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Exhibit 10.14
CONSULTING AGREEMENT
THIS CONSULTING AGREEMENT ("Consulting Agreement") is made and entered into this 14th day of October, 2019 by and between Intuitive Surgical, Inc. ("Company") and Sal Brogna ("Brogna"). In consideration of the mutual promises made herein, Brogna and Company agree as follows:
1. Engagement and Term. Contingent upon the parties' execution of a Separation Agreement and Release, Company shall engage Brogna, and Brogna shall accept the engagement with Company upon all of the terms and conditions described in this Consulting Agreement for the period beginning January 1, 2020 and ending on December 31, 2022 ("Term"), unless this engagement is terminated sooner as provided herein. For the avoidance of doubt, this Consulting Agreement shall have no effect unless and until the parties first execute a Separation Agreement and Release.
2. Scope of Services. Brogna hereby agrees to provide services at the Company's request in the capacity of a business consultant. This work is expected to involve any of a range of advisory and consultative services, including strategic and business planning and other specialized services.
3. Fees for Services. Brogna shall be compensated for his services as follows:
a. Brogna will be paid a fee in arrears on the last day of each calendar quarter in the amount of $500,000.00 every three months, beginning March 31, 2020 and ending December 31, 2022, for services rendered to the Company for the three month period then ending. In order to be eligible to receive the first and all subsequent fees, Brogna must remain in full compliance with that certain Proprietary Rights Agreement, between the Company and Brogna, dated March 7, 2017 (the "Proprietary Rights Agreement"), and Brogna hereby agrees to be bound by and not challenge the enforceability of any of its provisions during the term of this Consulting Agreement. Company is providing Brogna with a copy of the Proprietary Rights Agreement along with this Consulting Agreement. The payment schedule is set forth as follows:
(1) 3/31/20 - $500,000.00
(2) 6/30/20 - $500,000.00
(3) 9/30/20 - $500,000.00
(4) 12/31/20 - $500,000.00
(5) 3/31/21 - $500,000.00
(6) 6/30/21 - $500,000.00
(7) 9/30/21 - $500,000.00
(8) 12/31/21 - $500,000.00
(9) 3/31 /22 - $500,000.00
(10) 6/30/22 - $500,000.00
(11) 9/30/22 - $500,000.00
(12) 12/31/22- $500,000.00
If not terminated earlier in accordance with the termination provision below, the fee for the entire term of the consulting Agreement will be an aggregate of $6,000,000.00.
b. Payment to Brogna shall be reported by Company to federal, state and local taxing authorities and to Brogna annually on IRS Form 1099-MISC.
c. Company will provide no training, tools, equipment or other materials to Brogna.
4. Reimbursement of Expenses. Brogna will be reimbursed for such reasonable and necessary expenses incurred by him in performing services for the Company as are authorized in advance by the Company.
5. Independent Contractor Relationship.
a. Brogna shall provide competent, professional services in the required disciplines, using his own appropriate independent skill and judgment, and the manner and means that appear best suitable to him to perform the work. Company shall have no right or responsibility to, and shall not, require progress reports, set the order or sequence for performance of services, or set Brogna's hours or location of work.

