Document:

HCR3 8K121014 Exh. 10.4

EXHIBIT 10.4

FIRST AMENDMENT TO LEASE AGREEMENT

THIS FIRST AMENDMENT TO LEASE AGREEMENT (this “Amendment”) is dated as of December 4, 2014 (“Effective Date”), by and between GAHC3 SOUTHLAKE TX HOSPITAL, LLC, a Delaware limited liability company (the “Landlord”), and FOREST PARK MEDICAL CENTER AT SOUTHLAKE, LLC, a Texas limited liability company (“Tenant”).

RECITALS

WHEREAS, Landlord’s predecessor-in-interest, SOUTHLAKE TEXAS MEDICAL DEVELOPMENT, L.P., a Texas limited partnership (“Original Landlord”), and Tenant entered into that certain Lease Agreement dated January 13, 2012 (the “Initial Lease”) pursuant to which Tenant leased the Leased Premises commonly known as Forest Park Medical Center - Southlake, located in Southlake, Texas, as more specifically described in the Initial Lease;

WHEREAS, pursuant to that certain Assignment and Assumption of Lease Agreement dated as of the date hereof (the “Assignment and Assumption Agreement”), Original Landlord assigned all of its right, title and interest under the Initial Lease to Landlord, who in turn assumed the duties and obligations of “landlord” under the Initial Lease (the Initial Lease and Assignment and Assumption Agreement, collectively hereinafter referred to as the “Lease”); 

WHEREAS, Landlord and Tenant desire to amend the Lease effective as of the Effective Date, to modify and amend certain other terms and provisions of the Lease, and to ratify the Lease as so amended, all in accordance with the terms and conditions set forth herein.

NOW, THEREFORE, for good and valuable consideration, the receipt, sufficiency and fairness of which are hereby acknowledged, Landlord and Tenant, for themselves, and their administrators, legal representatives, successors and permitted assigns, hereby covenant as follows:

1.    Defined Terms.  All terms used herein but not otherwise defined herein shall have the meanings set forth and/or defined in the Lease, unless specifically indicated herein to the contrary. 
2.    Term.  The Expiration Date of the Initial Term (as defined in Paragraph 6 of the Lease) is hereby modified to mean and refer to December 31, 2034, subject to earlier termination as provided in the Lease.
3.    Reporting.  
(a)    SEC Reporting.  Tenant acknowledges that Landlord is or may be, or is or may be affiliated with, a publicly registered company (“Registered Company”) and, as such, is subject to the requirements of the Securities and Exchange Act of 1933 and the Securities and Exchange Act of 1934, as amended (collectively, the “Securities Acts”).  Tenant acknowledges that it has been advised that if Landlord is or becomes, or is or becomes affiliated with a Registered Company, then Landlord or said affiliate may be required to make certain filings (“SEC Filings”) with the Securities and Exchange Commission (“SEC”) that relate to Tenant’s fiscal years 2011, 2012 and 2013 (collectively, the “Audited Years”) through December 31, 2015 (the “stub period”).  To the extent that Landlord or any of its affiliates is at any time a Registered Company and is required under the Securities Acts or the rules promulgated thereunder, as determined by Landlord in good faith after consultation with its auditors and counsel, to disclose any Tenant Information (as hereinafter defined) in any SEC Filings in order to remain in compliance with the Securities Acts, Tenant will promptly provide to Landlord such Tenant Information as is required by the SEC for the continued compliance by such Registered Company with 

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the Securities Acts.   As used herein, the term “Tenant Information” shall mean financial information of Tenant relating to the Audited Years or the stub period requested by the SEC or the Registered Company’s auditors, including, without limitation: (i) access to bank statements; (ii) operating statements; (iii) access to the general ledger; (iv) monthly cash receipts schedules; (v) access to invoices for expenses and capital improvements; (vi) accounts payable ledger and accrued expense reconciliations; (vii) check registers; (viii) copies of all insurance documentation; and (ix) copies of accounts receivable aging.  To the extent that Tenant is required to provide any Tenant Information in accordance with this Paragraph, Tenant (A) shall deliver the Tenant Information requested by the Registered Company or the Registered Company’s auditors promptly upon such request thereof, (B) shall cooperate with the Registered Company and the Registered Company’s auditors regarding any inquiries by the Registered Company and the Registered Company’s auditors following receipt of such information, including delivery by Tenant of an executed representation letter substantially in the form attached hereto as Schedule 3-A, as well as, to the extent reasonably necessary, the information set forth in the letter set forth in substantially the form attached hereto as Schedule 3-B, and (C) consents to the disclosure of the Tenant Information and the Lease in any SEC Filings by the Registered Company and any collateral material used in connection with a public offering of securities by the Registered Company.
(b)      OFAC.  Each party hereby represents and warrants to the other that it is not, and, after making a commercially reasonable inquiry, that no person who directly owns a controlling interest in or otherwise directly controls Tenant or Landlord, as applicable, is, (i) listed on the Specially Designated Nationals and Blocked persons List (the “SDN List”) maintained by the Office of Foreign Assets Control (“OFAC”), Department of the Treasury, and/or on any other similar list maintained by the OFAC pursuant to any authorizing statute, Executive Order or regulation (collectively, “OFAC Laws and Regulations”); or (ii) a person designated under Sections 1(a), 1(b), 1(c) or 1(d) of Executive Order No. 13224, 66 Fed. Reg. 49079 (published September 25, 2001) or similarly designated under any related enabling legislation or any other similar Executive Orders (collectively, the “Executive Orders”).  This Paragraph shall not apply to any person to the extent that such person’s interest in the Tenant or Landlord is through an entity whose securities are listed on a national securities exchange, or quoted on an automated quotation system, in the United States, or a wholly-owned subsidiary of such a person.
4.    Transfer of Operational Benefits.  Paragraph 20 of the Lease is hereby amended to insert the following subparagraph at the end thereof as a new subparagraph (g): 
“(g)    Upon the expiration or earlier termination of the Term, Tenant shall cooperate with Landlord or Landlord’s nominee in connection with the orderly transfer of possession of the Leased Premises, as well as any transferrable licenses, operating permits and other governmental authorizations or contracts relating solely to the Leased Premises; provided, however, in no event shall Tenant be obligated to transfer or assign to Landlord or Landlord’s nominee any proprietary licenses or information, including, but not limited to, patient lists, patient records, state hospital license, trademarks, logos, managed care contracts, and the like, except that Tenant shall transfer and assign all patient records to the successor operator of the Hospital to the extent assignable and in compliance with Laws and Legal Requirements.  So long as the Term has not been terminated or Tenant’s occupancy of the Leased Premises terminated pursuant to an Event of Default, the costs and expenses of any such transfer shall be paid by Landlord or Landlord’s nominee.”
5.    Tenant Cooperation; Costs.  
(a)    Cooperation.  Without limiting the requirements of any other provision of the Lease, in connection with (i) any sale of the Leased Premises by Landlord, (ii) the sale of any interest in Landlord, (iii) Landlord’s efforts to secure additional equity or financing for the Leased Premises, (iv) the refinancing of any Loan, or (v) the compliance with any Law, Legal Requirement or disclosure 

