Document:

EX-10.5

 Exhibit 10.5 

AMERICAN WELL CORPORATION 

2020 EQUITY INCENTIVE PLAN 

1.     Purposes of the Plan. The purpose of this Plan is to advance the interests of the Company’s
stockholders by enhancing the Company’s ability to attract, retain and motivate persons who make (or are expected to make) important contributions to the Company by providing such persons with incentive compensation and equity ownership
opportunities and thereby better aligning the interests of such persons with those of the Company’s stockholders. 
 The Plan permits
the grant of Incentive Stock Options, Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Other Stock or Cash Based Awards and Dividend Equivalents. 

2.     Definitions. As used herein, the following definitions will apply: 

(a)     “Administrator” means the Board or any of its Committees as will be administering the Plan, in
accordance with Section 4. 
 (b)     “Applicable Laws” means any applicable law, including the
requirements relating to the administration of equity-based awards under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the
applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted under the Plan. 
 (c)    
“Award” means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, an Other Stock or Cash Based Award or a Dividend Equivalent award. 

(d)     “Award Agreement” means the written or electronic agreement, terms and conditions, contract or
other instrument or document setting forth the terms and provisions applicable to each Award granted under the Plan. The Award Agreement is subject to the terms and conditions of the Plan. 

(e)     “Board” means the Board of Directors of the Company. 

(f)     “Cause” means the use of such term in any written agreement between the Participant and the
Company defining such term and, in the absence of such agreement, such term means, with respect to a Participant, the occurrence of any of the following actions or events by such Participant: (i) the Participant’s commission of any felony
or any crime involving fraud, dishonesty or moral turpitude; (ii) the Participant’s commission of or attempted commission of, or participation in, a fraud or act of dishonesty against the Company; (iii) the Participant’s material
violation of any contract or agreement between the Company and the Participant or of any statutory duty owed to the Company; (iv) the Participant’s material failure to comply with the written polices or rules of the Company;
(v) the Participant’s unauthorized use or disclosure of the Company’s confidential information or trade secrets; (vi) the Participant’s material failure or neglect to perform assigned duties after receiving written
notification of the failure; (vii) the Participant’s willful disregard of any material lawful written instruction from the Company; or (viii) the Participant’s willful misconduct or insubordination with respect to the Company or
any affiliate of the Company; provided that, in the case of (iii), (iv), (v), (vi), (vii) and (viii) above, if such action or conduct is curable, (A) the Company has provided the Participant written notice within thirty
(30) days following the occurrence (or Company’s first knowledge of the occurrence) of any such event; (B) the Participant fails to cure such event within thirty (30) days thereafter; and (C) the Company terminates the
Participant’s employment for Cause within thirty (30) days following the end of such cure period. 

 (g)     “Change in Control” means the occurrence of any
of the following events: 
 (i)    any “person,” as such term is used in Sections 13(d) and 14(d) of the
Exchange Act (other than the Company, any trustee or other fiduciary holding securities under any employee benefit plan of the Company, or any company owned, or immediately after the transaction would be owned, directly or indirectly, by the
stockholders of the Company in substantially the same proportions as their ownership of the combined voting power or economic interests of the Company, as applicable, as of immediately prior to such transaction), becoming the beneficial owner (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of the combined voting power or economic interests of the Company’s
then outstanding securities; provided that the provisions of this clause (i) are not intended to apply to or include as a Change in Control any transaction that is specifically excepted from the definition of Change in Control under
clause (iii) below; 
 (ii)     during any period of 12 months, individuals who at the beginning of such
period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in paragraph (i), (iii), or (iv) of this definition or a
director whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such term is used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or
other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least a
majority of the directors then still in office who either were directors at the beginning of the 12-month period or whose election or nomination for election was previously so approved, cease
for any reason to constitute at least a majority of the Board; 
 (iii)     a merger or consolidation of the Company
with any other corporation or other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity or parent company thereof) more than 50% of (i) the combined voting power of the voting securities and (ii) the economic interests of the surviving entity or the ultimate parent
company thereof (within the meaning of Section 424(e) of the Code); provided, that a merger or consolidation effected to implement an internal recapitalization of the Company (or similar transaction) in which no “person” is or
becomes the beneficial owner, directly or indirectly, of securities of the Company representing more than 50% of either the combined voting power of the Company’s then-outstanding voting securities or the then-outstanding economic interests
shall not be considered a Change in Control; or 
 (iv)     a complete liquidation or dissolution of the
Company or the consummation of a sale or disposition by the Company of all or substantially all of the Company’s assets in which any “person”, other than a person or persons who beneficially own(s), directly or indirectly, 50% or
more of the combined voting power and economic interests of the outstanding voting securities of the Company immediately prior to the sale, acquires (or has acquired during the 12-month period ending on the
most recent acquisition by such “person”) assets from the Company that have a total gross fair market value equal to 50% or more of the total gross fair market value of all of the assets of the Company as of immediately prior to such sale
or disposition of the Company’s assets. 
 Notwithstanding the foregoing, if a Change in Control constitutes a payment event with
respect to any Award (or any portion of an Award) that provides for the deferral of compensation that is subject to Code Section 409A, to the extent required to avoid the imposition of additional taxes under Code Section 409A, such
transaction or event described in subsections (i), (ii) or (iv) with respect to such Award (or portion thereof) 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. 
 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 jurisdiction 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. 

  
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 The Administrator shall have full and final authority, which shall be exercised in its sole
discretion, to determine conclusively whether a Change in Control has occurred pursuant to the above definition, the date of the occurrence of such Change in Control and any incidental matters relating thereto; provided that any exercise of
authority in conjunction with a determination of whether a Change in Control is a “change in control event” as defined in Treasury Regulation Section 1.409A-3(i)(5) shall be consistent with
such regulation. 
 (h)     “Code” means the Internal Revenue Code of 1986, as amended. Any reference
to a section of the Code herein will be a reference to any successor or amended section of the Code. 
 (i)    
“Committee” means the Compensation Committee of the Board, or another committee or subcommittee of the Board which may be comprised of one or more Directors and/or executive officers of the Company as appointed by the Board, to the
extent permitted in accordance with Applicable Law. 
 (j)     “Common Stock” means each or any (as the
context may require) class of the common stock of the Company, par value $0.01 per share. 
 (k)    
“Company” means American Well Corporation, a Delaware corporation, or any successor thereto. 
 (l)    
“Consultant” means any person, including an advisor, engaged by the Company or a parent or Subsidiary to render services to such entity who qualifies as a consultant or advisor under the applicable rules of the Securities and
Exchange Commission for registration of shares on a Form S-8 Registration Statement. 

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

(n)     “Disability” means the participant is unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months in accordance with the definition of total
and permanent disability as defined in Code Section 22(e)(3), provided that in the case of Awards other than Incentive Stock Options, the Administrator in its discretion may determine whether a permanent and total disability exists in
accordance with uniform and non-discriminatory standards adopted by the Administrator from time to time. 

(o)     “Dividend Equivalent” means a right to receive the equivalent value (in cash or Shares) of
dividends paid on Shares, awarded under Section 10(b). 
 (p)     “DRO” means a “domestic
relations order” as defined by the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended from time to time, or the rules thereunder. 

(q)     “Effective Date” shall mean August 17, 2020, the date on which the Plan was approved by the
stockholders of the Company. 
 (r)     “Employee” means any officers or employee (as determined in
accordance with Code Section 3401(c) and the Treasury Regulations thereunder) of the Company or any parent or Subsidiary of the Company. 

(s)     “Equity Restructuring” shall mean a nonreciprocal transaction between the Company and its
stockholders, such as a stock dividend, stock split, spin-off, rights offering or recapitalization through a large, nonrecurring cash dividend, that affects the number or kind of Shares (or other securities of
the Company) or the share price of a class of Common Stock (or other securities) and causes a change in the per-share value of the Common Stock underlying outstanding Awards. 

(t)     “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

  
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 (u)     “Exchange Program” means a program under which
(i) outstanding Awards are surrendered or cancelled in exchange for Awards of the same type (which may have higher or lower exercise prices and different terms), Awards of a different type, and/or cash, (ii) Participants would have the
opportunity to transfer any outstanding Awards to a financial institution or other person or entity selected by the Administrator, and/or (iii) the exercise price of an outstanding Award is reduced or increased. The Administrator will determine
the terms and conditions of any Exchange Program in its sole discretion. 
 (v)     “Fair Market Value”
means, as of any date, the value of a Share determined as follows: 
 (i)     If the applicable class of Common Stock
is listed on any established stock exchange, national market system or quoted or traded on any automated quotation system, including without limitation the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market of The
Nasdaq Stock Market, its Fair Market Value will be the closing sales price for a Share (or the closing bid, if no sales were reported) as quoted on such exchange or system on the trading day immediately preceding the date of determination, as
reported in The Wall Street Journal or such other source as the Administrator deems reliable; 
 (ii)     If the
applicable class of Common Stock is not listed on an established stock exchange, national market system or automated quotation system, but the Common Stock is regularly quoted by a recognized securities dealer, the Fair Market Value of a Share will
be the mean of the high bid and low asked prices for such date or, if no high bids and low asks were reported on such date, the high bid and low asked prices for a Share on the last preceding date such bids and asks were reported, as reported in
The Wall Street Journal or such other source as the Administrator deems reliable; or 
 (iii)     In the absence
of an established market for the applicable class of Common Stock, the Fair Market Value will be determined in good faith by the Administrator. 

(w)     “Greater Than 10% Stockholder” shall mean an individual then owning (within the meaning of Code
Section 424(d)) more than 10% of the total combined voting power of all classes of stock of the Company or any subsidiary corporation (as defined in Code Section 424(f)) or parent corporation thereof (as defined in Code
Section 424(e)). 
 (x)     “Incentive Stock Option” means an Option that by its terms qualifies
and is otherwise intended to qualify as an incentive stock option within the meaning of Code Section 422 and the regulations promulgated thereunder. 

(y)     “Nonstatutory Stock Option” means an Option that by its terms does not qualify or is not intended
to qualify as an Incentive Stock Option. 
 (z)     “Non-Employee
Director” shall mean a Director of the Company who is not an Employee. 
 (aa)     “Option”
means a right to purchase Shares of a specified class and at a specified exercise price, granted under Section 6. An Option shall be either a Nonstatutory Stock Option or an Incentive Stock Option; provided, however, that Options
granted to Non-Employee Directors and Consultants shall only be Nonstatutory Stock Options. 

(bb)     “Other Stock or Cash Based Award” shall mean a cash payment, cash bonus award, stock payment,
stock bonus award, performance award or incentive award that is paid in cash, Shares or a combination of both, awarded under Section 10, which may include, without limitation, deferred stock, deferred stock units, performance awards, retainers,
committee fees, and meeting-based fees. 
 (cc)    “Parent” means any entity (other than the Company)
in an unbroken chain of entities ending with the Company if, at the time of determination, each of the entities other than the Company owns securities or interests possessing fifty percent (50%) or more of the total combined voting power of all
classes of stock in one of the other entities in such chain. 

  
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 (dd)     “Participant” means the holder of an
outstanding Award. 
 (ee)     “Performance Criteria” shall mean the criteria (and adjustments) that
the Administrator selects for an Award for purposes of establishing the Performance Goal or Performance Goals for a Performance Period. 

(ff)     “Performance Goals” shall mean, for a Performance Period, one or more goals established in
writing by the Administrator for the Performance Period based upon one or more Performance Criteria. Depending on the Performance Criteria used to establish such Performance Goals, the Performance Goals may be expressed in terms of overall Company
performance or the performance of a Subsidiary, division, business unit, or an individual. 
 (gg)    
“Performance Period” shall mean one or more periods of time, which may be of varying and overlapping durations, as the Administrator may select, over which the attainment of one or more Performance Goals will be measured for the
purpose of determining a Participant’s right to, vesting of, and/or the payment in respect of, an Award. 

(hh)     “Period of Restriction” means the period during which the transfer of Shares of Restricted Stock
is subject to restrictions and therefore, the Shares are subject to a substantial risk of forfeiture. Such restrictions may be based on the passage of time, the achievement of levels of performance, or the occurrence of other events as determined by
the Administrator. 
 (ii)     “Permitted Transferee” shall mean, with respect to a Participant, any
“family member” of the Participant, as defined in the General Instructions to Form S-8 Registration Statement under the Securities Act (or any successor form thereto), or any other transferee
specifically approved by the Administrator after taking into account Applicable Law. 
 (jj)     “Plan”
means this 2020 Equity Incentive Plan. 
 (kk)     “Prior Plan” means the Company’s 2006 Employee,
Director and Consultant Stock Plan, as amended and restated. 
 (ll)     “Program” shall mean any
program adopted by the Administrator pursuant to the Plan containing the terms and conditions intended to govern a specified type of Award granted under the Plan and pursuant to which such type of Award may be granted under the Plan. 

(mm)     “Restricted Stock” means Shares of a specified class issued pursuant to Section 8 that are
subject to certain restrictions and may be subject to risk of forfeiture or repurchase. 
 (nn)     “Restricted
Stock Unit” means a bookkeeping entry representing an amount equal to the Fair Market Value of one Share of a specified class, granted pursuant to Section 9. Each Restricted Stock Unit represents an unfunded and unsecured obligation of
the Company. 
 (oo)     “Section 409A” shall mean Code Section 409A and the
Department of Treasury regulations and other interpretive guidance issued thereunder, including, without limitation, any such regulations or other guidance that may be issued after the Effective Date. 

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

(qq)     “Service Provider” means an Employee, Director or Consultant. 

  
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 (rr)     “Share” means a share of Common Stock. 

(ss)     “Stock Appreciation Right” means an Award, granted alone or in connection with an Option, that
pursuant to Section 7 is designated as a Stock Appreciation Right. 
 (tt)     “Subsidiary” means
any entity (other than the Company), whether domestic or foreign, in an unbroken chain of entities beginning with the Company if each of the entities other than the last entity in the unbroken chain beneficially owns, at the time of the
determination, securities or interests representing at least fifty percent (50%) of the total combined voting power of all classes of securities or interests in one of the other entities in such chain, provided, however, that a limited liability
company or partnership may be treated as a Subsidiary to the extent either (a) such entity is treated as a disregarded entity under Treasury Regulation Section 301.7701-3(a) by reason of the Company
or any other Subsidiary that is a corporation being the sole owner of such entity, or (b) such entity elects to be classified as a corporation under Treasury Regulation Section 301.7701-3(a) and such
entity would otherwise qualify as a Subsidiary. 
 (uu)     “Substitute Award” shall mean an Award
granted under the Plan in connection with a corporate transaction, such as a merger, combination, consolidation or acquisition of property or stock, in any case, upon the assumption of, or in substitution for, outstanding equity awards previously
granted by a company or other entity; provided, however, that in no event shall the term “Substitute Award” be construed to refer to an award made in connection with the cancellation and repricing of an Option or Stock Appreciation Right.

 (vv)     “Termination of Service” shall mean the date the Participant ceases to be a Service
Provider. The Administrator, in its sole discretion, shall determine the effect of all matters and questions relating to any Termination of Service for purposes of the Plan. For the avoidance of doubt, unless the Administrator determines otherwise,
the cessation of employee status but the continuation of the performance of services for the Company or a Subsidiary as a Director or Consultant, or vice versa, shall not be deemed a cessation of service that would constitute a Termination of
Service. 
 3.     Stock Subject to the Plan. 

