Document:

EX-10.1

 Exhibit 10.1 
  

 
 INOVIO PHARMACEUTICALS, INC. 

2016 OMNIBUS INCENTIVE PLAN 

Adopted by the Board of Directors: March 9, 2016 

Approved by Stockholders: May 13, 2016 

Amended by the Board of Directors: March 21, 2019 

Approved by Stockholders: May 8, 2019 
  

 

 INOVIO PHARMACEUTICALS, INC. 

2016 OMNIBUS INCENTIVE PLAN 

ARTICLE I 
 PURPOSE AND
ADOPTION OF THE PLAN 
 1.1    Purpose. The purpose of the Inovio Pharmaceuticals, Inc. 2016 Omnibus
Incentive Plan (as amended from time to time, the “Plan”) is to assist in attracting and retaining highly competent employees, directors and consultants to act as an incentive in motivating selected employees, directors and consultants of
the Company and its Subsidiaries to achieve long-term corporate objectives. 
 1.2    Adoption and Term.
The Plan was initially approved by the Board on March 9, 2016, subject to the approval of the stockholders of the Company, which occurred on May 13, 2016. The Plan was amended by the Board on March 21, 2019, subject to the
approval of the stockholders of the Company, which occurred on May 8, 2019. All Awards granted on or after the effective date of this Plan shall be subject to the terms of this Plan as in effect on the date of grant of the Award. The Plan shall
remain in effect until terminated by action of the Board; provided, however, that no Awards may be granted hereunder after the tenth anniversary of its initial effective date. 

ARTICLE II 
 DEFINITIONS

 For the purpose of the Plan, capitalized terms shall have the following meanings: 

2.1    Award means any one or a combination of Non-Qualified Stock Options
or Incentive Stock Options described in Article VI, Stock Appreciation Rights described in Article VI, Restricted Shares and Restricted Stock Units described in Article VII, Performance Awards described in Article VIII and other
stock-based Awards described in Article IX or any other Award made under the terms of the Plan. 
 2.2    Award
Agreement means a written agreement between the Company and a Participant or a written acknowledgment from the Company to a Participant specifically setting forth the terms and conditions of an Award granted under the Plan. 

  
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 2.3    Assumed means that pursuant to a Merger either
(i) the Award is expressly affirmed by the Company, (ii) the contractual obligations represented by the Award are expressly assumed (and not simply by operation of law) by the successor entity or its parent in connection with the Merger
with appropriate adjustments to the number and type of securities of the successor entity or its parent subject to the Award and the exercise or purchase price thereof which at least preserves the compensation element of the Award existing at the
time of the Merger as determined in accordance with the instruments evidencing the agreement to assume the Award, or (iii) the Award is otherwise to continue in effect following the Merger. 

2.4    Award Period means, with respect to an Award, the period of time, if any, set forth in the Award Agreement
during which specified target performance goals must be achieved or other conditions set forth in the Award Agreement must be satisfied. 

2.5    Beneficiary means an individual, trust or estate who or which, by a written designation of the Participant
filed with the Company, or if no such written designation is filed, by operation of law, succeeds to the rights and obligations of the Participant under the Plan and the Award Agreement upon the Participant’s death. 

2.6    Board means the Board of Directors of the Company. 

2.7    Change in Control means the occurrence of subparagraph (a), (b), or (c) below or any combination of
said event(s). Notwithstanding the foregoing, the term “Change in Control” shall also have such additional meanings as are permitted or required under Section 409A: 

(a)    Change of Ownership of the Company. A change of ownership of the Company occurs on the date that any one
person or persons acting as a Group (as that term is defined in Subparagraph (2) below) acquires ownership of the stock of the Company, that, together with stock held by such person or Group, constitutes more than fifty percent (50%) of the
total fair market value or total voting power of the stock of the Company or of any corporation that owns at least fifty percent (50%) of the total fair market value and total voting power of Company. 

(1)    However, if any person or Group is considered to own more than fifty percent (50%) of the total fair market value
or total voting power of the stock of the Company, the acquisition of additional stock by the same person or Group of persons is not considered to cause a Change in Control. In addition, the term Change in Control shall apply if there is an increase
in the percentage of stock owned by any one person or persons, acting as a Group, as a result of a transaction in which the Company acquires its stock in exchange for property. The rule set forth in the immediately preceding sentence applies only
when there is a transfer of stock of Company (or issuance of stock of Company) and the stock of Company remains outstanding after the transaction. 

  
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 (2)    Persons will not be considered to be acting as a Group solely
because they purchase or own stock of the Company at the same time, or as a result of the same public offering. However, persons will be considered to be acting as a Group if they are shareholders of the Company and it, or its parent, enters into a
merger, consolidation, purchase or acquisition of stock or similar business transaction with another corporation. If a person owns stock in the Company and another corporation is involved in a business transaction, then the shareholder of the
Company is deemed to be acting as a Group with other shareholders in the Company prior to the transaction 

(b)    Effective Change of Control. If the Company does not qualify under Subparagraph (a), above, then it may still
meet the definition of Change in Control, on either of the following dates: 
 (1)    The date any one person, or more
than one person, acting as a Group acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of Company possessing thirty percent (30%) or more
of the total voting power of the stock of Company; or 
 (2)    The date a majority of the members of the Company’s
Board of Directors are replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Company’s Board of Directors before the date of
the appointment or election. 
 (c)    Change in Ownership of Company’s Assets. A change in the ownership of
a substantial portion of the Company’s assets occurs on the date that any person, or more than one person acting as a Group, acquires or has acquired during the 12-month period ending on the date of the
most recent acquisition by such person or persons) assets from the Company that have a total fair market value equal to more than forty percent (40%) of the total gross fair market value of all of the assets of the Company immediately before such
acquisition or acquisitions. For this purpose, gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. 

(1)    There will be no Change in Control under this Subparagraph (c) when there is a transfer to an entity that is
controlled by the shareholders of the Company immediately after the transfer. A transfer of assets by the Company is not treated as a change in ownership of such assets if the assets are transferred to: 

(i)    A shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to its stock;

  
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 (ii)    An entity, fifty percent (50%) or more of the total value or
voting power of which is owned directly or indirectly, by the Company; 
 (iii)    A person, or more than one person,
acting as a Group, that owns, directly or indirectly, fifty percent (50%) or more of the total value or voting power of all the outstanding stock of the Company; or 

(iv)    An entity, at least fifty percent (50%) of the total value or voting power of which is owned, directly or
indirectly, by a person described in Subparagraph c., above. 
 (d)    The consummation (i.e. closing) of a sale
or other disposition of all or substantially all the assets of the Company, unless, following such sale or disposition, all or substantially all of the individuals and entities who were the respective beneficial owners of the Outstanding Common
Stock and Company Voting Securities immediately prior to such reorganization, merger or consolidation, following such reorganization, merger or consolidation beneficially own, directly or indirectly, more than seventy five percent (75%) of,
respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors or trustees, as the case may be, of the entity purchasing such
assets in substantially the same proportion as their ownership of the Outstanding Common Stock and Company Voting Securities immediately prior to such sale or disposition, as the case may be; or 

(e)    a complete liquidation or dissolution of the Company. 

2.8    Code means the Internal Revenue Code of 1986, as amended. References to a section of the Code shall include
that section and any comparable section or sections of any future legislation that amends, supplements or supersedes said section. 

2.9    Committee means the Compensation Committee of the Board. 

2.10    Company means Inovio Pharmaceuticals, Inc. and its successors. 

2.11    Common Stock means the common stock of the Company, par value $0.001 per share. 

2.12    Company Voting Securities means the combined voting power of all outstanding voting securities of the
Company entitled to vote generally in the election of directors to the Board. 

  
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 2.13    Date of Grant means the date designated by the Committee
as the date as of which it grants an Award, which shall not be earlier than the date on which the Committee approves the granting of such Award. 

