Document:

Exhibit 4.5

 

 

 

 

 

 

 

 

 

	ARM Holdings plc

                                                                                 

                                                                                 

                                                                                 

	
        US EMPLOYEE STOCK

        

        PURCHASE PLAN

         

	
        Adopted by ARM Holdings
        plc on 25 April 2006

        

        (as amended by the Share Schemes Committee
        on

        23 April 2007,15 October 2008 and 11 August 2010)

        

	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KPMG LLP

1 Puddle Dock

London

EC4V 3PD

 

     

    

    

Contents

 

	1	Purpose	1
	2	Administration	1
	3	Shares	1
	4	Offerings	2
	5	Eligibility	2
	6	Participation	2
	7	Employee
    Contributions	2
	8	Deductions
    Changes	2
	9	Withdrawal	3
	10	Grant
    of Options	3
	11	Exercise
    of Option and Purchase of Shares	4
	12	Issuance
    of Certificates	4
	13	Definitions	4
	14	Rights
    on Death or Other Termination of Employment	6
	15	Special
    Rules	6
	16	Optionees
    Not Shareholders	6
	17	Rights
    Not Transferable	7
	18	Application
    of Funds	7
	19	Adjustment
    in Case of Changes Affecting Shares	7
	20	Amendment
    of the Plan	11
	21	Insufficient
    Shares	12
	22	Termination
    of the Plan	12
	23	Governmental
    Regulations	12
	24	Governing
    Law	12
	25	Issuance
    of Shares	12
	26	Tax
    Withholding	12
	27	Notification
    upon Sale of Shares	12
	28	Effective
    Date and Approval of Shareholders	13

 

     

    

    

Rules of the ARM Holdings
plc US Employee Stock Purchase Plan

 

	1.		Purpose

 

The purpose
of the ARM Holdings plc (“the Parent”) US Employee Stock Purchase Plan (“the Plan”) is to provide employees
of the Designated Subsidiaries with opportunities to purchase ordinary shares in the capital of the Parent, having a par value
of 0.05p (the “Shares”). The Plan is intended to constitute an “employee stock purchase plan” within the
meaning of Section 423(b) of the Internal Revenue Code of 1986, as amended (the “Code”), and shall be interpreted
in accordance with that intent.

 

	2.		Administration
                                         

 

The Plan
will be administered by the Share Scheme Committee of the Parent’s Board of Directors (the “Committee”). The
Committee has authority to make rules and regulations for the administration of the Plan, including for the avoidance of doubt
for any notice or communication under or in connection with the Plan to be made by email or intranet, and its interpretations
and decisions with regard thereto shall be final and conclusive. No member of the Committee shall be liable for any action or
determination made in good faith with respect to the Plan or any option granted hereunder.

 

	3.		Shares

 

	3.1		Limit for all share
plans

 

Options
may be granted pursuant to these Rules provided that such Options shall be limited and take effect so that the grant does not
result in the aggregate of:

 

		(a)	pursuant to Rule 10,
the maximum number of Shares which remain issuable (and when it is a best practice requirement of the ABI, the maximum number
of Treasury Shares that remain reissuable) pursuant to subsisting Options granted under the Plan within the preceding five years;

 

		(b)	the actual number of
Shares which have been issued (and when it is a best practice requirement of the ABI, the actual number of Treasury Shares that
have been reissued) pursuant to Options granted under the Plan within the preceding five years; and

 

		(c)	the number of Shares
which have been issued (and when it is a best practice requirement of the ABI, the number of Treasury Shares that have been reissued)
or which remain issuable or reissuable accordingly (as the case may be) pursuant to rights granted under any Other Plan within
the preceding five years,

 

exceeding
ten per cent (10%) of the Shares in issue on the last Dealing Day before the Date of Grant PROVIDED THAT the limit in Rule 3.2
is not exceeded. The Parent’s Board of Directors may adjust the aggregate number of Shares in each case to reflect any subsequent
variation of Share capital of the Parent in such manner as the Board in their discretion consider is fair and reasonable PROVIDED
THAT the limit in Rule 3.2 is not exceeded.

 

    1 

    

    

	3.2		Number
                                         of Shares available under this Plan and for each Offering

 

Subject
to Rule 3.1, twenty-five million (25,000,000) Shares in aggregate will be available for issuance under the Plan, being 1.8% of
the Share Capital of the Parent at the date of the adoption of this limit.

 

Subject
to the limits contained in Rules 3.2, 7 and 10, the total number of Shares that may be awarded to a participant in any Offering
shall not exceed ten thousand (10,000).

 

	4.		Offerings

 

The Parent
will make one or more offerings to eligible employees to purchase Shares under the Plan (“Offerings”). Each Offering
will be for any period of between 6 and 24 calendar months as determined by the Committee from time to time.

 

	5.		Eligibility

 

All employees
including employees who are also directors of any Designated Subsidiary (as defined in Rule 13) are eligible to participate in
any one or more of the Offerings under the Plan, except where prohibited by law provided that as of the Offering Date they have
completed at least six (6) months of employment with the Parent or a Designated Subsidiary or such lesser period as the Committee
may decide from time to time.

 

	6.		Participation

 

An employee
eligible on any Offering Date may participate in such Offering by submitting an enrollment form to his appropriate payroll location
at least ten (10) business days before the Offering Date (or by such other deadline as shall be established for the Offering).
The form will (a) state a whole percentage to be deducted from his Compensation (as defined in Rule 13) per pay period during
the Offering, (b) authorize the purchase of Shares for him in the Offering in accordance with the terms of the Plan, and
(c) specify the exact name or names in which Shares purchased for him are to be issued pursuant to Rule 12. An employee who does
not enroll in accordance with these procedures will be deemed to have waived his right to participate. Notwithstanding the foregoing,
participation in the Plan will neither be permitted nor be denied contrary to the requirements of the Code.

 

	7.		Employee
                                         Contributions 

 

Each eligible
employee may authorize payroll deductions at any whole percentage up to a maximum of ten percent (10%) of his Compensation for
each pay period, or such other percentage established by the Committee. The Parent and each Designated Subsidiary will maintain
book accounts showing the amount of payroll deductions made by each participating employee for each Offering. No interest will
accrue or be paid on payroll deductions.

 

    2 

    

    

	8.		Deductions Changes

 

An employee
may not increase his payroll deduction during any Offering. An employee generally may not decrease his payroll deduction during
an Offering, but may terminate his payroll deduction for the remainder of the Offering and withdraw from the Offering under Rule
9.

 

	9.		Withdrawal

 

An employee
may withdraw from participation in an Offering by delivering a notice of withdrawal to his appropriate payroll location. The employee’s
withdrawal will be effective as of the next business day. Following an employee’s withdrawal, the Parent or Designated Subsidiary
will promptly refund to him his entire account balance under the Offering. Partial withdrawals are not permitted. The employee
may not begin participation again during the remainder of the Offering, but may enroll in a subsequent Offering in accordance
with Rule 6.

 

	10.		Grant
                                         of Options

 

On each
Offering Date, the Parent will grant to each eligible employee who is then a participant in the Plan an option (“Option”)
to purchase on the last day of such Offering (the “Exercise Date”), at the Option Price hereinafter provided for,
a maximum number of Shares equal to the Maximum Value for the Offering divided by the Fair Market Value of the Shares on the Offering
Date, including fractional Shares where relevant. The basis of determining the purchase price for each Share purchased under such
Option (the “Option Price”) will be decided by the Committee on the Offering Date and may be determined as a proportion
of the Fair Market Value of the Share on the Offering Date, a proportion of the Fair Market Value of the Share on the Exercise
Date or the lower of such amounts. However the purchase price for each Share decided by the Committee will not be less than the
lower of 85% of the Fair Market Value of the Share on the Offering Date and 85% of the Fair Market Value of the Share on the Exercise
Date.

