Document:

rbcaa_Ex_10_1

		
			Exhibit 10.1
		

		
			REPUBLIC BANCORP, INC. 
		

		
			2015 STOCK INCENTIVE PLAN 
		

		
			 
		

		
			PERFORMANCE STOCK UNIT AWARD AGREEMENT
		

		
			 
		

		
			This is a Performance Stock Unit ("PSU") Award Agreement (this "Agreement" or "Award") dated as of ___________, 20__ (the "Grant Date") by and between Republic Bancorp, Inc., a Kentucky corporation (the "Company"), and ___________ (the "Participant").  
		

		
			 
		

		
			Recitals
		

		
			 
		

		
			A.With shareholder approval, the Board of Directors of the Company adopted the Republic Bancorp, Inc. 2015 Stock Incentive Plan (the "Plan").  
		

		
			 
		

		
			B.The Committee (as defined in the Plan) has determined that it is in the best interests of the Company and appropriate to the stated purposes of the Plan that the Company grant to the Participant the right to receive up to that number of PSUs set forth herein. 
		

		
			 
		

		
			Agreement
		

		
			 
		

		
			NOW, THEREFORE, the Company and the Participant do hereby agree as follows:
		

		
			 
		

		
			SECTION 1 –GRANT OF AWARD
		

		
			 
		

		
			Pursuant to the Plan and subject to the terms and conditions of this Agreement, the Company hereby grants to the Participant __________ PSUs (the "Maximum Number").  Each PSU represents the right to receive one share of the Company's Class A common stock ("Stock") pursuant and subject to the terms, definitions, and conditions of the Plan and the restrictions set out in this Agreement.
		

		
			 
		

		
			Capitalized terms used herein and not otherwise defined shall have the meanings given in the Plan.         
		

		
			 
		

		
			SECTION 2 – TRANSFER RESTRICTIONS
		

		
			 
		

		
			Until the delivery of Stock with respect to the PSUs in accordance with the terms of this Award, the PSUs may not be assigned, transferred, pledged or otherwise encumbered by the Participant otherwise than by will or by the laws of descent and distribution, and such Awards shall be exercisable, during the Participant's lifetime, only by the Participant. This Award may not be pledged or hypothecated in any way, and shall not be subject to any execution, attachment, or similar process. Any attempted transfer, assignment, pledge, hypothecation or other disposition of the PSUs not specifically permitted by the Plan or this Award shall be null and void and without effect.  
		

		
			 
		

		
			The Participant is bound by Section 11.13 of the Plan, which provides that any transfer of Stock received upon vesting under this Award must be preceded by a written notice to the 

		 

		

			 

		

		

			 

		

 

Company that allows the Company to take up to 10 days to decide whether to buy the Stock instead of the Stock being transferred as proposed. 
		

		
			SECTION 3 –VESTING BASED ON PERFORMANCE AND PAYMENT
		

		
			 
		

		
			(a)Except as provided in Sections 4, 5 and 6 below, (i) if and to the extent that the performance criteria set forth in  Exhibit A attached hereto are met as of the end of any calendar year beginning with the year ending December 31, 2017 and ending on the last day of the Performance Period, as set out in Exhibit A and as determined by the Committee, the Participant shall be issued Stock between March 1 and March 15 after such year-end, provided that the Participant is then still employed in good standing, in an amount equal to 50% of the PSUs granted hereunder (rounded down to the next whole number if such percentage is not a whole number of shares), and (ii) after such first calendar year during this Performance Period that the performance criteria is met, if the performance criteria is met again at the end of another calendar year during the remaining term of the Performance Period, the Participant shall be issued Stock in an amount equal to the remaining 50% of the PSUs granted hereunder (rounded down to the next whole number if such percentage is not a whole number of shares) between March 1 and March 15 after such year-end, provided that the Participant is then still employed in good standing. Once Stock equal to 100% of the PSUs is issued during a Performance Period, the award under this Agreement shall be complete. 
		