(a)     Stock Subject to the Plan. Subject to the provisions of Section 14, the maximum aggregate number
of Shares that may be subject to Awards and sold under the Plan is (i) 12% of the number of Shares outstanding as of the Effective Date (the “Initial Share Pool”), increased by an amount equal to 12% of the number of additional
Shares issued in connection with the initial public offering of the Shares, if any, plus any Shares remaining available for grant under the Prior Plan and (ii) an annual increase on the first day of each calendar year beginning on
January 1, 2021 and ending on and including January 1, 2029, equal to the lesser of (A) five percent (5%) of the number of outstanding Shares on the last day of the immediately preceding fiscal year and (B) such smaller number of
Shares as determined by the Board; provided that, the maximum number of Shares that may be issued upon the exercise of Incentive Stock Options shall equal the Initial Share Pool. The Shares may be authorized but unissued, or reacquired Common
Stock. 
 (b)     Lapsed Awards. If an Award, including any award granted under the Prior Plan, expires or
becomes unexercisable without having been exercised in full, is surrendered pursuant to an Exchange Program, or, with respect to Restricted Stock or Restricted Stock Units, is forfeited to or repurchased by the Company due to the failure to vest,
the unpurchased Shares (or for Awards other than Options or Stock Appreciation Rights the forfeited or repurchased Shares) which were subject thereto will become available for future grant or sale under the Plan (unless the Plan has terminated).
With respect to Stock Appreciation Rights, only Shares actually issued pursuant to a Stock Appreciation Right will cease to be available under the Plan; all remaining Shares under Stock Appreciation Rights will remain available for future grant or
sale under the Plan (unless the Plan has terminated). Shares that have actually been issued under the Plan under any Award will not be returned to the Plan and will not become available for future distribution under the Plan; provided, however, that
if Shares issued pursuant to Awards of Restricted Stock or Restricted Stock Units are repurchased by the Company or are forfeited to the Company due to the failure to vest, such Shares will become available for future grant under the Plan. Shares
used to pay the exercise price of an Award or to satisfy the tax withholding obligations related to an Award will become available 

  
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for future grant or sale under the Plan. To the extent an Award under the Plan is paid out in cash rather than Shares, such cash payment will not result in reducing the number of Shares available
for issuance under the Plan. Notwithstanding the foregoing and, subject to adjustment as provided in Section 14, the maximum number of Shares that may be issued upon the exercise of Incentive Stock Options will equal the aggregate Share number
stated in Section 3(a), plus, to the extent allowable under Code Section 422 and the Treasury Regulations promulgated thereunder, any Shares that become available for issuance under the Plan pursuant to this Section 3(b). 

(c)     Substitute Awards. Substitute Awards may be granted on such terms as the Administrator deems
appropriate, notwithstanding limitations on Awards in the Plan. Substitute Awards shall not reduce the Shares authorized for grant under the Plan, except as may be required by reason of Code Section 422, and Shares subject to such Substitute
Awards shall not be added to the Shares available for Awards under the Plan as provided in Section 3(b) above. Additionally, in the event that a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary
combines has shares available under a pre-existing plan approved by its stockholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of
such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration
payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized for grant under the Plan (and Shares subject to such Awards shall not
be added to the Shares available for Awards under the Plan as provided in Section 3(b) above); provided that Awards using such available Shares shall not be made after the date awards or grants could have been made under the terms
of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not employed by or providing services to the Company or its Subsidiaries immediately prior to
such acquisition or combination. 
 4.     Administration of the Plan. 

(a)     Administrator. The Committee shall administer the Plan (except as otherwise permitted herein). To the
extent required to comply with the provisions of Rule 16b-3, it is intended that each member of the Committee will be, at the time the Committee takes any action with respect to an Award that is subject
to Rule 16b-3, a “non-employee director” within the meaning of Rule 16b-3. Additionally, to the extent
required by Applicable Law, each of the individuals constituting the Committee shall be an “independent director” under the rules of any securities exchange or automated quotation system on which the Shares are listed, quoted or
traded. Notwithstanding the foregoing, any action taken by the Committee shall be valid and effective, whether or not members of the Committee at the time of such action are later determined not to have satisfied the requirements for membership set
forth in this Section 4(a). Notwithstanding the foregoing, (i) the full Board, acting by a majority of its members in office, shall conduct the general administration of the Plan with respect to Awards granted to Non-Employee Directors and, with respect to such Awards, the term “Administrator” as used in the Plan shall be deemed to refer to the Board and (ii) the Board or Committee may delegate its authority
hereunder to the extent permitted by Section 4(e). 
 (b)     Duties of the Administrator. It shall
be the duty of the Administrator to conduct the general administration of the Plan in accordance with its provisions. The Administrator shall have the power to interpret the Plan, all Programs and Award Agreements, and to adopt such rules for
the administration, interpretation and application of the Plan and any Program as are not inconsistent with the Plan, to interpret, amend or revoke any such rules and to amend the Plan or any Program or Award Agreement; provided that the
rights or obligations of the Participant holding such Award that is the subject of any such Program or Award Agreement are not materially and adversely affected by such amendment, unless the consent of the Participant is obtained or such amendment
is otherwise permitted under Section 19(a) or Section 29. In its sole discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Committee in its capacity as the Administrator under the
Plan except with respect to matters which under Rule 16b-3 under the Exchange Act or any successor rule, or any regulations or rules issued thereunder, or the rules of any securities exchange or
automated quotation system on which the Shares are listed, quoted or traded are required to be determined in the sole discretion of the Committee. 

  
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 (c)     Powers of the Administrator. Subject to the
provisions of the Plan, including, in the case of the Committee, subject to the specific duties delegated by the Board to the Committee, and Applicable Law, the Administrator will have the authority, in its discretion: 

 

	 	(i)	 to determine the Fair Market Value; 

 

	 	(ii)	 to select the Service Providers to whom Awards may be granted hereunder; 

 

	 	(iii)	 to determine the type or types of Awards to be granted to each Service Provider (including, without limitation,
any Awards granted in tandem with another Award granted pursuant to the Plan); 

  

	 	(iv)	 to determine the number of Awards to be granted and the number and class of Shares to be covered by each Award
granted hereunder; 

  

	 	(v)	 to approve forms of Award Agreements for use under the Plan; 

 

	 	(vi)	 to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted
hereunder. Such terms and conditions include, but are not limited to, the exercise price, the time or times when Awards may be exercised or vest (which may be based on one or more Performance Criteria or achievement of one or more Performance
Goals), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the Administrator will determine;

  

	 	(vii)	 to institute and determine the terms and conditions of an Exchange Program; 

 

	 	(viii)	 to determine whether, to what extent, and under what circumstances an Award may be settled in, or the exercise
price of an Award may be paid, in cash, Shares, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered; 

  

	 	(ix)	 to construe and interpret the terms of the Plan and Awards granted pursuant to the Plan; 

 

	 	(x)	 to prescribe, amend and rescind rules and regulations relating to the Plan, including rules and
regulations relating to sub-plans established for the purpose of satisfying applicable foreign laws or for qualifying for favorable tax treatment under applicable foreign laws; 

 

	 	(xi)	 to modify or amend each Award (subject to Section 19), including but not limited to the discretionary
authority to extend the post-termination exercisability period of Awards and to extend the maximum term of an Option (subject to Section 6(d)); 

  

	 	(xii)	 to allow Participants to satisfy withholding tax obligations in a manner prescribed in Section 15;

  

	 	(xiii)	 to authorize any person to execute on behalf of the Company any instrument required to effect the grant of an
Award previously authorized by the Administrator; 

  
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	 	(xiv)	 to allow a Participant to defer the receipt of the payment of cash or the delivery of Shares that otherwise
would be due to such Participant under an Award; and 

  

	 	(xv)	 to make all other determinations deemed necessary or advisable for administering the Plan.

 (d)     Effect of Administrator’s Decision. The Administrator’s decisions,
determinations and interpretations will be final and binding on all Participants and any other holders of Awards. 

(e)     Delegation of Authority. The Board or Committee may from time to time delegate to a committee of one
or more Directors or one or more officers of the Company the authority to grant or amend Awards or to take other administrative actions pursuant to this Section 4; provided, however, that in no event shall an officer of the
Company be delegated the authority to grant Awards to, or amend Awards held by, the following individuals: (i) individuals who are subject to Section 16 of the Exchange Act, or (ii) officers of the Company (or Directors) to whom
authority to grant or amend Awards has been delegated hereunder; provided, further, that any delegation of administrative authority shall only be permitted to the extent it is permissible under any Applicable Law. Any delegation
hereunder shall be subject to the restrictions and limits that the Board or Committee specifies at the time of such delegation, and the Board or Committee, as applicable, may at any time rescind the authority so delegated or appoint a new delegatee.
At all times, the delegatee appointed under this Section 4(e) shall serve in such capacity at the pleasure of the Board or the Committee, as applicable, and the Board or the Committee may abolish any committee at any time and re-vest in itself any previously delegated authority. Neither the Administrator nor any member or delegate thereof shall have any liability to any person (including any Participant) for any action taken or omitted
to be taken or any determination made in good faith with respect to the Plan or any Award. 
 5.    
Eligibility. 
 (a)     Participation. The Administrator may, from time to time, select from
among all Service Providers those to whom an Award shall be granted and shall determine the nature and amount of each Award, which shall not be inconsistent with the requirements of the Plan. Except for any
Non-Employee Director’s right to Awards that may be required pursuant to the Non-Employee Director Equity Compensation Policy as described in Section 5(d)(i),
no Service Provider or other person shall have any right to be granted an Award pursuant to the Plan and neither the Company nor the Administrator is obligated to treat Service Providers, Participants or any other persons uniformly. Participation by
each Participant in the Plan shall be voluntary and nothing in the Plan or any Program shall be construed as mandating that any Service Provider or other person shall participate in the Plan. Nonstatutory Stock Options, Stock Appreciation Rights,
Restricted Stock, Restricted Stock Units and Other Stock or Cash Based Awards may be granted to Service Providers. Incentive Stock Options may be granted only to Employees. 

(b)     Limitations Applicable to Section 16 Persons. Notwithstanding any
other provision of the Plan, any Award granted or awarded to any individual who is then subject to Section 16 of the Exchange Act shall be subject to any additional limitations set forth in any applicable exemptive rule under
Section 16 of the Exchange Act (including Rule 16b-3 of the Exchange Act and any amendments thereto) that are requirements for the application of such exemptive rule. To the extent permitted by
Applicable Law, the Plan and Awards granted or awarded hereunder shall be deemed amended to the extent necessary to conform to such applicable exemptive rule. 

(c)     Foreign Holders. Notwithstanding any provision of the Plan or applicable Program to the contrary, in
order to comply with the laws in countries other than the United States in which the Company and its Subsidiaries operate or have Employees, Non-Employee Directors or Consultants, or in order to comply with
the requirements of any foreign securities exchange or other Applicable Law, the Administrator, in its sole discretion, shall have the power and authority to: (i) determine which Subsidiaries shall be covered by the Plan; (ii) determine
which Service Providers outside the United States are eligible to participate in the Plan; (iii) modify the terms and conditions of any Award granted to Service Providers outside the United States to comply with Applicable Law (including,
without limitation, applicable foreign laws or listing requirements of any foreign securities exchange); (iv) establish subplans and modify exercise procedures and other terms and procedures, to the extent such actions

  
 9 

 
may be necessary or advisable; provided, however, that no such subplans and/or modifications shall increase the share limitation contained in Section 3(a) or the Director Limit; and
(v) take any action, before or after an Award is made, that it deems advisable to obtain approval or comply with any necessary local governmental regulatory exemptions or approvals or listing requirements of any foreign securities exchange.

 (d)     Non-Employee Director Awards. 

(i)     Non-Employee Director Equity Compensation Policy. The
Administrator, in its sole discretion, may provide that Awards granted to Non-Employee Directors shall be granted pursuant to a written nondiscretionary formula established by the Administrator (the “Non-Employee Director Equity Compensation Policy”), subject to the limitations of the Plan. The Non-Employee Director Equity Compensation Policy shall set forth the
type of Award(s) to be granted to Non-Employee Directors, the number of Shares and class of Common Stock to be subject to Non-Employee Director Awards, the
conditions on which such Awards shall be granted, become exercisable and/or payable and expire, and such other terms and conditions as the Administrator shall determine in its sole discretion. The Non-Employee
Director Equity Compensation Policy may be modified by the Administrator from time to time in its sole discretion and pursuant to the exercise of its business judgment, taking into account such factors, circumstances and considerations as it shall
deem relevant from time to time. 
 (ii)     Director Limit. Notwithstanding any provision to the contrary in
the Plan or in the Non-Employee Director Equity Compensation Policy, the sum of the grant date fair value of equity-based Awards and the amount of any cash-based Awards or other fees granted to a Non-Employee Director during any calendar year shall not exceed $750,000 in the case of an incumbent director, $1,000,000 in the case of the Chairman of the Board who is a
Non-Employee Director, or $1,000,000 in the case of a new Non-Employee Director during his or her first year of service (the “Director Limit”). The
Administrator may make exceptions to this limit for individual Non-Employee Directors in extraordinary circumstances, as the Administrator may determine in its discretion, provided that the Non-Employee Director receiving such additional compensation may not participate in the decision to award such compensation or in other contemporaneous compensation decisions involving
Non-Employee Directors. 
 6.     Stock Options. 

(a)     Grant of Options. Subject to the terms and provisions of the Plan, including any limitations in the
Plan that apply to Incentive Stock Options, the Administrator, at any time, and from time to time, may grant Options in such amounts as the Administrator, in its sole discretion, will determine. 

(b)     Option Agreement. Each Award of an Option will be evidenced by an Award Agreement that will specify
the class of Common Stock, exercise price, the term of the Option, the number of Shares subject to the Option, the exercise restrictions, if any, applicable to the Option, and such other terms and conditions as the Administrator, in its sole
discretion, will determine. 
 (c)     Limitations. Each Option will be designated in the Award Agreement
as either an Incentive Stock Option or a Nonstatutory Stock Option. Notwithstanding such designation, however, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options are exercisable for the
first time by the Participant during any calendar year (under all plans of the Company and any parent corporation or subsidiary corporation thereof (as defined in Section 424(e) and 424(f) of the Code, respectively)) exceeds $100,000,
such Options will be treated as Nonstatutory Stock Options to the extent required by Code Section 422. For purposes of this Section 6(c), Incentive Stock Options will be taken into account in the order in which they were granted, the
Fair Market Value of the Shares will be determined as of the time the Option with respect to such Shares is granted, and calculation will be performed in accordance with Code Section 422 and Treasury Regulations promulgated thereunder. Neither
the Company nor the Administrator shall have any liability to a Participant, or any other person, (a) if an Option (or any part thereof) which is intended to qualify as an Incentive Stock Option fails to qualify as an Incentive Stock Option or
(b) for any action or omission by the Company or the Administrator that causes an Option not to qualify as an Incentive Stock Option, including, without limitation, the conversion of an Incentive Stock Option to a Nonstatutory Stock Option or
the grant of an Option intended as an Incentive Stock Option that fails to satisfy the requirements under the Code applicable to an Incentive Stock Option. 

  
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 (d)    Term of Option. The term of each Option will be
stated in the Award Agreement; provided, however, that the term will be no more than 10 years from the date of grant thereof. In the case of an Incentive Stock Option granted to a Greater Than 10% Stockholder, the term of the Incentive
Stock Option will be five years from the date of grant or such shorter term as may be provided in the Award Agreement. 

(e)    Option Exercise Price and Consideration. 