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requirement (including those contemplated in Paragraph 3(a) above), Tenant will reasonably cooperate with Landlord to provide information regarding Tenant which is reasonably necessary for such purchaser, investor, lender or the SEC to evaluate the operation of the Leased Premises.  
(b)    Tenant Costs.  Landlord agrees to reimburse Tenant for the reasonable, actual out-of-pocket third-party costs and expenses, including without limitation, reasonable attorneys’ fees, accountants’ fees and consultants’ fees, incurred by Tenant in connection with compliance by Tenant with (i) its obligations under Paragraph 3 above, and (ii) its obligations under Paragraph 33 of the Lease, as amended hereby, to the extent such costs and expenses exceed those ordinarily incurred by Tenant in connection with the preparation of its customary form of the financial reports and statements referenced in Paragraph 33 of the Lease, or to the extent such costs are higher than customary given an obligation under the Lease to deliver the financial reports and statements by a calendar date that is sooner than that which is customary for Tenant. 
6.    Notices.  Landlord’s notice address in Paragraph 22 of the Lease is hereby revised to read as follows:
“If to Landlord:
GAHC3 Southlake TX Hospital, LLC 
c/o Griffin-American Healthcare REIT III, Inc.
18191 Von Karman Avenue, Suite 300
Irvine, California 92612
Attention:  President and COO”
7.    Lease Guaranty.    
(a)    Tenant hereby certifies, represents and warrants to Landlord as follows:  (a) attached hereto as Schedule A is a true and complete list (the “Guaranty Summary”) of all the owners of Class A units of membership interest in Tenant (the “Guarantors”); (b) the Guaranty Summary accurately states each Guarantor’s total capital contribution to Tenant; (c) each Guarantor has executed or is obligated to execute a limited lease guaranty (the “Guaranty”) in favor of Landlord in order to guarantee the maximum aggregate liability amount as described on the Guaranty Summary.  In its capacity as attorney-in-fact of each Guarantor under each Guaranty, Tenant hereby amends the terms of each Guaranty as follows: (i) “Schedule A” attached to each Guaranty is hereby amended to reflect the “Landlord” as “GAHC3 Southlake TX Hospital, LLC, a Delaware limited liability company”, and the “Lease Description” as the Lease Agreement dated January 13, 2012, between Landlord, successor-in-interest to Southlake Texas Medical Development, L.P., and Tenant, as amended by that certain First Amendment to Lease Agreement dated as of the date of this Amendment, and (ii) “Schedule B” attached to each Guaranty is hereby amended to reflect the name of each Guarantor and the maximum aggregate liability amounts as the same are described on the Guaranty Summary.  
(b)    Tenant agrees to use good faith and commercially reasonable efforts to cause each Guarantor to execute and deliver, within three (3) years following the date of this Amendment, an amendment and to or other reaffirmation or re-certification of, its Guaranty in the same form as the applicable Guaranty, to include specific reference to the Lease, as amended by this Amendment, and the maximum aggregate liability amount as described in the preceding paragraph.  
8.    Financial Statements.  Paragraph 33 of the Lease is hereby deleted and the following paragraphs substituted in lieu thereof:

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“33.    Financial Statements.
(a)    Annual Audited Financial Statements.  As soon as available, and in any event by February 15, 2015 (with respect to the fiscal year ending December 31, 2014) and within sixty (60) days after the end of each subsequent fiscal year, Tenant shall deliver to Landlord copies of the annual audited reports for Tenant containing balance sheets and statements of income, retained earnings, and cash flow as at the end of such fiscal year and for the fiscal year then ended, setting forth in comparative form the figures for the preceding fiscal year, all in reasonable detail and audited and certified on an unqualified basis by a nationally-recognized or regionally-recognized firm of certified public accountants, or any other independent accounting firm which is reasonably acceptable to Landlord, all prepared in accordance with generally accepted accounting principles in the United States of America in affect from time to time (also known as “GAAP”).