		
			 
		

		
			(b)The Participant shall have no rights as a shareholder with respect to any PSUs or shares of Stock under this Agreement until such shares have been duly issued and delivered to the Participant. Except for adjustments made as provided in Section 3.3 of the Plan, no adjustment shall be made for dividends of any kind or description whatsoever or for distributions of other rights of any kind or description whatsoever respecting the shares prior to such issuance. Participant shall have no Dividend Equivalent rights hereunder.
		

		
			 
		

		
			SECTION 4 – PRORATED VESTING ON CERTAIN TERMINATIONS OF EMPLOYMENT
		

		
			 
		

		
			In the event of the Participant's Termination of Employment prior to the end of the Performance Period, the following provisions shall apply: 
		

		
			 
		

		
			(a)Except as expressly provided below in Sections 4(b) or 5, in the event of the Participant’s Termination of Employment for any reason prior to the end of the Performance Period, the PSUs still held by the Participant and not yet vested and paid in Stock shall be automatically forfeited by the Participant as of the date of the Participant's Termination of Employment.  Neither the Participant nor any of the Participant's successors, heirs, assigns or personal representatives shall have any rights or interests in any PSUs that are so forfeited.
		

		
			 
		

		
			(b)Notwithstanding Section 4(a), if the Participant experiences a Termination of Employment during the Performance Period as the result of the Participant's death or Disability (a "Qualifying Termination"), a portion of any Stock that would have been issued with respect to the PSUs as a result of the achievement of the performance criteria set forth in Exhibit A shall be issued at the time set forth in Section 3 above (between March 1 and March 15 following the end of the year in which the vesting criteria is met), as determined below:
		

		
			 
		

		
			In the event of a Qualifying Termination prior to completion of the Performance Period, the PSUs to be settled and paid in Stock after the calendar year end in which the 

		 

		

			-  2  -

		

 

Qualifying Termination occurred (and only after the calendar year end in which the Qualifying Termination occurred) shall be determined in the same manner as it would for a Participant who is still in service;  provided,  however, that if the Qualifying Termination occurs on or before June 30 of the calendar year in which the performance criteria set forth in  Exhibit A attached hereto are met, then the Participant shall be issued Stock between March 1 and March 15 after the end of that calendar year in an amount equal to 50% of the PSUs that would be payable for that calendar year to a Participant who is still in service  (i.e., 25% of the Maximum Number, rounded down to the next whole number if such percentage is not a whole number of shares). After the PSUs are settled and paid in Stock between March 1 and March 15 of the calendar year following the Qualifying Termination, any PSUs that have not vested shall terminate and be forfeited.
		

		
			 
		

		
			SECTION 5 – CHANGE OF CONTROL
		

		
			 
		

		
			In the event a Change of Control which also constitutes a change in ownership or effective control or a change in ownership of a substantial portion of the assets of the Company within the meaning of Section 409A of the Code (a "409A Change") occurs prior to both completion of the Performance Period and a Termination of Employment (other than a Qualifying Termination, which shall be governed by Section 4(b)(ii) above), all PSUs shall become fully vested on the date of such 409A Change. Each such vested PSU shall be paid by delivery within 45 days following such 409A Change of the same consideration that each Company shareholder receives in connection with such 409A Change, or, at the Committee's option, in cash based on the Fair Market Value received by shareholders of record for Stock in the 409A Change.
		

		
			 
		

		
			SECTION 6 – TAXES
		

		
			 
		

		
			The Company shall withhold from wages otherwise due, or retain from any payment to the Participant in respect of the PSUs, or take such other action which Company deems necessary to satisfy any income or other tax withholding requirements as a result of the vesting of PSUs and issuance of Stock related thereto.  Unless an affirmative election is made by the Participant before the end of the Performance Period (or Change of Control, if earlier) to (i) remit already-owned shares of Stock, (ii) remit a cash payment, (iii) to have amounts debited from other wages due, or (iv) some combination thereof, the Participant shall be deemed to have elected to satisfy any federal and state tax withholding requirements through a reduction in the number of shares of Stock issuable upon vesting, equal to their Fair Market Value based on the amount of withholding taxes reasonably estimated by the Company to be due upon vesting. A form of withholding election, which may be used to notify the Company of the Participant’s election to pay the tax withholding by one of the means set forth above, is attached hereto as Exhibit B.  
		