(i)    Exercise Price. The per Share exercise price for the Shares to be issued pursuant to the exercise of
an Option will be determined by the Administrator, but will be no less than 100% of the Fair Market Value per Share on the date of grant (or, as to Incentive Stock Options, on the date the Option is modified, extended or renewed for purposes of
Section 424(h) of the Code). In addition, in the case of an Incentive Stock Option granted to a Greater Than 10% Stockholder, the per Share exercise price will be no less than 110% of the Fair Market Value per Share on the date of grant
(or the date the Option is modified, extended or renewed for purposes of Section 424(h) of the Code). Notwithstanding the foregoing provisions of this Section 6(e)(i), Options that are a Substitute Award may be granted with a per
Share exercise price of less than 100% of the Fair Market Value per Share on the date of grant; provided that the exercise price of any Substitute Award shall be determined in accordance with the applicable requirements of Code
Section 424 and Code Section 409A. 
 (ii)    Waiting Period and Exercise Dates. At the time an
Option is granted, the Administrator will fix the period within which the Option may be exercised and will determine any conditions that must be satisfied before the Option may be exercised. Except as limited by the requirements of
Section 6(d) of the Plan, Code Section 409A or Code Section 422 and regulations and rulings thereunder and without limiting the Company’s rights under Section 19, the Administrator may extend the term of any outstanding
Option, and may extend the time period during which vested Options may be exercised, in connection with any Termination of Service of the Participant, and may amend, subject to Section 19, any other term or condition of such Option relating to
such Termination of Service of the Participant or otherwise. 
 (iii)    Form of
Consideration. The Administrator will determine the acceptable form of consideration for exercising an Option, including the method of payment. In the case of an Incentive Stock Option, the Administrator will determine the acceptable form of
consideration at the time of grant. Such consideration may consist entirely of: (1) cash, (2) check, (3) other Shares, provided that such Shares have a Fair Market Value on the date of surrender equal to the aggregate exercise price
of the Shares as to which such Option will be exercised, and provided further that accepting such Shares will not result in any adverse accounting consequences to the Company, as the Administrator determines in its sole discretion,
(4) consideration received by the Company under a cashless exercise program (whether through a broker or otherwise) implemented by the Company in connection with the Plan, (5) by net exercise, (6) such other consideration and method
of payment for the issuance of Shares to the extent permitted by Applicable Laws, or (7) any combination of the foregoing methods of payment. In making its determination as to the type of consideration to accept, the Administrator will consider
if acceptance of such consideration may be reasonably expected to benefit the Company. 
 (f)    Exercise of
Option. 
 (i)    Procedure for Exercise; Rights as a Stockholder. Any Option granted hereunder
will be exercisable according to the terms of the Plan and at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement. An exercisable Option may be exercised in whole or in part, but may not be
exercised for a fraction of a Share and the Administrator may require that, by the terms of the Option, a partial exercise must be with respect to a minimum number of Shares. 

An Option will be deemed exercised when the Company receives: (i) notice of exercise (in such form as the Administrator may specify from
time to time) from the person entitled to exercise the Option, which shall be signed or otherwise acknowledged electronically by the Participant or other person then entitled to exercise 

  
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the Option or such portion thereof, (ii) full payment for the Shares with respect to which the Option is exercised (together with applicable tax withholding), (iii) such representations
and documents as the Administrator, in its sole discretion, deems necessary or advisable to effect compliance with Applicable Law, and (iv) in the event that the Option shall be exercised pursuant to the terms of the Plan by any person or
persons other than the Participant, appropriate proof of the right of such person or persons to exercise the Option, as determined in the sole discretion of the Administrator. The Administrator may provide in any Award Agreement for the automatic
exercise of an Option upon such terms and conditions as established by the Administrator, provided that the Fair Market Value per Share is greater than the exercise price at the time of exercise. Full payment may consist of any consideration and
method of payment authorized by the Administrator and permitted by the Award Agreement and the Plan. Shares issued upon exercise of an Option will be issued in the name of the Participant or, if requested by the Participant, in the name of the
Participant and his or her spouse. 
 Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a
duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder will exist with respect to the Shares subject to an Option, notwithstanding the exercise of the Option. The Company will issue
(or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 14. 

Exercising an Option in any manner will decrease the number of Shares thereafter available, both for purposes of the Plan and for sale under
the Option, by the number of Shares as to which the Option is exercised. 
 (ii)    Termination of
Service. If a Participant ceases to be a Service Provider, other than upon the Participant’s Termination of Service as the result of the Participant’s death or Disability, the
Participant may exercise his or her Option within such period of time as is specified in the Award Agreement (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement) to the extent that the Option is
vested on the date of Termination of Service. In the absence of a specified time in the Award Agreement, the Option shall remain exercisable for three months following the Participant’s Termination of Service. Unless otherwise provided by the
Administrator, if, on the date of Termination of Service, the Participant is not vested as to his or her entire Option, the Participant shall forfeit the unvested portion of the Option and the Shares covered by such unvested portion of the Option
will revert to the Plan. If, after Termination of Service, the Participant does not exercise his or her Option within the time specified by the Administrator, the Option will terminate, and the Shares covered by such Option will revert to the Plan.

 (iii)    Disability of Participant. If a Participant ceases to be a Service Provider as a result of
the Participant’s Disability, the Participant may exercise his or her Option within such period of time as is specified in the Award Agreement (but in no event later than the expiration of the term of such Option as set forth in the Award
Agreement) to the extent the Option is vested on the date of Termination of Service. In the absence of a specified time in the Award Agreement, the Option shall remain exercisable for 12 months following the Participant’s Termination of
Service. Unless otherwise provided by the Administrator, if, on the date of Termination of Service, the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan. If,
after Termination of Service, the Participant does not exercise his or her Option within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan. 

(iv)    Death of Participant. If a Participant dies while a Service Provider, the Option may be exercised
within such period of time as is specified in the Award Agreement (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement) to the extent that the Option is vested on the date of death, by the
Participant’s designated beneficiary, provided such beneficiary has been designated prior to the Participant’s death in a form acceptable to the Administrator. If no such beneficiary has been designated by the Participant, then such Option
may be exercised by the personal representative of the Participant’s estate or by the person(s) to whom the Option is transferred pursuant to the Participant’s will or in accordance with the laws of descent and distribution. In the
absence of a specified time in the Award Agreement, the Option shall remain exercisable for 12 months following the Participant’s Termination of Service. Unless otherwise provided by the 

  
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Administrator, if, at the time of death, Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will immediately revert to the Plan. If
the Option is not so exercised within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan. 

(g)    Notification Regarding Disposition. If requested by the Company, the Participant shall give the
Company prompt written or electronic notice of any disposition or other transfers (other than in connection with a Change in Control) of Shares acquired by exercise of an Incentive Stock Option which occurs within (a) two years from the date of
granting (including the date the Option is modified, extended or renewed for purposes of Code Section 424(h)) such Option to such Participant, or (b) one year after the date of transfer of such Shares to such Participant. Such notice shall
specify the date of such disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness or other consideration, by the Participant in such disposition or other transfer. 

7.    Stock Appreciation Rights. 

(a)    Grant of Stock Appreciation Rights. Subject to the terms and conditions of the Plan, a Stock
Appreciation Right may be granted to Service Providers at any time, and from time to time, as will be determined by the Administrator, in its sole discretion. 

(b)    Number of Shares. The Administrator will have complete discretion to determine the number of Shares
and class of Common Stock subject to any Award of Stock Appreciation Rights. 
 (c)    Exercise Price and Other
Terms. The per Share exercise price for the Shares that will determine the amount of the payment to be received upon exercise of a Stock Appreciation Right as set forth in Section 7(f) will be determined by the Administrator and
will be no less than 100% of the Fair Market Value per Share on the date of grant. Otherwise, the Administrator, subject to the provisions of the Plan, will have complete discretion to determine the terms and conditions of Stock Appreciation Rights
granted under the Plan. Notwithstanding the foregoing, in the case of a Stock Appreciation Right that is a Substitute Award, the exercise price per share of the Shares subject to such Stock Appreciation Right, as applicable, may be less than the
Fair Market Value per share on the date of grant; provided that the exercise price of any Substitute Award shall be determined in accordance with the applicable requirements of Code Section 424 and Code Section 409A. 

(d)    Stock Appreciation Right Agreement. Each Stock Appreciation Right grant will be evidenced by an Award
Agreement that will specify the class of Common Stock, exercise price, the term of the Stock Appreciation Right, the conditions of exercise, and such other terms and conditions as the Administrator, in its sole discretion, will determine. The
Administrator may provide in any Award Agreement for the automatic exercise of a Stock Appreciation Right upon such terms and conditions as established by the Administrator, provided that the Fair Market Value per Share is greater than the exercise
price at the time of exercise. 
 (e)    Expiration of Stock Appreciation Rights. A Stock Appreciation
Right granted under the Plan will expire upon the date determined by the Administrator, in its sole discretion, and set forth in the Award Agreement. Notwithstanding the foregoing, the rules of Section 6(d) relating to the maximum
term and Section 6(f) relating to exercise also will apply to Stock Appreciation Rights. 

(f)    Payment of Stock Appreciation Right Amount. Upon exercise of a Stock Appreciation Right, a
Participant will be entitled to receive payment from the Company in an amount determined by multiplying: 
 (i)    the
difference between the Fair Market Value of a Share on the date of exercise over the exercise price per Share of such Award; times 

(ii)    the number of Shares with respect to which the Stock Appreciation Right is exercised. 

  
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 At the discretion of the Administrator, the payment upon exercise of a Stock Appreciation
Right may be in cash, in Shares of equivalent value, or in some combination thereof. 
 8.    Restricted Stock.

 (a)    Grant of Restricted Stock. Subject to the terms and provisions of the Plan, the Administrator, at
any time, and from time to time, may grant Shares of Restricted Stock to Service Providers in such amounts as the Administrator, in its sole discretion, will determine. 

(b)    Restricted Stock Agreement. Each Award of Restricted Stock will be evidenced by an Award Agreement
that will specify the class of Common Stock, Period of Restriction, the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, will determine. The Administrator shall establish the purchase price,
if any, and form of payment for the Shares of Restricted Stock; provided, however, that if a purchase price is charged, such purchase price shall be no less than the par value, if any, of the Shares to be purchased, unless otherwise
permitted by Applicable Law. Unless the Administrator determines otherwise, the Company, as escrow agent, will hold Shares of Restricted Stock until the restrictions on such Shares have lapsed. 

(c)    Transferability. Except as provided in this Section 8 or as the Administrator determines, Shares
of Restricted Stock may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction. 

(d)    Other Restrictions. The Administrator, in its sole discretion, may impose such other restrictions on
Shares of Restricted Stock as it may deem advisable or appropriate. 
 (e)    Removal of Restrictions.
Except as otherwise provided in this Section 8, Shares of Restricted Stock covered by each Restricted Stock grant made under the Plan will be released from escrow as soon as practicable after the last day of the Period of Restriction or at such
other time as the Administrator may determine. The Administrator, in its discretion, may accelerate the time at which any restrictions will lapse or be removed. 

(f)    Voting Rights. During the Period of Restriction, Participants holding Shares of Restricted Stock
granted hereunder may exercise full voting rights with respect to those Shares, unless the Administrator determines otherwise and subject to the restrictions in the Plan, any applicable Program and/or the applicable Award Agreement. 

(g)    Dividends and Other Distributions. During the Period of Restriction, Participants holding Shares of
Restricted Stock will be entitled to receive all dividends and other distributions paid or made with respect to such Shares to the extent such dividends and other distributions have a record date that is on or after the date on which the Participant
to whom such Restricted Stock is granted becomes the record holder of such Restricted Stock, unless the Administrator provides otherwise. The Administrator may, at or after the date of grant, authorize the payment of dividends or dividend
equivalents on Awards granted under this Section 8 on either a current or deferred or contingent basis, either in cash or in additional Shares. If any such dividends or distributions are paid in Shares, the Shares will be subject to the same
restrictions on transferability and forfeitability as the Shares of Restricted Stock with respect to which they were paid. 

(h)    Return of Restricted Stock to the Company. Except as otherwise determined by the Administrator and
provided in the Award Agreement, if no price was paid by the Participant for the Restricted Stock, upon a Termination of Service during the applicable Period of Restriction, the Participant’s rights in unvested Restricted Stock then subject to
restrictions shall lapse, and such Restricted Stock shall be surrendered to the Company and cancelled without consideration on the date of such Termination of Service. If a price was paid by the Participant for the Restricted Stock, upon a
Termination of Service during the applicable Period of Restriction, the Company shall have the right to repurchase from the Participant the unvested Restricted Stock then subject to restrictions at a cash price per share equal to the price paid by
the Participant for such Share of Restricted Stock or such other amount as may be specified in the applicable Program or Award Agreement. 

  
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 9.    Restricted Stock Units. 

(a)    Grant. Restricted Stock Units may be granted at any time, and from time to time, as determined by the
Administrator. After the Administrator determines that it will grant Restricted Stock Units, it will evidence the Award in an Award Agreement providing for the terms, conditions, and restrictions related to the grant, including the class of Common
Stock and number of Restricted Stock Units. 
 (b)    Vesting Criteria and Other Terms. The
Administrator will set vesting criteria in its discretion, which, depending on the extent to which the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant. The Administrator may set vesting
criteria based upon the achievement of one or more Performance Goals or Performance Criteria, or any other basis determined by the Administrator in its discretion. An Award of Restricted Stock Units shall only be eligible to vest while the
Participant is a Service Provider, as applicable; provided, however, that the Administrator, in its sole discretion, may provide (in an Award Agreement or otherwise) that a Restricted Stock Unit award may become vested subsequent to a
Termination of Service in the event of the occurrence of certain events, including a Change in Control, the Participant’s death, retirement or disability or any other specified Termination of Service in accordance with the applicable
requirements of Code Section 409A. 
 (c)    Earning Restricted Stock Units. Upon meeting the
applicable vesting criteria, the Participant will be entitled to receive a payout as determined by the Administrator. Notwithstanding the foregoing, at any time after the grant of Restricted Stock Units, the Administrator, in its sole discretion,
may reduce or waive any vesting criteria that must be met to receive a payout. A Participant will have no rights of a stockholder with respect to Shares subject to any Restricted Stock Unit unless and until the Shares are delivered in settlement of
the Restricted Stock Unit. 
 (d)    Form and Timing of Payment.
At the time of grant, the Administrator shall specify the maturity date applicable to each grant of Restricted Stock Units, which shall be no earlier than the vesting date or dates of the Award, and may be determined at the election of the
Participant (if permitted by the applicable Award Agreement); provided that, except as otherwise determined by the Administrator, and subject to compliance with Code Section 409A, in no event shall the maturity date relating to each
Restricted Stock Unit occur following the later of (a) the 15th day of the third month following the end of the calendar year in which the applicable portion of the Restricted Stock Unit vests; and (b) the 15th day of the third
month following the end of the Company’s fiscal year in which the applicable portion of the Restricted Stock Unit vests. On the maturity date, the Company shall, in accordance with the applicable Award Agreement and subject to Section 20,
transfer to the Participant one unrestricted, fully transferable Share for each Restricted Stock Unit scheduled to be paid out on such date and not previously forfeited, or in the sole discretion of the Administrator, an amount in cash equal to the
Fair Market Value of such Shares on the maturity date, or a combination of cash and Shares as determined by the Administrator. 

(e)    Cancellation. On the date set forth in the Award Agreement, all unearned Restricted Stock Units will
be forfeited to the Company. 
 10.    Other Stock or Cash Based Awards and Dividend Equivalents. 