2.14    Dividend Equivalent Account means a bookkeeping account in accordance with Section 10.17 and related
to an Award that is credited with the amount of any cash dividends or stock distributions that would be payable with respect to the shares of Common Stock subject to such Awards had such shares been outstanding shares of Common Stock. 

2.15    Exchange Act means the Securities Exchange Act of 1934, as amended. 

2.16    Exercise Price means, with respect to a Stock Appreciation Right, the amount established by the Committee
in the Award Agreement which is to be subtracted from the Fair Market Value on the date of exercise in order to determine the amount of the payment to be made to the Participant, as further described in Section 6.2(b). 

2.17    Fair Market Value means, on any date, (i) the closing sale price of a share of Common Stock, as
reported on the American Stock Exchange (or other established stock exchange on which the Common Stock is regularly traded) on such date or, if there were no sales on such date, on the last date preceding such date on which a sale was reported; or
(ii) if shares of Common Stock are not listed for trading on an established stock exchange, Fair Market Value shall be determined by the Committee in good faith. 

2.18    Incentive Stock Option means a stock option within the meaning of Section 422 of the Code. 

2.19    Merger means any merger, reorganization, consolidation, exchange, transfer of assets or other transaction
having similar effect involving the Company. 
 2.20    Non-Qualified Stock
Option means a stock option which is not an Incentive Stock Option. 
 2.21    Options means all Non-Qualified Stock Options and Incentive Stock Options granted at any time under the Plan. 

2.22    Outstanding Common Stock means, at any time, the issued and outstanding shares of Common Stock. 

2.23    Participant means a person designated to receive an Award under the Plan in accordance with
Section 5.1. 
 2.24    Performance Awards means Awards granted in accordance with Article VIII. 

  
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 2.25    Performance Goals may be based on one or more of the
following measures : 
  

	 	•	 	 Net earnings or net income (before or after taxes) 

 

	 	•	 	 Earnings per share or earnings per share growth, total units, or unit growth 

 

	 	•	 	 Net sales, sales growth, total revenue, or revenue growth 

 

	 	•	 	 Net operating profit 

  

	 	•	 	 Return measures (including, but not limited to, return on assets, capital, invested capital, equity, sales, or
revenue) 

  

	 	•	 	 Cash flow (including, but not limited to, operating cash flow, free cash flow, cash flow return on equity, and
cash flow return on investment) 

  

	 	•	 	 Earnings before or after taxes, interest, depreciation, and/or amortization 

 

	 	•	 	 Gross or operating margins 

 

	 	•	 	 Productivity ratios 

  

	 	•	 	 Share price or relative share price (including, but not limited to, growth measures and total stockholder return)

  

	 	•	 	 Expense targets 

  

	 	•	 	 Margins 

  

	 	•	 	 Operating efficiency 

  

	 	•	 	 Market share or change in market share 

 

	 	•	 	 Customer retention or satisfaction 

 

	 	•	 	 Working capital targets 

 

	 	•	 	 Completion of strategic financing goals, acquisitions or alliances and clinical progress 

 

	 	•	 	 Company project milestones 

 

	 	•	 	 Economic value added or EVA® (net operating profit after
tax minus the sum of capital multiplied by the cost of capital) 

  

	 	•	 	 Any other measure of performance selected by the Committee 

  
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 Without limiting the generality of the foregoing, the Committee shall have the authority, at
the time it establishes the performance objectives for any given performance period, to make equitable adjustments in the business criteria in recognition of unusual or non-recurring events affecting the
Company or its operating units, in response to changes in applicable laws or regulations, or to account for items of gain, loss or expense determined to be extraordinary or unusual in nature or infrequent in occurrence or related to the disposal of
a segment of a business or related to a change in generally accepted accounting principles, or as the Committee determines to be appropriate to reflect a true measurement of the profitability of the Company or its operating units, as applicable and
to otherwise satisfy the objectives of the Plan. 
 2.26    Plan has the meaning given to such term in
Section 1.1. 
 2.27    Purchase Price, with respect to Options, shall have the meaning set forth in
Section 6.1(b). 
 2.28    Restricted Shares means Common Stock subject to restrictions imposed in
connection with Awards granted under Article VII. 
 2.29    Restricted Stock Unit means a
unit representing the right to receive Common Stock or the value thereof in the future subject to restrictions imposed in connection with Awards granted under Article VII. 

2.30    Rule 16b-3 means
Rule 16b-3 promulgated by the Securities and Exchange Commission under Section 16 of the Exchange Act, as the same may be amended from time to time, and any successor rule. 

2.31    Stock Appreciation Rights means awards granted in accordance with Article VI. 

2.32    Subsidiary means a subsidiary of the Company within the meaning of Section 424(f) of the Code. 

2.33    Termination of Service means the voluntary or involuntary termination of a Participant’s service as an
employee, director or consultant with the Company or a Subsidiary for any reason, including death, disability, retirement or as the result of the divestiture of the Participant’s employer or any similar transaction in which the
Participant’s employer ceases to be the Company or one of its Subsidiaries. Whether entering military or other government service shall constitute Termination of Service, or whether and when a Termination of Service shall occur as a result of
disability, shall be determined in each case by the Committee in its sole discretion. 

  
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 ARTICLE III 

ADMINISTRATION 

3.1    Committee. 

(a)    Duties and Authority. The Plan shall be administered by the Committee and the Committee shall have exclusive
and final authority in each determination, interpretation or other action affecting the Plan and its Participants. The Committee shall have the sole discretionary authority to interpret the Plan, to establish and modify administrative
rules for the Plan, to impose such conditions and restrictions on Awards as it determines appropriate, and to make all factual determinations with respect to and take such steps in connection with the Plan and Awards granted hereunder as it may
deem necessary or advisable. The Committee may delegate such of its powers and authority under the Plan as it deems appropriate to a subcommittee of the Committee or designated officers or employees of the Company. In addition, the full
Board may exercise any of the powers and authority of the Committee under the Plan. In the event of such delegation of authority or exercise of authority by the Board, references in the Plan to the Committee shall be deemed to refer, as appropriate,
to the delegate of the Committee or the Board. Actions taken by the Committee or any subcommittee thereof, and any delegation by the Committee to designated officers or employees, under this Section 3.1 shall comply with Section 16(b)
of the Exchange Act and the regulations promulgated under each of such statutory provisions, or the respective successors to such statutory provisions or regulations, as in effect from time to time, to the extent applicable. 

(b)    Indemnification. Each person who is or shall have been a member of the Board or the Committee, or an officer
or employee of the Company to whom authority was delegated in accordance with the Plan shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by
such individual 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 taken or failure to act under the Plan and against and from
any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such action, suit, or proceeding against him or her, provided he or she shall give 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; provided, however, that the foregoing indemnification shall not apply to any loss, cost,
liability, or expense that is a result of his or her own willful misconduct. The foregoing right of indemnification shall 

  
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not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Certificate of Incorporation or Bylaws, conferred in a separate agreement
with the Company, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 

