. MARKET STAND-OFF AGREEMENT. By acquiring shares of
Common Stock under your Award, you agree that you will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any shares
of Common Stock or other securities of the Company held by you, for a period of 180 days following the effective date of a registration statement of the Company filed under the Securities Act or such longer period as the underwriters or the Company
request or as necessary to permit compliance with FINRA Rule 2711 or NYSE Member Rule 472 and similar or successor regulatory rules and regulations (the “Lock-Up Period”); provided, however, that nothing contained in
this Section 7 will prevent the exercise of a repurchase option, if any, in favor of the Company during the Lock-Up Period. You further agree to execute and deliver such other agreements as may be reasonably requested by the Company and the
underwriters that are consistent with the foregoing or that are necessary to give further effect thereto. You also agree that any transferee of any shares of Common Stock (or other securities of the Company held by you will be bound by this
Section 7. To enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to your shares of Common Stock until the end of such period. The underwriters of the Company’s stock are intended third party
beneficiaries of this Section 7 and will have the right, power and authority to enforce the provisions of this Section 7 as though they were a party to this Agreement. 

  
 2 

 8. VOTING AGREEMENT. By accepting this
Award, you agree that in the event that (a) the Board and (b) the Company’s stockholders (the “Requisite Stockholders”) approve a sale of the Company or all or substantially all of the Company’s assets (an
“Approved Sale”) whether by means of a merger, consolidation or sale of stock or assets, or otherwise (each, a “Sale of the Company”), (i) if the Approved Sale is structured as a merger or
consolidation of the Company, or a sale of all or substantially all of the Company’s assets, you agree to be present, in person or by proxy, at all meetings for the vote thereon, to vote all shares of the Company’s capital stock held by
you for and raise no objections to such Approved Sale, and waive and refrain from exercising any dissenters rights, appraisal rights or similar rights in connection with such merger, consolidation or asset sale, or (ii) if the Approved Sale is
structured as a sale of the stock of the Company, you agree to sell all capital stock then held by you on the terms and conditions approved by the Requisite Stockholders. You agree that you will take all necessary and desirable actions approved by
the Board in connection with the consummation of the Approved Sale, including the execution of such agreements and such instruments and other actions reasonably necessary to provide the representations, warranties, indemnities, covenants,
conditions, non-compete agreements, escrow agreements and other provisions and agreements relating to such Approved Sale and effectuate the allocation and distribution of the aggregate consideration upon the Approved Sale. To secure your obligations
to vote the Company’s capital stock held by you in accordance with this Agreement, you appoint the Chief Executive Officer or Chief Financial Officer of the Company, or either of them from time to time, or their designees, as your true and
lawful proxy and attorney, with the power to act alone and with full power of substitution, to vote all of the Company’s capital stock then held by you as set forth hereby and to execute all appropriate instruments consistent with this
provision on your behalf if, and only if, you fail to vote all of the Company’s capital stock then held by you or execute such other instruments in accordance with the provisions hereby within five (5) days of the Company’s or any
other party’s written request for your written consent or signature. The proxy and power granted by you hereby are coupled with an interest and are given to secure the performance of your duties hereunder. The proxy and power will be
irrevocable for the term as set forth below. The proxy and power, so long as you hold shares of the Company’s capital stock as an individual, will survive your death, incompetency and disability, as the case may be, and, so long as you hold
shares of the Company’s capital stock as an entity, will survive the merger or reorganization of such entity. The obligations and proxy under this Section 8 will continue in full force and effect from the date of grant of your Award
through the earliest of the following dates, on which date it shall terminate in its entirety: (i) the date of the closing of a firmly underwritten public offering of the Company’s Common Stock pursuant to a registration statement filed
with the Securities and Exchange Commission, and declared effective under the Securities Act; (ii) the date of the closing of an Acquisition, as defined in the Company’s Amended and Restated Certificate of Incorporation as in effect as of
the date hereof; or (iii) the date as of which the Company and you mutually agree in writing to terminate the obligations and proxy provided hereunder. This Section 8 will be governed by and construed in accordance with the laws of the
State of Delaware. Furthermore, you declare that it is impossible to measure in money the damages which will accrue to the Company by reason of a failure by you to perform any of the obligations hereunder and agree that the terms of this Agreement
shall be specifically enforceable by the Company. If the Company institutes any action or proceeding to specifically enforce the provisions hereof, you hereby waive the claim or defense therein that you have an adequate

  
 3 

 
remedy at law, and you will not offer in any such action or proceeding the claim or defense that such remedy at law exists. 