 

Notwithstanding
the foregoing, no employee may be granted an Option hereunder if such employee, immediately after the option was granted, would
be treated as owning stock possessing five percent (5%) or more of the total combined voting power or value of all classes of
stock of the Parent or any “parent corporation” or Subsidiary (as defined in Rule 13). For purposes of the preceding
sentence, the attribution rules of Section 424(d) of the Code shall apply in determining the stock ownership of an employee, and
all stock which the employee has a contractual right to purchase shall be treated as stock owned by the employee. In addition,
no employee may be granted an Option which permits his rights to purchase Shares under the Plan, and any other employee stock
purchase plan of the Parent and any parent corporations and Subsidiaries, to accrue at a rate which exceeds $25,000 (or such other
limit specified in Section 423(8) of the Code) of the Fair Market Value of such Shares (determined on the Option grant date or
dates) for each calendar year in which the Option is outstanding at any time. The purpose of the limitation in the preceding sentence
is to comply with Section 423(b)(8) of the Code.

 

If the Parent
is prevented by statute, order, regulation or government directive or the Model Code from granting Options within the period of
42 days referred to in definition of “Offering Date”, then the Parent may grant Options within twenty one days of
the lifting of such restrictions.

 

    3 

    

    

	11.		Exercise of Option
and Purchase of Shares

 

Each employee
who continues to be a participant in the Plan on the Exercise Date shall be deemed to have exercised his Option on such date and
shall acquire from the Parent such number of Shares rounded down to the nearest whole number as his accumulated payroll deductions
on such date will purchase at the Option Price and the Exchange Rate in effect on the Exercise Date, subject to any other limitations
contained in the Plan. Any amount remaining in an employee’s account at the end of an Offering will be rolled over to the
next Offering. In the event that an employee leaves or decides not to participate in any future Offerings any such amount will
be refunded, without interest, to the employee promptly.

 

Where Shares
are listed or dealt on any recognised stock exchange within the meaning of section 841 of the UK Income and Corporation Taxes
Act 1988 or a recognised investment exchange within the meaning of the UK Financial Services and Markets Act 2000 (“Recognised
Exchange”) no Option may be exercised in contravention of the Model Code or such securities transactions rule of the Recognised
Exchange as may from time to time be in force.

 

	12.		Issuance
                                         of Certificates

 

Certificates
representing Shares purchased under the Plan may be issued only in the name of the employee, in the name of the employee and another
person of legal age as joint tenants with rights of survivorship, or in the name of a broker authorized by the employee to be
his, or their, nominee for such purpose.

 

	13.		Definitions

 

“ABI”
means the Association of British Insurers.

 

“Compensation”
means the amount of gross base pay, prior to salary reduction pursuant to either Section 125 or 401(k) of the Code, but excluding
overtime, commissions, incentive or bonus awards, allowances and reimbursements for expenses such as relocation allowances or
travel expenses, income or gains on the exercise of stock options, and similar items.

 

“Dealing
Day” means any business day on which London Stock Exchange plc is open for trading.

 

“Designated
Subsidiary” means any present or future Subsidiary (as defined below) that is designated from time to time by the Board
of Directors of the Parent or by the Committee to participate in the Plan. Subsidiaries may be so designated either before or
after the Plan is approved by the shareholders.

 

“Exchange
Rate” means the exchange rate designated by the Committee in advance of an Offering for the purpose of converting U.S.
dollars into British pounds.

 

    4 

    

    

“Fair
Market Value of the Shares” means an amount equal to the closing middle market quotation of a Share as derived from
the Daily Official List of the London Stock Exchange plc for the preceding trading date or, if the Shares are not listed on the
Daily Official List, the market value of a Share as determined in good faith by the Committee PROVIDED that such amount or value
is not less than the fair market value of the Shares for the purpose of the Code.

 

“Group”
means the Parent and any Subsidiary and “Group Company” shall be construed accordingly.

 

“Maximum
Value for the Offering” means a value determined by the Committee on the Offering Date but such that the value determined
does not exceed $25,000 (or such other limit specified in Section 423(8) of the Code) for each calendar year in which the Option
granted in respect of that Offering is outstanding at any time, determined in accordance with Section 423(8) of the Code, converted
into British pounds at the Exchange Rate in effect on the Offering Date.

 

“Model
Code” means the Model Code for transactions in securities by directors issued from time to time by the UK Listing Authority,
and/or any code adopted by the Parent’s Board of Directors in addition to or replacement of such publication.

 

“New
Option” means an option over shares meeting the requirements of sub-paragraphs 27(4)(c) and (d) of schedule 4 of the
UK Income Tax (Earnings and Pensions) Act 2003 granted in consideration for the release of a subsisting Option pursuant to Rule
19.1(d).

 

“Offering
Date” means the commencement date of the Offering which must be within the period of forty two days commencing on

 

		(i)	the day on which results
of the Parent are announced to the London Stock Exchange plc (or any successor thereto) for any period;

 

		(ii)	a
                                         day on which the Committee resolves that exceptional circumstances exist which justify
                                         the grant of Options;

 

		(iii)	any
                                         day on which changes to the law affecting such Options are announced, effected or made;
                                         or

 

		(iv)	if
                                         the Parent cannot grant Options under (i) to (iii) above due to restrictions imposed
                                         by statute, order, regulation, government direction, or the Model Code, within 42 days
                                         of the lifting of such restrictions.

 

“Other
Plan” means any plan (other than this Plan) which provides for the subscription of Shares by or on behalf of employees
of the Group;

 

“Parent”
means ARM Holdings plc registered in England and Wales under number 2548782.

 

“parent
corporation” means a “parent corporation”, as defined in Section 424(e) of the Code, with respect to the
Parent.

 

    5 

    

    

“Recognised
Exchange” means a recognised stock exchange within the meaning of section 841 of the UK Income and Corporation Taxes
Act 1988 or a recognised investment exchange within the meaning of the UK Financial Services and Markets Act 2000.

 

The term
“Subsidiary” means a “subsidiary corporation”, as defined in Section 424(f) of the Code, with respect
to the Parent.

 

“Treasury
Shares” means shares in the Parent as defined in section 162A UK Companies Act 1985 as inserted by the Companies (Acquisition
of Own Shares) (Treasury Shares) Regulations 2003.

 

	14.		Rights
                                         on Death or Other Termination of Employment

 

Subject
to Rule 19.4, if a participating employee’s employment terminates before the Exercise Date for any Offering for any reason
other than death, no further payroll deduction will be taken from any pay due and owing to the employee and the balance in his
account will be paid to him as if he had withdrawn from the Plan under Rule 9. For the purpose of this Rule 14 an employee’s
employment shall be treated as terminating on the date he ceases to be employed by a Group Company without immediately commencing
employment with another Group Company.