		
			

		 

		

			-  3  -

		

 

SECTION 7 – RESTRICTIVE COVENANTS
		

		
			 
		

		
			(a)Confidentiality.  The Participant acknowledges that Confidential Information (as defined below) is the exclusive property of the Company and except for authorized use in the performance of the Participant's duties on behalf of and for the benefit of the Company, the Participant shall not disclose or use, at any time, in any way, or anywhere, either during or subsequent to employment with the Company, any trade secret or other Confidential Information.  "Confidential Information" means information, not generally known in the industry in which the Company or its subsidiaries is or may be engaged, about the Company's or its subsidiaries, costs, pricing, marketing, ideas, problems, developments, research records, technical data, processes, products, plans for products or service improvement and development, business and strategic plans, financial information, forecasts, customer records and any other information which derives independent economic value, actual or potential, and all other information of a trade secret or confidential nature.  Confidential Information shall not include information which is or becomes generally available to the public other than as a result of a disclosure by the Participant which results in a breach of this Agreement.
		

		
			 
		

		
			(b)Nonsolicitation of Customers or Employees.The Participant further agrees that during the Participant's employment or service with the Company and for a period of two years following the date of the Participant's Termination of Employment or Service, the Participant shall not (i) solicit or divert or attempt to divert from the Company or its subsidiaries, any customer's business now or at any time during the Participant's employment or service with the Company enjoyed by or specifically targeted by the Company or its subsidiaries; and (ii) directly or indirectly, solicit to employ or engage, offer employment or engagement to, hire, employ or engage any employee or independent contractor of the Company or any of its subsidiaries.
		

		
			 
		

		
			(c)Forfeiture of Award or Profits.  The Company and the Participant each acknowledge and agree that any breach of the covenants in this Section would cause irreparable harm to the Company or its subsidiaries.  In the event of a breach or threatened breach by the Participant of the covenants in this Section, the Company shall be entitled to, in addition to any other legal or equitable remedies available to it, declare the PSUs forfeited. Any stock certificates representing Stock issued to the Participant upon vesting of PSUs under this Award shall be returned to the Company. The Company and the Participant further agree that upon breach, the Company is entitled to recover, and the Participant will disgorge to the Company, any proceeds realized from any disposition of shares of Stock issued to the Participant upon vesting of PSUs under this Award. 
		

		
			 
		

		
			(d)Survival; Other Remedies.  The provisions of this Section shall survive the termination of this Agreement and will be construed as independent of any other provision of this Agreement, and the existence of any claim or cause of action by the Participant against the Company, whether predicated on this Agreement or otherwise, will not constitute a defense to the enforcement by the Company of such covenants and agreements.  If any provision of this Agreement, including this Section, is invalid in part or in whole, it will be deemed to have been amended, whether as to time, area covered or otherwise, as and to the extent required for its validity under applicable law and, as so amended, will be enforceable.  The parties will execute all documents necessary to evidence such amendment.
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			-  4  -

		

 

SECTION 8 – ACKNOWLEDGEMENTS
		

		
			 
		

		
			The Participant acknowledges receipt contemporaneously herewith of a copy of the Plan, and the Participant represents that he or she is familiar with the terms and provisions thereof and hereby accepts the Award herein subject to all the terms and provisions thereof.  The Participant acknowledges that nothing contained in the Plan or this Agreement shall (a) confer upon the Participant any additional rights to continued employment by the Company or any corporation related to the Company; or (b) interfere in any way with the right of the Company to terminate the Participant's employment or change the Participant's compensation at any time. In the event of a conflict between the provisions of this Agreement and the Plan, the provisions of the Plan shall prevail.
		

		
			 
		

		
			SECTION 9 – DELAY IN PAYMENT TO SPECIFIED EMPLOYEES
		

		
			 
		

		
			Notwithstanding anything herein to the contrary, the date of delivery of Stock (or cash in lieu thereof if required hereby) to the Participant shall be delayed if payment would otherwise be required hereunder after Termination of Employment (other than on account of Death) and before 6 months have elapsed from the date of the Termination of Employment, if the Participant is a Specified Employee and the circumstances of payment require delay under 409A of the Code. "Specified Employee" shall have the meaning given in Treas. Reg. § 1.409A-1(i) (or any successor thereto) using the prior calendar year as the determination period.
		