ARTICLE IV 
 SHARES

 4.1    Number of Shares Issuable. The maximum aggregate number of shares of Common Stock that may be
issued pursuant to Awards shall be 16,000,000 shares of Common Stock (consisting of (A) 6,000,000 shares of Common Stock that were approved at the Company’s 2016 Annual Meeting of Stockholders, plus (B) an additional 6,000,000
shares of Common Stock that were approved at the Company’s 2019 Annual Meeting of Stockholders plus (C) an additional 2,000,000 shares of Common Stock added on each of January 1, 2018 and January 1, 2019 pursuant to the
automatic annual increases in accordance with the terms of the Plan in effect on such dates) and on the first business day of each calendar year beginning with January 1, 2020, such maximum aggregate number of shares of Common Stock shall be
increased by 2,000,000 shares of Common Stock unless the Board determines, for any such year, to increase such maximum amount by a fewer number of shares. No more than 32,000,000 shares of Common Stock may be issued under the Plan as Incentive Stock
Options, and such number shall not be subject to annual adjustment as described above. The foregoing share limits shall be subject to adjustment in accordance with Section 10.7. The shares to be offered under the Plan shall be authorized and
unissued Common Stock, or issued Common Stock that shall have been reacquired by the Company. 
 4.2    Shares
Subject to Terminated Awards. Common Stock covered by any unexercised portions of terminated or forfeited Options (including canceled Options) granted under Article VI, Common Stock forfeited as provided in Section 7.2(a), Stock Units
and other stock-based Awards terminated or forfeited as provided in Article IX, and Common Stock subject to any Awards that are otherwise surrendered by the Participant may again be subject to new Awards under the Plan. Shares of Common
Stock surrendered to or withheld by the Company in payment or satisfaction of the Purchase Price of an Option or tax withholding obligation with respect to an Award shall be available for the grant of new Awards under the Plan. In the event of
the exercise of Stock Appreciation Rights, whether or not granted in tandem with Options, only the number of shares of Common Stock actually issued in payment of such Stock Appreciation Rights shall be charged against the number of shares of Common
Stock available for the grant of Awards hereunder. 

  
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 ARTICLE V 

PARTICIPATION 

5.1    Eligible Participants. Participants in the Plan shall be such employees, directors and consultants of the
Company and its Subsidiaries as the Committee, in its sole discretion, may designate from time to time. The Committee’s designation of a Participant in any year shall not require the Committee to designate such person to receive Awards or
grants in any other year. The designation of a Participant to receive Awards or grants under one portion of the Plan does not require the Committee to include such Participant under other portions of the Plan. The Committee shall consider
such factors as it deems pertinent in selecting Participants and in determining the type and amount of their respective Awards. Incentive Stock Options may only be granted to employees of the Company or its Subsidiaries. Subject to adjustment
in accordance with Section 10.7, in any calendar year, no more than a total of 500,000 shares of Common Stock may be granted as Awards under the Plan to any non-employee director of the Company. 

ARTICLE VI 
 STOCK
OPTIONS AND STOCK APPRECIATION RIGHTS 
 6.1    Option Awards. 

(a)    Grant of Options. The Committee may grant, to such Participants as the Committee may select, Options
entitling the Participant to purchase shares of Common Stock from the Company in such number, at such price, and on such terms and subject to such conditions, not inconsistent with the terms of the Plan, as may be established by the
Committee. The terms of any Option granted under the Plan shall be set forth in an Award Agreement. 

(b)    Purchase Price of Options. The Purchase Price of each share of Common Stock which may be purchased upon
exercise of any Option granted under the Plan shall be determined by the Committee; provided, however, that in no event shall the Purchase Price be less than the Fair Market Value on the Date of Grant. In the case of an Incentive Stock Option
granted to a Participant who, on the Date of Grant owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or its Subsidiaries, the per share exercise price shall be not less than one hundred
ten percent (110%) of the Fair Market Value per share of Common Stock on the Date of Grant. 

  
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 (c)    Designation of Options. The Committee shall designate, at
the time of the grant of each Option, the Option as an Incentive Stock Option or a Non-Qualified Stock Option. 

(d)    Incentive Stock Option Share Limitation. Notwithstanding an Option’s designation as an Incentive Stock
Option, an Option will qualify as an Incentive Stock Option under the Code only to the extent the $100,000 limitation of Section 422(d) of the Code is not exceeded. The $100,000 limitation of Section 422(d) of the Code is calculated based
on the aggregate Fair Market Value (measured on the Date of Grant) of the shares of Common Stock subject to Options designated as Incentive Stock Options which first become exercisable in any one calendar year (under the Plan or any other plans of
the Company and its Subsidiaries). For purposes of this calculation, Incentive Stock Options shall be taken into account in the order in which they were granted. 

(e)    Rights As a Stockholder. A Participant or a transferee of an Option pursuant to Section 10.4 shall have
no rights as a stockholder with respect to Common Stock covered by an Option until the Participant or transferee shall have become the holder of record of any such shares, and no adjustment shall be made for dividends in cash or other property or
distributions or other rights with respect to any such Common Stock for which the record date is prior to the date on which the Participant or a transferee of the Option shall have become the holder of record of any such shares covered by the
Option; provided, however, that Participants are entitled to share adjustments to reflect capital changes under Section 10.7. 

6.2    Stock Appreciation Rights. 

(a)    Stock Appreciation Right Awards. The Committee is authorized to grant to any Participant one or more Stock
Appreciation Rights. Such Stock Appreciation Rights may be granted either independent of or in tandem with Options granted to the same Participant. Stock Appreciation Rights granted in tandem with Options may be granted simultaneously with, or,
in the case of Non-Qualified Stock Options, subsequent to, the grant to such Participant of the related Option; provided however, that: (i) any Option covering any share of Common Stock shall expire and
not be exercisable upon the exercise of any Stock Appreciation Right with respect to the same share, (ii) any Stock Appreciation Right covering any share of Common Stock shall expire and not be exercisable upon the exercise of any related
Option with respect to the same share, and (iii) an Option and Stock Appreciation Right covering the same share of Common Stock may not be exercised simultaneously. Upon exercise of a Stock Appreciation Right with respect to a share of
Common Stock, the Participant shall be entitled to receive an amount equal to the excess, if any, of (A) the Fair Market Value of a share of Common Stock on the date of exercise over (B) the Exercise Price of such Stock Appreciation Right
established in the Award Agreement, which amount shall be payable as provided in Section 6.2(c). 

  
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 (b)    Exercise Price. The Exercise Price established under any
Stock Appreciation Right granted under the Plan shall be determined by the Committee, but in the case of Stock Appreciation Rights granted in tandem with Options shall not be less than the Purchase Price of the related Option; provided, however,
that in no event shall the Exercise Price be less than the Fair Market Value on the Date of Grant. Upon exercise of Stock Appreciation Rights granted in tandem with options, the number of shares subject to exercise under any related Option shall
automatically be reduced by the number of shares of Common Stock represented by the Option or portion thereof which are surrendered as a result of the exercise of such Stock Appreciation Rights. 

(c)    Payment of Incremental Value. Any payment which may become due from the Company by reason of a
Participant’s exercise of a Stock Appreciation Right may be paid to the Participant as determined by the Committee (i) all in cash, (ii) all in Common Stock, or (iii) in any combination of cash and Common Stock. In the event
that all or a portion of the payment is made in Common Stock, the number of shares of Common Stock delivered in satisfaction of such payment shall be determined by dividing the amount of such payment or portion thereof by the Fair Market Value on
the Exercise Date. No fractional share of Common Stock shall be issued to make any payment in respect of Stock Appreciation Rights; if any fractional share would be issuable, the combination of cash and Common Stock payable to the Participant
shall be adjusted as directed by the Committee to avoid the issuance of any fractional share. 
 6.3    Terms of
Stock Options and Stock Appreciation Rights. 
 (a)    Conditions on Exercise. An Award Agreement with
respect to Options or Stock Appreciation Rights may contain such waiting periods, exercise dates and restrictions on exercise (including, but not limited to, periodic installments) as may be determined by the Committee at the time of grant. 