 

If a participating
employee dies before the Exercise Date for an Offering, his designated beneficiary shall have the right to elect either to exercise
the participant’s Option on the Exercise Date for the Offering or to withdraw from the Offering. Such election shall be
made by written notice to the Parent or Designated Subsidiary in the form provided by the Committee, delivered prior to the Exercise
Date and not later than sixty (60) days after the participant’s death. If the designated beneficiary elects to withdraw,
or makes no election within the applicable time period, the balance of the participant’s account will be paid to his designated
beneficiary as if he had withdrawn from the Plan under Rule 9. Beneficiaries shall be designated in the manner provided by the
Committee.

 

	15.		Special
                                         Rules 

 

Notwithstanding
anything herein to the contrary, the Committee may adopt special rules applicable to the employees of the Parent or of a particular
Designated Subsidiary, whenever the Committee determines that such rules are necessary or appropriate for the implementation of
the Plan in a jurisdiction where the Parent or such Designated Subsidiary has employees; provided that such rules are consistent
with the requirements of Section 423(b) of the Code. Such special rules may include (by way of example, but not by way of limitation)
the establishment of a method for employees of a given Designated Subsidiary to fund the purchase of Shares other than by payroll
deduction, if the payroll deduction method is prohibited by local law or is otherwise impracticable. Any special rules established
pursuant to this Rule 15 shall, to the extent possible, result in the employees subject to such rules having substantially the
same rights as other participants in the Plan.

 

    6 

    

    

	16.		Optionees
                                         Not Shareholders

 

	16.1		Neither the granting
of an Option to an employee nor the deductions from his pay shall constitute such employee a shareholder of the Shares covered
by an Option under the Plan until such Shares have been purchased by and issued to him.

		 	 

	16.2		Participation in the Plan
shall be on the express condition that:-

 

		(a)	neither it nor cessation
of participation shall afford any individual under the terms of his office or employment with any member of the Group any additional
or other rights to compensation or damage; and

 

		(b)	no damages or compensation
shall be payable in consequence of the termination of such office or employment (whether or not in circumstances giving rise to
a claim for wrongful or unfair dismissal) or for any other reason whatsoever to compensate him for the loss of any rights the
participant would otherwise have had (actual or prospective) under the Plan howsoever arising but for such termination; and

 

		(c)	the participating employee
shall be deemed irrevocably to have waived any such rights to which he may otherwise have been entitled.

 

		(d)	neither the grant of
an Option nor any benefit which may accrue to a participant in respect of an Option shall form part of that participant’s
pensionable compensation for the purposes of any pension scheme or similar arrangement which may be operated by any Group Company.

 

	17.		Rights
                                         Not Transferable

 

Rights under
the Plan are not transferable by a participating employee other than by will or the laws of descent and distribution, and are
exercisable during the employee’s lifetime only by the employee.

 

	18.		Application
                                         of Funds

 

All funds
received or held by the Parent or any Designated Subsidiary under the Plan may be combined with other corporate funds and may
be used for any corporate purpose.

 

	19.		Adjustment
                                         in Case of Changes Affecting Shares

 

	19.1		Takeovers,
                                         reconstructions & option exchanges

 

		(a)	If any person obtains
Control of the Parent (within the meaning of section 840 of the UK Income and Corporation Taxes Act 1988) as a result of making:

 

		(i)	a general offer to acquire
the whole of the issued share capital of the Parent (other than that which is already owned by him) which is unconditional or
which is made on a condition such that if it is satisfied the person making the offer will have Control of the Parent; or

 

		(ii)	a general offer to acquire
all the shares (other than shares which are already owned by him) in the Parent which are of the same class as Shares subject
to a subsisting Option

 

    7 

    

    

then
the Parent shall notify all participating employees as soon as is practicable of the offer. Any subsisting Option may, subject
to Rules 19.1(f) and 19.1(g), be exercised (but so that any exercise hereunder shall be conditional upon Control being obtained)
from the date of the receipt of that notification up to the expiry of a period ending six months from the time when the person
making the offer has obtained Control of the Parent and any condition subject to which the offer is made has been satisfied. Subject
to Rule 19.1(i), at the end of this six month period an unexercised Option shall lapse.

 

		(b)	If under section 425
of the UK Companies Act 1985 it is proposed that the Court sanctions a compromise or arrangement likely to affect or apply to
Shares then the Parent shall give notice thereof to all participating employees at the same time as it sends notices to members
of the Parent calling the meeting to consider such a compromise or arrangement. Any subsisting Option may, subject to Rules 19.1(f)
and 19.1(g), be exercised by a participating employee subject to the terms of this Rule before the later of the expiry of six
months from the date of such notice and the date on which the Court sanctions such compromise or arrangement. Subject to Rule
19.1(i), at the end of the relevant period an unexercised Option shall lapse. The exercise of an Option under this Rule 19.1(b)
shall be conditional on such compromise or arrangement being sanctioned by the Court and becoming effective. If the Shares acquired
on the exercise of the Option are not subject to such compromise or arrangement then the participating employee shall transfer
or otherwise deal with the Shares issued to him so as to place him in the same position (so far as possible) as would have been
the case if such Shares had been subject to such compromise or arrangement.

 

		(c)	If any person becomes
bound or entitled to acquire Shares in the Parent under sections 428 to 430 of the UK Companies Act 1985 any subsisting Option
may, subject to Rules 19.1(f) and 19.1(g), be exercised at any time when that person remains so bound or entitled. Subject to
Rule 19.1(i), at the end of this period an unexercised Option shall lapse.

 

		(d)	If as a result of the
events specified in Rules 19.1(a), 19.1(b) or 19.1(c) a company has obtained Control of the Parent, or a company has become bound
or entitled as mentioned in Rule 19.1(c), the participating employee may, if that company so agrees, release any subsisting Option
he holds in consideration for the grant of a New Option.

 

A
New Option issued in consideration of the release of an Option shall be evidenced by an Option document which shall import the
relevant provisions of these Rules.

 

A
New Option shall, for all other purposes of this Plan, be treated as having been acquired at the same time as the corresponding
released Option.

 

		(e)	If any person seeks
to obtain or obtains Control of the Parent other than as a result of the events specified in Rules 19.1(a) or 19.1(b) then the
Committee shall notify all participating employees as soon as practicable after the offer or change of Control. Any subsisting
Option may, subject to Rules 19.1(f) and 19.1(g), be exercised (but so that any exercise hereunder shall be conditional upon Control

 

    8 

    

    

being
obtained) from the date of the receipt of that notification up to the expiry of a period ending six months from the time when
the person obtains Controlof the Parent and any condition subject to which the offer is made has been satisfied. Subject to Rule
19.1(i) at the end of this six month period an unexercised Option shall lapse.

 

		(f)	If as a result of the
events specified in Rules 19.1(a), 19.1(b) or 19.1(e) a person has obtained Control of the Parent, or if a person has become bound
or entitled as mentioned in Rule 19.1(c), the Committee shall be entitled at any time to specify that all subsisting Options shall
cease to be exercisable at the end of a period of not less than 30 days by notice in writing to the participating employees to
this effect. At the end of the period so specified an unexercised Option shall cease to be exercisable.