		
			 
		

		
			SECTION 11 – RESTRICTIONS IMPOSED BY LAW
		

		
			 
		

		
			Notwithstanding any other provision of this Agreement, the Participant agrees that the Company will not be obligated to deliver any shares of Stock if counsel to the Company determines that such exercise, delivery or payment would violate any law or regulation of any governmental authority or any agreement between the Company and any national securities exchange upon which the Stock is listed. As a condition to the settlement of the PSUs, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate to evidence compliance with any applicable law or regulation. 
		

		
			 
		

		
			SECTION 12 – AMENDMENT
		

		
			 
		

		
			The Committee may amend the terms and conditions of this Agreement as provided in the Plan; provided, however, no amendment may impair the rights of the Participant without the consent of the Participant.  
		

		
			 
		

		
			SECTION 13 – TERM OF AGREEMENT
		

		
			 
		

		
			This Agreement shall terminate (except with respect to Section 5) upon the earlier of (i) failure of the Participant to execute and return a counter-signed copy of this Agreement to the Company within 30 days after its presentation to Participant; (ii) payment of all amounts due or the forfeiture of the PSUs; (iii) mutual agreement of the parties.    
		

		
			 
		

		
			 
		

		
			IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the date set forth in the preamble hereto, but actually on the dates set forth below.
		

		
			 
		

		
			

		 

		

			-  5  -

		

 

REPUBLIC BANCORP, INC.
		

		
			 
		

		
			 
		

		
			 
		

		
			By
		

		
			 
		

		
			Name:
		

		
			 
		

		
			Title:
		

		
			 
		

		
			 
		

		
			 
		

		
			
		

		
			Participant
		

		
			 
		

		
			 
		

		
			Presenter's Initials:________
		

		
			Date Presented:_____________
		

		
			 
		

		
			 
		

		
			IMPORTANT NOTE: If this Agreement is not signed and returned to the Director of Human Resources of the Company by Participant within 30 days after receipt, it shall be deemed rejected by Participant and the Company's offer shall be immediately withdrawn and become null and void. 
		

		
			 
		

		
			

		 

		

			-  6  -

		

 

EXHIBIT A
		

		
			 
		

		
			PERFORMANCE-BASED VESTING
		

		
			 
		

		
			The performance criteria which must be met for these PSUs to vest, in the increments provided in the Award, is the Company achievement of a Return on Average Assets (ROAA) of 1.25% for any calendar year beginning with the one ending on December 31, 2017 and for any subsequent year in Performance Period.
		

		
			 
		

		
			Any PSUs that do not vest based on the performance requirements set forth in this Exhibit A (and which have not previously terminated pursuant to the terms of the Award Agreement) will automatically terminate as of the last day of the Performance Period.  
		

		
			 
		

		
			For purposes of the Award, the following definitions shall apply:
		

		
			 
		

			
	
			
				 ·
			

			
	
			
			"Performance Period" means the period commencing on January 1, 2017 and ending on December 31, 2020. 

		
			 
		

			
	
			
				 ·
			

			
	
			
			"ROAA" or Return on Average Assets" means the Company's net income from continuing operations less any securities gains, net of taxes, divided by the average assets for a calendar year.

		
			 
		

		
			The Committee shall make all determinations regarding the achievement of ROAA based on the Company’s audited financial statements and average assets as to be reported in the Company's Annual Report on Form 10-K with the Securities and Exchange Commission, and the determination of the Committee shall be final and binding on all parties. The Committee reserves the right, in its sole discretion, to adjust the calculation of ROAA downward for income or expense items that it considers to be infrequent or nonrecurring in nature. 
		