(b)    Unaudited Quarterly Financial Statements.  As soon as available, and in any event within thirty (30) days after the end of each fiscal quarter beginning with the fiscal quarter ending December 31, 2014, copies of unaudited financial reports for Tenant as of the end of such period and for the portion of the fiscal year then ended, containing balance sheets and statements of income, retained earnings, and cash flow, setting forth in comparative form the figures for the corresponding period of the preceding fiscal year, in reasonable detail certified by the chief executive officer, chief financial officer or chief accounting officer of Tenant.  The information on the unaudited quarterly financial statements is to be presented individually for each month within the applicable quarter.

(c)    Other Information.  Tenant shall deliver to Landlord such other information regarding Tenant’s operations as Landlord reasonably requests for purposes of reviewing Tenant’s operations, including, without limitation, case load, net revenue per case, payor mix and similar statistics typically generated for Tenant, and such other matters that are reasonably requested by Landlord; provided, however, that so long as no Event of Default has occurred and remains uncured, Tenant shall not be required to furnish information which exceeds Tenant’s Standard Monthly Reporting Package (as defined below).  As used herein, the term “Tenant’s Standard Monthly Reporting Package” shall include, without limitation, Tenant’s monthly balance sheet, income statement and charts and graphs relating to patient volume and gross revenue.  All financial information provided shall be prepared in accordance with Adjusted GAAP (as defined herein) and shall be submitted electronically in the form of unrestricted, unlocked “.xls” spreadsheets created using Microsoft Excel (2003 or newer editions) or in such other form as may be reasonably acceptable to Landlord.  As used herein, the term “Adjusted GAAP” means generally accepted accounting principles in the United States of America in affect from time to time, or a comprehensive method of accounting other than generally accepted accounting principles (to be used either alone or in connection with such generally accepted accounting principles), subject to adjustment from time to time, including, but not limited to, recording cash payments under the Lease in a separate line item in operating expenses above EBITDA entitled “Facility Lease.””
        
9.    Aboveground Storage Tank:  Tenant acknowledges the existence of the above-ground storage tank used in connection with the backup generator at the Leased Premises (the “Tank”).  Tenant agrees that the Tank is and shall continue to be owned by Landlord and Leased to Tenant as a part of the Leased Premises pursuant to the terms and conditions of the Lease.  Tenant hereby agrees that Tenant’s obligations under the Lease to maintain, operate, insure and comply with all Legal Requirements with respect to the Leased Premises, and all of the indemnification obligations of Tenant under the Lease with respect to the Leased Premises and the use thereof, shall apply in all respects to the Tank.
10.    Successors and Assigns.  The terms and provisions hereof shall be binding upon and inure to the benefit of Landlord and Tenant, and upon the heirs, executors, representatives, administrators, successors and assigns of Landlord and Tenant.

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11.    Governing Law.  This Amendment shall be governed by and construed in accordance with the laws of the State of Texas without regard to the conflict of law rules or statutes.
12.    No Modifications.  No modification of any of the provisions of this Amendment shall be effective until and unless it is in writing and signed by the parties.
13.    Headings.  The headings in this Amendment are for convenience only and shall not limit or otherwise affect any of the terms hereof.
14.    Ratification; Full Force and Effect.  Except as expressly amended and modified hereby, the Lease shall otherwise remain in full force and effect, the parties hereto hereby ratifying and confirming the same.  This Amendment, together with the Lease, is the complete understanding between the parties and supersedes all other prior agreements and representations concerning its subject matter.  To the extent of any inconsistency between the Lease and this Amendment, the terms of this Amendment shall control.
15.    Counterparts; Facsimile Execution.  This Amendment may be executed in several counterparts, each of which shall be deemed to be an original, and all of which together shall constitute one and the same agreement.  This Amendment may be executed and delivered via telephonic, electronic facsimile transmission, or other electronic means.

[The remainder of this page is intentionally blank.  Signatures follow on the next page.]

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IN WITNESS WHEREOF, this Amendment has been duly executed and delivered to be effective as of the Effective Date.

                        	
	
	LANDLORD:

	 

	GAHC3 SOUTHLAKE TX HOSPITAL, LLC,

	a Delaware limited liability company

	 

	By:  GRIFFIN-AMERICAN HEALTHCARE 

	        REIT III HOLDINGS, LP, 

	        a Delaware limited liability company,

	        its Sole Member,

	 

	        By:  GRIFFIN-AMERICAN 

	                HEALTHCRE REIT III, INC.,

	                a Maryland corporation,

	                Its General Partner,

	 

	                By:    /s/ Danny Prosky         

	                Name:    Danny Prosky         

	                Title:     President and Chief Operating

	                              Officer

	 

	 

	 

	 

	TENANT:

	 

	FOREST PARK MEDICAL CENTER AT

	SOUTHLAKE, LLC, 

	a Texas limited liability company

	 

	By:       /s/ J. Robert Wyatt, M.D.