9. TRANSFER RESTRICTIONS. In addition to any other limitation on transfer created by
applicable securities laws and the restrictions in Section 12, as applicable, you will not sell, assign, hypothecate, donate, encumber or otherwise dispose of all or any part of the shares subject to your Award or any interest in such shares
except in compliance with this Agreement (including without limitation Sections 10 and 11), the Company’s bylaws and applicable securities laws. 

10. RIGHT OF FIRST REFUSAL. The shares of Common Stock
issued to you pursuant to your Award are subject to any right of first refusal that may be described in the Company’s bylaws in effect at such time the Company elects to exercise its right. The Company’s right of first refusal shall expire
on the first date upon which any security of the Company is listed (or approved for listing) upon notice of issuance on a national securities exchange or quotation system. 

11. RIGHT OF REPURCHASE. To the extent provided in the Company’s
bylaws in effect at such time as the Company elects to exercise its right, the Company shall have the right to repurchase all or any part of the shares of Common Stock issued to you pursuant to your Award. 

12. RESTRICTIVE LEGENDS. All certificates representing the Common Stock issued under this
Agreement will be endorsed with legends in substantially the following forms (in addition to any other legend that may be required by other agreements between you and the Company): 

(a) “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AND CONDITIONS SET FORTH IN A
RESTRICTED STOCK UNIT AWARD AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER, OR SUCH HOLDER’S PREDECESSOR IN INTEREST, A COPY OF WHICH IS ON FILE AT THE COMPANY’S PRINCIPAL CORPORATE OFFICES. ANY TRANSFER OR ATTEMPTED TRANSFER OF
ANY SHARES IN VIOLATION OF SUCH RESTRICTIONS IS VOID WITHOUT THE PRIOR EXPRESS WRITTEN CONSENT OF THE COMPANY.” 

(b) “THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT
REQUIRED.” 
 (c) “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RIGHTS OF REFUSAL
GRANTED TO THE COMPANY AND ACCORDINGLY MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY MANNER DISPOSED OF EXCEPT IN CONFORMITY WITH THE TERMS OF 

  
 4 

 
THE BYLAWS OF THE COMPANY AND/OR A RESTRICTED STOCK UNIT AWARD AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER, OR SUCH HOLDER’S PREDECESSOR IN INTEREST, A COPY OF WHICH IS ON FILE
AT THE COMPANY’S PRINCIPAL CORPORATE OFFICES.” 
 (d) Any legend required by appropriate blue sky
officials. 
 13. AWARD NOT AN EMPLOYMENT OR
SERVICE CONTRACT. 
 (a) Your Continuous
Service with the Company or an Affiliate is not for any specified term and may be terminated by you or by the Company or an Affiliate at any time, for any reason, with or without cause and with or without notice. Nothing in this Agreement
(including, but not limited to, the vesting of the Award pursuant to Section 2 or the issuance of the shares subject to the Award), the Plan or any covenant of good faith and fair dealing that may be found implicit in this Agreement or the Plan
will: (i) confer upon you any right to continue in the employ of, or affiliation with, the Company or an Affiliate; (ii) constitute any promise or commitment by the Company or an Affiliate regarding the fact or nature of future positions,
future work assignments, future compensation or any other term or condition of employment or affiliation; (iii) confer any right or benefit under this Agreement or the Plan unless such right or benefit has specifically accrued under the terms
of this Agreement or Plan; or (iv) deprive the Company or an Affiliate of the right to terminate you at will and without regard to any future vesting opportunity that you may have. 