		
			 
		

		
			*****
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

		

			 

		

 

EXHIBIT B
		

		
			 
		

		
			Withholding Election for PSUs that are Vesting
		

		
			INSTRUCTIONS: If you want shares that would otherwise vest to be deemed tendered back to the Company in an amount equal (based on their fair market value on the vesting date) to the withholding due, and the net number of vested shares issued in your name, you do not need to submit this form. If you prefer to satisfy your withholding obligation in a different way, please check the appropriate line below and return this form with any required other materials (cash or check, or a stock power or other stock certificates, if you elect Method No. 1 or No. 2 in whole or part).
		

		
			Depending on the choice elected, cash or other documents need to accompany the election.  The amount remitted or withheld will be a reasonable estimate of the tax withholding obligations due by reason of the vesting of the PSUs, and your notice must acknowledge and allow debit from your next paycheck any reconciliation of that estimate to the exact tax withholding due, as soon as such amount is precisely calculable by the Company. For example, if our stock is trading at $26 when you submit your election, and you have 100 shares vesting (total value of $2,600), and you remit 28% of that amount (or $728) to cover the estimated current tax withholding rate, and it turns out that the shares trade at $26.50 on the vesting date, we will debit the additional $140 in withholding from your next paycheck.
		

		
			Method No. 1
		

		
			____I elect to pay the taxes due by tendering other shares of Company stock that I already own.  Attached is a stock certificate, signed on the back to tender, or a stock power to authorize the transfer agent to transfer the shares that I think will be sufficient to pay the withholding, based on the actual market value of the shares at the close of the market on the vesting date, and a ___% withholding rate.  If any more or less tax withholding is due, I authorize the Company to reconcile the value of the shares I have tendered and either issue me a check for the difference, or take the additional taxes due from my next paycheck.
		

		
			Method No. 2
		

		
			____ I elect to pay withholding in cash. Attached is a check for __% of the value of the shares that are vesting as of the latest close of the market before I submitted this form.  I understand that the Company will determine the actual market value of the shares at the close of the market on the vesting date, and if any more or less tax withholding is due, with reconcile that amount by either issuing me a check for the difference, or taking the additional taxes due from my next paycheck, and I authorize that deduction.
		

		
			Method No. 3
		

		
			____I authorize the Company to withhold the taxes related to this vesting of PSUs from my next regular paycheck. I understand that, if one paycheck will not be large enough to cover these taxes and all other regular deductions, the Company will debit any difference 

		 

		

			-  8  -

		

 

by issuing to me fewer than the total number of vested shares (the number subtracted will depend on the amount of taxes still due and the fair market value of the shares on the vesting date).
		

		
			Method No. 4
		

		
			____I elect a combination of the above methods, as follows (please describe):________________________________________________________________
		

		
			________________________________________________________________________
		

		
			 
		

		
			SIGNATURE 
		

		
			OF PARTICIPANT:__________________________________________
		

		
			Date:________________________
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		 

		

			-  9  -EX-10.15

 Exhibit 10.15 

APPLE INC. 
1997 DIRECTOR STOCK PLAN 

RESTRICTED STOCK UNIT AWARD AGREEMENT 
 NOTICE
OF GRANT 
  

	 Name: 
	 (the “Non-Employee Director”) 

 Grant Number: 

No. of Units Subject to Award: 
  

	 Award Date: 
	 (the “Award Date”) 

 Vesting Schedule: Fully
vested on the February 1 that occurs in the fiscal year following the fiscal year in which the Award was granted 
 This
restricted stock unit award (the “Award”) is granted under and governed by the terms and conditions of the Apple Inc. 1997 Director Stock Plan and the Terms and Conditions of Restricted Stock Unit Award, which are attached hereto
and incorporated herein by reference. 
 You do not have to accept the Award. If you wish to decline your Award, you should promptly
notify Apple Inc.’s Stock Plan Group of your decision at stock@apple.com. If you do not provide such notification within thirty (30) days after the Award Date, you will be deemed to have accepted your Award on the terms and
conditions set forth herein. 