	                 J. Robert Wyatt, M.D.

	                 Manager

S-1EX-10.7

 Exhibit 10.7 

BOX, INC. 
 CHANGE IN
CONTROL AND SEVERANCE AGREEMENT 
 This Change in Control and Severance Agreement (the “Agreement”) is made
and entered into by and between                      (“Executive”) and Box, Inc., a Delaware corporation (the
“Company”), effective as of                     , 2014 (the “Effective Date”). 

RECITALS 
 1. The
Compensation Committee (the “Committee”) of the Company’s Board of Directors (the “Board”) believes that it is in the best interests of the Company and its stockholders (i) to
assure that the Company will have the continued dedication and objectivity of Executive, notwithstanding the possibility, threat, or occurrence of a Change in Control and (ii) to provide Executive with an incentive to continue Executive’s
employment prior to a Change in Control and to motivate Executive to maximize the value of the Company upon a Change in Control for the benefit of its stockholders. 

2. The Committee believes that it is imperative to provide Executive with certain severance benefits upon Executive’s termination of
employment under certain circumstances. These benefits will provide Executive with enhanced financial security and incentive and encouragement to remain with the Company notwithstanding the possibility of a Change in Control. 

3. Certain capitalized terms used in the Agreement are defined in Section 6 below. 

AGREEMENT 
 NOW,
THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows: 
 1. Term of Agreement.
This Agreement will have an initial term of two years commencing on the Effective Date (the “Initial Term”). On the second anniversary of the Effective Date and each anniversary thereafter, this Agreement will renew
automatically for additional one (1) year terms (each an “Additional Term”), unless either party provides the other party with written notice of non-renewal at least 90 days prior to the date of automatic renewal. If a
Change in Control occurs when there are fewer than 12 months remaining during the Initial Term or an Additional Term, the term of this Agreement will extend automatically through the date that is 12 months following the effective date of the Change
in Control. If Executive becomes entitled to benefits under Section 3 during the term of this Agreement, the Agreement will not terminate until all of the obligations of the parties hereto with respect to this Agreement have been satisfied. For
clarity, an election by the Company not to renew this Agreement for an Additional Term will not be deemed to be a termination of Executive’s employment without Cause or grounds for a resignation for Good Reason and, accordingly, Executive will
not be eligible for severance benefits under Section 3. 

 2. At-Will Employment. The Company and Executive acknowledge that Executive’s
employment is and will continue to be at-will, as defined under applicable law. As an at-will employee, either the Company or the Executive may terminate the employment relationship at any time, with or without Cause. 

3. Severance Benefits. 

(a) Termination without Cause Unrelated to a Change in Control. If the Company terminates Executive’s employment with the Company
without Cause (excluding death or Disability) and such termination occurs outside of the Change in Control Period, then subject to Section 4, Executive will receive the following: 

(i) Accrued Compensation. The Company will pay Executive all accrued but unpaid vacation, expense reimbursements, wages, and other
benefits due to Executive under any Company-provided plans, policies, and arrangements. 
 (ii) Continuing Severance Payments.
Executive will be paid continuing payments of severance pay at a rate equal to Executive’s base salary rate, as then in effect, for six months from the date of such termination of employment (the “Continuance
Period”), to be paid periodically in accordance with the Company’s normal payroll policies. Severance payments during the Continuance Period will not commence until, the first Company payroll following the Release Deadline (as
defined below), or, if later, such time as required by Section 4(c). Except as required by Section 4(c), any installment payments that would have been made to Executive during the 60 day period immediately following Executive’s
separation from service but for the preceding sentence will be paid to Executive on the first Company payroll following the Release Deadline and the remaining payments will be made as provided in this Agreement. 

(iii) Continuation Coverage. If Executive elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act
of 1985, as amended (“COBRA”) within the time period prescribed pursuant to COBRA for Executive and Executive’s eligible dependents, then the Company will reimburse Executive for the COBRA premiums for such coverage
(at the coverage levels in effect immediately prior to Executive’s termination) until the earlier of (A) a period of six months from the date of termination or (B) the date upon which Executive and/or Executive’s
eligible dependents become covered under similar plans. The reimbursements will be made by the Company to Executive consistent with the Company’s normal expense reimbursement policy. 

(b) Termination without Cause or Resignation for Good Reason in Connection with a Change in Control. If the Company terminates
Executive’s employment with the Company without Cause (excluding death or Disability) or if Executive resigns from such employment for Good Reason, and, in each case, such termination occurs during the Change in Control Period, then
subject to Section 4, Executive will receive the following: 
 (i) Accrued Compensation. The Company will pay Executive all
accrued but unpaid vacation, expense reimbursements, wages, and other benefits due to Executive under any Company-provided plans, policies, and arrangements. 

  
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 (ii) Severance Payment. Executive will receive a lump-sum payment (less applicable
withholding taxes) equal to 12 months of Executive’s annual base salary as in effect immediately prior to Executive’s termination date. For the avoidance of doubt, if (x) Executive incurred a termination prior to a Change in
Control that qualifies Executive for severance payments under Section 3(a)(ii); and (y) a Change in Control occurs within the three-month period following Executive’s termination of employment that qualifies Executive for the superior
benefits under this Section 3(b)(ii), then Executive shall be entitled to a lump-sum payment of the amount calculated under this Section 3(b)(ii), less amounts already paid under Section 3(a)(ii) and such amount lump-sum
amount shall be payable upon the later of: (A) the Change in Control, (B) the first Company payroll following the Release Deadline; or (C) such later date required by Section 4(c). 