(a)    Other Stock or Cash Based Awards. The Administrator is authorized to grant Other Stock or Cash Based
Awards, including awards entitling a Participant to receive Shares or cash to be delivered immediately or in the future, to any Service Provider. Subject to the provisions of the Plan and any applicable Program, the Administrator shall determine the
terms and conditions of each Other Stock or Cash Based Award, including the term of the Award, the class of Common Stock, any exercise or purchase price, Performance Criteria and Performance Goals, transfer restrictions, vesting conditions and other
terms and conditions applicable thereto, which shall be set forth in the applicable Award Agreement. Other Stock or Cash Based Awards may be paid in cash, Shares, or a combination of cash and Shares, as determined by the Administrator, and may be
available as a 

  
 15 

 
form of payment in the settlement of other Awards granted under the Plan, as stand-alone payments, as a part of a bonus, deferred bonus, deferred compensation or other arrangement, and/or as
payment in lieu of compensation to which a Service Provider is otherwise entitled. 
 (b)    Dividend
Equivalents. Dividend Equivalents may be granted by the Administrator, either alone or in tandem with another Award, based on dividends declared on the class of Common Stock underlying the Award, to be credited as of dividend payment dates
during the period between the date the Dividend Equivalents are granted to a Participant and the date such Dividend Equivalents terminate or expire, as determined by the Administrator. Such Dividend Equivalents shall be converted to cash or
additional Shares by such formula and at such time and subject to such restrictions and limitations as may be determined by the Administrator. In addition, Dividend Equivalents with respect to an Award that are based on dividends paid prior to the
vesting of such Award shall only be paid out to the Participant to the extent that the vesting conditions are subsequently satisfied and the Award vests. 

11.    Acceleration. The Administrator has the exclusive power, authority and sole discretion to accelerate, wholly
or partially, the vesting or lapse of restrictions (and, if applicable, the Company shall cease to have a right of repurchase) of any Award or portion thereof at any time after the grant of an Award, subject to whatever terms and conditions it
selects and Section 14. 
 12.    Leaves of Absence/Transfer Between Locations. The Administrator shall in
its discretion determine the circumstances under which vesting of Awards granted hereunder will be suspended during any unpaid leave of absence. Except as provided otherwise by the Administrator in an Award Agreement or as required pursuant to
Applicable Law, a Participant will not cease to be an Employee in the case of (i) any leave of absence approved by the Company or (ii) transfers between locations of the Company or between the Company, its parent, or any Subsidiary. For
purposes of Incentive Stock Options, no such leave may exceed three months, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not
so guaranteed, then six months following the first (1st) day of such leave, any Incentive Stock Option held by the Participant will cease to be treated as an Incentive Stock Option and will be treated for tax purposes as a Nonstatutory Stock Option.
For purposes of the Plan, a Participant’s employee-employer relationship or consultancy relationship shall be deemed to be terminated in the event that the Subsidiary employing or contracting with such Participant ceases to remain a Subsidiary
following any merger, sale of stock or other corporate transaction or event (including, without limitation, a spin-off). In all cases, the Administrator shall treat a Participant’s leave of absence or
employment transfer in compliance with Applicable Law where required to do so pursuant to the Code or otherwise. 

13.    Limited Transferability of Awards. 

(a)    Unless determined otherwise by the Administrator, Awards may not be sold, pledged, assigned, hypothecated, or
otherwise transferred in any manner other than (A) by will or by the laws of descent and distribution or (B) subject to the consent of the Administrator, pursuant to a DRO, unless and until such Award has been exercised or the Shares
underlying such Award have been issued, and all restrictions applicable to such Shares have lapsed. 
 (b)    No Award
or interest or right therein shall be liable for or otherwise subject to the debts, contracts or engagements of the Participant or the Participant’s successors in interest or shall be subject to disposition by transfer, alienation,
anticipation, pledge, hypothecation, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings
(including bankruptcy) unless and until such Award has been exercised, or the Shares underlying such Award have been issued, and all restrictions applicable to such Shares have lapsed, and any attempted disposition of an Award prior to satisfaction
of these conditions shall be null and void and of no effect, except to the extent that such disposition is permitted by Section 13(a). During the lifetime of the Participant, only the Participant may exercise any exercisable portion of an Award
granted to such Participant under the Plan, unless it has been disposed of pursuant to a DRO. After the death of the Participant, any exercisable portion of an Award may, prior to the time when such portion becomes unexercisable under the Plan or
the applicable Program or Award Agreement, be exercised by the Participant’s personal representative or by any person empowered to do so under the deceased Participant’s will or under the then-applicable laws of descent and distribution.

  
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 (c)    Notwithstanding Section 13(a), the Administrator, in its
sole discretion, may determine to permit a Participant or a Permitted Transferee of such Participant to transfer an Award, other than an Incentive Stock Option (unless such Incentive Stock Option is intended to become a Nonstatutory Stock Option),
to any one or more Permitted Transferees of such Participant, subject to the following terms and conditions: (i) an Award transferred to a Permitted Transferee shall not be assignable or transferable by the Permitted Transferee other than
(A) to another Permitted Transferee of the applicable Participant or (B) by will or the laws of descent and distribution or, subject to the consent of the Administrator, pursuant to a DRO; (ii) an Award transferred to a Permitted
Transferee shall continue to be subject to all the terms and conditions of the Award as applicable to the original Participant (other than the ability to further transfer the Award to any person other than another Permitted Transferee of the
applicable Participant); (iii) the Participant (or transferring Permitted Transferee) and the receiving Permitted Transferee shall execute any and all documents requested by the Administrator, including, without limitation, documents to
(A) confirm the status of the transferee as a Permitted Transferee, (B) satisfy any requirements for an exemption for the transfer under Applicable Law and (C) evidence the transfer; and (iv) the transfer of an Award to a
Permitted Transferee shall be without consideration. In addition, and further notwithstanding Section 13(a), hereof, the Administrator, in its sole discretion, may determine to permit a Participant to transfer Incentive Stock Options to a trust
that constitutes a Permitted Transferee if, under Code Section 671 and other Applicable Law, the Participant is considered the sole beneficial owner of the Incentive Stock Option while it is held in the trust. 

(d)    Notwithstanding Section 13(a), a Participant may, in the manner determined by the Administrator, designate a
beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary, legal guardian, legal representative, or other person claiming any rights pursuant to
the Plan is subject to all terms and conditions of the Plan and any Program or Award Agreement applicable to the Participant and any additional restrictions deemed necessary or appropriate by the Administrator. If the Participant is married or a
domestic partner in a domestic partnership qualified under Applicable Law and resides in a community property state, a designation of a person other than the Participant’s spouse or domestic partner, as applicable, as the Participant’s
beneficiary with respect to more than 50% of the Participant’s interest in the Award shall not be effective without the prior written or electronic consent of the Participant’s spouse or domestic partner. If no beneficiary has been
designated or survives the Participant, payment shall be made to the person entitled thereto pursuant to the Participant’s will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation may be changed or
revoked by a Participant at any time; provided that the change or revocation is delivered in writing to the Administrator prior to the Participant’s death. 

14.    Adjustments; Dissolution or Liquidation; Change in Control. 

(a)    Adjustments. In the event that any stock dividend or other distribution (whether in the form of cash,
Shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination,
repurchase, or exchange of Shares or other securities of the Company, or other Equity Restructuring or change in the corporate structure of the Company affecting Shares occurs, the Administrator, in order to prevent diminution or enlargement of the
benefits or potential benefits intended to be made available under the Plan, shall make equitable adjustments to (i) the aggregate number and class of Shares that may be delivered under the Plan as set forth in the limitation in
Section 3(a), (ii) the number, class, and grant or exercise price of Shares covered by each outstanding Award, and (iii) the terms and conditions of any outstanding Awards (including, without limitation, any applicable Performance
Criteria and Performance Goals with respect thereto). 
 (b)    Dissolution or Liquidation. In the
event of the proposed dissolution or liquidation of the Company, the Administrator will notify each Participant as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously exercised, an
Award will terminate immediately prior to the consummation of such proposed action. 

  
 17 

 (c)    Merger or other Reorganization. In the event of any
transaction or event described in Section 14(a), including a Change in Control, each outstanding Award will be treated as the Administrator determines in its sole discretion and on such terms and conditions as the Administrator deems
appropriate, including, without limitation, that (i) Awards will be assumed, or substantially equivalent Awards will be substituted, by the acquiring or succeeding corporation (or an affiliate thereof) with appropriate adjustments as to the
number and kind of shares and applicable exercise or purchase prices, in all cases, as determined by the Administrator; (ii) upon written notice to a Participant, that the Participant’s Awards will terminate upon or immediately prior to
the consummation of such transaction; (iii) outstanding Awards will vest and become exercisable, realizable, or payable, or restrictions applicable to an Award will lapse, in whole or in part, prior to or upon consummation of such transaction
or event, notwithstanding anything to the contrary in the Plan or the applicable Program or Award Agreement; (iv) (A) the termination of an Award in exchange for an amount of cash and/or property, if any, equal to the amount that would
have been attained upon the exercise of such Award or realization of the Participant’s rights as of the date of the occurrence of the transaction (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction the
Administrator determines in good faith that no amount would have been attained upon the exercise of such Award or realization of the Participant’s rights, then such Award may be terminated by the Company without payment), or (B) the
replacement of such Award with other rights or property selected by the Administrator in its sole discretion; (v) to provide that the Award cannot vest, be exercised or become payable after such event; or (vi) any combination of the
foregoing. In taking any of the actions permitted under this Section 14(c), the Administrator will not be obligated to treat all Awards, all Awards held by a Participant, or all Awards of the same type, similarly. 

In the event that the successor corporation in a Change in Control does not assume or substitute for the Award (or portion thereof), the
Administrator will (i) cause any or all of such Award (or portion thereof) to terminate in exchange for cash, rights or other property pursuant to Section 14(c), or (ii) cause the Participant to fully vest in and have the right to
exercise all of his or her outstanding Options and Stock Appreciation Rights, including Shares as to which such Awards would not otherwise be vested or exercisable, all restrictions on Restricted Stock and Restricted Stock Units will lapse, and,
with respect to Awards with Performance Criteria, all Performance Goals will be deemed achieved at the greater of actual performance or 100% of target levels and all other terms and conditions met. 

For the purposes of this Section 14(c), an Award will be considered assumed if, following the Change in Control, the Award confers the
right to purchase or receive, for each Share subject to the Award immediately prior to the Change in Control, the consideration (whether stock, cash, or other securities or property) received in the Change in Control by holders of Common Stock for
each Share held on the effective date of the transaction (and, if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such
consideration received in the Change in Control is not solely common stock of the successor corporation or its parent, the Administrator may, with the consent of the successor corporation, provide for the consideration to be received upon the
exercise of an Option or Stock Appreciation Right or upon the payout of a Restricted Stock Unit, for each Share subject to such Award, to be solely common stock of the successor corporation or its parent equal in fair market value to the per share
consideration received by holders of Common Stock in the Change in Control. 
 Notwithstanding anything in this Section 14(c) to
the contrary, an Award that vests, is earned or paid-out upon the satisfaction of one or more Performance Goals will not be considered assumed if the Company or its successor modifies any of such Performance
Goals without the Participant’s consent; provided, however, a modification to such Performance Goals only to reflect the successor corporation’s post-Change in Control corporate structure will not be deemed to invalidate an
otherwise valid Award assumption. 
 Notwithstanding anything in this Section 14(c) to the contrary, if a payment under an Award
Agreement is subject to Code Section 409A, and if the change in control definition contained in the Award Agreement does not comply with the definition of “change of control” for purposes of a distribution under Code
Section 409A, then any payment of an amount that is otherwise accelerated under this Section will be delayed until the earliest time that such payment would be permissible under Code Section 409A without triggering any penalties
applicable under Code Section 409A. 

  
 18 

 (d)    Limitations. The Administrator, in its sole
discretion, may include such further provisions and limitations in any Award, agreement or certificate as it may deem equitable and in the best interests of the Company that are not inconsistent with the provisions of the Plan. The existence of the
Plan, any Program, any Award Agreement and/or the Awards granted hereunder shall not affect or restrict in any way the right or power of the Company or the stockholders of the Company to make or authorize any adjustment, recapitalization,
reorganization or other change in the Company’s capital structure or its business, any merger or consolidation of the Company, any issue of stock or of options, warrants or rights to purchase stock or of bonds, debentures, preferred or prior
preference stocks whose rights are superior to or affect the Common Stock or the rights thereof or which are convertible into or exchangeable for Common Stock, or the dissolution or liquidation of the Company, or any sale or transfer of all or any
part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise. In the event of any pending stock dividend, stock split, combination or exchange of shares, merger, consolidation or other
distribution (other than normal cash dividends) of Company assets to stockholders, or any other change affecting the Shares or the share price of a class of Common Stock, for reasons of administrative convenience, the Company, in its sole
discretion, may refuse to permit the exercise of any Award during a period of up to thirty (30) days prior to the consummation of any such transaction. 

15.    Tax Withholding. 

(a)    Withholding Requirements. Prior to the delivery of any Shares or cash pursuant to an Award (or
exercise thereof), the Company will have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, local, foreign or other taxes (including the Participant’s
FICA, employment tax or social security contribution obligations) required to be withheld with respect to any taxable event concerning a Participant arising as a result of the Plan or any Award. 

(b)    Withholding Arrangements. The Administrator, in its sole discretion and pursuant to such procedures
as it may specify from time to time, may permit a Participant to satisfy such tax withholding obligation, in whole or in part by (without limitation): (i) paying cash, (ii) electing to have the Company withhold otherwise deliverable Shares
having a Fair Market Value no greater than the aggregate amount of such obligations based on the maximum statutory withholding rates in such Participant’s applicable jurisdictions for federal, state, local and foreign income tax and payroll tax
purposes that are applicable to such taxable income, (iii) delivering to the Company already-owned Shares having a Fair Market Value equal to the statutory amount required to be withheld, provided the delivery of such Shares will not result in
any adverse accounting consequences, as the Administrator determines in its sole discretion, (iv) selling a sufficient number of Shares otherwise deliverable to the Participant through such means as the Administrator may determine in its sole
discretion (whether through a broker or otherwise) equal to the amount required to be withheld, or (v) any combination of the above permitted forms of payment. The amount of the withholding requirement will be deemed to include any amount which
the Administrator agrees may be withheld at the time the election is made, not to exceed the amount determined by using the maximum federal, state or local marginal income tax rates applicable to the Participant with respect to the Award on the date
that the amount of tax to be withheld is to be determined. The Fair Market Value of the Shares to be withheld or delivered will be determined as of the date that the taxes are required to be withheld. 

16.    No Effect on Employment or Service. Neither the Plan nor any Award will confer upon a Participant any right
with respect to continuing the Participant’s relationship as a Service Provider with the Company, nor will they interfere in any way with the Participant’s right or the Company’s right to terminate such relationship at any time, with
or without cause, to the extent permitted by Applicable Laws. 
 17.    Date of Grant. The date of grant of an
Award will be, for all purposes, the date on which the Administrator makes the determination granting such Award, or such other later date as is determined by the Administrator. Notice of the determination will be provided to each Participant within
a reasonable time after the date of such grant. 

  
 19 

 18.    Term of Plan. Subject to Section 22, the Plan will
become effective upon its approval by the stockholders. Unless sooner terminated under Section 19, it will continue in effect for a term of 10 years from the later of (a) the Effective Date of the Plan, or (b) the earlier of the most
recent Board or stockholder approval of an increase in the number of Shares reserved for issuance under the Plan. 

19.    Amendment and Termination. 

(a)    Amendment and Termination of Awards. Subject to Applicable Law, the Administrator may amend, modify or
terminate any outstanding Award, including but not limited to, substituting therefor another Award of the same or a different type, changing the date of exercise or settlement, and converting an Incentive Stock Option to a Nonstatutory Stock Option;
provided, that the Participant’s consent to such action shall be required unless (a) the Administrator determines that the action, taking into account any related action, would not materially and adversely affect the Participant, or
(b) the change is otherwise permitted under the Plan (including, without limitation, under Section 14 or Section 29). 