 TERMS AND CONDITIONS OF RESTRICTED STOCK UNIT AWARD 

1.    General. These Terms and Conditions of Restricted Stock Unit Award (these
“Terms”) apply to a particular restricted stock unit award (the “Award”) granted by Apple Inc., a California corporation (the “Company”), and are incorporated by reference in the Notice of Grant
(the “Grant Notice”) corresponding to that particular grant. The recipient of the Award identified in the Grant Notice is referred to as the “Non-Employee Director.” The effective date of grant of the Award as set
forth in the Grant Notice is referred to as the “Award Date.” The Award was granted under and is subject to the provisions of the Apple Inc. 1997 Director Stock Plan (the “Plan”). Capitalized terms are defined in
the Plan if not defined herein. The Award has been granted to the Non-Employee Director in addition to, and not in lieu of, any other form of compensation otherwise payable or to be paid to the Non-Employee Director. The Grant Notice and these Terms
are collectively referred to as the “Award Agreement” applicable to the Award. 

2.    Stock Units. As used herein, the term “Stock Unit” shall mean a non-voting unit
of measurement which is deemed for bookkeeping purposes to be equivalent to one outstanding share of the Company’s Common Stock (“Share”) solely for purposes of the Plan and this Award Agreement. The Stock Units shall be used
solely as a device for the determination of the payment to eventually be made to the Non-Employee Director if such Stock Units vest pursuant to this Award Agreement. The Stock Units shall not be treated as property or as a trust fund of any kind.

 3.    Vesting. Subject to Section 8 below, the Award shall vest and become nonforfeitable
as set forth in the Grant Notice. (The vesting date set forth in the Grant Notice is referred to herein as the “Vesting Date.”) 

4.    Continuance of Service. The vesting schedule requires continued service as a member of the Board
through the Vesting Date as a condition to the vesting of the Award and the rights and benefits under this Award Agreement. Service as a member of the Board for only a portion of the vesting period, even if a substantial portion, will not entitle
the Non-Employee Director to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a termination of service as provided in Section 8 below and in the Plan. 

Nothing contained in this Award Agreement or the Plan shall be deemed to create any obligation on the part of the Board to nominate any
of its members for reelection by the Company’s shareholders, nor confer upon the Non-Employee Director the right to remain a member of the Board for any period of time, or at any particular rate of compensation. Nothing in this paragraph,
however, is intended to adversely affect any independent contractual right of the Non-Employee Director without his consent thereto. 

5.    Dividend and Voting Rights. 

(a)   Limitations on Rights Associated with Stock Units. The Non-Employee Director shall have no rights as a
shareholder of the Company, no dividend rights (except as expressly provided in Section 5(b) with respect to Dividend Equivalent Rights) and no 

  
 2 

 
voting rights, with respect to the Stock Units or any Shares underlying or issuable in respect of such Stock Units until such Shares are actually issued to and held of record by the Non-Employee
Director. No adjustments will be made for dividends or other rights of a holder for which the record date is prior to the date upon which the Non-Employee Director will become the holder of record thereof. 

(b)   Dividend Equivalent Rights Distributions. As of any date that the Company pays an ordinary cash
dividend on its Common Stock, the Company shall credit the Non-Employee Director with a dollar amount equal to (i) the per share cash dividend paid by the Company on its Common Stock on such date, multiplied by (ii) the total number of
Stock Units (with such total number adjusted pursuant to Section 8 of the Plan) subject to the Award that are outstanding immediately prior to the record date for that dividend (a “Dividend Equivalent Right”). Any Dividend
Equivalent Rights credited pursuant to the foregoing provisions of this Section 5(b) shall be subject to the same vesting, payment and other terms, conditions and restrictions as the original Stock Units to which they relate; provided, however,
that the amount of any vested Dividend Equivalent Rights shall be paid in cash. No crediting of Dividend Equivalent Rights shall be made pursuant to this Section 5(b) with respect to any Stock Units which, immediately prior to the record date
for that dividend, have either been paid pursuant to Section 7 or terminated pursuant to Section 8. 

6.    Restrictions on Transfer. Except as provided in Section 6 of the Plan, neither the Award,
nor any interest therein or amount or Shares payable in respect thereof may be sold, assigned, transferred, pledged or otherwise disposed of, alienated or encumbered, either voluntarily or involuntarily. 