(b)    Duration of Options and Stock Appreciation Rights. Options and Stock Appreciation Rights shall terminate
upon the first to occur of the following events: 
 (i)    Expiration of the Option or Stock Appreciation Right as
provided in the Award Agreement; or 
 (ii)    Termination of the Award in the event of a Participant’s disability,
retirement, death or other Termination of Service as provided in the Award Agreement; or 
 (iii)    Ten years from the
Date of Grant; 

  
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 (iv)    In the case of an Incentive Stock Option granted to a
Participant who, at the time the Incentive Stock Option is granted, owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or any of its Subsidiaries, five years from the Date of Grant or 

(v)    Solely in the case of a Stock Appreciation Right granted in tandem with an Option, upon the expiration of the
related Option. 
 (c)    Acceleration or Extension of Exercise Time. The Committee, in its sole discretion,
shall have the right (but shall not be obligated), exercisable on or at any time after the Date of Grant, to permit the exercise of an Option or Stock Appreciation Right (i) prior to the time such Option or Stock Appreciation Right would become
exercisable under the terms of the Award Agreement, (ii) after the termination of the Option or Stock Appreciation Right under the terms of the Award Agreement, or (iii) after the expiration of the Option or Stock Appreciation Right. 

6.4    Exercise Procedures. Each Option and Stock Appreciation Right granted under the Plan shall be exercised
prior to the close of business on the expiration date of the Option or Stock Appreciation Right by notice to the Company or by such other method as provided in the Award Agreement or as the Committee may establish or approve from time to
time. The Purchase Price of shares purchased upon exercise of an Option granted under the Plan shall be paid in full in cash by the Participant pursuant to the Award Agreement; provided, however, that the Committee may (but shall not be
required to) permit payment to be made by delivery to the Company of either (a) Common Stock (which may include Restricted Shares or shares otherwise issuable in connection with the exercise of the Option, subject to such rules as the
Committee deems appropriate) or (b) any combination of cash and Common Stock, or (c) such other consideration as the Committee deems appropriate and in compliance with applicable law (including payment under an arrangement constituting a
brokerage transaction as permitted under the provisions of Regulation T applicable to cashless exercises promulgated by the Federal Reserve Board, unless prohibited by Section 402 of the Sarbanes-Oxley Act of 2002). In the event that any
Common Stock shall be transferred to the Company to satisfy all or any part of the Purchase Price, the part of the Purchase Price deemed to have been satisfied by such transfer of Common Stock shall be equal to the product derived by multiplying the
Fair Market Value as of the date of exercise times the number of shares of Common Stock transferred to the Company. The Participant may not transfer to the Company in satisfaction of the Purchase Price any fractional share of Common
Stock. Any part of the Purchase Price paid in cash upon the exercise of any Option shall be added to the general funds of the Company and may be used for any proper corporate purpose. Unless the Committee shall otherwise determine, any
Common Stock transferred to the Company as payment of all or part of the Purchase Price upon the exercise of any Option shall be held as treasury shares. 

  
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 6.5    Change in Control. Unless otherwise provided by the
Committee in the applicable Award Agreement, in the event of a Change in Control, all Options outstanding on the date of such Change in Control, and all Stock Appreciation Rights shall become immediately and fully exercisable. The provisions of
this Section 6.5 shall not be applicable to any Options or Stock Appreciation Rights granted to a Participant if any Change in Control results from such Participant’s beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of Common Stock or Company Voting Securities. 
 ARTICLE VII

 RESTRICTED SHARES AND RESTRICTED STOCK UNITS 

7.1    Award of Restricted Stock and Restricted Stock Units. The Committee may grant to any
Participant an Award of Restricted Shares consisting of a specified number of shares of Common Stock issued to the Participant subject to such terms, conditions and forfeiture and transfer restrictions, whether based on performance standards,
periods of service, retention by the Participant of ownership of specified shares of Common Stock or other criteria, as the Committee shall establish. The Committee may also grant Restricted Stock Units representing the right to receive shares
of Common Stock in the future subject to such terms, conditions and restrictions, whether based on performance standards, periods of service, retention by the Participant of ownership of specified shares of Common Stock or other criteria, as the
Committee shall establish. The terms of any Restricted Share and Restricted Stock Unit Awards granted under the Plan shall be set forth in an Award Agreement which shall contain provisions determined by the Committee and not inconsistent with
the Plan. 
 7.2    Restricted Shares. 

(a)    Issuance of Restricted Shares. As soon as practicable after the Date of Grant of a Restricted Share Award by
the Committee, the Company shall cause to be transferred on the books of the Company, or its agent, Common Stock, registered on behalf of the Participant, evidencing the Restricted Shares covered by the Award, but subject to forfeiture to the
Company as of the Date of Grant if an Award Agreement with respect to the Restricted Shares covered by the Award is not duly executed by the Participant and timely returned to the Company. All Common Stock covered by Awards under this
Article VII shall be subject to the restrictions, terms and conditions contained in the Plan and the Award Agreement entered into by the Participant. Until the lapse or release of all restrictions applicable to an Award of Restricted
Shares, the share certificates representing such Restricted Shares may be held in custody by the 

  
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Company, its designee, or, if the certificates bear a restrictive legend, by the Participant. Upon the lapse or release of all restrictions with respect to an Award as described in
Section 7.2(d), one or more share certificates, registered in the name of the Participant, for an appropriate number of shares as provided in Section 7.2(d), free of any restrictions set forth in the Plan and the Award Agreement shall be
delivered to the Participant. 
 (b)    Stockholder Rights. Beginning on the Date of Grant of the Restricted
Share Award and subject to execution of the Award Agreement as provided in Section 7.2(a), the Participant shall become a stockholder of the Company with respect to all shares subject to the Award Agreement and shall have all of the rights of a
stockholder, including, but not limited to, the right to vote such shares and the right to receive dividends; provided, however, that any Common Stock distributed as a dividend or otherwise with respect to any Restricted Shares as to which the
restrictions have not yet lapsed, shall be subject to the same restrictions as such Restricted Shares and held or restricted as provided in Section 7.2(a). 

(c)    Restriction on Transferability. None of the Restricted Shares may be assigned or transferred (other than by
will or the laws of descent and distribution, or to an inter vivos trust with respect to which the Participant is treated as the owner under Sections 671 through 677 of the Code, except to the extent that Section 16 of the Exchange Act
limits a Participant’s right to make such transfers), pledged or sold prior to lapse of the restrictions applicable thereto. 

(d)    Delivery of Shares Upon Vesting. Upon expiration or earlier termination of the forfeiture period without a
forfeiture and the satisfaction of or release from any other conditions prescribed by the Committee, or at such earlier time as provided under the provisions of Section 7.4, the restrictions applicable to the Restricted Shares shall
lapse. As promptly as administratively feasible thereafter, subject to the requirements of Section 10.5, the Company shall deliver to the Participant or, in case of the Participant’s death, to the Participant’s Beneficiary, one
or more share certificates for the appropriate number of shares of Common Stock, free of all such restrictions, except for any restrictions that may be imposed by law. 

(e)    Forfeiture of Restricted Shares. Subject to Sections 7.2(f) and 7.4, all Restricted Shares shall be
forfeited and returned to the Company and all rights of the Participant with respect to such Restricted Shares shall terminate unless the Participant continues in the service of the Company or a Subsidiary as an employee until the expiration of the
forfeiture period for such Restricted Shares and satisfies any and all other conditions set forth in the Award Agreement. The Committee shall determine the forfeiture period (which may, but need not, lapse in installments) and any other terms
and conditions applicable with respect to any Restricted Share Award. 

  
 15 

 (f)    Waiver of Forfeiture Period. Notwithstanding anything
contained in this Article VII to the contrary, the Committee may, in its sole discretion, waive the forfeiture period and any other conditions set forth in any Award Agreement under appropriate circumstances (including the death, disability or
retirement of the Participant or a material change in circumstances arising after the date of an Award) and subject to such terms and conditions (including forfeiture of a proportionate number of the Restricted Shares) as the Committee shall deem
appropriate. 
 7.3    Restricted Stock Units. 