 

		(g)	If as a result of the
events specified in Rules 19.1(a), 19.1(b) or 19.1(e) a company will obtain Control of the Parent, or a company will become bound
or entitled as mentioned in Rule 19.1(c) then notwithstanding Rules 19.1(a), 19.1(b), 19.1(c) or 19.1(e) if when the company acquires
Control or becomes bound or entitled the majority of the persons comprising its board are members of the Parent’s Board
of Directors an Option will only become exercisable as a result of the operation of 19.1(a), 19.1(b), 19.1(c) or 19.1(e) where
neither an offer is made with the agreement of the acquiring company for the grant of New Options pursuant to Rule 19.1(d) in
consideration of the release of all subsisting Options nor a person makes an offer to exchange all subsisting Options within:

 

		(i)	30 days of the date of
change of Control referred to in Rule 19.1(a) or 19.1(e);

 

		(ii)	30 days of the Court sanctioning
a compromise or arrangement referred to in Rule 19.1(b); or

 

		(iii)	21 days of the first day
of the period during which a person is bound or entitled to acquire Shares referred to in Rule 19.1(c)

 

If
no offer is made within the period so defined, Rules 19.1(a), 19.1(b), 19.1(c) and 19.1(e) shall continue to apply. For the avoidance
of doubt this Rule 19.1(g) does not affect the date the Options lapse under Rules 19.1(a), 19.1(b), 19.1(c) or 19.1(e).

 

		(h)	If notice is duly given
of a general meeting at which a resolution will be proposed for the voluntary winding-up of the Parent, then the Parent shall
notify all participating employees as soon as is practicable and any subsisting Option shall be exercisable (but so that any exercise
hereunder shall be conditional upon such resolution being passed) at any time thereafter until the resolution is duly passed or
defeated or the general meeting is concluded or adjourned, whichever shall first occur. Subject to Rule 19.1(i), if such a resolution
is passed an unexercised Option shall thereupon lapse.

 

		(i)	An Option whether or
not exercisable prior to or as a result of the occurrence of an event specified in Rules 19.1(a), 19.1(b), 19.1(c), 19.1(e) or
19.1(h) shall if an event so specified occurs lapse in accordance with the relevant sub-rule of Rule

 

    9 

    

    

19.1, or if earlier,
as determined by any other provision of these Rules dealing with the time of lapse. Where prior to the date an Option lapses there
occurs one or more further events specified in Rules 19.1(a), 19.1(b), 19.1(c), 19.1(e) or 19.1(h) an Option shall lapse on the
earlier of the date determined by the preceding part of this Rule 19.1(i) and the date of lapse relevant to the further event
or events.

 

		(j)	For the purpose of this
Rule 19.1 a person shall be deemed to have obtained Control of the Parent if he and others acting in concert with him have together
obtained Control of it.

 

		(k)	A New Option shall not
be exercisable by virtue of the event pursuant to which it was granted.

 

		(l)	No Option shall be exercised
pursuant to this Rule 19.1 on a date later than the Exercise Date under Rule 10. If any condition on exercise of an Option that
arises under this Rule 19.1 has not been satisfied by that date, such condition shall be deemed not satisfied and such Option
shall lapse on that date.

 

		(m)	No deduction from an
employee’s Compensation shall be made after notice has been given under Rule 19.1(a), (b) or (e) or where a person first
becomes bound or entitled under Rule 19.1(c).

 

	19.2		Variation
                                         of share capital

 

		(a)	In the event of any variation
of the share capital of the Parent, including, but without prejudice to the generality of the preceding words, any capitalisation,
rights issue, open offer, consolidation, sub-division, reduction of capital, and/or in the event of a special dividend or distribution
in specie (including a demerger in the form of a distribution in specie) or other demerger in whatever form) the number of Shares
subject to any Option and the Option Price may be adjusted by the Committee in such manner as is, in their opinion, fair and reasonable
provided that such variation does not amount to a modification of the Option for the purposes of Section 424(h) of the Code and
that the Option Price for a Share subject to an Option to subscribe is not reduced below its nominal value unless (and to the
extent that) the Parent’s Board of Directors gives an undertaking that upon the exercise of such Option arrangements will
be made for the capitalisation of undistributed profits or reserves of the Parent of an amount equal to the difference between
the aggregate Option Price and the aggregate nominal value of the Shares to be issued upon such exercise.

 

Such
variation shall be deemed to be effective from the record date at which the respective variation applied to other shares of the
same class as the Shares. Any Options exercised within the period from the record date to the date when the Options are adjusted
shall be treated as exercised with the benefit of the variation.

 

		(b)	The Committee shall take
such steps as it considers necessary to notify participating employees of any adjustment made under Rule 19.2(a).

 

    10 

    

    

	19.3		Other
                                         changes affecting the Shares

 

In the event
of any other change affecting the Shares, such adjustment may be made as shall be deemed equitable by the Committee to give proper
effect to such event provided that it does not amount to a modification of the Option for the purposes of Section 424(h) of the
Code.

 

	19.4		Acquisition of Designated
Subsidiary

 

In the event
that a participating employee ceases or will shortly cease to be an employee for the purposes of Rule 5 by reason only of the
proposed dissolution, liquidation or merger or acquisition of any Subsidiary the outstanding Options of each affected participating
employee shall be released in consideration for substitute new options by any successor company or (as appropriate) a parent or
subsidiary of the successor company. In the event that a successor company refuses to substitute new options in this way, the
participating employee shall have the right to exercise the Option as to so many of the Shares as can be acquired with the accumulated
payroll deductions made during the Offering. Where the participating employee has the right to exercise Options by this Rule 19.4,
the Committee shall give notice of the relevant event to the participating employee, specifying a reasonable period of time (which
shall not be shorter than 14 days or longer than 30 days) in which the Option may be so exercised. Where new options are substituted
for Options, the Committee shall determine, at its discretion, the proper exchange ratio of the Options and the new options for
the purposes of such substitution; shall be authorized to accelerate the Exercise Date of any or all of the Options; and shall
be authorized to make all necessary adjustments to the terms of the Options and the substituted options (including, without limitation,
adjustments in the exercise price) which the Committee in its discretion considers are fair in the circumstances. No subsisting
Option shall be exercised pursuant to this Rule 19.4 on a date later than the Exercise Date under Rule 10.

 

	19.5		Lapse
                                         of Options

 

Where
under the provisions of Rule 19 an Option lapses the Parent or Designated Subsidiary will promptly refund to the participating
employee his entire account balance under the Offering.

 

	20.		Amendment
                                         of the Plan

 

	20.1		Amendment
                                         to plan rules except Rule 3.2

 

The Board
of Directors of the Parent or the Committee may at any time, and from time to time, amend the Plan except that without the approval
of the shareholders of the Parent no amendment (save as noted in Rule 20.2) shall be made increasing the number of Shares approved
for the Plan or making any other change that would require shareholder approval in order for the Plan, as amended, to qualify
as an “employee stock purchase plan” under Section 423(b) of the Code or altering to the advantage of any participating
employee (except for minor amendments to benefit the administration of the plan, to take account of a change in the legislation,
or to obtain or maintain favourable tax, exchange control or regulatory treatment for participating employees in the plan or for
the Parent or for Designated Subsidiaries) the persons to whom or for whom Shares and any other benefits are provided under the
plan; the limitations on the number of Shares subject to the plan; the maximum entitlement of any participating employee; and
the basis for determining a participating employee’s entitlement to Shares and any other benefits and for the adjustment
thereof under Rule 19.2.

 

    11 

    

    

	20.2		Amendment
                                         to Rule 3.2

 

In the case
of an amendment to Rule 3.2, provided that such amendment would not thereby enable the limit in Rule 3.1 to be exceeded, the Board
of Directors of the Parent or the Committee may make such amendment subject to obtaining the approval within twelve months of
such Board of Directors of the Parent or Committee amendment by the holders of a majority of the shares of the stock of the Parent
present or represented and entitled to vote at a meeting of the shareholders.