(iii) Bonus Payment. Executive will receive a lump-sum payment equal to 100% of Executive’s target bonus as in effect for
the fiscal year in which the termination of employment occurs. Payment will be made on the first Company payroll following the Release Deadline, subject to Section 4(c). 

(iv) Continuation Coverage. If Executive elects continuation coverage pursuant to COBRA within the time period prescribed pursuant to
COBRA for Executive and Executive’s eligible dependents, then the Company will reimburse Executive for the COBRA premiums for such coverage (at the coverage levels in effect immediately prior to Executive’s termination) until the
earlier of (A) a period of 12 months from the date of termination or (B) the date upon which Executive and/or Executive’s eligible dependents become covered under similar plans. The reimbursements will be made by the Company to
Executive consistent with the Company’s normal expense reimbursement policy. 
 (v) Accelerated Vesting of Equity Awards.
100% of Executive’s then-outstanding and unvested Equity Awards will become vested in full. If, however, an outstanding Equity Award is to vest and/or the amount of the award to vest is to be determined based on the achievement of
performance criteria, then the Equity Award will vest as to 100% of the amount of the Equity Award assuming the performance criteria had been achieved at target levels for the relevant performance period(s). 

(c) Voluntary Resignation; Termination for Cause. If Executive’s employment with the Company terminates (i) voluntarily by
Executive (other than for Good Reason during the Change in Control Period) or (ii) for Cause by the Company, then Executive will not be entitled to receive severance or other benefits except for those (if any) as may then be
established under the Company’s then existing severance and benefits plans and practices or pursuant to other written agreements with the Company. 

(d) Disability; Death. If the Company terminates Executive’s employment as a result of Executive’s Disability, or
Executive’s employment terminates due to Executive’s death, then Executive will not be entitled to receive any other severance or other benefits, except for those (if any) as may then be established under the Company’s then
existing written severance and benefits plans and practices or pursuant to other written agreements with the Company. 

  
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 (e) Exclusive Remedy. In the event of a termination of Executive’s employment as set
forth in Section 3(a) or (b) of this Agreement, the provisions of Section 3 are intended to be and are exclusive and in lieu of any other rights or remedies to which Executive or the Company otherwise may be entitled, whether at
law, tort or contract, in equity, or under this Agreement (other than the payment of accrued but unpaid wages, as required by law, and any unreimbursed reimbursable expenses). Executive will be entitled to no benefits, compensation or other payments
or rights upon a termination of employment other than those benefits expressly set forth in Section 3 of this Agreement. 
 4.
Conditions to Receipt of Severance 
 (a) Release of Claims Agreement. The receipt of any severance payments or benefits
(other than the accrued benefits set forth in either Sections 3(a)(i) or 3(b)(i)) pursuant to this Agreement is subject to Executive signing and not revoking the Company’s customary separation and release of claims agreement (the
“Release”), which must become effective and irrevocable no later than the 60th day following Executive’s termination of employment (the “Release Deadline”). If the Release does not become
effective and irrevocable by the Release Deadline, Executive will forfeit any right to severance payments or benefits under this Agreement. In no event will severance payments or benefits be paid or provided until the Release actually becomes
effective and irrevocable. 
 (b) Confidential Information and Invention Assignment Agreements. Executive’s receipt of any
payments or benefits under Section 3 (other than the accrued benefits set forth in either Sections 3(a)(i) or 3(b)(i)) will be subject to Executive continuing to comply with the terms of the Employment, Confidential Information and
Invention Assignment Agreement, between the Company and Executive, as such agreement may be amended from time to time (the “ECIIAA”) and the Release. 

(c) Section 409A. 

(i) Notwithstanding anything to the contrary in this Agreement, no severance pay or benefits to be paid or provided to Executive, if any,
pursuant to this Agreement that, when considered together with any other severance payments or separation benefits, are considered deferred compensation under Section 409A of the Code, and the final regulations and any guidance promulgated
thereunder (“Section 409A”) (together, the “Deferred Payments”) will be paid or otherwise provided until Executive has a “separation from service” within the meaning of
Section 409A. Similarly, no severance payable to Executive, if any, pursuant to this Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulation
Section 1.409A-1(b)(9) will be payable until Executive has a “separation from service” within the meaning of Section 409A. 

(ii) It is intended that none of the severance payments under this Agreement will constitute Deferred Payments but rather will be exempt from
Section 409A as a payment that would fall within the “short-term deferral period” as described in Section 4(c)(iv) below or resulting from an involuntary separation from service as described in
Section 4(c)(v) below. 

  
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 (iii) Notwithstanding anything to the contrary in this Agreement, if Executive is a
“specified employee” within the meaning of Section 409A at the time of Executive’s termination (other than due to death), then the Deferred Payments, if any, that are payable within the first six months following Executive’s
separation from service, will become payable on the first payroll date that occurs on or after the date six months and one day following the date of Executive’s separation from service. All subsequent Deferred Payments, if any, will be payable
in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following Executive’s separation from service, but before the six month anniversary of the
separation from service, then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of Executive’s death and all other Deferred Payments will be payable in
accordance with the payment schedule applicable to each payment or benefit. Each payment and benefit payable under this Agreement is intended to constitute a separate payment under Section 1.409A-2(b)(2) of the Treasury Regulations. 