b. The parties to this Consulting Agreement agree that the relationship established by this Consulting Agreement is that of an independent contractor. Brogna acknowledges and agrees that he is not an employee of Company and is not entitled to (and hereby waives) any benefits provided or rights guaranteed by Company, or by operation of law, to its employees, including but not limited to group insurance, liability insurance, disability insurance, paid vacations, sick leave or other leave, retirement plans, health plans, and the like.
c. It is understood and agreed that, as Brogna is an independent contractor, the Company will make no deductions from fees paid to Brogna for any federal, state or local income or payroll taxes, and Company has no obligation to provide workers' compensation coverage for Brogna.
d. It shall be Brogna's responsibility to provide his own workers' compensation and to make income tax, FICA, FUTA or other payments required by law (and to provide Company with suitable evidence of the same whenever requested). In the event of any claims brought or threatened by any party against the Company relating to the status, acts or omissions of Brogna, Brogna agrees to cooperate in all reasonable respects, including to support the assertions of the independent contractor employment status made in this Consulting Agreement.
e. Brogna may provide services for others and through other companies that will not conflict with any of Brogna's obligations under the Proprietary Rights Agreement and do not present a conflict of interest with the services Brogna provides to Company. For purposes of this Consulting Agreement, "conflict of interest" shall mean the provision of any services to a competitor of the Company. "Competitor" as used in this Consulting Agreement shall mean any business which directly competes, or plans to compete, with the Company in any of the following areas: manufacture of robotic assisted surgery, manufacture of robotic assisted catheter control, or manufacture of augmented reality surgery. For the avoidance of doubt, engaging in a conflict of interest shall constitute a material breach of this Agreement and shall excuse the Company's payment of fees for services that have not already been made. If the Company believes Consultant is providing services to a Competitor, it will promptly provide written notice to Consultant of such, and Consultant will have 10 calendar days to cure a potential breach of the obligations set forth above. If Consultant fails to cure such potential breach within 10 days of receiving written notice from the Company, Company may cease making payments pursuant to this Agreement as set forth above and this Agreement will terminate pursuant to section 6(c) below.
6. Termination.
a. Brogna's services under this Consulting Agreement will terminate at the end of the Term and any renewals or extensions thereof.
b. Brogna may terminate this Consulting Agreement before the end of the Term, for any or no reason, by giving not less than six (6) months' prior written notice to Company.
c. Company may terminate this Consulting Agreement only upon Brogna's material breach of any of the provisions of this Consulting Agreement or the Proprietary Rights Agreement. Company shall provide Brogna with ten (10) days' written notice to cure any material breach. If Brogna fails to cure any material breach within ten (10) calendar days, this Consulting Agreement will automatically terminate.
7. Confidentiality. Brogna acknowledges and agrees that he must continue to meet his ongoing obligations to Company regarding Confidential Information under the Proprietary Rights Agreement signed by him on March 7, 2017, during and after the term of this Agreement.
8. Choice of Law. This Consulting Agreement shall be construed in accordance with and governed by the laws of the State of California, regardless of where Brogna's services are performed. Venue for any litigation arising under this Consulting Agreement shall be in the California Superior Court, Santa Clara County, California, or the federal District Court for the Northern District of California.
9. Interpretation. This Consulting Agreement shall be interpreted in accordance with the plain meaning of its terms and not strictly for or against either party. Any waiver of a breach of this Consulting Agreement shall not constitute a waiver of any other breach of the same or any other term or condition of this Consulting Agreement.
10. Entire Agreement. This Consulting Agreement and the Proprietary Rights Agreement signed by Employee on March 7, 2017 embody the complete agreement and understanding of the parties relating to Brogna's rendering of professional consulting services to Company commencing January 1, 2020, and supersedes any and all other prior or contemporaneous oral or written agreements between the parties hereto with respect to such professional consulting services and contains all of the covenants and agreements of any kind whatsoever between the parties with respect to such professional consulting services. Each party acknowledges that no representations, inducements, promises or agreements, whether oral or written, express or implied, have been made by either party or anyone acting on behalf of either party, that are not incorporated herein and that no other agreement or promise not contained herein shall be valid or binding.

11. Modification. This Consulting Agreement may be amended only by an agreement in writing signed by the parties hereto.
12. Invalidity. Should any provision of this Consulting Agreement be held by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions shall be unaffected and shall continue in full force and effect, and said invalid, void or unenforeceable provision shall be deemed not to be part of this Consulting Agreement.
13. Notices. Any notice provided for in this Consulting Agreement shall be in writing and shall be personally delivered, mailed first class mail (postage prepaid) or sent by facsimile, email with delivery receipt requested, or overnight delivery service to the recipient at the following address (or at such address as the recipient party has specified by prior written notice to the sending party):
To Company: Debbie Lauber
Sr. Director, Global Employment Law & Employee Relations
Intuitive Surgical, Inc.
1020 Kifer Rd
Sunnyvale, CA 94086-5304 USA
To Brogna: ## ###### ###, ### #####, ## #####
Each party shall be responsible for keeping such party's address current. Notices shall be deemed to have been given hereunder when delivered personally, three days after deposit in the U.S. mail, on the date of delivery by facsimile or email, and/or one day after deposit with an overnight delivery service.
14. No Employment Created. The parties agree that nothing expressed or implied in this Consulting Agreement shall be deemed or construed by the parties hereto, or by any third person, to create the relationship of employee and employer or of any other association between Brogna and Company other than that of consultant/independent contractor.
15. Voluntary Agreement. Brogna and Company represent and agree that each has reviewed all aspects of this Consulting Agreement, each has carefully read and fully understands all provisions of this Consulting Agreement, and each is voluntarily entering into this Consulting Agreement. Each party represents and agree that such party has had the opportunity to review any and all aspects of this Consulting Agreement with the legal, tax or other advisor or advisors of such party's choice before signing this Consulting Agreement.
16. Successors and Assigns. It is agreed that the rights and obligations of the parties may not be delegated or assigned except as specifically set forth in this Consulting Agreement or mutually agreed in writing by the parties.