7.    Timing and Manner of Payment of Stock Units. On or as soon as administratively practical
following the Vesting Date (and in all events not later than two and one-half (2  1⁄2) months after the Vesting Date), the Company shall deliver to the
Non-Employee Director a number of Shares (as evidenced by an appropriate entry on the books of the Company or a duly authorized transfer agent of the Company) equal to the number of Stock Units subject to the Award that vest on the Vesting Date,
unless such Stock Units terminate prior to the Vesting Date pursuant to Section 8. The Non-Employee Director shall have no further rights with respect to any Stock Units that are so paid. 

8.    Effect of Termination of Service. If the Non-Employee Director ceases to serve as a member of the
Board for any reason, the Stock Units (as well as the related Dividend Equivalent Rights) shall terminate to the extent such units have not become vested prior to the first date the Non-Employee Director is no longer a member of the Board, and the
Non-Employee Director will have no rights with respect to, or in respect of, such terminated Stock Units.  

9.    Adjustments Upon Specified Events. Upon the occurrence of certain events relating to the
Company’s stock contemplated by Section 8 of the Plan (including, without limitation, an extraordinary cash dividend on such stock), the Board shall make adjustments in accordance with such section in the number of Stock Units then
outstanding and the number and type of securities that may be issued in respect of the Award. No such adjustment shall be made with respect to any ordinary cash dividend for which Dividend Equivalent Rights are credited pursuant to Section 5(b).

  
 3 

 10.  Responsibility for Taxes. The Non-Employee Director agrees to
report and pay any and all income tax, social insurance, or payroll taxes (“Tax-Related Items”) that arise as a result of the grant, vesting or settlement of the Award, the subsequent sale of any Shares acquired at vesting and the
receipt of any dividends and/or Dividend Equivalent Rights. The Company is not responsible for withholding with regard to the Tax-Related Items. However, the Company reserves the right to withhold any Tax-Related Items to the extent circumstances
change and it is required to do so. In this regard, the Non-Employee Director authorizes the Company, at its discretion and pursuant to such procedures as it may specify from time to time, to satisfy any Tax-Related Items withholding obligations
that are legally required to be paid by the Non-Employee Director by one or a combination of the following methods: (a) withholding from cash amounts otherwise distributable to the Non-Employee Director by the Company; (b) withholding
otherwise deliverable Shares and/or from otherwise payable Dividend Equivalent Rights to be issued or paid upon vesting/settlement of the Award (c) arranging for the sale of Shares otherwise deliverable to the Non-Employee Director (on the
Non-Employee Director’s behalf and at the Non-Employee Director’s direction pursuant to this authorization), including selling Shares as part of a block trade with other participants in the Plan or other plans of the Company; or
(d) withholding from the proceeds of the sale of Shares acquired upon vesting/settlement of the Award. The Company may refuse to distribute the Shares or other property credited to the Non-Employee Director if the Non-Employee Director fails to
comply with his or her obligations in connection with the Tax-Related Items as described in this Section 10.  

11.  Electronic Delivery and Acceptance. The Company may, in its sole discretion, deliver any documents related
to the Award by electronic means or request the Non-Employee Director’s consent to participate in the Plan by electronic means. The Non-Employee Director hereby consents to receive all applicable documentation by electronic delivery and to
participate in the Plan through an on-line (and/or voice activated) system established and maintained by the Company or a third party vendor designated by the Company. 

12.  Data Privacy. The Non-Employee Director acknowledges and consents to the collection, use, processing and
transfer of personal data as described in this Section 12. The Company, and its related entities, hold certain personal information about the Non-Employee Director, including the Non-Employee Director’s name, home address and telephone
number, date of birth, social security number or other identification number, compensation, nationality, job title, any Shares or directorships held in the Company, details of all options or any other entitlement to Shares awarded, canceled,
purchased, vested, unvested or outstanding in the Non-Employee Director’s favor, for the purpose of managing and administering the Plan (“Data”). The Company and its related entities may transfer Data amongst themselves as
necessary for the purpose of implementation, administration and management of the Non-Employee Director’s participation in the Plan, and the Company and its related entities may each further transfer Data to any third parties assisting the
Company or any such related entity in the implementation, administration and management of the Plan. The Non-Employee Director acknowledges that the transferors and transferees of such Data may be located anywhere in the world and hereby authorizes
each of them to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Non-Employee Director’s participation in the Plan, including any transfer of such
Data as may be required for the administration of the Plan and/or the subsequent holding of Shares on the Non-Employee Director’s behalf to a broker or to other third party with whom the Non-Employee Director may

  
 4 

 
elect to deposit any Shares acquired under the Plan (whether pursuant to the Award or otherwise). 