(b)    Amendment and Termination of the Plan. Except as otherwise provided in Section 19(c), the Board
may at any time amend, alter, suspend or terminate the Plan. 
 (c)    Stockholder Approval.
Notwithstanding Section 19(b), the Company will obtain stockholder approval of any Plan amendment to the extent necessary to comply with Applicable Laws, including, without limitation, with respect to any increase to the limit imposed in
Section 3(a) on the maximum number of Shares which may be issued under the Plan. 

(d)    Expiration. No Awards may be granted or awarded during any period of suspension or after termination
of the Plan, and notwithstanding anything herein to the contrary, in no event may any Award be granted under the Plan after the tenth (10th) anniversary of the earlier of (i) the date on which the Plan was adopted by the Board or (ii) the
date the Plan was approved by the Company’s stockholders (such anniversary, the “Expiration Date”). Any Awards that are outstanding on the Expiration Date shall remain in force according to the terms of the Plan, the applicable
Program and the applicable Award Agreement. 
 (e)    Effect of Amendment or Termination. No amendment,
alteration, suspension or termination of the Plan will impair the rights of any Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing and signed by the Participant and the
Company. Termination of the Plan will not affect the Administrator’s ability to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination. 

20.    Conditions Upon Issuance of Shares. 

(a)    Legal Compliance. The Administrator shall determine the methods by which Shares shall be delivered or
deemed to be delivered to Participants. Shares will not be issued pursuant to the exercise of an Award unless the Administrator has determined that the exercise of such Award and the issuance and delivery of such Shares will comply with Applicable
Laws and may be further subject to the approval of counsel for the Company with respect to such compliance. 

(b)    Representations. In addition to the terms and conditions provided herein, the Company may require a
Participant to make such reasonable covenants, agreements and representations as the Administrator, in its sole discretion, deems advisable in order to comply with Applicable Law. 

(c)    Restrictions. All share certificates delivered pursuant to the Plan and all Shares issued pursuant to
book entry procedures are subject to any stop-transfer orders and other restrictions as the Administrator deems necessary or advisable to comply with Applicable Law. The Administrator may place legends on any share certificate or book entry to
reference restrictions applicable to the Shares (including, without limitation, restrictions applicable to Restricted Stock). The Administrator shall have the right to require any Participant to comply with any timing or other restrictions with
respect to the settlement, distribution or exercise of any Award, including a 

  
 20 

 
window-period limitation, as may be imposed in the sole discretion of the Administrator. The Company, in its sole discretion, may (i) retain physical possession of any stock certificate
evidencing Shares until any restrictions thereon shall have lapsed and/or (ii) require that the stock certificates evidencing such Shares be held in custody by a designated escrow agent (which may, but need not, be the Company) until the
restrictions thereon shall have lapsed, and that the Participant deliver a stock power, endorsed in blank, relating to such Shares. 

21.    Inability to Obtain Authority. The inability of the Company to obtain authority from any regulatory body
having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, will relieve the Company of any liability in respect of the failure to issue or sell such Shares as
to which such requisite authority will not have been obtained. 
 22.    Stockholder Approval. The Plan will be
submitted for approval by the stockholders of the Company within 12 months after the date the Plan is adopted by the Board. Such stockholder approval will be obtained in the manner and to the degree required under Applicable Laws. 

23.    Forfeiture and Claw-Back Provisions. All Awards (including any proceeds, gains or other economic benefit
actually or constructively received by a Participant upon any receipt or exercise of any Award or upon the receipt or resale of any Shares underlying the Award and any payments of a portion of an incentive-based bonus pool allocated to a
Participant) shall be subject to the provisions of any claw-back policy implemented by the Company, including, without limitation, any claw-back policy adopted to comply with the requirements of Applicable Law, including, without limitation, the
Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder, whether or not such claw-back policy was in place at the time of grant of an Award, to the extent set forth in such claw-back policy
and/or in the applicable Award Agreement. 
 24.    Data Privacy. As a condition of receipt of any Award, each
Participant explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of personal data as described in this Section 24 by and among, as applicable, the Company and its Subsidiaries for the exclusive
purpose of implementing, administering and managing the Participant’s participation in the Plan. The Company and its Subsidiaries may hold certain personal information about a Participant, including but not limited to, the Participant’s
name, home address and telephone number, date of birth, social security or insurance number or other identification number, salary, nationality, job title(s), any shares of stock held in the Company or any of its Subsidiaries and details of all
Awards, in each case, for the purpose of implementing, managing and administering the Plan and Awards (the “Data”). The Company and its Subsidiaries may transfer the Data amongst themselves as necessary for the purpose of
implementation, administration and management of a Participant’s participation in the Plan, and the Company and its Subsidiaries may each further transfer the Data to any third parties assisting the Company and its Subsidiaries in the
implementation, administration and management of the Plan. These recipients may be located in the Participant’s country, or elsewhere, and the Participant’s country may have different data privacy laws and protections than the
recipients’ country. Through acceptance of an Award, each Participant authorizes such recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing
the Participant’s participation in the Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom the Company or any of its Subsidiaries or the Participant may elect to deposit any Shares.
The Data related to a Participant will be held only as long as is necessary to implement, administer, and manage the Participant’s participation in the Plan. A Participant may, at any time, view the Data held by the Company with respect to such
Participant, request additional information about the storage and processing of the Data with respect to such Participant, recommend any necessary corrections to the Data with respect to the Participant or refuse or withdraw the consents herein in
writing, in any case without cost, by contacting his or her local human resources representative. The Company may cancel the Participant’s ability to participate in the Plan and, in the Administrator’s discretion, the Participant may
forfeit any outstanding Awards if the Participant refuses or withdraws his or her consents as described herein. For more information on the consequences of refusal to consent or withdrawal of consent, Participants may contact their local human
resources representative. 
 25.    Paperless Administration. In the event that the Company establishes, for
itself or using the services of a third party, an automated system for the documentation, granting or exercise of Awards, such as a system using an internet website or interactive voice response, then the paperless documentation, granting or
exercise of Awards by a Participant may be permitted through the use of such an automated system. 

  
 21 

 26.    Effect of Plan upon Other Compensation Plans. The adoption
of the Plan shall not affect any other compensation or incentive plans in effect for the Company or any Subsidiary. Nothing in the Plan shall be construed to limit the right of the Company or any Subsidiary: (a) to establish any other forms of
incentives or compensation for Employees, Directors or Consultants of the Company or any Subsidiary, or (b) to grant or assume options or other rights or awards otherwise than under the Plan in connection with any proper corporate purpose
including without limitation, the grant or assumption of options in connection with the acquisition by purchase, lease, merger, consolidation or otherwise, of the business, stock or assets of any corporation, partnership, limited liability company,
firm or association. 
 27.    Titles and Headings, References to Sections of the Code or Exchange Act. The
titles and headings of the Sections in the Plan are for convenience of reference only and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. References to sections of the Code or the Exchange Act
shall include any amendment or successor thereto. 
 28.    Governing Law. The Plan and any Programs and Award
Agreements hereunder shall be administered, interpreted and enforced under the internal laws of the State of Delaware without regard to conflicts of laws thereof or of any other jurisdiction. 

29.    Code Section 409A. To the extent that the Administrator determines that any Award granted
under the Plan is subject to Code Section 409A, the Plan, the Program pursuant to which such Award is granted and the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Code Section 409A. In that
regard, to the extent any Award under the Plan or any other compensatory plan or arrangement of the Company or any of its Subsidiaries is subject to Code Section 409A, and such Award or other amount is payable on account of a Participant’s
Termination of Service (or any similarly defined term), then (a) such Award or amount shall only be paid to the extent such Termination of Service qualifies as a “separation from service” as defined in Code Section 409A, and
(b) if such Award or amount is payable to a “specified employee” as defined in Code Section 409A, then to the extent required in order to avoid a prohibited distribution under Code Section 409A, such Award or other
compensatory payment shall not be payable prior to the earlier of (i) the expiration of the six-month period measured from the date of the Participant’s Termination of Service, or (ii) the date
of the Participant’s death. To the extent applicable, the Plan, the Program and any Award Agreements shall be interpreted in accordance with Code Section 409A. Notwithstanding any provision of the Plan to the contrary, in the event that
following the Effective Date, the Administrator determines that any Award may be subject to Code Section 409A, the Administrator may (but is not obligated to), without a Participant’s consent, adopt such amendments to the Plan and the
applicable Program and Award Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Administrator determines are necessary or appropriate to
(A) exempt the Award from Code Section 409A and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (B) comply with the requirements of Code Section 409A and thereby avoid the application
of any penalty taxes under Section Code 409A. The Company makes no representations or warranties as to the tax treatment of any Award under Code Section 409A or otherwise. The Company shall have no obligation under this Section 29 or
otherwise to take any action (whether or not described herein) to avoid the imposition of taxes, penalties or interest under Code Section 409A with respect to any Award, and shall have no liability to any Participant or any other person if any
Award, compensation or other benefits under the Plan are determined to constitute non-compliant, “nonqualified deferred compensation” subject to the imposition of taxes, penalties and/or interest
under Code Section 409A. 
 30.    Unfunded Status of Awards. The Plan is intended to be an
“unfunded” plan for incentive compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Program or Award Agreement shall give the Participant any rights that are
greater than those of a general creditor of the Company or any Subsidiary. 

  
 22 

 31.    Indemnification. To the extent permitted under Applicable
Law, each member of the Administrator (and each delegate thereof pursuant to Section 4(f)) shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such
member in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action or failure to act pursuant to the Plan or any Award Agreement, and
against and from any and all amounts paid by him or her, with the Board’s approval, in satisfaction of judgment in such action, suit, or proceeding against him or her; provided he or she gives the Company an opportunity, at its own expense, to
handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf and, once the Company gives notice of its intent to assume such defense, the Company shall have sole control over such defense with counsel of
the Company’s choosing. The foregoing right of indemnification shall not be available to the extent that a court of competent jurisdiction in a final judgment or other final adjudication, in either case not subject to further appeal, determines
that the acts or omissions of the person seeking indemnity giving rise to the indemnification claim resulted from such person’s bad faith, fraud or willful criminal act or omission. The foregoing right of indemnification shall not be exclusive
of any other rights of indemnification to which such persons may be entitled as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 

32.    Relationship to Other Benefits. No payment pursuant to the Plan shall be taken into account in determining
any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary, except to the extent otherwise expressly provided in writing in such other plan or an agreement
thereunder. 
 33.    Expenses. The expenses of administering the Plan shall be borne by the Company and its
Subsidiaries. 
 34.    Section 162(m) Reliance Period. To the maximum
extent permitted under Code Section 162(m) and Applicable Law, Awards under this Plan shall not be subject to the deduction limit set forth in U.S. Treasury Regulation 1.162-27(b) pursuant to
Code Section 162(m) and the rules and regulations promulgated thereunder, to the extent such Awards may qualify for any post-public offering reliance period deduction limit exception set forth in U.S. Treasury Regulation 1.162-27(f) (or any successor thereto), and the Plan and Award Agreements shall be interpreted accordingly. 

  
 23EX-10.20

 Exhibit 10.20 

AMERICAN WELL CORPORATION 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (the “Agreement”) is hereby entered into as of June 18, 2020 (the “Effective
Date”) by and between American Well Corporation, a Delaware corporation (the “Company”), and Ido Schoenberg, an individual (the “Executive”) (hereinafter collectively referred to as “the
parties”). Where the context requires, references to the Company shall include the Company’s subsidiaries and affiliates. 

RECITALS 
 WHEREAS, the
Company desires to continue to employ Executive for the period provided in this Agreement, and Executive desires to accept such continued employment with the Company, subject to the terms and conditions set forth herein; 

NOW, THEREFORE, in consideration of the respective agreements of the parties contained herein, it is agreed as follows: 

1. Commencement Date; Term; Effect on Other Agreements. The employment term (the “Employment Term”) of Executive’s
employment under this Agreement shall be for the period commencing on June 18, 2020 (the “Commencement Date”) and ending on the third (3rd) anniversary of the
Commencement Date. Thereafter, the Employment Term shall extend automatically for consecutive periods of one year unless either party provides notice of non-renewal not less than ninety (90) days prior to
the end of the Employment Term as then in effect. 
 2. Employment. During the Employment Term: 

 

	 	(a)	 Subject to Section 2(d) hereof, Executive shall be employed as Chairman and co-Chief Executive Officer of the Company and Executive shall perform the duties, undertake the responsibilities and exercise the authority customarily performed, undertaken and exercised by Executive in the past.
Executive shall report solely and directly to the board of directors of the Company (the “Board”). Executive shall continue to serve on the Board during the Employment Term and as otherwise provided in the Company’s governing
documents. 

  

	 	(b)	 Excluding periods of vacation and sick leave to which Executive is entitled and other service outside of the
Company contemplated in this Section 2(b), Executive shall devote substantially all of Executive’s professional time and attention to the business and affairs of the Company to discharge the responsibilities of
Executive hereunder. Executive may manage personal and family investments, engage in educational activities, participate in industry organizations and charitable endeavors and, with the consent of the Board (which shall not be unreasonably
withheld), serve on up to two (2) for-profit boards of directors, so long as such activities do not interfere with the performance of Executive’s responsibilities hereunder. It is understood that,
during Executive’s employment by the Company, Executive shall not engage in any activities that constitute a conflict of interest with the interests of the Company or its direct and indirect subsidiaries. 

  
 1 

	 	(c)	 Executive shall be subject to and shall abide by each of the personnel policies applicable to senior
executives, including but not limited to any policy restricting pledging and hedging investments in Company equity by Company executives, any policy the Company adopts regarding the recovery of incentive compensation applicable if a financial metric
used to determine the amount of incentive compensation has been miscalculated, the Company is required to restate its financial statements or Executive engages in significant illegal conduct (but in the case of illegal conduct the clawback shall be
limited to the extent such illegal conduct resulted in inappropriate payment of incentive compensation) (sometimes referred to as “clawback”) and any additional clawback provisions as required by law and applicable listing rules.
This Section 2(c) shall survive the termination of the Employment Term. 

  

	 	(d)	 Executive’s position, title and duties with the Company may be adjusted following the completion of an
initial public offering of the Company’s common stock (an “IPO”), including pursuant to any modifications to the Company’s organizational or executive structure, as determined by the Board in consultation with Executive.
Any such adjustments shall not constitute Good Reason for purposes of this Agreement; provided that Executive remains in a “C-suite” level role or higher with the Company following such
adjustment. 

  

	 	(e)	 Subject to Sections 7, 8 and 9 hereof, Executive’s employment with the Company is
“at will,” such that each of Executive or the Company has the option to terminate Executive’s employment at any time, with or without advance notice, and with or without Cause or with or without Good Reason. This Agreement does not
constitute an express or implied agreement of continuing or long-term employment. 

 3. Annual Compensation. 

 

	 	(a)	 Base Salary. During the Employment Term, Executive shall be paid an annual base salary of US $650,000
(“Base Salary”). The Base Salary shall be payable in accordance with the Company’s regular payroll practices as then in effect. 

  
 2 

	 	(b)	 Annual Bonus. Subject to the terms of the Company’s annual cash bonus program as in effect from
time to time and the provisions hereof, for each fiscal year of the Company ending during the Employment Term (commencing with the 2020 fiscal year), Executive shall be eligible to receive a target annual cash bonus of up to 150% of Base Salary
(such target bonus, as may hereafter be increased, the “Target Bonus”), with the opportunity for increased payment upon performance overachievement as determined by the Board in its discretion. Annual bonuses, if any, will be
payable after the close of the applicable fiscal year, but in any event prior to March 15 of the following calendar year. The criteria for, and attainment of, Executive’s annual bonus will be at the sole discretion of the Board following
consultation with Executive and may be based on the achievement of both corporate and personal performance objectives. 