(b) By accepting this Award, you acknowledge and agree that the right to continue vesting in the Award pursuant to
Section 2 and the schedule set forth in the Grant Notice is earned only by continuing as an employee, director or consultant at the will of the Company or an Affiliate (not through the act of being hired, being granted this Award or any other
award or benefit) and that the Company has the right to reorganize, sell, spin-out or otherwise restructure one or more of its businesses or Affiliates at any time or from time to time, as it deems appropriate (a
“reorganization”). You further acknowledge and agree that such reorganization could result in the termination of your Continuous Service, or the termination of Affiliate status of your employer and the loss of benefits
available to you under this Agreement, including but not limited to, the termination of the right to continue vesting in the Award. You further acknowledge and agree that this Agreement, the Plan, the transactions contemplated hereunder and the
vesting schedule set forth in the Grant Notice or any covenant of good faith and fair dealing that may be found implicit in any of them do not constitute an express or implied promise of continued engagement as an employee or consultant with the
Company or an Affiliate for the term of this Agreement, for any period, or at all, and will not interfere in any way with your right or the right of the Company or an Affiliate to terminate your Continuous Service at any time, with or without cause
and with or without notice. 
 14. RESPONSIBILITY FOR TAXES. 

(a) You acknowledge that, regardless of any action taken by the Company, the ultimate liability for all income tax,
social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to your participation in the Plan and legally applicable to you or deemed by the Company in its discretion to be an appropriate charge to you

  
 5 

 
even if legally applicable to the Company (“Tax-Related Items”) is and remains your responsibility and may exceed the amount actually withheld by the Company. 

(b) Prior to any relevant taxable or tax withholding event, as applicable, you agree to make adequate arrangements
satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. In this regard, you authorize the Company or its agent to satisfy their withholding obligations with regard to all Tax-Related Items, if any, by any of the following
means or by a combination of such means: (i) withholding from any compensation otherwise payable to you by the Company or the Employer; (ii) causing you to tender a cash payment; (iii) entering on your behalf (pursuant to this
authorization without further consent) into a “same day sale” commitment with a broker dealer that is a member of the Financial Industry Regulatory Authority (a “FINRA Dealer”) whereby you irrevocably elect to sell
a portion of the shares to be delivered under the Award to satisfy the Tax-Related Items and whereby the FINRA Dealer irrevocably commits to forward the proceeds necessary to satisfy the Tax-Related Items directly to the Company and/or its
Affiliates; or (iv) withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to you in connection with the Award with a Fair Market Value (measured as of the date shares of Common Stock are issued to you
or, if and as determined by the Company, the date on which the Tax-Related Items are required to be calculated) equal to the amount of such Tax-Related Items. The Company will use commercially reasonable efforts (as determined by the Company) to
facilitate the satisfaction of Tax-Related Items by you using one of the methods described in clauses (iii) and (iv) of the preceding sentence or by permitting you to sell shares of Common Stock in any initial public offering by the
Company. However, the Company does not guarantee that you will be able to satisfy any Tax-Related Items through any of the methods described in the preceding sentence and in all circumstances you remain responsible for timely and fully satisfying
the Tax-Related Items. Depending on the withholding method employed, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum
applicable rates, in which case you will receive a refund of any over-withheld amount in cash and will have no entitlement to the Common Stock equivalent. If the obligation for Tax-Related Items is satisfied by withholding in shares of Common Stock,
for tax purposes, you are deemed to have been issued the full number of shares of Common Stock subject to the vested portion of the Award, notwithstanding that a number of the shares of Common Stock are held back solely for the purpose of paying the
Tax-Related Items. 
 (c) Finally, you agree to pay to the Company or the Employer any amount of Tax-Related Items
that the Company or the Employer may be required to withhold or account for as a result of your participation in the Plan that cannot be satisfied by any of the means previously described. Notwithstanding any contrary provision of the Plan, the
Notice of Grant or of this Agreement, if you fail to make satisfactory arrangements for the payment of any Tax-Related Items when due, you permanently will forfeit the Restricted Stock Units on which the Tax-Related Items were not satisfied and will
also permanently forfeit any right to receive shares of Common Stock thereunder. In that case, the Restricted Stock Units will be returned to the Company at no cost to the Company. 

15. INVESTMENT REPRESENTATIONS. In connection with your acquisition of the Common Stock
under your Award, you represent to the Company the following: 

  
 6 

 (a) You are aware of the Company’s business affairs and financial
condition and have acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Common Stock. You are acquiring the Common Stock for investment for your own account only and not with a view to, or
for resale in connection with, any “distribution” thereof within the meaning of the Securities Act. 
 (b)
You understand that the Common Stock has not been registered under the Securities Act by reason of a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of your investment intent as expressed in this
Agreement. 
 (c) You further acknowledge and understand that the Common Stock must be held indefinitely unless the
Common Stock is subsequently registered under the Securities Act or an exemption from such registration is available. You further acknowledge and understand that the Company is under no obligation to register the Common Stock. You understand that
the certificate evidencing the Common Stock will be imprinted with a legend that prohibits the transfer of the Common Stock unless the Common Stock is registered or such registration is not required in the opinion of counsel for the Company. 