13.  Notices. Any notice to be given under the terms of this Award Agreement shall be in writing and addressed to
the Company at its principal office to the attention of the Secretary, and to the Non-Employee Director at the Non-Employee Director’s last address reflected on the Company’s records, or at such other address as either party may hereafter
designate in writing to the other. Any such notice shall be given only when received, but if the Non-Employee Director is no longer a member of the Board, shall be deemed to have been duly given by the Company when enclosed in a properly sealed
envelope addressed as aforesaid, registered or certified, and deposited (postage and registry or certification fee prepaid) in a post office or branch post office regularly maintained by the United States Government. 

14.  Plan. The Award and all rights of the Non-Employee Director under this Award Agreement are subject to the
terms and conditions of the provisions of the Plan, incorporated herein by reference. The Non-Employee Director agrees to be bound by the terms of the Plan and this Award Agreement. The Non-Employee Director acknowledges having read and understood
the Plan and this Award Agreement. Unless otherwise expressly provided in other sections of this Award Agreement, provisions of the Plan that confer discretionary authority on the Board do not (and shall not be deemed to) create any rights in the
Non-Employee Director unless such rights are expressly set forth herein or are otherwise in the sole discretion of the Board so conferred by appropriate action of the Board under the Plan after the date hereof. 

15.  Entire Agreement. This Award Agreement and the Plan together constitute the entire agreement and supersede
all prior understandings and agreements, written or oral, of the parties hereto with respect to the subject matter hereof. The Plan and this Award Agreement may be amended pursuant to Section 10 of the Plan. Such amendment must be in writing
and signed by the Company. The Company may, however, unilaterally waive any provision hereof in writing to the extent such waiver does not adversely affect the interests of the Non-Employee Director hereunder, but no such waiver shall operate as or
be construed to be a subsequent waiver of the same provision or a waiver of any other provision hereof. 

16.  Limitation on the Non-Employee Director’s Rights. Participation in the Plan confers no rights or
interests other than as herein provided. This Award Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust. Neither the Plan nor any underlying program, in and
of itself, has any assets. The Non-Employee Director shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Stock Units, and rights no greater than
the right to receive the Common Stock as a general unsecured creditor with respect to Stock Units, as and when payable hereunder.  

17.  Counterparts. This Award Agreement may be executed simultaneously in any number of counterparts, each of
which shall be deemed an original but all of which together shall constitute one and the same instrument.  

18.  Section Headings. The section headings of this Award Agreement are for convenience of reference only and
shall not be deemed to alter or affect any provision hereof. 

  
 5 

 19.  Governing Law. This Award Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of California without regard to conflict of law principles thereunder. 

20.  Choice of Venue. For purposes of litigating any dispute that arises directly or indirectly from the
relationship of the parties evidenced by this grant or this Award Agreement, the parties hereby submit to the exclusive jurisdiction of the State of California and agree that such litigation shall be conducted only in the courts of Santa Clara
County, California, or the federal courts for the Northern District of California, and no other courts, where this grant is made and/or to be performed. 

21.  Construction. It is intended that the terms of the Award will not result in the imposition of any tax
liability pursuant to Section 409A of the Code. This Award Agreement shall be construed and interpreted consistent with that intent. 

22.  Severability. The provisions of this Award Agreement are severable and if any one of more provisions are
determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.  

23.  Imposition of Other Requirements. The Company reserves the right to impose other requirements on the
Non-Employee Director’s participation in the Plan, on the Stock Units and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the
Non-Employee Director to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. 

  
 6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}]]