  

	 	(c)	 Annual Review. On an annual basis during the Employment Term, the Board shall review and analyze the
then-current Base Salary and Target Bonus of Executive and determine, in its discretion, whether increases are necessary or advisable based on merit, to meet industry benchmarks or otherwise, taking into account market practice and the performance
of both the Company and Executive. The Base Salary and Target Bonus, as may be increased from time to time, shall not thereafter be decreased. 

4. Additional Compensation. 
  

	 	(a)	 Cash Award. As consideration for entering into this Agreement, Executive will receive, on the first
regular payroll date following the Commencement Date, a cash payment equal to $1,000,000 (the “Cash Award”). This amount of the Cash Award shall be inclusive of any amount payable to Executive as an over-attainment bonus in respect
of the 2019 fiscal year. 

  

	 	(b)	 2018 Options. As consideration for entering into this Agreement, the vesting terms of the non-qualified and incentive stock options granted to Executive on October 25, 2018 (the “2018 Options”) are hereby amended to provide that such options shall service-vest over a two (2)-year
period from the grant date, such that the remaining unvested options shall vest in equal quarterly installments until the options are fully vested on November 24, 2020. Executive acknowledges that such acceleration of vesting may cause all or a
portion of such incentive stock options to cease being qualified as incentive stock options under Section 422(b) of the Internal Revenue Code of 1986, as amended (the “Code”). 

 

	 	(c)	 RSU Grants. During the Employment Term, Executive shall be entitled to receive the following grants of
restricted stock units (“RSUs”) with respect to shares of the Company’s common stock (“Shares”): 

  

	 	(1)	 No later than ten (10) business days following the Commencement Date, Executive shall receive a grant of
service-vesting RSUs with respect to 325,100 Shares, which shall be granted under the terms of the Company’s 2006 Employee, Director and Consultant Stock Plan, as amended and restated (the “2006 Plan”) and have a vesting

  
 3 

	 	
commencement date of January 1, 2019 (the “2019 RSUs”). The 2019 RSUs shall vest over a three (3)-year period, with 50% of the 2019 RSUs vesting on July 1, 2020 and the
remaining 50% vesting in equal quarterly installments thereafter; provided that, in the event of a termination of Executive’s employment, the 2019 RSUs shall be treated in accordance with Section 9 hereof.

  

	 	(2)	 Upon the earlier to occur of (i) an IPO that closes on or before December 31, 2020 (a “2020
IPO”) and (ii) the execution on or before December 31, 2020 of a definitive transaction agreement to enter into a “Corporate Transaction” (as such term is defined in Exhibit B) (a “2020 Sale”),
Executive shall be entitled to receive a grant of RSUs based on the percentage (not to exceed 1.5%) of the Company’s fully-diluted outstanding capital stock (not taking into account such grant or the 2020 IPO or 2020 Sale, as applicable)
determined in accordance with Exhibit A (the “Equity Percentage”), as follows: 

(i) RSUs granted in connection with the 2020 IPO (the “IPO RSUs”) shall be granted in the following two
traches: (A) 50% of the IPO RSUs shall be granted on or promptly following the closing date of the 2020 IPO, with an Equity Percentage based on the closing price per Share on such closing date (“Tranche 1”), and (B) 50% of
the IPO RSUs shall be granted on or promptly following the 180-day anniversary of the closing of the 2020 IPO, with an Equity Percentage based on the average of the five (5) highest closing prices per
Share during the period beginning on the date of the Company’s first earnings release following the 2020 IPO (or the 140-day anniversary of the 2020 IPO closing date, if earlier) and ending on the 180-day anniversary of the 2020 IPO closing date (“Tranche 2”), in each case subject to Executive’s continued employment through the closing date of the 2020 IPO, other than as provided in
Section 4(c)(2)(iii). The IPO RSUs shall vest and settle in Shares over the three (3)-year period from the 2020 IPO closing date, with one-third of the IPO RSUs vesting on the first
anniversary thereof and the remaining IPO RSUs vesting in equal quarterly installments thereafter; provided that, in the event of a termination of Executive’s employment, the IPO RSUs shall be treated in accordance with
Section 9 hereof. 
 (ii) RSUs granted in connection with the 2020 Sale (the “Sale
RSUs”, and together with the IPO RSUs, the “Additional RSUs”) shall be granted and immediately payable in cash on the closing date of the 2020 Sale based on the price per Share paid to the Company’s shareholders on
such closing date, subject to Executive’s continued employment through such grant date, other than as provided in Section 4(c)(2)(iii). 

  
 4 

 (iii) The Additional RSUs shall be granted under the equity compensation
plan that the Company intends to adopt in connection with the IPO (the “IPO Plan”) or the 2006 Plan, as applicable (such plan, as amended and restated from time to time, the “Plan”), shall be subject to the terms of
the Plan and the applicable award agreement thereunder and, except as expressly set forth in this Agreement or the applicable award agreement, are intended to contain terms and conditions generally applicable to RSUs granted to similarly situated
executives of the Company. In the event that Executive’s employment is terminated by the Company without Cause or by Executive with Good Reason prior to the Tranche 1 and/or Tranche 2 grant(s) or 2020 Sale, as applicable, the Company shall
grant Executive the Additional RSUs pursuant to this Section 4(c)(2), effective as of the scheduled grant date(s) of the Tranche 1 and/or Tranche 2 grants or 2020 Sale, respectively. For the avoidance of
doubt, (i) in no event shall both the IPO RSUs and Sale RSUs be granted hereunder, (ii) if the closing of the 2020 Sale does not occur, then no Sale RSUs shall be granted or paid out under this Agreement and (iii) any IPO RSUs granted
pursuant to the immediately preceding sentence shall be vested as of grant. 
  

	 	(d)	 Ongoing Grants. Executive shall be eligible for consideration for additional equity grants during the
Employment Term in the sole discretion of the Board (the “Ongoing Grants”); provided that no such grants shall be made prior to March 1, 2021. Any Ongoing Grants shall be subject to the availability of Shares at the time
of grant and such vesting terms and conditions as may be determined by the Board in its discretion, and both the amount and type of such grants shall be based on merit, to meet industry benchmarks or otherwise, taking into account market practice
and the performance of both the Company and Executive. 

  

	 	(e)	 Corporate Transaction. All of Executive’s outstanding equity awards shall vest and be paid or
become exercisable, as applicable, in full immediately prior to a Corporate Transaction. 

 5. Share Ownership
Commitment. Executive agrees to comply with any share ownership requirements adopted by the Company applicable to Executive, which shall be on the same terms as similarly situated executives of the Company. 

6. Other Benefits. During the Employment Term: 
  

	 	(a)	 Employee Benefits. Executive shall be eligible to participate in the various benefits offered by the
Company on terms and conditions that are no less favorable than other senior executives of the Company, including the Company’s group medical and dental plans, life and disability insurance and 401(k) plan, which shall be no less favorable in
the aggregate than those benefits provided by the Company as of the date hereof. Benefits may be 

  
 5 

	 	
modified or changed from time to time at the sole discretion of the Company (but not in a manner discriminatory against Executive), and the provision of such benefits to Executive in no way
changes or impacts Executive’s status as an at-will employee. The Company’s present benefit structure and other important information about the benefits for which Executive may be eligible are
described in the Company’s benefits summary booklet and in the Company’s employee handbook. Where a benefit is subject to a formal plan (for example, medical insurance or life insurance), eligibility to participate in and receive any
particular benefit is governed solely by the applicable plan document. 

  

	 	(b)	 Business Expenses. Upon submission of proper invoices in accordance with, and subject to, the
Company’s normal policies and procedures, Executive shall be entitled to receive prompt reimbursement of all reasonable out-of-pocket business, entertainment and
travel expenses incurred by Executive in connection with the performance of Executive’s duties hereunder. The Company shall provide for travel reimbursements materially consistent with those in effect as of the date hereof.

  

	 	(c)	 Paid Time Off. Executive shall be entitled to participate in the Company’s unlimited Personal Paid
Time Off Policy. 

 7. Termination. Executive’s employment with the Company hereunder may be terminated under
the circumstances set forth below; provided, however, that notwithstanding anything contained herein to the contrary, to the extent required by Section 409A (“Section 409A”) of the Code,
Executive shall not be considered to have terminated employment with the Company for purposes of this Agreement until Executive would be considered to have incurred a “separation from service” from the Company within the meaning of
Section 409A. 
  

	 	(a)	 Death. Executive’s employment shall be terminated as of the date of Executive’s death and
Executive’s beneficiaries shall be entitled to the benefits provided in Section 9(b) hereof. 

  

	 	(b)	 Disability. The Company may terminate Executive’s employment, on written notice to Executive after
having established Executive’s Disability and while Executive remains Disabled, and Executive shall be entitled to the benefits provided in Section 9(b) hereof. For purposes of this Agreement,
“Disability” shall have the meaning assigned to such term in the Plan. 

  

	 	(c)	 Cause. The Company may terminate Executive’s employment for Cause (as defined in Exhibit B)
effective as of the date of the Notice of Termination (as defined in Section 8 hereof) and Executive shall be entitled to the benefits provided in Section 9(a) hereof. 

  
 6 

	 	(d)	 Without Cause. The Company may terminate Executive’s employment without Cause and Executive shall
be entitled to the benefits provided in Section 9(c) hereof. 

  

	 	(e)	 Good Reason. Executive may terminate Executive’s employment with Good Reason (as defined in
Exhibit B), subject to this Section 7(e) and Executive shall be entitled to the benefits provided in Section 9(c) hereof. 

 

	 	(f)	 Without Good Reason. Executive may voluntarily terminate Executive’s employment without Good Reason
by delivering to the Company a Notice of Termination not less than thirty (30) days prior to the termination of Executive’s employment and the Company shall have the option of terminating Executive’s duties and responsibilities prior
to the expiration of such thirty (30) day notice period (in which case Executive shall not receive any payment of Executive’s salary or other compensation for the balance of such thirty (30) day period), and Executive shall be
entitled to the benefits provided in Section 9(a) hereof through the last day of such notice period. 

  

	 	(g)	 Retirement. Executive may terminate Executive’s employment upon Executive’s retirement in
accordance with the terms of a retirement plan or policy of the Company approved by the Board and applicable to Executive (a “Company Retirement Plan”), and Executive shall be entitled to the benefits provided in
Section 9(d) hereof. 

  

	 	(h)	 Notice of Non-Renewal. Executive’s employment shall
terminate upon expiration of the Employment Term as then in effect following timely provision by either party of notice of non-renewal in accordance with Section 1 hereof, and
Executive shall be entitled to the benefits provided in Section 9(e) hereof 

 8. Notice of
Termination. Any purported termination by Executive shall be communicated by written Notice of Termination to the Company. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which indicates a
termination date, the specific termination provision in this Agreement relied upon and sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so
indicated. For purposes of this Agreement, no such purported termination of Executive’s employment hereunder shall be effective without such Notice of Termination (unless waived by the party entitled to receive such notice); provided
that the Company may not challenge a Good Reason termination based upon a lack of “reasonable detail” regarding the basis for termination of Executive’s employment as long as Executive otherwise meets the notice requirements set forth
in Section 7(e) hereof. 
 9. Compensation Upon Termination. Upon termination of
Executive’s employment during the Employment Term, Executive shall be entitled to the following benefits; provided, however, that any such benefits to which Executive is hereunder entitled shall be offset by those benefits that
Executive receives, if any, under applicable law or otherwise: 

  
 7 

	 	(a)	 Termination by the Company for Cause or by Executive Without Good Reason. If
Executive’s employment is terminated by the Company for Cause or by Executive without Good Reason, the Company shall pay Executive all amounts earned or accrued hereunder through the termination date, including: 

 

	 	(1)	 reimbursement for reasonable and necessary expenses incurred by Executive on behalf of the Company for the
period ending on the termination date, pursuant to the procedures of the Company’s applicable policies; 

  

	 	(2)	 any previous compensation which Executive has previously deferred (including any interest earned or credited
thereon), in accordance with the terms and conditions of the applicable deferred compensation plans or arrangements then in effect; 

  

	 	(3)	 equity and incentive awards, to the extent previously vested, shall be paid or delivered to Executive in
accordance with the terms of such awards; 

  

	 	(4)	 any amount or benefit as provided under any benefit plan or program, and any accrued, but unpaid vacation (the
foregoing items in clauses (1) through (4) being collectively referred to as the “Accrued Compensation”); and 

  

	 	(5)	 in the case of Executive’s resignation without Good Reason, for each unvested equity award held by
Executive at the time of termination that is a 2018 Option, 2019 RSU or an IPO RSU, such award shall be eligible to continue to vest in accordance with the vesting schedule provided by the terms of the applicable award agreement (provided
that any such award that is not exempt from Section 409A must vest and be paid out on the scheduled payment dates provided under the applicable award agreement). 

 

	 	(b)	 Termination by the Company for Disability or Death. If Executive’s employment is terminated by the
Company for Disability or by reason of Executive’s death, then, subject to Section 16(e) hereof, Executive shall be entitled to the benefits provided in this Section 9(b).

  

	 	(1)	 The Company shall pay Executive (or Executive’s beneficiaries, as applicable) the Accrued Compensation;

  

	 	(2)	 The Company shall pay to Executive (or Executive’s beneficiaries, as applicable) within sixty
(60) days following the termination date, any bonus earned but unpaid in respect of any fiscal year preceding the termination date; 

  
 8 

	 	(3)	 The Company shall pay to Executive (or Executive’s beneficiaries, as applicable) a pro rata bonus for the
year in which Executive’s employment terminates, in an amount equal to the product of (x) the quotient of the number of days Executive was employed in the applicable year, divided by 365 and (y) Executive’s then-current Target
Bonus; and 

  

	 	(4)	 Each unvested equity award held by Executive at the time of termination shall be treated as follows:

 (i) for each award that is a 2018 Option, 2019 RSU, an IPO RSU or an Ongoing Grant, such award shall
vest in full (with any performance goals applicable to an Ongoing Grant treated as achieved at target) and all outstanding stock options shall remain exercisable for their full term; and 

(ii) each other award shall be governed by the terms of the applicable award agreement. 

 

	 	(c)	 Termination by the Company Without Cause or by Executive for Good Reason. If
Executive’s employment by the Company shall be terminated by the Company without Cause or by Executive for Good Reason, then, subject to Section 16(e) hereof, Executive shall be entitled to the benefits provided
in this Section 9(c). 

  

	 	(1)	 The Company shall pay to Executive any Accrued Compensation; 

 

	 	(2)	 The Company shall pay to Executive any bonus earned but unpaid in respect of any fiscal year preceding the
termination date within sixty (60) days following the termination date; 

  

	 	(3)	 The Company shall pay to Executive a pro rata bonus for the year in which Executive’s employment
terminates, in an amount equal to the product of (x) the quotient of the number of days Executive was employed in the applicable year, divided by 365 and (y) the bonus Executive would have earned for such year had he remained employed
through year-end, within the time period set forth in Section 3(b); 

  

	 	(4)	 The Company shall pay Executive as severance pay, in lieu of any further compensation (except as provided in
this Section 9(c)) for the periods subsequent to the termination date, an amount in cash, equal to three (3) times Executive’s then-current Base Salary, paid in equal installments on the Company’s regular
payroll dates during the thirty-six (36) month period following the date on which Executive executes a release in accordance with Section 16(e) hereof (the “Severance
Period”); 

  
 9 

	 	(5)	 Each unvested equity award held by Executive at the time of termination shall be treated as follows:

 (i) for each award that is a 2018 Option, 2019 RSU, an IPO RSU or an Ongoing Grant, such award shall
vest in full (with any performance goals applicable to an Ongoing Grant treated as achieved at target) and all outstanding stock options shall remain exercisable for their full term; and 

(ii) each other award shall be governed by the terms of the applicable award agreement. 