(d) You are familiar with the provisions of Rules 144 and 701 under the Securities Act, as in effect from time to time,
which, in substance, permit limited public resale of “restricted securities” acquired, directly or indirectly, from the issuer thereof (or from an affiliate of such issuer), in a non-public offering subject to the satisfaction of certain
conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at the time of issuance of the securities, such issuance will be exempt from registration under the Securities Act. In the event the Company becomes subject to the reporting
requirements of Section 13 or 15(d) of the Exchange Act, the securities exempt under Rule 701 may be sold by you 90 days thereafter, subject to the satisfaction of certain of the conditions specified by Rule 144 and the market stand-off
agreement described in Section 7. 
 (e) In the event that the sale of the Common Stock does not qualify under Rule
701 at the time of issuance, then the Common Stock may be resold by you in certain limited circumstances subject to the provisions of Rule 144, which requires, among other things: (i) the availability of certain public information about the
Company; and (ii) the resale occurring following the required holding period under Rule 144 after you have purchased, and made full payment of (within the meaning of Rule 144), the securities to be sold. 

(f) You further understand that at the time you wish to sell the Common Stock there may be no public market upon which
to make such a sale, and that, even if such a public market then exists, the Company may not be satisfying the current public current information requirements of Rule 144 or 701, and that, in such event, you would be precluded from selling the
Common Stock under Rule 144 or 701 even if the minimum holding period requirement had been satisfied. 
 16.
NO OBLIGATION TO MINIMIZE TAXES. You acknowledge that the Company is not making representations or undertakings regarding the treatment of any Tax-Related Items in
connection with any aspect of the Award, including, but not limited to, the grant, vesting or 

  
 7 

 
settlement of the Award, the subsequent sale of shares of Common Stock acquired pursuant to such settlement and the receipt of any dividends and/or any dividend equivalent payments. Further, you
acknowledge that the Company does not have any duty or obligation to minimize your liability for Tax-Related Items arising from the Award and will not be liable to you for any Tax-Related Items arising in connection with the Award. 

17. NO ADVICE REGARDING GRANT. The Company is not providing
any tax, legal or financial advice, nor is the Company making any recommendations regarding your participation in the Plan, or your acquisition or sale of the underlying shares of Common Stock. You are hereby advised to consult with your own
personal tax, financial and/or legal advisors regarding the Tax-Related Items arising in connection with the Award and by accepting the Award, you have agreed that you have done so or knowingly and voluntarily declined to do so. 

18. UNSECURED OBLIGATION. The Award is unfunded, and as a holder of a vested Award, you
will be considered an unsecured creditor of the Company with respect to the Company’s obligation, if any, to issue shares pursuant to this Agreement. You will not have voting or any other rights as a stockholder of the Company with respect to
the shares to be issued pursuant to this Agreement until such shares are issued to you pursuant to Section 6 of this Agreement. Upon such issuance, you will obtain full voting and other rights as a stockholder of the Company. Nothing contained
in this Agreement, and no action taken pursuant to its provisions, will create or be construed to create a trust of any kind or a fiduciary relationship between you and the Company or any other person. 

19. NOTICES. Any notices provided for in the Grant Notice, this Agreement or the Plan will be given in
writing and will be deemed effectively given upon receipt or, in the case of notices delivered by the Company to you, five (5) days after deposit in the United States mail, postage prepaid, addressed to you at the last address you provided to
the Company. Notwithstanding the foregoing, the Company may, in its sole discretion, decide to deliver any documents related to participation in the Plan and this Award by electronic means or to request your consent to participate in the Plan by
electronic means. You hereby consent to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party
designated by the Company. 
 20. MISCELLANEOUS. 

(a) As a condition to the grant of your Award or to the Company’s issuance of any shares of Common Stock under
this Agreement, the Company may require you to execute certain customary agreements entered into with the holders of capital stock of the Company, including without limitation a right of first refusal and co-sale agreement and a stockholders
agreement. 
 (b) The rights and obligations of the Company under the Award will be transferable to any one or more
persons or entities, and all covenants and agreements hereunder will inure to the benefit of, and be enforceable by the Company’s successors and assigns. Your rights and obligations under the Award may only be assigned with the prior written
consent of the Company. 