 

	21.		Insufficient
                                         Shares

 

If the total
number of Shares that would otherwise be purchased on any Exercise Date plus the number of Shares purchased under previous Offerings
under the Plan exceeds the maximum number of Shares issuable under the Plan, the Shares then available shall be apportioned among
participants in proportion to the amount of payroll deductions accumulated on behalf of each participant that would otherwise
be used to purchase Shares on such Exercise Date.

 

	22.		Termination
                                         of the Plan

 

The Plan
shall terminate on the tenth anniversary of its adoption and may be terminated at any time by the Board of Directors of the Parent
or the Committee. Upon termination of the Plan, all amounts in the accounts of participating employees shall be promptly refunded.

 

	23.		Governmental
                                         Regulations

 

The Parent’s
obligation to sell and deliver Shares under the Plan is subject to all governmental approvals required in connection with the
authorization, issuance, or sale of such Shares and all applicable rules of any securities exchange on which Shares are listed
or traded. The Parent may require, as a condition of exercise of any Option, that either (a) a registration statement under the
Securities Act of 1933, as amended, shall be effective with respect to such Shares, or (b) the participating employee or beneficiary
shall have represented, in a manner satisfactory to the Parent, that it is his intention to purchase the Shares for investment
and not for resale or distribution.

 

	24.		Governing
                                         Law

 

The Plan
shall be governed by Delaware law except to the extent that such law is preempted by federal law or UK law.

 

	25.		Issuance
                                         of Shares

 

Shares may
be issued from authorized but unissued Shares, Treasury Shares reissued or Shares transferred by a third party upon exercise of
an Option.

 

    12 

    

    

	26.		Tax
                                         Withholding

 

Participation
in the Plan is subject to any required tax and/or social security and similar liabilities (whether of the United States or any
other country) withholding on income of the participant in connection with the Plan. Each employee agrees, by entering the Plan,
that the Parent and the Subsidiaries shall have the right to deduct any such taxes from any payment of any kind otherwise due
to the employee, including Shares issuable under the Plan or to make any other arrangements necessary for the Parent and the Subsidiaries
to satisfy such withholding obligations.

 

	27.		Notification
                                         upon Sale of Shares 

 

Each employee
agrees, by entering the Plan, to give the Parent or Designated Subsidiary prompt notice of any disposition of shares purchased
under the Plan where such disposition occurs within one year after the Exercise Date on which such Shares were purchased or within
two years after the Offering Date for the Offering in which such Shares were purchased.

 

	28.		Effective
                                         Date and Approval of Shareholders

 

The Plan
shall take effect on the later of its adoption by the Board of Directors of the Parent and its approval by the holders of a majority
of the shares of the Parent present or represented and entitled to vote at a meeting of shareholders, which approval must occur
within twelve (12) months of the adoption of the Plan by the Board.

 

    13Exhibit

Exhibit 10.8.13

JACK IN THE BOX INC.
TIME-VESTING RESTRICTED STOCK UNIT AWARD AGREEMENT
UNDER THE 2004 STOCK INCENTIVE PLAN

This Time-Vesting Restricted Stock Unit Award Agreement (the “Agreement”) is made and entered into effective as of [Month Day, Year] (the “Grant Date”) by and between Jack in the Box Inc., a Delaware corporation (the “Company”), and [First Name Last Name] (the “Awardee”).
RECITALS
The Compensation Committee (the “Committee”) of the Board of Directors of the Company (the “Board”) which administers the Company’s 2004 Stock Incentive Plan, as amended from time to time (the “Plan”), has granted to the Awardee as of the Grant Date this award of Time-Vesting Restricted Stock Units (the “RSU Award”), on the terms and conditions set forth herein. 
AGREEMENT
In consideration of the foregoing and of the mutual covenants set forth herein and other good and valuable consideration, the parties hereto agree as follows:
1.    CONSIDERATION.  The RSU Award has been granted in consideration of the Awardee’s continued employment with the Company or a Subsidiary Corporation and acceptance by the Awardee of the terms and conditions set forth below and in the Plan.
2.    TIME-VESTING RESTRICTED STOCK UNIT AWARD
(a)    RSU AWARD.  The Committee hereby grants to the Awardee as of the Grant Date, pursuant to the terms of the Plan and this Agreement, an award (the “Award”) of [Total # Units Granted] RSUs representing the right to receive an equal number of shares of the Company’s Common Stock (“Stock”) upon vesting over a period of years.  All of the RSUs are nonvested and forfeitable as of the Grant Date.  
(b)    TIME-BASED VESTING.  The RSUs will be subject to vesting over 4 years, subject to the provisions of this Agreement, and may be rounded in each case to avoid fractional shares:
<<Number of Units>> RSUs shall vest on [Month Day, Year – 1 year from grant date]
<<Number of Units>> RSUs shall vest on [Month Day, Year – 2 years from grant date]
<<Number of Units>> RSUs shall vest on [Month Day, Year – 3 years from grant date]
<<Number of Units>> RSUs shall vest on [Month Day, Year – 4 years from grant date]
Each such date on which vesting is scheduled to occur shall be referred to as a “Vesting Date.”  Vesting shall be contingent on the Awardee’s continued employment with the Company or a Subsidiary Corporation from the Grant Date through the applicable Vesting Date.  
3.    TERMINATION OF EMPLOYMENT.  

(a)    General.  Except as set forth in paragraph (b) below, if the Awardee ceases to provide Service to the Company or a Subsidiary Corporation prior to the date that the RSUs vest in full, then the unvested RSUs as of the date of such cessation will be forfeited to the Company immediately and automatically upon such cessation without payment of any consideration for the RSUs, and the Awardee will have no further right, title or interest in or to such RSUs or the underlying shares of Stock.
(b)    Termination due to Death, Disability, or Retirement.  If the Awardee ceases to provide Service to the Company or a Subsidiary Corporation prior to the date that the RSUs vest in full due to the Awardee’s death, Disability, or Retirement, then all unvested RSUs shall become 100% vested on the date of such cessation.  For purposes of this Agreement: (i) “Disability” means a physical or mental condition that results in a total and permanent disability to such extent that the Awardee is eligible for disability benefits under the federal Social Security Act, and (ii) “Retirement” means the Awardee’s termination of employment other than “for cause” (as determined by the Board in its sole discretion) due to retirement at age 55 or older with 10 or more full years of continuous Service with the Company or a Subsidiary Corporation.  Accelerated vesting in accordance with the foregoing will only occur if the Awardee’s cessation of employment is also a “separation from service” as defined in Section 409A of the Code.
4.    SETTLEMENT OF RSUs.
(a)    Subject to the provisions of this Agreement, including Sections 11 and 20(g), and the six-month delay of payment described in paragraph (b) below, the Company shall deliver to the Awardee through a Company-designated brokerage firm, within 30 days following the applicable RSU vesting date, a number of shares of Stock equal to the number of RSUs that became vested on such vesting date (the “Award Shares”), net of any tax withholding. 
(b)    If the Awardee is, on the date of the Awardee’s cessation of employment, a “specified employee,” as described in Section 409A of the Code and determined by the Company, then payment of the RSUs that become vested in accordance with Section 3 due to Awardee’s cessation of employment due to Disability or Retirement will be made within 30 days after the six-month anniversary of the Awardee’s cessation of employment.  
5.    TAXES AND WITHHOLDING.  
(a)    Any income taxes, FICA, state disability insurance or other similar payroll and withholding taxes (“Withholding Obligation”) arising from the receipt of Award Shares is the sole responsibility of the Awardee. The Company, to the extent permitted by law, may deduct any Withholding Obligation arising from the receipt or vesting of the Award from any payment of any kind due to the Awardee, including the Award, and the net balance will be settled in whole shares of Stock of the Company (“Award Shares”).  If withheld in shares, such shares shall be valued at Fair Market Value, as defined in the Plan, on the applicable date for such purposes and shall not exceed in amount the minimum statutory tax Withholding Obligation.  In no event shall the Company be required to deliver a fractional share of Stock in settlement of the Award.
(b)    By accepting this Award, Awardee hereby elects, effective on the date Awardee accepts this Award, to sell shares of Stock issued in respect of the Award in an amount determined in accordance with this Section, and to allow the Agent, as defined below, to remit the cash proceeds of such sales to the Company 