(a)    Settlement of Restricted Stock Units. Payments shall be made to Participants with respect to their
Restricted Stock Units as soon as practicable after the Committee has determined that the terms and conditions applicable to such Award have been satisfied or at a later date if distribution has been deferred. Payments to Participants with respect
to Restricted Stock Units shall be made in the form of Common Stock, or cash or a combination of both, as the Committee may determine. The amount of any cash to be paid in lieu of Common Stock shall be determined on the basis of the Fair Market
Value of the Common Stock on the date any such payment is processed. As to shares of Common Stock which constitute all or any part of such payment, the Committee may impose such restrictions concerning their transferability and/or their forfeiture
as may be provided in the applicable Award Agreement or as the Committee may otherwise determine, provided such determination is made on or before the date certificates for such shares are first delivered to the applicable Participant. 

(b)    Shareholder Rights. Until the lapse or release of all restrictions applicable to an Award of Restricted
Stock Units, no shares of Common Stock shall be issued in respect of such Awards and no Participant shall have any rights as a shareholder of the Company with respect to the shares of Common Stock covered by such Award of Restricted Stock Units.

 (c)    Waiver of Forfeiture Period. Notwithstanding anything contained in this Section 7.3 to the
contrary, the Committee may, in its sole discretion, waive the forfeiture period and any other conditions set forth in any Award Agreement under appropriate circumstances (including the death, disability or retirement of the Participant or a
material change in circumstances arising after the date of an Award) and subject to such terms and conditions (including forfeiture of a proportionate number of shares issuable upon settlement of the Restricted Stock Units constituting an Award) as
the Committee shall deem appropriate. 
 (d)    Deferral of Payment. If approved by the Committee and set forth
in the applicable Award Agreement, a Participant may elect to defer the amount payable with respect to the Participant’s Restricted Stock Units in accordance with such terms as may be established by the Committee. 

  
 16 

 7.4    Change in Control. Unless otherwise provided by the
Committee in the applicable Award Agreement, in the event of a Change in Control, all restrictions applicable to Restricted Shares and Restricted Stock Unit Awards shall terminate fully and the Participant shall immediately have the right to the
delivery in accordance with Section 7.2(d) of a share certificate or certificates evidencing a number of shares of Common Stock equal to the full number of shares subject to each such Award (in the case of Restricted Stock) or payment in
accordance with Section 7.3(a) of a number of shares of Common Stock determined by the Committee, in its discretion, but, in the case of a performance-based or other contingent Award, in no event less than the number of shares payable at the
“target” level for each such Award (in the case of Restricted Stock Units). The provisions of this Section 7.4 shall not be applicable to any Restricted Share or Restricted Stock Unit Award granted to a Participant if any Change
in Control results from such Participant’s beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of Common Stock or Company Voting Securities. 

ARTICLE VIII 

PERFORMANCE AWARDS 

8.1    Performance Awards. 

(a)    Award Periods and Calculations of Potential Incentive Amounts. The Committee may grant Performance Awards to
Participants. A Performance Award shall consist of the right to receive a payment (measured by the Fair Market Value of a specified number of shares of Common Stock, increases in such Fair Market Value during the Award Period and/or a fixed
cash amount) contingent upon the extent to which certain predetermined performance targets have been met during an Award Period. The Award Period shall be two or more fiscal or calendar years as determined by the Committee. The Committee,
in its discretion and under such terms as it deems appropriate, may permit newly eligible Participants, such as those who are promoted or newly hired, to receive Performance Awards after an Award Period has commenced. 

(b)    Performance Targets. Subject to Section 10.18, the performance targets applicable to a Performance
Award may include such goals related to the performance of the Company or, where relevant, any one or more of its Subsidiaries or divisions and/or the performance of a Participant as may be established by the Committee in its discretion. The
performance targets established by the Committee may vary for different Award Periods and need not be the same for each Participant receiving a Performance Award in an Award Period. 

(c)    Earning Performance Awards. A Participant’s Performance Award shall be determined based on the
attainment of written Performance Goals approved by the Committee for a performance period established by the Committee. 

  
 17 

 (d)    Payment of Earned Performance Awards. Subject to the
requirements of Section 10.5, payments of earned Performance Awards shall be made in cash or Common Stock, or a combination of cash and Common Stock, in the discretion of the Committee. The Committee, in its sole discretion, may define, and set
forth in the applicable Award Agreement, such terms and conditions with respect to the payment of earned Performance Awards as it may deem desirable. The Committee shall determine whether, with respect to a performance period, the applicable
Performance Goals have been met with respect to a given Participant and, if they have, shall so certify and ascertain the amount of the applicable Performance Award. No Performance Awards will be paid for such performance period until such
certification is made by the Committee. The amount of the Performance Award actually paid to a given Participant may be less (but not more) than the amount determined by the applicable performance goal formula, at the discretion of the Committee.
The amount of the Performance Award determined by the Committee for a performance period shall be paid to the Participant at such time as determined by the Committee in its sole discretion after the end of such performance period; provided, however,
that a Participant may, if and to the extent permitted by the Committee and consistent with the provisions of Section 409A of the Code, elect to defer payment of a Performance Award. 

8.2    Termination of Service. In the event of a Participant’s Termination of Service during an Award Period,
the Participant’s Performance Awards shall be forfeited except as may otherwise be provided in the applicable Award Agreement. 

8.3    Change in Control. Unless otherwise provided by the Committee in the applicable Award Agreement, in the
event of a Change in Control, all Performance Awards for all Award Periods shall immediately become fully vested and payable to all Participants and shall be paid to Participants in accordance with Section 8.1(d), within 30 days after such
Change in Control. The provisions of this Section 8.3 shall not be applicable to any Performance Award granted to a Participant if any Change in Control results from such Participant’s beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of Common Stock or Company Voting Securities. 
 ARTICLE IX

 OTHER STOCK-BASED AWARDS 

9.1    Grant of Other Stock-Based Awards. Other stock-based awards, consisting of stock purchase rights (with or
without loans to Participants by the Company containing such terms as the Committee shall determine), Awards of Common Stock, or Awards valued in whole or in part by reference to, or otherwise based on, Common Stock or dividends on Common Stock, may
be granted either alone or in addition to or in conjunction with other Awards under 

  
 18 

 
the Plan. Subject to the provisions of the Plan, the Committee shall have sole and complete authority to determine the persons to whom and the time or times at which such Awards shall be made,
the number of shares of Common Stock to be granted pursuant to such Awards, and all other conditions of the Awards. Any such Award shall be confirmed by an Award Agreement executed by the Committee and the Participant, which Award Agreement
shall contain such provisions as the Committee determines to be necessary or appropriate to carry out the intent of the Plan with respect to such Award. 

9.2    Terms of Other Stock-Based Awards. In addition to the terms and conditions specified in the Award Agreement,
Awards made pursuant to this Article IX shall be subject to the following: 
 (a)    Any Common Stock subject to
Awards made under this Article IX may not be sold, assigned, transferred, pledged or otherwise encumbered prior to the date on which the shares are issued, or, if later, the date on which any applicable restriction, performance or deferral
period lapses; and 
 (b)    If specified by the Committee in the Award Agreement, the recipient of an Award under this
Article IX shall be entitled to receive, currently or on a deferred basis, interest or dividends or dividend equivalents with respect to the Common Stock or other securities covered by the Award; and 

(c)    The Award Agreement with respect to any Award shall contain provisions dealing with the disposition of such Award in
the event of a Termination of Service prior to the exercise, payment or other settlement of such Award, whether such termination occurs because of retirement, disability, death or other reason, with such provisions to take account of the specific
nature and purpose of the Award. 
 ARTICLE X 

TERMS APPLICABLE GENERALLY TO AWARDS 

GRANTED UNDER THE PLAN 

10.1    Plan Provisions Control Award Terms. Except as provided in Section 10.16, the terms of the Plan shall
govern all Awards granted under the Plan, and in no event shall the Committee have the power to grant any Award under the Plan which is contrary to any of the provisions of the Plan. In the event any provision of any Award granted under the
Plan shall conflict with any term in the Plan as constituted on the Date of Grant of such Award, the term in the Plan as constituted on the Date of Grant of such Award shall control. Except as provided in Section 10.3 and
Section 10.7, the terms of any Award granted under the Plan may not be changed after the Date of Grant of such Award so as to materially decrease the value of the Award without the express written approval of the holder. 