 

	 	(6)	 If Executive is participating in the Company’s group health insurance plans on the effective date of
termination, and Executive timely elects and remains eligible for continued coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), or, if applicable, state or local insurance laws, the Company shall pay that
portion of Executive’s premiums that the Company was paying prior to the effective date of termination for the Severance Period and, if necessary due to COBRA restrictions, provide alternative coverage for any period beyond the COBRA
continuation period if Executive is not receiving comparable coverage from a subsequent employer. 

  

	 	(d)	 Termination by Executive due to Executive’s Retirement. If Executive terminates
Executive’s employment upon Executive’s retirement pursuant to a Company Retirement Plan, then, subject to Section 16(e) hereof, Executive shall be entitled to the benefits provided in this
Section 9(d). 

  

	 	(1)	 The Company shall pay to Executive any Accrued Compensation; and 

 

	 	(2)	 Each unvested equity award held by Executive at the time of termination shall be treated as follows:

 (i) for each award that is a 2018 Option, 2019 RSU, an IPO RSU or an Ongoing Grant, such award shall be
eligible to continue to vest in accordance with the vesting schedule provided by the terms of the applicable award agreement (provided that any such award that is not exempt from Section 409A must vest and be paid out on the scheduled
payment dates provided under the applicable award agreement); and 

  
 10 

 (ii) each other award shall be governed by the terms of the applicable
award agreement. 
  

	 	(e)	 Expiration of Employment Term Upon Notice of
Non-Renewal. If Executive’s employment terminates upon expiration of the Employment Term as then in effect following timely provision by either party of notice of
non-renewal in accordance with Section 1 hereof, then, subject to Section 16(e) hereof, Executive shall be entitled to the benefits provided in this
Section 9(e). 

  

	 	(1)	 The Company shall pay to Executive any Accrued Compensation; and 

 

	 	(2)	 Each unvested equity award held by Executive at the time of termination shall be governed by the terms of the
applicable award agreement; provided that, in the event the Company provides such notice of non-renewal, all unvested IPO RSUs shall vest upon Executive’s termination of employment.

  

	 	(f)	 Executive shall not be required to mitigate the amount of any payment provided for under this
Section 9 by seeking other employment or otherwise and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to Executive in any subsequent employment. 

10. Section 409A. This Agreement is intended to comply with, or otherwise be exempt from, Section 409A. The
Company shall undertake to administer, interpret and construe this Agreement, to the extent reasonably practicable, in a manner that does not result in the imposition on Executive of any additional tax, penalty or interest under Section 409A.
If the Company determines in good faith that any provision of this Agreement would cause Executive to incur an additional tax, penalty or interest under Section 409A, the Company and Executive shall use reasonable efforts to reform such
provision, if possible, in a mutually agreeable fashion to maintain to the maximum extent practicable the original intent of the applicable provision without violating the provisions of Section 409A. If a payment obligation under this Agreement
arises on account of Executive’s separation from service while Executive is a “specified employee” (as defined under Section 409A), then any payment that constitutes “deferred compensation” (as defined under Treasury
Regulation Section 1.409A-1(b)(1), after giving effect to the exemptions in Treasury Regulation Sections 1.409A-1(b)(3) through (b)(12)) that is scheduled to be
paid within six (6) months after such separation from service shall accrue without interest and shall be paid within fifteen (15) days after the end of the six (6) month period beginning on the date of such separation from service or,
if earlier, within fifteen (15) days after the appointment of the personal representative or executor of Executive’s estate following Executive’s death. Notwithstanding the foregoing, nothing in this Agreement or otherwise is intended
to, nor does it, guarantee that the payments and benefits under this Agreement will not be subject to any additional tax or other adverse tax consequences under Section 409A or any similar state or local tax law. For purposes of
Section 409A, any series of installment payments under this Agreement shall be treated as a right to a series of separate payments. 

  
 11 

 11. Employee Protection. Nothing in this Agreement or otherwise limits
Executive’s ability to communicate directly with and provide information, including documents, not otherwise protected from disclosure by any applicable law or privilege to the Securities and Exchange Commission (the “SEC”),
any other federal, state or local governmental agency or commission (“Government Agency”) or self-regulatory organization regarding possible legal violations, without disclosure to the Company. The Company may not retaliate
against Executive for any of these activities, and nothing in this Agreement or otherwise requires Executive to waive any monetary award or other payment that Executive might become entitled to from the SEC or any other Government Agency or
self-regulatory organization. 
 12. Records and Confidential Data. 

 

	 	(a)	 Executive acknowledges that in connection with the performance of Executive’s duties during the Employment
Term, the Company will make available to Executive, or Executive will have access to, certain Confidential Information (as defined below) of the Company and its subsidiaries. Executive acknowledges and agrees that any and all Confidential
Information disclosed to, or learned or obtained by, Executive during the course of Executive’s employment by the Company or otherwise, whether developed by Executive alone or in conjunction with others or otherwise, shall be and is the sole
and exclusive property of the Company and its subsidiaries and Executive hereby assigns to the Company any and all right, title and interest Executive may have or acquire in and to such Confidential Information. 

 

	 	(b)	 Except as provided in Section 11 hereof, the Confidential Information will be kept
confidential by Executive, will not be used in any manner which is detrimental to the Company, will not be used other than in connection with Executive’s discharge of Executive’s duties hereunder, and will be safeguarded by Executive from
unauthorized disclosure. Executive acknowledges and agrees that the confidentiality restrictions set forth herein shall apply to any and all Confidential Information disclosed to, or learned or obtained by, Executive, whether before, on or after the
date hereof. For the avoidance of doubt, nothing in this Section 12(b) shall prevent Executive from (i) complying with a valid legal requirement (whether by oral questions, interrogatories, requests for
information or documents, subpoena, civil or criminal investigative demand or similar process) to disclose any Confidential Information, (ii) using Confidential Information as reasonably necessary in connection with arbitration or litigation
between Executive and the Company or any of its affiliates or (iii) exercising any legally protected whistleblower rights (including under Rule 21F under the Securities Exchange Act of 1934, as amended) as set forth in
Section 11. 

  
 12 

	 	(c)	 Following the termination of Executive’s employment hereunder, as soon as possible after the
Company’s written request, Executive will return to the Company all written Confidential Information which has been provided to Executive and Executive will return or destroy (or cooperate with any reasonable Company requested process to return
or destroy) all copies of any analyses, compilations, studies or other documents (including any email or other electronic correspondence) prepared by Executive or for Executive’s use containing or reflecting any Confidential Information, except
as provided in Section 11. Within five (5) business days of the receipt of such request by Executive, Executive shall, upon written request of the Company, deliver to the Company a document certifying that such written
Confidential Information has been returned or destroyed in accordance with this Section 12(c). 

  

	 	(d)	 For the purposes of this Agreement, “Confidential Information” shall mean all confidential and
proprietary information of the Company and its subsidiaries, including, without limitation, information derived from reports, investigations, experiments, research, work in progress, drawings, designs, plans, proposals, codes, marketing and sales
programs, client lists, client mailing lists, supplier lists, financial projections, cost summaries, pricing formula, marketing studies relating to prospective business opportunities and all other know-how,
trade secrets, inventions, concepts, ideas, materials, or information developed, prepared or performed for or by the Company or its subsidiaries (in each case, including any email or other electronic correspondence). For purposes of this Agreement,
the Confidential Information shall not include and Executive’s obligations shall not extend to information that Executive can demonstrate with competent evidence is (i) generally available to the public without any action or involvement by
Executive or (ii) independently obtained by Executive from a third party on a non-confidential and authorized basis. Notwithstanding anything in this Section 12 to the contrary,
Executive may disclose Confidential Information: (1) as set forth in Section 11; and (2) to the extent it is required to be disclosed by law or pursuant to judicial process or administrative subpoena. To the
extent that Confidential Information is required to be disclosed by law, governmental investigation or pursuant to judicial process or administrative subpoena, Executive shall, to the extent legally permitted, first give written notice to the
Company and reasonably cooperate with the Company (at the Company’s expense) to obtain a protective order or other measures preserving the confidential treatment of such Confidential Information and requiring that the information or documents
so disclosed be used only for the purposes required by law, governmental investigation or pursuant to judicial process or administrative subpoena, except as provided in Section 11 and subject to
Section 12(e). 

  
 13 

	 	(e)	 Notwithstanding anything in this Agreement to the contrary, pursuant to the Defend Trade Secrets Act of 2016,
the parties hereto acknowledge and agree that Executive shall not have criminal or civil liability under any federal or state trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a federal, state, or
local government official, either directly or indirectly, or to an attorney and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or
other proceeding, if such filing is made under seal. In addition and without limiting the preceding sentence, if Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Executive may disclose the trade
secret to Executive’s attorney and may use the trade secret information in the court proceeding, if Executive (X) files any document containing the trade secret under seal and (Y) does not disclose the trade secret, except pursuant to
court order. 

  

	 	(f)	 In connection with Executive’s employment with the Company, Executive will not use any confidential or
proprietary information Executive may have obtained in connection with employment with any prior employer. 

  

	 	(g)	 Executive’s obligations under this Section 12 shall survive the termination of
the Employment Term. 

 13. Covenant Not to Solicit and Not to Compete;
Non-Disparagement. 
  

	 	(a)	 Covenants Not to Solicit or to Interfere. To protect the Confidential Information and other trade
secrets of the Company and its subsidiaries, Executive agrees, during the Employment Term and for a period of twenty-four (24) months after Executive’s cessation of employment with the Company, not to solicit, hire or participate in or
assist in any way in the solicitation or hire of any employees of the Company or any of its subsidiaries (or any person who was an employee of the Company or any of its subsidiaries during the six-month period
preceding such action) in any country. For purposes of this covenant, “solicit” or “solicitation” means directly or indirectly influencing or attempting to influence employees of the Company or any of its
subsidiaries to become employed with any other person, partnership, firm, corporation or other entity. Executive shall not violate this Section 13(a) by providing a personal reference or by a general advertisement
for employees not directly or indirectly targeted at employees of the Company or its subsidiaries. 

 In addition, to
protect the Confidential Information and other trade secrets of the Company and its subsidiaries, Executive agrees, during the Employment Term and for a period of twenty-four (24) months after Executive’s cessation of employment with the
Company, not to (x) solicit 

  
 14 

 
any client or customer to receive services or to purchase any good or services in competition (through a Prohibited Activity) with those provided by the Company or any of its subsidiaries or
(y) interfere or attempt to interfere in any material respect with the relationship between the Company or any of its subsidiaries on one hand and any client, customer, supplier, investor, financing source or capital market intermediary on the
other hand, in any country. For purposes of this covenant, “solicit” or “solicitation” means directly or indirectly influencing or attempting to influence clients or customers of the Company or any of its
subsidiaries to accept the services or goods of any other person, partnership, firm, corporation or other entity in competition (through a Prohibited Activity) with those provided by the Company or any of its subsidiaries. 

Executive agrees that the covenants contained in this Section 13(a) are reasonable and desirable to protect the
Confidential Information of the Company and its subsidiaries; provided that solicitation through general advertising or the provision of references shall not constitute a breach of such obligations. 

 

	 	(b)	 Covenant Not to Compete. To protect the Confidential Information and other trade secrets of the Company
and its subsidiaries, and in specific consideration for a cash payment of $1,000, Executive agrees, to the maximum extent permitted by applicable law, not to become involved with any entity that directly or indirectly engages in Prohibited
Activities (as defined below) in any country in which the Company or any of its subsidiaries conducts such business, or plans to conduct such business during the Employment Term, during the period commencing with the Employment Term and ending
(i) twelve (12) months after Executive’s cessation of employment with the Company pursuant to Sections 7(b), 7(c), 7(f), 7(g) or 7(h), or (ii) twenty-four (24) months after
Executive’s cessation of employment with the Company pursuant to Sections 7(d) or 7(e) hereof. For the purposes of this Agreement, the term “Prohibited Activities” means directly or indirectly owning any
interest in, managing, participating in (whether as an employee, director, officer, consultant, partner, member, manager, representative or agent), consulting with or rendering services to any entity (including, without limitation, Doctor On Demand,
MDLive, Teladoc, Epic Systems, Cerner or Zoom) in (A) the telehealth industry or (B) digital healthcare, that, in the case of clause (B), performs or plans to perform any of the services or manufactures or sells or plans to manufacture or
sell any of the products planned, provided or offered by the Company or any of its subsidiaries or any products or services designed to perform the same function or achieve the same results as the products or services planned, provided or offered by
the Company or any of its subsidiaries or performs or plans to perform any other services and/or engages or plans to engage in the development, production, manufacture, 

  
 15 

	 	
distribution or sale of any product similar to any planned or actual services performed or products developed, produced, manufactured, distributed or sold by the Company or any of its
subsidiaries during the term of Executive’s employment with the Company and its subsidiaries, including, without limitation, any business activity that directly or indirectly provides the research, development, manufacture, marketing, selling
or servicing of systems facilitating consumer communications with professional service providers in the digital healthcare field; provided that (i) Prohibited Activities shall not mean Executive’s investment in securities of a
publicly-traded company (or a non-publicly traded entity through a passive investment) equal to less than five percent (5%) of such company’s outstanding voting securities, (ii) Prohibited Activities
following cessation of Executive’s employment shall not include businesses of the Company or its subsidiaries which are reasonably projected, as of the termination date, to represent less than 5% of the consolidated revenues of the Company and
its subsidiaries taken as a whole following the termination date, and (iii) Executive shall be permitted to provide services to an entity that has a unit, division, subsidiary or affiliate engaging in a Prohibited Activity so long as Executive
does not provide services, directly or indirectly, to such unit, division, subsidiary or affiliate engaging in the Prohibited Activity. Executive agrees that the covenants contained in this Section 13(b) are
reasonable and desirable to protect the Confidential Information of the Company and its subsidiaries. Any reference to plans or planned activity in this paragraph shall be limited to plans or planned activities that are based upon material
demonstrable actions. Following Executive’s cessation of employment, the prohibitions in this paragraph shall be limited to activities and planned activities (including locations) as of the date of Executive’s termination of employment.

  

	 	(c)	 Non-Disparagement. Executive agrees not to make written or oral
statements about the Company, its subsidiaries or affiliates, or its directors, executive officers or non-executive officer employees that are negative or disparaging, except as provided in
Section 11 hereof or in the ordinary course of normal employment communications or personnel performance reviews when making such statements is reasonable and appropriate. The Company, as represented by its directors and
executive officers, shall not make written or oral statements about Executive that are negative or disparaging other than in the ordinary course of normal employment communications or personnel performance reviews when making such statements is
reasonable and appropriate. Notwithstanding the foregoing, nothing in this Agreement or otherwise shall preclude Executive, the Company, its subsidiaries and affiliates, and the Company’s directors and executive officers from communicating or
testifying truthfully to the extent required by law to any federal, state, provincial or local governmental agency or in response to a subpoena to testify issued by a court of competent

  
 16 

	 	
jurisdiction or in connection with any litigation or arbitration between Executive and the Company or any of its affiliates or any of its directors, executive officers or non-executive officer employees. Either party may make truthful statements to the extent reasonably necessary to correct any inaccurate public statements made by the other party (including executives or directors of
the Company) or in the normal course of permitted competitive actions. 

  

	 	(d)	 It is the intent and desire of Executive and the Company that the restrictive provisions of this
Section 13 be enforced to the fullest extent permissible under the laws and public policies as applied in each jurisdiction in which enforcement is sought. If any particular provision of this
Section 13 shall be determined to be invalid or unenforceable, such covenant shall be amended, without any action on the part of either party hereto, to delete therefrom the portion so determined to be invalid or
unenforceable, such deletion to apply only with respect to the operation of such covenant in the particular jurisdiction in which such adjudication is made. 