as more specifically set forth below (a “Sell to Cover”) to permit Awardee to satisfy the Withholding Obligation to the extent the Withholding Obligation is not otherwise satisfied pursuant to the provisions of Section 5(c) below and further acknowledges and agrees to the following provisions:
(i)    Awardee hereby irrevocably appoints the Company’s designated broker E*Trade, or such other registered broker-dealer that is a member of the Financial Industry Regulatory Authority as the Company may select, as Awardee’s agent (the “Agent”), and authorizes and directs the Agent to:
(1)    Sell on the open market at the then prevailing market price(s), on Awardee’s behalf, as soon as practicable on or after the date on which the shares of Stock are delivered to Awardee pursuant to Section 4 hereof in connection with the vesting of the RSUs, the number (rounded up to the next whole number) of shares of Stock sufficient to generate proceeds to cover (A) the satisfaction of the Withholding Obligation arising from the vesting of those RSUs and the related issuance of shares of Stock to Awardee that is not otherwise satisfied pursuant to Section 5(c) hereof and (B) all applicable fees and commissions due to, or required to be collected by, the Agent with respect thereto;
(2)    Remit directly to the Company and/or any Affiliate the proceeds necessary to satisfy the Withholding Obligation;
(3)    Retain the amount required to cover all applicable fees and commissions due to, or required to be collected by, the Agent, relating directly to the sale; and
(4)    Deposit any remaining funds in Awardee’s account. 
(ii)    Awardee acknowledges that Awardee’s election to Sell to Cover and the corresponding authorization and instruction to the Agent set forth in this Section is intended to comply with the requirements of Rule 10b5-1(c)(1) under the Exchange Act and to be interpreted to comply with the requirements of Rule 10b5-1(c) under the Exchange Act (Awardee’s election to Sell to Cover and the provisions of this Section, collectively, the “10b5-1 Plan”). Awardee acknowledges that by accepting this Award, he or she is adopting the 10b5-1 Plan to permit Awardee to satisfy the Withholding Obligation. Awardee hereby authorizes the Company and the Agent to cooperate and communicate with one another to determine the number of shares of Stock that must be sold pursuant to this Section to satisfy Awardee’s obligations hereunder.
(iii)    Awardee acknowledges that the Agent is under no obligation to arrange for the sale of Stock at any particular price under this 10b5-1 Plan and that the Agent may effect sales as provided in this 10b5-1 Plan in one or more sales and that the average price for executions resulting from bunched orders may be assigned to Awardee’s account.  In addition, Awardee acknowledges that it may not be possible to sell shares of Stock as provided for in this 10b5-1 Plan and in the event of the Agent’s inability to sell shares of Stock, Awardee will continue to be responsible for the timely payment to the Company of all federal, state, local and foreign taxes that are required by applicable laws and regulations to be withheld. 
(iv)    Awardee hereby agrees to execute and deliver to the Agent any other agreements or documents as the Agent reasonably deems necessary or appropriate to carry out the purposes and intent of this 10b5-1 Plan. The Agent is a third-party beneficiary of this Section and the terms of this 10b5-1 Plan.  

(v)    Awardee’s election to Sell to Cover and to enter into this 10b5-1 Plan is irrevocable.  This 10b5-1 Plan shall terminate not later than the date on which the Withholding Obligation arising from the vesting of the RSUs and the related issuance of shares of Stock has been satisfied.
 
(c)    Alternatively, or in addition to or in combination with the Sell to Cover provided for under Section 5(b), Awardee authorizes the Company, at its discretion, to satisfy the Withholding Obligation by the following means (or by a combination of the following means):
(i)    Requiring Awardee to pay to the Company any portion of the Withholding Obligation in cash;
(ii)    Withholding from any compensation otherwise payable to Awardee by the Company; and/or
(iii)    Withholding shares of Stock from the shares of Stock issued or otherwise issuable to Awardee in connection with the Award with a Fair Market Value (measured as of the date shares of Stock are issued pursuant to Section 4) equal to the amount of the Withholding Obligation; provided, however, that the number of such shares of Stock so withheld shall not exceed the amount necessary to satisfy the Company’s required tax withholding obligations using the minimum statutory withholding rates for federal, state, local and foreign tax purposes, including payroll taxes, that are applicable to supplemental taxable income.
(d)    Unless the Withholding Obligations of the Company and/or any Affiliate are satisfied, the Company shall have no obligation to deliver to Awardee any Stock.
6.    HOLDING PERIOD REQUIREMENT.  As a condition to receipt of this Award, Awardee hereby acknowledges and agrees to be bound by applicable stock holding requirements that could require that the Awardee hold and not transfer under any circumstance until the Awardee’s termination of employment with the Company or Subsidiary Corporation: 50% (rounded to the nearest whole share) of the total shares of Stock issued to Awardee pursuant to vesting of the RSU award (such percentage applying to Award Shares, net of any portion withheld to satisfy the Withholding Obligation).
7.    AWARD AS COMPENSATION.  No amount attributable to this Award shall be considered as compensation for the purposes of any other Company sponsored plan.
8.    LEGALITY.  The Company is not required to issue any shares of Stock subject to this Award unless and until all applicable requirements of the Securities and Exchange Commission (the “SEC”), the California Department of Corporations or other regulatory agencies having jurisdiction with respect to such issuance, and any exchanges upon which the Stock may be listed, shall have been fully complied with.  If shares of Stock subject to this Award are being distributed subject to restrictions or if the rules and interpretations of the SEC so require, such shares may be issued only if the Awardee represents and warrants in writing to the Company that the shares are being acquired for investment and not with a view to the distribution thereof, and any certificates issued upon distribution of the shares shall bear appropriate legends setting forth the restrictions on transfer of such shares.  Such legends may not be removed until the Company so requests, based on the opinion of the Company’s Counsel that the restrictions are no longer applicable.