  
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 10.2    Award Agreement. No person shall have any rights under
any Award granted under the Plan unless and until the Company and the Participant to whom such Award shall have been granted shall have executed and delivered an Award Agreement or received any other Award acknowledgment authorized by the Committee
expressly granting the Award to such person and containing provisions setting forth the terms of the Award. 

10.3    Modification of Award After Grant. No Award granted under the Plan to a Participant may be modified (unless
such modification does not materially decrease the value of the Award) after the Date of Grant except by express written agreement between the Company and the Participant, provided that any such change (a) shall not be inconsistent with the
terms of the Plan, and (b) shall be approved by the Committee. 
 10.4    Limitation on Transfer. Except as
provided in Section 7.1(c) in the case of Restricted Shares, a Participant’s rights and interest under the Plan may not be assigned or transferred other than by will or the laws of descent and distribution, and during the lifetime of a
Participant, only the Participant personally (or the Participant’s personal representative) may exercise rights under the Plan. The Participant’s Beneficiary may exercise the Participant’s rights to the extent they are
exercisable under the Plan following the death of the Participant. Notwithstanding the foregoing, to the extent permitted under Section 16(b) of the Exchange Act with respect to Participants subject to such Section, the Committee may grant Non-Qualified Stock Options that are transferable, without payment of consideration, to immediate family members of the Participant or to trusts or partnerships for such family members, and the Committee may also
amend outstanding Non-Qualified Stock Options to provide for such transferability. 

10.5    Taxes. The Company shall be entitled, if the Committee deems it necessary or desirable, to withhold (or
secure payment from the Participant in lieu of withholding) the amount of any withholding or other tax required by law to be withheld or paid by the Company with respect to any amount payable and/or shares issuable under such Participant’s
Award, or with respect to any income recognized upon a disqualifying disposition of shares received pursuant to the exercise of an Incentive Stock Option, and the Company may defer payment or issuance of the cash or shares upon exercise or vesting
of an Award unless indemnified to its satisfaction against any liability for any such tax. The amount of such withholding or tax payment shall be determined by the Committee and shall be payable by the Participant at such time as the Committee
determines in accordance with the following rules: 
 (a)    The Participant shall have the right to elect to meet his or
her withholding requirement (i) by having withheld from such Award at the appropriate time that number of shares of Common Stock, rounded up to the next whole share, whose Fair Market Value is equal to the amount of withholding taxes due,
(ii) by direct payment to the Company in cash of the amount of any taxes required to be withheld with respect to such Award or (iii) by a combination of shares and cash. 

  
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 (b)    In the case of Participants who are subject to Section 16 of
the Exchange Act, the Committee may impose such limitations and restrictions as it deems necessary or appropriate with respect to the delivery or withholding of shares of Common Stock to meet tax withholding obligations. 

10.6    Surrender of Awards. Any Award granted under the Plan may be surrendered to the Company for cancellation on
such terms as the Committee and the holder approve. With the consent of the Participant, the Committee may substitute a new Award under the Plan in connection with the surrender by the Participant of an equity compensation award previously
granted under the Plan or any other plan sponsored by the Company; provided, however, that no such substitution shall be permitted without the approval of the Company’s stockholders if such approval is required by the rules of any applicable
stock exchange. 
 10.7    Adjustments to Reflect Capital Changes. 

(a)    Recapitalization. In the event of any corporate event or transaction (including, but not limited to, a
change in the Common Stock or the capitalization of the Company) such as a merger, consolidation, reorganization, recapitalization, separation, partial or complete liquidation, stock dividend, stock split, reverse stock split, split up, spin-off, or other distribution of stock or property of the Company, a combination or exchange of Common Stock, dividend in kind, or other like change in capital structure, number of outstanding shares of Common
Stock, distribution (other than normal cash dividends) to shareholders of the Company, or any similar corporate event or transaction, the Committee, in order to prevent dilution or enlargement of Participants’ rights under the Plan, shall make
equitable and appropriate adjustments and substitutions, as applicable, to or of the number and kind of shares subject to outstanding Awards, the Purchase Price or Exercise Price for such shares, the number and kind of shares available for future
issuance under the Plan and the maximum number of shares in respect of which Awards can be made to any Participant in any calendar year, and other determinations applicable to outstanding Awards. The Committee shall have the power and sole
discretion to determine the amount of the adjustment to be made in each case. 
 (b)    Merger. Effective upon
the consummation of a Merger, all outstanding Awards under the Plan shall terminate. However, all such Awards shall not terminate to the 

  
 21 

 
extent they are Assumed in connection with the Merger. The Committee shall have the authority, exercisable either in advance of any actual or anticipated Merger or at the time of an actual Merger
and exercisable at the Date of Grant of an Award under the Plan or any time while an Award remains outstanding, to provide for the full or partial automatic vesting and exercisability of one or more outstanding unvested Awards under the Plan and the
release from restrictions on transfer and repurchase or forfeiture rights of such Awards in connection with a Merger, on such terms and conditions as the Committee may specify. The Committee also shall have the authority to condition any such Award
vesting and exercisability or release from such limitations upon the subsequent Termination of Service of the Participant within a specified period following the effective date of the Merger. The Committee may provide that any Awards so vested or
released from such limitations in connection with a Merger shall remain fully exercisable until the expiration or sooner termination of the Award. Any Incentive Stock Option accelerated under this Section 10.7(b) in connection with a Merger
shall remain exercisable as an Incentive Stock Option under the Code only to the extent the $100,000 dollar limitation of Section 422(d) is not exceeded. 

(c)    Options to Purchase Shares or Stock of Acquired Companies. After any Merger in which the Company or a
Subsidiary shall be a surviving corporation, the Committee may grant substituted options under the provisions of the Plan, pursuant to Section 424 of the Code, replacing old options granted under a plan of another party to the Merger whose
shares or stock subject to the old options may no longer be issued following the Merger. The foregoing adjustments and manner of application of the foregoing provisions shall be determined by the Committee in its sole discretion. Any such
adjustments may provide for the elimination of any fractional shares which might otherwise become subject to any Options. 

10.8    No Right to Continued Service. No person shall have any claim of right to be granted an Award under the
Plan. Neither the Plan nor any action taken hereunder shall be construed as giving any Participant any right to be retained in the service of the Company or any of its Subsidiaries. 

10.9    Awards Not Includable for Benefit Purposes. Payments received by a Participant pursuant to the provisions
of the Plan shall not be included in the determination of benefits under any pension, group insurance or other benefit plan applicable to the Participant which is maintained by the Company or any of its Subsidiaries, except as may be provided under
the terms of such plans or determined by the Board. 
 10.10    Governing Law. All determinations made and
actions taken pursuant to the Plan shall be governed by the laws of California and construed in accordance therewith. 

  
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 10.11    No Strict Construction. No rule of strict construction
shall be implied against the Company, the Committee, or any other person in the interpretation of any of the terms of the Plan, any Award granted under the Plan or any rule or procedure established by the Committee. 

10.12    Compliance with Rule 16b-3. It is intended
that, unless the Committee determines otherwise, Awards under the Plan be eligible for exemption under Rule 16b-3. The Board is authorized to amend the Plan and to make any such modifications to
Award Agreements to comply with Rule 16b-3, as it may be amended from time to time, and to make any other such amendments or modifications as it deems necessary or appropriate to better accomplish the
purposes of the Plan in light of any amendments made to Rule 16b-3. 

10.13    Captions. The captions (i.e., all Section headings) used in the Plan are for convenience only, do not
constitute a part of the Plan, and shall not be deemed to limit, characterize or affect in any way any provisions of the Plan, and all provisions of the Plan shall be construed as if no captions have been used in the Plan. 