(iv) Any amount paid under this Agreement that satisfies the requirements of the “short-term deferral” rule set forth in
Section 1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Payments for purposes of clause (i) above. 

(v) Any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant to
Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit (as defined below) will not constitute Deferred Payments for purposes of clause (i) above. 

(vi) The foregoing provisions are intended to comply with the requirements of Section 409A so that none of the severance payments and
benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply. The Company and Executive agree to work together in good faith to consider
amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition before actual payment to Executive under Section 409A. 

5. Limitation on Payments. In the event that the severance and other benefits provided for in this Agreement or otherwise payable to
Executive (i) constitute “parachute payments” within the meaning of Section 280G of the Code, and (ii) but for this Section 5, would be subject to the excise tax imposed by Section 4999 of the Code, then
Executive’s benefits under Section 3 will be either: 
 (a) delivered in full, or 

(b) delivered as to such lesser extent which would result in no portion of such benefits being subject to excise tax under Section 4999
of the Code, 
 whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by
Section 4999 of the Code, results in the receipt by Executive on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some 

  
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portion of such benefits may be taxable under Section 4999 of the Code. If a reduction in severance and other benefits constituting “parachute payments” is necessary so that
benefits are delivered to a lesser extent, reduction will occur in the following order: (i) reduction of cash payments; (ii) cancellation of awards granted “contingent on a change in ownership or control” (within the meaning of
Code Section 280G), (iii) cancellation of accelerated vesting of equity awards; (iv) reduction of employee benefits. In the event that acceleration of vesting of equity award compensation is to be reduced, such acceleration of vesting
will be cancelled in the reverse order of the date of grant of Executive’s equity awards. 
 Unless the Company and Executive otherwise
agree in writing, any determination required under this Section 5 will be made in writing by the Company’s independent public accountants immediately prior to a Change in Control or such other person or entity to which the parties mutually
agree (the “Firm”), whose determination will be conclusive and binding upon Executive and the Company. For purposes of making the calculations required by this Section 5, the Firm may make reasonable assumptions and
approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and Executive will furnish to the Firm such information and documents as
the Firm may reasonably request in order to make a determination under this Section. The Company will bear all costs the Firm may incur in connection with any calculations contemplated by this Section 5. 

6. Definition of Terms. The following terms referred to in this Agreement will have the following meanings: 

(a) Cause. “Cause” means: 

(i) an act of dishonesty made by Executive in connection with Executive’s responsibilities as an employee; 

(ii) Executive’s conviction of, or plea of nolo contendere to, a felony or any crime involving fraud or embezzlement; 

(iii) Executive’s gross misconduct; 

(iv) Executive’s unauthorized use or disclosure of any proprietary information or trade secrets of the Company or any other party to
whom Executive owes an obligation of nondisclosure as a result of Executive’s relationship with the Company; 
 (v) Executive’s
willful breach of any obligations under any written agreement or covenant with the Company; 
 (vi) Executive’s failure to cooperate
in good faith with a governmental or internal investigation of the Company or its directors, officers or employees, if the Company has requested Executive’s cooperation; or 

(vii) Executive’s continued failure to perform Executive’s employment duties after Executive has received a written demand of
performance from the Company which specifically sets forth the factual basis for the Company’s belief that Executive has not substantially performed his duties and has failed to cure such non-performance to the Company’s satisfaction
within 10 business days after receiving such notice. 

  
 -6- 

 (b) Change in Control. “Change in Control” means the occurrence of
any of the following events: 
 (i) A change in the ownership of the Company which occurs on the date that any one person, or more than one
person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than 50% of the total voting power of the stock of the Company;
provided, however, that for purposes of this subsection, the acquisition of additional stock by any one Person, who is considered to own more than fifty percent 50% of the total voting power of the stock of the Company will not be considered a
Change in Control; or 
 (ii) A change in the effective control of the Company which occurs on the date that a majority of members of the
Board is replaced during any 12 month period by directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purposes of this clause (ii), if any Person
is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change in Control; or 

(iii) A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires (or
has acquired during the 12 month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 50% of the total gross fair
market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (iii), the following will not constitute a change in the ownership of a substantial
portion of the Company’s assets: (A) a transfer to an entity that is controlled by the Company’s stockholders immediately after the transfer, or (B) a transfer of assets by the Company to: (1) a stockholder of the Company
(immediately before the asset transfer) in exchange for or with respect to the Company’s stock, (2) an entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company, (3) a
Person, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company, or (4) an entity, at least 50% of the total value or voting power of which is owned, directly or
indirectly, by a Person described in this subsection (iii)(B)(3). For purposes of this subsection (iii), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to
any liabilities associated with such assets. 
 For purposes of this definition, persons will be considered to be acting as a group if they
are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. 

Notwithstanding the foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control
event within the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed or final Treasury Regulations and Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder
from time to time. 