9.    ADJUSTMENTS IN STOCK; DISSOLUTION OR LIQUIDATION.  Subject to the provisions of the Plan, if the outstanding shares of the Company Stock of the class subject to this Award are increased or decreased, or are changed into or exchanged for a different number or kind of shares or securities as a result of one or more reorganizations, recapitalizations, stock splits, reverse stock splits, stock dividends and the like, appropriate adjustments, to be conclusively determined by the Committee, shall be made in the number and/or type of shares or securities subject to this Award and any fractional shares resulting from adjustments will be rounded down to the nearest whole number.  Upon the dissolution or liquidation of the Company, the Award will terminate in full for no consideration.
10.    NONTRANSFERABILITY.  Except as otherwise provided in this Paragraph, this Award is not transferable other than by will or the laws of descent and distribution.  This Award shall not be otherwise transferred, assigned, pledged, hypothecated or disposed of in any way, whether by operation of law or otherwise, and shall not be subject to execution, attachment or similar process.  Upon any attempt to transfer this Award otherwise than by will or the laws of descent and distribution or to assign, pledge, hypothecate or otherwise dispose of this Award, other than as permitted herein, or upon the levy of any execution, attachment or similar process upon this Award, this Award shall immediately terminate and become null and void. 
11.    EFFECT OF CHANGE IN CONTROL.  
(a)    Treatment of RSU Award. Notwithstanding the terms set forth in the Plan, in the event of a Change in Control (as defined in the Plan), the Acquiring Corporation (as defined in the Plan) may assume the Company’s rights and obligation under the RSU Award or substitute for the outstanding RSU Award substantially equivalent restricted stock units for the Acquiring Corporation’s stock.  In the event the Acquiring Corporation elects not to assume or substitute for the outstanding RSU Award in connection with a Change in Control, the RSU Award held by the Awardee whose Service has not terminated prior to such date shall become 100% vested and payable effective as of the date of the Change in Control (except as otherwise provided in this Agreement).   For this purpose, the final value of the Award shall be based on the Fair Market Value of the Stock on the effective date of the Change in Control.  Any acceleration with the foregoing shall be conditioned upon the consummation of the Change in Control.  If the Acquiring Corporation assumes or substitutes for the outstanding RSU Award, the RSU Award, to the extent not vested,  shall become 100% vested and payable effective upon the Awardee’s Qualifying Termination (as defined below).  
(i)    “Qualifying Termination” means the Awardee’s “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h) and without regard to any alternate definition thereunder) as a result of the occurrence of any of the following events during the twenty-four (24)-month period following a Change in Control of the Company: (1) the Company’s involuntary termination of the Awardee’s employment without Cause; or (2) Awardee’s voluntary termination of employment for Good Reason.  A Qualifying Termination shall not include a termination of Awardee’s Service by reason of Awardee’s death or disability (defined as a physical or mental condition that results in a total and permanent disability to such extent that the person is eligible for disability benefits under the federal Social Security Act).
(ii)    “Cause” shall be determined by a committee designated by the Board, in the exercise of good faith and reasonable judgment, and shall [have the meaning ascribed to such term in any written agreement between the Awardee and the Company defining such term and, in the absence of such 

agreement, such term means] the occurrence of any of the following: (1) a demonstrably willful and deliberate act or failure to act by the Awardee (other than as a result of incapacity due to physical or mental illness) which is committed in bad faith, without reasonable belief that such action or inaction is in the best interests of the Company, which causes actual material financial injury to the Company and which act or inaction, if remediable, is not remedied within fifteen (15) business days of written notice from the Company; or (2) the Awardee’s conviction by a court of competent jurisdiction for committing an act of fraud, embezzlement, theft, or any other act constituting a felony involving moral turpitude or causing material harm, financial or otherwise, to the Company.
(iii)    “Good Reason” shall [have the meaning ascribed to such term in any written agreement between the Awardee and the Company defining such term and, in the absence of such agreement, such term means], without the Awardee’s express written consent, the Awardee’s resignation of Service upon the occurrence of any one or more of the following conditions, provided that the Awardee first provides the Company with written notice of the existence of the applicable condition described in clauses (1) through (5) below no later than ninety (90) days after the initial existence of such condition is known by the Awardee and the Company fails to remedy such condition within 30 days of the date of such written notice:
(1)    the material diminution in the Awardee’s authorities, duties or responsibilities, which shall include a material reduction or alteration in the nature or status of the Awardee’s authorities, duties, or responsibilities, from those in effect as of ninety (90) calendar days prior to the Change in Control, other than an insubstantial and inadvertent act that is remedied by the Company promptly after receipt of notice thereof given by the Awardee;
(2)    the Company requiring the Awardee to be based at a location in excess of fifty (50) miles from the location of the Awardee’s principal job location or office immediately prior to the Change in Control; except for required travel on the Company’s business to an extent consistent with the Awardee’s then present business travel obligations;
(3)    a material reduction by the Company of the Awardee’s regular annualized rate of pay as salary, excluding amounts (i) designated by the Company as payment toward reimbursement of expenses; or (ii) received under incentive or other bonus plans, regardless of whether or not the amounts are deferred;
(4)    a material reduction in the Company’s compensation, health and welfare benefits, retirement benefits, or perquisite programs under which the Awardee receives value, as such program exists immediately prior to the Change in Control (however, the replacement of an existing program with a new program will be permissible (and not grounds for a Good Reason termination) if there is not a material reduction in the value to be delivered to the Awardee under the new program); or
(5)    any material breach by the Company of its obligations under this Agreement [or under any other written agreement under which the Awardee provides services to the Company or the Acquiring Corporation]. 
(b)    Internal Revenue Code Section 280G Excise Tax Provision.  