10.14    Severability. Whenever possible, each provision in the Plan and every Award at any time granted under the
Plan shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of the Plan or any Award at any time granted under the Plan shall be held to be prohibited by or invalid under applicable law, then
(a) such provision shall be deemed amended to accomplish the objectives of the provision as originally written to the fullest extent permitted by law and (b) all other provisions of the Plan and every other Award at any time granted under
the Plan shall remain in full force and effect. 
 10.15    Amendment and Termination. 

(a)    Amendment. The Board shall have complete power and authority to amend the Plan at any time; provided,
however, that the Board shall not, without the requisite affirmative approval of stockholders of the Company, make any amendment which requires stockholder approval under the Code or under any other applicable law or rule of any stock exchange which
lists Common Stock or Company Voting Securities. No termination or amendment of the Plan may, without the consent of the Participant to whom any Award shall theretofore have been granted under the Plan, adversely affect the right of such
individual under such Award. 
 (b)    Termination. The Board shall have the right and the power to terminate the
Plan at any time. No Award shall be granted under the Plan after the termination of the Plan, but the termination of the Plan shall not have any other effect and any Award outstanding at the time of the termination of the Plan may be exercised after
termination of the Plan at any time prior to the expiration date of such Award to the same extent such Award would have been exercisable had the Plan not terminated. 

  
 23 

 10.16    Foreign Qualified Awards. Awards under the Plan may be
granted to such employees of the Company and its Subsidiaries who are residing in foreign jurisdictions as the Committee in its sole discretion may determine from time to time. The Committee may adopt such supplements to the Plan as may be necessary
or appropriate to comply with the applicable laws of such foreign jurisdictions and to afford Participants favorable treatment under such laws; provided, however, that no Award shall be granted under any such supplement with terms or conditions
inconsistent with the provision set forth in the Plan. 
 10.17    Dividend Equivalents. For any Award granted
under the Plan, the Committee shall have the discretion, upon the Date of Grant or thereafter, to establish a Dividend Equivalent Account with respect to the Award, and the applicable Award Agreement or an amendment thereto shall confirm such
establishment. If a Dividend Equivalent Account is established, the following terms shall apply: 
 (a)    Terms
and Conditions. Dividend Equivalent Accounts shall be subject to such terms and conditions as the Committee shall determine and as shall be set forth in the applicable Award Agreement. Such terms and conditions may include, without
limitation, for the Participant’s Account to be credited as of the record date of each cash dividend on the Common Stock with an amount equal to the cash dividends which would be paid with respect to the number of shares of Common Stock then
covered by the related Award if such shares of Common Stock had been owned of record by the Participant on such record date. 

(b)    Unfunded Obligation. Dividend Equivalent Accounts shall be established and maintained only on the books and
records of the Company and no assets or funds of the Company shall be set aside, placed in trust, removed from the claims of the Company’s general creditors, or otherwise made available until such amounts are actually payable as provided
hereunder. 
 10.18    Adjustment of Performance Goals and Targets. Notwithstanding any provision of the Plan to
the contrary, the Committee shall have the authority to adjust any Performance Goal, performance target or other performance-based criteria established with respect to any Award under the Plan if circumstances occur (including, but not limited to,
unusual or nonrecurring events, changes in tax laws or accounting principles or practices or changed business or economic conditions) that cause any such Performance Goal, performance target or performance-based criteria to be inappropriate in the
judgment of the Committee. 

  
 24 

 10.19    Legality of Issuance. Notwithstanding any provision of
the Plan or any applicable Award Agreement to the contrary, the Committee shall have the sole discretion to impose such conditions, restrictions and limitations (including suspending exercises of Options or Stock Appreciation Rights and the tolling
of any applicable exercise period during such suspension) on the issuance of Common Stock with respect to any Award unless and until the Committee determines that such issuance complies with (i) any applicable registration requirements under
the Securities Act of 1933 or the Committee has determined that an exemption there from is available, (ii) any applicable listing requirement of any stock exchange on which the Common Stock is listed, and (iii) any other applicable
provision of state, federal or foreign law, including foreign securities laws where applicable. 

10.20    Restrictions on Transfer. Regardless of whether the offering and sale of Common Stock under the Plan have
been registered under the Securities Act of 1933 or have been registered or qualified under the securities laws of any state, the Company may impose restrictions upon the sale, pledge, or other transfer of such Common Stock (including the placement
of appropriate legends on stock certificates) if, in the judgment of the Company and its counsel, such restrictions are necessary or desirable to achieve compliance with the provisions of the Securities Act of 1933, the securities laws of any state,
the United States or any other applicable foreign law. 
 10.21    Further Assurances. As a condition to receipt
of any Award under the Plan, a Participant shall agree, upon demand of the Company, to do all acts and execute, deliver and perform all additional documents, instruments and agreements which may be reasonably required by the Company, to implement
the provisions and purposes of the Plan. 

  
 25EX-10.2

 Exhibit 10.2 

CONSENT AND WAIVER TO THIRD AMENDED 

AND RESTATED CREDIT AGREEMENT 

THIS CONSENT AND WAIVER TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Consent”) is dated as of May 6,
2019 (the “Effective Date”), among RIGNET, INC., a Delaware corporation (“Borrower”), certain subsidiaries of Borrower party hereto, as guarantors (“Guarantors”), the lenders
from time to time party hereto (“Lenders”), and BANK OF AMERICA, N.A., as Administrative Agent for the Lenders (in such capacity, the “Agent”), Swingline Lender and L/C Issuer. Capitalized terms used
but not defined in this Consent have the meaning given them in the Credit Agreement (defined below). 
 RECITALS 

A. Borrower, the Subsidiaries of Borrower party thereto as Guarantors, Agent, Swingline Lender, L/C Issuer and Lenders are parties to that
certain Third Amended and Restated Credit Agreement dated as of November 6, 2017 (as amended by that certain First Amendment to Third Amended and Restated Credit Agreement dated as of February 13, 2019, and as may be further amended,
restated or supplemented from time to time, the “Credit Agreement”). 
 B. Borrower and its Subsidiaries have
incurred Indebtedness, including reimbursement obligations, in respect of performance bonds, surety bonds, and similar guarantee and indemnity agreements, which are furnished by the Borrower and its Subsidiaries under project contracts to ensure
completion of their respective obligations in accordance with such project contracts and which are set forth more particularly on Schedule A attached hereto (the “Specified Contingent Bond
Obligations”). 
 C. As a result of the incurrence by Borrower and its Subsidiaries of Specified Contingent Bond Obligations in
excess of the limitations permitted under the Credit Agreement and the failure to report such Specified Contingent Bond Obligations in the calculation of Consolidated Funded Indebtedness (the “Specified Violations”), Events
of Default have occurred and are continuing under the Credit Agreement. 
 D. Borrower has requested, and the Lenders have agreed to
(i) waive any and all Events of Default arising from or occurring as a result of the Specified Violations prior to the date hereof, and (ii) consent to (x) up to and until June 30, 2019, the incurrence of the Specified Contingent
Bond Obligations in an aggregate amount not to exceed $30,000,000 at any time, and (y) the exclusion of the Specified Contingent Bond Obligations from the calculation of Consolidated Funded Indebtedness set forth in the Compliance Certificate
for the fiscal quarter ended March 31, 2019, delivered by Borrower to Agent pursuant to Section 6.02(a) of the Credit Agreement (collectively, the “Specified Consent”), in
each case subject to the terms and conditions of this Consent. 
 NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the undersigned agree as follows: 
 1. Waiver of Events of Default. Subject to the
terms and conditions set out in this Consent upon effectiveness of this Consent, Lenders hereby (a) waive any and all Events of Default arising from or occurring as a result of the Specified Violations prior to the Effective Date, including but
not limited to the inaccuracy of any representations, warranties and certifications made by any of the Loan Parties as a result of the Specified Violations prior to the Effective Date and (b) agree not to exercise any of the rights or remedies
available to Agent and Lenders under the Loan Documents solely as a result of the noncompliance described in the immediately preceding clause (a). 