IN WITNESS WHEREOF, the parties hereto have executed this Consulting Agreement as of the day, month and year set forth above.

									
			Intuitive Surgical, Inc.
	/S/ SAL BROGNA
		By: /S/ GARY S. GUTHART

	Sal Brogna
		Gary S. Guthart
			President and Chief Executive OfficerExhibit

Exhibit 4.3

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934

DESCRIPTION OF CAPITAL STOCK 
The following description is a summary of the material terms that are included in our amended and restated articles of incorporation and our amended and restated bylaws. This summary is qualified in its entirety by the specific terms and provisions contained in our amended and restated articles of incorporation and our amended and restated bylaws, copies of which are incorporated by reference to exhibits to the Annual Report on Form 10-K for the year ended December 31, 2019, and by the provisions of applicable law. We encourage you to read our amended and restated articles of incorporation and our amended and restated bylaws. 
Common Stock 
Authorized Common Stock.  Our authorized capital stock consists of 6,000,000,000 shares of common stock, no par value, and 250,000,000 shares of preferred stock, no par value. 
Authorized But Unissued Capital Stock.  Virginia law does not require shareholder approval for any issuance of authorized shares other than in connection with certain mergers to which we may be a party. However, the NYSE rules require shareholder approval of certain issuances of common stock or securities convertible into or exchangeable for common stock equal to or exceeding 20% of the then outstanding voting power or then outstanding number of shares of our common stock. These additional shares may be used for a variety of corporate purposes, including future public offerings to raise additional capital or to facilitate corporate acquisitions. 
Voting.  The holders of our common stock are entitled to one vote for each share held of record on all matters submitted to a vote of the shareholders. Approval of an amendment of our articles of incorporation, a merger, a share exchange, a sale of all our property or a dissolution must be approved by a majority of all votes entitled to be cast. 
Dividends.  The holders of our common stock are entitled to receive dividends and other distributions as may be declared by our Board, subject to the preferential rights of any outstanding preferred stock. 
Other Rights.  Upon our liquidation, dissolution or winding-up, after payment in full of the amounts required to be paid to holders of any outstanding shares of preferred stock, if any, all holders of our common stock will be entitled to receive a pro rata distribution of all of our assets and funds legally available for distribution. 
No shares of our common stock are subject to redemption or have preemptive rights to purchase additional shares of our common stock or any of our other securities. 
Listing of Common Stock 
A primary listing for our common stock is on the NYSE under the trading symbol “PM.” The secondary listing for our common stock is on the SIX Swiss Exchange under the trading symbol “PMI.”
Transfer Agent and Registrar 
The transfer agent and registrar of our common stock is Computershare Trust Company, N.A. 

Preferred Stock 
Our Board of Directors has the authority, without action by the shareholders, to designate and issue preferred stock in one or more series or classes and to designate the rights, preferences and privileges of each series or class, which may be greater than the rights of our common stock. It is not possible to state the actual effect of the issuance of any shares of preferred stock upon the rights of holders of our common stock until our 

Board of Directors determines the specific rights of the holders of the preferred stock. However, the effects might include: 
 
	
				
	 
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	restricting dividends on our common stock;

 
	
				
	 
	•
	 
	diluting the voting power of our common stock;

 
	
				
	 
	•
	 
	impairing liquidation rights of our common stock; or

 
	
				
	 
	•
	 
	delaying or preventing a change in control of us without further action by our shareholders.