(i)    Notwithstanding anything in this Agreement or any other agreement with the Company or any affiliate to the contrary, in the event it shall be determined that (A) any payment, award, benefit or distribution (or any acceleration of any payment, award, benefit or distribution) by the Company (or any of its affiliated entities) or any entity which effectuates a Change in Control (or any of its affiliated entities) to or for the benefit of Awardee (whether pursuant to the terms of this Agreement or otherwise) (each a “Payment” and together the “Payments”) would constitute a “parachute payment” within the meaning of Section 280G of the Code and would be subject to the excise tax imposed by Section 4999 of the Code or any successor provision (the “Excise Tax”), and (B) the reduction of the Payments to the maximum amount that could be paid to Awardee without giving rise to the Excise Tax (the “Safe Harbor Cap”) would provide Awardee with a greater after-tax amount (taking into account the Excise Tax as well as federal, state and local income and employment taxes) than if such Payments were not reduced, then the Payments shall be reduced to the Safe Harbor Cap. If the reduction of the Payments would not result in a greater after-tax result to Awardee (taking into account the Excise Tax as well as federal, state and local income and employment taxes), then no Payments shall be reduced pursuant to this provision.  The Awardee shall be solely responsible for payment of the Excise Tax and such other applicable federal, state, and local income and employment taxes.
(ii)    The reduction of the Payments, if applicable, shall be made by applying any reduction in the following order: (A) first, any cash amounts payable to Awardee as a severance benefit (excluding the accelerated vesting set forth in Section 11 of this Agreement) or otherwise; (B) second, any amounts payable on behalf of Awardee for continued health insurance coverage; (C) third, any other cash amounts payable to or on behalf of Awardee, such as for outplacement benefits, or otherwise; (D) fourth, any payments or benefits under any nonqualified deferred compensation plan; (E) fifth, outstanding performance-based equity grants; and (F) finally, any time-vesting equity grants.  In each case, Payments will be reduced beginning with Payments that would be made last in time.
(iii)    All determinations required to be made under this Section 11 shall be made by the public accounting firm that is retained by the Company (the “Accounting Firm”).  The Accounting Firm shall provide detailed supporting calculations both to the Company and Awardee within fifteen (15) business days of the receipt of notice from the Company or Awardee that there has been a Payment, or such earlier time as is requested by the Company. All fees, costs and expenses (including, but not limited to, the costs of retaining experts) of the Accounting Firm shall be borne by the Company. The determination by the Accounting Firm shall be binding upon the Company and Awardee.
12.    NOTICES.  All notices and other communications made or given pursuant to this Agreement shall be given in writing and shall be deemed effectively given upon receipt or, in the case of notices delivered by the Company to the Awardee, five (5) days after deposit in the United States mail, postage prepaid, addressed to the Awardee at the last address the Awardee provided to the Company, or in the case of notices delivered to the Company by the Awardee, addressed to the Committee, care of the Company for the attention of its Secretary at its principal executive office or, in either case, if the receiving party consents in advance, transmitted and received via telecopy or via such other electronic transmission mechanism as may be available to the parties.  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 the Awardee’s consent to participate in the Plan or accept this Award by electronic means.  The Awardee hereby consents 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.
13.    PLAN CONTROLS.  The Award and all terms and conditions set forth in this Agreement are subject in all respects to the terms and conditions of the Plan, which is incorporated herein by reference, as may be amended from time to time, (but no amendment to the Plan shall adversely affect the Awardee’s rights under this Award) and any rules and regulations promulgated by the Committee, which shall be controlling.  All constructions, interpretations, rule determinations or other actions taken by the Committee shall be final, binding and conclusive on all interested parties, including the Company and its Subsidiary Corporations and all former, present and future employees of the Company or its Subsidiary Corporations.  Capitalized terms that are not defined herein shall have the definition given to them in the Plan.
14.    EMPLOYMENT.  Nothing in the Plan or in this Agreement shall confer upon the Awardee any right to continue in the employment of the Company or any of its subsidiaries or interfere in any way with any right of the Company to terminate the Awardee’s employment at any time.
15.    RIGHTS AS A SHAREHOLDER.  Nothing in the Plan or in this Agreement shall confer upon the Awardee any rights as a stockholder with respect to any Award Shares prior to the date of distribution of Award Shares to the Awardee.   
16.    LAWS GOVERNING.  The Award and the Plan shall be construed and enforced in accordance with the laws of the State of Delaware without regard to the principles of conflicts of law.
17.    RECEIPT OF PROSPECTUS.  The Awardee hereby acknowledges that he or she has received a copy of the prospectus relating to the Award and the shares covered thereby and the Plan.
18.    GENERAL.  The Company shall at all times during the term of this Award reserve and keep available such numbers of shares of Stock as will be sufficient to satisfy the requirements of this Award, shall pay all fees and expenses necessarily incurred by the Company in connection therewith, and will from time to time use its best efforts to comply with all laws and regulations which, in the opinion of counsel for the Company, shall be applicable thereto.
19.    ELECTRONIC DELIVERY OF DOCUMENTS.  By signing this Agreement, the Awardee (i) consents to the electronic delivery of this Agreement, all information with respect to the Plan and the Award, and any reports of the Company provided generally to the Company’s stockholders; (ii) acknowledges that the Awardee may receive from the Company a paper copy of any documents delivered electronically at no cost to the Awardee by contacting the Company by telephone or in writing; (iii) further acknowledges that the Awardee may revoke the Awardee’s consent to the electronic delivery of documents at any time by notifying the Company of such revoked consent by telephone, postal service or electronic mail; and (iv) further acknowledges that the Awardee understands that the Awardee is not required to consent to electronic delivery of documents.
20.    MISCELLANEOUS.  

(a)    This writing constitutes the entire agreement of the parties with respect to the subject matter hereof and may not be modified or amended except by a written agreement signed by Awardee and the Company, other than as provided in paragraph (g) below.  Anything in this Agreement to the contrary notwithstanding, any modification or amendment of this Agreement by a written agreement signed by, or binding upon, Awardee shall be valid and binding upon any and all persons or entities who may, at any time, have or claim any rights under or pursuant to this Agreement (including all Awardees hereunder) in respect of the Award granted to the Awardee.
(b)    No waiver of any breach or default hereunder shall be considered valid unless in writing and no such waiver shall be deemed a waiver of any subsequent breach or default of the same or similar nature.  Anything in this Agreement to the contrary notwithstanding, any waiver, consent or other instrument under or pursuant to this Agreement signed by, or binding upon, the Awardee shall be valid and binding upon any and all persons or entities (other than the Company) who may, at any time, have or claim any rights under or pursuant to this Agreement (including all Awardees hereunder) in respect of the Award originally granted to Awardee.
(c)    Except as otherwise expressly provided herein, this Agreement shall be binding upon and inure to the benefit of the Company, its successors and assigns, and the Awardee and his heirs, personal representatives, successors and assigns; provided, however, that nothing contained herein shall be construed as granting the Awardee the right to transfer any of his Award except in accordance with this Agreement.  If the Award is settled after the death of the Awardee, the Award shall be considered transferred to the person or persons (the “Heir”) to whom the Awardee’s rights under the Award passed by will or by the applicable laws of descent and distribution, as to all shares of Stock granted under this Award.  It shall be the responsibility of the Heir to notify the Company of any changes in address.
(d)    If any provision of this Agreement shall be invalid or unenforceable, such invalidity or unenforceability shall attach only to such provision and shall not in any manner affect or render invalid or unenforceable any other severable provision of this Agreement, and this Agreement shall be carried out as if any such invalid or unenforceable provision were not contained herein.
(e)    The section headings contained herein are for the purposes of convenience only and are not intended to define or limit the contents of said sections.
(f)    Each party hereto shall cooperate and shall take such further action and shall execute and deliver such further documents as may be reasonably requested by any other party in order to carry out the provisions and purposes of this Agreement.
(g)    This Agreement is intended to be exempt from Section 409A of the Code.  Should any provision of this Agreement be found to be contrary to this intent, it shall be modified and given effect, in the sole discretion of the Committee and without requiring the Awardee’s consent (notwithstanding anything herein to the contrary), in such manner as the Committee determines to be necessary or appropriate to effectuate an exemption from Section 409A of the Code or comply therewith.  The Company has no duty or obligation to minimize the tax consequences to the Awardee of this Award and shall not be liable for any adverse tax consequences to the Awardee arising in connection with this Award.  

(h)    This Agreement may be executed in counterparts, all of which taken together shall be deemed one original.
By accepting this RSU Award, Awardee on this date hereby: (1) elects to conduct a Sell to Cover to satisfy the Withholding Obligation in accordance with Section 5 of the Agreement and (2) represents and warrants that (i) Awardee has carefully reviewed Section 5 of the Agreement, (ii) Awardee is not aware of any material, nonpublic information with respect to the Company or any securities of the Company, (iii) Awardee is not subject to any legal, regulatory or contractual restriction that would prevent the Agent (as defined in Section 5) from conducting sales and does not have, and will not attempt to exercise authority, influence or control over any sales of Stock effected by the Agent, and (iv) it is Awardee’s intent that this election to Sell to comply with the requirements of Rule 10b5-1(c)(1) under the Exchange Act and be interpreted to comply with the requirements of Rule 10b5-1(c) under the Exchange Act.
IN WITNESS WHEREOF, the Company has caused this Award to be granted on its behalf by its CEO, President or one of its Vice Presidents and the Awardee has executed, effective on the Grant Date.

Jack in the Box Inc.                    Awardee

By:       _____________________________        «Name»                    
Lenny Comma                    Name
Chairman and CEO                    
                    
Signature

[employee ID#]                
Employee ID

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