 2. Specified Consent. Subject to the terms and conditions set out in this Consent
upon effectiveness of this Consent, Lenders hereby grant and approve the Specified Consent. 
 3. Conditions. This Consent shall be
effective as of the Effective Date once all of the following have been satisfied or delivered to Agent, in each case in form and substance satisfactory to Agent: 

(a) this Consent executed by Borrower, Guarantors, Agent and at least the Required Lenders; 

(b) payment to Agent’s outside counsel of its legal fees submitted by invoice on or prior to the Effective Date; 

(c) payment to Agent of the fees set out in that separate letter agreement dated as of the Effective Date between Agent and the
Borrower; and 
 (d) such other documents as Agent may request. 

4. Representations and Warranties. Borrower and each Guarantor represents and warrants to the Agent and the Lenders on and as of the
date hereof that (a) it possesses the requisite power and authority to execute and deliver this Consent, (b) this Consent has been duly authorized and approved by the requisite corporate action on the part of Borrower or such Guarantor,
(c) no other consent of any Person (other than Agent and the Lenders) that has not been obtained is required for this Consent to be effective, (d) the execution and delivery of this Consent does not violate its organizational documents,
(e) after giving effect to this Consent, the representations and warranties in each Loan Document to which it is a party are true and correct in all material respects on and as of the date of this Consent as though made on the date of this
Consent (except to the extent that such representations and warranties speak to a specific date, in which case such representation or warranty shall be true and correct in all material respects as of such date), (f) after giving effect
to this Consent, it is in compliance with all covenants and agreements contained in each Loan Document to which it is a party, (g) after giving effect to this Consent, no Default or Event of Default has occurred and is continuing and
(h) that each Loan Document to which it is a party remains in full force and effect and is the legal, valid, and binding obligations of Borrower or such Guarantor enforceable against it in accordance with their respective terms, subject to
applicable bankruptcy, insolvency or similar laws affecting creditors’ rights generally and to general principles of equity and principles of good faith and fair dealing. 

5. FATCA. For the purposes of determining withholding Taxes imposed under FATCA, from and after the effective date of this Consent, the
Borrower and the Agent shall treat (and the Lenders hereby authorize the Agent to treat) the obligations of the Borrower set forth in the Credit Agreement, as modified by this Consent, as not qualifying as a “grandfathered obligation”
within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).
 6. Scope of Consent;
Reaffirmation. Except as expressly modified by this Consent, all references to the Credit Agreement shall refer to the Credit Agreement as affected by this Consent. Except as affected by this Consent, the Loan Documents are unchanged and
continue in full force and effect. However, in the event of any inconsistency between the terms of the Credit Agreement (as affected by this Consent) and any other Loan Document, the terms of the Credit Agreement (as affected by this Consent) shall
control and such other document shall be deemed to be amended to conform to the terms of the Credit Agreement (as affected by this Consent). Except as set out in Sections 1 and 2, this Consent does not constitute a waiver
of, or consent to, any present or future violation of, or noncompliance with, any provision of any Loan Document or a waiver of, or consent by Administrative Agent and Lenders’ right to insist upon strict compliance with each term, covenant,
condition, and provision of the Loan Documents. 

  
 2 

 7. Miscellaneous. 

(a) Binding Effect. The Credit Agreement as affected by this Consent shall be binding upon and inure to the benefit of
each of the undersigned and their respective legal representatives, successors and permitted assigns. 
 (b) No Waiver of
Defaults. Except as expressly provided in Sections 1 and 2 of this Consent, this Consent does not constitute a waiver of, or a consent to, any present or future violation of or default under, any provision of the Loan
Documents, or a waiver of Agent’s or any Lender’s right to insist upon future compliance with each term, covenant, condition and provision of the Loan Documents. 

(c) Form. Each agreement, document, instrument or other writing to be furnished the Agent or any Lender under any
provision of this Consent must be in form and substance reasonably satisfactory to Agent. 
 (d) Headings. The
headings and captions used in this Consent are for convenience only and will not be deemed to limit, amplify or modify the terms of this Consent, the Credit Agreement, or the other Loan Documents. 

(e) Costs, Expenses and Attorneys’ Fees. Borrower agrees to pay or reimburse Agent on demand for all its reasonable
out-of-pocket costs and expenses incurred in connection with the preparation, negotiation, and execution of this Consent, including, without limitation, the reasonable
fees and disbursements of Agent’s counsel. 
 (f) Multiple Counterparts. This Consent may be executed in any
number of counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a
signature page of this Consent, or any certificate delivered hereunder, by fax transmission or other electronic mail transmission (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this
Consent. The effectiveness of any such documents and signatures shall, subject to applicable law, have the same force and effect as manually-signed originals and shall be binding on Borrower, each Guarantor, Agent, and each Lender. Agent may also
require that any such documents and signatures be confirmed by a manually-signed original; provided that, the failure to request or deliver the same shall not limit the effectiveness of any facsimile document or signature. 

(g) Governing Law. This Consent and the other Loan Documents shall be construed, and their performance enforced, under
Texas law. 
 8. Entirety. THIS CONSENT AND THE
OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG BORROWER, GUARANTORS,
LENDERS AND AGENT AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS BY THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.  

[Signatures are on the following pages.] 

  
 3 

 This Consent is executed as of the Effective Date. 

 

			
	BORROWER:
	
	RIGNET, INC.,
	a Delaware corporation
		
	By:	 	
                     
            

	Name:	 	
                     

	Title:	 	
                     
    

	
	GUARANTORS:
	
	LANDTEL, INC.,
	a Delaware corporation
		
	By:	 	
                     

	Name:	 	
                     

	Title:	 	
                     
                

	
	RIGNET SATCOM, INC.,
	a Delaware corporation
		
	By:	 	
                     
                            

	Name:	 	
                     
                                    

	Title:	 	
                     
                        

	
	LANDTEL COMMUNICATIONS, L.L.C.,
	a Louisiana limited liability company
		
	By:	 	
                     
                                

	Name:	 	
                     
        

	Title:	 	        

  
 Signature Page to 

Consent and Waiver to Third Amended 

and Restated Credit Agreement 

			
	AGENT:
	
	 BANK OF AMERICA, N.A.,
 as
Administrative Agent

		
	By:	 	
                     
    

	Name:	 	
                     
    

	Title:	 	
                     
        

  
 Signature Page to 

Consent and Waiver to Third Amended 

and Restated Credit Agreement 

			
	LENDER:
	
	 BANK OF AMERICA, N.A.,
 as a Lender,
L/C Issuer and Swingline Lender

		
	By:	 	
                     
        

	Name:	 	
                     
    

	Title:	 	
                     
    

  
 Signature Page to 

Consent and Waiver to Third Amended 

and Restated Credit Agreement 

 
			
	LENDER:
	
	 COMPASS BANK,
 as a
Lender

		
	By:	 	
                     
                

	Name:	 	
                     
                

	Title:	 	
                     
    

  
 Signature Page to 

Consent and Waiver to Third Amended 

and Restated Credit Agreement 

 
			
	LENDER:
	
	WOODFOREST NATIONAL BANK, as a Lender
		
	By:	 	
                     
        

	Name:	 	
                     
    

	Title:	 	
                     
        

  
 Signature Page to 

Consent and Waiver to Third Amended 

and Restated Credit Agreement 

 
			
	LENDER:
	
	FIRST TENNESSEE BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	
                     
        

	Name:	 	
                     
            

	Title:	 	
                     
                

  
 Signature Page to 

Consent and Waiver to Third Amended 

and Restated Credit Agreement 

 SCHEDULE A 

SPECIFIED CONTINGENT BOND OBLIGATIONS 

(See attached.)

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