  

	 	(e)	 Executive’s obligations under this Section 13 shall be in full satisfaction of
Executive’s services for the Company and its affiliates from the date of his commencement of employment with the Company and shall survive the termination of the Employment Term. 

14. Remedies for Breach of Obligations under Sections 12 or 13 hereof. Executive acknowledges that the Company will
suffer irreparable injury, not readily susceptible of valuation in monetary damages, if Executive breaches Executive’s obligations under Sections 12 or 13 hereof. Accordingly, Executive agrees that the Company will be
entitled, in addition to any other available remedies, to seek injunctive relief against any breach or prospective breach by Executive of Executive’s obligations under Sections 12 or 13 hereof. Executive agrees that process
in any or all of those actions or proceedings may be served by registered mail, addressed to the last address provided by Executive to the Company, or in any other manner authorized by law. This Section 14 shall survive the
termination of the Employment Term. 
 15. Cooperation. 
  

	 	(a)	 Following Executive’s termination of employment for any reason for a period of thirty-six (36) months following such termination, except as provided in Section 11 hereof, Executive agrees to make Executive reasonably available at the request of the Company to
cooperate with the Company and its affiliates in matters that materially concern: (i) requests for information about the services Executive provided to the Company and its affiliates during Executive’s employment with the Company and its
affiliates, (ii) the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company and its affiliates which relate to events or occurrences that

  
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transpired while Executive was employed the Company and its affiliates and as to which Executive has, or would reasonably be expected to have, personal experience, knowledge or information or
(iii) any investigation or review by any federal, state or local regulatory, quasi-regulatory or self-governing authority (including, without limitation, the US Department of Justice, the US Federal Trade Commission or the SEC) as any such
investigation or review relates to events or occurrences that transpired while Executive was employed by the Company and its affiliates. Executive’s cooperation shall include: (A) making Executive reasonably available to meet and speak
with officers or employees of the Company, the Company’s counsel or any third-parties at the reasonable request of the Company at times and locations to be determined by the Company reasonably and in good faith, taking into account the
Company’s business and Executive’s business and personal needs (the “Company Cooperation”) and (B) giving accurate and truthful information at any interviews and accurate and truthful testimony in any legal
proceedings or actions (the “Witness Cooperation”). Nothing in this Section 15(a) shall be construed to limit in any way any rights Executive may have at applicable law not to provide testimony with
regard to specific matters. Unless required by law or legal process, Executive will not knowingly or intentionally furnish information to or cooperate with any non-governmental entity (other than the Company)
in connection with any potential or pending proceeding or legal action involving matters arising during Executive’s employment with the Company and its affiliates, except as provided in Section 11. In addition, at the
request of the Company, Executive shall be required to complete a directors’ and officers’ questionnaire to facilitate the Company’s preparation of any filings and reports with the SEC. 

 

	 	(b)	 Executive shall not be entitled to any payments in addition to those otherwise set forth in this Agreement in
respect of any Company Cooperation or Witness Cooperation, regardless of when provided. The Company will reimburse Executive for any reasonable, out-of-pocket travel,
hotel and meal expenses incurred in connection with Executive’s performance of obligations pursuant to this Section 15 for which Executive has obtained prior approval (which shall not be unreasonably withheld) from the
Company, and which shall be at levels consistent with Executive’s travel while employed as co-Chief Executive Officer. The Company shall also reimburse Executive for reasonable legal fees incurred in
connection with Executive’s cooperation if Executive reasonably believes that separate independent counsel is appropriate. Executive shall not be required to cooperate against his own legal interests. 

 

	 	(c)	 Nothing in this Agreement or any other agreement by and between the parties is intended to or shall preclude or
in any way limit or restrict Executive from providing accurate and truthful testimony or information to any governmental agency. 

  
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	 	(d)	 This Section 15 shall survive the termination of the Employment Term.

 16. Miscellaneous. 
  

	 	(a)	 Successors and Assigns. 

 

	 	(1)	 This Agreement shall be binding upon and shall inure to the benefit of the Company, its successors and
permitted assigns. The Company may not assign or delegate any rights or obligations hereunder except to a successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or
assets of the Company, as applicable. The term “the Company” as used herein shall mean a corporation or other entity acquiring all or substantially all the assets and business of the Company, as the case may be, (including this
Agreement) whether by operation of law or otherwise. 

  

	 	(2)	 Neither this Agreement nor any right or interest hereunder shall be assignable or transferable by Executive,
Executive’s beneficiaries or legal representatives, except by will or by the, laws of descent and distribution. 

  

	 	(3)	 This Agreement shall inure to the benefit of and be enforceable by Executive’s legal personal
representatives, and by Executive’s beneficiaries in the event of his death. 

  

	 	(b)	 Notice. For the purposes of this Agreement, notices and all other communications provided for in the
Agreement (including the Notice of Termination) shall be in writing and shall be deemed to have been duly given when personally delivered or sent by Certified mail, return receipt requested, postage prepaid, addressed to the respective addresses
last given by each party to each other party; provided that all notices to the Company shall be directed to the attention of the General Counsel of the Company. All notices and communications shall be deemed to have been received on the date
of delivery thereof or on the third business day after the mailing thereof, except that notice of change of address shall be effective only upon receipt. 

  

	 	(c)	 Indemnity Agreement. The Company agrees to indemnify and hold Executive harmless to the fullest extent
permitted by applicable law for actions taken as a director or officer of the Company, pursuant to the terms of the Indemnification Agreement previously entered into between the Company and Executive. In connection therewith, Executive shall be

  
 19 

	 	
entitled to the protection of any insurance policies which the Company elects to maintain generally for the benefit of the Company’s directors and officers, against all costs, charges and
expenses whatsoever incurred or sustained by Executive in connection with any action, suit or proceeding to which Executive may be made a party by reason of Executive’s being or having been a director, officer or employee of the Company. This
provision shall survive any termination of the Employment Term. 

  

	 	(d)	 Withholding. The Company shall be entitled to withhold the amount, if any, of all taxes of any
applicable jurisdiction required to be withheld by an employer with respect to any amount paid to Executive hereunder. The Company, in its sole and absolute discretion, shall make all determinations as to whether it is obligated to withhold any
taxes hereunder and the amount hereof. 

  

	 	(e)	 Release of Claims. The termination benefits described in Section 4(c)(2)(iii)
and Sections 9(b), 9(c), 9(d) and 9(e) hereof (the “Total Payments”) shall be conditioned on Executive delivering to the Company, and failing to revoke, a signed release of claims reasonably
acceptable to the Company within fifty (50) days following Executive’s termination date, which release shall be a general release of claims against the Company and associated individuals and entities, including customary exceptions.
Notwithstanding any provision of this Agreement to the contrary, in no event shall the timing of Executive’s execution of the release, directly or indirectly, result in Executive designating the calendar year of payment, and, to the extent
required by Section 409A, if a payment that is subject to execution of the release could be made in more than one taxable year, payment shall be made in the later taxable year. Where applicable, references to Executive in this
Section 16(e) shall refer to Executive’s representative or estate. 

  

	 	(f)	 Parachute Payments. To the extent consistent with applicable law, the payment of any amounts or the
provision of any benefits under this Agreement or any other agreement including, without limitation, the Total Payments, will be reduced or adjusted to avoid triggering the excise tax (the “Excise Tax”) imposed by Section 4999
of the Code (the “Required Reduction”), if such adjustment would result in the provision of a greater total benefit, on a net after-tax basis (after taking into account any applicable federal,
state and local income and employment taxes and the Excise Tax), to Executive. In the case of a reduction in the Total Payments, the Total Payments will be reduced in the following order: (i) by reducing any cash payments to be made to
Executive (excluding any cash payment with respect to the acceleration of equity-based compensation); (ii) by canceling the acceleration of vesting of any outstanding equity-based compensation awards; and (iii) by reducing any other non-cash benefits provided to 

  
 20 

	 	
Executive. In the case of the reductions to be made pursuant to each of the above-mentioned clauses, the payment and/or benefit amounts to be reduced, and the acceleration of vesting to be
cancelled, shall be reduced or cancelled in the inverse order of their originally scheduled dates of payment or vesting, as applicable, and shall be so reduced: (x) only to the extent that the payment and/or benefit otherwise to be paid, or the
vesting of the award that otherwise would be accelerated, would be treated as a “parachute payment” within the meaning of Code Section 280G(b)(2)(A); and (y) only to the extent necessary to achieve the Required Reduction. All
determinations made under this Section 16(f) (as well as with respect to any payments provided to any other “disqualified individual” of the Company within the meaning of Section 280G(c) of the Code)
shall be made by a nationally recognized accounting firm as mutually agreed between the Company and Executive (the “Accounting Firm”) which shall provide detailed supporting calculations to Executive and the Company. All fees and
expenses of the Accounting Firm shall be borne by the Company. All determinations by the Accounting Firm shall be binding on Executive and the Company absent manifest error. Notwithstanding the foregoing, if prior to a change in ownership or
effective control of the Company (as described in Section 280G of the Code and the regulations and guidance promulgated thereunder, no stock of the Company is readily tradable on an established securities market and the Accounting Firm
determines that the Excise Tax would be imposed upon the Total Payments (and any other payments) then, subject to Executive’s execution of a written agreement providing that Executive will waive any portion of the Total Payments (and any other
payments) that would otherwise cause such payments to be subject to the Excise Tax, the Company agrees to use commercially reasonable efforts to submit to the Company’s shareholders for approval, in a manner that satisfies
Section 280G(b)(5)(B) of the Code, Executive’s conditional right to receive the portion of the Total Payments (and other payments) otherwise subject to the waiver agreement. 

 

	 	(g)	 Modification. No provision of this Agreement may be modified, waived or discharged unless such waiver,
modification or discharge is agreed to in writing and signed by Executive and the Company. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to
be performed by the other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreement or representations, oral or otherwise, express or implied, with respect to the
subject matter hereof have been made by any party which are not expressly set forth in this Agreement. 

  
 21 

	 	(h)	 Arbitration. If any dispute arises under this Agreement or otherwise which cannot be resolved by mutual
discussion between the parties, then the Company and Executive each agree to resolve that dispute by binding arbitration before an arbitrator experienced in employment law. Said arbitration will be conducted in accordance with the rules applicable
to employment disputes of the Judicial Arbitration and Mediation Services (“JAMS”) and the law applicable to the claim. The parties shall have thirty (30) calendar days after notice of such arbitration has been given to attempt
to agree on the selection of an arbitrator from JAMS. In the event the parties are unable to agree in such time, JAMS will provide a list of five (5) available arbitrators and an arbitrator will be selected from such five member panel provided
by JAMS by the parties alternately striking out one name of a potential arbitrator until only one name remains. The party entitled to strike an arbitrator first shall be selected by a toss of a coin. The parties agree that this agreement to
arbitrate includes any such disputes that the Company may have against Executive, or Executive may have against the Company and/or its related entities and/or employees, arising out of or relating to this Agreement, or Executive’s employment or
Executive’s termination, including any claims of discrimination or harassment in violation of applicable law and any other aspect of Executive’s compensation, employment, or Executive’s termination. The parties further agree that
arbitration as provided for in this Section 16(h) is the exclusive and binding remedy for any such dispute and will be used instead of any court action, which is hereby expressly waived, except for any request by any
party for temporary, preliminary or permanent injunctive relief pending arbitration in accordance with applicable law or for breaches by Executive of Executive’s obligations under Sections 12, 13 or 15 hereof. The
parties agree that the seat of the arbitration shall be Boston, Massachusetts. The Company shall pay the cost of any arbitration brought pursuant to this paragraph, excluding, however, the cost of representation of Executive, unless such cost is
awarded in accordance with law or otherwise awarded by the arbitrators. Neither party nor an arbitrator may disclose the existence, content or results of any arbitration hereunder without the prior written consent of both parties, except (1) as
provided by Section 11 and (2) as may be required by law. The Company shall reimburse Executive for reasonable legal fees incurred in connection with any dispute under this Agreement if Executive prevails on at least
one material issue in such dispute. 

  

	 	(i)	 Effect of Other Law. Anything herein to the contrary notwithstanding, the terms of this Agreement shall
be modified to the extent required to meet the provisions of the Sarbanes-Oxley Act of 2002, Section 409A, the Dodd-Frank Wall Street Reform and Consumer Protection Act or other law applicable to the employment arrangements between Executive
and the Company. Any delay in providing benefits or payments or any failure to provide a benefit or payment shall not in and of itself constitute a breach of this Agreement as a result of applicable law; provided, however, that the

  
 22 

	 	
Company shall provide economically equivalent payments or benefits to Executive to the extent permitted by law as soon as practicable after such benefits or payments are due. Any request or
requirement that Executive repay compensation that is required under the first sentence of this Section 16(i), or pursuant to a Company policy that is applicable to other executive officers of the Company and that is
designed to advance the legitimate corporate governance objectives of the Company, shall not in and of itself constitute a breach of this Agreement. 

  

	 	(j)	 Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the
laws of the Commonwealth of Massachusetts applicable to contracts executed in and to be performed entirely within such State, without giving effect to the conflict of law principles thereof. 

 

	 	(k)	 No Conflicts. As a condition to the effectiveness of this Agreement, Executive represents and warrants
to the Company that Executive is not a party to or otherwise bound by any agreement or arrangement (including, without limitation, any license, covenant, or commitment of any nature), or subject to any judgment, decree, or order of any court or
administrative agency, that would conflict with or will be in conflict with or in any way preclude, limit or inhibit Executive’s ability to execute this Agreement or to carry out Executive’s duties and responsibilities hereunder. In the
event that the Company reasonably determines that Executive’s duties hereunder may conflict with an agreement or arrangement to which Executive is bound, the Company and Executive shall engage in good faith discussions regarding such conflict
and, if such conflict exists, Executive shall be required to cease engaging in any such activities, duties or responsibilities (including providing supervisory services over certain subsets of the Company’s business operations) and the Company
will take steps to restrict Executive’s access to, and participation in, any such activities, until the Company determines that such conflict ceases to exist. Any actions taken by the Company under this
Section 16(k) to restrict or limit Executive’s access to information or provision of services shall not constitute Good Reason for purposes of Section 7(e) hereof.

  

	 	(l)	 Severability. The provisions of this Agreement shall be deemed severable and the invalidity or
unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. 

  

	 	(m)	 Effectiveness of Agreement. The effectiveness of this Agreement is contingent upon the occurrence of the
Commencement Date within the time provided in Section 1 hereof. 

  
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 17. Entire Agreement. This Agreement constitutes the entire agreement between the
parties hereto and supersedes all prior agreements, term sheets, understandings and arrangements, oral or written, between the parties hereto with respect to the subject matter hereof, including without limitation any term sheets or other similar
presentations (in each case of the foregoing, other than with respect to any intellectual property related matters addressed in any such prior agreements, term sheets, understandings or arrangements). 

18. Counterparts. This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more than
one party, but all of which taken together will constitute one and the same Agreement. Signatures transmitted via facsimile or PDF will be deemed the equivalent of originals. 

[Remainder of page left intentionally blank] 
  

  
 24 

 IN WITNESS WHEREOF, the parties have executed this Employment Agreement as of the day and
year first above written, to be effective as of the Effective Date. 
  

			
	AMERICAN WELL CORPORATION
		
	By:	 	 /s/ Bradford F. Gay

	Name:	 	Bradford F. Gay
	Title:	 	Senior Vice President and General Counsel
	
	EXECUTIVE
		
	By:	 	 /s/ Ido Schoenberg

	Name:	 	Ido Schoenberg

 Signature Page to Ido Schoenberg Employment Agreement

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