We have no present plans to issue any shares of preferred stock. 
    
Board of Directors; Removal; Vacancies 
Virginia law provides that the Board of Directors of a Virginia corporation shall consist of a number of individuals specified in or fixed in accordance with the bylaws of the corporation or, if not specified in or fixed in accordance with the bylaws, then a number specified in or fixed in accordance with the articles of incorporation of the corporation. We do not have a classified board of directors. All directors are elected annually.
Under Virginia law, our Board of Directors may amend the bylaws from time to time to increase or decrease the number of directors; provided, that any decrease in the number of directors may not shorten any incumbent director’s term or reduce any quorum or voting requirements until the person ceases to be a director. 
Under Virginia law, a member of our Board of Directors may be removed with or without cause by a majority of the votes entitled to be cast at a meeting of shareholders called expressly for that purpose at which a quorum is present. If a director is elected by a voting group of shareholders, only the shareholders of that voting group may participate in the vote to remove the director. 
Our bylaws provide that any vacancy occurring on our Board of Directors may be filled by the affirmative vote of the majority of the remaining directors, though less than a quorum. 
No Cumulative Voting 
Our articles of incorporation and bylaws do not provide for cumulative voting in the election of directors. 
Majority Voting for Directors
The Company’s bylaws provide that, where the number of nominees for director does not exceed the number of directors to be elected, directors shall be elected by a majority rather than by a plurality vote. Under applicable law, a director’s term extends until his or her successor is duly elected and qualified. Thus, an incumbent director who fails to receive a majority vote would continue to serve as a holdover director. To address that possibility, our Corporate Governance Guidelines require a director who receives less than a majority of the votes cast to offer to resign. The Nominating and Corporate Governance Committee would then consider, and recommend to the Board, whether to accept or reject the offer. In a contested election in which one or more nominees are properly proposed by shareholders, a director-nominee will be elected by a plurality of the votes cast in such election.
Shareholder Nominations and Proposals
Our bylaws set forth the procedures a shareholder must follow to nominate directors or to bring other business before shareholder meetings. Our bylaws provide that, subject to the rights of holders of any outstanding shares of preferred stock, a shareholder may nominate one or more persons for election as directors, or bring other matters, at a meeting only if advance written notice of the shareholder’s nomination has been given, either by personal delivery or certified mail, to and received by, our Corporate Secretary whose address is Avenue de Rhodanie 50, 1007 Lausanne, Switzerland, within such time periods and following such procedures as set forth in the bylaws.

In addition, our bylaws permit an eligible shareholder or group of shareholders who have owned 3% or more of our common stock for at least three years to nominate and include in our proxy statement director candidates to occupy up to 20% of the authorized Board seats.
Business brought before a meeting that does not comply with our by-law provisions will not be transacted.
Special Shareholder Meetings
	
		
	Under our bylaws, only our Board of Directors or our chairman may call special meetings of shareholders. 

	 
	 

Anti-Takeover Statutes 
Affiliated Transactions Statute. Virginia law contains provisions governing affiliated transactions. In general, these provisions prohibit a Virginia corporation from engaging in affiliated transactions with an interested shareholder, which is any holder of more than 10% of any class of its outstanding voting shares, for a period of three years following the date that such person became an interested shareholder, unless: 
 
	
				
	 
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	a majority of disinterested directors; and

 
	
				
	 
	•
	 
	the holders of two-thirds of the voting shares, other than the shares beneficially owned by the interested shareholder, approve the affiliated transaction.

Affiliated transactions subject to this approval requirement include mergers, share exchanges, material dispositions of corporate assets not in the ordinary course of business, any dissolution of the corporation proposed by or on behalf of an interested shareholder or any reclassification, including reverse stock splits, recapitalizations or mergers of the corporation with its subsidiaries, which increases the percentage of voting shares owned beneficially by an interested shareholder by more than 5%. 
Control Share Acquisitions Statute. We have opted out of the Virginia anti-takeover law regulating control share acquisitions.

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