  
 -7- 

 Further and for the avoidance of doubt, a transaction will not constitute a Change in Control
if: (i) its sole purpose is to change the state of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the
Company’s securities immediately before such transaction. 
 (c) Change in Control Period. “Change in Control
Period” means the period beginning three months prior to, and ending 12 months following, a Change in Control. 
 (d)
Code. “Code” means the Internal Revenue Code of 1986, as amended. 
 (e) Disability.
“Disability” will means that Executive has been unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be
expected to last for a continuous period of not less than 12 months. 
 (f) Equity Awards. “Equity
Awards” means Executive’s outstanding stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance stock units and any other Company equity compensation awards. 

(g) Good Reason. “Good Reason” means Executive’s voluntary termination, within 30 days following the
expiration of any Company cure period (discussed below) following the occurrence of one or more of the following, without Executive’s consent: 

(i) a material reduction of Executive’s duties, authority or responsibilities other than a reduction following a Change in Control where
Executive assumes similar functional duties for a stand-alone business unit (whether on a subsidiary or divisional basis) due to the Company becoming part of a larger entity; provided, however that a reduction resulting from the Company not
being a stand-alone business unit following a Change in Control will affirmatively be grounds for Good Reason; 
 (ii) a material reduction
in Executive’s base salary other than a one-time reduction of not more than 10% that also is applied to substantially all of the Company’s other executive officers; or; 

(iii) a material change in the geographic location of Executive’s primary work facility or location; provided, that a relocation of less
than 50 miles from Executive’s then present location will not be considered a material change in geographic location. 
 Executive may not resign for
Good Reason without first providing the Company with written notice within 90 days of the initial existence of the condition that Executive believes constitutes Good Reason specifically identifying the acts or omissions constituting the grounds
for Good Reason and a reasonable cure period of not less than 30 days following the date of such notice. 

  
 -8- 

 For purposes of the “Good Reason” definition, the term “Company” will be interpreted to
include any subsidiary, parent, affiliate or successor thereto, if applicable. 
 (h) Section 409A Limit. “Section
409A Limit” will mean two times the lesser of: (i) Executive’s annualized compensation based upon the annual rate of pay paid to Executive during the Executive’s taxable year preceding the Executive’s taxable year of
Executive’s termination of employment as determined under, and with such adjustments as are set forth in, Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (ii) the
maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which Executive’s employment is terminated. 

7. Successors. 
 (a)
The Company’s Successors. Any successor to the Company (whether direct or indirect and whether by purchase, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets
will assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a
succession. For all purposes under this Agreement, the term “Company” will include any successor to the Company’s business and/or assets which executes and delivers the assumption agreement described in this Section 7(a) or which
becomes bound by the terms of this Agreement by operation of law. 
 (b) Executive’s Successors. The terms of this Agreement and
all rights of Executive hereunder will inure to the benefit of, and be enforceable by, Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

8. Notice. 
 (a)
General. Notices and all other communications contemplated by this Agreement will be in writing and will be deemed to have been duly given when sent electronically or personally delivered when mailed by U.S. registered or certified mail,
return receipt requested and postage prepaid or when delivered by a private courier service such as UPS, DHL or Federal Express that has tracking capability. In the case of Executive, notices will be sent to the e-mail address or addressed to
Executive at the home address, in either case which Executive most recently communicated to the Company in writing. In the case of the Company, electronic notices will be sent to the e-mail addresses of the Chief Executive Officer and the General
Counsel and mailed notices will be addressed to its corporate headquarters, and all notices will be directed to the attention of its Chief Executive Officer and General Counsel. 

(b) Notice of Termination. Any termination by the Company for Cause or by Executive for Good Reason will be communicated by a notice of
termination to the other party hereto given in accordance with Section 8(a) of this Agreement. Such notice will indicate the specific termination provision in this Agreement relied upon, will set forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination under the provision so indicated, and will specify the termination date (which will be not more than 90 days after the giving of such notice). 

  
 -9- 

 9. Resignation. Upon the termination of Executive’s employment for any reason,
Executive will be deemed to have resigned from all officer and/or director positions held at the Company and its affiliates voluntarily, without any further required action by Executive, as of the end of Executive’s employment and
Executive, at the Board’s request, will execute any documents reasonably necessary to reflect Executive’s resignation. 
 10.
Arbitration. 
 (a) Arbitration. In consideration of Executive’s employment with the Company, its promise to arbitrate
all employment-related disputes, and Executive’s receipt of the compensation, pay raises and other benefits paid to Executive by the Company, at present and in the future, Executive agrees that any and all controversies, claims, or
disputes with anyone (including the Company and any employee, officer, director, stockholder or benefit plan of the Company in their capacity as such or otherwise) arising out of, relating to, or resulting from Executive’s employment with
the Company or termination thereof, including any breach of this Agreement, will be subject to binding arbitration under the Arbitration Rules set forth in California Code of Civil Procedure Section 1280 through 1294.2, including
Section 1281.8 (the “Act”), and pursuant to California law. The Federal Arbitration Act will also apply with full force and effect, notwithstanding the application of procedural rules set forth under the Act. 