  
 8 

 (c) You agree upon request to execute any further documents or instruments
necessary or desirable in the sole determination of the Company to carry out the purposes or intent of the Award. 

(d) You acknowledge and agree that you have reviewed the documents provided to you in relation to the Award in their
entirety, have had an opportunity to obtain the advice of counsel prior to executing and accepting the Award, and fully understand all provisions of such documents. 

(e) This Agreement will be subject to all applicable laws, rules, and regulations, and to such approvals by any
governmental agencies or national securities exchanges as may be required. 
 (f) All obligations of the Company
under the Plan and this Agreement will be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the
business and/or assets of the Company. 
 21. GOVERNING PLAN DOCUMENT.
The Award is subject to all the provisions of the Plan, the provisions of which are hereby made a part of the Award, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and
adopted pursuant to the Plan. Except as expressly provided herein, in the event of any conflict between the provisions of the Award and those of the Plan, the provisions of the Plan will control. For purposes of the Award, a transaction or event
will not constitute a Change in Control unless the transaction or event qualifies as a change of control event within the meaning of Code Section 409A. 

22. SEVERABILITY. If all or any part of this Agreement or the Plan is declared by any court or
governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid. Any Section of this Agreement (or part of such a Section) so
declared to be unlawful or invalid will, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid. 

23. EFFECT ON OTHER EMPLOYEE BENEFIT
PLANS. The value of the Award subject to this Agreement will not be included as compensation, earnings, salaries, or other similar terms used when calculating the Employee’s benefits under any employee benefit plan sponsored
by the Company or any Affiliate, except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any of the Company’s or any Affiliate’s employee benefit plans. 

24. AMENDMENT. This Agreement may not be modified, amended or terminated except by an instrument in
writing, signed by you and by a duly authorized representative of the Company. Notwithstanding the foregoing, this Agreement may be amended solely by the Board by a writing which specifically states that it is amending this Agreement, so long as a
copy of such amendment is delivered to you, and provided that, except as otherwise expressly provided in the Plan, no such amendment adversely affecting your rights hereunder may be made without 

  
 9 

 
your written consent. Without limiting the foregoing, the Board reserves the right to change, by written notice to you, the provisions of this Agreement in any way it may deem necessary or
advisable to carry out the purpose of the grant as a result of any change in applicable laws or regulations or any future law, regulation, ruling, or judicial decision, provided that any such change will be applicable only to rights relating to that
portion of the Award which is then subject to restrictions as provided herein. 
 25. COMPLIANCE
WITH SECTION 409A OF THE CODE. This Award is intended to comply with the “short-term deferral” rule set forth in Treasury Regulation
Section 1.409A-1(b)(4). Notwithstanding the foregoing, if it is determined that the Award fails to satisfy the requirements of the short-term deferral rule and is otherwise deferred compensation subject to Section 409A, and if you are a
“Specified Employee” (within the meaning set forth Section 409A(a)(2)(B)(i) of the Code) as of the date of your separation from service (within the meaning of Treasury Regulation Section 1.409A-1(h)), then the issuance of any
shares that would otherwise be made upon the date of the separation from service or within the first six months thereafter will not be made on the originally scheduled date(s) and will instead be issued in a lump sum on the date that is six months
and one day after the date of the separation from service, with the balance of the shares issued thereafter in accordance with the original vesting and issuance schedule set forth above, but if and only if such delay in the issuance of the shares is
necessary to avoid the imposition of taxation on you in respect of the shares under Section 409A of the Code. Each installment of shares that vests is intended to constitute a “separate payment” for purposes of Treasury Regulation
Section 1.409A-2(b)(2). Notwithstanding any contrary provision of the Plan, the Notice of Grant, or of this Agreement, under no circumstances will the Company reimburse you for any taxes or other costs under Section 409A or any other tax
law or rule. All such taxes and costs are solely your responsibility. 

*        *        * 

This Agreement will be deemed to be signed by you upon the signing by you of the 

Restricted Stock Unit Grant Notice to which it is attached. 

  
 10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00266-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00266-of-00352.parquet"}]]