(b) Dispute Resolution. Disputes that Executive agrees to arbitrate, and thereby agrees to waive any right to a trial by jury,
include any statutory claims under local, state, or federal law, including, but not limited to, claims under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act of 1990, the Age Discrimination in Employment Act of
1967, the Older Workers Benefit Protection Act, the Sarbanes Oxley Act, the Worker Adjustment and Retraining Notification Act, the California Fair Employment and Housing Act, the Family and Medical Leave Act, the California Family Rights Act, the
California Labor Code, claims of harassment, discrimination, and wrongful termination, and any statutory or common law claims. Executive further understands that this Agreement to arbitrate also applies to any disputes that the Company may have with
Executive. 
 (c) Procedure. Executive agrees that any arbitration will be administered by the Judicial Arbitration &
Mediation Services, Inc. (“JAMS”), pursuant to its Employment Arbitration Rules & Procedures (the “JAMS Rules”). The arbitrator will have the power to decide any motions brought by any party
to the arbitration, including motions for summary judgment and/or adjudication, motions to dismiss and demurrers, and motions for class certification, prior to any arbitration hearing. The arbitrator will have the power to award any remedies
available under applicable law, and the arbitrator will award attorneys’ fees and costs to the prevailing party, except as prohibited by law. The Company will pay for any administrative or hearing fees charged by the administrator or JAMS, and
all arbitrator’s fees, except that Executive will pay any filing fees associated with any arbitration that Executive initiates, but only so much of the filing fee as Executive would have instead paid had Executive filed a complaint in a court
of law. Executive agrees that the arbitrator will administer and conduct any arbitration in accordance with California 

  
 -10- 

 
law, including the California Code of Civil Procedure and the California Evidence Code, and that the arbitrator will apply substantive and procedural California law to any dispute or claim,
without reference to the rules of conflict of law. To the extent that the JAMS Rules conflict with California law, California law will take precedence. The decision of the arbitrator will be in writing. Any arbitration under this Agreement will be
conducted in Santa Clara County, California. 
 (d) Remedy. Except as provided by the Act, arbitration will be the sole, exclusive,
and final remedy for any dispute between Executive and the Company. Accordingly, except as provided by the Act and this Agreement, neither Executive nor the Company will be permitted to pursue court action regarding claims that are subject to
arbitration. Notwithstanding, the arbitrator will not have the authority to disregard or refuse to enforce any lawful Company policy, and the arbitrator will not order or require the Company to adopt a policy not otherwise required by law which
the Company has not adopted. 
 (e) Administrative Relief. Executive is not prohibited from pursuing an administrative claim with a
local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to employment, including, but not limited to, the Department of Fair Employment and Housing, the Equal Employment Opportunity
Commission, the National Labor Relations Board, or the Workers’ Compensation Board. However, Executive may not pursue court action regarding any such claim, except as permitted by law. 

(f) Voluntary Nature of Agreement. Executive acknowledges and agrees that Executive is executing this Agreement voluntarily and without
any duress or undue influence by the Company or anyone else. Executive further acknowledges and agrees that Executive has carefully read this Agreement and that Executive has asked any questions needed for Executive to understand the terms,
consequences and binding effect of this Agreement and fully understands it, including that EXECUTIVE IS WAIVING EXECUTIVE’S RIGHT TO A JURY TRIAL. Finally, Executive agrees that Executive has been provided an opportunity to seek
the advice of an attorney of Executive’s choice before signing this Agreement. 
 11. Miscellaneous Provisions. 

(a) No Duty to Mitigate. Executive will not be required to mitigate the amount of any payment contemplated by this Agreement, nor will
any such payment be reduced by any earnings that Executive may receive from any other source. 
 (b) Waiver. No provision of this
Agreement will be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive). No waiver by either party of any breach
of, or of compliance with, any condition or provision of this Agreement by the other party will be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

(c) Headings. All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this
Agreement. 

  
 -11- 

 (d) Entire Agreement. This Agreement, together with the ECIIAA, constitutes the entire
agreement of the parties hereto and supersedes in their entirety all prior representations, understandings, undertakings or agreements (whether oral or written and whether expressed or implied) of the parties with respect to the subject matter
hereof, including, but not limited to, any rights to any severance and/or change in control benefits set forth in Executive’s original offer letter, any prior severance agreement and/or any accelerated vesting terms set forth in an individual
Equity Award agreement. No waiver, alteration, or modification of any of the provisions of this Agreement will be binding unless it is in a writing that specifically mentions this Agreement and that is signed by Executive and by an authorized
officer of the Company (other than Executive). 
 (e) Choice of Law. The validity, interpretation, construction and performance of
this Agreement will be governed by the laws of the State of California (with the exception of its conflict of laws provisions). Any claims or legal actions by one party against the other arising out of the relationship between the parties
contemplated herein (whether or not arising under this Agreement) will be commenced or maintained in any state or federal court located in Santa Clara County. 

(f) Severability. The invalidity or unenforceability of any provision or provisions of this Agreement will not affect the validity or
enforceability of any other provision hereof, which will remain in full force and effect. 
 (g) Withholding. All payments made
pursuant to this Agreement will be subject to withholding of applicable income, employment and other taxes. 
 (h) Counterparts. This
Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. 

[Signature Page to Follow] 

  
 -12- 

 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company
by its duly authorized officer, as of the day and year set forth below. 
  

							
	COMPANY	 		 	BOX, INC.
				
		 		 	By:	  	  

				
		 		 	Title:	  	  

				
		 		 	Date:	  	  

				
	EXECUTIVE	 		 	By:	  	  

				
		 		 	Title:	  	  

				
		 		 	Date:	  	  

 [signature page of the Change in Control and Severance Agreement] 

  
 -13-

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